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A N N U A L REPORT OF TH E

FEDERAL DEPOSIT INSURANCE CORPORATION




1967




L E T T E R OF T R A N S M I T T A L

FEDERAL DEPOSIT INSURANCE CORPORATION
Washington, D. C., May 15, 1968

SIR S : Pursuant to the provisions of Section 17(a) of the Federal
Deposit Insurance Act, the Federal Deposit Insurance C orporation
is pleased to subm it its report for the calen d ar year 1967.
Respectfully yours,

Chairman

THE PRESIDENT OF THE SENATE
THE SPEAKER OF THE HOUSE OF REPRESENTATIVES




iii

FEDERAL DEPOSIT INSURANCE CORPORATION

BOARD OF DIRECTORS

COMMITTEES

CHAIRMAN
COMPTROLLER OF THE CURRENCY
DIRECTOR

BOARD OF REVIEW
LIQUIDATIONS, LOANS AND
PURCHASES OF ASSETS
SPECIAL

SECRETARY

EXECUTIVE ASSISTANT
TO THE BOARD

AUDITOR

ASSISTANTS

EXAMINATION
DIVISION



LEGAL
DIVISION

LIQUIDATION
DIVISION

RESEARCH
DIVISION

OFFICE
OF THE
CONTROLLER

FEDERAL

DEPOSIT

INSURANCE

CORPORATION

BOARD OF DIRECTORS
Chairman ..................................... ..................................... K. A. Randall
D irector......................................................... ......................... (Vacancy)
Comptroller of the Currency..... ................. ............... William B. Camp

OFFICIALS
Assistant to the Chairman ................ ....... .............. John L. Flannery
Special Assistant to the Chairman ............ .......................... Lynn Mah
Special Assistant to the Chairman
for Mutual Savings Banks............ ......... ............ Raymond T. Cahill
Assistant to the Director....................... ..... ..............Albert J. Faulstich
(Comptroller of the Currency)

Chief, Division of Examination..... .............. .... ..... Edward H. DeHority
General Counsel ........................................... ..................... S. Rex Lewis
Controller ....... ..............................................

Edward F. Phelps, Jr.

Director, Division of Research............. ....... ......................... (Vacancy)
Chief, Division of Liquidation .......................................A. E. Anderson
Secretary...................................................... ...................... E. F. Downey
Auditor (Acting)........................................................... John D. Roderick
Senior Advisor to the B oard.......................

Raymond E. Hengren

Executive Assistant to the Board...............

Timothy J. Reardon, Jr.

Assistant to the B oard.......................................... William M. Moroney




May 15, 1968

V

FE D ER A L D E P O S I T I N S U R A N C E CO RP OR ATI ON D I S T R I C T S

DISTRICT

OFFICES

AND

Boston
Mark J. Laverick
Two Center Plaza
Boston, Massachusetts 02108
New York
Claude C. Phillippe
74 Trinity Place
New York, New York 10006
Philadelphia
Alan R. Miller
Public Ledger Building
6th and Chestnut Streets
Philadelphia, Pennsylvania 19106
Richmond
Albert E. Clark
403 East Grace Street
Richmond, Virginia 23219
Atlanta
Lewis C. Beasley
1000 Bank of Georgia Building
Atlanta, Georgia 30303
Columbus
William D. Allen
Huntington Trust Building
37 West Broad Street
Columbus, Ohio 43215
Madison
Wallace A. Ryen
715 Tenney Building
Madison, Wisconsin 53703

FEDERAL

DEPOSIT

SUPERVISING

EXAMINERS

Chicago
John J. Early
164 West Jackson Boulevard
Chicago, Illinois 60604
St. Louis
John Stathos
420 Locust Building
1015 Locust Street
St. Louis, Missouri 63101
Memphis
Quinton Thompson
First National Bank Building
165 Madison Avenue
Memphis, Tennessee 38103
Minneapolis
Roger B. West
748 Roanoke Building
Minneapolis, Minnesota 55402
Kansas City
Stanley Pugh
1708 Federal Reserve Bank Building
Kansas City, Missouri 64106
Dallas
Lloyd Thomas
Federal Reserve Bank Building
Station K
Dallas, Texas 75222
San Francisco
Walter W. Smith
Wells Fargo Building
44 Montgomery Street
San Francisco, California 94104

INSURANCE

CORPORATION

M a i n O f f i c e : 5 5 0 1 7 t h S t r e e t , N. W., W a s h i n g t o n , D. C. 2 0 4 2 9

vi



CONTENTS
Page

The year in b rie f--------------- ------ -------- ----------------- ----------------

xi

PART ONE
BANKING DEVELOPMENTS
The economy in 1967 -------------------- ------------------ -----------------

3

Financial developments......... ..... .............. ....... ................- .... —

5

Commercial bank performance in 1967 ________ ________ ___

9

PART TWO
OPERATIONS OF THE CORPORATION
Disbursements to protect depositors....... ...... ...............................

19

Supervisory activities............ .......................................................

22

Federal legislation ...... ................................ ..................................

29

Rules and regulations of the Corporation________________ __

30

Administration of the Corporation ............................................

33

Finances of the Corporation ........................ .................................

34

PART THREE
LEGISLATION AND REGULATIONS
Federal banking legislation— 1967 ______ _____ ___________

93

Rules and regulations of the Corporation— 1967 ..... ..... ........ .

99

State banking legislation— 1967 __________________ ________ 143
PART FOUR
STATISTICS OF BANKS AND DEPOSIT INSURANCE
Number of banks and branches...... .... ......... .......... ..... ............... 154
_
Assets and liabilities of banks_ ______________ ___ _______ 170
Income of insured banks...... ..............................................

....... 186

Banks closed because of financial difficulties;
deposit insurance disbursements___ ___________________ 216




LIST OF TABLES
Page
DISBURSEMENTS TO PROTECT DEPOSITORS:
1. Insured banks closed during 1967 requiring disbursements by the Fed­
eral Deposit Insurance Corporation ............................................................. 19
2. Protection of depositors of insured banks requiring disbursements by
the Federal Deposit Insurance Corporation, 1934-1967 .......................... 20
3. Analysis of disbursements, recoveries and losses in deposit insurance
transactions, January 1, 1934-December 31, 1967 .................................. 21

SUPERVISORY ACTIVITIES:
4. Mergers, consolidations, acquisitions of assets and assumptions of
liabilities approved under section 18(c) of the Federal Deposit Insur­
ance Act during 1967 ..................................................................................... 24
5. Bank examination activities of the Federal Deposit Insurance Corporation
in 1966 and 1967 ................................................................................ ........... 25
6. Actions to terminate insured status of banks charged with unsafe or un­
sound banking practices or violations of law or regulations, 19361967 .................................................................................................................. 26
14. Description of each merger, consolidation, acquisition of assets or
assumption of liabilities approved by the Corporation during 1967 ..... 4 3

ADMINISTRATION OF THE CORPORATION:
7. Number of officers and employees of the Federal Deposit Insurance
Corporation, December 31, 1966 and 1967 ............................................ 34

FINANCES OF THE CORPORATION:
8. Statement of financial condition, Federal Deposit Insurance Corpora­
tion, December 31, 1967 ............................................................................. 35
9. Statement of income and the deposit insurance fund, Federal Deposit
Insurance Corporation, year ended December 31, 1967 ........................ 36
10. Determination and distribution of net assessment income, Federal De­
posit Insurance Corporation, year ended December 31, 1967 ................ 37
11. Sources and application of funds, Federal Deposit Insurance Corpora­
tion, year ended December 31, 1967 ......................................................... 37
12. Income and expenses, Federal Deposit Insurance Corporation, by year,
from beginning of operations, September 11, 1933, to December 31,
1967, adjusted to December 31, 1967 ....................................................... 38
13. Insured deposits and the deposit insurance fund, 1934-1967 ............... 3 9




Page
NUMBER OF BANKS AND BRANCHES:
Explanatory note ...................................................................................................... 154
101. Changes in number and classification of banks and branches in the
United States (States and other areas) during 1967 .......................... 156
102. Changes in number of commercial banks and branches during 1967,
by State .......................................................................................................... 15
103. Number of banking offices in the United States (States and other
areas), December 30, 1967
Grouped according to insurance status and class of bank, and
by State or area and type of o ffic e ........................................ .................... 160
104. Number and deposits of all commercial and mutual savings banks
(States and other areas), December 30, 1967
Banks grouped by class and by deposit size .................................... 169

ASSETS AND LIABILITIES OF BANKS:
Explanatory note ...................................................................................................... 171
105. Assets and liabilities of all banks in the United States (States and
other areas), June 30, 1967
Banks grouped according to insurance status and type of bank .... 172
106. Assets and liabilities of all banks in the United States (States and
other areas), December 30, 1967
Banks grouped according to insurance status and type of bank .... 174
107. Assets and liabilities of insured commercial and insured mutual
savings banks in the United States (States and other areas)
December call dates, 1963-1967 ........................................................ 176
108. Assets and liabilities of insured commercial banks in the United States
(States and other areas), December 30, 1967
Banks grouped by class of b a n k ............................................................. 180
109. Assets and liabilities of insured commercial banks operating through­
out 1967 in the United States (States and other areas), December
30, 1967
Banks grouped according to amount of deposits ............................ 181
110. Percentages of assets and liabilities of insured commercial banks
operating throughout 1967 in the United States (States and other
areas), December 30, 1967
Banks grouped according to amount of deposits.............................. 183
111. Distribution of insured commercial banks in the United States (States
and other areas), December 30, 1967
Banks grouped according to amount of deposits and by ratios of
selected items to assets and deposits ............................................ ........ 184




ix

Page
INCOME OF INSURED BANKS:
Explanatory note ...................................................................................................... 187
112. Income of insured commercial banks in the United States (States and
other areas), 1959-1967 ............................................................................. 188
113. Ratios of income of insured commercial banks in the United States
(States and other areas), 1959-1967 ........................................................ 190
114. Sources and disposition of total income, insured commercial banks in
the United States (States and other areas), 1959-1967 ........................ 191
115. Income of insured commercial banks in the United States (States and
other areas), 1967
Banks grouped by class of b a n k ............................................................. 192
116. Income of insured commercial banks operating throughout 1967 in the
United States (States and other areas)
Banks grouped according to amount of deposits ............................ 194
117. Ratios of income of insured commercial banks operating throughout
1967 in the United States (States and other areas)
Banks grouped according to amount of deposits ............................ 196
118. Income of insured commercial banks in the United States (States and
other areas), by State, 1967 ..................................................................... 198
119. Income of insured mutual savings banks, 1959-1967 ............................ 208
120. Ratios of income of insured mutual savings banks, 1959-1967 ........... 210
121. Sources and disposition of total income, insured mutual savings
banks, 1959-1967 ......................................................................................... 211
122. Income of insured mutual savings banks in the United States (States
and other areas), by State, 1967 ............................................................. 212

BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES;
DEPOSIT INSURANCE DISBURSEMENTS:
Explanatory note ...................................................................................................... 217
123. Number and deposits of banks closed because of financial difficulties,
1934-1967 ...................................................................................................... 218
124. Insured banks requiring disbursements by the Federal Deposit Insur­
ance Corporation during 1967 ................................................................... 219
125. Depositors, deposits and disbursements in insured banks requiring dis­
bursements by the Federal Deposit Insurance Corporation, 1934-1967
Banks grouped by class of bank, year of deposit payoff or deposit
assumption, amount of deposits, and S ta te ............................................ 220
126. Recoveries and losses by the Federal Deposit Insurance Corporation
on principal disbursements for protection of depositors, 1934-1967 .... 222




THE YEAR IN BRIEF
Commercial banks experienced a favorable year in 1967, increas­
ing their assets by more than 12 percent. Operating earnings of in­
sured commercial banks rose about 5.6 percent from 1966, while net
income after taxes increased by about 17 percent. The liquidity
position of commercial banks and of savings institutions improved
significantly in 1967. Investments comprised a larger share of com­
mercial and mutual savings bank assets than a year earlier.
In 1967, the Corporation’s disbursements were required in four
bank failure cases involving a total of almost $11 million of deposits
and approximately 4,700 depositors. By the end of the year, over
98 percent of the depositors had fully recovered their funds, with the
aid of Corporation disbursements totaling $7.8 million.
The deposit insurance fund rose by $234 million during the year
to a total of $3,485 million. As of December 31, 1967, the fund
amounted to 0.78 percent of total deposits in insured banks, and
approximately 1.33 percent of insured deposits.
At the end of 1967, there were 14,244 banks in the United States,
of which 13,850, or 97.2 percent, were insured. The banks not par­
ticipating in Federal deposit insurance included 224 commercial
banks and nondeposit trust companies and 170 mutual savings banks.
During 1967, the total number of banks in operation decreased by
47, and the number of insured banks by 23. A 1,105 net increase in
branches raised the total number of banking offices by 1,058.
The Corporation conducted 7,148 examinations of main offices,
4,662 examinations of departments and branches, and 1,767 investi­
gations during the year. Major changes were made in the structure
of FDIC Districts in 1967, involving an increase in their number from
12 to 14 and shifts in the boundaries of several Districts. The new
alignment of Districts became fully operational on July 1.
Temporary legislation granting the Federal bank supervisory author­
ities additional flexibility in establishing maximum interest rates pay­
able by insured banks on deposits, which was enacted in 1966, was
extended on September 21, 1967, for a one-year period. The Cor­
poration issued new rules and regulations to define and clarify insur­
ance coverage and to carry out the intent of Congress to provide in­
surance up to $15,000 per depositor.









BANKI N6
DEVELOPMENTS

PART ONE




3

By most yardsticks 1967 was an excellent year for commercial
banks. Deposits and assets increased by about 12 percent, and most
banks were able to post sizeable gains in earnings at the same time
that they increased their liquidity. A brief review of the principal eco­
nomic and financial developments in 1967 will help place the princi­
pal developments in banking in better perspective.
TH E ECONOMY IN 1 96 7
The U.S. economy during 1967 recorded its seventh consecutive
year of expansion. The pace of economic activity, however, was not
uniform throughout the year or throughout all sectors of the economy.
Gross national product (GNP) advanced at an annual rate of only $13
billion during the first half of the year, in contrast to a gain of more
than $32 billion during the second half of 1967. About half the over­
all gain came as a result of price level increases.
Changes in GNP in 1967 were closely tied to fluctuations in the
level of inventory accumulation and to changes in the level of Govern­
ment spending. Inventory accumulation was substantial in 1966 and,
partly as a result of a disappointing level of final sales, net inventory
accumulation occurred at an $18.5 billion annual rate in the fourth
quarter of 1966. Thereafter, inventory accumulation declined sharply,
falling to less than $1 billion in the second quarter of 1967. The de­
pressing effect on the economy of inventory behavior during the first
half of 1967 was partially offset by an increase in the level of govern­
ment expenditures, particularly by the Federal Government.
In the second half of 1967, inventory investment began to pick up
and, thus, to exert an expansionary influence on the economy, while
the advance in Government expenditures moderated. The net influ­
ence of changes in inventory accumulation and Government
expenditures on changes in GNP is depicted in Chart 1.
Business spending on plant and equipment declined slightly in the
first half of 1967 and posted moderate gains in the second half.
Spending on residential construction increased throughout 1967, fol­
lowing a sharp decline in the last three quarters of 1966, and by the
fourth quarter of 1967 approximately regained the level achieved prior
to the 1966 decline (Chart 2).
Consumer expenditures, particularly for durable goods, expanded at
a relatively modest pace in 1967. If the effect of increases in the con­
sumer price level is excluded, expenditures on durable and nondura­
ble goods (consumer expenditures exclusive of spending on services)
barely increased between the fourth quarter of 1966 and the fourth



4

FEDERAL DEPOSIT INSURANCE CORPORATION

CHART 1

RELATIONSHIP AMONG GNP, GOVERNMENT SPENDING
AND INVENTORY ACCUMULATION
BILLIONS OF DOLLARS

BILLIO NS OF DOLLARS

quarter of 1967. Households saved an unusually high proportion of
their incomes in 1967 (Chart 3). Recent price rises, uncertainty about
the economic outlook and taxes and unsettled conditions in financial
markets may have influenced the high personal savings rate. Clearly,
the effect of the high savings rate was to moderate the pressure on
both goods and financial markets in 1967.
In summary, 1967 can be characterized as a year in which the
economy maintained a relatively high rate of activity, but a year in
which “ real" gains were modest. The economy was able to absorb a
rather substantial inventory adjustment and a slowdown in consumer



THE ECONOMY IN 1967

5

CHART 2

HOMEBUILDING ACTIVITY
BILLIONS OF DOLLARS

MILLIO NS OF UNITS

Figures are s e a s o n a lly

a d ju sted annual rates

spending relatively painlessly. To a considerable extent this occurred
because Government spending increased substantially.
FINANCIAL DEVELOPMENTS
In some respects financial markets behaved paradoxically in 1967.
During most of the year monetary policy remained expansionary.
Banks and other financial institutions had ample funds to meet loan
demands, a situation which contrasted markedly with the stringency
existing during much of 1966. However, the cost of funds was high.
Interest rates in early 1967 continued the decline begun in late 1966,
but began to turn upward once again in March in the case of corpo­
rate and Government bonds and about mid-year in the case of short­
term securities.
Monetary policy. Following a period of considerable restraint, the
monetary authorities began to move toward an easier policy in the
fourth quarter of 1966. Throughout most of 1967 the monetary au­
thorities continued to make reserves available to commercial banks.
The effect of this increase in the reserve base was supplemented by
reductions in reserve requirements on time and savings deposits. In
April the discount rate was reduced from 4 1/2 to 4 percent. Monetary



6

FEDERAL DEPOSIT INSURANCE CORPORATION

policy remained fairly expansionary until late in 1967 when the expan­
sion of the reserve base was moderated. In late November, partly in
response to the devaluation of the British pound, the discount rate
was again raised to 4Y2 percent.
Credit demands. While substantial credit expansion occurred in
1967, credit demands of the various sectors of the economy were not
uniformly strong. A Federal cash deficit of approximately $7.3 billion
in calendar year 1967 added to the pressure on financial markets.
The acceleration of corporate tax payments and repayment of Federal
agency debt contributed to an improved Treasury cash position in the
first half of the year when Treasury receipts normally exceed expendi­
tures. In the second half of 1967, however, the cash deficit was about
$20 billion and Treasury financing exerted considerable pressure on
financial markets.
State and local governments added a record dollar volume to their
debt in 1967. In part this reflected financing postponed from 1966
when financial markets became extremely tight. Both Federal and
State and local government financing was concentrated in commercial
banks in 1967. Net purchases of Federal and State and local govern­
ment securities by commercial banks amounted to $15.3 billion, and
banks also were substantial net purchasers of Federal agency securi­
ties.
Despite an upswing in housing starts, the volume of mortgage fi­
nancing in 1967 barely exceeded the relatively low 1966 level. Among
other considerations, this reflected the fact that mortgage closings
tend to lag somewhat behind movements in housing starts and the
fact that high interest rates, and inflexible rate ceilings on mortgages



7

FINANCIAL DEVELOPMENTS

in some areas, restrained the level of housing turnover and refinanc­
ing.
The overall increase in corporate debt in 1967 was slightly less
than in 1966. Despite the fact that banks had ample funds during
most of 1967 and were generally more eager to make loans than in
1966, corporate borrowing from banks expanded by less than in the
two previous years. The expansion of trade credit was also at a slower
pace than during the two previous years. What made 1967 so unusual
from the standpoint of corporate financing was the tremendous vol­
ume of bond financing. Net corporate bond financing increased by
about 50 percent compared with an already extremely high 1966
level (Chart 4).
CHART 4

CORPORATE AND MUNICIPAL BOND FINANCING
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

1 9 6 1 -6 5

1966

1967

AVERAGE

The increase in the volume of corporate bond financing in early
1967 was not surprising. In previous periods when economic activity
has slackened and monetary policy has eased, corporations have taken
advantage of lower interest rates in the capital market to replenish
their liquidity through long-term financing. However, the 1966-1967
decline in interest rates was extremely short-lived, particularly with re­
spect to corporate bonds. The quick turnaround in bond rates reflected
expectations that the pace of business activity would accelerate in the



8

FEDERAL DEPOSIT INSURANCE CORPORATION

second half of the year and the heavy calendar of bond financing that
was building up.
Between February and December, rates on high and medium-grade
corporate bonds rose by more than 110 basis points to their highest
level since 1921. Despite the rising level of interest rates on corpo­
rate bonds, the volume of corporate bond financing continued to be
high throughout the year. Either high rates did not weigh heavily in
corporate decisions or the need for long-term financing was consid­
ered to be very pressing.
Apparently the difficulties experienced by some firms in 1966 with
respect to obtaining adequate financing persuaded them of the need
for heavier reliance on long-term financing. The heavy volume of bank
borrowing in 1965 and 1966 led to relatively high use of credit lines
by some firms and, as a result, provided little leeway for financing un­
expected cash needs. Long-term financing, for some firms, provided a
means for paying down such lines. Additional needs for long-term
financing were related to the speed-up in corporate tax payments oc­
curring in 1966 and 1967. This speed-up had the effect of eliminating
what had amounted to a permanent source of financing aggregating
about $8 billion for all corporations.
Interest rates. The heavy volume of corporate bond financing put
substantial pressure on financial markets. Because the principal sup­
pliers of funds to the corporate bond market in recent years have
been insurance companies and pension funds with relatively fixed in­
flows of funds, it was necessary to tap other financial resources to
finance the greatly increased volume of long-term corporate debt. This
required concessions to the bond market in the form of substantially
higher interest rates to attract such investors as individuals and mu­
tual savings banks.
During the spring of 1967 bond rates increased while the effect of
relatively easy monetary policy exerted downward pressure on short­
term interest rates. Thus, for a while there emerged an unusually
large spread between short-term and long-term interest rates. In the
second half of 1967 Treasury bill rates moved up sharply, but still re­
mained well below bond rates.
In the mortgage market, the recovery in the inflow of funds to mort­
gage lenders outdistanced the recovery in housing starts during the
first half of 1967. As a result, normally sluggish mortgage rates did
not begin to move up again until well after the turnaround in corpo­
rate bond yields, and the rise of mortgage rates in the second half of
1967 (partly because of interest ceilings and usury laws) was rela­
tively modest. Indeed, interest rates on medium-grade corporate bonds
moved above the average rate on conventional and insured mortgages
in the latter part of 1967.




FINANCIAL DEVELOPMENTS

9

CHART 5

I NTEREST RATES
PERCENT

PERCENT

The experience in 1967 (Chart 5) testified to the fact that interest
rate relationships cannot be taken for granted. While a considerable
overlap exists among the portfolios of different lenders and considera­
ble arbitrage occurs in financial markets, the mix of credit demands
can importantly affect the relationships among interest rates and re­
sult in significant deviation from “ normal” patterns.
COMMERCIAL BANK PERFORMANCE IN 1 9 6 7
Deposits. Deposits at insured commercial banks advanced by a
record $43 billion in 1967— more than 12 percent. A substantial in­
crease in the reserve base of member banks contributed importantly
to a record $19 billion— 9.8 percent— gain in demand deposits. Size­
able increases were experienced by banks in their IPC, public and
bank demand deposits. While most banks shared in the increases,
large banks and banks located in financial centers experienced greaterthan-average growth in demand deposits.
Time deposits rose by more than $24 billion in 1967— approxi­
mately double the 1966 advance. Two-thirds of the total gain was
recorded during the first half of the year. As short-term market rates
of interest rose in the second half of 1967, time deposit gains
slackened, in part because of attrition in large-denomination certifi­



10

FEDERAL DEPOSIT INSURANCE CORPORATION

cates of deposit, but also because of reduced gains in consumeroriented time deposits.
During 1967 gains occurred in all categories of time deposits. Sav­
ings deposits, which had declined in 1966 as a result of competition
from other savings instruments— including bank time deposits— in­
creased by $4.4 billion, or 4.8 percent. Large-denomination CD’s, de­
spite a decline in the latter part of the year, increased by about $4 bil­
lion. Other IPC time deposits, excluding negotiable CD’s, increased
$12 billion, or about 30 percent.
During 1967 a growing number of commercial banks attempted to
bid for a larger share of savings dollars through open book accounts.
Such accounts have enabled commercial banks to offer an instrument
similar in form and competitive in rate with savings instruments of­
fered by thrift institutions. The 5 percent ceiling applicable on such
accounts of less than $100,000 was generally the prevailing rate
on these savings instruments during the second half of 1967. Start­
ing from a relatively low base, time deposit open accounts under
$100,000 experienced the largest percentage gain of the various time
deposit categories in 1967.
A number of factors contributed to the favorable performance of
time and savings deposits at commercial banks in 1967. These in­
cluded the high personal savings rate, the desire of spending units to
rebuild their liquidity and the relatively attractive rates offered on
time deposits compared with short-term money market rates— at least
during the first half of the year.
During the early months of 1967 the number of banks lowering
their rates on consumer-oriented time deposits exceeded the number
of banks raising such rates, but, as market interest rates began to
climb, the number of rate increases on time deposits rose. By the lat­
ter part of 1967 most of the larger banks were offering the 5 percent
maximum permissible rate on at least one time-deposit instrument of
less than $100,000. Rates on negotiable CD’s followed roughly the
same pattern, although they moved more uniformly in line with money
market rates.
In September Congress extended for one year the interest rate leg­
islation originally enacted in September, 1966, and scheduled to expire
in September, 1967. The interest rate ceiling remained at 5 1/2 percent
for time deposits in denominations of over $100,000 and 5 percent
for denominations of less than $100,000.
While commercial banks, mutual savings banks, and savings and
loan associations all competed actively for individual savings in 1967,
some of the intensity of the savings competition of 1966 was gone.
The savings pool was growing rapidly, rate competition from the money
market was less intensive; and there was only limited opportunity



COMMERCIAL BANK PERFORMANCE IN 1967

11

for rate changes, although there continued to be some experimenta­
tion with new or modified instruments. In addition, the most
rate-sensitive funds posed less of a problem because they had already
been largely withdrawn from banks and thrift institutions in 1966.
Both mutual savings banks and savings and loan associations experi­
enced sizeable savings gains— about 8 percent in the case of mutuals
and about 9 percent in the case of savings and loan associations.
Loans and investments. Loans of insured commercial banks in­
creased by $18 billion in 1967, slightly more than in 1966, but below
the increase experienced in 1965 and 1964. Bank investments rose
by $19 billion, the largest annual gain since World War II. As a result,
bank liquidity as measured by the loan-deposit ratio increased for the
first time in several years.
In the light of the abundant volume of funds available to banks in
1967 and the fact that there probably existed a backlog of unsatisfied
loan demand from 1966, the 8.4 percent loan increase in 1967 was
modest. The dollar gains in commercial and industrial, real estate,
and consumer loans approximated the gains in 1966. The percentage
gain in consumer loans was pulled down by a relatively small gain in
automobile loans, which resulted from a high level of loan repayments
and reduced new car sales.
The larger banks had greater-than-average percentage gains in de­
posits, but less-than-average gains in loans. While the 20 largest banks
in the country showed a loan increase of 6 percent, all other banks
showed a gain of almost 10 percent. In part, the performance of the
largest banks may have reflected the fact that they entered 1967 under
a somewhat greater pressure to rebuild liquidity than did those banks
more removed from money centers. At the same time, high rates of
return on municipal and Federal agency securities probably discour­
aged larger banks from reaching for loans.
Investments. Banks posted substantial gains in 1967 in Treasury,
State and local government, and Federal agency securities. Their hold­
ings of Treasury securities, which had declined during the four pre­
vious years, increased by $6.3 billion or 11 percent. Bank purchases
of Treasury securities were largely confined to the short end of the
market— maturities of three years and under. Bank options were lim­
ited somewhat by the fact that Treasury financing was concentrated,
in all but one instance, in relatively short maturities. While banks
were concentrating new purchases in the short end of the market dur­
ing 1967, existing holdings of long and intermediate-term Treasuries
were, of course, becoming a year shorter in maturity. The result was a
general shortening in maturities and, combined with the increase in
the holdings of Treasury securities, a considerable increase in bank li­
quidity (Chart 6).



12

FEDERAL DEPOSIT INSURANCE CORPORATION

Banks raised their investments in State and local government
securities by about $9 billion in 1967 to bring their holdings of such
securities to approximately $50 billion— more than double their hold­
ings of 5 years earlier (Chart 7). Banks raised their holdings of other
securities, principally Federal agency securities, by $3.7 billion, or al­
most 50 percent. A considerable share of this increase resulted from
bank purchases of participation certificates.
Bank earnings. Operating revenue in 1967 increased approximately
in line with the rise in bank assets. Operating expenses, however,
advanced more rapidly and, as a result, net operating earnings in­
creased less than proportionately to the increase in assets. Compari­
sons of 1967 to 1966, however, provide a somewhat deceptive picture
of bank performance. They show only a 5.6 percent gain in net operat­
ing earnings, but a very substantial 16.3 percent gain in net income
before taxes and a 17.0 percent increase in after-tax income. Actually,
net operating earnings after taxes— the figure most used by commer­
cial banks to report their earnings for statement purposes— appear to
have increased by more than 8.5 percent in 1967— somewhat less
than the percentage increase in bank assets and operating revenue.
The substantial expansion in bank holdings of tax-exempt securities



COMMERCIAL BANK PERFORMANCE IN 1967

13

had the effect of restraining the before-tax return on bank earning as­
sets, although it probably raised the taxable-equivalent yield on earn­
ing assets. This also tended to depress the level and percentage gain
in operating revenue and net current operating earnings. The shift to
tax-exempt income has a much greater relative impact on net current
operating earnings than on operating revenue. A reduction of one per­
cent in operating revenue, other things equal, would result in about a
4 percent reduction in net current operating earnings.
Even if the advance in operating revenue is adjusted upward to re­
flect the effect of the substantial increase in tax-exempt securities, the
1967 increase in operating revenue would still be less than the increase
in operating expenses. Salaries and employee benefits advanced by
about 10.9 percent in 1967. The number of bank employees rose
about 5.2 percent and the rise in salaries, wages and benefits was
slightly more. The other major component of bank expenses— interest
on time and savings deposits— increased 18 percent compared with a
15 percent advance in time and savings deposits. As a result, interest
payments on time and savings deposits continued to account for a
growing share of bank operating expenses.
Larger banks tended to experience greater percentage increases in



14

FEDERAL DEPOSIT INSURANCE CORPORATION

wages and salaries, but smaller relative increases in their interest
cost on time and savings deposits. For the 50 largest commercial
banks, the volume of time and savings deposits grew by 14.1 percent
while interest costs on deposits increased by 13.8 percent. Larger
banks were able to attract negotiable certificates of deposit at re­
duced rates in early 1967 and many were already at ceiling rates on
savings certificates and other consumer-oriented time deposits in
1966. Many smaller banks, on the other hand, had been paying lower
rates in 1966 and moved closer to the rates offered by larger banks
which, in many instances, eliminated the competitive gap in 1967. In­
terest payments on the average outstanding volume of time and
savings deposits were approximately 4.24 percent in 1967 compared
with 4.02 percent in 1966.
In 1967 few banks realized substantial gains or losses in security
transactions and for all insured commercial banks gains and losses
approximately offset each other. This was in sharp contrast with the
1966 experience when insured commercial banks took security losses
of $450 million. This year-to-year difference accounts for a considera­
ble part of the large percentage gain in bank net profits between
1966 and 1967. If net security losses realized by commercial banks
in 1966 were eliminated and 1966 tax liability were adjusted accord­
ingly, 1966 net income would be raised by about $200 million. Use of
this adjusted figure would produce a year-to-year increase in net in­
come of about 9 percent in 1967.
Changes in bank income and expenses in 1967 were similar to
those that have been occurring since about 1960. Interest expense on
time and savings deposits has advanced relative to the growth in bank
assets. Portfolio shifts and higher interest rates in the most recent
years have almost raised the ratio of operating revenues to bank assets
sufficiently to offset increased expenses. Portfolio shifts have not been
fully reflected in operating revenues, however, for. expanded invest­
ment in tax-exempt securities has been reflected in lower tax pay­
ments rather than higher operating revenues. If security gains and
losses and their effect on tax liability are eliminated, the after-tax net
income per dollar of bank assets shows considerable stability during
this period.
Net income of insured commercial banks in 1967 of $3,142 million
represented a return on total capital accounts of about 9.6 per cent
and a 10 percent return on total equity capital. Commercial banks
paid dividends of $1,342 million in 1967, an advance of 8.2 percent
over dividends paid in 1966. This represented a dividend pay-out ra­
tio of 42.7 per cent, slightly less than the pay-out ratio for banks
during the past several years.




COMMERCIAL BANK PERFORMANCE IN 1967

15

Retained earnings of insured commercial banks in 1967 amounted
to $1.8 billion. Total capital accounts increased by $2.3 billion, about
$300 million of which represented an increase in outstanding capital
notes and debentures. Because the overall 7.3 percent increase in
bank capital was less than the percentage gain in bank deposits, the
ratio of bank capital to deposits declined slightly in 1967.
After charge-offs of $601 million to loan loss reserves, commercial
banks made net additions to such reserves of approximately $435 mil­
lion compared to $325 million in 1966. At the end of 1967 insured
commercial banks had loan loss reserves of about $4.7 billion, ap­
proximately 2 percent of total loans and more than 14 percent of total
capital accounts. On an after-tax basis, net additions to loan loss re­
serves were equivalent to between 6 and 7 percent of commercial
bank net income in 1967.
Number of banks. During 1967 the number of insured commercial
banks and trust companies declined by 24 to 13,517. (Including mu­
tual savings banks the number of insured banks at the end of 1967
was 13,850.) As a result of a substantial increase in the number of
bank branches, the number of offices of insured commercial banks
increased by more than 1,000 and totaled 31,570 at the end of
CHART 8

INSURED COMMERCI AL BANKS
THOUSANDS

THOUSANDS

1960




1961

1962

1963

1964

1965

1966

1967

16

FEDERAL DEPOSIT INSURANCE CORPORATION

1967. Ninety-four insured commercial banks began operations in
1967 and 21 noninsured commercial banks transferred to insured
status. This was more than offset, however, by a reduction in the num­
ber of banks through mergers and bank closings, including four bank
failures.
Banking structure changes during 1967 were similar to those expe­
rienced during 1966— a small reduction in the number of banks and
a substantial increase in the number of banking offices. The 134 com­
mercial banks absorbed by merger was close to the average number
absorbed through merger during the past several years. Changes
since 1960 in the number of banks and banking offices are summa­
rized in Chart 8.
Summary. The favorable performance of commercial banks in 1967
was reflected in sizeable gains in their deposits, earning assets and
net income. While expenses continued to rise relative to assets and
operating revenue, the rise was somewhat less marked than in other
recent years and was largely offset by an increase in operating reve­
nue. Aided by monetary policy and the behavior of the economy,
banks were able to reverse the recent trend and to achieve a substan­
tial increase in liquidity in 1967. As a result, the banks were able to
operate in a more comfortable environment in 1967 compared with
1966.




OPERATIONS
OF THE CORPORATION




PART TWO




19

DISBURSEMENTS TO PROTECT DEPOSITORS
Banks failing in 1967. Disbursements totaling $ 7 .8 million were
made by the Corporation to protect depositors in four banks which
failed during the year. Deposits in the four banks amounted to almost
$11 million and were held by 4 ,7 2 9 depositors. Full recovery was re­
ceived by 4 ,6 4 5 depositors representing more than 9 8 percent of the
total number.
Table 1 gives names and locations of the four banks with dates of
closing and dates of first payments to the depositors. The four were
placed in receivership with the Corporation serving as receiver in each
case.
Following the pattern of failures in recent years, the four banks
failed largely as a result of managerial weaknesses and illegal prac­
tices rather than as a result of an unfavorable economic environment.
Illegal practices included fraudulent use of unissued stock certifi­
cates, fictitious loans and self-serving financial operations by leading
officers of the banks.
Table 1. INSURED BANKS CLOSED DURING 1967 REQUIRING
DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION'
Deposit
pay-off
case
number

Name and
location

Date of
closing

..........................

Number
of de­
positors

Amount of
deposits
(in thou­
sands)

Date of first
payment to
depositors

Depositors Deposits
receiving
paid
full re­
(in thou­
covery
sands) 2

4,729

$10,878

4,645

$10,075

280

Bank of Pine Apple,
Pine Apple, Alabama

January 31,1967

1,265

3,885

February 6, 1967

1,229

3,558

281

Southern Bank of
St. Petersburg,
St. Petersburg, Florida

February 17, 1967

1,277

2,451

February 21, 1967

1,273

2,396

282

Sacul State Bank,
Sacul, Texas

June 23, 1967

617

724

June 30, 1967

611

665

283

The Cedar Vale
National Bank,
Cedar Vale, Kansas

July 7, 1967

1,570

3,818

July 13, 1967

1,532

3,456

T o ta l1

1 Figures adjusted to and as of December 31, 1967.
2 Includes $7,864 thousand paid by FDIC claim agents.

Banks failing, 1934-1967. Since the beginning of Federal deposit
insurance the Corporation has made disbursements to protect deposi­
tors in 4 7 0 banks experiencing financial difficulty. These banks had
slightly over 1.6 million deposit accounts and total deposits of $ 8 1 6
million. Data on the extent and method of protection are shown in
Table 2.
Corporation disbursements and losses, 1934-1967. When the
Corporation makes disbursements to aid depositors of failing banks,
it acquires assets, which it liquidates, or the claims of depositors



20

FEDERAL DEPOSIT INSURANCE CORPORATION

whose insured deposits are paid. When an insured bank is closed and
placed in receivership, the Corporation shares equally with other cred­
itors in the proceeds from the liquidation. At the end of 1967, there
were 36 failed bank cases containing assets to be liquidated. These
active cases account for most of the accounts and deposits indicated
as not yet paid in Table 2.
In its insurance operations through 1967, the Corporation dis­
bursed $430 million. Recoveries, actual and anticipated, through the
end of 1967 totaled $377 million, leaving an estimated $53 million
loss, excluding $9 million of interest and allowable return which was
recovered on the Corporation's advances. Details of Corporation dis­
bursements, recoveries and losses are shown in Table 3.
Deposit insurance participation and coverage. National banks and
State banks that are members of the Federal Reserve System are au­
tomatically covered by Federal deposit insurance. State banks that are
not members of the Federal Reserve System become insured upon apTable 2. PROTECTION OF DEPOSITORS OF INSURED BANKS REQUIRING
DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION,
1934-1967
A ll c a s e s
(470 b a n k s )

D e p o s it p a y o f f
cases
(280 b a n k s )

D e p o s it
a s s u m p t io n c a s e s
(190 b a n k s )

I te m
Num ber
or

P e rc e n t

am ount
N um ber of depositors or accoun ts— t o t a l1.
Full recovery received or a v a ila b le ........
From
From
From
From

FDIC2.................................................
offset4.................................................
security or preference5...................
asset liquidation6.............................

Full rec o v ery not received as of D ecem ­
ber 31, 1967.........................................

1,632,606
1,627,973
1,582,337
39,824
2,957
2,854

100.0%
99.7
96.9
2.4
.2
.2

4,633
3,298
1,335

Am ount of deposits (in thousands)— to tal

$816,245

Paid or made a v a ila b le ..................................

790,189
734,147
12,661
26,316
17,065

96.8
89.9

26,055
1,858
24,197

3.2

FDIC2.....................................................
offset9....................................................
security or preference10......................
asset liquidation11................................

Not paid as of Decem ber 31, 1967..........
Terminated cases.......................................
Active cases12.............................................

P e rc e n t

.3

.2
.1

100.0%
1.6
3.2

2.1
.2
3.0

502,007
497,374
451,73831
39,824
2,957
2,854
4,633
3,298
1,335
$245,997

N um ber
or

P e rc e n t

am ount

am ount

Terminated cases........................................
Active cases7..............................................

By
By
By
By

N um ber
or

100.0%
99.1
90.0
7.9

1.130.599
1.130.599
1.130.599

100.0%

$570,248

100.0%,

100.0

100.0

.6
.6
.9

.6
.3

100.0%

219,941
163,8998
12,661
26.316
17,065

89.4

26,055
1,858
24,197

100.0

10.6

66.6

570.248
570.248

100.0

5.2
10.7
6.9

.8
9.8

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 by other
insured banks, facilitated by FDIC disbursements of $212,888 thousand, in deposit assumption cases.
3 Includes 58,483 depositors in terminated cases who failed to claim their insured deposits (see note 8).
4 Includes only depositors with claims offset in fu ll; most of these would have been fully protected by insurance in
the absence of offsets.
5 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 Full recovery available to 8,098 of these depositors.
8 Includes $209 thousand unclaimed insured deposits in terminated cases (see note 3).
9 includes all amounts paid by offset.
1 Includes all secured and preferred claims paid from asset liquidation; excludes secured and preferred claims paid
0
by the Corporation.
1 Includes unclaimed deposits paid to authorized public custodians.
1
12 Includes $10,250 thousand representing deposits available but unclaimed, expected through offset, or expected
from proceeds of liquidations; and $168 thousand representing up to the $10,000 prevailing insurance maximum of each
of certain certificates of deposit whose insured status is in litigation.




DISBURSEMENTS TO PROTECT DEPOSITORS

21

Table 3. ANALYSIS OF DISBURSEMENTS, RECOVERIES AND LOSSES
IN DEPOSIT INSURANCE TRANSACTIONS,
JANUARY 1, 1934 - DECEMBER 31, 1967
(In thousands)
Type of disbursement

Disbursements

Recoveries1

Losses

$430,087

$377,174

$52,913

376,841

327,012

49,829

212,887

187,237
6,346

19,304

163,147
807

121,794
11,635

30,525

Advances and expenses in deposit assum ption and
payoff ca s e s—to tal.........................................................

51,130

47,725

3,405

Expenses in liquidating assets in 190 deposit assumption cases:
Advances to protect assets..................................................................
Liquidation expenses...........................................................................
Insurance expenses..............................................................................
Field payoff and other insurance expenses in 280 deposit payoff cases

32,893
14,832
399
3,006

32,893
14,832
(2)
(2)

399
3,006

Other disbu rsem ents—to tal...............................................

2,116

2,437

(321)

1,772

2,422
15
(2)

(665)

All disbu rsem ents—to ta l........................................................
Principal disbursem ents in deposit assum ption and
payoff ca se s—to tal.........................................................
Loans and assets purchased (190 deposit assumption cases):
To December 31, 1967.........................................................................
Estimated additional............................................................................
Deposits paid (280 deposit payoff cases):
To December 31, 1967.........................................................................
Estimated additional............................................................................

Assets purchased to facilitate termination of liquidations:
To December 31, 1967.........................................................................
Estimated additional
............................................
Unallocated insurance expenses............................................................

344

344

1 Excludes amounts returned to closed bank equity holders and $9.3 million of interest and allowable return received
by F.D.I.C.
2 Not recoverable.

plication to and approval by the Corporation’s Board of Directors. The
numbers of banks and branches in the United States, classified by in­
surance status, are shown in Table 101.
The number of banks not participating in Federal deposit insurance
continued to decline in 1967, and totaled 394 at the end of the year.
One hundred and seventy of these were mutual savings banks, virtually
all of which were in Massachusetts and insured by their own State’s
insurance system. Commercial banks and mutual savings banks
grouped according to insured status and class, and by States, are
shown in Table 103.
The amount of insurance afforded each depositor in an insured
bank is limited by statute. Initially, this limitation was $2,500; in
mid-1934 it was raised to $5,000, in 1950 to $10,000, and on Octo­
ber 16, 1966, to the present maximum of $15,000. Within an insured
bank, a depositor is currently protected up to $15,000 on the aggre­
gate of all deposits maintained in the same right and capacity.
The number of accounts fully protected within the insurance
limitation has always been high. On June 30, 1966, the date of the
latest full-scale survey of deposits undertaken by the Corporation, 97
per cent of the 193 million accounts in insured banks were fully pro­
tected under the applicable $10,000 maximum. The subsequent in­
crease to the $15,000 maximum is estimated to have raised the pro­
portion of accounts fully protected to nearly 99 percent of all
accounts.
The roughly one percent of all accounts that exceed the insurance



22

FEDERAL DEPOSIT INSURANCE CORPORATION

limitation typically do so by a substantial amount. Consequently,
the proportion of total deposits that is insured has always been sub­
stantially less than the proportion of accounts fully protected. The June
30, 1966 survey showed that 54 percent of the dollar amount of de­
posits in insured banks was within the $10,000 limitation. As of De­
cember 30, 1967, insurance coverage within the $15,000 limitation is
estimated to have increased to about 58.2 percent of the $448.7
billion in total deposits in all insured banks on that date.
SUPERVISORY ACTIVITIES
It has been generally accepted that the activities of banks uniquely
affect the public interest, and, therefore, are properly subject to gov­
ernmental supervision. At present, the majority of banks in the United
States are chartered and supervised by the banking agencies of the
individual States. Under the existing system of Federal supervision,
national banks are chartered and supervised by the Comptroller of the
Currency. Insured State banks that are members of the Federal Re­
serve System are supervised by the Federal Reserve authorities in ad­
dition to the States. The authority and responsibilities of the FDIC
that are related to deposit insurance extend to all insured banks. To
avoid duplication of effort among the Federal supervisory agencies the
principal examination activities of the Corporation apply to insured
State banks that are not members of the Federal Reserve System.
These banks are examined regularly by the Corporation, and must
make various reports and comply with rules and regulations of the
Corporation. Various activities by the banks, such as the establish­
ment of branches or changing their location, or acquiring other banks
through merger, require the Corporation’s approval.
Applications for deposit insurance. With respect to applications of
banks which will be covered by Federal deposit insurance, the ap­
propriate Federal agency is required by statute to consider several
factors: (1) the financial history and condition of the bank, (2) the ad­
equacy of its capital 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 consist­
ency of its corporate powers with the purposes of the Act. Banks char­
tered by the States and not members of the Federal Reserve System
must apply to and be approved by the Corporation to obtain deposit
insurance. Banks beginning operations either as national banks or
State member banks become insured upon certification by the ap­
propriate agency that the above six factors have been given
consideration.
During 1967, the Corporation approved 95 banks for admission to
deposit insurance, 76 of which were new banks and 19 of which were



SUPERVISORY ACTIVITIES

23

existing banks. Of the new banks acquiring insured status, eight were
in Illinois, six in Louisiana, and five each in New Jersey and Virginia.
The remainder were divided among 27 States.
Applications for branches. The six factors enumerated above must
also be considered before applications for new branches are approved
by Federal supervisory agencies. Most of the increase in banking of­
fices in 1967 and in recent years has resulted from the establishment
of new branches. The extent of branching, however, as well as its geo­
graphical pattern, is influenced by differing State laws and regula­
tions.
Applications for 380 new branches were approved by the
Corporation in 1967, about 4 percent fewer than the number ap­
proved in 1966. A total of 35 new branches were established in con­
nection with mergers approved by the Corporation, while 21 branches
of absorbed banks were continued in operation under these reorgani­
zations.
Mergers. The responsibilities of the Federal supervisory agencies
were broadened by the Bank Merger Act of 1960 requiring the con­
sent of one of the Federal supervisory agencies before an insured
bank may engage in a merger. Banks must obtain the Corporation’s
approval for any merger, consolidation, acquisition of assets or as­
sumption of liabilities in which the resulting bank is a nonmember in­
sured bank, outside the District of Columbia, or for a merger involving
any insured bank and a noninsured institution.
An amendment to the Act in 1966 sought to establish a uniform set
of standards to be taken into account by the bank supervisory
authorities, Department of Justice and the courts with respect to their
actions on mergers. Before approving an application the supervisory
agencies are required to consider several specific factors, including
the effect of the transaction on competition, financial and managerial
resources, future prospects of the existing and proposed institutions,
and the convenience and needs of the community to be served. A
merger which has anti-competitive effects may be approved if this fac­
tor is clearly outweighed from the standpoint of the public interest by
the probable effect with respect to the convenience and needs of the
community.
Activities of the supervisory agencies in recent years reflect their
increased responsibilities under the 1960 legislation. In the eight
year period, mergers approved by the Corporation have involved 522
banks. Two hundred and seventy-five of these were absorbed banks,
with assets of approximately $4.4 billion. One hundred fifty-seven of
these absorbed banks were nonmember insured banks, 96 were mem­
ber banks, and 22 were noninsured institutions.
The volume of bank merger activity continued to be large in 1967,



24

FEDERAL DEPOSIT INSURANCE CORPORATION

as indicated in Table 4 showing the approvals of the three Federal
agencies during the year. A total of 238 banks were involved, includ­
ing 116 absorbing banks and 122 absorbed banks. The absorbed
banks had combined resources of over $2.8 billion, and operated
260 offices prior to the merger transactions.
Other applications. The Corporation’s approval is required before
nonmember insured banks may undertake certain other activities,
including any change in the location of the main office or branch,
retirement or adjustment of capital, or changes in a bank’s corporate
powers.
Bank examinations. In general the examination process affords the
Table 4. MERGERS, CONSOLIDATIONS, ACQUISITIONS OF ASSETS
AND ASSUMPTIONS OF LIABILITIES APPROVED UNDER SECTION 18(c)
OF THE FEDERAL DEPOSIT INSURANCE ACT DURING 1967
Offices operated2

Banks

Number
of banks1

Resources
(in thousands)2

Prior to
transaction

After
transaction

2383
116
1223
55
12
53
2

$24,084,092
21,194,715
2,889,377
1,501,325
460,252
915,865
11,935

2,048
1,788
260
116
32
109
3

2,041
2,041

138
67
71
37
7
27

$15,076,590
12,739,195
2,337,395
1,359,494
406,200
571,701

1,212
1,040
172
84
24
64

1,210
1,210

26
13
13
7
2
4

$ 5,130,400
4,991,100
139,300
52.800
18,700
67.800

364
336
28
13
2
13

363
363

74
36
383
11
3
22
23

$ 3,877,102
3,464,420
412,6825
89,031
35,352
276,364
11,935

472
412
605
19
6
32
3

468
468

ALL CASES

Banks in vo lve d .............................................
Absorbing banks.........................................................
Absorbed banks..........................................................
National....................................................................
State banks members FRS...................................
Not members FRS..................................................
Noninsured in stitu tio n s ..................................................
CASES WITH RESULTING BANK
A NATIONAL BANK

Banks in vo lve d .............................................
Absorbing banks.........................................................
Absorbed banks....................
..........................
National....................................................................
State banks members FRS...................................
Not members FRS..................................................
Noninsured institutions.........................................
CASES WITH RESULTING BANK A
STATE BANK MEMBER OF THE
FEDERAL RESERVE SYSTEM

Banks in vo lve d .............................................
Absorbing banks.........................................................
Absorbed banks..........................................................
National....................................................................
State banks members FRS...................................
Not members FRS..................................................
Noninsured institutions..........................................
CASES WITH RESULTING BANK NOT
A MEMBER OF THE
FEDERAL RESERVE SYSTEM4

Banks in vo lve d .............................................
Absorbing banks.........................................................
Absorbed banks..........................................................
National....................................................................
State banks members FRS
........................
Not members FRS..................................................
Noninsured institutions.........................................

1 The number of absorbing banks is smaller than the number of cases, because a few banks participated in more than
one case.
2 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 latest transaction.
3 Includes two savings and loan associations.
4 Includes one case approved by the Corporation of anabsorption of a noninsured institution by a member bank.
5 In one case a branch of a national bank was absorbed,and in another a branch of a State member bank was absorbed;
resources and offices of branches are included in this table.




SUPERVISORY ACTIVITIES

25

principal means of contaet between the Corporation and the banks un­
der its supervisory authority. Under the Federal Deposit Insurance
Act, the Corporation may examine any insured bank for insurance
purposes; however, in the case of national banks and State member
banks, a review of the examination reports of the other Federal agen­
cies has been satisfactory for the Corporation’s needs.
It is the Corporation's policy to examine banks at least annually—
and more often if necessary— in order to be regularly informed
of each bank's financial condition, and to be alerted to any
conditions which may require correction. In over one-half of the
States, the Corporation's examinations are usually conducted jointly
or concurrently with the State authorities, a practice which helps to
minimize the burden of examination activity and furthers the coordi­
nation of supervisory activities among the various agencies.
Banks examined by the Corporation and the State authorities com­
prise slightly over one-half of all banks in the country, but since most
of these banks fall into the small-to-medium size category they ac­
count for only about one-fourth of bank assets. Approximately onethird of the banks are examined by the Comptroller of the Currency,
about nine percent by the Federal Reserve Banks and the States, and
the remaining three percent by the State authorities. Table 104 pro­
vides data on the number and size distribution of banks by
supervisory status.
During 1967 the Corporation examined 7,148 banks including 129
re-examinations. The number of examinations and investigations con­
ducted by the Corporation in 1966 and 1967 are listed in Table 5.
Realignment of FDIC districts. During 1967 the Corporation made
several changes in the distribution of States among FDIC Districts, at
Tables. BANK EXAMINATION ACTIVITIES OF
THE FEDERAL DEPOSIT INSURANCE CORPORATION
IN 1966 AND 1967
Number
Activity
1967

1966

Field exam inations and investigations—to tal ................................................

13,577

13,663

Exam inations of main offices—total.......................................................

7,148

6,980

6,962
129
44
13

6,815
144
21

Regular examinations of insured banks not members of Federal Reserve System ...
Re-examinations; or other than regular examinations...................................................
Entrance examinations of operating noninsured banks..................................................
Special examinations
....................................................................................................

Exam inations of departm ents and b ra n ch e s......................................

4,662

4,832

Examinations of trust departments...................................................................................
Examinations of branches................................................................................. .................

1,092
3,570

1,114
3,718

In vestig atio ns..................................................................................................

1,767

1,851

New bank investigations.....................................................................................................
S ta te b a n k s m e m b e rs o f Fe d e ra l R e s e rv e S y s t e m ..........................
B a n k s n o t m e m b e r s of F e d e r a l R e s e rv e S y s t e m .............................
New branch investigations..................................................................................................
Mergers and consolidations................................................................................................
Miscellaneous investigations............................................................................................ ..

165

169

14
151

14
155

412
146
1,044

462
160
1,060




26

FEDERAL DEPOSIT INSURANCE CORPORATION

the same time increasing the number of Districts from 12 to 14. The
restructuring of Districts, based upon an extensive study by the Divi­
sion of Examination, was designed to achieve a more balanced work­
load among the Corporation’s field offices and to contribute to the
efficiency of its various field operations.
The newly created Districts were: Philadelphia, comprising the
States of Pennsylvania and Delaware; and Memphis, consisting of
Tennessee, Mississippi, Arkansas, and Louisiana. Other changes were
the transfer of Arizona to the San Francisco District office, Colorado
and Oklahoma to Dallas, Wyoming to Minneapolis, Kansas to St.
Louis, Iowa to Kansas City, Indiana to Chicago, and West Virginia and
Kentucky to Columbus. The new alignment of States within Districts,
shown on page vi, became fully operational on July 1, 1967.
Citations contem plating term ination of insurance. If an examiner’s
report discloses that an insured bank is engaging in a violation of
banking regulations or laws, or other unsound practices, correction is
first sought through the usual supervisory action. An Act effective on
October 16, 1966, authorizes the Corporation, when corrective action
is not obtainable by the State supervisory authority, to issue cease
and desist orders directed to specific violations or practices. The Cor­
poration may suspend or remove personnel in situations where per­
sonal dishonesty is involved.
When unsound practices or violations of law or regulations persist,
the Corporation is authorized under Section 8(a) of the Federal De­
posit Insurance Act to commence proceedings which may result in
termination of the deposit insurance of the bank. The offending bank
is given formal notification and a time limitation is specified for the
corrective action, with due notification given also to the State supervi­
sory authority. If this step fails to bring compliance, the bank is given
an opportunity to present its case at an administrative hearing before
Table 6. ACTIONS TO TERMINATE INSURED STATUS OF BANKS
CHARGED WITH UNSAFE OR UNSOUND BANKING PRACTICES
OR VIOLATIONS OF LAW OR REGULATIONS, 1936-1967
Disposition or status

Started
during 1967

Total banks against which action w as taken.
C a se s c lo se d ......................................................................................................
Corrections made....................................................................................................................
Banks absorbed or succeeded by other banks..................................................................
W it h fi n a n c i a l a i d of th e C o r p o r a t i o n ........................................................
W it h o u t fi n a n c i a l a i d of th e C o r p o r a t i o n ...................................................
Banks suspended prior to setting date of termination of insured status by Corporation.
I nsured status terminated, or date for such termination set by Corporation, for failure
to make corrections........................................................................................................

B a n k s s u s p e n d e d p r io r to or on d a t e of t e r m i n a t i o n
o f i n s u r e d s t a t u s ...............................................................................................
B a n k s c o n ti n u e d in o p e r a t io n 2 ........................................................................
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.




SUPERVISORY ACTIVITIES

27

insurance may be terminated. In the event of termination of insur­
ance, each depositor continues to be insured for two years with res­
pect to insured funds on deposit at the time of termination.
Table 6 shows that action was taken against 195 banks between
1936 and 1967, and that all cases were closed at the end of 1967. In
most cases the required corrections were made, or the cases were
closed because the bank suspended operations or was absorbed by
another bank.
There were no cases begun during 1967. Two cases which were
open at the end of 1966 were closed when corrections were effected.
Regulation of bank securities. In 1964, Public Law 88-467 ex­
tended the provisions of the Securities Exchange Act of 1934 to cover
securities traded in the over-the-counter market. Responsibility for ad­
ministering the Act with respect to insured banks was given to the
Federal bank regulatory agencies. Originally applicable to those corpo­
rations having 750 or more shareholders and over $1 million in as­
sets, the minimum shareholder requirement was reduced to 500, ef­
fective July 1, 1966.
As a result of the lower shareholder requirement, the Corporation,
during 1967, received registration statements from 89 insured State
nonmember banks to bring the year-end total to 169. The latter figure
reflects the withdrawal from registration of two banks through merger.
In addition to the registration statements filed by banks, the Corpo­
ration also receives periodic and current reports required by the Se­
curities Exchange Act, and in addition, regulates proxy solicitation for
annual and special meetings of shareholders of the banks. Another
section of the Act requires the filing of beneficial ownership reports
by every director, officer and large shareholder of a registered bank.
As of the end of the year, 4,200 such reports had been received.
Changes in bank ownership and loans secured by bank stock. Pub­
lic Law 88-593 requires a report to the appropriate Federal banking
agency whenever a change occurs in the outstanding voting stock of
any insured bank which would result in a change in control of the
bank. When such a change does occur, the bank involved must report
promptly any changes or replacement of its chief executive officer or
any director occurring in the next twelve-month period. A supplemen­
tary provision requires a report whenever an insured bank makes a
loan secured by 25 percent or more of the outstanding voting stock of
an insured bank.
During 1967 there were over 270 changes in control involving in­
sured nonmember banks reported to the Corporation. In those few
cases where new ownership was not already known or could not be
checked readily, an immediate investigation was made, and the bank
involved was accorded special supervisory attention until the effect of



28

FEDERAL DEPOSIT INSURANCE CORPORATION

the change was determined and the sound operation of the bank as­
sured.
Other reports from banks. The Corporation obtains statistical and
other information from banks through regular calls for reports of con­
dition and through special data requests. Every insured bank reports
its financial condition four times each year to one of the Federal su­
pervisory agencies; nonmember insured banks report directly to the
Corporation. Income and dividend statements are obtained from
banks once each year. In 1947 the Corporation was given responsi­
bility for collection and publication of all-bank statistics under an
agreement arranged by the Bureau of the Budget with the Federal
banking agencies. Statistics covering assets and liabilities of all banks
and income and dividend statements of insured banks are included in
Part IV of this report.
In connection with its collection and tabulation of data from the
June 30, 1967 Report of Condition, the Corporation initiated a policy
of providing individual banks with data comparing their asset distribu­
tion with that of other banks within their State. Work was initiated in
1967 to enable the Corporation to distribute comparative banking sta­
tistics to all insured commercial banks based on the December, 1967
Report of Condition and the 1967 Income and Dividend Report. Indi­
vidual bank figures were contrasted with comparable figures for all
banks in the same State and in the same local area where branching
regulations make the latter data meaningful.
During 1967 the Corporation conducted three surveys of time and
savings deposits of insured nonmember banks. These surveys were
designed to obtain information on savings flows and on interest rates
offered on various savings instruments by individual institutions.
The Corporation made available early in 1967, in a series of 15
booklets, the results of its June, 1966 Survey of Deposits. These sur­
veys are conducted every two years to inform the Corporation of the
extent of insurance coverage and its insurance liability under the Fed­
eral Deposit Insurance Act. The surveys also provide detailed informa­
tion on the structure of bank deposits. The 1966 survey obtained, for
the first time, data for noninsured banks and for individual offices of
all banks. The data were classified by geographic area, size of bank,
and type of account, providing a kind and degree of detail not pre­
viously available.
Conferences with supervisors of State banks. Conferences with
State bank supervisory officials were held in April and October of
1967, continuing a series of such meetings initiated in 1964 to pro­
vide State banking department and Corporation officials an oppor­
tunity to review banking and bank supervisory developments. The April
meeting was attended by the supervisors and staff aides of 13 States
in the Corporation’s Districts of Boston, Richmond and Chicago. In at­



SUPERVISORY ACTIVITIES

29

tendance at the October meeting were state banking department
officials of 14 of the 15 States in the Districts of Columbus, Memphis,
New York, Philadelphia and St. Louis.
FEDERAL LEGISLATION
Regulation of interest rates. The most significant Federal banking
legislation enacted in 1967 was Public Law 90-87, approved Septem­
ber 21, 1967 (81 Stat. 226), which extended for one year the tempo­
rary legislation (80 Stat. 823) enacted in 1966 to authorize more flexi­
ble regulation by the Board of Governors of the Federal Reserve
System and the Federal Deposit Insurance Corporation of maximum
rates of interest payable by insured banks on deposits and to give to
the Federal Home Loan Bank Board authority for the first time to reg­
ulate rates payable by insured savings and loan associations. The
legislation which was extended also authorizes the Board of Governors
of the Federal Reserve System to increase reserve requirements on
time and savings deposits to a maximum of 10 percent and authorizes
Federal Reserve open-market operations in obligations of agencies of
the United States Government. This legislation originally was enacted
on September 21, 1966 and was to expire at the end of one year com­
mencing on that date.
Loans to executive officers. Section 22(g) of the Federal Reserve
Act was amended by Public Law 90-44, approved July 3, 1967 (81
Stat. 109), to liberalize the restrictions on loans by member banks to
their executive officers. Under this amendment, a member bank may
now make (1) a loan not exceeding $30,000 to any executive officer if
it is secured by a first lien on the officer’s home; (2) extensions of
credit to any executive officer not exceeding the aggregate amount of
$10,000 to finance the education of the officer's children, and (3)
other extensions of credit to any executive officer not exceeding the
aggregate amount of $5,000. The terms of any such loan cannot be
more favorable than those afforded to other borrowers and the officer
receiving the loan is required to submit a detailed current financial
statement.
Bank participation in gam bling activities. Public Law 90-203, to
prohibit insured banks and savings and loan associations from foster­
ing or participating in certain gambling activities, was approved by
the President on December 15, 1967, to take effect on April 1, 1968
(81 Stat. 608). This legislation prohibits insured banks and savings
and loan associations from selling or otherwise dealing in lottery tick­
ets, from advertising lotteries, and from advertising or publicizing the
existence or identity of any participant or winner in a lottery. How­
ever, it does not prohibit such institutions from accepting deposits,
cashing checks, or performing other lawful banking services for a



30

FEDERAL DEPOSIT INSURANCE CORPORATION

State operating a lottery or an officer or employee of that State who is
charged with the administration of the lottery. Administrative enforce­
ment of this law is the responsibility of the Federal agency having
primary supervisory authority with respect to the financial institution
involved. Criminal penalties also are prescribed.
Purchase of small business investment company stock. Among nu­
merous amendments to the Small Business Investment Company Act
of 1958 contained in Public Law 90-104, approved October 11, 1967
(81 Stat. 268), was an amendment to section 302(b) of that Act (15
U.S.C. 682(b)) relating to the purchase of stock of small business in­
vestment companies by banks. Under section 302(b), the stock of
such companies had been eligible for purchase by national banks, and
by insured State banks to the extent permitted by State law, except
that a bank was not permitted to hold the stock in an amount aggre­
gating more than two percent of the bank’s capital and surplus. The
amendment increased the amount of stock of small business invest­
ment companies which may be held by a bank to five percent of the
bank’s capital and surplus, but prescribed a new limitation under
which a bank may not acquire such stock if, after making the acquisi­
tion, it will hold fifty percent or more of any class of equity securities
of the company having actual or potential voting rights.
Anti-trust exemptions. On August 9, 1967, the President approved
Public Law 90-62 (81 Stat. 165) which extended until June 30, 1969,
the temporary legislation enacted in 1965 (79 Stat. 674) to provide
standby authority to exempt from the anti-trust laws voluntary agree­
ments and programs formulated by banks and other lending
institutions to curtail the flow of funds to foreign countries in order to
improve the balance-of-payments position of the United States.
RULES AND REGULATIONS OF THE CORPORATION
Deposit insurance coverage. The Corporation issued new regula­
tions, effective September 1, 1967, to define and clarify the insurance
coverage afforded deposits in insured banks. The basic purpose of
these regulations is to carry out the intent of Congress in providing
limited insurance coverage for each depositor, with a maximum now
of $15,000. The regulations (which are included in revised Part 330 of
the Corporation’s regulations) interpret the Federal Deposit Insurance
Act to limit various devices which had been used to increase the in­
surance coverage beyond that meant to be provided by law.
In defining the term “ insured deposit” , section 3(m) of the Federal
Deposit Insurance Act speaks of deposits “ maintained in the same ca­
pacity and the same right.” An amendment to this section enacted on
October 16, 1966, authorized the Corporation to issue regulations to
clarify and define the extent of the insurance coverage, and the new



RULES AND REGULATIONS OF THE CORPORATION

31

regulations were issued pursuant to that authority. Similar regulations
applicable to shareholders in institutions insured by the Federal Sav­
ings and Loan Insurance Corporation were adopted concurrently by
the Federal Home Loan Bank Board. In general, the regulations of
both agencies provide for parallel treatment of insurance on various
types of accounts.
Specifically, the regulations set forth certain general principles re­
garding record-keeping requirements and the valuation of trust inter­
ests which provide a basis for determining the amount of insurance
available to deposits held by depositors in the same or in different
rights or capacities. As to each right or capacity, the regulations state
the various ownership interests and the amount of insurance applica­
ble thereto. Single ownership accounts, including those held by an in­
dividual or someone acting for him, testamentary accounts, accounts
owned and held by executors or administrators, corporations, partner­
ships and unincorporated associations, public unit accounts, jointly
owned accounts and trust accounts are defined and the amount of in­
surance coverage available to each such category of ownership is
specified.
Advertisement of membership. Part 328 of the Corporation’s regu­
lations relating to advertising by insured banks was amended effective
August 1, 1967, to include the new official sign and to restate the re­
quirements with regard to its display and the use of the official
advertising statement. A new official sign was adopted by the Corpora­
tion for use by insured banks in view of the increase in deposit insur­
ance coverage from $10,000 to $15,000 for each depositor. As was
formerly the case, the official sign must be displayed at each station
or window where deposits are received. The use of a substitute sign,
in lieu of the official sign, is not permitted.
The mandatory requirements with regard to the official advertising
statement— “ Member of the Federal Deposit Insurance Corporation"
— were relaxed to permit, at an insured bank’s option, the use of the
short title, “ Member FDIC,” or a reproduction of the official sign. Pro­
motional items which are of the type or character making it impracti­
cal to include the official statement are included in advertisements
which are exempted from the requirements as to the official advertis­
ing statement.
Published and unpublished records and inform ation. For the
purpose of complying with section 3 of the Administrative Procedure
Act, as amended by the so-called “ Freedom of Information Act,"
which became effective July 4, 1967, the Corporation, effective on
that date, revised Part 309 of its regulations, which contains provi­
sions relating to the availability of Corporation records and informa­
tion to the public. In the same connection, sections 301.1, 303.10,



32

FEDERAL DEPOSIT INSURANCE CORPORATION

305.1, 307.3, and 334.4 of the Corporation's regulations were
amended in minor respects and the Corporation published a revised
“ Description of Central and Field Organization" in the Federal Regis­
ter on July 4, 1967.
Rules of practice and procedures. Effective August 1, 1967, Part
308 of the Corporation’s regulations was revised in the light of
amendments to section 8 of the Federal Deposit Insurance Act con­
tained in the Financial Institutions Supervisory Act of 1966. Subpart A
of the revised Part 308 prescribes rules of practice and procedure
applicable to all hearings held pursuant to the provisions of section 8
pertaining to (1) involuntary termination of the insured status of any
bank, (2) the issuance of cease-and-desist orders against any insured
State nonmember bank, and (3) the issuance of orders removing or
suspending from office or prohibiting from further participation in the
conduct of the bank’s affairs, any director or officer of an insured
State nonmember bank or any other person participating in the con­
duct of the affairs of such a bank. Subparts B, C, and D prescribe
rules and procedures applicable to each of the three classes of pro­
ceedings.
Securities of insured State nonmember banks. Part 335 of the Cor­
poration's regulations, which relates to securities of insured State
nonmember banks that are subject to the registration requirements of
section 12(b) or 12(g) of the Securities Exchange Act of 1934, was
amended effective December 31, 1967. The amendments were de­
signed (a) to clarify the meaning of the term “ beneficial ownership”
as it relates to the reporting of ownership of bank stock held by family
members or relatives who reside in the homes of directors, officers
and principal stockholders and (b) to provide for the inclusion of mi­
nority stockholder proposals in banks’ proxy-soliciting material, sub­
ject to proper safeguards.
Payment of deposits and interest. As set forth in greater detail in
the Corporation’s Annual Report for 1966, Parts 327 and 329 of the
Corporation's regulations were amended effective January 1, 1967, to
sharpen the technical distinctions between time deposits and savings
deposits. Part 329 also was amended effective July 1, 1967, to re­
duce the maximum rate of interest or dividends which insured non­
member mutual savings banks in the State of Alaska may pay on de­
posits from 5 1 4 to 5 percent per annum. This placed the Alaska
banks on the same basis generally as similar banks in other States
which had been subject to a 5 percent maximum rate since October 1,
1966. An existing “ grandfather clause” permitting the Alaska banks
to pay a higher rate on certain funds received prior to September 22,
1966, remained in effect.
Employee responsibilities and conduct. Effective October 7, 1967,
the Corporation amended Part 336 in numerous respects. Part 336,



RULES AND REGULATIONS OF THE CORPORATION

33

which was adopted in April, 1966, pursuant to Executive Order 11222,
prescribes standards of conduct and responsibilities for Corporation
employees. It also contains requirements concerning the reporting of
employment and financial interests, and the principal amendments
were designed to restrict these requirements so as to make them ap­
plicable only to employees in positions where the possibility of conflict-of-interest involvement is clear.
Other amendments. Primarily for editorial reasons and to reflect re­
cent statutory changes, there were a number of minor amendments
made to Parts 303, 304, and 307 and sections 306.2, 325.0,
327.3(c), and 331.1(d) of the Corporation’s regulations effective July
19, 1967.
ADM INISTRATIO N OF THE CORPORATION
Structure and employees. Management of the Corporation is vested
in a Board of Directors, consisting of three members, two of whom
are appointed for six-year terms by the President, with the advice and
consent of the Senate. Of the two directly appointed members, one
serves as Chairman of the Board. The Comptroller of the Currency
serves ex-officio as the third member of the Board.
Mr. William W. Sherrill, Director of the Corporation since March 4,
1966, resigned on April 30, 1967 to accept appointment as a member
of the Board of Governors of the Federal Reserve System. Mr. K. A.
Randall, appointed as a Director on March 10, 1964, and elected
Chairman of the Board on April 25, 1965, continues in that position.
Mr. William B. Camp, whose appointment as Comptroller of the Cur­
rency was confirmed by the Senate on February 1, 1967, continues as
the ex-officio member.
The organization of the Corporation and officials, Supervising Exam­
iners and District offices are shown on pages iv, v and vi.
Employment of the Corporation on December 31, 1967 was 340
higher than a year earlier, with the increase consisting of 300 perma­
nent and 40 nonpermanent employees. Additions to the examiner
force accounted for most of this increase, while other significant in­
creases occurred in the Division of Liquidation and the Division of Re­
search.
An expanded work load contributed to the need for additional per­
sonnel. The number of employees located in the Washington office
and field offices, classified by division, are shown in Table 7.
Of the Corporation’s total employment, about 72 percent are Exam­
ination Division personnel, of whom over 92 percent are assigned to
the field offices. From an average employment of 964 field examiners
in 1967, 153 left the Corporation during the year, including 34 who
left to enter military service. This gave rise to a turnover rate for field



34

FEDERAL DEPOSIT INSURANCE CORPORATION

examiners of 15.9 percent, compared with 16.7 percent in 1966. The
turnover rate for all permanent employees of the Corporation was
21.3 percent in 1967 compared with 20.8 percent during the previous
year.
Table 7. NUMBER OF OFFICERS AND EMPLOYEES
OF THE FEDERAL DEPOSIT INSURANCE CORPORATION,
DECEMBER 31, 1966 AND 1967
Washington
Office

Total

District and other
field offices

Unit
1967

1966

1967

1966

1967

1966

T o ta l...................................................................

1,869*

1,52s1

550

426

1,319

1,103

Directors......................................................................
Executive Offices.........................................................
Legal Division..............................................................
Division cf Examination.............................................
Division of Liquidation..............................................
Division of Research..................................................
Office of Controller.....................................................

2
49
38
1,341
143
132
164

3
44
41
1,111
112
89
129

2
49
38
105
70
132
154

3
44
41
66
64
89
119

0
0
0
1,236
73
0
10

0
0
0
1,045
48
0
10

1 Includes 108 non-permanent employees in 1967 serving on a short-term appointment or a when actually employed
basis, and 68 in 1966.

Employee benefits and programs. Corporation personnel are cov­
ered by the benefit plans generally available to Federal employees.
Amendments to the Federal Employees Group Life Insurance Act in
1967 provided additional group life insurance to all personnel, and
also additional optional coverage for eligible personnel.

FINANCES OF THE CORPORATION
Assets and liabilities. Assets and liabilities of the Corporation on
December 31, 1967 are shown in Table 8.
Total assets of the Corporation amounted to $3,692 million at the
end of 1967. U.S. Government securities, valued at amortized cost
and including accrued interest, accounted for over 99 percent of total
assets. Most of the remaining assets were various claims and other
assets acquired in insurance transactions, which were valued at
slightly under $18 million after reserves for losses. Land and office
building, less depreciation, were valued at about $8 million. Cash bal­
ances were slightly over $4 million.
Total liabilities at the end of 1967 amounted to $206 million of
which almost $202 million were assessment credits due insured
banks.
The difference between the total assets and total liabilities, $3,485
million on December 31, 1967, constituted the deposit insurance
fund. This fund, consisting of the Corporation’s accumulated net in­
come,, is the basic cash reserve available to the Corporation for the
protection of depositors. Additional resources are available to the Cor­
poration through its borrowing power. The Corporation is authorized



35

FINANCES OF THE CORPORATION

by statute to borrow from the U.S. Treasury, and the Secretary of the
Treasury is authorized and directed to lend up to $3 billion, on such
terms as they agree upon, when in the judgment of the Corporation’s
Board of Directors the funds are needed for insurance purposes. The
Corporation has not had occasion to use this borrowing authority.
Income and expenses in 1967. Income and expenses of the Corpo­
ration in 1967 are shown in Table 9. Total income for the year was
Table 8. STATEMENT OF FINANCIAL CONDITION >
FEDERAL DEPOSIT INSURANCE CORPORATION,
DECEMBER 31, 1967
ASSETS

Cash .

$

4,158,907

U. S. Governm ent obligations:
Securities at amortized cost (face value $3,639,437,000; cost $3,615,647,815).
Accrued interest receivable......................................................................................

$3,624,822,460
36,618,947

3,661,441,407

A ssets acquired in receiversh ip and deposit assum ption tra n s­
actions: >
Special assistance to insured banks..............................................................................
Subrogated claims of depositors against closed insured banks................................
Net insured balances of depositors in closed insured banks, to be subrogated when
paid— see related lia b ility ...........................................................................................
Loans to insured banks....................................................................................................
Equity in assets acquired under purchase agreements..............................................
Assets purchased ou trig h t...............................................................................................

$

806,789
1,941,517
2,831,695
14,711
$

Less reserves for losses.

10,000,000

26,360,255

41,954,967
23,959,500

$

17,995,467

M iscellaneous a s s e t s ...................................................................

357,787

Land and office building, less depreciation on building.

7,770,107

Furniture, fixtures and eq uip m en t.........................................

1

Total a s s e ts ...............................................................

$3,691,723,676

LIABILITIES AND DEPOSIT INSURANCE FUND2

Accounts payable and accrued lia b ilitie s......................................

$

1,729,947

Earn est money, escrow funds and collections held for others.

301,134

Accrued annual leave of e m p lo y e es................................................

1,567,709

Due insured banks:
Net assessment income credits available July 1, 1968 (See Table 10).
Other assessment credits available im m ediately....................................

Net insured b alances of depositors in closed insured b ankssee related a s s e t ................................................................................
Total lia b ilitie s.
Deposit in su ran ce fund, net incom e accum ulated sin ce incep­
tion 3 (S ee Table 9 )..............................................................................
Total liabilities and deposit insurance fund.

$ 182,354,257
19,477,625

201,831,882

806,789

$ 206,237,461
$3,485,486,215
$3,691,723,676

1 Reported hereunder is the book value of assets in process of liquidation. An analysis of all assets acquired in receiver­
ship and deposit assumption transactions, including those assets which have been liquidated, is furnished in Table 3.
2 Capital stock was retired by payments to the United States Treasury in 1947 and 1948.
3 The deposit insurance fund represents the accumulated net income of the Corporation and is available for insuring
deposits and payment of expenses. The borrowing authority of $3 billion from the United States Treasury has never been
used.
NOTE: These statements do not include accountability for the assets and liabilities of the closed insured banks for
which the Corporation acts as receiver or liquidating agent.




FEDERAL DEPOSIT INSURANCE CORPORATION

36

Table 9. STATEMENT OF INCOME AND THE DEPOSIT INSURANCE FUND,
FEDERAL DEPOSIT INSURANCE CORPORATION
YEAR ENDED DECEMBER 31, 1967

incom e:
Deposit insurance assessments:
Assessments earned in 1957..........................................................
Less net assessment income credits to insured banks...........................................
Adjustments of assessments earned in prior years..........

$302,953,719
182,348,551

34,141

........

120,639,309
$ 142,302,102

Net income from U. S. Government securities........................................................
Other income................................................................................................................

Total in com e........

$ 120,605,168

8,240

$ 262,949,651

... .

Exp enses and losses:
Administrative and operating expenses:
Salaries and wages ....................................................................
Civil Service retirement fund and F.I.C.A. payments ..............................
Travel expenses............................................................................................................
Office rentals, communications and other expenses...............................
Provisions for insurance losses:
Applicable to banks assisted in 1967................................................
Adjustments applicable to banks assisted in prior years......................................

$ 15,154,233
959,380
3,950,527
4,330,424

$

$

2,035,000
2,571,000

4,606,000
415,329

Non-recoverable insurance expenses incurred to protect depositors— net .........

Total expenses and lo s s e s ..................................

24,404,564

$

29,425,893

Net addition to the deposit insurance fund—1967..........................

$ 233,523,758

Deposit in suran ce fund, Janu ary 1, 1967............................................

$3,251,962,457

Deposit insurance fund, Decem ber 31, 1987, net income accum u­
lated since inception (See Table 8 and note 3 of Table 8). . .

$3,435,485,215

$263 million, consisting of $121 million from net assessments on de­
posits of insured banks and $142 million from income on U.S. Government securities.
Assessments earned amounted to almost $303 million in the year.
As provided by statute, the assessments are levied at an annual rate
of
of one percent of assessable deposits. However, a portion of the
difference between assessments and the Corporation’s administrative
and operating expenses and insurance losses each year is returned to
banks in the form of a credit against future assessments. This share
was established at 60 percent under the Act of 1950, and raised to
66% percent in 1961. The total credit in 1967 amounted to about
$182 million, and had the effect of reducing the net assessment rate
to about one thirty-second of one percent of assessable deposits. The
computation of net assessment income in 1967 is shown in Table 10.
The Corporation’s administrative and operating expenses and provi­
sion for insurance losses totaled $29 million in 1967. The net addi­
tion to the insurance fund for the year was $234 million.



FINANCES OF THE CORPORATION

37

Table 10. DETERMINATION AND DISTRIBUTION OF NET ASSESSMENT INCOME,
FEDERAL DEPOSIT INSURANCE CORPORATION,
YEAR ENDED DECEMBER 31, 1967

Determ ination of net asse ssm en t incom e:
$302,953,719

Total assessments which became due during the calendar year..........................
Less:
Administrative and operating expenses................................................................
Net additions to reserve to provide for insurance losses:
Provisions applicable to 1967.............................................................................
Adjustments to provisions for banks assisted in prior years........................
Insurance expenses....................
Total deductions...................................

$ 24,404,564
$

2,035,000
2,576,000

4,611,000

........

415,329

........

$ 29,430,893

$273,522,826

Net a sse ssm en t incom e for 1967
Distribution of net asse ssm en t incom e, D ecem ber 31, 1967:
Net assessment income for 1967:
33V3% transferred to the deposit insurance fu n d ..............................................
6623% credited to insured banks..........................................................................
/

$ 91,174,275
182,348,551

$273,522,826

Tot al . . .

Percentage of total
assessment
becoming due in
1967

Allocation of net asse ssm en t income credit among insured
banks, D ecem ber 31, 1967:
Credit for 1967..............................................................................................................
Adjustments of credits for prior years......................................................................

T o ta l......................................

......

$182,348,551
5,707

60.19023%
.00189

$182,354,258

60.19212%

Table 11. SOURCES AND APPLICATION OF FUNDS,
FEDERAL DEPOSIT INSURANCE CORPORATION,
YEAR ENDED DECEMBER 31, 1967
Funds provided by:
Net deposit insurance assessments...................................................................................
Income from U. S. Government securities, less amortized net discounts....................
Maturities and sales of U. S. Government securities......................................................
Collections on assets acquired in receivership and deposit assumption transactions
Increase in assessment credits due insured banks........................................................

Total funds provided

$120,639,309
139,609,938
298,083,390
2,516,418
13,703,534

$574,552,589

Funds applied to:
Administrative, operating and insurance expenses, less miscellaneous credits
Acquisition of assets in receivership and deposit assumption transactions___
Purchase of U. S. Government securities................................................................
Net changes in other assets and lia b ilitie s .........................................................

Total funds applied




$ 24,676,449
8,135,926
541,271,115
469,099

$574,552,589

FEDERAL DEPOSIT INSURANCE CORPORATION

38

The Corporation's financial transactions during 1967 are summa­
rized in Table 11, showing the sources and application of funds. Over
three-fourths of total funds available were provided through the turn­
over of the Corporation's portfolio of U.S. Government securities and
interest received on the securities. Purchases of such securities repreTable 12. INCOME AND EXPENSES,
FEDERAL DEPOSIT INSURANCE CORPORATION,
BY YEAR, FROM BEGINNING OF OPERATIONS,
SEPTEMBER 11, 1933, TO DECEMBER 31, 1967
ADJUSTED TO DECEMBER 31, 1967
(In millions)
Expenses and losses

Income
Year
Total

Deposit
insurance
assess­
m ents1

Invest­
ments
and
other
sources2

Total

Deposit
insurance
losses and
expenses

Interest
on capital
stock3

Adminis­
trative
and
operating
expenses

$80.6

Net
income
added to
deposit
insurance
fu n d 4

1933-67..

$3,897.0

$2,412.4

$1,484.6

$411.5

$52.8

$278.1

$3,485.5

1 9 6 7 ....
1 9 6 6 ....
1 9 6 5 ....
1 9 6 4 ....

262.9
241.0
214.6
197.1

120.6
93.0

142.3
129.3
112.4
104.1

29.4
25.0
24.4
18.9

5.0
5.2
6.7
3.4

24.4
19.8
17.7
15.5

233.5
216.0
190.2
178.2

1 9 6 3 ....
1962. . . .
1 9 6 1 ....
1 9 6 0 ....
1 9 5 9 ....

181.9
161.1
147.3
144.6
136.5

84.2
76.5
73.4
79.6
78.6

97.7
84.6
73.9
65.0
57.9

16.4
13.8
14.8
12.5

2.0

12.1

.2

14.4
13.7
13.2
12.4
11.9

165.5
147.3
132.5
132.1
124.4

1958.. ..
1 9 5 7 ....
1956. . ..
1955.. ..
1954. . ..

126.8
117.3
111.9
105.7
99.7

73.8
69.1

11.6

62.4

53.0
48.2
43.7
39.6
37.3

11.6
9.6
9.1
8.7
7.7

115.2
107.6
102.3
96.7
91.9

1 9 5 3 ....
1952. . ..
1 9 5 1 ....
1950. . ..
1 9 4 9 ....

94.2

60.2
57.3
54.3
54.2
122.7

34.0
31.3
29.2
30.6
28.4

7.3
7.8

7.2
7.0
6.6
6.4
6.1

86.9
80.8
76.9
77.0
144.7

119.3
114.4
107.0
93.7
80.9

26.3
43.1
23.7
27.3
18.4

70.0
56.5
51.4
46.2
40.7

16.6

9.8

12.6

10.1

.5

10.6

10.1

.6

9.7
10.5

12.9
16.4

3.5
7.2

9.4
9.4

11.3

2.5
3.7

8.2

20.8

38.3
38.8
35.6
11.5

10.9
11.3

7.0

(4)

1948. . ..
1 9 4 7 ....
1 9 4 6 ....
1 9 4 5 ....
1 9 4 4 ....
1 9 4 3 ....
1 9 4 2 ....
1 9 4 1 ....
1 9 4 0 ....
1 9 3 9 ....
1938.. ..
1937.. ..
1 9 3 6 ....
1935.. ..
1933-34..

88.6
83.5
84.8
151.1
145.6
157.5
130.7

121.0
99.3

86.6
69.1
62.0
55.9
51.2
47.7
48.2
43.8

111.7

102.2

68.2
66.1

9.3
7.0

.1
1.6
.1

9.7
9.6
9.0
7.8

6.6
7.8
6.4

1.4
.3

7.0
9.9

.7

.6

.1

10.0

.1

9.4
9.3

.1

4.8
5.8
5.8
5.8

5.7
5.0
4.1
3.5
3.4

138.6
147.6
120.7
111.6
90.0

5.8
5.8
5.8
5.8
5.8

3.8
3.8
3.7
3.6
3.4

76.8
59.0
51.9
43.0
34.8

5.8
5.8
5.8
5.8
5.6

3.0
2.7
2.5
2.7
4.25

36.4
36.0
32.9
9.5
- 3 .0

12.2

10.0

.1
.2

2.6
2.8
.2

1 For the period from 1950 to 1967, inclusive, 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, as amended. Assessment
credits to insured banks for these years amounted to $1,970 million.
2 Includes $9.3 million of interest and allowable return received on funds advanced to receivership and deposit
assumption cases by the Corporation.
3 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 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 sub­
sequent 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.
5
Net after deducting the portion of expenses and losses charged to banks withdrawing from the temporary insurance
funds on June 30, 1934.




39

FINANCES OF THE CORPORATION

sented by far the largest share of the application of funds.
Income and the deposit insurance fund, 1 9 3 3 -1 9 6 7 . The Corpora­
tion’s net income, expenses and additions to the insurance fund since
1933 are shown in Table 12.
Assessments have provided almost two-thirds of the Corporation’s
income during the entire period. However, the accumulation of the
fund over the years and its investment in U.S. Government securities
have brought the Corporation an increasing volume of earnings from
this source. By 1961, investment income was providing about one-half
of total income, and subsequently its proportionate contribution has
increased. Administrative and operating expenses have climbed grad­
ually, while insurance losses have been moderate. Since its inception,
the Corporation has been able to retain over 89 percent of its income
for additions to the deposit insurance fund.
Table 13. INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND,

1934-1967
Deposits in
insured banks
(in millions)

Year
(Dec. 31)

Total
1967.......................
1966......................
1965......................
1964......................

$261,149
234,150
209,690
191,787

Deposit
insurance
fund
(in
millions)

Total
deposits

Insured
deposits

58.2%
58.4
55.6
55.0

$3,485.5
3,252.0
3,036.3
2,844.7

•78%
.81
.80
•82

1.33%
1.39
1.45
1.48

Insured1

$448,709
401,096
377,400
348,981

Percent
of
deposits
insured

Ratio of deposit
insurance fund to—

1963.......................
1962......................
1961......................
1960.......................
1959.......................

313,3042
297,5483
281,304
260,495
247,589

177,381
170,2104
160,3094
149,684
142,131

56.6
57.24
57.04
57.5
57.4

2,667.9
2,502.0
2,353.8
2,222.2
2,089.8

.85
.84
.84
.85
.84

1.50
1.474
1.474
1.48
1.47

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

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

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

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

1948......................
1947.......................
1946.......................
1945.......................
1944.......................

153,454
154,096
148,458
158,174
134,662

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

1943......................
1942......................
1941.......................
1940......................
1939.......................

111,650
89,869
71,209
65,288
57,485

48,440
32,837
28,249
26,638
24,650

43.4
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

1938......................
1937 ......................
1936......................
1935......................
1934.......................

50,791
48,228
50,281
45,125
40,060

23,121
22,557
22,330
20,158
18,075

45.5
46.8
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.
2 December 20, 1963.
3 December 28, 1962.
4 Revised.




40

FEDERAL DEPOSIT INSURANCE CORPORATION

Deposits in banks insured by the Corporation and the amount of
the deposit insurance fund each year since 1934 are shown in Table
13. The size of the fund and its immediate availability for the protec­
tion of depositors have contributed importantly to the confidence of
depositors and the stability of the banking system. Following its first
full year of operation, the Corporation has reported net earnings for
transfer to the fund each year, and, except for two years, the fund has
continually grown. The growth of the fund has approximately kept
pace with the growth in insured deposits and total deposits in insured
banks, as indicated by the stability of the percentages in the last two
columns in Table 13.
Audit. A continuous internal audit is provided by the Auditor of the
Corporation. In addition, the financial transactions of the Corporation
are audited each year by the General Accounting Office, a practice be­
gun in 1945. Previously, an audit was conducted each year by private
accounting firms engaged by the Corporation.




41

BANK ABSORPTIONS APPROVED BY THE CORPORATION
BANKS INVOLVED IN ABSORPTIONS
APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
IN 1967

No.
(Table 14)

State

Town or C ity

Bank

Arizona

Connecticut

Casa Grande
Mesa
Phoenix
Tempe
Littleton
Littleton
Danielson

Delaware

Willimantic
Wilmington

Central Arizona Bank
First Security Bank
The Guaranty Bank
The Saguaro Bank
Arapahoe Bank
Valley National Bank
County Bank and Trust Company
of Danielson
W illimantic Trust Company
Brandywine-Mechanics Savings
and Loan Association
Wilmington Savings Fund Society
North Madison Bank
The Madison Bank and Trust
Company
The Farmers State Bank
The First State Bank of Ransom
Bank of Dayton
The Farmers Bank
The Fort Thomas-Bellevue Bank
The Hartford Bank
The Hughesville Savings Bank,
Incorporated
The Southern Maryland National
Bank of La Plata
Commerce Bank and Trust
Company
Melrose Trust Company
Shrewsbury Bank and Trust
Company
Wakefield Trust Company
Farmers State Bank of Alto
Wayland State Bank
Bank of Clarksdale
Bank of Lambert, Lambert,
Mississippi
Farmers Savings Bank of Clifton
Hill
Salisbury Savings Bank
The Central Jersey Bank and
Trust Company
The Edison Bank
The First National Bank of South
Plainfield
The Sea Bright National Bank
Chemical Bank New York Trust
Company
Empire City Savings Bank
Excelsior Savings Bank
Bank of Davie
Branch Banking & Trust
Company

Colorado

Indiana
Kansas
Kentucky

Maryland

Wilmington
Madison
Madison
Ransom
Ransom
Dayton
Centertown
Fort Thomas
Hartford
Hughesville
La Plata

Massachusetts

Worcester
Melrose
Shrewsbury

Michigan
Mississippi

Wakefield
Alto
Wayland
Clarksdale
Lambert

Missouri

Clifton Hill

New Jersey

Salisbury
Freehold Township
Edison
South Plainfield

New York

North Carolina




Sea Bright
New York
New York
New York
Mocksville
Wilson

34
34
34
34
10
10
22
22
23
23
9
9
1
1
15
25
15
25
2
2
35
37
35
37
8
8
38
38
14
14
36
6
6
36
26
16
16
32
32

42

FEDERAL DEPOSIT INSURANCE CORPORATION
BANKS INVOLVED IN ABSORPTIONS
APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
IN 1967— (Cont.)

State

Smithfield
Reidsville
Ohio

Bank

Town or City

Sylvania
Delaware
Good Hope
Jeffersonville
Ostrander
Sylvania

No.
(Table 14)

First-Citizens Bank & Trust
Company
The Commercial Bank of Reidsville, North Carolina

11

The Community Savings and
Loan Association
The Delaware County Bank
The Farmers Bank of Good Hope
The Milledgeville Bank
The Ostrander Banking Company
The Sylvania Savings Bank
Company

18

19
5
7
5
7
19

21
3
3
21
18

Oregon

Cave Junction
Shedd
Eugene
Albany
Eugene
Coos Bay

Bank of
Bank of
Citizens
Citizens
Emerald
Western

Pennsylvania

Reading

American Bank and Trust Co.
20
of Pa.
Bank of Hanover and Trust
4
Company
Continental Bank and Trust
30
Company
Industrial Valley Bank and
13, 17
Trust Company
Myerstown Bank and Trust
20
Company
National Bank of Malvern
13
National Bank of Union City
12
Northwest Pennsylvania Bank
31
& Trust Co.
Peoples Trust City Bank
24
Sonsitaly Bank and Trust
30
Company
The Elkins Park National Bank
17
The Farmers National Bank and
24
Trust Company of Boyertown
The Grove City National Bank
31
The Pennsylvania Bank and
12
Trust Company
The Wellsville National Bank
4

Hanover
Norristown
Jenkintown
Myerstown
Malvern
Union City
Oil City
Reading
Philadelphia
Elkins Park
Boyertown
Grove City
Titusville
Wellsville

Illinois Valley
Shedd
Bank
Valley Bank
National Bank
Bank

11

South Carolina

Lynchburg
Florence

The Peoples Bank
The Peoples Bank of South
Carolina, Inc.

27
27

Tennessee

Humboldt
Gibson

Merchants State Bank
The Bank of Gibson

28
28

Washington

Bellevue
Renton

Bank of the West
Highlands National Bank of
Renton

33
33

Puerto Rico

San German
San Juan

Banco de San German
Banco Popular de Puerto Rico




29
26, 29

43

BANK ABSORPTIONS APPROVED BY THE CORPORATION

Table 14. DESCRIPTION OF EACH MERGER, CONSOLIDATION,
ACQUISITION OF ASSETS OR ASSUMPTION OF LIABILITIES
APPROVED BY THE CORPORATION DURING 1967
Resources
(in
thousands
of dollars)

No. 1
The First State Bank of Ransom
Ransom, Kansas
to merge with
The Farmers State Bank
Ransom

B anking Offices
In
operation

1,394

1

1,512

To be
operated

1

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, N o vem b er 17, 1 9 6 6
The proposed merger would combine the only banks doing business within a
30 mile radius of Ransom, a small town in the rural area of west central Kan­
sas. The two banks are direct competitors to each other and this merger would
eliminate that competition, the only competition which now exists in that area
for any type of banking service.

B a s is fo r C o rp o ratio n ap p ro val, J a n u a ry 5 , 1 9 6 7
The proposal would merge the only banks in Ransom, Kansas, a rural com­
munity of 432 population. The banks are small independent units whose com­
bined resources aggregate less than $3.0 million and their offices are situated
one-half block apart. Under State banking laws one banking office would be
eliminated and it is proposed that the resulting bank will occupy the quarters of
Farmers, the bank which is to be absorbed.
The merging banks are under a degree of common ownership to the extent
that eight individuals, including six directors of Farmers, own more than 20 per­
cent of the applicant's stock and 48 percent of the stock of the Farmers. Appli­
cant's lack of an executive officer and a qualified replacement has weakened
the bank's management to a considerable extent. The merging banks do not en­
gage in active solicitation of customers and competition between them is de­
scribed as mild.
The addition of Farmers' IPC deposits would more than double the appli­
cant's volume and the resulting bank would hold $2.2 million of such deposits.
The size disparity between applicant and the larger of its two closest competi­
tors, which has IPC deposits of $3.7 million, would be significantly narrowed
and the resulting bank would continue to be smaller than four of the six banks
within 27 miles of Ransom.
The population of Ransom has been static for about 15 years and the popu­
lation of the county has declined since 1950. The combined average total de­
posits for the merging banks was smaller in 1965 than in either of the two
previous years. Prospects for future growth in the area are not favorable and
there does not appear to be adequate support or need for the two small banks
in this community. Each bank has lending lim its which are not adequate to ac­
commodate the loan requirements of the increasingly larger agricultural units in
the area. The resulting bank would have a legal lending lim it twice that of each
of the merging banks and it is planned that the community will be provided
with new banking quarters which would furnish additional and improved cus­




FEDERAL DEPOSIT INSURANCE CORPORATION

44

tomer services and conveniences, including a night depository, drive-up window
and additional safe deposit boxes. Furthermore, the proposal would provide
stronger, more aggressive management to the applicant and the community
would be more efficiently and economically served by a single banking office.
The degree of competition which will be eliminated between the two small
merging banks is clearly outweighed in the public interest by the benefits which
will result from the proposal. Following consummation of the merger there
would remain six banking alternatives, in addition to the resulting bank, within
27 miles from Ransom and the proposal would not tend to create a monopoly
or in any other manner be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 2
The Hughesville Savings Bank,
Incorporated
Hughesville, Maryland
(change title to Bank of
Southern Maryland)
to merge with
The Southern Maryland National
Bank of La Plata
La Plata

B anking Offices
In
operation

9,016

1

13,136

To be
operated

2

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, N o vem ber 2 3 , 1 9 6 6
The proposed merger of Hughesville Savings and Southern Maryland will
eliminate existing competition between two banks in a common service area.
While the information given in the application does not permit us to measure
the present concentration and the increase resulting from this proposal, it is
clear that there will be an increase in concentration.

B a s is fo r C o rp o ratio n ap p ro val, J a n u a ry 18, 1 9 6 7
The proposal would merge two relatively small banks whose combined re­
sources aggregate little more than $22.0 million. Applicant is the smaller bank
and its only office is located in Hughesville, 12 miles from the sole office of the
National bank in La Plata, which is to be merged. The merging banks operate in
a common service area, described as southern Maryland, which extends north­
ward within 10 miles of the District of Columbia line. No banking locations in­
tervene the offices of the merging banks, however, the National bank's primary
competition is furnished by the La Plata branch of a bank with more than $600
million IPC deposits; the same bank is the applicant's closest competitor with a
branch 8 miles from Hughesville. The proposal would eliminate only a moderate
amount of competition between the merging banks.
On June 30, 1966 there were 24 offices of 11 banks operating in the south­
ern Maryland service area. In 1960 and 1961 two large city banks entered the
northern portion of this service area. The largest bank, Maryland National Bank
with IPC deposits exceeding $600 million, operates four branches in this area in
addition to the La Plata branch and the branch located 8 miles from the appli­
cant. The second largest bank has two branches presently in operation in the
service area and holds almost $300 million in IPC deposits; in addition, it has
two applications pending for branches to be located within 6 and 9 miles from
La Plata. The resulting bank would have total IPC deposits of $17.3 million.
Although the resulting institution will be a small bank compared with the
large city banks in the area, the increase in financial resources and the legal
lending lim it will be substantial relative to those of the separate merging banks.
The resulting bank, by virtue of its larger financial resources and increased



BANK ABSORPTIONS APPROVED BY THE CORPORATION

45

managerial resources, would be able to more adequately serve the larger credit
requirements of the community, enlarge the services presently offered to the
depositors and borrowers in the area, and thereby offer more effective competi­
tion in this increasingly competitive service area.
The proposed merger would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 3
The Farmers Bank of Good Hope
Good Hope, Ohio
(change title to The Fayette
County Bank)
to merge with
The Milledgeville Bank
Jeffersonville

Banking Offices
In
operation

1,173

1

1,501

To be
operated

1

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, D e ce m b e r 2 9 , 1 9 6 6
The Farmers Bank of Good Hope, located in Fayette County, Ohio, proposes
to acquire the Milledgeville Bank, which operates in a different part of the same
County. The latter had, as of June 30, 1966, total assets of $1.5 million, total
deposits of $1.3 million, and loans and discounts of $701,000. It operates no
branches, provides normal banking services on a relatively limited scale, and
does not exercise trust powers.
The Farmers Bank of Good Hope, like The Milledgeville Bank, functions
through a single office, located in a small rural community. Its resources and
services are even more limited than those of Milledgeville.
The merging banks do not directly compete. They operate under common
ownership, with the same officers and directors. Three other banks in Fayette
County will continue to be substantially larger than the Resulting Bank. There
will also be two other institutions of comparable size, and one smaller bank in
the area.
It is concluded that the effects on competition resulting from this merger will
not be adverse.

B a s is fo r C o rp o ratio n ap p ro val, F e b ru a ry 2 , 1 9 6 7
The proposal would merge two unit banks with combined resources of $2.7
million which are located 18 miles apart. The applicant and Jeffersonville Bank
serve separate areas intervened by two significantly larger banks located in the
county seat town. There is no existing competition between the merging banks
and recent acquisition of control of both banks by the same management pre­
cludes competition between them in the future.
The resulting bank would hold only 5.2 percent of the aggregate IPC deposits
held by the nine banks competing in the overall service area. The two largest
banks each hold more than 26 percent of such deposits. Competition in both
merging banks' service areas should be stimulated to some degree by the larger
financial resources of the resulting bank under the existing aggressive common
management.
The increased lending lim it would permit more adequate accommodation of
the agricultural credit needs in the areas of both banks. The present and antici­
pated industrial development in the Jeffersonville area would be better served
and, in general, more comprehensive banking services would be offered both
communities.
The proposed merger would not substantially lessen competition, tend to cre­
ate a monopoly or, in any other manner, be in restraint of trade.



FEDERAL DEPOSIT INSURANCE CORPORATION

46

Resources
(in
thousands
of dollars)

No. 4
Bank of Hanover and Trust Company
Hanover, Pennsylvania
to acquire the assets and assume
the deposit liabilities of
The Wellsville National Bank
Wellsville

Banking Offices
In
operation

23,335

2

1,810

To be
operated

1

3

Approved under emergency provisions. No report requested from the Attorney
General.

B a s is fo r C o rp o ratio n ap p ro val, J a n u a ry 2 6 , 1 9 6 7
Loan losses exceed Wellsville National's total capital account and
management has failed to present a suitable recapitalization plan. The Comp­
troller of the Currency has advised the Corporation that he will appoint a Con­
servator on January 28, 1967 to enter into an agreement with applicant fo r the
sale of all assets of the Wellsville National Bank in consideration of the as­
sumption by the applicant of all deposits and all other obligations and liabilities
of Wellsville National on such terms as a court of record of competent
jurisdiction shall direct.
The participating banks’ offices are located 20 miles apart. Each bank is
faced with competition from larger banks at closer locations and there has been
virtually no competition between them. The increase in applicant's IPC deposit
size as the result of the transaction would have little competitive effect in either
bank's service area.
Wellsville National has been operating since 1907 and in view of the serious
asset and management problems now in evidence it cannot survive as a unit
bank. Under these circumstances it is found that an emergency exists and the
Corporation must act immediately in order to prevent the probable failure of
the bank. There is no other bank in Wellsville and the proposals would continue
uninterrupted banking service in the community.

Resources
(in
thousands
of dollars)

No. 5
Citizens Valley Bank
Albany, Oregon
to merge with
Bank of Shedd
Shedd

Banking Offices
In
operation

24,564

5

3,493

To be
operated

7

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, O cto b er 3 1 , 1 9 6 6
Citizens Valley Bank, Albany, Oregon, is the resulting bank of a 1965 merger
between Citizens Bank of Albany and Bank of Lebanon, Lebanon, Oregon. As of
August 15, 1966, Citizens had assets of $24,564,000, loans and discounts of
$15,163,000, deposits of $22,084,000, and capital accounts of $1,842,000.
Bank of Shedd, organized in 1913, has no history of mergers or consolida­
tions. It had, as of August 15, 1966, assets of $3,493,000, loans and discounts
of $2,224,000, deposits of $3,084,000, and capital accounts of $390,000 (ad­
justed August 25, 1966).
These banks are located 12 miles apart and deal in the same service area.
Competition between them is present and will be eliminated by the proposed
merger. However, in view of the number and size of the competing banks serv­



47

BANK ABSORPTIONS APPROVED BY THE CORPORATION

ing this area, and of Bank of Shedd's relatively small size, we conclude that the
proposed merger will not adversely affect the structure of commercial banking
in the area.

B a s is fo r C o rp o ratio n ap p ro val, M arch 2 , 1 9 6 7
The merging banks are located in an area served by a number of branches of
the two largest banks in the State, each of which has more than $1.2 billion in
deposits. Applicant, the third largest bank with $23 million in total deposits,
would acquire by the proposed merger the smallest bank in the area, Bank of
Shedd, which has total deposits of $3.1 million. Bank of Shedd's two offices
serve a small area within that served by the five offices of the applicant, howev­
er, a close working relationship has existed between the two banks since 1961
and there is little competition between the merging banks. Bank of Shedd's fu ­
ture prospects for developing into an effective com petitor are minimal.
The two statewide branch banks represented in the resulting service area
hold the largest proportions (41.9 percent and 24.0 percent) of the aggregate
total deposits held by the banking offices located in the area. Applicant would
increase its percentage from 17.9 percent to 20.3 percent and would continue
to be the third largest bank in terms of total deposits as well as proportionate
shares held. The small increase in the applicant's size would have no adverse
effect on competition in the service area.
Bank of Shedd's small size does not permit it to accommodate the size of
credits demanded in the area it serves. The latter's offices, as branches of the
larger resulting bank, would be able to provide a far greater scope of financing
directly in the communities served.
The proposed merger would not substantially lessen competition, tend to cre­
ate a monopoly or, in any other manner, be in restraint of trade.

No. 6
The Edison Bank
Edison, New Jersey
to merge with
The First National Bank of
South Plainfield
South Plainfield

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

43,307

4

7,371

To be
operated

7

3

S u m m a ry report by A tto rn e y G e n e ra l, D e ce m b e r 2 8 , 1 9 6 6
First National and The Edison Bank are both located in Northern Middlesex
County, a rapidly growing residential and industrial area in Central New Jersey.
First National is the smallest of five banks operating in its service area and
of three banks headquartered in that area. It has two branches in addition to its
principal office, all of which are located in South Plainfield. As of June 30,
1966, it had total assets of $7,371,000, total deposits of $6,863,000, total
loans of $3,012,000, and total capital accounts of $476,000.
The Edison Bank is the third largest of five banks operating in its service
area and the second largest of four banks headquartered in that area. In addi­
tion to its main office in Edison, it has three branches. Application for a fourth
office was filed in 1964 but has been held in abeyance at The Edison Bank's re­
quest pending development of the area.
According to the application, the service areas of the merging banks are con­
tiguous, but there appears to be some present competition between them, and
head offices of the two banks are only 4.5 miles apart. If and when the fourth
branch for which The Edison Bank has applied is established, additional compe­
tition would be probable, since that location is only about 2 miles from the



48

FEDERAL DEPOSIT INSURANCE CORPORATION

head office and one branch of First National. From these facts, it would appear
that the merger will eliminate a degree of existing competition and an even
greater degree of potential competition.

B a s is fo r C o rp o ratio n ap p ro val, M arch 2 3 , 1 9 6 7
The proposal would combine a $7 million bank operating a total of three of­
fices with a $43 million bank operating a total of four offices. The resulting
bank would continue to operate the three offices of First National. The partici­
pating banks have been under common ownership since 1964. There is no
common management but the president of app.icant attends board meetings of
First National in an advisory capacity.
Both the applicant and First National consider their trade areas to be contig­
uous but not overlapping. Neither of the participating banks has a significant
volume of business in the other bank’s trade area and there is little effective
competition between the two banks.
Applicant’s main office and two branches in Edison Township compete with
the main office and three branches of First Bank and Trust Company, National
Association which has a total of nine offices and total deposits of over $100
million. Other commercial bank competition in the Edison area consists of two
single-unit banks with resources less than the applicant and one branch of a
larger bank.
First National’s three offices compete with Plainfield Trust State National
Bank, Plainfield, which operates its main office and four branches in Plainfield.
All of these offices are within 2 miles of the nearest office of First National.
Plainfield Trust State National Bank has total resources of $112.7 million. Sub­
urban Trust Company, Westfield, with total resources of $66,504,000 and eight
offices also operates a branch in Plainfield. In September of 1966 the former
National State Bank of Plainfield was merged into The National State Bank, Eliz­
abeth, New Jersey, which had total resources of $203 million as of June 30,
1966 and now operates three branches in Plainfield.
Applicant has 13.8 percent of the IPC deposits in the resulting bank’s trade
area and would have 16.7 percent after the merger. Applicant is second to
Plainfield Trust State National Bank which has 48.4 percent of the IPC deposits
in the trade area. The other banks and branches in the trade area have less IPC
deposits than the applicant but one bank with IPC deposits almost equal to the
resulting bank operates a branch in the trade area and two larger banks also
operate branches in the resulting bank’s trade area.
This proposed merger would enable the resulting bank to compete more ef­
fectively in the market and thereby increase competition. The benefits of in­
creased lending limits, improved managerial resources and automation would
accrue mainly to the South Plainfield area but would also permit the applicant
to compete more effectively with the larger banks operating in the Edison area.
The proposed merger would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 7
Citizens Bank
Eugene, Oregon
to merge with
Emerald National Bank
Eugene

B anking Offices
In
operation

23,867

2

5,263

To be
operated

2

4

S u m m a ry rep o rt by A tto rn e y G e n e ra l, F e b ru a ry 10, 1 9 6 7
Emerald National Bank, Eugene, Oregon (hereinafter Emerald), with its main
office in the Bethel-Danebo area of Eugene and a branch in nearby Veneta, Ore­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

49

gon, proposes to merge with- Citizens ESank, Eugene, Oregon (hereinafter C iti­
zens), with its main office in Eugene and a branch in adjoining Springfield,
Oregon. As of November 23, 1966, Emerald had total deposits of $4,788,000
and Citizens had total deposits of $20,742,000. The closest offices of the two
banks are about 3 miles apart.
The merger would eliminate existing and potential competition between the
banks and would increase the concentration of banking resources in the Eugene
- Springfield area.

B a s is fo r C o rp o ratio n ap p ro val, M arch 2 3 , 1 9 6 7
The proposal would merge the two smallest banks serving the Eugene-Springfield area. Applicant holds total deposits of $20.7 million and National holds to ­
tal deposits of almost $4.8 million. The two largest banks in the State, each of
which is headquartered in Portland and operates more than 100 offices and
holds more than $1.1 billion in total deposits, operate an aggregate of 14 offi­
ces in this area. One other bank serves the area; it is headquartered in Port­
land, holds total deposits of almost $61 million and operates a branch in
Eugene.
National has a branch in the small farm community of Veneta, 12 miles west
from its main office in Eugene. The applicant's only branch is located in Spring­
field, 4 miles east of Eugene. Surrounding the applicant's main office and
within a radius of eight blocks are six branches of the large competing banks.
National’s chief competition is from three branches of the State's two largest
banks. Applicant’s Springfield branch faces competition from three branches of
the two largest banks in the State. The merging banks' main offices, which are
their closest offices, are 3 miles apart and are intervened by a branch of each
of the three larger banks serving the area. There is little competition between
the merging banks.
The two largest banks in the State operate 14 of the 19 offices in the service
area and, in the aggregate, these offices hold almost 85 percent of the total de­
posits held by all bank offices in the area. The relatively nominal increase in the
applicant’s share of the aggregate deposits, from 11.7 percent to 14.2 percent
would have no significant effect on competition in the resulting service area.
The serious asset, capital and managerial problems of National substantially
diminish its ability to provide effective competition and adequately serve the
community. These problems would be resolved under the satisfactory financial
and managerial resources of the applicant and the comm unity would be better
served by National's offices as branches of the resulting bank.
The proposed merger would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 8
Wayland State Bank
Wayland, Michigan
to acquire the assets and
assume the deposit liabilities of
Farmers State Bank of Alto
Alto

B anking Offices
In
operation

10,186

3

3,877

To be
operated

5

2

S u m m a ry rep o rt by A tto rn e y G e n e ra l, N o vem ber 17, 1 9 6 7
The proposed acquisition would join two relatively small banks (assets of
$10,096,00 and $3,716,100, respectively) doing business in a predominantly
agricultural area within a radius of 25 miles of Grand Rapids, Michigan. The
banks are located 25 miles apart and there is apparently no competition be­



FEDERAL DEPOSIT INSURANCE CORPORATION

50

tween them. We conclude that the acquisition would not adversely affect the
banking structure in the area.

B a s is fo r C o rp o ratio n ap p ro val, A p ril 6, 1 9 6 7
This proposed transaction would combine two banks whose main offices are
18 miles apart. The applicant operates three offices and has total assets of
$10,186,000 and Farmers with total assets of $3,877,000 operates two offices.
The trade areas of the participating banks do not overlap and they are not di­
rectly competitive. There are two unit banks located in the area between the
participating banks.
The president and cashier of Farmers have decided to retire and no provision
has been made for management succession. The proposed transaction would
result in better banking services for the two small communities now served by
Farmers. With aggressive management and larger financial resources the Result­
ing Bank would be in a position to offer more complete banking services which
should stimulate competition in Farmers’ trade area rather than lessen it.
This proposed transaction would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 9
The Madison Bank and Trust Company
Madison, Indiana
to acquire the assets and
assume the deposit liabilities of
North Madison Bank
Madison

Banking Offices
In
operation

20,789

4

3,590

To be
operated

5

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, J a n u a ry 2 6 , 1 9 6 7
The Madison Bank and Trust Company, Madison, Indiana, with total assets of
$20,035,000 and three branch offices, proposes to purchase the assets and as­
sume the liabilities of the North Madison Bank, Madison, Indiana, which has
total assets of $3,306,000, and to operate the acquired properties as a branch
office.
Applicant bank is the largest bank in Madison, Indiana and in its service
area. The participating banks are two of only three competitor banks located in
Madison, Indiana. The area is mixed industrial, residential and agricultural. Nei­
ther bank has merged, consolidated or effected an acquisition of assets or as­
sumption of liabilities with any other bank within the past 10 years.
The proposed acquisition will eliminate existing competition between the par­
ticipating banks, and increase the already high level of banking concentration
within the county. Banking alternatives in Madison, Indiana will be reduced
from three to two, and the applicant bank’s dominant position in the service
area in which it does the major part of its business will be materially enhanced.

B a s is fo r C o rp o ratio n ap p ro val, A p ril 6, 1 9 6 7
Applicant, which has $16.8 million IPC deposits, would acquire the assets
and assume the Selling Bank’s liabilities, including IPC deposits of almost $2.8
million, under the proposed transaction. Applicant’s main office and the sole of­
fice of the Selling Bank are 3 miles apart in the city of Madison. Selling Bank's
closest competitor is the national bank headquartered in Madison which has
IPC deposits of $6.9 million and a branch less than one mile east from Selling
Bank. Applicant's office closest to Selling Bank is i y 2 miles west.
There are six commercial banks, in addition to the participating banks, within
a 15-mile radius of Madison. Considerable competition is furnished by two sav­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

51

ings and loan associations in Madison which together hold withdrawable bal­
ances of $18.2 million. One other association, in Carrollton, Kentucky, holds
withdrawable balances of $3.7 million. The relative increase in applicant’s size
would not have significant adverse effects on competition in Madison or in the
overall service area. Commercial banks outside the service area, particularly in
Kentucky, furnish competition to the participating banks for savings deposits;
these and other banks outside the service area also provide some competition
for commercial and other loans. Existing competition between the small, single­
office Selling Bank and the applicant would be eliminated, however, it is not
considered substantial relative to the overall competition provided by the nu­
merous commercial banks in the service area, the commercial banks outside
the area and the nonbank sources in Madison and throughout the service area.
Each of the three banks in Madison has been in operation for more than 50
years. The limited resources attained by the Selling Bank during its history
prevents it from adequately serving the industrial segment of the community
which has undergone expansion in recent years. Selling Bank is presently under
the active management of a 75 year-old president and its executive vice presi­
dent is in ill health and on leave of absence. Under this situation, and in view
of the lack of management succession which the bank has been unable to re­
solve by other means over an extended period of time, the future prospects for
Selling Bank to aggressively compete and adequately meet the expanding indus­
trial needs of the community are minimal.
The proposal would not substantially lessen competition, tend to create a
monopoly, or in any other manner be in restraint of trade. Any unfavorable
competitive effects that could result from the merger would be outweighed by
the resolution of the management succession problem confronting the Selling
Bank and by the increased support which the resulting bank would give to the
community, particularly its industrial sector.

Resources
(in
thousands
of dollars)

No. 10
Arapahoe Bank
Littleton, Colorado
(change title to Arapahoe
Valley Bank)
to acquire the assets and assume
the deposit liabilities of
Valley National Bank
Littleton

B anking Offices
In
operation

7,470

1

5,070

To be
operated

1

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, F e b ru a ry 15, 1 9 6 7
Arapahoe Bank with assets of $7,205,000 proposes to acquire the assets and
assume the liabilities to pay deposits made in Valley National Bank, a bank with
assets of $4,951,000. The banks are both located in the town of Littleton, Colo­
rado, population about 21,500, about 10-1/2 miles distant from Denver,
Colorado. The town of Littleton is included in the Denver metropolitan area.
Well over 70 percent of the deposits and loans of each bank originate in the
primary service area of the other bank, and the two banks would appear to
compete actively with one another. The resulting bank would control 43 percent
of the deposits and 52 percent of the loans and discounts of the remaining
three banks in Littleton.
Arapahoe Bank is presently a subsidiary of Denver U. S. Bancorporation, a
registered bank holding company controlling five banks in Colorado with depos­
its in excess of $435,254,000. These deposits represent 14.9 percent of the to ­
tal deposits held by commercial banks in Colorado. Three of the subsidiary



52

FEDERAL DEPOSIT INSURANCE CORPORATION

banks of Denver Bancorporation are located in the Denver metropolitan area
and one of these three banks is the second largest bank in Denver with total
deposits of over $385,000,000.
Both the entire Denver metropolitan area— and the narrower suburban Little­
ton area— may represent relevant markets for certain classes of customers in
Colorado, a unit banking State. Some smaller Littleton business borrowers and
many individual depositors may be limited to the more convenient suburban
community while larger and better known business firms probably have access
also to financing within the entire Denver area.
Within the Denver metropolitan area the proposed merger would appear to re­
sult in a further increase in banking concentration and a lessening of present
and potential competition. This results from the merging bank's present asso­
ciation with Denver Bancorporation, which now controls 24 percent of deposits
within the Denver market.
Also, Denver Bancorporation would, through this proposed acquisition by its
subsidiary (Arapahoe Bank), acquire a dominant competitive position within the
narrower Littleton suburban community as well, affecting im portant classes of
smaller local customers.
Finally, the proposed merger would result in the complete elimination of sub­
stantial present competition between the participating banks, within both the
Littleton and Denver markets.

B a s is fo r C o rp o ratio n ap p ro val, M ay 2 , 1 9 6 7
The purchase of Valley’s assets by the applicant would result in a bank with
$12 million in resources and comparable in size to The Littleton National Bank,
the participating banks’ closest commercial bank competitor. The applicant and
Valley are located one mile apart and no commercial bank offices intervene.
Branch banking is prohibited by statute. Applicant will abandon its present
quarters and move to those presently occupied by Valley. In addition to the ap­
plicant, there are five commercial banks, two industrial banks and six offices of
five savings and loan associations located within a 3-mile radius of Valley.
Applicant would substantially increase its IPC deposit size by the assumption
of Valley's liabilities but would remain smaller than the closest competitor in
Littleton, The Littleton National Bank. In addition, two other commercial banks
competing in the service area, located in Englewood, are significantly larger
than the resulting bank in deposit size. The resulting bank would be a subsidi­
ary of applicant’s parent company, Denver U. S. Bancorporation, Inc., Denver, a
registered bank holding company. Each of the two larger banks in Englewood
are also subsidiaries of two other registered bank holding companies and a
fourth competitor, the First National Bank of Southglenn, is an affiliate of a na­
tional bank in Denver which is the largest bank in the State.
Valley was opened for business in 1963. Serious loan problems have
developed and its management is regarded as unsatisfactory. Consummation of
the purchase and assumption agreement would resolve the asset and manage­
rial problems of Valley. The proposal would eliminate one of the banking alter­
natives in Littleton, however, its problems lim it its ability to adequately serve
the community and effectively compete in the service area. The resulting bank,
under applicant's management and with increased financial resources and the
services available through the holding company, would be in a position to offer
improved services to Valley's customers and to the community as a whole,
especially the local business sector.
Although this proposal involves a reduction in competition, it is not believed
the overall effect would be to substantially lessen competition in view of the
loan problems and unsatisfactory management of Valley, the total competition
provided by the commercial banks and nonbank sources located directly in the
resulting service area, and the competitive influence on the area from banks
and other financial institutions in nearby Denver. Any unfavorable competitive
effects which would result from the proposal are outweighed in the public inter­



BANK ABSORPTIONS APPROVED BY THE CORPORATION

53

est by the resolution of the asset and managerial problems of Valley, the selling
bank.
Resources
(in
thousands
of dollars)

No. 11
First-Citizens Bank & Trust Company
Smithfield, North Carolina
to merge with
The Commercial Bank of Reidsville,
North Carolina
Reidsville

In
operation

To be
operated

516,900

108

109

2,753

1

B anking Offices

S u m m a ry report by A tto rn e y G e n e ra l, Ja n u a ry 2 0 , 1 9 6 7
First-Citizens was organized in 1898. It presently operates 108 offices in 49
North Carolina communities and has received regulatory permission to open
eight additional de novo branches. As of September 20, 1966, First-Citizens had
total assets of $512,433,000 and net loans and discounts of $274,141,000, to ­
tal deposits of $453,843,000 and total capital accounts of $30,111,000.
Commercial Bank was organized in 1927. Its only office is in Reidsville, North
Carolina (population— 14,267). Reidsville is the principal city of Rockingham
County, which is in the center of the northern tier of counties in North Carolina.
As of September 20, 1966, Commercial Bank had total assets of $2,509,000
and net loans and discounts of $1,582,000, total deposits of $2,165,000 and
total capital accounts of $145,000.
There appears to be little if any existing competition between the merging
banks, as indicated by the relatively small size of Commercial Bank and the dis­
tance between it and the nearest offices of First-Citizens (25 miles).
The proposed merger would eliminate potential competition between the
merging banks. North Carolina banking laws permit unrestricted de novo
branching. First-Citizens would appear to be one of the most likely de novo en­
trants into the Reidsville area, in view of the proximity of its nearest office to
the area and the fact that since its organization First-Citizens has established
over 100 de novo branches.

B a s is fo r C o rpo ratio n ap p ro val, A p ril 2 5 , 1 9 6 7
Commercial was organized in 1927 as an industrial bank; although it con­
verted to the status of a commercial bank in 1960, its operations and policies
continue largely unchanged. Instalment loans represent more than 80 percent of
total loans and time deposits comprise 70 percent of total deposits. It operates
neither branches nor a trust department. Within Reidsville there are also head­
quartered two other banks, both considerably larger than Commercial, serving
this industrial community of 14,300 population with five offices. Non-bank
competition includes two savings and loan associations in Reidsville.
Applicant is the fourth largest bank in North Carolina and the instant proposal
will not change this rank. It operates 107 branches in 51 communities in 28
of the State’s 100 counties and approval has been obtained for the establish­
ment of 10 additional offices which have not yet opened for business. Its main
office is at Smithfield, 115 miles southeast of Reidsville, and is branches nearest
to Commercial are the six located in Greensboro, 24 miles southwest of Reids­
ville. Within Greensboro are represented also the first, second and third largest
banks of the State with 7, 11 and 6 branches respectively. The subject proposal
would have insignificant effect on competition in the areas presently served by
applicant.
Commercial and applicant are not presently in competition with each other
and there is small likelihood they would become competitive in the future. Ap­
plicant would gain an office in a county in which it is not now represented. The



54

FEDERAL DEPOSIT INSURANCE CORPORATION

Reidsville community would benefit from the substitution of a bank branch sup­
ported by all the resources and specialized departments of the applicant. Appli­
cant would offer trust facilities, a considerably wider range of credit services
and a much larger lending capacity than presently afforded by Commercial. In
the Reidsville area, the effect on bank competition would be favorable.
The proposal would not substantially lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 12
The Pennsylvania Bank and Trust Company
Titusville, Pennsylvania
to merge with
National Bank of Union City
Union City

Banking Offices
In
operation

62,412

6

5,931

To be
operated

2

8

S u m m a ry repo rt by A tto rn e y G e n e ra l, F e b ru a ry 2 7 , 1 96 7
This is a proposal to merge the six-office Pennsylvania Bank and Trust Com­
pany (deposits of $54,395,000) and the two-office National Bank of Union City
(deposits of $5,375,400) some 20 miles northwest of Titusville, in northwestern
Pennsylvania.
The application indicates that the service areas of the Charter and Merging
Banks overlap only to a very small extent, and we conclude that the merger
would not adversely affect competition.
B a s is fo r C o rp o ra tio n a p p ro v a l, A p ril 2 5 , 1 9 6 7

This proposal would combine two banks whose main offices are 22 miles
apart which is the shortest distance between offices of the participating banks.
The applicant operates six offices and has total assets of $62,412,000 and
Bank of Union with total assets of $5,931,000 operates two offices. Applicant
has one office at Pleasantville, 6 miles southeast of the main office, and its
other four offices are located in the central and northern sections of Warren
County. The closest of these four offices in Warren County is 32 miles from ap­
plicant's main office in Crawford County and the trade area served by these of­
fices does not extend beyond Warren County. Bank of Union is located in the
southeastern portion of Erie County and its one office at Wattsburg is 8 miles
northeast of Union City. The two offices of Bank of Union and the four offices
of applicant in Warren County are separated by two other commercial banks' of­
fices and they are not regarded as being directly competitive.
The Resulting Bank's extensive trade area is in the northwestern section of
the State where competition is intense and while this proposed transaction
would eliminate an insignificant amount of competition between the participat­
ing banks it would also enable the applicant to compete more effectively with
its larger competitors and thereby stimulate competition. Other competition in
the trade area consists of four branches of banks whose main offices are located
outside of the trade area and 13 offices of banks headquartered in the trade
area. Of the other commercial banks operating in the trade area, five are larger
than the applicant and one is almost equal in size. In addition to Bank of
Union, the Union Bank & Trust Co., Erie, which is almost as large as the appli­
cant, has an office in Union City and it is becoming increasingly difficult for
Bank of Union to cope with this competition.
This proposed transaction would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.




BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
(in
thousands
of dollars)

No. 13
Industrial Valley Bank and
Trust Company
Jenkintown, Pennsylvania
to acquire a portion of the assets
and assume a portion of the deposit
liabilities of
National Bank of Malvern
Malvern

248,273

3,977*

55

B anking Offices
In
operation

To be
operated

28

29

2

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, M arch 17, 1 9 6 7
This is a proposal whereby the Industrial Valley Bank and Trust Company
( “ Industrial Valley") would acquire about 59 percent of the assets of the Na­
tional Bank of Malvern ( ‘ Malvern Bank") and would assume the same propor­
tion of its liabilities. The assets to be transferred to Industrial Valley include
one of Malvern Bank’s two offices (at Paoli, Pennsylvania).
The proposed transaction would eliminate any direct competition which exists
between Malvern Bank's Paoli office and Industrial Valley's offices (the closest
of which is 9 miles to the north in Phoenixville). At the same time, it should
create at least the possibility of competition between Malvern Bank's two exist­
ing offices— which are 2 miles apart— since one of them will be operated by In­
dustrial Valley and the other by Malvern Bank. Thus, provided the proposed
transaction leaves Malvern Bank sufficiently strong to be a viable competitor,
the two opposite effects would probably offset each other.
Industrial Valley appears to be the largest bank operating in Chester County,
Pennsylvania (where it has five of its 28 offices and Malvern Bank has both its
offices). Its acquisition of the Paoli office of Malvern Bank would appear to in­
crease by about 2 percent its share of the county's IPC demand deposits.

B a s is fo r C o rp o ratio n ap p ro val, A p ril 2 5 , 1 9 6 7
Applicant has $248 million in resources and operates 28 offices in four
southeastern Pennsylvania counties. Its main office and one branch are in Jenkintown, Montgomery County, which is about 12 miles north from downtown
Philadelphia. Nine other branches are located in Montgomery County, 10
branches are located in Philadelphia County, six are in Chester County and one
is in Delaware County. Applicant would acquire 58.733 percent of the assets
and liabilities of Malvern, a bank with resources of $6.8 million, including the
latter's only branch at Paoli which is 2 miles from Malvern. The main office at
Malvern would continue to operate as an independent bank.
Applicant's branch at Phoenixville is 9 miles north of Paoli and is appli­
cant's nearest office to either of Malvern's locations. Phoenixville and Paoli are
intervened by the east-west Pennsylvania Turnpike and the volume of business
which each derives from the other's service area is negligible. The proposal
would eliminate only minimal competition between the participating banks. Mal­
vern is the smallest bank in its service area and faces competition from seven
offices of four commercial banks and one office of a mutual savings bank which
holds deposits of almost $1.7 billion. One commercial bank is headquartered in
Paoli and has deposits of more than $30 million. Two other commercial banks
in the area have deposits o f'm ore than $350 million and $1.5 billion and pre­
sently compete with the applicant at other locations. Competition in the Malvern-Paoli area should be significantly enhanced, and the convenience and
needs of the comm unity would be much better served.
The applicant derives the major portion of its business from the three coun­
ties of Montgomery, Philadelphia and Chester. In addition to the participating
banks, there are 29 competing commercial and mutual savings banks in these



56

FEDERAL DEPOSIT INSURANCE CORPORATION

counties which operate 410 offices. Applicant is eighth largest bank and has to ­
tal deposits of $225.6 million. Six of the larger commercial banks are in Phila­
delphia and one is located in Montgomery County; four of these competitors
have deposits ranging from $334 million to $842 million and three hold depos­
its exceeding $1.0 billion. Each of the four mutual savings banks in Philadelphia
is larger than the applicant and hold deposits ranging from $256 million to $1.7
billion. Applicant's assumption of about $3.3 million of Malvern's total deposits
would have little effect on competition in applicant's service area.
The proposal would not substantially lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
o f dollars)

No. 14
Salisbury Savings Bank
Salisbury, Missouri
to acquire the assets and
assume the deposit liabilities of
Farmers Savings Bank of Clifton Hill
Clifton Hill

B anking Offices
In
operation

8,739

1

975

To be
operated

1

1

S u m m a ry rep o rt by A tto rn e y G e n e ra l, M arch 2 7 , 1 9 6 7
Salisbury Savings Bank ("Salisbury Savings"), Salisbury, Missouri— which
holds over 50 percent of the IPC demand deposits in Chariton County, Missouri
— proposes to acquire the assets and assume the liabilities of Farmers Savings
Bank of Clifton Hill (“ Farmers” ), Clifton Hill, Missouri, a small bank in neigh­
boring Randolph County.
The proposed acquisition would eliminate existing competition between these
two banks— which are only 7 miles apart and are the only banks within this
immediate area. The existence of competition between the two banks is under­
scored by the fact that the Salisbury Savings Bank will have to close the former
Farmers office in Clifton Hill, and transfer customer accounts to the Salisbury
office, in order to comply with the prohibitions against branch banking under
the Missouri law. On the other hand, Farmers may be such a small institution
that it is not, in reality, able to offer effective competition at this time.
The proposed acquisition will cause some increase in concentration. It will in­
crease by about 3 percent Salisbury Savings’ share (now about 33 percent) of
demand deposits in the service area defined in the application.

B a s is fo r C o rp o ratio n ap p ro val, A p ril 2 5 , 1 9 6 7
The selling bank is located in a community with a population of about 200
and has resources of less than $1.0 million. The applicant, an $8.7 million
bank, would purchase the assets and assume the liabilities of the selling bank
which is located 8 miles distant. The two banks have been under the control of
a charitable trust since 1964 (common ownership reportedly has existed for
more than 50 years) and have worked in close association with each other. The
small selling bank cannot obtain management and other personnel to operate
the bank, and its stockholders desire to liquidate. There is no effective competi­
tion between the participating banks which would be eliminated by this pro­
posal.
Applicant is the largest of four banks in the resulting service area. The as­
sumption of selling bank's small volume of deposits would not materially alter
the competitive situation in the resulting service area. The areas are agricultural
in nature and the increasing size of the farm units require larger credit accom­



57

BANK ABSORPTIONS APPROVED BY THE CORPORATION

modations than the selling bank can provide. The proposal would eliminate the
selling bank's office but two banking alternatives are available 6 and 8 miles
from selling bank's location.
The proposal would not substantially lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
o f dollars)

No. 15
The Fort Thomas-Bellevue Bank
Fort Thomas, Kentucky
to acquire the assets and assume
the deposit liabilities of
Bank of Dayton
Dayton

B anking Offices
In
operation

15,233

2

3,711

To be
operated

1

3

S u m m a ry repo rt by A tto rn e y G e n e ra l, M arch 3 , 1 9 6 7
The Fort Thomas-Bellevue Bank, Fort Thomas, Kentucky, proposes to acquire
the assets and assume the liability to pay deposits of the Bank of Dayton, Day­
ton, Kentucky.
The Fort Thomas-Bellevue Bank operates its only branch office approximately
5 miles northwest of Fort Thomas in Bellevue, four city blocks south of the only
office of Dayton Bank. The transaction, if approved, will eliminate all competi­
tion presently existing between the Bank of Dayton and the Fort
Thomas-Bellevue Bank as well as increase substantially the level of banking
concentration within Campbell County, although some additional competition is
provided by the Cincinnati, Ohio banks just across the Ohio River.

B a s is fo r C o rp o ratio n ap p ro val, M ay 2 , 1 9 6 7
The applicant is a $15 million bank with two offices in Campbell County, Ken­
tucky within easy access of downtown Cincinnati, Ohio. The single office selling
bank has $3.7 million in resources and is located in the comm unity of Dayton,
about 4 miles from applicant's main office in Fort Thomas. Applicant's branch
is in Bellevue, a comm unity adjacent to Dayton, 0.7 mile from selling bank's o f­
fice. The communities of Dayton and Bellevue are located along the Ohio River
opposite the city of Cincinnati and are part of the Cincinnati metropolitan area.
Most of the residents of the participating banks' locations commute to Cincin­
nati for employment.
While no commercial bank offices intervene any of the participating banks'
locations, each of the latters' offices are directly competitive with other com­
mercial banks at closer locations. The participating banks compete not only
with the large commercial banks and savings and loan associations in Cincin­
nati, but with 13 other commercial bank offices in Campbell County, 12 savings
and loan associations in that County including six which are located in Fort
Thomas, Dayton and Bellevue, and numerous other nonbank financial institu­
tions.
While the proposal would eliminate competition between the participating
banks, the amount thereof is not considered to be substantial. Moreover, it ap­
pears to be insignificant relative to the total competition furnished by the nu­
merous commercial banks and nonbank sources located in Campbell County
and in downtown Cincinnati. The increased size of the applicant would not have
material adverse effects on competition in the Campbell County service area
and would permit it to compete more effectively with the other financial institu­
tions.
The proposal would resolve the selling bank's management succession
problem. The resulting bank's aggressive management, by virtue of its greater



58

FEDERAL DEPOSIT INSURANCE CORPORATION

capital resources, would more adequately meet the convenience and needs of
the communities to be served and offer more effective competition, especially
to the larger Cincinnati, Ohio banks and other financial institutions which repre­
sent a strong competitive influence in Campbell County.
The proposed transaction would not substantially lessen competition, tend to
create a monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 16
Excelsior Savings Bank
New York, New York
(change title to Excelsior Empire
Savings Bank)
to merge with
Empire City Savings Bank
New York

B anking Offices
In
operation

250,960

3

170,976

To be
operated

6

3

S u m m a ry repo rt by A tto rn e y G e n e ra l, J a n u a ry 19, 1 9 6 7
Excelsior Savings Bank was incorporated in 1869; its past 10-year history
shows no mergers or consolidations. Excelsior had, as of June 30, 1966, assets
of $250,955,000, loans of $204,548,000, deposits of $222,539,000, surplus of
$12,691,000 and undivided profits of $11,601,000. It operates two branch of­
fices in addition to its head office at 221-223 West 57th Street, all of which are
located in the borough of Manhattan.
Empire City Savings Bank, incorporated in 1889, operates its head office at
826-836 Third Avenue and two branch offices. All offices are in Manhattan. Its
past 10-year history reveals no mergers or consolidations. As of June 30, 1966,
Empire City had assets of $170,976,000, deposits of $154,290,000, loans of
$146,380,000, surplus of $11,431,000, and undivided profits of $3,113,000.
The head offices of the two banks and their branches are in close proximity,
and they appear to be direct competitors. This competition would be eliminated
by the proposed merger.
The merging savings banks face competition from some 16 other savings
banks controlling deposits exceeding $11 billion. The merging banks are the
smallest and the third smallest in the area and the resulting bank would con­
trol approximately 3.3 percent of total savings bank deposits. The resulting
increase in concentration would not be substantial.

B a s is fo r C o rp o ratio n ap p ro val, M ay 2 2 , 1 9 6 7
Both applicant and Empire City operate three offices each, two each in the
midtown section of Manhattan and one each in the upper west side section of
the borough. The respective offices of the two banks are relatively distant and
separated by numerous offices of competing institutions, including branches of
far larger savings banks. The shortest distance between offices of the combining
banks is 0.9 mile, sufficient in these circumstances to render them largely non­
competitive and to confine their operations to separate and distinct areas. Any
competition between the two merging banks is small and indirect. Common bor­
rowers and depositors are few although legal limitations and deposit insurance
ceilings on deposits generally tend to promote some duplication of accounts at
mutual savings banks that are truly competing against each other.
Applicant and Empire City are among the smallest of the 18 mutual savings
banks in the borough of Manhattan and the 50 in New York City, numbering
14th and 16th, respectively, in the borough and 33rd and 42nd in the city. The
resulting bank would rank 13th in size in the borough and 24th in the city. By
their field of operation, restricted by law largely to the acceptance of savings



59

BANK ABSORPTIONS APPROVED BY THE CORPORATION

deposits and the extension of real estate and certain specified other loans, ap­
plicant and Empire City face vigorous competition from the city’s concentration
of commercial banks, savings and loan associations and insurance companies.
Financial and managerial resources and future prospects of both banks are
satisfactory although it is maintained that improved banking locations must be
acquired. The resulting bank would begin operations on a sound basis. Certain
improvements in services afforded the community would be made practicable
by the proposed merger, including the installation of an on-line EDP deposit ac­
counting system such as employed by considerably larger competing mutual
savings banks. There would also be gained an increased capacity to handle
large real estate loan requests. Various economies are expected to accrue to
the resulting bank which would tend to strengthen dividend-paying ability and
competitive power.
This proposal would not substantially lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 17
Industrial Valley Bank and
Trust Company
Jenkintown, Pennsylvania
to merge with
The Elkins Park National Bank
Elkins Park

Banking Offices
In
operation

To be
operated

251,589

28

29

4,443

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, M ay 8 , 1 9 6 7
This is a proposal to merge the single-office Elkins Park National Bank (“ El­
kins National"), located 10 miles north of Philadelphia, with Industrial Valley
Bank and Trust Company ( “ Industrial Valley"), which operates 28 offices in
Philadelphia, Montgomery, Chester, and Delaware counties.
The two banks appear to be in direct competition. Their head offices are only
2 miles apart in neighboring communities in Montgomery County and Industrial
Valley has six other offices within the primary service area of Elkins National.
This existing competition would be eliminated by the merger; nevertheless, the
adverse effect would be considerably mitigated by the presence in the area of a
considerable number of other banks, including branches of the large Philadel­
phia-based banks.
The merger would also involve some relatively slight increase in banking
concentration. Elkins National has 0.7 percent of the IPC demand deposits in
Montgomery County and less than 0.1 percent of such deposits in the Philadel­
phia Metropolitan Area. Industrial Valley (whose figures are not broken down by
branch) would appear to hold between 10 and 15 percent of the IPC demand
deposits in Montgomery County and 2.9 percent of such deposits in the Phila­
delphia Metropolitan market as a whole.

B a s is fo r C o rp o ratio n ap p ro val, M ay 2 2 , 1 9 6 7
National is a $4.4 million single office bank located in Elkins Park, Pennsylva­
nia, which is experiencing serious liquidity, asset, capital, earnings and
management problems. The bank's common capital is impaired substantially
and its blanket bond has been terminated. The applicant is a well-managed,
aggressive institution with resources of more than $200 million. Its main office
at Jenkintown is in Montgomery County and about 12 miles north from down­
town Philadelphia; it operates a total of 28 offices in four southeastern Pennsyl­
vania counties.
Elkins Park is about 2 miles from Jenkintown and within applicant's service



FEDERAL DEPOSIT INSURANCE CORPORATION

60

area. There is little competition between the merging banks since their deposit
and loan structures reflect major differences. Moreover, National's many serious
problems lim it its effectiveness as a competitor. National and the applicant
each face competition from numerous significantly larger commercial and mu­
tual savings banks. The relatively nominal increase in applicant's size and its
acquisition of a branch in Elkins Park would have little competitive effect in the
resulting service area.
The Comptroller of the Currency has certified that an emergency condition
exists and the Corporation finds it must act immediately in order to prevent the
probable failure of National. The proposal would resolve National's problems
and would not substantially lessen competition, tend to create a monopoly or,
in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 18
The Sylvania Savings Bank Company
Sylvania, Ohio
to acquire the assets and assume
the deposit liabilities of
The Community Savings and Loan
Association
Sylvania

Banking Offices
In
operation

41,818

7

8,919

To be
operated

2

9

S u m m a ry rep o rt by A tto rn e y G e n e ra l, A p ril 3 , 1 9 6 7
The proposed merger involves acquisition by one of two commercial banks in
Sylvania, Ohio, a suburb of Toledo, Ohio, of the assets of Sylvania's only sav­
ings and loan institution. Total deposits of the acquiring bank, Sylvania Savings,
are $41.8 million and share accounts of the Community Savings and Loan Asso­
ciation amount to $8.7 million. Both institutions operate branches in western
Toledo, which is immediately adjacent to Sylvania, and they compete with
branches of four major Toledo commercial banks and four major Toledo savings
and loan institutions.
The proposed merger would eliminate some competition with respect to time
deposits and mortgage loans, which are the only services which both institu­
tions offer; the areas which would be most immediately affected are Sylvania
and the western part of Toledo. The two institutions are nevertheless not major
factors in either product market, and the resulting increase in concentration
would not be substantial.

B a s is fo r C o rp o ratio n ap p ro val, Ju n e 13, 1 9 6 7
The proposed purchase and assumption transaction would combine Sylvania
Bank, a $41.8 million commercial bank headquartered in Sylvania, Ohio, with
seven offices in the Sylvania-Toledo, Ohio area, and an $8.9 million Sylvania
savings and loan association which has one branch in Toledo. Association's
main office will serve as the mortgage department and trust department of the
resulting bank. Its present branch will be closed at expiration of a six-m onth
transition period following consummation of the proposal. The branch is about
one block from an office of Sylvania Bank and its closing will cause no incon­
venience to customers in that vicinity.
Competition between the participating institutions is limited to mortgage
loans and time deposits. There is no competition between them with respect to
the numerous other commercial banking activities. Moreover, the degree of
competition between Sylvania Bank and Association is curtailed by their close
relationship through common ownership and long-existing common manage­
ment.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

61

Sylvania is a fast-growing suburb of the highly industrial City of Toledo in Lu­
cas County, Ohio. Competition for both participating institutions is furnished
primarily by five other commercial banks and four other savings and loan asso­
ciations which operate numerous offices in and near Toledo. Sylvania Bank is
the fifth largest of the commercial banks and Association is by far the smallest
savings and loan association in the Sylvania-Toledo service area. The $8.5 m il­
lion total deposits of Association to be assumed would raise Sylvania Bank’s po­
sition to fourth but it would continue to face competition from three substan­
tially larger banks which hold total deposits ranging between $150 million and
$400 million and four savings and loan associations holding withdrawable bal­
ances ranging between $70 million and $200 million. The increase in Sylvania
Bank's size would have no significant effect on competition in the service area.
Association has experienced net deposit losses in recent years and its future
prospects for growth and earnings appear to be limited. This proposal would re­
solve these problems. Association's customers will continue to receive generally
the same mortgage loan and time deposit services which were available at As­
sociation plus the numerous additional services offered by a commercial bank.
There will remain 21 offices of the other savings and loan associations in the
Sylvania-Toledo area which would be accessible to any customers of Association
who may prefer to deal with a savings and loan association.
The proposal would not substantially lessen competition, tend to create a
monopoly or, in any other manner, be in restraint of trade.

Resources
(in
thousands
of dollars)

No. 19
Western Bank
Coos Bay, Oregon
to merge with
Bank of Illinois Valley
Cave Junction

B anking Offices
In
operation

21,934

6

2,965

To be
operated

1

7

S u m m a ry repo rt by A tto rn e y G e n e ra l, M arch 2 4 , 1 9 6 7
The proposed merger of the Western Bank ( “ Western Bank"), Coos Bay, Ore­
gon (total deposits $19.9 m illion), and the Bank of Illinois Valley ("Illin o is Val­
ley"), Cave Junction, Oregon (total deposits $3.0 m illion), involves two banks
operating in essentially different banking markets; their head offices are 145
miles apart in nonadjacent counties; and Western Bank's nearest branch to Illi­
nois Valley’s only office is about 40 miles away and in a different county.
In Josephine County, Illinois Valley holds about 7 percent of total IPC
demand deposits; in Coos County and Curry County, together, Western Bank
holds about 20 percent of total IPC demand deposits. It appears unlikely that
there is any present direct competition between the merging banks. There are
no common depositors or borrowers. Each bank operates in what would appear
to be essentially distinct service areas, involving separate counties, with a dis­
tance between nearest offices of 40 miles.
We conclude that the proposed merger would not adversely affect competi­
tion.

B a s is fo r C o rp o ratio n ap p ro val, J u ly 2 7 , 1 9 6 7
Western Bank, Coos Bay, Oregon, a State nonmember bank, with total depos­
its of $19.6 million, has applied, pursuant to Section 18(c) and other provisions
of the Federal Deposit Insurance Act, for the Corporation’s prior approval to
merge with Bank of Illinois Valley, Cave Junction, Oregon (Valley), a State non­
member bank which has total deposits of $2.7 million. The banks would merge
under the charter and title of applicant, and as an incident of the merger the



62

FEDERAL DEPOSIT INSURANCE CORPORATION

sole office of Valley would become a branch of applicant, increasing the number
of its offices to seven.
Competition. Applicant's six offices are located in five communities spanning
about 118 miles along the southern coastline of the State of Oregon. The site
of the main office and one branch is the deepwater port of Coos Bay, estimated
population 13,800. Valley's sole office is situated in the southeastern Oregon
community of Cave Junction, population 330. This Josephine County community
is located in the Siskiyou Mountains, 14 miles north of the California bound­
ary. Valley's sole office is 75 road miles to the east of applicant's nearest
branch, at Brookings, in adjacent Curry County, and there is nothing to indicate
any competition existing between the merging banks. Valley's nearest competi­
tors are situated to the northeast at Grants Pass, 30 miles distant.
Four of the five communities in the two-county area now served by the of­
fices of the applicant have at least one competing bank office. The principal
competitors of each of the merging banks are the State's two banking giants
which in aggregate hold by far the major portion of its banking business.
The resulting bank, which would serve a three-county area, would have less
than 15 percent of the total deposit volume in the resulting service area. The
merger would have no adverse effects on competition.
Financial and managerial resources and prospects. The banking factors are
favorable with respect to each of the merging banks, as they would be with
respect to the resulting bank.
Convenience and needs of the community to be served. The merger would
not have a substantial effect on the convenience and needs of the areas now
served by applicant but it would benefit Cave Junction by providing larger lend­
ing limits, and that form er Valley office will have available to it management
depth, audit services and sim ilar benefits which the larger institution can pro­
vide.
Conclusion. The Board of Directors is of the opinion that the merger would
not substantially lessen competition, tend to create a monopoly, or in any other
manner, be in restraint of trade, and would benefit the banking convenience
and needs in the Cave Junction area.

Resources
(in
thousands
of dollars)

No. 20
American Bank and Trust Co. of Pa.
Reading, Pennsylvania
to merge with
Myerstown Bank and Trust Company
Myerstown

Banking Offices
In
operation

To be
operated

310,749

17

19

24,814

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, F e b ru a ry 2 3 , 1 9 6 7
American Bank and Trust Co. of Pa. ( “ American") is the largest bank in
Berks County and adjacent counties of Lebanon, Lancaster, and Schuylkill, an
area within which branching by banks with head offices in Berks is permitted by
State law. As of November 30, 1966, American had assets of $298,445,000 and
deposits of $262,852,000. Myerstown Bank and Trust Company, Myerstown,
Lebanon County, Pennsylvania (“ Myerstown Bank") as of November 30, 1966,
had assets of $24,006,000 and deposits of $21,031,000.
Within the service area of Myerstown Bank (Lebanon County) there are 10
banking offices holding between them $163 million of deposits (as of June 30,
1966). The three largest banks, combined, in Lebanon County (including the
Myerstown Bank) accounted for slightly over half the total county deposits.
Alone, the Myerstown Bank accounted for approximately 12 percent of total
county deposits, and is the third largest bank in the County.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

63

The acquiring bank (American) derives only a very small amount of demand
deposits ($27,000) from within Lebanon County, constituting a negligible share
of total county deposits (about .03 percent); its loans to Lebanon County cus­
tomers ($1.4 m illion) comprise the higher but still small proportion of about 1
percent of total county loans. It may be concluded that the present degree of
competition between the American and Myerstown Banks is probably not signifi­
cant.
However, the proposed merger will eliminate all future potential competition
between these two banks. American is by far the largest bank in the four-county
area. It has grown to a considerable extent by the merger process. In expanding
from $5 million of deposits in 1929 to $263 million currently, American has ac­
quired $67 million, or approximately 25 percent by absorbing other banks.
Some $45 million of deposits have been acquired in six mergers since 1960.
Lebanon County is surrounded by the area presently served by American.
If this merger is not approved, therefore, Arperican would be the most likely
entrant into Lebanon County by de novo branching or by merger with a smaller
bank in the area.
Moreover, if this merger is authorized, further acquisitions involving other in­
dependent banks within the area may be stimulated, and there are indications
that this process of consolidation has already commenced.
If, however, any reason exists to warrant elimination of Myerstown Bank by
merger— and none is apparent on the facts presented— less anticompetitive al­
ternatives are available. The Bank’s directors state, "The bank has been
approached by several institutions [to merge].”

B a s is fo r C o rp o ratio n ap p ro val, J u ly 2 7 , 1 9 6 7
American Bank and Trust Co. of Pa., Reading, Pennsylvania (applicant), a
State nonmember bank with total deposits of about $275.4 million, has applied,
pursuant to Section 18(c) and other provisions of the Federal Deposit Insur­
ance Act, for the Corporation's prior approval to merge with Myerstown Bank
and Trust Company, Myerstown, Pennsylvania (Myerstown Bank), a State mem­
ber bank which has total deposits of about $21.6 million. The banks would
merge under applicant's charter and as an incident to the merger the two of­
fices of Myerstown Bank would become branches of the applicant, increasing
the number of its offices to 19.
Competition. Applicant is headquartered in Reading (population 98,177), the
principal city and seat of Berks County, Pa. Eleven of its branches are located
in Reading and general vicinity, three are in Schuylkill County, north of Berks,
and two are in Lancaster County, southwest of Berks. Both offices of Myerstown
Bank are located in Myerstown (population about 3,300), Lebanon County, west
of Berks. They are 21 miles distant from West Reading, site of applicant’s clos­
est office. Six offices of other banks are located in the intervening area, includ­
ing four offices of the $114.5 million deposit Peoples Trust City Bank, Reading,
Pa., and an office of the $84.6 million deposit Reading Trust Co.
The applicant derives only a very small portion of its demand deposits and
loans from Lebanon County and existing competition between it and Myerstown
Bank is not significant. The latter competes primarily with 10 other banks w ith­
in 15 miles of Myerstown. Since Myerstown Bank is located about 3 miles from
the Berks County line, it has some Berks County business, e.g., about 12 per­
cent in demand deposits and a somewhat larger percentage in loans. Its largest
competitor is the Berks-based Peoples Trust City Bank. Myerstown Bank also re­
ceives competition from two larger banks located in the City of Lebanon, about
6 1 2 miles west of Myerstown.
/
Applicant has been expanding over the years and could legally apply to es­
tablish a de novo branch in Myerstown Bank’s area. But it is not clear that
applicant could obtain regulatory approval for such a branch. According to ap­
plicant, it has attempted to branch de novo where it believed this feasible but
there is no area in western Berks County and eastern Lebanon County which
lacks a convenient banking facility. In February, 1967, the State denied appli­



FEDERAL DEPOSIT INSURANCE CORPORATION

64

cant's request to establish a de novo branch in Chester County, and earlier, in
September, 1965, denied its request for such a branch in the City of Lancaster.
Myerstown Bank, on the other hand, claims to be interested not in expanding
into other areas but in merging with a substantially larger bank, primarily be­
cause of the loss of business accounts whose credit needs have outstripped its
loan limits. Even if applicant succeeded in penetrating the Myerstown area de
novo, the result could be to worsen this situation rather than produce signifi­
cant competition between the merging institutions. Myerstown Bank indicates it
decided to confine its merger discussions to applicant because of the sim ilarity
of their loan policies in promoting local economic welfare, and it is a fact that
applicant has a good record in this respect. In view of the foregoing circum­
stances, it does not appear that this merger is likely to foreclose any meaning­
ful potential competition.
The merger would increase applicant’s share of the deposits in the resulting
bank's service area by 1.1 percent, giving it 17 percent of the aggregate. While
applicant is the largest bank, there are 70 other banks in the service area and
some of these are sizable competitors. So are the out-of-area banks which solicit
the prosperous local industries and commercial establishments. No objections
to the merger were offered during the field interviews with banking officials,
which included the Myerstown area where any harmful impact of this proposal
would be mainly felt.
The merger would have no significant adverse effects on competition.
Financial and managerial resources and prospects. The banking factors are
favorable with respect to the merging banks as they would be with respect to
the resulting bank.
Convenience and needs of the community to be served. Applicant is a well
managed, progressive bank with a good record of service to the community,
particularly in providing financial and other support for industrial diversification
and expansion. The principal effect of the merger on convenience and needs
would be to bring to the Myerstown area banking credit ample fo r its require­
ments. The economy of the area is prospering and its outlook is favorable, with
existing industries developing rapidly and others seeking plant locations. As
noted, the credit needs of a number of firms have surpassed Myerstown Bank's
capabilities. Applicant would also offer the area generally more complete bank­
ing and fiduciary services, including electronic data processing facilities.
Conclusion. The Board of Directors is of the opinion that the merger would
not substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade, and would benefit the banking convenience and
needs in the Myerstown area.

Resources
(in
thousands
of dollars)

No. 21
The Delaware County Bank
Delaware, Ohio
to merge with
The Ostrander Banking Company
Ostrander

B anking Offices
In
operation

14,082

3

1,835

To be
operated

4

1

S u m m a ry rep o rt by A tto rn e y G e n e ra l, M ay 9 , 1 9 6 7
The Delaware County Bank, with two offices in the town of Delaware and one
office in the town of Galena, 12 miles east of Delaware, proposes to merge with
the Ostrander Banking Company. The latter is located in the small comm unity
of Ostrander, 8 miles southwest of the town of Delaware.
The proposed merger will eliminate some existing competition between the
two banks, whose main offices are 8 miles apart in what still is a rural part of
the county.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

65

There are three banks competing in Delaware County: Delaware Bank, Ostran­
der Bank, and The First National Bank of Delaware (also in the town of Dela­
ware). Thus, the merger would reduce the total number of commercial banks in
the county from three to two.
It would also increase concentration in banking resources in Delaware
County. Delaware Bank already holds about 38 percent of the total IPC demand
deposits in the county, and the proposed merger with Ostrander Bank would
add another 5.5 percent to its market share. After the merger, it and The First
National Bank of Delaware would have all the county’s IPC deposits.

B a s is fo r C o rp o ratio n ap p ro val, J u ly 2 7 , 1 9 6 7
The Delaware County Bank, Delaware, Ohio (applicant), an insured State non­
member bank with total deposits of $13.1 million, has applied, pursuant to Sec­
tion 18(c) and other provisions of the Federal Deposit Insurance Act, for the
Corporation's prior approval to merge The Ostrander Banking Company, Ostran­
der, Ohio (Ostrander Company), an insured State nonmember bank which has
total deposits of $1.6 million. The banks would merge under the charter and
title of applicant and as an incident of the merger the sole office of Ostrander
Company would become a branch of applicant, increasing the number of its o f­
fices to four.
Competition. Ostrander Company is 8 miles from applicant’s nearest office,
at Delaware to the east, and the same distance from banking offices in Marys­
ville, Ohio, to the west. Ostrander Company's service area extends in a radius
about 4 miles from Ostrander and adjoins those of the Delaware and Marysville
bank. Competition between the participating banks is not substantial, nor apt to
become so.
Applicant's two Delaware, Ohio offices are in direct competition with three of­
fices of The First National Bank of Delaware, a $25 million affiliate of BancOhio
Corporation, a registered bank holding company with 23 banks in Ohio having
total resources of about $900 million. First National's Sunbury, Ohio office is
only 2 miles distant from applicant’s Galena branch. Another BancOhio affiliate
is located in Marysville, Ohio. Some additional, but less significant, competition
stems from the northern portion of Franklin County where offices of large banks
headquartered in Columbus, Ohio are located.
The resulting bank will compete with banks in Delaware County as well as
those with nearby offices in the counties adjoining Delaware to the east, west
and south. The relevant service area is considered by the Corporation to include
19 banking offices, nine in Delaware County, six in Franklin County and two
each in Union and Licking Counties; the resulting bank would be the sixth larg­
est of the 11 banks operating such offices. Applicant’s share of the area depos­
its would increase from about 15 to 17 percent, and the resulting bank would
rank third in area deposit volume.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and Managerial Resources and Prospects. The banking factors are
favorable with respect to each of the merging banks. These factors with respect
to the resulting bank would likewise appear to be favorable, subject to strength­
ening the bank's capital as set forth in the final paragraph of the accompanying
order.
Convenience and Needs of the Community. The resulting bank will have a
lending lim it of $85,000 as opposed to $60,000 for the applicant, and this
higher lim it would benefit the Delaware community. It would also to some extent
benefit the Ostrander community in meeting an indicated need for increased
credit capacity to serve the larger farm operations and sizable residential m ort­
gage customers. This need could be accentuated if the population growth from
Franklin County (Columbus), now under way in southern Delaware County, be­
comes more significant in the Ostrander area.




66

FEDERAL DEPOSIT INSURANCE CORPORATION

Resources
(in
thousands
o f dollars)

No. 22
W illimantic Trust Company
Willimantic, Connecticut
to merge with
County Bank and Trust Company
of Danielson
Danielson

Banking Offices
In
operation

21,651

2

3,409

To be
operated

1

3

S u m m a ry repo rt by A tto rn e y G e n e ra l, J u n e 2 0 , 1 9 6 7
The Willimantic Trust Co. proposes to merge with the County Bank and Trust
Co., of Danielson. The two banks are located in towns 22 miles apart in Wind­
ham County in northeastern Connecticut.
The 1960 population of Windham County was 56,223, and that of the towns
of Willimantic and Danielson 13,881 and 4,642, respectively. The Connecticut
Development Commission projects a doubling of population by the year 2000.
Windham County has five banks with nine banking offices. In both Willimantic
and Danielson the only banking alternative to the applicants are two branches
of Connecticut Bank and Trust Co., the State's second largest bank. There are
no other banks in the 22 miles between the two communities, which are con­
nected by U.S. Route 6.
These two banks are 22 miles apart in different communities in Windham
County. However, because there are no other banks in the intervening area (ex­
cept for the two branches of Connecticut Bank and Trust), the proposed merger
may eliminate some direct competition between Willimantic Trust and County.
Willimantic Trust now holds 20.5 percent of total deposits within Windham
County and its acquisition of County would increase its market share by 4.0 per­
cent. (It is not possible to calculate the market shares in terms of IPC demand
deposits because W illimantic Trust failed to include separate branch allocation
of such deposits.)

B a s is fo r C o rp o ratio n ap p ro val, A u g u st 4 , 1 9 6 7
Willimantic Trust Company, Willimantic, Connecticut (applicant), an insured
State nonmember bank with total deposits of about $19,710,000, has applied,
pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge with County Bank and Trust
Company of Danielson, Danielson (Town of Killingly), Connecticut (County
Bank), an insured State nonmember bank which has total deposits of about
$2,978,000. The banks would merge under the charter and with the title of the
applicant, and as an incident of the merger, the sole office of County Bank
would become a branch of the applicant, increasing the number of its offices to
three.
Competition. Applicant is headquartered in Willimantic (population about
14,400) and operates one branch in Storrs, 9 miles north of the main office.
County Bank's office is located in Danielson (population 4,642), 20 miles north­
east of Willimantic. The primary service areas of the merging banks are sep­
arate but contiguous. The 20 miles intervening their offices are sparsely
populated and neither bank derives an appreciable amount of business from the
other's service area. No significant competition exists between them, nor is
there any reasonable potential for such competition indicated by the record.
Both banks compete directly in their main office communities with branches
of the State's largest commercial bank. Additional competition is furnished by a
mutual savings bank in each of the communities of Willimantic and Danielson.
The State's largest bank holds 61.5 percent of the IPC demand deposits held
by the seven bank offices in the resulting service area. Following the merger,
applicant would hold 37.4 percent of such deposits. With respect to IPC tim e




67

BANK ABSORPTIONS APPROVED BY THE CORPORATION

deposits, the resulting bank would be the smallest and hold 20.2 percent of
the aggregate. Applicant would operate three of the seven banking offices.
The effect of the proposed merger on competition would not be adverse.
Financial and managerial resources and prospects. These factors are favora­
ble with respect to the resulting bank, as they have been with respect to appli­
cant. County Bank, which was opened in 1962, experienced some initial losses
but in general its financial condition and management have been regarded as
satisfactory.
Convenience and needs of the community to be served. The principal effect
of the merger on banking needs and convenience would be in Danielson.
Applicant would provide a significantly larger lending limit, and in general
more complete and convenient banking services, including trust services which
are not presently available at County Bank. The larger loan lim it would benefit
the improving economy in the Town of Killingly.
Conclusion. The Board of Directors is of the opinion that the merger would
not substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade, and would benefit the banking convenience and
needs in the Danielson area.
Resources
(in
thousands
of dollars)

No. 23
Wilmington Savings Fund Society
Wilmington, Delaware
to acquire the assets and assume
the liabilities of
Brandywine-Mechanics Savings and
Loan Association
Wilmington

Banking Offices
In
operation

223,176

6

3,016

To be
operated

1

7

S u m m a ry repo rt by A tto rn e y G e n e ra l, M arch 2 , 1 9 6 7
Wilmington Savings Fund Society is the larger of the two mutual savings
banks that are presently located in the State of Delaware. It has assets of
$218.6 million and operates six offices, four of which are in or close to the city
of Wilmington. The Brandywine-Mechanics Savings and Loan Association has as­
sets of $3.2 million and operates one office in the City of Wilmington, a little
over one mile from Wilmington Savings Fund Society's head office and some­
what less than a mile from one of the latter's branches.
It appears from the application that there is considerable existing competi­
tion between these institutions, particularly with respect to mortgage loans. It
also appears that Wilmington Savings Fund Society would like to have an office
in the Brandywine-Mechanics service area and might open a de novo branch
therein absent this transaction.
On the other hand, the directors of Brandywine-Mechanics have allegedly de­
cided that their institution will “ merge, consolidate or in some other way cease
to exist in its present fo rm ." From the competitive standpoint, it might be
preferable for Brandywine-Mechanics to be purchased by or merge with the
smaller of the State's mutual savings banks or with one of the smaller savings
and loan associations.

B a s is fo r C o rp o ratio n ap p ro val, A u g u st 4 , 1 9 6 7
Wilmington Savings Fund Society, Wilmington, Delaware, (Society) with total
deposits of about $193 million, has applied, pursuant to Section 18(c) and
other provisions of the Federal Deposit Insurance Act, for the Corporation's
prior approval to acquire the assets and assume the liabilities of BrandywineMechanics Savings and Loan Association, Wilmington, Delaware (S & L), which
has total share accounts of about $2.7 million. As of the effective date of the
sale, the share accounts of seller, including serial, full paid, and instalment full



68

FEDERAL DEPOSIT INSURANCE CORPORATION

paid, will be converted to deposit accounts of the buyer without loss of interest
a n d /o r earnings. The resulting bank would be under the charter and title of Wil­
mington Savings Fund Society. As an incident to the transaction, the sole office
of S & L would become a branch of Society, increasing the number of its offices
to seven.
Competition. The main office and one branch of Society are located within
the city limits of Wilmington; two of its branches are located in the city's sub­
urbs and the remaining two are in Dover and Newark, outside the Wilmington
trade area. S & L's sole office is located in an industrial-residential section in
the northwestern part of Wilmington, an area which has experienced steady
population decline. Society's branch at 3rd and Union Streets in Wilmington is
slightly less than one mile distant from S & L and its main office is a little over
a mile away.
The records of S & L indicate that the bulk of its accounts originate within
one-half mile of its office. There are no other financial institutions within this
area, however, one commercial bank operates a branch 0.7 of a mile distant
and has received approval to establish another two blocks distant from S & L.
Within a radius of i y 2 miles of S & L there are seven other savings and loan
associations, the main office and the 3rd and Union Streets branch of Society
and four operating commercial bank offices. About 4.5 percent of Society's de­
posit accounts bear addresses located in S & L's service area, however, these
accounts are principally carried at the main office of Society and would appear
to evidence the convenience of that location to the depositors' place of busi­
ness rather than a degree of competition between Society and S & L.
S & L is the fourth smallest of the 10 savings and loan associations in the
City of Wilmington and after several years of negligible growth, is experiencing
a decline. Its directors have indicated that the organization will definitely merge,
consolidate, or in some other way cease to exist in its present form. Society, on
the other hand, is a well established institution with a record of consistent
growth and sound operation. It would increase in size only nominally as the re­
sult of this proposal.
Competition between the participating institutions is not significant, nor apt
to become so if they did not merge. The Board of Directors is of the opinion
that the proposed transaction would not substantially lessen competition, tend
to create a monopoly, or in any other manner be in restraint of trade.
Financial and Managerial Resources and Future Prospects. While Society’s re­
cord under these factors is favorable, S & L is experiencing a decline in its
share accounts, its surplus (capital) protection is below generally accepted
standards and the prospects for increasing it are poor. Its management, while
capable of operating on the present scale, has made no provision for succes­
sion and is determined to withdraw from the field of competition.
The resulting bank would be satisfactory under all these factors.
Convenience and Needs of the Community. The subject transaction would
have little effect on the services offered to the community. S & L’s office would
continue in operation but as a branch of a larger and much stronger savings in­
stitution and there would be no reduction in the services offered the community
by such institutions.

No. 24
Peoples Trust City Bank
Reading, Pennsylvania
to merge with
The Farmers National Bank and Trust
Company of Boyertown
Boyertown



Resources
(in
thousands
of dollars)

In
operation

To be
operated

138,415

11

13

17,256

2

Banking Offices

BANK ABSORPTIONS APPROVED BY THE CORPORATION

69

S u m m a ry repo rt by A tto rn e y G e n e ra l, M arch 13, 1 9 6 7
Peoples Trust City Bank (“ Peoples") is the second largest bank in Berks
County, Pennsylvania. Its head office and two branches are located in Reading,
which is the commercial and industrial center of Berks County; it also has four
branches in the Reading suburbs, and four other branches located elsewhere in
the county. The Farmers National Bank & Trust Company of Boyertown ( “ Farm­
ers"), Boyertown, Pennsylvania, is one of two banks serving a small community,
and its surrounding rural area, located about 15 miles east of Reading, in Berks
County. The distance between Farmers and the closest branch of Peoples is ap­
proximately 10 miles.
The proposed merger would eliminate a certain amount of direct competition,
particularly in the market for industrial and commercial loans, where Farmers
has been active.
Also, the proposed merger would significantly increase Peoples’ share of the
already concentrated Berks County market, where Peoples and the largest bank
together have more than 75 percent of total deposits. Peoples has total IPC de­
mand deposits of $39.2 million and Farmers has $4.2 million in such deposits.
These represent 24.4 percent and 2.6 percent, respectively, of the $160.1 m il­
lion in total IPC demand deposits for the county as a whole, as reported in the
most recent published study.
Although the distance between the two banks and the proximity of Boyertown
to Montgomery County (in which the major Philadelphia banks have branches)
indicate that the foregoing market shares may overstate somewhat the competi­
tive significance of the proposed Peoples-Farmers merger, we think it plain that
the proposed merger would increase in concentration an already highly concen­
trated banking market. The application reveals no compelling countervailing
considerations; Farmers is plainly a well managed and profitable bank, which
has been able to serve the needs of its customers directly or through participa­
tion loans.

B a s is fo r C o rp o ratio n ap p ro val, S e p te m b e r 8 , 1 9 6 7
Peoples Trust City Bank, Reading, Pennsylvania (applicant), an insured State
nonmember bank with total deposits of about $124 million, has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation’s prior approval to merge with The Farmers National
Bank and Trust Company of Boyertown, Boyertown, Pennsylvania (Farmers),
which has total deposits of about $15 million. The banks would merge under
the charter and title of applicant, and as an incident thereof, the two offices of
Farmers would become branches of applicant, increasing the number of its
offices to 13.
Competition. Seven of applicant's 11 offices, including the main office, are lo­
cated in Reading, Pennsylvania, population 98,000, or its immediate vicinity.
The remaining offices are located to the west, northwest and southeast of Read­
ing. All of applicant's offices are within Berks County. Farmers’ main office is
situated at Boyertown, population 4,000, 14 miles east of Reading and just in­
side the eastern boundary of Berks County. Farmers' branch is located about
1.5 miles east of Boyertown just inside Montgomery County. The nearest offices
of the merging banks are the main office of Farmers and the Birdsboro branch
of applicant. They are 12 miles apart, not directly connected by highway, and
intervened by offices of other banks. Existing competition between the merging
banks, if any, is nominal and there appears to be no reasonable potential for
significant competition between them.
Applicant competes directly with 13 offices of a Reading-based bank morethan twice applicant's size. This bank would hold 39.2 percent, or the greatest
proportion of the deposit volume held by the banks operating within the result­
ing service area, and the resulting bank would hold 21.2 percent. Farmers’
principal competitor is a Boyertown-based bank whose deposit volume is double
that of Farmers. Farmers also receives competition from three sizable Philadel­



70

FEDERAL DEPOSIT INSURANCE CORPORATION

phia area banks which operate nine offices in the Pottstown area, 6 miles
south of Boyertown. Applicant's 2.4 percent gain in deposits would not signifi­
cantly alter the competitive picture in the resulting service area. Wnile banking
in that area is somewhat concentrated, 12 other banks operate 40 offices in the
area. Several of these banks are large and formidable competitors. There is also
substantial competition from nonbank institutions as well as some competition
from out-of-area banks. The resulting bank would be the fifth largest serving the
overall trade area and its presence in Boyertown should stimulate competition.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and managerial resources and prospects. These factors are favora­
ble with respect to applicant, as they will be with respect to the resulting bank.
While the financial and managerial resources of the merging bank, Farmers, are
satisfactory, its future prospects are clouded to some extent by its inability to
meet the larger credit requirements of a growing comm unity with consequent
adverse effect on its demand deposit volume.
Convenience and needs of the community. The merger would have little im ­
pact on the convenience and needs of the area now served by applicant, but
should significantly benefit the area served by Farmers by providing much
greater credit to meet the needs of the area's larger business and industrial
concerns. In addition, the applicant with its computer services and generally
more complete banking and fiduciary services, would enhance the banking facil­
ities in Boyertown.
For these reasons and on the basis of the above information and other
information available to the Corporation, the Board of Directors has concluded
that approval of the bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 25
The Hartford Bank
Hartford, Kentucky
to merge with
The Farmers Bank
Centertown

Banking Offices
In
operation

4,954

1

1,085

To be
operated

1

2

S u m m a ry rep o rt by A tto rn e y G e n e ra l, J u n e 2 9 , 1 9 6 7
The proposed merger would combine two of the six commercial banks operat­
ing in Ohio County in West Central Kentucky. The proposed merger would elim i­
nate some direct competition between the applicant banks and would reduce
the number of commercial banking alternatives from six to five. The bank which
would be eliminated by this merger is presently the county's smallest commer­
cial bank. The acquiring bank holds 22 percent of the county’s IPC demand
deposits and the acquired bank 6 percent.

B a s is fo r C o rp o ratio n ap p ro val, O cto b er 12, 1 9 6 7
The Hartford Bank, Hartford, Kentucky (applicant), an insured State non­
member bank with total deposits of $4,539,000, has applied, pursuant to Sec­
tion 18(c) and other provisions of the Federal Deposit Insurance Act, for the
Corporation's prior approval to merge with The Farmers Bank, Centertown,
Kentucky (Farmers), an insured State nonmember bank which has total deposits
of $1,012,500. The banks would merge under the charter and with the title of
the applicant, and as an incident to the merger, the sole office of Farmers would
become a branch of the applicant, increasing the number of its offices to two.
Competition. Applicant is located in Hartford (population 1,618), the seat of



71

BANK ABSORPTIONS APPROVED BY THE CORPORATION

Ohio County. Farmers’ office is located 6 miles southwest in Centertown (popu­
lation 327). Applicant’s influence extends throughout the county and
encompasses the service area of Farmers which consists of a small area around
Centertown in the southwestern corner of the county. However, there is no sig­
nificant competition between the merging banks. They have been commonly
owned and managed for about 15 years and the possibility of competition de­
veloping between them in the future is limited not only by this but by the size
and nature of the Centertown area. This area has been declining in population
and appears too small in deposit potential to continue to support a viable unit
bank.
Applicant’s principal competitor is a bank in Beaver Dam which is the largest
bank in the county and located 4 miles southeast. Applicant would remain sec­
ond in size in the county and would have $5.2 million IPC deposits following
consummation of the proposal. The Beaver Dam bank has IPC deposits of $6.3
million. The addition of $1 million to applicant's present IPC deposit size would
cause little change in competition throughout the county since the merging
banks have operated under the same ownership and management for many
years.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are favora­
ble with respect to the resulting bank as they have been with respect to the ap­
plicant. The financial and managerial resources with respect to Farmers are
satisfactory, however, its future prospects as a unit bank are unsatisfactory
because of its inadequate lending lim it of $12,000, deposit growth potential and
the burden on its earnings which has been imposed by the recent increase in
time deposit interest rates.
Convenience and Needs of the Community to be Served. There would be
some benefit to the convenience and needs of the comm unity now served by
the applicant in that increased lending capacity would be available. The Center­
town area would benefit by the availability of additional and improved deposit
and loan services directly in the community.
For these reasons and on the basis of the above information and other infor­
mation available to the Corporation, the Board of Directors has concluded that
approval of the bank's application is warranted.

Resources
(in
thousands
of dollars)

No. 26
Banco Popular de Puerto Rico
San Juan, Puerto Rico
to acquire a portion of the assets
and assume a portion of the
deposit liabilities of
Chemical Bank New York Trust Company
New York, New York

In
operation

To be
operated

397,838

58

58

5,149 2

Banking Offices

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, O cto b er 1 3, 1 9 6 7
This transaction will result in the purchase by Banco Popular of Chemical's
lease on banking facilities located at 90 Delancey Street in Manhattan, together
with the bulk of that branch office's assets and deposit liabilities. Banco will
transfer its banking operation now conducted at 111 Essex Street (one block
away) to the Delancey Street location. At the same time, Chemical’s banking
operation in this now predominantly Spanish-speaking area will be closed.
Because of the relative nearness of the two banks to each other, it is probable




72

FEDERAL DEPOSIT INSURANCE CORPORATION

that direct competition exists between them, and this competition would be
foreclosed by consummation of the instant transaction. However, we do not be­
lieve that the transaction would adversely affect over-all area competition, nor
do we think that its consummation would result in a significant increase in area
concentration.

B a s is fo r C o rp o ratio n ap p ro val, O cto b er 13, 1 9 6 7
Banco Popular de Puerto Rico, San Juan (Hato Rey), Puerto Rico (applicant),
an insured nonmember bank with total deposits of about $345 million, has ap­
plied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation’s prior approval to purchase a portion of the
assets and assume the liability to pay a portion of the deposits made in the 90
Delancey Street branch of Chemical Bank New York Trust Company, New York
(Manhattan), New York (Chemical), which has total deposits of about $6.3 bil­
lion including $6.5 million in deposits at the branch. As an incident of the pro­
posed transaction, the present office of applicant at 111 Essex Street would be
closed. Its operations would be relocated to the 90 Delancey Street branch of
Chemical and there would be no change in the existing number of applicant's
offices.
Competition. Applicant’s Essex Street branch and Chemical’s Delancey Street
office are 150 feet apart in the Lower East Side section of the Borough of Man­
hattan in New York City. The population of the service area was 50,473 in
1960. Applicant operates two other branches in Manhattan, one in the Bronx,
42 permanent branches in Puerto Rico and 6 mobile units serving 11 locations
on the Island, for a total of 58 outlets, including the main office. Chemical oper­
ated a total of 139 offices on June 30, 1967. Its main office and 76 of its
branches are located in Manhattan.
There are seven banking offices of six other commercial banks and two
branches of a mutual savings bank located in the area served by the participat­
ing banks’ branches involved in the proposal. The neighborhood is predomi­
nantly Puerto Rican and applicant’s branch is eminently suited to compete for
the business of this segment of the population. Chemical’s Delancey Street
branch deposits have leveled off since 1962 and it apparantly is not competing
effectively in this service area. Competition between the participating banks'
branches involved in the proposal would not appear to be substantial. More­
over, relative to the total competition generated among the bank offices in the
service area, the elimination of Chemical’s branch as a competitor would not
substantially reduce overall competition.
Applicant’s Essex Street branch would assume about $5.1 million in IPC de­
posits held by Chemical’s Delancey Street branch and the resulting office would
hold 11.8 percent of the aggregate IPC deposits held by the eight commercial
banking offices remaining in the service area. Two large New York banks, with
total deposits of $4 billion and $6 billion, each hold 29.1 percent of the IPC de­
posits through their three branches in the area. Applicant's branch would hold
the fourth largest proportion of IPC deposits and the applicant would be the
fifth largest commercial bank represented there. The remaining four largest
commercial banks having branches in the area hold total deposits ranging be­
tween $1.0 billion and $11.0 billion.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are favora­
ble with respect to the applicant as they will be with respect to the resulting
bank. The future prospects of Chemical’s Delancey Street branch are clouded to
some extent by its apparent lack of deposit growth.
Convenience and Needs of the Community to be Served. Discontinuance of
bank operations at applicant’s Essex Street branch has been necessitated by
condemnation proceedings of its property by the City of New York. Its reloca­
tion to a site only 150 feet distant should not cause significant inconvenience




73

BANK ABSORPTIONS APPROVED BY THE CORPORATION

to its customers. The proposed branch and its Spanish-speaking staff will occupy
a more prominent location from which to serve the predominantly Puerto Rican
neighborhood. The number of bank offices in the area will be reduced by
one, however, seven branches of six other commercial banks and two offices of
a mutual savings bank will be located within the service area and within 2,000
feet of the proposed branch office.
For these reasons and on the basis of the above information and other infor­
mation available to the Corporation, the Board of Directors has concluded that
approval of the bank’s application is warranted.

Resources
(in
thousands
of dollars)

No. 27
The Peoples Bank of South
Carolina, Inc.
Florence, South Carolina
to merge with
The Peoples Bank
Lynchburg

B anking Offices
In
operation

9,182

2

924

To be
operated

1

3

S u m m a ry rep o rt by A tto rn e y G e n e ra l, J u ly 2 5 , 1 9 6 7
Peoples Bank of South Carolina ("Florence Bank") proposes to merge with
Peoples Bank of Lynchburg ( “ Lynchburg Bank").
Florence Bank’s operations are centered in the City of Florence (population
24,722), which is the county seat of Florence County (population 84,438). The
county is located in the northeastern portion of the State of South Carolina and
is primarily an agricultural area, although industry is becoming increasingly im­
portant. The county has 10 banks with 22 banking offices; and Florence Bank
has about 8.4 percent of the IPC demand deposits of such banks. Within the
City of Florence itself, there are four banks with 11 offices: Florence Bank is the
smallest of these in terms of total deposits— competing with four branches of
The South Carolina National Bank of Charleston (total deposits, $378.3 m illion),
two branches of The Citizens and Southern National Ban!' of South Carolina (to­
tal deposits, $203.5 million), and the head office and two branches of Guaranty
Bank and Trust Company (total deposits, $22.1 m illion).
Lynchburg Bank is located in Lynchburg (population 544), which is located
in adjacent Lee County (population 21,832), about 20 miles southwest of Flor­
ence. Lynchburg Bank is the only bank in Lynchburg and the surrounding
agricultural areas. Lee County, an area of declining population, has three bank­
ing offices operated by three banks; and Lynchburg Bank accounts for about 15
percent of the IPC demand deposits of these three banks.
The offices of the two merging institutions are about 20 miles apart in differ­
ent counties. Since there is only one bank lying between the communities of
Florence and Lynchburg, it may well be that the four Florence banks compete
to some extent with Lynchburg Bank for business from the intervening area;
nevertheless, the amount of direct competition between the merging banks
would not appear to be substantial.
While South Carolina law permits statewide branch banking, there is no evi­
dence that either of the merging banks (which appear to be the smallest
institutions in their respective areas) is one of the most probable entrants into
the market of the other by de novo branching.
Therefore, in view of the size of the merging banks and the distance between
them, we believe that any adverse effect on competition would be slight.




74

FEDERAL DEPOSIT INSURANCE CORPORATION

B a s is fo r C o rp o ratio n ap p ro val, O cto b er 18, 1 96 7
The Peoples Bank of South Carolina, Inc., Florence, South Carolina (appli­
cant), an insured State nonmember bank, with total deposits of about $6.3 m il­
lion, has applied, pursuant to Section 18(c) and other provisions of the Federal
Deposit Insurance Act, for the Corporation's prior approval to merge with The
Peoples Bank, Lynchburg, South Carolina (Lynchburg Bank), which has total de­
posits of about $900,000. The banks would merge under the charter and title of
applicant and as an incident thereof the sole office of Lynchburg Bank would
become a branch of applicant, increasing the number of its offices to three.
Competition. Applicant's main office and sole branch are located in Florence,
South Carolina, population 24,700. Lynchburg Bank is located 20 miles south­
west of Florence in the farming community of Lynchburg, population 540. The
two banks operate in separate and distinct service areas without apparent over*
lap. There are no other banking offices in Lynchburg but Lynchburg Bank com­
petes against seven other banks with 11 banking offices, including a bank
located almost midway between Lynchburg and Florence. Applicant competes
against one other bank headquartered in Florence which has two in-town
branches, as well as against three larger Charleston and Columbia based banks
which operate a total of six branches in Florence and two in Darlington, 10
miles northwest of Florence, but within the trade area served by applicant
There is little competition existing between the two participating banks which
would be eliminated by their merger. Applicant holds 9.8 percent of the aggre­
gate deposits of its service area as compared with the 1.7 percent share held
by Lynchburg Bank in its service area. Because of Lynchburg’s small size and
history of decline, there appears to be no reasonable potential for significant
competition between the two subject banks.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and managerial resources and future prospects. These factors are
all favorable with respect to applicant as they would be with respect to the re­
sulting bank. Lynchburg Bank, on the other hand, is facing a management
succession problem, inasmuch as the two dominant individuals in management
are both over 70 years of age. Its future prospects, furthermore, are clouded by
the rising cost of tim e deposits and the growing need to increase staff salaries
to realistic levels.
Convenience and needs of the community. The proposed merger would bring
a wider range of banking services to the Lynchburg area including an increase
in the legal lending lim it from $16,500 to $170,600. Local customers would get
the benefit of generally higher rates of interest paid on tim e deposits and of ex­
changing checks on a par basis.

Resources
(in
thousands
of dollars)

No. 28
Merchants State Bank
Humboldt, Tennessee
to merge with
The Bank of Gibson
Gibson

Banking Offices
In
operation

11,933

3

970

To be
operated

4

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, Ju n e 2 7 , 1 96 7
Merchants State Bank of Humboldt, Tennessee, proposes to merge with The
Bank of Gibson, Gibson, Tennessee. Both banks are located within Gibson
County, Tennessee (population 44,699), which has 14 banks with 20 banking
offices.




BANK ABSORPTIONS APPROVED BY THE CORPORATION

75

The head offices of the two banks are 5 miles apart, with no other banks in
the intervening area. Gibson Bank clearly competes with Merchants, as well as
with the other two banks in Humboldt, and the proposed merger would elim i­
nate this competition with Merchants.
Gibson was created by Merchants in 1903, and for many years Merchants
has owned about 40 percent of Gibson's stock. This affiliation may in fact re­
duce the degree of actual competition between them.
Concentration in commercial banking would be increased slightly by the pro­
posal. Within Gibson County, Merchants now has 17 percent of total county IPC
demand deposits; its merger with Gibson Bank would add another 2 percent to
its market share.

B a s is fo r C o rp o ratio n ap p ro val, O cto b er 18, 1 9 6 7
Merchants State Bank, Humboldt, Tennessee (State Bank), an insured State
nonmember bank with total deposits of about $11 million, has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation's prior approval to merge with The Bank of Gibson, Gib­
son, Tennessee (Merging Bank), also an insured State nonmember bank which
has total deposits of about $900,000. The banks would merge under the charter
and title of State Bank and as an incident thereof, the sole office of Merging
Bank would become a branch of State Bank, increasing the number of its o f­
fices to four.
Competition. Humboldt, Tennessee, the location of the main office and one
branch of State Bank (its only other branch is at Rutherford, well outside the
service area relevant to this proposal) is in the extreme southern part of Gibson
County and has a population in excess of 10,000. The Town of Gibson, the lo­
cation of Merging Bank, is situated some 5 miles northeast of Humboldt, and is
a small farming community with a population of about 300. The service areas
of the participating banks overlap; however, competition between them is m ini­
mal. State Bank was instrumental in the founding of Merging Bank in 1903, and
has since held in excess of 40 percent of that bank's outstanding stock. Merg­
ing Bank has been more of a satellite of State Bank than a competitor.
The present concentration of deposits and loans in the service area and in
Gibson County would be relatively undisturbed by this merger. State Bank pre­
sently has 18.9 percent of the IPC deposits and 23.7 percent of the loans in the
service area. The resulting bank would have 20.8 percent and 24.3 percent of
the IPC deposits and of the loans, respectively. There would continue to be vig­
orous competition from nine other banking offices in the primary service area,
three of which combined hold 49.0 percent of the IPC deposits and 44.2 per­
cent of the loans. There is also considerable competition from nonbank institu­
tions in the area.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly, or in any other
manner be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are favora­
ble with respect to State Bank, as they will be with respect to the resulting
bank. When considering Merging Bank, the financial and managerial resources
are satisfactory and its future prospects, although satisfactory also, are some­
what less favorable than State Bank, inasmuch as its size tends to circumscribe
the services it is able to render.
Convenience and Needs of the Community. The merger would have little im ­
pact on the convenience and needs of the area now served by State Bank, but
should benefit the community of Gibson through the resulting bank's ability to
handle larger lines of credit and through the introduction of par banking and
trust services on a local basis.
Based on the foregoing and other information available to the Corporation,
the Board of Directors has concluded that approval of the bank's application is
warranted.



76

FEDERAL DEPOSIT INSURANCE CORPORATION

Resources
(m
thousands
of dollars)

No. 29
Banco Popular de Puerto Rico
San Juan, Puerto Rico
to acquire the assets and assume
the liabilities of
Banco de San German
San German

In
operation

To be
operated

402,987

58

59

3,763

1

Banking Offices

Approved under emergency provisions. No report requested from Attorney
General.

B a s is fo r C o rp o ratio n ap p ro val, N o vem b er 7 , 1 9 6 7
Banco Popular de Puerto Rico, San Juan (Hato Rey), Puerto Rico, an insured
nonmember bank with total deposits of about $350.4 million, has applied, pur­
suant to Section 18(c) and other provisions of the Federal Deposit Insurance
Act, for the Corporation’s prior approval to purchase the assets and assume the
liability to pay deposits of Banco de San German, San German, Puerto Rico, an
insured nonmember bank with total deposits of about $4.5 million. As an inci­
dent of the proposed transaction, the present sole office of the Banco de San
German would become a branch of the resulting bank.
Substantial shortages have been discovered in the accounts of the Banco de
San German, far exceeding capital and reserves and destroying liquidity. The
Board of Directors has found that it must act immediately in approving the ap­
plication to prevent the probable failure of the Banco de San German.

Resources
(in
thousands
of dollars)

No. 30
Continental Bank and Trust Company
Norristown, Pennsylvania
to acquire the assets and
assume the liabilities of
Sonsitaly Bank and Trust Company
Philadelphia

B anking Offices
In
operation

To be
operated

443,476

39

40

5,705

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, S e p te m b e r 2 6 , 1 9 6 7
The proposed transaction would combine the sixth largest commercial bank
in the Philadelphia area, Continental, with one of the smallest commercial
banks in that area, Sonsitaly.
In the entire Philadelphia Standard Metropolitan Area, a market probably too
broad for analysis in this particular case, the proposed merger would increase
Continental’s share of total deposits from 4.7 to 5.3 percent, and its effect on
concentration in this area would not be substantial.
On the other hand, since the Tasker Street branch of Continental is directly
adjacent to Sonsitaly’s sole office and is certainly the closest competitor, the
proposed merger would eliminate considerable direct competition between these
two banks for mortgage loans and certain deposit customers.

B a s is fo r C o rp o ratio n ap p ro val, N o vem b er 7 , 1 9 6 7
Continental Bank & Trust Company, Norristown, Pennsylvania (Continental),
an insured State nonmember bank with total deposits of about $383 million,
has applied, pursuant to Section 18(c) and other provisions of the Federal De­
posit Insurance Act, for the Corporation's prior approval to acquire the assets



77

BANK ABSORPTIONS APPROVED BY THE CORPORATION

and assume the liabilities of Sonsitaly Bank and Trust Company, Philadelphia,
Pennsylvania (Sonsitaly), also an insured State nonmember bank, which has to ­
tal deposits of about $5 million. The banks would effect this transaction under
the charter and title of Continental and as an incident thereof the sole office of
Sonsitaly would become a branch of Continental, increasing the number of its
offices to 40. It also has one approved but unopened branch.
Competition. Continental’s service area is located in the southeastern corner
of Pennsylvania and consists of all of Philadelphia and Montgomery Counties
and portions of four other counties contiguous to Montgomery County. The
population of the service area is estimated to be in excess of 2.3 million.
Sonsitaly’s service area, a section of South Philadelphia, contains 11 offices of
six other commercial banks, including a Continental branch,
2 blocks from
Sonsitaly. The resulting bank's share of the aggregate commercial bank depos­
its of this area would be fourth largest. Continental's nearest other office to
Sonsitaly is i y 2 miles to the northeast and separated by a competing bank of­
fice. Competition between Continental's local branch and Sonsitaly is minimized
by the limited range of services that Sonsitaly offers. Its three basic services
are checking accounts, savings accounts, and residential mortgage loans and
even these limited services are offered principally to the ethnic group related to
the ownership interest. The bank’s growth has been virtually static and its fu ­
ture appears less than bright. Conversely, Continental is a large institution with
broader experience and capacity in all banking functions. The aggressive man­
agement and policies of Continental would promote competition in all fields of
operation. The present concentration of banking in the Philadalphia area would
be largely unaffected by this transaction. In addition, mutual savings banks and
nonbank institutions offer considerable competition.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. Although Continental's re­
cord under these factors is favorable, Sonsitaly has experienced only nominal
growth, has suffered a decline in the past three years in its adjusted capital
and has demonstrated weak earnings. It lacks the management and facilities to
compete as a full-service bank.
The resulting bank would be satisfactory under all these factors.
Convenience and Needs of the Community. The transaction would have v ir­
tually no effect on the services offered in the trade area of Continental. It
would, however, result in a significant expansion of the services offered to Sonsitaly's customers at its present location. A small limited-service bank would be
replaced by a branch of a large full-service bank.
Based on the foregoing and on other information available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank's applica­
tion is warranted.

iy

Resources
(in
thousands
of dollars)

No. 31
Northwest Pennsylvania Bank &
Trust Co.
Oil City, Pennsylvania
to merge with
The Grove City National Bank
Grove City

B anking Offices
In
operation

To be
operated

103,611

14

16

14,004

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, J u ly 2 4 , 1 9 6 7
Northwest Pennsylvania Bank & Trust Company ("N orthw est” ), a 14-office
bank in northwestern Pennsylvania, proposes to acquire Grove City National



78

FEDERAL DEPOSIT INSURANCE CORPORATION

Bank ("Grove City Bank") in Grove City, Pennsylvania. The latter bank operates
its main office and a branch in Grove City, Mercer County, Pennsylvania.
Grove City (population, 8,368) has three banking offices: the two offices of
Grove City Bank and a branch of First Seneca Bank & Trust Company. There
are no other banks in the immediate area.
Mercer County as a whole (population, 127,591) has eight banks with 29
banking offices. This total includes two Northwest branches in the town of Mer­
cer, and a third in the town of Fredonia.
The proposed merger would eliminate at least some direct competition be­
tween Northwest and Grove City Bank. Of the six banking offices closest to
Grove City, three are branches of Northwest— two located 10 miles to the
northwest at Mercer (in Mercer County) and one located 13 miles to the east at
Clintonville (in Venango County). Mercer and Grove City are connected by a
main highway and there are no towns or banks in between. The three other
banks are located 4, 7, and 10 miles away, respectively. It would thus appear
that Northwest’s offices are close enough to compete with Grove City Bank and
First Seneca Bank and Trust Co. for business in Grove City.
There has been a substantial bank merger trend in the four counties— Ve­
nango, Clarion, Crawford and Mercer— where Northwest’s 14 offices are located.
The leading bank in this four-county area is Northwest (deposits of $92.5 m il­
lion), with First Seneca Bank & Trust Company (deposits of approximately $90
m illion) a close second. Both Northwest and First Seneca have engaged in ex­
tensive merger activity in recent years. Since 1953, Northwest has acquired
eight banks, and First Seneca has acquired nine. Other banks have also partici­
pated in the area's merger trend— which has resulted in the elimination of
more than 21 independent banks in the four-county area, and has contributed
to the concentration of about 40 percent of the area's deposits in the hands of
the area's two largest banks.
Within the four-county area in which Northwest operates, Northwest has 20.1
percent of $425.4 million in IPC deposits (demand and tim e), and Grove City
Bank has 2.8 percent. In Mercer County alone, Northwest’s three branches ac­
count for 9.8 percent of the county's $159.7 million in IPC deposits, and Grove
City Bank has 7.8 percent.
Thus the proposed merger involves significant increase in concentration—
particularly in Mercer County— in the context of a long-term trend toward in­
creased concentration in banking resources resulting from mergers.
For the reasons stated above, we find the proposed merger between
Northwest and Grove City Bank to be significantly anti-competitive.

B a s is fo r C o rp o ratio n ap p ro val, N o vem ber 7, 1 9 6 7
Northwest Pennsylvania Bank & Trust Co., Oil City, Pennsylvania (applicant),
an insured State nonmember bank with total deposits of $92,537,000, has ap­
plied, pursuant to Section 18(c) and other provisions of the Federal Deposit In­
surance Act, for the Corporation’s prior approval to merge with The Grove City
National Bank, Grove City, Pennsylvania (Grove City Bank), which has total de­
posits of $12,517,000. The banks would merge under the charter and with the
title of the applicant, and as an incident to the merger, the two offices of Grove
City Bank would become branches of the applicant, increasing the number of
its offices to 16.
Competition. Applicant is headquartered in Oil City (population 17,700),
which is situated in the central section of Venango County. It operates 14 offi­
ces throughout Venango, Clarion, Mercer, and Crawford Counties. Grove City
Bank's two offices are in the community of Grove City (population 8,400),
which is situated in the southeastern corner of Mercer County. The merging
banks' main offices are about 35 miles apart. Applicant's offices closest to
Grove City are its branches in Mercer and Clintonville, 10 and 13 miles distant.
Primary competition to Grove City Bank is furnished by First Seneca Bank and
Trust Company which has IPC deposits of $87 million and two branches in




79

BANK ABSORPTIONS APPROVED BY THE CORPORATION

Grove City. First Seneca Bank is headquartered in Oil City and is applicant's
principal competitor. Four miles from Grove City, in Harrisville, is a branch of
the $2.3 billion IPC deposit bank, Mellon National Bank and Trust Company,
Pittsburgh. The merging bank’s closest offices derive only a small portion of
their business from each other's service areas.
Applicant is the fourth largest bank in absolute size in the resulting service
area and the proposal would not significantly increase its share of the aggre­
gate IPC deposits. Applicant presently holds the largest proportion, 19.4 per­
cent, which exceeds by a narrow margin the 19.2 percent held by its principal
competitor, First Seneca Bank and Trust Company. The resulting bank would
have 22.2 percent. The largest bank in absolute size represented in the area is
Mellon National Bank. The increase in applicant's size would not materially af­
fect the existing competitive relationships in the communities it presently
serves. The entry of applicant into Grove City would tend to stimulate competi­
tion in that community where the applicant's principal com petitor is presently
represented.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are favora­
ble with respect to the resulting bank as they have been with respect to the
merging banks. The proposal would resolve a problem of management succes­
sion at the Grove City Bank and provide managerial resources of adequate
depth and quality.
Convenience and Needs of the Community to be Served. Consummation of
the merger will introduce an aggressive management with expanded and more
competitive banking services which should benefit the Grove City community. In­
dustry in the area is expanding and recent loan demands have been higher than
Grove City Bank could independently accommodate. The applicant will provide
more comprehensive and complete trust services than Grove City Bank now of­
fers. The residents of the area will continue to have a good choice of banking
facilities with two banking alternatives in Grove City and four others at four lo­
cations within 10 miles.
Based on the foregoing and other information available to the Corporation,
the Board of Directors has concluded that approval of the bank's application is
warranted.

No. 32
Branch Banking & Trust Company
Wilson, North Carolina
to merge with
Bank of Davie
Mocksville

Resources
(in
thousands
of dollars)

Banking Offices
In
operation

To be
operated

157,706

40

42

10,230

2

S u m m a ry rep o rt by A tto rn e y G e n e ra l, S e p te m b e r 2 9 , 1 9 6 7
The Branch Banking and Trust Co. ( “ BB&T") proposed to merge with the
Bank of Davie (“ Davie” ). BB&T, the sixth largest bank in North Carolina, oper­
ates 40 banking offices primarily in Eastern North Carolina. Davie has two of­
fices in Mocksville, which is in Davie County in the Piedmont region of the
State.



80

FEDERAL DEPOSIT INSURANCE CORPORATION

At present, the expanding banking market of Davie County is served by only
two banks— Davie and a branch of Central Carolina Bank and Trust Co., a Durham-based bank with total deposits of $80.8 million. Davie is the dominant in­
stitution in the market, accounting for over 85 percent of both total deposits
and IPC demand deposits in the county.
Since the nearest office of BB&T is approximately 120 miles from the nearest
office of Davie, at the opposite end of the State, it is unlikely that there is d i­
rect substantial competition between the merging banks which would be
foreclosed by the proposed merger.
The proposed merger would eliminate BB&T as a source of potential competi­
tion in Davie County, since North Carolina law permits statewide branch bank­
ing (N.C. Gen. Stat. §53-62). Since BB&T is the sixth largest bank in the State it
would appear to be one of the most likely entrants into Davie County, an area
of expanding economic growth.
The proposed merger is part of a continuing trend of acquisitions and merg­
ers by North Carolina's largest commercial banks. This merger trend has
already had an adverse effect on potential competition in the State by inhibiting
the establishment of de novo branches by the largest banks, and thereby re­
tarding the development of a more competitive banking structure in North Caro­
lina.

B a s is fo r C o rp o ratio n ap p ro val, N o vem ber 2, 1 9 6 7
Branch Banking & Trust Company, Wilson, North Carolina (applicant), an in­
sured State nonmember bank, with total deposits of about $134.5 million, has
applied, pursuant to Section 18(c) and other provisions of the Federal Deposit
Insurance Act, for the Corporation's prior approval to merge Bank of Davie,
Mocksville, North Carolina which has total deposits of about $8,9 million. The
banks would merge under the charter and title of applicant and as an incident
thereof the two offices of the Bank of Davie would become branches of appli­
cant, increasing the number of its offices to 42.
Competition. Applicant’s main office is located in Wilson, North Carolina, 160
miles east of Mocksville and its closest office to Mocksville is at Cary, 102
miles to the east. Applicant is the State’s sixth largest bank, operating 40 of­
fices in 18 separate service areas throughout eastern North Carolina in competi­
tion with the State’s four largest banks and numerous smaller institutions. Bank
of Davie is the only bank in Mocksville, population 2,400. It competes with the
only other bank in Davie County which has a branch in Cooleemee, 5 miles dis­
tant, and approval to establish a branch in Mocksville which is now nearing
completion. There is no competition existing between applicant and Bank of
Davie which would be eliminated by their merger. Because of several factors,
including the long distance between Mocksville and applicant's nearest offices,
any potential for competition between the two participating banks through de
novo branching in each other’s area is slight.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Future Prospects. These factors are
favorable for applicant and Bank of Davie as they would be with respect to the
resulting bank.
Convenience and Needs of the Community. The effect of the proposed
merger on the community would be to introduce the wider services of appli­
cant into the Mocksville and Davie County area, including trust and other
specialized banking and greatly expand legal lending limitations and capacity.
Based on the foregoing and other information available to the Corporation,
the Board of Directors has concluded that approval of the bank's application is
warranted.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

Resources
On
thousands
of dollars)

No. 33
Bank of the West
Bellevue, Washington
to merge with
Highlands National Bank of Renton
Renton

81

Banking Offices
In
operation

7,925

1

3,032

To be
operated

1

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, S e p te m b e r 1, 1 9 6 7
The proposed merger involves two small banks that opened fo r business in
1965, located in King County, Washington (which also contains the City of Seat­
tle).
There appears to be little present direct competition between the merging
banks, located approximately 9 miles apart in two different suburbs of Seattle.
There are several smaller communities, and a considerable number of banking
alternatives, situated between Bellevue and Renton.
Within the Bellevue-Renton area (in King County), the bank resulting from
the proposed merger would hold 4.5 percent of total IPC deposits individually;
Highlands now holds 1.4 and West 3.1 percent of such deposits. If the merger
were approved, there would continue to be eight banks with 25 offices in this
area. Among them are banks with considerably larger market shares than the
resulting bank, including Seattle-First National Bank, Washington Mutual Sav­
ings Bank, Peoples National Bank, and National Bank of Commerce, with about
38, 20, 13, and 12 percent, respectively, of IPC deposits within the BellevueRenton area.
Within King County as a whole (which we believe overstates the market), the
combined share of IPC demand deposits of the merging banks is only about 0.2
percent.
We conclude that the proposed merger will have little, if any, effect upon
competition within the Bellevue-Renton area, King County or the broader Seattle
Metropolitan Area.

B a s is fo r C o rpo ratio n ap p ro val, N o vem ber 15, 1 9 6 7
Bank of the West, Bellevue, Washington (applicant), an insured State non­
member bank with total deposits of $6.5 million has applied, pursuant to Sec­
tion 18(c) and other provisions of the Federal Deposit Insurance Act, fo r the
Corporation's prior approval to merge with Highlands National Bank of Renton,
Renton, Washington (National), which has total deposits of $2,451,000. The
banks would merge under the charter and with the title of the applicant and, as
an incident to the merger, the sole office of National would become a branch of
the applicant, increasing the number of its offices to two.
Competition. Bellevue (population 22,000) is located 10 miles east from
downtown Seattle. Renton (population 23,000) is located 11 miles south from
Bellevue and 12 miles southeast from downtown Seattle. Both banks are new
institutions opened in 1965; they primarily serve separate although contiguous
areas. Several offices of other banks intervene their locations, and competition
between them is minimal.
Several offices of some of the largest banks headquartered in the State are
located in each merging bank's service area. Eight commercial banks presently
operate 22 offices in the combined service area. These offices include 19 oper­
ated by five of the State's eight largest commercial banks. The largest bank has
eight offices in the area which hold almost 47 percent of the aggregated depos­
its. Three other banks hold proportions ranging between 12 percent and 17 per­
cent. The resulting bank’s two offices would hold but 5.7 percent. The resulting
bank would be smallest in absolute size in the combined service area. The next
larger bank has $12.5 million in deposits, and the remaining banks have total



FEDERAL DEPOSIT INSURANCE CORPORATION

82

deposits ranging from $117 million to $1.4 billion. The proposed merger would
have no adverse effect on competition in either merging bank's service area.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors have been
favorable with respect to the merging banks and are so projected fo r the result­
ing bank. Future deposit growth prospects for National, as a branch of the ap­
plicant, would be enhanced under the latter's more aggressive management.
Convenience and Needs of the Community to be Served. The increased lend­
ing lim it would be of benefit to customers of both merging banks which are
located in economically expanding areas. The resulting bank will offer, to a
greater extent, complete mortgage loan services demanded by the heavy resi­
dential building activity in both service areas. It is anticipated that National's
inadequate quarters will be replaced by a new and larger building which would
better serve the needs of the community. It is planned to concurrently extend
the daily hours of the proposed branch in Renton for the convenience of the
commuter population.
On the basis of the above information and other information available to the
Corporation, the Board of Directors has concluded that the approval of the
bank’s application is warranted.

Resources
(in
thousands
of dollars)

No. 34
The Guaranty Bank
Phoenix, Arizona
(change title to United Bank of
Arizona)
to merge with
Central Arizona Bank,
Casa Grande,
First Security Bank,
Mesa, and
The Saguaro Bank
Tempe

Banking Offices
In
operation

68,333

6

4,949

2

19,592

3

9,543

To be
operated

12

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, A u g u st 2 8 , 1 9 6 7
There is no doubt that a certain amount of direct competition exists between
Guaranty, First Security and Saguaro, since the distances between Phoenix,
Tempe and Mesa are short and the number of commuters may be significant.
On the other hand, there would appear to be very little direct competition be­
tween Central (in Casa Grande) and the other three banks in Metropolitan Phoe­
nix, 38, 44, and 57 miles away, respectively.
Guaranty is presently the fifth largest bank in Arizona and the fourth largest
in the Phoenix area. The other big Arizona banks (Valley National, Arizona
Bank, First National Bank of Arizona, and Southern Arizona Bank, the latter two
being under common ownership), also operate in the Phoenix area. Banking is
already highly concentrated in the Phoenix metropolitan area, with the four larg­
est banks (including Guaranty) holding 92.7 percent of total commercial bank
deposits.
Guaranty alone holds 4.2 percent of IPC demand deposits within the Phoenix
metropolitan area (which may overstate market area somewhat); its proposed
acquisition of First Security and Saguaro would increase its market share to 5.8
percent. (Expressed in terms of total deposits, the combined market share
would be about the same, or 5.7 percent.)



BANK ABSORPTIONS APPROVED BY THE CORPORATION

83

Guaranty's proposed acquisition of these two relatively new banks in Mesa
and Tempe does not give it individually a high market share, but it would re­
duce the number of banking alternatives in the Phoenix metropolitan area from
11 to nine. Proposed transaction would also eliminate, at the same time, three
of the newer banking entrants in a State with a highly concentrated banking
structure and only 16 banks altogether; all of these banks being acquired now
possess unusual strength and recent growth and an even greater competitive
potential for the future.

B a s is fo r C o rp o ratio n ap p ro val, N o vem b er 15, 1 96 7
The Guaranty Bank, Phoenix, Arizona (applicant), an insured State nonmem­
ber bank with total deposits of $57,467,000, has applied, pursuant to Section
18(c) and other provisions of the Federal Deposit Insurance Act, for the Corpo­
ration’s prior consent to merge with Central Arizona Bank, Casa Grande, Arizona
(Central), an insured State nonmember bank which has total deposits of
$4,079,000, First Security Bank, Mesa, Arizona (First Security), an insured State
nonmember bank which has total deposits of $17,151,000, and The Saguaro
Bank, Tempe, Arizona (Saguaro), an insured State nonmember bank which has
total deposits of $8,547,000. The banks would merge under the charter of the
applicant and with the title “ United Bank of Arizona" and, as an incident to the
merger, applicant and Saguaro would retire part of their common capital and
the six offices of Central, First Security and Saguaro would become branches of
the applicant, increasing the number of its offices to 12.
Competition. Applicant is headquartered in Phoenix (population 518,000), the
seat of Maricopa County. It has four branches in Phoenix and one branch in
Scottsdale, 12 miles east from the main office. The applicant primarily serves
the Phoenix-Scottsdale area. Central's main office is in Casa Grande, 57 miles
southeast from the applicant’s main office. Central's sole branch is located in
Coolidge, 22 miles northeast from Casa Grande. The Casa Grande-Coolidge area
has a combined population of 13,500 and is more than 30 miles from any of­
fices of the other participating banks. First Security's three offices are located
in Mesa (population 57,000). Mesa is 19 miles southeast of Phoenix. Saguaro’s
sole office is located in Tempe (population 50,000), 6 miles west from Mesa.
Saguaro's office is Ay2 miles from the nearest office of First Security and these
are the closest of any of the participating banks' offices. The Phoenix-Scottsdale
area is separated from the Tempe and Mesa areas by the Salt River bed and
numerous bank offices intervene each of the merging banks' locations. This and
other evidence indicates that there is little direct competition between Central
and any of the other three banks involved in the proposal and that competition
between applicant, First Security and Saguaro is not substantial.
Two or more of the State's four largest banks operate offices in each of the
areas served by the merging banks. In each case, the offices of the large banks
hold the majority of the aggregate deposits held by the bank offices in the res­
pective service areas. In the combined service area 11 banks operate 127
offices. The State's four largest banks operate 109 of these offices and in the
aggregate hold almost 90 percent of the deposits. These banks range in abso­
lute deposit size from $180 million to $1.0 billion. There is little potential for
any significant competition between these large banks and the merging banks.
But, in consequence of this merger the resulting bank would have 12 offices
and $87.2 million in deposits, or 6.0 percent of the aggregate, and would be a
stronger institution than any of its components. This should tend to enhance its
competition with the State’s banking giants represented in each participating
bank's service area.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are found
to be generally satisfactory with respect to the resulting bank as they have been




84

FEDERAL DEPOSIT INSURANCE CORPORATION

with respect to the merging banks. The proposal would result in stronger overall
management and would resolve First Security's undercapitalized position.
Convenience and Needs of the Community to be Served. Most of the State's
growth has occurred in the resulting bank’s service area and economic pros­
pects are highly favorable. The resulting bank, with resources of almost $100
million, a lending lim it in excess of $1.0 million, trust services, a computer de­
partment and loan specialists, will be better able to serve this expanding region
than could the four banks independently.
Based on the above information and other information available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.
Resources
(in
thousands
of dollars)

No. 35
Commerce Bank and Trust Company
Worcester, Massachusetts
to merge with
Shrewsbury Bank and Trust Company
Shrewsbury

B anking Offices
In
operation

13,157

2

5,375

To be
operated

3

1

S u m m a ry repo rt by A tto rn e y G e n e ra l, J u ly 2 5 , 1 9 6 7
The Commerce Bank and Trust Company, Worcester, Massachusetts, pro­
poses to merge with the Shrewsbury Bank and Trust Company, Shrewsbury,
Massachusetts.
The Shrewsbury Bank probably competes with Commerce to some extent, al­
though its principal com petitor is the local Shrewsbury branch of Worcester
County National. Within the entire Worcester Metropolitan Area (an area which
probably overstates the market in this case) the merging banks together hold
only about 3 percent of total IPC demand deposits. It should be noted that the
merging banks are largely owned by one family who hold 95 percent of the
stock of Commerce and 89 percent of that of Shrewsbury Bank.

B a s is fo r C o rp o ratio n ap p ro val, N o vem ber 15, 1 9 6 7
Commerce Bank and Trust Company, Worcester, Massachusetts (Commerce),
an insured State nonmember bank with total deposits of about $11.2 millon,
has applied pursuant to Section 18(c) and other provisions of the Federal De­
posit Insurance Act, for the Corporation’s prior approval to merge with
Shrewsbury Bank and Trust Company, Shrewsbury, Massachusetts (Merging
Bank), also an insured State nonmember bank, which has total deposits of
about $4.6 million. The banks would effect this transaction under the charter
and title of Commerce and as an incident thereof the sole office of Shrewsbury
would become a branch of Commerce, increasing the number of its offices to
three.
Competition. The primary service area of Commerce is the City of Worcester
but touches on parts of six towns, including Shrewsbury, the location of Merg­
ing Bank. The primary service area of Merging Bank is the Town of Shrewsbury
and portions of adjacent Worcester. Because of this overlapping of service
areas, some competition exists between the participating banks but it does not
appear to be substantial. The banks, moreover, are 3 miles apart in a populous
area and are separated by a number of offices of other much larger banks. In
addition, Merging Bank’s principal competitor, only one-tenth mile away, is a
branch of the largest bank in Worcester County.
Commerce is the second smallest and Merging Bank the smallest in their res­
pective primary service areas. The resulting bank would continue to be one of
the smallest in the entire area, with only 5.2 percent of the commercial bank
deposits while the next largest commercial bank would be four times as large




85

BANK ABSORPTIONS APPROVED BY THE CORPORATION

with 20.9 percent. In addition, several large mutual savings banks offer compe­
tition in the area. This merger should enhance the resulting bank's capacity to
compete with the larger banks in its service area.
The Board of Directors is of the opinion that the proposed transaction would
not substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. The banking factors with
respect to both participating banks are satisfactory, as they would be following
the proposed merger.
Convenience and Needs of the Community. This merger would give the re­
sulting banks a significantly higher lending limit. In addition, trust services may
be introduced at a future date. The comm unity's needs should be better served
through combining the operations of these two relatively small banks.
Based on the foregoing and on other information available to the Corpora­
tion, the Board of Directors has concluded that approval of the bank’s applica­
tion is warranted.
Resources
(in
thousands
of dollars)

No. 36
The Central Jersey Bank and
Trust Company
Freehold Township, New Jersey
to merge with
The Sea Bright National Bank
Sea Bright

In
operation

To be
operated

148,233

16

18

7,738

2

Banking Offices

S u m m a ry rep o rt by A tto rn e y G e n e ra l, S e p te m b e r 2 9 , 1 9 6 7
The Central Jersey Bank and Trust Company is the second largest of 12
banks located in Monmouth County, New Jersey, where it operates 15 branch
offices.
Three branches of Central Jersey— in the towns of Long Branch, Eatontown,
and Fort Monmouth— are located from about 5 to 7 miles distant from Sea
Bright National. This distance is sufficiently short that we believe the merging
banks to be in direct competition with one another for at least certain classes
of business. This competition would, of course, be eliminated by the proposed
merger.
The proposed merger would also increase the market share of Monmouth
County's second largest bank by about 1.2 percent of total IPC deposits to 22.1
percent, and further increase concentration in this already concentrated banking
market.

B a s is fo r C o rp o ratio n ap p ro val, N o vem b er 2 2 , 1 9 6 7
The Central Jersey Bank and Trust Company, Freehold Township (P.O. Free­
hold), New Jersey (applicant), an insured State nonmember bank with total
deposits of $133,835,000, has applied, pursuant to Section 18(c) and other
provisions of the Federal Deposit Insurance Act, for the Corporation’s prior ap­
proval to merge with The Sea Bright National Bank, Sea Bright, New Jersey
(National) which has total deposits of $7,315,000. The banks would merge un­
der the charter and with the title of the applicant and, as an incident to the
merger, the two offices of National would become branches of the applicant, in­
creasing the number of its offices to 19, including applicant's approved, but
unopened, de novo branch.
Competition. Applicant is headquartered in Freehold Township (population
6,500), which completely surrounds the Borough of Freehold (population 9,100),
the seat of Monmouth County. Applicant's 16 offices are in Monmouth County
and it has approval for an additional branch in Freehold Township. National's



86

FEDERAL DEPOSIT INSURANCE CORPORATION

main office is in the coastal resort community of Sea Bright (year-round popula­
tion 1,400) and its sole branch is located in Rumson (population 7,400). Mon­
mouth County, the relevant service area, has an estimated population of
420,800. The merging banks' nearest offices are 6 and 7 miles apart. Other op­
erating or approved banking offices intervene these areas. National's
conservative policies indicate that it is not a strong competitive force in the
area it serves. This and other evidence indicates that existing competition and
the potential for significant competition between the merging banks is minimal.
The increase of 1.2 percent in the applicant's share of the aggregate IPC de­
posits held by the banks in Monmouth County would not change its position as
second largest bank. The resulting bank would have 22.1 percent of such de­
posits. The largest bank in the county holds 24.8 percent. National's nearest
competitor, located 2 miles from its Rumson branch, is a branch of the coun­
ty's third largest bank. The county's largest bank has approval to establish a
branch 2 miles from National's main office. The increased resources of the ap­
plicant would not significantly affect competition in Monmouth County. Appli­
cant’s entry into the communities of Sea Bright and Rumson should stimulate
competition in those areas.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are satis­
factory with respect to the merging banks and are so projected for the resulting
bank.
Convenience and Needs of the Community to be Served. The Sea Bright and
Rumson areas are not being adequately served by the National Bank. There is a
demand in these areas for many services not now provided by National, includ­
ing a much larger lending lim it and types of loans other than those offered by
National, which the resulting bank can provide. In addition, the resulting bank
will offer computer and trust services.
On the basis of the above information, and other information available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.
Resources
(in
thousands
of dollars)

No. 37
Wakefield Trust Company
Wakefield, Massachusetts
(change title to Melrose-Wakefield
Trust Company)
to consolidate with
Melrose Trust Company
Melrose

B anking Offices
In
operation

16,077

2

14,328

To be
operated

3

5

S u m m a ry repo rt by A tto rn e y G e n e ra l, N o vem ber 7, 1 9 6 7
The proposed consolidation involves Wakefield Trust Company, Wakefield,
Massachusetts, and the Melrose Trust Company, Melrose, Massachusetts.
The closest offices of the merging banks are about 2 l/ 2 miles apart in the ad­
jacent communities of Wakefield and Melrose. In the Wakefield-Melrose area,
Wakefield Trust is the fourth largest bank and Melrose Trust is the fifth largest.
In view of the fact, however, that both banks have for many years been con­
trolled by the same bank holding company, we conclude that the effect of the
proposed merger on competition would not be substantial.

B a s is fo r C o rp o ratio n ap p ro val, N o vem b er 2 8 , 1 9 6 7
Wakefield Trust Company, Wakefield, Massachusetts (Charter Bank), an in­




87

BANK ABSORPTIONS APPROVED BY THE CORPORATION

sured State nonmember bank with total deposits of about $14 million, has ap­
plied, pursuant to Section 18(c) and other provisions of the Federal Deposit In­
surance Act, for the Corporation's prior approval to consolidate with Melrose
Trust Company, Melrose, Massachusetts (Merging Bank), also an insured State
nonmember bank, which has total deposits of about $12.5 million. The banks
would consolidate under the charter of Wakefield Trust Company and with the
title Melrose-Wakefield Trust Company, and as an incident thereof, the three of­
fices of Merging Bank would become branches of the resulting bank, increasing
the total number of offices to five.
Competition. Wakefield, the location of Charter Bank's main office and its sin­
gle branch, is located 10 miles north of Boston. Wakefield's population was ap­
proximately 24,000 in 1960. Melrose, where Merging Bank's main office and
two branches are situated, is 3 miles nearer to Boston, and its population at
the 1960 census was approximately 30,000. Both of the service areas are lo­
cated in the Boston metropolitan area. Competition between the participating in­
stitutions is nominal and is further minimized by the fact that both institutions
have long been controlled by The Shawmut Association, Inc., a registered bank
holding company. It owns 75.7 percent of the outstanding stock of Charter
Bank and acquired control in 1947, and 76.6 percent of the outstanding stock
of Merging Bank, which it has controlled since 1937. In view of this long-stand­
ing common ownership, the intense competition from two much larger mutual
savings banks in the combined service area, and the fact that Wakefield and
Melrose are satellite municipalities in a large urban complex centering about
Boston, the proposed consolidation would not have a significant effect upon
competition. Although the large Boston banks may not legally branch into Wake­
field or Melrose, they actively solicit business from those areas and many Wake­
field and Melrose residents commute to Boston.
The Board of Directors is of the opinion that the proposed consolidation
would not substantially lessen competition, tend to create a monopoly or, in
any other manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. The banking factors with
respect to each participating bank are satisfactory as they would be with res­
pect to the resulting bank following the proposed consolidation.
Convenience and Needs of the Community. Present and potential customers
in both communities should benefit from the increased lending power of the re­
sulting bank and the generally expanded services it would be able to offer.
Based on the foregoing and on other information available to the Corpora­
tion, the Board of Directors has concluded that approval of the application is
warranted.

No. 38
Bank o f Clarksdale
Clarksdale, Mississippi
to merge with
The Bank of Lambert, Lambert
Mississippi
Lambert

Resources
(in
thousands
of dollars)

B anking Offices
In
operation

34,087

4

4,692

To be
operated

6

2

S u m m a ry repo rt by A tto rn e y G e n e ra l, N o vem b er 13, 1 9 6 7
The Bank of Clarksdale ( “ Clarksdale Bank"), with $30.5 million in total de­
posits, proposes to merge Bank of Lambert ( “ Lambert Bank"), which holds
total deposits of $4.3 million.
Two of Clarksdale Bank's four offices are situated in Clarksdale, Mississippi
(population 22,000), the county seat of Coahoma County (population 46,212).
Its two new offices, if approved, will also be located in that county. Lambert



FEDERAL DEPOSIT INSURANCE CORPORATION

88

Bank’s two offices are situated in adjacent Quitman County (population
21,019). This two-county area is still predominantly agricultural, although there
is a gradual trend toward industrial growth. Prospects for continued economic
growth are favorable.
Within Coahoma County, Clarksdale Bank competes directly with the four of­
fices of two other commercial banks and is the dominant bank. Lambert Bank
competes directly with the two offices of one other commercial bank in Quitman
County but is the smaller of the two, holding about 40 percent of total deposits
in the county.
The closest offices of the merging banks are about 22 miles apart, and there
does not appear to exist a substantial amount of actual competition between
them which would be eliminated by the proposed merger.
Mississippi law would permit Clarksdale Bank to expand by de novo branch­
ing into any community in adjacent Quitman County with a population of 3,500
or more. However, since the largest community in Quitman County appears to
be Marks (1960 population 2,600), the proposed merger would apparently not
at this time involve the loss of Clarksdale Bank as a potential entrant into this
county where only two banks presently operate.

B a s is fo r C o rp o ratio n ap p ro val, N o vem ber 2 8 , 1 9 6 7
Bank of Clarksdale, Clarksdale, Mississippi (applicant), an insured State non­
member bank with total deposits of $30,513,000, has applied, pursuant to
Section 18(c) and other provisions of the Federal Deposit Insurance Act, for the
Corporation’s prior approval to merge with The Bank of Lambert, Lambert, Mis­
sissippi, Lambert, Mississippi (Bank of Lambert) which has total deposits of
$4,292,000. The banks would merge under the charter and with the title of the
applicant and, as an incident to the merger, the two offices of Bank of Lambert
would become branches of the applicant, increasing the number of its offices to
eight, including applicant’s two approved, but unopened de novo branches at
Lula and Jonestown.
Competition. Applicant operates a main office and one branch in Clarksdale,
population 21,100, the seat of Coahoma County, population 46,200, in the
Delta region of northwestern Mississippi. Two other branches are presently in
operation, at Friars Point and at Drew, 14 miles northwest and 32 miles south,
respectively, of Clarksdale. Bank of Lambert operates only one branch, at
Sledge, population 440, 17 miles north of Lambert, a small agricultural center
with a population of 1,180. The nearest offices of the merging banks are their
main offices which are separated by 22 miles, with Bank of Lambert’s primary
competitor and the only other bank in Quitman County located 4 miles to the
north of Lambert in the intervening area on the primary highway to Clarksdale.
Because of the distance between the merging banks, the proximity of other
banks and the small size of Bank of Lambert and the communities it serves,
there is little competition between them that would be eliminated by this pro­
posal. The evidence further indicates there is little potential for competition.
There are two other effectively competing banks in Clarksdale, and although
applicant is the largest bank headquartered in the overall service area, numer­
ous banking alternatives are readily accessible, including branches of a consid­
erably larger bank, based elsewhere. The relatively small increase in applicant's
resources would not adversely affect competition in the relevant area.
The Board of Directors is of the opinion that the proposed merger would not
substantially lessen competition, tend to create a monopoly or, in any other
manner, be in restraint of trade.
Financial and Managerial Resources and Prospects. These factors are satis­
factory with respect to applicant as they would be for the resulting bank. Bank
of Lambert recently lost, through death, illness, and resignation, its active man­
agement and three of its directors. Prospects for rebuilding management are
poor.



BANK ABSORPTIONS APPROVED BY THE CORPORATION

89

Convenience and Needs of the Community to be Served. The evidence indi­
cates applicant is a well-established bank, able and anxious to expand the
services it offers and to extend them into new areas. Bank of Lambert’s main
office is sorely in need of replacement which applicant is prepared to provide,
along with trust services, an increase in lending lim itations from $45,000 to
$386,000, safe deposit box service and exchange of checks on a full-par basis.
On the basis of the above information, and other information available to the
Corporation, the Board of Directors has concluded that approval of the bank's
application is warranted.
1 Resources acquired in tra n s fe r of Malvern Bank’ s Paoli office.
2 Resources acquired w ith tra n s fe r of Chemical Bank’s Delancey Street office.










LEGISLATION
AND REGULATIONS

PART THREE




93

FEDERAL BANKING LEGISLATION— 1967
P u b lic L a w 9 0 — 4
4
9 0 th C o n g re ss, S . 7 1 4
J u ly 3 , 1 9 6 7

An A ct
To amend section 22(g) of the Federal Reserve Act relating to loans to execu­
tive officers by member banks of the Federal Reserve System, and to amend
the Federal Credit Union Act to modify the loan provisions relating to direc­
tors, members of the supervisory committee, and members of the credit
committee of Federal credit unions.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
Section 1. Section 22(g) of the Federal Reserve Act (12 U.S.C. 375a) is
amended to read:
“ (g)(1) Except as authorized under this subsection, no member bank may
extend credit in any manner to any of its own executive officers. No executive
officer of any member bank may become indebted to that member bank except
by means of an extension of credit which the bank is authorized to make under
this subsection. Any extension of credit under this subsection shall be promptly
reported to the board of directors of the bank, and may be made only if—
“ (A) the bank would be authorized to make it to borrowers other than its
officers;
“ (B) it is on terms not more favorable than those afforded other borrow­
ers;
“ (C) the officer has submitted a detailed current financial statement; and
“ (D) it is on condition that it shall become due and payable on demand of
the bank at any time when the officer is indebted to any other bank or banks
on account of extensions of credit of any one of the three categories respec­
tively referred to in paragraphs (2), (3), and (4) in an aggregate amount
greater than the amount of credit of the same category that could be ex­
tended to him by the bank of which he is an officer.
“ (2) With the specific prior approval of its board of directors, a member
bank may make a loan not exceeding $30,000 to any executive officer of the
bank if, at the time the loan is made—
“ (A) it is secured by a first lien on a dwelling which is expected, after the
making of the loan, to be owned by the officer and used by him as his resi­
dence, and
“ (B) no other loan by the bank to the officer under authority of this para­
graph is outstanding.
“ (3) A member bank may make extensions of credit to any executive officer
of the bank, not exceeding the aggregate amount of $10,000 outstanding at any
one time, to finance the education of the children of the officer.
“ (4) A member bank may make extensions of credit not otherwise specifi­
cally authorized under this subsection to any executive officer of the bank, not
exceeding the aggregate amount of $5,000 outstanding at any one time.



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FEDERAL DEPOSIT INSURANCE CORPORATION

"(5 ) Except to the extent permitted under paragraph (4), a member bank
may not extend credit to a partnership in which one or more of its executive of­
ficers are partners having either individually or together a majority interest. For
the purposes of paragraph (4), the full amount of any credit so extended shall
be considered to have been extended to each officer of the bank who is a mem­
ber of the partnership.
“ (6) Whenever an executive officer of a member bank becomes indebted to
any bank or banks (other than the one of which he is an officer) on account of
extensions of credit of any one of the three categories respectively referred to
in paragraphs (2), (3), and (4) in an aggregate amount greater than the aggre­
gate amount of credit of the same category that could lawfully be extended to
him by the bank, he shall make a written report to the board of directors of the
bank, stating the date and amount of each such extension of credit, the secu­
rity thereof, and the purposes fo r which the proceeds have been or are to be
used.
“ (7) This subsection does not prohibit any executive officer of a member
bank from endorsing or guaranteeing for the protection of the bank any loan or
other asset previously acquired by the bank in good faith or from incurring any
indebtedness to the bank fo r the purpose of protecting the bank against loss or
giving financial assistance to it.
“ (8) Each day that any extension of credit in violation of this subsection ex­
ists is a continuation of the violation for the purposes of section 8 of the Fed­
eral Deposit Insurance Act.
“ (9) Each member bank shall include with (but not as part of) each report
of condition and copy thereof filed under section 7(a)(3) of the Federal Deposit
Insurance Act a report of all loans under authority of this subsection ijiade by
the bank since its previous report of condition.
“ (10) The Board of Governors of the Federal Reserve System may prescribe
such rules and regulations, including definitions of terms, as it deems neces­
sary to effectuate the purposes and to prevent evasions of this subsection.”
Sec. 2. Section 8 of the Federal Credit Union Act (12 U.S.C. 1757) is
amended—
(1) by changing, in paragraph (5) thereof, “ shall exceed the amount of his
holdings in the Federal Credit Union as represented by shares thereof plus
the total unencumbered and unpledged shareholdings in the Federal Credit
Union of any member pledged as security for the obligation of such director
or committee member” to read “ may be made except as authorized under
paragraph (6) of this section” ;
(2) by redesignating paragraphs (6) through (13) of that section as para­
graphs (7) through (14), respectively; and
(3) by inserting, immediately after paragraph (5), the following new para­
graph:
“ (6) to make loans to its own directors and to members of its own super­
visory or credit committee, but all such loans shall be reported to the
Director at least annually, and such a loan may be made only if—
“ (A) the loan complies with all lawful requirements under this Act with
respect to loans to other borrowers and is not on terms more favorable
than those extended to other borrowers;
“ (B) upon the making of the loan, the aggregate amount of loans out­
standing to the borrower will not exceed the total amount of shareholdings
in the credit union, not otherwise encumbered or pledged, which are
pledged as security for loans to the borrower, or $5,000, whichever is
greater;
“ (C) upon the making of the loan, the aggregate amount of loans out­
standing under authority of this paragraph will not exceed 20 per centum
of the unimpaired capital and surplus of the credit union;
“ (D) the loan is approved by the credit committee and by the board of
directors after the submission to them of a detailed current financial state­
ment by the borrower; and



FEDERAL BANKING LEGISLATION— 1967

95

“ (E) the borrower takes no part in the consideration of his application
and does not attend any committee or board meeting while his application
is under consideration;".
Sec. 3. Paragraph (D) of section 8(8) of the Federal Credit Union Act is
amended to read: “ (D) in shares or accounts of savings and loan associations
or mutual savings banks, the accounts of which are insured by the Federal Sav­
ings and Loan Insurance Corporation or the Federal Deposit Insurance Corpora­
tio n ;".
Approved July 3, 1967.

P u b lic L a w 9 0 — 2
6
9 0 th C o n g re ss, S . 1 6 4 8
A u g u st 9 , 1 9 6 7

An Act
To extend the authority fo r exemptions from the antitrust laws to assist in
safeguarding the balance-of-payments position of the United States.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 6 of the Act of Septem­
ber 9, 1965 (79 Stat. 674; 31 U.S.C., Supp. I, 936) is amended by striking out
“ twenty months after it becomes law" and inserting in lieu thereof “ on June
30, 1969".
Approved August 9, 1967.

P u b lic L a w 9 0 — 7
8
9 0 th C o n g re ss, S . 1 9 5 6
S e p te m b e r 2 1 , 1 9 6 7

An Act
To extend fo r one year the authority for more flexible regulation o f maximum
rates o f interest or dividends, higher reserve requirements, and open market
operations in agency issues.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 7 of the Act of Septem­
ber 21, 1966 (80 Stat. 823), is hereby amended by striking “ one-year" and in­
serting in lieu thereof “ two-year".
Approved September 21, 1967.
P u b lic L a w 9 0 — 1 0 4
9 0 th C o n g re s s , S. 1 8 6 2
O c to b e r 1 1 , 19<67

An A ct
To amend the authorizing legislation o f the Small Business Administration, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
$

$

«

$

«

Sec. 204. Section 302(b) of the Small Business Investment Act of 1958 is
amended by striking “ except th a t in no event shall any such bank hold shares



FEDERAL DEPOSIT INSURANCE CORPORATION

96

in small business investment companies in an amount aggregating more than 2
percent of its capital and surplus.” and inserting "except that in no event may
any such bank acquire shares in any small business investment company if,
upon the making of that acquisition.
“ (1) the aggregate amount of shares in small business investment compa­
nies then held by the bank would exceed 5 percent of its capital and surplus,
or
“ (2) the bank would hold 50 percent or more of any class of equity secu­
rities issued by that investment company and having actual or potential voting
rights."
Approved October 11, 1967.

P u b lic L a w 9 0 — 0 3
2
9 0 th C o n g re ss, H . R . 1 0 5 9 5
D e cem b er 15, 1 9 6 7

An Act
To prohibit certain banks and savings and loan associations from fostering or
participating in gambling activities.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
Section 1. (a) Chapter 1 of title LXII of the Revised Statutes is amended by
inserting, immediately after section 5136, the following new section:
“ Sec. 5136A. (a) A national bank may not—
“ (1) deal in lottery tickets;
“ (2) deal in bets used as a means or substitute for participation in a lot­
tery;
“ (3) announce, advertise, or publicize the existence of any lottery;
“ (4) announce, advertise, or publicize the existence or identity of any par­
ticipant or winner, as such, in a lottery.
“ (b) A national bank may not permit—
“ (1) the use of any part of any of its banking offices by any person for
any purpose forbidden to the bank under subsection (a), or
“ (2) direct access by the public from any of its banking offices to any
premises used by any person for any purpose forbidden to the bank under
subsection (a).
“ (c) As used in this section—
“ (1) The term 'deal in' includes making, taking, buying, selling, redeem­
ing, or collecting.
“ (2) The term ‘lottery’ includes any arrangement whereby three or more
persons (the ‘participants’) advance money or credit to another in exchange
for the possibility or expectation that one or more but not all of the partici­
pants (the ‘winners') will receive by reason of their advances more than the
amounts they have advanced, the identity of the winners being determined
by any means which includes—
“ (A) a random selection;
“ (B) a game, race, or contest; or
“ (C) any record or tabulation of the result of one or more events in
which any participant has no interest except for its bearing upon the possi­
bility that he may become a winner.
“ (3) The term ‘lottery ticket’ includes any right, privilege, or possibility
(and any ticket, receipt, record, or other evidence of any such right, privilege,
or possibility) of becoming a winner in a lottery.
“ (d) Nothing contained in this section prohibits a national bank from accept­
ing deposits or cashing or otherwise handling checks or other negotiable



FEDERAL BANKING LEGISLATION— 1967

97

instruments, or performing other lawful banking services for a State operating a
lottery, or for an officer or employee of that State who is charged with the ad­
ministration of the lottery.
“ (e) The Comptroller of the Currency shall issue such regulations as may be
necessary to the strict enforcement of this section and the prevention of eva­
sions thereof.”
(b)
The table of sections at the beginning of that chapter is amended by in­
serting
“ 5136A. Participation in lotteries prohibited."
immediately above
“ 5137. Power to hold real property.”
Sec. 2. The Federal Reserve Act is amended by inserting immediately after
section 9 the following new section:
“ SECTION 9A. PARTICIPATION IN LOTTERIES PROHIBITED
“ (a) A State member may not—
“ (1) deal in lottery tickets;
“ (2) deal in bets used as a means or substitute for participation in a lot­
tery;
“ (3) announce, advertise, or publicize the existence of any lottery;
“ (4) announce, advertise, or publicize the existence or identity of any par­
ticipant or winner, as such, in a lottery.
“ (b) A State member bank may not permit—
“ (1) the use of any part of any of its banking offices by any person for
any purpose forbidden to the bank under subsection (a), or
“ (2) direct access by the public from any of its banking offices to any
premises used by any person for any purpose forbidden to the bank under
subsection (a).
“ (c) As used in this section—
“ (1) The term ‘deal in' includes making, taking, buying, selling, redeem­
ing, or collecting.
“ (2) The term 'lottery' includes any arrangement whereby three or more
persons (the ‘participants') advance money or credit to another in exchange
for the possibility or expectation that one or more but not all of the partici­
pants (the ‘winners') will receive by reason of their advances more than the
amounts they have advanced, the identity of the winners being determined
by any means which includes—
“ (A) a random selection;
“ (B) a game, race, or contest; or
“ (C) any record or tabulation of the result of one or more events in
which any participant has no interest except for its bearing upon the possi­
bility that he may become a winner.
“ (3) The term ‘lottery ticket' includes any right, privilege, or possibility
(and any ticket, receipt, record, or other evidence of any such right, privilege,
or possibility) of becoming a winner in a lottery.
“ (d) Nothing contained in this section prohibits a State member bank from
accepting deposits or cashing or otherwise handling checks or other negotiable
instruments, or performing other lawful banking services for a State operating a
lottery, or for an officer or employee of that State who is charged with the ad­
ministration of the lottery.
“ (e) The Board of Governors of the Federal Reserve System shall issue such
regulations as may be necessary to the strict enforcement of this section and
the prevention of evasions thereof.”
Sec. 3. The Federal Deposit Insurance Act is amended by redesignating sec­
tions 20 and 21 as 21 and 22, respectively, and by inserting immediately after
section 19 the following new section:
“ Sec. 20. (a) A State nonmember insured bank may not—
“ (1) deal in lottery tickets;




98

FEDERAL DEPOSIT INSURANCE CORPORATION

“ (2) deal in bets used as a means or substitute for participation in a
lottery;
"(3 ) announce, advertise, or publicize the existence of any lottery;
“ (4) announce, advertise, or publicize the existence or identity of any par­
ticipant or winner, as such, in a lottery.
“ (b) A State nonmember insured bank may not permit—
“ (1) the use of any part of any of its banking offices by any person for
any purpose forbidden to the bank under subsection (a), or
“ (2) direct access by the public from any of its banking offices to any
premises used by any person for any purpose forbidden to the bank under
subsection (a).
“ (c) As used in this section—
“ (1) The term 'deal in ’ includes making, taking, buying, selling, redeem­
ing, or collecting.
“ (2) The term ‘lottery’ includes any arrangement whereby three or more
persons (the ‘participants’) advance money or credit to another in exchange
for the possibility or expectation that one or more but not all of the partici­
pants (the ‘winners’) will receive by reason of their advances more than the
amounts they have advanced, the identity of the winners being determined
by any means which includes—
“ (A) a random selection;
“ (B) a game, race, or contest; or
“ (C) any record or tabulation of the result of one or more events in
which any participant has no interest except for its bearing upon the possi­
bility that he may become a winner.
“ (3) The term ‘lottery ticket’ includes any right, privilege, or possibility
(and any ticket, receipt, record, or other evidence of any such right, privilege,
or possibility) of becoming a winner in a lottery.
“ (d) Nothing contained in this section prohibits a State nonmember insured
bank from accepting deposits or cashing or otherwise handling checks or other
negotiable instruments, or performing other lawful banking services fo r a State
operating a lottery, or for an officer or employee of that State who is charged
with the administration of the lottery.
“ (e) The Board of Directors shall prescribe such regulations as may be ne­
cessary to the strict enforcement of this section and the prevention of evasions
thereof."
Sec. 4. Title IV of the National Housing Act is amended by adding the follow­
ing new section at the end:
“ Sec. 410. (a) An insured institution may not—
“ (1) deal in lottery tickets;
“ (2) deal in bets used as a means or substitute for participation in a lot­
tery;
“ (3) announce, advertise, or publicize the existence of any lottery;
“ (4) announce, advertise, or publicize the existence or identity of any par­
ticipant or winner, as such, in a lottery.
“ (b) An insured institution may not permit—
“ (1) the use of any part of any of its own offices by any person fo r any
purpose forbidden to the institution under subsection (a), or
“ (2) direct access by the public from any of its own offices to any prem­
ises used by any person for any purpose forbidden to the institution under
subsection (a).
“ (c) As used in this section—
“ (1) The term ‘deal in' includes making, taking, buying, selling, redeem­
ing, or collecting.
“ (2) The term ‘lottery’ includes any arrangement whereby three or more
persons (the ‘participants’) advance money or credit to another in exchange
for the possibility or expectation that one or more but not all of the partici­
pants (the ‘winners’) will receive by reason of their advances more than the




RULES AND REGULATIONS OF THE CORPORATION

99

amounts they have advanced, the identity of the winners being determined
by any means which includes—
"(A ) a random selection;
“ (B) a game, race, or contest; or
“ (C) any record or tabulation of the result of one or more events in
which any participant has no interest except for its bearing upon the possi­
bility that he may become a winner.
“ (3) The term ‘lottery ticket' includes any right, privilege, or possibility
(and any ticket, receipt, record, or other evidence of any such right, privilege,
or possibility) of becoming a winner in a lottery.
“ (d) Nothing contained in this section prohibits an insured institution from
accepting funds from, or performing any lawful services for, a State operating a
lottery, or an officer or employee of that State who is charged with the adminis­
tration of the lottery.
“ (e) The Federal Home Loan Bank Board shall prescribe such regulations as
may be necessary to the strict enforcement of this section and the prevention
of evasions thereof.”
Sec. 5. (a) Chapter 61 of title 18 of the United States Code is amended by
adding the following new section at the end:
“ §1306.. Participation by financial institutions
“ Whoever knowingly violates section 5136A of the Revised Statutes of the
United States, section 9A of the Federal Reserve Act, section 20 of the Federal
Deposit Insurance Act, or section 410 of the National Housing Act shall be
fined not more than $1,000 or imprisoned not more than one year, or both."
(b)
The table of sections at the beginning of that chapter is amended by
adding the following at the end:
“ 1306. Participation by financial institutions."
Sec. 6. The amendments made by this Act shall take effect on April 1, 1968.
Approved December 15, 1967.

RULES AND REGULATIONS OF THE
CORPORATION— 1967
TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 329— PAYMENT OF DEPOSITS AND INTEREST THEREON BY INSURED
NONMEMBER BANKS
Mutual Savings Banks in Alaska
Effective July 1, 1967, paragraph (e) of §329.7 of the rules and regulations
of the Federal Deposit Insurance Corporation (12 CFR 329.7) is amended to
read as follows:
§329.7 Maximum rates of interest or dividends payable on deposits by insured
nonmember mutual savings banks.
(e) Banks in Alaska. Notwithstanding paragraph (b) of this section, any in­
sured nonmember mutual savings bank located in the State of Alaska may pay
for any tim e on or after October 1, 1966, and prior to July 1, 1967, a rate of
interest or dividends not in excess of 5 % percent per annum on any deposit,
and for any time on or after October 1, 1966, may continue to pay a higher
rate of interest or dividends in accordance with any tim e certificate of deposit,
savings certificate, or sim ilar certificate issued by the bank prior to September




FEDERAL DEPOSIT INSURANCE CORPORATION

100

22, 1966, requiring maintenance of the deposit for a stated period or making
the rate of interest or dividends dependent thereon, and on any renewals or ex­
tensions of such certificates on the same terms and conditions. For the
purposes of paragraphs (c) and (d) of this section, the applicable maximum
rate for any tim e prior to July 1, 1967, for any such bank located in the State
of Alaska is that prescribed by this paragraph.
[F.R. Doc. 67-6717; Filed, June 14, 1967; 8:47 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
RECORDS AND INFORMATION
Miscellaneous Amendments
Effective July 4, 1967, §§301.1, 303.10, 305.1, 307.3, 334.4, and Part 309 of
the rules and regulations of the Federal Deposit Insurance Corporation are
amended as follows:
PART 301— INTRODUCTORY
1. Section 301.1 is amended to read as follows:
§301.1 Scope.
The rules contained in this subchapter are promulgated pursuant to the pro­
visions of the Administrative Procedure Act (5 U.S.C. 551-559), the Federal De­
posit Insurance Act (12 U.S.C. 1811-1831), and other applicable laws. In
accordance with the provisions of section 3(a) of the Administrative Procedure
Act they state (1) the established places at which, the officers from whom, and
the methods whereby, the public may secure information, make submittals or
requests, or obtain decisions, (2) the general course and method by which the
Corporation's functions are channeled and determined, including the nature and
requirements of all formal and informal procedures available, and (3) rules of
procedure, descriptions of forms available, or the places at which forms may be
obtained, and instructions as to the scope and contents of all papers, reports,
or examinations, except to the extent exempted by law. This subchapter also in­
cludes appropriate provisions with respect to rule making, adjudications, and
hearings, as prescribed by law. A current description of the Corporation’s cen­
tral and field organization is separately published in the FEDERAL REGISTER.
Proceedings by the Corporation within the meaning of this subchapter include:
(a) The formulation and promulgation of rules and regulations, including
amendments thereto or the repeal thereof;
(b) The disposition of applications, requests, and submittals;
(c) Formal and informal hearings and adjudications.

PART 303— APPLICATIONS, REQUESTS, AND SUBMITTALS
2.
Add to 303.10 after the words "Board of Review" the words "w ith respect
to matters referred to it" and the following three paragraphs:
§303.10

Procedure on applications.

(c)
The Chief of the Division of Examination and the Supervising Examiner of
the District in which the bank is located have been authorized to take final ac­
tion with respect to the approval of certain applications, such as applications by
a State nonmember insured bank to move its main office or branch or to obtain
an extension of a time limitation imposed in connection with a previous applica­
tion. This delegated authority is subject to certain limitations set forth in the




RULES AND REGULATIONS OF THE CORPORATION

101

delegations of authority which are available at the office of each Supervising Ex­
aminer. The Chief of the Division of Examination is also authorized to act upon
applications by State nonmember insured banks for extensions of tim e of 90
days or less within which to register securities pursuant to the provisions of
section 12(g) of the Securities Exchange Act of 1934, as amended.
(d) For the purpose of assuring the performance and continuity in the man­
agement functions and activities of the Corporation, the Board of Directors has
delegated, to the extent deemed necessary, authority with respect to the man­
agement of the Corporation’s affairs to certain designated officers, such author­
ity to be exercised only in the event of an emergency, involving an enemy
attack on the continental United States or other warlike occurrence, which
renders the Board of Directors unable to perform the management functions
and activities normally performed by it.
(e) With respect to any application, the Board of Directors will afford the ap­
plicant or other properly interested persons, including Government agencies, an
opportunity to present views orally before the Board of Directors or its desig­
nated representative or representatives, either at informal conference discus­
sions or at informal presentation of evidence.

PART 305— PAYMENT OF INSURED DEPOSITS
§305.1
[Amended]
3.
Amend the seventh sentence of §305.1 to read as follows: " It is the policy
of the Corporation to make such payment by issuing its check for the amount
of the insured deposit."
PART 307— VOLUNTARY TERMINATION OF INSURED STATUS
§307.3 [Amended]
4.
At the beginning of paragraph (c) of §307.3 substitute the words " It is the
policy of the Corporation to " for the words "The Corporation w ill".

PART 334— BANK SERVICE ARRANGEMENTS
§334.4 [Amended]
5. In the first sentence of §334.4 substitute the words " I t is the policy of the
Corporation that assurances" for the word "Assurances".
6. Amend Part 309 as follows:
PART 309— PUBLISHED AND UNPUBLISHED RECORDS AND INFORMATION
§309.1 Published and unpublished information.
(a)
Information published or made available to the public— (1) Federal Register publication. To the extent required by sections 3 and 4 of the Administrative
Procedure Act, as amended (5 U.S.C. 552, 553), and subject to the exemptions
set forth in subsection (e) of section 3 of said Act the Corporation publishes in
the FEDERAL REGISTER for the guidance of the public (i) descriptions of its
central and field organization and the established places at which, the officers
from whom, and the methods whereby, the public may secure information,
make submittals or requests, or obtain decisions; (ii) statements of the general
course and method by which its functions are channeled and determined,
including the nature and requirements of all formal and informal procedures
available; (iii) rules of procedure, descriptions of forms available or the places
at which forms may be obtained, and instructions as to the scope and contents
of all such papers and reports or examinations; (iv) substantive rule of general
applicability adopted as authorized by law, and statements of general policy




102

FEDERAL DEPOSIT INSURANCE CORPORATION

or interpretations of general applicability formulated and adopted by the Cor­
poration; (v) every amendment, revision or repeal of the foregoing; and (vi)
general notices of proposed rule making, unless the persons subject thereto
are named and either personally served or otherwise have actual notice thereof
in accordance with law.
(2) Other published information— annual reports, (i) The Corporation pub­
lishes an annual report of its operations to Congress pursuant to the require­
ments of section 17(a) of the Federal Deposit Insurance Act (12 U.S.C.
1827(a)). The Corporation also publishes an annual report to insured banks
as of June 30 of each year which presents the current financial statements
of the Corporation and its activities during the preceding 6 months, and an
annual report on operating banking offices insured by the Corporation as of
January 1 of each year which lists the names and locations of all insured
banking offices, grouped by city and State.
(ii) Other information: The Corporation also issues the following publications:
Assets, Liabilities, and Capital Accounts, Commercial and Mutual Savings
Banks (semiannually). Presents detailed data from condition statements, by
State.
Federal Deposit Insurance Act and Rules and Regulations (of the FDIC). Up­
dates the laws relating to the Federal Deposit Insurance Corporation and rules
and regulations made by the Board of Directors.
Your Insured Deposit. Questions and answers on applicability of insurance to
particular circumstances.
How to Get Your Money. Questions and answers on how to obtain an insured
deposit when a bank fails.
A Career in Bank Supervision. Describes employment opportunities for bank
examiners in the Federal Deposit Insurance Corporation.
Symbol of Confidence. Popular perspective on the background, function, and
operations of the Federal Deposit Insurance Corporation.
Survey of Deposits of Commercial and Mutual Savings Bank (June 30, 1966).
A set of booklets consisting of:
Insurance Coverage of Bank Deposits; National Summary of Accounts and
Deposits in all Commercial Banks.
Summary of Accounts and Deposits in All Commercial Banks, FDIC Districts
1-12 (1 booklet for each District).
Summary of Accounts and Deposits in All Mutual Savings Banks.
Assets and Liabilities of all Insured Banks. A semiannual release summarizing
for the United States the assets and liabilities of all insured banks. Data for
June published the following fall; data for December published following spring.
Income of Insured Commercial Banks. Released once a year in April (data on
the previous year) giving leading items of income for all insured commercial
banks.
Weekly Press Release. Lists actions taken by the Board of Directors with re­
spect to applications by insured State nonmember banks.
(3) Information made available to the public. Except to the extent that the
matters set forth in this paragraph relate to or contain information which is ex­
empted from the public disclosure provisions of section 3 of the Administrative
Procedure Act, as amended (5 U.S.C. 552), or other law, the Corporation makes
available for public inspection and copying, upon request to the Secretary of
the Corporation in its office in Washington, D.C., during normal business hours,
(i) all final opinions (including concurring and dissenting opinions) and all
orders made in the adjudication of cases, (ii) those statements of policy and
interpretations which have been adopted by the Corporation and are not pub­
lished in the FEDERAL REGISTER, and (iii) Manual of Examination Policies and
Instructions to Liquidators. To the extent required to prevent a clearly un­
warranted invasion of personal privacy, the Corporation may delete identifying
details when it makes available or publishes an opinion, statement of policy, in­




RULES AND REGULATIONS OF THE CORPORATION

103

terpretation, or staff manual or instruction. In each case the justification for the
deletion will be fully explained in writing. The Corporation also maintains and
makes available for public inspection and copying a current index providing
information for the public as to any matter which is issued, adopted, or
promulgated after July 4, 1967, and which is required by the Administrative
Procedure Act to be made available or published. The Corporation makes
available at its Washington office and at each of the 12 Federal Reserve banks
for public inspection and copying reports from insured State nonmember banks
required under the provisions of section 12 of the Securities Exchange Act of
1934, as amended (15 U.S.C. 78). All requests fo r copies of records enumer­
ated in subdivisions (i), (ii), and (iii) of this subparagraph must be accom­
panied by a deposit with the Corporation of the estimated costs of copying
such records at the rate of 10 cents per page. Such requests must provide a
reasonably specific description of the record sought which will enable the
Corporation to locate the record or records without undue difficulty.
Except to the extent that the records relate to or contain information which
is exempted from the public disclosure provisions of section 3 of the Adminis­
trative Procedure Act, as amended (5 U.S.C. 552) or other law, the Corporation
upon request for identifiable records of the Corporation to the Secretary of the
Corporation in its office in Washington, D.C., during normal business hours, will
make such records available to any person who agrees to pay the costs of
searching, preparing and copying such records at the rate of $5 per hour for
searching and preparing and 10 cents per page for copying and has paid in ad­
vance to the Corporation the estimated costs thereof. Such requests must
provide a reasonably specific description of the record sought which will enable
the Corporation to locate the record w ithout undue difficulty. Any denial by an
officer or employee of the Corporation of a request for any information or rec­
ord made under this part by any member of the public may be appealed by a
written request to the Board of Directors of the Corporation from the person
whose request is denied.
(b) Unpublished information; confidential and privileged information. All files,
documents, reports, books, accounts, and records (collectively referred to as
“ records" in this section) pertaining to any bank, or the internal operations and
affairs of the Corporation, in the possession or control of the Corporation or
any officer, employee, or agent thereof, which are (1) exempt from disclosure
by statute or executive order; (2) contained in or related to examination, oper­
ating, or condition reports prepared by or on behalf of, or for the use of the
Corporation or any agency responsible for the supervision of financial
institutions; (3) related solely to the internal personnel rules and practices of
the Corporation; (4) privileged or relate to the business, personal, or financial
affairs of any person and are furnished in confidence; (5) proceedings for
cease and desist and suspension or removal orders or for the termination of
the insured status of any bank; (6) interagency or intraagency memorandums
or letters which would not be available by law to a private party in litigation
with the Corporation; (7) investigatory records compiled for enforcement of the
Federal Deposit Insurance Act and other statutes, except to the extent available
by law to a private party; (8) personnel files and sim ilar files (including finan­
cial files) the disclosure of which would constitute a clearly unwarranted
invasion of personal privacy; and (9) records of deliberations and discussions
at meetings of the Board of Directors and any committee established by the
Board of Directors and exhibits filed therewith, and all facts or information
relating to such exempt matters acquired by the officers, employees or agents
of the Corporation in the performance of their official duties (collectively
referred to as “ inform ation" in this section) are confidential and privileged and
the disclosure thereof is prohibited except in the manner and to the extent
provided for in this section.
(c) Disclosure prohibited. (1) Officers, employees, and agents of the Corpo­
ration are prohibited from allowing any person to inspect, examine, or copy any




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FEDERAL DEPOSIT INSURANCE CORPORATION

of said confidential or privileged records, or furnishing copies thereof, or dis­
closing any confidential and privileged information except as herein provided:
(i) The Chief of any Division having custody thereof, in his discretion, may
release or furnish any records or information, other than the records enumer­
ated in paragraph (b) of this section, and information acquired in reference
thereto, to any governmental agency, State or Federal, in the exercise of its o f­
ficial duties and to any other person: Provided, however, That when such rec­
ords or information are requested by any person other than a governmental
agency, the Division Chief shall find that the release or disclosure is not ex­
empted from public disclosure by law or detrimental or prejudicial to the bank
or banks or person or persons from whom the records or information were ob­
tained or received.
(ii) The Chief of the Division of Examination may furnish to any bank copies
of any reports of examination or investigation of such bank (except the section
of the report designated “ confidential") and other information pertaining to its
affairs: Provided, That copies of such reports of examination and other informa­
tion so furnished to any bank shall remain the property of the Corporation and
under no circumstances shall the bank or any of its directors, officials, or em­
ployees disclose or otherwise make public in any manner such reports or any
portion thereof or other information so furnished.
(iii) The Chief of the Division of Examination may furnish to the Comptroller
of the Currency, to any Federal Reserve bank, and to any commission, board, or
authority having supervision of a State nonmember bank, copies of reports of
examination made on behalf of the Corporation and other information pertain­
ing to insured nonmember banks for use in the exercise of their official duties:
Provided, That such reports of examination and other information so furnished
to such officials or agency shall remain the property of the Corporation and un­
der no circumstances shall any such official or agency disclose or make public
in any manner such reports or any portion thereof or other information so fu r­
nished.
(iv) The Chief of the Division of Examination may furnish to any official of
the Department of Justice or to any State prosecuting authority any information
regarding defalcations, burglaries, or robberies affecting insured banks.
(v) The Chief of the Division of Research may furnish to the Comptroller of
the Currency, to any Federal Reserve bank, and to any commission, board, or
authority having supervision of a State nonmember bank, copies of reports of
condition made by insured banks to the Corporation including statements of as­
sets, liabilities, and capital accounts, and of earnings, expenses and distribution
of profits for use in the exercise of their official duties: Provided, That under no
circumstances shall such Federal or State officials make public the contents of
such reports or any portion thereof, except in the publication of general statisti­
cal reports.
(vi) The General Counsel of the Corporation may disclose to the proper
Federal or State prosecuting authorities any and all records and information re­
lating to irregularities discovered in open and closed insured banks believed to
constitute violations of any Federal or State statute.
(vii) (a) The General Counsel may authorize the production of any record,
the disclosure of any information, and the giving of any testimony with respect
thereto, by any officer, employee, or agent of the Corporation, upon any pro­
ceeding, hearing, or trial, civil or criminal, in any Federal or State court or be­
fore any administrative board, commission, or committee, on behalf of or at the
request of the Corporation or the United States where either is a party to or
has an interest in the proceeding, hearing or trial, or any State prosecuting
official, or the bank or person from whom such confidential and privileged rec­
ords and information were received or obtained.
(b)
The authorization hereunder may be given only in response to a sub­
poena or other legal process duly issued and served upon the Corporation at its




RULES AND REGULATIONS OF THE CORPORATION

105

principal office, which service may be by registered mail addressed to the Cor­
poration at Washington, D.C., specifying the record requested, the nature and
scope of the testimony to be elicited, the name of the witness and the place
and time of appearance: Provided, That the General Counsel, in his discretion,
may waive the requirement of service of subpoena or process when he believes
it to be in the interest of justice to do so. Without such prior authorization, any
officer, employee or agent of the Corporation required to respond to a subpoena
or other legal process shall attend at the time and place therein mentioned and
respectfully decline to produce any record or disclose any information or give
any testimony with respect thereto, basing his refusal upon this rule.
(d) Service of process on officer, employee, or agent. Any officer, employee,
or agent of the Corporation served with a subpoena, order, or other process re­
quiring his personal attendance as a witness or the production of records or in­
formation upon any proceeding mentioned in paragraph (c) (1) (vii) of this
section shall promptly advise (1) the court or tribunal which issued the process,
and the attorney for the party at whose instance the process was issued, if
known, of the substance of this rule, and (2) the General Counsel of the Corpo­
ration at Washington, D.C., of such service and of the records and information
requested and of any facts which may be of assistance to the General Counsel
in determining whether such records and information should be made available.
(e) Authority of Chairman of Board of Directors. Notwithstanding any of the
foregoing provisions, the Chairman of the Board of Directors, in his discretion
and pursuant to law, may authorize the production, examination, or inspection
of any records, or the furnishing of copies thereof, or the disclosure of any in­
formation, or the Chairman, in his discretion, may direct the General Counsel or
the Chief of any Division to refuse to permit the production, examination, or in­
spection of any records, or the furnishing of copies thereof, or the disclosure of
any information, if he shall find such action to be in the best interests of the
Corporation and consistent with the public interest and applicable law.
(f) Publication of data. The Board of Directors or the Chairman may from
time to time authorize and direct the publication and public distribution of in­
formation and data compiled from the records of the Corporation.
[F.R. Doc. 67-7535; Filed, July 3, 1967; 8:45 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER A— PROCEDURE AND RULES OF PRACTICE
PART 303— APPLICATIONS, REQUESTS, AND SUBMITTALS
Effective July 19, 1967, Part 303 of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR Part 303) is revised to read as follows:
Sec.
303.1
303.2
303.3
303.4
303.5
303.6
303.7
303.8

Application by nonmember bank for deposit insurance.
Application by insured State nonmember bank to establish a branch.
Application by insured State nonmember bank to move main office or
branch.
Application by insured State nonmember bank to reduce or retire capi­
tal.
Application for conversion, merger, consolidation, assumption, and
sale of asset transactions.
Application by insured State nonmember bank to extend its corporate
or charter powers.
Application to continue or resume insured status.
Application for exemption from or exception to advertising require­
ments.




106
303.9
303.10
303.11

FEDERAL DEPOSIT INSURANCE CORPORATION
Other applications.
Procedure on applications.
Notice of disposition of application.

§303.1
Application by nonmember bank 1 for deposit insurance.
Application for deposit insurance by an existing or proposed State
nonmember bank should be filed with the Supervising Examiner of the Federal
Deposit Insurance Corporation District in which the bank or proposed bank is or
will be located. Any such application by an existing bank must be accompanied
by separate applications for the consent of the Corporation to the continued op­
eration of each branch which it proposes to continue to operate. Any such ap­
plication by a proposed bank must be accompanied by a separate application
for the consent of the Corporation to establish and operate each proposed
branch. The appropriate forms of application and instructions for completing
the same may be obtained upon request from the Supervising Examiner of the
District in which the application originates. (See Part 304 of this title for list of
forms and instructions.)
§303.2
Application by insured State nonmember bank to establish a branch.2
Application by an insured State nonmember bank (except a District bank) to
establish and operate a new branch should be filed with the Supervising Exam­
iner of the Federal Deposit Insurance Corporation District in which the bank is
located. The appropriate form of application and instructions for completing the
same may be obtained upon request from the Supervising Examiner of the Dis­
trict in which the application originates. (See Part 304 of this title for list of
forms and instructions.)
§303.3
Application by insured State nonmember bank to move main office or
branch.
Application for the consent of the Corporation to move the main office or
branch of an insured State nonmember bank (except a District bank) should be
filed with the Supervising Examiner of the Federal Deposit Insurance Corpora­
tion District in which the bank is located. The appropriate form of application
and instructions for completing the same may be obtained upon request from
the Supervising Examiner of the District in which the application originates.
(See Part 304 of this title for list of forms and instructions.)
§303.4
Application by insured State nonmember bank to reduce or retire capi­
tal.
Application for the consent of the Corporation to the reduction in the
amount, or retirement of any part, of the common or preferred capital stock, or
retirement of any of the capital notes or debentures, of an insured State non­
member bank (except a District bank) should be filed with the Supervising Ex­
aminer of the Federal Deposit Insurance Corporation District in which the bank
is located. The appropriate form of application and instructions for completing
the same may be obtained upon request from the Supervising Examiner
of the District in which the application originates. (See Part 304 of this title
for list of forms and instructions.)
§303.5
Application for conversion, merger, consolidation, assumption and
sale of asset transactions.
(a)
With noninsured bank or institution. Application by an insured bank for
the consent of the Corporation to merge or consolidate with a noninsured bank
or institution, or to convert into a noninsured institution, or to assume liability
1 A nonm em ber bank is a bank which is not a m em ber of the Federal Reserve System.
- "The term 'branch' includes any branch bank, branch office, branch agency, additional
office, or any branch place of business located in any State of the United States or in any
T e rritory of the United States, Puerto Rico, Guam, or the V irgin Islands at w hich deposits
are received or checks paid or money lent.” (Sec. 3(o) of the Federal Deposit Insurance
Act, as amended (12 U.S.C. 1813(o)).)




RULES AND REGULATIONS OF THE CORPORATION

107

to pay any deposits made in, or sim ilar liabilities of, any noninsured bank or in­
stitution, or to transfer assets to any noninsured bank or institution in
consideration of the assumption of liability for any portion of the deposits made
in such insured bank, together with copies of all agreements or proposed agree­
ments relating thereto, should be filed with the Supervising Examiner of the
Federal Deposit Insurance Corporation District in which the insured bank is lo­
cated. The appropriate form of application and instructions fo r completing the
form, as well as instructions concerning notice to depositors, may be obtained
upon request from the office of said Supervising Examiner.
(b) Conversion with diminution of capital or surplus. Application fo r the con­
sent of the Corporation to convert into an insured State nonmember bank
(except a D'istrict bank)— when the conversion will result in the converted
bank's having less capital stock or surplus than the converted bank at the time
of the shareholders' meeting approving such conversion— together with copies
of the charter a n d /o r articles of association of the converted bank, should be
filed with the Supervising Examiner of the Federal Deposit Insurance Corpora­
tion District in which the insured bank is located. The appropriate form of appli­
cation and instructions for completing the form may be obtained upon request
from the office of said Supervising Examiner.
(c) Merger, consolidation, asset acquisition or assumption transaction be­
tween insured banks. Application by an insured bank fo r the consent of the
Corporation to merge or consolidate with, acquire the assets of, or assume the
liability to pay any deposits made in, another insured bank— when the resulting
or assuming bank is to be an insured State nonmember bank (except a District
bank)— together with copies of all agreements or proposed agreements relating
thereto, including the charter or articles of incorporation of the resulting or as­
suming bank, should be filed with the Supervising Examiner of the Federal De­
posit Insurance Corporation District in which the resulting or assuming bank is
located. The appropriate form of application and instructions for completing the
same may be obtained upon request from the office of said Supervising Exam­
iner.
§303.6
Application by insured State nonmember bank to extend its corporate
or charter powers.
Application for the consent of the Corporation to the extension of the corpo­
rate or charter powers of an insured State nonmember bank (except a District
bank) should be filed with the Supervising Examiner of the Federal Deposit In­
surance Corporation District in which the bank is located. The appropriate form
of application and instructions for completing the same may be obtained upon
request from the Supervising Examiner of the District in which the application
originates. (See Part 304 of this title for list of forms and instructions.)
§303.7 / Application to continue or resume insured status.
Application under § 327.3(c) of this title by a bank whose insured status has
been terminated for permission to continue or to resume its status as an in­
sured bank should be filed with the Supervising Examiner of the Federal
Deposit Insurance Corporation District in which the bank is located. Such appli­
cation should (a) be in writing, (b) be signed by the president, or cashier, or
other managing officer of the bank, (c) be accompanied by a certified copy of
the resolution of its board of directors authorizing the submission of such appli­
cation, (d) contain a statement that the bank's insured status has been term i­
nated (including the date thereof and the basis therefor), that the insurance of
its deposits has not ceased, and th a t it applies for permission to continue or re­
sume its status as an insured bank, and (e) state the reasons why the continu­
ance or resumption of such status should be permitted by the Corporation.
§303.8
Application for exemption from or exception to advertising require­
ments.
Any application made by an insured bank under any of the provisions of Part



108

FEDERAL DEPOSIT INSURANCE CORPORATION

328 of this title should be filed with the Division of Examination of the
Corporation at its principal office. Such application should (a) be in writing, (b)
be signed by the president, or cashier, or other managing officer of the bank,
and (c) state, in conformity with the particular provision in respect of which the
application is made, the reason for the request in detail and the reason why the
application should be granted.
§303.9
Other applications.
Except as otherwise provided by rule or regulation, all applications, requests,
and submittals for which no form of application has been prescribed by the
Corporation should (a) be in writing, (b) be signed by the applicant or his duly
authorized agent, (c) contain a statement of the applicant's interest therein, a
complete and concise statement of the action requested and the reasons and
facts relied upon as the basis for such requested action, and (d) be addressed
to the Secretary at the principal office of the Corporation. The applicant shall
furnish such other pertinent information as may be required by the Corporation.
Whenever applicable, the forms specified in Part 304 of this title should be
used, the instructions issued with respect thereto should be followed, and sub­
mission should be made as therein provided.
§303.10
Procedure on applications.
(a) With respect to applications for deposit insurance under §303.1, the Di­
vision of Examination of the Corporation will cause an investigation to be con­
ducted and an examination to be made of the bank or proposed bank.
Thereafter, the Board of Directors, in accordance with applicable provisions of
law, will act upon such application after considering the report of such investi­
gation and examination, the recommendations thereon of the examiner and Su­
pervising Examiner of the District in which the bank is or will be located, the rec­
ommendations of the Division of Examination, the recommendations of the
Board of Review with respect to matters referred to it, and the legal opinion of
counsel for the Corporation. The applicant bank will be duly advised of the
Board's decision upon such application.
(b) With respect to all other applications, requests, or submittals, the Board
of Directors will cause such an investigation or examination, or both, to be
made by the proper Divisions of the Corporation as the Board shall deem ap­
propriate, and upon the report of such investigation and examination, and the
recommendations thereon, will take such action as it shall deem necessary or
appropriate in the premises.
(c) The Chief of the Division of Examination and the Supervising Examiner of
the District in which the bank is located have been authorized to take final ac­
tion with respect to the approval of certain applications, such as applications by
an insured State nonmember bank to move its main office or branch or to ob­
tain an extension of tim e lim itation imposed in connection with a previous
application. This delegated authority is subject to certain lim itations set forth in
the delegations of authority which are available at the office of each Supervising
Examiner. The Chief of the Division of Examination is also authorized to act
upon applications by insured State nonmember banks for extensions of time of
90 days or less within which to register securities pursuant to the provisions of
section 12(g) of the Securities Exchange Act of 1934, as amended.
(d) For the purpose of assuring the performance and continuity in the man­
agement functions and activities of the Corporation, the Board of Directors has
delegated, to the extent deemed necessary, authority with respect to the man­
agement of the Corporation’s affairs to certain designated officers, such author­
ity to be exercised only in the event of an emergency, involving an enemy
attack on the continental United States or other warlike occurrence, which
renders the Board of Directors unable to perform the management functions
and activities normally performed by it.
(e) With respect to any application, the Board of Directors will afford the ap­
plicant or other properly interested persons, including Government agencies, an



RULES AND REGULATIONS OF THE CORPORATION

109

opportunity to present views orally before the Board of Directors or its desig­
nated representative or representatives, either at informal conference dis­
cussions or at informal presentation of evidence.
§303.11
Notice of disposition of application.
Prompt notice will be given of the grant or denial, in whole or in part, of any
written application, petition, or other request of any interested person made in
connection with any agency proceeding. In the case of a denial, except in af­
firm ing a prior denial, or where the same is self-explanatory, such notice will be
accompanied by a simple statement of procedural or other grounds.
[F.R. Doc. 67-8315; Filed, July 18, 1967; 8:48 a.m.]

PART 304— FORMS, INSTRUCTIONS, AND REPORTS
Effective July 19, 1967, Part 304 of the rules and regulations of the Federal
Deposit Insurance Corporation (12 C.F.R. 304) is revised to read as follows:
Sec.
304.1
304.2
304.3

Certified statements.
Reports of condition, etc.
Forms and instructions.

§304.1 Certified statements.
The certified statements required to be filed by insured banks in accordance
with the provisions of section 7 of the Federal Deposit Insurance Act, as
amended (12 U.S.C. 1817), shall be filed with the Fiscal Agent of the Corpora­
tion upon the forms, and in the manner, prescribed by the Board of Directors.
The assessments required to be certified must be paid to the Corporation at the
time such statements are required to be filed. The form of certified statement
will be furnished to all insured banks by, or may be obtained upon request
from, the Fiscal Agent.
§304.2 Reports of condition, etc.
Whenever required, insured State nonmember banks (except District banks)
shall file reports of condition, reports of income and dividends, and summaries
of deposits with the Division of Research upon the forms, in the manner, and
pursuant to the instructions prescribed by the Board of Directors from time to
time. The form of such reports and instructions for completing the same will be
furnished to all such banks by, or may be obtained upon request from, the Divi­
sion of Research. Each insured national bank and each insured District bank at
the time of making reports of condition to the Comptroller of the Currency and
each insured State member bank at the time of making reports of condition to
the Federal Reserve bank, required under the Federal Deposit Insurance Act,
shall furnish an executed and attested copy thereof to the Corporation.
§304.3 Forms and instructions.
The following forms and instructions have been prepared by the Corporation
for the use of banks and may be obtained by any person properly and directly
concerned therewith upon request at the office designated in this chapter:
(a)
Form 82: Application of proposed bank (other than mutual savings) for
Federal deposit insurance. The proposed incorporators are required to make
statements and representations and to submit information with respect to the
several factors enumerated in section 6 of the Federal Deposit Insurance Act
(12 U.S.C. 1816). The application on Form 82 must be executed in quadrupli­
cate. Three applications signed by the proposed incorporators must be
forwarded to the Supervising Examiner and the other application may be re­
tained by the prospective incorporators. Applications filed on Form 82 must be
accompanied by a certified copy of the proposed articles of incorporation or as­
sociation and the requisite number of properly executed Forms 83. If the pro­



110

FEDERAL DEPOSIT INSURANCE CORPORATION

posed bank contemplates the establishment of a branch or branches, its
application on Form 82 must be accompanied by a properly executed Form 85
for each branch. After incorporation is duly effected, the bank must submit a
properly executed Form 82a.
(b) Form 82-M: Application of proposed mutual savings bank for Federal de­
posit insurance. Form 82-M, which is substantially the same as Form 82, should
be used when the proposed bank is to be a mutual savings bank and should be
prepared and submitted in the same manner as Form 82. If the proposed bank
contemplates the establishment of a branch or branches, its application on
Form 82-M must be accompanied by a properly executed Form 85-M for each
branch.
(c) Form 82a and Form 82a-M: Certificate of adoption of resolution. Form
82a is a copy of the resolution of the board of directors (or trustees) of the
bank approving the action of the prospective incorporators in preparing and pre­
senting its application for Federal deposit insurance on Form 82 or 82-M, certi­
fied to be a true and correct copy by the president or vice president and cashier
or secretary. After incorporation has been duly effected and the bank is
chartered to do business by the proper State authority, four properly executed
Forms 82a must be transmitted to the Supervising Examiner. If not previously
submitted, Form 82a must be accompanied by a copy of the bank's articles of
incorporation or association and a copy of the bank's license or authorization to
engage in the business of receiving deposits.
(d) Form 84: Application for Federal deposit insurance by an existing nonin­
sured State bank (other than mutual savings). The applicant bank is required to
submit statements, representations, and information with respect to the several
factors enumerated in section 6 of the Federal Deposit Insurance Act (12 U.S.C.
1816) and a copy of the resolution of its board of directors authorizing the
bank's president or vice president and cashier or secretary to make the applica­
tion. The application must be executed in quadruplicate, signed by such
officers, and the bank's corporate seal affixed thereto. Three signed applications
must be forwarded to the Supervising Examiner and the other application may
be retained by the bank. Applications filed on Form 84 must be accompanied
by the requisite number of properly executed Forms 83 and a certified copy of
the articles of incorporation or association, including any amendments thereto.
If the bank has a branch or branches, its application on Form 84 must be ac­
companied by a properly executed Form 85 for each branch.
(e) Form 84-M: Application for Federal deposit insurance by an existing non­
insured mutual savings bank. Form 84-M, which is substantially the same as
Form 84, should be used by mutual savings banks and should be prepared and
submitted in the same manner as Form 84. If the bank has a branch or
branches, its application on Form 84-M must be accompanied by a properly
executed Form 85-M for each branch.
(f) Form 83 and Form 83-M; Financial statement. Form 83 must be executed
in triplicate and certified to be true and correct by each individual director (or
trustee) and officer of the bank or proposed bank (who is solely responsible for
its contents) for the benefit of the Board of Directors of the Corporation in de­
termining, with respect to the applicant bank, the general character of its man­
agement in accordance with section 6 of the Federal Deposit Insurance Act (12
U.S.C. 1816). The requisite number of properly executed and signed Forms 83
must accompany each application on Form 82, Form 82-M, Form 84, or Form
84-M.
(g) Form 85, Form 85a, and Form 85b: Application of insured State non­
member bank (except District bank and mutual savings bank) to establish or
move its main office or branch. (1) Form 85 is an application to establish a
branch. The applicant bank is required to submit statements, representations,
and information with respect to the several factors enumerated in section 6 of
the Federal Deposit Insurance Act (12 U.S.C. 1816) and a copy of the resolu­



RULES AND REGULATIONS OF THE CORPORATION

111

tion of its board of directors authorizing the bank's president or vice president
and cashier or secretary to make the application. The application must be exe­
cuted in quadruplicate, signed by the president or vice president, have the
corporate seal of the bank affixed thereto, and be attested by the cashier or
secretary. Three signed applications must be forwarded to the Supervising Ex­
aminer and the other application may be retained by the bank. The application
must be accompanied by a certified copy of the bank's articles of incorporation
or association, including any amendments thereto unless previously submitted
to the Corporation and not subsequently amended.
(2) Form 85a is an application to move main office or branch. It is similar to
Form 85 and should be prepared and submitted in the same manner as Form
85.
(3) Form 85b is an application to establish a branch pursuant to designation
as depositary and financial agent of the United States Government. It is similar
to Form 85 and should be prepared and submitted in the same manner as
Form 85.
(h) Form 85-M and Form 85a-M: Application by insured nonmember mutual
savings bank to establish a branch or move its main office or branch. (1) Form
85-M is substantially the same as Form 85 and should be prepared and subm it­
ted in the same manner as Form 85.
(2)
Form 85a-M is substantially the same as Form 85a and should be pre­
pared and submitted in the same manner as Form 85.
(i) Form 86: Application for merger, consolidation, asset acquisition, or as­
sumption. The bank applying for prior written consent to merge with,
consolidate with, acquire the assets of, or assume liability to pay deposits made
in, another bank or institution, pursuant to section 18(c) of the Federal Deposit
Insurance Act, as amended (12 U.S.C. 1828(c)), and for the establishment of
branches incident thereto pursuant to section i8 (d ) of the Act is required to
submit statements, representations, and information with respect to the several
factors enumerated in said section 18(c). Twelve copies of the application and
all documents, schedules, and exhibits, including the agreement between the
participating banks and the charter or articles of incorporation of the resulting
or assuming bank, are to be executed by an authorized officer with the bank’s
corporate seal affixed and forwarded to the Supervising Examiner. The Corpora­
tion will furnish the applicant bank with a form of the notice (Form 116) for
publication provided for in said section 18(c).
(j) Form 100: Application for consent to retirement of common or preferred
stock, capital notes, or debentures. The applicant bank is required to submit
statements with respect to the nature of the proposal, source of funds to effect
the proposal, and other steps involved in the retirement. The application con­
tains a statement of assets and liabilities and the disposition of certain assets
adversely classified in the preceding report of examination made of the bank by
examiners of the Corporation. Three applications certified to be true and correct
and signed by the president or cashier of the bank must be forwarded to the
Supervising Examiner.
(k) Form 102: Application. Form 102 should be used by all banks applying
for the consent of the Corporation with respect to any application requiring
such consent and for which no specific form is prescribed by this section or
otherwise. The form contains a copy of the resolution of the bank's board of d i­
rectors describing the proposal and authorizing the application, a statement of
the action taken upon the proposal by the proper State banking authority where
such action is required, and must be signed by the president or vice president
and attested by the cashier or secretary. The application must be accompanied
by a copy of the bank's articles of incorporation or association including any
amendments thereto unless previously submitted to the Corporation and not
subsequently amended. The application must be executed in quadruplicate.
Three signed applications must be submitted to the Supervising Examiner of



112

FEDERAL DEPOSIT INSURANCE CORPORATION

the District wherein the bank is located and one copy may be retained by the
bank.
(I)
Form 64: Report of condition (from banks other than mutual savings).
Form 64 is a report in the form of a standard statement of the assets and lia­
bilities of the reporting bank together with additional detailed breakdown of se­
lected items and information for assessment purposes. When special
circumstances so require, additional detail with respect to specific asset or lia­
bility items may be required. Reports of condition must be prepared in accor­
dance with the instructions contained in the booklet entitled “ Instructions for the
preparation of Report of Condition on Form 64", copies of which are furnished
by the Corporation to all insured State nonmember banks (except District
banks) and which may be obtained on request from the Division of Research.
(m) Form 64 (Savings): Report of condition (from mutual savings banks).
Form 64 (Savings) is substantially the same as Form 64 and should be used by
mutual savings banks.
(n) Form 73: Report of income and dividends (from banks other than mutual
savings). Report of income and dividends, Form 73, is a report in the form of a
standard profit and loss statement and a reconciliation of changes in total capi­
tal accounts during the year. When special circumstances so require, additional
detail with respect to specific income or expense items, charge-offs or recov­
eries, profits on assets sold, or changes in total capital account may be
required. Reports of income and dividends must be prepared in accordance
with the instructions contained in the booklet entitled “ Instructions for the
preparation of Report of Income and Dividends on Form 73", which is fu r­
nished by the Corporation to all insured State nonmember banks (except
District banks) and which may be obtained on request from the Division of
Research.
(o)
Form 73 (Savings): Report of income and dividends (from mutual sav­
ings banks). Form 73 (Savings) is substantially the same as Form 73 and
should be used by mutual savings banks.
(p) Form 89: Summary of deposits. Report of summary of deposits is a re­
port of the number of deposit accounts and the amount of deposits in such ac­
counts grouped by size of account and type of deposit. Summary of deposit
reports must be prepared in accordance with instructions contained in the pam­
phlet entitled ‘ Instructions for preparation of Form 8 9 ", which is furnished by
the Corporation to all insured banks and which may be obtained on request
from the Division of Research.
(q) Form 545: Certified statement (for banks other than mutual savings). A
Form 545 must be submitted on or before January 31 and July 31 of each year
by every insured bank, except any newly insured banks which must submit their
first certified statement on Form 645, and any mutual savings banks which
must use Form 545 (Savings). Form 545 shows the deposit liabilities, less au­
thorized deductions, reported in two reports of condition in each semiannual as­
sessment period. The form will show the computation of the assessment base
and the amount of the assessment due the Corporation. It must be prepared in
duplicate, certified by the president of the bank or any other officer designated
by its board of directors, and an original must be forwarded to the Fiscal Agent.
The duplicate copy should be retained in the bank’s file.1 The forms are mailed
to all insured banks each six months in ample tim e to permit compliance with
the law, but if not received on or before January 1 or July 1, they should be
obtained from the Fiscal Agent. Any questions in respect to such forms should
1 Section 7(b)(6) of the Federal Deposit Insurance Act, which relates to assessment base
deductions, provides, in part, as follow s: “ Each insured bank, as a condition to the righ t
to make any such deduction in determ in ing its assessment base, shall m aintain such
records as w ill readily pe rm it verification of the correctness of its assessment base. No
insured bank shall be required to retain such records fo r such purpose fo r a period in
excess of five years from the date of the filin g of any certified statem ent, except th a t
when there is a dispute between the insured bank and the Corporation over the am ount
o f any assessment the bank shall retain such records until final de term ination of the
issue."




RULES AND REGULATIONS OF THE CORPORATION

113

be directed to the Fiscal Agent.
(r) Form 545 (Savings): Certified statement (for mutual savings banks). This
form is substantially the same as Form 545 and should be used by mutual sav­
ings banks.
(s) Form 645: First certified statement (for banks other than mutual sav­
ings). The first certified statement, Form 645, must be submitted on or before
July 31 or January 31 following the semiannual period in which the bank began
operation as an insured bank. The form shows the deposit liabilities, less au­
thorized deductions, as provided by law, on the last date within such period for
which it was required to submit a report of condition or, if such bank became
an insured bank after the last date in such period for which a report of condi­
tion was required, such bank shall make a report of condition as of the last day
of such semiannual period, and shall file with the Corporation a certified state­
ment showing, as its assessment base for such period, its assessment base
for the date of such special report. The form will show the computation of the
assessment base and the amount of the assessment due the Corporation. It
must be prepared in duplicate, certified by the president of the bank or any
other officer designated by its board of directors, and the original must be
forwarded to the Fiscal Agent. The duplicate copy shall be retained in the
bank's file.1 The forms will be mailed by the Fiscal Agent to newly insured
banks with appropriate instructions for their preparation.
(t) Form 645 (Savings): First certified statement (for mutual savings banks).
This form is substantially the same as Form 645 and should be used by mutual
savings banks.
(u)
Form 845: Final certified statement— for use by an insured bank (except
mutual savings banks) whose deposits are assumed by another insured bank.
This statement, Form 845, shows the deposit liabilities, less authorized deduc­
tions, of the bank in the report or reports of condition prior to the assumption
date. Form 845, accompanied by appropriate letter of explanation and instruc­
tions, will be mailed by the Fiscal Agent to each insured bank whose deposit lia­
bilities are assumed by another insured bank. The form must be prepared in
duplicate, certified by the president of the bank or any other officer designated
by its board of directors, and the original must be forwarded to the Fiscal
Agent. The duplicate copy should be retained in the bank's files.1 If the deposits
of the liquidating bank are assumed by a newly insured bank, the liquidating
bank is not required to file Form 845 or to pay any assessments upon the de­
posits so assumed after the semiannual period in which the assumption takes
effect.
(v)
Form 845 (Savings): Final certified statement (for mutual savings banks).
This form is substantially the same as Form 845 and should be used by mutual
savings banks.
(w) Form 845A: Final certified statement— for use of an insured bank (other
than mutual savings banks) whose deposit liabilities are assumed by another in­
sured operating bank. (To be used when the assuming bank executes the
certified statement for the bank whose deposits were assumed.) Form 845A
may be substituted for Form 845 described in paragraph (u) of this section if
the assuming bank is executing the certified statement for the bank whose de­
posit liabilities were assumed. Form 845A is prepared in the same manner as
Form 845 except the certification is executed by an official of the assuming
bank.
(x) Form 845A (Savings): Final certified statement— for use of an insured
mutual savings bank whose deposit liabilities are assumed by another insured
operating bank. (To be used when the assuming bank executes the certified
statement for the bank whose deposits were assumed.) Form 845A (Savings)
may be substituted for Form 845 (Savings) described in paragraph (v) of this
section if the assuming bank is executing the certified statement for the bank
whose deposit liabilities were assumed. Form 845A (Savings) is prepared in the



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FEDERAL DEPOSIT INSURANCE CORPORATION

same manner as Form 845 (Savings) except the certification is executed by an
official of the assuming bank.
(y) Amended and corrected certified statements. Forms for use in amending
or correcting previously submitted certified statements are identical in number
and form with Forms 545, 645, 845, 845A (for other than mutual savings
banks), 545 (Savings), 645 (Savings), 845 (Savings), and 845A (Savings) de­
scribed above, except the title of the forms contains the additional word
“ Amended” or “ Corrected". These forms may be obtained on request from the
Fiscal Agent.
[F.R. Doc. 67-8318; Filed, July 18, 1967; 8:49 a.m.]

PART 306— RECEIVERSHIPS AND LIQUIDATIONS
National Bank Receiverships
Effective July 19, 1967, the fifth and sixth sentences and footnote 1 of
§306.2 National bank receiverships of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR 306.2) are amended by substituting the
figure “ $15,000" for the figure “ $10,000".
[F.R. Doc. 67-8319; Filed, July 18, 1967; 8:49 a.m.]

PART 307— VOLUNTARY TERMINATION OF INSURED STATUS
Miscellaneous Amendments
Effective July 19, 1967, Part 307 of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR Part 307) is amended as follows:
1. Footnote 2 is amended by striking out the words “ and to the Reconstruc­
tion Finance Corporation if it owns or holds as pledgee any preferred stock,
capital notes, or debentures of such bank,".
2. Footnote 8 is amended by substituting the words “ Section 8 (o )" for the
words “ Section 8 (b )".
3. Paragraph (a) of §307.3 is amended by substituting the words “ section 8
(q )" for the words “ section 8 (d )" in the form for notice to depositors.
4. Footnote 9 is amended by substituting the words “ Section 8 (q )" for the
words “ Section 8 (d )".
[F.R. Doc. 67-8320; Filed, July 18, 1967; 8:49 a.m.]

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 325— INTRODUCTORY
Scope
Effective July 19, 1967, §325.0 Scope of the rules and regulations of the Fed­
eral Deposit Insurance Corporation (12 CFR 325.0) is amended by substituting
the words “ subchapter II of chapter 5 of title 5, United States Code" for the
words “ the Administrative Procedure Act (60 Stat. 2 3 7 )" and by substituting
the words “ section 552(a)(1)(D) of title 5, United States Code" fo r the words
“ section 3(a)(3) of the Administrative Procedure A ct".
[F.R. Doc. 67-8321; Filed, July 18, 1967; 8:49 a.m.]

PART 327— ASSESSMENTS
Payment of Assessments by Banks Whose Insured Status Has Terminated
Effective July 19, 1967, the firs t sentence of paragraph (c) of §327.3 Pay­
ment of assessments by banks whose insured status has terminated of the



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RULES AND REGULATIONS OF THE CORPORATION

rules and regulations of the Federal Deposit Insurance Corporation is amended
by substituting the words “ section 8(a) or (o )” fo r the words “ section 8 (a ) or
(b )”
[F.R. Doc. 67-8322; Filed, July 18, 1967; 8:49 a.m.]

PART 331— INSURANCE OF TRUST FUNDS
Claim by Fiduciary Bank fo r Insured Deposits of Trust Estates
Effective July 19, 1967, §331.1(d) of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR 331.1(d)) is amended to read as fo l­
lows:
§331.1
*

Claim by fiduciary bank for insured deposits of trust estates.
*
$
*

$

(d)
Insured deposit of a trust estate. In arriving at the total insured deposit
of a fiduciary bank or tru st company with respect to any tru st estate, the de­
posit of such estate as determined in accordance with any paragraph of this
section shall be combined with that determined under any other paragraph of
this section and the insured deposit shall be the total less any amount thereof
in excess of $15,000.
[F.R. Doc. 67-8323; Filed, July 18, 1967; 8:49 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER A— PROCEDURE AND RULES OF PRACTICE
PART 308— RULES OF PRACTICE AND PROCEDURES
Effective August 1, 1967, Part 308 of the rules and regulations is amended
as follows:
SUBPART A— RULES OF PRACTICE APPLICABLE TO ALL HEARINGS
Sec.
308.1
Scope.
308.2
Appearance and practice before the Corporation.
308.3
Notice of hearing.
308.4
Answer.
308.5
Conduct of hearings.
308.6
Subpenas.
308.7
Rules of evidence.
308.8
Motions.
308.9
Proposed findings and conclusions and recommended decision.
308.10 Exceptions.
308.11 Briefs.
308.12 Oral argument before the Board of Directors.
308.13 Notice of submission to the Board of Directors.
308.14 Decision of Board of Directors.
308.15 Filing papers.
308.16 Service.
308.17 Copies.
308.18 Computing time.
308.19 Documents in proceedings confidential.
308.20 Formal requirements as to papers filed.




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FEDERAL DEPOSIT INSURANCE CORPORATION

SUBPART B— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS FOR
THE INVOLUNTARY TERMINATION OF INSURED STATUS
308.21 Scope.
308.22 Grounds for termination of insurance.
308.23 Notice of intention to terminate insured status.
308.24 Order terminating insured status.
308.25 Consent to termination of insured status.
308.26 Notice of termination of insured status.
308.27 Termination of insured status of banking institution not engaged in
the business of receiving deposits other than trust funds.
SUBPART C— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS RE­
LATING TO CEASE-AND-DESIST ORDERS
308.28 Scope.
308.29 Grounds for cease-and-desist orders.
308.30 Notice of charges and hearing.
308.31
Issuance of order.
308.32 Effective date.
308.33 Temporary cease-and-desist orders.
308.34 Effective date of temporary order.
SUBPART D— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS RE­
LATING TO REMOVAL AND SUSPENSION ORDERS
308.35 Scope.
308.36 Grounds for removal order.
308.37 Grounds for suspension order.
308.38 Effective date of suspension order.
308.39 Notice of intention to remove and hearing.
308.40 Issuance of removal order and effective date.
308.41 Suspension and removal where felony charged.
SUBPART A— RULES OF PRACTICE APPLICABLE TO ALL HEARINGS
§308.1 Scope.
(a) This subpart prescribes rules of practice and procedure followed by the
Federal Deposit Insurance Corporation in hearings held pursuant to the provi­
sions of section 8 of the Federal Deposit Insurance Act pertaining to (1) invol­
untary termination of the insured status of any bank, (2) the issuance of
cease-and-desist orders against any insured State nonmember bank, and (3) the
issuance of orders removing or suspending from office a n d /o r prohibiting from
further participation in the conduct of the bank's affairs, any director or officer
of an insured State nonmember bank or any other person participating in the
conduct of the affairs of such a bank.
(b) In connection with any proceeding under Subpart C or D of this part, the
Corporation will provide the appropriate State supervisory authority with timely
notice of its intent to institute such a proceeding and the grounds therefor. Un­
less within such time as the Corporation deems appropriate in the light of the
circumstances of the case (which time will be specified in the notice) satis­
factory corrective action is effectuated by action of the State supervisory auth­
ority, the Corporation will proceed as provided in Subparts C and D of this part.
§308.2 Appearance and practice before the Corporation.
(a)
Power of attorney and notice of appearance. Any person who is a mem­
ber in good standing of the bar of the highest court of any State, possession,
territory, Commonwealth, or the District of Columbia, may represent others be­
fore the Corporation upon filing with the Secretary a written declaration that he
is currently qualified as provided by this paragraph, and is authorized to repre­
sent the particular party on whose behalf he acts. Any other person desiring to
appear before or transact business with the Corporation in a representative ca­
pacity may be required to file with the Secretary of the Corporation a power of



RULES AND REGULATIONS OF THE CORPORATION

117

attorney showing his authority to act in such capacity, and he may be required
to show to the satisfaction of the Board of Directors that he has the requisite
qualifications. Attorneys and representatives of parties to proceedings shall file
a written notice of appearance with the Secretary or with the trial examiner.
(b)
Summary suspension. Contemptuous conduct at an argument before the
Board of Directors or at a hearing before a trial examiner shall be ground for
exclusion therefrom and suspension for the duration of the argument or hear­
ing.
§308.3 Notice of hearing.
Whenever a hearing is ordered by the Board of Directors in any proceeding
pursuant to section 8 of the Federal Deposit Insurance Act, a notice of hearing
shall be given by the Secretary or other designated officer acting for the Board
of Directors to the party afforded the hearing and to the appropriate supervisory
authority. Such notice shall state the time, place, and nature of the hearing, the
trial examiner, and the legal authority and jurisdiction under which the hearing
is to be held, and shall contain a statement of the matters of fact or law consti­
tuting the grounds for the hearing, and shall be delivered by personal service,
by registered or certified mail to the last known address, or other appropriate
means, sufficiently in advance of the date set for hearing to comply with the
provisions of the Federal Deposit Insurance Act. The term “ party"-means a per­
son or agency named or admitted as a party, or any person or agency who has
filed a written request and is entitled as of right to be admitted as a party; but
a person or agency may be admitted for a limited purpose.
§308.4 Answer.
(a) When required. In any notice of hearing issued by the Board of Directors,
the Board of Directors may direct the party or parties afforded the hearing to
file an answer to the allegations contained in the notice, and any party to any
proceeding may file an answer. Except where a different period of not less than
10 days after service of a notice of hearing is specified by the Board of
Directors, a party directed to file an answer, or a party who elects to file an
answer, shall file the same with the Secretary within 20 days after service upon
him of the notice of hearing.
(b) Requirements of answer; effect of failure to deny. An answer filed under
this section shall specifically admit, deny, or state that the party does not have
sufficient information to admit or deny each allegation in the notice of hearing.
A statement of lack of information shall have the effect of a denial. Any allega­
tion not denied shall be deemed to be admitted. When a party intends to deny
only a part or a qualification of an allegation, he shall specify so much of it as
is true and shall deny only the remainder.
(c) Admitted allegations. If a party filing an answer under this section elects
not to contest any of the allegations of fact set forth in the notice of hearing,
his answer shall consist of a statement that he admits all of the allegations to
be true. Such an answer shall constitute a waiver of hearing as to the facts al­
leged in the notice, and together with the notice will provide a record basis on
which the trial examiner shall file with the Secretary his recommended decision
containing his findings of fact, conclusions of law and proposed order. Any such
party may, however, upon service of the recommended decision, findings, con­
clusions and proposed order of the trail examiner, file exceptions thereto within
the time provided in §308.10(a).
(d) Effect of failure to answer. Failure of a party to file an answer required
by this section within the tim e provided shall be deemed to constitute a waiver
of his right to appear and contest the allegations of the notice of hearing and
to authorize the trial examiner, without further notice to the party, to find the
facts to be as alleged in the notice and to file with the Secretary a recom­
mended decision containing such findings and appropriate conclusions. The
Board of Directors or the trial examiner may, for cause shown, permit the filing
of a delayed answer after the time for filing the answer has expired.



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FEDERAL DEPOSIT INSURANCE CORPORATION

(e)
Opportunity for informal settlement. Any interested party may at any
time submit to the Secretary, for consideration by the Board of Directors, w rit­
ten offers or proposals for settlement of a proceeding, w ithout prejudice to the
rights of the parties. No such offer or proposal, or counteroffer or proposal,
shall be admissible in evidence over the objection of any party in any hearing in
connection with such proceeding. The foregoing provisions of this section shall
not preclude settlement of any proceeding through the regular adjudicatory
process by filing of an answer as provided in this section, or by submission of
the case to the trial examiner on a stipulation of facts and an agreed order.
§308.5 Conduct of hearings.
(a) Selection of trial examiner. Any hearing shall be held before a trial exam­
iner selected by the Civil Service Commission and designated by the Board of
Directors and, unless otherwise provided in the notice of hearing, shall be con­
ducted as hereinafter provided.
(b) Authority of trial examiner. All hearings governed by this part shall be
conducted in accordance with the provisions of chapter 5 of title 5 of the
United States Code. The trial examiner designated by the Board of Directors to
preside at any such hearing shall have complete charge of the hearing, and he
shall have the duty to conduct it in a fair and impartial manner and to take all
necessary action to avoid delay in the disposition of proceedings. Such examiner
shall have all powers necessary to that end, including the following:
(1) To administer oaths and affirmations;
(2) To issue subpenas and subpenas duces tecum, as authorized by law, and
to revoke, quash, or modify any such subpena;
(3) To receive relevant evidence and to rule upon the admission of evidence
and offers of proof;
(4) To take or cause depositions to be taken;
(5) To regulate the course of the hearing and the conduct of the parties and
their counsel;
(6) To hold conferences for the settlement or simplification of issues or for
any other proper purpose; and
(7) To consider and rule upon, as justice may require, all procedural and
other motions appropriate in an adversary proceeding, except that a trial exam­
iner shall not have power to decide any motion to dismiss the proceedings or
other motion which results in final determination of the merits of the proceed­
ings.
Without lim itation on the foregoing provisions of this paragraph, the trial exam­
iner shall, subject to the provisions of this part, have all the authority of section
556(c) of title 5 of the United States Code.
(c) Prehearing conference. The trial examiner may, on his own initiative or at
the request of any party, direct counsel for all parties to meet with him at a
specified tim e and place prior to the hearing, or to submit suggestions to him
in writing, for the purpose of considering any or all of the following:
(1) Simplification and clarification of the issues;
(2) Stipulations, admissions of fact and of the contents and authenticity of
documents;
(3) Matters of which official notice will be taken; and
(4) Such other matters as may aid in the orderly disposition of the proceed­
ing, including disclosure of the names of witnesses and of documents or other
physical exhibits which will be introduced in evidence in the course of the pro­
ceeding.
Such conferences shall, at the request of any party, be recorded and at the con­
clusion thereof the trial examiner shall enter in the record an order which re­
cites the results of the conference. Such order shall include the examiner's
rulings upon matters considered at the conference, together with appropriate di­
rections to the parties, if any; and such order shall control the subsequent
course of the proceedings, unless modified at the hearing to prevent manifest



RULES AND REGULATIONS OF THE CORPORATION

119

injustice. Except as authorized by law, the trial examiner shall not consult any
person or party on any fact in issue unless upon notice and opportunity for all
parties to participate, nor be responsible to or subject to the supervision or di­
rection of any officer, employee, or agent engaged in the performance of inves­
tigative or prosecuting functions. No officer, employee, or agent engaged in the
performance of investigative or prosecuting functions in any case shall, in that
case or a factually related case, participate or advise in the decision of the trial
examiner except as a witness or counsel in the proceedings.
(d) Attendance at hearings. A hearing shall ordinarily be private and shall be
attended only by the parties, their representatives or counsel, witnesses while
testifying, and other persons having an official interest in the proceedings: Pro­
vided, however, That on written request by a party or representatives of the
Board of Directors, or on the Board's own motion, the Board, in its discretion
and to the extent permitted by law, may permit other persons to attend or may
order the hearing to be public.
(e) Transcript of testimony. Hearings shall be recorded and transcripts will
be made available to any party upon payment of the cost thereof and, in the
event the hearing is public, shall be furnished on sim ilar payment to other in­
terested persons. A copy of the transcript of the testimony taken at any
hearing, duly certified by the reporter, together with all exhibits, all papers and
requests filed in the proceeding, and any briefs or memoranda of law thereto­
fore filed in the proceeding, shall be filed with the Secretary of the Corporation,
who shall transm it the same to the trial examiner. The Secretary shall promptly
serve notice upon each of the parties of such filing and transm ittal. The trial
examiner shall have authority to rule upon motions to correct the record.
(f) Order of procedure. The counsel for the Corporation shall open and close.
(g) Continuances and changes or extensions of time and changes of place of
hearing. Except as otherwise expressly provided by law, the Board of Directors
may by the notice of hearing or subsequent order provide tim e lim its different
from those specified in this part, and the Board of Directors may, on its own
initiative or for good cause shown, change or extend any time lim it prescribed
by these rules or the notice of hearing, or change the time and place for begin­
ning any hearing hereunder. The trial examiner may continue or adjourn a
hearing from time to tim e and, as permitted by law or agreed to by the parties,
from place to place. Extensions of time for making any filing or performing any
act required or allowed to be done within a specified time in the course of a
proceeding may be granted by the trial examiner for good cause shown.
(h) Call for further evidence, oral argument, briefs, reopening of hearing.
The trial examiner may call for the production of further evidence upon any is­
sue, may permit oral argument and submission of briefs at the hearing and,
upon appropriate notice, may reopen any hearing at any tim e prior to the certi­
fication of his recommended decision to the Secretary. The Board of Directors
shall render its decision within 90 days after the Secretary has notified the par­
ties, pursuant to §308.13, that the case has been submitted to the Board of Di­
rectors for final decision, unless within such 90-day period the Board of Direc­
tors shall order that such notice be set aside and the case reopened for further
proceedings.
%308.6 Subpenas.
(a)
Issuance. The trial examiner, or in the event he is unavailable, the
Board of Directors, shall issue subpenas at the request of any party, requiring
the attendance of witnesses or the production of documentary evidence at any
designated place of hearing; except th a t where it appears to the trial examiner
or the Board of Directors that the subpena may be unreasonable, oppressive,
excessive in scope, or unduly burdensome, the party seeking the subpena may
be required, as a condition precedent to the issuance of the subpena, to show
the general relevance and reasonable scope of the testim ony or other evidence
sought. In the event the trial examiner or the Board of Directors, after consider­




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FEDERAL DEPOSIT INSURANCE CORPORATION

ation of all the circumstances, determines that the subpena or any of its terms
are unreasonable, oppressive, excessive in scope, or unduly burdensome, he or
it may refuse to issue the subpena, or issue it only upon such conditions as
fairness requires.
(b) Motion to quash. Any person to whom a subpena is directed may, prior
to the time specified therein for compliance but in no event more than five days
after the date of service of such subpena, with notice to the party requesting
the subpena, apply to the trial examiner, or, if he is unavailable, to the Board
of Directors, to revoke, quash, or modify such subpena, accompanying such ap­
plication with a statement of the reasons therefor.
(c) Service of subpena. Service of a subpena upon a person named therein
shall be made by delivering a copy of the subpena to such person and by ten­
dering the fees fo r 1 day's attendance and the mileage as specified in
paragraph (d) of this section, except that when a subpena is issued at the in­
stance of the Board of Directors fees and mileage need not be tendered at the
tim e of service of the subpena. If service is made by a U.S. marshal, or his
deputy, or an employee of the Corporation, such service shall be evidenced by
his return thereon. If made by any other person, such person shall make affida­
vit thereto, describing the manner in which service is made, and return such af­
fidavit on or with the original subpena. In case of failure to make service,
reasons for the failure shall be stated on the original subpena. The original
subpena, bearing or accompanied by the required return, affidavit or statement,
shall be returned w ithout delay to the trial examiner.
(d) Attendance of witnesses. The attendance of witnesses and the production
of documents pursuant to a subpena, issued in connection with a hearing pro­
vided for in Subpart Bf C, or D of this part, may be required from any place in
any State or in any territory at any designated place where the hearing is being
conducted. Witnesses subpenaed in any proceeding under this part shall be
paid the same fees and mileage that are paid witnesses in the district courts of
the United States.
(e) Depositions. The Board of Directors or trial examiner, by subpena or
subpena duces tecum, may order evidence to be taken by deposition in any pro­
ceeding at any stage thereof. Such depositions may be taken by the trial exam­
iner or before any person designated by the Board of Directors or trial examiner
and having power to administer oaths. Unless notice is waived, no deposition
shall be taken except after at least 5 days' notice to the parties to the proceed­
ing.
(f) Application and order to take oral deposition. Any party desiring to take
the oral deposition of a witness, in connection with any hearing provided for in
this part, shall make application in writing to the trial examiner or, in the event
he is unavailable, to the Board of Directors, setting forth the reasons why such
deposition should be taken, the name and post office address of the witness,
the matters concerning which the witness is expected to testify, its relevance,
and the tim e when, the place where, and the name and post office address of
the person before whom it is desired the deposition be taken. A copy of such
application shall be served upon every other party to the proceeding by the
party making such application. Upon a showing that (1) the proposed witness
will be unable to attend or may be prevented from attending the hearing
because of age, sickness or infirmity, or will otherwise be unavailable at the
hearing, (2) his testim ony will be material, and (3) the taking of the deposition
will not result in any undue burden to any other party or in undue delay of the
proceeding, the trial examiner or the Board of Directors may, in his or its dis­
cretion, by such subpena or subpena duces tecum, order the oral deposition to
be taken. Such subpena will name the witness whose deposition is to be taken
and specify the tim e when, the place where, and the person before whom the
witness is to testify, but such time and place, and the person before whom the
deposition is ordered to be taken, may or may not be the same as those named
in the application. Notice of the issuance of such subpena shall be served upon




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each of the parties a reasonable time, and in no event less than five days, in
advance of the time fixed for the taking of the deposition.
(g) Procedure on deposition; objections. Each witness testifying upon oral
deposition shall be duly sworn, and the adverse party shall have the right to
cross-examine. Objections to questions or evidence shall be in short form, stat­
ing the grounds of objection relied upon; but the person taking the deposition
shall not have power to rule upon questions of competency or m ateriality or rel­
evance of evidence. Failure to object to questions or evidence shall not be
deemed a waiver except where the ground of the objection is one which might
have been obviated or removed if presented at that time. The questions pro­
pounded and the answers thereto, together with all objections made (but not in­
cluding argument or debate) shall be recorded by the person taking the deposi­
tion, or under his direction. The deposition shall be subscribed by the witness,
unless the parties by stipulation waived the signing or the witness is ill or can­
not be found or refused to sign, and certified as a true and complete transcript
thereof by the person taking the deposition. If the deposition is not subscribed
to by the witness, such person shall state on the record this fact and the rea­
son therefor. Such person shall promptly send the original and two copies of
such deposition, together with the original and two copies of all exhibits, by reg­
istered mail to the Secretary of the Corporation unless otherwise directed in
the order authorizing the taking of the deposition. Interested parties shall make
their own arrangements with the person taking the deposition fo r copies of the
testimony and the exhibits.
(h) Introduction as evidence. Subject to appropriate rulings on such objec­
tions to questions of evidence as were noted at the time the deposition was
taken or as would be valid were the witness personally present and testifying
(except objections waived under the third sentence of paragraph (g) of this sec­
tion), the deposition or any part thereof may be read in evidence by any party
to the proceeding. Only such part or the whole of a deposition as is received in
evidence at a hearing shall constitute a part of the record in such proceeding
upon which a decision may be based.
(i) Payment of fees. Witnesses whose oral depositions are taken shall be en­
titled to the same fees as are paid for like services in the courts of the United
States. Fees of persons taking such depositions and the fees of the reporter
shall be paid by the person upon whose application the deposition was taken.
§308.7 Rules of evidence.
(a) Evidence. Every party shall have the right to present his case or defense
by oral and documentary evidence, to submit rebuttal evidence and to conduct
such cross-examination as may be required for a full and true disclosure of the
facts. Irrelevant, immaterial, or unduly repetitious evidence shall be excluded.
(b) Objections. Objections to the admission or exclusion of evidence shall be
in short form, stating the grounds of objections relied upon, and the transcript
shall not include argument thereon except as ordered, allowed, or requested by
the trial examiner. Rulings on such objections and on any other matters shall
be a part of the transcript. Failure to object to admission or exclusion of evi­
dence or to any ruling shall be considered a waiver of such objection.
(c) Official notice. All matters officially noticed by the trial examiner shall ap­
pear on the record.
§308.8 Motions.
(a)
In writing. An application or request for an order or ruling not otherwise
specifically provided for in this part shall be made by motion. After a trial ex­
aminer has been designated to preside at a hearing and before the filing with
the Secretary of his recommended decision, pursuant to §308.9, such applica­
tions or requests shall be addressed to and filed with him. At all other times
motions shall be addressed to the Board of Directors and filed with the Secre­
tary. Motions shall be in writing, except that a motion made at a session of a



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FEDERAL DEPOSIT INSURANCE CORPORATION

hearing may be made orally upon the record unless the trial examiner directs
that it be reduced to writing. All written motions shall state with particularity
the order or relief sought and the grounds therefor.
(b) Objections. Within 5 days after service of any written motion, or within
such other period of time as may be fixed by the trial examiner or the Board of
Directors, any party may file a written answer or objection to such motion. The
moving party shall have no right to reply, except as permitted by the trial exam­
iner or the Board of Directors. As a matter of discretion, the trial examiner or
the Board of Directors may waive the requirements of this section as to mo­
tions for extensions of time, and may rule upon such motions ex parte.
(c) Oral argument. No oral argument will be heard on motions except as
otherwise directed by the trial examiner or the Board of Directors. Written
memoranda or briefs may be filed with motions or answers or objections
thereto, stating the points and authorities relied upon in support of the position
taken.
(d) Rulings on motions. Except as otherwise provided in this part, the trial
examiner shall rule upon all motions properly addressed to him and upon such
other motions as the Board of Directors may direct, except that if the trial ex­
aminer finds that a prompt decision by the Board of Directors on a motion is
essential to the proper conduct of the proceeding, he may refer such motion to
the Board of Directors for decision. The Board of Directors shall rule upon all
motions properly submitted to it for decision.
(e) Appeal from rulings on motions. All motions and answers or objections
thereto and rulings thereon shall become part of the record. Rulings of a trial
examiner on any motion may not be appealed to the Board of Directors prior to
its consideration of the trial examiner’s recommended decision, findings and
conclusions except by special permission of the Board of Directors; but they
shall be considered by the Board of Directors in reviewing the record. Requests
to the Board of Directors for special permission to appeal from such rulings of
the trial examiner shall be filed promptly, in writing, and shall briefly state the
grounds relied on. The moving party shall immediately serve a copy thereof on
every other party to the proceeding.
(f) Continuation of hearing. Unless otherwise ordered by the trial examiner
or the Board of Directors, the hearing shall continue pending the determination
of any motion by the Board of Directors.
§308.9 Proposed findings and conclusions and recommended decision.
(a) Proposed findings and conclusions by parties. Each party to a hearing
shall have a period of 15 days after service of the Secretary's notice of the fil­
ing and transm ittal of the record, as provided in paragraph (e) of §308.5, or
such further time as the trial examiner for good cause shall determine, to file
with the trial examiner proposed findings of fact, conclusions of law and order,
which may be accompanied by a brief or memorandum in support thereof. Such
proposals shall be supported by citation of such statutes, decisions and other
authorities, and by page references to such portions of the record, as may be
relevant. All such proposals, briefs and memoranda shall become a part of the
record.
(b) Recommended decision and filing of record. The trial examiner shall,
within 30 days after the expiration of the time allowed for the filing of proposed
findings, conclusions, and order, or within such further time as the Board of Di­
rectors for good cause shall determine, file with the Secretary and certify to the
Board of Directors for decision the entire record of the hearing, which shall
include his recommended decision, findings of fact, conclusions of law, and pro­
posed order, the transcript, exhibits (including on request of any of the parties
any exhibits excluded from evidence or tenders of proof), exceptions, rulings,
and all briefs and memoranda filed in connection with the hearing. Promptly
upon such filing the Secretary shall serve upon each party to the proceeding a
copy of the trial examiner's recommended decision, findings, conclusions, and




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123

proposed order. The provisions of this paragraph and §308.10 shall not apply,
however, in any case where the hearing was held before the Board of Directors.
§308.10 Exceptions.
(a) Filing. Within 15 days after service of the recommended decision, find­
ings, conclusions, and proposed order of the trial examiner, or such further
tim e as the Board of Directors for good cause shall determine, any party (other
than a party who has not filed an answer in accordance with paragraphs (a)
and (d) of §308.4, unless no answer was required of such party by the Board of
Directors) may file with the Secretary exceptions thereto or any part thereof, or
to the failure of the trial examiner to make any recommendation, finding, or
conclusion, or to the admission or exclusion of evidence, or other ruling of the
trial examiner, supported by such brief as may appear advisable.
(b) Waiver. Failure of a party to file exceptions to the recommended deci­
sion, findings, conclusions, and proposed order of the trial examiner or any
portion thereof, or to his failure to adopt a proposed finding or conclusion, or
to the admission or exclusion of evidence or other ruling of the trial examiner,
within the time prescribed in paragraph (a) of this section, shall be deemed to
be a waiver of objection thereto.
§308.11 Briefs.
(a) Contents. All briefs shall be confined to the particular matters in issue.
Each exception or proposed finding or conclusion which is briefed shall be sup­
ported by a concise argument or by citation of such statutes, decisions or other
authorities and by page reference to such portions of the record or recommend­
ed decision of the trial examiner as may be relevant. If the exception relates to
the admission or exclusion of evidence, the substance of the evidence admitted
or excluded shall be set forth in the brief with appropriate references to the
transcript.
(b) Reply briefs. Reply briefs may be filed with the Secretary of the Corpora­
tion within 10 days after service of briefs and shall be confined to matters in
original briefs of opposing parties. Further briefs may be filed only with the per­
mission of the Board of Directors.
(c) Delays. Briefs not filed on or before the tim e fixed in this subpart will be
received only upon special permission of the Board of Directors.
§308.12 Oral argument before the Board of Directors.
Upon its own initiative, or upon the written request of any party made within
the time prescribed fo r the filing of exceptions, a brief in support thereof, or a
reply brief, if any, for oral argument on the findings, conclusions, and recom­
mended decision of the trial examiner, the Board of Directors, if it considers
justice will best be served, may order the matter to be set down for oral argu­
ment before the Board of Directors or one or more members thereof. Oral
argument before the Board of Directors shall be recorded unless otherwise or­
dered by the Board of Directors.
§308.13 Notice of submission to the Board of Directors.
Upon the filing of the record with the Secretary of the Corporation, and upon
the expiration of the tim e for the filing of exceptions and all briefs, including re­
ply briefs or any further briefs permitted by the Board of Directors and upon
the hearing of oral argument by the Board of Directors, if ordered by the Board
of Directors, the Secretary shall notify the parties that the case has been sub­
mitted to the Board of Directors for final decision.
§308.14 Decision of Board of Directors.
Appropriate members of the staff, who are not engaged in the performance
of investigative or prosecuting functions in the case, or in a factually related
case, may advise and assist the Board of Directors in the consideration of the
case and in the preparation of appropriate documents for its disposition. Copies
of the decision and order of the Board of Directors shall be furnished by the



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FEDERAL DEPOSIT INSURANCE CORPORATION

Secretary of the Corporation to the parties to the proceedings, the bank in­
volved and to the appropriate State supervisory authority, in the case of a State
bank. Where the proceedings involve the involuntary termination of the insured
status of a bank, copies of the decision and order shall also be furnished to the
Board of Governors of the Federal Reserve System in the case of a State mem­
ber bank, or to the Comptroller of the Currency in the case of a national bank
or a District bank.
§308.15 Filing papers.
Recommended decisions, exceptions, briefs and other papers required to be
filed with the Board of Directors or Secretary in any proceedings shall be filed
with the Secretary, Federal Deposit Insurance Corporation, Washington, D.C.
20429. Any such papers may be sent to the Secretary by mail or express but
must be received in the office of the Corporation in Washington, D.C., or post­
marked by a post office, within the time lim it fo r such filing.
§308.16 Service.
(a) By the Board of Directors. All documents or papers required to be served
by the Board of Directors upon any party afforded a hearing shall be served by
the Secretary of the Corporation unless some other person shall be designated
for such purpose by the Board of Directors. Such service, except for service on
counsel for the Board of Directors, shall be made by personal service or by reg­
istered mail, addressed to the last known address as shown on the records of
the Board of Directors, on the attorney or representative of record of such
party, provided that if there is no attorney or representative of record, such
service shall be made upon such party at the last known address as shown on
the records of the Board of Directors. Such service may also be made in such
other manner reasonably calculated to give actual notice as the Board of
Directors may by regulation or otherwise provide.
(b) By the parties. Except as otherwise expressly provided in this part, all
documents or papers filed in a proceeding under this part shall be served by
the party filing the same upon the attorneys or representatives of record of all
other parties to the proceeding, or, if any party is not so represented, then
upon such party. Such service may be made by personal service or by regis­
tered, certified, or regular first-class mail addressed to the last known address
of such parties, or their attorneys or representatives of record. All such docu­
ments or papers shall, when tendered to the Board of Directors or the trial ex­
aminer for filing, show that such service has been made.
§308.17 Copies.
Unless otherwise specifically provided in the notice of hearing, an original
and seven copies of all documents and papers required or permitted to be filed
or served upon the Secretary of the Corporation under this part, except the
transcript of testimony and exhibits, shall be furnished to the Secretary of the
Corporation.
§308.18 Computing time.
(a) General rule. In computing any period of time prescribed or allowed by
this part, the date of the act, event or default from which the designated period
of time begins to run is not to be included. The last day so computed shall be
included, unless it is a Saturday, Sunday, or legal holiday in the District of Co­
lumbia, in which event the period shall run until the end of the next day which
is neither a Saturday, Sunday, nor such legal holiday. Intermediate Saturdays,
Sundays, and legal holidays shall be included in the computation unless the
time within which the act is to be performed is 10 days or less in which event
Saturdays, Sundays, and legal holidays shall not be included.
(b) Service by mail. Whenever any party has the right or is required to do
some act or take some proceeding, within a period of time prescribed in this
part, after the service upon him of any document or other paper of any kind,
and such service is made by mail, 3 days shall be added to the prescribed



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125

period from the date when the matter served is deposited in the United States
mail.
§308.19 Documents in proceedings confidential.
Unless and until otherwise ordered by the Board of Directors, the notice of
hearing, the transcript, the recommended decision of the trial examiner, excep­
tions thereto, proposed findings or conclusions, the findings and conclusions of
the Board of Directors and other papers which are filed in connection with any
hearing shall not be made public, and shall be for the confidential use only of
the Board of Directors, the trial examiner, the parties and appropriate supervis­
ing authorities.
§308.20 Formal requirements as to papers filed.
(a) Form. All papers filed under this subpart shall be printed, typewritten, or
otherwise reproduced. All copies shall be clear and legible.
(b) Signature. The original of all papers filed by a bank shall be signed by an
officer thereof, and if filed by another party shall be signed by said party, or by
the duly authorized agent or attorney of the bank or other party, and in all such
cases shall show the signer's address. Counsel for the Corporation shall sign
the original of all papers filed by him.
(c) Caption. All papers filed must include at the head thereof, or on a title
page, the name of the Corporation, the name of the party, and the subject of
the particular paper.
SUBPART B— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS FOR
THE INVOLUNTARY TERMINATION OF INSURED STATUS
§308.21 Scope.
Under the authority of section 8 of the Federal Deposit Insurance Act, the
Board of Directors of the Corporation may terminate the insured status of an
insured bank upon the grounds set forth therein and enumerated in §§308.22
and 308.27. The procedure for terminating the insured status of a bank as
therein prescribed will be followed and hearings required thereunder will be con­
ducted in accordance with the rules and procedures set forth in this subpart
and Subpart A of this part.
§308.22 Grounds for termination of insurance.
Whenever the Board of Directors finds that an insured bank or its directors
or trustees have engaged or are engaging in unsafe or unsound practices in
conducting the business of such bank, or that such bank is in an unsafe or un­
sound condition to continue operations as an insured bank, or that such bank
or its directors or trustees have violated an applicable law, rule, regulation or
order, or any condition imposed in writing by the Corporation in connection with
the granting of any application or other request by the bank, or any written
agreement entered into with the Corporation, the Board of Directors will first
give to the Comptroller of the Currency in the case of a national bank or a Dis­
tric t bank, to the authority having supervision of the bank in the case of a State
bank, and to the Board of Governors of the Federal Reserve System in the case
of a State member bank, a statement with respect to such practices or viola­
tions for the purpose of securing the correction thereof and will forward a copy
thereof to the bank.
§308.23 Notice of intention to terminate insured status.
Unless correction of the practices, condition or violations set forth in the
statement prescribed in §308.22 is made within 120 days, or such shorter
period not less than 20 days fixed by the Corporation in any case where the
Board of Directors in its discretion has determined that the insurance risk of
the Corporation is unduly jeopardized, or fixed by the Comptroller of the
Currency in the case of a national bank, or the State authority in the case of
a State bank, or Board of Governors of the Federal Reserve System in the case



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FEDERAL DEPOSIT INSURANCE CORPORATION

of a State member bank, as the case may be, the Board of Directors, if it
determines to proceed further, will give to the bank not less than 30 days'
written notice of its intention to terminate the status of the bank as an insured
bank, and will fix a tim e and place for a hearing before the Board of Directors
or before a person designated by it to conduct such hearing, at which evidence
may be produced, and upon such evidence the Board of Directors will make
written findings which shall be conclusive.
§308.24 Order terminating insured status.
If the Board of Directors finds that any unsafe or unsound practice or condi­
tion or violation specified in such statement has been established and has not
been corrected within the time prescribed under §308.23, in which to make
such corrections, the Board of Directors may order that the insured status of
the bank be terminated on a date subsequent to such finding and to the expira­
tion of the time specified in the notice of intention issued under §308.23.
§308.25 Consent to termination of insured status.
Unless the bank appears at the hearing designated in the notice of hearing
by a duly authorized representative, it shall be deemed to have consented to
the termination of its status as an insured bank. In the event the bank fails to
appear at such hearing, the trial examiner shall forthwith report the matter to
the Board of Directors and the Board may thereupon issue an order terminating
the bank's insured status.
§308.26 Notice of termination of insured status.
Prior to the effective date of the termination of the insured status of a bank
under section 8(a) of the Federal Deposit Insurance Act and at such tim e as
the Board of Directors shall specify, the bank shall mail to each depositor at his
last address of record on the books of the bank and publish in not less than
two issues of a local newspaper of general circulation and shall furnish the Cor­
poration with proof of publication of notice of such termination of insured sta­
tus. The notice shall be as follows:
NOTICE
(Date)
1. The status of the ............................................ , ................................................... ,
as an insured bank under the provisions of the Federal Deposit Insurance Act,
will terminate as of the close of business on the .... day of ..................... , 19....;
2. Any deposits made by you after that date, either new deposits or addi­
tions to existing deposits, will not be insured by the Federal Deposit Insurance
Corporation;
3. Deposits in the bank on the .... day of ..................... , 19...., up to a maxi­
mum of $15,000 for each depositor, will continue to be insured, as provided by
the Federal Deposit Insurance Act, for 2 years after the close of business on
the .... day of ..................... , 19....; Provided, however, That any withdrawals af­
ter the close of business on the . .. day of ..................... , 19...., will reduce the
insurance coverage by the amount of such withdrawals.
(Name of banking institution)
(Address)
There may be included in such notice any additional information or advice the
banking institution may deem desirable.
§308.27 Termination of insured status of banking institution not engaged in
the business of receiving deposits other than trust funds.
Whenever the Board of Directors shall have evidence indicating that an in­
sured banking institution is not engaged in the business of receiving deposits,



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127

other than trust funds, it will give notice in writing to the banking institution of
such fact, and will direct the banking institution to show cause why the insured
status of the banking institution should not be terminated under the provisions
of section 8(p) of the Federal Deposit Insurance Act. The banking institution
shall have 30 days, or such greater period of time as the Board of Directors
shall prescribe, after receipt of such notice to submit affidavits or other written
proof that it is engaged in the business of receiving deposits, other than trust
funds. The Board of Directors may, in its discretion, upon written request of the
banking institution, authorize a hearing before it or any person designated by it.
If upon consideration of the evidence, the Board of Directors finds th a t the
banking institution is not engaged in the business of receiving deposits, other
than trust funds, such finding shall be conclusive and the Corporation will noti­
fy the banking institution that its insured status will terminate at the expiration
of the first full semiannual assessment period following such notice. Prior to
the date of the termination of the insured status of a banking institution under
section 8(c) of the Federal Deposit Insurance Act, and within the tim e specified
by the Board of Directors, the banking institution shall mail to each depositor
at his last address of record on its books and publish in not less than two is­
sues of a local newspaper of general circulation, a notice of such termination in
form substantially as follows:
NOTICE
(Date)
............................................, ...............................................,
(Name of banking institution)
(City or town)
..................................... , as an insured bank, under the Federal Deposit Insurance
(State)
Act, will terminate on the. .. day of ..................... , 19...., and its deposits will
thereupon cease to be insured.
The

status

of

the

(Name of banking institution)
(Address)
There may be included in such notice any additional information or advice the
banking institution may deem desirable.
SUBPART C— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS RE­
LATING TO CEASE-AND-DESIST ORDERS
§308.28 Scope.
The rules and procedures set forth in this subpart are applicable to proceed­
ings by the Board of Directors with a view to ordering an insured State non­
member bank (other than a District bank) to cease and desist from practices
and violations described in section 8 of the Federal Deposit Insurance Act and
enumerated in §308.29. The procedures for issuing such orders prescribed in
section 8 of said Act will be followed and hearings required thereunder will be
conducted in accordance with the rules and procedures set forth in this subpart
and Subpart A of this part.
§308.29 Grounds for cease-and-desist orders.
If, in the opinion of the Board of Directors, any insured State nonmember
bank (other than a District bank) or bank which has insured deposits is engag­
ing or has engaged, or the Board of Directors has reasonable cause to believe
that the bank is about to engage, in an unsafe or unsound practice in conduct­
ing the business of such bank, or is violating or has violated, or the Board of
Directors has reasonable cause to believe th a t the bank is about to violate, a
law, rule, or regulation, or any condition imposed in writing by the Board of Di­



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FEDERAL DEPOSIT INSURANCE CORPORATION

rectors in connection with the granting of an application or other request by the
bank, or any written agreement entered into with the Corporation, the Board of
Directors may issue and serve upon the bank a notice of charges in respect
thereof.
§308.30 Notice of charges and hearing.
The notice referred to in §308.29 will contain a statement of the facts consti­
tuting the alleged violation or violations or the unsafe or unsound practice or
practices, and fix a time and place at which a hearing will be held to determine
whether an order to cease and desist therefrom should issue against the bank.
The hearing will be fixed for a date not earlier than 30 days nor later than 60
days after service of such notice unless an earlier or a later date is set by the
Board of Directors at the request of the bank. Unless the bank appears at the
hearing by a duly authorized representative, it will be deemed to have consent­
ed to the issuance of the cease-and-desist order.
§308.31 Issuance of order.
In the event of such consent, or if upon the record made at any such hear­
ing, the Board of Directors finds that any violation or unsafe or unsound
practice specified in the notice of charges has been established, the Board of
Directors may issue and serve upon the bank an order to cease and desist from
any such violation or practice. Such order may, by provisions which may be
mandatory or otherwise, require the bank and its directors, officers, employees,
and agents to cease and desist from the same and, further, to take affirmative
action to correct the conditions resulting from any such violation or practice.
§308.32 Effective date.
A cease-and-desist order will become effective at the expiration of 30 days
after the service of such order upon the bank concerned (except in the case of a
cease-and-desist order issued upon consent, which will become effective at the
tim e specified therein), and will remain effective and enforceable as provided
therein, except to such extent as it is stayed, modified, terminated, or set aside
by action of the Board of Directors or a reviewing court.
§308.33 Temporary cease-and-desist orders.
Whenever the Board of Directors determines that the violation or threatened
violation or the unsafe or unsound practice or practices, specified in the notice
of charges referred to in §308.28, or the continuation thereof, is likely to cause
insolvency or substantial dissipation of assets or earnings of the bank, or is
likely to otherwise seriously prejudice the interests of its depositors, the Board
of Directors may issue a temporary order requiring the bank to cease and desist
from any such violation or practice.
§308.34 Effective date of temporary order.
Such order will become effective upon service upon the bank and, unless set
aside, limited, or suspended by a court in proceedings authorized under the
Federal Deposit Insurance Act will remain effective and enforceable pending the
completion of the administrative proceedings held pursuant to such notice and
until such time as the Board of Directors dismisses the charges specified in
such notice, or if a cease-and-desist order is issued against the bank pursuant
to §308.29, until the effective date of any such order.
SUBPART D— RULES AND PROCEDURES APPLICABLE TO PROCEEDINGS RE­
LATING TO REMOVAL AND SUSPENSION ORDERS
§308.35 Scope.
The rules and procedures set forth in this subpart are applicable to proceed­
ings by the Board of Directors to remove or suspend directors or officers of an
insured State nonmember bank (other than a District bank) or any other person
participating in the conduct of the affairs of such a bank, a n d /o r prohibit such
director, officer or other person from further participation in the conduct of the



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129

affairs of such a bank, upon the grounds set forth in section 8 of the Federal
Deposit Insurance Act and enumerated in this subpart. The procedures fo r is­
suing such orders prescribed in section 8 of said Act will be followed and hear­
ings required thereunder will be conducted in accordance with the rules and
procedures set forth in this subpart and Subpart A of this part.
§308.36 Grounds for removal order.
(a) Whenever, in the opinion of the Board of Directors, any director or officer
of an insured State nonmember bank (other than a District bank) has com m it­
ted any violation of law, rule, or regulation, or of a cease-and-desist order which
has become final, or has engaged or participated in any unsafe or unsound
practice in connection with the bank, or has committed or engaged in any act,
omission, or practice which constitutes a breach of his fiduciary duty as such
director or officer, and the Board of Directors determines that the bank has suf­
fered or will probably suffer substantial financial loss or other damage or that
the interests of its depositors could be seriously prejudiced by reason of such
violation or practice or breach of fiduciary duty, and that such violation or prac­
tice or breach of fiduciary duty is one involving personal dishonesty on the part
of such director or officer, the Board of Directors may serve upon such director
or officer a written notice of its intention to remove him from office.
(b) Whenever, in the opinion of the Board of Directors, any director or officer
of an insured State nonmember bank (other than a District bank), by conduct
or practice with respect to another insured bank or other business institution
which resulted in substantial financial loss or other damage, has evidenced his
personal dishonesty and unfitness to continue as a director or officer and,
whenever, in the opinion of the Board of Directors, any other person participat­
ing in the conduct of the affairs of an insured State nonmember bank (other
than a District bank), by conduct or practice with respect to such bank or other
insured bank or other business institution which resulted in substantial financial
loss or other damage, has evidenced his personal dishonesty and unfitness to
participate in the conduct of the affairs of such insured bank, the Board of Di­
rectors may serve upon such director, officer, or other person a written notice
of its intention to remove him from office a n d /o r to prohibit his further partici­
pation in any manner in the conduct of the affairs of the bank.
§308.37 Grounds for suspension order.
In respect to any director or officer of an insured State nonmember bank
(other than a District bank) or any other person referred to in paragraph (a) or
(b) of §308.36 the Board of Directors may, if it deems it necessary for the pro­
tection of the bank or the interests of its depositors, by written notice to such
effect served upon such director, officer, or other person, suspend him from
office and /o r prohibit him from further participation in any manner in the con­
duct of the affairs of the bank.
§308.38 Effective date of suspension order.
Any suspension a n d /o r prohibition which is subject to the notice prescribed
in §308.37, shall become effective upon service of such notice and, unless
stayed by a court in proceedings authorized by the Federal Deposit Insurance
Act, shall remain in effect pending the completion of the administrative pro­
ceedings held pursuant to the notice served under paragraph (a) or (b) of
§308.36 and until such time as the Board of Directors shall dismiss the charges
specified in such notice, or if an order of removal a n d /o r prohibition is issued
against the director or officer or other person, until the effective date of any
such order. Copies of any such notice will also be served upon the bank of
which he is a director or officer or in the conduct of whose affairs he has parti­
cipated.
§308.39 Notice of intention to remove and hearing.
A notice of intention to remove a director, officer, or other person frorn office
a n d /o r to prohibit his participation in the conduct of the affairs of an insured



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FEDERAL DEPOSIT INSURANCE CORPORATION

bank, will contain a statement of the facts constituting grounds therefor and
will fix a tim e and place at which a hearing will be held thereon. Such hearing
will be fixed for a date not earlier than 30 days nor later than 60 days after the
date of service of such notice, unless an earlier or a later date is set by the
Board of Directors at the request of (a) such director or officer or other person,
and for good cause shown, or (b) the Attorney General of the United States.
Unless such director, officer, or other person appears at the hearing in person
or by a duly authorized representative, he shall be deemed to have consented
to the issuance of an order of such removal a n d /o r prohibition.
§308.40 Issuance of removal order and effective date.
In the event of such consent, or if upon the record made at any such hearing
the Board of Directors finds that any of the grounds specified in such notice
has been established, the Board of Directors may issue such orders of suspen­
sion or removal from office, a n d /o r prohibition from participation in the con­
duct of the affairs of the bank, as it may deem appropriate. Any such order
shall become effective at the expiration of 30 days after service upon such bank
and the director, officer, or other person concerned (except in the case of an
order issued upon consent, which shall become effective at the time specified
therein). Such order shall remain effective and enforceable except to such ex­
tent as it is stayed, modified, terminated, or set aside by action of the Board of
Directors or a reviewing court.
§308.41 Suspension and removal where felony charged.
(a) Whenever any director or officer of an insured State nonmember bank
(other than a District bank), or other person participating in the conduct of the
affairs of such bank, is charged in any information, indictment, or complaint au­
thorized by a U.S. attorney, with the commission of or participation in a felony
involving dishonesty or breach of trust, the Board of Directors may, by written
notice served upon such director, officer, or other person suspend him from of­
fice a n d /o r prohibit him from further participation in any manner in the
conduct of the affairs of the bank. A copy of such notice will also be served
upon the bank. Such suspension a n d /o r prohibition shall remain in effect until
such information, indictment, or complaint is finally disposed of or until te rm i­
nated by the Board of Directors.
(b) In the event that a judgment of conviction with respect to such offense is
entered against such director, officer, or other person, and at such time as such
judgment is not subject to further appellate review, the Board of Directors may
issue and serve upon such director, officer, or other person an order removing
him from office a n d /o r prohibiting him from further participation in any manner
in the conduct of the affairs of the bank except with the consent of the Board
of Directors. A copy of such order will also be served upon such bank, whereup­
on such director or officer shall cease to be a director or officer of such bank. A
finding of not guilty or other disposition of the charge will not preclude the
Board of Directors from thereafter instituting proceedings to remove such direc­
tor, officer, or other person from office a n d /o r to prohibit further participation
in bank affairs, pursuant to the provisions of this subpart.
[F.R. Doc. 67-8385; Filed, July 31, 1967; 8:45 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 328— ADVERTISEMENT OF MEMBERSHIP
Effective August l r 1967, Part 328 of the rules and regulations of the Federal
Deposit Insurance Corporation (12 CFR Part 328) is amended to read as fo l­
lows:



RULES AND REGULATIONS OF THE CORPORATION
Sec.
328.0
328.1
328.2

131

Scope.
Mandatory requirements with regard to the official sign and its display.
Mandatory requirements with regard to the official advertising state­
ment and manner of use.

%328.0
Scope.
The regulation contained in this part prescribes the requirements with regard
to the official sign insured banks must display and the requirements with regard
to the official advertising statement insured banks must include in their adver­
tisements. It also prescribes an approved short title which insured banks may
use at their option. It imposes no limitations on other proper advertising of in­
surance of deposits by insured banks and does not apply to advertisements
published in foreign countries by insured banks which maintain offices in such
foreign countries in which offices the deposits are not insured.
§328.1 Mandatory requirements with regard to the official sign and its dis­
play
(a) Insured banks to display official sign. Each insured bank shall contin­
uously display an official sign as hereinafter prescribed at each station or
window where insured deposits are usually and normally received in its principal
place of business and in all its branches: Provided, That no bank becoming an
insured bank shall be required to display such official sign until twenty-one (21)
days after its first day of operation as an insured bank. The official sign may be
displayed by any insured bank prior to the date display is required. Additional
signs in other sizes, colors, or materials, incorporating the basic design of
the official sign, may be displayed in other locations within an insured bank.
(b) Official sign. The official sign referred to in paragraph (a) of this section
shall be of the following design:

E a c h d e p o s ito r in s u r e d to $15,000

FEDERAL DEPOSIT IN SU R A N C E CO R P O R ATIO N

The “ sym bol" of the Corporation shall be that portion of the official sign repre­
sented by the letters and the Corporation seal contained upon the sign.
(1) Any insured bank may procure official signs from the Corporation. Varia­
tions in size, color, and materials in the official sign, as described in the
“ Official Catalog of Insured Bank Signs"— No. EDI, may be procured at no
charge from the Corporation by insured banks for official use. The Corporation
shall furnish to banks an order blank for use in procuring the official signs. Any
bank which promptly, after receipt of the order blank, fills it in, executes it, and
properly directs and forwards it to the Federal Deposit Insurance Corporation,
Washington, D.C. 20429, shall not be deemed to have violated this regulation
on account of not displaying an official sign, or signs, unless the bank shall
om it to display such official sign or signs after receipt thereof.
(2) Official signs reflecting variations in color and materials and additional




132

FEDERAL DEPOSIT INSURANCE CORPORATION

signs reflecting variations in size, color, and materials may be procured by in­
sured banks from commercial suppliers.
(c) Receipt of deposits at same teller's station or window as noninsured
bank or institution. An insured bank is forbidden to receive deposits at any te ll­
er’s station or window where any noninsured bank or institution receives depos­
its or similar liabilities.
(d) Required changes in official sign. The Corporation may require any in­
sured bank, upon at least 30 days' written notice, to change the wording of its
official signs in a manner deemed necessary for the protection of depositors or
others.
§328.2 Mandatory requirements with regard to the official advertising state­
ment and manner of use.
(a) Insured banks to include official advertising statement in all advertise­
ments except as provided in paragraph (c) of this section. Each insured bank
shall include the official advertising statement, prescribed in paragraph (b) of
this section, in all of its advertisements except as provided in paragraph (c) of
this section.
(1) An insured bank is not required to include the official advertising state­
ment in its advertisements until thirty (30) days after its first day of operation
as an insured bank.
(2) In cases where the Board of Directors of the Federal Deposit Insurance
Corporation shall find the application to be meritorious, that there has been no
neglect or willful violation in the observance of this section and that undue
hardship will result by reason of its requirements, the Board of Directors may
grant a temporary exemption from its provision to a particular bank upon its
written application setting forth the facts. For the procedure to be followed in
making such application see §303.8 of this chapter.
(3) In cases where advertising copy not including the official advertising
statement is on hand on the date the requirements of this section become op­
erative, the insured bank may cause the official advertising statement to be in­
cluded by use of a rubber stamp or otherwise.
(b) Official advertising statement. The official advertising statement shall be
in substance as follows: “ Member of the Federal Deposit Insurance Corpora­
tio n ". The word “ th e " or the words “ of th e " may be omitted. The words “ This
bank is a" or the words “ This institution is a" or the name of the insured bank
followed by the words “ is a" may be added before the word “ member". The
short title “ Member of FDIC" or “ Member FDIC" or a reproduction of the
“ symbol" may be used by insured banks at their option as the official advertis­
ing statement. The official advertising statement shall be of such size and print
to be clearly legible. Where it is desired to use the “ symbol" of the Corporation
as the official advertising statement, and the “ symbol" must be reduced to
such proportions that the small lines of type and the Corporation seal therein
are indistinct and illegible, the Corporation seal in the letter C and the two lines
of small type may be blocked out or dropped.
(c) Types of advertisements which do not require the official advertising
statement. The following is an enumeration of the types of advertisements
which need not include the official advertising statement:
(1) Statements of condition and reports of condition of an insured bank
which are required to be published by State or Federal law;
(2) Bank supplies such as stationery (except when used for circular letters),
envelopes, deposit slips, checks, drafts, signature cards, deposit passbooks, cer­
tificates of deposit, etc.;
(3) Signs or plates in the banking office or attached to the building or build­
ings in which the banking offices are located;
(4) Listings in directories;
(5) Advertisements not setting forth the name of the insured bank;




RULES AND REGULATIONS OF THE CORPORATION

133

(6) Display advertisements in bank directory, provided the name of the bank
is listed on any page in the directory with a symbol or other descriptive matter
indicating it is a member of the Federal Deposit Insurance Corporation;
(7) Joint or group advertisements of banking services where the names of in­
sured banks and noninsured banks or institutions are listed and form a part of
such advertisements;
(8) Advertisements by radio which do not exceed th irty (30) seconds in time;
(9) Advertisements by television, other than display advertisements, which
do not exceed thirty (30) seconds in time;
(10) Advertisements which are of the type or character making it impractical
to include thereon the official advertising statement including, but not limited to
promotional items such as calendars, matchbooks, pens, pencils, and key
chains;
(11) Advertisements which contain a statement to the effect that the bank is
a member of the Federal Deposit Insurance Corporation, or that the bank is in­
sured by the Federal Deposit Insurance Corporation, or that its deposits or de­
positors are insured by the Federal Deposit Insurance Corporation to the
maximum of $15,000 for each depositor;
(12) Advertisements relating to the making of loans by the bank or loan
services;
(13) Advertisements relating to safekeeping box business or services;
(14) Advertisements relating to tru st business or trust department services;
(15) Advertisements relating to real estate business or services;
(16) Advertisements relating to armored car services;
(17) Advertisements relating to service charges or analysis charges;
(18) Advertisements relating to securities business or securities department
services;
(19) Advertisements relating to travel department business, including travel­
er's checks on which the bank issuing or causing to be issued the advertise­
ment is not primarily liable;
(20) Advertisements relating to savings bank life insurance.
(d) Outstanding billboard advertisements. Where an insured bank has bill­
board advertisements outstanding which are required to include the official
advertising statement and has direct control of such advertisements either by
possession or under the terms of a contract, it shall, as soon as it can consist­
ent with its contractual obligations, cause the official advertising statement to
be included therein.
(e) Official advertising statement in non-English language. The non-English
equivalent of the official advertising statement may be used in any advertise­
ment: Provided, That the translation has had the prior written approval of the
Corporation.
[F.R. Doc. 67-7385; Filed, July 10, 1967; 8:45 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 330— CLARIFICATION AND DEFINITION OF DEPOSIT INSURANCE COVER­
AGE
Effective September 1, 1967, Part 330 of the rules and regulations of the
Federal Deposit Insurance Corporation (12 C.F.R. 330) is revised to read as fo l­
lows:
Sec.
330.1

General principles applicable in determining insurance of deposit ac­
counts.




134
330.2
330.3
330.4
330.5
330.6
330.7
330.8
330.9
330.10
330.11
330.12
330.13
330.14

FEDERAL DEPOSIT INSURANCE CORPORATION
Single ownership accounts.
Testamentary accounts.
Accounts held by executors or administrators.
Accounts held by a corporation or partnership.
Accounts held by an unincorporated association.
Independent activity.
Public unit accounts.
Joint accounts.
Trust accounts.
Deposits evidenced by negotiable instruments.
Deposit obligations for payment of items forwarded fo r collection by
bank acting as agent.
Continuation of prior coverage.
Notification.

§330.1 General principles applicable in determining insurance of deposit accounts.
(a) General. This Part 330 provides for determination by the Corporation of
the insured depositors of an insured bank and the amount of their insured de­
posit accounts. The rules for determining the insurance coverage of deposit ac­
counts maintained by depositors in the same or different rights and capacities
in the same insured bank are set forth in the following provisions of this part.
Insofar as rules of local law enter into such determinations, the law of the ju r­
isdiction in which the insured bank's principal office is located shall govern.
(b) Records. (1) The deposit account records of the insured bank shall be
conclusive as to the existence of any relationship pursuant to which the funds
in the account are deposited and on which a claim for insurance coverage is
founded. Examples would be trustee, agent, custodian or executor. No claim for
insurance based on such a relationship will be recognized in the absence of
such disclosure.
(2) If the deposit account records of an insured bank disclose the existence
of a relationship which may provide a basis for additional insurance, the details
of the relationship and the interests of other parties in the account must be as­
certainable either from the records of the bank or the records of the depositor
maintained in good faith and in the regular course of business.
(3) The deposit account records of an insured bank in connection with a
trust account shall disclose the name of both the settlor (grantor) and the trus­
tee of the trust and shall contain an account signature card executed by the
trustee.
(4) The interests of the co-owners of a joint deposit account shall be
deemed equal, unless otherwise stated on the insured bank's records in the
case of a tenancy in common.
(c) Valuation of trust interests. (1) Trust interests in the same tru st depos­
ited in the same account will be separately insured if the value of the trust inter­
est is capable of determination, without evaluation of contingencies, except for
those covered by the present worth tables and rules of calculation for their use
set forth in §20.2031-7 of the Federal Estate Tax Regulations (26 CFR
20.2031-7).
(2) In connection with any trust in which certain trust interests are not capa­
ble of evaluation in accordance with the foregoing rule, payment by the
Corporation to the trustee with respect to all such trust interests shall not ex­
ceed the basic insured amount of $15,000.
(3) Each trust interest in any trust established by two or more settlors shall
be deemed to be derived from each settlor pro rata to his contribution to the
trust.
(4) The term “ trust interest” means the interest of a beneficiary in an irrev­




RULES AND REGULATIONS OF THE CORPORATION

135

ocable express trust, whether created by trust instrument or statute, but does
not include any interest retained by the settlor.
(5)
With respect to trust funds held by an insured bank in a fiduciary capac­
ity pursuant to section 7(i) of the Act, the term ‘ ‘trust interest" shall mean the
same as the term “ trust funds" as used in section 3(p) of the Act.
§330.2 Single ownership accounts.
Funds owned by an individual and deposited in the manner set forth below
shall be added together and insured up to $15,000 in the aggregate.
(a) Individual accounts. Funds owned by an individual (or by the community
between husband and wife of which the individual is a member) and deposited
in one or more deposit accounts in his own name shall be insured up to
$15,000 in the aggregate.
(b) Accounts held by agents or nominees. Funds owned by a principal and
deposited in one or more deposit accounts in the name or names of agents or
nominees shall be added to any individual deposit accounts of the principal and
insured up to $15,000 in the aggregate.
(c) Accounts held by guardians, custodians, or conservators. Funds held by a
guardian, custodian, or conservator for the benefit of his ward or fo r the benefit
of a minor under a Uniform Gifts to Minors Act and deposited in one or more
deposit accounts in the name of the guardian, custodian, or conservator shall
be added to any individual deposit accounts of the ward or minor and insured
up to $15,000 in the aggregate.
§330.3 Testamentary accounts.
(a) Funds owned by an individual and deposited in a revocable trust ac­
count, tentative or “ Totten" trust account, “ payable-on-death" account or sim i­
lar account evidencing an intention th a t on his death the funds shall belong to
his spouse, child or grandchild shall be insured up to $15,000 in the aggregate
as to each such named beneficiary, separately from any other accounts of the
owner.
(b) If the named beneficiary of such an account is other than the owner’s
spouse, child or grandchild, the funds in such account shall be added to any in­
dividual accounts of such owner and insured up to $15,000 in the aggregate.
§330.4 Accounts held by executors or administrators.
Funds of a decedent held in the name of the decedent or in the name of the
executor or administrator of his estate and deposited in one or more deposit
accounts shall be insured up to $15,000 in the aggregate, separately from the
individual deposit accounts of the beneficiaries of the estate or of the executor
or administrator.
§330.5 Accounts held by a corporation or partnership.
Deposit accounts of a corporation or partnership engaged in any independent
activity shall be insured up to $15,000 in the aggregate. A deposit account of a
corporation or partnership not engaged in an independent activity shall be
deemed to be owned by the person or persons owning such corporation or com­
prising such partnership and, for deposit insurance purposes, the interest of
each person in such a deposit account shall be added to any other deposit ac­
counts individually owned by such person and insured up to $15,000 in the
aggregate.
§330.6 Accounts held by an unincorporated association.
Deposit accounts of an unincorporated association engaged in any independ­
ent activity shall be insured up to $15,000 in the aggregate. A deposit account
of an unincorporated association not engaged in an independent activity shall
be deemed to be owned by the persons comprising such association and, for
deposit insurance purposes, the interest of each owner in such a deposit ac­
count shall be added to any other deposit accounts individually owned by such
person and insured up to $15,000 in the aggregate.




136

FEDERAL DEPOSIT INSURANCE CORPORATION

§330.7 Independent activity.
The term "independent activity” means any activity other than one directed
solely at increasing insurance coverage.
§330.8 Public unit accounts.
(a) General. Where different officers, agents or employees of the same public
unit, having by law the official custody of public funds of the unit, deposit the
same in an insured bank, each such officer, agent or employee shall be sep­
arately insured up to $15,000 in such custodial capacity. An officer, employee,
or agent of a public unit shall be deemed to be insured only up to $15,000
with respect to all public funds of the same unit held by him, regardless of how
many offices he holds in such unit or the purposes for which such funds are
held or designated. If the same person is an officer, employee, or agent of more
than one public unit, he shall be separately insured up to $15,000 with respect
to the public funds held by him of each such unit.
(b) Public bond issues. Where an officer, agent or employee of a public unit
has custody of certain funds which by law or under the bond indenture are re­
quired to be paid to the holders of bonds issued by the public unit, any deposit
of such funds in an insured bank shall be deemed to be a deposit by a trustee
of trust funds of which the bondholders are pro rata beneficiaries, and each
such beneficial interest shall be separately insured up to $15,000.
§330.9 Joint accounts.
(a) Separate insurance coverage. Deposits owned jointly, whether as joint
tenants with right of survivorship, as tenants by the entireties, as tenants in
common, or by husband and wife as community property, shall be insured sep­
arately from deposit accounts individually owned by the co-owners.
(b) Qualifying joint accounts. A joint deposit account shall be deemed to ex­
ist, for purposes of insurance of accounts, only if each co-owner has personally
executed a deposit account signature card and possesses withdrawal rights. The
restrictions of this subsection shall not apply to holders in due course of a de­
posit obligation of a bank evidenced by a negotiable instrument which had, in
fact, been negotiated prior to the closing of the bank.
(c) Failure to qualify. A deposit account owned jointly which does not quali­
fy as a joint account for purposes of insurance of accounts shall be treated as
owned by the named persons as individuals and the actual ownership interest
of each such person in such account shall be added to any other accounts indi­
vidually owned by such person and insured up to $15,000 in the aggregate.
(d) Same combination of individuals. All joint deposit accounts owned by the
same combination of individuals shall first be added together and insured up to
$15,000 in the aggregate.
(e) Interest of each co-owner. The interests of each co-owner in all joint de­
posit accounts owned by different combinations of individuals shall then be
added together and insured up to $15,000 in the aggregate.
§330.10 Trust accounts.
All trust interests for the same beneficiary deposited in deposit accounts es­
tablished pursuant to valid trust agreements created by the same settlor (gran­
tor) shall be added together and insured up to $15,000 in the aggregate, sep­
arately from other deposit accounts of the trustee of such tru st funds or the
settlor or beneficiary of such trust arrangements.
§330.11 Deposits evidenced by negotiable instruments.
If any insured deposit obligation of a bank be evidenced by a negotiable cer­
tificate of deposit, negotiable draft, negotiable cashier's or officer’s check, nego­
tiable certified check, or negotiable traveler's check or letter of credit, the own­
er of such deposit obligation will be recognized for all purposes of claim for
insured deposits to the same extent as if his name and interest were#disclosed
on the records of the bank provided the instrument was in fact negotiated to




RULES AND REGULATIONS OF THE CORPORATION

137

such owner prior to the date of the closing of the bank. Affirmative proof of
such negotiation must be offered in all cases to substantiate the claim.
§330.12 Deposit obligations for payment of items forwarded for collection by
bank acting as agent.
Where a closed bank has become obligated for the payment of items fo r­
warded for collection by a bank acting solely as agent, the owner of such items
will be recognized for all purposes of claim for insured deposits to the same
extent as if his name and interest were disclosed on the records of the bank
when such claim for insured deposits, if otherwise payable, has been estab­
lished by the execution and delivery of prescribed forms. Such bank forwarding
such items for the owners thereof will be recognized as agent for such owners
for the purpose of making an assignment of the rights of such owners against
the closed insured bank to the Federal Deposit Insurance Corporation and for
the purpose of receiving payment on behalf of such owners.
§330.13 Continuation of prior coverage.
All deposit accounts insured under the rules and interpretations heretofore in
effect shall continue to be insured, anything in this part to the contrary notwith­
standing, until April 15, 1968.
§330.14 Notification of depositors.
Each insured bank is required to provide notice of these revisions to the
Rules and Regulations for Clarification and Definition of Insurance Coverage of
Deposit Accounts, Part 330, prior to February 1, 1968, to the depositors of
each deposit account which had a balance in excess of $5,000 on any date se­
lected by the bank between September 1, 1967, and February 1, 1968. Such no­
tice shall consist of mailing to such depositors at their last known address as
shown on the records of the insured bank, a question and answer brochure on
insurance of deposit accounts prepared by the Federal Deposit Insurance Corpo­
ration. Such brochure shall also be made available to the public at each teller's
station or window where deposits are normally received and at new account sta­
tions of an insured bank. Additional explanatory materials may also be sent to
depositors at the option of the insured bank.
INTERPRETATION
§330.101 Recognition of deposit ownership in custodial accounts.
(a) The opinion of the Board of Directors has been requested as to whether
a fractional or percentage computation of the interests of owners of comm in­
gled funds on deposit in custodial accounts in banks insured by the Federal De­
posit Insurance Corporation meets the requirements of §330.1.
(b) Section 330.1 provides that if the name and interest of an owner of any
portion of a specifically designated custodial deposit is disclosed on the records
of the person in whose name the deposit is maintained and such records are
maintained in good faith and in the regular course of business, such owner will
be recognized for all purposes of claim for insured deposits to the same extent
as if his name and interest were disclosed on the records of the bank.
(c) The Board of Directors has concluded that, if the records of the deposi­
tor, maintained in good faith and in the regular course of business, reflect, at
all times, the name and ascertainable interest of each owner in a specifically
designated custodial deposit, such interest may be determined on a fractional
or percentage basis. This may be accomplished in any manner which indicates
that where the funds of an owner are commingled with other funds held in cus­
tody and a portion thereof is placed on deposit in one or more insured banks,
his interest in a custodial deposit in any one insured bank would represent at
any given time the same fractional share as his share of the total commingled
funds.
[F.R. Doc. 67-8195; Filed, July 13, 1967; 8:50 a.m.]



138

FEDERAL DEPOSIT INSURANCE CORPORATION

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY
PART 335— SECURITIES OF INSURED STATE NONMEMBER BANKS
Effective December 31, 1967, Part 335 is amended as follows:
1. Amend §335.2 by adding §335.2(ff) immediately following §335.2(ee) to
read as follows:
§335.2 Definitions.
#

#

*

*

*

(ff) The terms "beneficial ownership," "beneficially owned," and the like,
when used with respect to the reporting of ownership of the bank's equity se­
curities in any statement or report required by this regulation, shall include, in
addition to direct and indirect beneficial ownership by the reporting person,
ownership of such securities (1) by the spouse (except where legally separated)
and minor children of such reporting person, and (2) by any other relative of
the reporting person who has the same home as such person.
2. Amend §335.5(d)(1) and (3) and add a new paragraph (k) to read as fo l­
lows:
§335.5 Proxies, proxy statements, and statements where management does not
solicit proxies.
*
*
*
*
*
(d)
Requirements as to proxy. (1) The form of proxy (i) shall indicate in
boldface type whether or not the proxy is solicited on behalf of the manage­
ment of the bank, (ii) shall provide a specifically designed blank space for
dating proxy, and (iii) shall identify clearly and impartially each m atter or group
of related matters intended to be acted upon, whether proposed by the man­
agement or by security holders. No reference need be made, however, to
matters as to which discretionary authority is conferred pursuant to subpara­
graph (3) of this paragraph.
*
*
*
*
(3)
A proxy may confer discretionary authority with respect to other matters
tha t may come before the meeting, if (i) the persons on whose behalf the soli­
citation is made are not aware a reasonable time prior to the tim e the solicita­
tion is made that any such other matters are to be presented for action of the
meeting and (ii) a specific statement to that effect, except with respect to pro­
posals omitted pursuant to paragraph (k) of this section for which discretionary
authority may also be conferred, is made in the proxy statement or in the form
of proxy.
*
#
*
*
*
(k) Proposals of security holders. (1) If any security holder entitled to vote
at a meeting of security holders of the bank shall submit to the management of
the bank, within the time hereinafter specified, a proposal which is accompa­
nied by notice of his intention to present the proposal for action at the meet­
ing, the management shall set forth the proposal in its proxy statement and
shall identify it in its form of proxy and provide means by which security hold­
ers can approve or disapprove the proposal. The management of the bank shall
not be required by this section to include the proposal in its proxy statement
for an annual meeting unless the proposal is submitted to management not
less than 60 days in advance of a day corresponding to the first date on which
the management's statement was released to security holders in connection
with the preceding annual meeting of security holders. A proposal to be pre­



RULES AND REGULATIONS OF THE CORPORATION

139

sented at any other meeting shall be submitted to the management of the bank
a reasonable time before the solicitation is made. This paragraph (k) shall not
apply, however, to elections to office.
(2) If the management opposes the proposal, it shall also, at the written re­
quest of the security holder, include in the proxy statement (i) the name and
address of the security holder, or a statement that such name and address will
be furnished upon request, and (ii) a statement of the security holder, which
shall not include such name and address, of not more than 100 words in sup­
port of the proposal. The statement and request of the security holder shall be
furnished to the management at the same time that the proposal is furnished.
Neither the management nor the bank shall be responsible for such statement.
(3) Notwithstanding subparagraphs (1) and (2) of this paragraph, the man­
agement may om it a proposal and any statement in support thereof from
its proxy statement and form of proxy under any of the following circum ­
stances:
(i) If the proposal is impossible to accomplish or, under applicable law, is
not a proper subject for action by security holders; or
(ii) If the proposal consists of a recommendation or request that the man­
agement take action with respect to a m atter relating to the conduct of the
ordinary business operations of the bank; or
(iii) If it appears that the proposal is submitted by the security holder princi­
pally for the purpose of enforcing a personal claim or redressing a personal
grievance against the bank or its management, or principally for the purpose of
promoting general economic, political, racial, religious, social, or similar causes;
or
(iv) If the management has at the security holder’s request included a pro­
posal in its proxy statement and form of proxy relating to either of the two
preceding annual meetings of security holders or any special meeting held sub­
sequent to the earlier of such two annual meetings, and such security holder
has failed without good cause to present the proposal, in person or by proxy,
for action at the meeting; or
(v) If substantially the same proposal has previously been submitted to secu­
rity holders in the management's proxy statement and form of proxy relating to
any meeting of security holders held within the preceding 5 calendar years, it
may be omitted from the proxy statement relating to any meeting of security
holders held within the 3 calendar years after the latest such previous submis­
sion: Provided, That (a) if the proposal was submitted at only one meeting dur­
ing such preceding period, it received less than 5 percent of the total number
of votes cast in regard thereto, or (b) if the proposal was submitted at only two
meetings during such preceding period, it received at the time of its second
submission less than 10 percent of the total number of votes cast in regard
thereto, or (c) if the proposal was submitted at three or more meetings during
such period, it received at the time of its latest submission less than 20 per­
cent of the total number of votes cast in regard thereto; or
(vi) If, prior to the receipt of such proposal, substantially the same proposal
has been received by the management from another security holder and is to
be included in the bank's proxy soliciting material.
(4) Whenever the management asserts that a proposal and any statement in
support thereof may properly be omitted from the proxy statement and form
of proxy, it shall file with the Corporation, not later than 20 days prior to the
date the preliminary copies of the proxy statement and form of proxy are filed
pursuant to paragraph (f)(1 ) of this section or such shorter period prior to
such date as the Corporation may permit, a copy of the proposal and any state­
ment in support thereof as received from the security holder, together with a
statement of the reasons why the management deems such omission to be
proper in the particular case, and, where such reasons are based on matters of
law, a supporting opinion of counsel. The management shall at the same time,



FEDERAL DEPOSIT INSURANCE CORPORATION

140

if it has not already done so, notify the security holder submitting the proposal
of its intention to om it the proposal from its proxy statement and shall forward
to him a copy of the statement of the reasons why the management deems the
omission of the proposal to be proper and a copy of such supporting opinion of
counsel.
[F.R. Doc. 67-14057; Filed, Dec. 5, 1967; 8:45 a.m.]

TITLE 12— BANKS AND BANKING
CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION
PART 336— EMPLOYEE RESPONSIBILITIES AND CONDUCT
Miscellaneous Amendments
Effective October 7, 1967, Part 336 is amended as follows:
Section 336.735-11(c) is deleted and the provisions thereof transferred to
§336.735-10; §336.735-11(d) is amended to indicate the circumstances under
which a gift to an official superior may be allowed; the heading of §336.735-12
is amended for clarity and paragraph (f)(1 ) of that section is deleted and the
provisions thereof transferred to §336.735-11(f) and amended to show that the
exception does not allow non-Corporation reimbursement fo r travel on official
business under Corporation orders; §§336.735-11(d) and (e) and 336.735-19 are
amended to correct statutory references made obsolete by the codification of
Title 5, United States Code; paragraph (r) is added to §336.735-19 to include
reference to 18 U.S.C. 219; §§336.735-13(a)(l), 336.735-31, and 336.735-32
are amended, and §336.735-31a is added, to restrict the requirements relative
to reporting employment and financial interests to those employees in positions
in which the possibility of conflicts-of-interest involvement is clear and to evi­
dence the availability of the Corporation’s grievance procedure for settling
questions concerning the applicability of the reporting requirement. Section
336.735-34 is amended to eliminate quarterly supplementary statements;
§336.735-38 is amended to insure the confidentiality of statements submitted;
and §336.735-40 (a)(2) is amended to clarify the Corporation’s discretionary
authority relative to which financial interests are to be reported by a special
Corporation employee. These amendments were approved by the Civil Service
Commission on September 20, 1967. Effective upon publication in the Federal
Register, Part 336 is amended as set out below.
§336.735-10 Proscribed actions.
An employee shall avoid any action, whether or not specifically prohibited by
this subpart which might result in, or create the appearance of:
(a) Using public office fo r private gain;
(b) Giving preferential treatment to any person;
(c) Impeding Corporation efficiency or economy;
(d) Losing complete independence or impartiality;
(e) Making a Corporation decision outside official channels; or
(f) Affecting adversely the confidence of the public in the integrity of the
Corporation.
§336.735-11 Gifts, entertainment, and favors.
(a)
Except as provided in paragraphs (b) and (f) of this section, an em­
ployee shall not solicit or accept, directly or indirectly, any gift, gratuity, favor,
entertainment, loan, or any other thing of monetary value, from a person who:
*
*
*
*
$
(c) [Deleted]
(d) An employee shall not solicit a contribution from another employee for a




RULES AND REGULATIONS OF THE CORPORATION

141

gift to an official superior, make a donation as a g ift to an official superior, or
accept a g ift from an employee receiving less pay than himself (5 U.S.C. 7351).
However, this paragraph does not prohibit a voluntary gift of nominal value or
donation in a nominal amount made on a special occasion such as marriage, ill­
ness, or retirement.
(e) An employee shall not accept a gift, present, decoration, or other thing
from a foreign government unless authorized by Congress as provided by the
Constitution and in Public Law 89-673, 80 Stat. 952.
(f) Neither this section nor §336.735-12 precludes an employee from receipt
of bona fide reimbursement, unless prohibited by law, for expenses of travel
and such other necessary subsistence as is compatible with this part for which
no Corporation payment or reimbursement is made. However, this paragraph
does not allow an employee to be reimbursed, or payment to be made on his
behalf, for excessive personal living expenses, gifts, entertainment, or other per­
sonal benefits, nor does it allow an employee to be reimbursed by a person for
travel on official business under Corporation orders when reimbursement is
prescribed by the Corporation.
§336.735-12 Outside employment and other activity.
s
fc
s
js
*
(f) • * •
(1) [Deleted]
js

v

§336.735-19 Miscellaneous statutory provisions.
❖
*
(d)
1918).

*

s
js

The prohibitions against disloyalty and striking (5 U.S.C. 7311, 18 U.S.C.

(g) The provision relating to the habitual use of intoxicants to excess (5
U.S.C. 7352).
(h) The prohibition against the misuse of a Government vehicle (31 U.S.C.
638a (c)).
(j) The prohibition against the use of deceit in an examination or personnel
action in connection with Government employment (18 U.S.C. 1917).
*
*
*
*
*
(p) The prohibitions against political activities in subchapter III of chapter 73
of title 5, United States Code and 18 U.S.C. 602, 603, 607, and 608.
*
*
*
*
*
(r) The prohibition against an employee acting as the agent of a foreign prin­
cipal registered under the Foreign Agents Registration Act (18 U.S.C. 219).
§336.735-13 Financial interests.
(a) * * *
(1)
Own, directly or indirectly, or control the ownership of stock in an in­
sured bank, without full disclosure in writing to, and with the approval of, the
Board of Directors of the Corporation.
§336.735-31 Employees required to subm it statements.
Except as provided in §336.735-32, statements of employment and financial
interests will be filed by the following employees:



142

FEDERAL DEPOSIT INSURANCE CORPORATION

(a) Those paid at a level of the Executive Schedule in subchapter II of chap­
ter 53 of title 5, United States Code.
(b) Those receiving compensation equivalent to that prescribed under section
5332 of title 5, United States Code for grade GS-13 or above whose positions
are specifically identified in appendix A to this part which are included by rea­
son of meeting the following criteria:
(1) Positions the incumbents of which are responsible fo r making a Corpora­
tion decision or taking a Corporation action in regard to:
(1) Contracting or procurement;
(ii) Administering or monitoring grants or subsidies;
(iii) Regulating or auditing private or other non-Federal enterprise; or
(iv) Other activities where the decision or action has an economic impact on
the interests of any non-Federal enterprise.
(2) Positions which the Corporation determines require the incumbent to re­
port employment and financial interests in order to carry out the purpose of
law, Executive order, this part, and the Corporation’s regulations.
(c) Alterations to, deletions from and other amendments of the list of posi­
tions in appendix A to this part may be made under the criteria in paragraph
(b) of this section and are effective upon approval by the Chairman of the
Board and actual notification to the incumbents. Amendments to the list in ap­
pendix A to this part shall be submitted annually for publication in the Federal
Register.
§336.735-31a Employee's complaint on filing requirem ent
An employee may complain to the Counselor designated in the regulations in
this part that his position has been improperly included in the regulations in
this part as one requiring the submission of a statement of employment and
financial interests. When a complaint cannot be resolved or explained satisfacto­
rily to the employee he shall be granted a review of the matter through the Cor­
poration’s grievance procedure.
§336.735-32 Employees not required to subm it statements.
Employees subject to separate reporting requirements under section 401 of
the Executive order.
§336.735-34 Supplementary statements.
Changes in, or additions to, the information contained in an employee’s
statement of employment and financial interests shall be reported in a supple­
mentary statement as of June 30 each year. If no changes or additions occur, a
negative report is required. Notwithstanding the filing of the annual report re­
quired by this section, each employee shall at all times avoid acquiring a finan­
cial interest that could result, or taking an action that would result, in a
violation of the conflicts-of-interest provisions of section 208 of title 18, United
States Code, or Subpart B of this part.
§336.735-38 Confidentiality of employees' statements.
The Corporation shall hold statements of employment and financial interest,
and each supplementary statement, in confidence. All statements shall be re­
ceived, reviewed, and retained in the office of the assistant to the Chairman of
the Board of Directors who is responsible for maintaining the statements in
confidence and shall not allow access to, or allow information to be disclosed
from, a statement except to carry out the purpose of this part. The Corporation
may not disclose information from a statement except as the Chairman of the
Corporation or the Civil Service Commission may determine for good cause
shown.
§336.735-40 Specific provisions of regulations for special Corporation employ­
ees.
(a) * * *



RULES AND REGULATIONS OF THE CORPORATION

143

(2)
The financial interests of the special Corporation employee which the
Corporation determines are relevant in the light of the duties he is to perform.

APPENDIX A— EMPLOYEES WHO MUST FILE STATEMENTS
SPECIFIC POSITIONS
A Head, Associate Head or Assistant Head of a Division or Office of the Cor­
poration (regardless of his specific title ).
An Adviser or Assistant to the Board of Directors.
A Supervising Examiner.
An Assistant Supervising Examiner.
[F.R. Doc. 67-11859; Filed, Oct. 6, 1967; 8:47 a.m.]

STATE

B A N K IN G

L E G IS L A T IO N -1 9 6 7

In 1967, the legislatures of 47 States held regular sessions. Some of the
more im portant State banking legislation enacted during 1967 is listed below
on a State-by-State basis.
ALABAM A
Uniform Gifts to Minors Act amendments ............................
Establishment and operation of branch offices .................

State banks— examination fees ................................................
Equalization of State and national banks ..............................
Common trust funds ..................................................................

HB
14
HB
728
HB
260
HB
919
SB
333
SB
579
SB
442
SB
43-X
SB
197
SB
200
SB
256
HB
156-X
SB
201

ALASKA
Uniform Gifts to Minors Act .....................................................
Veterans' loans ...........................................................................

HB
SB

30
113

Fiduciaries— voting of corporation stock ....................

A R IZ O N A
Enactment of Uniform Commercial Code .....................
Banking law amendments regarding disclosure of
information, branch offices, fees, etc..........................

SB

23

SB

109

ARKANSAS
Enactment of the Uniform Gifts to Minors Act .....................
Cease and desist orders .........................................................
Bank service corporations— computer services .....................
Destruction of bank records after six years ........................
Maximum interest rates ............................................................
Uniform Commercial Code amendments ..............................
Capital notes ................................................................................
Banking law study .......................................................................
Title to bank property— subsidiaries .......................................
State banks given same privileges as national banks ..........
Pension funds— investment in bank certificates of deposit ..

HB
HB
HB
HB
HB
SB
SB
SB
SB
SB
SB

87
144
295
237
543
307
272
161
140
358
104




144

FEDERAL DEPOSIT INSURANCE CORPORATION

Contracts by minors ............................................
Guardianship deposits— bond unnecessary
if deposited in an insured bank ...................
C A L IF O R N IA
Bank service corporations .........................................................
School district security deposits ..............................................
Government deposits ..................................................................
Insured loans ................................................................................
Trust investments .......................................................................
Credit cards ........................................................................
Claims on bank accounts .........................................................
Safe deposit boxes .....................................................................
Taxation ................................................................................

Savings bank investments .........................................................
Transmission of money abroad ................................................
Loans to bank officers ................................................................
Stock holdings ..............................................................................
Bank investments in foreign banks .......................................
Commercial bank reserves .........................................................
Loans— fraud ................................................................................
Corporate Securities Law— exemptions ...................................
C O LO R ADO
Banking law amendments relating to loans and
interest on savings and time deposits .................................
Enactment of the Uniform Gifts to Minors Act .....................
Bank liquidation funds— transfer ............................................
Bank employees— stock option and purchase plans ............
Investment of bank funds in Inter-American
Development Bank ................................................................
Colorado Trust Company Act .....................................................
Insufficient funds ......................................................................

SB

138

HB
HB

320
528

SB
AB
AB
AB
AB
AB
AB
SB
AB
AB
AB
AB
AB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB
SB

1494
1076
1075
1381
1585
1806
1714
1055
1822
1851
1852
2257
1994
192
339
556
519
116
901
694
1040
1183
1264
568
538
865

HB
SB
SB
SB

1015
62
283
250

HB
SB
SB
HB
SB

1255
50
153
1210
354

SB
HB
HB
HB
SB
SB
SB
SB
SB
SB
SB
SB

641
3887
5410
5091
403
737
404
406
427
470
471
473

C O N N E C T IC U T
Savings banks— student loans ...................................

Uniform Gifts to Minors Act amendments ..............................
Bank loans and investments .....................................................
Banking commissioner— expenses ..........................................
Banking law amendments .........................................................
Limited power branch banks .....................................................
Capital stock ................................................................................
Powers of State banks and trust companies .............. .......
Deposit segregation .....................................................................



STATE BANKING LEGISLATION— 1967
Credit cards ..................................................................................
Savings bank deposits ................................................................
Secured loans ................................................................................

145
SB
SB
SB
SB
SB
SB
SB
SB
SB
HB
HB

524
591
644
643
642
743
1005
1008
1170
2628
5384

HB

184

SB
HB
HB
SB
HB
SB
SB
SB
SB
HB
HB
SB
HB
SB
SB
HB
SB
SB

316
40
750
1406
1283
682
742
1183
1002
769
749
375
1373
61
59
2459
683
1061

Banks insured by FDIC authorized depositories for
Florida scholarship program ........................................

SB

1292

G E O R G IA
Uniform Commercial Code amendments ..............................
Bank reserves .............................................................................
Place of business .......................................................................
Branch banks ................................................................................

HB
HB
HB
SB

48
634
585
170

Banking law amendments .........................................................
Uniform Sale of Securities Act ................................................
Bank shareholders— votes .........................................................
Unclaimed property ....................................................................
Branch banks ................................................................................
Foreign banks .............................................................................
Investment of common trust funds .......................................

HB
HB
HB
HB
HB
SB
SB
SB
SB
SB

237
356
297
829
1005
468
997
1002
35
1022

ID A H O
Deposit of trust funds ........................................ .....................
Uniform Gifts to Minors Act .....................................................
Abandoned property ..................................................................

HB
HB
HB

130
136
145

Real estate investments— savings banks ..............................
State bank investments ..............................................................
Bank directors ..............................................................................
Savings banks— time deposits ................................................
Reserve funds ..............................................................................
Finance charges— disclosure .....................................................
Joint tenants ................................................................................

Branches

....

D ELAW ARE
........................................

F L O R ID A
Trust fund investments ..............................................................
Unclaimed property .....................................................................
Examination fees of State banks & trust companies ............
Bank employee stock option plans .........................................
Legal investments .......................................................................

Non-par banking .........................................................................
Credit cards ..................................................................................
FDIC as liquidator .......................................................................
Industrial savings banks ............................................................
Audit of State banks ..................................................................
Public fund depositories ..............................................................
Stockholders' meetings ..............................................................
Payment of item by payor bank ..............................................
State financial law study ...........................................................
Uniform Sale of Securities Act ...............................................

H A W A II
Uniform Gifts to Minors Act .............................................
Uniform Commercial Code amendments ..............................




146

FEDERAL DEPOSIT INSURANCE CORPORATION

Branch banking— investigation fee .........................................
Independent audit .......................................................................
Bank fees— authority to do business ...................................
Maximum interest rates ............................................................
Uniform Commercial Code enacted ..
Legal investments

.............................

IL L IN O IS
Illinois Gifts to Minors Act amendments .........
Uniform Commercial Code amendments ..............................
Credit cards ......................................................................
Installment loans— interest rates ...
Negotiable instruments— bank holidays ..............................
Safety deposit boxes ..................................................................
Disposition of unclaimed property .........................................
IN D IA N A
Disposition of unclaimed property ............................................
Branch banks ..............................................................................
Mutual savings banks— organization .....................................
Financial Institutions Act amendments ....
Certificates of deposit— interest ..............................................
Student loans ..............................................................................
Purchase of stock .......................................................................
Shareholders’ meetings ..............................................................
IO W A
Disposition of unclaimed property ............................................
Bank parking lot offices ..............................................................
Installment loans .........................................................................
Interest— savings and time deposits .......................................
Uniform Commercial Code amendments ..............................
Power of State banks to own and lease certain personal
property ....................................................................................
Banking law study .......................................................................
Capital notes and debentures ...................................................
Debt management .......................................................................
KANSAS
Auxiliary teller facilities .....................................................
Banking law amendments— equalization of powers
of State and national banks ................................................
Credit cards— fraudulent use ...................................................
Taxation of banking associations ............................................
Bank investments .......................................................................
Money orders— transmission of money .................................
Deposit of public monies .........................................................
Uniform Commercial Code amendments .................................
Trust companies .........................................................................
Student loans ....



L O U IS IA N A
..........................................

HB
HB
HB
SB
HB
SB
SB
HB

205
208
207
62
370
2
8
36

HB
HB
HB
SB
HB
SB
HB
SB
HB
SB

1563
363
1254
190
2282
30
2071
980
830
344

HB
HB
SB
SB
SB
SB
SB
SB
SB
SB

1682
1461
95
97
100
462
320
241
319
284

HB
HB
SB
SB
SB
SB

101
474
184
298
561
560

SB
SCR
SB
HB

729
41
436
284

HB

1474

HB
HB
HB
SB
SB
SB
SB
SB

1461
1229
1628
57
145
356
427
146

SB

35

STATE BANKING LEGISLATION— 1967
M A IN E
Uniform Gifts to Minors Act amendments ............................
Savings banks— power to act as trustee ..............................
Use of name "industrial bank" prohibited ..........................
Uniform Commercial Code amendments ..............................
Loans— disclosure of interest charges ...................................

Joint accounts .................................................. .........................
Consolidation of banks and savings and loan associations ..
Insurance of industrial loans ..................................................
Sale of checks and money orders ............................................
Authorization of out-of-state banks as fiduciaries ...............
Savings banks— participation loans .......................................
Guaranteed loans— savings banks ..........................................
Disclosure of interest and finance charges ..........................
M AR YLAN D
Dormant accounts .......................................................................
False pretenses— bad checks ...................................................

147

HB
320
SB
614
HB
467
HB
582
HB
964
SB
373
HB
345
HB 1001
HB 1002
HB 1035
HB 1246-X
SB
77
SB
105
SB
325
SB
390
HB 1215
SB
HB
HB
HB
HB
SB
SB
SB
SB
HB
SB
SB

179
313
312
154
434
387
566
388
389
459
68
146

Cooperative bank branches .......................................................
Check stop payment ..................................................................
Group Insurance Fund investments in bank s to c k .................

HB
HB
HB
HB
HB
SB
HB
HB
HB
HB
HB
SB
HB
SB
SB
HB

713
715
4694
1329
1330
1144
4703
4594
4691
4662
4694
1459
4672
213
1278
62

M IC H IG A N
Loans— participation with other financial institutions ........
Credit cards— wrongful use .....................................................
Foreign operations .......................................................................

HB
HB
HB

2791
2319
2656

M IN N E S O T A
Reserves .........................................................................................
Pledging of bank assets ............................................................
Investment of trust funds in certificates of deposit ............

HB
SB
HB

645
47-X
1395

Credit cards ..................................................................................
Property leases ...........................................................................
Secondary mortgage loan law ...................................................
Demand deposits .........................................................................
Currency exchanges ..................................................................
Joint deposits ..............................................................................
Disposition of unclaimed property .........................................
Student loans ..............................................................................
M ASSACHUSETTS
Cooperative banks— safe deposit vaults ..............................
Cooperative bank investments ................................................
Savings banks— dividends .........................................................
Banks prohibited from engaging in travel agency business ..
Study on impairment of bank capital or deposits ...............
Investments— savings banks ..................................................

Study on bank mortgages in depressed areas .................




148

FEDERAL DEPOSIT INSURANCE CORPORATION

Loan limitations ...........................................................................
Worthless checks— issuance .....................................................
Banking act amendments .........................................................
Non-par banking .........................................................................
Trust investments .......................................................................
Student loans ................................................................................
Corporate existence .....................................................................

SB
HB
HB
HB
HB
HB
SB

433
966
646
645
1383
820
325

M IS S O U R I
Revision of banking laws .........................................................
Uniform Gifts to Minors Act amendments ..............................
Credit cards— fraud .....................................................................
Taxation .........................................................................................

SB
SB
SB
SB

1
100
156
3

M ONTANA
Capital notes or debentures— issuance ...................................
Joint deposits— right of survivorship .......................................
Equalization of State and national banks ............................
Uniform Disposition of Unclaimed Property Act .................
Reserve requirements ................................................................
Uniform Gifts to Minors Act amendments ............................
Bank stock tax ...........................................................................

HB
HB
HB
HB
HB
HB
HB

46
44
52
396
45
393
205

NEBRASKA
Interest rates ................................................................................
Uniform Commercial Code amendments ..............................
Computer center stock— legal investments for banks ........
Banking law amendments .........................................................
Charter applications ..................................................................
Banking fees— safekeeping of securities ..............................
Bank officers' tenure ..................................................................
Credit cards— unlawful use .......................................................
Corporate name requirements ................................................

LB
LB
LB
LB
LB
LB
LB
LB
LB

13
17
124
197
788
749
882
409
787

AB
SB
AB
AB
AB
AB
SB
SB
SB
SB
AB
SB
SB

10
101
32
85
419
527
275
130
402
472
225
131
414

HB
HB
HB
HB
HB
HB
HB
HB
HB

34
35
37
78
227
284
282
298
712

NEVADA
Uniform Gifts to Minors Act amendments ..............................
Commercial instruments recording fees .................................
Certificates of deposit as security bonds ..............................
Bank stock tax— valuation of shares .......................................
Credit cards ..................................................................................
Stockholders’ meetings ..............................................................
Branch banking ...........................................................................
Installment loans .........................................................................
Bank examination fees ................................................................
Non-resident bank may not act as sole executor .................
Depreciation rates on bank property .......................................
Corporate fiduciaries ..................................................................
N E W H A M P S H IR E
Savings bank charters ................................................................
Savings deposits accounts— verification ................................
Bank examinations .....................................................................
Reserves of State banks ............................................................
Uniform Commercial Code amendments ................................
Uniform Gifts to Minors Act .....................................................
Savings bank investments .........................................................




STATE BANKING LEGISLATION— 1967

Bank notes— signatures ...........................................................
Abandoned property ........................................................
NEW JE R S E Y
Uniform Commercial Code amendments ..............................
Mergers and consolidations .......................................................
Unclaimed property ................................................................
Loans and investments of savings banks .............
N E W M E X IC O
Interest rates on bank installment loans ..............................
Uniform Commercial Code amendments ..............................
Disposition of abandoned property .......................................
Credit cards ..................................................................................
Uniform Gifts to Minors Act amendments ............................
Student loans .............................................................................
NEW Y O R K
Savings bank investments .......................................

Common trust funds ..................................................................
Safe deposit boxes ....................................................................
Uniform Commercial Code amendments ................................
Publication of reports of condition .........................................
Savings banks— student loans ................................................
Credit cards— liability for lost or stolen cards .....................
Savings banks— computation of tax .......................................
Foreign banking corporations— protection of depositors ....
Banking law study .......................................................................
Bank holding companies— consolidated returns ...................
Nondiscriminatory treatment of State and national banks .
Safe deposit boxes— access by fiduciaries ............................
Reports of superintendent of banks .......................................
Trust law amendments ..............................................................
Payment of moneys held in bank at infant’s maturity ........
Savings banks— insurance .......................................................
N O R T H C A R O L IN A
Worthless checks .........................................................................
Uniform Commercial Code amendments ..............................
Interest on loans .........................................................................
Credit cards— illegal use ...........................................................
Joint tenancy ownership ............................................................
Banking law amendments .........................................................
State banks— securities ..............................................................



149
HB
HB
HB
SB
HB

369
356
295
114
477

AB
SB
SB
SB
SB
AB

756
456
402
419
442
136

HB
SB
HB
SB
SB
SB
SB

124
115
253
158
211
266
201

SB 1466
SB
121
SB
122
AB
486
AB
487
AB
488
AB
779
AB
1962
AB 3643
AB 4605
AB 4622
AB 4772
AB 4853
AB 5303
AR
175
SB 3930
SB 246-A
SB
681
SB
916
AB 1962
SB 3302-A
SB 3808
AB
779
AB 1517
AB 3004

HB
HB
HB
HB
HB
HB
SB
SB

31
251
465
1076
1144
959
210
535

150

FEDERAL DEPOSIT INSURANCE CORPORATION
NORTH

DAKOTA

Uniform Commercial Code amendments ................................
Taxation of banks .......................................................................
Use of bank assets .....................................................................
Investment of fiduciary funds ..................................................
Uniform Gifts to Minors Act amendments ............................
Bank examination fees ..............................................................
Powers ...........................................................................................
Farm loans by Bank of North Dakota .....................................
Retention of decedent’s assets ................................................

HB
HB
HB
SB
SB
SB
SB
HB
SB

705
729
811
67
98
231
322
863
99

SB
SB
HB
SB
HB

97
245
909
411
470

HB
HB
SB
HB
HB
SB
SCR
SB
SB

532
603
96
717
823
23
33
123
62

SB
SB
SB
SB

122
209
219
428

SB
SB
SB
SB
SB
SB
HB
HB
HB
HB

227
232
295
401
465
400
1300
1146
1299
1663

HB

1525

SB
SB
SB
HB

533
821
819
1278

HB
SB

1798
600

O H IO
Revised banking code enacted ................................................
Educational loans .......................................................................
Veterans’ loans ...........................................................................
Unclaimed funds .........................................................................
Taxable deposits— listing date ................................................
O KLAHO M A
Uniform Disposition of Unclaimed Property Act ........
Reports by bank commissioner ..............................................
Reserve banks ..............................................................................
Uniform Gifts to Minors Act amendments ............................

Issuance of bad checks ...........................................................
Student loans ..............................................................................
Conflict of interest by employees of Oklahoma Banking
Department ................................................................................
Rental of bank premises ............................................................
Limitation of loans on real estate ............................................
Banking code amendments .......................................................
OREGON
Security deposits .........................................................................
Mutual savings banks— investments .......................................
Stockholders' meetings ..............................................................
Uniform Gifts to Minors Act amendments ..............................
Foreign banks ..............................................................................
Unclaimed property .....................................................................
Loans— prepayment privilege ..................................................
Sale of Securities Act ..................................................................
Election offenses .........................................................................
P E N N S Y L V A N IA
State depositories ................................................................
Banks authorized to act as deposit administrator for
county retirement funds .........................................................
Investment powers of fiduciaries ............................................
Capital stock— taxation .....................................................
RHODE

IS L A N D

Interest ...........................................................................................
Uncollectible checks ..................................................................



STATE BANKING LEGISLATION— 1967
S O U T H C A R O L IN A
Foreign banking corporations prohibited from
acting as trustees ...............................................

151

HB
HB
SB
SB
SB
HB

1611
1609
542
198
200
1602

State banks as depositories of public moneys .....................
Fraudulent checks .......................................................................
Uniform Trust Law amendments ............................................

HB
SB
HB
SB
SB
SB

529
82
761
108
215
230

TENNESSEE
Common stock increases .........................................................
Power of banks to acquire and lease personal property .....
Investment powers
..................................................................
Banking law study .......................................................................
Fraudulent checks, drafts and credit cards ..........................

HB
HB
HB
HJR
HR

519
520
430
61
644

HB
HB
HB
SB
SB
SB
SB
SB
HB

452
758
697
41
133
132
459
550
293

HB
HJR
SB
SB
SB
SB
SB
HJR

7
30
3
17
18
21
172
31

HB

402

HB
SB
SB
SB
SB
SB
HB

12
42
622
65
178
338
224

Worthless checks .........................................................................
Uniform Commercial Code amendments ..............................
Loans .

...................................................

SOUTH D AKO TA
Uniform Commercial Code amendments ..............................
Installment loans .........................................................................

TEXAS
Interest— consumer protection ........................
State banks— cash reserves .....................................................
Stock option plans ....................................................................
Trust companies .........................................................................
Business Corporation Act amendments ................................
Uniform Commercial Code amendments ..............................
State depositories of public funds ............................................
Business and Commerce Code enacted ................................
UTAH
Bank credit— exchange of information ...................................
Branch banking study ................................................................
Uniform Gifts to Minors Act amendments ..............................
Bank reserves .............................................................................
Banking law amendments .................................................. ....
Banking law study ..................................................
VERM ONT
Banking corporations— taxes .................................
W A S H IN G T O N
Investment of funds by fiduciaries .........................................
Uniform Commercial Code amendments ..............................
Banking law amendments .........................................................
Mutual savings banks ............................. ..................................
Uniform Gifts to Minors Act enacted .....................................
Bad Checks— usurious contracts ..............................................
W E S T V IR G IN IA
Computer services .......................................................



HB

706

152

FEDERAL DEPOSIT INSURANCE CORPORATION

Fiduciary investments

SB
SB

35
36

Branch banks— change of location ............................ ..................... AB
AB
Uniform Gifts to Minors Act amendments .............................. ........SB
Credit card fraud ......................................................................... ........SB
Loans to veterans ...............................................................................AB

283
123
131
190
223

W IS C O N S IN

W Y O M IN G
Fiduciary investments ................................................................ ........SB
Uniform Gifts to Minors Act ............................................................. HB
Maximum indebtedness of State banks ................................ ........ HB
Uniform Commercial Code amendments .............................. ........ HB
Taxation ................................................................................................. HB




2
109
146
49
357

STATISTICS OF B A N K S
AND DEPOSIT INSURANCE




PART FOUR

154

NUMBER OF BANKS AND BRANCHES

INSURANCE
CORPORATION




Branches include all offices of a bank other than its head office,
at which deposits are received, checks paid, or money lent. Bank­
ing facilities separate from a banking house, banking facilities at
government 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 Insur­
ance 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.

DEPOSIT

Tabulations fo r all banks are prepared in accordance with an
agreement among the Federal bank supervisory agencies. Provision
of deposit facilities for the general public is the chief criterion for
distinguishing between banks and other types of financial institu­
tions. However, tru st companies engaged in general fiduciary busi­
ness 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.

FEDERAL

Table 101. Changes in number and classification of banks and branches in the United
States (States and other areas) during 1967
Table 102. Changes in number of commercial banks and branches during 1967, by State
Table 103. Number of banking offices in the United States (States and other areas),
December 30, 1967
Grouped according to insurance status and class of bank, and by State or
area and type of office
Table 104. Number and deposits of all commercial and mutual savings banks (States
and other areas), December 30, 1967
Grouped by class and by deposit size

O BANKS
F
AN
D
BRANCHES
155




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 sim ilar institutions,
chartered under laws applying to such institutions or under general
incorporation laws, regardless of whether such institutions are
authorized 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 sim ilar 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 “ de­
posits" 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.

NUMBER

Commercial banks include the following categories of banking
institutions:
National banks;
Incorporated State banks, tru st 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
deposits 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; regulated certificated banks, and a savings and loan com­
pany operating under Superior Court charter, in Georgia; govern­
ment operated banks in American Samoa, North Dakota, and Puerto
Rico; a cooperative bank, usually classified as a credit union, oper­
ating under a special charter in New Hampshire; a savings insti­
tution, known as a “ tru s t com pany," operating under special charter
in Texas; an employee's mutual banking association in Pennsylvania;
the Savings Banks Trust Company in New York; and branches of
foreign banks engaged in a general deposit business in New York,
Oregon, Washington, Puerto Rico, and Virgin Islands.
Private banks under State supervision, and such other private
banks as are reported by reliable unofficial sources to be engaged
in deposit banking.
Nondeposit tru st 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 inci­
dental to real estate title or investment activities.

Com m ercial banks and no n d e p o sit tru s t com panies

All banks

Total

M e m bers F. R.
Not
System
m em ­
bers
F. R.
Na­
State
Sys­
tio n a l
te m

N on­
Banks d e p o sit
tru s t
of
com ­
de­
posit panies

Total

In ­
sured

N on­
insured

14,974
14,436

4,983
4,867

11,613
11,241

235
251

1,334
1,264

1,004
947

330
317

+988

+1,026

+538

+116

+372

-16

+70

+57

+13

1,261

1,243

602

224

417

18

74

57

17

109
1,152

94
1,149

584

21
2

73
344

15
3

129
65
64

42

67

13

17
25

57

13

+21
+21

+65

-66

1
0
+22

+59

-2 4
-4 2

+39
-1 7

+2
+2

-2
-2

13,741
13,785

13,517
13,541

4,758
4,799

1,312
1,350

7,447
7,392

177
196

503
506

333
332

170
174

-23

-44

-24

-41

-38

+55

-19

-3

+1

109

18

73

15

107

18

73

13

+1,083
1,300

109
1,226

O ffices o p en ed .
B a n k s ..............
B ra n c h e s ........

+1,058
1,335

Net change during y ea r.

1,206

94

277

240

156

O ffices c lo s e d .
B a n k s ............
B ran ches. . . .

140

11
2

10
0
+23

Change in classificatio n
A m on g b a n k s .................
A m on g b ra n c h e s ...........

+23

620
645

35
15

2
0
37
16

2
1

273

238

153

139
99

10
2

-2 3
-2 3

18

+6

3

"7 4

BANKS
N um ber of banks, D ecem b er 30, 1967 .
N um ber of banks, D ecem ber 31, 1966 .

14,244
14,291

Net change during year

13,850
13,873

394
418

B a n k s beginning operation.
New b a n k s ............................
B anks ad d e d to c o u n t. . ..

109
107

94
94

B a n k s ceasing o p era tio n ......................................
A bsorptions, co n so lid a tio n s, and m ergers.
C losed-fin ancial d iffic u ltie s .............................
O ther liq u id a tio n s ..................................i............
D is c o n tin u e d d e p o s it o p e ra tio n s ...................
B anks dele ted fro m c o u n t...............................

156

140

153

139

13

137
4
7
4
4

132

134
4
7
4
4

131
4
4

3

N oninsured banks becoming in sured




2

4
4

+23

2

+21

+21

2

+2

CORPORATION

31,570
30,544

32,574
31,491

INSURANCE

31,860
30,872

33,194
32,136

DEPOSIT

ALL B AN K IN G OFFICES
N um ber of offices, D ecem ber 30, 1967 2.
N um ber of offices, D ecem ber 31, 1966 2.

FEDERAL

N on­
In ­
sured insured Total

Total

M u tual savings banks

N oninsured

Insured
Type o f change

156

Table 101. CHANGES IN NUMBER AND CLASSIFICATION OF BANKS AND BRANCHES IN THE UNITED STATES
(STATES AND OTHER AREAS) DURING 1967

O ther ch ang es in c la ss ific a tio n ..............................
N ational s u c c e e d in g S tate b a n k .........................
S tate s u c c e e d in g na tional b a n k .........................
A dm ission o f insured ba nk to F. R. S y s te m ..
W ithdraw al fro m F. R. System w ith continued
in s u ra n c e ................................................................

-2 4
-4
+1
-2 1

184
18
9
3

53

53

18,950
17,845

18,724
17,618

7

+21

178
18
9
3

53

53

226
227

18,119
17,087

18,053
17,003

10,216
9,637

3,671
3,517

4,166
3,849

58
55

-1

+1,032

+1,050

+579

+15 4

+317

+3

1,152
7
113
21
997
14

1,149
7
113
21
996
12

584
4
73
8
496
3

221

3

14
1
205
1

344
3
26
12
295
8

120
14
75
31

99
14
75
10

64
11
50
3

25
2
18
5

10
1
7
2

+59

-4 2

+8

-7

-1

-1 6

+ 16

+51

-1 9

-3 2

77
9
6
3

15
4

86
5
3

7

6

6

8
29

831
758

671
615

160
143

-2 1

+73

+56

+17

74

57

17

3

i

2

70
1

55
1

15

1

1

1

1

3
12

2
10

53

BRANCHES
N um ber of b ran ch es, D ecem ber 30, 1967 2.
N um ber of b ran ch es, D ecem ber 31, 1966 2.
Net change during year.

+1,106

1,226
7
116
21
1,067
15

1,206
7
114
21
1,051
13

20

B ra n ch e s d isco n tin u e d ...............................................
Facilities d e s ig n a te d by T re a s u ry .......................
B ra n c h e s .....................................................................
B ranches a n d fa c ilitie s d e le te d fro m c o u n t....

121
14
76
31

100
14
76
10

21

2
16
2

21

O ther ch ang es in cla ss ific a tio n ..............................
B ranches c h a n g in g class as re s u lt o f conver­
sion ............................................................................
B ranches o f in su re d b a nks w ith d ra w in g from
F. R. S y s te m ...........................................................
B ranches tra n s fe rre d th ro u g h ab sorptio n,
c o n s o lid a tio n or m e rg e r.....................................
Changes not involving num ber in any cla ss
C hanges in o p e ra tin g pow ers o f b ra n c h e s ... .
B ranches tra n s fe rre d th ro u g h ab sorptio n,
co n s o lid a tio n or c o n v e rs io n ............................
C hanges in title , location , or na m e o f lo c a tio n .

9

9

65
411

64
409

9
1
2

9

4

62
399

59
241

1
83

21
21

-1 7

5

62
399

1
2

2
75

1
2

157

1 Includes one tru st company member of the Federal Reserve System.
2 Includes facilities established at request of the Treasury or Commanding Officer of Government installations, and also a few seasonal branches that were not in operation as of December 31.
3 Branches opened prior to 1967 but not included in count as of December 31, 1966.




BRANCHES

+1,105

B ra n ch e s opened for b u s in e s s ...............................
Facilities d e s ig n a te d by T re a s u ry .......................
A bsorbed b a n ks co n ve rte d to b ra n c h e s ...........
B ranches re p la c in g head o ffic e s re lo c a te d .. . .
New b ra n c h e s ............................................................
B ranches a n d fa c ilitie s a d d e d to c o u n t3...........

AN
D

185
18
9
3

O BANKS
F

191
18
9
3

+18
— 7
+5
-1

NUMBER

Changes not involving num ber in any cla ss . . . .
Change in t i t l e ...........................................................
Change in lo c a tio n ...................................................
Change in title and lo c a tio n ..................................
Change in nam e o f lo c a tio n ..................................
Change in c orpora te powers:
G ranted tru s t p o w e rs ..........................................

+6
+11
-5

In o p eratio n
S tate

Dec. 30, 1967
Banks

Net change
du ring 1967

B eginn ing operatio n in 1967

Dec. 31, 1966

B ranches

B anks

B ranches

Banks

Bra nches

Banks

C easing op eratio n in 1967

B ranches

O ther

New

B anks

O ther A b so rp tio n s

New

158

Table 102. CHANGES IN NUMBER OF COMMERCIAL BANKS AND BRANCHES DURING 1967, BY STATE

B ranches

Other

17,087

-44

1,032

107

2

1,009

143

134

13,766

16,907

-45

1,024

105

2

1,001

142

133

119

O th e r A re a s .......................

20

188

19

180

1

8

2

8

1

1

1

S tate
A la b a m a .............................
A la s k a .................................
A riz o n a ................................
A rk a n s a s ............................
C a lifo rn ia ............................

266
12
17
248
178

211
54
265
130
2,692

267
12
18
246
193

186
55
282
119
2,537

1

25
— 1
-17
11
155

24

1

-

C o lo ra d o .............................
C o n n e c tic u t.......................
D elaw are.............................
D is tric t o f C o lu m b ia ........
F lo rid a .................................

256
67
19
14
450

7
357
74
96
21

252
67
20
14
447

9
336
71
94
19

-

Georgia ..............................
H a w a ii..................................
Id a h o ..
.............
Illin o is
.........
In d ia n a ................................

426
11
26
1,067
417

227
123
141
18
542

426
11
25
1,061
419

211
120
140
5
507

Iowa
.........
K ansas
.......................
K e n tu c k y ............................
L o u is ia n a ............................
M a in e .
...............

674
601
346
226
44

260
58
268
305
194

674
601
348
220
44

250
53
243
286
183

M a ryland
.........
M a s s a c h u s e tts
.........
M ic h ig a n .............................
M in n e so ta
.. .
M is s is s ip p i.
...............

122
159
341
723
188

442
647
1,049
9
281

122
162
347
723
190

415
614
988
9
259

M is s o u r i............................
M o ntan a
. .
N ebraska
...............
N evada
...
New H a m p s h ire ................

664
133
439
9
76

78
5
33
75
37

661
132
439
9
75

71
3
29
70
33




-

NA

1
2
-15
4

3

- 2
21
3
2
2

4
1

16
3
1
13
35

8

1
5

NA

10
5
25
19
11

- 3
- 6

27
33
61

1
NA

3
NA

1
6
- 2

- 2
6

NA

5

1
7
1

6
1

1
17

1
15

21
3
2
2

1
1

1
1
1
1

1

2

6

1
23
2
18

1

17
3
2
12
34

2

9
6
25
19
11

1
3
1

1
1
2

1

3
2

2
1
1

2

........ 1

1
3

2
4

1
2

1
3
6

1
6
9

3

2

2

1

1
1

26
36
63

2
3
7

21

22

3
1

7
2
4
5
4

1

1
1

120

.............. NA

- 2

NA

6
12
156

19

4
2
1
1

9
1
6
5
3

1

2
1

2

CORPORATION

13,785

17,931

INSURANCE

18,119

13,721

DEPOSIT

13,741

FEDERAL

T o ta l U n ite d S ta te s ........
50 S tates and D.C..............

O h io ....................
O k la h o m a .........
O re g o n ..............
P e n n s y lv a n ia ..
R hode Is la n d ..

531
422
50
522
14

1,069
46
285
1,421
149

537
420
52
546

S outh C a ro lin a .
South D a k o ta ..
Te nne ssee.
T e x a s ..................
U ta h ...................

125
166
299
1,149
55

328
87
404
59

46
250
95
194
599
69

67
656
452

V e rm o n t........
V irg in ia ...........
W a s h in g to n ..
W est V irg in ia .
W isconsin
W y o m in g ........
Other A reas
Pacific Is la n d s ...........
Panam a Canal Zone.
Puerto R ico ................
Virgin Is la n d s ............

" i7 1

1

-

4

-

NA
9
9

1,009
42
273
1,338
128

-

128
167
298
1,147
55

302
83
378
53

-

48
251
95
190
591
69

59
612
424

11

2
7

160
13

2

- 2
-2 4

3

-

3

1
1

2

111

“

6
2

NA
-

2

- 1
" ' 4

173

8
NA

13

13

12

101

NA
NA

1

2
12
6

154

11

1

45
8
76
69
3

4
6
2
2

60
4
12
83
21

2
2
1

26
4
26
6
1

1

8
44
28
NA
- 2
NA
NA
NA
6
2

7

4
4

38
9
79
62
3
54
4
9
63
23

9

8

10
12
1

13
11

7

8

3
24

3
24

24
3
26
3
1

4
1
4
4

3
1
1
4

6
37
23

2
7
5

2

2
1
13
5
1

2
7
4

1
4
2
1

2

1

4
1

2

1
1

6
2

1

1

1

N.A.— No activity.

159




112

712
2,060
790
61

BRANCHES

232
64
336
137
167

AN
D

757
109
2,136
859
64

O BANKS
F

228
64
327
128
169

NUMBER

New J e rs e y .......
New M e x ic o ...
New Y o rk ...........
N orth C a ro lin a .
N orth D a k o ta ..

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS), DECEMBER 30, 1967

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE
M u tu a l savings banks

Total

In ­
N on­
sured insured Total

N oninsured

M em bers F. R
System

N on­
N ot
m e m ­ B anks d e p o sit Total
bers
o f de ­ tru s t
F. R. p o sit 2 co m ­
Sys­
panies 3
te m

Total
Na­
tiona l

S tate
4.983

11,613

235

394

13,741

289 10,181
105 3,560

13,517

9,982
3,535

4,758

7,447

177

B ra n ch e s...............................

3.229
1,529

1.312

3,832

10,123
3,727

18,950

18,724

226

18,119

18,053

10,216

3.671

4,166

50 States and D .C.— all offices
B a n k s .....................................

32,983

32,394

31,652

31,393

14,940

4.983

11,470

14,222

10,401

13,840

280

13,721

9,981
3,528

4,757

1.312

7,440

102

10,171
3,550

13,509

3,821

10,121
3,719

589
382

B ra n c h e s...............................

18,761

18,554

207

17,931

17,884

10,183

O ther a re a s—all offices. . .
B a n k s ......................................

211
22

180

31

208

177

34

10

12

20
10
10

B ra n ch e s...............................

2
8
170

9
3

8

11
11
189

19

188

169

477

477
266

477

477

244

200

266

266

88

156

Unit banks ..........................................
Banks operating branches ............

Unit banks ..........................................
Banks operating branches ............

1
7

3.229
1,528

1

854
458

854
458

3.671

5,899
1,548

5,898
1,542

157

75.3

205
166

17

1,004

330

98.3

333

170

97.6

99.3
98.7

671

160

98.8

99.7

80.7

1,331
501

1,001

330
170

98.4

75.2

97.6

99.4
98.8

160

98.9

99.8

80.7

100.0
100.0

231
272

230
271

141
192

331

140
191

97.6
97.4

97.7
97.5

98.5
99.4

98.5
99.5

4,030

39

830

670

143

30

3

3

85.7

85.5

2

2

47.6

20.0

42.1
11.1

89.9

89.9

100.0

66.2

61.0
70.6

66.1

60.9
70.5

100.0

100.0

CORPORATION

14,974

13,850

INSURANCE

620 31,860 31,570

10,412

100.0

7

1

6
136

11

8

3

19

1
1
1

1
1
1

72.7

70.0

100.0

100.0

State
A labam a—all o ffice s.............
B a n k s ......................................

Unit banks ..........................................
Banks operating branches ............

266

199
67

B ra n ch e s...............................

211

A lask a—all o ffice s.................
B a n k s ......................................

14

Unit banks ..........................................
Banks operating branches ............

199
67

211

199
67

199
67

4

51

97.1

97.0

5

85.7

83.3

100.0

100.0

100.0

100.0

100.0

100.0

54

282

17

17

17
7

7

10

10
265

10

A rk a n sa s—all o ffice s............
B a n k s .....................................

Unit
banks ..........................................
Banks operating branches ............
http://fraser.stlouisfed.org/
B ra n ch e s...............................
Federal Reserve Bank of St. Louis

378
248

180

68

130

54

282

282
17

194
4

1
3

70
12

100.0

6
6

100.0
100.0

50.0

100.0

100.0

100.0

265

190

58

100.0

100.0

138

201

67

36
31

162

99.5
99.2

99.5
99.2

71

39

378
248

375
245

68
130

68
130

68
130

180

66.7

46

375
245

177

100.0
100.0

100.0

282

265

100.0

100.0

B ra n ch e s................................

10
265

100.0

156

A rizona— all o ffic e s...............
B a n k s ......................................
B ra n ch e s...............................

100.0

211

10

12

7

100.0

5

66

7

131

64

211

8
54

Unit banks ..........................................
Banks operating branches ............

51
37

177

133
29

98.9

100.0

100.0

98.9

10 0 .0

100.0

DEPOSIT

32,574

14,244

Unit banks ..........................................
Banks operating branches ............

1,334
503
831

33,194

United States—all o f f ic e s ...
B a n k s .....................................

Com
All
N on­ ba nks m ercial M utual
In ­
banks savings
sured insured
of
banks
de­
of
posit d e posit

FEDERAL

Insured
S tate and ty p e o f ba nk
or o ffic e

P ercentage insured 1

160

C om m ercial banks and
no ndep osit tru s t com panies

All b a nks

100.0

100.0

Californ ia— all o ffice s............
B a n k s ........................................

2,870
178

2,859
172

B ra n ch e s.................................

2,692

Colorado— all o ffice s..............
B a n k s ........................................

263
256

224
217

11

2,687

Unit banks ...............................................
Banks operating branches .................

Unit banks ...............................................
Banks operating branches .................

250

39

509

12

333
80

11
6

100.0,
100.0

100.0
100.0

11
497

253

5

100.0

100.0

263
256

18
17

84
82

85.2
84.8

85.2
84.8

49
129

250

6

424
67

606
134

47
87

21

46

B ra n ch e s.................................

472

472

357

D elaw are— all o ffice s..............
B a n k s ........................................

104

104

93
19
10

Unit banks ...............................................
Banks operating branches .................

B ra n ch e s.................................

Dist. of Colum bia—all offices
B a n k s ........................................

21
10

21 .
10 ,

11
83

11 .

9

83 .

74

110

110

110

105

6

100.0
100.0

100.0
100.0

100.0
100.0

31

39

2

2

9

9

100.0

100.0

100.0

8
2

100.0
100.0

100.0
100.0

100.0

100.0

99.6
99.6

99.6
99.6

'' '2

468
447

471
450

B ra n ch e s...................................

20
21

20
21

20
21

Georgia—all o ffic e s..................
B a n k s .........................................

653
426

635
408

B ra n ch e s...................................

227

227

111

H awaii—all o ffic e s.....................
B a n k s .........................................

134

129
7

134

Unit banks .................................................
Banks operating branches ....................

B ra n ch e s...................................

3

8

123

'' • "7
122

1

5

6
247
239

2
2

2

1
1

1

390
335

100.0
100.0

100.0
100.0

18

99.5
100.0

99.5
100.0

100.0

97.2
95.8

18
18

97.2
95.8

94.7
100.0

55

100.0
100.0

100.0

94.7
100.0

100.0

100.0

5
4

100.0
100.0

100.0
100.0

100.0

100.0

100.0

100.0

11

84
5

8
123

5

3
1

79

1

3

100.0
100.0

100.0

8

285
50

41

29
41

100.0
100.0

2

231
8

29

161




11

2

BRANCHES

11
2

471
450

339
87

100.0
100.0

11
2

Florida— all o ffice s..................
B a n k s.......................................

653
426

90.0
100.0

51
12
7

2

32

18

95.9
100.0

99.5
97.0

33

96

18
18

99.7
98.5

100.0

13 .

321
87

185
70

100.0

96 .

3S9
87

185
70

100.0

96

Unit banks ...............................................
Banks operating branches .................

1
1

115

B ra n c h e s.................................

430

2
2

115

35
3

427

97
28

84.4

100 0
100.0

69

1
13

430

84.4

100.0
100.0

2

99

14

Unit banks ...............................................
Banks operating branches .................

39

’’ 6

14 .
1 .

1
1
5

39
39

100.0
100.0

10
18

14

Unit banks ...............................................
Banks operating branches .................

80
2

100.0
100.0

4

AN
D

50
87

16
1
1

18
62

O BANKS
F

609
137

1

NUMBER

Unit banks ...............................................
Banks operating branches .................

211

39
39

2,870
178
2,692

6

1

B ra n ch e s.................................

Connecticut— all o ffice s........
B a n k s ........................................

45
127

162

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS),
DECEMBER 30, 1967— CONTINUED

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE
C om m ercial banks and
no ndep osit tru s t com panies

All ba nks

M u tu a l savings ba nks

Total

In ­
N on­
sured insured Total

Total

N oninsured
Not
Non
m e m ­ B anks de p o sit Total
bers
o f de
tru s t
F. R. p o sit
co m ­
Sys­
panies
te m

Na­
tiona l
Idaho— all o ffice s........
B a n k s ..........................

Unit banks ...........................
Banks operating branches

S tate

167

167

167

167

112

31

26

26

12

26
12

26
12

3

7

12

n

U

u

U

9
6

4
3

C om ­
All
In ­
N on­ banks m ercial M utual
banks savings
sured insured
of
banks
de­
of
p osit d e p o sit

24

10

100.0

5
5

100.0
100.0

100.0
100.0
100.0
100.0
99.8

100.0

141

141

141

141

103

24

14

100.0

Illin o is—all offices. . .
B a n k s ..........................

1,085

1,080

1,085

1,080

435

101

544

99.8

1,067

1,050
17

1,062

1,067

1,062

1,045
17

422

98

542

99.8

1
2

95
3

18

18

18

, 18

13

3

2

963

959

959

955

411

146

421

417

237
180

417

413

123

79

398
211

542

542

B ra n ch e s....................

Unit banks ...........................
Banks operating branches

B ra n c h e s....................

Iowa— all o ffic e s...........
B a n k s ..........................

Unit banks ...........................
Banks operating branches

B ra n ch e s....................
K a n sa s— all o f f ic e s ...
B a n k s ......................

Unit banks ...........................
Banks operating branches

B ra n ch e s....................
Kentucky— all offices.
B a n k s ..........................

Unit banks ...........................
Banks operating branches

B ra n ch e s.....................




241
180
542

237
180

233
180

410

542

54
69

288

67

187
700
502

921

934

921

145

76

674

661
460

674

661

102

201
260

201

201

64

57

201

473

260

260

260

38

43

19

659

658

659

658

198

601

600

601

600

171

460

43
U
48
40

128
83

544
56

99.7

99.7

100.0

99.3

99.3

100.0

58

58

614

98.7

98.7

98.2

198

99.8

99.8

389

99.8

27

23

348

99.0

346

340

246

98.3

222

268

268

268

268,

118

4
1

123

366
23

177
69

43

97.5

412

203

228
118

98.2

100.0

608

118

100.0

97.5
100.0
100.0

353
149

58

228
118

98.7

100.0

146
25

340

100.0

98.8
100.0
100.0

544
56
.58

32

99.8

100.0

99.8
100.0
1
00.0

545
56

99.8

99.8
100.0
100.0

614

545
56
346

2

51
28

934

473

540

102

97.4
100.0
100.0

100.0

99.8

99.8

100.0

100.0

99.0
98.3

97.4

100.0

100.0

100.0

CORPORATION

In dian a— all o f f ic e s .. .
B a n k s ..........................

1,045
17

1,050
17

100.0

INSURANCE

B ra n c h e s....................

Unit banks ...........................
Banks operating branches

DEPOSIT

M em bers F. R,
System

FEDERAL

Insured
S tate and ty p e o f b a n k
or o ffic e

P ercentage insured 1

531
226

530
225

B ra n c h e s ..................................

305

305

M a in e— a ll o ffic e s .....................
B a n k s ........................................

287
76

279
71

8
5

B ra n c h e s ..................................

211

208

M a ry la n d — a ll o ffic e s ...............
B a n k s ........................................

611
128

603
127

Unit banks .................................................

Unit ba?iks .................................................
Banks operating branches ....................

Banks operating branches ....................

120
106

33
43

55
73

119
106

29
42

55
72

1
1

531
226

530
225

195
47

43
10

292
168

305

305

148

33

124

238
44

IX f

100
21

61
6

71
14

6
3

49
32

47
30

3

194

191

79

55

57

3

17

17

8

564

556

1

122

121

261
48

63
7

232
66

1

4

1

B ra n c h e s ..................................

483

476

1
1

M a ssa c h u s e tts — a ll o f f ic e s . ..
B a n k s .........................................

1,171
335

835
162

336
173

37
125

91
82

11
33

55
67

119
106

41

9
32

55
66

15
32

6
15

17
31

1
9

2
4

1
6

103
65

1
13

37
29

166

7

178
49

6
4

21
68

14
35

163

647

644

373

142

129

4

1,390
341

1,386
339

590
98

486
111

310
130

1,049

1,047

2

1,049

M in n e s o ta — a ll o ffic e s .............
B a n k s ........................................

733
724

729
720

4
4

732
723

728
719

........

Unit banks .................................................
Banks operating branches ....................

9

469
188

87
101

9

9

469
188

469
188

87
101

87
101

B ra n c h e s ..................................

281

281

M is s o u ri— a ll o ffic e s ................
B a n k s ........................................

742
664

734
656

B ra n c h e s ..................................

78

78

Unit banks .................................................
Banks operating branches ....................

M o n ta n a — a ll o ffic e s ................
B a n k s ........................................
B ra n c h e s ..................................




138
133

128
5

5

578
78

137
132

127
5

5

711+
5
JL

469
188

87
101

68
62

201
195

28
28

499
496

6
18
6

1
1

1

29

1
5

119
98

97
79

518
479

78

21

18

137
132

51
48

44
42

5

5

3

80.6

99.7

1
1

1

61
18

40
2

2

440
39

42
42

42

92.1
99.2

99.5
99.4

99.5
99.4
100.0

994

5

99 4

100.0
100.0
100.0

100.0

10.1

4.5

2.2
7.0

15.3

99.3

100.0

100.0
100.0

99.3
99.2

99.2

99.1

100.0

99.1

100.0

100.0
1

100.0
100.0
100.0

100.0

100.0

1
1

100.0

99.5

100.0

100.0
3
3

100.0

99.8

100.0

5
5

90.9

100.0

100.0

100.0

5

95.9
93.8

99.8
99.7

99.5

1

39

45
3

99.3
97.5

28.9
60.7

99.7
100.0

1
1

4

79
67

734
656

77
21

48.5

99.8

88
80

100.0

742
664

127
5

160

2
6

99.8

158

128
5

29

90
86

98.4

71.4

100.0

12

138
133

189

98.5

98.6

304
146

111

578
78

328
168

3

147
36
7

281

586
78

37
8

1

4
4

493
3

98.6

41

2

28

98.6
99.2
100.0

100.0

1

180

193
2

98.7

365
176

1
1

375

78

8

1

492

281
8
8

2

3
1

98.5

81.8
97.0

100.0

100.0

100.0

100.0
100.0
100.0

100.0

100.0

100.0

100.0

100.0

163

Unit banks .................................................
Banks operating branches ....................

586
78

718
5

52
59

1

97.5
93.2

87.9
97.7

BRANCHES

B ra n c h e s . . . .

M is s is s ip p i— a ll o ffic e s ............
B a n k s ........................................

4

30
68

3
1

93.4

99.2
100.0

41
2
1

97.2

99.2

100.0

AN
D

B ra n c h e s ..................................

150
189
W7

715
5

151
190

16

100.0

98.6

6

56

673

719
5

6

158
16

1,386
339

Unit banks .................................................
Banks operating branches ....................

1

2
2

47
6

462
89

35
119

20
10

47
6

213

836

1
1

22
10

8
1

79?
154

38
121

99.8
99.6

99.2

2
1

435

1,390
341

150
189

99.6

100.0

806
159

M ic h ig a n — a ll o ffic e s ...............
B a n k s ........................................

151
190

99.8
100.0

442

Banks operating branches ....................
B ranches * ................................
Unit banks .................................................
Banks operating branches....................

1
1

1

O BANKS
F

128
207

120
106

NUMBER

L o u is ia n a — a ll o ffic e s ..............
B a n k s ........................................

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS),
DECEMBER 30, 1967— CONTINUED

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE
Com m ercial ba nks and
nondeposit tru s t com panies

All b a nks

M u tu a l savings banks

N on­
In ­
sured insured Total

T otal

N oninsu red

M em bers F. R.
System

N on­
N ot
m e m ­ B anks d e p o sit Total
bers
o f d e ­ tru s t
F. R. po sit 2 c o m ­
Sys­
panies 3
te m

Total
Na­
tiona l

.................

......................
Unit banks
Banks operating branches ....................

Nevada—‘all offices
B anks

.........

......................
Unit banks
Banks operating branches .................

466
433

33

84
9

6
6

7

32

6

2

466
433
33

84
9

84
9

2

401

472
439
33

33

407
32

84
9

407
32

2

7

7

401

32

2

7

787

787

757

62
166

59
166
J 57

....

173
64

173
64

173
64

...............

109

109

New York—all offices ..
B a n k s ...
...............

2,862
452

2,829
428

New Mexico— all offices
B a n k s ..

Unit banks .................................................
Banks operating branches

B ran ches.

Unit banks
.................
Banks operating branches. . .

B ranches 4................................




22
42

182
270

2,410

3

3

3

3

100.0

100.0

3

1
2

100.0
100.0

42
32

100.0
100.0

42
32

98.1
97.2

97.3
96.1

10

8

100.0

100.0

100.0
100.0

10
51
21

51
21

100.0
100.0

100.0
100.0

100.0
100.0

30

30

100.0

100.0

100.0

95.8

93.6

30

1

985
228

982
225

645
144

206
40

501

166

32

H
27

173
64

94
34

14
7

65
23

100.0
100.0

100.0
100.0

100.0

100.0

22

37
107

14

8

3
4

8

9

8

6
3
3

131
41

3

90

10
11

10
11

42

20

60

7

42

2,463
327

2,430
303

1,267
184

1,027
80

136
39

947

97

144

183

2,136

128
175

83

101

2,127 _ 1,083

26
54

19

20

100.0

100.0
100.0

100.0
100.0

5
18

109

42

16

3

24

37

22

33
24

100.0
100.0

24

29
23

1

15
5

3
3

99.8

100.0

44
29

47
29

109

42

2,401

100.0
100.0

100.0

37

22

166
262

100.0
100.0

99.8

5

27

19

12

6
5

4

7

1

8

1

100.0

100.0
100.0

100.0

100.0
100.0

100.0
100.0

399
125

399
125

99.1
95.7

98.9
94.1

100.0
100.0

274

274

99.7

99.6

100.0

38
87

38
87

93.3
97.4

91.4
96.2

100.0
100.0

CORPORATION

1,033
246

B ranches

12
3

26
20

1,036
249

69
177

31
3

1
2

2
1

New J e r s e y —all offices
. ..
B anks
...........

72
17 7

41
3

82
52

47

Unit banks .................................................
Banks operating branches ....................

100.0

110
73

47

37

100.0

113
76

...............

B ran ches.

68

14

1

9

152
105

71
37

1

28

155
108

99.8
99.8

18

281
13

38

New H am p sh ire—all o f f ic e s ..
B anks
...

Unit banks .
......................
Banks operating branches ....................

99.8
99.8

308
294

11
1

75

75
3
3

5
5

13
12

109
18

75

75

B ranches

1
1

145
127

INSURANCE

Branches

472
439

DEPOSIT

B a n k s ...

S tate

C om ­
All
N on­ banks m ercial M u tual
In ­
banks savings
sured insured
of
banks
de­
of
po sit d e p o sit

FEDERAL

Insured
S tate and ty p e o f ba nk
or o ffic e

P ercentage insured 1

North C aro lin a— all offices.
B a n k s .....................................

987
128

981
127

987
128

981
127

326
25
7

118
4

537
98

6
1

B ra n c h e s ..............................

18

1
3

1

100.0
98.7

859

854

859

J354s

301

114

439

5

99.4

99.4

North Dakota— all offices.
B a n k s .................................

233
169
122

228
166

233
169

228
166.

53
42

6
4

169
120

97.9
98.2

64

62

64

46
6
2

2
1

97.9
98.2

B ra n c h e s ...........................

85
35

5
3

11

2

49

2

96.9

96.9

1,60 1
532

1,600
531

1,600
531

1,599
530

831
223

438
125

330
182

1
1

99 .9
99.8

99.9
99.8

Unit banks ............................................
Banks operating branches ...............

Unit banks .....................................
Banks operating branches . . . .

Ohio— all o ffic e s...........
B a n k s ...........................

4
7

279
253

51
76

278
253

51
77

12
2
47

278
253

51
76

120

277
253

32
10

89
134

3
1

74
51

43
55

114

68

1,069

1.069

1,069

608

313

467
421

468
422

467
421

256
220

27
24

184
177

B ra n c h e s .....................

46

46

46

46

36

3

170
7
1

14
2

85
33

13
20

1
1

1

1

1
1

1

148

468
422

98.4
97.9

1,069

99.6
100.0

99 .4
99.2

100.0
98.7

98.4
97.9

99.6
100.0

100.0

100.0
100.0

100.0

100.0

9 9 .4
96.0

100.0
100.0

100.0

100.0
100.0

100.0

«W- -

Unit banks ..............................
Banks operating branches.

Oregon— all o f f ic e s .. . .
B a n k s ...........................

Unit banks ..............................
Banks operating branches.
B ranches * ..................

334
48

378
44

377
44

186
34

335
50

"332
47

233
12
7

21
3

5

1
1

286

286

285

285

221

12

2,008
519

1,943
522

1,931
512

1,226
336

261
36

444
140

2
2

1
1

52

2,020
529

1

24
27

21

27

277
242

276
236

182
154

18
18

76

2

1

100.0
100.0

2
1

2
1

100.0
100.0
99.4
95.9

91.3
100.0

100.0
100.0
100.0
100.0

64

6
1

3
3

3

1

1
9
7

1

91.3
100.0

1

100.0

100.0

77
7

77
7

99 .6
98.7

99.5
98.7

1
6

1
6

97.9
99.6

97.9
99.6

100.0

100.0
100.0

100.0

B ranches 4........................

1,491

1,489

1,421

1,419

890

225

304

2

70

70

99.9

99.9

100.0

Rhode Isla n d — all offices.
B a n k s .................................

218

209
19

163
14

154

61
4

29
1

64
7

9
2

55
7

55
7

95 .9
90.5

94.5
85.7

100.0

19

14

4

1

2
1

7

7

90.5

85.7

48

48

3
3

Unit banks .......................................
Banks aperating branches..........

21

12

1
2

197

190

149

142

57

28

South C aro lin a—all offices.
B a n k s ....................................

453
125

450

122

453
125

450
122

239
26

11
6

200
90

68
328

68

B ra n c h e s ..............................

68
328

328

68
328

213

5

110

South Dakota— all offices.
B a n k s .................................

253
166

252
165

253
166

252
165

83
35

21
3

141
106

B ra n c h e s ...........................

25
10

28
24

87

87

87

87

48

4

35

Unit banks ............................................
Banks operating branches ...............

Unit banks .....................................
Banks operating branches . . . .




57

127
39

54

126
39

57

127
39

54

126
39

5
21

3
3

46
44

80
26

3

96.4

95.3

99 .3
97.6

100.0

99.3
97.6

94.7
100.0

94.7
100.0

100.0

1
1
1

100.0

100.0

100.0

99 .6
99.4

99.6
99.4

99.2
100.0

99.2
100.0

100.0

100.0

165

B ra n c h e s ...........................

7
57

BRANCHES

Unit banks .....................................
Banks operating branches . . . .

337
51

377
44

AN
D

P en nsylvan ia— all offices.
B a n k s .................................

378
44

1
1

O BANKS
F

B ra n c h e s .....................
Oklahom a— all offices.
B a n k s ...........................

9 9 .4
99.2

NUMBER

Unit banks ..............................
Banks operating branches.

51
77

166

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS),
DECEMBER 30, 1967— CONTINUED

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE
C om m ercial ba nks and
nondeposit tru s t com panies

All b a n ks

In ­
N on­
sured insured Total

M em bers F. R.
System
Total

T e n n e sse e — all offices.
B a n k s ..............................

Unit banks ................................
Banks operating b/anches..

703
299

174
125

698
295

171

124

703
299

174
125

698
295

171
124

S tate

N on­
Banks d e p o sit Total
o f d e ­ tru s t
p o sit 2 co m ­
panies 3

C om ­
All
Non
banks m ercial M u tual
In ­
banks savings
of
sured insured
banks
de­
of
po sit d e p o sit

337
208

99.4

57

146
62

99.4
99.0

DEPOSIT

Na­
tiona l

Not
m em ­
bers
F. R.
Sys­
te m

99.8

322
77

20

99.0

98.8
99.2

404

403

404

403

245

129

Texas— all o ffic e s...........
B a n k s ..............................

1,208
1,149

1,198
1,139

1,208
1,149

1,198
1,139

564
542

561
529

99.2
99.1

99.2

100.0

100.0

59

59

59

Utah— all o ffic e s.............
B a n k s ..............................

167
55

167
55

167
55

167
55

112

21

21

B ra n c h e s........................

21
112

Verm ont— all o f f ic e s ...
B a n k s ..............................

121

120

52

51

Unit banks ................................
Banks operating branches..

Unit banks ................................
Banks operating branches..

B ra n ch e s.......................
V irginia— all offices. . ..
B a n k s ..............................

Unit banks ................................
Banks operating branches..

1,093
56

34
2
1

69
906
250

105
145

1,083
56

34

25
26

69
906
250

105
145

1,093
56

34

112

113
46
67
906
250

105
145

34

112
112
45

2
1
24
M
906
250

105
145

522

71

498
31

20

22

100.0

100.0

59
33

100.0

100.0

21
12

8

4

59

26

65
27

47
18
8

100.0

13
1
4

10
29

38

159
48

111

225
89

43
46

33
25

375

33

44




100.0

100.0

100.0

100.0

100.0

4
5

452

100.0

100.0

100.0
100.0

15

452

100.0

100.0

100.0

42
9

476

100.0
100.0

100.0

402
27
12

476

100.0

100.0

98.9

409

546
94

Branches A
.....................

100.0

99.8

656

547
95

49
45

100.0
100.0

100.0

99.8
99.0

656

575
99

50
45

100.0

100.0

100.0

656

576

50
49

100.0

136

656

51
49

100.0
100.0

100.0
100.0

100.0

102

B ra n ch e s.......................

Unit banks ................................
Banks operating branches . .

100.0

100.0

100.0

W ashington— all offices
B a n k s ..............................

100

100.0

100.0
100.0

100.0

37
76

99.1

32

12

522
113

99.1

58

98.0

100.0

98.0

100.0

100.0

100.0

CORPORATION

B ra n ch e s.......................

1,083
56
.5
9

Unit banks ................................
Banks operating branches. .

99.1

INSURANCE

B ra n c h e s........................

99.8

FEDERAL

Total

Percentage insured 1

N oninsured

Insured
S tate and ty p e o f bank
or o ffic e

M u tu a l savings banks

194
194

194
194

194
194

194
194

80
80

34
34

80

W isconsin— all offices.
B a n k s ...........................

773
602

770
599

770
599

767
596

140
116

66
52

561
428

B ra n c h e s .....................

106

493
106

171

171

171

171

24

70
69

70
69
68

70
69

70
69

41
40

Unit banks .....................................
Banks operating branches . . . .

194

194

194

194

80

100.0
100.0

100.0
100.0

99.9
99.8

99.9
99.8

100.0

34

100.0

B ra n c h e s ...........................

1

1

B ra n c h e s .....................

68

1
1

2
2

3
3

133
13
13

13

100.0

100.0

16
16

100.0
100.0

100.0
100.0

100.0

100.0

9
1

35.7

35.7

8

38.5

38.5

16

3

100.0
100.0

100.0
100.0

O ther A rea s
P acific Isla n d s— all offices 5.
B a n k s .......................................

Unit banks 6............................................
Banks operating branches .................

B ranches 7..............................

1
1

13

14

1
1

1

100.0

167




14

100.0
100.0

99.8
100.0

1

3

3
3

99.8
100.0

12

39
1
1

1
1

BRANCHES

I— all o ffices.

U nit banks ..............................
Banks operating branches.

106

104

AN
D

W

493
106

O BANKS
F

Unit banks ..............................
Banks operating branches.

NUMBER

West Virginia— all offices.
B a n k s .................................

Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS),
DECEMBER 30, 1967— CONTINUED

C o m m e r c ia l b a n k s a n d
n o n d e p o s it t r u s t c o m p a n ie s

A ll b a n k s

In s u re d

T o ta l

In ­
s u re d

Non­
in s u r e d

M e m b e r s F. R .
S y s te m

T o ta l
T o ta l

Na­
tio n a l

B a n k s .................................................
Unit banks .................................................
Banks operating branches ....................
B r a n c h e s 8......................................
B a n k s .................................................
Unit banks .................................................
Banks operating branches ....................
B r a n c h e s 9.......................................

Virgin Isla n d s—all offices. . . .

2
159
8

6

160

151

22
8

16
2

14

14

6
2

2

2

14
5

172
12

16

3

3
9

158
7

9

160

151

16

6
6

20
7

14
1

14
1

13

13

6

6
1

Non­
in s u re d

A ll
banks
of
de­
p o s it

Com ­
m e r c ia l M u tu a l
b a n k s s a v in g s
of
banks
d e p o s it

2

1
6

1

142
7
135

.......... 1
13

1
1

14
5

1
1

9

1
6

1 Nondeposit trust companies are excluded in computing these percentages.
2 Includes 10 noninsured branches of insured banks; 8 branches in the Pacific Islands and
2 in the Panama Canal Zone.
3 Includes one trust company in Massachusetts, member of the F. R. System, operating one
branch.
4 Massachusetts: 1 branch operated by a noninsured bank in New York.
New York: 7 branches operated by two insured banks in Puerto Rico (not members of
F. R. System).
Oregon: 1 branch operated by a national bank in California.
Pennsylvania : 2 branches— 1 operated by a noninsured bank in New York and 1 operated
by a national bank in New Jersey.
Washington: 2 branches operated by a national bank in California.
5 United States possessions (American Samoa, Guam, Midway Islands, and Wake Island);
Trust Territories (Kwajalein, Palau Islands, Ponape Island, Saipan and Truk Atoll).
6 American Samoa.
7 Pacific Islands: 13 branches.
Caroline Islands on Truk Atoll (Moen Is la n d ); 1 noninsured branch— operated by a national
bank in California.




In ­
s u re d

2

2

173
13

4
9

2

Non­
B a n k s d e p o s it T o t a l
of de­
tru s t
p o s it 2 c o m ­
p a n ie s 3

5
5

5

1
1
1

1

2
1

1
1

1
2
1

1

1

91.9
61.5

91.9
58.3

94.4

2
3

94.4

76.2
28.6

73.7
16.7

50.0
66.7

33.3
66.7

100.0
100.0

100.0

100.0
100.0

100.0

100.0

100.0 j

100.0

100.0

100.0

Mariana Islands: 5 branches — (4 insured on Guam and 1 noninsured on Saipan)— oper­
ated by a national bank in California.
Guam: 1 insured branch— operated by an insured bank in Hawaii (not member of F. R.
System).
Caroline Islands: 2 noninsured branches (1 each on Palau Islands (Koror) and Ponape
Island (Kolonia)— operated by a bank in Hawaii (not member of.F. R. System).
Marshall Islands: Kwajalein Atoll— 2 noninsured branches operated by a bank in Hawaii
(not member of F. R. System).
Midway Islands on Sand Island: 1 noninsured branch operated by a bank in Hawaii (not
member of F. R. System).
Wake Island: 1 noninsured branch operated by an insured bank in Hawaii (not member of
F. R. System).
8 Panama Canal Zone: 2 noninsured branches operated by 2 national banks in New York.
9 Puerto Rico: 16 insured branches operated by 2 natmnal banks in New York.
10 Virgin Islands: 10 insured branches operated by 2 national banks in New York.
Back figures: See the Annual Report for 1966, pp. 128-139 and earlier reports.

CORPORATION

B a n k s .................................................
Unit banks .................................................
Banks operating branches ....................
B r a n c h e s 10.....................................

2

Not
m em ­
b e rs
F. R .
S ys­
te m

INSURANCE

Puerto Rico— all o ffic e s...........

2

N o n in s u r e d

DEPOSIT

Panam a Can al Z one—
all o ffice s...................................

S ta te

P e r c e n ta g e in s u r e d 1

FEDERAL

S ta te a n d ty p e o f b a n k
o r o f f ic e

M u t u a l s a v in g s b a n k s

168

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE

Table 104. NUMBER AND DEPOSITS OF ALL COMMERCIAL AND MUTUAL SAVINGS BANKS,
(STATES AND OTHER AREAS), DECEMBER 30, 1967
BANKS GROUPED BY CLASS AND BY DEPOSIT SIZE
I n s u r e d c o m m e r c ia l b a n k s
A ll
banks

T o ta l

M e m b e r s F .R . S y s t e m
N a tio n a l

354
1,462
3,888
3,418
2,663
871
404
355
102

32
194
1,000
1,280
1,254
472
230
226
70

12
66
320
331
292
112
66
83
30

310
1,202
2,568
1,807
1,117
287
108
46
2

121
29
19
18
12
13
5
7

7,447

224

14,244

13,517

4,758

298,016
2,269,067
13,270,666
24,822,667
43,625,085
34,428,988
33,983,105
95,452,494
210,551,031

261 603
2,220,737
13,153,095
24 423 680
41,316,705
29,847,719
27,601,511
73,855,396
182,115,477

25 603
301,961
3,528,022
9 319,988
19,696,675
16,290,831
15,721,593
46,713,301
120,485,419

9 229
100,628
1,113,340
2,381,418
4,648,017
3,814,873
4,593,839
17,673,666
61,302,148

226 771
1,818,148
8,511,733
12,722,274
16,972,013
9,742,015
7,286,079
9,468,429
1,327,910

36 413
43,948
60,864
119,698
208,613
541,581
310,605
1,086,806

T o ta l..............................................................................................

453,701,119

395,795,923

232,083,393

95,637,158

68,075,372

2,408,528

2
12
18
80
58
56
79
28

1
3
19
45
56
32
13
1

333

170

3,128
45,448
141,013
1,355,321
2,076,905
3,875,775
18,528,056
26,887,316

1,254
11,259
138,276
744,446
1,962,783
2,195,214
1,982,236
548,238

52,912,962

7,583,706

169




1,312
(In Thousands)

N on­
in s u r e d

In s u r e d

BRANCHES

T o ta l...............................................................................................
A m oun t o f Deposits
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 M ore......................................................................

M u t u a l s a v in g s b a n k s

AN
D

475
1,494
3,922
3,473
2,800
998
497
454
131

N on­
in s u r e d
banks
a nd tru s t
c o m p a n ie s

O BANKS
F

N um ber o f Banks
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......................................................................

S ta te

Not
m e m b e rs
F .R . S y s t e m

NUMBER

D e p o s it s iz e

ASSETS AND LIABILITIES OF BANKS
Table 105.
Table 106.
Table 107.
Table 108.
Table 109.
Table 110.

Table 111.




Assets and liabilities of all banks in the United States (States and other
areas), June 30, 1967
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 30, 1967
Banks grouped according to insurance status and type of bank
Assets and liabilities of insured commercial and insured mutual savings
banks in the United States (States and other areas), December call dates,
1963 through 1967
Assets and liabilities of insured commercial banks in the United States (States
and other areas), December 30, 1967
Banks grouped by class of bank
Assets and liabilities of insured commercial banks operating throughout 1967
in the United States (States and other areas), December 30, 1967
Banks grouped according to amount of deposits
Percentages of assets and liabilities of insured commercial banks operating
throughout 1967 in the United States (States and other areas), December
30, 1967
Banks grouped according to amount of deposits
Distribution of insured commercial banks in the United States (States and
other areas), December 30, 1967
Banks grouped according to amount of deposits and by ratios of selected
items to assets or deposits

AN
D
LIABILITIES

Sources of data

O BANKS
F

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.
Noninsured banks: State banking authorities; and reports from
individual banks.

171




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 immedi­
ately reduce the unpaid balances of the loan but are assigned or
pledged to assure repayment at maturity.
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 de­
tailed 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.
Additional data on assets and liabilities of all banks as of June
30, 1967, and December 30, 1967, are shown in the Corporation’s
semiannual publication, “ Assets, Liabilities, and Capital Accounts,
Commercial and Mutual Savings Banks,” Report of Call No. 80, and
Report of Call No. 82. Data from Call No. 79, April 25, 1967, and
Call No. 81, October 4, 1967, were not tabulated for all insured
banks. Comparable tabulations for State and national banks were
not feasible because of a change in the form used for national
institutions.

ASSETS

Statements of assets and liabilities are submitted by insured
commercial banks upon either a cash or an accrual basis, depend­
ing upon the bank’s method of bookkeeping. Assets reported repre­
sent aggregate book value, on the date of call, less valuation and
premium reserves.
Assets and liabilities held in or administered by a savings, bond,
insurance, real estate, foreign, or any other department of a bank,
except a tru st 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 de­
partment. Other assets held in tru st are not included in statements
of assets and 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 out­
side 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.
Demand balances with and demand deposits due to banks in the
United States, except private banks and American branches of fo r­
eign banks, exclude reciprocal interbank deposits. Reciprocal inter­
bank deposits arise when two banks maintain deposit accounts
with each other.
Individual loan items are reported gross instead of net of valua­
tion reserves. Accordingly, reserves for losses on loans are shown
separately.

Table 105. ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), JUNE 30, 1967
172

B A N K S G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D T Y P E O F B A N K
( A m o u n t s in t h o u s a n d s o f d o lla r s )
C o m m e r c ia l b a n k s a n d n o n d e p o s it
t r u s t c o m p a n ie s

A ll b a n k s

M u t u a l s a v in g s b a n k s

N o n in s u r e d
A s s e t, lia b ilit y , o r c a p it a l a c c o u n t it e m
In s u re d

Non­
in s u r e d

300,152 64,153,299 55,810,484 8,342,815

703,045

65,244,375

64,677,419

501,753

65,203

1,152,435

1,016,346

136,089

4,98b,036
18,999,192
14,028,234
934,952
245,024
26,500,327

46,333

4,879,041
18,999,192
13,98b,090
b29,715
280,547
26,4b9,790

4,860,227
18,999,192
13,573,566
576,354
245,024
26,423,056

18,283

531

153,328

125,809

27,519

384,236
17,242
35,515
46,477

28,288
36,119

534,607
374,350

454,668
358,598

79,939
15,752

257

90,150

77,271

12,879

3,235,413 111,214,261 110,220,353

824,842

1,680,562
327,098
255,423
972,330

343,525
256,871
138,307
86,139

58,b90,9o3
47,236,439
8,827,428
8,339,138
4,558,892

57,010,401
46,909,341
8,572,005
7,366,808
4,539,570

281,094,988 273,480,582
104,b24,393

3,325,260

22,343,789
14,262,407
42,406,690

98,715,605

3,297,671
21,293,212
13,209,280
39,499,247
21,416,195

492,463
69,113
35,523
59,613

54,387,116
46,993,979
7,5o4,130
2,2b9,036

53,976,042
46,679,334
7,415,557
2,149,420

7,595,084 226,515,813 224,791,795 1,687,708
19,322
10,209
4,403,172
4,413,495
7,614,406 230,929,308 229,194,967 1,697,917
5,908,788
55,497,309
55,730,974
223,415

27,589
1,050,577
1,053,127
2,907,443
870,052

3,274,391
7,396,481
2,494,609
25,595,709
16,969,784

3,251,309
7,324,088
2,463,566
25,524,909
16,933,437

22,378
71,812
30,967
64,117

8

169,066 11,879,707
67,549
57,774
10,266
33,477

3,034,359
230,007
1,150,448
5,217,388

l,2b9,488
12,453
10b,850
852,714

36,310 50,020,283 44,149,217 5,871,066
114

136,398

8,999

10,250

48,893,419

145,397

43,218,296

5,675,123

23,685
27,923

23,685
27,822

76,081
7,442
1,822
252,435
853,775
29,098

75,904
4,399
1,822
242,964
669,370
21,353

9,471
184,405
7,745

1,100,874

1,006,719

94,155

499,884
600,990

439,008
567,711

60,876
33,279

36,424 50,165,680 44,285,615 5,880,065

704
4,507
50,869
581 14,947,308 13,969,124 978,184
76 11,767,798 10,745,714 1,022,084
6,683 16,810,981 13,974,338 2,836,643
2,206 5,316,463 4,482,758 833,705

22,286,24 7
1,808,486
12,305,242
3,949,900
4,674,789
3,338,174
9,346,155
85,295,727
50,624,776
5,127,346

1,724,905
12,185,711
3,87b,314
4,459,3b9
3,279,757
9,325,325
84,bl3,519
50,241,417
5,058,660

83,581
119,531
73,586
215,420
58,417
20,830
682,208
383,359
68,686

1,784,801
12,277,319
3,949,900
4,598,708
3,330,732
9,344,333
85,043,292
49,771,001
5,098,248

1,701,220
12,157,889
3,876,314
4,383,465
3,275,358
9,323,503
84,370,555
49,572,047
5,037,307

83,314
118,814
72,950
208,151
49,773
20,674
665,604
196,149
59,073

267
616
636
7,092
5,601
156
7,133
2,805

13,562,954

13,233,683

329,271

12,462,080

12,226,964

205,543

6,479,268
7,083,686

6,378,774
6,854,909

100,494
228,777

5,979,384
6,482,696

5,939,766
6,287,198

24,629
180,914

29,573
14,989
14,584

34,141

4,303,847
242,460
1,263,298
6,070,102

9,638,202 2,241,505

1,868

101
177
3,043

CORPORATION

65,693,765

276,536,096 268,941,012




T o ta l

5,032,3o9
18,999,192
14,520,b97
1,004,065
280,547
26,559,940

Loans and d is c o u n ts , ne t— to t a l..........................................
V aluation re s e rv e s .....................................................................
Loans and d is c o u n ts , g ro ss— t o t a l ......................................
Real estate loans— to t a l.......................................................

O th e r assets— t o t a l...................................................................
B ank prem ises, fu rn itu re and fix tu re s , and real estate
All o th e r m iscellaneo us a s s e ts ............................................

Non­
B a n k s d e p o s it
of
tru s t
d e p o s it 1 c o m ­
p a n ie s

66,396,810

123,093,968 119,858,555

Loans to com m ercial and foreign b a n k s ........................
Loans to o th e r finan cia l in s titu tio n s ................................
Federal fu n d s sold (lo a n e d )3 ..............................................
Loans to brokers and de alers in s e c u ritie s ....................
O ther loans fo r carrying s e c u ritie s ...................................
Loans to fa rm e rs (e x c lu d in g real e s ta te ).......................
C om m ercial and in d u s tria l lo a n s ......................................
O ther loans to in d iv id u a ls ...................................................
All o th e r loans (in c lu d in g o v e rd ra fts )..............................

In s u re d

479,589,828 467,727,015 11,862,813 415,436,529 411,916,531 3,219,846

S e c u ritie s — t o t a l........................................................................
U . S. G ov’t, o b lig a tio n s (in c lu d in g g u a ra n te e d ).........
O bligation s o f S tates and s u b d iv is io n s ...........................
S ecurities o f Federal agencies an d c o rp o ra tio n s .......
O ther s e c u ritie s ......................................................................

Secured by farm lan d .................................................................................................
Secured by residential properties:
Insured by F H A ....................................................................................................
Guaranteed by V A .................................................................................................
Not insured or guaranteed by FHA or V A ................................................
Secured by other properties ......................................................................................

T o ta l

INSURANCE

Cash, b a la nces w ith o th e r b a n ks, and cash c o lle c tio n
ite m s — t o t a l.........................................................................
C urrency and c o in .................................................................
Reserve w ith F. R. Banks (m e m b e r b a n ks). . ...............
Dem and balances w ith ba nks in U . S ..............................
O ther balances w ith banks in U . S...................................
Balances w ith banks in foreign c o u n trie s ......................
Cash ite m s in process o f c o lle c tio n .................................

N on­
in s u r e d

DEPOSIT

T o ta l a s s e ts .....................................................................................

In s u r e d

FEDERAL

T o ta l

Total liabilities and capital accounts.
Business and personal deposits— to ta l............................
I n d iv id u a ls , p a r t n e r s h ip s , a n d c o r p o r a t io n s — d e m a n d
Deposits of savings and loan associations ........................................................
Other deposits of individuals, partnerships, and corporations .................
I n d iv id u a ls , p a r t n e r s h ip s , a n d c o r p o r a t io n s — t i m e . . .
Savings deposits ...........................................................................................................
Deposits accumulated for payment of personal loans ..................................
Deposits of savings and loan associations ........................................................
Other deposits of individuals, partnerships, and corporations .................
C e r t if ie d a n d o f f i c e r s ’ c h e c k s , le t t e r s o f c r e d it ,
t r a v e le r s ’ c h e c k s , e t c ...................................................................

G overnm ent deposits— to ta l.....................
S ta te s G o v e rn m e n t— d e m a n d .
S t a t e s G o v e r n m e n t — t i m e ..........
a n d s u b d iv is io n s — d e m a n d
a n d s u b d iv is i o n s — t i m e ................

Domestic interbank deposits— to ta l...................
U.
U.
th e
th e

S .—
S .—
U.
U.

dem and. . . .
t i m e ................
S .— d e m a n d .
S .— t i m e .........

Foreign governm ent and bank deposits— to ta l..............
e n ts , c e n tra l b a n k s , e tc .— d e m a n d .
e n t s , c e n t r a l b a n k s , e t c . — t i m e .........
c o u n t r ie s — d e m a n d ...................................
c o u n t r i e s — t i m e ............................................

Total d ep o sits.

Dem and ..................
T im e ........................

F e d e ra l f u n d s p u r c h a s e d ( b o r r o w e d ) 4
O th e r lia b ilit ie s f o r b o r r o w e d m o n e y . .
A ll o t h e r m is c e lla n e o u s l ia b i lit ie s . . . .

Total liabilities (excluding capital accounts).
Capital accounts— to ta l.................
C a p ita l n o t e s a n d d e b e n t u r e s . .
P r e f e r r e d s t o c k ...................................
C o m m o n s t o c k ....................................
S u r p l u s .....................................................
U n d iv id e d p r o f it s a n d r e s e r v e s .
N u m b e r o f b a n k s 5......................................

137,522,507

2,255,300 2,253,264
136,150,m 135,269,243
212,713,146 204,705,522
149,435,764 141,808,959
1,276,296
1,272,411
822,227
822,065
61,178,859 60,802,087

883,780

137,942,098

137,094,184

2,036
2,255,300
2,253,264
881,744 135,686,798 134,840,920
8,007,624 154,973,753 154,311,036
7,626,805 91,769,473 91,461,550
1,276,052
3,885
1,272,374
822,227
162
822,065
376,772 61,106,001 60,755,047

769,326

2,036
767,290
620,839
282,736
3,678
162
334,263

78,588

464,189

428,323

35,866

78,588
428,323
464,189
35,866
41,878 57,739,393 50,394,486 7,344,907
25,187 57,666,291 50,347,409 7,318,882
37
207
244
16,691
47,040
72,858
25,818

7,565,225

7,455,023

110,202

7,551,563

7,441,361

110,179

23

13,662

13,662

36,558,843

36,344,186

214,657

36,515,231

36,302,339

212,076

5,183,633
290,459
15,319,338
15,765,413

816

41,847

5,156,186
286,847
15,204,948
15,696,205

43,612

1,765

27.447
3,612
114,390
69,208

5,176,614
290,044
15,316,304
15,732,269

5,149,778
286,546
15,201,915
15,664,100

26,020
3,498
114,389
68,169

816

7,019
415
3,034
33,144

6,408
301
3,033
32,105

611
114

17,604,562

17,399,383

205,179

17,603,332

17,398,153

204,752

427

15,439,249
709,272
929,361
526,680

15,405,734
708,747
807,393
477,509

1,230

1,230

33,515
525
121,968

15,405,574
707,677
807,393
477,509

33,088
525
121,968
49,171

427

160
1,070

160
1,070

49,171

15,439,089
708,202
929,361
526,680

7,899,561

7,662,665

236,896

7,899,561

7,662,665

236,675

823,278
5,114,136
1,692,231
269,916

770,569
5,049,945
1,594,003
248,148

52,709
64,191
98,228
21,768

823,278
5,114,136
1,692,231
269,916

770,569
5,049,945
1,594,003
248,148

52,489
64,191
98,227
21,768

221

420,747,624 411,089,286

185,358,602 183,916,363
235,389,022 227,172,923
20,491,027

19,515,473

4,417,635
831,983
15,241,409

4,416,135
687,279
14,412,059

9,658,338 362.485.538 360,209,738 2,153,847

1,442,239 184.870.538 183,464,777 1,325,686
8,216,099 177,615,000 176,744,961 828,161
975,554
1,500
144,704
829,350

19,532,462
4,417,635
790,368
14,324,459

1

1,039

220

121,953 58,262,086 50,879,548 7,382,538

80,075
488,064
451,586
36,478
41,878 57,774,022 50,427,962 7,346,060

18,775,668

733,672

23,122

958,565

739,805

218,760

4,416,135
645,673
13,713,860

1,500
142,448
589,724

2,247
20,875

41,615
916,950

41,606
698,199

9
218,751

441,238,651 430,604,759 10,633,892 382,018,000 378,985,406 2,887,519

145,075 59,220,651 51,619,353 7,601,298

38,351,177

37,122,256

1,228,921

33,418,529

32,931,125

332,327

1,991,174
65,197
9,259,094
17,973,416
9,062,296

155,077

1,943,352
61,723
9,123,981
17,381,027
8,612,173

4,932,648

1,988,062
65,197
9,259,094
14,548,615
7,557,561

1,940,240
61,723
9,123,981
14,371,528
7,433,653

47,672
3,324
84,534
109,711
87,086

150
150
50,579
67,376
36,822

3,112

4,191,131
3,112

741,517

47,822
3,474
135,113
592,389
450,123

3,424,801
1,504,735

3,009,499
1,178,520

415,302
326,215

14,267

13,867

400

13,762

13,533

182

47

505

334

171

173

1 Includes asset and lia b ility figures for 13 branches of foreign banks (tabulated as banks) licensed to do a deposit business in the State of New York. Capital is not allocated to these branches by
the parent banks.
2 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships and corporations.
3 Also includes securities purchased under agreements to resell.
4 Also includes securities sold under agreements to repurchase. .
5 Includes 3 noninsured banks of deposit for which asset and liability data are not available.
Back figures: See the A nnual R eport for 1966, pp. 142-143, and e arlier reports.




O BANKS
F

O ther liabilities— to ta l...............................

138,406,287

LIABILITIES

F o r e ig n g o v e r n m
F o r e ig n g o v e r n m
B a n k s in f o r e ig n
B a n k s in f o r e ig n

120,489 58,217,244 50,836,471 7,380,773

9,001,606 300,467,414 298,846,581 1,500,344

AN
D

C o m m e r c ia l b a n k s in t h e
C o m m e r c ia l b a n k s in t h e
M u t u a l s a v in g s b a n k s in
M u t u a l s a v in g s b a n k s in

300,152 64,153,299 55,810,484 8,342,815

358,684,658 349,683,052

ASSETS

U n it e d
U n it e d
S ta te s
S ta te s

479,589,828 467,727,015 11,862,813 415,436,529 411,916,531 3,219,846

Table 106. ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), DECEMBER 30, 1967
174

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK
(A m o unts in tho usan ds o f dollars)
C o m m e r c ia l b a n k s a n d n o n d e p o s it
t r u s t c o m p a n ie s

A ll b a n k s

M u t u a l s a v in g s b a n k s

N o n in s u r e d
A s s e t, lia b ilit y , o r c a p it a l a c c o u n t it e m

Cash, balances with other banks, and cash collection
items— to ta l...........................................................................
C u r r e n c y a n d c o i n .................................................................................

Securities— to ta l..........................................................................
U . S. G o v 't , o b li g a t i o n s ( i n c l u d i n g g u a r a n t e e d ) .............
O b lig a t io n s o f S t a t e s a n d s u b d i v i s i o n s ..................................
S e c u r it ie s o f F e d e ra l a g e n c ie s a n d c o r p o r a t i o n s ...........
O th e r s e c u r i t i e s ......................................................................................

79,151,117
6,155,069
20,275,051
17,506,073
816,045
329,092
34,069,787

78,414,188
6,106,794
20,275,051
16,981,438
746,983
280,249
34,023,673

136,974,174 133,710,653
66,956,584
65,339,997
50,340,975
50,026,296
9,951,128
10,208,523
9,468,092
8,393,232

290,252,700 282,202,282
4,859,395
4,881,656
295,134,356 287,061,677
R e a l e s t a t e lo a n s — t o t a l .................................................................... 109,508,874 103,273 821
3,530,031
Secured by farm lan d ................................................................................................... 3,562,552

Other assets— to ta l ..................................................................................
B a n k p r e m is e s , f u r n i t u r e a n d f ix t u r e s , a n d re a l e s t a t e .
A ll o t h e r m is c e lla n e o u s a s s e t s ....................................................




In s u re d

Non­
in s u r e d

311,557 66,365,763 57,867,208

8,498,555

Non­
B a n k s d e p o s it
tru s t
of
d e p o s it 1 c o m ­
p a n ie s 2

T o ta l

77,532,592
5,953,155
20,275,051
16,520,060
544,658
280,249
33,959,419

555,370
19,768

66,519
396

996,636
181,750

881,596
153,639

115,040
28,111

420,467
29,373
48,834
36,928

29,222
36,638
9
254

536,324
205,376

461,378
202,325

74,946
3,051

73,186

64,254

8,932

3,263,521 124,332,114 123,263,625
1,616,587
62,229,348
62,676,745
314,679
49,820,973
50,124,099
257,395
8,901,164
9,051,177
2,312,140
1,074,860
2,480,093

897,414
379,148
245,595
140,410
132,261

171,075 12,642,060 10,447,028 2,195,032
3,110,649 1,169,190
4,279,839
68,249
11,553
205,323
57,531
216,876
107,382
1,049,964
9,603
1,157,346
6,081,092
906,907
6,987,999
35,692

8,050,418 238,660,065 236,709,837 1,907,278
4,744,763
4,732,606
22,261
11,761
8,072,679 243,404,828 241,442,443 1,919,039
330,662
58,678,014
6,235,053
59,018,966

42,950 51,592,635 45,492,445 6,100,190
126,789
10,104
136,893
396
43,346 51,729,528 45,619,234 6,110,294
10,290 50,489,908 44,595,807 5,894,101

736,929
48,275
524,635
69,062
48,843
46,114

78,154,481
5,973,319
20,275,051
16,969,749
610,669
329,092
33,996,601

25,635

6,153
110,695
116,848
733
591 15,073,547 14,057,536 1,016,011
5 11,794,675 10,756,786 1,037,889
6,596 17,771,794 14,824,567 2,947,227
2,365 5,733,044 4,846,223 886,821

22,782,632
14,491.033
45,008,417
23,664,240

21,660,636
13,369,846
41,982,199
22,731,109

32,521
1,121,996
1,121,187
3,026,218
933,131

3,445,704
7,709,085
2,696,358
27,236,623
17,931,196

3,419,336
7,603,100
2,613,060
27,157,632
17,884,886

105,394
83,293
72,395
43,945

1,913,871
12,603,290
4,061,542
6,296,390
3,792,673
9,283,160
89,151,015
52,764,372
5,759,169

1,859,339
12,456,909
3,924,357
6,098,580
3,728,633
9,261,903
88,416,016
52,363,056
5,679,063

54,532
146,381
137,185
197,810
64,040
21,257
734,999
401,316
80,106

1,902,215
12,593,389
4,061,542
6,214,828
3,786,373
9,281,477
88,979,351
51,845,017
5,721,670

1,847,683
12,447,077
3,924,357
6,017,418
3,724,055
9,260,220
88,257,588
51,628,083
5,657,948

54,514
146,127
136,805
189,865
53,941
21,110
710,926
214,135
60,954

18
185
380
7,545
8,377
147
10,837
2,799
2,768

11,656
9,901

11,656
9,832

81,562
6,300
1,683
171,664
919,355
37,499

81,162
4,578
1,683
158,428
734,973
21,115

13,236
184,382
16,384

14,590,455
6,853,280
7,737,175

14,252,663
6,749,270
7,503,393

337,792
104,010
233,782

13,456,023
6,329,664
7,126,359

13,206,524
6,289,874
6,916,650

218,486
24,797
193,689

31,013
14,993
16,020

1,134,432
523,616
610,816

1,046,139
459,396
586,743

88,293
64,220
24,073

69
400
1,722

CORPORATION

Loans and discounts, net— to ta l............................................

Loans and discounts, gross— to ta l........................................

L o a n s t o c o m m e r c ia l a n d f o r e ig n b a n k s ...............................
L o a n s t o o t h e r f in a n c ia l i n s t i t u t i o n s .........................................
F e d e ra l f u n d s s o ld ( lo a n e d ) 3..........................................................
L o a n s t o b r o k e r s a n d d e a le r s in s e c u r i t i e s ..........................
O th e r lo a n s f o r c a r r y in g s e c u r i t i e s .............................................
L o a n s t o f a r m e r s ( e x c lu d in g re a l e s t a t e ) ..............................
C o m m e r c ia l a n d in d u s t r ia l l o a n s ................................................
O th e r lo a n s t o i n d i v i d u a l s ................................................................
A ll o t h e r lo a n s ( in c lu d in g o v e r d r a f t s ) .......................................

In s u r e d

520,968,446 508,579,786 12,388,660 454,602,683 450,712,578 3,578,548

V a lu a t io n r e s e r v e s .....................................................................................

Secured by residential properties:
Insured by F H A .....................................................................................
Guaranteed by V A ..................................................................................
Not insured or guaranteed by FHA or V A ..........................................
Secured by other properties .........................................................................

T o ta l

INSURANCE

D e m a n d b a la n c e s w i t h b a n k s in U . S ......................................
O th e r b a la n c e s w ith b a n k s in U . S ............................................
B a la n c e s w i t h b a n k s in f o r e ig n c o u n t r i e s ............................
C a s h it e m s in p r o c e s s o f c o l l e c t i o n ..........................................

N on­
in s u r e d

DEPOSIT

Total a sse ts.......................................................................................

In s u r e d

FEDERAL

T o ta l

T o ta l lia b ilitie s an d c a p ita l a c c o u n ts ....................................
B u sin e s s and p e rs o n a l d e p o s its — t o t a l............................
In d iv id u a ls , p a rtn e rs h ip s , and co rp o ra tio n s— dem and

520,968,446 508,579,786 12,388,660 454,602,683 450,712,578 3,578,548

311,557 66,365,763

392,033,205 382,730,034
159,865,777 158,903,429

128,157 60,451,835 52,870,001
84,769
412,089
432,105

Deposits of savings and loan associations ........................................................
2,669,681
2,666,882
Other deposits of individuals, partnerships, and corporations ................. 157,196,096 156,236,547
In d iv id u a ls , p a rtn e rs h ip s , and c orpora tions— tim e .. . 223,438,231 215,171,503
Savings deposits ........................................................................................................... 154,729,669 146,842,397
Deposits accumulated for payment of personal loans ..................................
1,288,380
1,283,997
Deposits of savings and loan associations ........................................................
553,893
553,739
Other deposits of individuals, partnerships, and corporations ................. 66,866,289 66,491,370

9,303,171 331,581,370 329,860,033 1,593,180
962,348 159,433,672 158,491,340
857,563

2 7QQ
2,669,681
2,666,882
959,549 156,763,991 155,824,458

8,266,728

163,432,828

7,887,272
4,383
154
374,919

94,783,181
1,288,286
553,893
66,807,468

2,799
854,764

57,867,208 8,498,555
7,581,834
20,016

84,769

432,105

412,089

20,016

162,727,918

661,549

43,361

60,005,403

52,443,585

94,451,458
1,283,923
553,739
66,438,798

306,570
4,363
154
350,462

25,153 59,946,488 52,390,939 7,555,549
20
94
74

7,561,818

58,821

52,572

8,655,102

74,095

8,714,870

8,640,775

74,068

27

14,327

14,327

G o v e rn m e n t d e p o s its — t o t a l .................................................
U nited S tates G ove rnm ent— d e m a n d .............................
U n ite d S tates G ove rnm ent— t im e ....................................
S tates and s u b d ivisio n s— d e m a n d ..................................
States and s u b d ivisio n s— tim e ..........................................

37,242,368
5,272,983
289,215
15,688,935
15,991,235

37,031,822
5,244,746
285,856
15,580,596
15,920,624

210,546
28,237
3,359
108 339
70,611

37,198,797
5,266,446
288,853
15 686,280
15,957,218

36,990,123
5,238,918
285,533
15,577,942
15,887,730

208,029
26,883
3,320
108,338
69,488

645
645

43,571
6,537
362
2,655
34,017

41,699
5,828
323
2,654
32,894

D om e stic in te rb a n k d e p o s its — t o t a l...................................
C om m ercial banks in th e U. S.— d e m a n d .....................
C om m ercial ba nks in th e U. S.— t im e ............................
M u tu a l savings b a nks in th e U. S.— d e m a n d ...............
M u tu a l savings b a n ks in th e U. S.— tim e ......................

20,869,345
18,828,832
729,814
1,062,408
248,291

20,661,349
18,788,543
728,139
935,212
209,455

207,996
40,289
1,675
127,196
38,836

20,868,083
18,828,695
728,689
1,062,408
248,291

20,660,087
18,788,406
727,014
935,212
209,455

207,523
39,816
1,675
127,196
38,836

473
473

1,262
137
1,125

1,262
137
1,125

F o re ig n g o v e rn m e n t and b a n k d e p o s its — to t a l..............
Foreign g o v e rn m e n ts , cen tral ba nks, etc.— de m and .
Foreign g o v e rn m e n ts , cen tral ba nks, etc.— tim e .......
B anks in foreign c o u n trie s — d e m a n d .............................
B anks in foreign c o u n trie s — tim e .....................................

8,556,201
906,371
5,267,265
2,030,106
352,459

8,285,680
874,451
5,166,228
1,909,911
335,090

270,521
31,920
101,037
120,195
17,369

8,556,201
906,371
5,267,265
2,030,106
352,459

8,285,680
874,451
5,166,228
1,909,911
335,090

269,358
31,862
100,037
120,090
17,369

1,163
58
1,000
105

458,701,119 448,708,885

Dem and ..................................................................................................................... 212,384,609 210,891,990
T im e ........................................................................................................................... 246,316,510 237,816,895

T o ta l lia b ilitie s (e x c lu d in g c a p ita l a c c o u n ts ).........

22,752,361
4,991,456
916,787
16,844,118

21,627,346
4,980,322
636,953
16,010,071

1,125,015
11,134
279,834
834,047

21,870,225
4,991,456
847,541
16,031,228

20,910,731
4,980,322
568,797
15,361,612

935,364
11,134
276,732
647,498

481,453,480 470,336,231 11,117,249 420,074,676 416,706,654 3,213,454

130,438 60,496,668 52,912,962 7,583,706

86,077
455,761
435,035
20,726
44,361 60,040,907 52,477,927 7,562,980

24,130

882,136

716,615

165,521

2,012
22,118

69,246
812,890

68,156
648,459

1,090
164,431

154,568 61,378,804 53,629,577 7,749,227

C a p ita l ac c o u n ts — t o t a l...........................................................
C apital notes and d e b e n tu re s ...........................................
P referred s to c k .......................................................................
C om m on s to c k .......................................................................
S u rp lu s ......................................................................................
U ndivided p ro fits and re s e rv e s .........................................

39,514,966
2,035,275
92,050
9,401,080
18,650,245
9,336,316

38,243,555
1,987,454
87,076
9,253,642
18,055,718
8,859,665

1,271,411
47,821
4,974
147,438
594,527
476,651

34,528,007
2,032,211
92,050
9,401,080
15,172,077
7,830,589

34,005,924
1,984,390
87,076
9,253,642
14,983,375
7,697,441

365,094
47,671
3,324
94,683
123,851
95,565

156,989
150
1,650
52,755
64,851
37,583

4,986,959
3,054

4,237,631
3,064

749,328

3,478,168
1,505,727

3,072,343
1,162,224

405,825
343,503

N um b er o f ba nks 5 .........................................................................

14,244

13,850

394

13,741

13,517

177

47

503

333

O BANKS
F

O th e r lia b ilitie s — t o t a l ............................................................
Federal fu n d s pu rchase d (b o rro w e d )4 ............................
O ther lia b ilitie s fo r borrow ed m o n e y ...............................
All o th e r m iscellaneo us lia b ilitie s .....................................

9,992,234 398,204,451 395,795,923 2,278,090

1,492,619 211,928,848 210,456,955 1,385,816
8,499,615 186,275,603 185,338,968
892,274

1,872
709
39
1
1,123

LIABILITIES

T o ta l d e p o s its .....................................................................

6,249

AN
D

18,208

8,729,197

ASSETS

C ertified and o ffic e rs ’ checks, le tte rs o f credit,
tra v e le rs ' ch e cks, e tc ........................................................

170




175

1 Includes asset and lia b ility figures for 13 branches of foreign banks (tabulated as banks) licensed to do a deposit business in the State of New York. Capital is not allocated to those branches by the
parent banks.
2 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations.
3 Also includes securities purchased under agreements to resell.
4 Also includes securities sold under agreements to repurchase.
5 Includes 3 uninsured banks for which asset and liab ility data are not available.
Back figures, 1934-1966: See preceding ta b le and the Annual Report for 1966, pp. 144-145, and ea rlie r reports.

176

Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED STATES
(STATES AND OTHER AREAS), DECEMBER CALL DATES, 1963 THROUGH 1967
(A m o unts in tho u sa n d s o f dollars)
Insured com m ercial banks
Dec. 31,
1965

Dec. 31,
1966

Dec. 30,
1967

T o t a l a s s e t s .................................................................................... 311,790,848 345,130,205 375,394,111 402,946,336 450,712,578
C a s h , b a la n c e s w i t h o t h e r b a n k s , a n d c a s h
c o l l e c t i o n i t e m s — t o t a l ..............................................
C u r r e n c y a n d c o i n .............................................................
R e s e rv e w i t h F e d e ra l R e s e rv e B a n k s ( m e m ­
b e r b a n k s ) ..........................................................................
D e m a n d b a la n c e s w it h b a n k s in t h e U n it e d
S t a t e s ( e x c e p t p r iv a t e b a n k s a n d A m e r i­
c a n b r a n c h e s o f f o r e ig n b a n k s ) .........................
O th e r b a la n c e s w it h b a n k s in t h e U n it e d
S t a t e s ..................................................................................
B a la n c e s w i t h b a n k s in f o r e ig n c o u n t r i e s . . .
C a s h it e m s in p r o c e s s o f c o l l e c t i o n ....................

O t h e r s e c u r i t i e s — t o t a l ......................................................
O b lig a t io n s o f S t a t e s a n d s u b d i v i s i o n s ............
S e c u r it ie s o f F e d e ra l a g e n c ie s a n d c o r p o r a ­
t io n s .....................................................................................
O th e r b o n d s , n o t e s , a n d d e b e n t u r e s ................
F e d e ra l R e s e r v e B a n k s t o c k ....................................
O th e r c o r p o r a t e s t o c k s ................................................
T o t a l s e c u r i t i e s .......................................................




Dec. 31,
1964

Dec. 31,
1965

Dec. 31,
1966

Dec. 30,
1967

43,018,983

47,044,184

50,499,716

53,049,468

57,867,208

721,513
104,083

893,139
138,843

904,000
142,598

847,825
145,587

881,596
153,639

50,445,462
4,053,057

60,032,916
4,551,889

60,436,719
4,865,803

68,651,850
5,457,281

77,532,592
5,953,155

17,149 613

17,580,743

17,992,395

19,068,820

20,275,051

11,644,517

14,090,586

14,354,186

15,136,611

16,520,060

441,946

476,644

493,600

474,276

461,378

367,817
298,992
16,931,466

558,335
300,841
22,950,522

484,817
255,865
22,483,653

257,066
250,872
28,481,200

544,658
280,249
33,959,419

141,043

224,274

212,193

166,743

202,325

34,441

53,378

55,609

61 219

64,254

62,811,737

62,588,052

59,209,832

55,903,996

62,229,348

4,324,018

4,110,452

3,759,961

3,323,662

3,110,649

12,650,993

13,301,211’

227,842

232,494

309,700

306,712

365,205

7,062,518

9,001,237

231,424

139,679

178,142

132,570

179,084

29,334,529
12,244,036
1,137,045
277,927
104,689

26,638,335
12,481,688
778,067
247.362
140,152]

C)
1

891,708
1,423,462
1,296,853
115,721
137,008

1,130 798
1,107,233
1,241,155
92,527
166,566

941,780
975,170
1,177,097
67,037
111,035

1,012,437
680,603
998,066
61,857
131,417

1 087,857
384,276
896,128
36,129
161,970

34,660,292
29,611,314

38,371,648
33,343,807

61,034,277
49,820,973

5,040,575
410,862

5,014,656
367‘846

5,010,410
300,273

5,352,088
236,697

7,336,379
205,323

712,425
3,003,773

749,219
2 904,732

842,356
2,731,805

1,009,066
2,932,706

1,049,964
4,703,008

3,503,243
784,083
491,175\
270,477/

3,446,144
762,790]
818,907 ^
I

0

44,440,876
38,480,349

0

48,381,827
40,831,664

4,513,114

5,959,194

8,901,164

21,447,413

n , 590,969

2,312,140

97,472,029 100,959,700 103,650,708 104,285,823 123,263,625

913,515

992,859

1,135,976

1,173,619

1,378,084

9,364,593

9,125,108

8,770,371

8,675,750

10,447,028

CORPORATION

O b lig a t io n s o f t h e U . S . G o v e r n m e n t , d i r e c t
a n d g u a r a n t e e d — t o t a l ............................................
D ire c t :
T r e a s u r y b ills a n d c e r t if ic a t e s o f in d e b t e d ­
n e s s ...................................................................................
T r e a s u r y n o t e s a n d o t h e r b o n d s m a t u r in g
in 1 y e a r o r l e s s .......................................................
T r e a s u r y n o t e s a n d o t h e r b o n d s m a t u r in g
in 1 t o 5 y e a r s ............................................................
O th e r b o n d s m a t u r in g in 5 t o 10 y e a r s .........
O th e r b o n d s m a t u r i n g a f t e r 10 y e a r s .............
U n it e d S t a t e s n o n - m a r k e t a b le b o n d s ..........
G u a r a n t e e d o b l i g a t i o n s ...............................................

Dec. 20,
1963

INSURANCE

Dec. 31,
1964

DEPOSIT

Dec. 20,
1963

Insured m u tu a l savings ba nks

FEDERAL

A ssets

Loans and d is c o u n ts , n e t— t o t a l..............................
V alu a tio n re s e rv e s ........................................................
Loans and d is c o u n ts , gross— t o t a l.........................
Real estate loans— t o t a l..........................................

155,933,367 175,096,194 201,114,143 218,455,698 236,709,837
2,994,811

3,552,676

4,011,273

4,336,933

4,732,606

158,928,178 178,648,870 205,125,416 222,792,631 241,442,443
39,088,205

43,733,086

49,393,933

54,099,590

58,678,014

32,299,615

36,233,052

39,964,343

42,593,177

45,492,445

218,740

209,774

32,518,355

36.442.826

40,173,674

42,733,660

35,823,288

45,619,234

39,435,679

209,331

140,483

126,789

Secured by farm lan d ..............................................................................
2,303,251
Secured by residential properties:
Insured by F H A ................................................................................... 7,047,238
Guaranteed by V A ..............................................................................
2,817,152
Not insured or guaranteed by FHA or V A ............................. 16,380,889
Secured by other properties ..................................................................... 10,539,675

7,441,201
2,556,527
24,659,845
16,329,595

9,969,510
9,500,673

46,819
12,911,024
10,427,383
12,245,612
3,804,841

47,719
13,563,472
10,473,930
13,490,913
4,232,369

44,595,807

7,592,405
2,637,439
21,929,584
14,346,493

48,629
11.527.827
10,129,274
10,739,893
3,377,665

41,808,403

7,243,497
2 , 684,468
18,810,798
12.377.719

3,419,336
7,603,100
2,613,060
27,157,632
17,884,886

31,892,036

3,594,633
9,441,479

3,420,989
10,849,646

2,095,012
13,186,038
2,064,215
5,087,694
3,175,076

2,132,957
13,186,453
2,460,941
5,643,112
3,149,552

1,847,683
12,447,077
3,924,357
6,017,418
3,724,055

15,617
7,016

16,228
9,322

12,505
14,342

33,368
10,905

11,656
9,832

24,278
11,579

25,759
4,807

21,585
4,812

42,245
4,329

81,162
4,578

Total loans and securities.
Bank prem ises, fu rn itu re and fixtures, and
other real estate— to ta l......................................

M iscellaneous assets— to ta l.....................................
C u s to m e r s ’
lia b ility
on
a c c e p ta n c e s
o u t­
s t a n d i n g ...................................................................................
O th e r a s s e t s ..............................................................................

(5
)

(5
)

816,838

513,580

533,948

6,644,575

6,982,643

7,669,065

8,549,399

9,260,220

2,499

2,152

1,913

1,809

1,683

52,984,200
34,531,746

60,040,383
39,814,778

71,235,183
45,497,461

80,408,482
47,992,068

88,257,588
51,628,083

156,977
391,145

144,698
515,673

191,599
617,747

158,428
734,973

3,200,612
2,909,590
5,718,920
10,265,352

3,748,783
3,012,861
6,441,204
11,950,210

4,176,950
3,126,804
7,388,640
13,665,853

4,692,533
3,216,162
8,091,439
13,701,770

18,890,458
828,313
521,909
4,781,232
3,351,554
8,361,180
14,893,437

160,682
388,211

923
66,450

4,024,100

5,143,998

5,187,791

1,016
75,397
126,027
164,335

5,170,077

5,657,948

2,039
88,646
199,220
190,213

3,769
105,998
244,976
220,125

6,378
119,569
297,131
258,105

14.661.720

17,139,214

18,290,164

253,405,396 276,055,894 304,764,851 322,741,521 359,973,462
4,394,800
4,305,466
89,334

4,753,588

(7
)

13,978

,!!$

24,370

35,555

42,879

53,790

16,437

13,148

22,467

23,255

21,115

41,664,208

45,358,160

48,734,714

51,268,927

55,939,473

6
5,144,222

6
5,619,987

66,289,874

312,897

342,898

381,225

415,193

459,396

(7
)

(7
)

6,007,170
282,704

290,072
22,825

316,189
26,709

353,930
27,295

387,395
27,798

428,779
30,617

3,545,190

4,287,807

5,048,319

5,932,978

6,916,650

320,365

449,987

479,777

517.523

586,743

1,591,458
1,953,732

1,697,120
2,590,687

1,862,571
3,185,748

2,178,017
3,754,961

2,314,772
4,601,878

' 320,365

' 449,987

’ 479,777

517.523

O BANKS
F

B a n k p r e m is e s , a n d f u r n i t u r e a n d f ix t u r e s , a n d
o t h e r a s s e t s in d i r e c t ly r e p r e s e n t in g b a n k
p r e m is e s o r o t h e r re a l e s t a t e ....................................
R e a l e s t a te o w n e d o t h e r t h a n b a n k p r e m i s e s . .

5,355,550
2,794,217

LIABILITIES

All o th e r loans (in c lu d in g o v e rd ra fts ).................

5,325,642
2,476,760

(4
)

110,695
14,057,536
10,756,786
14,824,567

AN
D

Passenger automobile instalment loans ...........................................
Retail (charge account) credit card plan s .......................................
Check credit and revolving credit plans ...........................................
Other retail consumer instalment loans ...........................................
Residential repair and modernization instalment loans ...........
Other instalment loans for personal expenditures .......................
Single-payment loans for personal expenditures ........................

(4
)

3,112,422

ASSETS

Loans to d o m e s tic com m ercial and foreign
b a n k s ..........................................................................
Loans to o th e r fin a n c ia l in s titu tio n s ...................
Federal fu n d s sold (lo a n e d )3 ................................
Loans to brokers and de alers in s e c u ritie s ...
O th er loans fo r p u rc h a s in g s e c u ritie s ...............
Loans to fa rm e rs d ire c tly g u a ra n te e d by the
C o m m o d ity C re d it C o rp o ra tio n .........................
O ther loans to fa rm e rs (e x c lu d in g loans on real
e s ta te ).......................................................................
C om m ercial and in d u s tria l loan s (in c lu d in g
open m a rk e t p a p e r)..............................................
O th er loans to in d iv id u a ls — t o t a l..........................

2 ,616,604

' 586,743 ‘

PERCENTAGES
To total assets:

To total assets other than cash and U. S. Gov­
ernm ent obligations:
T o t a l c a p it a l a c c o u n t s ......................................................




16.2%

17.4%

16.1%

17.0%

17.2%

20.1

18.2

15.8

13.9

50.0

50.7

2.6

2.6

53.6
2.7

13.8
13.5
52.5
2.9
7.5
10.9

11.1

11.1

11.8

12.0

8.1

8.0

8.0

54.2
2.9
7.9

12.8

12.4

11.7

11.4

1.79

10.0

1.9%

1.8%

11.7
75.1
1.5
8.3

8.7
10.7
77.0
1.7
7.9

7.5
9.9
79.1
1.7
7.8

9.4

8.9

8.6

1.6%
6.3

10.1

80.3
1.7
7.8

1.5%
5.4
12.7
78.6

1.8

7.3
7.9

177

C a s h a n d b a la n c e s w it h o t h e r b a n k s ..................
U .S . G o v e r n m e n t o b li g a t i o n s , d ir e c t a n d g u a r ­
a n t e e d .....................................................................................
O t h e r s e c u r i t i e s .....................................................................
L o a n s a n d d i s c o u n t s ...........................................................
O t h e r a s s e t s ............................................................................
T o t a l c a p it a l a c c o u n t s ........................................................

178

Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED STATES
(STATES AND OTHER AREAS), DECEMBER CALL DATES, 1963 THROUGH 1967— CONTINUED
( A m o u n t s in t h o u s a n d s o f d o lla r s )
I n s u r e d m u t u a l s a v in g s b a n k s

I n s u r e d c o m m e r c ia l b a n k s
L ia b ilit i e s a n d c a p it a l

D e c . 31,
1964

Total lia b ilities and capital a c c o u n ts....................
B u sin e ss and p erson al dep o sits—to ta l............

311,790,848 345,130,205 375,394,111 402,946,336 450,712,578

I n d iv id u a ls , p a r t n e r s h i p s , a n d c o r p o r a t io n s
— d e m a n d .........................................................................

Dom estic interbank and postal savings d e­
posits — to ta l..........................................................
C o m m e r c ia l b a n k s in t h e U . S .— d e m a n d . ..
C o m m e r c ia l b a n k s in t h e U . S .— t i m e ..............
M u t u a l s a v in g s b a n k s in t h e U . S .— d e m a n d .
M u t u a l s a v in g s b a n k s in t h e U . S .— t i m e . . .
P o s ta l s a v in g s

Foreign governm ent and bank
total
.............................

D e c . 31,
1966

D e c . 30,
1967

43,018,983

47,044,184

50,499,716

53,049,468

57,867,208

329,860,033

38,627,061

42,714,295

45,848,773

48,212,477

52,870,001

139,077,920

2,294,862

144,323,672

158,491,340

281,375

312,703

345,204

366,110

412,089

281,375

312,703

345,204

366,110

412,089

130,195,436

142,261,089

162,727,918

38,337,379

42,389,690

42,374,371
800

45,491,617

45,477,204
28

47,834,854

47,812,107
38

52,443,585

52,390,939
74
52,572

123,561,302

134,300,734

2,666,882
2,298,371
( 136,783,058 142,025,301 155,824,458
[

(7)

100,033,046

(7)
112,804,696

82,966,971
956,410

92,554,897
1,078,207
922,485

(

28,881,315

f

90,076,746
1,223,553
620,601

94,451,458
1,283,923
553,739

38,324,849
631

f

35,639,847

50,340,189

66,438,798

11,899

14,519

14,385

22,709

4,447,964

5,877,973

5,932,001

6,980,996

8,640,775

8,307

11,902

11,952

11,513

14,327

27,142,510
6,729,214
268,203
12,261,389
7,883,704

30,068,312
6,500,876
270,832
13,497,662
9,798,942

32,216,843
5,523,816
281,330
14,241,724
12,169,973

33,768,382
4,990,164
257,599
15,059,104
13,461,515

36,990,123
5,238,918
285,533
15,577,942
15,887,730

28,767
5,025
97
2,046
21,599

34,844
6,574
152
1,584
26,534

37,131
6,795
407
2,079
27,850

41,829
6,148
297
3,265
32,119

41,699
5,828
323
2,654
32,894

14,268,764
13,323,080
268,710
610,294
49252
17,428

16,754,488
15,492,798
382,943
740,382
118 835
19,530

17,311,718
15,779,062
510,159
860 378
162119

18,355,321
16,947,228
476,896
782,525
148672

1,236
32
1,204

1,960
88
1,872

1,387
122
1,265

1,330
126
1,204

1,262
137
1,125

(7
)'

(7
)'

20,660,087
18,788,406
727,014
935,212
209 455
(7)

5,193,043

6,424,074

6,778,763

7,150,699

8,285,680

55

841,590

826,137

892,867

869,268

874,451

22

3,045,415
1 177 311
128727

3,893,693
1 454 685
249^559

4,086,126
1 529 097
270^673

4,212,084
1 784 407
'284,940

5,166,228
1 909 911
335,090

33

274,646,629 306,230,277 331,512,681 352,840,159 395,795,923

38,657,119

42,751,099

45,887,291

48,255,636

52,912,962

deposits—

F o r e ig n g o v e r n m e n t s , c e n t r a l b a n k s , e t c . —
dem and
F o r e ig n g o v e r n m e n t s , c e n t r a l b a n k s , e t c . —
tim e
......................
B a n k s in f o r e ig n c o u n t r ie s — d e m a n d
B a n k s in f o r e ig n c o u n t r ie s — t i m e

Total d e p o sits......................................................

Demand ............................................................................................... 162,952,144 178,691,247 183,836,865 191,737,364 210,456,955
T im e .................................................................................................... 111,694,485 127,539,030 147,675,816 161,102,795 185,338,968



296,807
38,360,312

332,851
42,418,248

366,152
45,521,139

387,162
47,868,474

435,035
52,477,927

CORPORATION

S t a t e s G o v e r n m e n t — d e m a n d ...............
S t a t e s G o v e r n m e n t — t i m e ........................
a n d s u b d iv is io n s — d e m a n d ......................
a n d s u b d iv is io n s — t i m e ...............................

D e c . 31,
1965

INSURANCE

U n it e d
U n it e d
S ta te s
S ta te s

D e c . 30,
1967

DEPOSIT

Governm ent d epo sits—to ta l..................................

D e c . 31,
1966

293,565,757

76,413,701
836,450
)
Deposits of savings and loan associations
Other deposits of individuals, partnerships, and corpora­ \ 22,782,895
tions ....................................................................................................... J

C e r t if ie d a n d o f f i c e r s ’ c h e c k s , le t t e r s o f
c r e d it , t r a v e l e r s ’ c h e c k s , e t c ................................

D e c . 31,
1965

228,042,312 252,983,403 275,205,357

Other deposits of individuals, partnerships, and corpora­ 1
tions ......................................................................................................
I n d iv id u a ls , p a r t n e r s h i p s , a n d c o r p o r a t io n s
— t i m e ..................................................................................
Savings deposits ....................................................................................
Deposits accumulated for payment of personal loans ..........

D e c . 31,
1964

FEDERAL

D e c . 20,
1963

D e c . 20,
1963

O ther liab ilities— to ta l...............................................

11,821,823

11,461,821

3,576,530

2,591,133

1,620,293
6,625,000

1,737,101
7,133,587

18,413,009
2,824,088
1,904,513
2,234,455
11,449,953

20,910,731
4,980,322
568,797
2,382,072
12,979,540

790,247

562,242

655,013

653,735

37,647

20,402

90,800

68,876

68,156

752,600

541,840

564,213

584,859

648,459

Total lia b ilities (excluding capital a c­
co u n ts).................................................................. 286,468,452 317,692,098 345,489,177 371,253,168

F e d e ra l f u n d s p u r c h a s e d ( b o r r o w e d ) 8................
}
O th e r l ia b ilit ie s f o r b o r r o w e d m o n e y ..................
A c c e p t a n c e s o u t s t a n d i n g ............................................
O th e r l i a b i l i t i e s ....................................................................

13,976,496
(2,438,413
11,898,290
1,897,569
7,742,224

716,615

48,909,371

53,629,577

34,005,924
11,325,108
14,983,375
6,610,743
1,086,698

3,571,617
533
2,473,815
828,115
269,154

3,730,843
674
2,658,871
759,920
311,378

3,957.412
2,759
2,798,625
822,112
333,916

4,140,097
3,112
2,923,692
821,662
391,631

4,237,631
3,064
3,072,343
774,284
387,940

7,450,833
7,282,980
130,014
37,839

8,738,836
7,886,432
810 657
41,747

10,200,361
8,507,770
1,652,701
39,890

10,648,322
8,856,837
1,729,902
61,513

11,325,108
9,253,642
1,984,390
87,076

1P C d e m a n d ..........................................................................
IP C t i m e a n d s a v i n g s .....................................................
G o v e r n m e n t d e p o s i t s .....................................................
D o m e s t ic in t e r b a n k & p o s t a l s a v i n g s .................
F o r e ig n g o v e r n m e n t s a n d b a n k s ............................
O th e r d e p o s i t s .....................................................................

45.0%
36.4
9.9
5.2
1.9
1.6

43.9%
36.8
9.8
5.5
2.1
1.9

42.0%
39.3
9.7
5.2
2.0
1.8

40.9%
40.3
9.6
5.2
2.0
2.0

N u m b e r o f b a n k s .......................................................................

13,291

13,493

13,547

13,541

C a p ita l s t o c k , n o t e s , a n d d e b e n t u r e s ................
S u r p l u s ......................................................................................
U n d iv id e d p r o f i t s ...............................................................
R e s e r v e s ..................................................................................

MEMORANDA
Capital stock, notes, and debentu res:
P ar or face value—to ta l.........................................
C o m m o n s t o c k ................................................................
C a p ita l n o t e s a n d d e b e n t u r e s .............................
P r e f e r r e d s t o c k ...............................................................

533

674

2,759

3,112

3,064

533

674

2,759

3,112

3,064

40.0%
41.1
9.4
5.2
2.1
2.2

0-7%
99.2
0.1

0.7%
99.2
0.1

0.8%,
99.1
0.1

0.8%
99.1
0.1

0.8%
99.1
0.1

13,517

330

327

329

332

333

P ER C EN T A G ES
To total d epo sits:

1 Available only on a par value basis.
? Excludes corporate stocks, other than Federal Reserve Bank stock, of national banks; reported with "Other assets."
3 As of December 30, 1967 also includes securities purchased under agreements to resell.
4 Prior to December 31, 1965, “ Federal funds sold (loaned)” not reported separately; most were included with loans to banks.
6 Included with “ Securities of Federal agencies and corporations.”
6 Net of mortgages and other liens; previously included with “ Other liabilities.”
7 Not available.
8 As of December 30, 1967 also includes securities sold under agreements to repurchase.
Back fiqures, 1934-1962: See the Annual Report for 1962, pp. 130-133, and earlier reports.

179




O BANKS
F

46,542,304

31,693,168
10,648,322
13,998,697
6,166,477
879,672

LIABILITIES

43,313,341

29,904,934
10,200,361
13,464,797
5,437,575
802,201

AN
D

39,447,366

27,438,107
8,738,836
12,893,189
5,113,007
693,075

ASSETS

46,706,654

25,322,396
7,450133
12,163,471
5,113,403
594,989

Capital accounts—to ta l.............................................

180

Table 108. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN THE UNITED STATES
(STATES AND OTHER AREAS), DECEMBER 30, 1967
BANKS GROUPED BY CLASS OF BANK
(A m o u n ts in th o u sa n d s o f dollars)
A sset or lia b ility item

M e m bers F. R. S ystem
Total
S tate

264,098,743

111,175,202

75,438,633

Cash and du e fro m b a n k s ........................................................................
O bligation s o f th e U . S. G o v e rn m e n t....................................................
O b lig a tio n s o f S tates and s u b d iv is io n s ...................... ..........................
O ther s e c u ritie s ............................................................................................

77 532,592
62,229,348
49,820,973
11,213,304

46,675,689
34,307,948
29,002,600
6,345,823

22,311,693
12,639,952
12,514,782
1,448,707

8,545,210
15,281,448
8,303,591
3,418,774

Loans and d is c o u n ts , n e t— to t a l.............................................................
Real e s ta te .................................................................................................
To b a n ks and o th e r fin a n c ia l in s titu tio n s ........................................
Federal fu n d s sold (lo a n e d ) 1 ...............................................................
To p u rchase or carry s e c u ritie s ...........................................................
To fa r m e r s ..................................................................................................
C om m ercial and in d u s tria l..........................................
C onsu m er in s ta lm e n t...................................................
S ingle p a y m e n t to in d iv id u a ls ...................................
O ther lo a n s .......................................................................
Less: V alu a tio n re s e rv e s ..............................................

236,709,837
58,678,014
14,294,760
3,924,357
9,741,473
9,260,220
88,257,588
36,734,646
14,893,437
5,657,948
4,732,606

139,811,402
33,148,218
8,593,499
2,561,629
4,703,721
4,594,173
55,323,678
21,160,002
8,873,776
3,693,420
2,840,714

58,512,721
12,583,501
4,767,410
876,693
4,219,242
1,110,878
24,181,754
6,894,261
3,586,678
1,541,432
1,249,128

38,385,714
12,946,295
933,851
486,035
818,510
3,555,169
8,752,156
8,680,383
2,432,983
423,096
642,764

13,206,524

7,955,281

3,747,347

1,503,896

450,712,578

264,098,743

111,175,202

75,438,633

D epo sits— t o t a l................................................................... ...........
In d iv id u a ls , p a rtn e rs h ip s , and c o rp o ra tio n s — d e m a n d ...............
In d iv id u a ls , p a rtn e rs h ip s , a n d c o rp o ra tio n s — savings and tim e
U . S. G o v e rn m e n t....................................................................................
S tates and s u b d iv is io n s .........................................................................
D om e stic in te rb a n k .................................................................................
Foreign g o v e rn m e n t and b a n k ............................................................
O ther d e p o s its ..........................................................................................

395,795,923
158,491,340
162,727,918
5,524,451
31,465,672
20,615,754
6,040,679
8,640,775

232,083,393
92,392,694
95,414,825
3,309,417
18,552,526
13,427,880
3,515,162
4,339,315

95,637,158
39,102,513
35,227,179
1,569,246
6,202,325
6,381,640
2,475,765
3,609,440

68,075,372
26,996,133
32,085,914
645,788
6,710,821
806,234
49,752
692,020

Federal fu n d s purchased (b o rro w e d ) 2 .................................................
O ther lia b ilitie s for borrow ed m o n e y .....................................................
O ther lia b ilitie s ..............................................................................................
Capital stock, notes, and d e b e n tu re s ...................................................
O ther cap ita l a c c o u n ts ...............................................................................

4,980,322
568,797
15.,361,612
11,325,108
22,680,816

3,181,502
296,821
8,807,411
6,601,287
13,128,329

1,700,344
191,165
5,289,781
2,829,550
5,527,204

98,476
80,811
1,264,420
1,894,271
4,025,283

13,517

4,758

1,312

7,447

N um b er o f b a n k s ............................................................................................
1 Also includes securities purchased under agreements to resell.
sold under agreements to repurchase.

2 Also
 includes securities


CORPORATION

O ther a s s e ts ........................................................................
T o ta l lia b ilitie s and c a p ita l a c c o u n ts .............................

INSURANCE

450,712,578

DEPOSIT

T o ta l a s s e ts .......................................................................................................

FEDERAL

N ational

N ot
m em bers
F. R. System

Table 109. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1967 IN THE UNITED STATES
(STATES AND OTHER AREAS), DECEMBER 30, 1967

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS
ASSETS

( A m o u n t s in t h o u s a n d s o f d o lla r s )
B a n k s w ith d e p o s it s o f —
A ll
banks1

A s s e t o r li a b i l i t y it e m

T o ta l a s s e ts ...................................................................... 449,364,224

$1,000,000
to
$2,000,000

$2,000,000
to
$5,000,000

$5,000,000
to
$10,000,000

$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
to
to
or
to
to
$25,000,000 $50,000,000 $100,000,000 $500,000,000
more

14,582,295

26,926,333

45,592,268

33,013,140

30,484,477

350,091
711,014
82,207
187,956

1,912,192
3,725,814
1,025,549
871,066

3,408,943
5,890,109
2,789,784
1,328,473

5,612,055
8,932,291
5,532,869
1,853,886

4,114,667
5,785,895
4,127,542
1,213,107

4,043,957
5,087,162
3,859,175
993,068

13,484,121
11,314,282
9,867,407
1,778,224

44,264,347
20,470,779
22,411,402
2,911,411

L o a n s a n d d is c o u n t s , n e t — t o t a l ................................. 236,097,510
R e a l e s t a t e ............................................................................. 58,547,547
T o b a n k s a n d o t h e r f in a n c ia l i n s t i t u t i o n s . . . . 14,278,490
F e d e ra l f u n d s s o ld ( l o a n e d ) ? ....................................
3,905,657
T o p u r c h a s e o r c a r r y s e c u r i t i e s ...............................
9,733,096
T o f a r m e r s ..............................................................................
9,251,362
C o m m e r c ia l a n d i n d u s t r i a l .......................................... 88,045,204
C o n s u m e r i n s t a l m e n t ..................................................... 35,605,311
S in g le p a y m e n t t o i n d i v i d u a l s .................................. 14,820,228
O th e r l o a n s ............................................................................
5,633,552
4,722,937
L e s s : V a lu a t io n r e s e r v e s .............................................

116,551
23,543
1,340
380
1,245
50,201
13,363
19,402
6,177
1,787
887

1,091,890
275,584
10,056
2,278
7,153
419,677
127,405
184,872
61,993
13,780
10,908

6,837,916
2,110,180
63,285
47,522
60,946
1,873,370
984,124
1,293,540
413,323
81,394
89,768

13,036,766
4,298,102
161,888
152,494
172,661
2,153,391
2,42-8,329
2,838,321
874,561
156,446
199,427

22,764,401
7,690,619
353,108
397,765
367,809
1,784,223
5,057,399
5,563,140
1,633,365
308,001
391,028

17,051,567
5,775,470
396,096
465,057
325,112
556,987
4,332,177
3,990,294
1,309,194
217,805
316,625

15,769,853
5,125,596
517,333
327,453
400,628
362,709
4,616,340
3,364,956
1,091,125
272,743
309,030

43,738,544
12,237,145
2,285,857
771,047
1,495,821
752,388
14,198,400
8,239,979
3,464,140
1,183,816
890,049

115,690,022
21,011,308
10,489,527
1,741,661
6,901,721
1,298,416
56,287,667
11,110,807
5,966,350
3,397,780
2,515,215

2,464

25,863

209,758

472,258

896,766

720,362

731,262

2,088,785

8,013,528

O th e r a s s e t s . . . .

13,161,046

181




...........

82,271,363 213,761,489

O BANKS
F

2,449,021

52,583
82,806
7,198
22,236

C a s h a n d d u e f r o m b a n k s ...............................................
O b lig a t io n s o f t h e U . S . G o v e r n m e n t .......................
O b lig a t io n s o f S t a t e s a n d s u b d i v i s i o n s ..................
O t h e r s e c u r i t i e s .......................................................................

LIABILITIES

283,838

77,242,956
62,000,152
49,703,133
11,159,427

AN
D

Less
than
$1,000,000

182

Table 109. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1967 IN THE UNITED STATES
(STATES AND OTHER AREAS), DECEMBER 30, 1967— CONTINUED
FEDERAL

BANKS GROUPED ACCORDING TO A M O U N T OF DEPOSITS
(A m o u n ts in tho u sa n d s o f do llars)
B a n k s w it h d e p o s it s o f —
A s s e t o r lia b i l i t y it e m

A ll
banks1
$5,000,000
to
$10,000,000

$10,000,000
to
$25,000,000

Total lia b ilities and cap ital a c c o u n ts....................... 449,364,224

283,838

2,449,021

14,582,295

26,926,333

45,592,268

33,013,140

30,484,477

82,271,363

213,761,489

D e p o s it s — t o t a l ......................................................................... 394,615,206
Demand deposits .................................................................................... &09,781,109
Time and savings deposits .................................................................. 184,834,097
I n d iv id u a ls , p a r t n e r s h ip s , a n d
c o r p o r a t io n s — d e m a n d .............................................. 158,016,249
I n d iv id u a ls , p a r t n e r s h i p s , a n d
c o r p o r a t io n s — t i m e a n d s a v i n g s .......................... 162,291,785
5,511,113
U . S . G o v e r n m e n t ..............................................................
S t a t e s a n d s u b d i v i s i o n s ................................................ 31,323,338
D o m e s t ic i n t e r b a n k .......................................................... 22,800,570
6,039,169
F o r e ig n g o v e r n m e n t a n d b a n k .................................
8,632,982
O th e r d e p o s i t s .....................................................................

245,369

170,165
75,204

2,169,755

1,257,093
912,662

13,090,121

24,385,979

41,306,621

29,847,719

27,536,767

73,538,184

182,494,691

146,302

1,070,480

5,642,431

9,913,935

16,153,438

11,726,652

10,633,516

29,804,081

72,925,413

66,495
814
29,530
1,321

834,164
8,578
237,415
7,102

11,528,790
188,165
2,428,240
120,811
100
205,937

20,161,350
422,829
3,785,051
376,342
2,740
404,871

14,301,261
328,707
2,618,880
539,945
4,879
327,395

12,792,455
335,026
2,599,983
839,733
32,819
303,235

30,785,164
1,133,458
6,207,729
4,641,617
89,190
876,945

65,944,537
3,018,061
12,064,845
16,222,210
5,908,916
6,410,709

6,731,797
6,358,324

11,952,763
12,433,216

19,563,936
21,742,685

$25,000,000 $50,000,000 $100,000,000 $500,000,000
to
to
or
to
$50,000,000 $100,000,000 $500,000,000
more

14,324,265
15,523,454

13,360,688
14,176,079

39,455,150 102,965,252
34,083,034 79,529,439

907

12,016

5,877,569
75,475
1,351,665
51,489
525
90,967

F e d e ra l f u n d s p u r c h a s e d ( b o r r o w e d ) 3......................
O th e r l ia b ilit ie s f o r b o r r o w e d m o n e y .........................
O th e r l i a b i l i t i e s ..........................................................................
C a p ita l s t o c k , n o t e s , a n d d e b e n t u r e s ......................
O th e r c a p it a l a c c o u n t s ........................................................

4,979,897
568,774
15,331,054
11,265,351
22,603,942

100
1,285
10,602
26,482

150
1,544
11,920
67,797
197,855

5,687
10,710
112,256
363,997
999,524

14,251
19,384
302,011
631,684
1,573,024

42,546
22,225
752,790
1,039,981
2,428,105

32,123
31,350
716,737
763,567
1,621,644

72,326
13,963
699,988
728,703
1,432,730

585,739
122,684
2,022,624
1,989,560
4,012,572

4,227,075
346,814
10,711,443
5,669,460
10,312,006

N u m b e r o f b a n k s ........................................................................

13,419

327

1,424

3,866

3,412

2,662

871

403

353

101

1 This group of banks is the same as the group shown in Table 115 under the heading “ Operating throughout the year.”
2Also includes securities purchased under agreements to resell.
3 Also includes securities sold under agreements to repurchase.
Note: For income and expense data by size of bank, see Tables 116 and 117, pp. 194-197.
Back figures, 1941-1966: See the Annual Report for 1966, p. 151, and earlier reports.




CORPORATION

$2,000,000
to
$5,000,000

INSURANCE

$1,000,000
to
$2,000,000

DEPOSIT

Less
than
$1,000,000

Table 110. PERCENTAGES OF ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1967 IN THE
UNITED STATES (STATES AND OTHER AREAS), DECEMBER 30, 1967
BANKS GROUPED ACCORDING TO AM O U N T OF DEPOSITS

A sset or lia b ility item

All
banks’

B anks w ith de p o sits o f—
Less
than
$1,000,000

$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 $500,000.00C
to
to
to
to
to
or
$10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000
more

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

100.0 %

11.1

14.3
29.0
3.4
7.7

13.1
25.6
7.0

12.7
21.9
10.4
4.9

12.3
19.6

12.1

13.3
16.7
12.7
3.3

16.4
13.8

4.1

12.5
17.5
12.5
3.7

20.7
9.6
10.5
1.4

Loans and d is c o u n ts , ne t— t o t a l............................
Real e s ta te ................................................................
To banks and o th e r fin a n c ia l in s titu tio n s . . . .
Federal fu n d s sold (lo a n e d ) 2 ...............................
To pu rchase or carry s e c u ritie s ..........................
To fa rm e rs .................................................................
Com m ercial and in d u s tria l...................................
C onsum er in s ta lm e n t............................................
Single p a y m e n t to in d iv id u a ls ............................
O ther lo a n s ...............................................................
Less: V aluation re s e rv e s ......................................

52.5
13.0
3.2
.9

41.1
8.3
.5

44.6
11.3
.4

48.4
16.0

49.9
16.9

51.7
17.5

51.7
16.8
1.7

53.2
14.9

54.1
9.8
4.9

2.2
2.1
19.6
8.1

.4
17.7
4.7

.3
17.1
5.2
7.5
2.5

46.9
14.5
.4
.3
.4

1.1

.3

2.5

3.3
1.3

.1

6.8
2.2
.6

2.9

.9

100.0

100.0

D eposits— t o t a l............................................................

87.8

86.4

Demand deposits ....................................................................................
Time and savings deposits .................................................................

Ind ividu als, pa rtne rships, and
corpora tions— d e m a n d ......................................
In d ivid u a ls, pa rtn e rsh ip s, and
corpora tions— tim e and s a v in g s .....................
U. S. G o v e rn m e n t...................................................
States and s u b d iv is io n s .......................................
D om e stic in te r b a n k ................................................
Foreign g o v e rn m e n t and b a n k ...........................
O ther d e p o s its .........................................................

Footnotes to this table:




See Table 109.

60.0
26.5

6.7
8.9

.6

2.8
.6
.6

1.1
100.0
88.6

100.0

.4

1.4

89.8

9.0
10.5
3.2

.8
.9
.8
3.9
11.1
12.2

.6

.7

3.6
.7
.9

1.8
100.0

2.0
100.0

90.6

90.6

51.3
37.3

46.2
43.6

44-4
46.2

42.9
47.7

1.2
1.4
1.0

1.7
13.1

12.1

4.0
.7

1.0
2.2
100.0

90.4

43.4
47.0

2.8
.9
1.8

1.1
1.3
1.2
15.1
11.0

10.0

1.0

1.1

3.6
.9

.9
17.3
4.2
1.4

.8
.6

3.2
26.3
5.2

2.8
1.6
1.2

2.4

2.5

3.7

100.0

100.0

100.0

43.8
46.5

90.3

48.0

41.4

48.2
37.2

89.4

85.4

35.2

51.5

43.7

38.7

36.8

35.4

35.5

34.9

36.2

34.1

36.1

23.4
.3
10.4
.5

34.1
.4
9.7
.3

40.3
.5
9.3
.4

42.8
.7
9.0
.4

44.2
.9
8.3

43.3

42.0

7.9

8.5

37.4
1.4
7.5
5.6

30.8
1.4
5.6
7.6

.3

.5

.0
.0

.0
.1
2.8
8.1

1.2

7.0
5.1
1.3
1.9

1.1
.1

3.4
2.5
5.0

.0

.5
3.7
9.3

.0

.5

.0
.6
.0
.1
.8

2.5
6.9

.0
.8
.1
.1
1.1

2.3
5.8

.8
.0

.9

.1
.0

1.7
2.3
5.3

1.0
1.6
.0
1.0
.1
.1
2.2

2.3
4.9

1.1
2.8
.1
1.0
.2
.0

2.3
2.4
4.7

.1
1.1

.7

.1

2.5
2.4
4.9

2.8

3.0

2.0
.2

5.0
2.7
4.8

183

Federal fu n d s purchased (b o rro w e d ) 3.................
O ther lia b ilitie s fo r borrow ed m o n e y ....................
O ther lia b ilitie s .............................................................
C apital stock, notes, and d e b e n tu re s .................
O ther cap ita l a c c o u n ts ..............................................

46.7
41.1

12.8

.6
.6
.6
8.0

O BANKS
F

O ther a s s e ts .................................................................
Total liabilities and capital a cc o u n ts ......................

.1

6.0

12.0
2.2

LIABILITIES

100.0 %

18.5
29.2
2.5
7.8

AN
D

100.0 %

17.2
13.8

ASSETS

100.0 %

Cash and du e fro m b a n k s .......................................
O bligation s o f th e U. S. G o v e rn m e n t...................
O bligation s o f S tate s and s u b d iv is io n s ...............
O ther s e c u ritie s ...........................................................

Total a s s e t s ........................................................................

184

Table 111. DISTRIBUTION OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
DECEMBER 30, 1967

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY RATIOS OF SELECTED ITEMS TO ASSETS OR DEPOSITS
N u m b e r o f b a n k s w ith d e p o s it s o f R a tio s

A ll
banks

$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 $500,000,000
to
or
$500,000,000
more

Ratios of obligations of S ta tes and su b ­
d ivisio n s to total a sse ts
372
275
281
202
205
70
36
21

473
359
432
659
992
552
263
158

214
92
145
287
1,003
962
459
256

80
29
45
169
680
850
577
233

7
10
14
47
212
310
192
79

6
1
4
20
88
159
90
36

1

251
1,083
4,716
4,292
2,101
470
604

13
21
66
89
75
39
51

23
57
302
446
341
97
196

66
218
1,005
1,293
864
203
239

66
252
1,207
1,239
486
92
76

55
255
1,151
874
261
30
37

16
101
477
221
47
6
3

3
64
223
90
20
2
2

183
700
2,086
4,478
4,312
1,557
201

38
60
75
91
61
22
7

49
156
304
462
345
128
18

58
257
724
1,262
1,105
407
75

24
151
540
1,192
1,064
392
55

10
60
339
942
916
362
34

2
8
64
285
368
138
6

2
5
28
127
184
54
4

3
10
98
198
45
1

2
19
71
9
1

192
1,386
2,794
5,079
2,480
1,004
582

5
10
33
87
76
57
86

29
140
248
484
301
136
124

49
433
800
1,424
727
310
145

41
376
775
1,326
609
194
97

48
286
621
1,091
422
140
55

16
88
184
372
145
54
12

1
37
85
151
87
34
9

3
16
45
125
79
55
32

3
19
34
24
22

3
12
102
129
84
24

1
1
2
40
32
23
3

Ratios of U. S. Governm ent obligations to
total a sse ts
L e s s t h a n 5 p e r c e n t ..................................................
5 t o 9.99 p e r c e n t ..........................................................
10 t o 19.99 p e r c e n t .....................................................
20 t o 29.99 p e r c e n t ......................................................
30 t o 39.99 p e r c e n t ......................................................
40 t o 49.99 p e r c e n t ......................................................
50 p e r c e n t o r m o r e ....................................................

6
73
231
38
7

3
42
54
2
1

Ratios of loans to total a sse ts
L e ss th a n
20 t o 29.99
30 t o 39.99
40 t o 49.99
50 t o 59.99
60 t o 69.99
70 p e r c e n t

20 p e r c e n t ................................................
p e rc e n t . .
..............................
p e r c e n t .....................................................
p e r c e n t ......................................................
p e r c e n t ......................................................
p e r c e n t ......................................................
o r m o r e ....................................................

Ratios of cash and due from banks to total
asse ts
L e s s t h a n 5 p e r c e n t ..................................................
5.0 t o 7.49 p e r c e n t
....
..............................
7.5 t o 9.99 p e r c e n t ......................................................
10.0 t o 14.99 p e r c e n t ..................................................
15.0 t o 19.99 p e r c e n t ..................................................
20.0 t o 24.99 p e r c e n t ..................................................
25.0 p e r c e n t o r m o r e .................................................




CORPORATION

158
53
39
44
38
15
4
3

INSURANCE

1,311
820
964
1,442
3,360
3,079
1,728
813

DEPOSIT

Z e r o ......................................................................................
M o r e t h a n z e r o — le s s t h a n 1 p e r c e n t ..........
1.0 t o 2.49 p e r c e n t .......................................................
2.5 t o 4.99 p e r c e n t ......................................................
5.0 t o 9.99 p e r c e n t ......................................................
10.0 t o 14.99 p e r c e n t .................................................
15.0 t o 19.99 p e r c e n t ...................................................
20.0 p e r c e n t o r m o r e .................................................

FEDERAL

Less
than
$1,000,000

80
167
676
986
1,010
496
219
254

88
155
639
1,003
815
480
146
92

69
125
552
849
636
338
64
30

14
38
178
286
208
111
26
10

7
17
90
120
96
53
17
4

2
6
53
97
88
73
27
9

Ratios of total cap ital accounts to total
a sse ts other than cash and due from
banks, U. S. G overnm ent obligations,
and FHA and VA real estate loans
Less th a n 7.5 p e rc e n t........................................
7.5 to 9.99 p e rc e n t...............................................
10.0 to 12.49 p e rc e n t...........................................
12.5 to 14.99 p e rc e n t...........................................
15.0 to 19.99 p e rc e n t...........................................
20.0 to 24.99 p e rc e n t...........................................
25.0 to 34.99 p e rc e n t...........................................
35.0 pe rcent or m o re ..........................................

360
2,364
3,618
2,597
2,584
1,003
649
342

2
13
25
75
68
75
96

46
147
224
402
262
231
150

16
275
784
886
1,150
442
255
80

67
660
1,101
776
583
166
58
7

144
773
938
456
272
48
23
9

79
315
288
128
49
9
3

31
148
162
36
20
4
3

20
125
135
43
27
4
1

3
20
50
23
6

Ratios of total capital accounts to total
a sse ts
Less th a n 5 p e rc e n t...........................................
5 to 5.99 p e rc e n t..................................................
6 to 6.99 p e rc e n t..................................................
7 to 7.99 p e rc e n t..................................................
8 to 8.99 p e rc e n t..................................................
9 to 9.99 p e rc e n t..................................................
10 to 11.99 p e rc e n t..............................................
12 to 14.99 p e rc e n t..............................................
15 percent or m o re ............................................

303
1,048
2,248
2,766
2,296
1,657
1,778
934
487

1
4
19
28
26
86
86
104

2
11
80
170
204
213
333
282
167

27
111
405
655
774
620
782
365
149

64
288
672
805
625
440
358
125
41

113
352
633
673
421
236
156
56
23

54
161
222
192
126
68
34
11
3

28
65
110
114
50
19
13
5

12
52
95
105
49
25
13
4

3
7
27
33
19
10
3

N u m b e r o f b a n k s ...................................................

13,517

354

1,462

3,888

3,418

2,663

871

404

355

102

3
9
18
23
36
13

O BANKS
F

15
35
178
280
338
266
147
203

LIABILITIES

6
2
16
32
58
69
52
119

AN
D

281
548
2,391
3,671
3,272
1,922
711
721

ASSETS

Ratios of total dem and depo sits to total
deposits
Less th a n 25 p e rc e n t.........................................
25 to 29.99 p e rc e n t..............................................
30 to 39.99 p e rc e n t..............................................
40 to 49.99 p e rc e n t..............................................
50 to 59.99 p e rc e n t..............................................
60 to 69.99 p e rc e n t..............................................
70 to 79.99 p e rc e n t..............................................
80 p e rcent or m o re .............................................

Back figures, 1958-1966: See Annual Report for 1966, pp. 154-155, and earlier reports.

185




186

INCOME OF INSURED BANKS
Table 112.

Table 114.

Table 117.

Table 119.
Table 120.
Table 121.
Table 122.




CORPORATION

Table 118.

INSURANCE

Table 116.

DEPOSIT

Table 115.

FEDERAL

Table 113.

Income of insured commercial banks in the United States (States and other
areas), 1959-1967
Ratios of income of insured commercial banks in the United States (States
and other areas), 1959-1967
Sources and disposition of total income, insured commercial banks in the
United States (States and other areas), 1959-1967
Income of insured commercial banks in the United States (States and other
areas), 1967
Banks grouped by class of bank
Income of insured commercial banks operating throughout 1967 in the United
States (States and other areas)
Banks grouped according to amount of deposits
Ratios of income of insured commercial banks operating throughout 1967
in the United States (States and other areas)
Banks grouped according to amount of deposits
Income of insured commercial banks in the United States (States and other
areas), by State, 1967
Income of insured mutual savings banks, 1959-1967
Ratios of income of insured mutual savings banks, 1959-1967
Sources and disposition of total income, insured mutual savings banks,
1959-1967
Income of insured mutual savings banks in the United States (States and other
areas), by State, 1967

The income data received and published by the Corporation
relate to commercial and mutual savings banks insured by the
Corporation.
Commercial Banks

BANKS

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.

O INSURED
F

Sources o f 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.
187




Mutual savings banks

INCOME

Reports of income and dividends are submitted to the Federal
supervisory agencies on either a cash or an accrual basis.
Income data are included fo r all insured banks operating at the
end of the respective years, unless indicated otherwise. In addition,
appropriate adjustments have been made for banks in operation
during part of the year but not at the end of the year. Data for 5
insured branches in Guam of 2 insured banks in California and
Hawaii, for 7 insured branches in New York of 2 insured banks in
Puerto Rico, fo r 16 insured branches in Puerto Rico and for 7
insured branches in the Virgin Islands of insured banks in New
York are not available.
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 cate­
gories. Thus certain items, even carrying the same designation
(e.g. other current operating expenses), are not comparable with
data reported for prior years.
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.
Two expense items previously reported separately have been
combined 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 be­
half of building employees, and recurring depreciation on banking
house are now included under occupancy expense of bank prem­
ises. Other social security taxes are included with officer and em­
ployee benefits. Recurring depreciation on furniture and fixtures is
now included with furniture and equipment expense.
Revenue and expenses incident to “ Federal funds" transactions
have been classified as “ Interest and discount on loans" ^nd “ In­
terest and discount on borrowed money," respectively.
In addition to other minor changes in classification, new desig­
nations 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.

Table 112. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), 1959-1967
188

(A m o u n ts in th o u sa n d s o f do llars)
In c o m e ite m

1959

1960

1961

1962

1963

1964

1965

1966

1967 1

12,218,959

13,509,713

15,024,487

16,817,187

19,508,414

21,781,611

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
2173,425

2,093,207
759,030
7,578,200
139,645
681,243
237,446
543,916
2186,272

2,176,454
921,060
8,516,837
155,478
728,857
248,362
573,252
2189,413

2,240,389
1,085,334
9,612,079
173,159
781,405
280,289
629,694
2222,138

2,224,711
1,285,287
10,999,867
204,996
842,775
304,276
689,628
2265,647

2,317,794
1,531,517
13,042,757
243,643
915,049
354,036
756,130
2347,488

2,601,900
1,904,886
14,351,421
295,216
987,187
411,021
820,269
2409,711

C u rre n t operating ex p en ses—to ta l.............................................
S alaries— o ffic e r s ...........................................................................
S alaries and wages— o th e r e m p lo y e e s ...................................
O ffic e r and em ployee b e n e fits .................................................
Fees paid to d ire c to rs and c o m m itte e s .................................
In te re s t on tim e and savings d e p o s its ...................................
In te re s t on borrow ed m o n e y .....................................................
Taxes o th e r th a n on n e t in c o m e ..............................................
R ecurring d e preciation on b a n k in g house, fu rn itu re and
fix tu re s ..........................................................................................
O ccupancy expense o f ba nk prem ises— n e t.......................
F u rniture and e q u ip m e n t...........................................................
O ther c u rre n t op e ra tin g e x p e n s e s ...........................................

6,264,207

6,932,820

7,440,492

8,589,177

9,714,980

10,897,460

12,486,120

14,561,852

16,553,642

892,657
1,684,159
(4)
51,866
1,580,250
78,350
252,763

966,643
1,831,323
(4)
56,292
1,785,086
87,385
285,801

31,028,869
31,869,961
377,494
59,794
2,106,645
37,997
(5)

31,098,146
31,975,406
419,098
63,236
2,845,283
64,325
(5)

31,183,264
32,101,111
457,033
67,469
3,464,308
106,517
(5)

31,284,140
32,234,922
490,732
72,176
4,088,061
127,277
(5)

31,392,765
32,369,259
525,692
77,093
5,070,781
189,519
(5)

31,526,300
32,569,442
598,768
83,791
6,259,472
301,768
(5)

31,674,955
32,862,941
667,345
92,074
7,379,863
266,476
(5)

191,424
(7)
(8)
1,532,739

212,493
(7)
(8)
1,707,797

(6)
510,691
224,852

91,224,189

(6)
555,670
267,885
91,300,128

(6)
608,462
311,518

•1,415,298

(6)
670,243
362,301
91,567,608

(6)
731,573
411,889
®1,717,549

(6)
802,060
458,695
91,961,556

(6)
873,541
533,846
92,202,601

Net cu rren t operating e a rn in g s ....................................................

3,405,145

3,790,725

3,629,112

3,629,782

3,794,733

4,127,027

4,331,067

4,946,562

5,227,969

328,889

574,826

708,171

467,061

468,450

322,104

390,368

341,711

417,624

47,277
27,946
111,447

329,322
12,927
55,568

453,730
9,934
86,574

256,987
6,241
56,761

167,445
4,046
60,516

74,723
6,633
57,284

84,619
7,114
97,435

62,464
5,077
100,950

150,238
3,986
62,089

20,551
57,607
64,062

25,684
70,211
81,114

16,825
51,817
89,291

16,902
56,610
73,560

17,913
131,235
87,295

17,383
62,313
103,768

17,962
84,001
99,237

15,585
55,762
101,873

14,307
44,439
142,565

1,361,515

978,422

935,461

836,665

883,637

1,017,299

1,177,540

1,574,027

1,326,581

/44.290
\21,354
224,678

58,939
12,603
95,039

49,887
12,827
63,530

88,397
11,256
72,213

85,045
9,224
63,370

454,911
10,198
78,932

154,550

32,385

31,251

R ecoveries, tra n sfers from valuation re se rv es, and profits—
to ta l...................................................................................................
On secu ritie s:
P rofits on secu ritie s sold or re d e e m e d ..............................
R e c o v e rie s...................................................................................
T ra n sfe rs fro m va lu a tio n re s e rv e s .......................................
On loans:
R ecove ries....................................................................................
T ra n sfe rs fro m v a lu a tio n re s e rv e s .......................................
All o th e r ............................................................................................
L o sse s, charge-offs, and tra n sfe rs to valuation reserves—
to ta l..................................................................................................
On secu ritie s:
Losses on se cu ritie s s o ld ........................................................
C harge-offs prior to s a le ..........................................................
T ra n sfe rs to valua tio n re s e rv e s ............................................
On loans:
Losses and c h a rg e -o ffs ...........................................................
T ransfe rs to v alua tio n re s e rv e s ............................................
All o th e r ............................................................................................
Net incom e before related t a x e s .................................................




745,081

219,767

168,003

156,232

25,459
318,965
104,006

35,760
451,667

114,996

31,194
481,200
132,745

30,107
528,710
111,267

29,588
609,059
118,746

666,040
147,008

36,188
846,877
136,836

775,792
222,943

28,341
885,885
174,830

2,372,519

3,387,129

3,401,822

3,260,178

3,379,546

3,431,832

3,543,895

3,714,246

4,319,012

8,403
74,572

CORPORATION

11,069,604

INSURANCE

10,723,545

DEPOSIT

9,669,352

FEDERAL

C u rre n t operating revenue—to ta l................................................
In te re s t on U. S. G o v e rn m e n t o b lig a tio n s ............................
In te re s t and d iv id e n d s on o th e r s e c u ritie s ...........................
In te re s t and d is c o u n t on lo a n s .................................................
Service charges and fees on lo a n s ..........................................
S ervice charges on d e p o s it a c c o u n ts .....................................
O ther charges, c o m m is s io n s , fees, e tc ....................................
T ru s t d e p a rtm e n t..........................................................................
O ther c u rre n t o p e ra tin g re v e n u e ..............................................

Taxes on net incom e—to ta l............................................................
F e d e ra l.............................................................................................
S ta te ..................................................................................................

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

1,226,783
1,130,629
96,154

1,148,203
1,050,624
97,579

1,029,162
927,423
101,739

1,029,906
911,585
118,321

1,177,154
1,020,988
156,166

1,488,061

2,002,732

1,995,720

2,003,796

2,152,763

2,283,629

2,514,733

2,684,340

3,141,858

776,386
774,167

831,546
829,522

895,053
893,230

941,189
939,426

993,374
990,039

1,088,310
1,062,561

1,202,349
1,146,186

1,307,387
1,240,048

1,426,202
1,342,538

2,219

2,024

1,823

1,763

3,335

25,749

56,163

67,339

83,664

Net additions to cap ital from in co m e ........................................

711,675

1,171,186

1,100,667

1,062,607

1,159,389

1,195,319

1,312,384

1,376,953

1,715,656

5,585
73,790

18,294
68,232

9,911
73,844

4,714
84,863

6,216
96,897

4,515
157,791

4,158
124,062

3,300
143,859

5,638
168,680

207,061
122,315

47,716
264,405

22,463
249,500

16,305
238,825

17,314
323,475

43,683
394,181

25,761
429,490

60,282
545,647

29,072
601,194

M em oranda
R ecoveries c re d ite d to v a lu a tio n reserves (n o t included in
recoveries above):
On s e c u ritie s ..................................................................................
On lo a n s ...........................................................................................
Losses charged to v a lu a tio n reserves (n o t included in losses
above):
On s e c u ritie s ....................................................................................
On lo a n s .............................................................................................

Liab ilities and cap ita l—to ta l........................................................... 237,577,389 246,776,722 254,198,199 274,220,778 298,940,778 325,490,626 357,214,409 387,113,663 421,128,433
Total d e p o s its .................................................................................. 213,428,979 220,099,028 225,214,703 243,319,550 264,069,489 287,988,560 315,643,533 340,336,714 368,906,501

Demand deposits ...................................................................................................................... 146,599,745 150,451,481 147,556,175 153,849,494 159,561,973 168,382,122 178,089,360 185,336,407 194,982,924
Time and savings deposits ................................................................................................... 66,829,334 69,647,547 77,658,528 89,470,056 104,507,516 119,606,438 137,554,173 155,000,307 173,923,577
5,410,250
18,738,160

6,712,522
19,965,172

7,694,509
21,288,987

8,197,420
22,703,808

10,587,389
24,283,900

11,110,692
26,391,374

12,750,015
28,820,861

15,926,263
30,850,686

19,345,258
32,876,674

N u m b e r o f e m ployees (in c lu d in g b u ild in g em ployees),
D ecem ber 30:
A ctive o ffic e r s ..................................................................................
O ther e m p lo y e e s .............................................................................

98,934
481,666

103,211
506,596

107,279
526,101

112,458
543,695

117,147
531,820

124,351
578,307

130,486
601,677

138,206
639,155

145,346
669,691

N u m b e r o f ba nks, D ecem ber 30...................................................

13,114

13,126

13,115

13,124

13,291

13,493

13,547

13,541

13,517

Note: Due to rounding differences, data for 1959 may not add to totals.




189

1 The figures for 1967 may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in rounding
techniques.
2 Excludes rentals from bank premises; included with "Occupancy expense of bank premises— net.”
3 Excludes compensation of building officers and other employees; included with "Occupancy expense of bank premises— net."
4 Included w ith “ Other current operating expenses", except Social Security taxes paid on bank’ s account which were included with ‘ ‘Taxes other than on net income "
5 Included with “ Officer employee benefits", “ Occupancy expense of bank premises— net", and “ Other current operating expenses.”
6 Included w ith “ Occupancy expense of bank premises— net” , and “ Furniture and equipment.”
7 Included w ith “ Taxes other than on net income” , “ Recurring depreciation on banking house, furniture and fixtures", and “ Other current operating expenses.’’
8 Included w ith “ Recurring depreciation on banking house, furniture and fixtures” , and “ Other current operating expenses.”
9 Not comparable with amounts reported for previous years; see footnotes 4, 5, 7, and 8.
10 For 1959 through 1960 and for 1964 through 1967, 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 w ith the end of the previous year and ending with the fall call of the current year. For 1963, averages of amounts reported at 1962 year-end, 1963 spring, mid-year, and year-end calls.

BANKS

B orrow ings and o th e r lia b ilitie s .................................................
Total ca p ita l a c c o u n ts ...................................................................

O INSURED
F

A verage a sse ts and liabilities 1
0
A ssets—to ta l.......................................................................................... 237,577,389 246,776,722 254,198,199 274,220,778 298,940,778 325,490,626 357,214,409 387,113,663 421,128,433
Cash and due fro m b a n k s ........................................................... 46,881,654 49,317,003 46,613,211 49,438,670 50,997,566 54,449,343 59,013,596 62,867,398 70,248,679
U nited S tates G ove rnm ent o b lig a tio n s ................................... 61,878,548 57,773,429 61,792,135 64,519,914 64,058,431 61,439,390 59,419,551 56,088,649 57,357,584
O ther s e c u ritie s ............................................................................... 20,284,525 20,092,632 21,660,321 25,761,084 31,421,875 36,360,062 41,540,772 47,054,812 55,213,293
Loans and d is c o u n ts ..................................................................... 103,872,351 114,275,450 117,969,985 127,789,110 145,028,233 164,816,703 187,661,591 210,240,170 226,145,245
6,162,547
6,712,000
7,434,673
8,425,128
9,578,899 10,862,634 12,163,632
5,318,208
4,660,311
All o th e r a s s e ts ................................................................................

INCOME

Net incom e after related t a x e s ....................................................
D ividends and in terest on cap ita l—to ta l..................................
Cash d iv id e n d s de cla red on co m m o n s to c k ........................
D ivide nds declared on pre fe rre d sto ck and in te re st on
ca p ita l no tes an d d e b e n tu re s ...............................................

In c o m e ite m

1959

1960

1961

1962

A m o u n ts p e r $100 o f c u r re n t o p e ra tin g re ve n u e
C u rr e n t o p e ra tin g re venue -— t o t a l............................................................................................
In te re s t on U. S. G o ve rn m e n t o b lig a tio n s .......................................................................
In te re s t and d iv id e n d s on o th e r s e c u ritie s .....................................................................
Inco m e on lo a n s ..........................................................................................................................
Service charges on d e p o sit a c c o u n ts ...................................................................................
O ther charges, com m ission s, fees, e tc .............................................................................
O ther c u rre n t o p e ra tin g re v e n u e ............................................................................................

$100.00
17.91
5.65
61.73
5.50
2.13
7.08

$100.00
16.69
5.40
63.48
5.50
2.04
6.89

$100.00
17.18
5.68
63.31
5.70

$100.00
17.13

C u rr e n t o p e ra tin g expenses— t o t a l..........................................................................................
Salaries, wages, and fe e s ................. .................................................................................
O fficer and em ployee b e n e fits ................................................................................................
In te re s t on tim e and savings d e p o s its .................................................................................
Taxes o th e r th a n on ne t in c o m e ............................................................................................
R ecurring d e p re c ia tio n on b a n k in g house, fu rn itu re and fix tu re s ...............................
O ccup ancy expense o f b a nk prem ises— n e t......................................................................
F u rniture and e q u ip m e n t..........................................................................................................
O ther c u rre n t op e ra tin g e x p e n s e s .........................................................................................

64.78
27.19
(3
)
16.34
2.61
1.98
(6
)
(7
)
16.66

64.65
26.62
(3
)
16.65

2.66

70.29
225.67
3.43
23.28
(4)
(5
)
4.55
2.19
m.17

71.91
2
24.81
3.38
25.64
(?
(5)
4.50
2.31
811.27

72.53
2
23.90
3.27
27.21
(4
)
(5
)
4.46
2.41
811.28

74.25
2
22.83
3.13
30.15
(4
)
(5
)
4.35
2.45
811.34

220.99

1.98
(6)
(7
)
16.74

67.22
226.73
3.41
19.03
(4
)
(5
)
4.61
2.03
811.41

3.07
32.09
(4
)
(5
)
4.11
2.35
812.03

76.00
221.26
3.06
33.88
(4
)
C)
5
4.01
2.45
811.34

N et c u r re n t o p e ra tin g e a rn in g s ................................................................................................

35.22

35.35

32.78

29.71

28.09

27.47

25.75

25.36

24.00

A m o u n ts p e r $100 o f to ta l assets 9
C urrent o p e ra tin g revenue— t o t a l...................................................... ..................................
C urrent o p e ra tin g expenses— t o t a l........................................................................................
N et c u rre n t op e ra tin g e a rn in g s ...............................................................................................
Recoveries, tra n s fe rs fro m va lu a tio n reserves, and pro fits — to t a l...............................
Losses, cha rge-offs, and tra n s fe rs to va lu a tio n reserves— to t a l...................................
N et incom e before related ta x e s ............................................................................................
N et incom e a fte r related ta x e s ...............................................................................................

4.07
2.64
1.43
.14
.57

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
.73

4.52
3.25
1.27
.16
.30
1.13
.72

4.62
3.35
1.27

4.71
3.50

5.17
3.93
1.24

.32
1.05
.70

.33
.99
.70

5.04
3.76
1.28
.09
.41
.96
.69

18.99

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

15.63
1.93
3.64
13.92
5.06

15.64

16.03

112, p. 189, Nos. 2 -1 0 .

4.72
7.94
4.14
3.80

5.96
3.10

1967

$100.00 $100.00 $100.00
13.23
11.88
11.95
7.64
8.74
7.85
68.11
67.24
66.63
5.01
4.69
4.53
1.81
1.81
1.89
15.68
l 5.66
*5.65

1.21
.11

74.64

.10

.31
1.03
.75

1.22

4.09
4.77

8.86

3.86
13.00
4.35
8.65
4.12
4.53

15.03
1.35
4.08
12.30
3.57
8.73
4.17
4.56

5.10
12.04
3.34
8.70
4.24
4.46

15.90
1.27
4.03
13.14
3.58
9.56
4.34
5.22

1.11

5.75
2.80
2.69
.36
2.36

2.88

.39
2.56

5.94
3.08
2.90
.43
2.71

6.04
3.24
2.95
.44
3.18

5.98
3.40
2.93
.46
3.31

5.94
3.65
2.98
.46
3.42

5.97
3.74
3.09
.47
3.69

6.32
4.13
3.25
.49
4.04

6.48
4.54
3.45
.51
4.24

13,114

13,126

13,115

13,124

13,291

13,493

13,547

13,541

13,517

CORPORATION

Note:
For footnotes, see Table


12.66

2.88

4.90
16.97
6.94
10.03
4.16
5.87

.10

1966

INSURANCE

N um b er o f banks, D ecem ber 30.....................................................................................

18.17
1.76
7.27

$100.00
14.91
7.22
65.13
5.20
1.87
*5.67

1965

DEPOSIT

S pecial ra tio s 9
Inco m e on loans per $100 o f lo a n s .........................................................................................
Inco m e on U. S. G ove rnm ent o b lig a tio n s per $100 o f U. S. G overnm ent ob ligatio ns.
Inco m e on o th e r secu ritie s per $100 o f o th e r s e c u ritie s ..................................................
Service charges per $100 o f d e m and d e p o s its ...................................................................
In te re s t paid per $100 o f tim e and savings d e p o s its ........................................................

.63

$100.00
16.11
6.82
64.19
63.16
5.58
5.39
1.94
1.84
*5.65
*5.98

6.21

1964

FEDERAL

A m o u n ts p e r $100 o f to ta l c a p ita l a cco u n ts 9
Net c u rre n t o p e ra tin g e a rn in g s ...............................................................................................
Recoveries, tra n s fe rs fro m v alua tio n reserves, and p ro fits— to t a l...............................
Losses, charge-offs, and tra n s fe rs to va lu a tio n reserves— to t a l...................................
N et incom e before related ta x e s ........................................................................................
Taxes on net in c o m e ..............................................................................................................
N et incom e a fte r related ta x e s ...............................................................................................
Cash d iv id e n d s d e c la re d ...........................................................................................................
N et a d d itio n s to capital fro m in c o m e ...................................................................................

1.00

2.02

x6.11

1963

190

Table 113. RATIOS OF INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), 1959-1967

Table 114. SOURCES AND DISPOSITION OF TOTAL INCOME, INSURED COMMERCIAL BANKS IN THE UNITED
STATES (STATES AND OTHER AREAS), 1959-1967
(A m o u n ts in m illions o f do llars)
Inco m e item

1959

1960

1961

1962

1963

1964

1965

1966

1967

Amount
11,298

11,778

12,686

13,978

15,347

17,208

19,850

22,199

5,969
1,732
546
532
*890
329

6,807
1,791
579
590
*957
575

7,009
1,902
629
630
900
708

7,718
2,093
759
681
968
467

8,672
2,176
921
729
468

9,785
2,240
1,086
781
1,132
322

11,205
2,225
1,285
843
1,260
390

13,286
2,318
1,532
915
1,457
342

14,647
2,602
1,905
987
1,641
418

D isposition
Salaries and w ages 2 ....................................................................................................................
In te re s t on d e p o s its ...................................................................................................................
O ther c u rre n t e x p e n s e s .............................................................................................................
C harge-offs, e tc ...........................................................................................................................
Inco m e ta x e s ................................................................................................................................
D ivide nds and in te re s t on c a p ita l..........................................................................................
A d d itio n s to ca p ita l a c c o u n ts ..................................................................................................

2,629
1,580
3
2,055
1,362
884
776
712

2,854
1,785
3
2,293
979
1,384
832
1,171

3,336
2,107
1,998
935
1,406
895

3,556
2,845
2,188
837
1,256
941
1,063

3,808
3,464
2,442
884
1,227
993
1,159

4,082
4,088
2,728
1,017
1,148
1,088
1,195

4,365
5,071
3,051
1,178
1,029

4,778
6,259
3,524
1,574
1,030
1,307
1,377

5,297
7,380
3,876
1,327
1,177
1,426
1,716

1,101

1,011

1,202

1,312

Percentage distribution
Total in co m e ......................................................................................

.........................

100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
59.7
17.3
5.5
5.3
8.9
3.3

60.2
15.9
5.1
5.2
8.5
5.1

59.5
16.2
5.3
5.4
7.6

60.8
16.5

62.0
15.6

5.4
7.6
3.7

5.2
7.2
3.4

Disposition
Salaries an d w a g e s .....................................................................................................................
In te re s t on d e p o s its ...................................................................................................................
O ther c u rre n t e x p e n s e s .............................................................................................................
C harge-offs, e tc ............................................................................................................................
Inco m e ta x e s ................................................................................................................................
D ivide nds and in te re s t on c a p ita l..........................................................................................
A d d itio n s to c ap ita l a c c o u n ts ..................................................................................................

20.6
13.6
8.8

26.3
15.8

25.3
15.8
20.3

28.3
17.9
17.0
7.9
11.9
7.6
9.4

28.0
22.4
17.2
7.4
8.4

7.8
7.1

8.6
12.2

7.4
10.4

6.0

6.0

6.6
10.0

63.8
14.6
7.1
5.1
7.3

66.9
11.7
7.7
4.6
7.4
1.7

66.0
11.7
8.6

2.1

65.1
12.9
7.5
4.9
7.3
2.3

27.2
24.8
17.5
6.3

26.6
26.6
17.8

25.4
29.5
17.7

24.0
31.5
17.7

23.9
33.2
17.5

7.1
8.3

7.5
7.1
7.8

7.0
7.6

7.0

5.3
6.4
7.7

6.6

8.8

6.6

6.8
6.0

8.0
5.2
6.6

4.4
7.4
1.9

6.0

191

1 For description of changes in report form made in 1961, see p. 187. Rentals from bank premises are included in "other current income” in 1959-1960, and in net "other current expenses" in 1961XJO/.
2 Includes in each year fees paid to directors and committees. In 1961-1967 includes officer and employee benefits; these were included in “ other current expenses” in 1959-1960. In 1961-1967
excludes salaries, wages, and benefits of officers and employees in building department which are included in “ other current expenses.”
3 Not comparable with amounts shown in 1961-1967; see footnotes 1 and 2.
Note: Due to rounding differences, components may not add to totals.




BANKS

S o u rces
L o a n s ...............................................................................................................................................
U. S. G ove rn m e n t o b lig a tio n s .................................................................................................
O ther s e c u ritie s ............................................................................................................................
Service cha rges on d e p o s its ....................................................................................................
O ther c u rre n t in c o m e .................................................................................................................
Recoveries, e tc .............................................................................................................................

O INSURED
F

9,998

INCOME

.................

S o u rce s
L o a n s ...............................................................................................................................................
U. S. G ove rn m e n t o b lig a tio n s .................................................................................................
O ther s e c u ritie s ...........................................................................................................................
Service cha rges on d e p o s its ....................................................................................................
O ther c u rre n t in c o m e .................................................................................................................
Recoveries, e tc .............................................................................................................................

Total in co m e .......................................................................

192

Table 115. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), 1967

BANKS GROUPED BY CLASS OF BANK
(A m o u n ts in th o u sa n d s o f do llars)
M e m bers F.R. S ystem
In co m e item

Total

N ational

State

Not
m e m bers
F.R. S ystem

O pe rating
th ro u g h o u t
th e year

O perating
less tha n
fu ll year

3,933,121
667,926
343,514
2,462,643
56,433
230,038
95,653
35,631
41,283

21,725,712
2,593,756
1,899,401
14,316,233
294,176
985,180
410,407
817,992
408,567

55,899
8,144
5,485
35,188
1,040
2,007
614
2,277
1,144

C u rrent operating exp en ses—to ta l...........................................................................
Salaries— o ffic e r s ........................................................................................................
Salaries and w ages— o th e r e m p lo y e e s ................................................................
O fficer and em ployee b e n e fits ...............................................................................
Fees paid to dire ctors and c o m m itte e s ...............................................................
In te re s t on tim e and savings d e p o s its ................................................................
In te re s t on borrow ed m o n e y ...................................................................................
O ccupancy expense o f bank prem ises— n e t.....................................................
Furniture and e q u ip m e n t.........................................................................................
O ther c u rre n t op e ra tin g e x p e n s e s ........................................................................

16,553,642
1,674,955
2,862,941
667,345
92,074
7,379,863
266,476
873,541
533,846
2,202,601

9,649,628
901,887
1,673,178
391,406
43,483
4,416,753
153,860
489,588
313,345
1,266,128

3,849,403
355,312
715,439
170,952
13,542
1,672,927
105,179
219,198
116,334
480,520

3,054,611
417,756
474,324
104,987
35,049
1,290,183
7,437
164,755
104,167
455,953

16,508,575
1,670,204
2,855,091
664,970
91,882
7,362,516
265,861
870,934
531,886
2,195,231

45,067
4,751
7,850
2,375
192
17,347
615
2,607
1,960
7,370

Net cu rren t operating e a rn in g s ..................................................................................

5,227,969

3,002,228

1,347,231

878,510

5,217,137

10,832

Recoveries, tra n sfe rs from valuation re se rv es, and profits—total..............
On secu ritie s:
P ro fits on secu ritie s sold or re d e e m e d ............................................................
R e co ve rie s.................................................................................................................
T ra n s fe rs fro m v a lu a tio n re s e rv e s ...........
....
On loans:
R e c o v e rie s .................................................................................................................
T ra n s fe rs fro m v a lu a tio n re s e rv e s .....................................................................
All o th e r .........................................................................................................................

417,624

252,755

98,755

66,114

416,272

1,352

150,238
3,986
62,089

91,305
2,566
36,703

29,572
176
22,454

29,361
1,244
2,932

149,858
3,978
62,089

380

14,307
44,439
142,565

6,700
28,715
86,766

1,625
5,619
39,309

5,982
10,105
16,490

14,269
44,420
141,658

38
19
907

Lo sse s, charge-offs, and tra n sfe rs to valuation rese rv es—to tal...................
On secu ritie s:
Losses on secu ritie s s o ld .....................................................................................
C harge-offs prior to s a le .....................................................................................
T ra n sfe rs to valu a tio n re s e rv e s ........................................................................
On loans:
Losses and c h a rg e -o ffs .........................................................................................
T ra n s fe rs to v a lu a tio n re s e rv e s ..........................................................................
All o th e r .........................................................................................................................

1,326,581

770,868

317,409

238,304

1,319,426

7,155

154,550
8,403
74,572

76,039
4,472
52,165

56,463
906

151,784
8,403
74,572

2,766

11,686

22,048
3,025
10,721

28,341
885,885
174,830

13,564
519,200
105,428

1,594
207,103
39,657

13,183
159,582
29,745

28,338
883,194
173,135

3
2,691
1,695

Net incom e before related ta x e s ................................................................................

4,319,012

2,484,115

1,128,577

706,320

4,313,983

5,029




8

CORPORATION

5,196,634
532,744
439,134
3,430,284
69,220
180,165
85,187
349,260
110,640

INSURANCE

12,651,856
1,401,230
1,122,238
8,458,494
169,563
576,984
230,181
435,378
257,788

DEPOSIT

21,781,611
2,601,900
1,904,886
14,351,421
295,216
987,187
411,021
820,269
409,711

FEDERAL

C u rre n t operating revenue—to ta l..............................................................................
In te re s t on U. S. G ove rnm ent o b lig a tio n s ..........................................................
In te re s t and d iv id e n d s on o th e r s e c u ritie s ........................................................
In te re s t and d is c o u n t on lo a n s ..............................................................................
Service charges and fees on lo a n s .......................................................................
Service charges on d e p o s it a c c o u n ts ..................................................................
O ther charges, com m ission s, fees, e tc ................................................................
T ru st d e p a rtm e n t........................................................................................................
O ther c u rre n t o p e ra tin g re v e n u e ...........................................................................

T ax es on net incom e—to ta l..........................................................................................
F e d e r a l...................................................................................................................................................
S t a t e ........................................................................................................................................................

1,177,154
1,020,988
156,166

680,154
594,209
85,945

Net incom e after related t a x e s ...................................................................................

3,141,858

D ividends and in terest on cap ital—to ta l................................................................

1,426,202
1,342,538

C a s h d iv id e n d s d e c la r e d o n c o m m o n s t o c k .................................................................
D iv id e n d s d e c la r e d o n p r e f e r r e d s t o c k a n d in t e r e s t o n c a p it a l n o t e s a n d
d e b e n t u r e s ......................................................................................................................................

325,190
269,971
55,219

171,810
156,808
15,002

1,175,919
1,019,796
156,123

1,235
1,192
43

1,803,961

803,387

534,510

3,138,064

3,794

842,490
794,308

404,345
374,914

179,367
173,316

1,422,080
1,338,416

4.122
4.122

6,051

83,664

355,143

1,715,984

328

144,868
637,511

75,808
369,780

26,357
144,622

42,703
123,109

144,408
635,491

460
2,020

5,638
168,680

3,839
105,914

771
29,899

1,028
32,867

5,638
168,363

317

29,072
601,194

21,875
363,169

1,291
123,053

5,906
114,972

29,072
599,725

1,469

873,541
186,244
1,059,785
3,574
103,430
12,989
189,818
128,505
177,785
295,006
148,678

489,588
121,929
611,517
2,175
62,132
7,981
115,361
78,470
100,445
156,241
88,712

219,198
46,160
265,358
949
26,155
3,939
42,433
26,528
42.457
87,439
35.458

164,755
18,155
182,910
450
15,143
1,069
32,024
23.507
34,883
51,326
24.508

870,934
185,088
1,056,022
3,571
103,077
12,940
189,517
127,984
177,305
293,554
148,074

2,607
1,156
3,763
3
353
49
301
521
480
1,452
604

N u m b e r o f b u il d in g e m p lo y e e s , D e c e m b e r 30:
O f f i c e r s ................................................................................................................................................
O th e r e m p lo y e e s ...........................................................................................................................

478
32,180

274
17,730

109
6,634

95
7,816

478
32,080

100

N u m b e r o f b a n k s , D e c e m b e r 3 0 ....................................................................................

13,517

4,758

1,312

7,447

13,419

98

N u m b e r o f b a n k in g e m p lo y e e s ( e x c lu s iv e o f b u ild in g e m p lo y e e s ), D e c e m ­
b e r 30:
A c t iv e o f f i c e r s ....................................................................................................................................
O th e r e m p lo y e e s .............................................................................................................................

Memoranda
R e c o v e r ie s c r e d it e d t o v a lu a t io n r e s e r v e s ( n o t in c lu d e d in re c o v e r ie s a b o v e ):
O n s e c u r i t i e s ................................................................................................................................
O n l o a n s .................................................................................................................................................
L o s s e s c h a r g e d t o v a lu a t io n r e s e r v e s ( n o t in c lu d e d in lo s s e s a b o v e ):
O n s e c u r i t i e s .......................................................................................................................
O n l o a n s ................................................................................................................................................

O ccupancy expense of bank p rem ises
O ccupancy expense of bank p re m ises, net—total.............................................
R e n ta l a n d o t h e r i n c o m e .............................................................................................................

O ccupancy expense of bank p rem ises, gross—total........................................
S a la r ie s — b u il d in g d e p a r t m e n t o f f i c e r s .........................................................................
S a la rie s a n d w a g e s — b u il d in g d e p a r t m e n t e m p lo y e e s ..........................................
B u ild in g d e p a r t m e n t p e r s o n n e l b e n e f i t s .....................................................................
R e c u r r in g d e p r e c i a t i o n .............................................................................................................
M a in t e n a n c e a n d r e p a i r s ...................................................................................................
I n s u r a n c e a n d u t i l i t i e s ..............................................................................................................
R e n ts p a i d ...........................................................................................................................................
T a x e s .......................................................................................................................................................

BANKS

29,431
399,042

O INSURED
F

48,182
961,471

INCOME

83,664
1,715,656

Net additions to capital from in co m e......................................................................

These figures may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in rounding techniques.
Back figures, 1934-1966: See the Annual Report for 1966 pp. 162-163, and earlier reports.

193




Table 116. INCOME OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1967 IN THE UNITED STATES (STATES AND
OTHER AREAS)
194

B A N K S G R O U P E D A C C O R D IN G T O A M O U N T O F D E P O S IT S
( A m o u n t s in t h o u s a n d s o f d o lla r s )
B a n k s w i th d e p o s it s o f — 2

14,544
3,905
675
8,305
91
624
542
205
197

125,778
32,395
7,315
74,601
532
5,399
4,339
45
1,152

S a la r ie s — o f f i c e r s ....................................................................
S a la r ie s a n d w a g e s — o t h e r e m p l o y e e s ....................
O f f ic e r a n d e m p lo y e e b e n e f i t s ......................................
F e e s p a id t o d ir e c t o r s a n d c o m m i t t e e s ..................
I n t e r e s t o n t i m e a n d s a v in g s d e p o s i t s ....................
I n t e r e s t o n b o r r o w e d m o n e y ..........................................
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 . . . .
F u r n it u r e a n d e q u i p m e n t ..................................................
O th e r c u r r e n t o p e r a t in g e x p e n s e s ..............................

16,508,575
1,670,204
2,855,091
664,970
91,882
7,362,516
265,861
870,934
531,886
2,195,231

10,881
3,898
1,163
351
327
2,545
11
637
278
1,671

Net cu rrent operating e a rn in g s.................................

5,217,137

R ecoveries, tra n sfers from valuation rese rv es,
and profits—to tal.....................................................

C u rrent operating exp en ses—to ta l..........................

O n s e c u r it ie s :
P r o f it s o n s e c u r it ie s s o ld o r r e d e e m e d ...............
R e c o v e r ie s ..............................................................................
T r a n s f e r s f r o m v a lu a t io n r e s e r v e s .......................
O n lo a n s :
R e c o v e r ie s ..............................................................................
T r a n s f e r s f r o m v a lu a t io n r e s e r v e s ..........................
A ll o t h e r .........................................................................................

L o sse s, charge-offs, and tra n sfe rs to valuation
re se rv e s—to ta l..........................................................
O n s e c u r it ie s :
L o s s e s o n s e c u r it ie s s o l d .............................................
C h a r g e - o f f s p r io r t o s a l e ................................................
T r a n s f e r s t o v a lu a t io n r e s e r v e s ................................
O n lo a n s :
L o s s e s a n d c h a r g e - o f f s ..................................................
T r a n s f e r s t o v a lu a t io n r e s e r v e s ...............................
A ll o t h e r .........................................................................................

Net incom
 e before related t a x e s ...............................


$2,000,000
to
$5,000,000

$5,000,000
to
$10,000,000

$10,000,000
to
$25,000,000

740,425
167,076
52,171
451,378
4,354
36,569
21,945
583
6,349

1,368,613
258,867
117,870
853,656
10,701
80,870
30,622
2,300
13,727

2,315,326
377,621
217,315
1,460,941
25,225
149,777
43,558
16,857
24,032

1,670,376
241,683
160,145
1,067,943
21,804
101,168
29,048
29,571
19,014

1,536,438
208,727
148,197
985,085
25,468
81,868
28,317
36,936
21,840

4,044,783
453,580
362,541
2,660,910
64,642
194,572
76,040
176,270
56,228

9,909,429
849,902
833,172
6,753,414
141,359
334,333
175,996
555,225
266,028

94,091
26,344
10,136
2,854
2,499
31,619
136
4,314
2,431
13,758

564,106
116,223
70,006
17,128
12,266
222,691
703
27,076
16,329
81,684

1,052,269
162,204
150,778
34,051
17,330
442,928
1,655
54,460
32,775
156,088

1,796,353
226,596
277,221
60,847
20,842
780,495
3,146
95,598
57,999
273,609

1,301,188
147,867
214,467
46,889
10,546
564,511
4 642
69,856
45,148
197,262

1,210,252
127,953
201,200
44,852
7,176
534,447
5,838
68,295
46,329
174,162

3,074,033
299,869
579,855
134,308
11,655
1,282,000
31,354
168,351
123,993
442,648

7,405,402
559,250
1,350,265
323,690
9,241
3,501,280
218,376
382,347
206,604
854,349

3,663

31,687

176,319

316,344

518,973

369,188

326,186

970,750

2,504,027

416,272

559

2,133

13,067

22,816

40,144

31,537

31,389

76,451

198,176

149,858
3,978
62,089

317
9

463
36
20

3,707
181
571

9,426
618
419

17,194
1,168
3,681

13,802
498
3,434

13,910
423
2,381

37,890
327
9,580

53,149
718
42,003

14,269
44,420
141,658

197
4
32

1,123
200
291

4,153
1,803
2,652

3,807
3,062
5,484

2,132
5,773
10,196

780
2,842
10,181

397
5,534
8,744

918
7,956
19,780

762
17,246
84,298

1,319,426

696

6,681

46,234

90,483

146,615

101,943

88,793

218,664

619,317

151,784
8,403
74,572

15
6
4

451
53
71

4,310
884
800

8,957
1,777
1,956

13,673
2,651
4,599

11,370
783
5,543

8,691
341
4,717

22,851
516
12,979

81,466
1,392
43,903

28,338
883,194
173,135

342
259
70

2,001
3,225
880

8,158
26.515
5,567

8,218
58,373
11,202

6,009
100,137
19,546

1,692
70,354
12,201

886
61,486
12,672

809
150,775
30,734

223
412,070
80,263

4,313,983

3,526

27,139

143,152

248,677

412,502

298,782

268,782

828,537

2,082,886

$25,000,000 $50,000,000 $100,000,000 $500,000,000
to
to
to
or
$50,000,000 $100,000,000 $500,000,000
more

CORPORATION

21,725,712
2,593,756
1,899,401
14,316,233
294,176
985,180
410,407
817,992
408,567

I n t e r e s t o n U . S . G o v e r n m e n t o b l i g a t i o n s ............
I n t e r e s t a n d d iv id e n d s o n o t h e r s e c u r i t i e s ..........
I n t e r e s t a n d d is c o u n t o n l o a n s ....................................
S e r v ic e c h a r g e s a n d f e e s o n l o a n s ............................
S e r v ic e c h a r g e s o n d e p o s i t a c c o u n t s .......................
O th e r c h a r g e s , c o m m i s s io n s , f e e s , e t c ....................
T r u s t d e p a r t m e n t ...................................................................
O th e r c u r r e n t o p e r a t in g r e v e n u e .................................

$1,000,000
to
$2,000,000

INSURANCE

C u rre n t operating revenue—to ta l.............................

Less
than
$1,000,000

DEPOSIT

banks 1

FEDERAL

In c o m e it e m

Taxes on net incom e—to ta l.........................................
F e d e ra l...........................................................................
S ta te ...............................................................................

1,175,919
1,019,796
156,123

711
661
50

5,532
4,968
564

32,557
29,723
2,834

59,616
55,070
4,546

Net incom e after related t a x e s ..................................

3,138,064

2,815

21,607

110,595

D ividends and in terest on cap ital—to ta l...............
Cash divid e n d s declared on c o m m o n s to ck. . . .
D ivide nds declared on preferred stock and
in te re s t on cap ita l notes and d e b e n tu re s .......

1,422,080
1,338,416

830
830

7,232
7,221

33,950
33,900

11

50

275

1,141

1,531

2,613

12,043

66,000

Net additions to capital from in co m e .....................

1,715,984

1,985

14,375

76,645

128,063

203,501

139,818

124,158

327,827

699,612

N u m b e r o f b a n k in g em ployees (exclusive o f
b u ild in g em ployees), D ecem ber 30:
A ctive o ffic e rs ..............................................................
O th er e m p lo y e e s .........................................................

144,408
635,491

784
451

4,076
3,478

13,817
20,131

16,954
40,681

21,441
73,028

54,060

12,688

10,323
48,614

23,519
130,911

40,806
264,137

5,638
168,363

46

1,190

1

26
6,869

180
15,074

722
25,364

310
14,535

727
13,251

1,988
29,799

1,684
62,235

29,072
599,725

158

2,603

1

184
19,068

163
43,949

1,029
77,908

617
51,491

2,174
48,858

2,976
110,133

21,928
245,557

870,934
185,088

637

21

4,314
301

27,076
1,978

54,460
4,027

95,598
10,184

69,856
10,737

68,295
15,903

168,351
52,035

382,347
89,902

1,056,022
3,571

658
47

4,615
77

29,054
58,487
105,782
80,593
84,198
54
55Salaries—39 u ild in g d e p a rtm e n89 o ffic e rs 189
b
t

220,386
878

472,249
2,143

103,077
12,940
189,517
127,984
177,305
293,554
148,074

13

316

59
77
297
73
92

798
635
1,785
397
605

N um b er o f b u ild in g em ployees, D ecem ber 30:
O ffic e rs ...........................................................................
O ther e m p lo y e e s .........................................................

478
32,080

60

609

12

44
2,901

24
3,406

N um b er o f banks, D ecem ber 30................................

13,419

327

1,424

3,866

3,412

307,627

221,745

60,998
60,723

104,126
102,985

81,927
80,396

2,861
5,969
10,640
51
180
817
6,273 R ecurring d e p re c ia tio n
12,514
22,023
3,566
7,212
13,348
7,810
12,739
20,033
3,647
10,340
22,081
4,791
9,494
16,786

596,133
482,473
113,660

200,406

597,455

1,486,753

76,248
73,635

269,628
257,585

787.141
721.141

8,454
884
15,173
10,659
13,736
18,700
12,898

8,478
949
15,055
11,412
12,561
23,723
11,831

25,114
3,387
38,192
26,980
32,899
63,284
29,652

41,232
6,670
79,430
54,095
75,445
151,309
61,925

43
4,041

28
2,754

25
2,720

115
7,027

187
8,562

2,662

871

403

353

101
195

1 This group of banks is the same as the group shown in Table 115 under the heading "Operating throughout the year” .
2 For asset and lia b ility data, see Table 109, p. 181.
3 The figures in this table may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in rounding
techniques.
Back figures, 1941-1966: See the A nnual Report for 1966, pp. 164-165, and earlier reports.




BANKS

2

189,061

231,082
68,376
213,429
63,611
17.653
4,765

O INSURED
F

O ccupancy expense of bank p rem ises
O ccupancy expense of bank p rem ises, net—
tota1...............................................................................
Rental and o th e r in c o m e .............................................
O ccupancy expense of bank p rem ises, gross—
to tal........................................
..........
...............
Salaries and w ages— b u ild in g d e p a rtm e n t
e m p lo y e e s .................................................................
B u ild in g d e p a rtm e n t personnel b e n e fits
. ..
.............................................
M a in te n a n ce and re p a irs .........................................
Insu ran ce and u tilitie s ..............................................
R ents p a id ....................................................................
T a x e s ..............................................................................

77,037
71,954
5,083

INCOME

M emoranda
Recoveries cre d ite d to valua tio n reserves (n o t
included in recoveries above):
On s e c u ritie s ................................................................
On lo a n s ........................................................................
Losses charged to valua tio n reserves (n ot in­
cluded in losses above):
On s e c u ritie s ................................................................
On lo a n s ........................................................................

83,664

104,875
97,907
6,968

196

Table 117. RATIOS OF INCOME OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1967 IN THE UNITED STATES
(STATES AND OTHER AREAS) ’
BANKS GROUPED ACCORDING TO A M O U N T OF DEPOSITS
Banks w ith de posits o f — 2
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
100.00
14.47
9.59
65.24
6.06
1.74
2.91

100.00
13.59
9.65
65.77
5.33
1.84
3.83

100.00

100.00
25.76
5.82
59.73
4.29
3.45
.95

100.00
22.56
7.05
61.55
4.94
2.96
.94

100.00
18.91
8.61
63.16
5.91
2.24
1.17

100.00
16.31
9.39
64.19
6.47

C u rrent operating ex p en ses—to ta l..............................
Salaries, wages, and fe e s ............................................
O fficer and em ployee b e n e fits ..................................
In te re s t on tim e and savings d e p o s its ....................
O ccupancy expense o f ba nk p re m ise s— n e t........
Furniture and e q u ip m e n t............................................
O ther c u rre n t op e ra tin g e x p e n s e s ............................

74.81
37.05
2.41
17.50
4.38
1.91
11.56

74.81
30.99
2.27
25.14
3.43
1.93
11.05

76.19
26.81
2.31
30.08
3.66

77.59

22.66

11.13

76.89
24.13
2.49
32.36
3.98
2.39
11.53

2.63
33.71
4.13
2.50
11.95

77.90
22.32
2.81
33.80
4.18
2.70
12.09

Net cu rrent operating e a rn in g s ....................................

25.19

25.19

23.81

23.11

22.41

5.12
3.83
1.29

5.14
3.84
1.29

5.08
3.87

5.08
3.91
1.17

5.08
3.94
1.14

Memoranda
Recoveries cre d ite d to v a lu a tio n reserves (n o t in ­
clude d in recoveries above):
On se cu ritie s ..................................................................
On lo a n s ............................................................................
Losses charged to valua tio n reserves (n o t in c lu d e d
in losses above):
On s e c u ritie s ....................................................................
On lo a n s ............................................................................




1.21

.20

.09

.09

.08

.27

.32
.98
.76

.34
.92
.70

.02
.06

(3
)

(3
)

.05

.11

(3
)

(3
)

.05

.13

(3
)

(3
)

.06

.16

(3
)

.06

.17

74.73
19.36
3.27
35.33
3.86
2.08
10.83

21.23

24.00

25.27

5.05
3.98
1.07

4.95
3.76
1.19

4.64
3.46
1.17

.10

.09

.09

.31
.91
.67

.29

.27

.29
.97
.70

1.12
.10

.68

(3
)

76.00
22.04
3.32
31.70
4.16
3.07
11.72

5.07
3.95

.32
.91

1.11
.88

78.77
21.89
2.92
34.78
4.45
3.02
11.72

22.10

.09

.25
1.24
.99

5.75

(3
)

(3
)

.04

.16

11.21

8.96
67.38
4.81

1.88

.88
.66

(3
)

.04

.01

.16

1.01

.73

(3
)

.04

(3)
.13

(3)

.03

.01
.11

CORPORATION

Am ounts per $100 of total a sse ts2
C urrent op e ra tin g re venue— t o t a l..................................
C urrent o p e ra tin g expenses— t o t a l...............................
Net cu rre n t op e ra tin g e a rn in g s .....................................
R ecoveries, tra n s fe rs fro m v a lu a tio n reserves, and
p ro fits — to t a l....................................................................
Losses, cha rge-offs, and tra n s fe rs to va lu a tio n
reserves— to t a l................................................................
Net incom e before related ta x e s ...................................
Net incom e a fte r related ta x e s ......................................

2.21

1.88

1.77

100.00
8.58
8.41
69.58
3.37
1.78
8.29

INSURANCE

100.00
26.85
4.64
57.73
4.29
3.73
2.76

DEPOSIT

Am ounts per $100 of cu rre n t operating revenue
C u rre n t operating revenue—to ta l................................
In te re s t on U.S. G o ve rnm ent o b lig a tio n s ...............
In te re s t and d iv id e n d s on o th e r s e c u ritie s ............
Inco m e on lo a n s .............................................................
Service charges on d e p o sit a c c o u n ts ......................
O ther service charges, co m m is s io n s , fees, e t c . . ..
O ther c u rre n t o p e ra tin g re v e n u e ...............................

$50,000,000 $100,000,000 $500,000,000
to
to
or
$100 ,000,000 $500,000,000
more

FEDERAL

Incom e item

Am ounts per $100 of total cap ital accounts2
N et c u rre n t o p e ra tin g e a rn in g s .....................................
R ecoveries, tra n s fe rs fro m valu a tio n reserves, and
p ro fits — to t a l....................................................................
Losses, cha rge-offs, an d tra n s fe rs to valua tio n
reserves— to t a l................................................................
N et incom e before related ta x e s ..................................
Taxes or net in c o m e .........................................................
N et incom e a fte r ta x e s ....................................................
Cash dividend s d e c la re d .................................................
Net a d d itio n s to cap ita l fro m in c o m e .........................

N um b er o f banks, D ecem ber 30...................................

14.35

14.96

15.48

15.09

16.17

.96

1.03

1.16

1.32

1.45

1.27

1.24

1.88

2.51

3.39
10.50
2.39
2.49
5.62

4.10
11.28
2.70
8.58
2.77
5.81

4.23
11.89
3.02
8.87
3.00
5.87

4.27
12.53
3.23
9.30
3.43
5.86

4.11
12.44
3.16
9.27
3.53
5.74

3.64
13.80
3.85
9.95
4.49
5.46

3.88
13.03
3.73
9.30
4.93
4.38

.50

.01
.68

.73

.61

.01

.03
.61

.03
.50

.39

1.99

.01

.03
2.25

.03
2.16

2.26

.10

.05
1.83

.14
1.54

9.51
1.92
7.59
2.24
5.35

.12
.43

10.22

2.08
8.13
2.72
5.41

(3
)

(3
)

.45

.98

8.11

(3
)

.01

1.40

6.81

6.58

6.53

6.42

6.29

6.30

6.17

5.83

4.72
2.29
.37
3.38

4.56
2.71
.43
3.46

4.48
2.75
.54
3.50

4.39
3.56

2.86
.68

4.23
2.94
.77
3.59

4.18
3.00
.71
3.65

4.10
3.05
.61
3.78

4.01
3.11
.50
3.81

4.15
3.29
.32
4.40

4.38
.14
4.52

3.43
.24
3.67

3.66
.27
3.92

3.98
.29
4.27

4.13
.44
4.57

4.18
.64
4.82

4.45
1.04
5.48

4.16
1.29
5.45

3.86
.91
4.77

.51
.05
.91
.64
.82

.77

.56
.06
.98
.74
.82
1.54
.77

.64
.08
.94
.67
.81
1.56
.73

.44
.07
.80
.55
.76
1.53
.62

871

403

353

101

.41

.31

.39

.44

.41
.53
2.04
.50
.63

.63
.50
1.42
.32
.48

.85
.48
1.05
.49
.65

.91
.53
.93
.76
.69

.46
.04
.95
.58
.87
.95
.72

327

1,424

3,866

3,412

2,662

.01

.01

S ee th e A nnual R eport fo r 1966, pp. 166-167, and earlier reports.

1.12

197




.01

7.15

1 This group of banks is the same as the group shown in Table 115 under the heading “ Operating throughout the year.”
2 For asset and lia b ility data, see Table 109, p. 181.
3 Less than .005.

Back figures, 1941-1966:

.02

15.67

BANKS

O ccupancy expense of bank p re m ises per $100
of cu rren t operating revenue
O ccupancy expense of bank p re m ises, net—total.
Rental and oth er in c o m e ................................................
O ccupancy expense of bank p re m ises, gross—total
Salaries and w ages— b u ild in g d e p a rtm e n t officers
and e m p lo y e e s ...........................................................
B u ild in g d e p a rtm e n t personnel b e n e fits ...............
R ecurring d e p re c ia tio n ................................................
M a in te n a n ce and re p a irs ............................................
Insurance and u tilitie s .................................................
Rents p a id ........................................................................
T a x e s .................................................................................

12.93

.80

O INSURED
F

Sp ecial ratios2
Inco m e on loans per $100 o f lo a n s ...............................
Inco m e on U.S. G ove rnm ent o b lig a tio n s per $100 of
U.S. G overnm ent o b lig a tio n s .....................................
1ncom e on oth er secu ritie s per $100 o f o th e r securities
Service charges per $100 o f d e m and d e p o s its ........
In te re s t paid per $100 o f tim e and savings deposits

11.93

1.51

INCOME

Memoranda
Recoveries cre dited to reserve a cco unts (n o t in ­
cluded in recoveries above):
On s e c u ritie s ......................................................
On lo a n s ............................................................................
Losses charged to reserve a c c o u n ts (n o t included
in losses above):
On s e c u ritie s ...................................................................
On lo a n s ............................................................................

9.88

198

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1967
(A m o u n ts in th o u sa n d s o f do llars)

Inco m e item

Total
U nited
States

Puerto
Rico

Virgin
Islands

2,968 21,710,529
327 2,596,091
295 1,901,136
1,743 14,302,363
409
289,098
45
984,479
79
408,705
820,212
70
408,445

56,502
5,565
11,933
2,664
183
20,482
465
3,222
1,847
10,141

Net cu rren t operating e a rn in g s ...............................

5,227,969

11,612

499

417,624

2,322

150,238
3,986
62,089

1,571

14,307
44,439
142,565

90
165
496

1,326,581
154,550
8,403
74,572
28,341
885,885
174,830

410
2,423
399

4,319,012

10,218

R ecoveries, tra n sfe rs from valuation re se rv e s,
and profits—to ta l...................................................
On se cu ritie s:
P rofits on sec u ritie s sold or re d e e m e d ...........
R e co ve rie s...............................................................
T ransfe rs fro m valua tio n re s e rv e s ...................
On loans:
R e c o v e rie s...............................................................
T ransfe rs fro m valua tio n re s e rv e s ...................
All o th e r ........................................................................
Lo sse s, charge-offs, and tra n sfe rs to valuation
re se rv e s—to ta l........................................................
On securities:
Losses on secu ritie s s o ld ....................................
C harge-offs prior to s a le ......................................
T ransfe rs to valua tio n re s e rv e s ........................
On loans:
Losses and c h a rg e -o ffs .......................................
T ransfe rs to valua tio n re s e rv e s ........................
All o th e r ........................................................................
Net incom e before related t a x e s .............................




2,469 16,494,671
232 1,669,158
562 2,850,446
125
664,556
10
91,881
1,045 7,358,336
44
265,967
66
870,253
46
531,953
339 2,192,121

C alifor­
C onn ecti­
Colorado
nia
cu t

163,592
13,487
11,252
114,697
3,422
11,151
3,456
3,963
2,164

125,991
17,278
12,697
83,379
441
6,856
2,913
1,099
1,328

2,532,687
204,248
222,240
1,710,815
58,085
154,337
47,781

256,738
21,907
23,784
166,610
2,344
14,758
4,653
20,014

66,533

207,459
23,815
12,145
134,209
3,648
15,651
4,397
8,739
4,855

95,071
14,342
15,100
3,456
1,337
35,552
713
5,409
3,466
15,686

2,051,179
191,586
359,117
76,699
1,952
1,015,404
36 484
113,101
58,841
207,995

162,580
19,825
28,264
5,830
1,329
63,882
946
10,027
7,217
25,260

194,451
22,247
42,019
10,023
1,150
68,042

68,668

2,668

155,236
21,041
28,550
6,792
1,369
59,911
371
7,372
6,181
23,649

19,990
2,937
4,671
706
61
6,410
51
1,364
2,768

135,003
14,080
26,213
5,160
244
57,269
1683
8,147
5,694
16,513

5,215,858

61,491

5,346

28,589

30,920

471,508

44,879

62,287

104

415,198

5,581

494

2,425

2,002

54,116

3,693

2,975

1

148,666
3,986
62,089

3,716
17
140

392

1,538

1

802
34
23

17,020
5
8,667

1,805
391

86

1,315
4
334

103

14,217
44,274
141,966

223
566
919

5
97

13
873

328
349
466

955
1,023
26,446

331
99
981

11
100
1,211

3,716

203

1,322,662

13,297

2,046

14,241

8,038

158,244

10,887

14,556

479

2

154,069
8,403
74,567

702
134
218

35

947

616
140
195

17,810
44
15,323

632
60
81

500

172
29

27,931
883,290
174,402

495
10,198
1,550

1,766
245

7
11,060
2,227

479
5,382
1,226

1,838
94,438
28,791

905
7,686
1,523

4
10,880
3,050

400

4,308,394

53,775

3,794

16,773

24,884

367,380

37,685

50,708

5

1,022

888

13,024
8,418
28,640

6

116

CORPORATION

16,553,642
1,674,955
2,862,941
667,345
92,074
7,379,863
266,476
873 541
533,846
2,202,601

25,336
3,374
1,428
15,358
1,737
2,085
851
148
355

Arizona A rkansas

INSURANCE

C u rrent operating exp en ses—to ta l.......................
S alaries— o ffic e r s .......................................................
Salaries and w ages— o th e r e m p lo y e e s .............
O fficer and em ployee b e n e fits .............................
Fees paid to dire c to rs and c o m m itte e s .............
In te re s t on tim e and savings d e p o s its .............
In te re s t on borrow ed m o n e y ................................
O ccupancy expense o f b a nk p re m is e s — n e t . . .
F u rniture and e q u ip m e n t......................................
O ther c u rre n t o p e ra tin g e x p e n s e s .......................

216,727
34,218
19,497
136,944
1,923
12,944
4,216
4,339
2,646

Alaska

DEPOSIT

68,114
5,482
3,455
47,315
5,709
2,663
2,237
57
1,196

50 S tates
and
Alabam a
D.C.

FEDERAL

C u rre n t operating revenue—to ta l........................... 21,781,611
In te re s t on U. S. G o ve rnm ent o b lig a tio n s ........ 2,601,900
In te re s t and d iv id e n d s on o th e r s e c u ritie s .. . . 1,904,886
In te re s t and d is c o u n t on lo a n s ............................. 14,351,421
295,216
Service charges and fees on lo a n s .....................
987,187
Service charges on d e p o s it a c c o u n ts .................
411,021
O ther charges, com m is s io n s , fee s, e tc .............
820,269
T ru s t d e p a rtm e n t......................................................
O ther c u rre n t o p e ra tin g re v e n u e .........................
409,711

O ther areas

Taxes on net incom e—to ta l.......................................
F e d e ra l..........................................................................
S ta te ..............................................................................

1,177,154
1,020,988
156,166

Net incom e after related t a x e s ................................

458
379
79

47
47

1,176,649
1,020,562
156,087

15,430
13,005
2,425

1,198
1,193
5

3,397
2,989
408

5.457
5.457

92,044
55,418
36,626

353

3,131,745

38,345

2,596

13,376

19,427

1,422,567
1,339,513

12,695
12,692

575
575

9,636

5,909
5,781

11,741
9,575
2,166

15,263
9,287
5,976

275,336

25,944

35,443

154,461
140,368

11,999
11,632

17,357
16,655

3

1,516

128

14,093

367

702

1,715,656

6,125

353

1,709,178

25,650

2,021

3,740

13,518

120,875

13,945

18,086

144,868
637,511

586
3,075

19
136

144,263
634,300

1,928
7,642

180
838

1,241
5,806

1,516
4,049

16,887
72,124

1,732
11,956

1,680
8,881

5,638
168,680

1,272

73

5,638
167,335

127
2,692

418

2,223

1,608

8

525
18,902

2,305

30
1,192

29,072
601,194

2,629

127

29,072
598,438

79
10,789

1,911

8,944

5
3,738

14,758
85,888

6,865

7,110

3,222
459

66

870,253
185,780

7,372
763

1,364
384

8,147
1,472

5,409
660

113,101
12,287

10,027
3,436

13,024
1,845

3,681
17

71

1,056,033
3,557

8,135
26

1,748

2

9,619
61

6,069
14

125,388
453

13,463
41

14,869
27

103,191
12,954
189,324
128,020
177,221
293,320
148,446

863
83
1,514
893
1,473
2,897
386

36

612
98
1,670
856
2,255
3,139
928

712

396
424
363
275
241

1,798
543
1,186
926
824

66

4,672
731
15,581
19,517
16,344
53,512
14,578

1,144
118
1,633
1,397
2,029
5,560
1,541

1,233
156
2,575
1,614
3,011
4,062
2,191

475
32,111

13
371

7

5
140

3
328

31
981

298

6

3
333

13,509

266

10

17

245

172

217

64

M em oranda
R ecoveries c re d ite d to v a lu a tio n reserves (n o t
in c lu d e d in re coveries above):
On s e c u ritie s ..............................................................
On lo a n s .............................................................
Losses charged to va lu a tio n reserves (n ot in ­
cluded in losses above):
On s e c u ritie s ..............................................................
On lo a n s .......................................................................

O ccupancy expense of
bank p re m ises
O ccupancy expense of bank p rem ises, n e t total .........................................................................
873,541
Rental and oth er in c o m e ...........................................
186,244
O ccupancy expense of bank p re m ises, gro ss—
to ta l............................................................................. 1,059,785
Salaries— b u ild in g d e p a rtm e n t o ffic e rs .............
3,574
Salaries and w ages— b u ild in g d e p a rtm e n t
e m p lo y e e s ...............................................................
103,430
B u ild in g d e p a rtm e n t personn el b e n e fits .........
12,989
R ecurring d e p re c ia tio n ............................................
189,818
M a in te n a n c e and re p a irs .......................................
128,505
Insu ran ce and u tilitie s ............................................
177,785
Rents p a id ...................................................................
295,006
T a x e s ..............................................
148,678

610

239
35
486
479
551
1,645
229

N um b er o f b u ild in g em ployees, D ecem ber 30:
O ffic e rs ..................................................
O ther e m p lo y e e s .............................

478
32,180
13,517

7

8
6

13
41
3

3
69

N um b er o f banks, D ecem ber 30..........................

5

199




1

11

122

BANKS

83,054

Net additions to capital from in co m e ...................
N u m b e r o f b a n k in g em p lo ye e s (exclusive o f
b u ild in g em ployees), D ecem ber 30:
A ctive o ffic e r s ............................................................
O ther e m p lo y e e s .......................................................

8,120

O INSURED
F

9,760
3,635
3,025

INCOME

3,141,858

D ividends and interest on cap ital—to tal.............. 1,426,202
Cash d iv id e n d s declared on com m on s to c k .. . 1,342,538
D ividends declared on preferred stock and in ­
te re s t on cap ita l notes and de benture s
83,664

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1967— CONTINUED

^
g

( A m o u n t s in t h o u s a n d s o f d o lla r s )

D e la w a r e

D is tr ic t
of
C o lu m b ia

64,347
7,413
7,069
36,701
1,077
1,611
713
8,375
1,388

137,038
25,084
5,905
86,792
2,477
7,241
1,330
7,443
766

515,304
84,751
52,358
296,552
9,548
35,724
10,365
15,232
10,774

358,651
39,739
23,820
229,398
8,210
24,141
16,939
11,089
5,315

77,298
6,113
5,735
53,899
3,768
2,752
2,776
781
1,474

62,920
7,018
4,245
42,615
1,136
5,043
1,834
445
584

1,580,718
237,722
150,694
1,000,079
14,598
45,993
19,890
71,407
40,335

450,829
84,243
32,448
282,974
4,552
18,404
11,825
11,296
5,087

274,232
46,549
22,735
177,990
1,151
13,264
5,999
3,650
2,894

213,646
41,212
19,294
131,115
1,042
12,554
4,015
2,249
2,165

209,492
38,152
17,346
131,863
2,255
7,849
2,593
6,925
2,509

41,005
5,746
10,063
2,127
282
12,097
60
2,497
2,216
5,917

95,814
9,903
18,392
3,101
583
39,657
820
6,022
3,459
13,877

406,852
45,579
73,573
14,262
3,399
162,923
2,789
20,186
19,360
64,781

269,908
32,552
51,652
12,618
2,663
95,802
2,321
17,065
10,939
44,296

59,128
5,760
11,086
3,465
312
24,042
134
3,416
2,737
8,176

48,216
6,313
8,366
2,061
181
19,772
132
2,261
2,333
6,797

1,193,290
110,466
181,569
45,015
6,950
575,462
27,468
50,499
32,710
163,151

339,115
40,702
58,802
12,394
3,059
133,633
4,640
18,109
12,516
55,260

208,105
36,171
28,378
7,234
1,615
87,068
1,018
9,921
7,167
29,533

150,918
27,519
21,587
5,288
1,851
59,919
561
7,291
5,376
21,526

150,496
20,777
25,103
5,475
1,736
59,483
508
7,681
5,756
23,977

Net cu rren t operating e a rn in g s.............................

23,342

41,224

108,452

88,743

18,170

14,704

387,428

111,714

66,127

62,728

58,996

R eco veries, tra n sfe rs from valuation re se rv e s,
and profits—to ta l.................................................

1,711

3,280

7,996

10,837

800

749

36,081

16,682

4,595

3,709

4,259

969
2
108

927
8

2,926
88
289

4,888
50
367

500

67
2
222

11,490
777
6,100

4,824
56
3,858

2,480
15
149

1,584
24
251

1,455
37
324

53
253
326

69
40
2,236

278
732
3,683

176
3,662
1,694

1
299

73
7
378

592
1,201
15,921

389
2,100
5,455

376
925
650

602
161
1,087

209
403
1,831

2,512

9,555

32,300

22,979

4,555

4,200

86,115

31,475

14,404

14,355

14,982

377
1

724
2
54

3,827
57
503

1,145
96
428

410

1,375
28

11,931
1,199
6,655

2,309
266
5,583

2,093
198
311

1,168
353
189

710
334
1,014

I n c o m e it e m

C u rre n t operating ex p en ses—to ta l.....................

Lo sse s, charge-offs, and tra n sfe rs to valuation
rese rv e s—to ta l......................................................

I llin o is

I n d ia n a

Io w a

Kansas

K e n tu c k y

O n s e c u r it ie s :
L o s s e s o n s e c u r it ie s s o l d .........................................
C h a r g e - o ff s p r io r t o s a l e ...........................................
T r a n s f e r s t o v a lu a t io n r e s e r v e s .........................
O n lo a n s :
L o s s e s a n d c h a r g e - o f f s .............................................
T r a n s f e r s t o v a lu a t io n r e s e r v e s ...........................
A ll o t h e r ....................................................................................

43
1,457
634

431
7,494
850

1 946
21,857
4,110

396
16,199
4,715

3,598
547

332
2,205
260

1 198
55,244
9,888

547
19,349
3,421

552
9,378
1,872

1,287
8,790
2,568

631
9,161
3,132

Net incom e before related ta x e s ...........................

22,541

34,949

84,148

76,601

14,415

11,253

337,394

96,921

56,318

52,082

48,273




CORPORATION

O n s e c u r it ie s :
P r o f it s o n s e c u r it ie s s o ld o r r e d e e m e d .............
R e c o v e r ie s ..........................................................................
T r a n s f e r s f r o m v a lu a t io n r e s e r v e s .....................
O n lo a n s :
R e c o v e r ie s ..........................................................................
T r a n s f e r s f r o m v a lu a t io n r e s e r v e s .....................
A ll o t h e r ....................................................................................

Id a h o

INSURANCE

S a la r ie s — o f f i c e r s ...............................................................
S a la rie s a n d w a g e s — o t h e r e m p lo y e e s ..............
O f f ic e r a n d e m p lo y e e b e n e f i t s ................................
F e e s p a id t o d ir e c t o r s a n d c o m m i t t e e s ..............
I n t e r e s t o n t i m e a n d s a v in g s d e p o s i t s ..............
I n t e r e s t o n b o r r o w e d m o n e y .....................................
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 . .
F u r n it u r e a n d e q u i p m e n t ............................................
O th e r c u r r e n t o p e r a t in g e x p e n s e s .........................

H a w a ii

DEPOSIT

I n t e r e s t o n U . S . G o v e r n m e n t o b l i g a t i o n s . .. .
I n t e r e s t a n d d iv id e n d s o n o t h e r s e c u r i t i e s . ..
I n t e r e s t a n d d is c o u n t o n lo a n s ................................
S e r v ic e c h a r g e s a n d f e e s o n lo a n s .......................
S e rv ic e c h a r g e s o n d e p o s it a c c o u n t s ..................
O th e r c h a r g e s , c o m m i s s io n s , f e e s , e t c .............
T r u s t d e p a r t m e n t ..............................................................
O th e r c u r r e n t o p e r a t i n g r e v e n u e ...........................

G e o r g ia

FEDERAL

C u rre n t operating revenue—to ta l.........................

F lo rid a

Taxes on net in c o m e — to ta l. . .
F e d e r a l...............................................
S t a t e ..................................................................

8,103
. .

N et incom e a fte r re la te d ta x e s ..........
D ivid e n d s and in te re s t on c a p ita l— t o t a l.........
C a s h d iv id e n d s d e c la r e d o n c o m m o n s t o c k . .
D i v id e n d s d e c la r e d o n p r e f e r r e d s t o c k a n d i n ­
t e r e s t o n c a p it a l n o t e s a n d d e b e n t u r e s . . .

21.418

3,865

3,536

92.546

27.171

13.512

14,137

19.020

14.279

21.418

3.070
795

2.793
743

92.546

27.171

13.512

12,610
1.527

14.279

14,438

21,063

65,128

55,183

10,550

7,717

244,848

69,750

42,806

37,945

33,994

8,049

10,662

21,646

22,149

7,020

8.049

3,842

82,809

10.068

20.971 '

21,455

14,425

12,195

11,953

19,605

5.728

3.689

82.481

20.723

14,398

12.061

11.797

594

675 '

2.544

1.292

153

328

732

27

134

156

162,039

48,295

28,381

25,750

22,041

6,389

10,401

43,482

33,034

3,530

3,875

N u m b e r o f b a n k in g e m p lo y e e s ( e x c lu s iv e o f
b u il d in g e m p lo y e e s ) , D e c e m b e r 3 0 :
A c t iv e o f f i c e r s ........................................................................
O th e r e m p lo y e e s ..................................................................

453
2.328

697
3.783

4.252
18.330

2.965
11,695 |

501
2.421

573 ■
2.030

8.521
38.107

3.615
14,340

3.585
7.671

2,755
5.608

2.314
6.775

’ 85

622

198

104
11.872

52
5.078

4
2.092

28
2,410

24
1.444

328

5.281

28
20,617

79
7.266

11
2.321

1.026

730
42.925

926
12.836

52
4.933

7
7.250

165
5.066

O ccupancy expense of
bank p re m is e s
O ccupancy expense o f bank p re m is e s , n e tto ta l ...........................................................................

2,497

17,065

3,416

2,261

50,499

18,109

271

6,022

20,186

R e n ta l a n d o t h e r i n c o m e ....................................................

9,921

7,291

7,681

O ccupancy expense o f bank p re m is e s , g r o s s to ta l ...........................................................................

1.336

371

8,310

3.379

1.404

1.455

1.429

4,752

2,632

58,809

21,488

11,325

8,746

9,110

M e m ora nda
R e c o v e r ie s c r e d it e d t o v a lu a t io n r e s e r v e s ( n o t
i n c lu d e d in r e c o v e r ie s a b o v e ) :
O n s e c u r i t i e s .........................................................................
O n l o a n s ...................................................................................
L o s s e s c h a r g e d t o v a lu a t io n r e s e r v e s ( n o t in ­
c lu d e d in lo s s e s a b o v e ):
O n s e c u r i t i e s .........................................................................
O n l o a n s ............................................................................

S a la r ie s — b u il d in g d e p a r t m e n t o f f i c e r s ...............
S a la r ie s
and
w a g e s — b u i l d in g
d e p a rtm e n t
e m p lo y e e s ............................................................................
B u ild in g d e p a r t m e n t p e r s o n n e l b e n e f i t s ...........
R e c u r r in g d e p r e c i a t i o n ....................................................
M a in t e n a n c e a n d r e p a i r s ...............................................
I n s u r a n c e a n d u t i l i t i e s .....................................................
R e n ts p a i d ................................................................................
T a x e s ...........................................................................................

i

48
4.530 !

125
2.720

389'

1.179

6.211

2,768

7,201

26,397

2

103

38

56

5

112

50

28

68

12

182
29
371 :
234 I
421
1.367
164

1.239
110
972
722
996
2.377
783

2.411
279
4.815
3.708
5,056
5,577
4,448

1.352
137
2.792
2.214
2.983
6,492
3.529

231
62
705
561
959
1.760
418

235
15
635
242
511
658
331

8.929
936
10.345
7.671
7.829
14.261
8.726

2.912
266
4.081
2.996
3.779
4,727
2.677

1.425
110
2.251
1.408
2.091
2.402
1.610

1.041
58
1.810
1.136
1.776
1.742
1.115

BANKS

N et a d d itio n s to c a p ita l fro m incom e

O INSURED
F

19.020

13.886

INCOME

13.886

7.544
559

1.338
105
1.724
1.233
1.758
1.804
1.136

2.472 !

19,537

47

1
296

9
674

3
486

4
86

1
66

13
2.200

10
1.031

9
796

7
483

6
583

N u m b e r o f b a n k s , D e c e m b e r 3 0 ....................................

19

14

447

408

7

26

1,062

413

661

600

340




201

N u m b e r o f b u il d in g e m p lo y e e s , D e c e m b e r 30:
O f f i c e r s ...............................................
. . .
O th e r e m p lo y e e s ..................................................................

202

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1967— CONTINUED
(A m o u n ts in th o u sa n d s o f do llars)

Inco m e item

Louisiana

M ary­
land

M aine

M a ssa­
c h u s e tts

M ich i­
gan

M in n e ­
sota

M issis­
sippi

M issouri

M o n­
tana

C u rre n t operating revenue—to ta l.........................
In te re s t on U. S. G o ve rnm ent o b lig a tio n s .. . .
In te re s t and d iv id e n d s on o th e r s e c u ritie s ...
In te re s t and d is c o u n t on lo a n s ...........................
Service charges and fees on lo a n s ...................
Service charges on d e p o s it a c c o u n ts ...............
O ther charges, c o m m is s io n s , fees, e tc ...........
T ru s t d e p a rtm e n t....................................................
O ther c u rre n t o p e ra tin g re v e n u e .......................

275,318
46,926
24,025
172,128
2,527
15,386
8,254
2,092
3,980

62,138
6,072
5,520
42,343
697
3,618
746
2,412
730

232,591
30,842
16,598
152,545
5,238
15,970
4,386
4,622
2,390

531,988
47,126
37,122
345,292
5,346
29,861
21,460
32,276
13,505

951,771
124,408
87,102
641,217
15,672
34,289
13,485
25,337
10,261

411,248
60,709
38,054
253,800
3,451
21,225
19,241
10,610
4,158

136,202
18,547
14,327
86,277
629
8,091
5,426
1,178
1,727

508,702
82.472
49,870
323,813
3,705
18,684
7,348
12,842
9,968

75.558
12,068
5,910
47,901
1,044
5,069

C u rrent operating ex p en ses—to ta l.....................
Salaries— o ffic e r s .....................................................
Salaries and wages— o th e r e m p lo y e e s ...........
O fficer and em ployee b e n e fits ...........................
Fees paid to dire cto rs and c o m m itte e s ...........
In te re s t on tim e and savings d e p o s its ...........
In te re s t on borrow ed m o n e y ..............................
O ccupancy expense o f b a n k p re m ise s— n e t . .
F u rn itu re and e q u ip m e n t....................................
O ther c u rre n t o p e ra tin g e x p e n s e s .....................

204,215
22,892
34,791
7,116
2,498
76,854
2,820
12,506
8,086
36,652

48,244
5,446
9,729
1,990
455
17,267
263
2,960
1,902
8,232

166,732
15,780
36,318
7,137
1,239
59,567
2,080
11,342
7,227
26,042

382,317
40,456
89,548
19,667
1,775
117,480
8,646
26,202
16,210
62,333

785,596
52,191
125,696
26,240
3,067
421,872
9,928
36,123
19,983
90,496

321,538
41,179
43,652
11,423
2,670
152,817
3,218
13,669
9,380
43,530

99,666
14,261
17,430
4,481
1,244
34,161
1,476
4,172
4,683
17,758

Net cu rren t operating e a rn in g s.............................

71,103

13,894

65,859

149,671

166,175

89,710

6,314

1,080

3,684

47,742

10,648

3,993
7
731

685

2

1,920

48

317

4,338
49
12,559

4,300
16
742

283
236
1,064

28
96

202

221

87
512
762

23,742

3,060

1,244
204
2,664

375
16
4

671
14,839
4,120

2

53,675

58,571
8,726
8,046
2,523
508
22,910
750
2,736
1,917
10,455

111,486
20,900
15,974
4,724
1,302
40,734
936
5,185
4,761
16,970

40,327
4,694
7,217
1,182

36,536

139,027

16,987

40,617

11,117

3,752

4,323

12,683

1,574

3,532

2,449

1,343
285
272

857
481
734

4,752

100

1,914
63
332

1,334

5,415

377
316
243

8,725
21,869

189
1,803
3,598

474
402
976

262
1,026
963

425
1,037
954

312
125

201

208
576
439

187

13,376

41,454

52,580

22,199

13,516

27,879

3,818

9,101

5,191

695
75
1,190

1,051
13
1,663

8,746
103
359

2,873
417
116

719
841
1,955

2,927
333
3,157

280
163
443

606
358
825

393

2,105
558

242
7,698
3,476

97
25,604
13,026

391
38,290
4,691

15,348
2,344

1,101

604
7,947
1,450

1,077
17,966
2,419

405
1,916
611

454
5,661
1,197

3,456
502

11,914

56,167

155,959

124,243

71,263

27,343

123,831

14,743

35,048

8,375

86

118

16,228
97
2,863
1,808

6,120

928

840

CORPORATION




369,675
43,198
59,931
11,957
3,122
163,140
4,826
16,950
12,430
54,121

2,111

INSURANCE

Net incom e before related t a x e s ...........................

51,444
6,437
4,018
33,264
1,370
3,488
664
1,304
899

DEPOSIT

Lo sse s, charge-offs, and tra n sfe rs to valuation
re se rv e s—to ta l......................................................
On securities:
Losses on secu ritie s s o ld ..................................
C harge-offs prior to s a le ....................................
T ransfe rs to valua tio n re s e rv e s ......................
On loans:
Losses and c h a rg e -o ffs .....................................
T ra n sfe rs to v a lu a tio n re s e rv e s ......................
All o th e r ......................................................................

721
734

152,103
21,795
11,400
101,297
652
7,549
4,169
2,974
2,267

FEDERAL

R ecoveries, tra n sfe rs from valuation re se rv e s,
and p rofits—to ta l.................................................
On secu ritie s:
P rofits on se cu ritie s sold or re d e e m e d ........
R e co ve rie s .............................................................
T ransfe rs fro m valua tio n re s e rv e s .................
On loans:
R ecove ries.............................................................
T ransfe rs fro m valua tio n re s e rv e s .................
All o th e r ......................................................................

N ebraska Nevada

Tax es on net incom e—to ta l................
F e d e ra l...................................................
S ta te .......................................................

15.708
15.708

2.315
2.315

20.003
20.003

45,254
34,090
11,164

17.412
17.412

21,267
14,449
6,818

6.709
6.709

35,203
32,646
2,557

4,262
4,034
228

10.141
10.141

1.156
1.156

Net incom e after related ta x e s..............................

37,967

9,599

36,164

110,705

106,831

49,996

20,634

88,628

10,481

24,907

7,219

D ividends and in terest on cap ital—to ta l............
Cash d iv id e n d s declared on co m m o n s to c k ..
D ivide nds de clared on preferred s to c k and in ­
te re s t on ca p ita l n'otes and d e b e n tu re s ___

14,897
14,305

4,337
4,256

14,891
14,349

39,009
38,909

46,439
43,941

21,482
21,295

8,362
8,064

34,956
33,499

6,026
6,026

9,728
9,570

3,665
3,304

592

81

542

100

2,498

187

298

1,457

158

361

Net additions to capital from in co m e.................

23,070

5,262

21,273

71,696

60,392

28,514

12,272

53,672

4,455

15,179

3,554

N u m b e r o f b a n k in g em ployees (exclusive o f
b u ild in g em ployees), D ecem ber 30:
A ctive o ffic e rs .........................................................
O ther e m p lo y e e s .....................................................

2,006
8,399

537
2,443

1,450
8,586

3,229
19,309

4,106
27,511

3,838
10,926

1,396
4,471

4,087
14,819

782
1,950

2,169
4,265

468
1,663

INCOME

1

6

O INSURED
F

Memoranda
R ecoveries cre d ite d to v a lu a tio n reserves (n o t
inclu d e d in recoveries above):
On s e c u ritie s .......................................................
On lo a n s .....................................................................
Losses charged to v a lu a tio n reserves (n o t in ­
clude d in losses above):
On s e c u ritie s .............................................................
On lo a n s ...................................................................

1

2

498

3
968

535
4,256

7,443

2,350

114
1,158

113
2,921

4
1,558

33
1,874

302

147
10,684

3
1,632

3,843

12

162
16,814

13
27,682

5,482

790
4,317

2,910
10,535

4
1,975

3,680

9
2,780

12,506
2,679

2,960
550

11,342
1,402

26,202
3,752

36,123
4,275

13,669
5,265

4,172
1,981

16,950
2,310

2,736
672

5,185
1,271

2,863
704

15,185
34

3,510
5

12,744
14

29,954
186

40,398
208

18,934
35

6,153

1

19,260
81

3,408

6,456
48

3,567
18

1,753
167
2,294
1,650
2,672
3,494
3,121

493
40
637
341
596
914
484

691
119
2,484
1,890
2,243
4,134
1,169

2,701
446
4,543
3,027
5,460
8,579
5,012

5,114
661
7,818
6.328
6,669
8,271
5.329

1,496
89
2,857
2,325
3,673
5,664
2,795

624
72
918
1,053
1,318
827
1,340

2,474
284
4,430
2,751
3,649
3,830
1,761

440
43
724
366
554
507
774

789
84

736
1,115
1,721
861

311
3
766
320
644
1,057
448

N u m b e r o f b u ild in g em ployees, D ecem ber 30:
O ffic e rs .......................................................................
O ther e m p lo y e e s .....................................................

5
536

230

295

1

46
745

26
1,500

701

264

872

187

7
403

76

N u m b e r o f ba nks, D ecem ber 3*0............................

225

41

121

154

339

719

188

656

132

433

9

O ccupancy expense of
bank p re m ises
O ccupancy exp en se of bank p re m ises, n ettotal ...........................................................................
R ental and o th e r in c o m e .........................................
O ccupancy exp en se of bank p re m ise s, g ro sstotal ...........................................................................
Salaries— b u ild in g d e p a rtm e n t o ffic e rs ...........
S alaries and w ages— b u ild in g d e p a rtm e n t
e m p lo y e e s .............................................................
B u ild in g d e p a rtm e n t personnel b e n e fits
R ecurring d e p re c ia tio n ..........................................
M a in te n a n ce and re p a irs .....................................
Insu ran ce and u tilitie s ..........................................
R ents p a id .................................................................
T a x e s ..........................................................................

6

2

11

2

203




1

1,102

BANKS

3,012

204

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1967— CONTINUED
(A m o u n ts in th o u sa n d s o f dollars)

Inco m e ite m

New
H am p­
shire

New
Jersey

New
Mexico

New
York

North
C arolina

N orth
Dakota

Ohio

O kla­
hom a

Oregon

Pennsyl­
vania

Rhode
Island

43,882
4,062
2,533
31,878
333
3,011
644
742
679

648,760
69,647
72,750
429,061
8,238
34,899
8,466
19,489

6,210

65,731
9,089
4,383
43,251
570
4,984
1,614
875
965

4,009,286
337,821
331,221
2,759,938
43,667
101,549
54,515
261,768
118,807

325,087
30,614
34,098
207,251
9,744
16,946
12,098
9,593
4,743

63,694
12,531
6,960
36,554
430
3,102
3,206
437
474

974,450
147,974
100,727
620,639
7,976
41,681
12,349
33,575
9,529

234,568
35,746
19,697
151,413
1,958
14,545
4,356
3,824
3,029

199,420
21,109
16,378
131,034
3,560
16,596
2,447
4,562
3,734

1,322,169
146,264
118,854
897,420
13,886
38,384
14,316
71,633
21,412

86,810
6,503
8,591
59,110
705
3,574
994
6,099
1,234

C u rrent operating exp en ses—to ta l.......................
S alaries— o ffic e r s .....................................................
Salaries and w ages— o th e r e m p lo y e e s ...........
O fficer and em ployee b e n e fits ...........................
Fees paid to dire cto rs and c o m m itte e s ............
In te re s t on tim e and saving s d e p o s its ...........
In te re s t on borrow ed m o n e y ..............................
O ccupancy expense o f b a n k p rem ises— n e t . .
F u rniture and e q u ip m e n t....................................
O ther c u rre n t o p e ra tin g e x p e n s e s .....................

33,510
4,049
5,584
1,245
401
13,630
87
1,814
1,207
5,493

508,906
46,642
94,984
21,833
3,530
220,261
1,671
30,691
17,473
71,821

51,148
7,201
9,480
1,596
469
17,771
175
2,878
2,358
9,220

2,929,361
209,121
540,943
141,783
5,946
1,381,873
88,553
171,503
68,047
321,592

253,729
30,743
48,435
10,912
1,154
101,720
2,582
13,073
9,733
35,377

49,379
7,660
5,695
1,805
591
23,640

173,552
28,242
27,273
6,464
1,633
67,458
1,928
9,046
6,687
24,821

163,277
19,249
28,319
5,959
359
76,797

11,201

DEPOSIT

8,581
5,532
17,370

993,485
86,922
165,204
43,944
6,676
459,677
15,079
49,483
34,134
132,366

64,181
4,876

2,135
1,375
6,390

724,724
63,957
118,370
24,021
3,749
345,350
8,143
30,821
20,759
109,554

Net cu rren t operating e a rn in g s.............................

10,372

139,854

14,583

1,079,925

71,358

14,315

249,726

61,016

36,143

328,684

22,629

INSURANCE

1,608

13,924

1,545

37,900

7,999

633

20,909

4,196

1,391

16,840

1,153

319
57
499

4,866
84
3,620

293

13,478
371
2,699

4,154
16
1,344

339
9

7,885

1,780
667

8

7,388
60
4,067

815

3,299

22

744

54
48
631

363
1,862
3,129

912

202

499
3,438
17,415

47
549
1,889

82
30
173

332
4,321
4,950

928
146
653

54
4
581

409
1,583
3,333

4
50
284

2,411

32,035

4,365

240,397

17,171

2,552

57,365

17,385

12,076

79,881

5,386

262
23
55

4,640
89
462

574

10

1,333
61
924

502
54

596
94
591

15,533
340
3,078

180

2

9,577
185
10,318

333

77

35,590
609
3,202

82
1,733
256

435
19,972
6,437

161
2,676
867

137
182,381
18,478

185
11,636
3,032

184
1,444
366

719
32,125
4,441

1,770
12,911
1,423

115
7,160
4,468

591
53,157
7,182

4,169
987

9,569

121,743

11,763

877,428

62,186

12,396

213,270

47,827

25,458

265,643

18,396

Lo sse s, charge-offs, and tra n sfe rs to valuation
re se rv e s—to ta l......................................................
On secu ritie s:
Losses on se cu ritie s s o ld ..................................
C harge-offs prior to sale
...
T ra n sfe rs to valua tio n reserves
..........
On loans:
Losses and cha rge-offs
T ransfe rs to va lu a tio n re s e rv e s ......................
All o th e r ......................................................................
Net incom e before related t a x e s ...........................




25
113

122

1,111

50

CORPORATION

R ecoveries, tra n sfe rs from valuation re se rv e s,
and profits—to ta l..................................................
On secu ritie s:
P rofits on secu ritie s sold or re d e e m e d .........
Recoveries
....
T ra n sfe rs fro m valu a tio n reserves
On loans:
R ecove ries.............................................................
T ransfe rs fro m valua tio n re s e rv e s.................
All o th e r ......................................................................

88

3,762
280
31,363
552
3,253
1,907
6,987

FEDERAL

C u rre n t operating revenue—to ta l.........................
In te re s t on U. S. G overnm ent o b lig a tio n s ... .
In te re s t and d ividend s on o th e r s e c u ritie s ...
In te re s t and d is c o u n t on lo a n s ...........................
Service charges and fees on lo a n s ...................
Service charges on d e p o s it a c c o u n ts ...............
O ther charges, co m m issio n s, fees, e tc ...........
T ru s t d e p a rtm e n t....................................................
O ther c u rre n t o p e ra tin g re v e n u e .......................

T ax es on net incom e—to ta l......................................
F e d e ra l..........................................................................
S ta te ..............................................................................

2.965
2.965

Net incom e after related t a x e s ................................

6,604

99,337

D ividends and in terest on cap ital—to ta l..............
Cash d iv id e n d s de cla red on c om m on s to c k .. .
D ivid e n d s de clared on pre fe rre d s to c k and in ­
te re s t on ca p ita l no tes and d e b e n tu re s .. ..

2,182
2,182

42,743
40,649
2,094

90

41,141

1,415

Net additions to cap ital from in co m e ...................

4,422

56,594

5,428

267,397

N u m b e r o f b a n k in g e m ployees (exclusive o f
b u ild in g em ployees), D ecem ber 30:
A ctive o ffic e r s .............................................................
O ther e m p lo y e e s .......................................................

374
1,458

3,811
21,478

658
2,300

313

4,558

1,485

9
999

7
15,148

1,814
205

22.406
22.406

2.694
2.694

3,144
2,806
338

56.582
56.582

13,670
12,015
1,655

46,775

9,252

156,688

34,157

18,084
16,669

3.756
3.756

61,932
60,621

16,094
15,162

1,311

932

53

1,644

28,691

5,496

94,756

18,063

7,226

95,507

6,690

13,466
97,914

2,907
12,851

789
1,596

5,305
26,920

2,662
6,803

6,343

1,868

7,670
37,518

403
2,683

617
25,282

435
1,152

281

351
7,424

4,111

856

93
7,889

546

4,181

2,421
97,937

2,138
4,186

1,076

1,662
17,994

24
12,433

3,720

113
25,265

40
2,096

30,691
3,432

2,878
573

171,503
32,889

13,073
2,199

2,135
488

30,821
13,702

9,046
3,972

8,581
351

49,483
7,301

3,253
1,716

00
>

2,109

34,123
44

3,451

2

204,392
559

15,272
41

2,623

10

44,523
193

13,018
37

8,932
92

56,784
303

4,969
49

£

208
14
362

14,534
2,676
38,321
17,982
35,716
63,416
31,188

1,429
150
2,557
1,722
2,855
5,281
1,237

22

310
550
375

471
57
672
381
496
1,003
369

293

200

3,356
474
5,889
5,461
5,204
7,135
6,560

611
199
608
484
396

6,623
685
7,927
6,229
7,349
12,004
3,513

1,580
158
2,570
1,349
2,380
4,031
913

741
97
2,308
1,556
1,580
1,296
1,262

8,742
1,268
10,845
6,017
9,156
13,973
6,480

1,117
236
734
475
605
920
833

N u m b e r o f b u ild in g em ployees, D ecem ber 30:
O ffic e rs .........................................................................
O ther e m p lo y e e s .......................................................

92

5
913

147

95
2,949

3
599

175

6

17
2,135

7
578

7
205

30
2,800

4
305

N u m b e r o f ba nks, D ecem ber 30..............................

73

225

64

303

127

166

530

421

47

512

12

M em oranda
Recoveries c re d ite d to v a lu a tio n reserves (n o t
in c lu d e d in recoveries above):
On s e c u ritie s ...............................................................
On lo a n s .......................................................................
Losses charged to v a lu a tio n reserves (n o t in ­
clude d in losses above):
On s e c u ritie s ...............................................................
On lo a n s .......................................................................
O ccupancy exp en se of
bank p re m ises
O ccupancy expense of bank p re m ises, net—
to ta l.............................................................................
Rental and o th e r in c o m e ...........................................
O ccupancy expense of bank p re m ise s, g r o s s total .............................................................................
S alaries— b u ild in g d e p a rtm e n t o ffic e r s .............
Salaries and w ages— b u ild in g d e p a rtm e n t
e m p lo y e e s ...............................................................
B u ild in g d e p a rtm e n t personn el b e n e fits .........
R ecurring d e p re c ia tio n ............................................
M a in te n a n c e and re p a irs .......................................
In su ra n ce and u tilitie s ............................................
R ents p a id ...................................................................
T a x e s .............................................................................




264,794
194,913
69,881

15,411
13,447
1,964

9,069

612,634

3,641
3,551

345,237
304,096

2

8

7,325
4,862
2,463

65.661
65.661

5,099
4,021
1,078

18,133

199,982

13,297

10,907
10,854

104,475
102,831

6.607
6.607

^
^
O
m

c:
73
m
D

IS)
O

206

Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),
BY STATE, 1967— CONTINUED
(A m o u n ts in th o u sa n d s o f do llars)

Inco m e item

South
Carolina

Ten­
nessee

South
Dakota

W est
Virginia

399
31,612
3,261
4,777
987
376
16,247
34
1,548
898
3,484

3,177
277,942
29,645
47,199
11,271
2,242
123,734
1,683
13,651
9,091
39,426

3,312
220,394
23,976
47,326
9,857
515
87,424
1,326
12,205

29,898

18,247

80,049

271,484

21,105

7,388

1,141

786

8,114

13,533

1,446

436

404
37

3,792
127
907

1,221

15

6,763
77
174

Net cu rrent operating e a rn in g s ...............................

2

20

111

2

4

28,877

1,383
82,048
10,405
13,457
2,897
1,087
34,384
338
3,786
2,567
13,127

5,273
316,433
38,505
43,695
11,245
3,326
155,255
787
13,587
11,426
38,607

380
28,275
4,089
3,998
870
444
12,360
180
1,408
1,057
3,869

82,385

62,902

34,415

83,867

8,169

439

6,645

6,948

2,144

5,537

601

196

2,870
302
172

831

10

2,557
25
699

90

2,860
72
171

164
3
50

8,888

1,886

12

6,000

2,169
24,146
409
2,026
971
343

46

241

315
353

231

737

122

2,685
1,517
4,505

26
27
168

39
31
163

489
194
2,681

74
2,558
972

324
288
599

1,666

117
651

135
95
154

5,416

2,672

19,190

74,248

4,818

1,970

25,660

16,912

7,034

17,314

1,747

760
15
303

347
38

3,947

688

941
16

440
19

1,642
77
4,357

1,746
24
438

1,237
46
89

3,034

90

1,306

3,098
390
5,644

145

59

116
3,166
1,056

48
1,829
410

475
10,368
2,406

5,368
52,504
7,244

3,496
299

66

29
1,293
189

404
15,735
3,445

178
12,137
2,389

303
3,989
1,370

173
11,234
2,527

257
1,203
127

25,623

16,361

68,973

210,769

17,733

5,857

63,370

52,938

29,525

72,090

7,023

66

201

11

CORPORATION

580
71,548
7,148
10,851
2,422
453
34,579
823
3,177
2,769
9,326

745
53,277
9,348
7,034
2,274
683
22,986

36,444

2,756

400,300
72,234
32,899
255,088
2,725
15,411
7,236
9,434

INSURANCE

14,729
792,371
99,229
119,337
26,633
7,799
320,322
17,914
41,822
28,414
130,901

983
71,986
12,404
17,920
3,860
719
16,049
272
4,135
3,657
12,970

W yom ing

DEPOSIT

2,523
1,673
6,645

2,209
228,809
25,217
38,527
8,760
1,378
96,098
5,903
11,033
8,506
33,387

C u rre n t operating ex p en ses—to ta l.......................
S alaries— o ffic e r s .......................................................
Salaries and wages— o th e r e m p lo y e e s .............
O fficer and em ployee b e n e fits ............................
Fees paid to dire cto rs and c o m m itte e s .............
In te re s t on tim e and savings d e p o s its .............
In te re s t on borrow ed m o n e y ................................
O ccupancy expense o f ba nk p re m ise s— n e t . .
F u rniture and e q u ip m e n t......................................
O ther c u rre n t op e ra tin g e x p e n s e s .......................

6,666

W is­
consin

FEDERAL

283,296
27,447
22,619
185,083
5,280
23,255
8,293
8,007

116,463
24,547
9,475
71,402
1,505
3,509

6,439

360,327
42,103
28,686
242,599
7,421
19,104
7,212
10,025

308,858
41,927
27,373
208,333
4,382
11,529




W ash­
ington

39,000
3,988
2,900
28,169
476
2,035
307
726

71,524
13,982
5,111
44,006
352
3,613
3,079
636

Net incom e before related t a x e s .............................

V erm ont V irginia

92,653
8,577
8,484
60,682
2,251
6,725
3,246
2,108

101,884
13,150
9,274
65,115
650
7,036
3,645
2,031

Lo sse s, charge-offs, and tra n sfe rs to valuation
re se rv e s—to ta l........................................................
On secu ritie s:
Losses on se cu ritie s s o ld ....................................
C harge-offs prior to s a le ......................................
T ransfe rs to v a lu a tio n re s e rv e s ........................
On loans:
Losses and c h a rg e -o ffs .......................................
T ra n sfe rs to v a lu a tio n re s e rv e s........................
All o th e r........................................................................

U tah

1,063,855
127,051
97,316
718,324
10,855
55,377
17,323
22,880

C u rre n t operating revenue—to ta l...........................
In te re s t on U. S. G ove rn m e n t o b lig a tio n s ........
In te re s t and d iv id e n d s on o th e r se c u ritie s . .. .
In te re s t and d is c o u n t on lo a n s ............................
Service charges and fees on lo a n s .....................
Service charges on d e p o sit a c c o u n ts .................
O ther charges, co m m issio n s, fees, e tc .............
T ru s t d e p a rtm e n t......................................................

R ecoveries, tra n sfe rs from valuation re se rv e s,
and profits—to ta l...................................................
On secu ritie s:
P rofits on secu ritie s sold or re d e e m e d ..........
......................................
R ecoveries
T ransfe rs fro m valua tio n reserves
.. .
On loans:
R ecoveries...............................................................
T ransfe rs fro m valua tio n re s e rv e s ...................
All o th e r ........................................................................

Texas

Taxes on net incom e—to ta l.......................................
F e d e ra l.........................................................................
S ta te ..............................................................................

8,948
8,334
614

5,310
4,776
534

18,646
18,178
468

58.211
58.211

4,150
3,659
491

1,672
1,564
108

17.080
17.080

16,186
16,186

9.658
9.658

Net incom e after related t a x e s ................................

16,675

11,051

50,327

152,558

13,583

4,185

46,290

36,752

D ividends and interest on capital—to ta l..............
Cash divid e n d s declared on com m on s to c k .. .
D ividends declared on preferred stock and in ­
te re s t on cap ita l notes and d e b e n tu re s .......

7,351
7,323

4,347
4,329

16,216
15,242

71,269
68,799

7,065
6,897

1,936
1,867

23,121
22,989

13,743
13,701

28

18

974

2,470

168

69

132

42

10

689

56

Net additions to cap ital from in co m e...................

9,324

6,704

34,111

81,289

6,518

2,249

23,169

23,009

13,182

32,052

2,910

N u m b e r o f b a n k in g em ployees (exclusive o f
b u ild in g em ployees), D ecem ber 30:
A ctive o ffic e rs .............................................................
O ther e m p lo y e e s .......................................................

1,203
4,791

937
1,881

2,607
9,840

9,085
28,975

713
2,941

343
1,280

2,899
12,168

2,187
10,165

1,058
3,389

3,474
11,306

381
974

1

19,867

52,643

4,866

6,685
6,675

20,591
19,902

1,956
1,900

531

1,760

1

585
16,061

408

248

6

1,607
2,335

1,052

46
729

2,320

522

1,316

1,843

2

23
6,848

1,070
50,911

2,440

72
672

395
9,749

50
4,333

2,001

16

16
7,452

1,320

4,135
302

2,523
486

11,033
3,367

41,822
33,230

3,177
1,076

1,548
175

13,651
1,528

12,205
1,199

3,786
900

13,587
2,902

1,408
262

4,437

1

3,009
3

14,400
56

75,052

222

4,253
13

1,723

15,179
13

13,404
80

4,686
27

16,489
79

1,670
5

391
54
1,039
568
1,013
1,080
291

354
35
459
273
661
650
574

1,873
185
3,453
1,534
2,587
2,359
2,353

7,266
741
15,245
9,112
13,101
13,218
16,147

561
38
864
379
665
1,231
502

234
26
298
175
268
515
207

2,009
193
2,732
1,307
2,938
4,801
1,186

965
167
3,588
2,526
2,269
2,379
1,430

753
73
1,115
536
826
740
616

2,057
215
3,124
1,679
2,880
3,561
2,894

370
204
341
157
400

4

BANKS

352

O INSURED
F

O ccupancy expense of
bank p rem ises
O ccupancy expense of bank p rem ises, n e t total .............................................................................
Rental and o th e r in c o m e ...........................................
O ccupancy exp en se of bank p re m ise s, g r o s s total .............................................................................
S alaries— b u ild in g d e p a rtm e n t o ffic e rs .............
Salaries and w ages— b u ild in g d e p a rtm e n t
e m p lo y e e s ...............................................................
B u ild in g d e p a rtm e n t personnel b e n e fits .........
R ecurring d e p re c ia tio n ............................................
M a in te n a n ce and re p a irs .......................................
Insu ran ce and u tilitie s ............................................
Rents p a id ...................................................................
T a x e s ............................................................................

1

2.157
2.157

INCOME

M em oranda
Recoveries c re d ite d to v a lu a tio n reserves (n o t
in clu d e d in recoveries above):
On s e c u ritie s ..............................................................
On lo a n s .......................................................................
Losses charged to valua tio n reserves (n ot in ­
clude d in losses above):
On s e c u ritie s ................................................
On lo a n s .......................................................................

19,447
14,951
4,496

181

12

N u m b e r o f b u ild in g em ployees, D ecem ber 30:
O ffic e rs .........................................................................
O ther e m p lo y e e s .......................................................

203

221

7
712

23
2,318

1
220

118

867

6

14
294

3
341

9
844

60

N u m b e r o f ba nks, D ecem ber 30..............................

122

165

295

1,139

55

45

250

94

194

596

69




See T h e A nnual R eport fo r 1966, pp. 168-177, and earlier reports.

2

207

Back figures, 1946-1966:

1

Table 119. INCOME OF INSURED MUTUAL SAVINGS BANKS, 1959-1967
( A m o u n t s in t h o u s a n d s o f d o lla r s )

C u rre n t operating ex p en ses—total

D e p o s it in s u r a n c e a s s e s s m e n t s .....................................................
F u r n it u r e a n d f ix t u r e s ( in c lu d in g r e c u r r in g d e p r e c ia t io n ) .
A ll o t h e r c u r r e n t o p e r a t in g e x p e n s e s ...............
....

Net cu rren t operating incom e
S t a t e f r a n c h is e a n d in c o m e t a x e s ...............
F e d e ra l in c o m e t a x e s ................................................

Net cu rrent operating incom e after taxes

216
217

1963

1964

1965

1966

1967 ’

22.733
-5 2

27.576
-1 0 8

541
63 S

53.172
-2 5 5

2,391.646
63.405
1.9 6 i

421

41.773
-9 7

2,203.133
59.996
2.036

296
4r>4

33.538
-1 2 2

2.009.214
56,165
2,119

142.509
226.023
2,141.099

18.767
-3 8

1,790.316
49,756
1.911

147,751
211,278
1.950.930

2,884,789

1,580,276
44.1:4
l/'5 6

153.368
207,164
1,738.621

2,606,012

1,363,735
39,263
1.556

153.659
203.720
1,534.446

2,391,753

1,231,774
36,045
l .44'

156.410
206.367
1,342,896

2,164,115

1,104,10
0

151,931
205,751
1,194,282

1,946,776

67',925
—209

152,458
199.258
1,070,173

32,343
1.584

18.407
27

397
370

379
41 7

302
35 4

513
766

130.873
301.218
2.326.459

7,486
11.990

7.474
13 966

9.081
15 409

9.777
17.451

9,984
17,499

13.121
18.425

543

18.713
21.405

18.095
25.369

25.248
33.275

976

201,402

32.082
64.396
20,006
3.366
22.695

224,789

36,608
71,295
22,656
3,731
25,255

241,685

38.158
75,303
24.134
3.994
27,369

252,963

40.466
79.165
25.419
4,158
29.269

274,544

42.792
84.514
27,202
4.404
32.160

290,471

45.391
89.514
28.138
4.604
34,683

311,755

48.514
93.680
30.080
4.720
37.219

334,451

52.085
98.421
33.593
4.855
38.855

353,947

32.266
9.573

39.297
1o'? 26
j

49.093
11.671

51.38 7
12.532

55.631
13.219

55.510
105,612
34.243
4,945
42,412

35.120
9.665

45.671

11.707
4.740
48.797

37.296
0.929

4 2.563

11.316
4.445
43,096

12,824
5.438
54,465

12.172
5.997
56.317

12,709
7,714
63.049

14.035
9.182
64,924

15.887
10,262
71,393

16.810
11.777
78.055

17,712
13.799
79.714

1,078,945

1,236,974

1,353,498

1,502,619

1,672,232

1,873,644

2,079,998

2,271,561

2,530,842

11,649

13,637

16,011

17,966

22,587

26,022

29,487

22.048
7,439

37,480

31,426
6.054

37,708

11.172
477

13.190
447

15.277
734

17.502
464

10.423

19.168
3.419

11,166

21.657
4.365

33.737
3.971

1,067,296

1,223,337

1,337,487

1,484,653

1,649,645

1,847,622

2,050,511

2,234,081

2,493,134

Dividends and interest on deposits. .

897,469

1,073,542

1,147,767

1,334,005

1,481,869

1,653,768

1,809,350

2,087,072

2,395,762

Net cu rrent operating incom e after taxes and dividends

169,827

149,795

189,720

150,648

167,776

193,854

241,161

147,009

97,372

91,205

142,009

113,763

105,907

113,085

105,454

75,130

177,612

93,536

Non-recurring income, realized profits and recoveries
credited to profit and loss, and tra n sfers from valua­
tion adjustm ent provisions—total
N o n - r e c u r r in g in c o m e ...............................................................
R e a liz e d p r o f it s a n d r e c o v e r ie s o n :
S e c u r it ie s s o ld o r m a t u r e d ................................................................
R e a l e s t a te m o r t g a g e l o a n s .............................................................
O th e r re a l e s t a t e ......................................................................................
A ll o t h e r a s s e t s ................................................................................
T r a n s f e r s f r o m v a lu a t io n a d j u s t m e n t p r o v is io n s 2 o n :
S e c u r it ie s ..................................................................................................
R e a l e s t a te m o r t g a g e l o a n s .........................................................
O th e r re l e
e ......................................................................................
FRASERh e raa s sset ast ...........................................................................
A ll o t
t

Digitized for


21.147
39,498
192
646
2.498
14.270
12,021
17
916

31.133
34,860
283
535
6.576
57.588
10.480
86
468

17.567
54,263
629
337
459
10.873
29.068
36
531

20.453
55.751
739
462
957
5.460
21.465
66

554

28.678
28.752
2.465
807
871
26.995
24.342
46
129

18.048
36.472
1,088
571
1.096
22.029
25.786
92
272

15.242
27.375
1.266
719
1.532
11.817
16.365
121
693

20,211
59,173
773
1,548
3.429
13.635
78.458
20
365

20.377
47.292
705
2.059
1.114
7.774
13.435
64
716

CORPORATION

Fran ch ise and incom e taxes—total. .

12,669
-1

1962
1,755,582

INSURANCE

Occupancy, maintenance, etc. of bank premises (including taxes and re­
curring depreciation )—gross........................................................................
Less: Income {rom bank building....................................................................

951,952
29,154
1,463

1961
1,595,183

DEPOSIT

S a la r ie s — o f f i c e r s ..............................................
S a la r ie s a n d w a g e s — o t h e r e m p lo y e e s .......................................
P e n s io n , h o s p it a liz a t io n a n d g r o u p in s u r a n c e p a y m e n t s ,
a n d o t h e r e m p lo y e e b e n e f i t s ...................................................
F e e s p a id t o t r u s t e e s a n d c o m m i t t e e m e m b e r s ....................
O c c u p a n c y , m a in t e n a n c e , e tc . o f b a n k p r e m is e s ( in c lu d ­
in g t a x e s a n d r e c u r r in g d e p r e c ia t io n ) — n e t ......................

146,353
180,535
921,315

1960
1,461,763

FEDERAL

I n t e r e s t o n U . S . G o v e r n m e n t o b li g a t i o n s ..................................
I n t e r e s t a n d d iv id e n d s o n o t h e r s e c u r i t i e s ................................
I n t e r e s t a n d d is c o u n t o n re a l e s t a t e m o r t g a g e lo a n s — n e t
Interest and discount on real estate mortgage loans— gross...........................
Less: Mortgage servicing fees...........................................................................
Premium amortization ............................................................................
I n t e r e s t a n d d is c o u n t o n o t h e r lo a n s a n d d i s c o u n t s — n e t.
I n c o m e o n re a l e s t a te o t h e r t h a n b a n k b u i l d in g — n e t .........
Income on real estate other than bank building— gross..................................
Less: Operating exvense...................................................................................
I n c o m e o n o t h e r a s s e t s ....................................................
I n c o m e f r o m s e r v ic e o p e r a t i o n s .............................

1959
1,280,347

208

I n c o m e it e m

C u rre n t operating incom e—to ta l.................................................

N on-recurring ex p en ses, realized lo sses charged to profit
and loss, and tra n sfe rs to valuation adjustm ent pro­
vision s—to ta l..............................................................
N o n - r e c u r r in g e x p e n s e s .................................................
R e a liz e d lo s s e s o n :
S e c u r it ie s s o l d ........................................................................................
R e a l e s t a te m o r t g a g e lo a n s ..........................................................
O th e r re a l e s t a t e ..........................................................................
A ll o t h e r a s s e t s .........................................................................
T r a n s f e r s t o v a lu a t io n a d j u s t m e n t p r o v is io n s 2 o n :
S e c u r it ie s .......................................................
R e a l e s t a te m o r t g a g e l o a n s .............................................................
O th e r re a l e s t a t e ...................................................................................
A ll o t h e r a s s e t s ........................................................................................

Net additions to total su rp lu s accounts from o p era tio n s..

109,192
18,941

101,611
17,331

88,234
12,991

93,036
15,306

147,688
10,499

94,744
12,458

66,875
330
260
440

63,846
508
210
315

40,851
1,252
375
404

31,379
1,083
662
424

47,629
1,681
656
655

39,884
2,023
712
936

48,124
3,037
886
927

100,585
7.015
1,644
2,646

63,624
4,891
1,850
1,932

30,347
16,151
40
1,048

23,352
17,679
19
754

19,337
35,377
111
744

30,925
25,252
76
450

11,548
21,534
74
503

8,692
22,266
57
673

6,524
17,394
122
716

13.015
11,590
97
597

5,229
3,796
127
837

134,156

168,140

187,340

147,363

179,250

211,074

223,255

176,933

96,164

173
99
2
37

471
136

278
53

1,658
48

3,389
201

756
64

341
85

1,277
212

585

6

35

14

13

24

46

2,726
231
1
89

9,339
197
26
385

8,110
1,131
13
165

7,721
720
5
218

5,830
501
6
448

12,973
5,136
190
178

6,058
765
258

6,564
841
118
308

6,811
1,220
257
341

2,172
4,040
204
1,016

31,248,671
689,698
5,236,825
4,677,222
19,937,652
244,010
7,002
456,262

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

41,180,616
786,298
4,563,328
5,115,637
29,538,513
543,458
21,114
612,268

44,609,410
768,719
4,351,966
5,057,794
33,121,502
588,196
28,389
692,844

48,466,656
891,727
4,030,731
5,069,343
36,991,670
672,117
27,228
783,840

51,399,898
838,855
3,594,830
5,153,130
40,095,486
842,896
29,263
845,438

55,173,023
953,843
3,156,304
6,312,183
42,794,592
1,003,436
27,987
924,678

Memoranda
R ecoveries credited to valuation adjustm ent p ro visio n s2
(not included in reco veries above) on:
S e c u r it ie s ........................................................................................................
R e a l e s t a t e m o r t g a g e l o a n s .................................................................
O th e r re a l e s t a t e ..................................................................
A ll o t h e r a s s e t s .....................................................................

Realized lo sses charged to valuation adjustm ent provi­
s io n s 2 (not included in realized losses above) on:
S e c u r it ie s .............................................................................
R e a l e s t a t e m o r t g a g e l o a n s ................................................................
O th e r r e a l e s t a t e ..........................................................................................
A ll o t h e r a s s e t s .............................................................................................

Average a sse ts and lia b ilitie s 3
A ssets—to tal...........................................................
C a s h a n d d u e f r o m b a n k s ....................................................................
U n it e d S t a t e s G o v e r n m e n t o b l i g a t i o n s ......................................
O th e r s e c u r i t i e s ....................................................................
....
R e a l e s t a t e m o r t g a g e l o a n s .........................................
. .
O th e r lo a n s a n d d i s c o u n t s ................................................
.. .
O th e r re a l e s t a t e ........................................................................................
A ll o t h e r a s s e t s ................................................................

Liab ilities and su rp lu s accounts—to tal....................................

31,248,671
28,136,390

28,106,089
30,301

30,790,599
32,240

34,339,564
30,822,839

35,916,590
32,320,488

38,152,221
34,350,820

41,180,616
37,175,285

44,609,410
40,334,274

48,466,656
43,985,749

51,399,898
46,590,719

55,173,023
50,247,915

512,192
2,600,089

598,011
2,918,714

506,744
3,089,358

537,630
3,263,771

588,622
3,416,709

660,037
3,615,099

653,614
3,827,293

764,445
4,044,734

730,825
4,194,283

N u m b e r o f a c t iv e o f f ic e r s , D e c e m b e r 3 0 ..........................................
N u m b e r o f o t h e r e m p lo y e e s , D e c e m b e r 3 0 ...................................

2,504
15,110

2,885
16,753

2,977
17,290

3,085
17,617

3,170
18,459

3,281
18,958

3,423
19,451

3,602
19,609

3,708
20,367

N u m b e r o f b a n k s , D e c e m b e r 3 0 ............................................................

268

325

330

331

330

327

329

332

BANKS

116,143
17,692

O INSURED
F

123,664
16,981

INCOME

126,876
11,385

333

T o t a l d e p o s i t s ......................................................
Savings and time deposits .................................................................................................
Demand deposits ............................................................
O th e r l i a b i l i t i e s ............................................................................................
T o t a l s u r p lu s a c c o u n t s ............................................................................

32,113,129
207,359

3 !>,070,511
280,309

36,870,906
304,379

39,997,217
337,057

43,609,062
376,687

46,172,242
418,477

49,805,468
442,447




209

1 Figures for 1967 may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in
rounding techniques.
2 Includes “ Valuation reserves” and "O ther asset valuation provisions (direct write-downs).”
3 For 1959 and 1960, averages of figures reported at beginning, middle, and end of year. For 1961 through 1967, 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.

Table 120. RATIOS OF INCOME OF INSURED MUTUAL SAVINGS BANKS, 1959-1967
I n c o m e it e m

1959

Interest on U. S. Government obligations.................................................................................................................
Interest and dividends on other securities...............................................................................................................
Interest and discount on real estate mortgage loans— n e t....................................................................................
Interest and discount on other loans and discounts— n e t.....................................................................................
Income on other assets.................................................................................................................................................
Income from service operations..................................................................................................................................

C u rre n t o p e ra tin g expenses— t o t a l................................................................................................................................

11.43
14.10
71.96
.99
.58
.94

1961

1962

1963

1964

1965

1966

1967

$100.00
10.43
13.63
73.21
1.25
.51
.96

$100.00
9.52
12.90
74.87
1.18
.57
.96

$100.00
8.91
11.76
76.49
1.29
.56
.99

$100.00
7.89
10.46
78.82
1.42
.51
.90

$100.00
7.09
9.57
80.34
1.55
.60
.85

$100.00
6.18
9.83
81.57
1.75
.78
.89

$100.00
5.47
8.67
82.16
2.04
.69
.97

$100.00
4.54
10.44
80.65
2.35
.87
1.15

14.41
2.30
4.51
1.45
.24
1.67
.69
.34
3.21

14.10
2.20
4 34
1.40
.23
1.65
.65
.39
3.24

13.42
2.10
4.14
1.30
21
1.60
.65
.42
3.00

13.03
2.03
3 92
1 26
.20
1.55
.66
.43
2.98

12.83
2.00
3.78
1.29
.19
1.49
.64
.45
2.99

12.27
1.93
3.66
1.19
17
1.47
.61
.48
2.76

N e t c u rre n t o p e ra tin g in c o m e ...................................................................................................................................................

84.27

84.62

84.85

85.59

85.90

85.58

86.97

87.17

87.73

.91
.87
.04

.93
.90
.03

1.00
.96
.04

1.02
1 00
.02

1.16
98
.18

1.20
1 00
.20

1.24
93
.31

1.44
1 21
.23

1.31
1.17
.14

N e t c u rre n t o p era tin g income a fte r t a x e s .........................................................................

83.36

83.69

83.85

84.57

84.74

85.38

85.73

85.73

86.42

D ivid end s and in te re s t on d e p o s its ...............................................................................

70.10

73.44

71.95

75.99

76.12

76.42

75.65

80.09

83.04

N e t c u rre n t o p era tin g incom e a fte r tax e s and d iv id e n d s ..........................................................................................

13.26

10.25

11.90

8.58

8.62

8.96

10.08

5.64

3.38

4.10
.65
3.45
.03
3.42
2.87
.55

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
.39

4.73
.67
4.06
.05
4.01
3.60
.41

4 85
.65
4.20
.06
4.14
3.71
.43

4.93
.64
4.29
.06
4.23
3 73
.50

5.07
.65
4.42
07
4.35
4.06
.29

5.23
.64
4 39
.07
4.52
4.34
.18

..................

State franchise and income taxes.................................................................................................
Federal income taxes....................................................................................................................................................

A m ounts per $100 of to ta l assets
Current operating income— to ta l.......................................................................................
Current operating expenses— to ta l.................................................................................................................................
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 - to ta l.......................................................................................
Non-recurring expenses, realized losses charged to profit and loss, and transfers to valuation adjustment
provisions — to ta l..........................................................................................................................................................
Net additions to total surplus accounts from operations............................................................................................

.29

.41

.31

.28

.27

.24

.15

.34

.16

.41
.43

.36
.49

.32
.52

28
.39

24
.44

20
.47

.19
.46

.29
.34

.17
.17

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.................

2.79
3.86
4.62
5.19
3.19
5.16

2.99
3.96
4.73
5.18
3.49
5.76

3.17
3.94
4.92
5.31
3.57
6.06

3.29
4.01
5.08
5.14
3.92
4.52

3.37
3.98
5.19
5.07
4.02
5.25

3.52
4.10
5.25
5.70
4.13
5.84

3.67
4.17
5.27
6.22
4.15
5.83

3.96
4.39
5.34
6.31
4.52
4.37

4.15
4.77
5.44
6.77
4.81
2.29

Number of banks, December 30........................................................................................

268

325

330

331

330

327

329

332

333

S pecial ratio s


Note: For footnotes
http://fraser.stlouisfed.org/ to this Table,
Federal Reserve Bank of St. Louis

see Table No. 119, p. 209.

CORPORATION

15.15
2.39
4.72
1.51
.25
1.72
.80
.34
3.42

INSURANCE

15.38
2.50
4.88
1.55
.26
1.73
.80
.32
3.34

DEPOSIT

2.51
5.03
1.56
.26
1.77
.88
.35
3.37

FEDERAL

Salaries— officers...........................................................................................................................................................
Salaries and wages— other employees...........................................................................
Pension, hospitalization and group insurance payments, and other employee benefits...................................
Fees paid to trustees and committee m embers.......................................................................................................
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 expenses...........................................................................

F ra n ch ise and incom e tax e s — t o t a l .......................................................................................................

1 5 .7 3 ^

1960

210

A m o unts per $100 of c u rre n t o p e ra tin g incom e
C u rre n t o p e ra tin g incom e— t o t a l............................................................................................................................................. $100.00

Table 121. SOURCES AND DISPOSITION OF TOTAL INCOME, INSURED MUTUAL SAVINGS BANKS, 1959-1967
(A m o unts in m illions o f d o llars)
Inco m e item

1959

1960

1961

1962

1963

1964

1965

1966

1967

Amount

Disposition
S alaries and w a g e s 1 ...........................................................................
D iv id e n d s and in te re s t on d e p o s its ......................................
O ther c u rre n t e x p e n s e s ............................................................
N on-recu rring expenses, losses, e tc .............................
In co m e ta x e s ........................................................................
A d d itio n s to ca p ita l a c c o u n ts ..................................

1,372

1,604

1,709

1,861

2,060

2,270

2,467

2,783

2,978

934
146
181
19
91

1,089
153
199

1,213
152
206
24
114

1,366
156
206
27
106

1,562
154
204
27
113

1,772
153
207
32
105

1,993
148

211

40
75

2,194
143
226
43
177

2,394
131
301
58
94

120

134
1,073
91
124
14
168

142
1,148

149
1,334
104
109
18
147

159
1,482
115

168
1,654

177
1,809
135
93
29
223

189
2,087
146
148
37
177

2,396
154
95
37
96

200

O INSURED
F

S o u rce s
L o a n s .......................................................................................
U.S. G o v e rn m e n t o b lig a tio n s .............................................................
O ther s e c u ritie s ......................................................................................
O ther c u rre n t in c o m e ........................................................................
N o n-recu rring incom e, recoveries, e tc ............................................

INCOME

Total in co m e ...............................................................................

897
81
127

12

134

21

142

100

116
16
187

102

23
179

122
88
26
211

P ercentage distribution

S o u rce s
L o a n s ...........................................................................
U.S. G ove rnm ent o b lig a tio n s ...........................
O ther s e c u ritie s .....................................................
O ther c u rre n t in c o m e ..............................................
N o n -re cu rrin g incom e, recoveries, e tc .. .
Disposition
Salaries and w age s 1 ..............................
D ivide nds and in te re s t on d e p o s its . ..
O ther c u rre n t e x p e n s e s .............................................
N on-recu rring expenses, e tc .....................
Inco m e ta x e s ..........................................
A d d itio n s to ca p ita l a c c o u n ts ..................................

100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
68.1

71.0
8.9

6.6

67.9
9.5
12.4
1.3
8.9

8.7
65.4
5.9
9.3
.9
9.8

8.3
66.9
5.7
7.7
.9
10.5

8.3
67.1
5.9

10.7
13.2
1.4




1.4
6.7

6.8
1.0

10.9

73.3
8.4

75.8
7.5
9.9
1.3
5.5

78.1
9.1
1.4
4.6

3.0

71.6
5.6
5.9

7.7
71.9
5.6
5.0

7.4
72.9
5.4
3.9

7.2
73.3
5.5
3.8

7.9

8.7

9.3

9.0

11.1

1.5
5.7

8.0
1.0

1.1

6.8

1.1

80.8

6.0
8.6
1.6

1.2

78 8
5.1

80.4
4.4

6.4

1.9
3.2

8.1
1.6

68

75.0
5.2
5.3
13
6.4

10.1

6.7
80.5
5.2
3.2

12

3.2

211

1 Includes pension, hospitalization and other employee benefits and fees paid to trustees and committee members.
Note: Due to rounding differences, components may not add to totals.

12.0

BANKS

Total in co m e ............................................................

212

Table 122. INCOME OF INSURED MUTUAL SAVINGS BANKS IN THE UNITED STATES, BY STATE, 1967
( A m o u n t s in t h o u s a n d s o f d o lla r s )

I n c o m e it e m

C o n n e c t­
ic u t

M a in e

I n d ia n a

M assachu­
New
H a m p s h ir e
s e tts

11,090

8,204

1,417
1,729
312
875
731
2,533

241
678
1,233
555
329
201
2,249

35,238

7,263
9.410
3,279
514
4,237
4,746
509
1.410
1,650
8,187

1,402

5,529

7,649

37
32
36
363

1,147
1,379
332
169
653
767
114
244
223
1,382

2,530,842

201,440

3,618

32,838

37,708

33.737
3.971

6,753

6,515
238

106

Net cu rren t operating incom e after taxes.

2,493,134

D ividends and interest on d e p o sits.........................................

C u rre n t operating e x p en ses—total
S a la r ie s — o f f i c e r s ................................................................................................
S a la r ie s a n d w a g e s — o t h e r e m p lo y e e s ................................................
P e n s io n , h o s p it a li z a t io n a n d g r o u p in s u r a n c e p a y m e n t s , and
o t h e r e m p lo y e e b e n e f it s
......................................................................................
F e e s p a id t o t r u s t e e s a n d c o m m i t t e e m e m b e r s ........................................
O c c u p a n c y , m a in t e n a n c e , e t c . o f b a n k p r e m is e s ( in c lu d in g ta x e s
a n d r e c u r r in g d e p r e c ia t io n ) — n e t .................................................................
O c c u p a n c y , m a in t e n a n c e , e t c . o f b a n k p r e m is e s ( in c lu d in g ta x e s
a n d r e c u r r in g d e p r e c ia t io n ) — g r o s s ............................................................
L e s s : I n c o m e f r o m b a n k b u i l d i n g ...................................................................
D e p o s it in s u r a n c e a s s e s s m e n t s ...........................................................................
F u r n it u r e a n d f ix t u r e s ( in c lu d in g r e c u r r in g d e p r e c ia t io n ) ....................
A ll o t h e r c u r r e n t o p e r a t in g e x p e n s e s ................................................................

Net cu rrent operating in co m e .............
F ra n ch ise and incom e taxes—total.
S t a t e f r a n c h is e a n d in c o m e t a x e s .
F e d e ra l in c o m e t a x e s ...........................

Net cu rren t operating incom e after taxes and dividends.




237,390

353,947

55.510
105,612
34,243
4,945
42,412
55,631
13,219
17,712
13,799
79,714

35,950

11,108
28,721
185,833
188,424
2,518
73
8,774
1
1
87
76
670
2,273

5,020

1,023
442
3,258
3,271
13
103

2
2

" "l

420
315

42
113
150

4,444
4,607
25,398
25,502
101
3

10

2

2,562

93,609

1,597
2,974
853

110

1.918
1,962
626

82,519

47,572

635

216
419

1,467

106

121
7
114

1,326
141

380

194,687

3,512

32,717

34,603

81,052

47,080

2,395,762

176,115

2,917

28,795

32,121

81,925

42,712

97,372

18,572

595

3,922

2,482

-873

4,368

492

112

CORPORATION

1,023
2,494
631
60
870
933
63
264
90
2,217

185

130.873
301,218
2,326,459
2,391,848
63,405
1,984
67.925
-209
767
976
25.248
33,275

INSURANCE

55,776
3.975
5,752
41,296
41,944
626
2
2
3.976
-2 1
34
55
200
598

42,887

2,884,789

DEPOSIT

11,622
7,592
71,639
73,530
1,511
380
1,892
6
17
1
1
475
383

3,857
5,681
26,785
27,224
439
1,683
2
2
61
39
13
326

I n t e r e s t o n U . S. G o v e r n m e n t o b li g a t i o n s .............................................
i n t e r e s t a n d d iv id e n d s o n o t h e r s e c u r i t i e s ...........................................
I n t e r e s t a n d d is c o u n t o n re a l e s t a t e m o r t g a g e lo a n s — n e t . . . .
I n t e r e s t a n d d is c o u n t o n re a l e s t a t e m o r t g a g e lo a n s — g ro s s .
L e s s : M o r t g a g e s e r v ic in g f e e s ..................................................................
P r e m iu m a m o r t i z a t i o n .....................................................................
I n t e r e s t a n d d is c o u n t o n o t h e r lo a n s a n d d is c o u n t s — n e t .........
in c o m e o n re a l e s t a te o t h e r t h a n b a n k b u il d in g — n e t ..................
I n c o m e o n re a l e s t a t e o t h e r t h a n b a n k b u i l d in g — g r o s s .........
L e s s : O p e r a t in g e x p e n s e ..............................................................................
In c o m e o n o t h e r a s s e t s .....................................................................................
I n c o m e f r o m s e r v ic e o p e r a t i o n s ...................
....................................

38,367

M a r y la n d

FEDERAL

C u rre n t operating incom e—to ta l..........................................................

A ll S ta te s
a n d o th e r
a re a s

N o n -re c u rrin g in c o m e , re a liz e d p r o fits and re coveries c re d ite d to
p r o fit and loss, and tra n s fe r s fro m v a lu a tio n a d ju s tm e n t p ro ­
vis io n s — t o t a l..............................................................................................
N on-recu rring in c o m e ..................................................................................
Realized p ro fits and recoveries on:
S ecurities sold or m a tu re d .....................................................................
Real esta te m o rtga ge lo a n s ...............
O ther real e s ta te ......................................................................................
All oth er a s s e ts ..........................................................................................
T ransfers fro m valua tio n a d ju s tm e n t provisions on:
S e c u ritie s .....................................................................................................
Real estate m ortgage lo a n s ..................................................................
O ther real e s ta te ......................................................................................
All oth er a s s e ts ..........................................................................................

8,696

1,386

20,377

1,175

89

47,292
705
2,059
1,114

5,235
83
181
173

1,180
18
27

7,774
13,435
64
716

1,452
193

6
6

94,744

2,973
57

983

28
37

634
30

6

81

1

149
39

"3 4 4

204

52
2,455

2,549
204
1,515

1
2

16
173

201

49

428

8,851

423

1,985

535

3,248

12,458

1,290

3

253

114

217

219

63,624
4,891
1,850
1,932

4,341
891
53
664

97

1,124
37
52
43

245
18

2,777
93
25
81

978
7
62
107

5,229
3,796
127
837

1,102
122

214
96

238
189
45
4

128

36

ii5

N et a d d itio n s to to ta l s u rp lu s acco unts fro m o p e ra tio n s ..................

96,164

18,417

187

3,323

4,920

-3,138

5,025

2,172
4,040
204
1,016

N um b er of banks, D ecem ber 3 0 ...............................................................................

333

1
403

2,726
231

5

89

50

1

6
6
85
70

30

856
32

213




19
30

BANKS

M e m o ra n d a
Recoveries c re d ite d to v a lu a tio n a d ju s tm e n t provisions (n o t included
in recoveries ab ove) on:
S e c u ritie s .........................................................................................................
Real esta te m ortgage lo a n s ......................................................................
O ther real e s ta te ...........................................................................................
All oth er a s s e ts ..............................................................................................
Realized losses charged to valua tio n ad ju s tm e n t provisions (not
included in realized losses above) on:
S e c u ritie s .........................................................................................................
Real estate m ortgage lo a n s .....................................................................
O ther real e s ta te ...........................................................................................
All oth er a s s e ts ..............................................................................................

62
326

1,892

O INSURED
F

N o n -re c u rrin g expenses, re a lize d losses charged to p r o fit and loss,
and tra n s fe rs to v a lu a tio n a d ju s tm e n t p ro visio n s— to t a l...........
N on-recu rring e x p e n s e s ..............................................................................
Realized losses on:
S ecurities s o ld ............................................................................................
Real esta te m o rtga ge lo a n s ...................................................................
O ther real e s ta te .......................................................................................
All o th e r a s s e ts ..........................................................................................
T ransfe rs to valu a tio n a d ju s tm e n t provisions on:
S e c u ritie s .....................................................................................................
Real esta te m o rtgage lo a n s ...................................................................
O ther real e s ta te ......................................................................................
All oth er a s s e ts ..........................................................................................

INCOME

93,536

214

Table 122. INCOME OF INSURED MUTUAL SAVINGS BANKS IN THE UNITED STATES, BY STATE, 1967— CONTINUED
(A m o unts in tho usan ds o f dollars)
In co m e item

New
York

P ennsyl­
vania

W iscon­
sin

Other
S tates or
areas 1

51,883
2,426
6,907
39,667
41,318
1,649

12,453
896
224
10,396
10,485
89

48,335
2,915
5,051
39,280
39,551
271

1,794
189
126
1,360
1,379
19

50,121
1,827
7,974
38,537
39,695
1,148

786
4
5

466
16
16

49

817
-7

1,124
1,063

2,430
-55
87
142
40
468

90
57

224
383

6

19
271
702

216,196
30,739
66,908

23,516
2,895
7,831

8,485
1,778
2,058

1,883
516
441

6,772
1,425
2,148

415

112

7,758
1,414
2,071

1,918
403

22,043
2,978

2,170
60

904
130

126
58

714
70

19
9

547

2,103

27,745

2,101

885

145

602

54

809

2,244
141
793
963
4,129

35,936
8,191
11,697
7,970
46,116

4,360
2,259
1,091
1,079
6,289

1,197
312
320
304
2,106

191
46
77
75
445

860
258
266

56

1,345

2
11
21

94

1,229
420
303
254
2,259

Net cu rren t operating in co m e .........................................................................

105,971

1,729,913

152,460

43,398

10,570

41,563

1,379

42,363

Fra n ch ise and incom e taxes—to ta l................................................................
S tate fra n c h is e and incom e taxes
Federal incom e ta x e s .......................
.................................

621

471
431
40

1,585
1,541
44

113

1
112

703

2

703

2

171

621

24,468
23,196
1 272

Net cu rren t operating incom e after t a x e s ..................................................

105,350

1,705,445

151,989

41,813

10,457

40,860

1,377

42,192

D ividends and interest on d e p o sits...............................................................

98,948

1,666,840

140,135

38,387

9,514

36,690

1,230

39,424

Net cu rren t operating incom e after taxes and d iv id e n d s....................

6,402

38,605

11,854

3,426

943

4,161

147

2,768

C u rre n t operating incom e—to ta l..................................................................
In te re s t on U. S. G ove rnm ent o b lig a tio n s .............................................
In te re s t and d iv id e n d s on o th e r s e c u ritie s ...........................................
In te re s t and d is c o u n t on real esta te m ortgage loans— n e t..............
In te re s t and d is c o u n t on real estate m ortgage loans— g ross.......
Less: M ortgage servicing fe e s ..............................................................
P rem iu m a m o rtiz a tio n .............
. ...
In te re s t and d is c o u n t on o th e r loans and d is c o u n ts — n e t...............
Inco m e on real esta te o th e r th a n bank b u ild in g — net.
Inco m e on real esta te o th e r th a n ba nk b u ild in g — gross
Less: O pe rating e x p e n s e ..........................................................................
Inco m e on o th e r a s s e ts ................................................................................
Inco m e fro m service o p e ra tio n s .................................................................

125,069
10,294
15,444
96,268
98,588
1,830
490
916
-17




21

6
8
2

2

1

202

10

12

64

95

101

122

49

CORPORATION

19,098
3,263
5,526

W ash­
ington

INSURANCE

C u rre n t operating ex p en ses—to ta l................................................................
S alaries— o ffic e rs .............................................................................................
S alaries and w ages— o th e r e m p lo y e e s .....................................................
Pension, h o s p ita liz a tio n and group in su ra n ce paym ents, and
o th e r em ployee b e n e fits ..........................................................................
Fees paid to tru s te e s and c o m m itte e m e m b e rs ...................................
O ccupancy, m a in tena nce, etc. o f bank prem ises (including taxes
and re curring de p re cia tio n )— n e t............................................................
Occupancy, m a in tena nce, etc. o f bank prem ises (including taxes
and re curring d e p re cia tio n )— g ro s s ....................................................
Less: Incom e fro m bank b u ild in g ..........................................................
D eposit insurance a s s e s s m e n ts .................................................................
F urniture and fix tu re s (in c lu d in g re cu rrin g d e p re c ia tio n )..................
All o th e r c u rre n t o p e ra tin g e x p e n s e s ........................................................

V erm ont

DEPOSIT

175,976
8,884
32,737
130,722
137,555
6,797
36
1,440

38
235
1,929

1,946,109
67,413
179,960
1,616,020
1,663,382
46,394
968
39,713
-184
407
591
19,331
23,856

Rhode
Island

FEDERAL

New
Jersey

N on-recurring incom e, realized profits and recoveries credited to
profit and loss, and tra n sfe rs from valuation adjustm ent pro­
vision s—to tal..................................................................................................
N on-recu rring in c o m e ...................................................................................
Realized p ro fits and recoveries on:
S ecurities sold or m a tu re d .......................................................................
Real estate m ortgage lo a n s ....................................................................
O ther real e s ta te ....................................................................................
All o th e r a s s e ts ........................................................................................
T ransfers fro m valua tio n a d ju s tm e n t provisions on:
S e c u ritie s ...................................................................................................
Real estate m ortgage lo a n s .....................................................................
O ther real e s ta te ........................................................................................
All o th e r a s s e ts ............................................................................................

N u m b e r o f ba nks, D ecem ber 30....................................................................

107
44

1,067
456

2

526
74

1,574
47

34,488
290
1,734
318

786

1,130
48

5,390
10,219
58
119

569

1,533
395

68,096
9,442

5,835
136

1,092
175

72
27

241
153

41
3

900
31

776
44
7
35

47,643
3,708
1,046
878

5,129
30
47

266
4
551
82

19
16
3
4

41
15
3

37

151
27

1

23

50
226

2,613
2,571
16
179

463

1

28

4
25

500
159

14

2

7,553

38,092

7,808

5,749

993

1

222
12

88

64

1

31

8

4
177

6

1

23

78
3,906

1

21

125

2,102

1

6
1

2

15
3

11

41
5

134

1

1

8
4,174

126

2,935

2,382
3

258

i

5

112

1 873

7

7

200

50

12
10

1

28

6

5

16
4

11
3

9

215

1 Other States or areas include Alaska, Delaware, Minnesota, Ohio, Oregon, Puerto Rico, and Virgin Islands.




83
7

20

3,415

BANKS

Memoranda
Recoveries cre dited to valua tio n a d ju s tm e n t provisions (n ot included
in recoveries above) on:
S e c u ritie s ...........................................................................................................
Real esta te m ortgage lo a n s ........................................................................
O ther real e s ta te .............................................................................................
All oth e r a s s e ts . . . .
................................................................................
Realized losses charged to valua tio n a d ju s tm e n t provisions (not
included in realized losses above) on:
S e c u ritie s ...........................................................................................................
Real estate m ortgage lo a n s .................................................. ....................
O ther real e s ta te .............................................................................................
All o th e r a s s e ts ................................................................................................

254
55

1,789
239

O INSURED
F

Net additions to total su rp lu s accounts from operations.....................

25

67,583
14,947

INCOME

Non-recurring exp en ses, realized losses charged to profit and loss,
and tra n sfers to valuation adjustm ent provisions—total.............
N on-recu rring e x p e n s e s ...............................................................................
Realized losses on:
S ecurities s o ld ..............................................................................................
Real estate m ortgage lo a n s .....................................................................
O ther real e s ta te .........................................................................................
All oth e r a s s e ts ............................................................................................
T ransfe rs to valua tio n a d ju s tm e n t provisions on:
S e c u ritie s .......................................................................................................
Real estate m ortgage lo a n s .....................................................................
O ther real e s ta te .........................................................................................
All oth er a s s e ts . . .
...............................................................................

122

2,684
911

BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES;
DEPOSIT INSURANCE DISBURSEMENTS
Table 123.

Number and deposits of banks closed because of financial difficulties,
1934-1967
Table 124. Insured banks requiring disbursements by the Federal Deposit Insurance
Corporation during 1967
Table 125. Depositors, deposits, and disbursements in insured banks requiring disburse­
ments by the Federal Deposit Insurance Corporation, 1934-1967
Banks grouped by class of bank, year of deposit payoff or deposit assump­
tion, amount of deposits, and State
Table 126. Recoveries and losses by the Federal Deposit Insurance Corporation on
principal disbursements for protection of depositors, 1934-1967




BANKS
No noninsured bank failed in 1967.
For detailed data regarding noninsured banks which suspended
in the years 1934-1962, see the Annual Report for 1963, pp.
27-41. For 1963-1966, see Table 123 of this Report, and previous
Reports for respective years.
Sources of data

INSURANCE
DISBURSEMENTS
217




Insured banks: books of bank at date of closing; and books of
FDIC, December 31, 1967.

DEPOSIT

Noninsured bank failures

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;
additional disbursements are made in those cases as advances for
protection of assets in process of liquidation and for liquidation
expenses.

AN
D

CLOSED

Deposit insurance disbursements

Table 123. NUMBER AND DEPOSITS OF BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES, 1934-1967
D eposits (in th o u s a n d s o f do llars)
Insured
Year

N on­
in s u re d

T otal

Total

Insu red
With
d isb u rse ­
m ents
by
FD IC 3

Total

N on­
insured

1

Total

475

467

908,029

61,973

846,056

52

9

9
25
69
74
73
60
43
14

37,332
13,987
28,100
34,141
60.444
160,211
142,787
18,805
19,541
12,525
1,915
5,695
494
7,207
10,674
9,217
5,555
6,464
3,313
45,101
2,948
11,953
11,689
12,502
10,413
2,593
7,965
10,611
4,231
23.444
23,867
45,256
106,171
10,878

35,364
583
592
528
1,038
2,439
358
79
355

1,968
13,404
27,508
33,613
59,406
157,772
142,429
18,726
19,186
12,525
1,915
5,695
347
7,040
10,674
6,665
5,513
3,408
3,170
44,711
998
11,953
11,329
11,247
8,240
2,593
6,930
8,936
3,011
23,444
23,438
43,861
103,523
10,878

2
1
2
6

3
9
5
5
4
5
4
5
3
3
9
3

2

9
3

2

6
3
7
7

12
5

2
3

26
69
76
73
60
43
14
20
5

2
1
1

5
3
5
4

2

3
4

20

5

2
1
1

5
3
4
4

2
3

2

2
2

5

5

4
3

4
3

5

5

2
2
1
1
2

7
5
7
4

2
1
1

147
167
2,552
42
3,056
143
390
1,950
360
1,255
2,173
1,035
1,675

1,220
429
1,395
2,648

41,147

804,909

85
328

1,190

26,449

10,084

1,968
13,319
27,508
33,285
59,406
157,772
142,429
18,726
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
2,593
6,930
8,936

3,011
23,444
23,438
43,861
103,523
10,878

1 For information regarding each of these banks, see Table 22 in the Annual Report of the Federal Deposit Insurance Corporation for 1963, page 221 of the report for
1964, page 179 of the report for 1965, and page 183 of the 1966 report. One noninsured bank placed in receivership in 1934, with no deposits at tim e of closing, is omitted
(see Table 22, note 9 ). Deposits are unavailable for 7 banks.
2 For information regarding these cases, see Table 23 of the Annual Report for 1963.
3 For information regarding each bank, see the Annual Report for 1958, pp. 48-83 and pp. 98-127, and tables regarding deposit insurance disbursements in subsequent
annual reports. Deposits are adjusted as of December 31, 1967, and exclude deposits for three cases requiring disbursements by the Corporation; 1 bank in voluntary
liquidation in 1937 (payoff case no. 9 0); 1 noninsured bank in 1938 with insured deposits at date of suspension, its insurance status having been terminated prior to
suspension (payoff case no. 162); and 1 foreign-owned bank closed in 1941 by order of the Federal Government (payoff case no. 234).




CORPORATION

131

61
32
72
83
80
72
48
16
23
5

W ith
d is b u rs e ­
m e nts
by
F D IC 3

INSURANCE

606

W ith o u t
d is b u rs e ­
m e n ts
by
FDIC 2

DEPOSIT

1934..
1935..
1936..
1 937..
1938..
1939..
1940..
1941..
1942..
1943..
1944..
1945..
1946..
1 947..
1948..
1949..
1 950..
1951..
1 9 5 2 ...
1953..
1954..
1955..
1956..
1957..
1958..
1959..
1960..
1961..
1 962..
1 963..
1964..
1965..
1 966..
1967..

W ith o u t
disb u rse ­
m e nts
by
FDIC 2

FEDERAL

Total

1

218

N um ber

First p a ym e n t
to d e positors
or d is b u rs e m e n t
by FDIC

D ate o f
closing

B ank o f Pine A pple,
Pine A pple, A labam a

SM

1,265

Jan uary 31, 1967

281

S outhern B ank o f St. P etersburg,
St. P etersburg, Florida

NM

1,277

February 17,1967 February 21, 1967

282

Sacul S tate B ank,
Sacul, Texas

NM

617

283

The C edar Vale N ational Bank,
Cedar Vale, K ansas

N

Receiver or
liq u id a tin g ag ent

D is b u rs e m e n t 2

D eposit
Pa28°0ff
y

U. S. Gov­
e rn m e n t
o b lig a tio n s

O ther
secu ritie s

June 30, 1967

Ju ly 7, 1967

Ju ly 13, 1967

1

Loans,
discou nts,
and
o ve rdra fts

$2,304,479

Federal D eposit
Insu ran ce C orporation

1,902,958

Federal D eposit
Insu ran ce C orporation

582,953

Federal D eposit
In su ra n ce C orporation

3,073,810

Federal D eposit
In su ra n ce C orporation

L iab ilitie s and cap ita l acco unts
B anking
house,
fu rn itu re
& fixtu re s

O ther
real
esta te

O ther
assets

1

Total
D eposits

O ther
lia b ilitie s

C apital
stock

Other
capital
a cco unts

pT o ,f

365,709

987,920

281

183,577

37,491

2,878,325

1

19,741

4,289,187

3,884,599

150.000

254,588

912,626

1,368,467

414,675

4,380

2,883,725

2,451,411

500.000

-67,686

282

141,455

113,622

30,000

462,813

5,416

283

560,282

580,812

6,000

2,849,111

37,200

8,665
23,126

761,971

723,985

25.000

12,986

1,720

4,058,251

3,818,263

50.000

189,988

DISBURSEMENTS

D epo sit

INSURANCE

Cash and
due fro m
banks

6 , 1967

Jun e 23, 1967

1,570

A ssets
Case
num ber

February

DEPOSIT

N um ber o f
d e p o s ito rs '

AN
D

Class o f
bank

N am e an d location

CLOSED

Case
num ber

BANKS

Table 124. INSURED BANKS REQUIRING DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION DURING 1967

1 Figures as determined by FDIC agents after adjustment of books of the bank immediately following its closing.
2 Includes disbursements made to December 31, 1967, plus additional disbursements estimated to be required in these cases.

219




Table 125.

DEPOSITORS, DEPOSITS, AN D DISBURSEMENTS IN INSURED BANKS REQUIRING DISBURSEMENTS BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION, 1934-1967

B A N K S G R O U PE D BY CLASS OF BA NK , YEAR OF DEPOSIT PAYOFF OR DEPOSIT A SSU M PT IO N , AM O UN T OF D E PO SIT S, AND STATE

C la ssific a tio n

A s su m p ­
Total
T otal P a y o ff tion
c a ses ca ses

D isb u r se m e n ts b y FDIC’
(in th o u s a n d s o f d o lla rs)
va c
Principal d isb u r se m e n ts A d x p n n es se sa n d
e e
2
P a y o ff A ssu m p Total P a y o ff A ssu m p
su m
c a s e s ctio n s
c a s e s c tion s
P a y o ff A s tion p ­ P a y o ff A ssu m p ­
a se
a se
tion
Total c a s e s 3
cases 4 ca ses 5 ca ses 6

85
25
360

30
9
241

55
16
119

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
2
7
5
7
4

9
24
42
50
50
32
19
8
6
4
1

Banks with deposits of—

107
109
61
72
52
41
16
6
5
1

83
86
37
35
17
14
4
3
1

L e ss th a n $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. . . .
$10,000,000 to $25,000,000.. .
$25,000,000 to $50,000,000.. .
$50,000,000 to $100,000,000. .




4
1
1
3
3
1
5
2
7
3
1
4

1
27
25
24
28
24
7
14
1
1
1
1
5
3
4
4
2
3
2
2
1
1
1

2
6
24
23
24
37
35
27
12
3
4
1

332,675 84,215
3/3,810 88,204
926,112 329,579

248,460 184,000 80,597
285,606 194,421 33,303
596,533 437,823 132,097

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
9,587
3,073
11,171
8,301
36,430
19,934
15,817
95,424
4,729

15,767
32,331
43,225
74,148
44,288
90,169
20,667
38,594
5,717
16,917
899

1,968
12,234 13,319
45,793 27,508
56,239 33,349
159,673 59,684
302,549 157,772
235,694 142,429
34,411 29,718
54,971 19,186
10,454 12,525
4,588
1,915
5,695
12,483
1,383
347
10,637
7,040
18,540 10,674
5,671
5,475
6,366
5,513
5,276
3,408
6,752
3,170
24,469 18,262
1,811
998
9,710 11,953
9,732 11,329
1,163
8,240
5,207
2,593
6,930
8,936
23,444
23,438
1,454 43,861
94,412 103,528
10,878

38,347
83,370
91,218
161,923
211,161
257,640
222,948
198,137
284,809
83,044

29,695
65,512
57,287
74,870
66,768
73,531
32,665
89,189
12,481

8,080
5,465
2,338
4,380
3,073
11,171
8,301
36,430
19,934
14,363
1,012
4,729

8,652
17,858
33,391
87,053
144,393
184,109
190,283
108,948
272,328
83,044

6,418
17,759
21,881
55,972
74,044
128,929
105,189
113,498
199,594
92,960

1,968
9,091
11,241
14,960
10,296
32,738
5,657
14,730
1,816
6,637
456

6,503
4,702
1,163
4,156
2,593
6,930
8,936
23,444
23,438
42,889
774
10,878
4,947
13,920
12,921
27,935
22,210
46,744
27,715
49,429
40,176

103,403 78,716
161,119 105,888
305,726 192,239

38,407
25,617
99,931

941
8,891
14,781
19,161
30,479
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
3,026
1,835
4,765
6,200
19,242
13,770
11,506
15,075
8,272

941
6,026
8,056
12,045
9,092
26,196
4,895
12,278
1,612
5,500
404

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

972
102,749
1,471
3,839
8,961
28,037
51,834
82,185
77,474
64,068
159,418
92,960

5,000
12,906
14,993
36,675
41,103
69,111
44,112
59,514
83,427
10,000

4,438
2,795
1,031
2,796
1,835
4,765
6,200
19,242
13,770
11,033
735
8,272
4,309
11,554
10,550
20,957
17,085
32,454
17,828
39,444
9,774

212,888

3,005

48,126

40,309
80,271
92,308

820
196
1,989

6,395
19,273
22,458
272
934
905
4,902
17,603
17,237
1,479
1,076
72
37
96
11
365
200
166
524
127
195
428
145
665
51
31

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
230

473
14,340
691
1,352
4,443
15,718
24,018
36,657
26,284
20,070
73,653
10,000

43
108
67
103
93
162
89
50
38
53
9

106
87
20
38
51
82
154
274
570
486
188
134
88
209
163
383
353
479
434
309
422

108
495
154
173
611
2,288
3,545
5,733
5,491
5,404
24,723
82

CORPORATION

N ation al b a n k s .........................
S ta te b a n k s m e m b e r s
F .R .S ............................................
B a n k s n o t m e m b e r s F .R .S .
Year 7
1934
. .
1935....................................................
1936....................................................
1937....................................................
1938....................................................
1939....................................................
1940....................................................
1941....................................................
1942....................................................
1943....................................................
1944....................................................
1945
........................
1946
.................................
1947
...................
1948
.............................
1949
1950
............................
1951
......................................
1952
...................
1953
............................
1954
. .
1955....................................................
1956....................................................
1957
........................
1958....................................................
1959
. .
I960
........................
1961
1963
........................
1964
1965....................................................
1966....................................................
1967

570,248 376,843 163,955

INSURANCE

190 1,632,597 501,998 1,130,599 816,244 245,996

DEPOSIT

280

Class of bank

FEDERAL

470

All banks...............................

220

D e p o sits 1
N u m b er o f d e p o sito r s ' (in th o u s a n d s o f dollars^

N u m b er o f b a n k s

S ta te
A la b a m a ............
A r k a n s a s ...........
C a lifo r n ia ...........
C o lo ra d o ............
C o n n e c tic u t. . . .

4
7
4
3

?

4

Io w a .....................
K a n s a s .................
K e n tu c k y ............
L o u is ia n a ............
M a in e ...................

23
3

O re g o n .................
P e n n s y lv a n ia . . .
S o u th C a ro lin a ..
S o u th D a k o ta . . .
T e n n e s s e e .........

1
0

2

5
3

4
5
3

49
5

36
3

6
1

39

26
7
29
4

1
1
2
29
2
23
1
2
32
3
9

W is c o n s in ...........
W y o m in g .............

31

1

3

1

3

2
2
8
1
8
1
2
2
8
18

26

2
4

3

2
0

3

2
6
13

2
1

27

23
5

1
1
2
3

1
2
1
1
1
4

6
1
5
1
1
1
1

5,991
9,410
2,451
79,721
30,006

1,725
8,797
2,451
41,802
12,549

4,266
613

5,908
1,959
1,894
50,765
13,593

16,055
6,715
36,139
6,087
9,710

4,066
3,824
18,490
6,087

22,567
9,046
115,863
2,650
1,651

6,643

37,919
17,457

29,478
849
6,069

9,401
5,052

9,710

2,084
2,650
1,651

11,989
2,891
17,649

1,652
5,450

88
,88

15,924
9,046
113,779

.4,566
3,019
107,727
818
334

11,799
651

11,107
1,095
8,145
296
194,630

26
,68

1,870
1,894
25,081
3,932
4,383
4,357
3 953
1,652
828
1,394
818
334
7,240
215
8,145

2,185
596
1,078
725

1,089
4,335
13,881
1,410
1,242

94
4,191
13,020
938
1,242

995
144
861
472

46
40
517
39

91
48
138
61

3,240
89

2,145
1,551
1,493
20,484
3,096

1,314
69
7,982
3,101

45
33
29
303
39

151
33

25,684
9,662

3,459
1,620
1,493
28,466
6,197

791
384

5,018
694
4,934

3,875
4,093
5,455

2,804
3,601
3,329

1,071
492
2,126

46
33
44

21
0

5,450

3,985
1,942
46,220
2,262
1,526

2,346

3,738
3,019
106,332

3,109
1,564
17,461
640
257

3,867
880

7,678
639
5,008
117
82,125

68
6

41,277
1,500
6,069
1,780
522,563

103,797

1,780
418,766

33,128

296
161,502

269,621
10,408
14,103
13,751
25,070

28,440
3,677
6,760
7,585
20,149

241,181
6,731
7,343
6,166
4,921

145,439
3,266
3,830
7,223
13,765

13,286
1,421
1,552
2,345
11,053

132,153
1,845
2,278
4,877
2,712

67,872
2,387
2,656
2,098
9,247

3,439
166,894
1,848
12,515
12,358

1,230
43,828
403
11,412
9,993

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

1,302
61,416
714
126
322

42,784
11,057
35,715
4,179
8,346

35,848
8,687
12,638

6,936
2,370
23,077
4,179

25,108
3,725
17,778
1,538
2,006

19,185
3,375
7,652

26,898
3,212

18,739

8,159
3,212

9,512
2,033

5,966

8,346

68
6

735
1,311
640
257

61
,01
186
5,008

2,346
2,374
1,564
16,150

1,667
453

8

1
0
9

206
17
5
99

6

46

113
72

665
371
1,030
760

233

2
1
8

26,468

117
55,657

161

20,154

10,836
1,156
1,397
1,610
7,936

57,036
1,231
1,259
488
1,311

32
23
24
7
178

10,847
179
203
44
104

1,948
51,292
274
2,411
1,278

986
10,133
136
2,388
1,164

962
41,159
138
23
114

5,922
350
10,127
1,538

15,637
3,445
8,285
935
1,458

13,241
3,259
3,889

2,396
186
4,396
935

446

292

286

505
512

3,545
2,033

7,188

5,096

2,092

54

2,006

22
0

1,458

22
0

1
1

75

81
9,524

26
28

9
25

2
1
1
1

1
0

2
2

423
19




221

1Adjusted to December 31, 1967. In assumption cases, number of depositors refers to number of deposit accounts.
2 Excludes $344 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 not chargeable to liquidation activities.
in c lu d e s estimated additional disbursements in active cases.
4 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.
5These disbursements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.
* Includes advances to protect assets and liquidation expenses of $47,725 thousand, all of which have been fully recovered by the Corporation, and$399thousand of non-recoverable
expenses.
7 No case in 1962 required disbursements. Disbursement totals for each year relate to cases occurring during that year, including disbursements made in subsequent years.
Note: Due to rounding differences, components may not add to totals.

DISBURSEMENTS

T e x a s ....................
V e r m o n t ...............
V ir g in ia .................
W a s h in g to n
W e s t V irg in ia . . .

6
1
2

1

6,170
2,538
47,298
2,987
1,526

INSURANCE

N ew Y o r k .............
N o rth C a ro lin a . .
N o rth D a k o ta . . .
O h io .......................
O k la h o m a ...........

5
?

3
4
5

7,111
905
3,169;
712

DEPOSIT

M is s o u r i...............
M o n t a n a ..............
N e b ra s k a ............
N ew H a m p s h ire
N ew J e r s e y .........

1

4

6

18
3

5

2,059
4,541
17,890
1,382
5,379

AN
D

M a r y la n d .............
M a s s a c h u s e tts .
M ic h ig a n .............
M in n e s o ta ..........
M is s is s ip p i.........

7

1
0

15

2
2
1
2

9,170
5,446
21,059
2,094
5,379

CLOSED

1
0
?
2
0
2
0

2
1
1
1

BANKS

F lo r id a ................
G e o rg ia ...............
Id a h o ...................
I llin o is ...................
I n d ia n a ...............

2
6
3
2
2
2
8
2
8

Table 126. RECOVERIES AND LOSSES BY THE FEDERAL DEPOSIT INSURANCE CORPORATION ON PRINCIPAL DISBURSEMENTS
FOR PROTECTION OF DEPOSITORS, 1934-1967
( A m o u n t s in t h o u s a n d s o f d o ll a r s )
D e p o s it p a y o f f c a s e s

D e p o s it a s s u m p t io n c a s e s

R e­
N u m ­ P r in c ip a l c o v e r ie s E s t im a te d
N u m ­ P r in c ip a l
L o s s e s 1 b e r o f d is b u r s e ­ t o D e c . a d d it io n a l L o s s e s 1 b e r o f d is b u r s e ­
m e n t s 2 31, 1967
banks
m e n ts 3
r e c o v e r ie s
banks

Re­
c o v e r ie s E s t im a te d
t o D e c . a d d it io n a l L o s s e s 1
31, 1967 r e c o v e r ie s

9
0
1

194
194
194
194
194

4
5
6

2

3

7

8

17,983

49,829

280

163,954

121,794

11,635

30,525

190

212,887

187,237

6,346

19,304

36
434

121,125,
255,716

79,482
229,546

17,983

23,659
26,170

21

60,188
103,765

33,319
88,472

11,635

15,232
15,293

15
175

60,937
151,951

46,163
141,074

6,347

259

8,427
10,877

9
25
69
75
74

941
8,891
14,781
19,161
30,479

734
6,196
12,325
15,610
28,055

207
2 689
2,455
3,549
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

2,865
6,725
7,116
21,387

1,922
5,730
6,090
20,147

60
43
15
20
5

67,770
74,134
23,880
10,825
7,172

60,618
70,246
23,290
10,136
7,048

7,153
3,767
591
688
123

32
19

26,196
4,895
12,278
1,612
5,500

20,399
4,313
12,065
1,320
5,376

5,798
582
213
292
123

41,574
69,239
11,602
9,213
1,672

40,219
65,933
11,225
8,816
1,672

2

1,503
1,768
265
1,724
2,990

1,462
1,768
265
1,634
2,349

404

363

40

1,099
1,768
265
1,724
2,990

1,099
1,768
255
1,634
2,349

2,552
3,986
1,885
1,369
5,017

2,183
2,601
1,792
577
5,017

91

2,552
3,986
1,885
1,369
5,017

2,183
2,601
1,792
577
5,017

913
6,784
3,333
1,031
3,026

654
6,554
3,038
1,031
2,998

55

913
2,346
538

654
2,346
538

230

230

1,738
4,765
4,652
15,775
10,129

41
1,522
1,441

1,508
1.945
2,197

657
2,741
389

3,664
6,213
4,812

473
14,340

300
2,130

3,070

1
1
5
3

194
195
195
195
195

9
0
1

4
4

2

3

3

2

195
195
195
195
195

4
5
6

2
2

8

4

195
196
196
196
196

9
0
1
3
4

3

7

1,835
4,765
6,200
19,242
13,767

196 5
196 6
196 7

5
7
4

11,506
15,075
8,272

7

2

5

1
1

5

2

120

40

8
6
4

72
641
369
1,385
3
792
258
230
240

7,185

4,208
2,500
1,031
2,768

1,835
4,765

6,121

4,438
2.795
1,031
2.796

19,242
13,767

1,738
4,765
4,652
15,775
10,129

41
1,522
1,441

357
611
389

3,661
104
4,812

3,070

6,200

55

230
240

7,015

20

1 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was fu lly recovered.
2 Includes estimated additional disbursements in active cases.

 excess collections turned over to banks as additional purchase
3 Excludes
4 No case in 1962 required disbursements.
http://fraser.stlouisfed.org/ rounding differences, components may not add to totals.
Note: Due to
Federal Reserve Bank of St. Louis

120

19

91

1,355
3,185
378
396

72
641
369
1,385
3
792
258

1,508
1,945
2,197

11,033
735
8,272

938
995
1,025
1,241

price at termination of liquidation.

3
6,109

170

6,101

CORPORATION

309,028

INSURANCE

193
194
194
194
194

376,841

DEPOSIT

S ta tu s
A c tiv e ........
T e rm in a te d
Y e a r4
193 4
193 5
193 6
193 7
193 8

FEDERAL

470

T o ta l.

222

L iq u id a t io n
A ll c a s e s
s ta tu s a n d
year o f de­
R e­
p o s it p a y o f f N u m ­ P r in c ip a l c o v e r ie s E s t im a t e d
b e r o f d is b u r s e ­ t o D e c . a d d it io n a l
o r d e p o s it
a s s u m p t io n b a n k s
m e n ts
r e c o v e r ie s
31, 1967




INDEX




225

INDEX
Absorptions:
Of insured banks requiring disbursements by FDIC. See
Banks in financial difficulties.
Of operating banks, 1967 .................................................................. 23-24, 156
Of operating banks approved by FDIC, 1967 ....................................24, 41-84
Regulation o f ............................................................................ 23, 106-110, 111
Admission of banks to insurance (see also Applications from banks):
Applications for, 1967 ..................................................................................

22

Number of banks admitted, by class of bank, 1967 ..............................

157

Advertising of Participation in FDIC Insurance. See Federal Deposit Insur­
ance Corporation
Applications from banks ..........................................22-25, 100-101, 105-109, 111
Areas outside continental United States, banks and branches located in:
Earnings, expenses, profits, and dividends, 1967 ..............................198-199
Number, December 30, 1967 ..............................................159, 160, 167-168
Assessments for deposit insurance..........................................35-38, 109, 112-114
Assets, liabilities, and capital of banks (see also Deposits):
All banks, June 30, and December 30, 1967 ........................................172-175
Commercial banks, June 30, and December 30, 1967 ....................... 172-175
Insured commercial banks:
Amount, December call dates, 1963-1967 ....................................176-179
Amount, December 30, 1967, by class of b a n k ............................

180

Amount, December 30, 1967, by deposit size of b a n k .................

181

Distribution of banks with given ratios of selected items to
total assets, by size of bank, December 30, 1967 ............... 184-185
Insured mutual savings banks:
Amount, and percentage distributions, December call dates,
1963-1967 .................................................................................... 176-179
Major categories, average, 1959-1967 ............................................

209

Mutual savings banks:
Banks grouped by insurance status, June 30, and December
30, 1967 ........................................................................................ 172-173
Sources of data .............................................................................. 171, 187
Assets and liabilities of FD IC ................................................................................ 34-35
Assets purchased by FDIC from banks in financial difficulties ....19-21, 35, 222
Assumption of deposits of insured banks with financial aid of FDIC
(see also Banks in financial d iffic u ltie s )......................... 20-21, 217, 219-222
Attorney General of the United States, summary reports on absorptions..... 43-84
Audit of FDIC ...........................................................................................................
Bad-debt reserves. See Valuation reserves.
Bank Supervision. See Supervision of banks; Examination of
insured banks.



40

226

FEDERAL DEPOSIT INSURANCE CORPORATION

Banking data, classification of:
Assets and liabilities of b a n k s ....................................................................
Deposit insurance disbursements...............................................................

171
217

Income of insured b a n ks..............................................................................

187

Number of banks and branches ............................................................ 154-155
Number of Banks and D eposits..................................................................

169

Banking offices, number of. See Number of banks and branches.
Banks, applications from, acted on by FDIC ................................................. 22-24
Banks in financial difficulties:
Insured banks requiring disbursements by FDIC:
Assets and Liabilities o f ......................................................................
Deposit size o f ......................................................................................

219
219

Deposits protected, 1934-1967 ..............................19-21, 218, 220-221
Disbursements by FDIC, 1934-1967 ............................. 19-21, 217-222
Loans made and assets purchased by FD IC ....................................

21

Location by State, 1934-1967 ............................................................

221

Losses incurred by F D IC ............................................................ 20-21, 222
Losses incurred by depositors ..........................................................

20

Name and location of, 1 9 6 7 ............................................................ 19, 219
Number of, 1934-1967 ..................................................19, 218, 220-221
Number of deposit accounts, 1934-1967 ......................................220-221
Recoveries by FDIC on assets acquired, 1934-1967 ................. 21, 222
Noninsured banks:
Number and deposits of commercial banks closed, 1934-1967.. 218
Suspensions, 1967 .................................................................... 156, 217
Banks, number of. See Number of banks and branches.
Board of Directors of FDIC. See Federal 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 FDIC, 1967 ....................................................

23

Examination of, 1966 and 1967 ................................................................

25

Increase, branches of all banks, 1967 ....................................15-16, 157-159
Call reports. See Assets, liabilities, and capital of banks;
Reports from banks.
Capital of banks. See Assets, liabilities, and capital of banks; Banks in
financial difficulties; Income of insured commercial banks; Examination
of insured banks.
Cease-and-desist authority

...................................................................... 26, 127-128

Certificates of deposit (see also D e p o sits).................................................... 10, 136
Charge-offs by banks. See income of insured commercial banks;
Income of insured mutual savings banks; Valuation reserves.
Class of bank, banking data presented by:
Absorptions .......................................................................................... 23-24, 156




INDEX

227

Admissions to and terminations of insurance......................................156*157
Assets and liabilities of insured commercial banks ...... .......................

180

Income of insured commercial banks, 1967 ........................................162-163
Insured banks requiring disbursements by FDIC, 1934-1967 ............... 220
Number of banks and banking offices, 1967 ..................... 156-157, 160-168
Number of banks and d e p o s its ..................................................................

169

Classification of b a n k s ...................................................................................... 154-155
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 of the Currency ................... IV, V, 22, 25, 33, 97, 103, 171, 187
Conferences with supervisors of State b a n k s .................................................... 28-29
Consolidations. See Absorptions.
Control of banks, changes in ..............................................................................

27

Credit, bank. See also Assets, liabilities, and capital of b a n k s .....................

7-8

Demand deposits. See Assets, liabilities, and capital of banks; Deposits.
Deposit insurance coverage ........................................................20-22, 31, 133-137
Deposits, insured by FDIC:
Definition of deposit insurance coverage..............................................133-137
Estimated insured deposits, December 31, 1934-1967 .........................

39

Increase in maximum per d e p o s ito r..................................................2.1-22, 31
Deposits of: (See also Assets, liabilities, and capital of banks):
All banks:
By insurance status and type of bank, and type of account,
December 30, 1967 ........................................................................

175

By insurance status and type of bank, and type of account,
June 30, 1967 ................................................................................

173

Banks closed because of financial difficulties, 1934-1967 ............... 217-221
Insured banks, December call dates, 1934-1967 ...............................

39

Insured commercial banks:
Average demand and time desposits, 1959-1967 .......................

189

By class of bank, December 30, 1967 ............................................

180

By deposit size of bank, December 30, 1967 ..............................

181

December call dates, 1963-1967 ....................................................

178

Insured mutual savings banks:
Average demand and time deposits, 1959-1967 ..........................

209

December call dates, 1963-1967 ....................................................

178

Sources of data concerning ......................................................................

171

Deposits, number of insured commercial banks with given ratios of
demand to total deposits ..............................................................................

185

Directors of FDIC. See Federal Deposit Insurance Corporation.
Disbursements, See Banks in financial difficulties.
Districts, FDIC, Realignment of ........................................................................ 25-26




228

FEDERAL DEPOSIT INSURANCE CORPORATION

Dividends:
To depositors in insured mutual savings banks ....... 208, 210, 212, 214
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.
Economic and banking developments in 1967 ................................................

3-9

Employees:
FDIC .............................................................................................. 33-34, 140-142
Insured commercial banks:
Number and compensation, 1959-1967 ......................................188-189
Number and compensation, by class of bank, by size of bank,
and by State, 1967 ........................................................ 193, 195, 199
Insured mutual savings banks, number and
compensation ............................................................................. 208-212, 214
Examination of insured banks:
Banks examined by FDIC, 1967 ................................................................
25
District offices and supervising examiners ........................................VI, 25-26
Expenses of banks. See Income of insured commercial banks;
Income of insured mutual savings banks.
Expenses of FDIC ...................................................................................................36-37
Failures. See Banks in financial difficulties.
Federal bank supervision ........................................................................ 22-30, 93-99
Federal Deposit Insurance Corporation (FDIC):
Actions on applications ................................................................................ 22-24
Advertising of membership by insured banks ............................31, 130-133
Assessments on insured banks ................................................................ 35-38
Assets ...............................................................................................................34-35
Audit ...............................................................................................................
40
Banks examined by, and submitting reports to ......................................22-28
Borrowing power ..........................................................................................

35

Capital stock .................................................................................................

35n

Cease-and-desist authority .............................................................. 26, 127-128
Coverage of deposit insurance, banks participating ..15, 20, 156, 160-168
Deposit insurance fund (surplus) .............................................................. 35-39
Directors (members of the Board) ............................................................ V, 33
Disbursements for protection of depositors ..........................19-21, 217-222
Districts .....................................................................................................VI, 25-26
Divisions .........................................................................................................IV, 34
Employees .................................................................................... 32-34, 140-143
Examination of banks ................................................................................ VI, 25
Financial statements, 1967 ........................................................................ 35-37
Income and expenses, 1933-1967 ............................................................ 36-38




INDEX

229

Information and records available to the public ............... 101-105, 109-114
Insured banks requiring disbursements by. See Banks in
financial difficulties.
Liabilities .........................................................................................................34-35
Loans to, and purchase of assets from, insured banks ....... 217, 220-221
Losses incurred, 1934-1967 .................................................................. 21, 222
Methods of protecting depositors .................................................... 19-21, 217
Organization and staff .................................................................... IV-VI, 33-34
Payments to insured de positors........................................................ 19-21, 222
Publications ................................................................................................... 102
Recoveries .............................................................................................20-21, 222
Regulation of interest rates .................................................... 10, 29, 30, 32
Reports from banks .................................................................... 27-28, 109-114
Reserve for losses on assets acquired ...................................................... 35-36
Rules and regulations ................................................................ 30-33, 99-143
Rules of practice and procedures applicable to hearings and
proceedings

...........................................................................................115-130

Sources and uses of funds ........................................................................

37

Standards of conduct for employees ....................................32-33, 140-143
Supervisory a c tiv itie s .....................................................................................22-29
Federal Home Loan Bank Board ............................................................ 29, 31, 99
Federal

Reserve authorities

............................................22, 24, 29, 93, 94, 97

Federal Reserve member banks. See Class of bank, banking data
presented by.
Federal Savings and Loan Insurance Corporation ..........................................

31

Financial Developments— See Economic and Financial Developments, 1967

40

Gambling Activities, Prohibition of Bank Participation in....................... 29, 96-99
General Accounting Office ....................................................................................

40

Income of FDIC ...................................................................................................... 35-39
Income of insured commercial banks:
Amounts of principal components:
Annually, 1959-1967 .............................................................. 188-189, 191
By class of bank, 1967 .................................................................. 192-193
By size of bank, 1967 .................................................................... 194-195
By State, 1967 ................................................................................ 198-207
Classification of income data ....................................................................

187

Earnings, 1967 ...............................................................................................12-15
Ratios of income items:
Annually, 1959-1967 ....................................................................................

190

By size of bank, 1967 .................................................................... 196-197
Sources of data .............................................................................................

187

Income of insured mutual savings banks:
Amounts of principal components, 1959-1967 ......................... 208-209, 211




230

FEDERAL DEPOSIT INSURANCE CORPORATION
Ratios of income and expense items, 1959-1967 ..................................
Sources of data ............................................................................................

210
187

Insolvent banks. See Banks in financial difficulties.
Insurance status, banks classified by:
Assets and liabilities of, June 30 and December 30, 1967 ............. 172-175
Changes in number of, 1967 .................................................................. 156-157
Deposits of, June 30 and December 30, 1967 ..................................173, 175
Number of, December 30, 1967 ............................................................ 156-168
Percentage of banks insured, by State, December 30, 1967 ........... 160-168
Insured banks. See Assets, liabilities, and capital of banks; Banks in finan­
cial difficulties; Deposits; Income of insured commercial banks; Income
of insured mutual savings banks; Number of banks and branches.
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; Deposit insurance
coverage.
Insured State banks members of the Federal Reserve System. See Class
of bank, banking data presented by.
Interest rates paid by insured banks:
Authority to regulate amended ..................................................29, 30, 31, 95
Maximum rates revised ...................................................................... 10, 32, 95
Mutual savings banks in Alaska .............................................................. 32, 99
Survey of, by FD IC .................................................................................... 28, 102
Investments. See Assets, liabilities, and capital of banks; Assets and lia­
bilities of FDIC; Banks in financial difficulties; Small business invest­
ment company stock.
Legislation relating to deposit insurance and banking:
Federal, enacted in 1967 ................................................................ 29*30, 93-99
State, enacted in 1967 ............................................................................ 143-152
Loans. See Assets, liabilities, and capital of banks; Banks in financial
difficulties.
Loans to bank executive o ffic e rs .................................................................. 29, 93-94
Losses:
Of banks. See income of insured commercial banks; Income of in­
sured mutual savings banks.
Of FDIC .................................................................................................19-21, 222
On loans, reserves for. See Valuation reserves.
Provision for, in insured banks, 1959-1967 ....................... 188-189, 208-209
Lotteries. See Gambling Activities
Mergers. See Absorptions.
Methods of tabulating banking data. See Banking data, classification of.
Mutual savings banks. See Assets, liabilities, and capital of banks; De­
posits; Income of insured mutual savings banks; Number of banks and
branches.




INDEX

231

National banks. See Class of bank, banking data presented by.
New banks, 1967 ...............................................................................................156-159
Noninsured banks (see also Absorptions; Admission of banks to insur­
ance; Assets, liabilities, and capital of banks; Banks in financial diffi­
culties; Classification of banks; Class of bank, banking data presented
by; Deposits; Number of banks and branches; Reports from banks)
Number of banks and branches:
Banks:
By insurance status, type of bank, number of branches, and
State, December 30, 1967 ........................................................160-168
156
By insurance status and type of bank, December 30, 1967.......
Changes during 1967 ................................................................ 15-16, 156
Branches:
By insurance status, type of bank, and State, December 30,
1967 .............................................................................................. 160-168
Changes during 1967 ..........................................................................
157
Commercial banks and branches, December 30, 1966 and 1967,
by State ........................................................................................ 158-159
Insured commercial banks:
December 30, 1959-1967 ..............................................................189-190
December 30, 1967, by class of bank and deposit size of
bank .............................................................................................. 193-194
December 30, 1967, by State....................... 199, 201, 203, 205, 208
Distributed by capital ratios and distribution of assets and
deposits, December 30, 1967 ..................................................184-185
Insured mutual savings banks, December 30, 1967 ..... 209, 210, 213, 215
Mutual savings banks, by State, December 30, 1967 ....................... 160-168
Noninsured banks, by State, December 30, 1967 ..............................160-168
Unit banks, by insurance status and State, December 30, 1967 ..... 160-168
Obligations of banks. See Assets, liabilities, and capital of banks; De­
posits.
Officers of insured banks. See Employees.
Officials of F D IC .................................................................................................V, 33-34
Operating banks. See Number of banks and branches.
Payments to depositors in closed insured banks. See Banks in financial
difficulties.
Personnel. See Employees.
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; Deposit Insur­
ance coverage.
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 FDIC on disbursements. See Banks in financial difficulties.




232

FEDERAL DEPOSIT INSURANCE CORPORATION

Reports from banks .................................................................. 27-28, 109-114, 187
Reserves:
Of FDIC, for losses on assets acquired ..................................................

35

Of insured banks for losses on assets. See Valuation reserves.
With Federal Reserve Banks. See Assets, liabilities, and capital of
banks.
Rules and Regulations of the FDIC. See Federal Deposit Insurance Cor­
poration.
Salaries and wages:
FDIC

...............................................................................................................

36

Insured banks. See income of insured commercial banks; Income of
insured mutual savings banks.
Savings and loan associations........... ........................................................ 11, 31, 96
Savings and time deposits. See also Deposits
9-10, 29, 32, 173, 175, 178, 179, 182, 183
Securities. See Assets, liabilities, and capital of banks; Assets and liabili­
ties of FDIC; Banks in financial difficulties.
Securities, registration and reporting of b a n k ................................27, 32, 138-140
Size of bank, data for banks classified by amount of deposits:
Assets and liabilities, insured commercial banks, 1967 ................... 181-182
Banks requiring disbursements by FDIC, 1934-1967 ...........................

220

Disbursements for protection of depositors, 1934-1967 .....................

220

Income data of insured commercial banks, 1967 ................................194-195
Income ratios of insured commercial banks, 1967 ........................... 196-197
Number and deposits of all banks ............................................................

169

Number of employees of insured commercial banks, 1967 ...............
195
Number of insured commercial banks, 1967 ................................... 195, 197
Number of insured commercial banks, grouped by ratios of selected
items to assets and deposits, December 30, 1967 ....................... 184-185
Small business investment company stock, bank purchase of ............. 30, 95-96
Standards of conduct for FDIC employees ........................................................32-33
State, banking data classified by:
Disbursements, deposits, and depositors in insured banks requiring
disbursements by FDIC, 1934-1967 ....................................................

221

Income of insured commercial banks, 1967 ..................................... 177-198
Number of banks and branches, by class of bank and type of office,
December 30, 1967 ............................................................................ 160-168
Percentage of banks insured, December 30, 1967 ........................... 160-168
State banking legislation enacted in 1967 ....................................................143-152
State banks. See Class of bank, banking data presented by.
Stockholders of banks, net profits available for. See Income of insured
commercial banks.
Supervision of banks (see also Examination of insured banks):
By FDIC .................................................................................... VI, 22-29, 99-143




INDEX

233

Federal legislation ............................................................................ 29-30, 93-99
State legislation, 1967 ............................................................................ 143-152
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 ..................... 26-27
Time and savings deposits. See also Deposits
9-10, 29, 32, 173, 175, 178, 179, 182, 183
Unit banks, by insurance status and State, December 30, 1967 ............. 160-168
Unsafe and unsound banking practices ............................................26-27, 125-130
Valuation reserves (see also Assets, liabilities, and capital of banks):
Amounts held, June 30 and December 30, 1967 ........................... 172, 174
Amounts held, December call dates, 1959-1967 ............. 188-189, 208-209
Violations of law or regulations, banks charged with ......................................26-27







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