ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDING 

DECEMBER 31, 1938

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Federal Reserve Bank of St. Louis
DIRECTORS

of the

FEDERAL DEPOSIT INSURANCE CORPORATION

Leo T. Crowley

Chairman

Phillips Lee Goldsborough

P reston D elano

Comptroller of the Currency

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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

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

Washington, D. C., June 20, 1939.

SIR: Pursuant to the provisions of subsection (r) of section 12B of the Federal Reserve Act, as amended, the Federal Deposit Insurance Corporation has the honor to submit its annual report.

Respectfully,

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

The Pr esident of the Senate

T he Speak er of the H ouse of R epresentatives

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Federal Reserve Bank of St. Louis
CONTENTS

Page

Introduction and summary........................................................................................... 3

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Operations and policies of the Corporation................................................... 9

Protection of depositors in insolvent or hazardous insured banks .... 9 Insolvent or hazardous insured banks suspended or merged.................... 9 Proportion of deposits protected in banks closed or merged.................... 11 Deposits in banks placed in receivership paid by the Corporation........... 12 Loans to facilitate mergers................................................................................... 14

Repayments to the Corporation.......................................... ................................... 14 Recoveries from banks in receivership............................................................. 15 Recoveries on loans and assets purchased...................................................... 16

Supervisory activities of the Corporation...................................................... 16 Bank examinations.................................................................................................. 17 Citations of insured banks for unsafe or unsound banking practices or violations of law or regulations...................................................................... 17 Character of unsafe and unsound practices and violations of law or regulations leading to action by the Corporation.................................... 18 Capital adjustments of banks.............................................................................. 18 Policy of the Corporation regarding the capital of banks......................... 19 Assumption or payment of uninsured deposits............................................. 20 Admissions to insurance......................................................................................... 20 Establishment of branches...................................................... ............................. 21 Changes of location of banks and branches................................................... 22 Holding company banking................ ................................................................... 22 Regulations and rulings of the Corporation................................................... 22

Objectives of supervision of insured b a n k s.................................................... 22 Purpose of bank supervision................................................................................. 23 Development of uniform supervisory standards and procedure.............. 25 Duplication in bank supervision......................................................................... 26

Legislation and executive orders during 1938 affecting deposit

insurance........................................................................................................................... 28 Executive Order extending the competitive classified civil service. . . . 28 State legislation directly affecting the operations of the Federal Deposit Insurance Corporation...................................................................... 29 State legislation relating to bank supervision................................................ 29 Suggestions for State legislation......................................................................... 30

Reports from b a n k s.......................................................................................................... 30

Organization and staff.................................................................................................. 31 Directors...................................................................................................................... 31 Personnel..................................................................................................................... 31 Policy regarding selection of examiners and assistant examiners........... 32 Organization.............................................................................................................. 32

Financial statement of the Corporation.......................................................... 33 Income and expenses.............................................................................................. 33 Claims held by the Corporation against suspended and merged banks. 33 Audit............................................................................................................................. 33 Assets and liabilities................................................................................................ 34

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Federal Reserve Bank of St. Louis
PART TWO

DEPOSIT INSURANCE AND BANK ING DEVELOPM ENTS Page

Operating commercial banks...................................................................................... 41 Number and types of commercial banking offices in operation............... 41 Number of insured and noninsured commercial banks and banking offices....................................................................................................................... 41 Admissions to and terminations of insurance................................................. 42 Deposits of commercial banks............................................................................. 43

Assets and liabilities of insured commercial b a n k s.................................. 43 Change in bank assets............................................................................................ 43

Examiners* appraisals of condition of insured commercial banks 45 All insured commercial banks.............................................................................. 46 Insured commercial banks not members of the Federal Reserve System 48 Weak or hazardous banks..................................................................................... 51

Earnings of all insured commercial b a n k s...................................................... 51 N et current operating earnings........................................................................... 51 N et profits.................................................................................................................. 53

Earnings of insured commercial banks not members of the Federal Reserve System.............................................................................................................. 54 N et current operating earnings........................................................................... 54 N et profits.................................................................................................................. 56 Dividends.................................................................................................................... 56 Others additions to and deductions from total capital accounts............. 57 Interest received and paid.................................................................................... 57

Insured mutual savings banks.................................................................................. 58

Vi FEDERAL DEPOSIT INSURANCE CORPORATION

PART THREE

SPECIAL REPORTS

Development of uniform examination procedure among Federal and S ta te bank su p er v iso rs......................................................................................... 61 Classification and valuation of loans..................................................... 62 Classification and valuation of securities...................................................... 64 Review of principles of valuation of securities............................................ 64 Analysis of capital accounts............................................................................. 68 Conclusion............................................................................................................ 71

Exhibit A. Recommendation of the Executive Committee of the National Association of Supervisors of State Banks regarding slow classification, adopted April 5, 1938........................................ 71

Exhibit B. Statement released to press June 27, 1938, regarding classification of loans in bank examinations, agreed to by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Directors of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency. . 73

Exhibit C. Policy of securities valuation by bank examiners, en­ dorsed by the Executive Committee of the National Association of Supervisors of State Banks, April 5, 1938.................................. 73

Exhibit D. Statement released to press June 27, 1938, regarding the appraisal of bonds and the treatment of securities profits in bank examinations, agreed to by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, the Directors of the Federal Deposit Insurance Corporation, and the Comptroller of the Currency....................................................... 75

Exhibit E. Analysis of assets and capital accounts under uniform examination procedure.......................................................................... 76

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CONTENTS v ii

Page

Insurance of bank deposits, 1938............................................................................ 79 Operating Insured Commercial Banks............................................................ 79 Insurance coverage, 1938, 1936, and 1934......................................... 79 Insurance coverage by type of deposit, 1938 and 1936................ 82 Banks members of the Federal Reserve System, 1938 and 1933.. 84 Insurance protection with $5,000, $10,000, and $25,000 maxi­ mum coverage......................................................................................... 84

Operating Insured Mutual Savings Banks.................................................... 86 Insurance of deposits, 1938 and 1936.................................................. 86 Insurance protection with $5,000, $10,000, and $25,000 maxi­ mum coverage......................................................................................... 86

Insolvent Insured Banks...................................................................................... 86 Insurance in insolvent insured banks.................................................. 86

Appendix A. Limitations on data of insured deposits as of September 21, 1938, and May 13, 1936.................................................................... 90

PART FOUR

LEGISLATION, REGULATIONS, AND INSTRUCTIONS

Deposit insurance legislation.................................................................................. 103 Waiver of double liability of stockholders by Federal Deposit In­ surance Corporation............................................................................................ 103 Permanent authorization to extend loans........................................................ 104 Insurance of Indian funds..................................................................................... 104

Executive Orders.............................................................................................................. 105 Extending the competitive classified civil service........................................ 105 Amending Schedules A and B of the Civil Service Rules......................... 107 Postponing the effective date of Executive Order No. 7916 of June 24, 1938, with respect to certain positions and providing for a com­ mittee to investigate and report methods for selecting and promoting certain personnel in civil service..................................................................... 108

Regulations and rulings of the Corporation................................................. 109 Amendment to Regulation I V ............................................................................. 109

Forms and instructions................................................................................................. 109 Instructions for preparation of Form 89— Call No. 2 ................................. 109

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Explanatory notes........................................................................................................... 115 Sources of d ata......................................................................................................... 115 Classification of banks and banking offices.................................................... 115 Deposits of banks and banking offices..................................... ........................ 117 Assets and liabilities of operating banks......................................................... 118 Examiners’ analysis of insured commercial banks........................................ 118 Earnings, expenses, and disposition of profits of insured banks............. 119 Suspensions, receiverships, and mergers.......................................................... 120

Number of banking offices........................................................................................ 122

Deposits of banking offices....................................................................................... 150

Assets and liabilities of operating ban k s........................................................ 160

Capital investment of the Reconstruction Finance Corporation. . . 180

Examiners’ analysis of insured ban k s................................................................. 184

Earnings of insured banks......................................................................................... 212

Suspensions, receiverships, and mergers............................................................ 238

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v iii FEDERAL DEPOSIT INSURANCE CORPORATION

CHART Page

Organization chart of the Federal Deposit Insurance Corporation.................... 5

LIST OF TABLES

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Protection of depositors in insolvent or hazardous insured banks:

1. Insolvent or hazardous banks paid off by or merged with financial aid from the Corporation, 1934-1938............................................. 10 2. Percent of deposits protected in closed insured banks and insured in operating insured banks, banks grouped by amount of deposits............................................................................................. 11 3. Disbursements of the Corporation in connection with insolvent or hazardous banks, 1934-1938........................................................ 12 4. Status as of December 31, 1938, of deposits of insured banks placed in receivership......................................................................... 13

Repayments to the Corporation:

5. Repayments as of December 31, 1938, to the Corporation on disbursements in insolvent or hazardous banks.......................... 15

Supervisory activities of the Corporation:

6. Disposition during 1938 of cases of insured banks cited by the Corporation to supervisory authorities for unsafe or unsound banking practices or violations of law or regulations................ 18 7. Unsafe and unsound banking practices and violations of law or regulations for which 13 banks were cited by the Corporation to supervisory authorities during 1938.......................................... 19 8. Applications for admission to insurance, for approval of estab­ lishment of branches, and for approval of change of location acted upon by the Corporation during 1938................................ 21

Organization and staff:

9. Officers and employees of the Corporation, December 31, 1938.. 32

Financial statement of the Corporation:

10. Income and expenses of the Corporation since beginning opera­ tion.......................................................................................................... 33 11. Income and expenses of the Federal Deposit Insurance Corpora­ tion, calendar year 1938.................................................................... 34 12. Auditors’ report....................................................................................... 35 13. Comparative balance sheet of the Federal Deposit Insurance Corporation, December 31, 1938, and December 31, 1937. .. . 38

PART TWO

DEPOSIT INSURANCE AND BANKING DEVELOPMENTS

Operating commercial banks:

14. Number and type of commercial banking offices in the United States and possessions, December 31, 1938 and December 31, 1937........................................................................................................ 41 15. Analysis of changes in number of commercial banking offices in the United States and possessions during 1938, excluding banks succeeding other banks.......................................................... 42 16. Number of insured and noninsured commercial banking officers in the United States and possessions, December 31, 1938, and December 31, 1937...................................................................... 42 17. Changes during 1938 in deposits of insured and noninsured commercial banks................................................................................ 43

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LIST OF TABLES IX

Page Assets and liabilities of insured commercial banks:

18. Changes during 1938 in assets and liabilities of insured com­ mercial banks....................................................................................... 44 19. Percentage change during 1938 in principal classes of assets, insured commercial banks not members of the Federal Reserve System operating throughout the year grouped according to ratio of total capital accounts to total assets............................ 45

Examiners’ appraisals of condition of insured commercial banks:

20. Adjusted capital account as percentage of adjusted value of assets and of total capital accounts of 13,350 insured commer­ cial banks examined in 1938, original examination procedures, banks grouped by amount of deposits........................................... 46 21. Distribution of number and deposits of 13,350 insured com­ mercial banks examined in 1938, according to percentage of adjusted capital account to adjusted value of assets, original examination procedures..................................................................... 47 22. Distribution of number and deposits of 13,350 insured commer­ cial banks examined in 1938, according to fixed and sub­ standard asset ratio, original examination procedures............. 48 23. Adjusted value of assets as percentage of book value, examination in 1938, original examination procedure, insured commercial banks not members of the Federal Reserve System .................. 48 24. Examiners’ analysis of assets, examinations 1933-1938, insured commercial banks not members of the Federal Reserve System.................................................................................................... 49 25. Proportion of assets not criticized by examiners, examinations 1934-1938, insured commercial banks not members of the Federal Reserve System.................................................................... 49 26. Percentage distribution of number of banks according to ratio of adjusted capital account to deposits, examinations 1933- 1938, insured commercial banks not members of the Federal Reserve System ................................................................................... 50

Earnings of all insured commercial banks:

27. Earnings, expenses, and disposition of profits related to total assets and to total capital accounts, 1938 and 1937, insured commercial banks............................................................................... 51 28. Earnings, expenses, and disposition of profits of insured com­ mercial banks, 1934-1938.................................................................. 52 29. Number and percentage distribution of insured commercial banks according to rates of net earnings and of net profits on total capital accounts, 1938, banks operating throughout the year......................................................................................................... 53

Earnings of insured commercial banks not members of the Federal Reserve System:

30. Earnings, expenses, and disposition of profits related to total assets and to total capital accounts, 1938, insured commercial banks not members of the Federal Reserve System operating throughout the year........................................................................... 54 31. Percentage distribution of number of banks according to rate of net earnings, 1938, 1937, and 1936, insured commercial banks not members of the Federal Reserve System operating throughout the year........................................................................... 55 32. Average net earnings per $100 of total assets of insured com­ mercial banks not members of the Federal Reserve System, 1934-1938, banks operating throughout the year grouped by amount of deposits............................................................................. 56 33. Interest received on loans and on securities and interest paid on time deposits, 1934-1938, insured commercial banks not members of the Federal Reserve System operating throughout the year.................................................................................................. 57

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X FEDERAL DEPOSIT INSURANCE CORPORATION

PART THREE

SPECIAL REPORTS Page Development of uniform examination procedure among Federal and State bank supervisors:

34. Book value of securities, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938 65 35. Book, market, and appraised values of securities, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938.................................................................. 68 36. Determination of adjusted capital account, original examination procedure, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938...................... 69 37. Number of banks grouped according to capital ratios computed under original and uniform examination procedures, insured commercial State banks not members of the Federal Reserve System examined in 1938.................................................................. 70 38. Distribution of number of banks according to capital ratios computed under original and uniform examination procedures, insured commercial State banks not members of the Federal Reserve System examined in 1938................................................. 71 39. Analysis of securities under the uniform examination procedure adopted in 1938, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938.. 76 40. Analysis of assets under the uniform examination procedure adopted in 1938, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938... 77 41. Analysis of capital accounts under the uniform examination procedure adopted in 1938, 7,094 insured commercial State banks not members of the Federal Reserve System examined in 1938.................................................................................................... 78

I n s u r a n c e o f b a n k d e p o s i t s, 1938:

42. Insurance protection with a maximum coverage of $5,000, September 21, 1938, May 13, 1936, and October 1, 1934, insured commercial banks grouped by amount of deposits___ 80 43. Number of insured commercial banks, September 21, 1938, May 13, 1936, and October 1, 1934, grouped by amount of deposits 80 44. Number of accounts in insured commercial banks, September 21, 1938, May 13, 1936, and October 1, 1934, banks grouped by amount of deposits....................................................................... 81 45. Deposits insured with a maximum coverage of $5,000, September 21, 1938, May 13, 1936, and October 1, 1934, insured com­ mercial banks grouped by amount of deposits............................ 81 46. Number and percentage distribution of insured commercial banks, September 21, 1938, and May 13, 1936, grouped by percent of deposits insured............................................................... 82 47. Number and average size of accounts in insured commercial banks, September 21,1938, and May 13,1936, grouped by type of deposit............................................................................................... 83 48. Deposits in insured commercial banks insured with a maximum coverage of $5,000, September 21, 1938, and May 13, 1936, grouped by type of deposit.............................................................. 83 49. Percentage distribution of accounts and deposits by size of ac­ count, September 21,1938, and May 13, 1933, banks members of the Federal Reserve System....................................................... 84 50. Banks with deposits fully protected with varying amounts of maximum coverage, 1934-1938, insured banks placed in receivership grouped by amount of deposits................................ 87 51. Deposits protected with varying amounts of maximum coverage, 1934-1938, insured banks placed in receivership grouped by amount of deposits............................................................................. 88 52. Percent of deposits protected with varying amounts of maximum coverage, 1934-1938, insured banks placed in receivership grouped by amount of deposits....................................................... 88

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Page 53. Depositors protected with varying amounts of maximum coverage, 1934-1938, insured banks placed in receivership grouped by amount of deposits.......................................................... 89 54. Percent of deposits insured in operating insured banks and protected in closed insolvent or hazardous insured banks, banks grouped by amount of deposits.......................................................... 89 55. Accounts fully insured with varying amounts of maximum coverage, September 21, 1938, grouped by type of deposit and in banks grouped by amount of deposits, insured com­ mercial banks........................................................................................... 92 56. Deposits insured with varying amounts of maximum coverage, September 21, 1938, grouped by type of deposit and in banks grouped by amount of deposits, insured commercial b a n k s.. 93 57. Banks, accounts, and deposits insured with varying amounts of maximum coverage, September 21, 1938, insured commercial banks grouped by percent of deposits insured.............................. 94 58. Insurance protection with varying amounts of maximum coverage, September 21, 1938, insured commercial banks grouped by class and by State............................................................ 95 59. Accounts fully insured with varying amounts of maximum coverage, September 21, 1938, insured commercial banks grouped by class and by State............................................................ 96 60. Deposits insured with varying amounts of maximum coverage, September 21, 1938, insured commercial banks grouped by class and by S tate............................................................................ 97 61. Accounts fully insured with varying amounts of maximum coverage, September 21, 1938, insured mutual savings banks grouped by amount of deposits and by State............................... 98 62. Deposits insured with varying amounts of maximum coverage, September 21, 1938, insured mutual savings banks grouped by amount of deposits and by State................................................ 99

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number of banking offices:

101. Number and classification of operating banking offices, Decem­ ber 31, 1935-1938..................................................................................... 122 102. Analysis of changes in number and classification of operating banking offices in the United States and possessions during 1938............................................................................................................. 124 103. Number of operating banking offices, December 31, 1938, insured and noninsured offices grouped by class of bank and type of office in each State and possession.................................... 126 104. Number of commercial banks operating branches and number of branches, December 31, 1938, grouped according to character of branch system, location of branch, population of center in which located, and by S ta te.......................................................... 134 105. Number of operating banking offices, June 30, 1938, insured and noninsured offices grouped by class of bank, type of office, and amount of deposits........................................................................ 136 106. Number of operating banks, June 30, 1938, insured and non­ insured banks grouped by class of bank, type of bank, and amount of deposits................................................................................. 138 107. Number of operating commercial banks, June 30, 1938, insured and noninsured banks grouped by amount of deposits in each State and in the possessions................................................................ 140 108. Number of operating mutual savings banks, June 30, 1938, in­ sured and noninsured banks grouped by amount of deposits in each State............................................................................................. 144 109. Number of operating banking offices of insured commercial banks, June 30, 1938, grouped by amount of deposits, type of office, and population of center in which located......................... 146

LIST OF TABLES xi

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page 110. Number of operating banking offices of insured commercial banks, June 30, 1938, grouped according to number of com­ mercial banking offices in center in which located, type of office, and population of center in which located....................... 148

Deposits of banking offices:

111. Average deposits of operating banks during first six months of 1938, insured and noninsured banks grouped by class of bank, type of bank, and amount of deposits............................... 150 112. Average deposits of operating banks during the first six months of 1938, insured and noninsured banks grouped by class of bank in each State and in the possessions.................................... 152 113. Average deposits of operating commercial banks during the first six months of 1938, insured and noninsured banks grouped by amount of deposits in each State and in the possessions.. . 154 114. Average deposits of operating mutual savings banks during the first six months of 1938, insured and noninsured banks grouped by amount of deposits in each State.............................................. 158

Assets and liabilities of operating banks:

115. Summary of assets and liabilities of operating banks, United States and possessions, 1935-1938..................................................... 160 116. Assets and liabilities of operating insured commercial banks, call dates 1934-1938............................................................................... 164 117. Securities held by insured commercial banks, call dates 1934- 1938 168 118. Assets and liabilities of operating insured commercial banks not members of the Federal Reserve System, call dates 1934-1938.................................................................................................... 170 119. Assets and liabilities of operating insured commercial banks not members of the Federal Reserve System, December 31, 1938, banks grouped by amount of deposits........................................... 174 120. Averages per bank of assets and liabilities of operating insured commercial banks not members of the Federal Reserve System, December 31, 1938, banks grouped by amount of deposits.. . 176 121. Percentage distribution of assets and liabilities of operating insured commercial banks not members of the Federal Reserve System, December 31, 1938, banks grouped by amount of deposits.................................................................................................. 178

Capital investment of the Reconstruction Finance Corporation:

122. Capital investment of the Reconstruction Finance Corporation in operating insured banks, December 31, 1938, by class of bank in each State and possession................................................. 180 123. Reconstruction Finance Corporation capital of operating insured commercial banks not members of the Federal Reserve System, 1934-1938, and changes during 1938, in each State and possession...................................................................................... 182

Examiners’ analysis of insured banks:

124. Examiners’ analysis of capital, assets, and liabilities of all operating insured commercial banks examined in 1938 (original examination procedures), banks grouped by amount of deposits and by State......................................................................................... 184 125. Examiners’ adjusted value ratios of capital and assets of all operating insured commercial banks examined in 1938 (original examination procedures), banks grouped by amount of deposits and by State......................................................................................... 186 126. Adjusted capital, substandard asset, and net earnings ratios of all operating insured commercial banks examined in 1938 (original examination procedures), number of banks grouped by amount of deposits........................................................................ 188 127. Substandard asset and adjusted capital ratios of all operating insured commercial banks examined in 1938 (original ex­ amination procedures), number and deposits of banks grouped by substandard asset and adjusted capital ratios....................... 189

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LIST OF TABLES xiii

Page 128. Capital ratios of operating insured commercial banks not mem­ bers of the Federal Reserve System, examinations 1933-1938, banks grouped by amount of deposits and by State................. 190 129. Examiners’ analysis of capital, assets, and liabilities of operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938 (original examination procedure), banks grouped by amount of deposits and by State....................................................................................................... 192 130. Examiners’ analysis of capital, assets, and liabilities of operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938 (uniform examination procedure), banks grouped by amount of deposits and by State. 194 131. Examiners’ analysis of assets of operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938 (uniform examination procedure), banks grouped by amount of deposits and by State............................ 196 132. Examiners’ adjusted value as percentage of book value of assets of operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938 (uniform examination procedure), banks grouped by amount of de­ posits and by State ........................................................................ 200 133. Summary of examiners’ analysis of loans of operating insured commercial banks not members of the Federal Reserve System, examinations 1934-1938, banks grouped by amount of deposits and by State.................................................................... 204 134. Book value of securities held by operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938, banks grouped by amount of deposits.. 206 135. Par, book, and market values of securities held by 7,094 operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938, by class of security........ 207 136. Par, book, and market values of domestic corporate bonds held by operating insured commercial banks not members of the Federal Reserve System, latest examination in 1938, banks grouped by amount of deposits and by State............................... 208

Earnings of insured banks:

137. Earnings, expenses, and disposition of profits of operating insured commercial banks, calendar years 1934-1938............... 212 138. Earnings, expenses, and disposition of profits of operating insured commercial banks, calendar year 1938, by class of bank. , . .. 214 139. Earnings, expenses, and disposition of profits of insured com­ mercial banks not members of the Federal Reserve System, calendar years 1934-1938, banks operating throughout entire

year.................................. :••••.*.......................................................... 216 140. Earnings, expenses, and disposition of profits of insured com­ mercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped by amount of deposits....................................................... 218 141. Averages per bank of earnings, expenses, and disposition of profits of insured commercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped by amount of deposits........... 220 142. Ratios of earnings, expenses, and disposition of profits of insured commercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped by amount of deposits...................................................... 222 143. Earnings, expenses, and disposition of profits of insured com­ mercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped according to population of center in which located. . 224 144. Ratios of earnings, expenses, and disposition of profits of insured commercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped according to population of center in which located................... ................................................................................ 226

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145. Earnings, expenses, and disposition of profits of insured com­ mercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped according to rate of net earnings on total assets............ 146. Ratios of earnings, expenses, and disposition of profits of insured commercial banks not members of the Federal Reserve System, calendar year 1938, banks operating throughout entire year grouped according to rate of net earnings on total assets............ 147. Net current operating earnings of insured commercial banks not members of the Federal Reserve System, calendar year 1938, number of banks operating throughout entire year grouped according to rate of net earnings on total assets, amount of deposits, population of center in which located, and number of commercial banking offices in center in which located................. 148. Net profits before dividends of insured commercial banks not members of the Federal Reserve System, calendar year 1938, number of banks operating throughout entire year grouped according to rate of net profits on total assets, amount of de­ posits, population of center in which located, and number of commercial banking offices in center in which located................. 149. Net earnings and net profits of insured commercial banks not members of the Federal Reserve System, calendar year 1938, number of banks operating throughout entire year grouped according to rate of net earnings and rate of net profits on total

assets ...................................................................................................... 150. Rate of income on loans and proportion of loans of insured com­ mercial banks not members of the Federal Reserve System, calendar year 1938, number of banks operating throughout entire year grouped according to rate of net earnings on total assets, rate of income on loans, and percentage of loans to total

assets ...................................................................................................... 151. Earnings, expenses, and disposition of profits of operating insured mutual savings banks, calendar years 1934-1938.......................

S u s p e n s i o n s, r e c e i v e r s h i p s, a n d m e r g e r s : 152. Number and deposits of banks which suspended operations, 1934-1938, grouped by class of bank, by year, by amount of deposits, and by State........................................................................ 153. Number and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 1935-1938, grouped by class of bank, by year, by amount of deposits, and by State................................................... 154. Number and deposits of insured banks which received financial aid from the Federal Deposit Insurance Corporation, 1934- 1938, grouped by class of bank, by year, by amount of deposits, and by State......................................................................................... 155. Number and deposits of banks which suspended operations, 1938, grouped by class of bank, by amount of deposits, and by State. 156. Number and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 1938, grouped by class of bank, by amount of deposits, and by State........................................................................ 157. Number and deposits of insured banks which received financial aid from the Federal Deposit Insurance Corporation, 1938, grouped by class of bank, by amount of deposits, and by State. 158. Accounts and deposits of and disbursements to insured banks merged with the financial aid of the Federal Deposit Insurance Corporation, 1935-1938...................................................................... 159. Insured banks placed in receivership, 1938...................................... 160. Assets of insured banks placed in receivership, 1934-1938, as shown by books of bank at date of suspension........................... 161. Liabilities of insured banks placed in receivership, 1934-1938, as shown by books of bank at date of suspension........................... 162. Deposits of insured banks placed in receivership, 1934-1938, as shown by books of FDIC, December 31, 1938............................ 163. Payments to depositors of insured banks placed in receivership, 1934-1938, as shown by books of FDIC, December 31,1938. . .

x iv FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
INTRODUCTION AND SUMMARY

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Federal Reserve Bank of St. Louis
Introduction and Summary

During the first five years of Federal insurance of deposits the Corporation was called upon to disburse or approve disbursements of $74 million in connection with the failure or rehabilitation of 252 insolvent or hazardous banks, affording full protection to 478,445 depositors and partial protection to 724 depositors. Total deposits in these insolvent banks amounted to $137 million, of which 96 percent were made available promptly to the depositors. Losses by the Corporation are estimated at $21 million, or 28 percent of its disbursements. From its organization to the close of 1938 total administrative expenses and estimated losses of the Corporation amounted to $36 million, compared with income of $167 million from assessments and investments, and by December 31,1938, the Corpora­ tion had added a surplus of $131 million to its original capital of $289 million.

The past five years do not provide an adequate basis for judging the future experience of the Corporation. The low rate of loss from bank insolvencies has been characteristic of other periods of recovery from severe crises. The losses thus far sustained by the Corporation have for the most part been in banks which were in a hazardous condition at the time they were licensed following the Banking Holiday of 1933 and which could not be rehabilitated. Under provisions of the original deposit insurance law the Corporation was required to admit these banks to insurance on the basis of bare solvency. A number of weak and hazardous banks still remained in operation at the close of the year.

Over the past 75 years the banking system has had to absorb approximately $14 billion of losses, or more than 1 percent per year 

of total deposits. Of these losses $5 billion have been in suspended 

banks—half borne by depositors and half by stockholders—and $9 billion have been written off in operating banks. While changes 

in the composition of bank assets may result in lower rates of loss in the banking system than heretofore, the rate of net earnings 

available for meeting losses is lower, the banks' capital ratios on the 

average remain lower than in earlier periods, and double liability 

of shareholders has been largely eliminated. As a consequence, 

the margin of protection provided creditors, including the Corporation, is narrower than heretofore.

3

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Federal Reserve Bank of St. Louis
The Corporation believes that provision will have to be made for assumption of losses in excess of the present rate of assessment unless deposit insurance is accompanied by supervisory action to prevent the dissipation of bank capital through excessive dividends without provision for losses, and by provision for relieving the banks of the necessity, to which they have been subjected in the past because of heavy withdrawals and inadequate rediscount facilities, of liqui­ dating assets at sacrifice values during periods of crisis. If the cost of deposit insurance is to be kept low, bank supervision cannot be weakened or deflected from its primary objective—the maintenance of sound banks.

Part One of this report describes the experience of the Corporation in the administration of the deposit insurance law, and discusses objectives of and the degree of duplication in bank supervision. Part Two describes the current banking situation from the viewpoint of deposit insurance, analyzing the assets, capital position, and income of the banks. Part Three contains special reports dealing with the development of uniform examination procedure among the various bank supervisory authorities, and with insurance coverage. Part Four deals with legal developments affecting deposit insurance during 1938. Part Five contains detailed tables relating to banking and deposit insurance.

4 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

BO ARD O r REV IEW

The Board of Review considers recommendations submitted by the Division of 

Examination relative to applications from 

banks for insurance, retirement of capital, establishment of branches, and other 

similar proposals.

BOARD OF DIRECTORS

M EM BERS O r THE B O ARD

LEO T. CROWLEY. Chmn.; PHILLIPS LEE GOLDSBOROUGH 

PRESTON DELANO. Comptroller of the Currency

The Board of Directors is responsible for the performance of all 

duties and the exercise of all powers vested by law in the 

Corporation.

The Board of Directors has assigned certain functions to divisions 

lor the performance of which the chiefs thereof are responsible 

to the Board.

SECRETARY

The Secretary is responsible for maintaining minutes of the 

meetings of the Board and other official records, and furnishing 

notice of matters acted on by the Board.

SPECIAL ASSISTAN TS TO THE B O ARD

Special Assistants to the Board are responsible for the handling 

of public relations and for the performance of various technical

COMMITTEE ON 

LIQUIDATIONS, LOANS, AND 

PURCHASE O r ASSETS

The Committee considers recommendations from the Division of Examination 

relative to loans to or purchase of assets 

from banks and recommendations from 

the Division of Liquidation relative to 

liquidation activities.

LEGAL D IV IS IO N

The Legal Division acts In an advisory 

capacity in connection with all legal matters incident to the activities and operations 

of the Corporation.

DIVISION o r EXAMINATION

The Division of Examination is responsible 

for handling applications from banks for 

membership, capital retirement, branches, 

mergers, etc., and for examining insured 

banks and determining necessary supervisory actions.

D IV ISIO N o r LIQUIDATION

The Division of Liquidation is responsible 

for paying depositors In closed insured 

banks, liquidating national banks and 

closed State banks for which the Corporation is appointed ;sceiver, exercising general supervision over the liquidation of 

closed insured banks for which the Corporation is not receiver, and liquidating loans 

to or purchases of assets from insured banks 

to facilitate mergers.

WASHINGTON O rriC E REVIEW SECTION

The Review Section is responsible for reviewing all reports 

of examination relative to insured banks, or banks applying for insurance, and preparing recommendations relative

D IS T R IC T O rriC E S

The twelve District Offices, 

each under the supervision oi 

a Supervising Examiner, are 

responsible for all bank examinations made by the Corporation and for carrying out supervisory policies determined 

in the Washington Office^

The Liquidation Section supervises the liquidation of closed 

insured banks for which the 

Corporation is receiver and of 

loans to or purchases of assets 

from banks.

LEGAL SECTION

d i v i s i o n o r

LIQUIDATION

The Legal Section is 

responsible for handling all legal matters in connection 

with the activities oi 

the Division of Liquidation.

D IV IS IO N o r riN A N C E 

AND A D M IN IST R A T IO N

The Division of Finance and Administration 

is responsible for the administration of all 

matters relating to personnel of the Corporation. the handling of receipts and disbursements, the accounting for and auditing of all financial operations, and the 

management of general business activities.

CLAIM S SECTION

The Claims Section is responsible for paying the claims of 

depositors of closed insured 

banks approved by the receivers thereof, and for maintaining records of claims paid.

PERSONNEL SECTION

The Personnel Section has 

charge of appointment, placement, classification, training 

and related personnel activities, is responsible for the administration of personnel laws 

and regulations, and performs 

general administrative planD IV ISIO N o r RESEARCH 

AND STATISTICS

The Division of Research and Statistics is 

responsible for the accumulation of bank 

statistics, the tabulation of periodic reports 

of condition and earnings from insured 

banks and the conduct of various research 

studies pertaining to banking.

riS C A L AND 

ACCOUNTING 

SECTION

The Fiscal and Accounting 

Section is responsible for 

collecting assessments from 

banks and other receipts, making disbursements and maintaining the general accounting records of the Corporation.

RECORDS SECTION

The Records Section is responsible lor maintaining records 

of receivership activities of the 

Corporation and for making 

field audits thereof.

AU D IT SECTIO N

The Audit Section is responsible for making a continuous 

audit of the financial affairs 

of the

SERVICE SECTION

The Service Section is responsible for the purchase of supplies, performance of duplicating operations, handlmg of 

mail, and maintaining files, 

guard, messenger, telephone 

and other similar services.

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P A R T ONE

O PERA TIO NS AND PO LICIES OF TH E CO RPO RATIO N

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Federal Reserve Bank of St. Louis
Operations and P olicies of the Corporation

On December 31, 1938, the Federal Deposit Insurance Corporation was insuring deposits of 13,709 banks. These banks held total deposits of about $50 billion. Depositors' accounts numbered more than 60 million, of which 98 percent were fully protected.

As in previous years the Corporation during 1938 took steps to protect depositors in insolvent or hazardous banks from loss, either by paying off insured claims in suspended banks or by rendering financial aid to facilitate mergers. At the year's close the Corporation was taking action with regard to a number of problem banks, seeking to rehabilitate them, merge them with other banks, or secure a termina­ tion of their insurance status either through formal proceedings for dismissal from insurance or through appointment of receivers. The Corporation also continued to give its attention to the liquidation of insured banks placed in receivership and of assets acquired by the Corporation in connection with mergers, and to the maintenance of operating insured banks in a sound condition. The Corporation's policies and activities in discharging these responsibilities are described in this part of the report. Part One of the report also covers the objectives of the Corporation's bank supervisory policies and the organization and financial operations of the Corporation.

P rotection of D epositors in Insolvent or Hazardous

Insu r ed Ba nk s

During 1938, as in other years since the establishment of deposit insurance, a considerable number of insolvent or hazardous banks failed or were merged. The financial difficulties of most of these banks originated in the assets acquired and policies pursued prior to their admission to insurance. The Corporation since its inauguration had been endeavoring to secure the necessary corrections.

In s o lv e n t or h a z a r d o u s in su r e d b a n k s su s p e n d e d or m e r g e d . During 1938 the Corporation exercised its financial responsibilities for the protection of depositors in 74 insolvent or hazardous banks with 

total deposits of $60 million.1 Of these deposits 99.5 percent were protected by insurance, security, offsetting claims, priority over other 

depositors, or through advances by the Corporation to facilitate 

mergers. All of the protected deposits were made available promptly to depositors. The Corporation paid off the insured claims of depositors in 50 of these banks and extended loans to 24 in order to 

facilitate mergers with other banks.

1 This figure includes one bank with deposits of $669,000 which suspended on December 31, 1937.

9

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

During the five years of deposit insurance, from January 1, 1934, to December 31, 1938, the Federal Deposit Insurance Corporation acted to protect depositors in 252 insolvent or hazardous banks either by payment of insured claims or by extension of financial aid to effect mergers.1 Total deposits in the 252 banks amounted to $137 million, of which 96 percent were made available promptly without loss to depositors. Of the 479,169 depositors in these banks, all but 724, or less than one-half of 1 percent, were fully protected. The Corporation has made or will make cash payments of $74 million as a consequence of these insolvencies. Losses and expenses of the Corporation re­ sulting therefrom are estimated at $21 million or 16 percent of the deposits made available to depositors. The figures are summarized in Table 1.

T a b le 1 . INSOLVENT OR HAZARDOUS BANKS PAID OFF BY OR MERGED

w i t h F i n a n c ia l A id f r o m t h e C o r p o r a t io n , 1934-1938

Total 1934-1938 1938

Number of ban k s................................................................................................ 252 74

Depositors: Total num ber................................................................................................... 479,169 478,445 99.85%

201,437 201,338 99.95% Fully protected1............................................................................................... Percent fully protected..................................................................................

Deposits: $136,767,000 $131,809,000 96.4%

$ 60,282,000 $ 59,977,000 99.5% Protected1......................................................................................................... Percent protected............................................................................................

Total payments by F D IC 2.............................................................................. $ 74,460,000 $ 30,465,000

Estim ated loss to FD IC :3 A m ount............................................................................................................. Percentage of protected deposits1................................................................ $ 21,098,000 16.0% $ 8,697,000 14.5%

1 Protected by insurance, security, offsetting claims, priority over other depositors, or through ad­ vances by the Corporation to facilitate mergers. 2 Includes unpaid claims estimated to be due depositors but which have not been presented to the Corporation for payment. 3 Includes estimated loss on insured deposits in closed banks, on loans made and assets purchased to facilitate mergers, and preliminary and field expenses, including other charges incidental thereto.

At the close of 1938, the Corporation in cooperation with other bank supervisory agencies was still working on the remaining problem banks in an effort to secure improvement in their condition. Practically all 

of them are institutions which were in a weakened condition at the close of the Banking Holiday in 1933 but were licensed in the expecta­ tion that they would be strengthened and restored to soundness. In most cases additional capital is required; in some cases changes in 

management and operating policies are also necessary. A number of these banks hold excessive proportions of substandard and hazardous 

assets. Elimination of these difficulties involves cooperation with other supervisory agencies and a slow gradual program of correction.

1 Three other insured banks suspended operations but were reorganized and reopened or taken over by other banks without the financial aid of the Corporation.

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PROTECTION IN INSOLVENT OR HAZARDOUS INSURED BANKS 11

Some of the banks are in such condition that their rehabilitation without substantial financial aid appears to be impossible. The Corporation estimates that its part in the program in respect to these banks will involve the making of substantial cash payments during 1939 with eventual losses considerably larger than those sustained in 

recent years.1

P r o p o r tio n o f d e p o sits p r o te c te d in b a n k s clo se d or m e r g e d . Approximately 96 percent of the deposits in closed insured banks were protected by insurance, pledge of assets, offsetting claims, priority over other depositors, or through advances by the Corporation to facilitate mergers. Since 1935 the proportion of deposits protected has in­ creased from year to year.

T a b le 2. PERCENT OF DEPOSITS PROTECTED IN CLOSED INSURED BANKS

a n d I n s u r e d in Op e r a t in g I n s u r e d B a n k s

BANKS GROUPED BY AMOUNT OF DEPOSITS

Deposits protected in closed banks1

Deposits insured in operating banks2

All b a n k s ............................................................................................................. 96.4% 45.9%

B anks w ith d ep o sits of— $100,000 or less............................................................................................... $100,000 to $250,000..................................................................................... $250,000 to $500,000.....................................................................................

96.6 96.4 96.195.2 91.5 87.8

$500,000 to $1,000,000 ............................................................................... 90.6 84.0 $1,000,000 to $2,000,000.............................................................................. $2,000,000 to $5,000,000.............................................................................. 96.9 94.9 79.9 74.2

$5,000,000 to $10,000,000 .......................................................................... 100.0 66.8 $10,000,000 to $50,000,000.......................................................................... 100.0 51.1 More than $50,000,000................................................................................. 28.2

1 Protected by insurance, security, offsetting claims, priority over other depositors, or through ad­ vances by the Corporation to facilitate mergers. 2 Estim ated to be covered by insurance. Detailed figures—See Table 54, page 89.

The percent of deposits protected in closed banks has been greater than the percent indicated to be insured in operating insured banks of 

comparable size. This is shown in Table 2. The higher protection of 

deposits in closed banks reflects in large part the use of the Corporation's loan power to eliminate insolvent or hazardous banks, and in part the protection, in addition to insurance, given certain depositors 

through allowance of offsetting claims, through pledge of specific assets, or through priority of claims over other depositors. These 

factors were not taken into consideration in estimating insurance coverage in operating banks.2

1 Up to June 15, 1939, the Corporation had made or approved disbursements of $60 million to 45 banks or their depositors. 2 A more detailed explanation is given in P art Three, pages 89-91.

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

When the Corporation eliminates an insolvent or hazardous bank by lending sufficient cash to the bank to enable it to merge with another 

bank, all of the deposits are transferred to the absorbing bank and made available to the depositors. In effect, the depositors in the absorbed bank have been paid off in full. The law specifies that the Corporation may make loans or purchase assets when such action will reduce the risk or avert a threatened loss to the Corporation and will facilitate a merger or consolidation of an insured bank with another insured bank.

A comparison of the use of the two methods in dealing with insolvent or hazardous insured banks during the past five years is shown in Table 3.

T able 3. DISBURSEMENTS OF THE CORPORATION IN CONNECTION

w it h I n s o l v e n t o r H a z a r d o u s B a n k s, 1934-1938

Number of banks Amount of disbursement (in thousands of dollars)

Placed in receivership Merged Insured deposits1 Loans and purchased assets

T o ta l..................................... 175 77 36,344 38,116

1938.............. .................... 50 24 9,097 21,368

1937.................................... 50 25 12,122 7,111

1936.................................... 42 27 8,134 6,772

1935.................................... 24 1 6,048 2,865

1934.................................... 9 943

1 Includes insured claims not presented or not proved. Detailed figures—See Table 153, page 240, and Table 163, page 258.

D ep o sits in b an k s p laced in receiversh ip paid by th e C orporatio n . During 1938, 50 insolvent or hazardous insured banks, with deposits of $10 million, were placed in receivership.1 All but 99 of the 

41,755 depositors in these banks were protected in full. Approximately 97 percent of the $10 million of deposits were fully protected by insurance, security, offsetting claims, or priority of claims over other 

creditors. The name, location, and amount of assets and liabilities of 

each of the 50 banks are given in Tables 159 to 163, pages 250 to 259.

From the beginning of deposit insurance to December 31, 1938, the Corporation paid off depositors in 175 banks with total deposits of $47 

million. All but one-half of 1 percent of the 204,605 depositors in these banks were fully protected. Of the $47 million of deposits, 90 percent were made available promptly to depositors.

1 This figure includes one bank which suspended and was placed in receivership subsequent to term ination of its insurance status. Deposits in this bank which had been insured as of the date of termination of its insurance status, less any withdrawals subsequent to th at date, were paid by the Corporation.

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PROTECTION IN INSOLVENT OR HAZARDOUS INSURED BANKS 13

The Corporation starts payments to depositors as soon after the closing of an insured bank as legal arrangements can be made for the subrogation of depositors' claims to the Corporation and as soon as the records for payments can be completed. Immediately following the closing of a bank, the Corporation's representatives are sent in to verify the records and make preparations to pay off insured depositors. As soon as the insolvency has been legally verified and the appointment of a receiver confirmed by the authority having legal jurisdiction, the Corporation notifies depositors by mail, posters, and advertisements of its readiness to pay all insured deposits. Thereafter payments are made as rapidly as depositors present and prove their claims. The procedure for presenting and proving claims has been so simplified that it now imposes no greater burden upon depositors than is ordinarily involved in the withdrawal of a deposit from an operating bank. In 1938 insured deposits were made available in most cases within two weeks of the date of the closing of the bank.1

Table 4. S ta tu s as o f D ecem ber 31, 1938, o f D ep o sits o f

In su red B anks P la c e d in R eceiv ersh ip

(In thousands of dollars)

Total Paid by Dec. 31, 19381

Unpaid on Dec. 31, 1938

T o ta l—50 b a n k s p laced In receiv ersh ip , 1938.............. 10,227 9,408 819

Insured2..................................................................................... 9,097 8,626 471 Secured, preferred, and subject to offset3......................... 824 724 100 N ot eligible for insurance4.................................................... 306 58 248

T o ta l—125 b a n k s p laced in receiv ersh ip , 1934-1937. . 37,135 34,631 2,504

Insured2..................................................................................... 27,247 26,916 331 Secured, preferred, and subject to offset*......................... 5,236 5,124 112 N ot eligible for insurance4.................................................... 4,648 2,591 2,057 Unclaimed5............................................................................... 4 4

1 Includes payments made both by the Federal Deposit Insurance Corporation and by receivers. 2 Includes all deposits to be paid by the Federal Deposit Insurance Corporation. 8 Includes all deposits subject to offset and those portions of secured deposits to be m et by sale of security and of preferred deposits to be paid by the receiver. 4 Includes deposits in excess of maximum insurance coverage, restricted or deferred deposits, and in 1938 deposits in 1 noninsured bank made subsequent to termination of insurance status. 6 In 18 banks the liquidation of which was completed. Detailed figures—See Tables 162-63, pages 256-59.

Except in the cases of two banks which suspended during the last 

ten days of December, all but a very small proportion of the insured deposits in the suspended banks had been paid out by the close of the year. In 18 receiverships terminated by December 31, 1938, about 1,900 accounts amounting to about $4,000 remained unclaimed. The 

average size of unclaimed accounts is small, many of them being less than one dollar. Figures regarding deposits of insured banks in receivership are given in Table 4.

1 Dates of suspension and of commencing payment of insured claims are given in Table 159, page 250

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

L oans to fa c ilita te m ergers. During 1938 loans were disbursed to 24 insolvent or hazardous banks, with deposits of approximately $50 million, to facilitate their merger or consolidation. The loans disbursed amounted to approximately $21 million. In addition, assets amounting to $78,000 were purchased from one of these banks. The names of the banks to which loans were made and of the absorbing or successor banks, are given in Table 158, page 248.

Of the loans disbursed during the year, 2 were approved in 1937 and the remaining 22 in 1938. Loans were also approved to 13 banks but had not been disbursed by the close of the year.1 Total loans approved in 1938, including those disbursed as well as those not disbursed, amounted to $30 million. In making loans, the Corporation takes as collateral all of the assets which are unacceptable to the absorbing bank. The amount of the loan is always the amount necessary to make up the deficiency between the assets and the liabilities taken over by the absorbing bank.

Between August 23, 1935, the date the Corporation was authorized to extend aid to banks in financial difficulties in this manner, and December 31, 1938, 77 banks, with accounts numbering 274,564 and total deposits amounting to $89 million, were absorbed by other operating or new insured banks with the financial aid of the Corpora­ tion. In 58 cases loans were made, in 1 case assets were purchased, and in 18 cases loans were made and assets also purchased. The total amount disbursed to the 77 banks by the Corporation was $38.1 million of which loans amounted to $36.9 million.

R epaym ents to the Corporation

From January 1, 1934, to December 31, 1938, the Corporation advanced $74 million to protect depositors of insolvent or hazardous insured banks. By the end of this period $28 million of this amount 

had been repaid to the Corporation, about one-half of the amount 

which it expects to recover.

Inasmuch as the depositors in the suspended and merged banks have received all or most of their deposits from the Corporation, the 

Corporation is able to proceed with the liquidation of assets of the 

banks in receivership or acquired in connection with mergers, giving 

due consideration to the customary credit relationships of debtors and 

to the condition of the community. As a consequence, debtors are permitted to meet their obligations in the normal course of business, 

the local communities are protected from the deflationary effects of forced liquidation, and higher returns are obtained than would other­ wise be the case. On the other hand, the fact that the Corporation is

1 One of these banks suspended operations after the loan had been approved b u t before it had been disbursed.

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REPAYMENTS TO THE CORPORATION 15

the principal and sometimes the sole creditor leads some debtors to seek more liberal compromises than appear to be justified.

R eco v eries fr o m b a n k s in r e c e iv e r sh ip . By December 31, 1938, the Corporation had received approximately $17 million, or 46 percent, on the $36 million of depositors' claims to which the Corporation was subrogated in the 175 insured banks in receivership. The Corporation expects to receive substantial additional returns from these banks. It is estimated that total recoveries by the Corporation will amount to about 75 percent of the banks' insured deposits.

Of the 125 insured banks placed in receivership from 1934 to 1937, 16 had by the close of 1938 paid dividends of 100 percent and 4 of these had also paid interest to the Corporation on the subrogated claims of the depositors. In 9 banks collections from stockholders under double liability provisions then in force were an important factor contributing to recoveries by creditors, including the Corporation, of 100 percent of their claims. Collections from stockholders constituted 10 percent of all funds made available to the creditors of these banks. Under provisions of an Act of Congress, approved May 25,1938, assessments will not be made upon stockholders of banks failing after that date for the purpose of reimbursing the Corporation for insured deposits paid. In addition, 69 banks had paid dividends of 50 percent or more to creditors. No payments had been made by 9 banks.

The 50 insured banks placed in receivership during 1938 had made relatively small payments to the Corporation because of the short period of time in which they had been in liquidation.

Table 5. REPAYMENTS AS OF DECEM BER 31, 1938, TO THE CORPORATION

o n D is b u r s e m e n t s i n I n s o l v e n t o r H a z a r d o u s B a n k s

Number of banks placed in receivership Number of banks merged

Liquidation closed Liquidation not closed

Liquidation of loan completed

Liquidation of loan not completed

All b a n k s........................................................ 18 157 7 70

B anks m akin g rep aym en ts of— 100 percent or more1................................. 12 4 7 3

75 to 99 percent......................................... 3 24 9

50 to 74 percent......................................... 2 51 14

25 to 49 percent......................................... 1 23 17 1 to 24 percent........................................... 21 25 0 percent...................................................... 34 2

1 Repayment of more than 100 percent occurs in a receivership bank when interest is paid on deposits in addition to full return on subrogated claims, and occurs in a merged bank when expenses incident to the transaction are repaid in full or when interest is paid on the note.

The distribution of insured banks placed in receivership according 

to the percent of repayment made to the Corporation on its subrogated depositors' claims is shown in Table 5. Liquidation of the

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

assets of 18 closed insured banks was completed during the year. At 

the close of 1938, 157 closed insured banks were still in receivership. 

The Corporation was acting as receiver for 55 banks, of which 9 were 

national and 46 were State banks. The Corporation, as principal 

creditor through its subrogation to insured depositors' claims, maintains close contact with the receivers of all suspended insured banks 

for which it is not acting as receiver and assists in promoting efficient 

liquidation of these banks.

R ecoveries o n lo a n s an d a ssets p u rch a sed . By December 31, 

1938, the Corporation had recovered $11 million, or 29 percent, of the 

$38 million which it had advanced as loans to, or in the purchase of 

assets from, 77 insolvent or hazardous insured banks. Total recoveries 

are expected to amount to $27 million, or 70 percent, of the total 

expended. The Corporation's losses in the merged banks are estimated 

at 16 percent of insured deposits compared with estimated losses of 

25 percent of insured deposits in the banks in which depositors were 

paid off by the Corporation.

The assets which were acquired by purchase or accepted as collateral for loans were unacceptable to the absorbing bank because of their poor quality. The Corporation, however, is usually able to liquidate these assets under more favorable circumstances and to avoid much of the cost of receiverships. In several cases the Corporation has been repaid in full, including both the actual disbursement to the banks and the expenses incident thereto. On six of these loans interest at the contractual rate of 4 percent per annum was collected. The distribu­ tion of banks according to the percent of disbursements made in their behalf which has been repaid to the Corporation is given in Table 5.

Supervisory Activities of the Corporation

The Corporation has authority to examine or review examinations of all insured banks, and to terminate the insurance status of any bank 

which continues to engage in unsafe or unsound practices or in viola­ tions of law or regulations. Insured banks not members of the Federal 

Reserve System must obtain the approval of the Corporation before reducing or retiring capital, and any insured bank must obtain the approval of the Corporation before assuming the deposit liabilities of, 

or consolidating or merging with, a noninsured bank. Noninsured banks which wish to become insured as banks not members of the Federal Reserve System, and insured banks not members of the Federal Reserve System which wish to establish or relocate branches, must obtain the approval of the Corporation. The Corporation is 

required to issue regulations regarding the payment of interest on

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SUPERVISORY ACTIVITIES OF THE CORPORATION 17

deposits in insured banks not members of the Federal Reserve System and regarding display signs and advertisements of insured banks with respect to deposit insurance, and may issue such other regulations as are necessary to carry out its functions.

B a n k e x a m in a tio n s. The bank examination is the chief means by which the Corporation may ascertain the soundness of the banks whose deposits it insures. The examination is intended to determine the quality of the bank's assets and the bank's net worth. Trends are ascertained, and wherever possible, undesirable developments are corrected. Information obtained from the examination forms the basis for the Corporation's policy and action.

During the year the Corporation conducted 7,628 examinations and reviewed approximately 8,350 reports of examinations made by other Federal agencies. Except for 6 examinations in connection with applications for loans from this Corporation to facilitate mergers, 5 examinations made in connection with proceedings for termination of insurance status, and 13 examinations in connection with proposed withdrawals of banks from membership in the Federal Reserve System, all of the examinations made by the Corporation were of banks not examined by any other Federal agency. Of the examinations made by the Corporation, 7,128 were regular annual examinations of insured State banks not members of the Federal Reserve System; 330 were additional examinations of banks requiring special attention; and 146 were examinations and investigations of banks applying for admission to insurance or for permission to establish or change location of branches, or of banks believed to be engaging in unsafe or unsound practices, or were made in connection with the extension of loans. Many of the regular examinations were conducted jointly or alter­ nately with the State authorities.

Examination procedure was revised during the year. The revision represented a culmination of efforts to secure greater uniformity among the various Federal and State bank supervisory authorities. The 

uniform examination procedure is discussed in Part Three of this 

report, pages 61 to 78.

C ita tio n s o f in su red b an k s for u n sa fe or u n so u n d b a n k in g

p ra ctices or v io la tio n s o f law or r e g u la tio n s. During 1938 the Federal Deposit Insurance Corporation cited 13 banks to supervisory 

authorities for unsafe or unsound practices or violations of law or regulations. In addition, the cases of 10 banks which had been cited 

in prior years were pending at the beginning of 1938. Of these 23 banks, 2 corrected their practices, 4 suspended operations during the 

year, and 2 were absorbed by other banks. The insurance status of 2 

was terminated by the Corporation. The remaining 13 cases were

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

pending at the close of the year. Further details regarding these cases can be found in Table 6.

T able 6. DISPOSITION D U RING 1938 OF CASES OF INSURED BANKS C lTED BY THE 

C o r p o r a t io n t o S u p e r v is o r y A u t h o r i t i e s f o r U n s a f e o r U n s o u n d

B a n k in g P r a c t ic e s o r V io l a t io n s o f L a w o r R e g u l a t io n s

Number of 

cases

T o ta l.............................................................................................................................................................. 23 Banks cited during 1938........................................................................................................................ 13 Banks cited during prior years, further action still pending on January 1, 19381.................. 10

S tatu s on D ecem ber 31, 1938: Corrections m ade.................................................................................................................................... 2 Insurance status of banks term inated (for failure to make corrections).................................. 2 Banks suspended..................................................................................................................................... 4 Banks absorbed by other ban k s.......................................................................................................... 2 120-day correction period expired: D ate set for term ination of insurance status (not effected during 1938)............................. 1 Further action deferred pending reexam ination......................................................................... 1 Further action deferred pending consummation of recapitalization or merger plans............ 5 Action otherwise deferred................................................................................................................. 2 120-day correction period not yet expired........................................................................................ 4

1 For the status of these cases on December 31, 1937, see the Annual Report for 1937, Table 3, page 18.

C liararacter o f u n sa fe an d u n so u n d p ra ctices an d v io la tio n s

o f la w or reg u la tio n s le a d in g to a c tio n by th e C orp oration . Banks cited by the Corporation to bank supervisory authorities for unsafe or unsound practices or violations of law or regulations are banks which have engaged not merely in one but in many such practices or violations. Of the 13 banks cited during the year, 12 were operating with seriously impaired and inadequate capital. Most of the 13 banks had lax loan and collection policies and an excessive volume of substandard assets. A number had extended illegal, excessive, or improvident credit to officials or directors and their affiliations. More than half of the 13 banks were cited for violations of law or regulations. Nearly all were operated by weak or incom­ petent managements, in many cases given to speculative or selfserving practices.

A detailed list of the unsafe and unsound practices and violations 

of law or regulations for which banks were reported to supervisory authorities is given in Table 7.

C a p ital a d ju stm e n ts o f b an k s. During 1938 the Corporation 

took action on approximately 1,150 formal applications from insured banks not members of the Federal Reserve System for retirement or reduction of capital.1 The applications involved adjustments in 

capital of about $20 million. Approximately 1,000 applications were 

approved and 150 disapproved.

1 Applications for the retirem ent or reduction of capital are subm itted to the Comptroller of the Currency by national banks, and to the Board of Governors of the Federal Reserve System and to the Federal Reserve banks by State banks members of the Federal Reserve System. Applications of all State banks are also subm itted to the appropriate State authorities.

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T a b le 7 . UNSAFE AND UNSOUND BANKING PRACTICES AND VIOLATIONS

o f L a w o r R e g u l a t i o n s f o r w h ic h 13 B a n k s w e r e C i t e d b y t h e

C o r p o r a t i o n t o S u p e r v is o r y A u t h o r i t i e s D u r i n g 1938

Number Type of practice or violation of banks cited

C a p ita l: Continued operation of bank with seriously impaired capital..................................................... 11 Operation of bank with surplus and capital debentures exhausted and deposit im pairment 1

M a n a g e m e n t a n d g e n eral policies: Operation of bank with weak, self-serving, hazardous, and incompetent m anagem ent............ 10 Maintenance of lax credit, loaning, investment, and collection policies................................... 10 Inclusion of losses in bank’s assets in statem ents of condition................................................... 10 Unw arranted, excessive, and illegal extensions of credit to officers, directors, and their affiliates................................................................................................................................................. 5 Continuous borrowings over an extended period............................................................................ 1

L o an a n d in v e s tm e n t p o lic ies: Excessive and unwarranted volume of substandard loans............................................................ 10 Excessive and unwarranted volume of real estate h eld ................................................................. 9 Excessive and unwarranted volume of past due loans................................................................... 7 Constant volume of substandard assets shown upon successive exam inations....................... 2 Making and carrying loans and overdrafts in violation of State law s....................................... 4 Carrying of real estate in excess of time perm itted by law (U.S.R.S. sec. 5137)....................... 4 Failure to support loans with adequate current credit information and financial statem ents and to secure title opinions, tax information, and appraisals supporting real estate loans .. 5 Unwarranted and excessive concentrations of credit................................... .................................. 1 Extension of credit in excess of 10 percent of bank’s unimpaired capital and surplus (U.S.R.S. sec. 5200)........................................................................................................................... 1 Overloaned condition of bank and low liquidity............................................................................. 1 Purchase and carrying of certain investment securities in violation of regulation of Comp­ troller of the Currency and U.S.R.S. sec. 5136.......................................................................... 3

M iscellaneous: Violations of Regulation IV of the Federal Deposit Insurance Corporation, Regulation Q of the Federal Reserve System, or State laws regarding payment of interest and repaym ent of time deposits.................................................................................................................................... 3 Unwarranted payment of interest or dividends on preferred capital......................................... 3 Failure to m aintain legal reserves required by State law ............................................................. 1

Applications for the cash retirement of capital obligations held by the Reconstruction Finance Corporation, which comprised at least four-fifths of the formal applications acted upon by the Corporation, were approved in amounts aggregating $9.5 million and disapproved in amounts aggregating $1.7 million. The Corporation approved the reduction of par or book value, but not retirable value, of preferred capital obligations, and of par and retirable value of common stock, to the extent of $5.1 million and disapproved such reductions to the extent of $0.2 million. In about 30 cases the Corporation approved the issuance and sale of new capital to the extent of $1.5 million in connection with the retirement or reduction of other capital.

P olicy o f th e C orporation regard in g th e ca p ita l o f b a n k s. Although a large number of factors must be taken into consideration in 

determining the soundness of a bank, in general the proportion of the bank's funds supplied by the bank's owners is the most important measure of the bank's ability to withstand deterioration in its assets. In general, therefore, the risk borne by depositors and the Corporation 

tends to be increased as the proportion of capital to total funds of the bank is reduced and to be decreased as the proportion of capital to 

total funds is increased.

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The present rate of assessment was established on the assumption that losses from bank insolvency would be smaller in the future than in the past. The average ratio of capital to total assets or to total deposits of the banks of the country, however, has declined over the past 75 years. The protection provided depositors, the Federal Deposit Insurance Corporation, and other creditors of the banks through the banks' capital, therefore, is lower than in the past. In addition, double liability of stockholders has been largely eliminated, thereby further reducing the actual protection of creditors.

The Corporation, as the chief agency for protection of depositors and as the chief creditor and chief loser in bank insolvencies is con­ cerned with the maintenance of adequate capital in banks. So long as banks have adequate capital their affairs may be conducted by their managements with a minimum of supervision. When the capital is small with respect to the banks' responsibilities vigilant supervision is necessary to prevent dissipation of that capital, accumulation of risky assets, and ultimate insolvency.

Through its power to disapprove admissions to insurance and establishment of branches by insured State banks which are not members of the Federal Reserve System it is possible for the Corpora­ tion to prevent the establishment of banking offices by these banks when they do not meet the capital standards set by the Corporation. The Corporation's authority does not apply to national banks or to State banks members of the Federal Reserve System. The Corpora­ tion repeats its recommendation that an insured bank contemplating the establishment of a branch should be required to meet such stand­ ards with respect to capital as the Corporation considers reasonable.

A ssu m p tio n or p a y m e n t o f u n in su r e d d ep o sits. Any assump­ tion by an insured bank of the deposits of a noninsured bank requires 

the approval of the Corporation. During 1938 the Corporation approved seven such applications.

A d m issio n s to in su r a n c e . During 1938 the Corporation acted 

upon 83 formal applications from banks for admission to insurance as 

State banks not members of the Federal Reserve System. Of these applications 68 were approved and 15 disapproved. Less than one- fourth of the applications for admission to insurance came from new banks. The remainder came from banks previously operating but not 

insured, or from insured banks which wished to withdraw from the Federal Reserve System or to reorganize under new charters. The character of the banks applying for insurance and the disposition of the applications are shown in Table 8.

Ten banks were automatically admitted to insurance during 1938 under conditions not requiring the approval of the Corporation.

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SUPERVISORY ACTIVITIES OF THE CORPORATION 21

These cases included seven banks which received national charters from the Comptroller of the Currency (of which six were successors to other insured banks), one newly organized State bank which was immediately admitted to the Federal Reserve System, and two trust companies not previously engaged in deposit banking which were admitted to the Federal Reserve System.

The total number of banks admitted to insurance during the year differs from the number approved, since in several cases approvals given in prior years became effective during 1938 and some of the approvals during 1938 had not become effective by the end of the year. An analysis of changes in the number of operating insured banks during the year will be found in Part Two of this report, page 42.

T a b le 8 . APPLICATIONS FOR ADMISSION TO INSURANCE, FOR APPROVAL OF

E s t a b l i s h m e n t o f B r a n c h e s, a n d f o r A p p r o v a l o f C h a n g e o f

L o c a t io n A c t e d u p o n b y t h e C o r p o r a t io n D u r i n g 1938

Type of application Total Approved Dis­ approved1

A dm ission to insu rance—to ta l............................................... 83 68 15 Banks opening or planning to open2........................................ 20 16 4 Banks operating but not insured at beginning of year3......... 29 23 6 Insured banks reorganizing under new charters................... 28 24 4 State banks withdrawing from the Federal Reserve System. 6 5 1

E stab lish m en t of branches—to ta l......................................... 82 74 8

Conversion of banks into branches or replacement of banks by branches................................................................................ 45 41 4 Continuance of branches in operation..................................... 11 11 Branches constituting additional banking offices4................ 26 22 4

Change of location — to ta l.......................................................... 22 22 B anks............................................................................................... 17 17 B ranches......................................................................................... 5 5

1 Includes cases approved and approval rescinded during the year, but excludes 4 cases (2 admissions and 2 branches) approved in prior years for which the approvals were rescinded during 1938. Numerous informal inquiries subm itted to agents of the Corporation are not included in this figure. 2 Includes 1 case, tabulated in both approval and disapproval columns, in which first application was disapproved and reapplication approved, and 1 proposed successor to a cooperative credit association engaged in banking functions. 3 Includes proposed successors to or replacements of noninsured banks, and 1 proposed successor to a trust company not engaged in deposit banking, operating at the beginning of the year. 4 Includes 3 branches replacing banks which had moved to other centers.

E sta b lish m e n t of b ra n ch es. During 1938 the Corporation acted upon 82 applications from banks not members of the Federal Reserve 

System for approval of establishment of branches.1 Of these appli­ cations 74 were approved and 8 were disapproved. Nearly one-third 

of the applications were for the establishment of branches which 

provided additional banking offices. The remainder reflected absorp­ tion of operating banks or branches by branch banking systems or the 

replacement of banks closed or relocated. The figures are given in Table 8.

1 Under the law approval of the Corporation is not required for the establishment of branches by national banks or by State banks members of the Federal Reserve System.

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

C h a n g es o f lo c a tio n o f b an k s an d b ra n ch es. Changes of location of 17 insured banks and of 5 branches of banks not members of the Federal Reserve System were approved by the Corporation during 1938.

H o ld in g co m p a n y b a n k in g . The Annual Report of the Corpora­ tion for the year ending December 31,1937, pointed out that by use of holding companies a single interest can operate officesin many different States and can operate a large number of offices or banks within any State regardless of existing restrictions on branch banking. Attention was also called to the effect of holding company banking upon bank 

practices.

'T he holding company device facilitates self-dealing and 

concentration of lines of credit to related interests beyond the limits contemplated by law. The development of large bank­ ing organizations extending over many States and possibly over the entire nation involves a concentration of risk through the hazard of failure of important groups. Difficulties of examination and supervision multiply with the growth of banking organizations controlled by single interests.”1

The Corporation recommends legislation which will prevent further expansion of holding companies in the field of banking.

R e g u la tio n s an d r u lin g s o f th e C orp oration . No regulations applying to banks were issued by the Corporation during 1938.2 A subsection of Regulation IV relating to the payment of deposits and interest thereon by insured banks not members of the Federal Reserve System was amended on June 18, 1938, to read as follows:

“L oans u p o n secu rity o f sav in gs d ep o sits. An insured nonmember bank may make a loan to any of its depositors 

upon the security of his savings deposits, provided that if the bank's practice is to require notice before permitting withdrawal of any amount or percentage of the savings deposits of any depositor, the rate of interest on such loan shall not be less than 2 percent per annum in excess of the rate of interest 

on the savings deposit.”

Objectives of Super v isio n of Insu r ed B ank s

Commercial banks have operated under the supervision of State or 

Federal agencies for more than a century. Supervision was established primarily to protect creditors of banks. The Federal Deposit In­ surance Corporation was created in 1933 for the same purpose follow1 Annual Report of the Federal Deposit Insurance Corporation for the year ending December 31, 1937, page 17. 2 The Corporation has issued four regulations which are outstanding and in force. Regulations I and II are given in the Annual R eport of the Corporation for 1935, pages 90-92; Regulations III and IV, as amended, are given in the Annual Report of the Corporation for 1936, pages 82-91.

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OBJECTIVES OF SUPERVISION OF INSURED BANKS 23

ing the most severe crisis in banking affairs that had occurred during that century. It was established to provide the safety which had not been provided through previously existing supervisory and rediscount systems. In creating the Corporation provision was made: (1) to distribute losses resulting from bank failures over the entire banking system instead of allowing them to concentrate upon certain individ­ uals, groups, or communities; and (2) to improve bank supervision with a view to preventing, insofar as possible, an accumulation of weak or hazardous banking situations.

The Federal Deposit Insurance Corporation has a more direct interest in the prevention of bank failures than any other bank super­ visory authority for the reason that the Corporation must bear the financial burden resulting from such failures. If insured banks which are known to be in a weak condition are not rehabilitated, it is the Corporation rather than any other supervisory authority which bears the burden of their eventual failure. For this reason, it is essential that the Corporation have ample powers to determine the financial condition of, and the character of banking practices being pursued by, any insured bank, and to take steps to secure correction of unsound 

situations.

P u rp ose o f b an k su p erv isio n . The purpose of bank supervision is to assure the public of the benefits accompanying the operation of the banks in a sound condition. Supervision seeks to prevent, insofar as possible, the development of unsound situations in individual banks and to correct such unsound situations as exist. To these ends super­ vision is primarily concerned:

(1) With maintaining bank capital in amounts sufficient to provide reasonable protection against deterioration of assets;

(2) With requiring banks to charge off losses and thus to carry assets at their reasonable worth;

(3) With applying corrective measures to those banks which get into difficulties;

(4) With keeping self-dealing at a minimum with a view to assuring honesty and disinterestedness in the extension of credit;

(5) With the observance of law and regulations governing the conduct of the business.

Losses borne by the banking system over the past 75 years have amounted to $14 billion, or more than 1 percent per annum of the deposits in operating banks. Of these losses $5 billion have been in 

suspended banks—half borne by depositors and half by stockholders— and $9 billion have been written off in operating banks. While there 

may be some grounds for believing that changes in the composition of

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

bank assets may result in lower rates of loss in the banking system than heretofore, it should be pointed out that net earnings available for meeting losses are proportionally lower now than earlier. To the extent that the banks' capital ratios are lower than they formerly were, the banks are more vulnerable than heretofore to insolvency from deterioration in their assets.

The losses borne successfully by operating banks have been sub­ stantially greater than the direct losses borne by depositors and stock­ holders in suspended banks. The latter, however, have tended to be concentrated in a few crisis years with serious repercussions upon the general economic situation. This concentration of losses in suspended banks has reflected the forced nature of liquidation during periods of strain as much as it has the actual deterioration in the credit status of the assets held. If the concentration of losses resulting from pressure of liquidation can be avoided and bankers are required to charge off losses promptly before paying dividends, the losses from deterioration of assets can be distributed and borne successfully by our banking and deposit insurance systems.

Bank supervision is concerned with solvency, rather than liquidity. Reliance must be placed upon the nature and structure of our financial system to provide liquidity. During periods of financial difficulty bank liquidity cannot successfully be provided by actual liquidation of assets of banks through sale in markets or through forced curtail­ ment of loans. It must be provided through transfer of assets from banks under pressure of adverse balance of payments to banks not under such pressure or to other institutions. To the extent that such transfers are effected through the rediscounting of loans or through borrowing with the pledge of other assets as security, such loans and assets should be valued not on the basis of current market prices, but on the basis of reasonable appraised value measured in terms of the likelihood of default on the part of obligors.1 To distribute losses in banks successfully, therefore, deposit insurance must be accompanied 

by vigilant supervisory action to prevent the dissipation of capital through excessive dividends without provision for losses, and by pro­ vision for relieving the banks of the necessity, to which they have been 

subjected in the past because of heavy withdrawals and inadequate rediscount facilities, of liquidating assets at sacrifice values during 

periods of crisis.

The Corporation believes that bank stockholders should take a fair share of the risk in their banks by maintaining a reasonable amount of “net worth" or “adjusted capital account" as a cushion against the depreciation of assets. Assets carrying undue amounts of risk should

1 The Corporation’s supervisory policy considers assets from the standpoint of soundness, not of liquidity. In appraising the soundness of a bank, a good loan is plaqed in the .same quality class as casl?,

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OBJECTIVES OF SUPERVISION OF INSURED BANKS 25

hot be acquired, and adequate provision should be made for absorbing those losses which may accrue. In appraising the riskiness of bank assets, examiners are instructed to give primary attention to the likelihood of default*

The making of loans and investments is the responsibility of manage­ ment; similarly, the liquidation and disposition of assets must be the responsibility of management. The task of the supervisor is to appraise the loans the banker has made and the other assets he has acquired. It is no part of the function of bank supervision to exert pressure upon bankers to extend or not to extend credits and it is improper for the banker to extend credit when he has substantial doubt regarding the wisdom or propriety of such extension.

While it is not the function of the supervisor to displace the judg­ ment of the banker, it is his duty to see that such judgment is exercised in an impartial manner. The public nature of the banking function in supplying the means of payment and in providing credit requires an exceptionally high plane of ethics and a high degree of disinterestedness in dealing with applicants for credit.

It is not conducive to the maintenance of a competitive business system characterized by freedom of enterprise or to the maintenance of a banking system characterized by independent and impartial decisions in extending credit to permit groups of persons or interests to secure control of sources of banking funds which they may use for their own interests to the detriment of the interests of depositors and of com­ peting businesses. The control of large sources of funds by groups interested in the use of the funds for further expansion of their own operations puts an undesirable strain upon business ethics.

Banks which are in a hazardous condition or show undesirable tendencies should be closely watched, and if improvement is not forth­ coming during periods of favorable business and financial conditions they should be reorganized, merged, or liquidated before losses to creditors accumulate.

D ev elo p m en t o f u n ifo r m su p ervisory sta n d a rd s an d p roced u re. The Federal Deposit Insurance Corporation is the one 

banking agency having dealings with, and a vital interest in the sound 

condition of, each of the 14,000 insured banks. Since its inception the Corporation has been aware of and deeply interested in the need for 

coordination of supervisory standards and policies. The Corporation undertook in 1934 and 1935 to review the principles of bank supervision with a view to providing a basis for coordination of policy and uniformity of procedure. As a result of numerous conferences among both Federal and State banking authorities, substantial consistency and uniformity has been achieved.

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Effective coordination exists in the chartering of banks. Bank charters are issued, in the case of national banks, only by the Comp­ troller of the Currency and, in the case of State banks, only by the respective State authorities. The Comptroller of the Currency refers applications for national bank charters to the Federal Deposit In­ surance Corporation for an advisory opinion before taking action, and the State authorities as a general practice have declined to charter banks which could not qualify for insurance.

The Corporation, through its representatives, is in frequent con­ ference with the Comptroller of the Currency and various State authorities in the preparation and enforcement of regulations affecting the operations of banks. Substantial agreement exists among these agencies with regard to standards and objectives. Where differences have resulted from conflicting laws efforts have been made to secure the necessary modification of law.

A uniform examination policy has been adopted by the three Federal bank supervisory agencies and a majority of the State authorities.1 Since 1934 the Corporation has consistently adhered to a policy of joint or alternate examinations with the State authorities whenever possible so that duplication has been largely avoided.

The Corporation has been fortunate in enjoying the cooperation and aid of the State bank supervisors. The Executive Committee of the National Association of Supervisors of State Banks has been con­ stituted an advisory committee of the Federal Deposit Insurance Corporation. The counsel of these men gathered from all parts of the country has played an important part in the successful development and execution of the Corporation's policies. The improvement in the condition of State banks during recent years is evidence of the ability of different supervisory authorities to exchange views and work cooperatively and effectively toward a common goal.

D u p lic a tio n in b an k su p erv isio n . There has been much mis­ understanding with regard to the extent of duplication in bank supervision. While there are 52 authorities engaged in the supervision of insured banks, the jurisdiction of each of 49 is restricted to its own State or Territory and there is no duplication among them. The remaining three are Federal agencies—the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation. There is little duplication 

among these three agencies.

The Corporation has four regulations outstanding and in force. 

Two of these regulations are incidental to the existence of deposit in1 The uniform examination procedure is discussed in Part Three, pages 61-78.

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OBJECTIVES OF SUPERVISION OF INSURED BANKS 27

surance and deal with the determination of the base upon which insurance assessments are to be paid. These two regulations apply to all insured banks uniformly and are not supervisory in nature. No other agency issues regulations on this subject. Another regulation deals with advertising of deposit insurance and is not primarily super­ visory in nature. This regulation applies equally to all insured banks and no other Federal agency issues a regulation on this subject. The fourth regulation, the only regulation issued by the Corporation which is primarily supervisory in nature, deals with the payment of interest on deposits. It applies only to insured banks not members of the Federal Reserve System and no other Federal agency issues a regula­ tion on this subject applying to those banks. The Board of Governors of the Federal Reserve System has issued a similar regulation appli­ cable only to banks members of that system. The two agencies have cooperated in the promulgation of these respective regulations and in the establishment of the maximum rates of interest to be paid on time deposits.

The Federal Deposit Insurance Corporation does not ordinarily examine banks examined by other Federal supervisory agencies. National banks are examined by the Office of the Comptroller of the Currency, State banks members of the Federal Reserve System are examined by the Federal Reserve banks, and insured State banks not members of the Federal Reserve System are examined by the Federal Deposit Insurance Corporation. The Board of Governors of the Federal Reserve System has the authority to examine national banks but does not exercise it. The Federal Deposit Insurance Corporation has the authority to examine national banks only with the express consent of the Comptroller of the Currency, and State banks members of the Federal Reserve System only with the express consent of the Board of Governors of that System. As a consequence, there is practically no duplication in the examinations conducted by the Federal bank supervisory agencies.

From the beginning of operations to the close of 1938, a period of more than five years, the Federal Deposit Insurance Corporation had 

conducted approximately 50,000 examinations, of which 110 were examinations of 100 banks also subject to examination by the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Federal Reserve banks. Of these 100 banks, 78 were 

banks which were withdrawing from the national banking system or 

the Federal Reserve System and requested examination in order to continue their insurance without interruption. Eight were banks which were being merged with the financial aid of the Corporation in order to avoid suspension. Fourteen were banks against which action was taken to terminate insurance status because of the conDigitized for FRASER 

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

tinuance of unsafe and unsound practices which the other Federal bank supervisory agencies had not corrected. In effect, therefore, over a period of five years, in an insurance system involving about 14,000 banks, there has been duplication in the supervisory activity of the Federal Deposit Insurance Corporation and the other Federal bank supervisory agencies in the case of only 14 banks.

L e g is la t io n an d E x e c u t iv e O r d e r s D u r in g 1938 

A f f e c t in g D e p o s it I n s u r a n c e

On May 25, 1938, the President of the United States approved an act of Congress amending paragraph (7), subsection (1) of section 12B of the Federal Reserve Act, as amended, by inserting a provision re­ quiring the Corporation to waive in favor of stockholders any claim of the Federal Deposit Insurance Corporation against the double liability of stockholders of closed insured banks. It is designed to relieve stockholders from liability insofar as the Corporation is concerned.

On June 16, 1938, the President of the United States approved a joint resolution of Congress amending paragraph (4), subsection (n) of section 12B of the Federal Reserve Act, as amended, by striking out "until July 1, 1938.” This amendment makes permanent the power of the Corporation to make loans to or purchase assets from open or closed insured banks, or to guarantee other insured banks against loss from the assumption of liabilities and the purchase of assets of an open or closed bank, whenever, in the judgment of the Board of Directors of the Corporation, such loan, purchase, or guaranty will reduce the risk or avert a threatened loss to the Corporation and will facilitate a merger or consolidation of an insured bank with another insured bank.

On June 24, 1938, the President of the United States approved an act of Congress relating to the deposit and investment of Indian funds containing a provision granting full insurance protection up to $5,000 in any bank to the deposit made by an Indian independently of the 

insurance protection provided funds deposited in his behalf by an 

agent but over which the Indian has no control.

The full text of these acts is given on pages 103 to 105.

E x ecu tiv e Order ex ten d in g th e co m p e titiv e cla ssified civil

service. On June 24,1938, the President of the United States ordered that, effective February 1, 1939, all positions in the executive civil service, including positions in corporations wholly owned or controlled by the United States Government, which on that date were not in the 

competitive classified civil service, be covered into the competitive classified civil service, excepting only positions exempted therefrom by 

statute, policy determining positions, and other positions which special circumstances require should be exempted. The Executive

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Order further provides that the incumbent of any position covered into the competitive classified civil service by the order shall acquire a classified civil service status (1) upon recommendation by the head of the agency concerned and certification by such head to the Civil Service Commission that such incumbent was in service on the date of the order and has rendered satisfactory service for not less than six months, and (2) upon passing a suitable non-competitive examination pre­ scribed by the Civil Service Commission. The Federal Deposit Insurance Corporation is controlled by the United States Government and its officers and employees were determined by the Civil Service Commission to be subject to this Executive Order. The Order is published in full on pages 105 to 109.

S ta te le g isla tio n d irectly a ffectin g th e o p era tio n s o f th e

F ed eral D ep o sit In su ra n ce C orp oration . Legislation relating to deposit insurance was enacted in two States during 1938. The Legislature of Kentucky authorized the exchange of examinations and reports of insured banks between the Division of Banking and this Corporation, and the furnishing of information regarding insured banks to the Corporation. The Legislature also provided that the Corpora­ tion should be subrogated to all rights of insured depositors upon pay­ ment of their deposit claims, exempted insured banks from require­ ments for pledging assets to secure public deposits covered by in­ surance, and authorized State banks to pledge their assets to secure loans from the Federal Deposit Insurance Corporation in effecting 

mergers and consolidations.

The Legislature of Virginia authorized the Commissioner of In­ surance and Banking to furnish information regarding insured banks to the Federal Deposit Insurance Corporation, and authorized the exchange of examinations and reports by the Commissioner and the 

Corporation.

S ta te le g isla tio n re la tin g to b an k su p erv isio n . The Kentucky Legislature in 1938 provided that certain factors indicating the need 

for a bank should be found to exist before a new bank should be licensed to do business, and increased the amount of minimum capital required to be paid in before beginning business. The same Legisla­ ture also amended its banking law to provide for a more effective 

method of restoring impaired capital, for a more convenient procedure in bank consolidations, and for the issuance by banks of completely 

non-assessable preferred stock.

The New York Legislature amended its banking code materially with respect to the powers and duties of the Superintendent of Banks, with respect to the supervision and operation of savings and private 

banks, and with respect to mergers and consolidations.

LEGISLATION AND EXECUTIVE ORDERS 29

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S u g g e stio n s for S ta te le g isla tio n . When the Federal law re­ garding deposit insurance was enacted, it was not possible for the banks in most States to take full advantage of the provisions of the Federal law. This Corporation accordingly drew up suggestions for State legislation necessary for full participation of State banks in deposit insurance and for cooperation with the Corporation. The chief features of these recommendations were outlined in the Annual Reports of the Corporation for 1935 and 1936.1

The following suggestions for State legislation have been found to be pertinent in addition to the provisions previously outlined: (1) that specific factors be enumerated in the State law for consideration by State banking authorities in the granting of a license to a banking in­ stitution to do business, the factors suggested being those required by section 12B of the Federal Reserve Act, as amended, to be considered by this Corporation in approving an application of a State bank not a member of the Federal Reserve System for insurance by the Corpora­ tion; (2) revision of legislation specifying minimum capital required by banks; and (3) in some States, more effective supervision and control by State banking authorities of the rehabilitation, reorganiza­ tion, or liquidation of banks in a weak or hazardous condition.

R eports F rom B anks

The Corporation called for reports on assets and liabilities as of June 30, 1938, and December 31, 1938, from each insured State bank not a member of the Federal Reserve System, except those in the District of Columbia.2 The forms and instructions for the report as of June 30,1938, were practically the same as those used in 1937. Those used for December 31, 1938, however, were the uniform instructions and forms adopted by the Federal bank supervisory agencies and a number of State authorities. The uniform statement differed only in minor respects from that used by the Corporation in June.

Summaries of the reports of assets and liabilities by States as of June 30 and as of December 31 were published by the Corporation in 

pamphlet form. These published summaries cover all insured banks, 

data for insured banks which are members of the Federal Reserve System being obtained from the Office of the Comptroller of the Currency and from the Board of Governors of the Federal Reserve 

System.

The Corporation also called upon insured banks not members of the 

Federal Reserve System for reports of earnings, expenses, and dis­ position of profits for the year ending December 31, 1938.

1 Annual Report of the Federal Deposit Insurance Corporation for the year ending December 31,1985, p. 27, and 1986, p. 82.

8 All banks in the District of Columbia report to the Comptroller of the Currency.

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REPORTS FROM BANKS 31

Analyses of changes in the assets and liabilities of insured banks during 1938 and of the earnings, expenses, and disposition of profits of insured banks will be found in Part Two of this report. More detailed tables are given in Part Five of the report.

As of June 30, 1938, each insured bank not a member of the Federal Reserve System which operated more than one office was requested to report the name and location and the amount of deposits 

in each office.

As of September 21,1938, the Corporation called upon each insured bank to submit a report summarizing its deposit liabilities in such form as to permit the Corporation to estimate the amount of deposits pro­ tected by the present insurance provisions and the extent to which such protection would be affected by an increase in insurance coverage to $10,000 and to $25,000 for each depositor in a given bank. The results 

of this call are published in Part Three, pages 79 to 99.

Each insured bank, as required by law, reported to the Corporation semi-annually the amount of its average daily deposits for the purpose of determining the amount of assessment to be paid for deposit 

insurance.

Organization and Staff

D irecto rs. Mr. Leo T. Crowley, Chairman of the Board of Di­ rectors since February 1, 1934, and Mr. Phillips Lee Goldsborough, member of the Board of Directors since April 24, 1935, continued to serve as Directors of the Corporation during the year. Mr. J. F. T. O'Connor, ex officio member of the Board of Directors, resigned his position as Comptroller of the Currency, effective April 17, 1938. On October 24, 1938, Mr. Preston Delano was appointed Comptroller of the Currency and became ex officio member of the Board of Directors of the Corporation. During the interval between April 17 and October 24, 1938, the Deputy Comptroller of the Currency was ex officio member of the Board of Directors of the Corporation.

P erso n n el. The personnel of the Corporation increased by 243 

during 1938 and at the close of the year consisted of 1,163 officers and 

employees, of whom 410 were located in the main office in Washington and 753 in the field and at regional offices. The number of employees in each Division of the Corporation is given in Table 9.

The increase in personnel during the year was chiefly in the Division 

of Liquidation and resulted from the expansion of the work of the 

Corporation in connection with the payment of insured deposits in insured banks and the liquidation of banks for which the Corporation is receiver and the handling of assets purchased or held by the Corporation as security for loans made by it.

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 9 . OFFICERS AND EMPLOYEES OF THE CORPORATION

D e c e m b e r 31, 1938

Total

Officers and adminis­ trative, supervisory, and technical employees

Clerical, stenographic, and custodial employees

1,163 630 533

W ash in g to n O ffice.................................................................... 410 124 286

Directors and aides.................................................................. 25 11 14 Division of Finance and A dm inistration............................ 136 17 119 Division of Exam ination......................................................... 51 23 28 Division of Liquidation........................................................... 119 54 65 Legal Division........................................................................... 15 7 8

Division of Research and S tatistics..................................... 64 12 52

D istric t a n d Field O ffices....................................................... 753 506 247

Division of Exam ination......................................................... 528 391 137 Division of Liquidation........................................................... 225 115 110

P olicy regard in g se lectio n o f exam in ers an d a ssista n t ex a m ­

in ers. During 1938 the Corporation established a new policy with respect to the selection of assistant examiners. Assistant examiners are henceforth to be appointed on the basis of open, competitive examinations.1 Applicants must have graduated from a college or university of recognized standing, with specialization in banking, business administration, commerce, economics, or accounting. In lieu of such educational requirements, candidates may substitute adequate experience in banking, investment banking, mortgage banking, or other financial institutions.

Examiners are appointed from the ranks of assistant examiners on the basis of field records, recommendations of the district supervising examiner, and written and oral examinations.

O rga n izatio n . Effective December 31, the Board of Directors 

approved changes in the organization of the Corporation. The Public Relations Division was abolished and its functions incorporated with the organization staff of the Board of Directors. The Secretarial 

Division was abolished. The administrative functions of that Division 

were transferred to the Division of Finance and Administration and its secretarial functions incorporated with the organization staff of the Board of Directors. The name of the "Administrative and Service Division" was changed to "Division of Finance and Administra­ tion.” The organization chart of the Corporation as of December 31, 1938, is shown on page 5.

1 Early in 1939, on the basis of competitive tests given to approximately 500 candidates, 17 appoint­ ments were made, 7 in the Fourth Federal Deposit Insurance District—covering the States of M aryland, Virginia, West Virginia, North Carolina, and South Carolina—with headquarters at Richmond, Virginia; and 10 in the Eighth Federal Deposit Insurance District—covering the States of Illinois and Iowa—with headquarters a t Chicago.

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FINANCIAL STATEMENT OF THE CORPORATION 33

F inancial Statement of the Corporation

In c o m e an d exp en ses. The total income of the Corporation during 1938 amounted to $47.8 million, of which $38.3 million were received from assessments on insured banks and $9.4 million from investments. Total expenses and losses during the year amounted to $11.7 million. Losses and expenses of the Corporation in paying depositors of suspended banks and in aiding the merger of insolvent banks amounted to $8.7 million. Administrative expenses were $3.0 million.

The chief items of income and expense of the Corporation for each year since the Corporation began operations are shown in Table 10, and a detailed statement of income and expenses for the year 1938 is given in Table 11.

Table 10. INCOME AND E X PEN SES OF THE CORPORATION SINCE 

B e g i n n i n g O p e r a t i o n

(In millions of dollars)

Total j 1938 1937 1936 1935 11933-34

In com e—to ta l................................................... 167.4 47.8 48.1 43.8 20.7 7.0 Deposit insurance assessments2................... 124.2 38.3 38.8 35.6 11.5 Investm ent income and profits.................. 43.2 9.4 9.3 8.2 9.3 7.0

Expenses—to ta l................................................ 36.2 11.7 8.0 6.1 5.9 4.5 Deposit insurance losses and expenses. . . . 21.1 I 8.7 5.3 3.5 3.2 0.3 Adm inistrative expenses3.............................. 15.1 3.0 2.7 2.5 2.7 <4.2

N et Incom e added to s u r p lu s..................... 131.2 36.0 40.1 37.7 14.9 2.5

1 Includes expenses from date of organization, September 11, 1933, to December 31, 1934. 2 Assessments collected from insured banks, members of the temporary insurance funds, were credited to their accounts in total a t the termination of the tem porary 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 tem porary insurance funds. 3 Includes furniture, fixtures, and equipment purchased and charged off. 4 After deducting portion of expenses and losses charged to banks withdrawing from the tem porary funds on June 30, 1934. NO TE: Figures do not balance precisely because of rounding.

C laim s h eld by th e C orporation a g a in st su sp en d ed an d

m erged b an k s. At the close of 1938 the Corporation held subro­ gated and pending claims of depositors against closed insured banks, loans to merging banks made to avert losses, and other assets acquired 

through bank suspensions and mergers amounting at face value to a 

total of $47.2 million. The estimated recovery value of these assets is 

$26.6 million, the balance, $20.6 million, being represented by a reserve 

for losses.

A u d it. The accounts of the Corporation as of June 30, 1938, including income and expenses since commencement of operations, were audited by Arthur Andersen & Co. The balance sheet of the Corporation as of June 30, 1938, together with the auditors' certificate, 

is given in Table 12.

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

A ssets an d lia b ilitie s. Condensed balance sheets of the Corpora­ tion as of December 31, 1937, and December 31, 1938, are given in 

Table 13.

T a b le 11. INCOME AND EX PEN SES OF THE FEDERAL D EPO SIT INSURANCE

C o r p o r a t i o n , C a l e n d a r Y e a r 1938

In co m e:

Deposit insurance assessments............................................................ $ 38,313,332.68

Interest earned and profit on sales of securities (less provision for amortization of prem ium s).............................................................. 9,428,409.00

Interest received on loans and subrogated claims of depositors. . . 11,778.12

T otal in c o m e ........................................................................ $ 47,753,519.80

Expenses:

Deposit insurance losses and expenses.............................................. $ 8,697,238.91

Administrative expenses (see below )................................................. 2,958,819.36

Furniture, fixtures, and equipment purchased and charged off. . . 53,788.11

T otal expenses..................................................................... $ 11,709,846.38

N et incom e added to su rp lu s........................................ $ 36,043,673.42

Surplus Decem ber 31, 1937:

As previously reported.......................................................................... $ 93,849,491.47

Plus—net adjustm ents applicable to periods prior to Jan. 1,1938. 1,351,795.78

Surplus as adjusted D ecem ber 31, 1937................... 95,201,287.25

Surplus D ecem ber 31, 1938............................................ $131,244,960.67

DISTRIBUTION OF ADMINISTRATIVE EXPENSES

Salaries..............................................................................................................................................$ 2,211,943.03

Professional services....................................................................................................................... 58,587.37

Services of other governmental agencies.................................................................................. 1,032.58

Transportation................................................................................................................................ 113,473.88

Subsistence....................................................................................................................................... 388,141.39

Office rental...................................................................................................................................... 152,342.74

Printing, stationery, and supplies............................................................................................... 71,992.34

Postage, telephone, and telegraph.............................................................................................. 35,041.30

Advertising and notices................................................................................................................. 332.66

Fidelity bond premiums................................................................................................................ 1,278.12

Subscriptions.................................................................................................................................... 3,960.92

Equipment rental............................................................................................................................ 3,199.07

Repairs and alterations................................................................................................................. 9,728.04

Transportation of things............................................................................................................... 3,210.99

Miscellaneous................................................................................................................................... 6,002.37

Provision for undetermined expenses......................................................................................... 3,000.00

$ 3,063,266.80

Less: Miscellaneous income applicable to reduction of administrative expenses................................................................................................ $ 85,558.13

Inter-departm ental expense transfers................................................ 18,889.31 $ 104,447.44

A dm inistrative expenses for th e year ending Decem ber 31, 1938....................................................................................................... $ 2,958,819.36

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FINANCIAL STATEMENT OF THE CORPORATION 35

T a b le 12 . AUDITORS’ REPORT

A r t h u r A n d e r s e n & C o .

67 Wal l St r ee t

New Y o r k

To th e B oard o f D ir e c to r s,

Federal Deposit Insurance Corporation:

We have made an examination of the balance sheet of the Federal Deposit

Insurance Corporation at June 30, 1938, including the related statement of income

and expenses for the periods from September 11, 1933 to August 22, 1935 (period of

operations of the Temporary Federal Deposit Insurance Funds) and from August

23, 1935 (date of commencement of operations of the Permanent Insurance Fund)

to June 30, 1938, which statement of income and expenses is summarized under

the surplus account in the balance sheet. In connection therewith, we examined

or tested accounting records and other supporting evidence of the Corporation

maintained in the Washington office, except records of the Corporation as Receiver

for certain closed insured banks, and obtained information and explanations from

officers and employees of the Corporation. Collateral to loans to merging banks

and subcollateral thereto, and evidences of ownership of assets purchased from

merging banks, were held for the most part at June 30, 1938, by Liquidating Agents

of the Corporation. The items held by the Liquidating Agents were not examined

by us but we reviewed reports as of recent dates prepared by the Corporation’s

examiners covering their verification of such items.

In our opinion, based upon such examination, the accompanying balance sheet

fairly presents the financial position of the Corporation at June 30, 1938, and the

results of its operations for the periods from September 11, 1933 to August 22,

1935 (period of operations of the Temporary Federal Deposit Insurance Funds)

and from August 23, 1935 (date of commencement of operations of the Permanent

Insurance Fund) to June 30, 1938.

(Signed) A r th u r A n d ersen & Co.

New York, N. Y.,

September 22, 1938

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T a b le 12. Audito rs' Repo rt— Continued

FEDERAL DEPOSIT INSURANCE CORPORATION 

BALANCE SHEET— JUNE 30, 1938

ASSETS LIABILITIES

COO i

C ash on h an d, in tra n sit and on d e p o s it.................................................

U nited States G overnm ent secu ri­ ties and accrued in terest receiv­ able thereon: United States Government securities, $3U9,09U,150 principal amount— stated at cost ($352,^03,291.12) less reserve for amortization of premiums ($1,103,513.30).................................... Accrued interest receivable..................

21,172,814.88

351,299,777.82 1,550,437.77 352,850,215.59

L iab ilities: Accounts payable..................................................................................................... Earnest money deposits and unapplied collections applicable to loans to merging banks and assets purchased.............................................................. N et balances of depositors in closed insured banks, pending final settlement or not claimed—per contra............................................................................... Unused credits for assessments paid to Temporary Federal Deposit In­ surance Funds and prepaid assessments........................................................ Accrued expenses..................................................................................................... T otal lia b ilitie s.........................................................................................

Capital stock and su rp lus (The entire capital stock and surplus constitutes a reserve for future deposit insurance losses and expenses with re­ spect to insured banks. I t is estimated that the insured deposits in operating insured banks at June 30,1938, amounted to approximately $21 billion): Capital stock, without nominal or par value (nonvoting and not entitled to the payment of dividends)— Held by— United States G overnm ent....................................................................... $150,000,000.00 Federal Reserve b an k s.............................................................................. 139,299,556.99 $289,299,556.99

A ssets acquired th rou gh bank su s­ p ensions and m ergers: Subrogated claims of depositors against closed insured b an k s........... $ 18,372,376.29 N et balances of depositors in closed insured banks, pending final settle­ m ent or not claimed, to be subro­ gated when paid—per co n tra......... 671,852.50 Loans to merging banks to reduce or avert deposit insurance losses in­ cluding recoverable liquidation expenses (Note 1 )............................... 25,504,003.02 Assets purchased from merging banks to reduce or avert deposit insurance

Temporary Federal Deposit Insurance Funds September 11, 1933, to August 22, 1935

Perm anent Insurance Fund August 23, 1935, to June 30,1938

Less— Reserve for losses.

1,251,442.54 $ 45,799,674.35

16,957,647.47 28,842,026.5

Surplus— Income— Deposit insurance assessments. $ Interest earned and net profit from sales of United States G overnment securities (less provision for amortization of premiums)................................... Interest received on loans to merging banks and subrogated claims of depositors.........

$105,046,000.34

12,523,079.57 25,942,531.50

$ 12,523,079.57 13,900.45 $131,002,432.29

90,408.99

19,276.05

671,852.50

92,296.80 53,049.27 926,883.61

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F u rniture, fixtures an d eq u ip m en t —Nominal value................................

Expenses— 1.00 Deposit insurance losses and

expenses..................................... ! A dministrative expenses............ Depreciation of furniture, fix­ tures and equipment to De­ cember 31, 1935, write-down at th at date to nominal value of $1.00, and subsequent pur­ chases charged off....................

1,571,143.90 5,929,458.06

45,069.24 7,545,671.20

15,748,091.44 7,430,311.13

253,311.75 23,431,714.32

$ 4,977,408.37 $107,570,717.97

Deferred charges and m iscellan eou s receivables 60,531.92

Portion of deficit as of June 30, 1934, allocated to members th at withdrew from the fund a t th at d a te.................................................

Total capital stock and su rp lu s.................................

CO $402,925,590.27

151,023.33 ......................... 5,128,431.70 $107,570,717.97 $112,699,149.67

401,998,706.66

$402,925,590.27

NO TES: (1) Loans to merging banks are evidenced by demand notes bearing interest at the rate of 4% per annum. Accrued interest receivable on the loans a t June 30,1938, amounting to $961,011.20 is carried by the Corporation in a memorandum account and is not included in this balance sheet. At June 30, 1938, the Board of Directors had authorized loans to or purchases of assets from certain merging banks, subject to certain terms and conditions, in amounts not to exceed $5,080,000 in the aggregate. (2) Under the provisions of section 12B of the Federal Reserve Act, as amended by Title I of the Banking Act of 1935 (subsection “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 aggregating not more than $974,599,641.96. The Secretary of the Treasury, in his discretion, is authorized to purchase any such obligations of the Corporation and is authorized and directed to purchase obligations of the Corporation in an am ount not to exceed $250,000,000 par value whenever in the judgment of the Board of Directors of the Corporation additional funds are required for insurance purposes. The Reconstruction Finance Corporation, as provided in subsection (b) of section 5e of the Reconstruction Finance Corporation Act, as amended, is authorized and directed to purchase a t par value such obligations of the Corporation as are authorized to be issued, upon request of the Board of Directors of the Corporation, provided th at the Recon­ struction Finance Corporation shall not purchase or hold at any time said obligations in excess of $250,000,000 par value. If the Reconstruction Finance Corporation fails for any reason to purchase any of the obligations of the Corporation, the Secretary of the Treasury is authorized and directed to purchase such obligations in an amount equal to the am ount of such obligations the Reconstruction Finance Corporation so fails to purchase.

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 13. COMPARATIVE BALANCE SHEET OP THE FEDERAL DEPOSIT INSURANCE

C o r p o r a t i o n , D e c e m b e r 31, 1938, a n d D e c e m b e r 31, 1937

Dec. 31, 1938 Dec. 31, 1937

ASSETS

Cash on hand and on d e p o s it............................................................

U nited States G overnm ent securities (cost less reserve for amortization of premiums) and accrued in terest receivable . .

A ssets acquired through bank su sp en sions and m ergers:

Subrogated claims of depositors against closed insured banks... N et balances of depositors in closed insured banks pending settlement or not claimed, to be subrogated when paid—contra Loans to merging banks to avert deposit insurance losses.......... Assets purchased from merging banks to avert deposit insurance

$ 22,230,284.28 

$372,758,341.10

$ 20,634,573.44 

$348,485,505.78

$ 18,825,799.24

909,151.21 26,613,183.29

851,490.58 $ 47,199,624.32 20,649,547.76 $ 26,550,076.56

$ 16,042,560.42

1,579,872.94 10,700,338.81

1,230,325.55 $ 29,553,097.72 13,399,119.88 $ 16,153,977.84

Furniture, fixtures, and e q u ip m e n t...............................................

Deferred charges and m iscellaneous a ssets.................................

T otal a ss e ts...............................................................................

$ 1.00 

$ 83,623.94

$ 1.00 

$ 66,088.80

$421,622,326.88 $385,340,146.86

L IA B ILITIES

Current liab ilities:

Accounts and assessment rebates payable........................................ N et balances of depositors in closed banks pending settlement or not claimed—contra......................................................................

$ 77,452.12 

909,151.21 

8,245.01

41,456.50

41,504.38

$ 61,198.89 

1,579,872.94

444,280.07

105,746.50

Earnest money deposits and unapplied collections applicable to loans to merging banks and assets purchased........................

Unused credits for assessm ents paid to tem porary Federal D eposit Insurance funds and prepaid a ssessm e n ts.............

Reserve for adm in istrative and deposit insurance exp en ses.

T otal lia b ilitie s........................................................................ $ 1,077,809.22 $ 2,191,098.40

CAPITAL

C apital sto c k :

United States........................................................................................... $150,000,000.00 139,299,556.99 $289,299,556.99

131,244,960.67

$420,544,517.66

$150,000,000.00 139,299,556.99 $289,299,556.99

93,849,491.47

$383,149,048.46

Federal Reserve banks..........................................................................

Surplus— (see Table 1 1 ).........................................................................

T otal c a p ita l.............................................................................

T otal liab ilities and c a p ita l............................................... $421,622,326.88 $385,340,146.86

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PA R T TW O

D E PO SIT IN SU R A N C E AN D BA N K IN G DEVELO PM ENTS

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Operating Commercial B anks

N u m b er an d ty p es o f co m m e r c ia l b a n k in g offices in op eratio n . On December 31, 1938, 18,220 commercial banking offices were in operation in the United States and possessions, a reduction of 144 during the year. Of the offices in operation over three-fourths were unit banks, that is, banks having but one place of business, and nearly one-fourth were offices of branch banking systems.

The trend toward branch banking which has been in existence since the beginning of the century continued during 1938. The number of unit commercial banks declined by 194 during the year while the number of banks operating branches increased by 15 and the number of branches increased by 35. In 1920, only 4 percent of all banking offices belonged to branch systems, compared with 24 percent in 1938. Figures for the beginning and close of 1938 are shown in Table 14. An analysis of changes during the year is given 

in Table 15.

T a b le 14. NU M BER AND T Y PE OF COMMERCIAL BANKING O FFICES

i n 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 i o n s

DECEMBER 31, 1938, AND DECEMBER 31, 1937

B anking o ffices............................

B a n k s.......................................... U nit b an k s.............................. Banks operating branches. .

B ra n ch es.................................... Located in head office c ity .. Located elsewhere in county Located elsewhere in S ta te .. Located in other States... .

Dec. 31, 1938

18,220

14,703 13,764 939

3,517 1,630 752 1,1287

Dec. 31, 1937

18,364

14,882 13,958 924

3,482 1,640 735 1,1007

Change during

year

-144

-179 -194 +15

+35 -10 + 17 +28

Detailed figures—See Tables 101-04, pages 122-35.

N u m b er o f in su red and n o n in su red co m m ercia l b an k s and

b a n k in g offices. On December 31, 1938, the Federal Deposit Insurance Corporation was insuring deposits in 13,661 commercial 

banks operating 17,073 offices, a reduction of 105, or less than 1 

percent, during the year. Offices of insured banks represented approximately 94 percent of all offices in operation.

The number of offices of operating noninsured commercial banks was 1,147 on December 31, 1938, a reduction of 39, or approximately 4 percent, during the year. These offices were operated by 1,042 

banks.

41

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 15. ANALYSIS OF CHANGES IN NUMBER OF COMMERCIAL BANKING

O f f i c e s i n 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 i o n s D u r i n g 1938

EXCLUDING BANKS SUCCEEDING OTHER BANKS

Total offices Banks Branches

N et change during 1938............................................................. -144 -179 +35

C hanges resu ltin g from —

Offices opened—t o t a l.............................................................. + 86 + 37 +49 Banks beginning operations and new branches opened for business............................................................................ +84 +35 +49 Trust companies admitted to insurance1........................... + 2 + 2

B anks absorbed and converted in to b ran ch es............. -38 + 38

B anks ceasing operations and branches discontinued —t o ta l................................................................................... -230 -178 -52 Suspensions................................................................................ -56 -55 -1 Mergers and consolidations excluding banks converted into branches........................................................................ -64 -64 Other liquidations.................................................................. -58 -58 Branches discontinued............................................................ -51 -51 Withdrawal from insurance of trust company not en­ gaged in deposit banking2................................................ -1 -1

1 Previously operating, but not engaged in deposit banking. 2 Not tabulated as a commercial bank after withdrawal from insurance. Detailed figures—See Table 102, page 124.

Figures showing the number of insured and noninsured banking offices at the beginning and close of the year are given in Table 16.

A d m issio n s to an d te r m in a tio n s o f in su ra n ce. During 1938, 48 banks not previously insured were admitted to insurance. Of these banks, 22 were new banks without predecessors, 25 were pre­ viously operating institutions, and 1 was a bank which had been closed since 1933 and was reopened. The total number of termina­ tions of insurance was 184, of which 180 were banks ceasing operations as a result of suspension, merger, consolidation, or liquidation. In 31 other cases, banks which succeeded other insured banks or withdrew from the Federal Reserve System were admitted to insurance.

Table 16. N u m b e r OF INSURED AND NONINSURED COMMERCIAL BANKING

Of f ic e 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, 1938, a n d D e c e m b e r 31, 1937

Number Percentage distribution

Dec. 31, 1938 Dec. 31, 1937 Dec. 31, 1938 Dec. 31, 1937

Banking o ffices.................................................................... 18,220 18,364 100.0% 100.0% Insured................................................................................. 17,073 17,178 93.7 93.5 Noninsured.......................................................................... 1,147 1,186 6.3 6.5

B a n k s.................................................................................. 14,703 14,882 100.0 100.0 Insured............................................................................. 13,661 13,797 92.9 92.7 Noninsured........................................................... 1,042 1,085 7.1 7.3

B ran ch es............................................................................ 3,517 3,482 100.0 100.0 Insured............................................................................. 3,412 3,381 97.0 97.1 Noninsured...................................................................... 105 101 3.0 2.9

Detailed figures—See Table 101, page 122.

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ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS 43

D ep o sits o f co m m ercia l b an k s. During 1938, deposits of all commercial banks increased from $48.7 billion to $51.4 billion, or by $2.7 billion. This increase, which amounted to 5.5 percent, was greater than the decrease during the preceding year and brought the deposits of commercial banks to a level higher than at any previous time. Deposits of insured commercial banks increased by 5.4 percent.

In the insured commercial banks more than one-half of the increase in deposits during 1938 was in the demand deposits of individuals, partnerships, and corporations, and deposits of States and political subdivisions. More than one-third was in deposits of other banks. Time deposits of individuals, partnerships, and corporations, and deposits of the United States Government, changed very little during the year. The figures are shown in Table 17.

Table 17. C h a n g e s DURING 1938 IN DEPOSITS OF INSURED AND

N o n in s u r e d C o m m e r c ia l B a n k s

(Amounts in millions of dollars)

Amount Change during year

Dec. 31, 1938 Dec. 31, 1937 Amount Percent

All com m ercial banks—t o t a l........................................ 51,355 48,656 +2,699 + 5.5

Insured banks—to ta l.................................................... 49,779 47,224 +2,555 + 5 .4

Demand deposits of individuals, partnerships, and corporations............................................................ 23,477 22,107 +1,370 + 6.2 Time deposits of individuals, partnerships, and corporations............................................................ 14,013 13,992 +21 + .2

Deposits of States and political subdivisions.......... 3,517 3,256 +261 + 8.0 United States Government and postal savings de­ posits1 ....................................................................... 924 927 -3 -.3 Deposits of other banks, cash letters of credit, certi­ fied, officers’, and travelers’ checks outstanding 7,848 6,942 + 906 +13.1

Noninsured banks—to ta l............................................ 1,576 1,432 2+144 2+10.1

1 Includes U. S. Treasurer’s time deposits, open account. 2 Of the increase, $126 million was in 1 large private bank and reflected special factors not affecting noninsured banks as a whole. Excluding figures of this 1 bank, deposits of noninsured banks increased by $18 million or 0.2 percent. Detailed figures—See Table 116, page 166.

Assets and Lia bilities of Insu r ed Commercial B ank s

On December 31, 1938, total assets of all operating insured commercial banks amounted to $56.8 billion, an increase of 4.8 percent during the year. The greater part of this increase occurred during 

the second half of the year.

C h an ge in b a n k a sse ts. The growth of bank assets and bank 

deposits in 1938 reflected chiefly the influx of funds from abroad, the 

growth of interbank balances, and purchases by the banks of United States Government obligations. Cash, reserves, and amounts due from banks increased by $2.2 billion, or 15 percent, and holdings of United

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

States Government obligations by $0.8 billion, or 6 percent, during the year. Holdings of obligations of States and political subdivisions and of other governmental agencies increased by $0.5 billion, or 16 percent. Holdings of other securities were reduced, and loans out­ standing declined by $0.7 billion, or 4 percent.

The decrease in loans occurred among national and State banks members of the Federal Reserve System located in New York City and in other reserve cities. Loans of country banks members of the Federal Reserve System, and of insured banks not members of the Federal Reserve System, increased over the year period. Table 18 shows changes in assets and liabilities of all insured commercial banks during 1938.1

Table 18. CHANGES DURING 1938 IN ASSETS AND LIABILITIES

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

(Amounts in millions of dollars)

Amount Change during year

Dec. 31, 1938 Dec. 31, 1937 Amount Percent

ASSETS

Cash, reserves, and due from banks.................................. 17,176 14,931 +2,245 +15.0 U. S. Government obligations, direct and fully guaran­ teed ................................................................................... 14,507 13,669 +838 + 6.1 Obligations of States and political subdivisions, and of U. S. Government corporations and agencies, not

guaranteed....................................................................... 3,379 2,905 +474 +16.3 Other securities...................................................................... 3,565 3,902 -337 -8.6 Loans and discounts.............................................................. 16,024 16,750 -726 -4.3 Miscellaneous assets.............................................................. 2,149 2,055 +94 +4.6 T otal a ss e ts.............................................................. 56,800 54,212 +2,588 + 4.8

LIA B ILITIES AND CAPITAL

Total deposits......................................................................... 49,779 47,224 +2,555 +5.4 Miscellaneous liabilities........................................................ 586 584 + 2 + .3 Total capital accounts.......................................................... 6,435 6,404 +31 + .5 T otal liab ilities and capital a c co u n ts.......... 56,800 54,212 +2,588 + 4.8

Detailed figures—See Table 116, pages 164-67.

Of the assets held by insured commercial banks at the close of 

1938, 38 percent were governmental and corporate securities, 28 

percent were loans and discounts, and 30 percent were cash, reserves, and due from banks. Among insured commercial banks not members of the Federal Reserve System there was a marked relationship 

between the size of the bank and the classes of assets held. In general, the smaller the bank, and the smaller the town, the larger 

is the proportion of its assets in the form of loans, and of balances with other banks, and the smaller is the proportion of its assets in the form of securities. A similar relationship exists between size

1 More detailed figures are shown in Table 116, pages 164-67. Figures for both insured and nonin­ sured banks are presented in Table 115, pages 161 and 162.

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CONDITION OF INSURED COMMERCIAL BANKS 45

of bank and changes in assets during the year. In general, the smaller the bank, and the smaller the center in which it was located, the larger the increase of loans, the greater the reduction in holdings of securities, and the smaller the increase in cash and balances with other banks during the year.

As in 1937, the percentage increase in loans was larger, in general, among banks with low ratios of total capital accounts to total assets and smaller among banks with high capital ratios.1 Changes in the banks’ assets other than loans did not appear to show persistent differences among the banks grouped according to capital ratios. Table 19 shows percentage changes in principal classes of assets between December 31, 1937, and December 31, 1938, of insured commercial banks not members of the Federal Reserve System operating throughout the year, grouped according to the ratio of total capital accounts to total assets.

Table 19. PERCENTAGE CHANGE D U RING 1938 IN PRINCIPAL CLASSES OF ASSETS

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM 

OPERATING THROUGHOUT THE YEAR GROUPED ACCORDING TO RATIO OF TOTAL 

CAPITAL ACCOUNTS TO TOTAL ASSETS

Num ber of banks

Total assets

Cash and due from banks Securities Loans Other assets

All b a n k s.................................... 7,231 + 1.7% + 7.4% -1.9% +2.7% -2.9%

B anks w ith to ta l c a p ita l a c c o u n ts p er $100 of to ta l asse ts of—1 $0.00 to $4.99......................... 14 -0.2 +13.6 -8.8 + 5.8 -14.2 $5.00 to $7.49......................... 161 + 5.1 +14.0 -3.5 + 7.5 -5.5 $7.50 to $9.99......................... 933 + 2.2 + 4.4 -0.9 + 3.4 + 4.7

$10.00 to $12.49..................... 1,598 + 1.8 +6.9 -2.6 + 3.6 -3.6 $12.50 to $14.99..................... 1,347 + 1.9 + 7.5 -1.0 + 2.7 -3.9 $15.00 to $17.49..................... 1,090 + 1.7 +9.1 -1.7 + 1.9 -4.8

$17.50 to $19.99..................... 730 + 0.5 + 6.3 -3.7 +1.9 -4.1 $20.00 to $24.99..................... 797 + 0.4 + 8.6 -3.8 + 0.4 -2.3 $25.00 to $29.99..................... 309 + 0.2 +22.0 -4.1 -3.4 -2.1 $30.00 or m ore....................... 252 -0.1 + 5.9 + 2 .4 -1.3 + 8.0

1 Total capital accounts and total assets are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938.

E x a m in er s’ Appraisals of Condition of Insu r ed

Commercial B anks

At the time of examination the examiner ascertains the value of 

a bank’s assets and classifies the assets according to quality.2 The 

amount of assets, or of portions of assets, considered by the examiner

1 Similar changes, although less clearly marked, existed among the 79 largest banks in the country outside New York City. * This discussion is based upon the results of all examinations of insured commercial banks made during 1938, which were available a t the time of tabulation. The results are presented on the basis of the examination procedure in use in the early part of the year and during previous years. For the purpose of this analysis, reports of examinations made subsequent to the adoption of the uniform examina­ tion procedure have been tabulated in such a way as to make them comparable with the reports of exami­ nations made under the procedure previously iu use. See P art Three, pages 61-78, and the explana­ tory note to P art Five, pages 118-19,

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

as losses or uncollectible, and those regarded as of doubtful worth or collectibility are deducted from the book value, and the determin­ able sound banking values not shown on the books are added to the book value of assets, in order to obtain the net or adjusted value. The difference between book value and adjusted value is indicated as examiners' net deduction or net addition, as the case may be. Undesirable or hazardous assets not regarded as losses or of doubtful worth are also listed; such assets are designated as substandard in this report. Bank premises and equipment are regarded as fixed assets.

The adjusted capital account of the bank is determined by sub­ tracting from the total capital accounts as shown by the books, the examiners' net deductions from assets and all liabilities not shown on the books but disclosed by the examination.

Table 20. ADJUSTED CAPITAL ACCOUNT AS PERCENTAGE OF ADJUSTED VALUE OF

A s s e t s, a n d o f T o t a l C a p it a l A c c o u n t s, o f 13,350 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 1938, O r i g in a l E x a m i n a t io n P r o c e d u r e s

BANKS GROUPED BY AMOUNT OF DEPOSITS

Adjusted capital account as percentage of—

Adjusted value of assets

Total capital accounts

All b a n k s ...................................................................................................................... 11.5% 96.6%

B an k s w ith d ep o sits of— $100,000 or less........................................................................................................ 24.5 88.7 $100,000 to $250,000............................................................................................... 17.5 92.2 $250,000 to $500,000............................................................................................... 14.2 92.4

$500,000 to $1,000,000........................................................................................... 13.0 90.1 $1,000,000 to $2,000,000........................................................................................ 12.4 89.3 $2,000,000 to $5,000,000........................................................................................ 12.1 90.2

$5,000,000 to $10,000,000...................................................................................... 11.5 92.0 $10,000,000 to $50,000,000.................................................................................... 10.9 95.9 More than $50,000,000........................................................................................... 11.1 101.1

Detailed figures—See Table 125, page 186.

A ll in su red co m m ercia l b a n k s. Total assets of 13,350 insured commercial banks examined during 1938 were valued on their books 

at $52 billion.1 Their total capital accounts amounted to $6 billion, 

or 11.8 percent of total assets. Examiners’ net deductions amounted to 0.4 percent of total assets and 3.4 percent of total capital accounts. Approximately 8 percent of the assets were fixed or substandard in quality.

1 The num ber of commercial banks for which data of examinations were tabulated is less than the number of operating insured commercial banks due to the fact th at some banks were not examined in 1938 and to the fact th at it was not possible to make all reports of examination available for the tabulations.

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CONDITION OF INSURED COMMERCIAL BANKS 47

The adjusted capital account of the banks was 11.5 percent of the adjusted value of assets. In general, the small banks showed a higher proportion of deductions in their assets than did the large banks but the ratio of adjusted capital to adjusted value of assets was considerably higher in the small banks than in the large banks. Table 20 shows, for banks grouped by amount of deposits, the ratios of adjusted capital account to adjusted value of assets and to total capital accounts.

About one-fourth of the banks, holding nearly one-half of the deposits in all of the insured commercial banks, showed an adjusted capital account of less than 10 percent of total assets. Forty of those banks, with deposits of $38 million, showed no capital at all after adjustment for estimated losses and for assets of doubtful value, and 208 other banks, with deposits of $565 million, showed adjusted capital accounts of less than 5 percent of the adjusted value of assets. The figures are shown in Table 21.

Table 21. DISTRIBU TIO N OF NU M BER AND DEPO SITS OF 13,350 INSURED

C o m m e r c ia l B a n k s E x a m i n e d i n 1938, A c c o r d in g t o P e r c e n t a g e o f

A d j u s t e d C a p it a l A c c o u n t t o A d j u s t e d V a l u e o f A s s e t s

ORIGINAL EXAMINATION PROCEDURES

N um ber of banks Amount of deposits

Total Percentage distribution

Total (in millions of dollars)

Percentage distribution

All b a n k s................................................................................ 13,350 100.0% 44,992 100.0% B an k s w ith a d ju s te d c a p ita l a cc o u n t p er $100 of a d ju s te d value of a sse ts of— $0.00 or less......................................................................... 40 0.3 38 0.1 $0.01 to $4.99...................................................................... 208 1.6 565 1.3 $5.00 to $9.99...................................................................... 3,021 22.6 20,386 45.3

$10.00 to $14.99.................................................................. 5,524 41.4 16,718 37.1 $15.00 to $19.99................................................................. 2,806 21.0 5,627 12.5 $20.00 to $24.99................................................................. 1,075 8.0 852 1.9 $25.00 or m ore.................................................................... 676 5.1 806 1.8

Detailed figures—See Tables 126-27, pages 188-89.

There was considerable variation among the banks with respect to the proportion of assets considered to be of substandard quality. In more than one-half of the banks, with nearly three-fourths of the 

deposits, fixed and substandard assets were less than 10 percent of 

total assets. In 451 banks, with $668 million of deposits, fixed and substandard assets exceeded 30 percent of the adjusted value 

of assets. The figures are shown in Table 22.

In nearly one-third of the banks, holding about 30 percent of the 

deposits of the country, fixed and substandard assets exceeded the 

adjusted capital account. In approximately one-eighth of the banks fixed and substandard assets were more than double the adjusted

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

capital account. These banks held about $3 billion of deposits, or about 7 percent of total deposits of all insured commercial banks. The number and deposits of operating insured commercial banks examined in 1938, grouped by ratios of fixed and substandard assets to total assets, and by adjusted capital ratios, appear in Table 127, 

page 189.

Table 22. DISTRIBUTION OF NUM BER AND D EPO SITS OF 13,350 INSURED

C o m m e r c ia l B a n k s E x a m i n e d i n 1938, A c c o r d in g t o F i x e d a n d

S u b s t a n d a r d A s s e t R a t io

o r ig in a l e x a m in a t io n p r o c e d u r e s

Number of banks* Amount of deposits

Total Percentage distribution

Total (in millions of dollars)

Percentage distribution

All b a n k s................................................................................ 13,350 100.0% 44,992 100.0%

B an k s w ith fixed a n d su b s ta n d a rd assets per $100 of a d ju s te d value of asse ts of— $0.00 to $9.99...................................................................... 7,297 54.7 32,920 73.2 $10.00 to $19.99.................................................................. 4,356 32.6 9,738 21.6 $20.00 to $29.99................................................................. 1,246 9.3 1,666 3.7

$30.00 to $39.99................................................................. 329 2.5 530 1.2 $40.00 or m ore.................................................................... 122 0.9 138 .3

Detailed figures—See Tables 126-27, pages 188-89.

In su red co m m ercia l b an k s n o t m em b ers o f th e F ederal

R eserve S y stem . Data with respect to examinations are available in more detail and over a longer period of time for insured commercial banks not members of the Federal Reserve System than for all insured commercial banks. In 1938 the proportion of assets criticized was lowest in the items “cash and due from banks” and “securities/' and highest in “miscellaneous assets” which includes real estate taken over through foreclosure of mortgages securing unpaid loans. The figures are given in Table 23.

Table 23. A d j u s t e d VALUE OF ASSETS AS PERCENTAGE OF BOOK VALUE,

E x a m i n a t io n i n 1938, Or i g in a l E x a m i n a t io n P r o c e d u r e 1

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

Book value

! Examiners’ Adjusted value

! deductions (net) Total Sub­ standard N ot criticized

T o ta l a s s e ts ......................................................

Cash and due from banks..........................

100.0%

100.0

1.7% 98.3%

100.0

12.4% 85.9%

100.0 Securities......................................................... 100.0 1.3 98.7 10.6 88.1 Loans and discounts.................................... 100.0 2.0 98.0 14.3 83.7 Miscellaneous assets.................................... 100.0 8.0 92.0 55.9 36.1

1 Detailed figures on the basis of the uniform procedure will be found in Tables 131 and 132, pages 196-203.

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CONDITION OF INSURED COMMERCIAL BANKS 49

Table 24. EXAM INERS’ ANALYSIS OF ASSETS, EXAMINATIONS 1933-1938

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

1938 uniform 1 1938 original1 1937 1936 1935 1934 21933

Book v a lu e ......................................... 100.0%

1.5

98.5 12.7 85.8

100.0%

1.7

98.3 12.U 85.9

100.0%

1.1

98.9 315.6 83.3

100.0%

1.4

98.6 16.2 82.If.

100.0%

4.1

95.9 19.6 76.3

100.0%

6.5

93.5(4) (4)

100.0%

10.5

89.5(4) (4)

Examiners’ deductions (n et). . . .

Adjusted value—to ta l.................. Substandard.................................. Not criticized5................................

1 The differences between the uniform examination procedure and th at previously followed by the Corporation are discussed in detail in Part Three, pages 61-78. 2 Examination for admission to insurance in 1933 and early 1934. 3 Includes all fixed assets. * N ot available. 6 Contain errors of as much as 1 percent. See footnote 2 of Table 25.

Over the past five years there has been a gradual reduction in the proportion of assets criticized by examiners. In 1938, 14 percent of the assets were criticized compared with more than 25 percent in the early years of deposit insurance. Available figures are shown in Table 24. The reduction has reflected: (1) the elimination of some criticized assets through charge-offs, sales, and liquidation; (2) improvement in the status of other assets; (3) higher valuations of assets particularly securities valued on the basis of market quotations; and (4) expansion in the total amount of assets of sound banking quality. In the course of their appraisals in 1933 and 1934, the examiners deducted more than 10 percent of the value of the banks' assets. The proportion deducted was reduced each year until 1938 when an increase was recorded. The increase in deductions in that year reflected the decline in security prices. The reduction in the proportion of assets of substandard grade was continuous during the period. Approximately 12 percent of the assets were substandard in 1938, compared with 20 percent in 1935, the earliest year for which the data were compiled.

Table 25. PROPORTION OF ASSETS NOT CRITICIZED BY EXAMINERS,

E x a m i n a t io n s 1934-1938

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

1938 uniform 1 1938 original1 1937 1936 1935 1934

Total assets*......................................................... Cash and due from b anks................................. Securities............................................................... Loans and discounts...........................................

86% 1008784

86% 1008884

83% 1008881

82% 1008575

76% 1007868

(3) 100%(3) 59

1 The differences between the uniform examination procedure and th at previously followed by the Corporation are discussed in detail in P art Three, pages 61-78. 2 Figures for total assets contain errors of as much as 1 percent due to lack of comparability in classification of items included under “miscellaneous assets not criticized.” The latter item, not shown separately because of lack of comparability, ranged from 35 to 41 percent of miscellaneous assets. 3 N ot available.

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The examinations recorded substantial improvement between 1934-1935 and 1938 in the proportion of loans and securities not criticized. Available figures are shown in Table 25.

The ratio of adjusted capital account to total deposits and to adjusted value of assets of all insured commercial banks not members of the Federal Reserve System decreased in 1938 for the second successive year. The decrease reflected chiefly a growth in deposits and total assets of the banks, and declines in prices of low grade securities which increased the deductions from capital accounts. Approximately 60 percent of the banks showed little change in the ratio of adjusted capital account to adjusted value of assets between the dates of their 1937 and 1938 examinations. Slightly less than 15 percent showed 

substantial improvement and about 25 percent showed decreases.

Table 26. PERCENTAGE DISTRIBUTION OF N u m b e r OF B a n k s ACCORDING TO

R a t io o f A d j u s t e d C a p it a l A c c o u n t t o D e p o s i t s,

E x a m i n a t io n s 1933-1938

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

1938 uniform 1 1938 original1 1937 1936 1935 1934 21933

All b a n k s............................................ 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Banks w ith adjusted capital accou n t per $100 of d e­ posits of— $0.00 or less..................................... 0.1 0.5 0.2 0.3 0.5 0.6 10.0 $0.01 to $4.99.................................. 0.5 1.8 0.9 0.9 1.6 1.9 9.6 $5.00 to $9.99.................................. 12.1 14.0 13.8 10.0 10.9 10.5 14.9 $10.00 or m ore................................ 87.3 83.7 85.1 88.8 87.0 87.0 65.5

1 The differences between the uniform examination procedure and th at previously followed by the Corporation are discussed in detail in P art Three, pages 61-78. 3 Examination for admission to insurance in 1933 and early 1934.

The improvement in adjusted capital account per $100 of total 

deposits since 1933 is shown in Table 26. This improvement has been 

brought about as a result of improvement in the status of some assets 

previously considered worthless or of doubtful value, higher bond valuations resulting in smaller net depreciation, retention of net 

earnings, recoveries on assets charged off, profits on assets sold, 

contributions or subscriptions from private sources, and investment in preferred capital by the Reconstruction Finance Corporation. 

Continuous improvement is evident for the period from 1933 through the examinations in 1937. The proportion of banks with low ratios 

of adjusted capital to deposits was reduced. The 1938 examinations 

based on the original procedure showed a reversal of this trend, the proportion of banks with low capital ratios increasing. Fewer banks 

had low adjusted capital ratios when computed on the basis of the 

uniform examination procedure adopted in 1938 than when com­ puted on the basis of the original procedure. The difference is due

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in part to the change in method of valuing securities and in part to the change in method of handling deductions.1

W eak or h a za rd o u s b an k s. More than 100 weak or hazardous banks had been eliminated by the year's close through suspensions, mergers effected with the financial aid of the Corporation, voluntary liquidations, mergers and consolidations effected without the aid of the Corporation, or by reorganization and recapitalization. At the year's close, however, there still remained a substantial number of weak or hazardous banks. The Corporation's program with. respect to these banks is discussed on pages 10 and 11.

E arning s of all In su r ed Commercial B ank s

In 1938, for the first time since Federal insurance of deposits, the amount of annual net current operating earnings of insured com­ mercial banks declined. The amount of net profits declined for the second successive year. The amount of dividends has been relatively 

constant for several years. The amount of earnings added to the capital accounts in 1938, therefore, was smaller than in either of the two preceding years.

T able 27. EARNINGS, EX PEN SES, AND DISPOSITION OF PRO FITS RELATED TO

T o t a l A s s e t s a n d t o T o t a l C a p it a l A c c o u n t s, 1938 a n d 1937

INSURED COMMERCIAL BANKS

Amounts per $100 of—

Total assets1 Total capital accounts1

1938 1937 1938 1937

Gross current operating earnings....................................... $2.87 $2.97 $24.71 $25.62 Total current operating expenses....................................... 2.09 2.11 18.01 18.22

N et c u rre n t o p e ra tin g e a rn in g s ....................... .78 .86 6.70 7.40

Profits on assets sold, recoveries, etc................................. .59 .56 5.14 4.85 Losses, charge-offs, etc.......................................................... .82 .72 7.09 6.20

N et p rofits a fte r in co m e taxes2........................ .54 .69 4.68 5.97

Cash dividends declared and interest paid on capital. . .40 .41 3.46 3.54

N et p ro fits a fte r d iv id e n d s................................. .14 .28 1.22 2.43

1 Averages of figures for beginning, middle, and end of year. 2 This figure is out of balance due to the fact th at “income taxes” of banks not members of the Federal Reserve System are not included under “total current operating expenses.” Detailed figures—See Table 137, page 212.

N et cu rren t o p era tin g ea rn in g s. In 1938 net earnings amounted 

to $429 million, or 6.7 percent of total capital accounts, compared with 

$471 million, or 7.4 percent of total capital accounts, in 1937. The 

decrease in net earnings, as compared with 1937, was the result of

1 The differences between the uniform examination procedure and th at previously followed by the Corporation are discussed in detail in P art Three, pages 61-78.

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lower gross earnings only partly offset by lower total current expenses. Table 27 shows earnings, expenses, and disposition of profits of these banks for 1937 and 1938, in relation to total assets and to total capital accounts.

Gross earnings from current operations amounted to $1,582 million, or 3 percent less than in 1937. Smaller income from securities accounted for most of the decrease in total earnings and reflected a lower average volume of security holdings in the later than in the earlier year, increased concentration in obligations of the United States Government, both direct and fully guaranteed, and slightly reduced rates of return on securities. The average rate of income on loans was 4.4 percent in 1938 and 4.3 percent in 1937. Interest and dividends received on securities amounted to 2.6 percent in 1938, compared with 2.7 percent in 1937. Table 28 shows earnings, expen­ ses, and disposition of profits of all insured commercial banks for the years 1934 through 1938.

Table 28. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF

Insured Commercial Banks, 1934-1938

(Amounts in millions of dollars)

Gross current operating earnings....................................... Total current operating expenses.......................................

N et c u rre n t o p e ra tin g e a rn in g s......................

Profits on assets sold, recoveries, etc................................. Losses, charge-offs, etc..........................................................

N et p ro fits a fte r in co m e taxes1........................

Cash dividends declared and interest paid on capital. . 

N et p ro fits a fte r d iv id e n d s.................................

1938 1937 1936 1935 1934

1,582 1,153 1,631 1,160 1,564 1,122 1,483 1,081 1,516 1,115

429 471 442 402 401

329 454 309 395 584 501 432 627 292 1,032

300 380 523 207 2339

222 225 223 207 188

78 155 300 2527

1 “Income taxes” are not included under “total current operating expenses” by banks not members of the Federal Reserve System, except in 1934 and 1935. These banks paid “income taxes” of $2.4 million in 1936, $4.8 million in 1937, and $4.3 million in 1938. 2 N et loss. Detailed figures—See Table 137, page 212.

Current operating expenses were 0.6 percent smaller than in the 

previous year. Increases in salaries and wages and in depreciation on banking house, furniture and fixtures were more than offset by 

decreases in taxes, in interest on time and savings deposits, and in 

other current expenses.

Of the 13,487 insured commercial banks operating throughout the year, about 1 percent reported expenses in excess of gross current operating earnings, and an additional 16 percent reported net earnings 

of less than $5.00 per $100 of total capital accounts. Forty percent 

of the banks reported net earnings of more than $10.00 on each $100 

of total capital accounts. The figures are shown in Table 29.

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N et p rofits. After making allowance for charge-offs and recoveries on assets and for payment of income taxes, 16 percent of the banks reported net losses and an additional 29 percent reported net profits of less than $5.00 on each $100 of total capital accounts. About 23 percent reported net profits of more than $10.00 for each $100 of total capital accounts.

Table 29. N U M BER AND PERCENTAGE DISTRIBUTION OF INSURED COMMERCIAL

Banks According to Rates of N et Earnings and of N et Profits

on Total Capital Accounts, 1938

BANKS OPERATING THROUGHOUT THE YEAR

N et earnings N et profits

Num ber of banks Percentage distribution Num ber of banks Percentage distribution

All b a n k s ................................................................................ 13,487 100.0% 13,487 100.0%

B an k s w ith n e t e arn in g s (n e t profits) p er $100 of to ta l c a p ita l a c c o u n ts of—1 $-10.00 or m ore.................................................................. 5 0.0 448 3.3 $-5.00 to $-9.99................................................................. 15 0.1 456 3.4 $-0.01 to $-4.99................................................................. 148 1.1 1,252 9.3

$0.00 to $4.99...................................................................... 2,193 16.3 3,949 29.3 $5.00 to $9.99...................................................................... 5,789 42.9 4,324 32.0 $10.00 to $14.99...............: ................................................ 3,440 25.5 2,077 15.4

$15.00 to $19.99................................................................. 1,360 10.1 703 5.2 $20.00 or m ore.................................................................... 537 4.0 278 2.1

1 Total capital accounts are averages of figures for the four 1938 call dates for banks members of the Federal Reserve System, and of figures for December 31,1937, June 30, 1938, and December 31, 1938, for banks not members of the Federal Reserve System.

After reporting substantial losses in 1934, insured commercial banks showed improvement in net profits in 1935 and 1936 to a peak in the later year of 8.3 percent of total capital accounts. Net profits declined in 1937 and again in 1938, amounting in the latter year to 4.7 percent of total capital accounts. The improvement in net profits from 1934 to 1936 reflected a sharp reduction in losses on assets charged off and a sharp increase in recoveries and in profits on se­ curities. The decline in net profits from 1936 to 1937 reflected, for the most part, a substantial reduction in profits and recoveries on 

securities. About one-half of the reduction in net profits in 1938 

was due to a decline in net earnings; the balance was due chiefly to the increase in net losses (losses and charge-offs less recoveries) 

on loans. Losses on loans increased 6 percent while recoveries on loans decreased 38 percent.

For all insured commercial banks, dividends and interest on preferred and common capital have been relatively stable for the past 

three years and have averaged about 3.5 percent of total capital ac­ counts and about 7.5 percent of preferred and common capital.

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Earning s of Insured Commercial B ank s not Mem bers of T he

F ederal R eserve System

The aggregate amount of gross earnings of insured commercial banks not members of the Federal Reserve System operating through­ out the year decreased slightly from 1937 to 1938, accompanied by slight decreases in total current expenses and in net current operating earnings. These were the first declines in gross and net earnings reported since these data were first collected in 1934. Figures showing earnings, expenses, and disposition of profits of insured commercial banks not members of the Federal Reserve System for 1938 are presented in Table 30. Detailed figures for these banks, grouped according to rate of net earnings, rate of net profits, rate of income on loans, size of bank, population of center in which located, and number of banking offices in center are presented in Tables 140 to 

150, pages 218 to 235.

T able 30. E a r n in g s, EX PEN SES, AND D ISPOSITIO N OF PRO FITS RELATED TO

T o t a l A s s e t s a n d t o T o t a l C a p it a l A c c o u n t s, 1938

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM

OPERATING THROUGHOUT THE YEAR

Amounts per $100 of—

Amounts in millions of Total dollars Total capital assets1 accounts1

Gross current operating earnings................................................. 302 $4.27 $30.67 Total current operating expenses ............................................... 216 3.06 21.98

N et c u rre n t o p e ra tin g e a rn in g s ................................. 86 1.21 8.69

Profits on assets sold, recoveries, etc........................................... 48 0.68 4.92 Losses, charge-offs, etc.................................................................... 97 1.36 9.82

N et profits before incom e ta x e s................................. 37 0.53 3.79

Income taxes...................................................................................... 4 0.06 0.43

N et p ro fits a fte r incom e ta x e s.................................... 33 0.47 3.36

Cash dividends declared and interest paid on capital............. 23 0.33 2.35

N et p rofits a fte r d iv id e n d s........................................... 10 0.14 1.01

1 Averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. Detailed figures—See Tables 139-46, pages 216-31.

N et cu rren t op era tin g ea rn in g s. In 1938, for the second time, 

the proportion of banks reporting low rates of earnings and net 

operating deficits was smaller than in the preceding year. Thus in spite of the decrease in aggregate net earnings from 1937 to 1938, more banks reported high net earnings in relation to total assets and in relation to total capital accounts in the later year. The distribution of the number of insured commercial banks not members of the Federal Reserve System according to rates of net earnings in 1936, 

1937, and 1938 is shown in Table 31.

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EARNINGS OF INSURED COMMERCIAL BANKS 55

In general, the banks with high rates of net earnings on their assets were the banks with a higher than average proportion of their assets in the form of loans and with a higher than average rate of return on their loans. They were also the banks which showed a greater than average growth during the year in loans and total assets. These banks were generally the smaller ones and those located in smaller centers.

T a b l e 3 1 . PERCENTAGE D ISTRIBU TIO N OF NUM BER OF BANKS ACCORDING TO

R a t e o f N e t E a r n in g s, 1938, 1937, a n d 1936

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM 

OPERATING THROUGHOUT THE YEAR

1938 1937 1936

All b a n k s ........................................................................................... 100.0% 100.0% 100.0%

B an k s w ith n e t earn in g s p er $100 of to ta l assets of— Less than $0.00 (net deficits).................................................... 1.3 1.6 2.7 $0.00 to $0.99................................................................................ 26.5 29.7 37.0 $1.00 to $1.99................................................................................ 53.0 52.3 46.1 $2.00 or m ore................................................................................. 19.2 16.4 14.2

B an k s w ith n e t earn in g s p er $100 of to ta l c ap ital a c c o u n ts of— Less than $0.00 (net deficits)..................................................... 1.3 1.6 2.7 $0.00 to $4.99................................................................................ 15.1 16.3 22.2 $5.00 to $9.99................................................................................ 38.0 39.2 39.6 $10.00 to $14.99............................................................................ 27.5 26.7 22.2 $15.00 or m ore.............................................................................. 18.1 16.2 13.3

Detailed figures—See Tables 147-49, pages 232-34.

The tendency for the small banks to show higher rates of net earnings on assets than do the large banks has become more pro­ nounced since 1935. In banks with deposits of less than $500,000 each, net earnings per $100 of assets were more than 80 percent higher in 1938 than in 1934. In banks with deposits of $5,000,000 to $50,000,000 each, the rate of net earnings was about 12 percent higher. The figures are shown in Table 32.

The rates of net earnings on assets were sufficiently higher in the small banks than in the large banks that, notwithstanding the higher 

capital ratios in the small banks, these banks generally showed higher 

rates of net earnings on total capital accounts than did the large 

banks.

As in the two preceding years, the States in which the banks showed 

the highest net earnings were predominantly agricultural; almost without exception the average of net earnings of banks in these States showed improvement over the preceding year. The States 

in which the average of net earnings was lowest were predominantly industrial; in general, the average of net earnings of banks in these States was lower in 1938 than in preceding years.

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Table 32. A v e r a g e N E T EARNINGS PER $100 OF TOTAL ASSETS OF INSURED

C o m m e r c ia l B a n k s n o t M e m b e r s o f T h e F e d e r a l R e s e r v e S y s t e m , 1934-1938

BANKS OPERATING THROUGHOUT THE YEAR GROUPED BY AMOUNT OF DEPOSITS

1938 1937 1936 1935 1934

All b a n k s ........................................................... $1.21 $1.22 $1.18 $1.07 $0.87

B anks w ith d eposits of— $100,000 or less............................................. 1.60 1.56 1.39 1.25 .73 $100,000 to $250,000.................................... 1.58 1.48 1.36 1.23 .85 $250,000 to $500,000................................... 1.50 1.38 1.29 1.21 .85

$500,000 to $1,000,000................................ 1.38 1.34 1.26 1.15 .87 $1,000,000 to $2,000,000............................. 1.23 1.23 1.15 1.08 .87 $2,000,000 to $5,000,000............................. 1.08 1.12 1.13 1.06 .93

$5,000,000 to $10,000,000........................... 1.06 1.17 1.24 $10,000,000 to $50,000,000......................... .98 1.10 1.11 | 1.00 .91

More than $50,000,000x.............................. .92 1.00 .87 .63 .78

1 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,0( 0,000. Detailed figures—See Table 142, page 222.

N et p rofits. As in previous years, those banks which showed high rates of net current operating earnings before recoveries and charge-offs, in general, also showed high rates of net profits after recoveries and charge-offs. However, some of the banks with net deficits before recoveries and charge-offs showed net profits after recoveries and charge-offs, and some of the banks with net earnings before recoveries and charge-offs showed net losses after recoveries and charge-offs. In 1938, as in 1937, nearly two-thirds of the banks reported net profits smaller than net earnings, about one-tenth reported net profits larger, and about one-fourth reported net profits approximately the same as net earnings.1

D ivid en d s. Insured commercial banks not members of the Federal Reserve System operating throughout the year paid cash dividends on preferred capital during 1938 of $4.9 million and cash dividends on common capital of $18.2 million. The distribution of these banks 

with respect to the payment of dividends is as follows:

Paying no dividends............................................ ...28 percent

Paying dividends or interest on preferred capital only.......................................................................23 percent Paying dividends on common capital only...........36 percent

Paying dividends or interest on preferred and dividends on common capital......................... ...13 percent

Those banks which paid common dividends only had no preferred stock, or capital notes or debentures, outstanding. A number of 

the banks which paid no dividends had preferred capital outstanding 

and, as a consequence, reported dividends or interest on preferred

1 Detailed figures are presented in Table 149, page 234.

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EARNINGS OF INSURED COMMERCIAL BANKS 57

capital to be in arrears. Of the operating insured commercial banks not members of the Federal Reserve System with preferred capital outstanding, 22 percent reported arrearages in dividends or past due interest on December 31, 1938, and 15 percent reported no dividend or interest payments during 1938.

O th er a d d itio n s to an d d e d u c tio n s fro m to ta l ca p ita l a cc o u n ts. Retirements of preferred capital during the year by insured commercial banks not members of the Federal Reserve System amounted to approximately $9 million. During the same period the banks issued approximately $2.5 million of preferred capital chiefly to private investors. Approximately one-third of the banks which had preferred capital outstanding at the beginning of the year made payments to retire such preferred capital during the year; of these, 69 retired all preferred capital outstanding. Other deduc­ tions from the capital accounts consisted of payments of $2 million to depositors and other creditors whose claims had been subordinated at some earlier date and retirements of common capital amounting to $0.5 million. Stockholders and other interested parties con­ tributed $1.4 million to the banks and new common capital amounting to $1.2 million was sold.

In te r e st received an d p aid . The average rate of income received on loans in 1938 was slightly under 6 percent, unchanged from 1937. The average rate of return on securities was 3.27 percent, a reduction of about two-tenths of 1 percent from the rate of return in 1937 and of one-half of 1 percent from 1934. The average rate of interest paid on time and savings deposits declined in 1938 as in each of the preceding years since 1934. The figures are shown in Table 33.

Table 33. INTEREST RECEIV ED ON LOANS AND ON SECURITIES AND INTEREST

P a id o n T im e D e p o s i t s, 1934-1938

INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM 

OPERATING THROUGHOUT THE YEAR

1938 1937 1936 1935 1934

Interest and discount received per $100 of loans...........

Interest and dividends received per $100 of securities. . . 

Interest paid per $100 of time deposits...........................

$5.91

3.27

1.82

$5.92

3.44

1.92

$5.96

3.55

2.09

$5.75

3.51

2.28

$5.90

3.77

2.77

Rates continued to be higher than average among small banks and 

among banks in small centers. The banks with the high rates of 

net earnings were the banks which paid the highest rates of interest 

on time deposits and reported higher than average rates of interest 

on loans.

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Insu r ed Mutual Savings B anks

On December 31, 1938, the Federal Deposit Insurance Corporation was insuring deposits in 48 mutual savings banks, as compared with 56 at the end of the preceding year. One insured mutual savings bank suspended during the year because of financial difficulties, the insurance status of one was terminated, one went into voluntary liquidation, and five were absorbed by another continuing institution.

Total deposits in the 48 banks amounted to $1 billion, of which about 90 percent are estimated to have been protected by insurance. Of these 48 banks, 11 had deposits of more than $10 million each. Two banks held 54 percent of the deposits. The 48 banks were located in 12 States.

Due to the small number of banks, the data relating to the insured mutual savings banks may not be characteristic of the condition and operations of all mutud savings banks in the country. Consolidated 

statements of assets, liabilities, and capital accounts of both insured and noninsured mutual savings banks are presented in Table 115, pages 161 and 163; and of earnings, expenses, and disposition of profits of insured mutual savings banks are presented in Table 151, page 236.

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PART THREE

SPECIAL REPORTS

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D evelopm ent of Uniform E xam ination

P rocedure Among F ederal and State Ba nk Supervisors

At the time the Federal Deposit Insurance Corporation was created there were more than 50 State, Federal, and territorial authorities supervising banks eligible for insurance. In examining banks in the 48 States to determine their ability to qualify for deposit insurance and in developing, in cooperation with the State authorities, rehabilita­ tion programs for a number of these banks, the Corporation was impressed by the diversity of standards and procedures which made the task of coordination of policy throughout the country difficult. One of the earliest objectives of the Corporation, therefore, was to secure improvement and uniformity of standards and procedure among the various supervisory authorities.

In 1934 and 1935 the Corporation undertook to review the prin­ ciples of bank supervision with a view to providing a basis for im­ provement of standards, coordination of policy, and uniformity of procedure. Numerous conferences were held with other supervisory authorities. Consideration was given to the following subjects:

(1) Standards of chartering and admission to insurance;

(2) Operating standards of banks relating to capital, loans, and 

investments;

(3) Purpose of bank supervision;

(4) Purpose of bank examinations;

(5) Principles of classification and valuation of assets;

(6) Determination of net worth or adjusted capital account of a bank;

(7) Form or method of presentation of results of examinations;

(8) Principles underlying and methods of developing corrective 

programs.

For the most part, the supervisory authorities were in agreement that supervision should seek to prevent the development of unsound situations in individual banks and to correct, as promptly as feasible, such unsound situations as exist. The examination, as one of the 

principal tools of supervision, should present as accurately and 

clearly as possible the examiner's appraisal of the bank and his determination of the bank's asset, capital, and operating position, in order to form a basis for the determination of supervisory action with regard to the bank.

61

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C lassification and valu ation o f loan s. When the Corporation began to examine banks, the practice was general among Federal and State supervisory authorities of classifying criticized loans in three categories, “estimated loss/' “doubtful/' and “slow/' “Estimated loss” loans represented those loans or parts of loans which, in the opinion of the examiner, could not be collected. “Doubtful” loans or parts of loans were those in which there existed, in the examiner's opinion, a substantial probable loss not yet definitely ascertainable in amount, as a consequence of which the ultimate collection or value 

was doubtful.

There was considerable confusion, however, as to the meaning of the “slow” classification. Some examiners included in the “slow” 

column loans which were slow in a literal sense, were perhaps not collectible at the stated maturity, or were not strictly of a seasonal nature, regardless of the inherent soundness and collectibility of the credit. Other examiners were including in this classification only those loans which were unduly risky as to ultimate collectibility but which did not warrant so severe a classification as “doubtful” or “loss”. Still other examiners were including both of these types of loans in the “slow” column.

In September 1934, a joint examiners' conference was held in Washington for all chief and supervising examiners of the various Federal agencies dealing with banks. This conference was called at the request of the Secretary of the Treasury for the purposes of establishing a uniform method of asset appraisal and of ascertaining whether or not Federal bank examiners were forcing liquidations and freezing credit through their classification of assets. An attempt was made to clarify the “slow” classification in reports of examination, and to standardize its application.

The conference adopted the following recommendation:

“Loans which are reasonably well protected as to ultimate payment by reason of the sound net worth of the maker and/or endorser, even though their assets or a large part 

thereof may not be of a liquid nature under present conditions, and loans which are reasonably well protected by collateral or other security of sound intrinsic value but which, due to present or local conditions, may not be sale­ able at this time, should not be classified as slow.

“In other words, it is believed that under present condi­ tions the examiner should only list as slow, loans which in 

his opinion will become doubtful or worthless in whole or in part unless placed in proper bankable shape by the bankers.”

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DEVELOPMENT OF UNIFORM EXAMINATION 63

The term “slow” was inconsistent with the definition of the classi­ fication as agreed upon at the joint examiners' conference. It did not correctly describe the type of loan to be classified thereunder and its continued use encouraged the placing of improper emphasis upon maturity. As a consequence, efforts were made from time to time to secure agreement among the supervisory authorities to discontinue use of the term and to substitute therefor some other term such as “substandard.” Following extended consideration of the question by representatives of the Corporation and the Executive Committee of the National Association of Supervisors of State Banks, the latter Committee adopted a resolution recommending abandon­ ment of the term “slow” in the examination reports and the sub­ stitution therefor of the term “substandard.” The resolution is presented as Exhibit A.

At the request of the Secretary of the Treasury representatives of the Federal bank supervisory agencies held a series of conferences in April, May, and June, 1938, with a view to developing uniform pro­ cedures. On June 27, an agreement was announced whereby, in classi­ fying assets in the examination, the Federal agencies would dis­ continue the use of the terms “slow,” “doubtful,” and “loss,” and substitute therefor the numerals II, III, and IV, respectively. The agreement with respect to loans is presented as Exhibit B. This procedure was endorsed by the Executive Committee of the National Association of Supervisors of State Banks and its adoption by the 

various State bank supervisory authorities recommended.

All loans not criticized are placed in Classification I. The three classifications of criticized loans were defined as follows:

II. “Loans or portions thereof which appear to involve a substantial and unreasonable degree of risk to the bank by reason of an unfavorable record or other unsatisfactory characteristics noted in the examiner's comments. There exists in such loans the possibility of future loss to the bank unless they receive the careful and continued attention of 

the bank's management. No loan is so classified if ultimate repayment seems reasonably assured in view of the sound net worth of the maker or endorser, his earning capacity and 

character, or the protection of collateral or other security of 

sound intrinsic value.

III. “Loans or portions thereof the ultimate collection of 

which is doubtful and in which a substantial loss is probable but not yet definitely ascertainable in amount. Loans so classified should receive the vigorous attention of the management with a view to salvaging whatever value may remain.

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IV. “Loans or portions thereof regarded by the examiner for reasons set forth in his comments as uncollectible and as estimated losses. Amounts so classified should be promptly charged off.”

C lassifica tion an d v a lu a tio n o f sec u r itie s. Up to the mid­ dle of 1938, the Corporation, in its examinations, valued securities on the basis of market prices.1 The net amount by which market or estimated value of a bank's securities was below the value at which they were carried on the bank's books was regarded as an "estimated loss.”2

In examination reports the Corporation also grouped securities on the basis of credit risk or quality. The groupings were as follows:

Group 1. Direct and fully guaranteed obligations of the United States Government, obligations issued by States and their political subdivisions, and by instrumentalities of governments on which the risk of default seemed slight, and all other security obligations placed within the first four ratings by a recognized rating service.3

Group 2. Obligations of States and their political subdivisions, and of instrumentalities of governments, not now in default but which appeared to involve a substantial and unreasonable risk for a bank, and all other security obligations not in default and not placed within the first four ratings by a recognized rating service;

Group 3. Obligations in default;

Group 4. Stocks.

The distribution, by groups, of securities in insured commercial State banks not members of the Federal Reserve System, as shown by examinations in 1938, is given in Table 34.

This procedure of grouping was similar to that followed by the Office of the Comptroller of the Currency. While this practice had originated in that Office primarily in connection with security valuation, it had come to be used also for the purpose of analyzing the quality of the portfolio of individual banks.

R eview o f p rin cip les o f v a lu a tio n o f se c u rities. While securities were valued on the basis of current market prices, other assets of the banks were valued on the basis of examiners’ appraisals. Fluctuations in bond prices from day to day, often of an erratic 

character, frequently resulted in substantial changes in values between

1 The classifications “doubtful” and “slow,” which were relatively unim portant, were used in con­ nection with local securities subject to criticism. Having no m arket, these were accordingly classified on the same basis as loans. 2 In 1934 the practice was adopted of disregarding any depreciation, within certain limitations, in United States Government securities. Inasmuch as these securities were generally selling at a premium the change was one of principle with no practical effect upon the current status of individual banks. 3 In 1936 provision was made by the Corporation for inclusion in Group 1 of sound, unrated issues.

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DEVELOPMENT OF UNIFORM EXAMINATION 65

examinations. The appraised values of the other assets, on the other hand, ordinarily changed little from one examination to another.

The amount of securities held by insured banks is approximately three times their capital. As a consequence, under the procedure of valuing securities on the basis of market prices, an average rise of 5 percent in bond prices would result in a 15 percent increase in the adjusted capital account of the banks. Conversely, a decline of 5 percent would reduce the adjusted capital account of the banks by 15 percent. Inasmuch as fluctuations in bond prices reflect changes in interest rates and trading pressure more than they do changes in the credit standing of individual issues, the conclusions of bank examiners and supervisors as to the adjusted capital account or net worth of the banks were largely dominated by the state of the bond market.

Table 34. BOOK VALUE OF SECURITIES 

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

Amount (in millions of dollars)

Percentage distribution

T o ta l s e c u ritie s .......................................................................................................... 2,498 100.0

S atisfac to ry for b a n k in v e s tm e n t—Group 1.............................................. 2,187 87.6

Obligations of the United States Government—direct and guaranteed. 1,205 48.2 Obligations of United States Government corporations and agencies, not guaranteed, and of territorial and insular possessions of the United States1.............................................................................................. 41 1.7

Obligations of States and political subdivisions.............................................. 473 18.9 O th e r b o nds—t o t a l ......................................................................................... 468 18.8

First grade.................................................................................................... 25 1.0 Second grade................................................................................................ 76 3.0 Third grad e.................................................................................................. 129 5.2 Fourth grade................................................................................................ 194 7.8 Other bonds satisfactory for bank investm ent.................................... 44 1.8

U n satisfa cto ry for b a n k in v e s tm e n t........................................................... 340 13.6

Low grade bonds—Group 2 .............................................................................. 210 8.4 Defaulted bonds—Group 3 ............................................................................... 48 1.9 Stocks—Group 4 .................................................................................................. 82 3.3

Unallocated valuation allowances (net)— deduction............... .............................. 29 1.2

1 Includes joint stock land bank bonds satisfactory for bank investm ent.

The practice of valuing securities at the market was subject to 

the further objection that it placed primary emphasis upon the 

trading aspects rather than the investment aspects of bank purchases and holdings of securities.

It was believed that difficulties created by valuing securities at the market would be largely avoided if securities were valued on a basis similar to that used for loans. In the case of securities such 

valuation would be par or book value less allowances for chance

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of loss.1 However, valuation of securities on the basis of par, book, or cost values encourages speculative trading by banks, unless banks are willing to segregate profits from security sales into special reserves available only for meeting losses. Unless profits are so segregated, banks in a rising market can follow the market up simply by trading, thereby establishing new and higher book or cost values. If profits from security sales are not segregated, a special motive for such trading will exist, since profits could be paid out in dividends and any depreciation in securities below book or cost could be disregarded.

Consideration of these questions led the Executive Committee of the National Association of Supervisors of State Banks on April 5, 1938, to adopt a statement endorsing a policy of valuing high grade securities at cost with premiums amortized over the life of the securi­ ties and with profits from the sales of securities isolated in reserves available for use only in taking losses. The statement of policy is presented as Exhibit C. On June 27, 1938, simultaneously with the announcement of an agreement for classifying loans and other assets, the Federal agencies announced that they had agreed upon a basis for grouping, valuing, and classifying securities in the examina­ tion. This procedure was also approved by the Executive Committee of the National Association of Supervisors of State Banks. The agree­ ment included a statement of the position of the Federal bank super­ visory authorities on the segregation of profits from the sale of se­ curities. Under the uniform procedure the value of securities is determined by groups as follows:2

Group 1 securities are valued at book or at cost, less amortization of premiums, whichever is less;

Group 2 securities are valued on the basis of average market prices over the preceding 18 months. In practice the average is based

1 One m ethod of valuing securities under such a procedure would be as follows: Securities judged by the examiner to involve but a small degree of risk of loss would be valued a t par or cost and placed in Classification I. Securities involving substantial degree of loss would be valued a t par or cost less a loss allowance appropriate to the estim ated risk, and the estimated recoverable value placed in Classi­ fication II. Securities involving a very great risk of loss would be valued at face less a loss allowance of large m agnitude, possibly 50 percent, and the estimated recoverable value placed in Classification III. Securities involving only slight chance of ultim ate repaym ent would be placed entirely in Classification IV. Thus Classification IV would consist of all securities with little chance of realization plus the loss allowance of securities in Classification II and Classification III.

Another method would be to value securities at cost, or book, or m arket, whichever was lowest, with a minimum level below which the valuation of securities of a given grade would not be required to follow the m arket. For example, the valuation of securities of the three highest grades would not follow the m arket below par; those of the fourth grade, below a given price, perhaps 90; of the fifth grade below, perhaps 80; the sixth grade, below 70; and the seventh grade, below 60. The valuation of bonds of the eighth grade or lower would not be required to follow the m arket below 50, but would be required to be charged off over a 5-year period. The minimum prices given here for illustrative purposes would actually be determined presumably on the basis of the approximate risk of loss from default in securities of a given grade. This plan, or some variation of it, may prove worthy of consideration at some future time.

2 The basis of grouping securities was in all essential respects the same as th at already used by the Corporation and described on page 64.

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upon the mid-point between the high and low for the 18 months. Any security purchased subsequent to the date the policy was put into effect which was a Group 2 security at the time of purchase is placed in a separate group and valued at market;

Group 3 securities (obligations in default) are valued on the basis 

of market prices;

Group 4 securities (stocks) are valued on the basis of market prices.

The agreement is presented as Exhibit D.

As compared with the use of current market prices, the use of average prices over the preceding 18 months in valuing Group 2 securities appears to be an improvement in supervisory practice. The use of current market prices can result in serious injustices. If security prices were high in the spring, declined to low levels in the summer, and recovered again in the autumn, banks examined in the spring and autumn might be shown by the examinations to be in a relatively better position, while banks with virtually identical types of assets examined in the summer might be shown to be in a relatively poorer position. The use of the 18-months' average reduces such discrimination substantially.

In addition, use of the 18-months' average lends support to super­ visory objectives. Group 2 securities are securities not of investment grade and their acquisition by banks should be avoided. In valuing securities on the basis of 18~months' average prices, bank supervisors tend to value these obligations at above the market when that market is under pressure and declining, and below the market when the market for such securities is active and prices are rising. As a consequence, banks will be encouraged to hold these obligations during periods in which the market is unfavorable and to sell them during periods when the market is active and able to absorb them. This procedure contributes not only to an improvement in the banks' position but to stability of the markets as well.

A distribution of securities by groups showing their book value, market value, and appraised value under the uniform examination procedure, is presented in Table 35. The data relate to insured 

commercial State banks not members of the Federal Reserve System 

examined during 1938. The market value of the securities is the value 

at which they were appraised under the original procedure. The 

appraised value is the value given the securities under the uniform 

examination procedure. The table shows that, as compared with the original procedure, the high grade securities (Group 1) have a lower value and the Group 2 securities a higher value under the 

uniform procedure.

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Table 35. BOOK, M A RK ET, AND APPRAISED VALUES OF SECURITIES 

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

(Amounts in thousands of dollars)

Book value M arket value Appraised value1

T o ta l s e c u ritie s ...........................................................................................

Unallocated valuation allowances (net)—deduction2.................................

2,497,963

29,523

2,187,216

209,757

48,062

82,451

2,463,473 2,466,820

Group 1 ....................................................................................................... 2,199,134

166,819

28.974

68,546

2,183,354

U85,946

J 97,520

Group 2 .......................................................................................................

Group 3 .......................................................................................................

Group 4 .......................................................................................................

1 According to uniform examination procedure; for additional examiners' adjustm ents in analysis of capital accounts see Exhibit E and Table 39, pages 76-7. 2 Valuation allowances of $30,055,000 less bond premium accounts of $532,000. 8 P artly estimated.

There has been some confusion about the meaning of the grouping of securities in the reports of examination. The Corporation believes that a supervisory agency should not assume the management of the banks' portfolios, and its examiners are instructed not to express an opinion on the wisdom of the purchase or sale of a specific security, In the case of insured banks not members of the Federal Reserve System a security is placed in Group 1 when, in the judgment of the Corporation, the risk of loss from default is not unreasonable, even though the security may be too high priced in the market or for some other reason unsuited to the needs of a given bank. A security is placed in Group 2 when the risk of loss from default appears to be substantial or unreasonable because of an unfavorable record or outlook for the obligor, regardless of price, and even though the market is such that the bank appears to have no alternative but to hold such a security. Thus, the placing of a security in Group 2 

should under no circumstances be interpreted to mean that the Cor­ poration is recommending immediate sale.

The appraised value of assets as determined by the foregoing 

procedure is subject to further adjustment in determining the net worth or adjusted capital account of the bank.

A n a lysis o f ca p ita l a cc o u n ts. One of the most important purposes of an examination is to determine the net worth of the bank 

and to measure the amount of the owners' interest available for the 

protection of depositors and other creditors against risk of loss through deterioration of assets. The adjusted capital account represents the excess of the adjusted value of assets over the determined liabilities of the bank. The Corporation's method of determining the adjusted 

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DEVELOPMENT OF UNIFORM EXAMINATION 69

tion procedure is illustrated by the computation in Table 36, based upon figures of all insured commercial State banks not members of the Federal Reserve System examined in 1938.

Table 36. DETERM INATION OF ADJUSTED CAPITAL ACCOUNT,

Or i g i n a l E x a m i n a t io n P r o c e d u r e 1

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

(Amounts in thousands of dollars)

T o ta l c a p ita l a c c o u n ts—book value.................................................... 994,674

1 For determination of adjusted capital account under the uniform procedure, see Table 41 page 78.

The uniform examination procedure altered the method of analyzing capital accounts in two respects:

(1) The method of valuing securities and of applying values to the measurement of the adjusted capital account was changed. The change in method of valuing securities has been explained above. The change in method of applying those values to the measurement of adjusted capital account was chiefly in the handling of net de­ preciation in Group 2 securities. Under the original procedure such depreciation was deducted from total capital accounts as a “loss.” Under the uniform procedure the depreciation was placed in Classi­ fication III, of which 50 percent is deducted from total capital 

accounts.

In the case of the insured commercial State banks not members of the Federal Reserve System examined in 1938, the change resulted in an increase in the computed adjusted capital account of $3 million, or one-third of 1 percent, over that computed on the basis of the procedure followed by the Corporation in 1937 and early 1938.

(2) Whereas under the original procedure all of the “loss” and “doubtful” assets were deducted, under the uniform procedure all 

of the assets placed in Classification IV, comparable to the earlier 

“loss” classification, and 50 percent of the assets placed in Classifi­ cation III, comparable to the earlier “doubtful” classification, are deducted from book capital. The total amount of assets other than securities (discussed above) put into Classification III was $16 million in the case of the insured commercial State banks not members

A d d itio n : Determinable sound banking values not on books. 3,406

D ed u ctio n s: Assets classified as “loss” ..................... Assets classified as “doubtful” ........... Determinable liabilities not on books,

105,254 16,258 3,462 124,974

E x am in ers’ n e t d e d u c tio n s 

A d ju sted c a p ita l a c c o u n t. . . .

121,568

873,106

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of the Federal Reserve System examined in 1938. This change, therefore, resulted in an increase in the computed figure of the adjusted capital account of these banks of $8 million, or slightly less than 1 

percent.

The combined effect of these changes was to make the computed figure of adjusted capital account of these banks $11 million, or 1.2 percent, higher than under the original procedure. The method of adjustment of capital accounts under the uniform procedure is explained in detail in Exhibit E, and the results for insured commercial State banks not members of the Federal Reserve System examined in 1938 are shown in Table 41, page 78.

T a b le37. N umber of Banks Grouped According to Capital Ratios Computed

Under Original and Uniform Examination Procedures

insured commercial state banks not members of the

federal reserve system examined in 1938

Original procedure Uniform procedure

All b a n k s ...................................................................................................................... 7,094

33

7,094

7

B an k s w ith a d ju s te d c a p ita l a c c o u n t p er $100 of a d ju s te d v alue of a ssets of— $0.00 or less............................................................................................................... $0.01 to $4.99............................................................................................................ 155 45 $5.00 to $9.99............................................................................................................ 1,505

2,771 1,547 652

1,427

2,917 1,593 674

$10.00 to $14.99........................................................................................................ $15.00 to $19.99........................................................................................................ $20.00 to $24.99........................................................................................................

$25.00 to $29.99....................................................................................................... 254 255 $30.00 to $34.99....................................................................................................... 104 102 $35.00 to $39.99....................................................................................................... 36 38 $40.00 or m ore.......................................................................................................... 37 36

The adjusted capital account obtained by the uniform examination procedure amounted to $884 million, or 12.8 percent of the adjusted 

value of assets, compared with the computed adjusted capital account of $873 million, or 12.6 percent of the adjusted value of assets, obtained 

under the procedure followed by the Corporation in 1937 and early

1938. A comparison of the distribution of banks according to their capital ratios, computed in accordance with the uniform procedure 

and in accordance with the Corporation's practice followed prior to adoption of the uniform procedure, is presented in Table 37. A 

more detailed distribution is given in Table 38. The tables reveal that fewer banks show very low capital ratios under the uniform 

procedure than under the procedure previously followed by the 

Corporation.

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DEVELOPMENT OF UNIFORM EXAMINATION 71

Table 38. DISTRIBUTION OF NUMBER OF BANKS ACCORDING TO CAPITAL RATIOS

Computed Under Original and Uniform Examination Procedures

INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

Banks grouped accord­ ing to adjusted capital account per $100 of ad­ justed value of assets (original procedure)—

All banks

Banks with adjusted capital account per $100 of adjusted value of assets (uniform procedure) of—

$0.00

or less

$0.01 to $4.99

$5.00 to $9.99

$10.00 to $14.99$15.00 to $19.99

$20.00 to $24.99$25.00 to $29.99

$30.00 to $34.99

$35.00 to $39.99$40.00

or

more

All b a n k s....................... 7,094

33 155 1,505

2,771 1,547 652

254 1043637

7

7

45

8

334

1,427

14 103 1,108

202

2,917

4

18 387

2,353 155

1,593 674 255 102 38 36

$0.00 or less............... $0.01 to $4.99............ 1

6

210 1,31956

$5.00 to $9.99............

$10.00 to $14.99 5

73 565

292

1

$15.00 to $19.99 $20.00 to $24.99........ 30

2159

1

10901

$25.00 to $29.99. $30.00 to $34.99. 3

35$35.00 to $39.99.

$40.00 or m ore......... 1 36

C o n clu sio n . The uniform procedure represents improvement in practice. Confusion of objectives, which had resulted from use of the term “slow” in classifying assets, has been eliminated. Valuation of securities has been placed on a basis more nearly comparable with that used for other assets, namely, appraisal of risk of loss through 

inability of obligor to pay.

Under conditions existing in 1938 the uniform procedure does not materially alter the general picture obtained under the Corporation's earlier procedure. As compared with the procedure previously followed by the Corporation, a more optimistic picture of the banks in a weak position is given by the uniform procedure. On the other hand, a slightly less favorable picture is given of some banks in a sound position, particularly those with a large proportion of securities.

Exhibit A

Recommendation of the Executive Committee of the N ational

Association of Supervisors of State Banks Regarding

Slow Classification, Adopted April 5, 1938

The Executive Committee of the National Association of Supervisors of State

Banks recommends that the term “Slow” no longer be used to designate a loan

classification in connection with examinations of State banks and that the term

“Substandard” be substituted therefor. The Committee recommends the adoption

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

of this change by all Supervisory Authorities. The Federal Deposit Insurance

Corporation is currently adjusting its examination report form in conformance

with this policy.

This change is principally one of terminology and not one of definition. It is

believed that the present outstanding instructions of the several State Authorities

and the Federal Deposit Insurance Corporation as to the type of loan which should

be classified as Slow are satisfactory. These same instructions should perhaps

be reiterated in connection with the new term “Substandard.”

The real difficulty has been that the word “Slow” was neither accurate nor

descriptive of the loans which the instructions indicated should be so classified.

Somewhat as a result of this ambiguity in terminology, there has been an apparent

tendency upon the part of some examiners to criticize, by including in the Slow

column, loans sound as to ultimate repayment although not immediately collectible. With the adoption of the term “Substandard” the inconsistency between

the title of the column and its real purpose is finally cleared up.

The Slow column originated as a definite classification in national bank examina -

tions during the Comptrollership of John Skelton Williams at which time the

theory that commercial banks should make only self-liquidating seasonal loans

was widely held. It was probably intended when the column was inaugurated,

that inclusion of a loan in the Slow column would be determined in large measure

by whether the loan conformed to the tenets of that theory. Strict application

of that principle, however, has never been feasible as a practical matter, since it

would have necessitated the Slow classification of a large percentage of all loans

in commercial banks.

Nevertheless the self-liquidating loan theory, if not applicable to the letter

was until 1934 an important coloring influence in the use of the Slow category.

The result of this influence was that prior to 1934 the column served for the inclusion of two rather separate and distinct types of loans: (1) loans which were

slow in a technical sense but which were nonetheless intrinsically sound and collectible, and (2) loans concerning which there was some question as to the ultimate

repayment. As a result of the Examiners’ Conference of 1934 called by Secretary

Morgenthau, the column was defined to exclude loans of the first type and to include

only those of the second; that is, only loans which had unfavorable or criticizable

characteristics which, unless corrected and the loan placed in proper bankable

shape, might lead to an eventual loss.

The fundamental characteristic, therefore, of loans which were to be classified

in the Slow column was not their slowness in a literal sense but whether they were

of satisfactory quality as credit risks. Resultingly, there existed an unfortunate

inconsistency between the caption of the column and what it was to include. It

is believed that adoption of the word “Substandard” will remove this inconsistency.

It should also be mentioned that renaming the Slow column will increase its

general usefulness. While at present loans of unsatisfactory credit quality and other

real estate, not classified as Doubtful or Loss, may be included in the Slow column,

there is no place in the Examiner’s Summary of Classified Assets for the inclusion

of all securities of inferior credit quality. If the emphasis of the caption of the

column is upon the quality of assets and upon their general desirability as bank

holdings, securities of inferior grade can be included. The present word “Slow”

precludes such inclusion since many issues of a substandard character are marketable

under certain circumstances. Alteration of the caption of the column will, therefore,

permit recapitulation in examination reports of all assets, not Doubtful or Loss,

which are substandard for banks.

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Exhibit B

S t a t e m e n t R e l e a s e d t o P r e s s J u n e 27, 1938, R e g a r d in g C l a s s if ic a t i o n

o f L o a n s i n B a n k E x a m i n a t io n s

Agreed to by the Secretary of the Treasury, the Board of Governors of the Federal Reserve

System, the Directors of the Federal Deposit Insurance

Corporation, and the Comptroller of the Currency.

The present captions of the classification units, namely, “Slow,” “Doubtful,” and

“Loss” are to be abandoned;

The classification units hereafter will be designated numerically and the following

definitions thereof will be printed in examination reports:

I. Loans or portions thereof the repayment of which appears assured.

These loans are not classified in the examination report.

II. Loans or portions thereof which appear to involve a substantial and

unreasonable degree of risk to the bank by reason of an unfavorable record or

other unsatisfactory characteristics noted in the examiner’s comments.

There exists in such loans the possibility of future loss to the bank unless they

receive the careful and continued attention of the bank’s management. No

loan is so classified if ultimate repayment seems reasonably assured in view

of the sound net worth of the maker or endorser, his earning capacity and

character, or the protection of collateral or other security of sound intrinsic

value.

III. Loans or portions thereof the ultimate collection of which is doubtful

and in which a substantial loss is probable but not yet definitely ascertainable

in amount. Loans so classified should receive the vigorous attention of the

management with a view to salvaging whatever value may remain.

IV. Loans or portions thereof regarded by the examiner for reasons set forth

in his comments as uncollectible and as estimated losses. Amounts so

classified should be promptly charged off.

Present practice will be continued under which the totals of II, III, and IV above

are included in the recapitulation or summary of examiners’ classifications.

Fifty percent of the total of III above and all of IV above will be deducted in

computing the net sound capital of the bank.

Exhibit C

P o l ic y o f S e c u r i t i e s V a l u a t io n b y B a n k E x a m i n e r s

Endorsed by the Executive Committee of the National Association

of Supervisors of State Banks, April 5, 1938

I. A sound policy for valuing securites held by banks should accomplish the

following:

1. Discourage speculative in and out trading;

2. Encourage purchase of only high grade securities for investment

purposes;

3. Induce the write-down and gradual disposal of presently held securities

of inferior grade;

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4. Provide for segregation of all profits on securities sold in a special

liability or valuation account;

5. Provide for an amortization program with respect to securities purchased at a premium;

6. Provide a valuation method which is equitable regardless of market

fluctuations.

II. A bond valuation policy which places chief reliance on market quotations is

unsatisfactory.

1. Speculative trading in bonds is encouraged.

a. Bankers holding high grade securities as investments are penalized in times of low market prices and by inference are criticized

for not having sold their holdings when apparent profits could

have been realized.

b. The banking system as a whole cannot successfully speculate in

the bond market since, for the most part, one bank's sales are

another bank’s purchases.

2. Certain injustices result at present because of different appraisal

treatment of bonds as compared with loans and real estate. In times

low bond prices, banks with mediocre loans or large real estate holdings

appear in a more favorable light than banks holding relatively large

portfolios of high grade bonds. In times of high bond prices, the

banks with large bond portfolios appear in an unduly favorable light.

3. The amount of securities held by insured banks is approximately three

times their capital. Consequently a rise of 5 percent in the bond

market appears to result in a 15 percent increase in net capital.

Conversely, a decline of 5 percent appears to decrease net capital by

15 percent. Therefore, the conclusions of bank supervisors as to the

net capital of the banks are largely dominated by the state of the bond

market. Under present practice, the banks can trade their securities

when the market rises 5 percent, giving the impression of a 15 percent

profit on capital, while when the market falls 5 percent we attempt to

get the banks to take a loss at the rate of 15 percent on capital.

III. It is unanimously recommended by the Executive Committee that, effective

immediately and until further notice, the following rules for bond valuation

shall apply to examination of banks by examiners of State Supervisory

Authorities:

1. Securities of the three highest credit ratings and other securities of

equivalent credit status:

a. Market price is to be ignored;

b. Valuation is to be at cost. (By “cost,” wherever used in this

memorandum, is meant “cost less amortization or book, whichever is lower.”)

2. Securities of the fourth highest credit rating, unrated securities of

equivalent credit status and Group II securities shall be priced at

market, but for net balance sheet purposes, shall be valued at cost.

a. Market price of this class of securities will appear in the report

as a memorandum item but will not be taken into consideration

in computing net sound capital nor in computing estimated loss.

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DEVELOPMENT OF UNIFORM EXAMINATION 75

3. Groups III and IV securities shall be valued at market and any net

market depreciation on the total securities of these classes held by

banks shall enter into the computation of net sound capital and

estimated loss. If there is net unrealized appreciation, it shall be

ignored.

4. All profits realized from the sale of securities shall be segregated in a

special liability or valuation account.

5. Even though a bank does not place net realized security appreciation

(profits from sale) in a valuation account, the examiners shall so treat

all net security appreciation realized after June 30, 1938.

6. All banks shall be discouraged from henceforth purchasing securities

of a credit quality below that which is generally required of rated

bonds which appear in the three highest grades.

Exhibit D

S t a t e m e n t R e l e a s e d t o P r e s s J u n e 27, 1938, R e g a r d in g t h e A p p r a is a l

o f B o n d s a n d t h e T r e a t m e n t o f S e c u r i t i e s P r o f i t s i n B a n k E x a m i n a t io n s

Agreed to by the Secretary of the Treasury, the Board of Governors of the Federal Reserve

System, the Directors of the Federal Deposit Insurance

Corporation, and the Comptroller of the Currency.

The appraisal of bonds in bank examinations. Neither appreciation nor depreciation in Group I securities will be shown in the report. Neither will be taken

into account in figuring net sound capital of the bank.

Group I securities are marketable obligations in which the investment

characteristics are not distinctly or predominantly speculative. This

group includes general market obligations in the four highest grades and

unrated securities of equivalent value.

The securities in Group II will be valued at the average market price for eighteen

months just preceding examination and fifty percent of the net depreciation will be

deducted in computing the net sound capital.

Group II securities are those in which the investment characteristics are

distinctly or predominantly speculative. This group includes general

market obligations in grades below the four highest, and unrated securities

of equivalent value.

Present practice will be continued under which net depreciation in the securities

in Group III and Group IV are classified as loss.

Group III securities: Securities in default.

Group IV securities: Stocks.

Present practice will be continued under which premiums on securities purchased

at a premium must be amortized.

Present practice of listing all securities and showing their book value will be

continued.

The treatment of securities profits in bank examinations. Until losses have

been written off and adequate reserves established, the use of profits from the sale

of securities for any purpose other than those, will not be approved.

Present practice will be continued under which estimated losses must be charged

off.

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Present practice will be continued under which the establishment and maintenance

of adequate reserves, including reserves against the securities account, are encouraged.

Present practice will be continued under which speculation in securities is criticized

and penalized.

Exhibit E

A n a l y s is o f A s s e t s a n d C a p it a l A c c o u n t s U n d e r

U n if o r m E x a m in a t io n P r o c e d u r e

The analysis of assets and of capital accounts under the uniform examination

procedure is shown in Tables 39 to 41.

Table 39. A n a l y s is OF SECURITIES UN DER THE UNIFORM EXAMINATION

P r o c e d u r e A d o p t e d i n 1938

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

(Amounts in thousands of dollars)

Line

1

2

3

4

1011

1213

Book value: Gross book value.............................. Allocations to security accounts: Bond premium accounts............ Valuation allowances.................. N et book v a lu e......................

A ppraised value (items on books): Appraisal by uniform procedure2. Excessive appraisal disallowed3. . . N et a p p raised v a lu e............

N et d e p rec ia tio n (difference betw een n e t book value a n d n e t a p p raised v a lu e ).

A d ju sted value: N et book value................................... Examiners’ deductions5..................... A d ju ste d value of ite m s on b o o k s ....................................... Examiners’ additions8............... A d ju sted v a lu e....................

Group1

securities 1 2 3 4

2,527,486 2,187,216 209,757 48,062 82,451

+532 +532 -30,055 -4.261 -7,365 -18,429 2,497,963 2,183,487 202,392 112,084

2,466,820 2,183,354 185,946 97,520 -9,494 -1,200 -8,294 2,457,326 2,183,354(1) 184,746(11) 89,226(11

40,637 <133(IV) 17,646(111) 22,858(IV)

2,497,963 2,183,487 202,392 112,084 -31,814 -133 -8,823 -22,858

2,466,149 2,183,354 193,569 89,226 + 1,206 +1,206 2,467,355 2,183,354 284,001

1 For definition of groups, see page 75. Roman numerals in parenthesis show examiners’ classi­ fication of net book value. 2 Group 1—net book value less write-ups on books and premiums not properly amortized. Group 2—average m arket price over the preceding 18 months. Groups 3 and 4—market value. * Amounts by which total appraised value exceeds net book value of any group in individual banks. 4 Write-ups in book value above cost and premiums not properly amortized. 6 Half of Classification III and all of Classification IV—th at is, one-half of net depreciation in Group 2, and all of net depreciation in Groups 1,3, and 4. • Determinable sound banking values not on books.

Table 39 illustrates the manner in which the securities of the banks are appraised

and classified. Line 1 shows the book value of securities in each group. Line 4

shows the net value of each group after adding in the bond premium account and

subtracting out the valuation allowances as allocated by the examiners.

Line 5 in Table 39 shows the appraised value of securities as determined in

accordance with the uniform procedure. The appraised value of Group 1 securities

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DEVELOPMENT OF UNIFORM EXAMINATION 77

is cost less amortization, or book value, whichever is lower. The appraised value

of Group 2 securities is determined on the basis of 18-months’ average prices.

The appraised values of Groups 3 and 4 are based on market values at the time

of examination. From the appraised values are deducted those amounts which

under the procedure are excessive. Such excessive appraisals consist of those

amounts by which the appraised values exceed the book values of any given group

in any individual bank.

The net appraised value obtained in line 7 is deducted from the net book value

shown in line 4 to obtain the net depreciation shown in line 8. The net depreciation

in Group 1 consists of write-ups in book value above cost and premiums not properly

amortized.

The net appraised value obtained in line 7 and the net depreciation shown in

line 8 are carried into the adjusted balance sheet and the classifications in the

following manner:

N et appraised value of Group 1 is placed in Classification I;

Net appraised values of Groups 2, 3, and 4 are placed in Classification II;

N et depreciation in Group 2 is placed in Classification III;

N et depreciation in Groups 1, 3, and 4 is placed in Classification IV.

The analysis of the assets of the banks is shown in Table 40. The examiners’

deductions consist of the total of Classification IV and 50 percent of the total of

Classification III. The examiners’ evaluation of assets not on the books is added.

The “not criticized” adjusted value of assets is the total of Classification I. The

adjusted value of substandard assets consists of the total of Classification II, 50

percent of the total of Classification III, and values not on the books.

Table 40. A n a l y s is OF ASSETS UN DER THE UNIFORM EXAMINATION PROCEDURE

A d o p t e d i n 1938

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

(Amounts in thousands of dollars)

E x am in ers’ classificatio n s of book v a lu e :

I ................................................................ I I .............................................................. II I —■ 50 percent to be deducted........ IV—100 percent to be deducted........

T o ta l (net) book v a lu e.................

E x am in ers’ a d ju s tm e n ts : 50 percent of Classification I I I ........... 100 percent of Classification IV ........... Determinable sound banking values not on books..............................................

E x am in ers’ n e t d e d u c tio n s . . . .

A d ju sted valu e of a sse ts—t o ta l.......... N ot criticized®........................................... Substandard4.............................................

Total assets

6,022,149 875,368 33,904 94,067

7,025,488

2-16,969 -94,067

+3,406

-107,630

6,917,858 6,022,149 895,709

Type of asset

Cash and due from banks

1,510,265

1,510,265

1.510.265 1.510.265

Securities1

2,183,354 273,972 17,646 22,991

2,497,963

-8,823 -22,991

+ 1,206

-30,608

2,467,355 2,183,354 284,001

Loans, discounts, and over­ drafts

2,178,117 370,640 14,702 37,510

2,600,969

-7,351 -37,510

+488

-44,373

2,556,596 2,178,117 378,479

Miscellaneous

150,413 230,756 1,556 33,566

416,291

2-795 -33,566

+1,712

-32,649

383,642 150,413 233,229

1 See Table 39. 2 Difference of $17,000 is due to rounding of figures of individual banks. 3 All assets in Classification I. 4 All assets in Classification II, one-half of those in Classification III, and items not on books.

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The analysis of the capital accounts is shown in Table 41. The addition of

$3,406,000 corresponds with the items not on books shown in the previous table.

The deductions consist of the same deductions used in obtaining the adjusted value

of assets, plus the amount of liabilities which are not shown on books but are determined by the examiner to exist. For the insured commercial State banks not

members of the Federal Reserve System examined during 1938, examiners' net

deductions amounted to $111,092,000, leaving an adjusted capital account of

$883,582,000.

Table 41. ANALYSIS OF CAPITAL ACCOUNTS UN DER THE UNIFORM EXAMINATION

P r o c e d u r e A d o p t e d i n 19381

7,094 INSURED COMMERCIAL STATE BANKS NOT MEMBERS OF THE 

FEDERAL RESERVE SYSTEM EXAMINED IN 1938

(Amounts in thousands of dollars)

T o ta l c a p ita l a c c o u n ts—book value 994,674

A d d itio n : Determinable sound banking values not on books 3,406

D e d u c tio n s: 50 percent of Classification III of total assets 16,969 94,067 3,462 114,498 Classification IV of total assets Determinable liabilities not on books

E x am in ers’ n e t d e d u ctio n s 

A d ju sted c a p ita l a c c o u n t. . . ,

111,092

883,582

1 For determination of adjusted capital account under the original procedure, see Table 36, page 69.

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Insurance of B ank D epo sits, 1938

On September 21, 1938, deposits insured by the Federal Deposit Insurance Corporation amounted to $22.6 billion. On that date, 13,705 operating insured commercial banks reported more than 61 million deposit accounts, of which more than 60 million, or 98.4 percent, were accounts with balances not in excess of $5,000, the maximum insurance for each depositor.1 These banks reported total deposits of $48 billion, of which $21.7 billion, or 45 percent, were insured. The 49 operating insured mutual savings banks reported total accounts numbering 1,339,000, of which 1,291,000, or 96.4 percent, were accounts with balances not in excess of $5,000. These banks reported total deposits amounting to $1 billion, of which $0.9 billion, or 90 percent, were insured.

OPERATING INSURED COMMERCIAL BANKS

In su ra n ce coverage, 1938, 1936, an d 1934. Between October 1, 1934, the first date on which insured banks reported their insured deposits with a maximum coverage of $5,000, and September 21, 1938, deposits in insured commercial banks increased by one-third, from $36 billion to $48 billion. Of this increase, $9 billion occurred between October 1, 1934, and May 13, 1936, the date of the last preceding call for insured deposits. The remaining growth of $3 billion oc­ curred between May 13, 1936, and September 21, 1938.

More than half of the increase between October 1, 1934, and May 13, 1936, was in large accounts, and the percent of deposits insured declined from 43.5 to 43.3.2 The relatively greater growth of deposits in large accounts was chiefly in the banks with deposits of more than $50,000,000 each. In all other size groups of banks the growth was greater in the smaller accounts, and the percent of deposits insured increased. The figures are shown in Table 42.

The growth in deposits from May 13, 1936, to September 21, 1938, was greater in small accounts than in large accounts, and the percent 

of deposits insured increased from 43.3 to 45.0. Small banks con­ tinued to show an increase in the percent of their deposits insured.

1 On the average, the number of depositors in each bank, as defined for insurance purposes, is about 10 percent less than the number of accounts. The percent of deposits stated to be insured in all insured banks is estimated to be higher by about 1 percent of total deposits than the percent actually protected by insurance. A more detailed discussion of these differences and of the limitations of the data is con­ tained in Appendix A, page 90. The form used in obtaining the data, Form 89— Call No. 2, Summary of Deposits At Close of Business, September 21, 1938, and instructions for the preparation of the form, are given in P art Four, pp. 109-11 of this report. 2 The method used for reporting insured deposits in 1936 and 1938 caused an overstatem ent of approximately 1 percent of total deposits in the percent of deposits insured. See Appendix A, page 90. 79

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Banks with deposits in excess of $50,000,000 each also showed an increase in coverage from 25.2 to 26.5 percent of deposits, in contrast to the change occurring in the earlier period. This increase in 

insurance coverage in banks with deposits of more than $50,000,000 each reflected chiefly a relatively greater growth in balances in small accounts than in large accounts. In the 108 banks in this size group on both May 13, 1936, and September 21, 1938, the proportion of 

deposits insured increased from 25.1 to 26.3 percent. The addition to the group of 12 banks in which insurance coverage averaged 33.2 percent, or more than the average for the group as a whole, increased the coverage but slightly.

Table 42. INSURANCE PROTECTION W lT H A MAXIMUM COVERAGE OF $5,000

S e p t e m b e r 21, 1938, M a y 13, 1936, a n d O c t o b e r 1, 1934

INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS

Percent of accounts of $5,000 or less Percent of deposits insured

Sept. 21, 1938 May 13, 1936 Oct. 1, 1934 Sept. 21, 1938 M ay 13, 1936 Oct. 1, 1934

All b a n k s .................................... 98.4% 98.4% 98.5% 45.0% 43.3% 43.5%

B an k s w ith d ep o sits o f- $100,000 or less...................... 99.8 99.8 99.7 95.2 95.1 91.7 $100,000 to $250,000............ 99.6 99.6 99.6 91.5 90.3 86.9 $250,000 to $500,000............ 99.4 99.4 99.4 87.8 86.4 83.1

$500,000 to $1,000,000 99.2 99.2 99.3 84.0 82.2 78.8 $1,000,000 to $2,000,000___ 99.0 99.0 99.1 79.8 78.1 74.6 $2,000,000 to $5,000,000... . 98.8 98.8 98.8 74.0 72.2 69.1

$5,000,000 to $50,000,000... 98.3 98.2 98.3 55.5 52.2 49.6 More than $50,000,000........ 97.1 97.0 97.2 26.5 25.2 25.7

From 1934 to 1938 little change occurred in the distribution of accounts between those of $5,000 or less and those of more than $5,000 in banks grouped by size. The figures are shown in Table 42.

Table 43. NUM BER OF INSURED COMMERCIAL BANKS

S e p t e m b e r 21, 1938, M a y 13, 1936, a n d O c t o b e r 1, 1934

GROUPED BY AMOUNT OF DEPOSITS

Sept. 21, 1938 M ay 13, 1936 Oct. 1, 1934

All b a n k s ....................................................................................................... 13,705 14,085 14,060

B an k s w ith d ep o sits of— $100,000 or less.......................................................................................... 570 917 1,513 $100,000 to $250,000................................................................................ 2,592 3,028 3,593 $250,000 to $500,000................................................................................ 3,203 3,300 3,115

$500,000 to $1,000,000............................................................................. 2,913 2,751 2,421 $1,000,000 to $2,000,000.......................................................................... 2,052 1,926 1,631 $2,000,000 to $5,000,000.......................................................................... 1,411 1,282 1,060

$5,000,000 to $10,000,000........................................................................ 484 441 | 631 $10,000,000 to $50,000,000..................................................................... 360 331 More than $50,000,000............................................................................ 120 109 96

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Table 44. N u m b e r OF ACCOUNTS IN INSURED COMMERCIAL BANKS

S e p t e m b e r 21, 1938, M a y 13, 1936, a n d O c t o b e r 1, 1934

BANKS GROUPED BY AMOUNT OF DEPOSITS 

(Number of accounts in thousands)

All accounts Accounts of $5,000 or less

Sept. 21, 1938 M ay 13, 1936 Oct. 1, 1934 Sept. 21, 1938 M ay 13, 1936 Oct. 1, 1934

All b a n k s.................................... 61,392 57,398 49,751 60,399 56,476 49,021

B anks w ith depo sits o f- $100,000 or less...................... 244 401 620 244 400 619 $100,000 to $250,000............ 1,925 2,279 2,749 1,917 2,270 2,737 $250,000 to $500,000............ 3,993 4,245 4,126 3,970 4,220 4,103

$500,000 to $1,000,000 6,197 6,058 5,592 6,147 6,012 5,552 $1,000,000 to $2,000,000... . 7,773 7,343 6,256 7,696 7,270 6,199 $2,000,000 to $5,000,000... . 10,082 9,054 7,509 9,963 8,946 7,422

$5,000,000 to $50,000,000... 16,262 14,518 12,042 15,981 14,261 11,840 More than $50,000,000......... 14,916 13,500 10,857 14,481 13,097 10,549

The growth in deposits over the four-year period caused marked changes in the distribution of banks by size. Although the total number of operating insured commercial banks declined by 355 between October 1, 1934, and September 21, 1938, the number of banks with deposits of more than $250,000 each increased. The number of banks with deposits of not more than $250,000 each was reduced by 1,944. The banks with deposits of not more than $100,000 each numbered only 570 on September 21, 1938, approximately one-third of the number in this size group on October 1, 1934. The number of banks in each size group in 1938, 1936, and 1934 is shown in Table 43. The number of accounts, amount of deposits, and amount of insured deposits in the banks in each size group are shown in Tables 44 and 45.

Table 45. DEPOSITS INSURED W lT H A MAXIMUM COVERAGE OF $5,000

S e p t e m b e r 21, 1938, M a y 13, 1936, a n d O c t o b e r 1, 1934

INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS

Total deposits 

(In millions of dollars)

Insured deposits 

(In millions of dollars)

Sept. 21, 1938 May 13, 1936 Oct. 1, 1934 Sept. 21, 1938 May 13, 1936 Oct. 1, 1934

All b a n k s .................................... 48,220 45,188 35,988 21,705 19,578 15,654

B an k s w ith d eposits o f- $100,000 or less...................... 41 64 100 39 61 92 $100,000 to $250,000............ 457 527 612 418 476 532 $250,000 to $500,000............ 1,157 1,190 1,111 1,017 1,029 923

$500,000 to $1,000,000......... 2,078 1,950 1,717 1,746 1,602 1,352 $1,000,000 to $2,000,000... . 2,892 2,703 2,280 2,310 2,111 1,701 $2,000,000 to $5,000,000... . 4,306 3,880 3,193 3,189 2,800 2,207

$5,000,000 to $50,000,000... 10,647 9,980 8,027 5,911 5,215 3,981 More than $50,000,000........ 26,642 24,894 18,948 7,075 6,284 4,866

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The decline in number of banks with deposits of not more than $250,000 each was accompanied by a decline in number of accounts, amount of deposits, and amount of insured deposits. In banks with deposits of from $250,000 to $500,000 each, increases occurred in these three items between October 1, 1934, and May 13, 1936, and decreases between the latter date and September 21, 1938. In all other size groups, increases were shown on both dates.

The insurance protection given to deposits was greater in 1938 than in 1936. The number of banks whose deposits were fully pro­ tected decreased from 580 in 1936 to 456 in 1938, but the banks 

whose deposits were insured from 90 to 99 percent and from 80 to 89 percent increased both in number and in relative importance during the period. Table 46 shows a classification of banks in 1938 and 1936 according to the percent of their deposits insured.

Table 46. NUM BER AND PERCENTAGE DISTRIBU TIO N OF INSURED

C o m m e r c ia l B a n k s, S e p t e m b e r 21, 1938, a n d M a y 13, 1936

GROUPED BY PERCENT OF DEPOSITS INSURED

Num ber of banks Percent of total Cumulative percent

Sept. 21, 1938 M ay 13, 1936 Sept. 21, 1938 M ay 13, 1936 Sept. 21, 1938 M av 13, 1936

All b a n k s .................................... 13,705 14,085 100.0% 100.0%

B an k s w ith p e rc e n t of d ep o sits in su re d o f- 100 percent.............................. 456 580 3.3 4.1 3.3% 4.1% 90 to 99 percent..................... 4,602 4,419 33.6 31.3 36.9 35.4 80 to 89 percent..................... 4,508 4,362 32.9 31.0 69.8 66.4

70 to 79 percent..................... 2,335 2,567 17.0 18.2 86.8 84.6 60 to 69 percent..................... 995 1,194 7.3 8.5 94.1 93.1 50 to 59 percent..................... 395 491 2.9 3.5 97.0 96.6

40 to 49 percent..................... 187 221 1.4 1.6 98.4 98.2 30 to 39 percent..................... 126 144 .9 1.0 99.3 99.2 20 to 29 percent..................... 59 67 .4 .5 99.7 99.7 Less than 20 percent............ 42 40 .3 .3 100.0 100.0

N O TE: The data for M ay 13, 1936, were prepared as a part of a Works Progress Administration project in New York City.

In suran ce coverage by type o f d ep osit, 1938 and 1936. The distribution of deposits according to type changed during the period 

between May 13, 1936, and September 21, 1938. Figures comparing 

accounts and deposits on the two dates by type are shown in Tables 47 and 48.

Deposits of individuals, partnerships, and corporations and of 

other banks increased both relatively and in amount, while those of 

governmental units decreased. Individuals, partnerships, and cor­ porations held 73.8 percent of total deposits in 1938 as compared with 71.5 percent in 1936.

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Table 47. N u m b e r AND A v e r a g e SlZE OF ACCOUNTS IN INSURED 

C o m m e r c ia l B a n k s, S e p t e m b e r 21, 1938, a n d M a y 13, 1936

GROUPED BY TYPE OF DEPOSIT

Num ber of accounts (in thousands) Average size

Total $5,000 or less of all accounts

Sept. 21, 1938 M ay 13, 1936 Sept. 21, 1938 M ay 13, 1936 Sept. 21, 1938 M ay 13, 1936

T o ta l............................................ 61,392 57,398 60,399 56,476 $785 $787

T ype of dep o sit Deposits of individuals, part­ nerships, and corporations: D em and........................... 23,770 22,106 23,312 21,690 924 893 Savings and tim e........... 34,323 32,563 33,954 32,231 397 386 In terb an k ................................ 97 93 29 27 69,994 67,609 Public funds of States and their political subdivisions 249 244 200 195 12,517 13,795 U. S. Government and postal savings................................. 17 14 13 9 49,660 84,717 Uninvested trust funds........ 579 516 554 490 1,722 2,228 D ra fts....................................... 596 469 586 459 564 679 Other item s............................. 1,761 1,393 1,751 1,375 312 419

The growth in demand deposits of individuals, partnerships, and corporations of $2,235 million was so distributed between large and small accounts that the insurance protection given such accounts remained unchanged at 38 percent. The growth in savings and time deposits of individuals, partnerships, and corporations of $1,053 million was predominantly in small accounts. Uninsured deposits decreased by $153 million, and insurance protection increased from 82 percent in 1936 to 84 percent in 1938. Interbank deposits inTable 48. D EPO SITS IN INSURED COMMERCIAL BANKS INSURED W lT H A MAXIMUM 

C o v e r a g e o f $5,000, S e p t e m b e r 21, 1938, a n d M a y 13, 1936

GROUPED BY TYPE OF DEPOSIT

Amount of deposits (in millions of dollars) Percent of

Total Insured deposits insured

Sept. 21, 1938 May 13, 1936 Sept. 21, 1938 M ay 13, 1936 Sept. 21, 1938 M ay 18, 1936

T o ta l............................................ 48,220 45,188 21,705 19,578 45% 43%

T ype of d ep o sit Deposits of individuals, part­ nerships, and corporations: D em and........................... 21,972 19,737 8,535 7,620 38 38 Savings and tim e........... 13,612 12,559 11,557 10,351 84 82 In terb an k................................ 6,798 6,315 396 379 5 6

Public funds of States and their political subdivisions 3,116 3,360 425 422 13 12 U. S. Government and postal savings................................. 839 1,165 34 37 4 3 Uninvested tru st funds........ 997 1,150 356 343 35 30 D ra fts....................................... 336 318 167 167 49 52 Other item s............................. 550 584 235 259 42 44

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creased by $483 million, $17 million in the insured portion and $466 million in the uninsured portion. As a result, the insurance protection given interbank deposits declined from 6 percent to 5 percent. The average size of account in these three types of deposit increased.

United States Government and postal savings deposits, public funds of States and their political subdivisions, and uninvested trust funds decreased in amount from May 13,1936, to September 21,1938. The decrease was in the large accounts. Both the amount and the percent of deposits insured increased in the accounts of States and their political subdivisions and in the accounts of trust departments. The average size of these accounts decreased.

B anks m em bers o f th e Federal Reserve S ystem , 1938 and 1933. On May 13, 1933, the 5,500 licensed banks which were members of the Federal Reserve System reported more than 30 million accounts and total deposits of $23.5 billion. On September 21, 1938, the 6,340 such banks reported more than 45 million accounts and total deposits of $41.9 billion. Little change occurred in the distribution 

of these accounts by size, but the proportion of deposits in small accounts was reduced while that in large accounts was increased. The figures are shown in Table 49.

Table 49. PERCENTAGE DISTRIBUTION OF ACCOUNTS AND D EPO SITS BY SIZE OF

A c c o u n t , S e p t e m b e r 21, 1938, a n d M a y 13, 1933

BANKS MEMBERS OF THE FEDERAL RESERVE SYSTEM

Number of accounts Amount of deposits

Sept. 21, 1938 M ay 13, 19331 Sept. 21, 1938 M ay 13, 19331

A ccounts w ith balances of— $5,000 or less....................................................................... $5,001 to $10,000............................................................... More than $10,000............................................................

100.0%

98.21.0.8

100.0%

98.4.9.7

100.0%

30.4 7.3 62.3

100.0%

31.8 7.8 60.4

1 Source: Federal Reserve Bulletin, July 1933, p. 414.

Insurance p rotection w ith $5,000, $10,000, and $25,000 m axim u m

coverage. On September 21, 1938, under the provisions of existing law limiting insurance protection to $5,000 for each depositor in any one bank, $21.7 billion of deposits were insured. An increase in the limit to $10,000 would have increased insured deposits to $24.8 

billion, while an increase to $25,000 would have increased insured deposits to $28.7 billion. The proportion of deposits insured would 

have increased from 45 percent under the $5,000 limitation to 51 

percent and 59 percent under the $10,000 and $25,000 limits, re­ spectively. The figures are shown in Table 56, page 93.

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Banks with 100 percent insurance of their deposits would have increased in number from 456 to 2,078 with a $10,000 limitation and to 6,001 with a $25,000 limitation. These banks held total deposits of $51 million, $397 million, and $2,068 million, respectively. Under a $10,000 provision, deposits would have been insured 80 percent or more in 11,580 banks, compared with 12,790 banks under a $25,000 provision and 9,566 banks under the $5,000 provision. The figures are shown in Table 57, page 94.

Of the 61,392,000 accounts, there were 428,000 with balances of more than $10,000 each and only 174,000 with balances of more than $25,000 each. As a consequence, a maximum coverage of $10,000 would have provided full insurance protection to 99.3 percent of the accounts, while a maximum of $25,000 would have provided full protection to 99.7 percent of the accounts. Under existing law, 98.4 percent of the accounts were estimated to be fully protected by insurance.

Increase in coverage to $10,000 or to $25,000 would have increased substantially the insurance protection of the general public. The coverage on demand deposits of individuals, partnerships, and corporations, which was 38 percent under the $5,000 limit, would have been 46 percent under a $10,000 limit and 55 percent under a $25,000 limit. Insurance coverage on their savings and time deposits, which was 84 percent, would have been 90 percent and 94 percent, respectively. The corresponding figures for interbank deposits were 5 percent, 10 percent, and 20 percent. Insurance coverage of other types of deposits would have increased considerably under either a $10,000 or $25,000 provision. A large part of these deposits are protected, in addition to insurance, by pledge of collateral or priority. Accounts and deposits covered by maximum insurance of $5,000, $10,000, and $25,000 are given in Tables 55 and 56, pages 92 and 93.

Coverage would have increased relatively little under higher limits of insurance in small banks where the accounts were generally small 

and the percent of deposits insured was high. The increase would 

have been greater in the large banks. With the $10,000 maximum, 

as with the $5,000 maximum, approximately half of the insured 

deposits would have been in the 480 banks with deposits of more than $10,000,000 each. These banks would have held somewhat more than half of all insured deposits under the $25,000 limitation. 

The figures are shown in Tables 55 and 56, pages 92 and 93.

Tables 58, 59, and 60, show by class of bank and by State the insurance protection provided under the three different limitations. Differences in coverage among various classes of banks and among

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banks in the various States are the result of differences in the size of the banks and in the type of deposits held. The percent of deposits insured is about the same in comparable size groups of banks of all classes. The tables will be found on pages 95 to 97.

OPERATING INSURED MUTUAL SAVINGS BANKS

In suran ce o f d ep osits, 1938 and 1936. Between May 13, 1936, and September 21, 1938, the number of mutual savings banks insured by the Federal Deposit Insurance Corporation declined from 56 to 49. One bank was placed in receivership and depositors were paid by the Corporation; one bank went into voluntary liquidation; six banks which had operated as independent unit banks merged into one to form a branch banking system.

The aggregate amount of deposits in these banks increased by $24 million to $1,004 million. Insured deposits increased by $26 million to $905 million. The percent of deposits insured increased from 89 to 90 percent. The number of accounts declined slightly between 1936 and 1938. The decrease was in accounts of $5,000 or less. The figures for September 21, 1938, with banks grouped by size and by State are given in Tables 61 and 62, pages 98 and 99.

In suran ce p rotection w ith $5,000, $10,000, and $25,000 m ax im u m

coverage. The estimated percent of deposits eligible for insur­ ance with a maximum coverage of $5,000 was 90 percent, with $10,000, 98 percent, and with $25,000, 99 percent. The percentages of accounts falling within the three limits were 96.4, 99.7, and 99.9, respectively.

As in the case of the commercial banks, raising the insurance maximum would increase the coverage in individual banks. Under the $5,000 limit all deposits were insured in 2 banks; under the $10,000 and $25,000 limits the number would have increased to 6 

and 27, respectively. Under the higher limits deposits would have 

been more than 90 percent insured in all of the remaining insured mutual savings banks, while under the $5,000 limitation deposits 

in 11 banks were not more than 90 percent insured.

INSOLVENT INSURED BANKS

During the first five years of Federal insurance of bank deposits, 

the Corporation was called upon to exercise its financial responsibilities in providing protection to 479,169 depositors in 252 banks with deposits aggregating $137 million.

In su ran ce in in solven t in su red banks. Of these 252 banks, 77 with 274,564 accounts and with deposits amounting to $89.4 

million were merged to form sound solvent banks with the aid of

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INSURANCE OF BANK DEPOSITS 87

$38.1 million disbursed by the Corporation, chiefly in the form of loans secured by hazardous or illiquid assets. The amount disbursed was that necessary to provide sound assets equal in value to the amount of the liabilities to depositors and creditors in the hazardous or insolvent banks merged. Thus, depositors and deposits in these 77 banks were given full protection.

The amount of protection given to depositors in a bank which is being merged, therefore, would not be affected by a change in the maximum insurance for a depositor. Such a change, however, might increase the number of cases in which the Corporation would find it to its interest to eliminate an insolvent bank by this process, since this method may be used only when it will reduce the risk or avert a threatened loss to the Corporation and facilitate a merger or consolidation.

Table 50. B a n k s W i t h D e p o s it s F u l l y P r o t e c t e d W it h V a r y in g A m o u n t s o f

M a x im u m C o v e r a g e , 1934-1938

INSURED BANKS PLACED IN RECEIVERSHIP GROUPED BY AMOUNT OF DEPOSITS

Number placed in receiver­ ship

Number fully protected with maximum coverage of—-

Percent fully protected with maximum coverage of—

$5,000 $10,000 $25,000 $5,000 $10,000 $25,000

All b a n k s............................................ 175 66 132 155 38% 75% 89%

B an k s w ith d ep o sits of— $100,000 or less.............................. 74 47 67 74 64 91 100 $100,000 to $250,000..................... 59 16 47 54 27 80 92 $250,000 to $500,000..................... 21 3 11 16 14 52 76

$500,000 to $1,000,000................. 12 4 6 33 50 $1,000,000 to $2,000,000.............. 6 2 4 33 67 $2,000,000 to $5,000,000.............. 3 1 1 33 33

Increased insurance coverage would increase the amount of pay­ ments to depositors in most cases of suspension. Of the 252 insolvent banks, 175 with 204,605 depositors and with deposits amounting to $47.4 million were placed in receivership.1 With a $5,000 maximum insurance coverage, all depositors in 66 banks, or 38 percent of the 

total number of insured banks placed in receivership, were fully protected. With a $10,000 maximum, all depositors in 132 banks, 

or 75 percent, and with a $25,000 maximum, all depositors in 155 

banks, or 89 percent, would have been fully protected. The pro­ portion of banks in which all depositors were given full protection 

was greater among the small than among the large banks. The 

banks in which all depositors would have been fully protected under varying amounts of insurance classified according to size are shown 

in Table 50.

1 Deposits in 1 bank were insured to a maximum of $2,500. The figures for th at bank were adjusted to show protection with a maximum of $5,000. However, the changes were relatively small.

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Table 51. D e p o s it s PROTECTED W lT H VARYING AMOUNTS OF MAXIMUM 

C o v e r a g e , 1934-1938

INSURED BANKS PLACED IN RECEIVERSHIP GROUPED BY AMOUNT OF DEPOSITS

Total deposits

Insured with maximum coverage of— Otherwise protected

$5,000 $10,000 $25,000

(In thousands of dollars)

All b a n k s ........................................................... 47,362 36,351 37,979 39,319 6,060

B an k s w ith dep o sits of— $100,000 or less............................................. 4,447 3,862 3,934 3,959 389 $100,000 to $250,000.................................... 9,697 8,019 8,193 8,315 1,241 $250,000 to $500,000.................................... 7,281 5,783 5,954 6,102 1,025

$500,000 to $1,000,000................................ 8,657 6,264 6,599 6,842 915 $1,000,000 to $2,000,000............................. 8,101 5,989 6,244 6,384 1,609 $2,000,000 to $5,000,000............................. 9,179 6,434 7,055 7,717 881

With a maximum coverage of $5,000, 203,885 depositors, or 99.65 percent, and $42.4 million of deposits, or 89.5 percent, were fully protected by insurance, pledge of security, priority of claims, or by offsetting claims. The liability of the Corporation to insured de­ positors in these banks amounted to $36.4 million, or 76.7 percent of total deposits. With a $10,000 maximum, the Corporation's liability would have amounted to $38 million, or 80.2 percent of total deposits; with a $25,000 maximum, its liability would have been $39.3 million, or 83.0 percent of total deposits. Deposits amounting to $6.1 million, or 12.8 percent of total deposits, were protected by security, priority, or by offsetting claims. The protection given deposits in closed insured banks is shown in Tables 51 and 52.

Table 52. PERCENT OF DEPO SITS PROTECTED W lT H VARYING AMOUNTS OF 

M a x im u m C o v e r a g e , 1934-1938

INSURED BANKS PLACED IN RECEIVERSHIP GROUPED BY AMOUNT OF DEPOSITS

Insured with maximum coverage of— Other­ wise pro­ tected

Protected by insurance or otherwise with maximum coverage of—

$5,000 $10,000 $25,000 $5,000 $10,000 $25,000

All b a n k s ............................................ 76.7% 80.2% 83.0% 12.8% 89.5% 93.0% 95.8%

B an k s w ith dep o sits of— $100,000 or less.............................. 86.8 88.5 89.0 8.7 95.5 97.2 97.7 $100,000 to $250,000..................... 82.6 84.5 85.7 12.8 95.4 97.3 98.5 $250,000 to $500,000..................... 79.4 81.8 83.8 14.1 93.5 95.9 97.9

$500,000 to $1,000,000................. 72.4 76.2 79.0 10.6 83.0 86.8 89.6 $1,000,000 to $2,000,000.............. 73.9 77.1 78.8 19.9 93.8 97.0 98.7 $2,000,000 to $5,000,000.............. 70.1 76.9 84.1 9.6 79.7 86.5 93.7

With a $10,000 maximum, 204,429 depositors, or 99.91 percent 

of the total number, would have been fully protected by insurance, or by security, priority, or offsetting claims. With a $25,000 maxiDigitized for FRASER 

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INSURANCE OF BANK DEPOSITS 89

mum, 204,554, or 99.98 percent, would have been fully protected. Figures showing depositors fully protected by insurance or otherwise, classified according to the size of the bank in which their accounts were located, are given in Table 53.

T able 53. DEPOSITORS PROTECTED W lT H VARYING AMOUNTS OF 

M a x im u m C o v e r a g e , 1934-1938

INSURED BANKS PLACED IN RECEIVERSHIP GROUPED BY AMOUNT OF DEPOSITS

Num ber of depositors Percent of depositors fully protected with maximum coverage of—■

Total

Fully protected with maximum coverage of—

$5,000 $10,000 $25,000 $5,000 $10,000 $25,000

All b a n k s............................................ 204,605 203,885 204,429 204,554 99.65% 99.91% 99.98%

B an k s w ith d ep o sits of— $100,000 or less.............................. 25,969 25,933 25,961 25,969 99.86 99.97 100.00 $100,000 to $250,000..................... 45,232 45,127 45,217 45,227 99.77 99.97 99.99 $250,000 to $500,000.................... 37,212 37,135 37,192 37,205 99.79 99.95 99.98

$500,000 to $1,000,000................. 32,131 31,980 32,103 32,122 99.53 99.91 99.97 $1,000,000 to $2,000,000.............. 42,645 42,514 42,623 42,642 99.69 99.95 99.99 $2,000,000 to $5,000,000.............. 21,416 21,196 21,333 21,389 98.97 99.61 99.87

The percent of deposits protected in closed insolvent or hazardous insured banks was considerably higher than the percent of deposits estimated to be insured in operating insured banks. The figures are shown in Table 54. The full protection given all deposits in banks

T able 54. PERCENT OF D EPO SITS INSURED IN OPERATING INSURED BANKS

a n d P r o t e c t e d i n C l o s e d I n s o l v e n t o r H a z a r d o u s I n s u r e d B a n k s

BANKS GROUPED BY AMOUNT OF DEPOSITS

Deposits insured in commercial and mutual savings banks1

Deposits protected in closed banks

Placed in receivership

Total

Insured2

Insured and otherwise protected3

Merged

All b a n k s ........................................................... 45.9%

95.2

96.4%

96.6

76.7%

86.8

89.5%

95.5

100.0%

100.0 B an k s w ith d ep o sits of— $100,000 or less ........................................... $100,000 to $250,000.................................... 91.5 96.4 82.6 95.4 100.0 $250,000 to $500,000.................................... 87.8 96.1 79.4 93.5 100.0

$500 000 to $1,000,000 .............................. 84.0 90.6 72.4 83.0 100.0 $1,000,000 to $2,000,000............................. 79.9 96.9 73.9 93.8 100.0 $2,000,000 to $5,000,000 ........................... 74.2 94.9 70.1 79.7 100.0

$5 000 000 to $10,000,000 ....................... 66.8 100.0 100.0 $10 000,000 to $50,000,000......................... 51.1 100.0 100.0 More than $50,000,000 ......................... 28.2

1 Estim ated to be covered by insurance on September 21, 1938. 2 Deposits paid or to be paid by the Federal Deposit Insurance Corporation. 3 Protected by security, priority of claims over other depositors, or offsetting claims.

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which were merged with the aid of the Corporation was a factor in making the protection in closed banks higher than the insurance in operating banks in all size groups.

In banks placed in receivership, the insured deposits of which were paid by the Corporation, the proportion of deposits so paid was lower than the percent estimated to be insured in operating banks of comparable size. These lower percentages reflected the fact that some accounts, though protected by insurance, were actually paid by the proceeds from the sale of security or directly by the receiver, or were settled by the offsetting of counterclaims against depositors and thus were not included with insured deposits. In the operating banks such deposits were considered to be insured.

A substantial proportion of the deposits, 12.8 percent, was pro­ tected by the pledge of security, enjoyed priority over claims of other depositors, or was subject to offset, so that the total protection given depositors was greater than the estimated insurance protection in banks of comparable size. In estimating the insurance protection in operating banks no consideration was given to the protection provided by these other means.

90 FEDERAL DEPOSIT INSURANCE CORPORATION

Appendix A

L im it a t i o n s o n D a t a o f I n s u r e d D e p o s it s a s o f

S e p t e m b e r 21, 1938, a n d M a y 13, 1936

The deposit insurance law provides that in any insured bank insurance protection

up to a maximum of $5,000 shall be given to each depositor in any single right or

capacity.1 If, in an insured bank closed on account of financial difficulties, a depositor has a personal checking account and a savings account, the two accounts

are combined in determining what amount shall be paid to him by the Corporation.

The total net amount up to a maximum of $5,000 in the two accounts, after deducting the amount he owes the bank, is paid. If a deposit is protected in part

by pledge of security, by priority, or by offsetting claims, only such part, up to a

maximum of $5,000, as is not protected by security, priority, or offsetting claims

is paid by the Corporation.

The term “insured deposits”, when used in connection with deposits in banks

placed in receivership, includes only those claims which the Federal Deposit Insurance Corporation has paid or expects to pay and does not include claims settled

or expected to be settled by offset, by sale of security, or by the receiver on prior

claims, even though these claims might otherwise have been eligible for insurance

under the provision for a $5,000 maximum coverage. Table 52 shows that the proportion of deposits protected by insurance, pledge of security, priority of claims,

or by offsetting claims is considerably higher than the amount protected by insurance alone.

1 Paragraph (13), subsection (c), section 12B of the Federal Reserve Act, as amended.

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The term “insured deposits” used in connection with the estimates for September

21, 1938, and May 13, 1936, is applied to balances in accounts of $5,000 or less

and the first $5,000 in accounts with balances in excess of that amount. No effort

has been made to combine accounts into single rights and capacities or to adjust

the deposits for the effects of pledge of security, priority, or amounts owed to the

bank.

In submitting the reports of their deposits on September 21, 1938, the operating

banks were instructed to report on the basis of accounts as they stood on their books,

without combining accounts standing to the credit of a depositor in the same right

and capacity and without deducting offsetting indebtedness.1 This method was

used in order to lessen the work required in the preparation of the report by the banks.

The same method was used in the report on May 13, 1936.2 Other studies made

by the Corporation indicate that, although there are substantial differences among

banks, on the average the number of depositors in a given bank is about 10 percent

less than the number of accounts. It is also estimated that, for September 21,1938,

and May 13, 1936, the aggregates of deposits in accounts of not more than $5,000

each and in the first $5,000 of accounts with balances in excess of that amount were

about 2 percent higher than the corresponding figures for deposits standing to the

credit of depositors after combining accounts, and that, as a consequence, the

percent of deposits “insured” in all insured banks as reported was higher by about

1 percent of total deposits.

In the insured banks placed in receivership, 12.8 percent of the deposits were

protected by pledge of security, by priority of claims, or by offsets.3 The proportion of these deposits which would have been paid as insured claims had they

not been otherwise protected by the preferential treatment has not been determined.

The amount of payments for which the Corporation was obligated ranged below

the amount estimated to be insured in operating banks by from an average of

4 percent of total deposits in the larger banks to 8 or 9 percent in the smaller banks.

The average difference was about 8 percent. A small part of these differences was

due to the combination of accounts of depositors in individual rights and capacities;

a large part appeared to be due to the payment, by sale of the pledged security,

through settlement of prior claims or through offsets, of deposits that would otherwise have been paid as insured claims by the Corporation.

1 Instructions for preparation of the report are given on pages 109-11. 2 See Annual Report of the Federal Deposit Insurance Corporation for the year ending December 31, 1936, pp. 65-77, for a discussion of the call on May 13, 1936. 3 See Table 52, page 88.

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92 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 55. A c c o u n t s F u l l y I n s u r e d W it h V a r y in g A m o u n t s o f

M a x im u m C o v e r a g e , Se p t e m b e r 21, 1938

GROUPED BY TYPE OF DEPOSIT AND IN BANKS GROUPED BY AMOUNT OF DEPOSITS 

INSURED COMMERCIAL BANKS

Number of accounts (in thousands) Percent of accounts of—

Total $5,000

or less

$10,000

or less

$25,000

or less

$5,000

or less

$10,000

or less

$25,000

or less

T o ta l..................................................... 61,392 60,399 60,964 61,218 98.4% 99.3% 99.7%

Type of deposit Deposits of individuals, partner­ ships, and corporations: D em and............................... 23,770 23,312 23,538 23,675 98.1 99.0 99.6 Savings and tim e............... 34,323 33,954 34,241 34,309 98.9 99.8 99.9 Interbank........................................ 97 29 41 59 29.5 41.9 61.0 Public funds of States and their political subdivisions............ 249 200 217 233 80.3 87.1 93.4 U. S. Government and postal savings..................................... 17 13 14 15 74.0 80.0 87.1 Uninvested trust funds................. 579 554 566 574 95.7 97.8 99.2 D rafts............................................... 596 586 591 594 98.3 99.1 99.7 Other item s..................................... 1,761 1,751 1,756 1,759 99.4 99.7 99.9

Banks w ith deposits of— $100,000 or less.............................. 244 244 244 244 99.8 99.9 99.9 $100,000 to $250,000..................... 1,925 1,917 1,923 1,925 99.6 99.9 99.9 $250,000 to $500,000..................... 3,993 3,970 3,986 3,992 99.4 99.8 99.9

$500,000 to $1,000,000................. 6,197 6,147 6,182 6,193 99.2 99.8 99.9 $1,000,000 to $2,000,000.............. 7,773 7,696 7,748 7,766 99.0 99.7 99.9 $2,000,000 to $5,000,000.............. 10,082 9,963 10,042 10,071 98.8 99.6 99.9

$5,000,000 to $10,000,000............ 6,427 6,330 6,391 6,415 98.5 99.4 99.8 $10,000,000 to $50,000,000.......... 9,835 9,651 9,755 9,803 98.1 99.2 99.7 More than $50,000,000................. 14,916 14,481 14,693 14,809 97.1 98.5 99.3

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INSURANCE OF BANK DEPOSITS 93

Table 56. D EPO SITS INSURED W lT H VARYING AMOUNTS OF MAXIMUM COVERAGE,

S e p t e m b e r 21, 1938

GROUPED BY TYPE OF DEPOSIT AND IN BANKS GROUPED BY AMOUNT OF DEPOSITS 

INSURED COMMERCIAL BANKS

Deposits (in millions of dollars)

Total

Insured with maximum coverage of—

Percent of deposits insured with maximum coverage of—

$5,000 $10,000 $25,000 $5,000 $10,000 $25,000

T o ta l..................................................... 48,220 21,705 24,803 28,740 45% 51% 59%

Type of deposit Deposits of individuals, partner­ ships, and corporations: D em and................................... 21,972 8,535 10,129 12,284 38 46 55 Savings and tim e................... 13,612 11,557 12,368 12,857 84 90 94 In terb an k ......................................... 6,798 396 708 1,400 5 10 20 Public funds of States and their political subdivisions................. 3,116 425 624 969 13 20 31 U. S. Government and postal savings.......................................... 839 34 54 95 4 6 11 Uninvested trust funds................. 997 356 442 556 35 44 55 D ra fts............................................... 336 167 205 251 49 60 74 Other item s...................................... 550 235 273 328 42 49 59

Banks w ith deposits of— $100,000 or less.............................. 41 39 41 41 95 98 99 $100,000 to $250,000.................... 457 418 440 454 91 96 99 $250,000 to $500,000.................... 1,157 1,017 1,080 1,132 87 93 97

$500,000 to $1,000,000................. 2,078 1,746 1,878 1,989 84 90 95 $1,000,000 to $2,000,000.............. 2,892 2,310 2,516 2,700 79 87 93 $2,000,000 to $5,000,000.............. 4,306 3,189 3,520 3,839 74 81 89

$5,000,000 to $10,000,000............ 3,376 2,243 2,523 2,819 66 74 83 $10,000,000 to $50,000,000.......... 7,271 3,668 4,245 4,977 50 58 68 More than $50,000,000................. 26,642 7,075 8,560 10,789 26 32 40

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94 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 57. BANKS, ACCOUNTS, AND D EPO SITS INSURED W lT H VARYING AMOUNTS 

o f M a x im u m C o v e r a g e , S e p t e m b e r 21, 1938

INSURED COMMERCIAL BANKS GROUPED BY PERCENT OF DEPOSITS INSURED

Maximum coverage of— Maximum coverage of—

$5,000 $10,000 $25,000 $5,000 $10,000 $25,000

Number of banLks Average size of account

All b a n k s................................... 13,705 13,705 13,705 $785 $785 $785

B an k s w ith p e rc e n t of d ep o sits in su re d of— 100 percent............................. 456 2,078 6,001 185 234 281 90 to 99 percent..................... 4,602 6,427 5,277 287 330 379 80 to 89 percent..................... 4,508 3,075 1,512 349 408 495

70 to 79 percent..................... 2,335 1,217 497 432 512 631 60 to 69 percent..................... 995 461 200 539 645 848 50 to 59 percent..................... 395 200 109 650 860 1,271 Less than 50 percent............ 414 247 109 2,113 2,478 3,526

Number of accounts Number of accounts within (in thousands) maximum (in thousands)

All b a n k s .................................... 61,392 61,392 61,392 60,399 60,963 61,218

B anks w ith p e rc e n t of dep o sits in su re d of— 100 percent............................. 277 1,698 7,349 277 1,698 7,349 90 to 99 percent..................... 7,578 15,685 20,391 7,535 15,651 20,375 80 to 89 percent..................... 13,369 12,834 10,637 13,247 12,785 10,619

70 to 79 percent..................... 10,813 9,306 9,663 10,678 9,256 9,641 60 to 69 percent..................... 8,271 8,610 4,073 8,144 8,553 4,057 50 to 59 percent..................... 8,441 3,572 4,041 8,299 3,537 4,015 Less than 50 percent............ 12,643 9,687 5,238 12,219 9,483 5,162

Amount of deposits Amount of insured deposits (in millions of dollars) (in millions of dollars)

All b a n k s .................................... 48,220 48,220 48,220 21,705 24,803 28,740

B an k s w ith p e rce n t of d ep o sits in su re d of— 100 percent............................. 51 397 2,068 51 397 2,068 90 to 99 percent..................... 2,174 5,180 7,735 2,036 4,896 7,381 80 to 89 percent..................... 4,668 5,240 5,266 3,956 4,469 4,488

70 to 79 percent..................... 4,676 4,768 6,093 3,526 3,574 4,541 60 to 69 percent..................... 4,454 5,555 3,452 2,912 3,635 2,232 50 to 59 percent..................... 5,482 3,073 5,137 3,125 1,675 2,764 Less than 50 percent............ 26,715 24,007 18,469 6,099 6,157 5,266

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INSURANCE OF BANK DEPOSITS 95

Table 58. INSURANCE PROTECTION W lT H VARYING AMOUNTS OF 

M a x im u m C o v e r a g e , S e p t e m b e r 21, 1938

INSURED COMMERCIAL BANKS GROUPED BY CLASS AND BY STATE

Percent of accounts of— Percent of deposits insured with maximum coverage of—

$5,000 or less $10,000 or less $25,000 or less $5,000 $10,000 $25,000

U n ited S tates and posses­ sion s—to ta l.................. 98.4% 99.3% 99.7% 45% 51% 59%

Class of bank National banks members F. R. System................. 98.3 99.3 99.7 43 49 58 State banks members F. System.......................

R. 97.8 98.9 99.5 34 40 49 Banks not members F. System.......................

R. 99.0 99.7 99.9 76 83 89

U nited States—to ta l. . 98.4 99.3 99.7 45 51 59

S tate A labam a........................ 99.1 99.6 99.9 61 69 78 A rizona.......................... 98.0 99.3 99.8 65 73 81 A rkansas........................ 98.8 99.5 99.8 64 73 84 C alifornia...................... 97.8 99.2 99.8 56 64 72 Colorado........................ 98.5 99.4 99.7 55 62 71

Connecticut.................. 98.4 99.3 99.8 55 62 70 Delaware....................... 97.6 98.9 99.6 41 49 58 D istrict of C olum bia.. 98.7 99.4 99.8 52 60 69 Florida........................... 98.5 99.4 99.8 54 62 72 Georgia.......................... 99.0 99.5 99.8 51 59 69

Idaho.............................. 98.6 99.4 99.8 68 76 85 Illinois............................ 98.1 99.1 99.6 38 44 52 In d ian a.......................... 98.7 99.5 99.8 61 68 76 Iow a............................... 98.9 99.6 99.8 70 77 85 K ansas........................... 99.0 99.5 99.8 63 71 80

K entucky...................... 99.0 99.6 99.9 65 72 80 Louisiana....................... 98.7 99.4 99.7 45 52 63 M aine............................ 98.8 99.6 99.9 74 82 89 M aryland...................... 98.6 99.4 99.8 50 57 66 M assachusetts............. 97.8 98.9 99.5 40 47 57

M ichigan....................... 98.5 99.5 99.8 57 63 70 M innesota..................... 98.8 99.5 99.8 58 64 72 Mississippi.................... 98.9 99.6 99.9 66 74 83 M issouri........................ 98.5 99.3 99.7 44 51 61 M ontana........................ 98.3 99.3 99.8 65 73 83

N ebraska....................... 98.8 99.4 99.8 58 65 75 N evada.......................... 97.6 99.2 99.7 66 74 83 New Ham pshire........... 98.7 99.5 99.8 66 75 84 New Jersey................... 98.8 99.6 99.9 68 74 81 New M exico................. 98.7 99.4 99.8 62 69 79

New Y ork..................... 97.1 98.5 99.3 22 27 35 N orth Carolina............ 98.9 99.5 99.8 50 57 67 N orth D ak o ta.............. 99.3 99.8 99.9 85 91 96 Ohio................................ 98.7 99.5 99.8 59 66 74 Oklahoma...................... 98.8 99.4 99.8 47 54 65

Oregon........................... 98.7 99.5 99.8 66 72 79 Pennsylvania................ 98.5 99.4 99.8 49 55 63 Rhode Island............... 98.4 99.4 99.8 56 64 75 South Carolina............. 98.8 99.5 99.8 65 73 83 South D akota............... 99.2 99.7 99.9 79 86 93

Tennessee...................... 98.9 99.5 99.8 52 59 69 Texas.............................. 98.5 99.3 99.7 49 58 68 U ta h ............................... 98.5 99.4 99.8 59 67 76 Verm ont........................ 98.9 99.7 99.9 84 90 95 Virginia......................... 99.0 99.6 99.9 62 69 77

W ashington................... 98.4 99.4 99.8 59 66 75 West Virginia............... 99.3 99.7 99.9 70 77 85 W isconsin...................... 98.8 99.6 99.9 68 74 81 W yoming....................... 98.7 99.5 99.8 70 78 87

Possessions—to ta l. . . . 98.9 99.7 99.9 76 83 89

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96 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 59. ACCOUNTS FULLY INSURED W lT H VARYING AMOUNTS OF 

M a x im u m C o v e r a g e , S e p t e m b e r 21, 1938

INSURED COMMERCIAL BANKS GROUPED BY CLASS AND BY STATE

Number

Number of accounts (in thousands)

of banks Total $5,000

or less

$10,000

or less

$25,000

or less

U nited States and possessions—total 13,705 61,392 60,399 60,963 61,218

Class of bank National banks members F. R. System. 5,239 32,967 32,410 32,720 32,864 State banks members F. R. System . . . . 1,101 12,408 12,132 12,278 12,351 Banks not members F. R. System......... 7,365 16,017 15,857 15,965 16,003

U nited S tates—to ta l............................. 13,701 61,375 60,382 60,946 61,201

State A labam a................................................... 209 786 779 783 785 Arizona..................................................... 12 117 114 116 116 Arkansas................................................... 209 388 384 386 387 California................................................. 204 4,978 4,869 4,938 4,966 Colorado................................................... 136 476 469 473 475

Connecticut............................................. 103 717 706 713 716 Delaware.................................................. 44 146 143 145 146 District of Columbia............................. 22 615 607 612 614 F lorida...................................................... 161 572 563 568 571 Georgia..................................................... 264 951 941 946 949

Idaho......................................................... 50 160 157 159 159 Illinois....................................................... 844 3,945 3,868 3,909 3,929 Ind ian a..................................................... 481 1,483 1,464 1,475 1,480 Iow a........................................................... 586 1,198 1,185 1,193 1,196 K ansas...................................................... 458 754 746 750 752

K entucky................................................. 378 988 978 984 987 Louisiana.................................................. 145 813 803 808 811 M aine........................................................ 61 432 427 430 431 M aryland................................................. 178 945 932 940 943 M assachusetts......................................... 194 1,784 1,746 1,765 1,776

M ichigan.................................................. 436 2,145 2,114 2,134 2,141 M innesota................................................ 648 1,477 1,459 1,469 1,474 Mississippi............................................... 195 437 433 435 437 M issouri................................................... 600 1,897 1,868 1,883 1,890 M ontana................................................... 114 205 201 203 204

N ebraska.................................................. 370 557 551 554 556 N evada..................................................... 9 43 42 43 43 New Ham pshire...................................... 56 175 172 174 174 New Jersey.............................................. 374 3,443 3,400 3,429 3,439 New Mexico............................................ 40 105 103 104 104

New Y ork................................................ 743 6,626 6,433 6,525 6,577 N orth Carolina....................................... 224 778 769 774 776 N orth D akota......................................... 168 205 204 205 205 Ohio........................................................... 686 3,872 3,821 3,852 3,864 Oklahoma................................................. 385 834 824 829 832

Oregon...................................................... 73 507 500 504 506 Pennsylvania........................................... 1,070 6,421 6,322 6,382 6,406 Rhode Island.......................................... 16 418 412 416 418 South Carolina........................................ 109 298 294 296 297 South D akota.......................................... 167 234 232 233 234

Tennessee................................................. 292 999 988 994 997 Texas......................................................... 789 2,256 2,221 2,240 2,249 U ta h.......................................................... 59 252 248 251 252 Verm ont................................................... 75 264 262 264 264 Virginia..................................................... 316 1,347 1,333 1,341 1,345

W ashington.............................................. 143 668 658 664 667 West Virginia.......................................... 175 903 897 901 902 Wisconsin................................................. 572 1,634 1,615 1,628 1,632 W yoming.................................................. 58 127 125 126 127

P ossessions—to ta l.................................. 4 17 17 17 17

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Table 60. D EPO SITS INSURED W lT H VARYING AMOUNTS OF MAXIMUM COVERAGE

SEPTEMBER 21, 1938

INSURED COMMERCIAL BANKS GROUPED BY CLASS AND BY STATE

Deposits (in millions of dollars)

Total

Insured with maximum coverage of— Average size of account

$5,000 $10,000 $25,000

U nited States and possessions—total 48,220 21,705 24,803 28,740 $785

Class of bank National banks members F. R. System. 27,135 11,785 13,552 15,850 823 State banks members F. R. System. . . . 14,784 5.107 6,006 7,257 1,191 Banks not members F. R. System......... 6,301 4,813 5,245 5,633 393

U nited S tates—t o ta l............................. 48,213 21,700 24,797 28,734 786

State A labam a................................................... 267 164 185 210 339 Arizona..................................................... 79 51 58 65 681 Arkansas.................................................. 164 106 121 138 424 C alifornia................................................. 3.952 2,248 2,562 2,882 794 Colorado................................................... 319 178 200 227 671

C onnecticut............................................. 487 268 304 345 679 Delaware.................................................. 154 64 76 91 1,049 District of Columbia............................. 341 181 206 237 554 Florida...................................................... 316 172 198 230 553 G eorgia..................................................... 407 209 241 282 428

Idaho......................................................... 86 59 66 73 540 Illinois....................................................... 4,101 1,579 1,826 2,163 1,040 Indiana..................................................... 809 495 553 620 546 Iow a........................................................... 579 408 447 494 483 Kansas...................................................... 335 212 238 271 444

K entucky................................................. 424 279 309 343 429 Louisiana.................................................. 467 211 246 294 574 M aine........................................................ 186 139 153 166 431 M aryland................................................. 548 278 317 365 580 M assachusetts......................................... 1,815 728 858 1,042 1,017

M ichigan.................................................. 1,382 788 878 978 644 M innesota................................................ 868 507 561 628 588 M ississippi............................................... 183 123 137 153 419 M issouri.................................................... 1,434 645 739 875 756 M ontana................................................... 130 85 96 108 636

N ebraska.................................................. 297 174 196 225 534 N evada..................................................... 35 23 26 29 801 New H am pshire...................................... 82 55 62 69 470 New Jersey.............................................. 1,644 1,118 1,232 1,344 477 New Mexico............................................ 56 35 39 44 540

New Y ork................................................. 13,650 3,115 3,789 4,811 2,060 N orth Carolina....................................... 407 207 236 274 523 N orth D ak o ta......................................... 70 60 64 68 343 Ohio........................................................... 2,173 1,288 1,435 1,614 561 Oklahoma................................................. 458 217 251 299 549

Oregon....................................................... 287 190 208 228 565 Pennsylvania........................................... 4,466 2,203 2,492 2,832 696 Rhode Island........................................... 231 130 150 173 552 South Carolina........................................ 131 86 97 110 441 South D akota.......................................... 84 66 72 78 358

Tennessee................................................. 491 257 294 341 491 Texas......................................................... 1,374 685 798 947 609 U ta h .......................................................... 143 85 96 109 567 V erm ont................................................... 109 92 99 104 412 Virginia..................................................... 570 358 398 444 423

W ashington.............................................. 426 252 284 322 638 West Virginia.......................................... 273 191 211 233 302 W isconsin................................................. 862 593 645 703 527 W yoming.................................................. 61 43 48 53 480

P ossessions—to ta l.................................. 7 5 6 6 425

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98 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 61. ACCOUNTS FULLY INSURED W lT H VARYING AMOUNTS OF 

M a x im u m C o v e r a g e , S e p t e m b e r 21, 1938

INSURED MUTUAL SAVINGS BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Number of banks

Number of accounts

Percent of accounts of—

$5,000

or less

$10,000

or less

$25,000

or less

U n ited S ta te s—t o t a l .................................. 49 1,339,284 96.39% 99.74% 99.98%

B an k s w ith d ep o sits of— $100,000 or less........................................... $100,000 to $250,000................................. 1 488 100.00 100.00 100.00 $250,000 to $500,000.................................. 3 4,017 99.40 99.98 100.00

$500,000 to $1,000,000.............................. 5 18,718 99.44 99.87 99.99 $1,000,000 to $2,000,000........................... 9 27,751 98.29 99.76 99.99 $2,000,000 to $5,000,000........................... 11 77,716 98.58 99.85 99.99

$5,000,000 to $10,000,000......................... 8 121,275 98.43 99.76 99.99 $10,000,000 to $50,000,000....................... 7 206,426 97.37 99.50 99.98 More than $50,000,000.............................. 5 882,893 95.54 99.78 99.98

S ta te Indiana......................................................... 4 21,943 98.87 99.59 99.95 M aine............................................................ 6 31,008 98.73 99.86 99.99 M aryland..................................................... 2 9,040 99.66 99.85 99.99

M innesota..................................................... 1 162,002 98.30 99.98 100.00 New Jersey................................................... 13 221,394 97.41 99.49 99.98 New Y ork..................................................... 2 389,580 92.56 99.85 99.99

Ohio............................................................... 3 171,881 96.83 99.22 99.92 Oregon........................................................... 1 2,058 96.40 100.00 100.00 Pennsylvania............................................... 2 18,671 99.20 99.91 100.00

V erm ont....................................................... 8 98,423 98.34 99.80 99.99 W ashington.................................................. 3 200,431 98.68 99.99 99.99

Wisconsin........................................................... 4 12,853 99.31 99.90 100.00

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INSURANCE OF BANK DEPOSITS 99

Table 62. D e p o s i t s I n s u r e d W it h V a r y in g A m o u n t s o f M a x im u m C o v e r a g e

S e p t e m b e r 21, 1938

in s u r e d m u t u a l s a v in g s b a n k s g r o u p e d b y a m o u n t o f d e p o s i t s a n d b y s t a t e

Amount of deposits (in thousands

Percent of deposits insured with maximum coverage of— Average size of account of dollars) $5,000 $10,000 $25,000

U n ited S tates—to ta l.................................. 1,003,692 90% 98% 99% $749

B anks w ith deposits of— $100,000 or less........................................... $100,000 to $250,000................................. 114 100 100 100 234 $250,000 to $500,000................................. 1,012 96 99 100 252

$500,000 to $1,000,000.............................. 4,153 91 97 99 222 $1,000,000 to $2,000,000........................... 14,603 92 97 99 526 $2,000,000 to $5,000,000........................... 35,173 92 98 99 453

$5,000,000 to $10,000,000......................... 60,621 91 97 99 500 $10,000,000 to $50,000,000....................... 139,480 88 96 99 676 More than $50,000,000............................. 748,536 90 98 99 848

State In d ian a......................................................... 14,542 87 94 98 663 M aine............................................................ 14,696 93 98 99 474 M aryland...................................................... 1,443 89 94 99 160

M innesota..................................................... 65,392 96 99 100 404 New Jersey................................................... 139,336 87 96 99 629 New Y ork..................................................... 512,382 90 99 99 1,315

Ohio............................................................... 120,642 82 93 99 702 Oregon........................................................... 1,931 99 100 100 938 Pennsylvania............................................... 6,468 94 99 100 346

V erm ont........................................................ 58,060 93 98 99 590 W ashington.................................................. 64,347 93 99 99 321 W isconsin..................................................... 4,453 95 98 100 346

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Federal Reserve Bank of St. Louis
PART FOUR

LEGISLATION, REGULATIONS, AND INSTRUCTIONS

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De p o s it In su r a n c e Le g is l a t io n

WAIVER OF DOUBLE LIABILITY OF STOCKHOLDERS

BY FEDERAL DEPOSIT INSURANCE CORPORATION

[ P u b l i c—No. 544— 75th Congress]

[Chapter 276—3d Session]

[H. R. 7187]

AN ACT

To amend section 12B of the Federal Reserve Act, as amended.

Be it enacted by the Senate and House of Representatives of the United States oj

America in Congress assembled, That paragraph (7) of subsection (1) of section

12B of the Federal Reserve Act, as amended (U. S. C., 1934 edition, Supp. II,

title 12, sec. 264), be amended to read as follows:

“In the case of a closed national bank or District bank, the Corporation, upon

the payment of any depositor as provided in paragraph (6) of this subsection,

shall be subrogated to all rights of the depositor against the closed bank to the

extent of such payment. In the case of any other closed insured bank, the

Corporation shall not make any payment to any depositor until the right of the

Corporation to be subrogated to the rights of such depositor on the same basis

as provided in the case of a closed national bank under this section shall have

been recognized either by express provision of State law, by allowance of claims

by the authority having supervision of such bank, by assignment of claims by

depositors, or by any other effective method. In the case of any closed insured

bank, such subrogation shall include the right on the part of the Corporation to

receive the same dividends from the proceeds of the assets of such closed bank

and recoveries on account of stockholders’ liability as would have been payable

to the depositor on a claim for the insured deposit, but such depositor shall retain

his claim for any uninsured portion of his deposit: Provided, That, with respect

to any bank which closes after the date this paragraph as amended takes effect,

the Corporation shall waive, in favor only of any person against whom stockholders’ individual liability may be asserted, any claim on account of such liability

in excess of the liability, if any, to the bank or its creditors, for the amount unpaid

upon his stock in such bank; but any such waiver shall be effected in such manner

and on such terms and conditions as will not increase recoveries or dividends

on account of claims to which the Corporation is not subrogated: Provided further,

That the rights of depositors and other creditors of any State bank shall be

determined in accordance with the applicable provisions of State law.”

Approved, May 25, 1938.

103

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104 FEDERAL DEPOSIT INSURANCE CORPORATION

PERMANENT AUTHORIZATION TO EXTEND LOANS

[P u blic R e so lu tio n—No. 116—75th C ongress]

[Chapter 489— 3d Session]

[H. J. Res. 655]

JOINT RESOLUTION

Amending paragraph (4) of subsection (n) of section 12B of the Federal Reserve

Act, as amended.

Resolved by the Senate and House of Representatives of the United States of America

in Congress assembled, That paragraph (4) of subsection (n) of section 12B of

the Federal Reserve Act, as amended, is amended by striking out “Until July 1,

1938, whenever” and inserting in lieu thereof “Whenever”.

Approved, June 16, 1938.

INSURANCE OF INDIAN FUNDS

[P u b lic—No. 714— 75th C ongress]

[Chapter 648—3d Session]

[S. 2163]

AN ACT

To authorize the deposit and investment of Indian funds.

Be it enacted by the Senate and House of Representatives of the United States of

America in Congress assembled, That the Secretary of the Interior be, and he is

hereby, authorized in his discretion, and under such rules and regulations as

he may prescribe, to withdraw from the United States Treasury and to deposit

in banks to be selected by him the common or community funds of any Indian

tribe which are, or may hereafter be, held in trust by the United States and on

which the United States is not obligated by law to pay interest at higher rates

than can be procured from the banks. The said Secretary is also authorized,

under such rules and regulations as he may prescribe, to deposit in banks to be

selected by him the funds held in trust by the United States for the benefit of

individual Indians: Provided, That no individual Indian money shall be deposited

in any bank until the bank shall have agreed to pay interest thereon at a reasonable

rate, subject, however, to the regulations of the Board of Governors of the Federal

Reserve System in the case of member banks, and of the Board of Directors

of the Federal Deposit Insurance Corporation in the case of insured nonmember

banks, except that the payment of interest may be waived in the discretion of

the Secretary of the Interior on any deposit which is payable on demand: Provided

further, That no tribal or individual Indian money shall be deposited in any bank

until the bank shall have furnished an acceptable bond or pledged collateral

security therefor in the form of any public-debt obligations of the United States

and any bonds, notes, or other obligations which are unconditionally guaranteed

as to both interest and principal by the United States, except that no such bond

or collateral shall be required to be furnished by any such bank which is entitled

to the benefits of section 12B of the Federal Reserve Act, with respect to any

deposits of such tribal or individual funds to the extent that such deposits are

insured under such section: Provided, however, That nothing contained in this

Act, or in section 12B of the Federal Reserve Act, shall operate to deprive any

Indian having unrestricted funds on deposit in any such bank of the full protection

afforded by section 12B of said Federal Reserve Act, irrespective of any interest

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EXECUTIVE ORDERS 105

such Indian may have in any restricted Indian funds on deposit in the same bank

to the credit of a disbursing agent of the United States. For the purpose of said

Act, said unrestricted funds shall constitute a separate and distinct basis for an

insurance claim: Provided further, That the Secretary of the Interior, if he deems

it advisable and for the best interest of the Indians, may invest the trust funds

of any tribe or individual Indian in any public-debt obligations of the United

States and in any bonds, notes, or other obligations which are unconditionally

guaranteed as to both interest and principal by the United States: A n d provided

further, That the foregoing shall apply to the funds of the Osage Tribe of Indians,

and the individual members thereof, only with respect to the deposit of such funds

in banks.

S e c . 2. Section 28 of the Act of May 25, 1918, entitled “An Act making appropriations for the current and contingent expenses of the Bureau of Indian

Affairs, for fulfilling treaty stipulations with various Indian tribes, and for other

purposes, for the fiscal year ending June thirtieth, nineteen hundred and nineteen”,

and all other Acts or parts of Acts inconsistent herewith, are hereby repealed.

S e c . 3. Nothing contained in this Act shall be construed as affecting the

provisions of the Federal Reserve Act or regulations issued thereunder relating

to the payment of interest on deposits.

Approved, June 24, 1938.

Ex e c u t i v e Or d e r s

EXTENDING THE COMPETITIVE CLASSIFIED CIVIL SERVICE

By virtue of and pursuant to the authority vested in me by the Constitution,

by section 1753 of the Revised Statutes (U. S. C., Title 5, section 631), by the

Civil Service Act of January 16,1883 (22 Stat. 403), and as President of the United

States, it is hereby ordered as follows:

S e c t i o n 1. Effective February 1, 1939, all positions in the Executive civil

service, including positions in corporations wholly owned or controlled by the

United States, which are not now in the competitive classified civil service and

which are not exempted therefrom by statute, except (1) policy-determining

positions and (2) other positions which special circumstances require should be

exempted, are covered into the competitive classified civil service: Provided,

That this section shall not be deemed to apply to positions filled by appointment

by and with the advice and consent of the Senate; A nd provided further, That

no positions shall be exempted from the competitive classified civil service under

clauses (1) and (2) above except such as shall be designated in subsequent Executive orders issued after investigation showing the necessity and justification

for such exemptions. This section shall also apply to positions affected by

statutes which exempt them from the competitive classified civil service but

authorize the President in his discretion to cover them into such service.

S e c t i o n 2. Within ninety days from the date of this order the heads of all

departments and independent establishments, including corporations wholly

owned or controlled by the United States, whose personnel or any part thereof

is affected by section 1 of this order, shall certify to the Civil Service Commission

for transmission by it with its recommendations to the President the positions

in their respective departments or agencies which in their opinion should be

excepted from the provisions of section 1 of this order as policy-determining or

for other reasons.

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106 FEDERAL DEPOSIT INSURANCE CORPORATION

S e c t i o n 3. The incumbent of any position which is covered into the competitive classified civil service by section 1 of this order shall acquire a classified

civil service status (1) upon recommendation by the head of the agency concerned

and certification by such head to the Civil Service Commission that such incumbent was in the service on the date of this order and has rendered satisfactory

service for not less than six months, and (2) upon passing a suitable noncompetitive

examination prescribed by the Civil Service Commission under the civil service

rules: Provided, That he is a citizen of the United States and is not disqualified

by any provision of law or civil service rule. Any such incumbent who fails to

meet the foregoing requirements of this section shall be separated from the service

within thirty days (exclusive of leave to which he is entitled) after the Commission

reports that he is ineligible for classification unless the head of the agency concerned certifies to the Commission that such incumbent has rendered satisfactory

service and that he should be retained although without acquiring a competitive

classified status.

S e c t i o n 4. New appointments to any positions covered into the competitive

classified civil service by section 1 of this order shall not be affected by the provisions of said section until the Civil Service Commission shall have established

registers of eligibles for such positions as a result of examinations held in accordance with the civil service rules and regulations and with this order.

S e c t i o n 5. The Civil Service Commission shall, subject to the Civil Service

Act, the rules thereunder, and the Classification Act of 1923, as amended, initiate,

supervise, and enforce a system as uniform as practicable, for the recruitment,

examination, certification, promotion from grade to grade, transfer, and reinstatement of employees in the classified civil service, other than employees therein

excepted by Executive orders, issued pursuant to clauses (1) and (2) of section 1

hereof, which system shall, so far as practicable, be competitive, with due regard

to prior experience and service.

S e c t i o n 6. Effective not later than February 1, 1939, the heads of the Executive departments and the heads of such independent establishments and

agencies subject to the civil service laws and rules as the President shall designate,

shall establish in their respective departments or establishments a division of

personnel supervision and management, at the head of which shall be appointed

a director of personnel qualified by training and experience, from among those

whose names are certified for such appointment by the Civil Service Commission

pursuant to such competitive tests and requirements as the Civil Service Commission shall prescribe: Provided, however, that if the head of a department or

establishment requests authority to appoint a presently acting personnel or

appointment director, officer, or clerk, as such director of personnel, such personnel

or appointment director, officer, or clerk may be appointed upon certification by

the Civil Service Commission that he is qualified therefor after passing such

tests as the Civil Service Commission shall prescribe. It shall be the duty of

each director of personnel to act as liaison officer in personnel matters between

his department or establishment and the Civil Service Commission, and to make

recommendations to the departmental budget officer with respect to estimates

and expenditures for personnel. He shall supervise the functions of appointment,

assignment, service rating, and training of employees in his department or establishment, under direction of the head thereof, and shall initiate and supervise

such programs of personnel training and management as the head thereof after

consultation with the Civil Service Commission shall approve, including the

establishment of a system of service ratings for departmental and field forces

outside of the Classification Act of 1923, as amended, which shall conform as

nearly as practicable with the system established under the said Act. Subject

to the approval of the head of such department or establishment and of the

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EXECUTIVE ORDERS 107

Civil Service Commission he shall establish means for the hearing of grievances

of employees and present appropriate recommendation for the settlement thereof

to the head of his department or establishment. He shall serve as a member

of the Council of Personnel Administration hereinafter established, and perform

such other functions as the head of the department or agency after consultation

with the Civil Service Commission shall prescribe. A director of personnel may

be transferred from one department or establishment to another from time to

time, subject to the provisions of the civil service rules and with the approval

of the head of the agency to which transfer is proposed.

S e c t i o n 7. Effective February 1, 1939, there is established a Council of Personnel Administration consisting of the directors of personnel of the several

departments and independent establishments, one additional representative of

the Bureau of the Budget, one additional representative of the Civil Service

Commission, and such additional members as the President shall designate. The

President shall designate one of the members of the Council to act as chairman

thereof, and the Council may designate an executive director. The Council

shall advise and assist the President and the Commission in the protection and

improvement of the merit system, and recommend from time to time to the President or the Commission needed changes in procedure, rules, or regulations. When

directed so to do by the President or the Commission, the Council shall hold

hearings and conduct investigations with respect to alleged abuses and proposed

changes. The Council shall carry on programs of study to coordinate and perfect the executive personnel service in all its branches, and shall report upon the

progress of personnel administration throughout the service. The Council shall

have an executive committee of five members: one representing the ten executive

departments to be chosen by the Directors of Personnel thereof; one representing the independent establishments and agencies to be chosen by the Directors of

Personnel thereof; one representing the Bureau of the Budget to be chosen by the

Director thereof; one representing the Civil Service Commission to be chosen by

it; and one to be designated by the President. Executive Order No. 5612 of

April 25, 1931, is hereby revoked.

S e c t i o n 8. The Civil Service Commission shall, in cooperation with operating

departments and establishments, the Office of Education, and public and private

institutions of learning, establish practical training courses for employees in

the departmental and field services of the classified civil service, and may by

regulations provide credits in transfer and promotion examinations for satisfactory

completion of one or more of such training courses.

S e c t i o n 9. Schedules A and B of the Civil Service Rules, as presently existing,

relating to positions excepted from examination and positions which may be

filled upon noncompetitive examination, will be superseded by schedules designating policy-determining positions and other positions which special circumstances

require should be exempted, which schedules will be set forth in subsequent

Executive orders as provided in section 1 hereof.

F r a n k l i n D R o o s e v e l t

T h e W h it e H o u s e ,

June 2J+, 1938.

[No. 7916]

AMENDING SCHEDULES A AND B OF THE CIVIL SERVICE RULES

By virtue of and pursuant to the authority vested in me by the Constitution,

by section 1753 of the Revised Statutes (5 U. S. C. 631), by the Civil Service Act

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108 FEDERAL DEPOSIT INSURANCE CORPORATION

of January 16,1883 (22 Stat. 403), and as President of the United States, Schedules

A and B of the Civil Service Rules are hereby amended to read as follows:

S c h e d u l e A

Positions Excepted From Exam ination Under Section 3t Civil Service Rule I I

* * * * *

X X X II. 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

1. One private secretary or confidential assistant to each member of the Board

of Directors.

2. One general counsel.

3. All field positions concerned with the work of liquidating the assets of

closed banks or the liquidation of loans to banks, and all temporary field positions

the work of which is concerned with paying the depositors of closed insured banks. *****

The Civil Service Commission with the concurrence of the department or agency

concerned may revoke in whole or in part any paragraph of Schedule A or B.

Final decision as to whether the duties of any position in the executive civil

service are such that appointments thereto are authorized under any paragraph

of Schedule A or B shall rest with the Civil Service Commission.

This order shall be effective February 1, 1939.

F r a n k l in D R o o s e v e l t

T h e W h it e H o u s e ,

January 31, 1939.

[No. 8043]

POSTPONING THE EFFECTIVE DATE OF EXECUTIVE ORDER NO. 7916

OF JUNE 24, 1938, WITH RESPECT TO CERTAIN POSITIONS AND

PROVIDING FOR A COMMITTEE TO INVESTIGATE AND REPORT METHODS FOR SELECTING AND PROMOTING

CERTAIN PERSONNEL IN CIVIL SERVICE

By virtue of and pursuant to the authority vested in me by the Constitution,

by section 1753 of the Revised Statutes (U. S. C., title 5, sec. 631), by the Civil

Service Act of January 16, 1883 (22 Stat. 403, 404), and as President of the

United States, it is hereby ordered as follows:

1. Until further order, Executive Order No. 7916 of June 24, 1938, is suspended

and made inoperative in so far as it covers into the competitive classified civil

service as of February 1, 1939:

(a) Positions to which, in the opinion of the Civil Service Commission, it is

not practicable to make appointment upon competitive examination.

(b) Positions the duties of which are determined, with the concurrence of the

Civil Service Commission, to be of a highly confidential character.

(c) Professional and scientific positions.

(d) Positions in the Inland Waterways Corporation.

(e) Such administrative and technical positions as are defined in this order.

2. As used in this order the term “administrative and technical positions”

shall mean all classes of positions:

(a) The duties of which are to perform the most difficult and responsible

office work along specialized and technical lines requiring extended training

and experience, and the exercise of independent judgment, or to supervise a

large or important office organization engaged in work involving extended training

and considerable experience on the part of the employees, and all positions of

a higher grade.

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REGULATIONS AND RULINGS 109

(b) The duties of which are to perform difficult and important investigative

services, being mostly on criminal or quasi-criminal cases, or cases requiring

similar investigative procedures, and all positions of a higher grade.

3. A committee is hereby appointed consisting of the following:

Mr. Justice Stanley Reed, Chairman

Mr. Justice Felix Frankfurter

Attorney General Frank Murphy

William H. McReynolds, Administrative Assistant to the Secretary of the

Treasury

Mr. Leonard D. White

General Robert E. Wood

Mr. Gano Dunn

Such committee shall make a comprehensive study of methods of recruiting,

testing, selecting, promoting, transferring, removing, and reinstating personnel

for the positions to which this order relates, and report to the President as soon

as possible its recommendations thereon.

F r a n k l i n D R o o s e v e l t

T h e W h it e H o u s e ,

January 31, 1939.

[No. 8044]

Re g u l a t io n s a n d R u l in g s o f t h e Co r p o r a t io n

AMENDMENT TO REGULATION IV

Subsection (e) of section 5 of Regulation IV, relating to the payment of deposits

and interest thereon by insured nonmember banks, as adopted February 10, 1937,

was amended by the Board of Directors of this Corporation on June 18, 1938,

effective that date, to read as follows:

“ (e) Loans upon security of savings deposits.—An insured nonmember bank

may make a loan to any of its depositors upon the security of his savings deposits,

provided that if the bank’s practice is to require notice before permitting withdrawal of any amount or percentage of the savings deposits of any depositor,

the rate of interest on such loan shall not be less than 2 per cent per annum in

excess of the rate of interest on the savings deposit.”

F o r m s a n d In s t r u c t io n s

INSTRUCTIONS FOR PREPARATION OF FORM 89—CALL NO. 2

S u m m a ry o f D e p o s i t s

A t C l o s e o f B u s i n e s s S e p t e m b e r 21, 1938

The bank is asked to report for each type of deposit, (A) the number of accounts

with balances of $5,000 or less, (B) the number of accounts with balances of

$5,000 to $10,000, (C) the number of accounts with balances of $10,000 to $25,000,

(D) the number of accounts with balances of more than $25,000, (E) the total

number of deposit accounts, (F) the sum of balances in accounts of $5,000 or

less, (G) the sum of the entire balance in all accounts of $5,000 to $10,000, (H)

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1 1 0 FEDERAL DEPOSIT INSURANCE CORPORATION

the sum of the entire balance in all accounts of $10,000 to $25,000, (J) the sum

of the entire balance in all accounts of $25,000 or more, and (K) the total amount

of deposit balances.

For the purposes of this report, kindly note that:

1. An entry should be made in every space on the form. Where there are no

figures to report, the word “None” must be written or stamped.

2. The deposit classifications correspond with the usual ledger and condition

report items, with the exception of item 3, “Uninvested trust funds,” which is

found only in banks having trust powers and which is computed from the records

of the trust department, item 7, “Outstanding drafts,” which is to be determined

by the bank as of September 21, 1938, and item 8, “Other deposit items,” which

is to be reported in accordance with Regulation I of this Corporation and which

will include letters of credit issued for cash, certified, officers’, and travelers’

checks outstanding, and amounts due to Federal Reserve banks (transit account).

3. A c c o u n ts sh o u ld n o t be c o m b in e d . Each account standing to the credit

of a depositor, whether or not in the same capacity and the same right, should

be considered a separate account.

4. Each dormant and inactive account should be reported as a separate account.

5. Each outstanding certificate of deposit, letter of credit sold for cash, outstanding draft, certified and officer’s check should be considered as a separate

account. However, all travelers’ checks outstanding in the same name should

be combined and reported as one account.

6. As shown in the records of the trust department, the uninvested trust funds

of each separate trust estate of which the bank is the fiduciary should be considered as a separate account. If desired, the principal balance and the income

balance of each trust may be reported as two deposit accounts.

7. The entire amount of an account should be included under the appropriate

heading. For example, the entire $7,493.65 of an account of $7,493.65 should

be placed in G headed “$5,000.01 to $10,000.00.” D o n o t e n te r $5,000.00 in

F headed “$5,000.00 or less” and $2,493.65 in G headed “$5,000.01 to $10,000.00.”

O n ly those accounts the entire balance of which does not exceed $5,000.00 should

be included in F headed “$5,000.00 or less.”

8. The total amount of deposits as reported on Form 89—Call No. 2, item 9K,

should correspond with the figure for total deposit liabilities which would be

shown for September 21, 1938, in Column A of FDIC Form 555, “Tabulation

of Assessment Base,” if drafts outstanding on that date were included.

9. In figuring the percentage of deposits under item d, which would be included

in accounts of $5,000 or less, and in the first $5,000 of accounts in excess of that

amount, the result should be carried to one decimal place, for example: 76.3.

Percentages included in the other two maximum amounts should also be carried

to one decimal place.

10. E ach b a n k o p e ra tin g a b ra n c h or b ra n c h e s is requested to submit only

one report, a combined report for the bank as a whole. Do not include interbranch

deposits (amounts due to branches and head office) in making this consolidated

report.

A sample Form 89—Call No. 2 for an average bank is enclosed to serve as a

guide in the preparation of the report.

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FORMS AND INSTRUCTIONS 1 1 1

SAMPLE

DUPLICATE 

Bank may retain thi3 copy

The Federal Deposit Insurance Corporation

SU M M A R Y O F D E P O SIT S

At Close of’Business September 21, 1938

______________ Bank of Anytown_____________

Anytown Any st ate

Enter accounts as recorded on the books of your bank. Do not combine account* standing to the credit of a depositor in the same right and capacity.

An entry should be made in every space on the form. Where there are no figures to report the word “None” must be written or stamped.

Enter under "Amount of Deposits” in accounts of each size the entire amount of such accounts.

Type or Deposit Size of Account Numberoi' Accounts Amountof Deposits

1. U.S. Government and postal savings deposit*

$5,000.00 and less A- 4 Enter in E item 1A+B+C+D

D ollars I C ts. D ollars | C u . F. 7 078 85 Enter in K item IF+G-t-H+J $5,000.01 to $10,000.00 B- None G. N<>ne $10,000.01 to $25,000.00 c- None H. Nc>ne $25,000.01 and more D. None E. U J. N<»ne K. | 7 1078185

2. Public funds of States and their political subdivisions

$5,000.00 and less j A. 22

Enter in E item 2A+B+C+D

F. 31 119 43 Enter in K item 2F+G+H+J $5tooo.oi to $10,000.00 j b. None G. Ncme $10,000.01 to $25,000.00 f C. H. 17 250 00 $25,000.01 and more D. 2 E. 25 J. 111 921 23 K. 160 1290166

-3. Uninvested trust funds (M recorded in tru s t d ep irtm e n t)

$5,000.00 and less a. 9

Enter in E item 3A+B+C+D

F. 9 056 77 Enter in K item 3F+G+H+J $5,000.01 to $10,000.00 B- 2 G. 14 310 06 $10,000.01 to $25,000.00: C. 1 H. 12 529 43 .$25,000.01 and more | D. Non© E. 12 J. Ncme K- 1 35 1896126

4. Deposits of foreign and do­ mestic banks (exclusive of am ount due to ow n branches or head office)

$5,000.00 and less j A. None

Enter in E item 4A+B+C+D

F. Ncme Enter in K item 4F+G+H+J $5,000.01 to $10,000.00 j B. 2 G. 15 478 10 $10,000.01 to $25,000.00 j C. ^ H 25 000 00 $25,000.01 and more | D. E. 9 J. 198 265 60 K- |238|743j70

5. Demand deposits of individ­ uals, partnerships, and cor15,000.00 and less A- 4,688 Enter in E item 5A + B+C+D

F. 928 782 23 Enter in K item 5F+G + H+J $5,000.01 to $10,000.00 B- 25 G. 245

155

966

2U

32 $10,000.01 to $25,000.00 c. n H. 58 $25,000.01 and more D- 3 \K 4,727 H- 115 218 10 K- l|445 2111 23

6. Savings and time deposits of individuals, partnerships, and corporations (exc-iunive of uninvested tru s t funds of own

$5,000.00 and less A 3.531 Enter in E item 6A+B+C+D

F 1 059 661 79 Enter in K item 6F-}-G-f-H -+-J $5,000.01 to $10,000.00 R- 32 G. 22U 801 41 $10,000.01 to $25,000 00 c. 3 H. 36 576 19 $25,000.01 and more D- 1 E. 3,567 U 35 000 00 K- 113561039139

7. Outstanding drafts

$5,000.00 and less A- 88

Enter in E item 7A + B+C+D

F. 39 608 20 Ejiter in K item 7F+G +H + J $5,000.01 to $10,000.00 B. 1 G. 5 000 01

$10,000.01 to $25,000.00 c None H. N<me $25,000.01 and more D. None E. 89 J. N<me k. | A./, 16081 21

8. Other deposit items included in Column A, Form 555

$5,000.00 and less a. i

Enter in E item 8A + B+C+D

F. 5 000 00

Enter In K item 8F -t’G +H +J $5,000.01 to $10,000.00 B- None G. Nc

N<

me $-10,000.01 to $25,000.00 c- None H. me

$25,000.01 and more D. None E. 1 J. N<me K. | 5 |000|00

9. Total (am ount of deposits s,hould agree w ith Colum n A, F orm 553

eluded)

$5,000.00 and less A- 8,343 Enter in E item 9A + B+C + D which should equal total of E’s above

F- 2 080 307 27 Enter in K item 9F+G+H+J which should equal total of K’s above $5,000.01 to $10,000.00 B- 62 G. 505 555 90 $10,000.01 to $25,000.00 C. 17 H. 246 600 20

$25,000.01 and more D- 12 E- 8,434 J. 46O 404 93 K- 3 129218681 30

Idollars I Cta. DoUar, | Cu. Dollar* Cta.

a. Item 9F 2 080 307 27 e. Item 9F+G 2 585 863 17 j. Item9F+G+H 2 832 463 37 b. (Item9B+C+D)X $5,000 455 000 00 f. (Item 9C+D) X *10,000 290 000 00 k. Item 9DX *25,000 300 000 00

c. Total (a+b) 2 535 307 27 g. Total (e+f) 21875 863 17 1. Total (j+k) 3 132 463 37

d. (c + item 9K) X 100 76.9 h. (g-i-item 9K) X 100 _ 87.3 m. (1 + item 9K)X100 95.1

Fonii 89—Cell No. 2 

Statistical 

Federal Deposit Insurants 

Corporation

The above statement is correct to the beat of my knowledge and belief. (&X, (N am e an d title of om cer)

15,318 KDIC Ort. No.

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Federal Reserve Bank of St. Louis
PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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E X P L A N A T O R Y NOTES

Sources of Data

Data relating to national banks and State banks in the District of Columbia

were obtained from the Comptroller of the Currency or the Board of Governors

of the Federal Reserve System, and data relating to State banks members of the

Federal Reserve System from the Board of Governors of the Federal Reserve

System, with the following exceptions: (1) average deposits during the first

six months of 1938, and number of banks on June 30, 1938, grouped by amount

of deposits, which were obtained from certified statements submitted by the banks

to the Federal Deposit Insurance Corporation; (2) capital investment of the Reconstruction Finance Corporation, which was obtained from that Corporation;

(3) analysis of examinations, the data of which were compiled by this Corporation

from reports submitted by the Comptroller of the Currency and the Board of

Governors of the Federal Reserve System and reviewed by the Corporation; (4)

data relating to suspensions, receiverships, and mergers with aid of loans from the

Federal Deposit Insurance Corporation, which were obtained from the records

of the Corporation.

Data relating to insured banks not members of the Federal Reserve System were

obtained from the banks themselves or from the records of the Federal Deposit

Insurance Corporation.

Data relating to noninsured banks were obtained from the Board of Governors

of the Federal Reserve System, State banking authorities, Rand McNally Bankers

Directory, and Polk’s Bankers Encyclopedia.

Classification of Banks and Banking Offices

Insured banks include all operating banks insured by the Federal Deposit

Insurance Corporation; noninsured banks include all banks not so insured.

Commercial banks include the following categories of banks:

All operating national banks;

All incorporated State banks, trust companies, and banks and trust companies, regularly engaged in the business of receiving deposits, whether demand

or time, except mutual savings banks and, in New Hampshire, guaranty

savings banks;

All stock savings banks, excluding guaranty savings banks in New

Hampshire;

Banks in conservatorship or operating under restrictions, provided they

are authorized to and in fact do accept new deposits, regardless of the character of the restrictions imposed on the operations of the bank;

Such industrial and Morris Plan banks as operate under general banking

codes or operate under the same codes of law as insured industrial banks;

115

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116 FEDERAL DEPOSIT INSURANCE CORPORATION

Branches of foreign banks which engage in a general deposit business;

Cash depositories;

Private banks under State supervision, and such other private banks as

are reported by reliable unofficial sources to be engaged in deposit banking;

All insured trust companies, even though not engaged in regular deposit

banking;

Branches of American and foreign banks maintained in the possessions

to do a general deposit business. (Where more than one branch is maintained

by a given bank in any one possession the chief or central office is classified

as a bank and the other offices as branches).

Mutual savings banks include all banks operating under special State banking

codes applying to mutual savings banks, including all guaranty savings banks in

New Hampshire. The classification of mutual savings banks conforms with that

adopted by the Board of Governors of the Federal Reserve System except for one

bank classified as a mutual savings bank by that Board which is classified by the

Federal Deposit Insurance Corporation as a commercial bank.

Branches include all offices, other than head offices, of banks operating more

than one office at which deposits are received or checks cashed, and all offices,

other than head offices, of insured trust companies not engaged in deposit banking.

The term “branch” is used in accordance with the definition in paragraph (15),

subsection (c) of section 12B of the Federal Reserve Act, as amended, which is

as follows:

“The term ‘branch’ includes any branch bank, branch office, branch

agency, additional office, or any branch place of business located in any

State of the United States or in Hawaii, Alaska, Puerto Rico, or the

Virgin Islands at which deposits are received or checks paid or money

lent.”

Figures for operating banks do not include institutions in the following categories,

though such institutions may perform many of the same functions as banks:

Banks which have suspended operations or have ceased to accept new

deposits and are proceeding to liquidate their assets and pay off existing

deposits, regardless of the amount of deposit liability still remaining and

regardless of whether they are listed among operating banks or included in

abstracts of condition of banks published by State banking authorities;

Building and loan associations, savings and loan associations, credit unions,

personal loan companies, and similar institutions, chartered under special

laws applying to such institutions or under general incorporation laws, regardless of whether such institutions are authorized to accept deposits from

the public or from their members and regardless of whether such institutions

are called “banks;”

Noninsured Morris Plan companies, industrial banks, loan and investment

companies, and similar institutions, not operating under general State banking

codes, or under the same codes of law as similar institutions which have been

admitted to insurance;

Noninsured trust companies not engaged in receiving deposits from the

general public, regardless of whether they are listed among banks or included

in abstracts of condition of banks published by State banking authorities;

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EXPLANATORY NOTES 117

Branches of foreign banks, and of private banks, which confine their business

to foreign exchange dealings and do not receive “deposits” as that term is

commonly understood;

A few special institutions chartered under general banking laws, but operating as mortgage or investment companies and not engaged in deposit

banking;

Federal Reserve banks and other banks, such as the Savings and Loan

Bank of the State of New York, which operate as rediscount banks and do

not accept deposits from the general public.

Deposits of Banks and Banking Offices

Operating insured banks. Deposit data for operating insured banks are

obtained from three separate sources. (1) Average deposits for the first six months

of 1938, shown in Tables 111 to 114, inclusive, and used for classifying insured

banks by size groups in Tables 105 to 109, inclusive, are averages of daily deposit

liabilities as reported on certified statements for assessment purposes. (2) Deposit

figures in Tables 115 to 121, inclusive, summarizing assets and liabilities of banks,

are from reports of condition submitted by the banks for the dates indicated; and

deposit figures in Tables 139 to 148, inclusive, are averages of the figures from

reports of condition for three dates. (3) Deposit figures in Tables 124 to 136,

inclusive, summarizing the reports of examinations of banks, are for the respective

dates on which each bank was examined.

Deposit liabilities reported on certified statements for assessment purposes

include, in addition to the deposits shown on reports of condition, outstanding

drafts and uninvested trust funds held in the bank’s own trust department, and

exclude a portion of cashiers’ and officers’ checks outstanding. It is estimated

that total deposit liabilities for assessment purposes exceed total deposits shown

on reports of condition by less than 2 percent. Deposits shown in reports of

examination are defined in the same way as those shown on reports of condition.

In adjusting figures for examiners’ appraisals, deposit liabilities not shown on the

banks’ books are added to deposits shown on the books.

Offices of insured banks operating branches. Deposits for each branch

and head office of banks operating branches, used in classifying such offices by size

in Tables 105 and 109, are from special reports by banks operating branches.

Total deposits for each branch system correspond to the deposit figure shown on

the bank’s report of condition.

Noninsured banks. Deposits of noninsured banks are from published figures

or from reports received from State banking authorities, and are based on reports

of condition submitted by the banks to State authorities or to bankers’ directories.

Figures refer to June 30 and December 31 or nearest available dates, with the

averages for the first six months of 1938 (in Tables 105-08 and 111-14) derived

from the figures for December 31, 1937, and June 30, 1938.

Figures for branches and head offices of noninsured banks operating branches

are not available separately.

Suspended and merged banks and banks in receivership. Deposit figures

for insured banks in Tables 152 to 163, inclusive, relating to suspensions, receiverships, and mergers with the aid of loans from the Corporation, are from the records

of the Corporation with respect to such banks, and refer to the date of suspension

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118 FEDERAL DEPOSIT INSURANCE CORPORATION

or merger. Deposits for banks in receivership as shown by the books of the Corporation, December 31, 1938, given in Table 162, differ from those shown by books

of bank at date of suspension given in Table 161 because of reclassification of

liabilities and discovery of additional liabilities during liquidation.

Assets and Liabilities of Operating Banks

Figures relating to assets and liabilities of insured banks, in Tables 115 to 121,

inclusive, are from reports of condition submitted by the banks. A uniform report

of condition for insured commercial banks was adopted by the Comptroller of the

Currency, the Board of Governors of the Federal Reserve System, and the Federal

Deposit Insurance Corporation late in 1938. The figures for December 31, 1938,

are the first on the uniform basis. Earlier figures have been revised to increase

the comparability with figures based on the uniform report. The revisions are

described in the footnotes to the tables.

Assets and liabilities of noninsured banks are from the same sources as deposits

of those banks.

Examiners’ Analysis of Insured Commercial Banks

Examiners’ analyses of the assets and capital of all insured commercial banks,

given in Tables 124 to 127, inclusive, are derived from the reports of examinations

made by the Comptroller of the Currency in the case of national banks and State

banks in the District of Columbia, by the Federal Reserve Banks in the case of

State banks members of the Federal Reserve System, and by the Federal Deposit

Insurance Corporation in the case of State banks not members of the Federal

Reserve System. The number of commercial banks for which data of examinations

were tabulated is less than the number of insured commercial banks due to the fact

that some banks were not examined in 1938 and to the fact that it was not possible

to make all reports of examination available for the tabulations. Approximately

two-thirds of the reports of examinations of insured banks in 1938 were prepared

in accordance with the examination procedures in effect at the beginning of the

year, and approximately one-third in accordance with the uniform procedure agreed

upon by the examining agencies on June 27.1 Data obtained from examinations

made under the uniform procedure were revised to correspond with data obtained

under the original procedures in order to obtain greater comparability in the

statistics.

In the case of insured commercial banks not members of the Federal Reserve

System, results of examinations made in 1938 have been tabulated both on the basis

of the original procedure and on the basis of the uniform procedure. To facilitate

comparison of the results of the two procedures and comparison of the data for

1938 with those for prior years, some tables relating to these banks are presented

on the basis of the original examination procedure, and other tables on the basis

of the uniform procedure.2

1 For a discussion of the uniform procedure and of the differences between the uniform procedure and th at previously followed by the Corporation, see P art Three, pages 61-78. 2 In revising the data obtained under the original examination procedure to conform with data obtained under the uniform examination procedure it was necessary to estim ate average prices of se­ curities in Group 2 for the eighteen months preceding the date of examination. The error involved in the estimates is estimated to be negligible in its effect upon any conclusions to be drawn from the data.

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Federal Reserve Bank of St. Louis
EXPLANATORY NOTES 119

The principal terms used in the tables relating to examiners’ analyses of bank

assets and capital accounts are described below.

Book value, applied to total assets, loans, securities, and miscellaneous assets,

refers to the values carried by each bank on its books at the time of examination.

Total capital accounts, or book value of capital accounts, refers to the

“net worth” or equity of stockholders (including holders of capital notes and

debentures) in each bank as carried by the bank on its books at the time of examination.

Examiners’ deductions (net) represent the amount by which the examiners’

evaluation of each banks’ assets, or of each bank’s total capital accounts (net worth)

is less than the value carried by the bank on its books. For a description of the

character of the adjustments made by examiners under the original examination

procedures in force at the beginning of the year 1938, and under the uniform procedure in force during the latter part of the year, see Part Three, pages 61 to 78.

Adjusted value, applied to total assets, loans, securities, and miscellaneous

assets, refers to the examiner’s evaluation of the assets owned by each bank. This

term corresponds in meaning with the term “appraised value” used in the Annual

Reports of the Corporation for 1937 and 1936, and the term “net sound value”

in the Annual Reports of the Corporation for 1935 and 1934.

Adjusted capital account is the examiner’s evaluation of the net worth or

equity of stockholders (including holders of capital notes and debentures) in each

bank. This term corresponds in meaning with the term “net capital account”

used in the Annual Report of the Corporation for 1937, the term “sound capital”

used in the Annual Report of the Corporation for 1936, and the term “net sound

capital” used in the Annual Reports of the Corporation for 1935 and 1934. For

an explanation of the derivation of the adjusted capital account, see Part Three,

pages 76 to 78.

The analysis and classification of assets is described in Part Three, pages 76 to 78.

Earnings, Expenses, and Disposition of Profits of Insured Banks

Earnings ratios. Ratios of earnings, expenses, and disposition of profits of

all insured banks, presented in Table 137, are based upon the averages of the

total assets of all insured banks reporting on the call dates specified; such asset

averages include figures for banks which reported on one call date but not on

another because they became insured during the year or were in operation only

part of the year.

Ratios of earnings of insured banks not members of the Federal Reserve System,

given in Tables 139 to 150, inclusive, are based on averages of assets for the identical

banks to which the earnings data pertain. The figures relate only to banks operating throughout the year. Figures for banks commencing operations during

the year, reporting earnings for less than the full year, or materially affected by

mergers or consolidations have been excluded.

Depreciation. Data relating to national banks and to State banks members

of the Federal Reserve System given in Tables 137 and 138 differ from those published by the Comptroller of the Currency and the Board of Governors of the

Federal Reserve System, due to the classification of all reported depreciation on

banking house, furniture and fixtures under current operating expenses. Such

depreciation is shown by the Comptroller of the Currency and the Board of Governors of the Federal Reserve System under losses and charge-offs.

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120 FEDERAL DEPOSIT INSURANCE CORPORATION

In the case of insured banks not members of the Federal Reserve System only

regularly recurring depreciation is classified under current operating expenses;

extraordinary charge-offs of banking house, furniture and fixtures are included

with “losses, charge-ofTs, and additions to valuation allowances.”

Interest. Amounts reported by national banks and by State banks members

of the Federal Reserve System as interest on public funds, on bank deposits, and

in 1934 and 1935 on “other” demand deposits, which were included in previous

Annual Reports of the Corporation as part of “interest on time and savings deposits” have been classified in this Report as a part of “other current operating

expenses.”

The amount of interest on time deposits paid by insured banks not members

of the Federal Reserve System in 1936, given in Tables 137 and 139, is believed

to be overstated by $1 to $1.5 million due to errors of reporting. The decrease

in this item from 1936 to 1937, therefore, probably reflects in part the error in the

preceding year.

Mutual savings banks. In 1935 insured mutual savings banks did not report

“interest and discount on borrowings” separately from “interest paid on capital

notes and debentures.” Since the combined figures consisted almost entirely

of the latter item, they are presented under that category in Table 151. Figures

for insured mutual savings banks for 1936 and 1937 have been revised in accordance

with examiners’ corrections of the original reports submitted by the banks.

Suspensions, Receiverships, and Mergers

The figures for deposits which appear in Tables 152 to 157, inclusive, and for

disbursements which appear in Tables 153 and 156 are calculated by rounding

the figures for each bank to thousands of dollars. Totals appearing in these tables,

therefore, in some cases do not agree exactly with totals appearing in Tables 158

and 161.

Differences between the number of insured banks suspended or merged with the

aid of loans from the Corporation, as shown in Table 102 and as shown in Tables

152 to 158, inclusive, and differences between the number of insured banks suspended

and the number placed in receivership, are due to differences in the classifications

employed and to particular circumstances connected with some of the cases involved.

In the case of suspended banks covered by Table 152, one bank in 1936 was

classified in Table 102 of the Annual Report for that year as a “suspended bank

succeeded by another bank in same class;” in 1937, one bank was classified as

'‘noninsured bank succeeding national bank suspended,” and three banks were

classified as “banks suspended and reopened,” in Table 102 of the Annual Report

for that year.

Of banks merged with financial aid of the Corporation covered in Table 153,

12 were classified as follows in Table 102 of the Annual Reports of the corresponding

years: In 1936, five banks were classified as “successions not involving changes

in number and classification;” in 1937, two banks wTere classified as “changes in

classification among insured banks,” and three banks as “successions and reopenings

not involving changes in number or class;” and, in 1938, one bank was classified

among “suspended banks not reopened or succeeded” and one among “changes

in title.”

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EXPLANATORY NOTES 1 2 1

The insured banks which received financial aid from the Federal Deposit Insurance Corporation, shown in Tables 154 and 157, include the banks merged with

aid of loans from the Corporation (Tables 153, 156, and 158) and the banks placed

in receivership (Tables 159-163).

Differences between the number and deposits of insured banks included in

receiverships and the number and deposits of insured banks which suspended are

due to the cases listed below.

Year of closing

Included in su sp en sions b u t n o t in receiverships: Reopened.................................................... 1935 Reopened.................................................... 1937 Taken over by another b ank................. 1937 Merged with aid of loan from F D IC .. 1937 Merged with aid of loan from FD IC .. 1938

R eceiverships n o t in sam e year as suspensions: Placed in receivership in 1936............... 1935 Placed in receivership in 1938............... 1937

Included in receiverships b u t n ot in suspensions of insured banks: Voluntary liquidation listed among receiverships (depositors paid by F D IC )..................................................... 1937 Noninsured bank with insured deposits a t date of suspension (insurance status having been term inated prior to suspension) placed in receivership 1938

State

Oklahoma Kentucky Tennessee Iowa Illinois

Texas Maryland

Class

Not member FRS 

National N ot member FRS

N ot member FRS N ot member FRS

Michigan Not member FRS

Tennessee N ot member FRS

Case Deposits number

$85,000 206,000 122,000 3.594.000 2.795.000

219.000 35 669.000 126

64,000 90

278,000 162

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NUMBER OF BANKING OFFICES

Table 101. N u m b e r a n d C l a s s i f i c a t i o n o f O p e r a t in g B a n k i n g O f f i c e s , D e c e m b e r 31, 1935-19381

United States including possessions United States excluding possessions

Dec. 31, 1935 Dec. 31, 1936 Dec. 31, 1937 Dec. 31, 1938 Dec. 31, 1935 Dec. 31, 1936 Dec. 31, 1937 Dec. 31, 1938

ALL BANKING OFFICES

A ll ban king offices— to ta l............................................................................................. 19,312 19,203 19,050 18,905 19,218 19,109 18,958 18,813 Insu red ............................................................................................................................... 17,328 17,297 17,241 17,133 17,324 17,290 17,234 17,126 N oninsured........................................................................................................................ 1,984 1,906 1,809 1,772 1,894 1,819 1,724 1,687

All banks— t o t a l........................................................................................................... 15,940 15,714 15,444 15,257 15,904 15,679 15,410 15,223 Insured........................................................................................................................... 14,182 14,029 13,853 13,709 14,179 14,025 13,849 13,705 N oninsured................................................................................................................... 1,758 1,685 1,591 1,548 1,725 1,654 1,561 1,518

All branches— t o t a l..................................................................................................... 3,372 3,489 3,606 3,648 3,314 3,430 3,548 3,590 Insured........................................................................................................................... 3,146 3,268 3,388 3,424 3,145 3,265 3,385 3,421 N oninsured................................................................................................................... 226 221 218 224 169 165 163 169

COMMERCIAL BANKING OFFICES

B ank ing o ffices.................................................................................................................. 18,622 18,516 18,364 18,220 18,528 18,422 18,272 18,128 In su red ............................................................................................................................... 17,265 17,234 17,178 17,073 17,261 17,227 17,171 17,066 Members F. R. System: national.............................................................................. 6,7 2 1+ 6,733 6,71+8 6,727 6,721+ 6,733 6,71+8 6,727 Members F. R : System: State.................................................................................... 1,956 2,031+ 2,075 2,106 1,956 2,031+ 2,075 2,106 Not members F. R. System......................................................................................... 8,585 8,1+67 8,355 8,21+0 8,581 1,267 8,1+60 8,31+8 8,233 N oninsured........................................................................................................................ 1,357 1,282 1,186 1,147 1,195 1,101 1,062

B a n k s................................................................................................................................. 15,374 15,151 14,882 14,703 15,338 15,116 14,848 14,669 Insured........................................................................................................................... 14,126 13,973 13,797 13,661 14,123 13,969 13,793 13,657 Members F. R. System: national.......................................................................... 5,886 5,325 5,260 5,221+ 5,386 5,325 5,260 5,221+ Members F. R. System: State................................................................................ 1,001 1,051 1,081 1,111+ 1,001 1,051 1,081 1,111+ Not members F. R. System.................................................................................... 7,739 7,597 7,1+56 7,323 1,042 7,736 7,593 7,1+52 7,319 N oninsured................................................................................................................... 1,248 1,178 1,085 1,215 1,147 1,055 1,012

U n it b a n k s.................................................................................................................. 14,518 14,257 13,958 13,764 14,494 14,233 13,935 13,741 Insured....................................................................................................................... 13,312 13,119 12,912 12,762 13,310 13,117 12,910 12,760 5,198 5,128 5,061+ 5,028 5,198 5,128 5,061+ 5,028 Members F. R. System: State............................................................................ 856 898 922 953 856 898 922 953 Not members F. R. System................................................................................ 7,258 7,093 6,926 6,781 7,256 7,091 6,921+ 6,779 N oninsured............................................................................................................... 1,206 1,138 1,046 1,002 1,184 1,116 1,025 981

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
B anks op eratin g b ra n ch es.......................... Insured.............................................................. Members F. R. System: national............. Members F. R. System: State................... Not members F. R. System....................... Noninsured......................................................

B ran ch es................................................................. Insured.................................................................. Members F. R. System: national................. Members F. R. System: State....................... Not members F. R. System........................... Noninsured..........................................................

All offices of banks operatin g branches Insured.............................................................. Members F. R. System: national............. Members F. R. System: State................... Not members F. R. System....................... Noninsured......................................................

MUTUAL SAVINGS BANKING OFFICES

B ank ing o ffice s.................................................................................... In su red ................................................................................................. N oninsured..........................................................................................

B anks2.................................................................................................. Insured............................................................................................. N oninsured......................................................................................

U n it b a n k s.................................................................................... Insured......................................................................................... N oninsured.................................................................................

B anks operatin g b ran ch es..................................................... Insured......................................................................................... N oninsured.................................................................................

B ran ch es............................................................................................ Insured............................................................................................. N oninsured......................................................................................

All offices of banks operatin g b ra n ch es.......................... Insured......................................................................................... N oninsured.................................................................................

856 814 188 1 1+5 1+8142

3,248 3,139 1,338 955 81+6 109

4,104 3,953 1,526

1,100 1,327 151

69063 627

56656 510

48852 436

784

74

1247

117

20211191

1 For explanation of classification of banking offices see page 115. 2 N ot members of the Federal Reserve System.

894 924 939 844 883 913 928 854 885 899 813 852 883 897 197 196 196 188 197 196 196 153 159 161 11+5 153 159 161 501+ 530 51+2 1+80 502 528 51+0 40 39 40 31 31 30 31

3,365 3,482 3,517 3,190 3,306 3,424 3,459 3,261 3,381 3,412 3,138 3,258 3,378 3,409 1,108 1,1+88 1,503 1,338 1,1+08 1,1+88 1,503 983 991+ 992 955 983 991+ 992 870 899 917 81+5 867 896 911+ 104 101 105 52 48 46 50

4,259 4,406 4,456 4,034 4,189 4,337 4,387 4,115 4,266 4,311 3,951 4,110 4,261 4,306 1,605 1,681+ 1,699 1,526 1,605 1,681+ 1,699 1,136 1,153 1,153 1,100 1,136 1,153 1,153 1,3 7 1+ 1,1+29 1,1+59 1,325 1,369 i , m 1,1,51+ 144 140 145 83 79 76 81

687 686 685 690 687 686 685 63 63 60 63 63 63 60 624 623 625 627 624 623 625

563 562 554 565 563 562 554 56 56 48 56 56 56 48 507 506 506 510 507 506 506

485 485 475 488 485 485 475 52 52 44 52 52 52 44 433 433 431 436 433 433 431

78 77 79 78 78 77 79 4 4 4 4 4 4 4 74 73 75 74 74 73 75

124 124 131 124 124 124 131 7 7 12 7 7 7 12 117 117 119 117 117 117 119

202 201 210 202 202 201 210 11 11 16 11 11 11 16 191 190 194 191 191 190 194

toCONUMBER OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
Table 102. A n a l y s i s o f C h a n g e s i n N u m b e r a n d C l a s s i f i c a t i o n o f O p e r a t i n g B a n k in g O f f i c e s

i n 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 i o n s D u r i n g 1938

a l l b a n k i n g o f f i c e s

N um ber of offices, D ecem ber 31, 1938. N um ber of offices, Decem ber 31, 1937.

N et change during y ea r........................

C hanges resu ltin g from

Offices o p e n e d . Banks1............. B ranches.........

O ffices c lo sed . Banks2........... Branches. . . .

C hanges in classification—n e t to ta l. Noninsured banks to insured banks. . Insured banks to noninsured ban k s. . . Among insured b an k s............................. Among branches of insured banks

BANKS

N um ber of banks, D ecem ber 31, 1938. N um ber of banks, D ecem ber 31, 1937.

N et change during y e a r..................

C hanges resu ltin g from —

B anks b egin n in g o p era tio n s.................................................................. New banks3.................................................................................................. Closed bank reopened............................................................................... Admissions to F. R. System of tru st companies not engaged in deposit banking1.................................................................................

Banks ceasin g op era tio n s.................................................................. Suspended banks not reopened or succeeded4......................... Merged with aid of F D IC loans—net decrease..................... Other mergers, consolidations, and absorptions—net decrease. Other liquidations................................................................................ W ithdrawal from insurance of trust company not engaged in deposit banking.............................................................................

All banking offices

Total

18,905 19,050

-145

+131 +37 +94

-276 -224 -52

15,257 15,444

-187

+37 +34+ 1+2

-224 -56 -22-85 -60

Insured

17,133 17,241

-108

+112 +25 +87

-237 -186 -51

+17 +23-6

13,709 13,853

-144

+25 +22+1

+2

-186 -49 -22-77 -37

Non­ insured

1,772 1,809

-37

+19 +12+ 7

-39 -38-1

-17 -23+6

1,548 1,591

-43

+12+12

-23

Commercial banking offices

Total

18,220 18,364

-144

+ 124 +37 +87

-268 -216 -52

14,703 14,882

+ 37 +34+1+2

-216 -55 -22-80 -58

Insured

Total

17,073 17,178

-105

+107 +25 +82

-230 -179 -51

+ 18 +23-5

13,661 13,797

-136

+ 25 +22+1+2

-179 -48 -22-72 -36

Members F. R. System

N a­ tional

6,727 6,748

+26+1 +25

-41 -31 -10

-6

5,224 5,260

-36

+1+1

-31-1-4 -23

2,106 2,075

+31

+6+ 3+ 3

-23-7 -16

+48

+37 +11

1,114 1,081

+ 33

+ 3

■+r

+2

-7-1

Not 

mem­ bers F. R. System

8,240 8,355

-115

+75 +21 +54

-166 -141 -25

-24 +23-5 -31 -11

7,323 7,456

-133

+21+21

-141 -46 -18 -43 -33

-1

Non­ insured

1,147 1,186

+ 17 + 12+ 5

-38 -37-1

-18 -23+ 5

1,042 1,085

-43

+12 +12

-22

M utual savings banking offices

Total

685 686

+ 7

' + 7

554 562

In ­ sured

6063

+ 5

’ + 5 '

-7-7

4856

Non­ in­ sured

625 623

+2

+2 

" +2"-1-1

+1

+1

506 506

-1

124 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
N oninsured banks becom in g in su red ..........................................

Successions to noninsured banks..........................................................

Admissions to insurance, banks operating at beginning of year.

Insured banks b ecom in g n o n in su red ..........................................

Successions to insured ban ks.................................................................

Terminations of insurance by F D IC ..................................................

Withdrawals from insurance..................................................................

Changes in classification am ong insured b a n k s.................

National banks succeeding State banks..............................................

State banks succeeding national banks................................................

Admissions to F. R. System.....................................................................

Withdrawals from F. R. System with continuance of insurance .

Changes n ot involving nu m ber in any class:

Successions5......................................................................................................

Changes in title6.............................................................................................

Changes in location......................................................................................

Changes in title and location...................................................................

B RAN C H ES

N um ber of branches, D ecem ber 31, 1938. Num ber of branches, D ecem ber 31, 1937.

N et change during y e a r..................

C hanges resu ltin g from —

B ranches opened for b u sin e ss..............................

Absorbed banks converted into branches..............

Branches replacing banks closed or relocated.

Other branches opened..................................................

B ranches d isc o n tin u e d...................

Branch of bank which suspended.

Other branches discontinued..........

C hanges in classification am on g insured b an k s.

Branches of banks admitted to F. R. System.........

Branches transferred as result of absorption..........

C hanges n o t involving n u m ber in any class:

Successions.............................................................................. .

Sale of branch to another bank.......................................

Changes in title.......................................................................

Changes in location...............................................................

Changes- in title and location............................................

3,648 3,606

+42

+ 9 4

+ 4 3 + 12 

+ 3 9

-52-1

-51

+ 23 -23

+ 4 -4

+ i 9 -19

-6 + 6

-2 + 2

-2 + 2

-2 + 2

25

4

13

3,424 3,388

+36

+87

+ 4 2 +12

+ 3 3

-51-1

-50

1

37

224 218

+6

+ 7+1+6

-1

3,517 3,482

+35

+ 87

+ 3 8 + 12 

+ 3 7

-52-1

-51

9

1

38

+23

+ 4 + 19

-5-2-1-2

3,412 3,381

+31

+82

+ 3 7 +12

+ 3 3

-51-1

-50

-6+6-12+37

-5

'+ 4 7 '

-5

+23

+ 4

+ 1 9

-5-2-1-2

-31-1+12

-47

+ 5

7

13

4

9

-23

-4

-19

+ 5+2+1+2-1

-1 +1'+ f

1,503 1,488

+ 15

+25

+ 1 8 +1+6-10

992 994

-2

+ 3

+ 3

-16

’ ‘ - 1 6 ’

+n

+ 9 +2

917 899

+18

+54

+ 1 9 +11

+ 2 4

-25-1

-24

-11

-9-2

105 101

+ 4

+ 5+1

+ 4

-1

131 124

+ 7

+ 7

+ 5 '+2'

127

+ 5

+ 5

+ 5

119 117

+2

+2

+2

1

232

2

1 Includes 2 trust companies previously in operation, but not engaged in deposit banking and not previously counted among operating banks, which were admitted to the

Federal Reserve System. One of these reorganized and began to accept deposits at time of admission to the Federal Reserve System.

2 Includes 1 trust company, not engaged in deposit banking, which withdrew from insurance and continued its operations, but is not counted among operating banks since

withdrawal from insurance.

3 Includes, among insured banks not members of the Federal Reserve System, 1 bank which took over the deposit business of a trust company with the latter retaining

its trust business, 1 Morris Plan company which reorganized as a bank, and 4 banks which opened during the year as noninsured banks but later were admitted to insurance.

4 Includes 1 bank absorbed with aid of FD IC loan.

5 Includes 1 private bank which was incorporated.

6 Includes 1 bank merged with aid of FD IC loan: see footnote 5, Table 158.

N O T E : For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

Back figures— See the following Annual Reports: 1937, pp. 70-72; 1936, pp. 102-04; 1935, pp. 144-46; 1934, p. 177.

NUMBER OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
T a b le 103. NUMBER OF OPERATING BANKING OFFICES, DECEMBER 31, 1938

INSURED AND NONINSURED OFFICES GROUPED BY CLASS OF BANK AND TYPE OF OFFICE IN EACH STATE AND POSSESSION

All banking offices Commercial banking offices M utual savings banking offices Insured banking offices as percentage of—

Total Insured Non­ insured Total Total

Insured

Members F. R. System

N ot members F. R. S ystem

Non­ insured Total Insured N on­ insured

All banking offices

Com­ mercial banking officesM utual savings banking National State offices

U nited S tates and p ossession s— t o t a l......... 18,905 17,133 1,772 18,220 17,073 6,727 2,106 8,240 1,147 685 60 625 90.6 93.8 8.8 All b an k s................................................................ 15,257 13,709 1,548 14,703 13,661 5,224 1,114 7,323 1,042 554 48 506 89.9 92.9 8.7 Unit banks...................................................... 14.,239 12,806 1,433 13,764 12,762 5,028 953 6,781 1,002 475 44 431 89.9 92.7 9.3 Banks operating branches............................ 1,018 903 115 939 899 196 161 542 40 79 4 75 88.7 95.7 5.1 B ranches................................................................. 3,648 3,424 224 3,517 3,412 1,503 992 917 105 131 12 119 93.9 97.0 9.2

U n ited S ta te s..................................................... 18,813 17,126 1,687 18,128 17,066 6,727 2,106 8,233 1,062 685 60 625 91.0 94.1 8.8 All ban k s............................................................ 15,223 13,705 1,518 14,669 13,657 5,224 1,114 7,319 1,012 554 48 506 90.0 93.1 8.7 Unit banks..................................................... 14,216 12,80J, 1,412 13,741 12,760 5,028 953 6,779 981 475 44 431 90.1 92.9 9.3 Banks operating branches............................ 1,007 901 106 928 897 196 161 540 31 79 4 75 89.5 96.7 5.1 B ranches............................................................. 3,590 3,421 169 3,459 3,409 1,503 992 914 50 131 12 119 95.3 98.6 9.2

P ossessio n s.......................................................... 92 7 85 92 7 7 85 7.6 7.6 All b an k s............................................................ 34 4 30 34 4 4 30 11.8 11.8 Unit banks..................................................... 28 2 21 23 2 2 21 8.7 8.7 Banks operating branches............................ 11 2 9 11 2 2 9 18.2 18.2 B ranches............................................................. 58 3 55 58 3 3 55 5.2 5.2

S tate

A lab am a........................................................... 238 229 9 238 229 72 17 140 9 96.2 96.2 All b an k s........................................................ 217 208 9 217 208 66 16 126 9 95.9 95.9 Unit banks................................................. 214 205 9 214 205 65 15 125 9 95.8 95.8 Banks operating branches....................... 3 3 3 3 1 1 1 100.0 100.0 B ranches........................................................ 21 21 21 21 6 1 14 100.0 100.0

A rizon a.............................................................. 38 38 38 38 26 2 10 100.0 100.0 All b anks........................................................ 12 12 12 12 5 2 5 100.0 100.0 Unit banks................................................. 8 8 8 8 3 2 3 100.0 100.0 Banks operating branches....................... 4 4 4 4 2 2 100.0 100.0 B ranches........................................................ 26 26 26 26 21 5 100.0 100.0

A rkan sas........................................................... 231 224 7 231 224 51 7 166 7 97.0 97.0 All banks......................................................... 216 209 7 216 209 50 7 152 7 96.8 96.8 Unit banks................................................. 202 195 7 202 195 4 9 7 139 7 96.5 96.5 Banks operating branches....................... 14 14 14 14 1 13 100.0 100.0 B ranches........................................................ 15 15 15 15 1 14 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1,061 210 1,053 203 8 1,061 210 1,053 203 783 144 126 8 99.2 99.2 7 102 15 86 7 96.7 96.7 175 169 6 175 169 92 8 69 6 96.6 96.6 35 3U 1 35 3U 10 7 17 1 97.1 97.1 851 850 1 851 850 681 129 40 1 99.9 99.9

144 136 8 144 136 78 11 47 8 94.4 94.4 144 136 8 144 136 78 11 47 8 94.4 94.4

1 U 136 8 1 U 136 78 11 U7 8 9U-U 9U.U

C o n n e ctic u t.................................................... 208 110 98 134 110 58 6 46 24 74 74 52.9 82.1 194 103 91 121 103 54 5 44 18 73 73 53.1 85.1 187 98 89 115 98 51 U US1

17 72 72 52.1+ 71 .J, 50.0

85.2 7 5 2 6 5 3 1 1 1 1 83.3 14 7 7 13 *1 4 1 2 6 1 1 53.8

D elaw are........................................................... 62 57 5 59 57 16 6 35 2 3 3 91.9 96.6 48 44 4 46 44 16 4 24 2 2 2 91.7 95.7 Unit banks...................... ............... U

7

38 3 AO6

38 16 2 20 2 1 1 92.7 95.0 Banks operating branches ............... 6 1 6 2 U 1 1 85.7 100.0 B ranches............................. ................... 14 13 1 13 13 2 11 1 1 92.9 100.0

D istrict of C o lu m b ia . . . 52 52 52 52 26 9 17 100.0 100.0 All b an k s.......................... . . 22 22 22 22 9 4 9 100.0 100.0 Unit banks................................................. 11 11 11 11 U 2 5 100.0 100.0 Banks operating branches ................... 11 11 11 1130 5 U 100.0 100.0 B ranches...................................................... 30 30 30 17 5 8 100.0 100.0

F lo rid a............................... 166 161 5 166 164 161 53 4 104 5 97.0 97.0 All b anks........................................................ 164 161 3 161 53 4 104 3 98.2 98.2 Unit banks................................................. 163 161 2 163 161 53 U 101+ 2 98.8 98.8 Banks operating branches ................... 1 1 1 1

B ranches........................................................ 2 2 2 2

G eorgia................... ....................................... 373 287 86 373 287 69 25 193 86 76.9 76.9 All b an k s........................................................ 346 263 83 346 263 53 20 190 83 76.0 76.0 Unit banks................................................. 335 25 U9

81 335 25U 50 17 187 81 75.8 75.8 Banks operating branches........... ......... 11 2 11 9 3 3 3 2 81.8 81.8 B ranches........................................................ 27 24 3 27 24 16 5 3 3 88.9 88.9

Id a h o .................................................................. 83 81 2 83 81 36 23 22 2 97.6 97.6 All b an k s...................................................... 52 50 2 52 50 20 10 20 2 96.2 96.2 Unit banks................................................. U66

U

6

2 U6 U

6

16 9 19 2 95.7 95.7 Banks operating branches ................... 6 1 1 1 100.0 100.0 B ranches........................................................ 31 31 31 31 16 13 2 100.0 100.0

NUMBER OF BANKING OFFICES 127

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 103. N u m b er OF Oper a t in g B a nk ing Of f ic e s, D ecem ber 31, 1938— C ontinued

INSURED AND NONINSURED OFFICES GROUPED BY CLASS OF BANK AND TYPE OF OFFICE IN EACH STATE AND POSSESSION

All banking offices Commercial banking offices M utual savings banking offices Insured banking offices as percentage of—

T otal Insured Non­ insured Total Total

Insured

Members F. R. System

N ot members F. R. S ystem

Non­ insured Total Insured N on­ insured

All banking offices

Com­ mercial banking offices

M utual savings banking National State offices

Illin o is ............................................................... 854 839 15 854 839 316 79 444 15 98.2 98.2 All ban k s........................................................ 854 839 15 854 839 316 79 444 15 98.2 98.2 Unit banks................................................. 8 5 U 839 15 851+ 839 316 79 UU 15 98.2 98.2 Banks operating branches....................... B ranches........................................................

I n d ia n a .............................................................. 575 544 31 570 540 135 31 374 30 5 4 1 94.6 94.7 80.0 All b an k s........................................................ 515 485 30 510 481 127 18 336 29 5 4 1 94.2 94.3 80.0 Unit banks................................................. 1+77 U 8 29 1+72 m 121 16 307 28 5 U 1 93.9 91+.1 80.0 Banks operating branches....................... 38 37 1 38 37 6 2 29 1 97.1+ 97.1+ B ranches........................................................ 60 59 1 60 59 8 13 38 1 98.3 98.3

Io w a .................................................................... 816 729 87 816 729 109 33 587 87 89.3 89.3 All b an k s........................................................ 662 584 78 662 584 109 33 442 78 88.2 88.2 Unit banks................................................. 51+8 1+76 72 51+8 1+76 109 33 331+ 72 86.9 86.9 Banks operating branches....................... 111+ 108 6 111+ 108 108 6 91+.7 91+.7 B ranches........................................................ 154 145 9 154 145 145 9 94.1 94.1

K a n s a s ............................................................... 683 456 227 683 456 182 18 256 227 66.8 66.8 All b an k s........................................................ 683 456 227 683 456 182 18 256 227 66.8 66.8 Unit banks................................................. 683 1+56 227 683 1+56 182 18 256 227 66.8 66.8 Banks operating branches....................... B ranches........................................................

K e n tu c k y .......................................................... 446 404 42 446 404 116 15 273 42 90.6 90.6 All b an k s........................................................ 418 376 42 418 376 98 13 265 42 90.0 90.0 Unit banks................................................. 1+05 363 1+2 1+05 363 95 11 257 1+2 89.6 89.6 Banks operating branches....................... 13 13 13 13 3 2 8 100.0 100.0 B ranches........................................................ 28 28 28 28 18 2 8 100.0 100.0

L o u is ia n a .......................................................... 199 198 1 199 198 57 8 133 1 99.5 99.5 Ail banks........................................................ 146 145 1 146 145 30 7 108 1 99.3 99.3 Unit banks................................................. 119 118 1 119 118 21+ 6 88 1 99.2 99.2 Banks operating branches....................... 27 27 27 27 6 1 20 100.0 100.0 B ranches......................................................... 53 53 53 53 27 1 25 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Maine............................................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

Maryland....................................... All ban k s. . ............................ Unit banks.......................... Banks operating branches. B ranches.................................

Massachusetts........................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

Michigan........................................ All b anks................................ Unit banks.......................... Banks operating branches. B ranches.................................

Minnesota..................................... All ban k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

Mississippi.................................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

Missouri.......................................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

161 10280

282 192 167

537 391

65 146

627 467

U7 160

690 684

248 205 181

635 635 635

11967511652

254 180 1572374

306 193 152hi 113

589 433 389u

156

658 652 650

237 194 17021, 43

595 595 595

42352967

2812102

16

231 198 17 b

12770502057

254 180 1572374

312 198 157U1 114

627 467 1+20U7 160

689 683 681

248 205 18121+43

635 635 635

113611+51652

252 178 1552374

306 193 152U

113

589 433 389U

156

657 651 61+926

237 194 17021+43

595 595 595

188 126 1081862

13782691355

199 193 19126

262521+11

868686

3151U26

541156

43

662915n

37

187 125 1131262

131313

555555

3917

22

127 10490n

23

5238299

14

265 226 2071939

445 445 U 5

209 167 1U

454 454 U51+

2812102

16

225 193 169

16

225 193 16921+32

73.9 65.7 63.8 72.7 88.1

90.1 93.8 91+.0 92.0 82.2

57.0 49.4 46.6 63.1 77.4

93.9 92.7 92.6 93.6 97.5

95.4 95.3 95.3 100.0 100.0

95.6 94.6 93.9

1 0 0 .0 100.0

93.7 93.7 93.7

89.0 87.1 90.0 80.0 91.2

99.2 98.9 98.7 100.0 100.0

98.1 97.5 96.8 100.0 99.1

93.9 92.7 92.6 93.6 97.5

95.4 95.3 95.3

1 0 0 .0 100.0

95.6 94.6 93.9

1 0 0 .0

100.0

93.7 93.7 93.7

17.6 18.8 20.0

7.1 16.7 20.0

100.0 100.0 100.0

Montana......................................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

114 114 111+

114 114 111+114 114 111+

114 114 111+

242421+4747h7

100.0 100.0 100.0

100.0 100.0 100.0

to<x>NUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 103. N u m b er OF Operating B ank ing Of fic e s, D ecem ber 31, 1938— C ontinued

INSURED AND NONINSURED OFFICES GROUPED BY CLASS OF BANK AND TYPE OF OFFICE IN EACH STATE AND POSSESSION

COo

All banking offices Commercial banking offices M utual savings banking offices Insured banking offices as percentage of—

T otal Insured Non­ insured Total Total

Insured

Members F. R. System

N ot members F. R. S ystem

N on­ insured Total Insured Non­ insured

All banking offices

Com­ mercial banking officesM utual savings banking

National State offices

N e b ra s k a.......................................................... 431 372 59 431 372 138 14 220 59 86.3 86.3 429 370 59 429 370 136 14 220 59 86.2 86.2 Unit banks................................................. 1*27 368 59 U27 368 ISA 1U 220 59 86.2 86.2 2 2 2 2 2 100.0 100.0 B ranches........................................................ 2 2 2 2 2 100.0 100.0

N e v a d a ............................................................... 20 20 20 20 16 4 100.0 100.0 All b an k s........................................................ 9 9 9 9 5 4 100.0 100.0 Unit banks................................................. 7 7 7 7 3 U 100.0 100.0 Banks operating branches....................... 2 2 2 2 2 100.0 100.0 B ranches........................................................ 11 11 11 11 11 100.0 100.0

New H a m p s h ire ............................................. 110 57 53 66 57 53 1 3 9 44 44 51.8 86.4 All b anks........................................................ 107 56 51 64 56 52 1 3 8 43 43 52.3 87.5 Unit banks................................................. io u 55 Jf.9 62 55 51 1 3 7 U2 1+2 52.9 88.7 Banks operating branches....................... 3 1 2 2 1 1 1 1 1 33.3 50.0 B ranches..................................... ........... 3 1 2 2 1 1 1 1 1 33.3 50.0

N ew J e rs e y ....................................................... 527 507 20 499 492 261 119 112 7 28 15 13 96.2 98.6 53.6 All b an k s........................................................ 404 386 18 380 373 229 54 90 7 24 13 11 95.5 98.2 54.2 Unit banks................................................. 350 333 17 329 322 212 31 79 7 21 11 10 95.1 97.9 52.U Banks operating branches....................... 51+ 53 1 51 51 17 23 11 3 2 1 98.1 100.0 66.7 B ranches........................................................ 123 121 2 119 119 32 65 22 4 2 2 98.4 100.0 50.0

New M exico..................................................... 47 46 1 47 46 22 5 19 1 97.9 97.9 All ban k s........................................................ 41 40 1 41 40 22 5 13 1 97.6 97.6 Unit banks................................................. 37 36 1 37 36 22 5 9 1 97.3 97.3 Banks operating branches....................... U U U U Jf. 100.0 100.0 B ranches........................................................ 6 6 6 6 6 100.0 100.0

New Y o rk ......................................................... 1,581 1,379 202 1,397 1,376 627 508 241 21 184 3 181 87.2 98.5 1.6 All banks........................................................ 895 742 153 761 740 439 124 177 21 134 2 132 82.9 97.2 1.5 Unit banks................................................. 768 655 113 673 65k m 8U 159 19 95 1 9h 85.3 97.2 1.1 Banks operating branches....................... 127 87 bo 88 86 28 10 18 O 39 1 38 68.5 97.7 2.6 B ranches........................................................ 686 637 49 636 636 188 384 64 50 1 49 92.9 100.0 2.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N o rth C a ro lin a....................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

N o rth D a k o ta .......................... All ban k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

O h io ............................................. All b anks................................ Unit banks.......................... Banks operating branches. B ranches.................................

O k la h o m a ................................. All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

346 337 9 346 337 231 224 7 231 224 191 185 6 191 185 1+0 39 1 UO 39 115 113 2 115 113

195 181 14 195 181 178 164 14 178 164 165 151 n 165 151 13 13 13 13 17 17 17 , 17

879 860 19 876 857 708 689 19 705 686 670 651 19 667 61+8 38 38 38 38 171 171 171 171

398 384 14 398 384 398 384 14 398 384 398 381+ U 398 381+

142 140 2 141 139 76 74 2 75 73 72 70 2 71 69 U b U U

66 66 66 66

1,216 1,168 48 1,196 1,166 1,100 1,069 31 1,093 1,067 1,051 1,026 25 1,01+8 1,021+ U9 1+3 6 1+5 A3 116 99 17 103 99

72 44 28 61 44 32 16 16 23 16 20 10 10 12 10 12 6 6 11 6

40 28 12 38 28

172 131 41 172 131 150 109 41 150 109 1 U 103 U 1 U 103 6 6 6 6 22 22 22 22

O re g o n....................................... All b a n k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

P e n n s y lv a n ia ........................... All b a n k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

R h o d e I s la n d ........................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

S o u th C a r o lin a ....................... All b an k s................................ Unit banks.......................... Banks operating branches. B ranches.................................

49 16 272 9

43 9 172 7

1+1 7 137 6 2 2 35 1

6 7 100 2

50 131 14 50 114 14 50 101 U

1317

281 194 382 19 3 3

246 81 359 19 3 3

238 67 31+3 19 3 3 8 11+ 16 35 113 23

214 7 163 14 214 7 163 14 211+ 7 163 n

92 7 40 2 1 1 28 7 38 2 1 1

26 7 36 2 1 1

2 2 64 2

737 121 308 30 20 2 18 696 80 291 26 7 2 5 677 67 280 21+ 3 2 1

19 13 11 2 1+ A

41 41 17 4 13 13

20 21 3 17 11 11 12 2 2 7 9 9

9 1 2 8 8 3 2 1 5 1 1

8 19 1 10 2 2

35 5 91 41 20 4 85 41 19 3 81 hi 1 1 U

15 1 6

97.4 97.4 97.0 97.0 96.9 96.9 97.5 97.5 98.3 98.3

92.8 92.8 92.1 92.1 91.5 91.5 100.0 100.0 100.0 100.0

97.8 97.8 100.0 97.3 97.3 100.0 97.2 97.2 100.0 100.0 100.0 100.0 100.0

96.5 96.5 96.5 96.5 96.5 96.5

98.6 98.6 100.0 97.4 97.3 100.0 97.2 97.2 100.0 100.0 100.0 100.0 100.0

96.1 97.5 10.0 97.2 97.6 28.6 97.6 97.7 66.7 87.8 95.6 85.3 96.1

61.1 72.1 50.0 69.6 50.0 83.3 50.0 51+ .5 70.0 73.7

76.2 76.2 72.7 72.7 71.5 71.5 100.0 100.0 100.0 100.0

CONUMBER OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
T a b le 10 3. N u m b e r OF O p e r a t in g B a n k in g O f f i c e s , D e c e m b e r 31, 1938— Continued

INSURED AND NONINSURED OFFICES GROUPED BY CLASS OF BANK AND TYPE OF OFFICE IN EACH STATE AND POSSESSION

All banking offices Commercial banking offices M utual savings banking offices Insured banking offices as percentage of—

Insured Com­ mercial banking

M utual savings banking Total Insured Non­ insured Total Total

Members F. R. System

N ot members F. R. S ystem

Non­ insured Total Insured N on­ insured

All banking offices National State offices offices

195 167 193 165 2 195 193 62 21 110 2 99.0 99.0 2 167 165 43 21 101 2 98.8 98.8

1541328

152 2 15413 152 39 21 92 98.7 98.7

Banks operating branches 1328 13 4 9 100.0 100.0

Branches , 28 28 19 9 100.0 100.0

T enn essee 352 301 2802151

343 292 27121

9 352 343 88 16 239 9 97.4 97.4

All banks 9 301 292 71 6 215 9 97.0 97.0

Unit banks 9 280 271 67 5 199 9 96.8 96.8

Banks operating branches 21 21 4 1 16 100.0 100.0

B ran ches 51 51 51 17 10 24 100.0 100.0

Texas 874 874 874

788 788 788

86 874 788 449 52 287 86 90.2 90.2

All hanks 86 874 788 449 52 287 86 90.2 90.2

Unit banks 86 874 788 449 52 287 86 90.2 90.2

U tah 7159545

71 71 71 21 20 30 100.0 100.0

A.11 banks 59545

59 59 13 20 26 100.0 100.0

Unit banks 545

545

11 20 23 100.0 100.0

Banks operating branches 2 3 100.0 100.0

Branches 12 12 12 12 8 4 100.0 100.0

V erm on t . ........... 104 104 87 87 44 43 17 17 100.0 100.0 100.0

All banks . ............... 83 83 75 75 42 33 8 8 100.0 100.0 100.0

Unit banks ............... 749

74, 9

67 67 402

27 7 7 100.0 100.0 100.0

Banks operating branches .... 8 8 6 1 1 100.0 100.0 100.0

Branches • • 21 21 12 12 2 10 9 9 100.0 100.0 100.0

V irginia 386 316 2764070

385 315 2754070

1 386 385 145 31 209 1 99.7 99.7

A.11 banks 1 316 315 131 26 158 1 99.7 99.7

Unit banks 1 276 275 125 24 126 1 99.6 99.6

Banks operating branches 4070 4070 6 2 32 100.0 100.0

Branches 14 5 51 100.0 100.0

132 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
226 222 4 223 219 123 16 80 4 3 3 i ............. 98.2 98.2 100.0 148 144 4 145 141 48 15 78 4 3 3 ............. 97.3 97.2 100.0 139 135 4 136 132 •4 2 U

1

76 4 3 3 97.1 97.1 100.0 9 9 9 9 6 2 100.0 100.0 78 78 78 78 75 1 2 100.0 100.0

183 175 8 183 175 79 19 77 8 95.6 95.6 182 174 8 182 174 79 19 76 8 95.6 95.6 181 173 8 181 173 79 19 75 8 95.6 95.6 1 1 1 1 1 100.0 100.0 1 1 1 1 1 100.0 100.0

705 691 14 701 688 119 34 535 13 4 3 1 98.0 98.1 75.0 584 571 13 580 568 105 28 435 12 4 3 1 97.8 97.9 75.0 505 Jj.93 12 501 U9078 102 2k 36U71 11 U 3 1 97.6 97.8 75.0 79 78 1 79 3 I 1 98.7 98.7 121 120 1 121 120 14 6 100 1 99.2 99.2

58 58 58 58 26 9 23 100.0 100.0 58 58 58 58 26 9 23 100.0 100.0 58 58 58 58 26 9 23 100.0 100.0 Banks operating branches....................... B ranches........................................................

Possession A la sk a ................................................................ 15 2 13 15 2 2 13 13.3 13.3 All ban k s........................................................ 13 2 11 13 2 2 11 15.4 15.4 Unit banks................................................. 12 2 10 12 2 2 10 16.7 16.7 Banks operating branches....................... 1 1 1 1

B ranches........................................................ 2 2 2 2

H a w a ii................................................................ 43 2 41 43 2 2 41 4.7 4.7 All banks ..................................................... 7 1 6 7 1 1 6 14.3 14.3 Unit banks................................................. U h u U

Banks operating branches....................... 3 1 2 3 1 1 2 33.3 33.3 B ranches........................................................ 36 1 35 36 1 1 35 2.8 2.8

P u e rto R ic o..................................................... 30 30 30 30 All b an k s........................................................ 12 12 12 12 Unit banks ............................................... 6 6 6 6 Banks operating branches....................... 6 6 6 6

B ranches........................................................ 18 18 18 18

V irgin I s la n d s ................................................. 4 3 1 4 3 3 1 75.0 75.0 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 B ranches........................................................ 2 2 2 2 2 100.0 100.0

Back figures—See the following Annual Reports: 1937, p. 73; 1936, p. 105; 1935, pp. 122-131.

NUMBER OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
T a b le 104. N u m b e r OF COMMERCIAL BANKS OPERATING BRANCHES AND NUMBER OF BRANCHES, DECEMBER 31, 1938

GROUPED ACCORDING TO CHARACTER OF BRANCH SYSTEM, LOCATION OF BRANCH, POPULATION OF CENTER IN WHICH LOCATED, AND BY STATE

U n ited S tates and p ossession s—t o t a l.

U n ited S ta tes. P o ssessio n s. . .

In cen ters w ith p op u lation o f- Less than 250......................................... 250 to 500............................................... 500 to 1,000............................................

1.000 to 2,500. . 2,500 to 5,000. . 5.000 to 10,000.

10.000 to 25,000. 25.000 to 50,000. 50.000 or m ore. .

State A labam a.. Arizona A rkansas. . California. Colorado. .

All branch

systems

939

92811

297092

1289553

6858 346

Character of branch system

City wide

282

282

1425 235

County wide

417

417

224259

967135

281846

State wide

236

22511

7

2833

312015

261561

In more than one State

Location of branch

All branches

3,517

3,45958

127 268 291

350 241 175

164 108 1,793

212615 854

In head office city

1.630

1.630

3

5

6

1840 1,558

1

234

Elsewhere in head office county

752

73814

84 171 161

1147146

402045

5

7

1084

Elsewhere in head office State

1,128

1,08444

4397 130

233 165 123

10648 183

13185

533

Outside head office State

C onnecticut................. D elaw are..................... D istrict of Colum bia. F lo rid a.......................... G eorgia.........................

Id a h o............................ Illinois.......................... In d ian a......................... Io w a .............................. K ansas.........................

2

2

11

131330 2

27

31

4

2

30

29

114 2678 60 154 24 35 114 1

40

134 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky........ Louisiana......... M aine............... M aryland........ M assachusetts.

M ichigan......... M innesota. . . . M ississippi. . . . M issouri.......... M o n tan a.........

13272023 41

472

24

5

6 3 8

29

192

6

20

9

11

23

16'

28535774 113

1606

43

20224

3586

1276

6

28291926

22

24201

6

21

N ebraska............. N evada................. New H am pshire. New Jersey......... New M exico. . . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... O klahom a.........

2

2

2

514

4013

36

663

12

132

11135

23

1

2

1

2

9

24

2

112

1206

639 11517 171

90

127

284

23289

39

2

1

2

1179

O regon............... Pennsylvania... Rhode Island... South C arolina. South D a k o ta . .

Tennessee........ T exas................ U ta h................. V erm ont.......... V irginia............

W ashington. . . W est V irginia. W isconsin........ W yoming.........

4

45116

13

21

323

1

2

116

1

3

2

2

2

4

10

65 100382228

51

1185173

17 

' '2

21

17 

18'

12141

7

513

7

1821

5

8

40

9

1

79

2

5

19

1

1

50

14

6

21

121270

761

121

1

9

31

3

1

79

9

3

18

56

'24'

N O TE: The number of branches in Table 104 does not agree with th at shown in Table 103 due to the fact th at in Table 103 branches are counted in the State in which they are located. Out-of-State branches are operated as follows: 1 bank in California operates 1 branch in Oregon and 2 branches in Washington; 1 bank in New Jersey operates 1 branch in Pennsylvania; and 2 banks in New York operate 1 branch in Masschusetts and 2 branches in Pennsylvania.

Back figures—See the following Annual Reports: 1937, p. 90; 1936, p. 120.

NUMBER OF BANKING OFFICES 135

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Federal Reserve Bank of St. Louis
COOi

Table 105. NUMBER OF OPERATING BANKING OFFICES, JUNE 30, 1938

INSURED AND NONINSURED OFFICES GROUPED BY CLASS OF BANK, TYPE OF OFFICE, AND AMOUNT OF DEPOSITS

All banking offices Commercial banking offices M utual savings banking offices

Total Insured Non­ insured Total Total

Insi

Membe Sys

National

ired

rs F. R. tern

State

N ot members F. R. System

Non­ insured Total Insured Non­ insured

A ll ban k in g o ffices........................................... 18,970 17,191 1,779 18,283 17,128 6,740 2,089 8,299 1,155 687 63 624

W ith deposits of— 1 $100,000 or l e s s ............................................... 1,134 798 336 1,133 798 38 8 752 335 1 1 $100,000 to $250,000...................................... 3,215 2,910 305 3,211 2,908 433 103 2,372 303 4 2 2 $250,000 to $500,000...................................... 3,724 3,565 159 3,716 3,561 1,185 240 2,136 155 8 4 4

$500,000 to $1,000,000................................... 3,532 3,415 117 3,505 3,409 1,615 380 1,414 96 27 6 21 $1,000,000 to $2,000,000............................... 2,850 2,769 81 2,793 2,756 1,509 442 805 37 57 13 44 $2,000,000 to $5,000,000............................... 2,096 1,947 149 1,961 1,931 1,130 432 369 30 135 16 119

$5,000,000 to $10,000,000............................. 752 644 108 639 634 367 179 88 5 113 10 103 $10,000,000 to $50,000,000........................... 563 431 132 434 425 259 122 44 9 129 6 123 More than $50,000,000.................................. 118 102 16 97 96 59 35 2 1 21 6 15 None or not available..................................... 986 610 376 794 610 145 148 317 184 192 192

U n it b a n k s...................................................... 14,336 12,888 1,448 13,852 12,836 5,048 937 6,851 1,016 484 52 432 W ith deposits of— 1 $100 000 or less ........................................ 933 597 336 932 597 32 6 559 335 1 1 $100,000 to $250,000.................................. 2,860 2,555 305 2,856 2,553 398 75 2,080 303 4 2 2

$250,000 to $500,000.................................. 3,283 3,124 159 3,276 3,121 1,009 188 1,924 155 7 3 4

$500,000 to $1,000,000.............................. 2,853 2,736 117 2,827 2,731 1,289 214 1,228 96 26 5 21 $1,000,000 to $2,000,000........................... 2,052 1,971 81 1,997 1,960 1,104 174 682 37 55 11 44 $2,000,000 to $5,000,000........................... 1,420 1,271 149 1,286 1,256 796 165 295 30 134 15 119

$5,000,000 to $10,000,000......................... 485 377 108 374 369 246 66 57 5 111 8 103 $10,000,000 to $50,000,000....................... 354 222 132 227 218 151 41 26 9 127 4 123 More than $50,000,000.............................. 51 35 16 32 31 23 8 1 19 4 15 None or not available................................. 45 45 45 45

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
All offices of b a n k s o p e ra tin g b ra n c h e s W ith d ep o sits of—1 $100,000 or less........................................ $100,000 to $250,000.............................. $250,000 to $500,000..............................

$500,000 to $1,000,000.......................... $1,000,000 to $2,000,000....................... $2,000,000 to $5,000,000.......................

$5,000,000 to $10,000,000.................... $10,000,000 to $50,000,000.................. M ore than $50,000,000.......................... None or not available............................

H ead offices of b a n k s o p e ra tin g b r a n c h e s ...................................... W ith d ep o sits of— 1 $100,000 or less................................... $100,000 to $250,000......................... $250,000 to $500,000.........................

$500,000 to $1,000,000...................... $1,000,000 to $2,000,000.................. $2,000,000 to $5,000,000..................

$5,000,000 to $10,000,000................ $10,000,000 to $50,000,000.............. More than $50,000,000..................... None or not available........................

B ra n c h e s .................................................. W ith d e p o sits of—1 $100,000 or less................................... $100,000 to $250,000......................... $250,000 to $500,000.........................

$500,000 to $1,000,000...................... $1,000,000 to $2,000,000.................. $2,000,000 to $5,000,000..................

$5,000,000 to $10,000,000................ $10,000,000 to $50,000,000.............. More than $50,000,000...................... None or not available........................

4,634

201 355 441

679 798 676

267 20967 941

1,007

9

6097

1027794

9098 53 327

3,627

192 295 344

577 721 582

177 11114 614

4,303

201355 441

679 798 676

267 20967 610

895

9

6097

1027794

9098 53 215

3,408

192 295 344

577 721 582

177 11114 395

331

331

112

219

219

4,431 4,292 1,692 1,152 1,448 139 203 11 192

201 201 6 2 193 355 355 35 28 292 440 440 176 52 212 1 1

678 678 326 166 186 1 1 796 796 405 268 123 2 2

675 675 334 267 74 1 1

265 265 121 113 31 2 2

207 207 108 81 18 2 2

65 65 36 27 2 2 2

749 610 145 148 317 139 192 192

929 891 194 159 538 38 78 4 74

9 9 9 60 60 1 59 97 97 1 96

102 102 5 1 96 77 77 7 5 65 94 94 32 23 39

88 88 38 29 21 2 2

97 97 45 38 14 1 1 52 52 27 23 2 1 1 253 215 39 39 137 38 74 74

3,502 3,401 1,498 993 910 101 125 7 118

192 192 6 2 184 295 295 35 27 233 343 343 175 52 116 1 1

576 576 321 165 90 1 1 719 719 398 263 58 2 2 581 581 302 244 35 1 1

177 177 83 84 10 110 110 63 43 4 1 1 13 13 9 4 1 1 496 395 106 109 180 101 118 118

1 Deposits of insured unit banks are averages of daily figures for the first six months of 1938; deposits of noninsured unit banks are averages of figures for December 31, 1937, and June 30, 1938; deposits of all offices of insured banks operating branches are averages of figures for December 31, 1937, and June 30, 1938, except for State banks members of the Federal Reserve System, which are as of December 31,1937; and deposits of head offices and of branches of noninsured banks operating branches are not available. See page 117. Back figures—See the following Annual Reports: 1937, p. 80; 1936, p. 112. CONUMBER OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
CO00

Table 106. NUM BER OF OPERATING BANKS, JU N E 30, 1938

INSURED AND NONINSURED BANKS GROUPED BY CLASS OF BANK, TYPE OF BANK, AND AMOUNT OF DEPOSITS

All banks Commercial banks M utual savings banks Insured banks as percentage of—

Insured Commer­ cial banks

Total Insured Non­ insured Total Total

Members F. R. System

N ot members F. R. System

! Non­ insured Total Insured Non­ insured All banks

Mutual savings banks National State

All ban ks .............................................................. 15,343 13,783 1,560 14,781 13,727 5,242 1,096 7,389 1,054 562 56 506 89.8 92.9 10.0

W ith deposits of— 1 $100 000 or less 937 601 336 936 601 32 6 563 335 1 1 64.1 64.2 $100,000 to $250,000......................................... 2,894 2,588 306 2,890 2,586 398 76 2,112 304 4 2 2 89.4 89.5 50.0

$250 000 to $500,000 ...................................... 3,409

3,013

3,244 165 3,402 3,241 1,010 189 2,042 161 7 3 4 95.2 95.3 42.9

$500 000 to $1,000,000..................................... 2,892 121 2,987 2,887 1,291 215 1,381 100 26 5 21 96.0 96.7 19.2 $1 000 000 to $2 000 000 ................................ 2,179 2,090 89 2,123 1,410 2,079 1,114 179 786 44 56 11 45 95.9 97.9 19.6

$2 000,000 to $5,000,000................................. 1,554 1,388 166 1,373 823 186 364 37 144 15 129 89.3 97.4 10.4

$5 000 000 to $10,000,000 ............................. 608 488 120 487 479 299 99 81 8 121 9 112 80.3 98.4 7.4

$10 000 000 to $50,000,000 ........................... 541 369 172 378 363 211 97 55 15 163 6 157 68.3 96.0 3.7

More than $50 000,000.................................... 162 123 39 122 118 64 49 5 4 40 5 35 75.9 96.7 12.5 \Tnnfi ni* nnf qvsilfllilp 46

14,336

933

46 46 46

U n it banks ................................................... 12,888

597

1,448

336

13,852

932

12,836

597

5,048 937 6,851 1,016 484 52 432 89.9 92.7 10.7 W ith deposits of— 1 $100 000 or less ...................................... 32 6 559 335 1 1 64.0 64.1 $100 000 to $250,000.................................... 2,860 2,555 305 2,856 2,553 3,121

2,731 1,960

398 75 2,080 303 4 2 2 89.3 89.4 50.0

$250 000 to $500,000 .................................. 3,283

2,853 2,052 1,420

485

3,124

2,736

159 3,276

2,827

1,009 188 1,924 155 7 3 4 95.2 95.3 42.9

$500 000 to $1,000,000................................ 117 1,289 214 1,228 96 26 5 21 95.9 96.6 19.2 $1 000 000 to $2,000,000............................. 1,971 1,271

377

81 1,997 1,104 796 174 682 37 55 11 44 96.1 98.1 20.0

$2 000 000 to $5,000,000............................. 149 1,286

374

1,256

369

165 295 30 134 15 119 89.5 97.7 11.2

$5 000 000 to $10,000,000........................... 108 246 66 57 5 111 8 103 77.7 98.7 7.2 $10 000,000 to $50,000,000......................... 354 222 132 227 218 151 41 26 9 127 4 123 62.8 96.1 3.1

More than $50 000 000................................ 51 35 16 32 31 23 8 1 19 4 15 68.6 96.9 21.1

None or not available 45 45 45 45

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
B anks operatin g b ra n ch es. W ith deposits of— 1 $100,000 or less..................... $100,000 to $250,000........... $250,000 to $500,000...........

$500,000 to $1,000,000___ $1,000,000 to $2,000,000... $2,000,000 to $5,000,000..

$5,000,000 to $10,000,000. $10,000,000 to $50,000,000 More than $50,000,000 None or not available.........

1,007 895 112 929 891 194 159 538 38 78 4 74 88.9 95.9 5.1

4 4 4 4 4 100.0 100.0 34 33 1 34 33 1 32 1 97A 97A 126 120 6 126 120 1 1 118 6 95.2 95.2

160 156 4 160 156 2 1 153 4 97.5 97.5 127 119 8 126 119 10 5 104 7 1 1 93.7 94.4 134 117 17 124 117 27 21 69 7 10 10 87.3 94.4

123 111 12 113 110 53 33 24 3 10 1 9 90.2 97.3 10.0 187 147 40 151 145 60 56 29 6 36 2 34 78.6 96.0 5.6 111 ! 88 23 90 87 41 41 5 3 21 1 20 79.3 96.7 4.8 1 1 1 1

^ u a n a a d i e a v c i d g c s u i u a i i v uguies l o r me nrst SJJ June 30, 1938. See page 117.

N O TE: For average deposits of these banks, see Table 111.

Back figures—See the following Annual Reports: 1937, p. 82; 1936, p. 112.

3 are averages of figures for December 31, 1937, and

COCONUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 107. NUMBER OF OPERATING COMMERCIAL BANKS, JU N E 30, 1938

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE AND IN THE POSSESSIONS O

All banks

Banks with deposits of-

$100,000 or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to

$1,000,000

$1 ,000,000 to

$2,000,000

$2,000,000 to $5,000,000

$5,000,000 $10,000,000 to to $10,000,000 $50,000,000

More than $50,000,000

None or not available

United States and possessions- Insured banks.............................. N oninsured banks.......................

-total.

United States............ Insured banks........ N oninsured b an k s.

Possessions.................. Insured banks........ N oninsured b an k s.

State Alabama........................ Insured banks........ Noninsured banks.

Arizona........................... Insured banks........ Noninsured banks.

Arkansas....................... Insured banks........ Noninsured banks.

California.......................... Insured banks............ Noninsured banks. . .

Colorado............................. Insured banks............ Noninsured banks. . .

Connecticut.................... Insured banks............ Noninsured banks. . .

Delaware............................ Insured banks............ Noninsured banks. . .

District of Columbia. Insured banks............ Noninsured banks. . .

14,781 13,727 1,054

14,747 13,723 1,024

344

30

218 209

217 2107

210 2037

145 1369

121 10318

4644

2

2222

936 601

933 601 332

2,890 2.586 304

2,889 2.586 303

3,402 3.241 161

3,397 3.241 156

2,987 2.887 100

2,985 2.88798

19163

6763460591

1

1

32311

3

3

2,123 2,07944

2,115 2,07639

2222

1,410 1,37337

1,402 1,37230

487 479

483 4794

35314

2

1

1

107

3

67652

7

6

1

25223

7

6

1

6

4

2

50491

39

3636

5858

38362

127

5

1111

29281

17152

1111

40391

2424

30273

10

10

28244

30282

6

6

14131

1

1

378 36315

376 36313

122 1184

121 1183

46

46

46

46

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
F lorid a........................................................ 163 2 33 33 Insured banks........................................ 160 1 33 33 3 1

G eorgia....................................................... 344 91 89 67 Insured banks........................................ 264 42 80 63 Noninsured banks................................. 80 49 9 4

Id a h o........................................................... 52 2 12 11 Insured banks........................................ 50 2 12 11 Noninsured banks................................. 2

I llin o is ......................................................... 864 32 164 208 Insured banks........................................ 848 27 161 206 Noninsured banks................................. 16 5 3 2

In d ia n a....................................................... 512 11 107 147 Insured banks........................................ 482 8 94 138 Noninsured banks................................. 30 3 13 9

Iow a.............................................................. 664 15 137 219 Insured banks........................................ 586 5 112 196 Noninsured banks................................ 78 10 25 23

K a n sa s........................................................ 687 108 254 154 Insured banks........................................ 458 29 164 116 Noninsured banks................................. 229 79 90 38

K en tu ck y................................................... 422 35 109 95 Insured banks........................................ 378 18 97 90 Noninsured banks................................. 44 17 12 5

L ou isian a................................................... 146 5 18 28 Insured banks........................................ 145 5 18 27 Noninsured banks................................. 1 1

M a in e ........................................................ 70 1 6

Insured banks........................................ 61 4

Noninsured banks................................. 9 1 2

M aryland................................................... 182 1 25 42 Insured banks........................................ 180 1 25 42 Noninsured banks................................. 2

M assa ch u setts......................................... 199 2 1 12 Insured banks........................................ 194 2 1 12 Noninsured banks................................. 5

M ich ig a n .................................................... 474 5 69 136 Insured banks........................................ 436 1 57 126 Noninsured banks................................. 38 4 12 10

M in n e so ta ................................................. 684 29 186 219 Insured banks........................................ 650 16 173 216 Noninsured banks................................. 34 13 13 3

M ississip pi................................................. 206 12 40 57 Insured banks........................................ 195 11 37 54 Noninsured banks................................. 11 1 3 3

33 35 12 8 7

32 34 12 8 7

1 1

37 25 12 3 2 2 16 35 25 12 3 2 2

2 16

14 5 5 1 2

14 4 4 1 2

1 1

192 108 90 41 24 5 189 107 88 41 24 5

3 1 2

101 78 44 8 15 1 98 77 43 8 15 1

3 1 1

158 93 22 11 5 4

147 89 21 11 5

11 4 1 ........ 4

91 52 20 4 4

74 47 20 4 4

17 5

88 63 22 4 5 1

80 61 22 4 5 1

8 2

47 26 9 5 6 2 47 26 9 5 6 2

14 17 20 10 2 12 16 18 9 2 2 1 2 1

43 39 17 6 8 1

43 39 17 6 6 1

2

34 39 61 26 19 5 33 39 59 26 17 5 1 2 2

119 59 44 21 10 4 7 118 56 43 21 10 4 1 3 1 7

153 62 22 6 4 3 152 59 21 6 4 3

1 3 1

47 30 13 5 2

43 30 13 5 2 4

NUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 107. N u m ber OF Operating Commercial B a n k s, J u n e 30, 1938— C ontinued

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE AND IN THE POSSESSIONS

Banks with deposits of— 1

All banks $100,000 or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000$1,000,000 to $2,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

[More than $50,000,000

None or not available

643 106 190 139 92 49 34 17 9 6 1

Insured banks........................................ 60241 8917 17317 134 91 49 34 17 9 6

5 1 1

114 2 25 39 23 8 12 3 2 114 2 25 39 23 8 12 3 2

427 58 171 110 53 20 7 2 6 370 30 147 107 52 19 7 2 6 57

9

28 24 3 1 1

\I pvQ H Cl 3 2 2 1 1

Insured brinks 9 3 2 2 1 1

"Mo’w JJam ncfiifP 64568

382 375

2 8 14 15 12 9 4

7 131

12 12 8 4

2 1 3 1

New J e rs e y ................................................. Insured focinks

2 4 2323 7876 117 94 30 31 3

3 116 94 30 30 3

\Trirjir\GiifPrl Vicjnlrcs 7 2 1 2 1 1

\T/ito Ayf py 1 41401

5 11 9 11 2 3 5 11 8 11 2 3

1

New Y ork 764 6 30 102 173 176 151 59 35 32

Insured fos.nks 743 27 102 171 175 146 59 34 29

21 6 3 2 1 5 1 3

N o rth C a r o li n a ...................................... 231 14 52 57 37 39 20 4 5 2 1

Insured bcinks 224 12 50 56 37 39 19 4 5 2

7 2 2 1 1 1

183 46 68 43 9 9 6 1 1 169 37 66 4,12

9 9 6 1

14

706

9 2 1

QJ^Jo , . 7 77 177 182 131 80 26 17 9

Insured htinks • * 687 4 69 170 181 131 80 26 17 9

19

398

3 8 7 1

41 123 116 55 32 21 5 3 2

Tnonrprl Vidnlres 383 35 115 115 55 32 21 5 3 2

Noninsured banks................................. 15 6 8 1

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
P en n sylvan ia............ Insured banks........ Noninsured banks.

R hode Isla n d ........... Insured banks........ Noninsured banks.

Sou th C arolin a. . . . Insured banks........ Noninsured banks.

S ou th D ak o ta ........... Insured banks........ Noninsured banks.

T e n n essee.................. Insured banks........ Noninsured banks.

T exas............................ Insured banks........ Noninsured banks.

U ta h............................. Insured banks........ Noninsured banks.

O regon.......................

Insured banks........

Noninsured banks.

V erm o n t..................... Insured banks........ Noninsured banks.

V irg in ia...................... Insured banks........ Noninsured banks.

W a sh in g to n.............. Insured banks........ Noninsured banks.

W est V irg in ia........... Insured banks........ Noninsured banks.

W isco n sin.................. Insured banks........ Noninsured banks.

W yom in g.................... Insured banks........ Noninsured banks.

7573

2

1,096 1,07026

23167

149

11039

175 1732

303 29310

876 78987

5959

7575

318 3171

148 1444

183 1758

587 57314

5858

421824

2828

32293

8760272

2

20

20

53512

32239

8181

96924

213 19023

10

10

4343

29281

20182

106 1042

6

6

2424

159 1563

2

2

30291

38

66651

218 20315

1616

7676

4646

45441

162 1566

1919

273 262111

1

19163

12102

51501

170 1637

1414

8787

3030

51492

151 1483

1414

258 2571

5

1

4

15132

34331

77761

3232

9393

227 227

8

7

1

27261

48471

64631

2

2

2020

1010

38

2424 12

1 2’

iDeposits of insured banks are averages of daily figures for the first six m onths of 1938; deposits of noninsured banks are averages of figures for December 31, 1937, and June 30, 1938. See page 117.

N O TE: For average deposits of these banks, see Table 113.

Back figures—See the following Annual Reports: 1937, p. 84; 1936, p. 114; 1935, p. 132.

CONUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. N u m b e r OF OPERATING MUTUAL SAVINGS BANKS, JU N E 30, 1938

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE

Banks with deposits of—1

All banks $100,000

or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000$1,000,000 to $2,000 000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

More than $50,000,000

562 1 4 7 26 56 144 121 163 40 56 2 3 5 11 15 9 6 5 506 1 2 4 21 45 129 112 157 35

S ta te C o n n e c tic u t ....................................... 73 3 9 23 17 20 1

Noninsured banks ................... 73 3 9 23 17 20 1

D elaw are ........................................... 2 1 1

Noninsured banks 2 1 1

In d ia n a ........................ 5 2 1 2

Insured banks ............... 4 2 1 1 Noninsured banks 1 1

M ain e ........................................................ 32 1 6 7 12 4 2 Insured banks ........... 6 3 2 1

N oninsured banks ...................................................... 26 1 3 7 10 3 2

M a ry lan d .............................................................. 12 1 2 2 1 4 2 Insured banks ................................................. 2 2 oninsured banks ......................................... 10 1 2 1 4 2

M a ssa c h u se tts ........................................................ 193 1 1 8 12 55 54 56 6

Noninsured banks ...................................................... 193 1 1 8 12 55 54 56 6

M in n cso t3 . . . . . . . ................... 1 1

Insured banks ....................... 1 1

H a m p sh ire ................................................... 44 1 7 10 18 4 4

Noninsured banks 44 1 7 10 18 1

4 4

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
New Je rse y ................

Insured banks........

Noninsured banks.

N ew Y ork................... Insured banks......... Noninsured banks.

O h io............................. Insured banks........ Noninsured banks.

O regon........................ Insured banks......... Noninsured b an k s.

P en n sy lv a n ia ............ Insured banks......... Noninsured banks.

R hode Is la n d . Insured banks......... N oninsured b an k s.

V erm on t..................... Insured banks........ 'Noninsured banks.

W a sh in gton.............. Insured banks......... N oninsured b an k s.

W isco n sin.................. Insured banks........ Noninsured banks.

251411

1342

132

3

2

1

20

20 ‘

27

27

105

5

58

’58 ‘

1

"l

232

21

1

1

i Deposits of insured banks are averages of daily figures for the first six months of 1938; deposits of noninsured banks are averages of figures for December 31, 1937, and June 30, 1938. See page 117.

N O TE : For average deposits of these banks, see Table 114.

Back figures—See the following Annual Reports: 1937, p. 88; 1936, p. 118; 1935, p. 140.

o\ NUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
4^

Table 109. N u m b e r OF OPERATING BANKING OFFICES OF INSURED COMMERCIAL BANKS, JU N E 30, 1938

GROUPED BY AMOUNT OF DEPOSITS, TYPE OF OFFICE, AND POPULATION OF CENTER IN WHICH LOCATED

All

banking

offices

Banking offices with deposits of—1

$100,000 or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000$1,000,000 to $2,000,000$2,000,000 to $5,000,000$5,000,000 to $10,000,000$10,000,000 to $50,000,000

M ore than $50,000,000

None or not available

All b a n k in g o ffices......................................... 17,128 798 2,908 3,561 3,409 2,756 1,931 634 425 96 610

In c e n te rs w ith p o p u la tio n of— Less than 250.................................................. 836 238 407 127 25 4 35 250 to 500........................................................ 1,919 317 945 467 97 16 3 74 500 to 1,000............................................ 2,670 172 928 1,030 410 61 69

1,000 to 2,500................................................. 3,321 43 472 1,258 1,111 324 35 1 1 76 2,500 to 5,000................................................. 1,967 9 71 368 764 593 126 4 32 5,000 to 10,000............................................... 1,489 5 17 115 399 610 308 17 18

10,000 to 25,000............................................. 1,282 8 23 32 150 395 535 102 14 23 25,000 to 50,000............................................. 606 1 9 22 43 110 223 141 32 25 50,000 or m ore................................................ 3,038 5 36 142 410 643 701 369 378 96 258

U n it b a n k s .................................................. 12,836 597 2,553 3,121 2,731 1,960 1,256 369 218 31 I n c e n te rs w ith p o p u la tio n of— Less than 250 ........................................... 691 188 367 110 23 3

250 to 500.................................................... 1,611 233 843 433 83 16 3 500 to 1 000 .................................... 2,304 121 826 936 365 56

1 000 to 2 500 .................................... 2,867 34 418 1,133 991 265 24 1 1 2 500 to 5 000 .................................... 1,651 5 55 328 658 499 103 3

5 000 to 10 000 ................................ 1,281 5 13 99 352 542 255 15

10 000 to 25 000 .................................... 1,066 8 14 22 131 335 465 80 11 25 000 to 50,000 .................................... 447 5 13 31 85 184 109 20 50,000 or m ore........................................... 918 3 12 47 97 159 222 161 186 31

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
All offices of b a n k s o p e ra tin g b ra n c h e s ........................................ In c en ters w ith p o p u la tio n of— Less than 250.............................................

4,292

145 308

201

5084

355

40 102

440

1734

678

2

14

796

1

675 265 207 65

250 to 500.................................................... 500 to 1,000................................................. 366 51 102 94 45 5

1,000 to 2,500............................................. 454 9 54 125 120 59 11 2,500 to 5,000............................................. 316 4 16 40 106 94 23 1

5,000 to 10,000........................................... 208 4 16 47 68 53 2

10,000 to 25,000......................................... 216 9 10 19 60 70 22 3

25,000 to 50,000................................... 159 1 4 9 12 25 39 32 12 50,000 or m ore........................................... 2,120 2 24. 95 313 484 479 208 192 65

H ead offices of b a n k s o p e ra tin g b ra n c h e s ........................................ 891 9 60 97 102 77 94 88 97 52 In c e n te rs w ith p o p u la tio n of— Less than 250......................................... 27 3 13 5 250 to 500............................................... 61 3 20 10 7 500 to 1,000............................................ 86 2 18 35 13 1

1,000 to 2,500......................................... 124 1 7 37 32 12 2

2,500 to 5,000......................................... 91 2 7 26 25 5 1

5,000 to 10,000....................................... 48 12 14 11

10,000 to 25,000.................................... 66 3 4 11 22 13 25,000 to 50,000.................................... 56 4 10 23 8

50,000 or m ore....................................... 332 8 10 44 51 89 52

B ra n c h e s .................................................... 3,401 192 295 343 576 719 581 177 110 13 In c e n te rs w ith p o p u la tio n of— Less than 250......................................... 118 47 27 12 2 1

250 to 500............................................... 247 81 82 24 7

500 to 1,000............................................ 280 49 84 59 32 4

1,000 to 2,500......................................... 330 8 47 88 88 47 9

2,500 to 5,000......................................... 225 4 14 33 80 69 18 5,000 to 10,000...................................... 160 4 16 35 54 42 2

10,000 to 25,000.................................... 150 9 7 15 49 48 9 3 25,000 to 50,000.................................... 103 1 4 9 12 21 29 9

50,000 or m ore....................................... 1,788 2 24 95 305 474 435 157 103 13

610

357469

763218

2325 258

215

2117

332511

131178

395

295352

437

7

1014 180

Deposits of unit banks are averages of daily figures for the first six months of 1938; deposits of all offices of banks operating branches are averages of figures for December 31, 1937, and June 30, 1938, except for State banks members of the Federal Reserve System, which are as of December 31, 1937. See page 117. Back figures— See the following Annual Reports: 1937, p. 92; 1936, p. 122.

NUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 110. N U M BER OF OPERATING BANKING OFFICES OF INSURED COMMERCIAL BANKS, JU N E 30, 1938

GROUPED ACCORDING TO NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED, 

TYPE OF OFFICE, AND POPULATION OF CENTER IN WHICH LOCATED

All

Banking offices in centers w ith—

banking

offices 1

banking office

2

banking offices

3

banking offices

4

banking offices

5

banking offices

6

banking offices

7 or 8 banking offices

9 to 19 banking offices

20 or more banking offices

All b a n k in g o ffices............................................................... 17,128

836

8,219

831

4,022

5

1,239 485 245 209 202 529 1,978

In c e n te rs w ith p o p u la tio n of— Less than 250....................................................................... 250 to 500.............................................................................. 1,919 2,670

3,321 1,967 1,489

1,282 606

1,850 2,289

2,108 685

66 3

500 to 1,000.......................................................................... 375 6

1,000 to 2,500....................................................................... 1,118 1,070 761

81 13 1

2,500 to 5,000....................................................................... 176 26 10 5,000 to 10,000..................................................................... 321 337 53 17

10,000 to 25,000................................................................... 123 526 404 173 32 24 25,000 to 50,000.................................................................. 9 82 163 132 117 58 27 18 511

261

50,000 or m ore..................................................................... 3,038

12,836

691

3 19 69 88 68

178

127 175

107

1,978

U n it b a n k s .......................................................................... 6,873 335

687

3,545

4

1,036 375 126 In c e n te rs w ith p o p u la tio n of— Less than 250................................................................... 250 to 500......................................................................... 1,611 2,304

2,867 1,651 1,281

1,549 1,954

1,762 550

60 2

500 to 1,000...................................................................... 344 6

1,000 to 2,500.................................................................. 1,024 914 71 10 2,500 to 5,000.................................................................. 155 22 10 5,000 to 10,000................................................................ 262 668 290 46 15

10,000 to 25,000.............................................................. 1,066 447 99 449 330 147 20 21 25,000 to 50,000.............................................................. 7 68 126 97 87 42 14 6

50,000 or m ore................................................................. 918 3 14 56 53 46 63 93 255 335

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
All offices of ban ks operatin g branches In cen ters w ith p op u lation of— Less than 250.................................................. 250 to 500........................................................ 500 to 1,000.....................................................

1.000 to 2,500................................................. 2,500 to 5,000................................................. 5.000 to 10,000...............................................

10.000 to 25,000............................................. 25.000 to 50,000............................................. 50.000 or m ore................................................

Head offices of banks operating branches In cen ters w ith pop u lation of— Less than 250...................................................... 250 to 500............................................................ 500 to 1,000.........................................................

1.000 to 2,500..................................................... 2.500 to 5,000...................................................... 5.000 to 10,000...................................................

10.000 to 25,000................................................. 25.000 to 50,000................................................. 50.000 or more....................................................

B ra n ch es................................................................. In cen ters w ith p op u lation of— Less than 250...................................................... 250 to 500............................................................. 500 to 1,000.........................................................

1.000.to 2,500...................................................... 2.500 to 5,000...................................................... 5.000 to 10,000...................................................

10.000 to 25,000................................................. 25.000 to 50,000................................................. 50.000 or more....................................................

4,292 1,346 477

145 144 1

308 301 6

366 335 31

454 346 94 316 135 156 208 59 93

216 24 77 159 2 14 2,120 5

891 272 176

27 27 61 57 4

86 77 9

124 80 40 91 24 56 48 6 28

66 1 31 56 7

332 1

3,401 1,074 301

118 117 1

247 244 2

280 258 22

33/) 266 54 225 111 100 160 53 65

150 23 46 103 2 7 1,788 4

Back figures— See the following Annual Reports: 1937, p. 94; 1936, p. 123.

203 110 67 83 95 268 1,643

1

10 3 1

21 4

47 7 2

74 26 12 3

37 35 30 16 i3 12 13 35 22 64 82 256 1,643

70 39 16 27 36 78 177

4

8 3 13 1

20 11 2 1 18 14 4 6 5 2 7 10 10 20 31 76 177

133 71 51 56 59 190 1,466

1

6 3 1

13 1

34 6 2

54 15 10 2 19 21 26 10 8 10 6 25 12 44 51 180 1,466

NUMBER OF BANKING OFFICES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Oi O

DEPOSITS OF BANKING OFFICES

Table 111. A v e r a g e DEPOSITS OF OPERATING BANKS DU RING FlR ST S lX M ONTHS OF 1 9 3 8 1 

INSURED AND NONINSURED BANKS GROUPED BY CLASS OF BANK, TYPE OF BANK, AND AMOUNT OF DEPOSITS

All banks Commercial banks M utual savings banks

Insured

Total Insured Non­ insured Total Total

Members F. R. System N ot members

N on­ insured Total Insured N on­ insured

N ational | State F. R. System

(In thousands of dollars)

A ll b a n k s..................................... 58,471,342

63,139 502,417

47,851,253 

43 451

10,620,089

19 688

48,282,844 46,846,408 26,299,027 14,274,535 6,272,846 1,436,436 10,188,498 1,004,845 9,183,653

W ith dep osits of— 1 <£ 1 AA A AH AT* 1 Afin 63,044 501,775 43,451 452,437 2,521 417 40,513 19,593 95 95

$100 000 to $250,000............. 452J70 49^647 73,712 14,054 364,671 49,338 642 333 309 1,250 $250 000 to $500,000............. 1,229,464 1,172,108 57,356 1,226,980 1,170,874 374,440 70,134 726,300 56,106 2,484 1,234

$500,000 to $1,000,000......... $1,000,000 to $2,000,000___ $2,000,000 to $5,000,000___

2,145,135 3,082,221 4,757,929

2,061,537 2,952,325 4,216,85883,598 129,896 541,071

2,124,496 2,996,175 4,290,964

2,057,371 2,934,717 4,171,304

936,844 1,578,801 2,514,268

152,418 255,203 579,888

968,109 1,100,713 1,077,148

67,125 61,458 119,660

20,639 86,046 466,965

4,166 17,608 45,554

16,473 68,438 421,411

$5,000,000 to $10,000,000. . . $10,000,000 to $50,000,000. . More than $50,000,000.........

4,246,334 11,352,468 31,092,235

3,388,849 7,448,729 26,114,626

857,485 3,903,739 4,977,609

3,374,266 7,716,532 25,988,612

3,318,745 7,328,308 25,369,201

2,081,291 4,308,455 14,428,695

692,584 1,990,195 10,519,642

544,870 1,029,658 420,864

55,521 388,224 619,411

872,068 3,635,936 5,103,623

70,104 120,421 745,425

801,964 3,515,515 4,358,198

U n it b a n k s............................. 28,527,421

62,789 495,744 1,183,057

22,804,297

43 101

5,723,124

19 688

22,957,246 22,282,146 14,378,588 3,333,662 4,569,896 675,100 5,570,175 522,151 5,048,024

W ith d eposits of—1 AA AAA /mi 1 62,694 495,102 1,180,573

43,101 445,982 1,126,923

2,521 73,712 373,987

417 40,163 19,593 95 95

$100,000 to $250,000......... $250,000 to $500,000......... 446^315 1,128,157 49,429 54,900

13,936 69,772 358,334 683,164 49,120 53,650 642 2,484 333 1,234 309 1,250

$500,000 to $1,000,000. . . $1,000,000 to $2,000,000 .. $2,000,000 to $5,000,000..

2,031,829 2,902,276 4,308,140

1,951,097 2,784,464 3,824,234

80,732 117,812 483,906

2,011,190 2,818,072 3,870,149

1,946,931 2,766,856 3,778,680

935,511 1,565,274 2,418,229

151,740 247,075 498,683

859,680 954,507 861,768

64,259 51,216 91,469

20,639 84,204 437,991

4,166 17,608 45,554

16,473 66,596 392,437

$5,000,000 to $10,000,000. $10,000,000 to $50,000,000 More than $50,000,000. ..

3,322,497 6,930,731 7,290,358

2,558,990 4,153,459 5,914,480

763,507 2,777,272 1,375,878

2,532,147 4,281,869 5,705,450

2,498,119 4,077,799 5,597,755

1,696,338 2,889,342 4,423,674

432,655 745,303 1,174,081

369,126 443,154 34,028 204,070 107,695

790,350 2,648,862 1,584,908

60,871 75,660 316,725

729,479 2,573,202 1,268,183

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
B an k s o p e ra tin g b ra n c h e s W ith d e p o sits of— 1 $100,000 or less...................

29,943,921

350

25,046,956

350

4,896,965 25,325,598

350

24,564,262

350

11,920,439 10,940,873 1,702,950

350

761,336 4,618,323 482,694 4,135,629

$100,000 to $250,000 6,673 6,455 218 6,673 6,455 118 6,337 43,136 218 $250,000 to $500,000 46,407 43,951 2,456 46,407 43,951 453 362 2,456

$500,000 to $1,000,000. . . 113,306 110,440 2,866 113,306 110,440 1,333 678 108,429 2,866 10,242 28,191

21,493 184,154 511,716

$1,000,000 to $2,000,000. . 179,945 167,861 12,084 178,103 167,861 13,527 8,128 146,206 1,842 28,974

81,718 987,074 3,518,715

1,842 28,974

72,485 942,313 3,090,015

$2,000,000 to $5,000,000 . . 449,789 392,624 57,165 420,815 392,624 96,039 81,205 215,380

175,744 586,504 420,864

$5,000,000 to $10,000,000. $10,000,000 to $50,000,000 M ore than $50,000,000. ..

923,837 4,421,737 23,801,877

829,859 3,295,270 20,200,146

93,978 1,126,467 3,601,731

842,119 3,434,663 20,283,162

820,626 3,250,509 19,771,446

384,953 1,419,113 10,005,021

259,929 1,244,892 9,345,561

9,233 44,761 428,700

1 Deposits of insured banks are averages of daily figures for the first six m onths of 1938; deposits of noninsured banks are averages of figures for December 31, 1937 and June 30, 1938. Excludes figures for 46 noninsured commercial banks in the continental United States. See page 117.

N O TE: For the num ber of banks on which these deposit figures are based, see Table 106. Back figures—See the following Annual Reports: 1937, p. 96; 1936, p. 125; 1935, pp. 150-54.

DEPOSITS OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
Ol K>

Table 112. AVERAGE DEPOSITS OF OPERATING BANKS DURING The FIRST SlX MONTHS OF 19381

INSURED AND NONINSURED BANKS GROUPED BY CLASS OF BANK IN EACH STATE AND IN THE POSSESSIONS

(In thousands of dollars)

All banks

Total Insured Non­ insured

Commercial banks

Total

Insured

Total

Members F. R. System

National State

26,299,027 14,274,535

26,299,027 14,274,535

184,299 59,270 97,404 2,801,500 257,421

32,670 9,068 19,587 676,929 26,600

277,616 18,118 195,640 271,470 252,738

64,647 87,944 108,182 11,820 53,559

46,450 2,783,189 442,661 228,768 226,923

31,779 738,362 56,937 92,229 17,744

242,250 322,115 116,159 301,009 1,290,570

55,724 46,773 31,603 113,628 378,961

N ot members F. R. System

Non­ insured

M utual savings banks

Total Insured Non­ insured

U n ited S tates and posses- session s—to ta l.................

U n ited S ta te s ........................

P o ssessio n s.............................

S ta te A labam a............................... A rizona.................................. A rkansas............................... California............................. Colorado...............................

C onnecticut......................... D elaw are.............................. D istrict of C olum bia......... Florida.................................. Georgia..................................

Id a h o ..................................... Illinois................................... In d ian a.................................. Io w a...................................... K ansas..................................

K entucky............................. Louisiana.............................. M aine.................................... M aryland............................. M assachusetts.....................

58,471,342

58,285,206

186,136

263,303 85,260 166,021 3,932,924 312,399

1,272,893 187,150 338,052 355,216 380,847

90,850 3,883,581 835,290 612,110 389,110

453,153 462,283 324,638 793,678 3,982,357

47,851,253

47,844,748

6,505

261,453 85,260 165,160 3,900,289 310,252

480,886 150,057 338,052 353,083 375,115

87,465 3,873,606 816,822 580,624 339,316

440,755 461,905 196,250 527,717 1,779,918

10,620,089

10,440,458

179,631

1,850

861 32,635 2,147

792,007 37,093

.........2,133 5,732

3,385 9,975 18,468 31,486 49,794

12,398 378 128,388 265,961 2,202,439

48,282,844

48,096,708

186,136

263,303 85,260 166,021 3,932,924 312,399

555,134 150,447 338,052 355,216 380,847

90,850 3,883,581 814,211 612,110 389,110

453,153 462,283 198,021 570,767 1,836,027

46,846,408

46,839,903

6,505

261,453 85,260 165,160 3,900,289 310,252

480,886 150,057 338,052 353,083 375,115

87,465 3,873,606 802,098 580,624 339,31-6

440,755 461,905 181,621 526,275 1,779,918

6,272,846

6,266,341

6,505

44,484 16,922 48,169 421,860 26,231

138,623 43,995 34,230 69,793 68,818

9,236 352,055 302,500 259,627 94,649

142,781 93,017 33,859 111,638 110,387

1,436,436

1,256,805

179,631

1,850

10.188.498

10.188.498

1.004.845

1.004.845

9.183.653

9.183.653

861 32,635 2,147

74,248 390 717,759 36,703 717,759 36,703

2,133 5,732

3,385 9,975 12,113 31,486 49,794

12,398 378 16,400 44,492 56,109

21,079 14,724 6,355

126,617 222,911 2,146,330

14,629 1,442 111,988 221,469 2,146,330

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
M ichigan........... M innesota......... Mississippi........ M issouri............. M ontana...........

N ebraska........... N evada.............. New Hampshire New Jersey . . . . New Mexico. . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... Oklahom a..........

Oregon............... P ennsylvania... Rhode Island... South Carolina. South D akota. .

Tennessee.......... T exas.................. U ta h .................... V erm ont............. V irginia..............

W ashington. .. . W est V irginia. . W isconsin.......... W yom ing...........

1,388,659 923,440 199,763 1,371,170 130,177

307,218 33,784 272,474 1,994,343 56,645

18,899,511 396,781 89,743 2,287,991 439,958

281,085 5,005,371 472,615 139,710 82,773

489,578 1,358,626 143,588 166,097 545,643

486,297 277,772 863,458 59,821

1,374,501 913.214 195,311 1,365,410 130,177

298,315 33,784 76,028 1,766,597 56,122

13,491,429 391,688 67,470 2,283,470 437,977

276,445 4,372,920 233.215 132,325 82,120

486,685 1,335,554 143,588 166,097 545,552

476,299 273,221 855,428 59,821

14,158 10,226 4,452 5,760

8,903

’ 196,446 227,746 523

5,408,082 5,093 22,273 4,521 1,981

4,640 632,451 239,400 7,385 653

2,893 23,072

1,388,659 857,423 199,763 1,371,170 130,177

307,218 33,784 82,563 1,658,846 56,645

13,584,124 396,781 89,743 2,168,620 439,958

279,246 4,422,815 295,858 139,710 82,773

489,578 1,358,626 143,588 104,143 545,643

423,013 277,772 858,932 59,821

1,374,501 847,197 195,311 1,365,410 130,177

298,315 33,784 76,028 1,626,509 56,122

12,980,943 391,688 67,470 2,164,099 437,977

274,606 4,366,435 233,215 132,325 82,120

486,685 1,335,554 143,588 104,143 545,552

413,015 273,221 850,902 59,821

752,866 658,454 69,598 610,293 73,712

238,656 31,363 65,999 741,727 44,558

5,035,232 95,446 46,414 994,616 387,760

242,357 2,546,531 93,132 73,883 51,262

360,344 1,182,988

68,000 52,541 338,340

360,271 148,716 474,936 43,462

407,865 10,468 973 538,741 37,987

5,320

1,364 561,765 1.938

7,323,241 139,148

846,405 5,108

3,565 1,198,457 134,051 8,460 8.939

37,422 32,058 49,856

83,002

23,710 64,146 91,919 3,881

213,770 178,275 124,740 216,376 18.478

54,339 2,421 8,665 323,017 9,626

622,470 157,094 21,056 323,078 45,109

28,684 621,447 6,032 49,982 21.919

88.919 120,508 25,732 51,602 124,210

29,034 60,359 284,047 12.478

14,158 10,226 4,452 5,760

66,017 66,017

8,903

6,535 32,337 523

603,181 5,093 22,273 4,521 1,981

4,640 56,380 62,643 7,385 653

2,893 23,072

189,911 335,497 189,911 140,088 195,409

5,315,387 510,486 4,804,901

119,371 119,371

1,839 582,556 176,757

1,839 6,485 576,071 176,757

61,954 61,954 91

9,998 4,551 8,030

63,284 63,284

4,526 4,526

t of insured banks are averages of daily figures for the first six months of 1938; deposits of noninsured banks are averages of figures for December 31, 1937. and June 30, 1938. Excludes figures for 46 noninsured commercial banks in the continental United States. See page 117. Back figures—See the following Annual Reports: 1937, p. 98; 1936, p. 126; 1935, p. 150; 1934, p. 182.

CRCODEPOSITS OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
Table 113. A v e r a g e D EPO SITS OF OPERATING COMMERCIAL BANKS D U RING THE FlR S T S lX M ONTHS OF 19381

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE AND IN THE POSSESSIONS

All banks

Banks with deposits of— 1

$100,000 $100,000 $250,000 $500,000 1 $1,000,000 $2,000,000 $5,000,000 $10,000,000 More than or to to to to to to to $50,000,000 less $250,000 $500,000 $1,000,000 | $2,000,000 $5,000,000 $10,000,000 $50,000,000

U n ited S tates and sion s—to ta l........ Insured banks........... Noninsured banks. . .

U n ited S ta te s ........... Insured banks......... N oninsured b an k s.

P o ssessio n s................ Insured banks......... Noninsured banks.

S ta te A lab am a..................... Insured b an k s......... Noninsured banks.

A rizon a........................ Insured banks......... Noninsured banks.

A rk an sas.................... Insured banks......... Noninsured banks.

C aliforn ia................... Insured banks......... Noninsured banks.

C olorado..................... Insured banks......... Noninsured banks.

C o n n e ctic u t.............. Insured banks......... Noninsured banks.

D elaw are......................... Insured banks............. Noninsured banks. . .

D istrict of C o lu m b ia . Insured banks............. Noninsured banks. . .

48,282,844 46,846,408 1,436,436

48,096,708 46,839,903 1,256,805

186,136 6.505 179,631

263,303 261,453 1,850

85.260 85.260

166,021 165,160 861

3,932,924 3,900,289 32,635

312,399 310,252 2,147

555,134 480,886 74,248

150,447 150,057 390

338.052 338.052

(In thousands of dollars)

63,044 43.451 19,593

62,831 43.451 19,380

213

213

1,236 1,153

2,367 2,078 289

1559758

800 546 254

108 108

501,775 452.437 49,338

501,558 452.437 49,121

217

217

11,769 11,016 753

11,153 10,873 280

1,322 1.103 219

4,482 3,983 499

1.103 951 152

945 555 390

1,226,980 1.170.874 56,106

1,224,936 1.170.874 54,062

2,044

' ” ‘2,644'

21,554 21,154 400

264 264

17,882 17,590 292

14.698 14.698

14,396 13,642 754

4,188 2,392 1,796

3.826 3.826

2,124,496 2.057.371 67,125

2,123,063 2.057.371 65,692

1,433

1,433

21,982 21,368 614

2.540 2.540

24.820 24.820

40.656 40.656

19,652 19,012 640

12,650 11,111 1,539

7.409 7.409

598 598

2,996,175 2,934,717 61,458

4,290,964 4,171,304 119,660

3,374,266 3,318,745 55,521

7,716,532 7,328,308 388,22425,988,612 25,369,201 619,411

2,985,342 2,930,399 54,9434,265,534 4,169,117 96,417

3,350,172 3,318,745 31,427

7,645,258 7,328,308 316,950

25,938,014 25,369,201 568,813

10,833 4,318 6,515

25,430 2,187 23,24324,094 71,274 50,598

24,094 71,274 50,598

31.438 31.438 36.993 36.993 5.410 5.410 79.882 79.882 53.039 53.039

19.483 19.483 8.804 8.804 54.169 54.169

22.333 22.333 13.385 13.385 47.494 47.494 26.587 26.587

58,930 57,557 1,373

34.030 34.030

94,158 82,310 11,848

20.854 20.854

69.354 69.354 249,878 230,741 19,137

139.386 139.386

3.403.773 3.403.773

24.853 24.853 53.946 53.946

42,362 35,435 6,927

8.074 8.074

89,797 85,567 4,230

16,611 16,611

110,242 102,531 7,711

8.747 8.747

229,492 177,605 51,887

43.388 43.388

65.294 65.294

61.339 61.339

2.813 2.813 12.466 12.466 40.888 40.888 124.167 124.167 157.120 157.120

154 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
G e o rg ia.......................... Insured banks........... Noninsured banks. .

I d a h o .............................. Insured banks........... Noninsured banks. .

Illin o is ........................... Insured banks........... Noninsured banks. .

I n d ia n a......................... Insured banks........... Noninsured banks. .

Io w a ................................ Insured banks........... Noninsured banks. .

K a n s a s.......................... Insured banks........... Noninsured banks. .

K e n tu c k y..................... Insured banks........... N oninsured b an k s. .

L o u is ia n a..................... Insured banks........... Noninsured banks. .

M a in e............................ Insured b an k s........... Noninsured banks. .

M a ry la n d ...................... Insured banks........... Noninsured banks. .

M a s s a c h u s e tts........... Insured banks........... Noninsured banks. .

M ic h ig a n...................... Insured banks........... Noninsured banks. .

M in n e s o ta................... Insured banks........... Noninsured banks. .

M ississip p i................... Insured banks........... Noninsured banks. .

F lorida.........................

Insured banks..........

Noninsured banks. .

355,216 353,083 2,133

380,847 375,115 5,732

90,850 87,465 3,385

3,883,581

1798396

5.685 5.685 12.245 12.245

4,386 2,641 1,745

137 137

15,180 13,724 1,456

2,188 2,188

23,984 22,744 1,240

3.970 3.970

2,267 29,761 73,723 3,873,606 1,905 29,185 73,135 9,975 362 576 588

814,211 762 19,630 53,430 802,098 644 17,645 50,113 12,113 118 1,985 3,317

612,110 1,190 25,298 78,130 580,624 455 20,880 69,777 31,486 735 4,418 8,353

389,110 7,776 42,402 54,178 339,316 2,131 28,198 41,687 49,794 5,645 14,204 12,491

453,153 2,366 18,542 34,338 440,755 1,416 16,655 32,641 12,398 950 1,887 1,697

462,283 357 3,284 9,868 461,905 378 357 3,284 9,490 378

198,021 181,621 16,400

234 2,273 1,529 234 744

570,767 77 4,499 15,714 526,275 77 4,499 15,714 44,492

1,836,027 170 213 4,650 1,779,918 170 213 4,650 56,109

1,388,659 287 12,473 49,939 1,374,501 48 10,401 46,338 14,158 239 2,072 3,601

857,423 2,254 32,073 79,077 847,197 1,329 30,158 78,057 10,226 925 1,915 1,020

199,763 882 6,702 21,304 195,311 815 6,238 20,252 4,452 67 464 1,052

23,176 22,630 546

25,434 24,143 1,291

8.499 8.499

134,522 132,878 1,644

73,773 71,479 2,294

108,353 100,493 7,860

62,920 51,307 11,613

61,380 55,815 5,565

34.395 34.395

10,071 8,811 1,260

30.954 30.954

25,723 25,182 541

84,829 84,208 621

108,168 107,539 629

33,062 30,193 2,869

51,198 49,707 1,491

34.401 34.401

7,680 6,656 1,024

149,062 147,359 1,703

112,136 110.150 1,986

126,268 120.150 6,118

71,967 66,126 5,841

84,902 82,603 2,299

36.443 36.443

25,772 24,299 1,473

58.292 58.292

56.888 56.888

84,875 81,447 3,428

84,780 81,224 3,556

41.269 41.269

34.148 34.148

34.943 34.943

15,917 13,556 2,361

274,748 269,646 5,102

129,148 126,735 2,413

68,912 64,910 4,002

53.205 53.205

66,618 66,618

24.652 24.652

58,483 53,622 4,861

61.214 61.214

194,019 187,725 6,294

125,176 120,979 4,197

68,271 66,090 2,181

40.699 40.699

53.690 53.690

21.647 21.647

5.040 5.040

276.095 276.095

50.344 50.344

67.377 67.377

26.445 26.445

28.563 28.563

36.201 36.201

76,156 68,328 7,828

41.568 41.568

190.357 190.357

151.260 151.260

36.596 36.596

33.064 33.064

174.895 174.895

51.833 51.833

47.419 47.419

415.316 415.316

262.900 262.900

136.582 136.582

70.217 70.217

99.467 99.467

150.306 150.306

25.032 25.032

205,219 160,727 44,492

374,614 325,340 49,274

182.859 182.859

80.775 80.775

22.781 22.781

169.039 169.039

2.528.087 2.528.087

112,088 112,088

56.977 56.977

166.777 166.777

153.230 153.230

989.393 989.393

696.961 696.961

365.429 365.429

cnorDEPOSITS OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
Table 113. AVERAGE DEPOSITS OF OPERATING COMMERCIAL BANKS DURING THE FIRST SlX MONTHS OF 19381— Continued

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE AND IN THE POSSESSIONS cn

M issou ri.....................

Insured banks..........

Noninsured banks.

M o n ta n a....................

Insured banks..........

Noninsured banks.

N eb ra sk a....................

Insured banks..........

N oninsured banks.

N evad a........................

Insured banks..........

Noninsured banks.

N ew H a m p sh ire.. . .

Insured banks..........

Noninsured banks.

New Jersey .................

Insured banks..........

Noninsured banks.

N ew M exico...............

Insured banks..........

Noninsured banks.

New Y ork...................

Insured banks..........

N oninsured banks.

N orth C arolin a........

Insured banks.........

N oninsured banks.

N orth D ak o ta ...........

Insured banks.........

N oninsured banks.

O h io.............................

Insured banks.........

Noninsured banks.

O k lah om a.................

Insured banks.........

Noninsured banks.

All

banks

Banks with deposits o f-

$100,000

1,371,170 1,365,410 5,760

130.177 130.177

307,218 298,315 8,903

33.784 33.784

82,563 76,028 6,535

1,658,846 1,626,509 32,337

56,645 56,122 523

13,584,124 12,980,943 603,181

396,781 391,688 5,093

89,743 67,470 22,273

2,168,620 2,164,099 4,521

439,958 437,977 1,981

$100,000

to $250,000

$250,000

to $500,000

$500,000

to $1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to $5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to $50,000,000

More than $50,000,000

(In thousands of dollars)

7,609 6,594 1,015

9898

4,119 2,234 1,885

130

i30 

67

' 67

366

366

866 744 122

3,010 2,595 415

607 337 270

2,918 2,577 341

31,792 29,130 2,662

4.369 4.369

28,108 24,308 3,800

1,496 1,286 210

827 647 180

784 784

6,210 5,694 516

9,233 8,675 558

10,442 10,008 434

14,271 13,014 1,257

20,928 19,632 1,296

47,959 46,461 1,498

13.954 13.954

38,322 37,272 1,050

1.039 1.039

5,393 4,996 397

8.902 8.902

4.306 4.306

38.420 38.420

19,762 19.504 258

14,952 14,323 629

65,887 63,441 2,446

39,848 39.504 344

66,788 66,203 585

15.624 15.624

36,132 35,316 816

1.497 1.497

11,213 8,566 2,647

59,226 57,639 1,587

5,956 5,433 523

125,620 124,461 1,159

26.371 26.371

6.500 6.500

128,410 127,862 548

38.731 38.731

68.346 68.346

10.804 10.804

29,612 28,260 1,352

2.291 2.291

16.613 16.613

169,554 168,507 1,047

14.692 14.692

253,344 251,522 1,822

53.693 53.693

11.462 11.462

186.151 186.151

43.164 43.164

105.790 105.790

36.309 36.309

19.335 19.335

2.133 2.133

23,684 20,533 3,151

300.011 300.011

7.474 7.474

473,722 456,354 17,368

59,650 55,495 4,155

16.292 16.292

237.289 237.289

62.275 62.275

111.037 111.037

23.659 23.659

15.757 15.757

24.034 24.034

204.217 204.217

23.433 23.433

405.038 405.038

25.724 25.724

6.290 6.290

174.463 174.463

30.644 30.644

147.406 147.406

25.360 25.360

135.833 135.833

26.824 26.824

653,117 623,661 29,456

738,610 725,473 13,137

76.926 76.926

20,795

20,795'

323.963 323.963

83.339 83.339

784.443 784.443

262.925 262.925

11,542,794 10,973,981 568,813

124.556 124.556

1.037.579 1.037.579

118,111 118,111

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Oregon.......................

Insured banks........

N oninsured banks.

P en n sy lv a n ia............ Insured banks......... N oninsured b a n k s.

R hode Is la n d............ Insured banks. Noninsured b a n k s.

Sou th Carolina Insured banks......... Noninsured banks.

S o u th D a k o ta........... Insured b an k s......... Noninsured banks.

T e n n essee.................. Insured b an k s......... Noninsured banks.

T exas............................ Insured b a n k s......... Noninsured banks.

U ta h............................. Insured b an k s......... Noninsured banks .

V erm o n t..................... Insured b an k s......... Noninsured banks .

V irg in ia...................... Insured banks N oninsured b a n k s.

W a sh in gton.............. Insured banks......... Noninsured b a n k s.

W est V irgin ia........... Insured banks......... Noninsured banks.

W isco n sin.................. Insured banks......... Noninsured banks.

W y om in g................... Insured banks......... Noninsured banks.

279,246 274,606 4,640

4,422,815 4,366,435 56,380

295,858 233,215 62,643

139,710 132,325 7,385

82,773 82,120 653

489,578 486,685 2,893

1,358,626 1,335,554 23,072

143.588 143.588

104.143 104.143

545,643 545,55291

423,013 413,015 9,998

277,772 273,221 4,551

858,932 850,902 8,030

59.821 59.821

81

’ ' s i

337 26374

2525

1,874 1,127 747

2,206 2,206

2,299 2,103 196

5,801 4,151 1,650

184 184

510 41991

698 630

68

173

173

761 644 117

330 330

3.367 3.367

10,582 10,150 432

5,082 3,755 1,327

13.736 13.736

16,190 15,730 460

35,819 32,104 3,715

2.065 2.065

524 524

7.546 7.546

4,775 4,549 226

3,756 3,457 299

19,790 19,545 245

928 928

9.079 9.079

58,353 57,523 830

984 984

10,836 10,375 461

13.228 13.228

23,815 23,496 319

78,018 72,760 5,258

5.886 5.886

6.679 6.679

26.975 26.975

16.388 16.388

16,335 16,020 315

58,675 56,141 2,534

7.310 7.310

8.165 8.165

203,355 195,750 7,605

845 845

13,189 11,341 1,848

7,687 7,034 653

33,390 32,587 803

117,389 113,077 4,312

9.973 9.973

11.265 11.265

62.356 62.356

21.692 21.692

37,371 36,301 1,070

109,343 107,333 2,010

9.409 9.409

14.053 14.053

374,485 372,300 2,185

7,641 1,691 5,950

20,701 17,699 3,002

10.598 10.598

45,172 44,057 1,115

103,852 102,601 1,251

10.887 10.887

29.797 29.797

81.789 81.789

16.914 16.914

44.010 44.010

127.676 127.676

12,128 12,128

14,190 9,631 4,559

687.067 687.067

22,635 18,226 4,409

22.639 22.639

19.453 19.453

30.396 30.396

167,580 160,694

6,886

5.562 5.562

43.689 43.689

93.434 93.434

22,806 20,224 2,582

89,006 86,312 2,694

132,718 129,594 3,124

16.495 16.495

7.204 7.204

449,133 440,367 8,766

15.019 15.019

11.301 11.301

15.865 15.865

23.307 23.307

139.201 139.201

5.896 5.896

12.189 12.189

58.808 58.808

55,575 48,453 7,122

12.542 12.542

76.420 76.420

13.221 13.221

10,812 10,812

683,170 646,682 36,488

138,572 86,288 52,284

54.088 54.088

200,226 200,226

534.852 534.852

103.135 103.135

149.625 149.625

81.638 81.638

74.579 74.579

135.224 135.224

212.295 212.295

1.956.333 1.956.333

110.137 110.137

114.783 114.783

176.114 176.114

64.600 64.600

202.527 202.527

198.325 198.325

1 Deposits of insured banks are averages of daily figures for the first six m onths of 1938; deposits of noninsured banks are averages of figures for December 31, 1937 and C l June 30,1938. Excludes figures for 46 noninsured banks in the continental United States. See page 117.

N O TE: For the num ber of banks on which these deposit figures are based, see Table 107. Back figures—See the following Annual Reports: 1937, p. 100; 1936, p. 128; 1935, p. 156.

DEPOSITS OF BANKING OFFICES

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Federal Reserve Bank of St. Louis
Table 114. AVERAGE DEPOSITS OF OPERATING MUTUAL SAVINGS BANKS DURING THE FIRST S lX MONTHS OF 19381

INSURED AND NONINSURED BANKS GROUPED BY AMOUNT OF DEPOSITS IN EACH STATE

All banks

Banks with deposits of—1

$100,000

or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000

$1,000,000 to $2,000,000

$2,000,000 to $5,000,000$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

More than $50,000,000

U n ited S tates—t o t a l.................................................. 10,188,498 1,004,845 9,183,653

717,759

95 642 333 309

2,484 1,234 1,250

(In tl

20,639 4,166 16,473

1,877

housands of

86,046 17,608 68,438

14,010

dollars)

466,965 45,554 421,411

75,092

872,068 70,104 801,964

124,194

3,635,936 120,421 3,515,515

429,299

5,103,623 745,425 4,358,198

73,287

95

State C o n n ecticu t............................................................... Insured banks.......................................................... Noninsured b a n k s.................................................. 717,759

36,703

1,877 14,010 75,092 124,194

8,720

429,299

27,983

73,287

D elaw are...................................................................... Insured banks.......................................................... Noninsured ban k s.................................................. 36,703

21,079 14,724 6,355

126,617 14,629 111,988

222,911 1,442 221,469

2,146,330

8,720

14,485 8,130 6,355

29,084 6,874 22,210

9,297

27,983

In d ia n a ......................................................................... 3.528 3.528 3.066 Insured banks.......................................................... 3.066 Noninsured b a n k s..................................................

M a in e ............................................................................ 259 5,416 2,724 2,692

1.442 1.442

10,526 40,391 5,031 35,360

4,608

40,941 Insured banks.......................................................... N oninsured b a n k s.................................................. 259

315

10,526 40,941

M aryland..................................................................... 63,019 144,230 Insured banks.......................................................... Noninsured b a n k s.................................................. 315 4,608

180,179

9,297

382,198

63,019

1,060,449

144,230

M assa ch u setts.......................................................... 95 171 6,399 18,642 498,197 Insured banks.......................................................... Noninsured b an k s.................................................. 2,146,330

66.017 66.017

95 171 6,399 18,642 180,179 382,198 1,060,449 498,197

66.017 66.017 M in n e so ta ................................................................... Insured banks.......................................................... Noninsured b a n k s..................................................

New H am psh ire........................................................ 189,911 316 5,505 14,237 59,244 23,583 87,026 Insured banks.......................................................... Noninsured b an k s.................................................. 189,911 316 5,505 14,237 59,244 23,583 87,026

158 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
New Jersey................

Insured banks........

Noninsured banks.

N ew Y ork................... Insured banks......... Noninsured b an k s.

O h io............................. Insured banks......... Noninsured banks.

O regon........................ Insured banks......... Noninsured banks.

P en n sylvan ia............ Insured banks......... Noninsured banks.

R hode Isla n d........... Insured banks......... Noninsured banks.

V erm o n t..................... Insured banks......... Noninsured banks.

W ash in gton.............. Insured banks........ N oninsured banks.

W isco n sin.................. Insured banks......... N oninsured ban k s.

335,497 140,088 195,409

5,315,387 510,486 4,804,901

119.371 119.371

1.839 1.839

582,556 6,485 576,071

176,757

176,757

61.954 61.954

63.284 63.284

4.526 4.526

138

138

333

974 974

360

360

260 260

2,595 1,058 1,537

9,486

9,486

1.478 1.478

1.839 1.839

6.565 6.565

1.493 1.493

1.647 1.647

8,786 4,997 3,789

63,139

63,139

6.485 6.485

20.190 20.190

3.239 3.239

2.546 2.546

54,255 29,378 24,877

195,505

195,505

7.523 7.523

5,025

’ 5,025‘

18.199 18.199

174,641 103,681 70,960

1,550,536

1,550,536

80,844

80,844

104,458

104,458

16.740 16.740

94,246

” ’ 94,246 ’

3,496,721 510,486 2,986,235

110.370 110.370

495,227

495,227

66.776

66.776 *

58.552 58.552

1 Deposits of insured banks are averages of daily figures for the first six months of 1938; deposits of noninsured banks are averages of figures for December 31, 1937, and June 30, 1938. See page 117.

N O TE: For the num ber of banks on which these deposit figures are based, see Table 108. Back figures—See the following Annual Reports: 1937, p. 104; 1936, p. 132; 1935, p. 164.

DEPOSITS OF BANKING OFFICES 159

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ASSETS AND LIABILITIES OF OPERATING BANKS

Table 115. SUMMARY OF ASSETS AND LIABILITIES OF OPERATING BANKS, UNITED STATES AND POSSESSIONS, 1935-1938

(Amounts in millions of dollars)

1935 1936 1937 1938

Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

ALL C O M M ERCIA L AND M U TU A L SA VING S BANKS 

ASSETS Cash and amounts due from banks.......................................................................... United States Government obligations, direct and fully guaranteed..............

14,872 15,510 10,035 20,291 3,236 63.944

55,512 657 7,775 63.944

15,060 17,330 10,509 20,601 3,284 66.784

58,159 728 7,897 66.784

16,819 17,479 10,618 21,388 3,265 69.569

60,926 689 7,954 69.569

15,520 16,933 10,260 22,461 3,214 68.388

59,586 775 8,027 68.388

15,902 16,683 9,739 22,119 3,093 67.536

58,829 671 8,036 67.536

17,392 16,787 9,496 21,053 2,990 67.718

59,120 594 8,004 67.718

18,262 18,006 9,609 21,315 3,144 70.336

61,638 668 8,030 70.336

Loans, discounts, and overdrafts.............................................................................. Miscellaneous assets..................................................................................................... T o ta l a s s e ts ..........................................................................................................

L IA B ILITIES AND CAPITAL Total deposits ............................................................................................................... Miscellaneous liabilities............................................................................................... Total capital accounts.................................................................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts .....................................................

Number of banks included..................................................................................... Number of banks not included............................................................................. Total operating banks.....................................................................................

15,87862 15,94015,77662 15,83815,65559 15,714

15,52559 15,58415,39846 15,44415,29350 15,343

15,20354 15,257

ALL INSURED BANKS ASSETS Cash and amounts due from other ban k s.............................................................. United States Government obligations, direct and fully guaranteed.............. Other se c u rities............................................................................................................

13,919 13,454 7,125 15,208 2,329 52.035

45,125 573 6,337 52.035

14,109 14,982 7,683 15,607 2,333 54.714

47,637 648 6,429 54.714

15,800 14,987 7,820 16,434 2,302 57.343

50,281 602 6,460 57.343

14,609 14,217 7,461 17,514 2,243 56.044

48,832 683 6,529 56.044

15,003 13,919 7,053 17,222 2,156 55.353

48,228 587 6,538 55.353

16,458 13,779 6,983 16,192 2,094 55.506

48,469 520 6,517 55.506

17,247 14,787 7,176 16,485 2,242 57.937

50,791. 589 6,557 57.937

Loans, discounts and overdrafts............................................................................... Miscellaneous assets.....................................................................................................

L IA B ILIT IE S AND CAPITA L T otal deposits................................................................................................................. Miscellaneous liabilities............................................................................................... Total capital accounts................................................................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts........................................... .

Num ber of banks included..................................................................................... T rust companies not engaged in deposit banking............................................ Statem ents of assets and liabilities not available............................................

14,1791

2

14,182

14,1152

4

14,121

14,0262

1

14,029

13,941213,8512

13,7793

1

13,783

13,7072

Total operating banks..................................................................................... 13,943 13,853 13,709

160 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
ALL NO N IN SU RED BANKS

ASSETS Cash and amounts due from other b an k s............................................................. 953 951 1,019 911 899 934 1,015 United States Governm ent obligations, direct and fully guaranteed.............. 2,056 2,348 2,492 2,716 2,764 3,008 3,219 O ther securities.............................................................................................................. 2,910 2,826 2,798 2,799 2,686 2,513 2,433 Loans, discounts and overdrafts............................................................................... 5,083 4,994 4,954 4,947 4,897 4,861 4,830 Miscellaneous assets..................................................................................................... 907 951 963 971 937 896 902 T o ta l a s s e ts .......................................................................................................... 11,909 12,070 12,226 12,344 12,183 12,212 12,399

L IA B IL IT IE S AN D CAPITAL Total deposits................................................................................................................ 10,387 10,522 10,645 10,754 10,601 10,651 10,847 Miscellaneous liabilities............................................................................................... 84 80 87 92 84 74 79 Total capital accounts................................................................................................. 1,438 1,468 1,494 1,498 1,498 1,487 1,473 T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts ..................................................... 11,909 12,070 12,226 12,344 12,183 12,212 12,399

Num ber of banks included.................................................................................... 1,699 1,661 1,629 1,584 1,547 1,514 1,496 Statem ents of assets and liabilities not available............................................ 59 56 56 57 44 46 52 Total operating banks.................................................................................... 1,758 1,717 1,685 1,641 1,591 1,560 1,548

ALL COM M ERCIAL BANKS

ASSETS Cash and amounts due from other ban k s............................................................. 14,320 14,516 16,254 14,991 15,355 16,815 17,676 United States Government obligations, direct and fully guaranteed.............. 13,826 15,346 15,291 14,591 14,219 14,097 15,117 Other securities............................................................................................................. 7,115 7,714 7,888 7,514 7,062 7,005 7,229 Loans, discounts and overdrafts.............................................................................. 15,164 15,571 16,415 17,489 17,190 16,149 16,440 Miscellaneous assets..................................................................................................... 2,361 2,347 2,323 2,276 2,171 2,090 2,260 T o ta l a s s e ts ......................................................................................................... 52,786 55,494 58,171 56,861 55,997 56,156 58,722

LIA B ILIT IE S AND CAPITAL Total deposits................................................................................................................ 45,632 48,184 50,865 49,423 48,656 48,908 51,355 Miscellaneous liabilities.............................................................................................. 636 705 670 751 649 572 648 Total capital accounts................................................................................................. 6,518 6,605 6,636 6,687 6,692 6,676 6,719 T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts ..................................................... 52,786 55,494 58,171 56,861 55,997 56,156 58,722

Num ber of banks included.................................................................................... 15,312 15,211 15,092 14,963 14,836 14,731 14,649 Num ber of banks not included............................................................................. 62 62 59 59 46 m&o 54 Total operating banks.................................................................................... 15,374 15,273 15,151 15,022 14,882 14,781 14,703

ALL M UTUAL SAVINGS BANKS

ASSETS Cash and amounts due from other b anks............................................................. 552 544 565 529 547 577 586 United States Government obligations, direct and fully guaranteed.............. 1,684 1,984 2,188 2,342 2,464 2,690 2,889 O ther securities............................................................................................................. 2,920 2,795 2,730 2,746 2,677 2,491 2,380 Loans, discounts and overdrafts............................................................................... 5,127 5,030 4,973 4,972 4,929 4,904 4,875 Miscellaneous assets..................................................................................................... 875 937 942 938 922 900 884 T o ta l a s s e ts .......................................................................................................... 11,158 11,290 11,398 11,527 11,539 11,562 11,614

L IA B IL IT IE S AN D CAPITAL Total deposits................................................................................................................ 9,880 9,975 10,061 10,163 10,173 10,212 10,283 Miscellaneous liabilities............................................................................................... 21 23 19 24 22 22 20 Total capital accounts................................................................................................. 1,257 1,292 1,318 1,340 1,344 1,328 1,311 T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts ..................................................... 11,158 11,290 11,398 11,527 11,539 11,562 11,614

N um ber of b an k s................................................................................................. 566 565 563 562 562 562 554

ASSETS AND LIABILITIES OF OPERATING BANKS 161

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Federal Reserve Bank of St. Louis
Table 115. SUMMARY OF ASSETS AND LIABILITIES OF OPERATING BANKS, UNITED STATES AND POSSESSIONS, 1935-1938—Continued

(Amounts in millions of dollars)

1935 1936 1937 1938

Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

IN SU R ED C O M M ERCIA L BANKS

ASSETS 13,851 13,275 6,841

14,039 15,730 14,540 14,931 16,371 17,176 14,772 7,412 14,750 7,558 13,965 13,669 13,525 14,507 7,214 6,807 6,753 6,944 14,719 15,131 15,965 17,044 16,750 15,726 16,024 2,241 2,238 2,208 2,142 2,055 1,994 2,149 50,927 53,592 56,211 54,905 54,212 54,369 56,800

LIA B IL IT IE S AND CAPITA L T otal deposits ............................................................................................................. 44,147 46,649 49,283 47,830 47,224 47,461 49,779

Miscellaneous liabilities ................................................................................... 569 644 599 679 584 516 586

Total capital accounts ................................................................................... 6,211 6,299 6,329 6,396 6,404 6,392 6,435

T otal liab ilities and cap ital a c co u n ts..................................................... 50,927 53,592 56,211 54,905 54,212 54,369 56,800

Num ber of banks included in above figures .............................................. ' 14,123 1

14,0592

13,970 13,885 13,795 . 13,723 13,659

T rust companies not engaged in deposit b a n k in g .......................................... 2 2 2 3 2 Qf QfDrr»onfa nf Qccofa anH lisiViilit'iPQ not- JlVflll/l nip 2 4 1 1

Total operating banks ................................................................................... 14,126 14,065 13,973 13,887 13,797 13,727 13,661

N O N IN SU RED CO M M ERCIA L BANKS

ASSETS Cash and am ounts due from other ban k s.............................................................. 469 477 524 451 424 444 500 United States Government obligations direct and fully guaranteed.............. 551 574 541 626 550 572 610 274 302 330 300 255 252 285

Loans discounts and overdrafts............................................... ............................. 445 440 450 445 440 423 416

Miscellaneous a s s e ts .................................................................................................... 120 109 115 134 116 96 111 1,859 1,902 1,960 1,956 1,785 1,787 1,922

L IA B IL IT IE S AND CAPITA L 1,485 1,535 1,582 1,593 1,432 1,447 1,576 67 61 71 72 65 56 62 307 306 307 291 288 284 284

T otal liab ilities and cap ital a c co u n ts...................................................... 1,859 1,902 1,960 1,956 1,785 1,787 1,922

Num ber of banks included in above figures...................................................... 1,189 1,152 1,122 1,078 1,041 1,008 990

Statem ents of assets and liabilities not available............................................. 59 56 56 57 44 46 52

Total operating banks..................................................................................... 1,248 1,208 1,178 1,135 1,085 1,054 1,042

162 FEDERAL DEPOSIT INSURANCE CORPORATION

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INSURED MUTUAL SAVINGS BANKS

ASSETS Cash and amounts due from other b an k s............................................................. 68 70 70 69 72 87 71 U nited States Governm ent obligations, direct and fully guaranteed.............. 179 210 237 252 250 254 280 Other securities............................................................................................................. 284 271 262 247 246 230 232 Loans, discounts, and overdrafts.............................................................................. 489 476 469 470 472 466 461 Miscellaneous assets..................................................................................................... 88 95 94 101 ' 101 100 93 T otal a ss e ts......................................................................................................... 1,108 1,122 1,132 1,139 1,141 1,137 1,137

L IA B IL IT IE S AND CAPITAL T otal deposits................................................................................................................ 978 988 998 1,002 1,004 1,008 1,012 Miscellaneous liabilities.............................................................................................. 4 4 3 4 3 4 3

Total capital accounts................................................................................................. 126 130 131 133 134 125 122 T otal liab ilities and capital a c c o u n ts..................................................... 1,108 1,122 1,132 1,139 1,141 1,137 1,137

Number of banks............................................................................................. 56 56 56 56 56 56 48

NONINSURED MUTUAL SAVINGS BANKS

ASSETS Cash and amounts due from other b anks............................................................. 484 474 495 460 475 490 515 United States Government obligations, direct and fully guaranteed.............. 1,505 1,774 1,951 2,090 2,214 2,436 2,609 Other securities.............................................................................................................. 2,636 2,524 2,468 2,499 2,431 2,261 2,148 Loans, discounts, and overdrafts.............................................................................. 4,638 4,554 4,504 4,502 4,457 4,438 4,414 Miscellaneous assets... ............................................................................................. 787 842 848 837 821 800 791 T otal a ss e ts......................................................................................................... 10,050 10,168 10,266 10,388 10,398 10,425 10,477

L IA B IL IT IE S AND CAPITAL Total deposits................................................................................................................ 8,902 8,987 9,063 9,161 9,169 9,204 9,271 Miscellaneous liabilities.............................................................................................. 17 19 16 20 19 18 17 Total capital accounts................................................................................................. 1,131 1,162 1,187 1,207 1,210 1,203 1,189 T otal lia b ilities and cap ital a c co u n ts..................................................... 10,050 10,168 10,266 10,388 10,398 10,425 10,477

N um ber of ban k s............................................................................................. 510 509 507 506 506 506 506

ASSETS AND LIABILITIES OF OPERATING BANKS

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Table 116. ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS, CALL DATES 1934-1938

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938

June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

Num ber of banks1.............................................. 13,896 14,137 14,175 14,123 14,059 13,970 13,885 13,795 13,723 13,659

ASSETS

Cash, balances w ith other banks, and cash item s in process of collection: Currency and coin...................................................... Reserve with Federal Reserve b an k s.................... D em and balances with banks in the U nited States (except private banks and American branches of foreign banks): In New York C ity................................................. Elsew here.................................................................. O ther balances with banks in the United States. Balances with banks in foreign countries............. Cash items in process of collection........................ T otal cash, balances w ith oth er banks, and cash item s in process of collection

622,749 3,819,410

1,302,378 2,232,294 126,325 145,652 1,093,987

9,342,795

792,674 4,081,565

1,480,875 2,559,545 152,784 190,363 1,944,295

11,202,101

705,488 4,933,277

1,612,871 2,759,445 150,266 76,225 1,219,335

11,456,907

869,626 5,573,212

1,817,424 3,033,305 198,653 54,889 2,304,017

13,851,126

915,988 5,607,119

1,869,377 3,201,486 195,625 55,409 2,194,114

14,039,118

917,310 6,571,694

1,898,633 3,493,012 197,453 57,603 2,594,855

15,730,560

844,197 6,896,663

1,456,015 2,884,490 155,296 54,754 2,248,736

14,540,151

789,519 7,005,209

1,576,381 3,026,627 141,777 72,250 2,319,081

14,930,844

909,727 8,004,090

1,971,524 3,266,066 154,856 118,931 1,945,536

16,370,730

950,394 8,694,388

} 5,480,000

183,962 53,638 1,813,703

17,176,085

D irect ob ligation s of th e U. S. G overnm ent: Treasury bills............................................................... Treasury n o tes............................................................ B onds............................................................................. T otal direct obligation s of th e U. S. G overn m en t.................................................

1,450,838 3,046,894 5,210,244

9,707,976

1,032,187 4,401,740 5,069,132

10,503,059

1,104,669 4,476,099 4,889,004

10,469,772

1,195,007 5,603,462 4,369,967

11,168,436

1,270,127 5,428,167 5,816,750

12,515,044

1,055,211 4,755,941 6,724,308

12,535,460

826,756 4,637,033 6,386,378

11,850,167

668,723 4,567,777 6,336,291

11,572,791

318,767 3,925,676 6,915,305

11,159,748

289,876 3,648,098 8,000,896

11,938,870

O bligations guaranteed by th e U. S. Govt: Reconstruction Finance C orporation.................... Home Owners’ Loan C orporation.......................... Federal Farm M ortgage C orporation................... O ther Government corporations and agencies

235,942 2295,997 61,585

245,462 2774,376 326,788

246,715 21,198,549 447,451243,393 1,300,419 563,041

238,076 1,444,000 575,357

212,709 1,433,126 568,258

221,111 1,409,116 484,318

257,687 1,344,284 494,590

262,725 1,440,444 493,955 168,322

2,365,446

435,667 1,459,653 502,886 169,731

2,567,937 T otal ob ligation s guaran teed by th e U n ited S tates G o v ern m en t.................... 593,524 1,346,626 1,892,715 2,106,853 2,257,433 2,214,093 2,114,545 2,096,561

O ther secu rities: Obligations of Government corporations and agencies, not guaranteed by the U nited States Government: Federal Land banks............................................... Federal Interm ediate Credit banks................... Other Government corporations and agencies. Obligations of States and political subdivisions. . Obligations of territorial and insular possessions of the United S tates.......................................... Obligations of other domestic corporations: R ailroads.................................................................. Public utilities......................................................... Industrials................................................................ All other4.................................................................. Foreign bonds, notes, and debentures—public and priv ate.......................................................... Stocks of foreign corporations.................................

| 273,466 / 177,353 \ 119,520 205,925 134,422 224,116 98,702 258,191 139,687 229,903 114,260 199,937 131,772 182,987 134,943 (3) 2,567,801

19,119

1.121,469 1,035,529

911,341

217,852

158,164 162,856 (3) 2,660,288

19,408

1,056,801 982,014

887,791

207,938

131,147 128,862 107,449

| 3,011,333

993,349 973,955 / 707,047 \ 141,499

| 212,368 [ 2,144

2,256,316

23,256

915,267 902,784

} 810,139 

1 334,236

2,388,770

21,916

980,743 908,600

792,872

296,093

2,558,536

21,507

1,025,574 975,497

808,747

295,610

2,633,631

24,326

1.017,472 1,090,295

842,710

293,465

2,758,456

19,521

1.173,943 1,176,996

945,644

297,859

2,734,041

22,089

1.232.832 i;287;352

1,022,204

278,638

2,662,173

22,057

1,203,111 1,137,234

959,041

273,068

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Corporate stocks of— Federal Reserve b an k s............................... Affiliates of reporting banks...................... Other domestic b an k s................................. Other domestic corporations..................... T o ta l o th e r se c u ritie s5............................

T o ta l se c u ritie s5....................................

L oans, d isc o u n ts, a n d o v e rd rafts (in clu d in g re d is c o u n ts): Commercial paper bought in open m arket. Notes, bills, acceptances, etc., payable in foreign countries............................................................... Acceptances of other banks, payable in the U. S .. Reporting banks’ own acceptances........................ Loans to brokers and dealers in securities: In New York C ity ................................................. Elsewhere................................................................. Heal estate loans: On farm land........................................................... On residential properties...................................... On other properties............................................... Loans to banks............................................................ Agricultural loans (excluding loans on farm land) Commercial and industrial loans............................ Other loans for the purpose of purchasing or carrying securities............................................ All other loans........................................................... O verdrafts.................................................................. T o ta l lo an s, d isc o u n ts, a n d o v e rd rafts5 6.

T o ta l lo an s a n d se c u ritie s5 6....................

B a n k p rem ises, f u r n itu r e a n d fix tu res, an d o th e r re al e s ta te : Bank premises............................................................. Furniture and fixtures............................................... Farm land (including im provem ents)................... Residential properties............................................... Other real properties.............................. , ................ Investm ents indirectly representing bank prem­ ises or other real estate.................................... Other assets indirectly representing bank prem­ ises or other real estate .......................... T o ta l b a n k p re m ise s, f u r n itu r e an d fixtures, a n d o th e r re a l e s t a t e . .

M iscellaneous a sse ts: Customers’ liability to reporting banks on acceptances outstanding.................................. Redemption fund and due from U. S. T reasurer.. Income accrued but not collected.......................... Prepaid expenses........................................................ Other assets7................................................................ T o ta l m isce lla n eo u s a sse ts7............................

T o ta l a sse ts6 7...................................................J

145,990 146,553 146,382 130,317 130,810 130,744 132,238 132,637 133,510 134,494

535,131 489,402 501,800 486,065 510,502 505,643 493,220 483,742 484,601 f 113,332 \ 37,847

6,196,585 6,321,822 6,674,000 6,841,099 7,411,609 7,557,706 7,213,851 6,807,420 6,753,371 ( 249,035 6,943,861

16,498,085 18,171,507 19,036,487 20,116,388 22,184,086 22,307,259 21,178,563 20,476,772 20,278,565 21,450,668

218,727 257,223 284,725 309,903 318,879 378,018 440,745 419,652 340,085 283,494

20,559 265,222 216,690

31,987 257,273 235,382

17,751 201,164 138,969

29,377 181,539 174,874

17,979 144,298 118,780

18,703 161,019 133,090

15,533 131,645 115,626

22,938 127,946 131,435

13,640 75,673 113,460

10,167 89,342 95,888

1,116,165 213,261 876,561 191,825 993,856 197,497 1,064,772 203,078 1,097,524 273,513 1,172,495 274,269 1,300,825 265,611 752,540 218,728 540,968 184,586 } 1,001,845

555,885 499,251 497,475 487,505 489,244 487,604 504,217 501,543 512,872 519,365

} 2,906,282 2,836,414 2,832,874 2,835,257 2,876,819 2,959,251 3,080,036 3,139,457 3,208,792 / 2,416,719 \ 923,025 128,003 1,064,684 f K 1 CA r7r ET

165,095

1

163,951 127,807 105,322 86,865 661,606 90,269 637,369 118,973 726,400 73,497 788,355 124,084 925,708

>69,504,205 69,254,296 69,216,329 69,317,418< le9,037,835 69,642,766 610,334,310 610,564,672 69,677,036

f 5,150,755 

] 885,238 1 O A A C 01 7,680 15,189,771^ 9,729 ^14,613,892 6,966 14,515,413 9,679 14,718,724 7,393 15,130,735 10,011 15,964,864 9,996 17,043,917 8,977 16,749,740 8,676 15,725,580

^o,445,o1d

9,977 16,024,318

31,687,856 32,785,399 33,551,900 34,835,112 37,314,821 38,272,123 38,222,480 37,226,512 36,004,145 37,474,986

} 1,212,843 

426,996

1,212,438

465,313

1,209,938

507,573

1,196,266

550,723

1,194,621 

| 74,186 

| | 499,838

1,177,752

70,925

489,543

1,172,617

63,052

474,378

1,160,501

56,311

463,261

1,153,259

53,096

456,164

/ 1,017,963 \ 105,400 49,143 / 223,388 \ 217,025 I (5) (5) (5) (5) (5) (5) (5) (5) (5) 1 102,252 

1 53,891

1,639,839 1,677,751 1,717,511 1,746,989 1,768,645 1,738,220 1,710,047 1,680,073 1,662,519 1,769,062

254,360 36,249 243,093 33,956 158,934 11,842 180,495 159,267 181,281 190,745 157,141 111,499 122,371

| 473,411 505,776 368,289 312,913 309,751 288,297 241,135 217,846 220,369 f 108,497 8,648

764,020 782,825 ^ 539,065 493,408 469,018 469,578 431,880 /

374,987 331,868 1 140,605 380,121

43,434,510 46,448,076* 47,265,383 50,926,635 '53,591,602 ' 56,210,481 54,904,558’54,212,416^ 54,369,262" 56,800,254

ASSETS AND LIABILITIES OF OPERATING BANKS 165

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Federal Reserve Bank of St. Louis
T a b le 116. A s s e t s AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS, CALL DATES 1934-1938— Continued

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938

June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

14,881,070 1,708,141 2,023,548

16,717,180 1,686,555 2,265,552

18,029,625 804,567 2,586,882

20,074,063 881,308 2,674,238

21,463,913 1,105,886 2,885,33523,419,236 946,564 2,916,20222,624,279 651,489 3,164,685

22,106,285 801,354 2,668,152

21,986,370 560,370 2,870,496

23,476,863 837,964 2,942,191

400.287 19,013,046 862,934 21,532,221 445,727 21,866,801 921,170 24,550,779 832.437 26,287,571 935,237 28,217,239 802,196 27,242,649 813,974 26,389,765 703,876 26,121,112 594,754 27,851,772

9,163,890 1,459,611 79,656 636,555 661,327 384,032 12,385,071

9,708,911 1,363,516 25,549 575,118 524,404 335,070 12,532,568

10,236,013 1,355,785 85,102 597,319 372,479 325,624 12,972,322

10,575,116 1,299,133 30,874 612,126 279,928 405,187 13,202,364

10,933,195 1,335,166 100,291 660,595 195,840 428,928 13,654,015

11,491,137 1,254,003 32,343 701,801 139,737 347,084 13,966,10511,814,508 1,243,390 120,922 784,037 131,602 346,429 14,440,888

12,100,322 1,213,532 36,739 641,223 125,915 588,044 14,705,775

12,054,836 1,210,896 123,046 640,024 110,192 550,004 14,688,998

12,195,956 1,158,737 27,799 630,048 86,098 574,578 14,673,216

4,270,506 164,485 4,434,991

4,794,507 155,846 4,950,353

5,201,586 279,638 5,481,224

5,941,190 452,978 6,394,1686,232,648 475,065 6,707,713

6,657,491 442,291 7,099,782

5,514,043 632,375 6,146,418

5,662,112 466,036 6,128,148

6,318,202 332,429 6,650,631

6,741,318 512,370 7,253,688

35,833,108 *

23,813,803 12,519,305

' 39,015,142 26,332,555 12,682,587

40,320,347 27,198,282 13,122,065

44,147,311 30,779,759 13,367,552

46,649,299 32,825,71+3 13,823,556

49,283,126 35,11+7,022 11+,136,101+

47,829,955 33,21+0,1+H 11+,589,51+1+

47,223,688 32,361+,1+69 11+,859,219

47,460,741 32,613,351 11+,81+7,390

49,778,676 31+, 91+9,191+ 11+,829,1+82

694,790

78,850

650,935

48,768

222,045

46,299 35,019 38,558 32,296 35,425 30,082 26,929 17,584

279,212 263,672 175,659 198,718 180,299 203,226 215,267 176,128 122,601 140,404

61,387

1[ 242,836 

662,285

43,943 42,287

231,762

630,432

35,304 37,897

214,630

509,789

31,347 43,598

260,217

568,899

27,578 45,682

351,598

643,715

23,634 48,502

290,995

598,653

21,823 46,599

359 431

678,545

18,924 46,301

313,251

584,686

15,520 44,640

306,338

516,028

12,964 35,254 f 54,499 { 77,641 1 247,978 ' 586,324

37,190,183 40,296,509 41,052,181 44,716,210 47,293,014 49,881,779 48,508,500 47,808,374 47,976,769 50,365,000

L IA B ILIT IE S

D e m an d d e p o sits (exclusive of in te rb a n k d e p o sits ): Individuals, partnerships, and corporations........ U nited States G overnm ent...................................... States and political subdivisions............................ Certified and officers’ checks, cfish letters of credit and travelers’ checks outstanding, and amounts due to Federal Reserve b a n k s. . . . T o ta l d e m a n d d e p o s its....................................

T im e d e p o sits (exclusive of in te rb a n k d e ­ p osits) : Individuals, partnerships, and corporations: Savings deposits............................................. Certificates of deposit................................... Christmas savings and similar accounts.. Open accounts8............................................... Postal savings..................................................... States and political subdivisions.................... T o ta l tim e d ep o sits6..................................

In te rb a n k d e p o sits: Banks in the United S ta te s............................. Banks in foreign countries............................... T o ta l in te rb a n k d e p o s its........................

T o ta l d ep o sits8......................................... D em and................................................... Time6........................................................

C irc u la tin g n o te s o u ts ta n d in g.....................

M iscellan eo u s lia b ilitie s: Bills payable, rediscounts, and other liabilities for borrowed m oney.......................................... Acceptances executed by or for account of re­ porting banks and outstanding.................. Mortgage bonds and participation certificates outstanding............................................... Dividends declared but not yet payable8. . Income collected but not earned................. Expenses accrued and u n p aid...................... Other liabilities7 10............................................ T o ta l m iscellan eo u s lia b ilitie s7 10... .

T o ta l lia b ilitie s (ex cluding c a p ita l a c ­ c o u n ts )6 7 810...................................

166 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
CA PITA L ACCOUNTS 

C apital accou n ts: Capital stock, notes, and debentures.................... Surplus........................................................................... Undivided profits11.................................................... Reserve for contingencies......................................... All other capital accounts8 11.................................. T otal capital a c c o u n ts.....................................

T otal liab ilities and capital accou n ts6 7. ..

MEM ORANDA 

Pledged assets and securities lo a n ed : United States Government obligations, direct and guaranteed, pledged to secure liabilities. Other assets pledged to secure liabilities............. Assets pledged to qualify for exercise of fiduciary or corporate powers, and for purposes other than to secure liabilities12................................

3,319,216 1,962,163 469,837 491,126 1,985 6,244,3273,348,841 1,914,833 469,897 411,788 6,208 6,151,567

3,365,309 1,892,655 529,230 418,597 7,411 6,213,202

3,300,196 1,946,020 547,694 405,171 11,344 6,210,4253,212,615 2,042,072 626,823 399,333 17,745 6,298,588

3,081,433 2,184,512 662,044 372,191 28,522 6,328,702

3,053,970 2,225,180 701,477 382,287 33,144 6,396,058

3,030,146 2,268,179 703,569 365,082 37,066 6,404,0423,018,570 2,292,137 723,885 317,722 40,179 6,392,493

2,981,666 2,346,708 741,674 310,453 54,753 6,435,254

43,434,510 46,448,076 47,265,383 50,926,635 53,591,602 56,210,481 54,904,558 54,212,416 54,369,262 56,800,254

3,922,453 1,880,591 4,048,426 1,500,536 3,101,588 1,342,620 2,994,476 1,180,649 3,438,857 1,043,355 3,217,375 1,014,004 3,114,308 979,258 3,190,912 948,196 2,922,595 939,260 3,244,241 951,892

188,999 99,048 4,484,180

Securities loaned12....................................................... T otal pledged assets and secu rities loaned

Secured and preferred liab ilities: Deposits secured by pledged assets pursuant to requirements of law .......................................... Deposits preferred under the provisions of law b^it not secured by pledge of assets12...........

4,202,769 4,084,550 3,445,769 3,492,359 3,838,827 3,590,329 3,368,921 - 3,341,823 3,122,346 3,512,481

733,788 16,015 67,872 4,330,156

Borrowings secured by pledged assets12............... Other liabilities secured by pledged assets12........ T otal secured and preferred lia b ilitie s. . . .

1 Excludes the following insured banks not members of the Federal Reserve System: 43 on June 30, 1934; 12 on December 31, 1934; 4 on June 29, 1935; 3 on December 31, 1935; 6 on June 30, 1936; 3 on December 31, 1936; 2 on June 30, 1937; 2 on December 31, 1937; 4 on June 30, 1938; and 2 on December 31, 1938. 2 Includes Home Owners' Loan Corporation 4 percent bonds guaranteed as to interest only. 3 Federal Home Loan Bank debentures held on December 31, 1937, and June 30, 1938, are included for those dates with “obligations of other domestic corporations.” 4 Includes “obligations of real estate corporations” for which separate figures for call dates prior to June 30, 1938, are given on page 109 of the Annual Report for 1937. 5 Amounts of loans and securities as of December 31, 1938, are not entirely comparable with prior call dates because “investments and other assets (chiefly loans) indirectly representing bank premises and other real estate” are now reported separately. 6 Revised for banks not members of the Federal Reserve System for call dates prior to December 31, 1938, to include “repayments on installment loans not applied directly to loans.” 7 Revised for call dates prior to December 31, 1938, to exclude “acceptances of other banks and bills sold with endorsement,” now treated as contingent liabilities. 8 For call dates prior to December 31, 1938, “dividends declared but not yet payable” includes for national banks, “amounts set aside for dividends not declared,” and for S tate banks members of the Federal Reserve System, “amounts set aside for dividends not declared and for accrued interest on capital notes and debentures,” now included with “all other capital accounts.” 8 N ot reported separately. 10 Revised for banks not members of the Federal Reserve System for various call dates prior to December 31, 1938, to exclude those “repaym ents on installment loans not applied directly to loans” which were previously not deducted from loans and discounts. See footnote 6. 11 “Undivided profits” were revised for national banks and banks not members of the Federal Reserve System for call dates prior to December 31, 1938, to exclude “reserves for dividends payable in common stock” now included with “all other capital accounts.” 12 Amounts not reported for call dates prior to December 31, 1938.

ASSETS AND LIABILITIES OF OPERATING BANKS 167

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Federal Reserve Bank of St. Louis
Table 117. SECURITIES HELD BY INSURED COMMERCIAL BANKS, CALL DATES 1934-1938

BY CLASS OF SECURITY

1934 1935 1936 1937 1938

June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

Num ber of banks...................................................... 13,896 14,137 14,175 14,123 14,059 13,970 13,885 13,795 13,723 13,659

T otal se c u r ities..................................................................... 16,498,085 18,171,507 19,036,487 20,116,388

(In thousanc 

22,184,086

is of dollars) 

22,307,259 21,178,563 20,476,772' 20,278,565 21,450,668

All govern m en tal ob ligation s—t o t a l...................... 12,854,538 14,557,244 15,282,877 16,256,064 17,948,332 17,849,846 16,980,651 16,574,202 16,525,910 17,885,598

U. S. Government, direct and guaranteed............... 10,301,500 11,849,685 296,873 12,362,487 13,275,289 14,772,477 14,749,553 13,964,712 13,669,352 13,525,194 14,506,807

U. S. Govt, agencies, not guaranteed....................... 273,466 340,347 322,818 397,878 344,163 331,709 317,930 321,020 367,458

States and political subdivisions, territorial and insular possessions of the U. S............................ 2,279,572 2,410,686 2,580,043 2,657,957 2,777,977 2,756,130 2,684,230 2,586,920 2,679,696 3,011,333

All d om estic corporate bon ds—t o t a l...................... 2,628,190 2,682,215 2,809,818 2,950,477 3,296,583 3,542,388 3,299,386 3,068,339 2,926,606 2,815,850

R ailroads........................................................................... 915,267 980,743 1,025,574 1,017,472 1,173,943 1,232,832 1,203,111 1,121,469 1,056,801 993,349

Public utilities.................................................................. 902,784 908,600 975,497 1,090,295 1,176,996 1,287,352 1,137,234 1,035,529 982,014 973,955

O th er.................................................................................. 810,139 792,872 808,747 842,710 945,644 1,022,204 959,041 911,341 887,791 848,546

M iscellan eou s secu rities—t o t a l................................ 1,015,357 932,048 943,792 909,847 939,171 915,025 898,526 834,231 826,049 749,220

Foreign securities—public and p rivate..................... 334,236 296,093 295,610 146,382 293,465 297,859 278,638 273,068 217,852 207,938 214,512

Stocks of Federal Reserve banks................................ 145,990 146,553 130,317 130,810 130,744 132,238 132,637 133,510 134,494

Stocks of other domestic corporations...................... 535,131 489,402 501,800 486,065 510,502 505,643 493,220 483,742 484,601 400,214

T otal secu r ities..................................................................... 38.0 39.1 40.3

(As

39.5

3 percentage 

41.4

of total asse 

39.7

its)

38.6 37.8 37.3 37.8

All govern m en tal ob ligation s—t o t a l..................... 29.6 31.3 32.3 31.9 33.5 31.8 30.9 30.6 30.4 31.5 U. S. Government, direct and guaranteed............... 23.7 25.5 26.2 26.1 27.6 26.3 25.4 25.2 24.9 25.6

U. S. Govt, agencies, not guaranteed.......................... .6 .6 .7 .6 .7 .6 .6 .6 .6 .6 States and political subdivisions, territorial and insular possessions of the U. S............................ 5.3 5.2 5.4 5.2 5.2 4.9 4.9 4.8 4.9 5.3

All d om estic corporate bonds— t o t a l...................... 6.1 5.8 6.0 5.8 6.2 6.3 6.0 5.7 5.4 5.0

R ailroads........................................................................... 2.1 2.1 2.2 2.0 2.2 2.2 2.2 2.1 2.0 1.8 2.1 2.0 2.1 2.1 2.2 2.3 2.1 1.9 1.8 1.7

O th er.................................................................................. 1.9 1.7 1.7 1.7 1.8 1.8 1.7 1.7 1.6 1.5

M iscellaneous secu rities—t o t a l................................ 2.3 2.0 2.0 1.8 1.7 1.6 1.7 1.5 1.5 1.3

Foreign securities—public and p riv ate..................... .8 .6 .6 .6 .6 .5 .5 .4 .4 .4

Stocks of Federal Reserve banks................................ .3 .3 .3 .3 .2 .2 .3 .2 .2 .2

Stocks of other domestic corporations...................... 1.2 1.1 1.1 .9 .9 .9 .9 .9 .9 .7

168 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
(As percentage of total loans and securities)

Total securities..............................................................................

All governmental obligations—total........................ U. S. Government, direct and guaranteed............... U. S. Govt, agencies, not g u aran teed....................... States and political subdivisions, territorial and insular possessions of the U. S............................

All domestic corporate bonds—total........................ R ailroads.......................................................................... Public utilities................................................................. O th er..................................................................................

Miscellaneous securities—total.................................... Foreign securities—public and p rivate..................... Stocks of Federal Reserve banks............................... Stocks of other domestic corporations......................

Total securities..............................................................................

All governmental obligations—total........................ U. S. Government, direct and guaranteed............... U. S. Govt, agencies, not g u aran teed....................... States and political subdivisions, territorial and insular possessions of the U. S............................

All domestic corporate bonds—total........................ R ailroads.......................................................................... Public utilities................................................................. O th er..................................................................................

Miscellaneous securities—total.................................... Foreign securities—public and priv ate..................... Stocks of Federal Reserve banks............................... Stocks of other domestic corporations......................

Total securities..............................................................................

All governmental obligations—total........................ U. S. Government, direct and guaranteed............... U. S. Govt, agencies, not g u aran teed....................... States and political subdivisions, territorial and insular possessions of the U. S............................

All domestic corporate bonds—total........................ R ailroads........................................................................... Public utilities................................................................. O th er..................................................................................

Miscellaneous securities—total..................................... Foreign securities—public and private..................... Stocks of Federal Reserve banks................................ Stocks of other domestic corporations......................

52.1 55.4 56.7 57.7 59.5 58.3 55.4 55.0 56.3 57.2

40.6 44.4 45.5 46.7 48.1 46.6 44.4 44.5 45.9 47.7 32.5 36.1 36.8 38.1 39.6 38.5 36.5 36.7 37.6 38.7 .9 .9 1.0 .9 1.1 .9 .9 .9 .9 .9

7.2 7.4 7.7 7.7 7.4 7.2 7.0 6.9 7.4 8.1

8.3 8.2 8.4 8.4 8.9 9.3 8.6 8.2 8.1 7.5 2.9 3.0 3.1 2.9 3.2 3.2 3.1 3.0 2.9 2.7 2.8 2.8 2.9 3.1 3.2 3.4 3.0 2.8 2.7 2.6 2.6 2.4 2.4 2.4 2.5 2.7 2.5 2.4 2.5 2.2

3.2 2.8 2.8 2.6 2.5 2.4 2.4 2.3 2.3 2.0 1.0 .9 .9 .8 .8 .7 .7 .6 .6 .6 .5 .4 .4 .4 .3 .4 .4 .4 .4 .4 1.7 1.5 1.5 1.4 1.4 1.3 1.3 1.3 1.3 1.0

(As percentage of total securities)

100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

77.9 80.1 80.3 80.8 80.9 80.0 80.2 80.9 81.5 83.4 62.4 65.2 64.9 66.0 66.6 66.1 65.9 66.8 66.7 67.6 1.7 1.6 1.8 1.6 1.8 1.5 1.6 1.5 1.6 1.7

13.8 13.3 13.6 13.2 12.5 12.4 12.7 12.6 13.2 14.1

15.9 14.8 14.8 14.7 14.9 15.9 15.6 15.0 14.4 13.1 5.5 5.4 5.4 5.1 5.3 5.5 5.7 5.5 5.2 4.6 5.5 5.0 5.1 5.4 5.3 5.8 5.4 5.1 4.8 4.5 4.9 4.4 4.3 4.2 4.3 4.6 4.5 4.4 4.4 4.0

6.2 5.1 4.9 4.5 4.2 4.1 4.2 4.1 4.1 3.5 2.0 1.6 1.5 1.5 1.3 1.2 1.3 1.1 1.0 1.0 .9 .8 .8 .6 .6 .6 .6 .6 .7 .6 3.3 2.7 2.6 2.4 2.3 2.3 2.3 2.4 2.4 1.9

(As percentage of am ount held on June 30, 1934)

100.0 110.1 115.4 121.9 134.5 135.2 128.4 124.1 122.9 130.0

100.0 113.2 118.9 126.5 139.6 138.9 132.1 128.9 128.6 139.1 100.0 115.0 120.0 128.9 143.4 143.2 135.6 132.7 131.3 140.8 100.0 108.6 124.5 118.0 145.5 125.9 121.3 116.3 117.4 134.4

100.0 105.8 113.2 116.6 121.9 120.9 117.8 113.5 117.6 132.1

100.0 102.1 106.9 112.3 125.4 134.8 125.5 116.7 111.4 107.1 100.0 107.2 112.1 111.2 128.3 134.7 131.4 122.5 115.5 108.5 100.0 100.6 108.1 120.8 130.4 142.6 126.0 114.7 108.8 107.9 100.0 97.9 99.8 104.0 116.7 126.2 118.4 112.5 109.6 104.7

100.0 91.8 93.0 89.6 92.5 90.1 88.5 82.2 81.4 73.8 100.0 88.6 88.4 87.8 89.1 83.4 81.7 65.2 62.2 64.2 100.0 100.4 100.3 89.3 89.6 89.6 90.6 90.9 91.5 92.1 100.0 91.5 93.8 90.8 95.4 94.5 92.2 90.4 90.6 74.8

N O TE: See footnotes 1 to 5, Table 116.

ASSETS AND LIABILITIES OF OPERATING BANKS

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T a b le 118. ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEM BERS OF THE FEDERAL RESERVE SYSTEM,

C a l l D a t e s 1934-1938

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938

June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

Num ber of banks1.............................................. 7,521 7,695 7,765 7,736 7,659 7,594 7,528 7,454 7,385 7,321

ASSETS

Cash, balances w ith other banks, and cash item s in process of collection: Currency and coin...................................................... Demand balances with banks in the United States (except private banks and American branches of foreign banks): In New York C ity ................................................. Elsewhere.................................................................. Other balances with banks in the United S ta te s. . Balances with banks in foreign countries............. Cash items in process of collection........................ T otal cash, balances w ith oth er banks, and cash item s in process of collection

150,106

185,723 682,672 32,316 4,972 37,208

1,092,997

184,072

199,984 804,602 39,645 5,848 40,988

1,275,139

168,478

233,015 853,898 39,566 4,981 35,962

1,335,900

204,848

256,956 972,764 43,783 4,101 49,262

1,531,714

202,567

261,386 1,016,739 44,851 3,711 46,621

1,575,875

219,930

298,823 1,174,202 49,616 2,123 61,580

1,806,274

214,892

254,501 985,833 48,493 2,777 47,907

1,554,403

200,062

287,071 996,152 47,172 2,527 59,730

1,592,714

197,697

290,877 973,918 43,980 2,695 46,165

1,555,332

204,744

} 1,360,305

64,138 3,085 54,994

1,687,266

D irect ob ligation s of th e U. S. G overnm ent: Treasury bills............................................................... Treasury n o tes............................................................. B onds............................................................................. T otal direct obligation s of th e U n ited S tates G o v ern m en t...................................

23,495 175,996 371,801

571,292

2,228 184,556 410,583

597,367

5,414 162,194 431,038

598,646

3,431 199,996 464,482

667,909

4,186 267,482 521,901

793,569

2,694 229,296 663,984

895,974

6,141 276,416 697,206

979,763

6,951 290,736 700,961

998,648

2,614 272,371 669,756

944,741

4,087 259,137 793,358

1,056,582

O bligations guaranteed by th e U. S. Govt: Reconstruction Finance Corporation.................... Home Owners’ Loan C orporation.......................... Federal Farm Mortgage C orporation................... O ther Government corporations and agencies. .. T otal ob ligation s guaranteed by th e U n ited S tates G overn m en t....................

922 263,498 20,461

4,073 *157,509 84,688

2,991 2209,750 114,204

1,989 209,465 127,535

1,994 188,016 116,966

2,381 195,124 110,870

1,509 196,413 98,093

2,255 201,208 95,6911,904 149,170 73,790 12,618

237,482

8,706 135,805 69,298 13,885

246,270 326,945 338,989 306,976 308,375 296,015 299,154 227,69484,881

O ther secu rities:

Obligations of Government corporations and agencies, not guaranteed by the U nited States Government: Federal Land banks............................................... Federal Interm ediate Credit banks................... Other Government corporations and agencies. Obligations of States and political subdivisions. . Obligations of territorial and insular possessions of the U nited S tates.......................................... Obligations of other domestic corporations: R ailroads...................................................................

Foreign bonds, notes, and debentures—public 

Stocks of foreign corporations.................................

} 34,812 / 41,338 \ 2,231 43,456 1,055 48,955 873 49,828 2,686 45,343 3,192 38,099 4,236 32,881 4,769 (3) 535,933

4,376

235,826 241,058

206,677

36,550

28,749 3,830 (3) 531,918

4,324

224,241 219,223

189,015

30,246

24,707 1,998 9,874

J 563,541

206,755 207,499 J 138,681 \ 43,565

j 30,180 [ 401

424,258

4,527

179,659 191,183

1 167,071 

| 57,369

441,135

4,815

187,760 193,797

164,159

51,828

457,024

4,708

200,516 210,820

168,226

49,525

474,534

5,908

195,635 234,648

182,697

49,558

494,189

3,911

225,605 250,841

195,999

47,522

525,403

4,315

240,898 285,267

221,694

42,139

529,514

4,677

246,170 266,501

222,821

44,920

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Corporate stocks of— Affiliates of reporting banks................................ Other domestic ban k s........................................... Other domestic corporations............................... T o ta l o th e r s e c u ritie s5......................................

T o ta l se c u ritie s5...............................................

L o an s, d isc o u n ts , a n d o v e rd rafts (in clu d in g re d is c o u n ts ): Commercial paper bought in open m ark et.......... Notes, bills, acceptances, etc., payable in foreign countries............................................................... Acceptances of other banks, payable in the U. S .. Reporting banks' own acceptances........................ Loans to brokers and dealers in securities: In New York C ity................................................. Elsewhere................................................................. Real estate loans: On farm lan d ........................................................... On residential properties...................................... On other properties................................................ Loans to banks............................................................ Agricultural loans (excluding loans on farm land) Commercial and industrial loans............................ Other loans for the purpose of purchasing or carrying securities.............................................. All other loans............................................................. O verdrafts..................................................................... T o ta l lo an s, d isc o u n ts, a n d o v e rd ra fts5 6. .

T o ta l lo an s a n d se c u ritie s5 6......................

B an k p re m ise s, f u rn itu re a n d fixtures, a n d o th e r re al e s ta te : Bank premises............................................................. Furniture and fixtures............................................... Farm land (including im provem ents)................... Residential properties................................................ O ther real properties................................................. Investm ents indirectly representing bank prem­ ises or other real e state.................................... Other assets indirectly representing bank prem­ ises or other real e sta te.................................... T o ta l b a n k p rem ises, f u r n itu r e a n d fix tu res, a n d o th e r re a l e s t a t e ..............

M iscellan eo u s a sse ts: Customers’ liability to reporting banks on acceptances outstanding.................................. Income accrued but not yet collected................... Prepaid expenses......................................................... Other assets7................................................................ T o ta l m isce lla n eo u s a sse ts7............................

T o ta l a sse ts8 7...................................................

| 131,174 118,632 118,914 106,910 95,995 94,828 92,161 86,968 81,887 f 9,184 \ 14,417

1,190,053 1,205,695 1,254,244 1,299,718 1,366,576 1,463,079 1,449,099 1,385,038 1,313,433 ( 52,860 1,303,662

1,846,226 2,049,332 2,179,835 2,306,616 2,467,121 2,667,428 2,724,877 2,682,840 2,495,656 2,587,938

18,723 24,782 37,621 37,954 40,932 54,276 63,816 56,055 46,897 35,665

357 1,482 6,532

583 1,232 3,558

459 537 3,751

460 528 5,477

284 231 1,589315 494 1,959

385 947 2,379

436 2,111 1,740323 2,275 1,360

180 1,294 1,158

34,538 5,723 33,193 5,120 19,224 5,688 17,897 6,810 18,629 7,191 28,049 8,107 22,585 7,819 14,417 6,649 17,494 6,616 | 28,494

267,405 237,455 238,946 236,290 233,088 229,377 239,712 236,619 240,146 241,273

} 838,062 824,849 814,066 802,623 792,797 812,946 839,170 856,954 868,952 f 696,285 \ 205,635 3,218 348,163 418,582

110,282

12,029 

| n , 479,761

8,454

61,443,401

8,753

61,456,247

7,337

61,425,292

6,173 f 240,992 229,765

61,015,479

5,160 211,482 244,446

61,005,918

4,323 266,654 268,971

61,040,801

3,554 288,297 265,499

61,057,603

3,727 332,867 271,353

6994,457

2,179 2,666,791 3,162 2,585,789 2,155 2,587,447 2,954 2,543,622 1,740 2,588,890 2,482 2,605,011 1,480 2,759,042 1,983 2,791,917 1,513 2,787,980

[ 724,328 2,001 2,816,558

4,513,017 4,635,121 4,767,282 4,850,238 5,056,011 5,272,439 5,483,919 5,474,757 5,283,636 5,404,496

j 215,026 

| 140,648

211,351

151,757

211,293

168,487

204,582

183,744

197,372 

f 36,029 

|} 145,735

193,577

35,482

144,622

190,506

32,949

141,323

186,999

29,115

139,306

183,509

27,097

141,213

J 154,080 \ 24,246 25,402 / 87,161 \ 51,359 I (5) (5) (5) (5) 15,131 15,078 11,180 10,494 6,903 1 7,683 

[ 3,952

355,674 363,108 379,780 388,326 394,267 388,759 375,958 365,914 358,722 353,883

1,444 j

1,142 1,183 1,424 2,313 1,867 3,602 2,637 2,416 1,649

\ 88,487 98,136 62,636 44,035 39,489 33,387 34,375 32,108 25,584 f 7,859 1,503 1 1 o rrnc%

89,931 99,278 63,819 45,459 41,802 35,254 37,977 34,745 28,000 [ 13,763 24,774

6,051,619 6,372,646 6,546,781 6,815,737 7,067,955 7,502,726 7,452,257 7,468,130 7,225,690 7,470,419

ASSETS AND LIABILITIES OF OPERATING BANKS

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(Amounts in thousands of dollars)

Table 118. ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM,

Call D ates 1934-1938— C ontinued

1934 1935 1936 1937 1938

June 30 Dec. 31 June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31

L IA B ILIT IE S 

D em and deposits (exclusive of interb ank d ep o sits): Individuals, partnerships, and corporations........ United States G overnm ent...................................... States and political subdivisions............................ Certified and officers' checks, cash letters of credit and travelers’ checks outstanding, and amounts due to Federal Reserve banks T otal dem and d e p o s its....................................

1,532,346 50,348 425,678

28,621 2,036,993

1,766,011 51,039 466,117

24,679 2,307,846

1,823,382 25,851 496,274

29,116 2,374,623

2,038,981 37,267 534,774

39,464 2,650,486

2,141,915 69,311 564,882

43,300 2,819,408

2,448,932 64,603 587,022

54,106 3,154,663

2,351,847 23,364 587,240

50,582 3,013,033

2,358,835 20,320 536,168

46,632 2,961,955

2,170,174 17,518 556,823

41,633 2,786,148

2,357,675 48,148 556,502

47,596 3,009,921

T im e deposits (exclusive of interb ank d ep o sits): Individuals, partnerships, and corporations: Savings deposits...................................................... Certificates of deposit........................................... Christmas savings and similar accounts...........

Postal savings.............................................................. States and political subdivisions............................ T otal tim e dep osits6...........................................

1,995,651 514,433 20,207 46,183 76,300 51,358 2,704,132

2,109,883 481,538 6,202 55,029 72,416 40,618 2,765,686

2,250,367 487,005 20,369 54,712 6,5,876 40,548 2,918,877

2,281,256 483,232 9,371 63,754 62,364 43,841 2,943,818

2,367,563 491,911 22,996 47,582 43,606 50,930 3,024,588

2,499,921 488,688 7,024 54,303 35,368 50,855 3,136,159

2,569,941 485,772 29,329 59,933 31,866 54,149 3,230,990

2,639,196 473,205 7,978 65,391 31,262 106,323 3,323,355

2,596,793 466,681 29,765 61,580 27,333 96,126 3,278,278

2,639,258 456,660 6,828 63,932 24,810 113,066 3,304,554

Interbank deposits: Banks in the United S ta te s..................................... Banks in foreign countries....................................... T otal interb ank d e p o sits.................................

78,109 1,507 79,616

91,691 1,514 93,20587,410 1,310 88,720

94,620 4,204 98,824

95,514 4,225 99,739

102,288 4,690 106,978

92,812 3,074 95,886

97,029 2,693 99,72286,667 1,330 87,99799,378 1,685 101,063

T otal deposits6................................................. 4,820,741 2,112,589 2,708,152

5,166,737 2,392,078 2,774,6595,382,220 2,1>5U,499 2,927,7215,693,128 2,739,673 2,953 ,4-55

5,943,735 2,907,052 3,036,683

6,397,800 3,250,807 3,11,6,993

6,339,909 3,097,513 3,242,3966,385,032 3,047,445 3,337,587

6,152,423 2,861,090 3,291,333

6,415,538 3,096,399 3,319,139

M iscellaneous liab ilities: Bills payable, rediscounts, and other liabilities for borrowed m oney.......................................... Acceptances executed by or for account of re­ porting banks and outstanding...................... M ortgage bonds and participation certificates

Dividends declared b ut not yet p ay ab le.............. Income collected but not yet earned..................... Expenses accrued and u npaid, , , , . ......................

T otal m iscellaneous liab ilities7 9..................

38,696

1,214

12,450

1 39,115 W 

91,475

29,640

905

8,678 1,975

67,639

108,837

30,023

1,090

7,729 1,621

24,522

64,985

20,820

1,147

6,905 2,579

25,905

57,356

18,706

2,078

6,801 1,683

31,731

60,999

15,116

1,739

5,101 3,071

26,376

51,403

17,991

3,468

4,854 2,500

26,272

55,085

15,432

2,517

3,844 2,878

25,560

50,231

15,115

2,441

3,366 1,631

25,770

48,323

11,375

1,667

3,237 2,590 f 10,850 { 7,958 I 6,197 43,874

T otal liab ilities (excluding capital 4,912,216 5,275,574 5,447,205 5,750,484 6,004,734 6,449,203 6,394,994 6,435,263 6,200,746 6,459,412

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
CAPITA L ACCOUNTS 

C apital accou n ts: Capital stock, notes, and debentures. Surplus........................................................ Undivided profits10................................... Reserve for contingencies...................... All other capital accounts10................... T otal capital a c c o u n ts..................

T otal lia b ilities and cap ital a cco u n ts8 7. . .

M EM O RAND A 

Pledged assets and secu rities lo a n ed : United States Governm ent obligations, direct and guaranteed, pledged to secure liabilities O ther assets pledged to secure liabilities............. Assets pledged to qualify for exercise of fiduciary or corporate powers, and for purposes other than to secure liabilities11................................ Securities loaned11....................................................... T otal pledged a ssets and secu rities loaned

Secured and preferred liab ilities: Deposits secured by pledged assets pursuant to requirements of law ........................................... Deposits preferred under the provisions of law but not secured by pledge of assets11. . . . Borrowings secured by pledged assets11........... O ther liabilities secured by pledged assets11. .. T otal secured and preferred lia b ilitie s.

667,034 271,603 82,625 116,869 1,272 1,139,403

6,051,619

182,483 370,742

378,632

684,755 253,177 79,004 76,570 3,566 1,097,072

6,372,646

209,650 306,713

390,527

681,990 245,631 93,085 75,069 3,801 1,099,576

6,546,781

225,203 256,788

362,174

666,456 235,421 89,792 68,796 4,788 1,065,253

6,815,737

244,182 238,010

391,638

645,418 235,556 107,572 68,023 6,652 1,063,221

7,067,955

265,258 199,182

37,473 293 502,206

406,005

60,505 20,221 16,551 503,282

627,593 248,142 104,508 62,374 10,906 1,053,523

7,502,726

277,258 190,574

30,933 472 499,237

408,743

74,008 14,645 13,113 510,509

609,721 253,716 118,415 62,639 12,772 1,057,263

7,452,257

255,421 190,697

27,86265 474,045

374,035

66,790 16,552 9,710 467,087

599,540 257,758 106,854 53,727 14,988 1,032,867

7,468,130

279,744 183,347

25,371 109 488,571

372,788

75,545 14,270 5,448 468,051

589,164 257,064 113,420 49,508 15,788 1,024,944

7,225,690

262,602 202,566

19,469 269 484,906

372,616

75,700 14,226 2,412 464,954

578,568 263,982 106,126 45,108 17,223 1,011,007

7,470,419

292,828 206,462

21,998 291 521,579

411,120

81,530 10,412 4,152 507,214

1 Excludes the following insured banks not members of the Federal Reserve System: 43 on June 30, 1934; 12 on December 31, 1934; 4 on June 29, 1935; 3 on December 31, 1935; 6 on June 30, 1936; 3 on December 31, 1936; 2 on June 30, 1937; 2 on December 31, 1937; 4 on June 30, 1938; and 2 on December 31, 1938. 2 Includes Home Owners’ Loan Corporation 4 percent bonds guaranteed as to interest only. 3 Federal Home Loan Bank debentures held on December 31, 1937, and June 30, 1938, are included for those dates with “obligations of other domestic corporations.” 4 Includes “obligations of real estate corporations” for which separate figures for call dates prior to June 30, 1938, are given on page 113 of the Annual Report for 1937. 5 Amounts of loans and securities for call dates prior to June 30, 1936, are not entirely comparable with amounts reported for subsequent calls because “investments and other assets (chiefly loans) indirectly representing bank premises and other real estate” were not reported separately. 6 Revised for call dates prior to December 31, 1938, to include “repayments on installment loans not applied directly to loans.” 7 Revised for call dates prior to June 30, 1936, to exclude “acceptances of other banks and bills sold with endorsement” , subsequently treated as contingent liabilities. 8 N ot reported separately. 9 Revised for various call dates prior to December 31, 1938, to exclude those “repayments on installment loans not applied directly to loans” which were previously not deducted from loans and discounts. See footnote 6. 10 “Undivided profits” were revised for call dates prior to December 31, 1938, to exclude “reserves for dividends payable in common stock” , now included with “all other capital accounts.” 11 Amounts not reported for call dates prior to June 30, 1936.

-3COASSETS AND LIABILITIES OF OPERATING BANKS

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BANKS GROUPED BY AMOUNT OF DEPOSITS

Table 119. Asse t s AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE FEDERAL RESERVE SYSTEM, D ecem ber 31, 1938

Banks with deposits of—

All $100,000 $100,000 $250,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 banks or to to to to to to to More than

less $250,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 $50,000,000

Num ber of banks1....................................... 7,309 504 2,070 2,009 1,402 799 382 81 57 5

ASSETS (In thousands of dollars) Cash, balan ces w ith other banks, and cash .

item s in process of collection : Currency and coin............................................... 202,877 1,867 13,133 23,744 31,471 36,072 35,423 18,396 33,303 9,468 Balances with b an k s........................................... 1,418,475 12,753 101,784 189,248 240,273 253,835 233,942 119,071 217,637 49,932 Cash items in process of collection................. 53,395 125 1,168 2,688 4,702 7,988 11,536 6,616 14,152 4,420 T otal cash, balances w ith oth er banks, and cash item s in process of col- 1,674,747 14,745 116,085 215,680 276,446 297,895 280,901 144,083 265,092 63,820

S ecu rities: Direct obligations of the U. S. Governm ent. 1,051,626 3,170 37,508 78,683 113,465 146,227 197,109 92,407 236,719 146,338 Obligations guaranteed by the U .S . Governm ent .............................................................. 226,345 1,107 13,389 28,785 39,255 42,232 40,972 19,284 28,882 12,439 Obligations of States and political sub­ divisions ........................................................ 563,270 2,887 31,410 69,028 96,651 101,988 91,775 38,522 87,835 43,174 Other securities.................................................... 737,113 1,219 24,104 63,098 113,620 139,613 169,245 72,681 132,640 20,893 T otal se c u r ities............................................. 2,578,354 8,383 106,411 239,594 362,991 430,060 499,101 222,894 486,076 222,844

Loans, discou nts, and overdrafts (inclu d­ in g red iscou n ts): Commercial and industrial loans..................... 413,645 2,467 19,569 44,197 65,805 88,755 91,347 41,442 56,475 3,588 Agricultural loans (excluding loans on farm land) ........................................................ 348,146 11,164 74,598 102,392 85,077 50,654 16,946 3,974 3,341 Commercial paper bought in open m ark e t. . 34,995 46 880 2,812 5,080 7,093 9,582 2,982 6,320 200 Notes, bills, acceptances, etc., payable in foreign countries 180 2 9 1 149 18 1

Acceptances of other banks, payable in the United States ....................................... 1,294 20 1 97 37 1,066 73 Reporting banks’ own acceptances................. 1,158 133 229 24 1 39 258 474 Loans to brokers and dealers in securities... 28,451 27 199 348 880 2,062 4,840 12,657 7,438 Other loans for the purpose of purchasing or carrying securities.................................. 109,890 96 1,213 3,591 9,292 17,666 25,542 11,367 35,820 5,303

Real estate loans: On farm lan d............. ...................................... 241,166 3,087 30,840 55,646 66,197 45,167 24,204 6,145 7,959 1,921 On residential properties............................... 689,431 1,434 17,381 46,581 85,900 128,230 150,743 68,808 109,940 80,414 On other properties......................................... 204,053 623 4,687 10,788 20,256 27,015 33,457 21,085 38,278 47,864 3,218 39 266 568 457 697 512 490 189 714,465 5,119 48,168 86,935 120,585 137,606 106,456 55,715 131,876 ........22,005 1,998 54 278 332 535 359 129 158 143 10 T otal loans, d iscou n ts, and overdrafts 2,792,090 24,131 198,069 354,272 459,802 504,141 461,056 218,330 403,546 168,743

T otal loans and secu rities................... 5,370,444 32,514 304,480 593,866 822,793 934,201 960,157 441,224 889,622 391,587

174 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M iscellan eo u s a sse ts: Bank premises owned, furniture and fixtures Real estate owned other than bank premises Investm ents and other assets indirectly representing bank premises or other real

177,107 163,818

9,333 1,646 7,782 1,494 13,754 374,934

1,529 998

30

9,408 5,043

933

16,067 8,937

368

22,668 15,463

54040

30,771 23,494

81824

32,369 29,985

2,097 229

15,858 20,095

1,630 286

39,596 46,403

2,730 1,061 3,826 660 3,902 98,178

8,841 13,400

1,0273

Income accrued but not collected................... Prepaid expenses................................................. Other miscellaneous assets................................ T o ta l m isce lla n eo u s a s s e ts ......................

4

4

132 2,697

5819 324 14,948

17742 815 26,406

41574 1,094 40,294

688 150 1,363 57,308

1,051 238 1,987 67,956825 192 3,928 42,814

738 115 209 24,333

T o ta l a s s e ts.................................................... 7,420,125 49,956 435,513 835,952 1,139,533 1,289,404 1,309,014 628,121 1,252,892 479,740

L IA B ILITIES D e p o sits: Individuals, partnerships, and corporations: D em and............................................................. 2,338,397 21,701 180,453 324,088 395,938 415,741 397,734 188,537 351,183 63,022 T im e................................................................... 3,144,970 9,933 127,168 294,003 452,853 554,138 593,173 278,949 520,259 314,494 States and political subdivisions..................... 669,301 4,466 43,951 85,345 111,456 116,601 105,621 48,258 120,379 33,224 U nited States G overnm ent............................... 47,968 31 434 1,341 2,366 3,809 6,740 4,672 23,328 5,247 24,747 136 1,708 4,329 6,517 4,899 2,642 1,402 3,114 Other ban k s.......................................................... 100,768 374 1,952 3,444 6,917 9,140 14,224 10,917 42,562 11,238 Certified and officers' checks, cash letters of credit and travelers’ checks outstanding,

etc.................................................................... 47,301 177 2,024 4,123 6,515 8,215 10,322 3,893 8,079 3,953 T o ta l d e p o s its ................................................ 6,373,452 36,818 357,690 716,673 982,562 1,112,543 1,130,456 536,628 1,068,904 431,178 Demand.......................................................... 3,076,238 26,196 223,786 1+08,608 509,786 1+72,776 536,1+1+7 511,867 618,589 21+1,521+ 509,1+87 108,537 T im e............................................................... 3,297,211+ 10,622 133,901+ 308,065 576,096 295,101+ 559,1+17 322,61+1

M iscellan eo u s lia b ilitie s: Bills payable, rediscounts, and other lia­ bilities for borrowed m oney..................... Acceptances outstanding...................................

11,375 1,664 88 4403642 54240 1,36726 600 229 75 302 7,621 1,061 3 Dividends declared but not yet payable. . . . 2,553 40 185 362 383 427 331 286 413 126 Income collected but not earned..................... 10,588 26 223 834 1,451 1,857 1,418 1,067 3,330 382 Expenses accrued and un p aid .......................... 7,809 20 171 360 714 956 1,302 1,155 2,610 521 Mortgage bonds and participation certificates outstanding .................................. 3,237 50 1 595 1,093 687 52 759 Other miscellaneous liabilities.......................... 6,163 45 177 389 572 1,045 1,002 938 1,388 607 T o ta l m isce lla n eo u s lia b ilitie s.............. 43,389 219 1,249 2,588 4,297 6,771 5,569 3,875 17,182 1,639

T o ta l lia b ilitie s (ex cluding c a p ita l a c c o u n ts )................................................. 6,416,841 37,037 358,939 719,261 986,859 1,119,314 1,136,025 540,503 1,086,086 432,817

CAPITAL ACCOUNTS 

C a p ita l a c c o u n ts : Capital stock, notes, and debentures............. 574,285 9,713 52,420 74,771 93,763 101,649 96,679 48,239 78,736 18,315 Surplus................................................................... 261,676 2,002 14,325 24,475 34,581 40,543 44,431 24,859 58,703 17,757 Undivided profits................................................. Reserve for contingencies................................ 105,457 889 7,130 12,030 15,906 17,804 19,863 9,036 17,983 4,816 44,760 186 1,612 3,572 5,990 6,868 9,133 4,189 9,781 3,429 All other capital accounts................................. 17,106 129 1,087 1,843 2,434 3,226 2,883 1,295 1,603 2,606 T o ta l c a p ita l a c c o u n ts.............................. 1,003,284 12,919 76,574 116,691 152,674 170,090 172,989 87,618 166,806 46,923

T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts .. 7,420,125 49,956 435,513 835,952 1,139,533 1,289,404 1,309,014 628,121 1,252,892 479,740

1 Excludes the following insured banks not members of the Federal Reserve System: 2 national banks in Alaska; 1 national bank in the Virgin Islands; 9 State banks in the District of Columbia; and 2 other State banks. Back figures—See the following Annual Reports: 1937, p. 116; 1936, p. 142; 1935, p. 176; 1934, p. 198

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS

Table 120. Av er a g e s P e r B a n k OF ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE F e d e r a l R e s e r v e S ystem , D e c e m b e r 31, 1938

Banks with deposits of—

All banks $100,000

or less

$100,000 to $250,000$250,000 to $500,000

$500,000 to $1,000,000

$1,000,000 to $2,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000$10,000,000 to $50,000,000More than $50,000,000 0)

N um ber of banks2....................................... 7,309 504 2,070 2,009 1,402 799 382 81 57 5

ASSETS

C ash, balances w ith other banks, and cash item s in process of collection : Currency and coin............................................... Balances with ban k s........................................... Cash items in process of collection................. T otal cash, balances w ith other banks, and cash item s in process of co l­ lection ..........................................................

$27,757 194,073 7,305

229,135

$3,704 25,304 248

29,256

$6,344 49,172 564

56,080

$11,819 94,200 1,338

107,357

$22,447 171,379 3,354

197,180

$45,146 317,691 9,998

372,835

$92,730 612,413 30,199

735,342

$227,111 1,470,012 81,679

1,778,802

$584,263 3,818,193 248,281

4,650,737

$1,893,600 9,986,400 884,000

12,764,000

S ecu rities: Direct obligations of the U. S. Government. Obligations guaranteed by the U. S. Govern­ m ent .............................................................. Obligations of States and political sub­ divisions ......................................................... Other securities.................................................... T otal secu rities.............................................

$143,881

30,968

77,065 100,850 352,764

$6,290

2,196

5,728 2,418 16,632

$18,120

6,468

15,174 11,645 51,407

$39,165

14,328

34,359 31,407 119,259

$80,931

27,999

68,938 81,042 258,910

$183,012

52,856

127,644 174,735 538,247

$515,992

107,257

240,249 443,050 1,306,548

$1,140,827

238,074

475,580 897,296 2,751,777

$4,152,965

506,702

1,540,965 2,327,017 8,527,649

$29,267,600

2.487.800

8.634.800 4,178,600 44,568,800

Loans, discou nts, and overdrafts (in clu d ­ ing red iscou n ts): Commercial and industrial loans..................... Agricultural loans (excluding loans on farm lan d )...............................................................

$56,594

47,633 4,788

25

$4,895

22,15191

4

$9,454

36,038 425

4

$21,999

50,967 1,400

$46,937

60,682 3,623

106

$111,083

63,397 8,877

23

$239,128

44,361 25,084

$511,630

49,062 36,815

$990,789

58,614 110,877

18

$717,600

Commercial paper bought in open m ark e t. . Notes, bills, acceptances, etc., payable in foreign countries.......................................... Acceptances of other banks, payable in the United S tates. .............................................

40,000

177 10 1 69 97 13,160 3,185 59,753

140,333

75,864 849,482 260,309 6,049 687,839 1,951 2,695,432

1,281 Reporting banks’ own acceptances................. 158 64 114 17 1 102 8.316 222,052

628,421

139,631 1,928,772 671,544 3.316 2,313,614 2,509 7,079,754

Loans to brokers and dealers in securities... 3,893

15,035

32,996 94,326 27,918 440 97,751 273 382,007

13 99 248 1,101

22,110

56,530 160,488 33,811 872 172,223 449 630,965

5,398

66,864

63,361 394,615 87,584 1,340 278,681 338 1,206,953

1.487.600

1.060.600

384,200 16,082,800 9,572,800

' ‘4,401,000 2,000 33,748,600

Other loans for the purpose of purchasing or carrying securities....................................... Real estate loans: On farm lan d .................................................... On residential properties............................... On other properties......................................... Loans to banks..................................................... All other loans...................................................... O verdrafts.............................................................. T otal loans, d iscou n ts, and overdrafts

191

6,125 2,845 1,23677 10.157 107 47,879

586

14,898 8,397 2,264 129 23.269 134 95,685

1,787

27,698 23,186 5,370 283 43,273 165 176,342

6,628

47,216 61,270 14,448 326 86,009 382 327,961

T otal loans and secu rities................... $734,771 $64,511 $147,092 $295,601 $586,871 $1,169,212 $2,513,501 $5,447,209 $15,607,403 $78,317,400

176 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M iscellan eo u s a sse ts: Bank premises owned, furniture and fixtures Real estate owned other than bank premises Investm ents and other assets indirectly representing bank premises or other real estate.............................................................. Other miscellaneous assets................................ T o ta l m isce lla n eo u s a s s e ts ......................

T o ta l a s s e ts....................................................

LIA B ILIT IE S

D eposits: Individuals, partnerships, and corporations: D em and................................................... T im e......................................................... States and political subdivisions........... United States G overnm ent.................... Postal savings............................................ Other b an k s................................................ Certified and officers’ checks, cash letters of credit and travelers’ checks outstanding, etc.................................................................. T o ta l d e p o s its .............................................. Demand......................................................... T im e..............................................................

M iscellan eo u s lia b ilitie s: Bills payable, rediscounts, and other lia­ bilities for borrowed m oney..................... Other miscellaneous liabilities.......................... T o ta l m isce lla n eo u s lia b ilitie s..............

T o ta l lia b ilitie s (excluding c a p ita l a c c o u n ts )................................................

CAPITA L ACCOUNTS

C a p ita l a c c o u n ts : Capital stock, notes, and debentures............ Surplus................................................................... Undivided profits................................................. Reserve for contingencies................................ All other capital accounts................................. T o ta l c a p ita l a c c o u n ts..............................

T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts .

$24,232 22,413 $3,034 1,980 $4,545 2,436 $7,998 4,449 $16,168 11,029 $38,512 29,404 $84,736 78,495 $195,779 248,086 $694,667 814,088 $1,768,200 2,680,000

1,277 3,376 51,298

60 278 5,352

45 195 7,221

183 515 13,145

385 1,158 28,740

1,024 2,785 71,725

5,489 9,175 177,895

20,124 64,580 528,569

47,895 165,772 1,722,422

205,400 213,000 4,866,600

$1,015,204 $99,119 $210,393 $416,103 $812,791 $1,613,772 $3,426,738 $7,754,580 $21,980,562 $95,948,000

$319,934 430,287 91,572 6,563 3,386 13,787

$43,058 19,709 8,86161 270 742$87,175 61,433 21,232 210 825 943

$161,318 146,343 42,482 667 2,155 1,714

$282,409 323,005 79,498 1,688 4,648 4,934

$520,327 693,539 145,934 4,767 6,132 11,439

$1,041,188 1,552,809 276,495 17,644 6,916 37,236$2,327,617 3,443,815 595.778 57,679 17,309 134.778

$6,161,105 9,127,351 2,111,912 409,263 54,632 746,702

$12,604,400 62,898,800 6,644,800 1,049,400

' '2,247,600

6,472 872,001 1,20,884- 4-51,117

351 73,052 51,976 21,076

978 172,796 108,109 6b,687

2,052 356,731 203,889 153,342

4,647 700,829 363,613 337,216

10,281 1,392,419 671,398 721,021

27,020 2,959,308 1,339,966 1,619,31,2

48,061 6,625,037 2,981,778 3,643,259

141,737 18,752,702 8,938,369 9,81A, 333

790,600 86,235,600 21,707,400 64,528,200

$1,556 $174 $213 $320 $387 $1,711 $1,571 $926 $133,702 167,737 301,439

4,380 5,936 260 434 391 604 968 1,288 2,678 3,065 6,764 8,475 13,008 14,579 46,913 47,839 $327,800 327,800

$877,937 $73,486 $173,400 $358,019 $703,894 $1,400,894 $2,973,887 $6,672,876 $19,054,141 $86,563,400

$78,572 35,802 14,429 6,124 2,340 137,267

$19,272 3,972 1,764 369 256 25,633$25,324 6,920 3,445 779 525 36,993

$37,218 12,183 5,988 1,778 917 58,084

$66,878 24,665 11,345 4,273 1,736 108,897

$127,220 50,742 22,283 8,596 4,037 212,878

$253,087 116,312 51,997 23,908 7,547 452,851

$595,543 306,901 111,556 51,716 15,988 1,081,704

$1,381,334 1,029,877 315,491 171,596 28,123 2,926,421

$3,663,000 3,551,400 963.200 685,800 521.200 9,384,600

$1,015,204 $99,119 $210,393 $416,103 $812,791 $1,613,772 $3,426,738 $7,754,580 $21,980,562 $95,948,000

1 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 2 Excludes the following insured banks not members of the Federal Reserve System: 2 national banks in Alaska; 1 national bank in the Virgin Islands; 9 State banks in the D istrict of Columbia; and 2 other State banks. Back figures—See the following Annual Reports: 1937, p. 118; 1936, p. 144; 1935, p. 178; 1934, p. 200.

ASSETS AND LIABILITIES OF OPERATING BANKS 177

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS

Table 121. PERCENTAGE DISTRIBUTION OP ASSETS AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F ede r a l Re se r v e System, D ec e m b er 31, 1938

Banks with deposits of—■

All banks

$100,000

or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000$1,000,000 to $2,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000

to $50,000,000

More than $50,000,000 0)

N um ber of banks2....................................... 7,309 504 2,070 2,009 1,402 799 382 81 57 5

ASSETS

Cash, balan ces w ith other banks, and cash item s in process of collection : Currency and coin............................................... Balances with banks........................................... Cash item s in process of collection................. T otal cash, balances w ith other banks, and cash item s in process of c o l­ lectio n ..........................................................

2.7% 19.2.7

22.6

3.7% 25.5 .3

29.5

3.0% 23.3.3

26.6

2.9% 22.6.3

25.8

2.8% 21.1.4

24.3

2.8% 19.7.6

23.1

2.7% 17.8.9

21.4

2.9% 18.9 1.1

22.9

2.6% 17.4 1.1

21.1

2.0% 10.4.9

13.3

S ecu rities: Direct obligations of the U. S. Government. Obligations guaranteed by the U. S. Govern­ m ent ............................................................... Obligations of States and political sub­ divisions ........................................................

T otal secu rities.............................................

Loans, discou nts, and overdrafts (in clu d ­ in g red iscou n ts): Commercial and industrial loans..................... Agricultural loans (excluding loans on farm la n d )............................................................... Commercial paper bought in open m ark e t. . Notes, bills, acceptances, etc., payable in

14.2%

3.0

7.6 10.0 34.8

6.3%

2.2

5.8 2.4 16.7

8.6%

3.1

7.2 5.5 24.4

9.4%

3.5

8.3 7.5 28.7

10.0%

3.4

8.5 9.9 31.8

11.3%

3.3

7.9 10.8 33.3

15.1%

3.1

7.0 12.9 38.1

14.7%

3.1

6.1 11.6 35.5

18.9%

2.3

7.0 10.6 38.8

30.5%

2.6

9.0 4.4 46.5

5.6%

4.7.5

4.9%

22.3.1

4.5%

17.1.2

5.3%

12.3.3

5.8%

7.5.4

6.9%

3.9.6

7.0%

1.3.7

6.6%

.6.5

4.5%

.3.5

.7%

Acceptances of other banks, payable in the .2

Loans to brokers and dealers in securities... Other loans for the purpose of purchasing or carrying securities....................................... Real estate loans: On farm lan d .................................................... On residential properties............................... On other properties......................................... T rio f n KqhVq

.4

1.5

3.3 9.3 2.7

.2

6.2 2.91.2.1 10.3 .1 48.3

.3

7.1 4.01.1 .1 11.0.1 45.5

.4

6.75.6 1.3.1 10.4

.8

5.8 7.51.8 .1 10.6.1 40.4

.1

1.4

3.5 9.9 2.1.1 10.6

.2

1.9

1.8 11.5 2.6.1 8.1

.8

1.8

1.0 10.9 3.4.1 8.9

1.0

2.9

.6 8.8 3.1

1.6

1.1

.4 16.8 10.0

9.6 10.5 4.6

T otal loans, discou nts, and overdrafts

T otal loans and secu rities...................

37.6 42.4 39.1 35.2 34.8 32.2 35.2

72.4% 65.0% 69.9% 71.1% 72.2% 72.4% 73.3% 70.3% 71.0% 81.7%

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M iscellaneous assets: Bank premises owned, furniture and fixtures. Real estate owned other than bank premises Investm ents and other assets indirectly- representing bank premises or other real estate.................................................... O ther miscellaneous assets...................... T otal m iscellan eou s a s s e ts...........

T otal a s s e ts .

L IA B ILIT IE S D ep o sits: Individuals, partnerships, and corporations: D em and................................................... T im e.................................................... States and political subdivisions........... United States G overnm ent.................... Postal savings............................................ Other b an k s.......................................................... Certified and officers’ checks, cash letters of credit and travelers’ checks outstanding, etc......................................................... T otal d e p o sits..................................... Demand............................................... T im e....................................................

M iscellaneous liab ilities: Bills payable, rediscounts, and other lia­ bilities for borrowed m oney........... Other miscellaneous liabilities............... T otal m iscellan eou s lia b ilitie s...

T otal lia b ilities (excluding capital a c co u n ts)......................................

CAPITA L ACCOUNTS

C apital accou n ts: Capital stock, notes, and debentures. S urplus...................................................... Undivided profits.................................... Reserve for contingencies................... All other capital accounts.................... T otal capital a c c o u n ts.................

T otal liab ilities and capital a c c o u n ts.

2.4% 3.1% 2.2% 1.9% 2.0% 2.4% 2.5% 2.5% 3.2% 1.8% 2.2 2.0 1.2 1.1 1.4 1.8 2.3 3.2 3.7 2.8

.1 .1 .1 2 .3 .2 .2 .3 .3 .1 .1 .1 .2 !3 .8 .8 .2 5.0 5.5 3.5 3.1 3.5 4.5 5.3 6.8 7.9 5.0

100.0% 100.0% 100.0% 100.0% ____100.0% ____100.0% 100.0% 100.0% 100.0%

31.5% 43.4% 41.4% 38.7% 34.7% 32.3% 30.4% 30.0% 28.0% 13.1% 42.4 19.9 29.2 35.2 39.7 43.0 45.3 44.4 41.5 65.6 9.0 8.9 10.1 10.2 9.8 9.0 8.1 7.7 9.6 6.9 .7 .1 .1 .2 .2 .3 .5 .8 1.9 1.1 .3 .2 .4 .5 .6 .4 .2 .2 .2 1.4 .8 .4 .4 .6 .7 1.1 1.7 3.4 2.4

.6 .4 .5 .5 .6 .6 .8 .6 .7 .8 85.9 73.7 82.1 85.7 86.2 86.3 86.4 85.4 85.3 89.9 41.5 52.4 51. A 48.9 44.7 41.6 39.1 38.4 40.7 22.6 44.4 21.3 30.7 36.8 41.5 44.7 47.3 47.0 44.6 67.3

•2% .2% .1% •1% •1% .1% .6% .4 .2 .2 .2 .3 .4 .4% •7% .8 •3% .6 .4 .3 .3 .4 .5 .4 .7 1.4 .3

86.5% 74.1% 82.4% 86.0% 86.6% 86.8% 86.8% 86.1% 86.7% 90.2%

7.8% 19.5% 12.0% 9.0% 8.2% 7.9% 7.4% 7.7% 6.3% 3.8% 3.5 4.0 3.3 2.9 3.0 3.1 3.4 3.9 4.7 3.7 1.4 1.8 1.7 1.5 1.4 1.4 1.5 1.4 1.4 1.0 .6 .4 .4 .4 .6 .6 .7 .7 .8 .7 .2 .2 .2 .2 .2 .2 .2 .2 .1 .6 13.5 25.9 17.6 14.0 13.4 13.2 13.2 13.9 13.3 9.8

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

1 Because of the small num ber of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. * Excludes the following insured banks not members of the Federal Reserve System: 2 national banks in Alaska: 1 national bank in the Virgil the D istrict of Columbia; and 2 other State banks. Back figures—See the following Annual Reports: 1937, p. 120; 1936, p. 146; 1935, p. 180; 1934 p. 202.

Virgin Islands; 9 State banks in

ASSETS AND LIABILITIES OF OPERATING BANKS 179

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CAPITAL INVESTMENT OF THE RECONSTRUCTION FINANCE CORPORATION

Table 122. CAPITAL INVESTMENT OF THE RECONSTPvUCTION FINANCE CORPORATION IN OPERATING INSURED BANKS, DECEMBER 31, 1938

BY CLASS OF BANK IN EACH STATE AND POSSESSION 

(Amounts in thousands of dollars)

00O

U n ited S ta te s a n d p o ssession— to ta l 

S ta te A labam a.................................................... Arizona...................................................... A rkansas................................................... California.................................................. C olorado....................................................

C onnecticut.............................................. D elaware................................................... District of Columbia.............................. Florida....................................................... Georgia......................................................

Idaho.......................................................... Illinois........................................................ Indiana...................................................... Iow a........................................................... K ansas.......................................................

K entucky.................................................. Louisiana................................................... M aine......................................................... M aryland.................................................. M assachusetts.........................................

M ichigan................................................... M innesota................................................. M ississippi................................................ M issouri.................................................... M ontana...................................................

All insured banks

No. of . banks Amount

4,670

451

877245

36 107

37 63

21 160 226 107 160

9282295945

150 182 134 16138

537,239

8,861 1,215 3,405 41,376 2,354

5,702 317 2,140 1,418 2,893

1,631 35,028 10,310 5,469 3,601

6,079 7,187 6,100 7,132 9,053

29,552 7,498 7,139 6,758 1,190

Commercial banks

Total

No. of banks

4,651

451

877245

36 107

37 63

21 160 226 107 160

9282235945

150 182 134 161

524,273

8,861 1,215 3,405 41,376 2,354

5,702 317 2,140 1,418 2,893

1,631 35,028 10,310 5,469 3,601

6,079 7,187 4,775 7,132 9,053

29,552 7,498 7,139 6,758 1,190

Members F. R. System1

National

No. of banks

1,551

111

14 37 25

15 4 2

1214

104373337

2213 11 11 26

4362152114

Amount

251,028

5,260 1,215 1,171 31,401 1,667

3,157 130 932 775 1,020

883 30,645 3,188 2,729 1,482

1,989 3,434 1,249 2,228 5,528

14,644 5,374 1,974 2,222 375

State

No. of banks

311

4

1

2

4

3 12 115

4

3

4 2 4

341

Amount

114,228

2,835

570 1,700 199

500 176 541

552 1,930 1,600 923 100

1,295 1,457 720 1,910 1,426

9,68518

1,964 439

Not members F. R. System

No. of banks

2,789

30

683218

216

4

2345

1044 17869 119

6765104415

119 119 12219

Amount

159,017

766

1,664 8,275 488

2,545 187 708 467 1,332

196 2,453 5,522 1,817 2,019

2,795 2,296 2,806 2,994 2,099

5,223 2,106 5,165 2,572 376

M utual 

savings banks

No. of banks Amount

12,966

1,325

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N ebraska.......... N evada............. New Hampshire New Jersey. New Mexico. ..

New Y ork......... N orth Carolina. N orth D ak o ta. . Ohio................... O klahom a.........

Oregon............... Pennsylvania. . . Rhode Islan d . . South Carolina. South D akota..

Tennessee......... Texas................. U ta h.................. V erm ont........... V irginia.............

W ashington. . . . W est Virginia. . W isconsin......... W yoming..........

P ossession Virgin Islands. ..

1123

5

18716

328 10189 29233

34 2484

31 79

106 30132 45 113

6071 31317

3,08097 236 67,105 555

63,027 5,113 1,891 53,737 2,358

996 36,234 698 1,969 2,448

10,486 18,477 2,055 16,191 6,256

2,471 3,701 23,640

122

1123 5

18616

328 10189 29033

34 2484

31 79

106 30132 38 113

6071 31017

3,08097 236 66,505 555

63,027 5,113 1,891 52,041 2,358

36,234 698 1,969 2,448

10,486 18,477 2,055 7,091 6,256

2,471 3,701 23,395 888

122

382

4 1205

18413 20 6427

7

1703

5 22

23 1196

8

28

14 28 436

1,98472 136 24,720 298

20,671 623 911 19,564 2,307

156 13,635 453 1,322 1,704

6,462 13,725 887 415 1,482

1,765 1,596 11,150 318

263

453

261

15

2

1511

3

3

112

93

20,189

26,041 1,572

21,4706

34 8,426

144

198 296 750

1,751

75 272 2,28845

701

1

40

998569 2005

24631

2653

81 167153082

4340 2569

1,00325 100 21,596 219

16,315 2,918 980 11,00745

806 14,173 245 647 600

3,826 4,456 418 6,676 3,023

631 1,833 9,957 525

600

1,696

9,100

245

1 D ata concerning national and State banks members of the Federal Reserve System of 1938. Back figures— See the following Annual Reports: 1937, p. 122; 1936, p. 162; 1S35, p. 196; 1934, p. 219,

obtained from the Report of the Reconstruction Finance Corporation for the Fourth Quarter

CAPITAL INVESTMENT RECONSTRUCTION FINANCE CORPORATION 181

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Table 123. RECONSTRUCTION FINANCE CORPORATION CAPITAL OP OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F e d e r a l R e s e r v e S y s t e m , 1934-1938, a n d C h a n g e s D u r in g 1938

IN e a c h s t a t e a n d p o s s e s s io n

U n ited S tates and possession—t o t a l. ..

S tate A labam a.. Arizona Arkansas. . California. Colorado. .

Connecticut................. D elaw are...................... D istrict of Colum bia. Florida.......................... Georgia.........................

Id a h o............................ Illinois.......................... Ind ian a......................... Io w a.............................. K ansas..........................

K entucky........ Louisiana......... M aine............... M aryland........ M assachusetts.

M ichigan. . M innesota. M ississippi. M issouri.. . ilo n ta n a . .

N ebraska............. N evada................ New Ham pshire. New Jersey......... New Mexico. . . .

R.F.C. capital outstanding December 31—

1934

$206,191,526

1,339,675 50.000 2.044.000 12,927,500 560.000

3,468,700 375.000 1.800.000 596.000 1.798.000

205.000 4.106.000 7.036.000 2.500.500 2.456.500

3.596.500 4.831.000 1.633.000 3.345.000 2.575.000

8,268,776 3.322.000 6.145.500 3.308.500 684,500

1,954,200 30.000

14,558,175 177,500

1935

$211,545,881

1,078,477 24,996 2,090,474 12,772,000 575.000

3.410.500 223.000 1.500.000 588,414 1.675.000

215.000 4.201.000 7.831.000 2,485,350 2.635.000

3.724.000 4.583.500 2,925,078 4.050.000 2.575.000

8,770,580 3.250.500 5.922.500 3.586.000 664.500

1,726,649 30,000 100.000 20,290,929 232.500

1936

$192,491,481

1,020,965 24,967 1,970.240 11,211,200 575.000

2,904,168 209.000 1,444,700 546,365 1,618,500

230.000 3,110,550 7.450.000 2,295,600 2,533,222

3,105,900 3.476.000 2,919,619 3,497,200 2.575.000

7,400,780 2,582,300 5,687,400 3,289,450 585.000

1,513,058 30,000 100.000 23,022,192 247,500

U937

$171,260,277

811,251 24,962 1,792,867 9,697,192 513,100

2,806,111 187.000 768.000 528,054 1,459,050

225,150 2,214,600 6,240,550 2,045,185 2,231,742

2,941,695 2,778,365 2,896,277 3,282,463 2,116,160

6,572,960 2,223,900 5,456,786 2,786,150 432,700

1,213,049 29,000 100.000 22,638,115 243,325

1938

$159,017,087

766,227

1,664,220 8,275,275 487.600

2,545,242 186.600 708.000 467,004 1,331,600

195.900 2,452,650 5,522,500 1,817,115 2,019,422

2,794,758 2,295,700 2,806,508 2,993,950 2,099,160

5,222,960 2,105,800 5,165,163 2,571,733 375.900

1,002,948 25,000 100.000 21,596,109 219,500

Changes during 1938

Disburse­ m ents2

$906,500

425,000

700,000 50,000

30,000 26,500

50,000

Retire­ m ents2

$8,610,940

45,024 24,962 96,147 1,361,917 20,500

260,869 400 60,000 61,050 132,450

29,250 130,950 356,400 123,070 179,820

6,937 482,665 89,769 138,513 17,000

448,000 107,200 266,698 212,417 56,800

179,382 4,000

70,637 9,825

Other deductions3

$4,538,750

32,500 60,000 5,000

20,000

331.000 411,650 105.000 32,500

140.000

150,000

932,000 37,400 24,925 52,000

80,719

971,369 14,000

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
31,305,000 26,850,000 21,599,500 16,974,650 N orth C arolina............................................. 3,650,850 3,741,640 3,496,750 3,207,485 N orth D akota............................................... 1,569,000 1,549,000 1,224,000 1,132,700 O hio................................................................. 19,396,500 18,753,000 14,032,000 12,497,400 60,000 50,000 49,875

Oregon............................................................ 957,000 953,500 931,000 841,500 Pennsylvania................................................. 11,479,000 14,958,644 14,954,067 14,361,468 Rhode Island................................................. 250,000 250,000 250,000 248,750 South C arolina............................................. 1,140,800 687,300 712,300 672,700 South D ak o ta................................................ 1,256,000 979,500 882,500 761,200

Tennessee....................................................... 3,306,600 3,141,600 4,001,550 3,912.675 6,975,000 6,562,500 5,733,500 4,852,555 U ta h ................................................................ 775,000 500,000 470,000 455,000 V erm ont.......................................................... 7,060,000 7,210,000 7,110,000 6,885,450 V irginia........................................................... 4,271,250 4,392,250 4,102,938 3,529,920

W ashington.................................................... 1,213,000 1,156,000 1,067,500 692,715 W est V irginia................................................ 1,971,000 2,136,000 2,166,000 1,896,825 W isconsin....................................................... 13,338,000 13,338,000 11,859,500 10,376,700 W yoming........................................................ 585,000 590,000 548,500 532,200

Possession Virgin Islands............................................... 124,000 122,750

1 Revised. 2 Excludes changes due to conversion of preferred stock loans to capital notes and debentures. 3 Due to changes in charter jurisdiction, insurance status, etc. 4 Represents R.F.C. capital in 1 bank which converted from a State member of the Federal Reserve Back figures—See following Annual Reports: 1937, p. 123; 1936, p. 163; 1935, p. 197.

16,315,250 2,917,889 979.800 11,007,450 44,500

806,225 14,173,261 245,000 646.800 600,100

3,826,300 4,456,547 417,600 6,676,050 3,022,671

630,575 1,832,725 9,957,400 524,900

121,500

25,000 659.400 252,096 50.900 1,338,650 5,375

35,275 158,207 3,750 10.900 28,000

31,375 338,161 9,900 209.400 237,399

32,550 49,100 179,300 7,300

1,250

62,500 102,000 151,300

30,000

15.000 133,100

55.000 57,847 27,500

269,850

29 590 15,000 240,000

CAPITAL INVESTMENT RECONSTRUCTION FINANCE CORPORATION 183

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EXAMINERS’ ANALYSIS OF INSURED BANKS

T able 124. Examiners* Analysis of Capital, Assets, and Liabilities of All Operating Insured Commercial B anks Examined in 1938 (Original Examination Procedures)1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

N um ber of banks2

Capital accounts Total assets Adjusted liabilities (exclusive of capital accounts)

Book value

Examiners’ deductions (net)3Adjusted | capital account

R. F. C. capital4

Adjusted private capital account

Book value Adjusted value Total ] Deposits Other liabilities

U n ited S tates and posses­ sion —to ta l....................... 13,350 6,161,872 209,221 5,952,651 468,448

(In thousand 

5,484,203

Is of dollars) 

52,020,191 51,814,432 45,861,781 44,991,693 870,088

B anks w ith deposits of— $100,000 or less......................... 599 15,990 1,813 14,177 1,982 12,195 59,629 57,870 43,693 42,850 843 $100,000 to $250,000............... 2,567 104,252 8,137 96,115 11,769 84,346 558,107 550,177 454,062 449,358 4,704 $250,000 to $500,000............... 3,109 202,050 15,285 186,765 21,837 164,928 1,332,674 1,317,651 1,130,886 1,124,982 5,904

$500,000 to $1,000,000............ 2,808 332,306 32,978 299,328 34,886 264,442 2,341,963 2,309,393 2,010,065 1,999,146 10,919 $1,000,000 to $2,000,000......... 1,982 446,091 47,728 398,363 50,526 347,837 3,267,210 3,219,834 2,821,471 2,805,560 15,911 $2,000,000 to $5,000,000......... 1,366 639,844 62,581 577,263 66,785 510,478 4,842,910 4,780,663 4,203,400 4,147,621 55,779

$5,000,000 to $10,000,000___ 465 458,896 36,635 422,261 58,000 364,261 3,713,720 3,677,318 3,255,057 3,243,759 11,298 $10,000,000 to $50,000,000. .. 346 921,261 37,411 883,850 106,670 777,180 8,129,053 8,093,251 7,209,401 7,139,891 69,510 More than $50,000,000........... 108 3,041,182 83,81*7 3,074,529 115,993 2,958,536 27,774,925 27,808,275 24,733,746 24,038,526 695,220

S tate A lbam a........................................ 209 47,103 1,150 45,953 6,753 39,200 307,376 306,246 260,293 258,573 1,720 A rizona........................................ 12 7,236 U18 7,654 1,221 6,433 90,860 91,304 83,650 82,956 694 A rkansas..................................... 210 23,801 952 22,849 3,105 19,744 188,903 187,976 165,127 164,354 773 California.................................... 200 353,809 23,776 377,585 25,739 351,846 3,992,448 4,016,230 3,638,645 3,588,684 49,961 Colorado..................................... 134 32,570 2,880 35,450 3,000 32,450 340,874 343,762 308,312 307,047 1,265

C onnecticut................................ 103 75,471 5,900 69,571 5,780 63,791 553,426 547,578 478,007 475,087 2,920 D elaw are..................................... 44 39,559 2,662 36,897 316 36,581 196,153 193,493 156,596 155,610 986 D istrict of C olum bia............... 13 38,968 1,38b 40,352 1,440 38,912 335,110 336,494 296,142 294,616 1,526 F lo rid a......................................... 159 39,262 U31 39,693 1,469 2,905 38,224 379,058 379,636 339,943 338,922 1,021 Georgia........................................ 255 60,341 10,689 71,030 68,125 439,850 450,614 379,584 375,200 4,384

Id a h o........................................... 50 9,102 707 9,809 1,681 8,128 94,526 95,233 85,424 85,290 134 Illinois.......................................... 741 377,790 20,638 7,697 398,428 33,355 365,073 4,427,560 4,448,240 4,049,812 4,027,902 21,910 Ind ian a........................................ 477 100,141 92,444 12,009 80,435 906,481 898,810 806,366 802,773 3,593 Io w a............................................. 505 55,130 303 54,827 5,267 49,560 563,386 563,095 508,268 507,286 982 K ansas......................................... 454 43,227 83U 44,061 3,716 40,345 371,985 372,843 328,782 328,035 747

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky.......... Louisiana........... M aine................. M aryland.......... M assachusetts..

M ichigan........... M innesota......... M ississippi........ M issouri............. M ontana............

N ebraska........... N evada.............. New Hampshire New Jersey. . .. New Mexico. . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... O klahom a.........

O regon............... Pennsylvania... Rhode Islan d ... South C arolina. South D a k o ta ..

Tennessee.......... T exas.................. U ta h................... V erm ont............ V irginia..............

W ashington. . . . W est V irginia. . W isconsin.......... W yom ing...........

376 14461 164 188

431 649 195 591 118

56 37040

735 224 169 681 379

1,05615 103 172

292 7865975 300

140 148 56758

67,819 48,770 31,408 64,228 268,805

132,307 94,757 25,569 133,396 15,595

36,722 2,470 16,015 198,338 5,094

1,856,411 51,203 10,458 285,303 52,259

24,251 808,363 33,597 13,382 12,591

63,234 172,572 19,052 25,230 80,932

46,483 45,529 107,906 8,038

3,531 8,101 5,259 2,443 21,205

1,680 11,901 558 2,617 1,682

1,U 7 208 1,466 48,714 808

132,181 3,151 583 13,456 2,008

8,089 32,415 1,043 712 507

3,541 2,552 972 5,405 2,300

i , m 2,760 9,877 112

64,288 51,871 26,149 61,785 247,600

130,627 106,658 26,122 136,013 17,277

38,169 2,678 14,549 149,624 5,402

1,724,230 54,354 9,875 271,847 54,262

27,290 775,948 32,554 14,094 12,084

59,693 175,124 20,024 19,825 78,632

48,427 42,769 98,029 7,926

6,167 7,630 4,760 6,996 9,032

30,302 7,670 7,457 6,581 1,377

4,01897 361 38,338 608

52,877 5,543 2,105 48,580 2,834

943 34,318 702 1,918 2,870

10,007 18,918 2,467 7,129 6,344

2,592 3,989 24,283 879

58,121 44,241 21,389 54,789 238,568

100,325 98,988 18,665 129,432 15,900

34,151 2,581 14,188 111,286 4,794

1,671,353 48,811 7,770 223,267 51,428

26,347 741,630 31,852 12,176 9,214

49,686 156,206 17,557 12,696 72,288

45,835 38,780 73,746 7,047

504,713 512,367 213,257 595,873 2,033,891

1,514,793 928,991 214,927 1,500,761 144,144

329,631 36,242 94,783 1,650,245 58,859

14,652,638 438,989 76,377 2,459,089 484,777

298,048 4,865,040 243,125 124,337 98,748

551,546 1,516,517 163,238 130,096 609,218

467,732 301,334 947,906 67,205

501,307 515,472 207,998 593,484 2,012,690

1,513,140 940,941 215,522 1,503,553 145,835

331,092 36,450 93,317 1,601,799 59,168

14,522,049 442,161 75,850 2,445,702 486,795

301,088 4,832,719 242,082 125,055 98,256

548,109 1,519,139 164,210 124,714 606,946

469,682 298,626 938,096 67,099

437,019 463,601 181,849 531,699 1,765,090

1,382,513 834,283 189,400 1,367,540 128,558

292,923 33,772 78,768 1,452,175 53,766

12,797,819 387,807 65,975 2,173,855 432,533

273,798 4,056,771 209,528 110,961 86.172

488,416 1,344,015 144,186 104,889 528,314

421,255 255,857 840,067 59.173

431,669 460,500 181,046 529,210 1,735,025

1,372,928 827,400 188,640 1,361,195 128,132

291,912 33,176 77,958 1,441,692 53,670

12,228,639 382,803 65,631 2,131,444 425,811

271,105 4,012,348 207,051 110,711 85,845

485,115 1,335,720 143,529 104,102 523,206

418,954 254,914 836,830 58,992

5,350 3,101 803 2,489 30,065

9,585 6,883 760 6,345 426

1,011 596 810 10,48396

569,180 5,004 344 42,411 6,722

2,693 44,423 2,477 250 327

3.301 8,295 657 787 5,108

2.301 943 3,237 181

1 For explanation of terms and of change in procedure, see pages 118-19. 2 Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made. * Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the am ount of liabilities not shown on the books. 4 Represents book value, which is normally the same as par value but may be less. Figures shown in Table 122 represent retirable value, which on December 31, 1938, exceeded par value of all preferred stocks, both R. F. C. and privately held, by $101 million.

00OI EXAMINERS’ ANALYSIS OF INSURED BANKS

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Table 125. E xam in ers’ ADJUSTED VALUE RATIOS OF CAPITAL AND ASSETS OF ALL OPERATING INSURED Com m ercial B anks Exam ined in 1938 (O rigin al E xam ination P roced u res)1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Num ber of banks2

Percentage of capital accounts (book value) Percentage of total assets (book value) Adjusted capital account as percentage of—

Book value

Examiners’ deductions (net)3Adjusted capital account

R. F. C. capital4

Adjusted private capital account

Book value

Examiners’ deductions (net)3

Adjusted value

Adjusted value of assets Deposits

U n ited S ta te s a n d posses­ sio n —t o ta l ....................... 13,350 100.0 3.4 96.6 7.6 89.0 100.0 0.4 99.6 11.5 13.2

B an k s w ith d ep o sits of— $100,000 or less....................... 599 100.0 11.3 88.7 12.4 76.3 100.0 3.0 97.0 24.5 33.1 $100,000 to $250,000............. 2,567 100.0 7.8 92.2 11.3 80.9 100.0 1.5 98.5 17.5 21.4 $250,000 to $500,000............. 3,109 100.0 7.6 92.4 10.8 81.6 100.0 1.1 98.9 14.2 16.6

$500,000 to $1,000,000............ 2,808 100.0 9.9 90.1 10.5 79.6 100.0 1.4 98.6 13.0 15.0 $1,000,000 to $2,000,000......... 1,982 100.0 10.7 89.3 11.3 78.0 100.0 1.5 98.5 12.4 14.2 $2,000,000 to $5,000,000 1,366 100.0 9.8 90.2 10.4 79.8 100.0 1.3 98.7 12.1 13.9

$5,000,000 to $10,000,000___ 465 100.0 8.0 92.0 12.6 79.4 100.0 1.0 99.0 11.5 13.0 $10,000,000 to $50,000,000. . . 346 100.0 4.1 95.9 11.6 84.3 100.0 0.5 99.5 10.9 12.4 More than $50,000,000........... 108 100.0 1.1 101.1 3.8 97.3 100.0 0.1 100.1 11.1 12.8

S ta te A labam a...................................... 209 100.0 2.4 97.6 14.3 83.3 100.0 0.4 99.6 15.0 17.8 A rizona........................................ 12 100.0 5.8 105.8 16.9 88.9 100.0 0.5 100.5 8.4 9.2 A rkansas..................................... 210 100.0 4.0 96.0 13.0 83.0 100.0 0.5 99.5 12.2 13.9 California.................................... 200 100.0 6.7 106.7 7.3 99.4 100.0 0.6 100.6 9.4 10.5 Colorado..................................... 134 100.0 8.8 108.8 9.2 99.6 100.0 0.8 100.8 10.3 11.5

Connecticut................................ 103 100.0 7.8 92.2 7.7 84.5 100.0 1.1 98.9 12.7 14.6 D elaware..................................... 44 100.0 6.7 93.3 0.8 92.5 100.0 1.4 98.6 19.1 23.7 D istrict of C olum bia. . . . . . . . 13 100.0 3.6 103.6 3.7 99.9 100.0 0 4 100.4 12.0 13.7 Florida........................................ 159 100.0 1.1 101.1 3.7 97.4 100.0 0.1 100.1 10.5 11.7 Georgia........................................ 255 100.0 17.7 117.7 4.8 112.9 100.0 102.4 15.8 18.9

Id a h o ......................................... 50 100.0 7.8 107.8 18.5 89.3 100.0 0.7 100.7 10.3 11.5 Illinois......................................... 741 100.0 6.5 105.5 8.8 96.7 100.0 0.5 100.5 9.0 9.9 Indiana........................................ 477 100.0 7.7 92.3 12.0 80.3 100.0 0.8 99.2 10.3 11.5 Io w a............................................. 505 100.0 0.5 99.5 9.6 89.9 100.0 0.1 99.9 9.7 10.8 K ansas........................................ 454 100.0 1.9 101.9 8.6 93.3 100.0 0.2 100.2 11.8 13.4

186 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky.......... Louisiana........... M aine................. M aryland.......... M assachusetts..

M ichigan........... M innesota......... Mississippi........ M issouri............. M ontana...........

N ebraska........... N evada.............. New Hampshire New Jersey. . .. New Mexico. . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... O klahom a.........

Oregon............... Pennsylvania... Rhode Isla n d ... South C arolina. South D a k o ta ..

Tennessee.......... T exas.................. U ta h................... V erm ont............ V irginia.............

W ashington. . .. W est V irginia. . W isconsin.......... W yoming...........

376 14461 164 188

431 649 195 591 113

369 9

56 370 40

735 224 169 681 379

68 1,05615 103 172

292 7865975 300

140 148 56758

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0

5.2 6.4 16.7 3.8 7.9

1.3 12.6 2.2 2.0 10.8

3.9 8.4 9.2 24.6 6.0

7.1 6.2 5.6 4.7 3.8

12.5 4.0 3.1 5.3 4.0

5.6 1.5 5.1 21.4 2.8

4.2 6.1 9.21.4

94.8 106.4 83.3 96.2 92.1

98.7 112.6 102.2 102.0 110.8

103.9 108.4 90.8 75.4 106.0

92.9 106.2 94.4 95.3 103.8

112.5 96.0 96.9 105.3 96.0

94.4 101.5 105.1 78.6 97.2

104.2 93.9 90.8 98.6

9.1 85.7 100.0 0.7 99.3 12.8 14.9 15.6 90.8 100.0 0.6 100.6 10.1 11.3 15.2 68.1 100.0 2.5 97.5 12.6 14.4 10.9 85.3 100.0 0.4 99.6 10.4 11.7 3.4 88.7 100.0 1.0 99.0 12.3 14.3

22.9 75.8 100.0 0.1 99.9 8.6 9.5 8.1 104.5 100.0 1.3 101.3 11.3 12.9 29.2 73.0 100.0 0.3 100.3 12.1 13.8 4.9 97.1 100.0 0.2 100.2 9.0 10.0 8.8 102.0 100.0 1 .2 101.2 11.8 13.5

10.9 93.0 100.0 0.4 100.4 11.5 13.1 3.9 104.5 100.0 0.6 100.6 7.3 8.1 2.3 88.5 100.0 1.5 98.5 15.6 18.7 19.3 56.1 100.0 3.0 97.0 9.3 10.4 11.9 94.1 100.0 0.5 100.5 9.1 10.1

2.8 90.1 100.0 0.9 99.1 11.9 14.1 10.8 95.4 100.0 0.7 100.7 12.3 14.2 20.1 74.3 100.0 0.8 99.2 13.0 15.0 17.0 78.3 100.0 0.5 99.5 11.1 12.8 5.4 98.4 100.0 0.4 100.4 11.1 12.7

3.9 108.6 100.0 1.0 101.0 9.1 10.1 4.2 91.8 100.0 0.7 99.3 16.1 19.3 2.1 94.8 100.0 0.4 99.6 13.4 15.7 14.3 91.0 100.0 0.6 100.6 11.3 12.7 22.8 73.2 100.0 0.5 99.5 12.3 14.1

15.8 78.6 100.0 0.6 99.4 10.9 12.3 11.0 90.5 100.0 0.2 100.2 11.5 13.1 12.9 92.2 100.0 0.6 100.6 12.2 14.0 28.3 50.3 100.0 4.2 95.8 15.9 19.0 7.8 89.4 100.0 0.4 99.6 13.0 15.0

5.6 98.6 100.0 0.4 100.4 10.3 11.6 8.8 85.1 100.0 0.9 99.1 14.3 16.8 22.5 68.3 100.0 1.0 99.0 10.4 11.7 10.9 87.7 100.0 0.2 99.8 11.8 13.4

1 For explanation of term s and of change in procedure, see pages 118-19. 2 Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made. * Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners' net deductions from total assets by the am ount of liabilities not shown on the books. * Represents book value, which is normally the same as par value but may be less. Figures shown in Table 122 represent retirable value, which on December 31, 1938, exceeded par value of all preferred stocks, both R. F. C. and privately held, by 1.6 percent of total capital accounts.

00-3EXAMINERS’ ANALYSIS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 126. A d j u s t e d CAPITAL, SUBSTANDARD ASSET, AND N E T EARNINGS RATIOS OF ALL OPERATING INSURED COMMERCIAL BANKS

E x a m i n e d i n 1938 ( O r i g i n a l E x a m i n a t i o n P r o c e d u r e s ) 1

NUMBER OF BANKS GROUPED BY AMOUNT OF DEPOSITS

Banks with deposits of—

All banks $100,000

or less

$100,000 to $250,000

$250,000 to $500,000

$500,000 to $1,000,000

$1,000,000 to $2,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

More than $50,000,000

All b a n k s............................................................ 13,349 599 2,567 3,109 2,808 1,982 1,366 465 346 107

B an k s w ith a d ju s te d c a p ita l a c ­ c o u n t p e r $100 of a d ju s te d value of a sse ts of— 40 2 5 12 13 4 3 1 $0.01 to $4.99................................................. 208 3 19 38 51 36 38 11 10 2 $5.00 to $9.99................................................. 3,020 23 196 601 756 615 426 193 155 55

$10.00 to $14.99............................................. 5,524 69 798 1,448 1,275 925 636 197 142 34 $15.00 to $19.99............................................. 2,806 140 901 696 505 288 193 45 27 11 $20.00 to $24.99............................................. 1,075 144 424 203 155 80 49 12 6 2

$25.00 to $29.99............................................. 405 107 145 75 36 20 16 2 3 1

$30.00 to $34.99............................................. 158 60 53 16 10 10 3 3 2 1

$35.00 or m ore................................................ 113 51 26 20 7 4 2 1 1 1

B an k s w ith fixed a n d su b s ta n d a rd asse ts p er $100 of a d ju s te d value of a sse ts of— $0.00 ............................ 118 12 26 30 25 11 7 3 4 $0.01 to $4.99................................................. 3,058 67 392 728 731 491 342 142 118 47 $5.00 to $9.99................................................. 4,121 113 781 1,007 878 642 420 134 109 37

$10.00 to $14.99............................................. 2,713 144 552 622 562 390 289 95 48 11 $15.00 to $19.99............................................. 1,642 81 383 395 310 214 161 50 40 8 $20.00 to $24.99............................................. 808 73 200 186 139 114 66 15 12 3

$25.00 to $29.99 ........................................... 438 50 112 79 80 58 41 12 6 $30.00 to $34.99............................................. 215 29 51 31 38 38 16 8 3 1

$35.00 or more . . . . ........... 236 30 70 31 45 24 24 6 6

B an k s w ith n e t c u rre n t o p e ra tin g e a rn in g s p e r $100 of to ta l a sse ts-2 $—0.50 or more 41 7 14 7 6 3 2 1 1

$-0 01 to $-0.49 148 18 21 27 37 29 13 2 1 $0.00 to $0.49................................................. 1,365 72 268 313 264 178 137 67 54 12

$0.50 to $0.99................................................. 4,199 137 613 861 890 729 540 192 173 64

$1.00 to $1.49................................................. 4,369 147 734 1,012 980 707 504 160 100 25 $1.50 to $1.99................................................. 2,033 105 502 553 430 255 140 30 13 5

$2 00 to $2.49 .............................. 728 60 234 211 137 58 19 7 2 $2.50 to $2.99................................................. $3 00 or more 265 169 2527 9973 7442 4416 156

4

3

2

2

2

N ot available.................................................. 32 1 9 9 4 2 4 2 1

1 For explanation of terms and of change in procedure, see pages 118-19. Some banks examined during the year are excluded because the reports of examination were not available a t the time the tabulations were made. 2 Average net current operating earnings for the last 3-year period as percentage of monthly average of total assets t e f the last 3-year period. In the case of banks operating for 1 year or more but less than 3 years, averages are for calendar years of operations.

188 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 127. SUBSTANDARD ASSET AND ADJUSTED CAPITAL RATIOS OF ALL OPERATING INSURED COMMERCIAL BANKS EXAMINED IN 1938 (O r ig in a l E x a m in a tio n P r o c e d u r e s) 1

NUMBER AND DEPOSITS OF BANKS GROUPED BY SUBSTANDARD ASSET AND ADJUSTED CAPITAL RATIOS

All banks

Banks with fixed and substandard assets per $100 of adjusted value of assets of—

$0.00 $0.01 $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 $35.00 $40.00 to $4.99 to $9.99 to $14.99 to $19.99 to $24.99 to $29.99 to $34.99 to $39.99 or more

All b a n k s............................................................

B anks w ith ad ju sted cap ital a c­ cou n t per $100 of adju sted value of assets of— $0.00 or less..................................................... $0.01 to $4.99.................................................. $5.00 to $9.99..................................................

$10.00 to $14.99............................................. $15.00 to $19.99............................................ $20.00 to $24.99.............................................

$25.00 to $29.99............................................. $30.00 to $34.99............................................. $35.00 to $39.99............................................. $40.00 or m ore................................................

All b a n k s............................................................

Banks w ith adju sted capital a c­ cou n t per $100 of adju sted value of assets of— $0.00 or less................................................. $0.01 to $4.99............................................. $5.00 to $9.99.............................................

$10.00 to $14.99......................................... $15.00 to $19.99......................................... $20.00 to $24.99.........................................

$25.00 to $29.99......................................... $30.00 to $34.99......................................... $35.00 to $39.99......................................... $40.00 or more............................................

44,991,693

38,072 564,930 20,385,899

16,717,965 5,627,276 851,761

308,291 185,525 273,218 38,756

Num ber of banks2

13,350 118 3,053 4,121 2,714 1,642 808 438 215 114 122

40 2 3 7 10 3 3 5 7

208 2 15 28 38 41 26 24 18 6 10 3,021 31 853 866 584 368 169 81 30 22 17

5,524 46 1,382 1,894 1,084 601 254 144 67 30 22 2,806 18 521 883 599 388 196 101 56 18 26 1,075 9 172 299 253 157 87 47 22 14 15

405 10 67 105 81 54 42 21 7 8 10 158 34 27 46 11 14 9 6 6 5

56 6 13 17 6 5 3 4 2 57 2 8 4 9 9 5 5 2 3 10

213,900 16,433,527 16,271,988

7,247 63,037 6,514,583 3,682 95,263

99,787 8,332 2,298

3,697

841

62,250 9,082,944

4,314,287 2,681,455 139,197

133,399 17,985 1,227 783

8,046,871 1,318,495 251,890

43,178 15,987 10,476 224

Deposits (in thousands of dollars) 

6,571,676 3,166,562 1,148,301 517,454

1,736 59.963 3,051,125

2,535,767 628,275 171,095

25.964 89,197 6,266 2,288

2,904 72,639 1,102,508

995,841 576,447 103,391

48,967 8,214 253,946 1,705

5,428 125,197 265,730

436,249 222,756 72,557

15,914 3,232 585 653

4,428 27,803 124,618

174,062 99,299 72,496

9,913 1,808 245 2,782

320,085

1,976 118,645 66,011

67,943 38,254 10,775

8,721 7,030 317 413

209,746

7,078 11,649 60,415

33,394 28,032 3,041

2,874 39,759 156 23,348

138,454

7,275 20,065 22,702

13,764 25,931 25,021

15,664 2,313

5,719

00CO 1 For explanation of term s and of change in procedure, see pages 118-19. 2 Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made. EXAMINERS’ ANALYSIS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 128. Ca p it a l R a t io s o f Op 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 n o t M e m b e r s o f t h e

F e d e r a l R e s e r v e S y s t e m, E x a m in a t io n s 1933-1938

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Adjusted capital account as percentage of'—i

Adjusted value of assets1 Deposits

21933 1934 1935 1936 1937 1938 original3 1938 uniform 3 21933 1934 1935 1936 1937 1938 original3 1938 uniform 3

U n ited S ta te s a n d p ossession—to ta l 9.6 13.5 14.0 14.4 13.1 12.6 12.8 11.2 15.8 16.6 17.1 15.3 14.6 14.8

B an k s w ith d e p o sits of—4 $100,000 or less...................................... 22.8 25.2 24.7 23.8 23.5 23.7 24.0 31.8 34.5 33.5 31.6 31.3 31.7 32.1 $100,000 to $250,000............................ 14.0 18.2 17.7 17.3 16.7 16.9 17.1 17.2 22.5 21.9 21.2 20.3 20.5 20.8 $250,000 to $500,000............................ 10.4 15.1 15.1 14.5 13.5 13.3 13.5 12.2 17.9 17.9 17.1 15.7 15.4 15.7

$500,000 to $1,000,000........................ 8.4 13.4 13.7 14.1 13.1 12.5 12.9 9.8 15.9 16.0 16.6 15.2 14.4 14.9 $1,000,000 to $2,000,000..................... 7.9 13.1 13.9 14.0 12.6 12.1 12.5 9.2 15.4 16.4 16.6 14.6 13.9 14.4 $2,000,000 to $5,000,000..................... 9.3 12.7 13.1 14.1 12.8 11.9 12.3 10.6 14.8 15.4 16.6 14.8 13.6 14.1

$5,000,000 to $10,000,000................... > 10 0 13.0 13.5 J 14.2 13.6 12.2 12.6 L 11.5 15.1 16.1 J 17.3 16.2 14.0 14.5 $10,000,000 to $50,000,000................. 1 14.1 12.6 12.5 12.4 ) 16.9 14.9 14.7 14.5 More than $50,000,000®...................... 2.6 6.2 10.2 12.6 10.7 10.8 9.1 2.6 6.6 11.5 14.6 12.2 12.3 10.2

S ta te A labam a.................................................. 18.4 21.5 19.6 18.8 17.6 17.4 17.2 23.9 28.1 25.3 23.5 21.5 21.3 20.9 Arizona..................................................... (8) (B) 10.8 10.6 8.7 9.9 8.5 (6) («) 12.1 11.9 9.6 11.0 9.4 A rkansas.................................................. 14.5 18.8 17.2 15.4 14.4 14.5 14.6 18.2 23.5 20.9 18.4 16.8 17.0 17.2 California................................................. 5.5 9.7 12.7 14.0 12.6 12.7 10.7 5.9 10.7 14.7 16.5 14.5 14.6 12.1 Colorado.................................................. 4.7 11.4 10.9 10.3 8.5 10.0 9.7 5.1 12.8 12.2 11.5 9.3 11.1 10.7

Connecticut............................................. 9.3 12.7 12.6 12.8 13.5 12.4 12.2 10.7 14.8 14.6 15.7 15.7 14.2 14.0 D elaw are................................................. 12.3 16.8 16.4 18.5 16.3 16.6 16.9 14.3 19.8 19.8 23.2 19.6 20.1 20.5 D istrict of C olum bia............................ (#) (8) (•) (6) (7) (7) (7) (8) (6) (8) (•) (7) (7) (7) F lorida..................................................... 16.9 15.9 15.5 14.4 13.3 13.4 12.8 21.0 19.0 18.5 16.9 15.3 15.5 14.7 G eorgia..................................................... 18.1 20.8 19.0 17.9 17.6 17.8 17.7 24.0 28.0 24.9 22.1 21.7 22.2 22.0

Id a h o ........................................................ 12.6 12.4 11.9 11.6 11.4 12.4 12.1 14.7 14.0 13.6 13.1 12.9 14.2 13.8 Illinois...................................................... 14.8 16.0 15.3 14.0 12.3 10.6 10.8 18.1 19.0 18.2 16.3 14.1 12.0 12.1

Indiana..................................................... 5.7 11.6 11.5 11.7 11.3 11.4 11.5 6.5 13.3 13.5 13.6 12.8 12.9 13.1

Iow a.......................................................... 10.9 12.1 11.0 10.6 10.0 9.8 10.0 12.7 13.7 12.4 11.9 11.2 10.9 11.1

K ansas..................................................... 11.3 12.6 12.7 12.6 12.1 13.1 12.5 12.8 14.4 14.6 14.4 13.9 15.1 14.3

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
K entucky.............. Louisiana............... M aine..................... M aryland.............. M assachusetts

M ichigan............... M innesota............. Mississippi............ M issouri................. M ontana...............

N ebraska............... N evada.................. New Hampshire®. New Jersey......... .

New Mexico. . . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... O klahom a.........

O regon............... Pennsylvania... Rhode Island6.. South C arolina. South D ak o ta..

13.1 11.2 1.2 12.1 7.6

1.4 9.5 8.1 10.3 12.2

11.6(6)

16.2 19.1 3.2 14.9 11.6

9.8 11.9 14.7 13.2 15.1

14.2(6)

15.0 18.0 10.5 14.7 12.5

9.9 11.9 14.2 11.8 14.7

13.8(6)

15.2 16.5 12.4 16.0 14.0

11.4 12.2 13.1 11.2 13.3

14.0(6)

14.0 14.8 13.2 14.6 12.9

10.2 10.9 12.5 10.9 13.0

13.7(6)

14.7 14.6 10.7 12.6 11.6

10.6 10.6 12.8 10.9 12.7

15.1 10.4

15.0 14.0 12.2 12.7 12.3

10.6 10.3 12.1 10.7 12.3

14.8 10.7

16.2 14.0 1.3 14.4 8.7

1.5 10.5 9.4 11.6 14.1

13.2(6)

19.6 24.2 3.3 17.8 13.2

11.0 13.4 17.7 15.4 17.8

16.4(6)

17.8 22.2 11.7 17.6 14.5

11.5 13.6 16.9 13.6 17 2

16.1(6)

18.1 19.9 14.2 19.4 16.4

13.3 13.9 15.2 12.8 15.4

16.3(6)

16.5 17.5 15.4 17.2 14.9

11.8 12.2 14.4 12.3 15.0

16.0(6)

5.4.9

8.7 11.6 6.7 7.3 9.7

7.0 17.0

5.1 9.2

14.8 14.8 10.9 15.2 11.6

13.2 18.0

7.9

14.9 15.6 13.6 14.9 11.7

11.0 18.8

10.7 

8.6

15.4 13.9 14.5 14.8 11.6

11.8 20.3

9.9 8.7

13.3 13.8 13.8 13.3 11.3

10.5 17.6

7.7 10.3

11.7 14.1 14.2 13.1 12.6

11.2 16.2

9.0 9.4

12.3 12.9 14.5 13.5 12.1

10.6 17.3

6.0.9

9.9 13.9 7.7 8.3 10.8

7.7 22.1

5.7 10.2

17.7 17.9 12.3 18.0 13.2

15.1 23.2

9.7

18.2 19.2 15.9 17.7 13.3

12.3 24.1

12.3 9.4

18.9 16.7 16.9 17.4 13.2

13.5 26.1

11.3 9.5

16.1 16.5 16.1 15.5 12.8

11.7 21.6

17.4 17.1 12.2 14.6 13.2

12.2 11.9 14.7 12.3 14.7

17.9 11.6

8.5 11.5

13.7 16.8 16.7 15.2 14.4

12.6 19.7

17.8 16.3 14.1 14.8 14.1

12.2 

11.6 13.8 12.1 14.1

17.4 12.0

10.0 10.4

14.5 15.1 17.0 15.7 13.8

11.8 21.3

Tennessee........ T exas............... U ta h................. V erm ont.......... V irginia...........

W ashington. . . W est V irginia. Wisconsin........ W yoming.........

Possession.

7.5 10.2

13.0 14.1 8.3 13.6 13.9

14.0 9.35.4 7.9

(7)

9.9 12.9

12.6 18.8 13.9 10.4 16.7

17.1 13.5 11.8 12.1

(7)

10.8 15.7

11.7 18.4 14.5 15.5 15.7

15.3 13.8 13.0 11.3

(7)

11.1 14.7

13.1 16.5 14.9 18.1 14.8

14.3 14.3 14.3 11.9

(6)

9.8 14.0

13.6 15.8 15.6 18.4 13.9

12.6 14.0 12.6 11.2

(7)

13.4 15.1

14.0 15.4 15.7 17.6 15.2

12.3 14.5 11.3 12.1

(8)

12.6 15.2

14.0 15.2 14.4 18.4 15.4

12.3 14.6 12.7 11.9

(6)

8.4 12.1

16.5 16.6 9.3 13.6 17.7

17.0 11.5

6.1

8.8

(7)

11.0 15.0

14.7 23.4 16.3 12.0 20.6

20.3 15.9 13.6 13.7

(7)

12.2 18.6

13.4 22.8 17.2 18.6 19.8

18.2 16.2 15.1 12.8

(7)

12.5 17.2

15.4 19.9 17.6 22.2 18.5

16.8 16.8 16.7 13.6

(8)

10.9 16.4

16.0 18.8 18.5 22.7 16.8

14.6 16.4 14.4 12.6

(7)

15.5 17.8

16.5 18.2 18.7 21.5 18.3

14.1 17.0 12.7 13.8

(8)

14.4 18.0

16.4 17.9 16.8 22.8 18.5

14.1 17.2 14.6 13.5

(8)

1 For explanation of terms, see page 119. 2 Examination for admission to insurance in late 1933 and early 1934. 3 Figures shown represent the results of all examinations made during the year. The results of examinations made since the adoption of the uniform examination procedure were recomputed on a basis comparable with the original procedure, and vice versa. For explanation of change in procedure, see pages 118-19. 4 Deposits are as of date of examination, except for 1934 and 1935, when deposits are as of December 31. 6 Because of the small number of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 6 Figures are included in deposit groups and in total. 7 N ot compiled.

EXAMINERS’ ANALYSIS OF INSURED BANKS

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Table 129. E x a m i n e r s’ A n a l y s is o f Ca p it a l , A s s e t s, a n d L ia b il it ie s o f Op 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

n o t M e m b e r s o f t h e F e d e r a l R e s e r v e Sy s t e m , L a t e s t E x a m in a t io n i n 1938

(Or ig in a l E x a m in a t io n P r o c e d u r e) 1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Num ber of banks2

Capital accounts Adjusted value of assets Adjusted liabilities (exclusive of capital accounts)

Book value

Examiners’ deductions (net)3

Adjusted capital account

R.F.C. capital4

Adjusted private capital account

Total Sub­ standard N ot criticized Total Deposits Other liabilities

rnited S ta te s a n d p o sse­ (In thousands of dollars)

sio n —t o ta l ..................... 7,094 994,674 121,568 873,106 146,348 726,758 6,907,382 869,014 6,038,368 6,034,276 5,964,873 69,403

B an k s w ith d e p o sits of— 40,526 39,784 742 $100,000 or less....................... 559 14,320 1,707 12,613 1,928 10,685 53,139 7,334 45,805

$100,000 to $250,000............. 2,089 80,860 6,877 73,983 10,034 63,949 438,033 53,035 384,998 364,050 360,186 3,864

$250,000 to $500,000............. 1,920 115,080 9,992 105,088 15,352 89,736 791,166 82,628 708,538 686,078 682,804 3,274

$500,000 to $1,000,000.......... 1,318 150,393 18,193 132,200 21,545 110,655 1,057,451 121,600 935,851 925,251 919,201 6,050

$1,000,000 to $2,000,000___ 723 166,130 24,324 141,806 27,255 114,551 1,171,561 146,417 1,025,144 1,029,755 1,053,195 1,020,030 9,725

$2,000,000 to $5,000,000.. . . 353 169,517 27,633 141,884 24,037 117,847 1,195,079 165,802 1,029,277 1,043,941 9,254

$5,000,000 to $10,000,000. .. 73 81,350 13,471 67,879 14,735 53,144 558,581 84,865 473,716 490,702 485,206 5,496

$10,000,000 to $50,000,000. . 54 168,782 22,720 146,062 19,776 126,286 1,165,459 168,192 997,267 1,019,397 995,955 23,442

More than $50,000,000......... 5 48,242 3,31*9 51,591 11,686 39,905 476,913 39,141 437,772 425,322 417,766 7,556

S ta te A labam a.................................... 127 9,469 129 9,340 741 8,599 53,706 4,440 49,266 44,366 43,923 443

A riz o n a.................................... 5 1,623 200 1,823 8,362 1,823 18,466 1,064 17,402 16,643 16,505 138

A rkansas................................... 153 9,204 842 1,650 6,712 57,713 6,282 51,431 49,351 49,240 111

California.................................. 86 54,098 8,2U9 62,347 8,367 53,980 492,023 41,744 450,279 429,676 25,267 425,926 3,750

Colorado................................... 47 2,955 152 2,803 503 2,300 28,070 2,346 25,724 25,229 38

Connecticut.............................. 44 22,106 3,033 19,073 2,536 16,537 154,415 32,433 121,982 135,342 134,641 701

D elaw are.................................. 24 10,246 1,221 9,025 186 8,839 54,308 8,432 45,876 45,283 44,865 418

F lorida...................................... 102 10,149 23 10,172 479 9,693 76,080 6,819 69,261 65,908 65,793 115

Georgia...................................... 182 15,157 439 14,718 1,320 13,398 82,541 9,681 72,860 67,823 66,189 1,634

Id ah o......................................... 20 1,281 5

1,286 199 1,087 10,339 232 10,107 9.053 9.041 292^863 12

Illinois....................................... 359 38,129 3,025 35,104 1,308 33,796 329,664 29,517 300,147 294,560 1,697

Indiana...................................... 337 44,579 5,656 38,923 5,896 33,027 342,869 39,637 303,232 303,946 301,877 2,069

Iow a........................................... 368 24,546 1,097 23,449 1,730 21,719 238,201 20,285 217,916 214,752 214,518 234

K ansas...................................... 255 14,021 j 98 13,923 2,019 11,904 106,557 6,293 100,264 92,634 92,418 216

192 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Kentucky..............

Louisiana..............

M aine.....................

Maryland..............

Massachusetts...

Michigan..............

Minnesota............

Mississippi............

Missouri................

M ontana...............

Nebraska..............

Nevada..................

New Hampshire8

New Jersey..........

New M exico. . . .

New Y o rk............

North Carolina. .

North Dakota. . .

Ohio........................

Oklahoma.............

Oregon...................

Pennsylvania .. .

Rhode Island6. . .

South Carolina. .

South Dakota. . .

Tennessee.............

Texas......................

U tah.......................

Vermont................

Virginia.................

Washington.........

West Virginia. . .

Wisconsin.............

W yom ing..............

Possession6...........

267 108179033

229 441 168 46147

2214

3

9013

177 172 117 358 161

34 2912

79 106

215 2872633 147

7751 43623

25,849 15,140 7,682 17,266 17,112

25,404 21,334 17,371 29,049 2,796

9,405 296

46,320 1,011

109,024 24,474 4,406 53,615 6,299

3,293 149,410

4,463 4,425

16,090 22,574 4,586 15,480 21,266

4,083 9,663 42,918 1,791

2,928 572 3,604 2,203 4,466

477 348 578 2,047 118

6927

19,18373

23,883 1,957 1,012 4,82919

150 31,196

127 567

1,695

4,316 2,390

76 2,378 8,077 110

22,921 15,712 4,078 15,063 12,646

24,927 20,986 17,949 27,002 2,678

9,336 269

27,137 1,084

85,141 26,431 3,394 48,786 6,280

3,143 118,214

4,590 3,858

14,395 21,635 4,829 11,164 18,876

4,007 7,285 34,841 1,681

2,693 2,519 2,307 2,983 2,105

5,907 2,137 5,291 2,769 387

1,12125

10,379 225

15,859 2,976 1,040 11,65049

738 13,956

595 648

3,270 4,697 424 6,705 2,988

624 1,372 10,094 532

20,228 13,193 1,771 12,080 10,541

19,020 18,849 12,658 24,233 2,291

8,215 244

16,758

69,282 23,455 2,354 37,136 6,231

2,405 104,258

3,995 3,210

11,125 16,938 4,405 4,459 15,888

3,383 5,913 24,747 1,149

156,025 107,845 37,939 119,114 109,399

234,288 197,606 140,326 248,100 21,031

61,697 2,583

350,337 10,540

725,907 186,959 23.880 371,616 49.881

28,138 731,467

34,335 25,539

102,585 140,834 30,840 63,551 123,925

32,700 50,339 309,661 13,880

19,803 8,293 8,978 16,312 12,446

13,278 16,543 14,666 23,041 2,297

3,793 134

65,388 332

87,619 19,039 4,049 44,895 2,008

2,836 172,675

2,465 2,811

16,347 12,080 1,143 18.860 16^21

2,470 7,374 36,992 1,458

136,222 99,552 28,961 102,802 96,953

221,010 181,063 125,660 225,059 18,734

57,904 2,449

284,949 10,208

638,288 167,920 19,831 326,721 47,873

25,302 558,792

31,870 22,728

86,238 128,754 29,697 44,691 107,504

30,230 42,965 272,669 12,422

133,104 92,133 33,861 104,051 96,753

209,361 176,620 122,377 221,098 18,353

52,361 2,314

323,200 9,456

640,766 160,528 20,486 322,830 43,601

24,995 613,253

29,745 21,681

88,190 119,199 26,011 52,387 105,049

28,693 43,054 274,820 12,199

132,067 91,659 33,426 102,900 96,138

203,930 176,113 121,789 218,977 18,207

52,263 2,312

318,177 9,451

622,872 157,631 20,380 320,896 43,552

24,951 601,530

29,678 21,639

87.175 118,824 25,886 51,990 102,910

28,437 42,939 274,098 12.175

1,037 474 435 1,151 615

5,431 507 588 2,121 146

982

5,0235

17,894 2,897 106 1,93449

44 11,723

6742

1,015 375 125 397 2,139

256 115 72224

1 For explanation of terms and of change in procedure, see pages 118-19. For results of examinations of the same banks on the basis of the uniform examination procedure, see Table 130. 2 Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made. 3 Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the am ount of liabilities not shown on the books. . 4 Represents book value, which is normally the same as par value but may be less. Figures shown in Table 122 represent retirable value, which on December dl, 19d», exceeded par value of all preferred stocks, both R. F. C. and privately held, by $32 million. 5 N ot compiled. # CO 6 Figures are included in deposit groups and in total. 00 Back figures—See the following Annual Reports: 1937, p. 126; 1936, p. 148; 1935, p. 182. EXAMINERS’ ANALYSIS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
CO

Table 130. E x a m i n e r s' ANALYSIS OF CAPITAL, ASSETS, AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS

n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m , L a t e s t E x a m in a t io n in 1938

(U n if o r m E x a m in a t io n P r o c e d u r e ) 1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

N um ber Capital accounts Adjusted value of assets Adjusted liabilities (exclusive of capital accounts)

of banks2 Book value

Examiners' deductions (net)3

Adjusted capital account

R.F.C. capital4

Adjusted private capital account

Total Sub­ standard N ot criticized Total Deposits Other liabilities

U nited S tates and posses­ sio n —to ta l..................... 7,094 994,674 111,092 883,582 146,348

(In th< 

737,234

rnsands of d 

6,917,858

ollars)

895,709 6,022,149 6,034,276 5,964,873 69,403

Banks w ith deposits of— $100,000 or less....................... 559 14,320 1,537 12,783 1,928 10,855 53,309 7,636 45,673 40,526 39,784 742 $100,000 to $250,000............. 2,089 80,860 5,891 74,969 10,034 64,935 439,019 54,854 384,165 364,050 360,186 3,864 $250,000 to $500,000............. 1,920 115,080 8,171 106,909 15,352 91,557 792,987 85,517 707,470 686,078 682,804 3,274

$500,000 to $1,000,000 1,318 150,393 13,566 136,827 21,545 115,282 1,062,078 126,329 935,749 925,251 919,201 6,050 $1,000,000 to $2,000,000___ 723 166,130 18,979 147,151 27,255 119,896 1,176,906 151,608 1,025,298 1,029,755 1,020,030 9,725 $2,000,000 to $5,000,000___ 353 169,517 22,216 147,301 24,037 123,264 1,200,496 171,179 1,029,317 1,053,195 1,043,941 9,254

$5,000,000 to $10,000,000. . . 73 81,350 10,857 70,493 14,735 55,758 561,195 87,173 474,022 490,702 485,206 5,496 $10,000,000 to $50,000,000 . . 54 168,782 24,312 144,470 19,776 124,694 1,163,867 171,106 992,761 1,019,397 995,955 23,442 More than $50,000,000......... 5 48,242 5,563 42,679 11,686 30,993 468,001 40,307 427,694 425,322 417,766 7,556

S ta te Alabam a.................................... 127 9,469 1,623 9,204

282 9,187 741 8,446 53,553 4,510 49,043 44,366 43,923 443 Arizona...................................... A rkansas...................................

5

153 67 757 1,556 8,447 1,650 1,556 6,797 18,199 57,798 1,007 6,442 17,192 51,356 16,643 49,351 16,505 49,240 138 111 California.................................. 86 54,098 2,612 51,486 8,367 43,119 481,162 42,216 438,946 429,676 425,926 3,750 Colorado................................... 47 2,955 252 2,703 503 2,200 27,970 2,387 25,583 25,267 25,229 38

Connecticut.............................. 44 22,106 3,288 18,818 2,536 16,282 154,160 32,812 121,348 135,342 134,641 701 Delaw are.................................. 24 10,246 1,059 9,187 186 9,001 54,470 8,829 45,641 45,283 44,865 418 D istrict of Columbia5............ F lorida...................................... io2 10,149 15,157 46i 9,688 479 9,209 75,596 7,093 68,503 65,908 65,793 115 Georgia...................................... 182 597 14,560 1,320 13,240 82,383 9,864 72,519 67,823 66,189 1,634

Id ah o......................................... 20 1,281 36 1,245 199 1,046 10,298 240 10,058 9,053 9,041 12 Illinois....................................... 359 38,129 2,565 35,564 1,308 34,256 330,124 29,693 300,431 294,560 292,863 1,697 Indiana...................................... 337 44,579 5,130 39,449 5,896 33,553 343,395 41,063 302,332 303,946 301,877 2,069 Iow a........................................... 368 24,546 724 23,822 1,730 22,092 238,574 20,929 217,645 214,752 214,518 234 K ansas....................................... 255 14,021 807 13,214 2,019 11,195 105,848 6,487 99,361 92,634 92,418 216

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky............ Louisiana............. M aine................... M aryland............ M assachusetts...

M ichigan............. M innesota........... Mississippi.......... M issouri............... M ontana..............

N ebraska............. N evada................ New Hampshire6 New Jersey......... New Mexico. . . .

New Y ork........... N orth Carolina. . N orth D akota.. . O hio...................... O klahom a............

Oregon................. Pennsylvania Rhode Island6. .. South C arolina. . South D akota. ..

Tennessee............ T ex as.................... U ta h..................... V erm ont.............. V irginia................

W ashington......... W est Virginia. . . W isconsin............ W yom ing.............

Possession8..........

267 108179033

229 441 168 46147

2214

3

9013

177 172 117 358 161

34 2912

79 106

215 2872633 147

7751 43623

25,849 15,140 7,682 17,266 17,112

25,404 21,334 17,371 29,049 2,796

9,405 296

46,320 1,011

109,024 24,474 4,406 53,615 6,299

3,293 149,410

4,463 4,425

16,090 22,574 4,586 15,480 21,266

4,083 9,663 42,918 1,791

2,373 199 2,972 2,076 3,543

562 954 603 2,628 224

31119

14,40225

18,776 598 936 3,285 270

343 21,431

190 525

1,757 1,249 227 3,645 2,203

65 2,294 2,902 148

23,476 14,941 4,710 15,190 13,569

24,842 20,380 16,768 26,421 2,572

9,094 277

31,918 986

90,248 23,876 3,470 50,330 6,029

2,950 127,979

4,273 3,900

14,333 21,325 4,359 11,835 19,063

4,018 7,369 40,016 1,643

2,693 2,519 2,307 2,983 2,105

5,907 2,137 5,291 2,769 387

1,12125

10,379 225

15,859 2,976 1,040 11,65049

738 13,956

595 648

3,270 4,697 424 6,705 2,988

624 1,372 10,094 532

20,783 12,422 2,403 12,207 11,464

18,935 18,243 11,477 23,652 2,185

7,973 252

21,539 761

74,389 20,900 2,430 38,680 5,980

2,212 114,028

3,678 3,252

11,063 16,628 3,935 5,130 16,075

3,394 5,997 29,922 1,111

156,580 107,074 38,571 119,241 110,322

234,203 197,000 139,145 247,519 20,925

61,455 2,591

355,118 10,442

731,014 184,404 23,956 373,160 49,630

27,945 741,232

34,018 25,581

102.523 140.524 30,370 64,222 124,112

32,711 50,423 314,836 13,842

20,705 8,300 9,417 16,304 13,116

13,474 16,942 14,585 23,847 2,331

3,879 154

67,645 325

91,405 18,507 4,250 46,139 2,097

2,923 179,838

2,443 2,955

16,742 12,472 978 19,406 16,966

2,557 7,660 39,194 1,486

135,875 98,774 29,154 102,937 97,206

220,729 180,058 124,560 223,672 18,594

57,576 2,437

287,473 10,117

639,609 165,897 19,706 327,021 47,533

25,022 561,394

31,575 22,626

85,781 128,052 29,392 44,816 107,146

30,154 42,763 275,642 12,356

133,104 92,133 33,861 104,051 96,753

209,361 176,620 122,377 221,098 18,353

52,361 2,314

323,200 9,456

640,766 160,528 20,486 322,830 43,601

24,995 613,253

29,745 21,681

88,190 119,199 26,011 52,387 105,049

28,693 43,054 274,820 12,199

132,067 91,659 33,426 102,900 96,138

203,930 176,113 121,789 218,977 18,207

52,263 2,312

318,177 9,451

622,872 157,631 20,380 320,896 43,552

24,951 601,530

29,678 21,639

87.175 118,824 25,886 51,990 102,910

28,437 42,939 274,098 12.175

1,037 474 435 1,151 615

5,431 507 588 2,121 146

982

5,0235

17,894 2,897 106 1,93449

44 11,723

6742

1,015 375 125 397 2,139

256 115 72224

1 For explanation of term s and of change in procedure, see pages 118-19. For results of examinations of the same banks on the basis of the original examination procedure see Table 129. ^ ' 2 Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made. * Examiners' net deductions from total capital accounts exceed examiners’ net deductions from total assets by the am ount of liabilities not shown on the books * Represents book value, which is normally the same as par value but may be less. Figures shown in Table 122 represent retirable value, which on December 31 1938 exceeded par value of all preferred stocks, both R. F. C. and privately held, by $32 million. ’ 6 N ot compiled. 6 Figures are included in deposit groups and in total.

EXAMINERS’ ANALYSIS OF INSURED BANKS 195

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Federal Reserve Bank of St. Louis
CD

o

T a b l e 1 3 1 . E x a m i n e r s’ A n a l y s is OF ASSETS OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F e d e r a l R e s e r v e Sy s t e m , L a t e s t E x a m in a t io n i n 1938 (U n if o r m E x a m in a t io n P r o c e d u r e ) 1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Num ber of banks2

Total assets

Book value

E xaminers’ deductions (net)3

Adjusted value

Total Sub­ standard N ot criticized

Cash and due from banks

Securities

Book value

E xaminers’ deductions (net)3

Adjusted value

Total Sub­ standard N ot criticized

U nited States and p osses­ sion—to ta l.....................

B anks w ith deposits o f- $100,000 or less..................... $100,000 to $250,000........... $250,000 to $500,000...........

$500,000 to $1,000,000........ $1,000,000 to $2,000,000 . . . $2,000,000 to $5,000,000 . . .

$5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. More than $50,000,000. . . .

State A labam a.. Arizona... A rkansas. , California. Colorado. .

Connecticut................... D elaw are........................ D istrict of Columbia4. Florida............................ Georgia...........................

Id a h o .. Illinois. . Ind ian a. Io w a. . . K ansas.

7,094

559 2,089 1,920

1,318 723 353

73545

1275

1538647

4424

7,025,488

54,792 444,703 800,896

1,075,236 1,195,533 1,222,378

571,819 1,186,570 473,561

53,815 18,240 58,530 483,768 28,214

157,396 55,527

102 182

20 359 337 368 255

75,910 82,905

10,334 332,647 348,499 239,286 106,631

107,630 6,917,858

1,483 5,684 7,909

13,158 18,627 21,882

10,624 22,703 5,560

26241 732 2,606 244

3,236 1,057

314 522

2,523 5,104 712 783

53,309 439,019 792,987

1,062,078 1,176,906 1,200,496

561,195 1,163,867 468,001

53,553 18,199 57,798 481,162 27,970

154,160 54,470

75,596 82,383

10,298 330,124 343,395 238,574 105,848

(In thousands of dollars) 

895,709 6,022,149 1,510,265 2,497,963

7,636 54,854 85,517

126,329 151,608 171,179

87,173 171,106 40,307

4,510 1,007 6,442 42,216 2,387

32,812 8,829

7,093 9,864

240 29,693 41,063 20,929 6,487

45,673 384,165 707,470

935,749 1,025,298 1,029,317

474,022 992,761 427,694

49,043 17,192 51,356 438,946 25,583

121,348 45,641

68,503 72,519

10.058 300^431 302,332 217,645 99,361

14,322 112,649 192,256

243,304 264,038 245,535

118,061 254,918 65,182

14,851 6,486 20,987 51,127 10,691

31,760 8,723

24,823 20,250

3.013 103’423 89,893 58,649 29,092

9,065 110,399 241,476

360,572 415,809 477,131

209,291 461,099 213,121

9,857 6,809 13,474 200,054 7,827

50,564 23,999

26,163 15,385

3,426 122,714 123,021 64,167 30,180

30,608 2,467,355

112 755 2,099

4,281 5,625 7,836

3,559 5,947 394

1158

45 42434

921 590

11334

4

348 1,333 2883

8,953 109,644 239,377

356,291 410,184 469,295

205,732 455,152 212,727

9,742 6,801 13,429 199,630 7,793

49,643 23,409

26,050 15,351

3,422 122,366 121,688 63,879 30,177

284,001 2,183,354

1,436 16,259 30,994

46,278 52,187 57,110

26,390 45,299 8,048

1,328 237 2,831 4,638 913

4,988 4,304

4,295 3,057

43 9,537 10,980 5,461 910

7,517 93,385 208,383

310,013 357,997 412,185

179,342 409,853 204,679

8,414 6,564 10,598 194,992 6,880

44,655 19,105

21,755 12,294

3,379 112,829 110,708 58,418 29,267

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky.......... Louisiana........... M aine................. M aryland.......... M assachusetts..

M ichigan........... M innesota......... Mississippi........ M issouri............. M o n tan a...........

N ebraska........... N evada.............. New Hampshire1 New Jersey New Mexico. . .

New Y o rk......... N orth Carolina. N orth D a k o ta .. O hio.................... Oklahom a.........

Oregon............... Pennsylvania... Rhode Island5. . South C arolina. South D a k o ta . .

Tennessee.......... T exas.................. U ta h................... V erm ont............ V irginia.............

W ashington. . . . W est V irginia. . W isconsin.......... W yom ing...........

Possession5........

267 108179033

229 441 168 46147

22143

9013

177 172 117 358 161

34 2912

79 106

215 2872633 147

7751 43623

158,828 107,269 41,543 121,263 113,861

234,738 197,905 139,706 249,972 21,140

61,752 2,610

369,252 10,466

748,198 184,981 24,836 376,376 49,885

28,287 762,569

34,202 26,091

104,176 141,703 30,597 67,844 126,287

32,770 52,665 317,671 13,984

2,248 195 2,972 2,022 3,539

535 905 561 2,453 215

29719

14,13424

17,184 577 880 3,216 255

342 21,337

184 510

1,653 1.179 227 3,622 2,175

59 2,242 2,835 142

156,580 107,074 38,571 119,241 110,322

234,203 197,000 139,145 247,519 20,925

61,455 2,591

355,118 10,442

731,014 184,404 23,956 373,160 49,630

27,945 741,232

34,018 25,581

102.523 140.524 30,370 64,222 124,112

32,711 50,423 314,836 13,842

20,705 8,300 9,417 16,304 13,116

13,474 16,942 14,585 23,847 2,331

3,879 154

67,645 325

91,405 18,507 4,250 46,139 2,097

2,923 179,838

2,443 2,955

16,742 12,472 978 19,406 16,966

2,557 7,660 39,194 1,486

135,875 98,774 29,154 102,937 97,206

220,729 180,058 124,560 223,672 18,594

57,576 2,437

287,473 10,117

639,609 165,897 19,706 327,021 47,533

25,022 561,394

31,575 22,626

85,781 128,052 29,392 44,816 107,146

30,154 42,763 275,642 12,356

30,219 36,311 5,193 22,872 16,192

47,577 39,239 41,287 69,976 5,466

18,536 644

69,728 4,123

139,228 58,519 5,695 68,962 17,258

6,080 114,650

10,666 6,643

27,012 46,146 6,876 6,519 26,648

8,264 11,494 61,080 4,772

48,246 33.272 14,905 45,847 42.273

108,653 73,455 46,944 70,638 7,670

15,264 1,198

144,443 2,523

276,329 61,765 8,619 139,775 14,408

9,178 323,051

11,191 7,330

20,290 34,496 9,838 23,164 28,741

11,104 14,331 138,869 2,722

54145 1,005 653 2,220

193 19942 17532

12

2,911

4,205U789 1,115

28 8,901

1271

106 19476 1,120 410

39 517

47,705 33,227 13,900 45,194 40,053

108,460 73,256 46,902 70,463 7,638

15,252 1,189

141,532 2,523

272,124 61,812 8,530 138,660 14,400

9,150 314,150

11,179 7,259

20,184 34,302 9,762 22,044 28,331

11,065 13,814 137,920 2,715

6,252 3,598 3,241 7,390 4,924

4,038 8,047 7,803 6,559 1,087

56268

41,453 29,629 10,659 37,804 35,129

104,422 65,209 39,099 63,904 6,551

14,690 1,121

21,301 147

30,834 12,057 1,417 11,709 578

313 59,151

120,231 2,376

241,290 49,755 7,113 126,951 13,822

8,837 254,999

1,256 822

4,487 4,855 175 3,777 2,998

1,291 1,570 16,601 250

9,923 6,437

15,697 29,447 9,587 18,267 25,333

9,774 12,244 121,319 2,465

<X>EXAMINERS' analysis of insured b a n k s

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Federal Reserve Bank of St. Louis
CD

00

Table 131. EXAMINERS* ANALYSIS OF ASSETS OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F e d e r a l R e s e r v e S y s t e m , L a t e s t E x a m in a t io n i n 1938 (U n if o r m E x a m in a t io n P r o c e d u r e ) 1— Continued

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Loans, discounts, and overdrafts Miscellaneous assets

Num ber of banks2 Book Examiners’ Adjusted value Book Examiners' Adjusted value

value deductions (net)3 Total Sub­ standard N ot criticizedvalue deductions (net)3 Total Sub­ standard N ot criticized

U n ited S tates and posses­ sion —to ta l..................... 7,094 2,600,969 44,373 2,556,596 378,479

(In thousant 

2,178,117

Is of dollars) 

416,291 32,649 383,642 233,229 150,413

B anks w ith deposits of— $100,000 or less....................... 559 28,027 831 27,196 4,966 22,230 3,378 540 2,838 1,234 1,604 $100,000 to $250.000............. 2,089 201,601 3,215 198,386 30,025 168,361 20,054 1,714 18,340 8,570 9,770 $250,000 to $500,000............. 1,920 338,790 4,079 334,711 42,561 292,150 28,374 1,731 26,643 11,962 14,681

$500,000 to $1,000,000.......... 1,318 425,993 5,964 420,029 57,374 362,655 45,367 2,913 42,454 22,677 19,777 $1,000,000 to $2,000,000___ 723 453,084 7,527 445,557 65,863 379,694 62,602 5,475 57,127 33,558 23,569 $2,000,000 to $5,000,000___ 353 426,247 9,373 416,874 68,176 348,698 73,465 4,673 68,792 45,893 22,899

$5,000,000 to $10,000,000 .. . 73 196,897 3,641 193,256 32,005 161,251 47,570 3,424 44,146 28,778 15,368 $10,000,000 to $50,000,000 . . 54 364,083 8,237 355,846 60,818 295,028 106,470 8,519 97,951 64,989 32,962 More than $50,000,000......... 5 166,247 1,506 164,741 16,691 148,050 29,011 3,660 25,351 15,568 9,783

S tate Alabam a.................................... 127 26,415 141 26,274 1,654 24,620 2,692 6 2,686 1,528 1,158 Arizona...................................... 5 4,177 20 4,157 427 3,730 768 13 755 343 412 A rkansas................................... 153 22,063 507 21,556 2,907 18,649 2,006 180 1,826 21,880 704 1,122 California.................................. 86 209,596 1,071 208,525 24,757 1,213 183,768 22,991 1,111 12,821 9,059 Colorado................................... 47 8,824 150 8,674 7,461 872 60 812 261 551

Connecticut.............................. 44 63,418 1,557 61,861 17,860 44,001 11,654 758 10,896 9,964 932 D elaw are.................................. 24 20,205 330 19,875 3,792 16,083 2,600 137 2,463 733 1,730 D istrict of Columbia4............ F lorida...................................... 102 21,409 169 21,240 1,426 19,814 3,515 32 3,483 1,372 2,111 Georgia..................................... 182 41,301 287 41,014 3,765 37,249 5,969 201 5,768 3,042 2,726

Id ah o......................................... 20 3,650 20 3,630 165 3,465 245 12 233 32 201 Illinois....................................... 359 93,344 1,433 91,911 14,299 77,612 13,166 742 12,424 5,857 6,567 Indiana...................................... 337 116,968 2,319 114,649 18,307 96,342 18,617 1,452 17,165 11,776 5,389 Iow a........................................... 368 111,327 345 110,982 14,093 96,889 5,143 79 5,064 1,375 3,689 K ansas...................................... 255 44,132 521 43,611 4,590 39,021 3,227 259 2,968 987 1,981

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky............ Louisiana............. M aine................... M aryland............ M assachusetts...

M ichigan............. M innesota........... Mississippi.......... M issouri............... M ontana.............

N ebraska............. N evada................ New Hampshire5 New Jersey......... New Mexico. . . .

New Y ork........... N orth Carolina. . N orth D a k o ta .. . O hio...................... Oklahom a............

Oregon................. Pennsylvania Rhode Island5 ... South C arolina. . South D a k o ta . . .

Tennessee............ T exas.................... U ta h..................... V erm ont.............. V irginia................

W ashington........ W est V irginia. . . W isconsin............ W yom ing.............

Possession5..........

267 108179033

229 441 168 46147

2214

3

9013

177 172 117 358 161

34 291

2

79 106

215 2872633 147

7751 43623

74,649 32,501 18,621 47,171 47,933

70,496 79,815 46,367 101,934 7,214

26,387 720

107,814 3,614

275,765 59,365 8,850 150,750 17,434

11,730 236,842

11,450 10,837

49,666 55,477 13,100 31,336 62,489

12,516 22,796 105,445 6,037

1,294 118 1,490 931 649

173 423 401 1,543 140

2607

4,271

22

7,890 478 598 1,374 184

230 5,897

81 276

843 62362 1,771 1,261

43 924 1,031 107

73,355 32,383 17,131 46,240 47,284

70,323 79,392 45,966 100,391 7,074 |

26,127 713

12,585 2,382 4,697 6,126 4,503

4.937 7,477 5,191 15,087 1,004

2.937 80

103,543 3,592

267,875 58,887 8,252 149,376 17,250

11,500 230,945

22,359 132

34,652 5,181 2,087 21,071 1,420

1,961 51,412

11,369 10,561

48,823 54,854 13,038 29,565 61,228

12,473 21,872 104,414 5,930

876 1,683

9,027 5,563 617 10,836 9,823

1,087 4,392 15,623 1,163

60,770 30,001 12,434 40,114 42,781

65,386 71,915 40,775 85,304 6,070

23,190 633

81,184 3,460

233,223 53,706 6,165 128,305 15,830

9,539 179,533

10,493 8,878

39,796 49,291 12,421 18,729 51,405

11,386 17,480 88,791 4,767

5,714 5,185 2,824 5,373 7,463

8,012 5,396 5,108 7,424 790

1,56548

47,267 206

56,876 5,332 1,672 16,889 785

1,299 88,026

895 1,281

7,208 5,584 783 6,825 8,409

886 4,044 12,277 453

41332 477 438 670

169 283 118 73543

253

6,952

2

5,089 146 193 72763

84 6,539

91 163

704 36289 731 504

23 801 85528

5,301 5,153 2,347 4,935 6,793

7,843 5,113 4,990 6,689 747

1,54045

40,315 204

51,787 5,186 1,479 16,162 722

1,215 81,487

804 1,118

6,504 5,222 694 6,094 7,905

909 3,243 11,422 425

1,868 2,320 1,479 2,788 3,689

4,499 1,418 1,591 2,201 240

380

6

23,98546

25,919 1,269 746 13,35999

649 69,275

311 450

3,228 2,054 186 4,793 4,145

179 1,698 6,97073

3,433 2,833

868 2,147 3,104

3,344 3,695 3,399 4,488 507

1,16039

16,330 158

25,868 3,917 733 2,803 623

566 12,212

493

668

3,276 3,168 508 1,301 3,760

730 1,545 4,452 352

1 For explanation of term s and of change in procedure, see pages 118-19. Results of examinations made prior to adoption of the uniform procedure have been recomputed in conformity therewith. 2 Some banks examined during the year are excluded because the examination reports were not available a t the time the tabulations were made. 3 Figures in italics represent excess of adjusted value of assets over book value. Examiners' net deductions from total assets differ from examiners’ net deductions from total capital accounts by the inclusion in the latter of liabilities not shown on the books. 4 N ot compiled. 6 Figures are included in deposit groups and in total. Back figures—See the following Annual Reports: 1937, p. 128; 1936, p. 152; 1935, p. 184; 1934, p. 208 (original procedure). <X><X> EXAMINERS’ ANALYSIS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 132. E x a m i n e r s ’ A d j u s t e d VALUE AS PERCENTAGE OF BOOK VALUE OF ASSETS OF OPERATING INSURED COMMERCIAL BANKS 

n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s te m , L a t e s t E x a m i n a t i o n i n 1938 ( U n i f o r m E x a m i n a t i o n P r o c e d u r e ) 1

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Num ber of banks2

Percentage of total assets (book value)

Cash and due from banks

Percentage of securities (book value)

Book value

Ex­ aminers’ deductions (net)3

Adjusted value

Book value

Ex­ aminers’ deductions (net)3

Adjusted value

Total Sub­ standard N ot criticized Total Sub­ standard N ot criticized

U n ited S ta te s a n d p o sses­ sio n —t o ta l ..................... 7,094 100.0 1.5 98.5 12.7 85.8 100.0 100.0 1.2 98.8 11.4 87.4

B an k s w ith d e p o sits of— $100 000 or less....................... 559 100.0 2.7 97.3 13.9 83.4 100.0 100.0 1.2 98.8 15.9 82.9

$100,000 to $250,000............. 2,089 100.0 1.3 98.7 12.3 86.4 100.0 100.0 .7 99.3 14.7 84.6

$250,000 to $500,000............. 1,920 100.0 1.0 99.0 10.7 88.3 100.0 100.0 .9 99.1 12.8 86.3

$500,000 to $1,000,000.......... 1,318 100.0 1.3 98.7 11.7 87.0 100.0 100.0 1.2 98.8 12.8 86.0 $1,000,000 to $2,000,000 . . . . 723 100.0 1.6 98.4 12.6 85.8 100.0 100.0 1.4 98.6 12.6 86.0

$2,000,000 to $5,000,000----- 353 100.0 1.8 98.2 14.0 84.2 100.0 100.0 1.6 98.4 12.0 86.4

$5,000,000 to $10,000,000. . . 73 100.0 1.9 98.1 15.2 82.9 100.0 100.0 1.7 98.3 12.6 85.7

$10,000,000 to $50,000,000 . . 54 100.0 1.9 98.1 14.4 83.7 100.0 100.0 1.3 98.7 9.8 88.9 More than $50,000,0004........ 5 100.0 1.2 98.8 8.5 90.3 100.0 100.0 .2 99.8 3.8 96.0

S ta te 127 100.0 .5 99.5 8.4 91.1 100.0 100.0 1.2 98.8 13.5 85.3 5 100.0 .2 99.8 5.5 94.3 100.0 100.0 .1 99.9 3.5 96.4 153 100.0 1.3 98.7 11.0 87.7 100.0 100.0 .3 99.7 21.0 78.7 86 100.0 .5 99.5 8.7 90.8 100.0 100.0 .2 99.8 2.3 97.5 47 100.0 .9 99.1 8.5 90.6 100.0 100.0 .4 99.6 11.7 87.9

44 100.0 2.1 97.9 20.8 77.1 100.0 100.0 1.8 98.2 9.9 88.3 24 100.0 1.9 98.1 15.9 82.2 100.0 100.0 2.5 97.5 17.9 79.6

102 100.0 .4 99.6 9.3 90.3 100.0 100.0 .4 99.6 16.4 83.2 182 100.0 .6 99.4 11.9 87.5 100.0 100.0 .2 99.8 19.9 79.9

20 100.0 .3 99.7 2.3 97.4 100.0 100.0 .1 99.9 1.3 98.6 359 100.0 .8 99.2 8.9 90.3 100.0 100.0 .3 99.7 7.8 91.9 337 100.0 1.5 98.5 11.8 86.7 100.0 100.0 1.1 98.9 8.9 90.0 368 100.0 .3 99.7 8.7 91.0 100.0 100.0 .4 99.6 8.5 91.1 255 100.0 .7 99.3 6.1 93.2 100.0 100.0 .0 100.0 3.0 97.0

200 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky............ Louisiana............. M aine................... M aryland............ M assachusetts...

M ichigan............. M innesota........... Mississippi.......... Missouri............... M ontana.............

N ebraska............. N evada................ New Hampshire6 New Jersey......... New Mexico

New Y ork........... N orth Carolina. . N orth D akota. . . O hio...................... Oklahom a............

O regon................. Pennsylvania Rhode Island6. . . South C arolina. . South D akota. . .

T ennessee............ T exas.................... U ta h..................... V erm ont.............. V irginia................

W ashington......... W est Virginia . . . W isconsin............ W yoming.............

Possession6...........

267 108179033

229 441 168 46147

22143

9013

177 172 117 358 161

34 2912

79 106

215 2872633 147

7751 43623

100.0

100.0 100.0 100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0

100.0

100.0

100.0

100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0

1.4.2 7.21.7 3.1

.2.5.4 1.0 1.0

.5.7

.2

2.3.3 3.5.9.5

1.2 2.8

.5 2.0

.7 5.31.7

.9 1.0

98.6 99.8 92.8 98.3 96.9

99.8 99.5 99.6 99.0 99.0

99.5 99.3

96.2 99.8

97.7 99.7 96.5 99.1 99.5

98.8 97.2

99.5 98.0

98.4 99.2

94.7

99.8 95.7 99.1 99.0

13.0 7.7 22.7 13.4 11.5

5.7 8.5 10.4 9.5 11.0

6.3 5.9

18.3 3.1

12.2 10.0 17.1 12.3 4.2

10.3 23.6

7.1 11.3

16.1 8.8 3.2 28.6 13.4

7.8 14.5 12.3 10.6

85.6 92.1 70.1 84.9 85.4

94.1 91.0 89.2 89.5 88.0

93.2 93.4

77.9 96.7

85.5 89.7 79.4 86.8 95.3

88.5 73.6

92.4 86.7

82.3 90.4 96.1 66.1 84.9

92.0 81.2 86.8 88.4

100.0 100.0

100.0 100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0

100.0

100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0

100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0

100.0

100.0 100.0

100.0

100.0

100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0

100.0

100.0

100.0

100.0 100.0 100.0

100.0

100.0

100.0 100.0 100.0

1.1.1 6.7 1.4 5.3

2.0

1.5.1 1.0

.3 2.8

.1 1.0

4.81.4

.4 3.6.7.3

98.9 99.9 93.3 98.6 94.7

99.8 99.7 99.9 99.8 99.6

99.9 99.2

98.0 100.0

98.5 100.1 99.0 99.2 99.9

99.7 97.2

99.9 99.0

99.5 99.4 99.2 95.2

99.6 96.4 99.3 99.7

13.0 10.8 21.7 16.1 11.6

3.7 11.0 16.6 9.3 14.2

3.75.7

14.7 5.8

11.2 19.5 16.4 8.4 4.0

3.4 18.3

11.2 11.2

22.1 14.11.8 16.3 10.4

11.6 11.0 12.0 9.2

85.9 89.1 71.6 82.5 83.1

96.1 88.7 83.3 90.5 85.4

96.2 93.5

83.3 94.2

87.3 80.6 82.6 90.8 95.9

96.3 78.9

88.7 87.8

77.4 85.3 97.4 78.9 88.2

88.0 85.4 87.3 90.5

EXAMINERS’ ANALYSIS OF INSURED BANKS 201

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Table 132. EXAM INERS’ ADJUSTED VA LU E AS PERCENTAGE OF BOOK VALUE OF ASSETS OF OPERATING INSURED COMMERCIAL BANKS 

n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s te m , L a t e s t E x a m i n a t i o n i n 1938 ( U n i f o r m E x a m i n a t i o n P r o c e d u r e ) 1— Continued

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

U n ited S tates and p o sses­ sion —to ta l.....................

B anks w ith deposits of $100,000 or less................... $100,000 to $250,000......... $250,000 to $500,000.........

$500,000 to $1,000.000.... $1,000,000 to $2,000,000 . . $2,000,000 to $5,000,000 . .

$5,000,000 to $10,000,000. $10,000,000 to $50,000,000 More than $50,000,0004. .

S ta te A labam a.. A rizona... Arkansas. . California. Colorado. .

Connecticut................... D elaw are........................ D istrict of Columbia5. F lo rid a............................ G eorgia...........................

Id a h o .. Illinois. . Indiana. Iow a K ansas.

Percentage of loans (book value) Percentage of miscellaneous assets (book value)

Num ber of Examiners’ Adjusted value Examiners’ Adjusted value

banks2 Book deductions Book deductions value (net)3 Sub­ N ot value (net)3 Total Sub­ N ot standard criticized standard criticized

7,094 100.0 1.7 98.3 14.6 83.7 100.0 7.8 92.2 56.0 36.2

559 100.0 3.0 97.0 17.7 79.3 100.0 16.0 84.0 36.5 47.5 2,089 100.0 1.6 98.4 14.9 83.5 100.0 8.5 91.5 42.7 48.8 1,920 100.0 1.2 98.8 12.6 86.2 100.0 6.1 93.9 42.2 51.7

1,318 100.0 1.4 98.6 13.5 85.1 100.0 6.4 93.6 50.0 43.6 723 100.0 1.7 98.3 14.5 83.8 100.0 8.7 91.3 53.6 37.7 353 100.0 2.2 97.8 16.0 81.8 100.0 6.4 93.6 62.5 31.1

73 100.0 1.8 98.2 16.3 81.9 100.0 7.2 92.8 60.5 32.3 54 100.0 2.3 97.7 16.7 81.0 100.0 8.0 92.0 61.0 31.0 5 100.0 .9 99.1 10.0 89.1 100.0 12.6 87.4 53.7 33.7

127 100.0 .5 99.5 6.3 93.2 100.0 .2 99.8 56.8 43.0 5 100.0 .5 99.5 10.2 89.3 100.0 1.7 98.3 44.7 53.6 153 100.0 2.3 97.7 13.2 84.5 100.0 9.0 91.0 35.1 55.9 86 100.0 .5 99.5 11.8 87.7 100.0 4.8 95.2 55.8 39.4 47 100.0 1.7 98.3 13.7 84.6 100.0 6.9 93.1 29.9 63.2

44 100.0 2.5 97.5 28.2 69.3 100.0 6.5 93.5 85.5 8.0 24 100.0 1.6 98.4 18.8 79.6 100.0 5.3 94.7 28.2 66.5

102 100.0 .8 99.2 6.7 92.5 100.0 .9 99.1 39.0 60.1 182 100.0 7 99.3 9.1 90.2 100.0 3.4 96.6 51.0 45.6

20 100.0 .5 99.5 4.5 95.0 100.0 4.9 95.1 13.1 82.0 359 100.0 1.5 98.5 15.3 83.2 100.0 5.6 94.4 44.5 49.9 337 100.0 2.0 98.0 15.7 82.3 100.0 7.8 92.2 63.3 28.9 368 100.0 .3 99.7 12.7 87.0 100.0 1.5 98.5 26.7 71.8 255 100.0 1.2 98.8 10.4 88.4 100.0 8.0 92.0 30.6 61.4

202 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
K entucky............ Louisiana............. M aine................... M aryland............ M assachusetts...

M ichigan............. M innesota........... Mississippi.......... M issouri............... M ontana.............

N ebraska............. N evada................ New Hampshire8 New Jersey......... New Mexico. . . .

New Y o rk........... N orth Carolina. . N orth D a k o ta.. . O hio...................... O klahom a...........

O regon................. Pennsylvania Rhode Island8. . . South Carolina. . South D ak o ta. . .

Tennessee............ T exas.................... U ta h..................... V erm ont............... V irginia................

W ashington......... West Virginia. . . W isconsin............ W yoming.............

Possession6 .........

267 108179033

229 441 168 46147

2214

3

9013

177 172 117 358 161

34 2912

79 106

215 2872633 147

7751 43623

100.0 100.0 100.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

100.0

100.0

100.0 100.0

100.0

100.0 100.0 100.0 100.0

100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0 100.0

100.0

100.0

100.0 100.0

1.7.4

8.0

2.0 1.4

.2.5.9 1.5 1.9

1.0

1.0

4.0 .6

2.9.8

6.8.9 1.1

2.0 2.5

.7 2.5

1.7 1.1.5 5.7 2.0

.3 4.11.0 1.8

98.3 99.6 92.0 98.0 98.6

99.5 99.1 98.5 98.1

99.0 99.0

96.0 99.4

97.1 99.2 93.2 99.1 98.9

98.0 97.5

99.3 97.5

98.3 98.9 99.5 94.3 98.0

99.7 95.9 99.0 98.2

16.9 7.3 25.2 13.0 9.4

7.0 9.4 11.2 14.8 13.9

11.1 11.1

20.7 3.7

12.6 8.7 23.6 14.0

8.1

16.7 21.7

7.7 15.5

18.2

10.0 4.7 34.6 15.7

8.7 19.3 14.8 19.3

81.4 92.3

66.8 85.0 89.2

92.8 90.1 87.9 83.7 84.2

87.9 87.9

75.3 95.7

84.5 90.5 69.6 85.1 90.8

81.3 75.8

91.6 82.0

80.1 88.9 94.8 59.7 82.3

91.0 76.6 84.2 78.9

100.0 100.0

100.0

100.0 100.0

100.0 100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0 100.0 100.0

100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0 100.0

100.0

100.0

100.0

100.0

7.2 .6 16.9

8.2 9.0

2.1 5.2 2.3 9.9 5.4

1.6 6.3

14.7

1.0

8.9 2.7 11.5 4.3 

8.0

6.5 7.4

10.2 12.7

9.8 6.5 11.4 10.7 

6.0

19.8 7.0

6.2

92.8 99.4 83.1. 91.8 91.0

97.9 94.8 97.7 90.1 94.6

98.4 93.7

85.3 99.0

91.1 97.3 88.5 95.7 92.0

93.5 92.6

89.8 87.3

90.2 93.5

88.6 89.3 94.0

102.6 80.2 93.0 93.8

32.7 44.7 52.4 51.9 49.4

56.2 26.3 31.1 29.6 30.4

24.3 12.5

50.7 22.3

45.6 23.8 44.6 79.1 12.6

50.0 78.7

34.7 35.1

44.8 36.8 23.8 70.2 49.3

20.2 42.0 56.8 16.1

60.1 54.7 30.7 39.9 41.6

41.7 68.5 66.6 60.5 64.2

74.1 81.2

34.6 76.7

45.5 73.5 43.9 16.6 79.4

43.5 13.9

55.1 52.2

45.4 56.7 64.8 19.1 44.7

82.4 38.2 36.2 77.7

in confo?Lfty therew ith/ tGrmS ^ °f change in Procedure» see Pa2es 118-19. Results of examinations made prior to adoption of the uniform procedure have been recomputed

I Some banks examined during the year are excluded because the examination reports were not available at the time the tabulations were made.

total s t o ^ A h e 't o o k s ^ TM ” 61'8’ dedUCtionS from total differ £rom deductions from

* Notfcompiled8 Sma11 num ber banks> the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000.

6 Figures are included in deposit groups and in total. Back figures—See the following Annual Reports: 1937, p. 132; 1936, p. 156; 1935, p. 188; 1934, p. 212 (original procedure). to

o

COEXAMINERS’ ANALYSIS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 133. SUMMARY OF EXAMINERS' ANALYSIS OF LOANS OF OPERATING INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F e d e r a l R e s e r v e S y s t e m , E x a m in a t io n s 1934-1938

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Percentage of loans (book value)—

Exam iners’ deductions (net) on loans Substandard loans Loans not criticized

1934 1935 1936 1937 U938 1934 1935 1936 ! 1937 i

11938 1934 1935 1936 1937 11938

U n ited S tates and p ossession —to ta l.................................. 8.0 6.5 4.4 2.5 1.7 32.6 25.4 21.0 16.4 14.6 59.4 68.1 74.6 81.1 83.7

B anks w ith d ep osits of—2 $100,000 or less........................... $100,000 to $250,000................. $250,000 to $500,000.................

8.4 7.1 6.4 4.8 3.0 34.8 25.9 22.3 19.6 17.7 56.8 67.0 71.3 75.6 79.3

6.1 4.6 3.5 2.6 1.6 35.1 23.9 19.8 16.6 14.9 58.8 71.5 76.7 80.8 83.5

6.5 4.3 3.1 2.0 1.2 34.4 23.7 18.7 15.1 12.6 59.1 72.0 78.2 82.9 86.2

$500,000 to $1,000,000.............. $1,000,000 to $2,000,000........... $2,000,000 to $5,000,000...........

6.4 4.5 3.4 2.1 1.4 35.9 26.0 20.4 16.1 13.5 57.7 69.5 76.2 81.8 85.1

7.6 6.1 4.3 2.5 1.7 33.9 26.1 21.3 16.9 14.5 58.5 67.8 74.4 80.6 83.8

8.9 7.8 5.2 2.9 2.2 31.2 26.9 22.8 18.9 16.0 59.9 65.3 72.0 78.2 81.8

$5,000,000 to $10,000,000 $10,000,000 to $50,000,000 More than $50,000,0003............

I 9.9 

8.7

8.5

7.8

J 4.9 1 6.3 3.8

3.7 3.1.9

1.8 2.3.9

31.2

25.8

26.3 j 

20.6

J 20.4 ] 23.5 19.0

16.9 15.0 13.5

16.3 16.7 10.0

j>- 58.9 

65.5

65.2

71.6

J 74.7 ) 70.2 77.2

79.4 81.9 85.6

81.9 81.0 89.1

S tate Alabama 5.1 2.5 1.2 .7 .5 30.9 18.5 17.2 8.3 6.3 64.0 79.0 81.6 91.0 93.2

Arizona • • • (4) 1.3 .9 .6 .5 (4) 28.5 17.1 13.0 10.2 (4) 70.2 82.0 86.4 89.3

Arkansas • . . . 5.7 5.8 6.3 4.4 2.3 52.6 28.5 22.3 17.9 13.2 41.7 65.7 71.4 77.7 84.5

California ............. 2.7 2.8 2.1 .2 ; .5 25.3 19.6 18.8 14.6 11.8 72.0 77.6 79.1 85.2 87.7

Colorado....................................... 10.1 7.8 6.0 3.3 1.7 28.4 23.4 17.9 13.6 13.7 61.5 68.8 76.1 83.1 84.6

Connecticut ............... 7.1 6.5 5.3 3.9 2.5 25.1 35.0 35.1 35.9 28.2 67.8 58.5 59.6 60.2 69.3

Delaware ................................ 6.0 3.8 2.9 1.9 1.6 29.5 23.5 21.1 19.2 18.8 64.5 72.7 76.0 78.9 79.6

District of C olum bia................. Florida ...............

(4) 3.8 (4) 2.4 (*) I 1.8 (5) 1.3 (5).8 («) 30.6 (4) 19.0 (4) 14.7 (5) 10.8 (5) 6.7 (4) 65.6

r(4)

78.6 (4) 83.5 (5) 87.9 (5) 92.5

4.5 2.7 1.7 .9 .7 35.8 25.6 22.4 14.0 9.1 59.7 71.7 75.9 85.1 90.2

Illinois...........................................

K ansas...........................................

5.6 3.7 2.8 .5 .5 26.4 13.7 10.6 4.7 4.5 68.0 82.6 86.6 94.8 95.0

5.8 3.5 2.9 1.8 1.5 37.4 30.3 23.7 18.9 15.3 56.8 66.2 73.4 79.3 83.2

7.7 5.4 4.6 2.8 2.0 36.1 28.8 23.8 19.4 15.7 56.2 65.8 71.6 77.8 82.3

3.7 1.6 .7 .6 i .3 31.2 21.9 15.9 14.1 12.7 65.1 76.5 83.4 85.3 87.0

7.1 4.1 2.2 1.8 1 1.2 21.8 12.1 9.7 9.2 10.4 71.1 83.8 88.1 89.0 88.4

204 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
K entucky........ Louisiana......... M aine............... M aryland........ M assachusetts.

M ichigan. .. M innesota. . M ississippi.. M issouri.. . . M ontana. . .

N ebraska............. N evada................ New Hampshire4. New Jersey......... New Mexico.

New Y ork......... N orth Carolina. N orth D a k o ta.. O hio.................... Oklahom a..........

Oregon............... P ennsylvania... Rhode Island4. . South C arolina. South D a k o ta. .

Tennessee. T exas......... U ta h........... V erm ont... Virginia. . .

3.7 4.8 12.6

6.2 5.9

8.0 4.1 4.4 5.3 6.4

6.1(4)

19.5 6.3

10.9 4.3 23.5 7.3 4.5

8.2

4.1 2.7 12.3 6.4 5.1

6.3 3.2 2.9 5.0 5.7

1.9

(4)

17.7 4.0

9.4 2.4 19.3

6.0 2.3

6.1 7.6

3.1 1.5 11.7 4.5 3.3

2.11.9 1.8 4.1 3.0

1.1

(4)

12.4 2.8

7.0 2.3 14.4 3.6 1.7

1.6 4.3

2.2.5 9.4 3.1

1.6

1.1 1.4 2.4 2.7

1.3

(4)

7.6 1.1

3.6 1.5

10.6 1.7 1.9

1.0 2.9

1.7.4

8.0

2.0 1.4

.2.5.9 1.5 1.9

1.0 1.0

4.0

.6

2.9

.9 1.1

2.0 2.5

33.4 40.7 36.8 42.0 26.3

29.8 24.2 40.6 28.8 31.3

23.8

(4)

35.7 44.8

20.8 33.1 39.9 46.6 22.5

47.8 33.6

27.4 35.4 40.5 32.7 27.4

19.0 13.9 32.9 22.4 17.3

15.6

(4)

24.8 24.7

18.3 16.9 27.0 31.7 12.4

33.8 27.5

21.9 24.9 32.7 24.6 16.9

10.5 12.0 23.3 18.7 13.5

11.7

(4)

23.7 16.2

18.6 14.5 27.2 24.1 9.6

22.8 24.2

18.8 15.2 23.2 17.2 7.9

7.3 10.4 17.3 16.0 11.8

11.9

(4)

21.6 9.0

12.3 10.2 24.7 17.6 8.1

13.2 21.1

16.9 7.3 25.2 13.0 9.4

7.0 9.4 11.2 14.8 13.9

11.1 11.1

20.7 3.7

12.6 8.7 23.6 14.0

8.1

16.7 21.7

62.9 54.5 50.6 51.8 67.8

62.2 71.7 55.0 65.9 62.3

70.1

(4)

44.8 48.9

68.3 62.6 36.6 46.1 73.0

45.9 58.2

68.5 61.9 47.2 60.9 67.5

74.7 82.9 64.2 72.6 77.0

82.5

(4)

57.5 71.3

72.3 80.7 53.7 62.3 85.3

60.1 64.9

75.0 73.6 55.6 70.9 79.8

87.4

86.1 74.9 77.2 83.5

87.2

(4)

63.9 81.0

74.4 83.2 58.4 72.3 88.7

75.6 71.5

79.0 84.3 67.4 79.7 90.5

92.2 88.5 81.3 81.6 85.5

86.8(4)

70.8 89.9

84.1 88.3 64.7 80.7 90.0

85.8 76.0

81.4 92.3

66.8 85.0 89.2

92.8 90.1 87.9 83.7 84.2

87.9 87.9

75.3 95.7

84.5 90.5 69.6 85.1 90.8

81.3 75.8

W ashington. .. W est V irginia. Wisconsin. . . . W yoming........

Possession.

1.0 16.3

6.1

8.8 7.4

12.6

6.1

4.0

11.6 8.3 9.7

(8)

1.5 10.1

5.7 7.0 2.2 14.8 5.0

2.1 10.2 6.4 5.6

(8)

2.38.5

3.4 3.91.4 12.2 4.0

1.2

8.8 4.2 4.2

(4)

5.2

2.8

2.0.5 8.2 3.2

2.0 2.7

(5)

.7 2.5

1.7 1.1.5 5.7 2.0

.3 4.1

1.0 1.8

(4)

14.0 32.0

43.9 41.6 27.3 41.9 36.7

34.8 39.9 43.6 31.3

(8)

6.0

20.6

36.2 29.0 23.2 47.5 25.2

22.9 33.2 32.6 39.3

(8)

7.2 17.5

25.8 20.8 9.5 48.2 21.9

12.6 26.0 25.5 34.2

(4)

4.8 17.6

22.0 15.4 5.6 42.4 16.3

7.2 21.4 18.5 26.4

(8)

7.7 15.5

18.2

10.0 4.7 34.6 15.7

8.7 19.3 14.8 19.3

(4)

85.0 51.7

50.0 49.6 65.3 45.5 57.2

61.2 48.5 48.1 59.0

(8)

92.5 69.3

58.1 64.0 74.6 37.7 69.8

75.0 56.6 61.0 55.1

(5)

90.5 74.0

70.8 75.3 89.1 39.6 74.1

86.2 65.2 70.3 61.6

(4)

94.3 77.2

75.2 82.6 93.9 49.4 80.5

92.4 72.3 79.5 70.9

(8)

91.6 82.0

80.1 88.9 94.8 59.7 82.3

91.0 76.6 84.2 78.9

(4)

1 On basis of uniform procedure. Results of examinations made prior to adoption of the uniform procedure have been recomputed in conformity therewith. For explanation of change m procedure, see pages 118-19. *

2 Deposits are as of date of examination, except for 1934 and 1935, when deposits are as of December 31. * Because of the small num ber of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 4 .Figures are included in deposit groups and in total. 6 N ot compiled.

toO

o r EXAMINERS’ ANALYSIS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 134. B o o k VALUE OF SECURITIES H ELD BY OPERATING INSURED COMMERCIAL BANKS NOT M EM BERS OF THE

F e d e r a l R e s e r v e S y s t e m , L a t e s t E x a m in a t io n i n 19 3 8

BANKS GROUPED BY AMOUNT OF DEPOSITS

N u m b e r of banksBook value of securities1

Unallocated valuation allowances (net)2

Book value of securities before deduction of unallocated valuation allowances

Total

Group 1—satisfactory for bank investm ent8 Groups 2, 3, and 4—substandard3

Total

Governmental obligations Other bonds

Total

Low -grade and defaulted bonds

U. S. Stocks6 Government, direct and guaranteed

Other4 Better- grade Borderline

(In thousands of dollars)

All b a n k s ......................................... 7,094 2,497,963 29,523 2,527,486 2,187,216 1,204,716 514,285 266,227 201,988 340,270 257,819 82,451

B an k s w ith d ep o sits of— $100,000 or less........................... 559 9,065 32 9,097 7,517 4,471 2,427 284 335 1,580 1,417 163 $100,000 to $250,000................. 2,089 110,399 775 111,174 93,393 51,334 27,009 6,469 8,581 17,781 17,069 712

$250,000 to $500,000................. 1,920 241,476 1,800 243,276 208,406 105,230 60,589 20,164 22,423 34,870 32,853 2,017

$500,000 to $1,000,000............. 1,318 360,572 3,155 363,727 310,005 148,572 85,961 38,204 37,268 53,722 47,286 6,436 $1,000,000 to $2,000,000.......... 723 415,809 4,609 420,418 358,084 173,526 89,217 52,479 42,862 62,334 50,720 11,614 $2,000,000 to $5,000,000.......... 353 477,131 5,811 482,942 412,195 220,539 79,771 65,584 46,301 70,747 48,951 21,796

$5,000,000 to $10,000,000........ 73 209,291 2,146 211,437 179,372 103,976 37,704 21,889 15,803 32,065 18,176 13,889

$10,000,000 to $50,000,000.... 54 461,099 4,899 465,998 410,389 246,266 86,436 53,050 24,637 55,609 32,998 22,611

More than $50,000,000............. 5 213,121 6,296 219,417 207,855 150,802 45,171 8,104 3,778 11,562 8,349 3,213

(As percentage of total securities)

A ll b a n k s ......................................... 7,094 loe.o 1.2 101.2 87.6 48.2 20.6 10.7 8.1 13.6 10.3 3.3

B an k s w ith d e p o sits of— $100,000 or less........................... 559 100.0 .3 100.3 82.9 49.3 26.8 3.1 3.7 17.4 15.6 1.8

$100,000 to $250,000................. 2,089 100.0 .7 100.7 84.6 46.5 24.5 5.8 7.8 16.1 15.5 .6

$250,000 to $500,000................. 1,920 100.0 .7 100.7 86.3 43.6 25.1 8.3 9.3 14.4 13.6 .8

$500,000 to $1,000,000............. 1,318 100.0 .9 100.9 86.0 41.2 23.9 10.6 10.3 14.9 13.1 1.8 $1,000,000 to $2,000,000.......... 723 100.0 1.1 101.1 86.1 41.7 21.5 12.6 10.3 15.0 12.2 2.8

$2,000,000 to $5,000,000.......... 353 100.0 1.2 101.2 86.4 46.2 16.7 13.8 9.7 14.8 10.2 4.6

$5,000,000 to $10,000,000........ 73 100.0 1.0 101.0 85.7 49.7 18.0 10.5 7.5 15.3 8.7 6.6

$10,000,000 to $50,000,000.... 54 100.0 1.1 101.1 89.0 53.4 18.8 11.5 5.3 12.1 7.2 4.9

More than $50,000,000*............ 5 100.0 2.9 102.9 97.5 70.7 21.2 3.8 1.8 5.4 3.9 1.5

1 After deduction of unallocated valuation allowances (net). * Unallocated valuation allowances ($30,055,000) less bond premium accounts ($532,000). * For definition of groups, see page 64. 4 Include obligations of States and political subdivisions, territorial and insular possessions of the United States, U. S. Government corporations and agencies, not guaranteed; also includes joint stock land bank bonds satisfactory for bank investment. * Includes shares in building and loan associations. * Because of the small num ber of banks, figures for this group are not necessarily typical of banks with deposits of more than $50,000,000.

206 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 135. P a r , B o o k , AND MARKET VALUES OF SECURITIES H ELD BY 7,094 OPERATING INSURED COMMERCIAL BANKS NOT 

M e m b e r s o f t h e F e d e r a l R e s e r v e S y s te m , L a t e s t E x a m i n a t i o n i n 1938

BY CLASS OF SECURITY

Amounts in thousands of dollars Value per $100 par

Par Book1 M arket Book1 Market

T o ta l s e c u ritie s ...................................................................................................... 2,497,963 2,463,473

Unallocated valuation allowances (net)2..................................................................... 29,523

Book valu e of se c u ritie s before d e d u ctio n of u n a llo c ated v aluation a llo w a n ce s.............................................................................................................. 2,527,486

T o ta l b o n d s.................................................................................................................. 2,540,041 2,445,035 2,394,927 $96.26 $94.29

Obligations of the U. S. Government, direct and guaranteed........................ 1,211,081 1,204,716 1,236,008 99.47 102.06 Obligations of U. S. Government corporations and agencies, not guar­ anteed, and of territorial and insular possessions of the U. S............... 38,791 39,130 40,144 100.87 103.49 Obligations of States and political subdivisions................................................ 532,962 533,020 543,846 100.01 102.04

Domestic corporate bonds—to ta l........................................................................ 712,288 634,768 543,784 89.12 76.34 Railroad...................................................................................................... 268,681, 226,972 162.0L2 84.1,8 60.31 Public utility................ .............................................................................. 287,963 222,383 205,007 93.1,5 86.15 Industrial............................................................................................................ 136,819 130,553 12U,588 95.1,2 91.06 Joint stock land bank..................................................................................... 7,817 7,531, 7,1,75 96.38 95.62 Real estate and other.......................................................................................... 61,005 1,7,326 U,672 77.58 73.23

Foreign bonds—public and p rivate................................................................... 44,919 33,401 31,145 74.36 69.34

T o ta l s to c k s ................................................................................................................. 82,451 68,546

1 Book value and book value per $100 par for some classes of securities would be slightly lower than the figures shown if valuation allowances could be allocated to specific classes of securities. 2 Unallocated valuation allowances ($30,055,000) less bond premium accounts ($532,000).

EXAMINERS’ ANALYSIS OF INSURED BANKS 207

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 136. PA R , BOOK, AND M A RK ET VALUES OF DOMESTIC CORPORATE BONDS H ELD BY OPERATING INSURED COMMERCIAL BANKS

n o t M e m b e r s o f t h e F e d e r a l R e s e r v e S y s t e m , L a t e s t E x a m in a t io n i n 1938

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

All domestic corporate bonds1 Railroad bonds

Num ber of banks

Amounts in thousands of dollars Value per $100 par2 Book value as percentage of total assets

Amounts in thousands of dollars Value per $100 par2 Book value as percentage of total P ar Book3 Market Book3 M arket assets Par Book3 M arket Book3 M arket

U n ited S ta te s a n d possession —t o ta l .................................. 7,094 712,288 634,768 543,784 $89.12 $76.34 9.0% 268,684 226,972 162,042 $84.48 $60.31 3.2%

B an k s w ith d ep o sits of— $100,000 or less........................... 559 1,315 1,038 855 78.92 65.00 1.9 326 254 157 77.91 48.13 .5 $100,000 to $250,000................. 2,089 27,166 23,163 19,864 85.27 73.12 5.2 8,347 6,732 4,527 80.65 54.24 1.5 $250,000 to $500,000................. 1,920 68,888 60,702 52,222 88.12 75.81 7.6 22,339 18,622 12,814 83.36 57.36 2.3

$500,000 to $1,000,000............. 1,318 117,789 105,138 89,898 89.26 76.32 9.8 40,952 34,623 24,163 84.55 59.00 3.2 $1,000,000 to $2,000,000.......... 723 143,206 128,431 110,101 89.68 76.88 10.7 50,981 43,274 30,679 38,693 84.88 60.18 3.6 $2,000,000 to $5,000,000 353 161,507 146,446 126,103 90.67 78.08 12.0 61,617 53,279 86.47 62.79 4.4

$5,000,000 to $10,000,000 73 56,796 50,143 42,316 88.29 74.50 8.8 23,318 19,545 14,107 83.82 60.50 3.4 $10,000,000 to $50,000,000.... 54 113,528 101,201 87,302 89.14 76.90 8.5 51,437 43,439 32,100 84.45 62.41 3.7 More than $50,000,000............. 5 22,093 18,506 15,123 83.76 68.45 3.9 9,367 7,204 4,802 76.91 51.27 1.5

S ta te A labam a........................................ 127 1,408 1,079 895 76.64 63.61 2.0 410 296 193 72.17 47.05 .5 A rizona.......................................... 5 1,442 1,231 1,249 85.37 86.61 6.7 531 433 395 81.46 74.38 2.4 A rkansas....................................... 153 780 632 504 81.04 64.63 1.1 281 200 103 70.93 36.74 .3 California...................................... 86 18,062 15,309 13,016 84.76 72.06 3.2 8,270 6,816 4,673 82.42 56.51 1.4 Colorado....................................... 47 2,345 1,857 1,799 79.20 76.75 6.6 763 532 427 69.69 55.96 1.9

C onnecticut.................................. 44 10,174 9,255 8,275 90.96 81.33 5.9 5,011 4,433 3,466 88.46 69.17 2.8 D elaw are....................................... 24 7,354 6,705 5,850 91.17 79.55 12.1 3,263 2,885 2,227 88.41 68.25 5.2

F lorida........................................... 102 1,701 1,573 1,336 92.49 78.58 2.1 815 731 535 89.64 65.54 1.0

Georgia.......................................... 182 3,261 2,929 2,473 89.83 75.84 3.5 1,244 1,076 704 86.46 56.54 1.3

Id a h o ............................................. 20 266 239 217 89,92 81.58 2.3 98 87 68 89.18 69.39 .8 Illinois........................................... 359 44,224 39,074 35,231 88.36 79.67 11.7 15,304 12,886 9,937 84.20 64.93 3.9 Indiana.......................................... 337 35,353 31,071 26,456 87.89 ; 74.83 8.9 12,344 9,829 6,446 79.63 52.22 2.8 368 16,053 14,842 12,790 92.46 79.67 6.2 5,114 4,558 3,300 89.12 64.53 1.9

K ansas........................................... 255 302 270 270 89.22 89.29 .3 112 89 81 79.29 72.50 .1

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky...................................... 267 16,123 13,048 11,389 80.93 70.64 8.2 4,239 3,048 2,061 71.89 48.62 1.9 Louisiana...................................... 108 1,504 1,148 1,013 76.32 67.36 1.1 267 200 124 74.98 46.44 .7 M aine............................................. 17 7,646 7,200 6,204 94.16 81.14 17.3 1,699 1,513 1,026 89.04 60.41 3.6 M aryland...................................... 90 16,348 12,943 11,641 79.17 71.21 10.7 5,721 4,231 3,104 73.96 54.25 3.5 M assachusetts.............................. 33 11,405 10,490 8,476 91.98 74.32 9.2 5,839 5,211 3,556 89.25 60.90 4.6

M ichigan....................................... 229 21,696 19,476 17,595 89.77 81.10 8.3 6,770 6,145 4,889 90.76 72.21 2.6 M innesota..................................... 441 17,124 15,177 13,517 88.63 78.94 7.7 5,817 4,837 3,725 83.16 64.04 2.4 Mississippi.................................... 168 1,275 887 849 69.55 66.62 .6 232 169 106 72.83 45.75 .1 M issouri........................................ 461 9,223 8,026 7,272 87.02 78.85 3.2 2,318 1,882 1,353 81.19 58.38 .8 M ontana....................................... 47 1,295 1,086 966 83.89 74.64 5.1 513 384 287 74.86 56.05 1.8

N ebraska...................................... 221 1,429 1,137 1,081 79.59 75.63 1.8 426 303 241 71.29 56.70 .5 N evada5........................................ 4

New Hampshire5......................... 3 New Jersey................................... 90 52,562 45,772 36,731 87.08 69.88 12.4 26,728 21,878 14,924 81.85 55.84 5.9 New Mexico................................. 13 117 104 112 88.64 95.30 1.0

New Y ork..................................... 177 101,200 91,785 77,857 90.70 76.93 12.3 43,419 36,601 26,418 84.30 60.84 4.9 N orth Carolina............................ 172 3,396 3,229 2,985 95.08 87.89 1.7 946 895 674 94.63 71.25 .5 N orth D akota.............................. 117 1,296 1,155 994 89.11 76.65 4.7 326 279 185 85.72 56.71 1.1 O hio............................................... 358 39,003 34,739 29,006 89.07 74.37 9.2 15,279 13,158 8,955 86.12 58.61 3.5 O klahom a..................................... 161 59 45 45 76.07 76.07 .1 22 8 7 35.45 31.82 (8)

Oregon........................................... 34 1,763 1,653 1,609 93.75 91.28 5.8 252 219 184 86.75 72.82 .8 Pennsylvania................................ 291 157,209 139,696 118,199 88.86 75.19 18.3 61,396 52,023 37,489 84.73 61.06 6.8 Rhode Island5. ............................ 2 South C arolina............................ 79 382 353 302 92.i i 78.97 1.0 181 161 129 88.78 71.44 .5 South D a k o ta.............................. 106 855 734 567 85.87 66.28 2.8 323 263 157 81.46 48.56 1.0

Tennessee...................................... 215 1,404 1,148 1,013 81.72 72.14 1.1 323 233 166 72.22 51.47 .2 T exas............................................. 287 2,319 1,989 1,664 85.77 71.73 1.4 682 460 225 67.43 32.92 .3 U ta h ............................................... 26 700 535 517 76.46 73.91 1.7 158 91 98 57.71 62.03 .3 V erm ont........................................ 33 12,133 11,382 9,471 93.81 78.06 16.8 2,556 2,368 1,585 92.63 61.99 3.5 Virginia......................................... 147 6,862 5,982 5,259 87.18 76.65 4.7 1,904 1,664 1,194 87.43 62.71 1.3

W ashington.................................. 77 3,058 2,432 2,162 79.52 70.68 7.4 1,119 712 526 63.59 46.98 2.2 W est Virginia............................... 51 2,835 2,483 2,035 87.58 71.75 4.7 894 759 521 84.88 58.25 1.4 W isconsin...................................... 436 73,071 68,842 59,198 94.21 81.01 21.7 23,343 21,097 14,552 90.38 62.34 6.6 W yoming....................................... 23 311 233 227 74.84 73.17 1.7 133 115 109 86.17 82.11 .8

Possession5.................................... 1

EXAMINERS’ ANALYSIS OF INSURED BANKS 209

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Federal Reserve Bank of St. Louis
Table 136. PAR, BOOK, AND MARKET VALUES OF DOMESTIC CORPORATE BONDS HELD BY OPERATING INSURED COMMERCIAL BANKS NOT Members of the Federal Reserve System, Latest Examination in 1938— Continued

BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Public utility bonds Industrial bonds

Num ber of banks Amounts in thousands of dollars Value per $100 par2 Book value as percentage of total assets

Amounts in thousands of dollars Value per $100 par2 Book value as percentage of total assets Par Book* Market Book3 M arket Par Book3 M arket Book8 M arket

U n ited S tates and possession —to ta l.................................. 7,094 237,963 222,383 205,007 $93.45 $86.15 3.2% 136,819 130,553 124,588 $95.42 $91.06 1.9%

B anks w ith dep osits of— $100,000 or less........................... 559 432 356 322 82.42 74.48 .6 283 250 239 88.18 84.47 .5 $100,000 to $250,000................. 2,089 8,660 7,543 6,920 87.10 79.90 1.7 6,870 6,423 6,034 93.49 87.84 1.4 $250,000 to $500,000................. 1,920 22,878 20,587 18,934 89.98 82.76 2.6 16,429 15,612 14,788 95.03 90.01 1.9

$500,000 to $1,000,000............. 1,318 38,159 35,137 32,194 92.08 84.37 3.3 26,464 25,212 23,785 95.27 89.87 2.3 $1,000,000 to $2,000,000.......... 723 48,986 46,063 42,279 94.03 86.31 3.9 28,217 26,994 25,664 95.67 90.95 2.3 $2,000,000 to $5,000,000.......... 353 56,814 53,988 50,295 95.03 88.53 4.4 29,737 28,243 26,971 94.98 90.70 2.3

$5,000,000 to $10,000,000 73 18,025 16,886 15,274 93.68 84.74 3.0 10,319 9,824 9,359 95.20 90.70 1.7 $10,000,000 to $50,000,000.... 54 35,700 34,168 32,128 95.71 90.00 2.9 16,556 16,206 15,935 97.88 96.25 1.4 More than $50,000,000............. 5 8,309 7,655 6,661 92.12 80.16 1.6 1,944 1,789 1,813 92.01 93.25 .4

S tate A labam a........................................ 127 433 404 336 93.15 77.64 .7 315 214 221 67.91 70.23 .4 Arizona.......................................... 5 211 197 211 93.32 99.76 1.1 235 222 230 94.46 97.91 1.2 A rkansas....................................... 153 157 131 112 83.50 71.53 .2 95 88 74 92.21 77.37 .1 California...................................... 86 3,743 3,538 3,455 94.52 92.30 .7 1,230 1,154 1,058 93.84 86.00 .2 Colorado....................................... 47 823 654 691 79.46 83.93 2.3 491 435 444 88.47 90.31 1.5

C onnecticut.................................. 44 3,454 3,315 3,332 95.98 96.45 2.1 1,050 975 970 92.83 92.35 .6 D elaw are....................................... 24 2,153 2,060 1,958 95.67 90.95 3.7 381 380 379 99.76 99.34 .7 D istrict of Columbia4................ F lorida........................................... 102 569 537 500 94.45 87.86 .7 122 116 114 95.24 93.35 .2 Georgia.......................................... 182 1,173 1,090 1,032 92.87 87.98 1.3 446 412 410 92.31 91.88 .5

Id a h o............................................. 20 74 71 71 95.92 96.19 .7 57 52 49 91.93 86.14 .5 Illinois........................................... 359 14,436 13,118 12,593 90.87 87.24 3.9 10,324 9,788 9,428 94.81 91.32 2.9 In d ian a.......................................... 337 10,997 10,315 9,719 93.80 88.39 3.0 5,988 5,808 5,394 97.00 90.08 1.7 Iow a............................................... 368 4,914 122 4,429 4,033 90.14 82.07 1.9 3,758 3,663 3,343 97.46 88.93 1.5 K ansas........................................... 255 121 125 99.02 101.72 .1 57 48 53 85.49 93.10 (6)

210 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
K entucky...................................... 267 4,678 3,647 3,329 77.96 71.16 2.3 3,454 3,247 3,046 94.00 88.18 2.0 Louisiana....................................... 108 297 245 215 82.53 72.55 .2 173 125 118 72.30 68.26 .1 M aine............................................. 17 3,929 3,804 3,513 96.83 89.42 9.2 1,284 1,222 1,101 95.12 85.75 2.9 M aryland...................................... 90 5,562 4,626 4,449 83.17 79.98 3.8 2,685 2,417 2,343 90.03 87.28 2.0 M assachusetts............................. 33 3,739 3,646 3,415 97.50 91.35 3.2 951 914 877 96.12 92.21 .8

M ichigan....................................... 229 7,920 7,435 7,081 93.88 89.41 3.2 4,461 4,370 4,152 97.96 93.08 1.9 M innesota..................................... 441 4,571 4,065 3,774 88.94 82.55 2.1 5,539 5,203 4,958 93.94 89.51 2.6 Mississippi.................................... 168 148 117 85 78.72 57.70 .1 145 108 118 73.98 80.94 .1 M issouri........................................ 461 2,499 2,177 2,074 87.11 83.02 .9 2,701 2,501 2,415 92.57 89.41 1.0 M ontana....................................... 47 347 324 307 93.59 88.72 1.5 354 331 324 93.42 91.50 1.6

N ebraska....................................... 221 393 277 282 70.37 71.67 .4 367 335 338 91.38 92.04 .5 N evada5........................................ 4

New Hampshire5......................... 3

New Jersey ................................... 90 16,816 15,678 14,094 93.23 83.81 4.2 7,077 6,698 6,376 94.65 90.10 1.8 New M exico................................. 13 37 25 31 66.49 82.43 .2 1 1 1 90.00 100.00 (6)

New Y o rk ..................................... 177 35,297 34,125 31,226 96.68 88.47 4.6 16,490 16,207 15,793 98.28 95.77 2.2 N orth C arolina............................ 172 427 396 368 92.81 86.14 .2 707 695 686 98.29 96.99 .4 N orth D akota.............................. 117 459 408 355 88.72 77.35 1.6 448 413 399 92.17 89.07 1.7 O hio................................................ 358 11,387 10,592 9,552 93.02 83.88 2.8 8,654 8,264 7,843 95.49 90.63 2.2 Oklahom a..................................... 161 5 5 5 100.00 102.00 (6) 26 26 26 100.78 103.14 .1

Oregon........................................... 34 823 784 790 95.30 96.01 2.8 511 494 487 96.77 95.44 1.7 Pennsylvania................................ 291 53,082 49,839 44,766 93.89 84.33 6.5 32,728 30,854 29,555 94.27 90.30 4.0 Rhode Island5.............................. 2

South C arolina............................ 79 106 102 95 96.97 90.14 .3 51 47 40 93.08 79.25 .1 South D a k o ta.............................. 106 258 217 176 84.13 68.35 .8 197 182 167 92.47 85.09 .7

Tennessee...................................... 215 288 238 216 82.55 75.08 .2 401 364 344 90.63 85.58 .3 T exas.............................................. 287 497 460 398 92.51 80.04 .3 400 385 370 96.30 92.45 .3 U ta h ............................................... 26 87 80 81 92.30 93.45 .3 242 239 240 98.55 99.30 .8 Verm ont........................................ 33 8,402 8,182 7,441 97.39 88.56 12.1 378 205 125 54.12 33.06 .3 V irginia......................................... 147 1,122 1,013 934 90.29 83.21 .8 1,614 1,556 1,476 96.41 91.45 1.2

W ashington.................................. 77 803 732 685 91.17 85.25 2.2 738 664 620 89.93 84.03 2.0 W est V irginia.............................. 51 707 596 532 84.29 75.19 1.1 909 838 772 92.21 84.98 1.6 W isconsin...................................... 436 28,027 26,643 24,637 95.06 87.91 8.4 17,911 17,661 16,701 98.61 93.25 5.6 W yoming....................................... 23 60 41 42 68.74 69.75 .3 93 58 57 62.20 61.99 .4

Possession5.................................... 1

1 Includes domestic corporate bonds other than railroad, public utility, or industrial, principally real estate, joint stock land bank, and financial. 2 Computed from dollar figures prior to rounding to thousands. 3 Book value and book value per $100 par would in some instances be slightly lower than the figures shown if valuation allowances could be allocated to specific classes of securities. 4 N ot compiled. 5 Figures are included in deposit groups and in total. • Less than one-tenth of 1 percent.

EXAMINERS’ ANALYSIS OF INSURED BANKS 211

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EARNINGS OF INSURED BANKS

Table 137. E a r n i n g s, E x p e n s e s, a n d D is p o s it io n of P r o f it s o f Op 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,

Ca l e n d a r Y e a r s 1934-1938

Amounts in thousands of dollars Amounts per $100 of total assets1

1934 1935 1936 1937 1938 1934 1935 1936 1937 1938

Num ber of banks2....................................................... 14,124 14,110 13,956 13,783 13,645 14,124 14,110 13,956 13,783 13,645

C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans........................................ 689,143 641,737 661,574 708,656 703,672 $1.53 $1.33 $1.24 $1.29 $1.28 Interest and dividends on securities.............................. 549,504 547,108 573,472 571,613 531,472 1.22 1.14 1.07 1.04 .96 Commissions, fees, and collection, exchange, and service charges............................................................. 75,553 89,668 104,696 110,600 114,797 .17 .19 .20 .20 .21 O ther current operating earnings.................................... 201,408 204,488 223,948 240,498 232,159 .45 .42 .41 .44 .42 G ross c u rre n t o p e ra tin g e a rn in g s ........................ 1,515,608 1,483,001 1,563,690 1,631,367 1,582,100 3.37 3.08 2.92 2.97 2.87

C u rre n t o p e ra tin g expenses: Interest on time and savings deposits........................... 3302,082 3261,667 236,830 235,031 229,313 3$0.67 3$0.54 $0.44 $0.43 $0.42 Interest and discount on borrowings............................. 7,319 2,642 1,624 1,333 926 .02 .01 .00 .00 .00 D irectors’ and professional fees....................................... Officers’ salaries................................................................... | 401,222 410,084 f 10,345 177,117 11,225 186,763 11,706 191,706 [ .89 .85 f .02.33 .02.34 .02.35 Employees’ salaries and wages......................................... Taxes4..................................................................................... 76,834 79,047 [ 249,162 95,113 264,794 102,615 269,561 98,870 .16 1-47 .18 .48.19 .49.18 Depreciation on banking house, furniture and fixtures5 47,710 39,815 52,196 51,382 56,332 .11 .08 .09 .09 .10 Other current operating expenses................................... 3279,776 3287,435 299,118 307,160 294,421 .62 .60 .56 .56 .53 T o ta l c u rre n t o p e ra tin g e x p e n se s........................ 1,114,943 1,080,690 1,121,505 1,160,303 1,152,835 2.48 2.24 2.09 2.11 2.09

N et c u rre n t o p e ra tin g e a rn in g s ..................................... 400,665 402,311 442,185 471,064 429,265 $0.89 $0.84 $0.83 $0.86 $0.78

P rofits o n a sse ts sold o r exchanged, recoveries, a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged.......................... (8) (6) 267,674 117,194 172,795 (6) (6) $0.50 $0.21 $0.31 Recoveries and reductions in valuation allowances on loans................................................................................ 52,770 81,675 110,403 89,812 56,360 $0.12 $0.17 .21 .16 .10 Recoveries and reductions in valuation allowances on securities........................................................................ 206,120 315,937 174,970 57,898 61,558 .46 .66 .33 .11 .11 All other recoveries, profits on assets sold, and re­ ductions in valuation allowances............................ 32,755 34,445 31,404 43,819 38,376 .07 .07 .05 .08 .07 T o ta l p ro fits o n a ssets sold, recoveries, e tc........ 291,645 432,057 584,451 308,723 329,089 .65 .90 1.09 .56 .59

N e t e a rn in g s, p ro fits a n d recoveries o n a sse ts, e t c .. 692,310 834,368 1,026,636 779,787 758,354 $1.54 $1.74 $1.92 $1.42 $1.37

L osses, charge-offs, a n d a d d itio n s to v a lu a tio n a llo w a n ce s: On loans................................................................................. 551,644 318,271 249,756 141,448 149,994 $1.23 $0.66 $0.47 $0.26 $0.27 On securities......................................................................... 391,266 239,053 154,574 176,373 221,738 .87 .50 .29 .32 .40 All other losses, charge-offs, and additions to valua­ tion allowances............................................................ 88,619 70,125 96,485 77,067 82,489 .19 .15 .18 .14 .15 T o ta l losses, charge-offs, e tc ................................... 1,031,529 627,449 500,815 394,888 454,221 2.29 1.31 .94 .72 .82

212 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Cash dividends declared and in terest paid on c a p ita l: Interest paid on capital notes and debentures and dividends declared on preferred stock.................. Dividends declared on common cap ital........................ T otal cash dividends declared and interest paid on ca p ita l..........................................

N et profits after d ivid en d s....................................

N um ber of active officers, December 31............ Num ber of other employees, December 3 1 ... .

Net profits before incom e taxes and dividends7. . . Incom e taxes, Federal and State8............................... N et profits after incom e taxes......................................

-339,219 206,919 525,821 2,442 523,379

384,899 4,848 380,051304,133 4,344 299,789

$-0.75 $0.43 $0.98 .00 .98

$0.70.01 .69

$0.55.01 -339,219 206,919 -0.75 .43 .54

17,764 33,242 34,465 24,164 19,407 $0.04 $0.07 $0.06 $0.04 $0.03 169,831 174,075 188,743 201,260 202,497 .38 .36 .36 .37 .37

187,595 207,317 223,208 225,424 221,904 .42 .43 .42 .41 .40

-526,814 -398 300,171 154,627 77,885 $ 1.17 $0.56 $0.28 $0.14

(9) (9) 52,221 53,164 54,007 (9) (9) 180,499 188,106 186,882

14 for 1937; and 16 for 1938. Excludes in addition 1 Averages of figures for beginning, middle, and end of year. 2 Excludes the following insured banks not members of the Federal Reserve System: 25 for 1934; 16 for 1935; 17 for 1936; 1 . __ for 1936, 52 national banks and 9 State banks members of the Federal Reserve System, reporting for the first half of the year only, the figures of which are included. 3 Revised. Interest on public funds, bank deposits, and other demand deposits transferred from “interest on time and savings deposits” to “other current operating expenses.” Except for 1934 and 1935, excludes “income taxes” paid by banks not members of the Federal Reserve System. 119 20^XCePt *°r anC* inc^ es “other expenses of occupancy and maintenance of banking quarters” for banks not members of the Federal Reserve System. See pages

6 Included w ith recoveries. . 7 After paym ent of “income taxes” for national and State banks members of the Federal Reserve System; and for banks not members of the Federal Reserve System in 1934 and 1935. 8 Except for 1934 and 1935, “income taxes” available for banks not members of the Federal Reserve System only. 9 N ot available.

N O TE : M inus (-) indicates net loss.

See footnote 4.

EARNINGS OF INSURED BANKS 213

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Federal Reserve Bank of St. Louis
Table 138. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF OPERATING INSURED COMMERCIAL BANKS, CALENDAR YEAR 1938

BY CLASS OF BANK

(Amounts in thousands of dollars)

All insured banks

Banks members F. R. Svstem Banks not members F. R. System1

Operating throughout entire year

Operating less than National full year2 State Total

N um ber of b a n k s....................................................................................................................... 13,645 5,224 1,114 7,307 7,231 76

C urrent operatin g earnings: Interest and discount on loans....................................................................................................... Interest and dividends on securities............................................................................................. Commissions, fees, and collection, exchange, and service charges....................................... Other current operating earnings................................................................................................... G ross current operatin g ea rn in g s......................................................................................

703,672 531,472 114,797 232,159 1,582,100372,203 304,819 55,952 102,557 835,531

171,502 143,317 25,042 98,962 438,823159,967 83,336 33,803 30,640 307,746

156,811 81,888 33,128 29,935 301,7623,156 1,448 675 705 5,984

C urrent operatin g exp en ses: Interest on tim e and savings deposits.......................................................................................... Interest and discount on borrowings............................................................................................ D irectors’ and professional fees...................................................................................................... Officers’ salaries.................................................................................................................................. Employees’ salaries and wages....................................................................................................... Taxes (other than on income)3....................................................................................................... Depreciation on banking house, furniture and fixtures4.......................................................... Other current operating expenses.................................................................................................. T otal current operatin g exp en ses.......................................................................................

229,313 926 11,706 191,706 269,561 98,870 56,332 294,421 1,152,835

121,456 209 5,096 98,188 142,989 51,896 26,288 155,993 602,11549,13878 2,138 48,303 90,426 30,396 15,809 93,730 330,01858,719 639 4,472 45,215 36,146 16,578 14,235 44,698 220,70257,516 638 4,397 44,443 35,334 16,297 13,870 43,774 216,269

1,2031

75 772 812 281 365 924 4,433

N et current operatin g ea rn in g s.................................................................................................... 429,265 233,416 108,805 87,044 85,493 1,551

P rofits on assets sold or exchanged, recoveries, and reductions in valuation allow ances: Profits on securities sold or exchanged......................................................................................... Recoveries and reductions in valuation allowances on loans................................................. Recoveries and reductions in valuation allowances on securities.......................................... All other recoveries, profits on assets sold, and reductions in valuation allowances........ T otal profits on assets sold, recoveries, e tc....................................................................

172,795 56,360 61,558 38,376 329,089

98,395 32,126 33,424 17,361 181,30654,182 12,802 20,502 10,419 97,90520,218 11,432 7,632 10,596 49,878

19,574 11,054 7,522 10,313 48,463644 378 110 283 1,415

N et earnings, profits and recoveries on assets, e tc .............................................................. 758,354 414,722 206,710 136,922 133,956 2,966

Losses, charge-offs, and add ition s to valuation allow ances: On loans................................................................................................................................................ On securities........................................................................................................................................ All other losses, charge-offs, and additions to valuation allowances.................................... T otal losses, charge-offs, e tc .................................................................................................

149,994 221,738 82,489 454,221

80,236 114,900 21,798 216,934

41,667 67,082 30,285 139,034

28,091 39,756 30,406 98,25327,465 39,265 29,928 96,658626 491 478 1,595

214 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N et p ro fits befo re in co m e tax es a n d d ividends5......................................................... .

In c o m e taxes, F e d eral a n d S ta te ............................................................................................. N et p ro fits a fte r in co m e ta x e s ......................................................................................................

C ash d iv id en d s d eclared a n d in te r e s t p aid on c ap ita l: Interest paid on capital notes and debentures and dividends declared on preferred sto c k .. Dividends declared on common cap ital....................................................................................... T o ta l cash d iv id en d s d e clared a n d in te re s t p aid on c a p ita l...................................

N et profits a fte r d iv id e n d s..............................................................................................................

304,133 64,344 299,789

197.788 (6) 197.788

67.676 (6) 67.676

38,669 4,344 34,325

37,298 1 1,371 4,215 129 33,083 1 1,242

19,407 202.497 221,904

9,373 112,991 122,364

5,087 70,834 75,921

4,947 18,672 23,619

4,904 18,192 23,096

43 480 523

77,885 75,424 -8,245 10,706 9,987 719

Number of active officers, December 31, 1938.......................................................................... Num ber of other employees, December 31, 1938...................................................................... 54,007 186,882 25,269 96,721 8,207 57,318 20,531 32,843 20.189 32,087 342 756

1 Excludes 2 national banks in Alaska; 1 national bank in the Virgin Islands; 9 State banks in the District of Columbia; and 4 other State banks. 2 New banks plus banks subm itting reports covering less than the full year’s operations or materially affected by mergers, etc. s Includes “income taxes” for national and State banks members of the Federal Reserve System. 4 Includes “other expenses of occupancy and maintenance of banking quarters” for banks not members of the Federal Reserve System. See pages 119-20. 5 After paym ent of “income taxes” for national and State banks members of the Federal Reserve System. See footnote 3. 6 “Income taxes” available for banks not members of the Federal Reserve System only. See footnote 3.

NO TE: Minus (-) indicates net loss. Back figures— See Table 137, and the following Annual Reports: 1937, p. 141 and p. 144; 1936, p. 165; 1935, p. 198.

EARNINGS OF INSURED BANKS 215

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Federal Reserve Bank of St. Louis
Table 139. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F e d e r a l R e s e r v e Sy s t e m , C a l e n d a r Y e a r s 1934-1938

BANKS OPERATING THROUGHOUT ENTIRE YEAR

Amounts in thousands of dollars Amounts per $100 of total assets1

1934 1935 1936 1937 1938 1934 1935 1936 1937 1938

7,379 7,508 7,460 7,351 7,231 7,379 7,508 7,460 7,351 7,231

147,638 141,541 145,412 155,287 156,811 $2.39 $2.13 $2.14 $2.14 $2.22 75,038 79,077 84,419 90,467 81,888 1.21 1.19 1.24 1.25 1.16

19,831 24,768 33,251 32,875 33,128 .32 .37 .49 .45 .47 26,561 27,577 23,706 29,994 29,935 .43 .42 .35 .41 .42 269,068 272,963 286,788 308,623 301,762 4.35 4.11 4.22 4.25 4.27

74,134 64,526 60,486 60,373 57,516 $1.20 $0.97 $0.89 $0.83 $0.81 3,628 1,399 1,016 757' 638 .06 .02 .02 .01 .01 72,755 74,454 77,101 83,189 84,174 1.18 1.12 1.14 1.15 1.19 214,431 215,192 13,684 16,328 16,297 2.23 2.23 .20 .22 .23

38,207 35,857 13,004 14,444 13,870 3.13 3.09 .19 .20 .20 50,204 49,901 41,004 44,703 43,774 .81 .75 .60 .62 .62 223,359 211,329 206,295 219,794 216,269 3.61 3.18 3.04 3.03 3.06

45,709 61,634 80,493 88,829 85,493 $0.74 $0.93 $1.18 $1.22 $1.21

14,262 28,005 35,764 18,206 19,574 $0.23 $0.42 $0.53 $0.25 $0.27 (4) (4) 1,516 2,072 1,296 (4) (4) .02 .03 .02

8,332 9,473 15,514 14,251 11,054 .13 .14 23 .20 .15

5,940 10,276 14,309 7,556 7,522 .10 .15 .21 .10 .11

8,729 7,040 6,438 10,260 9,017 .14 .12 .09 .14 .13 37,263 54,794 73,541 52,345 48,463 .60 .83 1.08 .72 .68

82,972 116,428 154,034 141,174 133,956 $1.34 $1.76 $2.26 $1.94 $1.89

99,621 64,956 41,300 36,358 27,465 $1.61 $0.98 $0.61 $0.49 $0.39 70,576 39,627 22,188 28,331 39,265 1.14 .60 .33 .39 .55

27,210 15,972 29,860 28,035 29,928 .44 .24 .43 .39 .42 197,407 120,555 93,348 92,724 96,658 3.19 1.82 1.37 1.27 1.36

Num ber of ban k s.............................................

C u rre n t o p e ra tin g e a rn in g s : Interest and discount on loans.............................. Interest and dividends on securities.................... Commissions, fees, and collection, exchange, and service charges.................................................. Other current operating earnings......................... G ross c u r r e n t o p e ra tin g e a r n in g s .............

C u rre n t o p e ra tin g e x p en ses: Interest on tim e and savings deposits................. Interest and discount on borrowings................... Salaries, wages, and fees......................................... Taxes (other than on incom e)............................... Other expenses of occupancy and maintenance of banking quarters......................................................... Other current operating expenses................................... T o ta l c u rre n t o p e ra tin g e x p en ses........................

N e t c u rre n t o p e ra tin g e a rn in g s .....................................

P ro fits on a sse ts sold o r exchanged, recoveries, a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged.......................... Profits on other assets sold or exchanged..................... Recoveries and reductions in valuation allowances on loans............................................................... Recoveries and reductions in valuation allowances on securities....................................................... All other recoveries and reductions in valuation allowances................................................................... .. T o ta l p ro fits o n a sse ts sold, recoveries, e t c . ..

N et e arn in g s, p ro fits a n d recoveries o n asse ts, etc.

Losses, charge-offs, a n d a d d itio n s to v a lu a tio n allo w a n ce s: On loans....................................................................... On securities............................................................... All other losses, charge-offs, and additions to valua­ tion allowances................................................. T o ta l losses, charge-offs, e tc........................

216 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before incom e taxes and dividends.. .. Incom e taxes, Federal and S ta te ................................. Net profits after incom e tax es......................................

Cash dividends declared and in terest paid on ca p ita l: Interest paid on capital notes and debentures and dividends declared on preferred stock................... Dividends declared on common capital......................... T otal cash dividends declared and interest paid on c a p ita l.....................................................

N et profits after dividend s...............................................

Other add ition s to capital accou n ts: Preferred capital sold (par or face value)................ Common capital sold (par or face value)................. Prem ium s on new capital so ld.................................... Deposits waived and subordinated............................ Assessments and other contributions........................ T otal other ad d ition s to cap ital accou n ts8.

O ther d ed u ction s from cap ital accou n ts: Preferred capital retired (par or face value)........... Common capital retired (par or face value)............ Prem ium s on preferred capital re tired ...................... P aym ents on subordinated claim s.................................. T otal other ded u ction s from cap ital accou n ts6

N et ch an g e in to ta l cap ital a cco u n ts for period6.

Total capital accounts at beginning of year6..................... Total capital accounts at end of year6................................

Average o f a ssets and lia b ilities:13

ASSETS Cash and due from banks............................................... Securities............................................................................. L oans.................................................................................... Miscellaneous assets......................................................... T otal a sse ts................................................................

L IA B ILIT IE S AND CAPITAL Demand deposits.................................................. Time deposits........................................................ T otal d e p o sits................................................. Miscellaneous liabilities...................................... Total capital accounts......................................... T otal lia b ilities and cap ital a cco u n ts.

(5) (5) -114,435

2,624 11,255

13,879

-128,314

(6)

(5) -4,127

7,683 12,634

20,317

-24,444

60,686 2,416 58,270

7,061 16,966

24,027

34,243

3,297 2,181 2,398 109 2,445 10,430

15,606 57429 5,052 21,261

23,412

999,316 1,022,728

1,528,532 2,379,723 2,438,920 441,809 6,788,984

2,793,289 2,900,343 5,693,632 71,766 1,023,586 6,788,984

48,450 4,838 43,612

6,218 18,155

24,373

19,239

1,366 3,762 2,77890 1,746 9,742

14,994 462

3,890 19,599

9,382

1,006,927 1,016,309

1,597,382 2,631,770 2,622,995 407,445 7,259,592

3,036,855 3,145,623 6,182,478 59,967 1,017,147 7,259,592

37,298 4,215 33,083

4,904 18,192

23,096

9,987

1,822 1,210 50818 1,436 4,994

8,790 47942 2,084 11,395

3,586

980,972 98U,558

1,547,788 2,503,552 2,653,847 373,075 7,078,262

2,893,319 3,155,068 6,048,387 45,840 984,035 7,078,262

(5)

(5) $ -1.85

$0.04 .18

.22

$-2.07

(5) (5) $-0.06

$0.12 .19

$-0.37

$0.89.03

.86

$0.10 .25

.35

0.51

$0.05.03 .04

.00 .03 .15

$0.23.01

.00 .07 .31

$0.35

l k . 72 15.07

$22.51 35.05 35.93 6.51

100.00

$41.14 42.72 83.86 1.06 15.08

100.00

$0.67.07 .60

$0.09.25

$0.26

$0.02 .06.04

.00 .02 .14

$0.21.01

.00 .05 .27

$0.13

13.87 l k .00

$22.00 36.25 36.13 5.62 100.00

$41.83 43.33 85.16.83 14.01 100.00

$0.53.06 .47

$0.07.26

.33

$0.14

$0.03

.02 .01

.00

.01 .07

0.12

.01

.00 .03 .16

$0.05

13.86 13.91

$21.87 35.37 37.49 5.27 100.00

$40.88 44.57 85.45.65 13.90

100.00

and 1938S0t ^ hablllty items are as of December 31 for 193^ and 1935; averages of end of month figures for 1936; averages of figures for beginning, middle, and end of year for 1937 

2 Includes “income taxes.” * “Depreciation on banking house, furniture and fixtures” only. See pages 119-20. 4 Included with recoveries. 6 N ot available. See footnote 2. Amounts not reported in 1934 and 1935.

N O TE: M inus (-) indicates net loss.

EARNINGS OP INSURED BANKS 217

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Federal Reserve Bank of St. Louis
Table 140. EARNIN GS, EX PE N SES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT M EM BERS OF THE

F e d e r a l R e s e r v e S y s t e m , C a l e n d a r Y e a r 1 9 3 8

BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED BY AMOUNT OF DEPOSITS

All banks

Banks with deposits of—1

$100,000

or less

$100,000 to $250,000

$250,000 to $500,000$500,000 to $1,000,000

$1,000,000 to $2,000,000$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

More than $50,000,000

N um ber of b an k s................................................. 7,231 536 2,104 1,990 1,359 745 366 72 54 5

C u rre n t o p e ra tin g e a rn in g s : Interest and discount on loans.................................. 156,811 2,097 14,552 23,624

(In thousa: 

27,974

nds of dollar 

27,051

•s)

24,720 10,563 18,428 7,802

Interest and dividends on securities........................ 81,888 318 3,953 8,763 12,806 14,514 15,409 6,421 13,213 6,491 Commissions, fees, and collection, exchange, and 33,128 583 3,500 5,227 5,809 5,429 4,784 2,709 4,209 878

Other current operating earnings............................. 29,935 180 866 1,613 2,360 3,491 4,672 3,245 11,267 2,241

G ross c u rre n t o p e ra tin g e a rn in g s................. 301,762 3,178 22,871 39,227 48,949 50,485 49,585 22,938 47,117 17,412

C u rre n t o p e ra tin g e x p en ses: Interest on time and savings deposits..................... 57,516 243 2,887 6,324 9,097 10,118 10,703 4,544 8,224 5,376 Tnfaroof or>rl rliopmint* nn hnrrnwincra 638 15 31 38 73 108 51 3 319 84,174 1,156 7,313 11,340 13,400 13,617 13,304 6,550 13,846 3,648

Taxes (other than on incom e)................................... 16,297 178 1,123 1,806 2,404 2,731 2,692 1,452 3,277 634

O ther expenses of occupancy and m aintenance of banking q u a rte rs.................................................. O ther current operating expenses............................. 13,870 160 839 1,514 1,815 2,006 2,318 1,099 3,074 1,045 43,774 576 3,640 5,730 6,881 7,081 6,940 3,355 7,248 2,323

T o ta l c u rre n t o p e ra tin g e x p en s es................. 216,269 2,328 15,833 26,752 33,670 35,661 36,008 17,003 35,988 13,026

N e t c u r r e n t o p e ra tin g e a rn in g s.............................. 85,493 850 7,038 12,475 15,279 14,824 13,577 5,935 11,129 4,386

P ro fits o n a sse ts sold or exchanged, recoveries, a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged................... 19,574 47 696 1,528 2,502 3,314 3,700 2,050 3,698 2,039

Profits on other assets sold or exchanged.............. 1,296 8 75 168 184 192 253 97 235 84

Recoveries and reductions in valuation allowances on loans................................................................... 11,054 158 1,050 1,459 1,576 1,527 1,618 615 1,658 1,393 Recoveries and reductions in valuation allowances on securities........................................................... 7,522 17 208 467 868 1,156 1,721 799 1,314 972

All other recoveries and reductions in valuation allowances.............................................................. 9,017 50 321 692 788 901 1,435 506 912 3,412

T o ta l profits o n a sse ts sold, recoveries, etc. 48,463 280 2,350 4,314 5,918 7,090 8,727 4,067 7,S17 7,900

N e t e a rn in g s, p ro fits a n d recoveries o n a sse ts, 133,956 1,130 9,388 16,789 21,197 21,914 22,304 10,002 18,946 12,286

Losses, charge-offs, a n d a d d itio n s to v a lu a tio n allo w an ces: 27,465 436 2,303 3,209 3,865 3,850 4,564 !

2,104 4,203 2,931 39,265 137 1,697 3,967 6,069 7,614 7,438 3,848 6,743 1,752

All other losses, charge-offs, and additions to 29,928 310 1,472 2,496 3,863 3,990 5,190 2,178 5,886 4,543

T o ta l losses, charge-offs, e tc ............................ 96,658 883 5,472 9,672 13,797 15,454 17,192 8,130 16,832 9,226

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
C a sh d iv id en d s d e clared a n d in te r e s t p a id on c a p ita l: Interest paid on capital notes and debentures and dividends declared on preferred stock............ Dividends declared on common cap ital................. T o ta l c ash d iv id en d s d e clare d a n d in te re s t p a id o n c a p ita l.................................................

N e t p ro fits a fte r d iv id e n d s........................................

O th e r a d d itio n s to c a p ita l a c c o u n ts : Preferred capital sold (par or face value).............. Common capital sold (par or face value)............... Prem ium s on new capital so ld.................................. Deposits waived and subordinated.......................... Assessments and other contributions...................... T o ta l o th e r a d d itio n s to c a p ita l a c c o u n ts ..

O th e r d e d u c tio n s fro m c a p ita l a c c o u n ts : Preferred capital retired (par or face v alu e)......... Common capital retired (par or face value)......... Prem ium s on preferred capital retired................... Paym ents on subordinated claims........................... T o ta l o th e r d e d u c tio n s fro m c a p ita l a c c o u n ts ................................................................

N et c h a n g e in to ta l c a p ita l a c c o u n ts for period

Total capital accounts, December 31, 1937................... Total capital accounts, December 31, 1938...................

A verage of asse ts a n d lia b ilitie s :*

ASSETS Cash and due from banks.......................................... Securities......................................................................... L o an s............................................................................... Miscellaneous assets..................................................... T o ta l a s s e ts ..............................................................

L IA B IL IT IE S AND CAPITA L Dem and deposits.......................................................... Time deposits................................................................ T o ta l d e p o sits......................................................... Miscellaneous liabilities............................................... Total capital accounts................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts .........

N et profits before incom e taxes and dividends Incom e taxes, Federal and S ta te ........................... N et profits after incom e ta x es................................

37,298 4,215 33,08324755 1923,916 421 3,4957,117 676 6,441

7,400 779 6,621

6,460 656 5,804

5,112 506 4,6061,872 250 1,6222,114 600 1,514

3,060 272 2,788

4,904 18,192 39 156 291 1,456 515 2,580 722 2,856 926 2,626 1,009 2,635 425 1,366 602 3,559 375 958

23,096 195 1,747 3,095 3,578 3,552 3,644 1,791 4,161 1,333

9,987 -3 1,748 3,346 3,043 2,252 962 -169 -2,647 1,455

1,822

1 , 2 1 0 508

9 146 123 318 173 453 600 17 74 137 375 309 292 6

2 4 7 129 29 326 1 1 18 9 9 1,436 4,994 204 2 2 2 341 332 63 216 24 34 232 446 617 1,163 574 1,287 624 51

8,790 479 16125 607

2 2

88441 1,40756 1,310 1,895 335 413 596 1,517

42 9 2 0 8 5

2,084

11,395

7 158 420 654 284 469 92

193 787 1,354 2,137 1,602 2,704 505 596 1,517

3,586 36 1,407 2,609 2,069 1,224 -455 -50 -3,192 -62

980,972 984,558 13,634 13,670 78,587 79,994 116,414 119,023 148,900 150,969 162,787 164,011 170,089 169,634 80,826 80,776 162,750 159,558 46,985 46,923

1,547,788 2,503,552 2,653,847 373,075 7,078,26214,898 8,972 26,271 2,943 53,084115,191 111,359 202,248 16,769 445,567205,448 247,884 351,470 27,803 832,605

256,863 366,473 444,994 41,699 1,110,029

268,355 424,100 459,712 56,459 1,208,626

256,993 481,107 445,193 68,306 1,251,599

119,802 204,266 196,198 40,060 560,326

243,423 440,117 361,221 96,185 1,140,946

66,815 219,274 166,540 22,851 475,480

2,893,319 3,155,068 6,048,387 45,840 984,035 7,078,262

27,808 11,314 39,122 364 13,598 53,084

228,164 136,607 364,771 1,648 79,148 445,567401,219 310,468 711,687 3,004 117,914 832,605488,245 466,013 954,258 5,379 150,392 1,110,029

493,628 544,538 1,038,166 6,439 164,021 1,208,626

475,365 600,040 1,075,405 5,956 170,238 1,251,599207,975 267,623 475,598 3,741 80,987 560,326

464,316 498,101 962,417 17,679 160,850 1,140,946

106,599 320,364 426,963 1,630 46,887 475,480

1 Asset and liability item s are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. 

N O TE : M inus (-) indicates net loss or net decrease in total capital accounts. Back figures—See the following Annual Reports: 1937, p. 146; 1936. p. 168; 1935, p. 216; 1934, p. 236.

EARNINGS OF INSURED BANKS 219

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Federal Reserve Bank of St. Louis
T a b le 141. Aver a g e s P e r B a n k of E a r n in g s, E x p e n s e s, and D ispo sitio n of P ro fit s of In su r e d Commercial B a n k s not M e m b e rs of t h e F e d e r a l R e s e r v e S y ste m , C a le n d a r Y e a r 1938

BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED BY AMOUNT OF DEPOSITS

Banks with deposits of— 1

banks $1 0 0 , 0 0 0

or less

$1 0 0 , 0 0 0 to $250,000$250,000 to $500,000$500,000 to $1 ,0 0 0 , 0 0 0

$1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 , 0 0 0

$2 ,0 0 0 , 0 0 0 to $5,000,000$5,000,000 to $1 0 ,0 0 0 , 0 0 0

$1 0 ,0 0 0 , 0 0 0 to $50,000,000

More than $50,000,000 (*)

N um ber of b a n k s................................................. 7,231 536 2,104 1,990 1,359 745 366 72 54 5

C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans.................................. $2 1 , 6 8 6 $3,912 $6,916 $11,871 $20,584 $36,310 $67,541 $146,708 $341,259 $1,560,400 Interest and dividends on securities........................ 11,325 593 1,879 4,404 9,423 19,482 42,101 89,181 244,685 1,298,200 Commissions, fees, and collection, exchange, and service charges...................................................... 4,581 1,088 1,663 2,627 4,274 7,287 13,071 37,625 77,944 175,600 Other current operating earnings......................... 4,140 336 412 810 1,737 4,686 12,765 45,069 208,649 448,200 G ross c u r r e n t o p e ra tin g e a rn in g s................. 41,732 5,929 10,870 19,712 36,018 67,765 135,478 318,583 872,537 3,482,400

C u rre n t o p e ra tin g e x p en ses: Interest on tim e and savings deposits..................... $7,954 $453 $1,372 $3,178 $6,694 $13,581 $29,243 $63,111 $152,296 $1,075,200 Interest and discount on borrowings....................... 8 8 28 15 19 54 145 139 42 5,907 Salaries, wages, and fees............................................. 11,641 2,157 3,476 5,698 9,860 18,278 36,350 90,972 256,407 729,600 Taxes (other than on incom e)................................... 2,254 332 534 908 1,769 3,666 7,355 20,167 60,685 126,800 Other expenses of occupancy and m aintenance of banking q u a rte rs.................................................. 1,918 299 399 761 1,336 2,693 6,333 15,264 56,926 209,000 Other current operating expenses............................ 6,054 1,074 1,729 2,879 5,063 9,504 18,962 46,597 134,223 464,600 T o ta l c u r r e n t o p e ra tin g e x p e n s e s................. 29,909 4,343 7,525 13,443 24,776 47,867 98,382 236,153 666,444 2,605,200

N e t c u r r e n t o p e ra tin g e a rn in g s.............................. $11,823 $1,586 $3,345 $6,269 $11,242 $19,898 $37,096 $82,430 $206,093 $877,200

P ro fits o n a sse ts sold o r ex ch an g ed , recoveries, a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged................... $2,707 $ 8 8 $331 $768 $1,841 $4,448 $10,109 $28,472 $68,481 $407,800 Profits on other assets sold or exchanged.............. 179 15 36 84 135 258 691 1,347 4,352 16,800 Recoveries and reductions in valuation allowances on lo an s................................................................... 1,529 295 499 733 1,160 2,050 4,421 8,542 30,704 278,600 Recoveries and reductions in valuable allowances on securities........................................................... 1,040 32 99 235 639 1,552 4,702 11,097 24,333 194,400 All other recoveries and reductions in valuation allowances.............................................................. 1,247 92 152 348 580 1,209 3,921 7,028 16,889 682,400 T o ta l p ro fits o n a sse ts sold, recoveries, etc. 6,702 522 1,117 2,168 4,355 9,517 23,844 56,486 144,759 1,580,000

N e t e a rn in g s, p ro fits a n d recoveries o n asse ts, 

e tc ................................................................................. $18,525 $2,108 $4,462 $8,437 $15,597 $29,415 $60,940 $138,916 $350,852 $2,457,200

L osses, charge-offs, a n d a d d itio n s to v a lu a tio n allo w a n c e s: On loans.......................................................................... $3,798 $813 $1,095 $1,613 $2,844 $5,168 $12,470 $29,222 $77,833 $586,200 5,430 256 807 1,993 4,466 1 0 , 2 2 0 20,322 53,444 124,870 350,400 All other losses, charge-offs, and additions to valuation allowances........................................... 4,139 578 699 1,254 2,842 5,356 14,181 30,250 109,001 908,600 T o ta l losses, charge-offs, e tc ............................ 13,367 1,647 2,601 4,860 10,152 20,744 46,973 112,916 311,704 1,845,200

220 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
C ash d iv id en d s d e clare d a n d in te r e s t p a id o n c a p ita l: Interest paid on capital notes and debentures and dividends declared on preferred s to c k .. Dividends declared on common cap ital. . . . T o ta l c ash d iv id en d s d e clare d a n d in te re s t p a id o n c a p ita l.........................................

N e t p ro fits a fte r d iv id e n d s..............................

O th e r a d d itio n s to c a p ita l a c c o u n ts : Preferred capital sold (par or face value)... Common capital sold (par or face value).. . Prem ium s on new capital so ld........................ Deposits waived and subordinated............... Assessments and other contributions........... T o ta l o th e r a d d itio n s to c a p ita l a c c o u n ts

O th e r d e d u c tio n s fro m c a p ita l a c c o u n ts : Preferred capital retired (par or face value) Common capital retired (par or face value) Prem ium s on preferred capital re tired......... Paym ents on subordinated claim s................. T o ta l o th e r d e d u c tio n s fro m c ap ital a c c o u n ts.....................................................

N e t c h a n g e in to ta l c a p ita l a c c o u n ts fo r period

Total capital accounts, December 31, 1937.................

, December 31, 1938.................

A verage of a sse ts a n d lia b ilitie s: 1

ASSETS Cash and due from banks......................................... Securities....................................................................... L oans.............................................................................. Miscellaneous assets................................................... T o ta l a s s e ts............................................................

L IA B ILIT IE S A N D CAPITAL Demand deposits......................................................... Time deposits............................................................... T o ta l d e p o s its ....................................................... Miscellaneous liabilities............................................. Total capital accounts............................................... T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts . .. .

N et profits before incom e taxes and dividends Incom e taxes, Federal and S ta te ........................... Net profits after incom e ta x es................................

$5,158 583 4,575$461 103 358

$1,861

2 0 0 1,661

$3,577 340 3,237

$5,445 573 4,872

$8,671 880 7,791

$13,967 1,383 12,584$26,000 3,472 22,528

$39,148

1 1 , 1 1 1 28,037

$612,000 54,400 557,600

$678 2,516 $73 291 $138 692 $259 1,296 $531

2 , 1 0 2

$1,243 3,525 $2,757 7,199 $5,903 18,972 $11,148 65,908 $75,000 191,600

3,194 364 830 1,555 2,633 4,768 9,956 24,875 77,056 266,600

$1,381 $-6 $831 $1,682 $2,239 $3,023 $2,628 $-2,347 $-49,019 $291,000

$253 $17 $69 $62 $234 $232 $1,238 $8,334 167 32 35 69 276 414 798 $ 1 1 1 70 4 2 4 95 39 891 204

2 5 7 199 380 106 170 244 85 590 333 630 691 433 212 310 856 770 3,517 8,667 945

$1,216

6 6

$30047 $289

1 0

$443

2 1

$1,03641 $1,758 $5,178 915 $5,736 $11,037 $303,400

6 5 15 1 1 14 288 13 75 2 1 1 481 381 1,281 1,278

1,576 360 374 680 1,573 2,150 7,388 7,014 11,037 303,400

$496 $67 $669 $1,312 $1,522 $1,643 $-1,243 $-694 $-59,111 $-12,400

135,662 136,158 25,1+37 25,50k 37,351 38,020 58,1+99 59,811 109,566 111,088 218,506 220,11+9 1+61+,721+ 1+63,1+81 1,122,583 1,121,889 3,013,889 2,951+,778 9,397,000 9,381+,600

$214,049 346,225 367,010 51,593 978,877

$27,795 16,739 49,013 5,490 99,037

$54,749 52,927 96,125 7,970 211,771

$103,240 124,565 176,618 13,971 418,394

$189,009 269,664 327,442 30,683 816,798

$360,208 569,262 617,063 75,784 1,622,317

$702,167 1,314,500 1,216,374 186,628 3,419,669

$1,663,917 2,837,028 2,724,972 556,389 7,782,306

$4,507,833 8,150,315 6,689,278 1,781,204 21,128,630

13.363.000 43,854,800 33.308.000 4,570,200 95.096.000

$400,127 436,325 836,452 6,339 136,086 978,877

$51,881 21,108 72,989 679 25,369 99,037$108,443 64,927 173,370 783 37,618 211,771

$201,618 156,014 357,632 1,509 59,253 418,394

$359,268 342,909 702,177 3,957 110,664 816,798

$662,588 730,923 1,393,511 8,644 220,162 1,622,317

1,298,811 1,639,454 2,938,265 16,273 465,131 3,419,669

$2,885,542 3,716,986 6,605,528 51,959 1,124,819 7,782,306

$8,598,444 9,224,093 17,822,537 327,389 2,978,704 21,128,630

21.319.800 64.072.800 85,392,600 326,000 9,377,400 95,096,000

1 Asset and liability item s are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. 2 Because of the small num ber of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. 

N O TE : M inus (-) indicates net loss or net decrease in total capital accounts. Back figures—See the following Annual Reports: 1937, p. 148; 1936, p. 170; 1935, p. 218 (revised); 1934 p. 238.

totoh-^ EARNINGS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED BY AMOUNT OF DEPOSITS

Table 142. RATIOS OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS

of th e F ederal Re se rv e System, Ca len d ar Y ear 1938

Banks with deposits of— 1

banks $1 0 0 , 0 0 0 or less $1 0 0 , 0 0 0 to $250,000$250,000 to $500,000$500,000 to $1 ,0 0 0 , 0 0 0

$1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 , 0 0 0

$2 ,0 0 0 , 0 0 0 to $5,000,000

$5,000,000 to $1 0 ,0 0 0 , 0 0 0

$1 0 ,0 0 0 , 0 0 0 to $50,000,000

More than $50,000,000 (2)

N um ber of b a n k s................................................. 7,231 536 2,104 1,990 1,359 745 366 72 54 5

A m o u n ts per $100 of gross e arn in g s C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans.................................. $51.97 $65.98 $63.63 $60.22 $57.15 $53.58 $49.85 $46.05 $39.11 $44.81 Interest and dividends on securities........................ 27.14 1 0 . 0 1 17.28 22.34 26.16 28.75 31.08 27.99 28.04 37.28 Commissions, fees, and collection, exchange, and service charges...................................................... 10.98 18.34 15.30 13.33 11.87 10.75 9.65 11.81 8.93 5.04 Other current operating earnings............................. 9.91 5.67 3.79 4.11 4.82 6.92 9.42 14.15 23.92 12.87 G ross c u rre n t o p e ra tin g e a rn in g s................. 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

C u rre n t o p e ra tin g expenses: Interest on time and savings deposits..................... $19.06 $7.65 $12.62 $16.12 $18.58 $20.04 $21.59 $19.81 $17.45 $30.88 Interest and discount on borrowings....................... . 2 1 .47 .14 . 1 0 .15 . 2 1 . 1 0 . 0 1 6 8 Salaries, wages, and fees............................................. 27.89 36.38 31.97 28.91 27.38 26.97 26.83 28.56 29.39 20.95 Taxes (other than on incom e)................................... 5.40 5.60 4.91 4.60 4.91 5.41 5.43 6.33 6.96 3.64 Other expenses of occupancy and maintenance of banking q u arters.................................................. 4.60 5.03 3.67 3.86 3.71 3.97 4.67 4.79 6.52 6 . 0 0 Other current operating expenses............................ 14.51 18.12 15.92 14.61 14.06 14.04 14.00 14.63 15.38 13.34 T o ta l c u rre n t o p e ra tin g e x p en ses................. 71.67 73.25 69.23 6 8 . 2 0 68.79 70.64 72.62 74.13 76.38 74.81

N et c u r r e n t o p e ra tin g e a rn in g s.............................. $28.33 $26.75 $30.77 $31.80 $31.21 $29.36 $27.38 $25.87 $23.62 $25.19

A m o u n ts p er $100 of to ta l a sse ts1

C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans.................................. $2 . 2 2 $3.95 $3.27 $2.84 $2.52 $2.24 $1.98 $1.89 $1.62 $1.64 Interest and dividends on securities........................ 1.16 .60 .89 1.05 1.15 1 . 2 0 1.23 1.15 1.16 1.37 Commissions, fees, and collection, exchange, and service charges...................................................... .47 1 . 1 0 .79 .63 .52 .45 .38 .48 .37 .18 Other current operating earnings............................. .42 .34 .18 .19 . 2 2 .29 .37 .57 .98 .47 G ross c u rre n t o p e ra tin g e a rn in g s................. 4.27 5.99 5.13 4.71 4.41 4.18 3.96 4.09 4.13 3.66

C u rre n t o p e ra tin g e x p en ses: Interest on time and savings deposits..................... $0.81 $0.46 $0.65 $0.76 $0.82 $0.84 $0 . 8 6 $0.81 $0.72 $1.13 Interest and discount on borrowings....................... . 0 1 .03 . 0 1 . 0 0 . 0 1 . 0 1 . 0 0 . 0 0 .03 Salaries, wages, and fees............................................. 1.19 2.18 1.64 1.36 1 . 2 1 1 . 1 2 1.06 1.17 1 . 2 1 .77 Taxes (other than on income)................................... .23 .34 .25 . 2 2 . 2 2 .23 . 2 2 .26 .29 .13 Other expenses of occupancy and m aintenance of banking q u arters.................................................. . 2 0 .30 .19 .18 .16 .17 .19 . 2 0 .27 . 2 2 Other current operating expenses............................. .62 1.08 .81 .69 .61 .58 .55 .59 .63 .49 T o ta l c u rre n t o p e ra tin g e x p e n s e s................. 3.06 4.39 3.55 3.21 3.03 2.95 2 . 8 8 3.03 3.15 2.74

N et c u r r e n t o p e ra tin g e a rn in g s.............................. $1 . 2 1 $1.60 $1.58 $1.50 $1.38 $1.23 $1.08 $1.06 $0.98 $0.92

222 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t p rofits before in co m e taxes a n d dividends Income taxes, Federal and S ta te .............................. N e t pro fits a fte r in co m e ta x e s............................ Cash dividends declared............................................. N e t p ro fits a fte r d iv id e n d s.................................... Other additions to total capital acco u n ts............. Other deductions from total capital accounts . . . . N e t c h an g e in to ta l c a p ita l a c c o u n ts.............. Total capital accounts, December 8 1 ,1 9 8 7............... Total capital accounts, December 8 1 ,1 9 3 8...............

A m o u n ts p e r $100 of to ta l c ap ital a c c o u n ts1

N e t c u r r e n t o p e ra tin g e a rn in g s......................... Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t p ro fits before in co m e taxes a n d dividends Income taxes, Federal and S ta te .............................. N e t p ro fits a fte r in co m e ta x e s............................ Cash dividends declared............................................. N e t p ro fits a fte r d iv id e n d s.................................... Other additions to total capital accounts............. O ther deductions from total capital accounts. . .. N e t c h an g e in to ta l c a p ita l a c c o u n ts..............

Special ra tio s1

Interest and discount on loans per $100 of total loans........................................................................ Interest and dividends on securities per $100 of total securities....................................................... Profits on securities per $100 of total securities. . Interest on time deposits per $100 of time deposits of individuals, partnerships, and corporations Losses on loans per $ 1 0 0 of total loans.................. Losses on securities per $100 of total securities. ..

A verage of a sse ts a n d lia b ilitie s p e r $100 of to ta l a sse ts1

ASSETS Cash and due from b an k s.......................................... Securities......................................................................... L oans............................................................................... Miscellaneous assets..................................................... T o ta l a s s e ts ........................................................* ..

L IA B ILIT IE S AN D CA PITA L Dem and deposits.......................................................... Time deposits.......................................................... .

T o ta l d e p o s its ......................................................... Miscellaneous liabilities......................................!! !! Total capital accounts................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts........

$0 . 6 8 $0.53 $0.53 $0.52 $0.53 $0.59 $0.70 $0.73 $0.69 $1 . 6 6 1.36 1 . 6 6 1.23 1.17 1.24 1.29 1.37 1.46 1.48 1.94 .53 .47 .88 .85 .67 .53 .41 .33 .19 .64 .06 . 1 1 . 1 0 .08 .07 .05 .04 .04 .06 .05 .47 .36 .78 .77 .60 .48 .37 .29 .13 .59 .33 .37 .39 .37 .32 .29 .29 .32 .36 .28 .14 -.01 .39 .40 .28 .19 .08 -.03 -.23 .31 .07 .44 . 1 0 .07 . 1 0 .05 . 1 0 . 1 1 . 0 0 . 0 0 .16 .36 .18 .16 .19 .14 . 2 2 .09 .05 .32 .05 .07 .31 .31 .19 .10 -.04 -.01 -.28 -.01 13.86 25.68 17.64 13.98 13.41 13.47 13.59 14.U3 14.26 9.88 18.91 25.75 17.95 14-29 13.60 13.57 13.55 U .42 18.98 9.87

$8.69 $6.25 $8.89 $10.58 $10.16 $9.04 $7.98 $7.33 $6.92 $9.35 4.92 2.06 2.97 3.66 3.94 4.32 5.13 5.02 4.86 16.85 9.82 6.49 6.91 8 . 2 0 9.18 9.42 1 0 . 1 0 10.04 10.47 19,67 3.79 1.82 4.95 6.04 4.92 3.94 3.01 2.31 1.31 6.53 .43 .41 .53 .58 .52 .40 .30 .31 .37 .58 3.36 1.41 4.42 5.46 4.40 3.54 2.71 2.00 .94 5.95 2.35 1.43 2 . 2 1 2.62 2.38 2.17 2.14 2 . 2 1 2.59 2.84 1.01 -.02 2.21 2.84 2.02 1.37 .57 -.21 -1.65 3.11 .51 1.70 .56 .52 .78 .35 .76 .78 .03 1.16 1.42 .99 1.15 1.42 .97 1.60 .62 .37 3.24 .36 .26 1.78 2.21 1.38 .75 -.27 -.05 -1.99 -.13

$5.91 $7.98 $7.20 $6.72 $6.29 $5.88 $5.55 $5.38 $5.10 $4.68

3.27 3.54 3.55 3.54 3.49 3.42 3.20 3.14 3.00 2.96 .78 .52 .63 .62 . 6 8 .78 .77 1 . 0 0 .84 .93

1.82 2.15 2 . 1 1 2.04 1.95 1 . 8 6 1.78 1.70 1.65 1 . 6 8 1.03 1 . 6 6 1.14 .91 .87 .84 1.03 1.07 1.16 1.76 1.57 1.53 1.52 1.60 1 . 6 6 1.80 1.55 1 . 8 8 1.53 .80

$21.87 $28.06 $25.85 $24.68 $23.14 $2 2 . 2 0 $20.53 $21.38 $21.34 $14.05 35.37 16.90 24.99 29.77 33.01 35.09 38.44 36.45 38.57 46.12 37.49 49.49 45.39 42.21 40.09 38.04 35.57 35.01 31.66 35.03 5.27 5.55 3.77 3.34 3.76 4.67 5.46 7.16 8.43 4.80 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

$40.88 $52.38 $51.21 $48.19 $43.99 $40.84 $37.98 $37.12 $40.70 $22.42 44.57 21.31 30.66 37.29 41.98 45.06 47.94 47.76 43.65 67.38 85.45 73.69 81.87 85.48 85.97 85.90 85.92 84.88 84.35 89.80 .65 .69 .37 .36 .48 .53 .48 .67 1.55 .34 13.90 25.62 17.76 14.16 13.55 13.57 13.60 14.45 14.10 9.86 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

i Asset and liability items are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. Because of the small num ber of banks, the figures for this group are not necessarily typical of banks with deposits of more than $50,000,000. N O TE: M inus (-) indicates net loss or net decrease in total capital accounts. Bock figures—See the following Annual Reports: 1937, p. 150; 1936, p. 172; 1935, p. 220; 1934, p. 240.

EARNINGS OF INSURED BANKS 223

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO POPULATION OF CENTER IN WHICH LOCATED

(Amounts in thousands of dollars)

T a b le 143. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F ederal Rese r v e System, Cale n d ar Y ea r 1938

Banks in centers with population of—

banks Less than 250

250 to500

500

to

1 , 0 0 0

1 , 0 0 0 to 2,5002,500 to 5,0005,000 to

1 0 , 0 0 0

1 0 , 0 0 0 to 25,000

25.000 to 50.000

50,000 

or more

N um ber of b a n k s................................................. 7,231 642 1,329 1,602 1,512 698 491 355 159 443

C u rre n t o p e ra tin g e a rn in g s: Interest and discount on loans.................................. 156,811 4,232 10,573 16,276 21,764 15,536 15,938 16,511 9.296 46,685 Interest and dividends on securities........................ 81,888 1,208 3,594 6,672 9,948 8,499 8,552 9,762 5,338 28,315 Commissions, fees, and collection, exchange, and service charges...................................................... 33,128 659 1,910 3,346 4,902 3,424 2,865 2,997 1,515 11,510 Other current operating earnings............................. 29,935 142 496 961 1,784 1,595 2,091 2.697 1,823 18,346 G ross c u rre n t o p e ra tin g e a rn in g s................. 301,762 6,241 16,573 27,255 38,398 29,054 29,446 31,967 17,972 104,856

C u rre n t o p e ra tin g expenses: Interest on time and savings deposits..................... 57,516 1,198 2,960 4,900 6,761 5,397 5,788 6,795 3,741 19,976 Interest and discount on borrowings....................... 638 8 18 23 34 53 1 0 13 28 451 Salaries, wages, and fees............................................. 84,174 1,812 4,778 7,678 10,629 7,843 7,977 8,440 4,634 30,383 Taxes (other than on incom e).................................. 16,297 244 728 1,262 1,975 1,431 1,669 1,701 1,055 6,232 Other expenses of occupancy and maintenance of banking q u arters.................................................. 13,870 2 1 0 491 928 1,318 1,036 1 , 1 2 1 1,463 802 6,501 Other current operating expenses............................ 43,774 900 2,502 3,943 5,436 4,032 4,135 4,353 2,510 15,963 T o ta l c u r r e n t o p e ra tin g e x p en ses................. 216,269 4,372 11,477 18,734 26,153 19,792 20,700 22,765 12,770 79,506

N et c u rre n t o p e ra tin g e a rn in g s .............................. 85,493 1,869 5,096 8,521 12,245 9,262 8,746 9,202 5,202 25,350

P ro fits o n a sse ts sold or exch an g ed , recoveries a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged................... 19,574 216 705 1,289 1,799 1,569 1,830 2,478 1,418 8,270 Profits on other assets sold or exchanged.............. 1,296 15 43 96 180 124 157 169 6 6 446 Recoveries and reductions in valuation allowances on loans.................................................................. 11,054 228 582 1 , 1 1 0 1,585 898 949 905 786 4,011 Recoveries and reductions in valuation allowances on securities........................................................... 7,522 67 243 478 663 579 673 1,305 550 2,964 All other recoveries and reductions in valuation allowances.............................................................. 9,017 63 224 405 731 449 569 912 671 4,993 T o ta l p ro fits o n a sse ts sold, recoveries, etc. 48,463 589 1,797 3,378 4,958 3,619 4,178 5,769 3,491 20,684

N e t e arn in g s, profits a n d recoveries o n assets, e tc ................................................................................. 133,956 2,458 6,893 11,899 17,203 12,881 12,924 14,971 8,693 46,034

Losses, charge-offs, a n d a d d itio n s to v a lu a tio n a llo w a n ce s: On loans.......................................................................... 27,465 610 1,401 2,432 3,307 2,561 2,273 2,916 1,767 10,198 On securities.................................................................. 39,265 663 1,938 3,309 4,099 3,799 4,349 5,503 2,705 12,900 All other losses, charge-offs, and additions to valuation allowances........................................... 29,928 408 1,006 1,799 2,705 2,325 2,593 3,355 1,948 13,789 T o ta l losses, charge-offs, e tc............................ 96,658 1,681 4,345 7,540 1 0 , 1 1 1 8,685 9,215 11,774 6,420 36,887

224 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
C ash d iv id en d s d eclared a n d in te r e s t p aid on c a p ita l: Interest paid on capital notes and debentures and dividends declared on preferred stock............ Dividends declared on common cap ital................. T o ta l cash d iv id en d s d eclared a n d in te re s t p a id o n c a p ita l..............................................

N et p ro fits a fte r d iv id e n d s........................................

O th e r a d d itio n s to c a p ita l a c c o u n ts : Preferred capital sold (par or face value).............. Common capital sold (par or face value).............. Premiums on new capital sold.................................. Deposits waived and subordinated......................... Assessments and other contributions...................... T o ta l o th e r a d d itio n s to c a p ita l a c c o u n ts .

O th e r d e d u c tio n s fro m c a p ita l a c c o u n ts : Preferred capital retired (par or face value)......... Common capital retired (par or face v alue)......... Premiums on preferred capital retired................... Paym ents on subordinated claim s........................... T o ta l o th e r d e d u c tio n s fro m cap ital a c c o u n ts .................................................

N et c h a n g e in to ta l c a p ita l a c c o u n ts for period

Total capital accounts, December S I, 1937......... Total capital accounts, December 31, 1938.........

A verage of a sse ts a n d lia b ilitie s: 1

ASSETS Cash and due from banks................................ Securities.............................................................. L oans..................................................................... Miscellaneous assets.......................................... T o ta l a s s e ts ...................................................

L IA B ILIT IE S AND CAPITA L Demand deposits................................................ Time deposits...................................................... T o ta l d e p o sits.............................................. Miscellaneous liabilities.................................... Total capital accounts...................................... T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts

N et profits before incom e taxes and dividends Incom e taxes, Federal and S ta te...................... Net profits after incom e tax es...........................

37,298 4,215 33,083

777 105 672

2,548 259 2,289

4,359 410 3,949

7,092 626 6,466

4,196 385 3,8113,709 411 3,298

3,197 287 2,910

2,273 163 2,1109,147 1,569 7,578

4,904 18,192 6 8 300 233 876 346 1,639 600 2,525 507 1,872 544 1,846 592 1,752 452 842 1,562 6,540

23,096 368 1,109 1,985 3,125 2,379 2,390 2,344 1,294 8,102

9,987 304 1,180 1,964 3,341 1,432 908 566 816 -524

1,822

1 , 2 1 0

38 1 2 0 51 7654 273 446 6 8 179 27 99

2 0 0

55070 571

2 1 0 508 4 135 2 2 44 6 297 18 8 1 0 1,436 4,994 87 125 164 347 297 437 163 1,017 149 418 84 111 6 8 411 1 0 636 414 1,492

8,790 479 76

2

405

2 0

59936 1,3265

784 80825 797 331 440 3,55560 42 9 2 7 2 2 2

2,084 81 132 341 367 99 129 328 237 370

11,395 159 557 985 1,700 883 969 1,478 677 3,987

3,586 270 970 1,416 2,658 967 50 -501 775 -3,019

980,972 984,558 20,742 21,012 53,861 5b,831 84,753 86,169 116,105 118,763 91,560 92,527 100,093 100,143 107,724- 107,223 63,760 6b,535 3b2,37b 339,355

1,547,788 2,503,552 2,653,847 373,075 7,078,262

30,768 35,140 65,047 3,751 134,706

81,578 101,107 158,239 10,990 351,914

140,371 187,309 248,755 18,711 595,146

210,571 282,486 338,930 30,034 862,021

162,008 241,041 260,495 28,168 691,712163,253 250,643 265,680 35,149 714,725

169,254 300,804 293,630 45,692 809,380

100,290 166,242 165,796 24,904 457,232

489,695 938,780 857,275 175,676 2,461,426

2,893,319 3,155,068 6,048,387 45,840 984,035 7,078,262

56,684 56,892 113,576 317 20,813 134,706

156,199 140,620 296,819 853 54,242 351,914

270,460 237,521 507,981 1,639 85,526 595,146

405,672 336,184 741.856 2,309 117.856 862,021

318,595 278,342 596,937 2,487 92,288 691,712

305,400 307,116 612,516 1,837 100,372 714,725

327,981 371,110 699,091 2,592 107,697 809,380

176,521 214,216 390,737 2,057 64,438 457,232

875,807 1,213,067 2,088,874 31,749 340,803 2,461,426

1 Asset and liability item s are averages of figures for December 31, 1937, June 30, 1938, and December 31 1938. 

N O TE: M inus (-) indicates net loss or net decrease in total capital accounts. Back figures—See the following Annual Reports: 1937, p. 152; 1936, p. 174.

totoonEARNINGS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO POPULATION OF CENTER IN WHICH LOCATED

Table 144. R atio s OF EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS

of th e F ederal Re se rv e Sy stem, Cale n d ar Y ea r 1938

All

Banks in centers with population of—-

banks Less than 250

250to500

500to

1 , 0 0 0

1 , 0 0 0 to 2,500

2,500 to 5,000

5,000 to

1 0 , 0 0 0

1 0 , 0 0 0 to 25,00025.000 to 50.000

50,000 

or more

N um ber of b a n k s................................................. 7,231 642 1,329 1,602 1,512 698 491 355 159 443

A m ou n ts per $100 of gross earn in gs C urrent operatin g ea rn in g s: Interest and discount on loans.................................. $51.97 $67.81 $63.80 $59.72 $56.68 $53.47 $54.13 $51.65 $51.72 $44.52 Interest and dividends on securities........................ 27.14 19.36 21.69 24.48 25.91 29.25 29.04 30.54 29.70 27.00 Commissions, fees, and collection, exchange, and service charges...................................................... 10.98 10.56 11.52 12.28 12.77 11.78 9.73 9.38 8.43 10.98 Other current operating earnings............................. 9.91 2.27 2.99 3.52 4.64 5.50 7.10 8.43 10.15 17.50 Gross current operatin g ea rn in g s................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

C urrent operatin g expenses: Interest on time and savings deposits..................... $19.06 $19.20 $17.86 $17.98 $17.61 $18.58 $19.66 $21.26 $20.82 $19.05 Interest and discount on borrowings....................... . 2 1 .13 . 1 1 .08 .09 .18 .03 .04 .16 .43 Salaries, wages, and fees............................................. 27.89 29.03 28.83 28.17 27.68 26.99 27.10 26.40 25.78 28.98 Taxes (other than on incom e)................................... 5.40 3.91 4.39 4.63 5.14 4.93 5.67 5.32 5.87 5.94 Other expenses of occupancy and maintenance of banking q u arters.................................................. 4.60 3.36 2.96 3.40 3.43 3.57 3.81 4.58 4.46 6 . 2 0 Other current operating expenses............................ 14.51 14.42 15.10 14.48 14.16 13.87 14.03 13.61 13.96 15.22 T otal current operatin g ex p en ses................. 71.67 70.05 69.25 68.74 68.11 68.12 70.30 71.21 71.05 75.82

N et current operatin g ea rn in g s.............................. $28.33 $29.95 $30.75 $31.26 $31.89 $31.88 $29.70 $28.79 $28.95 $24.18

A m ou n ts per $100 of to ta l a ssets1 C urrent operatin g earnings: Interest and discount on loans.................................. $2 . 2 2 $3.14 $3.00 $2.73 $2.52 $2.25 $2.23 $2.04 $2.03 $1.90 Interest and dividends on securities........................ 1.16 .90 1 . 0 2 1 . 1 2 1.15 1.23 1 . 2 0 1 . 2 1 1.17 1.15 Commissions, fees, and collection, exchange, and service charges...................................................... .47 .49 .54 .56 .57 .50 .40 .37 .33 .47 Other current operating earnings............................. .42 . 1 1 .15 .17 . 2 1 . 2 2 .29 .33 .40 .74 Gross current operatin g ea rn in g s................. 4.27 4.64 4.71 4.58 4.45 4.20 4.12 3.95 3.93 4.26

Current operatin g exp en ses: Interest on tim e and savings deposits..................... $0.81 $0.89 $0.84 $0.82 $0.78 $0.78 $0.81 $0.84 $0.82 $0.81 Interest and discount on borrowings....................... . 0 1 . 0 1 . 0 1 . 0 0 . 0 0 . 0 1 . 0 0 . 0 0 . 0 1 * 0 2 Salaries, wages, and fees............................................. 1.19 1.35 1.36 1.29 1.23 1.13 1 . 1 2 1.04 1 . 0 1 1.23 Taxes (other than on income)................................... .23 .18 . 2 1 . 2 1 .23 . 2 1 .23 . 2 1 .23 .25 Other expenses of occupancy and m aintenance of banking q u arters.................................................. . 2 0 .16 .14 .16 .15 .15 .16 .18 .18 .26 Other current operating expenses............................. .62 . 6 6 .70 .67 .64 .58 .58 .54 .54 . 6 6 T otal current operating ex p en ses................. 3.06 3.25 3.26 3.15 3.03 2.86 2.90 2.81 2.79 3.23

N et current operatin g ea rn in g s.............................. $1.21 $1.39 $1.45 $1.43 $1.42 $1.34 $1.22 $1.14 $1.14 $1.03

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t profits before in co m e tax es a n d dividends Income taxes. Federal and S ta te .............................. N e t profits a fte r in c o m e ta x e s............................ Cash dividends declared............................................. N e t profits a fte r d iv id e n d s.................................... Other additions to total capital a cco u n ts............. Other deductions from total capital accounts. . .. N e t c h an g e in to ta l c a p ita l a c c o u n ts.............. Total capital accounts, December 31, 1937............... Total capital accounts, December 31, 1938...............

A m o u n ts p e r $100 of to ta l c ap ital a c c o u n ts1

N e t c u rre n t o p e ra tin g e a rn in g s......................... Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t pro fits before in co m e taxes a n d dividends Income taxes. Federal and S ta te .............................. N e t profits a fte r in co m e ta x e s............................ Cash dividends declared............................................. N e t p ro fits a fte r d iv id e n d s.................................... Other additions to total capital acco u n ts............. Other deductions from total capital accounts. . .. N e t c h a n g e in to ta l c a p ita l a c c o u n ts..............

S pecial ra tio s1

Interest and discount on loans per $100 of total loans........................................................................ Interest and dividends on securities per $100 of total securities....................................................... Profits on securities per $100 of total securities... Interest on time deposits per $100 of time deposits of individuals, partnerships, and corporations Losses on loans per $100 of total loans.................. Losses on securities per $100 of total securities...

A verage of a sse ts a n d lia b ilitie s p e r $100 of to ta l a sse ts1

ASSETS Cash and due from banks.......................................... Securities......................................................................... L oans............................................................................... Miscellaneous assets..................................................... T o ta l a s s e ts ..............................................................

L IA B IL IT IE S AN D CA PITA L D emand deposits.......................................................... Time deposits................................................................ T o ta l d e p o sits......................................................... Miscellaneous liabilities............................................... Total capital accounts................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts .........

$0 . 6 8 $0.44 $0.51 $0.57 $0.58 $0.52 $0.58 $0.71 $0.76 $0.84 1.36 1.25 1.23 1.27 1.18 1.25 1.28 1.45 1.40 1.50 .53 .58 .73 .73 .82 .61 .52 .40 .50 .37 .06 .08 .07 .07 .07 .06 .06 .04 .04 .06 .47 .50 . 6 6 . 6 6 .75 .55 .46 .36 .46 .31 .33 .27 .32 .33 .36 .34 .33 .29 .28 .33 .14 .23 .34 .33 .39 . 2 1 .13 .07 .18 - . 0 2 .07 .09 . 1 0 .07 . 1 2 .06 . 0 2 .05 .14 .06 .16 . 1 2 .16 .16 . 2 0 .13 .14 .18 .15 .16 .05 . 2 0 .28 .24 .31 .14 . 0 1 -.06 .17 - . 1 2 13.86 1540 15.31 11+.21+ 13.1+7 13.21+ 11+.00 13.31 13.91+ 13.91 13.91 15.60 15.59 11+.1+8 13.78 13.38 11+.01 13.25 ll+.ll 13.79

$8.69 $8.98 $9.40 $9.97 $10.39 $10.04 $8.71 $8.54 $8.07 $7.44 4.92 2.83 3.31 3.95 4.21 3.92 4.16 5.36 5.42 6.07 9.82 8.08 8 . 0 1 8.82 8.58 9.41 9.17 10.93 9.96 10.83 3.79 3.73 4.70 5.10 6 . 0 2 4.55 3.70 2.97 3.53 2 . 6 8 .43 .50 .48 .48 .53 .42 .41 .27 .25 .46 3.36 3.23 4.22 4.62 5.49 4.13 3.29 2.70 3.28 2 . 2 2 2.35 1.77 2.04 2.32 2.65 2.58 2.38 2.18 2 . 0 1 2.38

1 . 0 1 1.46 2.18 2.30 2.84 1.55 .91 .52 1.27 -.16 .51 .60 .64 .51 . 8 6 .45 . 1 1 .38 .99 .44 1.16 .76 1.03 1.15 1.44 .95 .97 1.37 1.06 1.17 .36 1.30 1.79 1 . 6 6 2.26 1.05 .05 -.47 1 . 2 0 -.89

$5.91 $6.51 $6 . 6 8 $6.54 $6.42 $5.96 $6 . 0 0 $5.62 $5.61 $5.45

3.27 3.44 3.55 3.56 3.52 3.53 3.41 3.25 3.21 3.02 .78 .61 .70 .69 .64 .65 .73 .82 .85 . 8 8

1.82 2 . 1 1 2 . 1 0 2.06 2 . 0 1 1.94 1 . 8 8 1.83 1.75 1.65 1.03 .94 .89 .98 .98 .98 . 8 6 .99 1.07 1.19 1.57 1.89 1.92 1.77 1.45 1.58 1.74 1.83 1.63 1.37

$21.87 $22.84 $23.18 $23.59 $24.43 $23.42 $22.84 $20.91 $21.93 $19.89 35.37 26.09 28.73 31.47 32.77 34.85 35.07 37.16 36.36 38.14 37.49 48.29 44.97 41.80 39.32 37.66 37.17 36.28 36.26 34.83 5.27 2.78 3.12 3.14 3.48 4.07 4.92 5.65 5.45 7.14

1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

$40.88 $42.08 $44.39 $45.44 $47.06 $46.06 $42.73 $40.52 $38.61 $35.58 44.57 42.23 39.96 39.91 39.00 40.24 42.97 45.85 46.85 49.28 85.45 84.31 84.35 85.35 86.06 86.30 85.70 86.37 85.46 84.86 .65 .24 .24 .28 .27 .36 .26 .32 .45 1.29 13.90 15.45 15.41 14.37 13.67 13.34 14.04 13.31 14.09 13.85

1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

1 Asset and liability items are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. 

N O TE: Minus (-) indicates net loss or net decrease in total capital accounts. Back figures—See the following Annual Reports: 1937, p. 154; 1936 p. 176.

EARNINGS OF INSURED BANKS 227

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 145. EARNINGS, EXPENSES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS OF THE

F ederal Re se r v e System, Ca lendar Y ea r 1938

BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO RATE OF NET EARNINGS ON TOTAL ASSETS

All Banks with net current operating earnings per $100 of total assets of— 1

banks $-0.50 

or more

$-0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 $2 . 0 0 to $2.49 $2.50 to $2.99 $3.00 

or more

N um ber of b an k s................................................. 7,231 27 67 441 1,478 2,254 1,573 808 317 266

C u rre n t o p e ra tin g e a rn in g s : Interest and discount on loans.................................. 156,811 156 2,404 8,759

(In thousa 

32,314

nds of dollai 

54,627

*s)

28,440 15,362 5,903 8,846 Interest and dividends on securities........................ 81,888 76 1,605 6,661 21,060 32,901 12,388 5,172 986 1,039 Commissions, fees, and collection, exchange, and service charges...................................................... 33,128 78 598 2,215 6,270 9,786 6,386 4,097 1,091 2.607 Other current operating earnings............................. 29,935 94 4,601 3,457 6,860 9,701 2,568 1,371 356 927 G ross c u rre n t o p e ra tin g e a rn in g s................. 301,762 404 9,208 21,092 66,504 107,015 49,782 26,002 8,336 13,419

C u rre n t o p e ra tin g expenses: Interest on time and savings deposits..................... 57,516 59 1,098 4,552 15,342 23,032 8,093 3,108 843 1,389 Interest and discount on borrowings....................... 638 1 1 286 72 77 27 60 58 2 0 27 Salaries, wages, and fees............................................. 84,174 2 2 1 3,955 7,480 19,592 27,248 12,899 6,914 2,257 3,608 Taxes (other than on incom e)................................... 16,297 49 940 1,510 4,088 5,452 2,277 1,223 309 449 Other expenses of occupancy and m aintenance of banking q u arters.................................................. 13,870 36 875 1,878 3,551 4,257 1,558 909 244 562 Other current operating expenses............................ 43,774 115 2,251 3,655 10,117 14,673 6,707 3,322 1,174 1,760 T o ta l c u rre n t o p e ra tin g e x p en ses................. 216,269 491 9,405 19,147 52,767 74,689 31,594 15,534 4,847 7,795

N e t c u rre n t o p e ra tin g e a rn in g s.............................. 85,493 -87 -197 1,945 13,737 32,326 18,188 10,468 3,489 5,624

P ro fits o n asse ts sold or ex ch an g ed , recoveries a n d re d u c tio n s in v a lu a tio n allo w an ces: Profits on securities sold or exchanged................... 19,574 52 990 2,042 5,955 7,240 2,154 729 142 270 Profits on other assets sold or exchanged.............. 1,296 5 96 71 408 426 172 77 26 15 Recoveries and reductions in valuation allowances on loans................................................................... 11,054 45 300 834 2,476 3,961 1,691 894 301 552 Recoveries and reductions in valuation allowances on securities..................................................... 7,522

9,017

1,105

851

695

400

2,232

1,352

2,114

4,845

806

833

384

340

31

171

155

203 All other recoveries and reductions in valuation allowances.............................................................. 2 2 T o ta l pro fits o n a sse ts sold, recoveries, etc. 48,463 124 3,342 4,042 12,423 18,586 5,656 2,424 671 1,195

N et earn in g s, p ro fits a n d recoveries o n a sse ts, e tc ................................................................................. 133,956 37 3,145 5,987 26,160 50,912 23,844 12,892 4,160 6,819

Losses, charge-offs, a n d a d d itio n s to v a lu a tio n allo w a n ce s: On loans.......................................................................... 27.465 70 852 1,242 5,723 10,893 4,388 2,148 805 1,344 On securities.................................................................. 39,265 50 1,738 4,154 9,994 13,735 6,072 2,733 310 479 All other losses, charge-offs, and additions to valuation allowances........................................... 29,928 130 2,324 1,948 6,089 12,140 4,382 1,659 509 747 T o ta l losses, charge-offs, e tc ............................ 96,658 250 4,914 7,344 21,806 36,768 14,842 6,540 1,624 2,570

228 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
C ash d iv id en d s d e clared a n d in te r e s t p aid on c a p ita l: Interest paid on capital notes and debentures and dividends declared on preferred stock............ Dividends declared on common c ap ital................. T o ta l c ash d iv id en d s d e clared a n d in te re s t p a id o n c a p ita l...................................................

N et p ro fits a fte r d iv id e n d s........................................

O th e r a d d itio n s to c a p ita l a c c o u n ts : Preferred capital sold (par or face value).............. Common capital sold (par or face value).............. Premiums on new capital sold.................................. Deposits waived and subordinated.......................... Assessments and other contributions...................... T o ta l o th e r a d d itio n s to c a p ita l a c c o u n ts

O th e r d e d u c tio n s fro m c a p ita l a c c o u n ts : Preferred capital retired (par or face value)......... Common capital retired (par or face valu e)......... Premiums on preferred capital re tired................... Paym ents on subordinated claims........................... T o ta l o th e r d e d u c tio n s fro m c ap ital a c c o u n ts ................................................................

N et c h a n g e in to ta l c a p ita l a c c o u n ts fo r period

Total capital accounts, December 31, 1937................... Total capital accounts, December 31, 1938...................

A verage of a sse ts a n d lia b ilitie s: 1

ASSETS Cash and due from banks.......................................... Securities......................................................................... L oans............................................................................... Miscellaneous assets.................................................... T o ta l a s s e ts ..............................................................

L IA B ILIT IE S AND CAPITA L Dem and deposits.......................................................... Time deposits................................................................ T o ta l d e p o sits......................................................... Miscellaneous liabilities.............................................. Total capital accounts................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts........

N et profits before incom e taxes and dividends Incom e taxes, Federal and S ta te.......................... Net profits after incom e tax es................................

37,298 4,215 33,083

4,904 18,192

23,096

9,987

1,822 1,210 50818 1,436 4,994

8,790 47942 2,084

11,395

3,586

980,972 984,558

1,547,788 2,503,552 2,653,847 373,075 7,078,262

2,893,319 3,155,068 6,048,387 45,840 984,035 7,078,262

-213

1

-214

60

-274

158 158

104

-220

2,883 2,613

2,383 2,595 3,094 1,542 9,614

3,354 3,306 6,660 229 2,725 9,614

-1,769

1 1 -1,780

1376

89

-1,869

3030

259

1 0

44

-1,883

36,500 34,617

36,198 57,567 57,245 35,809 186,819

61,796 78,960 140,756 10,596 35,467 186,819

-1,357

6 6 -1,423

265 739

1,004

-2,427

99 16875

60 402

469

213

687

-2,712

77,497 74,785

176,003 231,504 185,521 36,857 629,885

259,883 290,063 549,946 3,943 75,996 629,885

4,354 442 3,912

1.155 3.155

4,310

-398

585 246 191

8

352 1,382

1,1771625 542

1,760

-776

229,548

410,549 688,968 609,075 102,102 1,810,694

733,068 840,986 1,574,054 6,550 230,090 1,810,694

14,144 1,220 12,924

2,197 6,210

8,407

4,517

864 613 194

510 2,181

4,422 426

757

5,613

1,085

356,993 358,078

531,223 994,519 971,405 125,431 2,622,578

1,006,016 1,250,235 2,256,251 8,236 358,091 2,622,578

9,002 845 8,157

750 3,339

4,089

4,068

984644

1 0

2 1 1 409

1,172

2

298

1,472

3,005

149,790 152,795

229,741 339,953 446,121 45,134 1,060,949

483,648 420,807 904,455 4,856 151,638 1,060,949

6,352 700 5,652

309 2,283

2,592

3,060

162144

70 250

7125

185

902

2,408

77,824 80,232

103,870 134,753 214,583 17,429 470,635

226,260 161,192 387,452 3,870 79,313 470,635

2,536 269 2,267

100 761

861

1453

1885

303

23

326

1,165

19,450 20,615

28,598 26,116 72,001 3,581 130,296

65,407 42,490 107,897 2,331 20,068 130,296

1 Asset and liability items are averages of figures for D^pember 31, 1937, June 30, 1938, and December 31, 1938. 

N O TE: M inus (-) indicates net deficit, net loss, or net decrease in total capital accounts. Back figures—See the following Annual Reports: 1937, p. 156; 1936, p. 182.

4,249 661 3,588

56 1,628

1,684

1,904

70

2797

431

56

487

1,514

29,761 31,275

29,223 27,577 94,802 5,190 156,792

53,887 67,029 120,916 5,229 30,647 156,792

EARNINGS OF INSURED BANKS 229

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS OPERATING THROUGHOUT ifkTIR E YEAR GROUPED ACCORDING TO RATE OF NET EARNINGS ON TOTAL ASSETS

Table 146. RATIOS OF EARNINGS, EXPEN SES, AND DISPOSITION OF PROFITS OF INSURED COMMERCIAL BANKS NOT MEMBERS

o f t h e F e d e r a l R e s e r v e S y ste m , C a l e n d a r Y e a r 1938

All Banks with net current operating earnings per $100 of total assets of— 1

banks $-0.50 

or more

$-0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 $2 . 0 0 to $2.49 $2.50 to $2.99 $3.00 

or more

N um ber of b a n k s................................................. 7,231 27 67 441 1,478 2,254 1,573 808 317 266

A m ou n ts per $100 of gross earnings Current operatin g earnings: Interest and discount on loans.................................. $51.97 $38.61 $26.11 $41.53 $48.59 $51.05 $57.13 $59.08 $70,81 $65.92 Interest and dividends on securities........................ 27.14 18.81 17.43 31.58 31.-67 30.74 24.88 19.89 11.83 7.74 Commissions, fees, and collection, exchange, and service charges...................................................... 10.98 19.31 6.49 10.50 9.43 9.14 12.83 15.76 13.09 19.43 Other current operating earnings............................. 9.91 23.27 49.97 16.39 10.31 9.07 5.16 5.27 4.27 6.91 G ross current operatin g ea rn in g s................. 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

C urrent operatin g expenses: Interest on tim e and savings deposits..................... $19.06 $14.60 $11.92 $21.58 $23.07 $21.52 $16.26 $11.95 $1 0 . 1 1 $10.35 Interest and discount on borrowings....................... . 2 1 2.72 3.11 .34 . 1 2 .03 . 1 2 . 2 2 .24 . 2 0 Salaries, wages, and fees............................................. 27.89 54.70 42.95 35.46 29.46 25,46 25.91 26.59 27.08 26.89 Taxes (other than on incom e)................................... 5.40 12.13 1 0 . 2 1 7.16 6.15 5.09 4.57 4.70 3.71 3.35 Other expenses of occupancy and maintenance of banking q u arters.................................................. 4.60 8.91 9.50 8.90 5.34 3.98 3.13 3.50 2.93 4.19 Other current operating expenses............................ 14.51 28.47 24.45 17.34 15.20 13.71 13.47 12.78 14.08 13.11 T otal current operatin g ex p en ses...................... 71.67 121.53 102.14 90.78 79.34 69.79 63.46 59.74 58.15 58.09

N et current operatin g ea rn in g s.............................. $28.33 $-21.53 $-2.14 $9.22 $20.66 $30.21 $36.54 $40.26 $41.85 $41.91

A m ou nts per $100 of to ta l assets1 Current operating earn in gs: Interest and discount on loans.................................. $2 . 2 2 $1.62 $1.29 $1.39 $1.78 $2.08 $2 . 6 8 $3.26 $4.53 $5.64 Interest and dividends on securities........................ 1.16 .79 . 8 6 1.06 1.16 1.25 1.17 1 . 1 0 .76 . 6 6 Commissions, fees, and collection, exchange, and service charges...................................................... .47 .81 .32 .35 .35 .37 .60 .87 .84 1 . 6 6 Other current operating earnings............................. .42 .98 2.46 .55 .38 .38 .24 .29 .27 .60 Gross current operating ea rn in g s................. 4.27 4.20 4.93 3.35 3.67 4.08 4.69 5.52 6.40 8.56

C urrent operatin g expenses: Interest on time and savings deposits..................... $0.81 $0.61 $0.59 $0.72 $0.85 $0 . 8 8 $0.76 $0 , 6 6 $0.65 $0.89 Interest and discount on borrowings....................... . 0 1 . 1 1 .15 . 0 1 . 0 0 . 0 0 . 0 1 . 0 1 . 0 2 . 0 2 Salaries, wages, and fees............................................. 1.19 2.30 2 . 1 2 1.19 1.08 1.04 1 . 2 2 1.47 1.73 2.30 Taxes (other than on income)................................... .23 .51 .50 .24 .23 . 2 1 . 2 1 .26 .24 .29 Other expenses of occupancy and maintenance of banking q u arters.................................................. . 2 0 .37 .47 .30 . 2 0 .16 .15 .19 .19 .36 O ther current operating expenses............................ .62 1 . 2 1 1 . 2 1 .58 .56 .56 .63 .71 .89 1 . 1 1 T otal current operatin g ex p en ses................. 3.06 5.11 5.04 3.04 2.92 2.85 2.98 3.30 3.72 4.97

N et current operating earn in gs.............................. $1.21 $-0.91 $-0.11 $0.31 $0.75 $1.23 $1.71 $2.22 $2.68 $3.59

230 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t p rofits before in co m e taxes a n d dividends Income taxes, Federal and S ta te .............................. N et p rofits a fte r in co m e ta x e s............................ Cash dividends declared............................................. N et pro fits a fte r d iv id e n d s.................................... Other additions to total capital acco u n ts............. O ther deductions from total capital accounts. . .. N e t c h an g e in to ta l c a p ita l a c c o u n ts.............. Total capital accounts, December 31, 1937............... Total capital accounts, December 31, 1938..............

A m o u n ts p e r $100 of to ta l c ap ital a c c o u n ts1

N e t c u rre n t o p e ra tin g e a rn in g s .......................... Recoveries, profits on securities, etc........................ Losses and depreciation on assets............................ N e t p ro fits before in co m e tax es a n d dividends Income taxes, Federal and S ta te .............................. N et p ro fits a fte r in co m e ta x e s........................... Cash dividends declared............................................. N et p ro fits a fte r d iv id e n d s.................................... Other additions to total capital a cc o u n ts............. Other deductions from total capital accounts. . .. N et c h a n g e in to ta l c a p ita l a c c o u n ts..............

S pecial r a tio s1

Interest and discount on loans per $100 of total loans........................................................................ Interest and dividends on securities per $100 of total securities....................................................... Profits on securities per $100 of total securities. .. Interest on time deposits per $100 of time deposits of individuals, partnerships, and corporations Losses on loans per $ 1 0 0 of total loans.................. Losses on securities per $ 1 0 0 of total securites. ..

A verage of a sse ts a n d lia b ilitie s p e r $100 of to ta l a sse ts1

ASSETS Cash and due from banks.......................................... Securities......................................................................... L oans............................................................................... Miscellaneous assets..................................................... T o ta l a s s e ts ..............................................................

L IA B ILIT IE S AND CAPITA L Demand deposits.......................................................... Time deposits................................................................ T o ta l d e p o sits......................................................... Miscellaneous liabilities............................................... Total capital accounts................................................. T o ta l lia b ilitie s a n d c a p ita l a c c o u n ts.........

$0 . 6 8 $1.29 $1.79 $0.64 $0.69 $0.71 $0.53 $0.52 $0.51 $0.76 1.36 2.60 2.63 1.17 1 . 2 0 1.40 1.39 1.39 1.24 1.64 .53 - 2 . 2 2 -.95 - . 2 2 .24 .54 .85 1.35 1.95 2.71 .06 . 0 1 . 0 0 . 0 1 . 0 2 .05 .08 .15 . 2 1 .42 .47 -2.23 -.95 -.23 . 2 2 .49 .77 1 . 2 0 1.74 2.29 .33 .62 .05 .16 .24 .32 .39 .55 . 6 6 1.07 .14 -2.85 - 1 . 0 0 -.39 - . 0 2 .17 .38 .65 1.08 1 . 2 2 .07 1.64 . 0 2 .06 .08 .08 .04 .05 .07 .06 .16 1.08 .03 . 1 0 . 1 0 . 2 1 .14 .19 .26 .31 .05 -2.29 - 1 . 0 1 -.43 -.04 .04 .28 .51 .89 .97 13.86 29.^7 19.5k 12.30 12.72 13.61 I k .12 16.5k l k . 93 18.98 13.91 27.18 18.53 11.87 12.68 13.65 U .ko 17.05 15.82 19.95

$8.69 $-3.19 $-0.56 $2.56 $5.97 $9.03 $1 2 . 0 0 $13.20 $17.39 $18.35 4.92 4.55 9.42 5.32 5.40 5.19 3.73 3.06 3.34 3.90 9.82 9.18 13.85 9.66 9.48 10.27 9.79 8.25 8.09 8.39 3.79 -7.82 -4.99 -1.78 1 89 3.95 5.94 8 . 0 1 12.64 13.86 .43 .04 .03 .09 .19 .34 .56 . 8 8 1.34 2.16 3.36 -7.86 -5.02 -1.87 1.70 3.61 5.38 7.13 11.30 11.70 2.35 2 . 2 0 .25 1.32 1.87 2.35 2.70 3.27 4.29 5.49

1 . 0 1 -10.06 -5.27 -3.19 -.17 1.26 2 . 6 8 3.86 7.01 6 . 2 1 .51 5.81 .08 .53 .60 .61 .27 .32 .42 .32 1.16 3.82 . 1 2 .91 .77 1.57 .97 1.14 1.62 1.59 .36 -8.07 -5.31 -3.57 -.34 .30 1.98 3.04 5.81 4.94

$5.91 $5.04 $4.20 $4.72 $5.31 $5.62 $6.37 $7.16 $8 . 2 0 $9.33

3.27 2.93 2.79 2 . 8 8 3.06 3.31 3.64 3.84 3.78 3.77 .78 2 . 0 0 1.72 . 8 8 . 8 6 .73 .63 .54 .54 .98

1.82 1.78 1.39 1.57 1.82 1.84 1.92 1.93 1.98 2.07 1.03 2.26 1.49 .67 .94 1 . 1 2 .98 1 . 0 0 1 . 1 2 1.42 1.57 1.93 3.02 1.79 1.45 1.38 1.79 2.03 1.19 1.74

$21.87 $24.79 $19.38 $27.94 $22.67 $20.26 $21.65 $22.07 $21.95 $18.64 35.37 26.99 30.81 36.75 38.05 37.92 32.04 28.63 20.04 17.59 37.49 32.18 30.64 29.45 33.64 37.04 42.05 45.59 55.26 60.46 5.27 16.04 19.17 5.86 5.64 4.78 4.26 3.71 2.75 3.31

1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

$40.88 $34.89 $33.08 $41.26 $40.48 $38.36 $45.59 $48.08 $50.20 $34.37 44.57 34.39 42.27 46.05 46.45 47.67 39.66 34.25 32.61 42.75 85.45 69.28 75.35 87.31 86.93 86.03 85.25 82.33 82.81 77.12 .65 2.38 5.67 .62 .36 .32 .46 .82 1.79 3.33 13.90 28.34 18.98 12.07 12.71 13.65 14.29 16.85 15.40 19.55

1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0 1 0 0 . 0 0

i Asset and liability items are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. 

N O TE: M inus (—) indicates net deficit, net loss, or net decrease in total capital accounts. Back figures—See Annual R eport for 1937, p. 158; 1936, p. 184.

EARNINGS OF INSURED BANKS 231

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Federal Reserve Bank of St. Louis
Table 147. N e t C u r r e n t O p e r a t i n g E a r n i n g s o f I n s u r e d C o m m e r c i a l B a n k s n o t M e m b e r s o f t h e

F e d e r a l R e s e r v e S y s te m , C a l e n d a r Y e a r 1938

n u m b e r o f b a n k s o p e r a t i n g t h r o u g h o u t e n t i r e y e a r g r o u p e d a c c o r d i n g t o r a t e o f n e t e a r n i n g s o n t o t a l a s s e t s ,

AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED

All Banks with net current operating earnings per $100 of total assets of— 1

banks $-0.50 

or more

$-0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 $2 . 0 0 to $2.49 $2.50 to $2.99 $3.00 

or more

7,231

536

27 67 441 1,478 2,254 1,573 808 317 266

B an k s w ith d e p o sits of— 1

8 14 55 94 94 1 1 0 69 47 45

$100 000 to $250,000.......................................................... 2,104 1,990

1,359 745

14 14 115 348 556 507 312 125 113

$250 000 to $500 000.......................................................... 1 15 89 392 633 467 226 99 6 8

$500 000 to $1 000 000 ................................................. 3 7 70 282 518 290 132 32 25

$ 1 0 0 0 0 0 0 to $ 2 0 0 0 , 0 0 0 ................................................... 1 6 65 198 266 134 51 13 1 1

$2 000 000 to $5 000 000 .......................... 366 6 26 123 143 53 14 1

$5 000 000 to $10 000 000 .............................. 72 1 1 2 2 1 27 7 2 2

$10 000 000 to $50 000 000 ....................................... 54 3 8 2 0 14 5 2 1 1 lyr/\t»p fliQTi OOO 0 0 0 5 1 1 3

B an k s in c e n te rs w ith p o p u la tio n of— Less than 250 .............................................................. 642 5 8 40 126 183 167 67 26 2 0

250 to 500 .............................................................. 1,329 1,602

1,512 698

3 1 1 74 244 389 320 166 73 49

500 to 1 000 .............................................................. 5 9 93 300 483 369 2 0 0 80 63

1 000 to 2 500 ..................................................................... 4 6 81 264 470 362 197 80 48

2 500 to 5 000 .............................................................. 2 1 0 43 134 238 147 78 28 18

5 000 to 10 000 .............................................................. 491 1 8 29 136 157 8 6 45 17 1 2

10 000 to 25 000 ........................................................ 355 3 5 19 98 149 46 18 3 14

25 000 to 50 000 ........................................................ 159 1 16 48 60 2 0 7 1 6

443 4 9 46 128 125 56 30 9 36

B an k s in c e n te rs w ith —

1 banking office .......................................................... 4,643 1,547 383

13 33 248 835 1,385 1,127 581 245 176

2 banking offices ........................................................ 8 17 113 355 519 295 161 50 29

1 5 23 99 149 61 19 9 17

4 banking offices .......................................................... 158 1 2 1 0 48 46 27 14 3 7

5 banking offices .......................................................... 75 1 4 2 1 29 13 3 1 3

6 banking offices ........................................................ 60 1 1 6 15 23 3 1 1 9

y or 8 banking offices .................................................... 47 1 6 17 9 4 5 5

9 to 19 banking offices....................................................... 147 1 1 8 46 44 23 1 1 5 8

2 0 or more banking offices................................................ 171 1 7 23 42 50 2 0 13 3 1 2

1 Asset and liability items are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938. Back figures—See the following Annual Reports: 1937, p. 160; 1936, p. 186.

232 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
NUMBER OF BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO RATE OF NET PROFITS ON TOTAL ASSETS 

AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED

T a b le 148. N e t P r o f i t s B e f o r e DIVIDENDS OF INSURED COMMERCIAL BANKS NOT MEM BERS OF THE

F e d e r a l R e s e r v e S y s te m , C a l e n d a r Y e a r 1938

All banks

Banks with net profits before dividends per $ 1 0 0 of total assets of— 1

$-2 . 0 0

or more

$-1 . 0 0 to $-1.99 $-0.50 to $-0.99 $-0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 $2 . 0 0 to $2.49 $2.50 to $2.99 $3.00 

or more

All b a n k s ................................................................... 7,231 235 273 284 584 1,293 1,673 1,429 810 377 148 125

B a n k s w ith d ep o sits of— 1 $1 0 0 , 0 0 0 or less..................................................... 536 31 2 1 2 1 60 95 92 90 50 41 13 2 2 $100,000 to $250,000........................................... 2,104 6 8 6 8 8 8 170 332 436 403 283 149 61 46 $250,000 to $500,000........................................... 1,990 52 72 74 1 2 0 324 463 438 242 118 46 41

$500,000 to $1,000,000....................................... 1,359 38 50 47 105 265 361 271 151 42 2 2 ij $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 , 0 0 0 .................................... 745 24 35 33 80 159 171 145 67 19 5 ij $2,000,000 to $5,000,000.................................... 366 17 19 13 34 83 117 65 1 2 3 1 2

$5,000,000 to $10,000,000.................................. 72 2 4 6 7 2 1 19 9 2 2

$10,000,000 to $50,000,000............................... 54 3 4 2 6 14 1 2 7 3 3 M ore than $50,000,000....................................... 5 2 2 1

B a n k s in c e n te rs w ith p o p u la tio n of— Less th an 250........................................................ 642 30 25 31 59 108 157 1 1 2 67 36 1 0 7

250 to 500............................................................... 1,329 45 59 40 114 229 271 285 152 76 31 27 500 to 1,000........................................................... 1,602 55 42 78 1 2 2 290 363 302 185 97 41 27

1,000 to 2,500........................................................ 1,512 33 52 43 97 252 329 329 2 2 0 98 33 26 2,500 to 5,000........................................................ 698 24 36 26 50 1 1 2 171 149 80 30 16 4

5,000 to 10,000...................................................... 491 18 20 23 50 8 6 122 102 41 12 8 9

10,000 to 25,000.................................................... 355 11 16 16 34 69 109 57 23 9 3 g 25,000 to 50,000.................................................... 159 5 5 5 16 40 50 22 9 3 2 2 50,000 or m ore...................................................... 443 14 18 22 42 107 101 71 33 16 4 15

B a n k s in c e n te rs w ith — 1 banking office..................................................... 4,643 158 168 176 352 775 1,008 951 572 285 116 82 2 banking offices.................................................... 1,547 40 69 59 128 296 400 304 153 62 22 14 3 banking offices................................................... 383 16 8 15 37 72 108 78 28 8 4 9

4 banking offices.................................................... 158 7 4 11 16 35 36 25 16 3

5 banking offices.................................................... 75 2 2 1 3 20 24 13 6 2 D

1

6 banking offices................................................... 60 1 5 10 7 18 3 n

1

7 or 8 banking offices........................................... 47 2 2 4 3 13 10 5

<

6

4 5

9 to 19 banking offices......................................... 147 4 7 5 15 31 33 29 13 3

X

2

l

5

2 0 or more banking offices................................. 171 5 8 13 20 44 36 21 9 10 2 3

1 Asset and liability items are averages of figures for December 31, 1937, June 30, 1938, and December 31 1938 Back figures—See the following Annual Reports: 1937, p. 161; 1936, p. 187. ’

EARNINGS OF INSURED BANKS 233

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Federal Reserve Bank of St. Louis
Table 149. N e t E a r n i n g s a n d N e t P r o f i t s o f I n s u r e d C o m m e r c i a l B a n k s n o t M e m b e r s o f t h e 

F e d e r a l R e s e r v e S y s te m , C a l e n d a r Y e a r 1938

NUMBER OF BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO RATE OF NET EARNINGS

AND RATE OF NET PROFITS ON TOTAL ASSETS

All b a n k s.

B anks w ith losses— t o t a l. . B anks w ith profits— total.

B anks w ith n e t profits before dividends per $100 of to ta l assets of— 1

- 2 . 0 0 or m ore..................................................................... -1.00 to $-1.99...................................................................

$-0.50 to $-0.99. $-0.01 to $-0.49.

$0.00 to $0.49. $0.50 to $0.99. $1.00 to $1.49.

$1.50 to $1.99. $2.00 to $2.49

$2.50 to $2.99. $3.00 or m ore.

All banks

7,231

1,376 5,855

235 273

284 584

1,293 1,673 1,429

810 377

148 125

Banks with net current operating earnings per $100 of total assets of— 1

$-0.50 

or more

$ -0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 $2 . 0 0 to $2.49 $2.50 to $2.99 $3.00 

or more

27 67 441 1,478 2,254 1,573 808 317 266

21 41 156 378 436 231 78 24 11

6 26 285 1,100 1,818 1,342 730 293 255

9 8 27 67 69 33 15 5 2

4 4 28 74 90 55 13 5

5 7 32 67 98 49 18 5 3

3 2 2 69 170 179 94 32 9 6

2 2 2 176 412 397 176 73 2 0 15

2 3 80 486 630 312 115 32 13

1 18 145 606 446 152 42 19

6 40 138 300 226 6 8 32

1 3 7 28 83 126 74 55

1 1 6 1 0 16 26 38 50

1 4 9 9 1 2 19 71

1 Total assets are averages of figures for December 31, 1937, June 30, 1938, and December 31 1938. Back figures—See the following Annual Reports: 1937, p. 162; 1936, p. 188.

234 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
NUMBER OF BANKS OPERATING THROUGHOUT ENTIRE YEAR GROUPED ACCORDING TO RATE OF NET EARNINGS ON TOTAL ASSETS, 

RATE OF INCOME ON LOANS, 1 AND PERCENTAGE OF LOANS TO TOTAL ASSETS

T a b le 150. RATE OF INCOME ON LOANS AND PROPORTION OF LOANS OF INSURED COMMERCIAL BANKS NOT M EM BERS OF THE

F e d e r a l R e s e r v e S y ste m , C a l e n d a r Y e a r 1938

All banks2

Banks with net current operating earnings per $100 of total assets of— 3

$-0.50 

or more

$ -0 . 0 1 to $-0.49 $0 . 0 0 to $0.49 $0.50 to $0.99 $1 . 0 0 to $1.49 $1.50 to $1.99 | $2 . 0 0 j to $2.49 $2.50 to $2.99 $3.00 

or more

All b a n k s2................................................................................ 7,209 27 6 6 435 1,472 2,249 1,569 808 317 266

B an k s w ith in co m e o n lo a n s1 p e r $ 1 0 0 of to ta l lo an s of— 3 Less than $4.00.................................................................... 103 8 8 32 30 2 1 4

$4.00 to $4.99....................................................................... 559 3 16 82 179 195 61 13 7 3 $5.00 to $5.99....................................................................... 2,077 4 2 2 134 605 802 379 106 18 7

$6.00 to $6.99....................................................................... 2,042 7 9 1 1 1 391 681 517 244 55 27 $7.00 to $7.99....................................................................... 1,138 3 4 46 154 291 331 194 79 36 $8.00 to $8.99....................................................................... 581 1 4 16 64 141 145 1 1 1 52 47

$9.00 to $9.99....................................................................... 298 1 2 7 24 57 51 67 40 49 $10.00 to $10.99.................................................................. 164 4 13 24 39 24 9 7 QQ

$11.00 to $11.99................................................................ 1 0 2 1 1 3 17 18 2 2

u i

1 £

GO 

O A $1 2 . 0 0 or m ore................................................................... 145 2 9 2 0 24 27 ID23 Z 4 40

B an k s w ith lo an s p er $100 of to ta l assets of—3

Less than $1 0 . 0 0 .................................................................. 53 3 4 9 2 1 1 1 3 2

$10.00 to $19.99.................................................................. 423 4 7 65 140 125 63 9 4 6

$20.00 to $29.99.................................................................. 1,044 3 1 1 1 0 1 316 359 169 59 18 8

$30.00 to $39.99.................................................................. 1,718 5 17 126 434 610 324 131 39 32 $40.00 to $49.99.................................................................. 1,762 3 1 1 79 335 559 437 2 1 2 72 54 $50.00 to $59.99.................................................................. 1,252 7 9 41 160 379 306 206 84 60

$60.00 to $69.99.................................................................. 657 1 6 1 2 52 159 192 135 60 40 $70.00 to $79.99............................................................ 245 1 2 43 65 A.1 o r $80.00 or m ore..................................................................... 55 1 3 4 1 0

(

7

OD5

4125

1 Income on loans consists of interest and discount on loans and renewal, mortgage, and other fees charged in connection with loans owned by the bank.

2 Excludes 22 cash depositories.

3 Asset items are averages of figures for December 31, 1937, June 30, 1938, and December 31, 1938.

EARNINGS OF INSURED BANKS 235

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Federal Reserve Bank of St. Louis
T a b le 151. EARNINGS, EX PEN SES, AND DISPOSITION OF PROFITS OF OPERATING INSURED MUTUAL SAVINGS BANKS,

C a l e n d a r Y e a r s 1934-1938

(Amounts in thousands of dollars)

Num ber of b a n k s........................................................................................................

C u rre n t o p e ra tin g e a rn in g s : Interest and discount on lo an s........................................................................................ Interest and dividends on securities............................................................................... Commissions, fees, and collection, exchange, and service charges......................... Other current operating earnings.................................................................................... G ross c u rre n t o p e ra tin g e a r n in g s ........................................................................

C u rre n t o p e ra tin g expenses: Interest and discount on borrowings.............................................................................. Directors’ and professional fees....................................................................................... Officers’ salaries................................................................................................................... Employees’ salaries and w ages......................................................................................... Taxes (other than on incom e)......................................................................................... Other expenses of occupancy and maintenance of banking quarters..................... Other current operating expenses................................................................................... T o ta l c u rre n t o p e ra tin g e x p en ses........................................................................

N et c u rre n t o p e ra tin g e a rn in g s .....................................................................................

P rofits o n a sse ts sold or exchanged, recoveries, a n d re d u ctio n s in v alu atio n allo w a n ce s: Profits on securities sold or exchanged.......................................................................... Profits on other assets sold or exchanged..................................................................... Recoveries and reductions in valuation allowances on loans.................................. Recoveries and reductions in valuation allowances on securities........................... All other recoveries and reductions in valuation allowances................................... T o ta l p ro fits o n a sse ts sold, recoveries, e tc ......................................................

N e t e a rn in g s, p ro fits a n d recoveries o n asse ts, e tc...............................................

Losses, ch arg e-o ffs, a n d a d d itio n s to v a lu a tio n allow ances: On loans................................................................................................................................. On securities......................................................................................................................... All other losses, charge-offs, and additions to valuation allowances..................... T o ta l losses, charge-offs, e tc ...................................................................................

1934 1935 11936 11937 1938

6 8 56 56 56 48

25,059 20,769 18,893 18,759 20,328 18,866 17,152 16,551 15,649 15,581 44 104 132 228 321 3,850 4,707 5,805 7,412 8,241 47,819 42,732 41,381 42,048 44,471

(2) (2) 18 34 4

f 162 2 0 1 236 3,509 3,162 1,254 1,360 1,320 J [ 1,928 2,048 2,141 32,866 33,049 3,111 3,800 4,128 *94 <124 606 751 700 5,474 6,554 7,270 7.619 7,774 11,943 12,889 14,349 15,813 16,303

35,876 29,843 27,032 26,235 28,168

1,355 2,457 4,032 3,466 4,244 (5) (5) 1,843 2,414 2.250 702 1,813 999 774 '693 833 1,170 263 93 108 2,591 1,527 4,524 3,675 1,057 5,481 6,967 11,661 10,422 8,352

41,357 36,810 38,693 36,657 36,520

2,567 2,557 1,656 4,874 1,127 5,300 3,276 3,101 7,089 13,409 3,230 2,642 6 , 8 6 8 3,266 13,810 11,097 8,475 11,625 15,229 28,346

236 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N e t p ro fits b efo re in co m e tax es a n d d iv id e n d s........................................... In c o m e taxes, F ed eral a n d S t a te .................................................................................. N e t p ro fits av ailab le fo r d is tr ib u tio n to d epositors a n d for a d d itio n to c a p ita l f u n d s .........................................................................................................

In te re s t a n d d iv id en d s p a id d e p o sito rs a n d in te re s t p aid on c a p ita l: Interest and dividends paid depositors................................................................ Interest paid on capital notes and debentures................................................... T o ta l in te re s t a n d d iv id e n d s.........................................................................

N et p rofits a fte r in te re s t a n d d iv id e n d s.

Num ber of active officers, December 31, 1938. . . Number of other employees, December 31, 1938.

1 Revised. See page 120.

2 Included with “interest paid on capital notes and debentures.”

3 Includes “income taxes.”

4 “ Depreciation on banking house, furniture and fixtures” only.

6 Included with recoveries.

8 N ot available. See footnote 3.

7 N ot available.

NO TE. Minus (-) indicates net loss.

(6) (6) 27,068 21,428 8,174 (6) (6) 6 8 8

30,260 28,335 27,062 21,420 8,166

26,701 22,132 19,607 19,262 19,304 1,550 297 479 407 393 28,251 22,429 20,086 19,669 19,697

2,009 5,906 6,976 1,751 -11,531

(7) (7) 244 250 232 (7) (7) 1,183 1,238 1,217

See page 1 2 0 .

See pages 119-120.

EARNINGS OF INSURED BANKS 237

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SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

Table 152. N u m b e r AND DEPOSITS OF BANKS W H ICH SUSPENDED OPERATIONS, 1934-1938

GROUPED BY CLASS OF BANK, BY YEAR, BY AMOUNT OF DEPOSITS, AND BY STATE

Number

Insured banks

Total

Members F. R. System

National State

Not members F. R. System

Non­ insured banks2

Deposits (in thousands of dollars) 1

Total

Insured banks

Total

Members F. R. System

National State

Not members F. R. System

Non­ insured banks2

37,585

34,985 847 592 480

3881

1,697 2,858 5,291

9,881

17,116

U n ited S ta te s— to ta l.

C a le n d a r y ear 193 4 193 5 193 6 193 7 193 8 

B an k s w ith d ep o sits o f- $1 0 0 , 0 0 0 or less....................... $100,000 to $250,000............. $250,000 to $500,000.............

$500,000 to $1,000,000. . . $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 ,0 0 0 . $2,000,000 to $5,000,000.

$5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. More than $50,000,000........ N ot available..........................

S ta te A labam a.... A rkansas. .. C alifornia... Colorado Connecticut.

Georgia. Illinois. . Indiana. Io w a. . . K ansas.

250

5734445956

1057835

13

8

7

1

4

1

1

1

6

6

27

6

6

178

26415349

7559

2 0

1 2

2 2 404747

72

301915

1

’ 3 

2

90,573

36,937 9,852 11,412 19,722 U2,650

6,151 12,475 12.115

8,288 11,184 23,244

17.116

52,988

1.952 9.005 10,820 19,242 11,969

4,454 9,617 6,824

7,546 11,184 13,363

1,919

40 5,263 507 7,37936

76 194 903

507 3,456 8,089

1,708

21.1

211 365

1,343

37,844

1,912 3,742 10,313 10,155 11,722

4,378 9,212 5,556

7,039 6.385 5,274

100 889

1,050

726 3,782 5,364 4,361 468

100 889 100

1,050

692 3,641 3,088 4,097 238 3,594

1,050

692 3,641 3,088 503 238

(3)

84

34 141 2,276 264 230

238 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Kentucky.........

Louisiana.........

Maryland.........

Michigan..........

Minnesota. . . .

Mississippi. . . .

Missouri...........

Montana..........

Nebraska.........

New Jersey. . .

New York. . . .

North Dakota.

Ohio...................

Oklahoma. . . .

Pennsylvania. .

South Carolina

South Dakota.

Tennessee.........

Texas.................

Vermont4.........

Virginia.............

West Virginia.

Wisconsin.........

144

1

4 3

2

43

2

6

14

3

145 5 5

2

2 1

8

1 2

1

4 

2

16

1

2

3

2

29

2

1

14

2

3

3

1

2 1

6

1 1

1

2

2

1 2

2

29

1

2

4

14

1

3

1

1

19

6

1 0

1

1

2

1 2

14

3,322 1,697 669 H29 267

153 6,40594 711 25,958

9,041 1,102 2,964 625 35,996

305 2,706 754 2,899 2,479

843 1,239 3,383

3,322 1,654 66981 267

153 4,35794 436 3,844

1,982 1,102 2,242 561 5,886

136 2,706 464 2,471 2,479

376 1,239 2,664

1,474

40 194

1,982

261

’ 4,824'

507

36

313

1,708

211

1 5 eP,OSj^s insured hanks are as of date of suspension; deposits of noninsured banks are as of date of latest report prior to suspension.

.Ejxcludes nonmsured banks operating under restrictions or moratoria which were placed in receivership or liquidation

3 Deposits of 1 private noninsured bank in Michigan, and 1 in Pennsylvania, not available.

4 Mutual savings bank.

1,848 1,654 43 66981 348 267

153 4,357 2,048 54 242 275 2,136 22,114

7,059

1 , 1 0 2 1,981 722 561 64 1,062 3110

136 169 1,988 464 290 2,435 428 2,479

63 467 1,239 2,664 719

N O T E : For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

N)

COCOSUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
T a b le 153. N u m b e r AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD

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 i o n , 1935-1938

GROUPED BY CLASS OF BANK, BY YEAR, BY AMOUNT OF DEPOSITS, AND BY STATE

Number Deposits (in thousands of dollars) 1 Disbursement (in thousands of dollars) 2

T otal

Banks members F. R. System Banks not members TotalBanks members F. R. System Banks not members TotalBanks members F. R. System Banks not members

National State F. R. System National State F. R. System National State F. R. System

U n ited S tates— t o t a l....................................... 77 16 3 58 89,405

4,357 16,699 18,294 50,055

1,294 2,551 4,863

7,005 7,962 27,422

15,743 22,565

19,043 26,947 43,415

4,357

38,116

32,865 36,772

37,111 21,368

602

7,528 10,244 20,344

2,865 4,438 2,073 10,968

531

Calendar year 1935..................................................................... 1 1 1936..................................................................... 27 2 1 24 2,166 12,246 4,631

161

3,734 648 10,799 5,400 22,859

1,133 2,424 3,250

4,707 4,017 12,141

15,743

782 1,552 1937..................................................................... 25 1 0 1 14 4,941 97 1,805

71

1938..................................................................... 24 4 1 19 22,565 8,595

B anks w ith deposits of—1 $1 0 0 , 0 0 0 or less................................................. 2 1 2 19 $100,000 to $250,000....................................... 16 1 15 127 879 24 855 $250,000 to $500,000....................................... 13 4 9 1,613

1,650 3,945 11,547

2,263 

2 335

481 1,782

1,832 2,607 7,174

5,563

$500,000 to $1,000,000................................... 9

u.-

2 1 6 648 406 97 $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 , 0 0 0 ................................ 6 3 3 3,822 14,057

5,563 8,595

1,215 $2,000,000 to $5,000,000............................... 9 4 1 4 3,734 1,552 5,331

$5,000,000 to $10,000,000............................. 2 2

$10,000,000 to $50,000,000........................... 1 1 22,565 8,595 More than $50,000,000..................................

S tate A labam a.............................................................. 1 1 428 428 143 143 G eorgia................................................................ 1 1 29 29 17 17 Illinois................................................................. 6 2 4 4,594 983 1,164 3,430 983 1,904 246 194 1,710 In d ian a................................................................ 1 1 246 Io w a..................................................................... 2 1 1 4,840

146

3,594 1,246

146

1 , 0 1 0

52

214 796

K ansas................................................................ 2 2 52 K entucky............................................................ 2 2 1,596 3,458 3,042

1 2 , 2 2 2

1,87583

1,596 942 942 M aryland............................................................ 2 2 3,458 809 2,310 2,310 M assachusetts................................................... 2 1 1 2,233 266 1,729 1,564 4,795

582

1,298 M ichigan............................................................ 3 1 1 1 3,734 6,759 730

1,875

1,552 2,513

M issouri.............................................................. 1 1 1 1 582 M ontana............................................................. 1 1 83 27 27 New Jersey........................................................ 6 2 2 2 36,963 2,706 869

4,404 2,706 23,213 9,346 14,598 689 2,781 689 8,692 3,125 New Y ork.......................................................... 3 3 N orth Carolina................................................. 4 4 869 292 292

240 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
N orth D akota. O klahom a. . . . Pennsylvania.. South D a k o ta . Tennessee........

Texas Virginia. . . W isconsin.

1 0

2

2,168 586 6,564 127 322

78 4,085 1,641

437 2,060 127

78

2,168 149 4,504

322

4,085 1,641

1,25884 4,30624 114

44 2,362 753

52 1,33224

44

1,25832 2,974

"iu

2,362 753

1 Deposits are as of date of examination prior to loan.

2 Loans and assets purchased.

3 Revised. In addition, figures for 1936 include $19,556 of assets purchased in 1938 in connection with the closing of a loan made in 1936. 

N O TE: For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 1 2 0 .

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 241

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Federal Reserve Bank of St. Louis
GROUPED BY CLASS OF BANK, BY YEAR, BY AMOUNT OF DEPOSITS, AND BY STATE

T a b le 154. N u m b e r AND DEPOSITS OF INSURED BANKS WHICH RECEIVED FINANCIAL AlD

f r o m 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 , 1934-1938

U n ited S ta te s —to ta l.

C a le n d a r y ear 193 4 193 5 193 6 193 7 193 8 

B an k s w ith d ep o sits of— 1 $1 0 0 , 0 0 0 or less........................... $100,000 to $250,000................. $250,000 to $500,000.................

$500,000 to $1,000,000. . . $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 ,0 0 0 . $2,000,000 to $5,000,000.

$5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. More th an $50,000,000. . . .

S ta te A labam a.... A rkansas. .. C olorado. . . Connecticut. G eorgia........

Illinois. . . In d ia n a ... Io w a........ K ansas. . . K entucky.

Total

9

25697574

967334

2 114

1 1

2

1

1 25

5

15

Banks members F. R. System

National

26

135

State

Banks not members F. R. System

220

2 1 655967

927026

17

8

5

2

1

4

1

1

6

7

1 24

5 14

Deposits (in thousands of dollars) 1

Total

135,933

1,952 13,058 27,738 33,009 60,176

5,727 11,840 11,965

14,551 19,146 34,396

15,743 22,565

528

1.050 721

5,440 4,071 5,343 384 4,712

Banks members F. R. System

National

28,674

40 5,263 2,673 16,031 4,667

237 321 2,516

2,157 7,401 16,042

428

1,164

3,594 

’ l ’,474

State

28,866

3,734 2,356 22,776

211 365

648 1,343 3,734

22,565

Banks not members F. R. System

78,393

1,912 7,795 21,331 14,622 32,733

5,490 11,308 9,084

11,746 10,402 14,620

15,743

1 0 0 889

8

1,050 721

4,276 4,071 1,749 384 3,238

242 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Louisiana......... M aryland........ M assachusetts. M ichigan......... M innesota. . . .

M ississippi.. . . M issouri.......... M ontana......... N ebraska......... New Jersey. . .

New Y ork. . . . N orth Carolina N orth D akota. O hio................. Oklahoma. . . .

Pennsylvania.. South C arolina, South D ak o ta. Tennessee........ T exas...............

Verm ont2 ........ V irginia........... W est V irginia. W isconsin........

3

3

2 1

6

3

1 1

2

403 2

3 1

1 2 2 4

4 4

4

24

2 1

4 1

6 3

1

2 2

1 0

2 1

1 2 2

1

5 1

2

18

3

3 

1

4 3

2

40

1

2

6

4

24

1

1,654 4,127 3,042 12,367 267

153 6,232 177 436 40,807

4,688 869 3,270 2,242 1,062

12,450 136 2,833 942 2,549

2,479 4,461 1,239 4,305

2,233 1,729

123 194 4,404

4,688

261 437

6,884

634

H i

313

3,734

24,921

2 1 1

1,654 4,127 809 6,904 267

153 6,23254 242 11,482

3,270 1,981 625

5,566 136 1,988 942 2,435

2,479 4,148 1,239 4,305

1 P_ePosits banks placed in receivership are as of date of suspension; deposits of banks merged with the aid of FD IC loans are as of date of examination prior to loan.

2 M utual savings bank.

NO TE: For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 243

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Federal Reserve Bank of St. Louis
T a b le 155. N u m b e r AND DEPOSITS OF BANKS WHICH SUSPENDED OPERATIONS, 1938

GROUPED BY CLASS OF BANK, BY AMOUNT OF DEPOSITS, AND BY STATE

U n ited S ta tes—t o t a l.

B anks w ith deposits o f- $1 0 0 , 0 0 0 or less....................... $100,000 to $250,000............. $250,000 to $500,000.............

$500,000 to $1,000,000. . $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 ,0 0 0 . $2,000,000 to $5,000,000. N ot available....................

S tate A labam a. A rkansas. Colorado. Illinois. . . In d ia n a ...

Io w a........... K en tu ck y .. Louisiana. . M ichigan. . M innesota.

M issouri........... N ebraska......... New Jersey. . . N orth D akota. Oklahoma. . . .

Pennsylvania.. South D akota. Tennessee........ T exas............... V erm ont3 ........

W est V irginia. W isconsin........

Number

Total

56

24

2 24

2

1

7

1

1

1 2

1

1

1

1

4

Insured banks

Total

49

2 2

2 03

2

‘ 2

1 2

Members F. R. System

National State

N ot members F. R. System

2 119

1 1

Non­ insured banks

Deposits (in thousands of dollars) 1

Total

12,650

1,528 3,218 1,235

1,395

5,274 (2)

1 0 0 732

8

2,795 332

348 51643

2 2 2

1 1 2

806 242 367 63553

(2) 1,531 27836 2,479

67 1,148

Insured banks

Total

11,969

1,432 2,911 957

1,395

1 0 0 732

8

2,795 135

348 516

2 2

1 1 2

696 242 367 635

1,531

36 2,479

67 1,148

Members F. R. System

National State

36

36

36

2 1 1

2 1 1

N ot members F. R. System

11,722

1,396 2,700 957

1,395

1 0 0 732

8

2,795 135

348 516

2 2

1 1 2

242 367 635

1,320

2,479

67 1,148

Non­ insured banks

681

96 307 278

(2)

43 (2)

53

(2)

*278’

1 Deposits of insured banks are as of date of suspension; deposits of noninsured banks are as of date of latest report prior to suspension.

2 Deposits of 1 private noninsured bank in Michigan, and 1 in Pennsylvania, not available.

3 M utual savings bank.

N O TE: For reconcilement of figures relating to num ber of suspensions, receiverships, and mergers with FD IC aid, see page 120.

Back figures— See the following Annual R eports: 1937, p. 166; 1936, p. 192; 1935, p. 224.

244 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
T ab le 156. NUMBER AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD

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 i o n , 1938

GROUPED BY CLASS OF BANK, BY AMOUNT OF DEPOSITS, AND BY STATE

Number Deposits (in thousands of dollars) 1 Disbursement (in thousands of dollars) 2

Total

Banks members F. R. System Banks not members Total

Banks members F. R. System Banks not members Total

Banks members F. R. System Banks not members

National State F. R. System N ational State F. R. System National State F. R. System

U n ited S tates—t o t a l....................................... 24 4 1 19

4

50,055

174

4,631 22,565 22,859

174

21,368

104 359

1,805 8 595 in QAft

B anks w ith dep osits of—1 $1 0 0 , 0 0 0 or less................................................. 4

lU,70O

104 359 539

$100,000 to $250,000....................................... 4 4 656 656 $250,000 to $500,000....................................... 5 1 4 1,734 491 1,243 743

1 1 2

204

$500,000 to $1,000,000................................... 1 1 906 906 1 1 2 $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 , 0 0 0 ................................ 4 1 3 5,018 10,017

8,985 22,565

1 , 0 0 1 2,233 4,017 7,784

8,985

2,798 5,607

3,050 8,595

191 1,298 2,607 4,309

3,050

$2,000,000 to $5,000,000................................ 4 1 3

$5,000,000 to $10,000,000............................. 1 1

$10,000,000 to $50,000,000........................... 1 1 22,565 8,595 More than $50,000,000..................................

S ta te Georgia................................................................ 1 1 29 29 17 17 1,350 796 814 2,310

Illinois................................................................. 2 1 1 3,701 1,246 1,361 3,458

2,23352

906 2,795 1,246 1,361 3,458

1,462 796 1 1 2 Iow a..................................................................... 1 1 K entucky............................................................ 1 1 814 M aryland............................................................ 2 2 2,310

1,29819 11,645 395

M assachusetts................................................... 1 1 2,233 1,298 M issouri.............................................................. 1 1 52 8,985 19 New Jersey ........................................................ 2 3,050 1 1 31,550 1,492 707

22,565 8,595 New Y ork.......................................................... 2 2 1,492 395 N orth Carolina................................................. 3 3 707 257

109

6 8 1,875 303

257

109

6 8

Pennsylvania................................................... . 1 1 147 147 Tennessee............................................................ 2 2 162 162 V irginia............................................................... 2 2 3,241 676 3,241 676 1,875 W isconsin............................................................ 3 3 303

1 Deposits are as of date of examination prior to loan.

2 Loans and assets purchased.

N O TE : For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 245

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Federal Reserve Bank of St. Louis
GROUPED BY CLASS OF BANK, BY AMOUNT OF DEPOSITS, AND BY STATE

T a b le 157. NUMBER AND DEPOSITS OF INSURED BANKS WHICH RECEIVED FINANCIAL AlD

from th e F ederal D epo sit In su r a n c e Corpo ration, 1938

United States—total.

Banks with deposits of— 1 $1 0 0 , 0 0 0 or l e s s......................... $100,000 to $250,000................. $250,000 to $500,000.................

$500,000 to $1,000,000. . . $1 ,0 0 0 , 0 0 0 to $2 ,0 0 0 ,0 0 0 . $2,000,000 to $5,000,000.

$5,000,000 to $10,000,000. . $10,000,000 to $50,000,000. More than $50,000,000. . . .

State A labam a.. A rkansas. Colorado. Georgia... Illinois. . .

In d ian a.............. Io w a................. K entucky........ M aryland........ M assachusetts.

M ichigan. . . M innesota. . Missouri N ebraska. .. New Jersey .

Number

Total

74

26249

4

4

5

1

1

Banks members F. R. System

N ational State

Banks not members F. R. System

67

Deposits (in thousands of dollars) 1

Total

60,176

1,606 3,567 2.969

2.970 5,018 12,496

8,985 22,565

1 0 0 732

8

29 3,701

135 1,594 1,877 4,127 2,233

2 2

1 1 2 748 242 31,917

Banks members F. R. System

National

4,667

36

491'

906

1,001 2,233

2,233

State

22,776

22,565

22,565

Banks not members F. R. System

32,733

1,570 3,356 2,478

2,064 4,017 10,263

8,985

1 0 0 732

8

29 2,795

135 1,594 1,877 4,127

2 2

1 1 2 748 242 9,352

246 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
New Y ork........................................................................................................... 2 2 1,492 707 635 147 1,531

44036 2,479 3,24167

1,824

1,492 N orth C arolina............................................................................................. 3 3 707 635 147 1,320

440

N orth D akota............................................................................................. 7 7

Pennsylvania............................................................................................... 1 1 South D ak o ta......................................................................................... 1 2 1

1 1

3

2 1 1

Tennessee.......................................................................... 3

T exas.................................................................................. 1 1 36 Vermont2 ................................................................................... 1 1 2,479 3,24167

1,824

V irginia.............................................................................. 2 2 W est Virginia...................................................................................... 1 1

W isconsin.............................................................................. 7 7

1 PLePosits of banks placed in receivership are as of date of suspension; deposits of banks merged with the aid of FD IC loans are as of date of examination prior to loan. * M utual savings bank.

NO TE: For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 247

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Federal Reserve Bank of St. Louis
T a b le 153. ACCOUNTS AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD

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 . 1935-1938

Name and location

T otal, 1935-1938 (77 b a n k s).

Calendar year 1935 ( 1 b a n k )... 1936 (27 b a n k s).. 1937 (25 b a n k s).. 1938 (24 b a n k s)..

1938

The W oodman State Bank Woodman, W isconsin................

The Bank of Frem ont Frem ont, N orth C arolina.........

Peoples Bank & T rust Company Sparta, Tennessee.......................

Bank of N ortham pton, Incorporated Nassawadox, V irginia........................

Home Savings Bank Des Moines, Io w a...............................

M erchants’ and M echanics’ Savings Bank of Norfolk, V irginia................................................

Belleville Bank & T rust Company Belleville, Illinois4 ..........................

The City National Bank of Harrisburg Harrisburg, Illinois..................................

Camden Safe Deposit & Trust Company Camden, New Jersey................................

West Jersey T rust Company Camden, New Jersey................................

Bank of Ellenboro Ellenboro, N orth Carolina.

Sussex State Bank Sussex, W isconsin........

Class of bank1

C

C

c

c

c

c

c

A

B

C

C

C

Number Total Disbursement2

Absorbing bank of accounts deposits Date Amount

274,564 $89,404,634 $38,116,220

12,324 46,258 56,300 159,682

4,356,778 16,698,882 18,294,152 50,054,822

32,864,893 36,772,029 37,110,779 21,368,519

230 151,897 January 24, 1938 50,270 Boscobel State Bank Boscobel, Wisconsin (Woodman branch)

1,071 341,359 January 31, 1938 48,906 Branch Banking & T rust Company Wilson, N orth Carolina (Fremont branch)

787 122,526 February 11, 1938 40,576 Commerce Union Bank Nashville, Tennessee (Sparta branch)

1,830 299,602 M arch 4, 1938 228,788 The Eastville Bank Eastville, Virginia (Northam pton branch)

5,892 1,245,718 March 7, 1938 796,451 Capital City State Bank Des Moines, Iowa

4,781 2,941,213 M arch 28, 1938 1,645,991 The Seaboard Citizens N ational Bank of Norfolk, Virginia

4,507 2,795,131 April 4, 1938 1,349,558 The First National Bank of Belleville Belleville, Illinois

2,337 906,173 April 11, 1938 112,309 The Harrisburg National Bank Harrisburg, Illinois

53,916 22,564,493 April 11, 1938 8,595,135 t Camden T rust Company f Camden, New Jersey5

41,693 8,985,128 April 11, 1938 3,049,926 J

598 54,479 April 11, 1938 40,842 Union T rust Company of Shelby Shelby, N orth Carolina (Ellenboro branch)

833 290,173 M ay 16, 1938 94,341 Farm ers & M erchants Bank Menomonee Falls, Wisconsin (Sussex branch)

248 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Central Savings Bank Newport, K entucky............................................... C 10,974 1,361,251 June 23, 1938 814,230 The Newport National Bank Newport, Kentucky

The Bank of Ashe Jefferson, N orth C arolina.................................... C 1,952 311,781 June 25, 1938 167,043 The Northwestern Bank N orth Wilkesboro, N. C. (Jefferson branch)

Commercial Bank of M aryland Frederick, M aryland............................................. C 6 , 2 2 1 1,410,075 July 5, 1938 996,614 Western Maryland T rust Company Frederick, M aryland

Bethel Springs Bank Bethel Springs, Tennessee.................................... C 227 39,354 July 23, 1938 27,141 Selmer Bank & Trust Co. Selmer, Tennessee

Takoma Park Bank Takoma Park, M aryland..................................... C 8,045 2,048,203 July 25, 1938 1,313,265 Suburban National Bank of Silver Spring Silver Spring, M aryland (Takoma Park branch)

The Saranac Lake National Bank Saranac Lake, New Y ork.................................... A 2,798 490,894 September 26, 1938 203,842 Adirondack National Bank and Trust Company of Saranac Lake, New York

Bank of Eton Eton, G eorgia.......................................................... C 321 28,764 October 13, 1938 16,830 C ohutta Banking Company Chatsworth, Georgia

Bank of Bellflower Bellflower, M issouri............................................... C 325 51,564 November 7, 1938 19,098 The First National Bank of Montgomery City Montgomery City, Missouri

The F irst N ational Bank of Roosevelt Roosevelt, New Y o rk ............................................ A 3,982 1,000,718 November 28, 1938 191,473 The Nassau County National Bank of Rockville Centre, New York

The N ational City Bank of Lynn Lynn, M assachusetts............................................. A 4,670 2,233,012 December 5, 1938 1,298,257 / Essex T rust Company V ^ L y n n , M assachusetts

Coleman State Bank Coleman, W isconsin............................................... C 810 233,841 December 15, 1938 159,133 Farmers State Bank Pound, Wisconsin

Boiling Springs State Bank Boiling Springs, P ennsylvania............................ C 882 147,473 December 19, 1938 108,500 Carlisle Deposit Bank and T rust Company Carlisle, Pennsylvania

1 A—National bank member of the Federal Reserve System; B—State bank member of the Federal Reserve System; C—Commercial bank not member of the Federal Reserve System.

2 Loans and assets purchased.

8 Revised. In addition, figures for 1936 include $19,556 of assets purchased in 1938 in connection with the closing of a loan made in 1936.

4 Loan made subsequent to suspension.

6 Consolidation, under charter of the Camden Safe Deposit & Trust Company, of the 2 banks to which loans were made.

N O TE: For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 123.

Back figures— See the following Annual Reports: 1937, p. 180; 1936, p. 202.

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<x>SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
T a b le 159. INSURED BANKS PLACED IN RECEIVERSHIP, 1938

K>CRO

Case num ber Name and location

126 The Harford Bank, Bel Air, M aryland......................................... 127 W orthville Deposit Bank, W orthville, K entucky....................... 128 Bank of Decatur, Decatur, Arkansas............................................ 129 First State Bank of Wolsey, Wolsey, South D ak o ta................. 130 Farm ers Security Bank, Maywood, N ebraska............................

131 The First State Bank of Lathrop, Lathrop, M issouri............... 132 Pollock State Bank, Pollock, South D a k o ta................................ 133 Bank of M arion, Marion, A rkansas............................................... 134 Bank of Strafford, Strafford, M issouri.......................................... 135 The Briggsdale State Bank, Briggsdale, Colorado.....................

136 The F irst National Bank of Purdon, Purdon, Texas................. 137 Farm ers Bank of Blackburn, Blackburn, Missouri.................... 138 State Bank of Surprise, Surprise, N ebraska................................ 139 Citizens State Bank, H artford, A rkansas..................................... 140 First State Bank, Colfax, N orth D akota......................................

141 First State Bank, Kulm, N orth D akota....................................... 142 The Borden State Bank, Borden, In d ian a.................................... 143 M argate T rust Company, M argate City, New Jersey.............. 144 First State Bank of Ipswich, Ipswich, South D ak o ta............... 145 The Trout Creek State Bank, T rout Creek, M ichigan.............

146 Bank of Hum boldt, H um boldt, South D ak o ta........................... 147 Caroline State Bank, Caroline, W isconsin.................................... 148 First State Bank, Turtle Lake, N orth D ak o ta........................... 149 State Bank of Irene, Irene, South D ak o ta................................... 150 Citizens State Bank of Andover, Andover, South D ak o ta. . . .

151 Farm ers Savings Bank, Ankeny, Iow a.......................................... 152 German State Bank of Beulah, N. D., Beulah, N orth Dakota 153 Leopolis State Bank, Leopolis, W isconsin.................................... 154 Russell State Bank & T rust Co., Russell, Io w a.......................... 155 Bank of M ilburn, M ilburn, K entucky...........................................

156 Hudson State Bank, Hudson, South D a k o ta..............................

1157 Winooski Savings Bank, Winooski, V erm ont. ..................... 158 Hutchinson County Bank, Parkston, South D ak o ta................. 159 State Bank of Rice Lake, Rice Lake, W isconsin. . ^................. 160 Bank of Highmore (Drew Bros), Highmore, South Dakota. . . .

Class of bank1

Year of organiza­ tion

Date of suspension

D ate of first payment to depositors by FD IC | Receiver

C 1882 December, 31, 1937 January 13, 1938 State banking authority C 1892 January 11, 1938 January 22, 1938 State banking authority C 1907 January 19, 1938 February 3, 1938 State banking authority C 1883 January 21, 1938 February 5, 1938 FD IC C 1916 February 1, 1938 February 18, 1938 State banking authority

C 1900 February 1, 1938 February 14, 1938 State banking authority C 1901 February 1, 1938 February 14, 1938 FD IC C 1927 February 7, 1938 February 21, 1938 State banking authority C 1911 February 10, 1938 February 22, 1938 State banking authority C 1912 February 10, 1938 February 22, 1938 FD IC

A 1916 February 12, 1938 February 25, 1938 FD IC C 1917 February 17, 1938 March 3, 1938 State banking authority C 1900 February 28, 1938 March 14, 1938 State banking authority C 1920 March 2, 1938 M arch 15, 1938 State banking authority C 1905 April 9, 1938 April 20, 1938 FD IC

C 1892 March 14, 1938 March 25, 1938 FD IC C 1906 March 18, 1938 M arch 28, 1938 State banking authority C 1926 April 2, 1938 April 13, 1938 State banking authority

C 1902 April 12, 1938 April 30, 1938 FD IC

C 1920 January 28, 1938 April 29, 1938 FD IC

c 1924 April 19, 1938 April 29, 1938 FD IC

c 1913 April 20, 1938 May 3, 1938 State banking authority

c 1903 April 19, 1938 May 12, 1938 FD IC

c 1894 April 25, 1938 May 11, 1938 FD IC

c 1902 May 17, 1938 May 26, 1938 FD IC

c 1901 M ay 19, 1938 June 4, 1938 State banking authority

c 1915 M ay 31, 1938 June 15, 1938 FD IC

c 1919 June 3, 1938 June 15, 1938 State banking authority

c 1908 June 17, 1938 June 30, 1938 State banking authority

c 1907 July 11, 1938 July 28, 1938 State banking authority

c 1892 July 12, 1938 July 22, 1938 State banking authority

M 1869 July 28, 1938 August 8, 1938 FD IC

c 1892 July 27, 1938 August 10, 1938 FD IC

c 1930 August 15, 1938 August 29, 1938 State banking authority

c 1885 August 16, 1938 August 29, 1938 FD IC

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1 6 1 162 163 164 165

166 167 168 169 170

171 172 173 174 175

The Farm ers & M erchants Bank, Madison, M issouri.............. Home Bank and T rust Company, Winchester, Tennessee2. .. . Hitchcock State Bank, Hitchcock, South D akota................... .

Jerauld County Bank, Wessington Springs, South D akota. . . First Bank of Flaxton, Flaxton, N orth D akota.......................

First State Bank, Hew itt, M innesota.......................................... Stockmens State Bank, M edora, N orth D akota....................... First State Bank, W ilmot, South D akota.................................. Bank of Lockport, Lockport, K entucky..................................... K erm it State Bank, K erm it, W est Virginia...............................

Fayette Bank, Fayette, M issouri................................................. Farm ers State Bank of Anamoose, Anamoose, North Dakota The Bank of Cuba, Cuba, A labam a............................................ Farm ers State Bank, Canton, Wisconsin.................................... Farm ers State Bank of London, London, K entucky...............

C 1904

c 1889

c 1900 B 1924

c 1902

c 1903

c 1909 C 1893 C 1905 C 1918

C 1871 C 1899 C 1904 C 1917 C 1914

August 18, 1938 August 19, 1938 August 24, 1938 August 31, 1938 August 31, 1938

September 2, 1938 September 24, 1938 September 29, 1938 October 11, 1938 November 1, 1938

November 3, 1938 November 26, 1938 November 26, 1938 December 31, 1938 December 21, 1938

August 30, 1938 September 12, 1938 September 15, 1938 September 16,1938 September 16, 1938

September 21, 1938 October 17, 1938 October 14, 1938 October 27, 1938 November 12, 1938

November 18, 1938 December 13, 1938 December 14, 1938 January 12, 1939 January 23, 1939

State banking authority State banking authority FD IC FD IC FD IC

State banking authority FD IC FD IC State bankingy authority FD IC

State banking authority FD IC State banking authority

1 A—National bank member of the Federal Reserve System; B—State bank member of the Federal Reserve System; C—Commercial bank not member of the Federal Reserve System; M— M utual savings bank not member of the Federal Reserve System.

2 This bank was a noninsured bank at date of suspension, as its insurance status had been term inated on April 1, 1938. Insured deposits in the bank on that date less all subsequent withdrawals were insured at date of suspension. Back data—See the following Annual Reports: 1937, p. 170; 1936, p. 193; 1935, p. 225.

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CRSUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
T a b le 160. ASSETS OP INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1938

AS SHOWN BY BOOKS OF BANK AT DATE OF SUSPENSION

Case num ber

126 127 128 129 130

131 132 133 134 135

136 137 138 139 140

141 142 143 144 145

146 147 148 149 150

Name and location

T o ta l, 1934-1938 (175 b a n k s )...............................................

C a le n d a r year 1934 ( 9 b a n k s )........................................................................ 1935 (24 b a n k s )........................................................................ 1936 (42 b a n k s )........................................................................ 1937 (50 b a n k s )........................................................................ 1938 (50 b a n k s )........................................................................

1938

The H arford Bank, Bel Air, M aryland................................. W orthville Deposit Bank, W orthville, K entucky.............. Bank of D ecatur, Decatur, A rkansas.................................. F irst State Bank of Wolsey, Wolsey, South D ak o ta......... Farm ers Security Bank, Maywood, N ebraska....................

The First State Bank of Lathrop, Lathrop, M issouri. . . . Pollock S tate Bank, Pollock, South D a k o ta....................... Bank of Marion, Marion, A rkansas....................................... Bank of Strafford, Strafford, M issouri.................................. The Briggsdale State Bank, Briggsdale, Colorado.............

The First National Bank of Purdon, Purdon, Texas. . . . Farm ers Bank of Blackburn, Blackburn, M issouri............ State Bank of Surprise, Surprise, N ebraska........................ Citizens State Bank, H artford, A rkansas............................. First State Bank, Colfax, N orth D akota..............................

F irst State Bank, Kulm, N orth D akota............................... The Borden State Bank, Borden, Indiana........ M argate T rust Company, M argate City, New Jersey ... . F irst State Bank of Ipswich, Ipswich, South D ak o ta. . . . The T rout Creek State Bank, T rout Creek, M ichigan. . .

Bank of Hum boldt, Hum boldt, South D ak o ta................... Caroline State Bank, Caroline, W isconsin............................ F irst State Bank, T urtle Lake, N orth D ak o ta................... State Bank of Irene, Irene, South D akota............._........... Citizens State Bank of Andover, Andover, South Dakota

Total

$61,163,346

2,661,327 12,323,948 12,974,788 19,283,376 13,919,907

892,692 141,465 97,073 123,346 212,665

163,095 102,515 638,997 135.614 14,218

63,237 79,339 65,295 118,294 117,369

211.614 164,543 702,159 210,411 46,141

194,178 167,748 185,674 176,170 78,486

Cash and due from banks

$8,202,894

185,056 1,974,181 2,194,712 2,238,648 1,610,297

66,111 21,072 22,530 16,266 41,446

39,741 8,165 79,988 39,179 578

10,643 16,242 24,158 65,326 35,854

11,013 24,516 12,968 42,537 2,328

36,770 3,091 51,063 41,082 12,465

United States Government securities

$3,949,427

603,519 698,440 902,215 1,293,683 451,570

208,653

300

300

31,843 1,000

3,000 5,025 400

1 0 2

7,600

7,700 15,850 1,100

Other securities

$7,262,555

273,638 510,479 1,955,104 2,307,696 2,215,638

139,330 500 753 10,360 49,745

147 26,190 60,416

534

1,426

10,094 14,491 5,013

9,122 327,535 11,307

36,604 70,000 4,869 58,132 11,880

Loans, dis­ counts, and overdrafts

Banking house, furniture and fixtures

$32,308,365

1,329,865 6,842,116 6,454,624 11,107,699 6,574,061

370,855 103,836 63,825 83,841 116,674

102,135 38,706 434,432 91,030 3,739

40,395 51,737 24,284 24,890 59,295

182,497 94,413 191,702 131,487 34,655

94,334 89,509 87,423 41,495 48,590

$1,898,026

79,365 459,055 459,700 486,995 412,911

47,584 2.500 2,575 9.500 4.500

6,000 7.000 

2

2,780 3,240

7.500 6,360 2.000 1,450 6,400

7,386 105,363 9,174 8,475

15.000 2,771 10.000 4,000 3,900

Other real estate

$4,060,455

120,319 242,274 734,874 837,966 5,125,022

42,400 12,869 1,020 3,160

15,000 17,404

1,100 6,065

3,200 5,000

’ 1,240 6,525

15,021 28.956 62,141 13,586 563

3,700 1,985 22,953 15,000 500

Other

$3,481,624

69,565 1,597,403 273,559 1,010,689 530,408

17,759

6 8 8 6,070 219

72 5,050 32,316 52562

73

1,759 5,872 3,882

3,083 150 2,450 2,218

1 2 0

170 392 1,666 61151

252 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
151 152 153 154 155

156 157 158 159 160

161 162 163 164 165

166 167 168 169 170

171 172 173 174 175

Farm ers Savings Bank, Ankeny, Iow a.......................................... German State Bank of Beulah, N. D., Beulah, North Dakota Leopolis S tate Bank, Leopolis, W isconsin.................................... Russell State Bank & T rust Co., Russell, Iow a......................... Bank of M ilburn, M ilburn, K entucky..........................................

Hudson State Bank, Hudson, South D akota.............................. Winooski Savings Bank, Winooski, V erm ont.............................. Hutchinson County Bank, Parkston, South D akota................. State Bank of Rice Lake, Rice Lake, W isconsin........................ Bank of Highmore (Drew Bros), Highmore, South D akota. .

The Farm ers & M erchants Bank, Madison, M issouri............... Home Bank and T rust Company, Winchester, Tennessee. . . . Hitchcock State Bank, Hitchcock, South D akota..................... Jerauld County Bank, Wessington Springs, South D akota. . . First Bank of Flaxton, Flaxton, N orth D akota.........................

F irst State Bank, Hew itt, M innesota............................................ Stockmens State Bank, M edora, North D akota......................... F irst State Bank, W ilmot, South D akota.................................... Bank of Lockport, Lockport, K entucky....................................... Kerm it State Bank, Kerm it, W est Virginia.................................

Fayette Bank, Fayette, M issouri................................................... Farm ers State Bank of Anamoose, Anamoose, North Dakota. The Bank of Cuba, Cuba, A labam a.............................................. Farm ers State Bank, Canton, Wisconsin...................................... Farm ers State Bank of London, London, K entucky.................

186,410 122,021 204,548 217,173 78,934

253,807 4,008,179 272,963 946,068 109,149

118,960 400,865 78,513 260,145 80,282

135,441 87,398 164,805 67,611 119,759

348,276 61,681 89,226 50,664 354,691

33,070 24,280 22,760 32,839 12,581

32,067 140,643 52,360 134,663 30,034

38,006 38,974 17,847 43,038 6,805

11,073 11,189 28,995 19,154 3,423

76,145 17,460 17,251 9,382 31,126

2,035 35,326

7,800 8,725

11,600 48,836 200

5,000

' 14,525

6,350

26,350

1,950

17,855 1,558 28,23241 500

79,316 659,899 40,864 354,311 4,240

1,000 45,000 2,513 23,463 2,003

26,160 34,144 25,323

11,700 1,468 3,900 700 3,000

126,366 39,103 146,956 171,113 53,092

135,239 1,061,253 143,762 396,312 63,545

57,009 297,269 34,365 181,105 54,738

93,531 36,516 94,839 41,901 89,618

218,731 27,422 60,064 35,512 308,921

1,600 4,800 2,400 3,150 3,000

1,677 549 2,2915

207

6,750

2 2 2 718

2,486

N O TE : Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended sub­ sequent to term ination of its insurance status. For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

Back figures— See the following Annual Reports: 1937, p. 172; 1936, p. 194; 1935, p* 226.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 253

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 161. LIABILITIES OF INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1938

AS SHOWN BY BOOKS OF BANK AT DATE OF SUSPENSION

Case num ber

126 127 128

129 130

131 132 133 134 135

136 137 138 139 140

141 142 143 144 145

146 147 148 149 150

Name and location

T o ta l, 1934-1938 (175 b a n k s )...............................................

C a le n d a r y ear 1934 ( 9 b a n k s )........................................................................ 1935 (24 b a n k s ) ........................................................................ 1936 (42 b a n k s ) ........................................................................ 1937 (50 b a n k s )........................................................................ 1938 (50 b a n k s )........................................................................

1938

The Harford Bank, Bel Air, M aryland................................. W orthville Deposit Bank, W orthville, K entucky.............. Bank of D ecatur, Decatur, A rkansas.................................... F irst State Bank of Wolsey, Wolsey, South D akota......... Farm ers Security Bank, Maywood, N ebraska....................

The F irst State Bank of Lathrop, Lathrop, M issouri. . . . Pollock State Bank, Pollock, South D a k o ta....................... Bank of Marion, Marion, A rkansas....................................... Bank of Strafford, Strafford, M issouri.................................. The Briggsdale State Bank, Briggsdale, Colorado.............

The First N ational Bank of Purdon, Purdon, Texas........ Farm ers Bank of Blackburn, Blackburn, M issouri............ State Bank of Surprise, Surprise, N ebraska........................ Citizens State Bank, H artford, A rkansas............................. First State Bank, Colfax, N orth D akota..............................

First State Bank, Kulm, N orth D akota............................... The Borden State Bank, Borden, Ind ian a........................... M argate T rust Company, M argate City, New Jersey___ F irst State Bank of Ipswich, Ipswich, South D akota. . . . The T rout Creek State Bank, T rout Creek, M ichigan. . .

B ank of Hum boldt, Hum boldt, South D ak o ta................... Caroline State Bank, Caroline, W isconsin........................... F irst State Bank, T urtle Lake, N orth D a k o ta ................... S tate Bank of Irene, Irene, South D ak o ta........................... Citizens State Bank of Andover, Andover, South Dakota

Total liabilities Total deposits

Other liabilities, secured

Other liabilities, unsecured

R. F. C. capital

Private capital stock

Other capital accounts1

$61,163,346

2,661,327 12,323,948 12,974,788 19,283,376 13,919,907

892,692 141,465 97,073 123,346 212,665

163,095 102,515 638,997 135.614 14,218

63,237 79,339 65,295 118,294 117,369

211.614 164.543 702,159 210,411 46,141

194,178 167,748 185,674 176,170 78,486

$46,531,116

1,951,992 8,700,485 11,039,098 14,715,286 10,124,255

669,072 116,216 84,222 89.788 186,486

124,669 55,634 554,255 122,367 7,834

36,062 51,134 55,631 94,432 83,164

142,420 134,826 367,045 184,302 21.789

130,623 134,326 143,532 141,714 48,442

$4,167,312

77,630 1,826,850 46,618 1,004,807 1,211,407

60,020 8,085

2,763 11,089

11

16,0617

110,179

10,000

$489,344

27,333 285,036 47,077 127,951 1,947

17 148

$2,909,150

90,000 223.000 788.000 755,250 1,052,900

50,000

8,000

10,000 9,900

12,500

15.000 15.000

30.000 15.000 60.000 8,500

196 149

25.000 10.000 15.000 14,900 13.000

$6,009,465

432,100 950,000 1,069,350 2,498,815 1,059,200

75.000 15.000 10.000

20,000 

20,000

10,000 21,000 15,100 10,000 10,000

25.000 12,500 10.000 5,000 15.000

25.000 10.000 160,000 15.000 25.000

25.000 15.000 15.000 15.000 15.000

$1,056,959

82,272 338,577 -15,355 181,267 470,198

38,583 2,016 2,851 5,558 6,156

25,663 4,792 59,742 3,247 -3,618

2,119 3,194 -336 3,800 4,126

-1,867 4,710 4,928 2,609 -708

13,555 -1,578 12,142 4,360 1,895

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
151 152 153 154 155

156 157 158 159 160

161 162 163 164 165

166 167 168 169 170

171 172 173 174 175

Farm ers Savings Bank, Ankeny, Iow a.......................................... German State Bank of Beulah, N. D., Beulah, N orth Dakota Leopolis S tate Bank, Leopolis, W isconsin.................................... Russell State B ank & T rust Co., Russell, Iow a......................... Bank of M ilburn, M ilburn, K entucky..........................................

Hudson State Bank, Hudson, South D ak o ta.............................. Winooski Savings Bank, Winooski, Verm ont............................. Hutchinson County Bank, Parkston, South D ak o ta................. State Bank of Rice Lake, Rice Lake, W isconsin........................ Bank of Highmore (Drew Bros), Highmore, South D akota. .

The Farm ers & M erchants Bank, Madison, M issouri.............. Home B ank and T rust Company, Winchester, Tennessee. . . . Hitchcock S tate Bank, Hitchcock, South D ak o ta..................... Jerauld County Bank, W essington Springs, South D ak o ta. . . F irst B ank of Flaxton, Flaxton, N orth D ak o ta.........................

First State Bank, H ew itt, M innesota............................................ Stockmens State Bank, Medora, N orth D akota........................ F irst State Bank, W ilmot, South D akota.................................... Bank of Lockport, Lockport, K entucky....................................... Kerm it State Bank, K erm it, W est Virginia................................

F ayette Bank, F ayette, M issouri................................................... Farm ers State Bank of Anamoose, Anamoose, N orth Dakota. The Bank of Cuba, Cuba, A labam a.............................................. Farm ers State Bank, Canton, W isconsin..................................... Farm ers State Bank of London, London, K entucky.................

186,410 122,021 204,548 217,173 78,934

253,807 4,008,179 272,963 946,068 109,149

118,960 400,865 78,513 260,145 80,282

135,441 87,398 164,805 67,611 119,759

348,276 61,681 89,226 50,664 354,691

162,867 99,830 142,554 185,492 62,021

208,698 2,479,384 214,673 841,333 79,375

94,944 278,148 53,576 210,967 52,683

112,093 73,844 112,250 51,332 67,451

303,399 39,246 100,465 30,270 287,375

13,000

867,044

92

59,473

16,637

2,500

4,289

6,243

23,537

28

942

11

22

10,000 15,000 5,000

9,900 500,000 14,800 25,000

10,000 30.000 12.000

12,000

7,400

10,000 17,000

15.000

13.000

10.000

10,000 15,000

. 1,000 10,000 10,000 20,000 15,600

25.000

40.000 35.000 25.000

10.000 30.000 12.000 25.000 15.000

15.000 15.000 25.000 15.000 30.000

12.000 10,000 15.000 10.000 25,000

2,534 2,173 23,949 6,681 1,285

10,209 161,368 3,490 43,701 4,774

4,015 3,244 937 7,477 599

948 -11,446 10,544 1,279 4,786

15,586 2,435 -32,482 394 3,779

1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. M inus (-) indicates net operating deficit.

N O TE: Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended sub­ sequent to term ination of its insurance status. For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 1 2 0 .

Back figures— See the following Annual Reports: 1937, p. 174; 1936, p. 196; 1935, p. 227.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS 255

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Case num ber

126 127 128 129 130

131 132 133 134 135

136 137 138 139 140

141 142 143 144 145

146 147 148 149 150

T a b le 162. DEPOSITS OF INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1938

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1938

Name and location

T o ta l, 1934-1938 (175 b a n k s )...............................................

C a le n d a r y ear 1934 ( 9 b a n k s )........................................................................ 1935 (24 b a n k s )........................................................................ 1936 (42 b a n k s )........................................................................ 1937 (50 b a n k s )........................................................................ 1938 (50 b a n k s )........................................................................

1938

The H arford Bank, Bel Air, M aryland................................. W orthville Deposit Bank, W orthville, K entucky............... B ank of D ecatur, Decatur, A rkansas.................................... First State Bank of Wolsey, Wolsey, South D ak o ta......... Farm ers Security Bank, Maywood, N ebraska....................

The First State Bank of Lathrop, Lathrop, M issouri. . . . Pollock State Bank, Pollock, South D a k o ta ........................ Bank of Marion, Marion, A rkansas....................................... Bank of Strafford, Strafford, M issouri.................................. The Briggsdale State Bank, Briggsdale, Colorado.............

The First National Bank of Purdon, Purdon, Texas........ Farm ers Bank of Blackburn, Blackburn, M issouri............ State Bank of Surprise, Surprise, N ebraska........................ Citizens State Bank, H artford, A rkansas............................. First State Bank, Colfax, N orth D ak o ta..............................

F irst State Bank, Kulm, N orth D ak o ta............................... The Borden State Bank, Borden, In d ian a........................... M argate T rust Company, M argate City, New Jersey ... . First State Bank of Ipswich, Ipswich, South D ak o ta. . . . The T rout Creek State Bank, T rout Creek, M ichigan. . .

Bank of Humboldt, Hum boldt, South D ak o ta................... Caroline State Bank, Caroline, W isconsin............................ First State Bank, T urtle Lake, N orth D a k o ta................... State Bank of Irene, Irene, South D akota........................... Citizens State Bank of Andover, Andover, South Dakota

Total1

$47,362,289

1,966,871 9,057,681 11,187,244 14,923,202 10,227,291

669,028 116,216 84,269 89.788 186,486

124,669 55,638 572,559 122,363 7,834

36,062 51,134 55,631 94,433 83,164

142,420 134,827 367,005 184,453 21.789

130,623 176,461 143,532 141,713 48,442

Insured2

$36,343,811

942,512 6,048,401 8,133,999

12,122,201 9,096,698

598,857 99,689 77,324 77,310 176,742

114,863 47,508 364,844 109,975 7,634

35,009 47,825 42,828 89,613 78,885

141,199 127,294 354,347 166,764 15,459

107,627 162,399 131,598 134,288 41,937

Secured and preferred3

$3,311,242

755,533 466,210 610,519 1,145,996 332,984

25,677

10,362

7,337 67,270

11,813

11,913

15,449 142 2,424

1,379

Subject to offset

$2,748,850

94,718 532,529 598,103 1,031,327 492,173

29,635 15,347 6,070 2,116 7,522

8,325 793 55,468 12,388 200

1,053 3,309 990 4,820 4,279

1,221 6,533 12,658 5,776 4,085

7,036 6,268 9,510 4,678 5,126

Uninsured, unsecured, not pre­ ferred, and not subject to offset

In excess of insurance maximum

$3,974,925

102,785 2,005,135 1,016,386 621,694 228,925

14,859 1,180 875

2,222

1,481

84,977

1,000

2,245

511 7,652

2,747

Other4

$983,461

71,323 5,406 828,237 1,984 76,511

256 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
151 152 153 154 155

156 157 158 159 160

161 162 163 164 165

166 167 168 169 170

171 172 173 174 175

Farm ers Savings Bank, Ankeny, Iow a.......................................... German S tate Bank of Beulah, N. D., Beulah, North Dakota Leopolis State Bank, Leopolis, W isconsin.................................... Russell State Bank & T rust Co., Russell, Iow a.......................... Bank of M ilburn, Milburn, K entucky..........................................

Hudson State Bank, Hudson, South D akota.............................. Winooski Savings Bank, Winooski, V erm ont.............................. Hutchinson County Bank, Parkston, South D ak o ta................. State Bank of Rice Lake, Rice Lake, Wisconsin........................ Bank of Highmore (Drew Bros), Highmore, South Dakota. . .

The Farm ers & M erchants Bank, Madison, M issouri............... Home Bank and T rust Company, Winchester, Tennessee. . . . Hitchcock State Bank, Hitchcock, South D akota..................... Jerauld County Bank, Wessington Springs, South D akota. . . First Bank of Flaxton, Flaxton, N orth D akota..........................

First State Bank, Hew itt, M innesota............................................ Stockmens State Bank, Medora, North D akota......................... First State Bank, Wilmot, South D akota.................................... Bank of Lockport, Lockport, K entucky....................................... Kermit State Bank, Kermit, W est Virginia.................................

Fayette Bank, Fayette, M issouri................................................... Farmers State Bank of Anamoose, Anamoose, North Dakota. The Bank of Cuba, Cuba, A labam a.............................................. Farmers State Bank, Canton, W isconsin...................................... Farm ers State Bank of London, London, K entucky.................

162,800 99,830 142,554 185,517 67,609

208,699 2,479,389 214.713 842,301 79,375

94,944 278,023 53,908 211.037 52,683

130,236 94.739 112,250 51,332 67,452

303,399 39.246 100,508 30,271 283,937

146,662 90,401 129,752 148,950 59,177

173,313 2,456,298 162,015 743,813 74,624

90,551 160,747 51,784 181,918 48,844

94,278 69,328 86,262 48,198 63,722

252,216 31,568 93,941 29,247 257,271

10

’ 5,1.76

23,145

39,353 21,531

20,163

13,549 1,553

27,591

5,004

2,500

19,643

11,743 9,429 7,484 7,395 6,040

10,191 17,105 11,350 41,276 4,751

4,393 29,432 2,124 15,454 2,286

8,367 6,984 11,121 3,134 1,230

24,568 7,678 6,567 1,024 25,841

4,385

142 29,172 2,392

2,050 5,986 1,995 35,681

116

18,427 1,033

>,972

825

67,681

8,830

1 The am ount of deposits given in Table 162 does not agree with the am ount shown in Table 161 due to the inclusion in Table 162 of deposits subsequently discovered or reclassified.

2 Includes all deposits paid or to be paid by FD IC.

3 Includes only the portions of secured deposits to be met by sale of security and of preferred deposits to be paid by the receiver.

4 Includes (a) restricted and deferred deposits not eligible for insurance, (b) deposits barred from insurance because not claimed before the expiration of the period set by aw, (c) deposits made after term ination of insurance status in 1 bank which suspended after its insurance status had been term inated.

N O TE: Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended sub­ sequent to term ination of its insurance status. For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

Back figures—See the following Annual Reports: 1937, p. 176; 1936, p. 198; 1935, p. 228.

K) Oi <3SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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T a b le 163. PAYMENTS TO DEPOSITORS OF INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1938

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1938

Number of depositors Insured deposits1

Case

number Name and location Total Paid by FD IC

Fully paid by other methods2

Unpaid Total Paid Unpaid

T o ta l, 1934-1938 (175 b a n k s ) ..............................................................

C a le n d a r y ear

204,605 154,679 20,274 29,652 $36,343,811 $35,542,332 $801,479

1934 ( 9 b a n k s )...................................................................................... 15,539 11,245 919 3,375 942,512 933,926 8,586 1935 (24 b a n k s )...................................................................................... 31,622 23,371 2,706 5,545 6,048,401 5,928,201 1 2 0 , 2 0 0 1936 (42 b a n k s )....................................................................................... 41,731 30,929 4,521 6,281 8,133,999 8,032,204 101,795 1937 (50 b a n k s )...................................................................................... 73,958 60,133 7,297 6,528 1 2 ,1 2 2 , 2 0 1 12,021,780 100,421 1938 (50 b a n k s )......................................................................................

1938

41,755 29,001 4,831 7,923 9,096,698 8,626,221 470,477

i26 The Harford Bank, Bel Air, M aryland............................................... 4,111 2,892 391 828 598,857 584,147 14,710 127 Worthville Deposit Bank, W orth ville, K entucky............................. 422 311 107 4 99,689 99,343 346 128 Bank of Decatur, Decatur, A rkansas................................................... 531 306 185 40 77,324 77,174 150 129 First S tate Bank of Wolsey, Wolsey, South D akota....................... 258 214 40 4 77,310 77,290 2 0 130 Farm ers Security Bank, Maywood, N ebraska.................................. 785 461 1 0 1 223 176,742 175,530 1 , 2 1 2

131 The First S tate Bank of Lathrop, Lathrop, M issouri..................... 763 582 95 8 6 114,863 114,774 89 132 Pollock State Bank, Pollock, South D a k o ta...................................... 396 311 14 71 47,508 47,348 160 133 Bank of Marion, Marion, A rkansas..................................................... 1,174 830 253 91 364,844 357,139 7,705 134 135 Bank of Strafford, Strafford, M issouri................................................. The Briggsdale State Bank, Briggsdale, C olorado...........................

727

1 1

4669

176 85

2

109,975 7,634 109,902 7,614 73

2 0

136 The First National Bank of Purdon, Purdon, Texas....................... 260 218 36 6 35,009 34,969 40 137 '138 139

Farm ers Bank of Blackburn, Blackburn, M issouri.......................... State B ank of Surprise, Surprise, N ebraska....................................... 351

2 0 2

256 166 7836 17 47,825 42,828 89,613

47,820 42,828 89,572

5

Citizens State Bank, H artford, A rkansas............................................ 612 470 83 59 41 140 First State Bank, Colfax, N orth D ak o ta............................................ 354 296 53 5 78,885 77,312 1,573

141 F irst State Bank, Kulm, N orth D akota.............................................. 546 434 31 81 141,199 134,919 6,280 142 The Borden State Bank, Borden, Indiana.......................................... 487 322 99 6 6 127,294 126,498 796 143 M argate T rust Company, M argate City, New Jersey.................... 2,069 1,463 147 459 354,347 352,967 1,380 144 First State Bank of Ipswich, Ipswich, South D ak o ta..................... 803 663 97 43 166,764 166,673 91 145 The T rout Creek State Bank, T rout Creek, M ichigan................... 106 87 1 0 9 15,459 15,383 76

146 B ank of Hum boldt, H um boldt, South D ak o ta.................................. 744 463 153 128 107,627 107,297 330 147 Caroline State Bank, Caroline, W isconsin.......................................... 480 422 48 1 0 162,399 158,883 3,516 148 First State Bank, T urtle Lake, N orth D a k o ta................................. 676 506 72 98 131,598 130,975 623 149 State Bank of Irene, Irene, South D ak o ta......................................... 303 269 18 16 134,288 134,169 119 150 Citizens State Bank of Andover, Andover, South D akota............. 278 186 51 41 41,937 41,719 218

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
151 152 153 154 155

156 157 158 159 160

161 162 163 164 165

166 167 168 169 170

171 172 173 174 175

Farm ers Savings Bank, Ankeny, Iow a.......................................... German State Bank of Beulah, N. D., Beulah, N orth Dakota Leopolis State Bank, Leopolis, W isconsin.................................... Russell State Bank & T rust Co., Russell, Iow a.......................... Bank of Milburn, M ilburn, K entucky..........................................

Hudson State Bank, Hudson, South D akota. . . . , ................... Winooski Savings Bank, Winooski, V erm ont. . ..................... Hutchinson County Bank, Parkston, South D ak o ta................. State Bank of Rice Lake, Rice Lake, W isconsin........................ Bank of Highmore (Drew Bros), Highmore, South Dakota. . .

The Farm ers & M erchants Bank, Madison, M issouri............... Home Bank and T rust Company, Winchester, Tennessee Hitchcock State Bank, Hitchcock, South D ak o ta..................... Jerauld County Bank, Wessington Springs, South D ak o ta. . . First Bank of Flaxton, Flaxton, N orth D akota..........................

First State Bank, H ewitt, M innesota............................................ Stockmens State Bank, Medora, N orth D akota......................... First State Bank, W ilmot, South D ak o ta.................................... Bank of Lockport, Lockport, K entucky....................................... K erm it State Bank, K erm it, West Virginia.................................

Fayette Bank, Fayette, M issouri................................................... Farm ers State Bank of Anamoose, Anamoose, North Dakota. The Bank of Cuba, Cuba, A labam a.............................................. Farmers State Bank, Canton, Wisconsin...................................... Farm ers State Bank of London, London, K entucky.................

632 462 440 574 393

551 6,026 651 2,137 339

568 2,442 707 1,658 299

498 276 367 304 520

1,215 221 801 303 1,922

431 123 78 146,662 146,635 27 396 57 9 90,401 86,947 3,454 327 75 38 129,752 122,373 7,379 423 113 38 148,950 148,716 234 266 95 32 59,177 59,162 15

442 1 0 0 9 173,313 173,215 98 5,384 98 544 2,456,298 2,444,312 11,986 470 124 57 162,015 157,396 4,619 1,933 148 56 743,813 739,685 4,128 290 39 1 0 74,624 66,708 7,916

447 1 0 2 19 90,551 90,047 504 1,269 139 1,034 160,747 156,978 3,769 346 52 309 51,784 51,198 586 969 313 376 181,918 173,289 8,629 239 40 2 0 48,844 48,791 53

325 131 42 94,278 89,508 4,770 163 29 84 69,328 59,595 9,733 257 82 28 86,262 79,753 6,509 216 70 18 48,198 48,171 27 308 104 108 63,722 56,178 7,544

841 246 128 252,216 233,241 18,975 146 34 41 31,568 28,029 3,539 510 143 148 93,941 54,049 39,892 303 29,247 29 247 1,922 257^271 257^271

1 Includes all deposits paid or to be paid by FD IC.

2 Includes all depositors whose claims have been fully paid by counterclaim, by sale of security, or directly by the receiver because of preferred status.

N O TE: Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which suspended sub­ sequent to term ination of its insurance status. For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FD IC aid, see page 120.

Back figures—See the following Annual Reports: 1937, p. 178; 1936, p. 200; 1935, p. 229.

toOl

<r>SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
INDEX

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Federal Reserve Bank of St. Louis
I N D E X

Page Absorptions. See Mergers and consolidations.

Accounts in insured banks: Average size........................................................................................... 83, 94, 97, 99 Number. See Number of accounts.

Actions of Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Adjusted capital account. See Capital of banks.

Adjusted value of assets. See Assets, examiners’ analysis of.

Administrative expenses of Federal Deposit Insurance Corporation...............33, 34

Admissions to insurance: Applications approved and disapproved..................................................... 20-21 By class of bank................................................................................................124-25 Number during 1938.......................................................................... 20-21, 42, 125 Policy of Corporation regarding....................................................................20, 61

Amendment to Regulation IV ...................................................................................22, 109

Amendments to deposit insurance law ..............................................................28, 103-04

Applications from banks: For loans to facilitate mergers...................................................................... 14 To assume deposit liabilities.......................................................................... 20 To become insured............................................................................................ 20-21 To change location........................................................................................... 22 To establish branches....................................................................................... 21-22 To retire or reduce capital.............................................................................. 18-20

Appraisal of securities. See Securities.

Assessments: Adequacy of........................................................................................................ 4, 20 Rate and amount.............................................................................................. 33

Assets and liabilities of banks (see also Receivership, insured banks placed in): All banks 1935-38............................................................................................. 160 All commercial banks 1935-38....................................................................... 161 All insured banks 1935-38.............................................................................. 160 Insured commercial banks: Call dates, 1934-38...............................................................................164-67 Changes during 1938........................................................................... 44-45 December 31, 1935, to December 31, 1938 .................................. 162 Insured commercial banks not members of the Federal Reserve System: Averages, 1936-38................................................................................ 216 Averages per bank, 1938...........................................................176-77, 221 Call dates, 1934-38...............................................................................170-73 December 31, 1938...............................................................................174-75 Grouped by amount of deposits............................174-79, 219, 221, 223 Grouped by population of center in which located...................225, 227 Grouped by rate of net earnings on total assets.......................229, 231 Percentage charge during 1938, banks grouped by ratio of total capital accounts to total assets.......................................... 45 Mutual savings banks............................................................................. 161, 163 Noninsured banks................................................... .............................161, 162, 163 Sources of d ata.................................................................................................. 118

263

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Assets and liabilities of the Federal Deposit Insurance Corporation. ....... 36-38

Assets, examiners’ analysis of: Definition of terms used................................................................................. 119 Insured commercial banks, original examination procedure: Adjusted and book values, banks grouped by amount of deposits and by State........................................................... 184-85 Ratios of adjusted value to book value................................. .. 186-87 Ratios of adjusted capital account, fixed and substandard assets, and net current earnings to assets................................... 188 Substandard assets, number and deposits of banks w ith .. .47-48, 189 Insured commercial banks not members of the Federal Reserve System, original and uniform examination procedures: Adjusted values, substandard and not criticized............48-49, 192-99 Ratios of adjusted value to book value...................................48, 200-05 Revision of examination procedure....................................................... 61-78, 118 Sources of data.............................................................................................. 118

Assets of banks purchased by Federal Deposit Insurance Corporation. See Loans to insolvent insured banks.

Assets of insured banks, quality of (see also, Assets, examiners’ analysis): Classification of, uniform procedure...................................................... 71-78 During 1938.................................................................................................... 46-50 Improvement since admission to insurance.............................................3, 48-49 Policy of Corporation regarding................................ .......................23-25, 64, 68

Assumption of uninsured deposits............................................................................. 20

Balance sheet of the Federal Deposit Insurance Corporation........................... 36-38

Bank examination. See Examination of banks.

Banking offices, establishment of: Banks beginning operations...........................................................................42, 124 Banks opened, or opening contemplated, approved for insurance. . .. 20-21 Branches, establishment approved by Corporation................................. 21 Branches opened............................................................................................... 42, 125 Policy of Corporation regarding.................................................................... 20 Percentage belonging to branch systems, 1938 compared with 1920. . 41 Relation of branch banking to holding company banking..................... 22

Banking practices (see also Unsafe and unsound banking practices)............... 4, 23

Bank management. See Management of banks, quality of.

Bank supervision: Development of uniform examination procedure...................................... 61-78 Duplication among State and Federal agencies........................................ 26-28 Objectives o f...................................................................................... 4, 10, 22-28, 61

Banks beginning operations. See Banking offices, establishment of.

Banks ceasing operations............................................................................................ 42, 124

Banks operating branches. See Banking offices, establishment of; Number of banks operating branches; Reports from insured banks.

Board of Directors of the Federal Deposit Insurance Corporation.................. 5, 31

Board of Governors of the Federal Reserve System (see also Bank supervision): Data obtained from.......................................................................................... 115 Examination by Corporation of banks under jurisdiction of other Federal agencies..................................................................... 27 Examination procedure, agreement regarding...............................63, 66, 73, 75 Supervision and examination of insured banks b y ................................... 26-28

2 6 4 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Page Branches. See Banking offices, establishment of; Number of banks operating branches; Number of branches.

Capital of banks (see also Assets and liabilities of banks; Earnings, expenses, and disposition of profits): Adjusted capital account: Amount, insured commercial banks examined in 1938..............184-85 Definition............................................................................................. 46, 119 Improvement in insured banks not members Federal Reserve System since 1933................................................................ 50-51 Method of determining, under original and uniform examination procedures.................................................................. 68-71, 76-78 Policy of Corporation regarding...................................................... 68-69 Ratio to assets.................................................................46-47, 50, 186-91 Ratio to deposits.......................................................... 50, 186-87, 190-91 Ratio to total capital accounts........................................................186-87 Under original examination procedure.....................................69, 184-89 Under uniform examination procedure................... 50, 190-91, 194-95 Examiners’ analysis of: Insured commercial banks not members of the Federal Reserve System, original or uniform procedure 50, 60-71,76-78,190-95 Insured commercial banks, original pro­ cedures........................................... 46-48, 68-71, 76-78, 190-95 Margin of protection afforded creditors..................................................... 3, 20 Net capital account........................................................................................ 119 Policy of Corporation regarding........................................................ 4, 19, 20, 23 Recommendations for State legislation...................................................... 30 Reductions and retirements approved by the Corporation................... 18-19 Sound capital................................................................................................... 119 Supplied by Reconstruction Finance Corporation............50, 180-87, 192-95 Total capital accounts of insured commercial banks: Changes during 1938......................................................................... 57 Definition............................................................................................. 119 Ratio to total assets........................................................................... 45 Unsafe and unsound practices..................................................................... 19

Capital of Federal Deposit Insurance Corporation..............................................36, 38

Cash and due from banks (see also Assets and liabilities of banks).. . .43-45, 48-49

Changes during 1938 in number and deposits of operating banks. See Deposits; Number of operating banks.

Chartering of banks........................................................................................21, 29, 30, 61

Civil Service extended to employees of the Federal Deposit Insurance Corporation.............................................................. 28-29, 105-09 Classification of banks and banking offices............................................................115-17

Closed banks. See Receivership, insured banks placed in; Suspensions.

Commercial banks. See Assets and liabilities of banks; Capital of banks; Deposits; Earnings, expenses, and disposition of profits; Number of operating banks.

Commercial banking offices. See Number of operating banking offices.

Comptroller of the Currency: Data obtained from....................................................................................... 115 Director of Corporation................................................................................. 5, 31 Examination procedure, agreement regarding..............................63, 66, 73, 75 Examination by Corporation of banks under jurisdiction of................ 27 Method of valuing securities and loans......................................................64, 72 National banks chartered b y ........................................................................21, 26 Review of bank examinations made by..................................................... 17 Supervision and examination of insured banks by.................................. 26-28

Consolidations. See Mergers and consolidations.

Credit, extension of by banks, policy of Corporation regarding....................... 25

INDEX 265

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Demand deposits. See Deposits.

Depositors (see also Insurance coverage; Number of accounts; Receivership, insured banks placed in): Insolvent or hazardous banks suspended or merged...........3, 9-10, 11-13, 86 Losses borne by in past 75 years................................................................3, 23-24 Number protected with varying amounts of insurance coverage......... 87-89

Depositors’ claims against closed insured banks. See Receivership, insured banks placed in.

Deposits: Assumption of by other banks...................................................................... 20 Changes during 1938........................................................................................ 43-44 Classified by type of deposit (see also Assets and liabilities of banks) ...........................................................................43, 82, 84-85, 92-93 Definition, for assessment purposes............................................................. 117 Form, Summary of Deposits, September 21, 1938................................... I l l Demand (see also Assets and liabilities of banks)..................43, 83, 85, 92-93 In accounts with specified maximum balances.......................................... 79-99 Insured. See Insurance coverage; Insured deposits. Interbank (see also Assets and liabilities of banks).........43, 83-84, 85, 92-93 Interest on. See Interest. Of all banks, average during first six months of 1938.............................150-57 Of all commercial banks.................................................................... 42-43, 150-57 Of all insured banks, daily average during first six months of 1938.. .. 150-59 Of all mutual savings banks............................................................150-53, 158-59 Of all banks grouped by: Amount of deposits (see also Assets and liabilities of banks) ....................................................................................150-51, 154-59 Class of ban k ....................................................................................... 150-53 States and possessions.........................................................................152-59 Of banks merged with aid of loans or purchase of assets by the Corporation.....................................................240-41, 245, 248-49 Of banks operating branches.......................................................................... 151 Of banks receiving financial aid from Corporation, 1934-38. . 242-43, 246-49 Of insolvent or hazardous banks suspended or merged.......................... .......................................................3, 9-14, 86-90, 242-43, 246-47 Of insured banks in receivership..........................................238-39, 244, 254-57 Of insured commercial banks: At time of latest examination, 1938.........................46-47, 184-85, 189 Call dates, 1934-38............................................................................... 166 Change during 1938............................................................................. 42-43 Daily average, first six months of 1938..........................................150-59 December 31, 1935, to December 31, 1938.................................. 162 September 21, 1938........................................................................ 93, 94, 97 September 21, 1938, May 13, 1936, and October 1, 1934.......... 79-82 Of insured commercial banks not members Federal Reserve System: At time of latest examination, 1938................................................ 192-95 Call dates, 1934-38...................................................................... .. 172 Daily average first six months of 1938...........................................150-53 December 31, 1938, grouped by amount of deposits. . . . 175, 177, 179 Of insured mutual savings banks: Daily average, first six months of 1938..........................150-53, 158-59 December 31, 1935, to December 31, 1938........................... .. 163 December 31, 1938............................................................................... 58 September 21, 1938.......................................................................... 99 September 21, 1938, and May 13, 1936.................................... 86 Of noninsured banks: Average during first six months of 1938.........................................150-59 Change during 1938............................................................................. 43 December 31, 1935, to December 31, 1938.................................... 161 Of suspended banks (see also Receivership, insured banks placed in).. .................................................................. 238-39, 244, 254-57 Of unit banks..................................................................................................... 150 Paid and unpaid in closed insured banks...........................9-10, 12-13, 258-59 Payments of, to insured depositors. See Receivership, insured banks placed in.

2 6 6 FEDERAL DEPOSIT INSURANCE CORPORATION

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INDEX 267

Page Deposits:—Continued. Postal savings deposits (see also Assets and liabilities of banks)........... .............................................................................................. 43, 83-84 Preferred. See Deposits, secured and preferred Public funds (see also Assets and liabilities of banks). .43, 83-84, 85, 92-93 Savings and time deposits (see also Assets and liabilities of banks): Amount.............................................................................................. 43, 83, 93 Effect of increase in maximum insurance coverage.........83, 85, 92-93 Interest paid on..................................................................................... 57 Loans upon security o f.......................................................................22, 109 Secured and preferred: Insured banks placed in receivership........................9-10, 11-13, 88-91 Insured commercial banks.................................................................. 167 Insured commercial banks not members Federal Reserve System ...................................................................................... 173 Sources of d ata......................................................................................... 115, 117-18 Subject to offset. See Receivership, insured banks placed in. Uninsured. See Insurance coverage; Uninsured deposits.

Disposition of profits. See Earnings, expenses, and disposition of profits.

Dividends: On deposit liability by insured banks placed in receivership................ 15 To stockholders of operating banks: Insured banks. See Earnings, expenses, and disposition of profits. Payment of, without provision for losses....................................... 4, 24

Double liability. See Stockholders of banks.

Doubtful assets.................................................................... .............................62-64, 72, 73

Earnings, expenses, and disposition of profits: All insured commercial banks........................................3, 24, 51-53,188, 212-15 Insured commercial banks not members of the Federal Reserve System........................................................................ 54-57, 214-15 Insured commercial banks not members of the Federal Reserve System operating throughout the year: Percentage distribution of number of banks according to rate of net earnings 1938, 1937, and 1936.............................. 55 Ratios to total assets, 1934-38..........................................................216-17 Insured commercial banks not members of the Federal Reserve System operating throughout the year 1938: Grouped according to character of dividends paid..................... 56 Grouped according to population of center...................224-27, 232-33 Grouped according to rate of net operating earnings on total assets..................................................................................55, 228-35 Grouped according to rate of income on loans and proportion of loans to total assets.......................................................... 235 Grouped according to rate of net profits or losses on total assets..................................................................................54, 233—34 Grouped by average amount of deposits.................56, 218-23, 232-33 Grouped according to number of offices in center.......................232-33 Ratios to gross earnings, total, assets, and total capital accounts .................................................................... 222-23, 226-27, 230-31 Related to size of bank, size of town, and type of community . 54-55 Insured mutual savings banks................................................................58, 236-37 Sources and adjustment of data....................................................................119-20

Employees, Federal Deposit Insurance Corporation.......................28-29, 32, 105-09

Examiners (see also Employees, Federal Deposit Insurance Corporation): Of Federal agencies, joint conference.......................................................... 62-64 Selection of by Corporation........................................................................... 32

Examinations of banks (see also Assets, examiners' analysis of; Capital of banks): Banks cited for unsafe and unsound practices......................................17, 27-28 Development of uniform examination procedure...........17, 25-26, 61-78, 118

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Examinations of banks (see also Assets, examiners’ analysis of; Capital of banks):— Continued. Examination by Federal Deposit Insurance Corporation of banks under jurisdiction of other Federal agencies................... 27 In connection with loans and purchase of assets of insured banks.. . .17, 27 Number by Federal Deposit Insurance Corporation, 1938...............17, 27-28 Purposes of..............................................................................................17, 25, 27, 61 Review of examinations made by Comptroller of Currency and Federal Reserve banks......................................................... 17

Executive Orders. See Civil Service.

Expenses of banks. See Earnings, expenses, and disposition of profits.

Expenses of the Federal Deposit Insurance Corporation.................................3, 33, 34

Failures. See Receivership, insured banks placed in; Suspensions.

Federal Deposit Insurance Corporation: Actions regarding: Applications of banks for admission to insurance....................... 20-21 Assumption of deposit liabilities....................................................... 20 Branch banking..................................................................................... 21-22 Capital of insured banks.................................................................... 18-20 Change of location of insured banks............................................... 22 Loans and purchase of assets to facilitate mergers..................... 14 Unsafe and unsound banking practices and violations of law or regulations.......................................................................... 17-18 Audit..................................................................................................................... 33, 35 Balance sheet...................................................................................................... 36-38 Bank supervision, policies regarding............................................................ 22-28 Board of Directors............................................................................................ 5, 31 Capital and surplus.......................................................................................... 36-38 Civil Service extended to employees...............................................28-29, 105-09 Development of uniform examination procedure...........17, 25-26, 61-78, 118 Divisions and committees............................................................................... 5, 32 Duplication of supervisory activities among State and other Federal agencies..................................................................................... 27 Employees.................................................................................28-29, 31-32, 105-09 Examiners, selection o f.................................................................................... 32 Examination of banks (see also Examinations of banks)...................17, 27-28 Forms and instructions....................................................................................109-11 Income and expenses.....................................................................................3, 33, 34 Insured banks receiving financial aid from 1934-38.................242-43, 246-47 Investments........................................................................................................ 36,38 Legislation and Executive Orders affecting..................................28-30, 103-09 Liquidating agent for insured banks, appointment a s............................ 16 Loans to and purchase of assets from insured banks .......................................................11-12, 14, 240-41, 245, 248-49 Losses incurred......................................................................................... 3, 10-11, 33 Officers................................................................................................................. 5, 31 Operations........................................................................................................... 9, 38 Organization and staff...................................................................................5, 31-32 Payments to insured depositors.......................................3, 9-10, 12-13, 258-59 Policies................................................................................................................. 9-38 Powers.............................................................................................12, 16, 20, 28, 104 Receiver for insured banks, appointment as.......................................16, 250-51 Recoveries on subrogated claims of insured depositors.......................... 15-16 Regulations and rulings.....................................................................22, 26-27, 109 Supervisory activities....................................................................................... 16-22

Federal Reserve banks, review of bank examinations made b y ........................ 17

Fixed and substandard assets........................................................... 46, 47, 48, 188, 189

Forms and instructions issued by Federal Deposit Insurance Corporation. .109-11

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Page Hazardous banks. See Loans to insolvent or hazardous insured banks; Weak or hazardous banks.

Head offices of branch systems. See Number of banks operating branches.

Holding company banking.......................................................................................... 22

Indian funds, insurance protection o f ...............................................................28, 104-05

Insolvent or hazardous insured banks (see also Loans to insolvent or haz­ ardous insured banks; Receivership, insured banks placed in; Suspensions): Operating at close of 1938............................................................................... 10-11 Suspended or merged with aid of the Corporation .......................................................3, 9-14, 86-90, 242-43, 246-47

Insurance coverage: Accounts fully insured.................................79, 81, 83, 87, 89, 92, 94, 96, 98 Banks members Federal Reserve System, 1933 and 1938.................84, 95-97 By amount of deposits...............................................80-81, 87-89, 92-93, 98-99 By type of deposit, 1936 and 1938....................................................82-84, 92-93 By States, September 21, 1938...................................................................... 95-99 Depositors in insolvent banks........................................................................ 89 Insolvent insured banks, 1934-38................................................................. 86-90 Insured mutual savings banks, 1936 and 1938.....................................86, 98-99 Limitations on data for September 21, 1938, and May, 1936............... 90-91 Operating insured commercial banks................................................79-86, 92-97 Reports from banks..................................................................... 79, 84, 91, 109-11 September 21, 1938, May 13, 1936, October 1, 1934.............................. 79-82 With varying amounts of maximum coverage...............................84-89, 92-99

Insured banks. See: Admissions to insurance; Assets and liabilities of banks; Assets, examiners’ analysis of; Capital of banks; Classification of banks and banking offices; Deposits; Earnings, expenses, and disposition of profits; Examinations of banks; Insurance coverage; Loans of commercial banks; Management of banks, quality of; Mergers and consolidations; Number of banks operating branches; Number of branches; Number of operating banking offices; Number of operating banks; Receivership, insured banks placed in; Regulations and rulings; Securities; Suspensions; Terminations of insurance; Unsafe and unsound banking practices; Weak or hazardous banks.

Insured commercial banks not members of the Federal Reserve System. See Insured banks.

Insured deposits (see also Depositors; Insurance coverage): Amount................................................................... ............................................ 9 Of insolvent or hazardous banks suspended or merged. .9-10, 11-14, 86-90 Of insured banks placed in receivership..................................................... 256-59 September 21, 1938............................................................................. 79-86, 92-99

Insured mutual savings banks (see also Mutual savings banks)............... 58, 86, 98-99

Insured State banks members of the Federal Reserve System. See Insured banks.

Interbank deposits. See Deposits.

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Interest (see also Earnings, expenses, and disposition of profits): On deposits: Definition and tabulation................................................................... 120 Rate o f.................................................................................................... 57 Regulation of Corporation regarding.............................................. 22 On loans and securities, rate of, 1934-38..................................................... 57 On loans, rate of, 1938..................................................................................... 235

Investments of banks. See Assets and liabilities of banks; Securities; Unsafe and unsound banking practices.

Investments of the Federal Deposit Insurance Corporation..............................36, 38

Law, deposit insurance, amendments of........................................................... 28, 103-04

Legislation, State, regarding deposit insurance and bank supervision.............29-30

Liquidation, banks placed in: Banks in a weakened position........................................................................ 51 Number........................................................................................................ 42, 57, 124 With Corporation liquidating agent.....................................................16, 250-51

Loans of commercial banks (see also Assets and liabilities of banks; Assets, examiners’ analysis of; Unsafe and unsound banking practices): Classification and valuation of in uniform examination pro­ cedure............................................................................ 62-64, 71-73 Insured commercial banks: Change during 1938............................................................................. 43-45 Policy of Corporation regarding................................................. 25 Insured commercial banks not members of the Federal Reserve System: Examiners’ analysis...............................................................48, 49, 204-05 Rate of income on and proportion of total assets....................... 235

Loans to insolvent or hazardous insured banks by Federal Deposit Insurance Corporation: Action of Corporation on applications........................................................ 14 Amounts and number of loans..................................................14, 86-87, 240-41 Classification and tabulation of banks........................................................120-21 Effect of increase in maximum insurance coverage on policy of Cor­ poration regarding................................................................. 87 Legislation by States regarding..................................................................... 29 Losses incurred by Corporation...........................................................3, 10-11, 16 Names and location of banks to which made............................................248-49 Number and deposits of banks merged with aid of loans ..............................................................86-87, 240-41, 245, 248-49 Protection of depositors in banks merged with aid of loans, 1934-38............................................................................ 9-10, 11-12 Power of Corporation to make loans made permanent..........................28, 104 Recoveries by Corporation on assets purchased or held as collateral.. 16

Location of insured banks, changes approved by Corporation......................... 22

Losses of the Federal Deposit Insurance Corporation: During 1938............................................................................................... ........ 33 During five years of deposit insurance............................................... ........ 3, 10 Estimated future losses.................................................................................... 11

Losses sustained by banking system in past 75 years.......................................... 3, 23

Management of banks, quality of: Banks cited for unsafe and unsound banking practices.......................... 19 Relation to quality of bank assets................................................................ 25 Relation to sound banking structure............................................................23, 25

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Mergers and consolidations: Assumption of deposit liabilities................................................................... 20 During 1938................................................................. ......................................42, 124 Of insolvent or hazardous insured banks with aid of loans or purchase of assets by Corporation.........9-12, 14, 86-87, 124-248, 49

Mergers and liquidations of insured banks in a weakened condition............... 51

Morris Plan banks, classification of.......................................................................... 115

Mutual savings banks: Assets and liabilities...................................................................................... 161, 163 Classification of.................................................................................................. 116 Deposits............................................................................................... 57-58, 161, 163 Earnings...............................................................................................................236-37 Number......................................58, 123, 124, 126-33, 136-39, 144-45, 161, 163 Sources of data................................................................................................... 120

National banks. See Comptroller of the Currency; Insured banks.

New banks. See Banking offices, establishment of.

Noninsured banks. See: Assets and liabilities of banks; Capital of banks; Classification of banks and banking offices; Deposits; Mergers and consolidations; Number of banks operating branches; Number of operating banking offices; Number of operating banks; Number of branches; Suspensions; Uninsured deposits.

Number of accounts (See also Depositors; Insurance coverage): In banks members of the Federal Reserve System, September 21,1938, and May 13, 1933................................................................ 84 In insured commercial banks, September 21, 1938.......................79-86, 92-97 In insured mutual savings banks, September 21, 1938.............................86, 98

Number of banks operating branches: By amount of deposits........................................................................ 137, 139, 147 By amount of deposits at head offices............................................ 137, 147, 149 By character of branch system......................................................................134-35 By class of bank....................................................................123, 126-35, 137, 139 By number of offices in centers in which head offices are located............. 149 By population of centers in which head offices are located.. .134-35, 147, 149 By States and possessions...............................................................................126-35 Change during 1938......................................................................................... 41, 42 December 31, 1935, 1936, 1937, and 1938.................................................. 123

Number of branches: According to location in relation to head office.................................41, 134-35 By amount of deposits.............................................. ....................................137, 147 By class of bank..................................................................... 123, 125, 126-33, 137 By number of offices in center in which located...................................... 149 By population of centers in which located..............................134-35, 147, 149 By States and possessions...............................................................................126-35 Change during 1938.................................................................................. 41, 42, 125 December 31, 1935, 1936, 1937, and 1938............................................... 122, 123 Establishment approved by Corporation................................................... 21-22

Number of operating banking offices: Additional offices approved by Corporation.............................................. 20-22 All offices...................................................................... 122, 124, 126, 136, 146, 148 By amount of deposits......................................................................136-37, 146-47 By class of bank..................................................................122-23, 126-33, 136-37 By number of offices in center in which located.......................................148-49 By population of center in which located...................................................146-49

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Number of operating banking offices:—Continued. By States and possessions...............................................................................126-33 By type of office...........................................41, 122-23, 126-33, 136-37, 146-49 Changes during 1938.......................................................................... 41, 42, 124-25 Classification.................................................................................................... 115-116 Of commercial banks........................................................................122-33, 136-37 Of insured banks................................................................122-33, 136-37, 146-49 Of mutual savings banks................................................................. 123-33, 136-37 Of noninsured banks.................................................................. 41, 122-33, 136-37

Number of operating banks: All banks...........................................................................................................122, 160 All commercial banks..........................................41, 122, 124, 126, 138, 140, 161 All mutual savings banks............................................................................. 123, 161 Approved for admission to insurance.......................................................... 20, 21 By amount of deposits......................................................................136-47, 146-47 By class of bank...............................................................122, 124, 126-33, 136-39 By number of offices in center in which located.................................. .. .148-49 By population of center in which located...................................................146-49 By States and possessions................................................................126-33, 140-45 Changes during 1938...........................................................................41, 42, 124-25 Classification.................................................................................................... 115-116

Insured commercial banks: Call dates, 1934-38.............................................................................164, 168 Changes during 1938...........................................................................124-25 December 31, 1935, 1936, 1937, and 1938 ....................................122-23 December 31, 1935, to December 31, 1938 .................................. 162 December 31, 1938.................................................124, 126, 162, 164, 168 Examined during 1938........................................................................ 46-47 For which data of examination are tabulated........46, 184-85, 192-93 For which earnings statements are tabulated............................212, 214 September 21, 1938, May 13, 1936, and October 1, 1934.......... 80

Insured mutual savings banks: Accounts and deposits, September 21, 1938.................................. 98-99 Changes during 1938.................................................................... 57, 124-25 December 31, 1935, 1936, 1937, and 1938..................................123, 163 December 31, 1935, to December 31, 1938.................................... 163 December 31, 1938..............................123, 124, 126-33, 136-39, 144-45 September 21, 1938, and May 13, 1936 ........................................ 86

Noninsured banks: Changes during 1938.................................................................... 42, 124-25 December 31, 1935, 1936, 1937, and 1938 ....................................122-23 December 31, 1935, to December 31, 1938.................................... 161 December 31, 1938.......................................122-23, 124, 126-33, 138-43 Suspending operations, insured and noninsured, 1934-38....................238, 244 Unit banks.............................................41, 122, 123, 126-33, 136, 138, 146, 148

Officers and employees of insured commercial banks........................................213, 215

Officers and employees of the Federal Deposit Insurance Corporation........5, 31-32

Operating banks. See Number of operating banks.

Payments to depositors in closed insured banks. See Receivership, insured banks placed in.

Postal savings deposits. See Deposits.

Preferred deposits. See Deposits, secured and preferred.

Preferred stock. See Capital of banks.

Profits. See Earnings, expenses, and disposition of profits.

Protection of depositors in insolvent or hazardous banks 1934-38 (see also Insurance coverage, Insured deposits; Depositors; Deposits, secured or preferred; Capital of banks, policy of Corporation regarding)..........................................9-14, 86-90

Public funds. See Deposits.

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Purchase of bank assets by Corporation. See Loans to insolvent insured banks by Federal Deposit Insurance Corporation.

Real estate (see also Fixed and substandard assets)............................................. 48

Receivership, insured banks placed in: Assets and liabilities of, at date of suspension, 1934-38..........................252-55 Classification and tabulation of banks........................................................ 120-21 Date of suspension and year of organization............................................250-51 Deposits: Amount and percent protected with varying amounts of maximum insurance coverage.............................................87-89 Insured, paid and unpaid by December 31, 1938. . . .9-10, 12-13, 90, 258-59 Insured, secured, preferred, subject to offset........9-10, 11, 12, 87-90, 256-57 Secured, preferred, and subject to offset, paid and unpaid by December 31, 1938................................................................ 13 Uninsured, unsecured, not preferred, and not subject to offset...................................................................................13, 256-57 Depositors: Date of first payment t o.................................................................... 250-51 Number fully protected, paid and unpaid.......................10, 12, 258-59 Number protected with varying amounts of maximum insurance coverage................................................................................... 87-89 Payments to.................................................................. 9-10, 12-13, 258-59 Liquidation o f.................................................................................................... 13 Losses by Corporation on depositors’ claims paid.................................... 10 Names and location of, during 1938............................................................250-51 Receivers, names o f..........................................................................................250-51 Recoveries by Corporation on subrogated claims against...................... 15-16

Reconstruction Finance Corporation investment in capital of banks: Amount................................................................................................................ 180-81 Retirements........................................................................................................ 19, 182

Regulations and rulings: Issued by Federal Deposit Insurance Corporation during 1938.22, 26-27, 109 Outstanding at end of 1938, where published........................................... 22 Violations by insured banks................................ .......................................... 17-19

Repayments to the Corporation................................................................................. 14-16

Reports from banks......................................................................................... 30-31, 109-11

Salaries and wages of bank officers and employees. See Earnings, expenses, and disposition of profits.

Savings and time deposits. See Deposits.

Secured and preferred deposits. See Deposits.

Securities (see also Assets and liabilities of banks): Change during 1938......................................................................................... 43-45 Classification and valuation of, in uniform examination pro­ cedure............................................................................ 64-68, 73-77 Held by Federal Deposit Insurance Corporation.....................................36, 38 Held by insured commercial banks, call dates 1934-38..........................168-69 Held by insured commercial banks not members Federal Reserve System, examiners’ analysis: Classified as substandard and not criticized..........................49, 65, 206 Domestic corporate bonds..................................................................208-11 Par, book, and market value compared.........................................207-11 Policy of Corporation regarding....................................................... 64, 68 Ratios of adjusted to book values................................................... 48 Types and quality............................................................................64-65, 68

Market value of: Effect of changes on holdings and profits...................................... 64-65 Use by examiners in valuation of assets........................................

Profits from sales to be segregated for valuation allowances.

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Slow loans and securities...................................................................................62-64, 71-78

Solvency of insured banks, importance in bank supervision.............................. 24

State banks members of the Federal Reserve System. See Insured banks.

State banks not members of the Federal Reserve System. See Insured banks; Noninsured banks.

State bank supervisory authorities: Banks cited to .................................................................................................... 17-19 Development of uniform examination procedure...........17, 25-26, 61-78, 118 Executive Committee of National Association of Supervisors of State Banks.............................................26, 63, 66, 71-72, 73-75

State legislation regarding deposit insurance and bank supervision.......... 29-30

Stockholders of banks: Contributions made to banks in 1938.......................................................... 57 Double liability of.......................................................................... 3, 15, 20, 28, 103 Losses borne by, in suspended banks........................................................3, 23-24

Substandard assets. See: Assets, examiners’ analysis of; Fixed and substandard assets; Loans of commercial banks; Management of banks, quality of; Securities held by insured commercial banks not members Federal Reserve System.

Supervision. See Bank supervision.

Suspensions: (see also Receivership, insured banks placed in; Number of banking offices, change during 1938) All commercial banks.....................................................................42, 124, 238, 244 Banks cited for unsafe and unsound banking practices.......................... 17-18 Classification and tabulation of suspended banks......................... ..........120-21 Insured banks.........................................................................3, 9-14, 124, 238, 244

Terminations of insurance: For unsafe and unsound banking practices and violations of law or regulations...............................................................................17, 18 Number.........................................................................................................42, 124-25

Treasury, Secretary o f.................................................................................... 62, 63, 73, 75

Uninsured deposits: Assumption by insured banks................................................................................20 Change between 1936 and 1938.................................................................... ........83 Of banks in receivership..........................................................................................13

Unit banks. See Deposits; Number of operating banks.

United States Government obligations (see also Assets and liabilities of banks): Held by insured commercial banks 1937 and 1938..............................43-44, 52 Held by Federal Deposit Insurance Corporation.....................................36, 38

Unsafe and unsound banking practices: Action of Corporation...................................................................................... 17-19 Banks examined, 1934-38............................................................................... 27-28 Number of banks cited to supervisory authorities................................... 17 Types of, for which banks were cited.......................................................... 18-19

Unsecured deposits. See Receivership, insured banks placed in.

Violations of law or regulations................................................................................. 17-19

Weak or hazardous banks: Eliminated during 1938................................................................................... 51 Policy of Corporation regarding.................................................................... 10-11 Protection of depositors in .............................................................................. 9-14 emendation for State legislation......................................................... 30

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