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1522 A meeting of the Executive Committee of the Federal Reserve was held in Washington on Thursday, June 27, 1935, at 3:00 8 " PRESENT: Mr. Eccles, Governor Mr. James Mr. Szymczak Mr. Morrill, Secretary Mr. Bethea, Assistant Secretary Mr. Carpenter, Assistant Secretary The Committee acted upon the following matters: Letter to Mr. Rounds, Chairman of the Retirement Committee of the Retirement System of the Federal Reserve Banks, reading as follows: "Mrs. Henrietta T. Brinker, a clerk counter in the Federal Reserve Board Issue auu Redemption Division, who is a member of the Retirement System, will be 65 years of age on July 1, 1935. "Mrs. Brinker was absent only 8- days on account of sickness during the calendar year 1934, as compared with 29 days in 1935) and Mr. Copeland, Chief of the Division, states that she 4.s still active and in as good health as last year. "Therefore, it is requested that the Retirement Committee 4PProve her continuance in service until March 1, 1936.n Approved. Memoranda dated June 26 and 27, 1935, from the Division of tx€1 , stating that the Federal reserve agents at the respec- ttve reserve banks had recommended, on the basis of thorough ekarni 12B(e) 114ti°ns, that, in accordance with the provisions of Section th e Pederal Reserve Act, the Federal Reserve Board certify to the 41 Deposit Insurance Corporation that the assets of each of the rola °Wing State member banks are adequate to enable the bank to meet 6/27/35 -2- all liabilities to depositors and other creditors as shown by the books of the bank. The memoranda also stated that the reports of examination °f the banks listed had been carefully reviewed in the Division; that °11 the basis of such review the Division concurs in the recommendations Of the Federal reserve agents; that in the opinion of the Division there i8 no doubt that the condition of each of the banks listed is such as to warrant an affirmative certification; and that it is recommended that, upon receipt of a request from the Federal Deposit Insurance Cor- P°ration, the Board, pursuant to the provisions of Section 12B(e) of the Federal Reserve Act, and in accordance with the procedure suggested in the memoranda presented at the meeting on June 24, 1935, cel'tif,7 upon the basis of a thorough examination that the assets of elich of the banks listed are adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank, Date of Examination Location DISTRICT NUMBER 12 (SAN FRANCIq221 topt 5/24/35 Downey, California th: etos Valley Bank -"- 1 Bank & Trust Co. of t Los 4/13/35 Los Angeles, California Angeles 5/22/35 ri41 ,1:k of Newman Newman, California as Fargo Bank & Union Trust Co. San Francisco, California 4/30/55 5/22/35 Hazelton, Idaho i44,,,lton State Bank 5/15/35 Q 1. Ireland and Company, Bankers Malad City, Idaho The iilson Valley Bank 3/21/35 Gunnison, Utah 5/22/35 ?a itzville State Bank Ritzville, Washington 1112ers and Merchants Bank of 5/4/35 Rockford Rockford, Washington E/kima Valley Bank and Trust Company 10/13/34 Yakima, Washington Name of Bank P 6/27/35 -3- Date of Examination Location DISTRICT NUMBER 4 (CLEVELAND) The Union Bank and Savings Company Bellevue, Ohio 1/12/35 The Castalia Banking Company 5/22/35 Castalia, Ohio The,Fifth-Third Union Trust uom9/24/34 Cincinnati, Ohio varW Western Bank and Trust Company 2/4/35 Cincinnati, Ohio The Peoples Savings Bank Company 4/20/55 Delta, Ohio The 1/19/35 Home Banking Company Gibsonburg, Ohio The Hubbard 2/2/35 Hubbard, Ohio Banking Company The Ohio Savings & Trust New Philadelphia, 11/10/54 Ohio °°1110any of New Philadelphia (Acting Federal reserve agent recommends certification on basis of report of examination as of June 1, 1935, which report has not yet been received by the Board. Agent's figures reflect improved condition.) v,e Oak Harbor State Bank Company Oak Harbor, Ohio 5/25/55 .:oodlawn Trust Company 1/5/35 Aliquippa, Pennsylvania Beaver Trust Company 12/24/34 Beaver, Pennsylvania 8ecurity-pPoples Trust Company 12/15/34 Erie, Pennsylvania 4/13/35 Crawford County Trust Company Meadville, Pennsylvania Citr Deposit Bank and Trust Company Pittsburgh, Pennsylvania 12/31/54 Name of Bank DISTRICT NUMBER 2 OM YORE) T-en Ridge Trust Glen Ridge, New Jersey Company rhe State New Jersey Plainfield, Trust Company Westivood Trust Company of Westwood, N. Westwood, New Jersey J. 0°10,Yn Trust Company Brooklyn, New York Pkins County Trust Company Ithaca, New York tssau County Trust Company Mineola, New York Sa York, New York New Company facturers Trust 8 .Lning Trust Company Ossining, New York 4icili1t Pleasant Bank and Trust ?. Company Pleasantville, New York Drst Trust and Deposit Company Syracuse, New York ".rst Citizens Bank and Trust Utica, New York Company of Utica P r DISTRICT NUMBER 7 (CHICAGO) Cbll'ark Trust and Savings Bank Oak Park, Illinois ' tiVotte Bank and Trust Company Connersville, Indiana 1,e Home State Bank of Lawrence Lawrence, Michigan "Citizens State Savings Bank, New Baltimore New Baltimore, Michigan i 5/4/55 3/28/35 5/4/35 12/26/54 6/8/35 2/9/55 4/26/35 4/6/35 4/3/35 3/15/35 5/3/35 10/22/34 / 3 25 35 4/30/55 5/28/35 6/27/35 .1441M Location DISTRICT NUMBER 7 (CHICAGO) The Romeo Savings Bank Romeo, Michigan The Crossman and Williams Williamston, Michigan State Bank Name of Bank Date of Examination DISTRICT NUMBER 8 (ST. LOUIS) of Waldron Waldron, Arkansas The First State Bank of Chester Chester, Illinois The Bank of Edwardsville Edwardsville, Illinois rt Effingham, Illinois fingham State Bank State Bank of Hoiles & Sons Greenville, Illinois state Savings Bank of Lebanon Lebanon, Missouri DISTRICT NUMBER 3 (PHILADELPHIA) Se curity Trust Company Wilmington, Delaware niden Safe Deposit and Trust Camden, New Jersey M ComParw .e Mahanoy City, Pennsylimmda rchants Banking Trust Company Citizens Bank and Trust Company er Middletown, Pa. Middletown, Pennsylvania e°Pies Savings and Trust Nanticoke, Pennsylvania Company of Nanticoke tgomery Trust Company Norristown, Pennsylvania ((est Branch Bank and Trust Company Williamsport, Pennsylvania 5/25/35 5/25/35 6/1/35 4/17/35 6/10/35 5/20/35 5/27/35 5/27/35 5/2/35 4/3/55 5/4/35 5/9/35 2/2/35 5/18/35 5/11/35 The recommendations of the Division of Examinations were unanimously approved. Memorandum dated June 26, 1935, from the Division of Examinawith regard to the very unsatisfactory condition of the Perth kahoY Trust Company, Perth Amboy, New Jersey, and stating that, on the basis of the report of examination as of February 6, 1935, the baw„ aas a deposit impairment of approximately $265,000, and on the 134313 of a reclassification of certain assets on June 19, 1935, a dePosit impairment of approximately 05,000. The memorandum commented °II the unsatisfactory mnagement and condition of the bank; outlined •Ier , 3/27/35 -5-- the efforts made to effect a rehabilitation, stated that the Federal reserve agent on two occasions had advised that unless the bank were able to obtain a commitment from the Reconstruction Finance Corporahe did not see how it would be possible for him to make a favorable recommendation for certification to the Federal Deposit Insurance e°rPoration; and recommended that the trust company be not favorably ce rtified. The recommendation of the Division of Examinations was approved and the Secretary, or an Assistant Secretary of the Board was authorized to execute, upon receipt of a proper request from the Federal Deposit Insurance Corporation, a certification to the corporation that, upon the basis of thorough examinations of the trust com2any, the assets of the bank are not adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank. Memorandum dated June 26, 1935, from the Division of ExaminatiOlas with regard to the unsatisfactory condition of The Raritan Trust ComPanY of Perth Amboy, Perth Amboy, New Jersey. The memorandum stated that on the basis of the report of examination of the bank as °I 'February 6, 1935, it has a net sound capital of approximately 28,000; that normally a favorable recommendation would be made rethe certification of a bank in such condition, but that the ederal reserve agent had pointed out the frozen condition of the bank ) the large amount of assets pledged to secure borrowings and had tated that in view of all of the circumstances it is doubtful whether theassets are adequate to enable the bank to meet its liabilities to 1527 6/27/35 -6- depositors and other creditors and that unless the bank is able to obtain a commitment from the Reconstruction Finance Corporation he did lac)t see how it would be possible for him to make a favorable recomIllerldation for certification. l' The memorandum pointed out that an un- able recommendation with regard to the certification of the Perth AlrlboY Trust Company was being made by the Division of Examinations; that if the latter institution is not admitted to permanent insurance it will probably be closed in which event it seems unlikely that The Raritan Trust Company, a subsidiary of the Perth Amboy Trust Company, eall continue to survive and that, in view of the circumstances, the question of the certification of The Raritan Trust Company of Perth Arilb°Y is submitted to the Board without recommendation for determinatiO4 of the question of policy involved. It was voted that The Raritan Trust Company of Perth Amboy should not be favorably certified to the Federal Deposit Insurance Corporation and the Secretary, or an Assistant Secretary, of the Board was authorized to execute, upon receipt of a proper request from the Federal Deposit Insurance Corporation, a certification to the corporation that, upon the basis of thorough examinations of the trust company, the assets of the bank are not adequate to enable it to meet all of its liabilities to depositors and other creditors as shown by the books of the bank. Letter to Mr. O'Connor, Comptroller of the Currency, reading ae follows. "In accordance with your recommendation, the Federal Rerye Board approves a reduction in the common capital stock of The Peoples National Bank and Trust Company of Pemberton', Pemberton, New Jersey, from $100,000 to $50,000, pursuant to a plan 6/27/55 -7- "which provides that the bank's capital shall be increased by the sale of 4,60,000 of preferred stock to local interests; that the released capital, together with a voluntary cash contribution of $36,000 to be made by the bank's directors, shall be used in eliminating unsatisfactory assets; that an adequately secured guaranty of $23,655.81 shall be executed by the bank's directors in order to replace the capitalized portion of an existing guaranty; that an additional adequately secured guaranty of $25,000 shall be executed by the bank's directors; and that the guaranties to be executed in connection with the bank's recapitalization program shall supersede existing directors' guaranties, aggregating a32,000, and shall mature within one year from the date such recapitalization program is consummated, all as set forth in your letter of June 15, 1935. "This approval supersedes the Board's approval, dated February 20, 1935, of a previous plan of capital reduction." Aoproved. Letter to Mr. O'Connor, Comptroller of the Currency, reading rollows: 'In accordance with your recommendation, the Federal Reserve Board approves a reduction in the common capital stock of 'The University National Bank of Seattle', Seattle, Washington, from 6. q 0100,000 to $250,0001 pursuant to a plan which provides that the bank's capital shall be increased by the sale of $150,000 of Class 'A' preferred stock to the Reconstruction Finance Corporation and that the released capital shall be used to eliminate or reduce a corresponding amount of unsatisfactory assets, all as set forth in your letter of June 14, 1935. "This approval supersedes the Board's approval of January 17, , 1934, as amended October 10, 1934, of a previous plan of capital reduction." Approved. Telegram to Governor Fleming of the Federal Reserve Bank of Ciev. eland, prepared in accordance with the action taken at the meeting o4 j Ilte 26, 1935, and reading as follows: "The Board has carefully considered plan for curtailment of Salary expenditures approved by board of directors your bank and 1529 6/27/35 -8- "has decided to authorize all Federal reserve banks, upon appropriate affirmative action by the boards of directors of respective banks, to pay salary at current rates for a period up to a maximum of six months to employees whose services are terminated by the bank, it being understood that the maximum of six months salary may be allowed only to employees who have served five years or more, and that the allowance for employees Who have served less than five years may be for a lesser period bearing some reasonable relationship to the length of service, but that no allowance may be made to employees dismissed for cause. Board considers this action includes approval of schedule of dismissal wages incorporated in plan for curtailment of salary expenditures by your bank. Letter on this subject to Federal reserve banks will be forwarded to you." Approved. Letter to Mr.Clark, Assistant Federal Reserve Agent at the l'ederaa Reserve Bank of Atlanta, reading as follows: . "Reference is made to your letter of June 19, 1955, transmitting the request of 'The Peoples Savings Bank', Clanton, Alabama, for permission to invest not more than $6,175 in the construction of an addition to its present banking quarters, 911 ground adjoining the bank which was recently acquired at 05,000. "In view of your recommendation and the fact that the investment of such amounts does not appear to be unduly large or Improper or otherwise violate the spirit or purpose of condition numbered 8, prescribed in connection with the bank's application for membership, the Board interposes no objection to such investment in an amount not to exceed 46,175 or to the bank's action in acquiring ground at a cost of $5,000 on which to erect the proposed addition to its present banking quarters, and it IS requested that you advise the bank accordingly. "It is suggested that you call the bank's attention to the Board's views, which are known to your office, with respect to making adequate provision for depreciation in banking quarters owned e n Approved. Letter to the Chairmen of the Industrial Advisory Committees 01' the twelve Federal Reserve Districts, prepared in accordance with 1530 6/27/35 the action taken at the meeting on June 26, 1935, and reading as follows: "At a meeting of the Chairmen of the Industrial Advisory Committees held in Washington on June 24, 1935, consideration was given informally to a summary of a report dated April 15, 1935, submitted to the Secretary of Commerce by the Business Advisory Council for the Department of Commerce on the subject of 'Credit and Capital Requirements of Small Industry', the concluding paragraph of which recommended that an immediate study be undertaken by the Reconstruction Finance Corporation, the Federal Reserve Board, and the Securities and Exchange Commission, in cooperation with the investment bankers of the country, to the end that facilities be offered sound, small industries for the acquisition of needed capital. "At the meeting of members of the Federal Reserve Board and its staff with representatives of the Industrial Advisory Committees in Washington on June 25, 1935, the following recommendation was apnroved by the representatives of the Industrial Advisory Committees present after a discussion of the report of the Business Advisory Council: '"Recognizing that there is nothing in the present Act governing the industrial loans of the Federal Reserve banks which would permit us to take care of capital loans, ore recommend that the Federal Reserve Board make an early study of the problem of furnishing to worthy industries such permanent capital as may in their judgment be required.' "The Federal Reserve Board has given consideration to this recommendation and has adopted the following resolution: "WHEREAS, it has been proposed by a resolution adopted by the Chairmen of the Industrial Advisory Committees of the Federal Reserve banks at Washington, D. C., June 25, 1935, that the Federal Reserve Board make a study of the problem of furnishing permanent capital to worthy industries; and "WHEREAS, it does not appear appropriate that the source of such funds should be the Federal Reserve System, organized for other specific purposes; and "WHEREAS, it does not appear that the Federal Reserve Board is the agency that should undertake, on its own initiative, a survey to determine how funds may be provided to supply the fixed capital needs of small industries; "'NOW, THEREFORE, BE IT RESOLVED, that the Federal Reserve Board do not undertake such study at this time and that the Board notify the Industrial Advisory Committees accordingly. "BE IT FURTHER RESOLVED, that the Federal Reserve Board, 8/27/35 -10"in taking this action, desires to express to the Chairmen of the Industrial Advisory Committees the appreciation of the Board of the spirit of helpfulness and cooperation in which their resolution was adopted.'" Approved. Letter to Mr. Sproul, Assistant to the Governor of the Federal Serve Bank of New York, reading as follows: "In accordance with the request contained in your letter Of June 221 1935, the Federal Reserve Board approves the authority given by your board of directors to the officers of the Federal Reserve Bank of New York to earmark silver, received under the circumstances outlined in your letter for the account of the National Bank of Nicaragua, upon substantially the same terms and conditions as govern the earmarking of gold for foreign central banks." Approved. Telegram to the governors of all Federal reserve banks, reading as follows: "As you were advised in Mr. Rounds' letter of June 14, it will be necessary for your bank to effect insurance under its own contract on shipments of unissued Federal Reserve notes from Washington to your bank on and after July 1, 1935. It is understood that rates applicable to these shipments will for present be same as if shipments were insured under Treasury contract. To take care of this change code word 1 CHINKIRKI is amended by addition of words 'Shipment will be insured here' and the words 'Shipment will be insured here' should be typed on all requisitions on Form 45 for shipments of Federal Reserve notes. It will also be necessary for your bank to arrange for insurance on shipments of Federal Reserve notes by your bank and branches to National Bank Redemption Agency, also of cancelled coupons to Treasury. Letter follows." Approved. The letter referred to in the above telegram read as follows: "As you have already been advised, insurance of shipments 1532 6/27/35 -11- "of unissued Federal Reserve Notes from Washington to the reserve banks and their branches and also of Federal Reserve Notes from the banks and their branches to the National Bank Redemption Agency Will not be effected under Treasury policies after June 30, 1935. It is therefore necessary that this insurance be effected under Policies held by the banks with respect to all shipments made on and after July 1, 1935. It is understood that the policies for registered mail insurance now held by all banks will cover this risk, Provided the usual declaration of such shipments is made. If the policy of your bank will not cover such movements, arrangements should be made at once so that it will cover them as suggested in letter dated June 14, 1J351 addressed to all Governors by the Chairman of the Insurance Committee. "The Insurance Committee has recommended the following procedure with respect to the insurance of shipments of unissued Federal Reserve Notes from Washington to the Federal Reserve banks and branches. "1. That each bank declare for insurance under its own policy in the usual manner each shipment at the time requisition is forwarded to the Federal Reserve Board. "2. That the form of requisition sent to the Federal Reserve Board in connection with these shipments include a statement that the insurance has been effected by the bank so there may be no Question regarding this matter. "In order to provide for making effective recommendation No. 2 above, the following amendment is made in the interpretation of the code word ICHINKIRK 1, the amendment consisting of the addition of the underlined sentence. "CHINKIRK Please request Comptroller of the Currency to ship (Federal Reserve Agent, Assistant Federal Reserve Agent, Bank or Branch) Federal Reserve Notes as follows: (Amount) (denomination). Shipment will be insured here. Confirmation is being forwarded today by mail. "The phrase added to this telegram, namely, 'Shipment will be insured here.' should also be typed on Form 45 immediately below the schedule of denominations with respect to all requisitions for shipments on or after July 1, 1935. held by "Under the form of registered mail insurance policy the reserve banks, it is the Board's understanding that it is not time necessary to declare shipments for insurance prior to the the shipment is either made or received, but in view of the will amounts involved in these shipments it is believed the banks of receipt actual the to generally prefer to declare them prior ordered been has which the currency. If for any reason a shipment t should not be actually made, or if it should be made in a differen 1533 6/27/35 -12- "amount, correction of the insurance can be effected by either a new or an additional declaration, or a cancellation of the original declaration. "Shipments of Federal Reserve Notes by the banks and branches to the National Bank Redemption Agency and also of cancelled coupons to the Treasury Department will be insured under the bank policies by declaring the shipments in the usual way at the time they are made." Approved, together with a letter to the Comptroller of the Currency reading as follows: "Arrangements have been made, as set forth in the attached copy of a letter to the Governors of the Federal Reserve banks, under which on and after July 1, 1935, shipments from Washington to the Federal Reserve banks and branches of unissued Federal Reserve notes will be insured under the insurance policies of the Federal Reserve banks instead of being insured under the Policy of insurance covering Governmental shipments obtained by the Treasury. "Accordingly, on and after July 1, 1935, insurance under the Treasury policy should not be arranged by the Federal Reserve Issue and Redemption Division of your office covering shipments of Federal Reserve notes to the Federal Reserve banks and branches." Letter to Mr. Stevens, Federal Reserve Agent at the Federal Reserve Bank of Chicago, signed by Governor Eccles, and reading as fcalows: "I have received your letter of June 13, 1935, regarding the effects which the proposed amendments to the Clayton Act and section 32 of the Banking Act of 1955, inclosed with the Board's letter of June 8, 1935 (X-5232), would have upon bank directorates in your district. Your comments are appreciated and are receiving the careful consideration of the members of the Board. "As you know, it was proposed in the pending bill, as originally introduced in Congress, to revise these provisions of law so as to simplify them and to eliminate the necessity of the Board passing upon thousands of individual cases and issuing individual permits. As originally introduced, the bill would have authorized the Board to issue general regulations making exceptions to the prohibitions of these two sections; but, after further study, the Board concluded that it would be preferable to provide for no exceptions except those stated in the statute 1534 6/27/35 -13-- "itself. The proposed amendments inclosed with the Board's letter of June 8, 1935 (X-9232) incorporated all of the exceptions Which the Board believed to be desirable; and, although it is Possible that additional excentions may be added in the course of the consideration of the bill by Congress, I believe that the Board still feels that it would be preferable to provide for no exceptions other than those stated in the statute." Approved. Letter to Mr. Curtiss, Federal Reserve Agent at the Federal Reserve Bank of Boston, reading as follows: "In its letter of February 11, 1955, the Board stated that, on the basis of the information which had been submitted, it appeared that State Street Investment Corporation was not actively engaged in purchasing and selling securities in its portfolio to such an extent that section 32 should be regarded as applicable to a director of a member bank who was serving as a director or Officer of that corporation, but stated furthflr that it appeared that the corporation was actively engaged in selling its own shares to such an extent that section 32 should be regarded as applicable for that reason. After some further correspondence regarding the sale of its shares by the corporation, Mr. Cabot, counsel for the corporation, wrote you a letter dated May 20, 1935, a copy of which you have forwarded to the Board, indicating that the corporation is no longer actively selling its stock. The letter states that this action was taken because the assets of the corporation had reached the size of $30,0000000, which was the amount previously determined by the management to be that at Which it would cease the active sale of the corporation's stock. Dealers who have been handling this stock have been notified that their contracts relating to its sale will be canceled as of June 22, 1935. Apparently, the effect of canceling these contracts will be to allow the dealers no further discount upon the stock sold by them. It also appears that the selling commission received by such dealers will be reduced from time to time, and finally eliminated. A clipping which you have forwarded to the Board states that orders received prior to June 22, 1935 will be filled only if they do not exhaust the 55,696 shares now authorized but unissued, and it further appears from Mr. Cabot's letter of February 21, 1935 that the management does not intend to exceed the authorized number of 500,000 shares. "In view of this information, it would seem that the corporation should not be regarded as engaged primarily in selling its 1535 6/27/35 -14- "shares and that the provisions of section 32 of the Banking Act of 1933 should not be regarded as applicable to it." Approved. Letter to Mr. Fletcher, Acting Federal Reserve Agent at the Federal Reserve Bank of Cleveland, reading as follows: "Receipt is acknowledged of Mr. Evans' letter of June 8, 1935, requesting a ruling as to whether section 32 of the Banking Act of 1933 would be applicable to Mr. Bruce B. Brady, if he Should become an officer and director of Union Banking & Trust Company, Bellevue, Ohio, in view of the business which he transacts under the trade name of Bruce B. Brady & Company. "It appears that Mr. Brady is the sole proprietor of the company; that he purchases pass books of local building and loan associations, and uses such pass books in purchasing from the issuers 'Other Real Estate'. Mr. Evans suggests that such pass books should not be considered 'securities' within the meaning of section 32, and also that section 52 is not applicable to an Officer or director of a member bank who is engaged in dealing ln securities in his individual capacity. "The Board has taken a contrary position with respect to the latter question in its letter of March 16, 1935 (X-9148). Hov!ever, on the basis of the facts contained in Mr. Evans' letter, it would not seem that the transactions here involved come within the provisions of section 32. It also seems improbable that the pass books in question are 'securities' within the meaning of that section. However, since there may be detailed circumstances which led to the presentation of the question and Which might have a bearing upon the question, it is suggested that you submit the matter to counsel for your bank, if you have not already done so, and if your counsel agrees with the above views, please advise Mr. Brady accordingly." Approved. Mr. Morrill reported that, following the receipt of requests ti'Qm the Federal Deposit Insurance Corporation, a favorable certificahad been or would be made today to the corporation, in accordance With the authority previously granted by the Board, that, upon the b 5. is °f a thorough examination of each of the State member banks 1536 6/27/35 -15- listed below., the assets of each of such banks are adequate to enable It to meet all of its liabilities to depositors and other creditors as shown by the books of the bank: Clanton Columbiana Cullman Dothan Eutaw Guin Marion Junction Selma Thomaston Name of Bank ALABAMA The Peoples Savings Bank Columbiana Savings Bank The Parker Bank and Trust Company Dothan Bank & Trust Company Merchants and Farmers Bank of Greene County Marion County Banking Company The Marion Junction State Bank (Incorporated) The Peoples Bank & Trust Company The Planters Bank & Trust Company Blackshear Commerce Eastman Lincolnton Sasser GEORGIA The Blackshear Bank Northeastern Banking Company Bank of Eastman Farmers State Bank Bank of Sasser Richfield Soda Springs IDAHO First State Bank Largilliere Company, Bankers Lostant Niantic Stockland Washington ILLINOIS The Farmers State Bank of Lostant State Bank of Niantic Sumner State Bank Danforth Banking Company Jamestown Tipton INDIANA Citizens State Bank Farmers Loan and Trust Company Des Moines Moorhead Shenandoah Williams IOWA Bankers Trust Company Moorhead State Bank The Security Trust and Savings Bank Williams Savings Bank Onaga Pratt KANSAS The Onaga State Bank The Peoples Bank Location 1537 6/27/55 Location -16- Holyoke n-,121-e--2r-La 3 .151 MASSACHUSETTS Hadley Falls Trust Company Sanford MAINE Sanford Trust Company Alto Armada Big Rapids Cassopolis Croswell Detroit Farmington Gladstone Greenville Howell Lakeview Manchester Manistee Milan Monroe Petoskey Sebewaing South Haven WaYne Williamston MICHIGAN The Farmers State Bank of Alto The Armada State Bank Big Rapids Savings Bank Cass County State Bank State Bank of Croswell The Detroit Savings Bank The Farmington State Bank The Gladstone State Savings Bank First State Bank of Greenville The First State and Savings Bank of Howell, Michigan Bank of Lakeview Peoples Bank The Manistee County Savings Bank Peoples State Bank of Milan Dansard State Bank The First State Bank of Petoskey Farmers and Merchants State Bank of Sebewaing„ Mich. The Citizens State Bank of South Haven The Wayne State Bank The Williamston State Bank of Williamston, Mich. Aurora Wadena MINNESOTA State Bank of Aurora Wadena County State Bank Crystal Springs MISSISSIPPI The Truckers Exchange Bank Carthage Farmington Lancaster Rich Hill St. Joseph Washington MISSOURI Bank of Carthage United Bank of Farmington Schuyler County State Bank Security Bank of Bich Hill Empire Trust Company Franklin County Bank ; S/27135 -17- Billings Bozeman Columbus Name of Bank MONTANA Security Trust and Savings Bank Security Bank & Trust Company of Bozeman The Yellowstone Bank, Columbus, Montana Bloomfield Bloomfield Bogota Boonton punellen Elizabeth Hightstown Newark Nutley Passaic Plainfield Rahway Riverside Rochelle Park NEW JERSEY Bloomfield Bank & Trust Company Community Trust Company of Bloomfield Bank of Bogota Boonton Trust Company Peoples Trust Company Central Home Trust Company Hightstown Trust Company Franklin Washington Trust Company Bank of Nutley People's Bank and Trust Company Mid-City Trust Company Rahway Trust Company Riverside Trust Company Rochelle Park Bank of Rochelle Park, N. J. Batavia Hammondsport Kingston Mount Kisco Ontario Sag Harbor Spring Valley NEh YORK Genesee Trust Company The Bank of Hammondsport Kingston Trust Company Trust Company of Northern Westchester State Bank of Ontario The Peconic Bank Ramapo Trust Company Marshall Tryon Washington NORTH CAROLINA Citizens Bank Tryon Bank & Trust Company Bank of Washington Location Bellville Canal Winchester Celina Delphos Delphos Madison Marengo Mason Minster Mount Blanchard OHIO The Farmers Bank of Bellville, Ohio The Peoples Bank Company The Commercial Bank Company Commercial Bank The Peoples Bank of Delphos The Citizens Bank of Madison The Marengo Banking Company The First-Mason Bank The Minster State Bank The Citizens Bank of Mt. Blanchard 1.539 6/27/35 Location Pomeroy Shelby Shiloh -18Name of Bank OHIO The Farmers Bank and Savings Company of Pomeroy, Ohio The Citizens Bank The Shiloh Savings Bank Company Lewistown Mount Carmel New Oxford Pittsburgh Pittsburgh Pittsburgh Prospect Park Schuylkill Haven Tamaqua Temple PENNSYLVANIA Carlisle Trust Company The Montour County Trust Company The Easton Trust Company East Petersburg State Bank Farmers Bank of Egypt Lewistown Trust Company Liberty State Bank & Trust Company Farmers and Merchants Bank Allegheny Valley Bank of Pittsburgh Homewood Bank at Pittsburgh Potter Title and Trust Company Interboro Bank and Trust Company Schuylkill Haven Trust Company Peoples Trust Company of Tamaqua, Pennsylvania Temple State Bank Alpena Arlington Freeman McIntosh SOUTH DAKOTA Bank of Alpena Citizens State Bank of Arlington Merchants State Bank Security State Bank Beeville Celina Eden Gatesville Huntsville Kirkland Madisonville Roscoe Shamrock TEXAS State Bank & Trust Company The First State Bank Eden State Bank Guaranty Bank & Trust Company Huntsville Bank and Trust Company The First State Bank of Kirkland, Texas Farmers State Bank of Madisonville, Texas The Roscoe State Bank Farmers Le Merchants State Bank of Shamrock Halifax Powhatan Williamsburg VIRGINIA The Bank of Halifax Bank of Powhatan Peninsula Bank and Trust Company Wilbur WASHINGTON State Bank of Wilbur Carlisle Danville Easton East Petersburg EaPt °/27/35 -19- Parsons St. Albans Summersville Name of Bank WEST VIRGINIA The Tucker County Bank The sank of St. Albans Farmers and Merchants Bank of Summersville Glenwood City WISCONSIN First State Bank of Glenwood Aliceville Clayton Faunsdale Oneonta York ALABAMA Aliceville Bank & Trust Company Bank of Commerce Watkins Banking Company The Citizens Bank Bank of York Tucson ARIZONA Southern Arizona Bank and Trust Company Blytheville Fordyce ARKANSAS Farmers Bank and Trust Company Fordyce Bank & Trust Co. Fairfield San Rafael Santa Paula CALIFORNIA Solano County Bank Bank of San Rafael Citizens State Bank of Santa Paula Swainsboro GEORGIA The Central Bank Cowden Geneva Greenville Landon Mills Mattoon Wenona ILLINOIS State Bank of Cowden The State Bank of Geneva State Bank of Hoiles & Sons The State Bank of London Mills Central Illinois Trust and Savings Bank The First State Bank of Wenona Mohawk INDIANA The Mohawk State Bank Monticello Newton R iceville Storm Lake IOWA The Monticello State Bank Jasper County Savings Bank Riceville State Bank Security Trust & Savings Bank Location 6/2.7/55 -20- Tonganoxie Name of Bank KANSAS The First State Bank of Tonganoxie Hartford KENTUCKY Citizens Bank Algonac Bronson Fennville Greenville Lapeer Marcellus Mason Mount Pleasant Pigeon Sault Ste. Marie Sault Ste. Marie SParta Zeeland MICHIGAN The Algonac Savings Bank First State Savings Bank Old State Bank Commercial State Savings Bank The Lapeer Savings Bank of Lapeer, Michigan G. w. Jones Exchange Bank The Farmers Bank of Mason Isabella County State Bank The Pigeon State Bank Central Savings Bank Sault Savings Bank Sparta State Bank Zeeland State Bank WYkoff MINNESOTA First State Bank of Wykoff Location Glasgow MISSOURI Glasgow Savings Bank Big Timber Bozeman Glasgow Great Falls Laurel MONTANA Citizens Bank & Trust Co. Gallatin Trust and Savings Bank Farmers-Stockgrowers Bank Montana Bank and Trust Company The Yellowstone Bank North Platte NEBRASKA McDonald State Bank NEW JERSEY East Orange Savings Investment and Trust Company (Secretary's note: In a letter dated June 26, 1935, Mr. Sam H. Husbands, Assistant Chief, Examining Division, Reconstruction Finance Corporation, advised that the corporation had agreed to purchase additional "A" preferred stock in the ta_vings Investment and Trust Company in the amount of q1,000,000 upon receipt of the request of the Secretary of the Treasury with the approval of the President, and upon 6/27/35 -21- Name of Bank NEW JERSEY condition that the management and compensation paid by the trust company are to be approved by the Reconstruction Finance Corporation. Mr. Wingfield, Assistant General Counsel, stated that he felt the letter from Mr. Husbands was sufficient evidence of a commitment to purchase additional stock, to permit a favorable certification of the trust company in accordance with the action taken at the meeting of the Executive Committee on June 26.) United States Trust Company of Newark Newark Location Aztec Logan Avoca Elmira Farmingdale Malone Mount Vernon Ossining Southampton Stony Brook Utica Edenton Elizabethtown Brecksville Christiansburg Conneaut Coshocton Danville Fayette Gibsonburg Hillsboro 4ons Mount Vernon New Philadelphia Oak Harbor NEW MEXICO The Citizens Bank McFarland Brothers' Bank NEW YORK Bank of Avoca Chemung Canal Trust Company The Bank of Farmingdale The Peoples Trust Company of Malone Fleetwood Bank Ossining Trust Company The Southampton Bank Bank of Suffolk County First Citizens Bank and Trust Company of Utica NORTH CAROLINA Bank of Edenton Bank of Elizabethtown OHIO The Brecksville Bank Company The Farmers and Merchants Bank Company The Citizens Banking and Savings Company The Peoples Bank & Trust Company The Commercial and Savings Bank Company The Fayette State Savings Bank Company The Home Banking Company The Hillsboro Bank and Savings Company The Farmers State Bank of Lyons, O. The Knox County Savings Bank The Ohio Savings & Trust Company of New Philadelphia The Oak Harbor State Bank Company 1543 6/27/35 -22- Russellville St. Marys Utica Wakeman Wellington Wooster Name of Bank OHIO Bank of Russellville The Home Banking Company The Utica Savings Bank Company The Wakeman Bank Company The First Wellington Bank The Commercial Banking & Trust Company Albany Dallas Grants Pass Myrtle Point Oakland OREGON Bank of Albany Dallas City Bank Grants Pass and Josephine Bank Security Bank of Myrtle Point E. G. Young & Co. Bank Location PENNSYLVANIA Clearfield Trust Company Clearfield Traders Bank and Trust Company Hazleton Wayne County Savings Bank Honesdale New Brighton Beaver County Trust Company Paoli Bank and Trust ComDany Paoli Quakertown Trust Company Quakertown Paint Borough (Scalp Level P. O.) Merchants and Miners Bank Peoples Trust Company of Wyomissing, Pa. Wyomissing Woonsocket SOUTH DAKOTA Belvidere State Bank The First State Bank of Buffalo, South Dakota The Bear Butte Valley Bank The Bank of Toronto of Toronto, South Dakota Sanborn County Bank Carthage TENNESSEE Citizens Bank & Trust Company Bremond Brownfield East Bernard Forney Hamilton Kosse TEXAS The First State Bank of Bremond Brownfield State Bank Union State Bank Forney State Bank of Forney Hamilton Bank and Trust Company The First State Bank Belvidere Buffalo Sturgis Toronto 1544 6/27/35 -25- Leakey Mathis Nacogdoches Sinton Turkey Name of BAnk TEXAS First State Bank of Leakey First State Bank of Mathis Commercial State Bank Commercial State Bank The Farmers and Merchants State Bank Gunnison Ogden Price UTAH Gunnison Valley Bank Commercial Security Bank Carbon Emery Bank LaCrosse Lawrenceville Smithfield VIRGINIA The Bank of LaCrosse Farmers and Merchants Bank of Lawrenceville The Merchants and Farmers Bank, Incorporated Cashmere Kelso Ritzville Rockford Tekoa WASHINGTON Cashmere Valley Bank Cowlitz Valley Bank, Kelso, Washington The Ritzville State Bank Farmers and Merchants Bank of Rockford Tekoa State Bank Berwind Buffalo WEST VIRGINIA Berwind Bank The Buffalo Bank Platteville Sturgeon Bay 7ISCONSIN State Bank of Platteville Bank of Sturgeon Bay Downey CALIFORNIA Los Nietos Valley Bank Effingham ILLINOIS Effingham State Bank Connersville INDIANA Fayette Bank and Trust Company Camden na JERSEY Camden Safe Deposit and Trust Company Syracuse NEW YORK First Trust and Deposit Company Location 1545 6/27/55 Delta Name of Bank OHIO The Peoples Savings Bank Company. Beaver Erie Nanticoke Williamsport PENNSYLVANIA Beaver Trust Company Security-Peoples Trust Company Peoples Savings and Trust Company of Nanticoke West Branch Bank and Trust Company Location Thereupon the meeting adjourned. iit Mix 91 ectretaxy. dt Governor.
@FedFRASER