ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED 

DECEMBER 31,1946

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
LETTER OF TRANSM ITTAL

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

Washington, D. C., June 27,

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

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

Insurance Corporation has the honor to submit its annual report.

Respectfully,

M a p le T. H a r l , Chairman

T h e P r e s id e n t o f t h e S e n a te pro tern

T h e Sp e a k e r of 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 DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N ational Press Building — W ashington 25, D. C.

Field B uilding — Chicago 3, Illinois

B O A R D O F D IR E C T O R S

Chairman.............................................................. ...................... M aple T. Harl

JH. E. Cook

Directors................................................................

(Preston D elano

O F F IC IA L S — J U N E 27, 1947

W ashington 25, D. C.

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

Executive Officer.........................................................................Walter F. Oakes (Acting)

Consultant to Board of Directors...................... .................... Nathaniel Dyke, Jr.

Assistant to Chairman........................................

Special Assistant to Chairman...............................................J. Forbes Campbell

Assistant to Director..................................................................Albert G. Towers

Associate General Counsel.................................

Chief, Division of Examination.......................

Mutual Savings Bank Adviser.........................

Special Assistant to Board of Directors,

{Federal Credit Union Section)...............

Chief} Division of Research and Statistics , , ....................Florence Helm (Acting)

Director of Personnel...........................................

Chief, Service Division........................................

Librarian................................................................

C hicago 3, Illinois

Chief, Division of Liquidation.......................... ....................Edward C. Tefft

Fiscal Agent...........................................................

Chiefy Audit Division..........................................

Solicitor................................................................... ....................James M. Kane

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

D ist. Supervising

No. E xam in er

1. Lundie W . Barlow

2. Neil G. Greensides

3. A. F. Shafer

(Assistant)

4. Robert N. McLeod

5. W . Clyde Roberts

6. E. R. Gover

(Assistant)

7. Raby L. Hopkins

8. Carol L. Pitman

9. Rollin O. Bishop

10. Gerhard F. Roetzel

11. Linton J. Davis

12. William P. Funsten

A ddress

Room 765, No. 10 Post

Square, Boston 9, Mass.

Room 1900, 14 Wall Street,

New York 5, N. Y.

City National Bank

Building, 20 East Broad

Street, Columbus 15, Ohio

909 State Planters Bank &

Trust Company Building,

Richmond 19, Va.

625 First National Bank

Building, Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building

Madison 3, Wis.

741 Federal Reserve Bank

Building, 164 W . Jackson

Blvd., Chicago 4, 111.

1200 Minnesota Building,

St. Paul 1, Minn.

901 Federal Reserve Bank

Building, Kansas City 6,

Missouri

Federal Reserve Bank

Building, Station K,

Dallas 13, Tex.

Suite 1120, 315 Montgomery

Street, San Francisco 4,

Calif.

States in district

Maine, New Hampshire,

Vermont, Massachusetts,

Rhode Island, Connecticut

New York, New Jersey,

Delaware

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

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

District X includes Puerto Rico £ Virgin Islands

District 4- includes District of Columbia

District 12. includes Hawaii & Alaska

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Federal Reserve Bank of St. Louis
CONTENTS

Summary..................................................................................................................................... 3

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Insurance of bank deposits................................................................................................... 7

Deposit insurance protection............................................................................................... 12

Supervisory activities............................................................................................................. 19

Legal developments................................................................................................................. 24

Organization and financial statements of the Corporation........................................ 26

PART TW O

BANKING DEVELOPMENTS

Banks and branches................................................................................................................ 43

Assets and deposits.................................................................................................................. 46

Capital......................................................................................................................................... 54

Earnings of insured commercial banks............................................................................. 57

Earnings of insured mutual savings banks...................................................................... 65

PART THREE

SPECIAL REPORTS

Examination of mutual savings banks.............................................................................. 71

Types of deposits in insured commercial banks, 1936-1945...................................... 79

PART FOUR

LEGISLATION

Federal legislation................................................................................................................... 95

State banking legislation....................................................................................................... 99

Regulations of the Corporation........................................................................................... 102

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number, offices, and deposits of operating banks........................................................ 106

Assets and liabilities of operating banks.......................................................................... 120

Examiners’ evaluation of insured commercial banks................................................... 132

Earnings, expenses, and dividends of insured banks................................................... 138

Deposit insurance disbursements............................................. .......................................... 166

Page

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Federal Reserve Bank of St. Louis
LIST OF CHARTS

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

Map: Federal Deposit Insurance Corporation districts.............................................. vii

A. Ratios of total capital accounts of insured banks and the Federal Deposit

Insurance Corporation to total deposits of insured banks, December 31,

1934-1946........................................................................................................................... 11

B. Number of bank suspensions in three thirteen-year periods, 1908-1946. . . . 13

C. Percentage recovery and loss on FDIC disbursements in receiverships and

mergers, 1934-1946......................................................................................................... 18

D. United States Government obligations held by insured commercial banks,

June 30 and December 31, 1941-1946...................................................................... 50

E. Percentage increase during 1946 in total real estate loans of insured commercial banks................................................................................................................. 53

L I S T OF T A B L E S

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

D eposit insurance protection:

1. Disbursements by the Corporation to protect depositors in insured

banks placed in receivership or merged with the financial aid of the

Corporation, 1934-1946...................................................................................... 14

2. Number of depositors, amount of deposits, recoveries, and losses in

insured banks placed in receivership or merged with the financial aid

of the Corporation, 1934-1946......................................................................... 15

3. Payment by the Corporation and receivers of deposits in insured

banks placed in receivership, 1934-1946....................................................... 16

4. Disbursements to protect depositors, recoveries, and losses by the

Corporation from insured banks placed in receivership or merged with

its financial aid, 1934-1946................................................................................ 18

Supervisory activities:

5. Action to terminate insured status of banks charged with engaging

in unsafe or unsound practices or violations of law or regulations,

1936-1946................................................................................................................ 20

6. Actions by the Federal Deposit Insurance Corporation on applications

from banks for admission to insurance, 1935-1946................................... 21

7. Actions by the Federal Deposit Insurance Corporation on applications

for approval of establishment or continued operation of branches,

1935-1946................................................................................................................ 22

Organization and financial statements of the corporation:

8. Officers and employees of the Corporation, December 31, 1946.......... 27

9. Income and expenses of the Federal Deposit Insurance Corporation,

calendar year 1946............................................................................................... 28

10. Income and expenses of the Federal Deposit Insurance Corporation

since beginning operations................................................................................ 29

11. Assets and liabilities of the Federal Deposit Insurance Corporation,

1934-1946................................................................................................................ 30

Page

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Federal Reserve Bank of St. Louis
LIST OF TABLES xi

Page

O rganization and fin a n c ia l statem en ts o f th e corporation— Continued

12. Assets and liabilities of the Federal Deposit Insurance Corporation,

December 31, 1946, and December 31, 1945.............................................. 31

13. Federal Deposit Insurance Corporation income and surplus statement, exclusive of loss and deficit from Federal Credit Union activities, for the fiscal years ended June 30, 1945 and 1944, and

comparison............................................................................................................. 32

14. Federal Deposit Insurance Corporation net loss and deficit statement

from Federal Credit Union activities for the fiscal years ended June

30, 1945 and 1944, and comparison............................................................... 33

15. Federal Deposit Insurance Corporation balance sheet, June 30, 1945

and 1944, and comparison................................................................................. 34

16. Federal Deposit Insurance Corporation comparative income statements for the fiscal years ended June 30, 1946 and 1945— from

Auditors’ Report.................................................................................................. 37

17. Federal Deposit Insurance Corporation comparative balance sheets

June 30, 1946 and 1945— from Auditors’ Report................................. 38

PART TW O

BANKING DEVELOPMENTS

Banks and br anch es:

18. Number of operating banks and branches in United States and possessions, December 31, 1941-1946................................................................... 43

19. Number of insured and noninsured banks in the United States and

possessions, 1941-1946........................................................................................ 44

20. Changes in the number of insured banks in the United States and

possessions, 1936-1946........................................................................................ 44

21. Changes among branches of insured banks, in the United States and

possessions, 1936-1946........................................................................................ 45

Assets, and deposits:

22. Assets and liabilities of all banks in the United States and possessions,

December 31, 1946 and 1945............................................................................ 46

23. Assets and liabilities of all commercial banks and all mutual savings

banks in the United States and possessions, December 31, 1946 and

194 5 47

24. Maturities of United States Government obligations, direct and

guaranteed, held by insured commercial banks, 1946, 1945, and 1941. 49

25. Distribution of banks submitting reports to the Federal Deposit

Insurance Corporation according to ratio of obligations of States

and political subdivisions to total capital accounts, December 31, 1946 51

26. Change in loans and discounts of insured commercial banks during

194 6 52

Ca pita l:

27. Change in capital accounts and capital ratios of all commercial banks

and all mutual savings banks during 1946.................................................. 54

28. Distribution of insured commercial banks according to ratio of adjusted capital accounts to appraised value of total assets, examinations in 1946 and 1938........................................................................................ 55

29. Substandard asset ratios of insured commercial banks examined in

1939-1946................................................................................................................ 56

30. Distribution of insured commercial banks according to ratio of substandard assets to adjusted capital accounts, examinations in 1946

and 1945.................................................................................................................. 56

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

E arnings of insured commercial b a n k s:

31. Earnings, expenses, and profits of insured commercial banks, 1934-

1946................................................................................................................................. 57

32. Percentage distribution of insured commercial banks according to

rate of net profit on total capital accounts, 1938, 1942-1946................ 58

33. Distribution of insured commercial banks according to ratio of net

profits to total capital accounts and by amount of deposits, 1946.... 59

34. Amounts and rates of income received and interest paid by insured

commercial banks, 1934-1946............................................................................... 60

35. Average number and average salary of employees of insured commercial banks, 1943-1946....................................................................................... 61

36. Rates of charge-offs on assets of insured commercial banks, 1934-1946 63

37. Rates of net profit, before and after income taxes, and of cash dividends to average total capital accounts, all insured commercial banks,

1934-1946...................................................................................................................... 64

E arnings of insured m utual savings b a n k s:

38. Amounts and rates of income received and dividends paid by insured

mutual savings banks, 1943-1946....................................................................... 66

PART THREE

SPECIAL REPORTS

T ypes of deposits in insured commercial ban k s, 1936-1945

39. Accounts fully protected and deposits insured with coverage of

$5,000, $10,000 and $25,000.................................................................................. 80

40. Total and insured deposits in insured commercial banks, 1936-1945

Grouped by type of deposit.................................................................................. 82

41. Number of accounts in insured commercial banks, 1936-1945

Grouped by type of deposit.................................................................................. 83

42. Percentage distribution of deposits of insured commercial banks

according to type of deposit, October 10, 1945

Banks grouped by amount of deposits............................................................. 84

43. Distribution of demand and savings and time deposits of individuals,

partnerships, and corporations according to size of account, October

10, 1945

Insured commercial banks grouped by amount of deposits..................... 85

44. Distribution of demand and savings and time accounts of individuals,

partnerships, and corporations according to size, October 10, 1945

Insured commercial banks grouped by amount of deposits.................... 86

45. Distribution of demand accounts of individuals, partnerships, and

corporations according to size of account, October 10, 1945

Insured commercial banks grouped by State................................................. 88

46. Distribution of demand deposits of individuals, partnerships, and

corporations according to size of account, October 10, 1945

Insured commercial banks grouped by State................................................. 89

47. Distribution of savings and time accounts of individuals, partnerships, and corporations according to size of account, October 10, 1945

Insured commercial banks grouped by State................................................. 90

48. Distribution of savings and time deposits of individuals, partnerships,

and corporations according to size of account, October 10, 1945

Insured commercial banks grouped by State................................................. 91

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Federal Reserve Bank of St. Louis
LIST OF TABLES xiii

P A R T FIVE

S T A T IS T IC S O F B A N K S A N D D E P O SIT IN SU R A N C E

Page

N um ber , offices, and deposits of operating b a n k s:

Explanatory note..................................................................................................................... 107

101. Changes in number and classification of operating banks and branches

in the United States and possessions during 1946...................................... 108

102. Number of operating banks and branches, December 31, 1946

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

State and type of office.......................................................................................... 110

103. Number and deposits of operating commercial and mutual savings

banks, December 31, 1946

Banks grouped according to insurance status and by district and State 118

A ssets and liabilities of operating b a n k s:

Explanatory note..................................................................................................................... 121

104. Summary of assets and liabilities of operating banks in the United

States and possessions, June 29, 1946

Banks grouped according to insurance status and type of bank............ 122

105. Summary of assets and liabilities of operating banks in the United

States and possessions, December 31, 1946

Banks grouped according to insurance status and type of bank............ 123

106. Assets and liabilities of operating insured commercial banks, December 31, 1946, June 29, 1946, and December 30, 1945................................ 124

107. Summary of assets and liabilities of operating banks in the United

States and possessions, 1944-1946

Banks grouped according to insurance status and type of bank............ 126

108. Assets and liabilities of operating insured commercial banks, call

dates, 1941-1946......................................................................................................... 128

109. Percentage distribution of assets and liabilities of operating insured

commercial banks, call dates, 1941-1946......................................................... 129

110. Assets and liabilities of all operating banks in the United States and

possessions, December 31, 1946

Banks grouped by district and State................................................................ 130

Exam in er s’ evaluation of insured commercial " b a n k s:

55 Explanatory note..................................................................................................................... 133

fill. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1939-1946...................................................... 134

112. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1946

Banks grouped according to amount of deposits......................................... 135

|gf 113. Examiners’ appraisal of assets, liabilities, and capital of insured

commercial banks examined in 1946

Banks grouped by Federal Deposit Insurance Corporation district and

State............................................................................................................................. 136

Earnings, e xpenses, and dividends of insured b a n k s :

Explanatory note..................................................................................................................... 139

114. Earnings, expenses, and dividends of insured commercial banks, 1934,

1941-1946...................................................................................................................... 140

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

banks, 1934, 1941-1946........................................................................................... 142

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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 in s u r e d b a n k s— Continued

116. Earnings, expenses, and dividends of insured banks, 1946

By class of bank................................................................................................ 144

117. Ratios of earnings, expenses, and dividends of insured banks, 1946

By class of bank................................................................................................ 146

118. Earnings, expenses, and dividends of insured commercial banks

operating throughout 1946

Banks grouped according to amount of deposits....................................... 148

119. Ratios of earnings, expenses, and dividends of insured commercial

banks operating throughout 1946

Banks grouped according to amount of deposits....................................... 150

120. Amounts and ratios of earnings, expenses, and dividends of insured

commercial banks, by State, 1946.................................................................. 152

121. Earnings, expenses, dividends, and assets and liabilities of insured

mutual savings banks, 1934, 1941-1946........................................................ 162

122. Ratios of earnings, expenses, and dividends of insured mutual savings

banks, 1934, 1941-1946.................................................................................. !. 164

D e p o sit in s u r a n c e d is b u r s e m e n t s:

Explanatory note............................................................................................................... 167

123. Disbursements by the Federal Deposit Insurance Corporation to

protect depositors; number and deposits of insured banks placed in

receivership or merged with the financial aid of the Corporation,

1934-1946

Banks grouped by class of bank, year of disbursement, amount of

deposits, and State............................................................................................ 168

124. Assets and liabilities of insured banks placed in receivership and of

insured banks merged with the financial aid of the Federal Deposit

Insurance Corporation, 1934-1946

A s shown by books of bank at date of closing............................................ 170

125. Depositors and deposits of insured banks placed in receivership, 1934-

1945

As shown by books of FDIC, December 31, 1946.................................... 171

126. Disbursements to protect depositors, recoveries, and losses by the

Federal Deposit Insurance Corporation from insured banks placed

in receivership or merged with the financial aid of the Corporation,

1934-1946

As shown by books of FDIC, December 81, 1946.................................... 172

x iv FEDERAL DEPOSIT INSURANCE CORPORATION

Page

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Federal Reserve Bank of St. Louis
SUMMARY

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
S u m m a r y

Federal insurance of bank deposits, inaugurated January 1, 1934, 

developed under favorable circumstances in the succeeding 13 years 

(p. 7). The Corporation made disbursements of $262 million to protect

1,300,000 depositors with total deposits of $505 million, in the 399 banks 

which required aid from the Corporation. The Corporation’s ultimate 

loss on these disbursements is expected to be less than $29 million.

At its establishment the Corporation was provided by Congress with 

an original capital of $289 million. During its 13 years of operation, its 

net worth has grown through the accumulation of surplus to a total of 

$1,058 million, or 71/100 of 1 percent of total deposits of insured banks 

(p. 30). The Corporation proposes that provision be made for the orderly 

repayment to the Treasury of the original capital investment (p. 11).

Insured banks with few exceptions have disposed of or charged off 

practically all of the substandard assets which they held in 1934 (p. 7). 

The high level of business activity of recent years which contributed to 

these favorable results, also resulted in a much more rapid growth of 

assets and deposits than of the capital in banks (p. 8). As a result, their 

capital cushion has declined to an alarming extent.

During 1946 total bank assets and deposits declined as a result of the 

Federal debt retirement program (p. 46). Loans and deposits of business 

and individuals rose substantially, however. As a result of the larger 

volume of loans and higher average rate of income on loans, earnings of 

insured commercial banks rose 15 percent to the highest levels on record 

(p. 57). Net profits after taxes amounted to 10 percent of the total capital 

accounts. The improvement in rates of net profits in 1946 over preceding 

years was widespread (p. 58). In 1946, as in each year for a number of 

years, more banks had satisfactory and high rates of net profit, and fewer 

banks had losses or unsatisfactory rates of net profit.

Dividends were conservative in 1946 as in each year since the banking 

crisis of 1933; as a result the retained earnings provided substantial net 

additions to total capital account (p. 65). If banks are to continue to 

assume the greater risks inherent in meeting increased loan needs of 

business and individuals, additional capital stock should be sold to the 

public (p. 10).

During the year, the Corporation instituted a new method of determining the condition of mutual savings banks. The new technique of 

examination provides a more satisfactory classification of assets and more 

adequate provision for losses, and places less emphasis than formerly 

upon current market value of assets (p. 71).

3

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Federal Reserve Bank of St. Louis
PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

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Federal Reserve Bank of St. Louis
I n s u r a n c e o f B a n k D e p o s it s

In 1946, for the second consecutive calendar year, no bank depositorexperienced a loss as a result of banking difficulties. No insured bank 

has been placed in receivership since May 1944. One bank which encountered financial difficulty in 1946 was merged with another insured 

bank as a result of assistance given by the Federal Deposit Insurance 

Corporation. In this bank, as in the case of the one merger in 1945, and 

the one in 1944, banking services were continued in the community 

without interruption and without loss to any depositor.

During the thirteen years of the Corporation’s existence, 1934-1946, 

399 insured banks experienced financial difficulties which required 

disbursements by the Federal Deposit Insurance Corporation to protect 

their depositors. More than one-half of the 399 banks were closed during 

the first five years of the Corporation’s operation, and many of these 

had been in a weak condition when admitted to insurance. Following 

the indicated intent of Congress, the Corporation, upon its establishment, 

admitted to insurance all applicant banks with assets equal to their 

liabilities. Some of these banks were unable to continue operating in a 

satisfactory manner.

The 399 banks requiring aid from the Corporation had total deposits 

of $505 million; the Corporation disbursed $262 million to protect

1,300,000 depositors. It is estimated that the Corporation’s ultimate loss 

will be less than $29 million.

Banking developm ents, 1934-1946. The program of Federal insurance of bank deposits inaugurated January 1, 1934, has developed 

since that time under favorable circumstances. With the exception of 

1937, banks continuously expanded both their deposits and their assets 

until the close of 1945. From 1942 to 1945 the rate of expansion was 

exceptionally rapid as a result of war conditions. In 1946 a decline occurred in total bank deposits and assets but was confined almost entirely 

to banks in the financial centers of New York and Chicago., The decline 

in these banks resulted from Government withdrawals from its war loan 

accounts and redemption of United States Government obligations in 

carrying out the program of debt reduction. Deposits of individuals, 

partnerships, and corporations, and the loans of insured banks, both 

increased during 1946.

By the end of 1946 insured banks, with few exceptions, had sold or 

charged off most of the substandard assets which they held in 1934. 

Unfortunately, not all banks have been able to remove all substandard 

assets from their portfolios, and a few banks have tended to increase 

their holdings of substandard assets, both loans and investments. Until

7

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

the end of 1945 types of assets carrying comparatively little risk were 

increased in proportion to total assets. At the close of 1945, 78 percent 

of the assets of all insured banks consisted of cash and United States 

Government obligations; during 1946, this ratio declined to 72 percent 

because of the increase in loans and decrease in holdings of United States 

Government obligations. The remaining assets of insured banks, for the 

most part, were considered acceptable for bank investment.

As a result of the criterion used in admitting banks to insurance, when 

the Corporation began operations, many banks which had little or no 

capital after adjustment for losses became insured. However, more than 

5,600 of the 14,000 insured banks were strengthened by the addition of 

about $1 billion to their capital accounts through the Reconstruction 

Finance Corporation. Since that time insured banks have retired more 

than four-fifths of this investment, and at the same time have increased 

their total capital accounts from $6.3 billion to $10.5 billion.

The increase in bank capital was largely the result of the retention of 

profits made possible by a favorable earnings situation. An appreciable 

part resulted from the sale of stock to individuals by forward-looking 

banks. During the first two years of deposit insurance the earnings and 

profits of insured banks were markedly affected by the necessity of writing 

off large amounts of substandard assets which had been previously 

acquired. Since 1935, however, the earnings and profits position of the 

banks has greatly improved. In 1946, as in 1944 and 1945, the net profits 

of insured banks averaged about 10 percent of their total capital accounts.

The conditions just described, which in general were favorable, do not 

give the full picture. Some unfavorable conditions in the banking structure 

have developed or have continued to exist. One condition which is still 

unsatisfactory though more favorable than in former years, is the holding 

of substandard assets by certain banks. Some insured banks still have 

relatively large amounts of such assets. Another condition which has not 

improved sufficiently is the protection provided by the banks against 

losses from defalcation. With the exception of the banks which were in 

a very weak condition at the time they became insured in 1934, defalcations have been responsible for the difficulties of a large proportion of 

the banks requiring the financial assistance of the Corporation. Bank 

assets have doubled in amount during the past five years, and every 

bank should examine the adequacy of its fidelity insurance. Each bank 

should survey its present risk of loss, install proper internal controls, and 

purchase insurance sufficient in amount to cover any probable loss.

By far the most unfavorable situation which has developed among 

banks is a decline in the ratio of capital to assets. The capital accounts 

have not grown nearly as rapidly as assets and deposits. The ratio of total 

capital accounts to total assets declined for all insured banks from 13.2 

percent at the close of 1934 to 6.5 percent at the close of 1946. For a

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Federal Reserve Bank of St. Louis
INSURANCE OF BANK DEPOSITS 9

time the seriousness of this decline was somewhat obscured by the fact 

that the proportion of bank assets bearing relatively little risk— cash 

and United States Government obligations—was increasing. Much 

emphasis has been placed upon this change in the character of bank 

assets, and the improvement which occurred in the early 1940’s in the 

ratio between bank capital and assets other than cash and United States 

Government obligations. However, the ratio of total capital accounts of 

insured banks to their assets other than cash and United States Government obligations turned downward in 1944 and declined further both in 

1945 and in 1946. At the end of 1946 this ratio was less than 24 percent, 

the lowest reported since the beginning of deposit insurance except in 1941.

The decline in the ratio of bank capital to so-called “ risk assets” is 

the result primarily of the fact that the banks have been meeting the 

demands made upon them for credit. During 1946, the first full year 

after the cessation of active combat of World War II, no delay because 

of inadequate banking service hindered reconversion from production 

for war to production for peace-time consumption. Bank loans on real 

estate increased 34 percent, commercial and industrial loans 48 percent, 

and consumer loans 71 percent. The aggregate amount of these types 

of loans held by all insured banks increased from less than $20 billion 

at the beginning to more than $28 billion at the close of 1946.

The demand for an increasing volume of business and individual loans 

probably will continue. Further commercial and industrial loans will be 

needed as business enterprises expand their plants and add to their 

materials in process and their inventories of finished goods. Many businessmen will soon exhaust the liquid assets they accumulated during the 

war. Individuals will seek additional credit when more durable goods, such 

as automobiles, farm implements, electric refrigerators, and washing 

machines, are available. The demand for real estate loans will increase 

for the construction of both homes and commercial buildings—offices, 

hotels, and theaters—when materials and workers can be secured more 

readily. Banks are in a position to meet reasonable demands on them 

for credit.

Obligations issued by States and minor subdivisions of government 

are also likely to increase, and insured banks should be in a position to 

assist with this financing. Large capital outlays will be needed to rehabilitate municipal facilities and services which deteriorated materially 

during the war, and to make up deficiencies resulting from population 

growth. Especially in metropolitan communities the solution of urgent 

problems, such as transportation and housing, will require large expenditures for new community facilities. A substantial volume of municipal financing for airport construction is in prospect. Furthermore, 

major improvements to the highway system and additional facilities for 

the school system cannot be delayed much longer. Payments to veterans

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

in the form of special compensation for military service will entail bond 

issues.

One of the chief reasons for the existence of banks is to supply the 

credit needed in the economy. To do this, banks must have capital 

accounts sufficiently large to warrant assumption of the risks involved. 

Banks have been adding to their capital from retained earnings, but the 

growth has been much too slow in the light of the credit needs of the 

present time and the forseeable needs of the future. New capital stock 

should be sold to the public to hasten the accumulation of capital commensurate with the added risks which banks are assuming in meeting 

the loan needs of business and individuals. In addition, the remaining 

capital supplied by the Reconstruction Finance Corporation should be 

promptly replaced by capital furnished by individuals. The excellent 

earnings of the past three years should prove sufficient inducement for 

the investing public to purchase bank stock.

Position of the Corporation. The thirteen years which were favorable 

for banking operations were also advantageous for the firm establishment 

of the Federal Deposit Insurance Corporation. In the banking history of 

the United States, periods of small banking losses have on several occasions followed periods of large banking losses. Since the banking 

holiday of 1933 banking losses have been small, and the Corporation has 

accumulated a surplus of $769 million. Its total income has amounted 

to $844 million, $671 million from assessments paid by insured banks 

and $173 million chiefly from income on investments. Its operating costs 

and losses for the period amounted to $75 million.

No real test has occurred to show the demands wiiich may be made 

upon the resources of the Corporation in a severe or lengthy period of 

declining bank deposits, production, and employment. The business 

depression which occurred in 1937 and 1938 was followed by increased 

demands on the Corporation in 1939 and 1940. It is imperative that the 

financial position of the Corporation be strong enough so that all bank 

depositors will be convinced that the Corporation can discharge any 

obligations which may result from a period of adversity. Depositors 

should not only be assured of protection from loss as provided by law, 

but should also be assured that they will not be deprived of the use of 

their deposits for more than a few days.

The Federal Deposit Insurance Corporation has been given the responsibility by Congress of protecting bank depositors. The first line of 

protection for deposits in any one bank is the capital of that bank. In 

individual cases this line of protection may become insufficient. The 

resources of the Federal Deposit Insurance Corporation are mobile and 

are available to supplement the protection given depositors by bank 

capital whenever any bank is unable to meet the claims of its depositors. 

The capital funds of the Corporation therefore add to the protection

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INSURANCE OF BANK DEPOSITS 11

afforded by bank capital. Maintenance of complete confidence of depositors in the banking system is necessary to prevent panic withdrawals 

of deposits. Such withdrawals in the past have affected adversely strong 

as well as weak banks.

Chart A indicates the change since 1934 in the capital bulwark— 

including both the capital of the individual banks and that of the Federal 

Deposit Insurance Corporation—which protects depositors. The chart 

shows for December 31 of each year the ratio of the total capital accounts 

of insured banks and that of the Corporation to the total deposits of the 

banks.

CHART A

RATIOS OF TOTAL CAPITAL ACCOUNTS OF INSURED BANKS AND THE

FEDERAL DEPOSIT INSURANCE CORPORATION TO TOTAL DEPOSITS

OF INSURED BANKS, DECEMBER 31,1934-1946

The bankers who obtain the profits from the business of supplying 

the nation with the larger part of the circulating medium and with a 

large portion of the credit which is needed in the conduct of business 

should supply all the capital which is required by the banking business. 

To do this, they must not only strengthen the capital structure of their 

banks but also replace the capital invested by the Federal Government 

and the Federal Reserve banks in the Federal Deposit Insurance Corporation. This Corporation has recommended legislation authorizing 

repayment to the Treasury and to the Federal Reserve banks of the capital 

initially subscribed by them in 1933, provided that the surplus of the 

Corporation accumulated from the assessments paid by the banks is 

maintained at an amount adequate to meet deposit insurance 

requirements.

Not until the capital stock of the Corporation has been repaid and an 

adequate insurance fund accumulated should consideration be given to

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

the possibility of reducing the assessment from its present annual rate of 

1/12 of 1 percent of total deposit liabilities. As long as bank earnings 

remain high the banks should continuously add to the capital accounts 

which protect their depositors—both to the capital of individual banks 

and to the more mobile funds of the Federal Deposit Insurance Corporation. Such provision is necessary in order for the banking system to 

be in a position to meet potential losses.

Provision for handling banks in financial difficulty. The experience of the Corporation during the thirteen years of its existence 

indicates that its losses^-can be reduced, and those of depositors fully 

averted, by extending its aid to a bank without placing the bank in 

receivership. The use which has been made of this procedure is described 

on pages 14-15 and 17-18. Under the present law this kind of procedure 

can be followed only when the merger of a bank in difficulty with another 

bank can be facilitated. The Corporation recommends that it be authorized to purchase assets from an insured bank in financial difficulty, 

without the requirement of a merger, whenever such action will reduce 

the risk or avert a threatened loss to the Corporation.

D e p o s it I n s u r a n c e P r o t e c t io n

During 1946 no insured bank was placed in receivership and only one 

bank received assistance from the Corporation to protect its depositors. 

When this bank was merged with an established insured bank, its depositors with balances aggregating $316,000 experienced no loss, not 

even the inconvenience of a break in banking services. The Corporation 

advanced $265,000 which, with the acceptable assets taken over by the 

absorbing bank, fully covered the liabilities assumed.

Since the Federal Deposit Insurance Corporation began operations on 

January 1, 1934, 402 banks have closed because of financial difficulties. 

Three of these banks subsequently reopened or were taken over by 

other insured banks without financial aid from this Corporation. During the past four years, business failures in general have been few and 

only ten banks were closed because of financial difficulties. The vast 

amount of money spent during the war period has enabled business 

concerns to remain solvent regardless of efficiency or business acumen. 

But with the return of peacetime conditions, business operations are 

subject to more normal risks, and business failures are beginning to 

increase. Bank assets are also becoming subject to greater risk and 

therefore bank failures may also increase.

Chart B shows the number of bank suspensions during the period 

since establishment of the Corporation compared with two preceding 

periods of equal length: 1908-1920, covering the period from the financial 

panic of 1907 to the close of World War I and its postwar boom; and

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DEPOSIT INSURANCE PROTECTION 13

1921-1933, covering two severe business depressions and an intervening 

plateau of prosperity. The figure for bank suspensions since establishment 

of the Corporation does not include 154 banks merged with other institutions through the financial aid of the Corporation. Without this aid 

most of these undoubtedly would have had to suspend operations. Bank 

suspensions during the entire period of operation of the Corporation 

were fewer than in any one of the years in the period, 1921-1933, preceding 

the establishment of the Corporation. In many respects, however, the 

past thirteen years are more comparable with the period of 1908-1920, 

than with the period just prior to establishment of the Corporation. The 

early parts of both the 1908-1920 and 1934-1946 periods were times of 

recovery from financial panic; the later parts of both periods were times 

of war and immediate post-war expansion.

CH ART 8

NUMBER OF BANK SUSPENSIONS IN THREE THIRTEEN-YEAR PERIODS

1908-1946

NUMBER OF BANKS NUMBER OF BANKS

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

Methods of protecting depositors. The Federal Deposit Insurance 

Corporation has used two procedures in fulfilling its responsibility to 

protect bank depositors from loss. It has paid depositors up to the $5,000 

maximum in insured banks placed in receivership and has made advances to facilitate mergers of insolvent insured banks with other institutions. The latter procedure has proved more advantageous than the 

former. A receivership may disrupt the economic life of the community; 

the merger procedure avoids this and enables business to continue with 

little or no deviation from normal routine.

Table 1 shows by years the use which has been made of each method 

of protecting depositors. During the first six years of the Corporation’s 

operations, more banks were placed in receivership than were merged 

with the aid of the Corporation; during the past seven years more have 

been merged. No insured bank has been placed in receivership since 

May 1944.

T a b le 1 . D isb u r se m e n ts b y t h e C o r p o r a tio n t o P r o t e c t D e p o s ito r s in

In s u r e d B a n k s P la c e d in R e c e iv e r s h ip o r M e r g e d w ith t h e

F in a n c ia l A id o f t h e C o r p o r a tio n , 1934-1946

Year

Number of banks Amount of disbursements1 

(in thousands of dollars)

Total

Placed in 

receivership

Merged Total

Insured 

deposits paid 

in receiverships

Loans made 

and assets 

purchased 

in mergers

Total................................. 399 245 154 $262,133 $87,034 $175,099

1946................................ 1 1 265 265

1945................................ 1 1 1,768 1,768

1944................................ 2 1 1 1,515 399 1,116

1943................................ 5 4 1 7,217 5,500 1,717

1942................................ 20 6 14 10,958 1,612 9,346

1941................................ 15 8 7 23,880 12,278 11,602

1940................................ 43 19 24 74,380 4,895 69,485

1939................................ 60 32 28 67,804 26,196 41,608

1938................................ 74 50 24 30,480 9,087 21,393

1937................................ 75 50 25 19,202 12,045 7,157

1936................................ 69 42 27 14,833 8,056 6,777

1 9 3 5 ........................... 25 24 1 8,890 6,025 2,865

1934................................ 9 9 941 941

1 Does not include expenses of $38,993,000 incident to the disbursements.

During the first 13 years of its operation the Corporation protected 

over 1,300,000 depositors in 399 closed insured banks with total deposits 

of $505 million. In giving this protection the Corporation made principal 

disbursements of $262 million. Only about 3*,000 depositors who filed 

claims against the 245 banks placed in receivership will sustain any loss 

and their loss will be less than $2.5 million, or about 2 percent of the 

deposits in these receivership cases. All of the depositors in the 154 banks 

which were merged were fully protected.

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DEPOSIT INSURANCE PROTECTION 15

Data on deposits and depositors in insured banks placed in receivership or merged with the financial aid of the Corporation are given in 

Table 2.

T a b le 2 . N u m b e r o f D e p o s it o r s, A m o u n t of D e p o s it s, R e c o v e r ie s, a n d

L o sse s in I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip or M e r g e d w it h

t h e F in a n c ia l A id o f t h e C o r p o r a t io n . 1934-1946

Item

Number of banks............

N um ber o f depositors.

Estimated number with no loss...................................

Estimated number with some loss1.............................

Estimated number with claims barred by termination of insurance or receivership.............................

A m ou n t of deposits.

Estimated recovery by depositors..........

Estimated loss by depositors1.................

Insurance terminated or claims barred .

Disbursement by F D IC . 

Estimated loss to FD IC .

Total

399

1,313,351

1,261,121

2,978

49,252

$505,246,000

502,494,000

2,310,000

442,000

$262,133,000

$ 28,896,000

Banks placed 

in

receivership

245

382,756

330,526

2,978

49,252

$109,592,000

106,840,000

2,310,000

442,000

$ 87,034,000

$ 16,579,000

Banks merged 

with financial 

aid of FDIC

154

930.595

930.595

$395,654,000

395,654,000

$175,099,000 

$ 12,317,000

1 1,584 depositors will lose an estimated $2,268,000 in accounts which exceeded the limit of $5,000 

insurance and were not otherwise protected, and 1,394 depositors will lose about $42,000 in accounts 

which had been restricted or deferred prior to 1934 or were otherwise ineligible for insurance protection.

Receiverships of insured banks. Whenever the Corporation is 

notified by the Comptroller of the Currency or by a State banking 

authority that an insured bank has been closed on account of inability 

to meet the demands of its depositors, preparations are made to pay 

depositors up to the $5,000 maximum provided by law. Payments are 

started as soon as records can be verified to establish the amount of the 

claims, usually in a week or ten days after the closing of a bank. A letter 

is sent to each depositor urging that claims be filed promptly and explaining the simple procedure to be followed; notices are also printed in 

the local newspapers. Unless the insured deposit is claimed within 18 

months after appropriate notice, the right of the depositor against the 

Corporation is barred.

About 80 percent of the deposits in insured banks placed in receivership 

were paid by the Corporation. Of the remaining 20 percent of deposits, a 

part was fully covered by the pledge of security or was paid from the first 

proceeds of the liquidation because of preferred status. Some depositors 

owed money to the bank and their deposits were offset against these 

claims. Less than 10 percent of the deposits were dependent for repayment 

entirely upon a proportionate share of the proceeds of liquidation. Table 3 

shows the amount of deposits which had been paid by the Corporation 

or by receivers and the amount remaining unpaid on December 31, 1946.

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

Table 3. P a y m e n t b y t h e C o r p o r a t io n a n d R e c e iv e r s o f D e p o s it s in

I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip , 1934-1946

(Amounts in thousands of dollars)

Status of deposits Total

Paid by 

Dec. 31, 

1946

Unpaid on 

Dec. 31, 

1946

Deposits— total.........................................................

Insured ......................................................................

Secured, preferred, and subject to offset..........

In excess of $5,000, not otherwise protected. .

Other uninsured.......................................................

Insurance terminated or claims barred1............

Deposits, terminated receiverships— total

Insured ..................................................................

Secured, preferred, and subject to offset___

In excess of $5,000, not otherwise protected

Other uninsured. . ...............................................

Insurance terminated or claims barred1........

Deposits, active receiverships— total...........

Insured..................................................................

Secured, preferred, and subject to offset.. . . 

In excess of $5,000, not otherwise protected

Other uninsured.................................................

Insurance terminated or claims barred.........

$109,592

87,119

11,403

9,692

936

442

$56,750

45,084

6,975

4,345

194,

15Z

$52,842

42,035

4,428

5,347

742

290

$106,715

87,034

11,402

7,340

894

45

$55,818

45,084

6,975

3,562

152

45

$50,897

41,950

4,427

3,778

742

$2,877

85

1

2,352

42

397

$932

783

42

107

$1,945

85

1

1,569

290

1 In a few cases payments have been made by receivers on deposits on which insurance had terminated 

either directly to the depositors or into a trust to meet claims presented after termination of receiverships.

The Corporation not only pays insured deposits in banks placed in 

receivership, but also acts as receiver for all national banks and in most 

States may be appointed receiver or liquidator for closed State banks., 

In the past 13 years the Corporation has served as receiver for 21 national 

and 56 State banks. Most of these receiverships have been terminated. 

At the close of 1946 the Corporation was receiver for 6 national banks 

with deposits at closing of $9 million and for 8 State banks with deposits 

of $6 million.

The Corporation also has been kept informed on the progress of 

liquidation of the 168 State banks for which it was not receiver. By 

agreement with State banking authorities the Corporation obtained 

during the year quarterly reports from the receivers or liquidators of 

the remaining 26 State banks in which deposit insurance payments had 

been made, but for which the Corporation was not receiver. These 26 

banks had deposits of $38 million at the time of failure.

The Corporation at competitive public sale sometimes buys the 

residue of the assets from the receiver. This reduces the expenses 5f 

liquidation and expedites the termination of receiverships. At the end of 

1946, $1.2 million had been disbursed to purchase assets from the receivers of 65 banks. Most of these assets had been liquidated by the 

Corporation without a net loss.

By December 31, 1946, the Corporation had recovered $70 million 

of the $87 million which had been paid to depositors in insured banks in 

receivership. It was estimated that almost $1 million additional would

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Federal Reserve Bank of St. Louis
DEPOSIT INSURANCE PROTECTION 17

be recovered and that losses would amount to $16.6 million. In addition, 

interest amounting to over a quarter of a million dollars had been collected by the Corporation on subrogated claims.

Advances to facilitate mergers. Under the Banking Act of 1935 the 

Corporation was given the power to make advances to facilitate the 

merger or consolidation (including sale with assumption of liabilities) of 

an insured bank with another insured bank. This power may be used 

only when such action will reduce the risk or avert a threatened loss to 

the Corporation. In effecting a consolidation, acceptable assets of the 

merged bank are transferred to the absorbing bank and the Corporation 

makes available enough cash so that the amount of the assets and the 

cash equals the amount of liabilities assumed by the absorbing bank. 

When the transaction is completed, the Corporation sends a letter to 

each depositor explaining what has occurred.

Assets unacceptable to the absorbing banks are taken by the Corporation to secure its advances. Due to increases in market prices of 

most bank assets, the Corporation has been able to dispose of those 

which it acquired almost without loss. Assets acquired in the next few 

years may decline in price as the Corporation seeks to liquidate them.

From 1935 to 1940 an advance was usually made by the Corporation 

through the extension of a loan to the insolvent bank secured by the 

unacceptable assets. More than 100 such loans were made. In connection 

with these loans some assets were purchased at the time the loan was 

made and other assets were purchased to facilitate its termination. During 

1939 and 1940 a new technique for making' advances was developed. 

Assets were purchased under an arrangement whereby additional payment 

was to be made to the selling bank should the liquidation of the assets 

produce an excess over the amount of the advance, expenses incident to 

liquidation, and a return equivalent to 4 percent. The payment, in the 

form of an additional cash purchase price, equals the amount of the 

excess recovery. This technique has been used exclusively in the mergers 

which have taken place since 1941. In each of the last four years one 

merger has been consummated.

Recoveries and losses in receiverships and mergers. Table 4 shows 

the disbursements, recoveries, and losses of the Corporation to December 

31, 1946, from insured banks placed in receivership, and from those 

merged with its financial aid. The recoveries in receiverships from the 

beginning of the Corporation’s operations through 1946 have amounted 

to $69.7 million, or 80 percent of disbursements, with estimated additional 

recoveries of $0.9 million, or 1 percent of disbursements. In mergers, 

recoveries have amounted to $158.5 million, or 91 percent of disbursements, with estimated additional recoveries of $4.2 million, or 2 percent. 

Estimated losses in receiverships are 19 percent and in mergers 7 percent 

of disbursements; in the two groups together, 11 percent of disbursements.

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 4. D is b u r s e m e n t s to P r o t e c t D e p o s it o r s, R e c o v e r ie s, a n d

L o sses b y t h e C o r p o r a tio n fr o m I n s u r e d B a n k s Pla c e d in

R e c e iv e r s h ip or M e r g e d w it h its F in a n c ia l A id , 1934-1946

(Amounts in thousands of dollars)

Total Liquidation

terminated

Liquidation

active

$262,133 $66,824 $195,309

87,034 45,084 41,950

175,099 21,740 153,359

$85 $85

$228,221 $57,927 $170,294

69,672 36,861 32,811

158,549 21,066 137,483

$ 5,101 $ 5,101

868 868

4,233 4,233

$ 28,896 $ 8,897 $ 19,999

16,579 8,223 8,356

12,317 674 11,643

399 281 118

245 205 40

154 76 78

Book entry Dec. 31, 1946

Disbursements.

Receiverships.. 

Mergers.............

Estimated additional disbursements in receiverships1.

Recoveries......................................................................................

Receiverships..............................................................................

Mergers.........................................................................................

Estimated additional recoveries.

Receiverships....................................

Mergers..............................................

Losses by FDIC2.

Receiverships. . . 

Mergers...............

Number of banks.

Receiverships. . . . 

Mergers.................

1 Estimated additional disbursements in receiverships are the insured deposits which have not been 

paid. See Table 3.

2 Losses in terminated cases are the established losses* those in active cases are estimated.

In Chart C are presented the Corporation’s recovery, estimated 

additional recovery, and estimated loss under the two methods used to 

protect bank depositors from loss.

chart c

PERCENTAGE RECOVERY AND LOSS ON FDIC DISBURSEMENTS

IN RECEIVERSHIPS AND MERGERS, 1934-1946

............. 1 --- -------f'" " T 1 1

RECEIVERSHIPS

r T

ESTIMATED

1

i 1 ADDITIONAL ESTIMATED

1 RECOVERY TO DEC.31,1 946^ | RECOVERY^ LOSSx

\

4 0 6 0

PERCENT OF DISBURSEMENTS

100

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DEPOSIT INSURANCE PROTECTION 19

There is no loss whatsoever to depositors in those banks which have 

been merged with other financial institutions. In receiverships, there was 

sometimes a loss of money for those depositors with accounts in excess of 

$5,000, those restricted or deferred, and those whose insurance has been 

terminated or barred because of failure to file claims within the legal 

time limit. In individual cases these losses have been small.

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

Bank examinations. The policy of the Corporation from its establishment has been to make regular annual examinations of each insured 

State bank which is not a member of the Federal Reserve System; to 

make such additional and special examinations of these banks as the 

Corporation’s interests appear to require; and with the prior consent of 

the Comptroller of the Currency or the Board of Governors of the Federal 

Reserve System, to make such examinations of national banks or State 

banks members of the Federal Reserve System as special deposit insurance 

considerations appear to require.

In 1946 the Corporation was again unable to conduct all the examinations called for under its established policy. This was because of a continued shortage of examining personnel. The number of regular 

examinations completed, 5,353, compares with 5,284 made in 1945 and 

represents 83.5 percent of the number required to meet a full year’s 

program. As in 1945, the amount of examiners’ time spent in investigating 

new bank proposals was heavy.

At the beginning of the year, the Corporation had a serious deficiency 

in the number of examiners and assistants considered necessary to the 

carrying out of a full examination program. During the year 86 assistant 

examiners were recruited and 75 examiners and assistants either returned 

from military furlough or were transferred from' other divisions of the 

Corporation. This increase was offset in part by the loss of 70 men through 

resignations and separations for various other reasons, so that the number 

of examiners and assistants at the close of the year was still considerably 

under the number required. Recruiting efforts were retarded throughout 

the year by the fact that only temporary appointments were possible 

under Civil Service regulations. Many qualified prospective applicants 

were unwilling to abandon their employment to accept appointment 

with the Corporation on this basis. Correction of this situation is expected 

in 1947 with reestablishment of the procedure for permanent appointment 

of assistant examiners which was discontinued at the beginning of the 

war. The Corporation’s 1947 examination record will depend to a considerable degree upon the time when this procedure is again put into 

operation.

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

In July 1946 the Corporation instituted an improved method of 

examination of mutual savings banks. A description of this method of 

examination is given in Part Three of this report.

Unsafe and unsound banking practices and violations o f law or 

regulations. During 1946 proceedings were initiated against one insured 

bank for engaging in unsafe and unsound banking practices and were 

continued against four other banks. The bank against which proceedings 

were initiated was charged with continued violation of law to which it 

was subject, with the maintenance of lax lending and collection policies, 

and with continued operation in an extended condition and by a selfserving and hazardous management. Of the five cases, corrections were 

made in two banks; the other three were pending at the close of the year.

The number of banks charged with unsafe and unsound practices since 

the effective date of the Banking Act of 1935, and the disposition of these 

cases, are given in Table 5.

Table 5. A c tio n to T e r m in a t e I n s u r e d St a t u s o f B a n k s C h a r g e d

w it h E n g a g in g in U n s a f e or U n s o u n d P r a c t ic e s or V io l a t io n s

o f L a w or R e g u l a t io n s, 1936-1946

Disposition or status

Total

cases

1936-19461

Pending 

beginning 

of 1946

Started

during

1946

T otal banks against w h ich a ction was tak en ................... 132 4 1

Cases closed :

Corrections made......................................................................... 23 2

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........................................................................ 7

Banks continued in operation2.............................................. 3

Banks suspended prior to setting of date of termination of 

insured status by Corporation.......................................... 32

Banks absorbed or succeeded by other banks:

With financial aid of the Corporation................................ 60

Without financial aid of the Corporation.......................... 4

Cases pen din g D ecem ber 31, 1946:

Corrective program pending..................................................... 1 1

Recapitalization program pending........................................... 1 1

Action deferred pending examination..................................... 1 1

1 No action to terminate the insured status of any bank was taken before 1936. In 4 cases where 

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

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

Back data— See the following Annual Reports of the Corporation for 1945, p. 22.

Approval o f banks for insurance. During 1946 the Corporation 

approved the applications of 157 banks for admission to insurance. Of 

these, 109 were new banks, including one which reopened after having 

been inactive and six which succeeded branches of other banks. The 

remaining 48 banks approved for insurance consisted of thirty banks or 

successors thereto which were operating as noninsured banks at the 

beginning of the year and eighteen insured banks which obtained new 

charters or withdrew from the Federal Reserve System and applied for

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Federal Reserve Bank of St. Louis
SUPERVISORY ACTIVITIES 21

insurance as banks not members of that System. In addition, the Corporation approved applications of six insured banks previously engaged 

only in certain banking functions, which wished to change their business 

to that of regular banks of deposit and discount or to .engage in a special 

type of banking or fiduciary business. Eleven applications for admission 

to insurance were disapproved because, in the opinion of the Board of 

Directors, the conditions specified in the deposit insurance law were 

not met. One application was approved and later rescinded because the 

bank changed its plans.

The number of banks approved for insurance in a year differs from the 

number admitted. Some new banks approved for insurance are not opened, 

or the effective date of insurance is delayed for other reasons, until the 

subsequent year. In a few cases banks alter their plans or do not meet 

conditions specified by the Corporation. Banks which are chartered as 

national banks, and State banks which are admitted to the Federal 

Reserve System, become insured without action by the Corporation. For 

changes during 1946 in the number of insured banks, see page 44.

The total number of applications for admission to insurance acted 

upon by the Corporation during each year since the beginning of the 

permanent plan of deposit insurance on August 23, 1935, together with 

the final action of the Corporation on these cases, is given in Table 6.

T a b le 6 . A c tio n s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n o n

A p p l ic a t io n s fr o m B a n k s f o r A d m is s io n to I n s u r a n c e , 1935-1946

Year

Number of applications1

Acted

upon

Approved2

Approved 

but later 

rescinded

Disapproved

1935-1946.................................................................. 1,346 1,162 41 143

1946........................................................................ 175 163 1 11

1945........................................................................ 124 117 2 5

1944........................................................................ 108 105 2 1

1943........................................................................ 198 190 4 4

1942........................................................................ 51 42 2 7

1941........................................................................ 81 78 2 1

1940........................................................................ 67 58 3 6

1939........................................................................ 85 72 3 10

1938........................................................................ 82 67 3 12

1937........................................................................ 133 111 8 14

1936........................................................................ 165 114 10 41

1935........................................................................ 77 45 1 31

1 Figures for years prior to 1942 may differ slightly from those given in the Annual Report of the 

Corporation for 1941, p. 184, because of later recissions of cases approved or revision of the data.

2 Includes approvals of change in type of business conducted. Excludes cases where approval was 

later rescinded.

Approval of establishment of branches. During 1946 the Corporation approved the establishment of 80 branches by insured banks 

not members of the Federal Reserve System. Of these, 73 were for the 

establishment of new banking offices. The remaining 7 cases related to

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

five absorbed banks to be converted into branches, and two branches 

to be established at former locations of head offices after the relocation 

of such offices. In four other cases the Corporation approved the establishment of a regular branch in place of tellers’ windows or facilities provided 

as agents of the Government; and in three cases the Corporation approved 

continuation of operation of branches previously operated by an absorbed 

bank or other bank from which the branch had been purchased. The 

Corporation disapproved four applications for permission to establish 

branches.

The number of branches established by insured banks in a year differs 

from the number approved by the Corporation. Some branches approved 

are opened in a subsequent year, and in a few cases the banks change 

their plans or fail to meet conditions specified by the Corporation. Early 

in 1946 the Corporation established a policy under which approval of 

a branch is automatically abrogated if the branch is not in operation 

within six months after date of approval, unless the bank receives an 

extension of time. Approval by the Corporation is not required for the 

establishment of branches by national banks or State banks members 

of the Federal Reserve System. For changes in the number of branches 

of insured banks, see page 45.

The number of applications received each year from banks not members 

of the Federal Reserve System for approval of the establishment of 

branches or ^continued operation of branches which had been absorbed 

or operated prior to admission to insurance or relocation, together with 

their final disposition, is given in Table 7.

Table 7. A c tio n s 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 tio n on

A p p lic a tio n s fo r A p p r o v a l o f E s t a b l is h m e n t o r C o n t in u e d O p e r a t io n

of B r a n c h e s, 1935-1946

Year

Number of applications1

Acted

upon

Approved2

Approved 

but later 

rescinded

Disapproved

1935-1946................................................................. 775 705 29 41

1946 ................................................................. 91 87 4

1945........................................................................ 61 58 1 2

1944 ............................................................. .. 49 46 3

1943........................................................................ 105 101 2 2

1942........................................................................ 36 32 2 2

1941 ...................................................................... 49 46 3

1940........................................................................ 44 40 2 2

1939........................................................................ 61 53 3 5

1938........................................................................ 82 71 6 5

1937........................................................................ 89 82 5 2

1936........................................................................ 93 80 5 8

1935........................................................................ 15 9 6

1 Figures for years prior to 1942 may differ slightly from those given in the Annual Report of the 

Corporation for 1941, p. 185, because of later rescissions of cases approved or revision of the data.

2 Excludes cases where approval was later rescinded.

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SUPERVISORY ACTIVITIES 23

Capital and other financial adjustments. Insured State banks 

not members of the Federal Reserve System, except those in the District 

of Columbia, are required by law to secure the Corporation’s approval 

to retire any part of their capital issues. Applications for approval of 

the retirement of capital were filed by 462 such banks in 1946. Retirement 

of capital issues held by the Reconstruction Finance Corporation aggregating $7,941,000, and those held by others aggregating $1,501,000 

was approved. The Corporation disapproved retirement of capital issues 

amounting to $1,046,000 because, in the opinion of the Board of Directors, retirement would leave the applicant banks with inadequate capital.

Reports from banks. Semi-annual statements of average deposit 

liabilities were submitted by each insured bank as required by law for the 

purpose of determining the amount of the insurance assessment. The 

Corporation called for reports of assets, liabilities, and capital accounts 

as of June 29 and December 31, 1946, and for reports of earnings, expenses, and disposition of profits for the calendar year 1946, from each 

insured bank required by law to submit such reports to the Corporation. 

The reports are required from all insured State banks not members of 

the Federal Reserve System except those in the District of Columbia.

Summaries of the tabulations from the reports of assets, liabilities, 

and capital accounts for June 29 and December 31, 1946, are given in 

the pamphlets, “ Assets and Liabilities, Operating Insured Commercial 

and Mutual Savings Banks,” Reports No. 25 and 26, and in Table 106 

of this report, page 124. Summaries of the reports of earnings, expenses, 

and disposition of profits are given in Tables 116-122, pages 144-165 of 

this report.

Federal Credit Unions. By Executive Order of the President, No. 

9148, of April 27, 1942, all functions, powers, and duties of the Farm 

Credit Administration and of the Governor thereof under the Federal 

Credit Union Act, as amended, were transferred to this Corporation 

until six months after the termination of the war.1 Under this temporary 

transfer of authority, supervision of Federal credit unions was continued 

by the Corporation throughout the year 1946. These cooperative associations, organized to encourage thrift and to provide for their members 

sources of limited credit at reasonable rates, are chartered and examined 

by the Corporation, but their shares are not insured.

On December 31, 1946, there were 3,776 Federal credit unions in 

actual operation, and 187 either inactive or in liquidation. During the 

year 157 new charters were granted and 151 charters were cancelled or 

revoked following completion of liquidation of credit unions which had 

ceased operation. Because of the continued shortage of examining personnel only 2,814 of the operating credit unions were examined in 1946.

1 Reorganization Plan No. 1 of 1946 which was submitted by the President to the Congress on 

May 16, 1946, and which would have made this transfer permanent, was disapproved by Congress.

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

Federal credit unions submit statements of operation to the Corporation 

on June 30 and December 31 of each year. A summary of the December 

31 statement is included in the Corporation’s “ Report of Operations of 

Federal Credit Unions,” which is published annually.

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

The 1946 session of the 79th Congress produced little legislation of 

particular applicability to the Corporation and its operations; and the 

Federal banking laws underwent no substantial change. Three subjects 

of considerable interest and importance to the banking system, although 

widely discussed, were left unresolved; branch banking, bank holding 

companies, and the retirement of the capital stock of the Corporation. 

It is anticipated that the 80th Congress will see a renewal of the proposals 

affecting these questions. Although the first two present questions of a 

controversial nature, the third has the approval not only of the Administration but of the banking fraternity generally.

Statute of limitations on Government checks. Public Law 308, 

approved March 6, 1946, fixes a six-year statute of limitations for suits 

by the Government to enforce the liability of an endorser, transferor, 

depositary, or financial agent, arising out of a forged or altered Government check. The full text of this Act appears at page 95 of this report.

Administrative Procedure Act. Public Law 404, approved June 11, 

1946, is designed to assure administration of Government, through 

administrative officers and agencies, in accordance with established and 

published procedures which adequately protect the private interests 

involved, the making of only reasonable and authorized regulations, the 

settlement of disputes in accordance with law and the evidence, the 

impartial conferring of authorized benefits or privileges, and the effectuation of the declared policies of Congress. It is designed to provide 

publicity of information, fairness in administrative operation, and 

adequacy of judicial review. In substance, the Act requires all agencies 

to issue as rules certain specified information as to their organization 

and procedure, and to make available other materials of administrative 

law; states the essentials of the several forms of administrative proceedings 

and the general limitations on administrative powers; provides in detail 

the requirements for administrative hearings and decisions in cases in 

which statutes require such hearings; and sets forth a simplified statement 

of judicial review designed to afford a remedy for every legal wrong.

In accordance with the requirements of this Act, the Corporation 

published in the Federal Register of September 11, 1946, a revised edition 

of its rules and regulations, and in the near future will furnish a reprint 

thereof, in pamphlet form, to all insured banks.

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Federal Reserve Bank of St. Louis
LEGAL DEVELOPMENTS 25

Federal Credit Unions. Public Law 574, approved July 31, 1946, 

amended the Federal Credit Union Act in a number of particulars, 

among others (1) fixing a penalty for charging excessive interest by 

providing for the forfeiture of the entire interest received; (2) permitting 

shares to be held in joint tenancy with right of survivorship; (3) increasing 

the amount of unsecured loans from $100 to $300, retaining, however, 

the requirement that the aggregate of loans to a member may not exceed 

$200 or 10% of the credit union’s paid-in and unimpaired capital and 

surplus, whichever is greater; (4) providing in greater detail for the 

procedure to be followed in the case of liquidation of a Federal credit 

union; and (5) extending the Act to the Panama Canal Zone. The full 

text of this Act appears at pages 96-98 of this report.

The President’s plan to make permanent the transfer to the Federal 

Deposit Insurance Corporation of the administration and supervision 

of Federal credit unions, which was included in the President’s Reorganization Plan No. 1 of 1946, failed to become effective because, in 

accordance with the provisions of the Reorganization Act of 1945, the 

Congress adopted a concurrent resolution of disapproval.

Regulations of the Corporation. During the year, and prior to the 

complete revision pursuant to the Administrative Procedure Act, the 

regulations of the Corporation were amended in several particulars:

Part 303, the regulation relating to the advertisement of membership, 

was amended to include an additional exception for radio advertisements 

which do not exceed 30 seconds in time (section 303.2(c)(3)(xvii) ). In 

addition, the section dealing with the approved emblem and approved 

short title was clarified (section 303.3), and section 303.4 dealing with 

penalties was amended. Part 305, governing the recognition of deposit 

ownership not on the bank's records, was amended by adding a new 

section (305.4) to cover deposits in custodial accounts which made it 

possible to repeal the old section 305.4 as well as sections 305.5 and 305.6. 

Three new regulations, designated Parts 332, 333, and 334, were adopted. 

Applicable to State nonmember insured banks, these regulations, respectively, prohibit the exercise of powers inconsistent with the purposes 

of the Federal deposit insurance law, and forbid any such bank from 

changing its general character or type of business or moving its principal 

place of business without, in either case, the prior written consent of the 

Corporation.

The texts of these regulations, as amended and adopted, are given at 

pages 102-104 of this report.

State legislation. Twenty-four States held legislative sessions during 

1946. Regular sessions were held in eleven States, Georgia, Kentucky, 

Louisiana, Massachusetts, Mississippi, Missouri, New Jersey, New York, 

Rhode Island, South Carolina and Virginia. Extra or special sessions

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

were held in seventeen States, Arizona, California, Connecticut, Idaho, 

Illinois, Maine, Maryland, Michigan, New Jersey, Ohio, Rhode Island, 

South Carolina, Vermont, Virginia, West Virginia, Wisconsin, and 

Wyoming.

Banking legislation was enacted in thirteen States. A summary of this 

legislation is given on pages 99-101 of this report.

The Federal Congress enacted Public Law 508, approved July 13, 

1946, providing that every Saturday shall be a holiday in the District 

of Columbia for banks and building and loan associations. The full text 

of this Act appears at page 98 of this report.

O r g a n iz a t io n a n d F in a n c ia l St a t e m e n t s of t h e C o r p o r a t io n

Directors. Mr. Maple T. Harl became Chairman of the Board of 

Directors of the Corporation on January 5, 1946. Mr. Preston Delano, 

Comptroller of the Currency, served throughout the year as ex officio

member of the Board of Directors. Mr. Phillips Lee Goldsborough, who 

had been a director of the Corporation since April 24, 1935, died on 

October 22, 1946. Mr. Henry Earl Cook was appointed by the President 

as his successor.

Staff and organization. On December 31 the personnel of the Corporation consisted of 1,181 officers and employees compared with 1,184 

at the beginning of the year and 2,538 at the close of 1941. In two Divisions of the Corporation the number of persons employed changed 

substantially; a reduction occurring in the Division of Liquidation and 

an increase in the Division of Examination. The reduction in personnel 

of the Division of Liquidation, from 342 at the beginning of the year to 

214 at the close, resulted from the small number of banks currently requiring financial aid from the Corporation and from completion as 

speedily as possible of the liquidation of assets previously acquired.

The increase in personnel in the Division of Examination, from 497 

at the beginning of the year to 647 at the close, was due to efforts to 

replace losses in personnel during the war years and to eliminate delays 

in conducting examinations. An increase in personnel was also needed 

because of rapidly expanding loan portfolios, an increasing volume of 

trust business, an increase in the number of new bank and branch applications, and a growth in bank assets of 100 percent since 1940.

Since 1939, when most employees of the Corporation were placed under 

Civil Service and salaries paid by the Corporation were adjusted to those 

specified by Congress for employees in the classified service, two increases 

in pay have been granted employees of the Corporation. One of these 

was effective on July 1, 1945, when overtime working hours in force 

during the war were reduced; the other was effective on July 1, 1946.

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ORGANIZATION AND FINANCIAL STATEMENTS 27

The two increases together raised rates of pay of employees of the Corporation from 35 percent for lower-paid employees to 25 percent for 

higher-paid employees, with no increase resulting in a salary above 

$10,000. The cost of living has risen approximately 55 percent since 1939, 

according to the consumers’ price index for moderate income families 

in large cities.

The number of officers and employees of each Division of the Corporation as of December 31, 1946, is given in Table 8.

T ab le 8. O f f ic e r s a n d E m p l o y e e s o f t h e C o r p o r a t io n , D e c e m b e r 31, 1946

Division and office Total

Officers and 

administrative, supervisory, and 

technical 

employees

Clerical, 

stenographic, 

and custodial 

employees

T o ta l....................................................................... ........................... 1,181

233

722 459

Washington office...................................................................... 102 131

Chicago office.............................................................................. 198 90 108

Field offices................................................................................ 750 530 220

Directors .................................................................................... 2 2

Executive Division...................................................................... 26 16 10

Washington office...................................................................... 26 16 10

Legal Division .......................................................................... 33 18 15

Washington office...................................................................... 17 10 7

Chicago office ............................................................................ 16 8 8

Division of Examination............................................................ 647 485 162

Washington office...................................................................... 55 32 23

District and field....................................................................... 592 U53

103

139

Division of Liquidation.............................................................. 214 111

Chicago office..............................................................................

District and field.......................................................................

58

156

28

75

30

81

Division of Research and Statistics........................................ 50 27 23

Washington office...................................................................... U8

2

25 23

Field offices................................................................................ 2

Personnel Division....................................................................... 24 11 13

Washington office...................................................................... 20 9 11

Chicago office.............................................................................. 2 2

Service Division............................................................................ 99 12 87

Washington office...................................................................... 65 8 57

Chicago office.............................................................................. 3U U 30

Audit Division.............................................................................. 30 24 6

Chicago office.............................................................................. 30 2k 6

Fiscal and Accounting Division............................................... 56 24 32

Chicago office.............................................................................. 56 2k 32

Income and expenses. The income of the Corporation in 1946 was 

$131 million, consisting of $107 million from assessments upon insured 

banks and $24 million from investments and other sources.

Total expenses of the Corporation in 1946 amounted to $4.5 million, 

almost all of which were administrative expenses. Insurance losses were 

only $11,000. Wages and salaries comprise three-fourths of the administrative expenses of the Corporation. This item amounted to $3.4

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

million in 1946, an increase of 19 percent over the previous year. Over 

one-third of the increase was due to adoption by the Board of Directors, 

effective July 1, 1946, of salary increases commensurate with those 

adopted by Congress for Federal Government employees.

The surplus of the Corporation was increased by $129 million during 

the year. Of this increase, $126 million was income in excess of expenses 

and $3 million was an adjustment in surplus applicable to prior periods. 

The surplus adjustment resulted from reduction in the Corporation’s 

reserve for loss on assets acquired from banks placed in receivership or 

merged with the aid of the Corporation.

A detailed statement of the income and expenses of the Corporation 

for the year 1946 is given in Table 9. A summary statement for each 

year since its organization is given in Table 10.

Table 9. Income and Expenses of the Federal D eposit Insurance

Corporation, Calendar Y ear 1946

Income or expense item Amount

In co m e :

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

Interest earned (less provision for amortization of premiums) on government

obligations..........................................................................................................................

Other incom e........................................................................................................................

T otal In co m e .................................................................................................

Expenses:

Deposit insurance losses and expenses............................................................................

Administrative expenses (see below )...............................................................................

Furniture, fixtures, and equipment purchased and charged o ff..............................

T otal expenses...............................................................................................

N et in com e added to su rplu s......................................................”..........

Surplus D ecem ber 31, 1945:

As previously reported.................................................. ....................................................

Plus— Net adjustments applicable to periods prior to January 1, 1946................

Surplus D ecem ber 31, 1945, as a d ju ste d ............................................

Surplus D ecem ber 31, 1946......................................................................

D ISTRIBU TION OF A D M IN ISTR A TIVE EXPENSES

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

Professional services................................................................................................................

Services of other governmental agencies............................................................................

Transportation..........................................................................................................................

Subsistence.................................................................................................................................

Office rental...............................................................................................................................

Printing, stationery and supplies.........................................................................................

Postage, telephone and telegraph.........................................................................................

Insurance and fidelity bond premiums...............................................................................

Subscriptions.............................................................................................................................

Equipment rental.....................................................................................................................

Repairs and alterations...........................................................................................................

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

Miscellaneous............................................................................................................................

Less:

Inter-departmental expense transfers..............................................................................

Fees for services rendered..................................................................................................

A dm inistrative expenses for th e year ended D ecem ber 31, 1946......................

$107,032,510.84

23,584,719.93

281,443.05

130,898,673.82

10,952.26

4,459,757.64

65,619.53

4,536,329.43

126,362,344.39

639,851,659.07

2,971,435.78

642,823,094.85

$769,185,439.24

3,407,081.29

6,918.23

593.90

132,815.44

424,199.34

315,415.99

79,880.06

62,183.28

937.05

12,050.62

10,116.56

16,741.82

13.904.71

11.181.72

4,494,020.01

21,439.87

12,822.50

34,262.37

$ 4,459,757.64

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Federal Reserve Bank of St. Louis
ORGANIZATION AND FINANCIAL STATEMENTS 29

T ab le 10. Income and E xpen ses of the F ederal D eposit I nsurance

C orporation Since Beginn in g Operations1

(In millions of dollars)

Income Expenses

Net 

income 

added to 

surplus

Year

Total

Deposit

insurance

assessments2

Investment 

and other 

income

Total

Deposit 

insurance 

losses and 

expenses

Administrative

expenses3

1933-1946............... 844.2 670.7 173.5 75.0 29.0 46.0 769.2

1946..................... 130.9 107.1 23.8 4.5 .1 4.4 126.4

1945..................... 121.2 93.7 27.5 4.0 .1 3.9 117.2

1944..................... 99.5 80.9 18.6 3.9 .1 3.8 95.6

1943..................... 86.7 70.0 16.7 4.5 .2 4.3 82.2

1942..................... 69.4 56.5 12.9 4.5 .6 3.9 64.9

1941..................... 62.0 51.4 10.6 4.5 .8 3.7 57.5

1940..................... 55.9 46.2 9.7 9.4 5.8 3.6 46.5

1939..................... 51.2 40.7 10.5 12.8 9.4 3.4 38.4

1938..................... 47.8 38.3 9.5 5.5 2.5 3.0 42.3

1937..................... 48.1 38.8 9.3 6.4 3.7 2.7 41.7

1936..................... 43.8 35.6 8.2 5.1 2.6 2.5 38.7

1935..................... 20.7 11.5 9.2 5.5 2.8 2.7 15.2

1933-344 ........... 7.0 7.0 4.4 .3 4.1^ 2.6

1 Figures of total expenses, deposit insurance losses and expenses, and net income added to surplus 

for years prior to 1946 differ from those shown in previous Annual Reports because of revisions in estimates of losses allocated to the different years.

2 Assessments collected from insured banks, members of the temporary insurance funds, were 

credited to their accounts in total at the termination of the temporary funds, being applied toward 

subsequent assessments under the permanent insurance fund, and resulting in no income to the Corporation from assessments for the term of the temporary insurance funds.

3 Includes furniture, fixtures, and equipment purchased and charged off.

4 Includes expenses from date of organization, September 11, 1933, to December 31, 1934.

5 After deducting portion of expenses and losses charged to banks withdrawing from the temporary 

funds on June 30, 1934.

Assets and liabilities. On December 31, 1946, the total assets of 

the Corporation were $1,061 million. These assets included the following 

items:

Assets acquired through bank receiverships and mergers amounting 

to a face value of $25 million which were carried on the books of the 

Corporation at an appraised value of $6 million;

United States Government obligations valued at $1,048 million.

Cash amounting to $7 million.

Liabilities of the Corporation at the end of 1946 were $2 million. Total 

capital of the Corporation consisted of $289 million capital stock issued 

at its organization and $769 million accumulated surplus. A summary 

of the assets and liabilities of the Corporation at the close of each year 

since its organization is given in Table 11. A more detailed statement of 

assets and liabilities at the beginning and end of the year is given in 

Table 12.

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

T ab le 11. A ssets and L iab ilities o f th e F e d e ra l D eposit

Insurance C orporation, 1934-1946

(In millions of dollars)

Dec. 31 Cash

U. S.

Government obligations

Insurance

assets

Other

assets

Total 

assets 

and liabilities

Liabilities

Capital

and

surplus

Total deposits in 

insured 

banks

Ratio— 

FDIC 

capital and 

surplus to 

deposits in 

insured 

banks

1 9 4 6 .... 7.3 1,047.7 5.6 .1 1,060.7 2.2 1,058.5 148,457.0 .71%

1 9 4 5 .... 15.7 900.0 15.1 .3 931.1 1.9 929.2 158,174.1 .59

1 9 4 4 .... 17.8 762.0 26.1 .3 806.2 1.9 804.3 134,662.1 .60

1 9 4 3 .... 20.0 638.8 46.2 .5 705.5 2.4 703.1 111,649.8 .63

1 9 4 2 .... 19.4 536.8 62.0 .5 618.7 1.8 616.9 89,868.7 .69

1 9 4 1 .... 20.0 453.9 81.7 .1 555.7 2.2 553.5 71,209.3 .78

1 9 4 0 .... 20.4 384.5 92.2 .1 497.2 1.2 496.0 65,287.4 .76

1939... . 28.3 363.5 64.2 .1 456.1 3.4 452.7 57,485.8 .79

1938___ 22.2 372.8 26.5 .1 421.6 1.1 420.5 50,790.2 .83

1937___ 20.6 348.5 16.1 .1 385.3 2.2 383.1 48,227.8 .79

1936___ 9.1 332.6 11.4 .1 353.2 9.8 343.4 50,280.9 .68

1935___ 33.5 298.2 5.4 .1 337.2 31.2 306.0 45,125.1 .68

1 9 3 4 .... 16.0 316.7 .5 .1 333.3 41.6 291.7 40,059.9 .73

Audit. In the past the Corporation has followed the policy of having 

an annual audit of the accounts of the Corporation by independent 

auditors. All Government corporations are now required to be audited 

by the General Accounting Office. Reports of such audits are submitted 

to Congress.

The audit of the Corporation as of June 30, 1945, made by George 

Rossiter and Company under direction of the Comptroller General, was 

published in House Document No. 639, 79th Congress, 2nd Session, 

Report on Audit of Federal Deposit Insurance Corporation, 1945. The 

income and surplus statement of the Corporation, exclusive of Federal 

Credit Union activities, from this audit, is shown in Table 13; the income 

and expense statement of Federal Credit Union activities in Table 14; 

and the asset and liability statement in Table 15. The auditors’ opinion 

is shown on page 36.

The audit of the Corporation as of June 30, 1946, was made under the 

direction of the Comptroller General. The income statement of the 

Corporation, as shown in this audit, is given in Table 16; and the asset 

and liability statement in Table 17. The auditors’ opinion is shown on 

page 40.

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ORGANIZATION AND FINANCIAL STATEMENTS 31

T a b le 1 2 . A sse ts a n d L ia b il it ie 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, 1946, a n d D e c e m b e r 31, 1945

Asset, liability, or capital item Dec. 31, 1946 Dec. 31, 1945

ASSETS

Assets acquired through bank suspensions and mergers:

Subrogated claims of depositors against closed insured banks. 

Net balances of depositors in closed insured banks pending 

settlement or not claimed, to be subrogated when paid—

$ 9,144,440.20

84,766.59

6,664,819.55

8,261,221.79

387,846.12

$ 12,929,038.88

111,997.59

11,851,807.69

12,250,284.39

539,278.45

Loans to merging insured banks, to avert deposit insurance

losses, and recoverable liquidation expenses...........................

Assets purchased from merging insured banks, to avert deposit 

insurance losses, under agreements to return any excess

recovery to selling banks.............................................................

Assets purchased from merging insured banks, and receivers 

of closed insured banks to avert deposit insurance losses. . . .

Total at face value....................................................

Less: Reserve for losses.....................................................................

24,543,094.25

18,991,520.60

37,682,407.00

22,560,230.48

Total at book value...................................................

Cash on hand and on deposit.......................................................

United States Government obligations (cost less reserve for 

amortization of premiums) and accrued interest receivable

Due from Governmental agencies...............................................

Miscellaneous receivables...............................................................

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

Deferred charges..................................................................................

5,551,573.65

7,337,224.71

1,047,720,660.50

32,728.86

22,818.52

1.00

73,996.38

15,122,176.52

15,722,797.69

899,944,277.33

200,512.01

24,739.28

1.00

75,808.69

Total assets.................................................................. $1,060,739,003.62 $ 931,090,312.52

LIABILITIES

Current liabilities:

Accounts and assessment rebates payable...................................

Earnest money deposits and collections in suspense.................

Net balances of depositors in closed insured banks pending 

settlement or not claimed— contra............................................

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

$ 349,436.50 

722,288.95

84,766.59

1,050,931.67

46,583.68

$ 317,706.90 

983,505.64

111,997.59

481,939.54

Reserve for deposit insurance expenses.................................... 43,946.79

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

CAPITAL

Capital stock:

United States.......................................................................................

$ 2,254,007.39 $ 1,939,096.46

$ 150,000,000.00 

139,299,556.99

$ 150,000,000.00 

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

Total capital stock....................................................

Surplus— (see Table 9 )........................................................................

Total capital................................................................

289,299,556.99

769,185,439.24

1,058,484,996.23

289,299,556.99

639,851,659.07

929,151,216.06

Total liabilities and capital.................................. $1,060,739,003.62 $ 931,090,312.52

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

Table 13. 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 I n c o m e a n d

S u r p l u s St a t e m e n t , E x c l u s iv e of L oss a n d D e f ic it fr o m

F e d e r a l C r e d it U n io n A c t iv it ie s, fo r t h e F is c a l Y e a r s E n d e d

J u n e 30, 1945 a n d 1944, a n d C o m p a r iso n

Operating income:

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

Interest earned on U. S. Government securities, less

amortization of premiums...............................................

Other income:

Interest and allowable return realized on assets acquired through bank suspensions and mergers:

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

Subrogated claims of depositors............................

Assets purchased from merged insured banks under agreements to return any excess recoveries

Fees received from receivership supervision...............

Net income from assets purchased from merged insured banks and receivers of closed insured banks. 

Profit on sale of assets purchased from merged insured 

banks and receivers of closed insured banks, net.. 

Miscellaneous.....................................................................

Total operating income.

Operating expenses:

Administrative expenses.......................................................

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

Other expenses and losses:

Expenses of investigating and liquidating assets acquired from merged insured banks..............................

Provision for expenses of paying insured deposits. . . 

Provision for losses on assets acquired during the current year through bank suspensions, mergers, etc.: 

Subrogated claims of depositors against closed

insured banks.........................................................

Assets purchased from merged insured banks to

reduce or avert deposit insurance losses.........

Other assets purchased............................................

Miscellaneous......................................................................

Total operating expenses.

Income from operations1..........................................................

Other income, profit on sales of U. S. Government 

securities..............................................................................

Net income1.................................................................................

Surplus credit, restoration to surplus of excess reserves 

provided in prior years:

For possible losses on assets acquired through bank

suspensions and mergers..............................................

For expenses of paying insured deposits.....................

T otal.

Net increase in surplus for the year1, 

Surplus at beginning of the year1.. .

Surplus at end of the year1.

Fiscal year ended 

June 30—

1945

86,386,791

18,228,298

162,045

26,704

52,999

15,426

163,297

1,184

105,054,975

3,441,331

52,625

200,000

10,047

5,180

3,727,500

101,327,475

7,707,494

109,034,969

7,327,017

1,425

7,328,442

116,363,411

463,280,782

579,644,193

1944

$ 77,159,328 

15,782,882

276,754

101,907

149,805

16,317

27,985

143,584

19,659

93,678,221

3,600,184

16,669

21,177

30,000

1,641,667

150,000

5,459,697

88,218,524

1,098,381

89,316,905

4,359,660

42,610

4,402,270

93,719,175|

369,561,6071

463,280,782

Increase or 

decrease (-)

$ 9,227,463 

2,445,416

-114,709

-75,203

-96,806

-891

-9,754

19,713

-18,475

11,376,754

-158,853

35,956

-2,860

-30,000

-1,641,667

50,000

10,047

5,180

-1,732,197

13,108,951

6,609,113

19,718,064

2,967,357

-41,185

2,926,172

22,644,236

93,719,175

116,363,411

1 Before deduction of losses from Federal credit-union activities, as shown in exhibit C (Table 14). 

N ote: From Report on Audit of Federal Deposit Insurance Corporation, 194.5, House Document 

N o. 639, 79th Congress, 2d Session, Exhibit B , p. 22.

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Federal Reserve Bank of St. Louis
ORGANIZATION AND FINANCIAL STATEMENTS 33

Table 14. 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 tio n N e t L oss a n d

D e f ic it St a t e m e n t fr o m F e d e r a l C r e d it U n io n A c t iv it ie s f o r t h e

F is c a l Y e a r s e n d e d J u n e 30, 1945 a n d 1944, a n d C o m p a r iso n

Income: Fees from credit unions.

Operating expenses:

Administrative expenses: 

Personal services, salaries.

Subsistence............................

Transportation:

Individuals.......................

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

Telephone and telegraph. .

Postage..................................

Office rental..........................

Repairs and alterations:

Office..................................

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

Utilities and services..........

Printing and stationery. . .

Supplies.................................

Legal and professional 

Miscellaneous.....................

Total administrative expenses.....................

Furniture, fixtures, and equipment purchased.

Total operating expenses..................................

Net loss from operations.............

Deficit at beginning of the year.

Deficit at end of the year...

Fiscal year ended 

June 30—

1945

$165,394

256,234

47,706

14,070

1,200

2,359

212

15,130

95

330

809

2,615

1,736

47

342,543

1,556

344,099

178,705

296,056

474,761

1944

$140,797

286,516

57,368

16,442

1,578

2,991

306

20,983

18

357

124

1,446

3,058

2,654

158

393,999

524

394,523

253,726

42,330

296,056

Increase or 

decrease (-)

$24,597

-30,282

-9,662

-2,372

-378

-632

-94

-5,853

77

-27

685

1,169

-1,322

-2,654

-111

-51,456

1,032

-50,424

-75,021

253,726

178,705

N ote: From Report on Audit of Federal Deposit Insurance Corporation, 191+5, House Document 

N o. 639, 79th Congress, 2d Session, Exhibit C, p. 23.

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

Table 15. 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 tio n B a l a n c e S h e e t ,

J u n e 30, 1945 a n d 1944, a n d C o m p a r iso n

ASSETS

Cash:

On deposit with the Treasurer of the United States.. . 

On hand, in transit, and on deposit with banks...........

Total cash............................................................................

U. S. Government securities owned— at cost less amortization (principal amount, $885,086,600, and market 

value, $857,903,586 at June 30, 1945).............................

Accrued interest receivable on U.S. Government securities

Assets acquired through bank suspensions and mergers, 

less collections:

Subrogated claims of depositors against closed insured banks.....................................................................

Depositors' net balances in closed insured banks 

pending settlement or not claimed, to be subrogated when paid (per contra)....................................

Loans to merged insured banks to reduce or avert 

deposit-insurance losses, including liquidation

expenses (note 1 )...........................................................

Assets purchased from merged insured banks to 

reduce or avert deposit-insurance losses, including

liquidation expenses (note 1 ).....................................

Other assets purchased:

From merged insured banks.......................................

From receivers of closed insured banks...................

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

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

Remainder, net book value of assets acquired 

through bank suspensions and mergers, less 

collections....................................................................

Miscellaneous receivables and deferred charges:

Receivables from other governmental agencies.............

Federal credit union fees receivable..................................

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

Total miscellaneous receivables and deferred charges.

Furniture, fixtures, and equipment, at nominal value. . . 

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

June 30-

1945

$ 9,922,558 

851,918

10,774,476

835,576,027

2,494,517

14,271,794

131,619

15,775,745

16,133,867

530,433

34,002

46,877,460

25,998,453

20,879,007

286,140

21,490

79,737

387,367

870,111,395

1944

$ 25,491,956 

1,695,177

27,187,133

687,761,912

2,452,368

22,160,091

254,409

24,555,079

23,724,303

521,700

74,367

71,289,949

35,172,158

36,117,791

376,136

23,411

101,896

501,443

754,020,648

Increase or 

decrease (-)

-15,569,398

-843,259

-16,412,657

147,814,115

42,149

-7,888,297

-122,790

-8,779,334

-7,590,436

8,733

-40,365

-24,412,489

-9,173,705

-15,238,784

-89,996

-1,921

-22,159

-114,076

116,090,747

N ote: From Report on Audit of Federal De-posit Insurance Corporation, 19U5y House Document 

N o. 639, 79th Congress, 2d Session, Exhibit A, pp. 20-21.

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Federal Reserve Bank of St. Louis
ORGANIZATION AND FINANCIAL STATEMENTS 35

T ab le 15. 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 tio n B a l a n c e S h e e t ,

Ju n e 30, 1945 a n d 1944, a n d C o m p a r iso n— Continued

LIABILITIES

June

1945

30—

1944

Increase or 

decrease (-)

Payables:

Accounts payable................................................................... $ 494,255

634,017

131,619

50,535

$ 368,133

961,637

254,409

65,306

$ 126,122

-327,620

-122,790

-14,771

Earnest money, escrow deposits, and collections held 

in suspense, arising from assets acquired through

bank suspensions and mergers, etc................................

Depositors’ net balances in closed insured banks 

pending settlement or not claimed (per contra). . . . 

Expenses of paying insured deposits (estimated)..........

Total payables................................................................... 1,310,426 1,649,485 -339,059

Deferred credits, interest earned on loans and allowable 

returns on purchased assets from merged insured 

banks, etc. (note 1 )...............................................................

Capital stock and surplus:1

Capital stock, without nominal or par value (nonvoting 

and not entitled to dividends):

Owned by U. S. Government....................................

Owned by Federal Reserve banks.............................

Total capital stock...................................................

331,980 86,880 245,100

150,000,000

139,299,557

150,000,000

139,299,557

289,299,557 289,299,557

Surplus (deficit (-) ):

Deposit insurance activities, per exhibit B (Table 13) 

Federal credit union activities, per exhibit C (Table 14)

Net surplus.....................................................................

579,644,193

-474,761

463,280,782

-296,056

116,363,411

-178,705

579,169,432 462,984,726 116,184,706

Total capital stock and surplus.................................

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

868,468,989 752,284,283 116,184,706

870,111,395 754,020,648 116,090,747

1 The entire capital stock and surplus is considered by the Corporation to constitute a reserve for 

future deposit insurance losses and related expenses with respect to insured banks. The Corporation 

estimates that the insured deposits in operating insured banks amounted to approximately 

$55,000,000,000 at June 30, 1945.

The attached notes are an integral part of the above statement:

N o tes A t t ach e d to a n d M a d e a n I n t e g r a l P a r t op B a l a n c e Sh e e t , Ju n e 30, 1945

(1) Loans to merged insured banks are evidenced by demand notes bearing interest at the rate of

4 percent per annum, and the Corporation is entitled to a return of 4 percent per annum with respect 

to its investments in assets purchased from merged insured banks under agreements to return any excess 

recoveries to the selling banks. The Corporation follows the practice of taking into income only such 

amounts of interest and allowable return as are realized after recovery in full of its investments (including 

recoverable liquidation expenses) in the respective loans and purchased assets.

(2) Under the provisions of section 12B of the Federal Reserve Act, as amended by section 101 

of the Banking Act of 1935 (subsec. o), the Corporation is authorized and empowered to issue and to 

have outstanding its notes, debentures, bonds, or other such obligations in a par amount of $974,600,000 

at June 30, 1945.

The Secretary of the Treasury, at his discretion, is authorized to purchase any such obligations of 

the Corporation. Upon the request of the Board of Directors of the Federal Deposit Insurance Corporation, whenever in their judgment additional funds are required for insurance purposes, the Secretary 

of the Treasury is authorized and directed to purchase such obligations in an amount not to exceed 

$250,000,000, par value.

Further, upon the request of the Board of Directors of the Federal Deposit Insurance Corporation, 

whenever in their judgment additional funds are required for insurance purposes, the Reconstruction 

Finance Corporation is authorized and directed to purchase such obligations in an amount not to exceed 

$250,000,000, par value. In the event the Reconstruction Finance Corporation fails to make such purchases, the Secretary of the Treasury is authorized and directed to do so in its stead.

The Corporation has never used the borrowing power granted to it by this section.

(3) No provision has been made in the balance sheet for the liability of the Corporation in connection 

with accrued annual leave of employees. This procedure is in accordance with accepted governmental 

accounting practice.

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

AUDITORS* OPINION1

C o m p t r o l l e r G e n e r a l o f t h e U n it e d St a t e s , Washington, D. C .

We have examined the balance sheet of the Federal D eposit Insurance Corporation (a corporation created by section 12B of the Federal Reserve Act under the

provisions of section 8 of the Banking Act of 1933 and as amended by section 101 of

the Banking Act of 1935) as of June 30, 1945, and the income and surplus statements

for the year ended that date. In connection therewith, we reviewed the system of

internal control and the accounting procedures of the Corporation and, without

making a detailed audit of transactions, have examined or tested accounting records

and other supporting evidence by methods and to the extent we deemed appropriate

in view of the work performed by the Corporation’s internal auditing staff.

The Corporation maintains an internal auditing staff which makes extensive and

independent examinations of various phases of the operations of the Corporation.

We had access to the working papers of such staff which we reviewed in considerable

detail both as to the work performed and the conditions disclosed by such examinations. The internal auditing staff is a separate and distinct organization, and the Chief

of the Staff reports directly to the Board of Directors of the Corporation.

We examined the records maintained for one receivership, where the Corporation

is the receiver, of a closed insured bank to determine that proper accounting records

and procedures are being maintained. In connection with the other active receiverships,

where the Corporation is the receiver, we relied on the work of the internal auditors

who are charged with the responsibility of examining such records. However, in our

opinion, the number of examinations made of the receiverships during the current

fiscal year was not adequate.

We examined or otherwise satisfactorily accounted for the collateral for two loans

to merged insured banks and the documents evidencing ownership of assets purchased

in two instances from merged insured banks at the offices of the respective liquidating

agents of the Corporation. The collateral under each loan and the documents evidencing ownership in each instance where assets are purchased are examined by the

internal auditors. These examinations are made on a rotating basis approximately

every 18 months. Our review of the reports of the internal auditors on the examinations

made by them during the current fiscal year indicated that satisfactory verifications

were made.

The accompanying balance sheet as of June 30, 1944, and the income and surplus

statements for the year ended that date were taken from the report prepared by

another firm of certified public accountants and were not examined by us.

In our opinion, the accompanying balance sheet as of June 30, 1945, and the income

and surplus statements for the year ended that date, together with the notes thereto,

fairly present, in conformity with generally accepted accounting principles applied

on a basis consistent with that of the preceding year, the financial position of the

Federal Deposit Insurance Corporation at June 30, 1945, and the results of its operations for the year ended that date.

G e o r g e R o s s e t t e r & Co.,

Certified Public Accountants.

Chicago, 111., March 19, 1946.

i From Report on Audit of Federal Deposit Insurance Corporation, 19U5, House Document No. 689,

79th Congress, 2d Session, p. 19.

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Federal Reserve Bank of St. Louis
ORGANIZATION AND FINANCIAL STATEMENTS 37

T a b le 1 6 . 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 C o m p a r a t iv e I n c o m e

St a t e m e n t s f o r t h e F is c a l Y e a r s E n d e d

J u n e 30, 1946 a n d 1945— f r o m A u d it o r s ’ R e p o r t

Year ended June 30,

1946 1945

Increase

(-decrease)

DEPOSIT INSURANCE AN D IN VESTM ENT 

A CTIV ITIES:

D eposit insurance assessm ents...............................

In co m e from in v estm en ts:

Interest earned on U. S. Government securities, less

amortization of premiums and discounts................

Profit on sale of U. S. Government securities...........

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

In com e from bank suspensions and m ergers:

Interest and allowable return on assets acquired. . . .

Receivership fees...............................................................

Profit on sale of assets purchased.................................

Net income from assets purchased from merged insured banks and receivers of closed insured banks. .

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

Deduct:

Expenses of maintenance and preservation of

assets purchased....................................................

Expenses of investigating and liquidating assets

acquired from merged insured banks...................

Provision for losses on assets acquired through 

bank suspensions and mergers...............................

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

In com e from bank suspensions and m erg ers...

T otal in c o m e ........................................................................

O perating expenses...........................................................

Net operatin g in com e from deposit insurance 

and investm en t a ctiv ities..........................................

A dd n et red u ction o f reserves provided in prior 

years in excess o f cu rrently estim ated requirem ents :

Reduction in reserve for possible losses on assets

acquired from merged and suspended banks..........

Less increase (-decrease) in reserve for possible additional expenses required for paying insured 

deposits............................................................................

N et red u ction o f reserves............................................

Net increase in surplus from deposit insurance 

and in vestm en t activities for th e y e a r .................

C RE D IT UNION ACTIVITIES:

Income from fees...................................................................

Less administrative expenses..............................................

Net loss from Federal credit union activities for the year

N et increase in su rp lu s.......................................................

$101,207,998

21,978,207

20,516

86,386,791

18,228,298

7,707,494

21,998,723

165,476

10,707

78,724

25,935,792

242,932

15,426

163,297

18,231

439,886

3,877

16,345

100

5,180

18,317

210,047

20,322 233,544

239,914 206,342

123,446,635

3,597,066

112,528,925

3,493,956

119,849,569 109,034,969

4,636,381

14,263

7,327,017

-1,425

4,622,118 7,328,442

124,471,687 116,363,411

161,664

358,232

165,394

344,099

196,568 178,705

124,275,119 116,184,706

14,821,207

3,749,909

-7,686,978

-3,937,069

-77,456

-4,719

-84,573

-12,902

-179,650

-1,303

-1,972

-209,947

-213,222

33,572

10,917,710

103,110

10,814,600

-2,690,636

15,688

-2,706,324

8,108,276

-3,730

14,133

17,863

8,090,413

N o t e : Furnished by the Comptroller General of the United States.

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

Table 17. 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 C o m p a r a t iv e

B a l a n c e S h e e t s , J u n e 30, 1946 a n d 1945— f r o m A u d it o r s 1 R e p o r t

ASSETS

C ash:

On deposit with the Treasurer of the United States 

On hand, in transit, and on deposit with banks. . .

T otal cash

U. S. G overnm ent securities ow n ed, at cost less amortization (face value, $975,787,100, and market value

$1,018,074,562, at June 30, 1946)....................................

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

T otal securities

Assets acquired th rou gh bank suspensions and 

m ergers:

Subrogated claims of depositors against closed insured

banks, less collections (Note 1 )..........................................

Depositors' net balances in closed insured banks pending 

settlement, to be subrogated when paid (per contra). . 

Assets received and liquidation expenses incurred through 

loans to merged insured banks to reduce or avert deposit insurance losses, less collections (Note 2 )..........

Assets purchased from merged insured banks, and liquidation expenses incurred, to reduce or avert deposit insurance losses, less collections (Note 2 )...........................

Other assets purchased (cost less collections):

From merged insured banks...............................................

From receivers of closed insured banks...........................

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

Less reserve for losses and expenses

R em ainder, net b ook value o f assets acquired 

th rou gh bank suspensions and m ergers..................

M iscellaneous receivables and deferred ch arges:

Receivables from other Government agencies...........

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

T otal m iscellaneous receivables and deferred

ch a r g e s ...................................................................................

Furniture, fixtures, and equipm en t, at nominal value. .

NOTES:

1. The Corporation properly does not reflect in its balance sheet the assets of closed insured banks, 

wherein it acts as receiver; these assets had a total bank book value of $3,391,737 at June 30, 1946. The 

recovery value was estimated to be $1,493,375, which, when collected, will be applied against the unpaid 

creditors’ claims of $2,422,620, including depositors’ claims subrogated to the Corporation in the amount 

of $2,194,533.

2. Loans to merged insured banks are evidenced by demand notes bearing interest at the rate of

4 percent per annum. The Corporation is entitled to a return of 4 percent per annum with respect to its 

investments in assets purchased from merged insured banks. Under both arrangements it has agreed to 

return any excess recoveries to the selling banks. The Corporation follows the practice of taking into 

income only such amounts of interest and allowable return as are realized after recovery in full of its 

investments (including recoverable liquidation expenses) in the respective loans and purchased assets 

which have been completely liquidated. In those cases where loans and assets purchased have not been 

completely liquidated and the Corporation has recovered in full its investment, the interest and allowable 

return appear in deferred credits in the amount of $685,313 and $327,033, respectively, as of June 30,

1946 and 1945.

3. The liability of the Corporation in connection with accrued annual leave of employees as of 

June 30, 1946 and 1945, estimated by the Corporation to be approximately $730,000 and $500,000, 

respectively, has not been reflected in the balance sheets in accordance with general Government corporation accounting practice.

4. It has been proposed to the Congress to repay the United States Treasury and the Federal Reserve 

banks the amount of capital invested by them in the Corporation. In this connection, it should be noted 

that by action of Congress no dividends have been paid or are payable on this capital. However, the 

capital has been invested in United States Government obligations, and the income therefrom has been 

accumulated in the overall surplus from insurance operations; this has the effect of a grant of funds to

June 30,

1946 1945

Increase

(-decrease)

$ 5,910,906 

874,289

9,922,558

851,918

-4,011,652

22,371

6,785,195 10,774,476 -3,989,281

976,167,460

2,380,790

835,576,027

2,494,517

140,591,433

-113,727

978,548,250 838,070,544 140,477,706

10,357,716 14,271,794 -3,914,078

110,796 131,619 -20,823

8,804,657 15,775,745 -6,971,088

10,053,597 16,133,867 -6,080,270

467,853

28,191

530,433

34,002

-62,580

-5,811

29,822,810 46,877,460 -17,054,650

20,647,394 26,048,988 -5,401,594

9,175,416 20,828,472 -11,653,056

137,601

103,348

286,140

101,227

-148,539

2,121

240,949

1

387,367

1

-146,418

994,749,811 870,060,860 124,688,951

N ote: Furnished by the Comptroller General of the United States.

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Federal Reserve Bank of St. Louis
ORGANIZATION AND FINANCIAL STATEMENTS 39

Table 17. 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 C o m p a r a t iv e

B a l a n c e S h e e t s , J u n e 30, 1946 a n d 1945— f r o m A u d it o r s ’ R e p o r t — Continued

LIABILITIES

C urrent liabilities:

Accounts payable.......................................................................

Earnest money, escrow funds, and collections held for

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

Depositors’ net balances in closed insured banks pending 

settlement (per contra)........................................................

June 30, Increase

1946 1945 (-decrease)

453,994 494,255 -40,261

744,596 634,017 110,579

110,796 131,619 -20,823

T otal cu rrent liabilities (Note 3 )..................................... 1,309,386 1,259,891 49,495

Deferred credits, interest earned on loans, and allow able returns on purchased assets (Note 2). . . . 696,317 331,980 364,337

Investm ent o f U. S. G overnm ent and G overnm ent 

agencies, represented by non voting capital stock without 

par value (Notes 4 and 5):

U. S. Treasury....................................................................... 150,000,000 150,000,000

Federal Reserve banks......................................................... 139,299,557 139,299,557

T otal in v estm en t............................................................... 289,299,557 289,299,557 —

Surplus, considered as a reserve for future deposit insurance losses and related expenses (Notes 4 and 6 and 

Exhibit 2 [Table 16])............................................................... 703,444,551 579,169,432 124,275,119

994,749,811 870,060,860 124,688,951

the Corporation by the United States Government. On a compound interest basis, considering the 

average rate earned year by year on United States Government obligations, the total amount of the 

grant thus accumulated has been calculated to be $113,808,238 at June 30, 1946, including $9,481,208 

for the fiscal year 1946. However, the Corporation has carried on the extraneous function of supervising 

Federal credit unions for the United States Government without reimbursement from the United States 

Treasury for the excess of costs of the activities over fees charged the credit unions (no appropriations 

were requested); the net costs charged to surplus to June 30, 1946, were $671,329, including $196,568 

for the fiscal year 1946.

5. Under the provisions of section 12b of the Federal Reserve Act, as amended by section 101 of 

the Banking Act of 1935 (subsection “ o” ), the Corporation is authorized and empowered to issue and 

to have outstanding notes, debentures, bonds, or other such obligations, in a par amount of $974,600,000 

at June 30, 1946.

The Secretary of the Treasury, at his discretion, is authorized to purchase any such obligations of 

the Corporation, upon the request of the Board of Directors of the Federal Deposit Insurance Corporation, whenever in their judgment additional funds are required for insurance purposes. The Secretary 

of the Treasury is authorized and directed to purchase such obligations in an amount not to exceed 

$250,000,000, par value.

Further, upon the request of the Board of Directors of the Federal Deposit Insurance Corporation, 

whenever in their judgment additional funds are required for insurance purposes, the Reconstruction 

Finance Corporation is authorized and directed, in accordance with subsection “ b” of section 5e of the 

Reconstruction Finance Corporation Act, as amended, to purchase such obligations in an amount not 

to exceed $250,000,000, par value. In the event the Reconstruction Finance Corporation fails to make 

such purchases, the Secretary of the Treasury is authorized and directed to do so in its stead.

The Corporation has never used the borrowing power granted to it by this section.

6. The Corporation estimates that the insured deposits in operating insured banks amounted to 

approximately $69,000,000,000 at June 30, 1946, as compared with $55,000,000,000 at June 30, 1945.

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40 FEDERAL DEPOSIT INSURANCE CORPORATION

G e n e r a l A c c o u n t in g O f f ic e

WASHINGTON 25

CORPORATION AUDITS DIVISION

AUDITORS’ OPINION

We have examined the balance sheet of the 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 as of June 30, 1946, and the income statement for the year ended that date.

I n connection therewith, we reviewed the system of internal control and the accounting

procedures of the Corporation and, without making a detailed audit of transactions,

have examined or tested accounting records and other supporting evidence by methods

and to the extent deemed appropriate in view of the work performed by the Corporation’s internal auditing staff. This examination was made pursuant to the requirements of section 5 of the Act of Congress of February 24, 1945 (59 Stat. 6), a

full report of which is being submitted to the Comptroller General of the United

States. A similar examination of the balance sheet of the Corporation as of June 30,

1945, and the income statement for the year ended that date was made by George

Rossetter & Co., independent public accountants, under our direction.

We did not inspect the collateral under loans to merged insured banks or the documents evidencing ownership of assets purchased from merged or closed insured banks,

which collateral and assets for the most part are held by liquidating agents of the

Corporation at various locations throughout the country, but we reviewed the reports

of the Corporation’s internal auditors on their examination of such collateral and

purchased assets.

In our opinion, the accompanying balance sheets as of June 30, 1945 and 1946, and

the income statements for the two years ended on those dates fairly present, in conformity with generally accepted accounting principles applied on a consistent basis,

the financial position of the Federal Deposit Insurance Corporation at June 30, 1945

and 1946, and the results of its operations for the two years ended on those dates.

T. C o l e m a n A n d r e w s

Director

Washington, D. C.

January 30, 1947

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Federal Reserve Bank of St. Louis
PART TWO

BANKING DEVELOPMENTS

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B a n k s a n d B r a n c h e s

Banks and banking offices. At the close of 1946, 14,759 banks were 

operating in the United States and possessions. With branches, these 

banks were doing business in 18,979 offices.1 There was a net increase of 

34 operating banks during the year, compared with 15 in the preceding 

year. The increase in the number of banks during the past two years is 

a reversal of the trend toward a smaller number of banks which existed 

during the previous eleven years.

Branches of operating banks, including offices or “ facilities” at military 

establishments, increased by 52 during 1946, compared with 27 in the 

preceding year. The increase in 1946 was substantially smaller than 

during the war years, 1943 and 1944, when large numbers of “ facilities” 

were opened. Many of these were closed in the latter part of 1945 or in 

1946. The increase during 1946 in the number of branches other than 

“ facilities” was 193, a larger number than in any other year since the 

beginning of deposit insurance.

Changes in the number of operating banks and branches during each 

year since December 31, 1940, and the number at the close of each year, 

are given in Table 18.

Table 18. N u m b e r o f O p e r a t in g 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 S t a t e s

a n d P o s s e s s io n s , D e c e m b e r 31, 1941-1946

Year

Number of banking offices at end of year Net change during the year

Total Banks Branches Total Banks Branches

1946................. 18,979 14,759 4,220 + 86 + 34 + 52

1945................. 18,893 14,725 4,168 + 42 + 15 4- 27

1944................. 18,851 14,710 4,141 + 100 - 41 + 141

1943................. 18,751 14,751 4,000 + 85 -102 + 187

1942................. 18,666 14,853 3,813 -103 -147 + 44

1941................. 18,769 15,000 3,769 - 34 - 73 + 39

Insured and noninsured banks. Of the banks in operation at the 

close of 1946, 13,550 were insured and 1,209 noninsured. The number 

insured represents a larger proportion of all operating banks than at any 

previous time. When the permanent insurance plan went into effect in 

August 1935, 89 percent of all operating banks were insured; at the end 

of 1946, 92 percent. A substantial number of the banks which were not 

insured at the time the permanent insurance plan went into effect have 

since been admitted to insurance, and most of the banks beginning 

business since that time have become insured.

1 The Corporation’s statistics of banks and banking offices include those possessions where banks 

are eligible for admission to insurance. The statistics cover commercial and mutual savings banks and 

trust companies in continental United States, Alaska, Hawaii, Puerto Rico, and the Virgin Islands.

43

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

The number of operating banks, both insured and noninsured, has 

also been affected by absorptions, mergers, and voluntary liquidations. 

Bank failures have been comparatively few in recent years. The number 

of insured and noninsured banks by years since 1940 is given in Table 19.

Table 19. N u m b e r o f I n s u r e d a n d N o n in s u r e d B a n k s in t h e U n it e d St a t e s

a n d P o s s e s s io n s , 1941-1946

Dec. 31 Total number 

of banks Insured N oninsured Percentage

insured

1946......................... 14,759 13,550 1,209 91.8

1945......................... 14,725 13,494 1,231 91.6

1944......................... 14,710 13,460 1,250 91.5

1943......................... 14,751 13,458 1,293 91.2

1942......................... 14,853 13,403 1,450 90.2

1941......................... 15,000 13,482 1,518 89.9

Admissions to and terminations of insurance. The character of 

changes in the number of insured banks during 1946, during each of the 

preceding four years, and during the 6-year period from the beginning of 

1936 (the first full year under the permanent deposit insurance plan) to 

the end of 1941, is given in Table 20.

Table 20. C h a n g e s i n t h e N u m b e r o f I n s u r e d B a n k s in t h e

U n it e d St a t e s a n d P o s s e s s io n s , 1936-1946

e x c l u d in g b a n k s s u c c e e d in g o t h e r in s u r e d b a n k s

Type of change 1936-46 1946 1945 1944 1943 1942 1936-41

N et ch a n g e ................................................... -632 + 56 + 34 

122

+ 2 

100

+ 55 

180

- 79 -700

A dm ission o f banks— t o t a l................... 984 161 40 381

By action of F D IC :1

Banks beginning deposit operations. 

Banks previously in operation or 

successors thereto............................

435

406

100

26

78

18

48

39

29

143

13

18

167

162

Without action of F D IC :2

Banks beginning deposit operations. 

Banks previously in operation or 

successors thereto............................

111

32

32

3

25

1

13 7

1

2

7

32

20

T erm in ation s o f insurance— t o ta l. .. 1,616 105 88 98 125 119 1,081

Banks ceasing operations:

Suspended banks not reopened or 

succeeded........................................... 207 1 4 6 196

Mergers with aid of the Corporationnet decrease....................................... 127 1 1 1 13 111

Other mergers, consolidations and

absorptions— net decrease.............

Other liquidations................................

941

320

89

12

72

15

67

27

76

43

63

36

574

187

Other terminations of insurance: 

Insured status terminated by FDIC . 

Withdrawals from insurance.............

3 3

6 1 1 4

Successions or absorptions by noninsured banks........................................ 12 2 1 2 1 6

1 The number of banks admitted to insurance in each year by action of the Corporation differs 

from the number approved for insurance (see pages 20-21 of this report) because of differences between 

the dates of approval and the dates of opening of new banks or the effective date of deposit insurance.

2 National banks and State banks admitted to the Federal Reserve System become insured without 

action by the Corporation.

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BANKS AND BRANCHES 45

During 1946, 161 banks were admitted to insurance. Of these, 132 were 

banks beginning deposit operations during the year, and 29 were previously operating banks or successors to such banks which were admitted 

to insurance. Of the 161 banks admitted, 126 were banks which had been 

approved for insurance by the Board of Directors of the Corporation; 

the other 35 were banks which were granted charters by the Comptroller 

of the Currency or were admitted to the Federal Reserve System and 

thereby became automatically insured by operation of law.

These admissions to insurance were partially offset by 102 banks which 

ceased operation by absorption or voluntary liquidation and 3 which 

were succeeded by noninsured banks or withdrew from insurance.

Changes among branches o f insured banks. In 1946 insured 

banks opened 214 branches, excluding cases of transfer or sale of a branch 

by one bank to another. Of these, 71 were branches which were approved 

by the Corporation and 143 were established by national banks and 

State banks members of the Federal Reserve System. Similar figures for 

each of the preceding four years and for the 6-year period, 1936-1941, are 

shown in Table 21.

T a b le 2 1 . C h a n g e s a m o n g B r a n c h e s o f I n s u r e d B a n k s i n t h e

U n it e d St a t e s a n d P o s s e s s io n s, 1936-1946

Type of change 1936-46 1946 1945 1944 1943 1942 1936-41

N et ch a n g e ................................................... +897

1,549

+ 46 + 23 + 135

166

+249 + 41 +403

B ranches opened for business— total 214 169 231 88 681

Approved by FD IC :1

Facilities approved as agents of the 

Government...................................... 35 2 8 9 14 2

Absorbed banks converted into 

branches or replacing other offices 

closed or relocated........................... 236 10 10 15 11 18 172

Other branches opened....................... 293 59 20 25 10 16 163

Without action by FD IC :2

Facilities approved as agents of the 

Government...................................... 347 8 56 86 174 23

Absorbed banks converted into 

branches or replacing other offices 

closed or relocated........................... 326 46 34 19 16 11 200

Other branches opened....................... 312 89 41 12 6 18 146

B ranches o f banks a d m itted to in ­

surance— to ta l........................................ 96 1 2 62 2 29

Approved by the Corporation1............. 94 2 62 2 28

Without action of the Corporation2. . .

B ranches o f ban k w ithdraw ing from 

Federal Reserve System and in ­

surance ...............................................

2 1 1

2 2

Branches discon tin u ed — t o ta l............. 746 169 146 33 44 49 305

Facilities approved as agents of the 

Government ........................................ 296 149 131 16

Other branches discontinued................. 450 20 15 17 44 49 305

1 The number of branches established with the approval of the Corporation in any given year differs 

from the number approved by the Corporation during the same year because of differences between 

dates of approval and dates of establishment of branches.

2 Approval by the Corporation is not required for establishment of branches by national banks or 

State banks members of the Federal Reserve System.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

A large proportion of the branches opened and discontinued during 

the past four years were “ facilities” at military establishments.

A s set s a n d D e p o sit s

The contraction in bank assets and deposits in 1946 was a result of 

the Federal debt retirement program. Just as the increase in Federal 

debt was the major factor in the expansion of bank assets during the 

war, the repayments made on the debt brought a decline in bank assets. 

This decline was not accompanied by any contraction in loans to and 

deposits of business and individuals. On the contrary, these loans and 

deposits rose substantially during the first full postwar year.

Assets and deposits of all banks. Total assets of all commercial 

and mutual savings banks decreased 5 percent during the year from $178 

billion on December 31, 1945, to $169 billion on December 31, 1946. 

Holdings of United States Government obligations by all banks were 

reduced $15 billion to $87 billion at the end of 1946, while holdings of 

other securities increased by $1 billion. Loans, discounts, and overdrafts 

increased $5 billion in 1946 to $36 billion. Changes in assets and liabilities 

of all banks in 1946 are shown in Table 22.

Table 22. A s s e t s a n d L ia 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 a n d P o s s e s s io n s , D e c e m b e r 31, 1946 a n d 1945

(Amounts in millions of dollars)

Asset, liability, or capital account item Dec. 31, 

1946

Dec. 31, 

1945

Change during 1946

Amount Percent

T otal a ssets............................................................................. $169,256 $178,203 $ -8,947 -5 .0 %

Cash and amounts due from other banks..................... 35,185 35,585 -400 -1.1

United States Government obligations.......................... 87,032 101,822 -14,790 -14.5

Other securities.................................................................... 9,517 8,595 922 10.7

Loans, discounts, and overdrafts.................................... 35,810 30,473 5,337 17.5

Miscellaneous assets........................................................... 1,712 1,728 -16 -0.9

T otal liabilities and capital a cco u n ts ......................... 169,256 178,203 -8,947 -5.0

T otal d e p o sits.................................................................... 156,753 166,474 9,721 -5.8

Business and personal.................................................... 133,956 121,776 12,180 10.0

Demand...................................... 81,276 73,876 7,1+00 10.0

Time......................................... 50,281+ 1+5,285 l+,999 11.0

Certified checks, etc............................. 2,396 2,615 -219 -8.1+

United States Government........................................... 3,164 24,770 -21,606 -87.2

States and political subdivisions.................................. 6,895 5,786 1,109 19.2

Interbank (including postal savings)......................... 12,738 14,142 -1,404 -9.9

Miscellaneous liabilities..................................................... 1,158 1,203 -45 -3.7

Total capital accounts........................................................ 11,345 10,526 819 7.8

Number of banks..................................................................... 14,655 14,621 34 .2

Business and individual deposits in all commercial and mutual savings 

banks continued to rise during the first postwar year, but at a slower rate 

than during the war. On December 31, 1946, these deposits amounted

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ASSETS AND DEPOSITS 47

to $134 billion, 10 percent larger than at the preceding year-end. For the 

year 1946 as a whole, the 10 percent growth in demand deposits was 

about the same as the 11 percent rise in time deposits. In 1944 and 1945 

time deposits had accumulated at a more rapid rate than demand deposits; in the last six months of 1946, however, this relation was reversed 

and demand deposits increased 6 percent while time deposits rose only

4 percent.

The expansion in deposits for private account was more than counterbalanced by the reduction of $22 billion in United States Government 

deposits which amounted to only $3 billion at the end of 1946. Accordingly, total deposits of all commercial and mutual savings banks fell. 

Total deposits of $157 billion on December 31, 1946, were 6 percent less 

than the $166 billion held at the end of 1945.

Comparative changes during 1946 in principal assets and liabilities of 

all commercial banks and all mutual savings banks are shown in Table 23.

Table 23. 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 C o m m e r c ia l B a n k s a n d a l l

M u t u a l S a y in g s B a n k s in t h e U n it e d S t a t e s a n d P o s s e s s io n s ,

D e c e m b e r 31, 1946 a n d 1945

(Amounts in millions of dollars)

All commercial banks All mutual savings banks

Asset, liability, or 

capital account item Dec. 31, 

1946

Dec. 31, 

1945

Percentage

change

during

1946

Dec. 31, 

1946

Dec. 31, 

1945

Percentage

change

during

1946

T otal a ssets ................................ $150,552 $161,182 -6.6% $18,704 $17,021 9.9%

Cash and amounts due from

other banks........................... 34,366 34,975 -1.7 819 610 34.3

United States Government

obligations............................. 75,253 91,149 -17.4 11,779 10,673 10.4

Other securities........................ 8,118 7,340 10.6 1,399 1,255 11.5

Loans, discounts, and overdrafts ...................................... 31,283 26,193 19.4 4,527 4,280 5.8

Miscellaneous assets............... 1,532 1,525 0.5 180 203 -11.3

T otal liabilities and capital

a c c o u n ts .............................. 150,552 161,182 -6.6 18,704 17,021 9.9

T otal d e p o sits ....................... 139,883 151,089 -7.4 16,870 15,385 9.7

Business and personal—

total.................................... 117,092 106,397 10.1 16,865 15,379 9.7

Demand............... 81,265 73,867 10.0 11 9 22.2

Tim e.................. 33,1+32 29,917 11.7 16,852 15,368 9.7

Certified checks, etc..... 2,395 2,613 -8 .3 2 2 0.0

United States Government 3,161 24,767 -87.2 2 4 -50.0

States and political subdivisions ............................ 6,893 5,784 19.2 2 2 0.0

Interbank (including postal

savings)............................. 12,737

1,108

14,141 -9.9 1 i

Miscellaneous liabilities......... 1,160

8,933

-4.5 50 43 16.3

Total capital accounts........... 9,561 7.0 1,784 1,593 12.0

Number of banks......................... 14,114 14,079 0.2 541 542 -0.2

1 Less than $500,000.

Total assets of commercial banks on December 31, 1946, amounted to 

$151 billion, a contraction of almost $11 billion during the year. The

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

dominant factor in this decline was the $16 billion decrease in holdings 

of United States Government obligations which was partially offset by 

a $5 billion expansion in total loans.

Assets of mutual savings banks continued to rise during 1946 to $19 

billion, an increase of 10 percent. Most of this increase in assets of mutual 

savings banks was accounted for by the $1 billion addition to United 

States Government obligation portfolios which amounted to almost $12 

billion at the end of the year. Unlike commercial banks, mutual savings 

banks held only a small amount of the short-term issues which wTere 

redeemed under the Federal debt retirement program. Loans were 

expanded about 6 percent during the year to $4.5 billion after declining 

moderately during the war period.

The contrast between the commercial and mutual savings banks was 

also apparent on the liability side of the balance sheet. Commercial 

banks held almost all of the United States Government war loan accounts and felt the full impact of the Federal debt retirement program 

during 1946. United States Government deposits in these banks were 

drawn down $22 billion during the year. This reduction was double the 

increase in non-government deposits; in consequence, total deposits in 

all commercial banks decreased 7 percent from $151 billion on December 

31, 1945, to $140 billion at the end of 1946. Business and personal deposits 

continued to expand to $117 billion on December 31, 1946, an increase 

of $11 billion or 10 percent during the year.

While total deposits of commercial banks were declining, total deposits 

of mutual savings banks rose to $17 billion at the end of 1946. However, 

the 10 percent growth during 1946 in mutual savings bank deposits, most 

of which are time deposits of individuals, was at a less rapid rate than the 

12 percent growth in time deposits of commercial banks.

Insured commercial banks. More detailed information is available 

for loans and investments of insured commercial banks than for all 

commercial banks. For this reason the following paragraphs on loans and 

investments refer to insured commercial banks. In view of the fact that 

95 percent of total commercial bank assets are held by insured commercial banks, data for this group may be accepted as representative 

of all commercial banks.

United States Government obligations. The reduction in insured 

commercial bank holdings of United States Government obligations during 

1946 was limited to short-term issues. Holdings of Treasury bills, certificates of indebtedness, and Treasury notes declined by $17 billion 

while holdings of bonds rose $2 billion during the year. As a result, the 

average maturity was lengthened substantially in 1946, in contrast to 

the wartime trend of increasing the proportion of short-term Government 

obligations in bank portfolios.

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ASSETS AND DEPOSITS 49

Table 24 shows the maturity distribution of United States Government 

obligations held by insured commercial banks at the end of 1946, 1945, 

and 1941. Holdings of bills, certificates, and notes declined from 42 

percent of the total Government obligations at the end of 1945 to 28 

percent at the end of 1946. The proportion of short-term issues, including 

bonds maturing in less than five years, held on December 31, 1946, was 

less than that on December 31, 1945, and moved toward the proportion 

held at the end of 1941.

Table 24. M a t u r it ie s o f U n it e d St a t e s G o v e r n m e n t O b l ig a t i o n s ,

D ir e c t a n d G u a r a n t e e d , H e l d b y I n s u r e d C o m m e r c ia l B a n k s ,

D e c e m b e r 31, 1946, 1945, a n d 1941

(Amounts in millions of dollars)

Type and maturity

Amount Percentage distribution

1946 1945 1941 1946 1945 1941

T otal U. S. G overnm ent o b ­

ligation s ................................... $73,575 $88,933 $21,047 100.0% 100.0% 100.0%

Marketable issues:

Direct:

Treasury bills1................. 1,272 2,456 988 1.7 2.8 4.7

Certificates of indebtedness1 ................................ 12,293 19,075 16.7 21.5

Treasury notes1............... 6,781 16,047 3,159 9.2 18.0 15.0

Bonds— total........................ 52,033 50,139 12,798 70.8 56.4 60.8

Bonds maturing in:2

5 years or less........ 12,728 9,030 1,551 17.3 10.2 7.U

5 to 10 years......... 29,700 32,230 3,970 uo.u 36.2 18.8

10 to 20 years........ 6,597 6,092 5,930 9.0 6.9 28.2

Over 20 years........ 3,008 2,787 1,3U7 U.l 3.1 6.J,

Guaranteed issues............... 15 22 4,102 (3) (3) 19.5

Non-marketable issues4.......... 1,181 1,194 1.6 1.3

1 Treasury bills are generally issued with maturities of 91 days; certificates of indebtedness have 

maturities of approximately one year; and Treasury notes are issued with maturities of from one to 

five years.

2 Based upon number of years to final maturity.

3 Less than 0.05 percent.

4 United States savings bonds.

Since the larger banks located in the larger centers had higher proportions of short-term obligations, their total portfolios decreased more 

in 1946 than those of the smaller banks. Holdings of Treasury notes, 

bills, and certificates of banks members of the Federal Reserve System 

located in the financial districts of New York and Chicago declined about 

60 percent in 1946 while elsewhere the decline for member banks was 

46 percent. For insured banks not members of the Federal Reserve 

System, which are for the most part smaller banks located in smaller 

centers, the decrease in short-term holdings was only 13 percent. Investments in Federal Government bonds increased in all three groups of 

banks although the rise in the Federal Reserve member banks in New 

York and Chicago was small. Comparison of holdings of bonds with 

those of Treasury notes, bills and certificates by these three groups of 

banks during the period 1941 to 1946 is shown in Chart D.

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50 FEDERAL DEPOSIT INSURANCE CORPORATION

CHART D

UNITED STATES GOVERNMENT OBLIGATIONS HELD BY INSURED

COMMERCIAL BANKS, JUNE 30 AND DECEMBER 31,1941-1946

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

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ASSETS AND DEPOSITS 51

State and local obligations. Obligations of States and political 

subdivisions held by insured commercial banks at the end of 1946 

amounted to $4.3 billion. These holdings have increased moderately 

since 1941. As a result of this increase and because the net amount of 

such obligations outstanding has declined from $15 billion in 1941 to 

$13 billion in 1946, insured commercial banks now hold about 30 percent 

of the total as compared with 24 percent in 1941.

Insured commercial bank holdings of obligations of States and political 

subdivisions were equal to 46 percent of their total capital accounts at 

the end of 1946. State-wide averages of bank investments in such securities ranged from 242 percent of total capital accounts in Mississippi 

to 3 percent in the District of Columbia. There was an even wider range 

of variation in this ratio among the individual banks. A distribution is 

available for the 6,454 insured commercial banks submitting reports to 

the Federal Deposit Insurance Corporation and is shown in Table 25. 

These banks had about three-quarters of a billion dollars invested in 

State and local government obligations, or an amount equal to about 

63 percent of their capital accounts on December 31, 1946. Some banks 

do not invest in this type of obligation. No such securities were reported 

by 1,380 banks or 21 percent of the total. Another 61 percent of the 

banks reported holdings amounting to less than their capital accounts. 

The remaining 18 percent held amounts equal to more than their total 

capital accounts and 5 of these reported holdings of more than 10 times 

their capital accounts.

Table 25. D is t r ib u t io n o f B a n k s S u b m it t in g R e p o r t s t o t h e

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

O b l ig a t i o n s o f S t a t e s a n d P o l it ic a l S u b d iv is io n s t o

T o t a l C a p i t a l A c c o u n t s , D e c e m b e r 31, 1946

Bank group Percentage

distribution

All banks...........................................................................................

Banks with a ratio of State, county and municipal otv

ligations to total capital accounts of—

N on e................................................................................................

0.1% to 4 9 % ..................................................................................

50% to 9 9% .................................................................................. .

100% to 199% .............................................................................. .

200% to 299 % .............................................................................. .

300% to 399% ..............................................................................

400% to 499% ..............................................................................

500% or m ore.................................................................................

100.0%

21.4

48.5

12.6

9.8

3.9

1.9 

0.9 

1.0

Changes in types of bank loans. A decline in the volume of loans 

for purchasing or carrying securities during 1946 was more than offset 

by substantial increases in other types of loans outstanding at insured

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52 FEDERAL DEPOSIT INSURANCE CORPORATION

commercial banks. Total loans increased $5 billion and amounted to 

$31 billion at the end of the year. Commercial and industrial loans rose 

48 percent to $14 billion, consumer loans to individuals rose 71 percent 

to $4 billion, and real estate loans rose 52 percent to $7 billion. Loans for 

purchasing or carrying securities decreased by almost $4 billion to $3 

billion outstanding on December 31, 1946. Most of the increase in this 

type of loan during the war was to provide credit for the purpose of 

purchasing or carrying Government obligations. The amount of the 

different types of loans outstanding at the end of 1945 and 1946, together 

with the change during 1946, is shown in Table 26.

Table 26. C h a n g e i n L o a n s a n d D is c o u n t s o f I n s u r e d

C o m m e r c ia l B a n k s D u r in g 1946

(Amounts in millions of dollars)

Type of loan Dec. 31, 

1946

Dec. 31, 

1945

Change di 

Amount

iring 1946 

Percent

Loans and discou n ts— t o ta l.............................................

Commercial and industrial................................................

Agricultural (excluding loans on farm land).................

Consumer..................... .........................................................

$30,740

14,019 

1,358 

4,031 

3,127 

7,107 

68.4 

5,058

1,365

1,098

$25,769

9,462

1,314

2,361

6,771

4,680

507

3,332

8U1

1,181

$4,971

4,557

44

1,670

-3,644

2,427

177

1,726

52U

-83

19.3%

48.2 

3.3

70.7 

-53.8

51.9

su.y

51.8

62.3

-7.0

For purchasing or carrying securities.............................

Real estate— total...... .........................................................

On farm land.....................................................................

On residential properties.................................................

On other properties...........................................................

All other loans (including overdrafts)............................

The largest degree of expansion of total loans took place in the smaller 

banks. These banks not only expanded their commercial, consumer, and 

real estate loans to a greater extent than did the large banks, but they 

were relatively little affected by the decline in security loans. This wTas 

in marked contrast to the contraction in total loans of the large banks 

in New York, where the curtailment of security loans was greater than 

the expansion in other types of loans.

Real estate loans. The 52 percent expansion of real estate loans was 

greater in 1946 than in any other year for which these data are available. 

This type of loan accounted for 5 percent of total assets and 23 percent 

of total loans at the end of 1946 compared with 3 percent of total assets 

and 18 percent of total loans on December 31, 1945.

Every State reported substantial percentage gains in real estate loans 

during the year. These percentage increases by State are displayed in 

Chart E. Insured commercial banks in five States—Oregon, Montana, 

Washington, New Mexico, and Alabama—more than doubled their 

real estate loans in 1946. States in the South and West showed generally 

larger increases in these loans than States in the northeastern section 

of the country.

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CHART E

PERCENTAGE INCREASE DURING 1946 IN TOTAL REAL ESTATE LOANS

OF INSURED COMMERCIAL BANKS

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54 FEDERAL DEPOSIT INSURANCE CORPORATION

The smallest percentage increase in real estate loans was reported for 

Vermont, where the proportion of total assets invested in real estate 

loans was 21 percent, the largest for any State. California, with the second 

highest ratio of real estate loans to total assets, had a relatively smaller 

proportionate increase in these loans than other States on the Pacific 

Coast.

Loans on farm lands increased 35 percent to $0.7 billion, while loans 

on urban residential properties increased 52 percent to $5.1 billion during 

1946. Loans on all other properties, which include loans on commercial 

and industrial real estate, showed the largest relative gain, 62 percent, 

and totaled $1.4 billion at the close of 1946.

C a p i t a l

Total capital accounts of all commercial and mutual savings banks 

continued to grow in 1946, and amounted to $11.4 billion at the end of 

the year. For all commercial banks, capital accounts amounted to $9.6 

billion on December 31, 1946, while total surplus and capital accounts 

of mutual savings banks were $1.8 billion. Changes during 1946 for the 

different types of capital accounts are presented in Table 27.

Table 27. C h a n g e in C a p i t a l A c c o u n t s a n d C a p i t a l R a t i o s o f A l l 

C o m m e r c ia l B a n k s a n d ^ A l l M u t u a l^ S a v in g s B a n k s D u r i n g 1946

(Amounts in millions of dollars)

All commercial banks All mutual savings banks

Type of capital account or 

capital ratio Dec. 31, 

1946

Dec. 31, 

1945

Percentage

increase

during

1946

Dec. 31, 

1946

Dec. 31, 

1945

Percentage

increase

during

1946

C apital a ccou n ts— to ta l........ $9,561 $8,933 7.0% $1,784 $1,593 12.0%

Capital stock, notes, and 

debentures................ ............ 3,243 3,130

3,873

1,930

3.6 5 5

Surplus......................................

Undivided profits, including 

all other capital accounts..

4,155

2,163

7.3

12.1

1,218

561

1,101

487

10.6

15.2

R atio o f tota l capital a ccou n ts to :

Total assets.................. ............ 6.4%

23.4

5.5%

25.5

9.5% 9.4%

27.8

Assets other than cash and 

United States Government 

obligations............................. 29.2

The 7 percent growth in capital accounts of all commercial banks 

during 1946 was at about the same rate as during the war years. Total 

assets, however, declined during the year; accordingly the ratio of total 

capital accounts to total assets increased from 5.5 percent to 6.4 percent. 

Although there has been a steady growth in total capital accounts since 

the business recession of 1938, the increase in total assets had been

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CAPITAL 55

relatively much greater in each year through 1945, so that the capital 

ratio declined from 11.8 percent at the end of 1937 to a low of 5.5 percent 

at the end of 1945. During 1946, however, the continued growth in capital 

accounts was coupled with a decline in total assets and the persistent 

downward movement in this ratio was reversed for the first time since

1937.

In contrast to the increase in the ratio of total capital accounts to 

total assets in 1946 was the drop in the ratio of capital accounts to assets 

other than cash and United States Government obligations. Early in the 

war this capital ratio rose chiefly because of the decline in loans; during 

the rest of the war it remained high because almost all of the increase 

in bank assets represented investment in Federal securities. With the 

sharp postwar expansion in loans, however, this ratio has declined from 

25.5 percent at the end of 1945 to 23.4 percent at the close of 1946.

Examiners’ adjustment of capital and appraisal of assets. The

decline in the average ratio of capital to total assets since 1938 is emphasized by the change in the distribution of the ratios for individual banks. 

Such distributions for insured commercial banks examined in 1946 and 

1938 based on the value of assets and capital accounts as adjusted by the 

examiners, are shown in Table 28.1

T ab le 28. D istribution of I nsured C ommercial B an ks A ccording to

R atio of A djusted Capital A ccounts to A ppraised V alue of T otal A ssets

e xam in atio n s in 1946 and 1938

Bank group

Number of banks Percentage Distribution

1946 1938 1946 1938

A ll banks exam in ed............................................

Banks w ith a ratio o f a dju sted capital a ccou n ts to appraised value o f total 

assets o f :

12,493 13,350 100.0% 100.0%

0.0% to 4 .9 % ...................................................... 4,578 248 36.7 1.9

5.0% to 9 .9 % ...................................................... 7,087 3,021 56.7 22.6

10.0% to 14.9% .................................................. 704 5,524 5.6 41.4

15.0% or more..................................................... 124 4,557 1.0 34.1

In 1938, three-fourths of the banks examined had adjusted capital 

ratios of 10 percent or more as compared with less than a tenth of the 

banks in 19462. Conversely, more than a third of the banks had capital 

amounting to less than 5 percent of their total assets in 1946, while only 

2 percent of the banks had a capital ratio that low in 1938.

1 The number of banks included in tabulations of examination data is less than that included in 

tabulations of reports of assets and liabilities since current examination reports are not available for all 

of the insured commercial banks operating at the end of each year. See page 133.

2 Adjusted capital accounts equal book value of total capital accounts plus the value of assets not 

shown on the books, less examiners’ deductions from total assets, and less liabilities not shown on the 

books.

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56 FEDERAL DEPOSIT INSURANCE CORPORATION

Assets of the insured commercial banks examined in 1946 were appraised at virtually 100 percent of book value. Assets classified as substandard amounted to only $526 million or 0.36 percent of the appraised 

value of total assets, as compared with 0.45 percent in 1945 and 5.12 

percent in 1939. The trend since 1939 of the ratios of substandard assets 

to the appraised value of total assets and to adjusted capital accounts 

is shown in Table 29.

Table 29. S u b s t a n d a r d A s s e t R a t io s o f I n s u r e d C o m m e r c ia l B a n k s

E x a m in e d i n 1939-1946

Ratio of substandard assets to—

Year Appraised 

value of 

total assets

Adjusted

capital

accounts

1946........................................................................................................ 0.36%

0.45

6.02%

1945........................................................................................................ 7.58

1944....................................................................................................... 0.69 10.92

1943....................................................................................................... 1.24 17.84

1942....................................................................................................... 2.13 25.26

1941....................................................................................................... 2.84 31.12

1940........................................................................................................ 3.93 40.35

1939........................................................................................................ 5.12 48.21

The distribution of insured commercial banks according to the ratio 

of substandard assets to adjusted capital accounts in 1946 and 1945 is 

shown in Table 30.

Table 30. D i s 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 A c c o r d in g t o

R a t io o f S u b s t a n d a r d A s s e t s t o A d j u s t e d C a p i t a l A c c o u n t s

e x a m in a t io n s i n 1946 a n d 1945

Bank group

Number of banks Percentage distribution

1946 1945 1946 1945

A ll b an k s.................................................................

Banks w ith a ratio o f substandard assets 

to a dju sted capital a ccou n ts o f—

12,493 12,473 100.0% 100,0%

N on e...................................................................... 3,741 3,106 29.9 24.9

9.9% or less......................................................... 5,753 5,902 46.0 47.3

10.0% to 19.9% .................................................. 1,558 1,836 12.5 14.7

20.0% to 29.9% ..................................................

30.0% to 39.9% ..................................................

640 769 5.1 6.2

345 332 2.8 2.7

40.0% to 49.9% .................................................. 183 202 1.5 1.6

50.0% to 99.9% .................................................. 228 280 1.8 2.2

100.0% or more................................................... 45 46 .4 .4

The percentage of substandard assets to adjusted capital accounts 

continued to decline to 6.02 percent for banks examined in 1946 from 

7.6 percent in 1945. These relatively low ratios stand out in contrast to

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Federal Reserve Bank of St. Louis
CAPITAL 57

the ratio of 48.2 percent of adjusted capital accounts in 1939. In 1946, 

3,741 of the insured banks examined had no assets classified as substandard, while 273 insured banks had substandard assets which amounted 

to 50 percent or more of adjusted capital accounts.

E a r n in g s o f I n s u r e d C o m m e r c ia l B a n k s

Both total and net current operating earnings of insured commercial 

banks have increased in each year since 1938, and in 1946 attained the 

highest levels on record. The 1946 increases, in each case 15 percent, 

reflected chiefly the higher average rate of return secured on loans and 

the larger volume of loans. Net profits after taxes were slightly below the 

level attained in 1945 because charge-offs and income taxes were higher, 

and recoveries and profits on assets sold were lower. The 1946 net profits 

represented a rate of 10 percent of total capital accounts. The amounts 

of major items of earnings and expenses, 1934-1946, and percentage 

changes to 1946 from selected earlier years are presented in Table 31.

Table 31. E a r n in g s , E x p e n s e s , a n d P r o f it s o f I n s u r e d C o m m e r c ia l B a n k s

1934-1946

(Amounts in millions of dollars)

Year

Total

current

operating

earnings

Total

current

operating

expenses1

Net

current

operating

earnings1

Profits

on

securities

sold

Net 

chargeoffs2 

on assets

Income

taxes3

Net

profits

after

taxes

Cash 

dividends 

declared 

and interest paid 

on capital

1946. . 2,863 1,763 1,100 209 83 323 902 299

1945.. 2,482 1,523 960 267 22 299 906 274

1944.. 2,215 1,357 858 130 34 203 751 253

1943. . 1,959 1,256 703 103 41 128 638 233

1942.. 1,790 1,222 569 66 114 79 441 228

1941. . 1,730 1,216 514 145 154 50 455 253

1940. . 1,631 1,170 461 178 215 23 401 237

1939.. 1,605 1,148 457 215 272 12 388 232

1938.. 1,584 1,148 436 173 299 10 300 222

1937.. 1,634 1,156 478 117 203 11 381 226

1936.. 1,567 1,114 453 268 185 12 524 223

1935.. 1,486 1,078 408 2314 4264 5 207 208

1934.. 1,518 1,114 404 1484 8904 3 -3405 188

P ercentage ch an ge:

1945to

1946 15.4% 15.8% 14.6% -21.7% 277.3% 8.0% -0 .4 % 9.1%

1941 to

1946 65.5 45.0 114.0 44.1 -46.1 546.0 98.2 18.2

1935 to

1946 92.7 63.5 169.6 -9.5 -80.5 6360.0 335.7 43.8

1 Figures for 1934-1941 are estimates and differ from reported figures by the amount of estimated 

income taxes excluded from total current operating expenses. See footnote 3.

2 Book value of assets charged off minus recoveries on assets previously charged off.

8 Includes surtax and excess profits tax. Figures for 1934-1941 are estimates, based upon Bureau 

of Internal Revenue figures of income taxes paid by national banks for 1934-1937, and paid by “ all 

banks and trust companies” for 1938-1941. Income taxes have been reported separately since 1936 

for insured banks not members of the Federal Reserve System and since 1942, for banks members of the 

Federal Reserve System.

4 Estimated; profits on securities sold were not reported separately from recoveries on securities by

banks not submitting reports to the FD IC .

6 Net loss.

Detailed figures for 191+1-19^6— See Table 114, pages 140-41.

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Dividends paid to stockholders, though higher than in any previous 

year of deposit insurance, absorbed about one-third of net profits after 

taxes. Continuance of the conservative dividend policy followed by the 

banks during the war years resulted in substantial net additions to total 

capital accounts. These additions, coupled with a decline in total assets, 

brought about a rise in the ratio of total capital accounts to total assets— 

the first rise since 1937.

Widespread character of profitable operations. The improvement 

in the profitability of banking operations, which has been characteristic 

of recent years, has been general throughout the banking system. In 

each of the last three years, practically no banks have sustained net 

losses after taxes.

The improvement in rates of net profit in 1946 over the preceding 

year was also widespread; it occurred among banks throughout the 

country, except the larger banks in the large centers. It was the latter 

which had shown the most favorable rates of net profit in 1945, due in 

considerable extent to large profits on securities sold, chiefly United 

States Government obligations, and to a large expansion in security 

holdings,. It was these banks which were most affected by the Treasury 

retirement program and by the less favorable market for United States 

Government obligations.

In 1946, as in each year for a number of years, there have been more 

banks with satisfactory and high rates of net profit, and fewer banks 

with losses or unsatisfactory rates of net profit. The increase in the 

percentage of banks with high rates of net profit over the three preceding 

years and 1938 is shown in Table 32.

Table 32. P e r c e n t a g e 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

A c c o r d in g t o R a t e o f N e t P r o f it o n T o t a l C a p i t a l A c c o u n t s , 1938, 1943-1946

Rate of profit 1946 1945 1944 1943 1938

Number of banks......................... 13,174 13,149 13,141 13,145 13,487

All banks1.................................... 100.0%

0.6

100.0%

0.6

100.0%

0.9

100.0%

2.0

100.0%

Banks with net loss................. 16.0

Banks w ith n et profit 

after taxes per $100 of 

tota l capital accou n ts 

o f—2

$ 0.00 to $ 4.99....................... 5.7 8.1 9.8 17.4 29.3

5.00 to 9.99....................... 28.4 36.0 38.5 43.2 32.0

10.00 to 14.99....................... 35.3 34.6 34.1 26.0 15.4

15.00 to 19.99....................... 19.0 14.2 12.3 8.1 5.2

20.00 or m ore......................... 11.0 6.5 4.4 3.3 2.1

1 Excludes banks submitting reports covering less than the full year’s operations or materially 

affected by mergers.

2 Total capital accounts are averages of figures at beginning, mid-year, and year-end call dates; 

except in 1938 and 1946 when total capital accounts for banks members of the Federal Reserve System 

are averages of figures for four call dates and three call dates, respectively.

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EARNINGS OF INSURED COMMERCIAL BANKS 59

In 1946, over 65 percent of all insured banks reported a rate of net 

profit after taxes of more than 10 percent of total capital accounts, as 

compared with 55 percent in 1945, 37 percent in 1943, and 23 percent in

1938. In 1938, the earliest year for which comparable figures are available, 

16 percent of the banks sustained a net loss, whereas in each of the last 

three years less than 1 percent of the banks reported a net loss.

There was little relationship between size of bank and the ratio of 

net profits to total capital accounts in 1946. This is shown by the distribution of banks according to amount of deposits, given in Table 33. 

The smallest and the largest banks showed somewhat less favorable 

results than the intermediate groups. About 30 percent of all insured 

commercial banks had net profits in excess of 15 percent of total capital 

accounts. This proportion was exceeded by banks with deposits of from 

$1 million to $10 million each; the next smaller and next larger size groups 

showed a somewhat smaller proportion. However, only 14 percent of the 

smaller banks, with deposits of less than $1 million each, and only 13 

percent of the largest banks, with deposits of $50 million or more each, 

attained such favorable results. Furthermore, almost 25 percent of the 

smallest banks, with deposits of less than $500,000, but only 6 percent 

of all insured commercial banks, reported net losses or net profits of 

less than 5 percent of total capital accounts.

T ab le 33. 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 A c c o r d in g t o

R a t io o p N e t P r o f it s t o T o t a l C a p i t a l A c c o u n t s a n d b y

A m o u n t o f D e p o s it s , 1946

Size of bank All

banks1

Banks 

with net 

loss

Banks with net profits after taxes per $100 of 

total capital accounts of— 2

$0.00

to

$4.99

$5.00

to

$9.99

$10.00

to

$14.99

$15.00

to

$19.99

$20.00

or

more

A ll ban ks1........................................... 13,174 83 753 3,744 4,648 2,496 1,450

Banks w ith deposits o f—

$500,000 or less.............................. 541 11 113 209 130 51 27

$500,000 to $1,000,000................. 1,961 21 167 641 689 296 147

$1,000,000 to $2,000,000............. 3,364 17 163 915 1,190 676 403

$2,000,000 to $5,000,000............. 4,080 19 151 1,008 1,454 907 541

$5,000,000 to $10,000,000........... 1,703 7 77 441 623 345 210

$10,000,000 to $50,000,000......... 1,218 7 63 402 443 192 111

$50,000,000 to $100,000,000___ 135 1 11 49 53 15 6

More than $100,000,000.............. 172 8 79 66 14 5

1 Excludes banks submitting reports covering less than the full year’s operations or materially 

affected by mergers.

8 Total capital accounts are averages of figures for three call dates.

Sources of current earnings. In 1946, increases over 1945 were 

reported in all major categories of current earnings. Income from loans 

showed the largest gain, increasing 31 percent to $951 million, the highest 

amount in any year since the establishment of Federal insurance of

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60 FEDERAL DEPOSIT INSURANCE CORPORATION

deposits. Income from loans accounted for 33 percent of total current 

operating earnings in 1946, as compared with 29 percent in 1945. This 

increase in the proportion of income derived from loans represented a 

reversal of the downward trend since 1942. Income from loans had 

accounted for from 42 to 49 percent of total current earnings in each year 

from 1934 through 1941. The amount of income on loans and on securities, 

1934-1946, is presented in Table 34.

T ab le 34. A m o u n t s a n d R a t e s o f I n c o m e R e c e iv e d a n d I n t e r e s t P a id

b y I n s u r e d C o m m e r c ia l B a n k s , 1934-1946

Year

Income 

on loans 

(in millions 

of dollars)

Income on 

securities 

(in millions 

of dollars)

Income on 

loans 

per $100 of 

loans1

Income on 

securities 

per $100 of 

securities1

Interest paid 

per $100 of 

time & savings 

deposits1

1946........................... $951 $1,395 $3.43 $1.56 $0.84

1945............................ 726 1,300 3.09 1.46 0.87

1944............................ 698 1,090 3.44 1.49 0.87

1943............................ 706 861 3.85 1.52 0.93

1942............................ 817 610 4.08 1.69 1.10

1941............................ 848 509 4.27 1.95 1.20

1940............................ 769 500 4.41 2.16 1.30

1939........................... 727 522 4.46 2.38 1.43

1938............................ 705 532 4.36 2.56 1.55

1937............................ 710 572 4.28 2.68 1.62

1936............................ 663 574 4.34 2.66 1.72

1935............................ 643 548 4.40 2.87 2.01

1934............................ 691 550 4.63 3.17 2.40

1 Loans, securities, and deposits are averages of figures reported at beginning, middle, and end of 

year by banks submitting statements of assets and liabilities.

Detailed figures for 19U6— See Tables 114 and 115, pages 140-43.

The gain in income from loans resulted both from a growth in the 

volume of loans and an increase in the rate of income from loans. Average 

loan holdings were about one-fifth higher in 1946 than in 1945, and the 

rate of income on loans was about one-tenth higher. For the first time 

since 1939, there was an increase in 1946 in the rate of income from loans. 

This reflected some firming of interest rates, but primarily a change in 

the composition of the loan portfolio. Banks held a higher proportion of 

high-income-producing loans, such as consumer instalment loans, and a 

lower proportion of low-income-producing loans, such as those made for 

the purpose of purchasing and carrying United States Government 

obligations.

The amount of income on securities increased in 1946, as it has in 

every year since 1940. From 1940 through 1945, the relative importance 

of securities as a source of income had increased steadily. However, in 

1946 income from securities provided 49 percent of total current operating 

earnings, as compared with 52 percent in the prior year. Interest on 

United States Government obligations increased from $1,133 million to 

$1,219 million in 1946. Interest and dividend income from other securities 

also increased, from $167 million to $177 million.

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EARNINGS OF INSURED COMMERCIAL BANKS 61

The average rate of income on securities rose to 1.56 percent in 1946 

from 1.46 percent in 1945; the rate had declined in every previous year 

since 1937 when the rate was 2.68 percent. The average rate of return 

on United States Government obligations was higher, 1.49 percent as 

compared with 1.37 percent in 1945, reflecting smaller holdings of bills, 

certificates and notes, and larger bond holdings. The average rate of 

income on securities of other obligors declined further in 1946 to 2.34 

percent, from 2.52 percent in 1945.

The remaining portion of current operating earnings—somewhat less 

than one-fifth—was derived from various sources. Income from trust 

department and service charges on deposit accounts each accounted for 

slightly under 5 percent of total current earnings. These, as well as 

commissions, fees, safe deposit and real estate rentals, and other income 

grew at a rate commensurate with the growth in total current earnings.

Current operating expenses. Four-fifths of the increase in current 

operating expenses of banks since 1934 occurred in the last three years. 

All major categories of expense shared in the increase.

Salaries and wages, the most important item of bank expense in recent 

years, accounted for one-half of the increase in all current operating 

expenses over the three-year period. The largest increase occurred during 

1946. The 1946 figure of $831 million represented a 20 percent rise from 

1945 and a 43 percent rise since 1943. The increase in the number of 

employees was a less important influence than higher salaries in causing 

the larger payrolls. Figures for number of employees and average salaries 

are shown in Table 35.

T ab le 35. A v e r a g e N u m b e r a n d A v e r a g e S a l a r y o f E m p l o y e e s of

I n s u r e d C o m m e r c ia l B a n k s , 1943-1946

Salary item

Number of banks, December 31...............

Average number of employees (full and

part-tim e):

Officers...............................................................

Others................................................................

Salaries and

dollars):

Officers..........

Others...........

wages (in thousands of

Average salary per— 1

Officer............................

Others............................

1946

13,359

60,908

258,335

$309,220

521,709

$ 5,077 

2,020

1945

13,302

57,806

237,326

$266,018

424,881

$ 4,602 

1,790

1944

13,268

55,902

227,512

$240,354

386,346

$ 4,300 

1,698

1943

13,274

55,117

221,060

$225,142

356,958

$ 4,085 

1,615

1 These averages are derived by dividing the total salary payment by the average of the number of 

full- and part-time employees at the beginning and end of the year.

From 1945 to 1946, the average number of officers and employees 

increased 5 and 9 percent, respectively. The average salary of officers 

increased 10 percent; that of employees, 13 percent. From 1943 to 1946,

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62 FEDERAL DEPOSIT INSURANCE CORPORATION

the average number of officers and employees increased 11 and 17 percent, 

respectively. During the same period the average salary of officers 

increased 24 percent; that of employees 25 percent.

Interest on time and savings deposits, $269 million in 1946, rose 16 

percent from 1945 and 64 percent from 1943. The increase since 1943 

accounted for one-fifth of the increase in all current operating expenses 

in the last three years. The passage of the Banking Act of 1933 provided 

for elimination of interest on demand deposits. Prior to that date interest 

on demand and on time deposits combined had been the largest single 

item of current operating expense in most banks, and consistently 

amounted to about one-third of total current operating earnings. Since 

1933, interest on time and savings deposits has been the second largest 

single item of expense, after salaries and wages. From 1934 through 1943 

the amount of interest paid on time and savings deposits declined as a 

result of the progressive lowering of the rate paid on such deposits, as 

shown in Table 34. The significant increase since 1943 in the amount 

paid, in the face of continued decline in the rate, is attributable to the 

81 percent increase in the amount of such deposits outstanding.

Taxes, other than those based upon or measured by net income, and 

recurring depreciation have fluctuated slightly from year to year, without 

significant change in level. Other expenses at $526 million in 1946 absorbed 18 percent of total earnings and have increased in recent years 

at about the same rate as total operating expenses.

Charge-offs, recoveries, and profits on assets sold. In 1946 insured 

commercial banks reported profits on securities sold, chiefly United 

States Government obligations, of $209 million. Although this was 22 

percent less than the 1945 figure, it was significantly higher than the 

amount reported for the other war years (see Table 31). Profits in 1946 

were exceeded in only three other years of the thirteen since establishment 

of Federal insurance of deposits. These profits on security sales contributed materially in 1946, as in 1945, to the high level of net profits.

Recoveries on securities, at $60 million, were less than one-half the

1945 figure. Recoveries on loans, and recoveries and profits on other 

assets did not differ greatly from the amounts reported in recent years.

In 1946, insured commercial banks made provision for losses on assets 

by charge-offs or by additions to valuation allowances at the rate of 

about one-fifth of 1 percent of total assets or $283 million. Recoveries 

in 1946 on losses previously charged off, and reductions in valuation 

allowances, amounted to almost three-quarters of charge-offs. As a 

result, the rate of net charge-offs in 1946 was only one-twentieth of 1 

percent of total assets. In the preceding ten years, net charge-offs averaged 

about one-fourth of 1 percent, and during the first two years of deposit 

insurance were much higher.

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Charge-offs on loans amounted to one-fourth of 1 percent in 1946. 

As in the three preceding years, recoveries exceeded charge-offs, thus 

resulting in net recoveries on loans in each of these years. Charge-offs 

on securities were no higher than in the preceding year, but recoveries 

were much lower, so that net charge-offs were significantly higher than 

in the preceding war years.

Rates of net charge-offs on assets of insured commercial banks, for 

each of the years 1934-1946, are presented in Table 36. Figures for 

charge-offs on securities as reported by the banks do not segregate losses 

and charge-offs, or recoveries, on United States Government obligations 

from those on other securities. It is not possible, therefore, to determine 

rates of charge-offs separately for classes of securities. It is probable that 

the high rate of losses and charge-offs on securities shown in the early 

years of deposit insurance were sustained largely on securities other than 

United States Government obligations. In 1945 and 1946, however, it 

is probable that a significant proportion of the charge-offs on securities 

represented lump-sum charge-offs or additions to valuation allowances 

to cover premiums on United States Government obligations purchased 

at prices above par.

T ab le 36. R a t e s o f N e t C h a r g e - o f f s 1 o n A s s e t s o f

I n s u r e d C o m m e r c ia l B a n k s , 1934-1946

Year

All net 

charge-offs 

per $100 of 

total assets

Net 

charge-offs 

on loans 

per $100 of 

loans

Net 

charge-offs 

on securities 

per $100 of 

securities

Net 

charge-offs 

on securities 

per $100 of 

“ other’' 

securities2

1946........................................................... $0.05

0.01

$i0.013 

0.053

$0.08

0.01

$0.96

0.161945...........................................................

1944........................................................... 0.11 0.073 0.02 0.29

1943........................................................... 0.04 0.06s 0.04 0.39

1942........................................................... 0.14 0.06 0.18 0.95

1941........................................................... 0.21 0.16 0.33 1.25

1940........................................................... 0.32 0.27 0.52 1.72

1939........................................................... 0.45 0.43 0.68 2.15

1938........................................................... 0.54 0.58 0.77 2.35

1937........................................................... 0.37 0.31 0.56 1.65

1936........................................................... 0.34 0.92 0.093 0.28*

1935........................................................... 0.88 1.62 0.804 2.334

1934........................................................... 1.98 3.36 1.934 5.33<

1 Net charge-offs equals losses, charge-offs and additions to valuation allowances, less the sum of 

recoveries and reductions in valuation allowances. Asset items are averages of figures reported at beginning, middle, and end of year.

2 “ Other” securities consist of securities other than U. S. Government obligations, direct and 

guaranteed.

* Net recoveries, i.e., excess of recoveries over charge-offs.

* Recoveries on securities of banks not submitting reports to the Federal Deposit Insurance Corporation were not reported separately from profits on securities sold in 1934 and 1935. Recoveries on 

securities were estimated to be about 38 percent of total recoveries and profits on securities.

The net charge-off record since the establishment of deposit insurance, 

as shown in Table 36, may be broken into three periods. The high rate 

of net charge-offs during the early years of deposit insurance was due 

to the elimination of assets upon which losses had accumulated prior to

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

and during the depression. During the last four years, net charge-offs 

have been at an abnormally low level, reflecting the high rate and profitable character of business activity during the war, and immediately 

after cessation of hostilities. During the intervening period, the level 

of net charge-offs was materially above that of recent years, and materially below that of the early years. That intervening period, considered 

as a whole, was one of moderately rising prices and of increasing but less 

feverish business activity than in recent years. The net charge-offs 

reported then were for the most part sustained by banks on the assets 

acquired during those years. It seems probable that net charge-offs in 

the years ahead will be significantly higher than those sustained in recent 

years.

Net profits before incom e taxes. Net profits before income taxes 

of insured commercial banks, at $1,226 million, were 2 percent larger 

than in 1945, and amounted to 13.6 percent of total capital accounts. 

Both the amount and the rate for 1946 were more than double the estimated amount and rate for each of the pre-war years since the inception 

of deposit insurance, except 1936. Rates of net profit, before and after 

taxes, are shown in Table 37.

Table 37. R a t e s o f N e t P r o f i t , B e f o r e a n d A f t e r I n c o m e T a x e s ,

a n d o f C a s h D iv i d e n d s t o A v e r a g e T o t a l C a p i t a l A c c o u n t s ,

A l l I n s u r e d C o m m e r c ia l B a n k s , 1934-1946

Amounts per $100 of total capital accounts1

Year Net profit 

before 

income 

taxes

Net

profit

after

taxes

Cash dividends 

I declared and 

I interest paid 

on capital

Net profit 

after cash 

dividends

$13.60 $10.01 $3.32 $6.69

14.46 10.87 3.29 7.58

12.36 9.73 3.28 6.45

1943........................................................... 10.57 8.82 3.23 5.59

7.48 6.34 3.28 3.06

1941........................................................... 7.47 6.72 3.75 2.97

6.42 6.08 3.59 2.49

1939........................................................... 6.16 5.99 3.58 2.41

1938........................................................... 4.84 4.68 3.46 1.22

1937........................................................... 6.15 5.97 3.54 2.43

1936........................................................... 8.54 8.35 3.56 4.79

1935........................................................... 3.42 3.35 3.35 2

1934........................................................... -5.44 -5.49 3.03 -8.52

1 Total capital accounts are averages of figures for beginning, mid-year, and year-end call dates.

2 Less than $0,005.

Incom e taxes. Federal income taxes, at $301 million, were 9 percent 

larger than in 1945, and were more than four times the amount paid in 

1942. State income taxes at $22 million were virtually unchanged from 

the preceding year. Federal and State income taxes absorbed 26 percent

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EARNINGS OF INSURED COMMERCIAL BANKS 65

of net profits before taxes in 1946, compared with 25 percent in 1945 and 

15 percent in 1942. The amount of income taxes for the years 1934-1946 

is presented in Table 31, page 57.

Net profits after taxes. Net profits after taxes, at $902 million, were 

fractionally below the unprecedented amount reported in 1945. The 

rate of net profit, 10 percent of total capital accounts, was higher than in 

any year, except 1945, since the beginning of deposit insurance. The 

amount of net profits, 1934-1946, is presented in Table 31.

Dividends and additions to capital. Notwithstanding the unprecedented growth in net profits over the last four years, the rate of cash 

dividends declared by insured commercial banks has remained practically 

unchanged. The $299 million of dividends paid, including interest on 

capital notes and debentures, in 1946 was 3.3 percent of total capital 

accounts. This conservative dividend policy is a continuance of the 

practice which has been characteristic of insured commercial banks since 

the banking crisis of 1933. In 1933 and each of the succeeding 13 years, 

dividends have amounted to less than 4 percent of total capital accounts. 

This represents a lower level than in any of the preceding 65 years for 

which adequate bank records are available. As a result of this conservative 

dividend policy the proportion of net profits retained for addition to net 

worth has been higher during recent years than during any previous 

period. In 1946, such additions to net worth amounted to 67 percent of 

net profits, or $603 million. In recent years retained profits have constituted the major source of growth in total capital accounts.

E a r n in g s o f I n s u r e d M u t u a l Sa v in g s B a n k s

Both total and net current operating earnings of insured mutual 

savings banks have increased yearly since the beginning of World War II. 

At $351 million, total current operating earnings were 9 percent larger 

in 1946 than in 1945. Net current operating earnings, at $265 million, 

were 8 percent larger than in the preceding year.

In the past, one-half or more of total current operating earnings of 

mutual savings banks has consisted of income on real estate mortgage 

loans; the bulk of other current operating earnings consisted of income 

from securities of the types designated as legal for savings bank investment. In 1946 income from United States Government obligations 

provided 49 percent of total current operating earnings, reflecting the 

increased investment in such securities in recent years. At $171 million, 

such income was 26 percent larger than in 1945 and 124 percent larger 

than in 1943. This increased investment has been accompanied by an 

increase in the rate of return, due to a lengthening of average maturities. 

Income from other, securities has decreased throughout this period, 

reflecting chiefly a decline in the rate of interest return on such securities.

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66 FEDERAL DEPOSIT INSURANCE CORPORATION

The amount and the rate of income on loans and on securities, 1943-1946, 

is shown in Table 38.

T ab le 38. A m o u n t s a n d R a t e s o f I n c o m e R e c e iv e d a n d D iv i d e n d s P a id

b y I n s u r e d M u t u a l S a v in g s B a n k s , 1943-1946

Year

Income 

on loans 

(in millions 

of dollars)

Income on 

securities 

(in millions 

of dollars)

Income on 

loans 

per $100 of 

loans1

Income on 

securities 

per $100 of 

securities1

Dividends paid 

depositors 

per $100 of 

time & savings 

deposits1

1946............................ $144 $194 $4.58 $2.35 $1.47

1945............................ 143 160 4.61 2.30 1.49

1944............................ 141 128 4.53 2.38 1.60

1943............................ 139 101 4.44 2.54 1.65

1 Loans, securities, and deposits are averages of figures reported at beginning, middle, and end of 

year.

Detailed figures for 1984,19U1-19U6— See Tables 121 and 122.

Income on loans has remained almost constant in amount, and has 

represented a declining proportion of total current operating earnings in 

recent years. In 1946, at $144 million, this amounted to 41 percent of 

such earnings. The rate of income on loans has remained practically 

constant at 4.6 percent, in sharp contrast to the decline experienced by 

commercial banks.

All other income, about 4 percent of total current operating earnings 

in 1946, was down sharply from recent years. This decline reflected the 

rapid disposal over the period of other assets, chiefly real estate acquired 

in settlement for mortgage loans in default.

Total current operating expenses at $86 million were lower in 1946 

than in 1943 or 1944, but were 10 percent larger than in 1945. Expenses 

declined as a ratio of total current operating earnings, from 32 percent 

in 1943 to 24 percent in 1945 and 1946. About one-half of that percentage 

decline occurred in taxes as a result of the disposal of real estate assets. 

Salaries and wages of officers and employees have risen in each of the 

recent years. This increase has been at a rate commensurate with the 

growth in total current operating earnings, the amount remaining at 

about 11 percent of the latter. All other expenses have remained approximately constant in amount in recent years. The decrease in maintenance and other real estate expenses, resulting from the disposal of 

real estate, has offset the increase in general operating costs of a more 

purely banking character.

In mutual savings banks, the return paid depositors constitutes a 

dividend, the amount of which is subject to determination by the Board 

of Directors or Trustees of the individual institution after the results of 

operations of a specific period have been ascertained. For this reason 

such dividends are not considered a current expense of the bank, although 

they are similar to interest paid on time deposits in commercial banks.

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EARNINGS OF INSURED MUTUAL SAVINGS BANKS 67

The amount of dividends paid has increased sharply in recent years, 

by 12 percent in the last year, and by 36 percent since 1943. The increase 

in amount is attributable entirely to the increase in the amount of time 

and savings deposits held, since the rate of dividends has declined steadily.

As in the case of commercial banks, insured mutual savings banks 

have secured substantial recoveries and profits on securities sold in recent 

years. Recoveries and profits on securities totaled $127 million in 1945 

and $124 million in 1946. Charge-offs on securities have also been high, 

at $37 and $72 million, respectively. Net recoveries and profits on all 

assets amounted to $46 million in 1945 and $44 million in 1946. This 

situation stands out in contrast to the normal one in which charge-offs 

exceed recoveries, so that net charge-offs result.

Net profits after taxes at $146 million in 1945 and $144 million in

1946 amounted to 1.4 percent and 1.2 percent of average total assets of 

these mutual institutions. Profits retained as net additions to surplus 

and capital accounts during these years were 15 and 13 percent of such 

accounts. At the end of 1946, surplus and capital accounts represented 

9.3 percent of total assets.

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PART THREE

SPECIAL REPORTS

EXAM IN ATIO N OF M UTUAL SAVINGS BANKS

TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS, 1936-1945

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E x a m i n a t i o n o f M u t u a l S a y i n g s B a n k s

Examinations of insured banks by the Federal Deposit Insurance 

Corporation have two aims: first, to determine as accurately as possible 

the condition of each bank and thereby the risk which the Corporation 

has assumed in insuring its deposits; second, to be helpful to bank officials 

in handling the affairs of their banks with the maximum service and 

minimum loss to depositors, investors, and customers of the bank. These 

objectives of bank examination require for their accomplishment: (a) 

classification of bank assets in terms of quality; (b) elimination from the 

bank’s books of known or determinable losses; and (c) provision for 

losses which are expected to occur though not immediately ascertainable 

with respect to specific assets.

On July 1, 1946, the Federal Deposit Insurance Corporation instituted 

a new method of determining the condition of mutual savings banks 

which will achieve a more satisfactory classification of assets and a more 

adequate provision for losses. This new technique of examination gives 

more emphasis to the close relationship existing between managerial 

methods of asset administration and the examining process of asset 

classification and valuation.

Classification o f assets. Classification of bank assets, by segregating 

into appropriate groups assets of similar or like qualities, provides both 

management and supervisory authorities with the basis for appraising 

the results of a bank’s selection of loans and investments. The classification of assets of mutual savings banks under the new system is designed 

to give primary attention to the probable ultimate loss on each group 

of assets, and to avoid the emphasis formerly placed on current market 

value. The assets are placed in groups according to the degree of risk to 

the bank, judged by stated objective standards. Four basic groups are 

used: Standard, Borderline, Substandard, and Specific Losses.

The Standard Group comprises those assets in which there is no credit 

risk, as distinguished from market risk, and, also, those assets in which 

there is no more than the normal risk inherent in lending operations.

The Borderline Group is made up of assets which are weak because 

of narrow margins of equity protection or other characteristics making 

them very vulnerable to changing conditions. During periods of high 

business activity such assets may appear to be adequately supported 

by appraisals or ratings and are current with respect to debt service 

requirements. However, they deteriorate rapidly with adverse circumstances in the local or national economy. If held in large volume, such 

assets produce losses in times of stress which quickly impair the capital 

accounts of the holding institution.

71

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The Substandard Group contains assets lacking those qualities which 

are essential to assets suitable for bank investment. These assets do not 

have sufficient compensating factors to offset or counterbalance weakness 

of equity; and have characteristics which, in their present form, would 

preclude their acquisition by the bank. Each of these assets involves a 

high probability of loss, though the amount of loss on any one item can 

not be specifically determined at the time of the examination. Assets in 

this Group and in the Borderline Group require an unusual degree of 

managerial attention and judgment, and current provision for loss even 

though the final amount of loss is not predictable.

The Specific Losses Group includes those assets in which losses are 

definitely established, or which are otherwise^devoid of bankable value.

Assets in two of the basic groups— Standard and Substandard— are 

subclassified, making six categories in all. The definitions of these categories, given below, are phrased in general terms, so as to permit the 

flexibility necessary to cover all possible degrees of variation in the 

quality of bank assets.

Standard

A-l. Assets in which the credit risk is non-existent.

A. Acceptable assets in which the margin of protection is adequate 

to meet ordinary contingencies and in which only nominal 

losses are likely to develop.

Borderline

B. Assets in which the limited margin of protection suggests the 

likelihood of future losses.

Substandard

C. Assets in which the margin of protection is negligible or nonexistent, and in which losses are already in evidence or are likely 

to develop even under favorable circumstances.

D. Assets lacking qualities essential for investments suitable for 

banks of deposit.

Specific Losses

X. Assets which are definitely established losses or otherwise 

devoid of bankable value.

The report of examination contains a summary of the book values of 

the assets placed in each category, with lists of the assets classified lower 

than A. Specific assets affected by unusual circumstances are made the 

subject of special narrative comment.

Elimination of known losses. The method of providing for losses 

before the amount of such losses are determinable in amount, which is

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EXAMINATION OF MUTUAL SAVINGS BANKS 73

described below, will result in the creation and maintenance of a valuation 

allowance account to which subsequently established losses will in most 

cases be charged. However, currently known losses which are subject 

to immediate elimination by a direct charge against the bank’s current 

earnings or net worth (rather than against the valuation allowance as 

prescribed) are placed in classification X. It will be applicable ordinarily 

to assets devoid of bankable value which therefore are not subject to 

classifications B, C, or D. It is expected that the use of this classification 

will be infrequent after the new procedure is fully established.

Valuation allowances for losses not specifically determined.

Maintenance of a sound bank requires, as an adjunct to constant managerial attention, capital accounts and cushions adequate to absorb all 

future losses. The process of maintaining soundness starts with the 

correction of weakness in those assets which have lost some or all of the 

characteristics which make them suitable savings bank investments. 

Accordingly, the program of providing for losses, the amount of which 

cannot be determined for each specific asset, is based upon those assets 

bearing classifications B, C, and D. Provision for the losses in these 

categories of assets is to be accomplished by the establishment and 

maintenance of a valuation charge-off account. Additions to this account 

are to be made periodically, preferably from current earnings or nonrecurring profits, but if necessary by a transfer from surplus accounts.

The program provides that each year there will be added to the valuation charge-off account a sum equal to 2-1/2 percent of the B classification, 5 percent of the C classification, and 7-1/2 percent of the D classification until such time as the aggregate provision reaches a minimum of

20 percent of B, 33-1/3 percent of C, and 50 percent of D. Further, if 

an asset is placed in the D classification each year for a period of 10 

years, an addition to the valuation charge-off account, by a charge 

against profit and loss, will be made in an amount sufficient to reduce 

the book value of that specific asset to a nominal value. It is also contemplated that this account will be used as a flexible and mobile account 

to which all established losses may be charged.

The required amount to be accumulated in the valuation charge-off 

account set forth above constitutes a desirable minimum only, and is 

not to be considered a deterrent to the provision of a larger sum if a 

bank’s management desires to do so. It is axiomatic that valuation 

allowances do not of themselves cure asset weaknesses and the accumulation of such funds is not the primary objective. The objective is acquisition and retention by banks of acceptable assets only; the methods 

of loss elimination are intended to be efficient tools in the hands of 

management to that end.

Banks which have already accumulated substantial valuation allowances are in a more advantageous position than are institutions with

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

a similar volume of Substandard and Borderline assets which have made 

little or no provision for losses on those assets. Valuation allowances, 

both allocated and unallocated, on a bank’s books at the time of the 

first examination under the new method are given consideration and have 

the effect of reducing the amount to be periodically added to the valuation 

charge-off account. Existing valuation allowances against loans, securities, or other types of assets are allocated to the B, C, and D groups of 

assets according to the percentage which the existing valuation allowance 

bears to the contemplated ultimate minimum provision for each of these 

types of assets.

The new system, by using gradations of quality in classifying assets 

and by shifting emphasis from current market values to the probable 

amount of loss to the bank, provides a more accurate evaluation of the 

condition of savings banks. It provides the Federal Deposit Insurance 

Corporation with an appraisal of the condition of savings banks on a 

“ going concern” basis rather than on a “ liquidation” basis as heretofore. 

In addition, it promotes corrective action on the part of management by 

focusing attention upon those assets which are no longer sound. The use 

of the system will be of valuable assistance to bank managements in the 

control and administration of the assets and in preparing for the uncertainties of the future.

Development of the new plan of examination. The new system 

of examining mutual savings banks has evolved out of the examining 

and liquidation experience of the Federal Deposit Insurance Corporation. 

The evolution has occurred both with respect to the concepts and to the 

methods of implementation.

When the Corporation was established, banks had just passed through 

a period of violent economic distortion resulting in depositor unrest and 

bank insolvency. Accordingly, bank supervisory authorities were then 

most concerned with such immediate factors as liquidity of assets and 

the losses which were depleting capital.

At that time bank supervisory authorities generally followed the 

practice in examination reports of classifying criticized assets as “ estimated loss,” “ doubtful,” or “ slow.” In the case of loans, the first of these 

three categories represented those loans or parts of loans which, in the 

opinion of the examiner, could not be collected; and the second those in 

which there existed, in the examiner’s opinion, a substantial probably 

loss not yet definitely ascertainable in amount, as a consequence of whicii 

the ultimate collection or value was doubtful.

There was considerable confusion, however, as to the meaning of the 

“ slow” classification. In the latter part of 1934 an effort was made to 

clarify this classification and to avoid an imputation of inferior credit 

quality to assets on which no loss was regarded as probable, solely because

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EXAMINATION OF MUTUAL SAVINGS BANKS 75

they were not immediately salable or collectible at full value. During 

the following years attempts were made to divorce the term “ slow” used 

in loan classification from its temporal connotation and to restrict this 

term to the concept of inferior credit quality. The executive committee 

of the National Association of Supervisors of State Banks studied the 

problem and on April 5, 1938, this committee recommended that the 

term “ slow” no longer be used in examinations of State banks and that 

the term “ substandard” be substituted.

In June 1938, in an agreement by the Secretary of the Treasury, the 

Board of Governors of the Federal Reserve System, the Comptroller of 

the Currency, and the Board of Directors of the Federal Deposit Insurance Corporation, all three of the captions, “ Slow,” “ Doubtful,” and 

“ Loss,” were abandoned. Substituted for them were the numerals II, 

III, and IV, respectively. Loans not criticized were to be placed in 

Classification I.1

These efforts to clarify the concepts and terms used in loan classification 

were manifestations of a fundamental change in attitude not only of 

bank supervisors but also of other individuals and groups concerned 

with loans and lending. The collapse of prices during the depression of 

the early 1930’s had made it clear that market price could not be relied 

upon as a dependable criterion of asset quality in periods of stress.

The inadequacy of market price as a criterion of quality was perhaps 

most clearly demonstrated in the case of real estate other than bank 

buildings. Unlike most assets of a bank, which are obtained by direct 

investment, “ other real estate” is always acquired in consequence of a 

previously contracted loan which has become uncollectable. In most 

instances the market for such assets is narrow, and in the 1930’s opportunities to sell such assets at satisfactory prices were especially 

limited. Use of market price was clearly not an acceptable method of 

evaluation, and an alternative was needed. The most logical alternative 

was to abandon market price and to substitute an immediate appraised 

value not in excess of book value, combined with a realistic program 

for periodic downward adjustments pending removal of the asset.

The Federal Deposit Insurance Corporation initiated such a program 

soon after it began operations. Arrangements were made with the majority of the State supervisory authorities whereby unsold real estate 

was appraised at book value after initial adjustment, provided that 

thereafter write-downs were made or valuation allowances created at 

fixed annual rates. These rates, in most instances, contemplated complete 

write-off of each unsold parcel of other real estate within a period of 

ten years.

1 These classifications are defined in the 1938 Annual Report of the Federal Deposit Insurance 

Corporation, pp. 63-64.

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The results of this program for “ other real estate” were highly satisfactory. Reliance upon current markets as a measure of examination 

value was eliminated; deterrents to the actual realization of losses were 

removed by requiring prior provision for such losses, thus encouraging 

and facilitating disposition of all “ other real estate” regardless of quality; 

and the periodic write-down reduced the impact of the losses upon the 

capital structure of banks.

A similar problem existed in the case of securities owned by banks, 

but a new method of appraising the value of securities was not as quickly 

developed. For four years the Corporation, in its examination of banks, 

followed the customary procedure and valued securities on the basis of 

market prices. The net amount by which the market or estimated value 

of a bank’s securities was below book value was reflected in the analysis 

of capital as an “ estimated loss” and, conversely, the excess of market 

over book value was treated as an addition under the term of “ unrealized 

appreciation.” One consequence of this was that any fluctuation in bond 

prices was directly reflected in the adjusted capital accounts of banks. 

The extent of this effect on capital was proportional to the holdings of 

securities relative to capital. For example, in the case of a bank holding 

securities totaling approximately three times its capital, a common 

relationship at that time, a 5 percent increase in security prices increased 

the adjusted capital account by 15 percent. Conversely, a decline of

5 percent in security prices reduced the adjusted capital account by 

15 percent. The proportion of securities to capital has now risen to 

approximately ten to one, which means that a 1-1/2 percent change in 

security prices would produce, if market prices were used in evaluating a 

bank’s assets, a 15 percent change in the adjusted capital account.

To remedy this situation a uniform procedure was adopted in 1938 

by the Federal and by most of the State bank supervisory agencies which 

in effect accomplished for securities what had been done for “ other real 

estate.” 2 Under the uniform procedure securities classified in Group I 

were appraised at book value or amortized cost, irrespective of market 

value; lower grade and substandard securities were appraised b& methods 

designed to emphasize constantly their weakness and unsuitability as 

bank assets. This procedure encouraged the write-down or disposal of 

assets of inferior grade.

These methods of evaluating loans, “ other real estate,” and securities, 

developed for use in examining commercial banks, were also applied to 

the comparatively few insured mutual savings banks. In 1943 a large 

number of mutual savings banks was admitted to Federal deposit insurance and at that time the Corporation deemed it opportune to develop 

an examination procedure which would recognize the special characteristics of this group of banks.

2 This procedure is described in the Annual Report of the Corporation for 1938, pp. 64-68.

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EXAMINATION OF MUTUAL SAYINGS BANKS

In its examining procedure the Corporation has developed and embraced the principle that the determination of net worth on a liquidation 

basis through the use of market value is undependable and unsatisfactory. 

It is further aware of the fact that, particularly in the case of mortgage 

loans, there had been overemphasis on the “ estimated loss’7 classification 

in reports of examination, and inadequate consideration of the much 

larger group of assets—the marginal, borderline, and substandard—from 

which subsequent losses flow. In other words, the emphasis upon the 

immediacy of some losses diverted needed consideration from the larger 

loss potentialities contained in unsound assets. It w^as the evaluation of 

these unsound assets that was distorted most by fluctuations in current 

market prices. The over-emphasis given market value had the effect of 

forcing recourse to improvisations and expedients not in keeping with 

the maintenance of a sound asset structure.

The programs in connection with “ other real estate” and with securities 

have proved to be effective means of approaching and solving these 

problems in advance of the development of serious losses. Accordingly, 

the principles which underlay those programs were further developed and 

adapted to meet the problems peculiar to mutual savings banks. By the 

middle of 1946 sufficient progress had been made to permit utilization of 

the new system of examination for these banks. It is believed this procedure will better serve the purposes of the Corporation as well as the 

interests of the banks in that it will tend (a) to portray more quickly 

and accurately the development of unsound situations in individual 

mutual savings banks, and (b) to effect the necessary corrections, as 

promptly as possible.

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T y p e s o f D e p o s it s i n I n s u r e d C o m m e r c ia l B a n k s , 1936-1945

The surveys of deposits by size of account made by the Corporation 

in 1936, 1938, 1941, and 1945, included information on types of deposits.1 

Comparative data regarding the major classes of deposits in insured 

commercial banks on these dates are given here, together with more 

detailed tabulations for the 1945 date.

The insurance protection in a bank placed in receivership, under 

present law, is limited to $5,000 for each depositor in a single right and 

capacity. Table 39 shows by class of deposit, for available dates, the 

percentage of deposits, protected under this maximum and the percentage 

of the number of deposit accounts fully protected; and also the corresponding percentages if the maximum insurance coverage had been 

$10,000 and $25,000, respectively.2

Percentage of total deposits protected by insurance. In 1945

insured deposits amounted to 43 percent of total deposits. However, 

there was great variation in the insurance coverage of the various types 

of deposits. In 1945, 89 percent of the savings and time deposits of 

individuals, partnerships and corporations was covered by insurance, 

and 39 percent of their demand deposits was protected. The types of 

deposits with the least insurance protection were those of the United 

States Government (including postal savings) and those of other banks, 

with 1 and 3 percent, respectively.

In 1936 insured deposits were also 43 percent of total deposits. However, during the nine years from 1936 to 1945 some changes occurred in 

the proportions of the various types of deposits protected by insurance. 

Coverage of savings and time deposits increased by several percentage 

points; that of uninvested trust funds and of demand deposits of individuals, partnerships, and corporations were almost the same in the 

two years; while that of the other categories of deposits declined.

An increase to $10,000 in the maximum insurance for each depositor 

would have raised the insured deposits in 1945 to 49 percent of all deposits, and an increase to $25,000 would have raised the amount to 57

percent of all deposits. With a $10,000 coverage, savings and time deposits 

of individuals, partnerships and corporations would have been protected 

by insurance to the extent of 95 percent and their demand deposits to 

48 percent; the protection with coverage of $25,000 per depositor would 

have been 98 percent and 58 percent, respectively.

1 The surveys were made on the following dates: M ay 13, 1936; September 21, 1938; September 24, 

1941; and October 10, 1945. Reports of the surveys were published in previous annual reports of the 

Corporation, as follows: 1936, pp. 65-77; 1938, pp. 79-99; 1941, pp. 63-78; and 1945, pp. 63-80.

2 Technically, the figures shown in the table refer to accounts with balances not in excess of $5,000, 

$10,000, and $25,000, respectively, and to the balances in those accounts, plus $5,000, $10,000, or $25,000, 

respectively, in each of the larger accounts. Since two or more accounts belonging to the same person 

in the same capacity will be combined when depositors in a failed insured bank are paid off by the Corporation, the actual insurance protection is slightly less than that indicated by the percentages in the 

table.

79

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 39. A c c o u n t s F u l l y P r o t e c t e d a n d D e p o s it s I n s u r e d w i t h

C o v e r a g e o f $5,000, $10,000, a n d $25,000

Type of deposit

W ith m axim u m coverage of 

$5,000— to ta l..................

Deposits of individuals, partnerships, and corporations:

Demand..........................

Savings and time...........

Interbank deposits.................

Deposits of States and political

subdivisions......................

U. S. Government and postal

savings deposits...............

Uninvested trust funds.....

Drafts.................................

Other items.........................

W ith m axim u m coverage of 

$10,000— to ta l.......................

Deposits of individuals, partnerships, and corporations:

Demand............................

Savings and time..............

Interbank deposits...................

Deposits of States and political

subdivisions....................

U. S. Government and postal

savings deposits.............

Uninvested trust funds....

Drafts.................................

Other items.........................

W ith m axim u m coverage of 

$25,000— to ta l.......................

Deposits of individuals, partnerships, and corporations:

Demand............................

Savings and time..............

Interbank deposits...................

Deposits of States and political

subdivisions....................

U. S. Government and postal

savings deposits..............

Uninvested trust funds... .

Drafts..................................

Other items.........................

Percent of deposits insured

1945 1941 1938 1936

43%

39

89

3

1

31

41

33

49%

48

95

6

1

41

51

57%

58

98

14

24

3

55

66

46

38%

33

86

4

11

3

29

42

44%

39

92

7

5

37

52

44

51%

49

95

15

25

9

48

67

52

45%

84

5

13

4

35

49

42

51%

46

90

10

6

44

60

49

59%

55

94

20

31

11

55

74

59

43%

38

82

6

12

3

30

52

44

N ot

available

N ot

available

Percent of accounts fully protected

1945 1941 1938 1936

96.5%

95.1 

97.9

16.3

73.6

72.4

93.4

96.7

99.1

98.6%

97.7

99.6

24.0

82.1

78.4

96.4 

98.3

99.6

99.5%

99.2

99.9

39.1

90.2

84.3 

98.6

99.3 

99.8

98.1%

97.5 

98.9

25.2

79.2

78.3 

94.7

97.5 

99.2

99.2%

98.7

99.8

35.0

86.2

84.9

97.1 

98.7 

99.6

99.6%

99.5

99.9

51.4

92.8

90.3

98.8

99.5

99.8

98.4%

98.1

98.9

29.5

80.3

74.0

95.7

98.3

99.4

99.3%

99.0

99.8

41.9

87.1

80.0

97.8

99.1 

99.7

99.7%

99.6

99.9 

61.0

93.4

87.1

99.2

99.7

99.9

98.4%

98.1

99.0

29.0

80.0

61.2

94.9

97.9 

98.7

N ot

available

N ot

available

N o t e : Percentages were calculated from the original figures before rounding.

Percentage o f accounts fully protected. The proportion of accounts 

fully protected by deposit insurance is much larger than the proportion 

of deposits which are insured. However, due to the growth in the amount 

of deposits and the corresponding growth in the size of most accounts 

the percentage of accounts fully protected* declined to 96.5 percent in 

1945 from 98.4 percent in 1936. The decline in percentage of accounts 

fully protected occurred in each type of deposit with the exception of 

United States Government accounts and “ other items.”

The percentage of accounts fully protected by deposit insurance in 

1945 ranged from 16 percent in the case of interbank accounts to 97.9 

percent in the case of savings and time accounts of individuals, partnerships, and corporations and 99.1 percent in “ other items.” Ninety-five

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TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS 81

percent of demand accounts of individuals, partnerships, and corporations 

were fully protected.

A maximum insurance coverage of $10,000 for each depositor would 

have raised the proportion of all accounts fully protected to 98.6 percent 

and a coverage of $25,000 to 99.5 percent. The coverage of $10,000 would 

have fully protected 99.6 percent of the savings and time accounts of 

individuals, partnerships and corporations and 97.7 percent of their 

demand accounts. A coverage of $25,000 would have raised these percentages to 99.9 percent and 99.2 percent, respectively.

Further details regarding the percentage of accounts fully protected, 

and also the percentage of deposits insured at each of the four special 

call dates are given in the table on the preceding page.

Amount of insured deposits. Table 40 shows the amount of total 

deposits and of insured deposits by type of deposit on the four special 

call dates; and for the call dates in 1938, 1941, and 1945, the additional 

amount of deposits which would have been insured with insurance 

coverage of $10,000 and $25,000, respectively.

Total deposits in insured banks rose to $130 billion in 1945 from $45 

billion in 1936. At the same time insured deposits increased to $57 billion 

from $20 billion. About three-fourths of the increase in deposits occurred 

during the war period. Of the insured deposits in 1945, $29 billion were 

in demand accounts of individuals, partnerships and corporations and 

$25 billion in their savings and time accounts. The other types of insured 

deposits together aggregated less than $3 billion.

The amount of savings and time deposits protected by insurance in 

1945 was about two and one-half times the amount thus protected in 

1936; while in the case of demand deposits of individuals, partnerships, 

and corporations insured deposits in 1945 were nearly four times the 

amount in 1936. This difference reflects the more rapid growth in demand 

than in savings and time deposits. The amount of other types of insured 

deposits in 1945 was about one and one-half times that in 1936.

With an insurance coverage of $10,000 per depositor nearly $9 billion 

of additional deposits or a total of $65 billion, would have been insured 

in 1945. Of the increase, about $6 billion would have been in the form 

of demand deposits of individuals, partnerships, and corporations, less 

than $2 billion in savings and time accounts, and about $1 billion in 

other types of accounts.

A maximum coverage of $25,000 per depositor would have added 

another $10 billion to insured deposits. Of this $7 billion would have been 

in the form of demand deposits of individuals, partnerships, and corporations, less than $1 billion in savings and time deposits, about $1 billion 

in interbank deposits, and $1 billion in other types of accounts.

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82 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 40. T o t a l a n d I n s u r e d D e p o s it s i n I n s u r e d C o m m e r c ia l B a n k s ,

1936-1945

g ro u p e d b y ty p e o f d e p o sit

Type of deposit

Amount (in millions)

1945 1941 1938 1936

$130,477 $ 67,778 $ 48,220 $ 45,188

71,879 34,197 21,972 19,737

28,173 14,773 13,612 12,559

12,999 11,055 6,798 6,315

5,177 4,112 3,116 3,360

^984 886 839 1,165

1,645 1,464 997 1,150

908 515 336 318

1,712 776 550 584

$ 56,514 $ 26,043 $ 21,705 $ 19,578

28,705 11,389 8,535 7,620

25,252 12,774 11,557 10,351

461 445 306 379

529 462 4Z5 422

93 35 34 37

526 425 356 343

375 216 167 167

573 297 235 259

Not

$ 8,606 $ 3,930 $ 3,098 available

5,886 2,283 1,594

1,633 826 811

413 365 312

268 216 199

53 17 20

161 119 86

97 56 38

95 48 38

$ 10,022 $ 5,219 $ 3,937

7,142 3,138 2,155

742 476 489

1,053 881 692

489 381 345

120 32 41

218 169 114

133 77 46

125 65 55

$ 55,335 $ 32,586 $ 19,480

30,146 17,387 9,688

546 697 755

11,072 9,364 5,398

3,891 3,053 2,147

7,718 802 744

740 751 441

303 166 85

919 366 222

All deposits— total.

Deposits of individuals, partnerships and corporations:

Demand.............................................................................

Savings and tim e.............................................................

Interbank deposits...............................................................

Deposits of States and political subdivisions...............

U .S . Government and postal savings deposits...........

Uninvested trust funds.......................................................

D rafts.....................................................................................

Other items............................................................................

Insured deposits with coverage of $5,000— total___

Deposits of individuals, partnerships and corporations:

Demand.............................................................................

Savings and time.............................................................

Interbank deposits...............................................................

Deposits of States and political subdivisions...............

U .S . Government and postal savings deposits...........

Uninvested trust funds.......................................................

D rafts.....................................................................................

Other items...........................................................................

Additional insured deposits with coverage of

$10,000...............................................

Deposits of individuals, partnerships and corporations:

Demand...................................................................

Savings and time...................................................

Interbank deposits....................................................

Deposits of States and political subdivisions. . .

U. S. Government and postal savings deposits.

Uninvested trust funds............................................

Drafts..........................................................................

Other items.................................................................

of $25,000.

Deposits of individuals, partnerships and corporations:

Demand.............................................................................

Savings and time.............................................................

Interbank deposits...............................................................

Deposits of States and political subdivisions...............

U. S. Government and postal savings deposits...........

Uninvested trust funds.......................................................

D rafts.....................................................................................

Other items...........................................................................

Uninsured deposits with coverage of $25,000.

Deposits of individuals, partnerships and corporations:

Demand...................................................................

Savings and time...................................................

Interbank deposits....................................................

Deposits of States and political subdivisions. . .

U. S. Government and postal savings deposits.

Uninvested trust funds............................................

Drafts...........................................................................

Other items.................................................................

Uninsured deposits under the $5,000 limitation amounted to $74 

billion in 1945, or 57 percent of all deposits in insured commercial banks. 

With maximum coverages of $10,000 and $25,000 per depositor the 

amounts of uninsured deposits would have been reduced to $65 billion 

and $55 billion, respectively.

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TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS 83

Number of deposit accounts. Table 41 shows the number of accounts in insured commercial banks, by type of deposit, on each of the 

four special call dates.

Table 41. Num ber o f A ccounts in Insured Com m ercial Banks,

1936-1945

GROUPED BY TYPE OF DEPOSIT

Type of deposit

Number (in thousands)

1945 1941 1938 1936

All accounts—total......................................................... 81,655 66,918 61,392 57,398

Deposits of individuals, partnerships and corporations:

Demand.......................................................................

Saving and time..........................................................

Interbank deposits..........................................................

Deposits of States and political subdivisions..............

U. S. Government and postal savings deposits..........

Uninvested trust funds..................................................

Drafts..............................................................................

Other items.....................................................................

35,610

40,955

103

247

44

680

810

3,206

26,291

37,318

104

255

18

620

611

1,701

23,770

34,323

97

249

17

579

596

1,761

22,106

32,563

93

244

14

516

469

1,393

Accounts of $5,000 or less—total................................ 78,773 65,668 60,399 56,476

Deposits of individuals, partnerships and corporations:

Demand.......................................................................

Saving and time..........................................................

Interbank deposits..........................................................

Deposits of States and political subdivisions..............

U. S. Government and postal savings deposits..........

Uninvested trust funds..................................................

Drafts..............................................................................

Other items.....................................................................

33,851

40,095

17

182

32

635

783

3,178

25,641

36,915

26

202

14

587

596

1,687

23,312

33,954

29

200

13

554

586

1,751

21,690

32,231

27

195

9

490

459

1,375

Accounts of $5,000 to $10,000—total..........................

Deposits of individuals, partnerships and corporations:

Demand.......................................................................

1,729

939

698

317

565

226

Not

available

Saving and time.......................................................... 711 323 287

Interbank deposits......................................................... 8 10 12

Deposits of States and political subdivisions 21 18 17

U. S. Government and postal savings deposits . 2 1 1

Uninvested trust funds.................................................. 21 15 12

Drafts.............................................................................. 12 7 5

Other items..................................................................... 15 7 5

Accounts of $10,000 to $25,000—total........................ 722 314 254

Deposits of individuals, partnerships and corporations:

Demand....................................................................... 521 193 137

Saving and time.......................................................... 131 67 68

Interbank deposits.......................................................... 15 17 18

Deposits of States and political subdivisions.............. 20 17 16

U. S. Government and postal savings deposits.......... 3 1 1

Uninvested trust funds.................................................. 15 10 8

Drafts.............................................................................. 9 5 3

Other items..................................................................... 8 4 3

Accounts of more than $25,000................................... 431 238 174

Deposits of individuals, partnerships and corporations:

Demand....................................................................... 299 140 95

Saving and time.......................................................... 18 13 14

Interbank deposits.......................................................... 63 51 38

Deposits of States and political subdivisions ........ 24 18 16

U .S. Government and postal savings deposits.......... 7 2 2

Uninvested trust funds.................................................. 9 8 5

Drafts.............................................................................. 6 3 2

Other items...................................................................... 5 3 2

From 1936 to 1945 the total number of accounts increased from 57 

million to 82 million, or by 42 percent. The relative change in the number

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84 FEDERAL DEPOSIT INSURANCE CORPORATION

of accounts with balances over $5,000 was much greater than in those 

with $5,000 or less. The latter increased by 39 percent, the former by 

213 percent.

Savings and time deposits of individuals, partnerships, and corporations 

accounted for one-half of the total number of accounts in 1945, 41 million 

out of 82 million. Demand deposits of individuals, partnerships and 

corporations accounted for 36 million accounts, and all other types of 

deposits for about 5 million accounts. The proportions were similar in 

the case of accounts with balances of $5,000 or less.

Types of deposits in banks grouped by size. The percentage distribution of amount of deposits by type in banks in various size groups 

in 1945 is given in Table 42. There is a substantial difference in the 

distribution of deposits by type among the banks in the various size 

groups. Demand deposits of individuals, partnerships, and corporations 

ranged from a little over one-half of total deposits in banks with total 

deposits of more than $10 million each to over 70 percent in banks having 

total deposits of less than one-half million dollars. In contrast, savings 

and time deposits of individuals, partnerships, and corporations are a 

larger percentage of total deposits in banks in the middle-sized groups 

than in the smallest or the largest banks—the range being from 35 percent 

of total deposits in banks with deposits of $5 million to $10 million each, 

to about 14 percent in banks with less than $250,000 deposits and also 

in those with more than $100 million of deposits.

Table 42. Percentage D istribution of D eposits of

Insured Commercial Banks A ccording to T ype of D eposit, October 10, 1945

BANKS GROUPED BY AMOUNT OF DEPOSITS

Total

Deposits of

individuals,

partnerships,

and

corporations Interbank

Public

funds

of

U .S.

GovernmentTrust

funds Drafts Otheritems

Demand

Savings

and

time

deposits States,

etc. deposits

All banks................................. 100.0% 55.1% 21.6% 10.0% 4.0% 6-1% 1.2% 0.7% 1.3%

Banks with deposits

of—

$250,000 or less.................... 100..0 78.2 13.6 .3 3.9 .5 1.6 1.7 .2

$250,000 to $500,000........... 100..0 72.7 18.4 .3 5.4 1.0 .2 1.6 .4

$500,000 to $1,000,000. .. 100.0 68.6 22.7 .1 5.4 1.3 .1 1.5 .3

$1,000,000 to $2,000,000. . . 100.0 63.9 26.8 .3 5.6 1.5 .1 1.4 .4

$2,000,000 to $5,000,000. . .

$5,000,000 to $10,000,000. .

100.0 58.1 31.1 .6 5.5 2.5 .2 1.4 .6

100.0 52.9 34.6 1.5 5.0 3.7 .4 1.2 .7

$10,000,000 to $25,000,000. 100.0 51.3 32.8 3.5 4.9 4.5 .9 1.2 .9

$25,000,000 to $50,000,000.

$50,000,000 to $100,000,000

100.0 51.0 27.8 6.7 5.0 5.6 2.0 1.0 .9

100.0 51.3 22.2 12.4 5.2 5.8 1.6 .6 .9

More than $100,000,000.... 100.0 55.6 14.6 15.2 2.9 8.0 1.6 .3 1.8

N ote: Percentages were calculated from the original figures before rounding.

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Interbank deposits are concentrated chiefly in banks in the larger 

size groups, such deposits amounting to 15 percent of total deposits in 

the banks having more than $100 million deposits to a fraction of one 

percent in the smaller banks. United States Government deposits likewise 

tended to be concentrated in the larger banks, though the divergence is 

not as great as in the case of interbank deposits. Public funds of States 

and local governments are more evenly distributed, ranging from 4 to

6 percent of deposits in banks in all size groups except the largest where 

they constitute 3 percent.

Table 43 shows the distribution in 1945 of the demand deposits and 

of the savings and time deposits of individuals, partnerships, and corporations, both by size of account and by size of bank, together with the 

percentage of deposits insured in the banks in each size group.

Table 43. D istribution of D emand and Savings and T ime D eposits of

Individuals, Partnerships, and Corporations A ccording to Size of A ccount,

October 10, 1945

INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS

TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS 85

Deposits (in millions) Deposits insured

with $5,000

In accounts of— maximum coverage

Total $5,000

or

less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

millions)

Percent

Demand accounts—total.. . $71,879 $19,908 $6,479 $7,879 $37,613 $28,705 39%

In banks with deposits

of—

$250,000 or less.................... 13 10 2 1 <*>

4

12 91

$250,000 to $500,000........... 194 153 23 14 175 90

$500,000 to $1,000,000........ 1,154 848 161 102 43 1,010 87

$1,000,000 to $2,000,000. . .

$2,000,000 to $5,000,000. . .

$5,000,000 to $10,000,000. .

3,264

6,946

5,683

2,173

4,025

2,717

506

1,079

832

374

967

890

211

875

1,244

2,701

5,233

3,731

82

75

65

$10,000,000 to $25,000,000.

$25,000,000 to $50,000,000.

$50,000,000 to $100,000,000

More than $100,000,000....

6,635

4,610

4,816

38,564

2,471

1,394

1,105

5,012

860

531

439

2,046

1,068

712

633

3,118

2,236

1,973

2,639

28,388

3,611

2,140

1,761

8,331

54

46

36

21

Savings and time accounts

—total.......................... $28,173 $20,954 $4,439 $1,786 $ 994 $25,252 89%

In banks with deposits

of—

$250,000 or less.................... 2 2 <0 5 (,) i

2 95

$250,000 to $500,000........... 49 43 0)

3

47 96

$500,000 to $1,000,000. ,.. 382 317 49 13 361 94

$1,000,000 to $2,000,000...

$2,000,000 to $5,000,000. ..

$5,000,000 to $10,000,000. .

1,372

3,719

3,717

1,099

2,891

2,864

196

561

559

63

205

212

14

62

82

1,281

3,426

3,401

93

92

91

$10,000,000 to $25,000,000.

$25,000,000 to $50,000,000.

$50,000,000 to $100,000,000

More than $100,000,000....

4,233

2,520

2,087

10,092

3,228

1,897

1,562

7,051

639

377

320

1,733

249

144

122

777

117

102

83

531

3,847

2,262

1,871

8,754

90

89

89

86

1 Less than $500,000.

N ote: Percentages were calculated from the original figures before rounding.

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

A larger proportion of deposits in the smaller banks is insured than in 

the larger banks. This difference is especially striking for demand deposits 

of individuals, partnerships, and corporations, where the range is from

21 percent in banks in the largest size group to 91 percent in the smallest 

size group.

Table 44 shows the number of demand and of time and savings accounts 

of individuals, partnerships, and corporations grouped by size in banks 

grouped by the amount of their deposits. The small banks have comparatively few accounts with large balances, most of those accounts 

being in the larger banks. In the case of demand accounts, the percentage 

of accounts fully covered varies from 91 percent in the largest banks to 

99 percent in the smallest banks; for savings and time accounts the 

variation is from 97 percent to 99 percent.

Table 44. D istribution op D emand and Savings and T ime A ccounts op

In dividuals, Partnerships, and C orporations A ccording to Size,

October 10, 1945

INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS

Number of accounts (in thousands) Percent

of

accounts

of $5,000

or less

Total $5,000

or

less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Demand accounts— total___ 35,610 33,851 939 521 299 95.1%

In banks with deposits

of—

$250,000 or less...................... 25 25 0) (l) C1) 98.8

$250,000 to $500,000............. 340 335 4 1 (x) 98.7

$500,000 to $1,000,000.......... 1,730 1,698 24 7 1 98.1

$1,000,000 to $2,000,000___ 4,246 4,140 75 26 5 97.5

$2,000,000 to $5,000,000___ 7,688 7,447 158 66 17 96.9

$5,000,000 to $10,000,000. . . 5,081 4,878 121 60 22 96.0

$10,000,000 to $25,000,000. . 4,411 4,183 125 70 33 94.8

$25,000,000 to $50,000,000. . 2,491 2,342 76 47 26 94.0

$50,000,000 to $100,000,000. 1,923 1,792 63 41 27 93.2

More than $100,000,000....... 7,675 7,011 293 203 168 91.3

Savings and time accounts—

tota l.................................. 40,955 40,095 711 131 18 97.9%

In banks with deposits

of—

$250,000 or less......................

$250,000 to $500,000.............

4

79

4

78 (,) i

0)

C1) 0)

99.0

98.9

$500,000 to $1,000,000.......... 569 560 8 1 0) 98.4

$1,000,000 to $2,000,000...... 1,961 1,924 32 5 (0 98.1

$2,000,000 to $5,000,000.... 5,749 5,643 90 15 1 98.1

$5,000,000 to $10,000,000. . 5,978 5,871 90 15 2 98.2

$10,000,000 to $25,000,000. , 6,827 6,703 103 18 3 98.2

$25,000,000 to $50,000,000. . 3,859 3,785 61 11 2 98.1

$50,000,000 to $100,000,000 . 3,139 3,078 51 9 1 98.0

More than $100,000,000....... 12,7S0 12,449 275 57 9 97.3

1 Less than 500 accounts.

N ote: Percentages were calculated from the original figures before rounding.

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Federal Reserve Bank of St. Louis
TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS 87

Distribution o f accounts and deposits by size o f accou n t and 

by State. Table 45 shows for each State the distribution by size of 

account of the number of demand accounts of individuals, partnerships, 

and corporations; and Table 46 shows the amount of insured deposits 

in these accounts. The percentage of accounts fully protected by insurance under the $5,000 limitation and the amount of insured deposits 

are also given in the tables.

The proportion of demand deposits insured was lowest in New York 

and in Massachusetts, 18 and 29 percent, respectively; and highest in 

North and South Dakota, 78 percent each. The range among the States 

in fully protected accounts was not so great; in New York and 

Massachusetts fully protected demand accounts of individuals, partnerships, and corporations were 90.7 percent and 91.6 percent, respectively, 

while in Alabama and West Virginia the percentages were each 97.7.

Similar distributions of savings and time deposits of individuals, 

partnerships, and corporations are given in Tables 47 and 48. The percentage of these accounts fully protected by insurance ranged from 

95.2 percent in Nevada to 98.9 percent in Connecticut and Nebraska. 

The proportion of savings and time deposits insured ranged from 83 

percent in California to 94 percent in Connecticut, Massachusetts, 

Minnesota, Nebraska, South Dakota, and Vermont.

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88 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 45. D istribution of D emand A ccounts op

Individuals, Partnerships, and Corporations A ccording to Size of A ccount,

October 10, 1945

INSURED COMMERCIAL BANKS GROUPED BT STATE

Number of demand accounts of—

Percent of

accounts

of $5,000

or less

State

Total

$5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

United States and possessions—total............. 35,610,317 33,850,922 939,069 521,673 298,653 95.1%

United States—total.. 35,597,596 33,838,746 938,731 521,515 298,604 95.1%

State

Alabama...................... 786,836 768,389 10,349 5,486 2,612 97.7

Arizona........................ 135,417 128,342 4,027 2,184 864 94.8

Arkansas...................... 501,262 487,393 8,365 3,794 1,710 97.2

California.................... 2,466,537 2,310,650 82,602 47,703 25,582 93.7

Colorado..................... 307,503 287,609 11,656 5,750 2,488 93.5

Connecticut................ 281,559 263,234 9,389 5,734 3,202 93.5

Delaware..................... 101,193 95,385 2,929 1,750 1,129 94.3

District of Columbia.. 337,668 322,379 7,800 4,664 2,825 95.5

Florida......................... 628,803 597,011 18,107 9,631 4,054 94.9

Georgia........................ 762,227 737,958 13,139 7,259 3,871 96.8

Idaho........................... 163,779 154,870 5,518 2,550 841 94.6

Illinois......................... 1,780,203 1,653,724 65,592 36,940 23,947 92.9

Indiana........................ 1,010,271 970,511 23,379 11,141 5,240 96.1

Iowa............................. 832,661 798,090 22,730 9,040 2,801 95.8

Kansas......................... 731,363 700,956 19,644 8,304 2,459 95.8

Kentucky.................... 869,997 846,296 14,927 6,251 2,523 97.3

Louisiana..................... 585,729 561,972 12,928 7,165 3,664 95.9

Maine.......................... 108,335 102,020 3,396 1,956 963 94.2

Maryland.................... 474,201 453,215 10,676 6,499 3,811 95.6

Massachusetts............ 645,116 590,878 24,396 17,459 12,383 91.6

Michigan..................... 811,790 765,660 23,640 14,089 8,401 94.3

Minnesota................... 668,603 642,222 14,811 7,398 4,172 96.1

Mississippi.................. 515,781 503,459 7,486 3,594

13,935

1,242 97.6

Missouri...................... 1 ,,324,377 1,274,661 28,029 7,752 96.2

Montana..................... 179,266 167,236 7,606 3,435 989 93.3

Nebraska..................... 474,578 450,680 15,407 6,330 2,161 95.0

Nevada....................... 42,172 39,329 1,552 918 373 93.3

New Hampshire......... 77,579 74,002

1,041,389

1,910 1,102 565 95.4

New Jersey................. 1,096,904 30,583 16,881 8,051 94.9

New Mexico................ 135,155 129,125 3,635 1,840 555 95.5

New York................... 3,090,607 2,803,672 124,946 88,386 73,603 90.7

North Carolina........... 796,593 771,878 13,467 7,299 3,949 96.9

North Dakota............ 211,675 201,467 7,351 2,328 529 95.2

Ohio............................. 1,437,579 1,359,065 40,356 23,449 14,709 94.5

Oklahoma.................... 890,295 864,063 16,135 7,209 2,888 97.1

Oregon......................... 390,001 367,477 13,252 6,466 2,806 94.2

Pennsylvania.............. 2,435,448 2,314,927 63,370 36,167 20,984 95.1

Rhode Island.............. 210,482 202,976 3,308 2,354 1,844 96.4

South Carolina............ 376,621 363,678 7,572 3,806 1,565 96.6

South Dakota............. 235,094 226,513 6,047 2,027 507 96.3

Tennessee.................... 870,927 847,568 13,158 6,745 3,456 97.3

Texas........................... 2„777,490 2,674,054 59,285 30,269 13,882 96.3

Utah............................. 144,017 137,721 3,381 1,883 1,032 95.6

Vermont...................... 81,162 78,616 1,424 804 318 96.9

Virginia........................ 1 ,,000,630 976,154 13,656 7,255 3,565 97.6

Washington................. 564,955 532,150 18,162 10,025 4,618 94.2

West Virginia.............. 547,840 535,381 7,030 3,668 1,761 97.7

Wisconsin.................... 600,256 568,285 17,852 9,205 4,914 94.7

Wyoming..................... 99,059 94,456 2,771 1,388 444 95.4

Possessions—total. . . . 12,721 12,176 338 158 49 95.7

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
A»

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Pe

cei

39*

39<

57

58

70

45

52

40

34

41

55

51

65

32

56

6968

67

52

53

43

29

35

47

74

4866

62

57

54

50

69

18

54

78

39

61

55

38

29

64

78

59

58

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62

57

50

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67

71

OF DEPOSITS IN INSURED COMMERCIAL BANKS

Lble 46. D istribution op D em and D eposits of

TNERSHIPS, AND CORPORATIONS ACCORDING TO SlZE OF ACCOTOS

October 10, 1945

ENSURED COMMERCIAL BANKS GROUPED BY STATE

Deposits (in thousands)

Total

In accounts o f-

$5,000 

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

thousands)

$6,479,432 $7,878,846 $37,612,468 $28,705,124

$6,477,141 $7,876,484 $37,610,047 $28,694,102

70,670

27,609

56,942

575,850

80,255

82,297

32,901

56,443

712,543

86,189

239,681

61,856

91,023

2,589,332

220,118

410,715

122,906

326,060

2,534,782

313,961

64,539

20,406

54,231

125,043

91,617

86,870

26,301

70,796

146,382

108,749

318,762

139,986

293,287

291,756

359,353

255,831

84,103

238,562

502,348

471,692

37,705

451,888

159,901

155,556

134,487

37,606

563,678

167,532

131,990

120,528

51,318

3,402,433

469,158

186,303

178,963

156,710

1,787,152

763,996

670,432

598,393

101,636

89,099

23,655

76,642

170,895

93,152

108,478

29,454

100,080

270,195

203,833

293,941

61,949

347,425

1,417,562

576,579

409,163

94,465

326,900

662,913

163,590

101,652

51,538

192,000

52,074

212,258

111,549

53,703

213,233

49,184

1,098,243

479,127

63,343

887,146

57,735

694,774

509,301

306,899

969,705

194,071

105,037

9,934

13,244

210,965

24,820

91,940

13,773

16,644

252,007

27,490

191,494

22,871

34,043

652,998

26,187

439,804

43,971

55,131

851,377

110,968

863,601

92,363

49,485

280,271

109,946

1,354,860

110,259

33,404

356,039

106,614

14,628,442

318,127

26,769

1,625,931

261,484

3,398,899

473,673

210,043

1,205,098

563,198

90,815

437,908

23,249

51,899

40,926

97,625

543,740

36,127

59,024

29,623

234,626

2,627,314

189,499

94,236

28,848

393,689

1,886,158

89,970

253,375

193,207

89,824

410,629

23,269

9,809

93,512

102,169

457,369

28,818

12,124

109,228

279,176

1,071,980

125,664

18,530

290,781

519,668

1,968,044

101,041

46,270

500,368

124,751

48,604

123,646

19,154

151,403

55,262

138,527

20,324

405,454

125,403

506,100

22,457

524,986

281,802

520,753

80,196

2,291 2,362 2,421 11,022

Deposits ini 

with $5,C 

maximum eo

$71,878,895

$71,863,524

711,128

209,897

461,123

5,633,072

601,053

634,377

241,756

580,431

906,569

910,066

238,794

5,572,756

1,361,787

971,426

880,336

856,695

781,896

177,948

746,117

2,250,375

1,938,215

1,069,724

413,873

2,013,504

292,914

708,785

76,334

101,177

1,689,772

159.315

18,811,127

870,847

268,661

3,074,769

910,082

704,135

4,892,515

301.315 

393,819 

247,699

874,042

3,390,842

247,312

74,003

871,509

1,042,569

448,776

1,129,171

119,116

15,371

$19,908,149

$19,899,852

318,480

87,531

256,715

1,755,347

214,491

164,206

55,063

162,117

343,388

350,347

112,165

1,154,757

565,196

497,577

446,358

458,074

290,378

62,890

221,970

391,723

464.124 

377,396 

245,289

721.125 

133,921

320,314

29,756

37,246

573,802

80,818

1,964,224

350,098

159,003

812,528

432,038

281,069

1,283,553

52,440

188,660

150,302

402,873

1,450,864

69,561

33,540

377,968

360,961

219,507

360,898

57,181

8,297

Digitized for FRASER 

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

Table 47. D istribution of Savings and T ime A ccounts of

Individuals, Partnerships, and C orporations A ccording to Size of A ccount,

October 10, 1945

insured commercial bank s grouped b y state

Number of accounts

Percent of 

accounts 

of $5,000 

or less

State

Total $5,000 

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

U nited States and p ossessions— to ta l.............. 40,954,813 40,095,113 710,488 131,281 17,931 97.9%

U nited States— t o ta l.. 40,937,013 40,078,052 709,843 131,195 17,923 97.9%

State

Alabama........................ 343,640 336,427 5,787 1,234 192 97.9

Arizona.......................... 90,961 87,992 2,362 536 71 96.7

Arkansas....................... 101,368 98,890 1,997 419 62 97.6

California...................... 4,354,003 4,167,073 145,425 36,100 5,405 95.7

Colorado....................... 267,500 262,102 4,457 833 108 98.0

Connecticut.................. 634,291 627,107 6,338 783 63 98.9

Delaware....................... 83,243 81,428 1,417 357 41 97.8

District of C olum bia.. 323,690 318,367 4,136 987 200 98.4

Florida........................... 319,214 310,313 7,220

6,427

1,458 223 97.2

Georgia.......................... 508,393 500,566 1,218 182 98.5

Idaho.............................. 84,834 81,973 2,402 398 61 96.6

Illinois............................ 2,966,451 2,900,428 54,416 10,455 1,152 97.8

Indiana.......................... 1,028,456 1,008,854 16,945 2,343 314 98.1

Iow a............................... 615,232 603,595 9,845 1,651 141 98.1

Kansas*......................... 235,593 232,834 2,263 449 47 98.8

K entucky...................... 294,547 289,517 4,182 751 97 98.3

Louisiana....................... 479,737 473,985 4,718 878 156 98.8

M aine............................ 371,845 367,548

673,017

3,623 594 80 98.8

M aryland...................... 684,960 9,741 1,929 273 98.3

Massachusetts............. 1,337,091 1,320,298 14,623 1,994 176 98.7

Michigan....................... 2,359,598 2,309,533 41,490 7,540 1,035 97.9

Minnesota..................... 976,875 960,870 14,163 1,698 144 98.4

Mississippi.................... 139,794 136,437 2,637 632 88 97.6

M issouri........................ 1,012,691 999,026 11,840 1,655 170 98.7

M on tana....................... 102,334 99,927 1,955 414 38 97.6

Nebraska....................... 219,353 216,926 2,043 351 33 98.9

N evada.......................... 40,054 38,149 1,541 318 46 95.2

New Hampshire.......... 128,964 127,375 1,329 226 34 98.8

New Jersey................... 2,969,806 2,921,441 42,262 5,556 547 98.4

New M exico................. 42,724 41,563 878 241 42 97.3

New Y ork..................... 4,281,877 4,199,187 69,749 11,317 1,624 98.1

North Carolina............ 406,867 400,844 4,947 926 150 98.5

North D akota.............. 90,299 88,245 1,758 279 17 97.7

Ohio................................ 2,986,447 2,925,660 51,033 8,562 1,192 98.0

Oklahoma..................... 166,417 164,087 1,914 351 65 98.6

Oregon........................... 400,280 389,821 9,328 1,023 108 97.4

Pennsylvania............... 4,222,821 4,155,904 55,388 9,919 1,610 98.4

Rhode Island............... 251,170 245,088 5,188 791 103 97.6

South Carolina............. 130,163 127,968 1,757 378 60 98.3

South D akota.............. 85,039 83,580 1,268 176 15 98.3

Tennessee...................... 523,996 513,109 8,774 1,849 264 97.9

Texas.............................. 562,958 550,661 9,846 2,054 397 97.8

Utah............................... 222,515 217,965 3,886 595 69 98.0

Verm ont........................ 213,964 210,585 3,027 314 38 98.4

Virginia.......................... 815,996 802,671 10,873 2,167 285 98.4

Washington.................. 579,293 563,474 13,493 2,054 272 97.3

West Virginia............... 407,167 401,224 4,994 837 112 98.5

W isconsin...................... 1,423,031 1,396,177 23,201 3,369 284 98.1

W yom ing....................... 49,471 48,241 957 236 37 97.5

Possessions— t o t a l. . . . 17,800 17,061 645 86 8 95.8

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TYPES OF DEPOSITS IN INSURED COMMERCIAL BANKS 91

Table 48. D istribution of Sayin gs and T ime D eposits of

Individuals, Partnerships, and C orporations A ccording to Size of A ccount,

October 10, 1945

insured commercial bank s grouped by state

State

Deposits (in thousands) Deposits insured 

with $5,000 • 

maximum coverageIn accounts of—

Total $5,000 

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

thousands)

Percent

U nited States and p ossessions— to ta l.......... $28,172,547 $20,953,733 $4,439,258 $1,785,364 $994,192 $25,252,233 89%

U nited States— total $28,154,476 $20,941,096 $4,435,186 $1,784,252 $993,942 $25,235,901 89%

State

Alabama................... 221,033 160,626 35,609 16,956 7,842 196,691 88-

Arizona..................... 76,737 51,192 14,766 7,485 3,294 66,037 86

Arkansas................... 82,036 61,107 12,428 5,749 2,752 73,497 89

California................. 4,501,240 2,801,797 937,476 485,898 276,069 3,736,447 83

Colorado................... 188,512 143,926 27,548 11,339 5,699 170,916 90

Connecticut.............. 336,025 281,651 39,355 10,104 4,915 317,571 94

Delaware................... 53,954 37,601 8,966 4,965 2,422 46,676 86 1 '

District of Columbia 201,532 148,599 26,163 13,534 13,236 175,214 86

Florida....................... 249,815 171,870 44,324 19,732 13,889 216,375 86 H

Georgia...................... 270,016 205,699 39,544 16,820 7,953 244,834 90]

Idaho......................... 77,065 54,760 14,587 5,377 2,341 69,065 89

Illinois....................... 2,042,939 1,510,231 339,978 142,722 50,008 1,840,346 90

Indiana...................... 691,586 539,157 103,140 31,879 17,410 637,167 92

Iow a........................... 422,156 332,024 62,210 22,644 5,278 390,209 92

Kansas....................... 130,201 107,712 14,394 6,124 1,971 121,507 93

K entucky.................. 186,577 147,217 25,287 10,285 3,788 172,367 92

Louisiana.................. 230,072 181,750 28,722 12,192 7,408 210,510 91

M aine........................ 169,504 135,422 22,995 8,077 3,010 156,907 92

M aryland.................. 384,561 283,792 60,563 26,916 13,290 343,507 89

Massachusetts......... 707,494 581,868 90,968 24,455 10,203 665,833 94

Michigan................... 1,779,380 1,354,143 260,465 104,110 60,662 1,604,468 90

Minnesota................. 657,344 541,148 87,399 22,985 5,812 621,173 94

Mississippi................ 110,362 81,082 16,454 8,975 3,851 97,867 88

562,410 454,493 74,155 23,372 10,390 522,818 93

Montana................... 83,769 64,520 12,163 5,644 1,442 76,555 91

Nebraska.......... 120,656 101,837 12,902 4,833 1,084 113,972 94

N evada...................... 41,431 25,438 9,773 4,245 1,975 34,963 84

New Hampshire.. . . 59,662 46,657 8,463 3,045 1,497 54,602 91

New Jersey............... 1,709,327 1,353,548 254,371 73,795 27,613 1,595,373 93

New M exico............. 33,963 23,277 5,458 3,305 1,923 29,082 85

New Y ork................. 2,937,520 2,212,900 434,204 154,118 136,298 2,626,350 89

North Carolina........ 263,527 212,378 30,290 12,859 8,000 242,493 92

North D akota......... 73,123 57,739 11,001 3,798 585 68,009 93

Ohio........................... 2,077,040 1,577,786 315,844 117,787 65,623 1,881,721 90

Oklahoma................. 98,421 78,259 11,932 4,950 3,280 89,909 91

Oregon....................... 339,962 266,444 55,144 13,655 4,719 318,739 93

Pennsylvania........... 2,434,465 1,839,747 344,091 137,085 113,542 2,174,332 89

Rhode Island........... 185,841 138,992 32,327 10,723 3,799 169,402 91

South Carolina........ 73,817 55,004 11,053 5,364 2,396 65,979 89

South Dakota.......... 61,751 50,938 7,795 2,388 630 58,233 94

Tennessee.................. 341,432 248,366 54,600 25,253 13,213 302,801 88

Texas......................... 379,172 265,914 62,107 28,648 22,503 327,399 86

U tah........................... 150,894 115,673 23,442 8,092 3,687 138,423 91

Verm ont.................... 121,712 97,725 18,106 4,205 1,676 114,620 94

Virginia..................... 466,851 355,764 67,892 29,615 13,580 422,389 90

Washington.............. 507,387 384,749 82,330 27,970 12,338 463,844 91

West Virginia........... 221,701 174,172 30,922 11,574 5,033 203,887 92

Wisconsin................. 1,001,005 797,487 145,442 45,319 12,757 931,757 93

W yom ing.................. 37,496 26,915 6,038 3,287 1,256 33,065 88

Possessions— t o t a l. . . . 18,071 12,637 4,072 1,112 250 16,332 90

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PART FOUR

LEGISLATION AND REGULATIONS

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F e d e r a l L e g i s l a t i o n

GOVERNMENT CHECKS AND W ARRANTS— CLAIM S

[Public L a w 308— 79th C ongress]

[Chapter 48— 2d Session]

[H. R. 129]

AN ACT

To provide for the barring of certain claims by the United States in connection with

Government checks and warrants.

Be it enacted by the Senate iand House of Representatives of the United States of America

in Congress assembled, That no proceeding in any court shall be brought by the United

States or by any agency or official of the United States to enforce the liability of any

endorser, transferor, or depositary, or financial agent, arising out of a forged or unauthorized signature or endorsement upon or alteration of any check, checks, warrant,

or warrants issued by the Secretary of the Treasury, the Postmaster General, the

Treasurer and Assistant Treasurers of the United States, or by disbursing officers

and agents of the United States, unless such proceeding is commenced within six

years after the presentation to the Treasurer of the United States or other drawee

of such issued checks or warrants for payment of such check, checks, warrant, or

warrants, or unless within that period written notice shall have been given by the

United States or an agency thereof to such endorser, transferor, or depositary, or

financial agent of a claim on account of such liability. Unless a court proceeding shall

have been brought or such notice given within the period prescribed herein, any claim

against such endorser, transferor, or depositary, or financial agent on account of such

liability shall be forever barred: Provided, That in connection with any claim presented

to the General Accounting Office within the time limitation prescribed by section 2

of the Act of June 22, 1926 (44 Stat. 76; U. S. C., title 31, sec. 122), the period within

which such a proceeding may be brought or such notice given shall be extended by an

additional one hundred and eighty days, and unless such notice shall be given or a

court proceeding brought within such extended period any claim against such endorser, transferor, depositary, or financial agent on account of such liability shall be

forever barred.

Sec. 2. The Comptroller General of the United States is authorized and directed

to allow credit in the accounts of the Treasurer of the United States for the amount

of any check, checks, warrant, or warrants with respect to which court proceedings

shall have been barred pursuant to the provisions of this Act upon a showing that the

barring of such proceedings did not result from any negligence on the part of the

Treasurer of the United States in failing to give the notice required by the provision

of section 1 of the Act.

Sec. 3. If any endorser, transferor, or depositary, or financial agent who is liable

to any of the actions mentioned in this Act shall fraudulently conceal the cause of

such action from the knowledge of the United States or any agency or official of the

United States entitled to bring such action, the action may be commenced at any

time within two years after the United States or any agency or official of the United

States who is entitled to bring the same shall discover that the United States or any

agency or official of the United States had such cause of action, although such action

would be otherwise barred by the provisions of this Act.

Approved March 6, 1946.

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96 FEDERAL DEPOSIT INSURANCE CORPORATION

FEDERAL CREDIT UNION ACT— AM ENDMENT

[Public Law 574— 79th Congress]

[Chapter 711— 2d Session]

[H. It. 6372]

AN ACT

To amend the Federal Credit Union Act.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembledf That the Federal Credit Union Act, as amended, is hereby

further amended as follows: Paragraph (5) of section 7 is amended by adding at the

end thereof the following: “The taking, receiving, reserving, or charging a rate of

interest greater than is allowed by this subsection, when knowingly done, shall be

deemed a forfeiture of the entire interest which the note, bill, or other evidence of

debt carries with it, or which has been agreed to be paid thereon. In case the greater

rate of interest has been paid the person by whom it has been paid, or his legal representatives, may recover back, in an action in the nature of an action of debt, the entire

amount of interest thus paid from the credit union taking or receiving the same:

Provided, That such action is commenced within two years from the time the usurious

transaction occurred.”

Sec. 2. Section 9 of such Act is amended by adding at the end thereof the following:

“Shares may be issued in joint tenancy with right of survivorship with any person

designated by the credit union member, but no joint tenant shall be permitted to

vote, obtain loans, or hold office, unless he is within the field of membership and is

a qualified member.”

Se c . 3. Subsection (c) of section 11 of such Act is amended by striking out the

clause “fix the amount and character of the surety bond required of any officer having

custody of funds” and inserting in lieu thereof the following: “require any officer or

employee having custody of or handling funds to give bond with good and sufficient

surety in an amount and character to be determined, from time to time, by the board

and authorize the payment of the premium or premiums therefor from the funds of

the Federal credit union” .

Sec. 4. Subsection (d) of section 11 of such Act is amended by striking out in the

first sentence thereof the following: “ (by the treasurer)” .

Sec. 5. The fourth sentence of subsection (d) of section 11 of such Act is amended

to read as follows: “No loan shall be made to any member which shall cause such

member to become indebted to the Federal credit union in the aggregate, upon loans

made to such member, in excess of $200 or 10 per centum of the Federal credit union’s

paid-in and unimpaired capital and surplus, whichever is greater, or in excess of $300

unless such excess over $300 is adequately secured.”

Sec. 6. Subsection (e) of section 11 of such Act is amended by adding at the end

thereof the following:

“As used in this subsection the term ‘passbook’ shall include any book, statement

of account, or other record approved by the Governor for use by Federal credit unions.”

Sec. 7. At the end of such Act a new section is added as follows:

“ Sec. 22. The provisions of this Act shall be extended to and include the Panama

Canal Zone.”

Se c. 8. Subsection (b) of section 16 of such Act is amended to read as follows:

“ (b)"(l) The Governor may suspend or revoke the charter of any Federal credit

union, or place the same in involuntary liquidation and appoint a liquidating agent

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FEDERAL LEGISLATION 97

therefor, upon his finding that the organization is bankrupt or insolvent or has violated

any provisions of its charter, its bjdaws, or of this chapter, or of any regulations issued

thereunder.

“ (2) The Governor, through such persons as he shall designate, may examine any

Federal credit union in voluntary liquidation and, upon his finding that such voluntary

liquidation is not being conducted in an orderly or efficient manner or in the best

interests of its members, may terminate such voluntary liquidation and place such

organization in involuntary liquidation and appoint a liquidating agent therefor.

“ (3) Such liquidating agent shall have power and authority, subject to the control

and supervision of the Governor and under such rules and regulations as the Governor

may prescribe, (i) to receive and take possession of the books, records, assets, and

property of every description of the Federal credit union in liquidation, to sell, enforce

collection of, and liquidate all such assets and property, to compound all bad or

doubtful debts, and to sue in his own name or in the name of the Federal credit union „

in liquidation, and defend such actions as may be brought against him as liquidating

agent or against the Federal credit union; (ii) to receive, examine, and pass upon all

claims against the Federal credit union in liquidation, including claims of members

on shares; (iii) to make distribution and payment to creditors and members as their

interests may appear; and (iv) to execute such documents and papers and to do such

other acts and things which he may deem necessary or desirable to discharge his

duties hereunder.

“ (4) Subject to the control and supervision of the Governor and under such rules

and regulations as the Governor may prescribe, the liquidating agent of a Federal

credit union in involuntary liquidation shall (i) cause notice to be given to creditors

and members to present their claims and make legal proof thereof, which notice shall

be published once a week in each of three successive weeks in a newspaper of general

circulation in each county in which the Federal credit union in liquidation maintained

an office or branch for the transaction of business on the date it ceased unrestricted

operations: Provided, That whenever the aggregate book value of the assets and

property of a Federal credit union in involuntary liquidation is less than $1,000, unless

the Governor shall find that its books and records do not contain a true and accurate

record of its liabilities, he shall declare such Federal credit union in liquidation to be

a ‘no publication liquidation, and publication of notice to creditors and members

shall not be required in such case; (ii) from time to time, make a ratable dividend on

all such claims as may have been proved to his satisfaction or adjudicated in a court

of competent jurisdiction and, after the assets of such organization have been liquidated, shall make further dividends on all claims previously proved or adjudicated;

and the liquidating agent may accept in lieu of a formal proof of claim on behalf of

any creditor or member the statement of any amount due to such creditor or member

as shown on the books and records of the credit union: Provided, That all claims not

filed before payment of the final dividend shall be barred and claims rejected or disallowed by the liquidating agent shall be likewise barred unless suit be instituted

thereon within three months after notice of rejection or disallowance; (iii) in a ‘no

publication’ liquidation, determine from all sources available to him, and within the

limits of available funds of the Federal credit union, the amounts due to creditors and

members, and after sixty days shall have elapsed from the date of his appointment,

shall distribute the funds of the Federal credit union to creditors and members ratably

and as their interests may appear.

“ (5) Upon certification by the liquidating agent in the case of an involuntary

liquidation, and upon such proof as shall be satisfactory to the Governor in the case

of a voluntary liquidation, that distribution has been made and that liquidation has

been completed, as provided herein, the Governor shall cancel the charter of such

Federal credit union: Provided, That the corporate existence of the Federal credit union

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98 FEDERAL DEPOSIT INSURANCE CORPORATION

shall continue for a period of three years from the date of such cancellation of its

charter, during which period the liquidating agent, or his duly appointed successor,

or such persons as the Governor shall designate, may act on behalf of the Federal

credit union for the purpose of paying, satisfying, and discharging any existing liabilities or obligations, collecting and distributing its assets, and doing all other acts

required to adjust and wind up its business and affairs, and it may sue and be sued in

its corporate name.

“ (b) After the expiration of five years from the date of cancellation of the charter of

a Federal credit union the Governor may, in his discretion, destroy any or all books

and records of such Federal credit union in his possession or under his control.”

Approved July 31, 1946.

DISTRICT OF COLUMBIA BANKS— SATURDAY HOLIDAY

[Public Law 508— 79th Congress]

[Chapter 576— 2d Session]

[S. 2307]

AN ACT

To provide that every Saturday shall be a holiday for banks and building and loan

associations in the District of Columbia.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That the fourth sentence of section 1389 of the Act entitled

“ An Act to establish a code of law for the District of Columbia” , approved March 3,

1901, as amended (D. C. Code, 1940 edition, sec. 28-616), is amended by inserting

before the period at the end thereof a colon and the following: uProvidedy That every

Saturday shall be a holiday in the District and not a business day for (1) every bank

or banking institution having an office or banking house located within the District,

(2) every Federal savings and loan association whose main office is in the District,

and (3) every building association, building and loan association, or savings and loan

association, incorporated or unincorporated, organized and operating under the laws

of and having an office located within the District; and any act which would otherwise

be required, authorized, or permitted to be performed on Saturday in the District

at the office or banking house of, or by, any such bank or banking institution, Federal

savings and loan association, building association, building and loan association, or

savings and loan association, if Saturday were not a holiday, shall or may be so performed on the next succeeding business day, and no liability or loss of rights of any

kind shall result from such delay.”

Approved July 13, 1946.

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S t a t e B a n k i n g L e g i s l a t i o n

Some of the more important subjects dealt with in State banking legislation during

1946 are listed below:

SUPERVISORY authority

Creation of Department of Banking........................................................Kentucky (Ch. 191)

Appointment and qualification..................................................................Kentucky (Ch. 191)

Authority to prescribe maximum rates of interest on deposits. .New Jersey (Ch. 264)

Examination of banks.................................................................................Mississippi (Ch. 396)

Examination of trust companies and affiliates.............................. Massachusetts (Ch. 66)

Fees for examination............................................................................................. Virginia (Ch. 8)

organization and capital changes op banks

Organization.....................................................................................................Kentucky (Ch. 141)

Increase of capital stock.............................................................................. Kentucky (Ch. 141)

Branches. .Massachusetts (Ch. 87), New Jersey (Ch. 315, 317), New York (Ch. 788)

Merger or consolidation.............................Massachusetts (Ch. 87), New York (Ch. 788)

operations

Surplus requirements from earnings.............................................Missouri (Senate Bill 293)

Reserve requirements.....................................................................................New York (Ch. 64)

Transmission of money by savings bank...............................................New York (Ch. 184)

Deposits:

Deposits of, or security for, public funds................................................................................

. . . .Louisiana (Act 308), Mississippi (Ch. 303, 422), New York (Ch. 394, 778)

Escheat of unclaimed deposits___ New Jersey (Ch. 78), New York (Ch. 906, 907)

Maximum rates of interest on deposits prescribed by Commissioner.........................

..................................................................................................................New Jersey (Ch. 264)

Deposits in banking companies subject to withdrawal by check..................................

............................................................................................................ Massachusetts (Ch. 115)

Loans:

Loans pursuant to Servicemen’s Readjustment Act:

Modification of loan limitations..................California (Ch. 53), Massachusetts (Ch.

63, 126), Mississippi (Ch. 360), New York (Ch. 275), Rhode Island (Ch. 1656)

Validation of contracts of minor veterans. .Idaho (House Bill No. 28X), Louisiana

(Act 185), Michigan (Act 15), New Jersey (Ch. 134), New York (Ch. 275)

Validation of contracts of minor veterans and minor veterans’ spouses...........

........................................................Mississippi (Ch. 321), South Carolina (Act 461)

Loan limitation enlarged or made inapplicable to loans secured by obligations or

guarantee of United States or its agencies..........................................................................

.........................Kentucky (Ch. 177), Rhode Island (Ch. 1656), Virginia (Ch. 7, 14)

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Loans:— Continued

Loan limitation enlarged or made inapplicable to loans secured by obligations or

guarantee of enacting State or its subdivisions...........................Kentucky (Ch. 177)

Real estate loans....................Massachusetts (Ch. 154, 255, 256), Michigan (Act 7)>

Rhode Island (Ch. 1656), Virginia (Ch. 7)

Instalment personal loans................... Kentucky (Ch. 60), New York (Ch. 88, 634)

Limitation on total liability of one borrower..........................................................................

Massachusetts (Ch. 255), Missouri (Senate Bills 189, 245), Virginia (Ch. 14)

Loan secured by stock of lending bank prohibited....................Virginia (Ch. 12)

Investments:

Savings bank investments:

Personal loans................................................................. Massachusetts (Senate Bill 280)

Real estate mortgages.................................................................................................................

___ Massachusetts (Ch. 256), New York (Ch. 560), Rhode Island (Ch. 1656)

Urban development projects.................................................... Massachusetts (Ch. 129)

Rehabilitation loans on residential property.............................New York (Ch. 185)

Banking premises and alterations...........................................Massachusetts (Ch. 122)

Railway bonds.......................................................................................New Jersey (Ch. 58)

Public utility securities.................................................................... New Jersey (Ch. 311)

Obligations issued or guaranteed by International Bank for Reconstruction and

Development.....................................................................................New York (Ch. 507)

Industrial obligations....................................................................... New Jersey (Ch. 311)

Port of New York authority............................................................ New Jersey (Ch. 95)

Banking premises and alterations......................................Massachusetts (Ch. 122, 123)

Securities................................. Missouri (Senate Bills 189, 245), New Jersey (Ch. 95)

Trust Activities:

Common trust fund.................................................................................. Kentucky (Ch. 176)

Charitable trusts........................................................................................ Louisiana (Act 224)

Unclaimed money held as agent or trustee for payment of security holders exempted

from abandoned property law..........................................................New York (Ch. 908)

Escheat of unclaimed dividend or other payment received by banking organization

or its nominee as record holder of any stock or security for an unknown person

....................................................................................................................New York (Ch. 920)

Directors, officers, and employees:

Qualifications of directors or trustees.........................................................................................

................Kentucky (Ch. 141, 175), Massachusetts (Ch. 64), New York (Ch. 165)

Service of savings bank officers on board of investment------Massachusetts (Ch. 34)

Report of savings bank investment board to board of trustees.....................................

.............................................................................................................. Massachusetts (Ch. 32)

Insurance on officers’ lives by savings banks..................................New York (Ch. 424)

Indemnification of directors, officers, and employees...................New York (Ch. 686)

Notice of by-laws regulating directors’ election.............................New York (Ch. 428)

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STATE LEGISLATION 101

Holidays:

Locally designated days of public rest............................................... Louisiana (Act 306)

Saturday closing from June to September, inclusive...........................................................

.................................................................Massachusetts (Ch. 284), New York (Ch. I ll)

Saturday closing from May to September, inclusive....................New Jersey (Ch. 55)

Emergency holidays designated by Governor for banks and cash depositories. . . .

...........................................................................................................South Carolina (Act 698)

Taxation:

Stock..................................................................................................................Virginia (Ch. 107)

Shares of stock and real estate.........................Louisiana (Act 7), New Jersey (Ch. 146)

Net income of banks...................................................................Missouri (House Bill 888)

Banks shares exempted from financial business tax....................New Jersey (Ch. 174)

Exemption of interest on share savings accounts..................Massachusetts (Ch. 539)

Savings deposits................................................................................Rhode Island (Ch. 1801)

LIQUIDATION

Voluntary liquidation.................................................................................... New York (Ch. 73)

Enforcement of stockholders liability..................................................... Kentucky (Ch. 141)

Disposal of unclaimed amounts due from closed banks.....................New York (Ch. 68)

Vesting of title and prosecution of claims against property of foreign banking corporation in involuntary liquidation..................................................... New York (Ch. 65)

Notice of unpaid or unclaimed dividends of bank or trust company in liquidation

.............................................................................................................................Virginia (Ch. 313)

MISCELLANEOUS

Annuities or pensions to members of savings bank employees associations................

...................... .........................................................................................Massachusetts (Ch. 280)

Uniform Stock Transfer Act.....................................................................Mississippi (Ch. 222)

Interest rate of investment companies...................................................New York (Ch. 198)

Abandoned property law inapplicable to Federal Reserve Banks. .New York (Ch. 373)

Safekeeping deposits and safe deposit boxes.............................Rhode Island (Ch. 1655)

Assignment of accounts receivable.................................................South Carolina (Act 461)

Liability for payment of forged or raised notes and acceptances and liability on forged

endorsements................................................................................................Virginia (Ch. 9, 11)

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102 FEDERAL DEPOSIT INSURANCE CORPORATION

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

PART 303—ADVERTISEMENT OF MEMBERSHIP

As Amended February 20 and August SO, 1946

Section 303.0* * *.

303.1* * *.

303.2 Mandatory requirements with regard to the official advertising

statement and manner of use— * * *.

(c) * * *.

(3) * * *.

(xvii) Advertisements by radio which do not exceed thirty (30) seconds in time.

* * *

303.3 Approved emblem and approved short title which insured banks may

use at their option— (a) Emblem. The only emblem approved for use by insured

banks, when reference therein is made to deposit insurance or membership in the

Corporation, is the one reproduced below:

(b) Short title. The following short title is approved for use by insured banks only

on signs or plates attached to the outside of the bank building: “ M EM BER OF

FDIC” .

(c) Use of emblem or short title. No insured bank is required to use the emblem

or short title to any extent whatsoever. If any insured bank desires to use the emblem,

it may do so in any of its advertisements and on any of its bank supplies. Since the

approved emblem contains the official advertising statement in the outside circle, its

use in the type of advertisements listed in § 303.2 (c) will satisfy the mandatory

requirements of that section.

Any insured bank may, in addition to the requirements of this part, use any proper

advertising of insurance of its deposits. For example, as an addition to the official

advertising statement, any insured bank may, at its option, use the following in any

of its advertisements:

“Deposits in this bank are insured with maximum insurance of $5,000 for each

depositor.”

Further, in the case of display signs in the banking offices which, under the provisions of this part, are not required to include the official advertising statement, any

insured bank may use, for example, any of the following:

(1) “The Federal Deposit Insurance Corporation insures deposits in this bank with

$5,000 maximum insurance for each depositor.”

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REGULATIONS OF THE CORPORATION 103

(2) “ Deposits in this bank are insured by the Federal Deposit Insurance Corporation

with $5,000 maximum insurance for each depositor.”

(3) Electric sign or other display reproductions of the official sign.

303.4 Penalties. No bank will violate any provision of paragraph (2) of subsection

(v) of section 12B of the Federal Reserve Act, as amended (12 U.S.C. 264 (v) (2) ), or

any provisions of this part if it complies with the provisions of §§ 303.1 and 303.2.

PART 305— RECOGNITION OF DEPOSIT OWNERSHIP NOT

ON BANK RECORDS

As Amended February'W, 1946

Section 305.1* * *.

305.2 * * *.

305.3 * * *.

305.4 Deposits in custodial accounts. The owner of any portion of a deposit

appearing on the records of a closed bank under a name other than that of the claimant,

whose name or interest as such owner is not disclosed on the records of the closed

bank as part owner of said deposit, will be recognized for all purposes of claim for

insured deposits to the same extent as if his name and interest were disclosed on the

records of the bank: Provided, That the deposit is maintained in a specifically designated deposit account or accounts in such a manner as to disclose the custodial nature

thereof and, Provided further, That the name and interest of such owner in the

deposit is disclosed on the records of the person in whose name the deposit is maintained and such records have been maintained in good faith and in the regular course

of business.

305.5 Revoked.

305.6 Revoked.

PART 332— POWERS INCONSISTENT W IT H PURPOSES OF

FEDERAL DEPOSIT INSURANCE LAW

Adopted August SO, 1946

Section 332.1 Inconsistent powers. A State nonmember insured bank (except

a District bank) which does not have any of the powers hereinafter enumerated, or

which, although it has any such power, does not exercise the same, shall not hereafter

exercise, take, or assume the power: (a) to do a surety business; (b) to insure the

fidelity of others; (c) to engage in insuring, guaranteeing or certifying titles to real

estate, or (d) to guarantee or become surety upon the obligations of others.1

332.2 Exercise prohibited. After the effective date of this part, any State nonmember bank (except a District bank) becoming an insured bank shall not thereafter

exercise any of the powers enumerated in the preceding section.

1 The limitations prescribed in clause (d) do not include acceptances or endorsements made in the 

usual course of the banking business.

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104 FEDERAL DEPOSIT INSURANCE CORPORATION

PART 333—EXTENSION OF CORPORATE POWERS

Adopted August SO, 1946

Section 333.1 Classification of general character of business. State nonmember

insured banks are divided into six categories for the purpose of classifying their general

character or type of business,1 viz: commercial banks, banks and trust companies,

trust companies (without banking powers), savings banks (including mutual and

stock), industrial banks, and cash depositories.

333.2 Change in general character of business. No State nonmember insured

bank (except a District bank) or branch thereof shall hereafter cause or permit

any change to be made in the general character or type of business exercised by it after

the effective date of this part without the prior written consent of the Corporation.

1 A bank’s business may include two or more of the general classifications.

PART 334—REMOVAL OF PRINCIPAL PLACE OF BUSINESS

Adopted August 30, 1946

Section 334.1 Removal of principal place of business. No State nonmember

insured bank (except a District bank) shall move its principal place of business without

the prior written consent of the Corporation.

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PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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N u m b e r , O f f i c e s , a n d D e p o s i t s o f O p e r a t i n g B a n k s

Table 101. Changes in number and classification of operating banks and branches in the United 

States and possessions during 1946

Table 102. Number of operating banks and branches, December 31, 1946

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

of office

Table 103. Number and deposits of operating commercial and mutual savings banks, December 31, 1946

Banks grouped according to insurance status and by District and State

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

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The line of demarcation between banks and other types of financial

institutions is not always clear. In these tables provision of deposit

facilities for the general public is the chief criterion. However, trust

companies not engaged in deposit banking are included because uninvested trust funds may be insured by the Federal Deposit Insurance

Corporation, and credit unions which accept deposits are excluded. A

more detailed statement of institutions included and excluded is given

in the Annual Report of the Corporation for 1943, pages 59-60.

The data in the tables which follow relate to banks operating in the

continental United States and in Alaska, Hawaii, Puerto Rico, and the

Virgin Islands, including branches of foreign banks which engage in a

general deposit business in this area.

Banks are classified on the following bases:

Insurance status

Commercial and mutual savings

Membership in the Federal Reserve System

A bank is classified as an insured bank when its deposits are insured

by the Federal Deposit Insurance Corporation. All banks members of

the Federal Reserve System are required by law to be insured banks.

Other banks may be admitted to deposit insurance upon meeting

conditions prescribed by law.

The traditional distinction between commercial banks and mutual

savings banks has been followed. Mutual savings banks, with a few

exceptions, accept only savings deposits, while most banks classified

as commercial banks also accept checking accounts and other deposits

subject to withdrawal on demand. However, a few banks included in

the commercial group hold only savings and time deposits. Trust

companies are included with commercial banks since most institutions

known as trust companies accept checking accounts.

Banks members of the Federal Reserve System are separated into

two groups: national and State. All national banks in the continental

United States are required to be members of the Federal Reserve

System; State chartered banks may become members of the Federal

Reserve System upon meeting certain conditions. None of the six

national banks in the possessions is a member of the Federal Reserve

System; four have been admitted to deposit insurance.

Sources of data:

Insured banks: records of the Federal Deposit Insurance Corporation;

Office of the Comptroller of the Currency; and Board of Governors of

the Federal Reserve System.

Noninsured banks: Board of Governors of the Federal Reserve

System; State banking authorities; Rand McNally Bankers Directory;

and P oW s Bankers Encyclopedia.

oN U M BER, OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 101. C h a n g e s in N u m b e r a n d C l a s s if ic a t io n o f O p e r a t in g 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 S t a t e s a n d P o s s e s s io n s D u r in g 1946

All banks Commercial banks and trust companies Mutual savings banks

Insured1 Noninsured

Type of change

Total Insured

Noninsured Total

Members F. R . 

System N ot

mem­ Banks

Trust

com­ Total Insured2

Noninsured

Total

National State

bers 

F. R .

System

of deposit

panies 

not accepting 

deposits

BAN KS

14,759

14,725

+ 34

13,550

13,494

1,209 14,218 13,359 5,007 1.890 6,462 776 83 541 191 350

1,231 14,183 13,302 5,017 1^864 6,421 798 83 542 192 350

+ 56 -22 + 35 + 57 -10 + 26 + 41 -22 -1 -1

Changes resulting from—

148

145

132

130

16 148 132 21 11 100 16

banks 15 145 130 21 11 98 15

ninaoH Ka n Ires rpnnpnl n or 2 2 2 2 2

1 1 1 1

Banks ccs&sin^ deposit operations . . . 114 102 12 113 101 42 16 43 11 1 1 1

1 1 1 1

1 1 1 1 1

Mergers and absorptions (without FD IC aid)—net 

decrease . . . .. . 93 89 4 92 88 39 15 34 4 1 1

Other liquidations 19 12 7 19 12 3 1 8 6 1

Noninsured banks becoming insured + 29

+ 6

+ 20

+ 3

_3

-29 + 29

+ 6 

+ 20 

+ 3

-3

+ 3 + 26 -29

Successions to noninsured banks -6 + 6 -6

A/^miQairtrtc fa inaiirnupp nnprfltififf -20 + 20 -20

Admissions to F R System -3 + 3 -3

In^nrprl hprnmin^ tintilnsurpd + 3 

+ 2

-2 -1 + 2 + 1

.Qiip^dccinnd fa incmrpH Hsnlrsi _2 _2 1 + 2

WithHrawfll from F R Svstpm -1 + 1 -1 -1 + 1

Other changes in classification among banks + 11

+ 14 

-3

+ 3 0

-11

-41

National banks succeeding State banks -3

State banks succeeding national banks + 1 + 2

+ 50 

-10

-50

WithHrnwnlQ frnm F R Sv^tpm + 10

Changes not involving number in any class:

Qii s*/'»£>qqi nn q 8 5 3 8 5 1 4 3

Changes in title location or name of location 95

6

91 4 94 90 24 7 59 4 1 1

P Vjqti nrpa in ^Arfl nrptp HAWPrQ 6 6 6 6

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Number of branches, December 31, 1946.

Number of branches, December 31, 1945.

BRANCHES

Net change during year.

Changes resulting from—

Branches opened for business................................

Facilities provided as agents of the government.

Absorbed banks converted into branches.............

Branches replacing offices closed or relocated-----

Other branches opened...............................................

Branches discontinued..............................................

Facilities provided as agents of the government. 

Other branches discontinued....................................

Other changes in classification among branches.

Branches transferred as result of absorption..............

Admissions to F. R . System ..........................................

Withdrawals from F . R . System ..................................

Changes not involving number in any class: 

Branches transferred as result of absorptions... 

Changes in title, location, or name of location..

ALL BAN K IN G OFFICES

Number of offices, December 31, 1946.

Number of offices, December 31, 1945.

Net change during year.

Offices opened.

Banks..............

Branches.........

Offices closed.

Banks............

Branches. . . .

Changes in classification...................

Noninsured banks to insured banks. 

Insured banks to noninsured banks.

Among insured banks..........................

Among branches of insured banks. .

4,220

4,168

+52

22610

55

3

158

174

151

23

4,043

3,997

+46

21410

53

3

148

169

149 20

+ 1 + 1

18,979 17,593

18,893 17,491

+86

374

148

226

288

114

174

+ 102

346

132

214

271 102

169

+ 27

+ 29 

-3

+ 1

177

171

+6

12

1,386

1,402

-16

28

16

12

17

12

5

-27

-29

+ 3

4,063

4,025

+ 38

211

10

55

3

143

173

151

22

18,281

18,208

+73

359

148 211

286

113

173

3,928

3,896

+ 32

200

10

53

3

134

169

149

20

+ 1 + 1

17,287

17,198

+ 89

332

132 200

270 101

169

+ 27

+29

-3

+ 1

1,787

1,814

-27

51

118

115

3

+ 10

+ 10

20

6,794

6,831

-37

102

21

81

160

42

118

+21

+ 11 + 10

1,132

1,099

+ 3 3

38

2722

5

-2 -10 + 10 -2

3,022

2,963

+ 59

7311

62

43

16

27

+ 29

+ 3 -2 

+ 30 -2

1,009

983

+26

24

12

12

-7

+ 1 

-10

+ 2

7,471

7,404

+ 67

157 100

57

67

43

24

-23

+ 26-1

-41

-7

134

128

+ 6

11

4

2

2

-1

-1

910

926

-16

27

16

11

15

11

4

-28

-29 + 2

157

143

+ 14

15

15

1

115 101

+ 14

14

14

42

42

84

84

+ 1

• +i

698

685

+ 13

15

‘ ’ * 15

2

1

1

306

293

+ 13

14

392

392

1 Includes 8 trust companies not engaged in deposit banking on December 31, 1946, and 9 on December 31, 1945. 

a Includes three mutual savings banks members of the Federal Reserve System, for December 31, 1946, and December 31, 1945.

* Operating at beginning of year.

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1946

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

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured 1

State and type of bank or office

Total Insured Non­ Total

Members F. R . 

System N ot 

members 

F. R .

System

Banks 

of deposit

Trust

com­ Total In­ Non­ All Comm ercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

sured2 insured banks

U nited States an d possession s........

AH banks.................................................

18,979

14,759

18,565

1,1U

4,220

18,863

14,715

13,532

1,183

17,593

13,550

12,U36

1,11k

4,043

1,386

1,209

1,129

80

18,281

14,218 

13,11,4 

1,10 A

4,063

18,165

14,174

13,081

1,093

17,287

13,359

12,301

1,058

6,794

5,007

k,7k0

267

3,022

1,890

1,69a

196

7,471

6,462

5,867

595

910

776

84

83

698

541

306

191

392

350

92.7

91.8

94.6

94.0

43.8

35.3

Unit banks.......................................... 731 82 k51

90

135 316 91.7 93.8 29.9

Banks operating branches................ k5 1 56 3k 93.3 95.8 62.2

Branches................................................. 177 3,928

17,280

13,354

12,298

1,056

1,787 1,132

3,022

1,890

1,69k

1,009

7,464

6,457

134 1 157 115 42 95.8 96.7 73.2

U nited S tates.......................................... 17,586

13,545

12,U33

1,112

1,277

1,170

1,099

71

6,794

5,007

k,7k0

806 79 698 306 392 93.2 95.1 43.8

All banks................................................. 742 78 541 191 350 92.0 94.2 35.3

Unit banks.......................................... 5,86k 706 77 k51 135 316 91.9 9k.O 29.9

Banks operating branches................ 267 196 593 36 1 90 56 3k 9k.O 96.6 62.2

Branches................................................. 4,148

116

4,041

7

107 3,991 3,926

7

1,787 1,132 1,007

7

64 1 157 115 42 97.4 98.4 73.2

P ossessions................. 109 116 104 5 6.0 6.0

All banks................................................. 44 5 39 44 5 5 34 5 11.4 11.4

Unit banks................ 33 3 30 33 3 3 25 5 9.1 9.1

Banks operating branches................ 11 2 9 11 2 2 9 18.2 18.2

Branches............................................... 72 2 70 72 2 2 70 2.8 2.8

State

A la b a m a .................................................. 242 239 3 242 239 88 20 131 3 98.8 98.8

All banks.................................... 219 216 3 219 216 66 19 131 3 98.6 98.6

Unit banks............................. 21U

5

211 3 21U

5

211 62 18 131 3 98.6 98.6

Banks operating branches 5 5 u 1 100.0 100.0

Branches................. 23 23 23 23 22 1 100.0 100.0

A rizo n a .................................................... 47 45 2 47 45 31 2 12 2 95.7 95.7

All banks................................................. 12 10 2 12 10 3 2 5 2 83.3 83.3

Unit banks. . 7 5 2 7 5 1 2 2 2 71.k 71. k

Banks operating branches 5 5 5 5 2 3 100.0 100.0

Branches.......................... 35 35 35 35 28 7 100.0 100.0

A rkan sas................................................. 249 233 16 249 233 51 16 166 13 3 93.6 93.6

All banks........................... 229 213 16 229 213 50 16 147 13 3 93.0 93.0

Unit banks............ 211 195 16 211 195 1*9

1

16 130 13 3 92.k 92.k

Banks operating branches 18 18 18 18 17 100.0 100.0

Branches................................................. 20 20 20 20 1 19 100.0 100.0

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
California.................................................. 1,079 i| 1,064 15 1,079 1,064 III 804

All banks................................................. 201 187 14 201 187 92

Unit banka.......................................... 168 155 18 168 155 82

Banks operating branches................ 33 82 1 33 82 10 Branches................................................. 878 877 1 878 877 712

Colorado.................................................... 152 137 15 152 137 78

All banks................................................. 151 136 15 151 136 77

Unit banks.......................................... 150 185 15 150 185 76

Banks operating branches................ 1 1 1 1 1

1 1 1 1 1

Connecticut............................................. 207 109 98 135 107 56

All banks................................................. 187 99 88 115 97 50

179 92 87 107 90 46

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

8 7 1

8

7

4

20 10 10 20 10

6

Delaware.................................................... 56 52

4 53 52 13

All banks................................................. 41 38 3 39 38 13

Unit banks.......................................... 88 312 82 31 13

8 7

1 7\

7

15 14

1 14 14

District of Colum bia............................ 55 55 55 55 28

All banks................................................. 20 20 20 20 9

Unit banks.......................................... 8 8 8 8

3

Banks operating branches................ 12 12 12 12 6

Branches................................................. 35 35 35 35 19

Florida........................................................ 185 178

7 185 178 62

All banks................................................. 182 176 6 182 176 60

Unit banks.......................................... 179 174

5 179 174 58

Banks operating branches................ 3 2 1 8 2

2

Branches.................................................3

2

1

3 2 2

Georgia...................................................... 406 333 73 406 333 70

All banks................................................. 375 304 71 375 304 49

Unit banks.......................................... 862 293 69 362 293 43

Banks operating branches................ 13

U

2 13 11 6

Branches................................................. 31 29

2 31 29 21

Idaho.......................................................... 89 87 2 89 87 55

All banks................................................. 47 45 2 47 45 15

Unit banks.......................................... 41 89 2 41 89 10

Banks operating branches................ ft fS 6 6 5

Branches................................................. 42 42 42 42 40

Illinois........................................................ 879 859 20 879 859 376

All banks................................................. 876 856 20 876 856 373

Unit banks.......................................... 873 853 20 873 853 370

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

3

3

3 3 8

Branches................................................. 3 3

3 3 3'

14821

188

127

15

15

15

16

13112384134

21725

14

101010

16119

101010

127

127

127

112

74

60

14

38

44

44

44

35

34

3811

3121

174

1064812

106

106

106

247

244 24*

2220

1912

356

356

356

65411

15

15

15

999

«|B1|||B|

27

17

161

10111

1117 2 1 2

72 I 2

72 J 2

70

70

70

fl

3211

3211

1

1

43*11

73

71

6922222

338

14

14

14

666

1

98.6

93.0

92.8

97.0

99.9

90.1

90.1

90.0 100.0 100.0

52.7 I

52.9

51.4 I

87.5 I

50.0 I

92.9

92.7

98.9

87.5

93.3

100.0 100.0 100.0 100.0 100.0

96.2

96.7

97.2

66.7

66.7

82.0

81.1

80.9

84.6

93.5

97.8

95.7 

95.1 100.0 100.0

97.7

97.7

97.7 100.0 100.0

98.6

93.0

92.3

97.0

99.9

90.1

90.1

90.0 100.0 100.0

79.3

84.3

84.1

87.5

50.0

98.1

97.4

96.9 100.0 100.0

100.0 100.0 100.0 100.0 100.0

96.2

96.7

97.2

66.7

66.7

82.0

81.1

80.9

84.6

93.5

97.8

95.7 

95.1 100.0 100.0

97.7

97.7

97.7 100.0 100.0

2.82.82.8

N U M BER, OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N umber of Operating Banks and B ranches, D ecember 31, 1946— Continued

grouped according to insurance status and class of bank, and by state and type of office

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 N oninsured

State and type of bank or office

Total Insured Non­ Total

Members F . R . 

System N ot

Banks 

of deposit

Trust 

companies 

not accepting 

deposits

Total Insured2

Noninsured

All

banks

Commercial

banks

Mutual

savings

banks insured Total

National State

bers 

F. R .

System

576 559 17 572 556 140 126 290 13 3 4 3 1 97.0 97.2 75.0

493 477 16 489 474 126 112 236 12 3 4 3 1 96.8 96.9 75.0

Unit banks.......................................... W

51

U27

50

15 U38 m 117 110 197 11 3 4 3 1 96.6 96.8 75.0

1

1

51

83

50 9 2 39 1 98.0 98.0

83 82 82 14 14 54 1 98.8 98.8

820

659

750 70 820 750 97 67 586 70 91.5 91.5

.•I i I 596

U82

63

58

659

5U0

596 97 67 432 63 90.4 90.4

5 AO

119

161

615

614

613

h82 97 67 318 58 89.3 89.3

1U

154

453

452

k51

5 119

161

1U

154

1U

154

5 95.8 95.8

7 7 95.7 95.7

Hr atifidfi 162 615 453 175 40 238 160 2 73.7 73.7

162

162

614 452 174 40 238 160 2 73.6 73.6

TT'n'ii T\n*Yi IfQ 613 U51

1

173 1*0 238 160 2 73.6 73.6

1

1

425

390

373

1

1

1

1

1 100.0 100.0

1 1 100.0 100.0

K otifiirlfv 396 29 425 396 n o 28 258 24 5 93.2 93.2

All Vianlra 362

3U6

28

27

390 362 93 21 248 24 4 92.8 92.8

373

17

35

3U6

16

34

91 17 238 2U 3 92.8 92.8

17

35

217

155

121

3U

62

166

16

34

216

154

120

3U

62

121

1

1

2 U 10 1 9U.1 9U.1 Banks operating branches................

17 7 10 1 97.1 97.1

T «~iii Ifiici €% 1 217 216 64 13 139 1 99.5 99.5

1 155 154 33 10 111 1 99.4 99.4

I 121 120

3U

62

25 7 88 1 99.2 99.2

Banks operating branches................ 3h

62

8 3 23 100.0 100.0

31 3 28 100.0 100.0

M aine ....................................... 45 132 115 39 34 42 17 34 6 28 72.9 87.1 17.6

All banks .......................... 96 61 35 64 55 33 5 17 9 32 6 26 63.5 85.9 18.8

Unit banks ............................ 71 U3

18

28 hi 37 29 1 7 U 30 6 u 60.6 90.2 20.0

Banks operating branches 25

70

7 23 18 !> u 10 5 2 2 72.0 78.3

Branches 60 10 68 60 6 29 25 8 2 2 85.7 88.2

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Maryland....................................

All banks..................................

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

Banks operating branches.

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

M assachusetts.........................

All banks..................................

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

Banks operating branches. 

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

M ichigan....................................

All banks..................................

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

Banks operating branches.

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

Minnesota..................................

All banks..................................

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

Banks operating branches.

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

Mississippi.................................

All banks..................................

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

Banks operating branches. 

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

Missouri......................................

All banks..................................

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

Banks operating branches.

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

M ontana....................................

All banks..................................

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

Banks operating branches. 

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

Nebraska....................................

All banks..................................

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

Banks operating branches. 

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

Nevada.........................................

All banks..................................

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

Banks operating branches.

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

287

179

1U9

SO

108

560

381

312

69

179

646

448

890

58

198

684

678

67626

255

203

175

28

52

5%

596

596

110

110

110

419

417

U15

274

169 

1U2

27

105

326

183

11*2U143

604

417

363

5U187

653

647 61+526

250

198

170

28

52

565

565

565

110

110

110

358

356

85U

234

198

170

28

36

42

31

27h

11

31

31

81

264

170 1U8

27

94

336

191

1U9U2

145

646

448

890

58

198

683

677

67526

255

203

175

28

52

596

596

596

110

110

110

419

417

U15

260

167

U1

26

93

326

183

1U2

hi

143

604

417

868

5J,

187

652

646

6U

250

198

170

28

52

565

565

565

110

110

110

358

356

35k22

26855

18

76

63

59h

13

197

121

102

19

76

147

786612

187

181

179

25

24

2311

81

81

81

39

39

89

129

127

125

65

16

106

119

88

72

16

311

111

23963

14211

9752

95.5

94.4

95.3

90.0

98.5

98.2

98.6

96.3

98.9

60.9

22.2

16.7

83.3

49 31

1 14 12 2 97.2 85.7

86 43 10 224 224 58.2 97.0

29 33 8 190 190 48.0 95.8

13 27 7 168 163 U5.5

59.U

79.9

95.8

16

6

1 27 27 97.6

57 10 2 34 34 98.6

236 221 34 8 93.5 93.5

150 189 23 8 93.1 93.1

187 160 19 8 93.1 93.1

18 29 Ji­ 93.1 93.1

86 32 l l 94.4 94.4

27 438 29

2 1 1 95.5 95.5 100.0

100.0

100.0

27 438 29

2 1 1 95.4 95.4

27 U38 29

2 1 1 95.k

100.0

95. k

100.0

100.0

98.0

100.0

6 219

5 98.0

6 168 5 97.5 97.5 6 1U1

27

5 97.1 97.1

............................ 100.0 100.0

51 100.0 100.0

100 384 29

2 94.8 94.8

100 384 29

2 94.8 94.8

100 38U 29 2 9 k.8 9 k.8

38 33 100.0 100.0

38 33 100.0 100.0

38 83 100.0 100.0

18 211 53

8 85.4 85.4

18 211 53 8 85.4 85.4

18 211 58

8 85.3 85.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

5

3

1

2 100.0 1 100.0

100.0

100.0

100.0

100.0

1 1 4 1 100.0 00N U M BER, OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N u m b e r o p O p e r a t in g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1946— Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OP BANK, AND BY STATE AND TYPE OP OFFICE

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R . 

System N ot 

members 

F. R .

System

Banks 

of deposit

Trust

com­ Total In­ Non­ All Commercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

sured2 insured banks

109 57 52 66 57 52 1 4 9 43 43 52.3 86.4

106 56 50 64 56 51 1 4 8 42 42 52.8 87.5

103 55 U8

2

62 55 50 1 u 7 u

1

U1

1

53.U

33.3

88.7

Banks operating branches . . 3 1 2 1 1 1 50.0

Branches • 3 1 2 2 1 1 1 1 1 33.3 50.0

New Jersey............................................... 509 502 7 480 475 258 154 63 2 3 29 27 2 98.6 99.0 93.1

All banks................................................. 370 363 7 346 341 216 78 47 2 3 24 22 2 98.1 98.6 91.7

Unit banks.......................................... 309 302 7 288 283 19 U 50 39 2 3 21 19 2 97.7 98.3 90.5

Banks operating branches 61 61 58 58 22 28 8 3 3 100.0 100.0 100.0

Branches................................................. 139 139 134 134 42 76 16 5

5 100.0 100.0 100.0

New Mexico .. 50 50 50 50 23 8 19 100.0 100.0

All banks 44 44 44 44 23 8 13 100.0 100.0

Unit banks 38

6

6

1,567

802

38 38 38 23 8 7 100.0 100.0

Banks operating branches 6 6 6 6 100.0 100.0

Branches 6

1,554

790

6 6 6 100.0 100.0

New York.................................................. 13 1,364

671

1,351

659

582 634 135 13 203 203 99.2 99.0 100.0

All banks................................................. 12 392 186 81 12 131 131 98.5 98.2 100.0

Unit banks.......................................... 651 6U1

1U9

764

10 566 556 S55 136 65 10 85 85 98.5 98.2 100.0

Banks operating branches 151

765

2 105 103 37 50 16 2 U6

72

U6

72

98.7 98.1 100.0

Branches................................................. 1 693 692 190 448 54 1 99.9 99.9 100.0

North Carolina . . . . . 388

227

381

222

7 388 381 58 18 305 6 1 98.2 98.2

All b a n k s ............................................... 5 227 222 45 8 169 4 1 97.8 97.8

Unit banks. . .............................. 176 172 £ 176 172 39 5 128 3 1 97.7 97.7

Banks operating branches 51

161

50

159

1 51 50 6 3 hi

136

1 98.0 98.0

Branches . ............................ 2 161 159 13 10 2 98.8 98.8

North Dakota .............................. 176 168 8 176 168 41 127 7 1 95.5 95.5

All banks ............... . . . 151 145 6 151 145 41 104 5 1 96.0 96.0

Unit banks.......................................... 13U

17

25

ISO 4 13U

17

ISO U1 89 3 1 97.0 97.0

Banks operating branches 15 2 15 15 2 88.2 88.2

Branches . . . .............................. 23 2 25 23 23 2 92.0 92.0

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
O h io ............................................................. 853 838 15 850 835 280

All banks................................................. 677 662 15 674 659 239

Unit banks...................... 638 623 15 635 620 230

Banks operating branches........ 39 39 39 399

Branches................................................. 176 176 176 176 41

O k la h om a ................................................. 386 375 11 386 375 201

All banks................................................. 385 374 11 385 374 200

Unit banks...................... 384 373 11 384 373 199

Banks operating branches........ 1 1 1 1 1

Branches................................................. 1 1 1 1 1

O regon ....................................................... 147 144 3 146 143 94

All banks................................................. 71 68 3 70 67 23

Unit banks...................... 64 61 3 63 60 21

Banks operating branches........ 7 7 7 7 2

Branches................................................. 76 76 76 76 71

P en n sylva n ia ........................................... 1,164 1,143 21 1,141 1,120 729

All banks................................................. 1,022 1,005 17 1,015 998 657

Unit banks...................... 959 945 14 956 942 626

Banks operating branches........ 63 60 3 59 56 31

Branches................................................. 142 138 4 126 122 72

R h od e Isla n d ........................................... 78 49 29 67 49 17

All banks................................................. 32 14 18 23 14

9

Unit banks...................... 20 7 13 12 7

6

Banks operating branches........ 12 7 5 11

7

3

Branches................................................. 46 35 11 44 35

8

S ou th C a ro lin a ....................................... 179 156 23 179 156 47

All banks................................................. 149 126 23 149 126 23

Unit banks...................... 142 119 23 142 119 21

Banks operating branches........ 7 77

7

2

Branches................................................. 30 30 30 30 24

S ou th D a k o ta .......................................... 213 213 213 213 55

All banks................................................. 169 169 169 169 35

Unit banks...................... 145 145 145 145 31

Banks operating branches........ 24 24 24 24

4

Branches................................................. 44 44 44 44 20

T en n essee ................................................. 366 357 9 366 357 102

All banks................................................. 298 289 9 298 289 70

Unit banks...................... 273 264 9 273 264 63

Banks operating branches........ 25 25 25 25 7

Branches................................................. 68 68 68 68 32

T exa s........................................................... 877 815 62 877 815 438

All banks................................................. 873 811 62 873 811 434

Unit banks...................... 868 806 62 868 806 429

Banks operating branches........ 5 5 5 5 5

Branches................................................. 4 4

444

300

187

171

16

113

20

20

20

10

10

10

141

112

10012

29

222

20864

28

28

28

22

1192

11

116

116

116

255

233

219

1422

154

154

154

39

34

2955

250

229

216

1321

1031

101

97

130

1068620

24

233

208

192

16

25

261

261

261

15

15

15

19

151234

15

23

23

61

61

61

237

119812

23734

16

119

98.2

97.8 

97.6

100.0

100.0

97.2

97.1

97.1

100.0

100.0

98.0

95.8

95.3

100.0

100.0

98.2

98.3

98.5

95.2

97.2

62.8

43.8

35.0

58.3

76.1

87.2

84.6

83.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

97.5

97.0

96.7

100.0

100.0

92.9

92.9

92.9

100.0

100.0

98.2

97.8

97.6

100.0

100.0

97.2

97.1

97.1

100.0

100.0

97.9

95.7

95.2

100.0

100.0

98.2

98.3

98.5

94.9

96.8

73.1

60.9

58.3

63.6

79.5

87.2

84.6

83.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

97.5

97.0

96.7

100.0

100.0

92.9

92.9

92.9

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

N U M B ER , OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1946— Continued

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

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R. 

System Not 

members 

F. R .

System

Banks 

of deposit

Trust

com­ Total In­ Non­ All Commercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

sured2 insured banks

U ta h ............................................................ 71 71 71 71 22 22 27 100.0 100.0

59 59 59 59 12 22 25 100.0 100.0

Unit banks 55 55 55 55 10 22 23 100.0 100.0

Banks operating branches U L A u 2 2 100.0 100.0

Branches................................................. 12 12 12 12 10 2 100.0 100.0

V e r m o n t.................................................... 98 97 1 81 80 41 1 38 1 17 17 99.0 98.8 100.0

All banks................................................. 80 79 1 72 71 39 1 31 1 8 8 98.8 98.6 100.0

Unit banks.......................................... 72 71 1 65 6U 37 1 26 1 7 7 98.6 98.5 100.0

Banks operating branches 8 8 7 7 2 5 1 1 100.0 100.0 100.0

Branches................................................. 18 18 9 9 2 7 9 9 100.0 100.0 100.0

V irg in ia ................................................... 401 401 401 401 160 84 157 100.0 100.0

All banks................................................. 315 315 315 315 131 72 112 100.0 100.0

Unit banks ............. 272 272 272 272 119 66 87 100.0 100.0

Banks operating branches us US us

86

us 12 6 25 100.0 100.0

Branches................................................. 86 86 86 29 12 45 100.0 100.0

W a sh in g ton ......................................... 243 240 3 240 237 147 18 72 3 3 3 98.8 98.8 100.0

All banks.............................................. 124 121 3 122 119 38 16 65 3 2 2 97.6 97.5 100.0

Unit banks........................................ 112 109 3 111 108 31 15 62 3 1 1 97.3 97.3 100.0

Banks operating branches.............. 12 12 11 11 7 1 3 1 1 100.0 100.0 100.0

Branches................................................. 119 119 118 118 109 2 7 1 1 100.0 100.0 100.0

W est V ir g in ia .............................. ISO 175 5 ISO 175 76 32 67 4 1 97.2 97.2

All banks................................................. 180 175 5 180 175 76 32 67 4 1 97.2 97.2

Unit banks . . . . . 180 175 5 180 175 76 32 67 u 1 97.2 97.2

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

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

W isco n sin ................................................. 704 693 11 70C 690 109 74 507 8 2 4 3 1 98.4 98.6 75.0

All banks................................................. 558 548 10 554 545 95 68 382 7 2 4 3 1 98.2 98.4 75.0

Unit banks.......................................... U70

88

1+61

87

9 U66

88

U58

87

92 6U 802 6 2 U 3 1 98.1 98.3 75.0

Banks operating branches 1 3 U 80 1 98.9 98.9

B ra n ch es......................................... 146 145 1 146 145 14 6 125 1 99.3 99.3

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
W y o m in g ................................................... 56 55 1 56 55 26 11 18 1 98.2

98.2

98.2

98.2

98.2

98.2

All banks................................................. 56 55 1 56 55 26 11 18 1

Unit banks...................... 56 55 1 56 55 26 11 18 1

Banks operating branches........

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

Possessions

Alaska3........................................................ 20 4 16 20 4 4 16 20.0

16.7

12.5

50.0

20.0

16.7

12.5

50.0

50.0

1.9

11.1 

1U.3

All banks................................................. 18 3 15 18 3 3 15

Unit banks...................... 16 2 1-4 16 2 2 U

Banks operating branches........ 2 1 1 2 1 1 1

Branches................................................. 2 1 1 2 1 1 1 50.0

1.9

11.1

iu .s

Hawaii4....................................................... 52 1 51 52 1 1 46 5

All banks................................................. 9 1 8 9 1 1 3 5

Unit banks...................... 7 1 6 7 1 1 1 5

Banks operating branches........ 2 2 2

Branches................................................. 43 43 43 43

P uerto R ic o .............................................. 41 41 41 41

All banks................................................. 15 15 15 15

Unit banks...................... 9 9 9 9

Banks operating branches........ 6 6 6 6

Branches................................................. 26 26 26 26

V irgin Islands5........................................ 3 2 1 3 2 2 1 66.7 66.7

All banks................................................. 2 1 1 2 1 1 1 50.0 50.0

Unit banks...................... 1 1 1 1

Banks operating branches........ 1 1 1 1 1 100.0

100.0

100.0

Branches................................................. 1 1 1 1 1 100.0

1 Includes 8 trust companies not regularly engaged in deposit banking: 1 national in Kansas; 2 State banks members of the Federal Reserve System, 1 each in California and 

Massachusetts; and 5 State banks not members of the Federal Reserve System, 1 each in Florida, Missouri and Wisconsin, and 2 in Pennsylvania.

2 Includes 3 mutual savings banks, members of the Federal Reserve System.

3 Includes 4 national banks, 3 among insured banks not members of the Federal Reserve System, and 1 among noninsured banks.

4 Includes, among noninsured banks, 1 national bank operating 20 branches.

5 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 1 branch.

Back figures— See Annual Report for 1945, pp. 98-104, and earlier reports.

N U M BER, OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r a n d D e p o s it s o f O p e r a t in g C o m m e r c ia l a n d M u t u a l S a v in g s B a n k s , D e c e m b e r 31, 1946

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 b y d is t r ic t AND STATE (-*■

Number of banks Deposits (in thousands of dollars)

Commercial banks and 

trust companies Mutual savings banks Commercial banks and 

trust companies Mutual savings banks

FD IC District 

and State

Noninsured

All

banks

Total Insured1 Banks 

of deposit

Trust 

companies 

not accepting 

deposits

Total Insured

Noninsured

All

banks

Total Insured Noninsured Total Insured Noninsured

U n ited States and 

p ossession s ......... 14,759 14,218 13,359 776 83 541 191 350 156,751,343 139,882,004 137,029,289 2,852,715 16,869,339 11,427,706 5,441,633

U nited S ta te s... . 14,715 14,174 13,354 742 78 541 191 350 155,923,085 139,053,746 136,990,254 2,063,492 16,869,339 11,427,706 5,441,633

P ossessions........... 44 44 5 34 5 828,258 828,258 39,035 789,223

FD IC D istrict

District 1 .............. 882 529 476 48 5 353 16 337 12,289,921

45,759,215

17,462,798

8,108,990

5,433,655

8,164,141

10,377,059

13,170,833

4,337,417

5,522,017

7,835,279

18,290,018

1,225,539

393,043

7,134,831

36,034,888

16,232,400

7,726,115

5,433,655

8,164,141

10,324,561

13,170,833

4,197,330

5,522,017

7,835,279

18,105,954

1,225,539

393,043

787,898

13,085,851

1,091,245

1,411,133

468,372

6,674,500

35,233,176

16,175,901

7,613,982

5,386,537

8,106,454

10,188,875

13,035,880

4,099,837

5,299,075

7,719,386

17,495,686

1,223,488

393,043

783,122

13,016,908

1,083,466

1,218,598

466,593

1,021,899

1,732,850

1,686,776

460,331

801,712

56,499

112,133

47,118

57,687

5,155,090

9,724,327

1,230,398

382,875

133,650

9,620,249

1,230,398

78,796

5,021,440

District 2 .............. 1,230 104,078

1,699

1,070

979

1,073

1,689

1,061

979

1,039

1,657

1,025

894

31 3 157 153 4

District 3 .............. 30 2 10 10

District 4 .............. 33 3 9 2 7 304,079

District 5 .............. 82 3

District 6 .............. 1,513

1,499

1,535

1,108

1,513

1,491

1,535

1,107

1,623

1,084

534

1,429

1,436

1,452

1,070

1,373

1,019

489

71 13

District 7 .............. 42 13 8 6 2 135,686

134,953

97,493

222,942

115,893

610,268

2,051

52,498 40,462 12,036

District 8 .............. 77 6

District 9 .............. 34 3 1 1 ’140,087 *140,087

District 10............ 1,623 237 13

District 11............ 1,084 62 3

District 12............ 537 29 16 3 3 184,064 184,064

S tate

Alabam a............... 219 219 216 3

Arizona................. 12 12 10 2

Arkansas............... 229 229 213 13 3 787,898

13,085,851

1,091,245

2,626,060

547,999

1,021,899

1,739,990

4,776

68,943

7.779

192,535

1.779

California............. 201 201 187 5 9

C olorado............... 151 151 136 15

Connecticut......... 187 115 97 17 1 72 2 70 1,214,927

79,627

24,450 1,190,477

Delaware............... 41 39 38 1 2 2 79,627

Dist. of Columbia 20 20 20 1,021,899

1,739,990

1,714,953

Florida................... 182 182 176 3 3 7,140

Georgia................. 375 375 304 71 1,714,953 28,177

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Idaho...................

Illinois.................

Indiana...............

Iow a.....................

Kansas.................

K entucky...........

Louisiana............

M aine..................

M aryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

M issouri.............

M ontana.............

Nebraska............

N evada...............

New Hampshire

New Jersey........

New M ex ico.. . .

New Y ork...........

North Carolina. 

North D ak ota,.

O hio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . . 

Rhode Island . .. 

South Carolina.. 

South D akota..,

Tennessee...........

Texas...................

U tah....................

V erm ont.............

Virginia...............

Washington____

W est V irginia..,

W isconsin...........

W yom ing.......... .

Possessions

A laska............... .

Hawaii................

Puerto Rico 

Virgin Islands..

47

876

493

659

614

390

155

96

179 

381

448

678

203

596

110

4178

106

370

44

802

227

151

677

385

71

1,022

32

149

169

298

873

59

80

315

124

180 

558

56

47

876

489

659

614

390

155

64

170

191

448

677

203

596

110

4178

64

346

44

671

227

151

674

385

70

1,015

23

149

169

298

873

59

72

315

122

180

554

56

45

856

474

596

452

362

154

55 

167 

183

417

646

198

565

110

3568

56 

341

44

659

222

145

659

374

67

998

14

126

169

289-

811

59

71

315

119

175

545

55

2

1412

63

160

241

53

12

4

5 

15

9

1

156 

23

15

32

9

190

131

22

131

26

7

190

436,367

10,945,094

2,881,389

2.225.739 

1,529,885

1,506,385

1,546,450

693,141

1,919,187

7,112,684

4,658,78s1

2,825,069

753,173

3,986,105

531,024

1,264,445

163,747

523,299

4,815,895

271,493

40,106,540

1,852,680

526,690

6,954,093

1,407,990

1,354,818

10,508,705

1.010.740 

675,631 

454,634

1,883,763

5,624,293

553,337

323,997

1,785,346

2,156,421

854,247

2,836,882

228,452

61,953

477,524

284,739

4,042

436,367 0 

10,945,094 

2,840,527 

2,225,739 

1,529,885

1,506,385

1,546,450

469,573

1,536,312

4,032,254

4,658,788

2,684,982

753,173

3,986,105

531,024

1,264,445

163,747

226,941

4,342,916

271,493

30,934,819

1,852,680

526,690

6,731,334

1,407,990

1,343,366

9,501,066

754,504

675,631

454,634

1,883,753

5,624,293

553,337

240,426

1,785,346

1,983,809

854,247

2,825,246

228,452

61,953

477,524

284,739

4,042

426,899

10,911,119

2,815,932

2,124,761

1,364,257

1,480,001

1,545,513

431,564

1,482,312

3,934,621

4,557,871

2,665,153

743,423

3,965,123

531,024

1,220,620

163,747

210,136

4,336,192

271,493

30,426,493*

1,827,005

449,026

6,716,427

1,402,280

1,335,841

9,459,474

639,155

655,528

454,634

1,878,208

5,509,337

553,337

240,426

1,785,346

1,963,817

841,892

2,815,072

228,452

20,178

14,959

’ 3,898

9,468

33,975

24,595

100,978

165,628

26,384

937

38,009

54,000

97,633

100,917

19,829

9,750

20,982

43,825

16,805

6,724

508,326

25,675

77,664

14,907

5,710

7,525

41,592

115,349

20,103

5,545

114,956

19,992

12,355

10,174

41,775

462,565

284,739

144

40,862

223,568

382,875

3,080,430

140,087

296,358

472,979

9,171,721

222,759

11,452

1,007,639

256,236

83,571

172,612 

’ ‘f i f636

25,629

78,796

448,528

9,171,721

222,759

11,452

1,007,639

83,571

172,612 

’ 11,177

11,577

197,939

304,079

3,080,430

296,358

24,451

256,236

459

1 Includes 8 trust companies not engaged in deposit banking: 2 in Pennsylvania and 1 each in California, Florida, Kansas, Massachusetts, Missouri and Wisconsin.

Back figures— See the following Annual Reports: 1945, pp. 106-107; 1944, pp. 120-121; 1943, pp. 76-77; 1942, pp. 76-77; 1941, pp. 108-109.

N U M B ER , OFFICES, AND DEPOSITS OF OPERATING B A N K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 104. Summary of assets and liabilities of operating banks in the United States and 

possessions, June 29, 1946

Banks grouped according to insurance status and type of bank

Table 105. Summary of assets and liabilities of operating banks in the United States and 

possessions, December 31, 1946

Banks grouped according to insurance status and type of bank

Table 106. Assets and liabilities of operating insured commercial banks, December 31, 1946, 

June 29, 1946, and December 31, 1945

Table 107. Summary of assets and liabilities of operating banks in the United States and 

possessions, 1944-1946

Banks grouped according to insurance status and type of bank

Table 108. Assets and liabilities of operating insured commercial banks, call dates, 1941-1946

Table 109. Percentage distribution of assets and liabilities of operating insured commercial 

banks, call dates, 1941-1946

Table 110. Assets and liabilities of all operating banks in the United States and possessions, 

December 31, 1946

Banks grouped by district and State

A s s e t s a n d L i a b i l i t i e s o f O p e r a t i n g B a n k s

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

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 allowances and premiums.

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 helcl

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” .

Since June 30, 1942, 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.

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

deductions which may be claimed.

Data for noninsured trust companies not accepting deposits are

excluded. Data for some noninsured commercial banks are omitted

because of unavailability of reports. On December 31, 1946, 83 noninsured trust companies and 21 noninsured commercial banks were

excluded. Because of these exclusions, the number of noninsured banks

in the following tables does not agree with the number shown in the

previous section.

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; Rand McNally Bankers

Directory; and Polk’s Bankers Encyclopedia.

ASSETS AND LIABILITIES OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 104. Sum m ary op A ssets and L iabilities of Operating B an ks in the U nited States and P ossessions, Ju ne 29, 1946

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

Asset, liability, or capital account item

All

banks

Commercial banks Mutual savings banks

Total Insured1 Noninsured Total Insured Noninsured

ASSETS

Cash, balances w ith oth er ban ks, and cash item s in process o f col33,209,612

105,600,987

96,402,828

4,174,571

4,519,418

492,567

11,603

31,629,090

1,727,787

1,010,897

116,644

600,246

172,167,476

32,462,761

92,833,391

84,964,684

4,083,555

3,426,945

346,604

11,603

27,271,624

1,545,587

917,746

98,311

529,530

154,113,363

31,853,309

90,641,839

82,997,854

3,975,354

3,354,207

314,424

609,452

2,191,552

1,966,830

108,201

72,738

32,180

11.603

475,389

93.604

18,043

6,058

69,503

3,369,997

746,851

12,767,596

11,438,144

91,016

1,092,473

145,963

550,288

8,321,549

7,661,641

73,670

573,060

13,178

196,563

4,446,047

3,776,503

17,346

519,413

132,785

Obligations of States and political subdivisions.................................................

XlAf /»1 OQQlfl oH _ .......................................

L oans, discou n ts, an d overdrafts (in clu d in g red iscou n ts)......................

M iscellaneou s assets— t o ta l...................................................................................

Bank premises owned, furniture and fixtures.....................................................

Other real estate— direct and indirect..................................................................

L IA BILITIE S

Demand deposits of individuals, partnerships, and corporations.................

Time deposits of individuals, partnerships, and corporations.......................

States and political subdivisions............................................................................

Interbank.....................................................................................................................

26,796,235

1,451,983

899,703

92,253

460,027

150,743,366

4,357,466

182,200

93,151

18,333

70,716

18,054,113

3,131,940

134,035

69,961

13,995

50,079

12,137,812

1,225,526

48,165

23,190

4,338

20,637

5,916,301

159,989,490

76,693,129

48,422,753

6,619,048

13,514,394

12,320,361

2,352,413

67,392

1,125,071

87.700

1,037*371

161,114,561

11,052,915

3,175,457

5,184,522

2,692,936

172,167,476

143,708,691

76,682,372

32,161,049

6,617,077

13,511,980

12,319,908

2,348,913

67,392

1,067,130

86.603

980^527

144,775,821

9,337,542

3,170,555

4,024,776

2,142,211

154,113,363

140,648,764

75,404,533

31,504,915

6,361,024

13,045,857

12,007,591

2,320,252

4,592

1,024,999

83.229

941,770

141,673,763

9,069,603

3,070,706

3,932,822

2,066,075

150,743,366

3,059,927

1,277,839

656,134

256,053

466,123

312,317

28,661

62,800

42,131

3.374

38,757

3,102,058

267,939

99,849

91,954

76,136

3,369,997

16,280,799

10,757

16,261,704

1,971

2,414

453

10,979,154

8,988

10,963,134

1,723

1,632

420

5,301,645

1,769

5,298,570

248

782

33

Certified and officers' checks, cash letters of credit, etc.................................. 243

>Jn|ncoifioH ln^lnHincr nntjfp 1 qqvincrs . . . . , ...............

3,500 3,257

M iscellaneou s liabilities— t o ta l............................................................................

Rediscounts and other borrowed money 5, s s s s _ ........ ............

Ail other miscellaneous liabilities...........................................................................

T o ta l liabilities (exclu din g capital a c c o u n ts).......................................

C APITAL ACCOUNTS 

C apital a ccou n ts— t o ta l...........................................................................................

Capital stock, notes, and debentures.......................................... .........................

57,941

1.097

56^44

16,338,740

1,715,373

4,902

1,159,746

550,725

18,054,113

36,208

117

36,091

11,015,362

1,122,450

4,902

836,581

280,967

12,137,812

21,733

980

20,753

5,323,378

592,923

.........323,165

269,758

5,916,301

Undivided profits, including all other capital accounts...................................

T otal liabilities and capital a cco u n ts .......................................................

14,633 14,092 13,335 757 541 191 350

1 Includes 8 trust companies not engaged in deposit banking.

Back figures— See the following Annual Reports: 1945, pp. 110-111; 1944, pp. 124-125; 1943, pp. 78-79; 1942, pp. 78-79; 1941, pp. 122-125.

FEDERAL DEPOSIT INStJRANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 105. S u m m a r y o f A s s e t s a n d L ia b i l i t i e s o f O p e r a t in g B a n k s i n t h e U n it e d S t a t e s a n d P o s s e s s io n s , D e c e m b e r 31, 1946

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

All

banks

Commercial banks Mutual savings banks

Asset, liability, or capital account item

Total Insured1 Noninsured Total Insured Noninsured

ASSETS

C ash, balan ces w ith oth er ban ks, an d cash item s in process of co llection ................................................................................................................. 35,184,749 34,366,535 33,704,314 662,221 818,214 611*547 206,667

S ecurities— to ta l......................................................................................................... 96,547,949 83,369,809 81,468,377 1,901,432 13,178,140 8,640,886 4,537,254

United States Government obligations, direct and guaranteed.................... 87,031,186 75,252,740 73,574,908 1,677,832 11,778,446 7,945,635 3,832,811

Obligations of States and political subdivisions................................................ 4,471,244 4,410,674 4,300,705 109,969 60,570 45,625 14,945

Other bonds, notes, and debentures..................................................................... 4,559,381 3,368,638 3,295,002 73,636 1,190,743 636,283 554,460

Corporate stocks........................................................................................................

N ot classified..............................................................................................................

477,055

9,083

35,810,090

328,674

9,083

31,283,348

297,762 30,912

9,083

543,375

148,381 13,343 135,038

L oa n s, d iscou n ts, and overdrafts (in clu din g rediscou n ts)...................... 30,739,973 4,526,742 3,250,208 1,276,534

M iscellaneou s assets— t o t a l................................................................................... 1,712,228 1,531,774 1,451,879 79,895 180,454 134,061 46,393

Bank premises owned, furniture and fixtures.................................................... 1,012,869 920,657 902,457 18,200 92,212 69,652 22,560

Other real estate— direct and indirect................................................................. 104,951 90,755 84,768 5,987 14,196 11,009 3,187

All other miscellaneous assets................................................................................ 594,408 520,362 464,654 55,708 74,046 53,400 20,646

T o ta l a ssets.......................................................................................................... 169,255,016 150,551,466 147,364,543, " 3,186,923 18,703,550 12,636,702- " 6,066,848

LIA BILITIE S

D eposits— t o t a l............................................................................................................ 156,751,343 139,882,004 137,029,289 2,852,715 16,869,339 11,427,706 5,441,633

Demand deposits of individuals, partnerships, and corporations................. 81,275,673 81,265,119 79,902,589 1,362,530 10,554 8,549 2,005

Time deposits of individuals, partnerships, and corporations....................... 50,283,768 33,432,102 32,761,111 670,991 16,851,666 11,412,938 5,438,728

States and political subdivisions............................................................................ 6,895,161 6,892,965 6,632,984 259,981 2,196 1,913 283

United States Government..................................................................................... 3,163,242 3,160,885 3,046,649 114,236 2,357 1,903 454

Interbank.................................................................................................................... 12,666,810 12,666,134 12,320,105 346,029 676 642 34

Certified and officers’ checks, cash letters of credit, etc.................................

N ot classified, including postal savings...............................................................

2,396,215

70,474

1,158,942

2,394,325

70,474

1,108,597

2,360,828

5,023

1,047,214

33,497

65,451

61,383

1,890 1,761 129

M iscellan eou s liabilities— to ta l........................................................................... 50,345 36,407 13,938

Rediscounts and other borrowed m oney............................................................. 45,161 45,063 38,888 6,175 98 84 14

All other miscellaneous liabilities.......................................................................... 1,113,781 1,063,534 1,008,326 55,208 50,247 36,323 13,924

T ota l liabilities (excluding capital a ccou n ts)....................................... 157,910,285 140,990,601 138,076,503 2,914,098 16,919,684 11,464,113 5,455,571

C APITA L ACCOUNTS

C apital a ccou n ts— to ta l......................................................................................... 11,344,731 9,560,865 *$,288,040 272,825 1,783,866 y i , 172,589 611,277

Capital stock, notes, and debentures....................... ,.......................................... 3,247,762 3,242,862 3,141,878 100,984 4,900 4,900

5,372,915 4,154,513 4,060,047 94,466 1,218,402 879,400 .........339,002

Undivided profits, including all other capital accounts.................................. 2,724,054 2,163,490 2,086,115 77,375 560,564 288,289 272,275

T o ta l liabilities and capital a c c o u n ts ...................................................... 169,255,016 150,551,466 147,364,543 3,186,923 18,703,550 12,636,702 6,066,848

Number of banks included.......................................................................................... 14,655 14,114 13,359 755 541 191 350

* Includes 8 trust companies not engaged in deposit banking.

Back figures— See the following Annual Reports: 1945, pp. 110-111; 1944, pp. 124-125; 1943, pp. 78-79; 1942, pp. 78-79; 1941, pp. 122-125.

ASSETS AND LIABILITIES OF OPERATING B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Ju n e 29, 1946, a n d D e c e m b e r 31, 1945

(Amounts in thousands of dollars)

Table 106. A s s e t s a n d L ia b il it ie s of O p e r a t in g I n s u r e d C o m m e r c ia l B a n k s , D e c e m b e r 31, 1946,

fcO

ASSETS

Gash, balances with other banks, and cash

items in process of collection— total..

Currency and coin ..................................................

Reserve with Federal Reserve 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 United States Governm ent— total...................................................

Direct:

Treasury bills......................................................

Treasury certificates of indebtedness............

Treasury notes....................................................

United States savings bonds...........................

Other bonds maturing in 5 years or less. . . .

Other bonds maturing in 5 to 10 years........

Bonds maturing in 10 to 20 years.................

Bonds maturing after 20 years.......................

Guaranteed obligations.........................................

Other securities— total.........................................

Obligations of States and political subdivisions

Other bonds, notes, and debentures1................

Corporate stocks:

Federal Reserve banks......................................

Other corporate stocks ......................................

Total securities...........................................

Loans, discounts, and overdrafts (including

rediscounts)— total.................

Commercial and industrial loans (including

open market paper)..................................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.................

Other loans to farmers (excluding loans on real 

estate).....................................................

Dec. 31, 

1946

June 29, 

1946

Dec. 31, 

1945

33,704,314

2,014,710

16,013,442

9,428,590

60,399

56,777

6,130,396

31,853,309

1,473,274

15,999,368

9,036,691

72,555

34,086

5,237,335

34,302,704

1,831,755

15,810,286

11,006,547

75,427

24,017

5,554,672

73,574,908

1,271,662

12,293,195

6,781,379

1,180,326

12,727,955

29,700,350

6,597,224

3,007,790

15,027

82,997,854

1,220,038

17,641,607

12,006,539

1,194,592

9,933,205

32,278,820

5,725,858

2,973,453

23,742

88,933,380

2,455,731

19,074,630

16,047,429

1,194,764

9,029,883

32,230,258

6,092,145

2,786,871

21,669

7,893,469

4,300,705

3,295,002

186,796

110,966

7,643,985

3,975,354

3,354,207

182,798

131,626

7,133,315

3,874,729

2,938,313

176,895

143,378

81,468,377 90,641,839 96,066,695

30,739,973

14,018,991

102,139

1,255,805

26,796,235

10,336,173

97,000

1,268,775

25,768,677

9,462,256

304,685

1,009,608

LIABILITIES A N D CAPITAL

Deposits of individuals, partnerships, and

corporations— total.........................

Dem and.........................................................

Tim e...........................................................

Certified and officers’ checks, cash letters 

o f credit and travelers’ ch ecks o u tstanding, and a m ou n ts due to Federal Reserve b a n k s.....................................

G overnm ent deposits— t o ta l..............................

United States Government— demand:

War loan and Series E bond accounts.........

Other accounts...................................................

United States Government— tim e.....................

Postal savings.........................................................

States and political subdivisions— dem and... . 

States and political subdivisions— tim e...........

In terb a n k deposits— t o ta l..................................

Banks in the United States— demand..............

Banks in the United States— tim e.....................

Banks in foreign countries— demand................

Banks in foreign countries— tim e.......................

T o ta l d ep osits...................................................

Demand............................................................

Tim e..................................................................

M iscellaneou s liabilities— t o t a l........................

Bills payable, rediscounts, and other liabilities

for borrowed m oney......................................

Acceptances outstanding......................................

Dividends declared but not yet payable..........

Income collected but not earned........................

Expenses accrued and unpaid.............................

Other liabilities.......................................................

T ota l liabilities (excluding capital 

a cco u n ts ).............................................

Dec. 31, 

1946

June 29, 

1946

Dec. 31,

1945

112,663,700

79,902,589

32,761,111

106,909,448

75,404,533

31,504,915

101,900,844

72,605,736

29,295,108

2,360,828 2,320,252 2,584,897

9,684,656

2,709,074

223,248

114,327

5,023

5,968,462

664,522

19,411,473

12,718,443

225,491

101,923

4,592

5,808,920

552,104

29,441,712

23,476,945

266,147

98,277

4,926

5,099,450

495,967

12,320,105

10,888,080

49,199

1,364,022

18,804

12,007,591

10,584,438

51,259

1,346,281

25,613

13,883,529

12,566,058

51,957

1,247,905

17,609

137,029,289

103,U 6,803

33,612,986

140,648,764

108,^08,358

32,2U0,U06

147,810,982

117,81+7,138

29,963,8U

1,047,214

38,888

133,458

57,497

101,261

381,709

334,401

1,024,999

83,229

109,799

48,428

78,908

394,189

310,446

1,099,022

215,300

76,824

56,508

58,280

367,271

324,839

138,076,503 141,673,763 148,910,004

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans to brokers and dealers in securities. . . . 

Other loans for the purpose of purchasing or

carrying securities..........................................

Real estate loans:

On farm land.......................................................

On residential properties..................................

1,517,318

1,609,335

683,569

5,057,538

1,365,361

514,029

328,229

311,309

674,938

2,202,897

81,068

1,017,447

2,416,515

2,656,333

617,848

4,041,033

1,081,480

348,829

| 398,645

524,498

1,797,620

57,274

1,154,212

3,164,060

3,606,474

507,342

3.331.504 

840,404

224,762

266,346

398,296

1,471,836

48,599

1.132.505

Capital accounts— tota l.......................................

Capital stock, notes, and debentures...............

Undivided profits...................................................

Total liabilities and capital accounts...

9,288,040

3,141,878

4,060,047

1,495,456

590,659

9,069,603

3,070,706

3,932,822

1,485,019

581,056

8,672,396

3,032,331

3,784,722

1,293,271

562,072

Other loans to individuals:

Retail automobile instalment paper............. 147,364,543 150,743,366 157,582,400

Repair and modernization instalment loans.

Instalment cash loans.......................................

Single-payment loans........................................

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

All other loans (including overdrafts)...............

Loans and securities— total...................

Bank premises, furniture and fixtures, and

other real estate— total...........................

Bank premises...............................................

M EM O RAN D A 

Pledged assets and securities loaned.............

Capital stock, notes, and debentures:

Par or face value— total

13,664,608 23,895,648 32,517,937

112,208,350 117,438,074 121,835,372

3,143,231

2,995,594

35,368

112,269

3,072,408

2,909,612

40,034

122,762

3,034,144

2,838,661

42,892

987,225 152,591

824,029

78,428

20,326

64,442

991,956

828,309

71,394

24,903

67,350

1,003,336

835,787

67,138

31,239

69,172

Common stock...............................................

Capital notes and debentures.........................

Preferred stock...................................................

Retireable value of preferred stock...................

PERCENTAG ES

Percentages of total assets:

Cash and balances with other banks.................

U . S. Government obligations, direct and

guaranteed.......................................................

Other securities...................

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

Income accrued but not collected......................

Prepaid expenses.....................................................

Other assets..............................................................

191,752 204,986 260,591

22.9%

49.9

5.3

20.9 

1.0

6.3

21.1%

55.0

5.1

17.8

1.0

6.0

21.8%

56.4

4.5

16.4 

.9

5.5

464,654

118,339

230,023

19,501

96,791

460,027

92,056

240,990

20,720

106,261

440,988

66,459

252,033

18,641

103,855

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

Loans sind discounts

147,364,543 150,743,366 157,582,400 Total capital accounts..........................................

Number of banks........................................................ 13,359 13,335 13,302 Number of banks................. 13,359 13,335 13,302

1 Includes obligations of United States Government corporations and agencies not guaranteed by the United States Government.

Back figures— See the following Annual Reports: 1945, pp. 112-113; 1944, pp. 126-127; 1943, pp. 80-81; 1942, pp. 80-81; 1941, pp. 126-129; 1940, pp. 144-147; 1938, pp. 

164-167.

a*ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107. S u m m a ry o f A s s e t s a n d L i a b i l i t i e s o f O p e r a t i n g B a n k s in t h e U n i t e d S t a t e s a n d P o s s e s s io n s , 1944-1946

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in millions of dollars) t—1

Asset, liability, or capital account item June 30, 1944 December 30, 1944 June 30, 1945

ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED

Total assets............................................................... 139,227 131,766 7,461 152,618 144,440 8,178 162,845 154,114 8,731

Cash and amounts due from other banks. . . . 28,279 27,571 708 30,910 30,145 765 30,846 30,081 765

United States Government obligations1.......... 76,017 71,856 4,161 86,281 81,405 4,876 94,169 88,790 5,379

Other securities...................................................... 7,552 6,750 802 7,563 6,761 802 8,013 7,185 828

Loans, discounts, and overdrafts...................... 25,487 23,843 1,644 26,080 24,465 1,615 28,086 26,468 1,618

Miscellaneous assets............................................. 1,892 1,746 146 1,784 1,664 120 1,731 1,590 141

Total liabilities and capital accounts........... 139,227 131,766 7,461 152,618 144,440 8,178 162,845 154,114 8,731

Total deposits......................................................... 129,128 122,415 6,713 142,077 134,662 7,415 151,859 143,953 7,906

Miscellaneous liabilities....................................... 824 782 42 926 896 30 913 863 50

Total capital accounts......................................... 9,275 8,569 706 9,615 8,882 733 10,073 9,298 775

Number of banks included...................................... 14,608 13,461 1,147 14,597 13,460 1,137 14,601 13,474 1,127

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL

Total assets............................................................... 125,386 122,647 2,739 137,830 134,613 3,217 146,894 143,456 3,438

Cash and amounts due from other banks. . . . 27,736 27,190 546 30,327 29,746 581 30,262 29,659 603

United States Government obligations1........... 68,716 67,104 1,612 77,953 75,896 2,057 84,581 82,422 2,159

Other securities...................................................... 6,294 6,124 170 6,331 6,157 174 6,774 6,579 195

Loans, discounts, and overdrafts...................... 21,071 20,732 339 21,708 21,355 353 23,777 23,379 398

Miscellaneous assets............................................. 1,569 1,497 72 1,511 1,459 52 1,500 1,417 83

Total liabilities and capital accounts........... 125,386 122,647 2,739 137,830 134,613 3,217 146,894 143,456 3,438

Total deposits......................................................... 116,655 114,180 2,475 128,702 125,752 2,950 137,434 134,282 3,152

Miscellaneous liabilities....................................... 778 757 21 891 871 20 865 833 32

Total capital accounts......................................... 7,953 7,710 243 8,237 7,990 247 8,595 8,341 254

Number of banks included...................................... 14,064 13,269 795 14,054 13,268 786 14,059 13,282 777

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL

SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS

Total assets............................................................... 13,841 9,119 4,722 14,788 9,827 4,961 15,951 10,658 5,293

Cash and amounts due from other banks. . . . 543 381 162 583 399 184 584 422 162

United States Government obligations1........... 7,301 4,752 2,549 8,328 5,509 2,819 9,588 6,368 3,220

Other securities...................................................... 1,258 626 632 1,232 604 628 1,239 606 633

Loans, discounts, and overdrafts...................... 4,416 3,111 1,305 4,372 3,110 1,262 4,309 3,089 1,220

Miscellaneous assets............................................. 323 249 74 273 205 68 231 173 58

Total liabilities and capital accounts........... 13,841 9,119 4,722 14,788 9,827 4,961 15,951 10,658 5,293

12,473 8,235 4,238 13,375 8,910 4,465 14,425 9,671 4,754

Miscellaneous liabilities....................................... 46 25 21 35 25 10 48 30 18

Total capital accounts......................................... 1,322 859 463 1,378 892 486 1,478 957 521

Number of banks included...................................... 544 192 352 543 192 351 542 192 350

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
December 31, 1945 June 29, 1946 December 31, 1946

ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED

Total assets............................................................... 178,203 169,006 9,197 172,167 162,881 9,286 169,256 160,002 9,254

Cash and amounts due from other banks. . . . 35,585 34,732 853 33,209 32,403 806 35,185 34,316 869

United States Government obligations1.......... 101,822 96,093 5,729 96,403 90,660 5,743 87,032 81,521 5,511

Other securities...................................................... 8,595 7,739 856 9,199 8,304 895 9,517 8,589 928

Loans, discounts, and overdrafts...................... 30,473 28,850 1,623 31,628 29,928 1,700 35,810 33,990 1,820

Miscellaneous assets............................................. 1,728 1,592 136 1,728 1,586 142 1,712 1,586 126

Total liabilities and capital accounts........... 178,203 169,006 9,197 172,167 162,881 9,286 169,256 160,002 9,254

Total deposits......................................................... 166,474 158,174 8,300 159,990 151,628 8,362 156,753 148,458 8,295

Miscellaneous liabilities....................................... 1*203 1,125 78 1,125 1,062 63 1,158 1,083 75

Total capital accounts......................................... 10,526 9,707 819 11,052 10,191 861 11,345 10,461 884

Number of banks included...................................... 14,621 13,494 1,127 14,633 13,526 1,107 14,655 13,550 1,105

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL

Total assets....................................... ....................... 161,182 157,582 3,600 154,113 150,743 3,370 150,552 147,365 3,187

Cash and amounts due from other banks. . . . 34,975 34,303 672 32,462 31,853 609 34,366 33,704 662

United States Government obligations1.......... 91,149 88,933 2,216 84,965 82,998 1,967 75,253 73,575 1,678

Other securities...................................................... 7,340 7,133 207 7,869 7,644 225 8,118 7,894 224

Loans, discounts, and overdrafts...................... 26,193 25,769 424* 27,271 26,796 475 31,283 30,740 543

Miscellaneous assets............................................. 1,525 1,444 81 1,546 1,452 94 1,532 1,452 80

Total liabilities and capital accounts........... 161,182 157,582 3,600 154,113 150,743 3,370 150,552 147,365 3,187

Total deposits......................................................... 151,089 147,811 3,278 143,709 140,649 3,060 139,883 137,030 2,853

Miscellaneous liabilities....................................... 1,160 1,099 61 1,067 1,025 42 1,108 1,047 61

Total capital accounts.......................................... 8,933 8,672 261 9,337 9,069 268 9,561 9,288 273

Number of banks included...................................... 14,079 13,302 777 14,092 13,335 757 14,114 13,359 755

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL

SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS

Total assets............................................................... 17,021 11,424 5,597 18,054 12,138 5,916 18,704 12,637 6,067

Cash and amounts due from other banks .... 610 429 181 747 550 197 819 612 207

United States Government obligations1........... 10,673 7,160 3,513 11,438 7,662 3,776 11,779 7,946 3,833

Other securities...................................................... 1,255 606 649 1,330 660 670 1,399 695 704

Loans, discounts, and overdrafts...................... 4,280 3,081 1,199 4,357 3,132 1,225 4,527 3,250 1,277

Miscellaneous assets............................................. 203 148 55 182 134 48 180 134 46

Total liabilities and capital accounts........... 17,021 11,424 5,597 18,054 12,138 5,916 18,704 12,637 6,067

Total deposits......................................................... 15,385 10,363 5,022 16,281 10,979 5,302 16,870 11,428 5,442

Miscellaneous liabilities....................................... 43 26 17 58 37 21 50 36 F* 14

Total capital accounts......................................... 1,593 1,035 558 1,715 1,122 593 1,784 1,173 611

Number of banks included...................................... 542 192 350 541 191 350 541 191 350

1 Includes both direct and guaranteed obligations.

Back figures— See the following Annual Reports: 1945, pp. 114-115; 1944, pp. 128-129; 1941, pp. 122-125.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A ss e t s a n d L ia b il it ie s o f O p e r a tin g I n s u r e d C o m m e r c ia l B a n k s , C a l l D a t e s , 1941-1946

(Amounts in millions of dollars)

1941 1942 1943 1944 1945 1946

Asset, liability, or capital account item

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31 June 29 Dec. 31

T o ta l a ssets............................................................................ 72,984 76,827 78,709 95,459 102,405 112,246 122,647 134,613 143,456 157,582 150,743 147,365

Gash, balan ces w ith oth er ban ks, an d cash item s 

in process o f c o lle c tio n ................................................. 24,998 25,793 24,382 27,593 25,538 27,191 27,190 29,746 29,659 34,303 31,853 33,704

Securities— t o ta l.............................................................. 26,279 28,032 32,726 47,344 57,890 64,678 73,228 82,053 89,001 96,066 90,642 81,469

United States Government obligations, direct 

guaranteed...............................................................

and

19,371 21,047 25,936 40,712 51,542 58,693 67,104 75,896 82,422 88,933 82,998 73,575

Obligations of States and political subdivisions.. . 3,551 3,652 3,494 3,533

2,680

3,441 3,288 3,394 3,424 3,686 3,875 3,975 4,301

Other bonds, notes, and debentures......................... 2,890 2,890 2,865 2,520 2,342 2,388 2,386 2,567 2,938 3,354 3,295

Corporate stocks............................................................ 467 443 431 419 387 355 342 347 326 320 315 298

L oan s, d iscou n ts, an d overdrafts (in clu d in g 

d isc o u n ts)..............................................................

re19,913 21,262 19,923 18,907 17,392 18,844 20,732 21,355 23,379 25,769 26,796 30,740

M iscellaneou s assets— t o ta l....................................... 1,794 1,740 1,678 1,615 1,585 1,533 1,497 1,459 1,417 1,444 1,452 1,452

Bank premises owned, furniture and fixtures........ 1,067 1,060 1,060 1,048 1,022 994 972 940 919 903 900 902

Other real estate— direct and indirect..................... 429 370 340 301 257 207 172 139 115 100 92 85

All other miscellaneous assets.................................... 298 310 278 266 306 332 353 380 383 441 460 465

T o ta l liabilities an d capital a cc o u n ts ........................ 72,984 76,827 78,709 95,459 102,405 112,246 122,647 134,613 143,456 157,582 150,743 147,365

D eposits— t o t a l................................................................ 65,617 69,421 71,162 87,820 94,582 104,116 114,180 125,752 134,282 147,811 140,649 137,030

Demand deposits of individuals, partnerships, 

corporations............................................................

and

34,331 36,547 39,266 47,128 53,423 58,346 57,364 64,149 65,508 72,606 75,405 79,903

Time deposits of individuals, partnerships, 

corporations............................................................

and

15,207 15,151 14,890 15,706 16,897 18,572 20,544 23,363 26,363 29,295 31,505 32,761

States and political subdivisions................................ 4,010 4,170 4,337 4,394 4,675 4,749 4,812 4,944 5,182 5,595 6,361 6,633

United States Government......................................... 666 1,763 1,771 8,215 7,765 10,068 18,865 19,862 23,583 23,841 13,046 3,047

Postal savings................................................................. 65 59 56 13 9 7 6 5 5 5 5 5

Interbank......................................................................... 10,546 10,654 10,076 11,145 10,681 10,705 11,038 12,074 12,401 13,884 12,007 12,320

Certified and officers’ checks, cash letters of credit, etc. 792 1,077 766 1,219 1,132 1,669 1,551 1,355 1,240 2,585 2,320 2,361

M iscellaneous liabilities— to ta l................................ 594 564 594 583 594 676 757 871 833 1,099 1,025 1,047

Rediscounts and other borrowed m oney................. 10 10 11 10 25 45 84 121 65 215 83 39

All other miscellaneous liabilities.............................. 584 554 583 573 569 631 673 750 768 884 942 1,008

C apital a ccou n ts— t o ta l............................................... 6,773 6,842 6,953 7,056

2,849

7,229 7,454 7,710 7,990 8,341 8,672 9,069 9,288

Capital stock, notes, and debentures........................... 2,858 2,849 2,859 2,841 2,875 2,895 2,912 2,978 3,032 3,070 3,142

Surplus.............................................................................. 2,603 2,686 2,741 2,801 2,887 3,090 3,190 3,402 3,529 3,785 3,933 4,060

Undivided profits, including all other capital accounts. 1,312 1,307 1,353 1,406 1,501 1,489 1,625 1,676 1,834 1,855 2,066 2,086

Number of banks included................................................... 13,423 13,427 13,403 13,347 13,302 13,274 13,269 13,268 13,282 13,302 13,335 13,359

Back figures— See the Annual Report for 1945, p. 116.

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 109. P e r c e n t a g e D is t r ib u t io n op A sse t s a n d L ia b il it ie s o f O p e r a t in g I n s u r e d C o m m e r c ia l B a n k s ,

C a l l D a t e s , 1941-1946

Asset, liability, or capital account item

1941 1942 1943 1944 1945 1946

June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31 June 29 Dec. 31

T ota l a sse ts.................................................................................... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Gash, balances w ith o th e r ban ks, and cash item s

in process o f c o lle c tio n ............................................ 34.3 33.6 31.0 28.9 24.9 24.2 22.2 22.0 20.7 21.8 21.1 22.9

Securities— to ta l......................................................................

United States Government obligations, direct and

36.0 36.5 41.6 49.6 56.6 57.6 59.7 61.0 62.0 61.0 60.1 55.2

guaranteed....................................................................... 26.5 27.3 33.1 42.7 50.3 52.3 54.7 56.4 57.4 56.4 55.1 49.9

Obligations of States and political subdivisions............. 4.9 4.8 4.4 3.7 3.4 2.9 2.8 2.5 2.6 2.5 2.6 2.9

Other bonds, notes, and debentures................................. 4.0 3.8 3.6 2.8 2.5 2.1 1.9 1.8 1.8 1.9 2.2 2.2

Corporate stocks.................................................................... .6 .6 .5 .4 .4 .3 .3 .3 .2 .2 .2 .2

Loans, discou n ts, and overdrafts (including re ­

d iscounts) ...................................................................... 27.2 27.6 25.3 19.8 17.0 16.8 16.9 15.9 16.3 16.3 17.8 20.9

M iscellaneou s assets— t o t a l............................................... 2.5 2.3 2.1 1.7 1.5 1.4 1.2 1.1 1.0 .9 1.0 1.0

Bank premises owned, furniture and fixtures................. 1.5 1.4 1.3 1.1 1.0 .9 .8 .7 .6 .6 .6 .6

Other real estate— direct and indirect............................. .6 .5 .4 .3 .2 .2 .1 .1 .1 .1

.3

.1

All other miscellaneous assets............................................. .4 .4 .4 .3 .3 .3 .3 .3 .3 .3 .3

T ota l liabilities and ca p ita l a c c o u n ts ................................ 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

D eposits— t o t a l........................................................................

Demand deposits of individuals, partnerships, and

89.9 90.4 90.4 92.0 92.3 92.8 93.1 93.5 93.6 93.8 93.3 93.0

corporations....................................................................

Time deposits of individuals, partnerships, and

47.1 47.6 49.8 49.3 52.1 52.1 46.7 47.6 45.7 46.1 50.0 54.2

corporations.................................................................... 20.8 19.7 18.9 16.5 16.5 16.5 16.8 17.4 18.4 18.6 20.9 22.2

States and political subdivisions........................................ 5.5 5.4 5.5 4.6 4.6 4.2 3.9 3.7 3.6 3.6 4.2 4.5

United States Government.................................................

Postal savings..........................................................................

.9

.1

2.3

.1

2.3

.1

8.6 7.6 9.0 15.4 14.8 16.4 15.1 8.7 2.1

Interbank................................................................................. 14.4 13.9 12.8 11.7 10.4 9.5 9.0 9.0 8.6 8.8 8.0 8.4

Certified and officers’ checks, cash letters of credit, etc. 1.1 1.4 1.0 1.3 1.1 1.5* 1.3 1.0 .9 1.6 1.5 1.6

M iscellaneou s liabilities— t o ta l........................................

Rediscounts and other borrowed m oney.........................

.8 .7 .8 .6 .6 .6 .6

.1

.6

.1

.6

.1

.7

.1

.7

.1

.7

All other miscellaneous liabilities...................................... .8 .7 .8 .6 .6 .6 .5 .5 .5 .6 .6 .7

C apital a ccou n ts— t o ta l....................................................... 9.3 8.9 8.8 7.4 7.1 6.6 6.3 5.9 5.8 5.5 6.0 6.3

Capital stock, notes, and debentures............................... 3.9 3.7 3.6 3.0 2.8 2.6 2.4 2.2 2.1 1.9 2.0 2.1

Surplus...................................................................................... 3.6 3.5 3.5 2.9 2.8 2.7 2.6 2.5 2.4 2.4 2.6 2.8

Undivided profits, including all other capital accounts. 1.8 1.7 1.7 1.5 1.5 1.3 1.3 1.2 1.3 1.2 1.4 1.4

Number of banks included........................................................... 13,423 13,427 13,403 13,347 13,302 13,274 13,269 13,268 13,282 13,302 13,335 13,359

Back figures— See the following Annual Reports: 1945, p. 117; 1944, p. 130.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 110. A sse t s a n d L ia b il it ie s o f A l l O p e r a t in g B a n k s in t h e U n it e d St a t e s a n d P o s s e s s io n s, D e c e m b e r 31, 1946 ^

o

BANKS GROUPED BY DISTRICT AND STATE

(Amounts in millions of dollars)

Assets Liabilities and capital accounts

District and State Number 

of banks Cash and 

due from 

banks

U. S. Government obligations

Loans, discounts, and 

overdrafts

Miscellaneous

assets

Total

Deposits

Miscellaneous

liabilities

Total

capital

accounts

Other

securities Business

and

personal1

Government2

Interbank3

United States and possessions .............................. 14,655 35,18$ 87,032 9,517 35,810 1,712 169,256 134,023 10,058 12,672 1,158 11,345

United States................... 14,616 35,029 86,536 9,477 35,647 1,678 168,367 133,403 9,863 12,659 1,134 11,308

Possessions........................ 39 156 496 40 163 34 889 620 195 13 24 37

FDIC District

District 1.............................. 877 1,768 7,616 955 3,083 156 13,578 11,389

39,071

492 410 86 1,201

District 2........................... 1,227 8,914 26,874 2,348 11,731 615 50,482 2,009 4,682 583 4,137

District 3 ............................. 1,697 3,760

2,026

9,845 1,667 3,612 231 19,115 15,504 1,050 909 107 1,545

District 4 ............................. 1,067 4,476 408 1,675 95 8,680 6,883 637 587 48 525

District 5............................. 972 1,559 2,600 359 1,186 53 5,757 4,369 598 466 25 299

District 6 ............................. 1,500 2,371 3,844 445 1,932 61 8,653 6,266 618 1,280 30 459

District 7 ............................. 1,485 2,264 6,138 599 1,913 78 10,992

13,987

9,230 725 422 31 584

District 8........................... 1,526 3,310 7,173 785 2,637 82 10,788 956 1,427 57 759

District 9 ............................. 1,105 1,044 2,565 200 754 29 4,592 3,564 379 395 16 238

District 10........................... 1,603 1,680 2,893 292 939 32 5,836 4,435 552 535 15 299

District 11........................... 1,075

521

2,584 3,338 401 1,878 89 8,290 6,159 731 946 34 420

District 12......................... 3,905 9,670 1,058 4,470 191 19,294 16,365 1,311 613 126 879

State

Alabam a................................ 219 347 582 99 261 12 1,301 1,010 139 76 6 70

Arizona................................... 10 90 195 12 109 4 410 343 46 4 2 15

Arkansas................................ 226 265 379 56 126 4 830 663 65 60 i 41

California............................... 192 2,719 6,854 773 3,333 149 13,828 11,800 856 430 106 636

Colorado................................ 144 334 577 42 190 6 1,149 947 49 95 3 55

Connecticut.......................... 186 393 1,672 228 564 39 2,896 2,505 80 41 12 258

Delaware................................ 41 99 316 89 99 6 609 487 57 4 3 58

District of Columbia........... 20 276 580 42 175 18 1,091 940 32 49 6 64

Florida.................................... 179 479 950 96 293 18 1,836 1,393 210 137 5 91

Georgia................................... 371 519 744 62 483 17 1,825 1,357 156 202 12 98

FEDERAL DEPOSIT INSURANCE C O R P O R A T IO N

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Idaho...................

Illinois.................

Indiana...............

Iow a.....................

Kansas.................

K entucky...........

Louisiana............

M aine..................

M aryland...........

Massachusetts. .

Michigan.............

M innesota...........

Mississippi.........

M issouri..............

M ontana.............

Nebraska............

N evada...............

New Hampshire.

New Jersey.........

New M ex ico.. . .

New Y ork...........

North Carolina.. 

North D akota. . ,

O hio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . . 

Rhode Island 

South Carolina.. 

South D akota...

Tennessee...........

Texas...................

U tah.....................

V erm ont..............

Virginia...............

W ashington........

W est Virginia.. .

W isconsin...........

W yom ing............

Possessions

Alaska.................

Hawaii...................

Puerto Rico 

Virgin Islands ..

47

869

490

657

612

386

155

96

178

381

439

676 

203 

594 

110

4098

106

367

44

802

226

150

677 

383

1,020

29

149

169

294

866

59

79

315

124

179

556

55

100

2,764

701

546

445

407

480

97

368

1,032

963

666

214

1,156

148

370

3166

805

85

7,953

518

114

1,564

456

313

2,196

140 

208 

116

543

1,929

141 

40

448

502

208

600

75

271

5,940

1,694

1,233

788

704

454

1,250

4,357

2,710

1,596

324

1,850

327

695

95

303

2,965

117

23,454

916

373

3,785

669

746

6,060

676

348

269

827

2,322

284

154

884

1,063

498

1,734

119

29

328

1372

659

145

126

75

62

138

59

97

472

286

143

102

191

15

658

71

44511

1,793

11221

444

101

81

1,223

97

3721

136

240

17

28

80

151

40

168

9

1

1821

72

2,209

490

428

251

342

291

150

335

1,915

939

583

149

994

61

196

36

137

905

68

10,648

399

42

1,565

265

269

2,047

185

111

470

1,410

139

132

482

537

173

484

37

2 454 387 43 7 1 16

70 11,642 8,935 727 1,283 55 642

20 3,050 2,480 271 130 7 162

12 2,345 1,853 229 144 2 117

8 1,612 1,219 208 103 2 80

9 1,608 1,251 112 143 6 96

19 1,632 1,173 171 203 10 75

5 765 658 26 9 5 67

23 2,073 1,708 100 111 7 147

86 7,862 6,485 290 338 54 695

36 4,934 4,193 303 163 18 257

21 3,009 2,287 203 335 13 171

6 795 609 93 51 2 40

29 4,220 2,906 293 787 15 219

3

554 448 52 31 1 22

7 1,333 1,019 77 168 6 63

2 172 143 19 1 2 7

4 581 498 18 8 1 56

68 5,188 4,427 343 46 21 351

1 282 227 33 11 11

512 44,360 34,000 1,487 4,622 536 3,715

19 1,964 1,412 212 228 16 96

2 552 434 77 16 1 24

65 7,423 6,106 550 298 35 434

10 1,501 1,055 197 156 4 89

15 1,424 1,209 109 37 5 64

166 11,692 9,398 500 611 72 1,111

17 1,115 931 68 12 12 92

4 708 578 74 24 2 30

3 477 395 47 13 1 21

19 1,995 1,446 148 290 8 103

65 5,966 4,416 481 728 22 319

3 584 456 50 47 2 29

5 359 312 10 2 2 33

22 1,916 1,501 141 143 9 122

15 2,268 1,907 161 88 9 103

9 928 744 78 32 8 66

22 3,008 2,557 151 129 6 165

1 241 195 21 13 12

1 66 57 4 1 4

4 498 406 69 2 1 20

29 321 154 121 10 23 13

4 3 1

>

CO

CDfei

CD

>

e

i Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, cash letters of credit, etc., and unclassified deposits of $65,451,000 

In noninsured commercial banks.

* Deposits of the United States Government; and deposits of States and political subdivisions.

* Interbank deposits; and postal savings deposits.

Back figures— See the Annual Report for 1945, pp. 118-119.

00LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 111. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1939-1946

Table 112. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1946

Banks grouped according to amount of deposits

Table 113. Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1946

Banks grouped by district and State

E x a m i n e r s ’ E v a l u a t i o n o f I n s u r e d C o m m e r c ia l B a n k s

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
The tables in this section present a summary of the evaluation of

bank assets and liabilities made by examiners of the Federal supervisory

agencies. Since bank examinations are made at various dates during

the year, these tables differ from those in the previous sections, which

are based on reports submitted by the banks for specified dates. These

tables have been prepared from reports of examination available during

the year and do not cover precisely the banks examined in that year.

The figures for 1946, include 12,461 insured commercial banks operating

at the close of the year and 32 banks which ceased operations or were

taken over by other banks during the year. Figures for 901 insured

banks operating at the close of the year were not included in the tabulations: 8 because they were not engaged in deposit banking, and 893

because reports of examination were, for various reasons, not available

for tabulation. For 408 banks the figures are derived from reports of

examination made in the last three months of 1945.

Evaluation of Assets

Book value of assets is the net value, after deduction of valuation

and premium allowances, at which the assets are carried on the books

of the banks at the time of examination.

Assets not on the books represent the determinable sound value

of assets which are not included in the bank’s statement of assets or

are carried at nominal values.

Examiners’ deductions from total assets represent the difference

between the appraised value and book value of assets shown on the

books.

Examiners’ deductions (net) from total assets in Table 113 is

the difference between examiners’ deductions and the determinable

sound values of assets not shown on the books.

Appraised value of total assets represents the value of all assets as

determined by examiners and is segregated into two groups: (1) not

criticized, which represents the appraised value of assets regarded as

suitable for bank investment; and (2) substandard, which represents the

appraised value of assets believed by the examiners to involve a substantial degree of risk, or to be otherwise undesirable for bank investment. For a description of the procedure followed in examiners’ evaluation of assets, see the Annual Report of the Corporation for 1938, pages

61-78.

Evaluation of Liabilities and Capital

Adjusted liabilities include all liabilities shown on the books and

such others as have been determined by the examiners.

Book value of capital accounts refers to the net worth or equity

of the stockholders (including holders of capital notes and debentures)

shown on the books at the time of examination.

Adjusted capital accounts equal book value of total capital accounts plus the value of assets not shown on the books, less examiners’

deductions from total assets, and less liabilities not shown on the books.

The term “adjusted capital accounts” corresponds to the term “net

sound capital” used in the Annual Reports of the Corporation for the

years 1939-1943.

E X A M IN E R S 7 EVALUATION OF INSURED COMMERCIAL B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 111. E x a m i n e r s ’ A p p r a i s a l o f A s s e t s , L ia b i l i t i e s , a n d C a p i t a l o f I n s u r e d C o m m e r c ia l B a n k s E x a m i n e d i n 1939-1946

(Amounts in thousands of dollars)

Asset, liability, or capital account item 1939 1940 1941 1942 1943 1944 1945 1946

T ota l assets— b ook v a lu e......................

Assets not on the books........................

Examiners’ deductions..........................

Appraised value.......................................

Not criticized.........................................

Substandard..........................................

T ota l liabilities— b o o k v a lu e ..............

Total deposits..........................................

Other liabilities— book value...............

Liabilities not on the books.................

Adjusted total liabilities.......................

T o ta l ca p ita l a ccou n ts— b o o k value

Assets not on the books........................

Examiners’ deductions from total

Liabilities not on the books......................

Adjusted capital accounts........................

A d ju sted cap ital a ccou n ts per $100 ofAppraised value of total assets...............

Book capital.................................................

Substandard assets per $100 o f—

Appraised value of total assets...............

Adjusted capital accounts........................

Number of banks.............................................

58,254,425

38,996 

340,697 

57,952,724 

51+,982,653

2,970,071

51,781,865

50,976,656

805,209

10.436 

51,792,301

6,472,560

38,996

340,697

10.436 

6,160,423

$10.63

95.18

5.12

48.21

65,184,983

36,777

255,876

64,965,884

62,1+13,390

2,552,1+91+

71,697,320

19,851

174,037

71,543,134

69,512,512

2,030,622

80,449,956

20,089 

145,741 

80,324,304 

78,610,078

1,711+,226

102,021,738

26,346

97,144

101,950,940

100,690,81+3

1,260,097

118,843,675

20,897

54,193

118,810,379

117,981+,985

825,391+

138,032,336

20,283 

29,354 

138,023,265 

137,m , 382

618,883

58,627,148

57,919,547

707,601

12.927 

58,640,075

6,557,835

36,777

255,876

12.927 

6,325,809

65,012,512

64,218,740

793,772

6.084 

65,018,596

6,684,808

19,851

174,037

6.084 

6,524,538

73,529,826

72,755,007

774,819

7.362 

73,537,188

6,920,130

20,089

145,741

7.362 

6,787,116

94,882,516

94,087,113

795,403

4.491 

94,887,007

7,139,222

26,346

97,144

4.491 

7,063,933

111,242,503

110,177,295

1,065,208

7.563 

111,250,066

7,601,172

20,897

54,193

7.563 

7,560,313

129,849,891

128,263,849

1,586,042

3.731 

129,853,622

8,182,445

20,283

29,354

3.731 

8,169,643

9.74

6.46

3.93

40.35

$9.12

97.60

2.84

31.12

$8.45

98.08

2.13

25.26

$6.93

98.95

1.24

17.84

$6.36

99.46

.69

10.92

$5.92

99.84

.45

7.58

147,828,793

16,017

25,095

147,819,715

11+7,293,671

526,01+1+

139,081,529

137,221,546

1,859,983

4.719 

139,086,248

8,747,264

16,017

25,095

4.719 

8,733,467

II.91

.84

.36

6.02

13,505 13,437 13,308 13,303 13,207 12,983 12,473 12,493

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 112. E x a m in e r s ’ A p p r a is a l of A s s e ts, L ia b il it ie s , a n d C a p it a l o f I n s u r e d C o m m e r c ia l B a n k s E x a m in e d in 1946

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Asset, liability, or capital account item

Total assets— book value..........................

Assets not on the books............................

Examiners’ deductions..............................

Appraised value...........................................

Not criticized.............................................

Substandard...............................................

Total liabilities— book value...................

Total deposits...............................................

Other liabilities— book value...................

Liabilities not on the books.....................

Adjusted total liabilities............................

Total capital accounts— book value...

Assets not on the books............................

Examiners’ deductions from total assets

Liabilities not on the books......................

Adjusted capital accounts........................

Adjusted capital accounts per $100 ofAppraised value of total assets...............

Book capital.................................................

Substandard assets per $100 of—

Appraised value of total assets...............

Adjusted capital

Number of ban ks..

Banks with deposits of—

All

banks U $500,000 

or less

$500,000

to

$1,000,000

$1,000,000

to

$2 ,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$50,000,000

(Amounts in thousands of dollars)

$50,000,000

to

$100,000,000

More than 

$100,000,000

147,828,793 

16,017 

25,095 

147,819,715 

11+7,293,671

526,01+1+

227,297

156

128

227,325

225,222

2,108

1,496,833

971

541

1,497,263

1,1+87,636

9,627

4,957,277

2,675 

1,472 

4,958,480 

1+, 931,01+0

27,U 0

12,791,187

3,909

3,449

12,791,647

12,738,655

57,992

12,216,384

2,289 

2,812 

12,215,861 

12,161,051

51+, 810

25,660,584 

4,128 

5,179 

25,659,533 

25,552,227

107,306

10,207,272

393

1,071

10,206,594

10,160,181

1+6,1+13

80,271,959

1,496

10,443

80,263,012

80,01+2,659

220,353

139,081,529

137,221,546

1,859,983

4,719

139,086,248

205,705

204,767

938

32

205,737

1,393,251

1,390,511

2,740

142

1,393,393

4,656,546

4,646,934

9,612

919

4,656,758

12,045,080

12,017,142

27,938

431

12,045,511

11,513,121

11,475,553

37,568

305

11,513,426

24,223,226

24,093,905

129,321

466

24,223,692

9,676,922

9,599,428

77,494

1,715

9,678,637

75^367,678

73,793,306

1,574,372

1,416

75,369,094

8,747,264

16,017

25,095

4,719

8,733,467

21,592

156

128

32

21,588

103,582

971

541

142

103,870

300,731

2,675

1,472

212

301,722

746,107

3,909

3,449

431

746,136

703,263

2,289

2,812

305

702,435

1,437,358

4,128

5,179

466

1,435,841

530,350

393

1,071

1,715

527,957

4,904,281

1,496

10,443

1,416

4,893,918

$5.91

99.84

$9.50

99.98

$6.94

100.28

$6.08

100.33

$5.83

100.00

$5.75

99.88

$5.60

99.89

$5.17

99.55

$6.10

99.79

.36

6.02

.93

9.74

.64

9.27

.55

9.09

.45

7.77

.45

7.80

.42

7.47

.45

8.79

.27

4.50

12,493 538 1,826 3,159 3,812 1,641 1,204 135 178

Back figures— See the following Annual Reports: 1945, pp. 124-125, and earlier reports.

00

CJt EXAM IN ERS’ EVALUATION OF INSURED COMMERCIAL BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 113* E x a m in e r s ’ A p p r a is a l o f A ss e t s, L ia b il it ie s , a n d C a p it a l o f I n s u r e d C o m m e r c ia l B a n k s E x a m in e d in 1946

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

(Amounts in thousands of dollars)

Total assets Total liabilities Total capital 

accounts Adjusted 

capital 

accounts 

per $100 of 

appraised 

value of 

total 

assets

Substandard assets 

per $100 of—

FD IC District Number

of

Book

value

Examiners’

deductions

(net)1

Appraised value

Book

value

Adjusted

value

Book

value

Adjusted

value

Appraised 

value of 

total 

assets

Adjusted

capital

accounts

and State banks

Total Not

criticized

Substandard

United States and

possessions......... 12,493 147,828,793 9,078 147,819,715 147,293,671 526,044 139,081,529 139,086,248 8,747,264 8,733,467 $5.91 $.36 $6.02

United States___ 12,488 147,788,745 9,054 147,779,691 147,253,788 525,903 139,043,296 139,048,015 8,745,449 8,731,676 5.91 .36 6.02

Possessions........... 5 40,048 24 40,024 39,883 141 38,233 38,233 1,815 1,791 4.47 .35 7.87

FDIC District

District 1.............. 461 7,547,754

40,287,844

17,564,927

7,779,845

5,286,191

8,748,568

10,638,204

13,899,631

4,060,016

5,641,062

8,071,951

18,302,800

1,223,481

394,465

804,674

13,629,340

1,135,974

1,301,048

390,519

1,128,183

1,731,246

1,658,792

901 7,546,853 7,517,669 29,184 7,006,701 7,006,715 541,053 540,138 7.16 .39 5.40

District 22............. 1,010

1,627

901

8,138

2,914

12

40,279,706

17,562,013

40,060,096 219,610 37,356,619 37,359,188 2,931,225 2,920,518 7.25 .55 7.52

District 3 .............. 17,489,804 72,209 16,311,955 16,312,171 1,252,972 1,249,842 7.12 .41 5.78

District 4 .............. 7,779,833

5,285,793

7,757,588 22,245 7,350,316 7,350,404 429,529 429,429 5.52 .29 5.18

District 5 .............. 649 398 5,251,328 34,465 5,034,395 5,034,446 251,796 251,347 4.76 .65 13.71

District 6 .............. 1,418

1,364

1,358

949

388 8,748,956 8,710,332

10,618,966

38,624 8,316,131 8,316,289 432,437

533,968

432,667 4.95 .44 8.93

District 7 .............. 898 10,639,102 20,136 10,104,236 10,104,299 534,803

709,284

5.03 .19 3.77

District 8 .............. 889 13,900,520 13,875,694 24,826

9,767

13,191,203 13,191,236 708,428 5.10 .18 3.50

District 9 .............. 69U 4,060,710 4,050,943 3,858,906 3,858,961 201,110 201,749 4.97 .24 4.84

District 10............ 1,365

943

1,198 5,642,260 5,627,083 15,177 5,366,899 5,367,404

7,687,231

274,163 274,856 4.87 .27 5.52

District 11............ 215 8,071,736 8,056,137 15,599 7,687,186 384,765 384,505 4,76 .19 4.06

District 123........... 448 567 18,302,233 18,278,031 24,202 17,496,982 17,497,904 805,818 804,329 4.39 .13 3.01

State

Alabama............... 167 107 1,223,374

394,407

1,219,152

393,206

4,222

1,201

1,160,502 1,160,514 62,979 62,860 5.14 .35 6.72

Arizona................. 10 58 381,318 381,319

766,011

13,147

38,679

13,088 3.32 .30 9.18

A rkansas,............. 213 62 804,736 803,342 1,394 765,995 38,725 4.81 .17 3.60

California............. 175 179 13,629,161

1,137,114

1,300,861

390,442

1,127,959

1,730,845

1,658,863

13,610,813

1,134,483

1,295,698

385,481

1,123,840

1,715,734

1,650,916

18,348 13,015,918 13,016,828 613,422 612,333 4.49 .13 3.00

Colorado............... 134 1,1 ko

187

77

224

401

71

2,631 1,083,919 1,083,960 52,055 53,154 4.67 .23 4.95

Connecticut.........

Delaware...............

Dist. of Columbia

Florida...................

Georgia..................

86

27

21

125

196

5,163

4,961

4,119

15,111

7,947

1,211,990

352,728

1,065,400

1,653,672

1,580,502

1,211,992

352,738

1,065,400

1,653,674

1,580,529

89,058

37,791

62,783

77,574

78,290

88,869

37,704

62,559

77,171

78,334

6.83

9.66

5.55

4.46

4.72

.40

1.27

.37

.87

.48

5.81

13.16

6.58

19.58

10.15

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
43 399,539 32 399,571 399,480 91 384,785 384,785 14,754 14,786 3.70 .02 .62

836 11,859,188 173 11,859,361 11,843,664 15,697 11,250,249 11,250,264 608,939 609,097 5.14 .13 2.58

Indiana................. 466 2,969,072 190 2,969,262 2,960,728 8,534 2,818,893 2,818,919 150,179 150,343 5.06 .29 5.68

522 2,040,443 716 2,041,159 2,032,030 9,129 1,940,954 1,940,972 99,489 100,187 4.91 .45 9.11

Kansas................... 449 1,422,606 30 1,422,576 1,419,055 3,521 1,356,541 1,356,654 66,065 65,922 4.63 .25 5.34

K en tu cky............. 363 1,550,966 130 1,551,096 1,546,440 4,656 1,459,747 1,459,776 91,219 91,320 5.89 .30 5.10

Louisiana.............. 132 1,609,066 233 1,609,299 1,605,911 3,388 1,536,889 1,536,898 72,177 72,401 4.50 .21 4.68

M aine.................... 55 493,813 81 493,732 490,934 2,798 458,915 458,917 34,898 34,815 7.05 .57 8.04

M aryland............. 163 1,643,120 U5 1,643,165 1,639,984 3,181 1,550,229 1,550,234 92,891 92,931 5.66 .19 3.42

Massachusetts. . . 180 4,548,742 381 4,548,361 4,537,505 10,856 4,223,789 4,223,797 324,953 324,564 7.14 .24 3.34

M ichigan............... 386 4,798,431 330 4,798,761 4,793,270 5,491 4,567,950 4,567,968 230,481 230,793 4.81 .11 2.38

Minnesota............. 552 2,682,985 521 2,683,506 2,677,345 6,161 2,538,700 2,538,723 144,285 144,783 5.40 .23 4.26

Mississippi............

Missouri................

161 672,672 39 672,711 665,526 7,185 639,719 639,729 32,953 32,982 4.90 1.07 21.78

554 4,355,246 159 4,355,405 4,333,857 21,548 4,147,731 4,147,766 207,515 207,639 4.77 .49 10.38

M ontana............... 110 526,358 6 526,364 524,617 1,747 505,101 505,128 21,257 21,236 4.03 .33 8.23

Nebraska............... 355 1,289,009 329 1,289,338 1,286,427 2,911 1,230,404 1,230,532 58,605 58,806 4.56 .23 4.95

7 165,844 9 165,835 165,267 568 159,426 159,426 6,418 6,409 3.86 .34 8.86

New Hampshire.. 56 240,976 32 240,944 239,810 1,134 220,750 220,750 20,226 20,194 8.38 .47 5.62

New Jersey........... 331 4,469,338 792 4,468,546 4,421,115 47,431 4,199,806 4,200,063 269,532 268,483 6.01 1.06 17.67

New M exico......... 39 270,470 133 270,337 268,882 1,455 261,158 261,160 9,312 9,177 3.39 .54 15.85

New Y ork ............. 651 35,423,604 7,269 35,416,335 35,249,209 167,126 32,800,021 32,802,323 2,623,583 2,614,012 7.38 .47 6.39

North Carolina... 171 1,605,052 63 1,605,115 1,599,864 5,251 1,528,147 1,528,202 76,905 76,913 4.79 .33 6.83

North D akota----- 136 426,896 56 426,952 426,126 826 410,248 410,251 16,648 16,701 3.91 .19 4.95

O hio........................ 659 7,358,519 209 7,358,728 7,350,691 8,037 6,953,781 6,953,826 404,738 404,902 5.50 .11 1.98

Oklahoma............. 372 1,574,526 185 1,574,341 1,569,297 5,044 1,488,662 1,488,775 85,864 85,566 5.44 .32 5.89

Oregon................... 62 1,397,337 30 1,397,307 1,396,055 1,252 1,339,456 1,339,459 57,881 57,848 4.14 .09 2.16

Pennsylvania. . . . 968 10,206,408 3,123 10,203,285 10,139,113 64,172 9,358,174 9,358,345 848,234 844,940 8.28 .63 7.59

Rhode Island. . . . 13 695,436 27 695,409 691,689 3,720 648,453 648,454 46,983 46,955 6.75 .53 7.92

South C arolina.. . 91 601,850 108 601,958 600,893 1,065 576,832 576,844 25,018 25,114 4.17 .18 4.24

South D akota----- 151 423,777 111 423,888 422,855 1,033 404,857 404,859 18,920 19,029 4.49 .24 5.43

Tennessee............. 288 2,037,682 37 2,037,719 2,026,693 11,026 1,942,658 1,942,736 95,024 94,983 4.66 .54 11.61

Texas...................... 762 5,797,950 257 5,797,693 5,788,138 9,555 5,507,821 5,507,854 290,129 289,839 5.00 .16 3.30

U tah....................... 53 538,565 22 538,543 538,173 370 514,198 514,200 24,367 24,343 4.52 .07 1.52

V erm ont................ 71 267,739 193 267,546 262,033 5,513 242,804 242,805 24,935 24,741 9.25 2.06 22.28

Virginia................. 294 1,878,370 27 1,878,397 1,872,123 6,274 1,765,633 1,765,642 112,737 112,755 6.00 .33 5.56

W ashington.......... 104 2,136,510 335 2,136,175 2,132,651 3,524 2,049,030 2,049,037 87,480 87,138 4.08 .16 4.04

West Virginia-----

W isconsin.............

161 923,270 31 923,239 920,884 2,355 864,075 864,082 59,195 59,157 6.41 .26 3.98

512 2,870,701 378 2,871,079 2,864,968 6,111 2,717,393 2,717,412 153,308 153,667 5.35 .21 3.98

W yom ing.............. 55 218,947 56 218,891 217,821 1,070 207,373 207,483 11,574 11,408 5.21 .49 9.38

1 Examiners’ deductions (net) is net of assets not on the books. Figures in italics represent excess of appraised value of assets over book value.

2 Includes 1 national bank in the Virgin Islands, not a member of the Federal Reserve System.

3 Includes 3 national banks in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

EXAMINERS* EVALUATION OF INSURED COMMERCIAL BANKS 137

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 114. 

Table 115.

Table 116.

Table 117.

Table 118.

Table 119.

Table 120.

Table 121. 

Table 122.

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 of I n s u r e d B a n k s

Earnings, expenses, and dividends of insured commercial banks, 1934, 1941-1946

Ratios of earnings, expenses, and dividends of insured commercial banks, 1934, 

1941-1946

Earnings, expenses, and dividends of insured commercial banks, 1946 

By class of bank

Ratios of earnings, expenses, and dividends of insured commercial banks, 1946 

By class of bank

Earnings, expenses, and dividends of insured commercial banks operating 

throughout 1946

Banks grouped according to amount of deposits

Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1946

Banks grouped according to amount of deposits

Amounts and ratios of earnings, expenses, and dividends of insured commercial 

banks, 1946 

By State

Earnings, expenses, dividends, and assets and liabilities, of insured mutual savings 

banks, 1934, 1941-1946

Ratios of earnings, expenses, and dividends of insured mutual savings banks, 1934, 

1941-1946

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
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 members of the

Federal Reserve System in operation during part of the year but not

at the end of the year.

Averages of assets and liabilities shown in Tables 114-117 and 120-

122 are based upon figures at the beginning, middle, and end of each

year, as reported by banks operating on those dates. 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 118, and utilized for computation

of ratios shown in Table 119, are for the identical banks to which the

earnings data pertain. For national banks and State banks members

of the Federal Reserve System, assets and liabilities are as of December

31, 1946, and for other banks, are averages of beginning, middle, and

end of the year.

Table 120 presents for the first time the amount of earnings, expenses,

and dividends, and selected ratios of insured commercial banks, by

State.

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.

co

COEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
o

Table 114. 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 , 1934, 1941-1946

(Amounts in thousands of dollars)

1934 1941 1942 1943 1944 1945 1946

1,518,449 1,729,901 1,790,692 1,959,481 2,214,905 2,482,278 2,862,875

J 550,092

690,601

0)

34,609

509,175

847,832

I W139,698

0)

233,196

610,298

804,717

12,084

84,309

861,412

692,305

13,513

95,332

1,090,253

680,708

17,320

107,375

f 1,132,977 

1 167,198 

707,738 

18,860 

109,789

1,218,517

176,620

936,554

14,564

124,696

41,139

78,190

123,818

55,148

100,652

123,484

67,533

104,710

124,676

78,485

112,486

128,278

90,617

120,317

134,782

97,995

140,340

153,589

21,114,167

402,038

21,215,766

211,311

302,627

1,222,157

219,388

333,171

1,256,025

225,142

356,958

1,356,680

240,354

386,346

1,522,778

266,018

424,881

1,762,634

309,220

521,709

302,603

7,324

274,043

347,747

280,412

13,151

190,256

374

2103,371

364,414

330,262

11,541

174,674

336

97,085

39,917

346,045

11,775

163,900

502

99,915

40,008

357,825

12,907

186,773

1,112

97,307

41,845

390,036

14,610

233,321

2,448

98,683

40,329

442,488

16,936

268,624

2,364

96,314

40,850

506,617

2404,282 2514,135 568,535 703,456 858,225 959,500 1,100,241

292,027

457,994

4148,345

52,874

32,814

324,453

73,589

145,189

70,947

34,728

222,775

55,947

66,457

68,546

31,825

353,015

91,891

103,143

85,664

72,317

361,726

92,778

129,834

84,224

54,890

509,329

122,364

266,764

67,014

53,187

408,608

59,515

208,700

74,499

65,894

1,033,278

391,547

552,857

88,874

333,966

161,073

103,868

69,025

271,118

120,614

80,647

69,857

290,645

116,383

75,223

99,039

265,881

110,439

70,090

85,352

264,122

132,870

55,901

75,351

283,175

132,254

71,253

79,668

Earnings or expense item

Current operating earnings— total.....................

Interest and dividends on:

United States Government obligations..........

Other securities..................................................

Interest and discount on loans............................

Service charges and other fees on bank's loans.

Service charges on deposit accounts...................

Other service charges, commissions, fees, an<

charges............................................................

Trust department..................................................

Other current operating earnings........................

Current operating expenses— total.....................

Salaries—officers...................................................

Salaries and wages—employees.

Fees paid to directors and

committees..................................................................................

Interest on time and savings deposits.............................................

Interest and discount on borrowed money......................................

Taxes other than on net income.......................................................

Recurring depreciation on banking house, furniture and fixtures.

Other current operating €

Net current operating

Recoveries and profits— total...............

Recoveries on securities........................

Profits on securities sold or redeemed.

Recoveries on loans...............................

All other..................................................

Losses and charge-offs—tota l..............

On securities...........................................

On loans..................................................

All other..................................................

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
N et profits b efore in co m e taxes............................................................................

Taxes o n n et in co m e — t o t a l...................................................................................

2-336,969 2504,622 520,192 765,826 954,070 1,204,707 1,225,674

53,000

0)

C1)

550,000

(l)

0)

79,541

0)

C1)

127,865

114,316

13,549

202,821

187,032

15,789

298,795

277,538

21,257

323,328

301,048

22,280

N et profits a fter taxes...............................................................................................

D ividen ds an d in terest o n ca p ita l— t o ta l..................... ...............................

Dividends declared on preferred stock and interest paid on capital notes

and debentures...................................................................................................

Cash dividends declared on common stock........................................................

N et a d d ition s to ca p ita l fr o m p r o fits ................................................................

-339,969 454,622 440,651 637,961 751,249 905,912 902,346

187,769

17,796

169,973

253,396

17,563

235,833

227,608

14,523

213,085

233,490

14,324

219,166

253,193

13,645

239,548

274,438

11,769

262,669

298,983

8,345

290,638

-527,738 201,226 213,043 404,471 498,056 631,474 603,363

Average assets an d liabilities6 

Assets— t o t a l................................................................................................................. 44,941,293

10,272,448

11,075,592

6,259,203

14,901,832

2,432,218

73,510,130

25,693,758

19,160,565

6,997,406

19,857,387

1,801,014

83,666,451

25,922,701

29,231,826

6,802,771

20,030,625

1,678,528

103,370,189

26,774,094

50,315,698

6,321,794

18,380,838

1,577,765

123,168,863

28,042,727

67,231,161

6,088,482

20,310,112

1,496,381

145,217,438

31,236,090

82,417,236

6,623,089

23,500,772

1,440,251

151,896,770

33,286,775

81,835,381

7,556,923

27,768,296

1,449,395

Cash and due from banks........................................................................................

U . S. Government obligations................................................................................

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

All other assets............................................................................................................

L iabilities an d ca p ita l— to ta l................................................................................

Total deposits..............................................................................................................

44,941,293

37,424,125 

21*,828,179

12,600,91*6

1,319,221 

6,197,947

73,510,130

66,168,797 

50,327,1*62

15,81*1,835

578,370 

6,762,963

83,666,451

76,134,514 

60,21*5,967

15,888,51*7

580,544 

6,951,393

103,370,189

95,506,221

77,878,606

17,627,615

617,535

7,246,433

123,168,863

114,682,390

93,267,111*

21,1*15,276

768,280

7,718,193

145,217,438

135,948,387

108,968,917

26,979,1*70

934,381

8,334,670

151,896,770

141,829,678

109,890,600

31,939,078

1,057,079

9,010,013

Time and savings deposits.....................................................................................

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

Number of active officers, December 3 1 .................................................................

Number of other employees, December 3 1 .............................................................

0)

C1)

57,067

211,115

54,925

216,473

55,309

225,647

56,494

229,377

59,119

245,275

62,697

271,395

14,137 13,427 13,347 13,274 13,268 13,302 13,359

1 N ot available separately.

2 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 5.

3 In 1934; and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures.

In 1941 for banks submitting reports to F D IC , consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters. . . . . .

* 4 Estimated; profits on securities sold were not reported separately from recoveries on securities by banks not submitting reports to the F D IC .

6 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by national banks for 1934, and paid by all banks and trust companies for 1941. Banks 

submitting reports to the F D IC have reported income taxes separately since 1936.

• Asset and liability items are averages of figures reported at beginning, middle, and end of year.

7 In 1934 excludes 1 and in 1941, 3 trust companies not engaged in deposit banking, which submit reports to F D IC .

N o t e : Minus (-) indicates net loss.

Back figures— See the Annual Report for 1941, pp. 158-159.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 115. 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 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 , 1934, 1941-1946

Earnings or expense item 1934 1941 1942 1943 1944 1945 1946

$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

J 36.23 29.43 34.08 43.96 49.22 / 45.64 

\ 6.74

42.56

6.17

45.48 49.01 45.61 36.02 31.52 29.27 33.22

2.28

I 8.08

r 4.71 4.87 4.85 4.42 4.36

2.71 J 1 3.08 3.45 3.54 3.65 3.42

13.30 13.48 12.52 11.70 10.87 10.28 10.27

173.38 !70.28 68.25 64.10 61.25 61.35 61.57

26.48 30.47 31.50 30.31 28.88 28.42 29.62

19.93 11.00 9.76 8.36 8.43 9.40 9.38

14.88 15.98 5.42 5.10 4.39 3.98 3.36

23.14 23.72 2.23 2.04 1.89 1.62 1.43

18.95 19.11 19.34 18.29 17.66 17.93 17.78

126.62 129.72 31.75 35.90 38.75 38.65 38.43

3.38 2.35 2.14 1.90 1.80 1.71 1.88

12.48 11.65 1.46 1.22 1.10 1.05 1.16

i.90 i.70 .68 .68 .70 .66 .72

.65 .44 .26 .34 .29 .35 .27

2.30 .45 .32 .28 .22 .18 .18

1-.75 1.69 .62 .74 .77 .83 .81

-.76 .62 .53 .62 .61 .62 .59

16.52 17.60 8.18 9.71 11.12 11.51 12.21

4.71 4.80 3.20 4.87 4.69 6.11 4.53

16.67 4.93 3.90 4.01 3.45 3.16 3.14

1-5.44 17.47 7.48 10.57 12.36 14.46 13.60

* .05 4.75 1.14 1.75 2.63 3.59 3.59

-5.49 6.72 6.34 8.82 9.73 10.87 10.01

3.03 3.75 3.28 3.23 3.28 3.29 3.32

-8.52 2.97 3.06 5.59 6.45 7.58 6.69

A m ou n ts per $100 o f cu rren t op eratin g earnings:

C u rren t op eratin g earnings— t o ta l...........................................................

Interest and dividends on:

United States Government obligations..................................................

Other securities............................................................................................

Income on loans................................................................................................

Service charges on deposit accounts............................................................

Other service charges, commissions, fees, and collection and exchange

charges........................................................................................................

Other current operating earnings.................................................................

C u rren t op era tin g expenses— t o ta l...........................................................

Salaries, wages, and fees................................................................................

Interest on time and savings deposits........................................................

Taxes other than on net income...................................................................

Recurring depreciation on banking house, furniture and fixtures... .

Other current operating expenses................................................................

N et cu rren t operatin g earn in gs..................................................................

A m ou n ts per $100 of tota l assets3

Current operating earnings— total...................................................................

Current operating expenses— total..................................................................

Net current operating earnings.........................................................................

Recoveries and profits— total............................................................................

Losses and charge-offs— total............................................................................

Net profits before income taxes........................................................................

Net profits after income taxes...........................................................................

A m ou n ts per $100 o f tota l capital a ccou n ts3

Net current operating earnings.........................................................................

Recoveries and profits— total............................................................................

Losses and charge-offs— total............................................................................

Net profits before income taxes........................................................................

Taxes on net incom e............................................................................................

Net profits after income taxes...........................................................................

Cash dividends declared......................................................................................

Net additions to capital from profits..............................................................

142 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios3

Income on loans per $100 of loans.............................................................................

Income on securities per $100 of securities...........................................................

Service charges per $100 of demand deposits.........................................................

Interest paid per $100 of time and savings deposits............................................

4.63

3.17

.14

2.40

4.27

1.95

(5)

1.20

4.08

1.69

.14

1.10

3.85

1.52

.12

.93

3.44

1.49

.12

.87

3.09

1.46

.10

.87

3.43

1.56

.11

.84

Assets and liabilities per $100 of total assets3

Assets— tota l........................................................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Cash and due from banks........................................................................................ 22.86 34.95 30.98 25.91 22.77 21.51 21.91 U. S. Government obligations................................................................................ 24.64 26.07 34.94 48.70 54.59 56.76 53.88 Other securities..................................................................................................... 13.93 9.52 8.13 6.11 4.94 4.56 4.98 Loans and discounts.................................................................................................. 33.16 27.01 23.94 17.75 16.49 16.18 18.28 All other assets............................................................................................................ 5.41 2.45 2.01 1.53 1.21 .99 .95

Liabilities and capital— total................................................................................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Total deposits............................................................................................................ 83.27 90.01 91.00 92.39 93.11 93.62 93.37 Demand deposits...................................................................................................... 55.23 68.U6 72.01 75.39 75.72 75.Ok 72.3k Time and savings deposits................................................................................... 28.0k 21.55 18.99 17.00 17.39 18.58 21.03 Borrowings and other liabilities............................................................................. 2.94 .79 .69 .60 .62 .64 .70 Total capital accounts.............................................................................................. 13.79 9.20 8.31 7.01 6.27 5.74 5.93

Number of banks, December 31®............................................................................ 14,137 13,427 13,347 13,274 13,268 13,302 13,359

1 Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.

2 In 1934; and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. 

In 1941 for banks submitting reports to F D IC , consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters.

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

4 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by national banks for 1934, and paid by all banks and trust companies for 1941. Banks

submitting reports to the FD IC have reported income taxes separately since 1936.

6 N ot available.

6 In 1934 excludes 1 and in 1941, 3 trust companies not engaged in deposit banking, which submit reports to F D IC .

N o t e : Minus (-) indicates net loss.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BY CLASS OF BANK

Table 116. 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 , 1946

(Amounts in thousands of dollars)

Members F . R . System N ot 

members 

F. R .

System

Operating 

throughout 

the year

Operating 

less than 

full year1

Earnings or expense item Total

National State

Current operating earnings— total........................................................................

Interest and dividends on:

2,862,875 1,568,151 833,994 460,730 2,836,645 26,230

United States Government obligations............................................................... 1,218,517 698,662 354,636 165,219 1,209,304 9,213

Other securities......................................................................................................... 176,620 102,412 45,137 29,071 173,742 2,878

Interest and discount on loans.................................................................................. 936,554 506,020 254,548 175,986 930,914 5,640

Service charges and other fees on bank’s loans.................................................... 14,564

124,696

7,702 4,014 2,848 14,493 71

Service charges on deposit accounts........................................................................

Other service charges, commissions, fees, and collection and exchange

69,103 30,531 25,062 124,057 639

charges..................................................................................................................... 97,995 44,475 23,347 30,173 97,384 611

Trust department......................................................................................................... 140,340 50,397 80,797 9,146

23,225

134,635 5,705

Other current operating earnings............................................................................. 153,589 89,380 40,984 152,116 1,473

Current operating expenses— total........................................................................ 1,762,634 947,813 520,443 294,378 1,747,994 14,640

Salaries— officers........................................................................................................... 309,220 158,207 84,177 66,836 306,514 2,706

Salaries and wages— employees.................................................................................

Fees paid to directors and members of executive, discount, and other

521,709 283,748 173,240 64,721 517,461 4,248

committees............................................................................................................. 16,936 8,187 4,212 4,537 16,829 107

Interest on time and savings deposits..................................................................... 268,624 143,224 68,215 57,185 267,126 1,498

Interest and discount on borrowed m oney............................................................ 2,364 1,101 1,074 189 2,353 11

Taxes other than on net incom e............................................................................... 96,314 54,233 27,576 14,505 95,493 821

Recurring depreciation on banking house, furniture and fixtures................... 40,850 23,176 10,853 6,821 40,642 208

Other current operating expenses............................................................................. 506,617 275,937 151,096 79,584 501,576 5,041

Net current operating earnings.............................................................................. 1,100,241 620,338 313,551 166,352 1,088,651 11,590

Recoveries and profits— total.................................................................................... 408,608 214,345 141,444 52,819 400,534 8,074

Recoveries on securities............................................................................................... 59,515 33,804 19,782 5,929

25,704

58,852 663

Profits on securities sold or redeem ed..................................................................... 208,700 110,266 72,730 207,430 1,270

Recoveries on loans....................................................................................................... 74,499 41,280 22,461 10,758 74,017 482

All other.......................................................................................................................... 65,894 28,995 26,471 10,428 60,235 5,659

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Losses and charge-offs— total.............................................................................. 283,175

132,254

71,253

79,668

155,386

74,605

44,485

36,296

91,569

40,844

17,007

33,718

36,220

16,805

9,761

9,654

281,935

131,869

70,954

79,112

1,240

385

299

556

On securities...................................................................................................................

On loans..........................................................................................................................

All other..........................................................................................................................

Net profits before income taxes.............................................................................. 1,225,674 679,297 363,426 182,951 1,207,250 18,424

Taxes on net income—:to ta l................................................................................... 323,328

301,048

22,280

185,451

173,913

11,538

99,575

90,599

8,976

38,302

36,536

1,766

320,366

298,188

22,178

2,962

2,860

State. . . . ..................................................................................................................... 102

Net profits after taxes................................................................................................. 902,346 493,846 263,851 144,649 886,884 15,462

Dividends and interest on capital— total........................................................... 298,983

8,345

290,638

169,741

2,423

167,318

96,906

3,450

93,456

32,336

2,472

29,864

295,451

8,319

287,132

3,532

26

3,506

Dividends declared on preferred stock and interest paid on capital notes 

and debentures...............................................................................................

Cash dividends declared on common stock........................................................

Net additions to capital from profits.................................................................. 603,363 324,105 166,945 112,313 591,433 11,930

Average assets and liabilities2

Assets— tota l................................................................................................................... 151,896,770

33,286,775

81,835,381

7,556,923

27,768,296

1,449,395

86,826,715

19,577,701

46,726,359

4,489,004

15,222,047

811,604

45,471,960

9,590,687

24,480,355

1,893,718

9,033,493

473,707

19,598,095

4,118,387

10,628,667

1,174,201

3,512,756

164,084

Cash and due from banks..........................................................................................

U. S. Government obligations..................................................................................

Other securities.............................................................................................................

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

All other assets..............................................................................................................

Liabilities and capital— total................................................................................... 151,896,770

141,829,678

109,890,600

31,939,078

1,057,079

9,010,013

86,826,715

81,308,649

63,899,638

17,1+09,011

636,871

4,881,195

45,471,960

42,129,157

33,61+8,602

8,1+80,555

357,460

2,985,343

19,598,095

18,391,872

12,31+2,360

6,01+9,512

62,748

1,143,475

Total deposits................................................................................................................

Demand deposits........................................................................................................

Time and savings deposits.......................................................................................

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

Total capital accounts................................................................................................

Number of active officers, December 3 1 ................................................................... 62,697

271,395

29,616

147,206

12,886

83,215

20,195

40,974

62,171

269,699

526

Number of other employees, December 31............................................................... 1,696

Number of banks, December 31.................................................................................. 13,359 5,007 1,890 6,462 13,195 164

1 Includes banks operating less than full year and trust companies not engaged in deposit banking.

2 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures— See Table 114, p. 140. See also the Annual Report for 1945, pp. 132-183, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BY CLASS OF BANK

T a b le 1 1 7 . 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 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 , 1946

Total

Members F. R . System Not

members

Earnings or expense item

National State

F. R.

System

Am ounts per $100 of current operating earnings

$100.00 $100.00 $100.00 $100.00

Interest and dividends on:

42.56 44.55 42.53 35.86

6.17 6.53 5.41 6.31

Income on loans........................................................................................................................................................ 33.22 32.76 31.00 38.82

Service charges on deposit accounts.................................................................................................................... 4.36 4.41 3.66 5.44

Other service charges, commissions, fees and collection and exchange charges...................................... 3.42 2.84 2.80 6.55

Other current operating earnings............... ......................................................................................................... 10.27 8.91 14.60 7.02

Current operating expenses— total................................................................................................................... 61.57 60.44 62.40 63.89

Salaries, wages, and fees ...................................................................................................................................... 29.62 28.71 31.37 29.54

Interest on time and savings deposits................................................................................................................ 9.38 9.13 8.18 12.41

Taxes other than on net incom e........................................................................................................................... 3.36 3.46 3.31 3.15

Recurring depreciation on banking house, furniture and fixtures............................................................... 1.43 1.48 1.30 1.48

Other current operating expenses........................................................................................................................ 17.78 17.66 18.24 17.31

Net current operating earnings.......................................................................................................................... 38.43 39.56 37.60 36.11

Am ounts per $100 of total assets1

Current operating earnings— total........................................................................................................................... 1.88 1.80 1.83 2.35

Current operating expenses— total.......................................................................................................................... 1.16 1.09 1.14 1.50

Net current operating earnings................................................................................................................................. .72 .71 .69 .85

Recoveries and profits— total.................................................................................................................................... .27 .25 .31 .27

Losses and charge-offs— total...................................................... ............................................................................. .18 .18 .20 .19

Net profits before income taxes................................................................................................................................ .81 .78 .80 .93

Net profits after income taxes....................................................... ........................................................................... .59 .57 .58 .74

Am ounts per $100 of total capital accounts1

Net current operating earnings................................................................................................................................. 12.21 12.71 10.50 14.55

Recoveries and profits— total.................................................................................................................................... 4.53 4.39 4.74 4.62

Losses and charge-offs— total.................................................................................................................................... 3.14 3.18 3.07 3.17

Net profits before income taxes................................................................................................................................ 13.60 13.92 12.17 16.00

Taxes on net in c o m e .................................................................................................................................................. 3.59 3.80 3.33 3.35

Net profits after income taxes................................................................................................................................... 10.01 10.12 8.84 12.65

Cash dividends declared............................................................................................................................................. 3.32 3.48 3.25 2.83

Net additions to capital from profits...................................................................................................................... 6.69 6.64 5.59 9.82

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios*

Income on loans per $100 of loans.......................................................................................................................... 3.43 3.37 2.86 5.09

Income on securities per $100 of securities........................................................................................................... 1.56 1.56 1.52 1.65

Service charges per $100 of demand deposits............................................................................................ .. .11 .11 .09 .20

Interest paid per $100 of time and savings deposits.......................................................................................... .84 .82 .80 .95

Assets an d liabilities per $100 o f tota l assets1 

Assets— t o ta l................................................................................... ........................................................................... 100.00 100.00 100.00 100.00

Cash and due from banks.................................................................................................................................... 21.91 22.55 21.09 21.02

U . S. Government obligations............................................................................................................................. 53.88 53.82 53.84 54.23

Other securities........... ............................................................................................................................................. 4.98 5.17 4.16 5.99

Loans and discounts............................................................................................................................................... 18.28 17.53 19.87 17.92

All other assets......................................................................................................................................................... .95 .93 1.04 .84

L iabilities and cap ital— to ta l.............................................................................................................................. 100.00 100.00 100.00 100.00

Total deposits.......................................................................................................................................................... 93.37 93.65 92.65 93.85

Demand deposits................................................................................................................................................... 72.3k

21.03

73.60 7 k.00

18.65

62.98

Time and savings deposits................................................................................................................................. 20.05 30.87

Borrowings and other liabilities........................................................................................................................... .70 .73 .79 .32

Total capital accounts............................................................................................................................................ 5.93 5.62 6.56 5.83

Number of banks, December 31...................................................................................................................... 13,359 5,007 1,890 6,462

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures—See Table 115, p. 142. See also the Annual Report for 1945, pp. 134-135, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSUHED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 1 8 . 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 of 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 1946

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Earnings or expense item

All

banks1

Banks with deposits of— 2

$500,000

or

less

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

More than 

$100,000,000

Current operating earnings— total...............................

Interest and dividends on:

United States Government obligations......................

Other securities.................................................................

Interest and discount on loans.........................................

Service charges and other 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.....................................

2,836,645

1,209,304

173,742

930,914

14,493

124,057

97,384

134,635

152,116

5,347

1,265

185

2,644

99

275

600

58

221

33,676

11,068

1,465

14,974

242

1,974

3,210

14

729

(Amounts

111,966

40,848

6,206

45,634

549

6,566

9,014

176

2,973

s in thousand:

302,957

121,201

20,136

114,212

1,178

18,206

17,506

1,464

9,054

3 of dollars)

279,178

116,002

20,045

99,705

1,154

17,206

11,422

3,452

10,192

556,205

235,838

35,976

178,325

1,894

32,421

18,293

20,312

33,146

194,898

81,763

10,757

62,062

985

9,037

5,133

10,960

14,201

1,352,418

601,319

78,972

413,358

8,392

38,372

32,206

98,199

81,600

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 m oney....................

Taxes other than on net incom e.......................................

Recurring depreciation on banking house, furniture

and fixtures....................................................................

Other current operating expenses.....................................

1,747,994

306,514

517,461

16,829

267,126

2,353

95,493

40,642

501,576

3,526

1,457

396

76

319

4

211

84

979

21,220

7,888

2,606

449

2,918

18

1,069

522

5,750

69,344

22,101

10,267

1,562

12,051

43

3,688

1,717

17,915

188,109

48,741

34,574

3,901

37,126

108

10,584

5,055

48,020

176,952

36,529

40,316

2,916

36,286

89

10,010

4,862

45,944

361,120

60,508

100,700

3,929

65,406

362

20,283

9,619

100,313

126,536

19,361

39,033

888

17,743

170

7,193

3,618

38,530

801,187

109,929

289,569

3,108

95,277

1,559

42,455

15,165

244,125

Net current operating earnings..................................... 1,088,651 1,821 12,456 42,622 114,848 102,226 195,085 68,362 551,231

Recoveries and profits— total...........................................

Recoveries on securities......................................................

Profits on securities sold or redeemed............................

Recoveries on loans..............................................................

All other...............................................................................

Losses and charge-offs— total..........................................

400,534

58,852

207,430

74,017

60,235

397

47

107

162

81

2,375

319

734

893

429

8,597

1,277

3,427

2,477

1,416

30,829

4,007

15,287

6,694

4,841

35,525

4,728

19,560

6,778

4,459

85,778

10,452

48,727

14,388

12,211

33,759

4,900

20,824

4,866

3,169

203,274

33,122

98,764

37,759

33,629

281,935

131,869

70,954

79,112

300

74

163

63

1,896

702

829

365

6,876

3,256

2,325

1,295

21,609

11,202

5,857

4,550

21,486

12,326

4,673

4,487

50,451

27,324

9,548

13,579

20,284

11,767

3,859

4,658

159,033

65,218

43,700

50,115

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— tota l.............................................

Federal.............................................................................

State.................................................................................

Net profits after taxes.........................................................

Dividends and interest on capital— total..................

Dividends declared on preferred stock and interest

paid on capital notes and debentures...................

Cash dividends declared on common stock.............

Net additions to capital from profits..........................

Average assets and liabilities3

Assets— to ta l..........................................................................

Cash and due from banks.............................

U.S. 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...................................................

1,207,250 1,918 12,935 44,343 124,068 116,265 230,412 *1,837 595,472

320,366

298,188

22,178

327

311

16

2,129

2,017

112

7,835

7,421

414

23,787

22,769

1,018

27,410

26,402

1,008

62,820

60,237

2,583

23,432

22,269

1,163

172,626

156,762

15,864

886,884 1,591 10,806 36,508 100,281 88,855 167,592 58,405 422,846

295,451

8,319

287,132

459

32

427

2,826

103

2,723

9,112

255

8,857

23,750

897

22,853

20,779

1,127

19,652

42,730

1,987

40,743

15,711

1,627

14,084

180,084

2,291

177,793

591,433 1,132 7,980 27,396 76,531 68,076 124,862 42,694 242,762

146,208,737

33,544,661

73,368,363

7,763,447

30,080,933

1,451,333

192,968

67,767

80,876

6,024

37,003

1,298

1,426,201

411,925

710,221

56,857

240,219

6,979

5,019,611

1,309,550

2,612,510

246,680

824,614

26,257

14,179,137

3,298,419

7,564,745

861,485

2,365,259

89,229

12,941,791

2,739,205

6,936,110

902,768

2,264,755

98,953

26,514,745

5,712,755

14,079,528

1,640,995

4,800,152

281,315

9,854,536

2,351,442

4,936,965

495,051

1,951,576

119,502

76,079,748

17,653,598

36,447,408

3,553,587

17,597,355

827,800

146,208,737

135,983,258

102,876,278

38,106,980

1,040,314

9,185,165

192,968

173,896

144,409

29,487

714

18,358

1,426,201

1,324,851

1,034,292

290,559

2,339

99,011

5,019,611

4,704,364

3,444,038

1,260,326

8,407

306,840

14,179,137

13,322,290 

9,189,280

4,133,010

30,271 

826,576

12,941,791

12,151,463

7,845,773

4,305,690

36,358

753,970

26,514,745

24,827,729

16,597,350

8,230,379

119,854

1,567,162

9,854,536

9,240,286

6,945,602

2,294,684

56,002

558,248

76,079,748

70,238,379

57,675,534

12,562,845

786,369

5,055,000

Number of active officers, December 3 1 ...........................

Number of other employees, December 31.......................

62,171

269,699

839

472

3,868

2,734

8,700

8,806

14,838

24,308

8,502

24,620

10,253

55,884

2,627

21,112

12,544

131,763

Number of banks, December 31.......................................... 13,195 474 1,812 3,311 4,304 1,750 1,239 131 174

1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year” .

2 Deposits are as of December 31, 1946.

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31 1946 

for banks not submitting reports to F D IC . ’

Back figures—See the Annual Report for 1945, pp. 136-137, and earlier reports.

E AR N IN G S, E X P E N SE S, AND DIVIDENDS OF INSURED B A N K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 1 19. 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 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 1946

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Earnings or expense item

A m ou n ts per $100 of cu rren t operatin g 

earnings

C urren t op era tin g earnings— t o ta l.....................

Interest and dividends on:

United States Government obligations...........

Other securities......................................................

Income on loans.........................................................

Service charges on deposit accounts.....................

Other service charges, commissions, fees and collection and exchange charges................................

Other current operating earnings................................

C urren t op eratin g expenses— to ta l...........................

Salaries, wages, and fees................................................

Interest on time and savings deposits........................

Taxes other than on net income..............................

Recurring depreciation on banking house, furniture

and fixtures.........................................................

Other current operating expenses..........................

N et cu rrent operatin g earn in g s...........................

A m ou n ts per $100 o f tota l assets3

Current operating earnings— total............................

Current operating expenses— tota l............................

Net current operating earnings..................................

Recoveries and profits— total.....................................

Losses and charge-offs— total.....................................

Net profits before income taxes.................................

Net profits after income taxes....................................

A m ou n ts per $100 of tota l capital accou n ts3

Net current operating earnings..................................

Recoveries and profits— total.....................................

Losses and charge-offs— total.....................................

Net profits before income taxes.................................

Taxes on net incom e.....................................................

Net profits after income taxes....................................

Cash dividends declared...............................................

Net additions to capital from profits........................

Banks with deposits of—2

All

banks1 $500,000

or

less

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

More than 

$100,000,000

$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

42.63 23.66 32.87 36.48 40.00 41.55 42.40 41.95 44.46

6.13 3.46 4.35 5.54 6.65 7.18 6.47 5.52 5.84

33.33 51.30 45.18 41.25 38.09 36.13 32.40 32.35 31.19

4.37 5.14 5.86 5.87 6.01 6.16 5.83 4.64 2.84

3.43 11.22 9.53 8.05 5.78 4.09 3.29 2.63 2.38

10.11 5.22 2.21 2.81 3.47 4.89 9.61 12.91 13.29

61.62 65.94 63.01 61.93 62.09 63.38 64.93 64.92 59.24

29.64 36.08 32.50 30.30 28.79 28.57 29.69 30.41 29.77

9.42 5.96 8.66 10.77 12.25 13.00 11.76 9.10 7.04

3.37 3.95 3.17 3.29 3.49 3.58 3.65 3.69 3.14

1.43 1.57 1.55 1.53 1.67 1.74 1.73 1.86 1.12

17.76 18.38 17.13 16.04 15.89 16.49 18.10 19.86 18.17

38.38 34.06 36.99 38.07 37.91 36.62 35.07 35.08 40.76

1.94 2.77 2.36 2.23 2.14 2.16 2.10 1.98 1.78

1.20 1.83 1.49 1.38 1.33 1.37 1.36 1.29 1.06

.74 .94 .87 .85 .81 .79 .74 .69 .72

.27 .21 .17 .17 .22 .27 .32 .34 .27

.19 .16 .13 .14 .15 .17 .19 .20 .21

.82 .99 .91 .88 .88 .89 .87 .83 .78

.61 .82 .76 .73 .71 .69 .63 .59 .56

11.85 9.92 12.58 13.89 13.89 13.56 12.45 12.24 10.90

4.36 2.16 2.40 2.80 3.73 4.71 5.47 6.05 4.02

3.07 1.63 1.92 2.24 2.61 2.85 3.22 3.63 3.15

13.14 10.45 13.06 14.45 15.01 15.42 14.70 14.66 11.77

3.49 1.78 2.15 2.55 2.88 3.64 4.01 4.20 3.41

9.65 8.67 10.91 11.90 12.13 11.78 .10.69 10.46 8.36

3.21 2.50 2.85 2.97 2.87 2.75 2.72 2.81 3.56

6.44 6.17 8.06 8.93 9.26 9.03 7.97 7.65 4.80

150 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
S pecial ratios3

Income on loans per $100 of loans......................................

Income on securities per $100 of securities.......................

Service charges per $100 of demand deposits...................

Interest paid per $100 of time and savings deposits. . . .

3.14

1.70

.12

.81

7.41

1.67

.19

1.08

6.33

1.63

.19

1.00

5.60

1.65

.19

.96

4.88

1.68

.20

.90

4.45

1.74

.22

.84

3.75

1.73

.20

.79

3.23

1.70

.13

.77

2.40

1.70

.07

.76

Assets an d liabilities per $100 o f total assets3 

Assets— t o ta l........................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks................................................. 22.94 35.12 28.88 26.09 23.26 21.17 21.55 23.86 23.20

U. S. Government obligations.......................................... 50.18 41.91 49.80 52.05 53.35 53.59 53.10 50.10 47.91

Other securities.................................................................... 5.31 3.12 3.99 4.91 6.08 6.98 6.19 5.02 4.67

Loans and discounts........................................................... 20.58 19.18 16.84 16.43 16.68 17.50 18.10 19.80 23.13

All other assets..................................................................... .99 .67 .49 .52 .63 .76 1.06 1.22 1.09

L iabilities and ca p ita l— t o ta l.......................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits........................................................................ 93.01 90.12 92.89 93.72 93.96 93.89 93.64 93.77 92.32

Demand deposits............................................................... 70.36 7U.8U 72.52 68.61 6U.81 60.62 62.60 7048 75.81

Time and savings deposits............................................... 22.65 15.28 20.37 25.11 29.15 33.27 31.0U 23.29 16.51

Borrowings and other liabilities....................................... .71 .37 .16 .17 .21 .28 .45 .57 1.03

Total capital accounts........................................................ 6.28 9.51 6.95 6.11 5.83 5.83 5.91 5.66 6.65

Number of banks, December 31.......................................... 13,195 474 1,812 3,311 4,304 1,750 1,239 131 174

1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year” . These ratios differ slightly from the ratios for all 

insured commercial banks shown in Tables 115 and 117.

2 Deposits are as of December 31, 1946.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1946, 

for banks not submitting reports to F D IC .

Back figures— See Table 115, p. 142. See also Annual Report for 1945, pp. 138-139, and earlier reports.

E AR N IN G S, E X P E N SE S, AND DIVIDENDS OF INSURED B A N K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 120. A m ou n ts a ^ d R a t io s o f E a rn in g s , E x p e n se s, an d D iv id e n d s o f I n s u r e d C o m m e r cia l B a n k s, b y S t a t e , 1946

(Amounts, except in ratios, in thousands of dollars)

Earnings or expense item

Current operating earnings— total.............

Interest and dividends on:

United States Government obligations. . .

Other securities............................................

Interest and discount on loans......................

Service charges and other 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

committees............................... ...............

Interest on time and savings deposits..........

Interest and discount on borrowed money. .

Taxes other than on net income....................

Recurring depreciation on banking house,

furniture and fixtures..............................

Other current operating expenses..................

Net current operating earnings...................

Recoveries and profits—total........................

Recoveries on securities..................................

Profits on securities sold or redeemed..........

Recoveries on loans.........................................

All other...........................................................

Losses and charge-offs—total.......................

On securities.....................................................

On loans...........................................................

All other...........................................................

Net profits before income taxes...................

Taxes on net income—total..........................

Federal.............................................................

State.................................................................

Net profits after taxes.....................................

Dividends and interest on capital—total..

Dividends on preferred stock and interest on

capital notes and debentures..................

Cash dividends declared on common stock..

Net additions to capital from profits.........

U. S.and 

possessions

2,862,875

1,218,517

176,620

936,554

14,564

124,696

97,995

140,340

153,589

1,762,634

309,220

521,709

16,936

268,624

2,364

96,314

40,850

506,617

1,100,241

408,608

59,515

208,700

74,499

65,894

283,175

132,254

71,253

79,668

1,225,674

323,328

301,048

22,280

902,346

298,983

8,345

290,638

603,363

Possessions

935

328

45

293

5

27

206

‘ ' 31

622

114

177

9

171

12

12

127

313

364

126

126

238

185

United States

2,861,940

1,218,189

176,575

936,261

14,559

124,669

97,789

140,340

153,558

1,762,012

309,106

521,532

16,927

268,453

2,364

96,302

40,838

506,490

1,099,928

408,533

59,506

208,642

74,495

65,890

283,151

132,245

71,245

79,661

1,225,310

323,202

300,922

22,280

902,108

298,930

8,342

290,588

603,178

Alabama

26,318

8,910

1,948

10,479

98

1,369

1,882

538

1,094

15,344

3,220

4,030

169

2,208

9

511

354

4,843

10,974

2,795

108

1,504

748

435

2,104

616

545

943

11,665

3,063

2,539

524

8,602

2,161

45

2,116

6,441

Arizona

8,616

2,898

180

4,073

100

391

313

164

497

6,220

974

2,210

11

710

216

102

1,997

2,396

720

183

427

67

43

585

175

155

OKK

2,531

673

567

106

1,858

627

21

606

1,231

Arkansas

16,153

5,402

1,219

5,443

71

1,143

2,031

125

719

9,104

2,487

2,112

182

720

2

475

212

2,914

7,049

1,737

187

855

298

397

1,038

540

268

230

7,748

1.454

1.454

6,294

1,337

44

1,293

California

284,778

106,304

16,653

113,716

2,429

13,424

7,766

10,719

13,767

182,283

25,101

62,387

576

43,044

12

6,264

3,636

41,263

102,495

28,440

3,392

8,368

10,508

6,172

33,774

9,046

19,684

5,044

97,161

25,200

22,090

3,110

71,961

30,621

651

29,970

41,340

Colorado

20,089

8,089

892

7,082

69

1,738

651

753

815

11,700

2,410

3,431

159

1,473

2

371

220

3,634

8,389

2,049

457

625

666

301

1,758

862

513

383

8,680

2,487

2,172

315

6,193

1,387

13

1,374

4,806

Connecticut

30,415

12,403

1,198

9,79G

47

1,711

581

2,768

1,911

19,903

3,945

5,587

240

3,275

33

955

682

5,186

10,512

4,754

300

3,076

1,038

340

2,461

792

343

1,326

12,805

3,912

3,584

328

8,893

2,594

38|

2,556

6,299

Delaware

9,229

3,700

781

2,756

20

169

141

1,419

243

5,238

1,293

1,382

112

590

6

176

136

1,543

3,991

979

49

728

141

61

280

117

85

78

4,690

1.362

1.362

3,328

1,715

4

1,711

at

to

1,613

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets— total...........................................................

Cash and due from banks.................................

U. S. Government obligations.........................

Other securities....................................................

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

All other assets.....................................................

151,896,770

33,286,776

81,835,381

7,556,923

27,768,295

1,449,395

39,294

10,594

20,695

2,606

5,182

217

151,857,476

33,276,182

81,814,686

7,554,317

27,763,113

1,449,178

1,326,367

349,527

644,622

93,279

226,097

12,842

395,921

91,843

207,270

7,968

85,626

3,214

806,114

252,735

389,669

50,530

109,404

3,776

13,726,935

2,596,382

7,595,516

725,039

2,666,892

143,106

1,129,019

324,749

605,928

37,699

155,569

5,074

1,395,147

281,112

817,284

58,234

219,965

18,552

504,848

94,376

299,128

32,979

73,826

4,539

Liabilities and capital— total..........................

Total deposits.......................................................

Demand deposits...............................................

Time and savings deposits..............................

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

Total capital accounts.......................................

151,896,770

141,829,679

109,890,600

31,939,079

1,057,078

9,010,013

39,294

37,428

18,825

18,603

48

1,818

151,857,476

141,792,251

109,871,775

31,920,^76

1,057,030

9,008,195

1,326,367

1,254,564

i , o n , m

21+0,160

4,565 

67,238

395,921

380,443 

29k,995

85,U 8

1,541 

13,937

806,114

766,784 

675,388

91,396

911 

38,419

13,726,935

13,026,255

7,939,877

5,086,378

86,178

614,502

1,129,019

1,074,894

862,982

211,912

2,546

51,579

1,395,147

1,291,812

939,973

351,839

7,440

95,895

504,848

457,099 

390,927

66,172

2,617 

45,132

Number of active officers, December 3 1 ........... 62,697 19 62,678 787 188 717 4,278 563 616 228

Number of other employees, December 3 1 . ... 271,395 84 271,311 2,443 1,206 1,430 27,520 2,064 2,892 830

Number of banks, December 31.......................... 13,359 5 13,354 216 10 213 187 136 97 38

RATIOS

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 and dividends on:

United States Government obligations. . . 42.56 35.08 42.57 33.86 33.64 33.44 37.33 40.26 40.78 40.09

Other securities................................................ 6.17 4.81 6.17 7.40 2.09 7.55 5.85 4.44 3.94 8.46

Income on loans................................................... 33.22 31.87 33.22 40.19 48.43 34.14 40.78 35.60 32.36 30.08

All other current operating earnings.............. 18.05 28.24 18.04 18.55 15.84 24.87 16.04 19.70 22.92 21.37

Current operating expenses— total.............. $61.57 $66.52 $61.57 $58.30 $72.19 $56.36 $64.01 $58.24 $65.44 $56.76

Salaries, wages, and fees................................... 29.62 32.09 29.62 28.19 37.08 29.60 30.92 29.87 32.13 30.20

Interest on time and savings deposits........... 9.38 18.29 9.38 8.39 8.24 4.46 15.12 7.33 10.77 6.39

Taxes other than on net incom e...................... 3.36 1.28 3.36 1.94 2.51 2.94 2.20 1.85 3.14 1.91

All other current operating expenses............. 19.21 14.86 19.21 19.78 24.36 19.36 15.77 19.19 19.40 18.26

Amounts per $100 of total assets1

Current operating earnings— tota l...................... $1.88 $2.38 $1.88 $1.98 $2.18 $2.00 $2.07 $1.78 $2.18 $1.83

Currrent operating expenses— total.................... 1.16 1.58 1.16 1.16 1.57 1.13 1.33 1.04 1.43 1.04

Net current operating earnings............................ .72 .80 .72 .82 .61 .87 .74 .74 .75 .79

Amounts per $100 of total capital

accounts1

Net profits after income taxes.............................. $10.01 $13.09 $10.01 $12.79 $13.33 $16.38 $11.71 $12.01 $9.27 $7.37

Cash dividends declared......................................... 3.32 2.92 3.32 3.21 4.50 3.48 4.98 2.69 2.71 3.80

Special ratios1

Income on loans per $100 of loans...................... $3.43 $5.75 $3.42 $4.68 $4.87 $5.04 $4.36 $4.60 $4.47 $3.76

Income on securities per $100 of securities.. . . 1.56 1.60 1.56 1.47 1.43 1.50 1.48 1.40 1.55 1.35

Interest paid per $100 of time and savings

deposits.......................................................... .84 .92 .84 .92 .83 .79 .85 .70 .93 .89

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 12 0 . A m o u n t s a n d 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 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 , b y St a t e , 1946— Continued

(Amounts, except in ratios, in thousands of dollars)

Earnings or expense item

District of 

Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana

Current operating earnings— total.............. 20,124 35,214 39,624 8,093 204,273 56,760 42,598 24,971 30,018 30,111

Interest and dividends on:

United States Government obligations. . . 9,304 15,341 12,348 3,970 98,630 26,883 18,270 11,015 12,596 11,327

Other securities................................................ 608 2,339 1,603 177 14,308 3,189 1,983 950 1,649 2,812

Interest and discount on loans........................ 5,695 9,080 16,451 2,614 53,906 17,081 15,432 8,885 11,404 9,772

Service charges and other fees on bank's loans 22 86 415 12 1,605 219 69 66 143 32

Service charges on deposit accounts............... 1,423 2,639 1,833 624 8,875 2,969 3,224 1,760 1,179 1,694

Other service charges, commissions, fees, and

collection and exchange charges............. 600 2,240 4,007 283 4,078 2,262 1,804 875 622 2,162

Trust department................................................ 1,328 712 1,221 72 13,130 1,229 478 194 1,157 336

Other current operating earnings.................... 1,144 2,777 1,746 341 9,741 2,928 1,338 1,226 1,268 1,976

Current operating expenses— total.............. 13,532 21,407 24,633 4,771 124,032 37,010 25,490 14,924 17,221 19,432

Salaries— officers.................................................. 2,198 3,877 4,878 1,066 21,017 7,039 6,896 4,472 4,091 3,496

Salaries and wages— employees....................... 4,639 5,864 5,798 1,309 36,029 8,588 5,372 3,311 4,239 4,913

Fees paid to directors and members of

committees.................................................... 166 198 299 32 888 445 285 216 251 240

Interest on time and savings deposits........... 1,508 2,459 2,832 791 19,925 6,755 4,319 1,129 1,649 2,394

Interest and discount on borrowed money . . 2 52 45 79 10 9 5 43 6

Taxes other than on net incom e..................... 1,113 882 1,979 120 7,573 3,610 889 754 1,519 1,990

Recurring depreciation on banking house,

furniture and fixtures................................. 392 760 613 105 2,069 816 528 397 401 578

Other current operating expenses................... 3,514 7,315 8,189 1,348 36,452 9,747 7,192 4,640 5,028 5,815

Net current operating earnings..................... 6,592 13,807 14,991 3,322 80,241 19,750 17,108 10,047 12,797 10,679

Recoveries and profits— total.......................... 1,855 4,029 2,356 424 33,973 6,503 3,745 1,717 3,205 2,477

Recoveries on securities..................................... 126 384 90 8 7,795 1,172 346 166 497 222

Profits on securities sold or redeem ed........... 977 2,508 1,064 343 12,791 2,939 2,321 522 1,546 1,386

Recoveries on loans............................................. 483 324 522 50 4,913 925 679 591 799 511

All o th e r................................................................ 269 813 680 23 8,474 1,467 399 438 363 358

Losses and charge-offs— total......................... 686 1,736 1,759 346 28,498 4,695 3,042 1,827 2,619 4,045

On securities.......................................................... 205 1,181 535 237 16,723 2,345 1,834 1,045 1,422 2,393

On loans................................................................. 184 266 740 77 4,522 917 512 444 590 663

All other................................................................. 297 339 484 32 7,253 1,433 696 338 607 989

Net profits before income taxes..................... 7,761 16,100 15,588 3,400 85,716 21,558 17,811 9,937 13,383 9,111

Taxes on net income— total............................ 2,322 4,593 3,708 930 21,287 5,197 4,237 2,178 3,219 2,553

Federal................................................................... 2,322 4,593 3,708 917 21,287 5,197 4,237 2,178 3,219 2,553

State....................................................................... 13

Net profits after taxes........................................ 5,439 11,507 11,880 2,470 64,429 16,361 13,574 7,759 10,164 6,558

Dividends and interest on capital— to ta l.. 1,902 2,125 4,018 569 19,598 3,836 3,221 2,176 2,890 2,025

Dividends on preferred stock and interest on

capital notes and debentures................. 10 14 2 51 234 63 19 55

Cash dividends declared on common stock .. 1,902 2,115 4,004 567 19,547 3,602 3,158 2,157 2,816 1,970

Net additions to capital from profits......... 3,537 9,382 7,862 1,901 44,831 12,525 10,353 5,583 7,274 4,533

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets—tota l..........................................................

Cash and due from banks.................................

U. S. 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.......................................

1,106,969

260,486

645,497

33,301

149,467

18,218

1,875,994

508,680

1,010,737

90,899

248,142

17,536

1,832,935

484,547

848,094

57,333

425,428

17,533

424,101

96,149

260,223

8,059

57,622

2,048

11,908,991

2,617,879

6,587,234

648,544

1,986,541

68,793

2,968,226

677,967

1,723,334

141,249

405,510

20,166

2,167,488

489,080

1,189,758

117,861

359,317

11,472

1,439,071

404,856

781,425

57,276

188,523

6,991

1,590,353

392,456

844,985

59,556

284,394

8,962

1,655,438

481,462

769,173

126,442

258,367

19,994

1,106,969

1,040,366 

825,907

211+,1+5 9

5,003 

61,600

1,875,994

1,785,923

1,1+76,613

309,810

5,695

84,376

1,832,935

1,731,550 

1,1+31+,993

296,557

10,390 

90,995

424,101

407,612 

321,158

86,1+51+

838 

15,651

11,908,991

11,240,766

8,825,308

2,1+15,1+58

50,896

617,329

2,968,226

2,811,688

2,053,661+

758,021+

5,707

150,831

2,167,488

2,058,592

1,593,21+7

1+65,31+5

2,183

106,713

1,439,071

1,371,317 

1,231+,778

136,539

1,841 

65,913

1,590,353

1,492,600

1,289,933

202,667

7,414

90,339

1,655,438

1,573,557

1,313,1+1+7

260,110

9,492

72,389

Number of active officers, December 3 1 ...........

Number of other employees, December 31. . . .

320

2,411

844

3,387

1,157

3,459

232

864

3,831

17,909

1,851

5,397

1,903

3,679

1,421

2,233

1,257

2,946

736

2,801

Number of banks, December 31.......................... 20 176 304 45 856 474 596 452 362 154

RATIOS

Am ounts per $100 of current operating

earnings

Current operating earnings— total..............

Interest and dividends on:

United States Government obligations. . .

Other securities................................................

Income on loans...................................................

All other current operating earnings..............

Current operating expenses— total..............

Salaries, wages, and fees...................................

Interest on time and savings deposits...........

Taxes other than on net incom e.....................

All other current operating expenses.............

Am ounts per $100 of total assets1

Current operating earnings— tota l......................

Current operating expenses— total......................

Net current operating earnings............................

Amounts per $100 of total capital

accounts1

Net profits after income taxes..............................

Cash dividends declared.......... .......................................

Special ratios1

Income on loans per $100 of loans.....................

Income on securities per $100 of securities... . 

Interest paid per $100 of time and savings 

deposits..........................................................

$100.00

46.23

3.02

28.41

22.34

$100.00

43.57

6.64

26.03

23.76

$100.00

31.16

4.05

42.56

22.23

$100.00

49.05

2.19

32.45

16.31

$100.00

48.28

7.00

27.18

17.54

$100.00

47.36

5.62

30.48

16.54

$100.00

42.89

4.66

36.39

16.06

$100.00

44.11

3.81

35.85

16.23

$100.00

41.96

5.49

38.47

14.08

$100.00

37.62

9.34

32.56

20.48

$67.24

34.80

7.49

5.53

19.42

$60.79

28.22

6.98

2.51

23.08

$62.17

27.70

7.15

4.99

22.33

$58.95

29.74

9.77

1.48

17.96

$60.72

28.36

9.75

3.71

18.90

$65.20

28.32

11.90

6.36

18.62

$59.84

29.47

10.14 

2.09

18.14

$59.77

32.04

4.52

3.02

20.19

$57.37

28.59

5.49

5.06

18.23

$64.53

28.72

7.95

6.61

21.25

$1.82

1.22

.60

$1.88

1.14

.74

$2.16

1.34

.82

$1.91

1.13

.78

$1.71

1.04

.67

$1.91

1.25

.66

$1.97

1.18

.79

$1.74

1.04

.70

$1.89

1.08

.81

$1.82

1.17

.65

$8.83

3.08

$13.64

2.52

$13.05

4.42

$15.78

3.64

$10.44

3.17

$10.85

2.54

$12.72

3.02

$11.77

3.30

$11.25

3.20

$9.06

2.80

$3.79

1.58

.92

$3.82

1.46

.70

$3.69

1.60

.79

$3.96

1.54

.95

$4.56

1.55

.91

$2.79

1.56

.82

$4.27

1.61

.89

$4.31

1.55

.93

$4.75

1.43

.83

$4.06

1.57

.81

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 20. A m o u n t s a n d 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 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 , b y S t a t e , 1946— Continued

(Amounts, except in ratios, in thousands of dollars)

Earnings or expense item Maine Maryland Massachusetts Michigan M innesota Mississippi Missouri Montana Nebraska Nevada New

Hampshire

Current operating earnings— total.............. 10,847 29,349 93,450 92,543 57,474 17,810 72,522 9,646 22,289 3,647 5,754

Interest and dividends on:

United States Government obligations. . . 4,891 15,098 38,413 44,056 25,340 5,065 29,484 4,661 10,078 1,521 2,316

Other securities................................................ 720 1,088 5,632 4,937 2,494 2,312 3,863 286 935 135 421

Interest and discount on loans........................ 3,700 9,303 28,907 30,429 17,095 6,078 28,513 2,829 7,207 1,442 2,068

Service charges and other fees on bank’s loans 10 70 445 632 165 34 255 41 48 21 7

Service charges on deposit accounts............... 600 1,179 4,127 4,535 2,592 912 3,026 681 1,411 129 404

Other service charges, commissions, fees, and

collection and exchange charges............. 244 659 2,175 3,377 6,106 2,795 2,070 633 1,136 94 133

Trust department................................................ 338 844 6,652 1,326 1,578 67 2,375 45 239 100 101

Other current operating earnings.................... 344 1,108 7,099 3,251 2,104 547 2,936 470 1,235 205 304

Current operating expenses— total.............. 7,366 19,207 56,701 62,676 36,962 10,990 43,802 5,913 13,605 2,240 3,768

Salaries— officers.................................................. 1,189 2,963 9,486 9,107 8,201 2,686 8,828 1,376 3,608 385 734

Salaries and wages— employees....................... 1,637 5,229 17,823 17,714 8,702 2,392 12,707 1,327 2,990 590 809

Fees paid to directors and members of

committees................................................... 115 317 539 505 481 146 405 44 171 8 66

Interest on time and savings deposits........... 1,926 3,789 7,025 15,499 7,395 1,041 4,670 622 1,005 573 821

Interest and discount on borrowed m oney. . 3 49 57 175 59 4 87 30 4

Taxes other than on net inco^ne..................... 377 1,425 2,190 3,094 1,036 1,024 2,634 638 999 149 186

Recurring depreciation on banking house,

furniture and fixtures................................ 156 357 1,476 1,316 574 203 815 132 262 43 110

Other current operating expenses................... 1,963 5,078 18,105 15,266 10,514 3,494 13,656 1,774 4,540 492 1,038

Net current operating earnings.................... 3,481 10,142 36,749 29,867 20,512 6,820 28,720 3,733 8,684 1,407 1,986

Recoveries and profits— tota l.......................... 1,750 5,003 13,951 8,657 5,955 1,358 12,583 821 2,378 61 1,229

Recoveries on securities..................................... 193 692 1,056 1,191 854 239 3,272 219 411 8 316

Profits on securities sold or redeemed........... 1,136 3,487 7,110 5,707 1,954 531 6,344 101 1,156 32 696

Recoveries on loans............................................. 302 484 3,968 951 1,144 339 1,886 386 461 6 156

All other................................................................ 119 340 1,817 808 2,003 249 1,081 115 350 15 61

Losses and charge-offs— total......................... 1,072 1,923 16,240 4,891 3,808 1,850 6,720 1,717 1,896 108 743

On securities......................................................... 636 1,259 4,017 2,624 1,842 1,104 4,203 1,073 1,257 21 491

On loans................................................................. 146 301 2,760 874 871 499 1,765 417 311 64 104

All other................................................................ 290 363 9,463 1,393 1,095 247 752 227 328 23 148

Net profits before income taxes..................... 4,159 13,222 34,460 33,633 22,659 6,328 34,583 2,837 9,166 1,360 2,472

Taxes on net income— tota l............................ 1,044 3,161 11,958 6,976 5,651 1,151 8,143 805 2,219 356 589

Federal................................................................... 1,044 3,161 9,664 6,976 4,668 1,151 8,080 773 2,219 356 589

State. ..................................................................... 2,294 983 63 32

Net profits after taxes........................................ 3,115 10,061 22,502 26,657 17,008 5,177 26,440 2,032 6,947 1,004 1,883

Dividends and interest on capital— to ta l.. 976 3,234 11,771 7,199 4,875 1,311 7,540 869 2,050 149 464

Dividends on preferred stock and interest on

capital notes and debentures................... 95 54 117 645 53 116 104 5 23 16

Cash dividends declared on common stock .. 881 3,180 11,654 6,554 4,822 1,195 7,436 864 2,027 149 448

Net additions to capital from profits......... 2,139 6,827 10,731 19,458 12,133 3,866 18,900 1,163 4,897 855 1,419

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets— t o ta l...........................................................

Cash and due from banks.................................

U . S. Government obligations.........................

Other securities....................................................

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

All other assets.....................................................

480,784

83,645

284,555

24,553

84,060

3,971

1,653,017

332,160

981,428

42,747

279,893

16,789

4,606,961

900,708

2,528,085

127,194

987,245

63,729

4,922,848

919,357

2,935,659

274,649

759,234

33,949

2,856,960

639,948

1,614,588

121,821

460,860

19,743

795,905

225,526

337,201

94,136

133,799

5,243

4,273,557

1,111,523

2,079,612

193,512

861,119

27,791

526,658

137,854

321,393

12,254

52,179

2,978

1,283,090

350,844

699,797

59,633

166,237

6,579

167,509

30,642

99,741

7,092

28,414

1,620

236,442

48,979

124,532

14,605

46,314

2,012

L iabilities and ca p ita l— t o ta l..........................

Total deposits.......................................................

Demand deposits...............................................

Time and savings deposits..............................

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

Total capital accounts.......................................

480,784

443,891

259,150

18k,7kl

2,016

34,877

1,653,017

1,555,229

1,134,939

4-20,290

5,597

92,191

4,606,961

4,229,056

3,456,756

772,300

42,132

335,773

4,922,848

4,668,201 

2,731,293

1,936,908

16,847 

237,800

2,856,960

2,695,025

1,947,146

747,879

10,464

151,471

795,905

756,223

632,915

123,308

1,426

38,256

4,273,557

4,047,319

3,439,920

607,399

17,638

208,600

526,658

504,603

417,163

87,440

698

21,357

1,283,090

1,221,243

1,092,^25

128,818

3,532 

58,315

167,509

159,775

111,472

48,308

1,417

6,317

236,442

215,449

150,672

64,777

612

20,381

Number of active officers, December 3 1 ...........

Number of other employees, December 3 1 . ...

288

1,063

716

3,116

1,380

9,405

1,742

9,128

2,270

5,238

707

1,616

2,194

7,479

366

892

1,063

1,994

80

355

190

512

Number of banks, December 31.......................... 55 167 183 417 646 198 565 110 356 8 56

RATIOS

A m ou n ts per $100 o f cu rren t op eratin g 

earnings

C urren t op era tin g earnings— to ta l..............

Interest and dividends on:

United States Government obligations. . .

Other securities................................................

Income on loans...................................................

All other current operating earnings..............

$100.00

45.09

6.64

34.20

14.07

$100.00

51.44

3.71

31.94

12.91

$100.00

41.10

6.03

31.41

21.46

$100.00

47.61

5.33

33.56

13.50

$100.00

44.09

4.34

30.03

21.54

$100.00

28.44

12.98

34.32

24.26

$100.00

40.65

5.33

39.67

14.35

$100.00

48.32

2.97

29.75

18.96

$100.00

45.22

4.19

32.55

18.04

$100.00

41.71

3.70

40.11

14.48

$100.00

40.25

7.32

36.06

16.37

C urren t operatin g expenses— t o ta l..............

Salaries, wages, and fees...................................

Interest on time and savings deposits...........

Taxes other than on net incom e.....................

All other current operating expenses.............

$67.91

27.11

17.76

3.48

19.56

$65.44

28.99

12.91

4.86

18.68

$60.68

29.80

7.52

2.34

21.02

$67.73

29.53

16.75

3.34

18.11

$64.31

30.25

12.87

1.80

19.39

$61.71

29.33

5.85

5.75

20.78

$60.40

30.25

6.44

3.63

20.08

$61.30

28.48

6.45

6.61

19.76

$61.04

30.37

4.51

4.48

21.68

$61.42

26.95

15.71

4.09

14.67

$65.48

27.96

14.27

3.23

20.02

A m ou n ts per $100 o f to ta l assets1

Current operating earniifgs— tota l......................

Current operating expenses— total.....................

N et current operating earnings............................

$2.25

1.53

.72

$1.77

1.16

.61

$2.03

1.23

.80

$1.88

1.27

.61

$2.01

1.29

.72

$2.24

1.38

.86

$1.70

1.03

.67

$1.83

1.12

.71

$1.74

1.06

.68

$2.18

1.34

.84

$2.43

1.59

.84

A m ou n ts per $160 o f to ta l capital 

a cco u n ts1

Net profits after income taxes..............................

Cash dividends declared.........................................

$8.93

2.80

$10.91

3.51

$6.70

3.51

$11.21

3.03

$11.23

3.22

$13.53

3.43

$12.67

3.61

$9.51

4.07

$11.91

3.52

$15.89

2.36

$9.24

2.28

Special ra tios1

Income on loans per $100 of loans......................

Income on securities per $100 of securities. . . . 

Interest paid per $100 of time and savings 

deposits..........................................................

$4.41

1.82

1.04

$3.35

1.58

.90

$2.97

1.66

.91

$4.09

1.53

.80

$3.75

1.60

.99

$4.57

1.71

.84

$3.34

1.47

.77

$5.50

1.48

.71

$4.36

1.45

.78

$5.15

1.55

1.19

$4.48

1.97

1.27

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. A m o u n t s a n d 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 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 , b y S t a t e , 1946— Continued

(Amounts, except in ratios, in thousands of dollars)

Earnings or expense item

New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota Ohio Oklahoma Oregon Pennsylvania Rhode

Island

South

Carolina

Current operating earnings— total.............. 98,769 5,926 602,109 36,372 8,721 140,574 31,832 27,336 236,451 13,658 11,960

Interest and dividends on:

United States Government obligations. . . 47,146 1,793 269,731 13,177 4,047 61,523 10,765 13,807 104,502 7,251 4,316

8,261 188 31,642 2,406 224 8,933 1,892 1,884 25,316 433 624

Interest and discount on loans........................ 27,998 3,082 171,718 12,963 1,744 45,756 13,509 8,163 62,462 3,812 4,011

Service charges and other fees on bank’s loans 159 8 3,798 316 61 819 138 41 519 10 27

Service charges on deposit accounts............... 4,864 339 16,519 1,877 436 6,509 2,141 1,315 6,403 458 1,052

Other service charges, commissions, fees, and

collection and exchange charges............. 1,882 228 12,686 3,582 1,846 3,584 1,162 829 4,582 176 1,504

Trust department................................................ 3,811 31 52,180 1,051 35 5,999 319 520 19,328 540 20(1

Other current operating earnings................... 4,648 257 43,835 1,000 328 7,451 1,906 777 13,339 978 220

Current operating expenses— total.............. 67,260 3,512 350,111 21,786 5,156 93,984 17,531 15,688 143,852 9,171 6,915

Salaries— officers.................................................. 10,444 782 53,614 4,785 1,413 13,297 4,817 2,656 23,440 1,172 1,751

Salaries and wages— employees....................... 17,305 1,041 132,852 5,267 997 22,964 4,687 5,316 40,127 2,176 1,899

Fees paid to directors and members of

committees................................................... 1,005 29 2,570 197 74 838 151 41 2,098 85 83

Interest on time and savings deposits........... 14,960 321 25,454 2,909 842 19,198 836 3,072 24,156 2,394 651

Interest and discount on borrowed m oney. 72 1 1,013 50 106 46 140 10 4

Taxes other than on net incom e..................... 3,947 208 12,855 950 164 12,300 479 393 9,375 712 125

Recurring depreciation on banking house,

furniture and fixtures................................ 2,368 58 6,723 516 102 2,170 574 342 4,224 201 158

Other current operating expenses................... 17,159 1,072 115,030 7,112 1,564 23,111 5,941 3,868 40,292 2,421 2,244

Net current operating earnings..................... 31,509 2,414 251,998 14,586 3,565 46,590 14,301 11,648 92,599 4,487 5,045

Recoveries and profits— total.......................... 24,814 517 103,286 2,991 601 20,123 2,507 1,860 55,960 1,941 407

Recoveries on securities..................................... 2,675 123 14,952 144 60 1,661 112 126 11,389 383 44

Profits on securities sold or redeemed........... 15,561 61 58,719 2,188 103 11,086 1,428 1,280 26,067 755 197

Recoveries on loans............................................. 4,339 273 16,259 318 138 4,843 578 122 5,955 694 67

All other................................................................ 2,239 60 13,356 341 300 2,533 389 332 12,549 109 99

Losses and charge-offs— total......................... 13,370 558 57,855 2,480 818 9,883 1,821 1,445 32,823 1,844 455

On securities......................................................... 8,985 120 20,796 1,231 208 5,077 616 745 20,415 284 247

On loans................................................................. 1,856 317 15,716 551 79 1,935 802 176 3,650 575 100

All other................................................................ 2,529 121 21,343 698 531 2,871 403 524 8,758 985 108

Net profits before income taxes..................... 42,953 2,373 297,429 15,097 3,348 56,830 14,987 12,063 115,736 4,584 4,997

Taxes on net income— tota l........................... 10,208 455 90,655 4,373 883 13,371 3,785 3,428 27,848 1,538 1,308

Federal................................................................... 10,208 455 78,430 4,285 850 13,371 3,198 2,515 27,848 1,342 1,186

State . . .............................. 12,225 88 33 587 913 196 122

Net profits after taxes........................................ 32,745 1,918 206,774 10,724 2,465 43,459 11,202 8,635 87,888 3,046 3,689

Dividends and interest on capital— to ta l.. 7,680 350 86,950 2,653 628 10,952 3,135 1,642 28,367 1,807 860

Dividends on preferred stock and interest on

capital notes and debentures 2,287 8 1,579 33 8 727 3 3 325 18

Cash dividends declared on common stock.. 5,393 342 85,371 2,620 620 10,225 3,132 1,639 28,042 1,807 842

Net additions to capital from profits......... 25,065 1,568 119,824 8,071 1,837 32,507 8,067 6,993 59,521 1,239 2,829

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets— tota l...........................................................

Cash and due from banks.................................

U. S. 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........................................

4,771,608

773,364

2,902,204

327,291

705,486

63,263

279,331

87,385

126,091

9,714

54,971

1,170

36,469,765

7,482,064 

19,220,609 

1,485,700 

> 7,886,755 

394,637

1,859,639

465,577

934,379

100,244

341,450

17,989

439,410

94,733

295,425

12,249

34,743

2,260

7,364,489

1,471,468

4,068,486

408,440

1,351,545

64,550

1,545,010

481,089

732,702

88,676

232,393

10,150

1,413,797

291,366

817,084

80,034

212,748

12,565

10,855,153

2,122,355

6,020,929

888,479

1,671,653

151,737

694,166

110,597

453,599

14,560

103,692

11,718

655,767

192,218

335,084

29,734

94,470

4,261

4,771,608

4,469,384

2,596,096

1,873,288

18,009

284,215

279,331

269,469 

231,1*06

38,063

193 

9,669

36,469,765

33,299,302

29,672,958

3,626,31*1*

561,486

2,608,977

1,859,639

1,758,742

1,U 5,877

312,865

11,873

89,024

439,410

421,735

336,507

85,228

672

17,003

7,364,489

6,926,398 

1*,563,51*9

2,362,81*9

32,623 

405,468

1,545,010

1,456,445

1,31*9,652

106,793

3,830

84,735

1,413,797

1,350,235

979,562

370,673

4,493

59,069

10,855,153

9,805,734 

7,071,003

2,731*,731

54,123 

995,296

694,166

640,769 

1*31*,090

206,679

5,901 

47,496

655,767

627,054

51*6,817

80,237

1,450

27,263

Number of active officers, December 3 1 ...........

Number of other employees, December 3 1 . ...

1,974

9,254

186

641

6,368

59,700

1,065

3,229

447

738

2,845

12,341

1,354

2,996

611

2,887

4,595

21,226

193

1,380

460

1,138

Number of banks, December 31 .......................... 341 44 659 222 145 659 374 67 998 14 126

RATIOS

Amounts per $100 of current operating

earnings

Current operating earnings— total..............

Interest and dividends on:

United States Government obligations. . .

Other securities................................................

Income on loans...................................................

All other current operating earnings..............

Current operating expenses— total..............

Salaries, wages, and fees...................................

Interest on time and savings deposits...........

Taxes other than on net incom e......................

All other current operating expenses.............

Am ounts per $100 of total assets1

Current operating earnings— tota l......................

Current operating expenses— total......................

Net current operating earnings............................

Amounts per $100 of total capital

accounts1

Net profits after income taxes..............................

Cash dividends declared.........................................

Special ratios1

Income on loans per $100 of loans......................

Income on securities per $100 of securities.. . . 

Interest paid per $100 of time and savings 

deposits..........................................................

$100.00

47.73

8.37

28.51

15.39

$100.00

30.26

3.17

52.14

14.43

$100.00

44.80

5.26

29.15

20.79

$100.00

36.23

6.61

36.51

20.65

$100.00

46.40

2.57

20.70

30.33

$100.00

43.77

6.35

33.13

16.75

$100.00

33.82

5.94

42.87

17.37

$100.00

50.51

6.89

30.01

12.59

$100.00

44.20

10.71

26.63

18.46

$100.00

53.09

3.17

27.98

15.76

$100.00

36.09

5.22

33.76

24.93

$68.10

29.11

15.15

4.00

19.84

$59.26

31.25

5.42

3.51

19.08

$58.15

31.40

4.23

2.13

20.39

$59.90

28.18

8.00

2.61

21.11

$59.12

28.48

9.66

1.88

19.10

$66.86

26.39

13.66

8.75

18.06

$55.07

30.33

2.63

1.50

20.61

$57.39

29.31

11.24

1.44

15.40

$60.84

27.77

10.22

3.96

18.89

$67.15

25.14

17.53

5.21

19.27

$57.82

31.21

5.44

1.05

20.12

$2.07

1.41

.66

$2.12

1.26

.86

$1.65

.96

.69

$1.95

1.17

.78

$1.98

1.17

.81

$1.91

1.28

.63

$2.06

1.13

.93

$1.93

1.11

.82

$2.18

1.33

.85

$1.97

1.32

.65

$1.82

1.05

.77

$11.52

2.70

$19.84

3.62

$7.93

3.33

$12.05

2.98

$14.50

3.69

$10.72

2.70

$13.22

3.70

$14.62

2.78

$8.83

2.85

$6.41

3.80

$13.53

3.15

$3.99

1.72

.80

$5.62

1.46

.84

$2.23

1.46

.70

$3.89

1.51

.93

$5.20

1.39

.99

$3.45

1.57

.81

$5.87

1.54

.78

$3.86

1.75

.83

$3.77

1.88

.88

$3.69

1.64

1.16

$4.27

1.35

.81

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. A m o u n t s a n d 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 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 , b y St a t e , 1946— Continued

(Amounts, except in ratios, in thousands of dollars)

Earnings or expense item

South

Dakota Tennessee Texas Utah Vermont Virginia W ashington West

Virginia Wisconsin Wyoming

C u rren t op era tin g earnings— t o ta l...............

Interest and dividends on:

9,682 40,376 111,341 12,126 7,692 41,356 43,367 20,296 54,841 4,440

United States Government obligations. . . 3,465 13,771 36,975 4,306 2,202 15,674 17,402 8,797 27,665 1,561

Other securities................................................ 389 3,446 4,705 355 643 2,044 3,091 969 3,652 166

Interest and discount on loans........................ 3,157 16,939 51,202 5,290 4,026 17,553 16,480 7’6& 15,655 1,840

Service charges and other fees on bank's loans

Service charges on deposit accounts...............

Other service charges, commissions, fees, and

26 136 423 81 30 278 110 9 r 254 3

755 1,399 5,894 588 287 1,913 2,449 838 2,525 347

collection and exchange charges............. 1,478 2,325 3,984 686 132 1,044 1,679 490 1,983 207

Trust departm ent............................................... 45 718 1,340 351 126 1,516 878 493 790 55

Other current operating earnings.................... 367 1,642 6,818 469 246 1,334 1,278 953 2,317 261

C urren t operatin g expenses— t o ta l.............. 5,817 23,206 65,925 7,075 5,268 25,759 27,110 11,927 36,724 2,761

Salaries— officers.................................................. 1,776 4,396 15,328 1,304 785 5,078 4,816 2,287 7,430 712

Salaries and wages— employees........................

Fees paid to directors and members of

1,183 5,852 17,478 1,894 927 6,183 8,691 2,848 8,076 648

105 197 707 122 111 368 118 169 560 33

Interest on time and savings deposits........... 785 3,520 3,442 1,430 1,991 5,120 4,965 2,549 9,388 323

Interest and discount on borrowed m oney. . 3 18 18 10 1 21 10 40 17 1

Taxes other than on net incom e...................... 137 1,840 5,447 180 245 1,575 658 518 872 173

Recurring depreciation on banking house, 

furniture and fixtures................................. 146 720 2,003 132 97 805 700 376 897 81

Other current operating expenses.................... 1,682 6,663 21,502 2,003 1,111 6,609 7,152 3,140 9,484 790

N et cu rren t op eratin g ea rn in g s..................... 3,865 17,170 45,416 5,051 2,424 15,597 16,257 8,369 18,117 1,679

R ecoveries and profits— t o ta l..........................

Recoveries on securities...................................

401 5,092 10,694 847 1,522 3,786 4,862 3,170 7,234 414

29 378 1,184 57 172 320 490 260 938 76

Profits on securities sold or redeemed........... 78 3,359 4,902 522 696 1,804 3,314 1,300 4,828 160

201 690 2,686

1,922

155 455 1,112 538 598 996 132

93 665 113 199 550 520 1,012 472 46

Losses an d ch arge-offs— t o ta l......................... 517 4,800 8,625 521 702 2,734 3,678 1,238 4,368 395

275 3,220 3,632 176 356 1,390 2,208 636 2,930 153

On loans ............................................. .. 65 766 2,823 231 255 621 710 256 987 154

177 814 2,170 114 91 723 760 346 451 88

N et profits before in co m e taxes ..................... 3,749 17,462 47,485 5,377 3,244 16,649 17,441 10,301 20,983 1,698

938 4,139 12,736 1,398 669 4,306 3,207 2,519 4,627 383

877

61

4,082

57

12,736 1,276

122

640

29

4,306 3,207 2,519 4,548

79

383

N et profits after taxes......................................... 2,811 13,323 34,749 3,979 2,575 12,343 14,234 7,782 16,356 1,315

D ividends and in terest o n ca p ita l— t o t a l ..

Dividends on preferred stock and interest on

773 3,425 11,469 1,078 561 4,047 2,854 1,813 4,255 391

capital notes and debentures................... 7 120 80 16 190 83 31 39 193 26

Cash dividends declared on common s to ck .. 766 3,305 11,389 1,062 371 3,964 2,823 1,774 4,062 365

N et ad d ition s to ca p ita l fro m p r o fits ......... 2,038 9,898 23,280 2,901 2,014 8,296 11,380 5,969 12,101 924

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
AVERAGE ASSETS AND LIABILITIES1

Assets— t o t a l..........................................................

Cash and due from banks.................................

U .S . Government obligations.........................

Other securities....................................................

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

All other assets.....................................................

440,898

108,329

253,296

17,913

58,547

2,813

1,994,469

530,695

905,965

132,414

406,785

18,610

5,937,729

1,904,484

2,526,458

196,102

1,259,002

51,683

575,227

132,937

306,398

16,455

116,012

3,425

264,057

37,072

115,229

23,206

85,677

2,873

1,938,253

447,562

989,207

75,156

404,639

21,689

2,142,079

473,791

1,125,434

129,482

400,265

13,107

933,225

217,990

525,499

36,142

144,090

9,504

3,000,003

595,682

1,820,245

156.696

404.696 

22,684

225,753

69,952

113,895

7,186

33,450

1,270

L iabilities and capital— total..........................

Total deposits.......................................................

Demand deposits........................

Time and savings deposits................

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

Ttftal capital accounts.......................................

440,898

420,071

81+8,01*7

72,021+

754

20,073

1,994,469

1,890,380

1,500,138

390,21+2

7,154

96,935

5,937,729

5,636,850 

5,173,717

1+68,133

14,458 

286,421

575,227

546,115

383,587

162,528

1,628

27,484

264,057

238,605

101,01+5

137,560

951

24,501

1,938,253 

1,812,000 

1,281,726

530,271+

8,396 

117,857

2,142,079

2,048,815 

1,501,927

51+6,888

7,202 

86,062

933,225

865,316

621,795

21+3,521

6,089

61,820

3,000,003

2,833,222

1,699,302

1,133,920

7,867

158,914

225,753 

213,774 

171,529

1+2,21+5

242 

11,737

Number of active officers, December 3 1 ........... 575 1,151 3,566 264 236 1,312 866 588 1,895 202

Number of other employees, December 31.... 864 3,734 10,321 1,043 583 3,838 4,348 1,672 4,709 400

Number of banks, December 31.......................... 169 289 811 59 71 315 119 175 545 55

RATIOS

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 and dividends on:

United States Government obligations. . . 35.79 34.11 33.20 35.51 28.63 37.90 40.13 43.35 50.45 35.16

Other securities................................................ 4.02 8.53 4.23 2.93 8.36 4.94 7.13 4.77 6.66 3.74

Income on loans................................................... 32.88 42.29 46.37 44.29 52.73 43.12 38.25 38.21 29.01 41.51

All other current operating earnings............. 27.31 15.07 16.20 17.27 10.28 14.04 14.49 13.67 13.88 19.59

Current operating expenses— total.............. $60.08 $57.47 $59.21 $58.35 $68.49 $62.29 $62.51 $58.77 $66.96 $62.18

Salaries, wages, and fees...................................

Interest on time and savings deposits...........

31.65 25.87 30.10 27.38 23.70 28.12 31.42 26.14 29.29 31.37

8.11 8.72 3.09 11.79 25.88 12.38 11.45 12.56 17.12 7.27

Taxes other than on net incom e...................... 1.41 4.55 4.89 1.49 3.19 3.81 1.51 2.55 1.59 3.90

All other current operating expenses............. 18.91 18.33 21.13 17.69 15.72 17.98 18.13 17.52 18.96 19.64

Am ounts per $100 of total assets1

Current operating earnings— tota l...................... $2.20 $2.02 $1.88 $2.11 $2.91 $2.13 $2.02 $2.17 $1.83 $1.97

Current operating expenses— total..................... 1.32 1.16 1.11 1.23 2.00 1.33 1.27 1.28 1.22 1.22

Net current operating earnings............................ .88 .86 .77 .88 .91 .80 .75 .89 .61 .75

A m ou n ts per $100 o f to ta l capital 

a cco u n ts1

Net profits after income taxes.............................. $14.00 $13.74 $12.13 $14.48 $10.51 $10.47 $16.54 $12.59 $10.29 $11.20

Cash dividends declared........................................ 3.85 3.53 4.00 3.92 2.29 3.43 3.32 2.93 2.68 3.33

Special ratios1

Income on loans per $100 of loans...................... $5.44 $4.20 $4.10 $4.63 $4.73 $4.41 $4.14 $5.38 $3.93 $5.51

Income on securities per $100 of securities. . . . 1.42 1.66 1.53 1.44 2.06 1.66 1.63 1.74 1.58 1.43

Interest paid per $100 of time and savings

deposits.......................................................... 1.09 .90 .74 .88 1.45 .97 .91 1.05 .83 .76

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
05

to

Table 1 2 1 . E a r n i n g s , E x p e n s e s , D i v id e n d s , a n d 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 M u t u a l S a v in g s B a n k s , 1934, 1941-1946

(Amounts in thousands of dollars)

1934 1941 1942 1943 1944 1945 1946

47,819

24,602 

457 

| 18,866

44

3,850

69,547

26,554 

1,195 

/ 12,955 

1 18,068' 

123 

10,652

76,287

31,212

1,119

17,134

16,923

154

9,745

273,479

137,950

1,241

76,510

24,607

321

32,850

295,709

140,002

1,260

97,856

29,694

538

26,359

322,795

141,001

1,627

135,627

24,652

1,033

18,855

350,951

142,538

1,893

171,139

22,609

1,301

11,471

11,943

| 3,166

208

22,866

94

5,609

23,344

/ 2,205 

\ 5,080 

316 

5,432 

668 

9,643

24,520

2,715

5,915

389

5,104

743

9,654

87,847

9,467

19,792

1,704

17,015

3,046

36,823

86,575

10,093

20,658

1,903

14,838

3,359

35,724

77,705

10,567

22,179

855

8,410

2,649

33,045

85,523

11,967

26,938

1,045

7,243

2,574

35,756

35,876 46,203 51,767 185,632 209,134 245,090 265,428

26,701 29,684 33,209 117,985 132,430 143,350 160,134

9,175 16,519 18,558 67,647 76,704 101,740 105,294

5,481

833

1,355

702

2,591

23,014

3,432

13,996

462

5,124

19,092

5,164

7,112

653

6,163

129,160

40,402

31,376

11,094

46,288

101,473

31,423

30,677

14,763

24,610

181,982

47,560

79,389

4,055

50,978

186,720

34,920

89,554

2,097

60,149

11,097

5,300

2,567

3,230

34,848

16,470

6,030

12,348

33,486

10,379

9,211

13,896

168,891

32,818

74,327

61,746

113,691

17,625

68,179

27,887

135,783

36,635

28,825

70,323

142,499

72,320

3,375

66,804

Earnings, expense, asset or liability item

C u rren t op eratin g earnings— t o ta l......................................................

Interest, discount, and other income on real estate loans...............

Interest, discount, and income on other loans....................................

Interest on U. S. Government obligations, direct and guaranteed

Interest and dividends on other securities............................................

Collection and exchange charges, commissions, and fees.................

Other current operating earnings............................................................

C urren t op eratin g expenses— t o ta l.......................................................

Salaries— officers..........................................................................................

Salaries and wages— employees................................................................

Directors', trustees’, and managers’ fees1.............................................

Taxes other than on net incom e..............................................................

Recurring depreciation on banking house, furniture and fixtures3. 

Other current operating expenses............................................................

N et cu rren t op eratin g ea rn in gs.............................................................

D ividends (interest) paid o n d e p o sits .................................................

Net operatin g earnings after dividends o n d ep osits ....................

P rofits and recoveries on assets— t o ta l...............................................

Recoveries on securities4............................................................................

Profits on securities sold or exchanged..................................................

Recoveries on loans4..................................................................................

All other profits and recoveries5.......................... ...................................

Losses an d ch arge-offs— t o ta l...............................................................

On securities6................................................................................................

On loans6.................................................................. .....................................

All other7......................................................................................................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N et profits before in co m e taxes.........................

Taxes on n et in c o m e ...............................................

N et profits after in co m e taxes.......................................

In terest paid o n ca p ita l n otes an d deben tu res . . .

N et profits after in terest an d d iv id e n d s.. ..

Average assets an d liabilities10 

Assets— t o t a l......................................................

3,559 4,685 4,164 27,916 64,486 147,939 149,515

(8) 97 33 345 122 2,034 5,759

3,559 4,588 4,131 27,571 64,364 145,905 143,756

91,550 344 318 294 482 271 264

2,009 4,244 3,813 27,277 63,882 145,634 143,492

1,177,936

65,643

140,129

320,949

552,188

13,129

85,898

1,973,635

184,743

581,795

445,939

604,701

35,151

121,306

2,089,328

141,377

725,595

416,107

661,599

30,078

114,572

7,945,687

494,112

3,322,146

663,101

3,104,849

28,145

333,334

9,164,873

449,751

4,723,004

628,821

3,085,567

30,372

247,358

10,636,400

416,762

6,345,344

605,362

3,056,494

36,934

175,504

12,066,095

530,271

7,588,938

653,589

3,112,879

41,588

138,830

Cash and due from banks..............................................

U . S. Government obligations........................................

Other securities..................................................

Real estate loans..................................................................

Other loans and discounts...............................................

All other assets..................................................................

L iabilities and capital— t o ta l..............................

Total deposits............................................................................ 1,177,936

1,042,388 

| 1,01*2,388

8,399

127,149

1,973,635

1.803.002

1.803.002

7,248

163,385

2,089,328

1,900,429

1,900,1*29

6,656

182,243

7,945,687

7,134,660 

7,131*,660

22,331

788,696

9,164,873

8.280.998

8.280.998

23,974

859,901

10,636,400

9,648,308

9,61*8,308

27,085

961,007

12,066,095

10,923,361 

/ 13,198

\ 10,910,163

32,934 

1,109,800

Demand deposits......................................................

Time and savings deposits...........................................

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

Total surplus and capital accounts.................................

Number of active officers, December 3 1 ................................

Number of other employees, December 31.....................

(“ )

(u)

317

2,823

363

2,884

1,209

9,581

1,276

9,719

1,337

10,852

1,410

11,414

Number of banks, December 3112........................................ 68 52 56 184 192 192 191

1 Includes professional fees from 1941 through 1944.

2 Includes income taxes.

! t11 J o o f’ anj submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures,

t l n a“ d .1£ 1941-1944; and for banks not submitting reports to FDIC in 1945-1946, includes reductions in valuation allowances.

6 In 1945 and 1946 for banks submitting reports to FD IC, includes all reductions in valuation allowances.

U Jn anA * n 1941-1944; and for banks not submitting reports to FDIC in 1945-1946, includes additions to valuation allowances.

7 In 1945 and 1946 for banks submitting reports to FD IC , includes all additions to valuation allowances.

8 N ot available; see footnote 2.

9 Also includes interest on borrowed money.

10 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

11 N ot available.

12 For 1941-1946, includes three mutual savings banks, members of the Federal Reserve System.

Back figures— See the Annual Report for 1941, p. 173.

COEARNINGS. EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 1 2 2 . R a t io s o f E a r n in g s , E x p e n se s, an d D iv id e n d s o f In s u r e d M u t u a l S a v in g s B a n k s, 1934, 1941-1946

Earnings or expense item 1934 1941 1942 1943 1944 1945 1946

Am ounts per $100 of current operating earnings:

$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

51.45 38.18 40.91 50.44 47.34 43.68 40.62

.96 1.72 1.47 .46 .43 .50 .54

\ 39.45 / 18.63 22.46 27.97 33.09 42.02 48.76

Interest and dividends on other securities ............... ............................. \ 25.98 22.18 9.00 10.04 7.64 6.44

Collection and exchange charges commissions* and fees................................ .09 .17 .20 .12 .18 .32 .37

8.05 15.32 12.78 12.01 8.92 5.84 3.27

24.98 33.57 32.14 32.12 29.28 24.07 24.37

7.06 10.93 11.82 11.32 11.04 10.41 11.38

25.99 7.81 6.69 6.22 5.02 2.60 2.06

RecurringVdepreciation on banking house furniture and fixtures®................

.20 .96 .97 1.11 1.14 .82 .74

11.73 13.87 12.66 13.47 12.08 10.24 10.19

475.02 66.43 67.86 67.88 70.72 75.93 75.63

Dividends (interest) paid on deposits................................................................ 55.84 42.68 43.53 43.14 44.78 44.41 45.63

operating earnings after dividends on deposits.............. .................... 19.18 23.75 24.33 24.74 25.94 31.52 30.00

Am ounts per $100 of total assets5

4.06 3.52 3.65 3.44 O 00 3.03 2.91

1.01 1.18 1.17 1.10 °!95 .73 .71

43.05 2.34 2.48 2.34 2.28 2.30 2.20

2.27 1.50 1.59 1.49 1.44 1.35 1.33

operating earnings after dividends on deposits............................................. .78 .84 .89 .85 .84 .95 .87

.46 1.17 .91 1.63 1.11 1.71 1.55

.94 1.77 1.60 2.13 1.24 1.27 1.18

4.30 .24 .20 .35 .71 1.39 1.24

Net additions to surplus and capital accounts...............................................

.17 .22 .18 .34 .70 1.37 1.19

—

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ra tios5

Income on real estate loans per $100 of real estate loans...................................

Income on other loans per $100 of other loans......................................................

Interest on U . S. Government obligations per $100 of U. S. Government,

obligations...........................................................................................................

Income on other securities per $100 of other securities..............................!!.*.

Dividends paid on deposits per $100 of time and savings deposits..................

Net additions to surplus and capital accounts per $100 of total surplus and 

capital accounts.................................................................................................

Assets an d liabilities per $100 o f tota l assets5 

A ssets— t o t a l.................................................................................................................

Cash and due from banks...............................I ! ! ! ! ! ! ! ! ! ! ! ! ! ! ' . ! ! ’. ! ! ! ! ! ! ! !

U. S. Government obligations...............................................................................

Other securities......................................................................................................* ’

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

All other assets...........................................................

L iabilities and capital— t o ta l................................................................................

Total deposits.............................................................................................................

Demand deposits.....................................................................................

Time and savings deposits....................................................................................

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

Total capital accounts..............................................................................................

Number of banks, December 31................................................................................

4.46

3.48

4.09

2.56

1.58

100.00

5.57

11.90

27.25

47.99

7.29

100.00

88.49

88.1*9

.71

10.80

68

4.39

3.40

2.23

4.05

1.65

2.60

100.00

9.36

29.48

22.59

32.42

6.15

100.00

91.35

91.35

.37

8.28

52

4.72

3.72

2.36

4.07

1.75

2.09

100.00

6.77

34.73

19.91

33.11

5.48

100.00

90.96

90.96

.32

8.72

56

4.44

4.41

2.30

3.71

1.65

3.46

100.00

6.22

41.80

8.35

39.43

4.20

100.00

89.79

89.79

.28

9.93

184

4.54

4.15

2.07

4.72

1.60

7.43

100.00

4.91

51.53

6.86

34.00

2.70

100.00

90.36

90.36

.26

9.38

192

4.61

4.41

2.14

4.07

1.49

15.15

100.00

3.92

59.66

5.69

29.08

1.65

100.00

90.71

90.71

.25

9.04

192

4.58

4.55

2.26

3.46

1.47

12.93

100.00

4.40

62.89

5.42

26.14

1.15

100.00

90.53

.11

90.^2

.27

9.20

191

1 Includes professional fees from 1941 through 1944.

2 Includes income taxes.

! an<* /or banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. 4 bee footnote 2.

8 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

OxEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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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 123. Disbursements by the Federal Deposit Insurance Corporation to protect depositors;

number and deposits of insured banks placed in receivership or merged with the 

financial aid of the Corporation, 1934-1946

Banks grouped by class of bank, year of disbursement, amount of deposits, and

State

Table 124. Assets and liabilities of insured banks placed in receivership and of insured banks 

merged with the financial aid of the Federal Deposit Insurance Corporation, 

1934-1946

As shown by books of bank at date of closing

Table 125. Depositors and deposits of insured banks placed in receivership, 1934-1946 

As shown by books of FDIC, December 81, 19^6

Table 126. Disbursements to protect depositors, recoveries, and losses by the Federal Deposit 

Insurance Corporation in connection with insured banks placed in receivership or 

merged with the financial aid of the Corporation, 1934-1946 

As shown by books of FDIC, December 81, 1946

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 whenever insured banks because of

financial difficulties are placed in receivership or are merged with the

aid of the Corporation. In receiverships the disbursement is the amount

paid by the Corporation on insured deposits. In mergers the Corporation’s disbursement is the amount loaned to merging banks, or the

price paid for assets purchased from them.

Depositors and deposits in insured banks placed in receivership have

been grouped in Table 125 to show the ways in which depositors’ claims

against these banks were met. Because the claim of a single depositor

may be paid in several ways, the number of depositors cannot be

correlated with the amount of deposits in the various categories as

given in the table.

Depositors eligible for insurance protection are all depositors

except those holding only accounts which were restricted or deferred

prior to 1934, and those whose deposits were made after the termination

of a bank’s insured status. Depositors not eligible for insurance

protection are those whose total accounts are thus excluded from

insurance, and those whose accounts are barred from payment by FDIC

because the accounts were not claimed before the expiration of the

period set by law.

Depositors paid by FDIC are all those who receive any payment

from the Corporation. Depositors fully paid by other methods are

those who receive no payment from FDIC, but do receive full compensation for their accounts by offset, by sale of security, or by direct

payment from the receiver because of their preferred status. Unpaid

depositors are primarily those whose claims are disputed, and those

whose claims although not filed are not yet legally barred from payment

by FDIC.

Insured deposits are the deposits for which FDIC is legally liable.

This includes the net amount due each depositor after deductions of

offset, of amounts in excess of $5,000, and of amounts not eligible for

insurance protection as described in preceding paragraphs. Secured

deposits are those covered by pledge of specific assets. Preferred

deposits are those which, under Federal or State law, are paid from

proceeds of the liquidation before common claims against the bank

are met. Deposits subject to offset are those met by claims which

the bank holds against the depositor. Deposits uninsured, unsecured,

not preferred, and not subject to offset are those not covered by

insurance or other specific arrangement. They may be paid in full,

however, by the receiver as common claims.

Deposits of insured banks placed in receivership as given in tables

with data taken from the books of FDIC at the end of the year, will

differ from the deposits in tables with data taken from books of bank

at date of closing. This is because the former include deposits discovered

or reclassified after the date of a bank’s closing.

Noninsured bank failures:

One noninsured bank failed in 1946, none in 1945 or 1944. The

Englewood Industrial Bank, Englewood, Colorado, with deposits of

$147,000, closed June 30, 1946. For suspensions of noninsured banks,

1934-1943, see the Annual Report of the Corporation for 1943, page 102.

Sources of data:

Books of bank at date of closing; and books of FDIC, December

31, 1946.

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 123. D i s b u r s e m e n t s b y t h e F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n t o P r o t e c t D e p o s i t o r s ; N u m b e r a n d D e p o s i t s 

o f I n s u r e d B a n k s P l a c e d in R e c e i v e r s h i p o r M e r g e d w i t h t h e F i n a n c i a l A id o f t h e C o r p o r a t i o n , 1934-1946

BANKS GROUPED BY CLASS OF BANK, YEAR OF DISBURSEMENT, AMOUNT OF DEPOSITS, AND STATE

Classification

Disbursement by FDIC 

(in thousands of dollars) Number of banks Deposits (in thousands of dollars)

Total Receiverships1 Mergers1 Total Receiverships Mergers Total Receiverships1 Mergers2

A ll b a n k s..................................................................... 262,133 87,034 175,099 399 245 154 505,246 109,592 395,654

Class o f ban k

National banks....................................................... 46,038 14,808 31,230 65 21 44 94,716 19,474 75,242

State banks members F. R . System................. 99,411 20,934 78,477 20 6 14 179,081 26,538 152,543

Banks not members F. R. System.................... 116,684 51,292 65,392 314 218 96 231,449 63,580 167,869

C alendar year

1934........................................................................... 941 941 9 9 1,968 1,968

1935........................................................................... 8,890 6,025 2,865 25 24 1 13,320 9,091 4,229

1936........................................................................... 14,833 8,056 6,777 69 42 27 27,528 11,241 16,287

1937........................................................................... 19,202 12,045 7,157 75 50 25 33,345 14,960 18,385

1938............................................................................ 30,480 9,087 21,393 74 50 24 59,724 10,296 49,428

1939........................................................................... 67,804 26,196 41,608 60 32 28 157,779 32,740 125,039

1940........................................................................... 74,380 4,895 69,485 43 19 24 142,389 5,657 136,732

1941............................................................................ 23,880 12,278 11,602 15 8 7 29,721 14,730 14,991

1942............................................................................ 10,958 1,612 9,346 20 6 14 19,011 1,816 17,195

1943........................................................................... 7,217 5,500 1,717 5 4 1 12,535 6,637 5,898

1944............................................................................ 1,515 399 1,116 2 1 1 1,915 456 1,459

1945........................................................................... 1,768 1,768 1 1 5,695 5 695

1946........................................................................... 265 265 1 1 316 316

B anks w ith deposits o f—

$100,000 or less...................................................... 4,956 4,309 647 106 83 23 6.358 4,947 1,411

$100,000 to $250,000............................................ 12,859 11,549 1,310 108 86 22 17,611 13,920 3,691

$250,000 to $500,00.0............................................ 14,604 10,218 4,386 59 36 23 20,972 12,462 8,510

$500,000 to $1,000,000......................................... 24,160 13,901 10,259 49 24 25 36,807 17,591 19,216

$1,000,000 to $2,000,000..................................... 26,714 8,961 17,753 35 9 26 49,320 11,748 37,572

$2,000,000 to $5,000,000..................................... 42,329 12,421 29,908 25 5 20 77,568 16,279 61,289

$5,000,000 to $10,000,000................................... 21,949 21,949 9 9 57,486 57,486

$10,000,000 to $50,000,000................................. 114,562 25,675 88,887 8 2 6 239,124 32,645 206^479

More than $50,000,000........................................

1 II

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
State

A labam a.............

Arkansas.............

California...........

Colorado.............

Connecticut

Florida................

Georgia...............

Illinois.................

Indiana...............

Iow a.....................

Kansas................

K en tu cky...........

Louisiana............

M aryland.........

Massachusetts. .

M ichigan............

Minnesota..........

Mississippi.........

Missouri.............

M ontana.............

Nebraska............

New Hampshire,

New Jersey........

New Y ork ...........

North Carolina.

North D akota. .

O hio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . .

South Carolina.. 

South D akota...

Tennessee..........

Texas...................

V erm ont.............

Virginia...............

W ashington........

West V irginia.. . 

W isconsin...........

237 94 143

840 840

861 861

8 8

1,242 1,242

300 203 97

863 846 17

3,295 1,242 2,053

4,335 3,092 1,243

1,462 385 1,077

974 482 492

4,614 3,329 1,285

668 668

3,110 735 2,375

1,571 1,571

5,340 139 5,201

640 640

257 257

4,920 4,335 ’ 585

213 186 27

469 469

118 118

79,246 25,103 54,143

67,666 10,835 56,831

1,448 1,156 292

2,658 1,392 1,266

1,610 1,610

1,218 1,133 85

962 962

47,509 10,133 37,376

136 136

2,411 2,388 23

1,279 1,164 115

2,512 2,468 44

3,445 3,259 186

4,919 511 4,408

935 935

1,458 1,458

6,384 5,096 1,288

1 Data from books of F D IC , December 31, 1946.

2 Data from books of bank at date of closing.

2 1 1

5

1 1

1 1

2 2

2 1 1

8 7 1

14 6 8

18 15 3

6 3 3

9 5 4

22 IS 4

3 3

5 2 3

2 2

7 3 4

5 5

3 3

45 34 11

4 3 1

4 4

1 1

37 11 26

25 3 22

6 2 4

29 18 11

2 2

7 5 2

1 1

25 8 17

1 1

23 22 1

12 8 4

17 16 1

3 2 1

8 3 5

1 1

3 3

30 20 10

529 101 428

1,168 1,168

1,078 1,078

8 8

1,526 1,526

491 217 274

1,027 998 29

6,409 1,637 4,772

9,710 3,932 5,778

5,516 498 5,018

1,233 539 694

7,950 3,953 3,997

1,652 1,652

4,569 828 3,741

3,019 3,019

12,404 160 12,244

818 818

334 334

7,001 5,116 1,885

298 215 83

538 538

296 296

184,511 30,916 153,595

138,826 13,286 125,540

2,291 1,421 870

3,830 1,552 2,278

2,345 2,345

2,226 1,659 567

1,114 1,114

67,430 14,340 53,090

136 136

2,988 2,862 126

1,943 1,621 322

3,316 3,239 77

3,725 3,375 350

10,746 629 10,117

1,538 1,538

2,007 2,007

8,700 5,966 2,734

DEPOSIT INSURANCE DISBURSEMENTS

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Table 124. 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 P la c e d in R e c e iv e r s h ip a n d o f I n s u r e d B a n k s M e r g e d w it h 

t h e F in a n c ia l A id 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 , 1934-1946

AS SHOWN B Y BOOKS OF BANK AT DATE OF CLOSING

Assets Liabilities and capital accounts

Year Cash and 

due from 

banks

U.S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

assets

Total

Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts1

Total $108,145,353 $76,409,369 $73,563,320 $231,760,363 $22,227,985 $59,544,599 $13,444,784 5585,095,773 3503,028,743 $11,468,774 $25,130,464 $37,487,461 $7,980,331

REC E F

Total

VERSHIPS

$22,620,382 $10,154,078 $15,946,562 $65,569,217 $5,375,616 $12,293,686 $8,330,507 $140,290,048 $107,374,564 $10,122,023 $5,896,246 $12,254,299 $4,642,916

1934

1935

1936

1937

185,056

1,974,181

2,194,712

2,238,648

603,519

698,440

902,215

1,293,683

273,638

510,479

1,955,104

2,307,696

1,329,865

6,842,116

6,454,624

11,107,699

79,365

459,055

459,700

486,995

120,319

242,274

734,874

837,966

69,565

1,597,403

273,559

1,010,689

2,661,327

12,323,948

12,974,788

19,283,376

1,951,992

8,700,485

11,039,098

14,715,286

104,963

2,111,886

93,695

1,132,758

90,000

223.000

788.000 

755,250

432,100

950,000

1,069,350

2,498,815

82,272

338,577

-15,355

181,267

1938

1939

1940

1941

1,610,297

3,329,557

1,018,215

6,462,157

451,570

1,052,424

452,574

3,493,431

2,215,638

4,855,519

1,519,677

1,810,346

6,574,061

21,839,422

3,314,762

5,398,218

412,911

1,845,901

694,900

91,311

2,125,022

7,221,558

435,526

106,615

530,408

3,781,385

523,899

449,458

13,919,907

43,925,766

7,959,553

17,811,536

10,124,255

32,557,805

5,599,438

14,627,158

1,213,354

4,695,820

455,788

298,526

1,052,900

2,249,996

422,750

195,500

1,059,200

2,775,001

1,045,533

1,582,000

470,198

1,647,144

436,044

1,108,352

1942

1943

1944

500,513

2,910,826

196,220

JRS

$85,524,971

119,650

968,872

117,700

$66,255,291

52,364

405,011

41,090

$57,616,758

777,953

1,846,467

84,030

$166,191,146

70,685

772,493

2,300

$16,852,369

55,222

414,310

25,030

63,677

5,434

$5,114,277

1,601,417

7,381,656

446,774

$444,805,725

1,379,526 

6,274,311 

405,210

$395,654,179

1,520

13,582

131

81,750

32,500

4,600

$19,234,218

140.000

675.000 

27,300

$25,233,162

-1,379

386,263

9,533

$3,337,415

M ERG I

Total $47,250,913 $1,346,751

1935 404,834 233,395 1,403,807 2,256,417

8,917,554

8,678,629

608,467

1,277,605

562,181

10,808

325,362

186,497

4,917,728

18,966,364

21,086,180

4,228,816

16,287,262

18,384,923

140 315,000

1,664,000

1,808,400

373,772

685,333

21,006

1936

1937

3,109,830

4,717,074

2,071,296

2,495,254

2,080,059

3,520,186

1,184,658

926,359

19,769

262,651

310,000

609,200

1938

1939

1940

1941

8,133,887

27,451,442

30,227,874

3,167,243

7,018,796

27,929,162

17,183,076

801,273

10,377,037

16,266,036

17,987,527

2,835,309

20,896,236

44,289,765

60,687,428

8,178,623

2,873,257

5,142,882

4,553,388

798,028

3,913,009

15,459,743

22,840,095

1,014,582

2,380,489

1,049,600

458,831

197,669

55,592,711

137,588,630

153,938,219

16,992,727

49,428,383

125,038,946

136,731,549

14,990,7.68

168,674

679,659

157,766

57,508

3,726,463

6,103,500

7,186,655

289,000

2,697,650

6,381,000

8,666,162

1,111,250

-428,459

-614,475

1,196,087

544,201

1942

1943

4,159,617

1,216,987

3,547,766

2,903,771

585,251

2,275,392

555,383

7,731,137

1,675,734

759,861

274,331

1,824,586

15,844

354,362

34,523

20,652,721

6,676,573

1,650,788

6,391,915

351,169

17,195,146

5,897,691

1,459,091

5,695,202

316,402

584 913,400

96,000

1,748,200

300,000

795,391

382,882

-8,303

365,213

24,767

1944 368,633

2,440,786

126,764

230,282 367,086

2,435,488

77,049

67,428

4,609

32,108

83,603

425

200,000

331,500

10,000

1945 1,371,925

114,326

55,504

1946 30,236 2,369

1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.

N o t e : N o insured bank was placed in receivership in 1945 or 1946. One insured bank was merged with the financial aid of FDIC during 1946. The Augusta County Bank, Inc., 

Churchville, Virginia, (Case N o. 154) with 1,404 accounts was merged with the National Valley Bank of Staunton, Staunton, V a., on September 16, 1946. A disbursement of $264,638 

was made by the Corporation in connection with this merger.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 125. D e p o sito r s a n d D e p o sits o f I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip , 1934-1946

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1946

Number of depositors Amount of deposits

Eligible for insurance protection Insured Uninsured, unsecured, 

not preferred, and not 

subject to offset

Year Not eligible 

for 

insurance 

protection

Secured

and

preferred

Subject

to

©ffset

Total

1 Paid by 

F D IC

Fully paid 

by other 

methods

Unpaid

Total

Total Paid Unpaid

In excess 

of

insurance

maximum

Other

T o ta l 382,756 289,537 36,129 7,837 49,253 109,592,068 87,118,993 87,034,226 84,767 5,099,085 6,304,236 9,691,620 1,378,134

1934 15,767 11,262 974 3,531

4,992

7,602

9,611

5,112

1,968,480

9,090,660

11,240,969

14,959,944

10,296,244

941,008

6,028,290

8,055,591

12,046,824

9,087,490

941,008

6,025,513

8,055,564

12,044,562

9,087,444

831,894

538,890

659,381

1,138,193

340,536

90,114

561,369

660,362

1,084,541

524,302

30,607

1,935,772

1,048,035

644,077

253,924

74,857

26,339

817,600

46,309

89,992

1935

1936

1937

1938

32,332

43,225

74,147

44,284

23,432

30,924

56,800

31,766

2,889

4,677

7,710

7,389

1,019

22

26

17

2,777

27

2,262

46

1939

1940

90,208

20,667

72,232

15,683

6,250

2,932

3,889 7,837

2,052

6,997

32,739,738

5,656,661

14,730,243

1,816,179

6,637,025

455,925

26,247,978

4,895.050

12,278,001

1,612,049

5,520,888

405,824

26,196,419

4,895,050

12,278,001

1,612,049

5,499,548

399,068

51,559 587,417

182,462

391,881

59,824

368,607

1,910,854

341,708

793,302

80,896

241,472

15,316

3,961,357

221,323

997,813

60,561

503,366

34,785

32,132

16,118

269,246

2,849

2,692

1941 38,594 29,887 1,710

1942 5,717 4,210 562 945

1943

1944

16,914

901

12,567

774

940

96

2,833

31

574 21,340

6,756

1945

1946

Back figures— See the Annual Report for 1945, p. 145, and earlier reports.

DEPOSIT INSURANCE DISBURSEMENTS

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^1to

Table 126. D is b u r s e m e n t s t o P r o t e c t D e p o s it o r s , R e c o v e r ie s , a n d L o s s e s 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 in

C o n n e c t io n w i t h I n s u r e d B a n k s P l a c e d in R e c e iv e r s h ip o r M e r g e d w i t h t h e F i n a n c ia l A id o f t h e C o r p o r a t io n , 1934-1946

AS SHOWN BY BOOKS o f FDIC, DECEMBER 31, 1946 

(Amounts in thousands of dollars)

Types and status of case Total

Banks placed in receivership or merged in -

1934 1935 1936 1937 1938 1939 1942 1943 1944 1945

All banks placed in receivership or

merged

Disbursement by F D IC .................

Receiverships................................

Mergers...........................................

Recoveries by F D IC .......................

Receiverships................................

Mergers...........................................

Estim at^of losses by F D I C .........

Receiverships................................

Mergers...........................................

T erm in a ted liqu id a tion s

Disbursement by F D IC .................

Receiverships................................

Mergers...........................................

Recoveries by F D IC .......................

Receiverships................................

Mergers...........................................

Losses by F D IC ...............................

Receiverships................................

Mergers...........................................

$262,133

87,034

175,099

228,221

69,672

158,549

28,896

16,579

12,317

66,824

45,084

21,740

57,927

36,861

21,066

8,897

8,223

674

$941

941

734

734

207

207

941

941

734

734

207

207

$8,890

6,025

2,865

6,069

4,218

1,851

2.769

1.769 

1,000

5.434

5.434

3.886

3.886

1.548

1.548

$14,833

8,056

6,777

12,296

6,596

5,700

2,497

1,460

1,037

8,374

7,758

616

6,807

6,298

509

1,567

1,460

107

$19,202

12,045

7,157

15,387

9,290

6,097

3,622

2,571

1,051

10,622

8,951

1,671

8,297

6,890

1,407

2,325

2,061

264

$30,480

9,087

21,393

27,589

7,712

19,877

2,509

1,187

1,322

8,937

6,195

2,742

8,056

5,543

2,513

881

652

229

$67,804

26,196

41.608

56,506

17,897

38.609

9,727

8,080

1,647

14,205

8,083

6,122

12,775

6,723

6,052

1,430

1,360

70

$74,380

4,895

69,485

66,297

4,313

61,984

5,942

582

5,360

6,953

4,671

2,282

6,367

4,089

2,278

$23,880

12,278

11,602

22,885

12,059

10,826

737

214

523

4,314

1,820

2.494

4,108

1,614

2.494

582

4

206

206

$10,958

1,612

9,346

10,046

1,297

8,749

667

290

377

3,804

824

2.980

3,703

723

2.980

101 101

$7,217

5,500

1.717

6,914

*,197

1.717

189

189

$1,515

399

1,116

1,475

359

1,116

30

30

$1,768 

’ 1,768 

1,768

$265 

’ ’ 265 

255

1,768 255

2,124

407

1.717

2,078

361

1.717

46

46

1,116

1,116

1,116

1,116

FEDERAL DEPOSIT INSURANCE CORPORATION

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Active liquidations

Disbursement by FD IC

Receiverships......................

Mergers................................

Recoveries by F D IC .............

Receiverships......................

Mergers................................

Estimate of losses by FD IC

Receiverships......................

Mergers................................

Number of banks....................

Receiverships..........................

M ergers.....................................

Liquidation terminated........

Receiverships......................

Mergers.................................

Liquidation active.................

Receiverships......................

Mergers.................................

195,309

41,950

153,359

170,294

32,811

137,483

19,999

8,356

11,643

399

245

154

281

205

76

118

40

78

3,456

591

2,865

2,183

332

1,851

1,221

221 1,000

25

24

1

6,459

298

6,161

5,489

298

5,191

930

' ’ 930

69

42

27

56

40

16

13

2

11

8,580

3,094

5,486

7,090

2,400

4,690

1,297

510

787

75

50

25

60

43

17

15

7

8

21,543

2,892

18,651

19,533

2,169

17,364

1,628

535

1,093

74

50

24

58

45

13

16

5

11

53,599

18,113

35,486

43,731

11,174

32,557

8,297

6,720

1,577

60

32

28

38

24

14

22

8

14

67,427

224

67,203

59,930

224

59,706

5,356

‘ 5,356

43

19

24

24

16

8

19

3

16

19,566

10,458

9,108

18,777

10,445

8,332

531

8

523

15

8

7

5 

4 

1

10

4

6

7,154

788

6,366

6,343

574

5,769

566

189

377

20

6

14

9

4

5

11

2

9

5.093

5.093

4.836

4.836

399

399

359

359

1,768 265

1.768

1.768

265

255

1,768 255

143

143

30

30

5 2 1 1

4 1

1 1 1 1

2 1

1

1 1

3 1 1 1

3 1

1 1

N o t e : Estimates of losses for banks placed in receivership are based on total insured deposits, unpaid as well as paid. For amounts unpaid on insured deposits see Table 125, 

P* 171. The disbursements in the receiverships as given in the table are the amounts paid on insured deposits by December 31, 1946. For estimated additional disbursements 

and estimated additional recoveries see Table 4, p. 18.

CODEPOSIT INSURANCE DISBURSEMENTS

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INDEX

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INDEX

Absorptions, consolidations, and mergers:

Of insured banks, 1934-46. See Mergers of insured banks with financial aid

of the Corporation.

Of operating banks, 1946..............................................................................................108-109

Accounts in insured commercial banks, number of. See Insurance coverage.

Adjusted capital account. See Capital of banks.

Adjusted liabilities. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Admission to insurance:

Applications approved...................................................................................................7, 20-21

By class of bank, 1946...................................................................................................108-109

Number of banks, 1936-1946................................................... ...................................... 44

Possessions where banks are eligible........................................................................... 43

Applications from banks:

For admission to insurance............................................................................................ 20-21

For approval of capital retirement or reduction..................................................... 23

For approval of establishment of branches........................................ ...................... 22

Appraised value of assets. See Assets and liabilities of insured commercial

banks, examiners’ appraisal.

Assessments on insured banks for deposit insurance:

Amount.....................................................................................................................10, 27, 28, 29

Recommendations of the Corporation........................................................................ 12

Assets and liabilities of closed banks. See Receivership, insured banks placed in.

Assets and liabilities of insured commercial banks, examiners’ appraisal:

Banks examined in 1939-1946....................................................................................... 134

Banks examined in 1946, grouped by amount of deposits.................................. 135

Banks examined in 1946, grouped by FDIC District and State....................136-137

Definitions of terms used: adjusted liabilities; appraised value; book value;

examiners’ deductions; not criticized; substandard.................................. 133

Sources of data................................................................................................................... 133

Substandard assets:

Banking development, with respect to................................................................ 7, 8

Ratio to:

Adjusted capital accounts, 1939-1946............................................................ 56-57

Adjusted capital accounts, distribution of insured commercial banks 56

Total assets, appraised value, 1939-1946...................................................... 56

Assets and liabilities of insured mutual savings banks, examiners’ classification:

Definition of terms used: Borderline; specific losses; standard; substandard 71-72

Valuation allowances and charge-offs, treatment o f.............................................. 73-74

Assets and liabilities of operating banks (See also Assets and liabilities of insured

commercial banks, examiners’ appraisal; Capital of banks; Deposits):

All banks by district and State, December 31, 1946...........................................130-131

All banks, December 31, 1945, and 1946................................................................... 46

All banks, grouped according to insurance status and type.............................126-127

All banks, June 29 and December 31, 1946...........................................................122, 123

Commercial banks, December 31, 1945, and 1946................................................. 47

Commercial banks, June 29 and December 31, 1946......................................... 122, 123

Growth.................................................................................................................................. 7

Insured banks...................................................................................................................... 8

Page

177

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178 F E D E R A L D E P O S IT IN SU R A N C E C O R P O R A T IO N

Page

Assets and liabilities of operating banks:— Continued

Insured commercial banks:

Call dates, 1941-1946................................................................................................. 128

Charge-offs and recoveries on assets.................................................................... 62-64

December 31, 1946, June 29, 1946, and December 31, 1945.....................124--125

Percentage distribution, call dates, 1941-1946.................................................. 129

Reports of...................................................................................................................... 23

Mutual savings banks, December 31, 1945, June 29, 1946, and December 31,

1946......................................................................................................... 47, 48, 122, 123

Noninsured banks, June 29 and December 31, 1946..........................................122, 123

Sources of data................................................................................................................... 107

Assets and liabilities of the Federal Deposit Insurance Corporation. .29-30, 31, 34-35

Assets purchased by the Federal Deposit Insurance Corporation:

From banks in receivership to facilitate liquidation............................................. 16, 34

From banks merged with financial aid of the Corporation. See Mergers of

insured banks with financial aid of the Corporation.

Liquidation of..................................................................................................................... 16

Assets of insured banks, quality of. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

Assets pledged to secure bank obligations....................................................................... 125

Bank supervision (See also Examinations of banks):

Activities of the Federal Deposit Insurance Corporation in 1946................ 20

State legislation, 1946.........................................................................................25-26, 99-101

Banking offices, establishment of:

Banks beginning operations, 1946................................................................................ 108

Branches, establishment approved by Corporation............................................... 21, 45

Branches opened, 1946..................................................................................................... 109

Policy of the Corporation............................................................................................... 22

Banking offices, number of. See Number of operating banks and branches.

Banking practices. See Unsafe and unsound banking practices.

Banks and branches ceasing operations:

All banks and branches, 1946.................................................................................... 108, 109

Branches of insured banks, 1936-1946........................................................................ 45

Insured banks, 1936-1946................................................................................................ 44

Noninsured banks, 1946.................................................................................................. 167

Suspensions 1908 to 1946................................................................................................ 12-13

Banks beginning operations. See Banking offices, establishment of.

Banks in financial difficulties (See also Mergers of insured banks with financial

aid of the Corporation; Receiverships, insured banks placed in):

Depositors protected by the Corporation in closed banks:

Fully protected, in insured banks placed in receivership, or merged with

the financial aid of the Corporation............................................................... 15

Number of..................................................................................................................... 14

Number of, in insured banks merged with financial aid of the Corporation 14, 15

Number of, in insured banks placed in receivership.......................... 7, 14, 15, 171

Depositors sustaining loss in closed insured banks, number o f......................... 14

Insured banks closed:

Deposits o f.................................................................................................................... 14

Deposits protected......................................................................................................15,171

Disbursements by the Corporation in connection with.........................15-18, 171

Loss to depositors............................................................................................. 7, 14, 15, 19

Loss to Federal Deposit Insurance Corporation...................................... 15, 17, 172

Number, 1934-1946..........................................................................................7, 12, 14, 18

Methods of handling under existing law................................................................... 14

Noninsured bank suspensions, 1943-1946.................................................................. 167

Recommendations of the Corporation........................................................................ 12

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Banks, number of. See Number of operating banks and branches.

Banks operating branches. See Banking offices, establishment of; Number of

operating banks and branches.

Board of Directors of the Federal Deposit Insurance Corporation................... iv, v, 26

Board of Governors of the Federal Reserve System, data obtained from........... 107, 139

Book value of bank assets and liabilities. See Assets and liabilities of insured

commercial banks, examiners’ appraisal; Assets and liabilities of

operating banks; Capital of banks.

Branches. See Banking offices, establishment of; Classification of banks and

banking offices; Number of operating banks and branches.

Capital of banks {See also Assets and liabilities of operating banks; Earnings,

expenses, profits, and dividends of insured banks):

Adequacy o f......................................................................................................................... 10

Definition of terms used in examiners’ appraisal of:

Adjusted capital accounts; book value of capital accounts; net sound

capital....................................................................................................................... 133

Examiners’ appraisal, insured commercial banks:

In 1939-1946, by years.............................................................................................. 134

In 1946, banks grouped by amount of deposits............................................... 135

In 1946, banks grouped by FDIC Districts and State................................136-137

Ratio of adjusted capital accounts to appraised value of total assets,

distribution of banks according to, 1946 and 1938................................... 55

Growth.................................................................................................................................. 8

Of insured banks placed in receivership..................................................................... 170

Ratios to assets:

All commercial banks; all mutual savings banks............................................. 54

All commercial banks, historical trend................................................................ 54

Insured banks, 1934 to 1946................................................................................... 8, 11

Insured commercial banks............................................................. 54-55, 125, 147, 151

Insured mutual savings banks, 1934, 1941-1946.............................................. 165

Ratios to assets other than cash and U. S. Government obligations:

All commercial banks................................................................................................ 54, 55

All mutual savings banks......................................................................................... 54

Recommendations of the Corporation........................................................................ 10

Retirement approved and disapproved by the Corporation............................... 23

Total capital accounts:

All commercial and mutual savings banks, December 31, 1945 and

December 31, 1946......................................................................................... 46, 47, 54

Commercial and mutual savings banks, insured and noninsured, June 29,

and December 31, 1946................................................................................... 122, 123

Insured banks................................................................ .............................................. 8

Insured commercial banks............................................................................125, 135-136

Charge-offs by banks. See Earnings, expenses, profits, and dividends of insured

banks.

Class of bank, banking data presented by:

Admissions to and terminations of insurance....................................................... 108, 109

Assets and liabilities.......................................................................................................122, 123

Banks which suspended operations, 1934-1946........................................................ 168

Deposits........................................................................................................... 118-119, 122, 123

Earnings of insured commercial banks....................................................................144, 145

Insured banks placed in receivership or merged with financial aid of the

Corporation............................................................................................................. 168

Number of banking offices................................................................ .. 108-109, 110-117

Number of banks........................................................................108-109, 110-117, 118-119

Classification of banks and banking offices...................................................................... 107

Closed banks. See Banks and branches ceasing operations; Banks in financial

difficulties; Receivership, insured banks placed in.

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Commercial banks. See Assets and liabilities of insured commercial banks,

examiners’ appraisal; Assets and liabilities of operating banks;

Capital of banks; Deposits; Earnings, expenses, profits, and dividends

of insured banks; Number of operating banks and branches.

Comptroller of the Currency:

Data obtained from........................................................................................ ............... 107, 138

Director of Corporation........................................ ....................................... ...............iv, v, 26

Consolidations. See Absorptions, consolidations, and mergers.

Consumer loans. See Instalment loans; Loans by banks.

Criticized assets. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

Demand deposits. See Assets and liabilities of operating banks; Deposits,

classified by type of deposit.

Depositors (See also Insurance coverage):

Claims against closed insured banks. See Receivership, insured banks

placed in.

Losses. See Banks in financial difficulties; Receivership, insured banks

placed in.

Protected in insolvent or hazardous banks suspended or merged. See Banks

in financial difficulties.

Deposits:

Amount of, banks grouped by:

Banks which received financial aid from the-Corporation....................7, 168, 169

Insured commercial banks examined in 1946.................................................... 135

Business and personal (deposits of individuals, partnerships, and corporations) ................................................................................................................ 7, 46

Classified by type of deposit:

All banks, 1945-1946.................................................................................................. 46

Commercial banks, 1946........................................................................................122, 123

Insured banks placed in receivership, 1934-1946.............................................15,171

Insured commercial banks, call dates, December 31, 1946, June 29, 1946,

and December 30, 1945................................................................................... 124-125

Insured commercial banks, call dates, 1941-1946........................ .................... 128

Insured commercial banks, special call dates, 1936-1945.............................. 80, 82

Percentage distribution of types of deposits, by deposit size of bank,

October 10, 1945.............................................................................. .................... 84

Demand. See Deposits, classified by type of deposit.

Growth.................................................................................................................................. 7

Governmental. See Deposits, classified by type of deposit.

Insured and otherwise protected:

In banks merged with financial aid of the Corporation............ .................... 15

In banks placed in receivership............................................................................. 16,171

Interbank. See Deposits, classified by type of deposit.

Interest on time and savings deposits........................................................................ 62

Of individuals, partnerships, and corporations, demand and time, amount of,

in insured commercial banks: (See also, Deposits, classified by type of

deposit).

Distributed according to size of account and size of banks, October 10,

1945...................................................................................................... .................... 85

Distributed according to size of account and by State, October 10, 1945 89, 91

Paid and unpaid in closed insured banks. See Banks in financial difficulties.

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred. See Deposits, secured and preferred.

Protected by the Corporation. See Deposits, insured and otherwise protected.

Public funds. See Deposits, classified by type of deposit.

Savings and time. See Deposits, classified by type of deposit.

Secured and preferred, in insured banks placed in receivership, 1934-1946.. 171

Sources of data................................................................................................................... 171

Subject to offset. See Receivership, insured banks placed in.

Uninsured deposits of insured banks placed in receivership............................... 171

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Deposits m:

All commercial and mutual savings banks:

December 31, 1945, and December 31, 1946...........................................47, 118, 123

June 29, 1946............................................................................................................... 122

June 30 and December 31, 1944-1946............................................................... 126-127

All commercial banks:

Call dates, December 31, 1945, to December 31, 1946............................... 124-125

December 31, 1946..................................................................................................... 118

June 29, 1946................................................................................................................ 122

Percentage change, 1946 ........................................................................................... 47

All insured banks:

December 31, 1946.................................................................................................. 118, 123

June 29, 1946................................................................................................................ 122

1934-1946....................................................................................................................... 30

June 30 and December 31, 1944-1946............................................................... 126-127

All mutual savings banks:

December 31, 1946...................................................................................................118, 123

June 29, 1946................................................................................................................ 122

Bank for which the Corporation is receiver............................................................. 16

Banks located in each State and possession, December 31, 1946.. 118-119, 130-131

Banks which received financial aid from the Corporation.................... 14-15, 168-170

Insured banks merged with financial aid of the Corporation................... 15, 168-170

Insured banks placed in receivership.................................................................15, 168-170

Insured commercial banks:

At time of examination. See Assets and liabilities of insured commercial

banks, examiners’ analysis.

Call dates, December 31,1946, June 29,1946, and December 3 1,1945.. 124-125

Call cates, 1941-1946................................................................................................. 128

Call dates, special, 1936, 1938, 1941, and 1945......................80, 82, 84-85, 89, 91

December 31, 1946.................................................................................................. 118, 123

June 29, 1946................................................................................................................ 122

Type of deposits...................................................................................... 80, 82, 84, 89, 91

Insured mutual savings banks:

December 31, 1946.................................................................................................. 118, 123

June 29, 1946................................................................................................................ 122

Noninsured banks:

December 31, 1946.................................................................................................. 118, 123

June 29, 1946............................................................................................................... 122

June 30 and December 31, 1944-1946............................................................... 126-127

Depreciation. See Earnings, expenses, profits, and dividends of insured banks.

Dividends:

To depositors in mutual savings banks...................................................................... 162

To stockholders of operating insured commercial banks. See Earnings,

expenses, profits, and dividends of insured banks.

Earnings, expenses, profits, and dividends of insured banks:

Insured banks:

Losses from defalcations........................................................................................... 8

Net profits..................................................................................................................... 8

Insured commercial banks:

Amounts, 1934-1946.................................................................................................. 57

Amounts, 1934, 1941-1946.....................................................................................140-141

Amounts by class of bank, 1946..........................................................................144-145

Amounts by size of bank, 1946............................................................................ 148-149

Amounts by State................................................................................................... 152-161

Charge-offs and recoveries.................................................................................. 57, 62-64

Current operating earnings...................................................................................... 57

Current operating expenses..................................................................................... 57,61

Dividends................................................................................................................. 57, 58, 65

Income on loans and securities............................................................................... 60

Income on service charges....................................................................................... 61

Income on U. S. Government obligations.......................................................... 60

Interest on deposits.................................................................................................... 62,60

Net earnings........................................................................................................57, 142-150

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Earnings, expenses, profits and dividends of insured banks:— Continued

. Insured commercial banks:— Continued

Net losses....................................................................................................................... 58

Net profits.......................................................................................57, 58, 64-65, 142-150

Profits on sale of assets............................................................................................. 57, 62

Profits retained for addition to capital................................................................ 65

Rate of net profit and cash dividends to total capital account, 1934-1946. 64

Rate of net profit on total capital accounts, percentage distribution of

banks, 1938, 1943-1946....................................................................................... 58

Rates of net profits on total capital accounts, by amount of deposits,

distribution of banks, 1946............................................................................... 59

Ratios to average total capital accounts......................................... 59, 142, 146, 150

Ratios to total assets..........................................................142-143, 146-147, 150-151

Ratios to total assets, special ratios, etc., by States....................................152-161

Ratios to total current earnings.................................................................142,146, 150

Salary and wage expense.......................................................................................... 61

Sources of earnings..................................................................................................... 59-61

Taxes..........................................................................................................................57, 62, 64

Insured mutual savings banks:

Amounts, 1934, 1941-1946.....................................................................................162-163

Changes during 1946.............................................. ................................................... 65-67

Ratios to total assets, special ratios, etc., 1934, 1941-1946........................164-165

Sources of data.................................................................................................................. 139

Employees:

Federal Deposit Insurance Corporation............................................................... 19, 26-27

Insured commercial banks:

Number and salary, December 31, 1946........................................ 144-145, 148-149

Number and salary, 1943-1946...................................................61, 140-141, 152-161

Insured mutual savings banks, December 31, 1946.............................................162-163

Examinations of banks {see also Assets and liabilities of insured commercial

banks, examiners' appraisal; Capital of banks):

Banks cited for unsafe and unsound practices........................................................ 20

Banks examined by the Federal Deposit Insurance Corporation................ 19

Data from reports of examination.............................................................................132-137

Definition of terms............................................................................................................ 133

Mutual savings banks, new plan of examination for............................................. 71-77

Policy of the Corporation............................................................................. ................. 19

Expenses of banks. See Earnings, expenses, profits, and dividends of insured

banks.

Expenses of the Corporation. See Federal Deposit Insurance Corporation.

Facilities provided as agents of the Government. See Number of operating

banks and branches.

Federal bank supervisory authorities. See Board of Governors of the Federal

Reserve System; Comptroller of the Currency; Federal Deposit

Insurance Corporation.

Federal credit unions..... ...............................................................................23, 25, 33, 37, 96-98

Federal Deposit Insurance Corporation:

Actions on applications from banks. See Applications from banks.

Assessments on insured banks................................................................................. 10, 28, 29

Assets and liabilities................................................................................29-31, 34-35, 38-39

Audits................................................................................................................................30, 36-40

Banks examined by, and submitting reports to ...................................... ............... 23

Bank supervision by. See Bank supervision.

Board of Directors......................................................................................................... iv, v, 26

Capital, amount o f.................................................................................10, 29, 30, 31, 35, 39

Capital and surplus relative to deposits of insured banks, 1934-1946............. 11, 30

Depositors protected by. See Banks in financial difficulties.

Disbursements for protection of depositors...............7, 14, 15, 18, 168-169, 172-173

Districts................................................................................................................................ vi, vii

Divisions............................................................................................................................... iv, 27

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Federal Deposit Insurance Corporation:— Continued

Employees:

Examiners, recruitment o f....................................................................................... 19

Number of...................................................................................................................... 26,27

Examination of banks. See Examinations of banks.

Expenses............................................................................................................ 10, 27-28, 32, 37

Federal credit union activities, 1944-1945................................................................. 33

Income................................................................................................................10, 27-28, 32, 37

Income and expenses, 1933-1946.................................................................................. 29

Insured banks receiving financial aid from. See Banks in financial difficulties;

Mergers of insured banks with financial aid of the Corporation;

Receivership, insured banks placed in.

Insured deposits. See Deposits, insured and otherwise protected.

Loans to and purchase of assets from insured banks. See Mergers of insured

banks with financial aid of the Corporation.

Losses incurred:

During 1946.................................................................................................................. 28-29

During 1934-1946................................................................................ 10, 18, 29, 172-173

Reserve for.................................................................................................................... 34, 37

Ultimate, 1934-1946 (estimated)........................................................................7, 17, 18

Methods for protecting depositors. See Banks in financial difficulties.

Officers................................................................................................................................v, vi, 27

Organization and staff...................................................................................................... iv, 26

Payments to insured depositors....................................................................................16,171

Policies............................................................................................................................... 7, 19, 22

Powers..............................................................................................................................17, 35, 39

Protection of depositors. See Banks in financial difficulties.

Purchase of assets to facilitate completion of liquidation of banks in

receivership............................................................................................................. 16

Receiver for insured banks............................................................................................. 170

Recommendations of the Corporation........................................................................ 10-12

Recoveries from banks in financial difficulties.................................16, 17, 18, 172-173

Regulations.................................................................................................................25, 102-104

Reports from banks.......................................................................................................... 23

Reserves for losses............. ................................................................................................ 34, 37

Supervisory activities...................................................................................................... 19-23

Surplus................................................................................................10, 28, 30-32, 35, 37, 39

Federal Deposit Insurance Corporation Districts:

Banks classified b y ............................................................................................................ 118

States and possessions served........................................................................................ vi, vii

Federal Reserve System. See Board of Governors of the Federal Reserve System.

Fixed and miscellaneous assets. See Assets and liabilities of insured commercial

banks, examiners’ appraisal; Assets and liabilities of operating banks;

Receivership, insured banks placed in.

Insolvent banks. See Banks in financial difficulties.

Instalment loans, how reported........................................................................................... 121

Insurance coverage:

Accounts, in insured commercial banks, with coverage of $5,000, $10,000,

and $25,000 per depositor:

Number of, grouped by type of deposit, special call dates, 1936-1945.. 83

Percent of, fully protected, by type of deposit, special call dates,

1936-1945................................................................................................................ 80

Accounts, demand and time, of individuals, partnerships, and corporations,

number of, distributed by size and deposit size of insured commercial

banks, October 10, 1945..................................................................................... 86

Accounts, of individuals, partnerships, and corporations, number of, in

insured commercial banks, distributed by size and State, October

10, 1945:

Demand.......................................................................................................................... 88

Savings and time......................................................................................................... 90

Changes, October 1934-October 1945......................................................................... 79

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Insurance coverage:— Continued

Deposits in insured commercial banks with coverage of $5,000, $10,000

and $25,000 per depositor:

Insured and uninsured, amount of, grouped by type of deposit, special

call dates, 1936-1945............................................................................................ 82

Percent of, fully protected, by type of deposit, special call dates, 1936-

1945........................................................................................................................... 80

Deposits, demand and time, of individuals, partnerships, and corporations,

amount distributed according to size of account and deposit-size of

insured commercial banks, October 10, 1945.............................................. 85

Deposits of individuals, partnerships, and corporations, amount in insured

commercial banks, distributed by size of account and by State,

October 10, 1945:

Demand.......................................................................................................................... 89

Savings and time......................................................................................................... 91

Insured status, banks classified by:

Assets and liabilities of................................................................................122,123, 126-127

Deposits of........... ...........................................................................................118-119, 126-127

Number o f....................................................................................................... 108-119, 126-127

Insured banks. See:

Absorptions, consolidations, and mergers;

Admission to insurance;

Assets and liabilities of insured commercial banks, examiners’ appraisal;

Assets and liabilities of insured mutual savings banks, examiners’

classification;

Assets and liabilities of operating banks;

Banking offices, establishment of;

Banks and branches ceasing operations;

Banks in financial difficulties;

Capital of banks;

Class of bank, banking data presented by;

Deposits;

Deposits in;

Earnings, expenses, profits, and dividends of insured banks;

Employees;

Examinations of banks;

Insurance coverage;

Loans by banks;

Mergers of insured banks with financial aid of the Corporation;

Mutual savings banks;

Number of operating banks and branches;

Receivership, insured banks placed in;

Securities;

States, banking data classified by;

Unsafe and unsound banking practices.

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

Insured commercial banks submitting reports to the Corporation......................... 23

Insured deposits. See Deposits, insured and otherwise protected.

Insured mutual savings banks. See Mutual savings banks.

Insured State banks members of the Federal Reserve System. See Class of

bank, banking data presented by.

Interbank deposits. See Deposits, classified by type of deposit.

Interest. See Earnings, expenses, profits, and dividends of insured banks.

Investments of banks. See Assets and liabilities of insured commercial banks;

examiners’ appraisal; Assets and liabilities of operating banks;

Securities.

Law, violations of by insured banks.................................................................................. 20

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Legislation related to banking and deposit insurance:

Federal, enacted in 1946:

Administrative Procedure Act................................................................................ 24

Federal Credit Unions..........................................................................................25, 96-98

Saturday closing of banks, District of Columbia............................................. 26, 98

Statute of limitation on Government checks.................................................... 24, 95

Recommended by the Corporation.............................................................................. 11,12

State, enacted in 1946........................................................................................25-26, 99-101

Liquidation, banks placed in.................................................................................... 108, 166-173

Loans by banks: See also Assets and liabilities of operating banks.

Amounts and types:

All types.............................................................................................................. 9, 46, 47, 52

Commercial and industrial...................................................................................... 9, 52

Consumer....................................................................................................................... 9, 52

Real estate..................................................................................................................9, 52, 53

Changes in type, insured commercial banks............................................................ 52

Examiners’ evaluation. See Assets and liabilities of insured commercial

banks, examiners’ appraisal.

Interest on. See Earnings, expenses, profits, and dividends of insured banks.

Loans to insolvent or hazardous insured banks by Federal Deposit Insurance

Corporation, See Mergers of insured banks with financial aid of the

Corporation.

Losses:

Of banks charged off. See Earnings, expenses, profits, and dividends of

insured banks.

Of depositors. See Banks in financial difficulties, Receivership, insured

banks placed in.

Of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Provision for, in mutual savings banks..................................................................... 73

Mergers. See Absorptions, consolidations, and mergers; Mergers of insured

banks with financial aid of the Corporation.

Mergers of insured banks with financial aid of the Corporation (see also Banks

in financial difficulties):

Banks cited for unsafe and unsound practices........................................................ 20

Classification of banks merged...................................................................................... 168

Collections by Corporation on assets purchased or held as collateral... .172-173

Deposits protected............................................................................................................. 12,15

Disbursements by Corporation...........................................14, 17, 18, 168-169, 171-173

Loans made and assets purchased by the Corporation........................................ 14

Losses incurred by Corporation...................................................................17, 18, 172-173

Name and location of bank merged, 1946.............................................17,170

Number of banks merged..........................................................7, 14-15, 18, 168-169, 173

Number of depositors....................................................................................................... 15

Procedure............................................................................................................................. 17,167

Recoveries by the Corporation.....................................................................17, 18, 172-173

Mutual savings banks:

Insured:

Assets and liabilities, June 29 and December 31, 1946..................... 122, 123

Assets and liabilities, examiners* classification................................................. 71-72

Deposits.................................................................................................... 118, 119, 122, 123

Earnings, expenses, profits and dividends..........................................65-67, 162-165

Examination.................................................................................................................. 71-77

Number.........................................................................................................................108-119

Insured and noninsured:

Assets and liabilities, December 31, 1946 and 1945........................... 47

Assets and liabilities, June 29 and December 31, 1946..................... 122, 123

Classification................................................................................................................. 107

Deposits, by State, December 31, 1946..........................................118-119

Number.........................................................................................................................108-119

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National banks. See Class of bank, banking data presented by.

Net earnings of insured commercial banks. See Earnings, expenses, profits, and

dividends of insured banks.

Net profits of insured commercial banks. See Earnings, expenses, profits, and

dividends of insured banks.

Net sound capital of insured commercial banks. See Capital of banks.

New banks. See Banking offices, establishment of.

Noninsured banks. See:

Absorptions, consolidations, and mergers;

Admission to insurance;

Assets and liabilities of operating banks;

Capital of banks;

Class of bank, banking data presented by;

Deposits;

Number of operating banks and branches.

Number of operating banks and branches:

Admitted to insurance.....................................................................................44, 45, 108-109

Approved for admission to insurance.......................................................................... 20, 21

All banks:

Changes during 1946..........................................................................43, 46, 47, 108-109

December 31, 1946, by class of bank, FDIC district, and States and

possessions............................................................................................................ 118-119

June 29 and December 31, 1946.......................................................... ............... 122, 123

All banks and branches:

Changes during 1946............................................................................... .. 43, 108-109

Changes during 1941-1946....................................................................................... 43

December 31, 1946, by class of bank and States and possessions........... 110-117

Banks operating branches............................................................................................ 110-117

Branches:

Changes during 1946.................................................................................43, 45, 108-109

Changes during 1936-1946....................................................................................... 45

December 31, 1946, by class of bank and States and possessions... .110-117

Commercial banks:

Changes during 1946......................................................................................... 47, 108-109

December 31, 1946, by class of bank, FDIC district, and States and

possessions.............................................................................................................118-119

June and December 31, 1946............................................................................... 122, 123

Insured banks:

Branches......................................................................................................................... 45

Changes, 1936-1946.................................................................................................... 44

December 31, 1946..................................................................................................... 43,44

Insured commercial banks:

Changes during 1946............................................................................................... 108-109

December 31, 1946, by FDIC district, and States and possessions... .118-119

December 31, 1946, June 29, 1946, and December 31, 1945.....................124-125

Examined in 1946 by amount of deposits.......................................................... 135

Operating throughout 1946, by amount of deposits................... ................... 149

Mutual savings banks. See Mutual savings banks.

Noninsured banks:

Changes during 1946.................................................................................43, 44, 108-109

December 31, 1946, by class of bank, FDIC district, and States and

possessions............................................................................................................ 118-119

June 29 and December 31, 1946..........................................................................122, 123

Termination of insurance................................................................................................ 44,45

Unit banks, December 31, 1946, by class of bank and States and possessions .................................................................................................................. 110-117

Officers, active, of insured banks. See Employees.

Officers and employees of the Federal Deposit Insurance Corporation

Operating banks. See Number of operating banks and branches.

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Payments to depositors in closed insured banks. See Receivership, insured banks

placed in.

Polk’s Bankers Encyclopedia, data obtained from....................................................... 107

Possessions, banks and branches located in:

Deposits o f.........................................................................................................................118-119

Number o f....................................................................................................... 110-117, 118-119

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred deposits. See Deposits, secured and preferred.

Profits. See Earnings, expenses, profits, and dividends of insured banks.

Protection of depositors. See Banks in financial difficulties; Deposits, insured

and otherwise protected.

Public funds. See Deposits, classified by type of deposit.

Publications of the Corporation.....................................................................................23, 24, 30

Purchase of bank assets by Corporation. See Assets purchased by the Federal

Deposit Insurance Corporation.

Rand McNally Bankers Directory, data obtained from........................................... 107

Real estate:

Acquired by mutual savings banks, examiners’ appraisal o f.............................. 75

Loans on. See Loans by banks.

Receivership, insured banks placed in (see also Banks in financial difficulties):

Activities of Corporation as receiver of..............................................................15, 16, 170

Assets and liabilities of, at dates of suspension, 1934-1946............................... 170

Depositors:

Extent of protection by insurance........................................................................ • 171

Losses.............................................................................................................................. 15,19

Methods of protection............................................................................................... 14

Number eligible for protection, paid and unpaid............................................. 171

Number...........................................................................................................................15, 171

Payments to.......................................................................................................... 14, 16, 171

Deposits:

Amounts, 1934-1946......................................................................................... 15, 168, 170

Insured, paid and unpaid by December 31, 1946............................................ 16,171

Not eligible for insurance protection.................................................................... 171

Paid and unpaid, December 31, 1946.................................................................. 16,171

Secured, preferred, and subject to offset............................................................ 16,171

Unclaimed accounts.................................................................................................... 15

Uninsured...................................................................................................................... 16, 171

Disbursements by the Corporation.................................................................... 18, 168-169

Losses by Corporation on disbursements................................................. 17, 18, 172-173

Name and location of, during 1946............................................................................. 170

Number of banks.........................................................................7, 12, 14, 18, 168-169, 173

Payments to depositors............................................................................................15-16, 171

Recoveries by the Corporation on disbursements.......................... 16, 17, 18, 172—173

Receivers............................................................................................................................167, 170

Sources of data................................................................................................................. 166-167

Reconstruction Finance Corporation, capital of insured banks held by:

Amount, total and portion repaid................................................................................ 8

Number of banks............................................................................................................... 8

Recommendations of the Federal Deposit Insurance Corporation.................. 10

Retirements approved by Federal Deposit Insurance Corporation................. 23

Recoveries:

By banks on assets charged off. See Earnings, expenses, profits, and dividends

of insured banks.

By the Corporation on disbursements........................................................16-18, 172-173

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Reports from banks............................................................................................. ................... 23

Reserves:

In bank assets and liabilities. See Assets and liabilities of operating banks.

Of Federal Deposit Insurance Corporation.........................................................31, 34, 38

Salaries and wages:

Federal Deposit Insurance Corporation.................................................................... 27, 28

Insured banks. See Earnings, expenses, profits, and dividends of insured

banks.

Savings and time deposits. See Deposits, classified by type of deposit.

Secured and preferred deposits. See Deposits, secured and preferred; Receivership, insured banks placed in.

Securities:

Charge-offs on securities held by insured banks..................................................... 63

Examiners’ appraisal of, method used........................................................................ 76

Held by Federal Deposit Insurance Corporation..............................................31, 34, 38

Held by insured banks placed in receivership, 1934-1946................................... 170

Held by insured commercial banks. See Assets and liabilities of insured

commercial banks, examiners’ appraisal.

Held by operating banks. See Assets and liabilities of operating banks.

Interest on securities held by banks. See Earnings, expenses, profits, and

dividends of insured banks.

Profits on securities sold by insured banks. See Earnings, expenses, profits,

and dividends of insured banks.

Rate of income on..................................................................... 143, 147, 151, 152-160, 165

United States Government obligations:

Held by all banks, December 31, 1945 and December 31, 1946..................46, 47

Held by commercial and mutual savings banks, changes during 1946... 47

Held by Federal Deposit Insurance Corporation................................ 29-31, 34, 38

Held by insured commercial banks, 1941-1946................................................. 48-50

Held by insured banks placed in receivership or merged with financial

aid of the Corporation........................................................................................ 170

Types and maturities held by insured commercial banks, 1946,1945,1941 49

Size of banks, banks classified by. See Deposits, amount of banks grouped by.

State and local government obligations............................................................................ 9, 51

State and local government obligations in relation to total capital accounts

of banks reporting to the Corporation.......................................................... 51

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.

State bank supervisory authorities:

Data obtained from........................................................................................................... 107

State legislation regarding.............................................................................................. 99-102

State, banking data classified by:

Deposits, December 31, 1946:

Commercial banks, insured and noninsured....................................................118-119

Mutual savings banks, insured and noninsured.............................................118-119

Deposits and accounts in insured commercial banks, October 10, 1945:

Demand deposits of individuals, partnerships and corporations........... 87, 88-89

Time deposits of individuals, partnerships and corporations..................87, 90-91

Disbursements by the Corporation, 1934-1946........................................................ 169

Earnings, expenses, profits, and dividends of insured commercial banks,

1946.........................................................................................................................152-161

Number and deposits of insured banks placed in receivership or merged with

the financial aid of the Corporation............................................................. 169

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Federal Reserve Bank of St. Louis
INDEX 189

Page

State, banking data classified by:— Continued

Number of operating banks or offices, December 31, 1946:

All banking offices, by class of bank and type of office...............................110-117

All banks...................................................................................................................... 118-119

Commercial banks, insured and noninsured.................. .................................118-119

Mutual savings banks, insured and noninsured.............................................118-119

Real estate loans, percentage increases during 1946............................................. 52, 53

Stockholders of banks:

Losses of. See Banks in financial difficulties.

Net profits of insured commercial banks, available for. See Earnings, expenses, profits, and dividends of insured banks.

Substandard assets. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Supervision. See Bank supervision.

Suspensions. See Banks in financial difficulties; Receivership, insured banks

placed in.

Taxes paid by insured banks. See Earnings, expenses, profits, and dividends

of insured banks.

Terminations of insurance for unsafe and unsound practices. See Number of

operating banks and branches.

Time and savings deposits. See Deposits, classified by type of deposit.

Trust companies:

Classification o f.................................................................................................................. 107

Number not engaged in deposit banking............................................. 118-119, 122, 123

Unit banks. See Number of operating banks and branches.

United States Government obligations. See Assets and liabilities of insured

commercial banks, examiners’ appraisal; Assets and liabilities of

operating banks, Securities.

Unsafe and unsound banking practices:

Actions of the Corporation............................................................................................. 20

Number of banks cited.................................................................................................... 20

Unsecured deposits. See Receivership, insured banks placed in.

Valuation allowances:

Commercial banks............................................................................................................. 121

Mutual savings banks...................................................................................................... 73

Valuation charge-off account, mutual savings banks............................................... 73-74

Violations of law or regulations........................................................................................... 20

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis