ANNUAL REPORT

OF THE

Federal D eposit In su r a n c e Co r p o r a tio n

FOR THE YEAR ENDED

DECEMBER 31, 1961

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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

F e d e r a l D e p o sit In s u r a n c e C orp o ra tio n

Washington, D. C., July 5, 1962

SIRS: Pursuant to the provisions of Section 17(a) of the Federal 

Deposit Insurance Act, the Federal Deposit Insurance Corporation is 

pleased to submit its annual report.

Respectfully,

E r l e C o c k e , Sr., Chairman

T h e P r esid e n t of t h e Se n a t e

T h e Spea k e r of t h e H ouse of R e pr esen tatives

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N a tio n al P ress B u ild in g — W a s h in g t o n 25, D. C.

BOARD OF DIRECTORS

Chairman......................................................................................E rle C ocke, Sr .

Comptroller of the Currency................................................Ja m e s J. Sa x o n

Director........................................................................................Jesse P . W olcott

OFFICIALS— July 5, 1962

Assistant to Chairman.............................................................William M . Moroney

Assistant to Director (Acting) ..............................................Neil G. Greensides

Chief, Division of Examination............................................Neil G. Greensides

General Counsel, Legal Division..........................................John F. Lord

Controller......................................................................................William G. Loeffler

Chief, Division of Liquidation..............................................A. E. Anderson

Chief, Division of Research and Statistics.......................Edison H. Cramer

Chief, Audit Division...............................................................Mark A. Heck

Deputy Chief, Division of Examination...........................Edward H. DeHority

Secretary....................................................................................... Miss E. F. Downey

Assistant to the Board.............................................................William Matthews

V

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

D is t . S upervisin g

No. E x a m in e r

1. Claude C. Phillippe

2. Philip C. Lods

3. Gilbert E. Mounts

4. Lundie W . Barlow

5. Roger C. Eagleton

6. Charles M. Dunn

7. William T. Hammill

8. Darrell E. Wilkins

9. Charles F. Alden

10. James H. Meek, Jr.

11. Lloyd Thomas

12. Walter W . Smith

A ddress

Room 1365, No. 10 P.O.

Square, Boston 9, Mass.

74 Trinity Place,

New York 6, N. Y.

Suite 500,

50 West Gay Street,

Columbus 15, Ohio

200 The Bank of Virginia

Building, Fourth and

Grace Streets,

Richmond 19, Ya.

1000 Bank of Georgia

Building, Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building,

Madison 3, Wis.

164 W . Jackson Blvd.,

Chicago 4, 111.

950 Federal Reserve

Bank Building,

Minneapolis 2, Minn.

1207 Federal Reserve

Bank Building,

Kansas City 6, Mo.

Federal Reserve Bank

Building, Station K,

Dallas 13, Texas

Suite 1120, 315 Montgomery Street, San

Francisco 4, Calif.

S tates i n D istrict

Maine, New Hampshire,

Vermont, Massachusetts,

Rhode Island,

Connecticut

New York, New Jersey,

Delaware, Puerto Rico,

Virgin Islands

Ohio, Pennsylvania

District of Columbia,

Maryland, Virginia,

West Virginia, North

Carolina, South Carolina

Georgia, Florida, Alabama,

Mississippi

Kentucky, Tennessee,

Missouri, Arkansas

Indiana, Michigan,

Wisconsin

Illinois, Iowa

Minnesota, North Dakota,

South Dakota, Montana

Nebraska, Kansas,

Oklahoma, Colorado,

Wyoming

Louisiana, Texas

New Mexico, Arizona

Idaho, Utah, Nevada,

Washington, Oregon,

California, Alaska,

Hawaii, Guam

vi

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Federal Reserve Bank of St. Louis
V ll

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

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Federal Reserve Bank of St. Louis
CONTENTS

Page

Summary .. ............................................................. xv

Part One 

Operations of the Corporation

Deposit insurance development and participation...................................................... 3

Insurance operations to protect depositors of failing banks.................................... 4

Supervisory activities ............................................................................................................. 7

Legal developments ................................................................................................................. 14

Administration of the Corporation...................................................................................... 15

Finances of the Corporation.................................................................................................. 17

Part Two 

Legislation and Regulations

Federal legislation ............................................................................................................. 29

Rules and regulations of the Corporation................................................................. 29

State banking legislation...................................................................................................... 31

Part Three 

Banking Developments

Supervisory status of banks.................................................................................................. 43

Changes in number of banking offices, and in bank assets and liabilities............. 48

Income of insured banks...................................................................................................... 51

Part Four

Statistics of Banks and Deposit Insurance

Bank absorptions approved by the Corporation........................................................ 58

Number, offices, and deposits of banks........................................................................... 58

Assets and liabilities of banks.............................................................................................. 98

Income of insured banks.......... ............................................................................................ 120

Deposit insurance disbursements........................................................................................ 148

ix

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LIST OF CHARTS

Page

Organization chart of the Federal Deposit Insurance Corporation....................... iv

Federal Deposit Insurance Corporation districts (m ap).......................................... vii

LIST OF TABLES

Part One 

Operations of the Corporation

I n su r a n c e operations to protect depositors of fa ilin g b a n k s :

1. Protection of depositors of insured banks requiring disbursements by the

Federal Deposit Insurance Corporation, 1934-1961.................................... 5

2. Analysis of disbursements, recoveries and losses by the Federal Deposit

Insurance Corporation in insurance transactions, 1934-1961..................... 6

S upervisory activities :

3. Applications acted upon by the Board of Directors of the Federal

Deposit Insurance Corporation during 1961.................................................. 9

4. Mergers, consolidations, acquisitions of assets and assumptions of liabilities approved under Section 18(c) of the Federal Deposit Insurance

Act during 1961........................................................................................................... 11

5. Bank examination activities of the Federal Deposit Insurance Corporation in 1960 and 1961................................................................................................ 12

6. Actions to terminate insured status of banks charged with unsafe or

unsound banking practices or violations of law or regulations, 1936-

1961 ................................................................................................................................ 13

A d m in ist r a t io n of t h e corporation :

7. Number of officers and employees of the Federal Deposit Insurance

Corporation, December 31, 1961......................................................................... 16

F in a n c e s of t h e corporation :

8. Statement of financial condition, Federal Deposit Insurance Corporation, December 31, 1961.......................................................................................... 18

9. Statement of income and deposit insurance fund, Federal Deposit Insurance Corporation, year ended December 31, 1961.......................................... 19

10. Determination and distribution of net assessment income, Federal Deposit Insurance Corporation, year ended December 31, 1961................. 20

11. Income and expenses, Federal Deposit Insurance Corporation, by years,

from beginning of operations, September 11, 1933, to December 31,

1961, adjusted to December 31, 1961................................................................. 21

12. Insured deposits and the deposit insurance fund, 1934-1961........................... 22

13. Report on audit of Federal Deposit Insurance Corporation, year ended

June 30, 1961................................................................................................................. 23

X

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LIST OF TABLES xi

Part Three 

Banking Developments

Page

S upervisory statu s of b a n k s :

14. Classification of banks according to supervisory status and Federal

deposit insurance participation, December 30, 1961.................................... 45

15. Assets of banks classified according to supervisory status and Federal

deposit insurance participation, December 30, 1961.................................... 46

16. Deposits of banks classified according to supervisory status and Federal

deposit insurance participation, December 30, 1961................................. 47

17. Ratios of capital accounts to assets of banks of deposit classified according to supervisory status and Federal deposit insurance participation,

December 30, 1961..................................................................................................... 48

C h a n g e s i n n u m b e r of b a n k in g offices, an d i n b a n k assets a n d l ia b il it ie s:

18. Analysis of changes in number of banks and branches in the United

States (States and other areas) during 1961.................................................. 49

19. Amounts and percentages of major categories of assets and liabilities of

all banks in the United States (States and other areas), December 31,

1955-1961 ..................................................................................................................... 50

20. Annual percentage changes in major categories of assets and liabilities

of all banks in the United States (States and other areas), 1955-1961. . 51

I n c o m e of in su r ed b a n k s :

21. Sources and disposition of total income, insured commercial banks in the

United States (States and other areas), 1955-1961........................................ 52

22. Percentage distribution of sources and disposition of total income,

insured commercial banks in the United States (States and other

areas), 1955-1961 ...................................................................................................... 53

23. Selected operating ratios of insured commercial banks in the United

States (States and other areas), selected years, 1940-1961......................... 54

24. Distribution of insured commercial banks by deposit size of bank, and

percentages of selected banking totals in each size group, 1961............... 54

25. Sources and disposition of total income, insured mutual savings banks

in the United States, 1955-1961............................................................................. 56

26. Percentage distribution of sources and disposition of total income,

insured mutual savings banks in the United States, 1955-1961................. 56

Part Four

Statistics of Banks and Deposit Insurance

B a n k absorptions approved b y t h e corporation :

101. Description of each merger, consolidation, acquisition of assets, or

assumption of liabilities approved by the Corporation during 1961.... 60

N um ber , offices, an d deposits of b a n k s :

Explanatory note ................................................................................................................... 58

102. Changes in number and classification of banks and branches in the

United States (States and other areas) during 1961.................................... 86

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

103. Number of banking offices in the United States (States and other areas),

December 30, 1961

Grouped according to insurance status and class of bank, and by

State or area and type oj office................................................................... 88

104. Number and deposits of all banks in the United States (States and other

areas), December 30, 1961

Banks grouped according to insurance status and by district and

State ................................................................................................................... 96

A ssets an d liabilities of b a n k s :

Explanatory note ................................................................................................................... 98

105. Assets and liabilities of all banks in the United States (States and other

areas), June 30, 1961

Banks grouped according to insurance status and type of bank........ 100

106. Assets and liabilities of all banks in the United States (States and other

areas), December 30, 1961

Banks grouped according to insurance status and type of bank........ 102

107. Assets and liabilities of all banks in the United States (States and other

areas), December 30, 1961

Banks grouped by district and State........................................................... 104

108. Assets and liabilities of all insured banks in the United States (States

and other areas), call dates December 31, 1958 through December 30,

1961 .............................................................................................................................. 106

109. Assets and liabilities of insured commercial and insured mutual savings

banks in the United States (States and other areas), call dates December 31, 1960 through December 30, 1961...................................................... 110

110. Assets and liabilities and assets and liabilities per $100 of total assets of

insured commercial banks operating throughout 1961 in the United

States (States and other areas), December 30, 1961

Banks grouped according to amount of deposits...................................... 114

111. Average assets and liabilities and assets and liabilities per $100 of total

assets of insured commercial banks in the United States (States and

other areas), 1961

By class of bank.................................................................................................... 115

112. Average assets and liabilities of insured commercial banks in the United

States (States and other areas), by State, 1961............................................ 116

113. Distribution of insured commercial banks in the United States (States

and other areas), December 30, 1961

Banks grouped according to amount of deposits and by ratios of

selected items to assets.................................................................................. 118

I n c o m e of in su r e d b a n k s :

Explanatory note ................................................................................................................... 120

114. Income of insured commercial banks in the United States (States and

other areas), 1953-1961.......................................................................................... 122

115. Ratios of income of insured commercial banks in the United States

(States and other areas), 1953-1961................................................................. 124

116. Income of insured commercial banks in the United States (States and

other areas), 1961

By class of bank................................................................................................... 126

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LIST OF TABLES xiii

Page

117. Ratios of income of insured commercial banks in the United States

(States and other areas), 1961

By class of bank.................................................................................................. 128

118. Income of insured commercial banks operating throughout 1961 in the

United States (States and other areas)

Banks grouped according to amount of deposits...................................... 130

119. Ratios of income of insured commercial banks operating throughout

1961 in the United States (States and other areas)

Banks grouped according to amount of deposits.................................... 132

120. Income of insured commercial banks in the United States (States and

other areas), by State, 1961.................................................................................. 134

121. Income of insured mutual savings banks, 1953-1961........................................ 144

122. Ratios of income of insured mutual savings banks, 1953-1961..................... 146

D eposit in s u r a n c e d isb u r s e m e n t s :

Explanatory note ................................................................................................................... 148

123. Depositors, deposits, and disbursements in insured banks requiring disbursements by the Federal Deposit Insurance Corporation, 1934-1961

Banks grouped by class of bank, year of deposit payoff or deposit

assumption, amount of deposits, and State............................................ 150

124. Insured banks requiring disbursements by the Federal Deposit Insurance

Corporation during 1961........................................................................................ 152

125. Recoveries and losses by the Federal Deposit Insurance Corporation on

principal disbursements for protection of depositors, 1934-1961............. 153

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Federal Reserve Bank of St. Louis
SUMMARY

The 13,445 banks insured by the Federal Deposit Insurance Corporation at the end of 1961 comprised 97 percent of all incorporated banks 

of deposit. Deposits in insured banks totaled $281 billion, and an estimated $164 billion was insured under the limit of $10,000 for each 

depositor. (Pp. 4, 22.)

The deposit insurance fund amounted to $2,354 million on December 

31, 1961, or 0.84 percent of total deposits in insured banks. (P. 22.)

Five insured banks, with deposits of $8.8 million, required disbursements from the insurance fund during 1961. All were victims of financial 

irregularities and were placed in receivership. These closings brought 

to 445 the total number of banks whose depositors have received financial 

assistance from the Corporation. (Pp. 4-5.)

During 1961, 254 banks operating nearly 2,000 offices were involved 

in absorption transactions approved under Section 18(c) of the Federal 

Deposit Insurance Act. The Corporation considered and approved the 

31 cases where the resulting bank was a State nonmember insured 

bank. (Pp. 10-11, 60-84.)

The number of banks declined during 1961, but the number of banking offices increased by 897 to a total of 26,002, due to growth in the 

number of branches. (P. 49.)

Assets of all banks totaled $322 billion on December 31, 1961, and 

represented an increase of 8 percent during the year. Insured commercial 

banks had assets of $277 billion, and insured mutual savings banks, $37 

billion. (Pp. 50-51, 102.)

Net income after taxes of insured commercial banks in 1961 totaled 

$2 billion, practically unchanged from 1960. Reduced retentions in 

capital accounts, along with increased assets, reduced the capital ratio 

slightly to 8.0 percent. (Pp. 47, 123.)

The maximum permissible rates which insured commercial banks 

not members of the Federal Reserve System may pay on time and 

savings deposits were increased by Corporation regulation in December 

1961, effective January 1, 1962. (Pp. 14-15, 29-31.)

xv

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Federal Reserve Bank of St. Louis
PART ONE

OPERATIONS OF THE CORPORATION

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Federal Reserve Bank of St. Louis
D e p o s it I n s u r a n c e D e v e l o p m e n t a n d P a r t ic ip a t io n

Nationwide insurance of bank deposits was first embodied in the 

Banking Act of 1933, which established the Federal Deposit Insurance 

Corporation. The insurance became effective on January 1, 1934, under 

a temporary plan, and was initially limited to $2,500 for each depositor, but was increased to $5,000 on July 1 of that year. Banks in the 

continental United States that were members of the Federal Reserve 

System and had been licensed to reopen after the banking holiday of 

1933 were required to participate and other qualified banks were permitted to do so.

The Banking Act of 1935, which became effective on August 23 of 

that year, provided for a permanent plan of insurance, replacing a 

plan in the Banking Act of 1933 that never came into force. The Act 

of 1935 continued the $5,000 coverage for each depositor, provided for 

an annual assessment of one-twelfth of 1 percent of deposits, and specified 

in more detail the supervisory responsibilities of the Corporation. These 

provisions were unchanged for the next 15 years, a period during which 

the chief legislative action affecting the Corporation was provision for 

retirement of the Corporation’s original capital that had been provided 

by the Treasury and the Federal Reserve banks.

The Federal Deposit Insurance Act of 1950 made a number of revisions in deposit insurance: the insurance limit was raised to the present maximum of $10,000 for each depositor, provision was made for an 

annual assessment credit to insured banks after allowance for Corporation losses and expenses, and additional measures for dealing with 

failing banks were authorized. A 1960 statute provided new methods 

for determining assessments, and increased the assessment credit to 

insured banks from 60 percent (under the 1950 Act) to 66% percent of 

the assessment income remaining after deduction of Corporation losses 

and expenses.

Participation in Federal deposit insurance. The first problem facing the Board of Directors of the Corporation at its initial meeting on 

September 11, 1933, was establishment of procedures for the examination of banks applying for insurance. To join the insurance program, 

banks that were not members of the Federal Reserve System had to 

be certified as solvent by their respective State supervisory agencies 

and be examined and approved for insurance by the Federal Deposit 

Insurance Corporation. A total of 13,201 banks, or 86 percent of all 

banks in the United States, became insured when the insurance took 

effect on January 1, 1934. The proportion of banks participating in

3

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

Federal deposit insurance has increased each year; the 13,445 so insured on December 31, 1961, comprised 97 percent of the number, and 

held 98 percent of the deposits, of all incorporated banks of deposit.

At the end of 1961 there were 514 banks, of varied types, outside 

Federal deposit insurance. Of this number, 185 were mutual savings 

banks, 141 were incorporated commercial banks operating under the 

general banking codes of various States, 81 were unincorporated banks, 

52 were trust companies not regularly engaged in deposit banking, 34 

were industrial banks, 13 were banks of deposit operating under various special charters, and 8 were branches of banks chartered in foreign 

countries which are included in the statistics of banks because they are 

engaged in deposit banking in the United States. The unincorporated 

banks, the trust companies not regularly engaged in deposit banking, 

and the branches in the United States of banks chartered in foreign 

countries are not eligible for Federal deposit insurance.

I n s u r a n c e O pe r a t io n s to P rotect D epositors of F a il in g B a n k s

Banks failing during 1961. Five insured banks were placed in receivership in 1961: The Sheldon National Bank, Sheldon, Iowa; Bank 

of Earlsboro, Earlsboro, Oklahoma; Bank of Ochlochnee, Ochlochnee, 

Georgia; The First National Bank of Maud, Maud, Oklahoma; and 

the First State Bank, Premont, Texas. These banks had approximately 

8,250 depositors with total deposits of $8.8 million, and insured deposits estimated at $6.2 million. In each case financial irregularities in 

the operation of the bank were responsible for the weakened condition 

leading to the bank’s closing.

The Federal Deposit Insurance Corporation was appointed receiver or liquidating agent in each instance. It took about ten days in 

each case for the Corporation to review the bank’s books, determine 

the amount due each depositor, and start payment of insured deposits. 

Depositors in four of the banks had been paid approximately $4.3 

million by December 31, 1961, and payment of the remaining $0.9 

million of insured deposits in these four cases awaited only presentation of proof of claims. In the case of the First State Bank, Premont, 

Texas, which closed on December 30, 1961, payments began on January 11, 1962, and are not reflected in end-of-year payment figures.

Uninsured deposits in the five cases totaled about $2.6 million at 

the end of 1961. Some of these deposits were paid by offset of debts of 

individual depositors to the bank. Other deposits, particularly those 

of governmental units, have a preferred status or are secured by collateral. Depositors whose deposits are not offset, preferred or secured,

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INSURANCE OPERATIONS TO PROTECT DEPOSITORS 5

but are in excess of the insurance limit, share with the Corporation as 

claimant for insured deposits paid by it in the proceeds of the liquidation, receiving dividends as declared by the receiver.

Banks failing, 1934-1961. During its 28 years of operation the 

Corporation has made disbursements to protect depositors in 445 

failing banks. These banks had about 1,460,000 depositors and total 

deposits of $611 million.

Table 1. P rotection of D epositors of I nsured B a n k s R e quiring D is b u r s e m e n t s

b y t h e F ederal D eposit I n su r a n c e C orporation, 1934-1961

Item

All cases

(445 banks)

Deposit payoff

cases

(263 banks)

Deposit

assumption cases

(182 banks)

Number or

amount Percent Number or

amount Percent Number or

amount Percent

Number of depositors or accounts— total1......................... 1,460,235 100.0% 425,502 100.0% 1,034,733 100.0%

Full recovery received or

available................................ 1,452,043 99.4 417,310 98.1 1,034,733 100.0

From FDIC*.............................. 1,409,164 96.5 374,431® 88.0 1,034,733 100.0

From offset4................................ 37,234 2.5 37,234 8.7

From security or preference5.. 2,814 .2 2,814 .7

From asset liquidation6........... 2,831 .2 2,831 .7

Full recovery not received as

of December 31, 1961.... 8,192 .6 8,192 1.9

Terminated cases...................... 2,781 .2 2,781 .6

Active cases7.............................. 5,411 .4 5,411 1.3

Amount of deposits (in thousands)— total........................... $610,985 100.0% $144,458 100.0% $466,527 100.0%

Paid or made available........... 605,782 99.1 139,255 96.4 466,527 100.0

By FDIC2................................... 575,725 94.2 109.1988 75.6 466,527 100.0

By offset9.................................... 9,426 1.5 9,426 6.5

By security or preference10. . . 8,890 1.5 8,890 6.2

By asset liquidation*1............... 11,741 1.9 11,741 8.1

Not paid as of December 31,

1961......................................... 5,203 .9 5,203 3.6

Terminated cases...................... 1,779 .3 1,779 1.2

Active cases7.............................. 3,424 .6 3,424 2.4

1 Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases.

2 Through direct payment to depositors in deposit payoff cases; through assumption of deposits of

other insured banks, facilitated by FDIC disbursements of $198,074 thousand, in deposit assumption

cases.

3 Includes 55,696 depositors in terminated cases who failed to claim their insured deposits (see

note 8).

4 Includes only depositors with claims offset in full; most of these would have been fully protected

by insurance in the absence of offsets.

5 Excludes depositors paid in part by FDIC whose deposit balances were less than the insurance

maximum.

8 The insured portions of these depositor claims were paid by the Corporation.

7 Includes 3,103 depositors with deposits of $2,608,392 in two banks which closed in December, 1961.

It is estimated that most of these depositors will be paid in full.

8 Includes $178 thousand unclaimed insured deposits in terminated cases (see note 3).

9 Includes all amounts paid by offset.

10 Includes all secured and preferred claims paid from asset liquidation; excludes secured and preferred claims paid by Corporation.

11 Includes unclaimed deposits paid to authorized public custodians.

The Corporation has used two methods in meeting its insurance 

liability. In the deposit payoff method, which has been employed in 263

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

cases, the Corporation sends its claim agents to the affected banks, and 

they make payments of insured deposits directly to depositors. In these 

cases the protection has been limited to $2,500 per depositor in one 

bank closed before July 1, 1934; to $5,000 per depositor in 244 banks 

closed between July 1, 1934, and September 21, 1950; and to $10,000 

per depositor in 18 banks closed after the latter date. In the 182 cases 

where the assumption method has been used, the deposits of the distressed banks have been assumed by other insured banks and made 

immediately available in full to depositors. These assumption transactions were made possible by Corporation loans to or purchases of 

assets from the failing banks.

Table 2. A n a ly s is o f D isb u rse m e n ts, R ecoveries and L osses by t h e

F ed eral D ep osit In su r a n c e C orporation in In su r a n c e

T r a n sa c tio n s, 1934-1961

(In thousands)

Type of disbursement Disbursements Recoveries1

All disbursements—-to ta l...........................................................

Principal disbursements in deposit assumption and

payofF cases— total................................................................

Loans and assets purchased (182 deposit assumption

To December 31, 1961.

Estimated additional. .

Deposits paid (263 deposit payofF cases):

To December 31, 1961...............................

Estimated additional..................................

Advances and expenses in deposit assumption and

payofF cases— total................................................................

Expenses in liquidating assets in 182 deposit assumption

cases:

Advances to protect assets.....................................................

Liquidation expenses................................................................

Insurance expenses...................................................................

Field payoff and other insurance expenses in 263 deposit

payoff cases............................................................................

Other disbursements— total.

Assets purchased to facilitate termination of liquidations :

To December 31, 1961...........................................................

Estimated additional..............................................................

Unallocated insurance expenses...............................................

$359,572

$308,977

198,074

109,020

1,883

$48,727

32,860

14,416

212

1,239

$1,868

1,762

” 106

$328,341

$278,656

184,383

587

90,601 \

3,085 /

$47,276

32,860

14,416

2,409

2,266 '

143 ,

$31,2312

$30,321

13,104

17,217

$1,451

212 

1,239

$ (541)4

(647)5

106

1 Recoveries in some cases were in excess of the amount due the Corporation. The excess recoveries

were returned to the stockholders and are not included.

2 Net loss of funds after allowing for $8,999 thousand collected as interest and allowable return on

funds advanced to 158 of the 445 closed insured banks was $22,232 thousand.

3 Not recoverable.

4 Net recovery in excess of disbursements.

6 Net profit and net income.

The restoration of insured deposit balances to their owners as 

promptly as possible, along with maximum recovery on the assets of 

failing banks, have been the guiding principles of the Corporation in 

its insurance operations. Less than 1 percent of the total deposits in

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INSURANCE OPERATIONS TO PROTECT DEPOSITORS 7

the 445 insured banks closed since January 1, 1934, had not been paid 

by the end of 1961, and an even smaller percentage of the depositors 

had not had their deposits made available in full. The methods and extent of depositor protection in the 445 banks requiring Corporation disbursements are shown in Table 1.

Corporation disbursements and losses. An analysis of the disbursements, recoveries, and losses of the Corporation in its insurance 

operations is presented in Table 2.

Since beginning operations the Corporation has disbursed $359.6 million in fulfilling its insurance responsibilities. Nearly all of this amount, 

or $357.7 million, represented payment of claims or expenditures to 

facilitate assumption of deposit accounts; $1.8 million was used to purchase assets from receivers and liquidators to expedite termination of 

particular cases, and non-recoverable expenses unallocated but directly 

related to insurance operations amounted to $0.1 million.

The Corporation estimates that recoveries on disbursements, already 

made or expected, will total $328.3 million, resulting in an indicated 

loss of $31.2 million on insurance transactions. In connection with these 

transactions, the Corporation has also received $9.0 million of interest 

and allowable return on the funds advanced to 158 of the closed insured 

banks, thus reducing the Corporation’s potential loss of funds to about 

$22.2 million.

Super visor y A c tivities

While the concept of free enterprise is basic to the American economic system, it has long been recognized that certain governmental controls are necessary in the public interest. For more than a century 

banking has been one of the most regulated of industries. Prevention of 

injury to the public is the basis for the regulation of banks.

The public policy of attempting to maintain competition in our 

economy is based upon the belief that this will keep the channels of 

trade as free as possible, while promoting efficiency and progress. It is 

inevitable that in a market in which many buyers and sellers are competing some will be successful and others will suffer losses. In most industries occasional business failures are expected, and are not regarded 

as too high a price to be paid for the benefits of competition. However, 

the suspension of a bank, because of its effects upon the circulating 

medium of the community, is a more serious occurrence than is the failure of another business of comparable size. In addition, banks are 

subject to temptation to operate on low capital margins, which is conducive to excessive competition and fluctuations which are inconsistDigitized for FRASER 

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

ent with a reasonable rate of growth in the money supply. For these 

reasons, banking is subject to special regulations designed to promote 

sound banking and at the same time retain the benefits resulting from 

effective competition.

Admission to insured status. Banks of deposit become insured 

in different ways but, whatever the method, the following factors must 

be taken into account by the appropriate authority: (1) the financial 

history and condition of the bank, (2) the adequacy of its capital 

structure, (3) its future earnings prospects, (4) the general character of 

its management, (5) the convenience and needs of the community to be 

served by the bank, and (6) the consistency of its corporate powers with 

the purposes of the Federal Deposit Insurance Act.

Upon certification by the appropriate authority that these factors 

have been considered, when national banks are opened for business and 

when State banks are admitted to the Federal Reserve System they 

become insured without further action by the Corporation. Other banks 

apply directly to the Corporation if they desire deposit insurance. 

During 1961 the Corporation acted upon 115 applications for admission 

to deposit insurance, and approved all but two of that total. The appreciable decline from the 172 similar applications acted upon in 1960 

was in the category of operating non-insured banks, a steadily diminishing group. New banks approved for insurance in 1961 totaled 81, only 

slightly fewer than the 87 approved during 1960.

The 32 operating banks approved for Federal deposit insurance were 

scattered among 16 States: of these, 11 were in Iowa, 5 in Maine, and 

no more than two in any other State. Of the new banks admitted to 

insurance, 16 were in Illinois and 11 in California, with the remaining 

54 scattered among 25 States.

Applications for branches. The continued growth in branch banking was reflected in the applications for approval of branches acted upon 

by the Corporation in 1961. Corporation approval is required for the 

establishment of branches of insured banks not members of the Federal 

Reserve System. The Corporation approved all but two of the 368 such 

applications for branches acted upon in 1961. Two-thirds of those approved, or 245, were for new branches, practically the same number as 

in 1960. Of the new branches approved, 22 were in North Carolina, 14 

each in California, New York, South Carolina, and Virginia, 13 in 

Massachusetts, and 12 each in Indiana and Maryland.

The applications acted upon by the Corporation in 1961, including 

those for admission to insurance and establishment of branches, are 

classified in Table 3. It may be noted that only five out of a total of 870 

applications acted upon were disapproved. The relatively small number

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SUPERVISORY ACTIVITIES 9

of disapprovals reflects in part the withdrawal or improvement of some 

proposals after preliminary discussion, prior to formal submission of the 

applications.

T a b le 3 . A pplications A cted U pon b y t h e B oard of D irectors of t h e

F ederal D eposit I n s u r a n c e C orporation D u r in g 1961

Type of application

Total

acted

upon

Approved Disapproved

All applications1...................................................................................

Admission to insurance— total..................................................

New banks........................................................................................

Operating banks..............................................................................

Continuation of insurance of banks withdrawing from

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

Change in type of business— total...........................................

To engage in trust business.........................................................

To change from agency to branch..............................................

Assumption of deposit liabilities— total...............................

Of another insured bank...............................................................

Of a noninsured bank....................................................................

Of a branch......................................................................................

Operation of branches— total.....................................................

New branch offices..........................................................................

Banks to become branches as result of absorption................

Continue branches of absorbed predecessor, or bank

becoming insured........................................................................

Operation by a new bank of branches acquired from a

continuing bank..........................................................................

Change of location— total...........................................................

Main offices......................................................................................

Branches...........................................................................................

Retirement or adjustment of capital.....................................

Service of person convicted of dishonesty or breach of

trust..............................................................................................

870

115

83

32

17

41

39

2

97

30

2

65

368

247

26

30

65

209

155

54

22

865

113

81

32

41

39

2

97

30

2

65

366

245

26

30

65

209

155

54

22

1 Excludes applications supplementary to a primary application; for example, for an extension of

time with respect to an insurance commitment for a new bank. Also excludes a few applications acted

upon in prior years on which additional action Was taken during 1961.

Regulation of bank mergers. Section 18(c) of the Federal Deposit 

Insurance Act as amended in May 1960, provides that no insured bank 

may, without prior written consent of one of the Federal banking 

authorities, engage in a merger, consolidation, acquisition of assets, or 

deposit assumption transaction. In passing upon an application for 

a bank to engage in such a transaction the Federal bank supervisory 

authority is required to consider the effect of the transaction on competition, including any tendency toward monopoly, in addition to the six 

banking factors previously enumerated. The consent of the Corporation 

is required for any transaction in which the acquiring, assuming, or resulting bank is an insured bank not a member of the Federal Reserve 

System and is not located in the District of Columbia, and in any 

transaction in which one of the participants is a noninsured institution. 

The Corporation endeavors to use its supervisory powers to promote

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

the public interest through development of sound, competitive banks 

which are able to meet the needs of the communities in which they 

operate.

Prior to this amendment in May 1960, the consent of the Corporation 

was required in any assumption case involving a noninsured bank, 

and in other absorption cases where the resulting bank was an insured 

bank not a member of the Federal Reserve System (except a bank in 

the District of Columbia) and a reduction occurred in the capital stock 

or surplus of the bank. An examination of the absorption transactions 

approved by the Corporation in the years 1955-1961 indicates that, 

in a large proportion of the cases, the absorbing bank was attempting to expand branch operations into areas where it was felt a need 

existed. Reasons most frequently given by the absorbed banks for 

participating in these transactions included the existence of a management problem, unfavorable earnings, and difficulty in meeting competition. Advantages of the absorptions to communities affected by these 

transactions include raising the legal loan limit, strengthening of bank 

or branch management, and the provision of additional banking services.

During the year 1961, the Corporation considered and approved 31 

applications to participate in absorption transactions where the resulting bank was a State nonmember insured bank. Total resources of 

the 60 banks involved in these applications were $1,813 million. Data 

regarding each of these banks, with a statement of the basis for the 

Corporation’s approval and the Attorney General’s summary of his 

report on the competitive factors involved, are given in Table 101.

In addition, during the year 1961, the Corporation submitted a 

total of 139 reports to the Comptroller of the Currency or to the 

Board of Governors of the Federal Reserve System as to the effects on 

competition of proposed absorptions where the resulting bank was a 

national bank or a State member bank. In 18 of these cases, the Corporation reported that the effect on competition would be unfavorable. 

In Table 4 information is given regarding the number, resources, and 

offices of all banks involved in applications to engage in absorption 

transactions approved in 1961 by the three Federal bank supervisory 

agencies under section 18(c) of the Federal Deposit Insurance Act.

Bank examinations. Examinations serve the dual purpose of encouraging sound banking practices and providing the Corporation with 

information about its risk. The individual examination seeks to determine a bank’s capital position, the quality of its loans, the suitability of its securities portfolio, managerial capabilities, conformity 

with applicable provisions of law, and whether practices exist which 

are likely to lead to financial difficulties. When an examination reveals

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SUPERVISORY a c t iv it ie s 11

an unusual insurance risk, the bank’s condition receives special attention designed to correct the difficulties before they become serious.

T a b le 4 . M ergers, C on so lid atio n s, A c q u isitio n s op A ssets a n d A s s u m p t io n s

of L iabilities A pproved U nder Section 1 8 (c) of t h e

F ederal D eposit I n s u r a n c e A ct D u r in g 1961

Number

of

banks1

Resources

(in

thousands)2

Offices operated2

Banks Prior to

transaction

After

transaction

A L L CASES

254 $31,767,427

25,772,720

1,980

1,557

423

1.973

Absorbing banks.................................................................... 121 1.973

Absorbed banks3.................................................................... 133 5,994,707

National.............................................................................. 46 1,032,366 87

State banks members FRS3............................................ 27 3,827,566

1,132,393

2,382

166

Not members FRS........................................................... 58 168

Noninsured......................................................................... 2 2

CASES W IT H R E SU L T IN G B A N K A

N A T IO N A L B A N K

Banks involved........................................................................ 140 $14,947,456

12,957,179

1,990,277

756,596

973 969

Absorbing banks.................................................................... 68 786 969

Absorbed banks..................................................................... 72 187

National.............................................................................. 30 55

State banks members FRS............................................. 18 981,468 73

Not members FRS........................................................... 22 249,831

2,382

57

N oninsured......................................................................... 2 2

CASES W IT H R E SU L T IN G B A N K A

ST A T E B A N K M E M B E R OF TH E

FE D E R A L R E SE R V E SY STE M

Banks involved........................................................................ 59 $15,084,057

11,792,313

3,291,744

219,960

2,331,781

740,003

686 685

Absorbing banks.................................................................... 27 569 685

Absorbed banks..................................................................... 32 117

National.............................................................................. 9 19

State banks members FRS............................................. 9 28

Not members FRS........................................................... 14 70

CASES W IT H R E SU L T IN G B A N K N O T

A M E M B E R OF T H E

F E D E R A L R E SE R V E SY STE M

Banks involved3....................................................................... 55 $ 1,735,914

1,023.228

712,686

55,810

514,317

321 319

Absorbing banks.................................................................... 26 202 319

Absorbed banks3.................................................................... 29 119

National.............................................................................. 7 13

State banks members FRS3............................................ 65

Not members FRS........................................................... 22 142,559 41

1 The number of resulting banks is smaller than the number of transactions, which totaled 131,

because a few banks engaged in more than one transaction.

2 In cases where an absorbing bank engaged in more than one transaction, the resources included

are those of the bank before the latest transaction, and the number of offices before the first and after

the last transaction.

3 In one case only portions of an operating member bank’s resources and offices were absorbed

by a new bank, with the operating member bank continuing to operate its other offices. Absorbed resources of $514,317 thousand and 65 offices are included here, but no bank is shown as absorbed (see

Case 1, Table 101).

Cooperation among bank supervisory agencies minimizes the burden 

of examination upon any one of them as well as upon the banks themselves. The Corporation regularly examines insured State banks other 

than District of Columbia banks and members of the Federal Reserve 

System, and reviews reports of examination of other insured banks 

made by the Comptroller of the Currency and the Federal Reserve 

banks. Examinations of insured nonmember banks are sometimes made

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

jointly or concurrently with those conducted by the appropriate State 

supervisory authority. The Corporation also investigates proposals for 

new banks and branches and proposals for bank absorptions where 

the resulting bank would be a nonmember insured bank. The number 

and classification of the examinations and investigations conducted by 

the Corporation during 1961 are given in Table 5.

Table 5. B a n k E x a m in a t io n A ctivities of t h e F ederal

D eposit I n s u r a n c e C orporation i n 1960 an d 1961

Activity

Field examinations and investigations—-total..........................................

Examinations of main offices.......................................................................

Regular examinations of insured banks not members of Federal

Reserve System.............................................................................................

Re-examinations; or other than regular examinations............................

Entrance examinations of operating noninsured banks...........................

Examinations of departments and branches........................................

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

Examinations of branches..............................................................................

Investigations.....................................................................................................

New bank investigations.................................................................................

National banks or State banks members of Federal Reserve System. ..

Banks not members of Federal Reserve System........................................

New branch investigations.............................................................................

Mergers and consolidations............................................................................

Miscellaneous investigations..........................................................................

Washington office review of reports of examination of insured

banks— total....................................................................................................

National banks......................................................................................................

State banks members of Federal Reserve System........................................

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

11,036

3,297

1,286

6,453

Citations for unsafe and unsound banking practices and violations of law. When examination of a bank reveals continuation of 

unsafe or unsound banking practices or violation of law or regulations, 

the Corporation has the authority and duty to institute proceedings for 

termination of the bank’s insured status. These proceedings, prescribed under Section 8(a) of the Federal Deposit Insurance Act, are 

started only after a diligent effort has been made to obtain satisfactory corrective action by the bank itself.

Two proceedings under Section 8(a), one begun in 1959 and the 

other in 1960, were discontinued during 1961 when the cited banks 

satisfied the Corporation that they were well along toward rehabilitation. One new proceeding was instituted in 1961. Upon the effectuation 

of certain corrections and improvements, and a manifestation of the 

management’s determination to complete the bank’s rehabilitation, the 

Corporation extended the period for correction, and termination proceedings were pending at the year-end.

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SUPERVISORY ACTIVITIES 13

During the entire period of Federal deposit insurance, proceedings 

for termination of insurance have been instituted against 183 banks. 

In more than a third of the cases the necessary corrections were made; 

and in more than one-half of the cases the banks were absorbed or 

succeeded by other banks or suspended operations prior to Corporation action setting a date for termination of insurance. In 12 cases 

the Corporation set this date; in nine of these cases the banks suspended 

prior to or on the date set for termination of insurance; in one case, 

the bank closed shortly after termination; and in two cases, the banks 

continued in operation. Details concerning the outcome of termination 

proceedings are given in Table 6.

T a b le 6 . A c tio n s to T e rm in a te In su red S ta tu s o f B a n k s C h arged

w it h U n s a fe or U n sou n d B a n k in g P ra ctices o f V io la tio n s

o f L aw or R e g u la tio n s, 1936-1961

Disposition or s'tatus 1936-19611

Total banks against which action was taken........................................................................ 183

Cases closed...................................................................................................................................... 182

Corrections made........................................................................................................................... 70

Banks absorbed or succeeded by other banks........................................................................ 68

With financial aid of the Corporation.................................................................................. 62

Without financial aid of the Corporation............................................................................... 6

Banks suspended prior to setting date of termination of insured status by Corporation.

Insured status terminated, or date for such termination set by Corporation, for

failure to make corrections.................................................................................................

32

12

Banks suspended prior to or on the date of termination of insured status ................... 9

Banks continued in operation2 ................................................................................................ S

Cases not closed, December 319 1961.................................................................................. 1

1 No action to terminate the insured status of any bank was taken before 1936. In 5 cases where 

initial action was replaced by action based upon additional charges, only the latter action is included.

2 One of these suspended 4 months after its insured status was terminated.

Reports from banks. Each year since 1934 the Corporation has 

obtained reports from insured banks in regard to their assets, liabilities, 

and income. Data concerning the assets and liabilities of insured banks 

have been received and published semiannually, as of June and December; income data have related to calendar years. Since 1935 the 

Corporation has collected information regarding assets and liabilities 

of noninsured banks. Following agreement among the Federal bank 

supervisory agencies in 1947, the Corporation was assigned responsibility 

for preparing and issuing data covering the assets and liabilities of 

all banks operating in the United States.

From 1934 to December 31, 1960, each insured bank filed, for the 

six months ended June 30 and December 31 of each year, certified 

statements of deposit insurance assessments. Under the new method 

for computing assessments which took effect in 1961, assessments are 

based on the average of deposits shown in two reports of condition in 

each semiannual assessment period. Accordingly, in 1961, all insured

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

banks submitted, for the first time, four reports of condition: for 

April 12, June 30, September 27, and December 30. The change in 

method of reporting has simplified the task of both the banks and 

the Corporation in determining the correct amount of assessments. 

Furthermore, the additional reports of condition provide the basis 

for improved statistical series.

Statistics on the income of insured banks, and on the assets and 

liabilities of both insured and noninsured banks, are presented in 

Parts Three and Four of this report. Tabulations of reports of assets 

and liabilities of banks classified by State are published semiannually 

by the Corporation in separate reports. Starting in 1961, each of 

these semiannual reports presents for two dates detailed asset and 

liability data for insured banks grouped by State and class of bank.

L egal D e v e l o p m e n t s

Federal legislation. No legislation directly affecting Federal deposit insurance or insured banks was enacted by the Congress during 

1961.

Rules and regulations of the Corporation. Parts 327 and 329 of

the Corporation's rules and regulations were amended in December 

of 1961. The amendment of Section 329.6 of the rules and regulations, 

which became effective January 1, 1962, prescribes the maximum 

permissible rates of interest which insured banks not members of the 

Federal Reserve System, other than mutual savings banks, may pay 

on time and savings deposits for a period commencing on or after 

that date but not for any period prior thereto. This amendment provides that after January 1, 1962, such banks may pay interest at a 

rate not in excess of 4 percent per annum on savings deposits that 

have remained on deposit for not less than twelve months, and on time 

deposits which have a maturity date of twelve months or more after 

the date of deposit or are payable upon written notice of twelve months 

or more. After January 1, 1962, interest at a rate not to exceed 4 percent 

may also be paid on a postal savings deposit which constitutes a time 

deposit and has remained on deposit for not less than twelve months.

After the effective date of the amendment, interest may be paid 

at a rate not to exceed 3% percent per annum on savings deposits 

remaining on deposit for less than twelve months and on time deposits 

which have a maturity date of between six and twelve months or are 

payable upon written notice of from six to twelve months. Interest at 

3% percent may also be paid on a postal savings deposit which constitutes a time deposit and has remained on deposit for less than 

twelve months.

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LEGAL DEVELOPMENTS 15

The amendment continues the maximum rate of 2% percent on 

time deposits (except postal savings deposits which constitute time 

deposits) which have a maturity date of from 90 days to six months 

or are payable upon written notice of from 90 days to six months. It 

also continues the maximum rate of 1 percent on time deposits (except 

postal savings deposits which constitute time deposits) which have a 

maturity date of less than 90 days after the date of deposit or are 

payable on written notice of less than 90 days.

The other amendment amends Section 329.1 (e) and Section 327.2

(b) (4) of the Corporation’s rules and regulations which define the 

term “ savings deposit” for purposes of Parts 329 and 327. The purposes 

of the amendment to Part 329 are (1) to prevent certain practices 

that facilitate the use of a savings deposit as a regular means for 

drawing checks on the depository bank, and (2) to add certain liberalizing provisions with respect to withdrawals from savings deposits; and 

the purpose of the amendment to Part 327 is to conform the definition 

of the term “ savings deposit” therein to the definition of a savings 

deposit under Part 329.

The amended Parts of the Rules and Regulations, published in the 

Federal Register December 8, 1961 (26 F. R. 11798) and December 15, 

1961 (26 F. R. 12031-12032), are set forth in Part Two of this report.

State legislation. Part Two also includes a summary of State banking legislation enacted during 1961.

A d m i n i s t r a t i o n o f t h e C o r p o r a t i o n

Structure and employees. Management of the Corporation is 

vested in a bipartisan Board of Directors consisting of three members 

appointed by the President of the United States. Two directors are 

appointed for terms of six years; the Comptroller of the Currency 

serves ex officio as the third director. With the change in the Federal 

administration, Mr. Jesse P. Wolcott resigned as Chairman, and the 

Board of Directors elected Mr. Erie Cocke, Sr., as Chairman, effective 

at noon on January 20, 1961, with Mr. Wolcott continuing to serve as 

director. Mr. Ray M. Gidney served as Comptroller of the Currency, 

and director of the Corporation, until November 15, 1961, when he 

was succeeded by Mr. James J. Saxon.

The main office of the Corporation is in Washington, D. C., and 

district offices are maintained in 12 major cities. During 1961 construction proceeded on a headquarters building for the Corporation 

in downtown Washington, which is expected to be completed and 

occupied in the latter part of 1962.

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

Corporation officials are listed on page v of this report, adjacent 

to an organization chart of the Corporation. The location of each 

district office and the area it serves, with the names of the respective 

Supervising Examiners, are given on pages vi and vii.

The Corporation had 1,281 employees on December 31, 1961. The 

net increase of 39 during the year occurred in the field offices of the 

Corporation, and was due to greater examination and liquidation 

activity. The figures do not include temporary field liquidation employees, who are generally hired at the site of the liquidation activity 

and whose services are terminated when the local peak of activity 

has passed.

The turnover rate of all employees (excluding temporary field liquidation personnel) was 16 per 100 in 1961, the same as in 1960. Turnover 

among the field examiner staff was 13 per 100, down slightly from 1960. 

Field examiners comprise the largest group of employees in the Corporation; from an average employment of 734 in 1961, 93 left the Corporation during the year, a third of them going to banks or other financial 

institutions or supervisory agencies. A distribution of the Corporation’s 

employees at the end of 1961, according to Division and location, is 

given in Table 7.

Table 7. N u m b e r of O fficers a n d E m plo yees of t h e : F ederal

D eposit I n s u r a n c e C orporation, D ecem ber 31, 1961

Division Total Washington

office

District

and other

field

offices

1,281

3

313 968

0Directors......................................................................................... 

Executive! offices............................................................................ 20 20 0

Legal Division............................................................................... 21 21 o

Division of Examination............................................................. 974 53 921

Division of Liquidation............................................................... 51 33 18

Division of Research and Statistics......................................... 48 48

20

0

Audit Division............................................................................... 49 29

Office of the Controller............................................................... 115 115 o

Employee benefits and programs. Employees of the Corporation 

receive the fringe benefits generally available to Federal employees, 

including retirement annuities, group life insurance, vacation and sick 

leave, hospitalization and medical payments insurance, compensation 

for on-the-job injuries, and unemployment benefits. At the end of 1961 

over 99 percent of the employees were included in the Civil Service 

Retirement System, nearly 95 percent (of those eligible) had taken 

out group life insurance, and 92 percent participated in the Federal 

Employees Health Benefits program.

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ADMINISTRATION OF THE CORPORATION 17

The educational program for examiners, begun in 1946, continued 

to enlist extensive participation. At the end of 1961, 477 examiners 

were currently enrolled in correspondence courses conducted by the 

American Institute of Banking, 64 were enrolled in banking schools at 

eight leading universities, and one was a resident student at a university. Nearly 3,000 courses have been completed by Corporation examiners, present and past, since the program was established. The 

educational program was subsequently extended to include auditors, 

who have completed about 50 courses.

Examiners and assistant examiners participate in the Inter-Agency 

Bank Examination School conducted in Washington jointly by the 

Federal bank supervisory agencies. Since its establishment in 1952, 358 

Corporation examiners have attended the School.

F in a n c e s of t h e C orporation

Assets and liabilities. Assets of the Corporation totaled $2,482 

million on December 31, 1961. United States Government obligations, 

valued at amortized cost, with accrued interest, were nearly $2,471 

million. Other assets amounted to $11 million. One-third of this amount 

consisted of the estimated net value of assets acquired in insurance 

transactions, and another third was represented by the building site, 

planning, and construction costs of the Corporation’s headquarters 

building. Cash balances were approximately $3 million. This relatively 

small amount is considered adequate because the Government securities 

held by the Corporation include a reasonable portion of special issues 

convertible into cash on demand.

Liabilities of the Corporation totaled $128 million on December 31, 

1961, and consisted principally of net assessment income credits due 

insured banks which are available for application to subsequent assessments.

The excess of the Corporation’s assets over its liabilities represents 

the accumulated income (surplus) of the Corporation since its inception, 

and constitutes the deposit insurance fund. This fund, which comprises 

the Corporation’s financial resources for the protection of depositors, 

amounted to $2,354 million on December 31, 1961. In addition, the 

Corporation is authorized to borrow from the United States Treasury, 

and the Secretary of the Treasury is authorized and directed to loan 

to the Corporation on such terms as may be fixed by the Corporation 

and the Secretary, not to exceed $3 billion outstanding at any one time, 

when in the judgment of the Board of Directors of the Corporation such 

funds are required for insurance purposes. This borrowing power has 

never been used.

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

Assets and liabilities of the Corporation on December 31, 1961, are 

presented in Table 8.

T a b le 8 . S t a t e m e n t of F in a n c ia l C o n d it io n , F ederal D eposit

I n s u r a n c e C orporation, D ecem ber 31, 1961

A SSE TS

C ash............................................................................................................

United States Government obligations:

Securities at amortized cost (face value $2,474,017,000;

market or redemption value $2,380,720,093)............................

Accrued interest receivable................................................................

Assets acquired in receivership and deposit assumption

transactions:

Subrogated claims of depositors against closed insured banks..

Net insured balances of depositors in closed insured banks, to

be subrogated when paid— see related liability.........................

Loans to insured banks........................................................................

Loan to receiver for closed insured bank.......................................

Equitjr in assets acquired under purchase agreements...............

Assets purchased outright..................................................................

Less reserve for losses..........................................................................

Miscellaneous assets............................................................................

Building site, planning, and construction costs....................

Furniture, fixtures, and equipment (cost, $787,265).............

Total assets....................................................................

L IA B IL IT IE S A N D D E P O SIT IN S U R A N C E F U N D 1

Accounts payable and accrued liabilities..................................

Earnest money, escrow funds, and collections held for

others.............................................................................................

Accrued annual leave of employees..............................................

Due insured banks:

Net assessment income credits available July 1, 1962................

Other........................................................................................................

Net insured balances of depositors in closed insured banks

—■see related asset....................................................................

Total liabilities.............................................................

Deposit insurance fund (see Table 9)2.........................................

Total liabilities and deposit insurance fu n d . .

$2,456,158,624

14,301,480

$ 4,179,755

1,883,110

960,272

95,000

4,557,666

143,566

$ 11,819,369

8,004,100

$ 115,451,210

8,077,132

$ 2,854,674

2,470,460,104

3,815,269

120,762

4,260,052

1

$2,481,510,862

735,077

351,766

1,218,518

123,528,342

1,883,110

$ 127,716,813

2,353,794,049

$2,481,510,862

1 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant

to the Acts of August 5, 1947 (61 Stat. 773), and June 29, 1948 (62 Stat. 1092).

2 The deposit insurance fund, consisting of the cumulative net income (surplus) of the Corporation

from its inception to December 31, 1961, is available for future deposit insurance losses and related

expense. In addition to this fund, the Corporation is authorized to borrow from the United States

Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on

such terms as may be fixed by the Corporation and the Secretary, not to exceed three billion dollars

outstanding at any one time, when in the judgment of the Board of Directors of the Corporation such

funds are required for insurance purposes. No borrowings have been made under this authorization.

Note: These statements do not include accountability for assets and liabilities of closed insured banks

which were acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic

and final accountability reports are furnished to the Courts, supervisory authorities, and others, as

required.

Income in 1961. Net income of the Corporation during 1961 was 

$132 million. Income from assessments amounted to $73 million, and 

was slightly exceeded, for the first time, by income from United States 

Government securities of $74 million. Expenses and losses during the 

year totaled $15 million. Table 9 presents a statement of the CorporaDigitized for FRASER 

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FINANCES OF THE CORPORATION 19

tion’s income and expenses in 1961, and of changes in the deposit 

insurance fund.

T a b le 9 . S t a t e m e n t of I n c o m e an d D eposit I n su r a n c e F u n d , F ederal D eposit

I n s u r a n c e C orporation, Y ear E nded D ecem ber 31, 1961

Income:

Deposit insurance assessments:

Assessments becoming due in the year..............................

Less net assessment income credits due insured banks..

Corporation’s share of adjustments of assessments for

prior years.............................................................................

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

Other income................................................................................

Total income.........................................................

Expenses and losses:

Administrative and operating expenses:

Salaries and wages...................................................................

Civil Service retirement fund and F.I.C.A. payments. .

Travel expenses........................................................................

Rents and utilities...................................................................

Other expenses.........................................................................

Provisions for reserve for insurance losses:

Applicable to 1961...................................................................

Less adjustments to provisions for reserve established in

prior years:

Applicable to net assessment income for 1961.............

Not applicable to net assessment income.....................

Insurance expenses......................................................................

Total expenses and losses................................

Net income— addition to the deposit insurance fund

for the year ended December 31, 1961.........................

Deposit insurance fund, January 1, 1961...........................

Deposit insurance fund, December 31, 1961 (see note

2, Table 8 )................................................................................

(D) Deduct.

Income from assessments, after allowing for the Corporation’s expenses and losses, is shared by the Corporation and the insured banks. 

Effective in 1961, the share of the insured banks in this net assessment 

income was increased from 60 percent to 66% percent. Accordingly, 

$115 million of the $189 million of assessments becoming due in 1961 

was credited to insured banks to be applied against future assessments. 

This credit had the effect of reducing assessments from the statutory 

annual rate of one-twelfth of 1 percent of assessable deposits to a rate of 

one-thirty-first of 1 percent. The determination and distribution of net 

assessment income in 1961 is shown in Table 10.

Income and the deposit insurance fund, 1934-1961. The cumulative income of the Corporation since its establishment reached $2,641 

million at the end of 1961. Over that period assessments provided 69

$ 188,651,634

115,446,762

9,115,907

582,753

2,389,519

516,721

578,943

2,318,000

113,145(D)

1,386(D)

114,531(D)

$ 73,204,872

43,037

$ 73,247,909

73,827,615

20,712

$ 147,096,236

$ 13,183,843

2,203,469

92,793

$ 15,480,105

$ 131,616,131

2,222,177,918

$2,353,794,049

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

percent, and investment and other income 31 percent, of the total. 

Expenses and losses from 1934 to 1961 have amounted to $287 million. 

The resulting accumulated net income, which constitutes the deposit 

insurance fund, was $2,354 million at the end of 1961. The amounts 

and disposition of the Corporation’s income for each year from 1933 

to 1961, and cumulatively, are presented in Table 11.

Table 10. D e te r m in a t io n a n d D istribu tio n of N et A s s e s s m e n t I n c o m e ,

F ederal D eposit I n s u r a n c e C orporation, Y ear E nded D ecem ber 31,1961

Determination of net assessment income:

Total assessments which became due during the calendar

year.........................................................................................

Less:

Administrative and operating expenses............................. .

Net additions to reserve to provide for insurance losses:

Provided in 1961.................................................................

Adjustments to provisions for reserve established

prior to 1961 (reduction)..........................................

Other insurance losses and expenses...................................

Total deductions.....................................................

Net assessment income for 1961....................................

Distribution of net assessment income, December 31,

1961:

Net assessment income for 1961:

33 yz% transferred to the deposit insurance fund........... .

Balance credited to insured banks......................................

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

Allocation of net assessment income credit among

insured banks, December 31, 1961:

Credit for 1961.............................................................................

Adjustments of credits for prior years...................................

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

(D) Deduct.

The relationship of the deposit insurance fund to deposits in insured 

banks for each year from 1934 to 1961 is shown in Table 12. At the 

end of 1961 the fund amounted to 0.84 percent of total deposits in 

insured banks.

Audit. The Audit Division of the Corporation makes a continuous 

audit of its financial operations. Audits by outside firms or agencies 

have been made each year from the beginning, first by private firms, 

and since 1945 by the General Accounting Office.

The short form report on audit for the year ended June 30, 1961, 

furnished by the Comptroller General, is reproduced in Table 13. As 

indicated there, and in his more extensive report to the Congress, the 

Comptroller General found the financial accounts to be as represented 

and in general conformity with accepted accounting principles.

$ 2,318,000

113,145(D)

$ 115,446,762

4,447

188,651,634

$ 13,183,843

2,204,855

92,793

$ 15,481,491

$ 173,170,143

$ 57,723,381

115,446,762

$ 173,170,143

Percent of total

assessments becoming due in

1961

61.196%

.002

$ 115,451,209 61.198%

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FINANCES OF THE CORPORATION 21

Table 11. In co m e and E x p e n ses, F ed eral D ep osit In su ra n c e C orporation,

by Y ea rs, from B e g in n in g o f O peration s, Septem ber 11, 1933,

to D ecem ber 31, 1961, A d ju sted to D ecem ber 31, 1961

(In millions)

Year

Income

Total

Deposit

insurance

ments1

Investments

and

other

sources

Expenses and losses

Total

Deposit

insurance

losses and

expenses2

Interest

on capital

stock*

Administrative

and

operating

expenses

Net

income

added to

deposit

insurance

fund4

1933-61.

1961____

1960____

1959____

1958____

1957____

1956____

1955____

1954____

1953____

1952____

1951____

1950____

1949____

1948____

1947____

1946____

1945____

1944____

1943____

1942____

1941____

1940____

1939____

1938____

1937____

1936____

1935____

1933-34.

$2,641.0

147.1

144.6

136.5

126.8

117.3

111.9

105.7

99.7

94.2

88.6

83.8

84.8

151.1

146.9

157.7

130.9

121.2 

99.5

86.7

69.4

62.0

55.9

51.2

47.7

48.2

43.8

20.8

7.0

$1,824.0

73.2

79.6

78.6

73.8

69.1

68.2

66.1

62.4

60.2

57.3

54.3

54.2

122.7

119.3

114.4

107.0

93.7

80.9

70.0

56.5

51.4

46.2

40.7

38.3

38.8

35.6

11.5

$817.0

73.9

65.0

57.9

53.0

48.2

43.7

39.6

37.3

34.0

31.3

29.5

30.6

28.4

27.6

43.3

23.9

27.5

18.6

16.7

12.9

10.6

9.7

10.5

9.4

9.4

8.2

9.3

7.0

$287.2

15.5

12.5

12.2

11.6

9.7

9.6

9.0

7.8

7.3

7.8

6.9

7.8

6.4

7.3

10.4

10.4

9.7

9.7

10.2

10.3

10.1

12.9

16.4

11.3

12.2

10.9

11.3

10.0

$31.2

2.3

.1

.3

1.4

.3

.7

.1

.1

.1

.1

.2

.5

.6

3.5

7.2

2.5

3.7

2.6

2.8

.2

$80.6

4.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.6

$175.4 $2,353.8

13.2 131.6

12.4 132.1

11.9 124.3

11.6 115.2

9.6 107.6

9.1 102.3

8.7 96.7

7.7 91.9

7.2 86.9

7.0 80.8

6.9 76.9

6.4 77.0

6.1 144.7

6.0 139.6

5.5 147.3

4.5 120.5

3.8 111.5

3.8 89.8

4.2 76.5

4.0 59.1

3.7 51.9

3.6 43.0

3.4 34.8

3.0 36.4

2.7 36.0

2.5 32.9

2.7 9.5

4.26 -3.07

1 For 1950-1961, figures are net after deducting the portion of net assessment income credited to

insured banks pursuant to provisons of the Federal Deposit Insurance Act of 1950 and its amendment

by Public Law 86-671, approved July 14, 1960. Assessment credits to insured banks for these years

amounted to $1,047.3 million, equal to 56.779% of gross assessments.

2 Net loss of funds after allowing for $8,999 thousand (included in income from investments and other

sources in this table) collected as interest and allowable return on funds advanced to 158 of the 445

closed insured banks was $22,232 thousand.

8 Paid in 1950 and 1951, but allocated among years to which it applies. Initial capital of $289 million

was retired by payments to the United States Treasury in 1947 and 1948.

4 The amounts shown herein give effect to adjustments to the deposit insurance fund in the years

to which they are applicable, whereas the amounts of the Fund shown in Table 12 represent the Fund

as reported on the dates specified. Hence the deposit insurance fund reported in Table 12 cannot be

computed by annual addition of income reported herein, except for the Fund as of December 31, 1961.

5 Assessments collected from members of the temporary insurance funds which became insured under

the permanent plan were credited to their accounts at the termination of the temporary funds and

were applied toward payment of subsequent assessments becoming due under the permanent insurance

fund, resulting in no income to the Corporation from assessments during the existence of the temporary

insurance funds.

6 Net after deducting the portion of expenses and losses charged to banks withdrawing from the

temporary insurance funds on June 30, 1934.

7 Deduction.

In the report to Congress, two recommendations for amendment of 

the Federal Deposit Insurance Act were repeated from earlier audit 

reports. The first, relating to the cost of providing retirement, disability, 

and compensation benefits for Corporation employees, would require 

the Corporation to pay:

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

“ 1. Into the civil service retirement and disability fund the Government’s share of the cost of providing retirement and disability benefits for

the Corporation’s employees for the period from the creation of the Corporation through the year ended June 30, 1957.

2. Into the employees’ compensation fund the amount of benefit payments made from such fund on account of the Corporation’s employees for

all periods subsequent to the creation of the Corporation.

3. Into the Treasury as miscellaneous receipts a fair portion of the cost

of administering the civil service retirement system and the employees' compensation fund for all periods subsequent to the creation of the Corporation/’

The second recommendation would require the General Accounting 

Office to make its report of audit on a calendar-year rather than a 

fiscal-year basis.

The Board of Directors of the Corporation has consistently supported both of these recommendations.

T a b le 1 2 . In su red D ep osits and t h e D ep o sit In su ra n c e F u n d , 1934-1961

Year

(Dec. 31)

Deposits in

insured banks

(in millions) Percent

of

deposits

insured

Deposit

insurance

fund

(in

millions)

Ratio of deposit

insurance fund to—

Total Insured1 Total

deposits

Insured

deposits

1961................................................ $281,304 $164,071 58.3% $2,353.8 •84% 1.43%

260,495 149,684 57.5 2,222.2 .85 1.48

247,589 142,131 57.4 2,089.8 .84 1.47

1958 ........................................ 242,445 137,698 56.8 1,965.4 .81 1.43

225,507 127,055 56.3 1,850.5 .82 1.46

1956................................................ 219,393 121,008 55.2 1,742.1 .79 1.44

212,226 116,380 54.8 1,639.6 ,77 1.41

203,195 110,973 54.6 1,542.7 .76 1.39

193,466 105,610 54.6 1,450.7 .75 1.37

1952................................................ 188,142 101,842 54.1 1,363.5 .72 1.34

178,540 96,713 54.2 1,282.2 .72 1.33

167,818 91,359 54.4 1,243.9 .74 1.36

156,786 76,589 48.8 1,203.9 .77 1.57

153,454 75,320 49.1 1,065.9 .69 1.42

154,096 76,254 49.5 1,006.1 .65 1.32

148,458 73,759 49.7 1,058.5 .71 1.44

158,174 67,021 42.4 929.2 .59 1.39

134,662 56.398 41.9 804.3 .60 1.43

111,650 48,440 43.4 703.1 .63 1.45

89,869 32,837 36.5 616.9 .69 1.88

71,209 28,249 39.7 553,5 .78 1.96

65,288 26,638 40.8 496.0 .76 1.86

57,485 24,650 42.9 452.7 .79 1.84

50,791 23,121 45.5 420.5 .83 1.82

48,228 22,557 46.8 383.1 .79 1.70

1936................................................ 50,281 22,330 44.4 343.4 .68 1.54

45,125 20,158 44.7 306.0 .68 1.52

1934................................................ 40,060 18,075 45.1 333.0 .83 1.84

1 Figures estimated by applying to the deposits in the various types of account at the regular call

dates the percentages insured as determined from special reports secured from insured banks, the latest

of which was for September 21, 1955.

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FINANCES OF THE CORPORATION 23

T a b le 1 3 . R ep ort on A u d it o f F ed eral D ep osit In su r a n c e C orporation ,

Y ear E nded Ju n e 30,1961

COMPTROLLER GENERAL OF TH E UNITED STATES

W ASH IN GTO N 25

B -l 14831 December 8, 1961

To

Federal Deposit Insurance Corporation

The General Accounting Office has made an audit of the Federal Deposit Insurance Corporation, an independent Government agency, for the fiscal year ended

June 30, 1961, pursuant to section 17(b) of the Federal Deposit Insurance Act

(12 U.S.C. 1827).

Our audit included an examination of the Corporation’s statement of financial

condition as of June 30, 1961, and its related statement of income and expenses

for the year then ended, in accordance with generally accepted auditing standards

and such tests of the accounting records and such other auditing procedures as we

considered necessary in the circumstances and appropriate in view of the effectiveness of the system of internal control and the work performed by the Corporation’s

internal auditors.

The Corporation’s accumulated net income has been retained as a deposit insurance fund and is available for future deposit insurance losses. We are unable

to express an opinion on the adequacy of the deposit insurance fund to meet future

losses because the amount that may be needed is dependent on future economic

conditions which cannot be accurately predicted.

In our opinion, subject to the comments in the preceding paragraph, the statement of financial condition (schedule 1) and the statement of income and deposit

insurance fund (schedule 2) present fairly the financial position of the Federal

Insurance Corporation at June 30, 1961, and the results of its operations for the

year then ended, in conformity with generally accepted accounting principles applied

on a basis consistent with that of the preceding year and with applicable Federal

laws.

/ s / Joseph C am pbell

Comptroller General of the United States

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13. R eport o n A udit of F ederal D eposit I n s u r a n c e C orporation,

Y ear E nded Ju n e 30, 1961— Continued

Schedule 1. F ederal D eposit I n s u r a n c e C orporation,

S t a t e m e n t of F in a n c ia l C o n d it io n , Ju n e 30, 1961

ASSETS

Cash........ ..................................................................................................... $ 2,271,493

U. S. Government obligations:

Securities at amortized cost (face value, $2,439,517,000;

market or redemption value, $2,363,234,636)............................. $2,424,783,210

Accrued interest receivable.................................................................. 2,441,173,415 16,390,205

Assets acquired in receivership and deposit assumption

transactions:

Subrogated claims of depositors against closed insured banks. . .

Net insured balances of depositors in closed insured banks, to be

subrogated when paid— see related liability................................

2,693,604

88,373

Loans to insured banks........................................................................ 960,145

Loan to receiver for closed insured bank......................................... 175,000

Equity in assets acquired under purchase agreements................. 5,159,723

143,977Assets purchased outright....................................................................

Less reserve for losses............................................................................

9,220,822

7,544,590 1,676,232

Miscellaneous assets............................... .............................................. 119,813

Building site, planning and construction costs (note 1)........

Furniture, fixtures, and equipment, cost $774,545..................

2,467,353

1

Total assets...................................................................... $2,447,708,307

LIABILITIES AND DEPOSIT INSURANCE FUND (note 2)

Account# payable and accrued liabilities.................................... $ 845,101

433,247

1,314,077

Earnest money, escrow funds, and collections held for

others..................................................................................................

Accrued annual leave of employees................................................

Due insured banks (note 3):

Net assessment income credits available July 1, 1961.................. $ 100,857,903

57,310,341

Estimated amount available July 1, 1962, from net assessment

income for 6 months ended June 30, 1961.................................. 158,168,244

Net insured balances of depositors in closed insured banks

— see related assets............................................................................ 88,373

Total liabilities............................................................... 160,849,042

2,286,859,265

Deposit insurance fund, accumulated income available for

future deposit insurance losses (schedule 2 and note 4 )...........

Total liabilities and deposit insurance fund. .. $2,447,708,307

The notes following schedules 1 and 2 are an integral part of this statement.

N otes to t h e F in a n c ia l St a t em en t s— Ju n e 30,1961

1. The Corporation has acquired a building site in the District of Columbia on which it is constructing its own office building. Through June 30, 1961, accumulated costs totaled SI,598,175 for land

and $869,178 for the building. The Corporation estimates that the completed building, exclusive of land,

will cost about $6.5 million and will be ready for occupancy during calendar year 1962.

2. Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant

to the acts of August 5, 1947 (61 Stat. 773), and June 29, 1948 (62 Stat. 1092).

3. The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the act of July 14, 1960

(74 Stat. 551), provides that, effective with the credit to be computed on the Corporation’s net assessment

income for calendar year 1961, insured banks shall be allowed, against current semiannual insurance

assessments, pro rata credits totaling 66% percent of the Corporation’s net assessment income (as

defined by the act) for the prior calendar year. Prior to enactment of the act of July 14, 1960, pro rata

credits totaling 60 percent of the Corporation’s net assessment income were allowed. In accordance with

the law, the Corporation has estimated the net assessment income credits to insured banks for the first

6 months of calendar year 1961 at the new rate of 66% percent. The net assessment income credits

for calendar year 1960 were computed at the old rate of 60 percent.

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FINANCES OF THE CORPORATION 25

Table 13. R eport o n A udit of F ederal D eposit I n su r a n c e C orporation,

Y ear E nded Ju n e 30, 1961— Continued

Schedule 2. F ederal D eposit I n su r a n c e C orporation,

St a t e m e n t of I n c o m e a n d D eposit I n s u r a n c e F u n d , F iscal Y ear

E nded Ju n e 30,1961

Income:

Deposit insurance assessments (note 3):

Assessments becoming due in the year. . ..................................

Less net assessment income credits due insured banks..........

Corporation’s share of adjustments of assessments for prior

years...............................................................................................

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

Other income.........................................................................................

Total income.................................................................

Expenses and losses:

Administrative and operating expenses:

Salaries and wages..........................................................................

Civil Service retirement fund and F.I.C.A. payments...........

Travel expense..................................................................................

Rents and utilities...........................................................................

Other expense...................................................................................

Provisions for reserve for insurance losses:

Applicable to fiscal year 1961.......................................................

Less adjustments to provisions for reserve established in

prior years.....................................................................................

Other insurance losses and expenses...............................................

Total expenses and losses........................................

Net income-—addition to the deposit insurance fund for

the year ended June 30, 1961..................................................

Deposit insurance fund, July 1, 1960...........................................

Deposit insurance fund, June 30, 1961 (note 4 ).......................

$ 183,061,598

107,081,916

9,112,792

574,325

2,229,329

496,078

566,202

1,200,000

146,816

75,979,682

77,938

76,057,620

69.769,656

36,378

145,863,654

12,978,726

1,053,184

104,762

14,136,672

131,726,982

2,155,132,283

$2,286,859,265

The notes following schedules 1 and 2 are an integral part of this statement.

N otes to t h e F in a n c ia l S t a t e m e n t s— Ju n e 30, 1961— Continued

4. The deposit insurance fund of $2,286,859,265 at June 30, 1961, is available for future deposit

insurance losses and related expenses. The fund amounts to about 1.5 percent of all insured deposits,

which the Corporation estimates at $152.8 billion. The law does not specify either the amount or the

ratio of insured deposits to which the insurance fund is to be accumulated.

The Corporation from its inception to June 30, 1961, has made disbursements of about $355.8 million

in protecting depositors of 441 insured banks and in facilitating the termination of liquidations. The

Corporation’s accumulated losses amount to about $30.1 million, including estimated losses of $7.5

million on cases not terminated at the close of the year ended June 30, 1961.

The Corporation is authorized to borrow from the United States Treasury up to $3 billion outstanding at any one time when, in the judgment of the board of directors, such funds are required for

insurance purposes. The Corporation has never used this borrowing authority.

5. These statements do not include accountability for assets and liabilities of closed insured banks

which were acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic

and final accountability reports are furnished to the Courts, supervisory authorities, and others, as

required.

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Federal Reserve Bank of St. Louis
PART TWO

LEGISLATION AND REGULATIONS

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Federal Legislation

No Federal legislation directly affecting federal deposit insurance or insured 

banks, by virtue of their insured status, was enacted by the Congress during 

1961.

Rules and Regulations of the Corporation*

PART 327—ASSESSMENTS

Effective January 15, 1962, § 327.2(b) (4) of the rules and regulations of the 

Federal Deposit Insurance Corporation (12 CFR 327.2(b)(4)) is amended to 

read as follows:

§ 327.2 Classification of deposits.

* * *

(b) * * *

(4) Savings deposits being deposits.

(i) Which consist of funds deposited to the credit of one or more individuals 

or of a corporation, association, or other organization operated primarily for 

religious, philanthropic, charitable, educational, fraternal, or other similar purposes and not operated for profit, or in which the entire beneficial interest is 

held by one or more individuals or by such a corporation, association, or other 

organization; and

(ii) With respect to which the depositor is required, or may at any time be 

required, by the bank to give notice in writing of an intended withdrawal not 

less than 30 days before such withdrawal is made.

PART 329—PAYMENT OF DEPOSITS AND INTEREST THEREON

BY INSURED NONMEMBER BANKS

Effective January 15, 1962, § 329.1(e) of the rules and regulations of the 

Federal Deposit Insurance Corporation (12 CFR 329.1(e)) is amended to read 

as follows:

§ 329.1 Definitions.

(e) Savings deposits. (1) The term “savings deposit” means a deposit:

(i) Which consists of funds deposited to the credit of one or more individuals, or of a corporation, association, or other organization operated primarily 

for religious, philanthropic, charitable, educational, fraternal, or other similar 

purposes and not operated for profit; 4 or in which the entire beneficial interest 

is held by one or more individuals or by such a corporation, association, or 

other organization; and

* Amendments to Part 327 of the Corporation’s Rules and Regulations relating to the method

for computing and reporting of assessments on deposits and obligations prescribed as deposits

which became effective January 16, 1961, are published in the 1960 Annual Report, pp. 72-84.

4 Deposits in joint accounts of two or more individuals may be classified as savings deposits

if they meet the other requirements of the above definition but deposits of a partnership operated

for profit may not be so classified. Deposits to the credit of an individual of funds in which any

beneficial interest is held by a corporation, partnership, association, or other organization operated

for profit or not operated primarily for religious, philanthropic, charitable, educational, fraternal,,

or other similar purposes may not be classified as savings deposits.

29

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

(ii) With respect to which the depositor is required, or may at any time be

required, by the bank to give notice in writing of an intended withdrawal not

less than 30 days before such withdrawal is made.

(2) Subject to the provisions of subparagraph (3) of this paragraph, an

insured nonmember bank may permit withdrawals to be made from a savings

deposit only through paym ent5 to the depositor himself (but not to any other

person whether or not acting for the depositor), except

(i) Where the deposit is represented by a pass book, to any person presenting the pass book; 5

(ii) To an executor, administrator, trustee, or other fiduciary holding the

savings deposit as part of a fiduciary estate, or to a person, other than the

bank of deposit, holding a general power of attorney granted by the depositor;

(iii) To any person, including the depository bank, that has extended credit

to the depositor on the security of the savings deposit, where such payment is

made in order to enable the creditor to realize upon such security;

(iv) Pursuant to the order of a court of competent jurisdiction;

(v) Upon the death of the depositor, to any person authorized by law to

receive the deposit; or

(vi) W ith respect to interest paid to a third person pursuant to written

instruction or assignment by the depositor, accepted by the bank, and placed

on file therein.

(3) Notwithstanding the provisions of subparagraph (2) of this paragraph,

no withdrawal shall be permitted by an insured nonmember bank to be made

from a savings deposit after January 15, 1962, through payment to the bank

itself or through transfer of credit to a demand or other deposit account of the

same depositor (other than of interest on the savings deposit) if such payment

or transfer is made pursuant to any advertised plan or any agreement, written

or oral:

(i) Which authorizes such payments or transfers of credit to be made as a

normal practice in order to cover checks or drafts drawn by the depositor upon

the bank ; or

(ii) Which provides that such payments or transfers of credit shall be made

at daily, monthly, or other such periodic intervals, except where made to enable

the bank., on the depositor’s behalf and pursuant to his written instruction, to

effect the payment of installments of principal, interest, or other charges (including taxes or insurance premiums) due on a real estate loan or mortgage.

(4) Where a savings deposit is evidenced by a pass book, every withdrawal

made upon presentation of the pass book shall be entered in the pass book at the

time of withdrawal, and every other withdrawal from such a deposit shall be

entered in the pass book as soon as practicable after the withdrawal is made.

(26 F.R. 12032).

1. Effective January 1, 1962, § 329.6 of the rules and regulations of the

Federal Deposit Insurance Corporation (12 C FR 329.6) is amended to read as

follows:

§ 829.6 Maximum rates 12 of interest payable on time and savings deposits by

insured nonmember banks.

5 Payment from a savings deposit or presentation of a pass book may be made over the counter,

through the mails, or otherwise.

12 The maximum rates of interest payable by insured nonmember banks on time and savings

deposits as prescribed herein are not applicable to any deposit which is payable only at an office

of an insured nonmember bank located outside of the States of the United States and the District

of Columbia.

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RULES AND REGULATIONS OF THE CORPORATION 31

(a) Maximum rate of 4 percent. No insured nonmember bank shall pay interest accruing at a rate in excess of 4 percent per annum, compounded quarterly,13 regardless of the basic upon which such interest may be computed:

(1) On that portion of any savings deposit that has remained on deposit

for not less than 12 months,

(2) On any time deposit having a maturity date 12 months or more after

the date of deposit or payable upon written notice of 12 months or more,

(3) On that portion of any postal savings deposit which constitutes a time

deposit that has remained on deposit for not less than 12 months.

(b) Maximum rate of 3% percent. No insured nonmember bank shall pay

interest accruing at a rate in excess of 3 % percent per annum, compounded

quarterly,13 regardless of the basis upon which such interest may be computed:

(1) On any savings deposit, except as otherwise provided in paragraph

(a)(1) of this section,

(2) On any time deposit having a maturity date less than 12 months and

not less than 6 months after the date of deposit or payable upon written notice

of less than 12 months and not less than 6 months,

(3) On any postal savings deposit which constitutes a time deposit, except

as otherwise provided in paragraph (a) (3) of this section.

(c) Maximum rate of percent. No insured nonmember bank shall pay

interest accruing at a rate in excess of 2 % percent per annum, compounded

quarterly,13 regardless of the basis upon which such interest may be computed:

(1) On any time deposit (except postal savings deposits which constitute

time deposits) having a maturity date less than 6 months and not less than

90 days after the date of deposit or payable upon written notice of less than

6 months and not less than 90 days.

(d) Maximum rate of 1 percent. No insured nonmember bank shall pay interest accruing at a rate in excess of 1 percent per annum, compounded quarterly,13 regardless of the basis upon which such interest may be computed:

(1) On any time deposit (except postal savings deposits which constitute

time deposits) having a maturity date less than 90 days after the date of deposit or payable upon written notice of less than 90 days. (26 F.R. 11798.)

State Banking Legislation

In 1961, the legislatures of forty-six states held regular sessions. Ten of these

legislatures also held special sessions. Some of the more important state banking

legislation enacted in 1961 is summarized below.

SUPERVISORY AUTHORITY

Membership, powers and terms of office of state

banking boards and bank supervisory authorities. Colorado (H.S. 330)

Kansas (S.B. 154)

Maine (H.B. 494)

Ohio (H .B. 51)

Texas (S.B. 432)

Incorporation and chartering of state banks.................Colorado (H.B. 322;

H .B . 329)

13 This limitation is not to be interpreted as preventing the compounding of interest at other

than quarterly intervals, provided that the aggregate amount of such interest so compounded does

not exceed the aggregate amount of interest at the rate above prescribed when compounded

quarterly.

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

Regulation of security transactions....................................Connecticut (P.A. 419;

P.A. 487)

Chartering of state banks................... ...................................Colorado (H.B. 329)

Illinois (H.B. 1456)

Supervisory, regulation and examination fees...............Indiana (Ch. 153)

Surety bonds for bank examiners and department

employees...................................................................................Iowa (H.B. 67; H .B. 75)

Statements of condition from banks..................................Iowa (S.B. 213)

Oklahoma (H.B. 1239)

Trust reports to Superintendent of Banks......................Iowa (H.B. 69)

New bank capital requirements...........................................Kansas (H.B. 435)

Creation of Department of Banking or bank

advisory board.........................................................................Nebraska (L.B. 4)

New Hampshire (H.B. 290)

Regulation of mergers of state bank with national

bank.............................................................................................New York (Ch. 47)

Regulation of bank holding companies.............................New York (Ch. 146)

ORGANIZATION AND CHARTER CHANGE

Branch offices, agencies and facilities................................Alabama (Acts 152, 183’

221, 358, 473, 515, 587’

938, 939)

Arkansas (Act 190)

Maine (H.B. 459)

New Jersey (S.B. 70)

Pennsylvania (H.B. 880)

Requirements to organize banks and trust companies. Arkansas (Act 223)

Missouri (S.B. 195,

H .B . 630)

Minimum, par value required of shares of bank stock. Hawaii (Act 150)

Corporate powers and duties of banks............................. Illinois (H .B. 1456)

Kansas (S.B. 310)

New York (Ch. 164)

Pennsylvania (S.B. 428,

S.B. 555, S.B. 511)

Texas (S.B. 141)

Washington (Ch. 280)

Wisconsin (Ch. 592)

Consolidations, mergers and acquisitions........................Maine (H.B. 459)

Value of shares of trust companies.....................................New Hampshire (H.B. 273)

Uniformity of laws relating to banks................................ New Hampshire (H.B. 209)

Location of office.........................................................................New York (Ch. 357)

Pennsylvania (H.B. 880)

Regulation of foreign banks.................................................. Texas (S.B. 142)

Virginia (H.B. 11)

GENERAL OPERATING PROVISIONS

Retention, preservation or destruction of bank

records.........................................................................................Alabama (Act 1013)

Kansas (H.B. 392)

Pennsylvania (H.B. 879)

So. Carolina (H.B. 1385)

W . Virginia (S.B. 168)

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STATE BANKING LEGISLATION 33

Securities ownership by minors........................................... Alabama (Act 1010)

Regulation of foreign banks...................................................California (A.B. 2165)

Connecticut (P A . 423)

Acceptance of negotiable paper by city and county

officials........................................................................................ California (A.B. 1170)

Exemptions from security sales........................................... Florida (H.B. 279,

H .B. 714)

Registration and sale of securities......................................Georgia (Act 286)

Indiana (S.B. 170)

Cooperative use of bank bookkeeping automation

equipment................................................................................. Iowa (S.B. 146)

Partial revision of banking laws.......................................... Maine (Ch. 179)

Massachusetts (Ch. 493)

Michigan (P.A. 75)

Minnesota (Ch. 298)

Missouri (S.B. 195)

Nebraska (L.B. 608)

Authority of cooperative banks to issue shares............Massachusetts (Ch. 333)

Registering of securities held in fiduciary capacity.. .Arizona (H.B. 95)

California (S.B. 335)

Missouri (S.B. 133)

Nevada (S.B. 209)

Regulation of stock options and stock option plans. .Missouri (S.B. 301)

Uniform Commercial Code.................................................... Arkansas (Act 185)

Connecticut (P.A. 116)

New Jersey (A.B. 666)

Illinois (S.B. 198)

New Mexico (H.B. 50)

Ohio (S.B. 5)

New Hampshire (H.B. 138)

Oklahoma (S.B. 36)

Oregon (Ch. 726)

Wyoming (Ch. 219)

Conflicting claims of authority as to property held

by investment companies or foreign banks................New York (Ch. 107,

Ch. 171)

Method of computing earnings and dividends of

savings banks...........................................................................New York (Ch. 280)

Participation in financing of educational programs. . .Delaware (S.B. 236)

Massachusetts (Ch. 67)

New York (Ch. 392)

Definition of banking terms.................................................. Ohio (S.B. 16)

DEPOSITS

Dormant accounts, reporting................................................California (A.B. 385)

Rhode Island (H.B. 1828)

Deposits of estate funds.......................................................... California (S.B. 291)

Deposit of state funds..............................................................California (A.B. 937)

Pledge of joint savings deposit in savings banks.........Connecticut (P.A. 222)

Deposits in trust in savings banks and savings

departments..............................................................................Connecticut (P.A. 306)

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

Limitation on individual deposits.......................................Connecticut (P.A. 90)

Disposition of unclaimed deposits or safe-deposit

box contents............................................................................. Connecticut (P.A. 540)

Florida (S.B. 2)

Idaho (H.B. 16)

Illinois (H.B. 774)

Montana (S.B. 133)

New Hampshire (S.B. 69)

New York (Ch. 932)

No. Dakota (H.B. 902)

Texas (H.B. 5 -X )

Deposit of public funds........................................................... Idaho (H.B. 314)

Montana (S.B. 32)

Tennessee (Ch. 128)

Interest on dormant state deposits.................................... Indiana (Ch. 273)

Restricting advertising of interest on deposits..............Massachusetts (Ch. 269)

Special notice account deposits............................................ New Hampshire (H.B. 133)

Legal security for deposits of public funds.....................New York (Ch. 348)

Payment of deposits upon death.........................................Ohio (S.B. 63)

Certificates of Deposit as certain security......................Ohio (H.B. 82)

Regulation of interest on deposits......................................Oregon (Ch. 96)

Pennsylvania (S.B. 456)

Vermont (H.B. 169)

Regulation of deposits and dividends in mutual

savings banks...........................................................................Washington (Ch. 80)

LOANS

Farm development loans by banks.................................... Alaska (H.B. 83)

Interest regulation......................................................................Arkansas (Ch. 71)

New York (Ch. 245)

No. Carolina (S.B. 129)

Connecticut (P.A. 436)

Vermont (H.B. 110)

Wisconsin (Ch. 431)

First Mortgage loans on real property............................. California (S.B. 755)

Limitation on loans................................................................... Pennsylvania (S.B. 860)

Limitation on real estate loans by nondepartmental

banks........................................................................................... California (A.B. 1657)

Future advances secured by mortgages............................Florida (S.B. 140)

General limitation to one person or concern................. Indiana (H.B. 273)

No. Dakota (S.B. 266)

So. Dakota (H.B. 600)

Limitation on home improvement loans by savings

banks and savings departments......................................Connecticut (P.A. 209)

Regulation of disaster loans.................................................. Connecticut (P.A. 420)

Classification, limitation and regulation of real

estate mortgage loans...........................................................Connecticut (P.A. 93, 101,

111, 82, 402)

Indiana (H.B. 216)

N. Jersey (S.B. 71)

New York (Ch. 185)

Oregon (Ch. 165, 220)

Okla. (H.B. 711)

Wyoming (Ch. 125)

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STATE BANKING LEGISLATION 35

Waiver of amortization on mortgage loans....................Connecticut (P.A. 81)

Waiver of priority of mortgages.......................................... Ohio (H.B. 745)

Loans on security of other bank stock............................. Idaho (H.B. 188)

Financial statements for unsecured loans........................Indiana (Ch. 232)

Iowa (S.B. 440)

Collateral for bank employee loans....................................Maine (H.B. 793)

Residential development loans by savings banks. . . . Massachusetts (Ch. 327)

Interest charged on home mortgage loans......................New Hampshire (H.B. 296)

Regulation of small loans....................................................... New Hampshire (H .B. 43)

New Mexico (H .B. 127)

No. Carolina (S.B. 9)

No. Dakota (S.B. 100)

Ohio (H .B. 365)

So. Dakota (H .B. 601,

H .B . 602, H .B. 599)

Regulation of bank installment loans............................... New Mexico (H .B. 353)

Effect of part payment powers and waivers on time

limited for mortgage foreclosure..................................... New York (Ch. 581,

Ch. 582)

INVESTMENTS

Veterans’ mortgage loans........................................................Alaska (H.B. 101, H .B . 166)

Common trust funds.................................................................Connecticut (P.A. 166)

Georgia (Act 237)

Iowa (S.B. 292)

Limitation on investments by nondepartmental

banks............................................................................................California (A.B. 2175)

Legal investments for savings banks.................................California (A.B. 1353,

S.B. 51, A.B . 2174)

Connecticut (P.A. 93, 107)

Indiana (H.B. 229)

Iowa (S.B. 229)

New York (Ch. 372,

Ch. 400, Ch. 554)

Washington (Ch. 80)

Limitations on investments................................................... Connecticut (P.A. 87, 91,

96, 97, 98, 103, 107, 157,

189, 197, 296)

Massachusetts (Ch. 174)

Pennsylvania (H.B. 880)

Wyoming (Ch. 58)

General investment powers....................................................Kansas (S.B. 310)

Extension and modification of mortgage investm ents...........................................................................................New York (Ch. 283)

Legal investment for banks....................................................New York (Ch. 348,

Ch. 616)

Oregon (Ch. 239, Ch. 277)

Rhode Island (H .B. 1878)

Acquisition of or investment in capital stock of

other corporations or banks..............................................Alabama (S.B. 26)

New York (Ch. 934)

Oregon (Ch. 97)

Vermont (H.B. 170)

Washington (S.B. 127)

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

RESERVES

Reserve computations and requirements.........................California (S.B. 650)

New York (Ch. 545)

Requirements for private banks.......................................... Connecticut (P.A. 150)

Minimum guarantee fund for savings institutions.. . .Maryland (Ch. 118)

Form of reserves......................................................................... Maryland (Ch. 4)

Massachusetts (Ch. 41)

TRUST ACTIVITIES

Disposition of estate securities.............................................Indiana (S.B. 13)

Powers and duties in Veterans guardianships...............Indiana (H.B. 300)

No. Carolina (S.B. 203)

Authority of banks to act as executors or administrators....................................................................................... Nebraska (L.B. 234)

Legal investments for guardians, trustees, and

conservators and other fiduciaries..................................New Hampshire (S.B. 78,

S.B. 79)

New Jersey (S.B. 62)

Administration of small estates........................................... New Hampshire (H.B. 331)

Oklahoma (H.B. 565)

So. Dakota (H.B. 562)

Judicial approval of certain contracts made by

infants or guardians..............................................................New York (Ch. 137)

Powers of trustees of common trust funds..................... New York (Ch. 284)

Investment of trust funds in obligation of Puerto

R ico .. ..........................................................................................New York (Ch. 347)

Accounting and reports by guardians of infants’

property and trustees...........................................................Connecticut (P.A. 139)

New York (Ch. 477)

No. Carolina (H.B. 302,

S.B. 204)

Time of publication of notice of personal representatives........................................................................................... No. Carolina (H.B. 61)

Oregon (Ch. 515)

Removal of missing fiduciaries.............................................No. Carolina (H.B. 316)

Time for making claims against decedent’s estate. . . .No. Carolina (H.B. 670)

So. Carolina (H.B. 1108)

Uniform Securities Ownership by Minors A ct .............. Alabama (Act 1010)

No. Dakota (H.B. 875)

Pennsylvania (S.B. 361)

Wisconsin (S.B. 669)

Uniform Securities Transfer A c t .........................................Alabama (Act 1016)

Arizona (H.B. 96)

Kansas (H.B. 116)

Florida (S.B. 493)

Minnesota (Ch. 462)

Illinois (H.B. 110)

Washington (Ch. 150)

W . Virginia (H.B. 274)

So. Dakota (S.B. 26)

Utah (S.B. 148)

Gifts of securities to minors.................................................. California (S.B. 336)

Colorado (H.B. 222)

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STATE BANKING LEGISLATION 37

Gifts of securities to minors— continued...........................Ohio (H.B. 630)

Connecticut (P.A. 504)

Florida (S.B. 142)

Rhode Island (S.B. 447)

So. Carolina (Act 473)

Devises made by will to trustees of trust........................Arizona (S.B. 116)

Connecticut (P.A. 470)

Florida (H.B. 1748)

Ohio (H.B. 544)

New Hampshire (Ch. 56)

Tennessee (Ch. 303)

Texas (S.B. 140)

So. Carolina (Act 248)

Vermont (H.B. 291)

W . Virginia (H.B. 281)

Rendering of accounts by testamentary trustee..........Wisconsin (Ch. 25)

CHECKS AND COLLECTIONS

Regulation of check loans...................................................... Arizona (S.B. 108)

Bad Check Law...........................................................................Arkansas (Act 500)

California (A.B. 1898)

Florida (H.B. 475, S.B. 279)

Idaho (S.B. 82)

Indiana (Ch. 303)

Nevada (A.B. 92, A.B. 309)

New Mexico (H.B. 191)

New York (Ch. 612)

No. Carolina (S.B. 32)

No. Dakota (H.B. 923)

Ohio (S.B. 224)

Tennessee (Ch. 141)

Wyoming (Ch. 216)

Definition of Inland Bill of Exchange...............................Florida (H.B. 654)

Montana (S.B. 33)

Nebraska (L.B. 321)

No. Dakota (H.B. 818)

So. Dakota (H.B. 598)

Utah (S.B. 27)

Wisconsin (Ch. 118)

Payment of claims against municipalities by check. .Idaho (H.B. 8)

Countermand or Stop-payment orders.............................Florida (S.B. 484)

License and bond fees for check cashing and money

order agencies..........................................................................Indiana (Ch. 164)

New York (Ch. 49)

Bonds and Cashiers’ checks to secure bids on

contracts.................................................................................... Maryland (Ch. 109)

No. Dakota (S.B. 213)

Regulation of sale of negotiable checks, drafts, and

money orders........................................................................... Alabama (Act 177)

Iowa (H.B. 536)

Massachusetts (Ch. 607)

Oklahoma (H.B. 942)

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

Definition of Bearer Paper.....................................................Texas (S.B. 18)

Stale-check Law .......................................................................... Vermont (H.B. 136)

DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES

Qualifications of corporations or directors of mutual

savings banks........................................................................... Alaska (H.B. 228)

Oregon (Ch. 278)

Meetings of boards of directors........................................... California (A.B. 2065)

Qualifications and Term of Office for directors of

banks or trust companies................................................... Georgia (Ch. 193)

Missouri (S.B. 195,

H .B . 630)

New Hampshire (H.B. 273)

Pennsylvania (H.B. 880)

Conduct of meetings of bank directors.............................Hawaii (Act 27)

Number and powers of bank board of directors.......... Kansas (H.B. 170)

Reports of trustees of savings banks................................. New York (Ch. 163)

Oath of Office of bank directors...........................................Utah (S.B. 9)

Removal of bank directors.....................................................Massachusetts (Ch. 226)

MISCELLANEOUS

Corporate ownership of bank stock....................................Alaska (S.B. 26)

Income tax exemption of banks...........................................Alaska (H.B. 74)

Securities registration............................................................... Alabama (H ..B 35)

Alaska (H.B. 35)

Arkansas (Act 248)

Colorado (H.B. 379)

Georgia (Act 286)

No. Dakota (H.B. 921)

Oklahoma (S.B. 11)

So. Dakota (H.B. 967,

H .B . 662)

Wisconsin (Ch. 127)

Marketing facilities for housing mortgages.................... Alaska (H.B. 20)

Registration of jointly held securities...............................Arizona (S.B. 26, H .B. 95)

Taxation of banks.......................................................................Alabama (H.B. 40, H .B. 74)

California (S.B. 112)

Nevada (S.B. 190)

New Mexico (H.B. 204,

H.B. 475)

Pennsylvania (Act 17)

Termination of savings banks' guaranty fund...............Connecticut (P.A. 83,

P.A. 84)

Reducing contracting age of minors..................................Georgia (Act 359)

No. Carolina (H.B. 242)

Authority of notary public employed by banks...........Hawaii (Act 97)

Regulation of currency exchanges...................................... Illinois (H.B. 810)

Maryland (Ch. 115)

Pledge of assets to secure certain deposits......................Michigan (P.A. 161)

Nonapplicability of certain laws to deposits made

by Federal Deposit Insurance Corporation...............Massachusetts (Ch. 175)

Duration of liens of chattel mortgages.............................Montana (S.B. 34)

Stay of Foreclosure of prescribed mortgages.................Nebraska (L.B. 506)

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STATE BANKING LEGISLATION 39

Saturday closing

Uniform acknowledgment of instruments.......................

Business development corporation......................................

Motor vehicle sales financing................................................

Use of “ Trusts” or “ savings” in advertising.................

Validation of issued public securities.................................

Chattel Mortgage Lien Law ..................................................

Retail installment credit agreements.................................

Presentment of negotiable instruments by banks. . . .

Appointment of real estate appraisers for industrial

banks...........................................................................................

Filing of conditional sales contracts and chattel

mortgages..................................................................................

Insurance premium financing...............................................

Maintenance of public accommodation offices..............

Computation of Time for Performance of A cts............

Operation of banks during acute emergency.................

Rights of installment buyers under conditional sales

and purchase money chattel mortgages......................

Validation of certain instruments.......................................

Uniform Trust Receipts A c t..................................................

Consumer Finance A c t.............................................................

Robbery of financial institutions.........................................

Uniform Fraudulent Conveyance A c t...............................

Urban Redevelopment A c t ....................................................

Investment by fiduciaries in interest-bearing

deposits.......................................................................................

Entry into safe deposit boxes of decedents....................

Fraudulent practices in securities sales............................

Emergency Bank Holiday......................................................

Maryland (S.B. 367)

Nevada (S.B. 12)

Oregon (Ch. 57)

Wyoming (Ch. 26)

Connecticut (P.A. 934)

New Hampshire (H.B. 190)

New Hampshire (H.B. 366)

Minnesota (Ch. 298)

New Mexico (S.B. 301)

New York (Ch. 15)

New York (Ch. 14, Ch. 34,

Ch. 204)

New York (Ch. 11)

New York (Ch. 48)

New York (Ch. 205)

New York (Ch. 240)

New York (Ch. 203)

California (S.B. 1331)

New York (Ch. 654)

No. Carolina (S.B. 41)

No. Carolina (H.B. 270,

H.B. 506)

No. Carolina (S.B. 114)

W . Virginia (H.B. 282)

No. Dakota (H.B. 650)

Ohio (H.B. 1097)

Ohio (H.B. 44)

Oklahoma (S.B. 323)

Pennsylvania (H.B. 591)

Pennsylvania (H.B. 246)

So. Carolina (Act 241)

Connecticut (P.A. 97)

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Federal Reserve Bank of St. Louis
PART THREE

BANKING DEVELOPMENTS

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Federal Reserve Bank of St. Louis
Super viso r y St a t u s of B a n k s

Federal and State supervision. Chartering of banks by the government of the United States began in 1781, when the Continental Congress 

established the Bank of North America; and by States in the next year, 

when Massachusetts and Pennsylvania also granted charters to the same 

institution. Two years later New York and Massachusetts granted 

charters to other banks; and in 1791, after adoption of the new Constitution, the Congress of the United States chartered the Bank of the 

United States. Since that time banks have operated in the United States 

under charters granted by the State governments; and except for one 

period of nearly two decades, just prior to 1863, banks have also been 

in existence operating under charters from the Federal Government.

For nearly half of a century after banks were first incorporated in 

the United States, regulation of their operations was confined for the 

most part to provisions inserted in their charters, though in some cases 

the banks were required to make periodic reports to the United States 

Treasury or to State officials. In 1829, the State of New York introduced 

two principles of bank supervision which have since been adopted 

throughout the nation: regular examination of banks by an agency of 

government, and insurance or guaranty of bank obligations. The practice of periodic examination of State-chartered banks was adopted by 

all of the States at varying dates during the next 85 years; and by the 

Federal Government when, in 1863, it began to charter national banks 

throughout the nation. The insurance or guaranty of bank obligations 

has also been in use continuously since it was first introduced in New 

York. Within a few years, five other States provided for the insurance 

of circulating bank notes, or of both notes and deposits, and four of the 

six State systems of insurance continued until 1866. Guaranty of the 

circulating notes of national banks by the United States Treasury was 

in effect from 1863 until the retirement of all national bank notes in 

1936. During the years from 1907 to 1917, eight States provided for 

insurance (termed guaranty) of bank deposits, and in one of these the 

system remained in existence until 1934, though the insurance had 

previously become inapplicable to banks that failed subsequent to 1930.

In 1914, the last of the States provided for regular examination of 

State-chartered banks. In the preceding year, the Federal Reserve Act 

introduced for the first time the examination of State-chartered banks 

by a Federal Government agency, with the provision: “ The Comptroller 

of the Currency, with the approval of the Secretary of the Treasury, 

shall appoint examiners who shall examine every member bank at least

43

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

twice in each calendar year and oftener if considered necessary: Provided, however, that the Federal Reserve Board may authorize examination by the State authorities to be accepted in the case of State banks 

and trust companies and may at any time direct the holding of a 

special examination of State banks or trust companies that are stockholders in any Federal reserve bank.” This was replaced four years 

later by an amendment requiring all State member banks to be subject 

to examinations made by direction of the Federal Reserve Board or of 

the Federal reserve banks by examiners approved by the Board.

The Banking Act of 1933, which established the Federal Deposit Insurance Corporation, provided for initial examination of all banks not 

members of the Federal Reserve System which applied for admission 

to insurance; and the powers given to the Board of Directors of the 

Corporation enabled it to initiate a program for regular examination 

of all such nonmember insured banks. The Banking Act of 1935 made 

explicit the power of the Corporation to examine insured State nonmember banks (except those in the District of Columbia), “ whenever in the 

judgment of the Board of Directors an examination of the bank is 

necessary;” and authorized examination of any national or District 

bank with the approval of the Comptroller of the Currency, and of 

any State member bank with the approval of the Board of Governors 

of the Federal Reserve System. The latter part of this provision was 

amended in 1950 to authorize the Corporation to make a special examination of any national, District, or State member bank “whenever in 

the judgment of the Board of Directors such special examination is 

necessary to determine the condition of any such bank for insurance 

purposes.”

The Banking Act of 1933, approved June 16, 1933, contained a provision which made it unlawful, after the expiration of one year after 

the date of enactment of the Act, for any person, firm, corporation, association, business trust, or other similar organization other than a 

financial institution or private banker subject to examination and 

regulation under State or Federal law to engage to any extent whatever 

in the business of receiving deposits subject to check, or to repayment 

upon presentation of a passbook, certificate of deposit, or other evidence 

of debt or upon the request of the depositor, unless such person or organization submitted to periodic examination by the Comptroller of the 

Currency or by the Federal Reserve Bank of the District.

The Banking Act of 1935 amended this provision of the Banking 

Act of 1933 so as to make it unlawful for any such person or organization to engage in such business of receiving deposits unless it shall be 

incorporated under and authorized to engage in such business by the 

laws of the United States or of any State, Territory, or District, or

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SUPERVISORY STATUS OF BANKS 45

unless it shall be permitted by any State, Territory, or District to engage in such business and shall be subject by law of the State, Territory, 

or District to examination and regulation, or unless it shall submit to 

periodic examination by the banking authority of the State, Territory, 

or District wherein the business is carried on.

This provision was further amended in 1959 to provide, with respect 

to such incorporated organizations, that it shall be unlawful for them 

to engage in such business of receiving deposits unless they are subjected by the laws of the United States or of any State, Territory, or 

District wherein located to examination and regulation.

The various State and Federal statutes also require incorporated 

banks, and other banks engaged in demand deposit banking, to submit 

periodic reports of condition, exhibiting in detail their resources and 

liabilities, to the respective banking authorities.

Table 14. C l a s s if ic a t io n o f B a n k s A c c o r d in g to S u p e r v is o r y St a t u s

a n d F e d e r a l D e p o s it I n s u r a n c e P a r t ic ip a t io n , D e c e m b e r 30, 1961

Supervisory status

All banks

Commercial banks

and trust

companies 1

Mutual

savings

banks

Total Insured

Noninsured Insured

Noninsured InsuredNoninsured

Number of banks and trust

companies— total............. 13,959 13,445 514 13,115 329 330 185

Banks of deposit..............

Examined by and reporting to:2

Comptroller of the

Currency3......................

State authorities and

FR banks4.....................

13,907

4,520

1,595

7,330

462

13,445

4,520

1,595

7,330

462 13,115

4,520

1,594

7,001

277 330 185

1

State authorities and

FDIC5............................ 329

State authorities only6...

Trust companies not

regularly engaged in

deposit banking7..........

462 277 185

52 52 52

Percentage insured and

noninsured:

All banks and trust companies .................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking..............................

100.0%

100.0

100.0

96.3%

96.7

3.7%

3.3

100.0

97.6%

97.9

2.4%

2.1

100.0

64.1%

64.1

35.9%

35.9

1 Includes stock savings banks.

2 Classification relates to regular examination and periodic submission of reports of condition (assets

and liabilities).

3 Includes all national banks and 7 nonnational banks in the District of Columbia; of the latter, 4

are members of the Federal Reserve System.

4 Includes all State banks that are members of the Federal Reserve System except 4 commercial

banks in the District of Columbia and 1 noninsured trust company.

6 Includes all insured banks not members of the Federal Reserve System except 3 in the District of

Columbia. Includes 1 unincorporated bank which is insured.

6 Includes 81 unincorporated banks located in 7 States. Unincorporated banks in 3 of these States

are not examined by the State authorities, and do not submit periodic condition reports to the State

authorities. At the end of 1961 no State permitted the establishment of new unincorporated banks.

7 Subject to supervision by State authorities only except for 1 which is a member of the Federal

Reserve System but not insured.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

Number of banks classified by supervisory status. Table 14 gives 

the number of banks and trust companies operating in the United States 

at the close of 1961 classified according to the supervisory authority 

or authorities to which they are subject, and by their participation in 

Federal deposit insurance. Banks under the jurisdiction of the Comptroller of the Currency include all national banks and also all banks located 

in the District of Columbia. These constitute almost one-third of the 

banks and trust companies. Slightly more than one-tenth of the banks 

are State banks which are members of the Federal Reserve System. 

More than half of all the banks and trust companies are State-chartered 

banks which participate in Federal deposit insurance but are not members of the Federal Reserve System. At present less than 4 percent of 

the banks and trust companies do not participate in Federal deposit 

insurance, and are subject to examination and supervision by State 

authorities only.

T a b le 1 5 . A s s e t s o f B a n k s C la s s if ie d A c c o r d in g t o S u p e r v iso r y S ta t u s

an d F e d e r a l D e p o s it In s u r a n c e P a r tic ip a tio n , D e c e m b e r 30, 1961

Supervisory status1

All banks

Total Insured

Noninsured

Commercial banks

and trust

companies

Insured

Noninsured

Mutual

savings

banks

Insured

Noninsured

Assets of banks and trust

companies (in m illions)— total...................

Banks of deposit..............

Examined by and reporting to:

Comptroller of the

Currency.......................

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only. . .

Trust companies not

regularly engaged in

deposit banking...........

Percentage in insured and

noninsured banks:

All banks and trust companies .................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking.............................

$322,336

322,088

151,619

83,689

79,131

7,649

248

100.0%

100.0

100.0

$314,439

314,439

151,619

83,689

79,131

97.5%

97.6

$7,897

7,649

7,649

2.5%

2.4

100.0

$277,374

277,374

151,619

83,673

42,082

99.2%

99.3

$2,129

1,881

$37,065

37,065

1,881

248

0.8%

0.7

100.0

16

37,049

86.5%

86.5

$5,768

5,768

5,768

13.5%

13.5

1 See notes to Table 14.

Note: Due to rounding, components may not add to total.

Assets, deposits, and capital of banks classified according to

supervisory status. Banks examined by and reporting to the CompDigitized for FRASER 

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SUPERVISORY STATUS OF BANKS 47

troller of the Currency held 47 percent of the assets, and the same percentage of the deposits, of all banks on December 30, 1961. Assets and 

deposits of the State banks regularly examined by Federal Reserve 

banks were 26 percent, and those of banks regularly examined by the 

Federal Deposit Insurance Corporation 25 percent, of the assets and 

deposits of all banks and trust companies. Only 2 percent of the assets 

and deposits of all banks and trust companies were held by banks not 

insured by this Corporation. Table 15 shows total assets, and Table 16 

total deposits, of the various categories of banks.

Table 16. D e p o s it s o f B a n k s C l a s s if ie d A c co r d in g to S u p e r v is o r y St a t u s

a n d F e d e r a l D e p o s it I n s u r a n c e P a r t ic ip a t io n , D e c e m b e r 30, 1961

Supervisory status1

All banks

Total Insured

Noninsured

Commercial banks

and trust

companies

Insured

Noninsured

Mutual

savings

banks

Insured

Noninsured

Deposits of banks and

trust companies (in

millions)— total............

Banks of deposit...............

Examined by and reporting to:

Comptroller of the

Currency.......................

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only. . .

Trust companies not

regularly engaged in

deposit banking...........

Percentage in insured and

non insured banks:

All banks and trust companies .................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking..............................

$287,990

287,897

136,247

73,559

71,497

6,593

93

100.0%

100.0

100.0

$281,304

281,304

136,247

73,559

71,497

97.7 %

97.7

$6,686

6,593

6,593

93

2.3%

2.3

100.0

$247,904

247,904

136,247

73,545

38,112

99.4%

99.4

$1,598

1,505

$33,400

33,400

1,505

93

0.6%

0.6

100.0

14

33,385

86.8%

86.8

$5,088

5,088

5,088

13.2%

13.2

1 See notes to Table 14.

Note: Due to rounding, components maytnot~add to total.

For banks insured by this Corporation the capital ratio of commercial banks declined during 1961 from 8.1 percent to 8.0 percent, while 

the ratio for mutual savings banks rose from 8.5 percent to 8.6 percent. 

The decline in the capital ratio of insured commercial banks was the 

first in the past decade. Table 17 shows the ratios of capital accounts 

to assets on December 30, 1961, for banks of deposit classified according 

to their supervisory status.

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 17. R a tio s o f C a p it a l A c c o u n ts t o A s s e t s o f B a n k s o f D e p o s it

C la s s ifie d A c c o r d in g t o S u p e r v iso r y S t a t u s an d F e d e r a l D e p o s it

In s u r a n c e P a r tic ip a tio n , D e c e m b e r 30, 1961

Supervisory status1

All banks of deposit

Commercial banks

and trust

companies

Mutual

savings

banks

Total Insured

Noninsured InsuredNoninsured Insured

Noninsured

All banks of deposit............

Examined by and reporting to:

Comptroller of the

Currency.......................

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only. ..

8.1%

7.9

8.0

8.4

11.1

8.1%

7.9

8.0

8.4

11.1% 8.0%

7.9

8.0

8.3

14.4% 8.6% 10.0%

11.1 14.4

8.1

8.6

10.0

1 See notes to Table 14.

C h a n g e s in N u m b e r of B a n k in g O f f ic e s, a n d in B a n k A ssets

a n d L ia b ilit ie s

Changes in number of banks and branches. During the year 1961

the number of banks ceasing operations exceeded by 40 the number 

beginning operations. About nine-tenths of the banks ceasing operations 

were absorbed by other banks. Of the 138 banks absorbed, all except 

12 continued to serve their communities as branches. These, together 

with other branches beginning operations, greatly exceeded the number 

closed, resulting in a net increase of 937 branches during the year. Table 

18 gives an analysis of the changes in number of banks and branches 

during 1961. As a result of these changes, the number of banking offices 

increased by 3.6 percent. This was the nineteenth consecutive year 

in which there has been an increase in the number of banking offices.

Changes in bank assets and liabilities. The amounts and percentages of principal asset and liability items at the close of each of the 

years 1955-1961 for all banks in the United States are given in Table 

19. Yearly percentage changes in these items are shown in Table 20.

Total assets increased by 7.8 percent in 1961, compared with increases 

of 5.1 percent in the previous year, and 2.3 percent in 1959. The percentage increase in 1961 was the largest annual increase since 1945. On 

December 30, 1961, total assets were approximately one-third greater 

than they had been at the close of 1955, and more than 80 percent 

greater than at the end of 1945.

Bank holdings of cash and United States Government obligations 

increased substantially during 1961. Other securities increased by 11.4

percent in 1961, and at the end of the year constituted 9.2 percent of 

assets compared with 8.6 percent in 1955. Real estate loans were 37.8

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CHANGES IN OFFICES, ASSETS, AND LIABILITIES 49

percent of total loans at the close of 1961, almost exactly the same percentage as in 1955. Commercial and industrial loans were 28.9 percent 

of total loans in 1961, down from 32.8 percent in 1955.

T a b le 1 8 . A n a ly s is o f C h a n g e s in N u m b e r o f B a n k s an d B r a n c h e s

in t h e U n ite d S t a t e s (S t a t e s an d O t h e r A r e a s ) D u r in g 19611

Type of office and change

All

banks

Commercial

banks and

trust

companies

Mutual

savings

banks

ALL BANKING OFFICES

Number, December 30, 1961............................................. 26,002 24,943 1,059

Number, December 30, 1960............................................ 25,105 24,103 1,002

Net change during year............................................. +897 +840 +57

BANKS

Number, December 30, 1961............................................. 13,959 13,444 515

Number, December 31, 1960............................................ 13,999 13,484 515

Net change during year, ........................................... -4 0 —40

Banks beginning operations:......................................... 114 113 1

New banks opened2..................................................... 113 112 1

Suspended bank reopened.......................................... 1 1

Banks ceasing operations:.............................................. 154 153 1

Absorbed........................................................................ 138 137 1

Suspended...................................................................... 9 9

Other liquidations....................................................... 6 6

Ceased deposit operations......................................... 1 1

BRANCHES 3

Number, December 30, 1961............................................ 12,043 11,499 544

Number, December 31, 1960............................................ 11,106 10,619 487

Net change during year............................................. +937 +880 +57

Branches beginning operations:.................................... 998 939 59

Succeeded absorbed banks........................................ 126 125 1

Other new branches4................................................... 872 I 814 58

Branches discontinued.................................................... 61 59 2

1 Excludes changes not affecting number of banks or branches of commercial banks and trust companies or of mutual savings banks.

2 Includes 4 banks opened prior to December 31, 1960, but not previously reported.

3 Includes facilities established in or near military or other Federal Government installations at

request of the Treasury or Commanding Officer of the installation.

4 Includes 13 branches opened prior to December 31, 1960, but not previously reported.

Detailed data (including changes referred to in Note 1): Table 102, pp. 86-87.

Deposits of all banks increased by 7.9 percent in 1961, the largest 

annual increase since 1945. In 1961, as has been the case in each year 

since 1955, time and savings deposits of individuals, partnerships, and 

corporations increased more rapidly than did their demand deposits. 

The percentage increase in their time and savings deposits was higher 

than in any other year since 1945, and in their demand deposits higher 

than in any such year except 1946 and 1950.

Capital accounts increased by 6.9 percent in 1961. This rate of growth 

was higher than in most of the years since 1945, but was exceeded in 

1946, 1954, and 1960.

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Federal Reserve Bank of St. Louis
T a b le 1 9. A m o u n t s a n d P e r c e n t a g e s of M ajor C a te g o r ie s of A sse ts a n d L ia b il it ie s of A ll B a n k s in t h e U n it e d S t a t e s

(S t a t e s a n d O th e r A r e a s), D e c e m b e r 31, 1955-1961

Cn

O

Amount (in millions) Percentage distribution

Asset or liability item

1961 1960 1959 1958 1957 1956 1955 1961 1960 1959 1958 1957 1956 1955

Assets— total........................................ $322,336 $298,933 $284,358 $277,880 $259,188 $251,965 $243,105 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash and funds due from banks. . 57,487 53,105 50,362 50,147 49,539 49.837 47,979 17.9 17.8 17.7 18.1 19.1 19.8 19.7

U .S . Government obligations. . . . 72,822 67,343 65,882 73,935 66,066 66,795 70,310 22.6 22.5 23.2 26.6 25.5 26.5 28.9

Other securities.................................. 29,719 26,674 26,131 26,390 23,051 20,557 20,754 9.2 8.9 9.2 9.5 8.9 8.2 8.6

Loans and discounts 1...................... 154,843 145,255 136,410 122,287 115,760 110,632 100,575 48.0 48.6 48.0 44.0 44.7 43.9 41.4

Other assets........................................ 7,466 6,556 5,574 5,121 4,771 4,144 3,487 2.3 2.2 1.9 1.8 1.8 1.6 1.4

Liabilities and capital accounts

— total............................................. 322,336 298,933 284,358 277,880 259,188 251,965 243,105 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Deposits— total.................................. 287,991 266,885 255,497 251,332 234,178 228,579 221,392 89.4 89.3 89.8 90.4 90.4 90.7 91.1

Other liabilities.................................. 8,049 7,445 5.888 4,726 4,474 4,036 3,503 2.5 2.5 2.1 1.7 1.7 1.6 1.4

Capital accounts— total................... 26,296 24,603 22,973 21,822 20,536 19,350 18,210 8.1 8.2 8.1 7.9 7.9 7.7 7.5

Loans— gross total 2.......................... 157,689 147,845 139,812 124,476 117,760 112,417 102,059 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Commercial and industrial3........... 45,538 43,463 40,490 40,771 40,825 38,965 33,456 2S.9 29.4 29.0 32.7 34.7 34.7 32.8

Agricultural (except real estate) . . 6,263 5,689 5,030 4,993 4,087 4,181 4,495 4.0 3.8 3.6 4.0 3.5 3.7 4.4

For carrying securities..................... 6,213 5,127 4,877 4,698 4,250 4,322 5,079 3.9 3.5 3.5 3.8 3.6 3.8 5.0

Real estate loans............................... 59,587 55,741 53,137 48,786 44,506 42,464 38,461 37.8 37.7 38.0 39.2 37.8 37.8 37.7

Other loans to individuals..............

To financial institutions 4

28,277

8,374

3,436

26,781

8,102

2,941

24,509

8,957

2,812

21,034

(4)

4,194

20,512

(4)

3,581

19,116

(4)

3,368

17,403

(4)

3,165

17.9

5.3

18.1

5.5

17.5

6.4

16.9 17.4 17.0 17.0

All other 5............................................ 2.2 2.0 2.0 3.4 3.0 3.0 3.1

Deposits— total....................................

Business and personal deposits:

287,991 266,885 255,497 251,332 234,178 228,579 221,392 100.0 100.0 100.0 100.0 100.0 100.0 100.0

Demand 6......................................... 130,249 121,991 120,389 119,728 113,780 115,292 113,357 45.2 45.7 47.1 47.6 48.6 50.4 51.2

Time and savings..........................

Government deposits:

115,218 103,383 97,883 94,012 85,403 78,510 74,444 40.0 38.8 38.3 37.4 36.5 34.4 33.6

States and subdivisions............... 17,843 16,370 14,749 14,722 13,655 13,005 12,769 6.2 6.1 5.8 5.9 5.8 5.7 5.8

United States................................. 6,254 6,223 5,352 4,644 4,268 4,130 4,129 2.2 2.3 2.1 1.8 1.8 1.8 1.9

18,427 18,917 17,123 18,226 17,072 17,643 16,693 6.4 7.1 6.7 7.3 7.3 7.7 7.5

1 Net of valuation reserves.

2 Including valuation reserves.

3 Data for the years 1955 through 1958 are not comparable with those for 1959 and later years. Prior to 1959, a large proportion of loans to financial institutions other than

banks (see note 4) were included with commercial and industrial loans.

4 Loans to banks and other financial institutions. Loans to other financial institutions were not separately reported prior to 1959.

5 Data for 1958 and earlier years are not comparable with those for 1959 and later years. Figures for 1958 and earlier years include loans to banks and a small proportion of loans

to other financial institutions.

6 Includes certified checks, letters of credit, etc.

7 Includes postal savings deposits.

Note: Due to rounding, components may not add to total.

FEDERAL DEPOSIT INSURANCE CORPORATION

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CHANGES IN OFFICES, ASSETS, AND LIABILITIES 51

T a b le 2 0 . A n n u a l Pe r c e n t a g e C h a n g e s in M a jo r C a t e g o r ie s o f

A sse ts a n d L ia b il it ie s o f A l l B a n k s in t h e U n it e d St a t e s

(St a t e s a n d O t h e r A r e a s ), 1955 -19 6 1

Percentage change during—

Asset or liability item

1961 1960 1959 1958 1957 1956 1955

Assets— tota l..................................... 7.8% 5.1% 2.3% 7.2% 2.9% 3.6% 4.5%

Cash and funds due from banks. 8.3 5.4 .4 1.2 - .6 3.9 7.2

U. S. Government obligations.. . 8.1 2.2 -10.9 11.9 -1 .1 -5 .0 -9 .9

Other securities.............................. 11.4 2.1 -1 .0 14.5 12.1 - .9 1.1

Loans and discounts1.................... 6.6 6.5 11.5 5.6 4.6 10.0 16.9

Other assets.................................... 13.9 17.6 8.8 7.3 15.1 18.9 4.1

Loans— gross total2........................ 6.7 6.5 11.5 5.7 4.8 10.1 16.9

Commercial and industrial3......... 4.8 7.3 (4) -.1 4.8 16.5 23.6

Agricultural (except real estate) . 10.1 13.1 .7 22.2 -2 .2 -7 .0 -14.0

For carrying securities................. 21.2 5.1 3.8 10.5 -1 .7 -1 4 .9 13.3

Real estate loans............................ 6.9 4.9 8.9 9.6 4.8 10.4 14.5

Other loans to individuals........... 5.6 9.3 16.5 2.5 7.3 9.8 16.5

To financial institutions5............. 3.4 -9 .5 (5) (5) (5) (5) (5)

All other6.......................................... 16.8 4.6 (7) 17.1 6.3 6.4 55.5

Deposits— total................................ 7.9 4.5 1.7 7.3 2.4 3.2 4.4

Business and personal deposits:

Demand8...................................... 6.8 1.3 .6 5.2 -1 .3 1.7 5.9

Time and savings....................... 11.4 5.6 4.1 10.1 8.8 5.5 4.8

Government deposits:

States and subdivisions............ 9.0 11.0 .2 7.8 5.0 1.8 2.5

United States.............................. .5 16.3 15.2 8.8 3.4 (9) -10.3

Interbank deposits10...................... -2 .6 10.5 -6 .1 6.8 -3 .2 5.7 -1 .0

Capital accounts— total............... 6.9 7.1 5.3 6.3 6.1 6.3 4.9

1 Net of valuation reserves.

2 Including valuation reserves.

3 Data for the years 1955 through 1958 are not comparable with those for 1959 and later years.

Prior to 1959, a large proportion of loans to financial institutions other than banks (see note 5) were

included with commercial and industrial loans.

4 Estimated at about 14 percent, after allowance for change in classification.

5 Loans to banks and other financial institutions. Loans to other financial institutions were not

separately reported prior to 1959.

6 Data for 1958 and earlier years are not comparable with those for 1959 and later years. Figures

for 1958 and earlier years include loans to banks and a small proportion of loans to other financial institutions.

7 Not computed because of change in classification.

8 Includes certified checks, letters of credit, etc.

9 Negligible change.

10 Includes postal savings deposits.

Back data: Annual Report for 1959, pp. 91, 92, and 94.

I n c o m e of I n su r ed B a n k s

Income in 1961. Total income of commercial and mutual savings 

banks insured by the Corporation was 4.5 percent greater in 1961 than 

in the preceding year. Slightly more than three-fifths of their income 

was derived from loans. Insured commercial banks received approximately seven-eighths of the total income of insured banks in 1961. 

However, the income of insured mutual savings banks increased slightly 

more rapidly during the year than did that of insured commercial banks.

Income of insured commercial banks. The aggregate revenue for 

commercial banks increased 3 percent over 1960. A 7 percent growth in 

current operating expenses and a small increase in income taxes led to 

a slight reduction in net income after taxes, notwithstanding smaller net 

losses and charge-offs on securities and loans.

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52 FEDERAL DEPOSIT INSURANCE CORPORATION

Principal items of sources and disposition of income for the years 

1955-1961 are shown in Table 21. For the same years percentage distributions of total income are given in Table 22. Loans, which at the 

close of 1961 constituted 45 percent of the assets, are the major source 

of income of insured commercial banks. Income from loans was 59.5 

percent of total income in 1961, compared with 55.9 percent in 1955. 

Obligations of the United States Government amounted to 24 percent 

of the assets, and were the second largest source of income. They provided 16.2 percent of total income in 1961, down from 20.2 percent in 

1955. Other securities, which amounted to one-twelfth of the assets, contributed 5.3 percent of the income. Service charges on deposit accounts 

represented about one-twentieth of total income in 1961, approximately 

the same proportion as in each of the preceding dozen years.

T a b le 2 1 . S o u r c e s a n d D is p o s it io n of T o t a l I n c o m e , I n s u r e d C o m m e r c ia l

B a n k s in t h e U n it e d St a t e s (St a t e s a n d O t h e r A r e a s), 195 5 -19 6 1

Amounts (in millions)

Income

1961 1960 1959 1958 1957 1956 1955

Total incom e.................................... $11,778 $11,299 $9,998 $9,369 $8,249 $7,482 $6,617

Sources

Loans...........................: • • •............. 7,009 6,807 5,969 5,141 4,964 4,413 3,697

U. S. Government obligations. . . 1,902 1,791 1,732 1,544 1,442 1,343 1,334

Other securities.............................. 629 579 546 502 413 370 351

Service charges on deposits......... 630 590 532 487 441 386 340

Other current income................... 900 957 890 827 791 720 656

708 575 329 868 198 250 240

Disposition

Salaries and wages......................... 2,899 2,798 2,577 2,400 2,268 2,093 1,896

Interest on deposits....................... 2,107 1,785 1,580 1,381 1,142 806 678

Other current expenses................. 2,435 2,350 2,107 1,832 1,710 1,558 1,386

Charge-offs, etc.2............................ 935 979 1,362 783 757 994 707

Income taxes.................................. 1,406 1,384 884 1,271 998 815 794

Dividends to stockholders3.......... 895 832 776 726 678 617 566

Additions to capital accounts. . . 1,101 1,171 712 976 696 600 590

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

2 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers

to valuation reserve accounts.

3 Includes interest on capital notes and debentures.

Note: Due to rounding, components may not add to total.

The largest component of expenses for insured commercial banks is 

salaries and wages. In 1961 expenditures for salaries and wages absorbed 

almost one-fourth of total income, approximately the same as in recent 

years but well below the 29.6 percent in 1951. The banks paid out about 

18 percent of their income in interest on deposits, twice the percentage 

paid 10 years earlier. Dividends to stockholders were 7.6 percent of 

total income, one of the lowest percentages ever distributed by insured 

commercial banks. The proportion of total income added to capital accounts varies considerably from year to year, being 9.4 percent in 

1961, slightly below the average of the preceding ten years.

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INCOME OF INSURED BANKS 5 3

T a b le 2 2 . P ercentage D istribu tio n of S ources an d D ispo sitio n of T otal I n c o m e ,

I nsu red C o m m e r c ia l B a n k s i n t h e U nited S tates

(St a t e s a n d O t h e r A r e a s ), 1 9 55-1961

Percent of total

Income

1961 1960 1959 1958 1957 1956 1955

Total incom e.................................... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sources

Loans................................................ 59.5 60.2 59.7 54.9 60.2 59.0 55.9 1

U. S. Government obligations... 16.2 15.9 17.3 16.5 17.5 17.9 20.2

Other securities.............................. 5.3 5.1 5.5 5.3 5.0 5.0 5.3 1

Service charges on deposits......... 5.4 5.2 5.3 5.2 5.3 5.2 5.1

Other current income................... 7.6 8.5 8.9 8.8 9.6 9.6 9.9 ]

Recoveries, etc.1............................. 6.0 5.1 3.3 9.3 2.4 3.3 3.6

Disposition

Salaries and wages......................... 24.6 24.8 25.8 25.6 27.5 27.9 28.7

Interest on deposits...................... 17.9 15.8 15.8 14.7 13.9 10.8 10.2

Other current expenses................. 20.7 20.8 21.1 19.6 20.7 20.8 20.9

Charge-offs, etc.2............................ 7.9 8.6 13.6 8.4 9.2 13.3 10.7

Income taxes.................................. 11.9 12.2 8.8 13.6 12.1 10.9 12.0

Dividends to stockholders 5......... 7.6 7.4 7.8 7.7 8.2 8.3 8.6

Additions to capital accounts. . . 9.4 10.4 7.1 10.4 8.4 8.0 8.9

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

2 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers

to valuation reserve accounts.

3 Includes interest on capital notes and debentures.

Selected operating ratios of insured commercial banks are given in 

Table 23. Average rates of income on loans and on United States Government obligations declined in 1961, while the rate earned on other 

securities rose. The increasing application of service charges on demand 

deposit accounts is evident from the rising ratio of service charges to 

demand deposits. The ratio has not declined in any year since 1945, 

and in 1961 was more than four times as great as in 1945. The average 

interest paid on savings deposits was about three times as high in 1961 

as in 1945. Current operating expenses continued to rise relative to current operating earnings. In 1961 income taxes again amounted to approximately two-fifths of profits before income taxes. Net current operating earnings were 1.43 percent of average assets in 1961, slightly 

below the 1.54 percent earned in 1960, but more than twice as high as 

the rate earned in 1945. The percentage of net profits after taxes to 

capital accounts was 9.37 in 1961 compared with 10.03 in the preceding 

year, while the ratio of dividends to capital accounts rose from 4.16 

percent to 4.20 percent.

Three-fifths of the insured commercial banks had deposits of less 

than $5 million on December 30, 1961. However, these banks had only 

10 percent of the employees, while about one-third the total was employed by banks with deposits of $500 million or more. As is shown 

in Table 24, banks in the largest size category, constituting one-half of 

1 percent of the total number, had approximately two-fifths of the 

assets, the net current operating earnings, and the net profits after taxes.

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5 4 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 2 3. S e le c t e d O p e r a tin g R a tio s o f In s u r e d C o m m e rc ia l B a n k s in t h e

U n ite d S t a t e s (S t a t e s an d O t h e r A r e a s ), S e le c t e d Y e a r s , 1 9 4 0-1961

Item 1961 1960 1955 1950 1945 1940

Average rate of income on loans..................... 5.94% 5.96% 4.88% 4.34% 3.09% 4.41%

Average rate of income on U. S. Government

obligations......................................................... 3.08 3.10 2.09 1.59 1.37\ 2.16 Average rate of income on other securities . . 2.90 2.88 2.15 2.04 2.52/

Ratio of service charges to demand deposits. .43 .39 .25 .19 .10 C1)

Average interest paid on time and savings

deposits.............................................................. 2.71 2.56 1.38 .94 .87 1.30

Current operating expenses to current

earnings.............................................................. 67.22 64.65 62.09 62.19 61.35 72.80

Income taxes to net profits before income

taxes.................................................................... 41.33 40.87 40.70 31.35 24.80

Net current operating earnings to total

assets.................................................................. 1.43 1.54 1.19 .93 .66 .67

Net profits after taxes to total capital

accounts............................................................. 9.37 10.03 7.90 8.51 10.S7 6.08

Dividends to total capital accounts................ 4.20 4.16 3.87 3.55 3.29 3.59

1 Not available.

T a b le 2 4 . D is t r ib u t io n o f In s u r e d C o m m e rc ia l B a n k s b y D e p o s it Size

o f B a n k , an d P e r c e n t a g e s o f S e le c t e d B a n k in g T o t a l s in

E a c h Size G ro u p , 1961

Size of group

Number

of

banks

(Dec. 30)

Number

of

employees

(Dec. 30)

Assets

(Dec. 30)

Net

current

operating

earnings

Net

profits

after

taxes

100.0% 100.0% 100.0% 100.0% 100.0%

Banks with deposits of—

Less than $1,000,000.................................... 7.7 .7 .3 .3 .3

$1,000,000 to $2,000,000............................... 18.5 2.2 1.5 1.3 1.6

$2,000,000 to $5,000,000............................. 33.4 7.2 5.7 5.1 5.7

$5,000,000 to $10,000,000............................. 19.4 8.3 7.0 6.2 6.8

$10,000,000 to $25,000,000........................... 13.0 12.2 10.2 8.8 9.3

$25,000,000 to $50,000,000........................... 3.9 8.1 7.0 6.2 6.5

$50,000,000 to $100,000,000......................... 1.8 7.0 6.6 5.9 6.3

$100,000,000 to $500,000,000....................... 1.8 20.5 20.2 20.3 20.7

$500,000,000 or more....................................... .5 33.8 41.5 45.9 42.8

Revision of Report of Income and Dividends. The form used by 

insured commercial banks in reporting income data was revised in 1961. 

Separate data were secured for the first time on (1) fringe benefits 

paid to bank officers and employees, (2) occupancy expense of bank 

premises, and (3) furniture and equipment expense, including costs 

related to the use of automatic data processing systems, an increasingly 

significant expense item.

The cost of various benefits to bank officers and employees in addition to salaries and wages, including social security and unemployment 

taxes, hospitalization and life insurance premiums, pension contributions, cost of medical services, and similar items paid by the bank 

totaled $377 million in 1961. Such benefits added an average 13 percent 

to the wages and salaries of officers and employees in 1961.

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INCOME OF INSURED BANKS 55

The revised report form provides a schedule for giving details of the 

occupancy expenses and any rental income from bank premises. In the 

past these expense data were combined in the items “ Recurring depreciation on banking house, furniture and fixtures” and “ Other current operating expenses” ; while rental income was included in “ Other current 

operating earnings.” Reported separately for the first time in 1961, occupancy expense of insured commercial banks totaled $648 million. 

About one-fifth of this expense was offset by rental and other income 

from banking premises, which amounted to $137 million.

Furniture and equipment expenses totaled $225 million in 1961. 

These expenses were previously included with “ Recurring depreciation 

on banking house, furniture and fixtures” and “ Other current operating 

expenses.”

In connection with securing separate data on occupancy expense, 

officers and employees were classified into two groups: those engaged 

in banking functions, and those concerned with building operations and 

similar services. Out of total employment of 603,000 at the end of 1961, 

about 30,000, or 5 percent, were engaged in building operations.

One further revision in the 1961 schedule deserves mention. Previously, 

charge-offs and realized losses on securities were reported as a combined total. The new form divides the previous item into losses on 

securities sold and other charge-offs on securities. In 1961 they totaled, 

respectively, $44 million and $21 million.

Detailed data showing the amounts of the revised classification of 

items are included in the tables of income in Part Four.

Income of insured mutual savings banks. The income of insured 

mutual savings banks was $1,709 million in 1961, 6 percent greater than 

in 1960. Seven-tenths of the income of these banks was derived from 

loans, 98 percent of which were secured by real estate. Securities were 

the source of one-fifth of the income, and for the fourth consecutive year 

more income was received from other securities than from United States 

Government obligations. Income from United States Government obligations constituted only one-half as large a part of total income in 1961 

as in 1955.

Tables 25 and 26 show for insured mutual savings banks in the years 

1955-1961 the principal sources of income and its disposition in amounts 

as well as in percentages, During this period total income increased in 

each year, and in 1961 was slightly more than twice as much as in 1955.

In 1961 the insured mutual savings banks, as in other recent years, 

distributed approximately two-thirds of their total income as dividends 

and interest on deposits, and added about one-tenth of their income tc

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56 FEDERAL DEPOSIT INSURANCE CORPORATION

surplus accounts. This raised the ratio of surplus accounts to assets to 

8.6 percent, the highest since 1955, but well below the 1951 ratio of 

9.8 percent.

Table 25. S o u r c e s an d D isp o sitio n op T o t a l Incom e,

In s u r e d M u t u a l S a v in g s B a n k s in t h e U n ite d S t a t e s , 1955-1961

Amounts (in millions)

Income

1961 1960 1959 1958 1957 1956 1955

$1,709 $1,605 $1,372 $1,216 $1,074 $947 $846

Sources

Loans................................................ 1,213 1,089 934 821 731 632 536

U. S. Government obligations... 152 153 146 142 147 147 151

Other securities.............................. 206 199 181 167 127 103 99

Other current income1................. 42 53 41 37 34 28 28

Recoveries, etc.2............................. 96 111 70 49 35 38 33

Disposition

Salaries and wages......................... 113 108 97 92 87 80 75

Dividends and interest on deposits ............................................ 1,148 1,073 897 812 716 609 536

Other current expenses1............... 146 134 116 110 101 89 83

Charge-offs, etc.3............................ 98 108 116 66 71 61 56

Income taxes4................................. 16 14 12 10 9 9 9

Additions to surplus accounts.. . 187 168 134 126 90 98 87

1 Includes amounts classified as "nonrecurring” income or expenses.

2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

3 Losses and other items charged off (except those charged to valuation reserve accounts), and

transfers to valuation reserve accounts.

4 Includes franchise taxes computed on an income basis.

Note: Due to rounding, components may not add to total.

Table 26. P ercen tage D istr ib u tio n o f Sou rces and D isp o sitio n o f T o t a l In co m e,

In su red M u t u a l Savings B a n k s in t h e U n ite d S ta tes, 1955-1961

Percent of total

Income

1961 1960 1959 1958 1957 1956 1955

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sources

71.0 67.9 68.1 67.5 68.1 66.7 63.3

U. S. Government obligations... 8.9 9.5 10.6 11.7 13.7 15.5 17.8

Other securities.............................. 12.0 12.4 13.2 13.8 11.8 10.9 11.7

Other current income1.................. 2.5 3.3 3.0 3.0 3.1 2.9 3.3

Recoveries, etc.2............................. 5.6 6.9 5.1 4.0 3.3 4.0 3.9

Disposition

Salaries and wages........................ 6.6 6.7 7.1 7.6 8.1 8.5 8.9

Dividends and interest on deposits ............................................ 67.2 66.9 65.4 66.8 66.7 64.3 63.3

Other current expenses1............... 8.6 8.3 8.4 9.0 9.4 9.4 9.8

Charge-offs, etc.3........................... 5.7 6.7 8.4 5.4 6.6 6.5 6.6

Income taxes4................................. 1.0 .9 .9 .8 .8 1.0 1.1

Additions to surplus accounts.. . 10.9 10.5 9.8 10.4 8.4 10.3 10.3

1 Includes amounts classified as “ nonrecurring” income or expenses.

2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

3 Losses and other items charged off (except those charged to valuation reserve accounts), and

transfers to valuation reserve accounts.

4 Includes franchise taxes computed on an income basis.

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PART FOUR

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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B a n k A bsorptions A pproved b y t h e C orporation

Cn

00

Table 101. Description of each merger, consolidation, acquisition of assets, or assumption of 

liabilities approved by the Corporation during 1961

N u m b e r , O f f ic e s, a n d D eposits of B a n k s

Table 102. Changes in number and classification of banks and branches in the United States 

(States and other areas) during 1961

Table 103. Number of banking offices in the United States (States and other areas), December 30, 1961

Grouped according to insurance status and class of bank, and by State or area

and type of office

Table 104. Number and deposits of all banks in the United States (States and other areas), 

December 30, 1961 

Banks grouped according to insurance status and by district and State

Tabulations for all banks are prepared in accordance with an agreement among the Federal bank supervisory agencies. Provision of

deposit facilities for the general public is the chief criterion for distinguishing between banks and other types of financial institutions.

However, trust companies engaged in general fiduciary business

though not in deposit banking are included; and credit unions and

savings and loan associations are excluded except in the case of a few

which accept deposits under the terms of special charters.

Branches include all offices of a bank other than its head office,

at which deposits are received, checks paid, or money lent. Banking

facilities separate from a banking house, banking facilities at government establishments, offices, agencies, paying or receiving stations,

drive-in facilities and other facilities operated for limited purposes

are defined as branches under the Federal Deposit Insurance Act,

Section 3(o), regardless of the fact that in certain States, including

several which prohibit the operation of branches, such limited facilities

are not considered branches within the meaning of State law.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Commercial and stock savings banks include the following

categories of banking institutions:

National banks;

Incorporated State banks, trust companies, and bank and trust

companies, regularly engaged in the business of receiving deposits,

whether demand or time, except mutual savings banks;

Stock savings banks, including guaranty savings banks in New

Hampshire ;

Industrial and Morris Plan banks which operate under general

banking codes, or are specifically authorized by law to accept deposits and in practice do so, or the obligations of which are regarded

as deposits for deposit insurance;

Special types of banks of deposit: cash depositories in South

Carolina; a cooperative exchange in Arkansas; a savings and loan

company operating under Superior Court charter in Georgia; government operated banks in American Samoa, North Dakota, and

Puerto Rico; a cooperative bank, usually classified as a credit

union, operating under a special charter in New Hampshire; a savings institution, known as a “trust company,” operating under

special charter in Texas; an employes’ mutual banking association

in Pennsylvania; the Savings Banks Trust Company in New York;

and eight branches of foreign banks which engage in a general deposit business in the continental United States or in Puerto Rico;

Private banks under State supervision, and such other private

banks as are reported by reliable unofficial sources to be engaged in

deposit banking.

Nondeposit trust companies include institutions operating under

trust company charters which are not regularly engaged in deposit

banking but are engaged in fiduciary business other than that incidental to real estate title or investment activities.

Mutual savings banks include all banks operating under State

banking codes applying to mutual savings banks.

Institutions excluded. Institutions in the following categories are

excluded, though such institutions may perform many of the same

functions as commercial and savings banks:

Banks which have suspended operations or have ceased to accept

new deposits and are proceeding to liquidate their assets and pay off

existing deposits ;

Building and loan associations, savings and loan associations,

credit unions, personal loan companies, and similar institutions,

chartered under laws applying to such institutions or under general

incorporation laws, regardless of whether such institutions are authorized to accept deposits from the public or from their members

and regardless of whether such institutions are called “banks” (a few

institutions accepting deposits under powers granted in special

charters are included);

Morris Plan companies, industrial banks, loan and investment

companies, and similar institutions except those mentioned in the

description of institutions included;

Branches of foreign banks, and private banks, which confine their

business to foreign exchange dealings and do not receive “deposits’’

as that term is commonly understood;

Institutions chartered under banking or trust company laws, but

operating as investment or title insurance companies and not engaged in deposit banking or fiduciary activities;

Federal Reserve banks and other banks, such as the Federal

Home Loan banks and the Savings and Loan Bank of the State of

New York, which operate as rediscount banks and do not accept

deposits except from financial institutions;

The postal savings system.

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6 0 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ach M erger, C o n so lid atio n, A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 1— First Western Bank and Trust Company,

Los Angeles, California (proposed new bank) 65

to acquire assets of and assume liability to pay de-posits in 65

operating offices of

United California Bank, Los Angeles 514,317 65

Summary report by Attorney General, December 21, 1960

First Western Bank and Trust Company, San Francisco, California, proposes to

merge into California Bank, Los Angeles, California, under the charter of the

latter and with the title of United California Bank. A majority of the outstanding

stock of both banks is held by Firstamerica Corporation, a registered bank holding company. Firstamerica’s stock interest in California Bank was acquired,

effective April 1,1959.

Prior to the merger, a new bank, headquartered in Los Angeles, will be

organized which will acquire, at the time of merger, the name First Western

Bank and Trust Company. At the consummation of the merger there will be

transferred to this New Bank all right, title and interest in 65 banking offices

operated by the present First Western and all rights held by the present First

Western under certain applications to establish ten additional offices. New Bank’s

assets will be about $500,000,000. After a period of two years, Firstamerica is

to endeavor to dispose of its interest in New Bank so that it will then be an

independent competitor in banking in California. If Firstamerica should be

unsuccessful in its efforts to divest itself of the stock or assets of New Bank

within six years after approval of the merger by the appropriate regulatory

agencies and Firstamerica’s acquisition of the stock of New Bank, it will then

distribute the stock of New Bank to Firstamerica’s stockholders.

All 70 of the banking offices of California Bank are located in what may be

described as the metropolitan Los Angeles area. Thirty-one of Firstamerica’s

offices are located in the same area, the balance being located in other areas

within the State of California. Thus, the principal area of competition between the

two banks, prior to the acquisition of California Bank by Firstamerica, was

in the metropolitan Los Angeles area. This serious anticompetitive effect will

be removed by the transfer of First Western’s 31 banking offices in the metropolitan Los Angeles area to New Bank which is to be created and later separated

from Firstamerica. And since there will remain a number of large banks in the

metropolitan Los Angeles area, including the first and second largest banks

in California, it is not believed that United California Bank will have a substantial competitive advantage (in addition to the advantages now held by

California Bank) over small competitors in this area.

Bank of America, the nation’s largest bank, and by far the largest bank in

California, operates throughout the State. It has more than 600 offices in 380

communities in every one of the State’s 58 counties. The only other so-called

statewide bank is the present and much smaller First Western.

Thus, the transfer by Firstamerica of 65 offices located in various areas of

California, to New Bank and the transfer of the remaining offices of First

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BANK ABSORPTIONS APPROVED BY TH E CORPORATION 61

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Western to United California Bank will result in three so-called statewide

banking systems instead of two such systems.

Basis for Corporation approval, January 12, 1961

This proposal, which establishes the largest State nonmember insured bank

in the United States, is the means of effecting a court-approved compromise

between the Department of Justice, on the one hand, and Firstamerica Corporation (now Western Bancorporation), a registered bank holding company, on the

other. In August 1958, Firstamerica Corporation filed an application with the

Board of Governors of the Federal Reserve System for prior approval of the

acquisition by Firstamerica of 80 percent or more of the voting shares of

California Bank, Los Angeles. At that time Firstamerica owned a majority interest

in First Western Bank and Trust Company, San Francisco. Firstamerica contemplated, upon the approval by the Board of Governors, merging California Bank

and First Western Bank and Trust Company to create a Statewide banking

institution. Following approval of the acquisition by the Board of Governors,

on January 14, 1959, Firstamerica acquired approximately 97 percent of the

stock of California Bank. On March 30, 1959, the United States filed a complaint

in the United States District Court alleging, inter alia, that the acquisition of

the California Bank and the proposed merger of California Bank and First

Western were in violation of Section 7 of the Clayton Act and Section 1 of the

Sherman Act.

As a result of discussions arising out of said proceeding, the Department of

Justice agreed it would dismiss the litigation on the condition that, upon the

consummation of said proposed merger, the Firstamerica would establish First

Western Bank and Trust Company (a newly organized bank) to acquire the

assets and carry on the business of 65 offices presently operated by then existing

First Western Bank and Trust Company (old bank). The capital of the new

bank was provided in large part by Firstamerica, with the agreement that the

stock therein would be disposed of within a period of six years. The pending

proposal, so far as it pertains to the Merger Act, involves the acquisition by

new First Western of 65 offices of old First Western, and the assets and liabilities

associated with such branches.

At the present time the California Bank operates all of its 70 offices in the

greater Los Angeles area. By the proposed merger of First Western (old bank)

into California Bank, the latter will acquire a State-wide system of 113 branches,

and then dispose of these branches to the new bank. This will leave California Bank

(to be known as United California Bank) with a total of 118 offices, its present

70 in greater Los Angeles, 6 in Southern California communities, 19 in the San

Francisco Bay area, 13 in the San Juan area, and 10 in Northern California.

Thus, United California Bank will become a State-wide branch system, and the

new First Western will also become a State-wide branch system, although it

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62 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e Corporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

will have 48 fewer offices than old First Western. These two systems will then

be in a favorable position to compete with Bank of America, which now

operates more than 600 branches, and which now dominates the banking business

in California, with approximately 44 percent of total deposits and 47 percent

of loans in the entire State. The transactions will have the effect of increasing

competition throughout the State of California, and will provide better banking

services therein. Furthermore, the objections of the Department of Justice to

the original transaction have been cured, and the subject proposal has the approval

of the United States District Court in which the antitrust proceedings are pending,

and the approval of the Department of Justice.

The public interest will be better served by these two State-wide systems,

which will be in a position to effectively compete with existing branch banking

systems in the State.

No. 2— The Central Jersey Bank and Trust Company, Freehold,

New Jersey 37,983 4 8

to merge with

Allenhurst National Bank and Trust Company, Allenhurst 24,306 4

Summary report by Attorney General, January 5, 1961

The Central Jersey Bank and Trust Company has assets of $37,983,000, deposits

of $34,687,000 and net current operating income in 1959 of $237,000. The Allenhurst National Bank and Trust Company has assets of $24,306,000, deposits of

$21,944,000 and net current operating income for 1959 of $333,000.

Both banks are engaged in similar types of commercial banking. At least two

of the Applicant bank’s four offices are located near enough to the merging

bank’s four offices to be in substantial competition with them. The proposed

merger would therefore eliminate this competition which has already been

seriously compromised by two common directors.

The merger will also result in the creation of the largest bank in Monmouth

County, New Jersey. And while the combined banks will have a number of

competitors, its competitive advantages over its smaller rivals may lead them

to seek to combine in order to be able to effectively compete.

Basis for Corporation approval, January 26, 1961

The service area of the two banks involved in this proposal includes all of

Monmouth County which is undergoing rapid expansion, both industrially and in

residential development. Consummation of the transaction will bring to Monmouth County improved and enlarged lending facilities, and the resulting bank

will be in a position to better serve the expanding economy. Furthermore, the

merger should result in more efficient operating services and will bring a

strengthening of management to the merged institution. The resulting bank will

hold only 17.7 percent of the total resources and 15.3 percent of the loans held

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 6 3

T a b le 101. D escription of E a c h M erger, C o n so lid atio n, A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y th e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

by commercial banks in Monmouth County and will be subject to effective

competition from 16 other banks in the County, and particularly from the

banks located in Asbury Park, Freehold, Long Branch and Red Bank. All offices

of the bank will be subject to strong competition, not only from banks, but also

from 15 savings and loan associations, with accounts that aggregate $97.7 million

or 24.4 percent of the combined deposit and share account balances in financial

institutions in Monmouth County, and insurance companies that presently are

taking care of approximately 15 percent of the mortgage loan needs of the

County.

No. 3— The Cass County State Bank, Cassopolis, Michigan

(change of title to First Commercial Savings Bank)

to consolidate with

3,541 1 4

First Commercial Savings Bank, Constantine 8,709 3

Summary report by Attorney General, January 12, 1961

The two banks seeking to consolidate do business within a claimed service area

approximating some 55 square miles in the southwesternmost part of Michigan

and the northernmost part of Indiana. There are no less than thirty-six other

banks, several with branches, doing business in this alleged area. If this area

should be accepted as the appropriate service area, after consolidation the

resulting bank would control but 2.4% of the total bank loans in the area.

However, a realistic approach to the service area affected by the consolidation

indicates that these relatively small banks are, at least to a degree, in competition

with each other, which competition would, of course, be eliminated by the combination. Moreover, the combination would leave a small bank with deposits of

$2,161,000 to compete in the town of Cassopolis, Michigan, with a combined bank

of over $11 million in deposits, which might affect its ability to remain an effective

competitor.

Basis for Corporation approval, February 9, 1961

The main offices of the banks involved in this proposal are twenty-three miles

apart and there is nine miles between the closest offices of these banks. There

appears to be only a negligible amount of competition (limited to Porter Township) between the two banks that will be eliminated through this proposal.

The character of the area is changing from rural to suburban with attendant

industrial and residential development, indicating a need for a larger bank

to more adequately serve this expanding economy. The expanded resources and

increased lending facilities of the consolidated bank will contribute to the

further development of the area, which cannot properly be limited to the town

of Cassopolis. The consolidation will enable the applicant to better compete

with the larger banks in Niles throughout the service area, and it will enable

the credit needs of Cassopolis to be better served. The merger will expose the

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

op A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e Corporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

remaining; bank in Cassopolis to competition with a larger institution, but the

growth of the economy of the community should assure proper support for

both institutions.

No. 4— Ida County State Bank, Ida Grove, Iowa 3,578 1 2

to m erge with

Arthur Trust and Savings Bank, Arthur 2,410 1

Summary report by Attorney General, December 29, 1960

The Ida County State Bank of Ida Grove, Iowa (Ida Bank) and the Arthur

Trust and Savings Bank of Arthur, Iowa (Arthur Bank) propose to merge. Ida

Bank which presently has no branches intends to operate the merged bank as a

branch office in Arthur, Iowa.

The proposed merger will eliminate all competition between Ida Bank and

the healthy and prosperous Arthur Bank. Ida Bank is presently the third and

Arthur Bank the fourth largest bank in the service area. The proposed consolidation

would place the resulting bank in first position, well ahead of its next two

competitors and the remaining smaller banks in the resulting service area. Thus

the proposed merger may lead toward concentration of banking facilities through

additional mergers in the resulting service area in order for the other smaller

banks to effectively compete with the largest bank. For these reasons it appears

that the proposed merger of Arthur Bank with Ida Bank would have adverse

competitive effects.

Basis for Corporation approval, March 2, 1961

The service area of the two banks involved in this proposal includes all of Ida

County which is predominantly an agricultural area with the production of

feeder cattle the major pursuit. The county is one of the most active feeding areas

in the State and ranks twelfth in the number of cattle marketed among Iowa

counties, for its size. Both banks are hard pressed to provide adequate credit

accommodations to farmers because of the relatively low capital position of

each. Consummation of the transaction will bring to Ida County improved and

enlarged credit facilities which should be of material benefit to farmers, cattle

feeders and other business interests of the community since it would increase

the merged bank’s ability to provide needed bank credit. It should also result

in more efficient operating services and a strengthening of the management

factor for the merged institution. The resulting bank will hold only 24.6 percent

of the total deposits and 26.6 percent of the loans in the service area and there

does not appear to be any undue concentration of resources or a dominant

position to be attained by the applicant.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 65

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 5— First State Bank of Albany, Albany, Georgia

(change of title to First State Bank and Trust Company)

to merge with

20,653 3 4

Albany Trust and Banking Company, Albany 3,170 1

Summary report by Attorney General, January 19,1961

The First State Bank of Albany has assets of $20,653,000, deposits of $18,582,000

and net current operating income in 1959 of $130,000. Albany Trust & Banking

Company has assets of $3,170,000, deposits of $2,261,000 and net operating income

in 1959 of $53,000.

Both banks are engaged in similar types of commercial banking, although

Albany Trust did not enter the commercial field until 1959, having formerly

operated as a savings bank. The facilities of both banks are located close

enough to each other that direct competition would normally exist between them.

The proposed merger could be expected to eliminate such competition, and

strengthen the position of First State, the second largest bank in a service area

in which the third largest bank was recently eliminated by merger.

In view of interlocking stock control and directorship of the acquired and

acquiring banks, competition between the two banks may already have been

affected adversely.

Basis for Corporation approval, March 2, 1961

For many years members of the same family have had substantial stock

holdings in sufficient amount to exercise managerial control of each of the

two institutions and, therefore, during that period of time there has been

little effective competition between the two institutions. The recent entry of

the Albany Trust into the commercial field has been most disappointing and

its ability to effectively compete is subject to serious question. The merger of

the two banks will merely formalize a situation that has long existed in a

manner that should be beneficial to customers of both institutions and to the

public.

The banking needs of this community are being adequately served by the

existing banks. The proposal would eliminate one small affiliated bank with

the negligible competition it provides, but the number of available banking

facilities will remain the same. The merged institution will be able to more

effectively compete with the largest bank in Albany, which has 51.5 percent of

deposits and 51.3 percent of the loans in the area. Furthermore, the expanded

resources and strengthened management of the merged institution should result

in more efficient and improved services for the community.

No. 6— First-Citizens Bank & Trust Company, 272,056 60 61

Smithfield, North Carolina

to merge with

Mid-Carolina Industrial Bank, Greensboro 1,549 1

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6 6 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ach M erger, C o n so lid atio n, A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation

i

operated

Summary report by Attorney General, February 15, 1961

There appears to be no actual competition between the two banks, although

there is a likelihood of potential competition if Mid-Carolina Industrial Bank

were to become an independent commercial bank. Beyond this, there seems to be

little danger of serious adverse effects on the other banks in the merging bank’s

service area. The merger will, of course, strengthen to a slight degree the already

dominant position of the acquiring bank in several of its service areas.

Basis for Corporation approval, March 16, 1961

(See case no. 7 below)

No. 7— First-Citizens Bank & Trust Company, 273,605 61 62

Smithfield, North Carolina

to merge with

American Bank, Goldsboro 4,311 1

Summary report by Attorney General, February 15, 1961

A degree of actual and potential competition exists between the two banks. In

the service area of the acquiring bank the effect may be to render more difficult the

ability of the only other bank, a new entrant, to compete.

In the service area of the merging bank the result will be the elimination of the

only independent bank at a time when its ability to compete with branches of large

banking institutions appears to be rapidly improving.

This merger is but one of many recent bank mergers and consolidations which, if

not halted, threatens to turn North Carolina from a state with many competing

banks into a state in which commercial banking is controlled by a few powerful

banks.

Basis for Corporation approval, March 16, 1961

(cases 6 and 7)

The applicant, which operates a State-wide branch system, proposes to merge two

relatively small, noncompeting, independent banks into its system. In each instance the merged units are competing with multiple branches of well-established

large branch systems.

The Mid-Carolina Industrial Bank is a small institution, organized in 1958, specializing in installment loans, which accepts only time deposits, and is noncompetitive with the applicant. The merger of this bank with the applicant will correct a

management lacking in banking experience.

In reference to the American Bank, the merger will correct a low capital position

of the institution, which, together with its size, has limited its ability to adequately

serve the area.

The extension of the applicant’s broader facilities to the customers of the merging

banks will result in better banking services for each of the communities, and will

tend to intensify competition in each area.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 67

Table 101. D escription of E a c h Merger, C on so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 8— Citizens State Bank of Waterville, Waterville, Minnesota

to acquire the assets and assume the liabilities of

1,926 1 1

Security State Bank of Waterville, Waterville 1,175 1

Summary report by Attorney General, February 13, 1961

The merger of the Security State Bank of Waterville into the Citizens State

Bank of Waterville will result in the elimination of the competition that has heretofore existed between the two relatively small banks and in the creation of monopoly banking in the town of Waterville.

However, the merging banks contend that they are in a service area in which are

located six additional banks in towns varying from 7 to 13 miles distant from Waterville. In this larger area the merged institution would rank fourth in size with 13.9%

of the total deposits and 12.7% of the total loans and discounts of banks in such

larger area.

Thus, while the merger would adversely affect competition in the small town of

Waterville by creating a monopoly in banking, the effect on competition in the

larger geographic area would not appear to be substantial.

Basis for Corporation approval, March 16, 1961

The proposed purchase of assets and assumption of liabilities will solve an existing

management problem in the bank being liquidated. While the reduction of banks

in Waterville from two to one might suggest a monopoly, the effect on local

competition will be of minor consequence inasmuch as this was virtually eliminated

when controlling ownership of the two banks became vested in the same hands.

Moreover, the size of the community and the population and economy of the area

hardly justify the existence of more than one bank in Waterville, and it appears

that a healthy financial economy can be maintained as well, or better, by one larger

consolidated bank than by two small independent banks. The greater resources and

enlarged capital of the applicant, supplemented by an aggressive and competent

management, will enable it to broaden its services to the community and compete

more effectively with two larger banks in its service area.

No. 9— Benton Harbor State Bank, Benton Harbor, Michigan

(change of title to Inter City Bank)

to consolidate with

18,168 2 5

Union State Bank, Buchanan 10,053 3

Summary report by Attorney General, March 8, 1961

The Department of Justice has reported to the Federal Deposit Insurance Corporation that the proposed consolidation of the Benton Harbor State Bank, Benton

Harbor, Michigan, and the Union State Bank, Buchanan, Michigan, would have an

adverse effect upon competition and substantially reduce competition among banking institutions in Berrien, Cass and Van Buren Counties, Michigan.

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6 8 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A cq u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

The Benton Harbor State Bank is the largest bank in Berrien County with slightly

over 15% of the county’s banking assets, and the third largest bank in the tri-county

area of Berrien, Cass and Van Buren Counties, having about 11% of the area’s banking assets. The Union State Bank is the fifth largest bank in Berrien County with

almost 9% of the county’s banking assets, and the sixth largest bank in the tricounty area having only 6% of the area’s banking assets.

The consolidation would make the resulting bank the equal of the largest bank

in each area. The two leading institutions in Berrien County would control approximately 50% of the county’s assets, the remaining 50% being distributed among

six other banks. The two leading banks in the tri-county area would control 35%

of the area’s banking assets, the remaining 65% being distributed among the remaining eighteen banks. The consolidated bank would also own twice the number

of banking offices of any other bank in either area. Thus, in both areas the consolidation of the Benton Harbor State Bank and the Union State Bank would concentrate banking facilities and resources in two large banks, and work to the detriment of the remaining smaller institutions.

The two sound banks appear to be in substantial actual and potential competition

with each other. The structures of the deposits and loan accounts of the two banks

are the practical duplicate of each other; both have time and demand deposits from

the United States and State governments as well as from individuals, partnerships,

and corporations, and both have commercial, industrial, and farming loans, loans on

farm real estate, residential property, business and other property, instalment loans

on automobiles, consumer goods and other instalment loans.

It, therefore, appears as a reasonable probability that, were this proposed consolidation of the Benton Harbor State Bank and the Union State Bank to be approved, concentration in banking in the Berrien, Cass and Van Buren area of Southwestern Michigan would be substantially increased. A substantial factor in competition would be eliminated, and that other smaller banks in the area might seek

to merge in order to remain effective competitors.

Basis for Corporation approval, April 27, 1961

The proposed consolidation will unite two banks both located in Berrien County

but situated approximately twenty-two miles apart. In view of the distance, competition between the two banks is very slight and is limited to the area of the

Baroda branch of Union, located about twelve miles distant from the applicant.

The transaction will solve a successor management problem created by the recent

retirement of the president at the Benton Harbor Bank and the impending retirement, due to poor health, of its present executive officer. Competition will not be

reduced, but from all appearances will be sharpened and stimulated under the influence of the greater managerial capabilities of the Buchanan Bank. The consolidation will provide larger loan accommodations to important customers in this

rapidly growing section of the State and stimulate greater competition for savings

depositors. Therefore, the expanded resources and strengthened management of the

consolidated institution should result in broader and improved banking services

for the community.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 69

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by the, C orporation

D u r in g 1961— Continued

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands

of dollars)

Banking offices

In

operation

To be

operated

No. 10— Morganfield National Bank, Morganfield, Kentucky 4,587 1 2*

to merge with

Bank of Waverly, Waverly 405 1

Summary report by Attorney General, March 24, 1961

Morganfield National is a bank with total IPC deposits of $4.2 million. Waverly

has IPC deposits of $.4 million. An examination of application papers submitted by

Morganfield National would indicate the same competition would be eliminated as

between the merging banks, but that such competition has not been substantial.

It would also appear that there is no discernible tendency toward monopoly in

Morganfield inasmuch as it is still surrounded by substantial competition from the

Union Bank and Trust Company, Farmers State Bank and Henderson County State

Bank.

Basis for Corporation approval, May 11, 1961

The depositors of the Bank of Waverly will receive the benefits of deposit insurance, banking facilities will be preserved in the Town of Waverly and this proposed merger will solve the Bank of Waverly’s management successor problem, as

a branch operation will be substituted for a unit bank operation that is too small

to be economically sound.

No. 11— Washburn Trust Company, Washburn, Maine 3,462 1 2

to acquire the assets and assume the liabilities of

Ashland Trust Company, Ashland 1,374 1

Summary report by Attorney General, March 7, 1961

Ashland Trust Company is located in Northern Maine, a town with a population

of approximately 2,370. Washburn Trust Company, located approximately 18 miles

east of Ashland, has a population of about 2,040. There are approximately seven

banks covering the broad area served by Washburn Trust and Ashland Trust, with

the two merging banks being the smallest of the group. The consolidation of Ashland Trust and Washburn Trust will add approximately 2% to Washburn’s percentage of all loans in Northern Maine and 2% to its percentage deposits in this

area. The consolidation will place Washburn on a par with the size of the three

smaller banks in the area and Washburn will remain far smaller than the two

principal banks in Northern Maine, Washburn’s principal competition.

Ashland Trust, in the past ten years, is reported not to have been an aggressive

bank due in part to its aging management. Ashland Trust had previously attempted

to sell its assets to Northern National Bank, the largest in the area, but this application was withdrawn. Soon thereafter, Ashland submitted for consideration to

your office a consolidation with Washburn Trust Company. It is the intention of

Washburn Trust to operate Ashland Trust as a branch in Ashland’s present location.

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7 0 FEDER/VL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ac h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

In view of the small size of these two banks and the fact that there are other

larger banks available to service the area, it does not appear that a merger through

the purchase of assets and assumption of liabilities of Ashland Trust by the Washburn Trust will have any appreciable effect on competition.

Basis for Corporation approval, May 18, 1961

Although Ashland Trust Company has been in business since 1917, its progress in

this small and declining town has been limited; during the past five years it has

been static. Its small earning power has foreclosed the possibility of acquiring recognized management ability and providing a fuller range of services. The purchase

and assumption transaction will increase the ability of Washburn Trust Company

to compete with its substantially larger neighbors and at the same time provide Ashland with better banking facilities and services under capable management.

No. 12— Jenkintown Bank and Trust Company, 30,952 4 15

Jenkintown, Pennsylvania

(change of title to Industrial Valley Bank and

Trust Company)

to merge with

Industrial Trust Company, Philadelphia 53,535 11

Summary report by Attorney General, May, 29, 1961

Jenkintown Bank and Trust Company is the largest independent bank in the

Jenkintown service area, which is a residential area adjacent to the city of Philadelphia. At the present time, there are 9 banking offices in the area, 4 of which

belong to Jenkintown Bank and Trust Company, while an additional 4 are branches

of considerably larger Philadelphia banks and the 9th is a small single unit operation.

Concentration in commercial banking in the Philadelphia area is among the

highest in the United States, and a pronounced tendency toward oligopoly in commercial banking exists in that area. This is due in large part to the mergers and

consolidations that have taken place in recent years. The 5 largest banks control

83% of all IPC deposits and 84% of all loans and discounts. While the Industrial

Trust is not one of the 5 largest, it is a successful organization, maintaining 11 offices

in the greater Philadelphia area, which area includes Jenkintown.

We believe that the proposed merger would eliminate a factor in competition,

eliminate a degree of competition between the merging banks and further add to

concentration in banking in the Philadelphia area.

Basis for Corporation approval, June 15, 1961

The Jenkintown Bank and Trust Company and the Industrial Trust Company are

both modest in size in relation to most competing banks in the general service area.

The types of services presently offered by the two banks are largely complementary

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 71

Table 101. D escription of E a c h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

rather than competitive. The subject proposal will involve no change in the competitive situation in the immediate service area of either bank but should contribute

to improved service by the resulting bank in both areas. The merger will provide

greater resources and needed enlarged and specialized loan facilities in the construction, mortgage and instalment lending fields, thus contributing to improved

banking services in the growing Jenkintown area. Thus, the merged institution will

be in a more advantageous position to compete with the much larger Philadelphia

banks and their branches.

No. 13— The Equitable Trust Company, Baltimore, Maryland

to acquire the assets and assume the liabilities of

213,421 24 25

The Parkville Bank, Parkville 4,392 1

Summary report by Attorney General, May 23, 1961

The Equitable Trust Company, Baltimore, Maryland, proposes to acquire the

assets and to assume the liabilities of the Parkville Bank, Parkville, Maryland.

Equitable and another large Baltimore bank have branch offices in the area served

by The Parkville Bank, a relatively small unit bank. The proposed acquisition would

of course eliminate the competition presently offered by this small bank and leave

in the area served by it only branches of two of Baltimore’s largest banks.

Basis for Corporation approval, June 29, 1961

The impetus for this transaction arose from the sudden absence of experienced

management at the Parkville bank. This transaction by substituting the management of a sound, well managed bank will satisfactorily solve a rather serious management problem at the Parkville Bank. Parkville is an integral part of metropolitan

Baltimore and the degree of competition eliminated is not substantial. There will

remain aggressive competition between two branches of Baltimore banks providing

complete, modern banking services.

No. 14— The Hardeman County Savings Bank,

Bolivar, Tennessee

5,636 2 3

to acquire the assets and assume the liabilities of

The Bank of Grand Junction, Grand Junction

1,169 1

Summary report by Attorney General, May 1, 1961

The acquisition of the assets of the Bank of Grand Junction by the Hardeman

County Savings Bank would eliminate existing and potential competition between

the two banks. Within the service area there are 5 other small independent banks

along with the branch of a larger bank competing for the same type of business.

After the acquisition, the Hardeman Savings Bank would have a substantial portion

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

of the business. However, in view of the management problems confronting the

Bank of Grand Junction, the possibility of its liquidation and the fact that such

acquisition would not substantially increase any advantages of the Hardeman Savings Bank over its competitors, it is our conclusion that this acquisition would have

no substantial adverse effect on competition.

Basis for Corporation approval, June 29, 1961

The acquisition of assets and assumption of deposit liabilities by the Bolivar bank

will remedy a serious management void at Grand Junction. The chief operating officer of the latter bank is recently deceased and the bank does not have an experienced officer. Because of its size and limited earning power, it has been unable to

attract adequate management and the chief operating officer of the Bolivar bank

has been devoting about one-half his time to supervising the affairs of the Grand

Junction bank. This transaction appears to be the most desirable means of continuing banking services at Grand Junction.

No. 15— Coahoma County Bank ^Trust Company 13,311 1 2

Clarksdale, Mississippi

to merge with

Peoples Bank of Jonestown, Jonestown 1,109 1

Summary report by Attorney General, June 16, 1961

Coahoma County Bank and Trust Company is the second largest bank in the

service area of approximately 40,000 people. There are only 3 other banks operating

in this area including Peoples Bank of Jonestown, the third or fourth largest depending on the test applied.

The degree of competition between the merging banks is only nominal since the

officers of applicant appear to have recently acquired all of the outstanding stock

of the merging bank.

The merger will, of course, reduce alternate sources of banking services in Coahoma County from four to three. However, in view of the relative small size of the

merging bank and the nature of its ownership it does not appear that the effect on

competition by the proposed merger would be substantial.

Basis for Corporation approval, July 6, 1961

Coahoma County Bank is the second largest and Peoples Bank of Jonestown is

the smallest of four banks serving Coahoma County. Banks in the area tend to be

local in their service areas except to the extent that the larger banks serve demands

of larger customers. The subject proposal will involve no significant change in the

competitive situation but should contribute to improved banking services, particularly in the Jonestown community. Because of size, the lending power of Peoples

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 73

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by th e; C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Bank of Jonestown has been inadequate to meet the demands of customers and it

has not been able to expand its services. This situation has made it difficult for this

small bank to produce satisfactory earnings and its continuance as a unit bank may

be questionable from an economic standpoint. The proposed merger would not only

provide continuing and somewhat expanded local banking facilities for the Jonestown community, but as a branch office of the applicant it would have a larger legal

loan limit, much more in keeping with the type of farming operations in the area.

No. 16— The Vermont Bank and Trust Company, 24,795 4 6

Brattleboro, Vermont

to merge with

Killington Bank and Trust Company, Rutland 15,841 2

Summary report by Attorney General, June 14, 1961

Neither bank competes with one another in other than a minimal way. Because

of the geographical location of the merging banks, there appears to be little, if any,

competition between them. Each is the second largest bank in its service area.

There appears to be no substantial adverse effect on competition stemming from

the proposed merger.

Basis for Corporation approval, July 27, 1961

The merging banks operate in separate service areas in central and southern Vermont. There is no present competition between them. The merger will result in a

materially strengthened capital position for the applicant which provides it with

the base for increased competition with its chief competitor, the largest commercial

bank in Vermont. The larger capital and resources of the applicant will also enable

it to more effectively service the credit requirements of the area.

No. 17— Commercial Bank, Winchester, Kentucky 3,969 1 2

(change of title to Peoples Commercial Bank)

to merge with

Peoples State Bank and Trust Company, Winchester 3,649 1

Summary report by Attorney General, May 16, 1961

Garvice D. Kincaid, three other persons, and the Kentucky Central Life & Accident Insurance Co. own 51% of the stock of the Commercial Bank and 50% of the

stock of Peoples State Bank. These parties apparently vote their stock together and

effectively control both banks. Nevertheless, they are under no legal obligation to

act together and their control would end if any of the stock came into adverse

hands or if any of them decided to act independently.

These parties would control over 50% of the stock of the resulting bank. Since

there is practically no other joint ownership of the merging banks the possibility

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7 4 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ac h M erger, C o n so lid atio n , A cq uisition

of A ssets or A s s u m p t io n of L iabilities A pproved b y th e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

of present or future effective opposition to the Kincaid group in the resulting bank

will be much less than the possibility of effective opposition in either of the merging

banks. Thus, the banks should be viewed as independent entities. Moreover, if

mergers are allowed merely because the same parties control both banks it might

be possible to circumvent Public Law 86-463.

There are four banks in Winchester, a town of approximately 10,000 persons. Each

has the same service area, the population of which is approximately 60,000. By any

measure of size each of the merging banks has approximately 17% of the market

while the other two banks have approximately 40% and 27% , respectively. The

merger will reduce the number of banks to three and create a situation where each

of the three controls roughly one-third of the market. Both of the merging banks

are operating at a profit.

The merger may foreclose nonbanking competitors of Mr. Kincaid from access to

bank funds and it may increase the likelihood that banking competitors of Mr.

Kincaid will be foreclosed from the substantial banking business of his banking and

nonbanking interests.

The effect of the merger upon the banking structure of Winchester, and the interests and activities of Mr. Kincaid lead the Department to conclude that the

merger would have an undue anticompetitive impact.

Basis for Corporation approval, July 27, 1961

This merger involves the two smallest of four commercial banks in Winchester.

Majority ownership of both banks is commonly held and, because of this affiliation,

competition between them has been limited. The enlarged bank will be stronger

and will provide broader and more modern facilities and services than either bank

could provide independently.

Although Winchester has supported four banks for many years, there appears to

be no real need for this number of banks, and the community probably should be

regarded as overbanked. As of December 31, 1960, the average population per bank

in Kentucky was 8,558, while the population per bank of the Winchester banks

(Clark County population 21,075) was 5,268 before the merger and 7,025 after the

merger. Three banks of roughly equal size should better fulfill all normal banking

requirements of the Winchester area, and therefore be more likely to offer effective

competition to each other than do the present four banks. In our opinion the nonbanking competitive factor of the Kincaid interests would not be affected were

the merger approved or not approved.

No. 18— The Bank of Orrick, Orrick, Missouri

to merge with

1,501 1 1

Citizens Exchange Bank, Orrick 707 1

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 75

Table 101. D escription of E a c h M erger, C o n so lid atio n, A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

Summary report by Attorney General, August 3, 1961

The bank of Orrick, Orrick, Missouri, proposes to merge with the Citizens Exchange Bank, Orrick, Missouri.

Since there is far reaching identity of personnel and ownership of the two banks,

it does not appear that there is effective competition between them which would

be eliminated by the proposed merger. The effect of the merger of these small banks

on competition would not be adverse.

Basis for Corporation approval, August 24, 1961

This transaction combines two small, commonly owned and managed banks in

which the death of the President of both banks had caused management and operating problems which could best be solved through merger of the two banks. The

limited growth of the area and of the banks, together with the absence of effective

competition between them indicates the area will be adequately served by the remaining bank. The combination of the two banks will formalize existing relationships and thus provide continuity of banking services in the Orrick area in a more

stable and efficient manner than was previously possible.

No. 19— National Bank of Commerce of Lincoln,

Lincoln, Nebraska

(change of title to National Bank of Commerce

Trust and Savings Association)

to consolidate with

70,282 2 22

The First Trust Company of Lincoln, Lincoln 2,017 1

Summary report by Attorney General, August 18, 1961

The only area in which the two institutions significantly compete with each other

is in the rendering of trust services in metropolitan Lincoln, Nebraska.

The consolidation will reduce the number of major institutions competing for trust

business in that area from three to two, but the significance of this reduction is

mitigated by the circumstance that National Bank's trust business is now operating

at a substantial loss. The consolidation will not give National Bank a decisive

advantage over its remaining competitor. Therefore, it does not appear that this

consolidation would have serious adverse effects on competition in the rendering of

trust services in the area involved.

Basis for Corporation approval, September 1, 1961

This proposal involves the consolidation of a commercial bank operating a relatively small trust department and an uninsured trust company which is not authorized to accept deposits. It does not appear, therefore, that consummation of the

proposed consolidation will have any significant effect on the commercial bank

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76 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A cq u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e Corporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

activity in the city of Lincoln other than the enlarged capital of the consolidated

bank will permit it to compete more effectively with its larger local competitor,

but with no adverse effect on the smaller existing banks.

The acquisition of the outstanding management of The First Trust Company of

Lincoln, which had some 50 years of experience in trust activities and has developed

a diversified source of business, will materially strengthen the management of the

resulting bank. The trust department of the National Bank of Commerce of Lincoln

does not now have a Farm Management or Mortgage Loan Department and the

acquisition of these activities together with experienced personnel, a strengthened

capital position with resulting larger lending limit, will enable the resulting bank

to more adequately serve the agricultural segment of the State.

No. 20— Durham Bank and Trust Company,

Durham, North Carolina

(change of title to Central Carolina Bank and

Trust Company)

to merge with

45,352 20 22

The University National Bank of Chapel Hill,

Chapel Hill

3,240 2

Summary report by Attorney General, August 11, 1961

The Durham Bank & Trust Company, with headquarters in Durham, North

Carolina, operates 16 offices in Durham and the surrounding area. It has total

deposits of $40,697,000, net loans and discounts of $21,317,000, and total assets of

$45,352,000. University National Bank operates its head office and one branch in

Chapel Hill. It has total deposits of $2,810,000, net loans and discounts of $1,130,000,

and total assets of $3,240,000.

Existing competition between the banks appears to be insignificant. The merger

would eliminate one of two independent banks in Chapel Hill, but would not greatly

increase Durham’s advantage over smaller banks competing in the service area of

the resulting bank, or unduly increase banking concentration. For these reasons, the

effect on competition would not appear to be pronounced.

Basis for Corporation approval, September 14, 1961

The proposed merger will solve an immediate management problem created by

the recent serious illness of the executive officer at the Chapel Hill bank. Enlarged

and more efficient banking services, including trust services not now available

locally, will be made available to the residents of Chapel Hill. All of the factors

required to be considered have been favorably determined and it is concluded that

the proposed merger will be in the public interest.

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BANK ABSORPTIONS APPROVED BY TH E CORPORATION 77

Table 101. D escription of E a c h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands

of dollars)

Banking offices

In

operation

To be

operated

No. 21— Branch Banking & Trust Company 104,335 25 27

Wilson, North Carolina

to merge with

The Citizens Bank .Micro 2,510 2

Summary report by Attorney General, July 18, 1961

Branch Banking & Trust Company has deposits of approximately $87,387,000, net

loans and discounts of $36,137,000 and assets of $104,330,000. It has nineteen offices

throughout eastern North Carolina, one of which, in Selma, is within three miles of

the acquired bank’s head office. Citizens, the acquired bank, has deposits of $2,-

199,000, net loans and discounts of $659,000, and assets of $2,510,000. It operates two

offices.

It is our view that this merger would affect competition in the rural area now

served by Citizens by eliminating an independent factor in competition, increasing

to a degree, banking concentration, and eliminating competition between the acquired bank and the Selma branch of the acquiring bank. The merger would have

little effect on competition with the larger area now served by Branch.

Basis for Corporation approval, September 14, 1961

The management of Citizens was desirous of retiring and was without adequate

management succession within the bank. Although it operated within the over-all

service area of the applicant, the degree of competition between Citizens and any

of the applicant’s offices which was eliminated is considered to be minimal. As a

result of the merger, the applicant, without adversely affecting any of the smaller

banks, can provide much stronger competition for the larger banks soliciting business

in the Micro-Princeton area than could Citizens. The wider range of services, including trust services not offered by Citizens and lower interest rates on some types of

loans, redounds to the benefit of the entire community with only a minimal effect

on competition in the area now served by Citizens. Nor will the applicant bank, as

a result of the merger, gain any competitive advantage other than to increase its

area coverage without any significant increase in banking concentration.

No. 22— Franklin Bank, Franklin, Illinois 1

(proposed new bank)

to acquire the assets and assume the liabilities of

Franklin State Bank, Franklin 1,256 1

Summary report by Attorney General, July 25, 1961

The applicant, servicing an agricultural area with a population of 1800, proposes

to liquidate Franklin State Bank and, in its place, establish a new bank under the

title, Franklin Bank. In view of the fact that the transaction would not in any way

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E a c h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved by tpie C orporation

D u r in g 1961— Continued

Banking offices

Resources

Name of bank, and type of transaction1 (in

(in chronological order of determination) thousands In To be

of dollars) operation operated

change the present relative competitive positions of the financial institutions within

the service area of the proposed bank, it appears that it will have no adverse effect

on competition.

Basis for Corporation approval, September 28, 1961

The Franklin State Bank, and its predecessor, has provided uninterrupted banking service to the community of Franklin since 1886. This bank is now owned by

outside interests who wish to place the bank in liquidation. A group of local citizens

proposes to organize a new bank, to be locally owned, to assume the deposit liabilities of the liquidating bank, purchase its assets, and provide continued banking

service in the community.

All of the banking factors are considered to be favorable and there will be no

unfavorable effect on the competitive situation.

No. 23— Producers Bank and Trust Company,

Bradford, Pennsylvania

to acquire the assets and assume the liabilities of

9,420 3 4

Smethport National Bank, Smethport 2,458 1

Summary report by Attorney General, September 6, 1961

This acquisition would probably not adversely affect the competitive situation

in the service area of both banks.

Basis for Corporation approval, September 28, 1961

The preceding transaction involving two banks in north-central Pennsylvania has

no significant competitive effects. The transaction provides a continuing banking

alternative in Smethport offering a wider range of services than were previously

provided.

No. 24— Hollidaysburg Trust Company, 9,177 2 3

Hollidaysburg, Pennsylvania

to acquire the assets and assume the liabilities of

First National Bank of Williamsburg, Williamsburg 1,641 1

Summary report by Attorney General, July 28, 1961

The Hollidaysburg Trust Company, Hollidaysburg, Pennsylvania proposed to

purchase the assets and to assume liability to pay deposits made in the First National Bank of Williamsburg, Williamsburg, Pennsylvania.

The proposed acquisition would leave Hollidaysburg Trust the third largest bank

in its present and future service areas. The competition between Hollidaysburg

Trust and First National, weak in the past, is only nominal today since five officers

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Table 101. D escription of E a c h M erger, C on so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

and directors of Hollidaysburg Trust have acquired more than two-thirds of the

outstanding shares of First National.

Basis for Corporation approval, September 28, 1961

In the past, both banks in the Borough of Williamsburg have been hampered by

not being able to provide adequate lending power necessary to serve all members

of the community, particularly farmers. As a result, the growth of each has been

below average. While the proposal will subject the local competing bank to increased competition, its management is not concerned as it believes it will be able

to capitalize on being a locally owned and managed bank and benefit from it.

The proposal will bring to the community of Williamsburg complete and enlarged banking services, including trust services and consumer credit facilities which

are not now available, and will provide depth and continuity of management. The

expanded resources and larger lending limits should permit more adequate financing of farming operations in the area, which should also be of material benefit to

the community.

No. 25— The Central Jersey Bank and Trust Company,

Freehold, New Jersey

to merge with

61,585 8 10

The First National Bank of Bradley Beach,

Bradley Beach

12,934 2

Summary report by Attorney General, June 26, 1961

The addition of The First National Bank of Bradley Beach to The Central Jersey

Bank and Trust Company would further enhance the dominant position of Central

Jersey in Monmouth County, a position principally attributable to a series of

mergers in recent years. The merger would result in an undue concentration of

banking power as the three largest banks would control over 47% of the total deposits in the county.

In addition to eliminating another independent bank, the proposed merger may

lead the remaining small banks to combine in order that they may be able to effectively compete with the larger banks. Moreover, it appears that the merger would

eliminate substantial competition presently existing between the banks.

It is the view of the Department of Justice, therefore, that the proposed merger,

if consummated, would have substantial adverse competitive consequences on the

general banking area.

Basis for Corporation approval, October 3, 1961

Monmouth County, in which the merging banks are located, is one of the fastest

growing counties in the State and is experiencing rapid expansion both residentially

and in industrial development. During the decade from 1940 to 1950 the population

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a ch M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e Corporation

D u r in g 1961— Continued

Resources

Banking offices

Nakne of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

of the county increased nearly 40 percent and in the decade ended 1960 the county

population increased over 48 percent, with such growth reflected in most of the

communities served by the participating banks. The future outlook is bright and

evidences the need for larger financial institutions to adequately serve this expanding economy, and this proposed merger will serve to partially fulfill that need. The

merged institution will have a greater lending capacity and will be in a better position to provide broader and more efficient services to the banking public of Monmouth County. While the Central Jersey Bank and Trust Company will enhance its

position slightly as the largest bank in the service area, it is not felt it will be

placed in any undue position of dominancy. Although one relatively small independent bank will be eliminated, there will remain fifteen competing commercial

banks offering ample alternative sources, several of which are sufficiently large to

assure continuing effective and healthy competition.

No. 26— Saline State Bank, Wilber, Nebraska 1,263 1 1

to acquire the assets and assume the liabilities of

Wilber State Bank, Wilber 1,348 1

Summary report by Attorney General, September 21, 1961

These two small banks, located in the same small community, while in competition with each other, are the third and fourth largest banks in their service area.

Their merger would not substantially affect competition adversely nor would it

tend toward monopoly.

Basis for Corporation approval, October 26, 1961

Although the community of Wilber, Nebraska, has supported three small banks

reasonably well for many years, the lack of growth of each in recent years and the

rather stable character of the economy of this agricultural community would indicate that banking facilities are no doubt excessive, and it is felt that this proposal

will tend to relieve an over-banked situation. While the Saline State Bank will

attain a dominant position in the city of Wilber, there is no indication that this

will work any undue hardship on the remaining local competing bank which expects to gain a substantial volume of new deposits as a result of this transaction. While the number of banks in Wilber will be reduced from three to two, it

does not appear that consummation of the proposal will result in any significant

lessening of competition and the end result will probably be two substantially

larger banks capable of providing increased and more efficient banking services than

those now being provided by the three small banks.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 81

T a b le 1 0 1 . D escription of E a c h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No 27— First State Bank, Eddyville, Kentucky

(change of title to Citizens State Bank of Lyon County,

and change location of head office to New Eddyville)

to consolidate with

2,511 1 33

Citizens Bank, Kuttawa 1,329 1

Summary report by Attorney General, September 1, 1961

The resulting bank would be the only bank within the service area. In the past,

however, city banks, not considered by the applicants to be within the service area

because of their distance therefrom, have been the only facilities available to the

larger borrowers, due to the limited financial structure of the applicants. The industrialization of the area should stimulate banking activity and the resulting bank

will be in a position to compete with the city banks in providing the required facilities and to provide the area with banking services not presently available. In

view of this and in view of the limited population of the area (5900), the proposed

consolidation would not appear to have a substantial adverse effect on competition.

Basis for Corporation approval, November 2, 1961

The major portions of Eddyville and Kuttawa, Kentucky, including the principal

business areas, eventually will be flooded by a lake to be created on the Cumberland River behind the Barkley Dam, which is now under construction. This necessitates relocation or other disposition of affairs of most businesses in the two communities, including the two banks involved in this proposal. A new community, New

Eddyville, is being established to accommodate the businesses and individuals that

will be affected, and the participating banks propose to establish one bank in New

Eddyville to provide continuing banking services for the community.

It is felt that one bank will be adequate to serve the needs of the community, at

least until a great deal more development than is now under way or anticipated

has materialized. Furthermore, the consolidation will provide a bank with a much

greater potential for strength and adequate servicing than could be obtained in two

independent operations, and the expanded resources and larger legal lending limits

of the resulting bank will doubtlessly be of material benefit in the future development of the new community of New Eddyville.

No. 28— The Northwestern Bank, 96,076 32 34

North Wilkesboro, North Carolina

to merge with

The Bank of Elkin, Elkin 7,329 2

Summary report by Attorney General, October 13, 1961

The proposed merger of The Bank of Elkin into the Northwestern Bank is another step in the increasing concentration of banking in North Carolina into a

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82 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e Corporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

small number of large banks. Northwestern, a $100,000,000 bank, is centered in

western North Carolina. Its offices surround Bank of Elkin and the proposed merger

would add to the adverse effect on competition which the many mergers are having

in the state.

Basis for Corporation approval, November 30, 1961

The Bank of Elkin operated successfully in the northwest section of North Carolina where the surrounding area is mountainous and there is only limited trade

among the various communities. There was no evidence that any important competition between the two banks would be eliminated and none of the bankers in

the area registered an objection to the merger. The applicant is the smallest of six

banks operating extensive branch systems in North Carolina and after this merger

wrould hold only approximately 3.3 percent of the total deposits of commercial banks

in the State; the merger representing an increase of approximately 0.3 percent. The

merger would provide broadened banking services in Elkin and enhance the applicant’s management.

No. 29— The Northwestern Bank, 103,405 34 37

North Wilkesboro, North Carolina

to merge with

The Surry County Loan & Trust Company,

Mount Airy 6,466 3

Summary report by Attorney General, October 19, 1961

Northwestern Bank, operating 32 offices in 24 communities in western North

Carolina, proposes to merge with Surry County Loan & Trust Company, operating

two offices in Mount Airy and Dobson.

Northwestern has total assets of about $96,000,000 and Surry County Loan, assets

of about $6,400,000. There is little competition in the Mount Airy-Dobson areas

from other banks. It appears that Northwestern is the principal bank operating in

the same general area and the effect of this merger, together with that of another

proposed merger of Northwestern and The Bank of Elkin, now pending, may be to

lessen competition in commercial banking generally in the State of North Carolina.

Basis for Corporation approval, November 30, 1961

The Surry County Loan & Trust Company operated in Mount Airy and Dobson,

North Carolina. Although Mount Airy has considerable industry, the surrounding

area is similar to that of Elkin in the preceding case and topographical conditions

limit competition among the various communities. There did not appear to be any

significant competition between the applicant and Surry and none of the bankers

in the area registered an objection to the merger. Management of the remaining

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 83

Table 101. D escription of E a c h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1961— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

bank in Mount Airy expected no difficulty in coping with the new competition and

considered they might gain deposits from those customers who would prefer to deal

with a local bank. The merger would not change the applicant’s position with respect

to the larger banks in the State and its proportion of the total commercial bank

deposits in North Carolina would be only 3.5 percent, an increase of only 0.2 percent. The broader and stronger facilities and larger lending limits of the applicant

would benefit the Mount Airy service area.

No. 30— Guaranty Bank and Trust Company, 52,762 6 8

Worcester, Massachusetts

to consolidate with

The Peoples NationallBank of ^Southbridge, Southbridge 5,448 2

Summary report by Attorney General, November 30, 1961

Guaranty Bank, with assets of approximately $52,762,000 is the second largest

commercial bank in Worcester County. The largest is Worcester County National

Bank, with assets of approximately $154,000,000. Guaranty Bank proposes to consolidate with Peoples National Bank of Southbridge, the smallest in Worcester

County, with assets of approximately $5,400,000.

The consolidating banks apparently have no common depositors or borrowers and

the business of one bank arising in the service area of the other is described as

“negligible and immaterial.” No office of one bank is closer than 20 miles from an

office of the other bank. Although a proposed branch of Guaranty Bank at Auburn

will be about 15 miles from the home office of Peoples National and the service

area of the two banks would overlap to some extent, it does not appear that any

substantial amount of potential competition within such overlapping area would be

foreclosed by the consolidation.

The only commercial bank competing with Peoples National in the latter’s service

area is Worcester County National Bank. The proposed consolidation does not appear to threaten the position of any of the banks in Worcester County and in our

view does not seem to have significant adverse competitive effects.

Basis for Corporation approval, December 21, 1961

The two banks involved in this proposal are located about 20 miles apart, their

service areas do not overlap, and there is very little existing or potential competition between the two to be eliminated through this proposal. Competition in the

present service area of the applicant will not be affected. In Southbridge Peoples

competes directly, to some disadvantage, with a branch of the largest bank in the

county and as branches of the applicant will be able to compete more effectively. Competition in the Southbridge area will probably be intensified but not

to any degree that would be harmful to other existing banks in the area.

The proposal will extend additional trust services, as well as larger lending limits

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

Table 101. D escription of E a c h M erger, C o n so lid atio n, A cquisition

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e ; C orporation

D u r in g 1961— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

and broader banking services to the growing Southbridge-Sturbridge area and the

depth of management personnel in the applicant will assure continued successful

leadership.

No. 31— Berkshire Housatonic Trust Company,

Pittsfield, Massachusetts

(change of title to Berkshire Bank & Trust Company)

to consolidate with

14,900 2 4

Greylock National Bank, Adams

and

5,782 1

North Adams Trust Company, North Adams 9,168 1

Summary report by Attorney General, December 1, 1961

The proposed merger would significantly increase the concentration of banking

Dusiness in Berkshire County. In Adams and North Adams alone, the resulting

bank would have approximately 50 percent of the IPC deposits and loans held by

all commercial banks competing in those cities. We believe that the merger would

have substantially adverse effects upon competition in the service area of the resulting bank, especially in the Adams and North Adams areas.

Basis for Corporation approval, December 29, 1961

Berkshire County, where the three consolidating banks operate, is a distinct economic and geographic area in Western Massachusetts. The consolidation provides

geographic diversification for the applicant and extends its broader and larger facilities to the Adams and North Adams areas. The growth of the consolidating banks

in these towns has been below average, probably reflecting their industrial maturity.

They are now economically dependent to a significant degree on one company or

industry. It was determined that there was little overlapping of service areas and

no important competition among the banks which would be eliminated. There will

remain eight commercial banks and nine mutual savings banks in Berkshire County

providing competition for the applicant which will hold less than 10 percent of the

aggregate deposits and loans of these banks. The savings banks in the County hold

two and one-quarter times the total deposits held by the commercial banks and

more than eight times the time deposits held by the commercial banks. The Board

found favorably on all seven factors required to be considered by law and concluded that the consolidation which would provide increased commercial bank

credit facilities in the service area while not eliminating any important competition

was in the public interest.

1 Unless otherwise indicated, the first named bank is a resulting insured nonmember bank.

2 Corporation approval required for absorption of noninsured bank by an insured bank. Approval by

Comptroller of the Currency also required because continuing bank is a national bank.

3 Two offices approved for temporary operation only.

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Federal Reserve Bank of St. Louis
Table 102. C h an g e s in N u m b er and C lassificatio n of B a n k s an d B r a n c h e s

i n t h e U nited States (S tates an d O th er A reas) D u r in g 1961

oo

o

Type of change

BANKS

Number of banks, December 30, 1961.

Number of banks, December 31, 1960.

Net change during year.

Banks beginning operations.

New banks3...............................

Suspended bank reopened

Banks added to count4.............

Banks ceasing operations. ......................

Closed because of financial difficulties-----

Absorptions, consolidations, and mergers .

Other liquidations............................................

Ceased deposit operations............................

Noninsured banks becoming insured..........

Admission to insurance, operating banks ....

Admission to F. R. System, operating banks.

Other changes in classification. . . . ..............

National banks succeeding State banks..........

State bank succeeding national bank. ...........

State bank succeeding noninsured bank.........

Admission to F. R. System................................

Withdrawal from F. R. System.........................

Changes not involving number in any class:

Successions............................................. ..

Changes in title, location, or name of location..

Change in corporate powers . b

To operate under general banking law5...........

Granted trust powers6..........................................

All banks

Total

13,959

13,999

-4 0

114

109

1

4

154

9

138

6

1

4

118

2

40

Insured

13,445

13,451

-6

99

140

5

135

+34

+33

+1

+1

+ i

3

112

40

Noninsured

514

548

15

10

1

4

14

4

3

-34

-33

-1

-1

Commercial and stock savings banks

and nondeposit trust companies

Total

13,444

13,484

-4 0

113

108

1

4

153

9

137

4

115

2

40

Insured

Total

13,115

13,126

-11

98

98

140

5

135

+30

+29

+1

+1

* + i

in

40

Members F. R.

System

National

4,513

4,530

26

26

51

2

49

+8

+ 9

-1

1

42

State

1,598

1,641

-4 3

2

2

30

1

29

+1

+ i

-1 6

- 4

+ 4

-1 6

17

Not

members

F. R.

System

7,004

6,955

+49

70

70

59

2

57

+29

+29

+ 9

- 5

+1

+1

- 4

+16

2

52

40

Noninsured

Banks

of

deposit

277

304

-2 7

14

10

1

3

11

4

1

5

1

-3 0

-2 9

-1

Nondeposit

trust

companies1

52

54

Mutual savings banks

Total

515

515

Insured2

330

325

+ 5

1

1

+ 4

+ 4

Noninsured

185

190

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
BRANCHES

Number of branches, December 30, 1961.

Number of branches, December 31, 1960.

Net change during year.

Branches opened for business.......................................................

Facilities provided as agents of the government7 .....................

Absorbed banks converted into branches....................................

Branches replacing head offices relocated or placed in liquidation .....................................................................................................

Other branches opened......................................................................

Branches added to count8...............................................................

Branches discontinued.....................................................................

Facilities................................................................................................

Branches................................................................................................

Other changes in classification......................................................

Branches of national banks succeeding branches of State

banks...................................................................................................

Branches of noninsured banks admitted to insurance................

Branch of an insured bank admitted to F. R. S};rstem..............

Branches of insured banks withdrawing from F. R. System. . ,

Branches transferred through sale or as result of absorption or

succession...........................................................................................

Changes not involving number in any class:

Branches transferred as result of absorption or succession.

Changes in title, location, or name of location.....................

ALL BANKING OFFICES

Number of offices, December 30, 1961.

Number of offices, December 31, 1960.

Net change during year.

Offices opened.

Banks..............

Branches.........

Offices closed.

Banks............

Branches. . . .

Changes in classification.

Among banks......................

Among branches................

12,043

11,106

+937

998

15

126

835

13

136

484

26,002

25,105

+897

1,112

114

998

215

154

61

11,867

10,940

+927

981

14

125

820

13

59

5

54

+ 5

+ 5 '

136

483

25,312

24,391

+921

1,080

99

981

199

140

59

+ 40

+ 35

+ 5

176

166

+ 10

17

1

1

15

2

‘ ’ 2

- 5

690

714

32

15

17

16

14

2

-4 0

-3 5

- 5

11,499

10,619

+880

939

15

125

777

13

59

5

54

136

483

24,943

24,103

+840

1,052

113

939

212

153

59

11,440

10,559

+881

935

14

125

9

774

13

57

5

52

+ 3

* + 3

136

483

24,555

23,685

+870

1,033

98

935

197

140

57

+34

+31

+ 3

6,044

5,508

+ 536

511

11

70

420

4

36

5

31

+61

+19

+42

35

262

10,557

10,038

+519

537

26

511

87

51

36

+69

+8

+61

2,855

2,624

+231

209

2

30

1

174

2

12

12

+ 34

-1 3

+1

- 5

+51

18

172

4,453

4,265

+188

211

2

209

42

30

12

+19

-1 5

+34

2,541

2,427

+ 114

215

1

25

2

180

7

-9 2

+ 3

-1

+ 5

-9 3

83

49

9,545

9,382

+163

285

70

215

68

59

-5 4

+38

-9 2

45

46

-1

- 3

322

350

-2 8

18

14

4

13

11

2

-3 3

-3 0

14

14

66

68

544

487

+ 57

59

1,059

1,002

+57

60

1

59

3

1

2

1 Includes 1 trust company member Federal Reserve System, December 30, 1961, and December 31, 1960.

2 Includes 1 mutual savings bank member of the Federal Reserve System, December 30, 1961, and 2 on December 31, 1960.

3 Includes 2 banks succeeding banks closed because of financial difficulties.

4 Banks opened prior to 1961 but not included in count as of December 31, 1960.

6 One of these banks was formerly an industrial bank; the other, formerly a private bank.

6 I^ 9 r.rria^ on available for only insured banks not members of Federal Reserve System.

7 Facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation

8 Branches opened prior to 1961 but not included in count as of December 31, 1960.

427

381

+46

46

46

2

. . . „

+2

+2

757

706

+51

47

1

46

+6

+ 4

+2

117

106

+11

13

12

302

296

+6

13

00

^1NUMBER, OFFICES, AND DEPOSITS OF BANKS

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Federal Reserve Bank of St. Louis
Table 103. N u m b e r of B a n k i n g O ffices i n t h e U nited S tates (S tates a n d O th e r A reas) , D ecem ber 30, 1961

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

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks Percentage insured1

Insured Noninsured

State and type of bank or office

Total

InsuredNoninsured TotalMember F. R.

System Not

memBanks

of

Nondeposit

trust

Total

Insured3_ Noninsured

All

banks

of

deCommercial

banks

of

Mutual

savings

banks

Total

National State

bers

F.R.S.

deposit

companies2

posit deposit

26,002

13,959

25,312

13,445

690 24,943

13,444

10,885

2,559

11,499

24,782

13,431

10,881

24,555

13,115

10,557

4,513

4,453

1,598

9,545

7,004

322 66 1,059

515

757 302 97.6 98.7 71.5

514 277 52 330 185 96.7 97.9 64.1

11,187 10,760 427 10,576 3,467

1,046

6,044

10,554

4,512

1,178 5,931 261 48

4

302 184

146

427

118 96.6 97.6 60.9

Banks operating branches................... 2,772 2,685 87 2,539 420

2,855

4,453

1,598

1,073 16 213 67 97.0 99.4

99.6

68.5

Branches.................................................... 12,043

25,839

13,945

11,867 176 11,440

24,414

13,107

2,541

9,407

6,997

45 14 544 117 98.7 78.5

50 States and D. C.’—all offices.......... 25,171

13,437

668 302 66 1,057

514

757 300 97.7 98.8 71.6

Banks.......................................................... 508 272 52 330 184 96.7 98.0 64.2

bnit b a n k s ........................................... 11,183 10,759 424 10,575 3,467

1,045

6,042

1,178 5,930 258 48

4

302 184

146

427

118 96.6 97.6 60.9

Banks operating branches................... 2,762 2,678

11,734

141

84

160

2,550

11,351

2,532 420

2,855

1,067

2,410

14

30

212 66 97.1 99.5 68.9

Branches.................................................... 11,894

163

11,307 14 543 116 98.8 99.7 78.7

Other areas— all o ffic e s........................ 22 161 141 3 138 20 2 2 86.5 87.6

Banks . . . .................................. 14 8 6 13 8 1 7 5 1 1 57.1 61.5

Unit b a n k s........................................... 4 1 3 4 1 1 25.0 25.0

Banks operating branches................... 10 7 3 9 7 1 6 2 1 1 70.0 77.8

Branches ............................................... 149 133 16 148 133 2 131 15 1 1 89.3 89.9

State

Alaljama*-—all offices............................... 336 336 336 336 152 31 153 100.0 100.0

Banks ........................................................ 238 238 238 238 69 24 145 100.0 100.0

Unit banks......................... ................... 213 213 213 213 50 20 143

2

100.0 100.0

Banks operating branches................... 25 25 25 25 19 4 100.0 100.0

Branches .................................................. 98 98 98 98 83 7 8 100.0 100.0

Alaska— all o ffic es.................................. 50 45 5 49 44 40 4 5 1 1 90.0 89.8 100.0

Banks ..................................................... 15 11 4 14 10 7 3 4 1 1 73.3 71.4 100.0

Unit banks............................................. 7 4 3 6 3 1 2 3 1 1 57.1 50.0 100.0

Banks operating branches................... 8 7 1 8 7 6 1 1 87.5 87.5

Branches .................................................. 35 34 1 35 34 33 1 1 97.1 97.1

Arizona--“all offices .......................... 210 201 9 210 201 145 13 43 9 100.0 100.0

Banks ................................................. 12 11 1 12 11 3 1 7 1 100.0 100.0

Unit banks............................................. 3 3 3 3 3 100.0 100.0

Banks operating branches................... 9 8 1 8 3 1 4 1 100.0 100.0

Branches.................................................. 198 190 8 198 190 142 12 36 8 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
293 289

4 293 289 80

237 233 4 237 233 56

198 194

4 198 194

39

42

89 39 39 14

56 56 56 56 24

1,914

122

1,904

117

10 1,914

122

1,904

117

1,393

Banks.....................................................5 40

57 54

63

3 57 64 20

652 65 63 20

Branches................................................ 1,792

202

1,787

5 1,792 1,787 1,353

171 31 202 171 85

Banks..................................................... 195 164 31 195 164 80

Unit banks............................................. 189 158 31 189 158 76

6 6 6

6

4

Branches................................................ 7 77

7

5

427 418

9 286 277 134

Banks..................................................... 138 129 9 67 58 22

Unit banks............................................. 78 69

9 34 25

9

60 60 33 S3 13

289 289 219 219 112

Delaware— all offices............................... 81 78

3 74 71 3

Banks..................................................... 22 21

1 20 19

3

Unit banks............................................. 13 13 .. 13 13

3

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

98

76

Branches................................................ 59 57

2 54 52

District of Columbia.- -all offices. . . . 80 80 80 80 40

Banks ................................................... 11 11 11 11

4

Unit banks............................................. 1 1 1 1

Banks operating branches................... 10 10 10 10

4

Branches................................................ 69 69 69 69 36

Florida— all offices................................... 337 333 4 337 333 133

Banks..................................................... 322 318

4 322 318 121

Unit banks............................................. 308 804

4 308 804

14

110

Banks operating branches................... 14

15

14

15

14

15

11

Branches................................................ 15 12

Georgia—-all offices................. ................ 546 488 58 546 488 128

Banks..................................................... 420 362 58 420 362 53

Unit banks............................................. 388 830 68 388 330 88

Banks operating branches................... 32 32 32 32 15

Branches................................................ 126 126 126 126 75

Hawaii— all offices................................... 103 97

6 103 97 34

Banks..................................................... 12 7 5 12

7

2

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

5

14

6 1 1

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

76

1

76

1

Branches................................................ 91 90

1 91 90 32

31

22

175

323

194

15

304

18

17

1611

67826

59

272

25

314

’ T

27

10

10

43

15P

28

178

155

135

20

23

188

58

SO

28

130

68

67

6611

76

28

14

14

48

41

14

104

27931

190

187

18483

317

294

283

11

23

635

.. „ .

58

33S111

105325

31

31

31888

111141

71

44

27

7072

141

71

44

27

7072

3112

25

25

222222

58

58

58

65411

99.0 99.0

98.7 98.7

98.5 98.5

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

84.7 84.7

84.1 84.1

88.6 83.6

100.0 100.0

100.0 100.0

98.1 97.2 100.0

94.2 87.9 100.0

89.6 75.8 100.0

100.0 100.0 100.0

100.0 100.0 100.0

96.3 95.9 100.0

95.5 95.0 100.0

100.0 100.0

88.9 85.7 100.0

96.6 96.3 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

99.4 99.4

99.4 99.4

99.8 99.3

100.0 100.0

100.0 100.0

89.4 89.4

86.2 86.2

85.1 85.1

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

00

CONUMBER, OFFICES, AND DEPOSITS OF BANKS

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Federal Reserve Bank of St. Louis
T a b le 1 0 3 . N u m b e r of B a n k i n g O ffices in t h e U nited States (S tates an d O th e r A reas), D ecem ber 30, 1961— Continued

grouped according to in s u r a n c e statu s a n d class of b a n k , a n d b y state or area a n d type of office

CO

o

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks Percentage insured1

Insured Noninsured

State and type of bank or office

Total

Insured

Noninsured Total

Member F. R.

System Not

memBanks

of

Nondeposit

trust

Total

Insured3Noninsured

All

banks

of

deCommercial

banks

of

Mutual

savings

banks

Total

National State

bers

F.R.S.

deposit

companies2posit deposit

120

32

120 120 120 79 20 21 100.0 100.0

32 32 32 10 8 14 100.0 100.0

23 23 23 23 6 5 12 100.0 100.0

9

88

9 9 9 4 3 2 100.0 100.0

88 88 88 69 12 7 100.0 100.0

980

976

974

970

6 980

976

974 404 125 445 3 3 99.7 99.7

6 970 400 125 445 3 3 99.7 99.7

TT */ ’hsi'Yi 1*0 972 966 6 972 966 S96 125 445 8 8 99.7 99.7

A 4 4 4 4 100.0 100.0

4 4 4 4 4 100.0 100.0

offices ..................... 786 781 5 782 111 316 142 319 4 1 4 4 99.5 99.5 100.0

Banks ............................................. 446 441 5 442 437 126 99 212 4 1 4 4 99.1 99.1 100.0

Un/it banks • ...................... 809 304

137

5 305 300 75 76 149 4 1 4 4 98.7 98.7 100.0

137

340

187 187 51 23 63 100.0 100.0

340 340 340 190 43 107 100.0 100.0

864 839 25 864 839 107 77 655 24 1 97.2 97.2

674 649 25 674 649 97 67 485 24 1 96.4 96.4

526 501 25 526 501 87 59 355 24 1 95.4

100.0

95.4

148 100.0

190

148

190

148 148

190

10 8 ISO

190 10 10 170 100.0 100.0

622 619 3 622 619 187 49 383 3 99.5 99.5

590 587 3 590 587 167 46 374 3 99.5 99.5

TT'V)of btn71 JrQ . . 560 557 3 560 557 149 43 365 3 99.5 99.5

80 30 30 80 18 3 9 100.0 100.0

32 32 32 32 20 3 9 100.0 100.0

516 507 9 516 507 173 41 293 9 98.3 98.3

T^qtiItq 351 342 9 351 342 86 15 241 9 97.4 97.4

275 266 9 275 266 56 8 202 9 96.7 96.7

Bdfiks opcTQftitiQ bvciTtcJics 76 76 76 76 30 7 39 100.0 100.0

165 165 165 165 87 26 52 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Louisiana— all offices..........

Banks......................................

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

Banks operating branches.

Branches.................................

Maine— all offices.................

Banks......................................

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

Banks operating branches,

Branches.................................

Maryland— all offices..........

Banks......................................

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

Banks operating branches.

Branches.................................

Massachusetts— all offices.

Banks......................................

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

Banks operating branches.

Branches 4..............................

Michigan— all offices...........

Banks......................................

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

Banks operating branches

Branches.................................

Minnesota— all offices........

Banks......................................

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

Banks operating branches,

Branches.................................

Mississippi— all offices........

Banks......................................

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

Banks operating branches,

Branches.................................

Missouri— all offices............

Banks......................................

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

Banks operating branches.

Branches.................................

Montana— all offices...........

Banks......................................

Unit bajiks..........................

Banks operating branches.

Branches.................................

380 1 381 380 142

191 1 192 191 42

122 1 123 122 18

69 69 69 24

189 189 189 100

208 19 187 174 75

69 10 47 43 23

84 6 14 14 9

35 4 33 29 14

139 9 140 131 52

430 7 398 392 174

136 2 132 131 52

75 1 74 74 26

61 1 68 57 26

294 5 266 261 122

598 297 577 572 327

171 180 167 163 98

71 U 4 72 68 48

100 66 95 95 50

427 117 410 409 229

986 4 990 986 319

371 2 373 371 79

229 1 230 229 41

142 1 143 142 38

615 2 617 615 240

687 9 695 686 186

681 9 689 680 180

679 9 687 678 178

2 2 2 2

6 6 6 6

340 2 342 340 60

191 2 193 191 27

117 2 119 117 9

74 74 74 18

149 149 149 33

649 14 663 649 89

612 14 626 612 77

575 14 589 575 65

37 37 37 12

37 37 37 12

123 1 124 123 44

122 1 123 122 43

121 1 122 121 42

1 1 1 1

1 1 1 1

381

192

123

69

189

227

79

40

39

148

437

138

76

62

299

895

351

185

166

544

990

373

230

143

617

696

690

688

2

6

342

193

119

74

149

663

626

589

37

37

124

123

122

1

1

35 203 1 99.7 99.7

11 138 1 99.5 99.5

4 100 1 99.2 99.2

7 38 100.0 100.0

24 65 100.0 100.0

50

6

49

14

13

4

40

32

34

26

6

6

91.6

87.3

93.0

91.5

2 3 26 20 6 85.0 100.0

4 11 4 6 6 89.7 87.9

44 35 9 8 8

38

93.9 93.6

45 173 6 39 1 98.4 98.5

8 71 1 6 5 1 98.6 99.2

2 46

25

2 1 1 98.7 100.0

6 1 4 4 98.4 98.3

37 102 5 33 33 98.3 98.1

135 110 5 318 26 292 66.8 99.1

21 44 4 184 8 176

n o

48.7 97.6

1 19 4 113 3 38.4

60.2

94.4

20 25 71 5 66 100.0

114 66 1 134 18 116 78.5 99.8

395 272 3 1 99.7 99.7

134 158 1 1 99.7 99.7

86 102 1 100.0 100.0

48

261

56 1 99.3 99.3

114 2 99.7 99.7

29 471 9 1 1 98.7 98.7

29 471 9 1 1 98.7 98.7

29 471 9 1 1 98.7 98.7

100.0 100.0

100.0

99.4

100.0

22 258 2 99.4

7 157 2 99.0 99.0

4 104

53

2 98.3 98.3

3 100.0 100.0

15 101 100.0 100.0

105 455 10 4 98.5 98.5

93 442 10 4 98.4 98.4

81 429 10 4 98.3 98.3

12 13 100.0 100.0

12 13 100.0 100.0

45 34 1 100.0 100.0

45 34 1 100.0 100.0

45 34 1 100.0 100.0

100.0 100.0

100.0 100.0

85.0

81.3

76.9

100.0

100.0

97.4

83.3

50.0 100.0

100.0

8.2

4.3

2.7

7.0

13.4

100.0

100.0 100.0

12!

d

Sw

n

COOFFICES. AND DEPOSITS OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r of B a n k i n g O f f ic e s i n t h e U n it e d S ta t e s (S tate s a n d O t h e r A r e a s) , D e c e m b e r 30, 1961— C ontinued

grouped a c c o r d in g to in s u r a n c e s t a t u s a n d c lass o f b a n k , a n d b y st a te or area a n d t y p e of o ffice

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks

Insured Noninsured

State and type of bank or office

Total

Insured

Noninsured Total

Member F. R.

System Not

memBanksof

Nondeposit

trust

Total

Insured*

Noninsured

Total

National State

bers

F.R.S.

deposit

companies2

442 411 31 442 411 135 18 258 26 5

425 394 31 425 394 121 17 256 26 5

Unit banks............................................. 409

16

378 31 409 378 108 16 254 26 5

Banks operating branches................... 16 16 16 13 1 2

Branches .................................................. 17 17 17 17 14 1 2

Nevada—-all offices................................ 48 48 48 48 28 12 8

Banks ...................................................... 7 7 7 7 3 2 2

Unit banks............................................. 2 2 2 2 1 1

Banks operating branches................... 5 5 5 5 2 2 1

Branches .................................................. 41 41 41 41 25 10 6

New Hampshire— all offices............... 112 109 3 77 74 53 1 20 3 35 35

Banks ........................................................ 107 104 3 74 71 51 1 19 3 33 33

Unit banks............................................. 102 99 3 71 68 49 1 18 3 31 31

Banks operating branches................... 5 5 3 3 1 2 2

Branches ................................................ 5 5 3 3 2 1 2 2

Jersey- - all offices........................ 761 758 3 718 715 433 197 85 3 43 43

Banks ................................................. 268 265 3 247 244 156 54 34 3 21 21

Unit banks............................................. 123 120 3 111 108 76 18 14

20

3 12 12

Banks operating branches................... 145

493

145

493

136 136 80 36 9 9

Branches . .................................. 471 471 277 143 51 22 22

121 121 121 121 63 12 46

57 57 57 57 29 8 20

Unit banks............................................. 29 29 29 29 15 6 8

Banks operating branches................... 28 28 28 28 14

34

2 12

64 64 64 64 4 26

2,177 2,157 20 1,876 1,856

374

766 978 112 15 5 301 301

517 501 16 390 233 102 39 11 5 127 127

Unit banks . ................................ 277 264 13 224 211 145

88

44

58

22 8 5 53 53

Banks operating branches................... 240 237 3 166 163 17 3 74

174

74

Branches ^ ...................................... 1,660 1,656 4 1,486 1,482 533 876 73 4 174

Percentage insured

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

banks

94.1 94.1

93.8 93.8

93.6 93.6

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

97.3 96.1 100.0

97.2 95.9 100.0

97.1 95.8 100.0

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

99.3 99.2 100.0

97.9 97.1 100.0

97.1 96.3 100.0

98.8 98.2 100.0

99.8 99.7 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
North Carolina— all offices..................

Banks..........................................................

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

B aiks operating branches...................

Bnn.hes....................................................

North Dakota— all offices.....................

Banks..........................................................

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

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

Branches....................................................

Ohio— all offices........................................

Banks..........................................................

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

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

Branches....................................................

Oklahoma— all offices............................

Banks..........................................................

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

Ba Jid operating branches...................

Branches....................................................

Oregon— all offices...................................

Banks..........................................................

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

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

Branches4...................................................

Pennsylvania— all offices......................

Banks..........................................................

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

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

Branches4...................................................

Rhode Island— All offices.....................

Banks..........................................................

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

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

Branches....................................................

South Carolina— all offices..................

Banks..........................................................

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

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

Branches....................................................

South Dakota— all offices....................

Banks ............................................. . . .

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

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

Branches....................................................

717 4 721 717 175

170 1 171 170 31

89 89 89 11

81 1 82 81 20

547 3 550 547 144

184 3 187 184 41

153 3 156 153 38

129 3 132 129 35

24 24 n 3

31 31 31 3

1,275 1 1,272 1,271 570

577 1 576 575 222

380 1 380 379 129

197 196 196 93

698 696 696 348

417 3 420 417 224

385 3 388 385 200

356 3 359 356 178

29 29 29 22

32 32 32 24

254 2 255 253 178

48 2 49 47 10

26 2 27 25 7

22 22 22 3

206 206 206 168

1,597 12 1,550 1,538 967

673 10 676 666 450

459 9 466 457 314

214 1 210 209 136

924 2 874 872 517

135 2 100 98 54

16 1 9 8 4

1

15 1 9 8 4

119 1 91 90 50

304 6 310 304 135

138 6 144 138 25

92 6 98 92 9

46 46 46 16

166 166 166 110

236 236 236 61

174 174 174 33

142 142 142 28

32 32 32 5

62 62 62 28

721

171

89

82

550

187

156

132

H

31

1,276

578

381

197

698

420

388

359

29

32

256

50

28

22

206

1,609

683

468

215

926

137

17

1

16

120

310

144

98

46

166

236

174

142

32

62

87

3

• • 'g

84

3

2

1

1

1

399

143

96

47

256

30

26

23

3

4

12

3

2

1

293

65

35

SO

228

20

1

" " l

19

10

4

28

26

U

2

2

455

136

78

58

319

140

113

27

302

210

154

56

92

163

159

155

4

4

63

34

16

18

29

278

151

108

48

127

24

3

" ' s

21

159

107

79

28

52

147

115

90

25

32

4 99.4 99.4

1 99.4 99.4

100.0 100.0

1 98.8 98.8

3 99.5 99.5

3 98.4 98.4

3 98.1 98.1

3 97.7 97.7

100.0 100.0

100.0 100.0

1 4 4 99.9 99.9 100.0

1 2 2 99.8 99.8 100.0

1 1 1 99.7 99.7 100.0

1 1 100.0 100.0 100.0

2 2 100.0 100.0 100.0

2 1 99.5 99.5

2 1 99.5 99.5

2 1 99.4

100.0

99.4

100.0

100.0

99.6

100.0

1 1 1 1 99.6 100.0

1 1 1 1 98.0 97.9 100.0

1 1 1 1 96.3 96.2 100.0

100.0 100.0

100.0

99.4

100.0

9 3 59 59 99.4 100.0

7 3 7 7 99.0 99.0 100.0

6 3 2 2 98.7 98.7 100.0

1 5 5 99.5 99.5 100.0

2 52 52 99.8 99.8 100.0

2 37 37 98.5 98.0 100.0

1 8 8 94.1 88.9 100.0

1 1 100.0 100.0

1 7 7 93.8 88.9 100.0

1 29 29 99.2 98.9 100.0

6 98.1

95.8

98.1

6 95.8

6 93.9 93.9

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

2

Cj

g

g

CO

COOFFICES, AND DEPOSITS OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 0 3 . N u m b e r o f B a n k i n g O ff ic e s i n t h e U n it e d S tates (S tate s a n d O t h e r A r e a s) , D e c e m b e r 30, 1961— C ontinued

grouped ac c o r d in g to in s u r a n c e s t a t u s a n d class of b a n k , a n d b y sta te or area a n d t y p e of o ffice

CD

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings; banks Percentage insured1

Insured Noninsured

State and type of bank or office

Total

Insured

Noninsured Total

Member F. R.

System Not

memBanksof

Nondeposit

trust

Total

Insured3

Noninsured

All

banks

of

deCommercial

banks

of

Mutual

savings

banks

Total

National State

bers

F.R.S.

deposit

companies2

posit deposit

532

296

216

526

290

6 532 526 217 26 283 3 3 99.4 99.4

6 296 290 74 8 208 3 3 99.0 99.0

210 6 216 210 39 5 166 3 3 98.6 98.6

80

236

1,052

1,020

80

236

1,033

1,001

80 80 35 3 42 100.0 100.0 Banks operating branches...................

236 236 143 18 75 100.0 100.0

19 1,052

1,020

987

1,033

1,001

493 107 433 18 1 98.3 98.3

19 473 99 429 18 1 98.2 98.2

’987

33

32

127

50

968

33

32

19 968 452 91 425 18 1 98.2 98.2

33 33 21 8 4 100.0 100.0

32 32 20 8 4 100.0 100.0

123

46

4 127 123 53 33 37 4 96.9 96.9

4 50 46 7 13 26 4 92.0 92.0

37

13

77

97

59

33 4 37 33 5 7 21 4

89.2 89.2

13

77

13 13 2 6 5 100.0 100.0

77 77 46 20 11 100.0 100.0

96 1 90 89 49 40 1 7 7 100.0 100.0 100.0

58 1 53 52 30 22 1 6 6 100.0 100.0 100.0

44 43

15

38

1 39 38 H 14 1 5 5 100.0 100.0 100.0

15

38

14

37

14

37

6 8 1 1 100.0 100.0 100.0

19 18 1 1 100.0 100.0 100.0

622

302

190

112

320

409

93

622

302

622 622 289 135 198 100.0 100.0

302 302 128 68 106 100.0 100.0

190 190 190 82 49 59 100.0 100.0

112

320

408

112 112 46 19 47

92

100.0 100.0

320 320 161 67 100.0 100.0

1 394 393 297 28 68 1 15 15 99.8 99.7 100.0

92 1 89 88 24 9 55 1 4 4 98.9 98.9 100.0

64 63 1 63 62 11 6 45 1 1 1 98.4 98.4 100.0

29 29 26 26 13 3 10 3 3 100.0 100.0 100.0

316 316 305 305 273 19 13 11 11 100.0 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
West Virginia—all offices. .

Banks......................................

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

Banks operating branches.

Branches.................................

Wisconsin—all offices........

Banks......................................

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

Banks operating branches.

Branches.................................

Wyoming—all offices..........

Banks......................................

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

Banks operating branches.

Branches.................................

Other area

Pacific Islands—all offices5.

Banks......................................

Unit banks6........................

Banks operating branches.

Branches7................................

Panama Canal Zone— all offices .

Banks...................................................

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

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

Branches8.............................................

181

181

181

728

569

473

96

159

56

55

64

1

1

180

180

180

723

564

56

55

54

1

1

181

181

181

724

565

159

180

180

180

720

561

465

96

159

56

55

54

1

1

76

76

76

121

101

20

27

26

34

34

67

58

54

14

14

n

70

70

70

532

402

318

84

130

15

15

15

99.4

99.4

99.4

99.7

99.6

99.6 100.0

100.0

100.0

100.0 100.0 100.0

100.0

36.4

99.4

99.4

99.4

99.9

99.8

99.8

100.0

100.0

100.0

100.0

100.0 100.0

100.0

33.3

36.4

75.0

75.0

75.0

Puerto Rico—all offices... .

Banks......................................

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

Banks operating branches.

Branches9................................

Virgin Islands-—all offices .

Banks......................................

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

Banks operating branches.

Branches10..............................

140

11

130

7

1

6

123

7

1

140

11

8

130

7

1

130

7

1

6

123

4

92.9

63.6

75.0

95.3

77.8

50.0

92.9

63.6

75.0

95.3

100.0

100.0

50.0

85.7

100.0

100.0

1 Nondeposit trust companies are excluded in computing these percentages.

2 Includes 1 trust company in Missouri member of the Federal Reserve System.

3 Includes 1 bank in Wisconsin member of the Federal Reserve System.

4 Includes branches operated by banks located in other states or in Puerto Rico as follows: 1 noninsured branch in Massachusetts operated by a New York bank; 3 insured branches

in New York operated by 2 banks in Puerto Rico; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank; 1

noninsured branch in Pennsylvania operated by a New York bank; and 2 insured branches in Washington operated by a California bank.

6 In United States possessions (American Samoa, Guam, Midway Islands, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan, and Truk Atoll).

6 In American Samoa.

7 Consists of 5 branches operated by a California bank, of which 4 are in Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) and 1 noninsured in Caroline Islands

(Truk Atoll, Moen Island); and 6 branches operated by a Hawaiian bank of which 1 insured is on Guam, and the following noninsured branches: 1 in Caroline Islands (Palau Islands,

Koror Island), 2 in Marshall Islands (Kwajalein), 1 on Midway Island, and 1 on Wake Island.

8 Consists of 2 noninsured branches operated by 2 New York banks.

9 Includes 15 insured branches operated by 2 New York banks.

10 Includes 4 insured branches operated by a New York bank.

Back figures: See the Annual Report for 1960, pp. 128-135, and earlier reports.

CD

Ox NUM BER, OFFICES, AND DEPOSITS OF BANK S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 104. N u m b e r a n d D e p o s it s o f A l l B a n k s i n t h e U n it e d S t a t e s (S ta t e s a n d O t h e r A r e a s) , D e c e m b e r 30, 1961

b a n k s grouped acco rding to in s u r a n c e s t a t u s a n d b y d is t r ic t a n d st a t e

FDIC District

and State

Number of banks

All

banks1

Commercial and stock savings

banks and nondeposit

trust companies

Total Insured

Noninsured

Banks

of deposit1

Nondeposit

trust

companies

Mutual savings banks

Total Insured

Noninsured

Deposits (in thousands of dollars)

All

banks

Commercial and stock savings

banks and nondeposit

trust companies

Total Insured

Noninsured

Mutual savings banks

Total Insured

Noninsured

Total United

States

50 States a

D. C..

Other areas..........

FDIC District

District 1................

District 22...............

District 3 ................

District 4 ................

District 5 ................

District 6 ................

District 7................

District 8 ................

District 9 ................

District 10..............

District 11..............

District 123.............

State

Alabama. .

Alaska. . . .

Arizona. . .

Arkansas. .

California.

Colorado.............

Connecticut.........

Delaware..............

District of Columbia

Florida..................

Georgia.

Hawaii..

Idaho...

Illinois. .

Indiana.

13,959

13,945

14

751

820

1,261

947

1,173

1,510

1,388

1,650

1,143

1,653

1,281

382

238

15

12

237 122

195

138

22

11

322

420

12

32

976

446

13,444

13,431

13

417

669

1,252

941

1,173

1,510

1,380

1,650

1,142

1,653

1,281

376

238

14

12

237

122

195

67

20

11

322

420

12

32

976

442

13,107

8

395

645

1,241

932

1,109

1,477

1,369

1,619

1,129

1,585

1,260

354

238

10

11

233

117

164

58

19

11

318

362

7

32

970

437

277

272

5

20

16

8

9

62

25

6

27

12

62

19

11

31

8

1

2

58

52

52

515

514

1

334

151

9

6

152

150

9

5

184

1

182

1

71

2

287,990,710

287,155,356

835,354

21,611,171

82,713,775

29,248,653

14,118,216

12,023,089

14,215,030

19,443,425

22,432,474

7,288,947

10,089,094

18,843,169

35,963,667

2,191,624

213,355

1,462,811

1,423,678

27,083,127

2,322,985

5,289,052

907,831

1,645,892

5,264,113

3,124,870

781,595

684,543

19,092,227

5,122,881

249,503,609

248,668,457

10,943,718

58,575,962

27,036,855

13,532,844

12,023,089

14,215,030

19,358,840

22,432,474

6,946,396

10,089,094

18,843,169

35,506,138

2,191,624

213,206

1,462,811

1,423,678

27,083,127

2,322,985

2,556,794

738,224

1,645,892

5,264,113

3,124,870

781,595

684,543

19,092,227

5,064,517

247,904,875

247,155,735

749,140

10,745,669

57,901,717

27,004,271

13,340,482

11,982,489

14,177,195

19,332,287

22,349,845

6,838,858

10,038,188

18,792,729

35,401,145

2,191,624

191,946

1,453,417

1,420,726

27,083,127

2,301,393

2,521,232

732,699

1,645,892

5,247,181

3,110,021

766,810

684,543

19,046,819

5,058,609

1,598,734

1,512,722

86,012

198,049

674,245

32,584

192,362

40,600

37,835

26,553

82,629

107,538

50,906

50,440

104,993

38,487,101

38,486,899

10,667,453

24,137,813

2,211,798

585,372

33.399.591

33.399.591

5,587,207

24,137,611

2,211,798

579,007

5,087,510

5,087,308

5,080,246

202

6,365

84,585 83,888 697

342,551

457',529

342,551

' 457,529

21,260

9,394

2,952

149 149

21,592

35,562

5,525

2,732,258

169,607

2,732,258

169,607

16,932

14,849

14,785

45,408

5,908 58,364 58,364

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Iowa...........................

Kansas.......................

Kentucky..................

Louisiana...................

Maine.........................

Maryland..................

Massachusetts.........

Michigan...................

Minnesota.................

Mississippi................

Missouri....................

Montana...................

Nebraska...................

Nevada......................

New Hampshire.. . .

New Jersey...............

New Mexico.............

New York4................

North Carolina........

North Dakota.........

Ohio............................

Oklahoma.................

Oregon........................

Pennsylvania...........

Rhode Island...........

South Carolina........

South Dakota..........

Tennessee..................

Texas..........................

Utah...........................

Vermont....................

Virginia.....................

Washington.............

West Virginia...........

Wisconsin..................

Wyoming..................

Other area

Pacific Islands5........

Panama Canal Zone®

Puerto Rico7.............

Virgin Islands8.........

674

590

351

192

79

138

351

373

690

193

626

123

425

7

107

268

57

517

171

156

578

388

50

683

17

144

174

296

1,020

50

59

302

93

181

569

55

674

590

351

192

47

132

167

373

689

193

626

123

425

7

74

247

57

390

171

156

576

388

49

676

144

174

296

1,020

50

53

302

89

181

565

55

649

587

342

191

43

131

163

371

680

191

612

122

394

7

71

244

57

374

170

153

575

385

47

666

138

174

290

1,001

46

52

302

88

180

561

55

24

3

9

1

4

1

4

1

9

2

10

26

32

6

184

” i

33

21

i.27

33

21

i.27

1

176

3,340,247

2,601,961

2,626,437

3,148,255

1,138,122

3,259,209

12,077,126

9,345,129

4,845,884

1,442,482

6,539,575

864,260

1,783,879

492,510

1,040,681

9,178,890

769,762

71,850,495

3,211,199

770,943

11,926,273

2,924,948

2,220,273

17,322,380

1,513,731

1,109,678

807,860

3,625,340

13,462,341

1,062,764

552,459

3,552,314

3,366,705

1,339,924

4,975,415

455,321

39,089

19,706

735,851

40,708

3,340,247

2,601,961

2,626,437

3,148,255

695,857

2,673,837

5,861,564

9,345,129

4,503,333

1,442,482

6,539,575

864,260

1,783,879

492,510

443,503

7,762,033

769,762

49,299,348

3,211,199

770,943

11,899,621

2,924,948

2,174,999

15,137,234

961,955

1,109,678 I

807,860

3,625,340

13,462,341

1,062,764 |

424,045

3,552,314

2,954,599

1,339,924

4,949,194

455,321

39,089

19,706

735,851

40,506

3,303,026

2,600,426

2,616,228

3,147,560

667,492

2,528,928

5,764,601

9,327,490

4,494,957

1,433,663

6,523,024

864,260

1,757,580

492,510

434,889

7,761,494

769,762

48,683,733

3,175,909

671,781

11,897,613

2,923,468

2,166,013

15,106,658

933,410

1,105,514

807,860

3,617,217

13,421,990

1,057,210

424,045

3,552,314

2,933,637

1,331,925

4,946,188

455,321

25,349

‘ 683,285'

40,506

37,221

1,535

10,209

695

28,365

144,909

96,963

17,639

8,376

8,819

16,551

442,265

585,372

6,215,562

401,864

579,007

1,175,717

40,401

6,365

5,039,845

342,551 342,551

26,299

8,614

539

597,178

1,416,857

597,178

1,416,857

615,615

35,290

99,162

2,008

1,480

8,986

30,576

28,545

4,164

22,551,147 22,551,147

26,652 26,652

45,274

2,185,146

551,776

45,274

2,185,146

551,776

8,123

40,351

5,554

128,414 128,414

20,962

7,999

3,006

412,106 412,106

26,221 25,524 697

13,740

19,706

52,566

202 202

1 Includes 26 nomnsured banks of deposit (1 in Colorado, 17 in Georgia, 2 in Iowa, 4 in New York, and 2 in Texas) for which asset, liability, and capital account data are not

available.

2 Includes Puerto Rico and the Virgin Islands.

3 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

4 Includes deposit data for 3 insured branches operated by 2 insured banks in Puerto Rico.

. Consists

4 branches

branches (1 on

• consists oi deposit data lor z nomnsured brancnes operated by 'Z insured banks in JNew York.

7 Includes deposit data for 15 insured branches operated by 2 insured banks in New York.

8 Includes deposit data for 4 insured branches operated by an insured bank in New York.

Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.

Back figures: See the Annual Report for 1960, pp. 136-137, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
A s s e t s a n d L ia b i li t i e s o f B a n k s

Table 105. Assets and liabilities of all banks in the United States (States and other areas), 

June 30, 1961

Banks grouped according to insurance status and type of bank

Table 106. Assets and liabilities of all banks in the United States (States and other areas), 

December 30, 1961

Banks grouped according to insurance status and type of bank

Table 107. Assets and liabilities of all banks in the United States (States and other areas), 

December 30, 1961

Banks grouped by district and State

Table 108. Assets and liabilities of all insured banks in the United States (States and other 

areas), call dates December 31, 1958 through December 30, 1961 

Table 109. Assets and liabilities of insured commercial and insured mutual savings banks in 

the United States (States and other areas), call dates December 31, 1960 through 

December 30, 1961

Table 110. Assets and liabilities and assets and liabilities per $100 of total assets of insured 

commercial banks operating throughout 1961 in the United States (States and 

other areas), December 30, 1961 

Banks grouped according to amount of deposits

Table 111. Average assets and liabilities and assets and liabilities per $100 of total assets of 

insured commercial banks in the United States (States and other areas), 1961 

B y class of bank

Table 112. Average assets and liabilities of insured commercial banks in the United States 

(States and other areas), by State, 1961 

Table 113. Distribution of insured commercial banks in the United States (States and other 

areas), December 30, 1961 

Banks grouped according to amount of deposits and by ratios of selected items

to assets

co

00FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Statements of assets and liabilities are submitted by insured commercial banks upon either a cash or an accrual basis, depending upon

the bank’s method of bookkeeping. Assets reported represent aggregate book value, on the date of call, less valuation and premium

reserves.

Assets and liabilities held in or administered by a savings, bond,

insurance, real estate, foreign, or any other department of a bank,

except a trust department, are consolidated with the respective assets

and liabilities of the commercial department. “Deposits of individuals,

partnerships, and corporations” include trust funds deposited by a

trust department in a commercial or savings department. Other assets

held in trust are not included in statements of assets and liabilities.

In the case of banks with one or more domestic branches, the assets

and liabilities reported are consolidations of figures for the head office

and all domestic branches. In the case of a bank with foreign branches,

net amounts due from its own foreign branches are included in “Other

assets,” and net amounts due to its own foreign branches are included

in “Other liabilities.” Branches outside the continental United States

of insured banks in the United States are treated as separate entities

but as in the case of other branches are not included in the count of

banks. Data for such branches are not included in the figures for the

States in which the parent banks are located.

Demand balances with and demand deposits due to banks in the

United States, except private banks and American branches of foreign

banks, exclude reciprocal interbank deposits. Reciprocal interbank

deposits arise when two banks maintain deposit accounts with each

other.

Individual loan items are reported gross instead of net of valuation

reserves. Accordingly, reserves for losses on loans are shown separately.

Instalment loans are ordinarily reported net if the instalment payments are applied directly to the reduction of the loan. Such loans are

reported gross if, under contract, the payments do not immediately

reduce the unpaid balances of the loan but are assigned or pledged to

assure repayment at maturity.

Asset and liability data for noninsured banks are tabulated from

reports pertaining to the individual banks. In a few cases these reports

are not as detailed as those submitted by insured banks, and some of

the items reported have been allocated to more detailed categories

according to the distribution of asset and liability data for insured

State banks not members of the Federal Reserve System or for other

noninsured banks.

Additional data on assets and liabilities of all banks as of June 30,

1961, and December 30, 1961, and of insured banks as of April 12, 1961,

and September 27, 1961, are shown in the Corporation’s semiannual

publication, “Assets, Liabilities, and Capital Accounts, Commercial

and Mutual Savings Banks,” Report of Calls No. 55 and 56, and

Report of Calls No. 57 and 58.

Sources of data

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller

of the Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

Noninsured banks: State banking authorities; and reports from

individual banks.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 105. A s s e t s a n d L ia b il it ie s of A l l B a n k s i n t h e U n it e d S tate s (S tate s a n d O t h e r A r e a s) , J u n e 30, 1961

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

All banks

Commercial and stock savings banks and

nondeposit trust companies Mutual savings banks

Noninsured

Asset, liability, or capital account item

Total Insured

Noninsured Total Insured Banks

of

deposit

Nondeposit

trust

companies1

Total Insured

Noninsured

296,445,136 288,705,613 7,739,523 254,626,761 252,631,670 1,773,730 221,361 41,818,375 36,073,943 5,744,432

Cash, balances with other banks, and cash

collection items— total............................... 46,541,254 46,152,653 388,601 45,679,206 45,396,811 245,665 36,730 862,048 755,842 106,206

Currency and coin.................................................

Reserve with F. R. banks (member banks). .

3,043,938

16,488,024

3,004,061

16,488,024

39,877 2,921,842

16,487,504

2,901,303

16,487,504

19,187 1,352 122,096

520

102,758

520

19,338

Demand balances with banks in U. S.............. 11,6134,730 11,332,602 302,128 11,123,933 10,896,999 198,879 28,055 510,797 435,603 75,194

Other balances with banks in U. S...................

Balances with banks in foreign countries. . . .

255,154

148,163

250,433

144,889

4,721

3,274

85,930

148,163

81,229

144,889

1,594

3,088

3,107

186

169,224 169,204 20

Cash items in process of collection................... 14,971,245 14,932,644 38,601 14,911,834 14,884,887 22,917 4,030 59,411 47,757 11,654

Securities— total..................................................... 96,182,775 93,041,873 3,140,902 84,049,772 83,052,878 877,554 119,340 12,133,003 9,988,995 2,144,008

U. S. Gov’t obligations (incl. guaranteed) . . . 68,202,133 66,091,244 2,110,889 61,921,337 61,350,363 526,445 44,529 6,280,796 4,740,881 1,539,915

Obligations of States and subdivisions............

Securities of Federal agencies and corpora19,454,315 19,125,026 329,289 18,766,300 18,490,315 240,001 35,984 688,015 634,711 53,304

tions (not guaranteed by U. S .)............... 2,304,236 2,255,285 48,951 1,800,650 1,751,699 48,928 23 503,586 503,586

Other bonds, notes, and debentures................. 4,710,697 4,331,164 379,533 914,262 868,687 41,902 3,673 3,796,435 3,462,477 333,958

Corporate stocks.................................................... 1,511,394 1,239,154 272,240 647,223 591,814 20,278 35,131 864,171 647,340 216,831

146,673,056 142,624,229 4,048,827 118,461,797 117,849,223 574,422 38,152 28,211,259 24,775,006 3,436,253

Valuation reserves..................................................... 2,647,751 2,629,325 18,426 2,424,451 2,419,205 5,189 57 223,300 210,120 13,180

Loans and discounts, gross— total................. 149,320,807 145,253,554 4,067,253 120,886,248 120,268,428 579,611 38,209 28,434,559 24,985,126 3,449,433

Real estate loans— total....................................... 57,398,061 53,929,237 3,468,824 29,383,487 29,275,471 93,123 14,893 28,014,574 24,653,766 3,360,808

Secured by farm land............ ...........................

Secured by residential properties:

1,767,631 1,744,752 22,879 1,716,215 1,699,580 15,766 869 51,416 45,172 6,244

Insured by F H A ............................................ 13,453,932 13,013,033 440,899 5,819,843 5,810,172 6,217 3,454 7,634,089 7,202,861 431,228

Insured or guaranteed by V A ...................... 11,918,071 11,037,129 880,94% 2,726,469

12,049,289

2,718,180 7,531 758 9,191,602 8,318,949 872,653

Not insured or guaranteed by FHA or V A . 20,541,906 18,796,710 1,745,196 11,996,816 45,438 7,035 8,492,617 6,799,894 1,692,723

Secured by other properties. . ..........................

Loans to commercijil and foreign banks

9,716,521

1,010,736

6,023,345

2,942,500

9,337,613

1,010,420

6,002,658

2,918,638

378,908

316

20,687

23,862

7,071,671

1,009,423

6,018,892

2,932,92$

7,050,723

1,009,107

5,998,904

2*909,066

18,171

316

2,777 2,644,850

1,313

4,453

9,572

2,286,890

1,313

3,754

357,960

Loans to other financial institutions ....... 19,988

14,085

699

Loans to brokers and dealers in securities... . 9,777 9,572

Other loans for carrying securities....................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation...............

2,003,754

581,643

1,977,880

573,996

25,874

7,647

1,994,881

581,643

1,970,059

573,996

20,042

7,647

4,780 8,873 7,821 1,052

Other loans to farmers (excl. real estate). . . . 5,474,777 5,442,825 31,952 5,472,627 5,440,675 31,792 160 2,150 2,150

43,081,418 42,835,956 245,462 42,987,481 42,742,939 239,949 4,593 93,937 93,017 920

Other loans to individuals................................... 27,678,330 27,462,028 216,302 27,395,241 27,257,737 135,935 1,569 283,089 204,291 78,798

All other loans (including overdrafts)............. 3,126,243 3,099,916 26,327 3,109,645 3,090,474 16,734 2,437 16,598 9,442 7,156

Miscellaneous assets— total.............................. 7,048,051 6,886,858 161,193 6,435,986 6,332,758 76,089 27,139 612,065 554,100 57,965

Bank premises owned, furniture and fixtures. . 3,280,483 3,227,982 52,501 3,009,302 2,992,213 10,233 6,856 271,181 235,769 35,412

Other real estate— direct and indirect.......... 451,377 434,968 16,409 426,299 414,111 3,637 8,551 25,078 20,857 4,221

All other miscellaneous assets............................ 3,316,191 3,223,908 92,283 3,000,385 2,926,434 62,219 11,732 315,806 297,474 18,332

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Business and personal deposits— total........

Individuals, partnerships, and corporations

— demand........................................................

Individuals, partnerships, and corporations

— time..............................................................

Savings deposits..................................................

Deposits accumulated for payment of personal loans...................................................

Other deposits of individuals, partnerships,

and corporations.........................................

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc............................

Government deposits— total............................

United States Government— demand.............

United States Government— time....................

States and subdivisions— demand....................

States and subdivisions— time...........................

Domestic interbank and postal savings

deposits— tota l...............................................

Commercial banks in the U. S.— demand. . . .

Commercial banks in the U. S.— time............

Mutual savings banks in the U. S.— demand. .

Mutual savings banks in the U. S.— time

Postal savings......................................................

Foreign government and bank deposits—

tota l...................................................................

Foreign governments, central banks, etc.—

demand..........................................................

Foreign governments, central banks, etc.—

time................................................................

Banks in foreign countries— demand............

Banks in foreign countries— time...................

Total deposits...............................................

Demand..........................................................

Tim e...............................................................

Miscellaneous liabilities— total.....................

Rediscounts and other borrowed money. . ..

All other miscellaneous liabilities....................

Total liabilities (excluding capital

accounts)................................................

Capital accounts— total....................................

Preferred capital..................................................

Common stock.....................................................

Surplus...................................................................

Undivided profits and reserves........................

Number of banks2........................................................

Total liabilities and capital accounts............. 296,445,136

222,747,223

109,390,360

109,576,529

98,588,435

774,061

10,214,033

3,780,334

23,955,483

6,385,600

286,895

11,957,096

5,325,892

12,948,037

11,906,195

176,473

676,202

171,561

17,606

3,665,131

656,806

1,829,705

1,064,550

114,070

263,315,874

145,817,143

117,498,731

7,657,807

464,320

7,193,487

270,973,681

25,471,455

67,866

6,542,231

12,871,847

5,989,511

288,705,613

216,779,674

108,738,879

104,296,059

93,379,582

77$,852

10,142,625

3,744,736

23,742,796

6,367,691

283,411

11,838,523

5,253,171

12,668,987

11,849,410

173,4,37

605,544

23,004

17,592

3,604,283

652,063

1,811,070

1,031,500

109,650

256,795,740

144,828,346

111,967,394

7,409,956

441,799

6,968,157

264,205,696

24,499,917

37,866

6,426,162

12,423,665

5,612,224

7,739,523

5,967,549

651,481

5,280,470

5,208,853

209

71,408

35,598

212,687

17,909

3,484

118,573

72,721

279,050

56,785

3,036

70,658

148,557

14

60,848

4,743

18,635

33,050

4,420

6,520,134

988,797

5,531,337

247,851

22,521

225,330

6,767,985

971,538

30,000

116,069

448,182

377,287

254,626,761

185,219,741

109,142,813

72,304,721

61,335,819

773,569

10,195,333

3,772,207

23,933,259

6,380,167

286,813

11,954,882

5,311,397

12,946,998

11,905,863

175,766

676,202

171,561

17,606

252,631,670

184,271,367

108,492,116

72,042,642

61,144,933

773,360

10,124,349

3,736,609

23,721,952

6,362,699

283,335

11,836,309

5,239,609

12,667,948

11,849,078

172,730

605,544

23,004

17,592

3,665,121 3,604,273

656,806 652,063

1,829,705

1,064,540

114,070

225,765,119

145,553,480

80,211,639

7,049,842

455,228

6,594,614

232,814,961

21,811,800

67,716

6,542,231

10,344,230

4,857,623

1,811,070

1,031,490

109,650

224,265,540

144,565,908

79,699,632

6,955,925

433,420

6,522,505

231,221,465

21,410,205

37,716

6,426,162

10,214,819

4,731,508

1,773,730

872,797

588,749

248,478

190,848

209

57,421

35,570

211,307

17,468

3,478

118,573

71,788

278,745

56,480

3,036

70,658

148,557

14

60,814

4,709

18,635

33,050

4,420

1,423,663

925,257

498,406

77,177

20,517

56,660

1,500,840

272,890

30,000

7&,655

89,134

77,101

221,361

75,577

61,948

13,601

38

13,563

28

305

305

34

34

75,916

62,315

13,601

16,740

1,291

15,449

92,656

128,705

39,414

40,277

49,014

41,818,375

37,527,482

247,547

37,271,808

37,252,616

492

18,700

8,127

22,224

5,433

82

2,214

14,495

1,039

332

707

10

10

37,550,755

263,663

37,287,092

607,965

9,092

598,873

38,158,720

3,659,655

150

36,073,943 5,744,432

32,508,307

246,763

32,253,417

32,234,649

492

18,276

8,127

5,019,175

784

5,018,391

5,017,967

m

20,844

4,992

76

2,214

13,562

1,380

441

6

933’

1,039

332

707

10

32,530,200

262,438

32,267,762

454,031

8,379

445,652

5,020,555

1,225

5,019,380

153,934

713

153,221

32,984,231 5,174,489

3,089,712

150

569,943

2,527,617 I 2,208,846 

1,131,888 I 880,716

318,771

251,172

13,989 13,461 528 13,474 13,136 284 54 515 325 190

1 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations.

2 Includes 24 nonmsured banks of deposit for which asset and liability data are not available.

Back figures: See the Annual Report for 1960, pp. 140-141, and earlier reports.

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 106. A s s e t s a n d L i a b i l i t i e s o f A l l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ), D e c e m b e r 30, 1961

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

^ ggef liability or capital account item

All banks

Commercial and stock savings banks and

nondeposit trust companies Mutual savings banks

Total Insured

Noninsured Total Insured

Nonir

Banks of

deposit

Lsured

Nondeposit

trust

companies 1

Total Insured

Noninsured

322,336,207 314,438,740 7,897,467 279,503,379 277,374,117 1,881,225 248,037 42,832,828 37,064,623 5,768,205

Cash, balances with other banks, and cash

57,487,161

3,864,958

16,918,416

14,678,651

258,422

254,454

21,512,260

57,009,666

3,819,191

16,918,416

14,306,711

248,350

249,421

21,467,577

477,495

45,767

56,550,664

3,714,833

16,917,834

14,113,883

90,765

254,454

21,458,895

56,181,467

3,692,593

16,917,834

13,816,911

80,713

249,421

21,423,995

324,925

21,050

44,272

1,190

936,497

150,125

582

564,768

167,657

53,365

828,199

126,598

582

489,800

167,637

43,582

108,298

23,527

Reserve with F. R. banks (member banks)-----

Demand balances with banks in U. S................

Other balances with banks in U. S .. . ................

Balances with banks in foreign countries.........

Cash items in process of collection.....................

371,940

10,072

5,033

44,683

262,281

7,073

4,846

29,675

34,691

2,979

187

5,225

74,968

20

9,783

U. S. Gov’t, obligations (incl. guaranteed) ....

Obligations of States and subdivisions. . . . . . . .

Securities of Federal agencies and corporations

Other bonds, notes, and debentures...................

102,540,736

72,821,684

21,063,440

2,654,263

4,427,165

1,574,184

99,509,384

70,780,767

20,732,516

2,617,755

4,079,476

1,298,870

3,031,352

2,040,917

330,924

36,508

347,689

275,314

90,674,604

66,685,377

20,386,211

2,144,846

778,162

680,008

89,661,642

66,090,869

20,103,538

2,112,292

734,884

620,059

874,037

536,771

246,792

32,534

39,957

17,983

138,925

57,737

35,881

20

3,321

41,966

11,866,132

6,136,307

677,229

509,417

3,649,003

894,176

9,847,742

4,689,898

628,978

505,463

3,344,592

678,811

2,018,390

1,446,409

48,251

3,954

304,411

215,365

Loans and discounts, net— total.......................

Loans and discounts, gross— total...................

Secured by farm land..........................................

Secured by residential properties:

Insured by FHA . . .....................................

Insured or guaranteed by V A ........................

Not insured or guaranteed by FHA o r V A ...

Secured by other properties. ; ............................

Loans to commercial and foreign banks............

Loans to other financial institutions..................

Loans to brokers and dealers in securities........

Other loans for carrying securities......................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation......................

Other loans to farmers (excl. real estate).........

Commercial and industrial loans.........................

Other loans to individuals.....................................

All other loans (including overdrafts)................

154,842,810

2,845,878

157,688,688

59,586,593

1,798,666

14,020,505

11,893,777

21,651,172

10,222,473

1,045,504

7,328,633

4,072,159

2,140,930

934,280

5,329,047

45,537,683

28,277,440

3,436,419

150,619,460

2,826,177

153,445,637

55,970,118

1,776,811

13,532,526

10,991,547

19,858,521

9,810,713

1,039,297

7,313,493

4,046,266

2,113,021

927,685

5,298,734

45,268,944

28,055,161

3,412,918

4,223,350

19,701

4,243,051

3,616,475

21,855

487,979

902,230

1,792,651

411,760

6,207

15,140

25,893

27,909

6,595

30,313

268,739

222,279

23,501

125,449,422

2,612,349

128,061,771

30,441,779

1,747,410

5,975,334

2,626,720

12,622,791

7,469,524

1,039,071

7,325,167

4,055,893

2,134,070

934,280

5,326,669

45,422,416

27,962,165

3,420,261

124,807,382

2,606,474

127,413,856

30,330,432

1,731,465

5,966,563

2,613,165

12,570,273

7,448,966

1,032,864

7,310,112

4,030,000

2,107,360

927,685

5,296,356

45,156,607

27,819,669

3,402,771

606,170

5,818

611,988

99,375

15,045

6,029

12,825

47,136

18,340

6,207

14,955

16,626

21,455

6,595

30,154

260,495

140,952

15,174

35,870

57

35,927

11,972

900

2,742

730

5,382

2,218

100

9,267

5,255

159

5,314

1,544

2,316

29,393,388

233,529

29,626,917

29,144,814

51,256

8,045,171

9,267,057

9,028,381

2,752,949

6,433

3,466

16,266

6,860

2,378

115,267

315,275

16,158

25,812,078

219,703

26,031,781

25,639,686

45,346

7,565,963

8,378,382

7,288,248

2,361,747

6,433

3,381

16,266

5,661

2,378

112,337

235,492

10,147

3,581,310

13,826

3,595,136

3,505,128

5,910

479,208

888,675

1,740,133

391,202

85

1,199

2,930

79,783

6,011

Miscellaneous assets— total............. .. ................

Bank premises owned, furniture and fixtures. .

Other real estate— direct and indirect...............

7,465,500

3,405,537

476,276

3,583,687

7,300,230

3,348,538

462,483

3,489,209

165,270

56,999

13,793

94,478

6,828,689

3,121,141

451,780

3,255,768

6,723,626

3,101,723

442,272

3,179,631

76,093

12,060

1,701

62,332

28,970

7,358

7,807

13,805

636,811

284,396

24,496

327,919

576,604

246,815

20,211

309,578

60,207

37,581

4,285

18,341

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
To ta l liabilities and capital accounts

Business and personal deposits— tota l..........

Individuals, partnerships, and corporations—

demand..................................................................

Individuals, partnerships, and corporations—■

time.........................................................................

Savings deposits....................................................

Deposits accumulated for payment of personal loans........................................................

Other deposits of individuals, partnerships,

and corporations...............................................

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc..................................

Government deposits— total..............

United States Government— demand.

United States Government— time.......

States and subdivisions— demand. . . .

States and subdivisions— time............

Domestic interbank and postal savings deposits— total.......................................................

Commercial banks in the U.S.— demand..........

Commercial banks in the U.S.— time................

Mutual savings banks in the U.S.— demand.. .

Mutual savings banks in the U.S.— time..........

Postal savings...........................................................

Foreign government and bank deposits—

to ta l...................................................................

Foreign governments, central banks, etc.—

demand..............................................................

Foreign governments, central banks, etc.—

time.....................................................................

Banks in foreign countries— demand.............

Banks in foreign countries— time...................

Total deposits.

Demand...........

Time................

Miscellaneous liabilities— total...............

Rediscounts and other borrowed money.

All other miscellaneous liabilities.............

Total liabilities (excluding capital

accounts).....................................................

Capital accounts——total.............

Preferred capital..........................

Common stock..............................

Surplus............................................

Undivided profits and reserves .

Number of banks 2.

322,336,207

242,603,885

124,507,318

113,017,740

102,267,999

772,528

9,977,218

5,078,827

24,096,492

5,969,975

283,599

12,315,431

5,527,487

16,955,152

15,792,613

200,191

794,734

150,830

16,784

4,335,181

662,881

2.200.533

1.340.533

131,234

287,990,710

166,462,812

121,528,398

8,049,749

493,922

7,555,827

296,040,459

26,295,748

67,002

6,699,975

13,539,944

5,988,827

13,959

314,438,740

236,462,979

123,736,675

107,682,172

96,996,529

772,150

9,913,498

5,044,132

23,904,925

5,949,325

280,096

12,217,682

5,457,822

16,681,398

15,751,964

197,186

700,355

15,113

16,780

4,255,164

656,922

2,178,055

1,297,787

122,400

281,304,466

165,854,842

115,949,624

7,820,622

473,448

7,347,174

289,125,088

25,313,652

37,002

6,584,701

13,068,228

5,623,721

13,445

7,897,467

6,140,906

770,643

5,335,568

5,271,470

378

63,720

34,695

191,567

20,650

3,503

97,749

69,665

273,754

40,649

3,005

94,379

135,717

4

80,017

5,959

22,478

42,746

8,834

6,686,244

1,107,470

5,578,774

229,127

20,474

208,653

6,915,371

982,096

30,000

115,274

471,716

365,106

514

279,503,379

204,142,682

124,256,453

74,814,201

64,077,045

771,932

9,965,224

5,072,028

24,071,392

5,963,337

283,533

12,313,435

5,511,087

16,954,354

15,792,567

199,439

794,734

150,830

16,784

277,374,117

203,088,106

123,489,686

74,561,084

63,887,537

771,554

9,901,993

5,037,336

23,881,005

5,943,251

280,030

12,215,686

5,442,038

16,680,600

15,751,918

196,434

700,355

15,113

16,780

4,335,181 4,255,164

662,881

2.200.533

1.340.533

131,234

249,503,609

166,195,968

83,307,641

7,471,990

482,783

6,989,207

256,975,599

22,527,780

66,852

6,699,975

10,952,544

4,808,409

13,444

656,922

2,178,055

1,297,787

122,400

247,904,875

165,092,941

82,811,934

7,346,272

462,309

6,883,963

255,251,147

22,122,970

36,852

6,584,701

10,798,364

4,703,053

13,115

1,881,225

961,659

687,741

239,233

189,466

378

49,389

34,685

190,337

20,036

3,503

97,749

69,049

273,395

40,290

3,005

94,379

135,717

4

79,974

5,916

22,478

42,746

8,834

1,505,365

1,023,542

481,823

104,922

19,483

85,439

1,610,287

270,938

30,000

76,053

92,256

72,629

277

248,037

92,917

79,026

13,884

13,842

7

50

50

359

359

43

43

93,369

79,485

13,884

20,796

991

19,805

114,165

133,872

39,221

61,924

32,727

52

42,832,828

38,461,203

250,865

38,203,539

88,190,954

596

11,989

6,799

25,100

6,638

66

1,996

16,400

798

46

752

38,487,101

266,344

38,220,757

577,759

11,139

566,620

39,064,860

3,767,968

150

2,587,400

1,180,418

515

37,064,623

33,374,873

246,989

33,121,088

83,108,992

596

11,500

6,796

23,920

6,074

66

1,996

15,784

798

46

752

33,399,591

261,901

33,137,690

474,350

11,139

463,211

33,873,941

3,190,682

150

2,269,864

920,668

330

5,768,205

5,086,330

3,876

5,082,451

5,081,962

1,180

564

616

5,087,510

4,443

5,083,067

103,409

103,409

5,190,919

577,286

317,536

259,750

185

1 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations.

2 Includes 26 noninsured banks of deposit for which asset and liability data are not available.

Back figures, 1934-1960: See the preceding table and the Annual Report for 1960, pp. 142-143, and earlier reports.

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 107, A s s e t s a n d L i a b i l i t i e s op A l l B a n k s i n t h e U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 30, 1961

b a n k s grouped b y d is t r ic t a n d state

(Amounts in thousands of dollars)

Assets

NumDeposits

¥?r»Tr! Diatrlnt.

and State banks1 Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans, discounts, and

overdrafts

Miscellaneous

assets

Total

Business

and

personal2

Government3

Foreign

gov’t.

and

interbank4

Miscellaneous

liabilities

Total

capital

accounts

Total United States... 13,959 57,487,161 72,821,684 29,719,052 154,842,810 7,465,500 322,336,207 242,603,885 24,096,492 21,290,333 8,049,749 26,295,748

50 States and D. C .. . . 13,945 57,361,638 72,709,689 29,664,516 154,308,248 7,325,158 321,371,649 241,942,653 23,936,897 21,275,806 7,990,960 26,225,333

Other areas.................... 14 122,523 112,595 54,536 534,562 140,342 964,558 661,232 159,595 14,527 58,789 70,415

FDIC District

751 2,626,123 5,246,300 2,346,566 13,884,079 400,700 24,503,768 19,936,222 1,023,828 651,121 620,424 2,272,173

820 15,394,716 16,476,507 8,995,036 50,640,585 3,078,645 94,585,489 70,087,522 4,307,691 8,318,562 4,034,122 7,837,592

1,261 5,401,653 8,010,563 3,601,648 15,222,250 540,120 32,776,234 25,696,316 2,219,044 1,333,293 576,886 2,950,695

947 3,007,182 4,029,499 1,410,288 7,006,152 328,367 15,781,488 11,783,594 1,416,917 917,705 364,538 1,298,734

District 5 ...................... 1,173 2,955,356 3,451,224 1,212,842 5,389,127 296,459 13,305,008 9,435,165 1,618,887 969,037 193,758 1,088,161

District 6 ...................... 1,510 3,662,238 3,904,133 1,231,111 6,652,850 211,375 15,661,707 11,079,841 1,391,355 1,743,834 162,375 1,284,302

District 7 ...................... 1,388 3,717,037 6,262,705 1,924,776 9,141,787 350,853 21,397,158 16,809,416 1,934,243 699,766 342,380 1,611,353

1,650 4,909,376 6,750,601 2,488,819 10,320,201 359,773 24,828,770 18,572,410 1,741,918 2,118,146 374,932 2,021,364

District 9 ...................... 1,143 1,426,878 2,163,860 817,408 3,483,866 137,157 8,029,169 6,019,038 779,017 490,892 94,414 645,808

District 10.................... 1,653 2,423,022 2,886,519 912,290 4,756,000 156,338 11,134,169 8,027,655 1,329,266 732,173 110,683 934,392

District 11.................... 1,281 5,143,416 4,649,062 1,599,639 8,807,630 504,735 20,704,482 14,483,528 2,249,505 2,110,136 262,089 1,599,224

District 126................... 382 6,820,164 8,990,711 3,178,629 19,538,283 1,100,978 39,628,765 30,673,178 4,084,821 1,205,668 913,148 2,751,950

State

Alabama....................... 238 499,419 582,731 271,394 1,046,224 40,618 2,440,386 1,806,812 284,921 99,891 37,430 211,332

Alaska............................ 15 35,166 71,578 17,286 101,025 6,398 231,453 151,470 60,450 1,435 1,852 16,246

Arizona.......................... 12 310,813 294,274 91,240 860,878 59,143 1,616,348 1,247,759 192,108 22,944 36,746 116,791

Arkansas....................... 237 376,195 341,577 185,212 633,849 22,515 1,559,348 1,179,341 136,753 107,584 7,787 127,883

California...................... 122 5,195,924 6,589,707 2,334,972 14,882,428 846,879 29,849,910 23,230,427 2,859,957 992,743 758,825 2,007,958

Colorado....................... 195 531,988 677,344 115,864 1,178,942 43,681 2,547,819 1,964,746

5,014,675

202,901 155,338 35,351 189,483

Connecticut.................. 138 615,990 991,288 777,441 3,454,876 85,244 5,924,839 216,037 58,340 125,132 510,655

Delaware....................... 22 160,806 240,562

505,792

141,056 473,707 20,777 1,036,908 816,433 81,225 10,173 25,393 103,684

District of Columbia.. 11 370,746 65,740 825,906 34,906 1,803,090 1,484,422 50,093 111,377 29,413 127,785

Florida........................... 322 1,319,747 1,738,936 462,313 2,117,001 154,274 5,792,271 4,111,024 709,850 443,239 81,176 446,982

Georgia..........................

Hawaii... .................

420 785,686 790,270 246,353 1,604,151 71,482 3,497,942 2,413,627 394,506 316,737 62,959 310,113

12 132,280 228,687 56,504 429,938 30,059 877,468 574,158 189,869 17,568 16,575 79,298

Idaho............................. 32 110,787 215,366 55,213 348,902 15,901 746,169 581,305 98,675 4,563 9,292 52,334

Illinois........................... 976 4,226,548 5,804,634 2,154,836

373,499

8,633,109 323,141 21,142,268 15,718,520 1,458,152 1,915,555 358,298 1,691,743

Indiana.......................... 446 1,083,699 1,846,432 2,273,521 83,148 5,660,299 4,318,453 617,668 186,760 95,545 441,873

Iowa............................... 674 682,828 945,967 333,983 1,687,092 36,632 3,686,502

2,873,393

2,853,890 283,766 202,591 16,634 329,621

Kansas........................... 590 572,616 770,314 351,437 1,148,875 30,151 1,928,984

2,098,329

541,327 131,650 22,412 249,020

Kentucky..................... 351 725,838 834,775 162,478 1,138,921 33,527 2,895,539 257,026 271,082 23,398

41,440

245,704

Louisiana...................... 192 834,643 911,370 305,634 1,347,374 59,964 3,458,985 2,337,193 467,626 343,436 269,290

Maine............................ 79 133,104 291,278 161,175 681,118 22,426 1,289,101 1,070,837 52,577 14,708 22,681 128,298

Liabilities and capital accounts OFEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Maryland.........

Massachusetts.

Michigan..........

Minnesota........

Mississippi. . . .

Missouri...............

Montana..............

Nebraska..............

Nevada.................

New Hampshire.

New Jersey........

New Mexico... .

New York7.........

North Carolina.

North Dakota. .

Ohio................

Oklahoma. . . .

Oregon............

Pennsylvania.

Rhode Island.

South Carolina.

South Dakota. .

Tennessee..........

Texas..................

Utah....................

Vermont..........

Virginia............

Washington. . ,

West Virginia.

Wisconsin

Wyoming.

Other area

Pacific Islands8..........

Panama Canal Zone9.

Puerto Rico10.

Virgin Islands11.

138

351

373

690

193

626

123

425

7

107

268

57

517

171

156

578

388

50

683

17

144

174

296

1,020

50

59

302

93

181

569

55

564,198

1,555,823

1,601,630

1,009,330

350,504

1,626,365

170,956

409,463

61,146

103,229

1,333,223

181,314

13,792,002

804,830

109,673

2,346,257

807,023

416,528

3,055,396

156,417

261,146

136,919

933,840

3,816,646

226,269

61,560

720,719

628,226

285,543

1,031,708

101,932

12,594

1,244

103,491

5,194

963,629

3,300,785

2,819,265

1,290,685

339.287

1,853,565

281,254

507,457

141.288

246,423

2,309,774

252,433

13,815,434

735,351

296,099

3,659,034

776,108

594,788

4,351,529

300,855

330,113

295,822

874,216

3,190,985

249,881

115,671

975,158

897,558

519,456

1,597,008

155,296

1,858

105,231

5,506

367,228

1,026,239

1,123,907

513,918

232,782

577,279

91,148

144,797

61,057

106,640

1,434,959

50,194

7,364,485

372,135

139,286

1,073,989

268,593

270,418

2,527,659

230,086

140,349

73,056

306,142

1,152,571

80,374

44,985

354,471

302,805

110,365

427,370

31,599

51,899

2,637

1,609,972

7,665,544

4,564,257

2,437,389

621,751

99,018

242,851

173,020

92,329

30,085

3,604,045

13,791,242

10,282,079

5,343,651

1,574,409

2,857,918

10,937,610

8,107,426

3,986,515

1,103,702

281,088

591,845

958,128

440,423

229,610

120,203

547,671

279,575

418,946

109,170

52,328

394,731

165,209

66,119

12,193

292,508

1,319,385

771,741

431,648

119,734

3,072,273

383,340

900,570

262,421

712,919

93,771

18,150

24,315

14,532

18,569

7,223,253

944,848

1,986,602

540,444

1,187,780

5,057,411

724,681

1,428,282

407,173

976,065

611,342

100,501

175,822

82,380

51,358

870,822

39,078

179,775

2,957

13,258

72,318

13,387

24,540

10,265

25,960

611,360

67,201

178,183

37,669

121,139

4,890,135

338,527

44,754,846

1,660,953

298,524

169,676

14,691

2,779,257

72,944

13,424

10,137,767

837,159

82,506,024

3,646,213

857,006

8,394,729

598,243

60,244,376

2,447,280

623,032

678,872

152,854

3,417,399

401,942

132,983

105,289

18,665

8,188,720

361,977

14,928

217,425

8,362

3,733,239

147,245

7,305

741,452

59,035

6,922,290

287,769

78,758

5,981,228

1,326,692

1,100,683

9,241,022

987,244

203,263

49,046

61,124

336,857

21,312

13,263,771

3,227,462

2,443,541

19,512,463

1,695,914

10,365,100

2,346,920

1,884,826

15,331,216

1,416,626

1,119,764

329,488

301,057

1,099,280

82,674

441,409

248,540

34,390

891,884

14,431

237,578

23,456

37,438

339,308

42,776

1,099,920

279,058

185,830

1,850,775

139,407

496,273

364,613

1,807,807

6,260,851

588,544

22,077

13,254

61,562

370,937

19,288

1,249,958

883,664

3,983,567

14,791,990

1,164,356

887,022

684,810

2,744,760

10,300,333

847,200

182,162

105,110

386,234

1,436,917

164,219

40,494

17,940

494,346

1,725,091

51,345

33,615

7,603

58,872

175,541

17,985

106,665

68,201

299,355

1,154,108

83,607

382,378

1,830,764

1,811,677

582,284

2,304,009

200,921

10,298

74,025

75,390

25,397

94,685

9,145

614.892

3,955,137

3,715,656

1,523,045

5,454,780

498.893

520,409

2,962,338

2,967,371

1,144,614

4,383,537

358,723

29,337

367,250

298,814

134,382

358,447

79,728

2,713

222,726

100,520

60,928

233,431

16,870

9,144

73,832

60,192

28,105

81,626

4,924

53,289

328,991

288,759

155,016

397,739

38,648

11,762

903

13,840

17,567

40,054

19,714

20,470

8,778

18,491

10,909

128

19

716

8

249

501,263

20,634

99,684

9,251

861,568

43,222

606,233

25,751

115,518

14,677

14,100

280

57,190

875

68,527

1,639

1 Includes 26 noninsured banks of deposit (1 in Colorado, 17 in Georgia, 2 in Iowa, 4 in New York, and 2 in Texas) for which asset, liability, and capital account data are not

available.

2 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, letters of credit, etc.

3 Deposits of the United States Government and of States and subdivisions.

4 Includes postal savings deposits.

6 Includes Puerto Rico and the Virgin Islands.

6 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

7 Includes asset and liability data for 3 insured branches operated by 2 insured banks in Puerto Rico.

8 i n United States possessions (American Samoa, Guam, Midway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll). Consists

of asset and liability data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (Moen Island) in the Caroline Islands and 4

branches m the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches h*

(1 on Midway Island, 1 on Koror Island— Palau Islands, 2 in Marshall Islands— Kwajalein Atoll and 1 on Wake Island) operated by an insured bank in Hawaii. O

9 Consists of asset and liability data for 2 noninsured branches operated by 2 insured banks in New York. Or

10 Includes asset and liability data for 15 insured branehes operated by 2 insured banks in New York.

11 Includes asset and liability data for 4 insured branches operated by an insured bank in New York.

Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.

Back figures, 1945-1960: See the Annual Report for 1960, pp. 144-145, and earlier reports.

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s a n d L ia b ilit ie s o f A l l I n s u r e d B a n k s in t h e U n it e d S ta t e s ( S t a t e s a n d O t h e r A r e a s ),

C a l l D a t e s D e c e m b e r 31, 1958 T h r o u g h D e c e m b e r 30, 1961

(Amounts in thousands of dollars)

Assets

Dec. 31,

1958

June 10,

1959

Dec. 31,

1959

June 15,

1960

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

Total assets.........................................................................

Cash, balances with other banks, and cash

collection items— tota l.....................................

Currency and coin......................................................

Reserve with Federal Reserve banks (member

Demand balances with banks in the United

States (except private banks and American

branches of foreign banks)...................................

Other balances with banks in the United States.

Balances with banks in foreign countries.............

Cash items in process of collection........................

Obligations of the U. S. Government, direct

and guaranteed— total.....................................

Direct:

Treasury bills...........................................................

Treasury certificates of indebtedness................

Treasury notes maturing in 1 year or less....

Treasury notes maturing after 1 year...............

United States non-marketable bonds...............

Other bonds maturing in 1 year or less............

Other bonds maturing in 1 to 5 years..............

Other bonds maturing in 5 to 10 years............

Other bonds maturing after 10 years...............

Guaranteed obligations.............................................

Other securities— total............... ..............................

Obligations of States and subdivisions.................

Securities of Federal agencies and corporations

Other bonds, notes, and debentures......................

Federal Reserve bank stock.....................................

Other corporate stocks..............................................

Total securities................................................

267,662,458 263,714,994 275,165,376 273,540,203 291,415,291 285,281,835 288,705,613 295,969,255 314,438,740

49,543,458

3,370,983

18,428,052

12,774,542

235,215

113,509

14,621,157

43,317,654

3,202,007

18,085,506

10,491,951

199,359

96,847

11,241,984

49,897,540

3,114,381

17,932,211

12,393,949

137,634

110,539

16,208,826

47,504,996

3,336,866

17,918,423

11,110,019

167,663

96,059

14,875,966

52,667,818

3,468,517

16,720,423

13,849,277

190,486

139,553

18,299,562

46,035,463

3,663,860

16,188,491

11,745,989

232,579

145,395

14,059,149

46,152,653

3,004,061

16,488,024

11,332,602

250,433

144,889

14,932,644

44,690,982

3,982,891

16,037,870

11,227,722

272,488

157,840

13,012,171

57,009,666

3,819,191

16,918,416

14,306,711

248,350

249,421

21,467,577

71,003,719

6,272,404

7,427,829

13,616,977

1,992,610

22,598,535

12,025,440

7,048,641

21,283

66,787,618

5,156,567

4,805,220

14,353,055

1,890,641

24,425,591

8,926,139

7,202,837

27,568

63,406,560

6,335,854

2,492,967

15,229,161

1,347,518

22,535,155

11,260,410

4,138,845

66,650

59,150,305

3,686,299

2,276,615

15,739,899

971,072

24,999,941

8,173,070

3,195,245

108,164

65,308,493

8,110,441

2,965,060

19,628,561 j

796,533

22,082,834j

7,528,832

4,067,557

128,675

64,500,530

6,944,379

2,145,430

4,599,439

16,032,168

762,650

4,963,787

14,839,305

10,618,995

3,416,873

177,504

66,091,244

7,453,153

3,369,968

5,467,315

15,728,308

756,811

6,632,888

13,542,866

9,724,474

3,218,798

196,663

70,391,326

11,916,282

2.229,899

6,419,993

17,030,225

743,484

5,444,677

14,348,907

8,858,188

3,195,644

204,027

70,780,767

11,515,532

2,142,610

8,418,081

18,630,152

601,522

2,465,962

16,098,292

7,143,149

3,550,078

215,389

24,852,637

16,948,991

6,895,445

364,555

643,646

25,115,013

17,441,571

6,625,745

378,183

669,514

24,813,385

17,390,826

6,384,676

387,358

650,525

24,256,391

17,193,716

6,024,683

398,491

639,501

25,653,613

17,954,009

6,517,679 j

408,754

773,171

26,762,824

19,089,004

2,078,873

4,371,910

423,602

799,435

26,950,629

19,125,026

2,255,285

4,331,164

426,270

812,884

28,118,064

20,096,692

2,532,815

4,228,644

430,033

829,880

28,728,617

20,732,516

2,617,755

4,079,476

444,213

854,657

95,856,356 91,902,631 88,219,945 83,406,696 90,962,106 91,263,354 93,041,873 98,509,390 99,509,384

106 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Loans and discounts, net— total.........................

Valuation reserves..........................................................

Loans and discounts, gross— total......................

Real estate loans— total...........................................

Secured by farm land.............................................

Secured by residential 'properties:

Insured by F H A .................................................

Insured or guaranteed by V A ..........................

Not insured or guaranteed by FHA or V A ...

Secured by other properties.................^..................

Loans to domestic commercial and foreign banks.

Loans to other financial institutions.....................

Loans to brokers and dealers in securities. ; . . . .

Other loans for purchasing or carrying securities.

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.........................

Other loans to farmers (excluding loans on real

estate)..................................................; ..................

Commercial and industrial loans (incl. open

market paper).....................................................

Other loans to individuals for personal expenditures— total..........................................................

Passenger automobile instalment loans...............

Other retail consumer instalment loans...............

Residential repair and modernization instalment loans............................................................

Other instalment loans for personal expenditures.

Single-payment loans for personal expenditures,

All other loans (including overdrafts)...................

Total loans and securities..........................

Bank premises, furniture and fixtures, and

other real estate— total...................................

Bank premises.............................................................

Furniture and fixtures.................................. _...........

Real estate owned other than bank premises. . .

Investments and other assets indirectly representing bank premises or other real estate... .

Miscellaneous assets— total....................................

Customers’ liability on acceptances outstanding...............................................................................

Other assets..................................................................

PERCENTAGES

To total assets:

Cash and balances with other banks....................

U. S. Government obligations, direct and guaranteed ........................................................................

Other securities...........................................................

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

Other assets..................................................................

Total capital accounts...............................................

T o total assets other than cash and U. S.

Government obligations:

Total capital accounts...............................................

117,311,454

2,162,327

119,473,781

44,422,115

1,492,334

123,387,760

2,210,835

125,598,595

46,681,287

1,576,588

131,636,872

2,377,750

134,014,622

48,915,438

1,612,664

136,907,882

2,433,168

139,341,050

49,849,800

1,666,441

141,373,751

2,573,216

143,946,967

52,425,085

1,677,974

141,315,156

2,617,912

143,933,068

53,003,615

1,710,203

142,624,229

2,629,325

145,253,55

53,929,237

1,744,752

145,719,794

2,633,436

148,353,230

54,938,279

1,767,469

150,619,460

2,826,177

153,445,637

55,970,118

1,776,811

10,439,879

10,532,270

14,659,853

7,297,779

717,821

0)

2,797,220

1,821,904

11,174,935

10,668,956

15,525,966

7,734,842

1,850,422

0)

2,311,797

1,901,836

11,829,192

10,677,984

16,535,555

8,260,043

819,148

7,118,825

2,981,904

1,832,509

11,928,382

10,803,264

16,926,081

8,525,632

2,366,667

7,069,795

2,586,204

1,731,889

12,509,962

10,984,400

18,269,047

8,983,702

970,914

7,114,961

3,247,309

1,819,642

12,759,239

11,018,956

18,380,604

9,134,613

1,988,750

5,766,430

2,431,961

1,838,309

13,013,033

11,037,129

18,796,710

9,337,613

1,010,420

6,002,658

2,918,638

1,977,880

13,262,002

11,023,350

19,392,259

9,493,199

2,412,480

6,398,307

3,107,173

1,970,923

13,532,526

10,991,547

19,858,521

9,810,713

1,039,297

7,313,493

4,046,266

2,113,021

798,684 261,775 196,071 125,973 677,001 858,706 573,996 349,859 927,685

4,129,829 4,796,333 4,789,080 5,204,008 4,964,534 5,126,339 5,442,825 5,463,929 5,298,734

40,536,115 41,697,608 40,287,616 41,945,213 43,236,257 42,745,211 42,835,956 43,107,466 45,268,944

20,808,341 22,524,330 24,287,265 25,703,380 26,574,705 26,969,369

8,763,902

3,330,544

27,462,028

8,940,215

3,145,057

27,499,205

8,926,447

2,890,243

28,055,161

9,066,851

2,808,077

(2)

3,441,752

(2)

3,573,207

(2)

2,786,766

(2)

2,758,121

(2)

2,916,559

2,668,202

4,314,322

7,892,399

3,204,378

2,718,542

4,424,521

8,233,693

3,099,916

2,756,251

4,492,413

8,433,851

3,105,609

2,755,169

4,522,983

8,902,081

3,412,918

213,167,810 215,290,391 219,856,817 220,314,578 232,335,857 232,578,510 235,666,102 244,229,184 250,128,844

2,760,060

1,978,227

527,017

56,593

2,917,687

2,075,419

569,490

66,425

3,108,764

2,235,914

588,720

72,893

3,299,278

2,333,899

639,842

91,929

3,445,444

2,389,061

667,626

90,024

3,584,028

2,459,125

706,592

97,891

3,662,950

2,495,042

732,940

103,130

3,749,301

2,544,668

747,775

113,424

3,811,021

2,607,260

741,278

113,989

198,223 206,353 211,237 233,608 298,733 320,420 331,838 343,434 348,494

2,191,130 2,189,262 2,302,255 2,421,351 2,966,172 3,083,834 3,223,908 3,299,788 3,489,209

854,561

1,336,569

737,630

1,451,632

759,720

1,542,535

982,163

1,439,188

1,409,041

1,557,131

1,482,898

1,600,936

1,432,973

1,790,935

1,533,117

1,766,671

1,651,595

1,837,614

18.5% 16.4% 18.1% 17.4% 18.1% 16.1% 16.0% 15.1% 18.1%

26.5

9.3

43.8 *

1.9

7.7

25.3

9.5

46.8

2.0

8.1

23.1

9.0

47.8 y

2.0

8.0

21.6

/ 8.9

50.0

2.1

8.3

22.4

8.8

48.5i^

2.2

8.1

22.6

/ 9.4

49.5

2.4

8.5

22.9

9.3

49.4

2.4

8.5

23.8

9.5

49.2

2.4

8.5

22.5

9.2

47.9

2.3

8.1

14.1 13.9 13.5 13.6 13.7 13.9 13.9 13.9 13.6

OASSETS AND LIABILITIES OF B AN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s a n d L ia b il it ie s of A l l I n s u r e d B a n k s i n t h e U n it e d S ta t e s (S ta te s a n d O t h e r A r e a s ) ,

C a l l D a t e s D e c e m b e r 31, 1958 T h r o u g h D e c e m b e r 30, 1961—Continued

(Amounts in thousands of dollars)

Liabilities and capital

Dec. 31,

1958

June 10,

1959

Dec. 31,

1959

June 15,

1960

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

Total liabilities and capital accounts.................... 267,662,458 263,714,994 275,165,376 273,540,203 291,415,291 285,281,835 288,705,613 295,969,255 314,438,740

Business and personal deposits— total.............. 205,485,653 202,108,738 210,806,402 205,709,267 219,497,827 217,116,243 216,779,674 219,626,085 236,462,979

Individuals, partnerships, and corporations—

demand.................................................................. 114,667,295 109,193,859 115,694,170 109,987,978 116,627,730 112,328,025 108,738,879 110,385,309 123,736,675

Individuals, partnerships, and corporations—

time........................................................................ 86,801,630 89,524,488 91,229,464 92,051,782 98,288,936 101,323,400 104,296,059 106,031,004 107,682,172

Savings deposits....................................................... r 83,507,390 f 91,520,592 93,379,582 94,658,623 96,996,529

Deposits accumulated for payment of per- |

(s) (3) (3) 708,810 (3) \ 767,879 773,852 778,698 772,150

Other deposits of individuals, partnerships,

and corporations.............................................. 7,835,582 | 9,034,929 10,142,625 10,593,683 9,913,493

Certified and officers’ checks, letters of credit,

4,016,728 3,390,391 3,882,768 3,669,507 4,581,161 3,464,818 3,744,736 3,209,772 5,044,132

Government deposits— total.................................. 19,059,274 17,255,309 19,893,473 20,969,107 22,373,193 18,579,225 23,742,796 24,654,301 23,904,925

United States Government— demand................... 4,267,537 2,775,816 5,051,388 6,407,673 5,943,322 2,318,032 6,367,691 8,180,032 5,949,325

United States Government— time.......................... 324,948 311,885 275,889 250,608 254,281 269,509 283,411 273,559 280,096

States and subdivisions— demand.......................... 10,902,276 10,450,942 11,434,085 10,720,704 11,652,355 11,003,928 11,838,523 10,933,538 12,217,682

States and subdivisions— time................................ 3,564,513 3,716,666 3,132,111 3,590,122 4,523,235 4,987,756 5,253,171 5,267,172 5,457,822

Domestic interbank and postal savings deposits— tota l.......................................................... 14,220,613 11,994,573 13,954,019 12,499,967 15,573,464 13,384,886 12,668,987 13,006,392 16,681,398

Commercial banks in the U. S.— demand............ 414,036,424 411,828,261 413,832,298 412,364,558 415,355,326 12,514,361 11,849,410 12,175,296 15,751,964

Commercial banks in the U. S.— time.................. 4162,588 4145,393 4101,823 4116,463 4200,192 149,783 173,437 190,728 197,186

Mutual savings banks in the U. S.— demand. . . /4\ 679,620 605,544 601,416 700,355

Mutual savings banks in the U. S.— time...........

\ ) \ ) \ ) V V ( ) I 23,402 23,004 22,049 15,113

Postal savings.............................................................. 21,601 20,919 19,898 18,946 17,946 17,720 17,592 16,903 16,780

Foreign government and bank deposits—

total........................................................................... 3,679,801 3,388,572 2,934,858 2,610,468 3,051,000 3,485,837 3,604,283 3,873,613 4,255,164

Foreign governments, central banks, etc.—

demand...................................................................... f 655,923 652,063 688,240 656,922

Foreign governments, central banks, etc.— (5) (5) (5) (5) (5)

1,765,010 1,811,070 2,091,868 2,178,055

Banks in foreign countries— demand..................... 51,629,074 61,517,513 51,675,163 51,400,509 61,582,246 955,592 1,031,500 991,286 1,297,787

Banks in foreign countries— time........................... 52,050,727 51,8,71,059 51,259,695 51,209,959 51,468,754 109,312 109,650 102,219 122,400

242,445,341 234,747,192 247,588,752 241,788,809 260,495,484 252,566,191 256,795,740 261,160,391 281,304,466

Demand................................................................. 149,519,384 139,156,782 151,569,872 144,550,929 155,742,140 1493,20,299 144,828,346 147,164,889 165,354,842

Time....................................................................... 92,926,007 95,590,410 96,018,880 97,237,880 104,753,344 108,645,892 111,967,394 113,995,502 115,949,624

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Miscellaneous liabilities— tota l............................

Rediscounts and other borrowed money..............

Acceptances outstanding..........................................

Other liabilities............................................................

Total liabilities (excluding capital accounts) ............................................................

Capital accounts— to ta l...........................................

Capital stock, notes, and debentures....................

Surplus...........................................................................

Undivided profits........................................................

Reserves........................................................................

MEMORANDA

Pledged assets and securities loaned.................

Capital stock, notes, and debentures:

Par or face value— tota l.......................................

Common stock........................................................

Capital notes and debentures.............................

Preferred stock........................................................

Retirable value of preferred stock.........................

4,553,523

76,460

891,231

3,585,832

7,566,137

2,764,499

769,251

4,032,387

5,691,502

617,647

808,920

4,264,935

9,010,879

2,583,760

1,022,861

5,404,258

7,263,444

154,979

1,451,324

5,657,141

8,471,940

1,644,137

1,510,524

5,317,279

7,409,956

441,799

1,461,052

5,507,105

9,720,014

2,232,612

1,564,916

5,922,486

7,820,622

473,448

1,689,406

5,657,768

246,998,864 242,313,329 253,280,254 250,799,688 267,758,928 261,038,131 264,205,696 270,880,405 289,125,088

20,663,594

5,417,695

10,650,275

3,883,965

711,659

21,401,665

5,690,324

10,875,320

4,171,271

664,750

21,885,122

5,861,297

11,243,009

4,113,496

667,320

22,740,515

6,091,762

11,458,784

4,543,449

646,520

23,656,363

6,207,814

12,076,683

4,586,490

785,376

24,243,704

6,415,472

12,287,195

4,753,185

787,852

24,499,917

6,464,028

12,423,665

4,806,379

805,845

25,088,850

6,536,996

12,491,940

5,229,466

830,448

25,313,652

6,621,703

13,068,228

4,781,267

842,454

26,023,689 27,695,467 27,026,126 28,137,557 28,512,668 28,125,107 29,973,285 32,842,737 31,782,351

5,417,995

5,371,090

27,689

19,216

5,690,624

5,645,978

26,911

17,735

5,861,597

5,818,413

26,364

16,820

6,092,062

6,051,879

25,427

14,756

6,208,114

6,170,095

23,369

14,650

6,415,772

6,377,366

23,140

15,266

6,464,328

6,426,462

22,616

15,250

6,537,296

6,500,144

22,312

14,840

6,622,003

6,585,001

22,257

14,745

24,085 21,120 19,167 16,415 16,287 16,626 16,217 15,500 15,406

Number of banks................................................................ 13,365 13,348 13,382 13,415 13,451 13,439 13,461 13,460 13,445

1 Previously included with “Commercial and industrial loans” and “All other loans.”

2 Not reported separately for mutual savings banks.

3 Not reported separately.

4 Deposits of mutual savings banks were not separately reported; included with those of commercial banks.

5 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks in

foreign countries.

Back figures, 1934-1958: See the Annual Report for 1958, pp. 188-191, and earlier reports.

ASSETS AND LIABILITIES OF B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 109. 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 a n d I n s u r e d M u t u a l S a v in g s B a n k s i n t h e U n it e d S ta t e s

( S t a t e s a n d O t h e r A r e a s ), C a l l D a t e s D e c e m b e r 31, 1960 T h r o u g h D e c e m b e r 30, 1961

(Amounts in thousands of dollars)

Assets

Insured commercial banks Insured mutual savin:gs banks

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

256,322,819 249,596,060 252,631,670 259,387,196 277,374,117 35,092,472 35,685,775 36,073,943 36,582,059 37,064,623

Cash, balances with other banks, and cash

Reserve with Federal Reserve banks (member banks)............ ^..................#..................

Demand balances with banks in the United

States (except private banks and American

branches of foreign banks). . .................

Other balances with banks in the United

Balances with banks in foreign countries........

Cash items in process of collection...................

51,901,992

3,347,489

16,719,644

13,369,072

65,237

139,553

18,260,997

45,295,518

3,562,447

16,187,636

11,305,962

62,590

145,395

14,031,488

45,396,811

2,901,303

16,487,504

10,896,999

81,229

144.889

14,884,887

43,929,178

3,868,745

16,037,293

10,799,912

73,284

157,840

12,992,104

56,181,467

3,692,593

16,917,834

13,816,911

80,713

249,421

21,423,995

765,826

121,028

779

480,205

125,249

.........38,565

739,945

101,413

855

440,027

169,989

........ 27,661

755,842

102,758

520

435,603

169,204

.........47,757

761,804

114,146

577

427,810

199,204

........ 20,067’

828,199

126,598

582

489,800

167,637

........ 43,582

Obligations of the U. S. Government, direct

Direct:

Treasury bills......................................................

Treasury certificates of indebtedness...........

Treasury notes maturing in 1 year or less..

Treasury notes maturing after 1 year.........

United States non-marketable bonds...........

Other bonds maturing in 1 year or less. . . .

Other bonds maturing in 1 to 5 years.........

Other bonds maturing in 5 to 10 years. . . .

Other bonds maturing after 10 years...........

60,521,956

7,998,543

2,887,207

18,876,659

586,994

21,647,553

6,086,334

2,338,937

99,729

59,642,897

6,805,085

2,085,143

f 4,517,046

\15,291,777

571,835

/ 4,864,282

\ 14,584,078

8,791,918

1,995,220

136,513

61,350,363

7,319,899

3,297,500

5,359,206

15,014,765

570,046

6,509,649

13,303,807

7,915,404

1,917,955

142,132

65,653,325

11,743,749

2,181,437

6,254,196

16,331,737

565,330

5,326,317

14,080,802

7,177,561

1,848,595

143,601

66,090,869

11,377,775

2,098,729

8,184,812

17,969,962

435,891

2,402,244

15,707,883

5,826,184

1,940,388

147,001

4,786,537

111,898

77,853

751,902

209,539

435,281

1,442,498

1,728,620

28,946

4,857,633

139,294

60,287

/ 82,393

\ 740,391

190,815

f 99,505

1 255,227

1,827,077

1,421,653

40,991

4,740,881

133,254

72,468

108,109

713,543

186,765

123,239

239,059

1,809,070

1,300,843

54,531

4,738,001

172,533

48,462

165,797

698,488

178,154

118,360

268,105

1,680,627

1,347,049

60,426

4,689,898

137,757

43,881

233,269

660,190

165,631

63,718

390,409

1,316,965

1,609,690

68,388

Obligations of States and subdivisions............

Securities of Federal agencies and corporations (not guaranteed by U.S.).....................

Other bonds, notes, and debentures.................

Federal Reserve bank stock................................

Other corporate stocks.........................................

20,498,282

17,336,667

2,590,562

408,698

162,355

21,566,924

18,474,969

/ 1,611,557

\ 895,997

423,545

160,856

21,702,515

18,490,315

1,751,699

868,687

426,228

165,586

22,873,565

19,457,459

2,002,330

816,588

429,990

167,198

23,570,773

20,103,538

2,112,292

734,884

444,170

175,889

5,155,331

617,342

3,927,117

56

610,816

5,195,900

614,035

/ 467,316

\ 3,475,913

57

638,579

5,248,114

634,711

503,586

3,462,477

42

647,298

5,244,499

639,233

530,485

3,412,056

43

662,682

5,157,844

628,978

505,463

3,344,592

43

678,768

81,020,238 81,209,821 83,052,878 88,526,890 89,661,642 9,941,868 10,053,533 9,988,995 9,982,500 9,847,742

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, net— total......................... 117,521,611 116,936,804 117,849,223 120,398,710 124,807,382 23,852,140 24,378,352 24,775,006 25,321,084 25,812,078

Valuation reserves.......................................................... 2,356,217 2,402,191 2,419,205 2,423,714 2,606,474 216,999 215,721 210,120 209,722 219,703

Loans and discounts, gross—-total..................... 119,877,828 119,338,995 120,268,428 122,822,424 127,413,856 24,069,139 24,594,073 24,985,126 25,530,806 26,031,781

Real estate loans— total........................................... 28,694,419 28,765,037 29,275,471 29,797,900 30,330,432 23,730,666 24,238,578 24,653,766 25,140,379 25,639,686

Secured by farm land............................................. 1,681,078 1,666,151 1,699,580 1,722,447 1,781,465 46,901 44,052 45,172 45,022 45,346

Secured by residential properties:

Insured by F H A ................................................. 5,841,001 5,772,782 5,810,172 5,892,568 5,966,563 6,668,961 6,986,457 7,202,861 7,369,434 7,565,963

Insured or guaranteed by V A .......................... 2,851,097 2,752,130 2,718,180 2,669,930 2,613,165 8,133,303 8,266,826 8,318,949 8,853,420 8,378,382

Not insured or guaranteed by FHA or V A . . . 11,596,256 11,667,313 11,996,816 12,311,591 12,570,273 6,672,791 6,713,291 6,799,894 7,080,668 7,288,248

Secured by other properties................................... 6,774,992 6,906,661 7,050,723 7,201,364 7,448,966 2,208,710 2,227,952 2,286,890 2,291,835 2,361,747

Loans to domestic commercial and foreign banks 970,914 1,978,835 1,009,107 2,409,816 1,032,864 0) 9,915 1,313 2,664 6,433

Loans to other financial institutions.................... 7,114,961 5,763,261 5,998,904 6,393,868 7,310,112 0) 3,169 3,754 4,439 3,381

3,247,309 2,427,991 2,909,066 3,088,853 4,030,000 3,970 9,572 18,320 16 266

Other loans for purchasing or carrying securities. 1,811,120 1,829,173 1,970,059 1,962,951 2,107,360 8,522 9,136 7,821 7,972 5,661

Loans to farmers directly guaranteed by the

677,001 858,706 573,996 349,859 927,685

Other loans to farmers (excluding loans on

real estate).............................................................. 4,962,634 5,124,296 5,440,675 5,461,784 5,296,356 1,900 2,043 2,150 2,145 2,378

Commercial and industrial loans (incl. open

market paper)........................................................ 43,132,100 42,604,892 42,742,939 42,992,134 45,156,607 104,157 140,319 93,017 115,332 112,337

Other loans to individuals for personal expenditures— total..................................................... 26,376,970 26,791,826 27,257,737 27,270,836 27,819,669 197,735 177,543 204,291 228,369 235,492

Passenger automobile instalment loans............... 8,928,125 8,759,546 8,935,549 8,921,638 9,062,043 f 4,356 4,666 4,809 4,808

Other retail consumer instalment loans.............. 2,805,780 3,330,281 3,144,759 2,889,919 2,807,751 263 298 324 326

Residential repair and modernization instalment loans............................................................ 2,693,774 2,609,825 2,658,675 2,694,678 2,693,068 0) 58,877 59,867 61,573 62,101

Other instalment loans for personal expenditures. 4,227,887 4,278,969 4,387,704 4,448,166 4,480,462 35,353 86,817 44,247 42,521

Single-payment loans for personal expenditures. 7,721,904 7,813,205 8,131,050 8,316,435 8,776,345 79,194 102,643 117,416 125,736

All other loans (including overdrafts)................. 2,890,400 3,194,978 3,090,474 3,094,423 3,402,771 26,159 9,400 9,442 11,186 10,147

Total loans and securities..................... 198,541,849 198,146,625 200,902,101 208,925,600 214,469,024 33,794,008 34,431,885 34,764,001 35,303,584 35,659,820

Bank premises, furniture and fixtures, and

other real estate— total................................... 3,204,540 3,336,010 3,406,324 3,483,919 3,543,995 240,904 248,018 256,626 265,382 267,026

Bank premises............................................................ 2,182,887 2,249,956 2,281,711 2,326,619 2,383,934 206,174 209,169 213,331 218,049 223,326

Furniture and fixtures.............................................. 646,441 684,373 710,502 724,630 717,789 21,185 22,219 22,438 23,145 23,489

Real estate owned other than bank premises. . . 76,479 81,261 82,273 89,236 93,778 13,545 16,630 20,857 24,188 20,211

Investments and other assets indirectly representing bank premises or other real estate. . . 298,733 320,420 331,838 343,434 348,494

Miscellaneous assets— total................................... 2,674,438 2,817,907 2,926,434 3,048,499 3,179,631 291,734 265,927 297,474 251,289 309,578

Customers’ liability on acceptances outstanding. 1,409,041 1,482,898 1,432,973 1,533,117 1,651,595

Other assets................................................................. 1,265,397 1,335,009 1,493,461 1,515,382 1,528,036 29 i,734 265,927 297,474 25 i, 289 309,578

PERCENTAGES

To total assets:

Cash and balances with other banks................... 20.2% 18.1% 18.0% 17.0% 20.3% 2.2% 2.1% 2.1% 2.1% 2.2%

U.S. Government obligations, direct and guaranteed ....................................................................... 23.6 23.9 24.3 25.3 23.8 13.6 13.6 13.1 13.0 12.7

Other securities.......................................................... 8.0 8.6 8.6 8.8 8.5 / 14.7 14.6 14.6 14.3 13.9

Loans and discounts................................................. 45.9 46.9 46.6 * 46.4 45.0^ 68.0 68.3 68.7 69.2 69.6

Other assets................................................................. 2.3 2.5 2.5 2.5 2.4 1.5 1.4 1.5 1.4 1.6

Total capital accounts.............................................. 8.1 8.5 8.5 8.5 8.0 8.5 8.6 8.6 8.7 8.6

To total assets other than cash and U.S. Government obligations:

Total capital accounts.............................................. 14.4 14.7 14.7 14.6 14.3 10.1 10.2 10.1 10.3 10.1

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(S tates a n d O th e r A reas), C all D ates D ecember 31, 1960 T h r o u g h D ecem ber 30, 1961— Continued £1

to

Table 109. A s s e t s a n d L ia b il it ie s of I n s u r e d C o m m e r c ia l a n d I n s u r e d M u t u a l S a v in g s B a n k s i n t h e U n it e d S ta t e s

(Amounts in thousands of dollars)

Liabilities and capital

Insured commercial "banks Insured mutual savings banks

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

Dec. 31,

1960

April 12,

1961

June 30,

1961

Sept. 27,

1961

Dec. 30,

1961

Total liabilities and capital accounts............... 256,322,819 249,596,060 252,631,670 259,387,196 277,374,117 35,092,472 35,685,775 36,073,943 36,582,059 37,064,623

Business and personal deposits— total......... 188,016,114 184,928,235 184,271,367 186,811,908 203,088,106 31,481,713 32,188,008 32,508,307 32,814,177 33,374,873

Individuals, partnerships, and corporations—

demand................................................................ 116,605,805 112,073,671 108,492,116 110,131,277 123,489,686 21,925 254,354 246,763 254,032 246,989

Individuals, partnerships, and corporations—

time....................................................................... 66,834,103 69,397,126 72,042,642 73,476,695 74,561,084 31,454,833 31,926,274 32,253,417 32,554,309 33,121,088

Savings deposits.................................................. [59,613,395 61,144,933 62,135,792 63,887,537 f,31,907,197 32,234,649 32,522,831 33,108,992

Deposits accumulated for payment of per-

(2) 766,697 773,360 778,136 771,554 (2) 4 1,182 492 562 596

Other deposits of individuals, partnerships, 1 I

and corporations............................................. ( 9,017,034 10,124,349 10,562,767 9,901,993 [ 17,895 18,276 30,916 11,500

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc................................. 4,576,206 3,457,438 3,736,609 3,203,936 5,037,336 4,955 7,380 8,127 5,836 6,796

Government deposits— total............................. 22,354,442 18,559,590 23,721,952 24,634,782 23,881,005 18,751 19,635 20,844 19,519 23,920

United States Government— demand.............. 5,939,686 2,312,698 6,362,699 8,176,159 5,943,251 3,636 5,334 4,992 3,873 6,074

United States Government— time..................... 254,101 269,306 283,335 273,474 280,030 180 203 76 85 66

States and subdivisions— demand..................... 11,650,373 11,002,584 11,836,309 10,932,022 12,215,686 1,982 1,344 2,214 1,516 1,996

States and subdivisions— time........................... 4,510,282 4,975,002 5,239,609 5,253,127 5,442,038 12,953 12,754 13,562 14,045 15,784

Domestic interbank and postal savings

deposits— to ta l............................................... 15,571,676 13,382,841 12,667,948 13,005,694 16,680,600 1,788 2,045 1,039 698 798

Commercial banks in the U.S.— demand........ 3 15,355,001 12,514,022 11,849,078 12,175,249 15,751,918 325 339 332 47 46

Commercial banks in the U.S.— time.............. 3198,729 148,077 172,730 190,077 196,434 1,463 1,706 707 651 752

XVXUtucil odVlUgO UdUivo 111 tile U »k;« uciiiauu* . A/Tiifiiol qq vinffG honlrQ in f np TT ft ---nPTY1 pnn (z) 679,620 605,544 601,416 700,355

"TV/Ti1iq 1 oo'tnnorc! KonlrQ in t,nA TT ft — tiTDP V /

lVAU.uU.cil odiVulgo Udllivo 111 liiC U tllilu . • • • • (3) 23,402 23^004 22,049 15,113

q | oo vinO'G 17,946 17^720 17^592 16^903 16,780

Foreign government and bank deposits—

total ........... ................... 3,051,000 3,485,837 3,604,273 3,873,598 4,255,164 10 15

Foreign governments, central banks, etc.—

demand (4) 655,923 652,063 688,225 656,922 (4) 15

Foreign governments, central banks, etc.—

(4) 1,765,010 1,811,070 2,091,868 2,178,055 (4)

'RonVo in fnroicm pmlTiinPfi—-nptyiTln <1,582,246 955,592 1,031,490 991,286 1,297,787 10

”Ronlrc in fAroiorr» pmiT1 tflP<5——timP U]468i754 109^312 109,650 102,219 122,400

Total deposits................................................. 228,993,232 220,356,503 224,265,540 228,325,982 247,904,875 31,502,252 32,209,688 32,530,200 32,834,409 33,399,591

155,709,317 143,651,548 144,565,908 146,899,570 165,092,941 32,823 268,751 262,438 265,319 261,901

73,283,915 76,704,955 79,699,632 81,426,412 82,811,934 31,469,429 31,940,937 32,267,762 32,569,090 33,137,690

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Miscellaneous liabilities— total.......................

Rediscounts and other borrowed money........

Acceptances outstanding.....................................

Other liabilities......................................................

Total liabilities (excluding capital

accounts).......................................................

Capital accounts— total......................................

Capital stock, notes, and debentures...............

Surplus.....................................................................

Undivided profits...................................................

Reserves...................................................................

MEMORANDA

Pledged assets and securities loaned............

6,671,245

151,900

1,451,324

5,068,021

8,054,326

1,639,482

1,510,524

4,904,320

6,955,925

433,420

1,461,052

5,061,453

9,159,044

2,217,526

1,564,916

5,376,602

7,346,272

462,309

1,689,406

5,194,557

592,199

3,079

589,120

417,614

4,655

412,959

454,031

8,379

445,652

560,970

15,086

545,884

474,350

11,139

‘463,211*

235,664,477 228,410,829 231,221,465 237,485,026 255,251,147 32,094,451 32,627,302 32,984,231 33,395,379 33,873,941

20,658,342

6,207,664

9,916,178

4,020,879

513,621

21,185,231

6,415,322

10,107,996

4,152,179

509,734

21,410,205

6,463,878

10,214,819

4,213,703

517,805

21,902,170

6,536,846

10,279,419

4,545,618

540,287

22,122,970

6,621,553

10,798,364

4,156,764

546,289

2,998,021

150

2,160,505

565,611

271,755

3,058,473

150

2,179,199

601,006

278,118

3,089,712

150

2,208,846

592,676

288,040

3,186,680

150

2,212,521

683,848

290,161

3,190,682

150

2,269,864

624,503

296,165

28,512,668 28,125,107 29,973,285 32,842,737 31,782,351

Capital stock, notes, and debentures:

Par or face value— total..................................

Common stock...................................................

6,207,964

6,170,095

23,219

14,650

6,415,622

6,377,366

22,990

15,266

6,464,178

6,426,462

22,466

15,250

6,537,146

6,500,144

22,162

14,840

6,621,853

6,585,001

22,107

14,745

150 150 150 150 150

Capital notes and debentures........................

Preferred stock...................................................

150 150 150 150 150

Retirable value of preferred stock.................... 16,287 16,626 16,217 15,500 15,406

Number of banks........................................................... 13,126 13,114 13,136 13,131 13,115 325 325 325 329 330

1 Not reported separately for mutual savings banks.

* Not reported separately.

s Deposits of mutual savings banks were not separately reported; included with those of commercial banks.

4 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks in

foreign countries.

Back figures, 1934-1959: See the Annual Report for 1960, pp. 146-149, and earlier reports.

00ASSETS AND LIABILITIES OF B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 110. A s s e t s a n d L ia b ilit ie s a n d A s s e t s a n d L ia b ilit ie s p er $100 o f T o t a l A s s e t s o f I n s u r e d C o m m e r c ia l

B a n k s O p e r a t in g T h r o u g h o u t 1961 i n t h e U n it e d S ta t e s (S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 30, 1961

b a n k s grouped according to a m o u n t o f d e po sits

Asset or liability item

All

banks 1

Banks with deposits of— 2

Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Assets and liabilities (in

thousands) 2

Cash and due from banks.........

United States Government obligations........ ............................................

Other securities.....................................

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

All other assets.....................................

Liabilities and capital— total..........

Total deposits.......................................

Demand deposits...............................

Time and savings deposits..............

Borrowings and other liabilities . . . .

Total capital accounts........................

275,839,643

55,994,971

65,760,022

23,488,335

124,012,842

6,583,473

843,550

173,426

262,533

54,950

346,665

5,976

3,990,142

724,482

1,266,486

306,076

1,654,788

38,310

15,770,195

2,778,980

4,771,758

1,584,872

6,432,946

201,639

19,402,479

3,294,824

5,529,928

2,178,859

8,104,600

294,268

28,232,771

4,682,279

8,022,220

2,974,095

12,059,775

494,396

19,404,632

3,213,223

5,446,855

1,839,804

8,521,592

383,158

18,049,794

3,263,018

4,887,092

1,780,006

7,778,191

341,487

55,668,887

11,842,213

12,871,073

4,314,443

25,539,867

1,101,291

114,477,193

26,022,520

22,702,071

8,455,230

53,574,418

3,722,948

275,839,643

246,518,317

164,410,461

82,107,856

7,317,287

22,004,039

843,550

740,575

588,930

201,645

2,770

100,205

3,990,142

3,548,881

2,328,548

1,220,333

16,173

425,088

15,770,195

14,214,352

8,767,972

5,446,380

94,634

1,461,209

19,402,479

17,598,574

10,374,020

7,224,554

175,320

1,628,585

28,232,771

25,636,894

15,130,516

10,506,378

405,243

2,190,634

19,404,632

17,605,942

10,591,826

7,014,116

343,219

1,455,471

18,049,794

16,321,949

10,275,121

6,046,828

353,863

1,373,982

55,668,887

50,303,356

35,200,352

15,103,004

1,154,819

4,210,712

114,477,193

100,547,794

71,203,176

29,344,618

4,771,246

9,158,153

Assets and liabilities per

$100 of total assets 2

Assets— tota l...........................................

Cash and due from banks...........

United States Government obligaOther securities.....................................

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

All other assets.....................................

Liabilities and capital— total..........

Total deposits.......................................

Demand deposits...............................

Time and savings deposits..............

Borrowings and other liabilities. . . .

Total capital accounts........................

$100.00

20.30

23.84

8.51

44.96

2.39

$100.00

20.56

31.12

6.51

41.10

71

$100.00

18.16

31.74

7.67

41.47

.96

$100.00

17.62

30.26

10.05

40.79

1.28

$100.00

16.98

28.50

11.23

41.77

1.52

$100.00

16.58

28.42

10.53

42.72

1.75

$100.00

16.56

28.07

9.48

43.92

1.97

$100.00

18.08

27.08

9.86

43.09

1.89

$100.00

21.27

23.12

7.75

45.88

1.98

$100.00

22.73

19.83

7.39

46.80

3.25

100.00

89.37

59.60

29.77

2.65

7.98

100.00

87.79

63.89

23.90

.33

11.88

100.00

88.94

58.36

30.58

.41

10.65

100.00

90.13

55.60

34-53

.60

9.27

100.00

90.70

53.47

37:23

.90

8.40

100.00

90.81

53.59

37.22

1.43

7.76

100.00

90.73

54.58

36.15

1.77

7.50

100.00

90.43

56.93

33.50

1.96

7.61

100.00

90.36

63.23

27.13

2.08

7.56

100.00

87.83

62.20

25.63

4.17

8.00

Number of banks, December 30.......... 13,002 1,005 2,404 4,339 2,518 1,695 507 233 240 61

1 This group of banks is the same as the group shown in Table 11G under the heading “Operating throughout the year”. These ratios differ slightly from the ratios for all insured

commercial banks shown in Table 115.

2 Asset and liability items are as of December 30, 1961.

Note: For income and expense data by size of bank see Tables 118 and 119 on pp. 130-133.

Back figures, 1941-1960: See the Annual Report for 1960, pp. 163 and 165, and earlier reports.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 111. Average A s s e ts and L ia b ilities and A s s e ts and L ia b ilitie s P er $100 o f T o t a l A s s e ts o f In su red C om m ercial

B a n k s in th e U nited S tates (S tates and O th er A reas), 1961 1

BY CLASS OF BANK

Members F.R. System Not

members

Asset or liability item Total

National State

F.R.

System

Average assets and liabilities (in thousands)1

254,198,199

46,613,211

61,792,135

21,660,321

138.460.993

25,969,625

33,580,681

11,792,601

63,964,025

3,154,061

138.460.993

123,408,003

80,782,425

42,625,578

3,662,442

11,390,548

76.618.161

15,096,898

16,829,106

5,864,773

36,473,103

2,354,281

76.618.161

66,559,344

46,102,029

20,457,315

3,534,436

6,524,381

39,119,045

5,546,688

11,382,348

4,002,947

United States Government obligations.......................................................................................................................

Other securities..................................................................................................................................................................

Loans and discounts......................................................................................................................................................... 117,969,985

6,162,547

254,198,199

225,214,703

147,556,175

77,658,528

7,694,509

21,288.987

17,532,857

All other assets................................................................................................................................................................... 654,205

Liabilities and capital— total....................................................................................................................................... 39,119,045

Total deposits..................................................................................................................................................................... 35,247,356

Demand deposits............................................................................................................................................................. 20,671,721

14,575,635

497,631

3,374,058

Time and savings deposits...........................................................................................................................................

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

Total capital accounts.....................................................................................................................................................

Assets and liabilities per $100 of total assets 1

Assets— total........................................................................................................................................................................ $100.00

18.34

$100.00

18.75

$100.00

19.70

$100.00

Cash and due from banks............................................................................................................................................... 14.18

United States Government obligations....................................................................................................................... 24.31 24.25 21.97 29.10

Other securities.................................................................................................................................................................. 8.52 8.52 7.66 10.23

Loans and discounts......................................................................................................................................................... 46.41 46.20 47.60 44.82

All other assets................................................................................................................................................................... 2.42 2.28 3.07 1.67

Liabilities and capital— tota l....................................................................................................................................... 100.00 100.00 100.00 100.00

Total deposits..................................................................................................................................................................... 88.60 89.13 86.87 90.10

Demand deposits............................................................................................................................................................. 58.05 58.34

30.79

60.17 52.84

Time and savings deposits........................................................................................................................................... 30.55 26.70 37.26

Borrowings and other liabilities.................................................................................................................................... 3.03 2.64 4.61 1.27

Total capital accounts...................................................................................................................................................... 8.37 8.23 8.52 8.63

1 Asset and liability items are averages of the amounts reported for the following call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.

Note: For income data by class of bank see Tables 116 and 117, pp. 126-129.

Back figures, 1934-1960: See Tables 114 and 115, pp. 123 and 125; the Annual Report for 1960, pp. 159 and 161, and earlier reports.

ASSETS AND LIABILITIES OF BANKS 115

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Table 112, A verage A s s e t s a n d L ia b il it ie s of I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d State s

(S t a t e s a n d O t h e r A r e a s ), b y S ta te , 19611

(Amounts in thousands of dollars)

State

Assets1 Liabilities and capital accounts1

Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans

and

discounts

All other

assets

Total

l-'CpVOl no

Borrowings

and other

liabilities

Total

capital

accounts

Total Demand

Time and

savings

Total United States..................... 46,613,211 61,792,135 21,660,321 117,969,985 6,162,547 254,198,199 225,214,703 147,556,175 77,658,528 7,694,509 21,288,987

46,559,642 61,724,603 21,611,159 117,724,167 6,145,099 253,764,670 224,824,914 147,367,825 77,457,089 7,684,856 21,254,900

Other areas...................................... 53,569 67,532 49,162 245,818 17,448 433,529 389,789 188,350 201,439 9,653 34,087

State

438,531 573,502 257,787 1,003,936 39,706 2,313,462 2,073,493 1,433,608 639,885 34,962 205,007

33,774 59,095 15,617 88,967 5,496 202,949 188,116 105,411 82,705 1,638 13,195

202,381 268,812 95.405 801,335 47,162 1,415,095 1,276,761 810,761 466,000 34,230 104,104

Arkansas......................................... 307,033 322,183 171,619 566,066 21,283 1,388,184 1,255,690 921,209 334,481 8,812 123,682

California........................................ 4,406,641 5,955,705 2,045,069 14,225,611 801,280 27,434,306 24,678,150 12,735,399 11,942,751 931,869 1,824,287

Colorado......................................... 457,685 552,530 107,573 1,061,809 38,675 2,218,272 2,013,860 1,377,944 635,916 33,924 170,488

Connecticut.................................... 428,547 557,933 259,071 1,316,421 54,541 2,616,513 2,303,436 1,683,324 620,112 91,042 222,035

Delaware......................................... 115,036 217,007 34,943 371,628 17,362 755,976 651,081 494,228 156,853 24,590 80,305

District of Columbia................... 319,149 488,314 61,470 790,185 34,831 1,693,949 1,540,202 1,138,073 402,129 29,547 124,200

Florida............................................. 1,084,066 1,692,541 427,144 2,003,373 139,995 5,347,119 4,836,895 3,345,410 1,491,485 84,604 425,620

Georgia............................................

Hawaii.............................................

685,385 722,626 230,281 1,547,824 69,198 3,255,314 2,882,343 2,049,913 832,430 73,400 299,571

94,827 211,683 49,083 407,326 21,700 784,619 708,236 359,988 348,248 15,993 60,390

Idaho............................................... 102,360 203,127 49.296 337,080 14,312 706,175 642,934 402,538 240,396 11,798 51,443

Illinois............................................. 3,385,829 5,550,645 1,854,677 8,110,254 269,814 19,171,219 17,266,069 11,378,825 5,887,244 339,124 1,566,026

Indiana............................................ 893,398 1,715,936 342,780 2,127,922 78,508 5,158,544 4,646,920 3,002,758 1,644,162 91,367 420,257

595,498 869,098 320,989 1,545,309 34,819 3,365,713 3,033,916 2,058,194 975,722 18,389 313,40S

Kansas............................................. 485,604 740,981 329,835 1,073,363 28,975 2,658,758 2,400,708 1,797,974 602,734 19,313 238,737

Kentucky.......................................

Louisiana........................................

498,751 725,794 144,880 1,068,394 30,950 2,468,769 2,209,494 1,668,265 541,229 25,928 233,347

674,740 891,915 301,751 1,263,726 58,406 3,190,538 2,885,857 2,105,749 780,108 38,803 265,878

99,458 176,294 51,670 382,006 15,976 725,404 641,852 349,754 292,098 17,725 65,827

Maryland....................................... 451,258 738,965 220,950 1,134,187 48,151 2,593,511 2,344,417 1,564,983 779,434 44,789 204,305

Massachusetts............................... 1,156,965 1,344,281 403,129 3,051,789 159,477 6,115,641 5,270,876 4,369,593 901,283 249,272 595,493

1,411,199 2,718,820 1,050,601 4,351,448 170,915 9,702,983 8,763,970 4,432,532 4,331,438 197,626 741,387

847,112 1,157,113 385,770 2,151,094 84,153 4,625,242 4,166,122 2,615,973 1,550,149 71,099 388,021

Mississippi...................................... 277,319 334,285 228,038 572,301 28,081 1,440,024 1,308,057 954,283 353,774 14,695 117,272

1,382,510 1,708,808 511,039 2,899,065 84,636 6,586,058 5,925,900 4,359,732 1,566,168 90,278 569,880

Montana......................................... 147,367 252,871 79,847 385,225 17,140 882,450 804,051 524,173 279,878 14,548 63,851

370,659 469,869 125,396 824,917 22,200 1,813,041 1,626,985 1,369,487 257,498 19,748 166,308

59,337 136,000 44,524 251,876 12,849 504,586 459,025 257,231 201,794 10,755 34,806

New Hampshire............................ 69,381 107,158 34,802 243,633 8,029 463,003 401,909 246,038 155,871 14,132 46,962

116 FEDERAL DEPOSIT INSURANCE CORPORATION

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New Jersey..................................... 1,066,371 1,980,275 1,102,219 3,698,762 140,300 7,987,927 7,225,304 3,911,300 3,314,004 176,300 586,323

New Mexico................................... 152,613 236,215 46,920 327,741 14,520 778,009 713,286 504,471 208,815 7,815 56,908

New York....................................... 10,401,781 10,117,186 3,913,327 24,318,394 2.121,854 50,872,542 42,838,434 31,599,599 11,238,835 3,486,157 4,547,951

North Carolina.............................. 656,303 627,592 324,329 1,496,755 71,098 3,176,077 2,780,749 1,973,702 807,047 120,432 274,896

North Dakota................................ 98,090 222,740 82,875 300,576 12,297 716,578 651,506 408,708 242,798 7,154 57,918

Ohio................................................. 2,054,248 3,395,531 1,030,176 5,755,878 200,831 12,436,664 11,134,642 6,508,532 4,626,110 251,257 1,050,765

Oklahoma....................................... 694,718 733,611 246,549 1,179,052 47,675 2,901,605 2,601,859 2,024,401 580,458 26,475 270,271

Oregon............................................. 369,962 532,984 247,603 1,033,030 51,763 2,235,342 2,013,233 1,110,165 903,068 43,494 178,615

Pennsylvania................................. 2,622,678 3,808,514 1,562,227 7,887,412 296,203 16,177,034 14,225,249 8,676,862 5,548,387 346,476 1,605,309

Rhode Island................................. 103,909 196,435 94,533 570,905 17,041 982,823 868,348 453,794 414,554 30,998 83,477

South Carolina.............................. 225,599 292,111 126,384 473,289 20,939 1,138,322 1,010,172 798,864 211,308 26,824 101,326

South Dakota................................ 121,228 254,802 65,386 363,726 12,389 817,531 745.132 484,011 261,121 7,259 65,140

Tennessee....................................... 734,348 817,186 293,033 1,685,985 64,442 3,594,994 3,242,846 2,109,604 1,133,242 68,455 283,693

Texas............................................... 3,181,523 2,984,955 1,059,679 5,693,274 335,941 13,255,372 11,985,700 8,945,890 3,039,810 156,726 1,112,946

Utah................................................. 195,533 235,875 70,786 553,848 18,105 1,074,147 968,283 547,102 421,181 25,915 79,949

Vermont.......................................... 47,511 95,222 40,210 259,814 9,161 451,918 403,922 144,128 259,794 7,423 40,573

Virginia........................................... 613,414 893,323 311,556 1,748,820 69,010 3,636,123 3,241,916 1,906,635 1,335,281 75,233 318,974

Washington.................................... 573,225 718,557 233,044 1,470,689 69,527 3,065,042 2,760,271 1,776,258 984,013 65,474 239,297

West Virginia................................ 250,340 489,945 105,757 558,820 24,186 1,429,048 1,257,747 809,376 448,371 20,110 151,191

Wisconsin....................................... 826,512 1,490,343 390,658 2,199,916 80,640 4,988,069 4,536,000 2,497,829 2,038,231 75,602 376,407

Wyoming........................................ 87,936 137,310 28,872 189,411 8,557 452,086 409,930 263,244 146,686 5,277 36,879

Other area

50,152 62,219 46,273 236,584 16,958 412,186 370,244 181,758 188,486 9,338 32,604

3,417 5,313 2,889 9,234 490 21,343 19,545 6,592 12,953 315 1,483

i Asset and liability items are averages of the amounts reported for the following call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.

Note: For income data by State see Table 120, pp. 134-143.

Back figures, 1946-1960: See the Annual Report for 1960, pp. 167-175, and earlier reports.

ASSETS AND LIABILITIES OF B A N K S

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Table 113. D i s t r ib u t i o n o f I n s u r e d C o m m e r c ia l, B a n k s in t h e U n it e d S ta t e s

(S tates a n d O t h e r A r e a s), D ec e m b e r 30, 1961

b a n k s grouped ac co rd in g to a m o u n t of d eposits a n d b y ratios of selected it e m s to a s se t s

Number of banks with deposits of—

Ratios

All

banks Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Ratios of obligations of States and subdivisions to total assets of—

1 106 30S 378 303 57 41 14 1 4

More than zero but less than 1 percent . . . . 906 121 330 288 80 51 17 11 7 1

1 to 5 percent....................................................... 3,466 316 822 1,203 493 358 128 52 67 27

5 to 10 percent..................................................... 4,127 162 528 1,368 956 688 200 93 112 20

10 to 15 percent................................................... 2,246 73 233 759 602 366 104 50 45 14

15 to 20 percent...................................................

20 percent or more.............................................

Ratios of U. S. Government obligations

802

462

26

26

91

66

279

170

221

112

130

65

28

17

23

4

4

2

to total assets of—

T,PCQ tliqn 1 H nnrpPTlt 28 3 389 52 102 128 67 7 2

10 to 20 percent................................................... 2,145 180 355 665 436 292 74 41 73 29

20 to 30 percent................................................... 4,492 270 670 1,399 945 680 248 120 128 32

30 to 40 percent................................................... 3,718

1,753

268 684 1,292 747 521 124 49 32 I

40 to 50 percent 176 430 669 263 143 48 20 4

484 53 164 182

35

48 29 6 2

134 33 43 15 6 1 1

Ratios of loans to total assets of—

40 14 3 9 1

128

636

5 2 1

10 to 20 percent 337 50 88 48 17 4 1 1

20 to 30 percent 1,625 161 347 281 141 39 18 2

30 to 40 percent................................................... 3,643 267 646 1,303 742 472 110 56 42 5

4,536 284 757 1,389 903 694 228 114 125 42

50 to 60 percent................................................... 2,352 175 464 725 438 327 110 38 61 14

60 percent or more............................................. 582 81 138 180 104 46 16 6 10 1

Ratios of cash and due from banks to

total assets of—

Less than 10 percent 40 14 6 .......................................... 1,109 93 230 370 213 142 1

4,176 217 741 1,404 845 641 198 75 51 4

3,755 256 646 1,213 804 523 159 72 66 16

2,163 169 403 778 385 249 64 39 54 22

1,079 110 226 363 167 103 38 19 42 11

30 to 35 percent................................................... 505 89 120 160 72 25 8 10 14 7

1 35 percent or more............................................. 328 98 82 82 35 16 ]

,} 8

118 FEDERAL DEPOSIT INSURANCE CORPORATION

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Ratios of total capital accounts to total

assets other than cash and due from

banks and U. S. Government obligations of—

Less than 10 percent.......................................... 437 1 18 79 110 134 47 20 23 -

10 to 15 percent................................................... 4,428 97 371 1,220 1,146 949 311 147 154 33 15 to 20 percent................................................... 4,054 191 707 1,563 874 472 122 50 53 22 20 to 25 percent................................................... 2,033 232 552 856 258 98 21 7 7 2 25 to 30 percent................................................... 1,019 163 381 358 80 26 3 4 4

30 to 35 percent................................................... 474 130 174 130 25 9 2 4

35 to 40 percent................................................... 264 73 90 82 13 4 1 1

40 percent or more............................................. 406 145 155 82 15 7 1 1

Ratios of total capital accounts to total

assets other than cash and due from

banks, U. S. Government obligations, C.C.C. loans and F.II.A. and

Y .A. real estate loans of—

Less than 10 percent.......................................... 285 10 50 70 87 SO to

10 to 15 percent................................................... 3,667 01 275 959 905 830 270 131

i •>

117 29 15 to 20 percent................................................... 4,184 139 611 1,552 974 582 103 72 04 27 20 to 25 percent................................................... 2,242 218 572 926 333 141 27 10 12 3

25 to 30 percent................................................... 1,214 165 418 475 105 33 8 5 5

30 to 35 percent.................................................. 592 143 229 107 36 11 2 4

35 to 40 percent................................................... 364 99 123 116 19 5 1 1

40 percent or more............................................. 567 207 210 119 19 10 1 1

Ratios of total capital accounts to total

assets of—

Less than 4 percent............................................ 11 1 1 5 3 1

4 to 6 percent....................................................... 703 2 29 129 172 225 77 30 30 3

6 to 8 percent....................................................... 3,821 63 340 1,105 977 785 203 121 134 33 8 to 10 percent..................................................... 4,347 225 739 1,672 933 501 132 60 63 22 30 to 12 percent................................................... 2,418 265 681 954 331 137 25 13 9 3

12 to 15 percent................................................... 1,300 302 461 103 84 37 0 3 3 1

15 percent or more............................................. 515 175 197 107 23 9 2 1 1

13,115 1,032 2,448 4,370 2,521 1,699 508 234 241 62

Back figures: See tlie following Annual Reports: 1958, pp. 192-193; 1959, pp. 140-141; and 1960, pp. 150-151.

ASSETS AND LIABILITIES OF B A N K S

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I n c o m e of I n su r ed B a n k s

Table 114. Income of insured commercial banks in the United States (States and other 

areas), 1953-1961

Table 115. Ratios of income of insured commercial banks in the United States (States and 

other areas), 1953-1961

Table 116. Income of insured commercial banks in the United States (States and other 

areas), 1961 

B y class of bank

Table 117. Ratios of income of insured commercial banks in the United States (States and 

other areas), 1961 

B y class of bank

Table 118. Income of insured commercial banks operating throughout 1961 in the United 

States (States and other areas)

Banks grouped according to amount of deposits

Table 119. Ratios of income of insured commercial banks operating throughout 1961 in 

the United States (States and other areas)

Banks grouped according to amount of deposits

Table 120. Income of insured commercial banks in the United States (States and other 

areas), by State, 1961

Table 121. Income of insured mutual savings banks, 1953-1961

Table 122. Ratios of income of insured mutual savings banks, 1953-1961

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
The income data received and published by the Corporation relate

to commercial and mutual savings banks insured by the Corporation.

Commercial banks

Reports of income and dividends are submitted to the Federal

supervisory agencies on either a cash or an accrual basis.

Income data are included for all insured banks operating at the end

of the respective years, unless indicated otherwise. In addition, appropriate adjustments have been made for banks in operation during

part of the year but not at the end of the year. Data for 3 insured

branches in Guam of an insured bank in California, for 3 insured

branches in New York of 2 insured banks in Puerto Rico, for 15

insured branches in Puerto Rico and for 4 insured branches in the

Virgin Islands of insured banks in New York are not available.

The uniform Report of Income and Dividends (formerly called

Report of Earnings and Dividends) was revised extensively in 1961.

New items were added, combining components previously included in

other items; and some items were subsumed into new categories.

Thus certain items, even carrying the same designation (e.g. other

current operating expenses), are not comparable with data reported

for prior years.

The new form breaks out the following items not previously available separately: (1) benefits to officers and other employees; (2)

net occupancy expense of bank premises, with a supporting schedule;

(3) furniture and equipment expense (including costs related to the

purchase or rental of automated data processing systems); and (4)

losses on securities sold.

Two expense items previously reported separately have been combined with other items: (1) taxes other than oil net income; and

(2) recurring depreciation on banking house, furniture and fixtures.

Taxes on bank premises, social security taxes paid in behalf of building employees, and recurring depreciation on banking house are now

included under occupancy expense of bank premises. Other social

security taxes are included with officer and employee benefits. Recurring depreciation on furniture and fixtures is now included with

furniture and equipment expense.

In addition to other minor changes in classification, new designations have been given to certain items. For example, the term “net

income” is the new equivalent of the former term “net profits ” A

further change entailed the division of officers and other employees

into two groups: those engaged in banking operations, and those

concerned with building operations.

Mutual savings banks

The present report of income and dividends for mutual savings

banks was first used by the Corporation for the calendar year 1951.

For a discussion of the history and principles of this report see pp.

50-52 in Part Two of the 1951 Annual Report.

Sources of data

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller of

the Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation. toINCOME OF INSURED B A N K S

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Table 114. I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s in t h e U n it e d S ta t e s ( S t a t e s a n d O t h e r A r e a s ), 1953-1961

(Amounts in thousands of dollars)

Income item

Current operating revenue— total.........................

Interest on U. S. Government obligations.............

Interest and dividends on other securities.............

Interest and discount on loans..................................

Service charges and fees on loans............................

Service charges on deposit accounts........................

Other charges, commissions, fees, etc......................

Trust department.........................................................

Other current operating revenue ............................

Current operating expenses— total.......................

Salaries— officers...........................................................

Salaries and wages— other employees.....................

Officer and employee benefits....................................

Fees paid to directors and committees...................

Interest on time and savings deposits....................

Interest on borrowed money.....................................

Taxes other than on net income...............................

Recurring depreciation on banking house, furniture and fixtures.......................................................

Occupancy expense of bank premises— net...........

Furniture and equipment...........................................

Other current operating expenses............................

Net current operating earnings..............................

Recoveries, transfers from valuation reserves,

and profits— total.................................................

On securities:

Profits on securities sold or redeemed.................

Recoveries..................................................................

Transfers from valuation reserves........................

On loans:

Recoveries..................................................................

Transfers from valuation reserves.......................

All other..........................................................................

Losses, cliarge-offs, and transfers to valuation

reserves— tota l........................................................

On securities:

Losses on securities sold.........................................

Charge-offs prior to sale.........................................

Transfers to valuation reserves............................

On loans:

Losses and charge-offs.............................................

Transfers to valuation reserves............................

All other..........................................................................

Net income before related taxes...............................

1953

5,483,954

1,206,965

297,739

3,107,885

47,850

271,444

132,978

217,996

201,101

3,375,552

582,405

1,069,890

(3)

34,591

534,493

24,171

148,783

84,085

(6)

(7)

897,137

2,108,398

152,373

38,865

11,454

27,545

28,423

18,292

27,794

448,323

155,969

54,160

31,774

132,127

74,291

1,812,451

1954

5,773,787

1,272,731

324,823

3,205,894

57,550

311,806

144,140

246,223

210,621

3,638,087

622,862

1,139,013

(*)

37,197

618,341

8,556

166,452

94,720

(6)

(7)

950,945

2,135,700

631,496

416,520

14,912

60,555

34,014

57,965

47,530

552,606

66,670

126,173

29,269

222,998

107,497

2,214,591

1955

6,377,705

1,333,690

351,041

3,625,528

71,048

339,975

155,004

281,841

219,579

3,960,173

666,152

1,229,756

(»)

39,563

678,237

23,093

176,840

108,306

(6)

(7)

1,038,228

2,417,533

239,598

57,085

20,586

39,930

27,379

50,899

43,722

707,155

221,232

67,276

28,159

303,600

86,886

1,949,976

1956

7,231,921

1,342,842

370,045

4,339,866

73,562

385,927

168,497

322,117

229,068

4,457,198

720,866

1,372,262

(3)

42,614

805,857

45,392

187,526

128,085

(6)

(7)

1,154,600

2,774,724

250,171

31,151

14,090

41,001

20,762

77,606

65,563

993,534

317,381

101,830

32,018

452,940

89,369

2,031,360

1957

8,050,416

1,442,379

412,497

4,879,676

83,815

440,892

186,815

354,520

249,828

5,119,182

773,769

1,493,778

(3)

45,396

1,141,715

49,538

205,903

146,262

(6)

0

1,262,823

2,931,235

198,413

64,368

9,295

20,751

21,183

39,757

43,063

757,432

237,480

84,996

25,636

321,870

87,452

2,372,217

1958

8,500,949

1,544,023

501,978

5,046,782

94,674

486,507

191,408

379,395

256,183

5,612,723

827,142

1,573,330

(3)

48,271

1,380,575

24,161

221,571

168,371

(6)

(7)

1,369,305

2,888,223

868,115

681,554

9,646

57,145

22,439

42,158

55,176

783,213

93,657

268,159

25,053

282,227

114,117

2,973,128

1959

9,669,352

1,732,174

546,253

5,856,688

111,991

531,916

205,935

426,016

258,381

6,264,207

892,657

1,684,159

(3)

51,866

1,580,250

78,350

252,763

191,424

(6)

(7)

1,532,739

3,405,145

328,889

47,277

27,946

111,447

20,551

57,607

64,062

1,361,515

745,081

168,003

25,459

318,965

104,006

2,372,519

1960

10,723,545

1,790,341

578,783

6,698,655

108,655

589,954

218,566

460,251

278,340

6,932,820

966,643

1,831,323

(3)

56,292

1,785,086

87,385

285,801

212,493

(8)

(7)

1,707,797

3,790,725

574,826

329,322

12,927

55,568

25,684

70,211

81,114

978,422

219,767

156,232

35,760

451,667

114,996

3,387,129

1961

11,069,604

1,901,732

629,134

6,891,442

117,259

630,458

223,283

502,871

1173,425

7,440,492

21,028,869

21,869,961

377,494

59,794

2,106,645

37,997

(4)

(5)

510,691

224,852

n ,224,189

3,629,112

708,171

453,730

9,934

86,574

16,825

51,817

89,291

935,461

(44,290

(21,354

224,678

31,194

481,200

132,745

fcOto

3,401,822

FEDERAL DEPOSIT INSURANCE CORPORATION

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Taxes on net income— total....................................

Net income after related taxes...............................

Dividends and interest on capital— total...........

Cash dividends declared on common stock.............

Dividends declared on preferred stock and interest

on capital notes and debentures............................

Net additions to capital from income.................

786,490

750,796

35,693

907,560

862,065

45,495

793,737

753,883

39,855

814,636

769,843

44,793

998,397

947,998

50,401

1,271,459

1,198,890

72,570

884,458

832,797

51,661

1,384,397

1,300,940

83,457

1,406,102

1,317,292

88,810

1,025,963 1,307,032 1,156,240 1,216,725 1,373,821 1,701,667 1,488,061 2,002,732 1,995,720

473,866

470,888

2,979

516,977

514,066

2,912

566,124

563,543

2,581

616,890

614,501

2,389

678,101

675,867

2,234

725,866

723,500

2,366

776,386

774,167

2,219

831,546

829,522

2,024

895,053

893,230

1,823

552,097 790,055 590,118 599,835 695,720 975,802 711,675 1,171,186 1,100,667

Memoranda

Recoveries credited to valuation reserves (not included in recoveries above):

Losses charged to valuation reserves (not included in

losses above):

2,232

33,612

38,480

89,186

3,154

40,384

15,841

89,495

3,146

39,794

68,140

88,417

3,332

42,717

95,505

123,529

2,646

50,824

74,529

117,937

10,410

69,073

19,741

127,515

5,585

73,790

207,061

122,315

18,294

68,232

47,716

264,405

9,911

73,844

22,463

249,500

Average assets and liabilities9

Cash and due from banks............................................

United States Government obligations....................

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

All other assets................................................................

Liabilities and capital—total.................................

Time and savings deposits . .......................................

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

Total capital accounts...................................................

185,685,283

43,192,523

60,868,295

14,082,070

65,213,144

2,329,251

193,339,614

42,976,798

64,372,065

15,209,165

68,148,039

2,633,547

202,331,676

43,510,745

63,808,049

16,294,075

75,800,688

2,918,119

209,712,780

45,728,691

58,257,149

16,179,498

86,291,628

3,255,814

214,790,440

45,474,318

57,238,574

16,725,206

91,493,989

3,858,353

228,359,687

46,766,041

62,355,819

19,237,561

95,666,835

4,333,431

237,577,389

46,881,654

61,878,548

20,284,525

103,872,351

4,660,311

246,776,722

49,317,003

57,773,429

20,092,632

114,275,450

5,318,208

254,198,199

46,613,211

61,792,135

21,660,321

117,969,985

6,162,547

185,685,283

170,075,888

127,028,332

43,047,556

2,667,917

12,941,478

193,339,614

176,865,497

130,023,191

46,842,306

2,712,778

13,761,339

202,331,676

184,734,232

135,422,891

49,311,341

2,965,764

14,631,680

209,712,780

190.786,522

139,690,432

51,096,090

3,372,960

15,553,298

214,790,440

193,993,484

139,023,597

54,969,887

4,242,293

16,554,663

228,359,687

206,196,015

143,813,475

62,382,540

4,440,097

17,723,575

237,577,389

213,428,979

146,599,745

66,829,234

5,410,250

18,738,160

246,776,722

220,099,028

150,451,481

69,647,547

6,712,522

19,965,172

254,198,199

225,214,703

147,556,175

77,658,528

7,694,509

21,288,987

Number of employees (including building employees),

December 31:

Active officers..................................................................

Other employees.............................................................

79,574

376,750

82,167

386,625

84,931

408,791

88,462

433,563

91,597

452,218

95,308

457,023

98,934

481,666

103,211

506,596

107,279

526,101

Number of banks, December 31..................................... 13,432 13,323 13,237 13,218 13,165 13,124 13,114 13,126 13,115

1 Excludes rentals from bank premises; included with “Occupancy expense of bank premises— net.”

2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net."

8 Included with “Other current operating expenses”, except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”

4 Included with “Officer and employee benefits” , “Occupancy expense of bank premises— net,” and “Other current operating expenses.”

6 Included with “Occupancy expense of bank premises— net” and “Furniture and equipment.”

6 Included with “Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”

7 Included with “Recurring depreciation on banking house, furniture and fixtures” and “Other current operating expenses.”

8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7. i —a

9 For 1953 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961, averages of amounts reported for the following call dates: December 31,

1960; April 12, 1961; June 30, 1961; and September 27, 1961. W

Note: Due to rounding differences, data for 1953-1959 may not add to total.

Back figures, 1934-1952: See the following Annual Reports: 1952, pp. 114-115; 1950, pp. 250-251; and 1941, pp. 158-159.

INCOME OF INSURED BAN K S

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Table 115. R a t i o s o f I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S ta t e s (S t a t e s a n d O t h e r A r e a s ), 1953-1961

Income item 1953 1954 1955 1956 1957 1958 1959 1960 1961

Am ounts per $100 of current operating revenue

Current operating revenue— total............ ..................................................

Interest on U. S. Government obligations...................................................

Interest and dividends on other securities..................................................

Income on loans..................................................................................................

Service charges on deposit accounts..............................................................

Other charges, commissions, fees, etc............................................................

Other current operating revenue....................................................................

Current operating expenses— total.............................................................

Salaries, wages, and fees...................................................................................

Officer and employee benefits..........................................................................

Interest on time and savings deposits...........................................................

Taxes other than on net income.....................................................................

Recurring depreciation on banking house, furniture and fixtures.........

Occupancy expense of bank premises— net.................................................

Furniture and equipment.................................................................................

Other current operating expenses..................................................................

Net current operating earnings...................................................................

Am ounts per $100 of total assets 9

Current operating revenue— total......................................................................

Current operating expenses— total.....................................................................

Net current operating earnings...........................................................................

Recoveries, transfers from valuation reserves, and profits— total.............

Losses, charge-offs, and transfers to valuation reserves— total..................

Net income before related taxes.........................................................................

Net income after related taxes............................................................................

Am ounts per $100 of total capital accounts9

Net current operating earnings...........................................................................

Recoveries, transfers from valuation reserves, and profits— total.............

Losses, charge-offs, and transfers to valuation reserves— total..................

Net income before related taxes.........................................................................

Taxes on net income..............................................................................................

Net income after related taxes............................................................................

Cash dividends declared........................................................................................

Net additions to capital from income...............................................................

Special ratios 9

Income on loans per $100 of loans........................ ............................................

Income on U. S. Government obligations per $100 of U. S. Government

obligations.............................................................................................................

Income on other securities per $100 of other securities...............................

Service charges per $100 of demand deposits.................................................

Interest paid per $100 of time and savings deposits.....................................

$100.00

22.01

5.43

57.55

4.95

2.42

7.64

61.55

30.76

(3)

9.75

2.71

1.53

(6)

(7)

16.80

38.45

2.96

1.82

1.14

.08

.24

.98

.55

16.29

1.18

3.46

14.01

6.08

7.93

3.66

4.27

4.84

1.98

2.11

.21

1.24

$100.00

22.04

5.63

56.52

5.40

2.50

7.91

63.01

31.16

(3)

10.71

2.88

1.64

(#)

(7)

16.62

36.99

2.98

1.88

1.10

.33

.28

1.15

15.52

4.59

4.02

16.09

6.59

9.50

3.76

5.74

4.79

1.98

2.14

.24

1.32

$100.00

20.91

5.51

57.96

5.33

2.43

7.86

$100.00

18.57

5.12

61.03

5.33

2.33

7.62

$100.00

17.92

5.12

61.65

5.48

2.32

7.51

$100.00

18.16

5.91

60.48

5.72

2.25

7.48

$100.00

17.91

5.65

61.73

5.50

2.13

7.08

62.09

30.35

(3)

10.63

2.77

1.70

(6)

(7)

16.64

61.63

29.53

(3)

11.14

2.60

1.77

(6)

(7)

16.59

63.59

28.73

(3)

14.18

2.56

1.82

(8)

(7)

16.30

66.02

28.80

(3)

16.24

2.61

1.98

(8)

(7)

16.39

64.78

27.19

(3)

16.34

2.61

1.98

(«)

(7)

16.66

37.91 38.37 36.41 33.98 35.22

3.15

1.96

1.19

.12

.35

.96

.57

3.45

2.13

1.32

.12

.47

.97

.58

3.74

2.38

1.36

.09

.35

1.10

.64

3.72

2.46

1.26

.38

.34

1.30

.75

4.07

2.64

1.43

.14

.57

1.00

.63

16.52

1.64

4.83

13.33

5.43

7.90

3.87

4.03

17.84

1.61

6.39

13.06

5.24

7.82

3.96

3.86

17.71

1.20

4.58

14.33

6.03

8.30

4.10

4.20

16.30

4.89

4.42

16.77

7.17

9.60

4.09

5.51

18.17

1.76

7.27

12.66

4.72

7.94

4.14

3.80

4.88

2.09

2.15

.25

1.38

5.11

2.31

2.29

.28

1.58

5.42

2.52

2.47

.32

5.37

2.48

2.61

.34

2.21

5.75

2.80

2.69

.36

2.36

$100.00

16.69

5.40

63.48

5.50

2.04

6.89

64.65

26.62

(3)

16.65

2.66

1.98

(6)

(7)

16.74

35.35

4.35

2.81

1.54

.23

.40

1.37

.81

18.99

2.88

4.90

16.97

6.94

10.03

4.16

5.87

5.96

3.10

2.88

.39

2.56

$100.00

17.18

5.68

63.31

5.70

2.02

J6.ll

67.22

2 26.73

3.41

19.03

(<)

(5)

4.61

2.03

8 11.41

32.78

4.35

2.92

1.43

.28

.37

1.34

.79

17.05

3.32

4.39

15.98

6.61

9.37

4.20

5.17

5.94

3.08

2.90

.43

2.71

124 FEDERAL DEPOSIT INSURANCE CORPORATION

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Assets and liabilities per $100 of total assets *

Assets— total............................................................................................................

Cash and due from banks..................................................................................

United States Government obligations..........................................................

Other securities................................................................................ ....................

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

All other assets......................................................................................................

Liabilities and capital— to ta l..........................................................................

Total deposits........................................................................................................

Demand deposits...............................................................................................

Time and savings deposits..............................................................................

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

Total capital accounts.........................................................................................

100.00

23.26

32.78

7.58

35.12

1.26

100.00

22.23

33.29

7.87

35.25

1.36

100.00

21.51

31.54

8.05

37.46

1.44

100.00

21.81

27.78

7.71

41.15

1.55

100.00

21.17

26.65

7.79

42.60

1.79

100.00

20.48

27.31

8.42

41.89

1.90

100.00

19.73

26.05

8.54

43.72

1.96

100.00

19.98

23.41

8.14

46.31

2.16

100.00

18.34

24.31

8.52

46.41

2.42

100.00

91.59

6841

23.18

1.44

6.97

100.00

91.48

67.25

24.23

1.40

7.12

100.00

91.30

66.93

84-37

1.47

7.23

100.00

90.97

66.61

24.36

1.61

7.42

100.00

90.32

64.73

25.59

1.97

7.71

100.00

90.30

62.98

27.32

1.94

7.76

100.00

89.83

61.70

28.13

2.28

7.89

100.00

89.19

60.97

28.22

2.72

8.09

100.00

88.60

58.05

30.55

3.03

8.37

Number of banks, December 31.......................................................................... 13,432 13,323 13,237 13,218 13,165 13,124 13,114 13,126 13,115

Excludes rentals from bank premises; included with “ Occupancy expense of bank premises—net.”

2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net.”

8 Included with “Other current operating expenses”, except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”

* Included with “ Officer and employee benefits”, “ Occupancy expense of bank premises— net,” and “Other current operating expenses.”

5 Included with ‘‘Occupancy expense of bank premises— net” and “Furniture and equipment.”

6 Included with “Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”

7 Included with “ Recurring depreciation on banking house, furniture and fixtures” and “ Other current operating expenses.”

8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.

9 For 1953 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961, averages of amounts reported for the following call dates: December 31,

1960; April 12, 1961; June 30, 1961; and September 27, 1961.

Back figures, 1934-1952: See the following Annual Reports: 1952, pp. 116-117; 1950, pp. 252-253; and 1941, pp. 160-161.

INCOME OF INSURED BAN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 116. I n c o m e of I n su red C o m m erc ial B a n k s i n t h e U nited S tates (S tates and Oth e r A reas), 1961

BY CLASS OF BANK

(Amounts in thousands of dollars)

Income item Total

Members F. R. System Not

members

_a:__ vpcieitiug

throughout 

the year

A___ x*__ \ j p v iit ting

less than 

full year 1 National State

F. R.

System

Current operating revenue— tota l................................................................................. 11,069,604 5,954,722 3,263,950 1,850,932 10,971,756 97,848

Interest on U. S. Government obligations............................................................... 1,901,732 1,030,719 507,587 363,426 1,884,794 16,938

Interest and dividends on other securities............................................................... 629,134 338,217 175,630 115,287 624,611 4,523

Interest and discount on loans.................................................................................. 6,891,442 3,759,347 2,014,021 1,118,074 6,836,494 54,948

Service charges and fees on loans.............................................................................. 117,259 62,196 34,233 20,830 115,869 1,390

Service charges on deposit accounts......................................................................... 630,458 351,460 143,366 135,632 623,609 6,849

Other charges, commissions, fees, etc........................................................................ 223,283 98,979 65,423 58,881 221,602 1,681

Trust department........................................................................................................ 502,871 218,765 264,721 19,385 492,581 10,290

Other current operating revenue............................................................................... 173,425 95,039 58,969 19,417 172,196 1,229

Current operating expenses— total............................................................................... 7,440,492 3,975,635 2,101,350 1,363,507 7,363,724 76,768

Salaries—officers......................................................................................................... 1,028,869 520,393 258,645 249,831 1,018,487 10,382

Salaries and wages—other employees....................................................................... 1,869,961 999,493 586,426 284,042 1,850,834 19,127

Officer and employee benefits.................................................................................... 377,494 203,345 127,139 47,010 374,293 3,201

Fees paid to directors and committees..................................................................... 59,794 27,546 11,373 20,875 59,410 384

Interest on time and savings deposits...................................................................... 2,106,645 1,158,544 562,729 385,372 2,084,861 21,784

Interest on borrowed money..................................................................................... 37,997 19,259 17,149 1,589 37,773 224

Occupancy expense of bank premises—net.............................................................. 510,691 264,908 159,094 86,691 505,277 5,414

Furniture and equipment........................................................................................... 224,852 122,276 58,585 43,991 222,880 1,972

Other current operating expenses............................................................................. 1,224,189 659,873 320,210 244,106 1,209,909 14,280

Net current operating earnings...................................................................................... 3,629,112 1,979,087 1,162,600 487,425 3,608,032 21,080

Recoveries, transfers from valuation reserves, and profits— total..................

On securities:

708,171 371,577 255,528 81,066 703,238 4,933

Profits on securities sold or redeemed.................................................................. 453,730 243,236 160,572 49,922 451,050 2,680

Recoveries................................................................................................................ 9,934 5,052 2,088 2,794 9,924 10

Transfers from valuation reserves.........................................................................

On loans:

86,574 56,398 23,196 6,980 85,204 1,370

Recoveries................................................................................................................ 16,825 7,880 2,441 6.504 16,655 170

Transfers from valuation reserves......................................................................... 51,817 29,321 16,855 5,641 51,779 38

All other....................................................................................................................... 89,291 29,690 50,376 9,225 88,626 665

Losses, charge-offs, and transfers to valuation reserves— total.......................

On securities:

935,461 532,806 278,255 124,400 926,882 8,579

Losses on securities sold......................................................................................... 44,290 22,720 9,824 11,746 40,601 3,689

Charge-offs prior to sale......................................................................................... 21,354 16,677 1,615 3,062 21,228 126

Transfers to valuation reserves.............................................................................

On loans:

224,678 154,269 56,995 13,414 223,915 763

Losses and charge-offs............................................................................................ 31,194 16,666 2,864 11,664 30,675 519

Transfers to valuation reserves............................................................................. 481,200 260,424 156,700 64,076 479,614 1,586

All other....................................................................................................................... 132,745 62,050 50,257 20,438 130,849 1,896

Net income before related taxes..................................................................................... 3,401,822 1,817,858 1,139,873 444,091 3,384,388 17,434

126 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net income— total.............................................................................................

Federal....................................................................................................................................

1,406,102

1,317,292

88,810

775,657

734,565

41,092

477,000

437,799

39,201

153,445

144,928

8,517

1,398,679

1,310,472

88,207

7,423

6,820

603

Net income after related taxes....................................................................................... 1,995,720 1,042,201 662,873 290,646 1,985,709 10,011

Dividends and interest on capital— total.................................................................. 895,053 486,079 307,071 101,903 889,905 5,148

Cash dividends declared on common stock.................................................................. 893,230 485,960 306,071 101,199 888,175 5,055

Dividends declared on preferred stock and interest on capital notes and

debentures.......................................................................................................................... 1,823 119 1,000 704 1,730 93

Net additions to capital from incom e........................................................................ 1,100,667 556,122 355,802 188,743 1,095,804 4,863

Number of banking employees (exclusive of building employees), December 30:

Active officers........................................................................................................................ 107,060 52,304 22,401 32,355 106,325 735

Other employees................................................................................................................... 496,040 266,662 143,039 86,339 493,031 3,009

Memoranda

Recoveries credited to valuation reserves (not included in recoveries above):

On securities.......................................................................................................................... 9,911 5,552 3,660 699 9,910 1

On loans................................................................................................................................. 73,844 44,473 17,748 11,623 73,716 128

Losses charged to valuation reserves (not included in losses above):

On securities.......................................................................................................................... 22,463 11,839 6,500 4,124 22,430 33

On loans................................................................................................................................. 249,500 148,099 65,117 36,284 248,610 890

Occupancy expense of bank premises

Occupancy expense of bank premises, net— total................................................. 510,691 264,906 159,094 86,691 505,277 5,414

Rental and other income........................................................................................................ 137,024 89,432 36,161 11,431 136,262 762

Occupancy expense of bank premises, gross— total.............................................. 647,715 354,338 195,255 98,122 641,539 6,176

Salaries— building department officers........................................................................... 1,580 936 515 129 1,544 36

Salaries and wages— building department employees................................................ 79,883 47,290 23,776 8,817 79,614 269

Building department personnel benefits........................................................................ 9,232 5,378 3,306 548 9,207 25

Recurring depreciation....................................................................................................... 111,363 64,962 29,444 16,957 110,389 974

Maintenance and repairs................................................................................................... 76,726 47,045 16,800 12,881 75,902 824

Insurance and utilities........................................................................................................ 110,783 58,198 32,295 20,290 109,809 974

Rents paid.............................................................................................................................. 164,160 75,834 64,896 23,430 161,723 2,437

93,988 54,695 24,223 15,070 93,351 637

Number of building employees, December 30:

Officers.................................................................................................................................... 219 110 56 53 215 4

Other employees................................................................................................................... 30,061 16,641 7,536 5,884 29,966 95

Number of banks, December 30........................................................................................... 13,115 4,513 1,598 7,004 13,002 113

1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.

Note: For average asset and liability data see Table 111 on p. 115.

Back figures, 1934-1960: See Table 114, pp. 122-123; the Annual Report for 1960, pp. 158-159, and earlier reports.

INCOME OF INSURED BANKS 127

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 117. R a tio s o f In c o m e o f In su red C om m ercial B a n k s in t h e U n ited S ta tes (S ta te s and O th e r A re a s), 1961

BY CLASS OF BANK

Members F. R. System Not

members

Income item Total

National State

F. R.

System

Amounts per $100 of current operating revenue

Current operating revenue— tota l.............................................................................................................................................. $100.00

17.18

$100.00

17.31

$100.00

15.55

$100.00

Interest on U. S. Government obligations............................................................................................................. . . . . 19.63

Interest and dividends on other securities................................................................................................ 5.68 5.68 5.38 6.23

61.53

7.33

3.18

2.10

Income on loans............................................................................................................................................................ . . . . 63 31 64.18

5.90

1.66

5.27

62.75

4.39

2.01

9.92

Service charges on deposit accounts.................................................................................................................. 5.70

2.02

6.11

Other service charges, commissions, fees, etc...............................................................................

Other current operating revenue...........................................................................................................

Current operating expenses— total............................................................................................................................................. 67.22 66.76 64.38 73.67

29.97

2.54

20.82

4.68

2.38

13.28

Salaries, wages, and fees....................................................................................................... 26.73

3.41

25.99

3.41

26.24

Officer and employee benefits......................................................................................................................................................... 3.90

Interest on time and savings deposits......................................................................................................................................... 19.03 19.46 17.24

Occupancy expense of bank premises— net................................................................................................................................ 4.61 4.45 4.87

Furniture and equipment................................................................................................................................................................ 2.03 2.05 1.79

Other current operating expenses............................................................................................. 11.41 11.40 10.34

Net current operating earnings................................................................................................................................................... 32.78 33.24 35.62 26.33

Amounts per $100 of total assets 1

Current operating revenue— total..................................................................................................................................................... 4.35 4.30 4.26 4.73

Current operating expenses— total.................................................................................................................................................... 2.92 2.87 2.74 3.48

Net current operating earnincs.......................................................................................................................................................... 1.43 1.43 1.52 1.25

Recoveries, transfers from valuation reserves, and profits— total............................................................................................ .28 .26 .33 .21

Losses, charge-offs, and transfers to valuation reserves— total................................................................................................. .37 .38 .36 .32

Net income before related taxes........................................................................................................................................................ 1.34 1.31 1.49 1.14

Net income after related taxes........................................................................................................................................................... .79 .75 .87 .74

Memoranda

Recoveries credited to valuation reserves (not included in recoveries above):

On securities.............................................................................................................. ......................................................................... (2)

.03

.01

(2)

.03

(*)

.02

(*)

.03

.01

.09

Losses charged to valuation reserves (not included in losses above):

On securities........................................................................................................................................................................................ .01 .01

.10 .11 .08

128 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Amounts per $100 of total capital accounts1

Net current operating earnings.................................................... 17.05 1 7 37

Recoveries, transfers from valuation reserves, and profits— total. . . 3.32

4.39

1 ^ OR

i/.UI

3 26

17.82 Q G1 14.45

Losses, charge-offs, and transfers to valuation reserves— total. . .

4 fi7

u.y i

A Of\ 2.40

Net income before related taxes............................

t.U i

1 ^ QA 3.69

Taxes on net income...............................................

jLo.yo

6 61

io.yo A ftl 17.47 13.16

Net income after taxes........................................... Q 37 O.oi Q 1 Pv 7.31 4.55

Cash dividends declared......................................

y.oi

4 20

y.io A 07 10.16 A 71 8.61

Net additions to capital from income............................... 5*17

4.71 £ /IS 3.02

Memoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities........................................................

U.il 0.40 5.59

nr. AC

On loans...........................................

.uo .UODA .06 .02

Losses charged to reserve accounts (not included in losses above):

On securities............................................................

.oO

.11

.oy

i n

.27 .34

On loans...................................................... 1 17

• 1U 1 Q f\ .10 .12

Special ratios 1

Income on loans per $100 of loans...................................................

1.1 i l.oU 1.00 1.08

5 94 5 07 s AO

Income on U. S. Government obligations per $100 of U. S. Government obligations . 3.08

2.90

.43

o.y /

3.07 9 87

o.oj

3.02

O QO

6.50

3 IQ Income on other securities per $100 of other securities......................

o. iy

Service charges per $100 of demand deposits........................................ AA z.yyQ I 2.88

Interest paid per $100 of time and savings deposits........................... 2.71 2.72

.oi

O 7^ .66

Occupancy expense of bank premises per $100 of current operating revenue

Occupancy expense of bank premises, net— total....................

2.64

4.61

1.24

4.45

A ft7

A

Rental and other income.......................................................... 1 Kf\ 4*Oo

Occupancy expense of bank premises, gross— total......................... 5.85

.74

.08

1 01

i.o\J e QC 1.11

e oo

•62

Salaries and wages— building department officers and employees . . 0*7«)

.81

no

i).Vo

7A 5.30A Q Building department personnel benefits.....................................

. i 41A •4o

Recuning depreciation........................................... *uy 1 HQ . 1Unn

.03

Maintenance and repairs....................................... i.uy

70 .yu .92

Insurance and utilities...................................................... • Ui7

1 nn

. / yQQ .52 .70

Rents paid............................................................................ l.UU .yo

1 07 .99 1.10

1.4:0

.85 .92

1.99

.74

1.26

.81

Number of banks, December 30............................ 13 115 H XI Q 1 £00 7,004

. . __

i,01u l,oyo

1 For average asset and liability data see Table 111 on p. 115.

2 Less than .005.

Back figures, 1934-1960: See Table 115, pp. 124-125, the Annual Report for 1960, pp. 160-161, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. I n c o m e of I n su r ed C o m m e r c ia l B a n k s O perating T hr o u g ho u t 1961 in t h e U nited S tates (S tates and O th er A reas)

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Banks with deposits of— 2

Income item All

banks 1 Less $1,000,000 $2,000,000 $5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000

man to to to to to to + n or

$1,000,000 $2,000,000 $5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000 more

(Amounts in •thousands of dollars)

Current operating revenue— tota l............... 10,971,756 36,307 171,533 661,932 817,172 1,200,869 819,069 738,125 2,189,433 4,337,316

Interest on U. S. Government obligations. . 1,884,794 8,395 40,423 147,860 166,611 235,516 154,828 139,753 363,542 627,866

Interest and dividends on other securities. . 624,611 1,492 8,682 43,334 58,265 79,032 48,713 46,224 116,520 222,349

Interest and discount on loans........................ 6,836,494 22,312 104,004 400,436 496,750 723,751 498,939 440,426 1,382,385 2,767,491

Service charges and fees on loans................... 115,869 135 905 3,084 5,851 11,308 9,461 7,320 26,258 51,547

Service charges on deposit accounts.............. 623,609 1,735 8,379 39,183 59,376 99,929 63,177 47,262 122,343 182,225

Other charges, commissions, fees, etc............ 221,602 1,829 7,356 21,155 19,785 24,322 15,428 12,035 36,239 83,453

Trust department............................................... 492,581 3 269 854 3,144 15,136 21,070 36,861 119,769 295,475

Other current operating revenue.................... 172,196 406 1,515 6,026 7,390 11,875 7,453 8,244 22,377 106,910

Current operating expenses— tota l............. 7,363,724 26,161 122,726 478,491 594,769 882,308 595,561 526,250 1,457,874 2,679,584

Salaries— officers................................................. 1,018,487 9,886 38,525 114,905 109,908 136,401 83,507 68,733 180,074 276,548

Salaries and wages— other employees........... 1,850,834 3,157 16,369 77,207 113,482 192,433 139,870 124,543 402,165 781,608

Officer and employee benefits.......................... 374,293 536 3,034 14,206 20,430 34,483 26,473 25,418 79,568 170,145

Fees paid to directors and committees......... 59,410 788 3,465 12,069 11,032 11,423 5,312 3,655 7,067 4,599

Interest on time and savings deposits........... 2,084,861 4,972 30,433 136,027 180,019 261,771 176,880 152,061 377,493 765,205

Interest on borrowed money............................ 37,773 34 123 436 448 843 733 1,141 5,886 28,129

Occupancy expense of bank premises— net.. 505,277 1,594 6,902 27,892 37,373 59,974 40,493 35,110 98,168 197,771

Furniture and equipment................................. 222,880 621 3,174 14,835 19,056 29,596 19,417 16,483 46,982 72,716

Other current operating expenses................... 1,209,909 4,573 20,701 80,914 103,021 155,384 102,876 99,106 260,471 382,863

Net current operating earnings.................... 3,608,032 10,146 48,807 183,441 222,403 318,561 223,508 211,875 731,559 1,657,732

Recoveries, transfers from valuation reserves, and profits— total......................... 703,238 1,089 5,187 22,578 32,356 53,682 42,916 47,693 150,265 347,472

On securities:

Profits on securities sold or redeemed . . . . 451,050 162 1,413 10,551 21,144 38,422 33,190 36,362 88,074 221,732

Recoveries........................................................ 9,924 63 340 1,932 1,000 1,732 391 785 2,582 1,099

Transfers from valuation reserves............. 85,204 40 207 812 1,636 3,383 3,312 4,117 19,764 51,933

On loans:

Recoveries......................................................... 16,655 652 2,070 5,438 3,128 2,504 905 263 774 921

Transfers from valuation reserves............. 51,779 22 271 1,243 1,685 2,473 2,083 3,029 9,130 31,843

All other................................................................ 88,626 150 886 2,602 3,763 5,168 3,035 3,137 29,941 39,944

Losses, charge-oflfs, and transfers to

valuation reserves— total......................... 926,882 1,937 9,550 40,811 51,980 77,595 53,654 54,293 165,540 471,522

On securities:

Losses on securities sold............................... 40,601 58 465 2,443 3,703 5,431 3,474 3,733 12,903 8,391

Charge-offs prior to sale............................... 21,228 56 328 1,979 2,437 1,989 721 637 1,343 11,738

Transfers to valuation reserves................... 223,915 36 164 2,173 3,887 10,166 7,782 11,381 48,255 140,071

On loans:

Losses and charge-offs................................... 30,675 1,098 3,551 9,334 5,047 4,281 1,482 1,349 681 3,852

Transfers to valuation reserves................... 479,614 364 3,019 17,542 26,950 43,972 32,324 27,591 81,328 246,524

All other................................................................ 130,849 325 2,023 7,340 9,956 11,756 7,871 9,602 21,030 60,946

Net income before related taxes................... 3,384,388 9,298 44,444 165,208 202,779 294,648 212,770 205,275 716,284 1,533,682

130 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net income— total............................

Federal...................................................................

State .......................................................................

1,398,679

1,310,472

88,207

2,744

2,614

130

13,176

12,465

711

51,129

48,525

2,604

68,208

65,213

2,995

110,119

105,388

4,731

82,887

79,635

3,252

81,201

77,750

3,451

304,911

289,461

15,450

684,304

629,421

54,883

Net income after related taxes...................... 1,985,709 6,554 31,268 114,079 134,571 184,529 129,883 124,074 411,373 849,378

Dividends and interest on capital— to ta l.. 889,905 2,367 11,314 41,040 47,693 68,082 48,654 50,359 175,703 444,693

Cash dividends declared on common stock.. 888,175 2,366 11,309 40,997 47,596 67,843 48,441 50,321 174,640 444,662

Dividends declared on preferred stock and

interest on capital notes and debentures.. 1,730 1 5 43 97 239 213 38 1,063 31

Net additions to capital from incom e. . . . 1,095,804 4,187 19,954 73,039 86,878 116,447 81,229 73,715 235,670 404,685

Number of banking employees (exclusive of

biiilding employees), December 30:

Active officers...................................................... 100,325 2,302 6,802 16,505 13,614 14,566 8,060 6,242 15,521 22,713

Other employees.................................................. 493,031 1,518 6,463 26,597 36,136 58,620 40,665 35,882 107,389 179,761

M em or anda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.........................................................

On loans.............................................................. ..

9,910

73,716 162

38

929

155

5,139

210

7,983

513

11,016

150

6,744

197

5,535

4,433

12,720

4,214

23,488

Losses charged to valuation reserves (not

included in losses above):

On securities......................................................... 22,430 3 16 221 457 1,028 653 1,480 7,053 11,519

On loans................................................................ 248,610 303 2,043 11,866 19,079 29,164 20,206 17,634 48,611 99,704

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net— total........................................................ 505,277 1,594 6,902 27,892 37,373 59,974 40,493 35,110 98,168 197,771

Rental and other income....................................... 136,262 98 701 3,484 4,710 10,326 13,136 10,899 50,601 42,307

Occupancy expense of bank premises,

gross— total.................................................... 641,539 1,692 7,603 31,376 42,083 70,300 53,629 46,009 148,769 240,078

Salaries— building department officers.......... 1,544

79,614

8 15 32 45 72 99

6,250

516

22,323

757

27,570

Salaries and wages— building department

employees.......................................................... 64 473 2,987 4,495 8,210 7,242

Building department personnel benefits . . . . 9,207 1 20 126 261 583 668 617 2,553 4,378

Recurring depreciation...................................... 110,389 204 1,273 6,691 9,173 14,720 10,291 7,806 23,679 36,552

Maintenance and repairs.................................. 75,902 287 1,271 4,434 5,752 9,246 6,694 5,704 16,033 26,481

Insurance and utilities....................................... 109,809 691 2,590 8,470 9,528 13,249 8,613 7,317 22,956 36,395

Rents paid............................................................ 161,723 85 537 2,913 5,373 12,853 11,285 10,926 37,546 80,205

Taxes...................................................................... 93,351 360 1,431 5,740 7,469 11,394 8,764 7,290 23,163 27,740

Number of building employees, December 30:

Officers................................................................. 215 5 12 14 17 14 16 18 56 63

Other employees.................................................. 29,966 198 975 3,082 2,577 3,456 2,807 2,442 7,784 6,645

Number of banks, December 30.......................... 13,002 1,005 2,404 4,339 2,518 1,695 507 233 240 61

1 This group of banks is the same as the group shown in Table 116 under the heading “Operating throughout the year.'

2 For asset and liability data see Table 110 on p. 114.

Back figures,1941—1960: See the Annual Report for 1960, pp. 162-163, and earlier reports.

INCOME OF INSURED B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 119. R atios of I n c o m e of I n su r ed C o m m er c ial B a n k s O perating T h r o u g h o u t 1961 in t h e U nited States (S tates a n d O th er A reas)

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

.banks with deposits of— 2

Income item All

banks1 Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Amounts per $100 of current

operating revenue

Current operating revenue— total ............. $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations. . 17.18 23.12 23.57 22.34 20.39 19.61 18.90 18.94 16.60 14.48

Interest and dividends on other securities. . 5.69 4.11 5.06 6.55 7.13 6.58 5.95 6.26 5.32 5.13

63.37 61.82 61.16 60.96 61.50 61.21 62.07 60.66 64.34 64.99

Service charges on deposit accounts.............. 5.68 4.78 4.88 5.92 7.27 8.32 7.71 6.40 5.59 4.20

Other service charges, commissions, fees, etc.

Other current operating revenue....................

2.02 5.04 4.29 3.19 2.42 2.03 1.89 1.63 1.66 1.92

6.06 1.13 1.04 1.04 1.29 2.25 3.48 6.11 6.49 9.28

Current operating expenses— total............. 67.12 72.05 71.55 72.29 72.78 73.47 72.71 71.30 66.59 61.78

Salaries, wages, and fees................................... 26.70 38.09 34.03 30.85 28.69 28.33 27.92 26.68 26.92 24.50

Officer and employee benefits........................ 3.41 1.48 1.77 2.15 2.50 2.87 3.23 3.45 3.63 3.92

Interest on time and savings deposits........... 19.00 13.69 17.74 20.55 22.03 21.80 21.60 20.60 17.24 17.64

Occupancy expense of bank premises— net.. 4.61 4.39 4.02 4.21 4.57 4.99 4.94 4.76 4.48 4.56

Furniture and equipment.................................

Other current operating expenses...................

2.03 1.71 1.85 2.24 2.33 2.47 2.37 2.23 2.15 1.68

11.37 12.69 12.14 12.29 12.66 13.01 12.65 13.58 12.17 9.48

Net current operating earnings.................... 32.88 27.95 28.45 27.71 27.22 26.53 27.29 28.70 33.41 38.22

Amounts per $100 of total assets2

Current operating expenses— total.....................

3.98 4.30 4.30 1.20 4.21 4.25 4.22 4.09 3.93 3.79

2.67 3.10 3.08 3.04 3.06 3.12 3.07 2.92 2.62 2.34

Net current operating earnings. ......................... J .31 1.20 1.22 1.16 1.15 1.13 1.15 1.17 1.31 1.45

Recoveries, transfers from valuation reserves,

.19 .22 .27 .27 .30 and profits— total........................................... .25 .13 .13 .14 .17

Losses, charge-offs, and transfers to valuation

.28 .27 .30 .29 .41 reserves— total................................................. .33 .23 .24 .25 .27

Net income before related taxes.......................... 1.23 1.10 1.11 1.05 1.05 1.04 1.10 1.14 1.29 1.34

Net income after related taxes............................ .72 .78 .78 .72 .69 .65 .67 .69 .74 .74

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities (3) (*) (3) (3) .01 («) ................................................. C8) (*) (J)

.03 .02 .02 | .03 .04 .01 .03 .03 .02 .02

Losses charged to valuation reserves (not included in losses above):

(’) .01 .01 .01 On securities......................................................... .01 (*) (»> (*) (*)

On loans .10 ................... ............ .09 .01 .05 .08 ,10 .10 .10 .09 .09

132 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Amounts per $100 of total capital

accounts2

Net current operating earnings...........................

Recoveries, transfers from valuation reserves,

and profits— total...........................................

Losses, charge-offs, and transfers to valuation

reserves— total.................................................

Net income before related taxes..........................

Taxes on net income...............................................

Net income after taxes..........................................

Cash dividends declared........................................

Net additions to capital from income...............

10.40

3.19

4.21

15.38

6.36

9.02

4.04

4.98

10.13

1.08

1.93

9.28

2.74

6.54

2.36

4.18

11.48

1.22

2.24

10.46

3.10

7.36

2.66

4.70

12.55

1.5 5

2.79

11.31

3.50

7.81

2.81

5.00

13.GG

1.98

3.19

12.45

4.19

8.26

2.93

5.33

14.54

2.45

3.54

13.45

5.03

8.42

3.10

5.32

15.30

2.95

3.69

14.62

5.70

8.92

3.34

5.58

15.42

3.47

3.95

14.94

5.91

9.03

3.66

5.37

17.37

3.57

3.93

17.01

7.24

9.77

4.17

5.60

18.10

3.79

5.14

16.75

7.48

9.27

4.85

4.42

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

.05 .01 .01 .01 .02 .01 .01 .11 .05

On loans................................................................ .34 .16 .22 .35 .49 .50 .46 .40 .30 .20

Losses charged to reserve accounts (not included in losses above):

On securities......................................................... .10 (3) (*) .02 .03 .05 .04 .11 .17 .13

On loans................................................................ 1.13 .30 .48 .81 1.17 1.33 1.39 1.28 1.15 1.09

Special ratios2

Income on loans per $100 of loans..................... 5.61 6.48 6.34 6.27 6.20 6.10 5.97 5.76 5.52 5.20

Income on U. S. Government obligations per

$100 of U. S. Government obligations... . 2.87 3.20 3.19 3.10 3.01 2.94 2.84 2.86 2.82 2.77

Income on other securities per $100 of other

securities............................................................ 2.66 2.72 2.84 2.73 2.67 2.66 2.65 2.60 2.70 2.63

Service charges per $100 of demand deposits. . .38 .32 .36 .45 .57 .66 .60 .46 .35 .20

Interest paid per $100 of time and savings

deposits.............................................................. 2.54 2.47 2.49 2.50 2.49 2.49 2.52 2.51 2.50 2.61

Occupancy expense of bank premises per $100 of current operating revenue

Occupancy expense of bank premises,

net— total........................................................ 4.61 4.39 4.02 4.21 4.57 4.99 4.94 4.76 4.48 4.56

Rental and other income....................................... 1.24 .27 .41 .53 .58 .86 1.61 1.47 2.31 .98

Occupancy expense of bank premises,

gross— total.................................................... 5.85 4.66 4.43 4.74 5.15 5.85 6.55 6.23 6.79 5.54

Salaries and wages— building department

officers and employees................................... .74 .18 .28 .45 .55 .69 .89 .86 1.04 .66

Building department personnel benefits . . . . .08 (3) .01 .02 .03 .05 .08 .08 .12 .10

Recurring depreciation...................................... 1.01 .56 .74 1.01 1.12 1.22 1.26 1.06 1.08 .84

Maintenance and repairs.................................. .69 .79 .74 .67 .70 .77 .82 .77 .73 .61

Insurance and utilities....................................... 1.00 1.90 1.51 1.28 1.17 1.10 1.05 .99 1.05 .84

Rents paid............................................................ 1.48 .23 .31 .44 .66 1.07 1.38 1.48 1.71 1.85

Taxes...................................................................... .85 1.00 .84 .87 .92 .95 1.07 .99 1.06 .64

Number of banks, December 30......................... 13,002 1,005 2,404 4,339 2,518 1,695 507 233 240 61

1 This group of banks is the same as the group shown in Table 116 under the heading “Operating throughout the year.” These ratios differ slightly from the ratios for all insured ^

commercial banks shown in Tables 115 and 117. CO

2 For asset and liability data see Table 110 on p. 114.

3 Less than .005.

Back figures, 1941-1960: See the Annual Report for 1960, pp. 164-165, and earlier reports.

INCOME OF INSURED BAN K S

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Federal Reserve Bank of St. Louis
Table 120. I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s in t h e U n it e d S ta t e s (S t a t e s a n d O t h e r A r e a s ), B y S ta te , 1961

(Amounts in thousands of dollars)

Income item

Total

United

States

Other areas

50 States

and

U. (J.

Alabama Alaska Arizona Arkansas California Colorado ConnectiPuerto cut

Rico

Virgin

Islands

Current operating revenue— tota l................ 11,069,604 24,569 909 11,044,126 104,234 11,859 76,245 59,032 1,321,723 105,003 130,722

Interest on U. S. Government obligations... 1,901,732 1,629 144 1,899,959 18,160 1,696 8,015 10,473 180,312 16,311 17,018

Interest and dividends on other securities... 629,134 1,409 65 627,660 7,278 471 2,790 5,189 57,112 3,240 6,826

Interest and discount on loans........................ 6,891,442 16,480 530 6,874,432 64,896 7,155 52,685 35,699 878,454 67,245 81,171

Service charges and fees on loans................... 117,259 1,931 40 115,288 718 736 2,043 173 25,267 1,325 1,034

Service charges on deposit accounts............... 630,458 728 17 629,713 7,549 1,103 6,809 3,751 97,782 9,718 9,666

Other charges, commissions, fees, etc............. 223,283 2,275 74 220,934 2,346 564 1,955 2,622 22,005 2,125 2,005

502,871 20 502,851 2,227 43 1,574 559 40,954 4,103 11,780

Other current operating revenue..................... 173,425 97 39 173,289 1,060 91 374 566 19,837 936 1,222

Current operating expenses— total.............. 7,440,492 19,870 681 7,419,941 68,485 9,076 56,751 40,834 944,387 71,379 90,388

Salaries— officers.................................................. 1,028,869 2,633 61 1,026,175 12,308 1,555 7,627 8,523 97,567 11,530 13,938

Salaries and wages— other employees............ 1,869,961 5,208 189 1,864,564 16,361 2,682 16,046 8,068 245,833 18,251 27,206

Officer and employee benefits........................... 377,494 780 24 376,690 3,073 270 2,522 1,634 37,569 3,010 6,287

Fees paid to directors and committees.......... 59,794 156 5 59,633 724 34 136 900 1,208 838 687

Interest on time and savings deposits........... 2,106,645 5,026 282 2,101,337 17,889 1,656 13,256 9,350 346,610 17,298 16,526

Interest on borrowed money............................ 37,997 83 37,914 111 14 62 52 4,637 189 300

Occupancy expense of bank premises— net. . 510,691 921 13 509,757 3,243 770 4,996 2,790 57,092 5,214 6,493

Furniture and equipment.................................. 224,852 652 16 224,184 2,362 401 2,827 1,460 28,867 2,467 3,459

Other current operating expenses................... 1,224,189 4,411 91 1,219,687 12,414 1,694 9,279 8,057 125,004 12,582 15,492

Net current operating earnings..................... 3,629,112 4,699 328 3,624,185 35,749 2,783 19,494 18,198 377,336 33,624 40,334

Recoveries, transfers from valuation re708,171 893 13 707,265 6,582 190 1,876 2,422 74,344 4,643 7,062

On securities:

Profits on securities sold or redeemed .... 453,730 408 1 453,321 5,666 67 909 1,600 49,204 3,714 6,120

Recoveries ........................................... 9,934 3 9,931 18 12 275 37 38

Transfers from valuation reserves ......... 86,574 86,574 104 66 12,971 42 12

On loans:

Recoveries ............................................. 16,825 1 16,824 345 70 2 504 634 254 67

Transfers from valuation reserves.............. 51,817 206 51,611 101 12 36 3,914 126 297

89,291 278 9 89,004 348 53 953 204 7,346 470 528

Losses, charge-offs, and transfers to

valuation reserves— total.......................... 935,461 1,696 67 933,698 6,893 819 5,398 4,548 109,018 7,858 11,065

On securities:

Losses on securities sold .............................. 44,290 99 44,191 332 28 77 206 3,589 113 867

Charge-offs prior to sale ........................ 21,354 21,354 90 4 58 8,498 109 14

Transfers to valuation reserves 224,678 224,678 276 1,189 407 26,112 1,183 2,842

On loans:

T.naopa ortrl .............................. 31,194 1 31,193 736 132 1 694 526 423 28

Transfers to valuation reserves................... 481,200 1,435 17 479,748 4,478 564 3,081 2,261 55,099 4,132 4,382

132,745 161 50 132,534 981 91 1,050 922 15,194 1,898 2,932

Net income before related taxes.................... 3,401,822 3,896 174 3,397,752 35,438 2,154 15,972 16,072 342,662 30,409 36,331

134 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net income— tota l............................

Federal....................................................................

State........................................................................

Net income after related taxes.......................

Dividends and interest on capital— total..

Cash dividends declared on common stock..

Dividends declared on preferred stock and

interest on capital notes and debentures. .

Net additions to capital from incom e........

1,406,102

1,317,292

88,810

635

457

178

60

60

1,405,407

1,316,775

88,632

13,776

12,106

1,670

941

934

7

7,758

7,341

417

4.752

4.752

158,995

137,775

21,220

15,034

12,876

2,158

15,708

13,291

2,417

1,995,720 3,261 114 1,992,345 21,662 1,213 8,214 11,320 183,667 15,375 20,623

895,053

893,230

1,823

1.425

1.425

893,628

891,805

1,823

7.397

7.397

372

372

5.270

5.270

4.023

4.023

102,126

102,070

56

6.797

6.797

10.597

10.597

1,100,667 1,836 114 1,098,717 14,265 841 2,944 7,297 81,541 8,578 10,026

Number of banking employees (exclusive of

building employees), December 30:

Active officers.......................................................

Other employees...................................................

107,060

. 496,040

349

1,135

6

58

106,705

494,847

1,396

5,074

116

599

781

4,205

1,158

2,709

10,195

56,540

1,205

5,093

1,230

7,299

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.......................................................... 9,911

73,844

22,463

249,500

9,911

73,522

22,463

248,562

2

890

120

2,235

4

527

12

1,366

2,014

9,487

353

32,094

6

1,451

21

3,417

7

643

10

2,394

On loans.................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..........................................................

320 2 356 758

On loans................................................................. 938 612 2,911

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net — total......................................................

Rental and other income.......................................

Occupancy expense of bank premises,

gross— total.....................................................

Salaries— building department officers...........

Salaries and wages— building department

employees..........................................................

Building department personnel benefits........

Recurring depreciation.......................................

Maintenance and repairs...................................

Insurance and utilities.......................................

Rents paid.............................................................

Taxes.......................................................................

510,691

137,024

647,715

1,580

79,883

9,232

111,363

76,726

110,783

164,160

93,988

921

206

1,127

4

124

17

177

119

173

316

197

13

1

14

1

5

3

4

1

509,757

136,817

646,574

1,576

79,759

9,215

111,185

76,602

110,607

163,840

93,790

3,243

1,066

4,309

25

645

62

943

406

913

1,104

211

770

68

838

29

3

113

168

213

263

49

4,996

1,150

6,146

11

442

63

1,093

541

1,328

2,270

398

2,790

536

3,326

8

389

34

771

457

695

491

481

57,092

7,564

64,656

194

2,835

380

8,309

11,504

9,306

23,683

8,445

5,214

2,879

8,093

21

1,008

81

869

601

1,132

3,540

841

6,493

1,710

8,203

1,351

143

1,465

841

1,646

1,231

1,526

Number of building employees, December 30:

Officers.................................................................... 219

30,061

2

55

217

30,006

5

378

1

116

4

236

19

816

3

Other employees................................................... 12 321 445

Number of banks, December 30 .......................... 13,115 7 1 13,107 238 10 11 233 117 164 58

Note: For average asset and liability data by State see Table 112 on pp. 116-117.

Back figures, 19^6-1960: See the Annual Report for 1960, pp. 166-175, and earlier reports.

INCOME OF INSURED B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S tate s (S ta te s a n d O t h e r A r e a s) , B y S ta t e, 1961— Continued

(Amounts in thousands of dollars)

Income item Delaware

District of

Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky

Current operating revenue— tota l.................... 36,286 71,068 233,045 160,201 38,085 35,166 768,736 218,544 145,165 110,159 103,176

Interest on U. S. Government obligations........ 6,040 14,135 51,468 23,267 6,165 7,165 174,096 52,567 27,727 24,864 22,811

Interest and dividends on other securities........ 1,086 1,704 12,307 7,029 1,696 1,531 53,399 9,109 9,080 9,468 4,517

Interest and discount on loans............................. 21,129 43,522 129,103 101,976 25,750 21,224

825

439,389 132,105 92,139 63,113 63,788

Service charges and fees on loans........................ 614 685 4,226 2,639 1,085 6,756 1,260 402 383 714

Service charges on deposit accounts................... 1,002 5,183 22,195 12,337 1,942 3,029 31,013 11,483 9,166 8,143 4,439

Other charges, commissions, fees, etc................. 233 987 5,032 6,277 1,203 937 11,218 4,028 3,338 1,890 1,184

5,820

362

4,436

416

6,390

2,324

5,230

1,446

200 45,933 5,942 1,866 997 4,473

Other current operating revenue......................... 244 255 6,932 2,050 1,447 1,301 1,250

Current operating expenses— total................... 20,661 45,678 169,188 112,001 27,444 23,123 497,174 154,895 101,355 71,750 65,744

Salaries— officers...................................................... 3,556 6,469 24,827 18,661 2,535 4,075 68,080 24,615 23,897 17,676 13,373

Salaries and wages— other employees................ 6,358 12,992 43,820 27,825 7,055 5,286 117,717 35,615 19,073 14,376 14,785

Officer and employee benefits............................... 1,292 1,737 6,993 5,661 1,740 1,001 27,654 6,849 3,798 2,489 2,957

Fees paid to directors and committees.............. 273 420 1,862 1,414

22,980

162 170 4,132 1,918 1,082 1,181 1,149

Interest on time and savings deposits................ 3,051 10,188 40,838 9,332 6,773 155,358 42,424

167

26,001 15,525 12,710

Interest on borrowed m on ey ................................ 58 59 347 298 23 77 2,801 166 151 172

Occupancy expense of bank premises— net. . . . 1,529 3,799 11,571 8,520 1,836 1,255 32,475 9,535 6,148 4,658 5,135

Furniture and equipment....................................... 800 1,437 7,928 3,927 905 810 12,055 4,743 3,042 2,187 1,939

Other current operating expenses........................ 3,744 8,577 31,002 22,715 3,856 3,676 76,902 29,029 18,148 13,507 13,524

Net current operating earnings......................... 15,625 25,390 63,857 48,200 10,641 12,043 271,562 63,649 43,810 38,409 37,432

Recoveries, transfers from valuation reserves, and profits— tota l.............................. 1,669 1,537 9,652 5,435 890 1,606 93,720 14,594 7,236 5,627 3,753

On securities:

Profits on securities sold or redeemed................ 893 936 7,603 2,832 655 1,470 73,495 10,369 5,356 3,651 2,081

Recoveries.............................................................. 1 1 6 58 2 3,278 65 225 53 196

Transfers from valuation reserves 469 280 122 49 27 8,907

628

2,233

231

99 327 388

On loans:

Recoveries.............................................................. 18 61 386 427 26 82 405 1,070 336

Transfers from valuation reserves................... 259 34 210 212 16 1 6,237 450 339 98 345

All other..................................................................... 29 505 1,167 1,784 144 24 1,175 1,246 812 428 407

Losses, charge-offs, and transfers to valuation reserves— total......................................... 1,859 2,579 17,701 8,763 922 3,169 98,600 17,670 9,240 8,628 6,229

On securities:

Losses on securities sold.................................... 12 2 1,337 308 7 1,855 2,414 2,879 668 575 248

Charge-offs prior to sale.................................... 2 161 96 94 5 1,413

46,267

216 231 1,073 305

Transfers to valuation reserves....................... 485 126 903 493 102 222 2,988 673 501 1,305

On loans:

Losses and charge-offs........................................ 29 222 972 468 50 150 5,012 520 883 1,833 668

Transfers to valuation reserves........................ 954 1,612 12,106 5,032 469 825 36,188 8,057 3,565 2,412 2,600

All other..................................................................... 377 456 2,287 2,368 294 112 7,306 3,010 3,220 2,234 1,103

Net income before related taxes........................ 15,435 24,348 55,808 44,872 10,609 10,480 266,682 60,573 41,806 35,408 34,956

FEDERAL DEPOSIT INSUBANCB CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— tota l................................

Federal........................................................................

State............................................................................

7,650

7,246

404

11.719

11.719

22,116

22,116

18.137

18.137

4,681

4,352

329

5,601

4,968

633

112.235

112.235

22.551

22.551

15.417

15.417

11.957

11.957

15.169

15.169

Net income after related taxes...........................

Dividends and interest on capital— total. . . .

Cash dividends declared on common stock. . . .

Dividends declared on preferred stock and

interest on capital notes and debentures. . . .

7,785 12,629 33,692 26,735 5,928 4,879 154,447 38,022 26,389 23,451 19,787

4.953

4.953

6,181

6,181

11,965

11,930

35

11,632

11,623

9

2.504

2.504

3.049

3.049

51,754

51,706

48

12,456

12,446

10

9,711

9,693

18

7.337

7.337

7,150

7,147

3

Net additions to capital from incom e............ 2,832 6,448 21,727 15,103 3,424 1,830 102,693 25,566 16,678 16,114 12,637

Number of banking employees (exclusive of

building employees), December 30:

Active officers............................................................

Other employees.......................................................

334

1,821

500

3,148

2,712

13,194

2,158

8,403

218

1,839

416

1,589

6,341

29,836

2,735

10,350

2,845

6,117

2,301

4,605

1,847

4,948

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 29

2,292

171

9,954

22

1,482

23

4,729

56

255

51

641

1,046

4,756

1,019

9,765

2

2,049

57

6,381

26

762

101

2,354

105

1,097

10

2,028

162

744

105

2,177

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

On loans.....................................................................

88

44

315

151

1,497

76

466

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net— total.............................................................

Rental and other income...........................................

Occupancy expense of bank premises,

gross— total.........................................................

Salaries— building department officers...............

Salaries and wages— building department

employees..............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

Rents paid..................................................................

Taxes...........................................................................

1,529

224

1,753

168

22

343

144

314

633

129

3,799

857

4,656

15

933

64

742

525

700

1,155

522

11,571

4,280

15,851

53

1,534

165

2,788

1,984

3,080

3,382

2,865

8,520

2,573

11,093

27

1,074

102

2,063

1,402

1,843

2,038

2,544

1,836

327

2,163

19

147

26

367

175

434

870

125

1,255

331

1,586

214

10

410

140

298

282

232

32,475

9,231

41,706

72

7,235

632

6,228

5,971

6,168

9,943

5,457

9,535

3,365

12,900

19

2,256

172

2,539

1,753

2,390

2,128

1,643

6,148

1,016

7,164

1

831

57

1,191

954

1,489

1,594

1,047

4,658

1,393

6,051

11

808

41

1,209

955

1,154

712

1,161

5,135

1,159

6,294

7

895

63

952

890

1,319

920

1,248

Number of building employees, December 30:

Officers........................................................................ 2

304

6

553

4

480

2

80

7

2,124

3

955

3

580

3

456

1

Other employees....................................................... 74 89 502

Number of banks, December 30.............................. 19 11 318 362 7 32 970 437 649 587 342

Note: For average asset and liability data by State see Table 112 on pp. 116-117.

Back figures, 1946-1960: See the Annual Report for 1960, pp. 166-175, and earlier reports.

INCOME OF INSURED BANKS 137

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 2 0 . I n c o m e of I n su r ed C o m m e r c ia l B a n k s in t h e U nited S tates (S tates a n d O th er A reas), b y S tate, 1961— Continued

(Amounts in thousands of dollars)

xiiCOiiiu iteiii Louisiana iviai jlic i\/r--- ^ iViajijianu

Massachusetts

Minne- Mississippi Missouri Montana MoKrosVo Mo-iT-crla

Current operating revenue— total.................. 129,789 35,893 110,626 293,742 432,230 213,085 64,633 261,780 41,844 76,277 25,624

Interest on U. S. Government obligations........ 26,892 5,248 22,833 42,063 85,090 37,639 11,098 51,863 8,140 14,875 3,956

Interest and dividends on other securities........ 9,001 1,276 6,090 9,763 31,062 11,343 7,564 14,736 2,456 3,369 1,299

Interest and discount on loans............................. 77,392 24,708 65,333 177,563 264,861 129,098 36,555 166,737 25,402 49,507 16,430

Service charges and fees on loans........................ 521 301 1,272 3,098 3,685 1,239 157 1,695 650 159 818

Service charges on deposit accounts................... 8,572 2,274 8,768 19,973 22,633 13,820 4,437 12,147 3,346 4,860 1,264

Other charges, commissions, fees, etc................. 4,831 488 2,466 9,177 7,637 11,132 3,533 3,716 1,224 1,511 778

Trust department.................................................... 1,193 1,308 2,755 25,592 14,334 7,108 584 7,881 276 1,362 767

Other current operating revenue......................... 1,387 290 1,109 6,513 2,928 1,706 705 3,005 350 634 312

Current operating expenses— total................. 91,376 25,960 77,400 178,181 318,319 147,336 44,873 167,352 30,440 49,498 16,478

Salaries— officers...................................................... 14,353 3,410 9,101 26,970 32,507 27,910 8,957 27,888 5,574 13,284 2,396

Salaries and wages— other employees................. 20,889 6,127 20,964 58,951 75,704 32,318 9,634 40,355 6,031 10,854 4,201

Officer and employee benefits............................... 3,466 989 3,264 12,720 15,197 7,353 1,880 7,233 1,634 2,655 529

Fees paid to directors and committees.............. 1,281 278 835 1,373 1,963 1,778 821 2,050 269 846 50

Interest on time and savings deposits................ 21,150 7,757 20,771 21,575 116,543 41,419 9,677 41,964 7,678 6,921 5,393

Interest on borrowed money................................ 217 27 252 659 856 312 114 579 64 284 15

Occupancy expense of bank premises— net. . . . 8,104 2,087 5,208 15,519 20,026 8,753 2,617 10,792 1,764 3,193 1,285

Furniture and equipment....................................... 2,467 871 2,660 6,552 8,815 4,293 1,558 4,909 1,019 1,692 489

Other current operating expenses........................ 19,449 4,414 14,345 33,862 46,708 23,200 9,615 31,5S2 6,407 9,769 2,120

Net current operating earnings....................... 38,413 9,933 33,226 115,561 113,911 65,749 19,760 94,428 11,404 26,779 9,146

Recoveries, transfers from valuation reserves, and profits—total............................ 7,270 1,132 6,424 20,239 18,899 7,030 3,242 17,706 2,592 2,788 3,843

On securities:

Profits on securities sold or redeemed............ 5,309 857 4,121 10,385 14,016 5,406 1,092 9,090 1,041 1,384 3,803

Recoveries .......................................................... 63 4 39 216 30 124 197 157 174 200

Transfers from valuation reserves 198

228

44 1,512

113

2,309

163

1,691

222

152 752 5,347

546

380 139

On loans:

Recoveries............................................................. 88 617 320 625 268 2

Tran«fers from valuation reserves 1,122

350

20 415 1,661

5,505

476 87 339 1,580

986

14.3 279

All other..................................................................... 119 224 2,464 644 542 229 518 38

Losses, charge-offs, and transfers to valuation reserves—total...................................... 11,732 1,985 7,505 24,520 25,023 8,483 7,039 17,455 2,835 5,250 2,929

On securities:

Losses on securities sold ........... ............... 498 132 468 1,562

67

385 341 212 2,357 53 270

Charge-offs prior to sale ........... ............... 234 41 130 160 810 612 409 292 187

Transfers to valuation reserves........................ 2,819 311 1,425 6,053 6,604 1,169 874 3,467 738 945 2,019

On loans:

Losses and charge-offs........................................ 403 51 162 164 645 941 647 793 692 261 54

Transfers to valuation reserves........................ 5,490 1,200 3,816 11,946 12.823 3,506 3,603 7,940 820 2,465 753

2,288 250 1,504 4,728 4,406 1,716 1,091 2,489 240 1,122 103

Net income before related taxes...................... 33,951 9,080 32,145 111,280 107,787 64,296 15,963 94,679 11,161 24,317 10,060

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— tota l................................

Federal........................................................................

State............................................................................

13.947

13.947

3.424

3.424

13.317

13.317

54,987

46,744

8,243

35.546

35.546

28,759

23,591

5,168

4.328

4.328

38,620

36,455

2,165

4,629

4,352

277

10,062

10,062

4.567

4.567

Net income after related taxes...........................

Dividends and interest on capital— total. . . .

Cash dividends declared on common stock. . . .

Dividends declared on preferred stock and

interest on capital notes and debentures. . . .

Net additions to capital from incom e............

20,004 5,656 18,828 56,293 72,241 35,537 11,635 56,059 6,532 14,255 5,493

7,899

7,898

1

2,516

2,511

5

8,469

8,467

2

28,590

28,580

10

29,075

28,890

185

14,451

14,402

49

4,336

4,331

5

20,417

20,397

20

3.092

3.092

5.861

5.861

2.578

2.578

12,105 3,140 10,359 27,703 43,166 21,086 7,299 35,642 3,440 8,394 2,915

Number of banking employees (exclusive of

building employees), December 30:

Active officers...........................................................

Other employees.......................................................

1,509

5,993

425

1,986

1,097

6,262

2,497

16,817

3,139

19,639

3,225

9,510

1,096

3,020

3,302

12,355

629

1,765

1,583

3,498

279

1,125

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 12

922

165

3,334

22

297

356

896

5

352

11

2,378

18

1,475

174

6,954

118

737

104

1,966

1,623

1,139

737

4,157

14

280

1

666

25

751

381

1,459

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

On loans.....................................................................

3,489

4,079

9,249

1,057

1

3,279

63

349

Occupancy expense of bank

premises

Occupancy expense of bank premises, net

— total...................................................................

Rental and other income...........................................

Occupancy expense of bank premises, gross

— tota l...................................................................

Salaries— building department officers...............

Salaries and wages— building department

employees..............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

Rents paid..................................................................

Taxes...........................................................................

8,104

2,524

10,628

46

1,609

117

1,817

851

1,447

1,711

3,030

2,087

362

2,449

354

31

463

230

465

583

323

5,208

1,217

6,425

22

630

48

1,039

1,038

1,169

1,793

686

15,519

3,313

18,832

55

2,242

318

3,160

1,916

3,732

3,098

4,311

20,026

3,265

23,291

55

3,422

405

4,279

2,839

4,539

4,241

3,511

8,753

4,101

12,854

23

1,199

116

1,649

1,327

2,904

3,909

1,727

2,617

1,301

3,918

1

359

20

518

380

664

1,050

926

10,792

1,870

12,662

10

1,968

244

2,559

1,579

2,334

2,859

1,109

1,764

724

2,488

351

35

455

259

368

422

598

3,193

1,119

4,312

15

565

58

834

572

751

917

600

1,285

136

1,421

164

17

236

131

296

157

420

Number of building employees, December 30:

Officers........................................................................ 7

619

3

353

6

725

6

1,236

5

588

1

229

4

826

2

Other employees....................................................... 204 159 53 348

Number of banks, December 30.............................. 191 43 131 163 371 680 191 612 122 394 7

Note: For average asset and liability data by State see Table 112 on pp. 116-117.

Back figures, 1946-1960: See the Annual Report for 1960, pp. 166-175, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
i—i i

(Amounts in thousands of dollars) o

Table 120. I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S tate s (S tate s a n d O t h e r A r e a s), b y S ta t e , 1961— Continued

New New New New North North Pennsyl­ Rhode

Income item Hampshire Jersey Mexico York Carolina Dakota Ohio Oklahoma Oregon vania Island

Current operating revenue— total.................... 22,296 350,504 36,310 2,088,797 145,225 33,945 520,979 121,107 102,951 717,110 48,218

Interest on U. S. Government obligations........ 3,199 57,595 7,262 303,437 20,333 7,692 106,585 23,696 14,894 118,309 6,253

Interest and dividends on other securities........ 1,095 31,541 1,316 119,025 8,649 2,488 31,617 6,921 6,569 47,232 2,657

Interest and discount on loans............................. 14,908 216,260 22,564 1,288,047 90,427 18,581 316,674 75,981 64,785 452,938 31,378

Service charges and fees on loans........................ 161 3,042 423 19,956 2,917 224 3,939 796 1,043 5,246 183

Service charges on deposit accounts................... 1,943 23,031 2,955 72,723 9,692 1,994 28,526 9,333 9,420 27,705 2,699

Other charges, commissions, fees, etc................. 320 3,791 1,040 39,867 6,624 2,451 7,095 1,758 2,044 9,402 785

Trust department.................................................... 440 11,822 431 170,358 5,250 217 21,166 1,664 2,804 47,749 3,897

Other current operating revenue......................... 230 3,422 319 75,384 1,333 298 5,377 958 1,392 8,529 366

Current operating expenses— total................... 16,029 262,888 25,852 1,271,332 98,580 22,716 352,227 76,350 75,308 488,111 32,607

Salaries— officers...................................................... 2,475 30,136 4,471 133,767 18,385 5,002 41,552 17,674 11,254 59,130 3,380

Salaries and wages— other employees................. 3,177 63,560 6,621 375,876 25,830 3,915 83,062 17,220 17,849 115,316 7,612

Officer and employee benefits............................... 849 11,606 939 94,667 4,675 1,089 14,966 3,618 3,011 24,841 2,428

Fees paid to directors and committees.............. 267 2,579 240 4,723 793 272 2,789 940 250 5,200 212

Interest on time and savings deposits................ 4,674 86,885 5,559 322,329 20,730 6,825 116,003 15,825 26,513 147,014 11,614

Interest on borrowed money................................ 48 441 8 17,393 324 11 1,455 170 81 1,763 79

Occupancy expense of bank premises— net. . . . 1,041 18,628 1,893 110,409 6,213 1,139 18,436 4,477 4,487 32,464 1,938

Furniture and equipment....................................... 556 8,503 1,064 30,701 3,598 708 9,702 2,444 2,347 15,145 818

Other current operating expenses........................ 2,942 40,550 5,057 181,467 18,032 3,755 64,262 13,982 9,516 87,238 4,526

Net current operating earnings......................... 6,267 87,616 10,458 817,465 46,645 11,229 168,752 44,757 27,643 228,999 15,611

Recoveries, transfers from, valuation reserves, and profits— tota l.............................. 1,072 15,109 1,306 156,581 7,718 1,092 57,046 6,080 665 57,646 3,805

On securities:

Profits on securities sold or redeemed............ 867 10,054 930 79,868 5,267 545 28,548 4,651 388 41,351 3,683

P opnvpri pq 60 50 1 2,399 23 8 173 59 226

Troncforc frnm VQlllflfinn roQAfVAQ 25 2,230 27,147 157 85 5,354 6 3 6,751

On loans:

39 269 174 900 107 62 459 934 27 699 19

Transfers from valuation reserves 14 702 20,805 1,346 13 2,006 39 4,832 54

67 1,804 201 25,462 818 379 20,506 391 247 3,787 49

Losses, charge-offs, and transfers to valuation reserves— total......................................... 1,535 28,910 3,421 229,908 11,570 1,662 43,009 7,334 3,513 71,278 5,635

On securities:

Losses cn securities sold.................................... 418 5,420 101 5,841 1,761 88 1,133 142 7 3,216 92

73 276 21 492 56 34 2,096 115 10 1,089

Transfers to valuation reserves........................ 215 5,071 206 40,944 1,967 1 20,153 937 1,929 25,839 2,791

On loans:

Losses and charge-offs........................................ 56 539 161 578 332 105 881 1,845 73 957 56

Transfers to valuation reserves........................ 583 14,961 2,528 147,982 6,074 1,052 14,691 3,352 1,069 32,089 1,913

190 2,643 404 34,071 1,380 382 4,055 943 425 8,088 783

Net income before related taxes........................ 5,804 73,815 8,343 744,138 42,793 10,659 182,789 43,503 24,795 215,367 13,781

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— tota l................................

Federal........................................................................

2,066

2,066

19.405

19.405

2.878

2.878

315,394

281,208

34,186

18,205

16,612

1,593

3,858

3,629

229

73.068

73.068

17,997

16,777

1,220

10,178

8,058

2,120

84.881

84.881

6,841

5,806

1,035

Net income after related taxes...........................

Dividends and interest on capital— total. . . .

Cash dividends declared on common stock.. . .

Dividends declared on preferred stock and

3,738 54,410 5,465 428,744 24,588 6,801 109,721 25,506 14,617 130,486 6,940

1.232

1.232

23,320

22,894

426

2.291

2.291

228,431

227,727

704

9,760

9,759

1

2.712

2.712

36,066

36,056

10

8.772

8.772

7.869

7.869

68,180

68,178

2

4.574

4.574

Net additions to capital from incom e............ 2,506 31,090 3,174 200,313 14,828 4,089 73,655 16,734 6,748 62,306 2,366

Number of banking employees (exclusive of

building employees), December 30:

Active officers............................................................

Other employees.......................................................

322

1,040

2,863

17,152

481

1,903

10,027

85,509

2,051

8,100

652

1,331

4,111

22,011

2,095

5,272

1,312

4,642

6,223

31,149

337

2,205

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 6

1,880

1,429

5,716

2

745

93

2,120

2,358

10,223

4,574

48,513

147

479

2,341

2,516

195

2,954

1,075

8,224

120

3,840

1,173

15,214

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

On loans.....................................................................

142

33

415

172

388

1,252

18

3,746

476

3,410

1,294

140

1,063

Occupancy expense of bank

premises

Occupancy expense of bank premises, net

— total...................................................................

Rental and other income...........................................

Occupancy expense of bank premises, gross

— total...................................................................

Salaries— building department officers...............

Salaries and wages— building department

employees..............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and reoairs.......................................

Insurance and utilities............................................

Rents paid..................................................................

Taxes...........................................................................

1,041

148

1,189

142

12

178

119

220

300

218

18,628

3,250

21,878

38

2,556

318

4,424

3,325

3,678

3,266

4,273

1,893

461

2,354

342

16

505

268

347

484

392

110,409

19,519

129,928

263

13,268

2,566

19,817

10,673

20,622

48,408

14,311

6,213

1,434

7,647

34

1,111

113

1,616

935

1,577

1,530

731

1,139

407

1,546

2

194

15

322

143

376

247

247

18,436

9,550

27,986

73

5,278

530

5,002

3,521

4,628

6,167

2,787

4,477

3,841

8,318

15

1,349

144

1,535

1,075

1,392

2,211

597

4,487

683

5,170

42

718

65

1,227

980

730

676

732

32,464

7,244

39,708

115

7,368

874

7,632

4,563

6,367

8,081

4,708

1,938

1,447

3,385

39

750

122

519

244

484

630

597

Number of building employees, December 30:

Officers ...................................................................... 4

878

27

3,126

4

622

1

145

14

2,144

2

608

4

219

17

2,837

4

Other employees....................................................... 82 107 285

Numoer of banks. December 30.............................. 71 244 57 374 170 153 575 385 47 666 8

Note: For average asset and liability data by State see Table 112 on pp. 116-117.

Back figures, 1946-1960: See the Annual Report for I960, pp. 166-175, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s (S tate s a n d O t h e r A r e a s) , b y S ta te , 1961— Continued

(Amounts in thousands of dollars)

Incomc item

South

Carolina

South

Dakota T phtipsspp Texas Utah Vermont Virginia

Washington

West

Virginia Wisconsin Wyoming

Current operating revenue-—tota l.................... 52,685 39,570 153,540 522,469 53,159 21,801 169,020 147,919 59,873 202,365 20,311

Interest on U. S. Government obligations........ 9,377 8,630 25,658 92,127 6,830 2,903 26,708 21,834 14,853 45,594 4,203

Interest and dividends on other securities........ 3,700 1,883 8,648 28,512 2,115 1,130 9,174 6,787 2,874 11,085 851

Interest and discount on loans............................. 30,443 23,478 104,665 341,563 34,856 15,384 110,085 92,844 36,298 125,409 12,735

Service charges and fees on loans........................ 184 275 930 3,298 1,889 255 1,734 2,042 499 1,569 203

Service charges on deposit accounts................... 4,643 2,440 6,196 31,946 4,467 1,335 11,188 14,662 2,407 10,627 1,377

Other charges, commissions, fees, etc................. 2,954 2,265 3,301 8,097 1,393 214 3,313 3,580 950 2,629 619

Trust department.................................................... 949 310 2,927 10,530 1,262 375 5,506 4,342 1,446 3,578 141

Other current operating revenue......................... 435 289 1,215 6,396 347 205 1,312 1,828 546 1,874 182

Current operating expenses— total................... 34,898 26,577 103,242 346,061 34,866 17,062 117,609 102,322 39,135 145,240 13,403

Salaries— officers...................................................... 7,244 6,358 15,564 63,474 4,681 2,157 17,444 14,725 6,827 24,660 2,653

Salaries and wages— other employees................. 9,546 4,738 22,681 76,974 7,836 2,974 26,739 28,782 8,506 27,455 2,918

Officer and employee benefits............................... 1,710 1,237 4,293 13,156 1,459 579 4,633 4,814 1,727 6,569 368

Fees paid to directors and committees.............. 474 430 904 4,164 301 300 1,524 386 713 2,117 221

Interest on time and savings deposits................ 4,861 7,259 31,998 75,887 11,494 7,238 35,555 28,195 10,489 51,817 3,960

Interest on borrowed money................................. 30 12 274 1,851 139 23 243 186 73 219 28

Occupancy expense of bank premises— net. . . . 2,485 1,344 6,236 24,270 2,109 1,025 7,107 6,864 2,277 7,843 665

Furniture and equipment...................................... 1,450 836 3,345 11,033 1,222 473 3,945 3,600 1,303 3,951 499

Other current operating expenses........................ 7,098 4,363 17,947 75,252 5,625 2,293 20,419 14,770 7,220 20,609 2,091

Net current operating earnings......................... 17,787 12,993 50,298 176,408 18,293 4,739 51,411 45,597 20,738 57,125 6,908

Recoveries, transfers from valuation reserves, and profits— tota l..............................

On securities:

1,763 800 6,387 18,718 2,719 713 6,945 7,040 2,644 16,317 1,096

Profits on securities sold or redeemed........... 1,502 517 4,005 10,086 2,047 531 5,099 4,988 2,075 12,456 738

Recoveries..............................................................

Transfers from valuation reserves...................

On loans:

24 4 78

610

279

1,819

21

44

26

14

34

781

810

24

17

86

159

2,804

11

14

Recoveries.............................................................. 62 133 340 3,090 63 15 186 62 154 121 171

Transfers from valuation reserves................... 19 44 329 1,319 85 26 273 655 39 87 115

All other..................................................................... 156 102 1,025 2,125 459 101 572 501 273 690 47

Losses, charge-offs, and transfers to valuation reserves— tota l.........................................

On securities:

2,261 2,251 9,994 39,546 2,076 1,053 9,183 7,733 3,601 11,091 1,419

Losses on securities sold..................................... 36 45 429 825 212 194 452 715 293 934 42

Charge-offs prior to sale..................................... 48 37 332 646 44 16 119 76 49 339 75

Transfers to valuation reserves........................

On loans:

51 26 2,370 2,909 498 10 2,518 2,030 427 1,102 186

Losses and charge-offs........................................ 128 95 534 5,453 37 21 313 133 227 125 384

Transfers to valuation reserves........................ 1,583 1,591 4,602 23,356 1,131 646 4,744 4,010 1,567 7,561 484

All other..................................................................... 415 457 1,727 6,357 154 166 1,037 769 1,038 1,030 248

Net income before related taxes........................ 17,289 11,542 46,691 155,580 18,936 4,399 49,173 44,904 19,781 62,351 6,585

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Taxes on net incomc— total................................

Federal........................................................................

State............................................................................

6,935

6,507

428

4,789

4,416

373

20,229

19,886

343

60.399

60.399

8,482

8,155

327

1,338

1,198

140

20.043

20.043

18.988

18.988

8.310

8.310

21,777

20,247

1,530

2.963

2.963

Net income after related taxes...........................

Dividends and interest on capital— total. . . .

Cash dividends declared on common stock.. . .

Dividends declared on preferred stock and

interest on capital notes and debentures. . . .

Net additions to capital from incom e............

10,354 6,753 26,462 95,181 10,454 3,061 29,130 25,916 11,471 40,574 3,622

4,242

4,240

2

2.561

2.561

10.099

10.099

44.006

44.006

4.361

4.361

1,279

1,212

67

12,035

11,989

46

10.097

10.097

4.307

4.307

13,585

13,480

105

1,291

1,287

4

6,112 4,192 16,363 51,175 6,093 1,782 17,095 15,819 7,164 26,989 2,331

Number of banking employees (exclusive of

building employees), December 30:

Active officers...........................................................

Other employees.......................................................

888

3,154

811

1,575

1,975

7,117

6,935

22,330

533

2,384

289

917

2,159

8,226

1,535

7,472

824

2,589

2,721

8,596

292

834

M emorand a

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 1,711

7,846

66

21,623

54

918

98

3,824

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

On loans.....................................................................

213

1

1,004

301

4

725

659

6

2,476

233

1

613

90

5

302

770

1

2,038

236

20

986

1,202

7

5,248

325

2

491

Occupancy expense of bank

premises

Occupancy expense of bank premises, net

— total...................................................................

Rental and other income...........................................

Occupancy expense of bank premises, gross

— tota l...................................................................

Salaries— building department officers...............

Salaries and wages— building department

employees...............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

Rents paid.................................................................

Taxes...........................................................................

2,485

255

2,740

1

170

20

525

524

807

560

133

1,344

278

1,622

1

189

23

277

162

430

273

267

6,236

1,955

8,191

29

1,179

86

1,830

1,020

1,439

843

1,765

24,270

20,774

45,044

94

4,985

368

9,112

4,499

8,037

6,224

11,725

2,109

84

2,193

5

163

10

299

158

230

1,200

128

1,025

163

1,188

159

10

243

115

223

275

163

7,107

1,482

8,589

10

1,258

100

1,694

961

1,805

2,034

727

6,864

767

7,631

74

828

111

2,110

1,064

1,500

1,223

721

2,277

894

3,171

21

507

45

683

407

643

407

458

7,843

2,183

10,026

1

1,461

131

2,008

1,180

1,797

1,746

1,702

665

337

1,002

9

127

7

223

133

184

76

243

Number of building employees, December 30:

Officers........................................................................

Other employees.......................................................

1

127

1

146 638

13

1,983

1

116 94

2

654

8

240

4

266

5

767

3

61

Number of banks, December 30.............................. 138 174 290 1,001 46 52 302 88 180 561 55

Note: For average asset and liability data by State see Table 112 on pp. 116-117.

Back figures, 1946-1960: See the Annual Report for 1960, pp. 166-175, and earlier reports.

INCOME OF INSURED BAN K S

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Federal Reserve Bank of St. Louis
Table 121. I n c o m e o f I n s u r e d M u t u a l S a v in g s B a n k s , 1953-1961

(Amounts in thousands of dollars)

Income item 1953 1954 1955 1956 1957 1958 1959 1960 1961

Current operating income— total................................................... 647,067 721,323 801,682 898,440 1,026,327 1,149,643 1,280,347 1,461,763 1,595,183

Interest on U. S. Government obligations...................................... 164,630 155,869 150,657 146,624 147,157 141,950 146,353 152,458 151,931

J-ilLClCCSl/ £t±AU. CllViU.CJ_lU.i3 UU UtUCl .......................................................

on i on 102 590 127 212 167 489 180,535 199,258 205,751

Interest and discount on real estate mortgage loans— net......... 381,895 447,022 528^426 623^586 720[215 808,975 92l]315 1,070473 1,194,282

Interest and discount on real estate mortgage loans— gross........ 896,264 461,769 545,841 645,592 744,303 886,515 951,952 1,104,100 1,231,774

Less: Mortgage servicing fees............................................................ 9,483 11,922 15,623 20,475 25,138 25,985 29,154 32,343 86,045

Premium amortization............................................................ 4,886 2,825 1,792 1,531 950 1,555 1,483 1,584 1,447

Interest and discount on other loans and discounts— net.......... 5,184 6,642 7,322 8,439 10,848 11,749 12,669 18,407 18,767

Income on real estate other than bank building— net................. 77 86 -1 7 6 31 2 - 1 27 -3 8

Income on real estate other than bank building— gross............... 338 292 247 108 140 139 216 897 879

Less: Operating expense.................................................................... 261 206 264 97 109 137 217 870 417

Income on other assets......................................................................... 7,171 7,746 8,171 8,328 7,898 8,384 7,486 7,474 9,081

6,107 7,753 7,933 8,867 12,966 11,094 11,990 13,966 15,409

Current operating expense— tota l.................................................. 127,336 139,931 147,678 158,317 174,758 187,758 201,402 224,789 241,685

21,142 22,870 24,200 25,861 28,590 30,099 32,082 36,608 38,158

Salaries and wages— employees.......................................................... 44,351 48,074 50,879 53,962 58,310 61,797 64,396 71,295 75,303

Pension, hospitalization and group insurance payments, and

other employee benefits............................................................... 11,566 12,623 13,544 14,643 16,478 18,314 20,006 22,656 24,134

Fees paid to trustees and committee members............................. 2,303 2,526 2,697 2,809 3,007 3,203 3,366 3,731 3,994

Occupancy, maintenance, etc.^ of bank premises (including

taxes and recurring depreciation)— net. . . ........... ................ 13,521 15,019 15,094 17,492 19,326 20,925 22,695 25,255 27,369

Occupancy, maintenance, etc. of bank premises (including taxes

and recurring depreciation)— gross......................................... 20,926 22,495 22,793 25,380 27,846 30,252 82,268

9,573

35,120 87,298

Less: Income from bank building.................................................... 7,405 7,476 7,699 I17,888 8,520

9,407

9,827 9,865

11,707

9,929

Deposit insurance assessments........................................................... 6,837 7,562 7,979 [ 8,437 10,183 11,316 12,824

Furniture and fixtures (including recurring depreciation)......... 2,445 2,755 2,790 13,058 3,251 3,501 4,445 4,740 5,438

All other current operating expense................................................. 25,171 28,502 30,495 32,055 36,389 39,736 43,096 48,797 54,465

Net'current operating incom e.......................................................... 519,731 581,392 654,004 740,123 851,569 961,885 1,078,945 1,236,974 1,353,498

8,569 10,643 9,047 8,955 9,060 10,342 11,649 13,637 16,011

State franchise and income taxes...................................................... 6,459 7,231 7,818 8,321 8,972 9,831 11,172 13,190 15,277

2,110 3,412 1,229 634 88 511 477 447 734

Net current operating income after taxes.................................. 511,162 570,749 644,957 731,168 842,509 951,543 1,067,296 1,223,337 1,337,487

414,951 466,119 536,256 609,335 716,383 812,254 897,469 1,073,542 1,147,767

Net current operating income after taxes and dividends. . . 96,211 104,630 108,701 121,833 126,126 139,289 169,827 149,795 189,720

Non-recurring income, realized profits and recoveries

credited to profit and loss, and transfers from valua36,962 59,228 44,430 48,192 48,148 66,160 91,205 142,009 113,763

12,372 12,334 11,586 10,537 13,434 17,295 21,147 31,133 17,567

Realized profits and recoveries on:

Securities sold or matured.............................................................. 5,287 23,914 18,070 17,355 16,022 30,974 39,498 34,860 54,263

Real estate mortgage loans............................................................. 783 389 481 456 259 138 192 283 629

304 219 3,179 413 437 367 646 535 337

1,489 943 977 1,435 431 624 2,498 6,576 459

Transfers from valuation adjustment provisions1 on:

6,132 10,858 1,878 4,463 5,939 8,345 14,270 57,588 10,873

9,965 8,450 7,710 12,501 10,850 8,068 12,021 10,480 29,068

275 126 157 29 65 28 17 86 36

355 1,995 392 1,003 711 321 916 468 531

144 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Non-recurring expense, realized losses charged to profit

and loss, and transfers to valuation adjustment proRealized losses on:

Real estate mortgage loans............................................................

Other real estate................................................................................

All other assets........................................ .. .......................................

Transfers to valuation adjustment provisions1 on:

Securities.............................................................................................

Real estate mortgage loans............................................................

Other real estate................................................................................

70,507

12,156

28,333

152

39

106

10,639

17,005

11

2,066

65,050

14,279

12,773

112

49

551

12,403

20,380

7

4,496

66,385

10,087

21,673

636

101

823

10,630

19,219

42

3,174

71,580

10,645

26,991

542

171

149

16,689

16,194

46

153

83,870

12,958

35,526

1,036

179

191

18,062

15,236

16

666

79,852

13,699

25,056

603

191

684

21,946

16,733

45

895

126,876

11,385

66,875

330

260

440

30,347

16,151

40

1,048

123,664

16,981

63,846

508

210

315

23,352

17,679

19

754

116,143

17,692

40,851

1,252

375

404

19,337

35,377

111

744

Net additions to total surplus accounts from operations. . 62,666 98,808 86,746 98,445 90,404 125,597 134,156 168,140 187,340

M emorand a

Recoveries credited to valuation adjustment provisions1

(not included in recoveries above) on:

15 220 23 1,151 972 571 173 471 278

Real estate mortgage loans................................................................

Other real estate....................................................................................

33

10

41 50 268 365

39

14 99

2

136 53

All other assets....................................................................................... 1 2 24 9 5 5 37 585 6

Realized losses charged to valuation adjustment provisions1 (not included in realized losses above) on:

12,523 7,527 4,250 4,055 8,741 6,267 9,339 8,110 7,721

Real estate mortgage loans................................................................

Other real estate....................................................................................

469

683

166

234

326

180

318 342

127

217

3

197

26

385

1,131

13

165

720

All other assets....................................................................................... 89 45 326 51 67 300 218

Average assets and liabilities2

19,625,429 21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564 35,916,590

Cash and due from banks.................................................................. 744,369 874,215 809,152 757,496 723,830 742,225 689,698 721,308 757,912

United States Government obligations........................................... 6,620,535 6,755,391 5,993,243 5,730,449 5,592,025 5,338,796 5,236,825 5,092,512 4,791,909

Other securities...................................................................................... 2,591,176 3,015,662 3,008,656 3,034,920 3,559,430 4,378,447 4,677,222 5,036,291 5,228,022

Real estate mortgage loans................................................................ 9,288,364 10,802,477 12,467,355 14,494,241 16,445,982 18,045,621 19,937,652 22,628,058 24,255,437

Other loans and discounts.................................................................. 102,768 120,350 130,165 155,376 185,174 227,027 244,010 355,327 353,474

Other real estate.................................................................................... 2,432 2,957 2,019 2,197 3,586 4,361 7,002 11,555 18,955

All other assets....................................................................................... 275,785 301,570 330,193 359,160 394,229 424,093 456,262 494,513 510,881

Liabilities and surplus accounts— total...................................... 19,625,429 21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564 35,916,590

Total deposits.................. ...................................................................... 17,718,957 19,738,300 20,577,403 22,202,156 24,322,261 26,304,610 28,136,390 30,822,839 32,320,488

Savings and time deposits................................................................ 17,688,777 19,694.981 20,525,629 22,167,537 24,295,761 26,274,758 28,106,089 30,790,599 32,113,129

Demand deposits................................................................................. 80,180 43,319 51,774 54,619 26,500 29,852 30,801 32,240 207,359

Other liabilities...................................................................................... 119,359 159,912 199,228 249,779 318,445 431,019 512,192 598,011 506,744

Total surplus accounts......................................................................... 1,787,113 1,974,410 1,964,152 2,081,904 2,263,550 2,424,941 2,600,089 2,918,714 3,089,358

Number of active officers, December 31............................................. 1,908 1,999 2,042 2,130 2,239 2,356 2,504 2,885 2,977

Number of other employees, December 31........................................ 12,525 13,227 13,618 13,860 14,590 14,925 15,110 16,753 17,290

Number of banks, December 31........................................................... 219 218 220 223 239 241 268 325 330

1 Includes “Valuation reserves” and “Other asset valuation provisions (direct write-downs).” ^

2 For 1953 through 1960 asset and liability items are averages of figures reported at beginning, middle, and end of year, and for 1961 are averages of figures reported for the following

call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.

Back figures, 1984-1952: Data for 1934-1950, which however are not comparable with figures for 1951-1961, may be found in the following Annual Reports: 1950, pp. 272-273, and

1941, p. 173. For 1951 and 1952 see the Annual Report for 1959, pp. 166-167.

INCOME OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 122. R atios of I n c o m e of I nsured M utu al Sa v in g s B a n k s , 1953-1961

Income item 1953 1954 1955 1956 1957 1958 1959 1960 1961

Am ounts per $100 of current operating income

Current operating income— total...................................................................... $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations......................................................... 25.44 21.61 18.79 16.32 14.34 12.35 11.43 10.43 9.52

Interest and dividends on other securities......................................................... 12.67 13.34 12.37 11.42 12.40 14.57 14.10 13.63 12.90

Interest and discount on real estate mortgage loans— net........................... 59.02 61.97 65.92 69.41 70.17 70.37 71.96 73.21 74.87

Interest and discount on other loans and discounts— net............................. .80 .92 .91 .94 1.06 1.02 .99 1.26 1.18

Income on other assets............................................................................................ 1.12 1.09 1.02 .92 .77 .73 .58 .51 .57

Income from service operations............................................................................ .95 1.07 .99 .99 1.26 .96 .94 .96 .96

Current operating expense— tota l..................................................................... 19.68 19.40 18.42 17.62 17.03 16.33 15.73 15.38 15.15

Salaries— officers....................................................................................................... 3.27 3.17 3.02 2.88 2.79 2.62 2.51 2.50 2.39

Salaries and wages— employees............................................................................ 6.85 6.67 6.35 6.00 5.68 5.37 5.03 4.88 4.72

Pension, hospitalization and group insurance payments, and other employee benefits....................................................................................................... 1.79 1.75 1.69 1.63 1.60 1.59 1.56 1.55 1.51

Fees paid to trustees and committee members................................................ .35 .35 .34 .31 .29 .28 .26 .26 .25

Occupancy, maintenance, etc. of bank premises (including taxes and

recurring depreciation)— net............................................................................. 2.09 2.08 1.88 1.95 1.88 1.82 1.77 1.73 1.72

Deposit insurance assessments.............................................................................. 1.06 1.05 .99 .94 .92 .89 .88 .80 .80

Furniture and fixtures (including recurring depreciation)............................ .38 .38 .35 .34 .32 .30 .35 .32 .34

All other current operating expense.................................................................... 3.89 3.95 3.80 3.57 3.55 3.46 3.37 3.34 3.42

Net current operating income............................................................................ 80.S2 80.60 81.58 82.38 82.97 83.67 84.27 84.62 84.85

Franchise and income taxes— total.................................................................. 1.32 1.47 1.13 1.00 .88 .90 .91 .93 1.00

State franchise and income taxes......................................................................... 1.00 1.00 .98 .93 .87 .86 .87 .90 .96

Federal income taxes............................................................................................... .32 .47 .15 .07 .01 .04 .04 .03 .04

Net current operating income after taxes..................................................... 79.00 79.13 80.45 81.38 82.09 82.77 83.36 83.69 83.85

Dividends and interest on deposits.................................................................. 64.13 64.62 66.89 67.82 69.80 70.65 70.10 73.44 71.95

Net current operating income after taxes and dividends...................... 14.87 14.51 13.56 13.56 12.29 12.12 13.26 10.25 11.90

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total assets1

Current operating income— total............................................................................. 3.30 3.30 3.53 3.66 3.81 3.94 4.10 4.26 4.44

Current operating expense— total............................................................................ .65 .64 .65 .64 .65 .64 .65 .66 .67

Net current operating income................................................................................... 2.65 2.66 2.88 3.02 3.16 3.30 3.45 3.60 3.77

State franchise and income taxes............................................................................ .05 .05 .04 .04 .03 .04 .03 .04 .05

Net current operating income after taxes............................................................. 2.60 2.61 2.84 2.98 3.13 3.26 3.42 3.56 3.72

Dividends and interest on deposits......................................................................... 2.11 2.13 2.36 2.48 2.66 2.78 2.87 3.12 3.19

Net current operating income after taxes and dividends.................................. .49 .48 .48 .50 .47 .48 .55 .44 .53

Non-recurring income, realized profits and recoveries credited to profit and

loss, and transfers from valuation adjustment provisions2— total............. .19 .27 .19 .19 .18 .22 .29 .41 .31

Non-recurring expense, realized losses charged to profit and loss, and

transfers to valuation adjustment provisions2— total.................................... .36 .30 .29 .29 .31 .27 .41 .36 .32

Net additions to total surplus accounts from operations.................................. .32 .45 38 .40 .34 .43 .43 .49 .52

Special ratios1

Interest on U. S. Government obligations per $100 of U. S. Government

obligations.................................................................................................................. 2.49 2.31 2.51 2.56 2.63 2.66 2.79 2.99 3.17

Interest and dividends on other securities per $100 of other securities......... 3.16 3.19 3.30 3.38 3.57 3.83 3.86 3.96 3.94

Interest and discount on real estate mortgage loans per $100 of real estate

mortgage loans.......................................................................................................... 4.11 4.14 4.24 4.30 4.38 4.48 4.62 4.73 4.92

Interest and discount on other loans and discounts per $100 of other loans

and discounts............................................................................................................ 5.04 5.52 5.63 5.43 5.86 5.18 5.19 5.18 5.31

Dividends and interest on deposits per $100 of savings and time deposits. . 2.35 2.37 2.61 2.75 2.95 3.09 3.19 3.49 3.57

Net additions to total surplus accounts from operations per $100 of total

surplus accounts....................................................................................................... 3.51 5.00 4.42 4.73 3.99 5.18 5.16 5.76 6.06

Assets and liabilities per $100 of total assets1

Assets— to ta l............................................................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks..................................................................................... 3.79 4.00 3.56 3.09 2.69 2.55 2.21 2.10 2.11

United States Government obligations.............................................................. 33.74 30.88 26.36 23.36 20.78 18.31 16.76 14.83 13.34

Other securities......................................................................................................... 13.20 13.79 13.23 12.37 13.23 15.01 14.97 14.67 14.56

Real estate mortgage loans................................................................................... 47.33 49.39 54.82 59.08 61.13 61.88 63.80 65.90 67.53

Other loans and discounts..................................................................................... .52 .55 .57 .63 .69 .78 .78 1.03 .99

Other real estate...................................................................................................... .01 .01 .01 .01 .01 .02 .02 .03 .05

1.41 1.38 1.45 1.46 1.47 1.45 1.46 1.44 1.42

Liabilities and surplus accounts— total......................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits............................................................................................................ 90.28 90.24 90.49 90.50 90.40 90.20 90.04 89.76 89.99

Savings and time deposits................................................................................... 90.13 90.04 90.26 90.36 90.30 90.10 89.94 89.67 89.41 Demand deposits................................................................................................... .15 .20 .23 .14 .10 .10 .10 .09 .58

Other liabilities......................................................................................................... .61 .73 .87 1.02 1.19 1.48 1.64 1.74 1.41

Total surplus accounts........................................................................................... 9.11 9.03 8.64 8.48 8,41 8.32 8.32 8.50 8.60

Number of banks, December 31.............................................................................. 219 218 220 223 239 241 268 325 330

1 For 1953 through 1960 asset and liability items are averages of figures reported at beginning, middle, and end of year and for 1961 are averages of figures reported for the following

call dates: December 31, 1960; April 12, 1961; June 30, 1961; and September 27, 1961.

2 Includes “Valuation reserves” and “Other asset valuation provisions (direct write-downs)” . ^

Back figures, 1934, 1941-1950, and 1951-1952: Data for 1934 and 1941-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual Re- «o

ports: 1950, pp. 274-275, and 1947, pp. 156-157. For 1951 and 1952 see the Annual Report for 1959, pp. 168-169.

INCOME OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 123.

Table 124. 

Table 125.

00

D eposit I n su r a n c e D is b u r s e m e n t s

Depositors, deposits, and disbursements in insured banks requiring disbursements 

by the Federal Deposit Insurance Corporation, 1934-1961

Banks grouped by class of bank, year of deposit payoff or deposit assumption,

amount of deposits, and State

Insured banks requiring disbursements by the Federal Deposit Insurance Corporation during 1961

Recoveries and losses by the Federal Deposit Insurance Corporation on principal 

disbursements for protection of depositors, 1934-1961

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Disbursements by the Federal Deposit Insurance Corporation 

to protect depositors are made when the insured deposits of banks

in financial difficulties are paid off, or when the deposits of a failing

bank are assumed by another insured bank with the financial aid of

the Corporation. In deposit payoff cases the disbursement is the

amount paid by the Corporation on insured deposits. In deposit

assumption cases the principal disbursement is the amount loaned to

failing banks, or the price paid for assets purchased from them; additional disbursements are made in those cases as advances for protection of assets in process of liquidation and for liquidation expenses.

Noninsured bank failures

Four noninsured banks failed in 1961. These banks, with the dates

of their closing and the amounts of their deposits, were:

Jarrett Bank, Boston, Georgia (private) ;

January 30,1961; deposits, $102,000.

Commonwealth State Bank, Boulder, Colorado;

May 5, 1961; deposits, $273,000.

Bank of Zapata, Zapata, Texas (private);

July 17, 1961; deposits, $600,000.

Merchants Exchange Bank, Benevides, Texas (private);

September 27, 1961; deposits, $438,000.

For suspensions of noninsured banks in previous years see the Annual Reports of the Corporation as follows: 1943, p. 102; 1946, p. 167;

1947, p. 159; 1949, p. 187; 1950, p. 277; 1951, p. 187; 1952, p. 139;

1953, p. 131; 1954, p. 165; 1955, p. 161; 1956, p. 143; 1957, p. 145;

1958, p. 223; and 1960, p. 181.

Sources o f data

Insured banks: books of bank at date of closing; and books of

FDIC, December 31, 1961.

CDDEPOSIT INSURANCE DISBURSEMENTS

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Table 123. D e p o s it o r s, D e p o s it s, a n d D is b u r s e m e n t s in I n s u r e d B a n k s R e q u ir in g

D is b u r s e m e n t s b y th e F e d e r a l D e po sit I n s u r a n c e C o r p o r a t io n , 1934-1961

BANKS GROUPED BY CLASS OF BANK, YEAR OF DEPOSIT PAYOFF OR DEPOSIT ASSUMPTION, AMOUNT OF DEPOSITS, AND STATE

Number of banks Number of depositors 1 Deposits 1

(in thousands of dollars)

Deposit Deposit Deposit

Total Deposit assump­ Total Deposit assump­ Total Deposit assumppayoff tion payoff tion payoff tion

cases cases cases cases 3 cases cases

445 263 182 1,460,235 425,502 1,034,733 610,985 144,458 466,527

79 26 53 311,226 66,550 244,676 130,557 30,844 99,712

24 8 16 372.528 86,922 285,606 190,472 29,353 161,119

342 229 113 776,481 272,030 504,451 289,957 84,261 205,696

9 9 15,767 15,767 1,968 1,968

25 24 1 44,655 32,331 12,324 13,319 9,091 4,229

69 42 27 89,018 43,225 45,793 27,508 11,241 16,267

75 50 25 130,387 74,148 56,239 33,349 14,960 18,389

74 50 24 203,961 44,288 159,673 59,684 10,296 49,388

60 32 28 392,718 90,169 302,549 157,772 32,738 125,034

43 19 24 256,361 20,667 235,694 142,429 5,657 136,773

15 8 7 73,005 38,594 34,411 29,718 14,730 14,987

20 6 14 60,688 5,717 54,971 19,186 1,816 17,369

5 4 1 27,371 16,917 10,454 12,525 6,637 5,888

2 1 1 5.487 899 4,588 1,915 456 1,459

1 1 12,483 12,483 5,695 5,695

1 1 1,383 1,383 347 347

5 5 10,637 10,637 7,040 7,040

3 3 18,540 18,540 10,674 10,674

4 4 5,671 5,671 5,475 5,475

4 4 6,366 6,366 5,513 5,513

2 2 5,276 5,276 3,408 3,408

3 3 6,752 6,752 3,170 3,1.70

2 2 24,469 24,469 18,262 18,262

2 2 1,811 1,811 998 998

5 4 1 17,790 8,080 9,710 11,953 6,503 5,450

2 1 1 15,197 5,465 9,732 11,329 4,702 6,628

1 1 2,338 2,338 1,163 1,163

4 3 1 9,588 4,381 5,207 8,240 4,156 4,084

3 3 3,076 3,076 2,595 2,595

1 1 11,186 11,186 6,930 6,930

5 5 8,254 8,254 8,819 8,819

107 83 24 3S.347 29,695 8,652 6,418 4,947 1,471

109 86 23 83,370 65,512 17,858 17,759 13,920 3,839

59 36 23 89,949 56,777 33,172 20,975 12,462 8,513

67 32 35 157,507 71,861 85,646 50,956 24,168 26,788

47 14 33 202,380 63,173 139,207 67,412 18,595 48,817

34 9 25 244,766 66,127 178,639 106,929 30,791 76,138

13 1 12 201,469 11,186 190,283 84,404 6,930 77,474

5 2 3 170,119 61,171 108,948 96,713 32,644 64,068

A A 979 39S 979 398 1KQ 41 8 159.418

Classification

Disbursements by FDIC

(in thousands of dollars)

Principal disbursements

Total Deposit

payoff

cases 4

Deposit

assumption

Advances and

expenses 2

Deposit

payoff

cases 6

Deposit

assumption

cases 7

Qjx

O

All banks.

Class of bank

National banks........................

State banks members F. H. S.

Banks not members F. R. S..

Year 8

193 4 

193 5 

193 6 

193 7 

193 8

193 9 

194 0 

194 1 

194 2

194 3 

194 4 

194 5 

194 6 

194 7 

194 8

194 9 

195 0 

195 1 

195 2 

195 3 

195 4 

195 5 

195 6 

195 7 

195 8

195 9 

196 0 

196 1 

Banks with deposits ofLess than $100,000 ....

$100,000 to $250,000.......

$250,000 to $500,000.......

$500,000 to $1,000,000 . .

$1,000,000 to $2,000,000.

$2,000,000 to $5,000,000.

$5,000,000 to $10,000,000

$10,000,000 to $25,000,000

<ttOK non non ®s;n nnn nnn

308,977

61,109

103,223

144,644

941

8,890

14,781

19,160

30,480

67,770

74,134

23,880

10,825

7,172

1,503

1.768

265

1,724

2,990

2,552

3,986

1,885

1,369

5,017

913

6,784

3,333

1,031

3,027

1,839

4.768

6,191

4,999

12,906

1.4,588

33,967

36,314

55,750

31,052

45,746

73.653

110,903

22,496

22,952

65,455

941

6,026

8,056

12,045

9,092

26,196

4,895

12,278

1,612

5,500

404

4,438

2,795

1,031

2,797

1,839

4,768

6,191

4,309

11,554

10,223

19,110

14,135

21,129

4,768

25,676

198,074

38,614

80,271

79,190

2,865

6,725

7,116

21,387

41,574

69,239

11,602

9,213

1,672

1,099

1,768

265

1,724

2,990

2,552

3,986

1,885

1,369

5,017

913

2,346

538

230

691

1,352

4,365

14,857

22,179

34,622

26,284

20,070

73.653

1,239

237

109

893

43

108

67

103

93

162

89

50

38

53

9

106

87

20

38

51

62

61

209

147

287

123

240

62

84

6,196

19,271

22,022

272

934

905

4,902

17,603

17,234

1,479

1,076

72

37

96

11

342

200

166

523

127

195

428

145

665

51

24

154

173

583

2,126

3,317

5,519

5,491

5,404

24.721

FEDERAL DEPOSIT INSURANCE CORPORATION

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3 1 2 7,905 794 7,111 2,285 100 2,185 1,089 94 995 1 91

Arkansas.................................... 6 5 1 4,434 3,529 905 1,764 1,168 596 984 841 144 8 48

California................................... 2 1 1 7,516 4,347 3,169 4,792 3,713 1,078 2,981 2,120 861 34 138

1 1 10 10 8 8 8 8 (9) 2 2 5,379 5,379 1,526 1,526 1,242 1,242 8

Florida....................................... 2 1 1 1,642 448 1,194 491 217 274 300 203 97 3 13

10 8 2 9,401 8,788 613 1,959 1,870 89 1,623 1,554 69 25 33

2 2 2,451 2,451 1,894 1.S94 1.493 1,493 29

Illinois........................................ 18 6 12 43,291 5,372 37,919 27,321 1,637 25,684 9,224 1,242 7,982 30 791

Indiana...................................... 20 15 5 30,006 12,549 17,457 13,593 3,932 9,662 6,197 3,096 3,101 39 384

Iowa............................................ 7 4 3 16,040 4,051 11,989 9,401 4,383 5,018 3,883 2,811 1,071 39 113

Kansas....................................... 9 5 4 5,145 2,254 2,891 1,234 539 694 974 482 492 5 72

Kentucky.................................. 23 18 5 36,139 18,490 17,649 8,888 3,953 4,934 5,455 3,329 2,126 44 201

3 3 6,087 6,087 1,652 1,652 668 668 10

1 1 9,710 9,710 5,450 5,450 2,346 2,346 665

Maryland.................................. 5 2 3 22,567 6,643 15,924 4,566 828 3,738 3,109 735 2,374 9 371

Massachusetts.......................... 2 2 9,046 9,046 3,019 3,019 1,564 1,564 1,030

Michigan................................... 8 3 5 31,663 928 30,735 13,532 159 13,372 6,290 139 6,150 2 760

Minnesota................................. 5 5 2,650 2,650 818 818 640 640 17

Mississippi................................ 3 3 1,651 1,651 334 334 257 257 5

Missouri.................................... 47 35 12 35,963 27,794 8,169 8,086 6,053 2,033 5,654 5,007 646 85 77

Montana.................................... 5 3 2 1,500 849 651 1,095 215 880 640 186 453 6 21

Nebraska................................... 5 5 2,661 2,661 1,042 1,042 796 796 20

New Hampshire...................... 1 1 1,780 1,780 296 296 117 117 8

New Jersey............................... 39 12 27 522,564 103,798 418,766 194,630 ' 33,128 161,502 82,126 26,469 55,657 161 20,154

New York.................................. 26 3 23 269,621 28,440 241,181 145,439 13,286 132,153 67,872 10,836 57,036 32 10,847

North Carolina........................ 7 2 5 10,408 3,677 6,731 3,266 1,421 1,845 2,387 1,156 1,231 23 179

North Dakota.......................... 29 18 11 14,103 6,760 7,343 3,830 1,552 2,278 2,657 1,397 1,259 24 203

Ohio............................................ 4 2 2 13,751 7,585 6,166 7,223 2,345 4,877 2,097 1,610 488 7 38

Oklahoma.................................. 11 8 3 25,079 20,158 4,921 13,713 11,001 2,712 9,280 7,969 1,311 122 104

Oregon........................................ 2 1 1 3,439 1,230 2,209 2,670 1,368 1,302 1,948 986 962 11 81

Pennsylvania............................ 29 8 21 166,894 43,828 123,066 75,756 14,340 61,416 51,291 10,133 41,159 75 9,522

South Carolina........................ 2 1 1 1,848 403 1,445 849 136 714 274 136 138 (9) 10

South Dakota.......................... 23 22 1 12,515 11,412 1,103 2,987 2,862 126 2,412 2,388 23 26 9

Tennessee.................................. 12 8 4 12,358 9,993 2,365 1,942 1,620 322 1,278 1,164 114 28 25

Texas.......................................... 24 22 2 33,285 31,757 1,528 14,067 13,380 686 9,684 9,391 293 217 44

Vermont..................................... 3 2 1 11,057 8,687 2,370 3,725 3,375 350 3,445 3,259 186 21 22

Virginia...................................... 8 3 5 26,041 2,964 23,077 10,756 629 10,127 4,908 511 4,396 8 505

Washington.............................. 1 1 4,179 4,179 1,538 1,538 935 935 512

West Virginia........................... 3 3 8,346 8,346 2,006 2,006 1,458 1,458 11

Wisconsin.................................. 31 20 11 26,898 18,739 8,159 9,512 5,966 3,545 7,188 5,096 2,092 54 398

Wyoming................................... 1 1 3,212 3,212 2,033 2,033 202 202 19

Note: Due to rounding differences, components may not add to total.

1 Adjusted to December 31, 1961.

2 Excludes $106 thousand o f ncn-recoverable insurance expenses in cases w hich were resolved without payment of claims or a disbursement to facilitate assumption of deposits by

another insured bank and other expenses of field liquidation employees while pending assignments. ^

3 Number of deposit accounts. ^

4 Includes estimated additional disbursements in active cases. i—

6 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.

6 These disbursements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.

7 Includes advances to protect assets and liquidation expenses of $47,276 thousand, all of which have been fully recovered by the Corporation, and $212 thousand of non-recoverable

expenses.

8 D isbursem ent totals for each year related to cases occurring during that year and may thus contain some amounts disbursed in subsequent years.

9 Less than $500.

DEPOSIT INSURANCE DISBURSEMENTS

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Table 124. I n s u r e d B a n k s R e q u i r i n g D is b u r s e m e n t s b y t h e F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n D u r i n g 1961

Case

number Name and location

Class of

bank

Number of

depositors 1 Date of closing

First payment to

depositors

Disbursement 2 Receiver or Liquidating Agent

Deposit

payoff

261

262

263

264

265

The Sheldon National Bank,

Sheldon, Iowa

Bank of Earlsboro,

Earlsboro, Oklahoma

Bank of Ochlochnee,

Ochlochnee, Georgia

The First National Bank of Maud,

Maud, Oklahoma

First State Bank,

Premont, Texas

N

NM

NM

N

SM

2,364

1,176

1,015

1,912

1,766

January 16, 1961

August 11, 1961

September 7, 1961

December 19, 1961

December 30, 1961

January 26, 1961

August 21, 1961

September 18, 1961

December 29, 1961

January 11, 1962

$2,426,771

738,383

708,214

1,330,000

987,702

Federal Deposit Insurance

Corporation

Federal Deposit Insurance

Corporation

Federal Deposit Insurance

Corporation

Federal Deposit Insurance

Corporation

Federal Deposit Insurance

Corporation

Case

number

Assets8

Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking

house,

furniture &

fixtures

Other

real

estate

Other Total

Liabilities and capital accounts *

Deposits Other

liabilities

Capital

stock

Other

capital

accounts

Total

Deposit

payoff

261

262

263

264

265

$860,632

282,617

161,295

75,415

164,268

177,037

$2,176,484

1,011,750

158,617

161,172

406,130

438,815

$404,516

67,327

10,000

35,177

149,087

142,925

$2,901,449

623,265

244,483

513,113

522,617

997,971

$85,233

38,218

651

4,550

1,500

40,314

$4,654

4,654

$3,386,727

2,337,642

387,259

194,823

382,173

84,830

$9,819,695

4,365,473

962,305

984,250

1,625,775

1,881,892

$8,819,200

3,884,421

902,546

871,856

1,508,620

1,651,757

$304,302

204,488

15,000

'84,814

$175,000

50.000

25.000

25.000

25.000

50.000

$521,193

226,564

34,759

72,394

92,155

95,321

1 At date of closing.

2 To December 31, 1961, plus estimated additional disbursements.

3 As determined by FDIC agents after adjustment of books of bank for liabilities or overdrafts discovered subsequent to closing.

4 Includes $3,036,242 representing shortages and unreconciled differences discovered prior to December 31, 1961.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 125. R e c o v e r ie s a n d L osses b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n o n

P r in c ip a l D is b u r s e m e n t s fo r P r o t e c t io n of D e p o s it o r s, 1934-1961

(Amounts in thousands of dollars)

Liquidation

status and

year of deposit payoff

or

deposit

assumption

All cases Deposit payoff cases Deposit assumption cases

Number

of

banks

Principal

disbursements

Recoveries

to Dec.

31, 19611

Estimated

additional

recoveries

Number

of

banks

Principal

disbursements3

Recoveries

to Dec.

31, 1961

Estimated

additional

recoveries

Losses2

Number

of

banks

Principal

disbursements4

Recoveries

to Dec.

31, 19611

Estimated

additional

recoveries

Losses2

T otal............

Status

Active...........

Terminated.,

Year

193 4 

193 5 

193 6 

193 7 

193 8 

193 9 

194 0 

194 1 

194 2 

194 3 

194 4 

194 5 

194 6 

194 7 

194 8 

194 9 

195 0 

195 1 

195 2 

195 3 

195 4 

195 5 

195 6 

195 7 

195 8 

195 9 

196 0 

196 1 

445

30

415

9

25

69

75

74

60

43

15

20

5

2

1

1

5

3

4

4

2

3

2

2

5

2

1

4

3

1

5

308,977

96,885

212,091

941

8,890

14,781

19,160

30,480

67,770

74,134

23,880

10,825

7,172

1,503

1.768

265

1,724

2,990

2,552

3,986

1,885

1,369

5,017

913

6,784

3,333

1,031

3.027

1,839

4.768

6,191

274,984

85,210

189,774

734

6,179

12,326

15,611

28,055

60,617

70,192

23,290

10,137

7,048

1,462

1,768

265

1,583

2,349

2,183

2,593

1,792

577

5,017

649

6,488

2,836

1,031

2,720

1,503

4,764

1,216

3,672

3,672

144

57

5

89

(5)

1

61

207

236

210

4

2,657

8,004

22,317

207

2,709

2,455

3,550

2,425

7,153

3,798

591

688

123

40

84

641

369

] ,388

5

792

263

236

290

71

127

' 2,318'

263

15

248

9

24

42

50

50

32

19

8

6

4

110,903

21,017

89,886

941

6,026

8,056

12,045

9,092

26,196

4,895

12,278

1,612

5,500

404

90,601

14,954

75,646

734

4,274

6,595

9,520

7,908

20,399

4,313

12,065

1,320

5,376

363

4,438

2,795

1,031

2,797

1,839

4,768

6,191

4,141

2,393

1,031

2,684

1,503

4,764

1,216

3,085

3,085

61

112

42

210

4

2,657

17,217

2,978

14,239

207

1,751

1,460

2,524

1,184

5,798

582

213

292

123

40

236

290

71

127

' 2,3is

15

167

1

27

25

24

28

24

7

14

1

1

1

1

5

198,074

75,868

122,206

70,256

114,128

2,865

6,725

7,116

21,387

41,574

69,239

11,602

9,213

1,672

1,099

1,768

265

1,724

2,990

2,552

3,986

1,885

1,369

5,017

913

2,346

538

1,905

5,730

6,090

20,147

40,219

65,879

11,225

8,816

1,672

1,099

1,768

265

1,583

2,349

2,183

2,593

1,792

577

5,017

649

2,346

443

230 36

587

587

144

57

5

89

(5)

1

’ 95'

’ i94

13,104

5,026

8,078

958

995

1,025

1,241

1,355

3,216

378

396

84

641

369

5

792

263

N ote: Due to rounding differences, components may not add to total.

1 Excludes in deposit assumption cases recovery of all advances for asset protection, totaling $32,860 thousand, and of all liquidation expenses totaling $14,416 thousand.

2 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was fully recovered.

3 Includes estimated additional disbursements in active cases.

4 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.

5 Less than $500.

DEPOSIT INSURANCE DISBURSEMENTS 153

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I n d e x

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Absorptions:

Of insured banks requiring disbursements by the Corporation. See

Banks in financial difficulties.

Of operating banks, 1961 ...................................................................11, 49, 60-84, 86-87

Regulation o f.......................................................................................................... 9-10, 58-59

Admission of banks to insurance:

Applications for, 1961.................................................................................................. 8-9

Different methods followed.......................................................................................... 3, 8

Number of banks admitted, by class of bank, 1961.......................................... 86-87

American Institute of Banking........................................................................................ 17

Applications from banks.................................................................................................... 8-9

Areas outside continental United States, banks and branches located in:

Assets and liabilities, December 31, 1961.......................................................... 104-105

Average assets and liabilities, insured commercial banks, 1961...............116-117

Deposits, December 30, 1961...................................................................................... 96-97

Earnings, expenses, profits, and dividends, 1961..............................................134-135

Number, December 30, 1961.................................................................88, 96-97, 104-105

Assessments for deposit insurance...............................................................13-14, 19-20, 24n

Assets and liabilities of closed insured banks, 1961.................................................. 152

Assets, liabilities, and capital of banks (see also Deposits):

All banks:

Amounts by type and supervisory status, December 30, 1961............... 46

By FDIC district and State, December 30, 1961........................................104-105

Capital ratios by type and supervisory status, December 30, 1961... 48

In banks grouped according to insurance status and type of bank,

June 30 and December 30, 1961.................................................................100-103

Major categories, amounts and ratios, 1955-1961........................................ 48-50

Percentage changes, each year, 1955-1961..............................................48-49, 51

Commercial banks, June 30 and December 30, 1961........................................100-103

Insured banks, call dates, December 31, 1958, through December 30,

1961 ............................................................................................................................... 106-109

Insured commercial banks:

Amount, call dates, December 31, 1960, through December 30, 1961. .110-113

Average for each year, 1953-1961................................................................... 123

Average for 1961, by class of bank............................................................... 115

Average for 1961, by State............................................................................. 116-117

Percentage distributions, average for 1961, by class of bank................... 115

Percentage distributions, call dates, December 31, 1960, through December 30, 1961.................................................................................................... I ll

157

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Assets, liabilities, and capital of banks (see also Deposits) :

Insured commercial banks— Continued

Percentage distributions of totals among size groups of banks, December 30, 1961.................................................................................................... 114

Ratio of selected items to total assets, by size of bank, December

30, 1961.................................................................................................................118-119

Insured mutual savings banks:

Amount, and percentage distributions, call dates, December 31, 1960,

through December 30, 1961........................................................................... 110-113

Major categories, average, 1953-1961............................................................... 145

Mutual savings banks, June 30 and December 30, 1961............................... 100-103

Noninsured banks, June 30 and December 30, 1961........................................100-103

Sources of data.................................................................................................. 13-14, 99, 149

State legislation............................................................................................................... 31-39

Assets and liabilities of the Federal Deposit Insurance Corporation. ... 17-18, 24

Assets pledged to secure bank obligations.................................................................109, 113

Assets purchased by the Federal Deposit Insurance Corporation from banks

in financial difficulties.........................................................................5, 6, 149, 153

Assumption of deposits of insured banks with financial aid of the Corporation

(see also Banks in financial difficulties)........................................4-7, 150-153

Attorney General of the United States, summary reports on absorptions. ... 60-84

Audit of the Federal Deposit Insurance Corporation.......................................... 20-25

Bad-debt reserves. See Valuation reserves.

Bank supervision. See Supervision of banks; Examination of insured banks.

Banking offices, number of. See Number of banks and branches.

Bank practices. See Unsafe and unsound banking practices.

Banks, applications from, acted on by the Federal Deposit Insurance Corporation ................................................................................................................. 8-10

Banks in financial difficulties:

Insured banks requiring disbursements by the Corporation:

Assets and liabilities of 1961............................................................................. 152

Deposit size o f........................................................................................................ 4, 150

Deposits protected, 1934-1961.................................................................5-7, 150-152

Disbursements by the Corporation, 1934-1961.....................5-7, 25n, 150-153

Loans made and assets purchased by the Corporation......................... 5-6

Location by State, 1934-1961........................................................................... 4, 151

Losses incurred by the Corporation..................................................6-7, 25n, 153

Losses incurred by depositors............................................................................. 5-7

Name and location of, 1961............................................................................... 4, 152

Number of, 1934-1961............................................................................................ 5-6

Number of deposit accounts, 1934-1961..................................................5, 150-152

Recoveries by the Corporation on assets acquired, 1934-1961.... 6-7, 153

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Banks in financial difficulties— Continued

Sources of data................................................................................................................. 149

Suspensions, 1961............................................................................................................. 86

Suspensions of noninsured banks, 1934-1961........................................................ 149

Banks, number of. See Number of banks and branches.

Banks operating branches, December 30, 1961............................................................. 88-95

Board of Directors of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Board of Governors of the Federal Reserve System............................... 10, 44, 99, 121

Branches (see also Number of banks and branches):

Establishment approved by Federal Deposit Insurance Corporation, 1961 8-9

Examination of, 1960 and 1961................................................................................. 12

Increase, branches of all banks, 1960-1961.......................................................... 49, 87

Business and personal deposits. See Deposits (items referring to type of

account).

Call reports. See Assets, liabilities, and capital of banks; Reports from banks.

Capital of banks. See Assets, liabilities, and capital of banks; Banks in financial difficulties; Income of insured commercial banks; Examination

of insured banks.

Charge-offs by banks. See Income of insured commercial banks; Income

of insured mutual savings banks; Valuation reserves.

Class of bank, banking data presented by:

Admissions to and terminations of insurance.................................................... 86-87

Assets and liabilities of all banks.......................................................... 46-48, 100-103

Income of insured commercial banks, 1961........................................................ 126-127

Insured banks requiring disbursements by the Corporation, 1934-1961. .. 150

Insured banks requiring disbursements by the Corporation, 1961............... 152

Number of banks and banking offices, 1961.................................................... 45, 86-95

Ratios of income of insured commercial banks, 1961....................................128-129

Classification of banks...................................................................................................... 45, 58-59

Closed banks. See Banks in financial difficulties.

Commercial banks. See Assets, liabilities, and capital of banks; Deposits;

Income of insured commercial banks; Number of banks and

branches.

Comptroller General of the United States................................................................... 23

Comptroller of the Currency........................................................ v, 10-11, 15, 43-48, 99, 121

Consolidations. See Absorptions.

Coverage of deposit insurance, banks participating..........................................3-4, 86-97

Credit, bank. See Assets, liabilities, and capital of banks.

Demand deposits. See Assets, liabilities, and capital of banks; Deposits (items

referring to type of account).

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Deposits:

All banks:

By insurance status of bank and type of account, December 30, 1961 103

By insurance status of bank and type of account, June 30, 19 61 .... 101

By supervisory status and insurance status, December 30, 1961.......... 47

By type of account in each State and FDIC district, December 31,

1961 ..................................................................................................................... m -1 0 5

By type of bank and insurance status, December 30, 1961..................... 47

By type of bank in each State and FDIC district, December 31,

1961 ....................................................................................................................... 96-97

Percentage change, 1955-1961........................................................................... 51

All insured banks:

By type of account, December 30, 1961...................................................... 103

By type of account, call dates, December 31, 1958, through December 30, 1961........................................................................................................... 108

Ratios of deposit insurance fund to, 1934-1961......................................22, 25n

Commercial banks:

By FDIC district and State, December 30, 1961........................................ 96-97

By type of account, December 30, 1961........................................................ 103

By type of account, June 30, 1961................................................................... 101

Insured banks requiring disbursements by the Corporation. See Banks in

financial difficulties.

Insured commercial banks:

Amount, by type of account, call dates, December 31, 1960, through

December 30, 1961.............................................................................................. 112

Percentage distributions of selected totals among size groups of

banks, December 30, 1961............................................................................... 114

Insured mutual savings banks:

By FDIC district and State, December 30, 1961.................................... 95-97

By type of account, call dates, December 31, 1960, through December

30, 1961................................................................................................................... 112

Interest and dividends on, 1953-1961............................................................ 144

Mutual savings banks:

By FDIC district and State, December 30, 1961...................................... 96-97

By type of account, June 30 and December 31, 1961...........................101, 103

Noninsured banks:

By FDIC district and State, December 31, 1961.................................... 96-97

By type of account and type of bank, June 30 and December 30,

1961 ..................................................................................................................... 101, 103

Sources of data................................................................................................................. 99

State legislation............................................................................................................... 33-34

Deposits, insured by FDIC, December 31, 1934-1961.............................................. 22

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Directors of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation

Disbursements. See Banks in financial difficulties.

Dividends:

To depositors in insured mutual savings banks............................... 56, 144, 146-147

To stockholders of insured commercial banks. See Income of insured

commercial banks.

Earnings of banks. See Income of insured commercial banks; Income of

insured mutual savings banks.

Educational program for bank examiners............... 17

Employees:

Federal Deposit Insurance Corporation. . . . .. 15-16

Insured commercial banks:

Number and compensation, 1953-1961........................................................ 122-123

Number and compensation, by class of bank, by size of bank, and

by State, 1961.................................................................126-127, 130-131, 134-143

Insured mutual savings banks, number and compensation, 1953-1961... 144-145

State legislation............................................................................................................... 38

Examination of insured banks:

Banks examined by the Federal Deposit Insurance Corporation,

1960-1961 ..................................................................................................10-12, 44-45

Examination staff...................................................................................................... vi-vii, 16

Powers granted to supervisory authorities............................................................. 44-45

Expenses of banks. See Income of insured commercial banks; Income of

insured mutual savings banks.

Expenses of the Corporation............................... . .. .18-21, 25

Failures. See Banks in financial difficulties.

Federal bank supervisory authorities...................................................................7-14, 43-48

Federal Deposit Insurance Act (see also Legislation relating to deposit insurance and banking)..............................................................................................3, 24n

Federal Deposit Insurance Corporation:

Assessments on insured banks.............................................................. 13-14, 19-21, 24n

Assets ........................................................................................................................... 17-18, 24

Audit .................................................................................................................................. 20-25

Banks examined by, and submitting reports to ................................... 10-14, 44-47

Board of Directors, actions on applications and banking practices. .8-10, 12-13

Borrowing power............................................................................................................. 25n

Capital stock..................................................................................................................... 24n

Coverage of deposit insurance...................................................................3-4, 45, 88-95

Deposit insurance fund (surplus)........................................................ 19-30, 22, 24-25

Directors (members of the Board)......................................................................... v, 15

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Federal Deposit Insurance Corporation— Continued

Disbursements for protection of deposits.................................................. 5-7, 149-153

Districts ..............................................................................................................................vi-vii

Divisions ....................................................................................................................... iv, v, 16

Educational program for bank examiners.......................................................... 17

Employees ....................................................................................................................... 15-16

Examination of banks.........................................................................vi, vii, 10-12, 44-47

Expenses ..................................................................................................................... 18-21, 25

Financial statements..........................................................................................18-21, 24-25

Income ......................................................................................................................... 18-21, 25

Insured banks requiring disbursements by. See Banks in financial difficulties.

Liabilities ................................................................................................................... 17-18, 24

Loans to and purchase of assets from insured banks.........................5-6, 149-151

Losses incurred, 1934-1961........................................................................... 6, 7, 25n, 153

Methods of protecting depositors...............................................................4-7, 149-153

Organization and staff......................................................................................iv-vi, 15-16

Payments to insured depositors........................................................................... 4-7, 152

Protection of depositors................................................................................... 4-7, 149-153

Recoveries ...................................................................................................................6, 7, 153

Reports from banks........................................................................................................ 13-14

Reserve for losses on assets acquired..................................................................... 13-14

Retirement of capital stock of the Corporation............................................18, 24n

Rules and regulations........................................................................................14-15, 29-31

Supervisory activities............................................................................................7-14, 44-47

Federal Deposit Insurance Corporation districts, banking data classified by:

All banks:

Assets and liabilities, December 30, 1961...................................................... 104

Number and deposits, by type of bank, December 30, 1961................... 96

Federal Reserve member banks. See Class of bank, banking data presented

by.

Federal Reserve System. See Board of Governors of the Federal Reserve

System.

General Accounting Office.................................................................................................... 22-23

Government deposits. See Deposits (items referring to type of account).

Income of the Federal Deposit Insurance Corporation.... ...18-21, 25

Income of insured commercial banks:

Amounts of principal components:

Annually, 1953-1961............................................................................................122-123

By class of bank, 1961......................................................................................126-127

By size of bank, 1961........................................................................................130-131

By state, 1961.........................................................................................................134-143

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Income of insured commercial banks— Continued

Charge-offs and recoveries, 1953-1961.................................................................122-123

Income, sources and disposition of total, 1955-1961.......................................... 51-53

Profits, 1953-1961...........................................................................................................122-123

Profits, 1961.................................................................................................. 126-127, 130-131

Rates of income on assets, 1953-1961.................................................................124-125

Rate of net profit on total capital accounts, 1961............................... 124, 129, 133

Ratios of income items:

Annually, 1953-1961..............................................................................................124-125

By class of bank, 1961......................................................................................128-129

By size of bank.................................................................................................. 132-133

Sources and disposition of total, 1955-1961................................................ 53

Ratios of expense items................................................53, 124-125, 128-129, 132-133

Revision of report of income and dividends........................................................ 54-55

Sources of data................................................................................................................. 121

Income of insured mutual savings banks:

Amounts of principal components, 1953-1961................................................144-145

Income, sources and disposition of total, 1955-1961........................................ 55-56

Rates of income on assets, 1953-1961..................................................................... 147

Ratios of income items..................................................................................... 56, 146-147

Ratios of expense items..................................................................................... 56, 146-147

Sources of data............................................................................................................... 121

Insolvent banks. See Banks in financial difficulties.

Insurance of bank obligations.................................................. .. .3-7, 43

Insurance status, banks classified by:

Assets and liabilities, June 30 and December 30, 1961.....................46-48, 100-103

Capital ratios................................................................................................................... 48

Changes in number, 1961............................................................................................ 86-87

Deposits, June 30 and December 30, 1961..................................... 47, 96-97, 100-103

Number, December 30, 1961...................................................................45, 88-95, 96-97

Percentage of banks insured, by State, December 30, 1961........................... 88-95

Insured banks. See Assets, liabilities, and capital of banks; Banks in financial

difficulties; Deposits; Income of insured commercial banks; Income of insured mutual savings banks; Number of banks and

branches.

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

Insured deposits. See Banks in financial difficulties; Coverage of deposit insurance, banks participating.

Insured State banks members of the Federal Reserve System. See Class of

bank, banking data presented by.

Inter-Agency Bank Examination School............................................................... 17

Interbank deposits. See Deposits (items referring to type of account).

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Interest. See Income of insured commercial banks; Income of insured mutual

savings banks.

Investments. See Assets, liabilities, and capital of banks; Assets and liabilities

of the Federal Deposit Insurance Corporation; Banks in financial

difficulties.

Law, violations of by insured banks............................................................................. 12-13

Legislation relating to deposit insurance and banking:

Federal, enacted in 1961............................................................................................14, 29

Federal, establishing and amending bank supervision............................... 43-45

State, enacted in 1961..............................................................................................15, 31-39

Loans. See Assets, liabilities, and capital of banks; Banks in financial difficulties.

Losses:

Of banks, charged off. See Income of insured commercial banks; Income

of insured mutual savings banks.

Of the Federal Deposit Insurance Corporation................................... 6-7, 25, 153

Provision for, in insured banks, 1953-1961........................................122-123, 144-145

Mergers. See Absorptions.

Methods of tabulating banking data:

Assets and liabilities of banks................................................................................. 99

Deposit insurance disbursements............................................................................. 149

Income of insured banks............................................................................................ 121

Number, offices, and deposits of banks................................................................... 58-59

Mutual savings banks. See Assets, liabilities, and capital of banks; Deposits;

Income of insured mutual savings banks; Number of banks and

branches.

National banks. See Class of bank, banking data presented by.

New banks, 1961.......................................................................................................... 48-49, 86-87

Noninsured banks. See Absorptions; Admission of banks to insurance; Assets,

liabilities, and capital of banks; Banks in financial difficulties;

Classification of banks; Class of bank, banking data presented by;

Deposits; Number of banks and branches; Reports from banks.

Number of banks and branches:

Banking offices (banks and branches):

By insurance status, type of bank, and State, December 30, 1961.... 88-95

Changes during 1961................................................................................. 48-49, 86-87

Banks:

By insurance status and type of bank, December 30, 1961.... 45, 86, 103

By insurance status and type of bank, June 30, 1961........................... 101

By insurance status, type of bank, and State, December 30, 1961.... 88-95

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Number of banks and branches:

Banks— Continued

By insurance status, type of bank, FDIC district and State, December 30, 1961........................................................................................................... 96-97

Changes during 1961, by type of bank..............................................48-49, 86

Operating branches, by insurance status and State, December 30,

1961 ......................................................................................................................... 8S-95

Branches:

By insurance status, type of bank, and State, December 30, 1961.... 88-95

Changes in, during 1961................................................................................. 48-49, 87

Number of, 1961...................................................................................................... 86-95

Insured commercial banks:

December 31, 1953-1961....................................................................................123, 125

December 31, 1961, by class, deposit size of bank, or State

45, 127, 131, 135, 137, 139, 141, 143

Distributed by capital ratios and distribution of assets, December 31,

1961 ........................................................................................................................... 118-119

Insured mutual savings banks, December 31, 1953-1961...........................145-147

Mutual savings banks, December 30, 1961.................................................. 45, 86-97

Noninsured banks, December 30, 1961........................................................ 4, 45, 86-97

Trust companies, December 30, 1961.......................................................... 4, 45, 86-97

Unit banks, by insurance status and State, December 30, 1961................... 88-95

Obligations of banks. See Assets, liabilities, and capital of banks; Deposits.

Officers of insured banks. See Employees.

Officers of the Federal Deposit Insurance Corporation... ... v-vi, 15-16

Operating banks. See Number of banks and branches.

Payments to depositors in closed insured banks. See Banks in financial

difficulties.

Personnel. See Employees.

Possessions, banks and branches located in. See Areas outside continental

United States, banks and branches located in.

Protection of depositors. See Banks in financial difficulties.

Public funds. See Deposits (items referring to type of account).

Receivership, insured banks placed in. See Banks in financial difficulties.

Recoveries:

By banks on assets charged off. See Income of insured commercial banks;

Income of insured mutual savings banks.

By the Corporation on disbursements. See Banks in financial difficulties.

Reports from banks.......................................................................................................... 13-14, 45

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Reserves:

Of Federal Deposit Insurance Corporation, for losses on assets acquired.. 18-19

Of insured banks for losses on assets. See Valuation reserves.

With Federal Reserve banks. See Assets, liabilities, and capital of banks.

Salaries and wages:

Federal Deposit Insurance Corporation.................................................................19, 25

Insured banks. See Income of insured commercial banks; Income of insured mutual savings banks.

Savings and time deposits. See Deposits (items referring to type of account).

Securities. See Assets, liabilities, and capital of banks; Assets and liabilities

of the Federal Deposit Insurance Corporation; Banks in financial

difficulties.

Size of bank, data for banks classified by amount of deposits:

Assets and liabilities, insured commercial banks, 1961.................................... 114

Banks requiring disbursements by the Corporation, 1934-1961..................... 150

Banks requiring disbursements by the Corporation, 1961........................... 150

Disbursements for protection of depositors, 1934-1961............................... 150

Income data of insured commercial banks, 1961............................................130-131

Income ratios of insured commercial banks, 1961................................... 54, 132-133

Number of employees of insured commercial banks, 1961......................... 131

Number of insured commercial banks, 1961.................................................... 131, 133

Number of insured commercial banks grouped by ratios of selected items

to assets, December 30, 1961.....................................................................118-119

Percentages of selected totals, insured commercial banks, 1961................. 54

State bank supervisory authorities:

Chartering and regulation of banks b y ................................................................... 43-45

Data obtained from...................................................................................................... 99

Number of banks supervised b y ............................................................................... 45

State legislation regarding............................................................................................ 31-32

State, banking data classified by:

Assets and liabilities of banks, December 30, 1961......................................104-105

Deposits of banks, by class of bank, December 30, 1961................................... 96-97

Disbursements, deposits, and depositors in insured banks requiring disbursements by the Corporation, 1934-1961.............................................. 151

Income of insured commercial banks, 1961....................................................134-143

Number of banks and branches, by class of bank and type of office, December 30, 1961.................................................................................................... 88-97

Percentage of banks insured, December 30, 1961................................................ 88-95

State banking legislation enacted in 1961...............................................................15, 31-39

State banks members of the Federal Reserve System. See Class of bank, banking data presented by.

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State banks not members of the Federal Reserve System. See Class of bank,

banking data presented by.

Stockholders of banks, net profits available for. See Income of insured commercial banks.

Summary of this report........................................................................................ xv

Supervision of banks (see also Examination of insured banks):

By the Federal Deposit Insurance Corporation...........................vi-vii, 7-14, 45

Federal and State supervision................................................................................. 43-45

State legislation, 1961.................................................................................................... 31-39

Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Income of insured commercial banks;

Income of insured mutual savings banks.

Terminations of insurance for unsafe and unsound practices............................. 12-13

Time and savings deposits. See Deposits (items referring to type of account).

Trust companies, classification o f.........................................................................4, 46, 5S-59

Trust powers:

Applications for............................................................................................................... 9

State legislation............................................................................................................... 36-37

Unit banks, by insurance status and State, December 30, 1961........................... 88-95

Unsafe and unsound banking practices......................................................................... 12-13

Valuation reserves (see also Assets, liabilities, and capital of banks):

Amounts held, call dates, December 31, 1958, through December 30, 1961 107

Amounts held, June 30 and December 30, 1961................................... 100, 102, 111

Changes, 1953-1961............................................................

Violations of law or regulations, banks charged with

122-123, 144-145

................. 12-13

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