ANNUAL REPORT

OF THE

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

FOR THE YEAR ENDED

DECEMBER 31, 1960

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

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

Washington, D. C., June 8,

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

Federal Deposit Insurance Act, the Federal Deposit Insurance 

Corporation is pleased to submit its annual report.

Respectfully,

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

T h e P r e s id e n t o f t h e Se n a t e

T h e S p e a k e r o f t h e H o u se o f R e p r e s e n t a t iv e s

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Federal Reserve Bank of St. Louis
FEDERAL OEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N ational Press Building — Washington 25, D. C.

BOARD OF DIRECTORS

Chairman................................................................................E r le Cocke, Sr.

Comptroller of the Currency................................................. Ray M. Gidney

Director....................................................................................Jesse P. W o lco tt

OFFICIALS—June 8, 1961

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

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

Assistant to Director..............................................................William Matthews

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

General Counsel, Legal Division......................................... Royal L. Cobum

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.......................................................... Don Lester Waage

V

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

Dist. Supervising

No, Examiner

1. Lundie W. Barlow

2. Philip C. Lods

3.. Gilbert E. Mounts

4„ W. F. Parkerson,

Acting Supervising

Examiner

5. John E. Freeman

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, Va.

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.

States in 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
FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

PUERTO RICO \

C VIRGIN I.

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Federal Reserve Bank of St. Louis
Summary,

CONTENTS

Page

xv

Part One

Operations of the Corporation

Deposit insurance participation and coverage........................................................... 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.......................................................................................... 16

Part Two

Changes in the Number of Banking Offices, 1859-1959,

and in the Relative Posi tion of Banks, 1921-1958

Changes in number of banks and banking offices in the United States, 1859-1959 27

Character of bank and branch changes....................................................................... 31

Bank changes by State................................................................................................... 40

Accessibility of banking offices...................................................................................... 46

Relative position of banks.............................................................................................. 49

Some observations on bank competition..................................................................... 59

Part Three

Legislation and Regulations

Federal legislation............................................................................................................ 65

Rules and regulations of the Corporation................................................................... 72

State banking legislation................................................................................................ 84

Part Four

Banking Developments

Supervisory status of banks at the end of 1960........................................................ 91

Banking developments during 1960............................................................................. 94

Relative position of banks............................................................................................. 99

Income of insured banks................................................................................................. 104

Part Five

Statistics of Banks and Deposit Insurance

Bank absorptions approved by the Corporation....................................................... 110

Number, offices, and deposits of banks....................................................................... 110

Assets and liabilities of banks....................................................................................... 138

Earnings, expenses, and dividends of insured banks................................................ 152

Deposit insurance disbursements.................................................................................. 180

ix

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LIST OF CHARTS

Page

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

Federal Deposit Insurance Corporation districts (map)......................................... vii

A. Application of new banks for insurance and of insured banks for approval

of new branches acted upon by the Federal Deposit Insurance Corporation, 1946-1960..................................................................................................... 9

B. Ratios of deposit insurance fund to total insured deposits, all insured banks,

mid-year and year end, 1934-1960................................................................... 19

LIST OF TABLES

Part One

Operations of the Corporation

I nsurance operations to protect depositors of failing banks:

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

Federal Deposit Insurance Corporation, 1934-1960..................................... 5

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

Insurance Corporation in insurance transactions, 1934-1960..................... 6

Supervisory activities:

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

Insurance Corporation during 1960................................................................. 8

4. Mergers, consolidations, acquisitions of assets, and assumptions of liabilities

approved under section 18(c) of the Federal Deposit Insurance Act,

May 13 to December 31, 1960......................................................................... 10

5. Bank examination activities of the Federal Deposit Insurance Corporation

in 1959 and 1960.................................................................................................. 12

6. Actions to terminate insured status of banks charged with unsafe or unsound banking practices or violations of law or regulations, 1936-1960.. 13

A dministration of the corporation:

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

Corporation, December 31, 1960...................................................................... 15

Finances of the corporation:

8. Statement of financial condition, Federal Deposit Insurance Corporation,

December 31, 1960.............................................................................................. 17

9. Statement of income, Federal Deposit Insurance Corporation, and changes

in the deposit insurance fund, year ended December 31, 1960................. 18

10. Determination and distribution of net assessment income, Federal Deposit

Insurance Corporation, year ended December 31, 1960............................. 18

11. Administrative and operating expenses, Federal Deposit Insurance

Corporation, year ended December 31, 1960................................................ 19

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

from beginning of operations, September 11, 1933, to December 31, 1960,

adjusted to December 31, 1960........................................................................ 20

13. Insured deposits and the deposit insurance fund, 1934-1960......................... 21

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

June 30, 1960........................................................................................................ 22

x

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Federal Reserve Bank of St. Louis
LIST OF TABLES xi

Part Two

Changes in the Number of Banking Offices, 1859-1959,

and in the Relative Position of Banks, 1921-1958

Page

Changes in number of banks and banking offices in the united states,

1859-1959:

15. Number of banks and population per bank, 1859-1934, and number of

branches and offices and population per office, 1900-1934, continental

United States................................................................................................................ 29

16. Number of banks and branches in the United States (continental U. S.

and other areas), 1933-1959..................................................................................... 30

Character of bank and branch changes:

17. Analysis of changes in number of incorporated commercial banks in continental United States, 1921-1934 ......................................................................... 32

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

States (continental U. S. and other areas), 1934-1959................................... 33

Bank changes by state:

19. Number of banks and banking offices, selected years, by State.............................41

20. Population per bank and per banking office, selected years, by State.................42

21. Change in number of banks and branches, selected periods, by State................. 43

22. Percentage change in number of banks and banking offices, selected periods,

by State.......................................................................................................................... 44

23. Classification of States according to status of branch banking and locational

requirements for branches, December 31, 1958................................................ 45

Accessibility of banking offices:

24. Commercial banks and branches, 1920 and 1958, in States grouped according to status of branch banking at the end of 1958, by metropolitan and

other areas..................................................................................................................... 46

25. Number of operating offices of commercial banks in the continental United

States, June 30, 1958

Grouped by number of commercial banking offices and population of center

in which located.................................................................................................... 48

Relative position of banks:

26. Relative importance of the largest commercial banks in continental United

States, December 31, selected years, 1920-1958............................................... 51

27. Relative importance of the largest commercial banks or bank groups,

continental United States, December 31, 1934, 1940, and 1958................ 51

28. Deposits in the largest commercial bank, and in the largest five commercial

banks, in each State, 1920, 1934, 1940, and 1958............................................ 54

29. Deposits in the largest commercial bank, and in the largest five commercial

banks, in the principal county (or counties) in 48 metropolitan areas,

1920, 1934, and 1958.................................................................................................. 56

Part Four

Banking Developments

Supervisory status of banks at the end of 1960:

30. Classification of banks according to supervisory status and Federal deposit

insurance participation, December 31, 1960...................................................... 91

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

deposit insurance participation, December 31, 1960...................................... 92

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

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

deposit insurance participation, December 31, 1960................. .................. 93

33. Capital account ratios of banks of deposit classified according to supervisory status and Federal deposit insurance participation, December 31,

1960........................................................ ................................................................ 94

Banking developments during 1960:

34. Analysis of changes in number of banks and branches in the United States

(States and other areas) during 1960.............................................................. 95

35. Banks and banking offices, and population per bank and per banking office,

United States, December 31, 1960................................................................... 96

36. Major categories of assets and liabilities of all banks in the United States

(States and other areas), 1957-1960, with annual percentage changes. .. 97

37. Assets and liabilities of the entire banking and currency system, 1957-1960,

with annual percentage changes....................................................................... 98

Relative position of banks:

38. Relative importance of the largest commercial banks in the United States,

December 31, 1960.............................................................................................. 100

39. Commercial banking offices and percentage of deposits in the largest banks

in each State, December 31, 1960.................................................................... 101

40. Commercial banking offices and percentage of deposits in the largest banks

in the principal county (or counties) in 65 metropolitan areas, June 15,

1960......................................................................................................................... 102

Income op insured banks:

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

United States (States and other areas), 1958-1960...................................... 105

42. Selected operating ratios of insured commercial banks in the United States

(States and other areas), selected years, 1940-1960..................................... 106

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

percentage of selected banking totals in each size group, 1960................. 107

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

in the United States, 1958-1960....................................................................... 107

Part Five

Statistics of Banks and Deposit Insurance

Bank absorptions approved by the corporation:

101. Description of each merger, consolidation, acquisition of assets or assumption of liabilities approved by the Corporation, May 13 to December 31,

1960....................................................................................................................... 112

N umber, offices, and deposits of banks:

Explanatory note.............................................................................................................. 110

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

States (States and other areas) during 1960................................................ 126

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

December 31, 1960

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

or area and type of office........................................................................... 128

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

areas), December 31, 1960

Banks grouped according to insurance status and by district and State. . 136

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LIST OF TABLES xiii

Page

Assets and liabilities of banks:

Explanatory note...................................................................................................................... 138

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

areas), June 15, 1960

Banks grouped according to insurance status and type of bank............... 140

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

areas), December 31, 1960

Banks grouped according to insurance status and type of bank............... 142

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

areas), December 31, 1960

Banks grouped by district and State................................................................. 144

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

other areas), December 31,1960, June 15,1960, and December 31,1959. 146

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

and other areas), December 31, 1960

Banks grouped according to amount of deposits and by ratios of selected

items to assets...................................................................................................... 150

Earnings, expenses, and dividends of insured banks:

Explanatory note...................................................................................................................... 152

110. Earnings, expenses, and dividends of insured commercial banks in the

United States (States and other areas), 1952-1960....................................... 154

111. Ratios of earnings, expenses, and dividends of insured commercial banks

in the United States (States and other areas), 1952-1960.......................... 156

112. Earnings, expenses, and dividends of insured commercial banks in the

United States (States and other areas), 1960

By class of bank..................................................................................................... 158

113. Ratios of earnings, expenses, and dividends of insured commercial banks

in the United States (States and other areas), 1960

By class of bank..................................................................................................... 160

114. Earnings, expenses, and dividends of insured commercial banks operating

throughout 1960 in the United States (States and other areas)

Banks grouped according to amount of deposits............................................ 162

115. Ratios of earnings, expenses, and dividends of insured commercial banks

operating throughout 1960 in the United States (States and other areas)

Banks grouped according to amount of deposits............................................ 164

116. Earnings, expenses, and dividends of insured commercial banks in the

United States (States and other areas), by State, 1960.............................. 166

117. Income, expenses, and dividends of insured mutual savings banks, 1952-

1960................................................................................................................................ 176

118. Ratios of income, expenses, and dividends of insured mutual savings

banks, 1952-1960....................................................................................................... 178

D eposit insurance disbursements:

Explanatory note...................................................................................................................... 180

119. Depositors, deposits, and disbursements in insured banks requiring disbursements by the Federal Deposit Insurance Corporation, 1934-1960

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

assumption, amount of deposits, and State................................................A 182

120. Insured bank requiring disbursement by the Federal Deposit Insurance

Corporation during 1960........................................................................................ 184

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

principal disbursements for protection of depositors, 1934-1960.............. 185

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SUMMARY

Out of a total of 13,999 banks in the United States at the end of 1960, 

13,451 participated in Federal deposit insurance. Deposits in insured 

banks totaled $260 billion, and an estimated $150 billion was insured 

under the limit of $10,000 for each depositor. (Pp. 3, 21.)

The deposit insurance fund amounted to $2,222 million on December 

31, 1960, or 0.85 percent of total deposits in insured banks. (Pp. 20-21.)

One insured bank required disbursements from the insurance fund in

1960. This raised to 440 the total number of banks whose depositors have 

received financial assistance from the Corporation since the beginning 

of 1934. (Pp. 4-5.)

Although normal growth and wartime expansion have led to larger 

banks, statistics indicate that the largest 100 and the largest 10 commercial banks in the United States hold a smaller percentage of total 

deposits than was the case in 1934 or in 1940. Similarly, in the majority 

of the States the proportion of deposits held by the largest banks, and 

by the largest five banks, in the State declined during the past two 

decades. Consequently, insofar as concentration in banking can be used 

as a criterion, evidence would suggest that there has been no diminution 

of competition within the commercial banking system since the 1930’s. 

(Pp. 27-61, 99-104.)

There were 25,105 banking offices operating in the United States at the 

end of 1960, an increase of 863 over the 1959 level. (P. 94.)

Assets of all banks totaled $299 billion at the end of 1960, an increase 

of 5 percent during the year. Insured commercial banks held $256 billion, 

and insured mutual savings banks, $35 billion. (Pp. 92, 95, 97.)

Net profits after taxes of insured commercial banks reached $2 billion 

in 1960, a third greater than in 1959, and the highest rate of return since 

1945. Retained profits were two-thirds greater than in 1959, and were 

primarily responsible for raising total capital accounts to 8.1 percent of 

total assets. (Pp. 94, 106.)

The Federal Deposit Insurance Act was amended in 1960 by two 

significant measures. One requires approval by a Federal bank supervisory 

agency of absorption transactions between insured banks. The other 

provides for a simplification of the method of determining deposit insurance assessments. (Pp. 10, 14, 65-72.)

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
The Federal Deposit Insurance Corporation was created by Congress 

in 1933, during the depths of the most severe banking crisis and business 

depression in the nation/s history. The situation at that time was described as follows in the report of the Committee on Banking and 

Currency of the House of Representatives:

Experts advise us that more than 90 percent of the business of the 

nation is conducted with bank credit, or check currency. The use of 

bank credit has declined to the vanishing point . . . The result is curtailment of business, decline in values, idleness, unemployment, 

bread lines, national depression, and distress. We must resume the 

use of bank credit if we are to find our way out of our present 

difficulties.1

The record of events since 1933 has substantiated the belief that 

deposit insurance, together with other banking reforms, would revive 

and maintain confidence in the nation’s banks, permitting uninterrupted 

use of their obligations as the major means of making payments. For 

the next ten years business recovery was continuous, except for an interruption in 1937-1938. War financing then brought an unparalleled expansion in bank assets and liabilities, with a consequent price inflation; 

but at the close of World War II the contraction and deflation that had 

followed previous major wars was avoided. From 1946 to 1960, inclusive, 

only 42 insured banks were closed because of financial difficulties requiring disbursements by the Corporation, with no more than five in 

any one year. Most of the closings were due to defalcations.

Participation in Federal deposit insurance. The Corporation 

began its insurance operations on January 1, 1934, with 86 percent of 

all banks participating. The proportion of banks participating in Federal 

deposit insurance has increased each year to more than 96 percent at 

the end of 1960. On that date the Corporation was insuring deposits 

in 13,451 banks, out of a total of 13,999 operating in the United States.

The 548 nonparticipating banks at the end of 1960 included diverse 

types of banking institutions. Only 168 were incorporated commercial 

banks operating under the general banking codes of the various States. 

There were 28 each in Iowa and Nebraska; the remainder were distributed 

among 35 States, no one of which had more than 12. In Massachusetts 

177 mutual savings banks, and in other States 13 such banks, were not 

participating in Federal deposit insurance. In a few States some un1 Report No. 150, House of Representatives, 73d Congress, 1st session, submitted by Mr. Steagall

from the Committee on Banking and Currency to accompany H. R. 5661, Banking Act of 1983, p. 6.

D e p o s it I nstjbance Pa r t ic ip a t io n a n d C o v e r a g e

3

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

incorporated banks of deposit remain in operation, though no State 

now permits their establishment, and they are not eligible for admission 

to insurance. The number at the end of 1960 was 85, of which 54 were 

in Georgia, with no more than 11 in any other State. Another group of 

noninsured institutions consists of trust companies not regularly engaged 

in deposit banking, numbering 54 at the end of 1960, which also are 

ineligible for admission to deposit insurance. The remaining 51 noninsured 

banks at the end of 1960 consisted of a variety of institutions operating 

under special State laws, government operated banks, and branches 

in the United States of banks chartered in foreign countries.

Deposit insurance coverage. In the law of 1933 Congress provided 

two separate plans of deposit insurance: a temporary plan, effective 

January 1, 1934, and a permanent plan, which was intended to become 

effective on July 1, 1934, but which did not become effective as it was 

superseded by a revised permanent plan embodied in the Banking Act 

of 1935. The temporary plan limited the insurance to $2,500 for each 

depositor, which was later increased to $5,000. The original permanent 

plan provided for full coverage on the first $10,000 of each depositor, 

75 percent coverage on the next $40,000 of deposits, and 50 percent 

coverage on all deposits in excess of $50,000.

The revised permanent plan, as adopted in 1935, continued the provision of the temporary plan limiting the insurance coverage afforded 

to each depositor to $5,000. The Corporation was authorized to effect 

assumptions, mergers, or consolidations by making loans secured by 

assets of insured banks, by purchasing assets from insured banks, or 

by guaranteeing an insured bank against loss by reason of its assuming 

the deposit liabilities and taking over the assets of another insured bank, 

when such loan, purchase, or assumption transaction would reduce the 

risk or avert a threatened loss to the Corporation. In these transactions 

the depositors sustain no loss.

In 1950 the insurance coverage was increased to a maximum of $10,000 

for each depositor, and a provision was added authorizing the Corporation 

to make a subordinated deposit in or loan to, or purchase assets from, 

an insured bank in danger of closing when the continued operation of 

the bank is deemed essential to provide adequate banking service in 

the community.

I n s u r a n c e O p e r a t io n s t o P r o t e c t D e p o sit o r s o f F a il in g B a n k s

Bank failing during I960. On July 29, 1960, the Capitol Hill State 

Bank, Oklahoma City, Oklahoma, was closed as the result of financial 

irregularities. The Corporation was appointed Liquidating Agent for 

the State Bank Commissioner. The bank had approximately 11,200 

depositors, with total deposits of nearly $7 million.

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Federal Reserve Bank of St. Louis
INSURANCE OPERATIONS TO PROTECT DEPOSITORS 5

Insured deposits were promptly paid by the Corporation, starting 

within ten days after the bank closed; and on February 23, 1961, payment in full of all deposit claims was authorized by means of a liquidating 

dividend.

Banks failing, 1934-1960. The Corporation acts to make insured 

deposits available to their owners as soon as possible after an insured 

bank is closed as a result of inability to meet the demands of its depositors. 

By the end of 1960 the Corporation had made disbursements to protect 

the depositors in 440 failing insured banks. In 258 of these cases, the

Table 1. Protection o f Depositors o f Insured Banks Requiring

Disbursements by the Federal Deposit Insurance

Corporation, 1934-1960

All cases

(440 banks)

Deposit payoff

cases

(258 banks)

Deposit

assumption cases

(182 banks)

Item

Number or

amount Percent

Number or

amount Percent

Number or

amount Percent

Number of depositors or accounts— total1.................... 1,451,960 100.0% 417,227 100.0% 1,034,733 100.0%

Full recovery received or

available...............................

From FDIC2.............................

By offset4..................................

1,447,101

1,404,808

36,709

2,803

2,781

4,859

99.7

96.8

2.5

412,368

370,075*

36,709

2,803

2.781

4,859

2.781

2,078

$135,664

98.8

88.6

8.8

1.034.733

1.034.733

100.0

100.0

Through security or preference3 .2 .7

From receiver6.......................... .2 .7

Full recovery not received as

of December 31, 1960.... .3 1.2

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

2,078

$602,191

.2 .7

Active cases.............................. .1 .5

Am ount of deposits (in thousands)— total..................... 100.0% 100.0% $466,527 100.0%

Paid or made available.......... 599,502 99.6 132,975 98.0 466,527 100.0

By FDIC2..................................

By offset8..................................

571,398

8,814

8,714

10,576

2,689

1,779

910

94.9

1.5

104,8717

8,814

8,714

77.3

6.5

466,527 100.0

By security or preference9. . .

By receiver10.............................

1.4 6.4

1.8 10,576

2,689

1,779

910

7.8

Not paid as of December 31,

1960........................................ .4 2.0

Terminated cases..................... .8 1.3

Active cases.............................. .1 .7

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.

8 Includes 55,309 depositors in terminated cases who failed to claim their insured deposits.

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

by insurance in the absence of offsets.

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

maximum.

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

7 Includes $176 thousand insured deposits in terminated cases available but unclaimed from Corporation (see note 3).

8 Includes all amounts paid by offset.

9 Includes all secured and preferred claims paid by receiver; excludes secured and preferred claims

paid by Corporation.

10 Includes unclaimed deposits paid into trusts by receiver.

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

deposit payoff method was used, with direct payments by claim agents 

of the Corporation of amounts due insured depositors in closed banks. 

In these cases the protection given to depositors by the Corporation 

was limited to $2,500 per depositor in one bank closed between January 

1 and 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

13 banks closed subsequent to September 21, 1950. In 182 cases the 

deposit liabilities of banks in serious financial difficulties were assumed 

by other insured banks and became immediately available in full to 

depositors. These assumption transactions were made possible by Corporation disbursements in the form of loans to, or the purchase of assets 

from, the failing banks.

Table 2. Analysis op Disbursements, Recoveries, and Losses by the

Federal Deposit Insurance Corporation in Insurance

Transactions, 1934-1960

(In thousands)

Type of disbursement

Disburse- 1

ments Recoveries1 Losses

All. disbursements— total........................................................... $353,310 $324,373 $28,937*

Principal disbursements in deposit assumption and

payoff cases— total....................................................... $302,822 $274,704 $28,118

Loans and assets purchased (182 deposit assumption /»o qpq\ •

To December 31, 1960........................................................ 198,0741 184,2451

727/

13,102

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

Deposits paid (258 deposit payoff cases):

To December 31, 1960....................................................... 104,695 \

53J

84,2281

5,504 /

$ 47,262

32,849

15,016

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

Advances and expenses in deposit assumption and

payoff cases— total....................................................... $ 48,625

32,849

14,413

$ 1,363

Expenses in liquidating assets in 182 deposit assumption

cases:

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

Liquidation expenses........................................................... 14,413

Insurance expenses.............................................................. 212 s 212

Field payoff and other insurance expenses in 258 deposit

payoff cases....................................................................... 1,151

$ 1,863

1,7621

s 1,151

$ (544)4

(645)«

Other disbursements— total................................................ $ 2,407

2,2621

145/

Assets purchased to facilitate termination of liquidations:

To December 31, 1960...............................................

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

Unallocated insurance expenses............................................ i'oi > 101

1 Recoveries in a few individual cases were in excess of the amount due the Corporation. These

recoveries were returned to the stockholders and are not included.

2 Net loss of funds after allowing for interest and allowable return collected of $8,985 thousand

was $19,952 thousand.

* Not recoverable.

4 Net recovery in excess of disbursements.

5 Net profit and net income.

By December 31, 1960, fewer than five thousand out of the approximately 1,452,000 depositors in the insured banks which closed since the 

beginning of Federal deposit insurance had not had their deposits in 

excess of the insurance maximum made available to them in full. The

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INSURANCE OPERATIONS TO PROTECT DEPOSITORS 7

amount of the deposits which had not been paid was less than one-half 

of 1 percent of the total deposits in these banks. Table 1 shows, by type 

of case, the degree to which depositors have been protected in the 440 

insured banks requiring disbursements by this Corporation.

Corporation disbursements and losses. Between January 1, 1934, 

and December 31, 1960, Corporation disbursements in insurance transactions amounted to $353 million. Amounts paid to depositors of insured 

banks or to banks in financial difficulties in order to facilitate the assumption of their deposit liabilities by other insured banks, designated principal 

disbursements, constituted more than five-sixths of total disbursements. 

An analysis of the disbursements, recoveries, and losses to the Corporation is shown in Table 2.

Almost 92 percent of the Corporation's disbursements have been or 

will be recovered. The loss to the Corporation is estimated at slightly 

less than $29 million.

S u p e r v is o r y A c t iv it ie s

Admission to insured status. To be admitted to insurance, banks 

must satisfy criteria set forth in the Federal Deposit Insurance Act. 

The factors which must be taken into account by the appropriate authority are: (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 to the Corporation that these factors 

have been considered, national banks and State banks admitted to the 

Federal Reserve System become insured automatically. State banks not 

members of the Federal Reserve System may apply to the Corporation 

for admission to insurance.

An applicant bank must be in operation, or prior to Corporation 

action have a charter, or a permit to organize, from the appropriate 

State banking authority. Banks applying to the Corporation for deposit 

insurance in 1960 totaled 172. Seven of these applicants were disapproved.

About one-half the banks applying for insurance in 1960 were operating 

banks. Most of these were in Connecticut, where all the mutual savings 

banks not previously participating in Federal deposit insurance applied 

and were admitted. New banks approved for insurance by the Corporation were scattered among 30 States. As in 1959, the three States 

having the largest number approved for admission to insurance were 

Texas, Florida, and Illinois, with 18, 10, and 8, respectively, in 1960.

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8 FEDERAL DEPOSIT INSURANCE CORPORATION

Other applications from banks. Certain other actions by insured 

banks require Corporation approval. Those acted upon by the Board of 

Directors in 1960, along with applications for admission to insurance, 

are classified in Table 3.

Table 3. A p p l ic a t io n s A cted U p o n b y t h e B o a r d o f D ir e c t o r s o f t h e

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n D u r in g 1960

Type of application

Total

acted

upon

Approved

Disapproved

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

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

New banks2....................................................................................

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

Continuation of insurance of banks withdrawing from

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

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

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

To engage in commercial banking...........................................

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

Of another insured bank3...........................................................

Of a noninsured bank4.................................................................

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

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

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

Continue branches of absorbed predecessor, or bank becoming insured..........................................................................

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

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

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

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

Service of persons convicted of breach of trust...............

805

172

94

78

23

47

43

4

26

22

4

335

248

25

62

175

121

54

21

6

792

165

87

78

23

47

43

4

26

22

4

334

247

25

62

174

120

54

21

2

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 1960.

2 Of these, two were newly-chartered banks organized to succeed noninsured banking institutions

not eligible for deposit insurance.

3 One approved prior to, and 21 after, amendment of Federal Deposit Insurance Act May 13, 1960.

4 Approved prior to May 13, 1960.

The Corporation approved 247 new branch offices in 1960. New York 

State had 33, Connecticut 21, North Carolina 19, Michigan and Pennsylvania 15 each, and California 12. The 25 banks which became branches 

as a result of mergers approved by the Corporation were scattered among

14 States, with one-half of them in Pennsylvania, North Carolina, and 

Maryland.

The number of applications from new banks for admission to insured 

status approved and disapproved by the Corporation, and applications 

for new branches approved and disapproved, in each year from 1946 

to 1960, are shown in Chart A. During the 15-year period 87 percent 

of the applications for new banks and 97 percent of the applications 

for new branches were approved.

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SUPERVISORY ACTIVITIES 9

Chart A. Applications o f New Banks fo r Insurance and o f Insured

Banks fo r Approval o f New Branches Acted Upon by the

F ederal Deposit Insurance Corporation, 1946-1960

APPROVED DISAPPROVED

1946 1947 1948 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 i960

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

Regulation of bank mergers. An amendment to the Federal Deposit 

Insurance Act, approved May 13, I960, gave Federal banking authorities 

additional responsibilities for the regulation of bank merger transactions. 

The amendment provides that without prior written consent of one of 

the Federal banking authorities no insured bank may merge or consolidate 

with any other insured bank, or acquire the assets of, or assume liability 

to pay any deposits in any other insured bank. Consent to engage in 

a transaction in which the acquiring, assuming, or resulting bank is 

to be a national bank or is located in the District of Columbia must be 

obtained from the Comptroller of the Currency; if it is to be a State 

member bank, except in the District of Columbia, from the Board of 

Governors of the Federal Reserve System; and if a nonmember insured 

bank, except in the District of Columbia, from the Corporation.

Table 4. M ergers, Consolidations, A cquisitions of Assets, and

Assumptions of Liabilities Approved Under Section 18(c) of

the Federal D eposit Insurance A ct, M ay 13 to D ecember 31, 1960

Banks

Number

of

banks1

Resources

(in thousands) 2

Offices operated8

Prior to

transaction

After

transaction

ALL CASES

Banks Involved........................................................

Absorbing banks....................................................

Absorbed banks.....................................................

National..............................................................

State banks members FRS............................

Not members FRS...........................................

CASES WITH RESULTING BANK A

NATIONAL BANK

Banks Involved........................................................

Absorbing banks...................................................

Absorbed banks.....................................................

National..............................................................

State banks members FRS.............................

Not members FRS...........................................

CASES WITH RESULTING BANK A STATE

BANK MEMBER OF THE FEDERAL

RESERVE SYSTEM

Banks involved......................................................

Absorbing banks....................................................

Absorbed banks.....................................................

National..............................................................

State banks members FRS.............................

Not members FRS...........................................

CASES WITH RESULTING BANK NOT A

MEMBER OF THE FEDERAL

RESERVE SYSTEM

Banks involved........................................................

Absorbing banks....................................................

Absorbed banks.....................................................

National..............................................................

State banks members FRS.................. ..

Not members FRS...........................................

191

92

99

39

20

40

117

56

61

29

10

22

34

17

17

7

5

5

40

19

21

3

5

13

$18,021,686

16,287,301

1,734,385

694,619

678,456

361,310

8,000,326

6,861,625

1,138,701

391,605

564,104

182,992

$ 9,135,600

8,680,100

455,500

284,200

82,800

88,500

885,760

745,578

140,184

18,814

31,552

89,818

1,174

964

210

74

63

73

650

516

134

54

47

33

397

358

39

17

9

13

127

90

37

3

7

27

1.143

1.143

622

622

396

396

125

125

1 The number of resulting banks is smaller than the number of transactions, which totaled 97,

because a few banks engaged in more than one transaction.

* 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.

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SUPERVISORY ACTIVITIES 11

In granting or withholding consent for a bank to engage in a merger, 

consolidation, acquisition of assets, or deposit assumption transaction, 

the appropriate Federal bank supervisory agency must consider the six 

factors specified for consideration in the admission of banks to insurance, 

commonly referred to as banking factors, and must also take into consideration the effect of the transaction on competition, including any 

tendency toward monopoly. A transaction may not be approved unless, 

after weighing all of these factors, it is found to be in the public interest. 

The agency must request in each case a report on the competitive factors 

from the other two Federal banking agencies and from the Attorney 

General; and must include in its annual report to Congress a description 

of each transaction approved, the basis for its approval, and a summary 

prepared by the Attorney General of the substance of his report.

From the date of approval of the amendment on May 13 to December 

31, 1960, the Federal Deposit Insurance Corporation granted permission 

in 21 cases, involving 40 banks with resources of $886 million, to engage 

in these types of transactions. Data regarding each bank participating 

in these transactions, together with a statement in each case of the basis 

for approval and the Attorney General’s summary of his report, are 

shown in Table 101. Information regarding the number, resources, 

and offices of all insured banks involved in such transactions approved 

by the appropriate bank supervisory agency is given in Table 4.

Bank examinations. 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 by the 

Federal Reserve banks. It also investigates proposals for new banks 

and branches, and proposals for bank absorptions where the resulting 

bank would be a nonmember insured bank. During 1960 the Corporation 

conducted a total of 11,199 examinations and investigations; these are 

classified in Table 5.

Examinations comprise the principal contact of the Corporation with 

insured banks, and furnish information about the nature and extent of 

the Corporation’s risk. They are the medium by which the Corporation 

has encouraged the development of and adherence to sound banking 

practices. Equally, they provide information about insured risks and 

alert the Corporation to situations requiring attention. The field activities 

of the Division of Examination in examining insured State banks not 

members of the Federal Reserve System are conducted through twelve 

district offices located in different parts of the United States, and require 

the services of about three-fourths of the Corporation’s employees. 

Reports of such examinations are forwarded to the Washington office 

for review and any necessary action.

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 5. Bank Examination Activities o f the Federal

Deposit Insurance Corporation in 1959 and 1960

Activity

Number

Fileld 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 examination of operating noninsured banks..........................

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

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

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

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

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

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

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

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

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

11,199 10,767

6,837 6,872

6,674 6,646

95 123

68 103

3,251 2,915

964 908

2,287 2,007

1,111 980

206 224

62 59

1 U 165

355 260

550 496

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, §36

3,297

1,286

6,453

12,333

4,535

1,621

6,177

Citations for unsafe and unsound banking practices and

violations of law. Prohibited and unsound banking practices reported 

by examiners are usually corrected by normal supervisory actions with 

the cooperation of the offending bank. However, when examination shows 

that a bank has persisted in operating in an unsafe or unsound manner 

or in violation of law or regulations, the Corporation has the authority 

and duty to begin proceedings for termination of the bank’s insured 

status. Proceedings are initiated only after other corrective methods 

have been exhausted, and during the proceedings, which include an 

administrative hearing, the bank is given ample opportunity to present 

its case. If and when insurance is withdrawn, the insured deposits of 

each depositor on the date of termination, less subsequent withdrawals, 

continue to be insured for two years, and each depositor is so notified.

During 1960 proceedings were instituted against two banks operating 

with hazardous management. One of these cases was discontinued when 

the bank made the necessary corrections; the other was pending at the 

end of 1960. One case instituted during 1959 was continued to permit 

the bank to complete necessary corrections.

During the entire period of Federal deposit insurance, proceedings 

for the termination of insurance have been initiated against 182 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 sueDigitized for FRASER 

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SUPERVISORY ACTIVITIES 13

ceeded by other banks or suspended operations prior to Corporation 

action setting a date for termination of insurance. In 12 cases the Corporation set a date for termination of insurance. Of these, nine suspended 

prior to and one shortly after the insurance was terminated; only two 

continue in operation. Details concerning the outcome of termination 

proceedings are given in Table 6.

Table 6. Actions to Terminate Insured Status o f Banks Charged

with Unsafe or Unsound Banking Practices or Violations

o f Law or Regulations, 1936-1960

Disposition or status

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

Cases closed.................................................................................................................

Corrections made..........................................................................................................................

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

With financial aid of (he Corporation..................................................

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

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

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

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

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

Banks continued in operationa..........................................................

Cases not closed, December 31, 1960..............................................................................

1936-19601

182

180

68

68

62

6

32

12

9

3

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

iaitial 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. The reports obtained from banks are useful 

for supervisory purposes and as a source of data regarding economic and 

banking conditions. Each insured bank submitted statements of its 

assets and liabilities as of June 15 and December 31,1960, and a statement 

of its income for the calendar year 1960, to the appropriate Federal 

supervisory agency. Noninsured banks also furnished data, to State 

supervisory authorities or to the Corporation, on their assets and liabilities, making possible a tabulation covering assets and liabilities of 

all banks. No information is received by the Corporation on the income 

of noninsured banks.

Certified statements of deposit insurance assessments were filed by 

each insured bank for the six months ended on December 31, 1959, and 

June 30, 1960, respectively, showing its deposit insurance assessment 

base and the semiannual assessment due the Corporation.

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

assets and liabilities of both insured and noninsured banks, are presented 

in Parts Four and Five of this report. Tabulations of reports of assets 

and liabilities classified by State are published semiannually by the 

Corporation in separate reports.

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

L e g a l D e v e l o p m e n t s

Federal legislation. The Federal Deposit Insurance Act was amended 

during 1960 by two significant measures. The first of these acts, Public 

Law 86-463, which was signed by the President on May 13, 1960, requires approval by a Federal bank supervisory agency for merger, 

consolidation, asset acquisition, and deposit assumption transactions 

between insured banks, and has been described above.

The second measure, Public Law 86-671, providing for a simplification 

of the method of determining the deposit insurance assessment under 

the Federal Deposit Insurance Act, was approved by the President on 

July 14, 1960. Under this law, assessments will be based on the average 

of deposits shown in two reports of condition in each semiannual assessment period, with authorized deductions of 16-2/3 percent of demand 

deposits and 1 percent of time and savings deposits. The basic annual 

assessment rate of one-twxlfth of 1 percent remains unchanged. The 

credit to insured banks will be computed at 66-2/3 percent of the net 

assessment income instead of the former 60 percent. These changes in 

the manner of computing the assessment will take effect with the certified 

statement to be submitted in July 1961. The change in the ratio of net 

assessment income to be credited to insured banks will become effective 

with the credit for calendar year 1961, to be made to insured banks for 

application toward the payment of their assessments which will become 

due in July 1962.

The two statutes are published in Part Three of this report.

Rules and regulations of the Corporation. Because of the amendments of the Federal Deposit Insurance Act, Parts 301, 303, 304, and 

327 of the Corporation’s Rules and Regulations were amended to conform 

to and implement the new provisions and to effect other changes. Former 

Part 326 of the Rules and Regulations, relating to bank obligations 

prescribed as deposits, was repealed, effective January 16, 1961, because 

of the amendment of the definition of the term “ deposit” in subsection 

(1) of Section 3 of the Federal Deposit Insurance Act, as amended by 

Public Law 86-671, approved July 14, 1960, and effective January 1,

1961, except as to the determination and payment of assessments due 

on January 15, 1961 (12 U.S.C. 1813 (1)). However, rights and liabilities 

existing on or before January 1, 1961, with respect to insured deposits, 

and existing on or before January 15, 1961, with respect to the determination and payment of assessments, are not affected by the repeal of 

former Part 326 or the amendment of Part 327. The amended Parts of 

the Rules and Regulations, published in the Federal Register of January 

14, 1961 (26 F.R. 287-292), are set forth in Part Three of this report.

State legislation. Part Three also includes a summary of State 

banking legislation enacted in 1960.

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ADMINISTRATION OP THE CORPORATION 15

A d m in is t r a t io n o f t h e C o r p o r a t io n

Structure and employees. Management of the Corporation is 

vested in a three-member Board of Directors. Two directors are appointed 

by the President of the United States, one of whom serves as Chairman 

of the Board; the Comptroller of the Currency, also appointed by the 

President, serves as the third director. Mr. Jesse P. Wolcott was Chairman 

throughout 1960. With the change in the Federal administration, Mr. 

Wolcott resigned as Chairman and the Board of Directors elected Mr. 

Erie Cocke, Sr., as Chairman, effective at noon on January 20, 1961. 

Mr. Wolcott and the Comptroller of the Currency, Mr. Ray M. Gidney, 

continue to serve as directors.

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

district offices are maintained in 12 major cities. During 1960 plans went 

forward for construction of a headquarters building for the Corporation 

in downtown Washington. Ground was broken early in 1961 at the site 

at the corner of 17th Street and New York Avenue, N. W., and completion 

of the building is expected in about two years.

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 includes, with the names of the respective Supervising Examiners, are given on pages vi and vii.

Table 7. N u m b e r o f O ff ic e r s a n d E m p l o y e e s o f t h e F e d e r a l

D e p o s it I n s u r a n c e C o r p o r a t io n , D e c e m b e r 31, 1960

Division Total Washington

office

District

and other

field

offices

Total................. ..................................................................... 1,242

3

319 923

Directors..................................................................................... 3

Executive offices....................................................................... 17 17

Legal Division........................................................................... 23 23

Division of Examination........................................................ 938 53 885

Division of Liquidation.......................................................... 38 34 4

Division of Research and Statistics.................................... 46 46

Audit Division.......................................................................... 55 21 34

Office of the Controller........................................................... 122 122

The Corporation had a net increase of seven employees in the year 

ended December 31, 1960. Turnover was appreciably greater than during

1959. For all employees (excluding temporary personnel engaged in field 

liquidation activities) the turnover ratio was 16 employees per 100, 

compared with 13 per 100 in 1959. Among field examiners, the turnover 

ratio rose from 10 to nearly 14 per 100 during the same period. Almost 

one-half of the 96 departing field examiners went to banks and other 

financial institutions or supervisory agencies. At the end of 1960, 107

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

employees had more than 25 years, and 193 between 15 and 25 years, 

of service with the Corporation. A distribution of the Corporation’s 

employees at the end of 1960, according to Division and location, is 

presented in Table 7.

Employee benefits and programs. Corporation employees receive 

the benefits generally available to Federal employees. The most important 

of these benefits are retirement annuities, life insurance, vacation and 

sick leave, compensation for on-the-job injuries, and unemployment and 

health benefits.

The educational program for examiners instituted by the Corporation 

in 1946 had resulted by the end of 1960 in completion of over 2700 

courses of study. The program has consisted principally of correspondence 

courses conducted by the American Institute of Banking, but also includes 

resident graduate work at eight outstanding universities. In addition, 

nearly 300 examiners have attended the Interagency Bank Examination 

School conducted in Washington jointly by the Federal bank supervisory 

agencies.

Further educational purposes are served by a program of detailing 

a limited number of field examiners to the Washington office. The program includes special training in the analysis of municipal credits and 

the investment portfolio of banks and short tours of duty as review 

examiners. Progress was made also in 1960 in training employees to meet 

the emerging demand for new kinds of skills necessitated by the increasing 

use of automatic data processing equipment.

F in a n c e s of t h e C o r p o r a t io n

Assets and liabilities. Assets of the Corporation totaled $2,337 

million on December 31, 1960. United States Government obligations, 

valued at amortized cost, with accrued interest, comprised $2,325 million 

of that amount. Half of the remaining $12 million consisted of the estimated net value of assets acquired in insurance transactions, after provision for losses. Cash exceeded $3 million. Most of the remaining assets 

was represented by the building site and planning costs of the Corporation’s new headquarters building.

Liabilities of the Corporation totaled $115 million on December 31,

1960. Net assessment income credits and other credits due insured 

banks, amounting to $112 million, were the principal liability item. The 

excess of the Corporation’s assets over its liabilities constitutes the 

deposit insurance fund, and comprises the Corporation’s financial resources for the protection of depositors. At the end of 1960 this fund 

amounted to $2,222 million. Assets and liabilities of the Corporation 

on December 31, 1960, are presented in Table 8.

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FINANCES OF THE CORPORATION 1 7

Table 8. Statement o f Financial Condition, Federal Deposit

Insurance Corporation, December 31, 1960

ASSETS

Cash.........................................................................................................

U. S. Government obligations:

Securities at amortized cost (face value, $2,319,246,000;

market or redemption value, $2,268,489,406)......................

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— contra............................................

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

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

Equity in assets acquired under purchase agreements............

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

Less— reserves for losses..................................................................

Deferred charges and sundry assets..........................................

Building site and planning costs.................................................

Furniture, fixtures, and equipment..........................................

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

LIABILITIES1

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, 1961..............

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

Deferred credits..................................................................................

Net insured balances of depositors in closed insured

banks— contra..........................................................................

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

DEPOSIT INSURANCE FUND

Fund (See Table 9)2......................................................................

Total liabilities and fu n d.......................................

2,310,456,124

14,316,357

6,227,689

52,504

1,371,457

175,000

5,302,575

145,023

$ 13,274,248

6,898,105

$ 100,756,370

11,352,094

$ 3,491,973

2,324,772,481

6,376,143

144,500

1,899,505

1

$2,336,684,603

650,877

431,562

1,255,605

112,108,464

7,673

52,504

$ 114,506,685

2,222,177,918

$2,336,684,603

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 represents the cumulative net income (surplus) of the Corporation

from its inception to December 31, 1960. For the protection of depositors, in addition to this Fund,

the Corporation is authorized to borrow up to three billion dollars from the United States Treasury

when in the judgment of the Board of Directors such funds are required for insurance purposes.

Income in 1960 and its disposition. During 1960 the deposit 

insurance fund increased $132 million. Net income from assessments on 

insured banks amounted to more than $79 million, and income from 

United States Government securities totaled $65 million. Expenses and 

losses amounted to $12 million. Table 9 presents a statement of the 

Corporation’s income in 1960, and of changes in the deposit insurance 

fund during the year.

Income from assessments is determined by a formula which takes 

account of the Corporation’s operating expenses and insurance losses. 

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 9. St a t e m e n t o f I n c o m e , F e d e r a l D e p o s it I n s u r a n c e

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

Y e a r E n d e d D e c e m b e r 31, 1960

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 (Table 11)...............

Provisions for reserves for insurance losses:

Adjustments to provisions for reserves established prior

to 1960— (reductions):

Applicable to net assessment income for 1960...............

Not applicable to net assessment income for 1960........

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

Total expenses and losses.

$180,292,950

100,740,244

129.330(D)

41,066(D)

Net addition to the fund during the year ended December

31,1960...............................................................................

Deposit insurance fund, December 31, 1959...................

Deposit insurance fund, December 31, I9601..................

79, 552,706

169,692

$79

64

,722,398

,884,767

131,785

$ 144,738,950

$ 12,430,336

170,396(D}

91,537

$ 12,351,477

$ 132,

2,089,

,387,473

790,445

$2,222,177,918

1 See note 2, Table 8.

(D) Deduct.

Table 10. D e t e r m in a t io n a n d D is t r ib u t io n o f N e t A ss e s s m e n t I n c o m e ,

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

Y e a r E n d e d D e c e m b e r 31, 1960

Determination of net assessment income:

Total assessments which became due during the calendar year.

Less:

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

Net additions to reserves to provide for insurance losses—

Adjustments to provisions for reserves made prior to 1960

(reduction).....................................................................................

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

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

Net assessment income for 1960...........................................

Distribution of net assessment income, December 31, 1960:

Net asssessment income for 1960:

40 percent transferred to deposit insurance fund.....................

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

T otal..................................................................................

Allocation of net assessment income credit among Insured

banks, December 31, 1960:

Credit for 1960....................................................................................

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

T otal...............................................................................

$180,292,950

$ 12,430,336

129,330(D)

91,537

$ 12,392,543

$167,900,407

$100,740,244

16,126

$ 67,160,163

100,740,244

$167,900,407___

Percent of total

assessments becoming due in 1960

55,876%

.009

$100,756,370 55.885%

(D) Deduct.

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FINANCES OF THE CORPORATION 19

sable deposits, assessments due in 1960 totaled $180 million. However, 

in accordance with the provisions of the Act of 1950, the Corporation 

retained only 40 percent of this amount, after deducting its expenses 

and losses. Accordingly, $101 million of the net assessment income in 

1960 was credited to insured banks to be applied against future assessments. The determination and distribution of net assessment income 

in 1960 is shown in Table 10, and the distribution of administrative 

and operating expenses is given in Table 11.

Table 11. Administrative and Operating Expenses, Federal Deposit

Insurance Corporation, Y ear Ended December 31, 1960

Personal services....................................................................................................................... $ 8,664,912

547,681

2,231,607

19,618

93,838

473,426

79,162

65,431

76,876

194,147

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

Transportation of things.........................................................................................................

Communication services..........................................................................................................

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

Printing and reproduction......................................................................................................

Supplies and materials............................................................................................................

Equipment..................................................................................................................................

Other contractual services......................................................................................................

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

Less— Recoverable expenses and other credits..................................................................

Net administrative and operating expenses..............................................................

$12,436,698

6,362

$12,430,336

Chart B. Ratios o f Deposit Insurance Fund to T o ta l and Insured Deposits,

A l l Insured Banks, M id-Year and Y ear End, 1934-1960

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

Income and the deposit insurance fund, 1934-1960. The cumulative income of the Corporation since its establishment reached $2,494 

million at the end of 1960. Expenses and losses during the period totaled 

$272 million, of which $81 million was interest paid to the United States 

Treasury for the use of the Corporation’s initial capital to the time of 

its retirement, leaving a balance or fund of $2,222 million for the protection of depositors.

Table 12. Income and Expenses, Federal D eposit Insurance Corporation,

by Years, From Beginning o f Operations, September 11, 1933,

to December 31, 1960, Adjusted to December 31, 1960

(In millions)

Year

Income Expenses and losses

Net

income

added to

deposit

insurance

fund2

Total

Deposit

insurance

assessments

Investments

and

other

sources

Total

Deposit

insurance

losses and

expenses

Interest

on capital

stock1

Administrative

and

operating

expenses

1933-60.. $2,493.9 $1,750.83 $743.1 $271.7 $28.9 $80.6 $162.2 $2,222.2

1960 144.6 79.6* 65.0 12.5 .1 12.4 132.1

1959......... 136.5 78.6* 57.9 12.2 .3 11.9 124.3

1958 126.8 73.83 53.0 11.6 11.6 115.2

1957 117.3 69.1s 48.2 9.7 .1 9.6 307.6

1956 111.9 68.23 43.7 9.6 .5 9.1 102.3

1955 105.7 66.1* 39.6 9.0 .3 8.7 96.7

1954 99.7 62.43 37.3 7.8 .1 7.7 91.9

1953 94.2 60.23 34.0 7.3 .1 7.2 86.9

1952 88.6 57.33 31.3 7.8 .8 7.0 80.8

1951 83.8 54.33 29.5 6.9 6.9 76.9

1950 84.8 54.23 30.6 7.8 1.4 6.4 77.0

1949 151.1 122.7 28.4 6.4 .3 6.1 144.7

1948 146.9 119.3 27.6 7.3 .7 .6 6.0 139.6

1947......... 157.7 114.4 43.3 10.4 .1 4.8 5.5 147.3

1946 130.9 107.0 23.9 10.4 .1 5.8 4.5 120,5

3945 121.2 93.7 27.5 9.7 .1 5,8 3.8 111.5

1944 99.5 80.9 18.6 3.7 .1 5.8 3.8 89.8

1943 86.7 70.0 16.7 10.2 .2 5.8 4.2 76.5

1942 69.4 56.5 12.9 10.3 .5 5.8 4.0 59.1

1941 62.0 51.4 10.6 10.1 .6 5.8 3.7 51.9

1940 55.9 46.2 9.7 12.9 3.5 5.8 8.6 43.0

1939 51.2 40.7 10.5 16.4 7.2 5.8 3.4 34.8

1938 47.7 38.3 9.4 11.3 2.5 5.8 3.0 36.4

1937 48.2 38.8 9.4 12.2 3.7 5.8 2.7 36.0

1936 43.8 35.6 8.2 10.9 2.6 5.8 2.5 32.9

.1935 20.8 11.5 9.3 11.3 2.8 5.8 2.7 9.5

1S33-34.. 7.0 i 7.0 10.0 .2 5.6 4.2^ -3.0*

1 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.

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

to which they are applicable, whereas the amounts of the Fund shown in Table 13 represent the Fund

as reported on the dates specified. Hence the deposit insurance fund reported in Table 13 cannot be

computed by annual addition of income reported herein, except for the Fund as of December 31, 1960.

* Net after deducting the portion of net assessment income credited to insured banks, pursuant to

provisions of the Federal Deposit Insurance Act of 1950. Since that time, assessment credits to insured

banks have amounted to $931.8 million, equal to 56.276% of gross assessments.

1 Assessments collected from insured banks, members of the temporary insurance funds which

became insured under the permanent plan, were credited to their accounts in total 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.

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

temporary insurance funds on June 30, 1934.

,J Deduction.

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FINANCES OF THE CORPORATION 21

The amounts and disposition of the Corporation’s income for each 

year from 1933 to 1960, and cumulatively, are presented in Table 12.

The relationship of the deposit insurance fund to deposits in insured 

banks for each year from 1934 to 1960 is shown in Table 13. Chart B 

shows the ratio of the fund to total deposits and to insured deposits 

at the middle and at the end of each year. At the end of 1960 the fund 

amounted to 0.85 percent of total deposits in insured banks.

Table 13. I n s u r e d D e p o s it s a n d t h e D e p o s it I n s u r a n c e F u n d , 1934-1960

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

1960............................................... $260,495 $149,684 57.5% $2,222.2 .85% 1.48%

1959............................................... 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

1957.............................................. 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

1955............................................... 212,226 116,380 54.8 1,639.6 .77 1.41

1954............................................... 203,195 110,973 54.6 1,542.7 .76 1.39

1953............................................... 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

1951............................................... 178,540 96,713 54.2 1,282.2 .72 1.33

1950............................................... 167,818 91,359 54.4 1,243.9 .74 1.36

1949............................................... 156,786 76,589 48.8 1,203.9 .77 1.57

1948............................................... 153,454 75,320 49.1 1,065,9 .69 1.42

1947............................................... 154,096 76,254 49.5 1,006.1 .65 1.32

1946............................................... 148,458 73,759 49.7 1,058.5 .71 1.44

1945............................................... 158,174 67,021 42.4 929.2 .59 1.39

1944............................................... 134,662 56,398 41.9 804.3 .60 1.43

1948............................................... 111,650 48,440 43.4 703.1 .63 1.45

1942............................................... 89,869 32,837 36.5 616.9 .69 1.88

1941............................................... 71,209 28,249 39.7 553.5 .78 1.96

1940............................................... 65,288 26,638 40.8 496.0 .76 1.86

1939.............................................. 57,485 24,650 42.9 452.7 .79 1.84

1938............................................... 50,791 23,121 45.5 420.5 .83 1.82

1937............................................... 48,228 22,557 46.8 383.1 .79 1.70

1936............................................... 50,281 22,330 44.4 348.4 .68 1.54

1935............................................... 45,125 20,158 44.7 306.0 .68 1.52

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

1 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.

Audit. The Audit Division of the Corporation makes a continuous 

audit of its financial operations. Outside audits have been made each 

year from the beginning of the Corporation, first by private firms, and 

since 1945 by the General Accounting Office.

The short form report on audit for the year ended June 30, 1960, 

furnished by the Comptroller General, is presented in Table 14. As 

indicated there, and in his larger report to the Congress, the Comptroller 

General found the financial accounts to be as represented and in general 

conformity with accepted accounting principles. In the report to Congress, 

two ■' recommendations were repeated from earlier audit reports: (a)

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2 2 FEDERAL DEPOSIT INSURANCE CORPORATION

that the Federal Deposit Insurance Act be amended to require the 

Corporation to pay, currently and retroactively from its creation, the 

Government’s share of the cost of administering and providing retirement, disability, and workmen’s compensation benefits to the Corporation’s employees; and (b) that the Act be amended to require the 

General Accounting Office to make its report of audit on a calendarvear rather than a fiscal-year basis. The Board of Directors of the Corporation has expressed its accord with each of these recommendations.

Table 14. Report on A udit of Federal D eposit Insurance Corporation,

Y ear E nded June 30, 1960

Comptroller General of the United States

W ashington 25

B-l 14831 December 8, 1960

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 year ended June 30, 1960,

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 financial condition as of

June 30, 1960, and the related 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 financial statements in this report were prepared by us from the accounts

and related records of the Corporation. The statements are similar in format to the

official financial statements issued by the Corporation on a calendar-year basis except

that in the statement of income (schedule 2) we have included $699,663 representing

adjustments to prior years' income, which type of adjustments the Corporation

normally credits directly to its deposit insurance fund. Of this amount, $541,210

represents a decrease in the Corporation's estimate of insurance losses applicable to

banks closed in prior years and $158,453 represents a net increase in assessments

applicable to prior years.

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 predicted.

In our opinion, subject to the comments in the preceding paragraph, the accompanying financial statements (schedules 1 and 2) present fairly the financial position of

the Federal Deposit Insurance Corporation at June 30, 1960, 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 Campbell

Comptroller General of the United States

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FINANCES OF THE CORPORATION 23

Table 14. Report on Audit o f Federal Deposit Insurance Corporation,

Y ear Ended June 30, 1960— Continued

Schedule 1. Federal Deposit Insurance Corporation,

Statement o f Financial Condition, June 30, 1960

ASSETS

Cash.......................................................................................................... $ 3,267,616

IJ. S. Government obligations:.....................................................

Securities at amortized cost (face value, $2,291,996,000;

market or redemption value, $2,213,148,123)...................

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

$2,288,786,045

12,146,398 2,300,932,443

Assets acquired in deposit assumption and receivership

transactions:

Subrogated claims of depositors against closed insured banks.

Net balances of depositors in closed insured banks, to be subrogated when paid— see related liability..................................

Loans to insured banks and to receiver of closed insured bank.

Equity in assets acquired under purchase agreements.............

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

2,283,834

19,600

1,714,402

5,489,984

159,411

9,667,231

Less estimate for losses..................................................................... 7,328,965 2,338,266

Accounts receivable, deferred charges, and sundry assets 116,357

Building site and planning costs (note 1)................................. 1,692,850

Furniture, fixtures, and equipment, cost $737,224................ 1

Total assets................................................................... $2,308,347,533

LIABILITIES AND DEPOSIT INSURANCE FUND

Accounts payable and accrued liabilities................................ $ 668,918

Earnest money, escrow funds, and collections held for

others............................................................................................... 410,738

Employees* accrued annual leave................................. .............. 1,212,021

Deferred credits.............................................................. .................... 887

Net balances of depositors in closed insured banks— see

related asset..................................................................................... 19,600

Net assessment income credits due insured banks (note 2):

Available July 1, 1960......................................................................

Estimated amount available July 1, 1961, from net assessment income for 6 months ended June 30, 1960....................

$ 99,926,339

50,976.747 150,903,086

Total liabilities........................................................... 153,215,250

Deposit insurance fund, accumulated income available for

future deposit insurance losses (note 3):

Balance July 1, 1959.........................................................................

Net income for year ended June 30, 1960 (schedule 2 )............

2,026,703,780

128,428,503

Balance, June 30, 1960............................................. 2,155,132,283

Total liabilities and deposit insurance fund.. $2,308,347,533

The notes following Schedule 2 are an integral part of this statement.

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 14. Report on Audit o f Federal Deposit Insurance Corporation,

Y ear Ended June 30, 1980— Continued

Schedule 2. Federal Deposit Insurance Corporation,

Statement o f Income, Y ear Ended June 30, 1960

Incom e:

Deposit insurance assessments........................................................

Less net assessment income credits due insured banks (note 2)

Income from U. S. Government securities.

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

Total incom e..............................

Expenses and losses:

Administrative and operating expenses:

Salaries........................................................

Travel.........................................................

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

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

Other deposit insurance expenses.

Less net reduction in estimated loss on banking assets acquired in deposit assumption and receivership transactions. .

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

Net income for the year ended June 30, 1960, transferred

to deposit insurance fund (schedule 1)....................................

$ 8,276,035

2,212,331

467,537

1,028,112

11,984,015

85,061

12,069,076

263,818

$180,424,253

101,149,593

79,274,660

60,842,251

116,850

140,233,761

11,805,258

$128,428,503

The following notes are an integral part of this statement.

Notes to the Financial Statements— June 30, 1960

1. The Corporation has acquired a building site in the District of Columbia on which it plans to

construct its own office building. The Corporation estimates that the completed structure will cost about

7.5 million dollars and will be ready for occupancy during calendar year 1962.

2. The Federal Deposit Insurance Act (12 U.S.C. 1817(d)) provides that insured banks shall be

allowed, against current semiannual insurance assessments, pro rata credits totaling 60 percent of the

Corporation’s net assessment income (as defined by the act) for the prior calendar year. At June 30,

1960, the amounts due the banks for net assessment income credits totaled $150, 903,086 which comprised

credits of $99,926,339 for calendar year 1959 and prior years and estimated credits of $50,976,747 for

the first 6 months of calendar year 1960.

3. The deposit insurance fund of $2,155,132,283 at June 30, 1960, is available for future deposit

insurance losses and related expenses. The fund amounts to about 1.54 percent of all insured deposits,

which the Corporation estimates at 140 billion dollars. The existing law does not specify either the

amount or the ratio of insured deposits to which the insurance fund is to be accumulated.

The fund is not a measure of the deposit insurance risk. Its adequacy to meet future losses is dependent on future economic conditions which cannot be predicted. The Corporation from its inception

to June 30, 1960, has made disbursements of about $348,400,000 in protecting depositors of 439 insured

banks and in facilitating the termination of liquidations. The Corporation’s accumulated losses amount

to about $29,000,000, including estimated losses of $7,329,000 on cases not terminated at the close of

the year ended June 30, 1960.

The Corporation is authorized to borrow from the United States Treasury up to 3 billion dollars

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.

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PART TWO

CHANGES IN THE NUMBER OF BANKING OFFICES, 1859-1959,

AND IN THE RELATIVE POSITION OF BANKS, 1921-1958

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C h a n g e s i n t h e N u m b e r o f B a n k in g O f f ic e s, 1859-1959,

AND IN THE RELATIVE POSITION OF BANKS, 1921-1958

During the four decades since 1920 there have been fundamental and 

far-reaching changes in the number of operating banks and branches in 

the United States. In 1921, approximately 31,000 banks were in operation, the largest number in the nation’s history. From that peak the 

number of banks has declined to about 14,000. Branches, on the other 

hand, numbered fewer than 1,500, or less than five percent of all banking 

offices, in 1921; but there are now nearly 11,000 branches, comprising 

more than 40 percent of all banking offices.

These changes in the numbers of banks and branches have given rise 

to diverse reactions. Some people view the decline in number of banks 

and the rise in number of branches with alarm; others see the same 

developments as beneficial, or at least as natural and reasonable adjustments to more fundamental changes in our economic system. An analysis 

is given here of changes in the number of banks and branches, with 

comments regarding their effect on the competitive character of the 

banking system.1

C h a n g e s i n N u m b e r o f B a n k s a n d B a n k in g O f f ic e s in t h e

U n it e d St a t e s , 1859-1959

Because of the peak in the number of banks in 1921, the magnitude 

of the subsequent decline, and the lack of annual data on the character 

of bank changes prior to 1921, that year has become the bench-mark 

from which changes in the banking structure are usually measured. Use 

of 1921 as the starting point in analyses of bank changes carries a connotation of normality in the banking structure of that year. Such an 

implication is unwarranted; in fact the banking structure in 1921 appears 

to have been inherently unstable. Many sections of the country were 

undoubtedly “ over-banked” in the sense that they could not support 

for long the number of banks attempting to do business. Accordingly, 

bank changes since 1920 should be viewed in the perspective of such 

changes over a longer period of time.

Changes in number of banks, 1859-1959. The past 100 years of 

American banking have been characterized by periods of remarkably 

rapid change, intermixed with periods of minor change. For approximately six decades, from 1859 to 1921, the number of banks moved 

almost continuously upward—sometimes slowly or with interruptions as 

in the 1870’s and 1890’s, and sometimes very rapidly, as during the early 

1900’s. The decline which began in 1921, like the rise that preceded it,

» Changes in the number of banks and branches during 1960 are described in Part Four of this

report.

27

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

has been virtually continuous and also at an uneven pace. There was a 

precipitous fall in the number of banks during the 12 years after 1921, and 

during the quarter of a century subsequent to 1933 a slow downward 

drift. Annual data are given in Tables 15 and 16.

Although the growth in number of banks during the six decades from 

1860 to 1920 did not proceed at an even pace, in all but a few years that 

growth exceeded the rate of population increase. By 1920 the average 

bank in the United States depended for its potential business on a smaller 

number of people than ever before or since in the nation’s history. A 

century ago there were about 3,000 banks in the nation, and about 

11,000 people for each bank. By 1880 the number of persons per bank 

had declined to about 8,000, by 1890 to 6,000, and by 1920 to fewer 

than 3,500.

The instability of the 1921 banking structure was demonstrated by 

the fact that the number of banks fell by half in the next 12 years. About 

one-third of this great reduction occurred during the predominantly 

prosperous period of the 1920’s, and two-thirds during the depression 

years, 1930-1933. The decline in number of banks from 1920 to 1933, when 

adjusted for those that reopened after the banking holiday of 1933, was 

enough to offset the increase, relative to population, of the 40 years 

prior to 1920, so that the population per bank was again about 8,000.

During 1934 there was a significant increase in the number of banks, 

due almost entirely to reopening of banks previously closed. From 1934 

to 1959 there was a slow decline in the number of banks, at an average 

rate of about one-half of 1 percent per year. However, the growth of 

population during this time resulted in a rise in population per bank to 

nearly 13,000.

Changes in number of branches and total banking offices, 1900-

1959. Changes in the number of banks do not, of course, accurately 

reflect changes in the availability of banking services. Because of the 

increase in the number of branches, particularly in most of the large 

cities and throughout several States, the population per banking office 

is now much smaller than the population per bank. Annual data since 

1920, and by 5-year periods from 1900 to 1920, are given in Tables

15 and 16.

The earliest year for which a tabulation of branches is available is 

1900, when about a hundred branches were being operated by incorporated 

commercial banks.1 During the next twenty years, when there was an 

increase of about 18,000 in the number of banks, the increase in number 

of branches was about 1,200. From 1920 to 1934, when the number of

1 Information regarding the number of branches of private banks and of mutual savings banks

prior to 1934 i3 not available, but the number is believed to have been small.

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CHANGES IN NUMBER OF BANKS AND BANKING OFFICES 2 9

Table 15. Number o f Banks and Population Per Bank, 1859-1934, and

Number o f Branches and O ffices and Population Per O ffice,

1900-1934, Continental United States

1859-1896 1896-1934

Year

Number

of

banks1

Population

per

bank2

Year Total

offices

] Number

of banks

(midyear)3

Number

of

branches4

Population

per

office2

Population

per

bank2

1859 2,829 10,847 1896 12,112 5,852

1897 12,079 5,976

1860 3,051 10,329 1898 12,163 6,042

1861 2,905 11,136 1899 12,459 6,004

1862 2,778 11,947

1863 2,853 11,926 1900 13,172 13,053 119 5,777 5,830

1864 3,016 11,559 1901 14,054 5,520

1902 15,112 5,238

1865 3,696 9,659 1903 16,433 4,907

1866 4,013 9,105 1904 17,659 4,653

1867 4,183 8,935

1868 4,308 8,870 1905 19,117 18,767 350 4,385 4,466

1869 4,258 9,171 1906 20,407 4,187

1907 21,986 3,957

1870 4,491 8,886 1908 23,161 3,830

1871 5,089 8,044 1909 23,734 3,813

1872 5,374 7,810

1873 5,680 7,571 1910 25,699 25,151 548 3,596 3,674

1874 5,994 7,347 1911 25,815 3,636

1912 26,472 3,601

1875 6,087 7,405 1913 27,285 3,563

1876 6,125 7,528 1914 27,864 3,557

1877 6,256 7,535

1878 6,136 7,851 1915 28,802 28,017 785 3,491 3,589

1879 6,074 8,101 1916 28,362 3,595

1917 28,919 3,576

1880 6,110 8,226 1918 29,480 3,546

1881 6,377 8,082 1919 29,767 3,530

1882 6,825 7,739

1883 7,304 7,407 1920 32,190 30,909 1,281 3,307 3,444

1884 7,757 7,139 1921 32,531 31,076 1,455 3,337 3,493

1922 32,537 30,736 1,801 3,382 3,581

1885 7,939 7,137 1923 32,498 30,444 2,054 3,445 3,677

1886 8,366 6,925 1924 31,898 29,601 2,297 3,577 3,855

1887 9,171 6,457

1888 9,606 6,298 1925 31,577 29,052 2,525 3,668 3,987

1889 10,236 6,035 1926 31,053 28,350 2,703 3,781 4,141

1927 30,169 27,255 2,914 3,946 4,368

1890 11,055 5,704 1928 29,539 26,401 3,138 4,079 4,564

1891 11,738 5,483 1929 28,921 25,568 3,353 4,210 4,763

1892 12,006 5,469

1893 12,393 5,404 1930 27,795 24,273 3,522 4,428 5,071

1894 12,196 5,598 1931 25,709 22,242 3,467 4,825 5,577

1932 22,512 19,317 3,195 5,545 6,463

1895 12,347 5,635 1933 17,555 14,771 2,784 7,153 8,502

1896 12,324 5,752 1934 18,918 15,913 3,005 6,680 7,942

1 1859-1877: banks other than national and mutual savings compiled from listings for those operating

at end of year in Homan’s Bankers Almanacs and (for a few States) histories of banking and other sources,

omitting agencies and brokers listed among private bankers and including institutions listed as branches

because many of these were more closely akin to present-day independent banks (particularly in Indiana,

Iowa, and Ohio prior to 1865), or to chain banks, than to branches; national banks, number at call date

nearest end of year, annual report of Federal Deposit Insurance Corporation for 1934, p. 107 (original

data from annual reports of Comptroller of the Currency); mutual savings banks, 1859-1864, Emerson

W . Keyes, A History of Savings Banks in the United States (New York, 1878), vol. II, p. 532, and 1865-

1877, annual report of Federal Deposit Insurance Corporation for 1934, p. 112. 1878-1896: State banks,

trust companies, and private banks, George E. Barnett, State Banks and Trust Companies, publication

of National Monetary Commission, Senate Document No. 659, 61st Congress, 3d Session, 1911, pp.

248-50 (original data from State reports and Homan’s Bankers Almanacs); national banks, number

at call date nearest June 30, annual report of Federal Deposit Insurance Corporation for 1934, pp. 107-08

(original data from annual reports of Comptroller of the Currency); mutual savings banks, annual

report of Federal Deposit Insurance Corporation, 1934, pp. 112-13 (original data from various sources).

2 Computed from number of banks or offices and population as of July 1 as estimated by Bureau

of the Census and published in Historical Statistics of the United States, 1789-19k5.

* Board of Governors of the Federal Reserve System, AU-Bank Statistics, United Stales, 1896-1955

(1959), p. 33. Number of banks in territories and possessions, not included, ranged from none in 1896

and 1 in 1897 to 60 in 1929 and 44 in 1934 (ibid. p. 1153).

* Branches of incorporated commercial banks, Board of Governors of the Federal Reserve System,

Banking and Monetary Statistics, p. 297. For years prior to 1924 the figures are not for any uniform

month; for 1924 and 1927-1931 they are as of June; for 1925-1926 and 1932-1934, as of December.

Branches of private banks and mutual savings banks, for which data are not available prior to 1934

and numbered about 125 in that year, are omitted.

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

banks was reduced by about 15,000, there was an increase of about 

1,700 in the number of branches; and from 1934 to 1959, when there was 

a slow downward trend in number of banks with a total reduction of 

about 2,000, there was a relatively large growth, about 7,000, in number 

of branches.

Table 16. Number o f Banks and Branches in the United States

(Continental U.S. and Other Areas), 1933-1959

December 31

Total

banking

offices1

Number of

banks1

Number of

branches1

Population

per office*

Population

per bank3

1933*............................................... 18,402 15,363 3,039 6,943 8,316

1934................................................. 19,360 16,128 3,232 6,643 7,974

1935................................................. 19,395 16,023 3,372 6,677 8,083

1936................................................. 19,298 15,809 3,489 6,755 8,246

1937................................................. 19,162 15,556 3,606 6,845 8,432

1938............ ................................... 19,018 15,370 3,648 6,952 8,602

1939................................................. 18,889 15,196 3,693 7,058 8,773

1940................................................. 18,791 15,063 3,728 7,154 8,925

1941................................................. 18,757 14,988 3,769 7,234 9,054

1942................................................. 18,650 14,837 3,813 7,330 9,213

1943................................................. 18,740 14,740 4,000 7,323 9,310

1944................................................. 18,841 14,700 4,141 7,222 9,256

1945................................................. 18,881 14,713 4,168 7,185 9,220

1946................................................. 18,967 14,747 4,220 7,535 9,691

1947................................................ 19,171 14,763 4,408 7,635 9,914

1948................................................. 19,363 14,750 4,613 7,697 10,105

1949................................................. 19,594 14,730 4,864 7,739 10,295

1950............................................... 19,851 14,693 5,158 7,769 10,496

1951............................................... 20,156 14,662 5,494 7,762 10,670

1952................................................. 20,449 14,616 5,833 7,769 10,869

1953................................................ 20,780 14,553 6,227 7,768 11,092

1954................................................. 21,160 14,409 6,751 7,765 11,404

1955................................................. 21,676 14,285 7,391 7,728 11,726

19 5 6 ............................................... 22,315 14,209 8,106 7,640 11,999

1957................................................. 22,907 14,130 8,777 7,579 12,287

1958................................................. 23,553 14,060 9,493 7,498 12,560

1959................................................. 24,242 14,004 10,238 7,407 12,823

1 Tabulations of the Federal Deposit Insurance Corporation. Data have been revised and for most

years differ slightly from those published in the respective annual reports of the Corporation. For 1938

and 1934 numbers exceed those in Table 15 by the number of mutual savings branches in continental

United States plus the number of commercial and mutual savings banks and branches in other areas

(Alaska, American Samoa, Hawaii, Mariana Islands, Panama Canal Zone, Puerto Rico, and Virgin

Islands).

* Population data used are Bureau of the Census estimates for July 1, as published in Historical

Statistics of the United States, 1789-19U5, and various issues of the Statistical Abstract of the United States.

* As of January 1, 1934. Figures differ from those for December 30, 1933, because of banks absorbed

or otherwise ceasing operations after the close of business on December 30, and because of those unlicensed on that date but approved for insurance or licensed in time to reopen on the morning of

January 2, 1934.

The consequence of these changes was a growing divergence between 

the population per bank and the population per banking office. Both 

in 1900 and in 1920 the population per banking office was only a little 

smaller than the population per bank. By 1934 there was a greater 

difference, with about 8,000 persons per bank and 6,600 per banking office. 

But at the end of 1959, when the population per bank was nearly 13,000, 

the population per office was about 7,400. The latter figure was smaller 

than in 1880, when the population per bank was over 8,000 and there were 

relatively few branches. This seems remarkable in view of the much

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CHARACTER OF BANK AND BRANCH CHANGES 31

greater accessibility of banking offices today because of urbanization 

and transportation developments and the consequent ability of a banking 

office to serve conveniently a larger number of persons.

C h a r a c t e r o f B a n k a n d B r a n c h C h a n g e s

Character o f bank changes, 1859-1920, Detailed statistics regarding 

the character of bank changes prior to 1921 are not available. However, 

there was a remarkable increase in number of banks during the twenty 

years preceding 1921, with a consequent decline in population per bank.

Character o f bank changes, 1921-1934. From 1920 to 1959 the 

number of banks going out of business exceeded the number opened in 

all years except 1934 and 1945-1947. However, the changes from 1920 

to 1934 were of a different order of magnitude, largely different in character, and the available statistics are somewhat different, than for the 

period after 1934. It is accordingly convenient to present separately, 

in Tables 17 and 18, the pertinent data for these two periods.

In the years 1921-1933, the number of banks going out of business was 

far greater than the number opened. Annual data for each year of this 

period and for 1934 are shown in Table 17, with the closings classified 

into those suspended, those absorbed, and those placed in voluntary 

liquidation, and the openings divided between new banks and reopenings 

of suspended banks. The data pertain to incorporated commercial banks 

in continental United States. Most of the changes occurred among 

those banks, the net decrease in the number of incorporated commercial 

banks for 1920 to 1934 being approximately 14,000, compared with about 

900 for unincorporated commercial banks and about 50 for mutual 

savings banks.

The decline of 14,000 in the number of incorporated commercial banks 

during the years 1921-1934 represented the difference between the closing 

of 22,000 banks and the opening of about 8,000 banks, with the latter 

figure including reopenings of suspended banks and the chartering of 

previously unincorporated banks. About half of the openings were new 

banks, and nearly half reopenings of suspended banks.

Bank suspensions from 1921 to 1934 accounted for nearly two-thirds 

of the 22,000 banks that ceased business during that period. Suspensions 

were numerous during the prosperous years of the 1920’s. In each year 

from 1923 through 1929 the number of banks ceasing operation because 

of financial difficulties substantially exceeded the number of newly 

organized banks, the typical ratio being about two failed banks for each 

new bank. In all, over 5,400 banks suspended during the nine years, 

1921-1929, or an average of about 600 per year during one of the most 

prosperous decades in the nation’s history. These failures represented,

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Federal Reserve Bank of St. Louis
Table IT. A n a l y s is o p C h a n g e s in N u m b e r of I n co r p o r a te d C o m m e r c ia l B a n e s in C o n t in e n t a l U n it e d St a t e s, 1921-1934

Year

Number at

end of

preceding

year1

Net

change

during

period

Began operations Ceased operations

Other

changes—

Total New net®

banks2

Reopenings

of suspended

banks3

Total 1 Absorbed4 Suspended5

Voluntary

liquidations

Total 1921-1934....................................... -13,963 7,473 4,438 3,035 21,777 6,516 14,267 994 + 341

1921.............................................................. 29,206 -188 565 472 S3 814 305 461 48 + 61

1922.............................................................. 29,018 -198 527 409 118 772 394 343 35 +47

1923.............................................................. 28,820 -424 526 458 68 1,003 329 623 51 + 53

1924.............................................................. 28,396 -672 491 383 108 1,191 373 738 80 +28

1925.............................................................. 27,724 -501 484 403 81 1,001 363 579 59 + 16

1926.............................................................. 27,223 -943 505 345 160 1,461 462 924 75 + 13

1927.............................................................. 26,280 -812 423 296 127 1,260 567 636 57 +25

1928.............................................................. 25,468 -765 305 252 53 1,084 534 479 71 + 14

1929.............................................................. 24,703 -1,008 304 235 69 1,321 636 628 57 + 9

1930.............................................................. 23,695 -1,818 308 153 155 2,129 769 1,292 68 + 3

1931.............................................................. 21,877 -2,728 380 105 275 3,110 798 2,213 99 + 2

1932.............................................................. 19,149 -1,571 372 93 279 1,950 433 1,416 101 + 7

1933.............................................................. 17,578 -3,226 1,020 323 697 4,302 322 3,891 89 + 56

1934?............................................................. 14,352 +891 1,263 511 752 379 231 44 104 + 7

» Federal Reserve Bulletin, November 1937, p. 1087. Excludes mutual savings banks and private banks.

3 Excludes new banks organized to succeed operating banks, but for 1933 and 1934 includes new banks organized to succeed national and State banks unlicensed after the banking

holiday.

* For 1921-32 includes reopenings accompanied by a change of name and issuance of a new charter. For 1933-34 includes banks closed during the banking holiday in March 1933

which were licensed subsequent to June 30, 1933. Banks licensed between March 15 and June 30, 1933, are not included in this table (either as suspensions or reopenings).

4 Decrease in number resulting from consolidations, mergers, and absorptions of going banks. Does not include suspended banks that were taken over by other banks.

5 Includes banks which reopened in the same or a subsequent year.

8 Chiefly conversions from private banks, but including some unclassified changes, particularly in 1933.

7 Changes in 1934 include banks that had been closed at the time of the banking holiday and were unlicensed as of December 30, 1933, but were approved for deposit insurance

or licensed in time to reopen on January 2, 1934, and other changes between those dates.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 18. A n a l y s is op C h a n g e s in th e N u m b e r o p B a n k s a n d B r a n c h e s in t h e U n it e d St a t e s

(C o n t in e n t a l U.S. a n d O t h e r A r e a s), 1934-1959

Year

Total

banking

offices—

net

change

Banks Branches

Net

change

Began operations Ceased operations

Other or

unclassified

changes

net

Net

change

Opened for business

Discontinued*

Other or

unclassified

changes—

net7

New

banks1

Reopenings

of

suspended

banks2

Absorbed3 Suspended4 Other

liquidations

Succeeded

absorbed

banks

Other

new

branches5

+5,840 -1,359 2,070 1,224 3,177 561 915 +7,199 2,130 6,375 1,385 + 79

+958 + 765 130 1,042 212 62 131 -2 + 193 75 186 100 +82

+35 -105 97 110 170 32 109 -1 + 140 87 138 86 + 1 -97 -214 61 22 161 72 65 + 1 + 117 73 100 56

-136 -253 63 12 177 83 68 + 117 90 96 69

-144 -186 44 2 87 80 65 +42 43 51 52

-129 -174 34 9 100 72 45 +45 43 52 50

-98 -133 41 6 78 48 54 +35 41 51 57

-34 -75 48 3 59 16 51 + 41 19 59 39 + 2

-107 -151 22 2 81 23 71 +44 28 68 52

+ 90 -97 52 82 5 62 + 187 23 212 48

+ 101 -40 69 1 74 2 34 + 141 36 138 83

+ 40 + 13 118 1 77 1 28 +27 40 133 146

+ 86 +34 144 3 93 2 18 + 52 55 171 174

+204 + 16 114 2 82 6 12 + 188 55 165 31 -1

+ 192 -13 79 1 77 3 13 +205 59 162 20 + 4

+ 231 -20 78 1 76 9 14 +251 61 201 11

+257 -37 68 89 5 11 +294 73 231 22 + 12

+ 305 -31 65 79 5 12 + 336 59 298 24 + 3

+293 -46 69 1 99 4 13 +339 84 278 21 -2

+331 -63 65 3 115 5 11 +394 97 323 29 + 3

+380 -144 72 1 207 4 6 + 524 181 378 37 + 2

+ 516 -124 117 231 5 5 + 640 206 483 50 + 1

+ 639 -76 122 1 189 3 7 + 715 168 582 39 + 4

+ 592 -79 87 1 161 3 3 + 671 145 555 33 + 4

+ 646 -70 96 152 9 5 + 716 135 615 37 + 3

+ 689 | -56

1

115 1 169 3 2 + 2 4 745 154 649 69 + 11

Total 1934-1959

19348...............

1935.................

1938.................

1837.................

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 

1 Mostly new banks, but includes previously operating financial institutions which became banks of deposit.

2 Reopenings of or successors to suspended banks, including banks previously in conservatorship, operating under restrictions, or in receivership or liquidation.

* Net decrease as a consequence of absorptions, consolidations, and mergers (excluding cases involving financial aid by the Federal Deposit Insurance Corporation).

4 Banks closed because of financial difficulties, including banks the deposits of which were assumed by other insured banks with the financial assistance of the Federal Deposit

Insurance Corporation.

6 Includes a small number of branches replacing banks relocated or placed in liquidation or receivership, and facilities established in or near military or other Federal government

installations.

6 Includes facilities discontinued at military or other Federal government installations.

7 For 1934, includes branches of banks reopened or previously operating under restrictions.

8 Changes in 1934 exclude banks approved for insurance or licensed to reopen on January 2, 1934, and other changes between the close of business on December 30, 1933, and

the opening of business on January 2, 1934.

CO

COCHARACTER OF BANK AND BRANCH CHANGES

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primarily, the inability of banks in the agricultural regions of the nation 

to adjust themselves to the impact of a set of economic circumstances 

having an adverse effect on agriculture and on the trading centers of 

agricultural areas, even though business throughout the nation was 

generally prosperous. The depression of the early 1930’s saw a catastrophic 

rise in bank suspensions, as approximately 9,000 banks failed during 

four years. This depression, which was nation-wide, together with the 

financial panic of 1933, was primarily responsible for the extraordinarily 

large number of failures during those years.

Bank absorptions, using that term to include consolidations, mergers, 

and assumption of deposit liabilities of one bank by another, were of 

significant importance in the decline in the number of banks between 

1920 and 1934, although they ranked well below bank suspensions as a 

cause of the decline in number of banks. Absorptions accounted for about 

three out of every ten banks ceasing business during this period, whereas 

suspensions were responsible for approximately six out of every ten banks 

that closed.

Expansion of branch banking systems was not a primary force in 

these bank absorptions. The number of banks absorbed was much 

larger than the increase in the number of branches operated and a 

relatively small proportion of the absorptions occurred in the same 

States as most of the increase in branches. Moreover, during most of 

the period from 1920 to 1934, the number of absorptions appears to have 

been related to the number of suspensions. Both tended to rise during 

the 1920’s and both increased with the onset of the depression, though 

absorptions dropped back to earlier levels as the depression continued. 

Also, the majority of the absorptions occurred in the same States as the 

majority of suspensions. Many, if not most, of the absorption transactions 

of that period appear to have been alternatives either to failure or to 

voluntary liquidation. To the extent that this was true, bank absorptions 

were not a direct cause of decline in the number of banks but, instead, 

only the means by which many banks, which would have ceased business 

in any event, happen to have left the banking scene.

Of the banks that suspended during the years 1921-1930, more than 

200 were taken over, after suspension, by another bank. Thus whether a 

distressed bank was deleted from the count because it suspended or because it was absorbed apparently depended to a great extent on whether 

it was able to find a purchaser; i.e., another bank, prior to suspension; 

if it was successful it appears in tabulations as an absorption; if not 

immediately successful it appears in such tabulations as a suspension. 

It is noteworthy that with the precipitous decline in number of bank 

failures after 1933 and the consequent stabilization of the banking

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CHARACTER OF BANK AND BRANCH CHANGES 35

system there occurred a decline of similar proportions in the number of 

bank absorptions.1

Voluntary liquidations accounted for less than 5 percent of the banks 

ceasing operations during the period from 1920 to 1934. Little specific 

information is available regarding the reasons for these liquidations, but 

it is highly likely that the motivation in most of them was unprofitability.

In summary, the character of bank changes from 1920 to 1934 indicates that most of those changes were a consequence of a previous 

uneconomic and hence undesirable expansion in the number of banks, or 

of an inevitable adjustment to changes in communications and transportation facilities that brought more competition into banking and 

made survival of many of the smaller banks impossible, or were due to 

the impact of the forces that produced the deep depression of the early 

1930’s. Consequently, the great reduction in number of banks that resulted from the changes of the 1920-1934 period has no significant relevance to bank absorptions today.

Character o f bank changes, 1934-1959. Both the number of banks 

beginning operations and the number ceasing operations were much 

smaller during the 25 years from 1934 to 1959 than during the preceding 

thirteen years. However, the number of branches experienced far more 

change in the recent period than in the earlier one. Table 18 shows for 

all banks in the entire United States the character of changes occurring 

each year from 1934 to 1959, inclusive, with a classification similar to 

that for changes among incorporated commercial banks in continental 

United States in the preceding table; and also shows the character of 

changes among branches each year. The figures in this table are more 

inclusive than those in the preceding table, because they include not 

only commercial banks in continental United States, but also private 

banks, mutual savings banks, and banks in Alaska, Hawaii, Puerto 

Rico, and other noncontiguous parts of the nation. The figures are also 

compiled from different sources and by somewhat different methods 

than the preceding table. The difference in method of compilation is 

especially important for 1934, which is covered in both tables, because 

in this table newly chartered banks that succeeded banks *'‘unlicensed’’ 

after the banking holiday (that is, remaining in conservatorship, operating under restrictions, or otherwise in a state of suspended animation 

without formal placement in receivership or liquidation) are classified 

with reopenings of suspended banks instead of with new banks as in 

the preceding table.

1 The probability that many absorptions during the 1920’s and early 1930’s were “ forced lifesaving

jobs . . . to prevent failure” was noted in Concentration of Banking in the United States, a Staff Report

of the Board of Governors of the Federal Reserve System submitted to the Subcommittee on Monopoly

of the Select Committee on Small Business, U. S. Senate, September 10, 1952, p. 6.

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

Of the approximately 3,300 banks beginning operations in the entire 

United States from 1934 to 1959, inclusive, about 1,200 were reopened 

suspended banks. Most of the reopenings were in 1934; after 1935 the 

number of suspended banks reopened became almost negligible. For the 

26-year period new banks organized averaged 80 per year, ranging from 

a low of 22 in 1942, during World War II, to a high of 144 in 1946, the 

first post-war year. During recent years the number of new banks opened 

has averaged about 100 per year.

Various reasons account for the fact that since 1934 the rate of opening 

of new banks has been much smaller than prior to 1920 or during the 

decade of the 1920,s. A survey made by the Joint Economic Committee 

and published in February 1952 reveals that State bank supervisors, 

except for those in States in the rapidly growing Southwest, reported 

receiving relatively few bank applications. Generally speaking, the 

reasons given were the adequacy of existing banking facilities and the 

low level of bank profits relative to other industries.1 During the past 

few years the number of applications for new bank charters has increased 

somewhat because of the high level of economic activity and larger bank 

profits, but the number is still much lower than in the 1920’s. The growth 

in branch banking is undoubtedly an important factor helping to explain 

the reduced demand for new banks, particularly in those States which in 

the 1930’s changed their banking codes to permit more expansive or 

statewide branch banking.

Another factor has been the attitude of bank chartering authorities. 

With the experience of thousands of bank failures between 1920 and 1934, 

attributed in many instances to weak or under-capitalized banks in 

population centers unable to support them, bank chartering authorities 

were alert to prevent a repetition of the over-banked situation of the 

early 1920’s. While it may to some persons now seem a desirable situation 

to have, as in 1921, more than 30,000 banks with “ open doors for 

borrowers and depositors throughout the United States,”2 bank supervisors and chartering authorities of the 1930’s and 1940’s knew that 

many of those banks closed their doors with great losses and hardships 

to their depositors and were determined that this should not happen 

again. The Federal Deposit Insurance Corporation has particularly 

stressed capital adequacy as a requirement for insurance.

The closing of banks because of financial difficulties has been of small 

importance in accounting for changes in the number of banks since 1933. 

During the entire period from that year to 1959 the net decline in number

1 Monetary Policy and the Management of the Public Debt, Replies to questions and other material

for use of Subcommittee on General Credit Control and Public Debt Management, Joint Committee

on the Economic Report (1952), Part 2, pp. 995-97.

2 Bank Mergers and Concentration of Banking Facilities, a Staff Report to Subcommittee No. 5 of

the Committee on the Judiciary, United States House of Representatives, 82d Congress, 2d Session,

September 17, 1952, p. 6.

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CHARACTER OF BANK AND BRANCH CHANGES 37

of banks attributable to bank suspensions, including absorptions with 

Corporation aid, was only 561, less than the number closed because of 

financial difficulties during a typical year in the 1920’s.1 The principal 

causes of the failures that have occurred since 1934 have been: (1) the 

weakened condition of banks as a consequence of the depression of 

1930-1933, which accounted for a substantial percentage of those during 

the early years of Federal deposit insurance; (2) the inability of small 

and uneconomic banking units to continue operations; and (3) financial 

irregularities in banks. The latter factor has accounted for about onefourth of the banks in financial difficulties handled by the Federal Deposit Insurance Corporation since January 1, 1934.

The fact that bank failures have been relatively infrequent since 1933 

of course accounts for the fact that most of the decline in number of 

banks since 1920 occurred between 1921 and 1934. With the drop in 

number of bank failures, the precipitous decline in the number of banks 

which was so apparent during the 1920’s, and particularly during the 

early 1930’s, also ceased.

Since 1933 absorptions have been the leading cause of banks ceasing 

operations, and thus have been largely responsible for the slow downward drift in number of banks during the past 25 years. However, the 

annual number of absorptions was only about one-fourth of that prior 

to the depression of the 1930’s, and from 1938 to 1952 did not exceed 100 

in any one year. The year 1952 appears to mark the beginning of an 

upturn in bank absorptions, although after reaching a high of 231 cases 

in 1955 the number declined to 152 in 1958 and 169 in 1959.

Over 900 banks ceased business by voluntary liquidation during the 

26 years from 1933 to 1959, accounting for about one-fifth of all banks 

ceasing business. This is about the same number as during the preceding 

13 years. Though the average annual number since 1933 is only about 

half that of the earlier period, the rate of closing for this reason relative 

to the number of banks in operation is about the same.

No recent tabulation of the reasons for voluntary liquidations of banks 

is available, but it appears that in most cases such liquidations reflect 

unprofitability, or a management succession problem, combined with 

inability to find a purchaser. A tabulation of reasons for voluntary liquidations of national banks from 1941 through 1950 supports this conclusion.2

In summary, an analysis of bank changes after 1920 shows a much 

higher degree of stability since 1933 than during the preceding 13-year 

period. The rapid decline in number of banks ceased abruptly in 1934 as 

many banks closed during the depression were reopened. Since that time

1 Absorptions facilitated by financial aid of the Federal Deposit Insurance Corporation are included

with suspensions, and excluded from the figures for absorptions, consolidations, and mergers in Table 18.

2 Bank Mergers and Concentration of Banking Facilities, a Staff Report to House Committee on the

Judiciary, op. cit., p. 18.

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

all elements affecting bank changes have been of lesser magnitude than 

during the 1920’s and early 1930’s, with the greatest difference being 

that between bank suspensions during the two periods. The organization 

of new banks has substantially exceeded the number of banks placed in 

voluntary liquidation or closed because of financial difficulties. The 

banking facilities which were not uneconomic but were lost in the depression have been replaced. Nevertheless, there was a slow and small 

decline in the total number of banks, attributable to bank absorptions.

Character of changes in number of branches, 1921-1959. Changes 

in number of branches have been different from changes in number of 

banks. In 1921 there were about 32,500 banking offices, including both 

commercial and mutual savings banks, in the entire United States, of 

which about 1,500 were branches. At the end of 1959 there were about 

24,200 banking offices, including over 10,200 branches.

Except for a relatively small decline during the early 1930’s the number 

of branches has grown in each year of the period, 1921-1959. Since 

World War II there has been a noticeable acceleration in this growth, 

reflected in the fact that in recent years the number of branches has been 

increasing at between 8 and 9 percent per year, compared to an increase 

of about 4 percent per year during the immediate post-war years.

From 1933 to 1959 growth in number of branches more than offset 

the decline in number of banks, so that the total number of banking offices 

increased by more than 30 percent. Though the number of banking offices 

increased by nearly 6,000 during that period, the total at the end of 1959 

was less than three-fourths of the number in 1921. However, in recent 

years the growth in banking offices has been keeping pace with, or exceeding, the growth in population.

Growth in number of branches is due principally to the opening of 

new offices. For the entire period, 1934-1959, six times as many branches 

were opened as were discontinued. Within recent years the number of 

branches opened has approached 800 per year. Approximately threefourths of all branches opened during the years, 1934-1959, were new 

offices, and one-fourth were at the locations of absorbed banks. For that 

period as a whole approximately two-thirds of the absorbed banks were 

continued in operation as branches of the absorbing bank, though in 

recent years this proportion has been about nine out of ten. Thus bank 

absorptions now have comparatively little effect on changes in the number 

of banking offices, a different situation than prior to 1934, when only a 

few of the absorbed banks were continued as branches.

Much of this growth in the number of branches would not have been 

possible without changes in legislation regarding establishment of branches. 

Since 1920 many of the States have enlarged the areas within which

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CHARACTER OF BANK AND BRANCH CHANGES 39

branches are permitted, and a few abolished laws prohibiting branch 

banking. The pressure for changed banking laws and the actual growth 

in the number of branches are both traceable to the same set of forces.

The most important underlying reason for the expansion in the number 

of branches has been a need for additional banking facilities. Whereas 

many parts of the nation were doubtless over-banked in 1921, by the 

end of 1933 an under-banked situation existed in many places as a consequence of the disappearance during the preceding four years of about 

40 percent of the nation’s banks. Some of the States in which bank 

suspensions had left many communities without adequate banking facilities and which had previously prohibited branch banking changed their 

banking codes to permit branches, at least for limited types of business. 

With the continued, though much slower, decline in the number of banks 

after 1934 additional branch offices were opened. However, at the end 

of World War II there were fewer banking offices in the United States 

than in 1934. During the intervening years there had been substantial 

increases in both population and national output, so that the accelerated 

growth in the number of branches since the end of World War II may be 

viewed as representing primarily a response to a need for banking facilities that had been accumulating since the depression of the 1930’s.

An additional aspect of population growth which in recent years has 

been of particular importance to branch banking has been the great 

development of suburbs and expansion of metropolitan areas in many 

parts of the country. Except in States where branch banking is prohibited, 

this has led to the development of suburban business centers in which 

banks have found it advantageous to operate branches. Existing banks 

are usually desirous of opening branches in such areas prior to the time 

when an independent bank would appear to be profitable enough to 

stimulate its promotion. In addition, city banks have found that they 

need branches with parking facilities and drive-in windows that cannot be 

provided at their head office locations.

To some extent the increase in demand for banking facilities has 

been met by the organization of new banks. However, many places 

which are unable to support an independent bank can support a branch, 

sometimes doing only a limited business. More strict requirements of 

banking legislation and chartering authorities, in comparison with the 

period before 1920, make establishment of new banks more difficult in 

many instances.

In States permitting Statewide branch banking and to some degree 

in those permitting branches in limited areas, the growth in number of 

branches may also reflect intense competition between two or more 

large branch banking systems. This has led to aggressive drives for 

branch locations, including absorptions of unit banks. In such situations

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4 0 FEDERAL DEPOSIT INSURANCE CORPORATION

competition may lead to establishment of a branch in an area of potential 

economic growth, thereby reducing the need for and making more difficult 

the establishment of a unit bank when the community achieves the size 

needed for profitable operation.

Ba n k C h an g es b y State

Table 19 shows for selected years—1880, 1900, 1920, 1934, and 1958— 

the number of banks in each State, and for the latter three of these years 

the number of banking offices. Table 20 shows for the same years the 

population per bank and per banking office in each State. Table 21 gives 

for each State the change in number of banks for three periods— 1900 

to 1920, 1920 to 1934, and 1934 to 1958—and in number of branches for 

the last two of these periods. Table 22 shows percentage changes in 

number of banks and number of banking offices in each State for the 

same periods.

Changes in number o f banks by State, 1880-1958. When the 

growth in the number of banks prior to 1920 is looked at by States, it 

becomes evident that this growth was largely concentrated in the agricultural States of the Great Plains. Nine States of this area accounted 

for 45 percent of the net increase in number of banks between 1900 and 

1920 in the entire United States. The extent to which the rapid increase 

in number of banks reduced the potential clientele of individual banks is 

indicated by the population per bank. In 1880 there was one State and 

in 1900 four States with fewer than 2,500 persons per bank. By 1920 there 

we>re thirteen States with less than 2,500 people per bank, all of them 

in the Great Plains and Rocky Mountain areas. The State with the lowest 

figure was North Dakota, with a bank for every 720 persons.

To a considerable degree the decline in number of banks between 

1920 and 1934 was also concentrated in the agricultural States of the 

Great Plains, with the largest reductions in the nine States having 

the largest increases of the preceding twenty years. These States—Illinois, 

Io wa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma, 

and Texas—accounted for 50 percent of the net decrease in number of 

banks in the entire United States from 1920 to 1934.

The tremendous reduction in the number of banks between 1920 and 

1934 reversed the trend toward more and more States with a small 

number of persons per bank, and raised the population per bank in almost 

every State. However, the data by States do not indicate that the consequence was an unduly small number of banks in any part of the country 

in comparison with the situation prior to 1900. In 1934, as in 1900, there 

were three States with a population per bank above 15,000, but in 1880 

there had been fourteen States in this category. In 1934, as in 1900, there

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BANK CHANGES BY STATE 4 1

T a b le 1 9 . N u m b e r o f B a n k s a n d B a n k in g O f f ic e s, Se l e c t e d Y e a r s , b y St a t e

Number of banks1

State

1880 1900 1920 1934 1958 1920 1934 1958

Entire United States2.................. 6,110 13,067 30,962 16,128 14,060 32,282 19,360 23,553

Continental United States. . . . 6,110 13,053 36,909 16,084 14,018 32,190 19,262 23,305

Alabama......................................... 39 107 352 221 239 372 237 301

Arizona........................................... 2 21 87 19 8 108 37 151

Arkansas........................................ 14 125 487 241 237 493 248 272

California....................................... 107 287 717 272 124 896 1,078 1,590

Colorado........................................ 45 118 403 165 181 403 165 187

Connecticut.................... .............. 199 205 237 199 151 251 209 353

Delaware........................................ 24 25 41 49 29 57 62 75

District of Columbia................... 7 20 45 22 13 49 52 73

Florida............................................ 8 38 263 150 280 265 150 293

Georgia........................................... 81 223 779 342 410 804 369 486

Idaho............................................... 6 40 222 63 28 222 89 109

Illinois............................................. 489 990 1,969 891 946 1,969 891 950

Indiana........................................... 239 489 1,057 548 463 1,060 587 711

Iowa................................................ 370 1,140 1,922 663 670 1,922 759 833

Kansas............................................ 153 487 1,349 741 593 1,349 741 607

Kentucky....................................... 134 314 584 441 360 585 466 476

Louisiana........................................ 25 78 267 149 186 347 203 342

Maine.............................................. 136 150 162 105 87 194 164 210

Maryland....................................... 77 141 260 201 149 319 298 390

Massachusetts.............................. 482 468 526 404 356 526 548 777

Michigan........................................ 245 521 851 479 393 1,069 621 886

Minnesota...................................... 114 619 1,515 6 86 687 1,515 692 693

Mississippi..................................... 31 113 332 213 194 356 248 318

Missouri......................................... 212 676 1,652 703 613 1,652 703 617

Montana........................................ 10 56 431 120 115 431 120 116

Nebraska....................................... 78 516 1,225 447 423 1,227 450 425

Nevada........................................... 16 10 33 10 6 33 15 39

New Hampshire........................... 117 116 126 113 109 127 114 113

New Jersey.................................... 112 190 402 426 283 423 543 670

New Mexico.................................. 11 14 123 42 53 128 44 96

New York...................................... 742 907 1,125 934 561 1,354 1,615 1,935

North Carolina............................. 29 118 578 246 203 624 317 615

North Dakota............................... 16 153 899 207 155 899 209 182

Ohio................................................. 426 721 1,145 707 609 1,251 876 1,174

Oklahoma...................................... 156 960 414 387 960 414 402

Oregon............................................ 9 78 277 106 56 278 136 221

Pennsylvania................................ 623 795 1,482 1,133 750 1,518 1,242 1,465

Rhode Island................................ 115 90 48 33 17 93 74 124

South Carolina............................. 34 137 461 133 144 476 159 272

South Dakota............................... (8) 205 679 212 172 679 215 226

Tennessee...................................... 54 183 548 334 298 579 383 481

Texas.............................................. 111 410 1,681 947 971 1,681 947 994

Utah................................................ 10 39 133 58 49 133 68 117

Vermont......................................... 70 89 108 96 64 108 108 95

Virginia........................................... 94 159 496 328 312 516 398 546

Washington................................... 3 107 394 204 93 404 235 353

West Virginia................................ 39 127 340 180 183 340 181 183

Wisconsin....................................... 145 349 976 627 556 985 722 708

Wyoming....................................... 7 33 160 60 52 160 60 53

Number of

banking offices1

1 For 1880, 1900, and 1920, call dates nearest June 30, from sources described in Table 15; for 1934

and 1958, end-of-year call dates, from sources described in Table 16.

2 Including territories and other areas (except the Philippines).

* Included with North Dakota.

was no State with more than 25,000 persons per bank, though in 1880 

there had been nine such States.1

1 In these comparisons the District of Columbia has been omitted because of its greater comparability with metropolitan areas than with the States.

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

From 1934 to 1958 the changes in number of banks by State were 

of great diversity. In twelve States the number of banks increased. In 

only one State was there a reduction in the population per bank. In the

Table 20. P o p u l a t io n P e r B a n k a n d P e r B a n k in g O f f ic e ,

Se l e c t e d Y e a r s , b y Sta t e

State

Entire United States..................

Continental United States.. . .

Alabama

Arizona.........

Arkansas.. . .

California. . .

Colorado

Connecticut.

Delaware___

District of Columbia.

Florida.........................

G eorgia........................

Idaho...........................

Illinois.........................

Indiana........................

Iowa.............................

Kansas...........

Kentucky.............

Louisiana. ......

Maine....................

Maryland.............

Massachusetts. . .

Michigan...............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

Nevada...............

New Hampshire.

New Jersey........

New Mexico.. . .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon...............

Pennsylvania. .

Rhode Island. .

South Carolina.

South Dakota..

Tennessee.........

Texas.................

Utah................

Vermont.........

Virginia...........

Washington. . .

West Virginia.

Wisconsin. . . .

Wyoming. . . .

Population per bank1

1880 1900 1920 1934 1958

8,214

8,208

32,371

20,220

57,323

8,081

4,318

3,129

6,108

25,374

33,686

19,039

5,435

6,294

8,277

4,390

6,510

12,303

37,597

4,771

12,142

3,699

6,681

6,848

36,503

10,228

3,915

5,800

3,891

2,965

10,099

10,869

6,850

48,267

8,448

7,507

19,418

6,874

2,404

29,281

(*)

28,562

14,340

14,396

4,746

16,091

25,038

15,857

9,072

2,969

5.914

5,822

17,091

5,854

10,493

5,174

4,574

4,431

7,389

13,936

13,909

9,512

4,044

4,870

5,146

1.958

3,019

6,838

17,713

4,630

8,426

5,994

4,647

3,375

13,728

4,596

4,345

2,066

4,234

3,548

9.914

13,951

8,014

16,049

2,086

5,766

5,067

5,302

7.927

4,762

9,783

1.959

11,042

7,436

7,096

3,861

11,662

4,842

7,550

5.928

2,804

3,472

3,420

6,671

3,841

3,598

4,779

2,332

5,825

5,439

9,724

3,682

3,717

1,945

3,294

2,772

1,251

1,312

4,138

6,736

4,741

5.576

7,324

4,311

1.576

5,393

2,061

1,274

1,058

2,346

3,517

7,850

2,930

9,231

4,428

720

5,030

2,113

2,828

5,884

12,592

3,652

937

4,266

2,774

3,379

3,263

4,656

3,443

4,305

2,697

1,215

7,974

7,857

12,353

24,368

7,876

22,831

6,515

8,307

5,122

25,591

10,573

8,787

7.619

8,705

6,066

3.775

2,483

6,161

14,872

7,810

8,532

10,743

9.775

3,885

9,798

5,265

4,567

3,029

9,900

4,221

9.620

11,190

13,905

13,602

3,213

9,573

5,734

9,557

8,615

20,667

13,609

3,198

8,228

6,426

9,086

3,750

7,729

8,034

10,028

4,829

3,950

12,561

12,360

13,435

142.500

7,451

115,621

9,453

15,338

15,655

63,462

15,864

9,312

23,643

10,453

9,894

4,212

3,568

8,556

16,720

10,943

19,839

13,657

20,015

4,913

11,268

6,967

5,983

3,444

44.500

5,358

20,314

15,887

28,929

22,409

4,194

15,345

5,904

31,661

14,801

51,471

16,694

4,064

11,641

9,657

17,653

5,813

12,612

29,774

10,760

7,083

6,154

Population

per banking office1

1920 1934 1958

3,330

3,284

6.312

3,094

3,554

3,825

2,332

5,501

3,912

8,930

3,655

3,602

1,945

3,294

2,765

1,251

1.312

4,131

5,183

3,959

4,544

7,324

3,432

1,576

5,030

2,061

1,272

1,057

2,346

3,489

7,461

2,815

7,670

4,101

720

4,604

2,113

2,818

5,744

6,499

3,537

938

4,038

2,774

3,379

3,263

4,475

3,358

4,305

2,672

1,215

6,643

6,561

11,519

12,514

7,653

5,761

6,515

7,909

4,048

10,827

10,434

8,144

5,393

8,705

5,663

3,298

2,483

5,830

10,916

5,000

5,755

7,920

7,539

3,851

8,415

5,265

4,567

3,009

6,600

4,184

7,547

10,682

8,041

10,555

3,182

7,726

5,734

7,449

7,859

9,216

11,384

3,153

7,175

6,426

7,750

3,333

6,369

6,974

9,972

4,194

3,950

7,498

7.434

10,668

7,550

6,493

9,017

9,150

6.561

6,053

11,301

15,160

7,856

6,073

10,409

6,443

8,388

3,486

6,471

9,094

4,533

7,579

6,257

8,878

4,870

6,874

6,922

5,931

3,428

6,846

5,168

8,581

8,771

8,387

7,397

3,571

7,960

5,684

8,023

7,577

7,056

8,838

3,093

7,212

9.434

7,393

3,916

7,207

7,844

10,760

5.562

6,038

1 For 1880, 1900, and 1920 computed from number of banks and offices at call dates nearest June 30

and population at census dates; for 1934 and 1958 from number of banks and offices at end of year and

population estimates for July 1. Data for number of banks and offices from Table 19; for population,

from, various issues of Statistical Abstract of the United States.

* Included with North Dakota.

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BANK CHANGES BY STATE 43

remaining States there was a wide variation in the proportionate change 

in number of banks, and considerable differences in the rate of growth 

of population. As a consequence, by 1958 population per bank ranged 

from about 3,400 in Nebraska to 142,000 in Arizona.

Table 21. Change in N umber of Banks and B ranches,

Selected Periods, by State

State

Change in number of banks1 Change in number

of branches1

1900 to

1920

1920 to

1934

1934 to

1958

1920 to

1934

1934 to

1958

Entire United States.................................. 17,895 -14,834 -2,068 1,912 6,261

Continental United States...................... 17,856 -14,825 -2,066 1,897 6,109

Alabama....................................................... 245 -131 18 -4 46

Arizona.......................................................... 66 -68 -11 —3 125

Arkansas....................................................... 362 -246 -4 1 28

California...................................................... 430 -445 -148 627 660

285 -238 16 6

Connecticut................................................. 32 -38 -48 -4 192

Delaware....................................................... 16 8 -20 -3 83

District of Columbia................................. 25 -23 -9 26 80

Florida........................................................... 225 -113 130 -2 13

Georgia.......................................................... 556 -437 68 2 49

Idaho............................................................. 182 -159 -35 26 55

Illinois........................................................... 979 -1,078 55 4

Indiana.......................................................... 568 -509 -85 36 209

Iowa............................................................... 782 -1,259 7 96 67

Kansas........................................................... 862 -608 -148 14

Kentucky...................................................... 270 -143 -81 24 91

Louisiana...................................................... 189 -118 37 -26 102

Maine............................................................ 12 -57 -18 27 64

Maryland...................................................... 119 -59 -52 88 144

Massachusetts............................................. 58 -122 -48 144 277

Michigan....................................................... 830 -372 —86 -76 351

Minnesota............................... ..................... 996 -829 1 6

Mississippi.................................................... 219 -119 -19 11 89

Missouri........................................................ 976 -949 -90 4

Montana....................................................... 375 -311 -5 1

Nebraska.................................................. 709 -778 -24 1 -1

Nevada.......................................................... 23 -23 -4 5 28

New Hampshire.......................................... 10 -13 -4 8

New Jersey................................................... 212 24 -143 96 270

New Mexico................................................. 109 —81 11 -3 41

New York..................................................... 218 -191 -373 452 693

North Carolina............................................ 460 -332 -43 25 341

North Dakota.............................................. 746 -692 -52 2 25

Ohio................................................................ 424 -438 -98 63 896

Oklahoma..................................................... 804 -546 -27 15

Oregon........................................................... 199 -171 -50 29 185

Pennsylvania............................................... 687 -349 -883 73 606

Rhode Island............................................... -42 -15 -16 -4 66

South Carolina............................................ 324 -328 11 11 102

South Dakota.............................................. 474 -467 -40 3 51

Tennessee...................................................... 865 -214 -86 18 134

Texas............................................................. 1,271 -734 24 23

Utah............................................................... 94 -75 -9 10 58

Vermont........................................................ 19 -12 -32 12 19

Virginia......................................................... 837 -168 -16 50 164

Washington.................................................. 287 -190 -111 21 229

West Virginia............................................... 213 -160 3 1 -1

Wisconsin..................................................... 627 -349 -71 86 57

Wyoming...................................................... 127 -100 -8 1

1 Computed from number of banks in Table 19, for dates near June 30, 1900 and 1920, and at end

of year, 1934 and 1958; changes in number of branches computed from data for the same dates. Branches

include facilities established in or near military or other Federal Government installations at request

of the Treasury or Commanding Officer of the installation.

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Changes in number of hanking offices by State. Both in 1934 

and in 1958 there was a narrower range in the population per banking 

office than in population per bank. In 1958, population per office ranged 

from about 3,100 in South Dakota to 15,100 in Florida. In 1934, the range

Table 22. Pe r c e n t a g e C h a n g e in N u m b e r o f B a n k s a n d B a n k in g O f f ic e s,

Se l e c t e d P e r io d s, b y St a t e

State

Percentage change in number

of banks1

Percentage change in

number of banking

offices1

1900 to

1920

1920 to

1934

1934 to

1958

1920 to

1934

1934 to

1958

Entire United States............................... 136.9 -47.9 -12.8 -40.0 21.7

Continental United States.................. 136.8 -48.0 -12.8 -40.2 21.0

A1 abama........................................................ 229.0 -37.2 8.1 -36.3 27.0

Arizona......................................................... 314.3 -78.2 -57.9 -65.7 308.1

Arkansas....................................................... 289.6 -50.5 -1.7 -49.7 9.7

California..................................................... 149.8 -62.1 -54.4 20.3 47.5

Colorado....................................................... 241.5 -59.1 9.7 -59.1 13.3

Connecticut.................................................. 15.6 -16.0 -24.1 -16.7 68.9

Delaware....................................................... 64.0 19.5 -40.8 8.8 21.0

District of Columbia.................................. 125.0 -51.1 -40.9 6.1 40.4

Florida.......................................................... 592.1 -43.0 86.7 -42.6 92.8

Georgia.......................................................... 249.3 -56.1 19.9 -54.1 31.7

Idaho............................................................. 455.0 -71.6 -55.6 -59.9 22.5

Illinois........................................................... 98.9 -54.7 6.2 -54.7 6.6

Indiana.......................................................... 116.2 -48.2 -15.5 -44.6 21.1

Iowa............................................................... 68.6 -65.5 1.1 -60.5 9.7

Kansas........................................................... 177.0 -45.1 -20.0 -45.1 -18.1

Kentucky...................................................... 86.0 -24.5 -18.4 -20.3 2.1

Louisiana...................................................... 242.3 -44.2 24.8 -43.5 68.5

Maine............................................................ 8.0 -35.2 -17.1 -15.5 28.0

Maryland..................................................... 84.4 -22.7 -25.9 -6.6 30.9

Massachusetts............................................. 12.4 -23.2 -11.9 4.2 41.8

Michigan...................................................... 63.3 -43.7 -18.0 -41.9 42.7

Minnesota................................................ 191.9 -54.7 .1 -54.3 .1

Mississippi.................................................... 193.8 -35.8 -8.9 -30.3 28.2

Missouri........................................................ 144.4 -57.4 -12.8 -57.4 -12.2

Montana....................... ............................... 669.6 -72.2 -4.2 -72.2 -3.3

Nebraska...................................................... 137.4 -63.5 -5.4 -63.3 -5.6

Nevada.......................................................... 230.0 -69.7 -40.0 -54.5 160.0

New Hampshire.......................................... 8.6 -10.3 -3.5 -10.2 -.9

New Jersey................................................... 111.6 6.0 -33.6 2S.4 23.4

New Mexico............................................... 778.6 -65.9 26.2 -65.6 118.2

New York........................... ......................... 24.0 -17.0 -39.9 19.3 19.8

North Carolina............................................ 389.8 -57.4 -17.5 -49.2 94.0

North Dakota............................................. 487.6 -77.0 -25.1 -76.8 -12.9

Ohio............................................................... 58.8 -38.2 -13.9 -30.0 34.0

Oklahoma..................................................... 515.4 -56.9 -6.5 -58.9 -2.9

Oregon........................................................... 255.1 -61.7 -47.2 -51.1 62.5

Pennsylvania............................................... 86.4 -23.5 -33.8 -18.2 18.0

Rhode Island............................................... -46.7 -31.3 -48.5 -20.4 67.6

South Carolina............................................ 236.5 -71.1 8.3 -66.6 71.1

South Dakota............................................. 231.2 -68.8 -18.9 -68.3 5.1

Tciiinessee..................................................... 199.5 -39.1 -10.8 -33.9 25.6

Texas............................................................. 310.0 -43.7 2.5 -43.7 5.0

Utah............................................................... 241.0 -56.4 -15.5 -48.9 72.1

Vermont........................................................ 21.3 -11.1 -33.3 -12.0

Virginia......................................................... 211.9 -33.9 -4.9 -22.9 37.2

Washington.................................................. 268.2 -48.2 -54.4 -41.8 50.2

West Virginia..................... ......................... 167.7 -47.1 1.7 -46.8 1.1

Wisconsin................................................. 179.7 -35.8 -11.3 -26.7 -1.9

Wyoming............................................ 384.8 -62.5 -13.3 -62.5 -11.7

1 Computed from number of bank3 and offices in Table 19, for dates near June 80, 1900 and 1920,

and at end of year, 1934 and 1958.

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BANK CHANGES BY STATE 45

was rather similar, from 2,500 in Kansas to 12,500 in Arizona. These 

differences between the changes in population per bank, on the one hand, 

and population per office, on the other, are, of course, the result of rapid 

expansion of branch banking in some States and its absence or limited 

development in other States.

The differences among the States in the development of branch banking 

have been decisively influenced by State legislation. Statewide branch 

banking has become prevalent in nearly a third of the States; limited 

area branch banking, largely within county limits, has become prevalent 

in a third of the States; and unit banking remains predominant in more 

than a third of the States. Table 23 shows the States in each of these 

categories at the end of 1958, together with a sub-classification and with 

notes regarding variations among State laws respecting places in which 

branches may be located.

Table 23. C l a s s if ic a t io n o f St a t e s A c c o r d in g to St a t u s o f B r a n c h B a n k in g

a n d L o c a t io n a l R e q u ir e m e n t s fo r B r a n c h e s, D e c e m b e r 31, 19581

Statewide branch

banking prevalent2

Limited area branch

banking prevalent

Unit banking prevalent

throughout the State

Without

locational

limitations1

With some

locational

conditions4

Countywide6 Other6 With limited

branch

banking7

Without

branch

banking^

Arizona

California

Delaware

Maryland

Nevada

North Carolina

Rhode Island

South Carolina

Vermont

Connecticut

Idaho

Oregon

Utah

Washington

Indiana

Kentucky

Louisiana

Massachusetts

Michigan

New Jersey

New Mexico

Ohio

Tennessee

Alabama

District of

Columbia

Georgia

Maine

Mississippi

New York

Pennsylvania

Virginia

Arkansas

Iowa

Kansas

North Dakota

Oklahoma

South Dakota

Wisconsin

Colorado

Florida

Illinois

Minnesota

Missouri

Montana

Nebraska

New Hampshire

Texas

West Virginia

Wyoming

1 Capital requirements, and those pertaining to approval by the supervisory authority, are not

considered in this classification. Minor locational requirements in a few States, such as a requirement

that any branch established shall be within the limits of a city or incorporated town, are also neglected.

For the most part, the classification is also applicable to the major part of period since Dec. 31, 1920.

* Several of these States did not permit branches prior to 1933.

* Capital requirements according to location of branch are not included here as locational requirements.

4 The locational conditions in these States are each different, but all follow the principle that a

branch can be established in a place outside of the head office town or county which has an operating

bank only by absorption of an existing bank.

6 In Kentucky, Massachusetts, and New Jersey establishment of a branch outside of the parent

bank’s head office town or municipality is limited to specified conditions, such as through absorption

or in a place with no bank or with one under liquidation. In Louisiana, Michigan, and New Mexico,

a branch may be established in an adjoining county or within a certain distance from the parent bank,

under specified similar conditions.

« Alabama: within the head office county in eleven counties and within the head office city in two

other counties. District of Columbia: throughout the District (classified in this category because Districtwide branch banking is more comparable to countywide or citywide branch banking than to statewide branch banking). Georgia: within head office city in the two largest cities, and throughout the

State if established prior to 1927. Maine: within head office county or contiguous county. Mississippi:

limited function offices within head office county or contiguous county, but not in a place under 3,500

E

opulation with an existing office; other branches under more stringent restrictions. New York: within

ead office city or district (each district consisting of 3 to 15 counties), but in a city or village with an

operating bank only through absorption of a bank. Pennsylvania: within head office county or contiguous county or by absorption of an existing bank. Virginia: within head office city or county.

7 Limited function offices permitted within specified distance from head office or in a place with no

operating bank within the head office county or contiguous county, to be closed (in most cases) upon

establishment of a bank; and in Wisconsin, only if established prior to 1947. In South Dakota, other

branches upon absorption of a bank, without locational restrictions.

8 The few branches in these States were established prior to existing prohibitory legislation or

under unusual circumstances.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 24. C o m m e r c ia l B a n k s a n d B r a n c h e s, 1920 a n d 1958, in St a t e s G r o u p e d

A cco r d in g t o t h e St a t u s o f B r a n c h B a n k in g a t t h e E n d o f 1958,

b y M e t r o p o l it a n a n d O t h e r A r e a s

Number of banks

Number of

branches

Change from

1920 to 1958

Status of branch banking and

type of area Dec. 31,

1920

June 30,

1958

Dec. 31,

1920

June 30,

19581 Banks Branches

Continental United States— total............ 30,434 13,483 1,252 8,253 -16,951 7,001

Metropolitan area counties2................... 6,329 3,201 847 5,476 -3,128 4,629

Other counties.............................................. 24,105 10,282 405 2,777 -13,823 2,372

States with statewide branch banking:*

9 States without locational limitations:

Metropolitan area counties...................... 734 202 168 1,547 -532 1,879

Other counties............................................. 1,598 523 174 821 -1,075 647

5 States with some locational limitations:

Metropolitan area counties...................... 289 120 4 315 -169 311

Other counties............................................. 888 182 8 379 -706 371

States with limited area branch banking

prevalent:*

9 States with county wide branch banking

prevalent:

Metropolitan area counties...................... 1,494 796 408 1,742 -698 1,334

Other counties............................................. 3,802 1,993 97 579 -1,809 482

7 States and D.C. with other limited area

branch banking prevalent:4

Metropolitan area counties...................... 1,711 762 258 1,801 -949 1,548

Other counties............................................. 2,911 1,666 114 617 -1,245 503

States with unit banking prevalent throughout the State:*

7 States with limited branch banking:5

Metropolitan area counties...................... 610 320 8 61 -290 53

Other area counties.................................... 6,723 2,441 8 377 -4,282 369

11 States without branch banking:8

Metropolitan area counties...................... 1,491 1,001 1 10 -490 9

Other area counties................................... 8,183 3,477 4 4 -4,706

1 Excluding trust companies not regularly engaged in deposit banking and “facilities" at Federal

Government establishments.

* Includes all metropolitan areas in continental United States a3 defined by the Bureau of the Budget,

January 15, 1957, except that in States where metropolitan areas are defined in terms of cities and towns

(Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island) counties with the majority

of their population in the metropolitan portions are included in lieu of the specified cities and towns.

Metropolitan area counties include the District of Columbia and 295 counties and independent cities

out of 3,102 counties and independent cities in continental United States.

* For the States in each group see Table 23.

4 For the branch banking areas see note 6 to Table 23.

* For the type of branches permitted see note 7 to Table 23.

* See note 8 to Table 23.

The growth of branch banking during the past quarter of a century 

should not be regarded as a sequel to the great decline in number of 

banks subsequent to 1920. The development of branch banking has occurred, for the most part, in different States and in different areas within 

States from those in which the decrease in number of banks was concentrated. Only 3 percent of the increase in number of branches from 1920 

to 1958 was in the nine States which accounted for 50 percent of the great 

reduction in number of banks from 1920 to 1934. The increase in branches 

occurred chiefly in metropolitan areas; the decrease in banks in other 

areas. This is indicated in Table 24, which compares the number of 

commercial banks and branches in 1920 and 1958 in metropolitan and

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BANK CHANGES BY STATE 4 7

other counties in States grouped according to the status of branch banking 

as shown in the preceding table. Of the total reduction of nearly 17,000 

in number of commercial banks between the end of 1920 and the middle 

of 1958, nearly 14,000 were in counties not classified as metropolitan in 

1958. In these counties the increase in number of branches during the 

same period was less than 2,400. In contrast, the metropolitan counties, 

with a decrease of about 3,100 in the number of banks from the end of 

1920 to midyear 1958, showed an increase during the same period of 

about 4,600 in the number of branches.

Between 1920 and 1958, the total number of commercial banking 

offices in non-metropolitan counties declined by nearly 11,500; those in 

metropolitan areas increased by 1,500. In 1920, 79 percent of all commercial banks and 77 percent of all commercial banking offices were in 

the non-metropolitan counties; in 1958, 76 percent of all commercial 

banks but only 60 percent of all commercial banking offices were in the 

non-metropolitan counties. That is, in 1920, 21 percent of the commercial 

banks and 23 percent of commercial banking offices were in counties 

that in 1958 were classified as metropolitan; while in the latter year, 24 

percent of the commercial banks and 40 percent of their offices were in 

the metropolitan areas.

A ccessibility of Ba n k in g O ffices

Location of banking offices by size of center. The number of 

localities in which there is only a single banking office is sometimes cited 

as evidence of lack of competition. In using such figures careful attention 

must be given to the ability of such places to support more than one 

banking office. Table 25 gives a distribution of banking offices on June 

30, 1958, according to the number of offices in the centers in which 

they were located and the population of those centers. This table differs 

from previous tabulations of this sort by treating each metropolitan 

area, rather than each city or town in such metropolitan areas, as a 

single center. In earlier tabulations, including those published in the 

annual reports of the Federal Deposit Insurance Corporation, numerous 

banking offices located in metropolitan areas, but not within the limits 

of the principal city therein, were classified as located in a place with 

only one or two banking offices, although in fact the patrons of such 

offices had convenient access to other offices within the metropolitan 

area. Those tabulations therefore gave an erroneous impression of the 

number of places served by only one or two banking offices.

It will be noted from this table that on June 30, 1958, 7,703 of the 

21,736 commercial banking offices in the continental United States, 

excluding “facilities” at Federal Government establishments, were 

located in population centers with only one banking office. Put another

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

way, there were 7,703 population centers with only one banking office 

each. However, almost all of these centers had a population of less than 

5,000 and three-fifths of such centers had a population of less than 1,000; 

some of them had less than 250 people. Thus although it is statistically 

correct to say that in each of these centers there was only one office 

available to provide banking services, this fact must be tempered by 

the realization that in most communities of this size it is probably impracticable, because unprofitable, for more than one banking office to 

operate successfully. Nevertheless, the figures do suggest that some 

population centers may be “underbanked” in the sense that an increase 

in banking facilities could be supported and would be advantageous to 

the communities. However, no final conclusion can be drawn with respect to the need for additional facilities in any particular case without 

going beyond the data available in this table to consider such questions 

as the existing availability of banking facilities in nearby communities.

Table 25. N u m b e r o f O p e r a t in g O f f ic e s o f C o m m e r c ia l B a n k s i n t h e

C o n t in e n t a l U n it e d St a t e s , Ju n e 30, 1958

g r o u p e d b y n u m b e r o f c o m m e r c ia l b a n k in g o f f ic e s

AND POPULATION OF CENTER IN WHICH LOCATED

Population of center

or metropolitan area

All

offices1

Offices in centers or metropolitan areas with—

1

office

2

offices

3

offices

4

offices

5

offices

6

offices

7 or 8

offices

9 to 19

offices

20 or

more

offices

7,703

642

3,950

2,919

192

3,412

2

160

1,788

1,422

40

921 472 220 204 217 872 7,715

6

120

675

120

16

308

148

135

80

5

66

132

6

50

132

35

208

664 2,314

2,72S

2,678

All banking offices1...........

In centers or metropolitan areas with

population of—

Less than 250................

250 to 1,000....................

1.000 to 5,000. ...............

5.000 to 25,000..............

25.000 to 100,000...........

100.000 to 500,000.........

500.000 to 2,500,000 . . .

2.500.000 or more.........

21,736

644

4,116

4,843

2,848

860

3,024

2,723

2,678

1 Excludes trust companies not regularly engaged in deposit banking and “ facilities” at military

o:r other Federal Government establishments.

Counties without banking facilities. The importance of considering 

the availability of banking facilities in nearby communities, when examining the need for such facilities in a place with only one banking office 

or none, may be illustrated by some of the counties in the nation with 

no banking office. In June 1958, there were 62 such counties, ranging in 

population in 1950 from 241 to over 17,000. The five with the largest 

populations in 1950 were as follows:

Alleghany County, Virginia, with a population of 17,000, is served by banks in an

independent city (Covington) almost in its center, and another (Clifton Forge) at ite

border.1

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ACCESSIBILITY OF BANKING OFFICES 4 9

Sandoval County, New Mexico, with a population of 12,000, is situated north of

Albuquerque and west of Santa Fe, both of which are in adjoining counties near the

borders of Sandoval County, with the most populous portion of Sandoval in its southeastern corner directly between those two cities.

Spotsylvania County, Virginia, with a population of 12,000, has the independent

city of Fredericksburg on its northeastern border.1

Torrance County, New Mexico, with a population of 8,000, has its populous portion

in its western side, which adjoins Bernalillo County in which Albuquerque is located.

Oconee County, Georgia, with a population of 7,000, is a small county not far from

Athens, located in an adjoining county.

In all these cases, it is apparent that the size of population of the 

county cannot be used as a criterion for concluding that banking services 

are inadequate, though the availability of banking services in nearby 

cities also cannot be taken as conclusive evidence that banking services 

are reasonably available and adequate.

R e l ative P osition of B an k s

The concern which has been expressed over the decline in number of 

banks has been accompanied by anxiety about concentration of banking 

services, for the nation as a whole or in various sections or localities, in 

the hands of a relatively small number of banks. To understand what 

changes have occurred, it is necessary to distinguish between various 

aspects of concentration and to make use of tabulations not hitherto 

available.

Increasing size of banks. The generally larger size of banks in 

recent years as compared with that of a quarter of a century ago, and the 

accompanying greater numbers and percentages of the banks in the 

upper categories and the reduced numbers and percentages in the smaller 

categories of standardized size groups, have been cited as an indication 

of increasing concentration in banking.2 Such data, however, may reflect 

normal growth or wartime expansion without indicating any change in 

concentration. In a growing economy banks furnish the largest part of the 

money supply and therefore should be expected to grow in size, and in 

wartime the government may pursue financial policies resulting in an 

abnormal rate of expansion of bank assets and deposits. The growth in 

average size of banks in the United States has been due primarily to 

these factors. For example, the average commercial bank increased in 

size from $2.6 million deposits in 1934 to $16.0 million in deposits at 

the end of 1958. If there had been no change in number of banks during 

this period the average size of a commercial bank would have increased

1 In Virginia, counties and independent cities are mutually exclusive areas, and county tabulations

therefore exclude data for cities which are adjacent to or surrounded by a county.

* Bank Mergers and Concentration of Banking Facilities, Staff report to House Committee on the

Judiciary, op. cit., pp. 25-26.

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50 FEDERAL DEPOSIT INSURANCE CORPORATION

to $13.9 million, or more than five times as large as in 1934. The growth 

in average size of banks has therefore been dependent to only a minor 

extent upon the decrease in number of banks. As an indicator, therefore, 

banks with, say, $100 million of deposits in 1934 should be compared 

with banks of more than $500 million of deposits in 1958.

It is possible, of course, for concentration to increase even though the 

average size of banks merely keeps pace with the expansion of the banking 

system as a whole. That is, banks toward the lower end of the size scale 

may be smaller relative to the average, and those toward the upper end 

of the size scale larger relative to the average, than at some former time.

The hundred and the ten largest banks. A measure of change in 

the relative position of banks frequently used is the change in the proportion of total commercial bank deposits held by a selected number, 

such as 100 or 10, of the largest commercial banks. This avoids the use of 

banks in standardized size groups. Use of this measure indicates that 

concentration increased during the 1920’s and 1930's, decreased during 

the 1940’s, and was approximately unchanged during the 1950’s. This 

is shown by Table 26 which gives for selected years from 1920 to 1958 the 

percentage of deposits of all commercial banks in continental United 

States held by the largest 100 and the largest 10 banks.1 At the end of 

1958, by number, the 100 largest banks comprised 0.74 percent, and the 

10 largest 0.074 percent of all commercial banks in continental United 

States. The 100 largest held 46 percent and the 10 largest 20 percent of 

the deposits of all commercial banks. These ratios are slightly higher 

than in 1949, but substantially below those in 1934 and 1940.

Data for a given number of the largest banks do not give as accurate 

a measure of concentration as those for a selected percentage of the 

banks. The lower part of Table 26, therefore, gives the proportion of 

deposits of all commercial banks held by the largest one-half of 1 percent, 

and by the largest one-tenth of 1 percent, of such banks. These figures 

substantiate the conclusion that there was less concentration of the 

banking business in the largest banks in 1958 than in 1929 or 1940.

Group banking. The degree of concentrated control of banking in 

the United States is somewhat greater than the figures in the preceding 

table indicate. This is because of the development, over a period of 

several decades, of group and chain banking. Group banking refers to 

control through stock ownership by a corporation, trust, or similar 

organization; chain banking to ownership of stock in a number of banks 

by one individual, or one family, or by a small group of persons.2 Data

1 It is also supported by annual tabulations based on deposits of large banks as published in The

American Banker, though such tabulations, because of the inclusion of deposits of foreign branches,

exaggerate by about one percentage point the proportion of deposits of all commercial banks held by

the largest banks.

s Federal Reserve Committee on Branch, Group and Chain Banking, Banking Groups and Chains

(mimeographed, 1932); and Federal Reserve Bulletin, February 1938, p, 92.

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RELATIVE POSITION OF BANKS 5 1

for banking chains are not available for recent years, and those for earlier 

years are not as satisfactory as for groups.

Table 26. R e l a t iv e I m p o r t a n c e o f t h e L a r g e s t C o m m e r c ia l B a n k s in

C o n t in e n t a l U n it e d St a t e s, D e c e m b e r 31,

Se l e c t e d Y e a r s, 1920-1958

Bank group 1920 1929 1934 1940 1949 1958

All commercial banks

Number......................................................... 30,444 24,287 15,518 14,477 14,156 13,499

Deposits (millions).................................... $35,947 $51,282 $40,060 $65,431 $145,174 $215,995

Largest 100 banks

Percent of number of all commercial

banks......................................................... 0.33% 0.41% 0.64% 0.69% 0.71% 0.74%

Deposits (millions)..................................... 0) $21,506 $21,462 $37,081 $64,611 $98,731

Percent of deposits of all commercial

banks......................................................... 0) 41.9% 53.6% 56.7% 44.5% 45.7%

Largest 10 banks

Deposits (millions)..................................... $3,481 $8,400 $9,169 $17,244 $27,505 $42,939

Percent of deposits of all commercial

banks......................................................... 9.7% 16.4% 22.9% 26.4% 18.9% 19.9%

Largest bank

Deposits (millions)..................................... $699 $1,314 $1,629 $3,466 $5,656 $9,928

Percent of deposits of all commercial

banks......................................................... 1.9% 2.6% 4.1% 5.3% 3.9% 4.6%

Largest % of 1 percent of the banks

Number of banks........................................ 152 121 78 72 71 67

Deposits (millions)..................................... (l) $22,555 $20,135 $34,159 $58,519 $87,333

Percent of deposits of all commercial

banks......................................................... 0) 44.0% 50.3% 52.2% 40.3% 40.4%

Largest 1 /10 of 1 percent of the banks

Number of banks........................................ 30 24 16 14 14 13

Deposits (millions)..................................... 0) $13,315 $11,897 $20,360 $32,607 $48,305

Percent of deposits of all commercial

banks......................................................... (») 26.0% 29.7% 31.1% 22.5% 22.4%

1 Not available.

Table 27. R e l a t iv e I m p o r t a n c e of t h e L a r g e s t C o m m e r c ia l B a n k s o r B a n k

G r o u p s, C o n t in e n t a l U n it e d St a t e s, D e c e m b e r 31, 1934, 1940 a n d 1958

Bank group 1934 1940 1958

All commercial banks or bank groups

Number..........................................................................................

Deposits (millions).......................................................................

15,006

$40,060

14,099

$65,431

13,097

$215,995

Largest 100 banks or bank groups

Percent of all commercial banks or bank groups.................

Deposits (millions).......................................................................

Percent of deposits of all commercial banks.........................

0.67%

$22,718

56.7%

0.71%

$38,843

59.4%

0.76%

$105,961

49.1%

Largest 10 banks or bank groups

Deposits (millions)......................................................................

Percent of deposits of all commercial banks.........................

$9,501

23.7%

$17,577

26.9%

$44,708

20.7%

Largest Vi of 1 percent of the banks or bank groups

Number of banks or groups......................................................

Deposits (millions)......................................................................

Percent of deposits of all commercial banks.........................

75

$21,253

53.1%

70

$35,800

54.7%

65

$93,509

43.3%

Largest 1/10 of 1 percent of the banks or bank groups

Number of banks or groups.......................................................

Deposits (millions).......................................................................

Percent of deposits of all commercial banks.........................

15

$11,959

29.9%

14

$20,996

32.1%

13

$51,159

23.7%

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5 2 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 27 shows for 1934, 1940, and 1958 measures of bank concentration similar to those in the preceding table, except that the deposits 

of banks that were members of a group have been tabulated as though 

they were branches of the leading bank in the group.1 Tabulation of the 

data in this way shows that at the end of 1958 one-half of 1 percent of 

the banks or groups held 43 percent of the deposits of all commercial 

banks, compared with 40 percent held by the same percentage of the 

banks. Similarly, one-tenth of 1 percent of the banks and groups held 

24 percent of the deposits of all commercial banks, compared with 22 

percent held by the same percentage of the banks. The data available for 

chains indicate that these percentages would be increased very little by 

treating chains also as though they were branch systems.2 The data for 

banks and groups, like those for banks, show considerably less concentration in 1958 than in 1934 or 1940.

Relative position o f banks by States. It is well known that banking 

concentration in the United States is far below that in other countries, 

such as Canada, Great Britain, and Germany, where nationwide branch 

banking is permitted. In the United States, similarly, there is a tendency 

for the greatest concentration to occur in the States with statewide 

branch banking. This is illustrated by Table 28, which shows for four 

dates the percentages of deposits in the largest bank and the largest 

five banks in each State, with the States grouped in three categories: 

those in which statewide branch banking is prevalent, those in which 

limited area branch banking is prevalent, and those in which unit banking 

is prevalent throughout the State.

In the statewide branch banking States the largest five banks in 1958 

held from 35 percent to 99 percent of the total deposits of all commercial 

banks in the State. In States with limited area branch banking the corresponding range was from 25 percent to 52 percent and in the States 

with unit banking predominant from 18 percent to 44 percent. In the 

majority of the States with statewide branch banking the largest bank 

alone held more than 30 percent of the total deposits of all commercial 

banks in the State. In the States with limited area branch banking or 

unit banking no bank held so large a proportion.

In all of the States except Florida, Louisiana, and New Hampshire, 

there was a greater concentration of deposits in the largest bank, and 

in the largest five banks, in 1958 than in 1920. However, most of this 

increase occurred between 1920 and 1934, and almost all of it between 

1920 and 1940. From 1940 to 1958 the percentage of all commercial bank

1 Tabulations by the Federal Deposit Insurance Corporation, with banks members of groups identifi«d from Federal Reserve records and other sources.

2 In 1939 and 1941 the deposits of chains for which information was available were 12 and 11 percent,

respectively, of the deposits of groups, though the number of chains was more than twice the number

of groups. Banking and Monetary Statistics (Board of Governors of the Federal Reserve System, 1943),

pp. 317-322.

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RELATIVE POSITION OF BANKS 53

deposits in the largest bank declined in 31 States, remained the same in 

1 State, and increased in 16 States. During the same period the percentage 

of all commercial bank deposits in the largest five banks declined in 30 

States, and increased in 18 States. Of the States with an increased concentration, whether measured by the largest bank or the largest five banks, 

the majority were in the group with statewide branch banking prevalent.

Figures are also given in Table 28 to show for 1934,1940, and 1958 bank 

concentration in each State if the members of any bank group in a State 

are tabulated as a bank and branches in that State.1 These data differ 

in one important respect from the tabulations by banks without regard to 

group banking: they show much more concentration in some of the States 

in which unit banking is predominant throughout the State. However, 

they show the same results with respect to changes over time, namely, 

that in most of the States the largest bank or bank group, and the largest 

five banks or bank groups, held in 1958 smaller proportions than in 

1940 of the deposits of all commercial banks in the State.

Relative position o f banks in leading cities or metropolitan 

areas. Another frequently used method of indicating bank concentration 

pertains to the proportion of all bank assets or deposits in a given city 

held by the largest bank, or by a few of the largest banks. A tabulation 

of this kind was presented in a statement before the Senate Banking and 

Currency Committee considering bank merger legislation.* Such a tabulation spotlights those cities in which the degree of bank concentration 

may seem excessive. However, such figures may be misleading because 

they do not take into account banking facilities in the full metropolitan 

areas of the respective cities.

In many cities, as in the majority of the States, there has been a decrease in banking concentration in recent years, even if no allowance is 

made for the inclusion of metropolitan areas. Of the 53 cities included 

in the tabulation as of June 30, 1956, presented to the Senate Banking 

and Currency Committee, two-fifths had less bank concentration than on 

June 30, 1936, whether the concentration is measured by the proportion 

of assets held by the largest bank or by the largest five banks in the city. 

If only the proportion of assets held by the largest bank is considered, 

in over three-fifths of the cities the largest bank owned a smaller percentage of the assets in 1956 than in 1936. These findings have no bearing, 

of course, on the question of whether there was an excessive degree of 

concentration on either date in many cities; the point is simply that 

measurements of this type for a single recent date may lead to the inference that concentration in major cities is increasing, whereas the 

facts do not warrant such a conclusion.

* Data are not available for making this kind of tabulation for 1920.

1 Regulation of Bank Mergers, Hearings before the Committee on Banking and Currency, United

States Senate, 86th Congress, 1st session, on S. 1062, p. 88.

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Table 28* Deposits in thb Largest Commercial Bank, and in the Largest Five Commercial Banks,

in Each State, 1920, 1934, 1940 and 1958

Percentage of all deposits

in the largest bank or bank group1

Percentage of all deposits

in the largest five banks or bank group1

State

Dec.

31,

1920

Dec. 31,

1934

Dec. 31,

1940

Dec. 31,

1958

Dec.

31,

1920

Dec. 31,

1934

Dec. 31,

1940

Dec. 31,

1958

14 States with statewide branch banking prevalent

Nevada......................................................... ...................................... 12 5 52.9 77.1 (80.8) 65.9 (75.4) 49.4 83.7 91.3 (94.8) 98.5 (100.0)

Rhode Island...................................................................................... 30.7 38.9 (41.6) 96.2

25.8

35.7 (38.0) 53.9 71.9 81.5 (84.1) 79.6 (81.9)

Arizona................................................................................................. 6.4 46.1 47.5 26.7 68.2 85.3 (89.2) 98.8 (99.4)

California............................................................................................. 6.9 29.9 (30.6)

40.6

34.3 (35.5)

45.6

43.6 23.4 63.1 (63.9) 65.2 (66.4) 75.9 (80.2)

Oregon.................................................................................................. 11.9 43.4 42.0 73.2 87.3 (87.7) 89.1

Delaware.............................................................................................. 23.6 35.2 52.0 38.0 63.4 73.3 81.3 86.1

Idaho..................................................................................................... 4.9 29.7 27.5 36.8 18.7 57.4 (60.2) 68.0 85.9

Washington......................................................................................... 5.5 24.9 35.2 33.3 22.4 53.8 (55.6) 69.1 72.3 (73.1)

Utah...................................................................................................... 8.3 19.1 (26.1)

14.2

19.2 (25.6)

25.2

31.9 (32.9)

25.3

32.6 65.4 (79.3) 61.6 (77.8) 77.6 (78.6)

South Carolina................................................................................... 5.0 12.6 46.0 51.3 51.1

North Carolina................................................................................... 5.8 19.2 20.5 20.6 13.9 43.9 48.4 47.1

Connecticut............................................................... ......................... 4.6 11.8 12.6 18.0 21.7 35.6 (37.3) 38.7 53.5

Maryland............................................................................................. 4.9 30.7 29.5 12.7 20.3 52.5 55.3 48.4

Vermont...................................................... ........................................ 4.7 5.8 6.2 10.2 18.8 21.9 22.6 35.4

16 States with limited area branch banking prevalent

AT ft ftgfl f^h > | t. .................................................. 11.2 32.3 (37.4)

30.2

33.6 (38.6)

30.6

28.7 35.5 55.6 (61.4) 57.7 (63.5) 50.4 (60.8)

Michigan.............................................................................................. 8.5 21.6 26.2 55.1 57.7 51.0

Alabama............................................................................................... 13.5 20.1 (21.1)

26.7

21.4 18.2 34.4 51.0 (51.9) 54.5 40.8

Georgia................................................................................................. 10.2 24.1 17.3 (21.1) 26.4 60.7 (67.3) 61.7 (67.6) 48.1 (56.7)

New Mexico........................................................................................ 10.6 14.4 17.4 17.1 27.3 55.8 54.3 46.3 (55.5)

New York............................................................................................ 8.6 13.4 16.0 16.3 28.5 46.0 51.7 52.1

Louisiana............................................................................................. 16.3 30.2 26.1 15.2 47.1 63.2 59.1 39.6

Pennsylvania...................................................................................... 3.1 9.0 (17.7) 11.4 (18.5) 13.4 12.4 30.0 (39.0) 32.9 (42.0) 37.3

Maine................................................................................................... 6.3 7.4 8.4 12.9 23.1 29.2 (30.4) 29.3 (29.9) 40.5

Ohio...................................................................................................... 12.0 16.0 15.8 12.7 25.5 38.1 (39.2) 38.3 (38.9) 32.9 (35.1)

Mississippi. ......................................................................................... 3.2 4.5 6.9 11.8 13.8 19.7 22.2 28.3

Kentucky............................................................................................. 9.8 13.3 14.7 11.7 21.9 32.9 (35.8) 36.6 (39.6) 32.2 (32.8)

Tennessee............................ .. ............................................................. 6.0 11.0 (15.9) 13.8 (14.5) 11.2 24.7 46.3 (56.1) 48.7 (55.4) 40.3

3.6 12.6 14.2 10.3 11.8 27.3 29.5 27.4

Virginia................................................................................................. 6.3 11.9 12.1 7.5 20.0 34.4 35.2 27.5

New Jersey.......................................................................................... 4.9 8.7 8.8 6.8 16.3 21.6 (21.8) 21.9 24.6

FEDERAL DEPOSIT INSURANCE CORPORATION

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Nebraska.......................................................

Wisconsin......................................................

Illinois..............................................................

Colorado........................................................

North Dakota...............................................

Oklahoma.......................................................

Minnesota.....................................................

Wyoming.......................................................

Missouri.........................................................

South Dakota..............................................

Kansas.............................................................

Texas..............................................................

Arkansas..........................................................

Florida.............................................................

West Virginia.................................................

New Hampshire............................................

Montana..........................................................

Iowa..................................................................

18 States with unit banking prevalent

4.5

10.7

10.5

9.8

5.9

6.7

6.6

8.1

9.4

2.1

1.5

2.7

4.1

9.7

3.2

7.5

4.1

1.6

13.2 (15.9)

24.9 (34.5)

27.5

19.0

28.0

19 Q

17!l (38.4)

9.6

16.5

6.0 (29.4)

6.5

8.6

8.1

14.9 (18.9)

8.5

6.9 (7.6)

9.2 (38.0)

7.8 (10.7)

16.5

16.3 (20.2)

16.1

15.7

15.3

13.5

12.1 (29.7)

11.9 (16.8)

8A (24.1)

7.8 (8.4)

7.7

7.0

6.8 (13.4)

6.5

6.1 (10.8)

5.6 (30.6)

4.6 (6.7)

15.2

20.6

25.9

33.4

11.7

15.4

30.0

25.0

25.4

6.9

5.8

11.0

14.0

28.0

12.7

23.9

15.4

6.0

40.5 (47.6)

38.5 (46.9)

70.1

57.7

44.0 (67.2)

42.1

53.9 (70.4)

38.1

55.3 (56.1)

21.6 (49.5)

21.6

25.4 (26.8)

31.8

46.7 (59.4)

31.0

29.2 (31.4)

38.3 (69.3)

23.6 (26.6)

41.7 (45.6) 36.6

38.7 (44.0) 29.3

66.5 42.2

54.7 44.1

37.5 (58.5) 27.8

44.5 43.5

51.4 (67.8) 35.8

40.6 41.2

53.4 36.6

36.1

00

30.3

22.2 18.8

23.3 (24.6) 27.7

36.7 24.1

42.6 (58.3) 21.0

30.0 24.3

26.2 (29.3) 25.3

36.4 (63.9) 24.5

22.6 (25.0) 17.6

19.4)

1 Figures in parentheses indicate percentages if banks in a group are tabulated as a bank and branches in the State.

C71 RELATIVE POSITION OF BAN K S

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OI

o

Table 29. D eposits in the Largest Commercial Bank, and in the Largest Five Commercial Banks,

in the Principal C ounty (or Counties) in 48 M etropolitan Areas, 1920, 1934, and 19581

Metropolitan area

Percentage of all

deposits in the largest

bank or bank group8

Percentage of ail

deposits in the largest five

banks or bank group2

Dec. Dec. 31, Dec. 31, Dec. Dec. 31, Dec. 31,

31,

1920

1934 1958 31,

1920

1934 1958

43.8 64.0 (66.9) 62.1 89.9 96.7 (99.2) 98.8

22.1 48.8 56.3 61.7 92.3 97.2

19.9 71.3 54.9 64.9 97.3 93.6

33.1 54.4 54.6 69.1 94.3 93.5

11.9 24.3 (62.6) 53.1 39.6 70.5 (84.6) 85.8

18.1 50.3 (50.4) 52.2 57.5 86.3 (86.4) 91.6

24.9 64.1 50.4 82.6 99.4 100.0

13.2 40.1 (41.8) 49.6 (52.1) 56.7 95.0 (96.6) 92.8 (95.3)

31.4 41.6 (52.2) 48.8 64.7 86.6 (91.3) 95.2

25.1 32.1 46.4 68.2 96.1 96.8

22.6 27.3 46.0 73.2 86.8 99.6

25.5 40.4 45.5 65.9 99.3 97.2 (97.4)

26.2 65.5 44.6 86.7 98.9 89.7 (92.5)

39.5 52.0 44.4 80.2 98.2 97.3

20.7 39.6 41.7 65.8 86.0 99.5

30.9 52.9 41.6 89.2 100.0 99.7

19.3 53.8 41.2 59.4 9 5.5 89.4

35.3 48.8 (49.0) 39.8 84.5 99.3 (99.7) 98.9

37.8 46.0 (48.9) 33.6 90.7 92.4 97.6

20.7 29.4 33.3 61.4 76.6 81.2

18.2 26.0 33.0 56.8 80.0 94.9

35.9 35.2 32.5 79.9 85.9 (89.5) 89.7 (91.4)

13.7 29.4 32.4 45.8 68.1 85.0

24.5 39.5 31.3 (35.3) 75.4 91.6 94.9

15.4 29.0 (29.1) 29.0 61.7 80.6 85.7

23.6 26.2 25.5 65.1 80.4 84.4

10.3 26.7 25.1 31.6 65.4 85.1

10.6 15.9 20.5 34.9 54.8 65.8

9.8 15.4 20.4 31.2 43.6 55.1

6.8 10.3 16.9 30.5 41.3 49.9

8.9 15.3 16.0 29.7 37.9 (38.3) 58.1

31 metropolitan areas in States with limited area branch banking prevalent

Birmingham: Jefferson County, Alabama.............................................................................................

Norfolk-Portsmouth: Norfolk County and Norfolk and Portsmouth Cities, Virginia...............

Toledo: Lucas County, Ohio.....................................................................................................................

Dayton: Montgomery County, Ohio......................................................................................................

Pittsburgh: Allegheny County, Pennsylvania......................................................................................

Boston: Suffolk County, Massachusetts................................................................................................

Knoxville: Knox County, Tennessee......................................................................................................

Columbus: Franklin County, Ohio..........................................................................................................

Buffalo: Erie and Niagara Counties, New York.................................................................................

Akron: Summit County, Ohio..................................................................................................................

Rochester: Monroe County, New York.................................................................................................

Memphis: Shelby County, Tennessee....................................................................................................

Atlanta: DeKalb and Fulton Counties, Georgia.................................................................................

Cleveland: Cuyahoga County, Ohio.......................................................................................................

Indianapolis: Marion County, Indiana..................................................................................................

New Orleans: Orleans County, Louisiana.............................................................................................

Detroit: Wayne County, Michigan.........................................................................................................

Nashville: Davidson County, Tennessee...............................................................................................

Syracuse: Onondaga County, New York...............................................................................................

Albany-Schenectady-Troy: Albany, Rensselaer and Schenectady Counties, New York..........

Cincinnati: Hamilton County, Ohio.......................................................................................................

Louisville: Jefferson County, Kentucky................................................................................................

Washington: District of Columbia..........................................................................................................

Richmond: Richmond City and Henrico County, Virginia.............................................................

Springfield-Holyoke: Hampden County, Massachusetts.................................................................

Youngstown: Mahoning and Trumball Counties, Ohio....................................................................

Philadelphia: Philadelphia County, Pennsylvania..............................................................................

New York City: Bronx, Kings, New York, Queens, and Richmond Counties, New York. . .

Wilkesbarre-Hazleton: Luzerne County, Pennsylvania....................................................................

Allentown-Bethlehem-Easton: Lehigh and Northampton Counties, Pennsylvania...................

Northeastern New Jersey: Essex, Hudson, and Passaic Counties, New Jersey.........................

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Omaha: Douglas County, Nebraska..........................................................

Oklahoma City: Oklahoma County, Oklahoma......................................

Milwaukee: Milwaukee County, Wisconsin.............................................

Wheeling-Steubenville: Ohio County, West Virginia............................

Fort Worth: Tarrant County, Texas.........................................................

Dallas: Dallas County, Texas......................................................................

Charleston: Kanawha County, West Virginia........................................

Jacksonville: Duval County, Florida.........................................................

Houston: Harris County, Texas..................................................................

Kansas City: Clay and Jackson Counties, Missouri.............................

Denver: Denver County, Colorado............................................................

San Antonio: Bexar County, Texas...........................................................

Miami: Dade County, Florida....................................................................

Minneapolis-St. Paul: Hennepin and Ramsey Counties, Minnesota.

Chicago: Cook County, Illinois...................................................................

St. Louis: St. Louis City and St. Louis County, Missouri..................

Tampa-St. Petersburg: Hillsborough and Pinellas Counties, Florida

17 metropolitan areas in States with unit banking prevalent

84.1

51.3

64.8 (67.7)

44.3

46.0

45.7

43.2

46.0

21.7

36.5 (39.1)

31.6

39.1

59.8 (65.1)

29.6 (59.1)

34.3

34.0

33.4

47.4

44.5

43.3 (43.5)

41.0

36.9

34.8

32.9

31.9 (34.9)

30.8

29.7

28.8

28.5

27.5

24.2 (45.3)

22.5

22.1

15.6

71.6

68.6

73.5

64.0

77.4

84.3

76.2

93.0

83.0

53.7

70.0

63.2

90.7

60.0

39.9

59.2

66.0

95.5 (98.4)

95.6

92.9 (94.9)

88.0

98.4

96.5 (99.0)

97.7

100.0

79.7

82.8 (85.4)

93.3

94.8

94.1 (99.3)

90.8 (97.7)

87.3

80.1

86.9

91.2 (94.5)

83.3

74.8 (77.0)

91.0

83.8 (87.3)

87.8

88.3

89.5 (95.4)

75.6

71.5 (73.9)

80.9

78.7

53.3 (55.1)

71.3 (92.2)

59.1

60.7 (63.6)

57.8

1 Principal counties in 47 of the 57 most populous metropolitan areas in continental United States, as defined by the Bureau of the Budget, January 15, 1957. The metropolitan

areas to which the table pertains are those with a population in 1950 of over 300,000, excluding 10 which are in States with statewide branch banking prevalent. For this table the New

York-Northeastern New Jersey metropolitan area is divided between the New York and the New Jersey portions, so that 48 areas are listed. In these areas, as defined by the Bureau

of the Budget, there are 139 counties and independent cities and the District of Columbia. Of these, 66 counties and independent cities and the District of Columbia are included in

this tabulation as principal counties. For treatment of counties in New England States (where metropolitan areas are defined in terms of cities and towns) see note 2 to Table 24.

* Figures in parentheses indicate percentages if banks in a group are tabulated as a bank and branches in the area.

3RELATIVE POSITION OF BAN K S

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

A more comprehensive tabulation relating to banking concentration by 

cities is given in Table 29, which shows for 48 metropolitan areas the 

percentage of all commercial bank deposits in the principal counties of 

the area that were held by the largest bank, and by the largest five 

banks, in 1920, 1934, and 1958.1 The 48 metropolitan areas are in States 

in which limited area branch banking, or unit banking throughout the 

State, is prevalent. Similar tabulations from available data for ten 

metropolitan areas in the States in which statewide branch banking is 

prevalent are not presented because they would be meaningless.2

At the end of 1958 the percentage of the deposits of the banks in the 

principal metropolitan area counties held by the largest bank ranged from 

16 percent to 62 percent in the 48 metropolitan areas; the corresponding 

range in 1934 was from 10 percent to 71 percent, and in 1920 from 7 

percent to 44 percent. The percentage of deposits held by the largest 

five banks in the respective areas ranged from 50 percent to 100 percent 

in 1958, from 38 percent to 100 percent in 1934, and from 30 percent to 

93 percent in 1920. These ranges indicate a tendency for an increasing 

concentration from 1920 to 1934 and suggest that there may have been a 

similar tendency from 1934 to 1958. But when the data for the individual 

metropolitan areas are examined, it is clear that there was considerable 

difference between the two periods. In all but two of the 48 areas the 

largest bank held a larger proportion of the deposits of all the banks 

in 1934 than in 1920, and in all but one the proportion held by the largest 

five banks also increased. But in 29 of the areas, the largest bank in 1958 

held a smaller proportion than in 1934 of the deposits of all the banks; 

and in 25 of the areas, the largest five banks in 1958 held a smaller proportion than in 1934 of the deposits of all the banks. Evidently, in the 

majority of these metropolitan areas, any increased concentration since 

1934 consequent upon bank mergers has been more than offset by expansion of the smaller banks of the area.

In 19 of the 48 metropolitan areas tabulation of the banks in a group 

as though they were a bank and branches yields higher figures for percentages of the deposits of the area held by the largest bank or bank 

group, or by the largest five banks or bank groups, or both, for 1934 or 

1958, or both of these years, than for the largest bank or the largest 

five banks. However, as in the case of the data by States, these do not 

affect the conclusion that in a majority of the metropolitan areas the 

degree of concentration of deposits in one or in five banks or bank groups 

was less in 1958 than in 1934.

i Tabulations for 1940, included in the preceding table by States, are not given because tabulations

pertaining to all banks by county are not available. The State data suggest that the bank concentration

in metropolitan areas was higher in 1940 than in 1934.

* This is because they would pertain to the deposits in branches throughout the State, with the

banks grouped according to the head office county. Tabulations of commercial bank deposits in offices

located in each county are available for some recent years, but the data for individual banks from which

the county tabulations are derived are not available at the Federal Deposit Insurance Corporation,

and comparable data were not reported for any pre-World War II date.

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OBSERVATIONS ON BANK COMPETITION 59

Some O bservations on B a n k C om petition

A general analysis of changes in bank competition during the last 

several decades is beyond the scope of this report on changes in number 

of banking offices and the relative position of banks. Nevertheless, the 

two subjects are related, since data on changes in the number and distribution of banks and branches are essential, though not sufficient, for 

an appraisal of changes in competition among banks. It has been asserted 

in recent years that there has been a marked decrease in bank competition 

as a direct result of the decline in number of banks since 1920. Information 

collected for this report does not support such an assumption.

The decline in number of banks during the 1920’s and early 1930’s is 

largely attributable to the elimination of uneconomic units which could 

not survive economic changes and excessive competition of too many 

banks. The significant question is whether there has been a decline in 

competition over and above that attributable to the elimination of 

uneconomic units in that period.

The three measures of concentration used above—proportion of deposits held by a specific number or percentage of banks in the nation, 

the proportion of deposits in each State held by the largest bank and the 

largest five banks in the State, and the proportion of deposits in the 

leading counties in each of 48 metropolitan areas held by the largest 

bank and the largest five banks in the area—all point toward the conclusion that there has been no general increase in bank concentration 

during the past twenty or twenty-five years. If increasing concentration 

is taken as evidence of declining competition, the data suggest that the 

banking system of the nation in the late 1950’s, though less competitive 

than in 1920, was more competitive than in the middle 1930’s or early 

1940,s.

However, it should be kept in mind that there is no fixed relationship 

between changes in concentration and changes in competition. Other 

developments in the economy also have an impact on the degree of competition. To what extent, for example, has the quite remarkable change in 

transportation and communication facilities since 1921 altered the competitive picture? Is the banking situation in a town which had three 

banks in 1921 less competitive today with only one bank, but with two 

banks within easy driving distance? Banks in neighboring towns, in 

neighboring counties, and in neighboring States often compete with the 

local bank in today’s market, at least for certain types of business, but 

there is no way of measuring the extent of this competition, nor is it 

possible to compare the degree of such competition with that which may 

have existed in 1921.

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fg^Quite apart from the possibility of competition from banks located 

near a particular community, a reduction in number of banks within a 

community will not, by itself, justify a conclusion that competitiortjhas 

been diminished. For example, when the number of banks is reduced 

from five to three, is competition increased or decreased thereby if the 

result is three strong banks rather than five weak banks? Or if a community had two banks in 1921 and now has in their places two branches, 

each of a different bank, is competition for the banking business in the 

community likely to be any less between the two branches than it was between the two banks? Still another element in the competitive picture 

is the continuing growth of metropolitan areas. Many local communities 

which have undergone a reduction in the number of banks during the 

past forty years have, during the same period, become a part of a metropolitan area, and now have more ready access than formerly to a broad 

range of banking services.

From the point of view of an individual bank customer, the decline in 

number of banks since 1921 may or may not have altered the competitive 

picture, the answer depending in part on the magnitude of the customer’s 

own business. For large business concerns it seems quite probable that 

there has been an increase during the past 40 years in the competition 

among banks for their business. That is to say, the larger banks, mostly 

located in large cities, compete with each other for the patronage of 

concerns doing a nationwide business. With the greatly increased facilities 

of transportation and communication of recent years, there is more 

competition of this sort now than formerly, regardless of the changes 

which have occurred in the number of banks or the number and location 

of banking offices.

However defined, the banking “giants” competing on a nationwide 

basis appear to be sufficiently numerous to maintain active competition 

among themselves. Banking is perhaps the only industry in which attempts to demonstrate a decline in competition invoke the size of the 

100 largest—or 50 or 25 or 10 largest—units in the industry in the nation. 

In any other industry—say automobile, steel, or electronics—this many 

“ giants” would be taken as prima facie evidence of a high degree of 

competition.

Of course, not all bank customers have access to the nation’s large 

banks; the majority depend upon banks in their own area for such 

facilities and services as they require. For an individual or a small firm, 

a reduction in the number of banks operating in a community from two 

to one may effectively remove the only nearby alternative source of 

bank credit. On the other hand, some of the requirements of such bank 

customers can be handled by other financial institutions, which have 

grown in considerable importance in many areas of the country, or by

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OBSERVATIONS ON BANK COMPETITION 61

banks at a greater distance away than would have been feasible a few 

decades ago.

It must also be recognized that though we have a changing econon^ 

that increases the need for banking services in most parts of the nation, 

some localities are adversely affected and as a consequence some independent banks are destined to disappear. New highways, particularly 

those with limited access, may divert the patronage of some local banks 

to other places because of changes in the flow and routing of traffic. 

Working forces of an industrial establishment that formed a significant 

part of the clientele of a local bank may be curtailed because of technical 

developments, or disappear entirely with the closing of a plant. Absorption 

of the remaining business of a local bank caught in such a situation may 

be the only reasonable solution to its difficulties.

No easy or simple answer can be given to the question of the extent 

to which bank competition has been affected by changes in the number 

of banks and in the relative position of banks since 1921. If there have 

been significant changes in the nature of competition among banks, or 

an appreciable reduction in the intensity of competition among them, the 

evidence of such changes must come from something other than an 

examination of changes in the number of banks and in their relative 

position.

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Federal Reserve Bank of St. Louis
PART THREE

LEGISLATION AND REGULATIONS

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Federal Reserve Bank of St. Louis
Fe d e r a l L e g i s l a t i o n

P u b lic L a w 86— 463

86 t h C o n g r e s s, S. 1062

M a y 13, 1960

AN ACT

To amend the Federal Deposit Insurance Act to require Federal approval for

mergers and consolidations of insured banks.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That subsection (c) of section 18 of the Federal Deposit Insurance Act is amended by striking out the third sentence and inserting in lieu thereof

the following: “No insured bank shall merge or consolidate with any other insured

bank or, either directly or indirectly, acquire the assets of, or assume liability to pay

any deposits made in, any other insured bank without the prior written consent

(i) of the Comptroller of the Currency if the acquiring, assuming, or resulting bank

is to be a national bank or a District bank, or (ii) of the Board of Governors of the

Federal Reserve System if the acquiring, assuming, or resulting bank is to be a State

member bank (except a District bank), or (iii) of the Corporation if the acquiring,

assuming, or resulting bank is to be a nonmember insured bank (except a District

bank). Notice of any proposed merger, consolidation, acquisition of assets, or assumption of liabilities, in a form approved by the Comptroller, the Board, or the Corporation, as the case may be, shall (except in a case where the furnishing of reports

under the seventh sentence of this subsection is not required) be published, at appropriate intervals during a period (prior to the approval or disapproval of the transaction)

at least as long as the period allowed under such sentence for furnishing such reports,

in a newspaper of general circulation in the community or communities where the

main offices of the banks involved are located (or, if there is no such newspaper in

any such community, then in the newspaper of general circulation published nearest

thereto). In granting or withholding consent under this subsection, the Comptroller,

the Board, or the Corporation, as the case may be, shall consider the financial history

and condition of each of the banks involved, the adequacy of its capital structure,

its future earnings prospects, the general character of its management, the convenience

and needs of the community to be served, and whether or not its corporate powers

are consistent with the purposes of this Act. In the case of a merger, consolidation,

acquisition of assets, or assumption of liabilities, the appropriate agency shall also

take into consideration the effect of the transaction on competition (including

any tendency toward monopoly), and shall not approve the transaction unless, after

considering all of such factors, it finds the transaction to be in the public interest.

In the interests of uniform standards, before acting on a merger, consolidation, acquisition of assets, or assumption of liabilities under this subsection, the agency

(unless it finds that it must act immediately in order to prevent the probable failure

of one of the banks involved) shall request a report on the competitive factors involved

from the Attorney General and the other two banking agencies referred to in this

subsection (which report shall be furnished within thirty calendar days of the date

on which it is requested, or within ten calendar days of such date if the requesting

agency advises the Attorney General and the other two banking agencies that an

emergency exists requiring expeditious action). The Comptroller, the Board, and the

AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT

65

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Corporation shall each include in its annual report to the Congress a description of

each merger, consolidation, acquisition of assets, or assumption of liabilities approved

by it during the period covered by the report, along with the following information:

the name and total resources of each bank involved; whether a report has been submitted by the Attorney General hereunder, and, if so, a summary by the Attorney

General of the substance of such report; and a statement by the Comptroller, the

Board, or the Corporation, as the case may be, of the basis for its approval.”

Approved May 13, 1960.

P u b l ic L a w 86— 671

86 t h C o n g r e s s, H. R. 12465

Ju l y 14, 1960

AN ACT

To provide for a simpler method of determining assessments under the Federal

Deposit Insurance Act, and for other purposes.

Be it enacted by the Senate and House of Revresentatives of the United States of America

in Congress assembled, That subsection (1) of section 3 of the Federal Deposit Insurance

Act, as amended (12 U.S.C. 1813(1)), is amended to read as follows:

“ (1) The term ‘deposit* means—

“ (1) the unpaid balance of money or its equivalent received or held by a bank

in the usual course of business and for which it has given or is obligated to give credit,

either conditionally or unconditionally, to a commercial, checking, savings, time, or

thrift account, or which is evidenced by its certificate of deposit, or a check or draft

drawn against a deposit account and certified by the bank, or a letter of credit or a

traveler's check on which the bank is primarily liable: Provided, That, without limiting

the generality of the term ‘money or its equivalent', any such account or instrument

must be regarded as evidencing the receipt of the equivalent of money when credited

or issued in exchange for checks or drafts or for a promissory note upon which the

person obtaining any such credit or instrument is primarily or secondarily liable,

or for a charge against a deposit account, or in settlement of checks, drafts, or other

instruments forwarded to such bank for collection,

“ (2) trust funds as defined in this Act received or held by such bank, whether held

in the trust department or held or deposited in any other department of such bank,

“ (3) money received or held by a bank, or the credit given for money or its equivalent received or held by a bank, in the usual course of business for a special or specific

purpose, regardless of the legal relationship thereby established, including without

being limited to, escrow funds, funds held as security for an obligation due to the

bank or others (including funds held as dealers reserves) or for securities loaned by

the bank, funds deposited by a debtor to meet maturing obligations, funds deposited

as advance payment on subscriptions to United States Government securities, funds

held for distribution or purchase of securities, funds held to meet its acceptances or

letters of credit, and withheld taxes: Provided, That there shall not be included funds

which are received by the bank for immediate application to the reduction of an

indebtedness to the receiving bank, or under condition that the receipt thereof immediately reduces or extinguishes such an indebtedness,

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FEDERAL LEGISLATION 67

“ (4) outstanding draft (including advice or authorization to charge bank’s balance

in another bank), cashier’s check, money order, or other officer’s check issued in

the usual course of business for any purpose, including without being limited to those

issued in payment for services, dividends, or purchases, and

“ (5) such other obligations of a bank as the Board of Directors, after consultation

with the Comptroller of the Currency and the Board of Governors of the Federal

Reserve System, shall find and prescribe by regulation to be deposit liabilities by

general usage: Provided f urther, That any obligation of a bank which is payable only

at an office of the bank located outside of the States of the United States, the District

of Columbia, Puerto Rico, Guam, and the Virgin Islands, shall not be a deposit for any

of the purposes of this Act or be included as part of total deposits or of an insured

deposit.”

S e c . 2. Subsections (a), (b), and (c) of section 7 of the Federal Deposit Insurance

Act (12 U.S.C. 1817 (a), (b), and (c)) are amended to read as follows:

“ (a)(1) Each insured State nonmember bank (except a District bank) shall make

to the Corporation reports of condition which shall be in such form and shall contain

such information as the Board of Directors may require. Such reports shall be made

to the Corporation on the dates selected as provided in paragraph (3) of this subsection

and the deposit liabilities shall be reported therein in accordance with and pursuant

to paragraphs (4) and (5) of this subsection. The Board of Directors may call for

additional reports of condition on dates to be fixed by it and may call for such other

reports as the Board may from time to time require. The Board of Directors may

require reports of condition to be published in such manner, not inconsistent with

any applicable law, as it may direct. Every such bank which fails to make or publish

any such report within ten days shall be subject to a penalty of not more than $100

for each day of such failure recoverable by the Corporation for its use.

“ (2) The Corporation shall have access to reports of examination made by, and

reports of condition made to, the Comptroller of the Currency or any Federal Reserve

bank and to all revisions of reports of condition made to either of them, and they

shall promptly advise the Corporation of any revisions or changes in respect to deposit

liabilities made or required to be made in any report of condition. The Corporation

may accept any report made by or to any commission, board, or authority having

supervision of a State nonmember bank (except a District bank), and may furnish

to the Comptroller of the Currency, to any Federal Reserve bank, and to any such

commission, board, or authority, reports of examinations made on behalf of, and

reports of condition made to, the Corporation.

“ (3) Each insured State nonmember bank (except a District bank) shall make

to the Corporation, each insured national bank and each insured District bank shall

make to the Comptroller of the Currency, and each insured State member bank shall

make to the Federal Reserve bank of which it is a member, four reports of condition

annually upon dates which shall be selected by the Chairman of the Board of Directors,

the Comptroller of the Currency, and the Chairman of the Board of Governors of

the Federal Reserve System, or a majority thereof. The dates selected shall be the

same for all insured banks, except that when any of said reporting dates is a nonbusiness day for any bank, the preceding business day shall be its reporting date.

Two dates shall be selected within the semiannual period of January to June inclusive,

and the reports on such dates shall be the basis for the certified statement to be filed

in July pursuant to subsection (c) of this section, and two dates shall be selected

within the semiannual period of July to December inclusive, and the reports on

such dates shall be the basis for the certified statement to be filed in January pursuant

to subsection (c) of this section. The deposit liabilities shall be reported in said reports

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of condition in accordance with and pursuant to paragraphs (4) and (5) of this subsection, and such other information shall be reported therein as may be required by

the respective agencies. Each said report of condition shall contain a declaration by

the president, a vice president, the cashier or the treasurer, or by any other officer

designated by the board of directors or trustees of the reporting bank to make such

declaration, that the report is true and correct to the best of his knowledge and belief.

The correctness of said report of condition shall be attested by the signatures of at

least three of the directors or trustees of the reporting bank other than the officer

making such declaration, or by at least two if there are not more than three directors

or trustees, with the declaration that the report has been examined by them and to

the best of their knowledge and belief is true and correct. At the time of making said

reports of condition each insured national, District and State member bank shall

furnish to the Corporation a copy thereof containing such signed declaration and

attestations. Nothing herein shall preclude any of the foregoing agencies from requiring the banks under its jurisdiction to make additional reports of condition

at any time.

“ (4) In the reports of condition required to be made by paragraph (3) of this

subsection, each insured bank shall report the total amount of the liability of the

bank for deposits in the main office and in any branch located in any State of the

United States, the District of Columbia, any Territory of the United States, Puerto

Rico, Guam, or the Virgin Islands, according to the definition of the term ‘deposit

in and pursuant to subsection (1) of section 3 of this Act, without any deduction for

indebtedness of depositors or creditors or any deduction for cash items in the process

of collection drawn on others than the reporting bank: Provided, That the bank in

reporting such deposits may (i) subtract from the deposit balance due to any bank

the deposit balance due from the same bank (other than trust funds deposited by

either bank) and any cash items in the process of collection due from or due to such

banks shall be included in determining such net balance, except that balances of time

deposits of any bank and any balances standing to the credit of private banks, of

banks in foreign countries, of foreign branches of other American banks, and of

American branches of foreign banks shall be reported gross without any such subtraction, and (ii) exclude any deposits received in any office of the bank for deposit

in any other office of the bank: And 'provided further, That outstanding drafts (including advices and authorizations to charge bank’s balance in another bank) drawn

in the regular course of business by the reporting bank on banks need not be reported

as deposit liabilities. The amount of trust funds held in the bank’s own trust department, which the reporting bank keeps segregated and apart from its general assets

and does not use in the conduct of its business, shall not be included in the total deposits

in such reports, but shall be separately stated in such reports.

“ (5) The deposits to be reported on such reports of condition shall be segregated

between (i) time and savings deposits and (ii) demand deposits. For this purpose

and for the computation of assessments provided in subsection (b) of this section,

the time and savings deposits shall consist of time certificates of deposit, time depositsopen account, deposits accumulated for the payment of personal loans, and savings

deposits; and demand deposits shall consist of all deposits other than time and savings

deposits.

“ (6) The Board of Directors, after consultation with the Comptroller of the Currency and the Board of Governors of the Federal Reserve System, may by regulation

define the terms ‘cash items’ and ‘process of collection’, and shall classify deposits

as ‘time’, ‘savings’, and ‘demand’ deposits, for the purposes of this section.

“ (b)(1) The annual assessment rate shall be one-twelfth of 1 per centum. Except

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FEDERAL LEGISLATION 69

as provided in subsection (c)(2) of this section, the semiannual assessment due from

any insured bank for any semiannual period shall be equal to one-half the annual

assessment rate multiplied by such bank’s average assessment base for the immediately

preceding semiannual period.

“ (2) For the purposes of this section the term ‘semiannual period’ means a period

beginning on January 1 of any calendar year and ending on June 30 of the same year,

or a period beginning on July 1 of any calendar year and ending on December 31 of

the same year.

“ (3) A bank’s average assessment base for any semiannual period shall be the

average of such bank’s assessment bases for the two dates, falling within such semiannual period, for which the bank is required to submit reports of condition pursuant

to paragraph (3) of subsection (a) of this section (referred to hereafter in this section

as ‘reports of condition’).

“ (4) A bank’s assessment base for any date shall be equal to the bank’s liability

for deposits (including the deposits of any other bank for which it has assumed liability) as reported in its report of condition for such date, plus the assessment base

additions set forth in paragraph (5), and less the assessment base deductions set

forth in paragraph (6).

“ (5) The assessment base additions shall be the amounts of—

“ (A) uninvested trust funds required to be separately stated in the bank’s

report of condition; and

“ (B) any deposits received in any office of the bank for deposit in any other

office of the bank located in the United States, the District of Columbia, Puerto

Pdco, Guam, or the Virgin Islands, except those which have been included in deposits

in the report of condition or which have been offset in the report of condition by

an equal amount of cash items in its possession drawn on itself (on the same type

of deposit as those offset) and not charged against deposit liabilities at the close

of business on the date as of which the report of condition is made, either in their

actual amount as shown on the books of the bank, or, if not so shown, in an amount

determined by means of an experience factor pursuant to regulations prescribed

by the Board of Directors.

“ (6) The assessment base deductions shall be the amounts of—

“ (A) cash items in the bank’s possession, drawn on itself, which have not been

charged against deposit liabilities at the close of business on the date as of which

the report of condition is made, either in their actual amount as shown on the books

of the bank, or, if not so shown, in an amount determined by means of an experience

factor pursuant to regulations prescribed by the Board of Directors;

“ (B) deposits included in reported deposit liabilities which are accumulated

for the payment of personal loans and are assigned or pledged to assure repayment

of the loans at maturity;

“ (C) 1 per centum of the bank’s adjusted time and savings deposits (as defined

in paragraph (7)); and

“ (D) 16% per centum of the bank’s adjusted demand deposits (as defined

in paragraph (8)).

Each insured bank, as a condition to the right to make any such deduction in determining its assessment base, shall maintain such records as will readily permit

verification of the correctness of its assessment base. No insured bank shall be required

to retain such records for such purpose for a period in excess of five years from the

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date of the filing of any certified statement, except that when there is a dispute between the insured bank and the Corporation over the amount of any assessment

the bank shall retain such records until final determination of the issue.

“ (7) The term 'the bank’s adjusted time and savings deposits* means the amount

of the bank’s time and savings deposits as reported in its report of condition, as

adjusted—

“ (A) either by adding the amount of all deposits of the type described in subparagraph (5) (B) or, if the bank elects to ascertain the respective amounts of such

deposits creditable to time and savings deposits and to demand deposits, by adding

the amount creditable to time and savings deposits;

“ (B) by subtracting, if the bank elects to ascertain the respective amounts

of its items of the type described in subparagraph (6) (A) chargeable against time

and savings deposits and against demand deposits, the amount chargeable against

time and savings deposits; and

“ (C) by subtracting the amount of all deposits of the type described in subparagraph (6)(B).

“ (8) The term ‘the bank’s adjusted demand deposits’ means the amount of the

bank’s demand deposits as reported in its report of condition, as adjusted—

“ (A) by adding the amount of all deposits of the type described in subparagraph

(5)(A);

“ (B) by adding, if the bank elects to ascertain the respective amounts of its

deposits of the type described in subparagraph (5) (B) creditable to time and savings

deposits and to demand deposits, the amount creditable to demand deposits; and

“ (C) either by subtracting the amount of all items of the type described in

subparagraph (6) (A), or, if the bank elects to ascertain the respective amounts

of such items chargeable against time and savings deposits and against demand

deposits, by subtracting the amount chargeable against demand deposits.

“ (c)(1) On or before the last day of the first month following each semiannual

period, each insured bank which became insured prior to the beginning of such period

shall file with the Corporation a certified statement showing its average assessment

base for such period, and the amount of the semiannual assessment due to the Corporation for the semiannual period which begins with such month. Each such bank

shall pay to the Corporation the amount of the semiannual assessment it is required

to certify.

“ (2) A bank shall not be required to pay any assessment for the semiannual period

in which it becomes an insured bank. On or before the last day of the first month

following the semiannual period during which any bank becomes an insured bank,

such bank shall—

“ (A) file with the Corporation a certified statement showing, as its assessment

base for such period, its assessment base for the last date, if any, within such period

for which it was required to submit a report of condition, or

“ (B) if such bank became an insured bank after the last date in such period

for which a report of condition was required, such bank shall make a special report

of condition as of the last day of such semiannual period, and shall file with the

Corporation a certified statement showing, as its assessment base for such period,

its assessment base for the date of such special report.

The semiannual assessment due from such bank for the semiannual period which

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FEDERAL LEGISLATION 71

begins with such month shall be equal to one-half the annual assessment rate multiplied

by the assessment base computed pursuant to subparagraph (A) or (B) of this paragraph, and the amount of such assessment shall be shown on such certified statement.

Each such bank shall pay to the Corporation the amount of the semiannual assessment

it is required to certify.

“ (3) The certified statements required to be filed with the Corporation under

paragraphs (1) and (2) of this subsection shall be in such form and set forth such

supporting information as the Board of Directors shall prescribe and shall be certified

by the president of the bank or any other officer designated by its board of directors

or trustees that to the best of his knowledge and belief the statement is true, correct

and complete and in accordance with the Federal Deposit Insurance Act and regulations issued thereunder. The assessment payments required from insured banks

under paragraphs (1) and (2) of this subsection shall be made in such manner and at

such time or times as the Board of Directors shall prescribe, provided the time or

times so prescribed shall not be later than sixty days after filing the certified statement setting forth the amount of assessment.

“ (4) Except as otherwise provided in this section, the Board of Directors shall

prescribe all needful rules and regulations for the enforcement of this section. The

Board of Directors may limit the retroactive effect, if any, of any of its rules or regulations.”

Sec. 3. Section 7 of the Federal Deposit Insurance Act (12 U.S.C. 1817) is amended

by substituting for the date “December 31,1950” in subsection (d) the date “December

31, 1961” ; by substituting for the numerical figure “40” in subsection (d) the numerical

figure “33%” ; by substituting for the words “fails to file” in subsection (f) the words

“fails to make any report of condition under subsection (a) of this section or to file” ;

by substituting for the words “file such statement” in subsection (f) the words “make

such report or file such statement” ; by substituting for the word “filed” in the first

sentence of subsection (g) the words “made any such report of condition under subsection (a) of this section or filed” ; by substituting for the words “to file” in the first

sentence of subsection (g) the words “to make any such report or file” ; by substituting

for the words “to file” in the first sentence of subsection (h) the words “to make any

report of condition under subsection (a) of this section or to file” ; and by substituting

for the words “in its trust or deposited in any other department or in another bank”

in the first sentence of subsection (i) the words “in its trust department or held or

deposited in any other department of the fiduciary bank” and by striking the words

after the colon in the second sentence and substituting a period for said colon.

Sec. 4. Section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820) is amended

by striking out subsections (e) and (f) thereof and relettering subsection (g) as subsection (e).

Sec. 5. (a) Section 5211 of the Revised Statutes of the United States (12 U.S.C.

161) is amended by striking out the first paragraph thereof and inserting in lieu of

such paragraph the following:

“ (a) Every association shall make reports of condition to the Comptroller of the

Currency in accordance with the Federal Deposit Insurance Act. The Comptroller

of the Currency may call for additional reports of condition, in such form and containing such information as he may prescribe, on dates to be fixed by him, and may

call for special reports from any particular association whenever in his judgment

the same are necessary for his use in the performance of his supervisory duties. Each

report of condition shall contain a declaration by the president, a vice president,

the cashier, or by any other officer designated by the board of directors of the bank

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edge and belief. The correctness of the report of condition shall be attested by the

signatures of at least three of the directors of the bank other than the officer making

such declaration, with the declaration that the report has been examined by them

and to the best of their knowledge and belief is true and correct. Each report shall

exhibit in detail and under appropriate heads the resources and liabilities of the association at the close of business on any past day specified by the Comptroller, and shall

be transmitted to the Comptroller within ten days after the receipt of a request

therefor from him; and the statement of resources and liabilities in the same form

in which it is made to the Comptroller shall be published in a newspaper published

in the place where such association is established, or if there is no newspaper in the

place, then in the one published nearest thereto in the same county, at the expense

of the association, and such proof of publication shall be furnished as may be required

by the Comptroller. Special reports called for by the Comptroller need contain only

such information as is specified by the Comptroller in his request therefor, and publication of such reports need be made only if directed by the Comptroller.

“ (b) Every association shall make to the Comptroller reports of the payment of

dividends, including advance reports of dividends proposed to be declared or paid

in such cases and under such conditions as the Comptroller deems necessary to carry

out the purposes of the laws relating to national banking associations in such form

and at such times as he may require.”

(b) The paragraph which, prior to the amendments made by this Act, was the

second paragraph of such section, is amended (1) by inserting “ (c)” at the beginning

thereof, and (2) by striking out “three” in the first sentence and inserting “four” in

lieu thereof.

Se c . 6. The Act of February 26, 1881, entitled “An Act defining the verification

of returns of national banks” (12 U.S.C. 162) is repealed.

Sec. 7. The amendments made by this Act shall take effect on January 1, 1961,

except that the certified statements covering the semiannual period ending December

31, 1960, and the determination and payment of assessments (for the semiannual

period ending June 30, 1961) required to be certified in such statements, shall be made

as if such amendments were not in effect.

Approved July 14, I960.

R u l e s a n d R e g u l a t i o n s o f t h e C o r p o r a t i o n

METHOD FOR COMPUTING AND REPORTING OF ASSESSMENTS

ON DEPOSITS AND OBLIGATIONS PRESCRIBED AS DEPOSITS*

M is c e l l a n e o u s A m e n d m e n t s

A . In the F e d e r a l R e g is t e r of November 29, 1960 (25 F .R . 12203— 12207),

proposed amendments of Part 327 of the Corporation’s rules and regulations relating

to assessments were published with notice of proposed rule making. The following

amendment of Part 327, which includes such proposed amendments, is adopted

effective January 16, 1961: Provided, That all of the provisions of Part 327 (including

the Corporation’s Assessment Decisions Nos. 1— 167 in §§327.100— 327.267 thereof),

which were in effect immediately prior to the adoption of the following amendment

* Federal Register, vol. 26, pp. 287-292.

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RULES AND REGULATIONS OF THE CORPORATION 73

thereof, remain applicable to the determination and payment of assessments due on

or before January 15, 1961. Part 327 is amended to read as follows:

P a r t 327—A ss e s s m e n t s

Sec.

327.1 Reporting of assessment base additions for unposted credits and deductions for unposted debits.

327.2 Classification of deposits.

327.3 Payment of assessments by banks whose insured status has terminated.

327.4 Time of payment.

A u t h o r i t y : §§ 327.1 to 327.4 issued under sec. 7, 74 Stat. 551, sec. 9, 64 Stat. 882; 12 U.S.C. 1817,

1819. Interpret or apply secs. 7, 8, 74 Stat. 546-551 and 64 Stat. 877-881; 12 U.S.C. 1817, 1818.

§ 327.1 Reporting of assessment base additions for unposted credits and deductions

for unposted debits.

(a) Definitions. (1) The term “unposted credit” as used in this section means

any deposit received in any office of the bank for deposit in any other office of the

bank located in any State of the United States, the District of Columbia, Puerto

Rico, Guam, or the Virgin Islands, except those which have been included in total

deposits in the report of conditions or which have been offset in the report of condition

by an equal amount of cash items in its possession drawn on itself (on the same type

of deposits as those offset) and not charged against deposit liabilities at the close of

business on the date as of which the report of condition is made*

(2) The term “unposted debit” as used in this section means a cash item in the

bank's possession drawn on itself which has been paid or credited and is chargeable

against, but has not been charged against, deposit liabilities at the close of business

on the date as of which the report of condition is made.

(3) The above terms “unposted credit” and “unposted debit” do not include items

which have been reflected in deposit accounts on the general ledger and in the report

of condition, although they have not been credited or debited to individual deposit

accounts.

(b) Methods of reporting unposted credits and unposted debits. (1) Each insured

bank shall report unposted credits in reports of condition for addition to the assessment base in the following manner:

(1) When the records of the bank show the actual amounts of unposted credits

segregated between demand deposits and time and savings deposits, the actual segregated amounts thereof must be reported; or

(ii) When the records of the bank show the actual amount of all unposted credits

with no such segregation thereof, the actual amount thereof must be reported, for

addition to time and savings deposits, unless the bank determines by experience

factors and reports the amounts of the unposted credits so segregated; or

(iii) When the records of the bank do not show the actual amount of unposted

credits either in total or in segregated amounts, the amounts of unposted credits must

be determined by experience factor or factors and reported in total amount for addition

to time and savings deposits or in segregated amounts.

(2) Unposted debits may be reported in the same manner for deduction from

the assessment base, except that unsegregated amounts may be reported for deduction

only from demand deposits.

(c) Bank reporting actual amounts. When actual amounts are shown on the records

of the bank, an insured bank shall separately state in the report of condition for

additions to deposits for assessment purposes the actual amount of unposted credits

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in Schedule FDI either segregated between demand deposits and time and savings

deposits according to the type of account to which the item is to be credited, or the

total amount shall be reported for additions to time and savings deposits. If the

bank elects to take deductions for unposted debits chargeable to deposit accounts

and actual amounts are shown on the records of the bank, it shall separately state

in the report of condition the actual amounts of the unposted debits either segregated

between demand deposits and time and savings deposits according to the type of

account against which the items are chargeable, or the total amount shall be reported

for deductions from demand deposits. When only the total amount of such unposted

credits or unposted debits is shown on the records of the bank, the bank may elect

to determine by experience factors such segregated amounts for either unposted

credits or unposted debits or both.

(d) Bank reporting on basis of experience factor. An insured bank whose records

do not show the amounts of unposted credits and unposted debits shall compute

by experience factor or factors the unposted credits and may so compute the unposted

debits. Banks with two years’ experience on January 1, 1961 may establish an experience factor or factors under paragraph (f) of this section, or, upon application

to and approval by the Corporation, may establish an experience factor or factors

under paragraph (g) of this section, the same as banks with less than two years’

experience. Such a bank, upon written approval by the Corporation, may be permitted

to use separate factors for computing the additions to demand deposits and to time

and savings deposits, or for computing the deductions from such deposits; or may be

permitted to use a single factor for computing additions to be made in total amount

to time and savings deposits or for computing deductions to be made in total amount

from demand deposits. When a single factor is used, the additions or deductions are

required to be made to or from the type of deposit giving the lesser advantage to

the bank in taking the 16% percent deduction from demand deposits and the 1

percent deduction from time and savings deposits.

(e) Procedure for obtaining approval of experience factor. Each bank operating

as an insured bank prior to January 1, 1961, which intends to use an experience

factor in computing the amounts of unposted credits or unposted debits, shall signify

its intention in writing to the Corporation not later than March 1, 1961. Any bank

becoming an insured bank on or after January 1, 1961, whose records do not show

amounts of unposted credits and unposted debits, and which proposes to report

such items for assessment purposes by means of experience factors, shall so inform

the Corporation within thirty (30) days after it becomes an insured bank. Upon

receipt of such notice, the Corporation will furnish to the bank a form for use in

submitting to the Corporation the computations used in determining the percentage

factor. Upon approval by the Corporation of such experience factors, the bank shall

thereafter use such factors in reporting unposted credits or debits until new experience

factors are established pursuant to paragraph (k) of this section,

(f) Experience factors for banks with not less than two years* experience on January 1,

1961. (1) The reporting bank may use either of the following experience factors in

reporting unposted credits for addition to the assessment base:

(i) Separate experience factors for additions to demand deposits and to time and savings

deposits. The factor for:

(a) Demand deposits shall be the percentage obtained by dividing the average

amount of unposted credits creditable to demand deposits which were added to

deposits in certified statements for the assessment base days in the last two years prior

to January l f 1961, by the average amount of total demand deposits shown on the

books of the bank on such base days; and

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(b) Time and savings deposits shall be the percentage obtained by dividing the

average amount of unposted credits creditable to time and savings deposits which

were added to deposits in the certified statements for the assessment base days in

the last two years prior to January l f 1961, by the average amount of total time and

savings deposits shown on the books of the bank on such base days.

There shall be separately stated in the report of condition for addition to demand

deposits for assessment purposes, the amount obtained by multiplying the amount

of total demand deposits shown in the report of condition by the factor for demand

deposits, and for addition to time and savings deposits for assessment purposes the

amount obtained by multiplying the amount of total time and savings deposits

shown in the report of condition by the factor for time and savings deposits. In the

event that the records of the bank show the total amount of unposted credits which

were added to deposits in certified statements for the assessment base days in the last

two years prior to January 1, 1961, but do not show the amounts thereof segregated

as to those creditable to demand deposits and to time and savings deposits, the bank

may determine such segregated amounts for use in determining its separate experience

factors hereunder, in the following manner: The bank shall ascertain the percentage

to total unposted credits, of the unposted credits which are creditable to demand

deposits, and the percentage to total unposted credits, of the unposted credits which

are creditable to time and savings deposits, for the business days in the week commencing on March 15, 1961 and ending on March 21, 1961, both days inclusive, and shall

apply such percentages to the average amount of all unposted credits which were

added to deposits in such certified statements.

(ii) Single experience factor. The factor shall be the percentage obtained by dividing

the average amount of all unposted credits which were added to deposits in certified

statements for the assessment base days in the last two years prior to January 1, 1961,

by the average amount of total deposits shown on the books of the bank for such base

days. There shall be separately stated in the report of condition for addition to time

and savings deposits for assessment purposes, the amount obtained by multiplying

the amount of total deposits shown in the report of condition by such factor.

(2) The reporting bank may use either of the following experience factors in reporting unposted debits for deduction from the assessment base:

(i) Separate experience factors for deductions from demand deposits and from time

and savings deposits. The factor for:

(a) Demand deposits shall be the percentage obtained by dividing the average

amount of unposted debits chargeable to demand deposits which were claimed as

deductions in the certified statements for the assessment base days in the last two

years prior to January 1, 1961, or, if not claimed as a deduction thereunder, the

amount of such unposted debits deducted from deposit liabilities before entry in such

certified statements, by the average amount of total demand deposits shown on

the books of the bank on such base days; and

(b) Time and savings deposits shall be the percentage obtained by dividing the

average amount of unposted debits chargeable to time and savings deposits which

were claimed as deductions in the certified statements for the assessment base days

in the last two years prior to January 1, 1961, or, if not claimed as a deduction thereunder, the amount of such unposted debits deducted from deposit liabilities before

entry in such certified statements, by the average amount of total time and savings

deposits shown on the books of the bank on such base days.

There shall be separately stated in the report of condition for deduction from

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demand deposits for assessment purposes, the amount obtained by multiplying the

amount of total demand deposits shown in the report of condition by the factor for

demand deposits, and for deduction from time and savings deposits for assessment

purposes the amount obtained by multiplying the amount of total time and savings

deposits shown in the report of condition by the factor for time and savings deposits.

In the event that the records of the bank show the total amount of unposted debits

which were claimed as deductions in certified statements for the assessment base

days in the last two years prior to January 1, 1961 or deducted from deposit liabilities

fciefore entry in such certified statements, but do not show the amounts thereof segregated as to those chargeable to demand deposits and to time and savings deposits,

the bank may determine such segregated amounts for use in determining its separate

experience factors hereunder, in the following manner: The bank shall ascertain the percentage to total unposted debits, of the unposted debits which are chargeable to

demand deposits, and the percentage to total unposted debits, of the unposted debits

which are chargeable to time and savings deposits, for the business days in the week

commencing on March 15, 1961 and ending on March 21, 1961, both days inclusive,

and shall apply such percentages to the average amount of all unposted debits which

were claimed as deductions in such certified statements or deducted from deposit

liabilities before entry in such certified statements,

(ii) Single experience factor. The factor shall be the percentage obtained by dividing

the average amount of all unposted debits which were claimed as deductions in the

certified statements for the assessment base days in the last two years prior to January

1, 1961, or, if not claimed as a deduction thereunder, the amount of unposted debits

deducted from deposit liabilities before entry in such certified statements, by the

average amount of total deposits shown on the books of the bank on such base days.

There shall be separately stated in the report of condition for deduction from demand

deposits for assessment purposes, the amount obtained by multiplying the amount

of total deposits shown in the report of condition by such factor. If the amount of

deductions so obtained exceeds demand deposits, the excess thereof may be deducted

from time and savings deposits.

(g) Experience factors for banks with less than two years1 experience. (1) The reporting

bank may use either of the following experience factors in reporting unposted credits

for addition to the assessment base for two years:

(i) Separate experience factors for additions to demand deposits and to time and savings

d£posits. The factor for each semiannual period for:

(а) Demand deposits shall be the percentage obtained by dividing the amount

of unposted credits on March 15, 1961 and thereafter on the first business day of

February or August which are creditable to demand deposits by the amount of total

demand deposits as shown on the books of the bank at the close of business on the same

day; and

(б) Time and savings deposits shall be the percentage obtained by dividing the

amount of unposted credits on March 15, 1961 and thereafter on the first business

day of February or August which are creditable to time and savings deposits by the

amount of total time and savings deposits as shown on the books of the bank at the

close of business on the same day.

The bank shall determine, on March 15, 1961 and thereafter on the first business

day of February or August until two years’ experience has been obtained, the actual

amount of unposted credits segregated according to the type of account to which

creditable. There shall be separately stated in each report of condition for addition

to demand deposits for assessment purposes, the amount obtained by multiplying

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the amount of total demand deposits shown in the report of condition by the factor

for demand deposits for such semiannual period, and for addition to time and savings

deposits for assessment purposes the amount obtained by multiplying the amount

of total time and savings deposits shown in each report of condition by the factor

for time and savings deposits for such semiannual period.

(ii) Single experience factor. The factor for each semiannual period shall be the

percentage obtained by dividing the amount of all unposted credits on March 15,

1961 and thereafter on the first business day of February or August by the total

deposits as shown on the books of the bank at the close of business on the same day.

The bank shall determine, on March 15, 1961 and thereafter on the first business

day of February or August until two years’ experience has been obtained, the actual

amount of all unposted credits. There shall be separately stated in each report of

condition for addition to time and savings deposits for assessment purposes, the

amount obtained by multiplying the amount of total deposits shown in the report

of condition by the factor for such semiannual period.

(iii) Permanent experience factor. When two years’ experience has been obtained

under this paragraph, a new factor shall be computed and used for the ninth and

subsequent reports of condition. This factor shall be the percentage obtained by dividing the aggregate amount of the unposted credits by the aggregate amount of the

deposits, which were used in establishing each factor for the four preceding semiannual

periods.

(2) Reporting bank may use either of the following experience factors in reporting

unposted debits for deduction from the assessment base for two years:

(i) Separate experience factors for demand deposits and for time and savings deposits.

The factor for each semiannual period:

(а) Demand deposits shall be the percentage obtained by dividing the amount

of unposted debits on March 15, 1961 and thereafter on the first business day of

February or August which are chargeable to demand deposits by the amount of total

demand deposits as shown on the books of the bank at the close of business on the

same day; and

(б) Time and savings deposits shall be the percentage obtained by dividing the

amount of unposted debits on March 15, 1961 and thereafter on the first business

day of February or August which are chargeable to time and savings deposits by the

amount of total time and savings deposits as shown on the books of the bank at the

close of business on the same day.

The bank shall determine, on March 15, 1961 and thereafter on the first business

day of February or August until two years’ experience has been obtained, the actual

amount of unposted debits segregated according to the type of account against which

chargeable. There shall be separately stated in each report of condition for deduction

from demand deposits for assessment purposes, the amount obtained by multiplying

the amount of total demand deposits shown in the report of condition by the factor

for demand deposits for such semiannual period, and for deduction from time and

savings deposits for assessment purposes the amount obtained by multiplying the

amount of total time and savings deposits shown in the report of condition by the

factor for time and savings deposits for such semiannual period.

(ii) Single experience factor. The factor for the semiannual period shall be the

percentage obtained by dividing the amount of all unposted debits on March 15,

1961 and thereafter on the first business day of February or August by the total

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deposits as shown on the books of the bank at the close of business on the same day.

The bank shall determine, on March 15, 1961 and thereafter on the first business

day of February or August until two years' experience has been obtained, the actual

amount of all unposted debits. There shall be separately stated in each report of

condition for deduction from demand deposits for assessment purposes, the amount

obtained by multiplying the amount of total deposits shown in the report of condition

by the factor for such semiannual period. If the amount of deductions so obtained

exceeds demand deposits, the excess thereof may be deducted from time and savings

deposits.

(iii) Permanent experience factor. When two years' experience has been obtained

under this paragraph, a new factor shall be computed and used for the ninth and

subsequent reports of condition. This factor shall be the percentage obtained by dividing the aggregate amount of the unposted debits by the aggregate amount of the deposits, which were used in establishing each factor for the four preceding semiannual

periods.

(3) When it is impractical to segregate the amounts of unposted credits or debits

outstanding in a “branch clearings” account or similar account or to segregate such

unposted credits or debits between demand deposits and time and savings deposits

in computing a factor or factors under this paragraph, such amounts may be ascertained in accordance with computation methods approved by the Corporation,

upon application of the bank to the Corporation for permission to compute such

amounts.

(h) Experience factors for newly insured banks. A newly insured bank may determine

its experience factors in the same manner as that provided for banks with less than

two years' experience in subparagraphs (1) and (2) of paragraph (g) of this section,

except that in preparing its first report of condition for assessment purposes it shall

determine the actual amounts of unposted credits, debits and deposits on a day

designated by the Corporation, instead of on the first business day of February or

August.

(i) Mergers, consolidations, deposit assumptions, and conversions. The continuing

or resulting bank in a merger, consolidation or deposit assumption transaction, involving one or more banks which used an experience factor, shall use new experience

factors based on the combined experience of the participating banks for the two-year

period prior to such transaction or may establish a new factor or factors in accordance

with paragraph (g) of this section. A bank resulting from the conversion of a bank

shall continue to use the experience factors of the converted bank.

(j) Use of experience factor. Experience factors for the computation of unposted

credits or unposted debits or both, once established by any bank and approved by

the Corporation, must continue to be used for a period of at least three years and

until a new factor or factors are established with the approval of the Corporation

or until such time as the accounting methods of the bank are changed to show actual

amounts thereof from day to day.

(k) Bank establishing new experience factors. Upon thirty days’ written notice to

the Corporation, a bank may establish new permanent factors in the manner provided

in subparagraphs (1) and (2) of paragraph (g) of this section: Provided, however,

That until such new permanent factors have been determined and approved in writing

by the Corporation the bank shall continue to use its pre-established factors.

(1) Corporation requiring new experience factors. The Corporation may require

a bank to establish new factors at any time as provided in subparagraphs (1) or (2),

or both, of paragraph (g) of this section, and for this purpose may designate a day

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or days and a period or periods other than those specified therein for the determination

of deposits and the actual amounts of unposted credits or unposted debits, or both.

When such new factor or factors have been computed either by the bank or the Corporation and have been approved in writing by the Corporation, the bank shall use

such new factor or factors for reports of condition filed thereafter.

(m) Notice to Corporation of changes in accounting methods. When a bank changes

its accounting procedures from those used in the period in which its experience factors

were established, in such manner as to increase or decrease the amount of unposted

credits or unposted debits, it shall promptly give written notice to the Corporation

of such change.

§ 327.2 Classification of deposits.

(a) The deposits to be reported in the reports of condition required to be made

under section 7 of the Federal Deposit Insurance Act (12 U.S.C. 1817) shall be segregated between the time and savings deposits and the demand deposits.

(b) The time and savings deposits for the purpose of such reports and for the

computation of assessments as provided in subsection (b) of section 7 of the Act

(12 U.S.C. 1817) shall consist of:

(1) Time certificates of deposit evidenced by an instrument providing on its face

that the amount of such deposit is payable on a certain date not less than thirty

days after the date of deposit, at the expiration of a specified period not less than

thirty days after the date of the instrument, or upon written notice to be given not

less than thirty days before the date of payment;

(2) Time deposits, open account, being a deposit other than a time certificate of

deposit or a savings deposit, with respect to which there is in force a written contract

with the depositor that neither the whole nor any part of such deposit may be withdrawn prior to the date of maturity which shall not be less than thirty days after the

date of the deposit or prior to the expiration of the period of notice which must be

given by the depositor in writing not less than thirty days in advance of withdrawals,

including deposits such as Christmas club accounts and vacation club accounts,

which are made under written contracts providing that no withdrawal shall be made

until a certain number of periodic deposits have been made during a period of not

less than three (3) months, even though some of the deposits are made within thirty

(30) days from the end of such period; and

(3) Deposits accumulated for the payment of personal loans representing the

aggregate of amounts which are accumulated by borrowers for payment of personal

loans in accounts opened by borrowers in connection with personal loans (whether

or not the bank maintains a separate personal loan department) and which, under

contracts between the bank and the borrowers, do not immediately reduce the unpaid

balances of the loans but are assigned or pledged to assure repayment of the personal

loans at maturity, except that amounts received by the bank which under contracts

with the borrowers constitute installment payments on personal loans and immediately reduce the unpaid balances of the loans even though recorded on separate

accounts on the books of the bank shall not be reported as deposits; and

(4) Savings deposits being deposits evidenced by a passbook or written receipt

or agreement (i) 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 (ii) in which the entire beneficial interest is held by one or more individuals

or by such a corporation, association, or other organization and in respect to which

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(iii) 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 thirty (30) days before

such withdrawal is made and (iv) withdrawals are permitted in only two ways, either

upon presentation of a passbook, if any, through payment to the person presenting

the passbook, or without presentation of a passbook, through payment to the depositor himself but not to any other person, whether or not acting for the depositor.

(c) Demand deposits shall consist of all deposits other than time and savings

deposits.

§ 327.3 Payment of assessments by banks whose insured status has terminated.

(a) Assumed deposits of terminating bank become deposits of assuming bank. When

the deposit liabilities of an insured bank are assumed by another insured bank the

assumed deposits, for assessment purposes, shall be deposit liabilities of the assuming

bank and shall cease to be deposit liabilities of the bank whose deposits are assumed

from and after the effective date of the assumption.

(b) Payment of assessments by assuming bank on assumed deposits of terminating

bank. Where the deposit liabilities of an insured bank are assumed by another insured

bank and the assuming bank agrees to file the Certified Statement which the terminating bank is required to file, the filing of such Certified Statement and the payment

of the assessment thereon by the assuming bank shall be deemed the acts of the

terminating bank: Provided, That the requisite notice of assumption1 be given to

the depositors of the terminating bank, and Provided further, That such Certified

Statement shall be filed separately from that required to be filed by the assuming bank.

(c) Resumption of insured status before insurance of deposits ceases. If a bank whose

insured status has been terminated under section 8 (a) or (b) of the Federal Deposit

Insurance Act, makes application to the Corporation, before the insurance of its

deposits shall have ceased, to be permitted to continue or to resume its status as an

insured bank and if the Board of Directors grants the application, the bank will be

deemed, for assessment purposes, to continue as an insured bank and must thereafter

furnish Certified Statements and pay assessments as though its insured status had

not been terminated. For the procedure to be followed in making such application,

see § 303.7 of this chapter.

§ 327.4 Time of payment.

Each insured bank shall pay to the Corporation the amount of the semiannual

assessment due to the Corporation, as shown on its Certified Statement,2 at the

time such statement is required to be filed under section 7 (c) of the Federal Deposit

Insurance Act.

B. Part 326 of the Corporation’s rules and regulations, relating to bank obligations

prescribed as deposits, is repealed effective January 16, 1961, because of the amendment of the definition of the term “deposit” in subsection (1) of section 3 of the

Federal Deposit Insurance Act, as amended by Public Law 86— 671, approved July

14, 1960 and effective on January 1, 1961 except as to the determination and payment

of assessments due on January 15, 1961 (12 U.S.C. 1813 (1)): Provided, That rights

and liabilities existing on or before January 1, 1961, with respect to insured deposits,

and existing on or before January 15, 1961 with respect to the determination and

payment of assessments, are not affected by such repeal.

As the repeal of Part 326 as provided herein and the following amendments of

§§ 301.1, 303.5, 304.1, 304.2 and 304.3 do not diminish the rights of insured banks,

1 The requisite notice of assumption shall be the notice prescribed in § 307.3 of this chapter.

2 See §§ 304.1 and 304.3 of this chapter.

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notice of them as proposed rules is found to be unnecessary. Further, it is found that

the effective date of the amendment of Part 327 and of the repeal of Part 326 as

provided herein should not be deferred for thirty days, because of the effective dates

of the amendments of the Federal Deposit Insurance Act by Public Law 86— 671,

approved July 14, 1960, and the effective date of the other amendments should not

be deferred for thirty days, because they relate to applications, reports and forms

and do not impose additional substantive burdens upon insured banks.

The following amendments of the rules and regulations of the Corporation are

adopted effective January 16, 1961:

§ 301.1 [Amendment]

1. In § 301.1 delete the following: “ (Act of Sept. 21, 1950, Pub. Law 797, 81st

Cong.),” and substitute therefor the following: “ (12 U.S.C. 1811— 1831)/’.

§ 303.5 [Amendment]

2. Paragraph (c) of § 303.5 is amended to read as follows:

(c) Merger, consolidation, asset acquisition or assumption transaction between insured

banks. Application by an insured bank for the consent of the Corporation to merge

or consolidate with, acquire the assets of, or assume the liability to pay any deposits

made in, another insured bank— when the resulting or assuming bank is to be an

insured State nonmember bank (except a District bank)— together with copies of all

agreements or proposed agreements relating thereto, including the charter or articles

of incorporation of the resulting or assuming bank, should be filed with the Supervising

Examiner of the Federal Deposit Insurance District in which the resulting or assuming

bank is located. The appropriate form of application and instructions for completing

the same may be obtained upon request from the office of said Supervising Examiner.

§ 304.1 [Amendment]

3. In § 304.1 delete the words “and pursuant to the instructions” in the first sentence

and delete the words “and instructions for completing the same” in the second sentence.

§ 304.2 [Amendment]

4. In § 304.2 delete the words “by the board of directors pursuant to law” in the

first sentence and add at the end of the section the following sentence: “Each insured

national bank and each insured District bank at the time of making reports of conditions to the Comptroller of the Currency and each insured State member bank at

the time of making reports of condition to the Federal Reserve bank, required under

the Federal Deposit Insurance Act, shall furnish an executed and attested copy

thereof to the Corporation.”

§ 304.3 [Amendment]

5. In paragraph (a) of § 304.3 insert after the words “other application” in the

third sentence the words “may be”.

6. In paragraph (d) of § 304.3 delete the words “other application retained by the

bank as part of its permanent records” in the third sentence and substitute therefor

the words “other application may be retained by the bank”.

7. In paragraph (g) of § 304.3 delete the words “other application retained in the

files of the bank as part of its permanent records” in the fourth sentence and substitute

therefor the words “other application may be retained by the bank”.

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8. Amend § 304.3 by redesignating paragraphs (i) through (u) as paragraphs (j)

through (v), respectively, and by adding a new paragraph (i) to read as follows:

(i) Form 86: Application for merger, consolidation, asset acquisition or assumption.

The bank applying for prior written consent to merge with, consolidate with, acquire

the assets of, or assume liability to pay deposits made in, another bank or institution,

pursuant to section 18(c) of the Federal Deposit Insurance Act and for the establishment of branches incident thereto pursuant to section 18(d) of the Act is required to

submit statements, representations, and information with respect to the several

factors enumerated in said section 18(c). Twelve copies of the application and all

documents, schedules and exhibits, including the agreement between the participating

banks and the charter or articles of incorporation of the resulting or assuming bank,

axe to be executed by an authorized officer with the bank’s corporate seal affixed

and forwarded to the Supervising Examiner. The Corporation will furnish the applicant bank with a form of the notice (Form 116) for publication provided for in

said section 18(c).

9. In redesignated paragraph (k) of § 304.3 delete the words ‘‘one copy retained

in the bank’s files” in the fifth sentence and substitute therefor the words “one copy

may be retained by the bank” .

10. In redesignated paragraph (1) of § 304.3 delete the parenthetical statement

“ (Short form)” wherever it appears in said paragraph, and at the end of the first

sentence add the words “and information for assessment purposes”.

11. In redesignated paragraph (m) of § 304.3 delete the parenthetical statement

“ (Short form)”.

12. Section 304.3 is amended by deleting redesignated paragraphs (q) through (v),

inclusive, and substituting therefor the following paragraphs (q) through (y):

(q) Form 545: Certified Statement (for banks other than mutual savings). A Form 545

must be submitted on or before January 31 and July 31 of each year by every insured

fctank, except any newly insured banks which must submit their First Certified Statement on Form 645, and any mutual savings banks which must use Form 545 (Savings).

Farm 545 shows the deposit liabilities, less authorized deductions, reported in two

reports of condition in each semiannual assessment period. The form will show the

computation of the assessment base and the amount of the assessment due the Corporation. It must be prepared in duplicate, certified by the president of the bank or

any other officer designated by its board of directors and an original must be forwarded

to the Fiscal Agent. The duplicate copy should be retained in the bank’s file.4 The

forms are mailed to all insured banks each six months in ample time to permit compliance with the law, but if not received on or before January 1 or July 1, they should

be obtained from the Fiscal Agent. Any questions in respect to such forms should

be directed to the Fiscal Agent.

(r) Form 545 (Savings): Certified Statement (for mutual savings banks). This form

is substantially the same as Form 545, and should be used by mutual savings banks.

(s) Form 645: First Certified Statement (for banks other than mutual savings). The

First Certified Statement, Form 645, must be submitted on or before July 31 or January

31 following the semiannual period in which the bank began operation as an insured

4 Section 7 (b) (6) of the Federal Deposit Insurance Act, which relates to assessment base deductions,

provides, in part, as follows: “Each insured bank, as a condition to the right to make any such deduction

in determining its assessment base, shall maintain such records as will readily permit verification of the

correctness of its assessment base. No insured bank shall be required to retain such records for such

purpose for a period in excess of five years from the date of the filing of any certified statement, except

that when there is a dispute between the insured bank and the Corporation over the amount of any

assessment the bank shall retain such records until final determination of the issue.”

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bank. The form shows the deposit liabilities, less authorized deductions, as provided

by law, on the last date within such period for which it was required to submit a

report of condition or if such bank became an insured bank after the last date in such

period for which a report of condition was required, such bank shall make a report

of condition as of the last day of such semiannual period, and shall file with the Corporation a Certified Statement showing, as its assessment base for such period, its

assessment base for the date of such special report. The form will show the computation

of the assessment base and the amount of the assessment due the Corporation. It

must be prepared in duplicate, certified by the president of the bank or any other

officer designated by its board of directors, and the original must be forwarded to

the Fiscal Agent. The duplicate copy should be retained in the bank’s file.4 The forms

will be mailed by the Fiscal Agent to newly insured banks with appropriate instructions

for their preparation.

(t) Form 645 (Savings): First Certified Statement (for mutual savings banks). This

form is substantially the same as Form 645 and should be used by mutual savings

banks.

(u) Form 845: Final Certified Statement—for use by an insured bank (except mutual

savings banks) whose deposits are assumed by another insured bank. This statement,

Form 845, shows the deposit liabilities, less authorized deductions of the bank in

the report or reports of condition prior to the assumption date. Form 845 accompanied

by appropriate letter of explanation and instructions will be mailed by the Fiscal

Agent to each insured bank whose deposit liabilities are assumed by another insured

bank. The form must be prepared in duplicate, certified by the president of the bank

or any other officer designated by its board of directors and the original must be

forwarded to the Fiscal Agent. The duplicate copy should be retained in the bank’s

files.4 If the deposits of the liquidating bank are assumed by a newly insured bank,

the liquidating bank is not required to file Form 845 or to pay any assessments upon

the deposits so assumed after the semiannual period in which the assumption takes

effect.

(v) Form 845 (Savings): Final Certified Statement (for mutual savings banks). This

form is substantially the same as Form 845 and should be used by mutual savings

banks.

(w) Form 845A : Final Certified Statement—for use of an insured bank (other than

mutual savings banks) whose deposit liabilities are assumed by another insured operating

bank. (To be used when the assuming bank executes the Certified Statement for the

bank whose deposits were assumed.) Form 845A may be substituted for Form 845

described in paragraph (u) of this section if the assuming bank is executing the Certified

Statement for the bank whose deposit liabilities were assumed. Form 845A is prepared

in the same manner as Form 845 except the certification is executed by an official

of the assuming bank.

(x) Form 845A (Savings): Final Certified Statement—for use of an insured mutual

savings bank whose deposit liabilities are assumed by another insured operating bank.

(To be used when the assuming bank executes the Certified Statement for the bank

whose deposits were assumed.) Form 845A (Savings) may be substituted for Form 845

(Savings) described in paragraph (v) of this section if the assuming bank is executing

the Certified Statement for the bank whose deposit liabilities were assumed. Form

845A (Savings) is prepared in the same manner as Form 845 (Savings) except the

certification is executed by an official of the assuming bank.

* See footnote above.

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84 FEDERAL DEPOSIT INSURANCE CORPORATION

(y) Amended and corrected Certified Statements. Forms for use in amending or

correcting previously submitted Certified Statements are identical in number and

form with Forms 545, 645, 845 and 845A (for other than mutual savings banks)

and Forms 545 (Savings), 645 (Savings), 845 (Savings), and 845A (Savings) described

above except the title of the form contains the additional word “Amended” or “Corrected” . These forms may be obtained on request from the Fiscal Agent.

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 ,

[s e a l ] E. F . D o w n e y ,

Secretary.

[F.R. Doc. 61-359; Filed, Jan. 13, 1961; 8:53 a.m.]

S t a t e B a n k i n g L e g i s l a t i o n

In 1960, the legislatures of twenty-one States held regular sessions. Four of these

legislatures also held special sessions, along with the legislature of one other State.

Some of the more important State banking legislation enacted in 1960 is summarized

below.

s u p e r v is o r y a u t h o r it y

Establishment of mutual savings banks............................................Alaska (Ch. 132)

Fees for examination of certain trust companies.............................Georgia (Art. 932)

Authority of Superintendent of Banks to regulate banks...............Georgia (Art. 442)

Fees for examinations...............................................................................Georgia (Art. 647)

State Depository Board and depositories............................................Georgia (Art. 912)

New or additional private banks prohibited.......................................Georgia (Art. 939)

Establishment of drive-in windows at branch offices or branch banks.......................

............................................................................................................Mississippi (S.B. 1858)

Service of copy of examination reports on president or secretary of board of directors

.....................................................................................................................Nevada (Ch. 147)

Investigation fees for approval of organization and branch offices........ ..................

............................................................................................. New York (Ch. 51), (Ch. 555)

Discretion of Superintendent of Banks............................................New York (Ch. 146)

Fees for changes in location............................................................... New York (Ch. 153)

Extension of time within which Superintendent may make investigation...............

................................................................................................................New York (Ch. 453)

Amendments to charter.....................................................................Rhode Island (Ch. 71)

g e n e r a l o p e r a t in g p r o v isio n s

Amendment to gift of securities to minors act................................Georgia (Art. 563)

Periodic distribution of income from trust property.....................Georgia (Art. 533)

Amendment to Securities Act..............................................................Georgia (Art. 656)

Bank investments in small business investment companies operating under Federal

Act.............................................................................................................. Hawaii (S.B. 247)

Validity of certain open end mortgages.. .Kentucky (Ch. 89); So. Carolina (Art. 902)

Uniform gifts to minors act................................................................ Kentucky (Ch. 108)

Transfers of property or money of deceased persons.....................Louisiana (Art. 35)

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STATE BANKING LEGISLATION 85

Sales of securities by banks and trust companies...........................Louisiana (Art. 164)

Uniform law for simplification of fiduciary security transfers...................................

................................................Georgia (Art. 615); Louisiana (Art. 444); Maryland

(Ch. 92); Mississippi (S.B. 1939); So. Carolina (Art. 829); Virginia (Ch. 21)

Payment of dividends of savings institutions................................. Maryland (Ch. 94)

Safekeeping of certain securities and pass books of depositors.. Massachusetts (Ch. 27)

Time for filing annual reports of savings banks...........................Massachusetts (Ch. 58)

Encouraging organization of small business companies................................................

............................................................Mississippi (H.B. 472); So. Carolina (Art. 999)

Deposits of moneys and investment of funds of minors...............New Jersey (Ch. 71)

Uniform Securities Law........................................................................New Jersey (Ch. 75)

Transfer of securities by fiduciaries..................................................New Jersey (Ch. 200)

Examinations by trustees of savings banks.......................................New York (Ch. 39)

Opening and operating foreign branches by banks and trust companies...................

..................................................................................................................New York (Ch. 76)

Regulation of interest charged by banking organizations...........New York (Ch. 349)

Power of savings banks to service mortgages....................................New York (Ch. 475)

Conflicting claims of authority to act with respect to property held by banks and

trust companies........................................New York (Ch. 519); (Ch. 521); (Ch. 520)

Transaction of business by foreign banks..........................................New York (Ch. 553)

Advances by banks and trust companies...........................................New York (Ch. 784)

Permissive closing one day a week................................................So. Carolina (Art. 604)

Requirement of cash for par value of stock issued. . . . So. Carolina (Art. 813); (Art. 915)

Retention and disposition of records of banks...........................So. Carolina (Art. 811)

Annual approval of officer and employee bonds by board of directors.......................

.......................................................................................................... So. Carolina (Art. 812)

Legality of checking accounts of minors..................................... So. Carolina (Art. 957)

Negotiation of instrument by agent after death of drawer or endorser.......................

.............................................................................. ............................ So. Carolina (Art. 911)

Transfer of securities registered in joint names................................... Virginia (Ch. 20)

Permissive closing of certain banks on Saturdays...............Virginia (Ch. 24); (Ch. 588)

Industrial Development Corporation Act..............................................Virginia (Ch. 80)

Payment of commissions, fees, etc. for sale of stock of banks and trust companies

....................................................................................................................Virginia (Ch. 276)

Recordation of security trusts..................................................................Virginia (Ch. 565)

lo a n s

Loans by foreign banks and similar lending institutions...................Alaska (Ch. 113)

Loans to veterans......................................................................................... Alaska (Ch. 137)

Regulation of real estate loan brokers..............................................California (Ch. 78)

Exemptions from limitations on maximum debts to banks and trust companies..

.................................................................................................................Kentucky (Ch. 152)

Borrowings by credit unions from banks................................... Massachusetts (Ch. 60)

Increase in aggregate balance of principal of certain participation loans by a savings

bank............................................................................................... Massachusetts (Ch. 256)

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Authorizing savings banks to make certain collateral loans in participation with

other savings banks.................................................................... Massachusetts (Ch. 257)

Increasing amount savings banks may lend on certain personal loans and extending

time of payment..........................................................................Massachusetts (Ch. 272)

Mortgage loans by savings banks.......... Massachusetts (Ch. 289); New York (Ch. 973)

Authorizing banks to make certain FHA insured loans................................................

........................................................Massachusetts (Ch. 422); West Virginia (Ch. 14)

Limitation on loans........................................................................ Michigan (P.Act. 87);

New Jersey (Ch. 181); Virginia (Ch. 27), (Ch. 23)

Restriction on real estate loans by private banks.....................New York (Ch. Ill)

Restrictions on loans by industrial banks............................... New York (Ch. A.B. 326)

Restrictions on real estate loans by banks and trust companies. .New York (Ch. 357)

Loans by savings banks........................................................New York (Ch. 505), (Ch. 970)

Loans to other banks.........................................................................So. Carolina (Art. 810)

Certain loans to manufacturing and industrial businesses considered commercial

loans.............................................................................................................Virginia (Ch. 22)

Removal of defense of infancy in college loans................................... Virginia (Ch. 78)

Minimum interest on certain loans..........................................................Virginia (Ch. 74)

INVESTMENTS

Investments by fiduciaries................................... Kentucky (Ch. 155); Virginia (Ch. 589)

Investment of bank funds................................... Kentucky (Ch. 153); Virginia (Ch. 522)

Investment in securities of federal housing agencies.......................Kentucky (Ch. 163)

Investment in mortgage loans by savings banks...................Massachusetts (Ch. 607)

Investments by savings banks in bonds and mortgages on certain real property

........................................... New York (Ch. 221), (Ch. 239); So. Carolina (Art. 748)

Investments of savings banks funds...........................New York (Ch. 704), (Ch. 966)

Removal of certain restrictions on investments by savings bank investment funds

........................................................................................................ Massachusetts (Ch. 219)

r e s e r v e s

Prescribed amount of paid-up capital and surplus............................. Nevada (Ch. 146)

Method of computing cash and balances required on hand...............Nevada (Ch. 145)

d e p o sits

Acceptance of savings banks of deposits to secure performance of lease...................

............................................................................................................... New York (Ch. 119)

Deposits of custodians of certain funds......................................... New York (Ch. 476)

Disposition of unclaimed deposits.......... Rhode Island (Ch. 60); Virginia (Ch. 330)

Penalty for issuing false checks.............................................................. Arizona (Ch. 61)

Regulation of sale of checks, drafts, and money orders as a service or for a fee....

............................................................................................................. Michigan (P. Act 136)

Bad Check law............................................................................................. Nevada (Ch. 214)

Jurisdiction in issue of fraudulent checks........ ...................... So. Carolina (Art. 993)

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STATE BANKING LEGISLATION 87

DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES

Public Notice of names of Directors and Shares (repealed)...............Arizona (Ch. 40)

Embezzlements and false entries, penalty....................................... Michigan (P.Act 31)

LIQUIDATION

Purchase and sale of property of savings banks in possession of commissioner.. . .

........................................................................................................ Massachusetts (Ch. 477)

Accounting by receivers and liquidating agents...........................So. Carolina (Art. 814)

Compensation of receivers...............................................................So. Carolina (Art. 815)

MISCELLANEOUS

Legal rate of interest.........................................................................Delaware (H.B. 544)

Financing of sale of motor vehicles.................................................Delaware (S.B. 102)

Retail installment sales...................................................................... Delaware (H.B. 550)

Tax on bank deposits..............................................................................Kentucky (Ch. 186)

Business Development Corporation Act............................................. Kentucky (Ch. 73)

Escheat of unclaimed property......................................................... Kentucky (Ch. 142)

Taxation of savings banks........................................................... Massachusetts (Ch. 558)

Regulation of bank holding companies............................................New York (Ch. 237)

Amending negotiable instrument law in relation to when instrument is payable

to bearer..............................................................................................New York (Ch. 726)

Effect of taking usurious interest................................. New York (Ch. 963), (Ch. 960)

Maintenance of public accommodation offices.............................New York (Ch. 1064)

Tax on intangible personal property........................................... Rhode Island (Ch. 52)

Tax on bank deposits generally.................................................... Rhode Island (Ch. 59)

Borrowing powers of savings banks..............................................Rhode Island (Ch. 123)

Tax on bank and trust company stock.................................................Virginia (Ch. 335)

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Federal Reserve Bank of St. Louis
PART FOUR

BANKING DEVELOPMENTS

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S u p e r v i s o r y S t a t u s o f B a n k s a t t h e E n d o f 1960

Supervisory status o f banks. Under the Banking Act of 1933, as 

amended in 1935 and 1959, all banks of deposit are required to submit to 

examination and regulation under the laws of the United States or of the 

State, Territory, or District in which the bank is located.1 Table 30 

classifies the banks and trust companies operating in the United States 

at the end of 1960 according to the supervisory authority or authorities 

to which they are subject. Of the 13,999 banks, 32 percent were subject to 

Federal Government supervision only, 64 percent to both Federal and 

State supervision, and 4 percent to State supervision only.

Table 30. 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 S t 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 31, 1960

Supervisory status

All banks

Commercial banks

and trust

companies1

Mutual savings

banks

Total Insured NoninsuredInsured Noninsured

Insured Noninsured

Number of banks and trust

companies— total......... 13,999 13,451 548 13,126 358 325 190

Banks of deposit..............

Examined by and reporting to:2

Comptroller of the

Currency3......................

13,945

4,537

1,639

7,275

13,451

4,537

1,639

7,275

494 13,126

4,537

1,637

6,952

304 325 190

State authorities and

Federal Reserve banks4 2

State authorities and

Federal Deposit Insurance Corporation5.

State authorities only8. .

Trust companies not

regularly engaged in

deposit banking7...........

323

494 494 304 190

54 54 54

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

96.1%

96.5

3.9%

3.5

100.0

97.3%

97.7

2.7%

2.3

100.0

63.1%

63.1

36.9%

36.9

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.

* 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.

5 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 85 unincorporated banks located in seven States. Unincorporated banks in 3 of these States

are not examined by the State authorities: these banks and industrial banks in one other State do not submit periodic condition reports to the State authorities. At the end of 1960 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.

i United States Code, Title 12, section 378.

91

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92 FEDERAL DEPOSIT INSURANCE CORPORATION

Banks subject only to Federal supervision include all national banks 

and all other banks located in the District of Columbia, and are under the 

jurisdiction of the Comptroller of the Currency. Of the banks subject to 

both Federal and State supervision, more than four-fifths are not members 

of the Federal Reserve System and are regularly examined by and submit 

reports of condition to the Federal Deposit Insurance Corporation. Less 

than one-fifth of the banks subject to both Federal and State supervision 

are members of the Federal Reserve System and are examined by and 

submit reports of condition to the Federal Reserve banks of the respective 

districts in which they are located. The banks and trust companies which 

are subject to State supervision only are those not insured by the Federal 

Deposit Insurance Corporation. However, some of the noninsured banks, 

mostly unincorporated banks in Georgia, Iowa, and Texas, do not submit 

reports of condition to and are not examined by the State bank supervisory authority. About three-tenths of all the noninsured banks and trust 

companies are not eligible for participation in deposit insurance, because 

they are trust companies not regularly engaged in deposit banking, or are 

unincorporated banks, or operate under laws which do not bring them 

within the definition of State banks in the Federal Deposit Insurance ActTable 31. 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

a n 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 31, 1960

Supervisory status1

All banks

Total B 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.........................

$298,932

298,716

139,996

76,761

74,658

7,301

216

100.0%

100.0

100.0

$291,415

291,415

139,996

76,761

74,658

97.5%

97.6

$7,517

7,301

7,301

216

2.5%

2.4

100.0

$256,323

256,323

139,996

76,740

39,587

99.2%

99.3

$2,036

1320

$35,092

35,092

1,820

216

0.8%

0.7

100.0

21

35,071

86.59

86.5

$5,481

5,481

5,481

13.5%

13.5

1 See notes to Table 30.

Note: Due to rounding, components may not add to total.

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SUPERVISORY STATUS OF BANKS AT THE END OF 1 9 6 0 9 3

Assets and deposits. The total assets of the banks in the various 

categories shown in the preceding table are given in Table 31 and their 

total deposits in Table 32. About 47 percent of the assets and deposits in 

all banks and trust companies are in those which are examined by and 

report to the Comptroller of the Currency; about 25 percent in banks 

subject to examination and supervision by the State authorities and by 

Federal Reserve banks; another 25 percent in banks subject to supervision and examination by State authorities and the Federal Deposit 

Insurance Corporation; and less than 3 percent in banks subject to control 

by State authorities only.

Table 32. D e p o s its 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 31, 1960

Supervisory status1

All banks

Commercial banks

and trust

companies

Mutual savings

banks

Total Insured Noninsured

Insured NoninsuredInsured Noninsured

Deposits of banks and trust

companies (in m illions)— total...................

Banks of deposit...................

Examined by and reporting to:

Comptroller of the

Currency.......................

$266,885

266,814

125,579

67,612

67,305

6,318

71

100.0%

100.0

100.0

$260,496

260,496

125,579

67,612

67,305

$6,389

6,318

$228,994

228,994

125,579

67,593

35,822

$1,538

1,467

$31,502

31,502

$4,851

4,851

State authorities and

Federal Reserve banks

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only. . .

Trust companies not

regularly engaged in

deposit banking...........

6,318

71

2.4%

2.4

100.0

1,467

71

0.7%

0.6

100.0

19

31,483

4,851

Percentage in insured and

noninsured banks:

All banks and trust companies .................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking............................

97.6%

97.6

99.3%

99.4

86.7%

86.7

13.3%

13.3

1 See notes to Table 30.

Note: Due to rounding, components may not add to total.

Capital accounts and capital ratios. Banks have relatively small 

amounts of liabilities other than deposits. Most of the difference between 

their total assets and total deposits consists of their capital accounts. For 

all insured banks, the ratio of total capital accounts to total assets at the 

end of 1960 was 8.1 percent, a slight increase over the preceding year. 

In Table 33 ratios of total capital accounts to total assets are given for 

the banks examined by and reporting to the Federal and State supervisory 

agencies, with separate figures for mutual savings banks and for commercial banks and trust companies.

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94 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 33. C a p it a l A c c o u n t R a tio 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 ta t u s a n 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 31, 1960

Supervisory status1

All banks of deposit

Commercial banks

and trust

companies

Mutual savings

banks

Total Insured Noninsured

Insured Noninsured

Insured Noninsured

All banks of deposit............

[Examined by and reporting to:

Comptroller of the

Currency.......................

8.2%

8.0

8.2

8.4

11.2

8.1%

8.0

8.2

8.4

11.2% 8.1%

8.0

8.2

8.2

14.6% 8.5% 10.1%

State authorities and

Federal Reserve banks

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only.. . 11.2 14.6

9.5

8.5 i’o. i

1 See notes to Table 30.

Ba n k in g D evelopm ents D u r ing 1960

Number of banking offices. At the end of 1960 there were 25,105 

banking offices in the United States, an increase of 863 during the year. 

All of the increase represented additional branches, since there was a 

reduction of five in the number of banks and an increase of 868 in the 

number of branches. More new banking offices were opened in 1960 than 

in any other year since the beginning of Federal deposit insurance. The 

great majority of the new offices were branches; only 14 percent were new 

banks. Of the new banks, 40 percent were in three States, Texas, Florida, 

and Illinois, in which branch banking is prohibited, and a large proportion 

of the remainder were in other States which also prohibit branch banking 

or were outside the areas in which branches are permitted.

Table 34 shows the character of the changes during 1960 among banks 

and branches, with separate figures for commercial banks and trust 

companies and for mutual savings banks. The 133 banks which began 

operations in 1960 practically offset the 138 banks which ceased operation. 

Six banks were placed in liquidation. The 132 banks ceasing business 

because of absorption were succeeded by 113 branches. In 1960 there were 

815 other new branches beginning operations and 60 branches discontinuing operations.

From the end of 1950 to the end of 1960 the total number of banking 

offices in the United States increased by 26 percent, in comparison with 

an increase in population of less than 20 percent. At the end of 1960, the 

population per banking office, including both commercial and mutual 

savings banks, was approximately 7,200; and for commercial banks only, 

about 7,500 per office. The population per bank was, of course, much

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BANKING DEVELOPMENTS DURING 1 9 6 0 9 5

larger; about 13,000 if both eommereial and mutual savings are included, 

and 13,500 if only commercial banks are counted. Table 35 shows the 

number of banks and offices, and population data, for the entire United 

States, and also for the 50 States and the District of Columbia, and for the 

48 States and the District of Columbia formerly referred to as “ continental United States.”

Table 34. 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 19601

Type of office and change

All

banks

Commercial

banks and

trust

companies

Mutual

savings

banks

ALL BANKING OFFICES

25,105 24,103 1,002

Number, December 31, 1959............................................ 24,242 23,276 966

Net change during year............................................. +863 +827 + 3 6

BANKS

Number, December 31, 1960............................................ 13,999 18,484 515

Number, December 31, 1959............................................ 14,004 13,486 518

Net change during year............................................. - 5 - 2 — 3

Banks beginning operations:

New banks opened2..................................................... 132 132

Successor to suspended bank.................................... 1 1

Banks ceasing operations:

Absorbed........................................................................ 132 129 3

Suspended..................................................................... 2 2

Other liquidations....................................................... 4 4

BRANCHES8

Number, December 31, 1960............................................ 11,106 10,619 487

Number, December 31, 1959............................................ 10,238 9,790 448

Net change during year............................................. +868 +829 + 3 9

Branches beginning operations:

Succeeded absorbed banks........................................ 113 111 2

Other new branches4................................................... 815 776 89

Branches discontinued.................................................... 60 60

Branches transferred as result of absorption............ + 2 - 2

1 Excludes changes not affecting number of banks or branches of commercial banks and trust companies or of mutual savings banks.

a Includes 7 banks opened prior to December 81, 1959, but not previously reported.

* 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 3 branches opened prior to December 31, 1959, but not previously reported.

Detailed data (including changes referred to in note 1): Table 102, pp. 126-127.

Back data for all banks: Table 18, p. 33.

Changes in bank assets and liabilities. The amounts of the major 

classes of bank assets, the chief types of bank loans, the major categories 

of deposits, and the total capital accounts of the banks at the end of 1960 

are compared, in Table 36, with the corresponding amounts at the end of 

each of the preceding three years. Total assets increased 5.1 percent 

during 1960, more than double the rate of increase of 2.3 percent during 

the preceding year, but less than the 7.2 percent rate of increase in 1958.

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There was considerable diversity in rate of growth among the various 

types of assets. For the major loan categories the rates of change in 1960 

ranged from an increase of 13.1 percent for agricultural loans, other than 

those on real estate, to a decrease of 9.5 percent for loans to banks and 

other financial institutions. Commercial and industrial loans increased 

7.3 percent, and real estate loans 4.9 percent: these two categories together 

make up approximately two-thirds of all the loans of the banks.

Table 35. B a n k s an d B a n k in g O f fic e s , an d P o p u la tio n P e r B a n k

an d P e r B a n k in g O f f i c e , U n ite d S ta t e s , D e c e m b e r 31, 1960

Item

Entire

United

States

50 States

and

D. C.

48 States

and

D. C.

NUMBER OF BANKING OFFICES

All banks— total offices.................................................. 25,105 24,954 24,810

Banks.................................................................................. 13,999 13,985 13,960

Branches............................................................................. 11,106 10,969 10,850

Commercial banks and trust companies—

total offices................................................................. 24,103 23,954 23,810

Banks.................................................................................. 13,484 13,471 13,446

B ranches............................................................................ 10,619 10,483 10,364

Mutual savings banks— total offices........................ 1,002 1,000 1,000

Banks. . . ........................................................................... 515 514 514

Branches............................................................................. 487 486 486

POPULATION PER OFFICE OR PER BANK

Population per office:

All banks............................................................................ 7,269 7,212

7,526

7,220

Commercial banks and trust companies.................... 7,551 7,523

Population per bank:

All banks............................................................................ 13,036 12,869 12,831

Commercial banks and trust companies.................... 13,534 13,327 13,321

Est imated population— July 1,1960 (in thousands)1. . 182,492 179,977 179,118

1 For 50 States and D. C., Bureau of the Census estimate (release January 26, 1961, Series P-25,

No. 223); for entire United States, foregoing plus population April 1 of Puerto Rico (preliminary), American Samoa, Canal Zone, Guam, and Virgin Islands; for 48 States and D . C., July 1 figure for 50 States

and D. C. minus population April 1 of Alaska and Hawaii.

Back data, all banks: 1859-1934, States and D. C .t Table 15 of this Report, p. 29; 1933-1959, entire

United States, Table 16 of this Report, p. 30.

As in the preceding year, deposits increased during 1960 at a lower, and 

capital accounts at a higher, rate than total assets. Deposit growth was 

at the rate of 4.5 percent in 1960, which compares with 1.7 percent in

1959, and 7.3 percent in 1958. Among categories of deposits the highest 

rates of increase were in those of the United States Government and of 

States and subdivisions. Of the business and personal deposits, those 

classified as time and savings increased much more rapidly than demand 

deposits, the rates being 5.6 percent and 1.3 percent respectively, during

1960. Both of these rates were higher than the corresponding rates in 1959 

but lower than in 1958. Capital accounts increased 7.1 percent in 1960, 

compared with 5.3 percent in 1959 and 6.3 percent in 1958.

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BANKING DEVELOPMENTS DURING 1 9 6 0 9 7

Table 36. M a jo r C a t e g o r ie s o f A s s e ts an d L ia b ilit ie s o f A l 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 ), 1957-1960,

W it h A n n u a l P e r c e n t a g e C h a n g e s

Amount, December 31

(millions of dollars)

Percentage change

during—

Asset or liability item

1960 1959 1958 1957 1960 1959 1958

Assets— total............................ $298,933 $284,358 $277,880 $259,188 5.1% 2.3% 7.2%

Cash and funds due from

banks.................................... 53,105 50,362 50,147 49,539 5.4 .4 1.2

U. S. Government

# obligations........................... 67,343 65,882 73,935 66,066 2.2 -1 0 .9 11.9

Other securities...................... 28,674 26,131 26,390 23,051 2.1 - 1 .0 14.5

Loans and discounts1............ 145,255 136,410 122,287 115,760 6.5 11.5 5.6

Other assets............................ 6,556 5,574 5,121 4,771 17.6 8.8 7.3

Loans— gross total2................ 147,845 139,812 124,476 117,760 6.5 11.5 5.7

Commercial and industrial3. 43,463 40,490 40,771 40,825 7.3 (4) - . 1

Agricultural (except real

estate) .................................. 5,689 5,030 4,993 4,087 13.1 .7 22.2

For carrying securities......... 5,127 4,877 4,698 4,250 5.1 3.8 10.5

Real estate loans................... 55,741 53,137 48,786 44,506 4.9 8.9 9.6

Other loans to individuals. . 26,781 24,509 21,034 20,512 9.3 16.5 2.5

To financial institutions5. . . 8,102 8,957 (5) (5) -9 .5 (5) (5)

All other6................................. 2,941 2,812 4,194 3,581 4.6 (7) 17.1

Deposits— total........................

Business and personal

deposits:

Demand8.............................

266,885 255,497 251,332 234,178 4.5 1.7 7.3

121,991 120,389 119,728 113,780 1.3 0.6 5.2

Time and savings.............. 103,383 97,883 94,012 85,403 5.6 4.1 10.1

Government deposits:

States and subdivisions.. . 16,370

6,223

14,749 14,722 13,655 11.0 .2 7.8

United States..................... 5,352 4,644 4,268 16.3 15.2 8.8

Interbank deposits9.............. 18,917 17,123 18,226 17,072 10.5 -6 .1 6.8

Capital accounts— to ta l.. . . 24,603 22,973 21,822 20,536 7.1 5.3 6.3

1 Net of valuation reserves.

* Including valuation reserves.

* Data for 1957 and 1958 are not comparable with those for 1959 and 1960. Prior to 1959, a large

proportion of loans to financial institutions other than banks (see note 5) were included with commercial

and industrial loans.

* Estimated at about 14 percent, after allowance for change in classification.

6 Loans to banks and other financial institutions. Loans to other financial institutions were not

separately reported prior to 1959.

* Data for 1957 and 1958 are not comparable with those for 1959 and 1960. Figures for 1957 and

1958 include loans to banks and a small proportion of loans to other financial institutions.

7 Not computed because of change in classification.

3 Includes certified checks, letters of credit, etc.

* Includes postal savings deposits.

Note: Due to rounding, components may not add to total.

Back data, 'percentage changes, 19U8-1956: Annual Report for 1959, p. 91.

Assets and liabilities of the entire banking and currency system.

Bank deposits and the circulating notes and coins issued by Federal 

Reserve banks and the United States Treasury all serve the same basic 

role in the economic affairs of the nation, namely, as means of payment 

and cash reserves available for immediate or later use. The circulating 

notes are all direct obligations of the United States Treasury.

Table 37 shows for the end of 1960 and each of the preceding three years 

the aggregate assets and liabilities of the entire banking and currency 

system, which includes not only commercial and mutual savings banks, 

but also Federal Reserve banks, the postal savings system, the gold 

accounts and currency issues of the Treasury, and the exchange stabilization fund. The assets of the system are divided into two major groups. 

One group includes assets which are obligations of other components of

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Table 37. A s s e t s an d L ia b ilit ie s o f t h e E n t i r e B a n k in g an d C u r r e n c y System ,

1957-1960, W it h A n n u a l P e r c e n ta g e C h a n g e s

Item

Amount, December 31

(millions of dollars)

Percentage change

during—

1960 1959 1958 1957 1960 1959 1958

Total assets1.............................. $405,995 $393,962 $387,353 $370,526 3.1% 1.7% 4.5%

Assets consisting of obligations of other parts

of the banking and currency system2.................. 109,625 108,145 106,924 107,760 1.4 1.1 - .8

Net total assets................... 296,371 285,817 280,430 262,767 3.7 1.9 6.7

Gold and other monetary

metals3............................. 22,704 24,309 25,294 27,467 -6 .6 -3 .9 -7 .9

United States Government obligations4.......... 96,053 94,074 102,011 92,161 2.1 - 7 .8 10.7

Other securities5................. 26,265 25,744 26,025 22,707

115,029

2.0 -1 .1 14.6

Loans and discounts6......... 144,283 135,585 121,564 6.4 11.5 5.7

Other assets7....................... 7,066 6,105 5,536 5,403 15.7 10.3 2.5

Total liabilities and capital

accounts1........................... 405,995 393,962 387,353 370,526 3.1 1.7 4.5

Claims of (i.e., owed to)

other parts of the banking

and currency system8. . . . 108,670 107,394 106,094 106,412 1.2 1.2 - . 3

Capital account and miscellaneous liabilities9............. 33,061 29,379 27,796 26,218 12.5 5.7 6.0

Net total deposits and circulating currency10. . . . 264,263 257,187 253,462 237,897 2.8 1.5 6.5

Foreign owned11................. 6,197 6,131 6,877 6,005 1.1 -1 0 .8 14.5

United States Government12 .............................. 7,191 6,560 5,678 5,745 9.6 15.5 -1 .2

Other holders18................... 250,875 244,496 240,907 226,147 2.6 1.5 6.5

1 Sum of total assets, or total liabilities and capital accounts, of commercial and savings banks,

Federal Reserve banks, postal savings system, Exchange Stabilization Fund, and items in the Treasury

Circulation Statement of United States Money.

2 Includes “cash and due from banks/’ loans to banks, and Federal Reserve bank stock reported

in the assets of commercial and savings banks; gold certificate reserves and other cash, Federal Reserve

notes of other Federal Reserve banks, member bank discounts and advances and acceptances, and

uncollected items reported in the assets of Federal Reserve banks; cash in depository banks and reserve

fund in the Treasury, reported in assets of the postal savings system; deposits in Federal Reserve banks

and gold account at the Treasury reported in assets of the Exchange Stabilization Fund; and obligations

of Federal Reserve banks for Federal Reserve notes issued by the Treasury to such banks.

8 Gold stock, and silver and other metals in coins or held in Treasury against silver certificates at

monetary value.

4 Held in all parts of the banking and monetary system.

5 Held by commercial and mutual savings banks.

6 Loans and discounts of commercial and savings banks, minus loans to banks.

7 Bank premises and equipment of commercial and mutual savings banks and of Federal Reserve

banks, and miscellaneous assets of those banks and other parts of the banking and monetary system.

8 Includes domestic interbank deposits and deposits equal to cash items in process of collection,

member bank reserve accounts and deferred availability items at Federal Reserve banks, Federal Reserve

notes issued by the Treasury to Federal Reserve banks and gold certificates held for and by such banks,

and various other items in the liabilities of the parts of the banking and currency system owed to other

parts of the system.

9 Capital accounts and minor liabilities of commercial and mutual savings banks, Federal Reserve

banks (except paid-in capital which is included in claims of other parts of the banking and currency

system), and Exchange Stabilization Fund, and minor liabilities of the postal savings system.

10 Currency issued by the Treasury and Federal Reserve banks adjusted to exclude amounts held

within the banking and currency system, deposits in commercial and savings banks and in Federal Reserve

banks other than those classified as claims of the banking and currency system, and deposits in the postal

savings system.

11 Foreign deposits in Federal Reserve banks, foreign bank deposits in commercial and mutual savings

banks, deposits due foreigners other than banks and official institutions reported in Treasury Bulletin, and

United States currency held abroad as estimated in connection with balance of payments estimates of the

Department of Commerce. Does not include foreign deposits with American agencies of foreign banks

or other institutions not included in banking statistics, nor balances of foreign branches of American

banks with their head offices.

12 United States Government deposits in commercial and savings banks and in Federal Reserve

banks (including amounts in process of collection at Federal Reserve banks and “all other” depositslof

those banks except the account of the Exchange Stabilization Fund) and currency in the general fund

of the Treasury.

18 Balance of net total deposits and circulating currency.

Note: Due to rounding, components may not add to total.

Back data, 19U7-1957: Annual Report for 1959, pp. 98 and 99.

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BANKING DEVELOPMENTS DURING 1 9 6 0 9 9

the banking and currency system itself. The other group, designated “ net 

total assets” in the table, includes gold, other monetary metals, United 

States Government obligations, other securities, loans and discounts, and 

miscellaneous assets. The net total assets of the system increased by 3.7 

percent during 1960, in comparison with 1.9 percent during 1959, and 

6.7 percent during 1958.

The total liabilities and capital accounts of the entire banking and 

currency system are divided into three groups: claims of, or amounts 

owed to, other parts of the banking and currency system; capital accounts 

and miscellaneous liabilities; and the balance, designated in the table as 

net total deposits and circulating currency. The net total deposits and 

circulating currency, which represent the total circulating medium of the 

nation, increased 2.8 percent during 1960, in comparison with 1.5 percent 

during 1959, and 6.5 percent during 1958. Variations in the rate of growth 

of the circulating medium are intimately related, on the one hand, to 

policies of restraint and ease exercised by the nation’s monetary authorities, and on the other, to business downswings and upswings.

The table also gives estimates of the portions of the total circulating 

medium that are foreign owned, owned by the United States Government, 

and owned by other holders, the last being what is sometimes referred to 

as the money supply available to business and individuals.

R elative P osition of Ban k s

Entire United States. Table 38 presents data regarding the deposits 

of the largest commercial banks in comparison with those of all commercial banks in the United States. Figures are for the end of 1960 and 

are shown for the entire United States, for the 50 States and the District 

of Columbia, and for the 48 States and the District of Columbia formerly 

designated “ continental United States.” There is very little difference 

among these areas in the percentages indicating the concentration of 

deposits in the largest bank and in groups of the largest banks.

The largest 100 banks at the end of 1960 held 46 percent of the deposits 

of all commercial banks, and constituted about three-fourths of 1 percent 

of the number of banks. The largest bank held 4.5 percent, and the largest 

ten held 20 percent, of the deposits of all commercial banks. These various 

percentages differ only slightly from the corresponding percentages for 

December 31, 1958.2

Relative position o f banks by States. Table 39 shows for each 

State, as of the end of the year, the number of commercial banks and trust 

companies, the number of offices operated, the population per bank and 

per office, and the percentage of deposits of all commercial banks in the

a See Table 26 of this Report, page 51.

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largest bank, the largest three banks, and the largest five banks. The 

States are placed in three groups: those in which Statewide branch banking is the prevalent type of bank organization; those in which limited area 

branch banking is prevalent; and those in which unit banking is prevalent 

although in some of these States some branching is permitted. Within the 

three groups the States are listed in the order of the percentage of the 

deposits in the largest bank.

Table 38. R e la t i v e Im p o rta n c e o f t h e L a r g e s t 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 , D e c e m b e r 31, 1960

Bank group

Entire

United

States

50 States

and

D. C.

48 States

and

D. C.>

AM commercial banks

Number..............................................................................

Deposits (millions).........................................................

13,484

$230,532

13,471

$229,824

13,446

$228,888

Largest 100 banks

Percent of number of all commercial banks.............

Deposits (millions)..........................................................

Percent of deposits of all commercial banks.............

0.74%

$105,838

45.9%

0.74%

$105,838

46.1%

0.74%

$105,837

46.2%

Largest 10 banks

Deposits (millions)..........................................................

Percent of deposits of all commercial banks.............

$46,436

20.1%

$46,436

20.2%

$46,436

20.3%

Largest bank

Deposits (millions)..........................................................

Percent of deposits of all commercial banks.............

$10,285

4.5%

$10,285

4.5%

$10,285

4.5%

Largest 1 percent of the banks

Number of banks.............................................................

Deposits (millions)..........................................................

Percent of deposits of all commercial banks............

135

$115,032

49.9%

135

$115,032

50.1%

134

$114,657

50.1%

Largest Vfc of 1 percent of the banks

Number of banks.............................................................

Deposits (millions)..........................................................

Percent of deposits of all commercial banks.............

67

$93,522

40.6%

67

$93,522

40.7%

67

$93,522

40.9%

Largest 1 /10 of 1 percent of the banks

Number of banks.............................................................

Deposits (millions)..........................................................

Percent of deposits of all commercial banks.............

13

$52,783

22.9%

13

$52,783

23.0%

13

$52,783

23.1%

1 Comparable with data for “ Continental United States” in Table 26 of this report, p. 51.

In most of the States the percentage of the deposits of all commercial 

banks held by the largest bank, and the percentage held by the largest 

five banks, are similar to the corresponding percentages on December 31,

1958. In the majority of the States there was a slight decline in these 

percentages between the two dates. In fourteen States there was a slight 

increase in the percentage of deposits of all commercial banks held by the 

largest bank, and in twenty States by the largest five banks.

Relative position o f banks in metropolitan areas. Table 40 

pertains to the number of offices and percentages of deposits in the 65 

most populous metropolitan areas. It shows the number of commercial 

banks operating in the principal counties in those areas, the number of 

offices operated, the population per office, and the percentage of all

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RELATIVE POSITION OF BANKS 101

commercial bank deposits held by the largest bank, the largest three 

banks, and the largest five banks. The metropolitan areas are placed in 

three groups, as in Table 39, according to the most prevalent type of 

banking organization, with the areas in each group listed in the order 

of the percentage of the deposits in the largest bank.

Table 39. C o m m e rc ia l B a n k in g O f f i c e s a n d P e r c e n t a g e o f D e p o s its

in t h e L a r g e s t B a n k s in E a c h S t a t e , D e c e m b e r 31, 1960

Number of Number Population

per

bank1

Population

per

office1

Percentage of deposits

of all commercial banks

in—

commercial

banks and

trust

companies

of

offices

operated

Largest

bank

Largest

three

banks

Largest

five

banks

16 States with Statewide

branch banking prevalent2

Nevada......................................... 7 44 40,754 6,484 63.1% 86.4% 97.2%

Rhode Island.............................. 17 135 50,558 6,367 52.6 89.9 95.9

Arizona......................................... 10 189 130,216 6,890 47.2 86.1 96.9

Delaware...................................... 22 80 20,286 5,579 44.8 79.2 91.5

Oregon.......................................... 52 247 34,013 7,161 43.7 86.3 88.4

Hawaii.......................................... 12 98 52,731 6,457 43.0 87.9 95.7

California..................................... 117 1,793 134,335 8,766 42.3 65.7 77.7

Idaho............................................ 32 115 20,850 5,802 36.0 74.5 83.8

Washington................................. 91 391 31,354 7,297 33.4 60.7 72.2

Utah.............................................. 50 124 17,813 7,182 30.3 64.4 76.5

Alaska.......................................... 13 46 17,397 4,917 29.4 62.2 79.1

South Carolina........................... 145 292 16.432 8,160 24.7 42.2 51.3

North Carolina........................... 183 691 24,897 6,594 23.3 46.2 56.1

Connecticut................................. 141 396 17,980 6,402 18.0 42.1 55.6

Maryland..................................... 139 422 22,307 7,348 16.2 40.3 55.1

Vermont....................................... 62 96 6,288 4,061 9.4 25.6 35.2

16 States with limited area

branch banking prevalent2

Massachusetts............................ 356 852 14,462 6,043 27.5 42.9 53.4

Michigan...................................... 380 958 20,587 8,166 21.5 40.7 50.1

Alabama....................................... 238 328 13,726 9,960 17.8 31.3 40.6

Georgia......................................... 421 527 9,366 7,482 17.2 40.0 48.2

New York.................................... 529 2,066 31,725 8,123 16.6 39.6 54.8

New Mexico................................ 55 111 17,291 8,568 16.5 37.1 45.4

Louisiana..................................... 190 366 17,142 8,899 14.3 29.3 38.7

Maine........................................... 79 218 12,269 4,446 13.2 32.9 46.5

Pennsylvania.............................. 710 1,552 15,943 7,293 12.9 27.8 38.7

Ohio.............................................. 587 1,228 16,536 7,904 11.8 23.4 30.9

Mississippi................................... 193 329 11,286 6,620 11.7 24.7 28.7

Tennessee.................................... 297 513 12,010 6,953 11.5 28.6 40.8

Kentucky..................................... 355 501 8,558 6,064 11.2 27.0 33.5

Indiana......................................... 447 758 10,431 6,151 9.8 23.8 29.3

Virginia........................................ 305 589 13,006 6,735 7.7 20.2 27.7

New Jersey.................................. 274 731 22,142 8,299 6.3 16.8 23.5

18 States with unit banking

prevalent2

Illinois.......................................... 966 970 10,436 10,393 15.9 35.4 42.1

Colorado...................................... 192 199 9,135 8,814 15.8 37.5 47.0

Wisconsin.................................... 563 721 7,019 5,481 15.4 24.9 28.6

Nebraska...................................... 426 438 3,313 3,222 14.8 27.9 37.6

North Dakota............................ 156 185 4,054 3,419 14.0 21.2 27.4

Oklahoma.................................... 389 412 5,985 5,651 12.3 32.6 42.1

Minnesota.................................... 690 696 4,948 4,905 12.0 31.1 35.6

Wyoming..................................... 55 56 6,001 5,894 11.2 28.7 38.8

Missouri....................................... 626 651 6,901 6,636 9.5 26.5 35.7

South Dakota............................. 174 233 3,911 2,921 8.8 22.4 31.2

Texas............................................ 1,011 1,039 9,475 9,220 8.2 21.0 27.8

Florida.......................................... 309 323 16,024 15,330 7.0 15.0 20.3

Arkansas...................................... 237 283 7,537 6,312 6.8 17.2 23.3

Kansas.......................................... 587 612 3,711 3,560

10,222

6.8 14.3 18.7

West Virginia.............................. 182 182 10,222 6.1 17.2 22.6

Montana...................................... 121 122 5,577 5,531 I 5.7 15.8 24.4

New Hampshire......................... 107 113 5,672 5,371 5.7 16.3 25.5

Iowa.............................................. 673 856 4,097 3,221 4.7 11.9 17.4

1 Computed from population, April 1, 1960.

2 Classification of States by prevalent type of bank organization as of December 31, 1958, described

in Table 23 of this Report, p. 45.

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Table 40. Commercial Banking Offices and Percentage of D eposits in the Largest Banks in the

Principal County (or Counties) in 65 M etropolitan A reas, June 15, 1960 1

Number of

commercial

banks and

Number

of

Population

Percentage of deposits

of all commercial banks

in— 3

Metropolitan area trust companies operating

in county (or

counties)1

offices

operated

per

office2 Largest

bank

Largest

three

banks

Largest

five

banks

13 metropolitan areas in States with Statewide branch banking prevalent4

10 46 10,930 51.1% 91.8% 96.2%

6 82 8,092 50.8 96.9 99.2

7 77 9,332 47.8 86.7 93.2

8 71 9,047 44.7 79.6 96.3

10 61 8,203 42.6 87.1 96.7

7 97 10,650 42.0 87.3 98.5

18 62 11,122 40.1 81.7 87.9

11 62 10,256 39.3 86.5 91.4

47 566 10,669 38.4 77.9 90.3

15 99 9,445 31.9 67.9 88.0

Onm T2Af<nn-nr)i'via* PnrDrcirlD or»rl Qqti flftiinti'ps. California ........................... .............. . 13 90 8,998 29.1 67.7 88.7

18 224 7,359 28.1 59.6 76.4

t j lfirv>AT*A' *QolfimnrD f!ifv on/1 Hmifitv Marvland .............................................. .. 13 116 12,340 23.0 58.7 79.1

34 metropolitan areas in States with limited area branch banking prevalent4

7 36 17,635 60.9 92.8 99.3

7 39 11,716 53.5 90.1 97.5

12 33 15,972 52.4 82.2 92.5

33 141 11,550 51.7 82.2 89.4

15 93 8,509 51.5 78.3 90.5

6 21 11,930 49.1 88.2 100.0

16 49 13,938 47.6 87.6 91.5

\Ta^a1L- rihr PnrfQTTimith ritv ond "NTnrfnlk Countv* Vircrmia.................................. .. 8 48 9,818 47.5 76.1 88.2

7 30 17,119 45.1 83.6 96.3

9 51 12,294 43.9 92.6 97.0

6 52 11,276 43.7 87.5 99.5

24 240 11,110 42.6 78.1 89.2

6 39 16,090 41.8 84.8 99.3

9 43 9,296 41.4 89.4 98.4

6 82 8,507 41.1 96.8 99.6

8 148 11,134 38.1 78.1 97.9

Tliiffnln* Tprio on/1 "NJiacyarQ rinilTlriPfi NpW York . ................................................................. 15 129 10,131 37.4 76.7 91.2

15 37 13,872 35.3 62.5 77.8

12 77 9,922 34.9 74.4 87.0

8 47 9,001 34.8 77.0 97.2

FEDERAL DEPOSIT INSURANCE CORPORATION

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Richmond: Richmond City and Henrico County, Virginia............................................

Albany: Albany, Rensselaer and Schenectady Counties, New York............................

Cincinnati: Hamilton County, Ohio......................................................................................

Springfield: Hampden County, Massachusetts..................................................................

Atlanta: Fulton and DeKalb Counties, Georgia...............................................................

Louisville: Jefferson County, Kentucky...............................................................................

Jersey City: Hudson County, New Jersey..........................................................................

Philadelphia: Philadelphia County, Pennsylvania............................................................

Youngstown: Mahoning and Trumbull Counties, Ohio...................................................

Newark: Essex and Union Counties, New Jersey.............................................................

New York: Bronx, Kings, New York, Queens and Richmond Counties, New York

Wilkesbarre: Luzerne County, Pennsylvania........................................ .............................

Paterson: Bergen and Passaic Counties, New Jersey.......................................................

Allentown: Lehigh and Northampton Counties, Pennsylvania......................................

18 metropolitan areas in States with unit banking prevalent4

Omaha: Douglas County, Nebraska.....................................................................................

Milwaukee: Milwaukee County, Wisconsin........................................................................

Wheeling: Ohio County, West Virginia................................................................................

Tulsa: Tulsa County, Oklahoma............................................................................................

Oklahoma City: Oklahoma County, Oklahoma............................. ...................................

Fort Worth: Tarrant County, Texas....................................................................................

Dallas: Dallas County, Texas.................................................................................................

Charleston: Kanawha County, West Virginia....................................................................

Jacksonville: Duval County, Florida....................................................................................

Kansas City: Clay and Jackson Counties, Missouri.........................................................

Denver: Denver County, Colorado.......................................................................................

Houston: Harris County, Texas.............................................................................................

Miami: Dade County, Florida................................................................................................

San Antonio: Bexar County, Texas......................................................................................

Minneapolis: Hennepin and Ramsey Counties, Minnesota............................................

St. Louis: St. Louis City and St. Louis County, Missouri..............................................

Chicago: Cook County, Illinois..............................................................................................

Tampa: Hillsboro and Pinellas Counties, Florida.............................................................

10 43 7,844 34.7 79.5 95.3

15 57 9,972 34.2 67.7 76.0

11 95 9,096 33.4 81.7 95.2

9 45 9,541 32.3 71.6 88.1

28 69 11,784 30.9 71.8 87.1

11 69 8,854 30.1 67.5 88.0

14 61 10,012 27.6 60.0 87.4

21 143 14,004 26.1 63.7 83.6

15 47 10,830 23.0 58.5 82.1

33 137 10,422 21.8 56.0 65.0

51 630 12,352 20.3 49.0 67.5

32 52 6,672 19.1 40.6 51.6

42 119 9,974 17.9 37.1 43.1

31 52 8.249 17.3 39.2 56.7

15 18 19,083 45.7 82.0 89.2

32 46 22,523 42.2 68.4 74.4

7 7 9,777 41.4 70.4 90.7

19 20 17,302 38.8 81.4 87.3

24 30 14,650 37.0 69.7 79.5

21 22 24,477 35.1 76.6 80.9

38 38 25,040 35.0 79.8 84.8

12 12 21,077 32.3 70.4 84.6

16 19 23,969 30.8 79.4 86.6

57 62 11,455 29.4 63.0 69.4

24 29 17,031 28.7 68.6 85.3

62 63 19,733 28.2 60.1 72.6

37 38 24,607 26.8 41.1 49.8

23 25 27,486 26.8 66.8 77.9

66 72 17,575 23.1 60.4 69.0

64 70 20,765 22.6 51.5 58.8

154 154 33,310 22.2 48.1 57.5

32 33 23,408 14.8 38.0 53.4

1 Principal counties in standard metropolitan areas as defined by the Bureau of the Budget, with population of 400,000 or more on April 1, 1960, except that in Connecticut, Massachusetts, and Rhode Island (where standard metropolitan areas are defined in terms of cities and towns) they are counties with the majority of the population within standard metropolitan areas.

2 Computed from population, April 1, 1960.

3 For some areas data are not strictly comparable with those shown for earlier years in Table 29, pp. 56-57.

4 Classification of States by prevalent type of bank organization as of December 31, 1958, described in Table 23 of this Report, p. 45.

OCORELATIVE POSITION OF BAN K S

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1 0 4 FEDERAL DEPOSIT INSURANCE CORPORATION

The deposit data in Table 40 are of a type not hitherto available, 

though for most of the areas in States with limited area branch banking 

or unit banking prevalent they are roughly comparable with those for 

earlier dates given on pages 56-57. Lack of strict comparability arises 

from the fact that the figures for the prior dates are computed from the 

total deposits of each bank with its head office located in the specified 

metropolitan area, including in some cases deposits in branches located 

outside the areas; while the deposits for June 15, 1960, pertain to those 

held by the banking offices located within the county, therefore excluding 

any deposits in branches of the same banks outside the specified counties. 

Though the data are not strictly comparable, they support the conclusion 

that in the majority of the leading metropolitan areas in 1960 there was 

slightly less concentration in the largest bank and in the largest five banks 

than in 1958. In only about one-third of the areas for which data are given 

for both dates was one or the other of these percentages higher in 1960 

than in 1958.

There appears to be a relationship between the character of the banking 

system with respect to branching and the number of offices in the respective areas relative to population. In the 18 selected metropolitan areas in 

States in which unit banking is prevalent the range in population per 

office is from 9,800 to 33,300, compared with a range from 6,700 to 17,600 

in 34 areas in States in which limited area branch banking is prevalent, 

and a range from 7,300 to 12,300 in areas in States in which statewide 

branch banking is prevalent .

Income of I nsured Ban k s

Income in 1960. Income of banks insured by the Corporation was 

higher in 1960 than in any previous year. Almost nine-tenths of the total 

was received by commercial banks; the remainder, by mutual savings 

banks.

Income of insured commercial banks. Income of insured commercial banks reached $11,299 million in 1960. Income from loans, which 

accounted for three-fifths of the total, was responsible for most of the 

increase over 1959. Income from securities and miscellaneous sources each 

comprised one-fifth of the total. Sources and disposition of income of 

insured commercial banks in 1958, 1959, and 1960 are shown in Table 41.

Several of the more significant operating ratios of insured commercial 

banks, at 5-year intervals from 1940 to 1960, are presented in Table 42. 

The greater loan income in 1960 was due about equally to a larger volume 

and higher average rates of return. Loan income averaged 5.96 percent 

of loans, appreciably higher than in 1959, and almost twice the rate in 

1945. Income on United States Government obligations averaged 3.10

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INCOME OF INSURED BANKS 1 0 5

percent in 1960; and on other securities, 2.88 percent. Income from service 

charges on demand deposits totaled $590 million in 1960, representing a 

rate of 0.39 percent of demand deposits, approximately twice the rate 

received in 1950.

Table 41. Sources and D isposition of T otal Income, Insured Commercial Banks

in the United States (States and Other A reas), 1958-1960

Amounts (in millions) Percent of total

Income 1960 1959 1958 1960 1959 1958

Total income........................................ $11,299 $9,998 $9,369 100.0% 100.0% 100.0%

Sources

Loans..................................................... 6,807

1,791

5,969 5,141 60.2 59.7 54.9

U. S. Government obligations........ 1,732 1,544 15.9 17 3 16.5

Other securities................................... 579 546 502 5.1 5.5 5.3

Service charges on deposits............. 590 532 487 5.2 5.3 5.2

Other current income........................ 957 890 827 8.5 8.9 8.8

Recoveries, etc.1................................. 575 329 868 5.1 3.3 9.3

Disposition

Salaries and wages............................. 2,798 2,577 2,400 24.8 25.8 25.6

Interest on deposits........................... 1,785 1,580 1,381 15.8 15.8 14.7

Other current expenses..................... 2,350 2,107 1,832 20.8 21.1 19.6

Charge-offs, etc.2................................ 979 1,362 783 8.6 13.6 8.4

Income taxes....................................... 1,384 884 1,271 12.2 8.8 13.6

Dividends to stockholders1.............. 832 776 726 7.4 7.8 7.7

Additions to capital accounts......... 1,171 712 976 10.4 7.1 10.4

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

2 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers

to valuation reserve accounts.

8 Includes interest on capital notes and debentures.

Much of the increase in current operating earnings of insured commercial banks during the last several years has been absorbed by mounting operating expenses. In 1960 almost two-thirds of gross operating 

earnings were thus absorbed, about the same proportion as in 1959. The 

largest component, salaries and wages, increased 9 percent in 1960, due 

both to a greater average number of employees and higher rates of compensation. The average bank officer earned $9,564 in 1960, and other 

employees averaged $3,707. Interest paid on time and savings deposits 

advanced by 13 percent in 1960. The rate of interest on such deposits, 

which averaged 2.56 percent in 1960, was almost twice the rate recorded 

only five years earlier.

Operating earnings and expenses change at comparable rates, and with 

the greater earnings magnitudes, have led to increasing amounts of net 

current operating earnings. Only once during the last twenty years—in 

1958—have net current operating earnings failed to surpass the preceding 

year. In 1960 they reached $3,791 million, an increase of 11 percent over

1959. This represented a record rate of return on assets of 1.54 percent.

Income from current operations is reduced by losses and charge-offs 

on assets, which typically exceed recoveries on assets previously chargedDigitized for FRASER 

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1 0 6 FEDERAL DEPOSIT INSURANCE CORPORATION

off and profits on the sale of assets. In 1960 net charge-offs amounted to 

$404 million, a sharp reduction from the $1,033 million recorded in 1959. 

The change principally reflected rising prices of securities throughout 1960.

Table 42. 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 ta te 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 , 1940-1960

Item 1960 1955 1950 1945 1940

Average rate of income on loans........................................

Average rate of income on U. S. Government obligations

5.96%

3.10

4.88%

2.09

4.34%

1.59

3.09%

1.37 f

4.41%

2.16 Average rate of income on other securities..................... 2.88 2.15 2.04 2.52 f

Average service charges on demand deposits................. .39 .25 .19 10 i

Average interest paid on time and savings deposits. . . 2.56 1.38 .94 .87 1.30

Current operating expenses to current earnings............ 64.65 62.09 62.19 61.35 72.80

Income taxes to net profits before income taxes............ 40.87 40.70 31.35 24.80 1.40

Net current operating earnings to total assets............... 1.54 1.19 .93 .66 .67

Net profits after taxes to total capital accounts......... 10.03 7.90 8.51 10.87 6.08

Dividends to total capital accounts.................................. 4.16 3.87 3.55 3.29 3.59

1 Not available.

The combination of record net current operating earnings and lower 

net charge-offs resulted in record net profits, both before and after income 

taxes. Net profits after taxes reached $2 billion, and were over one-third 

greater than in 1959. They represented a return of 10.03 percent on total 

capital accounts, the highest rate since 1945.

The general banking practice of maintaining dividends at a fairly 

constant rate led in 1960 to exceptional additions to capital accounts from 

retained earnings. Such retentions in 1960 totaled $1,171 million, almost 

two-thirds greater than in 1959; as the principal source of new banking 

capital, they were largely responsible for the increase during the year in 

the capital ratio.

The proportions of total net earnings and net profits received by 

insured commercial banks in 1960 in the different size groups, along with 

a distribution of the banks, bank employees, and bank assets by deposit 

size of bank, are given in Table 43. Except for the groups of smallest and 

largest banks, the proportions of total earnings and profits received by 

banks in the different groups corresponded generally with the proportions 

of assets held. The proportions of employees in the different groups 

showed wider variations; and the proportions of banks, still wider variations. Banks with deposits of $10 million or less, constituting four-fifths 

of the insured commercial banks, received 13 percent of the net earnings 

and 16 percent of the net profits after taxes of all insured commercial 

banks. The 53 largest banks, each having deposits of $500 million or 

more, received 44 percent of net earnings and 41 percent of net profits 

after taxes.

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INCOME OF INSURED BANKS 107

Table 43. D istribution of Insured Commercial Banks by D eposit

Size of Bank, and Percentages of Selected Banking T otals in

Each Size Group, 1960

Size of group

Number

of

banks

(Dec. 31)

Number

of

employees

(Dec. 31)

Assets

(average)

Net

current

operating

earnings

Net

profits

after

taxes

All banks...................................................... 100.0% 100.0% 100.0% 100.0% 100.0%

Banks with deposits of—

Less than $1,000,000....................................... 9.1 .8 .4 .4 .5

$1,000,000 to $2,000,000................................ 19.1 2.4 1.6 1.5 1.9

$2,000,000 to $5,000,000................................ 33.3 7.5 6.1 5.4 6.5

$5,000,000 to $10,000,000.............................. 18.5 8.3 7.2 6.2 7.2

$10,000,000 to $25,000,000............................ 12.4 12.0 10.4 8.9 9.9

$25,000,000 to $50,000,000............................ 3.8 8.3 7.4 6.4 6.9

$50,000,000 to $100,000,000.......................... 1.6 6.8 6.3 5.7 5.6

$100,000,000 to $500,000,000....................... 1.8 22.3 21.7 21.3 20.6

$500,000,000 or more....................................... .4 31.6 38.9 44.2 40.9

Income o f insured mutual savings banks. Income of insured 

mutual savings banks in 1960 totaled $1,605 million. Almost one-half of 

the $233 million increase over 1959 was received by mutual savings banks 

admitted to Federal deposit insurance during 1960. Income from loans, 

which comprised two-thirds of the total, amounted to $1,089 million. 

Income from securities totaled $352 million; and other income, $164 

million. The sources and disposition of income of insured mutual savings 

banks in 1958, 1959, and 1960 are presented in Table 44.

Table 44. Sources and D isposition of T otal Income,

Insured M utual Savings Banks in the United States, 1958-1960

Income

Amounts (in millions) Percent of total

1960 1959 1958 1960 1959 1958

Total income..................................... $1,605 $1,372 $1,216 100.0% 100.0% 100.0%

Sources

Loans..................................................... 1,089 934 821 67.9 68.1 67.5

U. S. Government obligations........ 153 146 142 9.5 10.6 11.7

Other securities................................... 199 181 167 12.4 13.2 13.8

Other current income1....................... 53 41 37 3.3 3.0 3.0

Recoveries, etc.2................................. 111 70 49 6.9 5.1 4.0

Disposition

Salaries and wages............................. 108 97 92 6.7 7.1 7.6

Dividends and interest on deposits. 1,073 897 812 66.9 65.4 66.8

Other current expenses1.................... 184 116 110 8.3 8.4 9.0

Charge-offs, etc.*................................ 108 116 66 6.7 8.4 5.4

Income taxes4...................................... 14 12 10 .9 .9 .8

Additions to surplus accounts........ 168 134 126 10.5 9.8 10.4

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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108 FEDERAL DEPOSIT INSURANCE CORPORATION

Mutual savings banks specialize in real estate mortgage loans. These 

provided 98 percent of the loan income of the insured mutuals in 1960, 

and afforded an average return of 4.73 percent. The return on holdings of 

United States Government obligations averaged 2.99 percent; and on 

other securities, 3.96 percent.

The specialized character of mutual savings banks accounts for their 

relatively small staffs. In 1960, for instance, only 7 percent of the income 

of insured mutual savings banks went for salaries and wages, as contrasted 

with 25 percent so required by insured commercial banks. Other current 

expenses of insured mutual savings banks absorbed 8 percent of income; 

franchise and income taxes, 1 percent; dividends and interest on deposits, 

67 percent; charge-offs on assets, 7 percent; and additions to surplus 

accounts, 10 percent.

In 1960 depositors of insured mutual savings banks received dividends 

and interest totaling $1,073 million. These dividends averaged 3.49 

percent of savings and time deposits, compared with 3.19 percent in 1959. 

The $168 million of income retained by insured mutual savings banks 

raised surplus accounts to 8.5 percent of assets at the end of 1960.

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PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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B a n k A bsorptions A pproved b y th e C orporation

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

liabilities approved by the Corporation, May 13 to December 31, 1960

N um ber , Offices, and 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 1960

Table 103. Number of banking offices in the United States (States and other areas), December 31, 1960

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 31, 1960 

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.

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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; cooperative exchanges 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; employes’ mutual banking associations in Pennsylvania; the

Savings Banks Trust Company in New York; and four 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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1 1 2 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960

Resources Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination) (in thousands of dollars) In operation To be operated

No. 1—American Bank & Trust Company, Monroe, North Carolina 

to merge with.

13,116 5 6

Waxhaw Banking & Trust Co., Waxhaw 1,350 1

Summary report by Attorney General, June 17, 1960

The communities in which the banks are situated are twelve miles apart. Each

bank, however, primarily serves the area within five miles of its own community.

Approximately half the Monroe bank’s loans were made to farmers. There do not

appear to be any other banks in the area which are competitive with the Waxhaw

bank. The addition of Waxhaw Bank’s resources to those of the Monroe bank will

not give the latter significant advantages over its competitors. Accordingly, competition will not be adversely affected to any appreciable extent as a result of the

merger.

Basis for Corporation approval, June 22, 1960

Banking in this area of North Carolina is dominated by large local institutions

and branch offices of the extensive branch bank systems operating throughout the

State. The merged bank’s resources will be only about 2 percent of the total resources

available to this area. Despite this relatively small position, the merger will be of

public benefit. This is particularly true at Waxhaw which sorely needs, and will

obtain, improved physical facilities and increased banking services. Both areas involved need the increased lending limit which will be available through the merger.

No. 2—The Bank of War, War, West Virginia

to acquire the assets and assume the liabilities of

2,187 1 1

Berwind Bank, Berwind 1,170 1

Summary report by Attorney General, June 17, 1960

It may be that the economic distress facing the Berwind Bank brings the acquisition in question within the permissible ambit of International Shoe Co. v. The Federal

Trade Commission, 280 U.S. 291. But in any event, the acquisition does not appear

to have any significant anticompetitive effect. Bank of War will still have to face

the competition of McDowell County National Bank at the not too-distant county

seat of Welch. With assets of $18.1 million and deposits of $16.3, the McDowell

County National Bank is some five times larger than Bank of War, even when the

latter will be augmented by the assets of Berwind Bank.

Basis for Corporation approval, June 30, 1960

Because of depressed economic conditions in the coal fields, the Berwind Bank

determined to go into voluntary liquidation on June 30,1960. This transaction afforded

the customers of that bank the most convenient method for transferring their banking

business to the nearest banking office, The Bank of War.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 1 1 3

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Resources

Banking offices

Name of bank, and type of transaction 1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 3— Berks County Trust Company, Reading, Pennsylvania

to merge with

130,600 8 9

Mt. Penn Trust Company, Mount Penn 16,233 1

Summary report by Attorney General, July 12, 1960

From the information supplied to us in the application papers, it would appear

that any existing competition will be eliminated between Berks County Trust Company and Mt. Penn Trust Company by the proposed merger. This is significant in

the case of deposits, and homeowner and consumer loans.

Of particular importance is the effect of the proposed merger on the already dominant position of Berks County Trust Company. This position would be increased

by the merger to 51.7% of total assets, 56.1% of demand deposits, 48.1% of time

deposits and 57.5% of loans, in the competitive area. Berks County Trust has achieved

its present dominance in part by mergers and acquisitions. It already has branches

in three surrounding towns as well as five offices in Reading.

Also relevant is that the third and fourth largest banks in Reading, Peoples Trust

and City Bank have a merger application pending before the Federal Reserve Board.

If both applications should be approved there will only be three banks remaining

in Reading of any significant size.

Basis for Corporation approval, July 28, 1960

The competitive, operational and service region of the two banks involved is the

whole of Berks County. The County, outside the city of Reading, has approximately

$135 million of banking resources. Berks County Trust Company in its operations

caters strongly to loans to commercial and manufacturing enterprises, whereas the

smaller institution tends toward residential and consumer loans. Their merger would

add to the opportunities of the resulting bank to accomplish a more favorable overall

banking program for serving the entire area of Berks County. The large Philadelphia

banks are active in their solicitation of accounts from Reading and Berks County.

Mt. Penn Trust Company cannot successfully compete against this invasion. Berks

County Trust Company is more successful in this competitive field, and after the

merger its ability to compete with these outside institutions will be enhanced. Competition for loans and deposits in the Berks County area otherwise is not limited to

the remaining 16 local banking corporations with 36 banking offices. Some 20 finance

and small loan companies hold about one-third of the entire consumer loan volume

in the County. Five savings and loan associations operating on a county-wide basis

have total accounts approximating $25 million and aggregate mortgage loan holdings

in excess of $31,700,000. Furthermore, competition between the two merging banks

is indicated to have been negligible in the past inasmuch as Berks County Trust

Company has acted as the principal correspondent of the Mt. Penn Trust Company

and has participated in numerous overloans of the smaller institution.

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114 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro ved b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Name of bank, and type of transaction 1 (in chronological order of determination)

Resources (in thousands of dollars)

Banking offices

In operation To be operated

No. 4—State Bank and Trust Company, Greenwood, 42,791 14 16 South Carolina

to merge with The Bank of Abbeville, Abbeville 6,785 2

Summary report by Attorney General, July 18, 1960

Thej-merging banks are The Bank of Abbeville, with assets of $6,727,000, deposits

of $6,237,000, and capital funds of $400,000, and State Bank and Trust Company,

with assets of $46,478,000, deposits of $40,608,000, and capital funds of $3,546,000.

Within the Abbeville competitive area, according to the application, there are eighteen

other banks, among them South Carolina National Bank with total deposits of

$276,059,000 and First National Bank of South Carolina with total deposits of

$71,191,000.

South Carolina permits branch banking. There are in the State 25 national banks

with 90 branches, 121 State banks, with 39 branches, five facilities, a total of 146

banks and 129 branches. State Bank holds about 4% of total assets of all banks in

the State, and Abbeville Bank holds about one-half of 1%.

In view of the existing and potential competition in the State of South Carolina,

it does not appear that this merger will have a substantially adverse effect on competition in the Abbeville area or in South Carolina.

Basis for Corporation approval, August 4, 1960

The principal benefit of this merger is the improved and expanded banking services

which will become available to the Abbeville and Calhoun Falls communities.

No. 5—Suburban Trust Company, Hyattsville, Maryland

to merge with

144,982 15 17

Farmers and Merchants Bank, Upper Marlboro 3,238 2

Summary report by Attorney General, July 28, 1960

The merger of the Suburban Trust Company, Hyattsville, Maryland, and the

Farmers and Merchants Bank, Upper Marlboro, Maryland, would have the following

effects upon competition in the areas served by these banks:

1. Suburban Trust is already by far the largest bank in the area which it serves.

The proposed merger would increase concentration of banking resources in the competitive area of the combined bank and would thereby increase the advantages of

Suburban Trust over its much smaller competitors. The latter effect would be of

particular importance to such banks as the First National Bank of Southern Maryland

which now serve Upper Marlboro and other nearby communities;

2. Potential competition between Suburban Trust Company and Farmers and

Merchants Bank would be foreclosed;

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Table 101. Description of Each Merger, Consolidation, Acquisition

of Assets or Assumption of Liabilities Approved by the Corporation,

May 13 to December 31, 1960— Continued

Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination)

Resources (in thousands In To be of dollars) operation operated

3. The Farmers and Merchants Bank would be eliminated as a small, independent

and locally operated bank, providing an alternative source of banking services.

Basis for Corporation approval, August 11, 1960

With one exception, all of Farmers and Merchants’ competitors are substantially

larger in resources and this situation has made it difficult for the bank to produce

satisfactory earnings. This merger will provide the Upper Marlboro and Forestville

areas, where Farmers and Merchants now operates, with greatly increased banking

resources, with aggressive management in depth, and with improved and enlarged

banking services, thus redounding to the overall benefit of both communities. These

substantial public benefits result in a favorable determination on the banking factors.

No. 6—Peoples Bank and Trust Company, Madisonville, Kentucky 3,249 2 3

to acquire the assets and assume the liabilities of Farmers and Merchants Bank, Slaughters 613 1

Summary report by Attorney General, July 21, 1960

Peoples Bank is located in Madisonville, in the center of Hopkins County, Kentucky.

Merchants Bank is located in Slaughters, twelve miles north of Madisonville, on the

boundary between Hopkins County and adjacent Webster County. It appears likely

that some competition between these banks takes place in the area between them.

The principal competitors of Peoples Bank are two other banks in Madisonville

both of which are larger than Peoples. There are no other banks in Slaughters, but

Merchants Bank also competes with banks to the north and east to which it has

apparently lost accounts. Merchants Bank lacks safe deposit box and installment

loan facilities and pays only 1% interest on time deposits. Peoples Bank on the other

hand offers the above services and pays 3% interest. It has expanded greatly in the

last year. It states that it will provide the above services and interest rate in Slaughter*

after the merger.

It therefore appears that while the proposed merger may eliminate some competition

between the merging banks in the area between Madisonville and Slaughters, competition in the area would not be adversely affected to any substantial degree. This

is particularly so in view of the larger banks which would still be in the area after

the merger.

Basis for Corporation approval, August 18, 1960

The merger will provide increased resources, modern physical facilities and aggressiveness, thus improving banking services in the Slaughters area and placing that

office in a more advantageous competitive position relative to its neighboring institutions. It will also improve the standing of Peoples Bank in relation to its two substantially larger competitors in Madisonville.

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Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b t t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Resources

Banking offices

Name of bank, and type of transaction 1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 7— The Somerville Bank & Trust Company,

Somerville, Tennessee

to merge with

4,762 1 2

Rossville Savings Bank, Rossville 841 1

Summary report by Attorney General, July 22, 1960

Somerville and Rossville are located in Fayette County, in the southwestern corner

of Tennessee. Fayette County is an appropriate area of competition for consideration

of the effects of the proposed merger.

Somerville Bank is by far the largest of the four banks in Fayette County, having

60.5% of the banking assets in the county; Rossville Bank has 12.2% of Fayette

County’s bank assets. The remaining two banks are in Moscow and Oakland; Moscow

has 16.1%, and Oakland has 11.2%.

Merger of Rossville and Somerville Banks will, therefore, reduce competition

substantially by elimination of one of the four banks presently competing as a separate

organization in the area. Moreover, the proposed merger would concentrate over

70% of the banking resources of the county in the Somerville Bank. The reduced

number of competitors will offer fewer alternatives to prospective borrowers and

depositors. The concentration of resources would be likely to reduce the competition

from the much smaller remaining banks.

There is already a significant amount of joint stock holding by the holders of Somerville and Rossville stock which is reflected in the interlocking directorates of the two

banks.

Officers and directors of Rossville and Somerville Banks are also, in some cases,

officers and directors of Barrettville Bank, the largest of the two banks in adjacent

Shelby County, outside of Memphis. Similar connections exist with the First State

Bank of Henderson, in Chester County, 40 miles to the east of Somerville. Thus,

the proposed merger would appear to increase concentration of banking resources

not only in Fayette County but in southwestern Tennessee generally.

Basis for Corporation approval, August 18, 1960

Because of substantial common ownership, these two banks have not been considered to be truly competitive with each other. The increased banking resources now

available to the Rossville area will be of substantial benefit to that community.

Further, this merger amounts to the formalization of an existing relationship, and

has no substantial effect on competition in the area.

No. 8— The Dime Bank, Akron, Ohio

(change of title to The Akron-Dime Bank)

to merge with

101,091 5 8

The Bank of Akron Company, Akron 22,262 3

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 117

Table 101. Description of Each Merger, Consolidation, Acquisition

of Assets or Assumption of Liabilities Approved by the Corporation,

May 13 to December 31, 1960— Continued

Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination)

Resources (in thousands In To be of dollars) operation operated

Summary report by Attorney General, August 5, 1960

The merger of The Dime Bank and The Bank of Akron Company would combine

two banks which are now substantial and independent factors in competition in banking in the City of Akron and Summit County, Ohio. It would eliminate an independent

source of banking services and would increase concentration in banking in both the

City of Akron and Summit County, giving the two largest of six banks in the County

about 68% of total assets. The merger would also substantially lessen both existing

and potential competition in banking in Akron and Summit County.

Basis for Corporation approval, September 29, 1960

During the past decade the population of this highly industrialized area increased

by 32 percent and the outlook for the future is very bright. This dynamic economy

needs large financial institutions, and this merger partially fills that need. The types

of services presently offered by the two banks are largely complementary rather

than competitive, and the same is true of their respective branch office locations. The

relatively small loan limit of The Bank of Akron Company has restricted its ability

to serve its larger customers, and some such customers have been lost for that reason.

Also, The Bank of Akron Company is a specialist in personal and consumer installment

lending; with the additional resources available for this purpose, as a result of the

merger, thousands of workers in the area should benefit. The merged institution will

be in position to effectively compete with the dominant banking institution which

has 45 percent of the banking resources and half the number of bank offices in the

service area.

No. 9—Johnstown Bank and Trust Company, 28,680 4 5 Johnstown, Pennsylvania 

to acquire the assets and assume the liabilities of New Florence National Bank, New Florence 2,525 1

Summary report by Attorney General, August 23, 1960

The application sets forth fully and completely the inability of the New Florence

management presently to adequately serve the community and the manner in which

the acquisition will improve banking in the New Florence area. Johnstown Bank

and Trust is in a position to offer more complete banking and trust services, has a

greater lending ability, and can provide a modern array of consumer lending facilities

without substantial detriment to competition in the area involved.

On balance, the proposed acquisition would not appear to substantially adversely

affect competition or increase any trend toward monopoly in the field of commercial

banking in the respective area(s) of operation of the two banks.

Basis for Corporation approval, September 29, 1960

This transaction solved a management succession problem, created by the impending

retirement of the executive officer, at the New Florence Bank. Broader and better

banking services will accrue to the New Florence area.

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118 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Resources Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination) (in thousands of dollars) In operation To be operated

No. 10—Peoples Bank of Trenton, Trenton, Michigan (change of title to Peoples Bank) 16,456 5 6

to consolidate with The State Savings Bank of Flat Rock, Flat Rock, 4,743 1

Summary report by Attorney General, August 18, 1960

The Peoples Bank of Trenton, with offices at Trenton, Riverview, Rockwood

and Gibraltar, Michigan, has assets of $16,455,743 and deposits of $15,012,665 and

net current operating income in 1959 of $159,573. The State Savings Bank of Flat

Rock, with offices at Flat Rock, Michigan, has assets of $4,743,364 and deposits

of $4,286,721 and had a net operating income in 1959 of $49,622.

These banks are located within the same trade area and the area appears to have

sufficiently available banking facilities so that the combining of the seventh largest

and eighth largest, on the basis of deposits resulting in less than 9% of the banking

resources in the area, with the consolidated bank being able to offer improved and

expanded service to the public in this area would not appear to have a substantial

adverse effect upon competition.

Basis for Corporation approval, October 6, 1960

In recent years industrial expansion and population growth have been very rapid

in this general area south of Detroit, creating a need for enlarged and improved

banking services. The consolidating banks are among the smallest in the service area

and both have been hard pressed to provide adequate credit accommodations in this

expanding economy. Although the resulting institution will still face the competition

of the several considerably larger banks in the area its ability to serve the needs

of the area will be materially enhanced.

No. 11—Titusville Trust Company, Titusville, Pennsylvania 26,092 1 2

to acquire the assets and assume the liabilities of Citizens Bank of Pleasantville, Pleasantville 2,721 1

Summary report by Attorney General, August 29, 1960

It is estimated that subsequent to the acquisition, Titusville Trust will have $28.6

million as combined banking resources, as compared with Second National’s $5.8

million, the only other banking institution in the trade area. Citizens will of course

become a part of Titusville Trust. Titusville Trust accordingly will dominate the

area to an important degree.

Without passing upon their propriety, historical relationships between the banks

have indicated an absence of competition between them. The applicants have stated

that for some time there has been a close relationship between Titusville Trust and

Citizens, both from an investment and personnel standpoint, and “it has been the

practice for many years for the active management of [Citizens] to confer with the

management of [Titusville Trust] on all major policy matters.”

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 1 1 9

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u is itio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination)

Resources (in thousands In To be of dollars) operation operated

Based upon the facts as to existing competition in the field of commercial banking

in the area served by these banks, it would appear that the fact of the proposed

acquisition alone would not bring about a substantial lessening of competition in

the area or serve to increase substantially the relative size of Titusville.

Basis for Corporation approval, October 6, 1960

These two banks are only six miles distant from each other. Through ownership

and management they have been closely associated since 1920, and the general public

has regarded them as a single institution. Actually, the purchase and assumption

does little more than change the corporate aspects of the participants.

No. 12—Bank of Alma, Alma, Michigan 16,271 2 4

to consolidate with Riverdale State Savings Bank, Riverdale 1,977 2

Summary report by Attorney General, August 9, 1960

The Bank of Alma with offices at Alma and Ashley, Michigan, has assets of

$16,271,278 and deposits of $14,708,751 and trade net current operating income in

1959 of $122,174. The Riverdale State Savings Bank with offices at Riverdale and

Vestaburg, Michigan, has assets of $1,977,466 and deposits of $1,807,947 and had

a net current operating income in 1959 of $12,097.

These banks are located within the same trade area and the area appears to have

sufficiently available banking facilities so that the combining of the sixteenth largest

with the second largest, on the basis of deposits, when the bank to be acquired is in

need of modernization, additional personnel, and larger capital would not appear

to have a substantial adverse effect upon competition.

Basis for Corporation approval, October 31, 1960

Consummation of this transaction will bring to the communities of Riverdale

and Vestaburg improved and enlarged lending facilities, more efficient operating

services, and continuity of management.

No. 13—Suburban Trust Company, Hyattsville, Maryland 

to merge with

152,186 17 20

The Maryland State Bank of Montgomery County, Gaithersburg 8,302 3

Summary report by Attorney General, October 26, 1960

The merger of the Suburban Trust Company, Hyattsville, Maryland, with the

Maryland State Bank of Montgomery County, Gaithersburg, Maryland, would

have the following effects upon competition:

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120 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Resources Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination) (in thousands of dollars) In operation To be operated

(1) Suburban Trust is already by far the largest bank in the Prince Georges—

Montgomery County area. It presently accounts for over 36% of the banking

resources in this area and is over three times as large as its largest competitor.

The merger of Suburban Trust with the Maryland State Bank would contribute

to a recent series of mergers which would substantially increase Suburban’s size,

thus increasing its already substantial advantages over its smaller competitors

with a resulting tendency to monopoly.

(2) The Maryland State Bank would be eliminated as a successful, independent

competitive factor in commercial banking in this area. Although the banks’ merger

application stresses the need for increased banking facilities in the Gaithersburg—

Germantown area in which the Maryland State Bank operates the only existing

banking offices, it would appear that this need could better be met by the opening

of new banking offices which would insure that such increased facilities would

be accompanied by effective competition. The proposed merger, on the contrary,

would eliminate an effective existing competitor and the size of Suburban Trust

may be expected to stifle rather than encourage future competition.

Basis for Corporation approval, November 22, 1960

Friction between two groups in the management at Maryland State Bank and

lack of coordination in the supervision of its affairs have caused a deterioration in

its condition. There is a definite public need for increased and improved banking

services in the Gaithersburg-Germantown area, and Suburban Trust through its

branch coverage of a two-county area and its sound management in depth is fully

competent to supply these services.

No. 14—Pasadena State Bank, Pasadena, Texas (change of title to 17,871 1 1 First Pasadena State Bank)

to merge with First National Bank of Pasadena, Pasadena 8,462 1

Summary report by Attorney General, October 5, 1960

The proposed merger involves banks ranking second and third in deposits and

loans within their immediate trading area. The merged bank would become the largest

in its area, and there would remain one large and six smaller banks.

Both banks compete for the same types of business, and the proposed merger

would eliminate this substantial competition. In view of the small size of some of

the remaining banks in the area the merger may also have a tendency to monopoly.

Basis for Corporation approval, December 1, 1960

This merger eliminates one competitive bank; however, any decrease in competition

is overshadowed by the positive benefits that will accrue to the public by having a

larger locally owned bank. This area has experienced a rapid growth and the merged

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Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e ts o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960—Continued

Resources Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination) (in thousands of dollars) In operation To be operated

institution, with its much larger capital account and loan limit, will be in a position

to better serve this expanding economy and to compete with the large Houston

banks which are only ten miles distant.

No. 15—Suburban Trust Company, Hyattsville, Maryland 163,430 20 29

to merge with Bank of Maryland, Seat Pleasant 26,416 9

Summary report by Attorney General, November 23, 1960

The merger of the Suburban Trust Company, Hyattsville, Maryland, with the

Bank of Maryland, Seat Pleasant, Maryland, would have the following effects upon

competition:

(1) The merger would eliminate substantial existing competition between the

two banks.

(2) The merger would eliminate the Bank of Maryland as a substantial independent competitive factor offering an alternative source of banking services.

The Bank of Maryland has in recent years been a vigorous competitor in commercial

banking in the Prince Georges County— Montgomery County area, and as the

area’s fourth largest bank it clearly constitutes an important alternative source

of banking services.

(3) The merger would continue to increase the competitive advantages of

Suburban Trust over its smaller competitors. As a result of this merger and of the

bank’s proposed merger with the Maryland State Bank, Suburban Trust would be

nearly four times as large as its largest competitor. The growth of this great disparity of size between Suburban Trust and the remaining banks in the area will

clearly make it more difficult for these remaining banks to compete effectively.

(4) The merger constitutes a major step in a tendency toward monopolization

by Suburban Trust of commercial banking in the Prince Georges County— Montgomery County area. The proposed merger is the third of a series by which Suburban

Trust has in less than a year attempted to substantially increase its position in

commercial banking in Prince Georges and Montgomery Counties. As a result of

these mergers Suburban Trust’s share of the area’s total banking resources is now

approaching 50% while its next largest competitor still accounts for less than 12%.

Such growth by acquisition, combined with Suburban Trust’s already dominant

position, clearly constitutes a tendency toward monopoly.

Basis for Corporation approval, December 8, 1960

The field of competition in which the merging banks have been engaged cannot

realistically be limited to two counties in Maryland. The merging institutions have

long been subject to intense competition from large District of Columbia banks

which have numerous branch offices located near the line separating the District

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122 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. Description of Each Merger, Consolidation, Acquisition

of Assets or Assumption of Liabilities Approved by the Corporation,

May 13 to December 31, 1960— Continued

Banking offices

Name of bank; and type of transaction 1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

from Montgomery and Prince Georges Counties. That Suburban Trust is extremely

active in the District of Columbia is shown by the fact that one-eighth of its personal

loan and automobile loan customers (with loans aggregating in excess of $1.5 million)

reside in the District; almost one-fourth of its customers maintaining checking accounts with balances of $25,000 or more reside in the District; and more than onethird of commercial loan customers with approved lines of more than $10,000 each

(aggregating almost $8,000,000) have places of business in the District. Furthermore,

nine of thirty directors have their main offices in the District, and 13 percent of the

bank’s shareholders reside in the District.

The result of this transaction is a suburban bank with the financial strength and

widespread branch system justifying the confidence and serving the convenience of

the area, capable of providing the required banking services for industrial and commercial expansion in the region, and capable of effectively competing for business

with competitor banks of the District. The resulting bank will be a substantial aid

to additional economic expansion in the regional area. Upon the injection of the

required new capital funds, approximating $2 million, (effected on April 17, 1961,)

and the resulting ability to make commercial and industrial loans in excess of SI

million each, this bank will be able to more adequately and capably service its area

of effective competition. The substantial public benefits of increased lending power

and capacity for more intense competition with other banks outweigh the elimination

of one bank.

No. 16— Edgecombe Bank and Trust Company, Tarboro, 6,606 2 3

North Carolina

to merge with

Bank of Fountain, Fountain 1,130 1

Summary report by Attorney General, September 30, 1960

The proposed merger of Bank of Fountain, Fountain, North Carolina, into Edgecombe Bank and Trust Company, Tarboro, North Carolina, will unite two small

banks which compete with several large banks, including the two largest in the State.

The acquiring bank, Edgecombe Bank and Trust, has increased its resources from

$1,226,000 at its organization in 1942, to $6,606,000 presently, in what is primarily

an agricultural area. The smaller bank has total resources of $1,130,000.

The merger will apparently not result in any seriously adverse competitive effects.

Basis for Corporation approval, December 8, 1960

Both of these small banks serve areas which are primarily agricultural. The Edgecombe Bank’s farm management service will become available to and benefit the

farmers in the Fountain section who do not now have such service. Joined together

the two banks can somewhat better compete with the State’s two largest branch

bank systems which are active in their service areas.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 123

Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Resources Banking offices

Name of bank, and type of transaction 1 (in chronological order of determination) (in thousands of dollars) In operation To be operated

No. 17—Dixon Savings Bank, Dixon, Iowa 1,405 1 3

to acquire the assets and assume the liabilities of First Trust & Savings Bank, Wheatland 2,832 2

Summary report by Attorney General, November 17, 1960

The proposed acquisition of First Trust and Savings Bank, Wheatland, Iowa, by

the Dixon Savings Bank, Dixon, Iowa, will unite two small banks now competing

with about a dozen other small banks in the surrounding area. The acquiring bank,

Dixon Savings Bank, has increased its net operating income from $9,034.59 in 1955

to $25,506.12 in 1959, and has total assets of $1,405,000. The other bank has total

assets of $2,832,000.

The acquisition apparently will not have substantial adverse competitive effects.

Basis for Corporation approval, December 15, 1960

The broadened and improved banking services resulting from this transaction 

will benefit the communities of Dixon, Wheatland and Lost Nation.

No. 18—Security Bank of Oregon, Portland, Oregon 

to merge with

12,598 5 6

Pioneer Bank of Milwaukie, Milwaukie 3,420 1

Summary report by Attorney General, September 9, 1960

The Department of Justice has reported to the Federal Deposit Insurance Corporation that the proposed merger of the Security Bank of Oregon, Portland, Oregon,

and the Pioneer Bank of Milwaukie, Milwaukie, Oregon, would not have substantial

adverse effects on competition.

The Security Bank of Oregon, which operates four banking offices in the City of

Portland and one in Trautdale, controls less than one percent of the area’s commercial

bank deposits. Merger of the Security Bank of Oregon with the Pioneer Bank of

Milwaukie, the smallest commercial bank in the area, would increase the share of

the area’s commercial bank deposits held by the Security Bank of Oregon by less

than three-tenths of one percent.

If the merger is effectuated, the Security Bank of Oregon will acquire a small bank,

in a rapidly developing suburban area to the south of Portland where it is not presently

represented, with which it presently competes, if at all, only to a limited extent.

The merger will result in the elimination of a minor competitive factor in the area.

Nevertheless, the increase in concentration will be small and the effects on concentration in Portland and the surrounding suburban communities will not be substantial.

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Table 101. D e s c r ip tio n o f E a c h M e r g e r , C o n s o lid a tio n , A c q u isitio n

o f A s s e t s o r A ssu m p tio n o f L ia b ilit ie s A p p ro v ed b y t h e C o r p o r a tio n ,

M a y 13 t o D e c e m b e r 31, 1960— Continued

Banking offices Resources Name of bank, and type of transaction 1 (in (in chronological order of determination) thousands In To be of dollars) operation operated

Basis for Corporation approval, December 21, 1960

Milwaukie is a rapidly growing suburb of Portland and has become a major distribution and warehousing center. The increased banking resources available to Milwaukie as a result of this merger will be an important element in the continued

expansion of that area.

No. 19—Union Bank and Trust Company of Bethlehem, 58,289 3 4 Bethlehem, Pa.

to merge with Liberty Bank and Trust Company, Allentown 8,444 1

Summary report by Attorney General, November 25, 1960

The proposed merger would unite the fourth largest bank in the BethlehemAllentown area with the sixth in size among six banks in the area. The trend in banking

in the area has been toward consolidation, each of the two banks in Bethlehem having

acquired another bank in 1959 and the largest bank in Allentown, which is the largest

bank in the area, has just acquired a $20,000,000 bank.

The possibility should be noted that the cumulative effect of such consolidations in

the pertinent area, including the one under consideration, may give rise to further

consolidations among competing banks with substantial adverse competitive results.

Basis for Corporation approval, December 21, 1960

The relatively small Liberty Bank has not been an active competitor in its effective

area of existing competition. This bank has not been able to keep pace with its competitors which have from five to almost fifteen times its resources. Its substitution

by a branch of the resulting bank where management is aggressive will have the effect

of increasing competition in all fields of banking, particularly installment lending and

residential home mortgages. This will be of material benefit to the public.

No. 20—Industrial Trust Company, Philadelphia, Pennsylvania 

to merge with

44,186 8 9

Perkiomen National Bank, East Greenville 7,827 1

Summary report by Attorney General, November 17, 1960

The proposed merger of Industrial Trust and Perkiomen National would not appear

to present serious competitive problems. Industrial Trust is a Philadelphia metropolitan bank with a number of branch offices located in Philadelphia alone. Its distance

from East Greenville leads to the conclusion that its competitive activity in that area

is quite remote. On balance the proposed merger would not appear to adversely affect

competition to any substantial degree in the competitive area involved.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 1 2 5

Table 101. D escription of Each M erger, Consolidation, A cquisition

of A ssets or Assumption of Liabilities A pproved by the Corporation,

M ay 13 to D ecember 31, 1960— Continued

Resources

Banking offices

Name of bank, and type of transaction 1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Basis for Corporation approval, December 21, 1960

The East Greenville area will materially benefit by the introduction to that community of complete banking services, including trust department services, and by the

increased lending base now available.

No. 21— First Seneca Bank and Trust Company,

Oil City, Pennsylvania

to acquire the assets and assume the liabilities of

60,896 7 8

Farmers and Merchants Trust Company, Greenville 8,893 1

Summary report by Attorney General, December 5, 1960

The proposed acquisition would have little, if any, adverse effect on competition

between the two banks, inasmuch as they do not, for practical purposes, compete with

each other at the present time. However, First Seneca Bank and Trust Company is

the largest bank in the service areas in which it does business, and the acquisition would

further increase the disparity in size between it and its competitors. The same situation

would exist in the service areas in which the resulting bank would do business. Further,

in Greenville, the service area of Farmers and Merchants Trust Company, the resulting

bank would be much larger than First National Bank of Mercer County, which is now

Farmers and Merchants only competitor.

These changes in size effected by the proposed merger would tend toward creating

a monopoly in the resulting bank in each of its service areas and probably would promote efforts by smaller commercial banks toward merger or acquisition, thus perhaps

increasing the tendency toward concentration of commercial banking facilities in

those areas.

Basis for Corporation approval, December 29, 1960

The merging banks do not presently compete with each other. The modest increase

in resources of First Seneca, as a result of this merger, will have inconsequential effects

on the Oil City area where the resulting bank will still face keen competition from a

strong national bank, six savings and loan associations, twenty-one sales finance and

personal loan companies, and four credit unions, which collectively offer intense

competition. Such competition will continue. The principal effect of this transaction

will be to furnish Greenville with larger and more diversified banking resources and

to intensify competition for the banking business in a trade area of some 25,000

population which is now served only by the Farmers and Merchants and its commercial

bank competitor which is three times larger. The larger lending facilities, broader

services, and more aggressive management resulting from the merger will be of

substantial benefit to the Greenville area.

1 Unless otherwise indicated, the first named bank is the resulting insured nonmember bank.

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Federal Reserve Bank of St. Louis
Table 102. C h a n g e s in N u m b e r an d C la s s if ic a t io n o f B a n k s a n d B r a n c h e s

in t h e U n ite d S t a t e s (S ta te s a n d O t h e r A r e a s ) D u r in g 1960

All banks Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks

Insured Noninsured

Type of change

Total

InsuredNoninsured Total

Members F. R.

System Not

mem­ Banks

Nondeposit TotalInsured2

Noninsured

Total

National State

bers

F. R.

System

of deposit

trust

companies1

BANKS

Number of banks, December 31, 1960........................................... 13,999 13,451 548 13,484

13,486

- 2

13,126 4,530 1,641 6,955 304 54 515 325 190

Number of banks, December 31, 1959........................................... 14,004

- 5

13,382

+69

622 13,114

+ 12

4,542 1,687 6,885 317 55 518 268 250

Net change during year.................................................................. - 7 4 -1 2 -4 6 +70 - 1 3 - 1 - 3 + 57 — 60

Banks beginning operations..................................................... 132 111 21 132 111 32 4 75 21

New banks...................................................................................... 125 111 14 125 111 32 4 75 14

Banks added to count*................................................................ 7 7 7 7

Banks ceasing operations.......................................................... 137 128 9 134 126 49 24 53 8 3 2 1

Suspended bank not reopened or succeeded.......................... 1 1 1 1

Absorptions, consolidations, and mergers.............................. 132 128 4 129 126 49 24 53 3 3 2 1

Other liquidations......................................................................... 4 4 4 4

Noninsured banks becoming insured.................................. +86

+ 3

+83

-8 6 + 27

+ 3

+24

+ 2 7

+ 3

- 2 7 +59 -5 9

Successors to noninsured banks................................................ - 3 - 3

Admission to insurance, operating banks............................... -8 3 + 24 - 2 4 +59 -5 9

Other changes in classification............................................... + 5

+ 15

-1 0

-2 6 +21

- 6

+ 1 - 1

National banks succeeding State banks.................................. - 9

State banks succeeding national banks.................................. + 1 + 9

+ 7 - 7Admissions to F. R. System......................................................

-2 5Withdrawals from F. R. System.............................................. + 25

Non deposit trust company becoming commercial bank + 1 - 1

Changes not involving number in any class:...................

Bank succeeding suspended bank............................................. 1 1 1 1 1

Successions...................................................................................... 3 1 2 3 1 1 2

Absorptions of noninsured nondeposit financial institution (not accompanied by establishment of additional

banking offices)......................................................................... 4 4 4 4 1 2 1

Changes in title, location, or name of location.................... 121 119 2 119 117 44 17 56 1 1 2 2

Change in general character of business................................. 1 1 1 1 1

Change in corporate powers4.....................................................

43 43

43 43 43

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Number of branches, December 31, 1960.

Number of branches, December 31, 1959.

BRANCHES

Net change during year.

Branches opened for business................................................

Facilities provided as agents of the government6.................

Absorbed banks converted into branches..........................

Branches replacing head offices relocated or placed in

liquidation..................................................................................

Other branches opened...............................................................

Branches added to count6..........................................................

Branches discontinued...............................................................

Facilities.........................................................................................

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

Other changes in classification among branches...........

Branches of national banks succeeding branches of State

banks...........................................................................................

Branches of noninsured banks admitted to insurance........

Branches of insured banks admitted to F. R. System

Branches of insured banks withdrawing from F. R. System

Branches transferred 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 31, 1960.

Number of offices, December 31, 1959.

Net change during year.

Offices opened.

Banks..............

Branches.........

Offices closed.

Banks............

Branches. . . .

Changes in classification.

Among banks.....................

Among branches................

11,106

10,238

+868

928

12

113

9

791

53

415

25,105

24,242

+863

1,060

132

928

197

137

60

10,940

10,053

166

185

10,619

9,790

10,559

9,735

5,508

4,974

2,624

2,519

2,427

2,242

46

45

14

10

487

448

381

318

106

130

+887 - 1 9 +829 +824 +534 + 105 + 185 + 1 + 4 +39 + 63 -2 4

912

12

16 887

12

881

12

507

12

166 208 2 4 41 31 10

112 1 111 111 70 20 21 2 1 1

9 9 9 2 2 5

777

2

14

1

752

3

747

2

422

1

144 181

1

2 3

1

39 30 9

60 60 60 31 19 10

8 8 8 5 2 1

52 52 52 26 17 9

+ 35 -3 5 + 2 + 3 + 58

+ 16

-4 2 -1 3 - 1 - 2 +32 -3 4

-1 5 - 1

+35 -3 5 + 1 + 1

- 5

- 1 + 34 -3 4

+ 5

-2 5 +25

+ 2 -3 3

53

+ 2

53

+42

16

— 7 - 2 - 2

53 20 17

415 410 410 226 132 52 5 5

24,391

23,435

714

807

24,103

23,276

23,685

22,849

10,038

9,516

4,265

4,206

9,382

9,127

350

362

68

65

1,002

966

706

586

296

380

+956 -9 3 +827 +836 +522 + 59 +255 -1 2 + 3 + 36 + 120 -8 4

1,023

111

37

21

1,019

132

992

111

539

32

170

4

283

75

23

21

4 41 31 10

912 16 887 881 507 166 208 2 4 41 31 10

188 9 194 186 80 43 63 8 3 2 1

128 9 134 126 49 24 53 8 3 2 1

60 60 60 31 19 10

+121

+ 86

+35

-1 2 1

-8 6

+ 2 +30

+ 27

+ 3

+ 63

+ 5

+58

-6 8

- 2 6

+ 35

+48

-1 3

- 2 7

-2 6

- 1

— 1

- 2 +91

+59

+ 32

-9 3

— 59

-3 5 + 2 -4 2 - 1 - 2 -3 4

1 Includes 1 trust company member Federal Reserve System, December 31, 1960, and December 31, 1959.

2 Includes 2 mutual savings banks members of the Federal Reserve System, December 31, 1960, and 3 on December 31, 1959.

8 Banks opened prior to 1960 but not included in count as of December 31, 1959.

4 Information available only for insured banks not members of the Federal Reserve System.

6 Facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation.

• Branches opened prior to 1960 but not included in count as of December 31, 1959.

toNUMBER, OFFICES, AND DEPOSITS OF B AN K S

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Federal Reserve Bank of St. Louis
Table 103. N u m b e r o f B a n k in g O f fic e s in t h e U n ite d S t a t e s ( S ta te s a n d O t h e r A r e a s ), D e c e m b e r 31, 1960

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

Insured

Noninsured Total

Member F. R.

System Not

memBanks

of deNondeposit

trust

Total Insured3

Noninsured

All

banks

of deCommercial

banks

Mutual

savings

Total

National State

bers

F.R.S.

posit companies2

posit of

deposit

banks

25,105

13,999

11,895

... .... .

24,391

13,451

714 24,103 23,685 10,038 4,265 9,382 350 68 1,002 706 296 97.4 98.5 70.5

548 13,484 13,126 4,530 1,641 6,955 304 54 515 325 190 96.5 97.7 63.1

Unit banks....................................... 10,93k k61 11,075

2,k09

10,7 k0 8,562 1,285 5,9k3 285 50 320 19k 126 96.k 974 60.6

2,601

11,106

24,810

13,960

11,880

2,580

10,850

24,954

13,985

11,891

2,59k

10,969

151

14

k

10

137

2,517

10,940

87 2,886 968 k06 1,012 19 k 195 181 6k 96.8 99.2 67.2

166 10,619 10,559 5,508 2,624 2,427 46 14 487 381 108 98,6 99.6 78.2

48 States and D. C.— a ll offices4. .. 24,127

13,427

683

533

23,810

13,446

23,421

13,102

9,967

4,520

4,265

1,641

9,189

6,941

328

296

61

48

1,000

514

706

325

294

189

97.5

96.5

98.6

97.8

70.6

63.2

10,929 k51

82

11,060

2,386

10,735 8,560 1,285

k06

5,9k0 280 k5 320 19 k 126 96.k 97.5 60.6

Banks operating branches.............. 2,U98

10,700

24,260

13,443

10,933

2,367 960 1,001 16 8 19k 181 63 96.9 99.3 67.5

Branches............................................... 150 10,364

23,954

13,471

11,071

2,k00

10,319 5,447 2,624 2,248 32 13 486 381 105 98.7 99.7 78.4

50 States and D. C.— a ll offices. . .

Banks....................................................

694

542

23,554

13,118

10,036

4,529

4,265

1,641

9,253

6,948

333

300

67

53

1,000

514

706

325

294

189

97.5

96.5

98.6

97.8

70.6

63.2

Unit banks....................................... k58

8k

10,739

2,879

3,562 1,285 5,9k2 283 k9 320 19 k 126 96.k 97.k 60.6

* \Banks operating branches.............. 2,510

10,817

967 k06 1,006 17 k 19k 131 63 96.9 99.3 67.5

Branches............................................... 152 10,483

149

13

10,436 5,507 2,624 2,305 33 14 486 381 105 98.7 99.7 78.4

Dtliar oroQfi— oil AnirAfl 131

8

20

6

131

8

2 129 17 1 2 2 87.3 88.5

1 7 4 1 1 1 61.5 66.7

Unit banks 1 8 k

9

136

1 1 2 1 83.3 33.8

P/imbo n 7 g 7 1 6 2 1 1 70.0 77.8

*R ti s* h £> q 123 14 123 1 122 13 1 1 89.8 90.4

State

Aid Cl__Q11 A ppo 328

238

21U

2U

90

46

13

5

328

238

21k

2k

90

41

9

2

328

238

328

238

146

69

30 152 100.0 100.0

24 145 100.0 100.0

Tifivi Z*ff 21k

2k

90

46

13

5

21k

2 k

51 20 IkS

2

100.0 100.0

P/ym 1*0 n /irnw 18 k

6

100.0 100.0

"Ri»o vinlioa 90 77 7 100.0 100.0

A looVa— oil AfViPAfl 5 41

9

38 3 5 89.1 89.1

4 7 2 4 69.2 69.2

TTma'I 5 2 1 1 3 ko.o ko.o

p/}M Z> a n J\Y/7ViVn.0f& 8

33

7 1

1

8

33

7 a 1 1 87.5 87.5

32 32 81 1 1 97.0 97.0

A rlv ah 11 AiTir^& 189

10

180 9 189 180 133 10 37 9 100.0 100.0

9 1 10 9 3 1 5 1 100.0 100.0

Unit banks $ 8 3 3 8 100.0 100.0

P/tM Z*o h+n*}+li0Q 7 6 1

8

7 6 8 1 2 1 100.0 100.0

179 171 179 171 130 9 32 8 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Arkansas— all offices......................

Banks................................................

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

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

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

California— all offices....................

Banks................................................

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

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

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

Colorado— all offices......................

Banks................................................

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

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

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

Connecticut—all offices...............

Banks................................................

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

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

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

Delaware— all offices......................

Banks................................................

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

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

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

District of Columbia— all offices

Banks..................................................

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

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

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

Florida— all offices..........................

Banks..................................................

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

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

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

Georgia— all offices..........................

Banks.................................................

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

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

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

Hawaii— all offices..........................

Banks..................................................

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

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

.

Branches........................... , ............

283 278 5 283 278 72

237 232 5 237 232 55

201 196 5 201 196

U

36 36 36 36 11

46 46 46 46 17

1,793 1,783 10 1,793 1,783 1,314

117 112 5 117 112 40

55 52 3 55 52 20

62 60 2 62 60 20

1,676 1,671 5 1,676 1,671 1,274

199 169 30 199 169 83

192 162 30 192 162 78

186 156 SO 186 156 7U

6 6 6 6

U

7 7 7 7

5

396 387 9 268 259 122

141 132 9 70 61 23

85 76 9 37 28 10

56 56 S3 S3 IS

255 255 198 198 99

80 77 3 74 71 3

22 21

1 20 19 3

IS 13 13 133

9 8 17

6

58 56

2 54 52

77 77 77 77 39

121

121

121

121

5

11 11 11 11

5

65 65 65 65 34

323 318

5 323 318 130

309 304 5 309 304 119

296 291

5 296 291 109

13 IS 13 IS 10

14 14 14 14 11

527 469 58 527 469 115

421 363 58 421 363 53

39U 336 58 39U 336 uo

27 27 27 27 IS

106 106 106 106 62

98 92 6 98 92 31

12 7 5 12 72

6

*

h 6 2

1

6 5 1 6 5 1

86 85

1 86 85 29

26

21

17U

248

216

15

227

19

18

1711

657

56

262

* ’ 2

24

294

' ‘ v

25

10

10

10

41

14

27

180

156

135

21

24

221

51

26

25

170

67

66

6511

72

29

16

IS

43

42

14

10h

28126

178

175

17233

313

296

2888

17

6151U

56

44h

111

105325

A|

30

30

30 ||1 888 111

128

71

U8

23

5762

128

71

18

23

5762

3112

24

24

222

333

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

58

58

58

65A11

98.6

98.3

98.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

84.9

84.4

83.9

100.0

100.0

98.0

94.3

90.5

100.0

100.0

96.3

95.5

100.0

88.9

96.6

100.0

100.0

100.0

100.0

100.0

99.4

99.3

99.3

100.0

100.0

89.0

86.2

85.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

98.6

98.3

98.0

100.0

100.0

100.0

100.0

100.0 100.0

100.0

84.9

84.4

83.9

100.0

100.0

97.0

88.4

77.8

100.0

100.0

95.9

95.0

100.0

85.7

96.3

100.0

100.0

100.0

100.0

100.0

99.4

99.3

99.3

100.0

100.0

89.0 

86.2

85.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

200.0

100.0

toCDNUM BER, OFFICES, AND DEPOSITS OF BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 103. N u m b e r o f B a n k in g O f f i c e s in t h e U n ite d S ta t e s ( S ta te s an d O t h e r A r e a s ), D e c e m b e r 31, 1960—Continued

GROUPED ACCORDING t o 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

Insured

Noninsured Total

Member F. R.

System Not

memBanksof deNondeposit

trust

Total Insured3

Noninsured

All

banks

of deCommercial

banks

Mutual

savings

Total

National State

bers

F.R.S.

posit companies2

posit of

deposit

banks

115

32

115 115 115 78 16 21 100.0 100.0

32 32 32 10 8 14 100.0 100.0

2U 2U 2U

8

21* 6 6 12 100.0 100.0

8 8 8 h

68

2 2 100.0 100.0

83 83 83 83 8 7 100.0 100.0

970

966

962

964

960

6 970 964 400 127 437 3 3 99.7 99.7

6 966 960 396 127 437 3 3 99.7 99.7

956 6 962 956 392 127 AS 7 S 3 99.7 99.7

U

4

U

4

U

4

h

4

k

4

Banks operating branches 100.0 100.0 .............. 100.0 100.0

r_oil pOG 758 752 6 754 748 303 134 311 5 1 4 4 99.3 99.3 100.0

447 441 6 443 437 125 99 213 5 1 4 4 98.9 98.9 100.0

JJfllt %)QTlfC8 *.........* • • . 321 315 6 317 311 80 78 153 5 1 U h 98 4 98.U 100.0

126

311

856

673

533

IhO

183

612

587

563

2U

25

126

311

126

311

126 1*5

178

21 60 100.0 100.0 Banks operating branches..............

311 35 98 100.0 100.0

816

635

40 856 816 104 75 637 39 1 95.4 95.4

38 673 635 96 68 471 37 1 94.5 94.5

U97

138

181

608

583

36 533 J>97

138

181

88 63 3U6

125

35 1 93.U 98.U

2 1U0

183

8 5 2 98.6 98.6 Banks operating branches..............

2 8 7 166 2 98.9 98.9

4 612 608 183 48 377 4 99.3 99.3

4 587 583 167 46 370 4 99.3 99.3

559

n

25

1* 563 559 152 U

2

363 u 99.3 99.3

2U\

25

2k

25

15 7 100.0 100.0 Banks operating branches..............

16 2 7 100.0 100.0

501

355

285

70

146

491

345

275

70

146

10

10

10

501 491 163 40 288 10 98.0 98.0

Banks.................................................... 355

285

345

275

87 16 242 10 97.2 97.2

62 8 205 10 96.5 96.5

70

146

70 25 8 37 100.0 100.0

146 76 24 46 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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http://fraser.stlouisfed.org/ 

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

Branches5...............................

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 banks.........................

Banks operating branches,

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

366 365

1

190 189 1

126 125

1

6U 6U

176 176

218 192 26

79 64 15 U 35 9

35 29

6

139 128 11

422 415

7

139 137

2

80 79

1

59 58

1

283 278

5

852 565 287

356 174 182

198 78 120

158 96 62

496 391 105

958 954

4

380 378

2

2U6 2U5 1

13 U 133

1

578 576

2

696 686 10

690 680 10

688 678 10

2 2

6 6

329 327

2

193 191

2

12 h 122 2

69 69

136 136

651 635 16

626 610 16

601 585 16

25 25

25 25

122 120

2

121 119 2

120 118 2

1 1

1 1

366 365 136

190 189 42

126 125 19

6U\ 6*\ 23

176 176 94

180 165 72

47 42 23

16 16 10

31 26 13

133 123 49

384 378 137

133 132 50

78 78 29

55 5U 21

251 246 87

545 539 312

171 166 103

80 75 55

91 91 U8

374 373 209

958 954 286

380 378 76

2U6 2U5 U5

1SU 183 31

578 576 210

695 685 185

689 679 179

687 677 177

2 2

2

6 6

6

329 327 54

193 191 27

12A 122 11 69 69 16

136 136 27

651 635 85

626 610 77

601 585 69

25 25 8

25 25

8

122 120 43

121 119 42

120 118 Ul

1 1 1 1 1 1

35

11U7

24

4962U

43

44826

36

122

211

20

101

399

140

95

U5

259

29

29

29

23U

15

104

94

8U

10

10

44

44U

194

1

136

1

102

1

3U

58

44 15 38 27 11

13 5 32 22 10 U 28 19 9

9 5

U

3

1

31 10 6 5

1

197

6 38 37 1

74

1 6 51

U7

27

2 1 1

1 L

U

123

5 32 32

105 6 307 26 281

42 5 185

8 177

19 5 118 3 115

23 67 5 62

63

1 122 18 104

269 3

1

162 1 1

105

1

57

1

107 2

471 10 1 1

471 10 1 1

U 71 10 1 1

250 2

156 2

107

2

U9

94

446 12 4

439 12 4

1*327

12

U

7

33 1 1

33 1 1

33 1 1

99.7

99.5

99.2

100.0

100.0

88.1

81.0

79.5

82.9

92.1

98.3

98.6

98.8

98.3

98.2

66.3

48.9

89.U

60.8

78.8

99.7

99.7

100.0

99.8

99.7

98.6

98.6

98.5

100.0

100.0

99.4

99.0

98.U

100.0

100.0

98.1

98.1

98.0

100.0

100.0

99.2

99.2

99.2

100.0

100.0

99.7

99.5

99.2

100.0

100.0

91.7

89.4

100.0

83.9

92.5

98.4

99.2

100.0

98.2

98.0

98.9

97.1

93.8

100.0

99.7

99.7

99.7

100.0

99.3

99.7

98.6

98.5

98.5

100.0

100.0

99.4

99.0

98.U

100.0

100.0

98.1

98.1

98.0

100.0

100.0

99.2

99.2

99.2

100.0

100.0

71.1

100.0

100.0

100.0

AND DEPOSITS OF BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r o f B a n k in g O f f i c e s in t h e U n ite d S ta t e s ( S ta te s an d O t h e r A r e a s ), D e c e m b e r 31, 1960—Continued

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

Insured

Noninsured Total

Member F. R.

System Not

memBanksof deNondeposit.

trust

Total Insured3

Noninsured

All

banks

of deCommercial

banks

Mutual

savings

Total

National State

bers

F.R.S.

posit companies2

posit of

deposit

banks

438

426

415

11

12

44

7

404

392

381

34

34

3k

438

426

404

392

131 19 254 28 6 93.5 93.5

121 18 253 28 6 93.3 93.3

U1B

11

12

381 112 17 252 28 6 93.2 93.2

11

12

44

7

U

12

9 1 1 100.0 100.0

10 1 1 100.0 100.0

44

7

44 25 12 7 100.0 100.0

7 3 2 2 100.0 100.0

2 2 2 1 1 100.0 100.0

5

37

113

107

5

37

109

103

5 5 2 2 1 100.0 100.0

37 37 22 10 5 100.0 100.0

4 78

74

74

70

54 1 19 4 35 35 96.5 94.9 100.0 New Hampshire— sill offices...........

4 51 1 18 4 33 33 96.3 94.6 100.0

Unit l)QrTiJc8 101

6

97 U 70 66 U8 1 17 h 31 31 96.0 9k.S 100.0

Q 1*

4

h

4

3 1 2 2 100.0 100.0 100.0

Q 6

728

271

3 1 2 2 100.0 100.0 100.0

731

274

3 689 686 417 192 77 3 42 42 100.0 100.0 100.0

3 253 250 160 55 35 3 21 21 100.0 100.0 100.0

UtiH bctTilcs 131 128 3 119 116 80 19 17 3 12 12 100.0 100.0 100.0

IhS

457

111

55

SO

25

56

2,066

529

300

1US

457

1SU

436

1SU

436

80 36 18 9 9 100.0 100.0 100.0

257 137 42 21 21 100.0 100.0 100.0

New Mexico— all offices.................... 111

55

SO

25

56

2,050

517

111

55

111 59 10 42 100.0 100.0

55 29 8 18 100.0 100.0

30 30 16 7 7 100.0 100.0

25

56

1,786

402

25

56

13

30

1 11 100.0 100.0

2 24 100.0 100.0

XTaiit V 11 16 1,770

390

713 943 114 11 5 280 280 99.5 99.4 100.0

12 239 109 42 7 5 127 127 98.7 98.2 100.0

Up it bcLTilcs ........... 291 9 21>2 233 156 52 25 ■4 5 58 58 98.6 98.3 100.0

229 1 226 g 160

1,384

157 83 57 17 3 69 69 98.7 98.1 100.0

T3 y*qy\ 1,537 1,533 4 1,380 474 834 72 4 153 153 99.7 99.7 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
North Carolina— ail offices.............

Banks....................................................

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

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

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

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

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

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

Oregon— all offices..............................

Banks.....................................................

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

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

Branches5..............................................

Pennsylvania— all offices.................

Banks.....................................................

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

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

Branches5..............................................

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

687

4 691 687 167

182

1 183 182 36

9A 9 A 9A 13

88 1 89 88 23

505 3 508 505 131

182 3 185 182 40

153 3 156 153 38

131 3 ISA 131 36

22 22 22

2

29 29 29

2

1,227 1 1,223 1,222 529

586 1 585 584 223

399 1 399 398 137

187 186 186 86

641 638 638 306

409 3 412 409 219

386 3 389 386 200

366 3 369 366 183

20 20 20 17

23 23 23 19

245 2 246 244 171

50 2 51 49 10

30 2 31 29

7

20 20 20 3

195 195 195 161

1,538 14 1,496 1,482 928

698 12 703 691 462

A91 11 A99 m SSA

207

1 20A 203 128

840 2 793 791 466

133

2 100 98 54

16 1 9

8

4

2

1A

1

9

8

A

117 1 91 90 50

286

6 292 286 126

139 6 145 139 25

98

6 10 A 98 8

A1 At A1 17

147 147 147 101

233 233 233 61

174 174 174 33

1AA 1AA 1AA 28

SO 30 SO

5

59 59 59 28

691

183U

89

508

185

156

ISA

22

29

1,228

587

U00

187

641

412

389

S69

20

23

247

52

82

20

195

1,552

710

502

208

842

135

172

15

118

292

145

10 A

A1

147

233

174

1AA

30

59

773

7432111

395

149

103

A6

246

30

26

2334

12422

279

71

AO

31

208

201

" i

19

106A24

26

26

443

143

81

62

300

139

113

9A

19

26

298

212

158

5A

86

160

160

160

61

35

20

15

26

275

158

1U

AA

117

248

" s

21

150

108

86

22

42

146

115

90

25

31

4113333111

5211352113

222

111

R| 111 111

1 1 *

1 1 1 11 1 1

11981221

333

56 56

7 1 7 3 [ 3 a \ A

49 R 49

35826

27

35826

27

11666

99.4 99.4

99.5 99.5

100.0 100.0

98.9 98.9

99.4 99.4

98.4 98.4

98.1 98.1

97.8 97.8

100.0 100.0

100.0 100.0

99.9 99.9 100.0

99.8 99.8 100.0

99.8 99.7 100.0

100.0 100.0 100.0

100.0 100.0 100.0

99.5 99.5

99.5 99.5

99.5 99.5

100.0 100.0

100.0 100.0

99.6 99.6 100.0

98.0 98.0 100.0

96.8 96.7 100.0

100.0 100.0

100.0 100.0

99.3 99.3 100.0

98.7 98.7 100.0

98.A 98.A 100.0

99.5 99.5 100.0

99.8 99.7 100.0

98.5 98.0 100.0

94.1 88.9 100.0

100.0 100.0

93.3 88.9 100.0

99.2 98.9 100.0

97.9 97.9

95.9 95.9

9 A.2 9 A.2

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

3d£w

telW

co

COOFFICES, AND DEPOSITS OF BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 103. N u m b e r o f B a n k in g O f f i c 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 e c e m b e r 31, 1960—Continued

g r o u p e d a c c o r d in g to in s u r a n c e s ta t u s a n d class o f b a n k , a n d b y sta t e o r a r e a a n d t y p e o f o ff ic e

CO

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

1 Member F. R.

System Not

memBanksof deNondeposit

trust

Total Insured*

Noninsured

All

banks

of deCommercial

banks

Mutual

savings

Total

National State

bers

F.R.S.

posit companies2

posit of

deposit

banks

513

297

507

291

6 513

297

507 205

75

25 277 3 3 99.4 99.4

6 291 8 208 3 3 99.0 99.0

216

75

216

1,018

990

961

29

28

6 222 216 UU

SI

5 167 S S 98.6 98.6

75

216

1,039

1,011

982

75

216

75

216

s U

69

100.0 100.0 Banks operating branches..............

130 17 100.0 100.0

21

21

1,039

1,011

982

29

28

1,018

990

488 114 416 21 98.0 98.0 Texas—a ll offices................................. 468 106 416 21 97.9 97.9

21 961 U 7

21

20

98 U16 21 97.9 97.9

29

28

124

50

87

29

28

8 100.0 100.0 Banks operating branches..............

8 100.0 100.0

120

46

4 124 120 52 31 37 4 96.8 96.8 Utah—a ll offices..................................

4 50 46 7 13 26 4 92.0 92.0

33

IS

74

U 87 S3 5 7 21 U 89.2 89.2

IS

74

96

62

IS

74

IS

74

2 6 5 100.0 100.0 Banks operating branches..............

45 18 11 100.0 100.0

95 1 89 88 48 40 1 7 7 100.0 100.0 100.0

61 1 56 55 31 24 1 6 6 100.0 100.0 100.0

U7

15

34

k 6

15

34

1 U2 U1 25 16 1 5 5 100.0 100.0 100.0

U \

33

U

33

6 8 1 1 100.0 100.0 100.0

17 16 1 1 100.0 100.0 100.0

589

305

201

iou

284

391

91

GU

589

305

201

iou

284

389

89

589

305

201

iou

284

589 273 130 186 100.0 100.0

305

201

10 h

284

129

86

us

144

69

51

18

61

107

6U

us

79

100.0

100.0

100.0

100.0

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

100.0

100.0

100.0

100.0

2 378 376 287 28 61 2 13 13 99.5 99.5 100.0

2 87 85 26 9 50 2 4 4 97.8 97.7 100.0

62 2 62 60 IS 6 U1 2 2 2 96.9 96.8 100.0

27

300

27

300

25 25 IS 8 9 2 2 100.0 100.0 100.0

291 291 261 19 11 9

9

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................ 182 181 1 182 181 77 34 70 1 99.5 99.5

Banks.................................................... 182 181 1 182 181 77 34 70 1 99.5 99.5

Unit banks........................................ 182 181 1 182 181 77 5-4 70 1 99.5 99.5

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

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

Wisconsin— all offices........................ 721 715

557

U62

6 717 712 118 67 527 2 3 4

4

3 1 99.6 99.7 75.0

Banks.................................................... 6 559 554 99 58 397 2 3 3 1 99.5

99.%.

100.0

99.6 75.0

Unit banks........................................ *68

95

6 m

95

!&9

95

92 5U

h

813 2 3 3 1 99.6

100.0

75.0

Banks operating branches.............. 95 7 8L

158 158 158 158 19 9 130 100.0 100.0

Wyoming,— all offices......................... 56 56 56 56 27 14 15 100.0 100.0

Banks.................................................... 55 55 55 55 26 14 15 100.0 100.0

Unit banks........................................ 5U 5U

1

5U

1

su

1

25 U 15 100.0 100.0

Banks operating branches.............. 1 1 100.0 100.0

Branches............................................... 1 1 1 1 1 100.0 100.0

Other area

Pacific Islands— all offices6.............. 7 3 4 7 3 3 4 42.9 42.9

Banks.................................................... 1 1 1 1

Unit banks7....................................... 1 1 1 1

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

Branches8.............................................. 6 3 3 6 3 3 3 50.0 50.0

Panama Canal Zone— all offices. . 4 4 4 4

Banks.....................................................

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

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

Branches9.............................................. 4 4 4 4

Puerto Rico— all offices.................... 131 122 9 131 122 122 9 93.1 93.1

Banks..................................................... 10 7 3 10 7 7 3 70.0 70.0

Unit banks........................................ 2 1 1 2 1 1 1 1 50.0

75.0

50.0

Banks operating branches.............. 8 6 2 8 6 6 2 75.0

Branches10............................................. 121 115 6 121 115 115 6 95.0 95.0

Virgin Islands— all offices............... 9 6 3 7 6 2 4 1 2 2 75.0 100.0

Banks.................................................... 3 1 2 2 1 1 1 1 1 50.0 100.0

Unit banks........................................ 1 1 1 1

Banks operating branches.............. 2 1 1 1 1 1 1 1 50.0 100.0

Branches11............................................. 6 5 1 5 5 1 4 1 1 83.3 100.0

1 Nondeposit trust companies are excluded in computing these percentages. 2 Includes 1 trust company in Missouri member of the Federal Reserve System. * Includes 2 banks in Wisconsin members of the Federal Reserve System. 4 Formerly designated as “Continental United States.” Alaska was admitted to Statehood January 3,1959; Hawaii, August 21, 1959. 6 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; 2 insured branches in New York operated by a Puerto Rico bank; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank and 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, and Midway Islands) and Trust Territories (Kwajalein and Saipan). 7 In American Samoa. 8 Consists of 4 branches in Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by a California bank; and 2 noninsured branches (1 on Midway and 1 in ^ Marshall Islands on Kwajalein) operated by a Hawaiian bank. 9 Consists of 4 noninsured branches operated by 2 New York banks. 10 Includes 13 insured branches operated by 2 New York banks. 11 Includes 4 insured branches operated by a New York bank.

Back figures: See the Annual Report of 1959, pp. 112-119, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF BANKS

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 its o f A l 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 ), D e c e m b e r 31, 1960

b a n k s g r o u p e d ac co r d in g 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 s t a t e

Number of banks

FDIC District

Commercial and stock savings

banks and nondeposit

trust companies

Mutual savings banks

and State

All Noninsured

banks1

Total Insured Banks

of deposit1

Nondeposit

trust

companies

Total Insured

Noninsured

Total United

States............... 13,999 13,484 13,126 304 54 515 325 190

48 States and

D. C.2................ 13,960

13,985

13,446

13,471

13,102 296 48 514 325 189

50 States and

D. C................... 13,118 300 53 514 325 189

Other areas............ 14 13 8 4 1 . 1

FDIC District

District 1.................. 762 427 402 23 2 335 148 187

District 2*.................

District 3 . . .

838

1,297

966

687

1,288

960

667

1,275

951

11

10

9

3

151

9

150

9

1

District 4 .................. 9 6 5 1

District 5 1,161

1,515

1,390

1,161

1,515

1,382

1,096

1,478

1,369

62 3

District 6 29 8

District 7 .................. 8 5 8 7 1

District 8 1,639

1,141

1,649

1,266

375

1,639

1,140

1,649

1,266

370

1,595

1,125

1,578

1,243

347

40 4

District 9 . . . . 14 1 1 1

District 10 64 7

District 11 22 1

District 12* .. . 12 11 5 5

State

Alabama • . 238 238 238

Alaska • ■ 13 13 9 4

Arizona . . 10 10 9 1

Arkansas 237

117

237 232 4 1

California . 117 112 5

Colorado .. 192 192 162 30

Connecticut . 141 70 61 8 1 71 71

Delaware...................

District of Columbia

Florida

22 20 19 1 2 2

12 12 12

309 309 304 2 3

Georgia < • 421 421 363 58

Hawaii 12 12 7 5

32 32 32

Illinois • • 966 966 960 3 3

Indi&QA ........... 447 443 437 5 1 4 4

Deposits (in thousands of dollars)

AU

banks

Commercial and stock savings

banks and nondeposit

trust companies

Total Insured

266,884,548 230,531,864 228,993,232

265,240,473 228,887,968 227,474,826

266,176,522 229,824,017 228,381,233

708,026 707,847 611,999

20,156,323

76,637,438

27,694,828

13,074,642

11,304,262

13,083,553

18,330,557

20,634,134

6,847,113

9,243,848

17,275,672

32,602,178

10,255,385

53,693,737

25,576,364

12,513,523

11,304,262

13,083,553

18,248,053

20,634,134

6,525,815

9,243,848

17,275,672

32,177,518

10,061,072

53,088,099

25,539,144

12,325,082

11,265,742

13,044,911

18,218,885

20,533,599

6,406,078

9,196,829

17,225,848

32,087,943

2,120,719

209,858

1,272,548

1,291,573

24,338,228

2,120,719

209,858

1,272,548

1,291,573

24,338,228

2,120,719

191,233

1,264,913

1,289,215

24,338,228

2,022,640

4,906,381

866,964

1,532,054

4,882,276

2,022,640

2,384,461

707,225

1,532,054

4,882,276

2,005,382

2,349,823

701,497

1,532,054

4,866,695

2,939,997

726,191

649,226

17,501,955

4,811,329

2,939,997

726,191

649,226

17,501,955

4,754,270

2,927,017

715,174

649,226

17,467,743

4,748,235

Nonin­ sured

1,538,632

1,413,142

1,442,784

95,848

194,313

605,638

37,220

188,441

38,520

38,642

29,168

100,535

119,737

47,019

49,824

89,575

18,625

7,635

2,358

17,258

34,638

5,728

15,581

12,980

11,017

34,212

6,035

Mutual savings banks

Total

36,352,684

Insured

31,502,252

36.352.505 J 31,502,252

36.352.505 f 31,502,252

179

9,900,938

22,943,701

2,118,464

561,119

82,504

321,298

424,‘660

2,521,920

159,739

57,059

5,057,226

22,943,522

2,118,464

555,304

81,778

321,298

424,660

2,521,920

159,739

57,059

Nonin­ sured

COO

4,850,432

4.850.253

4.850.253

179

4,843,712

179

5,815

726

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 York.................

North Carolina........

North Dakota.........

Ohio............................

Oklahoma.................

Oregon.......................

Pennsylvania...........

Rhode Island...........

South Carolina........

South Dakota..........

Tennessee.................

Texas..........................

Utah...........................

Vermont....................

Virginia.....................

Washington..............

West Virginia..........

Wisconsin. . . . . . . . .

Wyoming..................

Other area

Pacific Islands5........

Panama Canal Zone6

Puerto Rico7.............

Virgin Islands8........

673

587

355

190

79

139

356

380

690

193

626

121

426

7

107

274

55

529

183

156

587

389

52

710

17

145

174

297

1,011

50

62

305

91

182

563

55

673

587

355

190

47

133

171

380

689

193

626

121

426

7

74

253

55

402

183

156

585

389

51

703

9

145

174

297

1,011

50

56

305

87

182

559

55

10

2

635

583

345

189

42

132

166

378

679

191

610

119

392

7

70

250

55

390

182

153

584

386

49

691

8

139

174

291

990

46

55

305

85

181

554

55

32

6

185

33

21

’ 127

33

21 

' 127

10

1

177

3,132,179 fl

2,411,720

2,300,977

2,964,852

1,077,867

3,051,101

11,286,045

8,855,913

4,509,246

1,361,270 I

6,168,610

829,061

1,678,448

440,902

956,349

8,578,398

713,173

66,537,749

2,927,365

758,803

11,308,979

2,709,931

2,056,390

16,385,849

1,407,145

1,026,544

750,003

3,322,393

12,325,099

1,005,254

522,536 i

3,264,111

3,122,430 fl

1,273,467 fl

4,663,315

421,109

32,267

21,432

618,504

35,823

3,132,179

2,411,720

2,300,977

2,964,852

662,810

2,489,982

5,492,946

8,855,913

4,187,948

1,361,270

6,168,610

829,061

1,678,448

440,902

413,049

7,231,174

713,173

45,101,190

2,927,365

758,803

11,280,687

2,709,931

2,013,527

14,295,677

899,392

1,026,544

750,003

3,322,393

12,325,099

1,005,254

402,727

3,264,111

2,740,633

1,273,467

4,637,870

421,109

32,267 i

21,432 I

618,504

35,644

3,065,856

2.409.676

2.291.277

2,964,164

629,009

2,350,876

5,404,847

8,837,864

4,176,980

1,351,311

6.150.277

829,004

1,652,371

440,902

403,302

7,231,143

713,173

44,568,939

2,889,161

650,091

11,278,837

2,708,291

2,005,018

14,260,307

871,364

1.022.677

750,003

3,314,142

12,283,598

1,000,895

402,727

3,264,111

2,721,788

1,266,203

4,632,786

421,109

25,479

’550,876*

35,644

66,323

2,044

9,700

688

33,801

139,106

88,099

18,049

10,968

9,959

18,333

57

26,077

a

|

415,057

561,119

5,793,099

321,298

309,244

555,304

1,055,200

’321,298

105,813

5,815

4,737,899

9,747

31

532,251’

38,204

108,712

1,850

1,640

8,509

35,370

28,028

3,867

543,300

1,347,224

21,436,559 I

543,300

1,347,224

12 i ^436,559

28,292 28,292

42,863

2,090,172

507,753

42,863

2,090,172

507,753

y

8,251

41,501

4,359

1

|

|

119,809 119,809

18,845

7,264

5,084

381,797 381,797

25,445 | 24,719 726

6,788

21,432

67,628

179 179

1 Includes 28 noninsured banks of deposit (3 in Colorado, 19 in Georgia, 2 in Iowa, and 4 in Texas) for which asset, liability, and capital account data are not available.

2 Formerly designated as “ Continental United States” . Alaska was admitted to Statehood January 3, 1959, and Hawaii, August 21, 1959.

8 Includes Puerto Rico and the Virgin Islands.

4 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

5 In United States possessions (American Samoa, Guam, and Midway Islands) and Trust Territories (Kwajalein and Saipan). Consists of deposit data for 1 noninsured bank in

American Samoa and for the following branches: 4 branches in the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and

2 noninsured branches (1 on Midway Island and 1 on Kwajalein Island in Marshall Islands) operated by an insured bank in Hawaii.

6 Consists of asset and liability data for 4 noninsured branches operated by 2 insured banks in New York.

7 Includes asset and liability data for 13 insured branches operated by 2 insured banks in New York.

8 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: See the Annual Report for 1959, pp. 126-127, and earlier reports.

ooNUMBER. OFFICES, AND DEPOSITS OF BANKS

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Federal Reserve Bank of St. Louis
A s s e t s a n d L i a b i l i t i e s o f B a n k s

Table 106.

Table 107.

Table 108. 

Table 109.

Table 105. Assets and liabilities of all banks in the United States (States and other areas), 

June 15, 1960

Banks grouped according to insurance status and type of bank

Assets and liabilities of all banks in the United States (States and other areas), 

December 31, 1960 

Banks grouped according to insurance status and type of bank

Assets and liabilities of all banks in the United States (States and other areas), 

December 31, 1960 

Banks grouped by district and State

Assets and liabilities of insured banks in the United States (States and other 

areas), December 31, 1960, June 15, 1960, and December 31, 1959

Distribution of insured commercial banks in the United States (States and other 

areas), December 31, 1960 

Banks grouped according to amount of deposits and by ratios of selected items to

assets

The data in these tables relate to banks operating in the United States

(States and other areas). Data from the same tabulations for all banks

in each State and other area are also shown in the Corporation’s

publication, “Assets, Liabilities, and Capital Accounts, Commercial and

Mutual Savings Banks,” as follows:

For June 15, 1960 Report No. 53, pp. 6-7.

For December 31, 1960 Report No. 54, pp. 6-7.

Digitized for FRASER 

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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.

Total deposits shown in these tables are not the same as the deposits

upon which assessments paid to the Federal Deposit Insurance Corporation are based. The assessment base is slightly lower due to certain

exclusions which are permitted and deductions which may be claimed.

Asset and liability data for noninsured banks are tabulated from

reports pertaining to the individual banks. In a few cases these reports

are not as detailed as those submitted by insured banks, and some of

the items reported have been allocated to more detailed categories

according to the distribution of asset and liability data for insured

State banks not members of the Federal Reserve System or for other

noninsured banks.

Sources of data

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller

of the Currency.

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.

ASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

T a b le 105. A s s e t s 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), J u n e 15; I9601

Asset, liability, or capital account item

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

Cash, balances with other banks, and cash

collection items— total................................

Currency and coin.................................................

Reserve with F. R. banks (member banks). .

Demand balances with banks in U. S..............

Other balances with banks in U. S...................

Balances with banks in foreign countries. . . .

Cash items in process of collection...................

Securities— total.....................................................

U. S. Gov’t, obligations (incl. guaranteed)...

Obligations of States and subdivisions............

Other bonds, notes, and debentures.................

Corporate stocks....................................................

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 FH A or V A .

Secured by other properties...............................

Loans to commercial and foreign banks*........

Loans to other financial institutions*...............

Loans to brokers and dealers in securities-----

Other loans for carrying securities....................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation....................

Other loans to farmers (excl. real estate). . . .

Commercial and industrial loans................... ..

Other loans to individuals...................................

All other loans (including overdrafts)..............

Miscellaneous assets— total...............................

Bank premises owned, furniture and fixtures.

Other real estate— direct and indirect.............

All other miscellaneous assets............................

All banks

Total Insured

282,871,696

47,955,923

3,892,428

17,918,423

11,472,884

170,421

97,206

14,904,561

273,540,203

87,191,273

61,614,235

17,524,131

6,654,946

1,397,961

141,836,281

2,452,599

144,288,880

54,221,345

1,694,298

12,535,747

11,899,607

19,127,959

8,963,734

2,373,287

7,089,137

2,604,307

1,755,168

130,561

5,243,918

42,150,087

25,935,914

2,785,156

47,504,996

3,336,866

17,918,423

11,110,019

167,663

96,059

14,875,966

5,888,219

3,033,995

341,825

2,512,399

83,406,696

59,150,305

17,193,716

6,024,683

1,037,992

136,907,882

2,433,168 139,341,050

49,849,800

1,666 Ml

11,928,882

10,803,264-

16,926,081

8,525,632

2,366,667

7,069,795

2,586,204

1,731,889

125,973

5,204,008

41,945,213

25,703,380

2,758,121

5,720,629

2,973,741

325,537

2,421,351

Noninsured

9,331,493

450,927

55,562

362,865

2,758

1,147

28,595

3,784,577

2,463,930

330,415

630,263

359,969

4,928,399

19,431

4,947,830

4,371,545

27,857

607,365

1,096,31#

2,201,878

US 8,102

6,620

19,342

18,103

23,279

4,588

39,910

204,874

232,534

27,035

167,590

60,254

16,288

91,048

Commercial and stock savings banks and

nondeposit trust companies

Total

243,273,551

47,191,560

3,277,109

17,917,456

10,965,405

59,127

97,206

14,875,257

Insured

241,329,397

46,881,303

3,252,596

17,917,456

10,702,249

56,468

96,059

14,856,475

74,960,946

54,986,539

16,827,248

2,542,195

604,964

73,995,605

54,407,790

16,581,317

2,450,881

555,617

115,766,862

2,226,076 117,992,938

28,438,706

1,611,216

5,988,977

3,041,776

11,302,114

6,464,623

2,373,287

7,089,137

2,604,307

1,740,069

130,561 I

5,242,238 I

41,986,347

25,632,640 I

2,755,646

115,186,386

2,222,381 117,408,767

28,323,439

1,624,840

5,978,962

3,033,098

11,244,899

6,441,640

2,366,667

7,069,795

2,586,204

1,719,748

125,973

5,202,352

41,783,952

25,495,947

2,734,690

5,354,183

2,784,142

327,767

2,242,274

5,266,103

2,767,773

315,801

2,182,529

Noninsured

Banks

of deposit

1,737,161

274,535

23,230

’ 234,749*

409

1,126

15,021

852,732

530,855

212,835

88,349

20,693

548,257

3,638 551,895

100,554

15,235

6,386

7,605

50,962

20,366

6,620

19,342

12,683

15,965

4,588

39,700

198,062

135,328

19,053

61,637

9,582

3,634

48,421

Nondeposit

trust

companies*

206,993

35,722

1,283

28,407'

2,250

21

3,761

112,609

47,894

33,096

2,965

28,654

32,219

57 32,276

14,713

1,141

3,629

1,073

6,253

2,617

5,420

4,356

186

4,333

1,365

1,903

26,443

6,787

8,332

11,324

Mutual savings banks

Total

39,598,145

Insured

32,210,806

764,363

115,319

967

507,479

111,294

29,304

12,230,327

6,627,696

696,883

4,112,751

792,997

26,069,419

226,523 26,295,942

25,782,639

53,082

6,546,770

8,857,831

7,825,845

2,499,111

(»)

(•)

623,693

84,270

967

407,770

111,195

19,491

9,411,091

4,742,515

612,399

3,573,802

482,375

21,721,496

210,787 21,932,283

21,526,361

41,601

5,949,420

7,770,166

5,681,182

2,083,992

(*)

(»)

15,099 12,141

1,680

163,740

303,274 I

29,510

1,656

161,261

207,433

23,431

534,036 1 

249,853

14,058

270,125

454,526

205,968

9,736

238,822

Noninsured

7,387,339

140,670

31,049

99,709

99

9,813

2,819,236]

1,885,181]

84,484

538,949

310,622

4,347,923

15,736 4,363,659

4,256,278

11,481

597,350

1,087,665

2,144,663

415,119

(3)

b

2,958

24

2,479

95,841

6,079

79,510

43,885

4,322

31,303

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Total liabilities and capital accounts...............

Business and personal deposits— total.........

Deposits of individuals, partnerships, and

corporations— demand.....................................

Deposits of individuals, partnerships, and

corporations— time............................................

Certified and officers’ checks, and letters of

credit and travelers’ checks sold for cash. .

Government deposits— total.............................

United States Government— demand..............

United States Government— time.....................

States and subdivisions— demand.....................

States and subdivisions— time...........................

Interbank and postal savings deposits—

total.....................................................................

Banks in the United States— demand.............

Banks in the United States— time....................

Banks in foreign countries— demand...............

Banks in foreign countries— time.....................

Postal savings

282,871,696 1 273,540,203 9,331,493 243,273,551 241,329,397 1,737,161 206,993 39,598,145 32,210,806 7,387,339

213,172,166

110,652,175

98,802,633

3,717,358

205,709,267

109,987,978

92,051,782

3,669,507

7,462,899

664,197

6,750,851

47,851

177,856,117

110,630,839

63,513,299

3,711,979 |

176,902,408

109,966,680

63,271,183

3,664,545

884.427

604.428

232,597

47,402

69,282

59,731

9,519

32

35,316,049

21,336

35,289,334

5,379

28,806,859

21,298

28,780,599

4,962

6,509,190

38

6,508,735

417

21,190,401

6,432,880

254,020

10,837,182

3,666,319

20,969,107

6,407,673

250,608

10,720,704

3,590,122

221,294

25,207

3,412

116,478

76,197

21,173,549 1 20,954,434

6,429,930 S 6,405,223

253,986 J 250,578

10,835,431 1 10,718,953

3,654,202 j 3,579,680

219,115

24,707

3,408

116,478

74,522

16,852

2,950

34

1,751

12,117

14,673

2,450

30

1,751

10,442

2,179

500

4

1,675

15,397,9321 15,110,435

12,493,940 J 12,364,558

227,459 116,463

1,436,364 1,400,509

1,221,209 1,209,959

18,960 18,946

287,497

129,382

110,996

35,855

11,250

14

15,395,7821 15,108,373

12,493,597 8 12,364,215

225,652 B 114,744

1,436,364 1 1,400,509

1,221,209 1 1,209,959

18,960 J 18,946

286,921

128,896

110,908

35,853

11,250

14

488

486

2

2,150 I 2,062

343 8 343

1,807 1 1,719

88

88

Total deposits..................................................

Demand............................................................

Tim e..................................................................

Miscellaneous liabilities— total.......................

Rediscounts and other borrowed money.........

Ail other miscellaneous liabilities......................

Total liabilities (excluding capital

accounts).......................................................

Capital accounts— total..................................

Preferred capital....................................................

Common stock . . .

249,760,499

145,569,899

10^,190,600

241,788,809

1 U ,550,929

97,237,880

7,971,690

1,018,970

6,952,720

214,425,448

1U5,538,1 U0

68,887,308

212,965,215

1AA,520,125

68,U5,090

1,390,463

957,764

U32,699

69,770

60,251

9,519

35,335,051 I 28,823,594

31,759 30,80A

35,303,292 | 28,792,790

6,511,457

6,510,502

9,254,149

2,616,850

6,637,299

9,010,879

2,583,760

6,427,119

243,270

33,090

210,180

8,456,167

2,612,547

5,843,620

8,358,514

2,580,185

5,778,329

83,535

31,006

52,529

14,118

1,356

12,762

797,982

4,303

793,679

652,365

3,575

648,790

145,617

728

144,889

259,014,648 250,799,688 8,214,960 222,881,615 221,323,729 1,473,998 83,888 36,133,033 29,475,959 6,657,074

23,857,048

70,183

6,165,213

11,983,441

5,638,211

22,740,515

40,183

6,051,579

11,458,784

5,189,969

1,116,533

30,000

113,634

524,657

448,242

20,391,936

70,033

6.165.213

20,005,668

40,033

6.051.579

263,163

30,000

74,557

86,065

72,541

123,105

39,077

38,337

45,691

3,465,112

150

2,734,847

150

730,265

Surplus.....................................................................

Undivided profits and reserves..........................

9,588,308 I 9,463,906

4,568,382 J 4,450,150

2,395,133

1,069,829

1,994,878

739,819

400,255

330,010

Number of banks4.......................................................... 14,019 13,415 604 13,503 13,147 301 55 516 268 248

1 Data are as of June 30, 1960, for some noninsured banks.

2 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations,

8 Not reported separately for mutual savings banks.

4 Includes 23 noninsured banks of deposit for which asset and liability data are not available. , ,

Back figures: See the Annual Report for 1959, pp. 130-131, and earlier reports, ^

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 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 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 t h e r A r e a s ) , D e c e m b e r 31, 1960

b a n k s g r o u p e d a c c o r d in g t o in s u r a n c e s t a t u s a n d t y p e o f b a n k

(Amounts in thousands of dollars)

Asset, liability, or capital account item

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

Cash, balances with other banks, and cash

collection items— total................................

Currency and coin.................................................

Reserve with F. R. banks (member banks). .

Demand balances with banks in U. S..............

Other balances with banks in U. S ... .............

Balances with banks in foreign countries. . . .

Cash items in process of collection...................

Securities— total.....................................................

U. S. Gov’t, obligations (incl. guaranteed)...

Obligations of States and subdivisions............

Other bonds, notes, and debentures.................

Corporate stocks....................................................

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 FH A or V A .

Secured by other properties. . ..........................

Loans to commercial and foreign banks8.........

Loans to other financial institutions3...............

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)..............

Miscellaneous assets— total...............................

Bank premises owned, furniture and fixtures.

Other real estate— direct and indirect.............

All other ^miscellaneous assets............................

All banks

Total Insured

298,932,893

53,105,191^

3,512,975

16,720,423

14,201,172

192,786

144,129

18,333,706

291,415,291

52,667,818

3,468,517

16,720,423

13,849,277

190,486

139,553

18,299,562

94,017,014

67,343,341

18,280,540

6,936,857

1,456,276

145,254,712

2,590,553

147,845,265

55,741,451

*1,700,719

12,92 hr17 9

11,845,6*7

*19,898,5U9

29,872,857

971,278

7,130,811

3,284,120

1,842,750

686,458

5,002,992

43,463,105

26,780,907

2,941,393

90,962,106

65,308,493

17,954,009

6,517,679

1,181,925

6,555,976

3,107,655

403,990

3,044,331

141,373,751

2,573,216

143,946,967

52,425,085

1,677,97k

12,509,962

10,98k,k00

18,269M 7

8,983,702

970,914

7,114,961

3,247,309

1,819,642

677,001

4,964,534

43,236,257

26,574,705

2,916,559

6,411,616

3,056,687

388,757

2,966,172

Noninsured

7,517,602

437,373

44,458

351,895

2,300

4,576

34,144

3,654,908

2,034,848

326,531

419,178

274,351

3,880.961

17,337

3,898,298

3,316,366|

222,7k5

U 1,217

861,2h7

*1,629,502

2388,655

364

15,850

36,811

23,108

9,457

38,458

226,848

206,202

24,834

144,360

50,968

15,233

78,159

Commercial and stock savings banks and

nondeposit trust companies Mutual savings banks

Total Insured

258,358,952 | 256,322,819

52,232,712

3,370,676

16,719,644

13,643,775 fi

67,517 1

144,129

18,286,971 [

51,901,992

3,347,489

16,719,644

13,369,072

65,237

139,553

18,260,997

82,025,350

61,104,156 I

17,608,566 I

2,685,649 f

626,979 I

81,020,238

60,521,956

17,336,667

2,590,562

571,053

118,132,495

2,360,839

120,493,334 fl

28,806,310

I,6k7,5k7 I

5,850,521

2,859,3k6

ll,652,k79

6,796,147

971,278

7,130,811

3,284,120

1,833,199

686,458

5,001,092

43,358,596

26,512,302

2,909,168

5,968,395

2,846,313

387,703

2,734,379

117,521,611

2,356,217

119,877,828

28,694,419

t.l ,631,073

5,8J>1,001

2,851,097

11,596,256

6,77k,992

970,914

7,114,961

3,247,309

1,811,120

677,001

4,962,634

43,132,100

26,376,970

2,890,400

5,878,978

2,829,328

375,212

2,674,438

Noninsured

Banks

of

deposit

1,820,577

297,771

21,890

' 248,897'

389

4,565

22,030

883,426

534,589

237,043

91,381

20,413

576,493

4,565 581,058

96,634

15,321

5,888

7,808

k9,k8k

18,688

364

15,850

30,170

17,623

9,457

38,283

221,904

133,917

16,856

62,887

10,197

3,880

48,810

Nondeposit

trust

companies1

215,556

32,949

1,297

25,806

1,891

11

3,944

121,686

47,611

34,856

3,706

35,513

34,391

57

34,448

15,257

1,153

6,789

2,787

6,641

4,456

175

4,592

1,415

1,912

26,530

6,788

8,611

11,131

Total Insured

40,573,941 35,092,472

872,479

142,299

779

557,397

125,269

’ 46 ,735 I

765,826

121,028

779

480,205

125,249

‘ 38,565

11,991,664

6,239,185

671,974

4,251,208

829,297

9,941,868

4,786,537

617,342

3,927,117

610,872

27,122,217

229,714 27,351,931 

26,935,141

253,172 I

7,073,658

8,986,301

*8,2k6,070

*2,575,9kO

<*)

(3)

23,852,140

216,999 24,069,139

23,730,666

k6,901

6,668,961

8,183,303

6,672,791

2,208,710

(3)

(*)

9,551 8,522

1,900

104,509

268,605

32,225

1,900

104,157

197,735

26,159

587,581

261,342

16,287

309,952

532,638

227,359

13,545

291,734

Noninsured

5,481,469

106,653

21,271

* 77,192

20

8,170

2,049,796

1,452,648

54,632

324,091

218,425

3,270,077

12,715

3,282,792

3,204,475

26,271

k0k,697

852,998

21,573,279

2367,230

(3)

(3)

1,029

352

70,870

6,066

54,943

33,983

2,742

18,218

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Business and personal deposits— tota l.........

Deposits of individuals, partnerships, and

corporations— demand.....................................

Deposits of individuals, partnerships, and

corporations— time...........................................

Certified and officers’ checks, and letters of

credit and travelers’ checks sold for cash. .

Government deposits— total.............................

United States Government— demand..............

United States Government— time.....................

States and subdivisions— demand.....................

States and subdivisions— time...........................

Interbank andi postal savings ^deposits—

total.....................................................................

Banks in the United States— demand.............

Banks in the United States— time....................

Banks in foreign countries— demand...............

Banks in foreign countries— time.....................

Postal savings.........................................................

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

Number of banks4. .. .

Total liabilities and capital accounts.............. 298,932,893

225,373,996

117,370,273

103,383,477

4,620,246

22,593,551

5.965.582

257,658

11,768,729

4.601.582

18,917,001

15,470,903

316,941

1,627,020

1,484,177

17,960

266,884,548

156,822,753

110,061,795

7,445,646

184,371

7,261,275

274,330,194

24,602,699

68,019

6,283,597

12,510,308

5,740,775

291,415,291

219,497,827

116,627,730

98,288,936

4,581,161

22,373,193

5,943,322

254,281

11,652,355

4,523,235

18,624,464

15,355,326

200,192

1,582,246

1,468,754

17,946

260,495,484

155,7^2,H 0

104,758,8U

7,263,444

154,979

7,108,465

267,758,928

23,656,363

38,019

6,169,795

12,076,683

5,371,866

7,517,602

5,876,169

742,543

5,094,541

39,085

220,358

22,260

3,377

116,374

78,347

292,537

115,577

116,749

44,774

15,423

14

6,389,064

1,080,613

5,308,451

182,202

29,392

152,810

6,571,266

946,336

30,000

113,802

433,625

368,909

258,358,952 | 256,322,819

189,043,122

117,348,348

67,079,483

4,615,291

22,573,529

5,961,518

257,474

11,766,747

4,587,790

188,016,114

116,605,805

66,834,103

4,576,206

22,354,442

5,939,686

254,101

11,650,373

4,510,282

18,915,213

15,470,578 [

315,478 1

1,627,020 fi

1,484,177 I

17,960 fl

18,622,676

15,355,001

198,729

1,582,246

1,468,754

17,946

230,531,864

156,789,502

78,7^2,862

6,777,064

180,817

6,596,247

237,308,928

21,050,024

67,869

6,283,597

10,041,491

4,657,067

228,993,232

155,709,817

73,283,915

6,671,245

151,900

6,519,345

235,664,477

20,658,342

37,869

6,169,795

9,916,178

4,534,500

1,820,577

955,728

682,059

234,641

39,028

219,087

21,832

3,373

116,374

77,508

292,397

115,437

116,749

44,774

15,423

14

1,467,212

1,019,50 U

447,708

88,307

26,678

61,629

1,555,519

265,058

30,000

74,593

85,585

74,880

215,556

71,280

60,484

10,739

57

140

140

71,420

60,681

10,789

17,512

2,239

15,273

88,932

126,624

‘ 89,209

39,728

47,687

40,573,941

36,330,874

21,925

36,303,994

4,955

20,022

4,064

184

1,982

13,792

1,788

325

1,463

36,352,684

83,251

36,319,433

668,582

3,554

665,028

35,092,472

31,481,713

21,925

31,454,833

4,955

18,751

3,636

180

1,982

12,953

1,788

325

1,463

31,502,252

82,823

31,469,429

592,199

3,079

589,120

37,021,266 32,094,451

3,552,675

150

2,998,021

150

2,468,817

1,083,708

2,160,505

837,366

5,481,469

4.849.161

4.849.161

1,271

428

4

4,850,432

428

4,850,00k

76,383

475

75,908

4,926,815

554,654

308,312

246,342

13,999 13,451 548 13,484 13,126 304 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 Revised.

8 Not reported separately for mutual savings banks.

4 Includes 28 noninsured banks of deposit for which asset and liability data are not available.

Back figures, 1934.-1959: See the preceding table and the Annual Report for 1959, pp. 132-133, and earlier reports.

00ASSETS AND LIABILITIES OF BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

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 o f A l l 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 t h e r A r e a s ) , D e c e m b e r 31, 1960

BANKS GROUPED BY DISTRICT AND STATE

(Amounts in thousands of dollars)

FDIC District

and State

Number of

banks1

Assets

Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans, discounts, and

overdrafts

Miscellaneous

Liabilities and capital accounts

Total

Deposits

Business

and

personal2

Government3Interbank4

Miscellaneous

liabilities

Total

capital

accounts

Total United States..

48 States and D. C.8. .

50 States and D. C .. .

Other areas.

FDIC District

District 1 ...

District 2®. .

District 3 ...

District 4 ...

District 5 ...

District 6 ...

District 1 ...

District 8 ...

District 9 ...

District 10..

District 11..

District 127.

State

Alabama. . .

Alaska.........

Arizona. . . .

Arkansas...

California. .

Colorado......................

Connecticut................

Delaware.....................

District of Columbia.

Florida.........................

Georgia.

Hawaii..

Idaho.. .

Illinois. .

Indiana.

Iowa..........

Kansas. . . .

Kentucky.

Louisiana.

Maine........

13,999

13,960 13,935

14

762

838

1,297

966

1,161

1,515

1,390

1,639

1,141

1,649

1,266

375

238

13

10

237

117

192

141

22

12

309

421

12

32

966

447

673

587

355

190

79

53,105,191

52,859,038 53,018,572

86,619

2,471,927

14,160,731

5,118,619

2,841,512

2,834,423

3,330,833

3,456,632

4,328,420

1,336,795

2,335,431

4,843,944

6,045,924

483,760

37,222

269,755

340,890

4,499,704

492,025

583,229

155,189

349,727

1,243,388

783,379

122,312

110,183

3,672,454

1,024,644

655,966

527,700

577,910

801,987

123,457

67,343,341

66,960,680 67,236,284

107,057

5,121,448

15,259,765

7,424,658

3,783,915

3,236,373

3,622,433

5,958,258

6,402,896

1,976,108

2,610,805

4,213,542

7,733,140

590,509

73,506

242,035

329,798

5,572,033

549,429

1,009,140

276,374

465,554

1,584,703

719,890

202,098

201,696

5,517,876

1,745,779

885,020

716,123

723,979

845,737

291,117

26,673,673

26,547,524 26,613,883

59,790

2,244,362

8,130,542

3,373,366

1,237,606

1,091,257

1,116,292

1,707,437

2,089,602

719,888

820,658

1,440,843

2,701,820

252,586

16,371

96,316

168,402

1,968,861

103,427

735,584

136,204

56,103

405,390

209,759

49,988

48,451

1,775,522

333,595

314,080

314,225

141,602

289,835

157,379

145,254,712

144,253,355 144,755,957

498,755

12,669,551

47,444,766

14,665,290

6,473,855

5,084,174

6,207,497

8,698,275

9,746,472

3,394,589

4,314,573

8,028,370

18,527,300

985,067

92,845

759,816

560,364

14,079,198

1,045,105

3,112,506

420,609

772,944

2,013,955

1,517,986

409,757

334,808

8,174,153

2,145,396

1,572,319

1,075,912

1,083,741

1,263,249

628,004

6,555,976 I 298,932,893

6,450,552 6,480,171

75,805

358,686

2,586,497

506,848

303,056

257,827

190,928

330,371

289,606

123,736

139,924

472,438

996,059

38,350

5,162

49,671

19,463

773,334

38,023

75,196

18,403

34,741

127,470

65,481

24,457

12,696

257,482

74,311

32,124

27,447

28,923

54,136

20,405

225,373,996

297,071,149 224,190,206 298,104,867 224,860,602

828,026

22,865

87,582,

31,088!

14,639

12,504

14,467

20,150!

22,856!

7,551

10,221

18,999

36,004!

,974

,301

,781

,944

,054

,983

,973

,996

,116

,391

,137

,243

2,350

225

1,417,

1,418

26,893

,272

,106

,593

,917

,130

2,228,009

5,515,655

1,006,779

1,679,069

5,374,906 |

3,296,495

808,612

707,834

19,397,487

5,323,725

3,459,509 |

2,661,407

2,556,155

3,254,944

1,220,362

513,394

18,591,789

65,494,975

24,496,014

10,922,665

8,791,130

10,196,075

15,827,795

17,148,566

5,646,729

7,299,509

13,178,828

27,779,921

1,704,923

148,911

1,078,082

1,069,049

20,857,146

1,686,019

4,654,748

785,256

1,410,805

3.824.459

2,243,546

521,485

549,234

14,477,617

4,017,683

2,670,949

1,786,446

1.857.459

2,193,717

1,015,067

22,593,551

22,168,308 22,418,167

175,384

957,325

4,082,112

1,972,235

1,321,676

1,577,547

1,298,053

1,861,106

1,713,506

731,867

1,244,513

2,134,299

3,699,312

313,108

59,331

165,151

128,283

2,561,005

190,840

196,810

70,834

48,163

641,253

385,803

190,528

93,464

1,430,044

629,079

283,462

505,401

224,260

461,133

49,431

18,917,001

18,881,959 18,897,753

19,248

607,209

7,060,351

1,226,579

830,301

935,585

1,589,425

641,656

1,772,062

468,517

699,826

1,962,545

1,122,945

102,688

1,616

29,315

94,241

920,077

145,781

54,823

10,874

73,086

416,564

310,648

14,178

6,528

1,594,294

164,567

177,768

119,873

219,258

310,002

13,369

7,445,646

7,376,480 7,390,697

54,949

561,647

5,513,758

594,854

343,319

192,822

187,001

320,254

338,012

98,110

109,191

227,156

959,522

33,420

1,247

37,402

8,135

802,022

33,519

126,266

39,976

26,097

78,104

68,099

12,970

8,126

322,587

97,779

15,425

18,961

27,212

34,373

22,734

24,602,699

24,454,196 24,537,648

65,051

2,148,004

7,431,105

2,799,099

1,221,983

1,006,970

1,197,429

1,500,162

1,884,850

605,893

868,352

1,496,309

2,442,543

196,133

14,001

107,643

119,209

1,752,880

171,850

483,008

99,839

120,918

414,526

288,399

69,451

50,482

1,572,945

414,617

311,905

230,726

227,966

255,719

119,761

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Maryland................

Massachusetts. . . .

Michigan.................

Minnesota...............

Mississippi..............

Missouri..................

Montana.................

Nebraska.................

Nevada....................

New Hampshire...

New Jersey.............

New Mexico...........

New York...............

North Carolina-----

North Dakota. . . .

Ohio..........................

Oklahoma...............

Oregon.....................

Pennsylvania.........

Rhode Island.........

South Carolina........

South Dakota........

Tennessee...............

Texas.......................

Utah...........................

Vermont...................

Virginia................... .

Washington.............

West Virginia..........

Wisconsin.................

Wyoming..................

Other area

Pacific Islands8........

Panama Canal Zone

Puerto Rico10...........

Virgin Islands11. . . .

139

356

380

690

193

626

121

426

7

107

274

55

529

183

156

587

389

52

710

17

145

174

297

1,011

50

62

305

91

182

563

55

531,868

1,466,280

1,533,349

937,406

323,896

1,583,816

160,159

407,772

55,640

92,159

1,242,097

168,142

12,684,673

775,713

107,116

2,203,770

806.967

393,397

2,914,849

150,677

236,916

132,114

828,217

3,604,060

221,536

56,125

671,514

598,083

275,774

898,639

100.967

4,898

2,949

73,779

4,993

933,427

3,171,024

2,707,953

1,170,726

341,271

1,769,210

272,536

482,916

124,633

244,924

2,203,404

227,319

12,675,111

682,778

277,741

3,450,905

715.446

525,524

3,973,753

292,314

308,007

255,105

799.446

2,898,451

248.657

112,929

901.657

782,812

492,492

1,504,526

146,891

2,181

99,004

5,872

316,235

995,572

984,703

448,226

223,522

516,785

80,607

122,359

37,385

100,761

1,331,991

45,648

6,602,557

338,738

127,317

993,699

252,117

246,002

2,379,667

214,584

128,647

63,738

289,503

1,009,044

68,609

40,482

298,247

266,153

99,636

389,139

28,530

56,645

3,145

1,505,283

7.025.355

4,348,920

2,342,584

567,166

2,874,536

377,345

835,324

251,899

639,070

4,530,196

321,442

42,008,715

1,473,679

315,398

5,716,142

1.180.355

1,065,410

8,949,148

902,093

459,996

359,262

1,688,856

5,683,863

545,134

362,523

1,706,204

1,734,740

555,749

2,203,959

177,877

11,599

1,910

467,903

17,343

90,755

214,043

164,321

84,028

26,526

79,137

16,190

20,536

12,041

17,209

159,488

13,925

2,364,092

70,419

11,569

193,629

46,010

51,171

313,219

21,840

18,801

11,949

63,405

354,706

17,826

9,993

65,220

68,081

23,120

91,739

7,908

14,662

16,629

37,920

6,594

3,377,568

12,872,274

9,739,246

4,982,970

1,482,381

6,823,484

906,837

1,868,907

481,598

1,094,123

9,467,176

776,476

76,335,148

3,341,327

839,141

12,558,145

3,000,895

2,281,504

18,530,636

1,581,508

1,152,367

822,168

3,669,427

13,550,124

1,101,762

582,052

3,642,842

3,449,869

1,446,771

5,088,002

462,173

33,340

21,488

735,251

37,947

2,658,500

10,201,634

7,690,642

3,710,433

1,018,202

4,736,989

692,818

1,331,172

365,521

896,781

7,832,184

540,397

56,391,836

2,239,498

607,732

9,856,971

2,160,768

1,755,984

14,639,043

1,330,901

816,426

635,746

2,532,578

9,366,632

786,690

492,658

2,715,488

2,767,255

1,081,948

4,119,470

335,104

18,317

9,378

465,674

20,025

266.554

574,605

904,477

393,933

237,383

591,649

101,300

170,127

73,930

47,520

658,802

154,833

3,202,905

366,155

138,004

1,042,720

310,364

264.555

929,515

61,263

169,212

98,630

353,861

1,353,182

163,801

27,696

337,567

266,885

134,025

327,550

67,781

13,867

11,946

133,892

15,679

126,047

509,806

260,794

404,880

105,685

839,972

34.943

177,149

1,451

12,048

87,412

17.943

6,943,008

321,712

13,067

409,288

238,799

35,851

817,291

14,981

40,906

15,627

435,954

1,605,285

54,763

2,182

211,056

88,290

57,494

216,295

18,224

83

108

18,938

119

50,154

338,378

162,481

66,634

13,199

81,468

14,722

22,758

10,254

23,666

199,685

8,973

5,219,978

142,793

8,280

225,027

29,189

46,326

369,827

41,457

28,774

8,474

70,186

146,408

19,432

9,146

70,588

58,315

24,913

59,994

4,764

774

56

53,660

459

276,313

1,247,851

720,852

407,090

107,912

573,406

63,054

167,701

30,442

114,108

689,093

54,330

6,577,421

271,169

72,058

1,024,139

261,775

178,788

1,774,960

132,906

97,049

63,691

276,848

1,078,617

77,076

50,370

308,143

269,124

148,391

364,693

36,300

299

63,087

1,665

4 Interbank deposits and postal savings deposits.

6 Formerly designated as “ Continental United States’

6 Includes Puerto Rico and the Virgin Islands.

7 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

Alaska was admitted to Statehood January 3, 1959 and Hawaii, August 21, 1959.

------ uu mmnojr ioiauu auu J. uu. XSldUU 111 lYJLHISirnU AKiailUS) operated Dy an

9 Consists of asset and liability data for 4 noninsured branches operated by 2 insured banks in New York.

10 Includes asset and liability data for 13 insured branches 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, 1945-1959: See the Annual Report for 1959, pp. 134-135, and earlier reports.

i4^

Ox ASSETS AND LIABILITIES OF BAN 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 i a b i l i t i e s o f I n s u r e d B a n k s in t h e U n i t e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) ,

D e c e m b e r 31, 1960, J u n e 15, 1960, a n d D e c e m b e r 31, 1959

(Amounts in thousands of dollars)

Assets

All insured banks Insured commercial banks1 Insured mutual savings banks

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

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

Cash, balances with other banks, and cash collection items— total..................................................

Currency and coin..............................................................

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

United States non-marketable bonds.......................

Other bonds maturing in 5 years or less.................

Other bonds maturing in 5 to 10 years....................

Other bonds maturing in 10 to 20 years.................

Other bonds maturing after 20 years.......................

Guaranteed obligations...................................................

Other securities— total....................................................

Obligations of States and subdivisions.........................

Other bonds, notes, and debentures..............................

Federal Reserve bank stock............................................

Other corporate stocks......................................................

Total securities........................................................

291,415,291 273,540,203 275,165,376 256,322,819 241,329,397 243,422,660 35,092,472 32,210,806 31,742,716

52,667,818

3,468,517

16,720,423

13,849,277

190,486

139,553

18,299,562

47,504,996

3,336,866

17,918,423

11,110,019

167,663

96,059

14,875,966

49,897,540

3,114,381

17,932,211

12,393,949

137,634

110,539

16,208,826

51,901,992

3,347,489

16,719,644

13,369,072

65,237

139,553

18,260,997

46,881,303

3,252,596

17,917,456

10,702,249

56,468

96,059

14,856,475

49,211,482

3,010,391

17,930,867

11,928,087

55,771

110,539

16,175,827

765,826

121,028

779

480,205

125,249

........ 38,'565

623,693

84,270

967

407,770

111,195

........ 19,491

686,058

103,990

1,344

465,862

81,863

” ” 32,999

65,308,493

8,110,441

2,965,060

19,628,561

796,533

22,082,834

7,528,832

2,540,359

1,527,198

128,675

59,150,305

3,686,299

2,276,615

15,739,899

971,072

24,999,941

8,173,070

2,380,916

814,329

108,164

63,406,560

6,335,854

2,492,967

15,229,161

1,347,518

22,535,155

11,260,410

3,271,790

867,055

66,650

60,521,956

7,998,543

2,887,207

18,876,659

586,994

21,647,553

6,086,334

1,815,058

523,879

99,729

54,407,790

3,531,518

2,186,020

15,096,743

705,251

24,517,777

6,111,663

1,724,900

460,624

73,294

58,390,541

6,191,754

2.405.804

14,735,040

784,386

22,046,880

9.547.804

2,182,690

454,285

41,898

4,786,537

111,898

77,853

751,902

209,539

435,281

1,442,498

725,301

1,003,319

28,946

4,742,515

154,781

90,595

643,156

265,821

482,164

2,061,407

656,016

353,705

34,870

5,016,019

144,100

87,163

494,121

563,132

488,275

1,712,606

1,089,100

412,770

24,752

25,653,613

17,954,009

6,517,679

408,754

773,171

24,256,391

17,193,716

6,024,683

398,491

639,501

24,813,385

17,390,826

6,384,676

387,358

650,525

20,498,282

17,336,667

2,590,562

408,698

162,355

19,587,815

16,581,317

2,450,881

398,436

157,181

20,191,801

16,753,880

2,898,781

387,275

151,865

5,155,331

617,342

3,927,117

56

610,816

4,668,576

612,399

3,573,80255

482,320

4,621,584

636,946

3,485,895

83

498,660

90,962,106 83,406,696 88,219,945 81,020,238 73,995,605 78,582,342 9,941,868 9,411,091 9,637,603

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

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 FH A or V A ...........

Secured by other properties...........................................

Loans to domestic commercial and foreign banks2. ..

Loans to other financial institutions2............................

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 (including open

market paper).................................................................

Other loans to individuals 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......................................................

To total assets other than cash and U. S. Government obligations:

Total capital accounts......................................................

141,373,751

2,573,216 143,946,967

52,425,085

1,677,97k

136,907,882

2,433,168 139,341,050

49,849,800

1,666,U1

131,636,872

2,377,750 134,014,622

48,915,438

1,612,66 k

117,521,611

2,356,217 119,877,828

28,694,419

1,631,073

115,186,386

2,222,381 117,408,767

28,323,439

1,62k,81*0

110,694,852

2.171.789 112,866,641

28,031,357

1.570.790

23,852,140

216,999 24,069,139

23,730,666

U6,901

21,721,496

210,787 21,932,283

21,526,361

1*1,601

20,942,020

205,961 21,147,981

20,884,081

hi ,87 U

12,509,962

10,98k,k00

18,269,0k7

8,983,702

970,914

7,114,961

3,247,309

11,928,382

10,803,26k

16,926,081

8,525,632

2,366,667

7,069,795

2,586,204

11,829,192

10,677,98k

16,535,555

8,260,0k3

819,148

7,118,825

2,981,904

5,8U1,001

2,851,097

11,596,256

6,77k,992

970,914

7,114,961

3,247,309

5,978,962

3,033,098

11,2U,899

6 ,UU ,6k0

2,366,667

7,069,795

2,586,204

6 ,1 1 2 ,m

3,152,759

10,981,k76

6,213,8U8

819,148

7,118,825

2,981,904

1,828,239

6,668,961

8,133,303

6,672,791

2,208,710

(2)

(2)

5,9U9M0

7,770,166

5,681,182

2,083,992

(2)

(2)

5,716,708

7,525,225

5,55 k,07 9

2,0k6,195

(2)

(2)

1,819,642 1,731,889 1,832,509 1,811,120 1,719,748 8,522 12,141 4,270

677,001 125,973 196,071 677,001 125,973 196,071

4,964,534 5,204,008 4,789,080 4,962,634 5,202,352 4,787,399 1,900 1,656 1,681

43,236,257

26,574,705

2,916,559

41,945,213

25,703,380

2,758,121

40,287,616

24,287,265

2,786,766

43,132,100

26,376,970

2,890,400

41,783,952

25,495,947

2,734,690

40,195,317

24,133,935

2,774,446

104,157

197,735

26,159

161,261

207,433

23,431

92,299

153,330

12,320

232,335,857 220,314,578 219,856,817 198,541,849 189,181,991 189,277,194 33,794,008 31,132,587 30,579,623

3,445,444

2,389,061

667,626

90,024

3,299,278

2,333,899

639,842

91,929

3,108,764

2,235,914

588,720

72,893

3,204,540

2,182,887

646,441

76,479

3,083,574

2,147,196

620,577

82,193

2,900,556

2,053,061

571,433

64,825

240,904

206,174

21,185

13,545

215,704

186,703

19,265

9,736

208,208

182,853

17,287

8,068

298,733 233,608 211,237 298,733 233,608 211,237

2,966,172

1,409,041

1,557,131

2,421,351

982,163

1,439,188

2,302,255

759,720

1,542,535

2,674,438

1,409,041

1,265,397

2,182,529

982,163

1,200,366

2,033,428

759,720

1,273,708

291,734

291/734

238.822

238.822

268.827

268.827

18.1%

22.4

8.8

48.5

2.2

8.1

17.4%

21.6

8.9

50.0

2.1

8.3

18.1%

23.1

9.0

47.8

2.0

8.0

20.2%

23.6

8.0

45.9

2.3

8.1

19.4%

22.6

8.1

47.7

2.2

8.3

20.2%

24.0

8.3

45.5

2.0

7.9

2.2%

13.6

14.7

68.0

1.5

8.5

2.0%

14.7

14.5

67.4

1.4

8.5

2.2%

15.8

14.5

66.0

1.5

8.4

13.7 13.6 13.5 14.4 14.3 14.2 10.1 10.2 10.2

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
D e c e m b e r 31, 1960, June 15, 1960, and D e c e m b e r 31, 1959— C o n tin u e d

(Amounts in thousands of dollars)

Table 108. A s s e t s a n d L ia b i l i t i e s o f I n s u r e d 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 t h e r A r e a s ),

Liabilities and capital

All insured banks Insured commercial banks1 Insured mutual savings banks

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

Dec. 31,

1960

June 15,

1960

Dec. 31,

1959

Total liabilities and capital accounts............................

Business and personal deposits— total......................

Deposits of individuals, partnerships, and corporations— demand........................................................

Deposits of individuals, partnerships, and corporations— time3.............................................................

Certified and officers’ checks, and letters of credit

and travelers’ cheeks sold for cash............................

Government deposits— total..........................................

United States Government— demand...........................

United States Government— time.................................

States and subdivisions— demand..................................

States and subdivisions— time........................................

Interbank and postal savings deposits— total. . . .

Banks in the United States— demand..........................

Banks in the United States— time.................................

Banks in foreign countries— demand............................

Banks in foreign countries— time..................................

Postal savings......................................................................

291,415,291 273,540,203 275,165,376 256,322,819 241,329,397 243,422,660 35,092,472 32,210,806 31,742,716

219,497,827

116,627,730

98,288,936

4,581,161

205,709,267

109,987,978

92,051,782

3,669,507

210,806,402

115,694,170

91,229,464

8,882,768

188,016,114

116,605,805

66,834,103

4,576,206

176,902,408

109,966,680

63,271,183

3,664,545

182,247,441

115,672,124

62,697,268

3,878,049

31,481,713

21,925

31,454,833

4,955

28,806,859

21,298

28,780,599

4,962

28,558,961

22,046

28,532,196

4,719

22,373,193

5,943,322

254,281

11,652,355

4,523,235

20,969,107

6,407,673

250,608

10,720,704

3,590,122

19,893,473

5,051,388

275,889

11,434,085

3,132,111

22,354,442

5,939,686

254,101

11,650,373

4,510,282

20,954,434

6,405,223

250,578

10,718,953

3,579,680

19,877,259

5,048,477

275,544

11,432,447

3,120,791

18,751

3,636

180

1,982

12,953

14,673

2,450

30

1,751

10,442

16,214

2,911

345

1,638

11,320

18,624,464

15,355,326

200,192

1,582,246

1,468,754

17,946

15,110,435

12,364,558

116,463

1,400,509

1,209,959

18,946

16,888,877

13,832,298

101,823

1,675,163

1,259,695

19,898

18,622,676

15,355,001

198,729

1,582,246

1,468,754

17,946

15,108,373

12,364,215

114,744

1,400,509

1,209,959

18,946

16,886,805

13,831,980

100,069

1,675,163

1,259,695

19,898

1,788

325

1,463

2,062

343

1,719

2,072

318

1,754

Total deposits..............................................................

Demand.........................................................................

Tim e..............................................................................

260,495,484

155,7^2,1^0

10k,753,3U

241,788,809

lkk,550,929

97,237,880

247,588,752

151,569,872

96,018,880

228,993,232

155,709,317

73,283,915

212,965,215

lkk,520,125

68,U5,090

219,011,505

151,538,2k0

67^73,265

31,502,252

32,823

31,U69429

28,823,594

30,80k

28,792,790

28,577,247

31,632

28,5k5,615

Miscellaneous liabilities— total....................................

Bills payable, rediscounts, and other liabilities for

borrowed money.............................................................

7,263,444

154,979

1,451,324

5,657,141

9,010,879

2,583,760

1,022,861

5,404,258

5,691,502

617,647

808,920

4,264,935

6,671,245

151,900

1,451,324

5,068,021

8,358,514

2,580,185

1,022,861

4,755,468

5,179,650

608,805

808,920

3,761,925

592,199

3,079

652,365

3,575

511,852

8,842

Other liabilities................................................................... 589,120 648,790 503,010

Total liabilities (excluding capital accounts). 267,758,928 250,799,688 253,280,254 235,664,477 221,323,729 224,191,155 32,094,451 29,475,959 29,089,099

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Capital accounts— total...................................................

Capital stock, notes, and debentures...........................

Surplus..................................................................................

Undivided profits................................................................

Reserves................................................................................

MEMORANDA

Pledged assets and securities loaned.........................

23,656,363

6,207,814

12,076,683

4,586,490

785,376

22,740,515

6,091,762

11,458,784

4,543,449

646,520

21,885,122

5,861,297

11,243,009

4,113,496

667,320

20,658,342

6,207,664

9,916,178

4,020,879

513,621

20,005,668

6,091,612

9,463,906

4,010,528

439,622

19,231,505

5,861,147

9,276,052

3,632,356

461,950

2,998,021

150

2,160,505

565,611

271,755

2,734,847

150

1,994,878

532,921

206,898

2,653,617

150

1,966,957

481,140

205,370

28,512,668 28,137,557 27,026,126 28,512,668 28,137,557 27,026,126

Capital stock, notes, and debentures:

Par or face value— total...............................................

Common stock................................................................

6,208,114

6,170,095

23,369

14,650

6,092,062

6,051,879

25,427

14,756

5,861,597

5,818,413

26,364

16,820

6,207,964

6,170,095

23,219

14,650

6,091,912

6,051,879

25,277

14,756

5,861,447

5,818,413

26,214

16,820

150 150 150

Capital notes and debentures.....................................

Preferred stock................................................................ 150 150 150

Retirable value of preferred stock................................. 16,287 16,415 19,167 16,287 16,415 19,167

Number of banks........................................................................ 13,451 13,415 13,382 13,126 13,147 13,114 325 268 268

1 Includes stock savings banks.

2 Not reported separately for mutual savings banks.

8 As of June 15, 1960, the segregation of “Time deposits of individuals, partnerships, and corporations” of insured commercial banks was obtained by a supplementary schedule

and is as follows:

Savings deposits.................................................................................54,823,011

Deposits accumulated for payment of personal loans............. 708,810

Christmas savings and similar accounts...................................... 677,021

Certificates of deposit...................................................................... 4,559,453

Open accounts of banks* own trust departments...................... 1,424,260

Other open accounts......................................................................... 1,078,628

Back figures, 1934-1959: See the Annual Report for 1959, pp. 136-139, and earlier reports.

COASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY RATIOS OF SELECTED ITEMS TO ASSETS

Table 109. D is t r ib u t io n o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), D e c e m b e r 31, 1960

Ratios All

banks

Number of banks with deposits of

Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Ratios of obligations of States and subdivisions to total assets of—

Zero . ...................................................... 1,166 347 402 300 61 40 11 1 4

More than zero but less than 1 percent........ 924 136 338 286 67 57 21 11 6 2

1 to 5 percent....................................................... 3,537 391 826 1,173 510 340 139 53 81 24

5 to 10 percent..................................................... 3,976 196 540 1,344 892 615 183 80 107 19

10 to 15 percent................................................... 2,180 85 244 754 555 359 98 44 33 8

15 to 20 percent . . . . 876 43 100 310 231 135 30 21 6

20 percent or more ........... 467 25 80 188 99 62 9 3 1

Ratios of U. S. Government obligations

to total assets of—

Less than 10 percent . ................. 334 61 82 113 52 18 3 4 1

10 to 20 percent................................................... 2,073 205 341 640 395 256 83 33 89 31

20 to 30 percent................................................... 4,498 318 710 1,420 908 669 226 109 116 22

30 to 40 percent.. .............................. 3,832 324 743 1,351 737 474 129 48 26

40 to 50 percent . .................................. 1,704 200 434 614 252 146 36 17 5

50 to 60 percent 546 81 186 174 49 41 13 2

60 percent or more 139 34 34 43 22 4 1 1

Ratios of loans to total assets of—

Less than 10 percent 39 14 6 8 7 2 1 1

10 to 20 percent . . 361 57 93 136 47 23 2 2 1

20 to 30 percent 1,629 170 363 600 297 141 38 15 5

30 to 40 percent................................................... 3,559 310 669 1,289 656 448 100 44 40 3

40 to 50 percent................................................... 4,591 342 782 1,467 894 641 215 106 112 32

50 to 60 percent................................................... 2,414 251 472 690 439 314 117 40 73 18

60 percent or more.............................................. 533 79 145 165 75 39 18 6 6

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Ratios of cash and due from banks to total

assets of—

Less than 10 percent......................................

10 to 15 percent...............................................

15 to 20 percent...............................................

20 to 25 percent...............................................

25 to 30 percent...............................................

30 to 35 percent...............................................

35 percent or more..........................................

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

10 to 15 percent...............................................

15 to 20 percent...............................................

20 to 25 percent...............................................

25 to 30 percent...............................................

30 to 35 percent...............................................

35 to 40 percent...............................................

40 percent or more..........................................

Ratios of total capital accounts to total

assets other than cash and due from

banks, U. S. Government obligations,

C. G. G. loans and F. H. A. and V. A.

real estate loans—

Less than 10 percent..........................................

10 to 15 percent...................................................

15 to 20 percent...................................................

20 to 25 percent...................................................

25 to 30 percent...................................................

30 to 35 percent...................................................

35 to 40 percent...................................................

40 percent or more..............................................

Ratios of total capital accounts to total

assets to—

Less than 4 percent.............................................

4 to 6 percent.......................................................

6 to 8 percent.......................................................

8 to 10 percent.....................................................

10 to 12 percent...................................................

12 to 15 percent...................................................

15 percent or more.............................................

Number of banks.....................................................

1,037 88 241

4,143 335 755

3,784 273 716

2,234 213 403

1,114 134 228

501 98 112

313 82 75

431 2 16

4,317 113 382

4,103 249 744

2,043 276 585

997 192 352

506 140 178

259 72 98

470 179 175

293 2 10

3,544 72 278

4,221 190 670

2,258 251 567

1,175 206 410

646 157 231

357 107 131

632 238 233

18

747 4 24

3,795 68 348

4,255 244 788

2,423 326 692

1,352 378 472

536 203 206

13,126 1,223 2,530

Back figures: See the following Annual Reports: 1958, pp. 192-193; and 1959, pp. 140

354 183 112 34 13 11 1

1,355 844 568 181 64 40 1

1,226 748 539 142 61 61 18

781 389 250 90 39 55 14

397 154 89 35 23 43 11

152 62 32 8 11 21 5

90 35 18 1 2 7 3

81 107 123 54 19 24 5

1,234 1,099 888 297 135 140 29

1,591 829 460 109 44 62 15

797 247 98 23 5 8 4

346 74 19 5 6 3

144 28 12 1 3

78 7 2 1 1

84 24 6 1 1

61 73 85 40 13 8 1

962 915 776 260 119 137 25

1,567 944 540 148 62 77 23

922 309 152 33 9 11 4

419 96 29 7 4 4

202 39 11 1 5

101 11 5 1 1

121 28 10 1 1

2 3 4 6 1 2

142 195 229 81 44 24 4

1,152 964 766 241 96 134 26

1,660 844 447 136 52 66 18

939 298 123 20 16 6 3

366 90 32 5 3 4 2

94 21 7 2 1 2

4,355 2,415 1,608 491 213 238 53

ASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
E ar n in g s, E x p e n se s, and D ividends of I nsured B a n k s

Table 110. 

Table 111. 

Table 112.

Table 113.

Table 114.

Table 115.

Table 116.

Table 117. 

Table 118.

Earnings, expenses, and dividends of insured commercial banks in the United 

States (States and other areas), 1952-1960

Ratios of earnings, expenses, and dividends of insured commercial banks in the 

United States (States and other areas), 1952-1960

Earnings, expenses, and dividends of insured commercial banks in the United 

States (States and other areas), 1960 

By class of bank

Ratios of earnings, expenses, and dividends of insured commercial banks in the 

United States (States and other areas), 1960 

By class of bank

Earnings, expenses, and dividends of insured commercial banks operating throughout 1960 in the United States (States and other areas)

Banks grouped according to amount of deposits

Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1960 in the United States (States and other areas)

Banks grouped according to amount of deposits

Earnings, expenses, and dividends of insured commercial banks in the United States 

(States and other areas), by State, 1960

Income, expenses, and dividends of insured mutual savings banks, 1952-1960

Ratios of income, expenses, and dividends of insured mutual savings banks, 

1952-1960

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Federal Reserve Bank of St. Louis
C o m m e r c ia l b a n k s

Reports of earnings, expenses, and dividends are submitted to the

Federal supervisory agencies on either a cash or an accrual basis.

Earnings 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 13 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 earnings and dividends for commercial banks

was revised in 1948 to show separately for the first time charge-offs

and transfers to valuation reserves as well as recoveries and transfers

from valuation reserves. Also, the actual recoveries and losses that are

credited and charged to valuation reserves were reported as memoranda

items.

Averages of assets and liabilities shown in Tables 110-113 and 116

are based upon figures at the beginning, middle, and end of each year,

as reported by banks operating on those dates, adjusted to exclude asset

and liability figures for insured branches in Guam of an insured bank in

California as well as insured branches in Puerto Rico and the Virgin

Islands of insured banks in New York. Consequently, the asset and

liability averages are not strictly comparable with the earnings data,

but the differences are not large enough to affect the totals significantly.

Some further incomparability is also introduced into the data by class

of bank by shifts between those classes during the year.

Assets and liabilities shown in Table 114, and utilized for computation

of ratios shown in Table 115, are for the identical banks to which the

earnings data pertain. The assets and liabilities are as of December 31,

1960.

Mutual savings banks

A uniform report of income, expenses, and dividends for mutual

savings banks was adopted by the Corporation for the calendar year 1951.

Summaries of these reports for 1952-1960 are given in Tables 117 and

118.

The new form attempts to present operations on a basis accurately

reflecting actual income and profit and loss, and provides more detailed

information regarding losses and valuation adjustments. For a discussion

of the history and principles of this uniform report see pp. 50-52 in

Part Two of the 1951 Annual Report.

Sources of data

National banks and State banks not members of the Federal Reserve

System in the District of Columbia: 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.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED B AN K S

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Federal Reserve Bank of St. Louis
Table 110. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n it e d St a t e s (S t a t e s a n d O t h e r A r e a s ), 1952-1960

(Amounts in thousands of dollars)

Earnings or expense item 1952 1953 1954 1955 1956 1957 1958 1959 1960

Current operating earnings— total........................... 4,931,688 5,483,954 5,773,787 6,377,705 7,231,921 8,050,416 8,500,949 9,669,352 10,723,545

Interest on U. S. Government obligations................ 1,099,059 1,206,965 1,272,731 1,333,690 1,342,842 1,442,379 1,544,023 1,732,174 1,790,341

Interest and dividends on other securities................ 276,993 297,739 324,823 351,041 370,045 412,497 501,978 546,253 578,783

Interest and discount on loans..................................... 2,742,100 3,107,885 3,205,894 3,625,528 4,339,866 4,879,676 5,046,782 5,856,688 6,698,655

Service charges and fees on bank’s loans................... 42,295 47,850 57,550 71,048 73,562 83,815 94,674 111,991 108,655

Service charges on deposit accounts........................... 244,696 271,444 311,806 339,975 385,927 440,892 486,507 531,916 589,954

Other service charges, commissions, fees, and

collection and exchange charges.............................. 121,868 132,978 144,140 155,004 168,497 186,815 191,408 205,935 218,566

Trust department............................................................. 204,967 217,996 246,223 281,841 322,117 354,520 379,395 426,016 460,251

Other current operating earnings................................. 199,713 201,101 210,621 219,579 229,068 249,828 256,183 258,381 278,340

Current operating expenses— total........................... 3,028,575 3,375,552 3,638,087 3,960,173 4,457,198 5,119,182 5,612,723 6,264,207 6,932,820

Salaries— officers............................................................... 530,035 582,405 622,862 666,152 720,866 773,769 827,142 892,657

1,684,159

966,643

Salaries and wages— employees.................................... 965,197 1,069,890 1,139,013 1,229,756 1,372,262 1,493,778 1,573,330 1,831,323

Fees paid to directors and members of executive,

discount, and other committees............................... 30,871 34,591 37,197 39,563 42,614 45,396 48,271 51,866 56,292

Interest on time and savings deposits........................ 458,059 534,493 618,341 678,237 805,857 1,141,715 1,380,575 1,580,250 1,785,086

Interest and discount on borrowed money............... 20,921 24,171 8,556 23,093 45,392 49,538 24,161 78,350 87,385

Taxes other than on net income.................................. 139,290 148,783 166,452 176,840 187,526 205,903 221,571 252,763 285,801

Recurring depreciation on banking house, furniture

and fixtures.................................................................... 74,953 84,085 94,720 108,306 128,085 146,262 168,371 191,424 212,493

Other current operating expenses................................ 809,252 897,137 950,945 1,038,228 1,154,600 1,262,823 1,369,305 1,532,739 1,707,797

Net current operating earnings................................. 1,903,112 2,108,398 2,135,700 2,417,533 2,774,724 2,931,235 2,888,223 3,405,145 3,790,725

Recoveries, transfers from reserve accounts,

and profits— total..................................................... 144,146 152,373 631,496 239,598 250,171 198,413 868,115 328,889 574,826

On securities:

Recoveries...................................................................... 11,191 11,454 14,912 20,586 14,090 9,295 9,646 27,946 12,927

Transfers from reserve accounts.............................. 20,492 27,545 60,555 39,930 41,001 20,751

64,368

57,145 111,447 55,568

Profits on securities sold or redeemed.................... 33,806 38,865 416,520 57,085 31,151 681,554 47,277 329,322

On loans:

Recoveries...................................................................... 22,004 28,423 34,014 27,379 20,762 21,183 22,439

42,158

20,551

57,607

25,684

Transfers from reserve accounts.............................. 27,330 18,292 57,965 50,899 77,606 39,757 70,211

All other............................................................................. 29,324 27,794 47,530 43,722 65,563 43,063 55,176 64,062 81,114

Losses, charge-offs, and transfers to reserve

accounts— total......................................................... 362,444 448,323 552,606 707,155 993,534 757,432 783,213 1,361,515 978,422

On securities:

Losses and charge-offs................................................ 97,512 155,969 66,670 221,232 317,381 237,480 93,657 745,081 219,767

Transfers to reserve accounts................................... 29,531 54,160 126,173 67,276 101,830 84,996 268,159 168,003 156,232

On loans:

Losses and charge-offs................................................ 23,637 31,774 29,269 28,159 32,018 25,636 25,053 25,459 35,760

Transfers to reserve accounts................................... 154,510 132,127 222,998 303,600 452,940 321,870 282,227 318,965 451,667

All other............................................................................. 57,253 74,291 107,497 86,886 89,369 87,452 114,117 104,006 114,996

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes.................................

Taxes on net income— total.........................................

Federal................................................................................

State....................................................................................

Net profits after income taxes....................................

Dividends and interest on capital— total..............

Dividends declared on preferred stock and interest

on capital notes and debentures..............................

Cash dividends declared on common stock..............

Net additions to capital from profits......................

1,684,813 1,812,451 2,214,591 1,949,976 2,031,360 2,372,217 2,973,128 2,372,519 3,387,129

694,883

662,277

32,606

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

989,931 1,025,963 1,307,032 1,156,240 1,216,725 1,373,821 1,701,667 1,488,061 2,002,732

441,971

3,675

438,298

473,866

2,979

470,888

516,977

2,912

514,066

566,124

2,581

563,543

616,890

2,389

614,501

678,101

2,234

675,867

725,866

2,366

723,500

776,386

2,219

774,167

831,546

2,024

829,522

547,961 552,097 790,055 590,118 599,835 695,720 975,802 711,675 1,171,186

Memoranda

Recoveries credited to reserve accounts (not included

in recoveries above):

On securities......................................................................

On loans.............................................................................

Losses charged to reserve accounts (not included in

losses above):

On securities......................................................................

On loans.............................................................................

4,355

31,508

25,598

64,607

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

Average assets and liabilities1

Assets— total.......................................................................

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

179,803,463

42,952,808

61,065,059

13,562,462

59,999,743

2,223,391

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

179,803,463

165,031,495

125,213,842

39,817,653

2,501,055

12,270,913

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,^22,891

49,311,3U

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

Number of active officers, December 31.......................

Number of other employees, December 31...................

76,754

358,325

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

Number of banks, December 31...................................... 13,439 13,432 13,323 13,237 13,218 13,165 13,124 13,114 13,126

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Note: Due to rounding differences, data for 1952-1959 may not add to total.

Back figures, 1934-1951: See the following Annual Reports: 1951, pp. 162-163; 1950, pp. 250-251; and 1941, pp. 158-159. Or

Or EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b l e 1 1 1 . R a t io s o f E a r n in g s , E x p e n s e s , a n d D iv i d e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 ), 1952-1960

Ox

o

Earnings or expense item 1952 1953 1954 1955 1956 1957 1958 1959 1960

Am ounts per $100 of current operating

earnings

Current operating earnings— 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................ 22.29 22.01 22.04 20.91 18.57 17.92 18.16 17.91 16.69

Interest and dividends on other securities................ 5.62 5.43 5.63 5.51 5.12 5.12 5.91 5.65 5.40

Income on loans................................................................ 56.46 57.55 56.52 57.96 61.03 61.65 60.48 61.73 63.48

Service charges on deposit accounts............................ 4.96 4.95 5.40 5.33 5.33 5.48 5.72 5.50 5.50

Other service charges, commissions, fees, and

collection and exchange charges.............................. 2.47 2.42 2.50 2.43 2.33 2.32 2.25 2.13 2.04

Other current operating earnings................................. 8.20 7.64 7.91 7.86 7.62 7.51 7.48 7.08 6.89

Current operating expenses— total........................... 61.41 61.55 63.01 62.09 61.63 63.59 66.02 64.78 64.65

Salaries, wages, and fees................................................ 30.95 30.76 31.16 30.35 29.53 28.73 28.80 27.19 26.62

Interest on time and savings deposits........................ 9.29 9.75 10.71 10.63 11.14 14.18 16.24 16.34 16.65

Taxes other than on net income.................................. 2.82 2.71 2.88 2.77 2.60 2.56 2.61 2.61 2.66

Recurring depreciation on banking house, furniture

and fixtures.................................................................... 1.52 1.53 1.64 1.70 1.77 1.82 1.98 1.98 1.98

Other current operating expenses................................ 16.83 16.80 16.62 16.64 16.59 16.30 16.39 16.66 16.74

Net current operating earnings................................. 38.59 38.45 36.99 37.91 38.37 36.41 33.98 35.22 35.35

Am ounts per $100 of total assets1

Current operating earnings— total................................... 2.74 2.96 2.98 3.15 3.45 3.74 3.72 4.07 4.35

Current operating expenses— total.................................. 1.68 1.82 1.88 1.96 2.13 2.38 2.46 2.64 2.81

Net current operating earnings......................................... 1.06 1.14 1.10 1.19 1.32 1.36 1.26 1.43 1.54

Recoveries, transfers from reserve accounts, and

profits— total..................................................................... .08 .08 .33 .12 .12 .09 .38 .14 .23

Losses, charge-offs, and transfers to reserve accounts— total..................................................................... .20 .24 .28 .35 .47 .35 .34 .57 .40

Net profits before income taxes........................................ .94 .98 1.15 .96 .97 1.10 1.30 1.00 1.37

Net profits after income taxes........................................... .55 .55 .68 .57 .58 .64 .75 .63 .81

Amounts per $100 of total capital accounts1

Net current operating earnings......................................... 15.51 16.29 15.52 16.52 17.84 17.71 16.30 18.17 18.99

Recoveries, transfers from reserve accounts, and

profits— total..................................................................... 1.17 1.18 4.59 1.64 1.61 1.20 4.89 1.76 2.88

Losses, charge-offs, and transfers to reserve accounts— total..................................................................... 2.95 3.46 4.02 4.83 6.39 4.58 4.42 7.27 4.90

Net profits before income taxes........................................ 13.73 14.01 16.09 13.33 13.06 14.33 16.77 12.66 16.97

Taxes on net income............................................................ 5.66 6.08 6.59 5.43 5.24 6.03 7.17 4.72 6.94

Net profits after income taxes........................................... 8.07 7.93 9.50 7.90 7.82 8.30 9.60 7.94 10.03

Cash dividends declared..................................................... 3.60 3.66 3.76 3.87 3.96 4.10 4.09 4.14 4.16

Net additions to capital from profits.............................. 4.47 4.27 5.74 4.03 3.86 4.20 5.51 3.80 5.87

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios1

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. .

4.64

1.80

2.04

.20

1.15

4.84

1.98

2.11

.21

1.24

4.79

1.98

2.14

.24

1.32

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

2.08

5.37

2.48

2.61

.34

2.21

5.75

2.80

2.69

.36

2.36

5.96

3.10

2.88

.39

2.56

Assets and liabilities per $100 of total

assets1

Assets— total....................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks.............................................. 23.89 23.26 22.23 21.51 21.81 21.17 20.48 19.73 19.98

United States Government obligations...................... 33.96 32.78 33.29 31.54 27.78 26.65 27.31 26.05 23.41

Other securities................................................................. 7.54 7.58 7.87 8.05 7.71 7.79 8.42 8.54 8.14

Loans and discounts........................................................ 33.37 35.12 35.25 37.46 41.15 42.60 41.89 43.72 46.31

All other assets................................................................. 1.24 1.26 1.36 1.44 1.55 1.79 1.90 1.96 2.16

Liabilities and capital— total...................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits................................................................... 91.78 91.59 91.48 91.30 90.97 90.32 90.30 89.83 89.19

Demand deposits........................................................... 69.64 68.41 67.25 66.93 66.61 64.73 62.98 61.70 60.97

Time and savings deposits.......................................... 22.14 23.18 24.23 24.37 24.36 25.59 27.32 28.13 28.22

Borrowings and other liabilities................................... 1.39 1.44 1.40 1.47 1.61 1.97 1.94 2.28 2.72

Total capital accounts.................................................... 6.83 6 97 7.12 7.23 7.42 7.71 7.76 7.89 8.09

Number of banks, December 31...................................... 13,439 13,432 13,323 13,237 13,218 13,165 13,124 13,114 13,126

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1934-1951: See the following Annual Reports: 1951, pp. 164-165; 1950, pp. 252-253; and 1941, pp. 160-161.

Or EARNINGS. EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BY CLASS OF BANK

(Amounts in thousands of dollars)

T a b l e 1 1 2 . E a r n in g s , E x p e n s e s , a n d D iv id e n d s 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 St a t e s (S t a t e s a n d O t h e r A r e a s ), 1960

Members F, R- System

Not

Earnings or expense item Total

National State

members

F. R.

System

Operating

throughout

the year

Operating

less than

full year1

Current operating earnings— total................................................................................ 10,723,545 5,755,580 3,171,412 1,796,553 10,649,717 73,828

Interest on U. S. Government obligations.................................................................... 1,790,341

578,783

941,697 472,439 376,205 1,778,586 11,755

Interest and dividends on other securities..................................................................... 307,682 159,600 111,501 575,457

6,658,505

3,326

Interest and discount on loans.......................................................................................... 6,698,655 3,662,497 1,977,442

32,371

1,058,716 40,150

Service charges and fees on bank’s loans....................................................................... 108,655 57,090 19,194 107,851 804

Service charges on deposit accounts................................................................................ 589,954 327,719 135,947 126,288 585,401 4,553

Other service charges, commissions, fees, and collection and exchange charges. . 218,566 97,501

200,599

64,627 56,438 217,055 1,511

Trust department................................................................................................................. 460,251 241,429 18,223 449,852 10,399

Other current operating earnings..................................................................................... 278,340 160,795 87,557 29,988 277,010 1,330

Current operating expenses— total................................................................................ 6,932,820 3,709,258 1,944,638 1,278,924 6,879,774 53,046

Salaries— officers................................................................................................................... 966,643 487,502 243,907 235,234 957,969 8,674

Salaries and wages— employees......................................................................................... 1,831,323 983,101 574,034 274,188

19,412

1,817,324 13,999

Fees paid to directors and members of executive, discount, and other committees. 56,292 25,797 11,083 55,861 431

Interest on time and savings deposits............................................................................. 1,785,086 978,705 455,035 351,346 1,775,456 9,630

Interest and discount on borrowed money.................................................................... 87,385 49,904 34,316 3,165 87,017 368

Taxes other than on net income....................................................................................... 285,801 163,688 74,825 47,288 283,985 1,816

Recurring depreciation on banking house, furniture and fixtures........................... 212,493 116,270 51,511 44,712 211,085 1,408

Other current operating expenses..................................................................................... 1,707,797 904,291 499,927 303,579 1,691,077 16,720

Net current operating earnings...................................................................................... 3,790,725 2,046,322 1,226,774 517,629 3,769,943 20,782

Recoveries, transfers from reserve accounts, and profits— total.....................

On securities:

574,826 309,650 194,057 71,119 570,885 3,941

Recoveries........................................................................................................................... 12,927 7,530 2,807 2,590 12,719 208

Transfers from reserve accounts................................................................................... 55,568 33,258 18,029 4,281 55,478 90

Profits on securities sold or redeemed.........................................................................

On loans:

329,322 171,798 112,190 45,334 326,665 2,657

Recoveries........................................................................................................................... 25,684 8,558 11,324 5,802 25,454 230

Transfers from reserve accounts................................................................................... 70,211 37,976 28,569 3,666 70,202 9

All other.................................................................................................................................. 81,114 50,530 21,138 9,446 80,367 747

Losses, charge-offs, and transfers to reserve accounts— total..........................

On securities:

978,422 568,316 279,135 130,971 971,447 6,975

Losses and charge-offs..................................................................................................... 219,767 122,139 73,374 24,254 217,435 2,332

Transfers to reserve accounts........................................................................................

On loans:

156,232 101,994 40,441 13,797 155,946 286

Losses and charge-offs..................................................................................................... 35,760 16,299 6,514 12,947 33,204 2,556

Transfers to reserve accounts........................................................................................ 451,667 264,921 124,935 61,811

18,162

451,117 550

All other.................................................................................................................................. 114,996 62,963 33,871 113,745 1,251

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Net profits before income taxes.....................................................................................

Taxes on net income— total.............................................................................................

3,387,129 1,787,656 1,141,696 457,777 3,369,381 17,748

1,384,397

1,300,940

83,457

741,237

704,756

36,481

499,423

460,776

38,647

143,737

135,408

8,329

1,376,697

1,293,811

82,886

7,700

7,129

571

Dividends and interest on capital— total...................................................................

Dividends declared on preferred stock and interest on capital notes and

2,002,732 1,046,419 642,273 314,040 1,992,684 10,048

831,546

2,024

829,522

450,929

99

450,830

283,881

1,074

282,807

96,736

851

95,885

827,221

1,866

825,355

4,325

158

Cash dividends declared on common stock................................................................... 4,167

Net additions to capital from profits.......................................................................... 1,171,186 595,490 358,392 217,304 1,165,463 5,723

Memoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities .................................... ............................................................. 18,294

68,232

47,716

264,405

13,668

42,948

32,233

165,384

2,808

15,104

11,419

68,398

1,818

10,180

4,064

30,623

18,294

68,210

47,712

264,355

22

4

50

Losses charged to reserve accounts (not included in losses above):

Average assets and liabilities2

Assets— total ......................................................................... 246,776,722

49,317,003

57,773,429

20,092,632

114,275,450

5,318,208

134,443,385

27,506,140

31,256,790

10,882,104

62,017,797

2,780,554

74,355,677

16,205,053

15,216,551

5,333,382

35,656,312

1,944,379

37,977,660

5,605,810

11,300,088

3,877,146

16,601,341

593,275

Cash and due from banks . ........................................

United States Government obligations ................................................

Other securities ................................................

Loans and discounts • • ..............................................

All other assets ................................. ..................

I.liihiliHps and riiniffll— total . ..................... .. . 246,776,722

220,099,028

150,451 ,481

69,647,547

6,712,522

19,965,172

134,443,385

120,242,246

82,086,067

38,156,179

3,505,599

10,695,540

74,355,677

65,487,430

47,692,674

17,794,756

2,735,824

6,132,423

37,977,660

34,369,352

20,672,740

13,696,612

471,099

3,137,209

Total deposits .. .................................................................

Demand deposits .. .........................................................................

Time and savings deposits . . ...........................................................................

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

Total capital accounts ...............................

Number of other employees, December 31.......................................................................

103,211

506,596

50,131

273,477

21,553

144,843

31,527

88,276

102,607

504,214

604

2,382

Number of banks, December 31.......................................................................................... 13,126 4,530 1,641 6,955 12,989 137

1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.

2 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1934-1959: See Table 110, pp. 154-155, the Annual Report for 1959, pp. 148-149, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BY CLASS OF BANK

Table 113. R a t io s o f E a r n in g s , E x p e n s e s , a n d D i v i d e n d s 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 St a t e s (S t a t e s a n d O t h e r A r e a s ), 1960

Members F. R. System Not

members

Earnings or expense item Total

National State

F. R.

System

Am ounts per $100 of current operating earnings

Current operating earnings— total............................................................................................................................ $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations................................................................................................................ 16.69 16.36 14.90 20=94

Interest and dividends on other securities................................................................................................................. 5.40 5.35 5.03 6.21

Income on loans................................................................................................................................................................ 63.48 64.63 63.37 60.00

Service charges on deposit accounts............................................................................................................................ 5.50 5.69 4.29 7.03

Other service charges, commissions, fees, and collection and exchange charges.............................................. 2.04 1.69 2.04 3.14

Other current operating earnings................................................................................................................................. 6.89 6.28 10.37 2.68

Current operating expenses— total............................................................................................................................ 64.65 64.45 61.32 71.19

Salaries, wages, and fees................................................................................................................................................. 26.62 26.00 26.14 29.44

Interest on time and savings deposits......................................................................................................................... 16.65 17.01 14.35 19.56

Taxes other than on net income................................................................................................................................... 2.66 2.84 2.36 2.63

Recurring depreciation on banking house, furniture and fixtures....................................................................... 1.98 2.02 1.62 2.49

Other current operating expenses................................................................................................................................. 16.74 16.58 16.85 17.07

Net current operating earnings.................................................................................................................................. 35.35 35.55 38.68 28.81

Am ounts per $100 of total assets1

Current operating earnings— total.................................................................................................................................... 4.35 4.28 4.27 4.73

Current operating expenses— total................................................................................................................................... 2.81 2.76 2.62 3.37

Net current operating earnings......................................................................................................................................... 1.54 1.52 1.65 1.36

Recoveries, transfers from reserve accounts, and profits— total.............................................................................. .23 .23 .26 .19

Losses, charge-offs, and transfers to reserve accounts— total................................................................................... .40 .42 .37 .34

Net profits before income taxes......................................................................................................................................... 1.37 1.33 1.54 1.21

Net profits after income taxes........................................................................................................................................... .81 .78 .86 .83

Memoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities....................................................................................................................................................................... .01 .01 (2) (2)

On loans.......................................................................................................................................................................... .03 .03 .02 .03

Losses charged to reserve accounts (not included in losses above):

On securities....................................................................................................................................................................... .02 .02 .02 .01

On loans............................................................................................................................................................... .............. .11 .12 .09 .08

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital accounts1

Net current operating earnings......................................................................................................... 18.99

2.88

19.13

2.89

5.31

16.71

6.93

9.78

4.21

5.57

20.00

3.16

4.55

18.61

8.14

10.47

4.63

5.84

16.50

2.27

4.18

14.59

4.58

10.01

3.08

6.93

Recoveries, transfers from reserve accounts, and profits— total..................................................

Losses, charge-offs, and transfers to reserve accounts— total................................................... 4.90

Net profits before income taxes......................................................................................................... 16.97

6.94

10.03

4.16

5.87

Taxes on net income.........................................................................................

Net profits after income taxes...........................................................................................................

Cash dividends declared..............................................................................

Net additions to capital from profits........................................................................................

^ Memoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities...................................................................................................... .09

.34

.24

1.32

.13

.40

.30

1.55

.05

.25

.19

1.12

.06

.32

.13

.98

On loans...........................................................................

Losses charged to reserve accounts (not included in losses above):

On securities........................................................................................................

On loans.......................................................................................................................

Special ratios1

Income on loans per $100 of loans....................................................... 5.96

3.10

6.00

3.01

5.64

3.10

6.49

Income on U. S. Government obligations per $100 of U. S. Government obligations........................ 3.33

Income on other securities per $100 of other securities........................................................ 2.88

.39

2.83

.40

2.56

2.99

.29

2.56

2.88

.61

2.57

Service charges per $100 of demand deposits...............................................................

Interest paid per $100 of time and savings deposits...................................................... 2.56

Assets and liabilities per $100 of total assets1

Assets— total....................................................................... 100.00

19.98

23.41

8.14

46.31

2.16

100.00

20.46

23.25

8.09

46.13

2.07

100.00

21.79

20.47

7.17

47.95

2.62

100.00

14.76

29.76

10.21

43.71

1.56

Cash and due from banks.............................................................................

United States Government obligations...................................................

Other securities.......................................................................

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

All other assets....................................................................................

Liabilities and capital— total.................................................................... 100.00

89.19

100.00

89.44

100.00

88.07

100.00 Total deposits............................................................................ 90.50 Demand deposits............................................... 60.97 61.06 64.1 U Time deposits............................................ 28.22 1 28.38 23.93 36.07 Borrowings and other liabilities........................................................ 2.72

8.09 |

2^61

1 7.95

3.68

8.25

1.24 Total capital accounts......................................................................... 8.26

Number of banks, December 31.................................... 13,126 4,530 1,641 6,955

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

2 Less than .005.

Bach figures, 193^-1959: See Table 111, pp. 156-157, the Annual Report for 1959, pp. 150-151, and earlier reports.

EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Table 114. E a r n i n g s , E x p e n s e s , a n d D iv i d e n d s o f I n s u r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t 1960

in t h e U n it e d St a t e s (S t a t e s a n d O t h e r A r e a s )

Banks with deposits of— 2

Earnings or expense 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

Current operating earnings— total.............. 10,649,717 44,115 182,887 673,328 797,416 1,157,436 820,017 680,395 2,301,063 3,993,060

Interest on U. S. Government obligations. . 1,778,586 11,158 47,110 162,053 175,106 235,181 155,478 126,479 353,462 512,559

Interest and dividends on other securities. . 575,457 1,986 9,767 44,188 55,966 75,728 46,728 40,187 113,076 187,831

Interest and discount on loans........................ 6,658,505 26,078 106,233 393,730 469,449 681,514 491,952 411,825 1,440,159 2,637,565

Service charges and fees on bank’s loans----- 107,851 169 857 3,079 5,601 10,379 9,580 7,166 24,415 46,605

Service charges on deposit accounts............... 585,401 1,989 8,601 38,821 56,420 93,039 60,779 41,864 118,512 165,376

Other service charges, commissions, fees,

and collection and exchange charges......... 217,055 2,161 7,860 21,263 19,583 23,850 16,338 11,118 37,523 77,359

449,852 38 244 789 3,306 16,196 17,480 24,306 141,528 245,965

Other current operating earnings.................... 277,010 536 2,215 9,405 11,985 21,549 21,682 17,450 72,388 119,800

Current operating expenses— total.............. 6,879,774 30,662 126,504 470,227 563,911 821,780 578,349 465,979 1,497,965 2,324,397

Salaries— officers.................................................. 957,969 11,711 39,318 112,206 103,761 126,657 79,348 61,132 179,092 244,744

Salaries and wages— employees........ . ............ 1,817,324 3,519 17,330 79,647 113,191 188,883 142,789 119,176 431,968 720,821

Fees paid to directors and members of executive, discount, and other committees........ 55,861 908 3,584 11,678 10,232 10,478 4,878 3,195 6,865 4,043

Interest on time and savings deposits........... 1,775,456 5,773 30,824 129,781 165,809 232,749 161,578 126,404 341,222 581,316

Interest and discount on borrowed money. . 87,017 63 267 966 1,048 2,192 2,654 3,334 18,459 58,034

Taxes other than on net income. .................... 283,985 1,272 5,138 18,663 22,579 31,956 22,692 19,724 66,210 95,751

Recurring depreciation on banking house,

furniture and fixtures..................................... 211,085 674 3,429 16,623 21,510 32,155 22,138 16,007 45,140 53,409

Other current operating expenses................... 1,691,077 6,742 26,614 100,663 125,781 196,710 142,272 117,007 409,009 566,279

Net current operating earnings..................... 3,769,943 13,453 56,383 203,101 233,505 335,656 241,668 214,416 803,098 1,668,663

Recoveries, transfers from reserve accounts, and profits— total....................... 570,885 1,165 4,785 19,084 25,596 47,843 43,143 34,136 143,884 251,249

On securities:

12,719 68 217 851 812 2,413 937 345 1,543 5,533

Transfers from reserve accounts................. 55,478 7 129 511 1,527 4,064 4,055 3,169

23,938

12,990 29,026

Profits on securities sold or redeemed. . . . 326,665 256 1,419 9,186 15,127 32,198 30,262 97,181 117,098

On loans:

25,454 704 1,986 4,791 2,631 2,040 910 410 2,618 9,364

Transfers from reserve accounts................. 70,202 13 235 1,034 1,764 2,245 1,641 2,544 10,798 49,928

All other................................................................ 80,367 117 799 2,711 3,735 4,883 5,338 3,730 18,754 40,300

Losses, charge-offs, and transfers to reserve accounts— total................................. 971,447 2,477 10,989 47,201 57,719 87,002 68,578 63,156 209,286 425,039

On securities:

217,435 319 1,400 8,733 12,417 18,620 16,641 14,889 36,463 107,953

Transfers to reserve accounts...................... 155,946 59 319 1,480 2,811 8,905 8,607 9,235 61,542 62,988

On loans:

33,204 1,269 3,885 9,457 5,484 3,828 1,355 849 2,346 4,731

Transfers to reserve accounts...................... 451,117 461 3,231 19,245 26,834 42,645 33,332 29,662 86,205 209,502

113,745 369 2,154 8,286 10,173 13,004 8,643 8,521 22,730 39,865

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Net profits before income taxes.....................

Taxes on net income— total............................

Federal...................................................................

State.......................................................................

Net profits after income taxes........................

Dividends and interest on capital— to ta l..

Dividends declared on preferred stock and

interest on capital notes and debentures..

Cash dividends declared on common stock..

Net additions to capital from profits..........

3,369,381 12,141 50,179 174,984 201,382 296,497 216,233 185,396 737,696 1,494,873

1,376,697

1,293,811

82,886

2,997

2,864

133

12,604

11,935

669

45,881

43,669

2,212

57,031

54,601

2,430

98,845

95,000

3,845

79,572

76,610

2,962

72,978

70,314

2,664

327,622

313,158

14,464

679,167

625,660

53,507

1,992,684 9,144 37,575 129,103 144,351 197,652 136,661 112,418 410,074 815,706

827,221

1,866

825,355

2,835

1

2,834

11,525

11

11,514

41,032

41

40,991

45,832

93

45,739

64,015

232

63,783

45,861

215

45,646

44,578

234

44,344

192,034

1,039

190,995

379.509

379.509

1,165,463 6,309 26,050 88,071 98,519 133,637 90,800 67,840 218,040 436,197

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities....................................

On loans..............................................

Losses charged to reserve accounts (not included in losses above):

On securities..........................................

On loans................................................

18,294

68,210

47,712

264,355

177

1

330

26

1,020

72

2,001

148

4,707

227

11,755

320

6,917

597

17,047

646

8,275

1,922

24,518

870

5,214

1,515

16,634

752

5,297

2,394

14,367

3,422

11,019

12,988

38,814

12,110

25,584

27,996

138,889

Assets and liabilities2

Assets— total............................................

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

255,350,211

51,745,389

60,317,049

20,451,934

117,019,734

5,816,105

982,918

192,419

308,429

64,487

410,903

6,680

4,135,430

743,062

1,325,021

314,985

1,713,771

38,591

15,639,096

2,787,588

4,739,780

1,544,322

6,377,228

190,178

18,467,477

3,135,191

5,320,222

2,024,212

7,718,037

269,815

26,572,388

4,481,005

7,607,562

2,719,515

11,311,086

453,220

18,742,906

3,156,999

5,234,574

1,662,922

8,316,797

371,614

16,169,142

2,949,342

4,360,666

1,482,196

7,087,721

289,217

55,355,654

12,019,254

12,589,559

4,049,620

25,615,468

1,081,753

99,285,200

22,280,529

18,831,236

6,589,675

48,468,723

3,115,037

255,350,211

228,149,644

155,11*8,1*81*

73,001,160

6,639,649

20,560,918

982,918

863,147

628,253

231*,891*

2,968

116,803

4,135,430

3,678,662

2,1*11*,389

1,261*,273

17,506

439,262

15,639,096

14,110,186

8,798,088

5,312,098

96,489

1,432,421

18,467,477

16,758,096

9,922,791*

6,835,302

174,961

1,534,420

26,572,388

24,119,082

11*,1*35,381

9,683,701

400,657

2,052,649

18,742,906

16,993,868

10,361,577

6,632,291

355,380

1,393,658

16,169,142

14,650,853

9,371*,363

5,276,1*90

307,811

1,210,478

55,355,654

49,897,249

35,656,967

11*,21*0,282

1,233,062

4,225,343

99,285,200

87,078,501

63,556,672

23,521,829

4,050,815

8,155,884

Number of active officers, December 31 .........

Number of other employees, December 3 1 ... .

102,607

504,214

2,778

1,854

7,081

7,345

16,624

28,941

13,020

37,233

13,805

59,188

7,756

42,710

5,696

35,669

15,611

119,767

20,236

171,507

Number of banks, December 31................... 12,989 1,182 2,485 4,324 2,402 1,603 491 212 237 53

1 This group of banks is the same as the group shown in Table 112 under the heading “ Operating throughout the year.”

2 Asset and liability items are as of December 31, 1960.

Back figures, 191*1-1959: See the Annual Report for 1959, pp. 152-153, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

T a b l e 115. R a t io s o f E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t 1960

i n 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 )

Earnings or expense item

Banks with deposits of— 2

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

Am ounts per $100 of current

operating earnings

Current operating earnings— 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. . 16.70 25.29 25.76 24.07 21.96 20.32 18.96 18.59 15.36 12.84

Interest and dividends on other securities. . 5.40 4.50 5.34 6.56 7.02 6.54 5.70 5.91 4.91 4.70

Income on loans................................................... 63.54 59.50 58.56 58.93 59.57 59.78 61.16 61.58 63.65 67.22

Service charges on deposit accounts............... 5.50 4.51 4.70 5.77 7.07 8.04 7.41 6.15 5.15 4.14

Other service charges, commissions, fees,

and collection and exchange charges......... 2.04 4.90 4.30 3.16 2.46 2.06 1.99 1.63 1.63 1.94

Other current operating earnings.................... 6.82 1.30 1.34 1.51 1.92 3.26 4.78 6.14 9.30 9.16

Current operating expenses— total.............. 64.60 69.50 69.17 69.84 70.72 71.00 70.53 68.49 65.10 58.21

Salaries, wages, and fees................................... 26.58 36.58 32.93 30.23 28.49 28.17 27.68 26.97 26.85 24.28

Interest on time and savings deposits........... 16.67 13.09 16.85 19.28 20.79 20.11 19.71 18.58 14.83 14.56

Taxes other than on net income..................... 2.67 2.88 2.81 2.77 2.83 2.76 2.77 2.90 2.88 2.40

Recurring depreciation on banking house,

furniture and fixtures..................................... 1.98 1.53 1.88 2.47 2.70 2.78 2.70 2.35 1.96 1.34

Other current operating expenses................... 16.70 15.42 14.70 15.09 15.91 17.18 17.67 17.69 18.58 15.63

Net current operating earnings..................... 35.40 30.50 30.83 30.16 29.28 29.00 29.47 31.51 34.90 41.79

Am ounts per $100 of total assets?

Current operating earnings— total...................... 4.17 4.49 4.42 4.31 4.32 4.36 4.38 4.21 4.16 4.02

Current operating expenses— total..................... 2.69 3.12 3.06 3.01 3.06 3.09 3.09 2.88 2.71 2.34

Net current operating earnings............................ 1.48 1.37 1.36 1.30 1.26 1.27 1.29 1.33 1.45 1.68

Recoveries, transfers from reserve accounts,

and profits— total............................................ .22 .12 .12 .12 .14 .18 .23 .21 .26 .25

Losses, charge-offs, and transfers to reserve

accounts— total................................................ .38 .25 .27 .30 .31 .33 .37 .39 .38 .42

Net profits before income taxes........................... 1.32 1.24 1.21 1.12 1.09 1.12 1.15 1.15 1.33 1.51

Net profits after income taxes.............................. .78 .93 .91 .83 .78 .74 .73 .70 .74 .82

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities.........................................................

On loans.................................................................

.01

.03 .02

(3)

.02

00

.03

(3)

.04

(8)

.03

(3)

.03

(8)

.03

.01

.02

.01

.03

Losses charged to reserve accounts (not included in losses above):

On securities......................... ................................ .02 00 (8) (3) (3) .01 .01 .01 .02 .08

On loans................................................................. .10 .03 .05 .08 .09 .09 .09 .09 .07 .14

164 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital

accounts2

Net current operating earnings............................

Recoveries, transfers from reserve accounts,

and profits— total............................................

Losses, charge-offs, and transfers to reserve

accounts— total................................................

Net profits before income taxes...........................

Taxes on net income...............................................

Net profits after income taxes..............................

Cash dividends declared........................................

Net additions to capital from profits...............

18.34

2.78

4.73

16.39

6.70

9.69

4.02

5.67

11.52

.99

2.12

10.39

2.56

7.83

2.43

5.40

12.84

1.08

2.50

11.42

2.87

8.55

2.62

5.93

14.18

1.33

3.29

12.22

3.21

9.01

2.86

6.15

15.22

1.66

3.76

13.12

3.71

9.41

2.99

6.42

16.35

2.33

4.24

14.44

4.81

9.63

3.12

6.51

17.34

3.10

4.92

15.52

5.71

9.81

3.29

6.52

17.71

2.82

5.21

15.32

6.03

9.29

3.68

5.61

19.01

3.40

4.95

17.46

7.75

9.71

4.55

5.16

20.46

3.08

5.21

18.33

8.33

10.00

4.65

5.35

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities.......................................................... .09 .01 .01 .02 .03 .06 .06 .08 .15

On loans................................................................. .33 .15 .23 .33 .45 .40 .87 .44 .26 .31

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................... .23 (8) .02 .02 .04 .09 .11 .20 .31 .34

On loans................................................................. 1.29 .28 .46 .82 1.11 1.19 1.19 1.19 .92 1.70

Special ratios2

Income on loans per $100 of loans...................... 5.78 6 39 6.25 6.22 6.16 6.12 6.03 5.91 5.72 5.54

Income on U. S. Government obligations per

$100 of U. S. Government obligations.... 2.95 3.62 3.56 3.42 3.29 3.09 2.97 2.90 2.81 2.72

Income on other securities per $100 of other

securities............................................................ 2.81 3.08 3.10 2.86 2.76 2.78 2.81 2.71 2.79 2.85

Service charges per $100 of demand deposits. . .38 .32 .36 .44 .57 .64 .59 .45 .33 .26

Interest paid per $100 of time and savings

deposits.............................................................. 2.43 2.46 2.44 2.44 2.43 2.40 2.44 2.40 2.40 2.47

Assets and liabilities per $100 of

total assets2

Assets— total........................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks................................. 20.26 19.58 17.97 17.82 16.98 16.86 16.85 18.24 21.71 22.44

United States Government obligations......... 23.62 31.38 32.04 30.31 28.81 28.63 27.93 26.97 22.74 18.96

Other securities.................................................... 8.01 6.56 7.62 9.87 10.96 10.23 8.87 9.17 7.32 6.64

Loans and discounts........................................... 45.83 41.80 41.44 40.78 41.79 42.57 44.37 43.83 46.28 48.82

All other assets..................................................... 2.28 .68 .93 1.22 1.46 1.71 1.98 1.79 1.95 3.14

Liabilities and capital— total.......................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits....................................................... 89.35 87.82 88.95 90.22 90.74 90.77 90.67 90.61 90.14 87.71

Demand deposits............................................... 60.76 63.92 58.38 56.26 53.73 54.33 55.28 57.98 64.41 64-02

Time deposits.................................................... 28.59 23.90 30.57 33.96 37.01 36.44 35.39 32.63 25.73 23.69

Borrowings and other liabilities...................... 2.60 .30 .43 .62 .95 1.51 1.90 1.90 2.23 4.08

Total capital accounts........................................ 8.05 11.88 10.62 9.16 8.31 7.72 7.43 7.49 7.63 8.21

Number of banks, December 31.......................... 12,989 1,182 2,485 4,324 2,402 1,603 491 212 237 53

1 This group of banks is the same as the group shown in Table 112 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all insured

commercial banks shown in Tables 111 and 113.

2 Asset and liability items are as of December 31, 1960.

3 Less than .005.

Back figures, 1941-1959: See the Annual Report for 1959, pp. 154-155, and earlier reports.

EARNINGS. EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 116. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), b y S t a t e , 1960

(Amounts in thousands of dollars)

Earnings or expense item

Total

United

States

Other areas

48 States

and

D. C.i

50 States

and

D. C.

Alabama Alaska Arizona Arkansas California Colorado

Puerto

Rico

Virgin

Islands

Current operating earnings— total............ 10,723,545 21,461 730 10,655,985 10,701,354 101,533 10,782 72,050 55,864 1,252,373 98,967

Interest on U. S. Government obligations. . 1,790,341 1,446 161 1,782,005 1,788,734 18,186 1,475 6,707 10,900 146,925 16,232

Interest and dividends on other securities. . 578,783 1,403 73 575,440 577,307 6,786 401 2,476 4,910 51,231 2,975

Interest and discount on loans...................... 6,698,655 14,617 396 6,653,410 6,683,642 62,607 6,535 50,324 32,385 858,788 62,942

Service charges and fees on bank’s loans... 108,655 1,122 18 105,904 107,515 588 578 1,990 160 21,447 1,133

Service charges on deposits accounts........... 589,954 633 11 586,469 589,310 6,692 982 5,817 3,400 92,998 8,871

Other service charges, commissions, fees,

and collection and exchange charges. . . . 218,566 1,912 68 215,100 216,586 2,698 636 1,871 2,626 21,109 1,831

460,251 11 460,205 460,240 2,072 35 1,301 463 36,724 3,334

Other current operating earnings................. 278,340 317 3 277,452 278,020 1,904 140 1,564 1,020 23,151 1,649

Current operating expenses— total............ 6,932,820 16,785 553 6,883,758 6,915,482 65,019 7,997 50,620 37,661 851,221 65,425

Salaries— officers................................................ 966,643 2,123 50 960,949 964,470 11,387 1,353 6,749 8,122 90,900 10,799

Salaries and wages— employees..................... 1,831,323 4,382 145 1,818,083 1,826,796 15,939 2,423 14,935 7,784 240,459 17,289

Fees paid to directors and members of executive, discount, and other committees. 56,292 154 5 55,952 56,133 701 37 117 836 1,204 777

Interest on time and savings deposits......... 1,785,086 4,334 230 1,771,514 1,780,522 16,232 1,338 10,502 8,036 288,626 14,519

Interest and discount on borrowed money. . 87,385 333 86,893 87,052 232 83 142 136 8,133 501

Taxes other than on net income................... 285,801 931 5 284,117 284,865 1,209 231 1,041 1,373 33,167 1,185

Recurring depreciation on banking house,

furniture and fixtures................................... 212,493 481 15 210,805 211,997 2,214 383 2,003 1,455 20,189 1,997

Other current operating expenses................. 1,707,797 4,047 103 1,695,445 1,703,647 17,105 2,149 15,131 9,919 168,543 18,358

Net current operating earnings.................. 3,790,725 4,676 177 3,772,227 3,785,872 36,514 2,785 21,430 18,203 401,152 33,542

Recoveries, transfers from reserve accounts and profits— t o t a l................... 574,826 1,195 572,184 573,631 5,176 654 6,447 2,225 50,681 5,507

On securities:

Recoveries .................................. 12,927 12,886 12,927 76 41 86 1,220 47

Transfers from reserve accounts............... 55,568 753 54,767 54,815 116 48 143 7,621 21

Profits on securities sold or redeemed. . . 329,322 221 328,106 329,101 3,800 393 5,403 1,406 15,298 4,402

On loans:

Recoveries ......................................... 25,684 23 25,548 25,661 318 98 943 357 6,517 342

Transfers from reserve accounts............... 70,211 139 70,025 70,072 109 43 67 13,300 166

81,114 59 80,852 81,055 757 31 101 166 6,725 529

Losses, charge-offs, and transfers to reserve accounts— total.............................. 978,422 1,263 13 975,001 977,146 8,610 1,021 5,665 4,683 103,096 7,656

On securities:

Losses and charge-offs................................. 219,767 40 219,670 219,727 1,367 27 29 713 18,045 811

Transfers to reserve accounts.................... 156,232 156 156,076 156,076 617 1,026 320 19,497 1,433

On loans:

Losses and charge-offs................................. 35,760 256 35,105 35,504 772 174 1,470 725 1,990 598

Transfers to reserve accounts.................... 451,667 735 10 449,598 450,922 4,829 734 2,651 1,857 49,917 3,096

114,996 76 3 114,552 114,917 1,025 86 489 1,068 13,647 1,718

Net profits before income taxes................... 3,387,129 4,608 164 3,369,410 3,382,357 33,080 2,418 22,212 15,745 348,737 31,393

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total..........................

Federal.................................................................

State.....................................................................

Net profits after income taxes.....................

Dividends and interest on capital— total.

Dividends declared on preferred stock and

interest on capital notes and debentures.

Cash dividends declared on common stock..

Net additions to capital from profits. . . .

1,384,397

1,300,940

83,457

770

461

309

28

28

1,378,021

1,295,114

82,907

1,383,599

1,300,451

83,148

11,734

10,558

1,176

925

918

7

10,394

9,746

648

4.220

4.220

155,027

137,082

17,945

13,313

11,587

1,726

2,002,732 3,838 136 1,991,389 1,998,758 21,346 1,493 11,818 11,525 193,710 18,080

831,546

2,024

829,522

1,220 13 827,759

2,024

825,735

830,313

2,024

828,289

5,903 427 5,018 4,226 96,879

49

96,830

6,301

1,220 13 5,903 427 5,018 4,226 6,301

1,171,186 2,618 123 1,163,630 1,168,445 15,443 1,066 6,800 7,299 96,831 11,779

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities....................................................... 18,294

68,232

47,716

264,405

18,278

67,793

47,704

262,926

18,294

68,107

47,716

264,059

33

890

17

2,146

5

287

59

1,326

284

10,809

12,205

27,235

5

1,076

10

2,605

On loans...............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

123 2 152 586

On loans............................................................... 340 6 592 2,133

Average assets and liabilities2

Assets— total........................................................

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

246,776,722

49,317,003

57,773,429

20,092,632

114,275,450

5,318,208

368,262

44,246

46,197

48,114

216,975

12,730

19,052

3.947

5,949

2,065

6,845

246

245,479,342

49,128,869

57,494,889

19,980,474

113,591,749

5,283,361

246,389,408

49,268,810

57,721,283

20,042,453

114,051,630

5,305,232

2,259,547

466,002

552,246

247,621

956,965

36,713

187,665

29,889

57,875

13,455

82,200

4,246

1,332,087

230,940

219,853

86,826

751,721

42,747

1,351,476

318,700

325,970

166,768

521,670

18,368

26,158,878

4,447,724

5,209,001

1,914,003

13,904,080

684,070

2,112,903

459,503

519,268

99,137

998,977

36,018

246,776,722

220,099,028

150,451,481

69,647,547

6,712,522

19,965,172

368,262

326,829

155,862

170,967

13,357

28,076

19,052

17,793

7,385

10,408

238

1,021

245,479,342

218,922,762

149,833,191

69,089,571

6,685,108

19,871,472

246,389,408

219,754,406

150,288,234

69,466,172

6,698,927

19,936,075

2,259,547

2,041,583

1,452,325

589,258

29,708

188,256

187,665

173,750

102,114

71,636

2,749

11,166

1,332,087

1,206,589

808,480

398,109

31,631

93,867

1,351,476

1,227,907

932,369

295,538

8,333

115,236

26,158,878

23,655,868

12,725,952

10,929,916

822,779

1,680,231

2,112,903

1,926,623

1,362,508

564,115

29,372

156,908

Number of active officers, December 31.........

Number of other employees, December 31.. .

103,211

506,596

319

1,628

5

42

102,577

502,634

102,887

504,926

1,356

5,102

109

550

729

4,329

1,138

2,722

9,436

57,998

1,144

5,018

Number of banks, December 31........................ 13,126 7 1 13,102 13,118 238 9 9 232 112 162

1 Formerly designated as “ Continental United States.” Alaska was admitted to Statehood January 3, 1959, and Hawaii, August 21, 1959.

n 3 Asset and liability items are averages of figures reported at beginning, middle, and end of year, adjusted to exclude data for 3 insured branches in Guam of an insured bank in

California, 13 insured branches in Puerto Rico of insured banks in New York, and 4 insured branches in the Virgin Islands of an insured bank in New York; earnings data of these

branches are not available.

Back figures, 1946-1959: See the Annual Report for 1959, pp. 156-165, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 116. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), B y S t a t e , 1960—Continued

(Amounts in thousands of dollars) Cb

Earnings or expense item Connecticut

Delaware District of

Columbia

Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas

Current operating earnings— total............

Interest on U. S. Government obligations. .

Interest and dividends on other securities. .

Interest and discount on loans......................

Service charges and fees on bank’s loans...

Service charges on deposit accounts.............

Other service charges, commissions, fees,

and collection and exchange charges. . . .

Trust department..............................................

Other current operating earnings..................

Current operating expenses— total............

Salaries— officers................................................

Salaries and wages— employees.....................

Fees paid to directors and members of executive, discount, and other committees.

Interest on time and savings deposits.........

Interest and discount on borrowed money..

Taxes other than on net income....................

Recurring depreciation on banking house,

Other current operating expenses.................

125,249

16,840

6,358

76,692

907

9,078

1,836

10,999

2,539

36,154

6,638

1,037

21,189

638

879

235

4,968

570

67,791

13,194

1,615

41,187

656

4,801

1,209

3,843

1,286

230,537

49,066

11,498

129,177

4,108

20,137

4,790

5,304

6,457

157,552

23,389

6,250

98,871

2,397

11,487

6,779

4,570

3,809

34,587

5,254

1,466

23,697

1,033

1,859

850

428

33,644

6,332

1,348

21,060

441

2,824

831

173

635

752,475

168,678

48,973

430,235

6,330

29,106

12,927

41,173

15,053

212,597

51,772

8,679

126,228

1,199

10,316

3,881

5,278

5,244

141,696

27,470

8,438

89,533

410

8,551

3,278

1,626

2,390

105,146

25,515

8,377

57,958

406

7,675

1,689

856

2,670

86,477

13,111

26,488

619

15,270

916

3,033

2,717

24,323

19,924

3,425

6,360

292

2,863

134

601

763

5,486

43.903

6,202

13,445

423

8,486

426

2,577

1,441

10.903

159,540

23,027

42,594

1,728

34,963

1,329

5,191

7,901

42,807

107,625

17,504

26,725

1,358

19,902

1,106

6,169

4,286

30,575

23,727

2,168

6,290

144

7,670

76

517

809

6,053

21,777

3,758

5,164

138

6,378

213

506

812

4,808

469,635

63,952

116,307

3,844

134,587

9,379

16,313

10,208

115,045

147,304

23,121

36,012

1,827

37,214

482

8,062

4,941

35,645

94,754

22,181

18,469

984

23,794

526

3,308

2,710

22,782

67,210

16,556

13,793

1,095

13,554

258

2,681

2,117

17,156

Net current operating earnings................... 38,772 16,230 23,888 70,997 49,927 10,860 11,867 282,840 65,293 46,942 37,936

Recoveries, transfers from reserve accounts, and profits— total.....................

On securities:

Recoveries.......................................................

Transfers from reserve accounts...............

Profits on securities sold or redeemed. . .

On loans:

Recoveries.......................................................

Transfers from reserve accounts...............

2,477

99

262

1,645

80

34

357

2,534

26

2,208

12

270

18

794

10

332

224

83

42

103

8,944

411

150

5,927

316

224

1,916

12,370

177

64

10,201

481

172

1,275

793

602

15

4

172

2,595

3

2,498

41

53

48,417

2,287

12,410

27,420

609

3,476

2,215

15,200

676

1,853

10,818

351

672

830

4,684

456

236

2,849

307

293

543

3,525

16

57

1,572

932

206

742

Losses, charge-offs, and transfers to reserve accounts— total..............................

On securities:

Losses and charge-offs.................................

Transfers to reserve accounts....................

On loans:

Losses and charge-offs.................................

Transfers to reserve accounts....................

9,672

2,780

946

106

3,491

2,349

2,036

268

288

31

910

539

2,753

672

174

189

1,171

547

21,281

4,293

1,202

944

12,590

2,252

11,449

988

3,070

757

4,562

2,072

1,124

30

225

590

279

1,683

405

194

905

179

84,208

28,087

14,464

1,282

33,057

7,318

19,905

4,285

4,964

588

7,278

2,790

9,695

3,156

244

696

3,567

2,032

7,538

1,568

348

1,672

2,046

1,904

Net profits before income taxes................... 31,577 16,728 21,929 58,660 50,848 10,529 12,779 247,049 60,588 41,931 33,923

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total.......................... 12,530

10,942

1,588

8,168

7,791

377

10,662

10,662

21.663

21.663

19.783

19.783

4,653

4,419

234

4,342

3,887

455

94.727

94.727

24.155

24.155

12,118

12,118

10.223

10.223

Net profits after income taxes......................

Dividends and interest on capital— total.

Dividends declared on preferred stock and

interest on capital notes and debentures.

19,047 8,560 11,267 36,997 31,065 5,876 8,437 152,322 36,433 29,813 23,700

8,273 4,730 5,579 11,278

35

11,243

11,320 2,127 2,331 47,482

45

47,437

11,831

10

11,821

9,174

18

9,156

6,648

Cash dividends declared on common stock.

Net additions to capital from profits. . . .

8,273 4,730 5,579 11,320 2,127 2,331 6,648

10,774 3,830 5,688 25,719 19,745 3,749 6,106 104,840 24,602 20,639 17,052

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

1

589

607

1,853

4

2,219

289

8,542

115

1,229

104

3,192

16

162

12

541

161

4,848

3,188

16,028

121

1,458

132

4,753

10

699

5

1,627

80

1,105

69

2,021

On loans...............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

108

76

456

95 59

On loans............................................................... 410 454

Average assets and liabilities1

Assets— total........................................................

Cash and due from banks...............................

United States Government obligations. . . .

Other securities..................................................

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

All other assets..................................................

2,579,035

480,199

555,770

250,914

1,240,686

51,466

776,531

142,551

218,656

34,424

365,214

15,686

1,636,204

334.824

466,278

55,951

744.824

34,327

5,220,379

1,138,989

1,568,242

402,636

1,989,924

120,588

3,180,466

723,345

697,865

205,123

1,492,149

61,984

722,401

110,052

168,519

48,524

377,681

17,625

694,532

107,538

196,473

47,685

330,508

12,328

18,768,382

3,601,370

5,398,347

1,712,206

7,844,176

212,283

5,104,475

979,142

1,697,341

319,899

2,038,100

69,993

3,295,549

601,163

849,552

311,859

1,501,620

31,355

2,525,097

486,201

728,588

307,959

975,673

26,676

Liabilities and capital— total....................... 2,579,035

2,284,043

1,693,828

590,215

84,378

210,614

776,531

671,502

522,518

148,984

28,156

76,873

1,636,204

1,490,301

1,125,374

364,927

30,289

115,614

5,220,379

4,743,928

3,420,667

1,323,261

86,973

389,478

3,180,466

2,838,312

2,107,146

731,166

70,813

271,341

722,401

657,894

352,929

304,965

11,070

53,437

694,532

637,552

405,254

232,298

9,517

47,463

18,768,382

16,934,385

11,619,904

5,314,481

385,247

1,448,750

5,104,475

4,628,264

3,121,113

1,507,151

84,098

392,113

3,295,549

2,977,781

2,052,471

925,310

24,038

293,730

2,525,097

2,284,503

1,744,553

539,950

19,005

221,589

Total deposits.....................................................

Demand deposits.............................................

Time and savings deposits............................

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

Total capital accounts.....................................

Number of active officers, December 31 .........

Number of other employees, December 31.. .

1,178

7,319

329

1,847

506

3,435

2,569

13,303

2,083

8,241

201

1,742

402

1,607

6,096

30,655

2,642

10,829

2,742

6,250

2,238

4,628

Number of banks, December 31....................... 61 19 12 304 363 7 32 960 437 635 583

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1946-1959: See the Annual Report for 1959, pp. 156-165, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars) *<I

___________________________________________________________________________________________________________________________________________ O

Table 116. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), B y St a t e , 1960—Continued

Earnings or expense item Kentucky Louisiana Maine Maryland Massachusetts

Michigan MinnesotaMississippi

Missouri Montana Nebraska Nevada

Current operating earnings— total............ 101,178 129,275 34,021 104,748 286,102 414,892 209,596 63,459 254,536 41,265 74,071 23,854

Interest on U. S. Government obligations. . 23,138 26,757 5,597 21,529 41,259 80,901 36,338 12,424 50,042 8,333 15,417 3,578

Interest and dividends on other securities. . 4,379 8,394 1,223 5,789 9,806 27,191 11,353 6,550

33,985

14,267 2,302 3,324 1,060

Interest and discount on loans...................... 61,623 75,964 22,817 60,916 172,385 255,177 126,002 161,252 24,405 46,426 15,335

Service charges and fees on bank’s loans... 868 614 254 1,247 2,297

18,643

3,788 1,614 108 1,605 572 239 851

Service charges on deposit accounts.......... 4,083 8,172 2,063 7,973 21,646 13,233 4,163 11,484 3,158 4,458 1,193

Other service charges, commissions, fees,

and collection and exchange charges. . . . 1,221 4,765 487 2,295 8,702 6,643 10,827 3,600 3,528 1,199 1,355 680

3,610 1,034 1,088 2,516 24,246 13,115 6,055 431 7,000

5,358

238 1,110 690

Other current operating earnings.................. 2,256 3,575 492 2,483 8,764 6,431 4,174 2,198 1,058 1,742 467

Current operating expenses— total............ 62,502 86,418 24,461 71,370 166,799 290,876 143,749 43,467 155,766 28,652 46,438 14,928

12,774 13,727 3,206 8,543 24,918 30,698 26,261 8,413 26,420 5,183 12,604 2,178

Salaries and wages— employees..................... 14,490 21,466 5,989 19,717 57,027 75,549 31,824 9,475 40,017 6,010 10,555 3,997

Fees paid to directors and members of executive, discount, and other committees. 1,071 1,144 262 801 1,291 1,874 1,715 750 1,927 241 799 41

Interest on time and savings deposits......... 11,345 17,503 7,279 18,054 17,395 94,919 38,573 8,633 33,255 6,924 5,315 4,434

Interest and discount on borrowed money. 481 994 82 471 1,359 2,141 2,766 274 2,372 129 513 108

Taxes other than on net income................... 3,434 7,549 996 3,776 6,794 14,441 3,058 1,976 5,821 2,095 1,742 628

Recurring depreciation on banking house,

furniture and fixtures................................... 1,789 2,814 962 1,937 6,066 7,709 3,452 1,338 4,881 862 1,407 497

Other current operating expenses................. 17,118 21,221 5,685 18,071 51,949 63,545 36,100 12,608 41,073 7,208 13,503 3,045

Net current operating earnings................... 38,676 42,857 9,560 33,378 119,303 124,016 65,847 19,992 98,770 12,613 27,633 8,926

Recoveries, transfers from reserve accounts, and profits— total..................... 11,427 5,022 1,840 5,724 29,702 15,038 4,438 2,506 18,437 5,409 3,551 409

On securities:

■p pq ............ 75 38 16 474 183 168 271 211 98 329 46

Transfers from reserve accounts............... 1,004 131 7 63 610 1,001 78 272 360 3,721 185 13

Profits on securities sold or redeemed. . . 5,966 3,104 1,343 4,401 21,221 8,211 2,434 1,133 15,149 502 2,416 362

On loans:

D DPAVAn PQ ........................ 257 246 101 120 353 229 669 378 535 488 232

Transfers from reserve accounts............... 1,952

2,173

382

1,121

152

221

51

615

286

7,049

2,386

3,043

86

900

100

412

1,425

870

122

247

345

327 34

Losses, charge-offs, and transfers to reserve accounts— total.............................. 9,974 11,948 3,557 9,771 37,569 32,313 9,539 8,092 21,717 4,248 6,646 1,253

On securities:

Losses and charge-offs................................. 1,039 922 702 2,367 13,492 8,470 2,758 1,370 2,246 1,647 1,169 363

Transfers to reserve accounts.................... 2,187 2,234 545 1,053 4,708 6,745 154 1,108 10,421 731 1,213 200

On loans:

654 714 254 348 2,187 1,222 854 689 1,010 670 367 28

Transfers to reserve accounts.................... 4,582 6,278 1,634 4,511 7,685 11,709 3,585 3,589 5,562 866 2,329

1,568

566

1,512 1,800 422 1,492 9,497 4,167 2,188 1,336 2,478 334 96

Net profits before income taxes................... 40,129 35,931 7,843 29,331 111,436 106,741 60,746 14,406 95,490 13,774 24,538 8,082

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total..........................

Federal.................................................................

State.....................................................................

14.881

14.881

13.083

13.083

3.105

3.105

12.135

12.135

54,776

45,740

9,036

36.269

36.269

25,333

20,933

4,400

4.322

4.322

41,743

40,252

1,491

4,495

4,198

297

8.526

8.526

3.455

3.455

Net profits after Income taxes.....................

Dividends and interest on capital— total.

Dividends declared on preferred stock and

interest on capital notes and debentures.

Cash dividends declared on common stock..

Net additions to capital from profits. . . .

25,248 22,848 4,738 17,196 56,660 70,472 35,413 10,084 53,747 9,279 16,012 4,627

7,244

3

7,241

6,607

2

6,605

2,269

5

2,264

7,326

2

7,324

26,686

10

26,676

26,737

140

26,597

13,506

43

13,463

4,040

5

4,035

19,351

28

19,323

2,922 5,524 2,203

2,922 5,524 2,203

18,004 16,241 2,469 9,870 29,974 43,735 21,907 6,044 34,396 6,357 10,488 2,424

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities....................................................... 687

1,063

78

2,450

5

884

314

5,599

42

341

18

620

107

395

11

1,218

9,099

3,372

625

4,274

1,033

2,649

4,851

6,491

55

716

47

1,954

22

1,677

2,287

2,523

33

253

59

618

14

592

17

1,363

On loans............................................................... 830

7

2,341

61

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

On loans............................................................... 308

Average assets and liabilities1

Assets— total........................................................

Cash and due from banks...............................

United States Government obligations. . . .

Other securities..................................................

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

All other assets...................................................

2,473,766

540,946

724,975

136,616

1,044,648

26,581

3,168,103

731,902

853,866

291,297

1,238,681

52,357

695,761

103,395

180,394

46,642

350,663

14,667

2,486,788

478,669

698,762

206,742

1,059,384

43,231

5,975,206

1,260,007

1,297,382

357,257

2,929,556

131,004

9,430,437

1,494,129

2,641,194

961,617

4,178,462

155,035

4,520,389

873,827

1,118,180

373,602

2,078,865

75,915

1,427,395

297,496

348,388

216,085

539,760

25,666

6,528,368

1,480,698

1,691,409

508,183

2,773,099

74,979

873,883

154,041

256,273

78,469

369,990

15,110

1,753,492

378,871

473,736

121,575

760,616

18,694

462,201

58,395

121,264

41,412

229,819

11,311

Liabilities and capital— total........................

Total deposits.....................................................

Demand deposits.............................................

2,473,766

2,230,536

1,727,582

502,95k

25,177

218,053

3,168,103

2,878,717

2,197,785

680,932

42,176

247,210

695,761

618,457

3^0,368

278,089

16,007

61,297

2,486,788

2,263,952

1,563,081

700,871

33,465

189,371

5,975,206

5,185,183

U,395,678

789,505

226,794

563,229

9,430,437

8,578,909

U,6U1,551

3,937,358

158,728

692,800

4,520,389

4,060,526

2,595,580

l,U6U,9h6

92,965

366,898

1,427,395

1,311,068

987,706

323,362

10,884

105,443

6,528,368

5,902,260

U,538,865

1,363,395

92,073

534,035

873,883

799,887

5U2,175

257,712

14,870

59,126

1,753,492

1,572,652

1,356,115

216,537

24,691

156,149

462,201

423,576

21+2,301

181,275

10,634

27,991

Time and savings deposits............................

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

Total capital accounts.....................................

Number of active officers, December 3 1 .........

Number of other employees, December 31.. .

1,824

4,979

1,436

6,459

403

2,098

1,074

6,340

2,393

16,598

2,975

20,132

3,150

9,784

1,055

3,105

3,256

12,684

592

1,909

1,557

3,617

255

1,149

Number of banks, December 31........................ 345 189 42 132 166 378 679 191 610 119 392 7

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 193+6-1959: See the Annual Report for 1959, pp. 156-165, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars)

_________________________________________________________________________________________ ________________________ ____________________________________ to

Table 116. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), By St a t e , 1960—Continued

Earnings or expense item New

Hampshire

New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota

Ohio Oklahoma Oregon PennsylvaniaRhode

Island

Current operating earnings— total............ 20,986 330,863 35,103 2,029,303 140,197 33,723 518,154 120,001 99,761 694,521 48,349

Interest on U. S. Government obligations. . 3,302 54,243 7,549 267,231 19,974 8,702 104,982 23,787 13,882 109,418 6,474

Interest and dividends on other securities. . 1,143 29,725 1,110 103,931 8,399 2,575 28,891 6,552 5,204 44,004 2,195

Interest and discount on loans...................... 13,492 201,611 21,191 1,287,162 86,731 17,052 313,381 72,736 64,706 442,255 30,711

Service charges and fees on bank’s loans... 123 2,932 468 20,499 2,205 206 3,794 579 789 4,704 169

Service charges on deposit accounts............

Other service charges, commissions, fees,

and collection and exchange charges. . . .

1,829 21,702 2,796 68,396 8,527 1,788 27,059 8,791 9,083 26,432 2,597

348 3,737 923 39,001 7,521 2,629 6,986 1,636 2,005 8,339 766

426 10,348 327 161,731 4,332 183 19,428 1,357 2,375 44,244 3,680

Other current operating earnings.................. 323 6,565 739 81,352 2,508 588 13,633 4,563 1,717 15,125 1,757

Current operating expenses— total............ 15,122 243,849 23,820 1,158,055 93,609 21,892 339,979 75,277 69,352 456,551 31,443

Salaries— officers................................................ 2,304 28,300

61,828

4,118 126,290 16,692 4,743 39,097 16,623 10,562 56,715 3,256

Salaries and wages— employees..................... 3,070 6,326 362,565 24,845 3,956 83,710 17,041 18,091 117,099 7,792

Fees paid to directors and members of executive, discount, and other committees. 241 2,437 202 4,643 733 252 2,656 829 241 5,043 213

Interest on time and savings deposits......... 4,334 76,173 4,727 248,870 18,056 6,351 105,856 13,289 22,306

673

128,302 10,115

Interest and discount on borrowed money. . 69 1,106 54 30,588 836 64 2,650 1,357 3,836 411

Taxes other than on net income................... 428 10,913 1,210 32,603 2,265 534 23,376 1,544 2,041 23,773 1,662

Recurring depreciation on banking house,

furniture and fixtures................................... 542 9,114 1,073 28,248 5,012 701 10,192 3,115 2,195 15,108 829

Other current operating expenses................. 4,134 53,978 6,110 324,248 25,170 5,291 72,442 21,479 13,243 106,675 7,165

Net current operating earnings.................. 5,864 87,014 11,283 871,248 46,588 11,831 178,175 44,724 30,409 237,970 16,906

Recoveries, transfers from reserve accounts, and profits— total..................... 1,651 14,726 1,932 147,146 5,331 1,090 38,227 3,006 3,645 25,347 578

On securities:

260 146 38 277 22 31 284 238 2 2,786 45

Transfers from reserve accounts 188 1,605 3 11,106 92 5 6,423

26,901

233 3 745

Profits on securities sold or redeemed. . . 962 10,229 1,331 69,885 4,011 809 1,214 3,200 9,324 254

On loans:

Recoveries....................................................... 43 464 145 3,691 118 68 525 732 44 592 25

Transfers from reserve accounts............... 26 352 316 29,708 224 22 2,329 164 2 9,009 210

172 1,930 99 32,479 864 155 1,765 425 394 2,891 44

Losses, charge-off8, and transfers to reserve accounts— total.............................. 2,105 31,971 3,094 231,149 10,658 2,399 49,882 7,275 4,608 68,977 5,331

On securities:

Losses and charge-offs................................. 703 8,638 255 53,572 2,042 276 7,722 1,502 490 18,199 2,994

Transfers to reserve accounts.................... 299 5,125 169 28,532 1,538 10 20,287 365 2,061 6,569 120

On loans:

Losses and charge-offs................................. 42 420 236 1,318 825 127 810 1,659 55 960 49

Transfers to reserve accounts.................... 573 14,254 1,925 136,425 4,932 1,372 16,805 2,381 1,390 35,683 1,340

488 3,534 509 11,302 1,321 614 4,258 1,368 612 7,566 828

Net profits before income taxes................... 5,410 69,769 10,121 787,245 41,261 10,522 166,520 40,455 29,446 194,340 12,153

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total.......................... 1.422

1.422

19.736

19.736

4.007

4.007

353,816

318,894

34,922

17,116

15,711

1,405

3,426

3,296

130

69.793

69.793

15,819

14,827

992

14,161

11,013

3,148

71.880

71.880

5,777

4,992

785

Federal.................................................................

State.....................................................................

Net profits after income taxes..................... 3,988 50,033 6,114 433,429 24,145 7,096 96,727 24,636 15,285 122,460 6,376

Dividends and interest on capital— total.

Dividends declared on preferred stock and

interest on capital notes and debentures.

Cash dividends declared on common stock.

Net additions to capital from profits. . . .

1,158

4

1,154

21,141

593

20,548

1,970 211,786

781

211,005

9,137

1

9,136

2,599 32,718

10

32,708

8,168 6,479 64,754

6

64,748

4,379

1,970 2,599 8,168 6,479 4,379

2,830 28,892 4,144 221,643 15,008 4,497 64,009 16,468 8,806 57,706 1,997

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities....................................................... 68

152

18

428

22

1,311

1,307

3,612

12

639

1

1,852

2,729

10,049

6,398

88,855

600

281

1,078

1,485

308

2,259

3,885

5,849

1,376

3,469

9,347

23,536

On loans...............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

128 1,241

27

2,312

511

9

1,406

183

On loans............................................................... 453 667

Average assets and liabilities1

Assets— total........................................................

Cash and due from banks...............................

United States Government obligations. . . .

Other securities..................................................

448,257

74,531

104,956

33,324

227,979

7,467

7,709,435

1,145,716

1,921,589

1,053,614

3,456,895

131,621

749,138

156,182

228,015

42,672

309,095

13,174

48,971,695

11,163,086

8,418,065

3,365,656

24,319,530

1,705,358

3,098,170

685,335

609,784

329,407

1,408,447

65,197

702,419

94,204

235,093

85,623

276,291

11,208

12,279,262

2,241,978

3,288,561

961,110

5,600,737

186,876

2,867,449

723,980

726,030

247,513

1,124,016

45,910

2,184,813

379,157

523,482

212,389

1,022,922

46,863

15,755,784

2,842,169

3,532,509

1,496,699

7,613,406

271,001

962,023

127,973

208,095

77,565

530,988

17,402

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

All other assets...................................................

Liabilities and capital— total.......................

Total deposits.....................................................

448,257

390,487

247,401

148,086

13,382

44,388

7,709,435

6,983,144

3,905,627

3,077,517

175,589

550,702

749,138

691,100

505,894

185,206

9,221

48,817

48,971,695

41,994,469

32,688,331

9,306,138

2,641,789

4,335,437

3,098,170

2,730,212

2,009,826

720,386

108,329

259,629

702,419

639,064

407,120

231,944

9,116

54,239

12,279,262

11,056,799

6,734,031

4,322,768

233,404

989,059

2,867,449

2,572,152

2,072,902

499,250

42,663

252,634

2,184,813

1,960,754

1,132,891

827,863

53,641

170,418

15,755,784

13,887,818

8,947,711

4,940,107

322,296

1,545,670

962,023

844,461

468,274

376,187

35,725

81,837

Demand deposits.............................................

Time and savings deposits............................

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

Total capital accounts.....................................

Number of active officers, December 3 1 .........

Number of other employees, December 31.,

314

1,030

2,831

17,432

450

1,954

9,700

85,309

1,984

8,070

632

1,405

4,012

22,943

2,031

5,401

1,269

4,861

6,053

32,993

338

2,512

Number of banks, December 31....................... 70 250 55 390 182 153 584 386 49 691 8

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1946-1959: See the Annual Report for 1959, pp. 156-165, and earlier reports.

^-1

COEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars) __________________________________________________________________________________________ ^

Table 116. E a r n i n g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s 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 t h e r A r e a s ), B y S t a t e , 1960—Continued

Earnings or expense item South

Carolina

South

Dakota

Tennessee Texas Utah Vermont Virginia Washington

West

Virginia

Wisconsin Wyoming

Current operating earnings— total............ 51,053 38,049 148,571 516,781 49,645 21,259 161,746 143,136 59,121 195,439 19,599

Interest on U. S. Government obligations. . 9,725 9,123 24,119 86,526 6,826 2,918 25,821 18,818 14,850 46,153 4,425

Interest and dividends on other securities. . 3,389 1,979 8,225 29,133 2,241 1,064 8,562 6,413 2,772 10,483 861

Interest and discount on loans...................... 29,335 21,435 100,366 326,933 32,612 14,797 105,007 92,336 34,923 117,570 11,605

Service charges and fees on bank’s loans... 164 364 889 3,738 1,476 227 1,700 1,820 498 1,400 293

Service charges on deposit accounts............. 4,183 2,232 5,826 30,153 3,737 1,286 9,883 13,820 2,329 9,844 1,275

Other service charges, commissions, fees,

and collection and exchange charges. . . . 2,773 2,153 3,202 7,698 1,299 261 3,102 3,560 1,004 2,683 582

Trust department.............................................. 851 242 2,635 9,287 1,039 305 5,032 3,755 1,388 3,310 113

Other current operating earnings.................. 633 521 3,309 23,313 415 401 2,639 2,614 1,357 3,996 445

Current operating expenses— total............ 32,890 25,131 97,847 334,521 31,959 16,602 109,778 95,831 37,190 137,035 12,504

6,750 6,030 14,731 59,993 4,419 2,123 16,392 14,003 6,498 23,163 2,428

Salaries and wages— employees..................... 9,085 4,490 21,602 76,226 7,380 2,956 25,915 27,987 8,427 26,956 2,857

Fees paid to directors and members of executive, discount, and other committees. 442 397 848 3,837 286 284 1,352 366 649 1,953 189

Interest on time and savings deposits......... 4,383 6,702 29,170 60,879 10,277 7,024 31,900 24,612 9,383 46,919 3,331

Interest and discount on borrowed money. . 162 127 738 6,197 272 58 653 327 155 846 111

Taxes other than on net income................... 785 564 5,179 25,285 589 324 4,552 2,764 1,557 2,967 476

Recurring depreciation on banking house,

furniture and fixtures................................... 1,383 745 3,072 14,609 828 572 4,142 3,798 1,454 4,113 492

Other current operating expenses................. 9,900 6,076 22,507 87,495 7,908 3,261 24,872 21,974 9,067 30,118 2,620

Net current operating earnings................... 18,163 12,918 50,724 182,260 17,686 4,657 51,968 47,305 21,931 58,404 7,095

Recoveries, transfers from reserve accounts, and profits— total..................... 1,175 910 10,283 12,538 3,189 618 8,850 5,255 2,365 8,576 667

On securities:

Recoveries....................................................... 2 12 43 485 18 34 37 336 5 283 3

Transfers from reserve accounts ........... 2,146 1,034 93 68 129 184

Profits on securities sold or redeemed. . . 788 608 7,144 4,962 3,044 435 7,705 4,097 1,617 7,284 389

On loans:

Recoveries....................................................... 40 102 277 2,590 32 24 213 44 137 103 242

Transfers from reserve accounts............... 30 13 55 532 1 36 327 35 212 103 1

All other.............................................................. 315 175 618 2,935 94 89 475 675 265 619 32

Losses, charge-off8, and transfers to reserve accounts— tota l.............................. 3,092 2,247 14,090 37,592 2,015 1,073 12,909 8,401 4,209 13,909 1,458

On securities:

Losses and charge-offs................................. 656 511 1,678 4,029 398 334 2,660 2,514 1,206 5,186 93

Transfers to reserve accounts.................... 96 30 4,213 1,303 23 18 4,364 721 57 277 7

On loans:

Losses and charge-offs................................. 106 165 489 5,443 113 21 487 100 320 120 229

Transfers to reserve accounts.................... 1,953 1,163 5,287 20,321 1,240 568 4,419 4,024 1,302 6,660 758

281 378 2,423 6,496 241 132 979 1,042 1,324 1,666 371

Net profits before income taxes................... 16,246 11,581 46,917 157,206 18,860 4,202 47,909 44,159 20,087 53,071 6,304

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total..........................

Federal.................................................................

6,108

5,788

320

4,137

3,794

343

19,187

18,929

258

61.411

61.411

7,764

7,444

320

1,223

1,097

126

19.343

19.343

20,081

20,081

8.042

8.042

16,259

15,240

1,019

2.331

2.331 State.....................................................................

Net profits after income taxes.....................

Dividends and interest on capital— total.

Dividends declared on preferred stock and

interest on capital notes and debentures.

Cash dividends declared on common stock..

Net additions to capital from profits. . . .

10,138 7,444 27,730 95,795 11,096 2,979 28,566 24,078 12,045 36,812 3,973

3,647

2

3,645

2,375 9,419 42,650

8

42,642

4,207

1

4,206

1,149

67

1,082

11,321

46

11,275

9,368 4,114 12,554

106

12,448

1,278

4

2,375 9,419 9,368 4,114 1,274

6,491 5,069 18,311 53,145 6,889 1,830 17,245 14,710 7,931 24,258 2,695

Memoranda

Recoveries credited to reserve accounts (not

included in recoveries above):

On securities....................................................... 105

150

37

613

47

1,892

524

4,808

140

16,258

298

955

302

2,604

222

236

1

618

4

742

6

2,144

57

196

3

441

On loans............................................................... 185 234

3

419

68

21

321

493

36

1,912

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

On loans............................................................... 755 567

Average assets and liabilities1

Assets— total........................................................

Cash and due from banks...............................

United States Government obligations. . . .

Other securities..................................................

1,105,826

231,226

289,727

120,696

445,958

18,219

794,517

119,089

264,148

64,186

335,812

11,282

3,503,700

779,478

778,976

285,354

1,606,712

53,180

12,806,270

3,274,555

2,785,797

977,305

5,427,876

340,737

1,047,927

204,407

230,930

70,751

524,505

17,334

440,303

51,176

95,383

37,376

248,251

8,117

3,537,536

652,733

863,913

284,492

1,673,881

62,517

2,978,652

598,896

653,419

224,970

1,438,664

62,703

1,410,661

267,203

486,209

100,468

534,702

22,079

4,893,264

856,488

1,498,450

378,230

2,081,306

78,790

440,911

88,740

142,485

28,566

173,946

7,174

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

1,105,826

989,795

790,608

199,187

22,623

93,408

794,517

723,267

478,702

244,565

10,117

61,133

3,503,700

3,178,707

2,140,280

1,038,427

59,808

265,185

12,806,270

11,542,984

8,993,081

2,549,903

223,991

1,039,295

1,047,927

955,987

563,473

392,514

18,987

72,953

440,303

393,416

143,585

249,831

7,994

38,893

3,537,536

3,179,851

1,920,035

1,259,816

61,685

296,000

2,978,652

2,703,668

1,791,605

912,063

50,378

224,606

1,410,661

1,247,720

826,412

421,308

19,466

143,475

4,893,264

4,480,683

2,569,570

1,911,113

66,828

345,753

440,911

401,360

272,583

128,777

5,275

34,276

Number of active officers, December 31 .........

Number of other employees, December 31.. .

841

3,019

811

1,592

1,947

7,284

6,671

23,063

523

2,395

291

967

2,086

8,426

1,498

7,528

812

2,623

2,648

8,829

277

861

Number of banks, December 31........................ 139 174 291 990 46 55 305 85 181 554 55

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1946-1959: See the Annual Report for 1959, pp. 156-165, and earlier reports.

Oi EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 117. I n c o m e , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d M u t u a l S a v in g s B a n k s , 1952-1960

(Amounts in thousands of dollars)

Sources and disposition of income 1952 1953 1954 1955 1956 1957 1958 1959 1960

^1

Gi

Current operating income— total.................................................

Interest on U. S. Government obligations.................................

Interest and dividends on other securities...................................

Interest and discount on real estate mortgage loans— net. . . .

Interest and discount on real estate mortgage loans— gross, ., .

Less: Mortgage servicing fees.........................................................

Premium amortization..........................................................

Interest and discount on other loans and discounts— net........

Income on real estate other than bank building— net..............

Income on real estate other than bank building— gross.............

Less: Operating expense..................................................................

Income on other assets......................................................................

Income from service operations......................................................

Current operating expense— total..............................................

Salaries— officers..................................................................................

Salaries and wages— employees.......................................................

Pension, hospitalization and group insurance payments, and

other employee benefits............................................................

Fees paid to trustees and committee members...........................

Occupancy, maintenance, etc. of bank premises (including

taxes and recurring depreciation)— net. ..........................

Occupancy, maintenance, etc. of bank premises (including

taxes and recurring depreciation)— gross............................

Less: Income from bank building.................................................

Deposit insurance assessments................................... .. . ; .............

Furniture and fixtures (including recurring depreciation). . . .

All other current operating expense...............................................

Net current operating income.......................................................

Franchise and income taxes— total.............................................

State franchise and income taxes....................................................

Federal income taxes..........................................................................

Net current operating income after taxes................................

Dividends and interest on deposits.............................................

Net current operating income after taxes and dividends.

Non-recurring income, realized profits and recoveries

credited to profit and loss, and transfers from valuation adjustment provisions— total..................................

Non-recurring income.......... #........................................................

Realized profits and recoveries on:

Securities sold or matured........................................................

Real estate mortgage loans......................................................

Other real estate.........................................................................

All other assets............................................: ...........................

Transfers from valuation adjustment provisions1 on:

Securities.......................................................................................

Real estate mortgage loans.......................... ...........................

Other real estate.........................................................................

All other assets............................................................................

568,498

163,879

62,958

326,785

340,497

7,666

6M6

4,068

102

588

431

5,833

4,873

116,763

19,249

40,996

10,648

2,123

12,162

19,104

6,942

6,203

2,387

22,995

451,735

9,189

6,962

2,227

442,546

365,481

77,065

57,917

14,893

5,243

155

216

240

12,223

24,692

111

144

647,067

164,630

82,003

381,895

896,264

9,488

4,886

5,184

77

888

261

7,171

6,107

721,323

155,869

96,205

447,022

461,769

11,922

2,825

6,642

86

292

206

7,746

7,753

801,682

150,657

99,190

528,426

545,841

15,628

1,792

7,322

-17

247

264

8,171

7,933

898,440

146,624

102,590

623,586

645,592

20,475

1,581

8,439

6

103

97

8,328

8,867

1,026,327

147,157

127,212

720,215

744,803

28,188

950

10,848

31

140

109

7,898

12,966

1,149,643

141,950

167,489

808,975

836,515

25,985

1,555

11,749

2

189

187

8,384

11,094

1,280,347

146,353

180,535

921,315

951,952

29,154

1,488

12,669

-1

216

217

7,486

11,990

127,336

21,142

44,351

11,566

2,303

13,521

20,926

7,405

6,837

2,445

25,171

139,931

22,870

48,074

12,623

2,526

15,019

22,495

7,476

7,562

2,755

28,502

147,678

24,200

50,879

13,544

2,697

15,094

22,793

7,699

7,979

2,790

30,495

158,317

25,861

53,962

14,643

2,809

17,492

25,380

7,888

8,437

3,058

32,055

174,758

28,590

58,310

16,478

3,007

19,326

27,846

8,520

9,407

3,251

36,389

187,758

30,099

61,797

18,314

3,203

20,925

30,252

9,827

10,183

3,501

39,736

201,402

32,082

64,396

20,006

3,366

22,695

82,268

9,578

11,316

4,445

43,096

519,731 581,392 654,004 740,123 851,569 961,885 1,078,945

8,569

6,459

2,110

10,643

7,231

3,412

9,047

7,818

1,229

8,955

8,321

634

9,060

8,972

10,342

9,831

511

11,649

11,172

477

511,162 570,749 644,957 731,168 842,509 951,543 1,067,296

414,951 466,119 536,256 609,335 716,383 812,254 897,469

96,211 104,630 108,701 121,833 126,126 139,289 169,827

36,962

12,372

5,287

783

304

1,489

6,132

9,965

275

355

59,228

12,334

23,914

389

219

943

10,858

8,450

126

1,995

44,430

11,586

18,070

481

3,179

977

1,878

7,710

157

892

48,192

10,537

17,355

456

413

1,435

4,463

12,501

29

1,003

48,148

18,434

16,022

259

437

431

5,939

10,850

65

711

66,160

17,295

30,974

138

367

624

8,345

8,068

28

321

91,205

21,147

39,498

192

646

2,498

14,270

12,021

17

916

1,461,763

152,458

199,258

1,070,173

1,104,100

32,848

1,584

18,407

27

897

870

7,474

13,966

224,789

36,608

71,295

22,656

3,731

25,255

35,120

9,865

11,707

4,740

48,797

1,236,974

13,637

13,190

447

1,223,337

1,073,542

149,795

142,009

31,133

34,860

283

535

6,576

57,588

10,480

86

468

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Non-recurring expense, realized losses charged to profit

and loss, and transfers to valuation adjustment pro84,023

23,804

25,875

70,507

12,156

28,333

65,050

14,279

12,773

66,385

10,087

71,580 83,870

12,958

79,852

13,699

126,876 123,664

10,645

26,991

11,385 16,981

Realized losses on:

21,673 35,526 25,056 66,875 63,846

176 152 112 636 542 1,036

179

603 330 508

110 39 49 101 171 191 260 210

62 106 551 823 149 191 684 440 315

Transfers to valuation adjustment provisions1 on:

14,359 10,639

17,005

12,403 10,630 16,689 18,062 21,946 30,347 23,352

15,474 20,380 19,219 16,194 15,236 16,733 16,151 17,679

63 11 7 42 46 16 45 40 19

4,100 2,066 4,496 3,174 153 666 895 1,048 754

Net additions to total surplus accounts from operations. 50,959 62,666 98,808 86,746 98,445 90,404 125,597 134,156 168,140

Memoranda

Recoveries credited to valuation adjustment provisions1

(not included in recoveries above) o n :

135 15 220 23 1,151 972 571 173 471

69 33 41 50 268 365 14 99 136

1 10 39 2

218 1 2 24 9 5 5 37 585

Realized losses charged to valuation adjustment provisions1 (not included in realized losses above) on:

Securities............................................................................................... 14,581 12,523 7,527 4,250 4,055 8,741 6,267 9,339 8,110

Real estate mortgage loans....................................... ...................... 882 469 166 326 318 342 217 197 1,131

Other real estate ...................................................................... 206 683 234 180 127 3 26 13

All other assets ...................................................................... 616 89 45 326 51 67 300 385 165

Average assets and liabilities2

Assets— total.......................................................................................... 17,905,674 19,625,429 21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564

Cash and due from banks................................................................. 728,979 744,369 874,215 809,152 757,496 723,830 742,225 689,698 721,308

United States Government obligations......................................... 6,755,471

2,064,761

8,012,488

6,620,535

2,591,176

6,755,391

3,015,662

5,993,243

3,008,656

5,730,449

3,034,920

5,592,025

3,559,430

5,338,796

4,378,447

5,236,825 5,092,512

Other securities.................................................................................... 4,677,222 5,036,291

Real estate mortgage loans.............................................................. 9,288,364

102,768

10,802,477 12,467,355 14,494,241 16,445,982 18,045,621 19,937,652 22,628,058

Other loans and discounts................................................................ 85,996 120,350 130,165 155,376 185,174 227,027 244,010 355,327

Other real estate................................................................................. 2,675 2,432

275,785

19,625,429

17,718,957

2,957 2,019 2,197 3,586 4,361 7,002 11,555

All other assets.................................................................................... 255,304 301,570 330,193 359,160 394,229 424,093 456,262 494,513

Liabilities and surplus accounts— total.................................... 17,905,674

16,102,806

21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564

Total deposits...................................................................................... 19,738,300 20,577,403 22,202,156 24,322,261 26,304,610

26,274,758

28,136,390 30,822,839

Savings and time deposits.............................................................. 16,080,015

22,791

93,253

17,688,777

80,180

119,359

19,694,981

43,319

20,525,629

51,774

199,228

22,167,537

34,619

24,295,761

26,500

28,106,089 30,790,599

Demand deposits ...................................................................... 29,852

431,019

30,301 32,240

Other liabilities ................................................................................. 159,912 249,779 318,445 512,192 598,011

Total surplus accounts...................................................................... 1,709,615 1,787,113 1,974,410 1,964,152 2,081,904 2,263,550 2,424,941 2,600,089 2,918,714

Number of active officers, December 31 .......................................... 1,810

11,932

1,908

12,525

1,999

13,227

2,042

13,618

2,130

13,860

2,239

14,590

2,356 2,504 2,885

Number of other employees, December 31...................................... 14,925 15,110 16,753

Number of banks, December 31......................................................... 206 219 218 220 223 239 241 268 325

1 Includes “Valuation reserves” and “ Other asset valuation provisions (direct write-downs)” .

2 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1934-1951: Data for 1934-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual Reports: 1950, pp. 272-273, and

1941, p. 173. For 1951 see the Annual Report for 1951, p. 184.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED B A N K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 118. R a t io s o f I n c o m e , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d M u t u a l S a v in g s B a n k s , 1952-1960

Sources and disposition of income 1952 1953 1954 1955 1956 1957 1958 1959 1960

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...................................................... 28.83 25.44 21.61 18.79 16.32 14.34 12.35 11.43 10.43

Interest and dividends on other securities...................................................... 11.07 12.67 13.34 12.37 11.42 12.40 14.57 14.10 13.63

Interest and discount on real estate mortgage loans— net......................... 57.48 59.02 61.97 65.92 69.41 70.17 70.37 71.96 73.21

Interest and discount on other loans and discounts— net........................... .72 .80 .92 .91 .94 1.06 1.02 .99 1.26

Income on other assets......................................................................................... 1.04 1.12 1.09 1.02 .92 .77 .73 .58 .51

Income from service operations.......................................................................... .86 .95 1.07 .99 .99 1.26 .96 .94 .96

Current operating expense— total................................................................... 20.54 19.68 19.40 18.42 17.62 17.03 16.33 15.73 15.38

Salaries— officers..................................................................................................... 3.39 3.27 3.17 3.02 2.88 2.79 2.62 2.51 2.50

Salaries and wages— employees.......................................................................... 7.21 6.85 6.67 6.35 6.00 5.68 5.37 5.03 4.88

Pension, hospitalization and group insurance payments, and other

employee benefits............................................................................................... 1.87 1.79 1.75 1.69 1.63 1.60 1.59 1.56 1.55

Fees paid to trustees and committee members.............................................. .37 .35 .35 .34 .31 .29 .28 .26 .26

Occupancy, maintenance, etc. of bank premises (including taxes and

recurring depreciation)— net........................................................................... 2.14 2.09 2.08 1.88 1.95 1.88 1.82 1.77 1.73

Deposit insurance assessments........................................................................... 1.09 1.06 1.05 .99 .94 .92 .89 .88 .80

Furniture and fixtures (including recurring depreciation).......................... .42 .38 .38 .35 .34 .32 .30 .35 .32

All other current operating expense.................................................................. 4.05 3.89 3.95 3.80 3.57 3.55 3.46 3.37 3.34

Net current operating incom e.......................................................................... 79.46 80.32 80.60 81.58 82.38 82.97 83.67 84.27 84.62

Franchise and income taxes— total................................................................ 1.62 1.32 1.47 1.13 1.00 .88 .90 .91 .93

State franchise and income taxes....................................................................... 1.23 1.00 1.00 .98 .93 .87 .86 .87 .90

Federal income taxes............................................................................................. .39 .32 .47 .15 .07 .01 .04 .04 .03

Net current operating income after taxes.................................................. 77.84 79.00 79.13 80.45 81.38 82.09 82.77 83.36 83.69

Dividends and interest on deposits................................................................ 64.29 64.13 64.62 66.89 67.82 69.80 70.65 70.10 73.44

Net current operating income after taxes and dividends.................... 13.55 14.87 14.51 13.56 13.56 12.29 12.12 13.26 10.25

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........................................................................... 3.17 3.30 3.30 3.53 3.66 3.81 3.94 4.10 4.28

Current operating expense— total......................................................................... .65 .65 .64 .65 .64 .65 .64 .65 .66

Net current operating income................................................................................ 2.52 2.65 2.66 2.88 3.02 3.16 3.30 3.45 3.60

State franchise and income taxes.......................................................................... .05 .05 .05 .04 .04 .03 .04 .03 .04

Net current operating income after taxes........................................................... 2.47 2.60 2.61 2.84 2.98 3.13 3.26 3.42 3.56

Dividends and interest on deposits....................................................................... 2.04 2.11 2.13 2.36 2.48 2.66 2.78 2.87 3.12

Net current operating income after taxes and dividends................................ .43 .49 .48 .48 .50 .47 .48 .55 .44

Non-recurring income, realized profits and recoveries credited to profit and

loss, and transfers from valuation adjustment provisions2— total............ .32 .19 .27 .19 .19 .18 .22 .29 .41

Non-recurring expense, realized losses charged to profit and loss, and

transfers to valuation adjustment provisions2— total........... ...................... .47 .36 .30 .29 .29 .31 .27 .41 .36

Net additions to total surplus accounts from operations................................ .28 .32 .45 .38 .40 .34 .43 .43 .49

Special ratios1

Interest on U. S. Government obligations per $100 of U. S. Government

obligations............................................................................................................... 2.43 2.49 2.31 2.51 2.56 2.63 2.66 2.79 2.99

Interest and dividends on other securities per $100 of other securities. . . . 3.05 3.16 3.19 3.30 3.38 3.57 3.83 3.86 3.96

Interest and discount on real estate mortgage loans per $100 of real estate

mortgage loans........................................................................................................ 4.08 4.11 4.14 4.24 4.30 4.38 4.48 4.62 4.73

Interest and discount on other loans and discounts per $100 of other loans

and discounts.......................................................................................................... 4.73 5.04 5.52 5.63 5.43 5.86 5.18 5.19 5.18

Dividends and interest on deposits per $100 of savings and time deposits.. 2.27 2.35 2.37 2.61 2.75 2.95 3.09 3.19 3.49

Net additions to total surplus accounts from operations per $100 of total

surplus accounts..................................................................................................... 2.98 3.51 5.00 4.42 4.73 3.99 5.18 5.16 5.76

Assets and liabilities per $100 of total assets1

Assets— total............................................................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks................................................................................... 4.07 3.79 4.00 3.56 3.09 2.69 2.55 2.21 2.10

United States Government obligations............................................................ 37.73 33.74 30.88 26.36 23.36 20.78 18.31 16.76 14.83 Other securities...................................................................................................... 11.53 13.20 13.79 13.23 12.37 13.23 15.01 14.97 14.67

Real estate mortgage loans................................................................................. 44.75 47.33 49.39 54.82 59.08 61.13 61.88 63.80 65.90

Other loans and discounts................................................................................... .48 .52 .55 .57 .63 .69 .78 .78 1.03

Other real estate.................................................................................................... .01 .01 .01 .01 .01 .01 .02 .02 .03

All other assets....................................................................................................... 1.43 1.41 1.38 1.45 1.46 1.47 1.45 1.46 1.44

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......................................................................................................... 89.93 90.28 90.24 90.49 90.50 90.40 90.20 90.04 89.76

Savings and time deposits................................................................................. 89.80 90.13 90.01+ 90.26 90.36 90.30 90.10 89.91+ 89.67

Demand deposits................................................................................................. .IS .15 .20 .23 •U .10 .10 .10 .09

Other liabilities....................................................................................................... .52 .61 .73 .87 1.02 1.19 1.48 1.64 1.74

Total surplus accounts......................................................................................... 9.55 9.11 9.03 8.64 8.48 8.41 8.32 8.32 8.50

Number of banks, December 31............................................................................ 206 219 218 220 223 239 241 268 325

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

2 Includes “Valuation reserves” and “ Other asset valuation provisions (direct write-downs)” . h_.

Back figures, 19S1+, 191+1-1950, and 1951: Data for 1934 and 1941-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual Reports:

1950, pp. 274-275, and 1947, pp. 156-157. For 1951 see the Annual Report for 1951, p. 185. 50

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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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 is b u r s e m e n t s

Table 119.

Table 120. 

Table 121.

Depositors, deposits, and disbursements in insured banks requiring disbursements 

by the Federal Deposit Insurance Corporation, 1934-1960

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

amount of deposits, and State

Insured bank requiring disbursement by the Federal Deposit Insurance Corporation 

during 1960

Recoveries and losses by the Federal Deposit Insurance Corporation on principal 

disbursements for protection of depositors, 1934-1960

Digitized for FRASER 

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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

One noninsured bank failed in 1960. This was Boulder Industrial

Bank, Boulder, Colorado, which suspended October 10, 1960, having

deposits of $1,035,000.

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; and

1958, p. 223.

Sources of data

Insured banks: books of bank at date of closing; and books of FDIC,

December 31, 1958.

ooDEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 119. D e p o s ito r s , D e p o sits, an d D isb u r se m e n ts in In 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 ts by t h e F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n , 1934-1960

BANKS GROUPED BY CLASS OF BANK, YEAR OF DEPOSIT PAYOFF OR DEPOSIT ASSUMPTION, AMOUNT OF DEPOSITS, AND STATE

Classification

Number of banks Number of depositors1 Deposits1

(in thousands of dollars)

Disbursements by FDIC

(in thousands of dollars)

Deposit

assumption

cases

Total Deposit

payoff

cases

Deposit

assumpeases3

Total Deposit

payoff

cases

Deposit

assumption

cases

Principal disbursements Advances and

expenses2

Total JDeposit

payou

cases

Total

payoff

cases4

Deposit

assump=

tion

cases6

Deposit

payoff

cases5

Deposit

tion

cases7

All banks...................................... 440 258 182 1,451,960 417,227 1,034,733 602,191 135,664 466,527 302,822 104,748 198,074 1,151 47,474

Class of bank

National banks......................... 77 24 53 306,941 62,265 244,676 125,164 25,451 99,712 57,352 18,739 38,614 202 6,196

State banks members F. R. S. 23 7 16 370,762 85,156 285,606 188,820 27,701 161,119 102,235 21,965 80,271 109 19,270

Banks not members F. R. S .. 340 227 113 774,257 269,806 504,451 288,208 82,512 205,696 143,234 64,044 79,190 840 22,008

Year8

1934 .. • 9 9 15,767 15,767 1,968 1,968 941 941 43

1935............................................. 25 24 1 44,655 32,331 12,324 13,319 9,091 4,229 8,890 6,026 2,865 108 272

1936............................................. 69 42 27 89,018 43,225 45,793 27,508 11,241 16,267 14,781 8,056 6,725 67 934

1937............................................. 75 50 25 130,387 74,148 56,239 33,349 14,960 18,389 19,160 12,045 7,116 103 905

1938............................................. 74 50 24 203,961 44,288 159,673 59,684 10,296 49,388 30,480 9,092 21,387 93 4,902

1939............................................. 60 32 28 392,718 90,169 302,549 157,772 32,738 125,034 67,770 26,196 41,574 162 17,603

1940............................................. 43 19 24 256,361 20,667 235,694 142,429 5,657 136,773 74,134 4,895 69,239 89 17,234

1941............................................. 15 8 7 73,005 38,594 34,4H 29,718 14,730 14,987 23,880 12,278 11,602 50 1,479

1942............................................. 20 6 14 60,688 5,717 54,971 19,186 1,816 17,369 10,825 1,612 9,213 38 1,076

1943............................................. 5 4 1 27,371 16,917 10,454 12,525 6,637 5,888 7,172 5,500 1,672 53 72

1944............................................. 2 1 1 5,487 899 4,588 1,915 456 1,459 1,503 404 1,099 9 37

1945 1 1 12,483 12,483 5,695 5,695 1,768 1,768 96

1946 .......... 1 1 1,383 1,383 347 347 265 265 11

1947 5 5 10,637 10,637 7,040 7,040 1,724 1,724 335

1948 ............. 3 3 18,540 18,540 10,674 10,674 2,990 2,990 200

1949 4 4 5,671 5,671 5,475 5,475 2,552 2,552 166

1950 4 4 6,366 6,366 5,513 5,513 3,986 3,986 522

1951 2 2 5,276 5,276 3,408 3,408 1,885 1,885 127

1952 3 3 6,752 6,752 3,170 3,170 1,369 1,369 195

1953 2 2 24,469

...........

24,469 18,262 18,262 5,017 5,017 428

1954 ..... 2 2 1,811 1,811 998 998 913 913 140

1955 .................................... 5 4 1 17,790 8,080 9,710 11,953 6,503 5,450 6,784 4,438 2,346 106 664

1956............................................. 2 1 1 15,197 5,465 9,732 11,329 4,702 6,628 3,333 2,795 538 84 51

1957 1 1 2,338 2,338 1,163 1,163 1,031 1,031 20

1958............................................. 4 3 1 9,570 4,363 6,207 8,240 4,156 4,084 3,027 2,797 230 37 24

1959 .... 3 3 3,074 3,074 2,595 2,595 1,844 1,844 48

iQfin . . . . 1 1 11,185 11,185 6,955 6,955 4,799 4,799 40

Banks with deposits of—

$100,000 or less........................ 107 83 24 38,347 29,695 8,652 6,418 4,947 1,471 4,999 4,309 691 88 154

$100,000 to $250,000.............. 109 86 23 83,370 65,512 17,858 17,759 13,920 3,839 12,906 11,554 1,352 209 173

$250,000 to $500,000.............. 59 36 23 89,949 56,777 33,172 20,975 12,462 8,513 14,588 10,223 4,365 147 583

$500,000 to $1,000,000.......... 65 30 35 155,284 69,638 85,646 49,182 22,394 26,788 32,525 17,668 14,857 261 2,115

$1,000,000 to $2,000,000___ 45 12 33 198,704 59,497 139,207 64,252 15,435 48,817 33,996 11,817 22,179 118 3,316

$2,000,000 to $5,000,000. . . . 33 8 25 242,391 63,752 178,639 103,044 26,907 76,138 53,324 18,702 34,622 204 5,518

$5,000,000 to $10,000,000. . . 13 1 12 201,468 11,185 190,283 84,429 6,955 77,474 31,083 4,799 26,284 40 5,490

$10,000,000 to $25,000,000. . 5 2

3 170,119 61,171 108,948 96,713 32,644 64,068 45,747 25,676 20,070 84 5,404

w^OtvUv jvvv <go c non nnn to non (inn tU yvUjVvV/jVvv • . 4 4 272,328 272,328 159,418 159,418 73,653 73,653 24,720

11

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
State

Alabama

Arkansas. . . .

California. . .

Colorado

Connecticut.

Florida..

Georgia.

Idaho.. .

Illinois. .

Indiana.

Iowa..........

Kansas

Kentucky.

Louisiana..

Maine. . . .

Maryland.........

Massachusetts.

Michigan..........

Minnesota........

Mississippi

Missouri..............

Montana.............

Nebraska............

New Hampshire.

New Jersey........

New York...........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon...............

Pennsylvania. .

South Carolina.

South Dakota..

Tennessee.........

Texas...............

Vermont.........

Virginia...........

Washington...

West Virginia.

Wisconsin.

Wyoming.

3

6

2

1

2

2

9

2

18

20

6

9

23

3

1

5

2

8

5

3

47

5

5

1

39

26

7

29

4

9

2

29

2

23

12

23

3

20

7,905

4,434

7,516

10

5,379

1,642

8,386

2,451

43,291

30,006

13,665

5,145

36,139

6,087

9,710

22,567

9,046

31,663

2.650

1.651

35,961

1,500

2,661

1,780

522,564

269,621

10,408

14,103

13,751

21,980

3,439

166,894

1,848

12,515

12,358

31,501

11,057

26,041

4,179

8,346

26,898

3,212

794

3,529

4,347

10

5,379

448

7,773

2,451

5,372

12,549

1,676

2,254

18,490

6,087

6,643

" ’ 928

2.650

1.651

27,792

849

2,661

103,798

28,440

3,677

6,760

7,585

17,059

1,230

43,828

403

11,412

9,993

29,973

8,687

2,964

8,346

18,739

7,111

905

3,169

1,194

613

37,919

17,457

11,989

2,891

17,649

9,710

15,924

9,046

30,735

8,169

651

1,780

418,766

241,181

6,731

7,343

6,166

4,921

2,209

123,066

1,445

1,103

2,365

1,528

2,370

23,077

4,179

8,159

3,212

2,285

1,764

4,792

8

1,526

491

1,087

1,894

27,321

13,593

5,517

1,234

8,888

1,652

5,450

4,566

3,019

13,532

818

334

8,086

1,095

1,041

296

194,630

145,439

3,266

3,830

7,223

11,326

2,670

75.756

849

2,987

1,942

12,415

3,725

10.756

1,538

2,006

9,512

2,033

100

1,168

3,714

8

1,526

217

998

1,894

1,637

3,932

498

539

3,953

1,652

828

159

818

334

6,053

215

1,041

83,128

13,286

1,421

1,552

2,345

8,614

1,368

14,340

136

2,862

1,620

11,729

3,375

629

' 2,006

2,185

596

1,078

274

25,684

9,662

5.018

694

4,934

‘ 5,450

3,738

3.019

13,372

2,033

880

296

161,502

132,153

1,845

2,278

4,877

2,712

1,302

61,416

714

126

322

350

10,127

1,538

3,545

2,033

1,089 94 995 1 91

984 841 144 8 48

2,981 2 ,1 2 0 861 34 138

8 8 (9)

1,242 1,242 8

300 203 97 3 13

915 846 69 15 33

1,493 1,493 29

9,224 1,242 7,982 30 791

6,197 3,096 3,101 39 384

1,456 385 1,071 6 113

974 482 492 5 72

5,455 3,329 2,126 44 197

6 6 8 6 6 8 1 0

2,346 2,346 664

3,109 735 2,374 9 371

1,564 1,564 1,030

6,290 139 6,150 2 759

640 640 17

257 257 5

5,658 5,012 646 85 77

640 186 453 6 21

796 796 2 0

117 117 8

82,126 26,468 55,657 161 20,154

67,872 10,836 57,037 32 10,847

2,387 1,156 1,231 23 179

2,657 1,397 1,259 24 203

2,097 1,610 488 7 38

7,243 5,932 1,311 84 104

1,948 986 962 11 81

51,291 10,133 41,159 75 9,521

274 136 138 (9) 1 0

2,412 2,388 23 26 9

1,278 1,164 114 28 25

8,697 8,404 293 2 1 1 44

3,445 3,259 186 2 1 2 2

4,908 511 4,396 8 505

935 935 512

1,458 1,458 11

7,188 5,096 2,092 54 391

2 0 2 2 0 2 19

Note: Due to rounding differences, components may not add to total.

1 Adjusted to December 31, 1960.

anothSX^sureSd$bankth° USand ° f non"recoverabIe insurance expenses in cases which were resolved without payment of claims or a disbursement to facilitate assumption of deposits by

3 Number of deposit accounts.

4 Includes estimated additional disbursements in active cases.

« uXCess co^ecti°ns turned over to banks as additional purchase price at termination of liquidation.

7 f i j dlsbJirsements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.

6S advances to Protect assets and liquidation expenses of $47,262 thousand, all of which have been fully recovered by the Corporation, and $ 2 1 2 thousand of non-recoverable

expt3I136S#

• Less than1|500tOtalS f° F 6aCh yGEr related to cases occurring during that year and may thus contain some amounts disbursed in subsequent years.

00

coDEPOSIT INSURANCE DISBURSEM ENTS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
00

T a b le 1 20. I n s u r e d B a n k R e q u ir in g D is b u r s e m e n t 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 D u r in g 1960

Case

number Name and location

Class of

bank

Number of

depositors1 Date of closing

First payment to

depositors

Disbursement2 Receiver

Deposit

payoff

260

The Capitol Hill State Bank

Oklahoma City, Oklahoma NM 11,201 July 29, 1960 August 8, 1960 $4,798,815 Federal Deposit Insurance

Corporation

Case

number

Assets*

Total

Liabilities and capital accounts3

Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking

house,

furniture &

fixtures

Other

real

estate

Other

assets4

Deposits Other

liabilities

Capital

stock

Other

capital

accounts

Deposit

payoff

260 $1,169,089 $732,133 $573,860 $3,327,590 $85,809 $1,617,121 $7,505,602 $6,955,025 $2,996 $200,000 $347,581

1 At date of closing.

2 To December 31, i960, plus estimated additional disbursements.

8 As determined by FDIC agents after adjustment of books of bank for liabilities or overdrafts discovered subsequent to closing.

4 Includes shortage account of $1,541,625 in cash and securities due to irregularities attributed to officers.

Back figures, 198U-1959: Annual Report for 1954, Table 119, p. 168; Annual Report for 1958, Table 122, p. 226; Annual Report for 1959, Table 122, p. 174.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 121. R e c o v e r ie s and L o sses b y t h e F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n on

P r in c ip a l D isb u r se m e n ts f o r P r o t e c t io n o f D e p o s ito r s , 1934-1960

(Amounts in thousands of dollars)

Liquidation

status and

All cases

year of deposit payoff

or

deposit

assumption

Number

of

banks

Principal

disbursements

Recoveries

to Dec.

31, I9601

T otal............... 440 302,822 268,473

Status

Active.............. 80 100,950 87,820

Terminated... 410 201,872 180,652

Year

1934............. 9 941 734

1935............. 25 8,890 6,161

1936............. 69 14,781 12,326

1937............. 75 19,160 15,611

1938............. 74 30,480 28,055

1939............. 60 67,770 60,607

1940............. 43 74,134 70,179

1941............. 15 23,880 23,288

1942............. 20 10,825 10,137

1943............. 5 7,172 7,048

1944............. 2 1,503 1,462

1945............. 1 1,768 1,768

1946............. 1 265 265

1947............. 5 1,724 1,573

1948............. 3 2,990 2,349

1949............. 4 2,552 2,183

1950............. 4 3,986 2,593

1951............. 2 1,885 1,792

1952............. 3 1,369 574

1953............. 2 5,017 5,017

1954............. 2 913 647

1955............. 5 6,784 6,441

1956............. 2 3,333 2,622

1957............. 1 1,031 1,031

1958............. 4 3,027 2,652

1959............. 3 1,844 1,358

I960............. 1 4,799

Estimated

additional

recoveries

Losses2

Deposit payoff cases

Number

of

banks

Principal

disburse

ments*

Recoveries

to Dec.

31,1960

Estimated

additional

recoveries

Losses2

Deposit assumption

Number

of

banks

Principal

disbursements4

Recoveries

to Dec.

31, I9601

Estimated

additional

recoveries

6,231

6,231

22

157

28,118

6,898

21,220

207

2,707

2,455

3,550

2,425

7,155

3,798

592

688

123

40

258

11

247

24

42

50

50

32

19

8

6

4

104,748

15,893

88,855

941

6,026

8,056

12,045

9,092

26,196

4,895

12,278

1,612

5,500

404

84,228

9,612

74,616

734

4,274

6,595

9,520

7,908

20,399

4,313

12,065

1,320

5,376

363

5,504

5,504

15,016

777

14,239

207

1,751

1,460

2,524

1,184

5,798

582

213

292

123

40

182

19

163

198,074

85,057

113,017

184,245

78,208

106,037

67 84

641

369

1,383

5

793

4

103

392

263

240

319

298

281

4,799

77

205

4,438

2,795

1,031

2,797

1,844

4,799

4,095

2,259

1,031

2,617

1,358

103

217

240

319

1

27

25

24

28

24

7

14

1

1

1

1

5

3

4

4

2

3

2

2

1

1

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

104

281

4,799

230

205

1,887

5,730

6,090

20,147

40,209

65,866

11,223

8,816

1,672

1,099

1,768

265

1,573

2,349

2,183

2,593

1,792

574

5,017

647

2,346

35

727

727

4

’ 175

’ 195

13,102

6,122

6,980

956

995

1,025

1,241

1,357

3,216

379

396

84

641

1,383

5

793

263

00

Note: Due to rounding differences, components may not add to total.

1 Excludes in deposit assumption cases recovery of all advances for asset protection, totaling $32,849 thousand, and of all liquidation expenses totaling $14,413 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.

DEPOSIT INSURANCE DISBURSEMENTS

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I n d e x

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Absorptions:

Concentration, in relation to............................................................................34, 37-38

Of insured banks requiring disbursements by the Corporation. See

Banks in financial difficulties.

Of operating banks, May 13 to December 31, 1960............................... 10, 112-125

Of operating banks, 1936-1960....................................................................13, 182-183

Regulation of.................................................................................................10, 14, 65-66

Admission of banks to insurance:

Applications for, 1946-1960....................................... , ......................................... 7-9

Different methods followed................................................................................... 7

Number of banks admitted, by class of bank, 1960......................................126-127

American Banker, The................................................................................................... 50n

American Institute of Banking..................................................................................... 16

Applications from banks................................................................................................ 7-11

Areas outside continental United States, banks and branches located in:

Assets and liabilities, December 31, 1960........................................................ 144-145

Deposits, December 31, 1960............................................................136-137, 144-145

Earnings, expenses, profits, and dividends, 1960............................................166-167

Number, December 31, 1960.....................................................................128, 135-137

Assessments for deposit insurance. See Federal Deposit Insurance Corporation.

Assets and liabilities of closed banks. See Banks in financial difficulties.

Assets and liabilities of entire banking and currency system, 1957-1960.......... 97-99

Assets, liabilities, and capital of banks (see also Deposits):

All banks:

Amounts by type and supervisory status, December 31, 1960............. 91-94

By FDIC district and State, December 31, 1960.................................. 144-145

In banks grouped according to insurance status and type of bank,

June 15 and December 31, 1960............................................................140-143

Percentage changes, each year, 1958-1960................................................ 97-98

Commercial banks, June 15 and December 31, 1960.................................... 140-143

Insured banks, December 31, 1959, June 15 and December 31, 1960. . .. 146-149

189

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Insured commercial banks:

Amount, December 31, 1959, June 15 and December 31,

1960............................................................................................140-143, 146-149

Average for each year, 1952-1960................................................................ 155

Average for 1960, by class of bank............................................................. 159

Average for 1960, by State............................................167, 169, 171, 173, 175

Percentage distributions, average for each year, 1952-1960.................. 157

Percentage distributions, average for 1960, by class of bank................ 161

Percentage distributions, December 31, 1959, June 15 and December 31, 1960.................................................................................................. 147

Percentage distributions of totals among size groups of banks, 1960.. 107

Ratio of selected items to total assets, by size of bank, December

31, 1960...................................................................................................... 150-151

Insured mutual savings banks:

Amount, December 31, 1959, June 15 and December 31, 1960........ 146-149

Major categories, average, 1952-1960......................................................... 177

Percentage distributions, 1952-1960............................................................ 179

Mutual savings banks, June 15 and December 31, 1960.............................. 140-143

Noninsured banks, June 15 and December 31, 1960.....................................140-143

Sources of data........................................................................................................13, 139

State legislation........................................................................................................ 85-86

Assets and liabilities of the Federal Deposit Insurance Corporation...............16-17, 23

Assets pledged to secure bank obligations.................................................................. 149

Assets purchased by the Federal Deposit Insurance Corporation from banks

in financial difficulties. See Banks in financial difficulties.

Assumption of deposits of insured banks with financial aid of the Corporation

(see also Banks in financial difficulties).......................................5-6, 182-185

Audit of the Federal Deposit Insurance Corporation.............................................. 21-24

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.

Banking practices. See Unsafe and unsound banking practices.

Banks, applications from, acted on by the Federal Deposit Insurance

Corporation.................................................................................................. 7-11

Banks in financial difficulties:

Insured banks requiring disbursements by the Corporation:

Assets and liabilities of, 1960........................................................................ 184

Deposit size of..................................................................................................4, 182

Deposits protected, 1934-1960......................................................... 4-6, 182-184

Disbursements by the Corporation, 1934-1960...................4-7, 24n, 181-185

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Loans made and assets purchased by the Corporation........................... 6

Location by State, 1934-1960........................................................................ 4, 183

Losses incurred by the Corporation..........................................................6-7, 185

Losses incurred by depositors....................................................................... 5-6

Name and location of, 1960.......................................................................... 4, 184

Number of, 1934-1960.................................................................................... 5-6

Number of deposit accounts, 1934-1960............................................5, 182-184

Recoveries by the Corporation on assets acquired, 1934-1960.............. 6, 185

Sources of data......................................................................................................... 181

Suspensions, 1921-1959........................................................................................... 31-38

Suspensions of noninsured banks, 1934-1960................................................. 126, 181

Banks, number of. See Number of banks and branches.

Banks operating branches. See Number of banks and branches.

Board of Directors of the Federal Deposit Insurance Corporation. See Federal

Deposit Insurance Corporation.

Board of Governors of the Federal Reserve System........ 10, 29n, 35n, 52n, 139, 153

Branches {see also Number of banks and branches):

Establishment approved by Federal Deposit Insurance Corporation, 1960. 8-9

Examination of, 1959 and 1960............................................................................ 12

Increase, branches of all banks, 1959-1960.................................................94-95, 126

Bureau of the Budget.......................................................................................46n, 57n, 103n

Bureau of the Census....................................................................................... 29n, 30n, 96n

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 and liabilities of entire banking and currency

system; Assets, liabilities, and capital of banks; Banks in financial

difficulties; Earnings and expenses of insured commercial banks;

Examination of insured banks.

Charge-offs by banks. See Earnings and expenses of insured commercial banks;

Earnings and expenses of insured mutual savings banks; Valuation

reserves.

Class of bank, banking data presented by:

Admissions to and terminations of insurance..................................................126-127

Assets and liabilities of all banks......................................................................... 92-94

Earnings of insured commercial banks, 1960.................................................. 158-159

Insured banks requiring disbursements by the Corporation, 1934-1960.. 182

Insured bank requiring disbursements by the Corporation, 1960................. 184

Number of banks and banking offices, 1960....................................................126-135

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Ratios of earnings of insured commercial banks, 1960..................................160-161

Classification of banks.................................................................................... 91-94, 110-111

Closed banks. See Banks in financial difficulties.

Commercial banks. See Assets, liabilities, and capital of banks; Deposits;

Earnings and expenses of insured commercial banks; Number

of banks and branches.

Concentration in banking:

By State and metropolitan areas......................................................................... .52-58

Competition, in relation to......................................................................................59-61

Group banking, in relation to.................................................................................50-52

Size of bank, in relation to.................................................................................... ..49-51

Comptroller General of the United States................................................................. 22

Comptroller of the Currency............................................................ 11, 91, 93-94, 139, 153

Consolidations. See Absorptions.

Coverage of deposit insurance, banks participating.........................3-4, 91-92, 126-137

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).

Deposit insurance fund, adequacy of....................................... .. 24n

Deposits:

All banks:

By insurance status of bank and type of account, December 31, 1960. 143

By insurance status of bank and type of account, June 15, 1960. . .. 141

By supervisory status and insurance status, December 31, 1960.... 93

By type of account in each State and FDIC district, December 31,

1960..............................................................................................................144-145

By type of bank and insurance status, December 31, 1960............... 93

By type of bank in each State and FDIC district, December 31,

1960..............................................................................................................136-137

Percentage change, 1958-1960..................................................................... 97

All insured banks:

By type of account, December 31, 1960.................................................... 143

By type of account, December 31, 1959, June 15 and December 31,

1960................................................................................................................ 148

Ratios of deposit insurance fund to, 1934-1960......................................19, 24n

Commercial banks:

By FDIC district and State, December 31, 1960.................................. 136-137

By type of account, December 31, 1960.................................................... 143

By type of account, June 15, 1960.............................................................. 141

Percentage held, classified by bank size, State, and metropolitan area. . 99-104

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Insured banks requiring disbursements by the Corporation. See Banks in

financial difficulties.

Insured commercial banks:

Amount, by type of account, December 31, 1959, June 15 and December 31, 1960.................................................................................................. 148

Percentage distributions of selected totals among size groups of

banks, 1960................................................................................................... 107

Insured mutual savings banks:

By FDIC district and State, December 31, 1960.................................. 136-137

By type of account, December 31, 1959, June 15 and December 31,

1960................................................................................................................ 148

Interest and dividends on, 1960................................................................... 108

Mutual savings banks:

By FDIC district and State, December 31, 1960.................................. 136-137

By type of account, June 15 and December 31, 1960...........................141-143

Noninsured banks:

By FDIC district and State, December 31, 1960.................................. 136-137

By type of account and type of bank, June 15 and December 31,

1960.............................................................................................................141, 143

Sources of data......................................................................................................... 139

State legislation........................................................................................................ 86

Deposits, insured by FDIC, December 31, 1934-1960............................................ 21

Deposits in the largest commercial banks, selected years, classified by:

Continental United States................................................................................ 49-52, 99

Selected metropolitan areas and character of branch system___53, 56-58, 100-104

State and character of branch system....................................................52-55, 99-101

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....................107-108, 176, 178-179

To stockholders of insured commercial banks. See Earnings and expenses

of insured commercial banks.

Earnings and expenses of insured commercial banks:

Amounts of principal components:

Annually, 1952-1960.....................................................................................154-155

By class of bank, 1960................................................................................. 158-159

By size of bank, 1960...................................................................................162-163

By State, 1960............................................................................................... 166-175

Charge-offs and recoveries, 1958-1960.............................................105-106, 154-155

Income, sources and disposition of total, 1958-1960.....................................105-106

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Profits, 1960.......................................................................................................... 106, 155

Rates of income on assets, 1952-1960.............................................................. 156-157

Rate of net profit on total capital accounts, 1960..................... 106, 156, 161, 165

Ratios of earnings items:

Annually, 1952-1960..................................................................................... 156-157

By class of bank, 1960................................................................................. 160-161

By size of bank..............................................................................................164-165

Ratios of expense items.................................................... 156-157, 160-161, 164-165

Sources of data......................................................................................................... 153

Earnings and expenses of insured mutual savings banks:

Amounts of principal components, 1952-1960.................................................176-177

Income, sources and disposition of total, 1958-1960....................................... 107

Rates of income on assets, 1952-1960................................................................. 179

Ratios of earnings items.......................................................................................178-179

Ratios of expense items........................................................................................178-179

Sources of data......................................................................................................... 153

Educational program for bank examiners. See Federal Deposit Insurance

Corporation.

Employees:

Federal Deposit Insurance Corporation............................................................. 15-16

Insured commercial banks:

Number and compensation, 1952-1960.....................................................154-155

Number and compensation, by class of bank, by size of bank, and

by State, 1960........................................................ 158-159, 162-163, 166-175

Insured mutual savings banks, number and compensation, 1952-1960.. 176-177

State legislation........................................................................................................ 84-87

Examination of insured banks:

Bants examined by the Federal Deposit Insurance Corporation,

1959-1960...........................................................................................11-12, 91-92

Examination staff.................................................................................................... vi

Expenses of banks. See Earnings and expenses of insured commercial banks;

Earnings and expenses of insured mutual savings banks.

Expenses of the Corporation. See Federal Deposit Insurance Corporation,

income and expenses.

Failures. See Banks in financial difficulties.

Federal bank supervisory authorities..............................................7-14, 36, 65-84, 91-94

Federal Deposit Insurance Act (see also Legislation relating to deposit insurance

and banking).....................................................................iii, 10, 14, 20n, 65-72

Federal Deposit Insurance Corporation:

Assessments on insured banks.............................................................14, 17-20, 66-84

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INDEX 1 9 5

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Assets and liabilities..........................................................................................16-17, 23

Audit.......................................................................................................................... 21-24

Banks examined by, and submitting reports to.......................................... 11-13, 91

Board of Directors, actions on applications and banking practices.......... 7-13

Borrowing power.................................................................................................. 17n, 24n

Capital stock............................................................................................................ 17n

Coverage of deposit insurance...................................................... 3-4, 91-94, 128-137

Deposit insurance fund (surplus)............................................... 16-18, 20-21, 23-24n

Directors (members of the Board).................................................................... iv-v, IS

Disbursements for protection of deposits. See Banks in financial difficulties.

Districts..................................................................................................................... vi-vii

Divisions.................................................................................................................iv-v, 15

Educational program for bank examiners.......................................................... 16

Employees................................................................................................................. 15-16

Examination of banks. See Examination of insured banks.

Expenses. See Income and expenses.

Financial statements..................................................................................17, 20, 23-24

Income and expenses..........................................................................................17-21, 24

Insured banks requiring disbursements by. See Banks in financial

difficulties.

Liabilities............................................................................................................. 16-17, 23

Loans to and purchase of assets from insured banks. See Banks in financial

difficulties.

Losses incurred, 1934-1960. See Banks in financial difficulties.

Methods of protecting depositors. See Banks in financial difficulties.

Organization and staff..................................................................................iv-vi, 14-15

Payments to insured depositors. See Banks in financial difficulties.

Protection of depositors. See Banks in financial difficulties.

Recoveries. See Banks in financial difficulties.

Reports from banks................................................................................................ 13

Reserve for losses on assets acquired.................................................................. 17-18

Retirement of capital stock of the Corporation................................................ 17n

Rules and regulations........................................................................................14, 72-84

Supervisory activities..........................................................................................7-11, 91

Federal Deposit Insurance Corporation districts, banking data classified by:

All banks:

Assets and liabilities, December 31, 1960.................................................. 144

Number and deposits, by type of bank, December 31, 1960................. 136

Federal Reserve System. See Board of Governors of the Federal Reserve System.

General Accounting Office............................................................................................. 21

Government deposits. See Assets and liabilities of entire banking and currency

system; Deposits (items referring to type of account).

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Income of insured banks. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Income of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation.

Insolvent banks. See Banks in financial difficulties.

Insurance of bank obligations....................................................................................... 3-7

Insurance status, banks classified by:

Assets and liabilities, December 31, 1959, June 15 and December 31,

1960................................................................................92-93, 140-143, 146-149

Changes in number, 1960.................................................................................... 126-127

Deposits, June 15 and December 31, 1960................................... 136-137, 141, 143

Number, December 31, 1960.......................................................................91, 136-137

Percentage of banks insured, by State, December 31, 1960....................3, 128-135

Insured banks. See Assets, liabilities, and capital of banks; Banks in financial

difficulties; Deposits; Earnings and expenses of insured commercial

banks; Earnings and expenses 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.

Interagency Bank Examination School...................................................................... 16

Interbank deposits. See Deposits (items referring to type of account).

Interest. See Earnings and expenses of insured commercial banks; Earnings

and expenses of insured mutual savings banks.

Investments. See Assets and liabilities of entire banking and currency system;

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. See Unsafe and unsound banking practices.

Legislation relating to deposit insurance and banking:

Federal, enacted in 1960...................................................................................14, 65-72

State, enacted in 1960....................................................................................... 14, 84-87

Loans. See Assets and liabilities of entire banking and currency system; Assets,

liabilities, and capital of banks; Banks in financial difficulties.

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Losses:

Of banks, charged off. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation; Banks in financial difficulties.

Provision for, in insured banks, 1952-1960.....................................154-155, 176-177

Mergers. See Absorptions.

Methods of tabulating banking data:

Assets and liabilities of banks............................................................................... 139

Deposit insurance disbursements......................................................................... 181

Earnings, expenses, and dividends of insured banks....................................... 153

Number, offices, and deposits of banks............................................................ 110-111

Metropolitan areas, banking data classified by. See Number of banks and

branches.

Mutual savings banks. See Assets, liabilities, and capital of banks; Deposits;

Earnings and expenses of insured mutual savings banks; Number

of banks and branches.

National banks. See Class of bank, banking data presented by.

Net assessment income credits. See Federal Deposit Insurance Corporation,

assessments on insured banks.

Net earnings of insured commercial banks. See Earnings and expenses of insured

commercial banks.

Net profits of insured commercial banks. See Earnings and expenses of insured

commercial banks.

New banks. See Number of banks and branches.

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):

Analysis of changes in, 1921-1959............................................................... 31-46

Competition, in relation to........................................................................... 59-61

By character of branch system, State, and population per office,

December 31, 1960...................................................................................... 101

By insurance status, type of bank, and State, December 31, 1960... 126-135

By metropolitan areas and population per office, June 15, 1960........100, 104

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By status of branch banking in States and metropolitan areas. . . . 46, 101-104

By number of offices in center in which located, and population of

center, June 30, 1958.................................................................................. 47-48

Change, each year, 1859-1959..................................................................27-29, 33

Percentage change by State, selected periods........................................... 44

Population per banking office:

Entire United States..........................................................................28-31, 96

Metropolitan areas...............................................................................100, 104

States............................................................................................40-43, 99-101

Banks:

Population per bank...................................................................29-30, 42, 96, 101

By insurance status and type of bank, December 31, 1960............... 126, 143

By insurance status and type of bank, June 15, 1960............................ 141

By insurance status, type of bank, and State, December 31, 1960. .128-135

By insurance status, type of bank, FDIC district and State,

December 31, 1960................................................................................... 136-137

By State, selected years......................................................... 40-41, 101, 128-137

Concentration of services.............................................................................. 49-61

Changes during 1960, by type of bank................................................94-95, 126

Operating branches, by insurance status and State, December 31,

1960..............................................................................................................128-135

Branches:

Banking concentration, in relation to....................................... 39-40, 46, 52-58

By insurance status, type of bank, and State, December 31, 1960. .127-135

By metropolitan areas, June 15, 1960...................................................... 102-103

By State, selected years......................................................... 40-41, 101, 128-135

By status of branch banking in metropolitan and other areas, 1920

and 1958....................................................................................................... 45-47

Changes in, 1920-1960............................................33-34, 38-40, 43, 46, 95, 127

Number of, 1900-1960..................................................................29-30, 46, 95-96

Insured commercial banks:

December 31, 1952-1960.............................................................................155, 157

December 31, 1960, by class, deposit size of bank, or State.................

................................................................... 91, 159, 163, 167, 169, 171, 173, 175

Distributed by capital ratios and distribution of assets, December 31,

1960..............................................................................................................150-151

Insured mutual savings banks, December 31, 1952-1960............................177, 179

Mutual savings banks, December 31, 1960......................................91, 126, 128-135

Noninsured banks, December 31, 1960.................................... 3-4, 91, 126-137, 181

Trust companies, December 31, 1960........................................... 4, 91, 126, 128-135

Unit banks, by insurance status and State, December 31, 1960..........91, 128-135

Obligations of banks. See Assets, liabilities, and capital of banks; Deposits.

Officers of insured banks. See Employees.

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INDEX 1 9 9

Page

Officers of the Federal Deposit Insurance Corporation........................................ v-vi, 15

Operating banks. See Number of banks and branches.

Payments to depositors in closed insured banks. See Banks in financial

difficulties.

Personnel. See Employees.

Population per bank, 1859-1960.................................................................29-30, 40-42, 96

Population per banking office, 1900-1960 ....................................................... 29-30, 42, 96

Population per bank and per banking office, selected years, by State................ 42, 101

Population per commercial banking office, 65 metropolitan areas, June 15,

1960..............................................................................................................102-103

Possessions, banks and branches located in. See Areas outside continental

United States, banks and branches located in.

Profits. See Earnings and expenses of insured commercial banks.

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 Earnings and expenses of insured commercial banks; Earnings and expenses of insured mutual savings

banks.

By the Corporation on disbursements. See Banks in financial difficulties.

Reports from banks......................................................................................................... 13

Reserves:

Of Federal Deposit Insurance Corporation, for losses on assets acquired.. 17-18

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.................................................. 18-19, 23-24

Insured banks. See Earnings and expenses of insured commercial banks;

Earnings and expenses of insured mutual savings banks.

Savings and time deposits. See Deposits (items referring to type of account).

Securities. See Assets and liabilities of entire banking and currency system;

Assets, liabilities, and capital of banks; Assets and liabilities of

the Federal Deposit Insurance Corporation; Banks in financial

difficulties.

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200 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Size of bank, data for banks classified by amount of deposits:

Assets and liabilities, insured commercial banks, 1960................................... 163

Banks requiring disbursements by the Corporation, 1934-1960.................... 182

Disbursements for protection of depositors, 1934-1960................................... 182

Earnings data of insured commercial banks, 1960.........................................162-163

Earnings ratios of insured commercial banks, 1960.......................................164-165

Number of employees of insured commercial banks, 1960............................. 163

Number of insured commercial banks, 1960................................................... 163, 165

Number of insured commercial banks grouped by ratios of selected items

to assets, December 31, 1960................................................................. 150-151

Percentages of selected totals, insured commercial banks, 1960.................106-107

State bank supervisory authorities:

Data obtained from................................................................................................. 139

Number of banks supervised by............................................................... 3-4, 7, 91-92

State legislation regarding..................................................................................... 84

State, banking data classified by:

Analysis of changes in the number of banks and banking offices, selected

years............................................................................................. 8, 40-46, 99-101

Assets and liabilities of banks, December 31, 1960........................................144-145

Deposits in the largest commercial banks, selected years............................... 52-53

Deposits of banks, by class of bank, December 31, 1960............................. 136-137

Disbursements, deposits, and depositors in insured banks requiring

disbursements by the Corporation, 1934-1960..................................... 183

Earnings and expenses of insured commercial banks, 1960..........................166-175

Number of banks and banking offices, selected years.....................................41, 101

Number of banks and branches, by class of bank and type of office,

December 31, 1960....................................................................................128-137

Percentage of banks insured, December 31, 1960.....................................3, 128-135

Percentage of deposits in the largest commercial banks..................50-58, 101-103

Status of branch banking and locational requirements for branches........... 45

State banking legislation enacted in 1960.............................................................14, 84-87

State banks members of the Federal Reserve System. See Class of bank, banking data presented by.

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 Earnings and expenses 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, 7-11, 91-94

State legislation, 1960............................................................................................. 84-87

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INDEX 201

Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Terminations of insurance for unsafe and unsound practices............................... 12-13

Time and savings deposits. See Deposits (items referring fco type of account).

Trust companies, classification of................................................................... 4, 92, 110-111

Trust powers:

Applications for........................................................................................................ 8

State legislation....................................................................................................... 85

Unit banks. See Number of banks and branches.

Unsafe and unsound banking practices....................................................................... 12-13

Valuation reserves (see also Assets, liabilities, and capital of banks):

Amounts held, December 31, 1959, June 15 and December 31, 1960..

........................................................................................................... 140, 142, 147

Changes, 1952-1960............................................................................ 154-155, 176-177

Violations of law or regulations, banks charged with. See Unsafe and unsound

banking practices.

Voluntary liquidations.............................................................................................. 32-33, 37

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Federal Reserve Bank of St. Louis
Digitized for FRASER 

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Federal Reserve Bank of St. Louis