ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDING

DECEMBER 31, 1934

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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 

Washington, D. C., August 15,1935.

SIR: Pursuant to the provisions of subsection (r) of section 

12B of the Federal Reserve Act, as amended, the Federal Deposit 

Insurance Corporation has the honor to submit its annual report.

Respectfully,

L e o T. C r o w le y , Chairman.

T h e P r e s id e n t of t h e S e n a t e

T h e Sp e a k e r of t h e H ouse of R e p r e s e n t a t iv e s

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

Created by the act of June 16, 1933, entitled “ An 

act to provide for the safer and more effective use 

of the assets of banks, to regulate interbank control, 

to prevent the undue diversion of funds into speculative operations, and for other purposes” (Banking Act of 1938), Public No. 66, 73d Congress, 48 

Stat. 162, ch. 89; U.S.C., Supp. VII, title 12, sec. 264,

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Federal Reserve Bank of St. Louis
CONTENTS

Page

Introduction.......................................................................................................................... 3

PART ONE

OPERATIONS OF TH E CORPORATION TO DECEM BER 31, 1934

Purposes of the Corporation..................................................................................... 7

Organization and Staff............... .................................................................................. 7

Directors........................................................................................................................... 7

Organization.................................................................................................................... 8

Personnel.......................................................................................................................... 8

Financial Aspects of the Corporation................................................................ 8

Capital stock................................................................................................................... 8

Assessments..................................................................................................................... 8

Accounting and auditing................................................................................ .. 10

Balance sheet.................................................................................................................. 11

Audit report.......................................... ...................................................................... .. 12

Bank Exam in atio n s........................................................................................................... 14

Temporary examining organization....................................................................... 14

Results of admission examinations......................................................................... 15

New examination report forms................................................................................ 16

Re-examination of insured commercial banks with inadequate capital.. 16

Examiners' ratings of assets...................................................................................... 17

Examination for admission of banks applying for insurance during 1934. 18

Admission of banks with restricted deposits or contingent liabilities. . . . 18

Examination staff......................................................................................................... 18

Joint conference of supervisors of Federal examining forces....................... 19

The present examination program......................................................................... 19

Legal A spects...................................................................................................................... 20

Organization and functions of the Legal Division........................................... 20

Interpretations and opinions.................................................................................... 20

Legal aspects of admission of banks to insurance............................................ 21

Legal aspects of closed insured banks.................................................. ............... 21

Litigation.......................................................................................................................... 21

Regulations of the Corporation............................................................................... 21

Advertising of membership in the Fund..................................................... 22

Rate of interest on deposits............................................................................. 22

Insurance of restricted or deferred deposits.............................................. 23

Withdrawal from Temporary Federal Deposit Insurance Fund. . . . 23

Display of sign...................................................................................................... 24

Protection to uninvested trust funds during the period of the Temporary

Federal Deposit Insurance Fund....................................................................... , 24

Recommendations for legislative changes........................................................... 25

Insured Banks Placed in Receivership............................................................... 25

Procedure for paying depositors.............................................................................. 26

Deposit Insurance National Banks........................................................................ 26

Deposits of insured banks placed in receivership............................................. 27

Receivership procedure............................................................................................... 28

Research and Statistics......................... ....................................................................... 28

Condition and earnings reports............................................................................... 28

Periodic reports.............................................................................................................. 29

Special analyses.............................................................................................................. 29

Relations with Other Banking A gencies and the Public....................... 29

State supervisory authorities.................................................................................. 29

Other Federal banking agencies.............................................................................. 30

Banks and bankers’ associations............................................................................ 31

Public relations............................................................................................................. 31

v

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yi CONTENTS

Page

E x t e n s io n o f a n d A m e n d m e n t s to T e m p o r a r y I n s u r a n c e P r o v is io n s . 31

Reasons for the recommendations of the Corporation................................ 32

Amendments of June 1934................................................................................. 32

S u m m a r y of R e c o m m e n d a t io n s f o r F e d e r a l L e g is l a t io n ............................ 34

Limitation of insurance to $5,000..................................................................... 34

Regular assessments............................................................................................. 34

Standards of admission........................................................................................ 34

Capital changes, mergers and consolidations, and fidelity and burglary

insurance.............................................................................................................. 35

Purchase of assets of banks merging or consolidating................................. 35

Handling of payments to depositors in closed banks.................................. 35

Technical changes................................................................................................. 35

Su m m a r y o f R e c o m m e n d a t io n s f o r St a t e L e g is l a t io n .............................. 35

State legislation affecting deposit insurance................................................... 35

D e p o s it I n s u r a n c e a n d t h e B a n k in g St r u c t u r e ......................................... 36

PART TW O

DEPOSIT INSURANCE AND BANKING DEVELOPM ENTS

Insurance Risk and the Condition o f Commercial B anks...................... ......... 41

Growth of deposits................................................................................................................. 41

Changes in bank assets accompanying the growth of deposits.................. ......... 42

Cash and amounts due from banks....................................................................... ......... 43

Loans and discounts.............................................................................................................. 44

United States Government and other securities........................................................ 45

Criticized assets of insured commercial banks by size of bank.................. ......... 46

Borrowings and other liabilities.......................................................................................47

Total capital account,................................................................................................ .........47

Capital Rehabilitation of Insured Commercial Banks not M embers

o f th e Fed eral Reserve System ...................................................................................50

Improvement in net sound capital..................................................................................50

Sources of new capital funds.................................................................................... .........53

The problem of adequate capitalization.............................................................. .........53

Earnings and Expenses o f Insured Commercial B ank s......................................54

Earnings from current operations....................................................................................54

Recoveries, dividends and write-offs..............................................................................55

Rates of earnings and of interest paid...........................................................................56

Earnings and expenses of insured commercial banks not members of the

Federal Reserve System..................................................................................................57

Rates of interest received and paid by insured commercial banks not

members of the Federal Reserve System.................................................................57

E x te n t o f F ed eral Insurance o f Deposits in Commercial Banks. . . 59

Membership in the Temporary Federal Deposit Insurance Fund.....................59

Fully insured and partially insured depositors...........................................................60

Deposit insurance by class and size of bank...............................................................61

Uninsured banks.....................................................................................................................63

M u tu al Savings Banks.................................................................................................... ........ 64

Mutual savings banks in the Temporary Federal Deposit Insurance

Fund........................................................................................................................................64

Membership in the Fund For M utuals.........................................................................65

Changes during 1934 in the deposits of mutual savings banks insured

by the Federal Deposit Insurance Corporation.....................................................65

Insurance of deposits in mutual savings banks, December 31, 1934.... 66

Reconstruction Finance Corporation and mutual savings banks...................... 67

Earnings of insured mutual savings banks;......................................................... ........ 67

Bank Suspensions and R eceiverships............................................................................. 67

Bank suspensions during 1934...................................................................................67

Causes of bank suspensions............................................................................................... 68

Banks in receivership........................................................................................................... 69

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CONTENTS vii

PART THREE

RESEARCH REPORTS

Page

L osse s to D e p o s it o r s in S u s p e n d e d C o m m e r c ia l B a n k s , 1865-1934— 73

Deposits in suspended banks............................................................................. 73

Losses to depositors.............................................................................................. 73

Relation of losses to deposits in active banks................................................ 73

M e th o d of E s t im a t in g L osses to D e p o s it o r s in Su sp e n d e d C o m m e rc ia l B a n k s ................................................................................................................. 75

Deposits in suspended banks, 1865-1934........................................................ 75

Deposits not exceeding $5,000 for any one depositor.................................. 81

Secured deposits.................................................................................................... 82

Losses to unsecured depositors.......................................................................... 84

Deposits in active banks, 1865-1934................................................................ 87

Relation of depositors’ losses to deposits in active banks.......................... 90

Losses to depositors in critical years................................................................ 91

Basic data for estimating losses........................................................................ 92

L o sses to D e p o s it o r s in M u t u a l Sa v in g s B a n k s , 1865-1934.................. I ll

Losses to depositors, 1865-1934........................................................................ I ll

Years of greatest loss............................................................. ............................. 112

PART FOUR

LEGISLATION, REGULATIONS AND INSTRUCTIONS

Deposit Insurance L egislation...................................................................................117

Original deposit insurance law; section 12B of the Federal Reserve Act,

inserted by section 8 of the Banking Act of 1933......................................... 117

__ Amendments to deposit insurance law.................................................................. 128

R egulations o f th e F ed eral Deposit Insurance Corporation. ...... 131

Advertisement of membership in the Temporary Federal Deposit Insurance Fund, Regulation A .......................................................................... ...... 131

Maximum rates of interest payable on deposits, Regulation B ...................... 131

Amendments to Regulation B ........................................................................... ...... 132

Prohibition of payment of interest on deposits payable on demand,

Regulation C ...................................................................................................... ...... 133

Eligibility for insurance of deferred or restricted deposits, Regulation D . 134

Withdrawal from Temporary Federal Deposit Insurance Fund on July 1,

1934, Regulation E ........................................................................................... ......135

Display of signs, Regulation F .......................................................................... ......136

C ertificate o f Membership in th e Temporary F ed eral Deposit

Insurance Fund........ ............................................................................................. 139

Forms and In stru ction s........................................................................................... 140

Certified statement............................................................................................... 140

Instructions for preparing certified statement and schedule..................... 142

Report of condition— Form 64— Call No. 2 ................................................... 148

Instructions for the preparation of reports of condition on Form 64—

Call No. 2 by insured commercial banks not members of the Federal

Reserve System.................................................................................................. 156

Report of earnings and dividends— Form 73................................................. 162

Instructions for preparation of earnings and dividend reports on Form 73

by insured commercial banks not members of the Federal Reserve

System................................................................................................................. 166

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viii CONTENTS

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Page

E xplanatory N o t e .............................................................................................................. 173

A l l L ic e n s e d B a n k s in t h e U n it e d St a t e s ........................................................ 176

I n s u r e d C o m m e r c ia l B a n k s .................................................................................... 186

Insurance coverage................................................................................................ 186

Condition of banks...... ......................................................................................... 194

Officers and employees.......................................................................................... 226

Earnings, expenses and dividends..................................................................... 228

I nsured M utual Savings Ba n k s................................................................................ 243

B a n k S u sp e n s io n s a n d R e c e iv e r s h ip s . . ................................................................. 245

Federal D eposit Insurance Corporation............................................................ 252

LIST OF TABLES

PART ONE

OPERATIONS OF THE CORPORATION TO DECEMBER 31, 1934

Financial Aspects of the Corporation:

1. Consolidated balance sheet, Federal Deposit Insurance Corporation and the Temporary Federal Deposit Insurance Funds,

December 31, 1934.................................................................................. 11

2. Statement of cash receipts and expenditures for the period from

September 11, 1933 (date of commencement of operations), to

December 31, 1934, Federal Deposit Insurance Corporation.. .. 13

Bank Examinations:

3. Capital status of commercial banks not members of the Federal

Reserve System approved for admission to insurance, January

1, 1934........................................................................................................ 16

4. Number of insured commercial banks not members of the Federal

Reserve System classified according to the ratio of net sound

capital to total deposits......................................................................... 17

5. Classification of assets at time of examination for admission to

insurance Fund and at time of latest examination in 1934 and

early 1935, insured commercial banks not members of the

Federal Reserve System........................................................................ 17

Insured Banks Placed in Receivership:

6. Creditors’ claims against nine insured banks which suspended

during 1934............................................................................................... 27

PART TWO

DEPOSIT INSURANCE AND BANKING DEVELOPMENTS

Insurance Risk and the Condition of Commercial Ban k s:

7. Analysis of changes during 1934 in the deposits of licensed commercial banks........................................................................................... 42

8. Changes during 1934 in assets and liabilities of licensed commercial

banks.......................................................................................................... 43

9. Changes during 1934 in holdings by licensed commercial banks of

cash and amounts due from banks..................................................... 44

10. Reduction during 1934 in loans and discounts of licensed commercial banks.................................................................................................. 44

11. Examiners’ classification of loans and discounts, and amounts of

loans and discounts written off, 1934................................................. 45

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12. Changes during 1934 in securities held by licensed commercial

banks................................................................................................................... 46

13. Holdings of capital obligations of insured commercial banks by the

Reconstruction Finance Corporation, December 31, 1934........... 47

Capital Rehabilitation of Insured Commercial Banks not M embers

of the Federal Reserve System:

14. Percentage distribution of number and deposits of insured commercial banks not members of the Federal Reserve System,

grouped by ratio of net sound capital to deposits.......................... 51

15. Changes during 1934 in total capital account of commercial banks

not members of the Federal Reserve System insured on December 31, 1934............................................................................................... 53

Earnings and E xpenses of Insured Commercial Ban k s:

16. Current earnings and expenses during 1934 of insured commercial

banks.......................................................................................................... 55

17. Net earnings and changes in total capital account during 1934 of

insured commercial banks..................................................................... 55

18. Comparative rates of interest, and distribution of assets and

deposits, 1927-28 and 1934, banks members of the Federal

Reserve System....................................................................................... 56

19. Net earnings from current operations during 1934 of insured commercial banks not members of the Federal Reserve System,

banks grouped by amount of deposits............................................... 57

20.^Rates of earnings during 1934 on total available funds, on loans

and on securities, and of interest paid on time deposits, insured

commercial banks not members of the Federal Reserve System. 59

Extent of Federal Insurance of D eposits in Commercial Ban k s:

21. Insured and uninsured deposits, and fully and partially insured

accounts, insured commercial banks, October 1, 1934.................. 61

22. Percentage of deposits insured and of accounts fully insured in

insured commercial banks, October 1, 1934, banks grouped by

amount of deposits.................................................................................. 61

23. Classification of uninsured commercial State banks, February 1,1935 63

M utual Savings Ban k s:

24. Mutual savings banks insured by Federal Deposit Insurance Corporation, 1 9 3 4 ........................................................................................ 65

25. Mutual savings banks, December 31, 1934........................................... 66

Bank Suspensions and Receiverships:

26. Number and deposits of licensed banks suspending operations

during 1934, banks grouped by amount of deposits....................... 68

PART THREE

RESEARCH REPORTS

Losses to Depositors in Suspended Commercial Banks, 1865-1934:

27. Deposits and losses to depositors in suspended commercial banks,

1865-1934.................................................................................................. 75

D eposits in Suspended Ba n k s:

28. Estimated deposits in suspended commercial banks, 1865-1934... 80

Deposits not Exceeding $5,000 fo r Any One D epositor:

29. Estimated percentages of deposits of suspended commercial banks

which would have been insurable under the $5,000 limitation.. 81

30. Estimated amounts of deposits of suspended commercial banks,

1865-1934, which would have been insurable under the $5,000

*j limitation................................................................................................... 82

Secured D eposits:

31. Estimates of secured deposits held by suspended banks, 1865-1934. 83

LIST OF TABLES ix

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X LIST OF TABLES

Losses to U nsecured D epositors: Page

32. Losses to depositors in liquidated insolvent banks............................. 87

33. Estimated amounts of loss to depositors in suspended commercial

banks, 1865-1934............................................................................................ 88

D eposits in A ctive Banks, 1865-1934:

34. Deposits in active commercial banks, 1865-1934........................... 89

Relation of D epositors’ L osses to D eposits in A ctive Ban k s:

35. Relation of depositors’ losses in suspended commercial banks to

deposits in active banks, 1865-1934....................................................... 90

Losses to D epositors in Critical Y ear s:

36. Losses to depositors in banks suspending during critical years. . . 91

Basic D ata— D eposits in Suspended Commercial Ba n k s:

37. Number and deposits (or liabilities) of suspended commercial

banks, 1865-1899, by years....................................................................... 92

38. Number and deposits (or liabilities or resources) of suspended commercial banks, 1900-20, by years............................................................ 93

39. Number and deposits of suspended and reopened commercial

banks, 1921-32, by years............................................................................ 94

40. Number and deposits of suspended and reopened commercial

banks, 1933-34, by years............................................................................ 95

41. Deposits, and loans and investments, of suspended national and

commercial State banks, grouped by size of bank........................... 96

42. Estimated percent of commercial bank deposits which are secured.. 99

Basic D ata— L osses to D epositors in Suspended Commercial Ba n k s:

43. Estimated recoveries by creditors of liquidated insolvent commercial banks........................................................................................................... 100

44. Estimate of deposits not released in national banks unlicensed on

March 16, 1933, but reorganized or licensed without reorganization prior to October 31, 1934.................................................................. 102

Basic D ata— Deposits in A ctive Commercial Ban k s:

45. Deposits in active commercial banks other than national, 1865-83,

by years...................... ^................ . .................................................................. 103

46. Estimate of deposits in all active commercial banks other than

national, 1900-02........................................................................................... 104

47. Deposits in active commercial banks other than national, 1875-83,

1900-02, and 1934. . ...................................................................................... 105

48. Estimate of deposits in active commercial banks other than

national, 1883-1934, by years................................................................... 106

49. Deposits in active national banks, call dates, 1863-1934.................. 107

Basic D ata— Special Relationships:

50. Relations among deposits, liabilities, resources, claims and dividends of suspended banks........................................................................... 110

L osses to D epositors in M utual Savings Ban k s:

51. Deposits and losses in suspended mutual savings banks compared

with deposits in active mutual savings banks, 1865-1934, by

years.................................................................................................................... 112

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURAxNCE

All Licensed Banks in the United States:

101. Number and deposits of all licensed banks in the United States,

January 1, 1934, and December 31, 1934: by class of bank......... 176

102. Analysis of changes in number of licensed banks in the United

States, January 1, 1934, to December 31, 1934: by class of bank. 177

103. Number and deposits of banks licensed during 1934: by class of

bank, grouped by amount of deposits and by States. .................... 178

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104. Number of licensed banks in the United States, December 31,1934:

by class of bank by States.................................................................... 180

105. Deposits in licensed banks in the United States, December 31,1934:

by class of bank by States.................................................................... 182

106. Number of licensed banks in the United States, October 1, 1934:

by class of bank, grouped by amount of deposits............................ 184

107. Total deposits in licensed banks in the United States, October 1,

1934: by class of bank, grouped by amount of deposits................ 185

I n s u r e d C o m m e r c ia l B a n k s— I n s u r a n c e C o v e r a g e :

108. Number of accounts fully insured and partially insured in insured

commercial banks, October 1,1934: by class of bank, grouped by

amount of deposits and by States....................................................... 186

109. Amount of deposits insured and uninsured in insured commercial

banks, October 1, 1934: by class of bank, grouped by amount of

deposits and by States........................................................................... 188

110. Percent of accounts fully insured and of deposits insured in insured

commercial banks, October 1, 1934: by class of bank, grouped by

amount of deposits and by States....................................................... 192

I n s u r e d C o m m e r c ia l B a n k s— C o n d it io n o f B a n k s :

111. Assets and liabilities of insured commercial banks, June 30, 1934,

and December 31, 1934: by class of bank........................................ 194

112. Condition of insured commercial banks not members of the Federal

Reserve System, December 31, 1934: banks grouped by amount

of deposits................................................................................................. 198

113. Condition of insured commercial banks not members of the Federal

Reserve System, December 31,1934: averages for banks grouped

by amount of deposits........................................................................... 200

114. Percentage distribution of principal asset and liability items, insured commercial banks not members of the Federal Reserve

System, December 31, 1934: banks grouped by amount of

deposits...................................................................................................... 202

115. Capital, deposits and assets of insured commercial banks not members of the Federal Reserve System as shown by examination for

admission in 1933-1934: banks grouped by amount of deposits,

by geographic regions, and by States............ .................................... 204

116. Capital, deposits and assets of insured commercial banks not members of the Federal Reserve System as shown by latest examination in 1934-1935: banks grouped by amount of deposits, by

geographic regions, and by States....................................................... 206

117. Examiners’ analysis of assets of commercial banks not members of

the Federal Reserve System insured on December 31, 1934,

latest examination in 1934-1935: banks grouped by amount of

deposits, by geographic regions, and by States (amounts in

thousands of dollars).............................................................................. 208

118. Examiners’ analysis of assets of commercial banks not members of

the Federal Reserve System insured on December 31, 1934,

latest examination in 1934-1935: banks grouped by amount of

deposits, by geographic regions, and by States (percent of book

value).......................................................................................................... 212

119. Loans to officers, directors and affiliates, commercial banks not

members of the Federal Reserve System insured on December

31, 1934, latest examination in 1934-1935: banks grouped by

amount of deposits, by geographic regions, and by States........... 216

120. Capital investment of the Reconstruction Finance Corporation in

insured commercial banks, December 31, 1934: by class of bank

by States.................................................................................................... 219

121. Number and deposits of insured banks arranged according to

statutory capital requirements for membership in the Federal

Reserve System, and the capital deficiency of insured banks

lacking such qualifications, June 30, 1934: commercial banks not

members of the Federal Reserve System by States and by size

of center in which located..................................................................... 220

LIST OF TABLES xi

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xii LIST OF TABLES

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I nsured C ommercial Banks— Officers and Employees:

122. Number of officers and of employees of insured commercial banks,

June 30, 1934: by class of bank by States........................................... 226

I nsured Commercial Banks— Earnings, E xpenses and D ividends:

123. Earnings, expenses and dividends of insured commercial State

banks, calendar year 1934: banks grouped by amount of deposits. 228

124. Earnings, expenses and dividends of insured commercial State

banks, calendar year 1934: averages for banks grouped by

amount of deposits......................................................................................... 230

125. Earnings, expenses and dividends of insured commercial State

banks, calendar year 1934: by class of bank....................................... 232

126. Earnings, expenses and dividends per $100 of total available funds

of insured commercial State banks, calendar year 1934: banks

grouped by amount of deposits................................................................ 233

127. Earnings, expenses and dividends, special ratios, insured commercial State banks, calendar year 1934: banks grouped by amount

of deposits....................................................................................... ................ 234

128. Earnings, expenses and dividends of insured commercial banks not

members of the Federal Reserve System, calendar year 1934:

banks grouped by amount of deposits................................................... 236

129. Earnings, expenses and dividends of insured commercial banks not

members of the Federal Reserve System, calendar year 1934:

averages for banks grouped by amount of deposits......................... 238

130. Earnings, expenses and dividends, special ratios, insured commercial banks not members of the Federal Reserve System, calendar

year 1934: banks grouped by amount of deposits............................ 240

131. Earnings, expenses and dividends per $100 of total available funds,

insured commercial banks not members of the Federal Reserve

System, calendar year 1934: banks grouped by amount of

deposits.............................................................................................................. 242

I nsured M utual Savings Ba n k s:

132. Condition of insured mutual savings banks, June 30, 1934, and

December 31, 1934......................................................................................... 243

133. Earnings, expenses and interest payments of 68 insured mutual

savings banks, calendar year 1934.......................................................... 243

134. Insured and uninsured deposits in insured mutual savings banks,

October 1, 1934: by States......................................................................... 244

Bank Suspensions and Receiverships:

135. Number and deposits of banks suspending operations during 1934:

by class of bank grouped by amount of deposits.............................. 245

136. Insured banks placed in receivership in 1934.......................................... 246

137. Assets of insured banks placed in receivership in 1934: as shown by

books of banks at date of suspension..................................................... 247

138. Liabilities of insured banks placed in receivership in 1934: as shown

by books of banks at date of suspension................................ ............. 248

139. Deposits of insured banks placed in receivership in 1934: revised to

December 31, 1934......................................................................................... 249

140. Payments during 1934 to insured depositors of insured banks placed

in receivership in 1934........................................................ ......................... 250

141. Statement of operations of deposit insurance national banks

through December 31, 1934....................................................................... 251

Federal D eposit Insurance Corporation:

142. Average annual salaries paid to officers and employees of the Federal Deposit Insurance Corporation, as of December 31, 1934. . 252

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LIST OF CHARTS

Page

Organization chart........................................................................................................ 9

Percentage distributions of assets, insured commercial banks not Federal

Reserve Members, banks grouped by amount of deposits............ ............ .. . 48

Condition of loans and securities, insured commercial banks not Federal

Reserve Members, banks grouped by amount of deposits............ ................. 49

Capital changes during 1934, insured commercial banks not Federal Reserve

Members, banks grouped by amount of deposits............................................. 52

Earnings, expenses and losses, 1934, insured commercial banks not Federal

Reserve Members, banks grouped by amount of deposits............................. 58

Number and deposits of insured and uninsured commercial banks, October 1,

1934, banks grouped by amount of deposits...................................................... 62

LIST OF CHARTS xiii

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Federal Reserve Bank of St. Louis
INTRODUCTION

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INTRODUCTION

The Federal Deposit Insurance Corporation was created by the

Banking Act of 1933. Its Board of Directors organized on September 11 of that year, and the insurance of bank deposits became

effective January 1, 1934. A brief report dealing with the organization of the Corporation was submitted in March 1934. The

present report is designed to serve the following purposes: To

describe the organization of the Corporation and to summarize its

activities to the end of 1934; to discuss banking developments

during 1934 as they bear upon the problem of insurance of deposits, especially with respect to those banks for which few statistics

have heretofore been available; and to present the results of investigations dealing with general problems of the Corporation.

Part One is devoted to the organization and operations of the

Corporation, including statements of the revenues and expenses

of the Corporation, description of the procedure and results of

bank examinations, legal problems which have been encountered,

methods of paying depositors in failed banks, and recommendations for changes in the law which the directors believe will materially aid the Corporation in fulfilling its functions. Part Two

covers developments in banking during 1934, primarily among

insured banks not members of the Federal Reserve System. Special attention is given to suspensions and to the character of

changes occurring in assets and obligations, capital structure,

earnings and expenses, and insurance coverage. Part Three deals

with the basis of determining the amount of funds required for

the insurance of bank deposits, and presents data regarding bank

failures since 1865 and estimates of losses to depositors during that

period. Part Four gives in full the text of the original deposit

insurance law and amendments thereto, the text of regulations

issued by the Corporation, the principal forms used and the instructions for the reporting of information by insured banks.

Part Five consists of statistical tables relating to banking and

deposit insurance.

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PART ONE

OPERATIONS OF THE CORPORATION TO

DECEMBER 31, 1934

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PURPOSES OF THE CORPORATION

The Federal Deposit Insurance Corporation was created to 

insure depositors against loss resulting from bank failures. The 

possibility of providing such insurance or guaranty of bank obligations had been discussed from time to time for more than a 

century. The adoption by the Federal Government in 1938 of the 

principle of insurance of deposits was the direct result of the 

severe banking crisis and of the large volume of bank deposits 

which had been lost or tied up in closed banks during the preceding three years. It was believed by those supporting the insurance 

of bank deposits that such insurance was essential for the re-establishment of confidence in the banking structure of the United 

States. It was also desired to provide a speedy method of release 

of deposits tied up in suspended banks.

To serve these purposes the Corporation was authorized to 

insure the deposits of banks operating under the laws of the 

United States or of any State, to act as receiver for closed banks, 

and to operate for a limited time new national banks chartered 

for the purpose of making available to depositors of closed banks 

the insured portions of their deposits. The Corporation was also 

authorized to purchase assets of and enabled to make loans to 

closed banks members of the Federal Reserve System.

It is recognized that a function of insurance organizations is to 

attempt to reduce the risk of loss from the contingencies against 

which protection is provided. The Federal Deposit Insurance Corporation has a direct financial responsibility in 93 percent of all 

the licensed commercial banks in the United States. Those 

responsible for the policies of the Corporation have been concerned, therefore, not merely with the expeditious settlement of 

claims of depositors in closed banks, but also with the problems 

of sound operation of insured banks and of reduction of losses 

resulting from bank failures.

ORGANIZATION AND STAFF

Directors. The original Board of Directors of the Federal 

Deposit Insurance Corporation was composed of Mr. Walter J. 

Cummings, Mr. E. G. Bennett, and Mr. J. F. T. O'Connor, Comptroller of the Currency. Mr. Cummings resigned, effective February 1, 1934, on which date Mr. Leo T. Crowley succeeded him

7

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Federal Reserve Bank of St. Louis
8 FEDERAL DEPOSIT INSURANCE CORPORATION

as Director and as Chairman of the Board. In August 1934 Mr. 

Bennett submitted his resignation to the President to be effective 

upon the appointment of a successor. No successor was immediately appointed, however, and Mr. Bennett continued to serve 

throughout the year.1

Organization. The Board of Directors was faced at once with 

the task of putting the Temporary Federal Deposit Insurance 

Fund into operation. That task determined the character of the 

internal organization of the Corporation during its early months 

and at the same time delayed perfection of a permanent organization. As the temporary problems were met, and future requirements became more apparent, the internal organization of the 

Corporation was modified and developed. The present organization is adapted to the prompt and efficient handling of the Corporation's duties and functions. This organization is presented 

graphically in the chart on the opposite page.

Personnel. The personnel at the close of 1934 consisted of 846 

employees, of whom 254 were located in the main office at Washington, and 592 in the field and at the 15 regional offices throughout the country.

FINANCIAL ASPECTS OF THE CORPORATION

Capital stock. The deposit insurance law provided for subscriptions to capital stock of the Corporation by the Secretary of 

the Treasury on behalf of the United States, by the Federal 

Reserve banks, and by banks which became insured under the 

permanent insurance plan. The Secretary of the Treasury, on behalf of the United States, subscribed to and paid for $150,000,000 

of capital stock of the Federal Deposit Insurance Corporation in 

November 1933. The twelve Federal Reserve banks subscribed to 

and paid for $139,299,556.99 of Class B stock of the Federal 

Deposit Insurance Corporation, payment having been made in two 

installments, one on January 3, 1934, and the other on April 15, 

1934. These subscriptions to the capital of the Corporation have 

been made according to the provisions of the law. Inasmuch as 

the inauguration of permanent insurance has been postponed 

there have been no subscriptions by insured banks to the capital 

stock of the Corporation.

Assessments. The law provided that the members of the Temporary Federal Deposit Insurance Fund should be assessed an

1 Former Senator Phillips Lee Goldsborough was appointed to succeed Mr. Bennett on 

April 23, 1985.

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

OPERATING COM M ITTEE

IS COMPOSED or THE SECRETARY TO 

THE BOARD. THE AUDITOR AND ALL 

DIVISION HEADS. FORMULATES 1NTERBOARD OF DIRECTORS

CHAIRMAN. ONE M EM BER AND COMPTROLLER OF THE CURRENCY

BOARD OF REVIEW

reports of

............ m embers of __

iAL reserve system applying

. .NSURANCE AND MAKES RECOMMENDATIONS TO THE BOARD THEREON.

SECRETARY TO THE

BOARD

RECORDS ACTION TAKEN BY. THE 

BOARD AND COMMITTEES HANDLES 

CORRESPONDENCE ON BEHALF OF THE BOARD. ACTS AS REGISTRAR 

OF THE CORPORATION. AND ISSUES 

CERTIFICATES OF MEMBERSHIP

AUDITOR

SUPERVISES PERSONNEL. BUDGET, 

ACCOUNTING AND OTHER INTERNAL MANAGEMENT AFFAIRS

PUBLIC RELATIONS

DIVISION

PREPARES FOR PUBLICATION INFORMATION REGARDINGCORPORATION S ACTIVITIES. IS RESPONSIBLE 

FOR CORPORATIONS CONTACTS 

WITH THE PUBLIC

LEGAL m VISION

GENERAL COUNSEL

GIVES LEGAL ADVICE AND COUNSEL 

TO THE BOARD OF DIRECTORS. 

AND ALL DIVISIONS OF THE COR­ PORATION

DIVISION OF RESEARCH

AND STATISTICS

CHIEF

DEVELOPS OPERATING STATISTICS. 

PREPARES ECONOMIC AND STATISTICAL ANALYSES. AND- TABULATES BANK REPORTS

NEW AND CLOSED BANK

DIVISION

CHIEF

PAYS INSURED DEPOSITORS IN 

CLOSED BANKS. IS RECEIVER FOR 

ALL NATIONAL BANKS AND FOR 

STATE BANKS Wf-IEN APPOINTED. 

AND SUPERVISES OPERATION OF 

DEPOSIT INSURANCE NATIONAL

DIVISION OF EXAM INATIONS

CHIEF

EXAMINES BANKS NOT MEMBERS 

OF THE FEDERAL RESERVE SYSTEM 

WHICH ARE INSURED OR APPLY FOR 

INSURANCE

CHIEF CLERK

AND TELEGRAPH OPERATOf 

GUARDS, DUPLICATING A

FISCAL AGENT AND

CHIEF ACCOUNTANT

BURSEMENTS Of FUNDS.

> RESPONSIBLE F CDFEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
10 FEDERAL DEPOSIT INSURANCE CORPORATION

amount equal to one-half of one percent of the deposits eligible 

for insurance. It was provided that one-half of the assessment 

should be paid at the time of admission of the banks to the Fund, 

and the remainder upon call by the Board of Directors of the Corporation. In accordance with these provisions banks which were 

admitted prior to July 1, 1934, were assessed at the rate of onehalf of one percent of the deposits eligible for insurance, which 

at that time were limited to $2,500 for each depositor. One-half 

of this assessment was paid.

On October 1, 1934, the banks were required to make adjustments in the amount of the assessment paid, basing such adjustments upon the amount of deposits eligible for insurance as of 

that date. Since the insurance coverage had been increased to 

$5,000 to each depositor, and since there had also been a growth 

in the volume of insurable deposits, most of the banks were 

obliged to increase the payments which they had made to the 

Corporation. Banks commencing operations without deposit liability were assessed on the basis of their capital. Where the statute 

does not specifically provide the method of assessment, the Corporation has determined the method used.

Refunds were made to 192 banks which withdrew from the 

Temporary Federal Deposit Insurance Fund as of July 1, 1934. 

Such refunds amounted to $9,290,000, or 97 percent of the assessments paid in by those banks. The balance of the refunds, if any 

remains due, will be made upon the termination of the Fund.

The Corporation is authorized to levy during the period of the 

Temporary Federal Deposit Insurance Funds one additional 

assessment of one-half of one percent of the insured deposits, if 

additional funds are needed to meet the obligations of the Funds 

prior to their termination.1 If the amount already collected is 

more than adequate to meet the estimated liabilities and expenses 

of the Funds, the balance is to be refunded to the insured banks.

Accounting and auditing. The Fiscal Agent and Chief 

Accountant maintains the books and accounts of the Corporation, 

and computes and collects assessments from insured banks. On 

December 31, 1934, the total personnel of the accounting division 

numbered 37. The Auditor of the Corporation maintains a continuous internal audit of the Corporation, supervises the preparation of budgets and their control, and acts as coordinator of the 

operations of the Corporation. The funds of the Corporation are 

kept on deposit with the Treasurer of the United States.

1 In June 1934 the Corporation was authorized to open on its books, solely for mutual

savings banks, an additional Temporary Federal Deposit Insurance Fund, to be known as the

F\md For Mutuals. See page 33.

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FINANCIAL ASPECTS 11

Balance sheet. There is presented in Table l a balance sheet of 

the Federal Deposit Insurance Corporation as of December 31, 

1934.

Table 1. Consolidated Balance S heet, F ederal Deposit I nsurance Corporation and the T emporary F ederal Deposit I nsurance F unds

DECEMBER 31, 1934

ASSETS

Current assets:

Cash on hand and on deposit with the United States Treasurer. . . . $ 15,862,216.04 

United States Government Securities (cost less reserve for amortization of premiums)............................................................................... 315,128,630.72

Accrued interest receivable.................................................................... 1,550,463.08

---------------------- $332,541,309.84

Advances to Deposit Insurance National Banks for payment of claims and expenses. . . 122,208.97

Subrogated claims of depositors of closed Fund-member banks......................................... 861,379.35

Furniture and fixtures (less reserve for depreciation)......................................................... 110,326.89

Deferred charges (le*ss amortization).................................................................................... 35,214.55

Total assets................................................................................................................ $333,670,439.60

LIABILITIES AND RESERVES

Current liabilities:

Assessment adjustments, accrued salaries and miscellaneous accounts payable.......... $140,951.59

Reserves:

Additional refund to banks that withdrew as of July 1, 1934.......... $ 70,090.77

Deposit insurance losses and expenses................................................. 431,500.70

Adjustments not determined and possible undisclosed liabilities. . . . 22,107.84

---------------------- 523,699.31

Total liabilities and reserves.................................................................................. $664,650.90

CAPITAL

Capital paid in:

United States.............................................................. $150,000,000.00

Federal Reserve banks.............................................. 139,299,556.99

---------------------- $289,299,556.99

Assessments paid by members of the Temporary Federal Deposit Insurance Funds (less adjustments and refunds to banks in voluntary

liquidation and those that withdrew as of June 30, 1934)................. 41,353,061.05

Interest and other income from securities (less provision for amortization of premiums):

From September 11, 1933, to June 30, 1934........... $2,273,893.63

From July 1, 1934, to December 31, 1934.............. 4,732,221.81

---------------------- 7,006,115.44

$337,658,733.48

Operating expenses (less income from 

sign sales):

From September 11, 1933, to June

30, 1934....................................... $2,845,475.09

From July 1, 1934, to December

31, 1934....................................... 1,502,262.32

----------------------$4,347,737.41

Deposit insurance losses and expenses:

From January 1, 1934, to June

30, 1934....................................... $ 59,495.07

From July 1, 1934, to December

31, 1934....................................... 396,741.28

---------------------- 456,236.35

Total operating expenses and provision for ----------------------

deposit insurance losses and expenses.......... $4,803,973.76

Portion of deficit as of June 30, 1934, allocated to 

members of the Fund that withdrew as of that date

or in voluntary liquidation prior thereto................. 151,028.98

---------------------- 4,652,944.78

Total net capital........................................................................... ........................... 333,005,788.70

Total liabilities, reserves, and capital................................................................ $333,670,439.60

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

Audit report. On December 15, 1934, the Board of Directors 

authorized the employment of the firm of Arthur Andersen & 

Company to make an audit of the cash receipts and disbursements 

of the Corporation from its inception to December 31, 1934.

The report submitted by the auditors follows:

A R T H U R A N D E R S E N 8c CO .

A C C O U N T A N T S A N D A U D IT O R S

6 7 W a l l S t r e e t

N e w Y o r k

To t h e B oard o f D ir e c t o r s,

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n :

We have made an examination of the cash receipts and expenditures

of the Federal Deposit Insurance Corporation for the period from September 11, 1933 (date of commencement of operations), to December 31, 1934.

In connection therewith, we have examined accounting- records and other

supporting evidence, including the minutes of meetings of the Board of

Directors, and have obtained information and explanations from the directors and officers of the Corporation. All cash receipts shown by the records

of the Corporation were traced to deposits of similar amounts as shown by

statements from the Treasurer of the United States; subscriptions to capital

stock were confirmed to us by the subscribers; sales of securities were

checked to supporting records and interest on securities owned was accounted

for; assessment payments by members of the Temporary Federal Deposit

Insurance Fund were traced to remittance advices from the banks but we

did not verify the amounts by correspondence. WTe examined and accounted

for all vouchers and cancelled checks and checked the distribution thereof

to the various accounts; purchases of securities wTere checked to supporting

records and the securities owned at December 31, 1934, wrere satisfactorily

verified; advances to the Deposit Insurance National Banks for payment of

claims of depositors of closed Fund member banks and for expenses, and

expenditures made therefrom, to December 31, 1934, were confirmed to us

by the respective bank managers but wTe did not examine the records of the

Deposit Insurance National Banks. The cash on deposit and on hand at

December 31, 1934, as shown in the accompanying statement was satisfactorily verified.

In our opinion, based upon the examination referred to above, the accompanying statement of cash receipts and expenditures sets forth the cash

transactions of the Corporation for the period from September 11., 1933

(date of commencement of operations), to December 31, 1934.

(Signed) A r t h u r A n d e r s e n & Co.

New York, N. Y.,

April 24, 1935.

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FINANCIAL ASPECTS 13

Table 2. S t a t e m e n t of Ca s h R e c e ip t s a n d E x p e n d it u r e s fo r t h e P eriod

f r o m S e p t e m b e r 11, 1933 ( D a t e of Co m m e n c e m e n t o f O p e r a t io n s )

t o D e c e m b e r 31, 1934, F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n

Particulars Amount

Receipts:

Subscriptions to capital stock—

United States Government................................................................ $150,000,000.00

Federal Reserve Banks...................................................................... 139,299,556.99

----------------------$289,299,556.99

Assessment payments by Temporary Federal Deposit Insurance Fund members. . . . 51,145,769.20 

Proceeds from sales of United States Government securities (principal amount—

$56,792,520.00)................................................................................................................ 58,164,957.50

Interest received on United States Government securities............................................ 6,708,916.43

Sales of membership signs.................................................................................................. 11,717.85

Refund of advances to Deposit Insurance National Banks........................................... 19,600.00

Total receipts............................................................................................................ $405,350,517.97

Expenditures:

Purchases of United States Government Securities—

Securities purchased (principal amount— $369,329,670.00)........................................ $372,616,129.70

Accrued interest purchased............................................................................................ 1,930,722.59

Assessment rebates (adjustments)..................................................................................... 268,318.24

Assessment refunds to members withdrawing from the Temporary Federal Deposit

Insurance Fund at July 1, 1934 .................................................................................... 9,289,820.74

Advances to Deposit Insurance National Banks (see note and accompanying certificate)—

For payment of claims of depositors of closed Fund member banks. $990,000.00

For expenses........................................................................................ 19,500.00

---------------------- 1,009,500.00

Purchases of furniture, fixtures and equipment............................................................... 127,138.92

Office alterations and improvements................................................................................. 22,374.22

Membership signs purchased............................................................................................. 11,608.40

Expenses paid—

Salaries paid.................................................................. ................................................. 2,845,203.12

Transportation................................................................................................................. 229,707.49

Subsistence....................................................................................................................... 688,697.94

Services of the office of the Comptroller of the Currency.......................................... 58,380.00

Office and equipment rental........................................................................................... 114,768.87

Telephone and telegraph................................................................................................ 97,063.35

Printing, stationery and supplies................................................................................... 145,383.75

Fidelity bond premiums................................................................................................. 4,888.76

Miscellaneous expense items.......................................................................................... 28,595.84

Total expenditures................................................................................................... $389,488,301.93

Cash at December 31, 1934:

On deposit with Treasurer of the United States................................. $15,851,716.70

On deposit with Division of Bookkeeping and Warrants of the 

Treasury Department (for future purchases of stationery and

supplies)............................................................................................... 8,706.59

On hand (undeposited receipts)............................................................ 1,792.75

----------------------$ 15,862,216.04

Note: The managers of the Deposit Insurance National Banks have confirmed to us the following 

disposition of funds advanced to such banks:

Advances 

For payment For

Particulars of claims expenses

Amount advanced, less refunds of $19,600.00....................................................... $970,400.00 $19,500.00

Deduct:

Amount expended in payment of claims of depositors of closed Fund member

banks............................ ..................................................................................... 861,379.35 ................

Expenses paid (not including expenses applicable to the Deposit Insurance

National Banks paid direct by the Federal Deposit Insurance Corporation) .................. 6,311.68

Unexpended balance on hand—December 31, 1934............................................. $109,020.65 $13,188.32

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Federal Reserve Bank of St. Louis
14 FEDERAL DEPOSIT INSURANCE CORPORATION

BANK EXAMINATIONS

The first major task of the Corporation was the examination of 

all banks not members of the Federal Reserve System which 

applied for admission to the Temporary Federal Deposit Insurance Fund. Under the Banking Act of 1933 all Federal Reserve 

member banks licensed by the Secretary of the Treasury under 

the executive order of the President issued March 10, 1933, 

became members of the Fund on January 1, 1934. Banks in the 

continental United States which were not members of the Federal 

Reserve System were authorized to join the Fund upon certification of their solvency by the respective State supervisory agencies 

and after examination by and with the approval of the Federal 

Deposit Insurance Corporation. More than 7,800 banks not members of the Federal Reserve System, comprising 85 percent of all 

such banks in the country, applied for admission before the end 

of 1933.

Temporary examining organization. The Division of Examinations was created by the Board of Directors on October 1, 1933, 

to conduct examinations of all banks not members of the Federal 

Reserve System applying for admission to the Temporary Federal Deposit Insurance Fund. Supervising examiners were established in 47 field offices. These offices were located for the most 

part in the same buildings as those occupied by the State banking authorities or the State representatives of the Reconstruction 

Finance Corporation. By arrangement with the Comptroller of 

the Currency and the various State banking departments all 

available examiners were transferred or loaned to this Corporation. This force was augmented by the addition of experienced 

bankers and others who had had previous examining experience. 

The field force thus organized attained a maximum of 1,676 examiners on December 8, 1933. This force was aided by 900 office 

employees in the various State offices, making a maximum field 

force of 2,576.

The division of the Washington office designed to handle the 

examination reports received from the field was organized on 

October 15, 1933. It consisted of a group of review examiners 

whose function it was to analyze and to prepare the reports of 

examination for presentation to the board of review. The board 

of review was originally composed of a member of the Board of 

Directors as chairman and the two executives of the Corporation 

directly in charge of the examining program. The membership 

changed from time to time during the year 1934. At the close of 

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Federal Reserve Bank of St. Louis
BANK EXAMINATIONS 15

bers of the board of review: two directors, the secretary, the three 

assistants to directors and the chief of the examining division. 

Final action upon the recommendations of the board of review is 

taken by the Board of Directors of the Corporation.

By the end of December 1933, 7,785 examinations had been 

made of State banks not members of the Federal Reserve System. 

A copy of each examination was furnished to the Washington 

office of the Corporation, to the State Banking Department, and 

to the Reconstruction Finance Corporation, while one copy was 

retained in the offices of the Federal Deposit Insurance Corporation's supervising examiners.

Results of admission examinations. The examinations of banks 

not members of the Federal Reserve System applying for membership in the Fund were made under exceptional conditions. 

The newly formed examining force was composed of men with 

widely divergent bank-examining experience. It was also the 

first time that banks not members of the Federal Reserve System 

had been examined by a group of examiners operating under centralized direction. In the early part of October 1933 banks not 

members of the Federal Reserve System were given instructions 

for the preparation of credit data which would expedite a comprehensive examination. At the same time instructions to examiners were prepared and every possible attempt was made to 

assure a standard examination of all banks and a uniform method 

of asset appraisal.

All applying banks not members of the Federal Reserve System 

were to gain admission to the Fund provided they obtained certificates of solvency from appropriate State supervisory authorities and provided they were found upon examination by the Corporation to have assets the value of which was sufficient to cover 

all liabilities to depositors and other creditors. Approximately 

1,000 banks applying for admission to insurance benefits were 

found to have assets insufficient to cover their liabilities to depositors and other creditors. In every possible case the impairment 

was corrected and thereupon admission to membership in the 

Fund was granted. The banks were assisted in placing themselves in a position to qualify for insurance by a special department set up for this purpose within the Corporation. Correction 

was accomplished through raising of local funds, through directors’ guarantees, through purchase by local interests of bad 

assets, and through investment by the Reconstruction Finance 

Corporation in capital obligations of those institutions. About 

140 banks were unable to gain admission.

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

Commercial banks not members of the Federal Reserve System 

approved for admission to insurance January 1, 1934, were classified according to the status of their capital structures as indicated 

by the examinations for admission. The figures are shown in 

Table 3.

Table 3. Capital Status o f Commercial Banks not Members o f t h e F ed eral

R eserve System Approved fo r Admission to Insurance January 1, 19341

Proportion of—- Percent

Banks having no capital impairment............................................................................................ 48.3

27.8

13.9 

10.0

100.0

Banks with capital impairment not exceeding 50 percent.........................................................

Banks with capital impairment in excess of 50 percent.............................................................

Banks without capital funds......................................................................................................

Total.....................................................................................................................................

1 Not all the banks approved for admission had remitted their assessments by January 1, 1934, and 

consequently the number of banks considered here is larger than the number of banks insured as of 

January 1, 1934.

New examination report forms. A new examination report 

form to be used by all Federal bank examining agencies was

drawn up through the cooperation of the Office of the Comptroller 

of the Currency, the Federal Reserve Board, the Reconstruction 

Finance Corporation, and the Federal Deposit Insurance Corporation. This form was so constructed as to be adaptable also to 

the requirements of the respective State banking authorities.

Re-examination of insured commercial banks with inadequate

capital. In anticipation of the inauguration of the permanent 

insurance plan, it was decided to re-examine early in 1934 all 

insured commercial banks not members of the Federal Reserve 

System which had been found on the first examination to have a 

net sound capital amounting to less than 10 percent of deposit 

liabilities. Net sound capital was determined by deducting the 

aggregate of assets classified as worthless or of doubtful value 

(including bond depreciation, other than depreciation below par 

on obligations of the United States Government or obligations 

guaranteed by the United States Government) from the total of 

the capital notes, debentures, preferred and common stock, surplus, undivided profits, the appraised value of assets not shown on 

the books, and reserves, except reserves for expenses. This program of re-examining banks with inadequate capital was completed by the end of June 1934.

On June 16, however, an amendment to Section 12B of the Federal Reserve Act was approved extending the Temporary Federal 

Deposit Insurance Fund to July 1, 1935.1 A re-examination of the 

remaining insured commercial banks not members of the Federal

1 Summary of the amendments to the law is given on pages 32-34 and the text of the amendments is given on pages 128-30.

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BANK EXAMINATIONS 17

Reserve System was then undertaken and was completed by the 

end of the year. Table 4 shows the classification of the banks 

with respect to the ratio of net sound capital to total deposits at 

the time of the first and of the latest examination.

Table 4. N u m b e r o f I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s of t h e F e d e r a l

R e s e r v e S y s t e m C l a s s if ie d A c c o r d in g to t h e R a t io of N e t

So u n d C a p it a l t o T o t a l D e p o s it s 1

Latest Examination

Banks with net sound capital of— examination, for

1934-35 admissionOver 10 percent of deposits...................................................................... 6,458 4,887

From 10 to 5 percent of deposits............................................................. 780 1,107

From 5 to 0 percent of deposits............................................................... 143 718

Without net sound capital......................................................................... 45 744

T otal................................................................................................ 37,426 7,456

1 Includes only banks examined more than once.

2 Includes banks examined for admission in 1933 and 1934.

3 Net reduction of 30 banks between first and latest examination due to consolidations.

Examiners’ ratings of assets. A comparison of the examinations for admission and the re-examinations revealed the change 

which had taken place in the volume of assets criticized by examiners. The figures are shown in Table 5. In the case of insured 

commercial banks not members of the Federal Reserve System 

the examiners had classified 10.5 percent of their assets as worthless or of doubtful value at the time of their examination for 

admission to the Fund. At the latest examination in 1934 and 

early 1935 about 6.5 percent of the assets were classified as worthless or of doubtful value. Comparable figures for national banks 

and State banks members of the Federal Reserve System are not 

available.

Table 5. C l a s s if ic a t io n of A sse ts a t T im e of E x a m in a t io n f o r A d m is sio n to

I n s u r a n c e F u n d a n d a t T im e of L a t e s t E x a m in a t io n in 1934 an d

E a r l y 1935, I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s

of t h e F e d e r a l R e s e r v e Sy s t e m

Amount (in millions of dollars) f Percent of book value

Latest

examination,

1934-35

Examination

for

admission

i Latest

examination,

1934-35

Examination

for

admission

Book value of total assets............. 6,035 5,564 100.0 100.0

Doubtful and w orthless................ 395 583 ' 6.5 10.5

Doubtful.......................................... 39 80 0.6 1.4

Worthless (loss).............................. 356 503 5.9 9.1

Net value of total assets................ 5,640 4,981 93.5 89.5

Slow................................................. 1,134 1,129 ! 18.8 20.3

Other................................................ 4,506 3,852 74.7 69.2

N o t e : Detailed figures are given on pages 204-07.

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Federal Reserve Bank of St. Louis
18 FEDERAL DEPOSIT INSURANCE CORPORATION

Examination for admission of banks applying for insurance during 1934. In addition to the regular program of examination outlined above, the Corporation was called upon during 1934 to conduct pre-entrance examinations of 1,165 banks, many of which 

were examined two or three times. During the year about 1,450 

State banks not members of the Federal Reserve System were 

admitted to membership. Of this number some were newly 

chartered institutions, some were reorganized banks and some 

were operating banks which previously had not made application 

or which had been restored to solvency and were then admitted.

Pre-entrance examinations disclosed numerous types of reorganizations. In one State alone 26 different plans of reorganization had been followed. Many such reorganized banks filed applications for admission to membership in the temporary insurance 

Fund. It was necessary to examine the plans of reorganization 

to determine whether the solvency of these banks had actually 

been restored. Applications were rejected where the reorganization plan was deemed inadequate to place the bank in a solvent 

position. In many cases the banks benefited by the Corporation’s 

suggestions for necessary revisions of reorganization plans. Upon 

reorganization the bank was re-examined, and its application for 

insurance was considered by the Board of Directors of the Corporation.

Admission of banks with restricted deposits or contingent liabilities. More than 900 banks with a portion of their deposits 

restricted were admitted to membership on January 1, 1934. 

Restricted deposits of these banks ranged from 20 percent to 90 

percent of total deposits. Through the efforts of the Corporation 

and other supervisory agencies the number of banks with 

restricted deposits was reduced to less than 100. During 1934 all 

newly applying banks were required to remove restrictions simultaneously with admission.

In a middle western State more than 100 banks were found to 

have contingent liabilities which jeopardized their solvency. An 

agreement was reached in cooperation with the State Banking 

Department whereby these banks were provided with deposit 

insurance under a conditional contract. The agreement provided 

for a definite procedure through which the banks concerned could 

eliminate this contingency and be admitted to full membership.

Examination staff. After the banks applying for insurance had 

been examined it was possible to reduce the examining staff. The 

field offices and supervising examiners were reduced from 47 to 

15 and only those examiners necessary to carry on the re-examination program were retained.

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BANK EXAMINATIONS 19

On December 31, 1934, the personnel of the examining division, 

which was under the direction of the chief examiner, totaled 629, 

of which 37 were in the Washington office and 592 were in the 

field. At that date the personnel of this division included, in addition to the chief examiner, 14 supervising examiners in charge of 

field offices, 188 examiners, including review examiners and one 

acting supervising examiner, and 250 assistant examiners, including assistant review examiners. The remainder of the personnel 

was composed of clerks and stenographers.

A selected group of field examiners in each district have been 

designated “ conference examiners.” It is the duty of these men 

to hold themselves ready for consultation with the officers and 

directors of insured banks. In some instances conference examiners have been of considerable assistance in focusing attention 

upon specific matters requiring adjustment and in developing 

solutions of problems facing bank managements.

Joint conference of supervisors of Federal examining forces. In 

September 1934 a joint examiners’ conference was held for all 

District Chief National Bank Examiners, Reconstruction Finance 

Corporation Agency Managers, Chief Examiners of the Federal 

Reserve banks, Assistant Federal Reserve Agents in charge of 

examinations and Federal Deposit Insurance Corporation Supervising Examiners. This conference was called at the request of 

the Secretary of the Treasury for the purposes of establishing a 

uniform method of asset appraisal and of ascertaining whether 

or not Federal bank examiners were forcing liquidations |ind freezing credit through their classification of assets. An attempt was 

made to clarify the slow, doubtful and loss classifications in 

reports of examination, and to standardize their application.

In connection with this conference the Supervising Examiners 

representing the Corporation held conferences with the Chief 

Examiner and other officials. The main problems discussed were 

the capital rehabilitation program, the appraisal of assets, the 

extent of refinancing through Federal agencies, the extent to 

which liquidation of loans was being forced by bank examinations, 

and the manner in which examiners could aid in stimulating 

release of credit through new loans. It is intended to hold such 

conferences at regular intervals for the purpose of discussing 

mutual problems.

The present examination program. The Corporation has formulated a working program for the conduct of its examinations 

of State banks not members of the Federal Reserve System in 

cooperation with State supervisory authorities. Where possible

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Federal Reserve Bank of St. Louis
20 FEDERAL DEPOSIT INSURANCE CORPORATION

the examinations of the Corporation are to be conducted jointly 

with examinations by the State officials. In some States, State 

officials accept the Corporation's examinations in lieu of their own. 

Copies of reports are furnished to the bank, to the State supervisory authority, and to the Reconstruction Finance Corporation. 

Contacts have been maintained with the State authorities and 

with insured State banks not members of the Federal Reserve 

System.

The Comptroller of the Currency examines only national banks 

and banks in the District of Columbia. The Federal Reserve System examines only State banks which are members of the Federal 

Reserve System. The Federal Deposit Insurance Corporation 

examines only State banks not members of the Federal Reserve 

System which are insured or which apply for insurance. No bank 

is examined by more than one Federal authority except in the case 

of a few affiliated banks which are examined by the Federal 

Reserve Board as required under the Banking Act of 1933, and 

in cases where the Reconstruction Finance Corporation has made 

special examination of banks to which it has made loans.

The Federal Deposit Insurance Corporation does not levy a

charge against individual banks to cover the cost of examinations. 

The cost of examinations is borne by the Corporation as a part of 

its operating expenses.

Organisation and functions of the Legal Division. A Legal 

\yas organized on September 13, 1933, and a general

counsel appointed. On December 31, 1934, the staff of the Legal 

Division included in addition to the general counsel, six assistant 

counsel, and eight clerks and stenographers.

The work of the Legal Division may be grouped into six main 

parts: (1) Interpretation and opinions with respect to the law; 

(2) consideration of legal aspects of the admission of banks to 

insurance; (3) handling of legal problems connected with closed 

insured banks; (4) litigation; (5) preparation and phrasing of 

regulations, instructions and forms; and (6) drafting of suggested legislation.

Interpretations and opinions. Insured banks and depositors 

and the public generally from time to time request opinions and 

interpretations with respect to rulings, regulations and instructions of the Corporation and to the Federal deposit insurance law. 

Many communications are addressed to the Corporation requesting clarification on such subjects as negotiable instruments, preLEGAL ASPECTS

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Federal Reserve Bank of St. Louis
LEGAL ASPECTS 21

ferred claims, offsets and collections, trust funds, and definition 

of obligations constituting deposits for the purpose of insurance 

and for the purpose of assessment.

Legal aspects of admission of banks to insurance. Many legal 

problems have been encountered affecting the condition of banks 

applying for the benefits of insurance. Approximately 690 reorganized banks not members of the Federal Reserve System applied 

for insurance. These banks were organized under various laws 

and plans. Since there was little uniformity among the laws of 

the several States or among the types of reorganization plans, 

the Division was required to pass upon the validity of the reorganization of each of these banks.

Legal aspects of closed insured banks. To handle the various 

legal problems encountered in connection with closed insured 

banks, a counsel was designated to supervise the legal work of 

the New and Closed Bank Division. It is necessary to provide 

claim agents representing the Corporation with rules for their 

guidance in passing upon claims, particularly with respect to 

offsets. Suitable forms of Petitions and Orders are necessary 

for use in obtaining court approval for the allowance of claims, 

in States where the receiver is subject to court supervision, so 

that claims may be allowed and paid with minimum delay. There 

is considerable variation in the provisions of State laws relating 

to the subrogation rights of the Corporation, and in the rules 

applicable in the various States to priorities, secured and preferred 

claims, collections and offsets affecting the liability of the Corporation to insured depositors and the recoveries to be expected 

from the liquidation of the assets of closed banks.

Litigation. Litigation may affect the Corporation either 

directly or indirectly. No litigation has yet developed to which 

the Corporation has been a party but there have been instances 

where insured banks have been involved in litigation and where 

the Corporation was indirectly interested in the result as insurer 

of the banks’ deposits. The progress of such cases is followed by 

the Division and insofar as the interests of the Corporation are 

affected, either directly or indirectly, representations to the court 

and suggestions to counsel handling the litigation are made when 

such action is necessary.

Regulations of the Corporation. The Corporation has promulgated six regulations relating to insured banks. These regulations, which appear in full on pages 131-37, deal with the advertising of membership in the insurance Fund, rate of interest on 

deposits, coverage of restricted or deferred deposits and the right

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Federal Reserve Bank of St. Louis
22 FEDERAL DEPOSIT INSURANCE CORPORATION

o f banks not members of the Federal Reserve System to withdraw 

from the Fund. There follows a brief summary of the history 

and content of the Corporation's regulations.

Advertising of membership in the Fund. Regulation A, adopted 

by the Board of Directors and made effective November 22, 1933, 

provided in substance that no bank should advertise its membership or prospective membership in the Temporary Federal Deposit 

Insurance Fund until the announcement of the name of the bank 

as a member of such Fund was made under authority of the Board 

of Directors of the Corporation. In order to avoid unfair discrimination among banks qualifying for insurance at various dates, 

all banks were advised not to advertise admittance to the Fund 

prior to January 1, 1934.

Rate of interest on deposits. Regulation B, originally adopted 

by the Board of Directors January 1, 1934, prohibited insured 

banks not members of the Federal Reserve System from paying 

interest on time deposits at a rate in excess of three percent per 

annum compounded semi-annually, except where such a rate 

would interfere with existing deposit contracts. The regulation 

was amended on January 17 to permit interest to be compounded 

quarterly. The purpose of the Regulation was to prevent discrimination among insured banks with regard to the rates of 

interest to be paid customers on their time deposits.

On December 15, 1934, the Regulation was amended to prescribe a maximum rate of interest of two and one-half percent per 

annum compounded semi-annually or quarterly, to be effective as 

to interest accruing after January 31, 1935. This reduction in the 

maximum rate of interest on deposits was made in conformity 

with a reduction prescribed by the Federal Reserve Board for 

banks members of the Federal Reserve System. The authority 

of the Federal Deposit Insurance Corporation to adopt this amendment was questioned, and as a result the Board of Directors of the 

Corporation on December 31, 1934, adopted a resolution postponing the effective date of the amendment to Regulation B until 

January 31, 1935. A statement issued by the Board of Directors 

at that time stated that it was their opinion that unfair discrimination would exist if insured banks not members of the Federal 

Reserve System were permitted to attract deposits through the 

payment of higher rates of interest than Federal Reserve member banks could pay. It was recognized, however, that the power 

of the Federal Deposit Insurance Corporation to regulate interest 

paid by insured banks was doubtful, and it was thought advisable 

to suspend the reduction in rate until Congress could take definite

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Federal Reserve Bank of St. Louis
LEGAL ASPECTS 23

action and clarify the law. On January 28, 1935, Regulation B 

was suspended indefinitely in view of the fact that Congress had 

not yet acted on the question of expressly authorizing the Corporation to limit the interest rates payable on deposits by insured 

banks not members of the Federal Reserve System.

Regulation C, approved by the Board of Directors on January 

17, 1934, and made effective as of January 25, 1934, prohibited 

insured banks not members of the Federal Reserve System, with 

certain exceptions, from paying interest on demand deposits. At 

the time of the promulgation of this regulation member banks of 

the Federal Reserve System already were prohibited from paying 

interest on demand deposits, with certain exceptions, by the provisions of Section 19 of the Federal Reserve Act, as amended, and 

of Regulation Q of the Federal Reserve Board. Certain technical 

amendments to Regulation C were adopted by the Board of Directors .on December 18, 1934. The amendments prohibited insured 

banks not members of the Federal Reserve System from paying 

interest on any deposit account with checking privileges.

Insurance of restricted or deferred deposits. Under the original statutory provisions as contained in the Banking Act of 1933 

only deposits “ made available since March 10, 1933, for withdrawal in the usual course of the banking business” were eligible 

for insurance during the period of the temporary Fund. Deposits 

which were deferred or restricted in connection with reorganization or stabilization plans are by this provision excluded from 

insurance protection during the period of the Fund even though 

the bank is a Fund member. Regulation D, approved and made 

effective by the Board of Directors on January 17, 1934, provided 

that if any member of the Fund rendered restricted or deferred 

deposits eligible for insurance, the bank in question was required 

to make an additional certified statement and to make appropriate 

payment to the Corporation on the deposits thus made eligible 

for insurance. This Regulation was repealed as of the close of 

business on September 30, 1934.

Withdrawal from Temporary Federal Deposit Insurance Fund.

Regulation E, approved and made effective by the Board of Directors on June 18, 1934, prescribed the manner of exercise of the 

right of any bank which was not a member of the Federal Reserve 

System to withdraw from the Temporary Federal Deposit Insurance Fund on July 1, 1934. Such banks had joined the Fund voluntarily and when this Fund was extended to July 1, 1935, provision was made that they could withdraw on July 1, 1934, purDigitized for FRASER 

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Federal Reserve Bank of St. Louis
24 FEDERAL DEPOSIT INSURANCE CORPORATION

suant to regulations of the Corporation, provided that written

notices were given to the Corporation at least ten days prior to

July 1, 1934. Regulation E, prescribing the manner of giving this

written notice and the method of procedure in the case of banks

with unfulfilled commitments to the Reconstruction Finance Corporation, applied only to withdrawals as of July 1, 1934, and hence

has no operative effect since that date.

Display of sign. The law extending the Temporary Federal

Deposit Insurance Fund to July 1, 1935, required insured banks

to display at each place of business a sign or signs conforming

to regulations of the Corporation. Regulation F, approved and

made effective by the Board of Directors on June 29, 1934, prescribed that on and after October 1, 1934, insured banks should

display at each station or window where deposits are usually or

normally received a sign to be furnished by the Corporation. The

letter which was sent to each insured bank explaining the action

taken by the Corporation to carry out the instructions of Congress

is given on pages 137-38. The signs were furnished to banks at a

cost of 15 cents each which represented the cost to the Corporation including the expense of handling the signs.

On October 10, 1934, Regulation F was amended by the Board

of Directors to permit the Corporation to take steps to prevent

depositors from being misled where an insured bank receives

deposits in the same offices where one or more uninsured banks

receive deposits. Under the amendments insured banks were forbidden to receive deposits at any window or station where any

bank not insured by this Corporation receives deposits. Furthermore, where the Corporation has received notice that an insured

bank receives deposits in the same offices where uninsured institutions receive deposits, the insured bank has been required to

display an appendage to its sign notifying depositors that their

deposits will be insured only when deposited in the insured bank.

Protection to uninvested trust funds during the period off the

Temporary Federal Deposit Insurance Fund. Where a Fund

member transfers to its commercial department funds held by it

in a fiduciary capacity, such uninvested trust funds so transferred

are considered deposits of the beneficiaries to the extent of each

beneficiary’s interest as reflected by the records of the trust

department. Accordingly, such uninvested trust funds so transferred are protected by insurance according to the interests of

the beneficiaries.

Among such Fund members as are authorized to do a trust

business many do not transfer all their uninvested trust funds

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Federal Reserve Bank of St. Louis
INSURED BANKS IN RECEIVERSHIP 25

to their commercial departments but deposit uninvested trust 

funds in other Fund members. The deposit accounts with other 

Fund members in which such uninvested trust funds of the fiduciary institution are deposited are usually carried on the books of 

the depositee banks in the name of the fiduciary institution, as 

trustee. In each of such accounts are deposited funds beneficially 

owned by numerous beneficiaries of the fiduciary institution and 

the records of the depositee banks do not disclose the beneficiaries 

or the extent of their interest in the deposits carried on their 

books in the name of the fiduciary institution as trustee.

In the absence of some arrangement whereby such deposits 

would be insured according to the beneficiaries, the fiduciary institution would be protected by insurance in an amount not in excess 

of $5,000 of the entire balance in such an account. To meet the 

problem of the two methods of bookkeeping in use, two plans 

have been devised whereby the interest of each beneficiary in 

uninvested trust funds can be determined and each such beneficiary is therefore protected up to $5,000 of the total of all his 

deposits in that bank.

Recommendations for legislative changes. In addition to drafting suggested revisions to the Federal deposit insurance law the 

Division has exchanged communications with the Attorneys General and heads of banking departments of each State with respect 

to the desirability of amendments to State laws designed to make 

operation of the Federal deposit insurance law more effective. A 

legislative program for the various States was drafted and laid 

before the proper officials of each State for reference to and consideration by the State Legislature. A summary of the recommendations for changes in the deposit insurance law which have 

been transmitted to Congress, as well as a summary of suggested 

State legislation, will be found on pages 35-36.

INSURED BANKS PLACED IN RECEIVERSHIP

The first insured bank placed in receivership suspended on May 

28, 1934. This was the only insured bank placed in receivership 

prior to the increase in the maximum insurance coverage to $5,000 

for the deposits of each depositor. Eight other insured banks 

were closed before the end of 1934. To handle payments to insured 

depositors, the Board of Directors of the Corporation created in 

August 1934 the New and Closed Bank Division. On December 31, 

1934, the personnel of the New and Closed Bank Division consisted of the chief of the division and seven assistants, clerks 

and stenographers.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Procedure for paying depositors. The law provides that the 

insured deposit liabilities of each insured bank which is closed 

shall be made available to a new national bank organized by the 

Corporation in each case, and managed by an official designated 

by the Corporation. The Corporation makes available to the new 

national bank an amount equal to the insured deposit liabilities 

of the closed bank and an amount necessary to cover its estimated 

expenses. These funds become available to the depositors as their 

claims are proved and assigned to the Corporation. Depositors 

receive from the claim agent of the Corporation orders on the new 

national bank for the net amount of their insured deposits. These 

orders are non-negotiable and upon presentation to the manager 

of the new national bank are paid in cash or by draft on a Federal 

Reserve bank.

Payments of the insured portion of depositors' claims against 

the banks which closed during 1934 were started promptly after 

receiverships began. The interval between the appointment of 

the receiver and the first payment to insured depositors varied 

from 2 to 22 days, the average being 7 days. Upon notification 

of suspension, preparations were begun for payment of the insured 

deposits. Before payments can be made an analysis of the deposit 

liabilities of the closed bank is necessary. Balances due to depositors in the various classes of deposit accounts carried by the bank 

must be brought together in one deposit liability register, in order 

that the net insured deposit of each depositor in each right and 

capacity may be determined, as required by law. After the period 

in which the stockholders might enjoin the State authorities from 

placing banks in liquidation had expired, depositors were paid as 

rapidly as their claims were presented.

Deposit Insurance National Banks. The new national banks 

organized for the purpose of paying the insured portion of depositors' claims in the closed banks are chartered without capital, 

as provided by law, and are under the management of officials designated by the Corporation. Such banks may be authorize*! by 

the Corporation to accept new deposits. However, any such 

deposits or any funds made available by the Corporation must be 

kept on hand in cash or invested in direct obligations of the United 

States Government, or carried on deposit with the Corporation or 

with a Federal Reserve bank. The law makes further provision 

for the capitalization of these new national banks within a period 

of two years when in the judgment of the Corporation and in 

the public interest it is desirable to establish a new bank in the 

community where the insured bank closed. This is accomplished

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INSURED BANKS IN RECEIVERSHIP 27

through the subscription and payment by local interests for the 

required capital stock of a new national bank, and when completed the institution is thenceforth managed by its own board 

of directors, thus being transformed into a self-governing national 

banking association. If this is not done within two years from 

the date of its organization the affairs of the bank must be 

wound up.

Deposits of insured banks placed in receivership. In the nine 

insured banks which were placed in receivership during 1934, 

deposits amounting to $937,000 were protected by deposit insurance. An additional $854,000 of deposits in these banks were 

either preferred, secured, or subject to offset, while another 

$174,000 of deposits were restricted or were in accounts of more 

than $5,000. The total gross deposits, therefore, of these banks 

were $1,965,000. Further figures are given in Table 6.

Table 6. C reditor s’ Claim s A gainst N in e In su red B a n k s W hich Suspended

D uring 19341

Character of claim

Deposits secured, preferred and subject to offset.........................................

Insured deposits not se ured, not preferred and not subject to offset...

Small accounts (those of depositors with not over $5,000 to their credit)2. . .

First $5,000 of larger accounts2...........................................................................

Deposits uninsured, unsecured, not preferred and not subject to offset

Uninsured part of large accounts.........................................................................

Restricted deposits ineligible for insurance........................................................

Creditors’ claims other than deposit liabilities3...........................................

Secured claims.........................................................................................................

Other claims.............................................................................................................

Debentures...............................................................................................................

Total deposits and other creditors’ claims......................................... .

1 Data as of date of suspension revised to December 31, 1934.

2 In one bank which failed prior to June 30,1934, the maximum insurance for each depositor was $2,500.

3 As of date of suspension, not revised.

N o t e : Detailed figures are given on pages 248-49.

All but 14 out of the 15,518 depositors in these closed insured 

banks were fully protected. Insured claims have been paid as rapidly as they have been presented and proved. By December 31, 

1934, the Federal Deposit Insurance Corporation had paid $861,- 

000 to 10,378 depositors. The claims of 622 depositors were fully 

satisfied by offsets during the process of liquidation. Deposits of 

$75,000 held by 4,518 depositors remained unpaid.

From preliminary estimates of the results of liquidation it is 

expected that the Corporation will receive approximately $600,000 

upon the claims of insured depositors, thereby recovering about 

three-fifths of the insured deposit liability paid by it.

854

937

882

55

174

103

71

185

78

27

80

2,150

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

Receivership procedure. One of the insured banks suspending

during 1934 was a national bank, and the Corporation was

appointed receiver for this bank, as required by law. The remaining banks are being liquidated under the direction of receivers or

liquidating agents appointed by the various State authorities in

the States where the closed banks were located. In two instances,

State laws permitted appointment of the Corporation as receiver,

but the State officials selected local receivers.

The Corporation may be appointed receiver for closed banks in

30 States, in some cases under general laws and in others by virtue

of special acts. In two States, Mississippi and Louisiana, the

appointment of the Corporation as receiver for suspended insured

State banks has been made mandatory.

Deposit insurance has altered the administration of bank receiverships, particularly by the substitution of the Federal Deposit

Insurance Corporation as a single claimant in place of a large

number of depositors whose accounts have been paid by the Corporation. Appointment of the Corporation as receiver simplifies

procedure, eliminates duplication of records, and vests responsibility for liquidation in the largest creditor, whose interest is to

obtain the maximum possible recovery.

RESEARCH AND STATISTICS

Some of the major problems with which the Corporation was

faced required for solution certain types of information that either

were not available or were available in a form not suited to the

Corporation’s needs. In February 1934, therefore, the Board of

Directors created the Division of Research and Statistics. On

December 31, 1934, the personnel of the Division consisted of a

chief, 6 research assistants and technicians and 20 calculating

machine operators, clerks and stenographers.

The work of the Division of Research and Statistics may be

grouped into three main parts: (1) Collection and tabulation of

condition and earnings reports from insured banks not members

of the Federal Reserve System; (2) tabulation and preparation of

periodic reports; and (3) special analyses of banking statistics

and other economic data of interest to the Federal Deposit Insurance Corporation.

Condition and earnings reports. As of June 30 and December

31, 1934, calls were made upon insured banks not members of the

Federal Reserve System for reports of condition and, on the latter

date, for reports of earnings and dividends for the calendar year

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PUBLIC RELATIONS 29

1934. Abstracts of the condition reports have been published in

conjunction with summaries of similar reports obtained by the

Comptroller of the Currency and the Federal Reserve Board, so

that for those two dates information regarding the condition of

93 percent of the licensed commercial banks of the country has

been made available on a uniform basis. The Division analyzes

these reports to obtain for banks of various sizes and in various

regions typical balance sheets and operating statements.

Periodic reports. The Division maintains for the use of the

Corporation a continuous record of insured and uninsured banks

and prepares statistical summaries of the results of examinations

of insured banks not members of the Federal Reserve System.

Surveys are made of conditions leading to the suspension of each

insured bank placed in the hands of a receiver, including an analysis of the examination reports of supervisory authorities for the

ten years prior to failure of the bank.

The Division passes on all forms and instructions for the reporting of statistical information to or by the Corporation. It digests

for administrative use studies of banks and the banking structure

made by the Federal Reserve System, departments of the Federal

government, and other agencies. Current reports of the progress

of the work of the Corporation are prepared by the Division for

the National Emergency Council.

Special analyses. In order to establish a basis for recommendations to Congress for changes in the existing law, studies were

made of losses to depositors in suspended banks, and of earnings

in active banks, for the period from 1865 to 1934. The data collected regarding losses to depositors are given on pages 73-113

of this report. A study has also been made of the progress since

the banking holiday of 1933 in the recapitalization of the banks of

the country. The study has included an analysis of the subscriptions by the Reconstruction Finance Corporation and by private

interests, of the amounts made available from bank earnings, and

of the effects of the new capital funds upon the condition of the

banks. Surveys have been made of State plans for the guarantee

of bank deposits. In addition, the Division has prepared reports

on historical developments of interest to the Corporation.

RELATIONS WITH OTHER BANKING AGENCIES AND THE PUBLIC

State supervisory authorities. The Federal Deposit Insurance

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Federal Reserve Bank of St. Louis
30 FEDERAL DEPOSIT INSURANCE CORPORATION

ture of the United States. With few exceptions the relations of 

the Corporation with the State supervisory authorities have been 

most satisfactory. Joint meetings have been held to discuss subjects of common interest. Officials of the Federal Deposit Insurance Corporation have discussed problems of deposit insurance, 

bank examinations, bank management, and capital structure, with 

State supervisors, both informally and at the annual meeting of 

the National Association of Supervisors of State Banks held in 

Baltimore on October 19, 1934. In several States representatives 

of this Corporation have met with State banking authorities to 

deal with banking problems arising in those States.

A committee from the National Association of Supervisors of 

State Banks met in Washington in November with representatives 

of the Corporation to discuss the subject of condition report forms. 

Eight States have adopted the form used by the Corporation; 

other States have indicated their intention of using those forms. 

Progress has also been made in the development of more uniform 

bank examinations. In a few States the State banking authorities and the Federal Deposit Insurance Corporation make joint 

examinations, or have agreed to alternate in making examinations 

and to exchange reports.

Other Federal banking agencies. The Federal Deposit Insurance Corporation has cooperated in numerous ways with other 

Federal agencies dealing with bank operations and bank supervision. The Reconstruction Finance Corporation and the Federal 

Deposit Insurance Corporation have exchanged examination, condition and earnings reports, and have worked together in strengthening the capital structure of State banks not members of the 

Federal Reserve System. The Comptroller of the Currency and 

the Federal Reserve Board have furnished the Federal Deposit 

Insurance Corporation with copies of summaries of the periodic 

reports of condition received from national banks and from State 

banks members of the Federal Reserve System. The Federal 

Deposit Insurance Corporation has cooperated with these agencies 

in the collection and tabulation of various statistical reports in 

order to avoid duplication of work.

Joint meetings of representatives of these Federal agencies 

have been held to consider methods of procedure in relation to 

reports and examinations and to discuss broader phases of the 

banking and monetary situation. The schedules for the December 

reports of condition were reviewed by representatives of the 

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EXTENSION OF TEMPORARY INSURANCE 31

istration, Reconstruction Finance Corporation, Office of the Comptroller of the Currency, Federal Reserve Board and Federal 

Deposit Insurance Corporation. Included with the regular call 

reports of December were special schedules for the Department of 

Agriculture and for the Federal Housing Administration.

Banks and bankers’ associations. The Federal Deposit Insurance Corporation has maintained contacts with insured banks 

not only directly but also through bankers' organizations. Representatives of the Corporation have visited banks in various sections of the country not only for the purpose of making examinations but also to assist in solving problems of individual banks. 

A pamphlet, “ Questions and Answers on Deposit Insurance,” was 

distributed to the banks to assist them in informing the public 

regarding the functions and activities of the Corporation.

Representatives of the Corporation have attended meetings of 

the American Bankers' Association and other bankers' organizations, in many cases taking part in their programs; and officers of 

these associations have been invited to present to the Corporation 

the opinions of bankers on matters relating to deposit insurance. 

In November representatives of the Corporation participated in 

a conference with representatives of other Federal banking 

authorities, the National Association of Supervisors of State 

Banks, the National Association of Bank Auditors and Comptrollers, and the Association of Reserve City Bankers, to consider 

in detail proposed changes in forms for the reports of condition 

made by banks.

Public relations. To give the public the facts concerning the 

operation of deposit insurance, and to help bankers to rebuild the 

confidence of depositors in their institutions, the policy of the 

Corporation has been to keep the country informed of its operations. Press releases have been issued and radio addresses made 

explaining deposit insurance and the operations of the Corporation.

EXTENSION OF AND AMENDMENTS TO THE TEMPORARY

INSURANCE PROVISIONS

The Banking Act of 1933 provided for termination of the Temporary Federal Deposit Insurance Fund and the inauguration o f 

the permanent insurance plan on July 1, 1934. In the early part 

of 1934 the Corporation recommended that the Temporary Federal Deposit Insurance Fund be extended for another year and! 

that the law be amended in certain minor respects to facilitate 

administration.

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

Reasons for the recommendations of the Corporation. It was

considered advisable to give the States additional time to adopt

certain legislation which would enable State banks to enjoy the

full benefits of Federal deposit insurance. It was furthermore

considered advisable to permit the Federal Deposit Insurance Corporation to have more experience with the administration and

operation of insurance prior to the inauguration of the permanent plan. The advisability of retaining certain features of the

permanent plan was questioned, and it was desirable for the Corporation to have additional experience before recommendations

for change were made. The capital rehabilitation program of the

banks could not be completed in time to permit all banks insured

with the Temporary Federal Deposit Insurance Fund to qualify

for insurance under the permanent plan.

Amendments of June 1934. By an Act approved June 16, 1934,

Congress extended the Temporary Federal Deposit Insurance

Fund, and the date when the permanent plan was to become operative was postponed from July 1, 1934, to July 1 ,1935.1

Pursuant to regulations of the Corporation, insured banks not

members of the Federal Reserve System were allowed to terminate their membership in the Temporary Federal Deposit Insurance Fund on July 1, 1934, provided such banks gave notice to

the Corporation at least ten days prior to July 1, 1934, of their

intention to withdraw on that date. Provision was made for

refunding on an equitable basis the assessment collected from the

banks which withdrew.

The language authorizing the Corporation to act as receiver in

the case of failed insured banks was clarified. Under the amended

law in the case of all insured State banks which close on account

of inability to meet the demands of depositors the Corporation

is directed to accept appointment as receiver thereof if such

appointment is appropriately tendered and is authorized by law.

Effective July 1, 1934, the insurance protection was increased

from $2,500 to $5,000 for the deposits of each depositor, except

in the case of certain mutual savings banks. In the case of mutual

savings banks the insurance protection remained at $2,500 for the

deposits of each depositor, except that with the consent of the

Corporation any mutual savings bank which elected to be insured

on the $5,000 basis was permitted to benefit by such increased

insurance protection.

1 Public No. 362, Seventy-third Congress, approved June 16, 1934. By Section (1) of this

Act ten amendments were made to section (12B) of the Federal Reserve Act as amended. The

full text of this section will be found on pages 128-30.

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EXTENSION OF TEMPORARY INSURANCE 33

The date as of which insured banks were required to file a certified statement was changed from June 15,1934, to October 1,1934.

On the October 1 Certified Statement insured banks were required

to show as the amount eligible for insurance the amounts not in

excess of $5,000 of the deposits of each depositor. The banks were

required to adjust their assessments in cases where an increase

in insurable deposits was shown by the October 1 Certified Statement.

The Corporation, in the discretion of its Board of Directors,

was authorized to set up on its books solely for the benefit of

mutual savings banks a separate fund to be known as the Fund

For Mutuals. In the event a Fund For Mutuals was set up on the

books of the Corporation provision was made that the Temporary

Federal Deposit Insurance Fund should not be subject to the liabilities of the Fund For Mutuals, and that the Fund For Mutuals

should not be subject to the liabilities of the Temporary Federal

Deposit Insurance Fund.

Under the previously existing law insured banks not members

of the Federal Reserve System were required to become or apply

to become members of the Federal Reserve System on or before

July 1, 1936, in order to continue their insurance. This requirement was changed by postponing the date from July 1, 1936, to

July 1, 1937.

The amendments further clarified the previously existing law

so that those banks not members of the Federal Reserve System

which do not become insured under the Temporary Federal Deposit

Insurance Fund or the Fund For Mutuals may apply for and

obtain the benefits of insurance under the permanent plan.

By a new provision of law each insured bank was required, pursuant to regulations of the Corporation, to display a sign or signs

to the effect that its deposits were insured by the Federal Deposit

Insurance Corporation.

Banks in the territories of Hawaii and Alaska were made eligible

for insurance.

For the purpose of eligibility for membership of banks in the

Federal Reserve System the law was amended so that the terms

“capital” and “capital stock” would include the amount of outstanding capital notes and debentures legally issued by the banks

and purchased by the Reconstruction Finance Corporation.

By the Act containing the foregoing amendments, the Reconstruction Finance Corporation Act was also amended directing

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Federal Reserve Bank of St. Louis
3 4 FEDERAL DEPOSIT INSURANCE CORPORATION

that Corporation to purchase at par value debentures of the Federal Deposit Insurance Corporation in an amount not in excess of 

250 million dollars upon request of the Board of Directors of the 

Federal Deposit Insurance Corporation.

SUMMARY OF RECOMMENDATIONS FOR FEDERAL LEGISLATION

Recommendations for changes in the permanent insurance law 

which have been transmitted to Congress are summarized below.1

Limitation of insurance to $5,000. It is recommended that the 

limit of insurance be retained at the present maximum of $5,000 

for each depositor. More than 98 percent of all depositors are 

fully protected by this limit, and it is felt that the Corporation 

should not be subject to the increased liability resulting from a 

higher maximum of insurance.

Regular assessments. A regular payment by insured banks 

should replace stock subscriptions and unlimited liability for 

assessments when losses occur. Such payments should be not less 

than one-twelfth of one percent per year of the total deposits of 

insured banks. It is not considered sound business practice to 

subject a going institution to an unlimited liability. Furthermore, 

assessments levied as losses occur would be largest at times when 

the banks would be least able to pay them. It is also believed to 

be unsound to allow the banks to retain an equity in the insurance 

reserves. It is recommended that the assessment be levied against 

total deposits rather than insured deposits because this affords a

more practical method of raising revenue and because levying 

assessments against insured deposits alone places too heavy a 

burden on small banks.

Standards of admission. The Corporation should be given sufficient power to protect itself against incurring excessive risks. 

For this reason it should have the right to control admissions to 

insurance in accordance with standards specified in the statute 

and to require the withdrawal from insurance benefits of any bank 

which is found to be engaging in unsound practices. The standards of admission should embrace the convenience and needs of 

the community in which the bank is located, the capabilities and 

integrity of its management, the earnings possibilities, and the 

financial and general condition of the bank. The Corporation 

should not be required to insure deposits in banks which disregard 

sound managerial policies.

1 These recommendations have been incorporated in the Banking Act of 1935.

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RECOMMENDATIONS FOR LEGISLATION 35

Capital changes, mergers and consolidations, and fidelity and

burglary insurance. The Corporation should be given the right to 

control capital changes, to pass on mergers and consolidations, 

and to require insured banks to carry adequate fidelity and burglary insurance. The right to approve changes in capital structure 

before they become effective is necessary to protect the Corporation against impairment or undesirable reduction of capital. The 

requirement of obtaining the Corporation's approval of mergers 

and consolidations is needed to protect the Corporation against 

assuming the deposit liability of insolvent institutions. Defalcation or burglary has been the cause of failure in the majority of 

the insured banks which have already closed. If all insured banks 

are required to carry adequate fidelity and burglary insurance the 

losses to be borne by the Corporation will be reduced.

Purchase of assets of banks merging or consolidating. The 

Corporation should have the right to purchase assets of banks 

where such purchase will facilitate mergers and consolidations 

and will in this way reduce the ultimate cost to the Corporation 

of an impending failure of an insured bank. It is recommended 

that this right to purchase assets of banks extend only to July 1, 

1936, in order to provide a fair test of its results before it is made 

a permanent power of the Corporation and to foster the prompt 

reorganization of institutions now in a weak condition.

Handling of payments to depositors in closed banks. The Corporation needs to be given more flexibility in the payment of 

depositors in order that such operations may be conducted with 

maximum efficiency and minimum expense.

Technical changes. Various detailed technical changes relating to the operations of the Corporation have been suggested, the 

purposes of which are to facilitate the administration of the Corporation's affairs.

SUMMARY OF RECOMMENDATIONS FOR STATE LEGISLATION

State legislation affecting deposit insurance. At the time the 

deposit insurance law became effective it was not possible for 

banks in all States to cooperate with the Federal Deposit Insurance Corporation to the extent contemplated by the Federal law. 

In response to numerous requests, the Legal Division of the Corporation prepared for consideration by State legislatures drafts of 

bills designed to make more effective the insurance of bank deposits. This suggested legislation comprised several provisions chiefly 

for the following purposes:

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Federal Reserve Bank of St. Louis
36 FEDERAL DEPOSIT INSURANCE CORPORATION

1. To authorize appointment of the Federal Deposit Insurance Corporation as receiver or liquidating agent of closed insured 

banks;

2. To provide for cooperation between the State banking 

authorities and the Federal Deposit Insurance Corporation in 

making examinations and in exchanging information in regard 

to insured institutions;

3. To authorize banking institutions to issue preferred stock 

without double liability or to sell capital notes or debentures, and 

to include such stock or notes sold to the Reconstruction Finance 

Corporation in computing unimpaired capital or in satisfying minimum capital requirements;

4. To exempt insured banking institutions, to the extent of the 

insurance coverage, from furnishing security for certain types of 

deposits under requirements of State law applicable to banks generally ;

5. Specifically to authorize banking institutions to take advanage of all benefits furnished by the Federal Deposit Insurance 

Corporation.

DEPOSIT INSURANCE AND THE BANKING STRUCTURE

Deposit insurance has brought changes in the operation of the 

commercial banking system, the effects of which have not yet 

become fully apparent. By the very fact that the Corporation 

offers security to depositors, the force of local pressure for pursuing sound banking practices tends to be diminished. Pressure 

of depositors upon receivers of closed banks for a rapid and efficient liquidation has been removed, leaving receivers subject 

chiefly to the pressure of debtors who wish to obtain maximum 

leniency. Losses which were formerly borne by local interests 

are shifted to the entire banking system. Such changes place 

responsibilities upon those administering the Federal system of 

deposit insurance which differ from those placed upon other banking authorities. The Federal Deposit Insurance Corporation 

insures deposits in 93 percent of the commercial banks of the 

country, and its interest in the sound operation of banks is more 

tangible than that which has hitherto existed in any bank supervisory agency.

The benefits of deposit insurance are not limited to the depositors of closed banks but extend also to borrowers, and to the 

entire economic community. Confidence in the safety of bank

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DEPOSIT INSURANCE AND THE BANKING STRUCTURE 37

deposits has been an important element in the restoration of the 

proper functioning of the banks as loan institutions and as custodians of the means of payment. Deposit insurance, however, is 

not a complete remedy for the ills of the banking system, nor for 

the unstable business conditions which in the past have culminated 

in periodic banking crises. The soundness of the banks is intimately related to economic conditions; and the solvency of banks 

in the future, as in the past, while dependent in part upon the 

soundness of individual bank managements, will be controlled in 

large measure by general economic conditions and monetary and 

credit developments.

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Federal Reserve Bank of St. Louis
PART TWO

DEPOSIT INSURANCE AND BANKING DEVELOPMENTS

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INSURANCE RISK AND THE CONDITION OF COMMERCIAL BANKS

The amount of risk borne by the Federal Deposit Insurance 

Corporation changed materially during 1934. The volume of 

deposits insured by the Corporation in commercial banks increased substantially. This increase reflected in part the change 

in insurance coverage from $2,500 to $5,000 for each depositor, in 

part the admission of banks to deposit insurance, and in part the 

growth of deposits in the banking system.

The growth in bank deposits was accompanied by changes in 

the character and quality of the assets held by insured banks. 

Cash, amounts due from other banks and holdings of direct obligations of the United States Government increased considerably. 

The average quality of the assets of insured commercial banks 

improved. This improvement was due to the elimination from 

the books of these banks, through the application of current earnings and the introduction of new capital funds, of large amounts 

of worthless and doubtful assets.

It is the purpose of this part to describe these significant 

changes which affect the insurance risk of the Corporation.

Growth of deposits. It is estimated that the volume of deposits 

in commercial banks insured by the Federal Deposit Insurance 

Corporation increased by approximately 5,700 million dollars during 1934. About 2,680 million dollars of this increase was due to 

the change in insurance coverage from $2,500 to $5,000 for each 

depositor. Approximately 630 million dollars of the increase 

represents the insured deposits in banks which were admitted to 

insurance during the year. Of this last amount about 360 million dollars were the insured deposits of banks newly licensed and 

admitted to insurance during the year. The remaining increase 

of approximately 2,390 million dollars in insured deposits was due 

chiefly to the general growth of deposits in the commercial banking system.

Total deposits in insured and uninsured licensed commercial 

banks are estimated to have increased during the year by 7,190 

million dollars, an amount which, on account of the admission of 

banks to membership in the insurance Fund, is somewhat smaller 

than the increase in the total deposits of insured commercial 

banks. The rate of increase in deposits of commercial banks during 1934, amounting to 22 percent, has rarely been equaled in the 

past, and has restored to the banks about half of the decline in 

deposits which took place during the preceding three years.

41

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

An analysis of changes in the deposits in commercial banks 

during 1934 is given in Table 7.

Table 7. A n a l y s is o f C h a n g e s D u r in g 1934 in t h e D e p o s it s o f L ic e n s e d

C o m m e r c ia l B a n k s 1

(Amounts in millions of dollars)

All

licensed

commercial

banks

Insured banks

Uninsured

banks Total Insured

deposits2

Uninsured

deposits

Am ount of deposits, January 1, 1934..................... 32,370

+ 640

31,300

+ 630 

+450

10,940

+ 360 

+270 

+2,680

+2,390 

+ 5,700

16,640

20.360

+270 

+ 180 

-2,680

+4,230

+2,000

22.360

1,070

+ 10 

-450

Changes during 1934:

Deposits of newly licensed banks8.............................

Deposits of existing banks admitted to insurance3

Change in insurance coverage June 30, 1934...........

Other changes, chiefly growth in deposits of banks

in operation..............................................................

Total changes during 1934............................

Am ount of deposits, December 31, 1934................

+ 6,550 

+ 7,190

39,560

+ 6,620 

+ 7,700

39,000

-7 0

-510

560

1 Figures are partly estimated and relate to all licensed commercial banks, except private banks 

considered to be ineligible by law for Federal insurance. See also explanatory note to Part Five, page 173.

2 Figures for insured deposits have been obtained from insured banks only at time of application for 

admission and as of October 1, 1934; the figures for December 31, 1934, have been estimated.

* As of date of licensing or admission to insurance.

Changes in bank assets accompanying the growth of deposits.

The first statements of condition of insured banks were not submitted until June 30, 1934. Changes in the assets of all licensed 

commercial banks for the year 1934 have been used, therefore, to 

indicate changes in the assets of insured commercial banks.. At 

the close of 1934 the insured banks held 98 percent of the assets 

of all licensed commercial banks.1

Changes during 1934 in the volume and character of assets held 

by commercial banks, accompanying the growth of bank deposits, 

were chiefly of three types. First, there was a growth in interbank deposits and uncollected funds due from other banks. The 

increase in the volume of checks deposited and not yet collected 

(but for which depositors had received credit in their accounts), 

and redeposits by one bank in another bank, accounted for onefourth of the increase in total deposits. Second, commercial banks 

made heavy purchases during the year of United States Government obligations, at the same time giving the United States 

Treasury deposit credit upon their books. Deposits thus created 

were, for the most part, transferred to individuals and business 

concerns as the Treasury made disbursements. Approximately 

one-half of the growth in bank deposits during 1934 resulted from 

purchases by banks of United States Government obligations. 

Third, purchases of gold and silver by the United States Treasury 

were accompanied by a growth in deposits and in the banks’ hold1 Figures for private banks considered to be ineligible by law for Federal insurance are not

included in this discussion.

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CONDITION OF COMMERCIAL BANKS 43

ings of reserves. The purchases were followed by the deposit of 

gold and silver certificates, or their equivalent, in the Federal 

Reserve banks, which increased the amount to the credit of the 

Treasury on the books of the Federal Reserve banks. The expenditure of these funds by the Treasury increased the reserves of 

banks members of the Federal Reserve System. Approximately 

one-fourth of the growth in bank deposits in 1934 was the result 

of purchases of gold and silver by the United States Treasury.

Changes in the volume of bank loans and changes in the holdings of securities other than direct obligations of the United 

States are also accompanied, in the ordinary banking process, by 

changes in the volume of bank deposits. During 1934, however, 

changes in the amounts of such assets held by commercial banks 

had little effect upon the total volume of bank deposits.

Changes during 1934 in the principal assets and liabilities of 

licensed commercial banks are summarized in Table 8.

Table 8. C h a n g e s D u r in g 1934 in A ssets a n d L ia b il it ie s o f L ic e n s e d

C o m m e r c ia l B a n k s 1

Amounts in millions of dollars)

Amount

December

Amount

January

Change during year

31, 1934 1, 1934 Amount Percent

ASSETS

Cash and amounts due from other banks....................... 11,440 7,740 + 3,700 +48

Loans and discounts......................................................... 14,870 15,900 -1,030 - 6

Securities............................................................................ 18,480 14,330 +4,150 +29

Other assets........................................................................ 2,580 2,640 -6 0 - 2

Total assets.......................................................... 47,370 40,610 + 6,760 + 17

LIABILITIES

Total deposits.................................................................... 39,560 32,370 +7,190 +22

Borrowings......................................................................... 50 420 -370 -8 8

Other liabilities.................................................................. 1,320 1,650 -330 -2 0

Total capital account........................................................ 6,440 6,170 +270 +4

Total liabilities................................................... 47,370 40,610 +6,760 + 17

1 Figures are partly estimated and relate to all licensed commercial banks, except private banks 

considered to be ineligible by law for Federal insurance.

Cash and amounts due from banks. Holdings by licensed commercial banks of cash and amounts due from banks increased by 

approximately 3,700 million dollars. This growth consisted chiefly 

of increased reserves with the Federal Reserve banks, reflecting 

the purchases of gold and silver by the United States Treasury, 

and of an expansion in the volume of funds due from banks. These 

changes are shown in Table 9 on the next page.

Loans and discounts. Loans and discounts of licensed commercial banks were reduced during 1934 by more than one billion 

dollars, or over six percent. It cannot be concluded from this 

reduction, however, that the volume of new loans extended by

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

commercial banks was smaller than the volume of loans paid off

by borrowers. The reduction was due chiefly to the writing off

of worthless and doubtful loans from the books of the banks, and

to the lending activities of Federal agencies, notably the Federal

Farm Mortgage Corporation and the Home Owners’ Loan Corporation.

Table 9. Changes During 1934 in H oldings by Licensed Commercial

Ba n k s of Cash and A mounts Due from Ba n k s 1

(Amounts in millions of dollars)

Amount

December

Amount 

January 

1, 1934

Increase during year

31, 1934 Amount Percent

C ash.................................................................................. 800 620 180 29

Reserves at Federal Reserve banks............................... 4,080

6,560

11,440

2,680 1,400 52

Other amounts due from banks..................................... 4,440

7,740

2,120 48

T o ta l................................................................... 3,700 48

1 Figures are partly estimated and relate to all licensed commercial banks, except private banks 

considered to be ineligible by law for Federal insurance.

The amount of worthless and doubtful loans written off the

books of the banks during 1934 is estimated at 550 million dollars. At the close of the year commercial banks held approximately 1,000 million dollars of bonds of the Federal Farm Mortgage Corporation and of the Home Owners’ Loan Corporation

fully guaranteed as to principle and interest by the United States

Government. All of these bonds were acquired during 1934, in

part through their substitution for loans secured by real estate,

and in part through purchases from savings banks, non-banking

institutions and individuals who had refinanced real estate loans

with Government corporations.

Table 10. Reduction During 1934 in L oans and Discounts of Licensed

Commercial Ba n k s 1

Millions 

of dollars

Loans and discounts, January 1, 1934...................................................................................

Reduction during 1934:

Worthless and doubtful loans written off2................................................................................

15,900

550

480

1,030

Other reductions (net)................................................................................................................

Total reduction during 1934.................................................. .......................................

Loans and discounts, December 31, 1934 ............................................................................. 14,870

1 Figures are partly estimated and relate to all licensed commercial banks, except private banks considered to be ineligible by law for Federal insurance.

2 State banks wrote off 250 million dollars of worthless and doubtful loans during the year; national 

banks wrote off 200 million dollars during the first six months of the year.

In the case of 7,682 insured commercial banks not members of

the Federal Reserve System, examined during the latter part of

1934 and early 1935, approximately 200 million dollars, or eight

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CONDITION OF COMMERCIAL BANKS 45

percent of loans and discounts were classified by examiners as 

worthless (loss) or of doubtful value. The amount thus classified 

was about twice the amount of loans and discounts written off 

during the year. In addition to the loans classified by examiners 

as worthless or of doubtful value nearly one-third of all the loans 

were classified as slow; less than 60 percent of the loans were not 

criticized by examiners.

A summary published by the Comptroller of the Currency of 

the results of examinations of national banks during the early 

part of 1934 indicates that national banks at that time held about 

the same percentage of worthless and doubtful loans and nearly 

as large a proportion of slow loans as did insured commercial 

banks not members of the Federal Reserve System during the 

latter part of 1934. Figures are shown in Table 11. Corresponding data for State banks members of the Federal Reserve System 

are not available.

Table 11. E x a m in e r s ’ Cl a s s if ic a t io n of L o a n s a n d D is c o u n t s, a n d

A m o u n t s of L o a n s a n d D is c o u n t s W r itt e n O f f , 1934

Insured commercial 

banks not members 

Federal Reserve 

System1

National banks5

Millions

of

dollars

Percent

of

total

Millions

of

dollars

Percent

of

total

Examiners’ classification of loans and discounts:

Worthless................................................................... 176

35

857

1,560

2,62G

100

6.7

1.3

32.6

59.4

100.0

223

324

2,094

5,100

7,741

3300

2.9

4.2

27.0

65.9

100.0

Doubtful.........................................................................

Slow................................................................. . . . .

Not criticized........................ ........................................

Total book value.................................................

Loans and discounts written off during 1934.........

1 Latest examination in 1934 and early 1935 of 7,682 insured commercial banks not members of the 

Federal Reserve System. More detailed figures are given on pages 208-13.

2 Examination of 5,275 national banks conducted chiefly during the early part of 1934. Report of

the Comptroller of the Currency, 193U, p. 4. Dollar figures computed from percentages.

8 Partly estimated.

Of the loans outstanding at insured commercial banks not 

members of the Federal Reserve System at the time of the latest 

examinations in 1934 and early 1935, approximately nine percent 

were to officers and directors of the banks or to their interests or 

to the banks’ affiliates, or were endorsed or guaranteed by officers 

and directors. Such loans amounted to about 25 percent of the 

private capital of the banks, that is, the total capital account 

exclusive of preferred stock, capital notes and debentures held by 

the Reconstruction Finance Corporation.

United States Government and other securities. During the 

year 1934, licensed commercial banks of the country acquired 

securities to a net amount of more than 4,000 million dollars. More

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

than 3,000 million dollars of these were direct obligations of the 

United States Government and another 1,000 million dollars were 

obligations of the Federal Farm Mortgage Corporation, the Home 

Owners' Loan Corporation and the Reconstruction Finance Corporation, which are fully guaranteed by the United States Government. Holdings of other securities were reduced by about 170 

million dollars notwithstanding the fact that purchases of such 

securities exceeded sales by about 300 million dollars. The reduction was contributed to by the writing off of nearly 400 million 

dollars of depreciation, and the exchange of more than 100 million 

dollars of Home Owners' Loan Corporation bonds that were guaranteed by the United States Government as to interest only for 

those that were guaranteed both as to principal and interest. The 

figures are summarized in Table 12.

Table 12. Changes During 1934 in Securities H eld by Licensed

Commercial Ba n k s 1

(Amounts in millions of dollars)

Amount 

December 

31, 1934

Amount 

January 

1, 1934

Change during year

Amount Percent

Direct obligations of the United States Government.. . 

Obligations fully guaranteed by the United States Government .......................................................

10,680

1,230

6,570

18,480

7,440

150

6,740

14,330

+3,240

+ 1,080 

-170 

+4,150

+44

+720 

- 3 

+ 29

Other securities..................................................................

Total.......................................................................

1 Figures are partly estimated and relate to all licensed commercial banks, except private banks 

considered to be ineligible by law for Federal insurance.

At the time of the most recent examinations of the insured 

commercial banks not members of the Federal Reserve System, 

seven percent of the securities held by these banks were rated 

by the examiners as “ loss.” Such “ loss” consisted for the most 

part of depreciation in the market value of securities (other than 

depreciation below par on obligations of the United States Government and obligations fully guaranteed by the United States Government) below the value shown on the books. The amount rated 

by examiners as “ loss” was 141 million dollars, or approximately 

twice the amount of “loss” written off the books during the year.

The proportion of securities classified as “ loss” and doubtful 

was approximately the same as the proportion of loans so classified. Only two percent of the securities, however, were reported 

to be “ slow” as compared with 33 percent of the loans.1

Criticized assets of insured commercial banks by size of bank.

In the charts on pages 48 and 49 the percentages of loans, securi1 A “slow” security is one which has no ready market and for which quotations are not

available.

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CONDITION OF COMMERCIAL BANKS 47

ties and other assets classified by examiners as worthless (loss), 

or of doubtful value, are shown for insured commercial banks not 

members of the Federal Reserve System grouped by the amounts 

of their deposits.1 For all three types of assets the proportion of

the amounts estimated to be worthless or of doubtful value was 

greater in the large than in the small banks. The same charts 

also show for the banks in the various groups the percentage distribution of the assets by type.

Borrowings and other liabilities. By the end of 1934 commercial banks had paid off practically all of their borrowings. During 1934 other liabilities were reduced by 330 million dollars 

reflecting chiefly a decline in the volume of acceptances executed 

by the banks and the retirement of national bank notes.

Total capital account. Total capital account includes the value, 

as shown on the books, of capital notes, debentures, preferred and 

common stock, surplus, undivided profits, and reserves other than 

for expenses. The total capital account of licensed commercial 

banks showed a net increase of 270 million dollars during 1934, 

most of which was capital in newly licensed banks. The total 

capital account of banks in existence throughout the year showed 

little change, notwithstanding the introduction of more than 1,200 

million dollars of new capital, inasmuch as more than 1,100 milTable 13. H oldings of Ca p it a l Obl ig a tio n s of I nsured C o m m e r c ia l

B a n k s b y t h e R ec o n st ru c tio n F in a n c e C orporation,

D ecem ber 31, 1934

(Amounts in millions of dollars)

All

insured

commercial

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks not 

members 

Federal 

Reserve 

System

Reconstruction Finance Corporation holdings of capital obligations............................................................... 821

6,151

38,996

13.3

2.1

441

3,024

21,637

14.6

2.0

175

2,030

12,211

8.6

1.4

205

1,097

5,148

18.7

4.0

Total capital account.......................................................

Total deposits...................................................................

Ratio Reconstruction Finance Corporation holdings to 

total capital account (percent)....................................

Ratio Reconstruction Finance Corporation holdings to 

total deposits (percent)................................................

N o t e : More detailed figures of holdings of capital obligations of insured banks by the Reconstruction 

Finance Corporation are given on page 219.

lion dollars of losses accumulated during prior years were written 

off. Of the new capital funds, approximately 550 million dollars 

were obtained from the Federal Government through the Reconstruction Finance Corporation, and about 100 million dollars from 

local interests. About 550 million dollars came from the banks'

1 Figures upon which these charts are based are given in Table 118, page 212.

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Federal Reserve Bank of St. Louis
48 FEDERAL DEPOSIT INSURANCE CORPORATION

PERCENTAGE DISTRIBUTIO NS OF A SS E T S

Insured Comm ercial Banks not Federal Reserve M e m b e rs

B a n k s G ro u p e d b y A m o u n t of D e p o s it s

Type of A ssets - December 31,19 34

1 / r i i i

T~ T~

Condition of A sse ts — La te st Exam ination 1 9 3 4 -1 9 3 5

N ot Criticized E o a Slow Y /A d o u b tfu l and W orthless

5.000

to 50.000

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Federal Reserve Bank of St. Louis
CONDITION OF COMMERCIAL BANKS 49

CONDITION OF LOANS AN D SECURITIES

Insured Commercial Banks not Federal Reserve M em bers

B a n k s G ro u p e d b y A m o u n t of D e p o s its

PER CEN T

1,000 

to 2.000

2,000

to 5,0 0 0

5,000

to 50,000

40 60

P E P C EN T

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Federal Reserve Bank of St. Louis
50 FEDERAL DEPOSIT INSURANCE CORPORATION

earnings after payment of expenses of operation and of dividends, 

and from recoveries on assets previously written off.

The amount of capital obligations of banks held by the Reconstruction Finance Corporation at the close of 1934, in comparison 

with the deposits and total capital account of these banks is 

shown in Table 13. In proportion to total deposit liability, the 

holdings of capital obligations of insured commercial banks not 

members of the Federal Reserve System were more than twice as 

great as the holdings of such obligations of banks members of 

the Federal Reserve System.

CAPITAL REHABILITATION OF INSURED COMMERCIAL BANKS NOT

MEMBERS OF THE FEDERAL RESERVE SYSTEM

Under the Banking Act of 1933 all licensed Federal Reserve 

member banks were automatically admitted to the Temporary 

Federal Deposit Insurance Fund. Banks which were not members 

of the Federal Reserve System were entitled to admission provided they were certified to be solvent by State banking authorities and were examined and approved by the Federal Deposit 

Insurance Corporation. Banks were approved for admission if the 

value of their assets was believed to be sufficient to cover all 

liabilities to depositors and other creditors. Many of the banks 

admitted had a portion or all of their capital wiped out by losses.1 

The Federal Deposit Insurance Corporation undertook to assist 

banks not members of the Federal Reserve System in obtaining 

capital funds from local interests and from the Reconstruction 

Finance Corporation.

Improvement in net sound capital. The effect of the capital 

rehabilitation program upon the capital structures of the banks is 

not revealed in the bank statements of condition submitted to 

supervisory authorities and summarized in the reports published 

by the Comptroller of the Currency, Federal Reserve Board and 

Federal Deposit Insurance Corporation. There was little change 

in the total capital account shown on the balance sheets of the 

banks because of the large volume of losses written off.

The effect of the capital rehabilitation program, however, is 

reflected in the ratios of net sound capital to total capital account 

and to deposits, as determined by examination of the banks. Since 

the Federal Deposit Insurance Corporation examines only banks 

which are not members of the Federal Reserve System, the 

ratios have been compiled for those banks only rather than for 

all insured banks. In examinations made by the Federal Deposit 

Insurance Corporation net sound capital has been determined by 

deducting the aggregate of assets classified as worthless or of

1 See page 16.

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Federal Reserve Bank of St. Louis
CAPITAL REHABILITATION 51

doubtful value including bond depreciation, other than depreciation below par on obligations of the United States Government or 

obligations guaranteed by the United States Government) from 

the total of the capital notes, debentures, preferred and common 

stock, surplus, undivided profits, the appraised value of assets not 

shown on the books, and reserves, except reserves for expenses.

At the time of examination for admission to insurance more 

than one-third of the insured commercial banks not members of 

the Federal Reserve System had a net sound capital amounting to 

less than 10 percent of their deposits, while one-tenth of the 

banks showed no net sound capital. The most recent examination 

showed that only one-eighth of the banks had a net sound capital 

amounting to less than 10 percent of deposits and that less than 

one percent of the banks had no net sound capital.

Sixty percent of the deposits of all insured commercial banks 

not members of the Federal Reserve System were in banks with 

net sound capital amounting to less than 10 percent of their 

deposits, at the time of examination for admission to insurance. 

At the time of the latest examination only 26 percent of the 

deposits of insured commercial banks not members of the Federal 

Reserve System were held by banks with net sound capital 

amounting to less than 10 percent of their deposits. Figures are 

shown in Table 14.

Table 14. Percen tag e D istr ib u t io n of N u m b er a n d D epo sits of I n su red

C o m m e r c ia l B a n k s n o t M em b ers of t h e F ederal R eserve S y s t e m ,

Grouped b y R at io of N et S ound Ca p it a l to D e p o s it s 1

Banks with ratio of net sound capital to 

total deposits of—

Number of banks 

(percent of total)

Deposits 

(percent of total;

Latest

examination,

1934-35

Examination

for

admission

Latest

examination,

1934-35

Examination

for

admission

Over 10 percent.................................................. 87 65 74 40

10 to 5 percent.................................................. 10 15 19 24

5 to 0 percent.................................................... 2 10 5 20

Without net sound capital................................ 1 10 2 16

All banks............................................... 100 100 100 100

1 For number of banks included, see Table 4, page 17.

The effect of the rehabilitation program is shown in the accompanying charts.1 In these charts insured commercial banks not 

members of the Federal Reserve System are arranged in eight 

groups according to the amounts of their total deposits. The 

first chart shows the ratio, as indicated by examinations for 

admission to the Fund, and by most recent examinations of the 

same banks, of net sound capital to total capital account. The 

second chart similarily shows the relation of net sound capital to 

deposit liabilities.

1 Figures upon which these charts are based are given in Tables 115-116, pages 204-06.

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Federal Reserve Bank of St. Louis
52 FEDERAL DEPOSIT INSURANCE CORPORATION

CAPITAL CHANGES D U R IN G 1934

Insured Commercial Banks not Federal Reserve Members

B a n k s Grouped b y Am ount of D ep osits

60

100 too

and to

under 250

5.000

to

50.000

SIZE GRO UPS IN THOUSANOS OF DOLLARS

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Federal Reserve Bank of St. Louis
CAPITAL REHABILITATION 53

Sources of new capital funds. Improvement in the capital 

structures of insured commercial banks not members of the Federal Reserve System was accomplished through the introduction 

of 288 million dollars of new funds. The banks wrote off 206 

million dollars of losses and depreciation which had accumulated 

during prior years, equivalent to about one-fifth of the total 

capital account, and increased their total capital account by 82 

million dollars. In addition, the banks sold at face value to interested local parties substantial amounts of assets considered by 

examiners to be worthless or of doubtful value. These figures 

are shown in Table 15.

Table 15. C h an g es D u ring 1934 in T otal Ca p ita l A ccount of C om m ercial

B a n k s n ot M e m b e r s of th e F e d er a l R e se r v e Syst em

I n su red on D ecem ber 31, 19341

(Amounts in millions of dollars)

On January 1, 1934, the total capital account was2.................................................................. 1,003

New capital was added through purchase of capital notes, debentures and

stock, and through voluntary contributions:

By Reconstruction Finance Corporation...................................................................... 170

By local interests........................... ................................................................................. 40

The total was.................................................................................................................. 210

Net earnings after payment of dividends, and recoveries and profits on assets amounted to .. 78

Total additions amounted to..................................................................................... 288

Total capital account was reduced by write-offs:

On loans and discounts................................................................................................... 100

On securities..................................................................................................................... 71

On other assets................................................................................................................ 35

Total reduction through write-offs was.................................................................. 206

Net increase in total capital account amounted to.................................................................. 82

On December 31, 1934, the total capital account was............................................................... 1,085

^Includes 7,682 banks; figures for 11 insured State banks in the District of Columbia, 2 insured 

national banks in Alaska and 9 other insured banks are not included.

a For 303 banks not in operation for the full year the total capital account, amounting to $25,000,000, 

is as of the date of organization or licensing.

The problem of adequate capitalization. The further strengthening of the capital position of banks is a problem which requires 

continued attention if adequate protection is to be given to bank 

depositors and to the Federal Deposit Insurance Corporation. 

Many banks still need to obtain additional capital if they are to 

write off worthless and doubtful assets remaining on their books 

and to raise the ratio of net sound capital to deposits.

In stressing the need for adequate net sound capital, the difficulties in determining how much capital a bank needs in order 

to protect its depositors and other creditors must be kept in 

mind. The character of the loans and investments made by a 

bank, the degree of diversification of the bank’s assets, the distribution of maturities of loans and investments, the number of

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Federal Reserve Bank of St. Louis
54 FEDERAL DEPOSIT INSURANCE CORPORATION

loans and investments, the character of the liabilities, and the 

quality of the management, all influence the ratio between capital 

and deposits which may be considered satisfactory.

A net sound capital equal to 10 percent of deposits is considered 

a minimum for safety. The severe losses which banks have suffered and the rapidity with which capital funds may be dissipated 

suggest that even this ratio is inadequate in many cases. For the 

first 50 years of the national banking system, the total capital 

account of all national banks ranged from 80 to 25 percent of 

deposit liabilities, which may be compared with 14 percent at the 

end of 1934. It is believed that the ratio of net sound capital to 

total capital account was at least as high then as the corresponding 

ratio at the present time. Bank failures among national banks were 

relatively few, and losses to depositors comparatively small, during that period.

EARNINGS AND EXPENSES OF INSURED COMMERCIAL BANKS

Earnings from current operations. Total earnings of all insured commercial banks during 1934 amounted to 1,510 million 

dollars, or approximately $3.50 for each $100 of available funds.1 

Available funds include invested funds, required reserves, and 

other funds available for investment or additional reserves.2 Current operating expenses of the banks amounted to 1,065 million 

dollars. Net earnings from current operations, that is, total earnings less operating expenses, before taking into account recoveries 

on assets previously written off, profits on securities sold, and 

deductions because of depreciation and worthless assets written 

off, amounted to 445 million dollars, or slightly over $1.00 for each 

$100 of available funds. This was equivalent to $1.25 for each 

$100 of deposits and to a seven percent return on total capital 

account. Earnings and expenses of insured commercial banks 

are shown in Table 16.

Recoveries, dividends and write-offs. Business improvement 

and the advance in bond prices during 1934 resulted in recoveries 

on assets of insured commercial banks previously written off and 

in profits on sales of securities of 290 million dollars, so that net 

earnings from current operations plus recoveries amounted to 735 

million dollars. The banks paid interest on capital notes and deben1 Earnings of national banks are available only for the first half of the year and have been 

estimated for the second half on the basis of earnings of other classes of insured banks.

2 Available funds are measured by total assets, less customers’ liability on account of acceptances, acceptances of other banks and bills of exchange or drafts sold with endorsement, and 

securities borrowed.

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Federal Reserve Bank of St. Louis
BANK EAKNINGS AND EXPENSES 55

Table 16. C u rk en t E a r n in g s a n d E x p e n se s D uring 1934 of I n su red

C omm ercial B a n k s1

Amount

(in millions

of

dollars)

Amount per $100 of—

Total

available

funds2

Total

deposits

Total

capital

account

The banks earned............................................................. 1,510

1,065

445

$3.52

2.49

$1.03

$4.25

3.00

$1 25

$24.66

17.39

$7.27

The banks’ current expenses were..................................

The banks’ net earnings from current operations were...................................................

1 14,124 banks; figures for 11 State banks in the District of Columbia, 2 insured national banks in

Alaska and b oiher insured banks are not included. Figures for national ban^s for second half of 1934

are estimated.

2 Estimated average amount during year of total assets less customers’ liability on account <5f accept

ances, acceptances of other banks and bills sold with endorsement, and securities borrowed.

tures and dividends on preferred and common stock of 185 million 

dollars. Assets written off during the year, however, amounted 

to 1,080 million dollars or approximately twice the amount available from net earnings and recoveries after payment of dividends. 

Such a large volume of write-offs, reflecting chiefly write-offs of 

losses accumulated during prior years, was made possible by the 

introduction of new capital funds through purchases of capital 

obligations by the Reconstruction Finance Corporation and by 

private interests. Figures are summarized in Table 17.

Table 17. N et E ar n in g s and C h an g es in T otal C apital A ccount D uring

1934 of I nsu red C ommercial B a n k s1

Amount

Amount per $100 of—

(in millions

of

dollars)

Total

available

funds2

Total

deposits

Total

capital

account

The banks’ net earnings from current operations were. 445 $1.03 $1.25 $7.27

Recoveries on assets written off and profits on securities sold were................................................................ 290 .68 .82 4.73

Net earnings and recoveries were.................. 735 1.71 2.07 12.00

The banks paid interest on capital notes and debentures and dividends on preferred and common stock

185 .43 .52 3.02

There remained after payment of interest

and dividends.................................................. 550 1.28 1.55 8.98

The banks wrote off losses of.......................................... 1,080 2.52 3.04 17.64

The resulting reduction in capital account

was..................................................................... 530 1.24 1.49 8.66

New capital funds were paid in to the net amount of. . 610 1.42 1.72 9.97

The net increase in the total capital account was8....................................................... 80 .18 .23 1.31

1 14,124 banks; figures for 11 State banks in the District of Columbia, 2 insured national banks in

Alaska and 9 other insured banks are not included. Figures for national banks for second half of 1934

are estimated.

2 Estimated average amount during year of total assets less customers’ liability on account of acceptances, acceptances of other banks and bills sold with endorsement, and securities borrowed.

8 Exclusive of changes resulting from licensing .and closing of banks.

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Federal Reserve Bank of St. Louis
56 FEDERAL DEPOSIT INSURANCE CORPORATION

Rates of earnings and of interest paid. The relatively low rate 

of gross earnings of banks during 1934 reflected in part the fact 

that banks were holding a large part of their funds in non-earning assets or in assets that yield a low return and in part the fact 

that money rates were lower than at any other time in recent 

years.

In comparison with earlier years, banks had a smaller proportion of their funds loaned out and a larger proportion invested in 

securities, particularly those with low yields. They also held 

larger proportions of their total available funds in the form of 

cash, or balances with other banks. Inasmuch as the rates of 

interest received by banks are higher on loans than on other 

forms of investment, the reduction in the proportion of funds 

loaned out reduced the rate of earnings on the total amount of 

the banks’ available funds. These changes are illustrated in 

Table 18 which compares for banks members of the Federal 

Reserve System the distribution of assets and deposits and the 

rates of interest received on assets and paid on deposits in 1927- 

1928 and 1934.

Table 18. C o m p ar a tiv e R a te s of I n terest a n d D istr ib u t io n of A ss e t s,

1927-28 a n d 1934, Ba n k s M e m b ers of t h e F ederal R eserve S y s t e m

(In percent)

Distribution of assets 

and deposits1

Rate of interest received 

on assets and paid 

on deposits

1934 1927-28 1934 1927-28

ASSETS

Loans........................................................................... ‘ 33 53 4.4 5.6

Securities.................................................................... 39 23 3.2 4.7

Due from banks......................................................... 8 5 .1 1.5

Cash and reserves... . . ............................................. 15 13

Other assets............................................................... 5 6

T otal............ ........... ..................................... 100 100

DEPOSITS

Time............. ......................................................... 31 35 2.3 3.3

Other........................................................................... 69 65 (2)

.8

1.3

T ota l............................................................... 100 100 :s.o

1 Average of call date figures.

3 Rate of .01 per cent due chiefly to payment of interest on public funds.

The expenses of banks were likewise reduced compared with 

other years, due in part to reductions in the amount of salaries 

paid but chiefly to a decline in the rates of interest paid customers 

on their deposits. About one-half of the reduction in interest 

rates occurred prior to the Banking Act of 1933. The statutory 

elimination of interest on demand deposits and the reduction by 

regulation of interest on time deposits has been largely responsible for the remaining decrease in rates of interest paid on deposDigitized for FRASER 

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Federal Reserve Bank of St. Louis
BANK EARNINGS AND EXPENSES 57

its. Notwithstanding the reduction in expenses, net earnings from 

current operations were lower than in the earlier years.

Earnings and expenses of insured commercial banks not members of the Federal Reserve System. The Federal Deposit Insurance Corporation issued a call for reports of earnings, expenses 

and dividends for the year 1934 of insured banks not members of 

the Federal Reserve System. Reports submitted by 7,379 commercial banks operating throughout the year have been tabulated 

by size of bank. The amounts of net earnings and expenses, and 

of losses written off, for each $100 of available funds for banks 

grouped according to amounts of deposits are shown in the charts 

on the next page.1

Figures of net earnings from current operations for banks in 

various size groups are shown in Table 19. The banks with 

deposits of less than $100,000 had average net earnings from current operations of approximately $700. The banks with deposits 

ranging from $100,000 to $250,000 had average net earnings from 

current operations of about $1,800. These two groups of banks 

comprise approximately one-half of all insured banks not members 

of the Federal Reserve System.

Table 19. N et E a r n in g s from C u rr en t Ope r at io n s D u ring 1934 of In su red

C om m ercial B a n k s n o t M e m b ers of th e F e d er a l R e se r v e System

BANKS GROUPED BY AMOUNT OF DEPOSITS

Number 

of banks With deposits of—

Average 

net 

earnings 

per bank

Amount 

per 

$100 of o 

deposits '

Amount 

per 

$100 of 

total 

capital 

account

1,186

2,492

$100,000 and under......................................................... $ 696 $1.04

1.07

$2.59

$100,000 to $250,000.............. ........................................ 1 798 4.25

1,720

641

$250,000 to $500,000...................................................... 3,608

6,532

8,729

14,511

1.04 4.93

$500,000 to $750,000....................................................... 1.07 5.36

380 $750,000 to $1,000,000.................................................... 1.01 5.21

585 $1,000,000 to $2,000,000................................................. 1.06 5.13

255 $2,000,000 to $5,000,000................................................. 33,208 1.14 5.44

116 $5,000,000 to $50,000,000............................................... 127,690

782,750

1.16 5.14

4 Over $50,000,000!............................................................ .88 7.17

7,379 All banks............................................................. 7,307 1.08 5.10

1 Because of the small number of banks figures for this group should not be considered typical of all 

banks with deposits in excess of $50,000,000.

N o t e : More detailed figures are given on pages 238-42.

Rates of interest received and paid by insured commercial banks 

not members of the Federal Reserve System. The average rate 

of interest received on outstanding loans by insured commercial 

banks not members of the Federal Reserve System was slightly 

less than six percent per year. The average rate o f interest and 

dividends received on securities held was about 3.8 percent per

1 Figures upon which these charts are based are given in Table 131, page 242.

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

D o lla rsr

EARNINGS. EXPENSES AND LOSSES. 1934

Insured Commercial Banks not Federal Reserve Members

B a n k s Grouped by Am ount of D ep osits

- D o lla rs

Net Earnings and Expenses per $100 of Available Funds

Net Earnmgs Expenses

5 —

100 250 500 750 1.000 2.000 5.000

to to to to to to to

250 500 750 IPOO 2.000 5.000 50,000

S IZ E G R O U P S IN T H O U SA N D S OF DO LLARS

Dollars Dollars

— 2

— I

100 250 500 750 1.000 2.000 5.000

to to to to to to to

250 500 750 1.000 2.00 0 5,00 0 50,000

S IZ E G R O U P S IN T H O U SA N D S OF D O LLA RS

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EXTENT OF DEPOSIT INSURANCE 59

year. The banks paid interest on time deposits at an average 

rate of nearly three percent per year.

Average rates of interest received on loans and securities and 

paid on time deposits are given in Table 20 for banks in the 

various size groups. Small banks received higher rates of interest 

on their loans than did large banks, but they obtained lower average yields on their investments. Small banks paid higher rates of 

interest on time deposits than did large banks.

Table 20. R a t e s o f E a r n in g s D u r jn g 1934 o n T o t a l A v a i l a b l e F u n d s, o n 

L o a n s a n d o n S e c u r it ie s , a n d o f I n t e r e s t P a id o n T im e D e p o s it s , Ins u r e d C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y stem

(Percent)

Earnings 

on total 

available 

funds1

Interest 

received 

on loans

Interest 

and dividends received on 

securities

Interest 

paid on 

time 

deposits

5.26 7.92 3.18 3.22

4.69 7.26 3.33 3.02

4.53 6.87 3.52 2.95

4.39 6.57 3.56 2.77

4.29 6.20 3.61 2.77

4.29 5.85 3.85 2.67

4.30 5.67 3.72 2.54

4.36 5.01 4.09 2.84

3.89 4.82 3.67 2.76

4.37 5.90 3.77 2.77

Number 

of banks With deposits of1,186

2,492

1,720

641

380

585

255

116

4

7,379

$100,000 and under.........

$100,000 to $250,000.......

$250,000 to $500,000.......

$500,000 to $750,000.......

$750,000 to $1,000,000. . . 

$1,000,000 to $2,000,000. 

$2,000,000 to $5,000,000. 

$5,000,000 to $50,000,000

Over $50,000,0002............

All banks............

1 Total earnings from current operations.

2 Because of the small number of banks, figures for this group should not be considered typical of all 

banks with deposits in excess of $50,000,000.

N o t e : More detailed figures are given on pages 241-42.

EXTENT OF FEDERAL INSURANCE OF DEPOSITS IN

COMMERCIAL BANKS

Membership in the Temporary Federal Deposit Insurance Fund.

On January 1, 1934, when the Temporary Federal Deposit Insurance Fund went into effect, 14,412 commercial banks with total 

deposits of approximately 32 billion dollars were operating under 

licenses issued by the Secretary of the Treasury or by State 

banking authorities in conformity with the provisions of the 

executive order of the President of the United States, dated 

March 10, 1933. Of these banks, 12,551 were admitted to the 

Fund on January 1, 1934. During the year an additional 1,960 

commercial banks with deposits of about 1,100 million dollars 

were admitted to the Fund. At the close of the year there were 

14,146 licensed commercial banks members of the Fund, and 

1,068 State commercial banks, excluding private banks considered

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60 FEDERAL DEPOSIT INSURANCE CORPORATION

to be ineligible by law for insurance by the Federal Deposit Insurance Corporation, which were not members of the Fund.

A t the beginning of the year, with insurance coverage limited 

to $2,500 for each depositor, total insured deposits in commercial 

banks amounted to 11 billion dollars, or one-third of all deposits 

in licensed commercial banks. Of the deposits which were uninsured approximately one billion dollars were in banks which had 

not applied or which had not yet been approved for admission to 

insurance, and 20 billion dollars comprised the uninsured part of 

the deposits of persons with balances in excess of $2,500 in banks 

already admitted to the benefits of insurance. By the end of the 

year there were approximately 17 billions of deposits protected 

by insurance, 22 billions of uninsured deposits in banks which were 

members of the Fund, and about one-half billion dollars in banks 

not members of the Fund.1

It is estimated that nearly half of the 5,700 million dollar 

increase in insured deposits during 1934 resulted from the change 

in coverage for each depositor from $2,500 to $5,000, and that 

two-fifths of the increase was due to the general growth in bank 

deposits during the year. The remainder of the increase reflected 

the admission of banks to insurance.

The reduction in deposits in uninsured commercial banks, excluding private banks considered by law to be ineligible for insurance by the Federal Deposit Insurance Corporation, was due 

chiefly to the admission of banks to insurance. It is estimated 

that if the commercial banks uninsured at the close of the year 

were to join the Fund about three-fourths of their deposits would 

be covered by insurance.

Fully insured and partially insured depositors. In accordance 

with a provision of the June 1934 amendments to the deposit 

insurance law each insured bank was required to report as of 

October 1, 1934, the number of depositors and the amount of its 

deposits which were insured under the $5,000 limitation. These 

reports indicated that the deposits of 98.5 percent of the depositors were fully insured under the $5,000 limitation. Only 730,000 

out of 49,751,000 depositors in insured commercial banks had balances in excess of $5,000. The average size of the fully insured 

accounts was $245. Further details regarding the number of fully 

and partially insured depositors and the amounts of insured and 

uninsured deposits are given in Table 21 and in the tables on 

pages 186-93.

1 See page 42 for table showing deposits, classified according to their insurance status.

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EXTENT OF DEPOSIT INSURANCE 61

Table 21. I nsured and Uninsured D eposits, and F ully and Partially

Insured A ccounts, Insured C ommercial Banks, October 1, 1934

All

insured

commercial

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks not 

members 

Federal 

Reserve 

System

Number of banks 14,060 5,451 970 7,639

Deposits (in millions of dollars):

Insured deposits in fully insured accounts..................

Insured deposits in partially insured accounts...........

Uninsured deposits........................................................

Total.......................................................................

12,006

3,649

20,333

35,988

6,462

2,029

11,582

20,073

2,588

995

7,388

10,971

2,956

625

1,363

4,944

Accounts (in thousands):

Fully insured.................................................................. 49,021

730

49,751

25,970

406

26,376

9,362

199

9,561

13,689

125

13,814

Partially insured............................................................

Total.......................................................................

N o t e : More detailed figures are given on pages 186-91.

Deposit insurance by class and size of bank. The October reports relating to insurance coverage have been tabulated with the 

banks grouped according to the total amounts of their reported 

deposits. Practically all of the accounts in small banks are fully 

insured, and even in the case of the very large banks more than 

97 percent of the depositors are fully protected by insurance. 

There is, however, a very great difference between the large and 

the small banks in the proportion of total deposits insured. Banks 

with deposits of $100,000 or under reported 92 percent of their 

deposits to be insured. The proportion of deposits insured decreases progressively with the increase in the size of bank and 

banks with deposits of more than $50,000,000 reported only 26 

percent of their deposits to be insured. The average for all insured 

banks is 43.5 percent. Table 22 shows the percentages of fully 

insured accounts and of insured deposits for banks in the various 

size groups.

Table 22. P e r c e n t a g e o f D e p o s it s I n s u r e d a n d o f A c c o u n t s F u l l y I n ­

s u r e d i n I n s u r e d C o m m e r c ia l B a n k s , O c t o b e r 1, 1934

BANKS GROUPED BY AMOUNT OF DEPOSITS

Number 

of banks With deposits of—

Percent of 

deposits 

insured

Percent of 

accounts 

fully 

insured

1,513 $100,000 and under.............................................................................. 91.7 99.7

3,593 $100,000 to $2 :0,000............................................................................ 86.9 99.6

3,1 5 $250,000 to $500,000............................................................................ 83.1 99.4

1,478 $500,000 to $750,000............................................................................ 79.8 99.3

943 $750,000 to $1,000,000......................................................................... 77.6 99.3

1,631 $1,000,000 to $2,000,000...................................................................... 74.6 99.1

1,060 $2,000,000 to $5.000,000...................................................................... 69.1 98.8

631 $5,000,000 to $50,000,000.................................................................... 49.6 98.3

96 25.7 97.2

14,060 43.5 98.5

N ote: More detailed figures are given on page 192.

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FEDERAL DEPOSIT INSURANCE CORPORATION

NUMBER AND DEPOSITS OF INSURED AND

UNINSURED CO M M ERCIA L BANKS. O CTOBER 1.1934

Banks Grouped by Amount of Deposits

Numbar • N u m b e r

500 750 1,000 2.000 5,000

S IZ E G R O U P S IN T H O U S A N D S OF D O L L A R S

Billions of .

D ollars

. B illio n s of 

D o lla r s

10

500 750 IjOOO 2X300 5,000

S IZ E G R O U P S IN T H O U S A N D S OF D O LLA R S

50.000

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EXTENT OF DEPOSIT INSURANCE 63

The accompanying charts show for the various size groups the 

number of insured and uninsured commercial banks and the 

volume of insured and uninsured deposits.1

Uninsured banks. On February 1, 1935, there were 1,066 State 

commercial banks with deposits of 472 million dollars which were 

not members of the Temporary Federal Deposit Insurance Fund.

Table 23. C la ssification o f U ninsured Commercial S ta te B anks

February 1, 1935

Reason for failure to become insured banks

Number of 

banks

Deposits (in 

thousands of 

dollars)

No specific inform ation1.......................................................................................... 658 $174,702

Banks whose business is believed to make deposit insurance nonessential:

Trust companies not carrying on a commercial banking business...................... 26 41,413

997

Cash depositories doing a brokerage loan business and assuming no liability for 

their deposits................^....................................................................................... 18

Banks and trust companies affiliated with insured banks................................... 10 51,265

28,405

765

Banks operated for convenience of company or small group of persons............ 20

Branches of foreign banks conducting an exchange business onlv...................... 3

T otal.................................................................................................................. 77 122,845

Banks not applying or disapproved for m em bership:2

Banks objecting to theory and principle of insurance3......................................... 85 41,547

7,571

6,832

21,448

1,911

145

Banks objecting to expense involved4.................................................................... 23

Banks which are believed to consider themselves disqualified by their condition5 .................................................................................................................... 20

Banks believing themselves to be so liquid as to have no need of insurance. . . 

Banks known to be insured with the Bank Deposit Insurance Company of 

Texas .................................................................................................................

54

15

Banks disapproved for membership by the Federal Deposit Insurance Corporation ......................................................................................................... 3

Banks applying for insurance but disapproved until entrance requirements 

have been met ..................................................................................................... 43 14,772

39,045

24,911

158,182

Banks which have withdrawn from insurance...................................................... 19

Branches of foreign banks ..................................................................................... 5

T otal.................................................................................................................. 267

Banks which will probably become insured or merge with insured banks:

Banks with applications pending .......................................................................... 40 7,024

1,573

7,977

94

16,668

Banks intending to be absorbed or liquidated...................................................... 13

Banks favoring insurance, and expected to apply when able to qualify.............. 2

Banks recently licensed, most of which are expected to apply for insurance. . . 

T otal..................................................................................................................

9

64

Total uninsured State banks.............................. ..................................... 1,066 $472,397

1 334 of these 658 banks are located in three States in which the insurance program has met with 

general opposition and disapproval. Another group of 42 are trust companies, some of which do little 

or no commercial banking and do not feel the need of insurance.

2 Includes 11 banks which withdrew after filing application and 19 which withdrew after having 

been admitted.

3 Includes 1 bank withdrawing after filing application for membership and 3 banks which absorbed 

national banks.

4 Including 8 banks which were approved for admission but refused to pay the assessment.

5 Includes 2 banks withdrawing their applications before approval.

For 658 of these, with deposits of 175 million dollars, it was not 

possible to ascertain definitely the reasons for failure to apply for 

admission to insurance. More than half of these banks are located 

in three States where the insurance program originally met with 

general opposition. Of the 408 banks regarding which information was obtained, 77 are banks with business of such a character1 Figures upon which these charts are based are given in Tables 106-09, pages 184-88.

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

that deposit insurance is deemed non-essential, 267 are banks 

which declined to apply for insurance or were rejected, and 64 

are banks which will probably become insured or merge with 

insured banks. Table 23 gives further details.

It was also ascertained that there were 231 uninsured private 

commercial banks, of which 153 had deposits of 318 million dollars. Most of these banks are not eligible for insurance, according to interpretations of the law authorizing the insurance of 

banks operating under State laws.

MUTUAL SAVINGS BANKS

Mutual savings banks differ from commercial banks with respect 

to capital structure, character of deposits and type of investment.1 

Mutual savings banks have no capital stock. They receive only 

savings deposits and reserve the right to require written notice 

before permitting withdrawal. Many mutual savings banks 

restrict the amount of deposits which will be accepted from any 

one depositor, and in nine States the amounts are also restricted 

by State law. Special legal restrictions are placed upon the investments of mutual savings banks. At the end of 1934, mutual savings banks had deposits amounting to approximately 10 billion 

dollars.

Mutual savings banks in the Temporary Federal Deposit Insurance Fund. On January 1, 1934, there were 214 insured mutual 

savings banks with 6,376 million dollars of deposits of which 4,429 

million dollars in about nine million accounts were insured. This 

may be compared with a total of 577 mutual savings banks with 

deposits amounting to 9,723 million dollars in about thirteen million accounts.

All eligible mutual savings banks in Delaware, Maryland, Minnesota, New Jersey, Ohio, Oregon, Pennsylvania, Vermont and 

Washington became members of the Fund. In some States the 

opinion was expressed by the Attorneys General that mutual savings banks could not legally subscribe to stock in the Federal 

Deposit Insurance Corporation. No mutual savings banks in 

Connecticut, Massachusetts, New Hampshire or Rhode Island 

joined the Fund. In Indiana, Maine, New York and Wisconsin 

some but not all banks became insured under the Federal plan.

1 Mutual savings banks are defined as banks without capital stock transacting a savings 

bank business, the net earnings of which inure wholly to the benefit of their depositors after 

payment of obligations or any advances by organizers. The classification used in this discussion conforms with that adopted by the Federal Reserve Board except for one bank in 

California, classified by the Board as a mutual savings bank, which is insured by the Federal 

Deposit Insurance Corporation as a commercial bank. An examination of each bank by the 

Federal Deposit Insurance Corporation is necessary to determine whether such bank is eligible 

for insurance in the Fund For Mutuals or in the Temporary Federal Deposit Insurance Fund.

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MUTUAL SAVINGS BANKS 65

More than half of the insured mutual savings banks were located 

in New York State and these banks held over three-fourths of 

the insured deposits of mutual savings banks.

Membership in the Fund For Mutuals. On June 16, 1934, an 

amendment to the Federal Reserve Act was approved which postponed the date for the inauguration of the permanent plan for 

Federal insurance of deposits to July 1, 1935. This Act also 

authorized the opening on the books of the Federal Deposit Insurance Corporation of a Fund For Mutuals, and provided that mutual 

savings banks might elect whether they would have the deposits 

of each depositor insured to an amount not in excess of $2,500 or 

not in excess of $5,000.

There has been some doubt as to the possibility of mutual savings banks qualifying as members of the permanent plan of 

deposit insurance. Furthermore, many mutual savings banks have 

considered themselves preferred risks and have wished to avoid 

assessment at the same rate as commercial banks and to avoid 

responsibility for the losses of commercial banks. For these and 

other reasons 169 mutual savings banks withdrew from the Temporary Federal Deposit Insurance Fund at the end of June 1934. 

Of these, 133 were located in New York State. Two New York 

mutual savings banks kept their insurance with the Federal 

Deposit Insurance Corporation by joining the Fund For Mutuals 

established under the amended Act.

Changes during 1934 in the deposits of mutual savings banks 

insured by the Federal Deposit Insurance Corporation. The 

changes which took place during the year 1934 in the deposits of 

mutual savings banks insured by the Federal Deposit Insurance 

Corporation are given in Table 24.

Table 24. M u t u a l Sa v in g s B a n k s In su red b y F ederal D eposit I n s u r a n c b

C orporation, 1934

(Deposits in millions of dollars)

Number 

of banks

Total deposits Insured deposits

December 

31, 1934

January 

1, 19341

December 

31, 1934

Date of first 

certified 

statement^

Members of Temporary Federal Deposit

Insurance Fund, January 1, 1934...........

Admissions, January 1 to Jun«j 30..........

Withdrawals, July 1 ................... ............

214

21

169

66

2

68

6,376

80

5,436

1,020

1

1,021

4,429

59

3,795

69a

(3)

694

Transfers to Fund For Mutuals.................

Admissions, July 1 to December 3 1 ....... .

Members Fund For Mutuals, December 31, 

1934 ............................... .......... . 1,045 4806

1 Tabulated from National Association of Mutual Savings Banks, Directory of Mutual Savings Banks

of the United States.

2 Submitted at time of admission to insurance. 

z Slightly less than $500,000.

* Estimated from ratio of insured deposits to total deposits on October 1, 1934.

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66 FEDERAL DEPOSIT INSURANCE CORPORATION

The 68 mutual savings banks which were insured by the Federal 

Deposit Insurance Corporation at the close of the year then had 

total deposits of 1,045 million dollars, nearly half of which were 

deposits of the two mutual savings banks in New York City which 

joined the Fund For Mutuals. The increase in deposits of the 68 

banks during 1934 amounted to 2.4 percent, as compared with an 

increase of 1.7 percent for all mutual savings banks. Insured 

deposits of these banks are estimated to have increased by 16 percent, reflecting chiefly the change in coverage in many of the 

banks from $2,500 to $5,000 for each depositor. Of the members 

of the Fund For Mutuals at the close of the year, 46 were insured 

to a maximum per depositor of $5,000 and 22 to a maximum per 

depositor of $2,500.

Insurance of deposits in mutual savings banks, December 31, 

1934. The mutual savings banks which were insured by the Federal Deposit Insurance Corporation held 11 percent of the deposits 

o f all mutual savings banks in the United States. Of the remaining 506 mutual savings banks, 328 were members of State organizations in Massachusetts and New York having insurance features. These banks held 69 percent of the deposits of all mutual 

savings banks. The figures are given in Table 25.

Table 25. M u t u a l Sa v in g s B a n k s , D ecem ber 31, 1934

Number 

of banks

Total 

deposits 

(in millions 

of dollars)

Insured by the Federal Deposit Insurance Corporation1.......................................

Members of the Savings Banks Trust Co., of New York ..................................

68

135

21,045

4,648

2,052

1,990

9,735

Members of the Mutual Savings Central Fund, Inc., of Massachusetts............. 193

All other mutual savings banks................................................................................ 178

Total ................................. ...................................................................... 574

1 Exclusive of 1 bank with deposits of $87,000,000 listed as a mutual savings bank by the Federal 

Reserve Board and insured by the Corporation as a commercial bank.

2 About 77 percent of this amount is covered by insurance.

The organizations in Massachusetts and New York are designed 

in part to provide discount facilities for assets of mutual savings 

banks, and in part for mutual insurance. In Massachusetts the 

Mutual Savings Central Fund, Inc., was established in 1932, and 

in February 1934 the organization was required to establish a 

fund for the insurance of deposits in all savings banks in that 

State. All deposits are insured in full and all savings banks in 

the State are required to join the organization. The charter of 

the organization expires March 1, 1937. In New York, membership in the State organization is voluntary, but 135 out of 138 

mutual savings banks have become members. As in Massachusetts, full coverage of all deposits is attempted.

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SUSPENSIONS AND RECEIVERSHIPS 67

In Massachusetts, three years are allowed for payment of 

claims. In New York State, inasmuch as insurance covers only 

that part of the depositors' claims not realized from the liquidation of a failed bank, it appears that payments to depositors will 

be made only after the, completion of liquidation. It is contemplated, furthermore, that the fund in New York State will not 

be allowed to exceed two percent of the deposits of the insured 

banks and that claims will be recognized and paid only to the 

extent of the resources in and available to the fund.

Reconstruction Finance Corporation and mutual savings banks.

Although one of the outstanding characteristics of mutual savings banks is the absence of capital stock, the Reconstruction 

Finance Corporation assisted in strengthening some of these 

banks not only by loans but also by purchase of capital notes or 

debentures. As of December 31, 1934, there were 29 insured 

mutual savings banks which had sold capital notes or debentures 

to the Reconstruction Finance Corporation to the amount of 12 

million dollars. Loans of more than one million dollars had also 

been made by the Reconstruction Finance Corporation to four 

insured mutual savings banks.

Earnings of insured mutual savings banks. Gross earnings of 

the 68 insured mutual savings banks amounted to 48 million dollars in 1934. Interest on real estate mortgages amounted to 24 

million dollars, or one-half of the total; and interest and dividends on bonds, stocks and other securities totalled 19 million 

dollars. Interest paid depositors, including distribution of profits, 

amounted to 27 million dollars, an average rate of return on 

deposits of about 2.6 percent. Losses and depreciation of 11 million dollars were charged off during the year, while recoveries 

and profits from sales of securities were reported at five million 

dollars. The banks showed net additions to profits of two million 

dollars. More detailed figures are given on page 243.

BANK SUSPENSIONS AND RECEIVERSHIPS

Bank suspensions during 1934. Only nine insured banks suspended during 1934. In addition to these suspensions there were 

48 licensed banks not insured by the Federal Deposit Insurance 

Corporation which suspended during the year. More than 900 

banks which had been in operation prior to the banking holiday 

of 1933, but which were not licensed after the holiday, were placed 

in receivership or liquidation. More than half of these banks had 

a part of their assets and liabilities taken over by successor banks.

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68 FEDERAL DEPOSIT INSURANCE CORPORATION

The deposits of the insured banks which suspended amounted 

to two million dollars and those of the uninsured licensed banks 

which suspended to 35 million dollars. The deposits of the nonlicensed banks placed in liquidation or receivership amounted to 

647 million dollars at the time of the banking holiday or the last 

available report prior to the banking holiday. It is not known 

how large a part of these deposits were taken over by successor 

banks and how large a part remained in the banks when placed 

in receivership or liquidation. It is believed, however, that 

approximately half of the deposits were released to depositors 

prior to the placing of the banks in receivership or liquidation.

All but one of the insured banks which failed during 1934 and 

most of the uninsured licensed banks were small institutions. This 

is indicated in Table 26.

Table 26. N u m ber and D e p o sits o f L icen sed B an k s Su spending O p e ra tio n s

D u r in g 1934

b a n k s g r o u p e d b y a m o u n t o f d e p o s it s

(Deposits in thousands of dollars)

Licensed banks suspended

Banks with deposits of— Insured banks1 Uninsured banks

Number Deposits Number Deposits

$100,000 and under........................................................... 5 282 16 ! 931

$100,000 to $250,000......................................................... 3 608 i3 ;: 1,730 

4,585 

742

$250,000 to $500,000......................................................... 13 :

$500,000 to $2,000,000...................................................... 1 1,062 1

$2,000,000 to $10,000,000. ............................................. 5 26,997

Over $10,000,000...............................................................

T ota l...................................................................... 9 1,952

! 4 8

34,985

1 Deposits at date of suspension. Additional deposits in these banks of $13,000 were discovered bv 

December 31, 1934. See page 249.

N o t e : More detailed figures are given on page 245.

Causes of bank suspensions. In the case of five of the nine 

insured banks failing in 1934, suspension was the direct result 

of criminal activities of bank officers. The remaining four 

failures may be attributed to bad management, insufficient business to provide enough earnings for maintenance of a bank, and 

internal discord. No specific information has been collected regarding the reasons for the failure of the uninsured licensed banks 

which suspended.

Various factors are responsible for the small number of failures 

of licensed banks during 1934. The Reconstruction Finance Corporation made large sums available not only through purchases of 

capital obligations but also through direct loans, and other governDigitized for FRASER 

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SUSPENSIONS AND RECEIVERSHIPS 69

mental agencies facilitated the refinancing and liquidation of 

loans. Furthermore, the suspensions which occurred prior to and 

immediately subsequent to the banking holiday eliminated a large 

proportion of the weak banks. The declines in the volume of business, in prices and in incomes characteristic of the downward 

swing in business activity from 1929 to 1933 had ceased.

Periods of recovery subsequent to banking crises have in the 

past been characterized by relatively few bank failures. The unusually low rate of failures during 1934 cannot, therefore, be expected to continue.

Banks in receivership. On December 31, 1934, there were 6,352 

commercial banks in receivership.1 These banks had approximately 4,700 million dollars of deposits at the time of suspension. 

Of this sum. about half has been returned to the depositors, leaving 

an unpaid liability of approximately 2,400 millions.

Nearly all of the banks remaining in receivership at the end of 

1934 were banks which either had not been licensed after the 

banking holiday in 1933, or which had failed during the three 

years prior to that holiday. A number of banks which suspended 

during the banking holiday had neither been licensed nor placed in 

receivership by December 31, 1934. Some of these banks have been 

placed in liquidation without the use of receivers and some have 

been consolidated or merged with other banks. A small number 

remained in the hands of conservators or supervisory authorities.

The Federal Deposit Insurance Corporation is authorized to purchase assets of and enabled to make loans to closed banks members 

of the Federal Reserve System, but the Corporation has received 

no application under this provision of the law. The Reconstruction 

Finance Corporation is empowered to make loans to receivers and 

has aided the release of deposits of closed banks. The Federal 

Deposit Insurance Corporation has not undertaken to establish 

duplicate machinery.

1 This figure does not include State banks in Kentucky and Oregon, for which data are 

incomplete.

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PART THREE

RESEARCH REPORTS

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LOSSES TO DEPOSITORS IN SUSPENDED COMMERCIAL

BANKS, 1865-1934

The results of a survey of losses to bank depositors during the 

70 years from January 1, 1865, to December 31, 1934, are given 

in Table 27. This survey was undertaken to provide a basis for 

estimating the rate of assessment upon the deposits of active 

commercial banks that would have been necessary to cover losses 

to depositors during that period.1

Deposits in suspended banks. During the 70 years, 1865-1934, 

more than 20,000 commercial banks, with deposits of about 11 

billion dollars, suspended operations because of financial difficulties or inability to meet the demands of their depositors.2 About 

one-third of the deposits were in suspended national banks, and 

about two-thirds in suspended State and private banks. Approximately 30 percent of the total deposits in suspended banks were 

in banks which were reopened, including some, banks taken over 

by other banks, while the remaining 70 percent were in banks 

liquidated by receivers or other liquidating agents.

Of the total deposits in suspended banks during the 70 year 

period more than seven billion dollars are estimated to have been 

unsecured deposits not exceeding $5,000 in amount for any one 

depositor in a single bank, that is, unsecured deposits which would 

have been insurable had the present plan of insurance been in 

operation.

Losses to depositors. Losses to depositors in these banks are 

estimated at about three and one-half billion dollars, over and 

above all recoveries. About one-third of the loss was incurred in 

national banks which suspended and about two-thirds in State 

and private banks. - About three-fourths of the losses were suffered by depositors with balances not exceeding $5,000. The 

losses were highly concentrated in certain years, nearly 80 percent of the total having occurred during 14 years.

Relation of losses to deposits in active banks. For the entire 

70-year period the losses to depositors amounted on the average 

to one-third of one percent per year of total deposits in active 

commercial banks. The loss to depositors with balances not in 

excess of $5,000, including the first $5,000 of larger accounts,

1 The estimates presented here are revisions of those given by the Chairman of the Board 

of Directors of the Federal Deposit Insurance Corporation in his testimony to the Congressional committees on banking and currency. (74th Congress, House, Hearings before the 

Committee on Banking and Currency, Banking Act of 1935, pp. 3-9 ; and 74th Congress,

Senate, Hearings before a Subcommittee of the Committee on Banking and Currency, Banking

Act of 1935, pp. 25-27.)

2 The term “ commercial banks” is used in this study to include national banks, State (commercial) banks, loan and trust companies, stock savings banks, and private banks. Mutual 

savings banks are excluded.

73

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

amounted to approximately one-fourth of one percent per year 

of deposits in active commercial banks.

Because of the high concentration of losses in certain years 

the average annual rate for the entire period is considerably 

higher than the rate for most of the years which are included. 

Excluding the 14 years in which losses were the heaviest the 

average annual rate of loss amounted to about one-twelfth of 

one percent per year of deposits in active banks, while the loss to 

depositors with balances not in excess of $5,000 amounted approximately to one-fourteenth of one percent per year of deposits in 

active banks.

It may be pointed out that the volume of deposits has grown 

rapidly throughout most of the 70 years included in this study, 

and that for this reason the totals for the entire period are influenced to a much greater extent by the losses in recent years 

than by those during the early years of the period. The data are 

more fragmentary and less reliable for the earlier than for the 

later years, but even though there may be substantial errors in 

the data for the earlier years, such errors make very little difference in the totals for the entire period.

The foregoing rates of loss do not indicate the exact amount 

of assessment upon active commercial banks which would have 

been required to pay all losses to depositors. No allowance has 

been made for the expense of administering an insurance fund, 

or for income from investments, in case a reserve fund were accumulated during the years when losses were low, or interest on 

indebtedness, if borrowing were necessary to pay insured depositors at times when losses were the greatest.

Following Table 27, which summarizes the losses to depositors, 

is a description of the method by which the estimates were obtained. Tables giving the detailed statistical material forming 

the basis of the estimates will be found on pages 91-110.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 75

Table 27. D e p o s it s a n d L o s s e s t o D e p o s it o r s i n S u s p e n d e d C o m m e r c ia l

B a n k s , 1865-1934

All 

deposits 

(in millions 

of dollars)

Unsecured 

insurable 

deposits 

(in millions 

of dollars)

Estimated am ount of deposits in suspended banks

All suspended banks, 1865-1934....................................................................... 10,518

3,521

6,997

6,953

3,565

8,058

2,460

6,991

2,159

4,832

4,727

2,264

5,091

1,900

National banks...........................................................................................................

State and private banks............................................................................................

Banks which did not reopen.....................................................................................

Banks which reopened...............................................................................................

Banks suspending during 14 critical years..............................................................

Banks suspending during remaining 56 years.........................................................

Estimated losses to depositors

All suspended banks, 1865-1934............................................................................... 3,411

1,130

2,281

2,606

805

2,563

National banks........................................................................................................... 743

State and private banks............................................................................................ 1,820

1,997

566

Banks which did not reopen.....................................................................................

Banks which reopened...............................................................................................

Banks suspending during 14 critical years.............................................................. 2,690

721

1,932

631Banks suspending during remaining 56 years.........................................................

Estimated average loss per year for each $100 of deposits in active banks (Dollars) (Dollars)

All suspended banks, 1865-1934............................................................................... 0.32 0.24

National banks........................................................................................................... .23 .15

State and private banks............................................................................................ .41 .33

Banks which did not reopen.................................................................................... .25 .19

Banks which reopened............................................................................................... .08 .05

Banks suspending during 14 critical years ............................................................ 1.43 1.03

Banks suspending during remaining 56 years......................................................... .08 .07

METHOD OF ESTIMATING LOSSES TO DEPOSITORS IN SUSPENDED

COMMERCIAL BANKS

DEPOSITS IN SUSPENDED BANKS, 1865-1934

“ Suspended banks,” as used in this investigation, includes all banks which

have suspended operations on account of financial difficulties or inability

to meet the demands of their depositors. Regular reports covering the number and deposits of suspended banks have been collected and published only

in recent years. For most of the 70-year period covered by this study reliance must be placed upon data derived from incomplete records and special

investigations. Since some of these records and investigations relate to

“failures” rather than to “suspensions,” data are less adequate for banks

which suspended operations for a period of time and later resumed business than for banks which passed into receivership and were liquidated.1

National banks suspending, 1865-1920. The Report of the Comptroller

of the Currency for 1931 contains a table showing for each national bank

1 The terms “ bank failures” and “ bank suspensions” are variously defined. In general, however, 

the former term is limited to banks which were placed in the hands of receivers and liquidated, 

-while the latter includes also* banks which were restored to solvency and resumed operations. Banks which after suspending operations were taken over by other banks are included 

in “ suspensions” and sometimes also in “ failures.” Banks going into voluntary liquidation 

while in a solvent condition are not included in either term.

In this study the term “ failures” is used when specific reference is made to data so 

labelled in the investigations or records from which they are derived. The term “ suspensions” is used when specific reference is made to data so labelled in the original records or 

investigations, and is also used in general references to the banks included in the study.

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76 FEDERAL DEPOSIT INSURANCE CORPORATION

placed in receivership since the beginning of the system, various data relating

to deposits, claims, collections and dividends. Losses to depositors are not

included, but the data given provide the basis for estimating losses. However, numerous adjustments in the figures must be made.

The first adjustment is the separation of banks which closed and did not

reopen from those which later reopened or were taken over by another bank.

This is necessary because the losses to depositors are relatively smaller in

banks taken over or reopened than in banks liquidated; because the losses for

the two classes of banks cannot be estimated in the same way; and because

less information is available for the banks taken over or reopened than for

those liquidated. Furthermore, the banks placed in receivership and later

taken over or reopened do not comprise all of the national banks which

have suspended and have later resumed operations. Banks for which receivers were appointed but which were restored to solvency within the report

year, and banks which were placed in charge of national examiners and later

reopened without the appointment of receivers, are not included in the summary tables. For these banks it is necessary to consult the various yearly

reports of the Comptroller of the Currency.

Deposits at time of failure are available for national banks placed in

receivership, and not taken over or reopened, for the period since 1880, but

not for the years 1865-1880. For the banks suspending during these 16

years deposits have been estimated from the amount of claims proved. For

national banks which suspended during the period 1881-99 and did not reopen,

the amount of claims proved is practically identical with deposits at date of

failure.

Deposits at time of suspension are rarely available for banks placed in

the hands of receivers and later restored to solvency, or for banks the assets

of which were sold under order of court and for which receivers were

appointed for the purpose of collecting stock assessments. Nor are they

available for the banks restored to solvency within the report year and not

included in the tables showing national banks placed in receivership, nor

for banks placed under the charge of national examiners and restored to

solvency without the appointment of receivers.

Thus for practically all of the national banks suspending during the years

1865-1920 which reopened or were taken over, the deposits used in the

analysis refer to some date prior to suspension. The degree to which such

figures exceed deposits at date of suspension is unknown. For 172 of these

banks which reopened during the period figures are available from the reports

of the Comptroller of the Currency for deposits both before and after reopening. The deposits as given in the first report published after reopening

amounted only to 52 percent of the deposits at the date of the last statement

prior to suspension published in the reports of the Comptroller of the Currency. It is impossible to determine how much of this difference represented

the decline in deposits prior to suspension and how much the shifting of

deposits to other banks after reopening or the waiving of deposits after

suspension but prior to reopening. In the absence of further information

it has been assumed that deposits at date of suspension amounted only to

half of the deposits at the last report published by the Comptroller of the

Currency.

State and private banks suspending, 1865-99. During the first half of

the nineteenth century a large proportion of the States established bank

supervisory authorities, or at least required occasional reports from banking

establishments. With the inauguration ot the national banking system,

however, it was assumed that the need for State supervision had largely

disappeared, and for many years thereafter very little information about

banking operations was collected in most of the States. This is particularly

true of bank suspensions.

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The most comprehensive collection of information regarding failures of

banks other than national during the latter half of the nineteenth century

was made by the Comptroller of the Currency in 1896. Each of the national

bank examiners was requested to collect information regarding all insolvent

banks other than national which had suspended in his district subsequent to

February 25. 1863, the date when the original national banking act went

into effect. The Comptroller's comments on the accuracy of this survey are

as follow s:

“ It will be observed that some States have suffered from failures to an

extent greater than others, but this is partially explained by the fact that

some of the examiners had better opportunities and showed greater diligence

than others, and, in addition to this, the information in certain sections was

more readily obtainable, and in others the difficulties encountered were almost

insurmountable. In some cases it was impossible, for various reasons, to

get all of the desired information, or even to get the exact number of failures during the period covered by this investigation, and those States, necessarily, show fewer failures than have actually taken place.” 1

Examination of the figures presented in this report has led to the conclusion that savings banks, at least mutuals, are not included in the figures.

No distinction is made between private banks and incorporated or chartered

banks. Figures are given for liabilities rather than deposits, and there is

no statement showing how many banks are included in the number of failures for which liabilities are not given. It is impossible to make any allowance for the cases where liabilities are not reported, and only a crude allowance can be made for the difference between liabilities and deposits.

Beginning with data for 1891, the Comptroller of the Currency obtained

annual reports from Bradstreets of the number and liabilities of failed

banks other than national, including savings banks and some mortgage and

investment companies. For the most part these reports refer either to years

ending August 31 or June 30, in contrast to the reports for calendar years

in the 1896 inquiry. For this reason, the two sets of figures are not strictly

comparable for the few years that are covered by both series. For the

years 1891-93, however, Bradstreets’ figures for both number and liabilities

of failed banks are much larger than the Comptroller’s figures, thus including many cases not included in the Comptroller's inquiry. This difference

may possibly be taken as evidence of underreporting in the Comptroller’s

inquiry. It is believed, however, that the difference reflects chiefly the exclusion from the Comptroller’s inquiry of banks which reopened and which were

included in Bradstreets’ reports. It is known that many national banks were

closed in 1893 and reopened a few months later, and the reports from Bradstreets include a table of reopenings of banks other than national during

the first eight months of that year. It is probable that many banks suspending during 1890, 1891 and 1892 also reopened, and were therefore not

recorded as failures in the inquiry of 1896.

In utilizing Bradstreets’ reports of suspended banks other than national,

mutual savings banks and mortgage and investment companies have been

eliminated as far as possible. Commercial banks reported by Bradstreets

as suspending during the three years ending August 1, 1897, 1898 and 1899,

have been assigned to the category of banks which suspended and did not

reopen. For the years 1891-96, the amounts of liabilities reported by Bradstreets in excess of those reported by the Comptroller of the Currency in

the inquiry of 1896 have been assigned to the category of banks which suspended and later reopened. No other data are available with respect to banks

other than national which suspended and later reopened during the period

1865-99.

For the entire period 1865-99 the liabilities of suspended banks other than

national, as reported in the inquiry of 1896 and by Bradstreets, have been

1 Repo-rl of the Comptroller of the Currency, 1896, pp. 53-54.

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

reduced by 10 percent in order to obtain an estimate of deposits at date of

suspension. For a group of State banks which suspended during 1900-20

deposits at date of suspension were 92 percent of deposits plus borrowings.

A slight additional allowance should also be made for miscellaneous liabilities.

State and private banks suspending, 1900-20. The most complete source

of information with respect to State banks suspending during the period

1900-20 is the Banking Inquiry of 1925. This inquiry, conducted by H. Parker

Willis with a staff of investigators, has not been published, but one copy

was placed in the library of Columbia University and another filed with the

United States Senate Committee on Banking and Currency. The suspension figures in the Banking Inquiry of 1925 relate to various periods, in

some States going back to 1900. For one State they are entirely lacking.

Resources at time of failure are given for nearly all of the banks listed

among the suspensions, while deposits are given for about one-fourth of

them. In the case of 736 banks for which both figures are given the deposits

amounted to 68 percent of total resources. In the case of 190 of the banks,

deposits amounted to 92 percent of deposits plus borrowings.

The data provided by the Banking Inquiry o f 1925 are believed to be mare

complete and reliable than those furnished by Bradstreets’ reports to the

Comptroller of the Currency. Figures from the Banking Inquiry o f 1925

have therefore been used for the States and years for which they are available and data from Bradstreets’ reports used for the remaining years and

States. We have assumed that deposits amounted to 68 percent of resources,

in the case of banks for which resources were taken from the Banking

Inquiry o f 1925, and 90 percent of liabilities, in the case of banks for

which liabilities were taken from Bradstreets’ reports.

The Banking Inquiry of 1925 did not cover private banks, and the only

data relating to suspensions of private banks during the years 1900-20 are

those obtained from Bradstreets by the Comptroller of the Currency. As

in the case of State banks, it has been assumed that deposits amounted

to 90 percent of reported liabilities.

National, State and private banks suspending, 1921-1932. Deposits of

suspended banks are reported by the Federal Reserve Board for the period

since 1920. For 1921-30 these figures are based on data collected by the

Federal Reserve Committee on Branch, Group and Chain Banking; for

1931 to date on current reports received by the Division of Bank Operations of the Federal Reserve Board. The figures received currently are

presumed to be as of the date of suspension, though it is probable that in

some cases they are taken from the latest call or examination report. In

the case of those collected by the Committee on Branch, Group and Chain

Banking, the national bank figures are known to refer to the last call or

examination date prior to suspension, while the State bank figures may

refer either to the date of suspension or to the last call or examination date.

The Comptroller of the Currency reports the deposits at date of failure

for most of the national banks which have suspended and have not been

reopened. Since receivers are appointed for some banks which are not

reported by the Federal Reserve Board as suspensions, and the latter

reports some banks as having suspended for which receivers are not

appointed, the difference between the deposits reported by the two agencies

cannot be taken as a measure of the degree by which the figures in the

reports of the Federal Reserve Board overstate the amount of deposits at

date of suspension. Furthermore, it is understood that the “deposits at

date of failure” as reported by the Comptroller of the Currency do not

include deposits subsequently discovered by receivers. In order to obtain

as accurate a figure as possible of the actual deposits of suspended national

banks at date of suspension, the “deposits at date of failure” as reported

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LOSSES IN SUSPENDED COMMERCIAL BANKS 79

by the Comptroller of the Currency have been compared with those reported

on the schedules of the Federal Reserve Committee on Branch, Group and

Chain Banking- for an identical group of banks in each of the years from

1920 to 1930, inclusive. For the banks included in this comparison during

the entire period, the deposits reported by the Comptroller of the Currency

were 88.5 percent of those reported by the Committee. Since some allowance should also be made for deposits discovered subsequent to failure, 90

percent of those reported by the Federal Reserve Board have been taken

as an estimate of deposits of national banks suspending during these years.

For State and private banks suspending during this period the amounts

of deposits reported by the Federal Reserve Board have been used without

modification. There is reason to believe that for a substantial proportion

of these the deposits are taken from receivers’ reports, and are therefore

probably only slightly, if at all, overstated. The figures published in the

Annual Report of the Federal Reserve Board for 1933 have been adjusted

only by exclusion of mutual savings banks and the separation of private

banks from State banks in the figures for reopenings.

Deposits of banks suspending, 1933-34. The peculiar conditions under

which banks were closed during the banking holiday of 1933 and were reopened thereafter make it impossible to obtain estimates of deposits of

banks suspending during1 1933-34 which are fully comparable with those for

preceding years. In a sense it may be said that all the banks of the country

should be classed among suspended banks since all were closed during the

banking holiday on account of the unfavorable banking situation. However, those banks which were promptly licensed under the executive order

of the President and reopened at the close of the banking holiday may be

omitted from consideration. We have included among suspended banks

those national banks which had not been licensed by March 16, 1933, and

State banks which had not been licensed by April 12 of the same year.

Further difficulties were encountered in separating the suspended banks

which reopened from those which were not reopened. The data relating to

banks suspending since March 15, 1933, published by the Federal Reserve

Board, refer first to licensed banks which have suspended and second to

unlicensed banks placed in receivership or liquidation. Unlicensed banks

placed in receivership or liquidation have presumably not been in operation

since the banking holiday of 1933, and the latest figures for deposits available refer either to December 31, 1932, or, in the case of some of the national

banks, to the first reports of conservators. It is believed that such figures

do not differ greatly from deposits at date of suspension. They may, however, differ substantially from deposits at the time a bank was placed in

receivership or liquidation. This is due to the fact that many of the banks

were reorganized and in other cases a substantial portion of the assets were

purchased and a part of the liabilities assumed by other banks. Only such

assets as were not disposed of in this manner— chiefly assets which were

worthless or of doubtful value— were held by the bank when placed in receivership or liquidation, and the deposits of such banks had been correspondingly reduced.

In the case of the national banks the proportion of the deposits which

were taken over by another bank or released to depositors through reorganization or relicensing may be estimated from data given in the report

of the Comptroller of the Currency for 1934. In the case of State banks,

however, such information is not available and it is necessary to make estimates from fragmentary data.

Summary of deposits in banks suspending, 1865-1934. The amount of

deposits in banks suspending during the 70-year period, 1865-1934, as estimated according to the methods just described, is given in Table 28. The

figures are given separately for national and other commercial banks, and

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

are also given separately for banks which did not reopen, and those which

later reopened. References relate to the more detailed tables on pages 91-110.

Original sources are given in the footnotes to those tables.

Table 28. E stim ated D e p o sits in Suspended C om m ercial B an ks, 1865-1934

Period

Amount of 

deposits (in 

thousands 

of dollars)

Method of estimate Reference

A. National banks which did not reopen

1865-80 26,633 Assumed to be equal to claims proved...... ......................... Table 37

1881-1920 198,089 Deposits at date of failure as reported by the Comptroller of 

the Currency.

Tables 37 and 38

1921-30 448,022 90 percent of deposits of suspended banks, deducting deposits of banks reopened, as reported by the Federal 

Reserve Board.

Table 3&

1931-82 572,337 Deposits of suspended banks, deducting deposits of banks 

reopened, as reported by the Federal Reserve Board.

Table 39

1933-34

Total

766,028

2,011,109

Deposits of banks suspending from January 1 to March 15, 

1933; deposits of banks unlicensed on March 16, 1933, 

and later placed in receivership or liquidation without reorganization; and deposits of licensed banks suspending 

from March 16, 1933, to December 31, 1934.

B. National banks which reopened

Table 40

1865-1920 99,603 Half of deposits at last statement published by Comptroller 

of the Currency. 1

Tables 37 and

1921-30 32,371 90 percent of deposits of banks reopened, as reported by the 

Federal Reserve Board.

Table 39

1931-32 80,984 Deposits of banks reopened, as reported by the Federal 

Reserve Board.

Table 39

1933-34

Total

1,296,477

1,509,435

Deposits of banks not licensed on March 16, 1933, but 

licensed or reorganized by October 31, 1934.

C. State and private banks which did not reopen

Table 40

1865-96 198,567 90 percent of liabilities of failed banks reported by special 

investigation of the Comptroller of the Currency.

Table 37

1897-99 33,415 90 percent of liabilities of failed banks as reported by Bradstreets to the Comptroller of the Currency.

Table 37

1900-20

State

301,141 68 percent of resources of failed State banks, deducting resources of banks reopened, reported in Willis, Banking

Inquiry of 1925, plus 90 percent of liabilities of State 

banks reported by Bradstreets for States and years not 

covered by the Banking Inquiry of 1925.

Table 38

1900-20

Private

136,848 90 percent of liabilities of failed private banks reported by 

Bradstreets to the Comptroller of the Currency.

Table 38

1921-32

State

2,904,739 Deposits of suspended banks, deducting deposits of banks 

reopened, as reported by the Federal Reserve Board.

Table 39

1921-32

Private

95,051 Deposits of suspended banks, deducting deposits of banks 

reopened, as reported by the Federal Reserve Board.

Table 39

1933-34

Total

1865-90

1,272,401

4,942,162

Deposits of banks suspending from January 1 to March 15, 

1933; deposits of banks unlicensed on April 13, 1933, 

deducting estimated deposits of banks reopened; and 

deposits of licensed banks suspending from March 16, 

1933, to December 31,1934.

D. State and private banks which reopened

No data available....................................................................

Table 40

1891-96 79,863 90 percent of excess of liabilities of failed banks reported by 

Bradstreets in excess of those reported in the inquiry of 

the Comptroller of the Currency of 1896.

Table 37

1900-20

State

105,314 68 percent of resources of banks reported reopened by 

Willis, Banking Inquiry of 1925.

Table 3S

1921-32

State

668,633 Deposits of reopened banks as reported by the Federal Reserve Board.

Table 39

1921-32

Private

1,415 Deposits of reopened banks as reported by the Federal Reserve Board.

Table 89

1933-34

Total

1,200,000

2,055,225

Estimated on basis of available information concerning 

deposits in banks licensed between April 12, 1933, and j 

December 31,1934. !

i

Table

!

i

40

1 Includes some banks taken over by other banks.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 81

DEPOSITS NOT EXCEEDING $5,000 FOR ANY ONE DEPOSITOR

The insurance coverage by the Federal Deposit Insurance Corporation

under the law now in operation is limited to $5,000 for any one depositor.

To determine the rate of assessment which would have been necessary in

past years to cover the losses to bank depositors under this limitation it is

necessary to separate the losses to depositors having deposits of not more

than $5,000 from those having deposits exceeding this sum, including in the

accounts of those with deposits under $5,000 the first $5,000 in the accounts of

those with larger balances.

The information collected by the Federal Deposit Insurance Corporation

as of October 1, 1934, showed that the percentage of deposits eligible for

insurance is closely related to size of bank. To obtain an estimate of the

percentage of deposits in suspended banks which would have been insured

under the $5,000 limitation it is necessary to group the banks by size. When

it is not possible to classify the suspended banks according to the amount

of deposits, a classification according to the amount of loans and investments may be used.

In Table 29 are given the percentages of deposits in suspended banks, for

various periods, which would have been insured under the $5,000 limitation,

as estimated from banks grouped by size. The size groupings are based in

part upon deposits and in part upon loans and investments. For certain

periods estimates based upon both types of size groupings are available.

The amounts of deposits in commercial banks suspending from 1865 to 1934,

which it is estimated would have been insurable under the $5,000 limitation,

are given in Table 30. The estimates in Tables 29 and 30 are based upon

the assumption that for banks in each size group there has been no significant change during the past 70 years in the percentage of deposits in

accounts with balances not in excess of $5,000. It is necessary to make this

assumption because October 1, 1934, is the only date for which the deposits

of banks in the various size groups are classified according to the amounts

due the various depositors.

Table 29. E stim ated Per cen tag es of D eposits of Su spend ed C om m ercial

Ba n k s W h ic h W ould H ave B e e n In su r a b l e U nder t h e $5,000 L im it a t io n 1

Estimate based upon the amounts of

Class of bank and period Deposits in banks 

grouped by 

amount of 

deposits

Deposits in banks 

grouped by 

amount of loans 

and investments

Loans and investments of banks 

grouped by amount 

of loans and 

investments

National banks:

1881-1920................................................. 73.4

1921-29..................................................... 74.8 75.3

1930-31..................................................... 62.2 62.0

Jan. 1, 1932-March 15, 1933.................. 67.8 64.5 63.7

At close of Banking Holiday of 1933... 

Mar. 16, 1933-Dec. 31, 1934..................

56.7

60.5

State banks suspending:

1921-29..................................................... 79.2

1930-31..................................................... 64.4

Jan. 1, 1932-Mar. 15, 1933.................... 73.6 72.6 72.2

At close of Banking Holiday of 1933... 

Mar. 16, 1933-Dec. 31, 1934.

66.6

70.4

1 From Table 41, page 96.

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Table 30. E stim ated A m ounts o f D ep osits o f Suspended C om m ercial B anks

W h ic h W o u ld H ave B een In s u r a b le U n d e r t h e $5,000 L im ita tio n

(Deposits in thousands of dollars)

Total

deposits1

Percentage

insurable

under

$5,000

limitation2

Estimated 

amount of 

insurable 

deposits

All suspended banks 1865-1934:

National banks................................................................................... 3,520,544

6,997,387

10,517,931

2,206,977

5,033,770

Total,.......... .............................................................................. 7,240,747

National banks which did not reopen:

1865-1920........................................................................................... 224,722

295,985

152,037

414,454

231,066

675,483

17,362

2,011,109

73 164,047

230,868

98,824

1921-29............................................................................................... 78

1930. . ................................................................................................. 65

1931..................................................................................................... 65 269,395

157,125

385,025

10,591

January 1, 1932-March 15, 1933..................................................... 68

At close of Banking Holiday of 1933............................................... 57

March 16, 1933-December 31, 1934................................................ 61

Total........................................................................................... 1,315,875

National banks which reopened3

1865-1920........................................................................................... 99,603

31,006

1,365

24,717

56,267

1,296,477

73 72,710

1921-29............................................................................................... 78 24,185

1930..................................................................................................... 65 887

1931..................................................................................................... 65 16,066

38,262

738,992

January 1, 1932-March 15, 1933..................................................... 68

At close of Banking Holiday of 1933............................................... 57

March 16, 1933-December 31, 1934................................................

Total........................................................................................... 1,509,435 891,102

State and private banks which did not reopen:

1865-1920........................................................................................... 669,971

998,602

610,021

1,118,619

413,881

962,691

168,377

4,942,162

81 542,677

1921-29............................................................................................... 81 808,868

1930..................................................................................................... 67 408,714

1931..................................................................................................... 67 749,475

January 1, 1932-March 15, 1933..................................................... 74 306,272

At close of Banking Holiday of 1933............................................... 67 645,003

March 16, 1933-December 31, 1934................................................

Total...........................................................................................

70 117,864

3,578.873

State and private banks which reopened:

1865-1920........................................................................................... 185,177

261,487

56,629

132,442

219,490

1,200,000

81 149,993

211,804

37,941

88,736

1921-29............................................................................................... 81

1930..................................................................................................... 67

1931..................................................................................................... 67

January 1, 1932—March 15, 1933..................................................... 74 162,423

At close of Banking Holiday of 1933............................................... 67 804,000

March 16, 1933-December 31, 1934................................................

Total........................................................................................... 2,055,225 1,454,897

1 Table 28, page 80, and Tables 37-40, pages 91-94.

2 Based on Table 29.

3 Includes some banks taken over by other banks.

SECURED DEPOSITS

Deposits of public funds, trust funds awaiting investment and certain

other special classes of deposits are frequently secured by the specific pledge

of collateral owned by the bank. Such secured deposits in the case of suspended banks are usually repaid from the proceeds of sale of such collateral,

and are thus not included in the claims upon which receivers pay dividends.

The losses sustained by secured claimants are much smaller than those

sustained by other claimants, and are in fact of slight importance. In

estimating losses to depositors we have assumed such losses to be negligible.

It is necessary, however, to take account of the amount of secured deposits

in estimating the losses sustained by the unsecured depositors in suspended

banks. In the case of national banks prior to 1930 only deposits of the

United States Government and postal savings deposits have been classed

as secured deposits since the national banking act did not authorize the

pledging of assets as collateral for any other class of deposits.1 For the

1 An exception in the case of uninvested trust funds is unimportant.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 83

years 1931-34 other public funds are included in the estimate of secured

deposits.

For banks other than national, data relating to secured deposits are deficient. Figures of secured deposits in these banks are available only for

June 30, 1934. On that date secured deposits, including in New York State

preferred deposits which have a status essentially like that of secured

deposits in other States, amounted to 14 percent of total deposits. On

October 1, 1934, deposits of the United States Government, postal savings

deposits, other public funds, and uninvested trust funds, which together are

practically identical with secured deposits, amounted to 14 percent of all

deposits of insured commercial banks other than national banks. Data collected by the Federal Reserve Committee on Branch, Group and Chain Banking, indicate that the secured deposits of State banks which closed during

1921-30 and were completely liquidated by 1931 were not more than 14

percent of all deposits, and probably less than that amount, at date of

suspension.

On October 1, 1934, the insured portion of United States Government

deposits, public funds, postal savings deposits and uninvested trust funds,

constituted only 2.6 percent of all deposits which were insured on that date

in the case of national banks, and 4.2 percent in the case of other insured

commercial banks. It is assumed that these percentages indicate the proportion of insured deposits that were secured on that date. The striking

difference between the proportions of total and of insured deposits which

are secured is due to the fact that the bulk of public deposits are in accounts

with balances far in excess of $5,000.

Estimates of the amounts of secured deposits in suspended banks, based

on the foregoing data, are given in Table 31.

Table 31. Estimates of Secured D eposits H eld by Suspended Banks,

1865-1934

Class of bank and period

Amount of secured deposits 

(in thousands of dollars)

Method of estimate1

Banks which did 

not reopen

Banks which 

reopened

A. Total am ount of secured deposits

National banks

1865-1920..............................

1921-30.................................

1931-34.................................

T ota l............................

4,494

8,960

107,069

120,523

1,992

647

110,197

112,836

|2 percent of total deposits 

8 percent of total deposits.

State and private banks

1865-1920..............................

1921-30.................................

1931-34..................................

T ota l............................

93,796

225,207

372,900

691,903

25,925

44,536

217,270

287,731

14 percent of total deposits.

B. Secured deposits in accounts under $5,000

National banks

1865-1930.............................. Negligible Negligible See footnote 2.

1931-34.................................. 24,664 23,800 3 percent of deposits in acT otal............................. 24,664 23,800 counts under $5,000.

State and private banks

1865-1920.............................. 21,707 6,000 4 percent of deposits in ac1921-30.................................. 48,703

72,744

9,990 counts under $5,000.

1931-34.................................. 42,207

T ota l............................. 143,154 58,197

1 See Tables 30 and 42, pages 82 and 99.

3 The first $5,000 of United States Government and postal savings deposits would have amounted to 

a minor fraction of 1 percent of all deposits in accounts under $5,000.

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LOSSES TO UNSECURED DEPOSITORS

Information regarding the recoveries of depositors in suspended banks,

and losses sustained, is even less adequate than that regarding the volume

of deposits in suspended banks. This is due chiefly to two reasons: First,

the fact that receivers’ records are maintained with reference to claims,

and the claims of depositors are not segregated from the claims of other

creditors; and, second, the fact that State and private banks are liquidated

under the direction of a large number of independent authorities, so that

consolidated records are not available.

Losses in suspended national banks which did not reopen. National banks

which have suspended and have not been reopened are liquidated by receivers

appointed by the Comptroller of the Currency, and summaries of the results

of liquidation are published in the annual reports of the Comptroller. These

summaries provide information regarding the amount of deposits of each

closed bank at the time of appointment of a receiver and regarding the payments made on creditors* claims. Payments made on secured and preferred

claims are reported separately from payments on general claims. These

figures, while providing the information necessary for the settlement of

claims against closed banks, do not provide accurate information regarding

the payments made to depositors. The claims of secured and preferred

depositors, and payments thereon, cannot be segregated from the claims of

other banks from which the suspended bank has borrowed in the effort to

avoid closing or from other types of secured claims. Also, since about 1920

there is some confusion and duplication between secured and general claims.

Such a duplication occurs, for example, if the collateral posted to secure

money borrowed by a closed bank proves to be insufficient and the lender

files a general claim for the remainder of his loan. The amount of deposits

reported at the time of the closing of a bank or on the first receiver’s report

is frequently modified by the discovery of deposits which were not carried

on the books of the bank. Such additional deposits may be very large In the

case of banks closed because of defalcation.

Despite these inadequacies it is believed that the losses to depositors in

closed national banks, prior to 1921, can be estimated very closely from

the difference between the amount of claims proved and the amount of

dividends paid. It is believed reasonable to assume that secured claimants

were paid in full or at least that their losses were so slight that thejr may

be ignored. It is also believed that there was less confusion among secured,

preferred and general claims and payments thereon prior to 1920 than in

more recent years. This method of estimating losses was used by the

National Monetary Commission in 1909.1

The Federal Reserve Committee on Branch, Group and Chain Banking, in

its report on bank suspensions, assumed that the general claims against

closed national banks were wholly claims of unsecured depositors. It was

also believed that the offsets allowed were chiefly offsets against unsecured

deposits. The Committee, therefore, made estimates of the percentages of

claims realized by unsecured depositors, both inclusive and exclusive of

1 A. Piatt Andrew, Statistics for the United States, 1867-1909, publications of the National 

Monetary Commission, volume 21, pp. 40-41. It should perhaps be pointed out that the estimates of losses to depositors made by the National Monetary Commission were computed from 

the total claims proved and the dividends paid by all national banks which closed during a 

given year. Since in nearly every year some banks paid dividends on claims in excess of the 

amount of the claims, on account of interest, thi3 method of computation minimizes the actual 

loss to depositors. It is necessary to take the difference between claims proved and dividends 

paid for each bank separately, omitting those which paid 100 percent or more, instead of 

taking the difference between the yearly totals for the two items.

A slightly different method of computing losses to depositors was used by the Comptroller 

of the Currency in his report for 1917, pp. 66-67. In this computation dividends paid on 

general claims were taken to be dividends paid to depositors and the difference between, such 

dividends and aggregate deposits at date of suspension were considered to be the losses to all 

depositors. However, these computations were also made from yearly totals rather than for 

each bank separately and thus understated the losses to depositors.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 85

offsets. In the estimates presented here it has been assumed that losses to

secured depositors were negligible and that the losses to unsecured depositors

therefore constituted all of the losses to depositors. It has also been assumed

that all offsets were made against unsecured deposits. Since some offsets

may relate to claims of creditors other than depositors, or to secured

deposits, the estimated percentage of loss used in the tabulations for 1921-30

may be somewhat lower than the true figure.

Obviously the recoveries of depositors in banks, the liquidation of which

is not yet completed, cannot be definitely ascertained. Estimates of ultimate

recoveries and losses in these banks must be based upon previous experience,

or upon payments already made plus estimates of the recoverable value of

the assets of these banks still remaining in the hands of the receivers.

Inasmuch as estimates of the recoverable value of assets remaining to be

liquidated were not available to the Federal Deposit Insurance Corporation

the former method has been used in estimating losses to depositors in

national banks which closed during 1931-34. It has been assumed that such

losses in banks suspending during 1931-34 will amount to 40 percent of total

deposits. This is the estimated average rate of loss in the case of national

and State commercial banks suspending during 1921-30.

Losses in suspended State and private banks which did not reopen. In

the case of suspended State and private banks there are difficulties not only

on account of the character of the records kept by receivers or liquidating

agents but also on account of the numerous jurisdictions under which

receiverships are carried out. In some States failed banks are now liquidated

under the direction of the State banking supervisory authority or a special

State liquidating official. In other States, however, receivers are appointed

by local courts and no records are submitted to the State authorities. The

latter procedure was used in most of the States up to recent years.

Estimates of losses to depositors in commercial banks other than national

must be based upon the results of a few surveys. Four such surveys are

available: (1) for the period 1865-96, made by the Comptroller of the Currency in 1896 through national bank examiners; (2) for banks which had

failed during 1893-99, made by the Comptroller of the Currency in 1899;

(3) for State banks which failed during 1900-20, made by H. Parker Willis

in the Banking Inquiry of 1925; and (4) for banks which suspended during

1921-30 and had been completely liquidated by 1931, made by the Federal

Reserve Committee on Branch, Group and Chain Banking.

In the first two of these four surveys the information collected referred

to all claims or liabilities without segregation of depositors’ claims from

those of other creditors. In these cases, as has been noted, depositors’ claims

are assumed to have amounted to 90 percent of total liabilities.

Dividends paid on claims, as reported in these surveys, presumably do

not include offsets and are assumed to include negligible payments to

claimants other than depositors. In 101 State banks which suspended during

1900-20 offsets were reported at six percent of dividends paid, while in

national banks which suspended during 1865-99 offsets amounted to 19 percent of dividends paid. It is probable that offsets in the former group of

banks were not completely reported. In some States offsets are not permitted and for this reason the reported dividends paid in the case of State

banks are probably a larger proportion of the total recoveries than in the

case of national banks. It has been assumed that total recoveries by depositors in the case of banks other than national included in the 1896 and 1899

inquiries of the Comptroller of the Currency, exceeded reported dividends

by 10 percent, and amounted to 65 and 69 percent, respectively.

In the Banking Inquiry o f 1925 and in the study of the Federal Reserve

Committee on Branch, Group and Chain Banking, attempts were made to

segregate deposits from other claims. The Federal Reserve Committee

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

reported that the data for State banks were even less satisfactory than for

national banks. Records were fragmentary and difficulties regarding the

statutory priority of claims, and also differences in the methods of liquidation, made accurate analysis virtually impossible. But though the claims of

other creditors are not entirely segregated, the percentages of estimated

recoveries to depositors are probably approximately accurate. The estimated

recoveries amount to 75 percent of deposits in the case of 190 State banks

which failed during 1900-20; and to 58 percent of unsecured deposits in 988

State banks which failed during 1921-30. It was assumed that losses on

secured deposits, in the latter group of banks, were negligible.

For State banks which closed during the years 1931-34- it has been

assumed that the percentage loss was about the same as in the preceding

ten years, or 40 percent of total deposits.

Losses for national and State banks in suspended banks which were

reopened. The foregoing discussion refers to banks which suspended and did

not reopen. In the case of banks which suspended but later reopened or were

taken over by another bank there is practically no information regarding

losses except during the period 1921-30 for both State and national banks.

The data collected by the Federal Reserve Committee on Branch, Group and

Chain Banking indicate that the losses to depositors in national banks which

closed during 1921-30 and later reopened or were taken over amounted to nine

percent. For State banks which suspended and were reopened or taken over

by another bank during the same period, the loss to depositors was about 12

percent.

To estimate the losses of depositors in banks which failed to reopen

promptly after the banking holiday of 1933, but were later licensed or

reorganized, is unusually difficult. In the case of national banks which were

not licensed on March 16, 1933, but were later licensed or reorganized, the

deposits released through reorganization amounted to approximately 73 percent of the deposits at the beginning of the holiday. The remaining deposits

presumably became claims against the banks placed in receivership or

liquidation after reorganization, or were waived by the depositors. In estimating the losses during this period we have assumed that the ultimate

recovery on the deposits not released by reorganization will be negligible.

On this assumption losses will amount to about 25 percent of total deposits

at the time of suspension.

Summary of losses to depositors, 1865-1934. The various surveys of losses

by creditors Of completely liquidated banks are summarized in Table 32.

Estimates of the amounts of losses to depositors in all suspended banks

during the period 1865-1934 are given in Table 33,

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Table 32. L osses to Depositors in L iq uidated I n so l v e n t Ba n k s

LOSSES IN SUSPENDED COMMERCIAL BANKS 87

Class of bank

Banks which did not reopen

National...................................................

National...................................................

Commercial banks other than national. 

Commercial banks other than national. 

State commercial banks and trust companies ...................................................

State commercial banks and trust companies ...................................................

Banks which reopened

National banks.......................................

State commercial banks and trust companies ...................................................

Period 

during 

which 

banks were 

closed

1865-1920

1921-30

1865-1890

1893-99

1900-20

1921-30

1921-30

1921-30

. Total 

number 

of susuen539

830

568

714

1,039

4,840

154

1,183

Number 

for which 

losses are 

estimated2

537

267

553

283

190

988

154

1,183

Losses to depositors3 

(percent of deposits)

All

depositors

35

31

25

9

12

Unsecured

depositors

20

44

1 Tables 37-40, pages 91-94.

3 Table 43, page 100.

DEPOSITS IN ACTIVE BANKS, 1865-1934

In order to estimate the rate of assessment upon active banks which would

have been necessary to have covered the losses to depositors since 1865 it

is necessary to have fairly reliable estimates of the amount of deposits in

active banks. For national banks complete figures for from three to five

dates each year are available in the Reports of the Comptroller of the

Currency.

The Comptroller of the Currency has also collected since 1873 statistics

relating to banks other than national. During the first few years after

these reports began to be collected they were received from only a comparatively small number of banks. The coverage was gradually increased

until all State chartered institutions and a substantial proportion of the

private banks were included. It is estimated that in recent years about 98

percent of the deposits of all commercial banks other than national were

covered by the figures published by the Comptroller of the Currency. The

Banking Act of 1933 made it necessary for all private banks receiving

deposits to report, so that for June 1934 practically complete figures for

all banks are available.

During the period 1863-83 the Federal Government levied a tax upon

bank deposits. For several of these years the amounts of deposits reported

by the banks were published by the Commissioner of Internal Revenue and

by the Comptroller of the Currency. For the remaining years during which

the tax was levied the amount of deposits may be estimated approximately

from tax receipts. In 1898 a special tax was levied upon the capital and

surplus of all banks of the country and was continued until 1902. The

reports obtained by the Commissioner of Internal Revenue in respect to the

amount of capital and surplus of banks may be used in conjunction with

the ratios of deposits to capital and surplus in the case of banks covered by

reports of the Comptroller of the Currency to estimate the total deposits of

all banks other than national during the years 1900-02.

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Table 33. E s t im a t e d A m o u n ts o f L o s s t o D e p o s it o r s in S u sp e n d e d C o m m e r c ia l B a n k s , 1865-1934 oo

(Amounts in thousands of dollars)

Class of bank and period

Deposits in suspended banks Losses to unsecured depositors

Methods of estimating total 

losses to depositors5 Total1 Total

unsecured2

Unsecured 

insurable 

under the 

$5,000 

limitation2

Total3

On deposits 

insurable 

under the 

$5,000 

limitation4

All suspended banks, 1865-1934

National banks.......................................

State and private banks...............................................

Total...............................

National banks which did not reopen

1865-1920...............

1921-1930.............

1931-1934...................

Total......................................... ..........

National banks which reopened7

1865-1920...................................

1921-1930.....................

1931-1934........................................................................

Total.....................................................................

State and private banks which did not reopen

1865-1920........................................................................

1921-1930........................................................................

1931-1934........................................................................

Total.......................................................................

State and private banks which reopened

1891-1920.................................. ................

1921-1930...............

1931-1934........................................................................

Total. .....................................................................

3,520,544

6,997,387

10,517,931

3,287,185

6,017,753

9,304,938

2,158,513

4,832,419

6,990,932

1,129,719

2,281,310

3,411,029

743,359

1,819,578

2,562,937

20 percent of total deposits 

44 percent of unsecured deposits 

40 percent of total deposits6

9 percent of total deposits 

9 percent of total deposits 

25 percent of total deposits

35 to 25 percent of total deposits8 

42 percent of unsecured deposits 

40 percent of total deposits6

12 percent of total deposits 

12 percent of total deposits 

25 percent of total deposits

224,722

448,022

1,338,365

2,011,109

220,228

439,062

1,231,296

1,890,586

164,047

329,692

797,472

1,291,211

44,944

193,187

535,346

773,477

33,479

145,064

346,728

525,271

99,603

32,371

1,377,461

1,509,435

97,611

31,724

1,267,264

1,396,599

72,710

25,072

769,520

867,302

8,964

2,913

344,365

356,242

6,677

2,302

209,109

218,088

669,971

1,608,623

2,663,568

4,942,162

576,175

1,383,416

2,290,668

4,250,259

520,970

1,168,879

1,745,870

3,435,719

186,470

581,035

1,065,427

1,832,932

168,604

490,928

812,036

1,471,568

185,177

318,116

1,551,932

2,055,225

159,252

273,580

1,334,662

1,767,494

143,993

239,755

1,012,952

1,396,700

22,221

38,174

387,983

448,378

20,092

33,454

294,464

348,010

1 Table 30.

2 Tables 30 and 31.

3 It is assumed that secured depositors suffered negligible losses. Total losses have therefore been attributed to unsecured depositors.

4 Comnut.ed according to nronortion of total unsecured denosits insurable under the $5,000 limitation.

5 See fable 32.

6 Assumed to be approximately the same as in all commercial banks during the period 1921-30.

7 Includes some banks taken over by other banks.

8 35 percent of total deposits, 1865-90; 31 percent, 1891-99; 25 percent, 1900-20.

FEDERAL DEPOSIT INSURANCE CORPORATION

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LOSSES IN SUSPENDED COMMERCIAL BANKS 89

Estimates of deposits in commercial banks other than national for the

periods from 1883 to 1900 and from 1902 to 1934 have been made by stepping up the amounts of deposits of banks other than national reported by

the Comptroller of the Currency on the basis of the percentages of coverage

of such reports during the years 1873-83, 1900-02 and 1934.

The yearly average deposits of national banks and the estimated average

yearly deposits of commercial banks other than national are shown in

Table 34.

Table 34. D e p o s it s o f A c t i v e C o m m e r c ia l B a n k s , 1865-1934

(In millions of dollars)

A. National banks:

Year

Average of 

deposits 

reported 

on call 

dates1

Year

Average of 

deposits 

reported 

on call 

dates1

Year

Average of 

deposits 

reported 

on call 

dates1

Year

Average of 

deposits 

reported 

on call 

dates1

1864 96

1865 512 1885 1,381 1905 5,431 1925 20,076

1866 694 1886 1,477 1906 5,798 1926 20,561

1867 682 1887 1,619 1907 6,016 1927 21,959

1868 707 1888 1,723 1908 6,373 1928 23,068

1869 686 1889 1,889 1909 6,983 1929 22,287

1870 674 1890 1,954 1910 7,227 1930 22,566

1871 777 1891 2,008 1911 7,542 1931 21,042

1872 782 1892 2,297 1912 8,077 1932 17,887

1873 798 1893 2,039 1913 8,205 1933 17,140

1874 842 1894 2,215 1914 8,355 1934 20,305

1875 860 1895 2,221 1915 9,349

1876 824 1896 2,120 1916 11,487

1877 814 1897 2,419 1917 13,548

1878 806 1898 2,840 1918 14,534

1879 989 1899 3,390 1919 16,524

1880 1,130 1900 3,614 1920 16,839

1881 1,332 1901 4,200 1921 15,022

1882 1,345 1902 4,463 1922 16,299

1883 1,345 1903 4,543 1923 17,201

1884 1,287 1904 4,977 1924 18,764

B. Commercial banks other than national:

Year

Estimated

average

deposits2

Year

Estimated

average

deposits2

Year

Estimated

average

deposits2

Year

Estimated

average

deposits2

1864-65 393

1865-66 165 1885-86 918 1905-06 6,638 1925-26 26,141

1866-67 230 1886-87 1,057 1906-07 7,148 1926-27 26,887

1867-68 298 1887-88 1,311 1907-08 7,160 1927-28 27,532

1868-69 361 1888-89 1,446 1908-09 7,340 1928-29 27,749

1869-70 495 1889-90 1,644 1909-10 8,021 1929-30 27,883

1870-71 543 1890-91 1,759 1910-11 8,503 1930-31 26,517

1871-72 525 1891-92 1,916 1911-12 9,083 1931-32 21,686

1872-73 436 1892-93 2,068 1912-13 9,436 1932-33 17,986

1873-74 413 1893-94 2,031 1913-14 9,836 1933-34 17,519

1874-75 494 1894-95 2,088 1914-15 10,340

1875-76 483 1895-96 2,191 1915-16 11,625

1876-77 476 1896-97 2,193 1916-17 13,755

1877-78 483 1897-98 2,372 1917-18 15,204

1878-79 408 1898-99 2,859 1918-19 17,126

1879-80 469 1899-1900 3,353 1919-20 19,818

1880-81 597 1900-01 3,962 1920-21 20,150

1881-82 746 1901-02 4,549 1921-22 19,774

1882-83 780 1902-03 4,966 1922-23 21,239

1883-84 857 1903-04 5,333 1923-24 22,949

1884-85 889 1904-05 5,962 *1924-25 24,742

1 Tabulated from reports of the Comptroller of the Currency. See Table 49, page 107.

2 Tables 45 and 48, pages 103 and 106.

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90 FEDERAL DEPOSIT INSURANCE CORPORATION

RELATION OF DEPOSITORS’ LOSSES TO DEPOSITS IN ACTIVE BANKS

The relation of the losses borne by depositors of closed banks to the average yearly deposits in active banks is given in Table 35. This relation is

expressed as the average loss per year for each $100 of deposits in active

banks. This is the average annual rate of assessment upon the deposits of

active banks which would have been necessary to meet the losses suffered

by depositors, no allowance being made for the expense of administering an

insurance fund or for interest received from investments, in case a reserve

fund were accumulated, or for interest paid on borrowed money, in case

borrowing to pay depositors’ claims became necessary.

Table 35. R e l a t i o n o f D e p o s i t o r s ’ L o s s e s in S u s p e n d e d C o m m e r c ia l B a n k s 

t o D e p o s it s in A c t i v e B a n k s , 1865-1934

Class of bank and period

Losses to unsecured 

depositors1 

(thousands of dollars) Sum of 

yearly 

deposits 

in active 

banks2 

(millions 

of

dollars)

Average loss per 

year per each $100 

of deposits in active 

banks

Total

On 

deposits 

insurable 

under the 

> $5,000 

limitation

Total

On 

deposits 

insurable 

under the 

$5,000 

limitation

All suspended banks, 1865-1934...................... 3,4H,029 2,562,937 1,052,046 .324 .244

National banks.................................................. 1,129,719 743,359 497,740 .227 .149

State and private banks................................... 2,281,310 1,819,578 554,306 .412 .328

National banks

Banks which did not reopen............................ 773,477 525,271 497,740 .155 .106

Banks which reopened...................................... 356,242 218,088 497,740 .072 .044

State and private banks

Banks which did not reopen............................. 1,832,932 1,471,568 554,306 .331 .265

Banks which reopenpd...................................... 448,378 348,010 554,306 .081 .063

1 From Table 33.

2 From Table 34.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 91

LOSSES TO DEPOSITORS IN CRITICAL YEARS

Inspection of the annual data relating to deposits in suspended banks

shows that losses to depositors have varied greatly from year to year, and

that the major part of the losses have been concentrated in a small number

of years. Estimates have accordingly been made of the losses to depositors

in those years in which the deposits of banks which suspended, adjusted for

the deposits of those which reopened, amounted to one-half of one percent

or more of the deposits of active banks. The years selected on this basis

include five years in the 1870's, one year in the 1880’s, four years in the

1890's and four years in the 1930’s. The years 1907 and 1908 are not included

because of the large proportion of reopenings among the banks which suspended. The estimates for the 14 years in which losses were the heaviest,

and for the remaining years, have been made by the same methods as those

for the entire period, and are given in Table 36.

Table 36. L o s s e s t o D e p o s i t o r s in B a n k s S u s p e n d in g D u r in g C r i t i c a l Y e a r s

(Amounts of deposits and losses in thousands of dollars)

All unsecured deposits Unsecured insurable deposits

Entire

70-year

period1

14

critical

years2

Remaining 56 

years

Entire

70-year

period1

14

critical

years3

Remaining 56 

years

Estimated deposits in suspended 

banks

State and private banks.................

T ota l........................................

Estimated losses to depositors

National banks................................

State and private banks.................

T otal........................................

Estimated average loss per year 

per $100 of deposits in active

banks

National banks................................

State and private banks................

T otal........................................

6,997,387

10,517,931

2,987,643

5,070,220

8,057,863

532,901

1,927,167

2,460,068

2,158,513

4,832,419

6,990,932

1,753,152

3,337,748

5,090,900

405,361

1,494,671

1,900,032

1,129,719

2,281,310

3,411,029

965,094

1,724,693

2,689,787

164,625

556,617

721,242

743,359

1,819,578

2,562,937

614,078

1,318,113

1,932,191

129,281

501,465

630,746

.227

.412

.324

1.042

1.808

1.431

.041

.121

.083

.149

.328

.244

.663

1.382

1.028

.032

.109

.073

1 From Tables 33 and 35.

- Computed by method used in Tables 33 and 33.

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BASIC DATA FOR ESTIMATING LOSSES

Table 37. N u m b e r a n d D e p o s it s ( o r L i a b i l i t i e s ) o f S u s p e n d e d C o m m e r c ia l

B a n k s , 1865-1899

(Amounts in thousands of dollars)

92 FEDERAL DEPOSIT INSURANCE CORPORATION

Year

1865.

1866.

1867.

1868.

1869.

1870.

1871.

1872.

1873.

1874.

1875.

1876.

1877.

1878.

1879.

1880.

1881

1882

1883

1884

1885

1886

1887

1888

1889

1890

1891

1892

1893

1894

1895

1896

1897

1898

1899

National banks which did not 

reopen1

Number

4

4

11

3

3 

8

11

10

4

1

2

2

12

7

5

10

25

12

58

23

32

33 

27

9

7

Claims

proved

122

1,104

3,357

308

240

2,464

521

6,704

333

2,411

1,357

4.962 

1,632

339

779

Deposits 

at date of 

failure4

2,884

3,532

584

7,069

3,292

811

5,670

2,851

764

940

15,997

983

15,814

2.962

5,771

21,024

5,366

3,272

5,631

Amount 

of losses

51

837

902

88

47

419

114

1,930

149

1,848

355

405

511

27

57

865

1,337

158

1,526

892

136

1,949

726

250

145

5,824

217

5,305

2,379

1,602

4,035

1,254

308

117

National banks 

reopened2

Number

4

3

1

102

Deposits 

at last 

published 

report

167

940

231

912

5,205

59

59,796

5,077

1,055

6,178

812

State and private 

banks which did not 

reopen3

Number Liabilities

5 226

5 890

3 139

7 149

6 362

1 50

7 2,654

10 3,059

33 6,939

40 4,563

14 12,365

37 9,206

63 15,224

70 27,270

20 5,253

10 1,312

9 1,786

19 2,608

27 3,194

54 15,508

32 4,883

13 1,141

19 3,075

17 3,342

15 2,147

30 11,386

44 6,365

27 3,228

261 46,767

71 7,218

115 9,011

78 7,514

114 21,240

52 6,265

23 9,623

1 Report of the Comptroller of the Currency, 1931, pp. 312-53. Includes banks for which receivers have 

been appointed, except banks restored to solvency, banks for which receivers were appointed solely to 

collect stock assessments, and banks formerly in voluntary liquidation (one such bank which did not pay 

creditors in full is included). Amount of losses computed by deducting dividends from proved claims, 

excluding banks which paid claims in full. Claims proved and losses not given for one bank which failed 

between October 1, 1866, and October 1, 1867 (listed in the Report of the Comptroller of the Currency, 1867,

p. iv, but not in the 1931 Report), or for one bank failing in 1892 for which claims proved and dividends 

paid are unavailable.

2 From annual reports of the Comptroller of the Currency. Includes banks for which receivers were 

appointed but which were restored to solvency, banks for which receivers were appointed solely to collect 

stock assessments, and banks which were suspended and were restored to solvency without the appointment of receivers. Figures for deposits relate to last statement published in the annual reports of the 

Comptroller of the Currency. Deposits are not given for the following number of banks: 1878, 1 bank; 

1884, 1 bank; 1893, 2 banks. Deposits at date of last statement published in the reports of the Comptroller of the Currency are frequently considerably larger than at date of suspension.

3 Except for years 1897-99, from Report of the Comptroller of the Currency, 1896, p. 53. Figures for 

1896 cover only 9 months to October 1. In addition to the suspensions listed by years, 70 banks with 

liabilities of 1,796 thousand dollars were reported as having suspended during the period 1865-96. 

Liabilities are not given for at least 7 banks. For the years 1897-99, data are from Bradstreets as given 

in the annual reports of the Comptroller of the Currency, and refer to years ending August 31. Mutual 

savings banks, and mortgage and investment companies, have been excluded where they could be 

segregated. Data from Bradstreets, similarly adjusted, for the years 1891-96, are as follows, in thousands 

of dollars: 37,802 for year ending June 30, 1891; 11,025 for year ending June 30, 1892; 95,395 for 14 months 

ending August 31, 1893; 7,321 for year ending August 31, 1894; 8,283 for year ending August 31, 1895; 

and 9,014 for year ending August 31, 1896.

4 Report of the Comptroller of the Currency, 1931, pp. 312-53, figures referring to date of failure. 

Deposits for 2 banks in 1884 and for 1 bank in 1892 are from last statement prior to failure published 

in the Reports of the Comptroller.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 93

Table 38. N u m b e r a n d D e p o s it s ( o r L i a b i l i t i e s o r R e s o u r c e s ) o f S u sp e n d e d C o m m e r c ia l B a n k s , 1900-1920

(Amounts in thousands of dollars)

Year

1900

1901

1902

1903

1904

1905

1906

1907

1908

1909

1910

1911

1912

1913

1914

1915

1916

1917

1918

1919

1920

National banks which 

did not reopen1

Number

Deposits 

at date 

of 

failure

1,093

5,895

3,047

2,473

5,662

9,762

2,035

6,511

13,461

2.078

2,476

2,944

1,355

8,813

4,699

9,908

1,391

4.078 

1,543

881

2,767

Amount

of

losses

423

4

594

1,080

2,655 

' 419 

1,223 

490 

767

353

242

440

1,539

1,242

400

127

219

626

44

1,531

National

banks

reopened2

Number

Deposits 

at last 

published 

report

691

5,979

1,108

25,858

2,648

208

271

37,805

592

73

45

38,658

2,443

1,645

285

272

State banks 

suspended3

Number

37

39

60

50

77

117

98

35

33

37

60

139

Liabilities 

or resources

7,390

3,461

8,101

4,213

29,818

12,681

23,056

157,942

37,129

15,212

23,189

23,509

13,780

16,279

29,047

25,142

12,742

8,741

10,339

23,562

87,410

State banks 

reopened4

Number

Resources

470

221

492

10,993

6,333

119,391

1,133

1,209

791

4,215

3,494

1,064

921

699

87

2,784

576

Private banks 

suspended5

Number

Liabilities

3,933

10,251

2,525

2,245

7,466

3,580

1,702

9,232

32,828

16,387

6,792

3,150

5,339

1,554

11,027

17,370

877

5,478

7,186

100

3,031

1 Report of the Comptroller of the Currency, 1931, pp. 353-79. Includes banks for which receivers have 

been appointed, except banks restored to solvency, banks for which receivers were appointed solely to 

collect stock assessments, and banks formerly in voluntary liquidation (1 such bank which did not pay 

creditors in full is included). Amount of losses computed by deducting dividends from proved claims, 

excluding banks which paid claims in full.

2 From annual reports of the Comptroller of the Currency. Includes banks for which receivers were 

appointed but were restored to solvency, banks for which receivers were appointed solely to collect stock 

assessments, and banks which were suspended and were restored to solvency without the appointment 

of receivers. Deposits not given for 1 bank in 1905. Deposits at date of last statement published in the 

reports of the Comptroller of the Currency are frequently considerably larger than at date of suspension.

3 Banking Inquiry of 1925, supplemented by Bradstreets’ reports as published in the annual reports 

of the Comptroller of the Currency. The Banking Inquiry of 1925, conducted under the direction of

H. Parker Willis, has not been published, but one copy was placed in the library of the School of Business, Columbia University, and another filed with the Senate Committee on Banking and Currency. 

Suspension figures in this inquiry begin at various dates, as early as 1900 in several States, but at later 

times in the remainder. For one State they are entirely lacking. They are tabulated by calendar years. 

Bradstreets’ figures, which relate to 12-month periods ending June 30, have been used for each State 

up to the period for which data are given in the Banking Inquiry of 1925. A number of failures reported 

in other years by Bradstreets but obviously not covered in the Banking Inquiry of 1925 have also been 

included. The figures given here are therefore mixtures of calendar years and years ending June 30. 

The figures obtained from the Banking Inquiry of 1925 include some banks which later reopened.

Bradstreets’ reports give estimates of the liabilities of failed banks, while the Banking Inquiry of

1925 gives figures of resources. The figures in the table are thus mixtures of “ liabilities” and “ resources.” 

The total amount of “ resources” included in the figures for the period 1900-20 amounts to $495,516,000, 

and the total amount of “ liabilities” included to $77,227,000. Resources or liabilities are omitted for the 

following number of banks: 1900, 1 bank; 1901, 2 banks; 1905, 1 bank; 1906, 3 banks; 1907, 8 banks; 

1908, 3 banks; 1909, 3 banks; 1910, 3 banks; 1913, 2 banks; 1914, 5 banks; 1915, 6 banks; 1916, 1 bank; 

1917, 3 banks; 1918, 3 banks, and 1920, 1 bank.

4 Tabulated from data in the Banking Inquiry of 1925.

5 Annual reports of the Comptroller of the Currency. Figures are from Bradstreets’ reports, and refer 

to years ending June 30. They are also published in the annual report of the Comptroller of the Currency, 1931, page 1041, in a column headed “ deposits.” For the 6 months from July 1 to December 31, 

1920, the number of failures of private banks is reported at 35 by the Federal Reserve Committee on 

Branch, Group and Chain Banking {Bank Suspensions, pp. 115-16), but no corresponding figure for 

liabilities or deposits is available.

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94 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 39. N u m b e r a n d D e p o s it s o f S u sp e n d e d a n d R e o p e n e d C o m m e r c ia l

B a n k s , 1921-19321

(Deposits in thousands of dollars)

Banks suspended Banks reopened

National State Private National State Private

Year banks banks banks banks banks banks

Num­ De­ Num­ De­ Num­ De­ Num­ De­ Num­ De­ Num­ Deber posits ber posits ber posits2 ber posits ber posits ber posits3

1921...................... 52 20,777 409 142,522 44 8,889 9 2,201 84 21,828 4 408

1922..................... 49 20,197 294 69,077 23 1,908 25 7,874 93 37,578

1923..................... 90 34,244 533 113,584 23 1,773 11 3,670 58 13,678

1924..................... 122 64,890 616 137,533 37 7,728 17 6,567 91 24,896 3 60

1925..................... 118 55,574 461 104,430 39 7,551 8 3,441 73 19,490

1926..................... 123 43,998 801 206,983 52 9,397 10 4,108 150 55,384 2 470

1927..................... 91 45,547 545 149,445 33 4,337 8 4,759 119 38,199 2 186

1928................... . 57 36,483 422 102,957 19 2,946 2 427 51 22,128

1929..................... 64 41,614 564 181,317 31 7,712 3 1,404 66 27,182

1930..................... 161 170,446 1,131 651,388 58 15,262 4 1,517 151 56,338 3 291

1931..................... 409 439,171 1,804 1,229,904 80 21,157 25 24,717 251 132,442

1932..................... 276 214,150 1,140 484,232 37 7,806 44 56,267 245 219,490

1 Annual Report of the Federal Reserve Board, 1933, pp. 206-21. Figures adjusted to exclude mutual 

savings banks and to segregate private banks reopened. Figures for banks suspended include banks 

which later reopened. Deposits are as of date of suspension or nearest call date.

2 Deposits not given for the following number of banks: 20 in 1921; 15 in 1922; 14 in 1923; 9 in 1924;

8 in 1925; 3 in 1926; 3 in 1927; 3 in 1928; 12 in 1929; 9 in 1930; and 6 in 1931.

3 Deposits not given for 1 bank reopened in 1924; 1 in 1926; and 1 in 1930.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 95

Table 40. N u m b e r a n d D e p o s it s o f S u sp e n d e d a n d R e o p e n e d C o m m e r c ia l

B a n k s , 1933-1934

(Deposits in thousands of dollars)

National banks State and private banks

Number Deposits Number Deposits

All suspended banks

1933—Prior to banking holiday1.....................................

At close of banking holiday2................................

Subsequent to banking holiday3..........................

T ota l..............................................................

66

1,417

9

1,492

73,183

1,971,960

17,322

2,062,465

380

3,107

169

3,656

141,333

2,162,691

131,480

2,435,504

1934—Licensed banks suspending...................................

Suspended banks which did not reopen

1933—Suspending prior to banking holiday1.................

Suspending at close of banking holiday:

Placed in receivership without reorganization4. 

Not licensed or placed in receivership by the

close of 19345..................................................

Licensed banks suspending subsequent to banking holiday3........................................................

1934—Licensed.banks suspending...................................

T ota l..............................................................

1 40 56 36,897

66

330

15

9

1

421

73,183

660,963

14,520

17,322

40

766,028

380

184

169

56

141,333

873,362

89,329

131,480

36,897

1,272,401

Suspended banks which reopened 

1933—Suspending at close of banking holiday:6

Reopened (licensed) without reorganization . .

Reorganized and placed in receivership..........

Reorganized and otherwise placed in liquidation ..................................................................

Reorganized and remaining in charge of conservators on October 31, 1934......................

Total ........................................................

529

241

296

6

1,072

576,939

396,161

301,581

21,796

1,296,477

I 1,200,000

1,200,000

1 January 1-March 15. Data from Federal Reserve Board.

2 Banks unlicensed at close of banking holiday, March 16 in the case of national banks and April 12 

in the case of State and private banks. Data for national banks from Report of the Comptroller of the

Currency, 1934, p. 48; for State banks from Federal Reserve Bulletin, May 1935, p. 322.

3 March 16-December 31. Data from Federal Reserve Board.

4 National banks: Report of the Comptroller of the Currency, 1934, p. 48. State banks: number 

unavailable; deposits estimated from difference between deposits of banks unlicensed April 12, 1933, 

and estimated deposits of banks reopened by December 31, 1934.

5 National banks: banks unlicensed on March 16, 1933, remaining in charge of conservators October 

31, 1934, without reorganization, data from Report of the Comptroller of the Currency, 1934, p. 48. State 

and private banks: banks unlicensed on December 26, 1934, data from Federal Reserve Bulletin, May

1935, p. 322.

6 National Banks: Report of the Comptroller of the Currency, 1934, p. 48. State banks: number 

unavailable; deposits estimated on basis of available information concerning deposits of banks licensed 

between April 12, 1933, and December 31, 1934.

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T a b le 41. D e p o s it s , a n d L o a n s a n d I n v e s tm e n t s , o f Su sp en d ed N a t i o n a l a n d C o m m e r c ia l S t a t e B a n k s , G r o u p e d b y S ize of

B a n k

&

estimated to 

be insurable1

Percentage of

All

banks

Banks having deposits or loans and investments of-

$100,000

and

under

$100,000 $250,000 $500,000 $750,000 $1,000,000 $2,000,000 $5,000,000

to to to to to to to

250,000 500,000 750,000 1,000,000 2,000,000 5,000,000 50,000,000

Over

$50,000,000

NATIONAL BANK SUSPENSIONS

March 16, 1933, to December 31, 1934:2

Number of banks.......................................................................

Total deposits, banks grouped by amount of deposits..........

Estimated insurable deposits, banks grouped by amount of

deposits3..................................................................................

At close of banking holiday, 19334

Number of banks.......................................................................

Total deposits, banks grouped by amount of deposits..........

Estimated insurable deposits, banks grouped by amount of

deposits3..................................................................................

January 1, 1932, to March 15, 1933

Number of banks.......................................................................

Total deposits, banks grouped by amount of deposits..........

Estimated insurable deposits, banks grouped by amount of

deposits3..................................................................................

Total loans and investments, banks grouped by amount of

deposits...................................................................................

Loans and investments corresponding to insurable deposits6. 

Total deposits, banks grouped by amount of loans and investments ................................................................................

Estimated insurable deposits, banks grouped by amount of

loans and investments3..........................................................

Total loans and investments, banks grouped by amount of

loans and investments...........................................................

Loans and investments corresponding to insurable deposits6. 

January 1, 1930, to December 31, 1931:7

Number of banks.......................................................................

Total deposits, banks grouped by amount of loans and investments ................................................................................

Estimated insurable deposits, banks grouped by amount of

loans and investments3............................................

Total loans and investments, banks grouped by amount of

loans and investments...........................................................

Loans and investments corresponding to insurable deposits6.

60.5

56.7

67.8 

' 67.7

64.5

63.7

62.2 

’ 62.0

(Figures, other than number of banks, in thousands of dollars)

10 1 2 2 2 2 1

17,362 40 340 896 1,678 6,497 7,911

10,505 37 296 744 1,292 4,418 3,718

1,404 88 280 346 182 128 212 119 47 2

1,958,092 6,232 48,466 125,684 112,264 111,660 296,150 354,796 421,377 481,463

1,110,585 5,796 42,165 104,318 88,689 85,978 219,151 241,261 198,047 125,180

342 50 77 86 35 23 41 19 11

287,333 3,786 13,346 31,536 21,774 19,105 56,753 63,518 77,515

194,840 3,521 11,611 26,175 17,201 14,711 41,997 43,192 36,432

411,824 6,777 20.162 43,255 30,259 26,920 76,825 94,346 113,280

278,626 6,303 17,541 35,902 23,905 20,728 56,851 64,155 53,241

287,333 1,225 8,816 23,119 22,449 14,974 54,215 55,024 107,511

185,327 1,139 7,669 19,189 17,735 11,530 40,119 37,416 50,530

411,824 1,244 12,594 31,164 30,446 19,819 72,693 79,358 164,506

262,366 1,157 10,957 25,866 24,052 15,261 53,793 53,963 77,317

570 162 139 80 43 71 54 20 1

609,617 21,533 41,563 40,201 35,346 85,258 149,722 192,235 43,759

379,050 18,949 34,497 31,759 27,216 63,091 101,811 90,350 11,377

708,172 26,962 49,491 48,081 37,280 99,243 173,358 215,331 58,426

439,215 23,727 41,078 37,984 28,706 73,440 117,883 101,206 15,191

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
January 1, 1921, to December 31, 1929:7

Number of banks.......................................................................

Total deposits, banks grouped by amount of loans and investments ................................................................................

Estimated insurable deposits, banks grouped by amount of

loans and investments3.........................................................

Total loans and investments, banks grouped by amount of

loans and investments..........................................................

Loans and investments corresponding to insurable deposits6.

January 1, 1881, to December 31, 1920:8

Number of banks......................................................................

Total deposits, banks grouped by amount of deposits.........

Estimated insurable deposits, banks grouped by amount of 

deposits3..................... ............................................................

STATE BANK SUSPENSIONS

March 16, 1933, to December 31, 1934:3

Number of banks......................................................................

Total deposits, banks grouped by amount of deposits.........

Estimated insurable, deposits, banks grouped by amount of

deposits3.................................................................................

At close of banking holiday, 19339, banks grouped by

amount of deposits:

Number of banks10....................................................................

Total deposits, non-licensed banks placed in liquidation or

receivership, 1933..................................................................

Total deposits, non-licensed banks placed in liquidation or

receivership, 1934..................................................................

Total deposits, “ existing” banks licensed July 1, 1933, to

December 31, 1934................................................................

Total deposits, “ reorganized” banks licensed, July 1, 1933,

to December 31, 1934...........................................................

Total deposits, banks suspended at close of banking holiday 

Estimated insurable deposits, banks suspended at close

of banking holiday3...........................................................

January 1, 1932, to March 15, 1933:5

Number of banks.......................................................................

Total deposits, banks grouped by amount of deposits.........

Estimated insurable deposits, banks grouped by amount of

deposits3..................................................................................

Total loans and investments, banks grouped by amount of

deposits...................................................................................

Loans and investments corresponding to insurable deposits6. 

Total deposits, banks grouped by amount of loans and investments11 .............................................................................

Estimated insurable deposits, banks grouped by amount of

loans and investments3.........................................................

Total loans and investments, banks grouped by amount of

loans and investments...........................................................

Loans and investment^ corresponding to insurable deposits6,

74.8

75.3

73.4

70.4

66.6

73.6

73.5

72.6 

’ 72.2

766 245 274 90 46 86 20 5

363,324 31,552 79,404 49,392 31,295 91,104 45,589 34,988

271,650 27,766 65,905 39,020 24,097 67,417 31,001 16,444

438,035

330,051

39,995

35,196

97,934

81,285

55,851

44,122

39,627

30,513

119,102

88,135

50,491

34,334

35,035

16,466

462

198,091

175

9,045

122

20,198

79

27,595

26

15,665

16

14,126

21

27,353

21

64,316

2

19,793

145,419 8,412 17,572 22,904 12,375 10,877 20,241 43,735 9,303

221

168,192

55

3,093

54

8,644

51

19,076

10

6,469

14

11,961

16

21,548

16

52,100

5

45,301

118,319 2,846 7,520 15,833 5,175 9,330 16,161 36,991 24,463

2,378 803 764 391 143 52 114 66 45

919,021 14,952 27,073 30,819 24,912 9,643 39,497 81,650 690,475

245,387 11,858 23,434 25,777 13,357 11,905 45,818 57,395 55,843

465,175 21,226 70,325 82,221 48,852 23,574 73,922 65,375 79,680

115,562

1,745,145

1,223

49,259

7,960

128,792

13,767

152,584

10,989

98,110

14,081

59,203

14,848

174,085

19,432

223,852

33,262

849,260

1,162,177 45,318 112,048 126,645 78,488 46,178 130,564 158,935 464,001

1,554

633,371

557

32,321

497

79,408

239

81,580

107

64,643

44

38,555

60

79,731

38

111,861

12

145,272

465,983 29,735 69,085 67,711 51,714 30,073 59,798 79,421 78,446

774,376

569,515

44,065

40,540

98,042

85,297

95,499

79,264

75,805

60,644

46,011

35,889

94,325

70,744

141,159

100,223

179,470

96,914

632,685 22,189 74,513 84,133 60,231 38,429 86,427 102,151 164,612

459,469 20,414 64,827 69,830 48,185 29,975 64,820 72,527 88,891

774,376

558?862

26,671

24,537

88,608

77,089

97,942

81,292

68,294

54,635

42,558

33,195

106,611

79,958

132,719

94,230

210,973

113,926 CD<1LOSSES IN SUSPENDED COMMERCIAL BANKS

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T ab le 4 1 . D e p o s it s , a n d L o a n s a n d I n v e s t m e n t s o f S u s p e n d e d N a t io n a l a n d C o m m e r c ia l S t a t e B a n k s , G r o u p e d b y Siz e of

B a n k — C ontinued oo

Percentage of 

deposits 

estimated to 

be insurable1

January 1, 1930, to December 31, 1931:7

Number of banks.......................................................................

Total loans and investments, banks grouped by amount of

loans and investments............ ......... .....................................

Estimated insurable deposits, banks grouped by amount of

loans and investments3..........................................................

January 1, 1921, to December 31, 1929:7

Number of banks.......................................................................

Total loans and investments, banks grouped by amount of

loans and investments...........................................................

Estimated insurable deposits, banks grouped by amount of 

loans and investments3.............................................. ...........

PERCENTAGE OF DEPOSITS INSURED ON

OCTOBER 1, 193412

National banks.......................................................................

State banks.............................................................................

64.4

79.2

All

banks

Banks having deposits or loans and investments of-

$100,000

and

under

$100,000 $250,000 $500,000 $750,000 $1,000,000 $2,000,000 $5,000,000

to to to to to to to

250,000 500,000 750,000 1,000,000 2,000,000 5,000,000 50,000,000

Over

$50,000,000

(Figures, other than number of banks, in thousands of dollars)

2,935 

2,209,634 

1,423,815 

4,645 

1,360,481 

1,077,126

1,660

201,421

177,250

3,191

371,892

327,265

601

213,189

176,947

877

301,378

250,144

214

129,979

103,983

267

159,572

127,658

119

103,296

80,571

129

111,682

87,112

170

240,056

180,042

115

160,080

120,060

104

312,909

222,165

54

157,138

111,568

66

795,381

429,506

12

98,739

53,319

1

213,403

53,351

931

92

871

87

831

83

79!

80

(Percent)

771

78

741

75

681

71

471

54

26

25

1 Ratio of total estimated insurable deposits to total deposits, or ratio of total “ loans and investments corresponding to insurable deposits" to total loans and investments.

2 Licensed banks only. Data from Federal Reserve Board and from Federal Deposit Insurance Corporation. For State bank suspensions, 3 banks omitted because figures 

for deposi s are no' available.

3 Estimated insurable deposits are the deposits which, it is estimated, would have been insurable under the limitation of coverage to $5,000 for each depositor, had deposit 

insurance been in effect. These estimates are derived by applying to the total deposits (or loans and investments) of banks in each size group the corresponding percentage of 

deposits insured on October 1, 1934.

4 Banks closed during the banking holiday and not licensed by March 15, 1933. Tabulated from Tables 49 and 50, Annual Report of the Comptroller of the Currency, 1933,

pp. 346-401.

6 Compiled from data collected by Federal Reserve Board. For State bank suspensions, 3 banks omitted because figures for deposits are not available.

6 Computed by applying to total loans and investments, in each size group, the percentage of deposits insured October 1, 1934, for the same group.

7 Tabulated from data collected by the Federal Reserve Committee on Branch, Group and Chain Banking. For national banks data are of last call or examination date 

prior to suspension; for State banks data refer to date of suspension or to last call or examination prior to suspension.

8 Tabulated from data in Table 46, Annual Report of the Comptroller of the Currency, 1931, pp. 323-79.

9 Banks closed during the banking holiday and not licensed by April 12, 1933. Da.a fro n Federal Reserve Board and from Federal Deposit Insurance Corporation. Banks 

licensed without reorganiza ion between April 12 and July 1, 1933, are not included. There is some duplication in the deposits of non-licensed banks placed in liquidation or 

receivership and those of reorganized banks licensed due to the fact that a new corporation is usually formed when a bank i3 reorganized and the old bank is placed in liquidation. While only such deposits and assets as are not taken over byjhe new bank accompany the old bank into liquidation all of the deposits of such a bank are included in the 

figures of nonlicensed banks placed in liquida ion or receivership. The figures for deposits of noniicensed banks placed in receivership or iiquiua ion refer to December 31, 1932.

10 Number of nonlicensed banks placed in liquidation or receivership during 1933 and 1934, plus existing banks licensed between July 1, 1933, and December 31, 1934. Ten 

banks omitted because figures for deposits are not available.

11 Three banks omitted because figures for loans and investments are not available.

12 Certified statements of insured banks. See Table 110, page 192.

FEDERAL DEPOSIT INSURANCE CORPORATION

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LOSSES IN SUSPENDED COMMERCIAL BANKS 99

T a b le 42. E s t im a t e d P e r c e n t o f C o m m e r c ia l B a n k D e p o s it s W h ich

A r e S e c u r e d

(Amounts in millions of dollars)

National banks:

1865-19291...................... ..................................................................

1930-19342........................................................................................

June 30, 19343.................................................................................

October 1, 19344..............................................................................

Banks other than national:

State banks closing 1921-1930 and completely liquidated by 19313

Insured banks, June 30, 19343........................................................

Same, including preferred deposits in New York State6..............

Insured banks, October 1, 19344....................................................

Deposits under $5,000:

National banks, October 1, 19344........

Other insured banks, October 1, 19344.

Total

Secured deposits

deposits

Amount Percent 

of total

395,195 7,012 1.8

99,635 8,150 ' 8.2

19,896 2,518 12.7

20,073 2,753 j 13.7

Not over 14.

15,918 1,685 10.6

15,918 2,185 13.7

15,915 2,206 13.9

8,487 223 2.6

7,160 303 4.2

1 Report of the Comptroller of the Currency, 1931, pp. 1021-22. Total deposits are sums of 

yearly deposits, dates nearest June 30. Secured deposits, as here estimated, include only deposits of the 

United States Government, disbursing officers of the United States, and postal savings deposits.

2 Report of the Comptroller of the Currency, 193 U, p. 769. Total deposits are sums of yearly 

deposits, dates nearest June 30. Secured deposits, as here estimated, include deposits of the United 

States Government, other public deposits, and postal savings deposits.

3 Federal Deposit Insurance Corporation, Call Report of Insured Banks, June 30, 193U.

4 Certified statement of deposits of insured banks (Federal Deposit Insurance Corporation), October 

1, 1934. Uninvested trust funds, deposits of the United States Government, postal savings and other 

public funds are included in secured deposits, as here estimated.

5 Federal Reserve Committee on Branch, Group and Chain Banking, Bank Suspensions in the United

States, 1892-1931, p. 105. Claims of unsecured depositors amounted to 86 percent of total deposits. 

Since total deposits may in some cases refer to last call or examination date prior to suspension, the 

remaining 14 percent is a maximum for secured deposits.

6Total preferred and secured deposits in State banks in New York State in which preferred deposits 

are virtually secured deposits, estimated at 1,300 millions of dollars on June 30, 1934 (State of New 

York, Annual Report of the Superintendent of Banks for the year ending December 31, 193U, p. 25). This 

is approximately 500 millions in excess of secured deposits as reported to the Federal Deposit Insurance Corporation for the same date.

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100 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 43. E s tim a te d R e c o v e r i e s b y C r e d i t o r s o f L iq u id a t e d I n s o l v e n t

C o m m e r c ia l B a n k s

Amount 

(in thousands 

of dollars)

Percent

National banks which did not reopen

537 national banks which suspended during 1865-1920 and did not reopen:1

212,531

161,284

75.9

249,585

198,338

79.5

320,481

269,234

84.0

267 national banks which suspended during 1921-30 and did not reopen:5

68,489

34,034

49.7

77,716

43,261

55.7

107,852

All payments on claims^......................................................................... 73,397

Ratio payments to claims............................................................... 6S.1

State and private banks which did not reopen

210 commercial and savings banks other than national which suspended during 1876-78 and did not reopen:8

Claims ..................................................................................................... 88,440

58,153Claims paid and to be paid....................................................................

Ratio payments to claims............................................................... 65.8

553 commercial banks other than national which suspended during 

1865-90 and did not reopen:

Liabilities9 ............................................................................................... 137,642

Dividends paid® ................................................................................. 73,662

Ratio payments to liabilities.......................................................... 53.5

Deposits (estimated at 90 percent of liabilities)10..............................

Payments to depositors including offsets (estimated at 110 percent 

of dividends paid)10 ...........................................................................

123,878

81,028

Ratio payments to deposits............................................................ 65.4

283 commercial banks other than national which suspended during 

1893-99 and did not reopen:

Liabilities11 ................................................................................... 55,104

30,965Dividends paid11 ...........................................................................

Ratio payments to liabilities ........................................................ 56.2

Deposits (estimated at 90 percent of liabilities)10..............................

Payments to depositors including offsets (estimated at 110 percent 

of dividends paid)10.....................................................................

49,594

34,062

Ratio payments to deposits............................................................ 68.7

190 state commercial banks and trust companies which suspended during 1900-20 and did not reopen:12

Depositors’ claims allowed13................................................................... 50,060

Pavments to depositors13 ...................................................................... 36,962

Ratio payments to claims allowed................................................. 73.8

Depositors’ claims allowed, plus offsets1^............................................. 52,525

Pavments to depositors, including offsets1^.......................................... 39,427

Ratio payments to claims ............................................................. 75.1

Creditors’ claims15................................................................................... 57,168

44,070Pavments to creditors16 ....................................................................

Ratio payments to claims ........................................................ 77.1

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LOSSES IN SUSPENDED COMMERCIAL BANKS 101

Table 43. E stim ated R e cover ies b y C reditors of L iq uidated I n so lvent

C om m ercial Ba n k s— Continued

Amount

(in thousands

of dollars)

Percent

State and private banks which did not reopen, Continued

988 State commercial banks and trust companies which suspended during 1921-30 and did not reopen:17

Unsecured claims..................................................................................... 155,809

83,397Payments to unsecured claimants18.......................................................

Ratio payments to claims .......................................................... 53.5

Unsecured claims plus offsets................................................................. 170,772

Payments to unsecured claimants, plus offsets.................................... 98,360

Ratio payments to claims ............................................................. 57.6

National banks which reopened, including those taken

over

154 national banks which suspended during 1921-30 and were reopened

or taken over:19

Deposits at time of suspension.............................................................. 65,993

Payments to depositors ........................................................................ 60,255

Ratio payments to deposits............................................................ 91.3

State banks which reopened, Including those taken over

1,183 state commercial banks and trust companies which suspended

during 1921-30 and were reopened and taken over:19

Deposits at time of suspension.............................................................. 415,258

Payments to depositors..................................................................... 366,915

Ratio payments to deposits............................................................ 88.4

1 Report of the Comptroller of the Currency, 1931, pp. 312-77. All banks placed in receivership are included, except banks restored to solvency, banks for which receivers were appointed solely to collect 

stock assessments, and banks placed in voluntary liquidation (one such bank which failed to pay out in 

full is included).

2 Excluding payments in excess of claims, where dividends paid are greater than claims proved.

3 Total of claims proved, offsets allowed and settled, and secured and preferred liabilities paid. Amounts 

advanced for protection of assets are included.

4 Total of dividends paid, offsets allowed and settled, and secured and preferred liabilities paid.

5 Federal Reserve Committee on Branch, Group and Chain Banking, Bank Suspensions, pp. 94-104. 

Includes banks suspending during 1921-30 which had been completely liquidated at the time schedules 

were prepared for the Committee (1931). These banks comprised 32 percent of all national banks suspending during 1921-30, and not reopened or taken over.

6 Unsecured claims, offsets, and estimated payments to secured and preferred creditors.

7 Payments to unsecured creditors, offsets, and estimated payments to secured and preferred creditors.

8 Report of the Comptroller of the Currency, 1879, pp. xxxv-xxxvi.

9 Report of the Comptroller of the Currency, 1896, p. 53. Table from which figures are obtained is 

carried to 1896 and includes banks not completely liquidated, and some banks for which dividends paid 

were not obtained. Figures given here exclude the years 1866, 1868, and 1870, for which no dividends 

paid are reported; and the years 1891-96, since a large proportion of banks failing in these years had 

probably not been completely liquidated.

10 See Table 50, page 110.

11 Report of the Comptroller of the Currency, 1899, pp. xxxvii and 648. These 283 banks comprise 31 

percent of the number reported by Bradstreets’ as having failed during the period January 1, 1893, to 

June 30, 1899. A few banks not completely liquidated may possibly be included.

12 Tabulated from data in the Banking Inquiry of 1925.

13 Excluding offsets except in a few cases.

14 Offsets estimated from amounts reported for 101 banks.

15 Depositors’ claims allowed, including offsets, plus payments to loan creditors (payments to loan 

creditors not included for 19 banks).

16 Payments to depositors, including offsets, plus payments to loan creditors (exclusive of 19 banks for 

which data are not available).

17 Federal Reserve Committee on Branch, Group and Chain Banking, Bank Suspensions, pp. 94-104. 

Includes banks suspending during 1921-30 which had been completely liquidated at the time schedules 

were prepared for the Committee (1931). These banks comprise 20 percent of all State banks (other 

than mutual savings) suspending during 1921-30, and not reopened or taken over.

18 Excluding payments from guaranty funds.

19 Tabulated from data collected by the Federal Reserve Committee on Branch, Group and Chain 

Banking. For national banks, deposits at time of suspension estimated at 90 percent of amount reported 

on schedules. Payments computed as difference between estimated total deposits and estimated losses.

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102 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 44. E s t im a t e o f D e p o s it s n o t R e l e a s e d in N a t i o n a l B a n k s U n l i c e n s e d 

o n M a r c h 16, 1933, b u t R e o r g a n iz e d o r L ic e n s e d w i t h o u t 

R e o r g a n i z a t i o n P r i o r t o O c t o b e r 31, 1934

(Deposits in thousands of dollars)

Total deposits 

as of Dec. 31 

or as reported 

in conservators’ first 

reports1

Total deposits 

released 

through reorganizations1

Deposits not 

released

529 banks licensed between March 16, 1933 and October 31, 1934..................................................................

241 banks placed in receivership following reorganizations ...............................................................................

296 banks otherwise placed in liquidation following reorganizations .................................................................

6 banks reorganized and remaining in charge of conservators October 31, 1934..........................................

Total.........................................................................

Adjustment for decline in deposits from December 31, 1932 to March 4, 1933 in banks not

placed in conservatorship2...............................

Adjusted total........................................................

Percent of deposits not released.................................

576,939 522,726

396,161 207,444

301,581 207,958

21,796

1,296,477

5,178

943,306

-1,558

1,294,919 943,306

54,213

188,717

93,623

16,618

353,171

-1,558

351,613

27.2

1 Report of the Comptroller of the Currency, 193 U, p. 48.

2 Total deposits of banks placed in conservatorship are taken from conservators’ first reports, while 

total deposits of banks not placed in conservatorship are as of December 31, 1932. The latter group comprised 312 banks with deposits of $319,343,000 as of December 31, 1932, of which $317,785,000 were 

released through reorganizations or sales of assets. (Report of the Comptroller of the Currency, 1933, pp. 

358, 401). It is assumed that no deposits were waived in these banks, and that the difference between the 

two figures is due to the decline in deposits after December 31, 1932.

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LOSSES IN SUSPENDED COMMERCIAL BANKS 103

Table 45. D e p o sits in A c tiv e C om m ercial B a n k s O t h e r T h a n

N a t io n a l, 1865-1883

(All figures, except tax collections, in thousands of dollars)

Years 

ending 

May 31

Collections 

from tax on 

bank deposits1 

(dollars)

Amount of 

deposits 

estimated 

from collections2

Amount of 

deposits 

reported for 

assessment3

Ratio 

deposits 

reported to 

deposits 

estimated 

from collections

Assumed 

ratio actual 

deposits to 

estimate 

from tax 

collections4

Final 

estimate of 

deposits

1865

1866

1867

1868

1869

1870

1871

1872

1873

1874

1875

1876

1877

1878

1879

1880 

1881 

1882 

1883

2,043,841

2,099,636

1,355,396

1,438,513

1,722,141

1,912,970

2,263,459

2,187,197

1,835,993

2,067,119

2,470,143

2,572,165

2,471,545

2,232,000

2,051,378

2,347,568

2,844,929

4,007,702

2,948,265

327,894

137,471

191,992

248,461

300,950

382,594

452,691

437,439

367,199

413,424

494,029

514,433

494,309

446,400

410,276

469,514

568,986

801,540

884,480

436,168

483,458

475,790

483,427

407,661

469,124

597,382

745,500

779,989

0.94

0.96

1.08

0.99

1.00

1.05

0.93

0.88

1.2

1.2

1.2

1.2

1.2

1.2

1.2

1.2

1.0

1.0

393,473

164,965

230,390

298,153

361,140

495,113

543,229

524,927

413,424

494,029

1 Report of the Commissioner of Internal Revenue, 1883, pp. 134-39. Receipts are for years ending June 

30, representing taxes collected on average monthly deposits for years ending May 31. (Some back 

taxes may be included in some years, particularly during the latter part of the period.) Taxes on deposits 

in savings banks are included for some years prior to 1870. Under the law of June 30, 1864, savings 

banks with no capital stock were exempt. On March 3, 1865, the exemption was eliminated, and on July 

13, 1866, the exemption was restored but limited to deposit's not exceeding $500 for any one depositor. 

After 1869, taxes collected from savings banks were separately reported, and not included in the figures 

in this table. The tax was repealed in 1883.

2 Estimated from tax collections, tax amounting to one-half of one percent per year. Figure for 1864-65 

estimated on basis of tax on savings banks from March to May, inclusive, and other banks and bankers 

for entire year. Tax on savings banks estimated at $404,367, or one-half of one percent for one-fourth 

of a year on deposits of $242,620,000 (Report of Comptroller of the Currency, 1920, p. 241). Savings bank 

portion of tax for 1865-66 estimated at $1,412,280; with tax in force for entire year. Figure for 1882-83 

estimated from collections for six months, since effective date of repeal was November 30, 1882 (Report

of Comptroller of the Currency, 188k, P- x).

3 Reports of Commissioner of Interrial Revenue, 187U, P- xiii; 1879, p. xcii; 1883, p. cxxxix. For 1876-82, 

deposits are monthly averages for years ending May 31. Figure for 1883 is monthly average for six months 

ending November 30, 1882. Figures for 1873 computed from semi-annual assessments levied December

1, 1872 ($1,585,841) and June 1, 1873 ($1,498,795). Figure for 1874 relates to six months ending November 30, 1873, and is computed from semi-annual assessment levied December 1, 1873.

4 A change was made in the method of collection in 1873, yielding better results in tax collection. (See 

Report of Commissioner of Internal Revenue 187k, PP- xii-xiii). For this reason it is assumed that the ratio 

of reported deposits to the estimate from tax collections for 1873 is the most appropriate ratio to use for 

prior years.

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Table 46. E s tim a te o f D e p o sits in A l l A c tiv e C om m ercial B a n k s O th e r T h a n N a tio n a l, 1900-1902

(All figures, except ratios, in thousands of dollars)

1900 1901 1902

Capital Surplus

Capital

and

surplus

Deposits

Ratio 

deposits 

to capital and 

surplus

Capital Surplus

Capital

and

surplus

Deposits

Ratio 

deposits 

to capital and 

surplus

Capital Surplus

Capital

and

surplus

Deposits

Ratio 

deposits 

to capital and 

surplus

Comparison of reports

State banks (including stock savings banks):

Reports to Bureau of Internal Revenue1. 286,200 89,282 375,482 285,146 85,284 370,430 279,530 76,631 356,161

Reported by Comptroller of the Currency 253,673 93,118 346,791 1,560,136 4.50 265,315 106,694 372,009 1,805,503 4.85 284,680 116,810 401,490 2,044,688 5.09

Difference3........................................... 32,527 -3,836 28,691 19,831 -21,410 -1,579 -5,150 -40,179 -45,329

Loan and trust companies:

Reports to Bureau of Internal Revenue1. 137,594 92,918 230,512 1,64,754 117,999 282,753 202,448 145,999 348,447

Reported by Comptroller of the Currency'2115,619 96,179 211,798 934,623 4.41 132,146 116,130 248,276 1,155,292 4.65 158,547 134,756 293,303 1,408,163 4.80

Difference3............................................... 21,975 -3,261 18,714 32,608 1,869 34,477 43,901 11,243 55,144

Private banks:

Reports to Bureau of Internal Revenue' 132,905 14,417 147,322 144,613 17,746 162,359 156,193 16,438 172,631

Reported by Comptroller of tin* Currency- 16,676 2,954 19,630 83,016 4.23 19,335 3,477 22,812 109,426 4.80 21,785 4,231 26,016 128,179 4.93

I )ifTerenee;i............................................... 1 16,229 11,463 127 692 125,278 14,269 139,547 134,408 12,207 146 615

Estimate of deposits

All State and private banks (excludingstock

savings banks) reported by Comptroller

of the Currency.......................................... .”{07,27 6 183,553 550,829 2,339,363 4.25 397,509 217,087 614,596 2,813,207 4.58 446,355 246,437 692,792 3,315,903 4.79

State and private banks not reported by

Comptroller of the Currency4............... 170,731 11,463 182,194 774,325 177,717 16,138 193,855 887,856 178,309 23,450 201,759 966,426

Stock savings banks as reported by Comptroller of the Currency*............................. 18,692 8,698 27,390 238,412 19,287 9,214 28,501 257,014 18,657 9,360 28,017 265,127

All com m ercial banks other than

national..................................................... 556,699 203,714

1

760,413 3,352,100 594,513 242,439 836,952 3,958,077 643,321 279,247 922,568 4,547,456

1 Reports of the Comptroller of the Currency, 1900, pp. 298-300; 1901, pp. 329-31; 1902, pp. 115-17. Figures relate to capital and surplus as reported in July for preceding 

fiscal year, probably as of December 31 in the majority of cases.

2 Reports of the Comptroller of the Currency, 1899, pp. 624-35; 1900, pp. 544-55; 1901, pp. 578—89; 1902, pp. 406-17. Figures are averages of the amount reported during the 

years specified and that reported for the previous year.

3 Amount reported to Bureau of Internal Revenue in excess of amount reported to Comptroller of the Currency.

4 Figures for capital and surplus consist of the amount reported to the Bureau of Internal Revenue in excess of the amount reported to Comptroller of the Currency, 

omitting negative items on the assumption that surplus reported for taxation has been adjusted to take account of losses not placed on the books of the banks. Figure for deposits estimated from ratio of deposits to capital and surplus of all State and private commercial banks (excluding savings banks) reporting to Comptroller of the Currency.

104 FEDERAL DEPOSIT INSURANCE CORPORATION

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LOSSES IN SUSPENDED COMMERCIAL BANKS 105

Table 47. D eposits i n A ctive Co m m e r c ia l B a n k s Oth e r T h a n N a t io n a l ,

1875-1883, 1900-1902 a n d 1934

(Deposits in millions of dollars)

Year

Estimated deposits of 

all commercial banks 

other than national1

Deposits reported by 

Comptroller of the 

Currency2 

(two-year moving 

averages)

Ratio estimated to 

reported deposits

1875-76 483 260 1.86

1876-77 476 290 1.64

1877-78 483 311 1.55

1878-79 408 309 1.32

1879-80 469 342 1.37

1880-81 597 406 1.47

1881-82 746 472 1.58

1882-83 780 539 1.45

1899-1900 3,352 2,579 1.30

1900-01 3,958 3,071 1.29

1901-02 4,547 3,582 1.27

June 30, 1934 317,306 416,976 1.02

1 Data for 1875-83 from annual reports of the Commissioner of Internal Revenue. Figures are monthly 

averages for years ending May 31, except 1882-83, which covers six months only (see Table 45). Figures 

for 1899-1902 estimated from capital and surplus of banks as reported to the Commissioner of Internal 

Revenue (see Table 46).

2 Data for 1875-83 and 1899-1902 from Report of the Comptroller of the Currency, 1931, pp. 1018-19, 

adjusted to exclude mutual savings banks. Figures relate to various days of the year. A two-year moving 

average has been selected as providing the closest comparability with the more inclusive figures derived 

from returns for taxation..

3 Figure for all commercial banks June 30, 1934, from data in the Report of the Comptroller of the

Currency, 193U, pp. 118, 123, and in the Federal Reserve Bulletin, May 1935, p. 322. Licensed and nonlicensed banks are included. It is assumed that for June 30, 1934, substantially all bank deposits are 

included in the report of the Comptroller of the Currency, since under the Banking Act of 1933 all banks 

receiving deposits are required to report to State or Federal banking authorities.

4 Total for all licensed and non-licensed commercial banks, other than national, excluding 330 million 

dollars estimated to be the deposits of private banks reporting for the first time in 1934.

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106 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 48. E s tim a te o f D ep osits in A c tiv e C om m ercial B a n k s O t h e r

T h a n N a tio n a l, 1883-1934

(Deposits in millions of dollars)

Year

Deposits reported by 

Comptroller of the 

Currency 

(two-year moving 

average1)

Ratio estimated from 

reported deposits2 Estimated deposits

1882-83 539 1.45 782

1883-84 591 1.45 857

1884-85 613 1.45 889

1885-86 633 1.45 918

1886-87 734 1.44 1,057

1887-88 943 1.39 1,311

1888-89 1,040 1.39 1,446

1889-90 1,191 1.38 1,644

1890-91 1,284 1.37 1,759

1891-92 1,409 1.36 1,916

1892-93 1,543 1.34 2,068

1893-94 1,539 1.32 2,031

1894-95 1,582 1.32 2,088

1895-96 1,660 1.32 2,191

1896-97 1,661 1.32 2,193

1897-98 1,797 1.32 2.372

1898-99 2,166 1.32 2,859

1899-1900 2,579 1.30 3,353

1900-01 3,071 1.29 3,962

1901-02 3,582 1.27 4,549

1902-03 3,941 1.26 4,966

1903-04 4,266 1.25 5,333

1904-05 4,808 1.24 5,962

1905-06 5,397 1.23 6,638

1906-07 5,859 1.22 7,148

1907-08 5,917 1.21 7,160

1908-09 6,117 1.20 7,340

1909-10 6,740 1.19 8,021

1910-11 7,206 1.18 8,503

1911-12 7,746 1.17 9,063

1912-13 8,136 1.16 9,438

1913-14 8,553 1.15 9,836

1914-15 9,070 1.14 10,340

1915-16 10,286 1.13 11,623

1916-17 12,281 1.12 13,755

1917-18 13,697 1.11 15,204

1918-19 15,569 1.10 17,126

1919-20 18,182 1.09 19,818

1920-21 18,657 1.08 20,150

1921-22 18,480 1.07 19,774

1922-23 20,037 1.06 21,239

1923-24 21,856 1.05 22,949

1924-25 23,790 1.04 24,742

1915-26 25,380 1.03 26,141

1926-27 26,360 1.02 26,887

1927-28 26,992 1.02 27,532

1928-29 27,205 1.02 27,749

1929-30 27,336 1.02 27,883

1930-31 25,997 1.02 26,517

1931-32 21,261 1.02 21,686

1932-33 17,633 1.02 17,986

1933-34 17,176 1.02 17,519

1 Computed from annual ligures given in the Report of the Comptroller of the Currency, 1931,

pp. 1018-19, adjusted to exclude mutual savings banks and to include nonlicensed banks in 1933 and 

1934. Figure for 1915 adjusted to conform with figure given in previous reports.

2 Ratios for 1882-83, 1899-1902 and 1933-34 from Table 47. Remaining ratios interpolated. For 

period between 1883 and 1899 ratios were distributed so as to make changes occur in years for which there 

is evidence of increasing coverage.

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Federal Reserve Bank of St. Louis
Year

1863

1864

1865

1866

1867

1868

1869

1870

1871

1872

1873

1874

1875

1876

» Se<

IN SUSPENDED COMMERCIAL BANKS

osits in A c tiv e N a tio n a l Ba n k s, Ca ll D a t e s, 1863

(Deposits in thousands of dollars)

Number

of

1,

2,004 

2,027

2,029

2,046

2,076

2,088

2,086

2.091

2.089

2.091

2.089 

2,082

Total

deposits

s

Average 

deposits 

for year

Year Date of call

Number

of

banks

Total

deposits

5 9,479 1877 January 20---- 2,083 852,943

April 14.......... 2,073 828,315

3 21,604 June 22.......... 2,078 818,359

7 58,090 October 1....... 2,080 791,984

7 146,796 December 28.. 2,074 776,808

8 157,029 95,880

1878 March 15....... 2,063 781,556

1 288,968 May 1............ 2,059 797,341

7 421,585 June 29.......... 2,056 813,895

I 614,244 October 1 ....... 2,053 833,485

3 723,280 512,019 December 6 ... 2,055 806,030

1879 January 1 ....... 2,051 874,760 I 670,758 2,048 1,061,325 I 674,796 June 14.......... 2,048 1,090,110 694,892 October 2 ....... 2,048 938,107 t 735,536 693,995 December 12.. 2,052 979,298

705,642 1880 February 21. . 2,061 1,096,903

656,466 April 23.......... 2,075 1,024,771

685,392 June 11.......... 2,076 1,085,140

680,968 682,117 October 1....... 2,090 1,155,743

December 31.. 2,095 1,287,638

682,233

675,136 1881 March 11....... 2,094 1,199,272

744*606 2,102 1,314,484

726,219 707,048 June 30.......... 2,115 1,364,386

October 1....... 2,132 1,381,853

December 31.. 2,164 1,398,077 ? 707,654

) 677,383 1882 March 11....... 2,187 1,316,032 ) 716,044 May 19.......... 2,224 1,287,846 ? 641,947 685,757 July 1............. 2,239 1,364,960

October 3 ....... 2,269 1,398,033

> 695,134 December 30.. 2,308 1,358,638

» 668,179

5 705,218 1883 March 13....... 2,343 1,290,450

> 645,271 2,375 1,345,045

I 655,132 673,846 2,417 1,337,361

October 2 ....... 2,501 1,337,261

5 729,800 December 31.. 2,529 1,412,975

r 787,690 

[ 791,067 1884 March 7......... 2,563 1,357,214

803^257 April 24.......... 2,589 1,356,664

> 774,983 777,359 June 20.......... 2,625 1,220,866

September 30. 2,664 1,239,389

774,890 December 20.. 2,664 1,263,255

» 787,870 1885 March 10....... 2,671 1,299,918 1 805,397 May 6 ............ 2,678 1,334,448 ! 772,695 July 1 ............. 2,689 1,419,594 i 771,486 782,467 October 1....... 2,714 1,419,798

December 24.. 2,732 1,429,480

' 842,892

! 792,285 1886 March 1......... 2,768 1,482,071

1 836,227 2,809 1,459,240

812,988 August 2 7 .... 2,849 1,441,197

705,761 798,030 October 7 ....... 2,852 1,500,402

December 28.. 2,875 1,504,386

795,500

847,161 1887 March 4 ......... 2,909 1,598,228

827,’ 928 May 13.......... 2,955 1,636,549

859,635 August 1........ 3,014 1,650,149

880,827 842,210 October 5 ....... 3,049 1,606,783

December 7 ... 3,070 1,601,931

855,679 1888 February 14. . 3,077 1,659,519 887,731 April 30.......... 3,098 1,712,538 897,386 June 30.......... 3,120 1,716,214 859,091 October 4 ....... 3,140 1,784,468 797,648 859,507 December 11.. 3,150 1,743,949

826,410 1889 February 26. . 3,170 1,821,916

800,267 3,206 1,882,113

841,716 July 12........... 3,239 1,919,579

846,024 September 30. 3,290 1,950,935

803,151 823,514 December 11. 3,326 1,872,463

109.

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Federal Reserve Bank of St. Louis
108

Tabl.

Year

1890

1891

1892

1893

1894

1895

1896

1897

1898

1899

1900

1901

1902

i S«

>ERAL DEPOSIT INSURANCE CORPORATION

it s in A c t iv e N a t io n a l B a n k s , C a l l D a t e s , 1863

Continued

(Deposits in thousands of dollars)

Number

of

banks

3,383

3,438

3,484

3,540

3,573

3.601

3.633 

3,652 

3,677 

3,692

3.711 

3,734 

3,759

3.773 

3,784

3.806 

3,830

3.807 

3,781 

3,787

3,777

3.774 

3,770 

3,755 

3,737

3,728

3.711 

3,715

3.712 

3,706

3,699

3,694

3,689

3,676

3,661

3.634 

3,614

3.610

3.610 

3,607

3.594 

3,586

3.582 

3,585 

3,590

3,579

3.583

3.583

3.595

3.602

3,604

3,631

3,732

3,871

3,942

3,999

4,064

4,165

4,221

4,291

4,357

4,423

4,535

4,601

4,666

Total

deposits

1,948,237

1,927,420

1,978,771

2,023,502

1,890,162

1,936,874

2,026,819

1,974,087

2,040,634

2,063,806

2,274,949

2,304,112

2,327,251

2,313,838

2,263,589

2,238,218

2,195,090

1,939,235

1,817,637

2,004,598

2,118,992

2,229,624

2,228,310

2,271,597

2,225,601

2,192,587 

2,214,271 

2,278,893 

2,211,*

2,205,426

2,131,484

2,157,425

2,140,953

2,029,830

2,142,556

2,248,991

2,303,362

2,385,667

2,516,982

2,639,463

2,780,119

2,698,181

2,798,748

2,805,964

3.115.372

3.233.373 

3,458,677

3.538.611

3.459.611 

3,258,138

3,448,247

3,534,649

3,621,542

3,699,805

3,763,987

4,055,475

4,217,442

4,250,282

4,233,520

4,243,782

4,374,740

4,482,405

4,468,058

4,534,527

4,455,616

Average 

deposits 

for year

1,953,618

2,008,444

2,296,748

2,038,956

2,214,825

2,220,596

2,120,450

2,418,893

2,839,677

3,389,682

3,613,646

4,200,100

4,463,069

Year

1903

1904

1906

1908

1909

1910

1911

1912

1913

1914

1915

Date of call

Number

of

banks

February 6. . .

April 9 ............

June 9 ............

September 9. . 

November 17.

January 22 ...

March 28.......

June 9 ............

September 6. . 

November 10.

January 11.,.

March 14.......

May 29..........

August 2 5 ... . 

November 9. .

January 29...

April 6 ...........

June 18..........

September 4. . 

November 12.

January 26 ... 

March 22... .

May 20........

August 22. . . 

December 3..

February 14.

May 14........

July 15.........

September 23 

November 27

February 5. .

April 28........

June 23........

September 1. 

November 16

January 31... 

March 29... .

June 30........

September 1. 

November 10

January 1....

March 7 .......

June 7 ..........

September 1. 

December 5..

February 20.

April 18........

June 14........

September 4. 

November 26

February 4. .

April 4 ..........

June 4 ..........

August 9. . . . 

October 21...

January 13...

March 4 .......

June 30........

September 12 

October 31... 

December 31.

March 4 .......

May 1..........

June 23........

September 2. 

November 10 

December 31.

4,766

4,845

4,939

5,042

5,118

5,180

5,232

5,331

5,412

5,477

5,528

5,587

5,668

5,757

5,833

5,911

5,975

6,053

6,137

6,199

6,288

6,344

6,429

6,544

6,625

6,698

6,778

6,824

6,853

6,865

6,887

6,893

6,926

6,977

7,006

7,045

7,082

7,145

7,173

7,204

7,218

7,216

7,277

7,301

7,328

7,339

7,355

7,372

7,397

7,420

7,425

7,440

7,473

7,488

7,509

7.493

7.493 

7,525 

7,538 

7,571 

7,581

7,599

7.604

7.605 

7,613 

7,617 

7,607

Total

deposits

4,580,927

4,535,461

4,561,884

4,533,426

4,503,733

4,788,645

4.798.910 

4,836,024 

5,131,210 

5,332,091

5.256.968 

5,427,239 

5,407,454

5.508.643 

5,556,616

5,747,794

5,611,045

5,702,804

5,897,777

6,031,496

5.952.405 

6,061,028 

6,190,385 

6,076,651

5.800.644

5,924,376

6,188,180

6,330,521

6.617.254 

6,804,514

6,836,205

6,934,346

7.009.224 

7,079,570 

7,056,940

7.208.254 

7,265,257 

7,257,037 

7,140,837

7.261.225

7.156.911 

7,576,300 

7,675,740 

7,628,065

7.675.405

8,067,658

8,015,511

8,064,193

8,129,686

8,109,338

8,360,965

8,227,831

8,143,929

7,948,580

8,346,012

8,393,373

8,675,058

8,563,751

8,187,569

8,075,943

8,236,468

8.593.968 

8,892,048 

8,821,242 

9,229,516

10,157,472

10,402,386

109.

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Federal Reserve Bank of St. Louis
1916

1917

1918

1919

1920

1921

1922

1923

I

i Fr<

total c

Federa

and tr

;SES IN SUSPENDED COMMERCIAL BANKS

sits in A c t i v e N a t i o n a l B a n k s , C a l l D a t e s , 1863 

Continued

(Deposits in thousands of dollars)

ber

of

8,155

3,169

3,197

3,230

3,249

3.240 

3,225

3,229

3.241 

3,239 

5,184

Total

deposits

s

Average 

deposits 

for year

Year

3 10,791,765 1924

3 11,135,322

) 10,877,087

? 11,362,341

1 12,489,279

1 12,266,846 11,487,107 1925

I 12,958,180

) 13,080,338

I 12,771,833

3 13,234,297 1926

> 14,798,336

> 14,445,689 13,548,112

) 14,438,769 1927

$ 14,385,120

i 14,021,609

i 13,885,759

I 15,051,473

r 15,423,081 14,534,302 1928

. 15,299,807

t 15,903,796

i 15,924,865

16,681,607 1929

i 17,467,853

I 17,866,413 16,524,057

l 16,965,122

i 16,924,543 1930

i 17,155,421

; 16,751,956

16,961,702

' 16,277,757 16,839,417

1931

15,478,354

14,851 859

15,142,331

14,560,852

15,075,102 15,021,700 1932

15,390,438

15,766,988

16,320,564 1933

16,598,762

17,420,481 16,299,447

17,036,281 1934

16,897,980

17,040,530

17,828,861 17,200,913

Date of call

March 31... .

June 30........

October 10. .. 

December 31.

April 6 ...........

June 30..........

September 28. 

December 31.

April 12........

June 30........

December 31.

March 23... .

June 30........

October 10... 

December 31.

February 28.

June 30........

October 3 .... 

December 31.

March 27... .

June 29........

October 4.. .. 

December 31.

March 27.......

June 30..........

September 24. 

December 31.

March 25... .

June 30..........

September 29. 

December 31.

June 30..........

September 30. 

December 31.

June 30........

October 25 ... 

December 30.

March 5 .......

June 30........

October 17. .. 

December 31.

Number

of

banks

8,115

8.085 

8,074 

8,049

8,016

8,072

8.085 

8,054

8,000

7,978

7,912

7,828

7,796

7.804 

7,765

7,734

7,691

7,676

7,635

7,575

7,536

7,473

7,408

7,316

7,252

7,197

7,038

6,935

6.805 

6,658 

6,373

6,150

6.085 

6,016

4,902

5,057

5,159

Total

deposits

17,598,696

18,347,837

19.108.798 

20,000,208

19,382,947

19,909,669

19,930,062

21,080,660

20.175.798 

20,642,164 

20,863,991

20,912,209

21,775,123

22,287,238

22,860,003

22,279,082

22,639,337

23,005,311

24,347,380

22,872,880

21,598,088

21,901,997

22,773,493

21,640,978

23,268,884

22,481,317

22,871,646

22,344,166

22,198,240

20,379,384

19,244,347

17,460,913

17,681,917

18,518,107

16,774,115

17,055,208

17,589,882

5,293

5,422

5.466

5.467

18,790,487

19,932,660

20,821,392

21,676,303 2

5 of the Comptroller of the Currency. Where not given separately in tb 

uch of the following items as appear in the summary tables: amoui 

net amount due to national banks, net amount due to other banks, 

;rtified checks outstanding, cashiers’ checks outstanding, deposits of 

[ deposits, individual deposits, time deposits, and United States deposil

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Federal Reserve Bank of St. Louis
110 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 50. R e l a t i o n s A m on g D e p o s it s , L i a b i l it i e s , R e s o u r c e s , C la im s a n d 

D iv id e n d s o f S u sp e n d e d B a n k s

(All figures, except number of banks and ratios, in thousands of dollars)

A. Ratio of deposits at time of suspension to

claims proved, suspended national banks

which did not reopen1

1881-99 1900-20

Number of banks........... 280

104,849

104,109

1.007

179

92, 871 

81, 457

1.140

Deposits at time of suspension ........................

Claims proved................

Ratio deposits to claims 

proved.....................

B. Ratio of deposits at first report after reopening to deposits at last report preceding

suspension, 172 national banks which suspended during the years 1886-1920, and

were reopened3

Deposits at first report after reopening. . . 102,658 

Deposits at last report prior to suspension. 198,835 

Ratio deposits at first report after reopening to deposits at last report prior 

to suspension....................................... .516

C. Ratio of deposits to resources at time of

suspension, 736 State banks which suspended during the years 1900-202

Deposits at time of suspension................. 217,542

Resources at time of suspension................ 321,234

Ratio deposits to resources.................... .677

D. Ratio of deposits at time of suspension to

deposits at time of last previous report, 736

State banks which suspended during the

years 1900-202

Deposits at time of suspension.................. 217,542

Deposits at last report prior to suspension. 237,900 

Ratio deposits at time of suspension to

deposits at last previous report......... .914

E. Ratio of deposits at time of suspension to

deposits plus borrowings, 190 State banks

which suspended during the years 1900-20

and were completely liquidated by 19252

Deposits at time of suspension.................. 52,525

Deposits plus borrowings........................... 57,168

Ratio deposits to deposits plus borrowings; .919

F. Ratio of offsets to dividends paid

National banks which 

did not reopen1 State banks which suspended during 1900-20 

and were completely 

Suspended liquidated by 19252

1865-99

Suspended

1900-20

Number of banks.................................................... 357 179 101

Offsets......................... ........................................... 18,631 18,423 1,567

Dividends paid....................................................... 96,235 68,695 26,829

Ratio offsets to dividends paid..................... .194 .268 .058

1 Report of the Comptroller of the Currency, 1931, pp. 321-79.

2 Tabulated from data in the Banking Inquiry of 1925. Deposits are depositors’ claims proved, including offsets (offsets estimated for some banks).

3 Tabulated from data published in annual reports of the Comptroller of the Currency.

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Federal Reserve Bank of St. Louis
Congress, by an act approved June 16,1934, authorized the Federal Deposit Insurance Corporation, in the discretion of the Board 

of Directors, to open on its books a fund solely for the benefit of 

mutual savings banks. Creation of a separate insurance fund for 

mutual savings banks made desirable a study of losses to depositors in these banks.

Losses to depositors, 1865-1934. Banking records have been 

examined in each State where mutual savings banks were operated during part or all of the 70-year period, 1865-1934.1 During 

this period 270 mutual savings banks with deposits amounting 

to 198 million dollars were found to have suspended. Other suspensions may have occurred which were not recorded. Losses 

to depositors during the period were estimated at 37 million 

dollars. Average annual losses for each $100 of deposits in active 

mutual savings banks were estimated to be $0,017.

For the entire United States, losses to depositors in mutual 

savings banks were less, relative to deposits in active banks, 

than losses to depositors in commercial banks. This is not proof, 

however, that deposits in mutual savings banks were a preferred 

risk during the period 1865-1934.

The figures for losses in commercial banks included banks 

in all States while mutual savings banks were located in only 18 

States. Most of the mutual savings banks were located in States 

where losses to depositors in suspended commercial banks have 

been below the average for the United States. Data which have 

been collected but have not been prepared for publication indicate 

that losses to depositors have been approximately the same, in 

proportion to deposits in active banks, in mutual savings banks 

as in national banks operating in the same States.

The conditions under which depositors in mutual savings banks 

and in commercial banks incur losses are not strictly comparable. 

Figures based upon an analysis of suspensions of mutual savings 

banks do not include all losses. Mutual savings banks can require 

notice before withdrawal of any deposits, as all their deposits are

1 For the purpose of this study, mutual savings banks have been defined as banks which 

have no capital stock, the net earnings of which inure wholly to the benefit of their 

depositors after payment of obligations for any advances by their organizers, and which 

transact a strictly savings bank business under State laws imposing special requirements 

on such banks governing the manner of investing their funds and of conducting their 

business.

Inclusion of a bank in this study as a mutual savings bank does not indicate that it 

would be so classed should it apply to the Federal Deposit Insurance Corporation for insurance, though for the most part those banks in which some depositors had rights or risks 

not common to all depositors, such as the guaranty fund banks of New Hampshire, have 

been excluded. One bank in California was included in this study, which, though insured by 

the Federal Deposit Insurance Corporation, was not admitted to the Fund For Mutuals because 

some depositors had special claims upon its surplus funds. Therefore, data relating to 

mutual savings banks appearing in this study do not agree with data contained elsewhere 

in the annual report.

Ill

LOSSES TO DEPOSITORS IN MUTUAL SAYINGS BANKS, 1865-1934

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Federal Reserve Bank of St. Louis
1 1 2 FEDERAL DEPOSIT INSURANCE CORPORATION

time deposits; they can restrict the amount which a depositor 

may withdraw; and they can withhold interest upon savings 

deposits when it has been earned. In case of insolvency, liquidation may be averted by reducing the accounts of all depositors 

proportionately.

Years of greatest loss. The losses to depositors in mutual 

savings banks were concentrated in a relatively few years. For 

the years 1930, 1932 and 1933, estimated losses amounted to more 

than 18 million dollars, about half of the losses for the whole 

period. In the five years, 1874-78, losses amounted to 10 million 

dollars or more than one-fourth of the total. Though the amount 

of loss in the earlier period was less than the amount of loss in 

the later period, the rate of loss as compared with deposits in 

active banks was much higher. Losses during the remaining 62 

years were relatively small, with 21 years showing no suspensions.

A comparison of losses resulting from the suspension of mutual 

savings banks, with deposits in active mutual savings banks, is 

given in Table 51.

Table 51. D e p o s it s a n d L o s s e s in S u sp e n d e d M u t u a l S a v in g s B a n k s 

C o m p a re d w it h D e p o s it s in A c t i v e M u t u a l S a v in g s B a n k s , 

1865-1934, b y Y e a r s

(Amounts of deposits and losses in thousands of dollars)

Year

Active banks Suspended banks Anhual loss per $100 of 

deposits in active banks Number Deposits Number Deposits Losses

1865....................... 320 242,189

1866....................... 341 277,547

1867....................... 370 326,048 1

1868....................... 398 376,969 1 4

1869....................... 464 440,660

1870....................... 503 525,911 1 150 8 $0,002

1871....................... 556 621,008 3 1,077 363 .058

1872....................... 600 684,456 3 2,605 908 .133

1873....................... 640 718,614 4 2,553 517 .072

1874...................... 661 764,580 7 8,189 2,002 .262

1875....................... 666 804,890 11 5,007 2,405 .299

1876....................... 666 809,908 14 6,394 1,329 .164

1877....................... 661 795,763 28 10,013 1,362 .171

1878....................... 647 749,574 60 53,356 3,193 .426

1879....................... 631 760,938 10 1,693 277 .036

1880....................... 615 824,514 3 342 98 .012

1881....................... 610 896,772 2 940 88 .010

1882....................... 609 951,490

1883....................... 613 997,766 5 1,079 170 .017

1884....................... 613 1,018,873 3 233 37 .004

1885....................... 620 1,061,783 5 1,864 29 .003

1886....................... 609 1,120,655 1 167 75 .007

1887....................... 608 1,175,178 1 143

1888....................... 613 1,223,633 4 2,126 220 .018

1889 ..................... 622 1,276,256

1890....................... 630 1,338,402 1 303 61 .005

1891....................... 629 1,400,341 2 2,534 386 .028

1892....................... 635 1,527,345 3 1,701 380 .025

1893....................... 641 1,576,648 5 1,862 365 .023

1894....................... 649 1,592,527 6 1,428 282 .018

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Federal Reserve Bank of St. Louis
LOSSES IN MUTUAL SAVINGS BANKS 113

Table 51. D e p o s it s a n d L o s s e s in S u s p e n d e d M u t u a l S a v in g s B a n k s 

C o m p a r e d w i t h D e p o s it s in A c t i v e M u t u a l S a v in g s B a n k s , 

1865-1934, b y Y e a r s — Continued

(Amounts of deposits and losses in thousands of dollars)

Year

Active banks Suspended banks Annual loss per $100 of

Number Deposits Number Deposits Losses deposits in active banks

1895....................... 649 1,662,653

1,743,407

1,803,020

1,896,687

2,024,079

2,154,188

2,284,312

2,419,523

2.526.073 

2,623,739

2,755,088

2,932,901

3,051,604

3,065,060

3,166,819

3,324,561

3,455,843

3,614,056

3,763,661

3,873,103

3,957,519

4.171.795 

4,379,841

4.460.378 

4,679,551

5,125,973

5,467,760

5,746,045

6,186,626

6,603,305

7.034.073

7.454.796 

7,960,052 

8,560,430 

8,898,833

9,030,095

9,619,324

9.942.379 

9,909,480 

9,654,627

219,864,497

14 9,199

6,192

1,509

2,854

418

938 .056

1896....................... 651 14 808 .046

1897....................... 646 6 119 .007

1898....................... 629 4 541 .029

1899....................... 628 4 26 .001

1900....................... 631 1 342 23 .001

1901....................... 631 4 1,119 74 .003

1902....................... 628

1903....................... 623

1904....................... 622 3 1,469 126 .005

1905....................... 618

1906....................... 618

1907....................... 625 1 43

1908....................... 632 2 172 28 .001

1909....................... 637 1 3,069

7,610

420

1910....................... 637 5 985 .030

1911.. .................... 634 2 46 .001

1912....................... 629 2 1,245

2,774

916

105 .003

1913................... 626 2 1

1914 628 2 1

1915....................... 623

1916....................... 625

1917....................... 625

1918....................... 625

1919....................... 620 1 45 30 .001

1920....................... 619 1 37

1921....................... 619

1922....................... 620 1 1,861 213 .004

1923....................... 617

1924....................... 614

1925....................... 611

1926....................... 607

1927....................... 604

1928....................... 601 1 194 31 .001

1929 ..................... 598

1930....................... 598 2 16,267

437

9,443

24,665

6,530

157

4,738

.072

193 1 

193 2 

595

587

1

3

.002

.048

1933....................... 577 9 7,085 .072

1934.. 567

T ota l......... 270 198,063 37,160 j $0,017

s o u r c e s o f d a t a

Data concerning active mutual savings banks were obtained in so far

as possible from the reports of State bank supervisory authorities, State

auditors and State Legislatures in States in which mutual savings banks

were located. The figures thus obtained were compared with and supplemented by data from the following sources: Emerson W. Keyes, A H istory

o f Savings Banks o f the United S tates, Vol. II, p. 532 if.; Banking Inquiry

o f 1925; D irectory of M utual Savings Banks o f the United S tates; and the

R eports of the Com ptroller o f the Currency, especially those of 1920, pp.

241-2 and 1933, p. 118.

Figures for number and deposits of suspended mutual savings banks and

for losses to depositors were obtained from the same sources, from the Federal Reserve Board, and from correspondence with State bank supervisory

authorities, the Savings Banks Association of the State of New York, the

National Association of Mutual Savings Banks, and William P. Chapman, Jr.

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Federal Reserve Bank of St. Louis
PART FOUR

LEGISLATION, REGULATIONS AND INSTRUCTIONS

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Federal Reserve Bank of St. Louis
ORIGINAL DEPOSIT INSURANCE LAW ; SECTION 12B OF THE FEDERAL RESERVE

ACT, INSERTED BY SECTION 8 OF THE BANKING ACT OF 1933

[ P u b l i c — No. 66— 73d C o n g r e s s ]

[H.R. 5661]

AN ACT

To provide for the safer and more effective use of the assets of banks, to regulate interbank 

control, to prevent the undue diversion of funds into speculative operations, and for other 

purposes.

“ Sec. 12B. (a) There is hereby created a Federal Deposit Insurance

Corporation (hereinafter referred to as the ‘Corporation’), whose duty it

shall be to purchase, hold, and liquidate, as hereinafter provided, the assets

of national banks which have been closed by action of the Comptroller of

the Currency, or by vote of their directors, and the assets of State member

banks which have been closed by action of the appropriate State authorities, or by vote of their directors; and to insure, as hereinafter provided,

the deposits of all banks which are entitled to the benefits of insurance

under this section.

“ (b) The management of the Corporation shall be vested in a board of

directors consisting of three members, one of whom shall be the Comptroller

of the Currency, and two of whom shall be citizens of the United States to

be appointed by the President, by and with the advice and consent of the

Senate. One of the appointive members shall be the chairman of the board

of directors of the Corporation and not more than two of the members of

such board of directors shall be members of the same political party. Each

such appointive member shall hold office for a term of six years and shall

receive compensation at the rate of $10,000 per annum, payable monthly

out of the funds of the Corporation, but the Comptroller of the Currency

shall not receive additional compensation for his services as such member.

“ (c) There is hereby authorized to be appropriated, out of any money

in the Treasury not otherwise appropriated, the sum of $150,000,000, which

shall be available for payment by the Secretary of the Treasury for capital

stock of the Corporation in an equal amount, which shall be subscribed for

by him on behalf of the United States. Payments upon such subscription

shall be subject to call in whole or in part by the board of directors of the

Corporation. Such stock shall be in addition to the amount of capital

stock required to be subscribed for by Federal reserve banks and member

and nonmember banks as hereinafter provided, and the United States shall

be entitled to the payment of dividends on such stock to the same extent

as member and nonmember banks are entitled to such payment on the class

A stock of the Corporation held by them. Receipts for payments by the

United States for or on account of such stock shall be issued by the Corporation to the Secretary of the Treasury and shall be evidence of the stock

ownership of the United States.

“ (d) The capital stock of the Corporation shall be divided into shares of

$100 each. Certificates of stock of the Corporation shall be of two classes—

class A and class B. Class A shock shall be held by member and nonmember banks as hereinafter provided and they shall be entitled to payment of

dividends out of net earnings at the rate of 6 per centum per annum on the

capital stock paid in by them, which dividends shall be cumulative, or to the

extent of 30 per centum of such net earnings in any one year, whichever

amount shall be the greater, but such stock shall have no vote at meetings

of stockholders. Class B stock shall be held by Federal reserve banks only

and shall not be entitled to the payment of dividends. Every Federal reserve

bank shall subscribe to shares of class B stock in the Corporation to an

amount equal to one half of the surplus of such bank on January 1, 1933,

and its subscriptions shall be accompanied by a certified check payable to

the Corporation in an amount equal to one half of such subscription. The

remainder of such subscription shall be subject to call from time to time

by the board of directors upon ninety days’ notice.

DEPOSIT INSURANCE LEGISLATION

117

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118 FEDERAL DEPOSIT INSURANCE CORPORATION

“ (e) Every bank which is or which becomes a member of the Federal

Reserve System on or before July 1, 1934,1 shall take all steps necessary to

enable it to become a class A stockholder of the Corporation on or before

July 1, 1 9 3 4 and thereafter no State bank or trust company or mutual

savings bank shall be admitted to membership in the Federal Reserve System until it becomes a class A stockholder of the Corporation, no national

bank in the continental United States shall be granted a certificate by the

Comptroller of the Currency authorizing it to commence the business of

banking until it becomes a member of the Federal Reserve System and a

class A stockholder of the Corporation, and no national bank in the continental United States for which a receiver or conservator has been appointed

shall be permitted to resume the transaction of its banking business until

it becomes a class A stockholder of the Corporation. Every member bank

shall apply to the Corporation for class A stock of the Corporation in an

amount equal to one half of 1 per centum of its total deposit liabilities as

computed in accordance with regulations prescribed by the Federal Reserve

Board; except that in the case of a member bank organized after the date

this section takes effect, the amount of such class A stock applied for by

such member bank during the first twelve months after its organization

shall equal 5 per centum of its paid-up capital and surplus, and beginning

after the expiration of such twelve months’ period the amount of such

class A stock of such member bank shall be adjusted annually in the same

manner as in the case of other member banks. Upon receipt of such application the Corporation shall request the Federal Reserve Board, in the case

of a State member bank, or the Comptroller of the Currency, in the case

of a national bank, to certify upon the basis of a thorough .examination of

such bank whether or not the assets of the applying bank are adequate to

enable it to meet all of its liabilities to depositors and other creditors as

shown by the books of the bank; and the Federal Reserve Board or the

Comptroller of the Currency shall make such certification as soon as practicable. If such certification be in the affirmative, the Corporation shall

grant such application and the applying bank shall pay one half of its

subscription in full and shall thereupon become a class A stockholder of

the Corporation: Provided, That no member bank shall be required to make

such payment or become a class A stockholder of the Corporation before

July 1, 1934.1 The remainder of such subscription shall be subject to call

from time to time by the board of directors of the Corporation. If such

certification be in the negative, the Corporation shall deny such application.

If any national bank shall not have become a class A stockholder of the

Corporation on or before July 1, 1934,1 the Comptroller of the Currency

shall appoint a receiver or conservator therefor in accordance with the

provisions of existing law. Except as provided in subsection (g) of this

section, if any State member bank shall not have become a class A stockholder of the Corporation on or before July 1, 1934,1 the Federal Reserve

Board shall terminate its membership in the Federal Reserve System in

accordance with the provisions of section 9 of this Act.

“ (f) Any State bank or trust company or mutual savings bank which

applies for membership in the Federal Reserve System or for conversion

into a national banking association on or after July 1, 1936, may, with the

consent of the Corporation, obtain the benefits of this section, pending action

on such application, by subscribing and paying for the same amount of

stock of the Corporation as it would be required to subscribe and pay for

upon becoming a member bank. Thereupon the provisions of this section

applicable to member banks shall be applicable to such State bank or trust

company or mutual savings bank to the same extent as if it were already

a member bank: Provided, That if the application of such State bank or

trust company or mutual savings bank for membership in the Federal Reserve

System or for conversion into a national banking association be approved

and it shall not complete its membership in the Federal Reserve System or its

conversion into a national banking association within a reasonable time,

or if such application shall be disapproved, then the amount paid by such

State bank or trust company or mutual savings bank on account of its

NOTE: Numerical references are to the paragraphs of S. 3025 which amend these provisions of the original Act. For text of S. 3025, enacted June 16, 1934, see pages 128-30.

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Federal Reserve Bank of St. Louis
ORIGINAL DEPOSIT INSURANCE LAW 119

subscription to the capital stock of the Corporation shall be repaid to it

and it shall no longer be subject to the provisions or entitled to the privileges of this section.

“ (g) If any State bank or trust company, or mutual savings bank

(referred to in this subsection as ‘State bank’) which is or which becomes

a member of the Federal Reserve System is not permitted by the laws

under which it was organized to purchase stock in the Corporation, it shall

apply to the Corporation for admission to the benefits of this section and,

if such application be granted after appropriate certification in accordance

with this section, it shall deposit with the Corporation an amount equal to

the amount which it would have been required to pay in on account of a

subscription to capital stock of the Corporation. Thereafter such deposit

shall be adjusted in the same manner as subscriptions for stock by class A

stockholders. Such deposit shall be subject to the same conditions with

respect to repayment as amounts paid on subscriptions to class A stock by

other member banks and the Corporation shall pay interest thereon at the

same rate as dividends are actually paid on outstanding shares of class A

stock. As long as such deposit is maintained with the Corporation, such

State bank shall, for the purposes of this section, be deemed to be a class A

stockholder of the Corporation. If the laws under which such State bank

was organized be amended so as to authorize State banks to subscribe for

class A stock of the Corporation, such State bank shall within six months

thereafter subscribe for an appropriate amount of such class A stock and

the deposit hereinafter provided for in lieu of payment upon class A stock

shall be applied upon such subscription. If the law under which such State

bank was organized be not amended at the next session of the State legislature following the admission of such State bank to the benefits of this

section so as to authorize State banks to purchase such class A stock, or,

if the law be so amended and such State bank shall fail within six months

thereafter to purchase such class A stock, the deposit previously made

with the Corporation shall be returned to such State bank and it shall no

longer be entitled to the benefits of this section, unless it shall have been

closed in the meantime on account of inability to meet the demands of its

depositors.

“ (h) The amount of the outstanding class A stock of the Corporation

held by member banks shall be annually adjusted as hereinafter provided

as of the last preceding call date as member banks increase their time and

demand deposits or as additional banks become members or subscribe to the

stock of the Corporation, and such stock may be decreased in amount as

member banks reduce their time and demand deposits or cease to be members. Shares of the capital stock of the Corporation owned by member

banks shall not be transferred or hypothecated. When a member bank

increases its time and demand deposits it shall, at the beginning of each

calendar year, subscribe for an additional amount of capital stock of the

Corporation equal to one half of 1 per centum of such increase in deposits.

One half of the amount of such additional stock shall be paid for at the

time of the subscription therefor, and the balance shall be subject to call

by the board of directors of the Corporation. A bank organized on or

before the date this section takes effect and admitted to membership in the

Federal Reserve System at any time after the organization of the Corporation shall be required to subscribe for an amount of class A capital stock

equal to one half of 1 per centum of the time and demand deposits of the

applicant bank as of the date of such admission, paying therefor its par

value plus one half of 1 per centum a month from the period of the last

dividend on the class A stock of the Corporation. When a member bank

reduces its time and demand deposits it shall surrender, not later than the

1st day of January thereafter, a proportionate amount of its holdings in

the capital stock of the Corporation, and when a member bank voluntarily

liquidates it shall surrender all its holdings of the capital stock of the

Corporation and be released from its stock subscription not previously

called. The shares so surrendered shall be canceled and the member bank

shall receive in payment therefor, under regulations to be prescribed by

the Corporation, a sum equal to its cash-paid subscriptions on the shares

surrendered and its proportionate share of dividends not to exceed one half

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120 FEDERAL DEPOSIT INSURANCE CORPORATION

of 1 per centum a month, from the period of the last dividend on such stock,

less any liability of such member bank to the Corporation.

“ (i) If any member or nonmember bank shall be declared insolvent, or

shall cease to be a member bank (or in the case of a nonmember bank, shall

cease to be entitled to the benefits of insurance under this section), the stock

held by it in the Corporation shall be canceled, without impairment of the

liability of such bank, and all cash-paid subscriptions on such stock, with

its proportionate share of dividends not to exceed one half of 1 per centum

per month from the period of last dividend on such stock shall be first

applied to all debts of the insolvent bank or the receiver thereof to the Corporation, and the balance, if any, shall be paid to the receiver of the insolvent bank.

“ (j) Upon the date of enactment of the Banking Act of 1933, the Corporation shall become a body corporate and as such shall have power—

“ First. To adopt and use a corporate seal.

“ Second. To have succession until dissolved by an Act of Congress.

“Third. To make contracts.

“ Fourth. To sue and be sued, complain and defend, in any court of law

or equity, State or Federal.

“ Fifth. To appoint by its board of directors such officers and employees

as are not otherwise provided for in this section, to define their duties, fix

their compensation, require bonds of them and fix the penalty thereof, and

to dismiss at pleasure such officers or employees. Nothing in this or any other

Act shall be construed to prevent the appointment and compensation as an

officer or employee of the Corporation of any officer or employee of the

United States in any board, commission, independent establishment, or executive department thereof.

“Sixth. To prescribe by its board of directors, by-laws not inconsistent

with law, regulating the manner in which its general business may be conducted, and the privileges granted to it by law may be exercised and

enjoyed.

“ Seventh. To exercise by its board of directors, or duly authorized officers

or agents, all powers specifically granted by the provisions of this section

and such incidental powers as shall be necessary to carry out the powers

so granted.

“ (k) The board of directors shall administer the affairs of the Corporation fairly and impartially and without discrimination. The board of directors of the Corporation shall determine and prescribe the manner in which

its obligations shall be incurred and its expenses allowed and paid.. The

Corporation shall be entitled to the free use of the United States mails in

the same manner as the executive departments of the Government. The

Corporation with the consent of any Federal reserve bank or of any board,

commission, independent establishment, or executive department of the Government, including any field service thereof, may avail itself of the use of

information, services, and facilities thereof in carrying out the provisions

of this section.

“ (1) Effective on and after July 1, 1934 1 (thus affording ample time for

examination and preparation), unless the President shall by proclamation

fix an earlier date, the Corporation shall insure as hereinafter provided the

deposits of all member banks, and on and after such date and until July 1,

1936,8 of all nonmember banks, which are class A stockholders of the Corporation. Notwithstanding any other provision of law, whenever any

national bank which is a class A stockholder of the Corporation shall have

been closed by action of its board of directors or by the Comptroller of

the Currency, as the case may be, on account of inability to meet the

demands of its depositors, the Comptroller of the Currency shall appoint

the Corporation receiver for such bank. As soon as possible thereafter the

Corporation shall organize a new national bank to assume the insured

deposit liabilities of such closed bank, to receive new deposits and otherwise to perform temporarily the functions provided for it in this paragraph.

NOTE: Numerical references are to the paragraphs of S. 3025 which amend these provisions of the original Act. For text of S. 3025, enacted June 16, 1934, see pages 128-30.

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ORIGINAL DEPOSIT INSURANCE LAW 121

For the purposes of this subsection, the term ‘insured deposit liability' shall

mean with respect to the owner of any claim arising out of a deposit liability of such closed bank the following percentages of the net amount due

to such owner by such closed bank on account of deposit liabilities: 100 per

centum of such net amount not exceeding $10,000; and 75 per centum of

the amount, if any, by which such net amount exceeds $10,000 but does not

exceed $50,000; and 50 per centum of the amount, if any, by which such

net amount exceeds $50,000: Provided, That, in determining the amount

due to such owner for the purpose of fixing such percentage, there shall be

added together all net amounts due to such owner in the same capacity or

the same right, on account of deposits, regardless of whether such deposits

be maintained in his name or in the names of others for his benefit. For

the purposes of this subsection, the term ‘insured deposit liabilities' shall

mean the aggregate amount of all such insured deposit liabilities of such

closed bank. The Corporation shall determine as expeditiously as possible

the net amounts due to depositors of the closed bank and shall make available to the new bank an amount equal to the insured deposit liabilities of

such closed bank, whereupon such new bank shall assume the insured deposit

liability of such closed bank to each of its depositors, and the Corporation

shall be subrogated to all rights against the closed bank of the owners of

such deposits and shall be entitled to receive the same dividends from the

proceeds of the assets of such closed bank as would have been payable to

each such depositor until such dividends shall equal the insured deposit

liability to such depositor assumed by the new bank, whereupon all further

dividends shall be payable to such depositor. Of the amount thus made

available by the Corporation to the new bank, such portion shall be paid

to it in cash as may be necessary to enable it to meet immediate cash

demands and the remainder shall be credited to it on the books of the Corporation subject to withdrawal on demand and shall bear interest at the

rate of 3 per centum per annum until withdrawn. The new bank may, with

the approval of the Corporation, accept new deposits, which, together with

all amounts made available to the new bank by the Corporation, shall be

kept on hand in cash, invested in direct obligations of the United States, or

deposited with the Corporation or with a Federal reserve bank. Such new

bank shall maintain on deposit with the Federal reserve bank of its district

the reserves required by law of member banks but shall not be required to

subscribe for stock of the Federal reserve bank until its own capital stock

has been subscribed and paid for in the manner hereinafter provided. The

articles of association and organization certificate of such new bank may

be executed by such representatives of the Corporation as it may designate;

the new bank shall not be required to have any directors at the time of its

organization, but shall be managed by an executive officer to be designated

by the Corporation; and no capital stock need be paid in by the Corporation;

but in other respects such bank shall be organized in accordance with the

existing provisions of law relating to the organization of national banks;

and, until the requisite amount of capital stock for such bank has been

subscribed and paid for in the manner hereinafter provided, such bank

shall transact no business except that authorized by this subsection and such

business as may be incidental to its organization. When in the judgment

of the Corporation it is desirable to do so, the Corporation shall offer capital

stock of the new bank for sale on such terms and conditions as the Corporation shall deem advisable, in an amount sufficient in the opinion of the

Corporation to make possible the conduct of the business of the new bank

on a sound basis, but in no event less than that required by section 5138 of

the Revised Statutes, as amended (USC., title 12, sec. 51), for the organization of a national bank in the place wThere such new bank is located,

giving the stockholders of the closed bank the first opportunity to purchase

such stock. Upon proof that an adequate amount of capital stock of the

new bank has been subscribed and paid for in cash by subscribers satisfactory to the Comptroller of the Currency, he shall issue to such bank a

certificate of authority to commence business and thereafter it shall be managed by directors elected by its own shareholders and may exercise all of

the powers granted by law to national banking associations. If an adequate

amount of capital for such new bank is not subscribed and paid in, the

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122 FEDERAL DEPOSIT INSURANCE CORPORATION

Corporation may offer to transfer its business to any other banking institution in the same place which will take over its assets, assume its liabilities, and pay to the Corporation for such business such amount as the Corporation may deem adequate. Unless the capital stock of the new bank is

sold or its assets acquired and its liabilities assumed by another banking

institution, in the manner herein prescribed, within two years from the

date of its organization, the Corporation shall place the new bank in voluntary liquidation and wind up its affairs. The Corporation shall open on

its books a deposit insurance account and, as soon as possible after taking

possession of any closed national bank, the Corporation shall make an

estimate of the amount which will be available from all sources for application in satisfaction of the portion of the claims of depositors to which

it has been subrogated and shall debit to such deposit insurance account

the excess, if any, of the amount made available by the Corporation to the

new bank for depositors over and above the amount of such estimate. It

shall be the duty of the Corporation to realize upon the assets of such closed

bank, having due regard to the condition of credit in the district in which

such closed bank is located; to enforce the individual liability of the stockholders and directors thereof; and to wind up the affairs of such closed

bank in conformity with the provisions of law relating to the liquidation of

closed national banks, except as herein otherwise provided, retaining for

its own account such portion of the amount realized from such liquidation

as it shall be entitled to receive on account of its subrogation to the claims

of depositors and paying to depositors and other creditors the amount available for distribution to them, after deducting therefrom their share of the

costs of the liquidation of the closed bank. If the total amount realized by

the Corporation on account of its subrogation to the claims of depositors

be less than the amount of the estimate hereinabove provided for, the

deposit insurance account shall be charged with the deficiency and, if the

total amount so realized shall exceed the amount of such estimate, such

account shall be credited with such excess. With respect to such closed

national banks, the Corporation shall have all the rights, powers, and privileges now possessed by or hereafter given receivers of insolvent national

banks and shall be subject to the obligations and penalties not inconsistent

with the provisions of this paragraph to which such receivers are now or

may hereafter become subject.

“Whenever any State member bank which is a class A stockholder of the

Corporation shall have been closed by action of its board of directors or by

the appropriate State authority, as the case may be, on account of inability

to meet the demands of its depositors, the Corporation shall accept appointment as receiver thereof, if such appointment be tendered by the appropriate

State authority and be authorized or permitted by State law. Thereupon

the Corporation shall organize a new national bank, in accordance with

the provisions of this subsection, to assume the insured deposit liabilities

of such closed State member bank, to receive new deposits and otherwise to

perform temporarily the functions provided for in this subsection. Upon

satisfactory recognition of the right of the Corporation to receive dividends

on the same basis as in the case of a closed national bank under this subsection, such recognition being accorded by State law, by allowance of claims

by the appropriate State authority, by assignment of claims by depositors,

or by any other effective method, the Corporation shall make available to

such new national bank, in the manner prescribed by this subsection, an

amount equal to the insured deposit liabilities of such closed State member

bank; and the Corporation and such new national bank shall perform all

of the functions and duties and shall have all the rights and privileges with

respect to such State member bank and the depositors thereof which are

prescribed by this subsection with respect to closed national banks holding

class A stock in the Corporation: Provided, That the rights of depositors

and other creditors of such State member bank shall be determined in accordance with the applicable provisions of State law: A nd provided fu rth er,

That, with respect to such State member bank, the Corporation shall possess

the powers and privileges provided by State law with respect to a receiver

of such State member bank, except in so far as the same are in conflict with

the provisions of this subsection.

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ORIGINAL DEPOSIT INSURANCE LAW 123

“ Whenever any State member bank which is a class A stockholder of

the Corporation shall have been closed by action of its board of directors

or by the appropriate State authority, as the case may be, on account of

inability to meet the demands of its depositors, and the applicable State

law does not permit the appointment of the Corporation as receiver of such

bank, the Corporation shall organize a new national bank, in accordance

with the provisions of this subsection, to assume the insured deposit liabilities of such closed State member bank, to receive new deposits, and

otherwise to perform temporarily the functions provided for in this subsection. Upon satisfactory recognition of the right of the Corporation to

receive dividends on the same basis as in the case of a closed national

bank under this subsection, such recognition being accorded by State law,

by allowance of claims by the appropriate State authority, by assignment

of claims by depositors, or by any other effective method, the Corporation

shall make available to such new bank, in accordance with the provisions

of this subsection, the amount of insured deposit liabilities as to which

such recognition has been accorded; and such new bank shall assume such

insured deposit liabilities and shall in other respects comply with the provisions of this subsection respecting new banks organized to assume insured

deposit liabilities of closed national banks. In so far as possible in view

of the applicable provisions of State law, the Corporation shall proceed

with respect to the receiver of such closed bank and with respect to the

new bank organized to assume its insured deposit liabilities in the manner

prescribed by this subsection with respect to closed national banks and new

banks organized to assume their insured deposit liabilities; except that the

Corporation shall have none of the powers, duties, or responsibilities of a

receiver with respect to the winding up of the affairs of such closed State

member bank. The Corporation, in its discretion, however, may purchase

and liquidate any or all of the assets of such bank.

“Whenever the net debit balance of the deposit insurance account of the

Corporation shall equal or exceed one fourth of 1 per centum of the total

deposit liabilities of all class A stockholders as of the date of the last

preceding call report, the Corporation shall levy upon such stockholders an

assessment equal to one fourth of 1 per centum of their total deposit liabilities and shall credit the amount collected from such assessment to such

deposit insurance account. No bank which is a holder of class A stock shall

pay any dividends until all assessments levied upon it by the Corporation

shall have been paid in full; and any director or officer of any such bank

who participates in the declaration or payment of any such dividend may,

upon conviction, be fined not more than $1,000, or imprisoned for not more

than one year, or both.

“ The term ‘receiver’ as used in this section shall mean a receiver, liquidating agent, or conservator of a national bank, and a receiver, liquidating

agent, conservator, commission, person, or other agency charged by State

law with the responsibility and the duty of winding up the affairs of an

insolvent State member bank.

“ For the purposes of this section only, the term ‘national bank’ shall

include all national banking associations and all banks, banking associations, trust companies, savings banks, and other banking institutions located

in the District of Columbia which are members of the Federal Reserve System; and the term ‘State member bank’ shall include all State banks, banking associations, trust companies, savings banks, and other banking institutions organized under the laws of any State, which are members of the

Federal Reserve System.

“In any determination of the insured deposit liabilities of any closed bank

or of the total deposit liabilities of any bank which is a holder of class A

stock of the Corporation, or a member of the Fund provided for in subsection (y), for the purposes of this section, there shall be excluded the

amounts of all deposits of such banks which are payable only at an office

thereof located in a foreign country.

“ The Corporation may make such rules, regulations, and contracts as it

may deem necessary in order to carry out the provisions of this section.

“Money of the Corporation not otherwise employed shall be invested in

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124 FEDERAL DEPOSIT INSURANCE CORPORATION

porary periods, in the discretion of the board of directors, funds of the

Corporation may be deposited in any Federal reserve bank or with the

Treasurer of the United States. When designated for that purpose by the

Secretary of the Treasury, the Corporation shall be a depositary of public

moneys, except receipts from customs, under such regulations as may be

prescribed by the said Secretary, and may also be employed as a financial

agent of the Government. It shall perform all such reasonable duties as

depositary of public moneys and financial agent of the Government as may

be required of it.

“ (m) Nothing herein contained shall be construed to prevent the Corporation from making loans to national banks closed by action of the Comptroller of the Currency, or by vote of their directors, or to State member

banks closed by action of the appropriate State authorities, or by vote of

their directors, or from entering into negotiations to secure the reopening

of such banks.

“ (n) Receivers or liquidators of member banks which are now or may

hereafter become insolvent or suspended shall be entitled to offer the assets

of such banks for sale to the Corporation or as security for loans from the

Corporation, upon receiving permission from the appropriate State authority

in accordance with express provisions of State law in the case of State

member banks, or from the Comptroller of the Currency in the case of

national banks. The proceeds of every such sale or loan shall be utilized

for the same purposes and in the same manner as other funds realized

from the liquidation of the assets of such banks. The Comptroller of the

Currency, may, in his discretion, pay dividends on proved claims at any

time after the expiration of the period of advertisement made pursuant to

section 5235 of the Revised Statutes (U.S.C., title 12, sec. 193), and no liability shall attach to the Comptroller of the Currency or to the receiver

of any national bank by reason of any such payment for failure to pay dividends to a claimant whose claim is not proved at the time of any such

payment.

“ (o) The Corporation is authorized and empowered to issue and to have

outstanding at any one time in an amount aggregating not more than three

times the amount of its capital, its notes, debentures, bonds, or other such

obligations, to be redeemable at the option of the Corporation before maturity in such manner as may be stipulated in such obligations, and to bear

such rate or rates of interest, and to mature at such time or times as may

be determined by the Corporation: Provided, That the Corporation may sell

on a discount basis short-term obligations payable at maturity without interest. The notes, debentures, bonds, and other such obligations of the Corporation may be secured by assets of the Corporation in such manner as

shall be prescribed by its board of directors. Such obligations may be

offered for sale at such price or prices as the Corporation may determine.

“ (p) All notes, debentures, bonds, or other such obligations issued by

the Corporation shall be exempt, both as to principal and interest, from ail

taxation (except estate and inheritance taxes) now or hereafter imposed by

the United States, by any Territory, dependency, or possession thereof, or

by any State, county, municipality, or local taxing authority. The Corporation, including its franchise, its capital, reserves, and surplus, and its

income, shall be exempt from all taxation now or hereafter imposed by the

United States, by any Territory, dependency, or possession thereof, or by

any State, county, municipality, or local taxing authority, except that any

real property of the Corporation shall be subject to State, Territorial, county,

municipal or local taxation to the same extent according to its value as

other real property is taxed.

“ (q) In order that the Corporation may be supplied with such forms

of notes, debentures, bonds, or other such obligations as it may need for

issuance under this Act, the Secretary of the Treasury is authorized to

prepare such forms as shall be suitable and approved by the Corporation,

to be held in the Treasury subject to delivery, upon order of the Corporation. The engraved plates, dies, bed pieces, and other material executed in

connection therewith shall remain in the custody of the Secretary of the

Treasury. The Corporation shall reimburse the Secretary of the Treasury

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ORIGINAL DEPOSIT INSURANCE LAW 125

for any expenses incurred in the preparation, custody, and delivery of such

notes, debentures, bonds, or other such obligations.

“ (r) The Corporation shall annually make a report of its operations to

the Congress as soon as practicable after the 1st day of January in each

year.

“ (s) Whoever, for the purpose of obtaining any loan from the Corporation, or any extension or renewal thereof, or the acceptance, release, or substitution of security therefor, or for the purpose of inducing the Corporation

to purchase any assets, or for the purpose of influencing in any way the

action of the Corporation under this section, makes any statement, knowing

it to be false, or willfully overvalues any security, shall be punished by a

fine of not more than $5,000, or by imprisonment for not more than two

years, or both.

“ (t) Whoever (1) falsely makes, forges, or counterfeits any obligation

or coupon, in imitation of or purporting to be an obligation or coupon issued

by the Corporation, or (2) passes, utters, or publishes, or attempts to pass,

utter, or publish, any false, forged, or counterfeited obligation or coupon

purporting to have been issued by the Corporation, knowing the same to

be false, forged, or counterfeited, or (3) falsely alters any obligation or

coupon issued or purporting to have been issued by the Corporation, or (4)

passes, utters, or publishes, or attempts to pass, utter, or publish, as true,

any falsely altered or spurious obligation or coupon, issued or purporting

to have been issued by the Corporation, knowing the same to be falsely

altered or spurious, shall be punished by a fine of not more than $10,000, or

by imprisonment for not more than five years, or both.

“ (u) Whoever, being connected in any capacity with the Corporation, (1)

embezzles, abstracts, purloins, or willfully misapplies any moneys, funds,

securities, or other things of value, whether belonging to it or pledged, or

otherwise intrusted to it, or (2) with intent to defraud the Corporation

or any other body, politic or corporate, or any individual, or to deceive any

officer, auditor, or examiner of the Corporation, makes any false entry in

any book, report, or statement of or to the Corporation, or without being

duly authorized draws any order or issues, puts forth, or assigns any note,

debenture, bond, or other such obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof, shall be punished by a fine of not more

than $10,000, or by imprisonment for not more than five years, or both.

“ (v) No individual, association, partnership, or corporation shall use

the words ‘Federal Deposit Insurance Corporation,’ or a combination or any

three of these four words, as the name or a part thereof under which he or

it shall do business. No individual, association, partnership, or corporation

shall advertise or otherwise represent falsely by any device whatsoever that

his or its deposit liabilities are insured or in anywise guaranteed by the

Federal Deposit Insurance Corporation, or by the Government of the United

States, or by any instrumentality thereof; and no class A stockholder of

the Federal Deposit Insurance Corporation shall advertise or otherwise represent falsely by any device whatsoever the extent to which or the manner in

which its deposit liabilities are insured by the Federal Deposit Insurance

Corporation. Every individual, partnership, association, or corporation violating this subsection shall be punished by a fine of not exceeding $1,000, or

by imprisonment not exceeding one year, or both.®

“ (w) The provisions of sections 112, 113, 114, 115, 116, and 117 of the

Criminal Code of the United States (U.S.C., title 18, ch. 5, secs. 202 to 207,

inclusive), in so far as applicable, are extended to apply to contracts or

agreements with the Corporation under this section, which for the purposes

hereof shall be held to include loans, advances, # extensions, and renewals

thereof, and acceptances, releases, and substitutions of security therefor,

purchases or sales of assets, and all contracts and agreements pertaining

to the same.

“ (x) The Secret Service Division of the Treasury Department is authorized

to detect, arrest, and deliver into the custody of the United States marshal

NOTE: Numerical references are to the paragraphs of S. 3025 which amend these provi ions of the original Act. For text of S. 3025, enacted June 16, 1934, see pages 128-30.

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126 FEDERAL DEPOSIT INSURANCE CORPORATION

having jurisdiction any person committing any of the offenses punishable

under this section.

“ (y) The Corporation shall open on its books a Temporary Federal Deposit

Insurance Fund (hereinafter referred to as the ‘Fund’), which shall become

operative on January 1, 1934, unless the President shall by proclamation fix

an earlier date, and it shall be the duty of the Corporation to insure deposits

as hereinafter provided until July 1, 1934.1

“Each member bank licensed before January 1, 1934, by the Secretary of

the Treasury pursuant to the authority vested in him by the Executive order

of the President issued March 10, 1933, shall, on or before January 1, 1934,

become a member of the Fund; each member bank so licensed after such

date, and each State bank, trust company, or mutual savings bank (referred

to in this subsection as ‘State bank/ which term shall also include all banking institutions located in the District of Columbia)10 which becomes a member of the Federal Reserve System on or after such date, shall, upon being

so licensed or so admitted to membership, become a member of the Fund;

and any State bank which is not a member of the Federal Reserve System,

with the approval of the authority having supervision of such State bank

and certification to the Corporation by such authority that such State bank

is in solvent condition, shall, after examination by, and with the approval

of the Corporation, be entitled to become a member of the Fund and to the

privileges of this subsection upon agreeing to comply with the requirements thereof and upon paying to the Corporation an amount equal to the

amount that would be required of it under this subsection if it were a member bank. The Corporation is authorized to prescribe rules and regulations

for the further examination of such State bank, and to fix the compensation of examiners employed to make examinations of State banks.

“Each member of the Fund shall file with the Corporation on or before

the date of its admission a certified statement under oath showing, as of

the fifteenth day of the month preceding the month in which it was so

admitted, the number of its depositors and the total amount of its deposits

which are eligible for insurance under this subsection, and shall pay to the

Corporation an amount equal to one-half of 1 per centum of the total amount

of the deposits so certified. One-half of such payment shall be paid in full

at the time of the admission of such member to the Fund, and the remainder

of such payment shall be subject to call from time to time by the board of

directors of the Corporation. Within a reasonable time fixed by the Corporation each such member shall file a similar statement showing, as of

June 15, 1934,2 the number of its depositors and the total amount of its

deposits which are eligible for such insurance and shall pay to the Corporation in the same manner an amount equal to one-half of 1 per centum

of the increase, if any, in the total amount of such deposits since the date

covered by the statement filed upon its admission to membership in the

fund.

“If at any time prior to July 1, 1934,1 the Corporation requires additional

funds with which to meet its obligations under this subsection, each member

of the Fund shall be subject to one additional assessment only in an amount

not exceeding the total amount theretofore paid to the Corporation by such

member.6

“If any member of the Fund shall be closed on or before June 30, 1934,1*

on account of inability to meet its deposit liabilities, the Corporation shall

proceed in accordance with the provisions of subsection (1) of this section

to pay the insured deposit liabilities of such member; except that the Corporation shall pay not more than $2,500 on account of the net approved claim

of the owner of any deposit.7 The provisions of such subsection (1) relating

to State member banks shall be extended for the purposes of this subsection

to members of the Fund which are not members of the Federal Reserve

System; and the provisions of this subsection shall apply only to deposits

of members of the Fund which have been made available since March 10,

1933, for withdrawal in the usual course of the banking business.4

NOTE: Numerical references are to the paragraphs of S. 3025 which amend these provisions of the original Act. For text of S. 3025, enacted June 16, 1934, see pages 128-30.

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ORIGINAL DEPOSIT INSURANCE LAW 127

“ Before July 1, 1934,1 the Corporation shall make an estimate of the balance, if any, which will remain in the Fund after providing for all liabilities

of the Fund, including expenses of operation thereof under this subsection

and allowing for anticipated recoveries. The Corporation shall refund such

estimated balance, on such basis as the Corporation shall find to be equitable,

to the members of the Fund other than those wThich have been closed prior

to July 1, 1934.15

“Each State bank wThich is a member of the Fund, in order to obtain the

benefits of this section after July 1, 1934,1 shall, on or before such date,

subscribe and pay for the same amount of class A stock of the Corporation

as it would be required to subscribe and pay for upon becoming a member

bank, or if such State bank is not permitted by the laws under which it

was organized to purchase such stock, it shall deposit with the Corporation

an amount equal to the amount it would have been required to pay in on

account of a subscription to such stock; and thereafter such State bank

shall be entitled to such benefits until July 1, 1936.

“It is not the purpose of this section to discriminate, in any manner,

against State nonmember, and in favor of, national or member banks; but

the purpose is to provide all banks with the same opportunity to obtain

and enjoy the benefits of this section. No bank shall be discriminated

against because its capital stock is less than the amount required for

eligibility for admission into the Federal Reserve System.”

N OTE: Numerical references are to the paragraphs of S. 3025 which amend these provisions of the original Act. For u-xt of S. 3025, enacted June 16, 1934, see pages 128-30.

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128 FEDERAL DEPOSIT INSURANCE CORPORATION

AMENDMENTS TO DEPOSIT INSURANCE LAW

[P ublic— No. 362— 73d C o n g r e s s ]

[S. 3025]

AN ACT

To amend section 12B of the Federal Reserve Act so as to extend for one year the temporary 

plan for deposit insurance, and for other purposes.

B e it enacted by the Senate and House of R epresentatives of the United

States of Am erica in Congress assembled, That section 12B of the Federal

Reserve Act is amended—

(1) By striking out “July 1, 1934” wherever it appears in subsections (e),

(1), and (y), and inserting in lieu thereof “July 1, 1935,,j

(2) By striking out “June 15, 1934” where it appears in the last sentence

of the third paragraph of subsection (y) and inserting in lieu thereof “ October 1, 1934” ;

(3) By striking out “June 30, 1934” where it appears in the first sentence

of the fifth paragraph of subsection (y), and inserting in lieu thereof “June

30, 1935” ;

(4) By amending the second sentence of the fifth paragraph of subsection

(y) to comprise two sentences reading as follows: “The provisions of such

subsection (1) relating to State member banks shall be extended for the

purposes of this subsection to members of the Fund which are not members

of the Federal Reserve System, and the provisions of such subsection (1)

relating to the appointment of the Corporation as receiver shall be applicable

to all members of the Fund. The provisions of this subsection shall apply

only to deposits of members of the Fund which have been made available

since March 10, 1933, for withdrawal in the usual course of the banking

business.” ;

(5) By adding to the sixth paragraph of subsection (y) the following:

“The Corporation shall prescribe by regulations the manner of exercise of

the right of nonmember banks to withdraw from membership in the fund

on July 1, 1934, except that no bank shall be permitted to withdraw unless

ten days prior thereto it has given written notice to the Corporation of its

election so to do. Banks which withdraw from the Fund on July 1, 1934,

shall be entitled to a refund of their proportionate share of any estimated

balance in the Fund on the same basis as if the Fund had terminated on

July 1, 1934.” ;

(6) By adding to the end of the fourth paragraph of subsection (y) the

following new paragraphs:

“On and after July 1, 1934, the amount eligible for insurance under this

subsection for the purposes of the October 1, 1934 certified statement, any

entrance assessment, and, if levied, the additional assessment, shall be the

amounts not in excess of $5,000 of the deposits of each depositor.

“Each mutual savings bank, unless it becomes subject to the provisions

of the preceding paragraph in the manner hereinafter provided, shall be

excepted from the operation of the preceding paragraph and for each such

bank which is so excepted the amount eligible for insurance under this

subsection for the purposes of the October 1, 1934 certified statement, any

entrance assessment, and, if levied, the additional assessment, shall be the

amounts not in excess of $2,500 for the deposits of each depositor. In the

event any mutual savings bank shall be closed on account of inability to

meet its deposit liabilities the Corporation shall pay not more than $2,500

on account of the net approved claim of any owner of deposits in such bank:

Provided, how ever, That should any mutual savings bank make manifest

to the Corporation its election to be subject to the provisions of the preceding paragraph the Corporation may, in the discretion of the board of directors, permit such bank to become so subject and the insurance of its deposits

to continue on the same basis and to the same extent as that of fund members other than mutual savings banks.

“The Corporation, in the discretion of the board of directors, may open

on its books solely for the benefit of mutual savings banks an additional

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AMENDMENTS TO DEPOSIT INSURANCE LAW 129

Temporary Federal Deposit Insurance Fund (hereinafter referred to as the

‘Fund For Mutuals’) which, if opened, shall become operative on or after

July 1, 1934, but prior to August 1, 1934, and shall continue to July 1, 1935.

If the Fund For Mutuals is opened on the books of the Corporation, each

mutual savings bank which is or becomes entitled to the benefits of insurance during the period of its operation shall be a member thereof and shall

not be a Fund member. All assessments on each mutual savings bank,

including payments heretofore made to the Corporation less an equitable

deduction for liabilities and expenses of the Fund incurred prior to the

opening of the Fund For Mutuals, if opened, shall be transferred or paid,

as the case may be, to the Fund For Mutuals. All provisions of this section

applicable to the Fund and not inconsistent with this paragraph shall be

applicable to the Fund For Mutuals if opened, except that as to any period

the two are in operation the Fund shall not be subject to the liabilities of

the Fund For Mutuals and the Fund For Mutuals shall not be subject to

the liabilities of the Fund. Each mutual savings bank admitted to the

Fund shall bear its equitable share of the liabilities of the Fund for the

period it is a member thereof, including expenses of operation and allowing for anticipated recoveries.” ;

(7) By striking out the period at the end of the first sentence of the fifth

paragraph of subsection (y) and inserting in lieu thereof a comma and

the following: “if the member closed on or before June 30, 1934, and not

more than $5,000 if closed on or after July 1, 1934.” ;

(8) By (a) striking out “July 1, 1936” in the first sentence of subsection

(1) and inserting in lieu thereof “July 1, 1937”, (b) striking out the words

“July 1, 1936” in the seventh paragraph of subsection (y) and inserting in

lieu thereof “July 1, 1937”, and (c) adding after the seventh paragraph of

subsection (y) the following new paragraph:

“Until July 1, 1937, any State bank may obtain the benefits of this section

on and after the date the Fund is terminated upon the conditions with regard

to examination, certification, and approval governing the admission of State

banks to the Fund and upon purchasing such class A stock or making such

a deposit as is prescribed in the preceding paragraph for former fund members.” ;

(9) By adding at the end of the first paragraph of subsection (v) the following new paragraph:

“Every insured bank shall display at each place of business maintained

by it a sign or signs to the effect that its deposits are insured by the Federal Deposit Insurance Corporation. The Corporation shall prescribe by

regulation the form of such sign and the manner of its display. Such regulation may impose a maximum penalty of $100 for each day an insured bank

continues to violate any lawful provisions of said regulation.” ; and

(10) By amending the first sentence of the second paragraph of subsection

(y) by inserting within the parentheses and immediately after the words

“District of Columbia” the words “and the Territories of Hawaii and Alaska”.

S e c . 2. The first paragraph of section 9 of the Federal Reserve Act, as

amended (U.S.C., title 12, sec. 321), is amended by adding after the second

sentence thereof a new sentence to read as follows: “ For the purposes of

membership of any such bank the terms ‘capital’ and ‘capital stock’ shall

include the amount of outstanding capital notes and debentures legally issued

by the applying bank and purchased by the Reconstruction Finance Corporation.”

S e c . 3. (a) The Reconstruction Finance Corporation Act, as amended,

is amended by adding before section 6 thereof the following new section:

“ S e c . 5e. (a) The Corporation is authorized and empowered to make

loans upon or purchase the assets of any bank, savings bank, or trust company, which has been closed on or after December 31, 1929, and prior to

January 1, 1934, and the affairs of which have not been fully liquidated or

wound up, upon such terms and conditions as the Corporation may bv regulations prescribe. If in connection with the reorganization, stabilization,

or liquidation of any such bank, assets have been trusteed or are otherwise

held for the benefit of depositors or depositors and others, the authority

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130 FEDERAL DEPOSIT INSURANCE CORPORATION

subject to regulations, as provided in the preceding sentence shall be extended

for the purpose of authorizing the Corporation to purchase or make loans

on such assets held for the benefit of such depositors or depositors and

others. This authority shall also extend to any such institution that has

reopened without payment of deposits in full. In making any purchase of

or loan on the assets of any closed bank, the Corporation shall appraise

such assets in anticipation of an orderly liquidation over a period of years,

rather than on the basis of forced selling values in a period of business

depression. This authority shall also extend to assets of the character made

eligible by this section as security for loans without regard to whether the

Corporation has heretofore made loans thereon.

“ (b) The Corporation shall purchase at par value such debentures or

other obligations of the Federal Deposit Insurance Corporation as are

authorized to be issued under subsection (o) of section 12B of the Federal

Reserve Act, as amended, upon request of the board of directors of the

Federal Deposit Insurance Corporation, whenever in the judgment of said

board additional funds are required for insurance purposes: Provided, That

the Corporation shall not purchase or hold at any time said debentures 01 

other obligations in excess of $250,000,000 par value: Provided further.

That the proceeds derived from the purchase by the Corporation of any

such debentures or other such obligations shall be used by the Federal

Deposit Insurance Corporation solely in carrying out its functions with

respect to such insurance.

“ (c) The amount of notes, bonds, debentures, and other such obligations

which the Corporation is authorized and empowered to issue and to have

outstanding at any one time under existing law is hereby increased by

$250,000,000.”

Sec. 4. So much of section 31 of the Banking Act of 1933 as relates to

stock ownership by directors, trustees or members of similar governing

bodies of member banks of the Federal Reserve System, is hereby repealed.

Approved, June 16, 1934.

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REGULATIONS 131

There is printed below the text of Regulations A to F, inclusive, issued by the Federal Deposit Insurance Corporation during 

1933 and 1934, and the text of a letter accompanying Regulation F.

ADVERTISEMENT OF MEMBERSHIP IN THE TEMPORARY FEDERAL 

DEPOSIT INSURANCE FUND

REGULATION A

E ffective Novem ber 22, 1933.

Pursuant to Section 12B of the Federal Reserve Act the Federal Deposit

Insurance Corporation prescribes the following regulation relating to announcement of membership or prospective membership in the Temporary

Fund of this Corporation:

No bank shall hereafter advertise its prospective connection with the

Temporary Fund of this Corporation, by any form of announcement

or publicity, nor shall any bank announce or advertise that it is, in

fact, a member of the Temporary Fund of this Corporation or that its

deposits are insured within the limitations of the Banking Act of 1933

until announcement of the name of such bank as a member of the Fund

has been made under the authority of the Board of Directors of this

Corporation.

FEDERAL DEPOSIT INSURANCE CORPORATION.

N o t e : — (Banks, which prior to January 1, 1934, received notice of being

entitled to membership in the Temporary Federal Deposit Insurance Fund,

were advised by telegraph not to announce such membership until January

1, 1934. Subject only to the prohibition against announcement prior to January 1, 1934, “announcement of the name" of a bank “as a member of the

Fund has been made under the authority of the Board of Directors of this

Corporation” when, but not until the bank has received from this Corporation advice of admittance to the Fund.)

REGULATIONS OF THE FEDERAL DEPOSIT INSURANCE

CORPORATION

MAXIMUM RATES OF INTEREST PAYABLE ON DEPOSITS

REGULATION B

This regulation was approved January 1, 1934, and became effective

as o f January 2, 1934.

Amended January 17, 1934.

S e c t io n 1.

Pursuant to Section 12B of the Federal Reserve Act the Federal Deposit

Insurance Corporation prescribes the following regulation relating to the

maximum rates of interest payable on deposits in banking institutions whose

deposits are or become insured by the Corporation.

The Corporation expressly reserves the right to alter, amend or repeal

this regulation in whole or in part.

S e c t i o n 2.

The term “deposit” as used herein includes any amount of the liabilities

of a banking institution which by law are made a basis in whole or in part

for assessment, subscription, or payment in lieu of subscription to secure

insurance benefits under Section 12B of the Federal Reserve Act.

S e c t i o n 3.

No banking institution, whose deposit liabilities are in any manner or to

any extent insured by the Federal Deposit Insurance Corporation, shall

pay or contract to pay interest accruing after January 2, 1934, on any

deposit whether insured or not insured at a rate in excess of 3% per annum,

compounded semi-annually or quarterly at the option of the bank, except as

follows:

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132 FEDERAL DEPOSIT INSURANCE CORPORATION

Interest may be paid on any deposit in accordance with the terms of any

contract which was lawfully entered into prior to January 3, 1934 or in

case of banking institutions which had not qualified for membership in the

Temporary Federal Deposit Insurance Fund on January 3, 1934 prior to

the date such banking institution became entitled to the insurance benefits

of the Banking. Act of 1933, provided that in case any such contract contains an option whereby such banking institution may, without liability,

reduce the rate of interest to 3 % , it shall exercise such option.

Section 4.

Each payment to a depositor which is prohibited by this regulation shall

be considered a separate breach. For each breach the sum of One Hundred

Dollars ($100.00) may be recovered, or the same may be deducted from the

amount of any refund or dividend which may become due to such banking

institution. Nothing herein contained shall be deemed to exclude other

remedies to secure equal benefits available under the Banking Act of 1933.

FEDERAL DEPOSIT INSURANCE CORPORATION.

N o t e :— (On January 17, 1934, Section 3 was amended so as to permit

interest to be compounded quarterly, at the option of the bank and the Section as printed above is in its amended form.)

REGULATION B

SECTION 3 as amended D ecem ber 15, 1934

Section 3.

No banking institution, whose deposit liabilities are in any manner or to

any extent insured by the Federal Deposit Insurance Corporation, shall pay

or contract to pay interest accruing after January 31, 1935, on any deposit

whether insured or not insured at a rate in excess of 2 % % per annum,

compounded semi-annually or quarterly at the option of the bank, except

as follows:

E x ceptio n s—

(i) Interest may be paid on any deposit in accordance with the terms

of any contract which was lawfully entered into prior to December 31, 1934, or in case of banking institutions which had not.

qualified for membership in the Temporary Federal Deposit Insurance Fund on December 31, 1934, prior to the date such banking

institution became entitled to the insurance benefits of the Banking Act of 1933, provided that in case any such contract contains

an option whereby such banking institutions may, without liability,

reduce the rate of interest to 2 V2 % , it shall exercise such option.

(ii) Interest may be contracted for and paid at a rate not in excess of

2 ^ % per annum from the first of the month on deposits received

during the first five days of each calendar month other than on

deposits with respect to which the paying of any interest is prohibited by the provisions of Section 3 of Regulation C, as amended,

of this Corporation.

(iii) Interest on deposits in an insured banking institution which are

payable only at an office located outside of the States of the

United States and of the District of Columbia may be paid in

accordance with the maximum rate prescribed by this regulation,

or such higher maximum rate as may be fixed by the Board of

Directors from time to time for payment in the locality in which

such office is located.

(iv) Interest within this amended Regulation shall not be deemed to

include any sum having the incidents of dividends distributed to

the members of any banking institution.

N o t e :— (By resolution of the Board of Directors on December 31. 1934,

the effective date of the above amendments was postponed until January

81, 1935. On January 28, 1935, the Board of Directors voted to suspend the

operation of Regulation B indefinitely with the statement that “in view of

the fact that Congress has not yet acted upon the question of authorizing

the Corporation to fix the rate of interest in nonmember State banks and

in view of the fact that serious doubt has arisen as to the implied authority

of the Corporation in this respect, this action was deemed necessary.” )

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REGULATIONS 133

REGULATION C

This regulation was approved January 17, 193U, and became effective

as o f January 25, 1934,.

S e c t io n 1.

Pursuant to Section 12B of the Federal Reserve Act the Federal Deposit

Insurance Corporation prescribes the following regulation relating to prohibiting with certain exceptions the payment of interest on deposits payable on demand or within 30 days in banking institutions whose deposits

are or become insured by this Corporation.

The Corporation expressly reserves the right to alter, amend or repeal

this regulation in whole or in part.

Section 2.

The term “deposits” as used herein includes any amount, whether insured

or not insured, of a banking institution’s liabilities which by law are made

a basis in whole or in part for assessment, subscription or payment in lieu

of subscription to secure insurance benefits under Section 12B of the Federal

Reserve Act.

Section 3.

(a) No banking institution whose deposit liabilities are in any manner

or to any extent insured by the Federal Deposit Insurance Corporation,

shall pay or contract to pay interest accruing after March 1st, 1934, on:

(1) Any deposit which by agreement is payable on demand.

(2) Any deposit after it becomes payable on demand.

(3) Any deposit received upon terms under which the banking institution

may be required to pay the amount of the deposit after notice of less

than 30 days or within 30 days from the date of deposit.

except as follows:

E x c e p t i o n s — This regulation shall not apply to—

(i) Any deposit which is payable only at an office of such banking

institution not located in any of the 48 States of the United

States or in the District of Columbia.

(ii) Any deposit made by a mutual savings bank.

(iii) Any deposit of public funds made by or on behalf of any State,

county, school district or other subdivision or municipality with

respect to which the payment of interest is required under State

law.

(iiii) Any deposit made under the terms of any contract, which was

lawfully entered into on or before January 25th, 1934, or in case of

banking institutions which had not qualified for membership in

the Temporary Federal Deposit Insurance Fund on or before

January 25th, 1934, lawfuly entered into on or before the date

such banking institution became entitled to the insurance benefits of the Banking Act of 1933, provided that in case any such

contract contains an option whereby such banking institution

may, without liability, make such contract conform to the prohibitory requirement of this section, it shall exercise such option.

Section 4.

(a) Nothing in this regulation shall be interpreted as prohibiting the

payment of interest on any deposit originally payable more than thirty

days from the date of deposit, although such deposit subsequently becomes

payable within thirty days, provided no interest shall be paid on such

deposit accruing after the date of maturity while such deposit remains payable on demand.

(b) Nothing in this regulation shall be interpreted as prohibiting the payment of interest on any deposit received upon terms under which the banking institution may require notice of thirty days or more, even though the

banking institution does not exercise its right to require such notice.

PROHIBITION OF PAYMENT OF INTEREST ON DEPOSITS PAYABLE ON DEMAND

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Federal Reserve Bank of St. Louis
134 FEDERAL DEPOSIT INSURANCE CORPORATION

(c) Nothing in this regulation shall be interpreted as prohibiting, with

respect to any deposit received upon terms under which the banking institution may require notice of thirty days or more, the payment of interest

thereon between the date such notice is given and the expiration of the

period of such notice.

(d) After the expiration of the period of notice given with respect to the

intended withdrawal of any deposit subject to not less than thirty days’

notice before payment, no interest may be paid thereon for any period subsequent to the expiration of such notice, unless the owner of such deposit

advises the bank in writing that the deposit will not be withdrawn pursuant to such notice or that the deposit will thereafter again be subject

to the requirement of notice of not less than thirty days before payment,

in which event^ interest may be paid on such deposit after the date upon

which such advice is received by the banking institution.

(e) Applicable to member banks of the Federal Reserve System only—

Neither this regulation nor amended Regulation B of this corporation is

intended to make any requirement or impose any restriction as to member

banks of the Federal Reserve System inconsistent with any regulation concerning interest payable by such member banks and Regulation Q of the

Federal Reserve Board is in no manner affected by this regulation or

amended Regulation B.

(f) This regulation shall supplement and not supersede amended Regulation B of this corporation on the maximum rate of interest of 3% .

Section 5.

Each payment to a depositor which is prohibited by this regulation shall

be considered a separate breach. For each breach the sum of One Hundred

Dollars ($100.00) may be recovered, or the same may be deducted from the

amount of any refund or dividend which may become due to such banking

institution. Nothing herein contained shall be deemed to exclude other

remedies to secure equal benefits available under the Banking Act of 1933.

ELIGIBILITY FOR INSURANCE OF DEFERRED OR RESTRICTED DEPOSITS

REGULATION D

This regulation was approved January 17, 193J+, and became effective

as of that date. (Repealed Septem ber 30, 193 U )

Section 1.

Any bank which had deposit liability as of the close of business on December 15, 1933, that was not eligible for insurance by reason of deferment

of payment or restrictions imposed preventing such deposits from being available for withdrawal in the usual course of the banking business, shall report

to this Corporation any proposed alteration in the terms of any deferment

agreement or any modification of any restrictive order whereby any such

deferred or restricted deposit liability is to be made available for withdrawal

in the usual course of the banking business.

Section 2.

Where any amount of the deposit liability of a bank, which has become

a member of the Temporary Federal Deposit Insurance Fund, has been

rendered eligible for insurance through any alteration or modification mentioned in Section 1 hereof, the bank shall immediately make an additional

certified statement upon a form and according to instructions furnished by

the Corporation, and the bank shall make an appropriate remittance on

account of the resulting assessment.

Section 3.

Insurance upon additional amounts of deposit liability rendered eligible

for insurance in the manner hereinabove mentioned shall become effective

only from the date of full compliance with Sections 1 and 2 hereof.

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REGULATIONS 135

WITHDRAWAL FROM TEMPORARY FEDERAL DEPOSIT INSURANCE FUND

ON JULY 1, 1934

REGULATION E

This regulation ivas approved June 18, 1934, and became effective

as of that date.

Scope o f R egulation

This regulation relates to the manner of exercise of the right of any bank

which is not a member of the Federal Reserve System to withdraw from the

Temporary Federal Deposit Insurance Fund on July 1, 1934.

S e c t io n 1.

Statutory Provisions.

Subsection (y) of Section 12B of the Federal Reserve Act, as amended,

provides in part as follows:

“The Corporation shall prescribe by regulations the manner of exercise of the right of nonmember banks to withdraw from membership

in the Fund on July 1, 1934, except that no bank shall be permitted

to withdraw unless ten days prior thereto it has given written notice

to the Corporation of its election so to do.”

Section 2.

No member bank of the Federal Reserve System is entitled to withdraw

from the Fund on July 1, 1934, and accordingly, each such bank will continue for the period of extension of the Fund to have its deposits insured

by this Corporation as provided by law.

Each Fund member which is not a member bank of the Federal Reserve

System will continue for the period of extension of the Fund to have its

deposits insured by this Corporation as provided by law unless it shall exercise its right to withdraw as of July 1, 1934, by fulfilling the requirements

hereinafter enumerated.

Section 3.

First, any nonmember insured bank, which did not expressly or impliedly

agree with this Corporation in connection with its admission to the Fund

to fulfill a commitment to sell preferred stock or capital obligations to the

Reconstruction Finance Corporation; or second, any such bank even though

it did so agree, which has fulfilled its commitment to the Reconstruction

Finance Corporation; or third, has been relieved by this Corporation from

its agreement with this Corporation to fulfill such commitment, shall be

entitled to effect its withdrawal from the fund as of July 1, 1934, by complying with the following requirements and not otherwise:

(a) Notice of the election of the bank to withdraw from the Fund by a

letter or telegram properly directed to the Federal Deposit Insurance

Corporation, Washington, D. C., must be sent by an agent of the

bank on or before June 20, 1934.

(b) A resolution must be lawfully adopted by the governing board of the

bank on or before June 25, 1934, stating that the bank elects to withdraw from the Fund as of July 1, 1934. Said resolution, if adopted

prior to sending the notice prescribed in subsection (a) of this section, shall authorize the person who subsequently sends such notice

to so do. The resolution referred to in the first sentence of this subsection, if adopted subsequent to sending the notice prescribed in

subsection (a) of this section, shall ratify the act of sending such

notice.

(c) A copy of the resolution, attested and bearing the bank’s seal and

which complies with the preceding subsection, must be properly

addressed and mailed to the Federal Deposit Insurance Corporation,

Washington, D. C., on or before June 25, 1934.

Section 4.

Any nonmember insured bank which expressly or impliedly agreed with

this Corporation at the time of its admission to the Fund to fulfill a commitment to sell preferred stock or capital obligations to the Reconstruction

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Federal Reserve Bank of St. Louis
136 FEDERAL DEPOSIT INSURANCE CORPORATION

Finance Corporation which has not fulfilled such commitment and which

has not been relieved by this Corporation from its agreement with this Corporation to fulfill such commitment, shall exercise its right of withdrawal

from the Fund on July 1, 1934, in the following manner:

(a) It shall comply with subsections (a), (b) and (c) of Section 3 hereof.

(b) The bank shall comply with either paragraph (i) or (ii) hereof but

is not required to comply with both.

(i) The bank must fulfill its commitment to the Reconstruction Finance

Corporation or in lieu thereof obtain capital funds from other sources

in an amount at least equal to the amount of capital funds it would

have obtained by fulfilling its commitment to the Reconstruction

Finance Corporation and submit to the Federal Deposit Insurance

Corporation satisfactory proof of the obtaining of such capital funds

from other sources.

(ii) If the bank does not comply with paragraph (i) it shall submit to

the Corporation a certificate signed by at least two executive officers

of such bank and a majority of the board of directors or trustees as

to whether or not, according to the best judgment of such officers and

directors or trustees, the bank has assets of sufficient value to meet

all of its obligations to depositors and other creditors and shall further submit proof by affidavit of the same officers that the bank has

notified the authority having supervision of such State banks that

it has elected to withdraw from the Temporary Federal Deposit Insurance Fund on July 1, 1934.

DISPLAY OF SIGNS

REGULATION F

This regulation was approved June 29, 1934, and became, effective

as of that date. (Amended October 10, 1934. See page 24.)

S c o p e o f R e g u l a t i o n 

This regulation prescribes the requirements with regard to the sign or

signs insured banks must display as provided by law to inform depositors

in such banks that their deposits are insured by this Corporation. This

regulation imposes no limitations on other proper advertising of insurance

by insured banks.

Section 1.

Statutory Provisions.

An amendment approved June 16, 1934, to Subsection (v) of Section 12B

of the Federal Reserve Act, as amended, provides in part as follows:

“Every insured bank shall display at each place of business maintained

by it a sign or signs to the effect that its deposits are insured by the Federal Deposit Insurance Corporation. The Corporation shall prescribe by

regulation the form of such sign and the manner of its display. Such

regulation may impose a maximum penalty of $100 for each day an

insured bank continues to violate any lawful provisions of said regulation.”

Section 2.

Each bank, the deposits of which have become insured by this Corporation

prior to September 10, 1934, and continue to be so insured on said date, shall

continuously display on and after October 1, 1934, for so long as its deposits

are insured by this Corporation, a sign as hereinafter prescribed at each

station or window where deposits are usually and normally received in its

principal place of business and in all its branch offices except any of its

offices located in a foreign country.

Each bank, the deposits of which become insured by this Corporation on

and after September 10, 1934, shall continuously display on and after 21

days from the date its deposits become insured, for so long as its deposits

are insured by this Corporation, a sign as hereinafter prescribed at each

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Federal Reserve Bank of St. Louis
REGULATIONS 137

station or window where deposits are usually and normally received in its

principal place of business and in all its branch offices except any of its

offices located in a foreign country.

Insured banks may display the aforementioned signs prior to the date

they are required to display same.

Section 3.

The type of sign referred to in Section 2 of this regulation shall be

furnished to banks by this Corporation only. The Corporation shall supply

to banks an order blank which shall be filled in and executed by a duly

authorized agent of the bank so as to indicate the number of signs necessary

to comply with the requirements of this regulation and such other pertinent

information as the Corporation shall request. The executed order blank

shall be properly directed and forwarded to the Federal Deposit Insurance

Corporation, Washington, D. C. Any bank which so directs and forwards

said order blank, filled in and executed as prescribed hereinbefore, shall not

be deemed to have violated this regulation on account of not displaying* a

sign or signs, unless it shall omit to display such sign or signs after same

have been tendered to the bank through the instrumentality of the United

States mail or otherwise.

Section 4.

Pursuant to written notice from the Corporation given to insured banks

at least thirty days prior to any date the Corporation specifies, provided on

such date statutory insurance provisions not previously in active use become

operative, making a change in the wording of the signs to be used desirable,

each insured bank receiving such notice shall on and after the date specified

in such notice change its sign or signs referred to in this regulation in

accordance with the lawful requirements of this Corporation.

Section 5.

Whenever in the opinion of a Supervising Examiner of this Corporation

an insured bank in his district shall have continued to omit to display a sign

or signs in violation of the requirements of this regulation, after an executive officer of such bank has been warned by such Supervising Examiner of

the manner and places such signs should be displayed, such Supervising

Examiner may certify the facts to the Board of Directors of this Corporation. In any such case the Board of Directors may cause notice to be served

upon the bank by serving any executive officer so as to give the bank an

opportunity to appear before said Board by a representative and show

cause why a penalty of $100 should not be imposed for each day it violates

the provisions of this regulation requiring insured banks to display certain

signs. If, after granting a reasonable opportunity to be heard, the Board

of Directors of this Corporation finds that the bank has not displayed a

sign or signs in violation of the requirements of this regulation it may

impose a penalty not in excess of $100 for each day during which the

accused bank has violated this regulation. Any penalty imposed under the

preceding sentence may be deducted from the amount of any refund or

dividend or interest which may become due to such bank.

The text of a letter accompanying Regulation F is printed below.

FE D E R A L DEPOSIT INSURANCE CORPORATION

W A S H I N G T O N

August 2, 1934.

To B a n k s :

Enclosed herewith are Regulation F of this Corporation and an order

blank. Also enclosed is an addressed envelope for returning to this office

the executed order blank and a payment from the bank in the proper

amount.

The bank should fill in on the order blank the spaces (1) for the date

(2) for the number of signs, (3) for the amount of the payment, (4) the

signature of the person ordering the signs for the bank and (5) the title

of the person signing the order.

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Federal Reserve Bank of St. Louis
138 FEDERAL DEPOSIT INSURANCE CORPORATION

The order blank should be executed and mailed within five days from

date of its receipt. Attention of the bank is directed to Section 5 of Regulation F.

The bank should indicate in the proper space a number of signs amply

sufficient to comply with the requirement of Regulation F that a sign be

displayed at each station or window where deposits are usually and normally

received in the bank’s principal place of business and in all its branch

offices except any of its offices located in a foreign country. The bank may

indicate in the space mentioned a number of signs which will include extras

not needed for present use.

The signs which insured banks are required to display are to be furnished

by this Corporation only. The sign will be metal, 7" x 3" and of the following design:

D E P O SIT S IN SU RED

BY

The Federal Deposit Insurance Corporation

WASHINGTON, D. C.

C R f i n n MAXIMUM INSURANCE C R A f t O 4>UUUU FOR EACH DEPOSITOR f u U U U

The signs furnished to all banks except mutual savings banks will have

the $5,000 figures.

The signs furnished to mutual savings banks which have applied and

obtained the approval of the Board of Directors of this Corporation to the

increased insurance protection from $2,500 to $5,000 for the deposits of

each depositor will likewise have the $5,000 figures.

Mutual savings banks which have not applied and obtained the approval

of this Corporation to the increased insurance protection from $2,500 to

$5,000 for the deposits of each depositor will be furnished signs with $2,500

figures.

The signs are being furnished to banks at cost to this Corporation, plus

expenses of handling.

The reason for having the signs furnished by this Corporation is to assure

uniformity of design. The appearance of the signs in a uniform place in

insured banks would tend to make such signs conspicuous by their absence

in a non-insured bank and would give an official impression which would

be lacking if the signs appeared in different places in different banks. The

Board of Directors of this Corporation gave consideration to the problem

of where the signs should be displayed and concluded the only practical

wTay of securing uniformity in this regard and to accomplish the desired

end set forth in the preceding sentence was to require a sign at each station or window7 where deposits are received.

Regulation F imposes no limitations on other proper advertising in addition to the display of the official sign or signs. Banks may use for advertising purposes reproductions of the official sign on any material in enlarged,

reduced or regular size, so long as the wording, design and proportion are

maintained. The reproductions may include copies of the seal. The seal

should not be used in advertisements by insured banks other than in connection with the official sign or reproductions, official certificates or facsimile

copies. Only the official sign and not reproductions are to appear at each

window^ or station where deposits are received.

Very truly yours,

Leo T. C ro w le y , Chairman.

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Federal Reserve Bank of St. Louis
MEMBERSHIP CERTIFICATE

CERTIFICATE OF MEMBERSHIP IN THE

TEMPORARY FEDERAL DEPOSIT INSURANCE FUND

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Federal Reserve Bank of St. Louis
140 FEDERAL DEPOSIT INSURANCE CORPORATION

FORMS AND INSTRUCTIONS

The forms and instructions sent to all insured banks in connection with the Certified Statement of deposits as of October 1, 

1934, and to insured banks not members of the Federal Reserve 

System for reports of condition as of December 31, 1934, and of 

earnings and dividends for the year 1934, are printed below.

CERTIFIED STATEMENT 

To the Federal Deposit Insurance Corporation,

Washington, D. C.

Pursuant to Section 12-B (y) of the Federal Reserve Act as amended, it

is HEREBY CERTIFIED by the......................................................................................

(Name of banking- institution)

............................................................ Of...........................................,...........................................

(City or town) (State)

that at the OPENING of business October 1, 1934, the number of its depositors and the total amount of its deposits which were eligible for insurance

were as follows:

NUMBER OF DEPOSITORS:...................................................................

(Must agree with Column A on Schedule)

TOTAL AMOUNT OF DEPOSITS ELIGIBLE FOR INSURANCE:

$.........................................................................

(Figures)

(Insert amount in words)

(Must agree with Column B on Schedule)

(Name of banking institution)

By...........

(Signature of officer)

(Officer’s title)

Personally appeared before me this.....................................................................day

of................................................... , 1934, .................................................................................. ,

(Name of officer)

known to me to be the................................................... of the.............................................

(Officer’s title)

(Name of banking institution)

and upon being duly sworn, certified that the foregoing statement is true

to the best of his knowledge and belief.

/ NOTARIAL \

) SEAL f

RETURN THIS COPY TO: Notary Public, State of..

Federal Deposit Insurance Cor- County of

Washington, D. C. My commission expires..

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...................................................................... of ................................................................... ,.............................................,..............................

(Name of banking institution) (City or town) (Post office) (State)

SCHEDULE TO BE USED IN PREPARING CERTIFIED STATEMENT

(Column A) (Column B) (Column C) (Column D) (Column E)

Type of deposit Number of 

depositors

Amount eligible 

for insurance

Number of depositors having 

accounts in 

excess of 

$5,000

Amount not 

eligible for 

insurance

Total deposits 

of each type 

(Col. “ B” Plus Col. “ D” )

Dollars Cts. Dollars Cts. Dollars Cts.

ITEM 1. Negotiable certificates of deposit. 

SEE INSTRUCTION NUMBER 1

ITEM 2. Uninvested trust funds.

SEE INSTRUCTION NUMBER 2

ITEM 3. Deposits of U. S. Government, 

postal savings and other public funds. 

SEE INSTRUCTION NUMB'ER 3

------

ITEM 4. Deposits of banks, bankers and 

trust companies.

SEE INSTRUCTION NUMBER 4 j

ITEM 5. Other unrestricted deposits. 

SEE INSTRUCTION NUMBER 5

ITEM 6. Restricted deposits.

SEE INSTRUCTION NUMBER 6

7. Totals of items 1 to 6 inclusive.

CERTIFIED STATEMENT 141

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142 FEDERAL DEPOSIT INSURANCE CORPORATION

INSTRUCTIONS FOR PREPARING CERTIFIED STATEMENT AND

SCHEDULE

(For facsimile of certified statement see pages 140-41)

These instructions relate to the manner of preparing the certified statement

required to be made as of the OPENING of business on October 1, 1934, of

the number of depositors and the total amount of deposits which are eligible

for insurance, by members of the Temporary Federal Deposit Insurance

Fund, hereinafter referred to as “banks.”

STATUTORY PROVISIONS 

Statute. Subsection (y) of Section 12B of the Federal Reserve Act, as

amended, provides in part as follows:

“Each member of the Fund shall file with the Corporation on or before

the date of its admission a certified statement under oath showing, as of

the fifteenth day of the month preceding the month, in which it was so admitted, the number of its depositors and the total amount of its deposits which

are eligible for insurance under this subsection, and shall pay to the Corporation an amount equal to one-half of 1 per centum of the total amount of

the deposits so certified. One-half of such payment shall be paid in full at

the time of the admission of such member to the Fund, and the remainder

of such payment shall be subject to call from time to time by the Board of

Directors of the Corporation. W ithin a reasonable time fixed by the Corporation each such m ember shall file a similar statem ent showing, as of

October 1, 1934, the number of its depositors and the total amount of its

deposits ivhich are eligible fo r such insurance and shall pay to the Corporation in the same manner an amount equal to one-half of 1 per centum o f the

increase, if any, in the total amount of such deposits since the date covered

by the statem ent filed upon its admission to membership in the Fund. * * *

On and a fter July 1, 1934, the amount eligible fo r insurance under this subsection fo r the purposes of the October 1, 1934 certified statem ent, any entrance assessment, and, if levied, the additional assessment, shall be the

amounts not in excess of $5,000 o f the deposits of each depositor ”

Subsection (1) of said Section 12B provides in part as follows:

“In any determination of the insured deposit liabilities of any closed bank

or of the total deposit liabilities of any bank which is a holder of class A

stock of the Corporation, or a member of the Fund provided for in subsection (y), for the purposes of this section, there shall be excluded the

amounts of all deposits of such bank which are payable only at an office

thereof located in a foreign country/’

EXPLANATION OF FORM OF SCHEDULE 

Divisions of schedule. The schedule accompanying the certified statement

is furnished for the purpose of reporting the several types of deposits ordinarily carried by a bank, divided into the following classifications: Item 1.

“ Negotiable certificates of deposit” ; 2. “Uninvested trust funds” ; 3. “Deposits of United States Government, postal savings, and other public funds” ;

4. “Deposits of banks, bankers and trust companies” ; 5. “ Other unrestricted

deposits” ; 6. “Restricted deposits.”

The schedule is also divided into five columns headed as follows: A. “Number of depositors” ; B. “Amount eligible for insurance” ; C. Number of

depositors having accounts in excess of $5,000” ; D. “Amount not eligible for

insurance” ; E. “Total deposits of each type.”

PREPARATION OF SCHEDULE AND CERTIFIED STATEMENT 

Filing date. The original certified statem ent and schedule enclosed herewith must be prepared and returned not later than October 15, 1934.

Computation date. Under the law the certified statement to be prepared

as of the opening of business on October 1, 1934, by each member of the

Temporary Federal Deposit Insurance Fund, must show the number of

depositors of the bank; also the total amount of deposits which are eligible

fo r insurance, that is, the aggregate amount of the first $5,000 o f all those

deposits which exceed $5,000 fo r any one depositor, to which must be added

the sum total of all deposits which do not exceed $5,000 fo r any one depositor.

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CERTIFIED STATEMENT 143

Amount of insurance per depositor. It should be noted that while the certified statement filed at the time of the admission of banks to the Fund prior

to July 1, 1934 (showed the total amount of all deposits not exceeding' $2,500

for each depositor, the law has been amended to increase the amount eligible

fo r insurance from $2,500 to $5,000, and since July 1, 1934, all deposits in

an insured bank (except certain mutual savings banks) have been insured

on the basis of $5,000 as the maximum amount eligible for insurance for

any one depositor. Therefore, the present statement must be prepared on

the $5,000 basis.

GENERAL INSTRUCTIONS

The assessment is based upon the amount eligible for insurance. This

amount must be shown by the certified statement.

Deposits eligible— maximum limit per depositor. All unrestricted public

or private, secured, or unsecured deposits and all uninvested trust funds are

eligible for insurance. The amount eligible for insurance is limited to a

maximum of $5,000 for each depositor for funds owned by him in the same

capacity and the same right.

Where depositor maintains only one account. Where a person or corporation maintains only one account and has no interest in any other account in

the same bank, the bank will not be concerned with the capacity in which

or the right by which such account is owned.

Which accounts to be combined. Where the same person maintains more

than one account in the same bank, the bank must determine which of such

accounts are maintained by such person in the same capacity or the same

right, and which are maintained in different capacities or by different rights.

If all of such accounts are owned by such depositor in the same capacity and

the same right, all shall be added together and treated as being a single

deposit, in determining the number of depositors and the amount eligible for

insurance.

Illustration of same right and same capacity. For example, a depositor is

regarded as the owner of separate accounts in the same capacity and in the

same right where he is the owner of each of several accounts as follows:

One maintained in his name, one in a trade name, one where he is named

on the records of the bank as beneficiary or principal of an account maintained by another as his trustee or agent, one as a special account (such as

an expense account under some artificial designation) and one which he

maintains separately as a matter of personal or bookkeeping convenience.

Illustration of different capacities. A depositor is regarded as an owner

in a capacity different from his individual capacity, for example, where he

maintains deposits as a public officer, trustee, guardian, agent or as a representative of another or others.

Illustration of different rights. A person is regarded as an owner in a different right from his right as absolute owner, for example, where he is an

owner with another or others of a deposit which is payable to either or to

the survivor or where he is a partner and the firm maintains a partnership

account.

When funds deposited by a trustee to be considered deposit of beneficiary.

A bank which holds deposits maintained in an account in the name of a

person as trustee for another or others, must treat the beneficial interest of

each beneficiary as eligible for insurance where disclosed by the bank’s records, and each such beneficiary must be treated as a depositor. In such

event, the trustee is not treated as the depositor. For the purpose of determining the number of depositors or the interest of beneficial owners of such

accounts, the bank is not required to look beyond its records, or the records

of its trust department. If its records do not disclose the names of such

beneficial owners, as in the case of funds deposited in the name of a trustee,

guardian, or other fiduciary without disclosing the names o f the beneficial

owners, the deposit up to $5,000 is to be treated as eligible for insurance

and the trustee is to be counted as one .depositor.

E xam ple: A bank has the following account: John Doe trustee, (beneficiaries not disclosed), $10,000. Report as follows: Column A. 1; column

B, $5,000; column C, 1; column D, $5,000; column E, $10,000.

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144 FEDERAL DEPOSIT INSURANCE CORPORATION

If the account is carried in the name of several trustees and the beneficiaries are not named, they should be treated as acting jointly and counted

as only one depositor.

When to combine beneficiary’s interest in deposit with other accounts of

such beneficiary, and where a trustee, agent, etc., is to be counted as a depositor. Where a depositor maintains an account as a trustee, agent, or in

an official capacity, and where the beneficiaries or owners of the account are

named or otherwise appear in the records of the bank or its trust department, such an account is treated as owned by the beneficiaries and the

amount owned by a beneficiary must be combined with other accounts, if

any, of the same owner, and each such owner is counted as a depositor. The

official, trustee, agent, etc., in such case is not to be counted as a depositor

in respect to such account. The person maintaining the account in the representative capacity (official, trustee, agent, etc.) must be regarded as the

depositor only where the beneficiaries are not disclosed.

To summarize, deposits maintained by a person or persons in one capacity

should not be added to deposits which are owned by such person or persons

in some other capacity or some other right. Deposits which are owned in

one right should not be combined with others held in a different right or

capacity. The only accounts which are to be added together are those which

are treated as owned by the same depositor in the same capacity and same

right. All other accounts are to be treated in the same manner as deposits

owned by different depositors, and the amount of each such account must be

so reported.

Joint accounts. Where a deposit is owned by two or more persons jointly

with the right of survivorship, all such persons are to be regarded as one

depositor and joint accounts are not to be combined with the accounts of the

individuals who are the joint owners of such joint accounts or with any

accounts other than joint accounts owned by all of the same individuals.

Accounts maintained by several persons, but which are not subject to the

right of survivorship should not be treated as joint accounts. Such accounts

should be treated as the separate deposit of each of the several owners

thereof to the extent of their respective interests therein, if disclosed by the

bank’s records, or if not so disclosed, all of such owners should be treated as

owning equal interests in the account.

Deposits of banks. Deposits of banks, bankers and trust companies must

be reported separately from deposits of other depositors.

Report all deposits. Deposits are obligations owing the depositors as such.

Uninvested trust funds are deposits. Deposits carried by a bank which are

payable ONLY at an office located in a foreign country are not eligible for

insurance.

A ll other deposits of every character must be reported.

No offsets allowed. No deduction is to be made from the amount eligible

fo r insurance on account of any indebtedness of the depositor to the bank.

The instructions herein given must be followedy and fo r the purposes o f

the present certified statem ent banks shall ignore and disregard any errors

which m ay have occurred in applying the instructions previously given fo r

the first certified statem ent.

Bills for correct remittance to be sent later. Banks are NOT to send a

remittance with the certified statement. Bills for the correct amount to be

remitted, if any, will be sent later. The amount to be paid will be % of

1% of the INCREASE, if any, in the total amount of deposits eligible for

insurance since the first certified statement filed with the Federal Deposit

Insurance Corporation.

INSTRUCTION NO. 1 (SEE “ TYPE OF DEPOSIT,” ITEM 1)

Negotiable certificates of deposit:

Every unrestricted negotiable certificate of deposit is a deposit liability

in favor of any person holding it at the time a bank closes. Such certificates

are made negotiable in order to facilitate their transfer. Although several

negotiable certificates may have been issued originally payable to one person or his order and may be owned by him at the time of reporting, in the

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CERTIFIED STATEMENT 145

event the bank closes, each may form the basis for a separate claim against

the Federal Deposit Insurance Corporation, up to the $5,000 maximum, by

anyone owning it at the time of closing. For this reason, the first $5,000

of each such negotiable certificate of deposit which exceeds $5,000 in face

amount, and the face amount of each such negotiable certificate which does

not exceed $5,000 in face amount, must be reported as eligible for insurance,

regardless of all other accounts of the payees.

In column A, each such negotiable certificate of deposit must be regarded

as being in the hands of a separate depositor and the aggregate number of

all such outstanding negotiable certificates must be reported as the number

of depositors holding such certificates.

E xam ple: A bank has outstanding 20 negotiable certificates of deposit

of $1,000 each and 20 negotiable certificates of $8,000 each. It has no other

negotiable certificates of deposit outstanding. The following entries will be

made on the schedule:

(20 depositors + 20 depositors), Column A, 40;

(20 certificates X $1,000 + 20 certificates X $5,000), Column B, $120,000;

(20 depositors, $8,000 each), Column C, 20;

(20 certificates X $3,000), Column D, $60,000;

$120,000 + $60,000), Column E, $180,000.

The foregoing rules applicable to negotiable certificates are not applicable

to non-negotiable certificates of deposit. Do not include non-negotiable certificates of deposit under Item One. All unrestricted non-negotiable certificates should be reported under Items Three, Four, Four or Five, as the case

may be.

INSTRUCTION NO. 2 (SEE “ TYPE OF DEPOSIT/’ ITEM 2)

Uninvested trust funds:

A bank which transacts a trust business must include uninvested trust

funds as deposits eligible for insurance up to $5,000 for each beneficial

owner as indicated by the records of the bank or its trust department,

whether such uninvested trust funds are secured or deposited in any other

department of the bank or another bank or remain in its trust department.

Each such beneficiary is to be treated as a depositor.

E xam ple: A bank has uninvested trust funds held in a trust which it is

administering amounting to $15,000, owned in equal shares by three beneficiaries whose names are shown on its records. The beneficiaries do not have

any other deposits in the bank. The deposits will be reported as follows:

Column A, 3; Column B, $15,000; Column C, no entry; Column D, no entry;

Column E, $15,000.

In determining the amount of deposits to be reported as eligible for insurance, where the interest of the beneficiary of uninvested trust funds is

disclosed by the records of the bank, it should combine the amount owned

by each such beneficiary with all other deposits carried by such beneficiary

in the bank, unless carried in a different capacity or different right.

E xam ple: A bank has the following deposits: John Doe, an account

in his own right, $3,000; uninvested trust funds held by the bank as trustee

for John Doe, who is the sole beneficial owner, $3,000. The following entries

will be made: Column A, 1; Column B, $5,000; Column C, 1; Column D,

$1,000; Column E, $6,000.

INSTRUCTION NO. 3 (SEE “ TYPE OF DEPOSIT,” ITEM 3)

U. S. Government deposits, postal savings and other public fu nd s:

This item includes all unrestricted deposits to the credit of the Board of

Trustees of the Postal Savings System, and all unrestricted deposits held

subject to the order of the United States Treasury or a disbursing officer

of the United States Government, including deposits by Postmasters in their

official capacities, war loan deposit accounts, accounts of Clerks of the

United States Courts (except Registry accounts), and accounts of United

States Marshals.

E xam ple: A bank has the following accounts: Treasurer of the United

States, general account, $5,000; Post Office Department, by John Smith,

Postmaster (Postmaster’s official checking account, not Postal Savings),

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Federal Reserve Bank of St. Louis
146 FEDERAL DEPOSIT INSURANCE CORPORATION

$5,000. The following entries should be made: Column A, 1; Column B.

$5,000; Column C, 1; Column D, $5,000; Column E, $10,000.

Do not include in this Item deposits which are not public deposits, such

as deposits of Indian funds under the control of the Department of Interior,

deposits of the United States Shipping Board, deposits of the Emergency

Fleet Corporation or other Government-owned corporations, or deposits of

the Division of Insolvent National Banks by the Comptroller of the Currency,

or deposits representing collections by Receivers of National Banks, or

deposits representing funds of bankrupts’ estates under the jurisdiction of

the United States Courts, or deposits of funds paid into the United States

Courts by private parties pending the outcome of litigation, carried in United

States Court Clerk’s Registry Accounts. All these unrestricted deposits

should be reported under one of the other Items. Inasmuch as such deposits

are not owned by the United States Government, they should not be added

to deposits of its funds in determining the amount eligible for insurance.

All Postal Savings deposits will be treated as having been deposited by

one depositor and the first $5,000 of amount thereof, if the aggregate amount

of such deposits exceeds $5,000 or any aggregate amount thereof less than

$5,000 total, will be reported as eligible for insurance. Postal Savings

deposits should not be added to other deposits maintained by or for the

United States Government.

E xam ple: A bank has the following accounts: the Board of Trustees,

Postal Savings System, $5,000; Post Office Department, by John Doe, Postmaster (Postmaster’s official checking account, not Postal Savings), $5,000.

Report as follows: Column A, 2; Column B, $10,000; Column C, no entry;

Column D, no entry; Column E, $10,000.

This Item also includes all deposits of public funds belonging to states,

towns, counties, or other political subdivisions, school districts, drainage,

levee, irrigation, road or other special assessment districts, regardless of

whether the same are secured or unsecured.

If the same state, county, town, or other political subdivisions or body

maintains more than one account representing funds owned by such political

subdivisions or body in the same capacity and in the same right, such accounts

shall be treated as a single deposit owned by one depositor and the amount

thereof, not exceeding $5,000 in the aggregate, should be reported as eligible

for insurance. In such event, it is immaterial whether such accounts represent funds for specific purposes or general funds of such state, county, town,

or other political subdivision or body.

Exam ple 1 : A bank has the following accounts: John Doe, Treasurer,

Town of Blank, general fund, $3,000; John Doe, Treasurer, Town of Blank,

street maintenance fund, $3,000; John Doe, Treasurer, Town of Blank, expense account, $3,000. Report as follows: Column A, 1; Column B, $5,000;

Column C, 1; Column D, $4,000; Column E, $9,000.

Exam ple 2 : A bank has the following accounts: John Smith, Treasurer,

Town of Washington, $5,000; John Smith, Treasurer, County of Washington,

$5,000; John Smith, Treasurer, Washington Irrigation District, (a municipal

corporation), $5,000; Report as follows: Column A, 3, Column B, $15,000;

Column C, no entry; Column D, no entry; Column E, $15,000.

INSTRUCTION NO. 4 (SEE “ TYPE OF DEPOSIT,” ITEM 4)

D eposits of banks, bankers and trust com panies:

This Item includes all unrestricted deposits of banks, bankers and trust

companies.

INSTRUCTION NO. 5 (SEE “ TYPE OF DEPOSIT,” ITEM 5)

Other unrestricted deposits:

All unrestricted deposits not included in any of the previous Items, must

be reported under this Item. The total amount of such deposits which are

eligible for insurance wTill be the aggregate amount of the first $5,000 of all

those deposits which exceed $5,000 for any one depositor, and the sum total

of all deposits which do not exceed $5,000 for any one depositor. The General Instructions governing the determination of the amount of deposits

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Federal Reserve Bank of St. Louis
CERTIFIED STATEMENT 147

which are eligible for insurance for any one depositor, should be carefully

read and observed before attempting to complete this Item.

The following examples will assist in determining the manner of reporting

deposits under this Item:

Exam ple 1 : A bank has the following accounts: John Doe, a checking

account, $2,000; a savings account, $2,000; John Doe is the payee of a nonnegotiable certificate of deposit for $2,000. Report as follows: Column A,

1; Column B, $5,000; Column C, 1; Column D, $1,000; Column E, $6,000.

Exam ple 2 : A bank has the following accounts: Richard Roe, a checking account in his own right, $5,000; Richard Roe, agent for John Jones,

$5,000. Jones owns no other account in the bank. Report as follows:

Column A, 2; Column B, $10,000; Column C, no entry; Column D, no entry;

Column E, $10,000.

Exam ple 3 : A bank has the following accounts: John Doe and Mary

Doe, his wife, as joint owners with the right of survivorship, $6,000; John Doe,

in his own right, $5,000. Report as follows: Column A, 2; Column B,

$10,000; Column C, 1; Column D, $1,000; Column E, $11,000.

Exam ple U: A bank has the following accounts: John Doe, $3,000;

Richard Roe, trustee for John Doe, $3,000. Report as follows: Column A,

1; Column B, $5,000; Column C, 1; Column D, $1,000; Column E, $6,000.

Where a bank cannot determine the proper Item under which to report

deposits of a particular type, the same should be reported under Item Five

and a written explanation attached to the Schedule.

INSTRUCTION NO. 6 (SEE “ TYPE OF DEPOSIT,” ITEM 6 )

R estricted deposits:

The General Instructions given above and Instructions 1 to 5 inclusive

concern the manner of reporting unrestricted deposits only and are not

applicable to restricted deposits.

Insert in Column D and E the total amount of all restricted deposits carried by the bank. Make no entries for Restricted Deposits in Column A

or B.

Deposits which were subordinated or subjected to restrictions or deferment of payment and which have not been made available since March 10,

1933, for withdrawal in the usual course of the banking business, are not

eligible for insurance and must be so reported under this Item. Such deferment or restrictions may arise out of (a) any reorganization plan or agreement, (b) provision of the State law, (c) an order, ruling, or requirement

of the State banking authorities, (d) a resolution or other action of the Board

of Directors of the bank, (e) any act of a depositor whereby his rights are

subordinated to other depositors. Certificates of Deposit issued by the bank

evidencing the amount of time and demand deposits, the right to withdrawal

of which had been postponed for any of the above enumerated reasons, should

also be included as “Restricted Deposits.” A ll other deposits are to be

treated as unrestricted deposits and must be included under one o f the other

Item s.

^ Where deposits have been restricted, as above, but the period of restriction has passed, as where a certificate of deposit representing a restricted

deposit has matured, such deposits are no longer regarded as restricted and

must be reported as unrestricted, regardless of whether the certificate has

been renewed.

Certificates of Deposit issued in the usual course of the banking business

should NOT be reported as Restricted Deposits but should be reported under

Item One, or Items Three, Four or Five.

In cases where the bank has been released by; its depositors from liability

for any portion of its deposits whether or not in exchange for the issuance

of Participating Certificates payable only out of the liquidation of chargedoff assets held in trust, and the bank is NOT liable to the depositors, the

amount of such certificates should not be included in the certified statement or schedule.

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Federal Reserve Bank of St. Louis
Form 64— Call No. 2

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n

D e c e m b e r , 1934

Reserve District No.............................................

FDIC Certificate No...........................................

REPORT OF CONDITION of.........

PLEASE READ ACCOMPANYING INSTRUCTIONS CAREFULLY

Everv blank space and schedule must be filled in. Where there are no figures to report, the> word ‘•'NONE’’

must be written or stamped. PRINTED ITEMS ON THIS BLANK MUST NOT BE SCRATCHED OR

AMENDED IN ANY MANNER. Any amounts which can not properly be included in the printed items must

be entered under “ Other Assets” or “ Other Liabilities.”

of.................................................................................. in the State of..

___________________(City or town) _________________________ _

(Exact corporate title of bank)

....................., at the close of business on....................................., 1934.

ASSETS

1. Loans and discounts (must agree with Schedule E)„

3.* United^tates Government obligations, direct and/or fully guaranteed (must agree with Schedule F)..

4. Other bonds, stocks, and securities (must agree with Schedule G)........

T o t a l L o a n s a n d I n v e s t m e n t s (Item s 1 to 4)..

Customers’ liability on account of acceptances (exclusive of acceptances of this bank purchased or discounted, and of

anticipations of customers).............................

Furniture and fixtures, 6. Banking House,

7. Real estate owned other than banking house....................... .....~....-----......--.............-----------------.......................

8 Cash in vault, exchanges, cash items, and balances with other banks (must agree with Schedule l;... ...................

9* Acceptances of other banks and bills of exchange or drafts sold with endorsement of this bank (must agree with

per contra Item 21)-----------------------

10. Securities borrowed (must agree with per contra Item 24).

11. Other assets (must agree with Schedule K)..........................

T o t a l A s s e t s . ..

Insert word 

“ NONE” if no 

amt. is to be 

ent’d at right

(Am

D o l l a r s

ount not t o be exten ded)

C t s .

9

10

11

LIABILITIES

12. D eposits of individuals, partnerships or corporations payable on demand or within 30 days (must agree with Item

13. Time^deposits of individuals, partnerships or corporations payable after 30 days or subject to more than 30 d ays’ Tfflm O ............................................ notice (must agree with Item 2 of Schedule J)................ ——............-.........:.............v ...... 7...... :..............

14. Public funds of States, counties, school districts, municipalities or other political subdivisions (must agree witn

Item 3 of Schedule J).............................................. .....-......................................"Cm T T ....................................... 15. United States Government and postal savings deposits (must agree with Item 4 of Schedule J) ............ ............

16. Deposits of other banks, cash letters of credit, certified, officers’ and travelers’ checks outstanding (must agree

with Item 5 of Schedule J)— ..................................................

S u m m a r y o f I t e m s 12 to 16, inclusive:

(а ) Secured by pledge of loans anu/or investments...

(б) Not secured by pledge of loans and/or investments......................................................................

(e) T o t a l D e p o s it s ..

(Am o be exten ded)

12

13

14

15

16

148 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
28.

17. Mortgage bonds and participation certificates outstanding.......................................................................

18. Agreements to repurchase U. S. Government obligations or other securities soid.......................................................

19. Bills payable (must agree with total of Items 1 to 3 in Schedule H)...........................................................................

20. Rediscounts (must agree with Item 4 in Schedule H)...................................................................................................

21. Acceptances of other banks and bills of exchange or drafts sold with endorsement of this bank (must agree with

per contra Item 9)..........................................................................................................................................................

22. Acceptances executed by this bank for customers and to furnish dollar exchange (exclusive of acceptances of this

bank purchased or discounted, and of anticipations by customers)................................................................................

23. Acceptances executed by other banks for account of this bank....................................................................................

24. Securities borrowed (must agree with per contra Item 10).............................................................................

25. Interest, taxes, and other expenses accrued and unpaid.................................................................................................

26. Dividends declared but not yet payable......................................

27. Other liabilities (must agree with Schedule L)............................

Capital account:

(a) Capita] notes and debentures:

(1) Sold to Reconstruction Finance Corporation $

(2) Sold to Others..................................................... $

(b) First preferred stock sold to R. F. C.........................

par $...............per share, retireable at $...............per share N

(c) First preferred stock sold to others.......................... shares, /

par $...............per share, retireable at $...............per share i

(d) Second preferred stock...............shares, par $...................... I

per share retireable at $...............per share. 1

(e) Common stock,.................shares, par $.................per share./

(/) Surplus........................................................................................

(g) Undivided profits—net...............:.............................................

(.h) Reserves for contingencies........................................................

Reserve for undeclared dividends on preferred stock, and for

accrued interest on capital notes and debentures,..............

Reserve for dividends payable in common stock...................

(k) Retirement fund for preferred stock or capital notes and 

debentures...............................................................................

shares, f 

r share \

CO

(i)

T o t a l , including capital account..

18

19

20

22

23

24

25

26 

27

!• ........................................................................................................................................ of the above-named bank, do solemnly swear that the above statement is true, and that the

(Name and title of officer authorized to sign report)

SCHEDULES on the back of this report fully and correctly represent the true state of the several matters therein contained and set forth, to the best of my knowledge and belief.

N o t e .— This report must be sworn to by the President, Vice 

President, Cashier, or other duly authorized officer, attested by 

not less than three directors other than the officer signing the

report, and forwarded to the Federal Deposit Insurance Cor- Correct.—Attest: ................................

poration with the least possible delay (in no case later than ................................................................................................................................... r Directors.

10 days from receipt of call). ................................

(Signature of officer authorized to sign report)

Place for official seal to be

affixed by officer before whom

acknowledged. Notary must not

be an officer or director of the

bank.

State of........................................................................................, County of......................................................................................................

Sworn to and subscribed before me this................................................... ....... .................day of....................................................... 1935,

and I hereby certify that I am not an officer or director of this bank.

My Commission expires........................................................... . ........... ................................................... ........... ........ , Notary Public.

REPORT OF CONDITION 149

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Federal Reserve Bank of St. Louis
MEMORANDUM: LOANS AND INVESTMENTS PLEDGED TO SECURE LIABILITIES

29

30

31

32

33

(a)

(b)

(c)

(d) 

(«) 

(/) 

(9)

(h)

2 1 Loans and discounts .. .. _________ ___...._________ ___..._____ ........______ _____ —

32. T o t a l P l e d g e d , excluding rediscounts (must agree with Item 33h)......................................................................

33. Pledged: * = — = = = = =

SCHEDULE A—NAMES OF OFFICERS AND DIRECTORS; LIABILITIES, IF ANY, AND SHARES OWNED

(Enter the names of all officers and directors, whether or not they are indebted to bank)

1 2 3 4 5 6 7 8

Names of officers and directors Official title

If officer 

is also 

a director indicate 

by “ D”

Liability (individual 

or firm) as payers

Liability (individual 

or firm) as indorsers 

or guarantors

Checks and cash 

items Overdrafts

Number of shares of 

stock of this bank 

owned

Common Preferred

.......

.........

$......

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

150 FEDERAL DEPOSIT INSURANCE CORPORATION

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SCHEDULE B—LOANS OR BALANCES EXCEEDING THE 

LIM IT PRESCRIBED BY STATE LAW

SCHEDULE C—CONTINGENT LIABILITIES 

(Not included among Assets and Liabilities)

NAMJE FULL AMOUNT OF 

LOAN OR BALANCE 1. Commercial letters of credit issued, but not used

2. Travelers’ letters of credit issued under guaran nf aomiritv Vint nnt ncjorJ

$...............

$............... ity or

3. Other credits opened for customers, but not used

4. Other contingent liabilities................................................

T otal..................................................................

SCHEDULE D—BRANCHES AND BRANCH OFFICES 

(Do not count, as a branch, the head office of the bank or 

department or subdivision of the head office)

NUMBER

AUTHORIZED

NUMBER IN 

OPERATION

1. Within corporate limits of the head office city

2. Outside corporate limits of the head office city,

but in the same county......................................

3. In counties contiguous to the county in which

the head office city is located............................

4. Elsewhere in the United States............................

5. In foreign countries............................. ......... ........

Total..........................................................

(2)

REPORT OF CONDITION 151

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Federal Reserve Bank of St. Louis
SCHEDULE E—LOANS AND DISCOUNTS (including rediscounts)

Insert word 

“ NONE” if no 

amt. is to be 

ent’d at right

Dollars Cts.

1. Acceptances of other banks, payable in United States, owned by this bank..........................................................

2. Notes, bills, acceptances, and other instruments evidencing loans, payable in foreign countries ..........................

3. Commercial paper bought in open market......................................................................................................................

4. Loans to banks and trust companies:

(a) On securities (U. S. Government obligations and securities of the kinds listed in Schedule G)

(b) All other.............................................................................................................................................................

5. Loans on securities (i. e., loans secured by U. S. Government obligations and securities of the kinds listed in 

Schedule G)—EXCLUSIVE of such loans to banks (Item 4a above):

(a) To brokers and dealers in securities in New York City ........................................................................

(b) To brokers and dealers in securities outside New York City ..............................................................

(c) To others............................................... . .....................................................

6. Real estate loans, mortgages, deeds of trust and other liens on real estate (except loans described in sec. 505b of 

the National Housing Act):

(a) On farm land .......................... ............... .. ... .............................................................

(b) On other real estate............................. ................ ...............................................................

7. Loans secured by chattel mortgages .................. . . . . . . . . ...............................................................

8. Acceptances of this bank purchased or discounted . . ..............................................................

9. All other loans......................................................................................................................................................................

T o t a l L o a n s a n d D is c o u n t s (must agree with Item 1 of “ Assets” ).......................................................

SCHEDULE F— UNITED STATES GOVERNMENT OBLIGATIONS, DIRECT AND/OR FULLY GUARANTEED

(Including securities sold under repurchase agreement)

1. Direct obligations of the United States Government:

(a) First Liberty Loan 3 J ^ % bonds, 1932—47 ....................................................

1

(a)

(b)

(c)

(d) 

0) 

(/) 

(s)

2

(a)

(b)

(c)

(b) Other Liberty Loan bonds ................................................

(c) Treasury Bonds ....................................................

(d) Other United States bonds . ......................................................

(e) Treasury notes ....................................................

(/) Certificates of indebtedness ......................................

S u b t o t a l , Item 1.......................................................................... $............ (Am ount not t o be exten ded)

2. Obligations guaranteed by the U. S. Government as to interest and prir 

(n.} 'Rpponstriir+.inn Finanr»p Cornorntinn

icipal:

(b) Federal Farm Mortgage Corporation . .....................................

(c) Home Owners’ Loan Corporation...................................................................................................................

S u b t o t a l . Item 2................................................................... $............. I

(Am ount not t o be exten ded)

T o t a l U. S. G o v e r n m e n t O b l ig a t io n s D ir e c t a n d / o r F u l l y G u a r a n t e e d (must agree with Item 3

152 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
SCHEDULE G—OTHER BONDS, STOCKS, AND SECURITIES

(Including securities sold under repurchase agreement)

1. Obligations of:

(a) Home Owners’ Loan Corporation guaranteed by the U. S. Government as to interest only..

(b) Federal Land Banks.....................................................................................................................

(c) Federal Intermediate Credit Banks...........................................................................................

(d) Joint Stock Land Banks..............................................................................................................

(e) States, counties, districts, political subdivisions, and municipalities (including warrants).... 

(/) Territorial and insular possessions of the United States..........................................................

2. Bonds, notes, and debentures (not including stock) of other domestic corporations:

(a) Railroads........................................................................................................................................

(b) Public utilities...............................................................................................................................

(c) Real estate corporations..............................................................................................................

(d) Other domestic corporations.......................................................................................................

3. Stock of other domestic corporations:

(a) Real estate corporations..............................................................................................................

(b) Banks and banking corporations................................................................................................

(c) Other domestic corporations.......................................................................................................

4. Foreign securities:

(а) Obligations of foreign central governments...............................................................................

(б) Obligations of foreign provincial, State and municipal governments......................................

(c) Other foreign securities.................................................................................................................

________ T o t a l O t h e r B o n d s , S t o c k s , a n d Se c u r i t i e s (must agree with Item 4 of “ Assets” )....

1

(a)

(b)

(c)

(d)

(e)

CD

2

(a)

(b)

(c)

(d)

3 

(a )

0b)

(0

4

(a)

(b)

(c)

SCHEDULE H—BILLS PAYABLE AND REDISCOUNTS

BILLS PAYABLE

1. Advances received on this bank’s own promissory note:

(a) From Federal Reserve Bank...........................................................................................................................

(b) From other banks and trust companies.........................................................................................................

(c) From Reconstruction Finance Corporation................ 1.................................................................................

2. Certificates of deposit issued to other banks and trust companies for monev borrowed.............................................

3. Advances received on other instruments given for the purpose of borrowing money

S u b t o t a l , Items 1 to 3 (must agree with Iteml9 of “ Liabilities”)

REDISCOUNTS

4. Notes and bills rediscounted, including notes and bills sold under repurc 

(a) With Federal Reserve Bank______________________________

$........

| (Am ount not t o be exten ded)

:hase agreement:

(b) With other banks, trust companies, etc.....................................................................................................

(c) With Reconstruction Finance Corporation...................................................................................................

S u b t o t a l , Item 4 (must agree with Item 20 of “ Liabilities” ).... 

T o t a l B i l l s P a y a b l e a n d R e d is c o u n t s (Items 1 to 4).......

$........

1 (Am ount not t o be exten ded)

1

(a)

(b)

(c)

4

(a)

(b)

(c)

REPORT OF CONDITION 153

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Federal Reserve Bank of St. Louis
SCHEDULE I—CASH IN VAULT, CASH ITEMS, AND BALANCES

WITH OTHER BANKS

Insert word

“ N O N E ” if no

amt. is to be

ent’d at right

D ollars Cts.

1

2

3

4

5

6

(a)

1

2

3

(b)

1

2

3

(c)

1

2

7

(a)

(b)

6. Due from other banks (subject to immediate withdrawal):

(a) Member Banks of Federal Reserve System:

(b) Banks not Members of Federal Reserve System:

(c) Banks and bankers in foreign countries:

7. Balances with other banks not subject to immediate withdrawal:

SCHEDULE J—DEPOSITS

1. Deposits of individuals, partnerships or corporations payable on demand or within 30 days: 1

(a)

(b)

(c)

(a)

(b)

(c)

(rf)

Subtotal, Item 1 (Must agree with Item 12 of “ Liabilities” ) ---| $-..............!.................... 1.....................!...........

2. Time deposits of individuals, partnerships or corporations payable after 30 days or subject to 30 days or more

notice:

(a) Deposits evidenced by savings pass books .................................... No. of Accounts......................................

(Am ount not t o be exten ded)

Subtotal, Item 2 (Must agree with Item 13 of “ Liabilities” ).. $............... I.....................I.....................I........... (Am ount not t o be exten ded)

154 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
3. Public funds of States, counties, school districts, municipalities or other political subdivisions: 3

(a)

ib)

4

(a)

(b)

5

(a)

1 

2

(b)

1 

2

(c)

id)

(b) Payable after 30 days or subiect to 30 days or more notice........................................................................

S u b t o t a l , Item 3 (Must agree with Item 14 of “ Liabilities” ).. 

4. United States Government and postal savings deposits:

$-............1.................1............................ (Am ount not t o be exten ded)

(6) Postal savings deposits....................................................................................................................................

S u b t o t a l , Item 4 (Must agree with Item 15 of “ Liabilities” )..

5. Deposits of other banks; cash letters of credit; certified, officers’, and tri 

(a) Deposits of other banks and trust companies payable on den 

fl) United States _______________________________________

$.............1.................1.................!......... (Am ount not t o be exten ded)

avelers’ checks outstanding: 

land or within 30 days located in:

(2) Foreign countries......................................................................................................................................

(b) Deposits of other banks and trust companies payable after 30 days or subject to 30 days or more 

notice:

(1) United States ....................................................................................................................................

(2) Foreign countries.......................................................................................................................................

(c) Due to Federal Reserve Bank (deferred credits)........................................................................................

(d) Cash letters of credit; certified, officers’, and travelers’ checks outstanding.............................................

S u b t o t a l , Item 5 (Must agree with Item 16 of “ Liabilities”).. 

T o t a l D e p o s it s .....................................................................

*.............1.................1.................1......... (Am ount not t o be exten ded)

SCHEDULE K—ITEMIZED STATEMENT OF “ OTHER ASSETS”

Payment to FDIC (Unless charged to Expense)....

SCHEDULE L—ITEMIZED STATEMENT OF “ OTHER 

LIABILITIES”

T o t a l (MuBt agree with Item 11 of Assets)...................... $ T o t a l (Must agree with Item 27 of Liabilities).................$

(4)

REPORT OF CONDITION 155

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Federal Reserve Bank of St. Louis
156 FEDERAL DEPOSIT INSURANCE CORPORATION

INSTRUCTIONS FOR THE PREPARATION OF REPORTS OF CONDITION ON FORM 64— CALL No. 2 BY INSURED COMMERCIAL

BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

(For facsimile of Form 64 see pages 148-55)

GENERAL INSTRUCTIONS

Number of copies required:— Two copies of the report shall be prepared,

the original to be forwarded to the Federal Deposit Insurance Corporation,

Washington, D. C., and the duplicate to be retained in the bank’s files.

(Additional forms may be had, if needed, by communicating with the Corporation’s Supervising Examiner in your district, or by addressing directly

the offices of the Corporation at Washington.)

Legibility:— All reports shall be made out clearly on the typewriter or

in ink. Pencil reports are not acceptable.

Forwarding date:— The report shall be forwarded to the offices of the

Corporation with the least possible delay, in no case later than ten days

after receipt of Call.

Signatures and acknowledgment:— The report must be sworn to by the

President, Vice-President, Cashier, or other duly authorized officer, and

attested by not less than three directors other than the signing officer,

before a notary public who is not an officer or director of the bank.

Departments:— Assets and liabilities of the bank as reported on Form

64 should not include securities or funds of trust departments, if held

separate and distinct from the general securities and investments of the

bank, nor should they include securities or funds held in safekeeping for

customers. Any uninvested trust funds deposited with the commercial or

savings departments of the bank, should, however, be included under the

appropriate classification of deposits. Assets and liabilities of all other

departments, including savings and foreign departments, should be consolidated with the respective asset and liability items of the commercial department.

Branches:— In cases where banks have branches, the detailed asset and

liability figures shown in the report on Form 64 should be consolidations of

the figures for the head office and its domestic branches only. Amounts due

from and due to own foreign branches should be reported among “ Other

assets” and “Other liabilities.”

Do not scratch or amend in any manner printed items appearing on Form

64. Items which can not properly be included in the printed items must be

reported among “ Other assets” and “ Other liabilities.”

ASSETS

N o t e :— All asset items must be reported at the depreciated book value.

In other words, deduct all valuation reserves set aside for anticipated losses

and all losses charged off, and report only the net figure for each asset.

Valuation reserves:— Reserves set aside to cover anticipated losses or

depreciation in loans, investments and other assets should be designated

“Valuation reserves.” The amount of such reserves should be allocated, on

the bank’s books, to the asset accounts to which they relate (loans, investments, real estate, etc.), and in condition reports rendered to the Federal

Deposit Insurance Corporation the assets against which valuation reserves

have been provided should be shown net, i. e., the same as if charge-offs had

been made equal to the amount of such reserves.

1. Loans and discounts:— This item should represent the aggregate depreciated book value of all the bank’s loans and discounts as classified in Schedule E, including: (a) Paper rediscounted with other banks or the Reconstruction Finance Corporation; (b) Customers’ liability on account of drafts

paid under letters of credit for wThich the bank has not been reimbursed;

(c) Bills of exchange drawn on and accepted by the reporting bank (or by

other banks for the reporting bank’s account) held by the reporting bank;

(d) Acceptances executed by or for account of the reporting bank and subsequently acquired by it through discount or purchase and owned by the reportDigitized for FRASER 

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Federal Reserve Bank of St. Louis
REPORT OF CONDITION 157

ing bank on the date of the report; (e) Notes, bills, and acceptances sold

under so-called repurchase agreements or pledged as collateral to bills payable. (Must agree with Schedule E.)

Item 6 of Schedule E, calling for real estate loans, mortgages, deeds of

trust, and other liens on real estate, should not include loans described in

Section 505b of the National Housing Act. Loans under this section of the

Act, made to finance the construction of residential or farm buildings, and

having maturities of not to exceed six months, whether or not secured by a

mortgage or similar lien on the real estate upon which the residential or

farm building is being constructed, shall not be considered as loans secured

by real estate for the purposes of this report, but shall be classed as ordinary commercial loans and included in “All other loans,” item 9 of Schedule E.

2. Overdrafts:— Aggregate amount of overdrafts in all deposit accounts,

whether secured or unsecured. Checks for amounts in excess of the balance

in the deposit account against which drawn, if paid by the bank, should not

be carried as cash items but should be charged to the proper deposit account

and the resulting overdraft shown against this item.

3. United States Government obligations, direct and/or fully guaranteed:— Book value of all bonds, notes, certificates and bills issued by the

United States Government actually owned by the reporting bank on the

date of report; also such securities issued by the Reconstruction Finance

Corporation, Federal Farm Mortgage Corporation and Home Owners1 Loan

Coporation as are guaranteed by the United States Government as to interest and principal, actually owned on the date of the report. Include securities

pledged with or loaned to others and securities sold under repurchase agreement. Securities sold under repurchase agreement should also be reported

against liability item 18, “Agreements to repurchase U. S. Government

obligations or other securities sold.” (Must agree with Schedule F.)

4. Other bonds, stocks, and securities:— Depreciated book value of all

bonds, stocks, and securities, other than those issued or fully guaranteed by

the United States Government, actually owned by the reporting bank.

Include Home Owners' Loan Corporation 4% Bonds guaranteed as to interest only; obligations of insular possessions and territories of the United

States; securities issued by Federal Land and intermediate credit banks

and Joint Stock Land Banks, states, counties, municipalities, corporations,

and foreign governments. The figures reported against this item should

include any such securities pledged with or loaned to others or sold under

repurchase agreement. Securities sold under a repurchase agreement

should also be reported against liability item 18, “Agreements to repurchase

United States Government obligations or other securities sold.” (Must agree

with Schedule G.)

5. Customers’ liability on account of acceptances (exclusive of acceptances of this bank purchased or discounted, and of anticipation by customers) :— Liability to the bank of its customers on account of bills of exchange

drawn on and accepted by the reporting bank or by other banks for its

account, which are outstanding; i. e., not held by the reporting bank on the

date of the report. (If held by the reporting bank, they should be reported

in “Loans and discounts,” item 1.) In case a customer anticipates his liability to the bank on account of outstanding acceptances by paying the bank

either the full amount of his liability or any part thereof in advance of the

actual maturity of the acceptance, the bank should decrease the amount

of the customers’ liabilities on outstanding acceptances as shown against

this item. (Do not include customers' liability on account of unused letters

of credit issued against personal or other security, which should be reported

in Schedule C, “Contingent liabilities.” )

6. Banking house; furniture and fixtures:— Depreciated book value of

premises actually owned and occupied as banking house, including premises

occupied by branches; also vaults and vault equipment and furniture and

fixtures owned.

7. Real estate owned other than banking house:— Depreciated book value

of all real estate, other than banking house, actually owned.

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Federal Reserve Bank of St. Louis
158 FEDERAL DEPOSIT INSURANCE CORPORATION

8. Cash in vault, exchanges, cash items, and balances with other banks:—

Aggregate of all cash resources owned by this bank or on deposit with other

banks, as reported in detail in Schedule I against the following sub-items:

(Do not include balances with closed banks, which, if carried among Assets,

should be reported against “Other assets.” )

SCHEDULE I

Coin and currency in vault:— Aggregate of all coin and currency held

in vault, including U. S. gold coin and gold certificates held, if any.

Exchanges for clearing house and other checks on local banks:— Items

which will be cleared through the local clearing house or otherwise collected on the following day.

Outside checks:— Checks and drafts payable upon presentation which

are not drawn on local banks and which are not put in course of collection on day of receipt by the reporting bank.

Other cash items:— All other current cash items on hand.

Items with Federal Reserve Bank in process of collection:— Cash items

deposited with or forwarded to Federal Reserve Banks or branches for

collection or credit but which, according to the Federal Reserve Bank’s

time schedule, have not yet been credited by the Federal Reserve Bank

to the reporting bank’s account.

Due from other banks, subject to immediate withdrawal:— Balances due

from all banks (other than Federal Reserve Bank) and trust companies,

which are subject to withdrawal without notice, and uncollected items

payable on presentation which have been forwarded to such banks for

credit or collection and remittance.

Balances with other banks not subject to immediate withdrawal:—

Balances or deposits with other banks and trust companies which are

subject to withdrawal only after notice, or after the expiration of an

agreed period.

9. Acceptances of other banks and bills of exchange or drafts sold with

endorsement of this bank:— Amount of unmatured acceptances of other

banks and bills of exchange or drafts purchased or discounted by the reporting bank and subsequently sold with its endorsement. (See per contra item

21 among “ Liabilities.” )

10. Securities borrowed:— Amount of United States Government obligations and/or other securities borrowed. Securities held in safekeeping for

customers are not assets of the bank and should not be shown as such unless

the bank is authorized to and actually does hypothecate such securities to

secure its own obligations, in which event they should be reported as securities borrowed. (See per contra item 24 among “Liabilities.” )

11. Other assets:— Items classed as “Other assets” must be itemized

briefly but clearly in Schedule K. Do not report in this item an excess of

expense over earnings for the current period. Likewise, do not report a

debit balance in the undivided profits account as “Other assets.” Either or

both of such items should be reported against item 28(g) of “Liabilities,”

“Undivided profits— net.”

LIABILITIES

12. Deposits of individuals, partnerships, or corporations, payable on

demand or within 30 days:— Deposits, including uninvested trust funds, which

are subject to withdrawal by check or otherwise without notice, whether or

not secured by pledge of assets or by surety bonds; and deposits not subject

to check, but due within 30 days from the date of the report or subject to

less than 30 days’ notice. (Must agree with item 1 of Schedule J.)

13. Time deposits of individuals, partnerships, or corporations, payable

after 30 days or subject to more than 30 days’ notice:— Deposits, including

uninvested trust funds, payable after 30 days or subject to more than 30

days’ notice, whether or not secured by pledge of assets or by surety bonds,

including deposits evidenced by savings pass books, time certificates of

deposit, Christmas savings and similar accounts, and “ open accounts.” (Must

agree with item 2 of Schedule J.)

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Federal Reserve Bank of St. Louis
REPORT OF CONDITION 159

14. Public funds of states, counties, school districts, municipalities, or other

political subdivisions:— Deposits, both demand and time, of all political subdivisions and of all public moneys except U. S. Government deposits and

except postal savings deposits. (Must agree with item 3 of Schedule J.)

15. United States Government and postal savings deposits:— U. S. Government deposits may be defined as: All deposits of public moneys in banks

designated as depositaries by the Treasury Department which are held subject to the order of the United States Treasury or the Federal Reserve banks

acting as fiscal agents of the Treasury, or to the order of United States

Government disbursing officers, including deposits (other than postal savings)

made by postmasters in their official capacity. Do not include: deposits of

the United States Shipping Board and the Emergency Fleet Corporation,

of Indian funds under the control of the Department of the Interior, of the

Philippine and Puerto Rican governments, of bankruptcy funds under the

jurisdiction of the United States courts representing funds of bankruptcy

estates, of moneys paid into the United States courts by private parties

pending the outcome of litigation, or of the Division of Insolvent National

Banks of the Comptroller of the Currency representing funds collected by

receivers of insolvent national banks, all of which should be reported as

demand deposits, against item 12, or as time deposits against item 13.

(Must agree with item 4 of Schedule J.)

16. Deposits of other banks, cash letters of credit, certified officers’ and

travelers’ checks outstanding:— Aggregate amount of deposits of other banks

and trust companies in the United States and foreign countries, and aggregate amount of the following items:

(a) Certified and cashiers’ checks, including dividend checks, outstanding, which should represent the total amount of unpaid depositors’ checks

which have been certified by reporting bank and of checks drawn on the

reporting bank by any of its duly authorized officers which are unpaid

on the date of the report;

(b) Letters of credit and travelers’ checks sold for cash and outstanding on date of report. Letters of credit issued on personal or other

security but not used or drawn against should be reported among “Contingent liabilities” of the bank (Schedule C);

(c) All deposits of other banks, whether or not they are subject to

immediate withdrawal;

(d) Deferred credits due to the Federal Reserve Bank.

(Must agree with item 5 of Schedule J.)

s u m m a r y OP it e m s 12 TO 16, i n c l u s i v e : — In this memorandum is to be

shown: (a) That portion of deposits reported in item 12 to 16, inclusive,

w’hich is secured by pledge of loans and/or investments; (b) The portion not

so secured; (c) Total deposits, the sum of (a) and (b) and also of items

12 to 16, inclusive. It is not intended that the reporting bank should here

indicate the amount of its deposit liability which is insured with the Federal Deposit Insurance Corporation.

17. Mortgage bonds and participation certificates outstanding:— Mortgage

bonds and participation certificates sold by the bank, against which realestate mortgages are held by it, or by another fo r its account, as trustee,

and on which the bank guarantees payment or which it is directly liable to

redeem at or before maturity.

18. Agreements to repurchase United States Government obligations or

other securities sold:— United States Government obligations or other securities sold by the bank under an agreement with the purchaser that the bank

will repurchase the securities on or before a specified date.

19. Bills Payable:— Total amount borrowed on reporting bank’s own

promissory notes, on certificates of deposit, and on any other instruments

given for the purpose of borrowing money. (Must agree with subtotal of

items 1 to 3 in Schedule H.)

20. Rediscounts:— Total amount of notes and bills rediscounted, including notes and bills sold with an agreement to repurchase at or before

maturity. (Must agree with item 4 in Schedule H.)

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Federal Reserve Bank of St. Louis
160 FEDERAL DEPOSIT INSURANCE CORPORATION

21. iVcceptances of other banks and bills of exchange or drafts sold with

endorsement of this bank:— Same as per contra item 9 among “Assets.”

22. Acceptances executed by this bank for customers and to furnish

dollar exchange (exclusive of acceptances of this bank purchased or discounted) :— Total amount of unmatured bills of exchange accepted by the

reporting bank, including those drawn by banks or bankers in foreign countries, or dependencies or insular possessions of the United States, for the

purpose of creating dollar exchange as required by the usage of trade in

the respective countries, dependencies, or insular possessions, except bills

of exchange accepted by the reporting bank and subsequently purchased or

discounted by it and owned on the date of this report.

23. Acceptances executed by other banks for account of this bank:—

Unmatured bills of exchange accepted by other banks as agent for the

reporting bank, and on which the agent has a right under its collateral

agreement to look to the reporting bank for reimbursement.

24. Securities borrowed:— Same as per contra item 10 among “Assets.”

25. Interest, taxes and other expenses accrued and unpaid:— Amounts

set aside to cover interest, taxes and other expenses that have accrued but

are unpaid on the date of this report.

26. Dividends declared, but not yet payable:— Dividends declared on or

before the date of the Call report but not payable until after such date.

27. Other liabilities:— Items classed as “ Other liabilities” must be itemized briefly but clearly in Schedule L.

28. Capital account:

(a) Capital notes and denbentures:— Face value of capital notes or

debentures sold to the Reconstruction Finance Corporation or to others.

(b) First preferred stock sold to R. F. C.:— Indicate number of shares,

par value per share and retirable value per share.

(c) First preferred stock sold to others:— Indicate number of shares,

par value per share, and retirable value per share.

(d) Second preferred stock:— Indicate number of shares, par value per

share, and retirable value per share.

N ote:— The “retirable” value of first and/or second preferred stock

may be defined as the amount per share at which preferred stock must

be retired or to which the holders thereof are entitled in the event of

liquidation.

(e) Common stock:— Indicate number of shar.es and par value per share.

The extension of these five items to the right of the bracket enclosing

them should represent the aggregate of their respective net book values

on the date of report. No reporting bank should show any surplus or

undivided profits in items 28 (f) and (g) when the net book value of

capital notes and debentures and capital stock is less than the aggregate

of: (1) the amount at which capital notes and debentures or preferred

stock must be retired, or to which the holders thereof are entitled in the

event of liquidation, and (2) the par value of common stock.

(f) Surplus:— Amount formally transferred to the surplus account as

of the date of report, subject to the condition mentioned in the preceding

paragraph.

(g) Undivided profits— net:— Undivided profits (exclusive of reserves)

as shown on the bank’s books after deduction of current expenses, subject

to the condition mentioned above. Absorb any excess of expense over

earnings in this item. A debit balance should be deducted from surplus,

if any, or from the book value of capital stock if there is no surplus. If

the books are kept on an accrual basis, the amount of interest earned or

accrued but not collected which is included in this item should also be

included in “Other assets,” item 11, while interest collected but not earned

should be included among “Other liabilities,” item 27.

(h) Reserves for contingencies:— Reserve for contingencies should

include only amounts set aside to provide for unforeseen losses such as

may result from lawsuits, defalcations, etc., not covered by insurance,

and other unforeseen losses which may develop in the bank’s assets. Do

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Federal Reserve Bank of St. Louis
REPORT OF CONDITION 161

not include valuation reserves, as defined on page 000, which must be

deducted from the respective asset accounts in the preparation of this

report.

(i) Reserve for undeclared dividends on preferred stock and for accrued

interest on capital notes and debentures:— Amounts set aside from undivided profits for dividends on preferred stock not yet declared, or for

accrued interest on capital notes and debentures.

(j) Reserve for dividend payable in common stock:— Amounts set aside

from undivided profits to provide for stock dividend not yet declared.

(k) Retirement fund for preferred stock or capital notes and debentures:— Amounts set aside to provide for the retirement or redemption of

preferred stock or capital notes and debentures, in compliance with the

retirement or redemption provisions of such preferred stock or notes and

debentures.

MISCELLANEOUS

Memorandum (items 29 to 33, inclusive)— Loans and investments pledged

to secure liabilities:— Enter against items 29, 30, and 31 the book value of

all assets pledged to secure liabilities, and spread these same amounts

against the appropriate subdivisions of item 33 in such a way that item 33

(h) agrees with item 32. For example, if the reporting bank has borrowed

$10,000 from another bank, and has pledged as collateral for the loan securities whose book value aggregates $15,000, entries of $15,000 should appear

against both item 29 and item 33(e).

Schedule A — Names of officers and directors; liabilities, if any, and shares

owned:— Enter the names of all officers and directors, whether or not they

are indebted to the bank. Enter the full amount of liabilities upon which

two or more of the persons listed are jointly liable against each person

concerned, eliminating duplications by means of the reconcilement provided

at the bottom of the Schedule.

Schedule B— Loans or balances exceeding the limit prescribed by State

law:— List all lines exceeding the limit prescribed by State law; also list

excessive balances due from the banks which are not approved reserve depositaries under the provision of State law.

Schedule D— Branches and branch offices:— Include all branches, branch

offices, and paying and receiving stations maintained other than the head

office. Do not count, as branches, departments or subdivisions of the head

office.

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Federal Reserve Bank of St. Louis
Form 73

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n

D e c e m b e r , 1934

Fed. Res. Dist. No......

FDIG Certificate No.

REPORT OF EARNINGS AND DIVIDENDS of.......................................................................................................................................................

(Name of bank)

of.........................................................., in the State of........................................................., for the calendar year ended December 31, 1934.

(City or town)

SECTION 1.—EARNINGS, EXPENSES, RECOVERIES, AND LOSSES

FOR 12-MONTH PERIOD COVERED BY THIS REPORT D o l l a r s C t s .

1. E a r n in g s :

(b) Interest and dividends on bonds, stocks, and other securities ...................................................................................................

(c) Interest on balances with other banks ....................................... ............. ..........

(d) Exchange collected ......................................................................................................................................................................

(e) Other collection charges, commissions, fees, etc..............................................................................................................................

(/) Foreign department (except interest on foreign loans, investments, and bank balances) .........................................................

(g) Trust department ...........................................................................................................................................................................

(h) Service charges on deposit accounts ....................................................................................

(i) Other current earnings (itemize amounts which exceed 5% of Total Earnings—Item 1j).........................................................

(j) T o t a l earnings from current operations................................................................................................................................ '

=====

2 E x p e n s e s :

(a) Salaries and wages...............................................................................................................................................................................

(fe) Fees paid to directors and members of executive, discount, and advisory committees...............................................................

(c) Legal fees .....................................................................................................................................................................................

(d) Interest on deposits of other banks ........................................................................................

(e) Interest on oth^r dpmanH dpnosits ........................................................................................

(/) Interest on other time deposits ........................................................................................................................................................

(g) Interest and discount on borrowed money.......................................................................................................................................

162 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
(h) Real estate taxes.......... .................... ......

..............................„.........................................

(i) Other taxes. . , ...... .... ...... . . . ....... .............................. ....... ...

(j) Exchange paid..________________________________ __________________________ _______

(k) Other expenses (itemize amounts which exceed 5% of Total Expenses— Item 21).

(I) T o t a l current expenses ...............................

3. N e t E a r n in g s f r o m C u r r e n t O p e r a t io n s ..................

(Item 1 j minus 21)

4. R e c o v e r ie s , P r o f it s o n S e c u r i t ie s , E t c .:

(a) Recoveries on loans................................................. (b) Recoveries on bonds, stocks, and other securities.

(c) Profits on securities sold.....

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

(d) All other (itemize)................................................... (e) T o t a l recoveries, profits on securities, etc..

5. T o t a l , Item 3 plus Item 4e................................................

6 L o s s e s a n d D e p r e c i a t i o n :

(a) On loans....................................................................

(b) On bonds, stocks, and other securities..................

(c) On banking house, furniture and fixtures.............

(d) Other losses and depreciation (itemize)............... .

(e)T o t a l losses and depreciation........................................................................................

7. N e t A d d i t io n t o P r o f it s f o r C u r r e n t P e r i o d ...................................................................................

(Item 5 minus item 6e; if a loss, show in red)

(Carry the amount of Item 7 forward to Item 9 on reverse side)

213

Ae5

6e7

REPORT OF EARNINGS AND DIVIDENDS 163

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Federal Reserve Bank of St. Louis
SECTION 2.—UNDIVIDED PROFITS ACCOUNT FOR CURRENT 12-1

8. U n d i v i d e d P r o f it s a t B e g i n n i n g o f P e r i o d ..........

9. N e t A d d i t io n t o P r o f i t s f o r C u r r e n t P e r i o d ............

(Same as Item 7 of this report; if a loss, show in red)

10. A d d it io n s t o U n d iv id e d P r o f it s R e s u l t in g F r o m :

(a) W ithdraw als from reserves for contingencies................................................. $.

(b) W ithdraw als of am ounts set aside for undeclared dividends on preferred stock

and for accrued interest on capital notes and debentures...............................

(c) W ithdraw als from reserve for dividends payable in common stock....................

(d) W ithdraw als from retirement fund for preferred stock or capital notes and

debentures......................................................................................................

(e) W ithdraw als from surplus account.................................................... ................

(/) Reduction of capital stock not repaid to shareholders........... ............................

(g) Assessments paid for im paired capital stock.....................................................

(h) V o luntary contributions to surplus or profits................................................. ^

(i) T o t a l ......................................................................................................

11. T o t a l, Item 8 plus Ite m s 9 and lO i...............................................................................

12. D e d u c t io n s f r o m U n d iv id e d P r o f it s R e s u l t in g F r o m :

(a) Transfers to reserves for contingencies.......................................................... $

(b) Am ounts set aside for undeclared dividends on preferred stock and for accrued

interest on capital notes and debentures.... ................................................

(c) Transfers to reserve for dividends payable in common stock....................-..... ...

(d) Transfers to retirement fund for preferred stock or capital notes and debentures..............................................................................................................

(e) Transfers to surplus account.............................................................................

(/) Cash dividends declared on common stock........................................................

(g) Transfers to comm on capital stock (Stock dividends declared)..........................

(h) D ividends declared on first preferred stock........................................................

(i) D ividends declared on second preferred stock...................................................

(j) Interest paid on capital notes and debentures sold to R F C ...............................

(k) Interest paid on capital notes and debentures sold to others..........................

(t) T o t a l ................ -........................................................................-.......

13. U n d iv id e d P r o f it s a t E n d o f P e r io d .......................................................................

_________(Item 11 m inus Ite m 12Q__________________________________________________

TH PERIOD

D o l l a r s

C t s .

lOi

11

121

13

164 FEDERAL DEPOSIT INSURANCE CORPORATION

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SECTIO N 3 .- RECONCILEMENT OF CAPITAL ACCOUNT FOR 12-MONTH p e r io d c o v e r e d b y t h is r e p o r t

(Please see that this section balances)

J a n u a r y 1, 1934 N e t A d d i t io n s

a n d / o r D e d u c t io n s D e c e m b e r 31, 1934

14. C a p i t a l N o t e s a n d D e b e n t u r e s ....................................... $......................................................... $......................................................... $......................................................... 14

15. F ir s t P r e f e r r e d S t o c k .......................................................... 15

16. Se c o n d P r e f e r r e d St o c k ...................................................... 16

17. C o m m o n St o c k ............................................................................. 17

18. S u r p l u s ........................................................................................... 18

19. U n d i v i d e d P r o f i t s — N e t ........................................................ 19

20. R e s e r v e f o r C o n t i n g e n c i e s ................................................ 20

21. R e s e r v e f o r U n d e c l a r e d D i v i d e n d s o n P r e f e r r e d

S t o c k , a n d f o r A c c r u e d I n t e r e s t o n C a p i t a l N o t e s

a n d D e b e n t u r e s ......................................................................... 21

22. R e s e r v e f o r D i v i d e n d P a y a b l e i n C o m m o n St o c k 22

23. R e t i r e m e n t F u n d f o r P r e f e r r e d St o c k o r C a p it a l

N o t e s a n d D e b e n t u r e s ..................................................... 23

24. T o t a l C a p i t a l A c c o u n t _______________ _________ ___ _ 24

N o t e : Figures for Decemb-ar 31, 1934, must agree with entries for Item 28 on the Report of Condition. 

Enter any excess of deductions over additions in red.

SECTION 4.— NUMBER, RATE, AND AMOUNT of DIVIDENDS DECLARED ON CAPITAL STOCK, AND INTEREST PAID ON

CAPITAL NOTES AND DEBENTURES DURING 12-MONTH PERIOD COVERED BY THIS REPORT

C a p i t a l N o t e s a n d D e b e n t u r e s ..

F i r s t P r e f e r r e d S t o c k .....

Se c o n d P r e f e r r e d St o c k ...

C o m m o n S t o c k ........................

D iv i d e n d

N u m b e r R a t e — % D a t eD e c l a r e d

D a t e

P a y a b l e

I , .............................................................................................. of the above-named bank, do solemnly swear that the foregoing statement is true, to the best of my knowledge and belief.

(Name and title of officer authorized to sign report)

State of...................................................................................................................................

County of...............................................................................................................................

Sworn to and subscribed before me this...............................................................................................................day of.

SEAL My Commission Expires................................................................................... ...............................

(Signature of officer authorized to sign report)

Notary Public

REPORT OF EARNINGS AND DIVIDENDS 165

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INSTRUCTIONS FOR PREPARATION OF EARNINGS AND DIVIDEND

REPORTS ON FORM 73 BY INSURED COMMERCIAL BANKS NOT

MEMBERS OF THE FEDERAL RESERVE SYSTEM

(For facsimile of Form 73, see pages 162-65.)

SECTION 1—EARNINGS, EXPENSES, RECOVERIES and LOSSES, for 12-MONTH PERIOD

COVERED BY THIS REPORT

1. E a r n in g s :— Amounts reported under this head should represent the

gross earnings from current operations of all departments of the bank.

Earnings may be reported either on an accrual or on a cash basis, depending

upon the bank's method of bookkeeping.

(a) Interest and discount on loans:— Interest and discount received or

accrued on the bank’s gross loans and discounts, including interest and

discount on paper which the bank has rediscounted, sold under repurchase

agreement, or pledged as collateral to bills payable or otherwise. (See

Schedule E of condition report, form 64, for composition of loans.)

Profits (or losses) resulting from the sale of acceptances and commercial paper at rates other than those at which such paper was purchased

should be included in interest and discount on loans.

(b) Interest and dividends on bonds, stocks, and other securities:—

Interest on United States Government bonds, notes and certificates, discount on United States Treasury bills (sold by the Treasury on a discount instead of an interest basis), and interest and dividends (except

stock dividends) on other bonds, stocks, and securities, foreign and

domestic, owned by the bank, including interest and dividends on securities

which the bank has loaned, sold under repurchase agreement, or pledged

as collateral to bills payable or otherwise. (See Schedules F and G of

condition report, form 64, for composition of bonds, stocks, and other

securities.)

Accrued interest paid on securities purchased should be treated as a

deduction from interest received, not shown as an expense.

If it is the bank's practice to amortize the premium on securities purchased above par over the life of the securities, such premium amortization should be deducted from earnings, item 1(b). If premium paid on

securities is not amortized but is charged off in a lump sum, it should be

reported against item 6(b), “Losses and depreciation on bonds, stocks,

and other securities."

(c) Interest on balances with other banks:— Amount of interest received

on deposit balances maintained with other banks and trust companies in

the United States and foreign countries.

(d) Exchange collected:— Total amount of charges for: the collection

and/or payment of domestic checks, notes, drafts, bills of exchange, etc.;

and for the sale of bank drafts. Do not include charges collected for, and

remitted or credited to, other banks.

(e) Other collection charges, commissions, fees, etc.:— Total amount of

other collection charges, commissions, fees, etc., received by the bank,

including commissions on the sale of insurance policies and the collection

of premiums; the acceptance of bills of exchange in the domestic trade;

the purchase and sale of acceptances, commercial paper and securities for

domestic banks and other customers; the negotiation of loans for domestic

customers or correspondents; the underwriting and sale of domestic security issues; the lending of securities owned by the bank, etc. Similar

charges made in connection with foreign transactions should be reported

against item 1(f). Do not include commissions, fees, etc., collected for

the account of customers or other banks.

(f) Foreign department (except interest on foreign loans, investments,

and bank balances):— Charges made for accepting and collecting drafts

drawn to finance foreign transactions, and for issuing foreign letters of

credit and travelers' checks; profits (or losses) on acceptances payable

in foreign currencies, and on the purchase and sale of foreign exchange;

and all other income resulting from foreign operations; except interest

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REPORT OF EARNINGS AND DIVIDENDS 167

on foreign loans, investments, and balances maintained with foreign banks,

which should be reported in sub-items 1(a), 1(b), and 1(c), respectively.

(g) Trust department:— Gross income from services rendered by the

bank in any fiduciary capacity authorized by State law.

(h) Service charges on deposit accounts:— Amounts charged depositors

who fail to maintain minimum specified deposit balances, including charges

made against depositors based on the number of checks drawn on their

accounts. (Do not include Federal check tax receipts.)

(i) Other current earnings:— All current earnings of the bank not

required to be reported against sub-items 1(a) to 1(h). Itemize amounts

included under this head which exceed five per cent of total earnings,

item l( j) .

(j) Total earnings from current operations.

2. E x p e n s e s :— Amounts reported under this head should represent the

total current operating expenses of all departments of the bank. Expenses

may be reported either on an accrual or on a cash basis, depending upon

the bank’s method of bookkeeping.

If a bank sets aside an amount to cover interest, taxes, and other expenses

that have accrued but are unpaid, such amount should be reported against

the appropriate sub-items of expenses in the period in which set aside,

regardless of when the payments are actually made. In the condition report

such amounts should be reported as “ Interest, taxes, and other expenses

accrued and unpaid,” item 25 of “Liabilities.” As such expenses are paid,

the item “Interest, taxes and other expenses accrued and unpaid” should

be debited without any further entry in the earnings and dividends report.

(a) Salaries and wages:— Compensation for personal services paid to

officers and employees of the bank, including bonuses, payments for overtime, and other extra compensation.

(b) Fees paid to directors and members of executive, discount and advisory committees:— Total amount of fees paid to directors and members

of committees for attendance at Board or committee meetings, including

per diem and traveling allowances paid.

(c) Legal fees:— Retainer fees and other fees, including per diem and

traveling allowances, paid outside counsel. If counsel is not an officer of

the bank the total payments to him, including allowances for clerical help

or for office space, should be included in this item. Also include court and

recording costs and fees paid to notaries, except protest fees.

(d) Interest on deposits of other banks:—Interest on deposit balances

maintained by other domestic and foreign banks with the reporting bank.

(e) Interest on other demand deposits:— Interest on deposits payable on

demand or within 30 days, or subject to less than 30 days’ notice except

funds which other domestic and foreign banks have on deposit with the

reporting bank.

(f) Interest on other time deposits:— Interest on postal savings and on

all other deposits payable after 30 days or subject to more than 30 days’

notice, except funds which other domestic and foreign banks have on

deposit with the reporting bank.

(g) Interest and discount on borrowed money:— Interest and discount

on bills payable, rediscounts, securities sold under repurchase agreement,

and certificates of deposit and other instruments issued for the purpose

of borrowing money.

(h) Real estate taxes:— Taxes paid or accrued on bank premises and

on other real estate owned.

(i) Other taxes:— Federal, state and municipal taxes paid or accrued

other than on real estate. (Do not include Federal check tax payments.)

(j) Exchange paid:— Total payments absorbed by the bank for the collection of domestic checks, notes, drafts, bills of exchange, etc.; Do not

include exchange paid for customers, and charged to the customers’ accounts at the time of payment.

(k) Other expenses:— All current expenses of the bank not required

to be reported against sub-items 2(a) to 2(j), including interest paid on

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168 FEDERAL DEPOSIT INSURANCE CORPORATION

encumbrances on the bank building. Itemize amounts which exceed five

percent of total expenses, item 2(1).

(1) Total current expenses.

3. N e t e a r n in g s fr o m c u r r e n t o p e r a t i o n s :— The excess of total current earnings, item l( j) . over total current expenses, item 2(1).

4. R e c o v e r ie s , p r o f i t s o n s e c u r i t ie s , e t c .

(a) Recoveries on loans:— Amount realized on loans and discounts previously charged off, plus any reduction in valuation reserves decided upon

because of a decrease in the estimate of probable losses.

(b) Recoveries on bonds, stocks and other securities:— Recoveries of

amounts charged off as a loss or as depreciation on bonds, stocks and

other securities against item 6(b), plus any reduction in valuation reserves

decided upon because of an appreciation of security values since the depreciation estimate was made.

(c) Profits on securities sold:— Report in this item only profits which

represent an excess of sale price over purchase price, less premium amortization, of bonds, stocks and other securities sold or exchanged. Any

excess of sale price over book value at time of sale which results from

previous depreciation charges or premium amortization should be treated

as a recovery and shown in item 4(b).

(d) All other:— All other recoveries (including tax refunds) and profits

other than on securities sold.

(e) Total recoveries, profits on securities, etc.

5. T o t a l , item 3 plus item 4(e).

6. L o s s e s a n d d e p r e c i a t i o n :— The items under this head include all

losses charged direct to Profit and Loss, including any losses which are

considered as being covered by “Reserves for contingencies.” In the latter

case an amount equal to such loss may be withdrawn from “Reserves for

contingencies” and reported under item 10(a).

This head also includes all charges made whereby valuation reserves are

set up to provide for anticipated losses or depreciation. Losses occurring

for which valuation reserves have been set up should be charged against

the specific reserve, rather than against Profit and Loss.

(a) On loans:— Losses on loans charged to Profit and Loss, and all

charges whereby a valuation reserve has been set up to provide for anticipated losses on loans.

(b) On bonds, stocks, and other securities:— Losses due to the sale or

exchange of bonds, stocks, and other securities at a price below their

book value, amounts charged to Profit and Loss for the purpose of writing down the book value of securities, and all charges whereby a valuation reserve has been set up to provide for anticipated losses on, or depreciation of, securities.

(c) On banking house, furniture and fixtures:— Amounts charged off

directly to reduce the book value or charges whereby valuation reserves

have been set up to cover depreciation of buildings owned and occupied

in whole or in part by the bank and its branches, and charges of a similar

nature with respect to furniture and fixtures. Also include any losses

occasioned by the sale or exchange of banking house, furniture and fixtures.

(d) Other losses and depreciation:— Amounts charged off directly to

reduce the book value, or charges whereby valuation reserves have been

set up to cover depreciation, of real estate owned other than banking

house, and all other losses and depreciation charges not provided for under

items 6(a), 6(b), and 6(c).

(e) Total losses and depreciation.

7. N e t a d d it io n t o p r o f i t s f o r c u r r e n t p e r i o d :— The excess of all earnings and recoveries during the 12-month period, over all expenses, losses,

and depreciation charges (including valuation reserves set aside) during

the same period, i. e., the net addition to (or deduction from) the undivided

profits account, which should be carried forward to item 9 of the Undivided

Profits section on the reverse side of the report.

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REPORT OF EARNINGS AND DIVIDENDS 169

SECTION 2— UNDIVIDED PROFITS ACCOUNT FOR CURRENT 12-MONTH PERIOD

8. U ndivided profits at beginning of period:— The balance of the undivided profits account brought forward from the previous period.

9. N et additions to profits fo r cu rrent period:— This is the same as

item 7 in Section 1, and represents the net profit (or loss) for the current

period.

10. A dditions to undivided profits resulting from:

(a) Withdrawals from reserves for contingencies:— Total of all amounts

transferred or returned to “Undivided profits” from reserves for contingencies, including amounts intended to cover losses charged to Profit and

Loss and reported in items 6(a) to 6(d), inclusive.

(b) Withdrawals of amounts set aside for undeclared dividends on preferred stock and for accrued interest on capital notes and debentures:—

Total of all amounts transferred from the reserve described in item 28(i),

Form 64, to cover dividends declared on preferred stock and the payment

of interest due on capital notes and debentures, as well as other amounts,

if any, returned to “Undivided profits” from such reserve.

(c) Withdrawals from reserve or dividends payable in common stock:—

Total of all amounts transferred from the reserve described in item 28(j),

Form 64, to “ Undivided profits” to meet the requirements of stock dividends declared.

(d) Withdrawals from retirement fund for preferred stock or capital

notes and debentures:— Total of all amounts released and returned to

“Undivided profits” from the account described in item 28 (k), Form 64.

Such transfers will occur only if and when actual sinking fund payments

of equal amounts have been made.

(e) Withdrawals from surplus account:— Gross reduction in surplus

during the current 12-month period.

(f) Reduction of capital stock not repaid to shareholders:— Gross amount

of any reduction of capital stock authorized by supervisory authorities

during the year, less amounts (if any) repaid to shareholders. Also include any other reductions in the amount at which the capital stock is

carried on the books.

(g) Assessments paid for impaired capital stock:— Amount paid in by

shareholders on assessments to cover impairment of capital stock.

(h) Voluntary contributions to surplus or profits:— Premium on stock

of the bank sold above par; all contributions to surplus or profits by

directors, shareholders, officers and others; also surplus and profits of

banks absorbed or succeeded as of the date of absorption or succession.

Voluntary contributions to surplus should also be reported against item

12(e).

(i) Total of item s 1 0 (a ) to 1 0 (h ), inclusive.

11. T o ta l, item 8 plus items 9 and 10 (i).

12. Deductions from undivided profits resulting from :

(a) Transfers to reserves for contingencies:— This item represents gross

transfers to “Reserves for contingencies,” as defined in instructions for

item 28(h), Form 64.

(b) Amounts set aside for undeclared dividends on preferred stock and

for accrued interest on capital notes and debentures:— Gross transfers to

reserve for undeclared dividends on preferred stock and for accrued interest on capital notes and debentures.

(c) Transfers to reserve for dividend payable in common stock:— Gross

amounts set aside to provide for the payment of stock dividends not yet

declared.

(d) Transfers to retirement fund for preferred stock or capital notes

and debentures:— Gross transfers to sinking fund for retirement or redemption of preferred stock or capital notes and debentures.

(e) Transfers to surplus accounts:— Gross increase in surplus during

the 12-month period.

(f) Cash dividends declared on common stock:— Amount of cash dividends declared on common stock during the 12-month period covered by

the report, including dividends not payable until after the end of such

period. In condition report, form 64, dividends declared but not payable

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170 FEDERAL DEPOSIT INSURANCE CORPORATION

until after the date of the report should be shown against item 26 of

“Liabilities.”

(g) Transfers to common capital stock (stock dividends declared):—

Gross amount by which the paid-in capital stock of the reporting bank

was increased during the year through the declaration of stock dividends.

(h) Dividends declared on first preferred stock:— Amount of cash dividends declared on first preferred stock during the 12-month period covered by this report, including dividends not payable until after the end of

such period.

(i) Dividends declared on second preferred stock:— Amount of cash

dividends declared on second preferred stock during the 12-month period

covered by this report, including dividends not payable until after the

end of such period.

(j) and (k) Interest paid on capital notes and debentures:— Amount of

interest actually paid on capital notes and debentures during the 12-month

period covered by the report.

(1) Total of items 12(a) to 12(k), inclusive.

13. U n d iv id e d p r o f i t s a t e n d o f p e r io d :— This item represents the

amount remaining in the undivided profits account at the end of the current

12-month period, after taking into account debits and credits from all

sources. The item must agree with item 28(g) of the condition report., form

64, if the condition report is rendered as of the end of the 12-month period.

SECTION 3— RECONCILEMENT OF CAPITAL ACCOUNT FOR 12-MONTH PERIOD

COVERED BY THIS REPORT

Entries made in the last column of this section must agree with the book

value of the entries for item 28 on the condition report, unless the condition report be made as of a different date. All entries indicating the condition of the capital items at the beginning of the period should reflect the

book value as of the opening of business on the first business day of the

calendar year.

Entries made for items 18, 20, 21, 22, and 23 in the column headed “Net

additions and/or deductions” must agree with the differences between the

corresponding items in Section 2, items 10 and 12. For example, the amount

entered in this column for item 20, “Reserves for contingencies,” must equal

the difference between items 10(a) and 12(a). The entry in this column

for item 19 must agree with the difference between items 8 and 13 of

Section 2. Please see that this section balances.

SECTION 4—NUMBER, RATE, AND AMOUNT OF DIVIDENDS DECLARED ON CAPITAL 

STOCK, AND INTEREST PAID ON CAPITAL NOTES AND DEBENTURES 

DURING 12-MONTH PERIOD COVERED BY THIS REPORT

For capital notes and debentures, enter rate, date payable and amount of

interest payments (if any), made during the year. (Amount must agree

with item 12(j) plus 12(k).)

For capital stock, enter dividend number, rate, date declared, date payable, and amount of dividends declared during the year on first preferred

stock, second preferred stock, and/or common stock. (Include dividends

declared on or before the date of the report but not payable until after that

date.) Amounts must agree with items 12(h), 12(i), and 12(f), respectively.

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PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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Sources of data. Except as indicated otherwise, data relating to national

banks were obtained from the Comptroller of the Currency or the Federal

Reserve Board; data relating to State banks members of the Federal Reserve

System were obtained from the Federal Reserve Board; and data relating to

insured banks not members of the Federal Reserve System were obtained

directly from the banks themselves. Data relating to uninsured banks were

obtained from the Federal Reserve Board or from the Rand McNally Bankers

Directory.

Classification of banks. Except where specifically defined otherwise,

“licensed commercial banks” includes the following groups of banks in the

continental United States operating under licenses issued by the Secretary

of the Treasury or by State banking authorities in conformity with the

provisions of the executive order of the President of the United States, dated

March 10, 1933: national banks, State (commercial) banks, loan and trust

companies, stock savings banks, private banks under State supervision and

insured' industrial banks. For December 31, 1934, they include also two

insured national banks in Alaska not members of the Federal Reserve System. Private banks which, pursuant to the Banking Act of 1933, have elected

to submit to examination by the Comptroller of the Currency or the Federal

Reserve Board rather than by State authorities and are, therefore, not under

State supervision, are not included. On December 31, 1934, there were 140

such banks with deposits of about $55,000,000. The term “national banks”

refers only to national banks in the continental United States all of which

are members of the Federal Reserve System. The term “commercial State

banks” is used to indicate all commercial banks as defined above exclusive

of national banks. The term “insured banks” is used to indicate banks

insured by the Federal Deposit Insurance Corporation; the term “uninsured

banks” is used to indicate banks not insured by the Federal Deposit Insurance Corporation. The term “newly licensed banks” refers to banks to

which licenses are issued to begin business whether such banks are primary

organizations, reopenings of closed banks, reorganizations of existing banks

or are successors to other banks absorbed or merged. The figures for banks

not members of the Federal Reserve System used in this report are not

comparable with those compiled by the Federal Reserve Board, due to the

inclusion here of some insured industrial banks and some insured banks

operating with restrictions, which are excluded from the Federal Reserve

Board’s figures.

The classification of mutual savings banks conforms with that adopted

by the Federal Reserve Board except for one bank classified by the Board

as a mutual savings bank which is insured and classified by the Federal

Deposit Insurance Corporation as a commercial bank. Inclusion of banks

in the tables as mutual savings banks does not indicate that they are eligible

for insurance as mutual savings banks with the Federal Deposit Insurance Corporation.

In some tables the banks have been grouped into geographic regions. The

regions, which conform with the groupings used by the United States Bureau

of the Census and the Federal Reserve Board, are:

New England States: Maine,, New Hampshire, Vermont, Massachusetts,

Rhode Island and Connecticut.

Middle Atlantic States: New York, New Jersey and Pennsylvania.

East North Central States: Ohio, Indiana, Illinois, Michigan and Wisconsin.

West North Central States: Minnesota, Iowa, Missouri, North Dakota,

South Dakota, Nebraska and Kansas.

South Atlantic States: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia and Florida.

East South Central States: Kentucky, Tennessee, Alabama and Mississippi.

West South Central States: Arkansas, Louisiana, Oklahoma and Texas.

Mountain States: Montana, Idaho, Wyoming, Colorado, New Mexico,

Arizona, Utah and Nevada.

Pacific States: Washington, Oregon and California.

EXPLANATORY NOTE

173

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174 FEDERAL DEPOSIT INSURANCE CORPORATION

Tables 106, 107, 108 and 109. The data relating to insured banks were

obtained from certified statements filed with the Federal Deposit Insurance

Corporation by each insured bank. The figures of deposits of insured banks

given in Tables 107 and 109 differ in some respects from those given in

reports of condition. The differences are explained in the foot-notes to the

tables. For explanation of the items, see instructions for preparing certified statement, pages 000-00.

Tables 115 and 116. The data were obtained from examinations conducted

by the Federal Deposit Insurance Corporation and relate only to insured

banks not members of the Federal Reserve System examined more than

once by the Corporation. The “examination for admission” of these banks

occurred at the time of application of the bank for admission to the F\md.

For the most part the admission examinations covered the period from

October 1933 to December 31, 1933, although some were made during the

year 1934. The “latest examination" of these banks occurred during the

period from early 1934 to the end of February 1935. Most of the latest

examinations were made in the second half of 1934. The deposits used as a

basis for grouping the banks according to size are as of the date of examination of each bank.

Tables 117 and 118. The data were obtained from special analyses of

examination reports and, except for banks enumerated below, relate to all

commercial banks not members of the Federal Reserve System insured as

of December 31, 1934, regardless of the number of times the banks were

examined. The latest examination report of each bank available at the end

of February 1935 was used. In some cases, however, the only examinations

available were those made at the time of application for admission to the

Fund. Figures for the following banks not members of the Federal Reserve

System insured on December 31, 1934, are not included in Tables 117 and

118: 2 national banks in Alaska examined by the Comptroller of the Currency, 11 banks in the District of Columbia examined by the Comptroller

of the Currency and 9 other banks located as follows: Texas, 3 banks; Michigan, 2 banks; Kentucky, Mississippi, New Jersey and Tennessee, 1 bank each.

The deposits used as a basis for grouping the banks according to size are

as given in the reports of condition of December 31, 1934.

Table 121. The data dealing with the ability of insured banks not members of the Federal Reserve System to qualify for membership in that System, were compiled from reports of condition submitted by the banks. The

figures were arranged on the basis of statutory capital requirements for

membership in the Federal Reserve System as contained in Section 9 of the

Federal Reserve Act as amended to June 16, 1934. Other qualifying factors

enumerated in Section 9 of the Federal Reserve Act have not been taken

into consideration. The figures relating to all banks and to banks in centers

with population of more than 50,000 without sufficient capital to qualify for

membership are maximum figures. Minimum figures may be obtained by

subtracting from the totals given in the table the corresponding data for

banks in centers with a population of more than 50,000 with capital of

$100,000 to $200,000.

Tables 123 to 131, inclusive. The tables deal with earnings, expenses and

dividends of insured banks. The figures relating to interest and discount

on borrowed money, total expenses, and net deductions from profits for current period, are believed to be too large. Conversely, figures of net earnings

from current operations, of net earnings and recoveries, and of cash dividends declared, are believed to be too small. Examination of rates of interest

generally charged banks during 1934 on money borrowed indicates that the

amount reported by the banks as interest paid on borrowed money was

about $2,000,000 too large. Data relating to interest received by the Reconstruction Finance Corporation on capital notes and debentures indicate that

the amount of such interest payments was understated by the banks by about

the same amount. About $2,000,000 of interest paid on capital notes and

debentures, therefore, was probably reported under expenses as “interest

and discount on borrowed money” instead of under “cash dividends declared."

The amounts per $100 of total available funds presented in Table 123

were computed on the basis of the estimated average amount of funds available to the banks during the year. For State banks members of the Federal

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Federal Reserve Bank of St. Louis
EXPLANATORY NOTE 175

Reserve System the average was computed from figures for the five call

dates, December 30, 1933; March 5, June 30, October 17, and December 31,

1934. For insured commercial banks not members of the Federal Reserve

System the average for the year was computed from reports of condition as

of June 30 and December 31, 1934, and estimated figures for December 30,

1933, March 5, 1934, and October 17, 1934.

The figures presented in Tables 126, 127, 130 and 131 relate selected earnings, expense and dividend figures for the calendar year 1934 to appropriate

items in the reports of condition of the banks as of December 31, 1934.

Averages for the calendar year would have been preferable but such data

were not available for banks grouped by amount of deposits. As a result,

the figures expressed in dollars per $100 of total available funds, total

deposits, demand deposits, securities, and probably time deposits, are generally smaller than they would have been if computed on the basis of averages for the year. Figures expressed in dollars per $100 of loans and discounts outstanding on December 31 are larger than corresponding figures

based on average loans and discounts for the year. Inasmuch as there was

little change in the amount of the total capital account of the banks during

the year, figures expressed in dollars per $100 of total capital account on

December 31 probably differ but little from corresponding figures based on

averages for the year.

Tables 135 to 141, inclusive. The figures for insured banks suspended or

in receivership were obtained from the banks’ records by representatives

of the Federal Deposit Insurance Corporation or from the Corporation’s own

records. Figures for uninsured banks were obtained from the Federal

Reserve Board.

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Federal Reserve Bank of St. Louis
176 FEDERAL DEPOSIT INSURANCE CORPORATION

ALL LICENSED BANKS

Table 101. N u m b e r a n d D e p o s it s o f A l l L ic e n s e d B a n k s in t h e U n it e d 

S t a t e s , J a n u a r y 1, 1934, a n d D e c e m b e r 31, 1934

BY CLASS OF BANK 1

Number of banks Total deposits 

(in millions of dollars)

December 

3 1 ,19342

January 

1, 1934 Change December 31, 19342

January 

1, 1934 C hange

All licensed banks.............................

Insured..............................................

Uninsured........................................

Licensed commercial banks...........

Insured............................................

National........................................

State banks members of Federal

Reserve system.........................

Banks not members of Federal 

Reserve System........................

Uninsured4......................................

Mutual savings banks....................

Insured..............................................

Uninsured5........................................

15,788

14,214

1,574

14,989

12,765

2,224

+799

+ 1,449 

-650

49,297

40,041

9,256

42,098

37,669

4,429

+ 7,199

+2,372

+4,827

15,214 14,412 +802 39,562 32,375 +7,187

14,146

5,462

980

37,704

12,551

5,154

857

6,540

+ 1,595

+308

+ 123 

+ 1,164

38,996

21,637

12,211

5,148

31,301

17,569

9,612

4,1.20

+ 7,695

+4,068

+2,599 

+ 1,028

1,068 1,861 -793 566 1,074 -508

574

68

506

577

214

363

-3

-146 

+ 143

9,735

1,045

8,690

9,723

6,368

3,355

+ 12

-5,323

+5,335

1 For explanation of classification of banks, see page 173.

2 Figures for each State for December 31, 1934, are given in Tables 104 and 105.

8 Includes 2 insured national banks in Alaska not members of the Federal Reserve System.

4 Excludes the following figures: For January 1, 1934, 38 private banks under State supervision 

considered ineligible by law for Federal insurance, and 5 small banks for which figures of deposits are 

not available. For December 31, 1934, 57 private banks with deposits of $380,000,000 under State 

supervision considered ineligible by law for Federal insurance, and 5 small banks for which figures of

deposits are not available. Nineteen private banks came under State supervision during the year.

6 Excludes 2 mutual savings banks operating with restricted deposits for which figures of deposits are 

not available.

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ALL LICENSED BANKS 177

Table 102. A n a l y s i s o f C h a n g e s i n N u m b e r o f L ic e n s e d B a n k s i n t h e 

U n i t e d S t a t e s , J a n u a r y 1, 1934, t o D e c e m b e r 31, 1934

BY CLASS OF BANK1

Commercial banks

Insured banks

All licensed 

banks Total

Total

National

banks

State

banks

members

Federal

Reserve

System

Banks

not

members

Federal

Reserve

System

Uninsured

banks

Mutual

savings

banks

Licensed banks, January 1, 1934.......... 15,034 14,455 12,551 5,154 857 6,540 1,904 2579

ADDITIONS DUE TO—

Banks newly licensed.............................. 1,310 1,308 1,220 456 25 3739 <88 2

Changes in classification of banks:

Admissions to Federal Reserve membership ................................................... 125 125 125 125

Withdrawals from Federal Reserve 

membership.......................................... 5 5 5 5

Admissions to insurance.......................... 763 740 740 740 23

Withdrawals from insurance................... 192 23 23 169

Total changes in classification 

of banks....................................... 1,085 893 870 125 745 23 192

Total additions.............................. 2,395 2,201 2,090 456 150 1,484 4111 194

DEDUCTIONS DUE TO— 

Banks ceasing operations:

Suspensions............................................... 57 57 9 1 8 48

Liquidations, successions, absorptions 

or consolidations.................................. 437 432 335 147 22 166 97 5

Total banks ceasing operations. 494 489 344 148 22 174 145 5

Changes in classification of banks:

Withdrawals from Federal Reserve 

membership.......................................... 5 5 5 5

Admissions to Federal Reserve membership ................................................... 125 125 125 5125

Withdrawals from insurance................... 192 23 23 23 169

Admissions to insurance.......................... 763 740 740 23

Total changes in classification 

of banks........................... . . 1,085 893 153 5 148 740 192

Total deductions............. ............. 1,579 1,382 497 148 27 322 885 197

Licensed banks, December 31, 1934....

Net increase..................................

15,850

816

15,274

819

14,144

1,593

5,462

308

980

123

7,702

1,162

41,130

7-774

*576

7-3

1 For explanation of classification of banks, see page 173. Figures relating to banks not members of the 

Federal Reserve System differ from those compiled by the Federal Reserve Board. Figures of banks newly 

licensed compiled by the Federal Reserve Board include 91 banks operating with restricted deposits from 

which the restrictions were removed during 1934. These banks, with deposits on January 1, 1934, of 

about $35,000,000, were conditionally insured by the Federal Deposit Insurance Corporation on that 

date. Newly licensed banks in Table 102 include also 12 industrial banks admitted to insurance during 

the year. These banks were in operation but not included in list of banks at the beginning of the year.

2 Includes 144 banks operating with restricted deposits.

3 Includes 12 industrial banks with deposits of $41,000,000 admitted to insurance but not included in 

list of banks at the beginning of the year.

* Includes 19 banks in existence but not under State supervision prior to January 1, 1934, which came 

under such supervision during 1934 pursuant to the provisions of the Banking Act of 1933.

5 Includes 8 newly organized banks that succeeded other banks.

6 Includes 2 banks with restricted deposits.

7 Decrease.

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Federal Reserve Bank of St. Louis
Table 103. N umber and Deposits of Ba n k s Licensed During 19 341

BY CLASS OF BANK GROUPED BY AMOUNT OF DEPOSITS AND BY STATES

Number of banks Deposits as of December 31, 1934 (in thousands of dollars)

Insured banks Insured banks

Total

Total National

banks

State

banks

members

Federal

Reserve

System

Commercial banks 

not 

members 

Federal 

Reserve 

System

Uninsured

commercial

banks

Total

Total National

banks

State

banks

members

Federal

Reserve

System

Commercial banks 

not 

members 

Federal 

Reserve 

System

Uninsured

commercial

banks

Banks having deposits of—•

$100,000 and under....................................... 180 153 5 1 147 27 12,239 11,000 423 100 10,477 1,239

$100,000 to $250,000..................................... 449 430 114 9 307 19 75,364 72,410 20,978 1,797 49,635 2,954

$250,000 to $500,000 ................................... 296 288 137 5 146 8 105,181 102,813 50,675 1,525 50,613 2,368

$500,000 to $750,000 ................................... 124 119 69 5 45 5 75,516 72,598 42,412 2,772 27,414 2,918

$750,000 to $1,000,000.................................. 67 65 36 3 26 2 57,237 55,583 30,825 2,794 21,964 1,654

$1,000,000 to $2,000,000............................... 282 80 50 1 29 1 2112,328 109,321 67,484 1,969 39,868 1,117

$2,000,000 to $5,000,000............................... 42 40 30 1 9 2 117,217 110,475 85,739 3,663 21,073 6,742

$5,000 000 to $50 000 000 14 13 13 1 141,894 127,689 127,689 14,205

T^OTinQitQ nnt qvqi! qV»1d 323

41,277

20

1,208

2 18 2

T ota l................................................... 456 25 727 67 2696,976 661,889 426,225 14,620 221,044 33,197

State

Alabama... ........................... 13 12 3 9 1 3,847 3,591 564 3,027 256

Arkansas ........................... 29 28 8 20 1 20,449 20,439 17,347 3,092 10

California 9 9 7 2 12,425 12,425 11,902 523

Colorado ........................ 16 13 12 1 3 10,098 9,966 9,749 217 132

Connecticut 1 1 1 814 814 814

I )pl Q T17Q ra 1 1 1 88 88 88

District of Columbia 1 1 i 256 256 256

Florida 14

11

14 4 10 5.516 5,516 3,590 1.926

B orgia 11 8 3 3.311 3,311 2,453 858

1 1 1 2,378 2,378 2,378

Illinois 55 55 38 17 37,600 37,600 30,874 6,726

Indiana .................................. ............ 56 52 14 38 4 22,941 22,014 13,485 8.529 ’ 927

159 145 22 123 14 44,484 42,342 12,341 30.001 2,142

Kansas . . . . 10 9 4 5 1 5,549 5,396 4,176 1,220 153

178 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Kentucky.........

Louisiana.........

Maine...............

Maryland.........

Massachusetts.

Michigan. . 

Minnesota. 

Mississippi. 

Missouri... 

Montana. .

Nebraska............

Nevada...............

New Hampshire.

New Jersey........

New Mexico. . . .

New York........

North Carolina. 

North Dakota..

Ohio..................

Oklahoma.........

14

4

21

103

17

7

70

2

60

13

8

4

20

7

100

3.3

69

2

56

18

6

3

2

16

63

1

6

65

1

43

5,182

5,088

1,211

5,956

18,910

53,742

7,800

1,006

31,808

417

14,596

5,119

5,088

1,211

5,812

4,705

47,666

7,290

1,006

31,767

417

14,111

3,272

4,017

707

1,781

4,655

25,953

7,226

152

16,961

264

6,798

5,749

1,847

1,071

504

4,031

50

15,964

64

854

14,806

153

7,313

63

144

14,205

6,076

510

485

‘ 763*

Oregon..............

Pennsylvania... 

Rhode Island... 

South Carolina. 

South Dakota. .

Tennessee.

Texas........

U tah.........

Vermont.. 

Virginia. . .

227

20

9

63

13

114

2

25

3

11

51

29

26

20

7

63

13

113

2

21

3

11

47

19

1

22

4

4

31

7

4

74

2

3 

2

4

42

3

16

3 

30

6

4

39

32,859

1,617

220,955

6,487

1,553

41.318

5,572

2,048

98,054

42,596

5,194

1,135

4,234

44,244

32,096

1,617

19,065

6,487

1,481

41,318

5,572

2,048

97,474

42,596

5,147

1,135

4,234

43,132

17,620

1,048

15,094

3,779

1,110

25,103

4,972

1,333

66,817

42,596

3,237

1,065

1,474

42,240

5,632 

593 

1,443'

8,844

569

3,378

2,708

371

14,772

600

715

30,657

1,910

70

2,760

892

72

580 

‘ '47'

1,112

Washington.. . 

West Virginia.

Wisconsin.......

Wyoming........

Total. .

5

11

14

15 

8160

1

<1,277

5

10

13

14 

148

1

1,208

3

5

5

11

16

1

456

3

132

25 727 67

3,451

2,907

7,108

8,564

51,368

240

2696,976

3,451

2,867

7,081

6,462

48,058

240

661,889

1.711

1.711

4,372

4,722

7,626

240

426,225

1,203

1.740 

1,156

1,506

1.740 

40,432

40

27

2,102

3,310

14,620 221,044 33,197

1 Excludes figures of 19 private banks with deposits of $372,000,000 in existence, but not under State supervision, prior to January 1, 1934, which came under such supervision in 1934 pursuant to the provisions of the Banking Act of 1933. Figures relating to banks not members of the Federal Reserve System differ from those compiled by the 

Federal Reserve Board. Figures of banks newly licensed compiled by the Federal Reserve Board include 91 banks operating with restricted deposits from which the restrictions 

were removed during 1934. These banks, with deposits on January 1, 1934, of about $35,000,000, were conditionally insured by the Federal Deposit Insurance Corporation on 

that date. Twelve industrial banks included with newly licensed banks in Table 102 are excluded from Table 103.

2 Includes 1 mutual savings bank with deposits of $1,890,000.

3 Includes 1 mutual savings bank for which deposit figures are not available.

4 Includes 2 mutual savings banks. See notes 2 and 3.

ALL LICENSED BANKS 179

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State

Alabama.......................

Arizona.........................

Arkansas.......................

California......................

Colorado.......................

Connecticut..................

Delaware......................

District of Columbia...

Florida..........................

Georgia.........................

Idaho............................

Illinois...........................

Indiana.........................

Iowa..............................

Kansas..........................

Kentucky......................

Louisiana......................

Maine............................

Maryland......................

Massachusetts..............

Michigan......................

Minnesota....................

Mississippi....................

Missouri........................

Montana.......................

Table 104. N u m b e r o f L i c e n s e d B a n k s i n t h e U n i t e d S t a t e s , D e c e m b e r 31, 1934

BY CLASS OF B'ANK BY STATES

All licensed banks

Total

221

17

225

265

161

196

49

22

148 

279

63

883

543

647

743

437

149 

102 

200 

404

457

686

213

699

120

Insured

banks

210

15

213

254

144

109

44

22

146 

260

60

863

497

575

431

394

147 

72

186

206

428

652

Z03

639

118

Uninsured

banks

11

2

12

11

17

87

5

2

19

3

20

46 

72

312

43

2

30

14

198

29

34

10

60

2

Licensed commercial banks

Total

221

17

225

265

161

123

47

22

148

279

538

647

743

437

149

71

187

211

457

685

120

Insured banks

Total

210

15

213

254

144

109

44

22

146 

260

60

863

493

575

431

394

147 

66

184

206

428

651 OAO

639

118

National

banks

72

8

51

130

81

54

16

9

50

58

25

292

125

123

192

30

40

63

132

85

211

25

90

46

State

banks

members

Federal

Reserve

System

18

4 

7

16

5

6

4 

2

4

25

10

64

6

25

14

10

4

6

7

34

79

17

a

51

20

Banks

not

members

Federal

Reserve

System

120

3

155

108

58

49

24 

11

92

177

25 

507 

362 

427 

225

285

113 

20

114 

40

264

423

175

498

52

Uninsured

banks

11

2

12

11

17

14

3

2

19

3

20

45 

72

312

43

2

5

3

5

29

34

10

60

2

Mutual savings banks

Total

31

13

193

Insured

banks

Uninsured

banks

25

11

193

Percent of banks 

insured

All

banks

Commercial

banks

95.0 

88.2

94.7

95.8

89.4

55.6

89.8 

100.0

98.6

93.2

95.2

97.7

91.5

88.9

58.0

90.2

98.7

70.6

93.0

51.0

93.7

95.0

95.3

91.4 

98.3

95.0 

88.2

94.7

95.8

89.4

88.6

93.6 

100.0

98.6

93.2

95.2

97.7

91.6

88.9

58.0

90.2

98.7

93.0

98.4

97.6

93.7

95.0

95.3

91.4 

98.3

Mutual

savings

banks

80.0

19.4

15.4 

0

100.0

180 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Nebraska..........

Nevada.............

New Hampshire

New Jersey.......

New Mexico___

New York.........

North Carolina. 

North Dakota..

Ohio...................

Oklahoma.........

Oregon..............

Pennsylvania... 

Rhode Island.. . 

South Carolina. 

South Dakota. .

Tennessee..........

Texas.................

Utah..................

Vermont............

Virginia.............

Washington 

West Virginia...

Wisconsin..........

Wyoming..........

Total___

437

11

113

423

42

915

238

205

697

411

105

1,098

32

134

212

331

910

58

95

327

200

180

623

60

115,788

379

9

57 

412

41

773

237

194

683

394

103

1,082

16

97

212

317

820

58 

95

320

190

169

606

60

U4,214

58

2

56

11

1

142

1

11

14

17

2

16

16

37

1,574

437 379 138 9 232

11 9 6 3

65 57 52 1 4

398 391 236 52 103

42 41 24 3 14

779 771 461 117 193

238 237 44 10 183

205 194 69 125

694 680 253 71 356

411 394 217 1 176

104 102 53 6 43

1,091 1,080 711 73 296

23 16 12 2 2

134 97 19 4 74

212 212 64 23 125

331 317 73 4 240

910 820 456 54 310

58 58 13 19 26

76 76 43 33

327 320 133 24 163

197 187 67 27 93

180 169 79 18 72

618 602 106 13 483

60 60 26 8 26

15,214 114,146 5,462 980 17,704

58

2

8 48 48

7

1

25 21 4

8

1

136 2 134

11

14 3 3

17

2 1 1

11

7

7

9

2 5

9

37

14

90

19 19

7

10 3 3

11

16 5 4 1

1,068 574 68 506

86.7 86.7

81.8 81.8

50.4 87.7

97.4 98.2

97.6 97.6

84.5 99.0

99.6 99.6

94.6 94.6

98.0 98.0

95.9 95.9

98.1 98.1

98.5 99.0

50.0 69.6

72.4 72.4

100.0 100.0

95.8 95.8

90.1 90.1

100.0 100.0

100.0 100.0

97.9 97.9

95.0 94.9

93.9 93.9

97.3 97.4

100.0 100.0

90.0 93.0

1 Includes 2 insured national banks in Alaska not members of the Federal Reserve System. See also footnotes to Table 101.

0

84.0

1.5

100.0

100.0

28.6

0

100.0

100.0

80.0

11.9

ALL LICENSED BANKS 181

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Federal Reserve Bank of St. Louis
State

Alabama.......................

Arizona.........................

Arkansas.......................

California......................

Colorado.......................

Connecticut..................

Delaware......................

District of Columbia...

Florida..........................

Georgia.........................

Idaho.............................

Illinois...........................

Indiana.........................

Iowa..............................

Kansas..........................

Kentucky......................

Louisiana......................

Maine............................

Maryland . . . ................

Massachusetts..............

Michigan......................

Minnesota....................

Mississippi. ..................

Missouri........................

Montana.......................

Table 105. D ep osits in Licensed B a n k s in t h e U n ite d S ta te s , D ecem ber 31, 1934

BY CLASS OF BANK BY STATES 

(Amounts in thousands of dollars)

All licensed banks

Total Insured

banks

Uninsured

banks

Licensed commercial banks

Total

Insured banks

Total National

banks

State

banks

members

Federal

Reserve

System

157,805

21.626

74,296

2,254,177

221,663

27,058

20,192

13,298

592,052

19,976

235,498

14,984

150,605

180,907

228,235

59,457

60,599

58,502

7,741

43,888

28,613

2,140,725

300,654

197,183

207,388

25,171

544,318

33,146

57,558

14,165

179,428

230,658

102,313

279,065

1,199,532

50,453

26,392

27,778

82,644

301,456

512,882

603,114

52,833

537,569

66,017

217,966

6,603

917

431,468

28,477

Banks

not

members

Federal

Reserve

System

Uninsured

banks

Mutual savings banks

Total Insured

banks

Uninsured

banks

Deposits in insured 

banks as percent of 

deposits in all banks 

in class

All

banks

Commercial

banks

Mutual

savings

banks

218,916

54,000

123,505

3,251,430

262,644

1,133,626

143,903

256,854

229,923

329,195

68,341

2,939.238

5841718

455,988

352,241

357,695

320.248 

289,127 

689.975

3,688^013

934,051 

808.140

145.248 

1,145,141

111,475

216,636

48,690

122,499

3,228,156

261,018

440,786

114,432

256.854 

228,458 

326,013

62,680

2,933,345

567,373

431,666

295,192

347,980

319.855 

207,662 

458,641

1,593,343

902,927

799.781

141,963

1,136,338

111,216

2,280

5,310

1,006

23,274

1,626

692,840

29,471

1,465

3,182

5,661

5,893

17,345

24,322

57,049

9,715

393

81,465

231,334

2,094,670

31,124

8.359

3,285

8,803

259

218,916

54,000

123,505

3,251,430

262,644

465,068

114,553

256,854

229,923

329,195

68,341

2,939,238

565,670

455,988

352,241

357,695

320.248 

171,312 

489,783

1,636,364

934,051

746,146

145.248 

1,145,141

111,475

216,636

48,690

122,499

3,228,156

261,018

440.786 

114,432

256.854 

228,458 

326,013

62,680

2,933,345

554,641

431,666

295,192

347,980

319.855 

169,564 

457,548

1,593,343

902,927

737.787 

141,963

1,136,338

111,216

31,773

6,872

34,905

381,927

19,379

145,831

38,849

47,747

39,810

53,890

8,896

248,302

220,841

176,925

73,639

118,099

62,805

39,473

95,839

92,355

172,079

128,070

88,213

167,301

16,722

2,280

5,310

1,006

23,274

1,626

24,282

121

668,558

29,350

668,558

29,350

1,465

3,182

5,661

5,893

11,029

24,322

57,049

9.715 

393 

1,748 

32,235 

43,"“ '

19,048 12,732 6,3-16

021 2,

117.815

200,192

,051,649

38,098

1,093

79,717

199,099

2,051,649

31,124

8,359

3,285

8,803

259

61,994 61,994

99.0

90.2

99.2

99.3

99.4

38.9

79.5 

100.0

99.4

99.0

91.7

99.8

97.0

94.7

83.8

97.3

99.9 

71.8

66.5 

43.2

96.7

99.0 

97 7 

9^2

99.8

99.0

90.2

99.2

99.3

99.4

94.8

99.9 

100.0

99.4

99.0

91.7

99.8

98.1

94.7

83.8

97.3

99.9 

99.0

93.4

97.4

96.7

98.9

97.7 

99^2

99.8

66.8

32.3

.6

0

100.0

182 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Nebraska................

Nevada...................

New Hampshire

New Jersey.............

New Mexico...........

New York...............

North Carolina

North Dakota........

Ohio.........................

Oklahoma...............

Oregon ....................

Pennsylvania..........

Rhode Island..........

South Carolina. . . . 

South Dakota.........

Tennessee...............

Texas.......................

Utah........................

Vermont..................

Virginia .................

Washington............

West Virginia.........

Wisconsin...............

Wyoming................

T ota l...........

290,054

20,091

254,583

1,772,776

37,531

16,953,570

310,902

67,999

1,735,665

316,129

207,057

4,331,901

447,294

114,176

79,119

369,007

1,040,570

119,850

166,471

444,650

384,448

230,672

656,926

49,758

149,296,910

279,707

19,711

64,963

1,646,650

37,081

12,187,567

307,632

66,702

1,732,801

313,366

206,987

3,802,155

216,868

105,789

79,119

365,853

1,020,378

119,850

166,471

442,597

379,556

225,086

648,919

49,758

40,041,146

10,347

380

189,620

126,126

450

4,766,003

3,270

1,297

2,864

2,763

70

529,746

230,426

8,387

3,154

20,192

2,053

4,892

5,586

8,007

9,255,764

290,054

20,091

70,929

1,457,931

37,531

11,798,692

310,902

67,999

1,623,312

316,129

206,900

3,809,181

276,985

114,176

79,119

369,007

1,040,570

119,850

95,024

444,650

332,884

230,672

652,584

49,758

39,562,035

279,707

19,711

64,963

1,452,859

37,081

11,694,622

307,632

66,702

1,620,448

313,366

206,830

3,797,077

216,868

105,789

79,119

365,853

1,020,378

119,850

95,024

442,597

327,992

225,086

645,365

49,758

138,996,340

223,662

16,255

56,441

652,363

30,548

4,413,975

77,300

50,436

767,160

276,005

181,977

2,221,394

80,118

45,745

47,097

277,333

892,264

57,067

43,739

281,520

243,307

121,690

366,671

35,313

21,637,150

4,385

1,175

465,722

739

6,723,764

111,484

601,458

373

3,164

1,060,455

131,233

7,349

9,996

9,856

36,954

40,881

71,500

59,262

55,852

61,379

2,999

12,211,255

51,660

3,456

7,347

334,774

5,794

556,883

118,848

16,266

251,830

36,988

21,689

515,228

5,517

52,695

22,026

78,664

91,160

21,902

51,28“

89,577

25,42:

47,544

217,315

11,446

15,147,935

380

5,966

5,072

450

104,070

3,270

1,297

2,864

2,763

70

12,104

60,117

8,387

183,654

314,845

183,654

193,791 121,054

5,154,878 492,945 4,661,933

112,353 112,353

157

522,720

170,309

157

5,078 517,642

170,309

3,154

20,192

71,447 7.1,447

2,053

4,892

5,586

7,219

51,564 51,564

4,342 3,554 788

565,695 9,734,875 1,044,806 8,690,069

96.4 96.4

98.1 98.1

25.5 91.6 0

92.9 99.7 61.6

98.8 98.8

71.9 99.1 9.6

99.0 99.0

98.1 98.1

99.8 99.8 100.0

99.1 99.1

99.9 99.9 100.0

87.8 99.7 1.0

48.5 78.3 0

92.7 92.7

100.0 100.0

99.2 99.2

98.1 98.1

100.0 100.0

100.0 100.0 100.0

99.5 99.5

98.7 98.5 100.0

97.6 97.6

98.8 98.9 81.9

100.0 100.0

81.2 98.6 10.7

1 Includes deposits of $2,076,000 in 2 insured national banks in Alaska not members of the Federal Reserve System and not shown separately above. See also footnotes 

to Table 101.

ALL LICENSED BANKS 183

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 106. N u m b e r o f L i c e n s e d B a n k s i n t h e U n i t e d S t a t e s , O c t o b e r 1, 1934

BY CLASS OF BANK GROUPED BY AMOUNT OF DEPOSITS 1

Banks having deposits 

of—

All licensed banks Licensed commercial banks Mutual savings banks Percent of banks 

insured

Total

Insured

banks

Uninsured

banks

Total

Insured banks

Uninsured

banks2

Total Insured

banks

Uninsured

banks

All

banks

Commercial

banks

Mutual

savings Total banks National

banks

State

banks

members

Federal

Reserve

System

Banks

not

members

Federal

Reserve

System

$100,000 and under . . . . 1,942 1,516 426 1,939 1,513 93 22 1,398 426 3 3 78.1 78.0 100.0

$100,000 to $250,000. . 3,948 3,593 355 3,942 3,593 835 120 2,638 349 6 6 91.0 91.1 0

$250,000 to $500,000. . 3,296 3,120 176 3,284 3,115 1,261 188 1,666 169 12 5 7 94.7 94.9 41.7

$500,000 to $750,000. . 1,549 1,480 69 1,532 1,478 741 98 639 54 17 2 15 95.5 96.5 11.8

$750,000 to $1,000,000 985 946 39 970 943 506 67 370 27 15 3 12 96.0 97.2 20.0

$1,000,000 to $2,000,000 1,736 1,643 93 1,665 1,631 924 142 565 34 71 12 59 94.6 98.0 16.9

$2,000,000 to $5,000,000 1,215 1,076 139 1,076 1,060 659 153 248 16 139 16 123 88.6 98.5 11..5

$5,000,000to$50,000,000 921 654 267 647 631 380 141 110 16 274 23 251 71.0 97.5 8.4

Over $50,000,000 ......... 133 100 33 96 96 52 39 5 37 4 33 75.2 100.0 10.8

Total................ 15,725 14,128 1,597 15,151 14,060 5,451 970 7,639 1,091 574 68 506 89.8 92.8 11.8

1 For explanation of classification of banks, see page 173.

2 Excludes 57 private banks under State supervision considered ineligible by law for Federal insurance.

184 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
T a b le 1 0 7 . T o t a l D e p o s it s i n L ic e n s e d B a n k s i n t h e U n it e d S t a t e s , O c to b e r 1, 1 9 3 4 1

BY CLASS OP BANK GROUPED BY AMOUNT OF DEPOSITS2

(Amounts in thousands of dollars)

All licensed banks Licensed commercial banks Mutual savings banks

Deposits in insured 

banks as percent of 

deposits in all banks 

in class

Insured banks

Banks having deposits 

of—

Total Insured

banks

Uninsured

banks3

Total

Total National

banks

State

banks

members

Federal

Reserve

System

Banks

not

members

Federal

Reserve

System

Uninsured

banks3

Total Insured

banks

Uninsured

banks4

All

banks

Commercial

banks

Mutual

savings

banks

$100,000 and under. . .. 124,683 100,567 24,116 124,486

667,005

100,370 7,184 1,700 91,486 24,116 197 197 80.7 80.6

91.7

95.0

100.0

0

41.7

$100,000 to $250,000. . 668,091 611,902 56,189 611,902 152,887 21,509 437,506 55,103 1,086

4,546

1,086

2,649

91.6

94.8 $250,000 to $500,000. . 1,173,983 1,112,692 61,291 1,169,437 1,110,795 461,052 68,791 580,952 58,642 1,897

$500,000 to $750,000. . 

$750,000 to $1,000,000 

$1,000,000 to $2,000,000

947,409

849,488

2,434,703

904,473

815,796

2,297,791

42,936

33,692

136,912

936,105

836,609

2,326,206

903,319

813,367

2,280,083

455,702

437,096

1,302,120

59,085

57,331

199,540

388,532

318,940

778,423

32,786

23,242

46,123

11,304

12,879

108,497

1,154

2,429

17,708

10,150

10,450

90,789

95.5

96.0

94.4

96.5

97.2

98.0

10.2

18.9

16.3

$2,000,000 to $5,000,000 

$5,000,000to$50,000,000

Over $50,000,000..........

T ota l.................

3,703,293

12,536,395

23,600,959

46,039,004

3,240,693

8,336,473

19,604,877

37,025,264

462,600

4,199,922

3,996,082

9,013,740

3,242,752

8,250,116

18,947,589

36,500,305

3,193,488

8,026,611

18,947,589

35,987,524

1,982,867

4,691,115

10,582,628

20,072,651

487,541

2,118,566

7,956,980

10,971,043

723,080

1,216,930

407,981

A Qd.'Z filA

49,264

223,505

512,781

460,541

4,286,279

4,653,370

9,538,699

47,205

309,862

657,288

1,037,740

413,336

3,976,417

3,996,082

8,500,959

87.5

66.5 

83.1 

80.4

98.5 

97.3

100.0

98.6

10.2

7.2

14.1

10.9

_ ------------------~ —*, , —, — v,wuiHaiauiC wim wmi iepuri,t;u m statements 01 condition, un tne

October 1 statement, uninvested trust funds deposited with other banks were reported as deposits by both the depositee and the depositor bank, while in reports of condition 

they are reported by the depositee bank only. (See also instructions for preparing certified statement, page 142 and instructions for the preparation of reports of condition on 

*orm 64, page 156.) In addition, although items in process of collection are usually credited to the accounts of depositors and consequently included with deposits in reDorts of 

condition, some banks excluded such items from the deposits reported on the October 1 certified statement.

2 For explanation of classification of banks, see page 173.

3 As of June 30, 1934; excludes figures of 57 private banks with deposits on December 31, 1934, of $ 

by law for Federal insurance.

4 As of June 30, 1934.

0,000,000 which are under State supervision but are considered ineligible

ALL LICENSED BANKS 185

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Federal Reserve Bank of St. Louis
INSURED COMMERCIAL BANKS

Table 108. N u m ber o f A c c o u n ts F u l l y In su red and P a r t ia lly In su red in In su red C om m ercial B a n k s , O ctob er 1, 1934

BY CLASS OF BANK GROUPED BY AMOUNT OF DEPOSITS AND BY STATES

All insured banks National banks State banks members 

Federal Reserve System

Banks not members 

Federal Reserve System

Size and State

No.

of

banks

All

insured

accounts

Fully

insured

accounts

Partially

insured

accounts

No.

of

banks

All

insured

accounts

Fully

insured

accounts

Partially

insured

accounts

No.

of

banks

All

insured

accounts

Fully

insured

accounts

Partially

insured

accounts

No.

of

banks

All

insured

accounts

Fully

insured

accounts

Partially

insured

accounts

Banks having deposits 

of—

$100,000 and under.......... 1,513 620,225 618,641 1,584 93 40,681 40,570 111 22 9,523 9,494 29 1,398 570,021 568,577

1,919,392

2,145,531

1,444

8,559

12,291 $100,000 to $250,000 

$250,000 to $500,000

3,593

3,115

2,748,470

4,126,418

2,736,439

4,102,793

12,031

23,625

835

1,261

721,768

1,722,103

718,712

1,712,264

3,056

9,839

120

188

98,751

246,493

98,335

244,998

416

1,495

2,638

1,666

1,927,951

2,157,822

$500,000 to $750,000 

$750,000 to $1,000,000. . . 

$1,000,000 to $2,000,000. .

1,478

943

1,631

2,997,159

2,594,739

6,255,846

2,976,638

2,575,664

6,199,260

20,521

19,075

56,586

741

506

924

1,454,163

1,329,611

3,423,428

1,443,733

1,319,123

3,390,331

10,430

10,488

33,097

98

67

142

182,174

174,089

598,964

180,771

172,748

594,298

1,403

1,341

4,666

639

370

565

1,360,822

1,091,039

2,233,454

1,352,134

1,083,793

2,214,631

8,688

7,246

18,823

$2,000,000 to $5,000,000.. 

$5,000,000 to $50,000,000. 

Over $50,000,000..............

1,060

631

96

7,508,935

12,041,793

10,857,011

7,422,217

11,840,352

10,548,843

86,718

201,441

308,168

659

380

52

4,466,613

6,663,490

6,553,935

4,411,615

6,547,723

6,385,912

54,998

115,767

168,023

153

141

39

1,214,946

3,136,683

3,899,574

1,202,576

3,082,988

3,775,878

12,370

53,695

123,696

248

110

5

1,827,376

2,241,620

403,502

1,808,026

2,209,641

387,053

19,350

31,979

16,449

124,829 T ota l..................... 14,060 49,750,596 49,020,847 729,749 5,451 26,375,792 25,969,983 405,809 970 9,561,197 9,362,086 199,111 7,639 13,813,607 13,688,778

State

Alabama............................ 206 640,989 636,258 4,731 70 398,456 394,910 3,546 18 62,315 61,680 635 118 180,218

16,927

115,065

570,428

58,741

179,668

16,737

114,191

552,462

58,335

550

1 on

Arizona.............................. 15 72,886 71,869 1,017 8 27,286 26,892 394 4 28,673 28,240 433 3

152

110

57

l y u Qr7A

Arkansas............................ 211 301,727 298,603 3,124 52 155,502 153,530 1,972 7 31,160 30,882 278 o <4

17,966 California.......................... 254 3,849,510 3,767,707 81,803 129 2,602,327 2,553,413 48,914 A

15 676,755 661,832 14,923

Colorado........................... 144 410,161 404,657 5,504 82 313,348 308,688 4,660 5 38,072 37,634 438 4UO

Connecticut...................... 109 628,580 618,823 9,757 54 309,442 304,501 4,941 6 39,226 38,159 1,067 49

24

11

90

178

279,912

63,672

173,316

105.452

188,992

276,163

62,614

172,051

104,616

187,872

3,749

1,058

1,265

836

1,120

Delaware........................... 44 120.569 117,400 3,169 16 25,478 24,515 963 4 31,419 30.271 1,148

District of Columbia.......

Florida...............................

22

144

470,204

411,373

463,878

406,974

6,326

4,399

9

50

182,325

296,084

178,784

292,661

3,541

3,423

2

4

114,563

9,837

113,043

9,697

1,520

140

Georgia.............................. 262 784,827 777,396 7,431 58 521,496 516,091 5,405 26 74,339 73,433 906

Idaho ........................... 61 117,801 116,442 1,359 25 52,361 51,717 644 10 43,318 42,796 522 ^26 22,122 21,929 00£? OA1 ^ i??

Illinois ............................. 859 3,141,577 3,091,417 50,160 288 1,775,502 1,740,802 34,7 00 6b 534,433 523,714 10,719

583

506

353

398

221

831,G42 

659,635 

451,670 

233,069

654^880

448,480

231,591

4/755

3,190

1,478

Indiana ......................... 482 1,212,535 1,201,172 11,363 123 485,090 479,065 6,025 6 67,810 67,227

Iowa ........................... 543 904,929 896,344 8,585 122 350,517 346,313 4,204 23 102,742 101,551 1,191

Kansas .......................... 430 669,285 663,283 6,002 195 408,857 404,594 4,263 14 27,359 27,098 261

186 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Kentucky.......................... 390 883,356 875,792 7,564 99 362,898 359,062 3,836 10 136,098 134,995 1,103 281 384,360 381,735 2,625

Louisiana.......................... 146 551,429 545,154 6,275 29 362,363 357,930 4,433 3 29,942 29,506 436 114 159,124 157,718 1,406

Maine................................ 66 421,380 416,813 4,567 40 210,900 208,028 2,872 6 92,143 91,485 658 20 118,337 117,300 1,037

Maryland.......................... 181 720,244 710,248 9,996 63 239,328 233,442 5,886 7 145,568 144,007 1,561 111 335,348 332,799 2,549

Massachusetts.................. 212 1,488,183 1,456,514 31,669 138 1,004,937 982,727 22,210 33 274,948 267,950 6,998 41 208,298 205,837 2,461

Michigan........................... 397 1,401,158 1,384,373 16,785 83 530,978 522,325 8,653 75 423,660 418,604 5,056 239 446,520 443,444 3,076

Minnesota......................... 653 1,229,049 1,214,825 14,224 211 825,297 813,563 11,734 18 19,990 19,853 137 424 383,762 381,409 2,353

Mississippi........................ 203 329,229 325,941 3,288 25 112,138 110,857 1,281 3 2,321 2,307 14 175 214,770 212,777 1,993

Missouri............................ 637 1,633,526 1,612,931 20,595 90 521,567 511,365 10,202 50 551,220 543,482 7,738 497 560,739 558,084 2,655

Montana........................... 120 164,850 161,925 2,925 47 91,112 89,204 1,908 20 33,636 32,970 666 53 40,102 39,751 351

Nebraska........................... 380

9

502,123

24,328

496,037

23,890

*153,230

6,086

438

137

6

331,192

18,314

138,619

326,323

17,940

137,181

4,869

374

9 9,554 9,472 82 234

3

161,377

6,014

16,249

160,242

5,950

1,135

64

New Hampshire............... 57 1154,86£ *1,638 52 1,438 1 (2) (2) (2) 4 16,049 200

New Jersey....................... 387 2,860,256 2,823,070 37,186 234 1,328,920 1,311,736 17,184 52 753,522 742,272 11,250 101 777,814 769,062 8,752

New Mexico..................... 42 68,201 67,506 695 24 51,781 51,198 583 3 1,783 1,767 16 15 14,637 14,541 96

New York......................... 773 5,401,001 5,250,763 150,238 461 2,583,423 2,529,453 53,970 116 2,073,742 1,991,844 81,898 196 743,836 729,466 14,370

North Carolina.................

North Dakota..................

239

198

589,574

165,801

2,976,625

583,504

164,406

2,943,769

6,070

1,395

32,856

43

70

191,987

108,644

1,181,348

190,186

107,427

1,167,217

1,801

1,217

14,131

10 95,125 93,147 1,978 186

128

302,462

57,157

712,526

300,171

56,979

2,291

178

Ohio................................... 672 252 68 1,082,751 1,069,418 13,333 352 707,134 5,392

Oklahoma.................... 397 1696,872 *689,885 16,987 218 563,017 556,874 6,143 1 (2) (2) (2) 178 133,855 133,011 844

Oregon............................... 102 422,115 417,743 4,372 53 327,639 323,788 3,851 6 9,316 9,251 65 43 85,160 84,704 456

Pennsylvania.................... 1,072 5,581,606 5,505,143 76,463 704 3,045,963 3,001,775 44,188 73 973,392 954,263 19,129 295 1,562,251 1,549,105 13,146

Rhode Island.................... 16 346,971 340,649 6,322 12 44,370 42,398 1,972 2 290,497 286,333 4,164 2 12,104 11,918 186

South Carolina................. 94 215,945 213,848 2,097 19 98,445 97,465 980 4 13,615 13,413 202 71 103,885 102,970 915

South Dakota................... 213 197,179 195,414 1,765 65 97,058 95,970 1,088 23 25,104 24,887 217 125 75,017 74,557 460

Tennessee.......................... 316 838,130 830,564 7,566 72 486,794 481,075 5,719 4 17,721 17,467 254 240 333,615 332,022 1,593

Texas................................. 820 1,785,573 1,761,778 23,795 456 1,387,227 1,366,194 21,033 55 86,799 85,983 816 309 311,547 309,601 1,946

Utah..................................

Vermont............................

59

76

217,510

233,524

214,685

231,108

1,125,020

2,825

2,416

10,515

14

43

72,135

107,333

642,457

70,899

106,291

635,588

1,236

1,042

6,869

18 69,104 68,106 998 27

33

76,271

126,191

349,160

75,680

124,817

591

1,374

Virginia............................. 319 1,135,535 133 24 143,918 142,386 1,532 162 347,046 2,114

Washington....................... 187 508,778 501,908 6,870 67 335,738 330,729 5,009 27 90,729 89,425 1,304 93 82,311 81,754 557

West Virginia................... 168 722,420 717,411 5,009 78 407,154 404,473 2,681 18 113,535 112,218 1,317 72 201,731 200,720 1,011

Wisconsin.......................... 611 1,426,568 1,414,242 12,326 106 580,655 573,656 6,999 14 105,995 104,662 1,333 491 739,918 735,924 3,994

Wyoming.......................... 62 114,286 113,105 1,181 26 79,990 79,168 822 8 7,998 7,926 72 28 26,298 26,011 287

Total..................... 14,060 49,750,596 49,020,847 729,749 5,451 26,375,792 25,969,983 405,809 970 9,561,197 9,362,086 199,111 7,639 13,813,607 13,688,778 124,829

1 Excludes figures of 1 State bank member of the Federal Reserve System. See note 20

2 Figures included in total for the United States.

Note: For explanation of items, see instructions for preparing certified statement, page 142.

INSURED COMMERCIAL BANKS— INSURANCE COVERAGE 187

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 09. A m o u n t o f D e p o s it s I n s u r e d a n d U n in s u r e d i n I n s u r e d C o m m e r c ia l B a n k s , O c to b e r 1, 1 9 3 4

B Y C LASS OF B A N K GROUPED B Y AM O U N T OF DEPOSITS A N D BY STATES

(Amounts in thousands of dollars)

All insured banks National banks

Size and State Number

of

banks

Insured deposits Uninsured 

deposits in 

partially 

insured 

accounts

Number

of

banks

Insured deposits Uninsured 

deposits in

Total

deposits1

Total

In fully 

insured 

accounts

In partially 

insured 

accounts

Total

deposits1

Total

In fully 

insured 

accounts

In partially 

insured 

accounts

partially

insured

accounts

Banks having deposits of—

$100,000 and under................ 1,513 100,370 92,048 84,128 7,920 8,322 93 7,184

152,887

6,674

133,498

381,460

6,119

118,218

332,265

555

15,280

49,195

510

19,389 $100,000 to $250,000.............. 3,593 79,592 611,902 532,015 471,860 60,155 79,887 835

$250,000 to $500,000.............. 3,115 1,110,795 923,496 805,371 118,125 187,299 1,261 461,052

$500,000 to $750,000.............. 1,478 903,319 721,164 618,559 102,605 182,155 741 455,702 362,122

337,652

968,631

309,972

285,212

803,146

52,150

52,440

165,485

93,580

99,444

$750,000 to $1,000,000........... 943 333,489 813,367 630,844 535,469 95,375 182,523 506 437,096

$1,000,000 to $2,000,000 1,631 2,280,083 1,701,590 1,418,660 282,930 578,493 924 1,302,120

$2,000,000 to $5,000,000

$5,000,000 to $50,000,000___

Over $50,000,000....................

1,060

631

96

3,193,488

8,026,611

18,947,589

2,206,988

3,980,672

4,865,653

1,773,398

2,973,467

3,324,813

433,590

1,007,205

1,540,840

986,500

4,045,939

14,081,936

659

380

52

1,982,867

4,691,115

10,582,628

1,351,028

2,190,477

2,758,971

1,076,038

1,611,642

1,918,856

6,461,468

274,990

578,835

840,115

2,029,045

631,839

2,500,638

7,823,657

11,582,138

T ota l............................ 14,060 35,987,524 15,654,470 12,005,725 3,648,745 20,333,054 5,451 20,072,651 8,490,513

State

Alabama . . 206 180,360 107,694 84,039 23,655 72,666 70 133,945 73,624

10,077

39,477

1,011,348

106,257

55,894

8,107

29,617

766,778

82,957

17,730

1,970

9,860

244,570

23,300

60,321

10,091

28,996

1,064,506

106,632

Arizona.................................... 15 43,726 25,818 20,733 5,085 17,908 8 20,168

68,473 Arkansas.................................. 211 111,020 70,511 54,891 15,620 40,509 52

California................................. 254 3,063,152 1,608,758 1,199,743 409,015 1,454,394 129 2,075,854

Colorado.................................. 144 249,107 131,463 103,943 27,520 117,644 82 212,889

Connecticut............................ 109 423,728 215,118 166,333 48,785 208,610 54 225,937

15,239

146,246

114,613

10,021

67,478

68,475

96,046

89,908

5,206

49,773

51,360

69,021

24.705 

4,815

17.705 

17,115 

27,025

111,324

5,218

78,768

79,140

122,377

Delaware................................. 44 104,108 48,623 32,778 15,845 55,485 16

District of Columbia.............. 22 251,916 135,147 103,517 31,630 116,769 9

Florida............................... 144 186,631 94,772 72,777 21,995 91,859 50 147,615

218,423 Georgia.................................... 262 301,805 152,801 115,646 37,156 149,004 58

Idaho .. ................ 61 57,261 37,932 31,137 6,795 19,329 25 26,147 16,847

630,929

136,367

103,044

106,181

13,627

457,429

106,242

82,024

84,866

3,220

173,500

30,125

21,020

21,315

9,300

1,389,782

132,409

86,101

84,000

Illinois...................................... 859 2.767.155 1.030.380 779,580 250,800 1,736,775 288 2,020,711

268,776 Indiana ........................... 482 '503,999 303;871 247,056 56,815 200,128 iu8

Iowa ....................... 543 406,705 264,089 221,164 42,925 142,616 122 189,145

Kansas ........................... 430 270,757 166,116 136,106 30,010 104,641 195 190,181

188 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky.........

Louisiana

Maine...............

Maryland.........

Massachusetts,.

Michigan..........

Minnesota........

M ississippi. . . . .

Missouri...........

Montana..........

Nebraska..........

Nevada.............

New Hampshire 

New Jersey. . . . 

New Mexico. . .

New York........

North Carolina. 

North Dakota..

Ohio..................

Oklahoma........

Oregon..............

Pennsylvania... 

Rhode Island... 

South Carolina. 

South Dakota. .

Tennessee.........

Texas................

Utah.................

Vermont...........

Virginia ............

Washington.... 

West Virginia. .

Wisconsin.........

Wyoming..........

T ota l. . .

390 318,645 203,482 165,662 37,820

146 284,738 129,515 98,140 31,375

66 173,090 127,314 104,479 22,835

181 439,355 201,312 151,332 49,980

212 1,591,567 617,248 458,903 158,345

397 823,102 424,317 340,392 83,925

653 700,512 375,558 304,438 71,120

203 125,352 82,239 65,799 16,440

637 1,045,987 461,422 358,447 102,975

120 103,764 66,101 51,476 14,625

380 275,962 159,342 128,912 30,430

9 18,100 11,407 9,217 2,190

57 263,9 85 242,621 234,431 28,190

387 1,376,703 877,297 691,367 185,930

42 32,046 20,436 16,961 3,475

773 10,161,974 2,408,366 1,657,176 751,190

239 277,563 141,699 111,349 30,350

198 64,693 50,889 43,914 6,975

672 1,512,465 848,934 684,654 164,280

397 2298,503 2148,002 2113,067 234,935

102 202,598 128,577 106,717 21,860

1,072 3,679,542 1,718,331 1,336,016 382,315

16 215,030 116,098 84,488 31,610

94 86,609 50,428 39,943 10,485

213 75,532 54,303 45,478 8,825

316 325,577 174,111 136,281 37,830

820 974,033 472,659 353,684 118,975

59 109,663 61,590 47,465 14,125

76 94,573 79,503 67,423 12,080

319 427,455 264,780 212,205 52,575

187 307,471 164,405 130,055 34,350

168 213,338 140,104 115,059 25,045

611 619,499 406,440 344,810 61,630

62 45,630 31,166 25,261 5,905

14,060 35,987,524 15,654,470 12,005,725 3,648,745

115,163 99 164,319 94,011 74,831 19,180

155,223 29 204,155 81,934 59,769 22,165

45,776 40 104,642 74,807 60,447 14,360

238,043 63 266,926 105,058 75,628 29,430

974,319 138 1,233,970 420,336 309,286 111,050

398,785 83 464,612 184,492 141,227 43,265

324,954 211 569,894 271,017 212,347 58,670

43,113 25 47,695 28,379 21,974 6,405

584,565 90 493,398 183,530 132,520 51,010

37,663 47 61,956 39,031 29,491 9,540

116,620 137 220,653 110,941 86,596 24,345

6,693 6 14,656 9,329 7,459 1,870

221,364 52 56,213 36,610 29,420 7,190

499,406 234 608,660 396,702 310,782 85,920

11,610 24 26,305 15,846 12,931 2,915

7,753,608 461 3,837,567 979,689 709,839 269,850

135,864 43 67,617 42,710 33,705 9,005

13,804 70 49,138 38,023 31,938 6,085

663,531 252 706,420 363,114 292,459 70,655

2150,501 218 264,079 121,993 91,278 30,715

74,021 53 178,537 109,129 89,874 19,255

1,961,211 704 2,129,636 1,001,320 780,380 220,940

98,932 12 79,391 28,864 19,004 9,860

36,181 19 40,941 21,089 16,189 4,900

21,229 65 44,662 30,322 24,882 5,440

151,466 72 244,769 114,059 85,464 28,595

501,374 456 852,159 385,673 280,508 105,165

48,073 14 51,114 22,828 16,648 6,180

15,070 43 42,869 35,281 30,071 5,210

162,675 133 272,264 164,845 130,500 34,345

143,066 67 225,277 112,516 87,471 25,045

73,234 78 114,877 74,023 60,618 13,405

213,059 106 341,707 182,069 147,074 34,995

14,464 26 31,824 20,159 16,049 4,110

20,333,054 5,451 20,072,651 8,490,513 6,461,468 2,029,045

70.308

122,221

29,835

161,868

813,634

280,120

298,877

19,316

309,868

22,925

109,712

5,327

19,603

211,958

10,459

2,857,878

24,907

11,115

343,306

142,086

69,408

1,128,316

50,527

19,852

14,340

130,710

466,486

28,286

7,588

107,419

112,761

40,854

159,638

11,665

11,582,138

INSURED COMMERCIAL BANKS— INSURANCE COVERAGE 189

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 09. A m o u n t o f D e p o s it s I n s u r e d a n d U n in s u r e d i n I n s u r e d C o m m e b c ia l B a n k s , O c to b e r 1, 1 9 3 4 — C ontin ued

B Y C LASS OF B A N K GROUPED BY AM O U N T OF DEPOSITS A N D B Y STATES

________________________ (Amounts in thousands of dollars)

State banks members Federal Reserve System Banks not members Federal Reserve System

Size and State Insured deposits Uninsured 

deposits in 

partially 

insured 

accounts

Number

of

banks

Insured deposits Uninsured 

deposits in 

partially 

insured 

accounts

of

banks

Total

deposits1

Total

In fully 

insured 

accounts

In partially 

insured 

accounts

Total

deposits1

Total

In fully 

insured 

accounts

In partially 

insured 

accounts

Banks having deposits o f— 

$100,000 and under 

$100,000 to $250,000 

$250,000 to $500,000

22 1,700 1,572 1,427 145 128 1,398 91,486 83,802 76,582 7,220 7,684 120 21,509 18,746 16,666 2,080 2,763 2,638 437,506 379,771 336,976 42,795 57,735 188 68,791 57,249 49,774 7,475 11,542 1,666 580,952 484,787 423,332 61,455 96,165

$500,000 to $750,000 

$750,000 to $1,000,000 

$1,000,000 to $2,000,000

98 59,085 47,172 40,157 7,015 11,913 639 388,532 311,870 268,430 43,440 76,662 67 57,331 43,816 37,111 6,705 13,515 370 318,940 249,376 213,146 36,230 69,564 142 199,540 148,652 125,322 23,330 50,888 565 778,423 584,307 490,192 94,115 194,116

$2,000,000 to $5,000,000 . 

$5,000,000 to $50,000,000___

153 487,541 342,089 280,239 61,850 145,452 248 723,080 513,871 417,121 96,750 209,209 141 2,118,566 1,075,700 807,225 268,475 1,042,866 110 1,216,930 714,495 554,600 159,895 502,435 Over $50,000,000 39 7,956,980 1,848,079 1,229,599 618,480 6,108,901 5 407,981 258,603 176,358 82,245 149,378 T ota l.......................... 970 10,971,043 3,583,075 2,587,520 995,555 7,387,968 7,639 4,943,830 3,580,882 2,956,737 624,145 1,362,948

Alabama. Stat* 

Arizona..

Arkansas........

California.......

Colorado... .

18 23,226 14,238 11,063 3,175 8,988 118 23,189 19,832 17,082 2,750 3,357 4 16,813 10,503 8,338 2,165 6,310 3 6,745 5,238 4,288 950 1,507 7 11,506 7,147

291,667

5,757 1,390 4,359 152 31,041 23,887 19,517 4,370 7,154 15 562,786 217,052 74,615 271,119 110 424,512 305,743 215,913 89,830 118,769 5 18,785 10,828 8,638 2,190 7,957 57 17,433 14,378 12,348 2,030 3,055

Connecticut.............

Delaware............

6 55,465 20,062 14,727 5,335 35,403 49 142,326 80,443 61,698 18,745 61,883 4 48,214 16,751

33,585

11,011 5,740 31,463 24 40,655 21,851 16,561 5,290 18,804 District of Columbia.............. 2 59,009 25,985 7,600 25,424 11 46,661 34,084 27,759 6,325 12,577 Florida........ 4 5,741 3,596 2,896 700 2,145 90 33,275 22,701 18,521 4,180 10,574 Georgia.. 26 37,514 18,864 14,334 4,530 18,650 178 45,868 37,891 32,291 5,600 7,977

Idaho. . . . 10 22,784 14,453 11,843 2,610 8,331 26 8,330 6,632 5,667 965 1,698 Illinois

Indiana...............

Iowa...................

65 513,684 210,454 156,859 53,595 303,230 506 232,760 188,997 165,292 23,705 43,763 a 31,220 17 452 

32,535

14,537 2,915 13,768 353 204.003 150.052 126.277 23.775 53,951 23 54,153 26,580 5,955 21,618 398 163^407 128*510 112,560 15,950 34,897 Kansas........ 14 12,827 7,379 6,074 1,305 5,448 221 67,749 52,556 45,166 7,390 15,193

190 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky.......

Louisiana........

Maine.............

Maryland.......

Massachusetts.

Michigan. . 

Minnesota. 

Mississippi. 

Missouri... 

Montana. .

Nebraska............

Nevada...............

New Hampshire.

New Jersey........

New Mexico. . . .

New York........

North Carolina. 

North Dakota..

Ohio..................

Oklahoma.........

Oregon..............

Pennsylvania... 

Rhode Island... 

South Carolina. 

South Dakota. .

Tennessee.

Texas........

Utah.........

Vermont.. 

Virginia. . .

Washington.. . 

West Virginia.

Wisconsin.......

Wyoming.......

Total. .

10

3

6

7

33

75

18

3

50

20

1

52

3

116

10

68

1

73

2

4

23

4

55

18

24

27

18

14

8

970

48,037

25,584

28,471

78,714

266,164

201,266

7,039

885

400,830

26,371

4,008

(3)

442,181

650

5,786,642

106,179

566,210

(3)

3,061

1,033,405

129,487

6,092

9,751

10,480

35,164

37,684

71,065

57,093 

53,411 

57,129 

2,825 

10,971,043

28,379

9,074

21,094

28,344

128,903

133,102

5,701

705

157,310

15,299

3,383

(8)

256,885

543

1,104,618

34,050

305,166

(3)

2,579

359,687

82,987

4,220

7,169

5,616

20,587

21,694

33,639

31,604

31,834

35,976

2,032

3,583,075

22,864

6,894

17,804

20,539

93,913

107,822

5,016

635

118,620

11,969

2,973

(s)

200,635

463

695,128

24,160

238,501

(3;

2,254

264,042

62,167

3,210

6,084

4,346

16,507

16,704

25,979

25,084

25,249

29,311

1,672

2,587,520

5,515

2,180

3,290

7,805

34,990

25,280

685

70

38,690

3,330

410

(3)

56,250

80

409,490

9,890

66,665

(3)

325

95,645

20,820

1,010

1,085

1,270

4,080

4,990

7,660

6,520

6,585

6,665

360

995,555

19,658

16,510

7,377

50,370

137,261

68,164

1,338

180

243,520

11,072

625

(8)

185,296

107

4,682,024

72,129

261,044

(3)

482

673,718

46,500

1,872

2,582

4,864

14,577

15,990

37,426

25,489

21,577

21,153

793

7,387,968

281

114

20

111

41

239 

424 

175 

497

53

234

3

4 

101

15

196

186

128

352

178

43

295

2

71 

125

240 

309

27 

33

162

93

72 

491

28 

7,639

106,289

54,999

39,977

93,715

91,433

157,224

123,579

76,772

151,759

15,437

51,301

3,444

7,772

325,862

5,091

537,765

103,767

15,555

239,835

34,424

21,000

516,501

6,152

39.576

21,119

70,328

86,710

20,865

51,704

84,126

25,101

45,050

220,663

10,981

4,943,830

81,092

38,507

31,413

67,910

68.009

106,723

98,840

53,155

120,582

11,771

45,018

2,078

6,011

223,710

4,047

324,059

64,939

12,866

180,654

26.009

16,869

357,324

4,247

25,119

16,812

54,436

66,399

17,068

44,222

66,296

20,285

34,247

188,395

8,975

3,580,882

67,967

31,477

26,228

55,165

55,704

91.343 

87,075 

43,190

107,307

10,016

39.343 

1,758 

5,011

179,950

3,567

252,209

53,484

11,976

153,694

21,789

14,589

291,594

3,317

20,544

14,512

46,471

56,669

14,113

37,352

55,726

17,500

29,192

168,425

7,540

2,956,737

13,125

7,030

5,185

12,745

12,305

15,380

11,765

9.965 

13,275

.1,755

5,675

320

1,000

43,760

480

71,850

11,455

890

26,960

4,220

2,280

65,730

930

4,575

2,300

7.965 

9,730 

2,955 

6,870

10,570

2,785

5,055

19,970

1,435

624,145

25,197

16,492

8,564

25,805

23,424

50,501

24,739

23,617

31,177

3,666

6,283

1,366

1,761

102,152

1,044

213,706

38,828

2,689

59,181

8,415

4,131

159,177

1,905

14,457

4,307

15,892

20,311

3,797

7,482

17,830

4,816

10,803

32,268

2,006

1,362,948

1 Deposits reported by insured banks on the October 1 certified statement are not strictly comparable with total deposits reported in statements of condition. On the October 

1 statement, uninvested trust funds deposited with other banks were reported as deposits by both the depositee and the depositor bank, while in reports of condition they are 

reported by the depositee bank only. (See also instructions for preparing certified statement, page 142 and instructions for the preparation of reports of condition on Form 64, 

page 156.) In addition, although items in process of collection are usually credited to the accounts of depositors and consequently included with deposits in reports of condition, 

some banks excluded such items from the deposits reported on the October 1 certified statement.

2 Excludes figures of 1 State bank member of the Federal Reserve System. See note 3.

5 Figures included in total for the United States.

INSURED COMMERCIAL EANKS— INSURANCE COVERAGE 181

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 110. P e r c e n t o f A c c o u n t s F u l l y I n s u r e d a n d of D e p o s it s I n s u r e d i n I n s u r e d C o m m e r c ia l B a n k s , O c to b er 1, 1 934

B Y C LASS OF B A N K GROUPED BY A M O U N T OF DEPOSITS AN D B Y STATES

Percent of accounts fully insured in Percent of deposits insured in—

Size and State

All banks National

banks

State banks 

members 

Federal Reserve 

System

Banks 

not members 

Federal Reserve 

System

All banks National

banks

State banks 

members 

Federal Reserve 

System

Banks 

not members 

Federal Reserve 

System

Banks having deposits of—

99.7 99.7 99.7 99.7 91.7 92.9 92.5 91.6

$100,000 to $250,000..................................... 99.6 99.6 99.6 99.6 86.9 87.3 87.2 86.8

$250,000 to $500,000.................................... 99.4 99.4 99.4 99.4 83.1 82.7 83.2 83.4

$500,000 to $750,000.................................... 99.3 99.3 99.2 99.4 79.8 79.5 79.8 80.3

$750,000 to $1,000,000................................. 99.3 99.2 99.2 99.3 77.6 77.2 76.4 78.2

$1,000,000 to $2,000,000.............................. 99.1 99.0 99.2 99.2 74.6 74.4 74.5 75.1

$2,000,000 to $5,000,000.............................. 98.8 98.8 99.0 98.9 69.1 68.1 70.2 71.1

$5,000,000 to $50,000,000............................ 98.3 98.3 98.3 98.6 49.6 46.7 50.8 58.7

Over $50,000,000........................................... 97.2 97.4 96.8 95.9 25.7 26.1 23.2 63.4

All banks........................................... 98.5 98.5 97.9 99.1 43.5 42.3 32.7 72.4

State

Alabama......................................................... 99.3 99.1 99.0 99.7 59.7 55.0 61.3 85.5

Arizona........................................................... 98.6 98.6 98.5 98.9 59.0 50.0 62.5 77.7

Arkansas........................................................ 99.0 98.7 99.1 99.2 63.5 57.7 62.1 77.0

California ..................................................... 97.9 98.1 97.8 96.9 52.5 48.7 51.8 72.0

98.7 98.5 98.8 99.3 52.8 49.9 57.6 82.5

98.4 98.4 97.3 98.7 50.8 50.7 36.2 56.5

97.4 96.2 96.4 98.3 46.7 65.8 34.7 53.7

98.7 98.1 98.7 99.3 53.6 46.1 56.9 73.0

98.9 98.8 98.6 99.2 50.8 46.4 62.6 68.2

99.1 99.0 98.8 99.4 50.6 44.0 50.3 82.6

Idaho ........................................................... 98.8 98.8 98.8 99.1 66.2 64.4 63.4 79.6

Illinois ......................................................... 98.4 98.1 98.0 99.4 37.2 31.2 41.0 81.2

Indiana........................................................... 99.1 98.8 99.1 99.3 60.3 50.7 55.9 73.6

Iowa ....................................................... 99.1 98.8 98.8 99.3 64.9 54.5 60.1 78.6

99.1 99.0 99.0 99.4 61.4 55.8 57.5 77.6

192 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Kentucky............

Louisiana........

Maine..................

Maryland............

Massachusetts. ..

Michigan.............

Minnesota...........

Mississippi..........

Missouri..............

Montana.............

Nebraska.............

Nevada................

New Hampshire..

New Jersey.........

New Mexico.......

New York...........

North Carolina, , 

North Dakota. . .

Ohio.....................

Oklahoma. . . . . .

Oregon.................

Pennsylvania. . , . 

Rhode Island. . . . 

South Carolina... 

South Dakota....

Tennessee............

Texas...................

Utah....................

Vermont..............

Virginia...............

Washington........

West Virginia....

Wisconsin............

Wyoming............

All banks.

99.1 98.9

98.9 98.8

98.9 98.6

98.6 97.5

97.9 97.8

98.8 98.4

98.8 98.6

99.0 98.9

98.7 98.0

98.2 97.9

98.8 98.5

98.2 98 0

'98.9 99.0

98.7 98.7

99.0 98.9

97.2 97.9

99.0 99.1

99.2 98.9

98.9 98.8

!99.0 98.9

99.0 98.8

98.6 98.5

98.2 95.6

99.0 99.0

99.1 98.9

99.1 98.8

98.7 98.5

98.7 98.3

99.0 99.0

99.1 98.9

98.6 98.5

99.3 99.3

99.1 98.8

99.0 99.0

98.5 98.5

99.2

98.5

99.3 

98.9

97.5

98.8

99.3

99.4

98.6

98.0

99.1

(2)

98.5

99.1

96.1 

97.9

(2)

99.3

98.0 

98.6

98.5

99.1

98.6

99.1

98.6

98.9

98.6

98.8

98.7 

99.1

97.9

1 Excludes figures of 1 State bank member of the Federal Reserve System. See note 2,

2 Figures included in total for the United States.

99.3 63.9 57.2 59.1 76.3

99.1 45.5 40.1 35.5 70.0

99.1 73.6 71.5 74.1 78.6

99.2 45.8 39.4 36.0 72.5

98.8 38.8 34.1 48.4 74.4

99.3 51.6 39.7 66.1 67.9

99,4 53.6 47.6 81.0 80.0

99.1 65.6 59.5 79.7 69.2

99.5 44.1 37.2 39.2 79.5

99.1 63.7 63.0 58.0 76.3

99.3 57.7 50.3 84.4 87.8

98.9 63.0 63.7 60.3

98.8 *66.6 65.1 (2) 77.3

98.9 63.7 65.2 58.1 68.7

99.3 63.8 60.2 83.5 79.5

98.1 23.7 25.5 19.1 60.3

99.2 51.1 63.2 32.1 62.6

99.7 78.7 77.4 82.7

99.2 56.1 51.4 53.9 75.3

99.4 *47.6 46.2 (2) 75.6

99.5 63.5 61.1 84.3 80.3

99.2 46.7 47.0 34.8 69.2

98.5 54.0 36.4 64.1 69.0

99.1 58.2 51.5 69.3 63.5

99.4 71.9 67.9 73.5 79.6

99.5 53.5 46.6 53.6 77.4

99.4 48.5 45.3 58.5 76.6

99.2 56.2 44.7 57.6 81.8

98.9 84.1 82.3 85.5

99.4 61.9 60.5 47.3 78.8

99.3 53.5 49.9 55.4 80.8

99.5 65.7 64.4 59.6 76.0

99.5 65.6 53.3 63.0 85.4

98.9 68.3 63.3 71.9 81.7

99.1 43.5 42.3 32.7 72.4

INSURED COMMERCIAL BANKS— INSURANCE COVERAGE 193

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 111. A ssets and Liabilities of Insured Commercial Ban ks, June 30, 1934, and December 31, 1934

BY CLASS OF BANK 

(Amounts in thousands of dollars)

DECEMBER 31, 1934

All

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks 

not members 

Federal 

Reserve 

System1

JUNE 30, 1934

All

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks 

not members 

Federal 

Reserve 

System2

Number of banks

ASSETS

Loans, discounts and overdrafts:

Acceptances of other banks payable in the United States.......................

Notes, bills, acceptances, etc., payable in foreign countries.....................

Commercial paper bought in open market.................................................

Loans to banks and trust companies—On securities.................................

All other........................................

Loans on securities, exclusive of loans to banks:

To brokers and dealers in New York......................................................

To brokers and dealers elsewhere.............................................................

To others.....................................................................................................

Real estate loans, mortgages, etc.—On farm lands...................................

On other real estate..........................

Loans secured by chattel mortgages............................................................

Reporting bank’s own acceptances..............................................................

All other loans................................................................................................

Overdrafts................................. ..................................................................

Total loans, discounts and overdrafts........................................

United States Government direct obligations:

Bonds...............................................................................................................

Treasury notes................................................................................................

Certificates of indebtedness..........................................................................

Treasury bills..................................................................................................

Total United States Government direct obligations...............

Obligations fully guaranteed by the United States Government:

Reconstruction Finance Corporation...........................................................

Federal Farm Mortgage Corporation..........................................................

Home Owners’ Loan Corporation................................................................

Total obligations fully guaranteed by the U. S. Government

14,137 5,462 980 7,695 13,896 5,417 958 7,521

257,273

31,987

257,223

56,701

107,250

876,561

191,825

3,492,460

500,580

2,835,166

134,352

235,382

5,616,665

9,729

14,603,154

88,517

16,188

163,915

35,401

70,993

319,441

108,816

3,933,074

218,268

1,078,451

(3)

106,577

3,332,431

3,305

7,475,377

167,524

15,216

68,526

19,361

29,742

523,927

77,889

1,176,486

43,528

933,114

(3)

125,247

1,368,904

3,262

4,552,726

1,232

583

24,782

1,939

6,515

33,193

5,120

682,900

238,784

823,601

134,352

3,558

915,330

3,162

2,575,051

265,222

20,559

218,727

55,080

110,015

1,116,165

213,261

3,713,803

555,885

2,906,282

204,856

216,690

5,584,453

7,680

15,188,678

86,945

13,444

136,330

37,826

66,150

362,825

134,661

2,088,015

232,657

1,093,520

(8)

105,712

3,319,513

2,978

7,680,576

176,795

6,758

63,674

14,815

34,275

718,802

72,877

1,220,843

55,823

974,700

(3)

104,446

1,396,073

2,523

4,842,404

1,482

357

18,723

2,439

9,590

34,538

5,723

404,945

267,405

838,062

204,856

6,532

868,867

2,179

2,665,698

5,069,132

4,396,793

4,947

1,032,187

10,503,059

3,343,308

2,458,553

(4)

448,961

6,250,822

1,315,241

1,758,631

(4)

580,998

3,654,870

410,583

179,609

4,947

2,228

597,367

5,210,244

3,046,894

656,494

794,344

9,707,976

3,420,023

1,619,931

298,357

299,211

5,637,522

1,418,420

1,250,967

338,425

491,350

3,499,162

371,801

175,996

19,712

3,783

571,292

245,462 

326 788 

637^585 

1,209,835

185,953 

183 569 

327[206

696,728

55,436

58,531

178,513

292,480

4,073

84,688

131,866

220,627

235,942 

61 585 

5295^997

593,524

175,970

33,671

6147^977

357,618

59,050

7,4*3

584,’522

151,025

922 2n dfii

56M98

84,881

194 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Other bonds, stocks and securities:

Obligations of:

Home Owners’ Loan Corporation guaranteed as to interest only...............

Federal Land Banks.........................................................................................

Federal Intermediate Credit Banks................................................................

Joint Stock Land Banks......................... .........................................................

States and political subdivisions....................................................................

Territorial and insular possessions of the United States...............................

Bonds, notes and debentures of:

Railroads............................................................................................................

Public utilities...................................................................................................

Real estate corporations...................................................................................

Other domestic corporations............................................................................

Stock of Federal Reserve banks.........................................................................

Stock of other domestic corporations:

Real estate corporations...................................................................................

Banks and banking corporations....................................................................

Other domestic corporations............................................................................

Foreign securities:

Obligations of foreign central governments...................................................

Obligations of foreign State, provincial and municipal governments.........

Other foreign securities....................................................................................

Total other bonds, stocks and securities.............................................

Reserve, cash in vault, cash items and balances with other banks:

Reserve with Federal Reserve banks.................................................................

Coin and currency in vault..................................................................................

Exchanges for clearing house and other checks on local banks.......................

Outside checks and other cash items..................................................................

Items with Federal Reserve banks in process of collection.............................

Due from other banks, subject to immediate withdrawal:

From member banks—In New York City.....................................................

In Chicago..................................................................

Elsewhere in the United States................................

From nonmember banks—In New York City.............................................

In Chicago..........................................................

Elsewhere in the United States........................

From banks and bankers in foreign countries:

Payable in dollars..........................................................................................

Payable in foreign currency.........................................................................

Balances with other banks, not subject to immediate withdrawal:

With banks and trust companies in the United States.............................

With banks and bankers in foreign countries............................................

Total reserve, cash in vault, cash items and balances with other 

banks.........................................................................................................

136,791

177,353

119,520

29,651

2,388,770

21,916

980,743

908,600

101,533

661,688

146,553

70,500

93,053

325,849

148,705

56,217

91,171

6,458,613

4,081,565

792,674

1,263,481

86,696

594,118

1,449,832

420,193

2,018,159

31,043

11,062

110,131

4,639

2,459

152,784

183,265

11,202,101

71,963

110,422

75,047

15,836

1,327,187

14,264

39,185

25,593

42,242

3,053

620,448

2,837

25,643

41,338

2,231

10,762

441,135

4,815

(6)

J -273,466

33,615

2,256,316

23,256

(6)

7184,272

23,309

1,209,031

15,628

(6)

^54,382

3,133

623,027

3,101

(6)

734,812

7,173

424,258

4,527

574,200

508,568

36,557

372,303

89,862

34,643

26,032

77,524

218,783

206,235

38,182

162,782

56,691

20,865

41,036

170,670

187,760

193,797

26,794

126,603

915,267

902,784

106,673

669,851

145,990

79,050

100,087

355,994

527,308

517,917

38,696

389,920

88,674

32,314

25,744

85,126

208,300

193,684

39,083

148,927

57,316

30,664

46,383

183,726

179,659

191,183

28,894

131,004

14,992

25,985

77,655

16,072

27,960

87,142

70,806

32,252

49,939

3,487,405

56,963

10,330

23,975

1,739,870

20,936

13,635

17,257

1,231,338

164,300

77,363

92,573

6,196,585

95,321

48,743

53,726

3,335,729

45,175

12,750

21,152

1,670,803

23,804

15,870

17,695

1,190,053

2,525,448

453,749

534,563

57,517

385,201

1,556,117

154,853

698,504

21,736

205,786

3,819,410

622,749

542,570

71,269

480,148

2,497,400

349,870

262,563

48,783

322,143

1,322,010

122,773

255,676

15,947

151,667

184,072

30,414

7,443

3,131

150,106

24,331

6,539

6,338

943,515

238,683

1,097,987

17,721

2,743

46,474

312,855

62,268

294,797

6,800

102

11,889

193,462

119,242

625,375

6,522

8,217

51,768

1,252,362

360,064

1,754,483

50,016

6,689

111,058

833,112

201.902

974.903 

12,138

1,730

41,130

246,313

53,547

264,831

25,092

467

11,112

172,937

104,615

514,749

12,786

4,492

58,816

101

(8)

3,730

(8)

808

2,459

(8)

(8)

(8)

(8;

(8)

(8)

(8)

(8)

92,560

985,892

20,579

994,792

39,645

2,581

126,325

145,652

79,412

63,246

14,597

77,434

32,316

4,972

6,482,154 3,444,808 1,275,139 9,342,795 5,688,332 2,561,466

--------------- j

1,092,997

INSURED COMMERCIAL BANKS— CONDITION 195

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 1 1 . A s s e t s a n d L i a b i l i t i e s o f I n s u r e d C o m m e r c ia l B a n k s , J u n e 3 0 , 1 9 3 4 , a n d D e c e m b e r 3 1, 1 9 3 4 — C ontin ued

Miscellaneous assets:

Banking house, furniture and fixtures................................................................

Other real estate owned........................................................................................

Redemption fund and due from United States Treasurer................................

Customers’ liability on account of acceptances.................................................

Acceptances of other banks and bills sold with endorsement..........................

Securities borrowed...............................................................................................

Other assets............................................................................................................

Total m iscellaneous assets......................................................................

Total assets...................................................................................................

LIABILITIES

Demand deposits (exclusive of interbank and U. S. Gov. deposits):

Individual deposits subject to check...................................................................

Certificates of deposit...........................................................................................

Public funds of States and political subdivisions................................................

Other demand deposits.........................................................................................

Total demand deposits.............................................................................

Time deposits (exclusive of interbank and U. S. Government deposits):

Public funds of States and political subdivisions..............................................

Postal savings.........................................................................................................

Other time deposits:

Deposits evidenced by savings pass books.....................................................

Certificates of deposit........................................................................................

Christmas savings and similar accounts.........................................................

Open accounts....................................................................................................

Total tim e deposits....................................................................................

Interbank deposits:

Balances of banks and trust companies in the United States..........................

Balances of banks and trust companies in foreign countries...........................

Due to Federal Reserve banks (deferred credits)..............................................

Total interbank deposits..........................................................................

Other deposits:

United States Government deposits....................................................................

Cash letters of credit; certified, officers’ and travelers' checks outstanding. .. 

Total other deposits...................................................................................

Total deposits..............................................................................................

Secured by pledge of loans and/or investments..........................................

Not secured by pledge of loans and/or investments...................................

DECEMBER 31, 1934 JUNE 30, 1934

All

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks 

not members 

Federal

Reserve

System

All

banks

National

banks

State

banks

members

Federal

Reserve

System

Banks 

not members 

Federal

Reserve

System

1,212,438

465,313

33,956

243,093

1,932

3,641

502,135

2,462,508

652,000

161,891

33,956

135,687

750

1,529

202,633

1,188,446

349,087

151,665

211,351

151,757

1,212,843

426,996

36,249

254,360

2,371

5,110

468,301

2,406,230

654,135

151,859

36,249

129,097

1,408

2,112

180,897

1,155,757

343,682

134,489

215,026

140,648

106,264

1,011

367

203,111

811,505

1,142

171

1,745

96,391

462,557

123,819

512

412

201,503

804,417

1,444

451

2,586

85,901

446,056

46,439,270 25,580,932 14,496,259 6,362,079 43,435,788 23,855,534 13,529,277 6,050,977

16,052,263

169,852

2,265,552

495,065

18,982,732

8,731,733

82,426

1,393,747

166,616

10,374,522

5,635,670

46,313

405,688

288,411

6,376,082

1,684,860

41,113

466,117

40,038

2,232,128

14,287,801

151,899

2,023,548

441,370

16,904,618

7,798,154

77,478

1,222,529

152,871

9,251,032

5,027,403

44,882

375,341

247,936

5,695,562

1,462,244

29,539

425,678

40,563

1,958,024

335,070

524,404

245,358

350,054

49,094

101,934

40,618

72,416

384,032

661,327

274,655

440,076

58,019

144,951

51*358

76,300

9,708,911

1,363,516

25,549

556,316

12,513,766

5,379,874

654,300

10,597

248,456

6,888,639

2,219,154

227,678

8,750

271,633

2,878,243

2.109.883 

481,538

6,202

36,227

2.746.884

9,163,890

1,459,611

79,656

617,041

12,365,557

5,060,283

685,317

36,862

275,287

6,772,480

2,107,956

259,861

22,587

315,085

2,908,459

1,995,651

514,433

20,207

26,669

2,684,618

4,794,507

155,846

49,088

4,999,441

3,003,471

80,802

34,006

3,118,279

1,699,345

73,530

14,198

1,787,073

91,691

1,514

884

4,270,506

164,485

41,563

4,476,554

2,686,138

81,333

31,176

2,798,647

1,506,259

81,645

10,387

1,598,291

78,109

1,507

94,089 , 79,616

1,686,555

813,846

2,500,401

884,935

370,775

1,255,710

750,581

419,276

1,169,857

51,039

23,795

74,834

1,708,141

358,724

2,066,865

887,293

186,445

1,073,738

770,500

143,658

914,158

50,348

28,621

78,969

38,996,340

U, 08k, 550

31+,911,790

21,637,150

2,U2,7U5

19,19^05

12,211,255

1,251,278

10,959,977

5,147,935

390,527

U,757,1*08

35,813,594

U,202,76 9

31,610,825

19,895,897

2,518,152

17,377,71^5

11,116,470

1,305.985

9,810,1+85

4,801,227

378,632

U,W2,595

196 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Miscellaneous liabilities:

Agreements to repurchase U. S. Government obligations or other securities sold,

Bills payable..........................................................................................................

Rediscounts............................................................................................................

Securities borrowed...............................................................................................

Acceptances executed by other banks for account of reporting banks...........

Mortgage bonds and participation certificates outstanding.............................

Acceptances of other banks and bills sold with endorsement..........................

Acceptances executed for customers...................................................................

Interest, taxes and other expenses accrued and unpaid...................................

Dividends declared but not yet payable............................................................

Other liabilities......................................................................................................

Total miscellaneous liabilities...............................................................

Total liabilities, excluding capital accoun t.......................................

Capital account:

Capital stock and capital notes and debentures...............................................

Surplus...................................................................................................................

Undivided profits—net.........................................................................................

Reserve for contingencies, and undeclared dividends.......................................

Retirement fund for preferred stock or capital notes and debentures............

Total capital accou n t...............................................................................

Total liabilities, including capital account........................................

M emorandum 

Loans and investments pledged to secure liabilities:

United States Government obligations, direct or fully guaranteed................

Other bonds, stocks and securities......................................................................

Loans and discounts.............................................................................................

T ota l..............................................................................................................

Pledged:

Against circulating notes outstanding................................................................

Against United States Government and postal savings deposits....................

Against public funds of States and political subdivisions................................

Against deposits of trust department.................................................................

Against other deposits..........................................................................................

Against borrowings...............................................................................................

With State authorities to qualify for the exercise of fiduciary powers...........

For other purposes................................................................................................

T ota l..............................................................................................................

Circulating notes outstanding.............................................. ...................................

40,287,703

650,935

6,942

40,504

1,322

3,641

9,360

43,943

1,932

254,312

70,641

42,287

165,544

640,428

3,348,841

1,914,833

470,017

414,087

3,789

6,151,567

46,439,270

4,048,426

1,280,944

219,592

5,548,962

680,163

2,347,240

1,538,341

440,931

238,461

78,709

149,323

75,794

5,548,962

22,556,820

650,935

2,361

7,342

383

1,529

4,717

750

138,913

38,911

22,642

51,187

268,735

1,782,746

836,056

261,456

141,534

2,320

3,024,112

25,580,932

2,686,918

776,376

84,978

3,548,272

680,163

1,328,132

982,763

286,543

155,892

11,992

85,206

17,581

3,548,272

3,980

4,779

283

367

4,259

35,265

1,011

114,878

24,467

17,670

47,662

254,621

12,465,876

881,340

825,600

129,557

193,684

202

2,030,383

14,496,259

1,151,858

270,540

61,929

1,484,327

890,555

298,680

131,327

56,193

14,919

45,254

47,399

1,484,327

601

28,383

656

1,745

384

8,678

171

521

7,263

1,975

66,695

117,072

5,265,007 37,191,461

684,755

253,177

79,004

78,869

1,267

1,097,072

6,362,079

209,650

234,028

72,685

516,363

128,553

256,898

23,061

26,376

51,798

18,863

10,814

516,363

694,790 694,790

6,275

68,463

4,112

5,110

11,670

61,387

2,371

267,542

79,376

176,771’

683,077

3,319,216

1,962,163

470,668

491,126

1,154

6,244,327

43,435,788

3,922,453

1,576,461

304,130

5,803,044

720,933

2,542,109

1,513,427

369,540

272,478

154,651

141,268

88,638

5,803,044

20,860,183

4,399

13,672

2,007

2,112

6,683

*1,408

133,190

41,662

‘ 64,363 

269,496

1,734,164

852,225

257,238

151,153

571

2,995,351

23,855,534

2,599,664

987,856

102,226

3,689,746

720,933

1,441,629

973,074

249,461

176,758

26,387

82,902

18,602

3,689,746

915

18,080

1,081

412

4,669

48,937

512

133,456

29,097

' 66,075 

303,234

11,419,704

918,018

838,335

129,990

223,104

126

2,109,573

13,529,277

961

36,711

1,024

2,586

318

12,450

451

896

8,617

* '46,333' 

110,347

4,911,574

667,034

271,603

83,440

116,869

457

1,139,403

6,050,977

1,140,306

326,193

93,574

1,560,073

962,889

292,593

99,792

65,163

37,186

41,293

61,157

1,560,073

182,483

262,412

108,330

553,225

137,591

247,760

20,287

30,557

91,078

17,073

8,879

553,225

1 Includes 2 insured Alaska national banks not members of the Federal Reserve System. , Excludes 9 insured State banks not members of the Federal Reserve System for 

which figures are not available. 2 Excludes 43 insured State banks not members of the Federal Reserve System for which figures are not available. 3 Included with “ All other 

loan^.” 4 Included with Treasury notes. 5 Includes Home Owners’ Loan Corporation 4 percent bonds guaranteed as to interest only. 6 See note 5. 7 Not reported separately. 

8 Included in balances not subject to immediate withdrawal with banks and bankers in foreign countries. 9 See note 8.

INSURED COMMERCIAL BANKS— CONDITION 197

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 12. C o n d it io n o f I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s of t h e F e d e r a l R e s e r v e S y s t e m , D e c e m b e r 31, 1 9 3 4

BANKS GROUPED BY AMOUNT OF DEPOSITS

Number of banks

All

banks

>7,682

Banks having deposits of—

$100,000

and

under

1,250

$100,000

to

250,000

2,613

$250,000

to

500,000

$500,000

to

750,000

1,781

$750,000

to

1,000,000

$1,000,000

to

2,000,000

393 599

$2,000,000

to

5,000,000

262

$5,000,000

to

50,000,000

116

Over

$50,000,000

ASSETS

Loans, discounts and overdrafts......................................

U. S. Government direct obligations..............................

Obligations fully guaranteed by the U. S. Government.

Other bonds, stocks and securities.................................

Total loans and investm ents..........................

Customers’ liability on account of acceptances.............

Banking house, furniture and fixtures............................

Other real estate owned....................................................

Cash in vault.....................................................................

Balances with other banks...............................................

Checks on other banks and other cash items................

Acceptances of other banks and bills sold with endorsement .......................................................................

Securities borrowed...........................................................

Other assets........................................................................

Total assets..........................................................

LIABILITIES

Demand deposits of individuals, partnerships or corporations .........................................................................

Time deposits of individuals, partnerships or corporations .................................................................................

Public funds of States and political subdivisions..........

United States Government and postal savings deposits. 

Deposits of other banks; cash letters of credit; certified,

officers’ and travelers’ checks outstanding.................

Total deposits......................................................

Agreements to repurchase U. S. Government obligations or other securities sold.........................................

Bills payable.......................................................................

Rediscounts........................................................................

Securities borrowed...........................................................

Acceptances executed by other banks for account of 

reporting banks..............................................................

2,550,117

592,452

218,544

1,222,385

4,583,498

1,142

206,786

148,395

182,281

1,042,144

36,571

171

1,745

96,210

6,298,943

1,740,720

2,610,070

506,665

123,194

117,463

5,098,112

601

28,283

597

1,745

384

(In thousands of dollars)

54,209

4,840

4,702

11,649

75,400

47

5,283

3,556

4,495

29,695

283

47

740

119,546

46,623

26,123

10,278

470

559

84,053

784

128

47

228,864

35,161

24,491

75,367

363,883

50

18,112

10,978

17,866

136,432

1,050

181

3,085

551,637

211,929

160,503

55,868

5,298

3,192

436,790

2

1,878

158

181

305,166

54,370

34,606

126,953

521,095

87

22,885

14,627

23,448

170,026

2,273

147

4,432

758,420

264,383

266,159

71,172

13,201

5,565

620,480

52

3,067

111

147

193,350

39,352

20,210

95,139

348,051

22

14,883

10,399

14,408

97,515

2,173

81

3,748

491,280

156,185

190,027

43,600

10,084

4,935

404,831

34

1,807

104

164,973

31,332

15,618

85,044

296,967

23

12,233

8,329

11,955

72,204

1,645

111

2,891

406,358

119,609

171,287

33,382

7,372

5,410

337,060

13

1,865

402,917

81,727

37,946

213,078

735,668

80

34,328

24,005

30,557

167,000

5,622

102

895

7,156

1,005,413

282,357

426,725

75,605

20,379

14,953

820,019

228

5,260

96

895

43

381,178

93,818

30,469

196,604

702,069

195

33,321

22,490

26,123

128,545

6,880

74

7,864

927,561

224,564

424,228

68,356

17,041

18,877

753,066

240

8,152

56

644,746

179,693

43,318

330.599 

1,198,356

618

56,551

48,530

44,379

209.600 

15,704

69

209

63,955

1,637,971

396,146

665,516

127,813

45,485

52,088

1,287,048

24

5,470

zuy

285

174,714

72,159

7,184

87,952

342,009

20

9,190

6,081

9,050

31,127

941

2,339

400,757

38,924

279,502

20,591

3,864

11,884

354,765

198 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Acceptances of other banks and bills sold with endorsement........ ..............................................................

Acceptances executed for customers...............................

Interest, taxes and other expenses accrued and unpaid

Dividends declared but not yet payable........................

Other liabilities..................................................................

Capital stock and capital notes and debentures............

Surplus................................................................................

Undivided profits—net.....................................................

Reserves for contingencies and undeclared dividends. . 

Retirement fund for preferred stock and capital notes

and debentures...............................................................

Total liabilities...................................................

171

521 2 1 12

7,084 67 257 463 299

1,947 28 190 197 133

75,237 820 1,779 3,256 1,993

676,557 26,827 82,989 92,588 56,109

249,955 4,599 17,177 23,305 14,966

78,059 1,540 6,845 8,884 5,820

78,423 603 3,232 5,718 4,964

1,267 42 157 151 127

6,298,943 119,546 551,637 758,420 491,280

102 69

3 22 121 340 20

244 864 1,232 3,419 239

130 325 302 567 75

1,275 7,266 6,294 50,586 1,968

44,251 106,639 92,882 149,722 24,550

13,013 37,951 34,882 90,302 13,760

4,332 13,110 12,072 23,440 2,016

4,032 12,472 17,672 26,366 3,364

29 121 516 124

406,358 1,005,413 927,561 1,637,971 400,757

1 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks.

Note: For explanation of items, see instructions for the preparation of reports of condition on Form 64, Call No. 2 bv insured commercial banks not members of the Federal 

Reserve System, page 156.

INSURED COMMERCIAL BANKS— CONDITION 199

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 113. C o n d i t i o n o f I n s u r e d C o m m e r c i a l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m , D e c e m b e r 31, 1934

AVERAGES FOR BANKS GROUPED BY AMOUNT OF DEPOSITS

LO

O

o

Number of banks

All

banks

27,682

Hanks having deposits of-

$100,000

and

under

1,250

$100,000

to

250,000

2,613

$250,000

to

500,000

1,781

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000 $5,000,000 Over

to to $50,000,000

5,000,000 50,000,000 f1)

262 116 4 UM

>

u

•-d

o

U1

2

m

cl

W

>

a

H

O

O

w

•■d

o

>

Hj

O

2

ASSETS

Loans, discounts and overdrafts......................................

U. S. Government direct obligations...............................

Obligations fully guaranteed by the U. S. Government

Other bonds, stocks and securities.................................

T o ta l loans an d in ve stm e n ts............................

Customers’ liability on account of acceptances.............

Banking house, furniture and fixtures............................

Other real estate owned....................................................

Cash in vault......................................................................

Balances with other banks...............................................

Checks on other banks and other cash items..................

Acceptances of other banks and bills sold with endorsement .......................................................................

Securities borrowed...........................................................

Other assets........................................................................

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

LIABILITIES

Demand deposits of individuals, partnerships or corporations .........................................................................

Time deposits of individuals, partnerships or corporations .................................................................................

Public funds of States and political subdivisions..........

United States Government and postal savings deposits, 

Deposits of other banks; cash letters of credit; certified,

officers’ and travelers’ checks outstanding.................

T o ta l d e p o sits .........................................................

Agreements to repurchase U. S, Government obligations or other securities sold.........................................

Bills payable.......................................................................

Rediscounts........................................................................

Securities borrowed...........................................................

Acceptances executed by other banks for account of 

reporting banks..............................................................

(In thousands of dollars)

332

78

28

159

597

27

19

24

139

1

13

820

227

340

66

16

15

664

43

4

4

9

60

4

3

4 

24

1

96

37

21

8

1

67

87

14

9

29

139

7

4

7

53

1

211

62

21

2

1

167

171

31

19

71

292

13

8

13

96

1

3

426

149

149

40

7

3

348

291

59

31

143

524

22

16

22

146

4

6

740

235

286

66

15

610

420

80

40

216

756

31

22

30

184

4

7

1,034

304

436

85

19

14

858

674

136

64

354

1,228

57

40

51

280

2

12

1,678

472

712

126

34

25

1,369

1,455

358

116

750

2,679

1

127

86

100

491

26

30

3,540

1,619

262

65

72

2,875

1

31

5,558

1,549

374

2,850

10,331

5

487

418

383

1,806

136

1

2

551

14,120

3,415

5,737

1,102

392

449

11,095

1

47

43,679

18,039

1,796

21,988

85,502

5

2,298

1,520

2,262

7,782

235

585

100,189

9,731

69,875

5,148

966

2,971

88,691

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Acceptances of other banks and bills sold with endorsement .......................................................................

Acceptances executed for customers...............................

Interest, taxes and other expenses accrued and unpaid.

Dividends declared but not yet payable........................

Other liabilities..................................................................

Capital stock and capital notes and debentures............

Surplus................................................................................

Undivided profits—net.....................................................

Reserves for contingencies and undeclared dividends. . 

Retirement fund for preferred stock and capital notes

and debentures...............................................................

Total liabilities...................................................

10

88

33

10

10

820

1

21

4

1

1

211

3

52

13

5

3

426

3

85

23

740

113

33

11

10

1,034

12

178

22

21

5

1

24

854

133

46

2

3,540

1

3

29

4

436

1,291

778

202

228

1

14,120

5

60

19

492

6,137

3,440

504

841

100,189

1 Because of the small number of banks, the figures for this group are not necessarily typical of those for banks with deposits of over $50,000,000.

2 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia and 9 other banks.

Note: For explanation of items, see instructions for the preparation of reports of condition on Form 64, Call No. 2 by insured commercial banks not members of the Federal 

Reserve System, page 156.

INSURED COMMERCIAL BANKS— CONDITION 201

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BAN K S GROUPED BY AM O U NT OF DEPOSITS

T a b le 114. P e r c e n t a g e D is t r ib u t io n o f P r in c ip a l A s s e t a n d L ia b i l i t y I t e m s , I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s of

t h e F e d e r a l R e se r v e S y s t e m , D e c e m b e r 31, 1934

All

banks

Banks having deposits of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

(»)

Number of banks 27,682 1,250 2,613 1,781 664 393 599 262 116 4

ASSETS

Loans, discounts and overdrafts...................................... 40.5 44.8 41.2 40.1 39.3 40.6 40.2 41.1 39.4 43.6

U. S. Government direct obligations............................... 9.5 4.2 6.6 7.3 8.0 7.7 8.1 10.1 11.0 18.0

Obligations fully guaranteed by the U. S. Government. 3.4 4.2 4.3 4.5 4.2 3.9 3.8 3.3 2.6 1.8

Other bonds, stocks and securities................................. 19.4 9.4 13.7 16.6 19.3 20.9 21.1 21.2 20.2 21.9

Total loans and investm ents.......................... 72.8 62.6 65.8 68.5 70.8 73.1 73.2 75.7 73.2 85.3

Banking house, furniture and fixtures............................ 3.3 4.2 3.3 3.1 3.0 3.0 3.4 3.6 3.4 2.3

'Other real estate owned.................................................... 2.3 3.0 2.0 1.9 2.2 2.1 2.4 2.5 3.0 1.5

Cash in vault..................................................................... 2.9 4.2 3.3 3.1 3.0 2.9 3.0 2.8 2.7 2.3

Balances with other banks............................................... 16.9 25.0 25.1 22.5 19.7 17.8 16.7 13.9 12.8 7.8

Checks on other banks and other cash items.............. .1 .2 .5 .4 .5 .7 1.0 .2

Acceptances of other banks and bills sold with en-

.1

Other assets........................................................................ 1.7 1.0 .5 .7 .8 .7 .7 .8 3.9 .6

Total assets.......................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

LIABILITIES

Demand deposits of individuals, partnerships or corporations ......................................................................... 27.7 38.5 38.4 35.0 31.8 29.4 28.1 24.2 24.2 9.7

Time deposits of individuals, partnerships or corpora41.5 22.0 29.3 35.0 38.6 42.2 42.4 45.7 40.6 69.7

Public funds of States and political subdivisions.......... 8.0 8.3 10.0 9.4 8.9 8.2 7.5 7.4 7.8 5.1

United States Government and postal savings deposits 2.0 .9 1.6 2.0 1.8 2.1 1.8 2.8 1.0

Deposits of other banks; cash letters of credit; certified,

officers’ and travelers’ checks outstanding................. 1.9 1.0 .5 .7 1.1 1.4 1.5 2.1 3.2 3.0

Total deposits...................................................... 81.1 69.8 79.1 81.7 82.4 83.0 81.6 81.2 78.6 88.5

Agreements to repurchase U. S. Government obligaBills payable . , , t .5 1.0 .5 .5 .4 .5 .5 .9 .3

.1

Acceptances executed by other banks for account of

202 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Acceptances of other banks and bills sold with endorsement ..................................................

Acceptances executed for customers.............................

Interest, taxes and other expenses accrued and unpaid. .1 .1 .1 .1 .2 .1 Dividends declared but not yet payable........................

Other liabilities............................................. 1.2 1.0 .5 .7 .4 .3 .7 .7 3.2 .5 Capital stock and capital notes and debentures............ 10.7 22.0 15.2 12.1 11.5 10.9 10.6 10.0 9.2 6.1 Surplus.......................................................... 4.0 4.2 2.8 3.1 3.1 3.1 3.8 3.8 5.5 3.4 Undivided profits—net................................................... 1.2 1.0 1.4 1.2 1.2 1.1 1.3 1.3 1.4 .5 Reserves for contingencies and undeclared dividends.. 1.2 1.0 .5 .7 1.0 1.0 1.3 1.9 1.6 .9 Retirement fund for preferred stock and capital notes

and debentures............................................................... .1

Total liabilities................................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

1 Because of the small number of banks, the figures for this group are not necessarily typical of those for banks with deposits of over $50,000,000.

2 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks

N o t e : For explanation of items, see instructions for the preparation of reports of condition on Form 64, Call No. 2 bv insured commercial banks not members of the Federal 

Reserve System, page 156.

INSURED COMMERCIAL BANKS— CONDITION 203

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 15. Ca p i t a l , D e p o s it s a n d A s s e t s o f I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m a s

S h o w n b y E x a m i n a t i o n for A d m i s s io n i n 1 9 3 3 -1 9 3 4 1

BANKS GROUPED BY AMOUNT OF DEPOSITS, BY GEOGRAPHIC REGIONS, AND BY STATES

Capital account 

(in thousands of dollars) Total 

deposits 

(in thousands oi 

dollars)

Total assets (in thousands of dollars) Net sound 

capital as perPercentage distribution of assets

Size, geographic region, 

and State

No. Worthless and 

doubtful 

assets

Worthless and 

doubtful

Net sound value cent of—- Worth­ Net sound value

of

banks Total

Net

sound

capital

Book

value Total Slow Other

Total

capital

account

Deposits

Book

value

less

and

doubtful

Total Slow Other

Banks having deposits of—

$100,000 and under................ 1,837 52,731 16,350 36,381 114,316 176,115 16,350 159,765 44,701 115,064 69.0 31.8 100.0 9.3 90.7 25.4 65.3

$100,000 to $250,000............. 2,601 120,214 47,950 72,264 420,585 565,657 47,950

55,179

517,707 131,618 386,089 60.1 17.2 100.0 8.5 91.5 23.3 68.2

$250,000 to $500,000............. 1,405 115,095 55,179 59,916 492,133 631,166 575,987 145,075 430,912 52.1 12.2 100.0 8.7 91.3 23.0 68.3

$500,000 to $750,000............. 537 82,503 46,956 35,547 328,491 431,175 46,956 384,219 96,033 288,186 43.1 10.8 100.0 10.9 89.1 22.3 66.8

$750,000 to $1,000,000........... 313 61,418 38,351 23,067 269,435 348,316 38,351 309,965 74,558 235,407 37.6 8.6 100.0 11.0 89.0 21.4 67.6

$1,000,000 to $2,000,000....... 445 149,512 93,129 56,383 614,573 807,0*62 93,129 713,933 175,775 538,158 37.7 9.2 100.0 11.5 88.5 21.8 66.7

$2,000,000 to $5,000,000 . . , 216 158,678 91,488 67,190 632,832 813,594 91,488 722,106 177,301 544,805 42.3 10.6 100.0 11.2 88.8 21.8 67.0

$5,000,000 to $50,000,000___ 95 267,577 149,837 117,740 1,021,868 1,332,830 149,837 1,182,993 225,338 957,655 44.0 11.5 100.0 11.2 88.8 16.9 71.9

Over $50,000,000................... 7 54,128 43,537 10,591 401,210 457,684 43,537 414,147 58,702 355,445 19.6 2.6 100.0 9.5 90.5 12.8 77.7

T ota l........................... 7,456 1,061,856 582,777 479,079 4,295,443 5,563,599 582,777 4,980,822 1,129,101 3,851,721 45.1 11.2 100.0 10.5 89.5 20.3 69.2

Geographic region2

New England States.............. 142 56,363 44,342 12,021 294,944 369,254 44,342 324,912 56,765 268,147 21.3 4.1 100.0 12.0 88.0 15.4 72.6

Middle Atlantic States.......... 561 410,973 243,402 167,571 1,278,726 1,760,374 243,402 1,516,972 296,654 1,220,318 40.8 13.1 100.0 13.8 86.2 16.9 69.3

East North Central................ 1,897 198,800 124,150 74,650 880,525 1,126,928 124,150 1,002,778 278,062 724,716 37.6 8.5 100.0 11.0 89.0 24.7 64.3

West North Central............... 1,981 94,613 39,466 55,147 466,981 571,199 39,466 531,733 98,144 433,589 58.3 11.8 100.0 6.9 93.1 17.2 75.9

South Atlantic........................ 874 119,871 47,560 72,311 449,144 596,670 47,560 549,110 157,271 391,839 60.3 16.1 100.0 8.0 92.0 26.3 65.7

East South Central................ 813 60,319 25,014 35,305 235,869 314,848 25,014 289,834 93,688 196,146 58.5 15.0 100.0 8.0 92.0 29.7 62.3

734 45,767 18,303 27,464 180,442 234,859 18,303 216,556 62,502 154,054 60.0 15.2 100.0 7.8 92.2 26.6 65.6

Mountain................................. 210 15,992 9,521 6,471 70,616 88,351 9,521 78,830 18,831 59,999

402,913

40.5 9.2 100.0 10.8 89.2 21.3 67.9

244 59,158 31,019 28,139 438,196 501,116 31,019 470,097 67,184 47.6 6.4 100.0 6.2 93.8 13.4 80.4

T ota l........................... 7,456 1,061,856 582,777 479,079 4,295,443 5,563,599 582,777 4,980,822 1,129,101 3,851,721 45.1 11.2 100.0 10.5 89.5 20.3 69.2

State

Alabama.................................. 117

3

7,743 3,001 4,742 19,877 28,710 3,001 25,709 9,378 16,331 61.2 23.9 100.0 10.5 89.5 32.6 56.9

153 8,245 3,320 4,925 27,041 37,277 3,320 33,957 10,853 23,104 59.7 18.2 100.0 8.9 91.1 29.1 62.0

California................................ 108 51,231 27,744 23,487 401,197 455,085 27,744

2,487

427,341 59,180 368,161 45.8 5.9 100.0 6.1 93.9 13.0 80.9

57 3,215 2,487 728 14,204 18,039 15,552 3,242 12,310 22.6 5.1 100.0 13.8 86.2 18.0 68.2

47 - a r\ 4 + aa nnA -«/%-• Arrr rn rr 1 A IT -1 aa a o o Oi n 1 * t\ no o

Connecticut............................ 22,209 10,948 11,261 lu5,583 lt>i,67i

50,921

xu,i*4o

3,736

4,659

i ZO x^,64o 1U1,U< o

41,052

UU, i IV. 1 xuu.v

24 9,531 3,736 5,795 40,507 47,185 6,133 60.8 14.3 100.0 7.3 92.7 12.1 80.6

District of Columbia............. 11 13,368 4,659 8,709 39,765 53,878 49,219 15,326

8,188

33,893 65.1 21.9 100.0 8.6 91.4 28.5 62.9

90 7,572 2,131 5,441 25,920 34,293 2,131 32,162 23,974 71.9 21.0 100.0 6.2 93.8 23.9 69.9

Georgia.................................... 175 13,981 4,449 9,532 39,759 57,079 4,449 52,630 23,227 29,403 68.2 24.0 100.0 7.8 92.2 40.7 51.5

204 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Idaho....................................... 28 1,255 477 778 5,307 6,653 477 6,176 1,000 5,176 62.0 14.7 100.0 7.2 92.8 15.0 77.8 Illinois..................................... 503 57,939 25,223 32,716 181,123 246,805 25,223 221,582 56,006 165,576 56.5 18.1 100.0 10.2 89.8 22.7 67.1

Indiana.................................... 354 39,589 28,047 11,542 178,274 231,755 28,047 203,708 42,329 161,379 29.2 6.5 100.0 12.1 87.9 18.3 69.6

Iowa......................................... 376 21,798 6,673 15,125 119,446 145,577 6,673 138,904 25,954 112,950 69.4 12.7 100.0 4.6 95.4 17.8 77.6

Kansas..................................... 214 10,954 4,284 6,670 52,029 63,453 4,284 59,169 10,457 48,712 60.9 12.8 100.0 6.8 93.2 16.5 76.7

Kentucky................................ 282 27,102 11,542 15,560 95,899 130,039 11,542 118,497 35,754 82,743 57.4 16.2 100.0 8.9 91.1 27.5 63.6

Louisiana................................. 113 14,200 7,355 6,845 48,802 68,269 7,355 60,914 23,142 37,772 48.2 14.0 100.0 10.8 89.2 33.9 55.3

Maine...................................... 19 6,118 6,581 H68 35,635 43,989 6,581 37,408 11,927 25,481 47.6 41.3 100.0 15.0 85.0 27.1 57.9 Maryland................................ 105 20,547 9,038 11,509 79,915 103,946 9,038 94,908 25,137 69,771 56.0 14.4 100.0 8.7 91.3 24.2 67.1

Massachusetts........................ 40 18,630 10,916 7,714 88,695 111,856 10,916 100,940 13,508 87,432 41.4 8.7 100.0 9.8 90.2 12.1 78.1

Michigan................................. 222 23,956 22,071 1,885 127,491 153,744 22,071 131,673 36,909 94,764 7.9 1.5 100.0 14.4 85.6 24.0 61.6

Minnesota............................... 421 16,321 5,528 10,793 102,516 119,693 5,528 114,165 18,767 95,398 66.1 10.5 100.0 4.6 95.4 15.7 79.7

Mississippi.............................. 177 12,548 6,126 6,422 68,181 85,630 6,126 79,504 22,919 56,585 51.2 9.4 100.0 7.2 92.8 26.8 66.0 Missouri.................................. 496 28,696 13,876 14,820 127,770 158,307 13,876 144,431 27,849 116,582 51.6 11.6 100.0 8.8 91.2 17.6 73.6

Montana.................................. 52 3,291 1,597 1,694 12,046 15,452 1,597 13,855 2,887 10,968 51.5 14.1 100.0 10.3 89.7 18.7 71.0

Nebraska................................. 223 8,839 4,137 4,702 35,549 44,527 4,137 40,390 6,506 33,884 53.2 13.2 100.0 9.3 90.7 14.6 76.1 Nevada3 ................................. 3

New Hampshire3 ................... 4

New Jersey............................. 99 96,797 78,432 18,365 304,456 420,027 78,432 341,595 71,005 270,590 19.0 6.0 100.0 18.7 81.3 16.9 64.4

New Mexico............................ 13 591 557 34 3,702 4,325 557 3,768 1,031 2,737 5.8 .9 100.0 12.9 87.1 23.8 63.3

New York................................ 195 142,293 88,822 53,471 541,505 700,418 88,822 611,596 101,136 510,460 37.6 9.9 100.0 12.7 87.3 14.4 72.9 North Carolina....................... 174 17,040 6,042 10,998 78,995 101,006 6,042 94,964 23,527 71,437 64.5 13.9 100.0 6.0 94.0 23.3 70.7 North Dakota......................... 126 3,520 2,550 970 12,609 16,959 2,550 14,409 3,953 10,456 27.6 7.7 100.0 15.0 85.0 23.3 61.7 Ohio......................................... 337 42,097 24,677 17,420 210,457 263,888 24,677 239,211 86,322 152,889 41.4 8.3 100.0 9.4 90.6 32.7 57.9 Oklahoma................................ 165 5,062 1,885 3,177 29,346 34,673 1,885 32,788 4,162 28,626 62.8 10.8 100.0 5.4 94.6 12.0 82.6

Oregon..................................... 42 2,959 1,602 1,357 17,665 20,833 1,602 19,231 4,653 14,578 45.9 7.7 100.0 7.7 92.3 22.3 70.0 Pennsylvania..........................

Rhode Island*........................

267

2

171,883 76,148 95,735 432,765 639,929 76,148 563,781 124,513 439,268 55.7 22.1 100.0 11.9 88.1 19.5 68.6

South Carolina....................... 62 4,880 2,409 2,471 29,322 35,450 2,409 33,041 4,728 28,313 50.6 8.4 100.0 6.8 93.2 13.3 79.9 South Dakota....................... . 125 4,485 2,418 2,067 17,062 22,683 2,418 20,265 4,658 15,607 46.1 12.1 100.0 10.7 89.3 20.5 68.8

Tennessee................................ 237 12,926 4,345 8,581 51,912 70,469 4,345 66,124 25,637 40,487 66.4 16.5 100.0 6.2 93.8 36.4 57.4

Texas....................................... 303 18,260 5,743 12,517 75,253 94,640 5,743 88,897 24,345 64,552 68.5 16.6 100.0 6.1 93.9 25.7 68.2 Utah........................................ 26 4,374 2,681 1,693 18,120 23,152 2,681 20,471 5,236 15,235 38.7 9.3 100.0 11.6 88.4 22.6 65.8

Vermont................................ 30 6,817 13,915 47,098 52,332 65,988 13,915 52,073 10,036 42,037 nou.i 413.6 100.0 21.1 78.9 15.2 63.7

Virginia.................................... 162 21,622 8,367 13,255 75,009 104,020 8,367 95,653 32,646 63,007 61.3 17.7 100.0 8.0 92.0 31.4 60.6

Washington............................. 94 4,968 1,673 3,295 19,334 25,198 1,673 23,525 3,351 20,174 66.3 17.0 100.0 6.6 93.4 13.3 80.1

West Virginia.......................... 71 11,330 6,729 4,601 39,952 56,077 6,729 49,348 18,359 30,989 40.6 11.5 100.0 12.0 88.0 32.7 55.3

Wisconsin................................ 481 35,219 24,132 11,087 183,180 230,736 24,132 206,604 56,496 150,108 31.5 6.1 100.0 10.5 89.5 24.5 65.0

Wyoming................................. 28 2,028 1,192 836 9,527 11,725 1,192 10,533 2,535 7,998 41.2 8.8 100.0 10.2 89.8 21.6 68.2

Total........................... 7,456 1,061,856 582,777 479,079 4,295,443 5,563,599 582,777 4,980,822 1,129,101 3,851,721 45.1 11.2 100.0 10.5 89.5 20.3 69.2

1 Includes only banks which have been examined more than once by examiners of the Federal Deposit Insurance Corporation. Banks in the District of Columbia were 

examined by the Comptroller of the Currency. See also page 174.

2 For list of States included in each geographic region, see page 173.

3 Figures included in totals for respective geographic regions and for the United States.

4 Deficit, i. e., value of assets less than total of liabilities to depositors and other creditors. Banks with deficits were admitted to insurance on basis of commitments to 

eliminate such deficits. See also Table 116.

INSURED COMMERCIAL BANKS— CONDITION 205

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Federal Reserve Bank of St. Louis
b a n k s g r o u p e d b y a m o u n t o f d e p o s it s , b y g e o g r a p h ic r e g io n s , a n d b y s t a t e s

T a b le 116. C a p i t a l , D e p o s it s a n d A s s e t s o f In s u r e d C o m m e r c ia l B a n k s n o t M e m b e rs o f t h e F e d e r a l R e s e r v e S y s te m a s

S h o w n b y L a t e s t E x a m in a t io n in 1 9 3 4 -1 9 3 5 1

Capital account 

(in thousands of dollars) Total 

deposits 

(in thousands of 

dollars)

Total assets (in thousands of dollars) Net sound 

capital as perPercentage distribution of assets

Size, geographic region, 

and State

No.

Worthless and 

doubtful 

assets

Net sound value cent of— Worth­ Net sound value

of

banks Total

Net

sound

capital

Book

value

Worthless and 

doubtful

Total Slow Other

Total

capital

account

Deposits

Book

value

less

and

doubtful

Total Slow Other

Banks having deposits of— 100.0 93.8 23.7 70.1 $100,000 and under................ 1,400 41,645 8,470 33,175 91,941 137,206 8,470 128,736 32,530 96,206 79.7 36.1 6.2

$100,000 to $250,000.............. 2,554 119,270 24,192 95,078 426,793 548,715 24,192 524,523 107,248 417,275 79.7 22.3 100.0 4.4 95.6 19.5 76.1

$250,000 to $500,000.............. 1,616 138,460 35,532 102,928 566,415 709,211 35,532 673,679 136,374 537,305 74.3 18.2 100.0 5.0 95.0 19.2 75.8

$500,000 to $750,000............. 610 84,845 23,859 60,986 372,162 459,355 23,859 435,496 89,638 345,858 71.9 16.4 100.0 5.2 94.8 19.5 75.3

$750,000 to $1,000,000.......... 367 73.642 25,374 48,268 316,177 403,757 25,374 378,383 75,869 302,514 65.5 15.3 100.0 6.3 93.7 18.8 74.9

$1,000,000 to $2,000,000 528 176,106 59,099 117,007 729,396 912,709 59,099 853,610 182,655 670,955 66.4 16.0 100.0 6.5 93.5 20.0 73.5

$2,000,000 to $5,000,000 230 168,308 65,187 103,121 662,090 841,094 65,187 775,907 165,030 610,877 61.3 15.6 100.0 7.8 92.2 19.6 72.6

$5,000,000 to $50,000,000.... 114 315,134 119,437 195,697 1,203,794 1,556,086 119,437 1,436,649 280,472 1,156,177 62.1 16.3 100.0 7.7 92.3 18.0 74.3

Over $50,000,000.................... 7 66,828 33,953 32,875 402,917 466,451 33,953 432,498 63,687 368,811 49.2 8.2 100.0 7.3 92.7 13.7 79.0

7,426 1,184,238 395,103 789,135 4,771,685 6,034,584 395,103 5,639,481 1,133,503 4,505,978 66.6 16.5 100.0 6.5 93.5 18.8 74.7

Geographic region2

New England States.............. 142 74,522 32,114 42,408 302,050 376,138 32,114 344,024 76,050 267,974 56.9 14.0 100.0 8.5 91.5 20.2 71.3

Middle Atlantic States......... 562 427,849 192,879 234,970 1,332,643 1,785,661 192,879 1,592,782 347,280 1,245,502 54.9 17.6 100.0 10.8 89.2 19.4 69.8

East North Central............... 1,886 238,303 73,823 164,480 1,015,208 1,288,361 73,823 1,214,538 267,747 946,791 69.0 16.2 100.0 5.7 94.3 20.8 73.5

West North Central.............. 1,975 106,179 24,141 82,038 574,013 677,933 24,141 653,792 88,330 565,462 77.3 14.3 100.0 3.6 96.4 13.0 83.4

South Atlantic........................ 872 132,294 30,572 101,722 529,021 675,391 30,572 644,819 138.443 506,376 76.9 19.2 100.0 4.5 95.5 20.5 75.0

810 66,048 12,541 53,507 278,805 351,940 12,541 339,399 79,406 259,993 81.0 19.2 100.0 3.6 96.4 22.5 73.9

West South Central............... 733 55,918 10,971 44,947 200,866 261,591 10,97-1 250,620 55,677 194,943 80.4 22.4 100.0 4.2 95.8 21.3 74.5

Mountain................................ 203 16,404 3,868 12,536 83,948 99,753 3,868 95,885 13,663 82,222 76.4 14.9 100.0 3.9 96.1 13.7 82.4

243 66,721 14,194 52,527 455,131 517,816 14,194 503,622 66,907 436,715 78.7 11.5 100.0 2.7 97.3 12.9 84.4

T ota l........................... 7,426 1,184,238 395,103 789,135 4,771,685 6,034,584 395,103 5,639,481 1,133,503 4,505,978 66.6 16.5 100.0 6.5 93.5 18.8 74.7

State

Alabama.................................. 117

3

8,536 1,455 7,081 26,454 35,650 1,455 34,195 6,960 27,235 83.0 26.8 100.0 4.1 95.9 19.5 76.4

Arkansas................................. 153 8,826 1,391 7,435 30,220 39,048 1,391 37,657 9,804 27,853 84.2 24.6 100.0 3.6 96.4 25.1 71.3

California................................ 108 57,767 12,781 44,986 410,924 465,026 12,781 452,245 58,369 393,876 77.9 10.9 100.0 2.7 97.3 12.6 84.7

57 3,233 1,063 2,170 17,790 20,939 1,063 19,876 2,529 17,347 67.1 12.2 100.0 5.1 94.9 12.1 82.8

Connecticut............................. 47 23,980 7,102 16,878 109,490 133,366 7,102 126,264 24,385 101,879

38,887

70.4 15.4 100.0 5.3 94.7 18.3 76.4

Delaware................................. 24 10,145 3,380 6,765 39,813 50,571 3,380 47,191 8,304 66.7 17.0 100.0 6.7 93.3 16.4 76.9

District of Columbia............. 11 12,593 1,775 10,818 47,434 60,897 1,775 59,122 11,272 47,850 85.9 22.8 100.0 2.9 97.1 18 5 78.6

Florida..................................... 88 7,947 1,029 6,918 35,967 43,905 1,029 42,876 6,114 36,762 87.1 19.2 100.0 2.3 97.7 13.9 83 8

175 14,961 2,115 12,846 46,346 64,627 2,115 62,512 16,791 45,721 85.9 27.7 100.0 3.3 96.7 26.0 70.7

206 FEDERAL DEPOSIT INSURANCE CORPORATION

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Idaho....................................... 24 1,301 233 1,068 7,538 8,789 233 8,556 624 7,932 82.1 14.2 100.0 2.7 97.3 7.1 90.2 Illinois..................................... 503 53,186 9,212 43,974 228,097 279,132. 9,212 269,920 46,682 223,238 82.7 19.3 100.0 3.3 96.7 16.7 80.0 354 44,911 14,691 30,220 204,030 292,939 14,691 278,248 42,160 236,088 67.3 14.8 100.0 5.0 95.0 14.4 80.6 376 24,781 4,422 20,359 156,992 181,019 4,422 176,597 24,574 152,023 82.2 13.0 100.0 2.4 97.6 13.6 84.0

Kansas..................................... 213 12,151 2,809 9,342 63,623 75,620 2,809 72,811 6,985 65,826 76.9 14.7 100.0 3.7 96.3 9.2 87.1

Kentucky................................ 281 26,854 5,261 21,593 111,583 140,667 5,261 135,406 29,310 106,096 80.4 19.4 100.0 3.7 96.3 20.9 75.4

Louisiana................................. 112 17,143 3,702 13,441 55,674 73,945 3,702 70,243 17,760 52,483 78.4 24.1 100.0 5.0 95.0 24.0 71.0 19 9,407 4,896 4,511 40,082 48,079 4,896 43,183 10,416 32,767 48.0 11.3 100.0 10.2 89.8 21.7 68.1 Maryland................................ 105 23,443 7,262 16,181 85,470 110,651 7,262 103,389 26,601 76,788 69.0 18.9 100.0 6.6 93.4 24.0 69.4

40 20,998 8,661 12,337 90,167 111,722 8,661 103,061 20,277 82,784 58.8 13.7 100.0 7.8 92.2 18.1 74.1

Michigan................................. 221 31,323 14,784 16,539 149,736 179,711 14,784 164,927 32,637 132,290 52.8 11.0 100.0 8.2 91.8 18.2 73.6

Minnesota............................... 421 20,692 4,007 16,685 121,330 139,254 4,007 135,247 17,387 117,860 80.6 13.8 100.0 2.9 97.1 12.5 84.6

Mississippi.............................. 175 16,651 2,617 14,034 78,746 97,204 2,617 94,587 20,430 74,157 84.3 17.8 100.0 2.7 97.3 21.0 76.3

494 29,081 6,131 22,950 152,007 182,082 6,131 175,951 24,990 150,961 78.9 15.1 100.0 3.4 96.6 13.7 82.9

Montana.................................. 51 3,358 686 2,672 13,669 16,811 686 16,125 2,166 13,959 79.6 19.5 100.0 4.1 95.9 12.9 83.0

Nebraska................................. 221

3

8.905 1,461 7,444 45,684 55,277 1,461 53,816 5,109 48,707 83.6 16.3 100.0 2.6 97.4 9.3 88.1

New Hampshire3.................... 4

New Jersey............................. 99 92,032 63,983 28,049 325,291 423,399 63,983 359,416 95,340 264,076 30.5 8.6 100.0 15.1 84.9 22.5 62.4

New Mexico............................ 13 572 129 443 4,551 5,120 129 4,991 1,009 3,982 77.4 9.7 100.0 2.5 97.5 19.7 77.8

New York............................... 194 158,343 63,874 94,469 541,391 710,457 63,874 646,583 87,324 559,259 59.7 17.4 100.0 9.0 91.0 12.3 78.7

North Carolina....................... 174 20,872 2,751 18,121 102,266 125,321 2,751 122,570 18,125 104,445 86.8 17.7 100.0 2.2 97.8 14.5 83.3

125 4,969 3,044 1,925 14,206 18,962 3,044 15,918 4,856 11,062 38.7 13.6 100.0 16.1 83.9 25.6 58.3

337 57,809 15,795 42,014 228,094 285,337 15,795 269,542 86,169 183,373 72.7 18.4 100.0 5.5 94.5 30.2 64.3

Oklahoma................................ 165 5,023 747 4,276 32,391 37,353 747 36,606 3,702 32,904 85.1 13.2 100.0 2.0 98.0 9.9 88.1

42 3,682 622 3,060 20,350 23,783 622 23,161 5,049 18,112 83.1 15.0 100.0 2.6 97.4 21.2 76.2

Pennsylvania.......................... 269 177,474 65,022 112,452 465,961 651,805 65,022 586,783 164,616 422,167 63.4 24.1 100.0 10.0 90.0 25.3 64.7

Rhode Island3......................... 2

South Carolina....................... 62 5,254 758 4,496 43,197 48,589 758 47,831 3,427 44,404 85.6 10.4 100.0 1.6 98.4 7.0 91.4

South Dakota......................... 125 5,600 2,267 3,333 20,171 25,719 2,267 23,452 4,429 19,023 59.5 16.5 100.0 8.8 91.2 17.2 74.0

237 14,007 3,208 10,799 62,022 78,419 3,208 75,211 22,706 52,505 77.1 17.4 100.0 4.1 95.9 29.0 66.9

Texas....................................... 303 24,926 5,131 19,795 82,581 111,245 5,131 106,114 24,411 81,703 79.4 24.0 100.0 4.6 95.4 21.9 73.5

Utah......................................... 26 4,546 895 3,651 20,538 25,059 895 24,164 3,649 20,515 80.3 17.8 100.0 3.6 96.4 14.6 81.8

Vermont................................... 30 16,970 9,753 7,217 49,148 66,661 9,753 56,908 19,005 37,903 42.5 14.7 100.0 14.6 85.4 28.5 56.9

162 23,956 6,219 17,737 83,826 112,396 6,219 106,177 31,506 74,671 74.0 21.2 100.0 5.5 94.5 28.1 66.4

Washington............................. 93 5,272 791 4,481 23,857 29,007 791 28,216 3,489 24,727 85.0 18.8 100.0 2.7 97.3 12.0 85.3

West Virginia......................... 71 13,123 5,283 7,840 44,702 58,434 5,283 53,151 16,303 36,848 59.7 17.5 100.0 9.0 91.0 27.9 63.1

Wisconsin................................ 471 51,074 19,341 31,733 205,251 251,242 19,341 231,901 60,099 171,802 62.1 15.5 100.0 7.7 92.3 23.9 68.4

Wyoming................................. 26 2,040 585 1,455 9,871 11,794 585 11,209 1,964 9,245 71.3 14.7 100.0 5.0 95.0 16.6 78.4

Total........................... 7,426 1,184,238 395,103 789,135 4,771,685 6,034,584 395,103 5,639,481 1,133,503 4505,978 66.6 16.5 100.0 6.5 93.5 18.8 74.7

1 Includes only banks which have been examined more than once by examiners of the Federal Deposit Insurance Corporation. Banks in the District of Columbia were

examined by the Comptroller of Currency. See also page 174.

3 For list of States included in each geographic region, see page 173.

8 Figures included in totals for respective geographic regions and for the United States.

INSURED COMMERCIAL BANKS— CONDITION 207

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS. BY GEOGRAPHIC REGIONS, AND BY STATES

(Amounts in thousands of dollars)

T a b le 117. E x a m i n e r s ' A n a l y s i s o f A s s e t s o f C o m m e r c ia l B a n k s n o t M e m b e rs o f t h e F e d e r a l R e s e r v e S y s te m In s u r e d o n

D e c e m b e r 31, 1 9 3 4 , L a t e s t E x a m i n a t i o n in 1 9 3 4 -1 9 3 5

Size, geographic region, and State

Number of 

banks1

Banks having deposits of— ;

$100,000 and under......................

$100,000 to $250,000.....................

$250,000 to $500,000.....................

$500,000 to $750,000.....................

$750,000 to $1,000,000.................

$1,000,000 to $2,000,000...............

$2,000,000 to $5,000,000...............

$5,000,000 to $50,000,000.............

Over $50,000,000...........................

Not classified3................................

Total...................................

Geographic region4

New England.................................

Middle Atlantic..............................

East North Central.......................

West North Central......................

South Atlantic................................

East South Central.......................

West South Central.......................

Mountain........................................

Pacific.............................................

Total...................................

State

Alabama..........................................

Arizona5..........................................

Arkansas....................................... .

California........................................

Colorado........................................

1,241

2,592

1,771

659

392

595

261

116

4

51

7,682

148

591

1,970

2,055

899

817

751

207

244

7,682

±AV

3

155

108

Total assets

Book

value

114,276

521,506

717,350

461,757

391,077

967,487

912,515

1,622,862

397,312

20,807

6,126,949

420,154

1,850,355

1,299,498

696,751

626,324

354,366

261,625

100,326

517,550

6,126,949

39,698

465,767

21,003

412,045

Estimated doubtful 

and worthless

Total Doubt- Worthful less

7,083

24,444

37,618

24,721

25,471

63,341

69,039

128,099

32,229

35,670

199,639

74,788

24,£ 

30,273 

15,091

11,198

4,431

16,088

412,045

1,661

14,477

1,044

1,647

4,507

5,875

3,315

2,792

6,150

6,011

8,932

1,619

40,848 371,197

2,933

11,580

9,812

7,779

3,273

1,260

1,652

887

1,672

40,848

311

1,483

291

5,436

19,937

31,743

21,406

22,679

57,191

63,028

119,167

30,610

32,737

188,059

64,976

17,088

27,000

13,831

9,546

3,544

14,416

371,197

1,350

12,994

763;

Net sound value

Total

107,193

497,062

679,732

437,036

365,606

904,146

843,476

1,494,763

365,083

20,807

5,714,904

384,484

1,650,716

1,224,710

671,884

596,051

339,275

250,427

95,895

501,462

5,714,904

0 “±, UJLO

38,037

451,290

19,959

Slow

24,266

98,393

131,776

72,101

180,502

161,911

284,851

56,288

1,098,974

82,927

398,669

547,956

348,150

293,505

723,644

681,565

1,209,912

308,795

20,807

4,615,930

77,358

336,091

261,454

90,844

119,038

81,232

51,269

13,857

67,831

1,098,974

9,552

59,588

2,486

Other

307,126

1,314,625

963,256

581,040

477,013

258,043

199,158

82,038

433,631

4,615,930

28,485

391,702

17,473

Loans, discounts and overdrafts

Book

value

55,436

230,735

312,854

194,090

168,953

412,114

398,758

667,479

180,693

7,458

2,628,570

217,069

821,259

525,723

270,278

270,492

168,220

99,576

36,075

219,878

2,628,570

15,687

201,609

8,081

210,888

Estimated doubtful 

and worthless

_ , . Doubt- Worth- Total ful less

4,672

14,035

20,345

12,103

11,177

31,301

35,329

66,191

15,735

18,245

98,690

38,713

15,937

15,885

7,763

6,499 

2,752 

6,404 

210,8

887

5,462

818

1,401

3,894

5,023

2,917

2,462

5,472

5,266

7,498

1,382

2,799

10,132

8,403

6,430

3,100

1,441

635

1,506

35,315

280

1,328

280

3,271

10,141

15,322

9,186

8,715

25,829

30,063

58,693

14,353

175,573

50,764

216,700

292,509

181,987

157,776

380,813

363,429

601,288

164,958

7,458

2,417,682

15,446

88,558

30,310

9,507

12,785

6,894

5,058

2,117

4,898

175,573

607

4,134

533

Net sound value

Total

198,824

722,569

487,010

254,341

254,607

160,457

93,077

33,323

213,474

2,417,682

14,800

196,147

7,268

19,296

80,917

107,528

72,802

57,349

139,856

124,601

208,432

46,583

857,364

64,353

237,993

210,562

75,444

95,688

63,054

40,703

10,954

58,613

857,364

8,260

51,092

24297

Other

31,468

135,783

184,981

109,185

100,427

240,957

238,828

392,856

118,375

7,458

1,560,318

134,471

484,576

276,448

178,897

158,919

97,403

52,374

22,369

154,861

1,560,318

6,540

145,055

4,971

208 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Connecticut..........................................

Delaware...............................................

District of Columbia6..........................

49

24

168,488

50,662

8,458

3,635

935

285

7,523

3,350

160,030

47,027

25,710

6,758

134,320

40,269

86,894

20,669

6,169

1,246

900

258

5,269

988

80,725

19,423

21,811

6,089

58,914

13,334

Florida.................................................. 92 44,452 1,170 88 1,082 43,282 6,100 37,182 10,014 378 84 294 9,636 3,064 6,572

Georgia.................................................. 177 64,535 2,293 148 2,145 62,242 16,942 45,300 32,698 1,474 148 1,326 31,224 11,702 19,522

Idaho..................................................... 25 8,869 238 59 179 8,631 664 7,967 2,216 125 33 92 2,091 584 1,507

Illinois................................................... 507 284,418 8,862 1,822 7,040 275,556 45,391 230,165 102,254 5,935 1,604 4,331 96,319 38,255 58,064

Indiana................................................. 362 253,295 15,413 458 14,955 237,882 44,523 193,359 102,960 7,902 442 7,460 95,058 37,149 57,909

Iowa...................................................... 427 195,230 4,727 1,044 3,683 190,503 25,295 165,208 75,009 2,759 975 1,784 72,250 23,374 48,876

Kansas.................................................. 225 79,258 3,109 1,111 1,998 76,149 8,028 68,121 30,290 2,138 944 1,194 28,152 6,611 21,541

Kentucky.............................................. 284 137,082 5,481 200 5,281 131,601 27,566 104,035 70,211 2,575 194 2,381 67,636 23,460 44,176

113 73,995 3,673 113 3,560 70,322 17,632 52,690 31,004 1,475 107 1,368 29,529 12,635 16,894

Maine.................................................... 20 50,486 5,904 458 5,446 44,582 10,800 33,782 25,412 3,193 446 2,747 22,219 9,354 12,865

114 118,680 7,574 628 6,946 111,106 25,899 85,207 53,300 3,306 565 2,741 49,994 22,413 27,581

40 111,468 8,041 880 7,161 103,427 19,611 83,816 57,986 3,412 822 2,590 54,574 15,286 39,288

262 199,996 14,870 2,468 12,402 185,126 29,422 155,704 64,750 5,145 1,836 3,309 59,605 19,315 40,290

Minnesota............................................. 423 140,136 3,866 1,928 1,938 136,270 16,776 119,494 51,115 2,111 1,395 716 49,004 12,382 36,622

174 94,994 2,868 124 2,744 92,126 19,907 72,219 36,159 1,603 112 1,491 34,556 14,683 19,873

Missouri................................................ 498 180,610 6,115 1,762 4,353 174,495 25,887 148,608 74,796 3,975 1,633 2,342 70,821 21,526 49,295

Montana............................................... 52 17,314 732 190 542 16,582 2,191 14,391 5,670 362 93 269 5,308 1,778 3,530

232 56,843 1,659 428 1,231 55,184 5,313 49,871 20,066 1,227 408 819 18,839 4,775 14,064

Nevada5................................................ 3

New Hampshire5.................................. 4

New Jersey........................................... 102 436,937 68,459 4,581 63,878 368,478 96,101 272,377 198,293 38,543 4,497 34,046 159,750 70,870 88,880

New Mexico......................................... 14 4,989 146 61 85 4,843 966 3,877 1,778 113 38 75 1,665 797 868

New Y ork............................................. 193 710,394 66,934 3,010 63,924 643,460 85,458 558,002 330,790 36,065 2,756 33,309 294,725 68,906 225,819

183 126,195 2,910 392 2,518 123,285 16,178 107,107 42,276 1,818 379 1,439 40,458 13,987 26,471

North Dakota...................................... 125 19,020 3,069 1,104 1,965 15,951 4,860 11,091 8,789 2,067 753 1,314 6,722 3,508 3.214

Ohio....................................................... 356 301,906 15,891 1,376 14,515 286,015 82,600 203,415 144,301 10,460 1,078 9,382 133,841 67,270 66,571

Oklahoma............................................. 176 40,867 908 359 549 39,959 3,350 36,609 11,480 512 247 265 10,968 2,581 8,387

Oregon................................................... 43 23,750 636 63 573 23,114 4,868 18,246 8,977 563 63 500 8,414 4,291 4,123

Pennsylvania........................................ 296 703,024 64,246 3,989 60,257 638,778 154,532 484,246 292,176 24,082 2,879 21,203 268,094 98,217 169,877

Rhode Island5....................................... 2

South Carolina..................................... 74 49,143 793 7 786 48,350 3,274 45,076 15,057 149 6 143 14,908 2,110 12,798

125 25,654 2,322 402 1,920 23,332 4,685 18,647 10,213 1,660 322 1,338 8,553 3,268 5,285

Tennessee............................................. 239 86,306 5,276 802 4,474 81,030 26,369 54,661 44,514 2,693 449 2,244 41,821 19,559 22,262

Texas..................................................... 307 107,065 4,956 869 4,087 102,109 20,735 81,374 41,405 3,625 807 2,818 37,780 17,227 20,553

Utah...................................................... 26 25,148 1,309 89 1,220 23,839 3,909 19,930 9,226 688 58 630 8,538 2,517 6,021

Vermont................................................ 33 73,391 11,497 615 10,882 61,894 19,678 42,216 39,724 4,997 586 4,411 34,727 16,659 18,068

Virginia................................................. 163 114,031 6,358 849 5,509 107,673 28,164 79,509 66,732 4,057 808 3,249 62,675 24,471 38,204

Washington.......................................... 93 28,033 975 126 849 27,058 3,375 23,683 9,292 379 115 264 8,913 3,230 5,683

West Virginia....................................... 72 58,626 5,540 876 4,664 53,086 15,723 37,363 29,746 3,457 852 2,605 26,289 11,852 14,437

Wisconsin............................................. 483 259,883 19,752 3,688 16,064 240,131 59,518 180,613 111,458 9,271 3,443 5,828 102,187 48,573 53,614

Wyoming.............................................. 26 11,762 684 114 570 11,078 1,924 9,154 5,587 543 114 429 5,044 1,748 3,296

Total......................................... 7,682 6,126,949 412,045 40,848 371,197 5,714,904 1,098,974 4,615,930 2,628,570 210,888 35,315 175,573 2,417,682 857,364 1,560,318

INSURED COMMERCIAL BANKS— CONDITION 209

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 117. E x a m i n e r s ’ A n a l y s i s o f A s s e t s o f C o m m e r c ia l B a n k s n o t M e m b e rs o f t h e F e d e r a l R e s e r v e S y s te m In s u r e d on

D e c e m b e r 3 1 , 1 9 3 4 , L a t e s t E x a m in a t io n in 1 9 3 4 -1 9 3 5 — C ontin ued

Securities Other assets

Size, geographic region, and State

NumBook

value

Estimated doubtful 

and worthless Net sound value

Book

value

Estimated doubtful 

and worthless Net sound value

banks1

Total Doubtful

Worthless Total Slow Other Total Doubtful

Worthless Total Slow Other

Banks having deposits of— 2

1,241 17,804 1,084 55 1,029 16,720 675 16,045 41,036 1,327 191 1,136 39,709 4,295 35,414

$100,000 to $250,000........................... 2,592

1,771

659

113,593 6,165 194 5,971 107,428 2,264 105,164 177,178 4,244 419 3,825 172,934 15,212 157,722

$250,000 to $500,000........................... 185,513

134,311

11,532 246 11,286 173,981 3,587 170,394 218,983 5,741 606 5,135 213,242 20,661 192,581

$500,000 to $750,000........................... 9,075 107 8,968 125,236 2,237 122,999 133,356 3,543 291 3,252 129,813 13,847 115,966

$750,000 to $1,000,000........................ 392 118,269 10,992 60 10,932 107,277 2,792 104,485 103,855 3,302 270 3,032 100,553 11,960 88,593

$1,000,000 to $2,000,000..................... 595 300,896 24,719 254 24,465 276 177 8,217 267,960 254,477 7,321 424 6,897 247,156 32,429 214,727

$2,000,000 to $5,000,000..................... 261 298,468 25,922 65 25,857 272,546 3,756 268,790 215,289 7,788 680 7,108 207,501 33,554 173,947

$5,000,000 to $50,000,000................... 116 553,474 41,492 372 41,120 511,982 7,973 504,009 401,909 20,416 1,062 19,354 381,493 68,446 313,047

Over $50 000 000 4 164,906

3,781

1,891,015

11,701 11,701 153,205 153,205 51,713 4,793 237 4,556 46,920 9,705 37,215

Not classified3 51 3,781 3,781 9,568 9,568 9,568

T ota l......................................... 7,682 142,682 1,353 141,329 1,748,333 31,501 1,716,832 1,607,364 58,475 4,180 54,295 1,548,889 210,109 1,338,780

Geographic region4

New England ..................................... 148 111,800 14,470 14,470 97,330 1,757 95,573 91,285 2,955 134 2,821 88,330 11,248 77,082

Middle Atlantic................................... 591 621,418 75,538 537 75,001 545,8h0 7,426 538,454 407,678 25,411 911 24,500 382,267 90,672 291,595

East North Central............................. 1,970 389,422 22,587 143 22,444 366,835 7,027 359,808 384,353 13,488 1,266 12,222 370,865 43,865 327,000

West North Central............................ 2,055 189,127 4,835 428 4,407 184,292 1.285 183,007 237,346 4,095 921 3,174 233,251 14,115 219,136

South Atlantic ................................... 899 180,648 9,605 7 9,598 171,043 4,608 166,435 175,184 4,783 166 4,617 170,401 18,742 151,659

East South Central ......................... 817 85,753

64,602

4,541

2,496

12 4,529 81,212 5,460 75,752 100,393 2,787 379 2,408 97,606 12,718 84,888

West South Central............................ 751 76 2,420 62,106 3,268 58,838 97,447 2,203 135 2,068 95,244 7,298 87,946

Mountain ......................................... 207 31,731 981 149 832 30,750 527 30,223 32,520 698 103 595 31,822 2,376 29,446

Pacific................................................... 244 216,514 7,629 1 7,628 208,885 143 208,742 81,158 2,055 165 1,890 79,103 9,075 70,028

T otal......................................... 7,682 1,891,015 142,682 1,353 141,329 1,748,333 31,501 1,716,832 1,607,364 58,475 4,180 54,295 1,548,889 210,109 1,338,780

State

Alabama............................................... 120 6,820 421 7 414 6,399 508 5,891 11,828 153 13 140 11,675 1,530 10,145

A ri7Ano 5 3

Arkansas ....................................... 155 8,941

199,916

446 446 8,495 285 8,210 15,070 328 31 297 14,742 i,007 13,735

California ....................................... 108 7,155 7,155 192,761 19 192,742 64,242 1,860 155 1,705 62,382 8,477 53,905

Colorado............................................... 58 4,783 139 4 135 4,644 46 4,598 8,139 92 7 85 8,047 143 7,904

Connecticut..........................................

1*805

oc 0 2 2

19^183

O C\H °5 A15 44 721 638 35 603 44,083 3,692 40,391

Delaware ................................. 24 20,' 988 1305 19J83 " £ 0 0 5 584 27 5-57 *8^421 ~669 Y,752

Florida ......................................... 92 17,512 378 378 17,134 1,093 16,041 16,926 414 4 410 16,512 1,943 14,569

177 10,208 541 541 9,667 719 8,948 21,629 278 278 21,351 4,521 16,830

210 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Idaho................

Illinois..............

Indiana............

Iowa.................

Kansas.............

Kentucky........

Louisiana.........

Maine...............

Maryland........

Massachusetts. .

Michigan.........

Minnesota.......

Mississippi........

Missouri...........

Montana..........

Nebraska.........

Nevada5...........

New Hampshire 

New Jersey.... 

New Mexieo. . .

New York........

North Carolina. 

North Dakota. .

Ohio.................

Oklahoma........

Oregon.............

Pennsylvania. . 

Rhode Island5.. 

South Carolina. 

South Dakota..

Tennessee........

Texas...............

Utah.................

Vermont...........

Virginia............

Washington___

West Virginia..

Wisconsin........

Wyoming.........

Total

25 

507 

362 

427 

225

284

113 

20

114 

40

262

423

174

498

52

232

3

4 

102

14

193

183

125

356

176

43

296

2

74

125

239

307

26 

33

163

93

72

483

26

7,682

3,327

81,621

68,908

51.584

20.584

35,050

18,22*

14,216

43,734

32,140

70,813

49,801

29,106

44,588

5,798

11,260

135,373

1,561

236,723

42,788

3,861

84,710

14,064

6,816

249,322

12,416

7,449

14,777

23,374

10,643

21,981

20,472

9,782

12,530

83,370

2,307

1,891,015

60

1,201

4,269

1,118

507

2,194

1,193

2.503

3,552

3,901

5,905

1,119

686

1,125

273

239

21,089

9

24,079

395

355

2,538

204

32

30,370

394

372

1,240

653

426

5,215

1,418

44!

1,122

8,674

64

142,682

83

324

521

1

’ ” 23 

1,353

40

1,197

4,267

1,116

491

2,191

1,193

2,503

3,546

3,901

5,822

795

686

1,102

185

234

21,078

1

24,074

394

326

2,507

151

32

29,849

394

343

1,238

630

397

5,215

1,418

441

1,122

8,651

64

141,329

3,267

80.420 

64,639 

50,466 

20,077

32,856

17,030

11,713

40,182

28,239

64,908

48,682

28.420 

43,463

5,525

11,021

114,284

1,552

212,644

42,393

3,506

82,172

13,860

6,784

218,952

12,022

7,077

13,537

22,721

10,217

16,766

19,054

9,340

11,408

74,696

2,243

1,748,333

5

207

904

312

150

721

2,190

355

779

1,069

2,711

138

1,840

384

48

20

1,180

4

122

257

156

1,750

445

103

6,124

42

125

2,391

348

413

126 

719

21

999

1,455

11

31,501

3,262

80,213

63,735

50,154

19,927

32,135

14,840

11,358

39,403

27,170

62,197

48,544

26,580

43,079

5.477

11,001

113,104

1,548

212,522

42,136

3,350

80,422

13,415

6,681

212,828

11,980

6,952

11,146

22,373

9,804

16,640

18,335

9,319

10,409

73,241

2,232

1,716,832

3,326

100,543

81,427

68,637

28,384

31,821

24,768

10,858

21,646

21,342

64,433

39,220

29,729

61,226

5,846

25,517

103,271

1,650

142,881

41,131

6,370

72,895

15,323

7,957

161,526

21,670

7,992

27,015

42,286

5,279

11,686

26,827

8,959

16,350

65,055

3,868

1,607,364

53

1,726

3,242

850

464

712

1,005

20;

716

728

3,820

636

579

1,015

97

193

8,827

24

6,790

697

647

2,893

192

41

9,794

250

290

1,343

678

195

1,285

883

154

961

1,807

77

58,475

214

14 

67

151

3

6

12

57

58

549

209

12

106

9

15

73

15

249

12

322

267

59

589

1

51

351

39

2

29

41

10

24

222

4,180

47

1,512

3,228

783

313

709

999

196

659

670

3,271

427

567

909

178

8,754

9

6,541

685

325

2,626

133

41

9,205

249

239

992

639

193

1,256

842

144

937

1,585

77

54,295

3,273

98,817

78,185

67,787

27,920

31,109

23,763

10,650

20,930

20,614

60,613

38,584

29,150

60,211

5,749

25,324

94,444

1,626

136,091

40,434

5,725

70,002

15,131

7,916

151,732

21,420

7,702

25,672

41,608

5,084

10,401

25,944

8,805

63^248 

3,791 

1,548,889

75

6,929

6,470

1,609

1,267

3,385

2,807

1,091

2,707

3.256

7,396

4.256 

3,384 

3,977

365

518

24,051

165

16,430

1,934

1,196

13,580

324'

474

50,191

1,122

1,292

4,419

3,160

979

2,893

2,974

124

2,872

9,490

165

210,109

3,198

91,888

71,715

66,178

26,653

27,724

20,956

9,559

18,223

17,358

53,217

34,328

25,766

56,234

5,384

24,806

70,393

1,461

119,661

38,500

4,527

56,422

14,807

7,442

101,541

20,298

6,410

21,253

38,448

4,105

7,508

22,970

8,681

12,517

53,758

3,626

1,338,780

1 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks. 2 Deposits as of December 31, 1934. 8 Includes chiefly banks reorganized 

subsequent to latest examination. 4 For list of States included in each geographic region, see page 173. 5 Figures included in totals for respective geographic regions and for 

the United States. 6 Not available.

INSURED COMMERCIAL BANKS— CONDITION 211

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS, BY GEOGRAPHIC REGIONS, AND BY STATES

(Percent of book value)

T a b le 1 18. E x a m i n e r s ’ A n a l y s i s o f A s s e t s o f C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m I n s u r e d o n

D e c e m b e r 3 1 , 1 9 3 4 , L a t e s t E x a m i n a t i o n i n 1 9 3 4 -1 9 3 5

Total assets Loans, discounts and overdrafts

Size, geographic region, and State

Number of 

banks1 Book

Estimated doubtful 

and worthless Net sound value

Book

Estimated doubtful 

and worthless Net sound value

value

Total Doubtful

Worthless Total Slow Other

value

Total Doubtful

Worthless Total Slow Other

Banks having deposits of— 2

1,241 100.0 6.2 1.4 4.8 93.8 21.2 72.6 100.0 8.4 2.5 

1.7

1.6

5.9 

4.4

4.9

91.6

93.9

93.5

34.8

35.1

34.4

56.8

58.8 

59.1 $100,000 to $250,000.......................... 2,592 100.0 4.7 .9 3.8 95.3 18.9 76.4 100.0 6.1

6.5 $250,000 to $500,000.......................... 1,771 100.0 5.2 .8 4.4 94.8 18.4 76.4 100.0

$500 000 to $750,000 ........................ 659 100.0 5.3 .7 4.6 94.7 19.3 75.4 100.0 6.2

6.6

7.6

1.5

1.4

1.3

4.7

5.2

6.3

93.8

93.4

92.4

37.5

33.9

33.9

56.3

59.5 $750 000 to $1,000,000....................... 392 100.0 6.5 .7 5.8 93.5 18.4 75.1 100.0

$1,000,000 to $2,000,000.................... 595 100.0 6.5 .6 5.9 93.5 18.7 74.8 100.0 58.5

$2,000,000 to $5,000,000....................

$5,000,000 to $50,000,000..................

Over $50,000,000................................

261

116

4

51

7,682

100.0

100.0

100.0

100.0

100.0

7.6

7.9

8.1

.7

.6

.4

6.9

7.3

7.7

92.4

92.1

91.9

1 0 0 . 0

93.3

17.7

17.5

14.2

74.7

74.6

77.7 

1 0 0 . 0

100.0

100.0

100.0

100.0

8.9

9.9 

8.7

1.3

1.1

.8

7.6

8.8

7.9

91.1

90.1 

91.3

100.0

31.2

31.2 

25.8

59.9

58.9 

65.5

100.0

6.7 .7 6.0 17.9 75.4 100.0 8.0 1.3 6.7 92.0 32.6 59.4

Geographic region4

148 100.0 8.5 .7 7.8 91.5 18.4 73.1 100.0 8.4 

12.0

7.4

1.3

1.2

1.6

7.1 91.6 29.7 61.9

C Q A

Middle Atlantic ............................ 591 100.0 10.8 .6 10.2 89.2 18.2 71.0 100.0 10.8

5.8

88.0

92.6

29.0 oy.u

KO £

East North Central .......................... 1,970 100.0 5.8 .8 5.0 94.2 20.1 74.1 100.0 40.0 0^.0

West North Central........................... 2,055 100.0 3.6 1.1 2.5 96.4 13.0 83.4 100.0 5.9

5.9 

4.6

2.4

1.2

3.5

4.7

4.1

94.1

94.1 

95.4

27.9

35.4

0 7 c

6 6 .2

K Q H

South Atlantic ............................ 899 1 0 0 . 0 4.8 .5 4.3 95.2 19.0 76.2 1 0 0 . 0 Oo. 1Q

East South Central ....................... 817 1 0 0 . 0 4.3 .4 3.9 95.7 22.9 72.8 1 0 0 . 0 .5 O / .O O i ||7

West South Central........................... 751 1 0 0 . 0 4.3 .7 3.6 95.7 19.6 76.1 1 0 0 . 0 6.5

7.6 

2.9

1.4

1.7

.7

5.1 

5.9

2.2

93.5

92.4

Q 7 -j

40.9

30.4

7

52.6

A

Mountain............................................ 207 1 0 0 . 0 4.4 .9 3.5 95.6 13.8 81.8 1 0 0 . 0

1 0 0 . 0

o£. u

HCl A

244 1 0 0 . 0 3.1 .3 2.8 96.9 13.1 8«*.8 b i.i 6 0 . i

T ota l....................................... 7,682 100.0 6.7 .7 6.0 93.3 17.9 75.4 100.0 8.0 1.3 6.7 92.0 32.6 59.4

State

120 100.0 4.1 .4 3.7 95.9 20.5 75.4 1 0 0 . 0 5.1 .6 4.5 94.9 30.9 64.0

Arizona5...............................................

Arkansas..............................................

California............................................

Colorado.................................... ..

155

108

58

' i o o . 'o *

1 0 0 . 0 

1 0 0 . 0

‘ ’ ’ 4.2 '

3.1

5.0

.3

1.4

’ ‘ * BA '

2.8

3.6

9o'.i '

96.9

95.0

24.0 ’

12.8 

11 . 8

71.8

84.1

83.2

lbblo

1 0 0 . 0

1 0 0 . 0

' ’ * 5/7 '

2.7

10.1

' *’ 1 .8 ' 

.7

3.5

‘ ’ ’ 3.9 '

2 . 0

6.6

9'4'.3 '

97.3

89.9

52^6 ’

25.3

28.4

41.7 *

72.0

61.5

212 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Connecticut................

Delaware......................

District of Columbia6.

Florida.........................

Georgia.........................

Idaho. . . 

Illinois. . 

Indiana. 

Iowa 

Kansas. ,

Kentucky.......

Louisiana........

Maine.............

Maryland.......

Massachusetts.

Michigan.. 

Minnesota. 

Mississippi. 

Missouri... 

Montana. .

Nebraska..............

Nevada5...............

New Hampshire5.

New Jersey..........

New Mexico........

New York........

North Carolina. 

North Dakota..

Ohio..................

Oklahoma.........

Oregon..............

Pennsylvania... 

Rhode Island5. . 

South Carolina. 

South Dakota..

Tennessee.

Texas........

Utah..........

Vermont . . 

Virginia. . .

Washington.. . 

West Virginia.

Wisconsin.......

Wyoming........

Total. .

49

24

92 

177

25 

507 

362 

427 

225

284

113 

20

114 

40

262

423

174

498

52

2323

4 

102

14

193

183

125

356

176

43

2962

74

125

239

307

26 

33

163

93 

72

483

26

7,682

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

5.0

7.2

2.6

3.5

2.7

3.1

6.1

2.4

3.9

4.0

5.0 

11.7

6.4

7.2

7.4

2.8

3.0

3.4

4.2

2.9

15.7

2.9

9.4

2.3 

16.1

5.3 

2.2

2.7

9.1

1.6

9.0

6.1

4.6 

5.2

15.7

5.6

3.5

9.5

7.6 

5.8

6.7

.2

.2

.7

.6

.2

.5

1.4

.1

.2

.9

.5

1.2

1.4

.1

1.0

1.1

1.1

1.2

.4

.3

5.8

.5

.9

.3

.5

1.5

.9

.8

.4

.5

1.5

1.4

4.5

6.6

2.4

3.3

2.0

2.5

5.9

1.9

2.5

3.9

4.8 

10.8

5.9

6.4

6.2

1.4

2.9

2.4

3.1

2.2

14.6

1.7

9.0

2.0 

10.3

4.8

1.3

2.4 

8.6

1.6

7.5

5.2

3.8

4.8 

14.8

4.8

3.0

8.0

6.2

4.9 

6.0

95.0

92.8

97.4

96.5

97.3

96.9

93.9

97.6

96.1

96.0

95.0

88.3

93.6

92.8

92.6

97.2

97.0

96.6

95.8

97.1

84.3 

97.1

90.6

97.7 

83.9

94.7

97.8

97.3

90.9

98.4 

91.0

93.9

95.4 

94.8

84.3

94.4

96.5

90.5 

92.4

94.2

93.3

15.3

13.3

13.7

26.3

7.5

16.0

17.6

13.0

10.1

20.1

23.8

21.4

21.8

17.6

14.7 

11.9 

21.0

14.3

12.7

9.4

22.0

19.4

12.0

12.8

25.6

27.3

8.2

20.5 

22.0

6.7

18.3

30.6

19.4

15.5 

26.8

24.7

12.0

26.8

22.9 

16.4

17.9

79.7

79.5

83.7

70.2

89.8

80.9

76.3

84.6 

86.0

75.9

71.2

66.9

71.8

75.2

77.9

85.3

76.0

82.3

83.1

87.7

62.3

77.7

78.6 

84.9

58.3

67.4

89.6

76.8

68.9

91.7

72.7

63.3 

76.0

79.3

57.5

69.7

84.5

63.7

69.5

77.8

75.4

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

7.1

6.0

3.8

4.5

5.6

5.8

7.7

3.7

7.1

3.7

4.8 

12.6

6.2

5.9

8.0

4.1 

4.4

5.3

6.4

6.1

19.5

6.3

10.9

4.3

23.5

7.3 

4.5

6.3 

8.2

1.0

16.3

6.1

8.8

7.4

12.6

6.1

4.0 

11.6

S.3

9.7

8.0

1.0

1.2

.9

.4

1.5

1.6 

.4

1.3

3.1

.4

1.8

1.1

1.4

2.9

2.7

.3

2.2

1.6

2.0

2.3

2.1

.9

8.5

.8

2.2

.7

1.0

(7)

3.2

1.0

2.0

.6

1.5

1.2

1.2

2.8

3.1

2.0

1.3

6.1 92.9 25.1 67.8

4.8 94.0 29.5 64.5

2.9 96.2 30.6 65.6

4.1 95.5 35.8 59.7

4.1 94.4 26.4 68.0

4.2 94.2 37.4 56.8

7.3 92.3 36.1 56.2

2.4 96.3 31.2 65.1

4.0 92.9 21.8 71.1

3.4 96.3 33.4 62.9

4.4 95.2 40.7 54.5

10.8 87.4 36.8 50.6

5.1 93.8 42.0 51.8

4.5 94.1 26.3 67.8

5.1 92.0 29.8 62.2

1.4 95.9 24.2 71.7

4.1 95.6 40.6 55.0

3.1 94.7 28.8 65.9

4.8 93.6 31.3 62.3

4.1 93.9 23.8 70.1

17.2 80.5 35.7 44.8

4.2 93.7 44.8 48.9

10.1 89.1 20.8 68.3

3.4 95.7 33.1 62.6

15.0 76.5 39.9 36.6

6.5 92.7 46.6 46.1

2.3 95.5 22.5 73.0

5.6 93.7 47.8 45.9

7.2 91.8 33.6 58.2

1.0 99.0 14.0 85.0

13.1 83.7 32.0 51.7

5.1 93.9 43.9 50.0

6.8 91.2 41.6 49.6

6.8 92.6 27.3 65.3

11.1 87.4 41.9 45.5

4.9 93.9 36.7 57.2

2.8 96.0 34.8 61.2

8.8 88.4 39.9 48.5

5.2 91.7 43.6 48.1

7.7 90.3 31.3 59.0

6.7 92.0 32.6 59.4

INSURED COMMERCIAL BANKS— CONDITION 2 1 8

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. E x a m in e r s’ A n a ly s is o f A s s e t s o f C om m ercial B a n k s n o t M em bers o f t h e F e d e ra l R eserve S ystem In su red on

D ecem ber 31, 1934, L a t e s t E x a m in a tio n in 1934-1935— Continued

BANKS GROUPED BY AMOUNT OF DEPOSITS, BY GEOGRAPHIC REGIONS, AND BY STATES

(Percent of book value)

Securities Other assets

^ Size, geographic region, and State Number of 

banks1 Book

Estimated doubtful 

and worthless Net sound value Book

Estimated doubtful 

and worthless Net sound value

value

Total Doubtful

Worthless Total Slow Other

value

Total Doubtful

Worthless Total Slow Other

Banks having deposits of— 2

1,241

2,592

1,771

659

100.0 6.1 0.3 5.8 93.9 3.8 90.1 100.0 3.2 0.4 2.8 96.8 10.5 86.3

$100,000 to $250,000.......................... 100.0 5.4 .2 5.2 94.6 2.0 92.6 100.0 2.4 .2 2.2 97.6 8.6 89.0

$250,000 to $500,000.......................... 100.0 6.2 .1 6.1 93.8 1.9 91.9 100.0 2.6 .3 2.3 97.4 9.5 87.9

$500,000 to $750,000 ........................ 100.0 6.8 .1 6.7 93.2 1.6 91.6 100.0 2.7 .3 2.4 97.3 10.3 87.0

$750,000 to $1,000,000....................... 392 100.0 9.3 .1 9.2 90.7 2.4 88.3 100.0 3.2 .3 2.9 96.8 11.5 85.3

$1,000,000 to $2,000,000.................... 595 100.0 8.2 .1 8.1 91.8 2.7 89.1 100.0 2.9 .2 2.7 97.1 12.7 84.4

$2 000 000 to $5 000,000 . . . . . . 261 100.0 8.7 8.7 91.3 1.3 90.0 100.0 3.6 .3 3.3 96.4 15.6 80.8

$5,000,000 to $50,000,000..................

Over $50 000 000 ..........

116

4

100.0

100.0

7.5

7.1

.1 7.4

7.1

92.5

92.9

1.4 91.1

92.9

100.0

100.0

5.1

9.3

.3

.5

4.8

8.8

94.9

90.7

17.0

18.7

77.9

72.0

51

7,682

100.0

100.0

100.0 100.0 100.0 100.0 100.0

7.5 .1 7.4 92.5 1.7 90.8 100.0 3.6 .2 3.4 96.4 13.1 83.3

Geographic region4 

New England...................................... 148 100.0 12.9 12.9

12.1

5.8

87.1 

87.8

94.2

1.6

1.2

1.8

85.5

86.6 

92.4

100.0

100.0

100.0

3.2

6.2 

3.5

.1

.2

.3

3.1 

6.0

3.2

96.8

93.8 

96.5

12.3

22.3

11.4

84.5

71.5 

85.1 East North Central .........................

591

1,970

2,055

100.0

100.0

12.2

5.8

.1

(7)

West North Central......................... 100.0 2.6 .2 2.4 97.4 .7 96.7 100.0 1.7 .4 1.3 98.3 5.9 92.4

South Atlantic .................................. 899 100.0 5.3 (7) 5.3 94.7 2.6 92.1 100.0 2.7 .1 2.6 97.3 10.7

12.7

86.6

84.6 East South Central .......................... 817 100.0 5.3 (7) 5.3 94.7 6.4 88.3 100.0 2.7 .3 2.4 97.3

"West South Central ......................... 751 100.0 3.9 .1 3.8 96.1 5.0 91.1 100.0 2.3 .2 2.1 97.7 7.5 90.2

207

244

7,682

100.0

100.0

100.0

3.1

3.5

7.5

.5

(7)

.1

2.6

3.5

7.4

96.9

96.5

92.5

1.6

.1

1.7

95.3

96.4 

90.8

100.0

100.0

100.0

2.1

2.5

3.6

.3

.2

.2

1.8

2.3

3.4

97.9

97.5

96.4

7.3

11.2

13.1

90.6

86.3

83.3

State ; 

Alabama ........................................... 120 100.0 6.2 .1 6.1 93.8 7.4 86.4 100.0 1.3 .1 1.2 98.7 12.9 85.8

3

Arkansas ....................................... 155 100.0 5.0 5.0 95.0 3.2 91.8 lbo.o 2.2 .2 2.0 97.8 6.7 91.1

83.9 California • * .......... 108 100.0 3.6 3.6 96.4 96.4 100.0 2.9 .2 2.7 97.1 13.2

Colorado ............................................ 58 100.0 2.9 .1 2.8 97.1 1.0 96.1 100.0 1.1 .1 1.0 98.9 1.8 97.1

49 100.0

ioo!o

A K 4.5 95.5 .6 94.9 100.0 1.4 .1 1.3 98.6 8.3 90.3

i* tX7Q T'A ....... 24 8,6 8.6 91.4 91.4 100.0 6.5 .3 6.Z 93.5 7.4 86.1

TTlrkrirljj ..................... 92 100.0 2.2 2.2 97.8 6.2 91.6 100.0 2.4 2.4 97.6 11.5 86.1

177 100.0 5.3 5.3 94.7 7.0 87.7 100.0 1.3 1.3 98.7 20.9 77.8

214 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Idaho..................

Illinois................

Indiana...............

Iowa...................

Kansas................

Kentucky...........

Louisiana. . . . . . .

Maine.................

Maryland...........

Massachusetts...

Michigan............

Minnesota..........

Mississippi.........

Missouri.............

Montana............

Nebraska............

Nevada5.............

New Hampshire5

New Jersey........

New Mexico

New York..........

North Carolina.. 

North Dakota...

Ohio....................

Oklahoma. . . . . . .

Oregon. . . . . . . . .

Pennsylvania 

Rhode Island5. . . 

South Carolina. . 

South Dakota. . .

Tennessee...........

Texas..................

Utah...................

Vermont.............

Virginia........

Washington........

West Virginia. . .

Wisconsin...........

Wyoming...........

T ota l___

25 

507 

862 

427 

225

284

113 

20

114 

40

262

423

174

498

52

232

3

4 

102

14

193

183

125

356

176

43

296

2

74

125

239

307

26 

33

163

93

72

483

26

7,682

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

1.8

1.5 

6.2

2.2

2.5

6.3

6.6

17.6

8.1

12.1

8.3 

2.2

2.4

2.5 

4.7

2.1

15.6

.6

10.2

.9

9.2

3.0

1.4

.5

12.2

3.2

5.0

8.4 

2.8

4.0 

23.7

6.9

4.5

8.9 

10.4

2.8

7.5

(7)

(7)

(7)

.1

1.5

(7)

(7)

(7)

(7)

.1

.3

(7) 

Y7) '

1.2

1.5

6.2

2.2

2.4

6.6

17.6

8.1

12.1

8.2

1.6

2.4

2.4 

3.2

2.1

15.6

.1

10.2

.9

8.4

3.0

1.0

.5

12.0

3.2

4.6

2.7

3.7 

23.7

6.9

4.5

8.9 

10.4

2.8 

7.4

98.2

98.5

93.8

97.8

97.5

93.7

93.4

82.4

91.9

87.9

91.7

97.8

97.6

97.5

95.3

97.9

84.4

99.4

89.8 

99.1

90.8 

97.0 

98.6

99.5

87.8

96.8

95.0

91.6

97.2

96.0

76.3

93.1

95.5

91.1

89.6

97.2 

92.5

.2

.2

1.3 

.6 

.7

2.0

12.0

2.5

1.8

3.3

.3

6.3

.9

.8

.9

.3

.1

.6

4.0

2.1 

3.2

1.5

2.5

.3

1.7

16.2

1.5 

3.9

.6

3.5

.2

8.0

1.7 

.5

1.7

98.0

98.3 

92.5 

97.2

96.8

91.7

81.4

79.9

90.1

87.9

97.5 

91.3

96.6 

94.5

97.7

83.5 

99.1

89.7

98.5

86.8

94.9 

95.4

98.0

85.3

96.5

93.3

75.4

95.7

92.1

75.7

89.6

95.3

83.1 

87.9

96.7

90.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

1.6 .2 1.4 98.4 2.2 96.2

1.7 .2 1.5 98.3 6.9 91.4

4.0 4.0 96.0 8.0 88.0

1.2 .1 1.1 98.8 2.4 96.4

1.6 .5 l.i 98.4 4.5 93.9

2.2 2.2 97.8 10.6 87.2

4.1 (7) 4.1 95.9 11.3 84.6

1.9 .1 1.8 98.1 10.1 88.0

3.3 .2 3.1 96.7 12.5 84.2

3.4 .3 3.1 96.6 15.3 81.3

5.9 .8 5.1 94.1 11.5 82.6

1.6 .5 1.1 98.4 10.9 87.5

1.9 1.9 98.1 11.4 86.7

1.7 .2 1.5 98.3 6.5 91.8

1.7 .2 1.5 98.3 6.2 92.1

.8 .1 .7 99.2 2.0 97.2

8.5 .1 8.4 91.5 23.3 68.2

1.4 .8 .6 98.6 10.0 88.6

4.7 .1 4.6 95.3 11.5 83.8

1.7 (7) 1.7 98.3 4.7 93.6

10.1 5.0 5.1 89.9 18.8 71.1

4.0 .4 3.6 96.0 18.6 77.4

1.3 .4 .9 98.7 2.1 96.6

.5 .5 99.5 6.0 93.5

6.1 .4 5.7 93.9 31.1 62.8

1.2 (7) 1.2 98.8 5.2 93.6

3.6 .6 3.0 96.4 16.2 80.2

5.0 1.3 3.7 95.0 16.3 78.7

1.6 .1 1.5 98.4 7.5 90.9

3.7 (7) 3.7 96.3 18.5 77.8

11.0 2 10.8 89.0 24.8 64.2

3.3 !2 3.1 96.7 11.1 85.6

1.7 .1 1.6 98.3 1.4 96.9

5.9 .2 5.7 94.1 17.5 76.6

2.8 .3 2.5 97.2 14.6 82.6

2.0 2.0 98.0 4.3 93.7

3.6 .2 3.4 96.4 13.1 83.3

1 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks.

2 Deposits as of December 31, 1934.

3 Includes chiefly banks reorganized subsequent to latest examination.

4 For list of States included in each geographic region, see page 173.

6 Figures included in totals for respective geographic regions and for the United States.

6 Not available.

7 Less than 0.05 percent.

Note: For explanation of difference between Table 118 and Table 116, see page 174.

INSURED COMMERCIAL BANKS— CONDITION 2 1 5

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 1 9 . L o a n s to O f f ic e r s , D ir e c t o r s a n d A f f il ia t e s , C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m

I n s u r e d o n D e c e m b e r 31, 1 9 3 4 , L a t e s t E x a m i n a t i o n in 1 9 3 4 -1 9 3 5

BAIntKS g r o u p e d b y a m o u n t o f d e p o s it s , b y g e o g r a p h ic r e g io n s , a n d b y s t a t e s

Loans, discounts and overdrafts 

to officers, directors, their interests, 

affiliates, and guaranteed by 

officers and directors

Loans, discounts and overdrafts 

to officers, directors, their interests, 

affiliates, and guaranteed by 

officers and directors

Percent 

of private 

capital— 3

Size, geographic region, 

and State

Number of 

banks1

Total

loans

Total

Direct

loans

to

officers

and

directors

Direct

loans

to

officers’

and

directors’

interests

Direct

loans

to

affiliates

Loans

endorsed

or

guaranteed

by

officers

and

directors

Other

loans

Private

capital2

(book

value)

Total

loans

Total

Direct

loans

to

officers

and

directors

Direct

loans

to

officers’

and

directors’

interests

Direct

loans

to

affiliates

Loans

endorsed

or

guaranteed

by

officers

and

directors

Other

loans Total

loans

to

officers,

directors,

etc.

Direct

loans

to

officers

and

directors

(In thousands of dollars) (Percent)

Banks having deposits of— 3

$100,000 and under................ 1,241 55,436 5,285 3,526 615 9 1,135 50,151 29,369 100.0 9.5 6.4 1.1 (4) 2.0 90.5 18.0 12.0

$100,000 to $250,000.............. 2,592 230,735 20,064 12,315 3,198 172 4,379 210,671 95,653 100.0 8.7 5.3 1.4 .1 1.9 91.3 21.0 12.9

$250,000 to $500,000.............. 1,771 312,854 28,386 15,724 5,682 955 6,025 284,468 112,651 100.0 9.1 5.0 1.8 .3 2.0 90.9 25.2 14.0

$500,000 to $750,000.............. 659 194,090 18,079 10,106 4,074 266 3,633 176,011 68,145 100.0 9.3 5.2 2.1 .1 1.9 90.7 26.5 14.8

$750,000 to $1,000,000.......... 392 168,953 15,475 7,921 4,131 321 3,102 153 478 57,088 100.0 9.1 4.7 2.4 .2 1.8 90.9 27.1 13.9

$1,000,000 to $2,000,000 595 412,114 43,224 20,459 13,362 1,140 8,263 368,890 150,617 100.0 10.5 5.0 3.2 .3 2.0 89.5 28.7 13.6

$2,000,000 to $5,000,000 261 398,758 41,704 16,132 16,771 2,755

6,386

6,046 357,054 144,999 100.0 10.5 4.1 4.2 .7 1.5 89.5 28.8 11.1

$5,000,000 to $50,000,000___

Over $50,000,000....................

116

4

51

7,682

667,479

180,693

7,458

2,628,570

66,018

3,337

19,929

2,280

32,637

506

7,066

551

601,461

177,356

7,458

271,146

43,565

4,182

977,415

100.0

100.0

100.0

9.9

1.8

3.0

1.3

4.9

.2

.9 1.1

.3

90.1

98.2 

100.0

24.3

7.7

7.3

5.2

T otal........................... 241,572 108,392 80,976 12,004 40,200 2,386,998 100.0 9.2 4.1 3.1 .5 1.5 90.8 24.7 11.1

Geographic region6

New England.......................... 148 217,069 15,790 5,923 7,845 45 1,977 201,279 65,620 100.0 7.3 2.8 3.6 (4) .9 92.7 24.1 9.0

Middle Atlantic...................... 591 821,259 94,476 3 5,976 37,468 7,684

869

13,348 726,783 374,317 100.0 11.5 4.4 4.6 .9 1.6 88.5 25.2 9.6

E a a t TvTnrtb C p n t r a l ............... 1.970 525,723 43.269 2 2,912 12,651 6,837 482,454 181,065 100.0 8.2 4.3 2.4 .2 1.3 91.8 23.9 12.7

West North Central............... 2,055 270,278 15.030 9,292 3,192 579 1,967 255,248 89,901 100.0 5.6 3.5 1.2 .2 .7 94.4 16.7 10.3

South Atlantic........................ 899 270,492 36,140 16,374 9,904 713 9,149 234,352 102,880 100.0 13.3 6.0 3.7 .3 3.3 86.7 35.1 15.9

East South Central................ 817 168,220 19,291 9,740 4,800 1,097 3,654 148,929 53,705 100.0 11.5 5.8 2.8 .7 2.2 88.5 35.9 18.1

216 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
West South Central.

Mountain.................

Pacific......................

T ota l............

Alabama. 

Arizona7. . 

Arkansas. . 

California. 

Colorado. .

State

Connecticut................

Delaware..............

District of Columbia8.

Florida.........................

Georgia........................

Idaho.. 

Illinois.

Iowa.. . 

Kansas.

Kentucky.........

Louisiana.........

Maine...............

Maryland.........

Massachusetts.

Michigan. . 

Minnesota.

Missouri. 

Montana.

Nebraska..............

Nevada7...............

New Hampshire7.

New Jersey..........

New Mexico........

New York........

North Carolina. 

North Dakota..

Ohio..................

Oklahoma........

Oregon..............

Pennsylvania... 

Rhode Island7.. 

South Carolina. 

South Dakota..

751

207

244

7,682

99,576

36,075

219,878

2,628,570

120

3

155

108

58

49

24

92

177

25

507

362

427

225

284

113 

20

114 

40

262

423

174

498

52

232

3

4 

102

14

193

183

125

356

176

43

296

2

74

125

17,336

15,687

201,609

8,081

86,894

20,669

10,014

32,698

2,216

102,254

102,960

75,009

30,290

70,211

31,004

25,412

53,300

57,986

64,750

51,115

36,159

74,796

5,670

20,066

198,293

1,778

330,790

42,276

8,789

144,301

11,480

8,977

292,176

15,057

10,213

12,275

1,827

3,474

241,572

1,983

2,087

2,234

162

5,678

3,496

921

3,179

102

8,088

7,281

4,586

1,776

8,134

5,614

3,539

8,033

3,653

5,561

2,326

3,998

4,595

349

548

22,3

100

29,819

5,889

656

11,562

459

785

42,258

844

543

5,808

902

1,465

108,392

890

1,207

1,014

92

1,794

1,698

467

1,509

45

5,426

2,599

2,970

1,293

4,353

2,099

1,653

3,748

1,472

2,964

1,321

1,889

2,721

177

366

8,460

59

15,060

2,239

286

7,135

261

195

12,456

255

335

3,056

611

1,449

80,976

529

1,006

28

3,168

736

269

862

18 

1,457 

2 709 

“ ’763 

249

1,961

1,701

1,367

2,156

1,783

1,467

653

1,518

1,164

91

17

8,976

5,288

2,018

222

3,423

51

265

23,204

354

124

570

122

325

12,004

410

47

13

20

190

325

397

15

465

202

351

171

43

77

966

4,975

99

46

179

292

1,743

2,841

192

235

40,200

87,301

34,248

216,404

2,386,998

295

334

182

17

716

996

138

795

19

1,015

1,648

456

219

1,355

1,612

519

1,778

398

959

309

591

633

81

164

3,997

4,496

1,533

102

825

147

33

4,855

235

84

15,353

13,600

199,375

7,919

81,216

17,173

9,093

29,519

2,114

94,166

95,679

70,423

28,514

62,077

25,390

21,873

45,267

54,333

59,189

48,789

32,161

70,201

5,321

19,518

175,894

1,678

300,971

36,387

8,133

132,739

11,021

8,192

249,918

14,213

9,670

42,940 100.0 12.3 5.8 3.1 .6 2.8 87.7 28.6 13.5

13,116 100.0 5.1 2.5 1.7 .3 .6 94.9 13.9 6.9

53,871 100.0 1.6 .7 .7 .1 .1 98.4 6.4 2.7

977,415 100.0 9.2 4.1 3.1 .5 1.5 90.8 24.7 11.1

7,711 100.0 11.4 5.1 2.2 2.4 1.7 88.6 25.7 11.5

7,340 100.0 13.3 7.7 3.4 .1 2.1 86.7 28.4 16.4

47,449 100.0 1.1 .5 .5 (4) .1 98.9 4.7 2.1

2,607 100.0 2.0 1.1 .4 .3 .2 98.0 6.2 3.5

27,608 100.0 6.5 2.1 3.6 .8 93.5 20.6 6.5

9,735 100.0 16.9 8.2 3.6 ' " ’ '.3 4.8 83.1 35.9 17.4

7,406 100.0 9.2 4.6 2.7 .5

13,197 100.0 9.7 4.6 2.6 .1 2.4 90.3 24.1 11.4

1,059 100.0 4.6 2.0 .8 .9 .9 95.4 9.6 4.2

47,268 100.0 7.9 5.3 1.4 .2 1.0 92.1 17.1 11.5

36,492 100.0 7.1 2.5 2.7 .3 1.6 92.9 20.0 7.1

24,246 100.0 6.1 4.0 1.0 .5 .6 93.9 18.9 12.2

10,049 100.0 5.9 4.3 .8 .1 .7 94.1 17.7 12.9

23,052 100.0 11.6 6.2 2.8 .7 1.9 88.4 35.3 18.9

12,207 100.0 18.1 6.8 5.5 .6 5.2 81.9 46.0 17.2

6,194 100.0 13.9 6.5 5.4 2.0 86.1 57.1 26.7

20,237 100.0 15.1 7.0 4.1 .7 3.3 84.9 39.7 18.5

17,672 100.0 6.3 2.5 3.1 .7 93.7 20.7 8.3

22,899 100.0 8.6 4.6 2.3 .2 1.5 91.4 24.3 12.9

15,665 100.0 4.6 2.6 1.3 .1 .6 95.4 14.8 8.4

10,204 100.0 11.1 5.2 4.2 1.7 88.9 39.2 18.5

24,933 100.0 6.1 3.6 1.6 .1 .8 93.9 18.4 10.9

2,686 100.0 6.1 3.1 1.6 1.4 93.9 13.0 6.6

7,471 100.0 2.7 1.8 .1 (4) .8 97.3 7.3 4.9

80,322 100.0 11.3 4.3 4.5 .5 *2.0 88.7

437 100.0 5.6 3.3 2.0 .3 94.4 22.9 13.5

125,914 100.0 9.0 4.6 1.6 1.5 1.3 91.0 23.7 12.0

17,211 100.0 13.9 5.3 4.8 .2 3.6 86.1 34.2 13.0

3,229 100.0 7.5 3.3 2.5 .5 1.2 92.5 20.3 8.9

40,002 100.0 8.0 4.9 2.4 .1 .6 92.0 28.9 17.8

5,422 100.0 4.0 2.3 .4 1.3 96.0 8.5 4.8

2,386 100.0 8.7 2.2 2.9 3.2 .4 91.3 32.9 8.2

168,081 100.0 14.5 4.3 7.9 .6 1.7 85.5 25.1 7.4

4,373 loo.o 5.6 1.7

4,308 100.0 5.3 3.3 1.2 .8 94.7 12.6 7.8

INSURED COMMERCIAL BANKS— CONDITION 217

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 11 9 , L o a n s t o O f f ic e r s , D ir e c t o r s a n d A f f il ia t e s , C o m m e r c ia l B a n k s n o t M em beirs o f t h e F e d e r a l R e s e r v e S y s t e m

I n s u r e d o n D e c e m b e r 3 1, 1 9 3 4 , L a t e s t E x a m i n a t i o n i n 1 9 3 4 -1 9 3 5 — C on tin u ed

Loans, discounts and overdrafts 

to officers, directors, their interests, 

affiliates, and guaranteed by 

officers and directors

Loans, discounts and overdrafts 

to officers, directors, their interests, 

affiliates, and guaranteed by 

officers and directors Percent 

of private

ranitnl— 2

Size, geographic region, 

and State

Number of 

banks1

Total

loans Direct

Direct

loans

Loans

endorsed

or

guaranteed

by

officers

and

directors

Other

loans

Private

capital2

(book

value)

Total

loans Direct

loans

to

officers

and

directors

Direct

loans

Loans

endorsed

or

guaranteed

by

officers

and

directors

Other

Total

loans

to

officers

and

directors

to

officers'

and

directors’

interests

Direct

loans

to

affiliates

Total

to

officers’

and

directors’

interests

Direct

loans

to

affiliates

loans

Total

loans

to

officers,

directors,

etc.

Direct

loans

to

officers

and

direcfin thousands of dollars) (Percent)

tors

Tennessee...................

Texas........................

Utah...................

239 44,514 5,176 2,608 933 2 2 2 1,413 39,338 12,738 1 0 0 .0 1 1 .6 5.8 2 .1 0.5 3.2 88.4 40.6 20.5 307 41,405 4,115 2,241 775 351 748 37,290 17,971 1 0 0 .0 9.9 5.4 1.9 .8 1 .8 90.1 2 2 .8 12.5 26 9,226 538 2 0 0 240 69 29 8 ,6 8 8 3,594 1 0 0 .0 5.8 2 .2 2 .6 .7 .3 94.2 15.0 5.6 Vermont......................

Virginia..................................

33 39,724 2,340 721 1.878 45 198 37,384 11,458 1 0 0 .0 5.9 1 .8 3.5 .1 .5 94.1 20.4 6.3 163 66,732 9,688 4,475 2,757 8 6 2,370 57,044 19,774 1 0 0 .0 14.5 6.7 4.1 .1 3.6 85.5 49.0 2 2 .6

Washington.........................

West Virginia..........................

Wisconsin..............................

93 9,292 455 256 178 1 2 0 8,837 4,036 1 0 0 .0 4.9 2 .8 1.9 (4) .2 95.1 11.3 6.3 72

483

29,746

111,458

5,587

4,090

10,777

475

1,983

4,788

302

752

3,595

131

51

4

1,304

2,390

34

25,656

100,681

5,112

10,947

34,404

1,486

1 0 0 .0

1 0 0 .0

1 0 0 .0

13.8

9.7

8.5

6.7

4.3

5.4

2.5

3.3

2.3

.2 4.4

2 .1

.6

8 6 .2

90.3

91.5

37.4

31.3

32.0

18.1

13.9

20.3 Wyoming............................... 26 8 .2 T otal............................ 7,682 2,628,570 241,572 108,392 80,976 12,004 40,200 2,386,998 977,415 1 0 0 .0 9.2 4.1 3.1 .5 1.5 90.8 24.7 1 1 .1

2 ®xcludes ? national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks.

3 m°fa| capital account exclusive of that represented by capital notes, debentures and preferred stock held by the Reconstruction Finance Corporation. J lotal deposits as of December 31, 1934.

4 Less than 0.05 percent.

5 Includes chiefly banks reorganized subsequent to latest examination.

6 For list of States included in each geographic region, see page 173.

Figures included in totals for respective geographic regions and for the United States.

8 Not available.

218 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
INSURED COMMERCIAL BANKS— CONDITION 219

T able 120. C a p it a l In v e s tm e n t o f t h e R e c o n s t r u c t io n F in a n c e C o rp o r a tio n in In su re d C om m ercia l B a n k s , D ecem ber 31, 1 9 3 4 1

B Y CLASS OF B AN K B Y STATES

(Amounts in thousands of dollars)

State

All

banks

National

banks

State banks 

members 

Federal

Reserve

System

Banks 

not members 

Federal 

Reserve 

System

No. of 

banks Amount No. of 

banks Amount No. of banks Amount No. of 

banks Amount

Alabama......................... 63 12,151 21 8,949 3 1,862 39 1,340

Arizona........................... 4 1,190 2 300 1 840 1 50

Arkansas........................ 110 4,104 23 1,330 5 730 82 2,044

California....................... 118 48,164 61 19,790 5 15,446 52 12,928

Colorado........................ 52 4,658 29 3,898 1 200 22 560

37 6,413 14 2,974 23 3,439

10 490 3 115 7 375

District of Columbia. . . 7 2,900 2 1,100 5 1,800

Florida........................... 36 1,261 12 830 1 100 23 331

Georgia.......................... 84 4,546 17 1,588 7 1,160 60 1,798

Idaho.............................. 21 1,605 8 590 4 810 9 205

Illinois............................ 195 89,158 109 82,702 13 2,350 73 4,106

Indiana ......................... 264 14,875 46 6,789 2 1,050 216 7,036

Iowa............................... 128 10,004 46 6,384 4 1,120 78 2,500

Kansas........................... 160 4,721 40 2,115 4 150 116 2,456

Kentucky....................... 99 7,559 24 1,470 3 2,493 72 3,596

Louisiana ...................... 104 9,336 12 4,245 2 275 90 4,816

Maine............................. 23 6,343 12 2,560 2 2,150 9 1,633

Maryland....................... 56 7,230 7 1,810 2 2,075 47 3,345

Massachusetts............... 63 15,409 39 9,458 8 3,376 16 2,575

Michigan........................ 165 35,842 48 18,742 18 8,851 99 8,249

Minnesota . .... 224 16,500 86 13,115 4 63 , 134 3,322

Mississippi 145 8,444 14 2,348 131 6,096

Missouri 185 14,767 26 7,408 22 4,065 137 3,294

Montana........................ 53 3,638 18 1,461 8 1,492 27 685

Nebraska....................... 136 7,250 44 5,346 92 1,904

Nevada.......................... 4 205 3 175 1 30

New Hampshire............ 7 627 7 627

New Jersey.................... 151 41,984 94 16,145 16 11,313 41 14,526

New Mexico.................. 16 604 6 410 2 32 8 162

New York...................... 400 217,201 199 119,701 55 66,195 146 31,305

North Carolina.............. 130 6,856 17 1,605 3 1,700 110 3,551

North Dakota............... 122 3,757 26 2,188 96 1,569

Ohio................................ 350 71,717 73 22,313 30 30,142 247 19,262

Oklahoma ..................... 35 9,959 35 9,959

Oregon............................ 51 1,877 20 877 2 50 29 950

Pennsylvania.................. 215 35,900 178 17,722 7 6,699 30 11,479

Rhode Island................. 4 899 3 649 1 250

South Carolina. . . . . . . . 31 2,146 6 1,005 25 1,141

South Dakota................ 122 4,190 33 2,879 3 55 86 1,256

Tennessee....................... 109 5,670 22 2,438 1 125 86 3,107

Texas.............................. 373 28,730 130 21,503 17 422 226 6,805

Utah............................... 39 3,440 8 1,325 11 1,340 20 775

Vermont......................... 52 7,620 9 560 43 7,060

Virginia.......................... 126 10,112 31 3,566 4 2,275 91 4,271

Washington................... 86 4,966 19 1,768 17 1,985 50 1,213

West Virginia.......... 72 5,071 26 2,470 4 630 42 1,971

Wisconsin................... 353 17,695 42 2,925 3 1,592 308 13,178

Wyoming................... 21 1,242 9 602 2 55 10 585

T o t a l................... 25,412 2821,064 1,759 440,829 296 175,268 23,357 2204,967

1 Data concerning national and State member banks were obtained from the Report of Reconstruction 

Finance Corporation for Fourth Quarter of 1934.

2 Includes 1 Alaska national bank not a member of the Federal Reserve System, not shown separately 

above, with Reconstruction Finance Corporation capital investment outstanding of $38,000. Excludes

5 commercial banks which failed to report, and insured mutual savings banks.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
c o m m e r c ia l b a n k s n o t m e m b e r s o f t h e f e d e r a l r e s e r v e sy s t e m b y s t a t e s a n d b y s iz e o f c e n t e r in w h ic h l o c a t e d

T a b le 1 2 1 . N u m b e r a n d D e p o s it s o f I n s u r e d B a n k s A r r a n g e d A c c o r d in g t o S t a t u t o r y Ca p it a l R e q u ir e m e n t s fo r M e m ­

b e r s h i p i n t h e F e d e r a l R e s e r v e S y s t e m , a n d t h e Ca p it a l D e f ic ie n c y o f I n s u r e d B a n k s L a c k i n g S u c h Q u a l i f i c a t io n s ,

J u n e 30, 1 9 3 4

(Amounts in thousands of dollars)

State

All banks Banks in centers with population of 3,000 or less 

(Minimum capital required, $25,000)

Total

Banks without sufficient 

capital 

maximum1

Banks with 

sufficient capital 

minimum1

Total Banks without sufficient 

capital

Banks with 

sufficient capital

Capital

No. defi­ No. Capital No. No. Capital No. Capital No.

of Deposits ciency of Deposits defi­ of Deposits of Deposits defi­ of Deposits defi­ of Deposits

banks maxi­ banks ciency banks banks ciency banks ciency banks

mum1

Alabama.................. 117 22,324 825 30 4,523 825 87 17,801 92 12,765 215 21 1,685 215 71 11,080

Arizona 3 6,507 3 6,507

Arkansas.................. 150 28,622 830 55 5,264 830 95 23,358 120 14,103 565 49 3,435 565 71 10,668

C’alifornia 110 425,048 1,077 13 7,609 1,077 97 417,439 54 28,140 54 28,140

Colorado.................. 57 15^675 '780 25 6,123 780 32 9,552 45 5,931 210 17 1,244 210 28 4,687

Connecticut 49 143,363 670 10 9,663 670 39 133,700 6 2,321 6 2,321

Delaware 24 40^443 248 3 704 248 21 39,739 14 7,843 14 7,843

Districtof Columbia^

Florida..................... 91 36,989 1,212 32 9,008 1,212 59 27,981 62 13,860 i.87 20 2,433 187 42 11,427

Georgia.................... 177 43,400 1,544 51 10,376 1,544 126 33,024 128 14,798 284 33 2,041 284 95 12,757

Idaho........................ 27 7,584 165 12 2,384 165 15 5,200 21 2,879 105 10 1,268 105 11 1,611

Illinois...................... 510 216,810 1,453 72 13,388 1,453 438 203,422 404 88,184 548 53 4,400 548 351 83,784

Indiana.................... 338 195,648 2,496 40 16,402 2,496 298 179,246 231 59,605 80 7 783 80 224 58,822

Iowa......................... 376 149,565 2,336 87 27,877 2,336 289 121,688 300 80,048 601 60 9,413 601 240 70,635

Kansas..................... 216 64,986 3,404 105 27,466 3,404 111 37,520 163 28,509 719 71 7,646 719 92 20,863

Kentucky................. 278 107,014 1,960 116 18,807 1,960 162 88,207 225 50,792 925 101 12.052 925 124 38,740

Louisiana................. 114 52,283 227 13 2,630 227 101 49,653 77 19,572 57 8 704 57 69 18,868

Maine 19 38,831 25 1 fis062 25 18 32,769 5 2,279 5 2,279

Maryland................. 108 110,055 380 13 5,931 380 95 104,124 73 25,689 45 5 1,254 45 68 24,435

A/T Q QOQ 42 94,655 350 4 8,051 350 38 86,604 3 2,550 3 2,550

Michigan................. 226 145,447 929 37 10,289 929 189 135.158 168 45,589 120 24 3,563 120 144 42,026

Minnesota................ 422 117,866 5,205 230 42*998 5,205 192 74,868 365 75,495 2,036 194 z5,816 2,036 171 49,679

Mississiopi............... 175 73,976 668 50 6,831 668 125 67,145 137 32,507 392 42 3,390 392 95 29,117

Missouri................... 488 138,551 6,271 262 51,226 6,271 226 87,325 391 61,372 2,396 216 23,999 2,396 175 37,373

Montana.................. 53 13,316 60 7 638 60 46 12,678 46 10,498 40 6 508 40 40 9,990

220 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Nebraska................. 227 47,812 1,767 82 14,538 1,767 145

Nevada.................... 3 3,108 5 1 358 5 2

New Hampshire. . . . 4 7,136 75 1 1,170 75 3

New Jersey.............. 100 322,996 600 6 4,099 600 94

New Mexico............ 15 4,602 173 6 1,649 173 9

New York................ 195 556,081 703 10 3,429 703 185

North Carolina....... 182 83,320 1,693 45 10,316 1,693 137

North Dakota......... 126 13,720 387 41 3,323 387 85

Ohio.......................... 342 229,406 1,795 31 22,966 1,795 311

Oklahoma................ 175 34,789 2,450 128 21,303 2,450 47

Oregon...................... 42 19,246 259 19 3,252 259 23

Pennsylvania........... 285 486,168 1,877 27 37,067 1,877 258

Rhode Island........... 2 5,627 2

South Carolina........ 60 36,755 998 24 5,801 998 36

South Dakota......... 124 19,362 369 44 5,941 369 80

Tennessee................ 239 67,824 1,999 109 11,467 1,999 130

Texas........................ 309 78,989 1,119 61 9,814 1,119 248

Utah......................... 28 20,270 120 , 3 806 120 25

Vermont.................. 31 51,789 31

Virginia.................... 163 84,567 1,060 37 6,794 1,060 126

Washington............. 91 21,884 1,212 40 8,053 1,212 51

West Virginia.......... 72 45,111 330 7 3,935 330 65

Wisconsin................ 497 217,813 3,307 122 30,555 3,307 375

Wyoming................. 29 10,335 170 12 1,443 170 17

T ota’ ............ 7,511 4,757,668 55,583 2,124 502,329 55,583 5,387

33,274 210 39,220 672 71 9,404 672 139 29,816

2,750 2 963 5 1 358 5 1 605

5,966 2 982 2 982

318,897 13 8,486 13 8,486

2,953 8 1,565 13 1 90 13 7 1,475

552,652 85 58,371 85 58,371

73,004 125 29,696 122 19 2,734 122 106 26,962

10,397 123 12,304 377 40 2,699 377 83 9,605

206,440 226 62,160 10 2 481 10 224 61,679

13,486 148 19,734 1,185 106 11,399 1,185 42 8,335

15,994 36 6,426 171 16 1,917 171 20 4,509

449,101 90 38,437 90 38,437

5,627

30,954 38 6,766 210 13 1,010 210 25 5,756

13,421 119 15,434 307 42 4,390 307 77 11,044

56,357 198 30,751 1,089 98 7,240 1,089 100 23,511

69,175 240 34,962 334 46 3,733 334 194 31,229

19,464 20 3,909 20 3,909

51,789 18 . 20,152 18 20,152

77,773 126 40,077 260 25 3,485 260 101 36,592

13,831 78 13,015 333 31 3,479 333 47 9,536

41,176 46 16,192 46 16,192

187,258 376 114,894 797 85 12,617 797 291 102,277

8,892 25 5,367 170 12 1,443 170 13 3,924

4,255,339 5,482 1,265,192 15,580 1,545 172,113 15,580 3,937 1,093,079

INSURED COMMERCIAL BANKS— CONDITION 221

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Federal Reserve Bank of St. Louis
c o m m e r c ia l b a n k s n o t m e m b e r s o f t h e f e d e r a l r e s e r v e sy s t e m b y s t a t e s a n d b y s iz e o f c e n t e r in w h ic h l o c a t e d

T a b le 1 2 1 . N u m b e r a n d D e p o s it s o f I n s u r e d B a n k s A r r a n g e d A c c o r d in g t o S t a t u t o r y Ca p it a l R e q u ir e m e n t s fo r M e m ­

b e r s h ip i n t h e F e d e r a l R e s e r v e S y s t e m , a n d t h e Ca p it a l D e f ic ie n c y o f I n s u r e d B a n k s L a c k i n g S u c h Q u a l i f i c a t io n s ,

J u n e 3 0, 1 934— C on tin u ed

(Amounts in thousands of dollars)

Banks in centers with population of 3,001 to 6,000 

(Minimum capital required, $50,000)

Banks in centers with population of 6,001 to 50,000 

(Minimum capital required, $100,000)

Total Banks without sufficient Banks with Banks without sufficient Banks with

State capital sufficient capital T otal capital sufficient capital

No. Capital No. Capital No. No. Capital No. Capital No.

of Deposits defi­ of Deposits defi­ of Deposits of Deposits defi­ of Deposits defi­ of Deposits

banks ciency banks ciency banks banks ciency banks ciency banks

Alabama.................. 14 3,029 45 2 ' 192 45 12 2,837 5 2,591 200 3 725 200 2 1,866

Arizona 2 3,298 2 3,298 1 3,209 1 3,209

Arkansas.................. 21 8,892 35 2 245 35 19 8,647 9 5,627 230 4 1,584 230 5 4,043

California................. 16 18,543 13 1 436 13 15 18,107 26 47,085 215 5 3,619 215 21 43,466

Colorado.................. 4 1,176 50 2 257 50 2 919 5 3,325 200 4 2,488 200 1 837

Connecticut............. 5 17,407 20 1 190 20 4 17,217 27 57,389 125 3 2,523 125 24 54,866

Delaware 5 25,602 5 25,602 1 407 50 1 407 50

District of Columbia"

Florida..................... 9 3,481 60 2 275 60 7 3,206 12 15,762 225 4 3,920 225 8 11,842

Georgia.................... 20 6,962 90 4 899 90 16 6,063 19 12,087 485 9 5,369 485 10 6,718

Idaho........................ 2 755 10 1 349 10 1 406 4 3,950 50 1 767 50 3 3,183

Illinois...................... 34 18,878 80 4 783 80 30 18,095 49 60,527 475 10 3,552 475 39 56,975

Indiana.................... 39 23,859 208 11 3,818 208 28 20,041 41 49,138 333 7 1,928 333 34 47,210

Iowa......................... 34 25,222 100 4 1,357 100 30 23,865 32 32,869 700 14 8,650 700 18 24,219

Kansas..................... 16 9,359 95 6 2,977 95 10 6,382 21 15,596 695 14 8,296 695 7 7,300

Kentucky................. 16 6,964 85 3 706 85 13 6,258 28 29,793 485 8 3,433 485 20 26,360

Louisianja................. 24 11,835 45 2 274 45 22 11,561 12 20,669 125 3 1,652 125 9 19,017

Maine 3 5,065 3 5,065 10 29,280 25 1 6,062 25 9 23,218

Maryland................. 13 12,384 25 1 304 25 12 12,080 14 20,336 310 4,373 310 7 15,963

Massachusetts 1 2,002 1 2,002 27 53,957 200 2 838 200 25 53,119

Michigan................. 21 11.414 88 5 1,666 88 16 9,748 24 35,111 128 3 2,335 128 21 32,776

Minnesota................ 14 9,478 60 3 1,060 60 11 8,418 26 22,674 849 17 9,174 849 9 13,500

Mississippi............... 21 18.243 35 2 667 35 19 17,576 17 23,226 241 6 2,774 241 11 20,452

Missouri................... 37 21,916 215 8 2,802 215 29 19,114 30 25,140 765 15 8,702 765 15 16,438

Montana.................. 4 1,111 20 1 130 20 3 981 3 1,707 3 1,707

222 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Nebraska...........

Nevada..................

New Hampshire.

New Jersey..........

New Mexico. . . .

New Y o rk ..........

North Carolina.

North D ak o ta ..

Ohio................... ..

Oklahoma..........

Oregon.................

Pennsylvania,. .

Rhode Island, .

South Carolina.

South D akota..

Tennessee.

Texas

U tah.........

.

Vermont. ..

Virginia. . .

Washington. ..

West Virginia.

Wisconsin.........

W yom ing.........

T o t a l..

155

31

132

26

121

43

112

23

3642726

42

666

3,383

2,145

10,982

1,972

34,642

7,641

905

14,546

4,557

229

36,601

4,639

776

10,130

13,448

1,369

2,989

3,689

1,188

3,404

25,545

451,655 2,453

85

50

52

10

35

235

13

97

12

55

100

45

25

20

65

125

116

520 50

1,162

368

1,027

624

1,767

3,247

229

85

50

52

10

35

235

13

1,807

506

307

994

541

97

12

55

100

45

159

494

1,065

3,607

20

65

125

151

29

111

243

4371

20

3122613

34

37,811 2,453

2,863

2,145

10,982

810

34,274

6,614

281

12,779

1,310

36,601

2,832

270

9,823

12,454

828

2,989

3,530

694

2,339

21,938

413,844

5 3,292 200 4 2,697 200 1 595 2

40

6,154

72,519

1,065

112,448

26,964

511

75

1 1,170 751

40

4,984

72,519

668

112,448

23,830

511

2

41

75 1 397 75 1

41

331

944 18 3,134 944 151

58 80,461 350 11 7,144 350 47 73,317

13 9,974 660 11 6,133 660 2 3,841 4 10,112

160,797

5,627

4,011

75

2 1,106 75 2 9,006

902

605 12 13,576 605 782

147,221

5,627

7 380 5 1,992 380 2 2,019 3 3,152 50 1 1,045 50 2 2,107

8 5,780 50 1 993 50 7 4,787

241

11

14,188

265

28,648

15,204

310

75

71

2,922

265

310

75

17

11

11,266

28,648

19 440 8 2,124 440 11 13,080 6

15

4,478

21,753

50,832

4,968

1,214,658

235 4 2,356 235 2

15

2,122

21,753

43,761

4,968

1,077,362

474

680 14 7,071 680 334

879 12,315 242 137,296 12,315 637

INSURED COMMERCIAL BANKS— CONDITION 223

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
c o m m e r c ia l b a n k s n o t m e m b e r s OF t h e f e d e r a l r e s e r v e s y s t e m b y s t a t e s a n d BY SIZE OF CENTER IN w h ic h l o c a t e d

(Amounts in thousands of dollars)

T a b le 1 2 1 . N u m b e r a n d D e p o s it s o f I n s u r e d B a n k s A r r a n g e d A c c o r d in g to S t a t u t o r y C a p it a l R e q u ir e m e n t s fo r M e m ­

b e r s h i p i n t h e F e d e r a l R e s e r v e S y s t e m , a n d t h e Ca p it a l D e f ic ie n c y o f I n s u r e d B a n k s L a c k i n g S u c h Q u a l i f i c a t io n s ,

J u n e 30, 193 4 — C ontin ued

State

Alabama.......................

Arizona........................

Arkansas......................

California.....................

Colorado......................

Connecticut.................

Delaware..............

District of Columbia2.

Florida..........................

Georgia........................

Idaho............................

Illinois..........................

Indiana.........................

Iowa.............................

Kansas.........................

Banks in centers with population of more than 50,000 

(Minimum capital required, $100,000 — $200,0001).

Banks without sufficient capital

Banks with sufficient

Total Total

maximum1 Under $100,000 $100,000 to $200,000

capital

No.

of

banks

Deposits

Capital

deficiency

maximum1

No.

of

banks

Deposits

Capital

deficiency

No.

of

banks

Deposits

Capital

deficiency

No.

of

banks

Deposits

Capital

deficiency

No.

of

banks

Deposits

6 3,939 365 4 1,921 365 1 153 165 3 1,768 200 2 2,018

.......... 14 331,280 849’

320

..........V

O

“ “ 3,554

2,134

'849'

oon

.............4

2

" " i',651 ’

2,134

* 6 0 i'

320

.............3 ‘ ’ 1,903' 248’ .............1

1

327,726*

3,109 3 5,243 a o^U

11 66,246

6,591

g 6 950 525

198

6 6,950 525 5 59,296

525 2 297 2 297 198 2 6,294 4 198

8

10

3,886

9,553

740

685

6

5

2,380

2,067

740

685 4 1,305 595 1 762 90 5 7,486

23

27

10

16

49,221

63,046

11,426

11,522

350

1,875

935

1,895

15

9

14

9,873

8,457

8,547

1,875

935

1,895

8

4

10

2,811

1,668

5,207

1,355

585

1,510

7

5

4

7,062

6,789

3,340

520

350

385

12

1

2

53,173

2,969

2,975

9 19,465

0^7

465 4 2,616 465 1 1,320 165 3 1,296 300 5

1

16,849

207 1

1

z u i

9 90*7 1 2,207

1

Q

AjlAj i

k i a a a 8 51,646

5

11

ui,04D

36,146 2 7.2JL3 150 9 28,933 10U

13

17

53,333

10,213

593

2,2G0

5

16

2,725

6,948

593 

2 260

2

12

542

4,238

313

1,860

3

4

2,183

2;710

280

400

8

1

50,608

3,271

30 30,123 2,895 23 15,723

Kentucky.........

Louisiana.........

Maine...............

Maryland.........

Massachusetts.

Michigan........

Minnesota

Mississippi

Missouri.........

Montana........

224 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Nebraska........................... 5 1,917 845 5 1,917 845 5 1,917 845

Nevada..............................

New Hampshire................

New Jersey........................

New Mexico......................

32 231,009 600 6 4,099 600 1 525 150 5 3,574 450 26 226,910

New York..........................

North Carolina.................

North Dakota...................

38

11

350,620

19,019

653

575

8

6

3,061

3,421

653

575

2

1

417

271

288

125

6

5

2,644

3,150

365

450

30

5

347,559

15,598

Ohio....................................

Oklahoma..........................

32

2

72,239

524

1,400

370

16

2

13,574

524

1,400

370

4 1,351 535 12

2

12,223

524

865

370

16 58,665

Oregon............................... 1 2,479

250,333

i 2,479 Pennsylvania..................... 226,842 Rhode Island.....................

62 1,272 15 23,491 1,272 3 3,444 435 12 20,047 837 47

South Carolina.................. 4 21,339 311 2 992 311 2 992 311 2 20,347 South Dakota....................

Tennessee..........................

Texas..................................

Utah...................................

10

9

3

21,163

16,391

14,727

805

375

7

3

2,927

2,165

805

375

4

2

2,070

788

605

350

3

1

857

1,377

200

25

3

6

3

18,236

14,226

14,727

Virginia.............................. 11 25,597 335 3 1,026 335 2 718 310 1 308 25 8 24,571

Washington....................... 5 3,203

3,762

26,542

624 4 1,724

2,870

7,260

624 4 1,724

2,870

3,970

624

265

470

1 1,479

892

19,282

West Virginia.................... 5 265 4 265 4 i

Wisconsin...........................

Wyoming...........................

32 1,705 15 1,705 9 3,290 1,235 6 17

Total...................... 484 1,826,163 25,235 221 155,109 25,235 95 40,204 14,633 126 114,905 10,602 263 1,671,054

1 For explanation see page 174.

2 Not available.

INSURED COMMERCIAL BANKS— CONDITION 225

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Federal Reserve Bank of St. Louis
T a b ie 1 2 2 . N u m b e r o f O f f ic e r s a n d o f E m p l o y e e s o f I n s u r e d C o m m e r c ia l B a n k s , J u n e 3 0 ,1 9 3 4

BY CLASS OF BANK BY STATES

All banks National banks State banks members Federal 

Reserve System

Banks not members Federal 

Reserve System

State

Active

officers

Other employees

Active

officers

Other employees

Active

officers

Other employees

Active

officers

Other employees

Total

Full

time

Part

time

Total

Full

time

Part

time

Total

Full

time

Part

time

Total

Full

time

Part

time

1,968 644 1,225 99 1,123 270 811 42 232 65 162 5 613 309 252 52

383 74 293 16 167 36 125 6 162 23 136 3 54 15 32 7

1,485 576 846 63 609 181 412 16 116 33 82 1 760 362 352 46

California....................... 18,872 3,495 15,112 265 13,608 2,323 11,188 97 3,368 486 2,790 92 1,896 686 1,134 76

Colorado........................ 1,794 474 1,252 68 1,310 300 966 44 172 33 138 1 312 141 148 23

Connecticut................... 2,688 538 2,090 60 1,396 274 1,088 34 293 50 237 6 999 214 765 20

Delaware........................ 819 224 558 37 134 49 81 4 348 56 283 9 337 119 194 24

District of Columbia. . . 

Florida............................

1,802

1,638

244

468

1,534

1,127

24

43

786

1,017

110

219

671

779

5

19

441

70

39

19

392

50

10

1

575

551

95

230

471

298

9

23

Georgia........................... 2,576 791 1,665 120 1,283 237 1,009 37 351 115 219 17 942 439 437 66

Idaho ............................ 620 218 363 39 253 84 149 20 204 63 137 4 163 71 77 15

Illinois............................ 16,355 3,124 12,833 398 10,116 1,340 8,656 120 2,825 401 2,329 95 3,414 1,383 1,848 183

Indiana........................... 4,723 1,479 3,071 173 1,770 452 1,273 45 2-il 44 244 3 2,662 983 1,554 125

Iowa............................... 3.879 1,477 2,246 156 1,341 409 896 36 319 100 211 8 2,219 968 1,139 112

Kansas ......................... 3,028 1,166 1,728 134 1,705 617 1,033 55 128 42 81 5 1,195 507 614 74

Kentucky....................... 3,692 1,363 2,181

1,567

148 1,309 380 891 38 470 86 376 8 1,913 897 914 102

Louisiana...................... 2,165 545 53 1,244 173 1,055 16 119 20 97 2 802 352 415 35

Maine............................. 998 224 713 61 537 130 368 39 206 24 177 5 255 70 168 17

Maryland ..................... 3,217 1,116 2,019 82 971 204 733 34 625 67 557 1 1,621 845 729 47

Massachusetts............. 8,233 1,155 6,915 163 5,357 716 4,542 99 2,166 297 1,821 48 710 142 552 16

Michigan........................ 5,105 1,023 3,909 173 2,390 351 1,961 78 1,449 244 1,181 24 1,266 428 767 71

Minnesota...................... 6,049 1,925 3,925 199 3,741 808 2,847 86 131 62 64 5 2,177 1,055 1,014 108

Mississippi..................... 1,469 569 831 69 371 99 266 6 18 7 10 1 1,080 463 555 62

Missouri......................... 7,312 1,824 5,303 185 2,179 41 2,083 55 2,181 301 1,858 22 2,952 1,482 1,362 108

Montana ...................... 889 350 476 63 437 153 264 20 191 72 104 15 261 125 108 28

Nebraska........................ 2,568 1,002 1,457 109 1,520 472 1,008 40 59 28 26 5 989 502 423 64

104 EQO 36

181

59

370

6,700

9 72 25 45 2 32 11 14 7

New Hampshire............

New Jersey....................

31

198

537

3,778 821

344 30 8 3 5 37 15 21 1

8,509 1,611 2,839 118 2,741 373 2,337 31 1,990 417 1,524 49

347 112 218 17 250 71 169 10 18 9 8 1 79 32 41 6

226 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Hew York...................... 51,860 5,054 46,442 370 19,638 2,282 17,138

North Carolina......... 2,274 739 1,434 101 513 158 334

North Dakota............... 1,058 486 513 59 540 223 299

Ohio................................ 11,133 2,376 8,418 339 4,448 974 3,354

Oklahoma..................... 3,273 1,184 1.940 149 2,442 779 1,578

Oregon............................ 1,698 398 1,258 42 1,308 261 1,025

Pennsylvania................. 20,939 3,875 16,439 625 10,419 2,295 7,820

Rhode Island................. 1,084 112 863 109 418 64 252

South Carolina.............. 756 248 467 41 262 77 178

South Dakota................ 1,186 510 620 56 512 188 305

Tennessee....................... 3,158 1,015 2,003 140 1,587 327 1,230

Texas.............................. 8,496 2,683 5,555 258 6,207 1,791 4,263

Utah............................... 848 235 580 33 273 59 204

Vermont......................... 662 211 402 49 373 114 231

Virginia...................... 3,462 1,048 2,307 107 1,777 476 1,265

Washington................... 2,522 676 1,766 80 1,583 350 1,201

West Virginia................ 1,645 548 1,036 61 854 258 564

Wisconsin...................... 5,400 1,786 3,407 207 2,065 426 1,600

Wyoming....................... 467 182 258 27 256 88 152

T ota l.................. 235,7% 51,394 178,294 6,108 116,786 22,698 91,545

218 26,767 1,954 24,714 ^9 5,461 818 4,590 53

21 525 74 444 7 1,236 507 656 73

18 518 263 214 41

120 4,109 433 3,612 64 2,576 969 1,452 155

85 8 3 5 823 402 357 64

22 41 18 20 3 349 119 213 17

304 5,993 597 5,244 152 4,527 983 3,375 169

102 632 42 585 5 34 6 26 2

7 36 15 20 1 458 156 269 83

19 152 64 76 12 522 258 239 25

30 81 20 56 5 1.490 668 7.17 105

153 462 187 255 20 1,827 705 1,037 85

10 297 77 216 4 278 99 160 19

28 289 97 171 21

36 484 106 368 10 1,201 466 674 61

32 497 120 361 16 442 206 204 32

32 271 63 198 10 520 227 274 19

39 326 63 254 9 3,009 1,297 1,553 159

16 40 19 19 2 171 75 87 9

2,543 60,423 7,017 52,559 847 58,587 21,679 34,190 2,718

INSURED COMMERCIAL BANKS— EMPLOYEES 2 27

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Federal Reserve Bank of St. Louis
T a b le 123. E a r n i n g s , E x p e n s e s a n d D iv id e n d s o f In s u r e d C o m m e r c ia l S t a t e B a n k s , C a le n d a r Y e a r 1934

B'ANKS GROUPED BY AM O U N T OF DEPOSITS

Banks operating throughout the entire year

All

banks

Banks 

operating 

less than

Banks having deposits on December 31, 1934, of—

one year Total

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

Number of banks 8,662 349 8,313 1,203 2,587 1,902 739 446 728 405 259 44

Earnings:

Interest and discount on loans................... 326,498 2,528 323,970 4,201

C

16,717

In thousan 

22,503

ds of dollar 

13,964

s)

11,623 28,580 35,057 79,597 111,728

Interest and dividends on securities .... 235,144 1,276 233,868 650 4,460 8,295 6,246 5,453 16,214 19,807 52,614 120,129

Interest on balances with other banks. . 2,124 10 2,114 9 50 62 50 59 133 156 717 878

Foreign department......................................... 7,743 5 7,738 1 3 18 71 9 70 202 431 6,933

Trust department............................................. 52,407 65 52,342 22 84 91 112 136 2,536 1,811 16,937 30,613

15,224 207 15,017 160 685 1,005 714 650 1,754 2,182 3,829 4,038

Other current earnings................................... 69,644 556 69,088 1,017 3,742 4,735 2,656 1,934 5,197 6,100 20,500 23,207

Total earnings from current op708,784 4,647 704,137 6,060 25,741 36,709 23,813 19,864 54,484 65,315 ' ’ 174,625 297,526

Expenses:

Salaries and wages............................................ 190,870 1,599 189,271 2,150 7,873 10,139 6,102 4,891 13,988 15,527 48,323 80,278

Interest on deposits of other banks.......... 1,873 8 1,865 5 37 38 26 32 64 51 711 901

Interest on other demand deposits........... 8,246 108 8,138 67 391 612 461 348 957 987 2,140 2,175

Interest on other time deposits.................. 139,068 971 138,097 846 5,030 8,877 6,118 5,650 14,479 17,997 41,426 37,674

Interest and discount on borrowed

m oney.................................................... 5,737 62 5,675 104 346 528 379 320 784 1,691 1,398 125

Taxes.......................................................... 34,543 261 34,282 438 1,578 2,044 1,299 1,001 2,846 3,378 8,937 12,761

Other expenses................................................... 130,632 1,381 129,251 1,602 5,803 7,488 4,502 3,626 9,934 11,356 33,497 51,443

Total current expenses................ 510,969 4,390 506,579 5,212 21,058 29,726 18,887 15,868 43,052 50,987 136,432 185,357

Net earnings from current operations . 197,815 257 197,558 848 4,68) 6,983 4,926 3,996 11,432 14,328 38,193 112,169

Recoveries, profits on securities, e tc.:

On loans................................................................ 20,762 128 20,634 296 1,274 1,564 756 469 1,428 2,013 3,561 9,273

On securities...................................................... 86,537 569 85,968 148 1,027 2,155 1,567 1,298 4,369 6,104 19,537 49,763

All other................................................................ 17,446 97 17,349 208 865 932 418 854 1,025 900 4,501 7,646

Total recoveries, profits on securities, etc................................... 124,745 794 123,951 652 3,166 4,651 2,741 2,621 6,822 9,017 27,599 66,682

Net earnings and recoveries.................. 322,560 1,051 321,509 1,500 7,849 11,634 7,667 6,617 18,254 23,345 65,792 178,851

228 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Losses and depreciation:

On loans......................................................

On securities...............................................

On banking house, furniture and fixtures.

Other losses and depreciation..................

Total losses and depreciation. . . .

Net deduction from profits for current 

p e r io d .......................................................

Gash dividends d ecla red .........................

Net deduction from profits after cash 

dividends..................................................

252,568

184,939

18,295

52,100

507,902

697

485

167

277

1,626

251,871

184,454

18,128

51,823

506,276

2,619

931

340

502

4,392

10,014

4,346

1,207

2,405

17,972

12,445

7,930

1,349

2,597

24,321

6,196

5,688

838

1,553

14,275

8,299

5,708

683

2,091

16,781

19,447

15,891

1,505

5,277

42,120

22,999

21,976

2,312

5,496

52,783

68,694

54,677

4,779

17,671

145,821

101,158

67,307

5,115

14,231

187,811

185,3k2

96,411

575

128

18k,767

96,283

2,892

140

10,123

843

12,687

1,288

6,608

1,040

10,16 k

746

23,866

2,802

29,k38

3,452

80,029

14,255

8,960

71,717

281,753 703 281,050 3,032 10,966 13,975 7,6k8 10,910 26,668 32,890 9k,28k 80,677

N o t e : Comparable figures for national banks are not available. For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by 

insured commercial banks not members of the Federal Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 229

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 124. E a r n i n g s , E x p e n s e s a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l S t a t e B a n k s , Ca l e n d a r Y e a r 1 9 3 4

A V E R A G E S FOR B AN KS GROUPED BY A M O U N T OF DEPOSITS

Banks operating throughout the entire year

All

banks

Banks 

operating 

less than

Banks having deposits on December 31, 1934, of—

one year Total

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

Number of banks 8,662 349 8,313 1,203 2,587 1,902 739 446 728 405 259 44

Earnings:

Interest and discount on loans................ $37,693 $7,244 $38,971 $3,493 $6,462 $11,831 $18,896 $26,061 $39,258 $86,561 $307,324 $2,539,273

Interest and dividends on securities. . . . 27,147 3,656 28,133 540 1,724 4,361 8,452 12,227 22,272 48,906 203,143 2,730,204

Interest on balances with other banks. . 245 29 254 7 19 33 67 132 183 385 2,768 19,955

Foreign department.................................. 894 14 931 1 1 9 96 20 96 499 1,664 157,568

Trust department...................................... 6,050 186 6,296 18 32 48 152 305 3,484 4,472 65,394 695,750

Service charges on deposit accounts .... 1,758 593 1,807 133 265 528 966 1,457 2,409 5,387 14,784 91,773

Other current earnings.............................. 8,040 1,593 8,311 845 1,447 2,490 3,594 4,336 7,139 15,062 79,151 527,432

Total earnings from current op ­

erations......................................... 81,827 13,315 84,703 5,037 9,950 19,300 32,223 44,538 74,841 161,272 674,228 6,761,955

Expenses:

Salaries and wages..................................... $22,036 $4,582 $22,768 $1,787 $3,043 $5,331 $8,257 $10,966 $19,214 $38,338 $186,575 $1,824,500

Interest on deposits of other banks........ 216 23 224 4 15 20 35 72 88 126 2,745 20,477

Interest on other demand deposits......... 952 309 979 56 151 322 623 780 1,315 2,437 8,263 49,432

Interest on other time deposits............... 16,055 2,782 16,613 703 1,944 4,667 8,279 12,668 19,889 44,437 159,946 856,227

Interest and discount on borrowed 

m oney.................................................... 663 178 683 87 134 278 513 718 1,077 4,175 5,398 2,841

Taxes........................................................... 3,987 748 4,123 364 610 1,074 1,758 2,244 3,909 8,341 34,506 290,023

Other expenses........................................... 15,081 3,957 15,548 1,332 2,243 3,937 6,092 8,130 13,646 28,040 129,332 1,169,159

Total current expenses................ 58,990 12,579 60,938 4,333 8,140 15,629 25,557 35,578 59,138 125,894 526,765 4,212,659

Net earnings from current operations . $22,837 $736 $23,765 $704 $1,810 $3,671 $6,666 $8,960 $15,703 $35,378 $147,463 $2,549,296

Recoveries, profits on securities, e t c .:

On loans...................................................... $2,397 $367 $2,482 *246 $493 $823 $1,023 $1,052 $1,962 $4,970 $13,749 $210,750

9,991 1,630 10,341 123 397 1,133 2,120 2,910 6,001 i5;072 ' 75^33 1,130^977

All other..................................................... 2,014 278 2,087 173 334 490 566 1,915 1,408 2,222 17,378 173,773

Total recoveries, profits on serurltlps Ptr 14,402 2,275 14.910 542 1.224 2,446 3,709 5,877 9,371 22,264 106,560 1,515,500

Net earnings and recoveries.................. $37,239 $3,011 $38,675 $1,246 $3,034 $6,117 $10,375 $14,837 $25,074 $57,642 $254,023 $4,064,796

230 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Losses and depreciation:

$29,158

21,351

2,112

6,015

58,636

$1,997

1,390

478

794

4,659

$30,298

22,189

2,180

6,234

60,901

$2,177

774

282

417

3,650

$3,871

1,680

466

930

6,947

$6,543

4,169

709

1,366

12,787

$8,384

7,697

1,134

2,102

19,317

$18,608

12,798

1,532

4,688

37,626

$26,713

21,828

2,067

7,249

57,857

$56,788

54,262

5,708

13,570

130,328

$265,227

211,108

18,452

68,228

563,015

$308,992

55,038

$2,299,045

1,529,705

116,250

323,432

4,268,432

On securities...............................................

On banking house, furniture and fixtures.

Other losses and depreciation..................

Total losses and depreciation. . .

Net deduction from profits for current

period.......................................................

Gash dividends declared........................

Net deduction from profits after cash

dividends..................................................

$21,397

11,130

$1,61+8

367

$22,226

11,582

$2,1+01+

116

$3,913

326

$6,670

678

$8,91+2

1,407

$22,789

1,673

$32,783

3,849

$72,686

8,523

$203,636

1,629,932

$32,527 $2,015 $33,808 $2,520 $l+,239 $7,31+8 $10,31+9 $21+,1+62 $36,632 $81,209 $36!+, 030 $1,833,568

N o t e : Comparable figures for national banks are not available. For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by 

insured commercial banks not members of the Federal Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 231

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
232 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 125. E arnings, E xpenses and Dividends of Insured Commercial

State Ba n k s , Calendar Y ear 1934

BY CLASS OF BANK

Amounts in thousands of 

dollars

Amounts per $100 of total 

available funds1

All

insured

State

banks

State

banks

members

Federal

Reserve

System

State

banks

not

members

Federal

Reserve

System

All

insured

State

banks

State

banks

members

Federal

Reserve

System

State

banks

not

members

Federal

Reserve

System

Number of banks 8,662 980 7,682

Earnings:

Interest and discount on loans..................

Interest and dividends on securities.......

Interest on balances with other banks....

Exchange collected.....................................

Other collection charges, commissions,

fees, etc....................................................

Foreign department....................................

Trust department.......................................

Service charges on deposit accounts.........

Other current earnings...............................

Total earnings from current operations...........................................

Expenses:

Salaries and wages......................................

Interest on deposits of other banks..........

Interest on other demand deposits...........

Interest on other time deposits.................

Interest and discount on borrowed money. 

Taxes............................................................

326,498

235,144

2,124

7,376

15,330

7,743

52,407

15,224

46,938

708,784

177,369

159,431

1,047

C-)

9.465

7,224

45,445

8,341

28,727

437,049

149,129

75,713

1,077

7,376

5,865

51S

6,962

6,883

18,211

271,735

$1.70

1.23

.01

.04

.08

.04

.27

.08

.24

3.69

$1.34

1.20

.01

.07

.06

.34

.06

.22

3.30

$2.51

1.27

.02

.12

.10

.01

.12

.12

.31

4.58

190,870

1,873

8,246

139,068

85,737

34,543

130,632

3510,969

121,402

1,428

3,736

64,357

2,055

19,987

80,160

293,125

69,468

445

4,510

74,711

33,682

14,556

50,472

3217,844

$0.99

.0L

.04

.73

.03

.18

.68

2.66

$0.92

.01

.03

.48

.01

.15

.61

2.21

$1.17

.01

.07

1.26

.06

.25

.85

3.67

Other expenses............................................

Total current expenses...................

Net earnings from current operations. .

Recoveries, profits on securities, etc.:

Recoveries on loans....................................

Recoveries on securities.............................

Profits on securities sold............................

All other.......................................................

Total recoveries, profits on securities, etc............................................

Net earnings and recoveries.....................

Losses and depreciation:

On loans.......................................................

On securities................................................

On banking house, furniture and fixtures. .

Other losses and depreciation....................

Total losses and depreciation.......

Net deduction from profits for current

period..........................................................

Cash dividends declared5...........................

Net deduction from profits after cash 

dividends....................................................

4197,815 143,924 453,891 $1.03 $1.09 $0.91

20,762

71,975

14,562

17,446

124,745

12,381

66,008

(2)

8,670

87,059

8,381

5,967

14,562

8,776

37,686

$0.11

.37

.08

.09

.65

$0.09

.50

.06

.65

$0.14

.10

.24

.15

.63

4322,560 230,983 491,577 $1.68 $1.74 $1.54

252,568

184,939

18,295

52,100

507,902

152,706

114,169

10,007

24,725

301,607

99,862

70,770

8,288

27,375

206,295

$1.32

.96

.10

.27

2.65

$1.15

.86

.08

.19

2.28

$1.68

1.19

.14

.46

3.47

H 85,31+2

496,651

70,62k

82,722

nih,7i8

413,929

$0.97

.50

$0.5 U

.62

$1.93

.23

281,993 153,3U6 128,61*7 $147 $1.16 $2.16

1 Total available funds are measured by total assets less (1) customers’ liability on account of acceptances, (2) acceptances of other banks and bills of exchange or drafts sold with endorsement, and

(3) securities borrowed. For State banks members of the Federal Reserve System the figure is an average 

of figures for five call dates from December 30, 1933, to December 31, 1934, inclusive; for State banks 

not members of the Federal Reserve System the figure is an estimated average for the year.

3 Not reported separately.

3 Estimated to be too large by about $2,000,000 due to reporting of about that much interest paid on 

capital notes and debentures as “ interest and discount on borrowed money” rather than as “ cash dividends declared."

4 Estimated to be too small by about $2,000,000; see footnote 3.

s Includes interest paid on capital notes and debentures except for about $2,000,000 erroneously 

reported as “ interest and discount on borrowed money.”

N o t e : For explanation of items, see instructions for preparation of earnings and dividends reports on 

Form 73 by insured commercial banks not members of the Federal Reserve System, page 166.

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Ca l e n d a r Y e a r 1934

B'ANKS GROUPED BY AMOUNT OF DEPOSITS

T a b le 126. E a r n i n g s , E x p e n s e s a n d D iv id e n d s P er $100 o f T o t a l A v a il a b l e F u n d s 1 o f I n s u r e d C o m m e r c ia l S t a t e B a n k s ,

All

banks2

Banks2 having deposits on December 31, 1934, of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

Number of banks 8,313 1,203 2,587 1,902 739 446 728 405 259 44

Earnings:

Interest and discount on loans......................................................

Interest and dividends on securities............................................

Service charges on deposit accounts.............................................

Other current earnings...................................................................

Total earnings from current operations.......................

Expenses:

Salaries and wages..........................................................................

Interest on time deposits...............................................................

Taxes................................................................................................

Other expenses...............................................................................

Total current expen ses.....................................................

Net earnings from current op era tion s ....................................

Recoveries, profits on securities, etc..........................................

Net earnings and recoveries........................................................

Losses and depreciation:

On loans...........................................................................................

On securities...................................................................................

On banking house, furniture and fixtures....................................

Other losses and depreciation........................................................

Total losses and depreciation..........................................

Net deduction from profits for current p e rio d .....................

Cash dividends d ecla red ..................................................... ...

Net deduction from profits after cash dividends...............

$1.60

1.16

.07

.65

3.48

$3.65

.56

.14

.91

5.26

$3.05

.81

.12

.71

4.69

$2.77

1.02

.12

.61

4.52

$2.57

1.15

.13

.53

4.38

$2.51

1.18

.14

.46

4.29

$2.32

1.32

.14

.65

4.43

$2.35

1.33

.15

c55

4.38

$1.89

1.25

.09

.91

4.14

$1.03

1.10

.04

.56

2.73

$0.94

.68

.17

.72

2.51

$1.87

.74

.38

1.54

4.53

$1.44

.92

.28

1.20

3.84

$1.25

1.09

.25

1.07

3.66

$1.12

1.12

.24

.99

3.47

$1.06 

1.22 

.21 

.94 

3 43

$1.14

1.18

.23

.95

3.50

$1.04

1.21

.23

.94

3.42

$1.15

.98

.21

.89

3.23

$0.74

.34

.12

.50

1.70

$0.97

.62

1.59

$0.73

.57

1.30

$0.85

.58

1.43

$0.86

.57

1.43

$0.91

.50

1.41

$0.86

.57

1.43

$0 93

.55 

1.48

$0.96

.61

1.57

$0.91

.65

1.56

$1.03

.61

1.64

$1.25

.91

.09

.25

2.50

$2.28

.81

.29

.44

3.82

$1.83

.79

.22

.44

3.28

$1.53

.98

.16

.32

2.99

$1.14

1.05

.15

.29

2.63

$1.80

1.23

.15

.45

3.63

$1.58

1.29

.12

.43

3.42

$1.54

1.47

.16

.37

3.54

$1.63

1.30

.11

.42

3.46

$0.93

.62

.04

.13

1.72

$0.91

.48

$2.52

.12

$1.85

.15

$1.56

.16

$1.22

.19

$2.20

.16

$1.91,

.23

$1.97

.23

$1.90

.34

$0.08

.66

$1.39 $2.6U $2.00 $1.72 $1.U $2.36 $2.17 $2.20 $2.2 U $0.7 U

1 Total available funds as of December 31, 1934. For definition, see Table 125, footnote 1. Averages for the year for banks grouped by amount of deposits are not available. 

The amounts shown in the table would be larger if computed on the basis of the average amount of total funds available during the year.

2 Banks operating throughout the entire year. Figures for 349 banks not operating throughout the entire year are not included. See Tables 123 and 124.

Note: Comparable figures for national banks are not available. For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by 

insured commercial banks not members of the Federal Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 233

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 127. E a r n in g s , E x p e n s e s a n d D iv id e n d s, S p e c ia l R a t io s , In s u r e d C o m m e r c ia l S t a t e B a n k s , C a le n d a r Y e a r 1 934 to

B'ANKS GROUPED BY AM O U N T OF DEPOSITS

All

banks1

Banks1 having deposits on December 31, 1934. of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

Number of banks 8,313 1,203 2,587 1,902 739 446 728 405 259 44

Amounts per $100 of deposits2

Net earnings from current operations.....................................

$4.12

2.96 

1.16

.72

2.96

$7.48

6.43

1.05

.80

5.42

$5.93

4.85

1.08

.73

4.14

$5.51

4.46

1.05

.70

3.65

$5.30

4.20

1.10

.61

3.18

$5.17

4.13

1.04

.68

4.37

$5.44

4.30

1.14

.68

4.20

$5.34

4.17

1.17

.74

4.31

$5.04

3.94

1.10

.80

4.21

$3.16

1.97

1.19

.71

2.00

Net deduction from profits for current period..................... $1.08

.56

$3.57

.17

$2.33

.19

$1.90

.19

$1.47

.23

$2.65

.19

$2.38

.28

$2.40

.28

$2.31

.41

$0.10

.76

Net deduction from profits after dividends...........................

Amounts per $100 of total capital account2

Net earnings from current operations.............................................

Recoveries, profits on securities, etc..................................................

$1.61+ $3.74 $2.52 $2.09 $1.70 $2.8 U $2.66

$5.34

3.19

19.69

$2.68

$5.72

3.60

21.06

$2.72

$5.54

4.00

21.15

$0.86

$7.60

4.52

12.73

$6.42

4.03

16.46

$2.62

2.00

13.55

$4.26

2.88

16.36

$5.01

3.34

17.46

$5.51

3.07

15.97

$5.35

3.50

22.45

Net deduction from profits for current period...................... $6.01

3.13

$8.93

.43

$9.22

.77

$9.11

.92

$7.39

1.16

$13.60

1.00

$11.1 6

1.31

$11.74

1.38

$11.61

2.07

$0.61

4.86

Net deduction from profits after dividends............................. $9.1 U

$46.01

33.21

20.78

100.00

$9.36

$69.32

10.73

19.95

100.00

$9.99

$64.95

17.32

17.73

100.00

$10.03

$61.30

22.60

16.10

100.00

$8.55

$58.64

26.23

15.13

100.00

$14.60 $12.47 $13.12 $13.68 $5.47

Amounts per $100 of total earnings

Earnings:

Interest and discount on loans......................................................

Interest and dividends on securities.............................................

Total earnings from current operations.....................

$58.52

27.45

14.03

100.00

$52.46

29.76

17.78

100.00

$53.67

30.33

16.00

100.00

$45.58

30.13

24.29

100.00

$37.55

40.38

22.07

100.00

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Expenses:

Salaries and wages....................................

Interest on time deposits.................. . ’ ,

Interest on other deposits...............

Other expenses..................................

Total current expenses...............

Net earnings from current operations

$26.88 $35.48 $30.59 $27.62 $25.63 $24.62 $25.67 $23.77 $27.67 $26.98 19.61 13.96 19.54 24.18 25.69 28.44 26.58 27.55 23.73 12.66 1.42 1.19 1.66 1.77 2.04 1.91 1.87 1.59 1.63 1.04 24.03 35.38 30.02 27.41 25.96 24.91 24.90 25.15 25.10 21.62 71.94 86.01 81.81 80.98 79.32 79.88 79.02 78.06 78.13 62.30

$28.06 $13.99 $18.19 $19.02 $20.68 $20.12 $20.98 $21.94 $21.87 $37.70

r are not included. See Tables 123 and 124.

by insured * * in6trUCtions for the of reports of condition on Form 64, Call No. 2

insured^m m erTaltata °f it6mS' “ * in8tractions for •* earnings and dividends reports on Form 73 by

INSURED COMMERCIAL BANKS— EARNINGS 235

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 28. E a r n i n g s , E x p e n s e s a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m ,

Ca l e n d a r Y e a r 1 9 3 4

BAN K S GROUPED BY AM O U N T OF DEPOSITS

All

banks

Banks

operating

less

than

one

year

Banks operating throughout the entire year

Total

Banks having deposits on December 31, 1934, of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

Number of banks 17,682 303 7,379 1,186 2,492 1,720 641 380 585 255 116 4

Earnings:

Interest and dividends on securities...............................

Interest on balances with other banks......................

Other collection charges, commissions, fees, etc........

Service charges on deposit accounts................................

Other current earnings...........................................................

Total earnings from current operations. .

Expenses:

Interest and discount on borrowed m oney...................

Total current expenses....................................

149,129

75,713

1,077

7,376

5,865

519

6,962

6,883

18,211

271,735

1,491

675

9

164

50

25

79

174

2,667

147,638

75,038

1,068

7,212

5,815

519

6,937

6,804

18,037

269,068

4,123

635

9

499

212

1

22

158

291

5,950

16,068

4,285

49

1,660

739

3

84

647

1,207

24,742

(In thou

20,376

7,347

55

1,655

919

18

84

894

1,746

33,094

sands of <

12,271

5,352

48

824

437

47

93

606

1,076

20,754

dollars)

9,949

4,629

55

542

280

8

91

542

815

16,911

23,034

12,555

126

1,013

556

54

778

1,388

2,587

42,091

21,322

11,749

102

473

849

154

898

1,155

2,513

39,215

32,076

22,345

622

545

1,746

227

4,475

1.333

7.333

70,702

8,419

6,141

2

1

77

7

412

81

469

15,609

69,468

1,588

2,742

445

4,510

74,711

3,682

8,030

6,526

433

45,709

217,844

973

6

64

6

38

577

54

80

45

7

842

2,692

68,495

1,582

2,678

439

4,472

74,134

3,628

7,950

6,481

426

44,867

215,152

2,106

36

70

5

67

838

104

206

222

13

1.458

5,125

7,527

177

266

36

380

4,873

340

740

775

62

5.085

20,261

9,085

205

326

33

574

8,060

491

900

933

104

6,177

26,888

6,206

5,281

145

180

23

416

5,408

359

560

570

32

3,593

16,567

4,143

126

173

31

296

4,881

279

451

414

23

2,777

13,594

10,291

259

404

48

818

11,716

703

1,239

1,033

64

7,027

33,602

9,223

215

366

31

732

11,129

796

1,211

857

55

6,132

30,747

18,520

357

714

227

993

19,449

486

2,389

1,448

72

11,235

55,890

2,319

62

179

5

196

7,780

70

254

229

1

1,383

12,478

Not earnings from current operations................... 53,891 2 25 53,916 825 4,481 4,187 3,317 8,489 8,468 14,812 3,131

236 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Recoveries, profits on securities, etc.:

Recoveries on loans................................................ 8,381

5,967

14,562

8,776

37,686

49 8,332

5,940

14.262 

8,729

37.263

282

81

1,237

455

541

1,314

724

1,160

866

675

498

890

341

2,404

389

330

785

828

2,332

1,114

882

2,392

783

5,171

1,434

1,029

2,138

485

5,086

1,786

1,426

5,031

1,138

9,381

101

515

1,259

3,235

5,110

Recoveries on securities............................................... 27

Profits on securities sold.............................................. 300 66

All other...................................................................... 47 208 845

Total recoveries, profits on securities, etc.. 423 637 3,078 4,064

Net earnings and recoveries....................................... 91,577 398 91,179 1,462 7,559 10,270 6,591 5,649 13,660 13,554 24,193 8,241

Losses and depreciation:

On loans................................................................... 99,862

70,770

8,288

27,375

206,295

241 99,621

70,576

8,207

27,210

205,614

2,581

928

336

9,800

4,207

1,166

2,359

17,532

11,561

7,345

1,216

2,426

22,548

5,483

5,002

768

1,421

12,674

6,756

A A 7 A

16,124 

11 809

13,311

19 ann

26,747

17 Q7Q

7,258 On securities.............. . . . . 194 1 Q9

On banking house, furniture and fixtures............ 81 467

1,735

13,432

l ’,221

3,885

33,039

l^,oUU

1,347

4,051

31,509

i (,o / y

1,529

8,128

54,283

0,104

157

2,708

16,255

Other losses and depreciation..................................... 165 497

Total losses and depreciation........................ 681 4,342

Net deduction from profits for current period. . .

Cash dividends declared.............................................

1H ,718

13,929

283

50

11 A, A3 5

13,879

2,880

132

9,973

799

12,278

1,075

6,083

882

7,783

569

19,379

1,851

17,955

1,872

30,090

5,884

8,01k

815

Net deduction from profits after cash dividend. . 128,6k7 333 128,31k 3,012 10,772 13,353 6,965 8,352 21,230 19,827 35,97k 8,820

1 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks. 

3 Net loss.

N o t e : For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by insured commercial banks not members of the Federal 

Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 237

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGES FOR BANKS GROUPED BY AMOUNT OF DEPOSITS

T a b le 12 9 . E a r n i n g s , E x p e n s e s a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m ,

Ca l e n d a r Y e a r 1 934

All

banks

Banks 

operating 

less than 

one year

Banks operating throughout the entire year

Total

Banks having deposits on December 31, 1934, of—

$100,000 

and under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over 

$50,000,000 

(1)

Number of banks 27,682 303 7,379 1,186 2,492 1,720 641 380 585 255 116 4

Earnings:

Interest and discount on loans................

Interest and dividends on securities........

Interest on balances with other banks...

Exchange collected....................................

Other collection charges, commissions,

fees, etc....................................................

Foreign department..................................

Trust department......................................

Service charges on deposit accounts.......

Other current earnings..............................

Total earnings from current

operations.......................................

Expenses:

Salaries and wages....................................

Fees paid to directors, etc........................

Legal fee3...................................................

Interest on deposits of other banks........

Interest on other demand deposits.........

Interest on other time deposits...............

Interest and discount on borrowed money

Rea! estate taxes................................

Other taxes.................................................

Exchange paid...........................................

Other expenses...........................................

Totai current expen ses....................

Net earnings from current operations .

$19,413

9,856

140

960

763

68

906

896

2,371

35,373

$4,921

2,228

30

541

165

82

261

574

8,802

$20,008

10,169

145

977

788

70

940

922

2,445

36,464

$3,476

535

8

421

179

1

19

133

245

5,017

$6,448

1,719

20

666

297

1

34

260

484

9,929

$11,847

4,272

32

962

534

10

49

520

1,015

19,241

$19,144

8,349

75

1,286

682

73

145

945

1,679

32,378

$26,182

12,182

145

1.426

737

21

239

1.426

2,145

44,503

$39,374

21,462

215

1,732

950

92

1,330

2,373

4,422

71,950

$83,616

46,075

400

1,855

3,329

604

3,522

4,529

9,854

153,784

$276,517

192,629

5,362

4,698

15,052

1,957

38,578

11,491

63,216

609,500

$2,104,750

1.535.250

500

250

19.250 

1,750

103,000

20.250

117,250

3.902.250

$9,043

207

357

58

587

9,726

479

1,045

850

56

5,950

28,358

$3,211

19

211

20

125

1,904

178

264

148

23

2,781

8,884

$9,282

'214

363

60

606

10,047

492

1,077

878

58

6,080

29,157

$1,776

30

59

4

56

707

88

174

187

11

1,229

4,321

$3,021

71

107

14

153

1,955

136

297

311

25

2,041

8,131

$5,282

119

190

19

334

4,686

285

523

543

61

3,591

15,633

$8,239

226

281

36

64S

8,437

560

874

889

50

5,605

25,846

$10,903

331

455

82

779

12,845

734

1,187

1,089

61

7,308

35,774

$17,591

443

691

82

1,398

20,027

1,202

2,118

1,766

109

12,012

57; 439

$36,169

843

1,435

122

2,870

43,643

3,122

4,749

3,361

215

24,047

120.576

$159,655

3,078

6,155

1,957

8,560

167,664

4,190

20.595

12,483

620

96,853

481.810

$579,750

15.500

44,750

1,250

49,000

1,945,000

17.500

63.500

57,250

250

345,750

3.119; 500

$7,015 3 $82 $7,307 $696 $1,798 $3,608 $6,532 $8,729 $14,511 $33,208 $127,690 $782,750

238 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Recoveries, profits on securities, e tc.:

Recoveries on loans...................................

Recoveries on securities...........................

Profits on securities sold.......................

All other.....................................................

Total recoveries, profits on securities, etc.............................................

$1,091

777

1,896

1,142

4,906

$162

89

890

155

1,396

$1,129

805

1,933

1,183

5,050

$238

68

56

175

537

$496

183

217

339

1,235

$764

421

675

503

2,363

$1,053

111

1,388

532

3,750

$1,024

868

2,066

2,179

6,137

$1,904

1,508

4,089

1,338

8,839

$5,624

4,035

8,384

1,902

19,945

$15,397

12,293

43,370

9,810

80,870

$25,250

128.750

314.750

808.750

1,277,500

Net earnings and recoveries................... $11,921 $1,314 $12,357 $1,233 $3,033 $5,971 $10,282 $14,866 $23,350 $53,153 $208,560 $2,060,250

Losses and depreciation:

On loans..................................................... $12,999 $796 $13,501 $2,176 $3,932 $6,722 $8,554 $17,779 $27,563 $52,200 $230,577 $1,814,500

On securities.............................................. 9,212 640 9,564 783 1,688 4,270 7,803 11,774 20,186 50,196 154,129 1,533,000

On banking house, furniture and fixtures. 1,079 267 1,112 283 468 707 1,198 1,228 2,087 5,282 13,181 • 39,250

Other losses and depreciation.................. 3,564 545 3,688 419 947 1,410 2,217 4,566 6,641 15,886 70,069 677,000

Total losses and depreciation......... 26,854 2,248 27,865 3,661 7,035 13,109 19,772 35,347 56,477 123,564 467,956 4,063,750

Net deduction from profits for current 

p e r io d ....................................................... $ll+,933 $93 1+ $15,508 $2,1+28 $l+,002 $7,138 $9,1+90 $20,1+81 $33,127 $70,1+11 $259,396 $2,003,500

Cash dividends d e cla re d ........................ 1,813 164 1,881 111 320 626 1,376 1,497 3,164 7,342 50,724 203,750

Net deduction from profits after cash 

dividends................................................... $16,7 1+6 $1,098 $17,389 $2,539 $k,322 $7,76 k $10,866 $21,978 $36,291 $77,753 $310,120 $2,207,250

1 Because of the small number of banks, the figures for this group are not necessarily typical of those for banks with deposits of over $50,000,000.

2 Excludes 2 national banks in Alaska, 11 banks in the District of Columbia, and 9 other banks.

3 Net loss.

N o t e : For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by insured commercial banks not members of the Federal 

Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 2 39

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Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS

T a b le 1 3 0 . E a r n i n g s , E x p e n s e s a n d D i v id e n d s , S p e c ia l R a t io s , I n s u r e d C o m m e r c ia l B a n k s n o t M e m b e r s of t h e F e d e r a l

R e s e r v e S y s t e m , Ca l e n d a r Y e a r 1 9 3 4

All

banks1

Banks1 having deposits on December 31, 1934, of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

(2)

Number of banks 7,379 1,186 2,492 1,720 641 380 585 255 116 4

Amounts per $100 of deposits3

Net earnings from current operations......................................

Net deduction from profits for current period.......................

Net deduction from profits after cash dividends...................

$5.40

4.32

1.08

.75

4.13

$7.47

6.43

1.04

.80

5.45

$5.92

4.85

1.07

.74

4.20

$5.53

4.49

1.04

.68

3.77

$5.31

4.24 

1.07

.62

3.25

$5.17

4.16

1.01

.71

4.10

$5.26

4.20

1.06

.65

4.13

$5.30

4.16

1.14

.69

4.26

$5.55

4.39

1.16

.74

4.26

$4.40

3.52

0.88

1.44

4.58

$2.30

.28

$3.61

.17

$2.39

.19

$2.05

.18

$1.56

.22

$2.38

.17 '*:£§ $2.36.46

$2.26

.23

$2.58 $3.78 $2.59 $2.23 $1.78 $2.55 $2.65 $2.68 $2.82 $249

Amounts per $100 of total capital account3

Net earnings from current operations..............................................

Recoveries, profits on securities, etc.................................................

Losses and depreciation.....................................................................

Net deduction from profits for current period.......................

Net deduction from profits after cash dividends...................

$5.10

3.52

19.44

$2.59

2.00

13.65

$4.25

2.92

16.62

$4.93

3.23

17.91

$5.36

3.07

16.21

$5.21

3.66

21.10

$5.13

3.12

19.96

$5.44

3.27

20.24

$5.14

3.26

18.85

$7.17

11.70

37.21

$10.82

1.31

$9.06

.41 *’ #6 $9.75

.85

$7.78

1.13

$12.23

.89

$11.71

1.12

$11.53

1.20

$1045

2.04

$18.31+

1.87

$12.13 $947 $10.21 $10.60 $8.91 $13.12 $12.83 $12.73 $1249 $20.21

Amounts per $100 of total earnings

Earnings:

Interest and discount on loans......................................................

Interest and dividends on securities.............................................

Other earnings.................................................................................

Total earnings from current operations.......................

$54.87

27.89

17.24

100.00

$69.29

10.66

20.05

100.00

$64.94

17.31

17.75

100.00

$61.57

22.20

16.23

100.00

$59.12

25.79

15.09

100.00

$58.83

27.37

13.80

100.00

$54.72

29.83

15.45

100.00

$54.37

29.96

15.67

100.00

$45.37

31.60

23.03

100.00

$53.94

39.34

6.72

100.00

240 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Expenses:

balaries and wages.........................................................................

Interest on time deposits...............................................................

Interest on other deposits..............................................................

Other expenses................................................................................

Total current expenses......................................................

Net earnings from current operations.....................................

Interest and discount on loans per $100 of total loans3.................

Interest and dividends on securities per $100 of total securities3.

Service charges per $100 of demand deposits3................................

Interest on time deposits per $100 of time deposits3.....................

Losses on loans per $100 of total loans3..........................................

Losses on securities per $100 of total securities3............................

Losses and depreciation on banking house, furniture and fixtures, 

per $100 of banking house, furniture and fixtures3....................

$25.45 $35.40 $30.43 $27.45 $25.45 $24.50 $24.45 $23.52 $26.19 $14.86

27.55 14.09 19.69 24.36 26.06 28.86 27.83 28.38 27.51 49.84

1.83 1.20 1.68 1.83 2.11 1.93 2.06 1.95 1.73 1.29

25.13 35.44 30.09 27.61 26.21 25.10 25.49 24.56 23.62 13.95

79.96 86.13 81.89 81.25 79.83 80.39 79.83 78.41 79.05 79.94

$20.04 $13.87 $18.11 $18.75 $20.17 $19.61 $20.17 $21.59 $20.95 $20.06

$5.90 $7.92 $7.26 $6.87 $6.57 $6.20 $5.85 $5.67 $5.01 $4.82

'3.77 3.18 3.33 3.52 3.56 3.61 3.85 3.72 4.09 3.67

.32 .29 .25 .28 .32 .37 .40 .41 .26 .14

2.77 3.22 3.02 2.95 2.77 2.77 2.67 2.54 2.84 2.76

3.98 4.96 4.43 3.90 2.94 4.21 4.10 3.54 4.18 4.15

3.55 4.66 3.27 3.51 3.33 3.49 3.62 4.05 3.28 3.67

4.07 6.57 6.71 5.52 5.37 3.95 3.69 4.12 2.73 1.71

1 Banks operating throughout the entire year. Figures for 303 banks not operating throughout the entire year are not included. See Tables 128 and 129.

2 Because of the small number of banks, the figures for this group are not necessarily typical of those for banks with deposits of over $50,000,000. For more typical figures, 

see Table 127.

3 As of December 31, 1934.

N o t e : For explanation of items, see instructions for preparation of earnings and dividends reports on Form 73 by insured commercial banks not members of the Federal 

Reserve System, page 166.

INSURED COMMERCIAL BANKS— EARNINGS 241

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Federal Reserve Bank of St. Louis
T a b le 131. E a r n in g s , E x p e n s e s a n d D i v i d e n d s P e r $100 o f T o t a l A v a il a b l e F u n d s , I n s u r e d C o m m e r c ia l B a n k s n o t

M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m , C a l e n d a r Y e a r 1 9 3 4 1

BAN KS GROUPED B Y A M O U N T OF DEPOSITS

Ail

banks2

Banks2 having deposits on December 31, 1934, of—

$100,000

and

under

$100,000

to

250,000

$250,000

to

500,000

$500,000

to

750,000

$750,000

to

1,000,000

$1,000,000

to

2,000,000

$2,000,000

to

5,000,000

$5,000,000

to

50,000,000

Over

$50,000,000

(3)

Number of banks 7,379 1,186 2,492 1,720 641 380 585 255 116 4

Earnings:

Interest and discounts on loans.....................................................

Interest and dividends on securities.............................................

Service charges on deposit accounts..............................................

Exchange collected..........................................................................

Other current earnings...................................................................

Total earnings from current operations.......................

Expenses:

Salaries and wages..........................................................................

Interest on time deposits...............................................................

Other expenses................................................................................

Total current expenses.......................................................

Net earnings from current operations......................................

Recoveries, profits on securities, etc..........................................

Net earnings and recoveries.........................................................

Losses and depreciation:

On loans...........................................................................................

On securites.....................................................................................

On banking house, furniture and fixtures....................................

Other losses and depreciation........................................................

Total losses and depreciation...........................................

Net deduction from profits for current period.......................

Gash dividends declared................................................................

Net deductions from proSts after cash dividends.................

$2.40

1.22

.11

.12

.52

4.37

$3.64

.56

.14

.44

.48

5.26

$3.05

.81

.12

.31

.40

4.69

$2.79

1.01

.12

.23

.38

4.53

$2.60

1.13

.13

.17

.36

4.39

$2.52

1.17

.14

.14

.32

4.29

$2.35

1.28

.14

.10

.42

4.29

$2.34

1.29 

.13 

.05 

.49

4.30

$1.98

1.38

.08

.03

.89

4.36

$2.10

1.53

.02

.24

3.89

$1.11

1.21

.24

.94

3.50

$0.87

.61

1.48

$1.86

.74

.38

1.55

4.53

$1.43

.92

.29

1.20

3.84

$1.25

1.10

.25

1.08

3.68

$1.12

1.14

.24

1.00

3.50

$1.05

1.24

.22

.94

3.45

$1.05

1.19

.23

.95

3.42

$1.01

1.22

.23

.91

3.37

$1.14

1.20

.24

.87

3.45

$0.58

1.94

.12

.47

3.11

$0.73

.56

1.29

$0.85

.58

1.43

$0.85

.56

1.41

$0.89

.51

1.40

$0.84

.59

1.43

$0.87

.52

1.39

$0.93

.55

1.48

$0.91

.58

1.49

$0.78

1.28

2.06

$1.81

1.53

.04

.68

4.06

$1.62

1.15

.13

.44

3.34

$2.28

.82

.30

.44

3.84

$1.85

.80

.22

.45

3.32

$1.58

1.00

.17

.33

3.08

$1.16

1.06

.16

.30

2.68

$1.71

1.14

.12

.44

3.41

$1.64

1.20

.12

.40

3.36

$1.46

1.40

.15

.44

3.45

$1.65

1.10

.09

.50

3.34

$1.86

.23

$2.55

.12

$1.89

.15

$1.67

.15

$1.28

.19

$1.98

.14

$1.97

.19

$1.97

.21

$1.85

.36

$2 MO

.20

$2.09 | $2.67 $2.Ok, $1.82 $l.k7 $2.12 $2.16 $2.18 $2.21 $2.20

1 Total available funds as of December 31, 1934. Averages for the year for banks grouped by amount of deposits are not available. See also page 175.

2 Banks operating throughout the entire year. Figures for 303 banks not operating throughout the entire year are not included. See Tables 128 and 129.

3 Because of the small number of banks, the figures fur this group are not necessarily typical of those for banks with deposits of over $50,000,000. For more typical figures, 

see Table 126.

N o t e : For explanation of items, see instructions for preparation of earnings and dividend reports on Form 73 by insured commercial banka not members of the Federal 

Reserve System, page 166.

242 FEDERAL DEPOSIT INSURANCE CORPORATION

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INSURED MUTUAL SAVINGS BANKS 2 4 3

Table 132. C o n d itio n o f In su re d M u tu a l S a vin gs B a n k s, J u n e 30, 1934,

a n d D ecem ber 31, 1934

(Amounts in thousands of dollars)

INSURED MUTUAL SAYINGS BANKS

December 

31, 1934

June 

30, 1934

Number of banks 68 *66

ASSETS

Real estate mortgages................................................................................................ 545,043

9,383

159,835

316,398

1,030,659

59,640

12,977

57,175

12,388

1,627

1,174,466

559,333

Other loans and discounts......................................................................................... 16,874

U. S. Government obligations................................................................................... 120,424

325,501

1,022,132

Other bonds, stocks and securities...........................................................................

Total loans and investm ents...................................................................

Cash, cash items and amounts due from banks...................................................... 71,646

Banking house, furniture and fixtures......................................................................

Other real estate owned.............................................................................................

Interest due anti accrued...........................................................................................

Other assets.................................................................................................................

12,999

52,697

14,763

7,169

Total assets................................................................................................... 1,181,406

LIABILITIES

Due regular depositors...............................................................................................

Due club depositors...................................................................................................

1,044,394

412

1,038,063

1,907

Total deposits. .............................................................................................. 1,044,806 1,039,970

Depositors’ dividends accrued.................................................................................. 1,479

1,813

1,656

12,260

1,298

Bills payable.............................................................................................................. 9,042

Other liabilities........................................................................................................... 1,509

Capital notes and debentures................................................................................... 3,515

Surplus ) 80,522

26,790

5,140

1,174,466

106,329 Guaranty fund) .........................................................................................................

Undivided profits........................................................................................................ 782

Reserve for contingencies.......................................................................................... 18,961

Total liabilities, including capital accou n t......................................... 1,181,406

1 Excludes figures of 169 mutual savings banks which terminated their insurance with the Federal 

Deposit Insurance Corporation on July 1, 1934.

Table 133. E a rn in g s, E x p en ses a n d I n t e r e s t P a y m e n ts o f 68 In su red 

M u tu a l S avin gs B a n k s, C a le n d a r Y e a r 1934

Thousands 

of dollars

Thousands 

of dollars

Earnings: Net earnings for the year................ 7,719

Interest on real estate mortgages. . . 

Interest on other loans and discounts. 

Interest and dividends on securities. 

Interest on balances with other 

banks...............................................

24,602

457

18,866

250

Recoveries, profits on securities, 

e tc.:

Recoveries on real estate mortgages. 

Recoveries on other loans and dis647

Collection charges, commissions, 

fees, etc............................................

counts ............................................. 55

44 Recoveries on securities 833

Other current earnings. .................... 3,600

47,819

Profits on securities sold . . . 1,355

Total earnings All oth^r............................................. 2,591

Total recoveries, profits on 

Expenses: securities, etc....................... 5,481

Interest and dividends paid 

depositors....................................... 26,701

3,166

Net earnings and recoveries. ... 13,200

Salaries and wages............................ Losses and depreciation:

On real estate mortgages..................

On other loans and discounts...........

On securities.....................................

Fees paid to trustees and members 

of executive, discount and advisory committees......................... 208

2,408

159

5,300

94

3,230

11,191

Legal fees...........................................

Interest and discount on borrowed 

money.............................................

135

1,550

1,758

1,108

5,474

40,100

On banking house, furniture and

fixtures............................................

Other losses and depreciation

Real estate taxes............................... Total losses and depreciation All other ta x e s ..................

Other expenses................................... Net addition to profits from 

......... operations for the year.............Total current expenses 2,009

Net earnings for the year................ 7,719

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 13 4 . I n s u r e d a n d U n in s u r e d D e p o s it s i n I n s u r e d M u t u a l S a v in g s B a n k s , O c to b er 1, 1 9 3 4

B Y STATES

B anks electing $5,000 in ­

surance m a x im u m :

Indiana...................................

M aine......................................

Maryland...............................

Minnesota..............................

New Jersey...........................

New Y o rk..............................

Ohio..........................................

Oregon.....................................

Pennsylvania........................

Vermont.................................

Washington...........................

Wisconsin...............................

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

B anks electing $2,500 in ­

surance m a x im u m :

M aine......................................

Maryland...............................

New Jersey.........................

New Y ork..............................

Ohio........................................

Pennsylvania........................

TTr;s^,^nsjri

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

Total of both groups

Number of 

banks

4

4

1

1

4

1

2

1

1

19

3

3

44

2

1

17

68

Number of accounts

Total

20,307

72,534

3,360

198,553

66,546

93,561

146,125

315

5,901

111,402

170,784

18,484

907,872

7,371

5,079

245.937

297,765

20,394

9,843

425

586,814

1,494,686

Fully

insured

19,854

71,472

3,356

195,923

65,123

89,231

140,862

315

5,820

109,085

168,990

18,420

888,451

7,057

5,028

229.662

241,482

19,980

9,702

419

513,330

1,401,781

Partially

insured

453

1,062

4

2,630

1,423

4,330

5,263

81

2,317

1,794

64

19,421

314

51

16,275

56,283

414

141

6

73,484

92,905

Deposits (in thousands of dollars)

Total

12,448

34,568

395

60,858

41,976

83,264

104,899

98

3,189

71,726

50,011

3,412

466,844

3,420

835

150,440

409,310

5,027

1,764

99

570,895

1,037,739

Insured deposits

Total

10,707

31,882

377

58,242

36,944

75,514

81,341

98

9 c 

64^557 

46,909 

3,170 

412,727

2,854

548

101,760

277,114

4,056

1,471

97

387,900

800,627

In

fully

insured

accounts

8,442

26,572

357

45,092

29,829

53,864

55,026

98

2,581

52,972

37,939

2,850

315,622

2,069

420

61,073

136,407

3,021

1,118

82

204,190

519,812

In

partially

insured

accounts

2,265

5,310

20

13,150

7,115

21,650

26,315

405

11,585

8,970

320

97,105

785

128

40,687

140,707

1,035

353

15

183,710

280,815

Unin1-

sured

deposits

in Total

par­ actially counts

insured

accounts

1,741

2,686

18

2,616

5,032

7,750

23,558

203

7,169

3,102

242

54,117

566

287

48,680

132,196

971

293

2

182,995

237,112

Percentage distribution of accounts

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Fully

insured

accounts

97.8

98.5

99.9 

98.7

97.9

95.4

96.4 

100.0

98.6

97.9

98.9

99.7

97.9

95.7

99.0

93.4

81.1 

98.0

98.6

98.6

87.5

93.8

Partially

insured

accounts

2.2

1.5 

.1

1.3

2.1

4.6

3.6

1.4

2.1

1.1

.3

2.1

Percentage distribution 

of deposits

Total

deposits

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Insured deposits

Total

86.0

92.2

95.4

95.7 

88.0

90.7

77.6 

100.0

93.6 

*90.0

93.8

92.9

88.4

83.5

65.6

67.7

67.7

80.7 

83.4

98.0

68.0

77.2

In

fully

sured

67.8

76.9

90.4

74.1

71.1

64.7

52.5 

100.0

80.9

73.8

75.9

83.5

67.6

60.5

50.3

40.6

33.3 

60.1

63.4 

82.8 

35.8

50.1

In

partially

insured

accounts

18.2

15.3

5.0

21.6

16.9

26.0

25.1

12.7 

16.2 

17.9

9.4

20.8

23.0

15.3

27.1

34.4 

20.6

20.0

15.2

32.2

27.1

Uninsured

deposits

in

partially

insured

accounts

14.0 

7.8 

4.6

4.3

12.0

9.3 

22.4

6.4

10.0

6.2

7.1

11.6

16.5 

34.4

32.3

32.3

19.3

16.6 

2.0

32.0

22.8

'244 FEDERAL DEPOSIT INSURANCE CORPORATION

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BANK SUSPENSIONS AND RECEIVERSHIPS

Table 135. N u m b e r a n d D e p o s it s o f B a n k s S u s p e n d in g O p e r a t io n s D u r in g 1934

BY CLASS OF BANK GROUPED BY AMOUNT OF DEPOSITS

Number of banks Deposits (in thousands of dollars)

Insured banks Insured banks

All

banks

Total National

banks

State banks 

members 

Federal Reserve 

System

Banks 

not members 

Federal Reserve 

System

Uninsured

banks

All

banks

Total National

banks

State banks 

members 

Federal Reserve 

System

Banks 

not members 

Federal 

Reserve 

System

Uninsured

banks

Banks having deposits of:

$100,000 and under................. 21 5 1 4 16 1,213

2,338

4,585

742

282 40 242

608

931

1,730

4,585

742

$100,000 to $250,000............ 16 3 3 13 608 $250,000 to $500,000............. 13 13

$500,000 to $750,000............... 1 1

$750,000 to $1,000,000...........

$1,000,000 to $2,000,000 1 1 1 1,062

9,881

17,116

1,062 1,062

$2,000,000 to $5,000,000 3 3 9,881

17,116 $5,000,000 to $50,000,000___ 2 2

Over $50,000,000....................

T otal............................ $7 9 1 8 48 36,937 1,952 40 1,912 34,985

BANK SUSPENSIONS AND RECEIVERSHIPS 245

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Federal Reserve Bank of St. Louis
T a b le 1 3 6 . I n s u r e d B a n k s P la c e d i n R e c e iv e r s h ip i n 1934

Date

Date of 

first payCause of suspension

Designating

number

Name and location Class of bank

Year of 

organization

Date of 

suspension

receivership

became

final

ment to 

depositors 

by Federal 

Deposit Insurance 

Corp.

Name of receiver

Basic Immediate

1 Fon Du Lac State Bank,................

East Peoria, Illinois

State bank, not member 

Federal Reserve System

1919 5-28-34 6-25-34 7-3-34 William L. O'Connell 

S. J. McCahren, 

Deputy Receiver.

Bad

management

Internal

discord

2 Bank of America Trust Co..............

Pittsburgh, Pennsylvania

State bank, not member 

Federal Reserve System

1929 4-19-34 7-17-34 7-19-34 Secretary of Banking 

Walter C. Brenneis, 

Deputy Receiver.

Bad

management

Defalcation

3 First National Bank o f....................

Lima, Montana

National bank 1919 7-18-34 7-18-34 7-31-34 Federal Dep. Ins. Corp. 

Leonard L. Schultz, 

Acting Liquidator.

Uneconomic

location

Insufficient

business

4 Florence Deposit Bank....................

Florence, Indiana

State bank, not member 

Federal Reserve System

1903 7-18-34 7-28-34 8-1-34 Dep. of Financial Insts. 

Dennis L. Feuquay, 

Special Representative.

Bad

management

Defalcation

5 Bank of Lewisport............................

Lewisport, Kentucky

State bank, not member 

Federal Reserve System

1895 8-6-34 8-9-34 8-15-34 Banking and Secur. Comm. 

J. S. Gregory,

Special Deputy.

Bad

management

Shrinkage

of

business

6 Farmers & Traders Bank.................

Porterfield, Wisconsin.

State bank, not member 

Federal Reserve System

1919 10-11-34 10-11-34 10-15-34 The Banking Commission 

F. A. Marks,

Special Deputy Comm.

Uneconomic

location

Defalcation

7 Pickens County Bank......................

Jasper, Georgia.

State bank, not member 

Federal Reserve System

1909 10-13-34 10-30-34 11-5-34 Superintendent of Banks 

E. E. Trapnell, 

Liquidating Agent.

Excessive

loans

Defalcation

8 The State Bank................................

Sauk City, Wisconsin.

State bank, not member 

Federal Reserve System

1906 11-16-34 12-3-34 12-12-34 The Banking Commission 

O. K. Johnson,

Special Deputy in Charge.

Bad

management

Shrinkage

of

business

9 Farmers State Bank o f. ..................

Bongards, Minnesota.......................

State bank, not member 

Federal Reserve System

1915 9-13-34 12-17-34 1-8-35 Commissioner of Banks 

Frank J. Heany,

Special Deputy Examiner.

Uneconomic

location

Defalcation

246 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 137. A ssets of Insured Ba n k s Placed in Receivership in 1934

AS SHOWN BY BOOKS OF BANKS AT DATE OF SUSPENSION

Designating

number

Name and location Total assets Cash and due 

from banks

United States 

Government 

securities

Other

securities

Loans

discounts

overdrafts

Banking house 

furniture and 

fixtures

Other real 

estate Other assets

1 Fon Du Lac State Bank.......

East Peoria, Illinois.

$ 373,780 $ 86,439 $ 16,173 $ 2 ,0 0 0 $227,493 $ 5,281 $ 36,294 $ 1 0 0

2 Bank of America Trust C o.. . 

Pittsburgh, Pennsylvania.

1,434,996 24,321 563.379 184,730 571,003 24,461 52,210 14,892

3 First National Bank of 90,870 6,404 1,417 31,984 17,635 6,500 26,930

Lima, Montana.

4 Florence Deposit Bank .... 105,466 5,855 11,944 64,077 1,600 21,990

Florence, Indiana.

5 Bank of Lewisport ................ 81,079 1,972 466 55,473 7,000 15,700 468

Lewisport, Kentucky.

6 Farmers & Traders Bank.... 45,549 3,049 9,728 19,112 4,700 8,260 700

Porterfield, Wisconsin. *

7 Pickens County Bank 243,050 22,398 16,150 1,600 184,624 10,423 7,855

Jasper, Georgia.

8 The State Bank 195,038 17,502 6,400 2 1 ,6 6 6 132,085 12,900 4,485

Sauk City, Wisconsin.

9 Farmers State Bank of 91,499 17,116 9,520 58,363 6,500

Bongards, Minnesota.

Total............................... 2,661,327 185,056 603,519 273,638 1,329,865 79,365 120,319 69,565

BANK SUSPENSIONS AND RECEIVERSHIPS 247

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Federal Reserve Bank of St. Louis
T a b le 1 38. L ia b i l i t i e s o f I n s u r e d B a n k s P l a c e d i n R e c e iv e r s h ip i n 1 9 3 4

AS SHOWN BY BOOKS OF BANKS AT DATE OF SUSPENSION

Designating

number

Name and location Total

liabilities

Deposits 

secured and 

preferred

Other

secured

liabilities

Deposits 

not secured 

and not 

preferred

Other

unsecured

liabilities

Debentures Common

stock

Other

capital

account1

1 $ 373,780 $ 10,000 $226,073 $ 7,036 $ 40,000 $ 50,000 $ 40,671

East Peoria, Illinois.

2 Bank of America Trust C o.. . 

Pittsburgh, Pennsylvania.

1,434,996 692,500 $ 43,630 369,994 6,487 262,100 60,285

3 First National Bank of . . . 90,870 25,000 39,688 182 25,000 1,000

Lima, Montana.

4 Florence Deposit Bank 105,466 69,065 1,401 25,000 10,000

Florence, Indiana.

5 Bank of Lewisport ................ 81,079 67,940 55 15,000 H,916

Lewisport, Kentucky.

6 Farmers & Traders Bank........ 45,549 31,663 10 5,000 10,000 n,i2u

Porterfield, Wisconsin.

7 Pickens County Bank.............. 243,050 7,129 195,294 11,239 25,000 15,000 n o ,612

Jasper, Georgia.

8 The State Bank 195,038 9,000 169,907 62 20,000 23,931

Sauk City, Wisconsin.

i) Farmers State Bank of .... 91,499 10,606 62,133 861 10,000 10,000 22,101

Bongards, Minnesota.

Total............................... 2,661,327 720,235 77,630 1,231,757 27,333 80,000 432,100 92,272

1 This item includes surplus, undivided profits and reserve funds minus operating deficit, if any, as shown by books.

2 Deficit.

248 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 139. D e p o s it s o f I n s u r e d B a n k s P l a c e d i n R e c e iv e r s h ip i n 19 3 4

REVISED TO DECEMBER 31, 1934

Designating

number

Name and location Total (!) Insured Secured and 

preferred

Subject to 

offset

Uninsured, unsecured, not 

preferred and 

not subject to 

offset

Restricted and 

deferred deposits 

uninsured

1 Fon Du Lac State Bank............................................ $ 237,892 $ 104,128 $ 43,306 $ 12,196 $ 78,262 East Peoria, Illinois.

2 Bank of America Trust Co....................................... 1,063,787 315,033 692,500 50,320 5,934 Pittsburgh, Pennsylvania.

3 First National Bank o f.............................................. 41,644 37,903 3,741

Lima, Montana.

1 Florence Deposit Bank.............................................. 68,992 66,124 368 $ 2,500 Florence, Indiana.

5 Bank of Lewisport..................................................... 68,148 64,070 4,078 Lewisport, Kentucky.

6 Farmers & Traders Bank. . ., ................................... 31,663 27,570 2,793 1,300 Porterfield, Wisconsin.

7 Pickens County Bank................................................ 210,162 185,066 7,129 17,067 900 Jasper, Georgia.

8 The State Bank.......................................................... 170,351 120,786 7,379 16,859 25,327 Sauk City, Wisconsin.

9 Farmers State Bank o f.............................................. 72,739 16,254 9,495 3,533 43,457 Bongards, Minnesota.

Total................................................................. 1,965,378 936,934 752,430 101,475 103,255 71,284

1 The amount of deposits given in Table 138 as shown by the books of the banks at date of suspension differs from the amount shown on December 31, 1934, due to the fact 

that during the process of deposit payment some new items were discovered and the status of other items with regard to insurance was changed.

BANK SUSPENSIONS AND RECEIVERSHIPS 249

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Federal Reserve Bank of St. Louis
T a b le 1 4 0 . P a y m e n t s D u r i n g 1 9 3 4 to I n s u r e d D ep o sit o r s o f I n s u r e d B a n k s P l a c e d i n R e c e iv e r s h ip i n 1 934

Number of depositors Insured deposits

Charter

number

Title of new bank formed and of 

suspended insured bank 1

Total

Paid by 

Federal Deposit 

Insurance Corp.

Fully paid 

by offset Unpaid Total Paid Unpaid

1 Deposit Insurance National Bank....................... 1,816 984 93 739 $104,128 $ 91,940 $ 12,188

East Peoria, Illinois.

(Fon Du Lac State Bank.)

2 Deposit Insurance National Bank.......................

Pittsburgh, Pennsylvania.

(Bank of America Trust Co.)

9,750 7,109 204 2,437 315,033 303,826 11,207

3 Deposit Insurance National Bank.......................

Lima, Montana.

(First National Bank of Lima.)

182 169 12 1 37,903 37,832 71

4 Deposit Insurance National Bank....................... 303 259 43 1 66,124 66,094 30

Florence, Indiana. 

(Florence Deposit Bank.)

5 Deposit Insurance National Bank....................... 790 619 121 50 64,070 63,763 307

Lewisport, Kentucky. 

(Bank of Lewisport.)

6 Deposit Insurance National Bank....................... 220 168 35 17 27,570 27,259 311

Porterfield, Wisconsin. 

(Farmers & Traders Bank.)

7 Deposit Insurance National Bank....................... 1,332 764 91 477 185,066 183,870 1,196

Jasper, Georgia.

(Pickens County Bank.)

8 Deposit Insurance National Bank....................... 862 306 23 533 120,786 86,796 33,990

Sauk City, Wisconsin, 

(The State Bank.)

9 Deposit Insurance ^National Bank 263 263 16,254 16,254

Bongards, Minnesota.

(Farmers State Bank of Bongards.)

Total........................................... ................. 15,518 10,378 622 4,518 936,934 861,380 75,554

_______

1 Name of suspended insured bank in parentheses.

250 FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 141* 'S t a t e m e n t o f O p e r a t i o n s o f D e p o s i t I n s u r a n c e N a t i o n a l B a n k s T h r o u g h D e c e m b e r 31, 1 9 8 4

Advances from Advances from 

Federal Deposit 

Insurance Corp. 

for expenses

Disposition of advances

Charter

number

Title of new bank formed and of 

suspended insured bank 1

Federal Deposit 

Insurance Corp. 

to pay 

depositors

Total

advances Payments to 

depositors Salaries Otherexpenses

Cash and 

due from 

banks

1 Deposit Insurance National Bank......................

East Peoria, Illinois.

(Fon Du Lac State Bank.)

$105,000 $ 2,500 $107,500 $ 91,940 $ 465 $ 551 $ 14,544

2 Deposit Insurance National Bank......................

Pittsburgh, Pennsylvania.

(Bank of America Trust Co.)

344,000 5,000 349,000 303,826 2,695 1,112 41,367

3 Deposit Insurance National Bank......................

Lima, Montana.

(First National Bank of Lima.)

38,000 2,500 •10,500 37,832 188 357 2,123

4 Deposit Insurance National Bank......................

Florence, Indiana.

(Florence Deposit Bank.)

(if),200 1,500 67,700 66,094 72 96 1,438

5 Deposit Insurance National Bank.................... .

Lewisport, Kentucky.

(Bank of Lewisport.)

64,200 1,500 65,700 63,763 52 120 1,765

6 Deposit Insurance National Bank......................

Porterfield, Wisconsin.

(Farmers & Traders Bank.)

28,000 2,500 30,500 27,259 26 194 3,021

7 Deposit Insurance National Bank......................

Jasper, Georgia.

(Pickens County Bank.)

200,000 2,500 202,500 183,870 204 61 18,365

8 Deposit Insurance National Bank......................

Sauk City, Wisconsin.

(The State Bank.)

125,000 1,500 126,500 86,796 14 104 39,586

T otal............................................................ 970,400 19,500 989,900 861,380 3,716 2,595 122,209

1 Name of suspended insured bank in parentheses.

N o t e : Deposit Insurance National Bank, Bongards, Minnesota, Charter number 9, was not organized until January 1935.

BANK SUSPENSIONS AND RECEIVERSHIPS 251

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252 FEDERAL DEPOSIT INSURANCE CORPORATION

FEDERAL DEPOSIT INSURANCE CORPORATION

Table 142. A v er a g e A n n u a l S a l a r ie s P a id to O f f ic e r s a n d E m p l o y e e s

of t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , a s of

D e c e m b e r 31, 1934

Washington office

Directors.................................................................

Assistants to Directors..........................................

Secretary.................................................................

General Counsel.....................................................

Division and Department Heads.........................

Attorneys................................................................

Review Examiners.................................................

Assistant Review Examiners.................................

Research Assistants...............................................

Special Representatives.........................................

Section Supervisors................................................

Secretaries, Stenographers, Typists and Clerks.

Guards, Messengers and miscellaneous...............

Total Washington office.........................

Field offices

Supervising Examiners..........................................

Examiners...............................................................

Assistant Examiners..............................................

Chief Clerks............................................................

Stenographers, Typists and Clerks......................

Total field offices.................................

Total all offices.....................................

Number Average annual

salary

2 $10,000.00

2 12,000.00

| 1 8,500.00

■ 1 12,000.00

! 10 6,140.00

; 5 5,840.00

8 ; 7,112.50

: 8 3,725.00

3 4,866.37

; 10 4,580.00

14 1 2,375.71

1 162 1,575.43

28 1,249.29

254

14 $6,892.86

181 3,290.05

233 1,895.11

10 2,440.00

154 1,374.55

592

846

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Federal Reserve Bank of St. Louis
INDEX

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
INDEX

Page

Accounting and Auditing Division, Federal Deposit Insurance Corporation. 10

Accounting, uniform:

Conference of November 1934 .......................................................................... 31

Conference of supervisors of Federal examining forces, September 1934 . 19

Co-operation on calls of June 30 and December 31, 1934.................. 28, 29

Accounts, bank depositors’ :

Joint, instructions for computing deposits eligible for insurance. . . . . . . 144

Number fully and partially insured, banks not members of the Federal

Reserve System, national banks. State banks members of the Federal

Reserve System, banks grouped by size (amount of deposits) and by

States................................................................................... ..................... 186

Percent fully insured, banks not members of the Federal Reserve System,

national banks, State banks members of the Federal Reserve System,

banks grouped by size (amount of deposits) and by States.................. 192

Advertising of membership in Fund, Regulation A regarding....................... 22, 131

Assessments:

Amount, 1934........................................................................................................ 8, 10

Legal provisions for......................................................................................... . . 123

On members of Temporary Federal Deposit Insurance Fund. ...... 8, 11, 13

Rates of loss 1865-1934 not indicative of amount necessary.............. .. . , 74

Recommendations for permanent legislation............................................. 34

Assets:

Amount written off, insured commercial banks, 1934................................. 55

Changes in character and volume, 1934...... .............. .................................... 43

Changes in types held, 1934................. .......................................................... 56

Distribution, percentage, insured commercial banks not members of the

Federal Reserve System.................... ............................................................ 46

Examiners’ analysis (amounts and proportions, slow, doubtful and

worthless), insured commercial banks not members of the Federal

Reserve System:

Banks examined more than once:

Examinations for admission, and latest examination................. 17

Examination for admission in 1933-34, banks grouped by

geographic regions, by size (amount of deposits) and by

States............... ........................ ........................................' .............* 204

Latest examination in 1934-35, banks grouped by geographic

regions, by size (amount of deposits) and by States............. 206

Banks insured on December 31,1934, latest examination in 1934-35:

Banks grouped by geographic regions, by size (amount of

deposits) and by States:

Loans, discounts and overdrafts......................................... 208, 212

Other assets.............................................................................. 210, 214

Securities................................................................................... 210, 214

Total assets.............................................................................. 208, 212

Charts, banks grouped by size (amount of deposits)................. 48, 49

Discussion.............................................................................................. 45-47

Assets and liabilities:

Federal Deposit Insurance Corporation........................................................... 1 1

Insured banks placed in receivership. ........................................................ 247, 248

Insured commercial banks, June 30 and December 31, 1934, banks not

members of the Federal Reserve System, national banks, State banks

members of the Federal Reserve System.................................................... 194

Insured commercial banks not members of the Federal Reserve System,

December 31, 1934:

Banks grouped by size (amount of deposits )

Aggregate amount............................................ .................................. 198

Averages per bank............................................................................... 200

Percentage distributions............ ................................................... 202

2 55

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256 INDEX

Assets and liabilities— Continued. Page

Insured mutual savings banks, June 30 and December 31, 1934............. 243

Licensed commercial banks................................................................................. 43

Association of Reserve City Bankers, representative confers on condition

report form.................................................................................................................. 31

Bank examinations:

Banks not members of the Federal Reserve System, first examination..^................................................................................................... 14,15,16,18

Cooperation of Federal Deposit Insurance Corporation with State bank

supervisors.................................................................................................... 19

Cost, borne by Corporation................................................................................ 20

Elimination of duplication.................................................................................. 20

Legal provisions for, by Federal Deposit Insurance Corporation.. . . . . . 126

New forms............................................................................................................... 16

Number.................................................................................................................... 15, 18

Re-examination of rejected banks, 1934.......................................................... 16

Bank examiners:

“ Conference examiners” ...................................................................................... 19

Conference of supervisors of Federal examining forces, September 1934 . 19

Number of Federal Deposit Insurance Corporation examiners................. 14,19

Rating of assets, 1934........................................................................................... 17

Reduction in staff.................................................................................................. 18

Review examiners, functions of......................................................................... 14

Temporary examining organization.................................................................. 14

Bank failures, definition............................................................................................... 75

(See also Suspensions and receiverships.)

Bank suspensions and receiverships. (See Suspensions and receiverships.)

Bankers’ associations:

Relations of Federal Deposit Insurance Corporation with.................. 31

Meetings attended by representatives of Federal Deposit Insurance

Corporation......................................................................................................... 31

Banking Act of 1933, provisions creating the Federal Deposit Insurance

Corporation.................................................................................................... 3, 117-127

Banking crisis of 1933, re-establishment of public confidence........................... 7

Banks insured, changes in number during 1934.................................................... 177

Banks licensed during 1934:

Number and deposits: banks not members of the Federal Reserve System, national banks, State banks members of the Federal Reserve

System, insured and uninsured, banks grouped by size (amount of

deposits) and by States.....................; ...................................... ................. 178

Mutual savings banks.......................................................................................... 179

Banks members of the Federal Reserve System. (See national banks and

State banks members of the Federal Reserve System.)

Banks not members of the Federal Reserve System:

Admission to Temporary Federal Deposit Insurance Fund, method of. 15

Benefits of Federal Deposit Insurance Corporation pending admission to

Federal Reserve System.................................................................................. 118

Capital for eligibility to Federal Reserve System, change in definition of. 33

Examination of, in 1933...................................................................................... 14, 15

Number applying for admission to Fund, 1933............................................. 14

Number examined, 1933...................................................................................... 15

Number with insufficient assets for admission to Temporary Federal

Deposit Insurance Fund, first examination............................................... 15

(See also Insured banks not members of the Federal Reserve System.)

Bennett, E. G.:

Director of Federal Deposit Insurance Corporation.................................... 7

Resignation of......................................................................................................... 8

Borrowings, repayment, commercial banks, 1934................................................. 47

Capital account (book capital):

Adequacy for membership in the Federal Reserve System, insured commercial banks not members of the Federal Reserve System:

Amount of capital deficiency, banks grouped by size of center in

which located and by States.............................................................. 220-222

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Federal Reserve Bank of St. Louis
INDEX 257

Capital account (book capital)— Continued. Pa^e

Adequacy for membership in the Federal Reserve System— Continued

Number and deposits of banks with sufficient and with insufficient

capital, banks grouped by size of center in which located and by

States........................................................................................................... 220

Changes in during 1934 for insured commercial banks........................ 47, 53, 55

Changes in during 1934 for insured commercial banks not members of

the Federal Reserve System.......................................................................... 53

Definition............................................................................................ 47, 129, 149, 160

Federal Deposit Insurance Corporation.......................................................... 11, 13

Insured commercial banks, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal Reserve

System, June 30 and December 31, 1934................................................... 197

Insured commercial banks not members of the Federal Reserve System,

December 31, 1934

Banks grouped by size (amount of deposits):

Aggregate amount ............................................................................... 199

Average per bank................................................................................. 201

Percent of total liabilities ................................................................... 203

Reduction of, by write-offs................... ............................................................. 53

Required for membership in the Federal Reserve System......................... 129

Status of commercial banks not members of the Federal Reserve

System................................................... ............................................................. 16

Capital impairment, admission examinations....................................................... 16

Capital investment of Reconstruction Finance Corporation in capital obligations of insured commercial banks (banks not members of the Federal

Reserve System, national banks, State banks members of the Federal

Reserve System), banks grouped by States................................................... 219

Capital, net sound:

Definition................................................................................................................ 16

Examination of banks with inadequate net sound capital......................... 16

Improvement in, shown by examinations....................................................... 50, 51

Insured commercial banks not members of the Federal Reserve System:

Number, classified according to ratio of net sound capital to total

deposits........................................................................................................ 17, 51

Number and deposits, percentage distribution according to ratio of

net sound capital to total deposits....................................................... 51

Percent of capital account and of deposits; examiners’ classification:

Banks grouped by geographic regions........................................ 204, 206

Banks grouped by size (amount of deposits).............. 52, 204, 206

Banks grouped by States............................................................... 204, 206

Need for further improvement.......................................................................... 53

Capital, new, sources of for insured commercial banks not members of the

Federal Reserve System........................................................................................... 53

Capital, private (book value), insured commercial banks not members of

the Federal Reserve System, latest examination, 1934-35; banks grouped

by geographic regions and by size (amount of deposits)................................ 216

Capital stock of Federal Deposit Insurance Corporation............ 8, 1 1 , 13, 117, 118

Cash and amounts due from banks:

Changes, licensed commercial banks, 1934.................................................... 43, 44

Definition, report of condition............................................................ 148, 154, 158

Holdings, insured commercial banks (banks not members of the Federal

Reserve System, national banks, State banks members of the Federal Reserve System), June 30 and December 31, 1934......................... 195

Banks grouped by size (amount of deposits):

Aggregate amount. . ............................................................................ 198

Average per bank................................................................................. 200

Percent of total assets. ...................................................................... 202

Holdings, insured mutual savings banks, June 30 and December 31,

1934...................................................................................................................... 243

Cash receipts and expenditures, Federal Deposit Insurance Corporation. . .. 13

Central Statistical Board, reviewed schedule December report of condition. . 30

Certified statement of deposits:

Change of date for filing..................................................................................... 128

Date for filing......................................................................................................... 126

Form and Instructions................................................................................... 140-147

Legal provisions.......................... ...................................................................... 126

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258 INDEX

Commercial banks: Page

Deposits........................................................................................................ 89, 182, 185

(See also Deposits, insured commercial banks.)

In receivership, December 31, 1934.................................................................. 69

Sources of data, 1865-1934.................................................................... 75-80, 83-87

Commercial banks, licensed:

Assets and liabilities, January 1, 1934, and December 31, 1934.............. 43

Borrowings, end of 1934..................................................................................... 47

Deposits. (See also Deposits, insured commercial banks and licensed

banks)................................................................................................................. . 47

Holdings of United States Government and other securities, 1933-34. . 45, 46

Loans and discounts, decrease during 1934.................................................... 44

Number, insured and uninsured:

December 31, 1934, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal

Reserve System.................................................................................... 176, 180

Banks grouped by States.................................................................... 180

October 1, 1934, banks not members of the Federal Reserve System,

national banks, State banks members of the Federal Reserve

System, banks grouped by size (amount of deposits)...................... 184

Types of assets, 1934............................................................................................ 42

Comptroller of the Currency:

Cooperation in bank examinations................................................................... 14, 20

Director of Federal Deposit Insurance Corporation.................................... 117

Exchange of reports with Federal Deposit Insurance Corporation.......... 30

Condition statements. (See Assets and liabilities.)

Creditors’ claims, insured banks placed in receivership, 1934........................... 27

Crowley, Leo T.:

Chairman of the Board of Directors................................................................ 7

Director of the Federal Deposit Insurance Corporation...................... .. 7

Cummings, Walter J.:

Director of the Federal Deposit Insurance Corporation............................. 7

Resignation o f....................................................................................................... 7

Department of Agriculture:

Reviewed schedule, December report of condition ..................................... 30

Special schedule in December call.................................................................... 31

Deposit Insurance National Banks:

Advances from Federal Deposit Insurance Corporation............................. 251

Cash and due from banks, December 31, 1934............................................. 251

Legal provisions. (See also Law concerning Federal Deposit Insurance

Corporation.).................................................................................................. 121-123

Name, location and number organized, 1934................................................. 250

Organization, purpose, length of life................................................................ 26

Payment to depositors......................................................................................... 251

Statement of operations, December 31, 1934................................................. 251

Deposits:

Analysis of changes during 1934, licensed commercial banks................... 42

Banks licensed during 1934, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal Reserve System, insured and uninsured, banks grouped by size (amount

of deposits) and by States.............................................................................. 178

Banks not members of the Federal Reserve System.................................... 176

(See also Insured commercial banks not members of the Federal

Reserve System.)

Certified statement (See also Certified statement)............................ 33, 126, 141

Closed banks, purpose of Federal Deposit Insurance Corporation to

provide prompt release to depositors........................................................... 7

Commercial banks other than national, annually 1865-1934. . 87, 89, 103-106

Date on which Federal insurance became effective...................................... 3

Eligible for insurance, instructions for computing:

Banks, bankers and trust companies.................................................. 144, 146

Certificates of deposit............................................................................. 144, 145

Deferred........................................................................................................ 23, 134

Funds deposited by trustees...................................................................... 143

Joint accounts................................................................................................ 144

Offsets............................................................................................................... 144

Restricted............................................................................................ 23, 134, 147

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INDEX 259

Deposits— Continued.

Eligible for insurance, instructions for computing— Continued. page

Uninvested trust funds................................................................................ 145

United States Government and other public funds............................. 145

Unrestricted............................................................................................... 145, 146

Growth during 1934.............................................................................................. 41

Insurance protection, July 1934 ....................................................................... 32

Insured banks placed in receivership, 1934................................................ 246-251

Interest:

Regulation B, Federal Deposit Insurance Corporation... 22, 23, 131, 132

Regulation C, Federal Deposit Insurance Corporation........... 23, 133, 134

Legal definition.................................................................................................. 131, 133

Payment, procedure, closed banks.................................................................... 26

Proportion covered by Federal insurance, January 1, 1934...................... 59, 60

Safeguards under Federal Deposit Insurance Corporation. ...................... 36

Suspended commercial banks................. 27, 67, 68, 75-87, 91-99, 245, 248-251

(,See also Suspended banks, 1865-1934 and Suspensions and receiverships.)

Uninsured banks:

December 31, 1934, banks grouped by States...................................... 182

Licensed during 1934, banks grouped by size (amount of deposits)

and by States............................................................................................. 178

October 1, 1934, banks grouped by size (amount of deposits). . . . . . 185

Deposits, insured.............................................................................................. 188-193, 244

Increase during 1934............................................................................................. 60

(See also Deposits, insured commercial banks, insured commercial

banks not members of the Federal Reserve System, mutual savings banks, national banks, and State banks members of the

Federal Reserve System.)

Deposits, insured commercial banks (banks not members of the Federal

Reserve System, national banks, State banks members of the Federal Reserve System):

Amount, December 31, 1934.............................................................................. 196

Banks grouped by States.................................................. ......................... 182

Amount, June 30, 1934........................................................................................ 196

Amount insured, total and in fully insured accounts:

October 1, 1934, banks grouped by size (amount of deposits) and

by States..................................................................................................... 188

Amount insured and uninsured, in partially insured accounts, October

1, 1934, banks grouped by size (amount of deposits) and by States. . 188

Percent insured October 1, 1934, banks grouped by size (amount of

deposits) and by States................................................................................... 192

Deposits, insured commercial banks not members of the Federal Reserve

System:

Aggregate amount, December 31, 1934..................................................... 176, 196

Banks grouped by size (amount of deposits)................................. 198

Banks grouped by States............................................................................ 182

Amount insured, total and in fully insured accounts, October 1 , 1934,

banks grouped by size (amount of deposits) and by States.................. 190

Amount insured and uninsured in partially insured accounts, October 1,

1934, banks grouped by size (amount of deposits) and by States. . . . 190

Average, December 31, 1934, banks grouped by size (amount of deposits) ................................................................................................................... 200

Percent insured October 1, 1934, banks grouped by size (amount of

deposits) and by States................................................................................... 192

Percent of total liabilities, December 31, 1934, banks grouped by size

(amount of deposits)......................................................................................... 202

Deposits, licensed banks:

Aggregate and percent of deposits in banks to deposits in all banks in

class, October 1, 1934, banks grouped by size (amount of deposits). . 185

Amount, December 31, 1934, banks grouped by States............................. 182

Amount, January 1 and December 31, 1934, banks not members of the

Federal Reserve System, mutual savings banks, national banks, State

banks members of the Federal Reserve System...................................... 176

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260 INDEX

Deposits, mutual savings banks: Page

Aggregate and percent insured and uninsured in insured banks electing

$5,000 maximum and $2,500 maximum, October 1 , 1934, banks

grouped by States............................................................................................. 244

Aggregate and percent in insured and uninsured banks, October 1 , 1934,

banks grouped by size (amount of deposits)............................................. 185

Amount:

Annually, 1865-1934............................................................................... 112,113

June 30 and December 31, 1934.......................................... ................. 176

December 31, 1934, banks grouped by States...................................... 182

Deposits, national banks:

Amount, December 31, 1934....................................................................... . 176, 196

Banks grouped by States............................................................................ 182

Amount, June 30, 1934. ..................................................................................... 196

Amount insured, total and in fully insured accounts, October 1 , 1934,

banks grouped by size (amount of deposits) and by States.................. 188

Amount insured and uninsured, in partially insured accounts, October 1 ,

1934, banks grouped by size (amount of deposits) and by States. . . . 188

Annual averages and call dates, 1865-1934........................................ 89, 107-109

Percent insured, October 1, 1934, banks grouped by size (amount of

deposits) and by States................................................................................... 192

Deposits, State banks members of the Federal Reserve System:

Amount, December 31, 1934......................................................................... 176, 196

Banks grouped by States............................................................................ 182

Amount, June 30, 1934........................................................................................ 196

Amount insured, total and in fully insured accounts, October 1, 1934,

banks grouped by size (amount of deposits) and by States.................. 190

Amount insured and uninsured in partially insured accounts, October 1 ,

1934, banks grouped by size (amount of deposits) and by States. . . . 190

Percent insured October 1, 1934, banks grouped by size (amount of

deposits) and by States................................................................................... 192

Dividends:

Definition, report of earnings and dividends................. 149, 160, 164, 165, 170

Federal Deposit Insurance Corporation stock, legal provisions............... 117

Insured commercial banks, amounts paid during 1934..................... 54, 55, 232

Insured commercial banks not members of the Federal Reserve System,

1934:

All banks............................................................................................ 232,236-242

Banks operating less than one year..................................................... 236-239

Banks operating throughout the entire year, grouped by size

(amount of deposits).......................................................................... 236-242

Aggregates.............................................................................................. 237

Amount per $100 of deposits............................................................ 240

Amount per $100 of total available funds..................................... 242

Amount per $100 of total capital account..................................... 240

Amount per $100 of total earnings.................................................. 240

Average per bank................................................................................. 239

Form for report and instructions......................................................... 162-170

Insured commercial State banks, 1934:

All banks.................................................................................................... 228-232

Banks operating less than one year..................................................... 228-231

Banks operating throughout the entire year, grouped by size

(amount of deposits).......................................................... 228-231, 233-235

Aggregates.............................................................................................. 228

Amount per $100 of deposits............................................................ 234

Amount per $100 of total available funds..................................... 233

Amount per $100 of total capital account..................................... 234

Amount per $100 of total earnings.................................................. 234

Average per bank................................................................................. 231

Division of Examinations, organization.................................................................. 14

Earnings and expenses:

Definition, report of earnings and dividends........................... 162, 163, 166-168

Insured commercial banks, 1934....................................................................... 54, 55

Insured commercial banks not members of the Federal Reserve Svstem,

1934:

All banks............................................................................................ 232,236-240

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Federal Reserve Bank of St. Louis
INDEX 2 6 1

Earnings and expenses— Continued.

Insured commercial banks not members of the Federal Reserve System,

1934— Continued.

Banks operating less than one year..................................................... 236 -238

Banks operating throughout the year, grouped by size (amount of

deposits)......................... ................................. ...................................... 236 242

Aggregates............................................................. ............................... 236

Amount per $100 of deposits............................................................ 240

Amount per $100 of total available funds..................................... 242

Amount per $100 of total capital account..................................... 240

Amount per $100 of total earnings.................................................. 240

Average per bank................................................................................. 238

Charts and discussion................................................................................. 57, 58

Form for report and instructions......................................................... 162-170

Insured commercial State banks, 1934:

All banks. . . . ........................................................................................... 228-232

Banks operating less than one year..................................................... 228 -231

Banks operating throughout the year, grouped by size (amount of

deposits)........................... .................................................... 228-231, 233-235

Aggregates.............................................................................................. 228

Amount per $100 of deposits............................................................ 234

Amount per $100 of total available funds.................................... 233

Amount per $100 of total capital account..................................... 234

Amount per $100 of total earnings............................................. 234, 235

Average per bank............................................................................ 230, 231

Insured mutual savings banks........................................................................... 243

Earnings and recoveries, net. (See Earnings and expenses. )

Employees, number:

Federal Deposit Insurance Corporation......................................................... 8, 252

Banks not members of the Federal Reserve System, insured commercial

banks, national banks and State banks members of the Federal Reserve System...................................................................................................... 226

Examinations, bank. (See Bank examinations.)

Examinations, Division of........................................................................................... 14

Examiners, bank. (See Bank examiners.)

Examiners' classification of assets. (See Assets, examiners’ analysis of,

Loans and discounts, Securities.)

Executive order, March 10, 1933............................................................................ 14, 173

Expenses, commercial banks, reduction in 1934.................................................... 56

(See also Earnings and expenses.)

Failures, definition (See also Suspensions and receiverships)............................ 75

Federal Deposit Insurance Corporation:

Accounting and Auditing Division................................................................... 10

Advances to pay depositors and expenses...................................................... 251

Amendment of June 16, 1934, concerning receiverships............................. 32

Amendments to the law (text)...................................................................... 128-130

Assistance to banks in obtaining capital funds............................................. 50

Audit of cash receipts and disbursements....................................................... 12

Authorization to make loans to closed banks members of the Federal

Reserve System................................................................................................. 69

Balance sheet, December 31, 1934.................................................................... 1 1

Banking Act of 1933, provisions of creating......................................... 3, 117-127

Benefits to entire community............................................................................. 36

Capital stock subscriptions, by Federal Reserve banks and by Secretary

of the Treasury for the United States Government........................... 8, 11, 13

Cooperation with State supervisory authorities............................................ 29

Directors............................................................... ................................................... 7

Eligibility of banks in Alaska and Hawaii..................................................... 33

Employees, number.............................................................................................. 8, 252

Examinations, Division o f ................................................................................. 14

Exchange of reports with other Federal agencies......................................... 30

Forms for reports by insured banks:

Certified statement of deposits:

Form.................................................................................................... 140-141

Instructions....................................................................................... 142-147

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262 INDEX

Federal Deposit Insurance Corporation— Continued.

Forms for reports by insured banks— Continued.

Condition report: Page

Conference to consider changes........................................................ 31

Federal agencies considered............................................................... 30

Form.................................................................................................... 148-155

Instructions....................................................................................... 156-161

Meeting to discuss, November, 1934.............................................. 30

Earnings and dividends:

Form.................................................................................................... 162-165

Instructions....................................................................................... 166-170

Fund. (See Temporary Federal Deposit Insurance Fund.)

Funds of, kept on deposit with Treasurer of the United States............... 10

Law creating. (See also law concerning Federal Deposit Insurance

Corporation.).................................................................................................. 117-127

Legal aspects. (See law concerning Federal Deposit Insurance Corporation.)

Legal Division, organization............................................................................... 20

New and Closed Bank Division........................................................................ 25

Officers and employees, December 31, 1934................................................... 252

Orders paid to depositors.................................................................................... 251

Organization............................................................................................................ S, 7

Chart showing................................................................................................ 9

Date of.....................^...................................................................................... 3

Payments to depositors in suspended insured banks, 1934..................... 27, 250

Personnel............................................................................................................ 7, 8, 252

Procedure for paying depositors in insured banks.............. ......................... 26

Purposes................................................................................................................... 7

Receipts and expenditures.................................................................................. 13

Receivership procedure........................................................................................ 28

Recommendations for legislation................................................................ 25, 34-37

Regulations concerning insured banks, 1934. (See also Regulations.). . 21

Report, March 1934 ............................................................................................ 3

Research and Statistics, Division of................................................................ 28

Statement of cash receipts and expenditures, September 11, 1933, to

December 31, 1934...............#............................................................................ 13

Supervising examiners attend joint examiners’ conference........................ 19

Temporary examining organization.................................................................. 14

Federal Farm Credit Administration, reviewed schedule December report of

condition...................................................................................................................... 30

Federal Farm Mortgage Corporation bonds, holdings, commercial banks,

1934....................................... ....................................................................................... 44, 46

federal Housing Administration:

Reviewed schedule December report of condition........................................ 30

Special schedule in December call.................................................................... 31

Federal Reserve banks:

Assistant agents and chief examiners attend joint examiners’ conference. 19

Subscription to capital stock of Federal Deposit Insurance Corporation.................................................................................................................. 8, 11, 13

Federal Reserve Board, exchange of reports with Federal Deposit Insurance

Corporation................................................................................................................. 30

Federal Reserve member banks, admission to Temporary Federal Deposit

Insurance Fund. (See also Insured commercial banks, national banks,

and State banks members of the Federal Reserve System.).......................... 14

Forms for reports. (See Federal Deposit Insurance Corporation, forms for

reports by insured banks. )

Fund, Temporary Deposit Insurance Fund. (See Temporary Deposit Insurance Fund.)

Fund For Mutuals:

Authorization and membership......................................................................... 33, 65

Creation of, legal provisions.......................................................................... 128, 129

Goldsborough, Phillips Lee, Director of Federal Deposit Insurance Corporation ....................................................................................................................... 8

Home Owners’ Loan Corporation bonds, holdings, commercial banks........... 44, 46

Insurance coverage, change during 1934................................................................. 60

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Insured banks: Page

Admission to permanent fund, suggestions for legislation.......................... 34

Certified statement of deposits...................................................................... 140-147

Deposits. (See also Deposits insured banks, commercial banks and

mutual savings banks.)...................................................................... 176, 182, 185

Number. (See also Number.).................................................... 176, 177, 180, 184

Insured commercial banks:

Assets and liabilities. (See also Assets and liabilities.)................... .. 194

Capital obligations of, held by Reconstruction Finance Corporation. . . 47

Depositors, number and percent fully insured and number partially

insured................................................................................................................. 61

Deposits. (See also Deposits.)..................................... 60, 61, 178, 186, 188, 192

Dividends. (See also Dividends.).................................................................... 55

Earnings, 1934. (See also Earnings and expenses.).................................... 54, 55

Expenses. (See also Earnings and expenses.) ............................................... 55

Loans to officers. (See also Loans to officers.)............................................. 216

Losses....................................................................................................................... 58

Number:

Admitted to insurance during 1934......................................................... 59

Approved for admission to Temporary Federal Deposit Insurance

Fund prior to January 1, 1934............................................................. 59

December 31, 1934, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal

Reserve System......................................................................................... 180

Insured on December 31, 1934.................................................................. 59

Licensed during 1934, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal

Reserve System; banks grouped by size (amount of deposits)

and by States............................................................................................. 178

Percent insured:

December 31, 1934, banks grouped by States.............................. 180

October 1,1934, banks grouped by size (amount of deposits). 184, 185

Officers and employees, number by States, banks not members of the

Federal Reserve System, national banks, State banks members of

the Federal Reserve System;......................................................................... 226

Insured commercial banks not members of the Federal Reserve System:

Accounts. (See also Accounts.)................................................................... 186, 192

Assets. (See Assets.)

Assets and liabilities, June 30 and December 31, 1934............................... 194

Capital, June 30 and December 31, 1934....................................................... 197

Capital account. (See Capital account.)

Capital investment by Reconstruction Finance Corporation. (See

Reconstruction Finance Corporation.)

Capital status at time of examination for admission, banks insured as of

January 1, 1934................................................................................................. 16

Cash, June 30 and December 31, 1934............................................................ 195

Compulsory membership in Federal Reserve System, change of date of. 33

Deposits. (See also Deposits, insured commercial banks not members of

the Federal Reserve System.)............................... 176, 182, 185, 190, 196, 204

Dividends declared 1934. (See also Dividends.)................... 236, 238, 240, 242

Earnings. (See also Earnings and expenses. ) ........... 58, 59, 162-170, 236-242

Earnings, net. (See also Earnings and expenses.)..................... 57, 59, 236-242

Examinations, 1934-35 ....................................................................................... 14, 15

Expenses, 1934. (See also Earnings and expenses.)......................... 58, 236-242

Licensed during 1934. (See Banks licensed during 1934.) ........................ 178

Loans and discounts. (See also Loans and discounts.) 45, 49, 59, 194, 208, 212

Loans to officers and directors. (See also Loans to officers and directors.).......................................................................................................... 45,216-218

Loans, percentage of each classed as doubtful and worthless, 1934, banks

grouped by size (amount of deposits), charts........................................... 49

Losses and depreciation, 1934...............................* ..................................... 236-242

Net deductions from profit. (See also Profits and recoveries.) ........... 236-242

Number. (See also Number of banks.) .......................... 176, 178, 180, 184, 194

Officers and employees, June 30, 1934, by States. ..................................... 226

Permanent Federal Deposit Insurance Fund, clarification of provisions

for joining............................................................................................................ 33

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Insured commercial banks not members of the Federal Reserve System—-

Continued. Pav;e

Recoveries. (See also Profits and Recoveries.).................................... 236 -242

Re-examination of banks with inadequate capital....................................... 16

Reserves, June 30 and December 31, 1934..................................................... 195

Securities. (See also Securities.)......................... 49, 59, 194, 210, 214, 237-242

Sources of new capital funds.............................................................................. 53

United States obligations, June 30 and December 31, 1934...................... 194

Insured commercial State banks members of the Federal Reserve System:

Accounts. (See also Accounts.).................................................................... 186, 192

Deposits. (See also Deposits, State banks members of the Federal

Reserve System.)............................................................... 178, 182, 185, 190, 192

Dividends. (See also Dividends.).................................................................... 230

Earnings. (See also Earnings and expenses.) ............................................... 232

Expenses. (See also Earnings and expenses.)............................................... 232

Losses and depreciation....................................................................................... 232

Number. (See also Number of banks.) ..................................................... 178, 184

Officers and employees, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal Reserve

System, June 30, 1934, by States................................................................. 226

Insured deposit liability, legal definition................................................................. 121

Insured deposits, causes of increase. (See also Deposits insured. > .................. 41

Insured mutual savings banks:

Accounts, October 1, 1934, number and percentage fully insured and

partially insured, banks grouped by States............................................... 244

Assets and liabilities, June 30 and December 31, 1934............................... 243

Bills payable, June 30 and December 31, 1934............................................. 243

Capital notes and debentures, June 30 and December 31, 1934.............. 243

Cash and due from banks, June 30 and December 31, 1934..................... 243

Deposits........................................................................................ 64-66, 185, 243, 244

Earnings, 1934..................................................................................................... 67, 243

Expenses, 1934....................................................................................................... 243

Fund For. (See Fund For Mutuals.)

Insurance maximum and minimum, number of banks electing............. 66, 244

Banks grouped by States............................................................................ 244

Interest and dividends on securities, 1934...................................................... 243

Interest and dividends paid, 1934.................................................................. 67, 243

Interest on real estate mortgages, 1934........................................................ 67, 243

Loans and discounts, June 30 and December 31, 1934............................... 243

Losses and depreciation, 1934............................................................................ 243

Number........................................................................................................ 65, 243, 244

Option on amount of insurance coverage allowed to individual banks... 65

Percentage insured:

December 31, 1934, banks grouped by States...................................... 180

October 1, 1934, banks grouped by size (amount of deposits)......... 184

Profits, net additions to during 1934............................................................. 67, 243

Real estate mortgages, June 30 and December 31, 1934............................ 243

Reconstruction Finance Corporation, number aided by and total

amount........................................................................ ^...................................... 67

Recoveries on real estate mortgages and on securities, 1934..................... 243

Salaries and wages, 1934..................................................................................... 243

Securities, June 30 and December 31, 1934................................................... 243

States in which located........................................................................................ 244

United States obligations, June 30 and December 31, 1934...................... 243

Withdrawing from Fund July 1, 1934, with reasons for withdrawal...... 65

Interest:

Definition, report of condition and report of earnings and dividends.................................................................................... 149, 160, 162, 166, 167

Regulation B, maximum payable on time deposits.......................... 22, 131, 132

Regulation C, prohibition of payment on demand deposits.......... 23, 133, 134

Interest rates, comparison 1934 with 1927-28 and reduction in, by Banking

Act of 1933.................................................................................................................. 56

Law concerning Federal Deposit Insurance Corporation............................... 117-130

Administration....................................................................................................... 120

Admission of banks by purchase of stock....................................................... 118

Admission of banks not permitted to buy stock...................................... 118, 119

Amendments...................................................................................................... 128-130

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Law concerning Federal Deposit Insurance Corporation— Continued. Page

Annual report......................................................................................................... 125

Assessments:

Federal Deposit Insurance Corporation................................................. 123

Temporary Federal Deposit Insurance Fund........................................ 126

Bank examinations by Federal Deposit Insurance Corporation............... 126

Bonds exempt from taxation............................................................................. 124

Capital:

Annual adjustment of holdings by members......................................... 119

Classes............................................................................................................. 117

Date for initial payment of subscriptions.............................................. 118

Procedure in case of insolvent member................................................... 120

Subscription to stock by banks members of the Federal Reserve

System......................................................................................................... 118

Subscription to stock by Federal Reserve banks................................. 117

Subscription by United States Government.......................................... 117

Certification of condition for membership...................................................... 118

Certified statements of deposits, date for filing........................................ 126, 128

Corporation to act as receiver........................................................................... 120

Deposit insurance account.................................................................................. 122

Deposit Insurance National Banks (new national banks):

Articles of association.................................................................................. 121

Capitalization............. ................................................................... .............. 12 1

Certificate of authority to do business. . ............................................. 12 1

Directors......................................................................................................... 121

Formation........... ...................................................................................... 121-123

Membership in Federal Reserve System................................................ 121

Powers............................................................................................................. 121

Depository and fiscal agent................................................................................ 124

Directors, Board of:

Chairman........ .............. ................................................................................ 117

Compensation..................... .......................................................................... 117

Comptroller of Currency............................................................................ 117

Dividends, Federal Deposit Insurance Corporation stock......................... 117

Examinations of banks....................................................................................... 126

Fund For Mutuals:

Amounts eligible for insurance.................................................................. 128

Creation..................................................................................................... 128,129

Insured deposit liabilities, definition. . ............................................................ 12 1

Insured State banks, procedure for liquidation........................................ 122, 123

Investment of funds............................................................................................. 123

Liquidation of closed national banks............................................................... 122

Loans to closed banks............... .......................................................................... 124

National banks:

Certificate of condition for admission..................................................... 118

Corporation receiver in case of failure.................................................... 120

Definition........................................................................ ................................ 123

New national banks. (See Deposit Insurance National Banks.)

Procedure for liquidation........................................................................ 121-123

Penalties for false statements, counterfeiting and embezzlement............ 125

Power to issue bonds............................................................................................ 124

Powers, general corporate........ ....: ................................................................ 120

Procedure in case of failure of banks members of the Federal Reserve

System to become stockholders in the Federal Deposit Insurance

Corporation.................................... .................................................................... 118

Procedure for closed insured State banks:

When Corporation can act as receiver.................................................... 122

When Corporation cannot act as receiver.............................................. 123

Provision for assessment on insured banks..................................................... 123

Provision for payment of insured deposit liabilities.................................... 121

Purchase of assets and loans to'receivers....................................................... 124

Receiver:

Appointment of Corporation..................................................................... 120

Definition....................................................................................................... 123

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Law concerning Federal Deposit Insurance Corporation— Continued.

Reconstruction Finance Corporation: Page

Capital supplied by, included in legal capital for membership in

Federal Reserve System......................................................................... 129

Federal Deposit Insurance Corporation debentures, to be bought

by, at par................................................................................................... 130

Loans to closed banks................................................................................. 129

Refunds to banks withdrawing from Federal deposit insurance............... 127

Right to make rules, regulations and contracts............................................ 120

Signs, display o f.................................................................................................... 129

State banks members of the Federal Reserve System:

Certificate of solvency for adm ission..................................................... 118

Definition........................................................................................................ 123

Temporary Federal Deposit Insurance Fund:

Assessments.................................................................................................... 126

Certified statements of deposits.......................................................... 126, 128

Change in amount of deposits eligible for insurance...................... 128, 129

Creation............................................................................................. ............ 126

Payment of depositors in closed banks................................................... 126

Refunds to banks withdrawing from ................................. ..................... 128

Withdrawal from Fund, method............................................................... 128

Transfer of business to Deposit Insurance National Banks...................... 122

Legal Division, organization and functions..................................................... .. 20

Legislation, recommendations by Federal Deposit Insurance Corporation. . . 34-36 

Liabilities:

Definition for reports of condition...................................................... 148, 158-161

Federal Deposit Insurance Corporation, statement of, December 31,

1934...................................................................................................................... 11

Suspended private banks, 1900-20................................................................... 93

Suspended State banks, 1900-20...................................................................... 93

(See also Assets and liabilities.'

Licensed banks:

Insured and uninsured, banks not members of the Federal Reserve 

System, mutual savings banks, national banks, State banks members 

of the Federal Reserve System:

Deposits:

December 31, 1934, banks grouped by States.............................. 182

January 1, 1934, and December 31, 1934...................................... 176

October 1, 1934, banks grouped by size (amount of deposits). . 185 

Number:

December 31, 1934, banks grouped by States.............................. 180

January 1, 1934, and December 31, 1934................................. 176, 177

October 1, 1934, banks grouped by size (amount of deposits). 59, 184

Suspended during 1934................#............................................................ 68, 245

(See also Banks licensed during 1934. )

Loans and discounts:

Commercial banks: banks not members of the Federal Reserve System, 

national banks, State banks members of the Federal Reserve System, June 30 and December 31, 1934..................................................... 194-197

Insured commercial banks not members of the Federal Reserve System: 

Aggregate, average and percent of total assets, December 31, 1934,

banks grouped by size (amount of deposits)................................ 198-203

Examiners’ classification, latest examination, 1934-35:

Amounts written off........................................... ............................... 43, 45

Banks grouped by geographic regions............................................ 208

Banks grouped by size (amount of deposits)................................ 208

Banks grouped by States................................................................... 208

Percent of book value......................................................................... 212

Insured mutual savings banks, June 30 and December 31, 1934............. 243

Licensed commercial banks................................................................................ 44

Method of computation, report of condition.......................... 148, 150, 152, 156

Written off during 1934....................................................................................... 45

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Pa ire

Loans and investments pledged, insured commercial banks (banks not

members of the Federal Reserve System, national banks, State banks

members of the Federal Reserve System)........................................................... 197

Loans, examiners definition of................................................................................... 46

Loans, interest and discount on............................................................................ 232-242

Loans, losses on......................................................................................................... 232-242

Loans, percentage of each classed as doubtful and worthless, 1934, banks

grouped by size (amount of deposits), charts................................................... 49

Loans to officers and directors and affiliates of insured commercial banks not

members of the Federal Reserve System, latest examination, 1934-35.... 45

Definition, report of condition............................................................. 149, 150, 161

Number of banks making, with amount and percent of total private

capital, banks grouped by geographic region, by size (amount of

deposits) and by States............... ............................................................. 216, 217

Losses. (See also Suspended commercial banks, and Suspended mutual

savings banks.)........................................................................... 73-75, 88, 91, 111-113

Losses and depreciation, 1934......................................... ...................................... 236-243

Members of the Federal Reserve System. (See national and State banks

members of the Federal Reserve System.)

Mutual savings banks: (See also Insured mutual savings banks.)

Amount of deposits eligible for insurance.................................................... 32, 128

Definition.............................................................................................................. 64, 111

Deposits. (See also Deposits mutual savings banks. ) ................................ 64,

111-113, 176, 182, 185, 243, 244

Insolvent, method of avoiding liquidation..................................................... 112

Insurance of deposits, December 31, 1934................................................. 66

Insured deposits. (See Deposits insured, ) ......................................... 66, 182, 185

Losses. (See Suspended mutual savings banks, 1865-1934.)............... 111-113

Number. (See also Number of banks. ) . ........................ 112, 113, 176, 180, 184

Mutual Savings Central Fund, Inc., Massachusetts........................................... 66, 67

National Association of Bank Auditors and Comptrollers................................. 31

National Association of Supervisors of State Banks:

Committee of, discussed condition report form............................................ 30

Meeting in Baltimore, 1934................................................................................ 30

Representatives conferred on condition report form................................... 31

National bank examiners, attended joint examiners’ conference...................... 19

National banks:

Accounts. (See also Accounts. ) ................................................................... 186, 192

Assets and liabilities, June 30 and December 31, 1934............................... 194

Capital, June 30 and December 31, 1934....................................................... 197

Cash, June 30 and December 31, 1934............................................................ 195

Certificate of condition for admission to Federal Deposit Insurance

Corporation........................................................................................................ 118

Definition................................................................................................................ 123

Deposits. (See also Deposits, national banks.) ............................................ 61,

89, 107-109, 176, 182, 185, 188, 196

Licensed during 1934. (See also Banks licensed during 1934.) .......... 178, 179

Loans, examiners’ classification of. (See also Loans and discounts.) . . . 45

Loans and investments pledged, June 30 and December 31, 1934.......... 197

Number. (See also Number of banksO ................. 176, 177, 180, 184, 188, 194

Officers and employees, number, June 30, 1934, by States........................ 226

Receiver, appointment of Federal Deposit Insurance Corporation a s.. . 120

Reconstruction Finance Corporation, holdings of capital obligations of. 47

Banks grouped by States.............. ............................................................. 219

Reserves, June 30 and December 31, 1934..................................................... 195

Securities, June 30 and December 31, 1934............................................... 194, 195

Suspensions and receiverships, 1934, number and deposits....................... 245

Total capital account, average ratio to deposits the first 50 years.......... 54

United States Government obligations, June 30 and December 31, 1934. 194

National banks suspended:

1865-1934. (See also Suspended commercial banks, 1865-1934.)........... 75-95

1933-34, number and deposits.................................................................... .. 95

Procedure for liquidation................................................................................ 121, 122

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Federal Reserve Bank of St. Louis
268 INDEX

Net earnings. (See Earnings and expenses.) Pase

New and Closed Banks, Division of.......................................................................... 25

Number of banks:

Banks not members of the Federal Reserve System............. 180, 184, 190, 194

Commercial banks licensed during 1934 (banks not members of the

Federal Reserve System, national banks, State banks members of the

Federal Reserve System, insured and uninsured) banks grouped by

size (amount of deposits) and by States..................................................... 178

Licensed banks: banks not members of the Federal Reserve System,

mutual savings banks, national banks, State banks members of the

Federal Reserve System, insured and uninsured...................................... 176

Changes in, 1934, analysis of.................................. .................................. 177

December 31, 1934, banks grouped by States...................................... 180

October 1, 1934, banks grouped by size (amount of deposits)......... 184

Mutual savings banks:

Annually, 1865-1934............................................................................... 112,113

December 31, 1934, banks grouped by States...................................... 180

January 1, 1934.............................................................................. ............. 176

October 1, 1934, banks grouped by size (amount of deposits)......... 184

Suspending, 1865-1934.................. ......................................................... 111-113

National banks, each call date, 1863-1934................................................ 107-109

State banks members of the Federal Reserve System............................ 190, 194

Number of officers and employees of insured banks, banks not members of

the Federal Reserve System, national banks, State banks members of the

Federal Reserve System, banks grouped by States................................. .. 226

O’Connor, J. F. T., Director of the Federal Deposit Insurance Corporation. 7

Offsets, not allowed in computing eligible deposits.............................................. 144

President of the United States, executive order of March 10, 1933................ 59

Profits and recoveries:

Definition, report of earnings and dividends........ .. 163-165, 168-170

Insured commercial banks, 1934....................................................................... 54, 55

Insured commercial banks not members of the Federal Reserve System,

1934:

All banks. ................................................................ ......................... 232, 236-240

Banks operating less than one year............................. ....................... 236-238

Banks operating throughout the year, grouped by size (amount of

deposits).................................................................................................. 236-242

Aggregates.............................................................................................. 237

Amount per $100 of deposits............................................................. 240

Amount per $100 of total available funds..................................... 242

Amount per $100 of total capital account............................ .. 240

Average per bank................................................................................. 239

Form for report and instructions......................................................... 162-170

Insured commercial State banks, 1934:

All banks..................................................................................................... 228-232

Banks operating less than one year..................................................... 228-231

Banks operating throughout the year, grouped by size (amount of

deposits)........ ........................................................................ 228-231,233-235

Aggregates......................................................................................... 228, 229

Amount per $100 of deposits............................................................ 234

Amount per $100 of total available funds.......................... .......... 233

Amount per $100 of total capital account..................................... 234

Amount per $100 of total earnings............................................. 234, 235

Average per bank............................................................................ 230, 231

Insured mutual savings banks, 1934.................................................. ............ 243

Real estate mortgages, insured mutual savings banks........................................ 243

Receipts and expenditures of Federal Deposit Insurance Corporation........... 13

Receiver:

Corporation to be appointed in case of national banks................. ............ 120

Definition...................................................................................................... 123

Receiverships:

Procedure for appointment of receivers.................................................. 28

Procedure for paying depositors by Federal Deposit Insurance Corporation ........................................................................................................................ 26

Recommendations for Federal legislation................................................................ 34

Recommendations for State legislation.................................................................... 35

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Federal Reserve Bank of St. Louis
INDEX 269

Reconstruction Finance Corporation: Pa^e

Agency managers attend joint examiners’ conference .............................. 19

Capital funds introduced into banks by......................................................... 47, 53

Capital investment in insured commercial banks (banks not members

of Federal Reserve System, national banks, and State banks members of the Federal Reserve System), grouped by States, December

31,1934......................................................................................................... 219

Capital supplied by, included in legal capital for Federal Reserve

System................................................................................................................. 129

Federal Deposit Insurance Corporation debentures to be bought at

par...................................................................................................................... 33, 130

Federal Deposit Insurance Corporation exchanges reports with. . . . . . . . 30

Loans to closed banks.............................................................................. 69, 129, 130

Mutual savings banks aided.............................................................................. 67

Obligations of, held by commercial banks................................................... .. 48

Recoveries. (See Profits and Recoveries.)

Refunds:

Legal provisions for.............................................................................................. 127

To banks withdrawing from Federal Deposit Insurance..................... 10, 11, 13

Regulations of Federal Deposit Insurance Corporation...................................... 21-24

Regulation A— advertising of membership in Fund.................................. 22, 131

Regulation B— rate of interest on deposits........................................ 22, 131, 132

Regulation C— payment of interest on demand deposits......................... 23, 133

Regulation D— insurance of restricted or deferred deposits............... 23, 134

Regulation E— withdrawal from Temporary Federal Deposit Insurance

Fund............. ................................................................................................... 23, 135

Regulation F— display of signs....................................................................... 24, 136

Research and Statistics, Division of, work described...................................... .. . 28

Reserves...................................... .. .................................................. 195, 199, 201, 203, 243

Definition, report of condition............................................................ 149, 156, 160

Reserves at Federal Reserve banks, licensed commercial banks...................... 43

Restricted deposits, admission of banks with, to Temporary Federal Deposit

Insurance Fund................................................................................................... .. 18

Salaries, Federal Deposit Insurance Corporation............................................... 13, 252

Savings Banks Trust Company of New York:

Number and deposits of member mutual savings banks............................ 66

Provisions for size of fund and payments of depositors.............................. 67

Secretary of the Treasury:

Directed to subscribe to capital stock of Federal Deposit Insurance

Corporation........................................................................................................ 8, 117

Joint examiners’ conference called by.............................................................. 19

Securities:

Commercial banks (banks not members of the Federal Reserve System,

national banks, and State banks members of the Federal Reserve

System), June 30 and December 31, 1934 ........................................ .. . 194-197

Definition, report of condition.................................................... 148, 150, 153, 157

Insured commercial banks not members of the Federal Reserve System:

Aggregate, average and percent of total assets, December 31, 1934,

banks grouped by size (amount of deposits)................................ 198-203

Examiners’ classification, latest examination, 1934-35:

Amounts written off............................................................................ 44, 45

Banks grouped by geographic regions............................................ 210

Banks grouped by size (amount of deposits)................................ 210

Banks grouped by States................................................................... 210

Percent of book value......... .............................................................. 214

Insured mutual savings banks, June 30 and December 31, 1934............. 243

Interest and dividends on............................................................................... 232-242

Licensed commercial banks................................................................................ 46

Losses on................................................................................................................. 242

United States Government: holdings by commercial banks June 30 and

December 31, 1934........................................................................................... 45, 46

Yield on, relationship to low bank earnings................................................... 56

Service charges:

Definition, report of earnings and dividends.................................... .. 162, 167

Per $100 of deposits, 1934, insured commercial banks not members of

the Federal Reserve System, banks grouped by size (amount of

deposits).............................................................................................................. 241

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Federal Reserve Bank of St. Louis
270 INDEX

Signs: ? a^e

Design of................................................................................................................. 138

Display of............................................................................................. 24, 33, 129, 136

Letter relating to purchase of, by insured banks..................................... 137, 138

Regulation F .......................................................................................................... 136

Sales and cost of................................................................................................... 13

State banks members of the Federal Reserve System:

Accounts. (See also Accounts.)................................................................... 186, 192

Assets and liabilities, June 30 and December 31, 1934............................... 194

Cash, June 30 and December 31, 1934............................................................ 195

Capital, June 30 and December 31, 1934....................................................... 197

Certification of membership in the Federal Deposit Insurance Corporation....................................................................................................................... 118

Definition................................................................................................................. 123

Deposits. (See also Deposits, State banks members Federal Reserve

System.)............................................................................... 176, 182, 185, 190, 196

Licensed during 1934. (See Banks licensed during 1934.) ........................ 178

Loans, discounts and overdrafts, June 30 and December 31, 1934......... 194

Loans and investments pledged, June 30 and December 31, 1934.......... 197

Number. (See also Number of banks.)................... 176, 177, 180, 184, 190, 194

Reconstruction Finance Corporation, capital investment in..................... 47

Amount outstanding December 31, 1934, banks grouped by States. 219

Number of banks December 31, 1934, banks grouped by States. . . 219

Reserves, June 30 and December 31, 1934..................................................... 195

Securities, June 30 and December 31, 1934............................................. 195

United States Government securities, June 30 and December 31, 1934. 195

State banking departments, cooperation of, in bank examinations........... 14„ 20, 29

Suspended commercial banks, 1865-1934:

Assessment on deposits necessary to cover losses to depositors .... 73„ 74, 90

Deposits, amount, national banks, private banks and State banks:

By periods............................................................................................... 80, 82, 88

By years, 1865-99........................................................................................ 92

By years, 1900-20......................................................................................... 93

By years, 1921-32........................................................................................ 94

By years, 1933-34......................................................................................... 95

Critical years.......................................................................... ....................... 91

In banks reopened, and banks not reopened................... ..................... 80

Method of estimating and sources of data............................................. 75-80

Proportion in national and in State and private banks ................... ^ 73

Deposits at time of suspension, compared with resources at time of

suspension, claims proved, and deposits prior to suspension................ 110

Deposits, banks grouped by amount of deposits and by amount of loans

and investments................................................................................................ 96-98

Deposits, insurable under the $5,000 limitation (not exceeding $5,000

to any one depositor), national, private and State banks:

Amount by periods.............................................. ........................................ 82

Method of estimating.................................................................................. 81, 82

Percentage insurable under $5,000 limitation....................................... 81

Proportion of deposits in accounts under $5,000.................................. 82

Deposits not exceeding $5,000 for any one depositor.................................. 81, 82

Deposits, secured, national, private, and State banks:

Amount by periods....................................................................................... 83

Method of estimating.................................................................................. 82, 83

Deposits, amount of unsecured insurable....................................................... 88

Dividends paid.................................................................................. 85, 100, 101, 110

Liabilities................................................................................................... 77,78,92,93

Liquidated banks:

Estimated recoveries by creditors....................................................... 100, 101

Losses to depositors...................................................................................... 87

Loans and investments, 1920-34, banks grouped by size of bank (amount

of deposits).......................................................................................................... 96-98

Losses to depositors, liquidated national, private and State banks, by

periods....................................................................................................... .. 87

Losses to depositors in national, private and State banks, estimated total

amount:

By periods, 1865-1934................................................................................. 88

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Federal Reserve Bank of St. Louis
INDEX 271

Suspended commercial banks, 1865-1934— Continued.

Losses to depositors in national, private and State banks, estimated total

amount— Continued. Pase

Critical years...................................................... ........................................ . 74, 91

Method of estimating.................................................................................. 84-86

Losses to depositors on secured deposits........................................................ 82, 88

Losses to depositors on unsecured deposits, method of estimating........... 84-86

Losses to depositors on unsecured deposits which would have been

insurable under the $5,000 limitation, in national, private and State

banks, by periods.............................................................................................. 88

Losses to depositors, average per year per $100 of deposits in active

banks:

Critical years................................................................................................. 75, 90

Excluding critical years.......................................................................... 75, 90

On deposits insurable under the $5,000 limitation.............................. 75, 90

Total losses. . ................................................................................................ 75, 90

National banks:

Deposits, 1865-1934 .................................................................................... 80, 82

Deposits not released, national banks unlicensed March 16, 1934,

but licensed or reorganized by October 31, 1934............................. 102

Losses to depositors, by years, 1865-99............................................. .. . 92

Losses to depositors, by years, 1900-20.................................................. 93

Losses to depositors, 1865-1934............................................................... 75, 88

Number and deposits, by years, 1865-99 .............................................. 92

Number and deposits, by years, 1900-20............................................... 93

Number and deposits, by years, 1921-32............................................... 94

Number and deposits, by years, 1933-34............................................... 95

Sources of data..................................... .................................... 75, 76, 78, 84-86

Number...................................................................................................... 73, 87, 92-95

Offsets............................................................................................................. 84, 85, 110

Private banks:

Number and deposits, by years, 1921-32............................................... 94

Number and liabilities, by years, 1900-20............................................. 93

Reopened.......................................................................................................... 80, 92-95

Recoveries........................................................................................................ .. 100, 101

State and private banks:

Deposits, 1865-1934.............................................................................. 75, 80, 82

Losses to depositors, 1865-1934............................................................... 75, 88

Number and deposits, by years, 1933-34............................................... 95

Number and liabilities, by years, 1865-99............................................. 92

Sources of data................................................................................ 76-79, 85, 86

State banks:

Number and deposits, by years, 1921-32............................................... 94

Number and liabilities or resources by years, 1900-20....................... 93

Suspended mutual savings banks, 1865-1934:

Annual loss per $100 of deposits in active banks.................................... 1 1 2 , 113

Losses to depositors......................................................................................... I ll, 112

Number and deposits, by years.......... ......................................................... 112, 113

Years of greatest loss............................................................................................ 112

Suspensions and receiverships

Causes...................................................................................................................... 68

Creditors’ claims.................................................................................................... 27

Definitions............................................................................................................... 75

Deposits, banks not members of the Federal Reserve System, national

banks, State banks members of the Federal Reserve System, by

size (amount of deposits)................................................................................ 245

Insured banks placed in receivership, 1934:

Assets at date of suspension................... ................................................... 247

Causes of suspension.................................................................................... 246

Date of payment to depositors by Federal Deposit Insurance Corporation ....................................................................................................... 246

Date of suspension....................................................................................... 246

Date receivership became final.................................................................. 246

Deposits, 1934:

Banks grouped by size (amount of deposits)................................ 245

Insured and uninsured...................................................... 27, 68, 249, 250

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Federal Reserve Bank of St. Louis
272 INDEX

Suspensions and receiverships— Continued.

Insured banks placed in receivership, .1934— Continued.

Deposits, 1934— Continued. Pa^

Restricted............................................................................................... 249

Secured and preferred.................................................................... 248, 249

Subject to offset.................................................................................... 249

Liabilities at date of suspension................................................................ 248

Location........................................................................................................... 246

Name of bank................................................................................................ 246

Name of receiver........................................................................................... 246

Number of banks................................................................................... 27, 67, 68

Title of new bank formed........................................................................... 250

Year of organization..................................................................................... 246

Insured State banks, legal procedure for liquidation.............................. 122, 123

Nonlicensed banks, 1934, number and deposits............................................ 67, 68

Number, during 1934, banks not members of the Federal Reserve

System, national banks, State banks members of the Federal Reserve System; banks grouped by size (amount of deposits)................. 245

Number in receivership....................................................................................... 69

Purchase of assets by Federal Deposit Insurance Corporation and

Reconstruction Finance Corporation........................................................... 69

Uninsured licensed banks, 1934, number and deposits............................... 67, 68

Temporary Federal Deposit Insurance Fund:

Admission of banks not members of the Federal Reserve System,

method................................................................................................................. 15

Admission of banks with restricted deposits.................................................. 18

Admission of members of the Federal Reserve System.............................. 126

Advertising of membership.............................................................................. 22, 131

Amendments June, 1934 ............................................................................. 16, 32-34

Assessment, legal provision................................................................................. 126

Assessment on members................................................................................. 8, 11, 13

Certificate of membership, specimen................................................................ 139

Certified statement of deposits...................................................................... 140-147

Change in amount eligible for insurance......................................................... 128

Creation, legal provisions.................................................................................... 126

Examinations for admission............................................................................... 14, 18

Extension, reason for............................................................................................ 32

Federal Reserve member banks, membership of........................................... 14

Increase of insurance protection........................................................................ 32

Legal provision concerning amount insured................................................... 126

Number of banks uninsured at end of 1934................................................... 59

Number of commercial banks admitted to insurance, 1934....................... 59

Number of commercial banks insured at end of 1934................................. 59

Organization............................................................................................................ 8

Payment of depositors in closed banks, legal provision for........................ 126

Payments by members......................................................................................... 126

Refunds to banks withdrawing from............................................... 10, 11, 13, 127

Uninvested trust funds, regulations concerning............................................ 24

Withdrawal from Fund, method....................................................................... 128

Withdrawals......................................................................................................... 10, 134

Provisions for, July 1, 1934........................................................................ 32

Regulations concerning............................................................................... 23

Total available funds, definition................................................................................ 54

Treasury of the United States, keeps funds of Federal Deposit Insurance

Corporation................................................................................................................. 18

Treasury of the United States, reviewed schedule December reports of

condition...................................................................................................................... 30

Trust funds, uninvested, how treated in computing eligible deposits......... 141, 145

Regulations concerning protection of Federal Deposit Insurance Corporation ............................................................................................................... 24

Trustee, funds deposited by, treatment of in computing eligible deposits. . . 144

Uninsured banks:

Deposits:

December 31, 1934................................................................................... 176,182

January 1, 1934............................................................................................. 176

October 1, 1934........................................................... .................................. 185

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Federal Reserve Bank of St. Louis
INDEX 273

Uninsured banks— Continued.

Number: Pa*?e

December 31, 1934...................................................... ........................... 176, 180

January 1, 1934............................................................................................. 176

October 1, 1934 . . .......................................................................................... 184

Suspensions and receiverships. (See Suspensions and Receiverships. )

Uninsured commercial banks:

Licensed during 1934, number and deposits.................................................. 178

Number and deposits at end of 1934............................................................... 60

Number and deposits February 1, 1935, and reasons why they did not go

into Temporary Federal Deposit Insurance Fund................................... 63

Uninsured deposits......................................................... 42, 176, 182, 185, 188-193, 244

Uninsured mutual savings banks:

Number:

December 31, 1934....................................................................................... 180

October 1, 1934............................................................................................. 184

Deposits:

December 31, 1934....................................................................................... 182

October 1, 1934............................................................................................. 185

United States Government obligations:

Definition, report of condition........................................... 148, 150, 152, 155, 157

Held by insured commercial banks.............................................................. 194, 198

Held by insured mutual savings banks........................................................... 243

United States Government securities held by Federal Deposit Insurance

Corporation................................................................................ ............................... 11, 13

Withdrawals from Temporary Federal Deposit Insurance Fund:

Discussion............................................................................................................... 10, 65

Number of banks, 1934......................... ............................................................. 177

Regulation concerning......................... ............................................................. 23, 135

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Federal Reserve Bank of St. Louis
Digitized for FRASER 

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Federal Reserve Bank of St. Louis