ANNUAL REPORT OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

1968

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
LETTER OF T R A N S M I T T A L

FEDERAL DEPOSIT INSURANCE CORPORATION 

Washington, D. C., May 1, 1969

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

Deposit Insurance Act, the Federal Deposit Insurance Corporation 

is pleased to submit its report for the calendar year 1968.

Respectfully yours,

Chairman

THE PRESIDENT OF THE SENATE

THE SPEAKER OF THE HOUSE OF REPRESENTATIVES

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

EXAMINATION

DIVISION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

BOARD OF

C hairm an--------------------------------

D ire c to r----------------------------------

Comptroller of the Currency-----

DIRECTORS

----------------------------- K. A. Randall

---------------------Irvine H. Sprague

----------------------- W illiam B. Camp

OFFICIALS

Assistant to the Chairm an---------------------------------- John L. Flannery

Special Assistant to the C hairm an-------------------------------- Lynn Mah

Special Assistant to the Chairman

for M utual Savings B a n k s ----------------------------Raymond T. Cahill

Assistant to the D irecto r----------------------------------------- Alan R. M iller

Special Assistant to the D ire c to r----------------------------John F. Burby

Assistant to the Director

(Com ptroller o f the C u rre n c y )------------------------------Albert J. Faulstich

Chief, Division of Exam ination-----------------------Edward H. DeHority

General C ounsel-------------------------------------------------- Leslie H. Fisher

Controller---------------------------------------------------- Edward F. Phelps, Jr.

Director, Division of Research------------------------------ PaulM . Horvitz

Chief, Division of Liquidation-------------------------------- John J. Slocum

S ecretary----------------------------------------------------------------E. F. Downey

A uditor (A c tin g )------------------------------------------------John D. Roderick

Senior Advisor to the Board------------------------- Raymond E. Hengren

Executive Assistant to the B o a rd --------------Timothy J. Reardon, Jr.

Assistant to the B oard---------------------------------- W illiam M. Moroney

May 1, 1969 

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

DISTRICT OFFICES AND SUPERVISING EXAMINERS

Atlanta

Lewis C. Beasley

Two Peachtree St., N.W., Suite 3030 

Atlanta, Georgia 30303 

Boston

Mark J. Laverick 

Two Center Plaza, Room 810 

Boston, Massachusetts 02108 

Chicago

John J. Early

164 West Jackson Blvd., Rm. 1500 

Chicago, Illinois 60604 

Columbus

William D. Allen 

37 West Broad Street, Suite 600 

Columbus, Ohio 43215 

Dallas

Quinton Thompson 

Station K

Dallas, Texas 75222 

Kansas C ity 

Stanley Pugh

925 Grand Avenue, Room 1708 

Kansas C ity, Missouri 64106 

Madison

Wallace A. Ryen 

110 E. Main Street, Room 715 

Madison, Wisconsin 53703

Memphis

James W. Thompson

165 Madison Avenue, Suite 1010 

Memphis, Tennessee 38103 

Minneapolis 

Roger B. West

109 South 7th Street, Suite 710 

Minneapolis, Minnesota 55402 

New Y ork

Claude C. Phillippe 

345 Park Avenue 

New Y ork, New Y ork 10022 

Philadelphia

Charles E. Doster 

630 Chestnut Street, Suite 972 

Philadelphia, Pennsylvania 19106 

Richmond

A lbert E. Clark 

908 E. Main Street, Suite 435 

Richmond, Virginia 23219 

St. Louis

John Stathos

1015 Locust Street, Room 420 

St. Louis, Missouri 63101 

San Francisco 

Walter W. Smith

44 Montgomery Street, Suite 3600 

San Francisco, California 94104

FEDERAL DEPOSIT INSURANCE CORPORATION

M a i n O f f i c e : 5 5 0 1 7 t h S t r e e t , N. W„ W a s h i n g t o n , D. C. 2 0 4 2 9

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Federal Reserve Bank of St. Louis
CONTENTS

PART ONE 

BANKING DEVELOPMENTS

E conom ic and fin a n cia l d e v e lo p m e n ts ------------------ -------------------- 3

Bank p erform an ce in 19 6 8 ............................................................. ......... 4

Federal le g is la tio n ---------------------------- ------------------------------------------- 7

PART TWO 

OPERATIONS OF THE CORPORATION

D isbursem ents to p ro te c t d e p o s ito rs ................................................. 13

Supervisory a c tiv itie s --------- ------------------------------------------------- 15

Adm inistration of the Corporation . .............. ............................. 23

Finances o f th e C o rp o ra tio n ................................................................... 24

Rules and regulations of the C o rp o ra tio n ---------------------------------- 30

PART THREE 

LEGISLATION AND REGULATIONS

Federal banking legislation— 1968 --------------------------------------- 137

Rules and regulations of the Corporation— 1968 ......................... 145

State banking legislation— 1968- - ...................- .............................. 156

PART FOUR

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number o f banks and branches--------------------------------------------------- 164

A sse ts and lia b ilitie s o f b a n k s ................................................................180

Incom e o f insured b a n k s --------------------------------------------------------------196

Banks closed because of financial difficulties;

d eposit insurance d is b u rs e m e n ts --------------------------------------------228

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Federal Reserve Bank of St. Louis
LIST OF TABLES

DISBURSEMENTS TO PROTECT DEPOSITORS:

1. Insured banks closed during 1968 requiring disbursements by the

Federal Deposit Insurance Corporation-------- ------------------ ----------- 13

2. Protection of depositors of insured banks requiring disbursements by

the Federal Deposit Insurance Corporation, 1934-1968 -------------- 14

3. Analysis of disbursements, recoveries and losses in deposit insurance

transactions, January 1, 1934-December 31, 1968 ------------------- 15

SUPERVISORY ACTIVITIES:

4. Bank examination activities of the Federal Deposit Insurance Corporation in 1967 and 1968 - - - - - - - - - - - - - - - - - - - - - - 16

5. Actions to terminate insured status of banks charged w ith unsafe or

unsound banking practices or violations of law or regulations, 

1936-1968--------------------------------------------------------------------------------- 17

6. Mergers, consolidations, acquisitions of assets and assumptions of

liabilities approved under section 18(c) of the Federal Deposit 

Insurance Act during 1968 --------------------------------------------------------- 19

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

during 1968— banks grouped by size and in States according to 

status of branch b a n k in g ------------------------ -------------------------------- 20

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

assumption of liabilities approved by the Corporation during 1968--- 37

ADMINISTRATION OF THE CORPORATION:

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

Corporation, December 31,1 967 and 1968--------------------------------- 23

FINANCES OF THE CORPORATION:

9. Statement of financial condition, Federal Deposit Insurance Corporation, December 31, 1 9 6 8 ----------------------------------------------------------- 25

10. Statement of income and the deposit insurance fund. Federal Deposit

Insurance Corporation, year ended December 31,1968 -------------- 26

11. Determination and distribution of net assessment income, Federal

Deposit Insurance Corporation, year ended December 31, 1968 - 27

12. Sources and application of funds. Federal Deposit Insurance Corporation, year ended December 31, 1968 ----------------------------------------- 27

13. Income and expenses, Federal Deposit Insurance Corporation, by

year, from beginning of operations, September 1 1, 1933, to 

December 31,1 968, adjusted to December 31,1 968 ---------------- 28

14. Insured deposits and the deposit insurance fund, 1 934-1968 -------- 29

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NUMBER OF BANKS AND BRANCHES:

Explanatory note--------------------- -- ------------------- ---------------- ----------- --------164

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

United States (States and other areas) during 1968 -------- 166

102. Changes in number of commercial banks and branches during 1968,

by State-------------------------------------------------------------------------------------- 168

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

areas), December 31,1968

Grouped according to insurance status and class of bank, and

by State or area and type of office ------------------ 170

104. Number and deposits of all commercial and mutual savings banks

(States and other areas), December 31,1968

Banks grouped by class and by deposit size------------------------------179

ASSETS AND LIABILITIES OF BANKS:

Explanatory note-------------------------------------------------------------------------------------- 180

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

other areas), June 29, 1968

Banks grouped according to insurance status and type of bank - 1 82

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

other areas), December 31, 1968

Banks grouped according to insurance status and type of bank - 184

107. Assets and liabilities of insured commercial and insured mutual

savings banks in the United States (States and other areas)

December call dates, 1964 - 1968 ------------------------------------------- 186

108. Assets and liabilities of insured commercial banks in the United

States (States and other areas), December 31,1 968

Banks grouped by class of b a n k ---------------------------------------------- 190

109. Assets and liabilities of insured commercial banks operating throughout 1968 in the United States (States and other areas), December 

31, 1968

Banks grouped according to amount of deposits-------- ------------- 191

110. Percentages of assets and liabilities of insured commercial banks

operating throughout 1968 in the United States (States and other 

areas), December 31, 1968

Banks grouped according to amount o f deposits----------------------192

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

and other areas), December 31,1968

Banks grouped according to amount of deposits and by ratios of

selected items to assets and d e p o s its -----------------------------------------193

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INCOME OF INSURED BANKS:

Explanatory note---------------- --------------------------------------------------------------- - - 196

1 12. Income of insured commercial banks in the United States (States ana

other areas), 1960-1 968 ----------------------------------------------------------- 198

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

(States and other areas), 1960-1 968 ----------------------------------------- 200

I 14. Sources and disposition of total income, insured commercial banks in

the United States (States and other areas), 1 960-1 968 -------------- 201

I I 5. Income of insured commercial banks in the United States (States and

other areas), 1968

Banks grouped by class of b a n k ----------------------------------------------202

116. Income of insured commercial banks operating throughout 1968 in 

the United States (States and other areas)

Banks grouped according to amount of deposits-------- -- ---------204

1 17. Ratios of income of insured commercial banks operating throughout 

1968 in the United States (States and other areas)

Banks grouped according to amount of deposits----------------------206

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

other areas), by State, 1968 ------------------------------------------------------ 208

119. Income of insured mutual savings banks, 1 9 6 0 -1 9 6 8 ---------------------- 220

120. Ratios of income of insured mutual savings banks, 1960-1 968 ------ 222

121. Sources and disposition of total income, insured mutual savings

banks, 1960-1968---------------------------------------------------------------------- 223

122. Income of insured mutual savings banks in the United States (States

and other areas), by State, 1968 ------------------------------------------------- 224

BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES;

DEPOSIT INSURANCE DISBURSEMENTS:

Explanatory note-------------------------------------------------------------------------------------- 228

123. Number and deposits of banks closed because of financial difficulties,

1934-1968--------------------------------------------------------------------------------- 230

124. Insured banks requiring disbursements by the Federal Deposit Insurance Corporation during 1968 --------------------------------------------------- 231

125. Depositors, deposits and disbursements in insured banks requiring

disbursements by the Federal Deposit Insurance Corporation, 

1934-1968

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

deposit assumption, amount of deposits, and S tate---------------- -- - 232

126. Recoveries and losses by the Federal Deposit Insurance Corporation 

on principal disbursements for protection of depositors, 1934- 

1 968 ----------------------------------------------------------------------------------------- 235

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BANKI N6

DEVELO PM ENTS

PART ONE

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3

Insured commercial banks experienced substantial growth in 

deposits, earning assets and income in 1968. Total deposits 

increased almost 10 percent while total assets increased 11 percent and reached a year-end level of $500 billion. Net current 

operating earnings were up 1 7 percent compared w ith 1967 while 

net after-tax income rose 9 percent.

ECO N O M IC A N D F IN A N C IA L DEVELO PM ENTS

The economic and financial environment in which banks 

operated in 1968 was one of sustained growth. Total output 

advanced throughout the year, unemployment remained at an 

extremely low level and there was strong evidence of excess 

demand in goods and labor markets. As a result there was considerable pressure on the price level. W hile total goods and services produced increased by 9 percent in 1968, almost half of this 

gain was accounted for by price increases. Still, the “ real" gain 

in output of 5 percent in 1968 compared favorably w ith the increase 

in 1967 and "real" increases in most other recent years.

The advance in output was somewhat greater in the first half of 

1968 when a significant increase in spending came from both the 

public and private sectors. Interest rates, which had been on the; 

rise since m id-1967 continued to advance through the spring of 

1968. Monetary policy was generally restrictive. The Federal 

Reserve raised the discount rate tw ice— from AV2 to 5 percent 

in March and to 5 1/2 percent in mid-April.

On April 19. the Federal Reserve's Regulation Q was changed, 

and the Corporation revised its Regulation 329, to provide for 

new maximum rates on certificates of deposit ranging up to 6!4 

percent for large CD's with maturities of 180 days or more. This 

action was necessary to stem the heavy losses of large CD's from 

banks as the margin widened between market rates and the existing CD ceiling rates.

By late spring, as chances improved for tax legislation, credit 

market conditions eased and interest rates began to decline. The 

Revenue and Expenditure Control Act of 1968, enacted at midyear, provided for a 10 percent surcharge on individual and corporate income taxes and placed restraints on Federal expenditures. 

The effect of the legislation was to bring Federal expenditures and 

revenues roughly into balance in the second half of calendar year 

1968 and to lessen the expansionary impact of the Federal 

budget. However, private demand remained very strong w ith the 

result that the pace of economic expansion slackened only

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4 FEDERAL DEPOSIT INSURANCE CORPORATION

modestly in the second half of the year. During this latter period, 

the unemployment rate actually declined and pressure on consumer prices increased.

By early fall, financial markets began to react to the continued 

strength in private demand in nonfinancial as well as financial 

markets. Interest rates began to increase and, by the end of the 

year, rates generally were at levels above the highs achieved in 

May. At year-end the pace of the interest rate rise was accelerating. The discount rate which had been lowered in August was 

raised again to 5 1/2 percent in December. The commercial bank 

prime rate was raised to 63A percent in December and to 7 percent 

during the first week in 1969. The rate had been raised from 6 to 

6 V2 percent in the spring of 1968 and reduced to 6 Va percent by 

most banks in September.

B A N K PERFO RM ANCE IN 1968

Assets and liab ilitie s of com m ercial banks. Loans and investments of insured commercial banks rose 11.5 percent in 1 968, an 

advance virtually identical with that experienced in 1967. Loans 

increased by more than 12 percent w ith each of the major loan 

components sharing about proportionately in the gain. Bank 

investments rose almost 10 percent, w ith most of the rise 

accounted for by an $8.6 billion (17 percent) increase in taxexempt securities, which have continued to represent a growing 

share of bank investments.

The increase in demand deposits of $18.4 billion almost 

matched the record post World War II advance experienced in

1967. While the time deposit gain in 1968 was well below the 

1967 advance it still amounted to a substantial 11 percent. Once 

again the largest gain occurred in consumer certificates of deposit 

and open accounts. While savings deposits grew by $1.7 billion 

(less than 2 percent) other I PC time deposits increased about 

$16 billion— more than 23 percent. If large denomination CD's 

are eliminated from these figures the gain in other (largely 

consumer) time deposits increases to about 27 percent. By yearend 1968, savings deposits accounted for only about 46 percent 

of total time and savings deposits at commercial banks, whereas 

as recently as December, 1962 the comparable figure had been 

80 percent. Savers continued to shift funds from savings deposits 

into various higher paying savings instruments in 1968. Special 

notice accounts, so-called "Golden Passbook" accounts, in most 

cases paying the 5 percent ceiling rate permissible on such instruments, appeared to be particularly favored by individual savers.

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BANK PERFORMANCE IN 1968 5

ings in April and declines in competing money market rates follo w ­

ing the enactment of the surtax strengthened the competitive 

position of large CD's, and their volume expanded sharply during 

the summer and early fall. As the end of the year approached, 

however, higher money market rates once again began to draw 

funds away from the banks. For the year as a whole, large denom ination CD's increased by about $2.5 billion, but the decline that 

started in December 1968 continued into 1969.

The relative shift of funds away from savings deposits (with a 

4 percent ceiling) and the higher maximum rate payable on large 

denomination CD's contributed to an increase in the average 

interest cost of time deposits. Interest paid amounted to 4.48 

percent of average time deposits in 1968 compared w ith 4.24 

percent in 1967.

"Other liabilities" of insured commercial banks increased by 

more than $8 billion. This was largely the result of an increase 

in Federal funds borrowing and other, including overseas, borrowing.

Bank earnings. Current operating revenue of insured com ­

mercial banks increased by 17 percent in 1968, reflecting the 

combination of an increase in earning assets and a higher average 

return on assets as a result of higher interest rates. The return on 

average total assets was 5.44 percent in 1968 compared w ith 

5.1 7 percent in 1 967.

The percentage increase in current operating expenses was 

slightly below the gain in operating revenue. The percentage 

increase in the interest cost of time deposits and other expenses, 

including the cost of borrowed money and the purchase and rental 

of machines and other equipment exceeded that for current 

operating revenue, whereas the cost of salaries and employee 

benefits rose only 12.5 percent.

Net current operating revenue rose 17.1 percent. However, 

"below the line charges", principally security losses, increased 

substantially. As a result, net income after taxes increased by 

only 9 percent. Net losses on securities amounted to about $460 

million in 1968 compared with a negligible amount in 1967. If 

the effect of security losses is eliminated and tax liabilities are 

adjusted upward accordingly, the advance in net profits in 1968 

compared w ith 1967 becomes 15-16 percent— more in line w ith 

the increase in current operating revenue and net operating 

revenue.

Banks increased their dividends on common stock by 11 percent in 1968. Total dividends of almost $1.5 billion represented 

about 43 percent of net after-tax income, a slightly higher percentage than in 1967. Retained earnings of $1.8 billion accounted 

for most of the 7.7 percent rise in bank capital. Since this was

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6 FEDERAL DEPOSIT INSURANCE CORPORATION

less than the percentage increase in bank deposits and assets, 

bank capital ratios declined somewhat in 1968.

The 1968 relationship of bank capital and assets compared 

favorably with most recent years. The ratio of net current operating 

earnings to average assets was higher in 1968 than in any year 

since 1962. Even w ith the relatively sizable security losses experienced in 1968 and the impact of the surtax, the ratio of net aftertax profits to average assets was higher in 1968 than in any of 

the previous five years except 1967. The ratio of net after-tax 

profits to average capital accounts, which is favorably affected 

by the somewhat reduced capital ratio, was 9.7 percent— higher 

than any year since 1960. Use of an earnings figure more in line 

with bank statements (omitting security losses, net increase in bad 

debt reserves, and adjusting taxes accordingly ) raises the rate of 

return on bank capital to about 11 percent.

In some respects, the earnings experience in 1968 follows a 

pattern that has been in evidence for some time. The return per 

dollar of earning assets has increased and so have expenses, particularly the interest cost on time deposits. While the percentage 

of operating revenues going into profits has been declining, the 

ratio of after-tax profits to assets has remained relatively stable.

M utual savings banks. Deposits of insured mutual savings 

banks rose by 7.5 percent in 1968 to $56.9 billion. The gain was 

less than that experienced in 1967 when competition from financial market instruments was somewhat less intense. Mutual savings banks continued to purchase considerable amounts of 

corporate bonds in 1968 and their holdings of such securities 

rose by more than 20 percent. Current operating revenue of 

mutual savings banks increased by more than 12 percent reflecting not only the gain in assets but an increase in the ratio of 

operating revenue to average assets to 5.42 percent in 1968 from 

5.23 percent in 1967. Since average interest payments on time 

and savings deposits rose very little in 1968, net income after 

interest payments increased substantially from the very low level 

experienced in 1967.

Net additions to surplus accounts amounted to $223 million 

in 1968 compared w ith $96 million in 1 967. Despite this increase, 

additions to surplus were not sufficient to prevent a further decline 

in the ratio of surplus to deposits, although by the end of 1968 

mutual savings banks appeared to be moving in the direction 

where they would be able to forestall further declines in the ratio 

of surplus accounts to deposits.

Num ber of banks. During 1968, the number of commercial 

banks and non-deposit trust companies declined by 43, and 

mutual savings banks declined by two, reducing the total number 

of banks to 14,199 at the end of the year. However, there was a

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BANK PERFORMANCE IN 1968

substantial increase in commercial bank branches, which numbered 19,222 at the end of the year. The 1968 increase brought 

the total number of commercial banking offices to 3 2,9 20 — a net 

gain of 1,060.

Nineteen commercial banks and non-deposit trust companies 

changed from noninsured to insured nonmember status in 1968. 

There was a net reduction of 42 in the number of national 

banks, a reduction of 51 State member banks, and an increase 

of 64 insured nonmember banks. Changes in number of banks and 

branches during 1968 are shown in table 101 in Part IV of this 

report.

FEDERAL LEG ISLATION

Regulation of interest rates. Federal banking legislation 

enacted during 1968 included Public Law 90-505 (82 Stat. 856), 

approved September 21, 1968, which extended for one year from 

that date the temporary legislation enacted in 1966 to give the 

Federal Deposit Insurance Corporation, the Board of Governors of 

the Federal Reserve System, and the Federal Home Loan Bank 

Board flexible authority to regulate the maximum rates of interest 

and dividends which may be paid by insured banks and savings 

and loan associations. The regulatory authority of the agencies 

also was broadened to cover all aspects of the payment and advertisement of interest and dividends on deposits and share accounts, 

This Act, in addition, made permanent the provisions of the 1966 

law relating to the purchase of obligations of Federal agencies 

by Federal Reserve banks and the reserves required to be maintained by member banks against time deposits, and contained 

minor amendments to the laws governing Federal Reserve bank 

loans and discounts.

Bank P rotection A ct. Prompted by the increase in the number 

of robberies against financial institutions, Congress enacted the 

Bank Protection Act of 1968 (Public Law 90-389, 82 Stat. 294), 

which was approved by the President on July 7, 1968. The Act 

directs the Corporation, the Board of Governors of the Federal 

Reserve System, the Comptroller of the Currency, and the Federal 

Home Loan Bank Board to promulgate rules establishing minimum 

standards w ith which banks and savings and loan associations 

subject to their supervision must comply "w ith respect to the 

installation, maintenance, and operation of security devices and 

procedures, reasonable in cost, to discourage robberies, burglaries, 

and larcenies and to assist in the identification and apprehension 

of persons who commit such acts.” The rules must include time 

limits for compliance with the prescribed standards and a requirement for submission of periodic reports. Institutions violating the

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8 FEDERAL DEPOSIT INSURANCE CORPORATION

rules are subject to a civil penalty of not more than $ 100 for each 

day of the violation. The Act also directs the supervisory agencies 

to consult with the insurance industry and insurance regulatory 

agencies to determine the feasibility of premium rate differentials 

based upon security devices and procedures, and to report to Congress the results of such consultations.

Am endm ents to the S ecurities Exchange A ct. Amendments 

to the Securities Exchange Act of 1934 contained in Public Law 

90-439 (82 Stat. 454), approved July 29, 1968, prescribed 

additional requirements w ith respect to the equity securities 

of corporations, including some banks, which must be registered 

under section 12 of that Act. The requirements are designed to 

compel the disclosure of pertinent information and to afford other 

protection to stockholders when a person or group of persons 

seeks to acquire a substantial amount of a corporation's securities, 

either by a tender offer or through open market or privately negotiated purchases, or when a corporation repurchases its own 

securities. Insofar as banks are affected, the administration of the 

new legislation, as in the case of the disclosure requirements 

enacted in 1964, is vested in the three Federal bank supervisory 

agencies, w ith the Federal Deposit Insurance Corporation having 

this responsibility for insured State nonmember banks. Another 

amendment to the Securities Exchange Act of 1934 which affects 

banks was made by Public Law 90-437 (82 Stat. 452), also 

approved July 29, 1 968, under which the authority of the Board of 

Governors of the Federal Reserve System to regulate the amount 

of credit which banks and other lenders may extend for the purpose of purchasing and carrying securities was broadened to cover 

securities traded "over the counter” , as well as those listed on 

national securities exchanges.

Housing and Urban D evelopm ent A ct of 1968. The Housing 

and Urban Development Act of 1 968 (Public Law 90-448, 82 Stat. 

476), approved August 1, 1968, contained numerous amendments to the banking laws. Included among them were various 

amendments to section 24 of the Federal Reserve Act which 

broadened the powers of national banks w ith respect to real 

estate loans. There also were amendments to section 5136 of the 

Revised Statutes which added certain revenue obligations and 

other securities to the classes of securities which national banks 

may deal in and underwrite (and to that extent Federal lim itations 

upon State member banks were removed). Another amendment to 

section 5136 authorized national banks to issue securities guaranteed by the Government National Mortgage Association under 

section 306(g) of the National Housing Act and backed by pools 

of Federally insured or guaranteed mortgages. In the same connection, section 21(a) of the Banking Act of 1933 was amended

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FED ERAL LEGISLATION 9

to remove a criminal prohibition against the issuance of such 

securities by any bank.

Consum er C redit P rotection A ct. The Consumer Credit Protection Act (Public Law 90-321, 82 Stat. 146), approved May 29, 

1968, has broad applicability to banks and to others engaged in 

the extension of credit. Included in it, as Title I of the Act, is the 

Truth in Lending Act which requires the disclosure of the terms 

of consumer credit transactions and regulates consumer credit 

advertising. The disclosure requirements are designed to furnish 

information concerning the cost of credit which will prevent 

consumers from being misled and enable them to make meaningful comparisons. The Federal bank supervisory agencies, including the Corporation, are given the responsibility for adm inistrative enforcement of the Truth in Lending Act w ith respect to the 

banks subject to their supervision. In addition to the Truth in 

Lending Act, the Consumer Credit Protection Act includes Title 

II, relating to extortionate credit transactions, Title III, restricting 

garnishment of wages, Title IV, creating the National Commission 

on Consumer Finance, and Title V, containing general provisions.

Text of statutes and regulations. The pertinent provisions 

of the foregoing statutes (except the Consumer Credit Protection 

Act), and the amendments to regulations and interpretative rule 

described in Part II, together w ith a summary of significant State 

banking legislation, are presented in Part III of this report.

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OPERATIONS

OF THE CORPORATION

PART TWO

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13

DISBU R SEM EN TS TO PROTECT DEPOSITORS

Banks failing in 1968. The Corporation made disbursements 

of $5 million during 1968 to protect depositors of three banks in 

serious financial difficulty. The three banks held deposits am ounting to $22.5 million (Table 1). Depositors were protected in full 

when the liabilities of each of these banks were assumed by newly 

organized banks. As is customary in such cases, the Corporation, 

by purchase or loan, acquired those assets of the distressed banks 

which were unacceptable to the assuming banks, enabling the

Table 1. INSURED BANKS CLOSED DURING 1968 REQUIRING 

DISBURSEMENTS BY THE FEDERAL 

DEPOSIT INSURANCE CORPORATION1

Deposit

assumption

case

number

Name and 

location

Date of 

closing

Number of 

depositors' 

accounts

Amount of 

deposits 

(in thousands)2

FDIC 

disbursement 

(in thousands)

Total 12,850 $22,524 $5,053

191 Lorenzo State Bank 

Lorenzo, Texas

February 7, 1 968 2,179 5,612 1,552

192 Central National Bank 

of Jacksonville, 

Jacksonville, Florida

May 27, 1968 8,091 11,757 2,476

193 Bank of Commerce, 

Tonkawa, Oklahoma

September 25, 1968 2,580 5,155 1,025

1 Figures adjusted to and as of December 3 1 ,1 9 6 8

2 All deposits were made available in full through assuming banks

latter to accept all the depositor liabilities of the failing banks. During the 35 years of its operations the Corporation has made disbursements to protect depositors in 473 failing banks. These 

banks had over 1.6 million depositors or accounts and had total 

deposits of nearly $839 million (see Table 2). Data on the extent 

and method of deposit insurance protection appear in Table 3.

Deposit insurance participation and coverage. A t the end of 

1968, about 97 percent of all operating banks in the United States 

were insured by the Corporation. A total of 210 commercial banks 

and trust companies were noninsured and, of the 167 noninsured 

mutual savings banks, 166 were located in the State of Massachusetts and were covered by that State's insurance program.

The maximum amount of deposit insurance per depositor in 

any insured bank, set initially by statute at $2,500, was raised 

to $5,000 in m id-1934, to $10,000 in 1950, and on October 

16, 1966 to the present level of $15,000. Under the Federal 

Deposit Insurance Act, as amended, each depositor is now 

insured up to $15,000 on the aggregate of deposits maintained 

in the same right and capacity in an insured bank.

W ith the increases in the maximum insurance available to each 

depositor, all except a very small percentage of accounts continue

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

to be fully insured. The Corporation's survey of deposits as of 

June 29, 1968 showed that 98.5 percent of the 213 million 

accounts in all insured banks were fully protected by Federal 

deposit insurance.

The average size of the 1.5 percent of accounts not fully covered greatly exceeds the insurance maximum per depositor; thus 

the insurance coverage is considerably greater in terms of number 

of accounts than in terms of the dollar amount of deposits. On 

June 29, 1968, $272 billion, or 60.0 percent of $453 billion in 

total deposits in insured banks, were covered by Federal deposit 

insurance. Survey findings indicate that insured deposits would 

have totaled about $247 billion had the previous $10,000 ceilTable 2. PROTECTION OF DEPOSITORS OF INSURED BANKS REQUIRING 

DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE 

CORPORATION, 1934-1968

Item

All cases 

(473 banks)

Deposit payoff 

cases 

(280 banks)

Deposit 

assumption cases 

(193 banks)

Number

or

amount

Percem

Number

or

amount

Percent

Number

or

amount

Percent

Number of depositors or accounts—total1 1,645,440 100.0% 501,991 100.0% 1,143,449 100.0%

Full recovery received or available 1,641,115 99.7 497,666 99.1 1,143,449 100.0

From FDIC2 ..................................... 1,595,428 96.9 451,9793 90.0 1,143,449 100.0

From offset4..................................... 39,873 2.4 39,873 7.9

From security or preference5 . . 2,960 .2 2,960 .6

From asset liquidation6 ............ 2,854 .2 2,854 .6

Full recovery not received as of December 31,1968 4,325 .3 4,325 .9

Terminated cases............................ 3,298 .2 3,298 .7

Active cases...................................... 1,027 .1 1,027 .2

Amount of deposits (in thousands)—total $838,709 100.0% $245,937 100.0% $592,772 100.0%

Paid or made available . 814,012 97.1 221.2407 90.0 592,772 100.0

By FDIC2........................................... 756,700 90.2 163,928 66.7 592,772 100.0

By offset8 ......................................... 12,943 1.6 12,943 5.3

By security or preference9.............. 26,323 3.1 26,323 10.7

By asset liquidation10..................... 18,046 2.2 18,046 7.3

Not paid as of December 31,1968 24,697 2.9 24,697 10.0

Terminated cases.................... 1,859 .2 1,859 .7

Active cases11........................... 22,838 2.7 22,838 9.3

’ Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases

2Through direct payment to depositors in deposit payoff cases; through assumption of deposits by other insured banks, facilitated by FDIC disbursements of $ 2 1 8 ,0 6 5 thousand, in deposit assumption cases

includes 58,483 depositors in terminated cases who failed to claim their insured deposits (see note 7)

includes only depositors with claims offset in full; most of these would have been fully protected by insurance in the

absence of offset

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

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

includes $ 2 0 9 thousand unclaimed insured deposits in terminated cases (see note 3)

includes all amounts paid by offset.

includes all secured and preferred claims paid from asset liquidation; excludes secured and preferred claims paid by the

Corporation.

,0lncludes unclaimed deposits paid to authorized public custodians

"Includes $ 1 0 ,4 5 8 thousand representing deposits available, expected through offset, or expected from proceeds of liquidations; and $ 43 thousand representing up to $ 1 0 ,0 0 0 of each of certain certificates of deposit whose insured status is in

litigation

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DISBURSEMENTS TO PROTECT DEPOSITORS 15

Table 3. ANALYSIS OF DISBURSEMENTS, RECOVERIES AND LOSSES 

IN DEPOSIT INSURANCE TRANSACTIONS,

JANUARY 1, 1934— DECEMBER 31, 1968 

(In thousands)

Type of disbursement Disbursements Recoveries1 Losses

All disbursements— total $435,682 $380,398 $55,284

Principal disbursements in deposit assumption and payoff

cases—total 381,805 329,968 51,837

Loans and assets purchased (193 deposit assumption 

cases):

To December 31,1 968.

Estimated a d d itio n a l................................

218,065 191,232

3,899

22,938

Deposits paid (280 deposit payoff cases):

To December 31, 1968. . . 163,391 125,232 28,903

Estimated a d d itio n a l.................................................... 349 9,605

Advances and expenses in deposit assumption and payoff

cases—total 51,752 47,992 3,760

Expenses in liquidating assets:

Advances to protect assets . 32,911 32,911

Liquidation expenses . 15,081 15,081

Insurance expenses ................................................ 545 12) 545 Field payoff and other insurance expenses in 280

deposit payoff cases . . 3,215 12) 3,215

Other disbursements—total 2,125 2,438 (313)

Assets purchased to facilitate termination of liquidations:

To December 3 1 .1 9 6 8 . 1,773 2,423 (6 6 5 )

Estimated a d d itio n a l................ 15

Unallocated insurance expenses.................................... 352 12) 352

’ Excludes amounts returned to closed bank equity holders and $ 9 .3 million of interest and allowable return received by FDIC.

2Not recoverable

ing remained in effect as of m id-1968— or $25 billion less than 

under the new $1 5,000 limitation.

Obviously, if the June 29, 1968 ratios of insurance coverage 

were to exclude the largest banks w ith extensive corporate, 

government and other large accounts, the percentages would be 

higher. Thus, in banks w ith less than $10 million in total deposits, 

83 percent of total deposits are protected by Federal deposit 

insurance. Among the various types of deposits, the proportion 

of the amounts covered by insurance varies substantially. The 

ratio of insured to total savings deposits, for example, for all 

insured banks is 91.8 percent. For demand deposits of individuals, 

partnerships, and corporations, the comparable figure is 52.1 

percent.

SUPERVISORY A C TIV ITIE S

Bank exam inations. Although empowered to examine any 

insured bank for insurance purposes, the Corporation regularly 

utilizes the reports of examinations made by the other Federal 

agencies having supervisory responsibility for these banks, to avoid 

duplication of effort. Nonmember insured banks, except those 

located in the District of Columbia, are examined by the Corporation and by the respective State authorities.

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

The Corporation generally examines nonmember insured banks 

at least once during each 12-month period, but more often if 

required by circumstances. The Corporation's examinations may, 

in some cases, be conducted jointly or concurrently w ith the State 

authorities, thus reducing the burden of examination activity for 

the banks as well as for the supervisory authorities. A t present 

this practice is followed in more than half the States.

During 1968 the Corporation conducted 15,483 field examinations and investigations, of which not quite half were examinations of main offices. Examinations of trust departments and 

branches accounted for 36 percent of the total, and investigations 

about 14 percent. The total number of examinations and investigations was 14 percent higher than in 1967 (Table 4).

In the examination process, the examiner appraises the quality 

of bank assets, the nature and amount of the liabilities, and the 

adequacy of its capital. He also seeks to uncover any unsound 

or unsafe practices which may exist, reviews compliance w ith the 

pertinent laws and regulations, and finally, makes an evaluation 

of the bank's management. In those cases in which objectionable 

practices or conditions are found to exist, corrective action is 

obtained through the usual supervisory methods involving consultation and voluntary compliance. In the event that this approach 

fails, however, formal proceedings may be instituted against 

the bank.

Under the provisions of the Financial Institutions Supervisory 

Act of 1966, the Federal bank supervisory agencies are authorized

Table 4. BANK EXAMINATION ACTIVITIES OF 

THE FEDERAL DEPOSIT INSURANCE CORPORATION 

IN 1967 AND 1968

Number

Activity 1968 1967

Field exam inations and investigations— to ta l.............................................. 15,483 13,577

Examinations of main offices— to ta l..........................................................

Regular examinations of insured banks not members of Federal

7,650 7,148

Reserve S yste m ....................................................................................... 7,451 6,962

Re-examinations; or other than regular examinations............................ 154 129

Entrance examinations of operating noninsured banks........................ 41 44

Special exam inations..................................................................................... 4 13

Exam inations of departm ents and branches 5.638 4.662

Examinations of trust departm ents............................................................ 1,210 1,092

Examinations of branches............................................................................ 4 ,428 3,570

In v e s tig a tio n s ................................................................................................. 2,195 1,767

New bank investigations.............................................................................. 195 165

State banks members of Federal Reserve System.............................. 25 14

Banks not members of Federal Reserve S yste m ................................ 170 151

New branch investigations........................................................................ 538 412

Mergers and consolidations......................................................................... 185 146

Miscellaneous investigations....................................................................... 1,277 1,044

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SUPERVISORY ACTIVITIES 17

to issue cease-and-desist orders to Federally insured banks w ith 

respect to specific violations of laws or regulations and unsafe 

or unsound practices, after time for correction has been allowed. 

In addition, the Act provides that the supervisory authorities may 

take action to suspend or remove officers or directors of insured 

institutions for violations of law or regulation, or for unsound 

practices, where personal dishonesty is involved.

C itations contem plating te rm in a tio n of insurance. If the 

objectionable practices persist, the Corporation has the authority 

under section 8(a) of the Federal Deposit Insurance A ct to initiate 

proceedings which may result in termination of the bank's deposit 

insurance. Termination proceedings are regarded as a drastic step, 

to be taken infrequently and only when a solution is not obtainable through other methods.

Table 5 summarizes the Corporation's activity under section 

8(a) since 1936. Of the 198 banks against which action was 

taken, in 148 cases the necessary corrections were made or the 

cases were closed through absorption of the banks or their succession by other banks. There were no open cases at the start of 

1968; of the three begun during the year, tw o remained open at 

year end.

A pplications fo r deposit insurance. State nonmember banks 

seeking deposit insurance apply directly to the FDIC. In the case 

of new national banks, insurance is granted by the FDIC upon 

certification by the Comptroller of the Currency, and by the 

Federal Reserve in the case of new State member banks. During

Table 5. ACTIONS TO TERMINATE INSURED STATUS OF BANKS 

CHARGED WITH UNSAFE OR UNSOUND BANKING PRACTICES OR 

VIOLATIONS OF LAW OR REGULATIONS, 1936-1968

Disposition or status

Started 

during 1968

Total banks against w hich action w as taken

Cases clo se d .....................................................................................................

Corrections m a d e .......................................................................................

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

W ith financial aid of the C orporation..................................................

W ithout financial aid of the C orporation............................................

Banks suspended prior to setting date of termination of insured

status by Corporation..............................................................................

Insured status terminated, or date for such termination set by

Corporation, for failure to make corrections......................................

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

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

Cases not closed Decem ber 31, 1 9 68......................................................

Correction period not expired.....................................................................

Action deferred pending analysis of exam ination..................................

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

action based upon additional charges, only the latter action is included.

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

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

1968, the Corporation approved applications for deposit insurance of 94 banks, 74 of which were new banks and 20 of which 

were existing noninsured banks. Thirteen new banks were located 

in Illinois, nine in Florida and the remainder were scattered among 

twenty states.

A pplications for branches. In 1968 there were 461 new 

branches approved for insured nonmember banks by the Corporation, an increase of more than 20 percent compared w ith 1967 

approvals. An additional 51 domestic branches were created 

through Corporation approvals of mergers during the year.

M ergers. Under the Bank Merger Act of 1960, the Corporation's prior approval is required in any merger, purchase of assets, 

or assumption of liabilities transaction in which the resulting bank 

is an insured bank not a member of the Federal Reserve System 

and not located in the District of Columbia. Such approval is also 

required in any absorption of a noninsured bank or institution by 

an insured bank.

The 1960 Act, as amended in 1966, provides that the supervisory agency must consider several specific factors before approving a merger, including the effect of the transaction on com petition, financial and managerial resources, the future prospects of 

the existing and proposed institutions, and the convenience and 

needs of the c o m m u n ity to be served.

During 1968 the Corporation approved a total of 68 mergers 

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

cases there were 62 absorbed banks which operated a total of 

138 offices prior to the transactions and had resources of $1,040 

million. The absorbed banks included 16 national banks, 2 State 

bank members of the Federal Reserve System, 34 State nonmember insured banks, and 10 noninsured institutions. Details 

of these cases are shown in Table 1 5, pages 37 to 133.

Merger approvals involving all insured banks during 1968 are 

summarized in Table 6. (It is im portant to note that Tables 6 and 

7 do not include corporate reorganizations of individual banking 

institutions, such as banks in process of forming one-bank holding 

companies, which do not have the effect of lessening the number 

of existing operating banks.) The 130 banks absorbed through 

mergers operated 284 offices and had total resources of approximately $2,185 million prior to the transactions. The number of 

institutions absorbed in mergers approved in 1968 was eight more 

than in 1967, but was slightly below the average annual number 

during the past several years.

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SUPERVISORY ACTIVITIES 19

tions approved by the Federal agencies during 1968 are shown in 

Table 7.

Regulation of bank securities. Legislation enacted in 1964 

extended the provisions of the Securities Exchange Act of 1934 to 

cover securities traded in the over-the-counter market. Responsibility for administering the Act w ith respect to insured banks was

Table 6. MERGERS. CONSOLIDATIONS, ACQUISITIONS OF ASSETS 

AND ASSUMPTIONS OF LIABILITIES APPROVED UNDER SECTION 18(c) 

OF THE FEDERAL DEPOSIT INSURANCE ACT DURING 1968

Banks

Number 

of banks2

Resources 

(in thousands)3

Offices operated3

Prior to 

transaction

After

transaction

ALL CASES1

Banks in v o lv e d ........................................... 249 $44 ,1 5 8 ,5 24 3,174 3,168

Absorbing ba nks..................................... 119 4 1,973,930 2,890 3,168

Absorbed banks....................................... 130 2,184,594 284

N ation al............................................... 56 1,055,039 126

State bank members FRS.................. 9 96,797 13

Not members F R S............................. 61 1,021,780 141

Noninsured institutions...................... 4 4 10,978 4

CASES WITH RESULTING BANK

A NATIONAL BANK

Banks in vo lve d ........................................... 125 S25,81 1,369 2,012 2,007

Absorbing banks..................................... 58 24,720,137 1,884 2,007

Absorbed banks....................................... 67 1.091,232 128

N ation al............................................... 36 755.584 64

State banks members FRS................ 7 6 3,450 1 0

Not members F R S............................. 23 2 70,700 53

Noninsured institutions...................... 1 1,498 1

CASES WITH RESULTING BANK A

STATE BANK MEMBER OF THE

FEDERAL RESERVE SYSTEM

Banks in v o lv e d ........................................... 23 $14,273,586 640 640

Absorbing banks..................................... 11 14,090.705 603 6 40

Absorbed banks....................................... 1 2 182,881 37

N ation al............................................... 4 104,046 2 2

State banks members F R S ..............

Not members F R S............................. 8 78.835 15

Noninsured institutions......................

CASES WITH RESULTING BANK NOT

A MEMBER OF THE

FEDERAL RESERVE SYSTEM6

Banks in v o lv e d........................................... 103 $4,088,661 524 523

Absorbing ba nks..................................... 51 3,176,682 404 523

Absorbed banks....................................... 5 / 5 9 11 .9 7 9 7 1 2 0 7

N ation al............................................... 16 195,409 40.

State banks members FRS................ 2 33.347 3

Not members F R S ............................. 30 672 ,2 4 5 73

Noninsured institutions...................... 4 4 10,978 4

'Om itted are corporate reorganizations and other absorptions involving banks which prior to the transaction did not individually operate an office in the United States.

2The number of absorbing banks is smaller than the number of cases, because a few banks participated in more than one

case.

3Where an absorbing bank engaged in more than one transaction, the resources included are those of the bank before the

latest transaction, and the number of offices before the first and after the latest transaction.

4Merger case No. 27 in table 1 5 was reported also as an approved case by the Office of the Comptroller of the Currency. This

case is included only once in the totals in this table,

includes one savings and loan association.

includes one case approved by the Corporation of an absorption of a noninsured institution by a member bank.

7An existing branch of an insured nonmember bank was acquired by another bank in each of tw o cases; thus the resources

and office of the branches are included. In another case, a portion of a noninsured bank's accounts was acquired; the amount of

these assets is included herein.

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

given to the Federal bank regulatory agencies. Only those corporations now having 500 or more shareholders and more than $1 

million in assets are covered.

The Corporation, during 1968, received registration statements 

from 20 insured State nonmember banks coming under the provisions of the Act, bringing the year-end total to 186. The latter 

figure reflects the withdrawal from registration of 5 banks through 

merger and the addition of 2 registered banks which w ithdrew 

from the Federal Reserve System.

In addition to the registration statement filed by banks, the 

Corporation also receives current reports required by the Securities Exchange Act and regulates proxy solicitation for annual and 

special meetings of the shareholders of these banks. Another section of the Act requires the filing of beneficial ownership reports 

by every director, major officer and large shareholder of a regisTable 7. APPROVALS UNDER SECTION 18(c) OF THE FEDERAL 

DEPOSIT INSURANCE ACT DURING 1968 

BANKS GROUPED BY SIZE AND IN STATES 

ACCORDING TO STATUS OF BRANCH BANKING

Absorbing banks Absorbed banks

Number of banks by 

size (resources in $mil)1

Number

of

banks1

Number

of

branches

Resources

(in

thousands)

Numt

(r<

)er of bar 

^sources

iks by size 

n $mil)

-5 5-10 10-25 25-100

Over

100

T o tal-U .S . 119 130 154 52,184,594 35 40 35 18 2

- 5 . ................ 6 7 1 21,794 6 I

5 -1 0 ................. 6 6 12 100,434 4 I 1

1 0 -2 5 ................. 23 24 19 206,247 9 10 3 2

25-100 . ................ 43 43 37 572,055 11 13 13 6

100-500 . ................ 23 26 46 634,300 5 10 6 4 I

500 or m ore. ................ 18 24 39 549,764 6 12 5 1

(A) Statewide

branching2 42 49 67 S856.025 11 15 15 7 1

- 5 ................. 1 1 329 1

5 -1 0 ................. 2 2 10 56,271 1 1

1 0-2 5 ................. 7 8 8 70,174 3 4 1

25-100 . ................ 12 12 15 187,944 4 2 3 3

1 0 0 -50 0 ................. 10 12 14 137,414 2 5 4 1

500 or m ore................. 10 14 20 403,893 4 8 1 1

(B) Limited area

branching2 70 73 83 S I,233,543 19 24 19 10 1

- 5 ................. 2 2 1 9,675 1 1

5 -1 0 ................. 4 4 2 44,163 3 1

1 0-2 5. ................ 14 14 11 119,072 5 6 2 1

25-100 ................. 30 30 22 378,783 7 10 10 3

1 00 -50 0 ................. 1 2 13 28 435,979 3 5 2 2 1

500 or m ore................. 8 10 19 245,871 2 4 4

(C) Unit

banking2 7 8 4 595,026 5 1 1 1

- 5 . . . . . . . . . . . . . . . . . . 3 4 . 11,790 4

1 0-2 5 . . . . . . . . . . . . . . . . . . 2 2 . 17,001 1 1

25-100 . . . . . . . . . . . . . . . . . . 1 1 5,328 1

100-500. . . . . . . . . . . . . . . . . . . . 1 I 3 4 60,907 1

’ See footnotes 1. 5 and 7, Table 6

2Forthe purpose of discussing branching activity. 16 States were included in Group A. 18 in Group B. and 16 in Group C It

should be noted that for other purposes the classification of some States might differ from that used here

3Bank merger in South Dakota in which the five offices of an absorbed bank were continued in operation

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SUPERVISORY ACTIVITIES 21

tered bank. As of the end of the year, 3,700 such reports had been 

received.

Changes in bank ow nership and loans secured by bank

stock. Public Law 88-593 requires reporting to the appropriate 

Federal banking agency of any changes in the outstanding voting 

stock of any insured bank which would result in a change in control of management. Such reports must include any change or 

replacement of the bank's chief executive officer or any director 

that occurs during a twelve-m onth period following the change 

in control. Also, the law specifies that insured banks must report 

any loans secured by 25 percent or more of the outstanding 

voting stock of an insured bank.

The purpose of this legislation is to alert the supervisory 

authorities to management changes which might adversely affect 

the bank. Reports received by one Federal agency are exchanged 

with the other Federal banking agencies, as well as the State 

authority if a State-chartered bank is involved. More than 380 

changes in control involving insured nonmember banks were 

reported to the Corporation in 1968.

O ther reports from banks and publications. Each insured 

bank reports its financial condition four times each year, and its 

statement of income and dividends once each year, to the appropriate Federal supervisory agency. The Corporation also tabulates 

the asset and liability data of noninsured banks. The statistics 

collected directly by the Corporation, together w ith information 

on member banks of the Federal Reserve System, are published in 

Part IV of this Report.

Recent technological developments have made it possible for 

the Corporation to provide each insured bank w ith individualized 

operating statistics, showing balance sheet and income changes 

and various operating ratios, based on the mid-year and end-ofyear reports of condition and on the annual report of income and 

dividends. These statistics may be compared w ith similar data for 

all insured banks within the State and for certain local areas. The 

various State and regional tables were combined in Bank Operating Statistics 1967, issued in April 1968.

Four surveys of interest rates paid on time and savings deposits 

of insured nonmember banks were conducted in 1968. These surveys, conducted jointly w ith the Board of Governors of the Federal 

Reserve System, were designed to provide information on savings 

flows and on the structure of interest rates offered on various 

savings instruments.

On June 29, 1968, the Corporation conducted the eleventh in a 

series of surveys of accounts and deposits in all commercial and 

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

ance coverage and the Corporation's liability under the Federal 

Deposit Insurance Act. They also provide data which can be useful 

to bankers and others for several purposes including the analysis 

of local markets, since deposits are reported for individual offices 

of all banks. All commercial and mutual savings banks were sent 

initial data printouts from the Survey showing deposit figures for 

their own bank on a county basis as of June 1 966 and June 1968 

and similar figures for all banks in each county in their State.

The data from the Survey, published in a series of sixteen booklets, are classified by geographic area and by size of bank and size 

and type of account. Changes in most of these categories since 

the previous survey in 1966 are also included.

Use of computers in smaller banks was the subject of a study 

supported by the Corporation, which was intended to be of particular assistance to banks which are initiating or planning to 

acquire access to computer facilities. A summary of the results 

was published in October 1968 under the title "The Impact of 

Computers on Small and Medium-Sized Banks". The full report of 

the study will be available in 1 969.

Training and education of exam iners. The current training and 

educational activities of the Corporation include both new and 

continuing programs, of which several have been developed for 

Examination Division personnel.

The bulk of the Division's training is in the "on-the-job" category. In this connection, a new one-week programmed selfinstruction course has been developed to acquaint trainees w ith 

the functions and activities of the Corporation and thus help them 

to be more effective members of a bank examination team from 

the outset. Supplementing on-the-job education and training, 

selected examination personnel are enrolled in a variety of educational and training activities at non-Corporation facilities.

Among the newer programs initiated by the Corporation is a 

one-week course on examination of computerized banks. Conducted at various locations throughout the country, the course 

familiarizes examiners w ith the skills and knowledge im portant 

to examining any bank which has automated its procedures, or 

makes use of computers. Two hundred employees of the Examination Division took this course during 1 968.

Conferences w ith banking groups. Conferences w ith officials 

of State banking departments were held in June and September 

1968. The June meeting was attended by the supervisors and 

their aides from the banking departments of the 12 States in the 

Corporation's Atlanta, Dallas, and Minneapolis Districts. A t the 

September meeting supervisors were in attendance from the 

States which comprise the Corporation's Chicago, Madison and 

San Francisco Districts. These conferences are a continuation

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SUPERVISORY ACTIVITIES 23

of a series of such meetings, initiated in 1964, in which State 

banking department representatives are invited to meet w ith 

Corporation officials for the purpose of reviewing industry developments and exchanging relevant supervisory information.

A D M IN IS T R A T IO N OF THE C O R PO R ATIO N

S tructure and em ployees. The Corporation is managed by a 

Board of Directors, tw o members of which are appointed for sixyear terms by the President, w ith the advice and consent of the 

Senate. The Comptroller of the Currency, also a Presidential 

appointee, serves ex officio as the third member of the Board. 

One of the tw o directly appointed members serves as Chairman 

of the Board.

Mr. K. A. Randall, appointed a Director on March 10, 1964, 

continues as Chairman of the Board. Mr. Irvine H. Sprague was 

appointed a Director of the Corporation on September 27, 1968, 

filling a vacancy on the Board of Directors. Continuing as the 

ex officio member is Mr. W illiam B. Camp, Comptroller of the 

Currency.

The organization of the Corporation and a list of the Corporation's officials, Supervising Examiners and District offices are 

shown on pages iv, v and vi.

The net increase in employment by the Corporation in 1968 

included 171 permanent and 15 nonpermanent employees (Table 

8). Examination Division personnel increased by 185 during the 

year, including 155 additional field personnel. Over 90 percent 

of Examination Division employees, who account for about threefourths of the Corporation's total employment, are assigned to the 

District offices. Employment in other Divisions of the Corporation 

was virtually unchanged during the year.

Table 8. NUMBER OF OFFICERS AND EMPLOYEES 

OF THE FEDERAL DEPOSIT INSURANCE CORPORATION, 

DECEMBER 31, 1967 AND 1968

Unit Total

Washington

oflice

D istrict and other 

held oflices

1968 1967 1968 1967 1968 1967

T o ta l.................................................................. 20551 1.8691 589 550 1,466 1,319

D irectors...................................................... 3 2 3 2 0 0

Executive O ffices........................................ 48 49 48 49 0 0

Legal Division.............................................. 45 38 45 38 0 0

Division of Exam ination............................ 1,526 1,341 135 105 1,391 1,236

Division of Liquidation.............................. 132 143 67 70 65 73

Division of Research.................................. 146 132 146 132 0 0

Office of C ontroller.................................... 155 164 145 154 10 10

1 Includes non-permanent employees serving on a short-term appointment or when actually employed basis 123 in 1968

and 108 in 1967. Non-permanent employees include college students participating in the work-study program, clerical workers

employed on a temporary basis at banks in process of liquidation, and other personnel.

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

From an average employment of 1,118 field examiners during 

the year, 173 left the Corporation in 1968. This number includes 

56 who left to enter the military service and five who retired. The 

employment turnover rate for field examiners was 16.1 percent 

in 1968. For all employees, exclusive of temporary field liquidation personnel, college students participating in the Corporation's 

cooperative work-study program, and temporary summer personnel, the turnover rate was 21.2 percent.

FIN A N C E S OF THE CO R PO R ATIO N

Assets and liabilities. Assets and liabilities of the Corporation on December 31,1968 are shown in Table 9.

The assets of the Corporation totaled $3,971 million at the end 

of the year. U. S. Government securities valued at an amortized 

cost of $3,901 million, and including accrued interest, accounted 

for over 99 percent of total assets. Assets acquired in receivership and deposit assumption transactions, after reserves for losses, 

totaled $13.5 million at the year end. The Corporation's W ashington office building and site, less depreciation on the building, were 

carried at $7.6 million.

Total liabilities of the Corporation were $222 million on December 31, 1968, of which over $217 million were net assessment 

credits due insured banks. Alm ost 7 percent of the credits were 

available immediately, w ith the remainder becoming available on 

July 1, 1969. The deposit insurance fund, the basic financial 

resource available to the Corporation for the protection of depositors, totaled $3,749 million at the end of the year.

Additional resources are available to the Corporation through 

its borrowing powers. Legislation enacted in 1947 authorizes and 

directs the Secretary of the Treasury to lend to the Corporation 

up to $3 billion when, in the judgement of the Corporation's Board 

of Directors, the funds are required for insurance purposes. The 

Corporation has not had occasion to use this borrowing authority.

Incom e and expenses. Income and expenses of the Corporation in 1968 are shown in Table 10. During the year, net income 

of $132 million was obtained from net assessments, and $163 

million from investment income, providing a total income of $295 

million.

Assessments are earned by the Corporation at the statutory 

annual rate of 1/12 of one percent of total assessable deposits 

of insured banks. Legislation enacted in 1950 provided that a 

portion of the assessments earned each year, after allowance for 

the Corporation's insurance losses and operating expenses, be 

returned to insured banks as a credit against future assessments. 

The proportion, first set at 60 percent, was raised in 1961 to 

66% percent. In 1968, an amount of $202 million was credited

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FINANCES OF THE CORPORATION 25

to banks against their future assessments, thereby reducing the 

effective assessment rate in the year to V30 of one percent of 

assessable deposits. After the Corporation's expenses, insurance 

losses and allowance for the assessment credit, the addition to the

Table 9. STATEMENT OF FINANCIAL CONDITION, 

FEDERAL DEPOSIT INSURANCE CORPORATION, 

DECEMBER 31, 1968

ASSETS

Cash S 6,2 42 ,00 4

U.S. Government obligations:

Securities at amortized cost (face value $3,915,884,00; cost 

$3,887,788,859). . . .

Accrued interest receivable.

S3,901,074,123 

4 1,906,319 3 ,942,980,442

Assets acquired in receivership and deposit assumption transactions:1

Special assistance to insured ba nks .......................

Subrogated claims of depositors against closed insured banks . 

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

subrogated when paid— see related liability ....

Equity in assets acquired under purchase agreements .

Assets purchased outright .

$ 10,000,000 

23,16 5 ,6 5 0

3 49,303

5,956,809

14,632

Less reserves for losses

$ 3 9,486,394 

2 5,967,900 13,518,494

Miscellaneous assets 376,815

Land and office building, less depreciation on building 7,634,903

Furniture, fixtures and equipm ent 1

Total assets $3,970,752,659

LIABILITIES AND DEPOSIT INSURANCE FUND2

Accounts payable and accrued liabilities $ 1,900,470

Earnest money, escrow funds, and collections held for others 3 92 ,7 5 4

Accrued annual leave of employees 1,789,982

Due insured banks:

Net assessment income credits available July 1, 1969 (See

Table 1 1 ) ...............................................

Other assessment credits available immediately

S 202 ,1 3 6 ,2 02 

14,963,023 2 17 ,099,225

Net insured balances of depositors in closed insured banks—

see related asset 349,303

Total liabilities $ 221,531.734

Deposit insurance fund, net income accumulated since inception (See Table 10) 3,749,220,925

Total liabilities and deposit insurance fund $3,970,752,659

'Reported hereunder is the book value of assets in process of liquidation. An analysis of all assets acquired in receivership

and deposit assumption transactions, including those assets which have been liquidated, is furnished in Table 3.

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

NOTE: These statements do not include accountability for the assets and liabilities of the closed insured banks for which the

Corporation acts as receiver or liquidating agent.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 10. STATEMENT OF INCOME AND THE DEPOSIT INSURANCE FUND, 

FEDERAL DEPOSIT INSURANCE CORPORATION.

YEAR ENDED DECEMBER 31, 1968

Incom e:

Deposit insurance assessments:

Assessments earned in 1 9 68............................................

Less net assessment income credits to insured banks .

Adjustments of assessments earned in prior years

Net income from U.S. Government securities.

Other income (deduction)

Total incom e .

Expenses and losses:

Administrative and operating expenses:

Salaries and w a g e s ........................................................

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

Travel e x p e n s e s ............................................................

Office rentals, communications and other expenses .

Provisions for insurance losses:

Applicable to banks assisted in 1968 ................................

Adjustments applicable to banks assisted in prior years .

Non-recoverable insurance expenses incurred to protect depositors— net

Total expenses and losses .

Net addition to the deposit insurance fund— 1968

Deposit insurance fund, January 1, 1968

D eposit insurance fund, Decem ber 31, 1968, net incom e

accum ulated since inception . .

$334,551,654 

202,126,664

S 18,519,540 

1,176,568 

4,831,158 

4,444,471

S 1,310,000 

698.400

S 132.424,990

52,629

S 132,477,619 

162,615,480 

(14,831)

$ 295,078,268

S 28,971.737

2,008,400

363,421

$ 31,343,558

$ 263.734.710

$3,485,486,215

$3,749,220,925

insurance fund during the year was $264 million. The sources and 

application of funds of the Corporation during the year are shown 

in Table 12.

Incom e and the deposit insurance fund, 1933-1968. The

Corporation's income, expenses and losses, and additions to the 

insurance fund since 1934 are shown in Table 13. During the 

entire period, expenses and insurance losses have absorbed less 

than 11 percent of the Corporation's total income, w ith the 

remainder being added to the insurance fund.

The Federal Deposit Insurance Act specifies that monies of the 

Corporation not otherwise employed shall be invested in U. S. 

Government securities or in obligations guaranteed as to principal 

and interest by the United States. Interest on the U. S. Government securities held by the Corporation has exceeded net assessment income each year since 1961, and in 1968 rose to 55.1 

percent of total income.

Deposits in insured banks and the deposit insurance fund by 

years since 1934 are shown in Table 14. The estimated amount

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FINANCES OF THE CORPORATION 27

Table 11. DETERMINATION AND DISTRIBUTION OF 

NET ASSESSMENT INCOME,

FEDERAL DEPOSIT INSURANCE CORPORATION, 

YEAR ENDED DECEMBER 31. 1968

D eterm ination of net assessment incom e:

Total assessments which became due during the calendar yea r. $334,551,654

Less:

Administrative and operating e x p e n s e s ............................

Net additions to reserve to provide for insurance losses:

Provisions applicable to banks assisted in 1968 ................

Adjustments to provisions for banks assisted in prior years

1,310,000

716,500

S 28,971,737 

2.026.500

Insurance expenses . 363,421

Total deductions . 31,361,658

Net assessm ent incom e for 1968 $303,189,996

D istribution of net assessment incom e, Decem ber 3 1 , 1 9 6 8 :

Net assessment income for 1968:

33-1/3% transferred to the deposit insurance fund 

66-2/3% credited to insured banks .

$101,063,332

202,126,664

Total $303,189,996

A llocation of net assessment incom e credit am ong insured

banks, Decem ber 3 1 , 1 9 6 8 :

Credit for 1968 ....................................

Adjustments of credits for prior years .

Percentage of total 

assessment 

becoming due in 

1968

$202,126,664

9,539

60.41718%

.00285

Total . $202,136,203 60.42003%

Table 12. SOURCES AND APPLICATION OF FUNDS, 

FEDERAL DEPOSIT INSURANCE CORPORATION, 

YEAR ENDED DECEMBER 31, 1968

Funds provided by: Percent

Net deposit insurance assessm ents................................................................ $132,477,619 21.9

Income from U.S. Government securities, less amortized net discounts. . 158,613,146 26.2

Maturities and sales of U.S. Government secu ritie s.................................... 290,753,000 48.1

Collections on assets acquired in receivership and deposit assumption

transactions...................................................................................................... 7,699,578 1.3

Increase in assessment credits due insured banks........................................ 15,267,343 2.5

Total funds p ro v id e d .................... $604,810,686 100.0

Funds applied to:

Administrative, operating and insurance expenses, less miscellaneous

credits................................................................................................................ $29,214,785 4.8

Acquisition of assets in receivership and deposit assumption transactions .............................................................................................................. 5,688,491 0.9

Purchase of U.S. Government securities........................................................ 563,002,329 93.1

Net changes in other assets and liabilities.......................................... 6,905,081 1.2

Total funds ap plied..............................................................

.. ..... , 1

$604,810,686

I........ .

100.0

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13. INCOME AND EXPENSES, 

FEDERAL DEPOSIT INSURANCE CORPORATION, 

BY YEAR, FROM BEGINNING OF OPERATIONS, 

SEPTEMBER 1 1, 1933, TO DECEMBER 31, 1968 

ADJUSTED TO DECEMBER 31, 1968

(In millions)

Year

Income Expenses and losses

Net 

income 

added to 

deposit 

insurance 

fund 4

Total

Deposit 

insurance 

assessments 1

Investments 

and 

other 

sources 2

Total

Deposit 

insurance 

losses and 

expenses

Interest 

on capital 

stock 3

Administrative

and

operating

expenses

1933-68 $4,192.1 $2,544.9 $1,647.2 $442.9 $55.2 $80.6 $307.1 $3,749.2

1968 295.0 132.4 162.6 30.4 1.4 . 29.0 264.6

1967 . 263.0 120.7 142.3 30.4 6.0 . 24.4 232.6

1966 . 241.0 111.7 129.3 25.0 5.2 . 19.8 216.0

1965 . 214.6 102.2 112.4 24.4 6.7 . 17.7 190.2

1964 . 197.1 93.0 104.1 18.9 3.4 . 15.5 178.2

1963 181.9 84.2 97.7 16.4 2.0 . 14.4 165.5

1962 . 161.1 76.5 84.6 13.8 .1 . 13.7 147.3

1961 147.3 73.4 73 9 14 8 1.6 . 13.2 132.5

1960 . 144.6 79.6 65.0 12.5 .1 . 12.4 132.1

1959 136.5 78.6 57.9 12.1 .2 . 11.9 124.4

1958 126.8 7 38 5 3 0 11.6 11.6 115.2

1957 117.3 69.1 48.2 9.7 .1 . 9.6 107.6

1956 . 111.9 68.2 43.7 9.6 .5 . 9.1 102.3

1955 . 105.7 66.1 39.6 9.0 .3 . 8.7 96.7

1954 . . . 99.7 62.4 37.3 7.8 .1 . 7.7 91.9

1953 . . . 94.2 60.2 34.0 7.3 .1 . 7.2 86.9

1952 . . . 88.6 57.3 31.3 7.8 .8 . 7.0 80.8

1951 . 83.5 54.3 29.2 6.6 6.6 76.9

1950 . 84.8 54.2 30.6 7.8 1.4 . 6.4 77.0

1949 . . 151.1 122.7 28.4 6 4 .3 . 6.1 144.7

1948 . 145.6 119.3 26 3 7.0 .7 .6 5.7 138.6

1947 . . 157.5 114.4 43.1 9.9 .1 4.8 5.0 147.6

1946 . . . 130.7 107.0 23.7 10.0 .1 5.8 4.1 120.7

1945 . . 121.0 93.7 27.3 9.4 .1 5.8 3.5 111.6

1944 . . 99.3 80.9 18.4 9.3 .1 5.8 3.4 90.0

1943 . . . 86.6 70.0 16.6 9.8 .2 5.8 3.8 76.8

1942 . . . 69.1 56.5 12.6 10.1 .5 5.8 3.8 59.0

1941 . . . 62.0 51.4 10.6 10.1 .6 5.8 3.7 51.9

1940 . . . 55.9 46.2 9.7 12.9 3.5 5.8 3.6 43.0

1939 . . . 51.2 40.7 10.5 16.4 7.2 5.8 3.4 34.8

1938 . . . 47.7 38.3 9.4 11.3 2.5 5.8 3.0 36.4

1937 . . 48.2 38.8 9.4 12.2 3.7 5.8 2.7 36.0

1936 . . . 43.8 35.6 8.2 10.9 2.6 5.8 2.5 32.9

1935 .... 20.8 11.5 9.3 11.3 2.8 5.8 2.7 9.5

1 93 3 -3 4 . . . . 7.0 4 7.0 10.0 .2 5.6 4.2 5 -3.0

'For the period from 1950 to 1968 inclusive, figures are net after deducting the portion of net assessment income credited

to insured banks pursuant to provisions of the Federal Deposit Insurance Act of 1 9 50, as amended. Assessment credits to

insured banks for these years amount to $2,1 72 million

includes $9.3 million of interest and allowable return received on funds advanced to receivership and deposit assumption cases by the Corporation.

3Paid in 195 0 and 1951, but allocated among years to which it applies Initial capital of $ 2 8 9 million was retired by payments to the United States Treasury in 1947 and 1948.

Assessm ents collected from members of the temporary insurance funds which became insured under the permanent plan

were credited to their accounts at the termination of the temporary funds and w ere applied tow ard paym ent of subsequent

assessments becoming due under the permanent insurance fund, resulting in no income to the Corporation from assessments

during the existence of the temporary insurance funds

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

on June 30, 1934.

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of insured deposits rose to $297 billion at the end of 1968. 

Largely as a result of increases in the maximum insurance coverage available to each depositor, the ratio of insured deposits to 

total deposits has continued to rise, reaching 60.4 percent in 

1968. A t the same time, the growth of the deposit insurance fund 

has generally kept pace w ith total deposits in insured banks and 

w ith insured deposits.

A ud it. Since 1945 the financial transactions of the Corporation 

have been audited each year by the General Accounting Office. 

Previously, the Corporation engaged private firms annually to 

conduct an audit. A continuous internal audit is provided by the 

Auditor of the Corporation.

Table 14. INSURED DEPOSITS AND THE DEPOSIT INSURANCE FUND,

1934-1968

Year 

(Dec. 31 (

Deposits in 

insured banks 

(in millions)

Percent

of

deposits

insured

Deposit

insurance

fund

(in

millions)

Ratio of deposit 

insurance fund to —

Total

deposits

Insured

Total Insured1 deposits

1968 ................. $49 1 ,5 1 3 $296,701 60.2% $3,749.2 .76% 1.26%

1967 ................. 4 48 ,7 0 9 2 61 .1 4 9 58.2 3,485.5 .78 1.33

1966 ................. 4 01 ,0 9 6 2 34 ,1 5 0 58.4 3,252.0 .81 1.39

1965 ................. 3 77 ,4 0 0 209,690 55.6 3,036.3 .80 1.45

1964 ................. 348,981 191,787 55.0 2,844.7 .82 1.48

1963 ................. 3 1 3 .3 0 4 2 177.381 56.6 2,667.9 .85 1.50

1962 ................. 2 9 7 ,5 4 8 3 1 70 .2 1 0 4 5 7.2 4 2,502.0 .84 1.474

1 9 6 1 ................. 2 81 ,3 0 4 160 .3 0 9 4 57.0 4 2,353.8 .84 1.474

1 9 6 0 ................. 260 ,4 9 5 149,684 57.5 2,222.2 .85 1.48

1959 ................. 247,589 142,131 57.4 2.089.8 .84 1.47

1958 ................. 2 42 ,4 4 5 137.698 56.8 1,965.4 .81 1.43

1957 ................. 225,507 127.055 56.3 1,850.5 .82 1.46

1956 ................. 2 19,393 121,008 55.2 1,742.1 .79 1.44

1955 ................. 212 ,2 2 6 116,380 54.8 1,639.6 .77 1.41

1954 ................. 203 ,1 9 5 110,973 54.6 1,542.7 .76 1.39

1953 ................. 193,466 105,610 54.6 1,450.7 .75 1.37

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

1 9 5 1 ................. 178,540 96,713 54.2 1,282.2 .72 1.33

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

1949 ................. 156.786 76,589 48.8 1,203.9 .77 1.57

1948 ................. 153,454 75,320 49.1 1,065.9 .69 1.42

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

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

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

1 9 4 4 ................. 134,662 5 6,398 41.9 804.3 .60 1.43

1943 ................. 111,650 4 8,44 0 43.4 703.1 .63 1.45

1942 ................. 8 9,869 32,837 36.5 616.9 .69 1.88

1 9 4 1 ................. 71,209 28,249 39.7 553.5 .78 1.96

1 9 4 0 ................. 65,28 8 26,63 8 40.8 496.0 .76 1.86

1939 ................. 57,485 2 4,650 42.9 452.7 .79 1.84

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

1937 ................. 48,22 8 22,557 46.8 383.1 .79 1.70

1936 ................. 50.281 22,330 44.4 343.4 .68 1.54

1935 ................. 4 5,125 20,158 44.7 306.0 .68 1.52

1934 ................. 4 0,06 0 18,075 45.1 3 33.0 .83 1.84

'Figures estimated by applying to the deposits in the various types of account at the regular call dates the percentages insured

as determined from special reports secured from insured banks.

2December 20. 1963.

3December 28, 1962.

♦Revised

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

RULES A N D REG ULATIO NS OF THE C O R PO R ATIO N

Paym ents of interest and deposits. Part 329 of the Corporation's regulations, relating to the payment of deposits and interest thereon by nonmember insured banks, was amended on three 

occasions during 1968. On April 19, 1968, section 329.3 was 

amended to permit the payment of interest on single maturity 

time deposits of $ 100,000 or more at rates up to 6Vi percent 

per annum, depending upon their maturity. The new maximum 

rates prescribed for these large-denomination deposits were 5 1/2 

percent for 30 to 59-day deposits, 5% percent for 60 to 89-day 

deposits, 6 percent for 90 to 179-day deposits, and 6 Vi percent 

for deposits of 180 days or more. The maximum rate previously 

had been 5V£ percent for all such deposits.

The other amendments to Part 329 related primarily to deposits 

of foreign governments, monetary and financial authorities of 

foreign governments, and international financial institutions. A 

statutory provision which exempted these deposits from the 

Corporation's interest rate limitations expired on October 15, 

1 968, and amendments to section 329.3 of the regulations which 

became effective January 22 and October 15, 1968, were 

designed to provide a comparable exemption under the Corporation's regulatory authority for deposits of this nature having 

maturities of not more than tw o years. Included in the October 

1 5 amendments were provisions to permit the payment of interest 

on a certificate of deposit for the time during which it is owned 

by such an exempt organization at a rate in excess of the otherwise applicable maximum notwithstanding a transfer of the certificate to a nonexempt organization prior to its maturity.

The amendments effective October 15, 1968, also amended 

section 329.3 to clarify the already existing law that nonmember 

insured banks are subject to maximum interest rates prescribed 

under State laws where the rates are lower than those prescribed 

by the Corporation, and to allow renewed time deposits, open 

account, and savings deposits to draw interest during a 10-day 

optional renewal period on the same basis as time certificates of 

deposit. In addition to the amendments to Part 329, the Corporation issued an interpretive rule, published as section 329.101, 

relating to the payment of interest on the basis that 360 days 

equal one year.

Deposit insurance coverage. There were tw o amendments 

during 1968 to Part 330 of the Corporation's regulations which 

relate to the clarification and definition of deposit insurance 

coverage. Section 330.14 was amended effective January 16, 

1968, to extend from February 1 to April 1, 1968, the period 

within which depositors were to be notified of the revision of Part

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330 in 1967. Section 330.9(b) was amended effective June 8,

1968, to exempt jointly owned time certificates of deposit and 

other jointly owned negotiable deposit obligations from requirements concerning signature cards which are applicable, for insurance purposes, to other forms of jointly owned deposit accounts.

Securities of insured nonm em ber banks. For the purpose of 

implementing Public Law 90-439, described in Part I of this 

report, Part 335 of the Corporation's regulations, relating to 

securities of insured nonmember banks which are subject to the 

registration requirements of section 12 of the Securities Exchange 

Act of 1934, was amended on August 8, 1968. The amendments 

prescribed requirements concerning the disclosure of information 

pursuant to Public Law 90-439 and forms for use in that 

connection.

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

BANKS INVOLVED IN ABSORPTIONS 

APPROVED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION

IN 1968

State Town or City Bank

No. 

(Table 15)

Arizona Holbrook The First Navajo National

Bank 40

Tucson The Bank of Tucson

(change title to Great

Western Bank & Trust

Company) 40

California Anaheim The Independent Bank 28

Los.Angeles First Western Bank and

Trust Company 13

Oxnard Bank of A. Levy 13

San Francisco Bank of America

National Trust and

Savings Association 2,25 ,45

Bank of Trade of San

Francisco 42

Barclays Bank of California 28

The Hong Kong and

Shanghai Banking

Corporation of California 42

Connecticut Hartford Dime Savings Bank of

Hartford 8

State Savings Bank

(change title StateDime Savings Bank) 8

New Britain New Britain Bank and

Trust Company 50

Norwich The Chelsea Savings

Bank (change title to

The Chelsea-Dime

Savings Bank) 32

The Dime Savings Bank

of Norwich 32

Rocky Hill The Rocky Hill Bank and

Trust Company 50

Georgia Albany Albany Savings Bank 53

First State Bank & Trust

Company 53

Atlanta American Bank of Atlanta

(change title to Peoples

American Bank of

Atlanta) 35

The Peoples Bank 35

Indiana Pennville Pennville State Bank 56

Portland The Citizens Bank of

Portland 56

Iowa Allerton Security State Bank 1 1

Humeston The Citizens State Bank 1 1

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State Town or City Bank

No 

(Table 1 5)

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Montana

New Jersey

Lineville

Oelwein

Oran

Bangor

Biddeford

Riverdale

Beverly

Lynn

Benton Harbor 

Calumet

Corunna

Eau Claire 

Mohawk

Owosso 

New Ulm

Bruce

Clarksdale

Tupelo

Tutwiler

Bozeman

Englewood

Paramus

Lineville State Bank 1 1

The First National Bank

of Oelwein 27

Oran Savings Bank 27

Eastern Trust and Banking 

Company 67

Kenduskeag Banking

Company 67

Biddeford Savings Bank 58 

York Savings and Loan

Association 58

Citizens Bank of Maryland 

(change title to Citizens 

Bank and Trust 

Company of Maryland) 39 

Citizens Trust Company

of Maryland 39

Beverly Trust Company 

(change title to Bay 

Bank and Trust 

Company) 22

Lynn Safe Deposit &

Trust Company 22

Inter-City Bank 19

The Merchants & Miners 

Bank 9

The Old Corunna State

Bank 61

The Eau Claire State Bank 19 

The Keweenaw Savings

Bank 9

The Owosso Savings Bank 61

State Bank of New Ulm 34 

W inslow State Bank of 

New Ulm (change title 

to State Bank of 

New Ulm) 34

43

26

43

26

Bank of Bruce 

Bank of Clarksdale 

Bank of Mississippi 

Tutwiler Bank

Security Bank & Trust 

Company of Bozeman 

Security Building, Inc.

Englewood National Bank 

and Trust Company 31 

The Midland Bank and

Trust Company 31

64

64

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

State Town or City Bank

No.

(Table 1 5)

New York Franklinville 

New York (Brooklyn) 

New York

North Carolina

Ohio

Oklahoma

Wellsville

Denton

Durham

Halifax

Wilson

Columbus

Hamilton

Manchester

Okeana

Peebles

W orthington

Tonkawa

The Union National Bank 

of Franklinville 

Kings County Lafayette

Trust Company 17

Bank Leumi Le-lsrael B.M. 23 

First Israel Bank and Trust 

Company of New York 

Hambro American Bank 

and Trust Co.

The Kings County Savings 

Bank 

Laidlaw and Co.

Morgan Guaranty Safe 

Deposit Company 

Morgan Guaranty Trust 

Company of New York 

Title Guarantee Company 

Trade Bank and Trust 

Company 

Trade Bank Safe Deposit 

Company 

Union Square Savings Bank 

(change title to United 

Mutual Savings Bank)

The First Trust Company 

of Allegany County 

(change title to First 

Trust Union Bank)

Carolina Bank and Trust 

Company 

Central Carolina Bank&

Trust Company 

Bank of Halifax 

Branch Banking & Trust 

Company 

The Ohio State Bank 

The Citizens Bank 

The Farmers National 

Bank of Manchester 

The First National Bank 

of Okeana 

The Farmers Bank and 

Savings Company 

(change title to The 

Farmers Bank)

The W orthington Savings 

Bank 

Bank of Commerce 

The Service Bank of

Tonkawa 48

49

23

44

46

44

59

59

17

33

33

46

49

52

52

3

3

36

37

15

37

15

36

48

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 35

State Town or City Bank

No.

(Table 15)

Oregon

Pennsylvania

Rhode Island

South Carolina

Albany

Independence

Allentown

Chalfont

Jenkintown

Lower Burrell 

McAdoo

Meadville

Norristown

Perkasie

Reading

Robesonia 

Scott Township 

Titusville

Topton

Providence

Batesburg

Blacksville

Dillon

Greenville

Greenwood

Lancaster

Moncks Corner 

Orangeburg

Citizens Valley Bank 

First National Bank of 

Independence 

Lehigh Valley Trust 

Company 

The Chalfont National 

Bank

Industrial Valley Bank and 

Trust Company 

Keystone Bank 

The First National Bank 

of McAdoo 

Merchants Bank and Trust 

Company 

Peoples National Bank and 

Trust Company of 

Norristown 

Bucks County Bank and 

Trust Company 

American Bank and 

Trust Co. of Pa.

Peoples Trust City Bank 

The Reading Trust 

Company 

Robesonia State Bank 

Marimac Bank 

The Pennsylvania Bank 

and Trust Company 

The National Bank of 

Topton 

Old Stone Trust Company 

Plantations Bank of 

Rhode Island

14

14

51

16

51

63

66

30

16

4,30

1

18

18

63

66

1

47

47

29

62

Batesburg State Bank 

County National Bank 

The Anderson Bank of 

Dillon (change title to 

Citizens Bank of South 

Carolina) 20

Southern Bank and Trust 

Company 6,21

State Bank and Trust

Company 10,29

The First National Bank

of Lancaster 20

The Bank of Berkeley 38 

American Bank & Trust 41,62 

Bank of Orangeburg (title 

changed to American 

Bank & Trust) 41

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

State Town or City Bank

No.

(Table 15)

Texas

Utah

Virginia

Washington

Foreign

Countries

Chile

Dominican Republic 

St. Kitts

(West Indies)

Pickens 

St. Stephen 

Springfield

Walhalla

W illiamston

Killeen

Lorenzo

Manti

Ogden

Salina

Salt Lake City 

Arlington 

Bristol 

Craigsville

Gloucester

Honaker

Newport News 

Norfolk 

Richmond 

Staunton

Woodbridge

Bellevue

Kent

Santiago

Santiago

Basseterre

The Pickens Bank 10

Allen's Depository, Inc. 38 

The Springfield State

Bank 41

Bank of Walhalla 6

The Pelzer-Williamston

Bank 21

American National Bank 

of Killeen 24

First State Bank (change 

title to American State 

Bank) 24

Lorenzo State Bank 5

Lorenzo State Bank at

Lorenzo 5

Manti City Bank 60

Commercial Security Bank 65 

First State Bank of Salina 

(change title to First 

State Bank) 60

Beehive State Bank 65

Fidelity National Bank 55 

Washington Trust Bank 54 

The Bank of Craigsville,

Inc. (change title to 

First Security Bank) 7

Peoples National Bank 

of Gloucester 

Russell County National 

Bank 

Bank of W arwick 

Southern Bank of Norfolk 

The Bank of Virginia 

The Staunton Industrial 

Bank

The American Bank

Bank of the W est 

Bank of Kent

Banco Italiano, S.A. 

Banco Nacional, S.A. 

National M id-Atlantic 

Bank Limited

12

54 

57 

12 

57

7

55 

68 

68

2

45

25

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Table 15. DESCRIPTION OF EACH MERGER, CONSOLIDATION, 

ACQUISITION OF ASSETS OR ASSUMPTION OF LIABILITIES 

APPROVED BY THE CORPORATION DURING 1968

Resources

(in

Banking Offices

No. 1 thousands In To be

of dollars) operation operated

Peoples Trust C ity Bank 162,401 13 16

Reading, Pennsylvania

to merge with

The N ational Bank of Topton 21,360 3

Topton

Summary report by Attorney General, November 3, 1967

Peoples Trust City Bank ("Peoples” ) is the second largest bank in Berks 

County, Pennsylvania. Its head office is located in Reading, which is the commercial and industrial center of Berks County; it also has 10 branches throughout Berks County and another branch, acquired by merger, has recently been 

approved. The National Bank of Topton ("Topton"), Topton, Pennsylvania, has 

its head office and a branch in Topton, Berks County, and another branch in 

Salisbury Township, Lehigh County.

The distance between Topton National's head office and the closest branch 

of Peoples, in Boyertown, is about 12 miles, with no other banks in the 

intervening area. Thus, the proposed merger would eliminate some direct 

competition between the participating banks.

Acquisition by Peoples of the two Topton offices of Topton National would 

significantly increase Peoples' share of the concentrated banking market in 

Berks County, where Peoples and the county's largest bank have more than 

75 percent of total deposits. It would appear that the increase would be 

about 2 percent of I PC demand deposits in Berks County; after the merger 

Peoples would have about 28 percent of such deposits in the county.

Basis for Corporation approval, January 4, 1968

Peoples Trust City Bank, Reading, Pennsylvania (Applicant), an insured 

State nonmember bank with total deposits of about $143,700,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge w ith The National 

Bank of Topton, Topton, Pennsylvania (Merging Bank), which has total deposits 

of about $18,600,000. The banks would effect this transaction under the 

charter and title of Applicant, and as an incident thereof, the three offices of 

Merging Bank would become branches of Applicant, increasing the number of 

its offices to 1 6.

Competition. The service area of Applicant includes the City of Reading 

and the area surrounding that city w ithin a radius of approximately 5 miles, 

plus a series of satellite service areas around each branch office location. Also 

included is the area within about a 7 mile radius of Boyertown, where Applicant 

recently acquired tw o offices by merger. The service area of Merging Bank

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

includes an area within approximately 4 miles of Topton except on the east, 

where it includes a portion of the City of Allentown and its suburbs by virtue 

of its branch location in Salisbury Township. The main offices of the participating banks are 18 miles apart, and their closest offices are approximately 12 

miles apart, connected by a road which traverses rather difficult terrain. This 

circumstance and the existence of other banking facilities in the area indicate 

that there is little, if any, competition between those offices. The service areas 

are not contiguous and do not overlap and it is apparent that there is little 

competition between the participants.

Throughout the service area of the resulting bank there are numerous offices 

of Applicant's tw o principal competitors, one of which is approximately twice 

its size. There are also four sizeable vigorous banks operating in the Allentown area which would offer substantial competition to the resulting bank. In 

addition, there are several branch offices of large and aggressive Philadelphia 

headquartered banks located on the periphery of the service area of the resulting bank.

Applicant is the second largest commercial bank headquartered in the service area, w ith 14.7 percent of the total deposits. Its position would be 

unaffected by this proposal and that percentage would rise to 16.7 percent. 

The commercial banking structure in Berks County and in the service area of 

the resulting bank would not be altered to any significant degree.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. The banking factors w ith 

respect to the Applicant are satisfactory. Merging Bank, however, has experienced growth which has placed a strain on its capital, and its managerial talent 

has been depleted by the sudden death of one of its principal officers and the 

serious illness of its president. Consummation of this proposal would eliminate 

these problems. The banking factors are satisfactory w ith respect to the 

resulting bank.

Convenience and Needs of the Community to be Served. Merging Bank's 

customers would have available complete trust services and computer services. 

Further, Merging Bank is heavily loaned, and the resulting bank could make 

available funds to better service the credit needs of the community.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 2 In

operation

To be 

operated

Bank of A m erica N ational Trust

and Savings Association

San Francisco, California

17,806,731

— (1)

to acquire the assets and

assume the liabilities of

Banco Italiano S.A.

Santiago, Chile

20,591 6

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Summary report by Attorney General, August 4, 1 967

Bank of America had as of March 31, 1967, deposits of $16,252,408,000 

(including IPC demand deposits of $4,476,698,000), loans and discounts of 

$10,833,856,000, and capital accounts of $954,303,000.

Banco Italiano, as of March 31,1967, had deposits of $14,855,000 (including IPC demand deposits of $8,750,000), loans and discounts of $7,043,000, 

and capital accounts of $2,000,000.

It appears that the only effect the proposed transaction will have on com petition in the United States will be in the field of foreign trade. Large American 

banks, including Bank of America, may compete for business from some 

Chilean residents and corporations. However, such business is not likely to be 

a major factor in the overall operations of such banks, and, therefore, we think 

that the transaction is likely to have only a minimal impact upon American 

domestic or foreign trade or commerce.

Basis for Corporation approval, January 4, 1968

The Bank of America National Trust and Savings Association, San Francisco, 

California (Bank of America), total deposits $16.2 billion has applied, pursuant 

to Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's 

approval to purchase the assets and assume the liabilities of Banco Italiano

S. A., Santiago, Chile (Banco), an uninsured foreign bank which has total 

deposits of $14.9 million. The operation of Banco's six offices by Bank of 

America has been approved by the Board of Governors of the Federal 

Reserve System.

Bank of America has not previously operated branches in Chile and there 

was no competition between the banks participating in this proposal. This 

transaction places Bank of America in a position to enhance competition in 

some degree w ith other U.S. banks in the international banking markets.

The financial and managerial resources and prospects are satisfactory w ith 

respect to the participating banks and the resulting bank. Bank of America, 

as the result of this transaction, should be in a position to better serve the 

fo re ig n tra d e re q u ire m e n ts o f its cu sto m e rs.

The Board of Directors is of the opinion that the proposed transaction will 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

On the basis of the information presented and other information available 

to the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

No. 3

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Branch Banking & Trust Company 167,409 42 48

Wilson, North Carolina

to merge with

Bank of H alifax 16,643 6

Halifax

Summary report by Attorney General, November 27, 1967

Branch Banking and Trust Company (BB&T), the sixth largest commercial 

bank in North Carolina, operates 40 banking offices, primarily in eastern North 

Carolina. Halifax Bank operates its head office in the tow n of Halifax and also 

has branch offices in Enfield, Weldon, Scotland Neck, and Littleton. All of

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Halifax Bank's offices are located in Halifax County which is situated in the 

northeastern part of the State.

At present the Halifax County market is served by only four banks. Halifax 

Bank has more offices than the other three combined and has about 40 percent 

of total deposits in the county.

Since the nearest office of BB&T is approximately 30 miles from the nearest 

office of Halifax Bank, we think it unlikely that substantial direct competition 

will be foreclosed by the proposed merger.

North Carolina law permits statewide branch banking (N.C. Gen. State. 

§§53-62). BB&T is the sixth largest commercial bank in the State and would 

appear to be among the most likely entrants into Halifax County, an area in 

the natural path of its expansion toward the northeast portion of the State.

Acquisition of Halifax Bank by BB&T would eliminate one of the most 

probable independent entrants into the already highly concentrated banking 

market in Halifax County.

This proposed merger of BB&T and its recent acquisition of Bank of Davie, 

are part of a continuing trend of acquisitions and mergers by North Carolina's 

largest commercial banks. The recent statewide merger trend has already had 

an adverse effect on potential competition and the structure of local banking 

markets in North Carolina by inhibiting the establishment of de novo branches 

by the largest banks, and thereby retarding the development of a more competitive banking structure in North Carolina.

Basis for Corporation approval, January 11,1968

Branch Banking & Trust Company, Wilson, North Carolina (Applicant), an 

insured State nonmember bank, with total deposits of about $143.4 million, 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior approval to merge Bank of 

Halifax, Halifax, North Carolina which has total deposits of about $14.5 

million. The banks would merge under the charter and title of Applicant and 

as an incident thereof the six offices of Bank of Halifax would become branches 

of Applicant, increasing the number of its offices to 48.

Competition. The main office of Applicant at Wilson is 50 miles southwest 

of that of Bank of Halifax; their closest offices— at Elm City for Applicant and 

Enfield for Bank of Halifax— are about 30 miles apart and separated by the 

growing population center of Rocky Mount, itself domiciling three banks w ith 

1 5 offices. There is no apparent competition existing between Applicant and 

Bank of Halifax and no realistic potential. Applicant is the State's sixth 

largest bank and currently operates 42 offices in the eastern part of North 

Carolina, competing with the four largest banks of the State and many 

of the smaller institutions. Bank of Halifax operates its six offices in 

five small communities in competition with nine other banks, four of them 

larger institutions.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are favorable for Applicant and Bank of Halifax as they would be w ith respect 

to the resulting bank.

Convenience and Needs of the Community. As a result of this proposal, the 

much wider and more progressive banking services of Applicant would be 

offered to the trade area presently serx/ed by Bank of Halifax. Included would 

be greatly expanded legal lending limitations and capacity as well as trust 

and other specialized bank facilities which should tend to advance the trend

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toward industrialization and diversification of the traditionally agricultural 

economy of the Halifax area.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the bank's application 

is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 4 In

operation

To be 

operated

Am erican Bank and Trust Co. of Pa.

Reading, Pennsylvania 

to merge with

352,751 19 20

The First N ational Bank of M cA doo

McAdoo

4,423 1

Summary report by Attorney General, October 12, 1967

American is the largest bank headquartered in Central Pennsylvania, largely 

as a result of acquisitions and mergers. Its closest offices to that of First 

National (at McAdoo) are at Tamaqua and Coaldale, approximately 7 and 10 

miles away, respectively. They would appear to be directly competitive.

In addition to the participating banks, tw o others operate w ithin the threecommunity geographic triangle consisting of McAdoo, Tamaqua and Coaldale: 

Miners National Bank of Pottsville (IPC deposits, $32.7 million), Pennsylvania 

National Bank and Trust Company of Pottsville (IPC deposits, $74.6 million). 

The proposed merger would remove the only locally owned bank from the area 

and concentrate banking facilities in three relatively large banks, each headquartered outside of the area.

In Schuylkill County, as a whole, the proposed merger would increase 

American's share of total deposits from 7.4 to 9.2 percent.

Thus, the proposed merger would eliminate existing direct competition 

between First National in McAdoo and American's branch offices at Tamaqua 

and Coaldale, and remove the sole locally owned bank there. Moreover, 

concentration in Schuylkill County and in the local area would be increased.

Basis for Corporation approval, February 7, 1968

American Bank and Trust Co. of Pa., Reading, Pennsylvania (Applicant), 

an insured State nonmember bank w ith total deposits of $329,017,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge w ith The First 

National Bank of McAdoo, McAdoo, Pennsylvania (National) which has total 

deposits of $4,213,000. The banks would merge under the charter and title 

of the Applicant and, as an incident to the merger, the sole office of National 

would become a branch of Applicant, increasing the number of its offices to 20.

Competition. Applicant's main office is in Reading (population 98,200), 

the seat of Berks County. It operates branches in four of the seven counties in 

which it may legally establish such offices. Eleven branches are in Reading and 

general vicinity, three are located in Schuylkill County, north of Berks County, 

and there are tw o each in Lebanon and Lancaster Counties which border Berks 

County on the west. McAdoo (population 3,600), the location of National's 

office, is situated in the northeastern corner of Schuylkill County near the 

borders of Luzerne and Carbon Counties.

Applicant's branch nearest to National is 8 miles south from McAdoo, over 

mountainous and rugged terrain. The residents of McAdoo travel for employment and shopping purposes chiefly in the direction of Hazleton, 4 miles to

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the north. National is primarily competitive w ith the bank offices in Hazleton. 

There also is an intervening bank located in Hometown, between the merging 

banks' closest offices. National has no deposit and loan accounts which 

originate in the service area of the Applicant. The Applicant has but tw o 

savings accounts and tw o instalment loans in National's immediate area. The 

evidence indicates that any competition existing between the merging banks is 

not significant.

Applicant is the largest of some 68 other banks competing in its service 

area. Some of these banks are of significant size, as are a number of out-ofarea banks which solicit business in competition w ith the Applicant. The 

increase in Applicant's size would be so small as to have no material effect on 

competition. National is the smallest bank competing in the McAdoo-Hazleton 

service area. The largest has more than $200 million in deposits and tw o 

branches in Hazleton. National is also considerably smaller than the bank 

operating in Hometown. The replacement of National's office by a branch of 

the Applicant should tend to stimulate competition.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resourses and Prospects. The factor of financial 

resources is favorable w ith respect to the merging banks and all these factors 

are so projected for the resulting bank. National's managerial resources and 

future prospects are considered only fair. Consummation of the proposal would 

provide both a quality and depth of management which presently is lacking 

at National.

Convenience and Needs of the Community to be Served. The well managed, 

progressive Applicant bank has established a good record of service to the 

community in providing financial and other support for industrial diversification 

and expansion. The McAdoo-Hazleton area is one of the fastest growing 

industrial employment regions in the State. Because of its small size and 

lending limit. National cannot meet the large credit needs or contribute 

importantly to the growth of the area. Applicant's progressive management and 

substantial financial resources would bring improved, diversified banking and 

fiduciary services to the McAdoo-Hazleton area which should be of benefit to 

present and potential customers and to the resurgent industrialization of the 

area.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 5 In

operation

To be 

operated

Lorenzo State Bank at Lorenzo

Lorenzo, Texas 

(proposed new bank) 

to acquire the assets and

assume the deposit liabilities of 

Lorenzo State Bank

400 1

Lorenzo 6,629 1

Approved under emergency provisions. No report requested from the 

Attorney General.

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Basis for Corporation approval, February 7, 1968 

This transaction was approved under emergency provisions, the Corporation 

finding it necessary to act immediately in order to prevent the probable failure 

of Lorenzo State Bank, the only bank in Lorenzo, Texas, and thereby continue 

uninterrupted banking services to the community.

No. 6

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Southern Bank and Trust Company 44,264 9 10

Greenville, South Carolina

to merge with

Bank of W alhalla 2,806 1

Walhalla

Summary report by Attorney General, December 26, 1 967

Southern Bank and Trust Company operates nine banking offices in Greenville, South Carolina and surrounding communities. It has been involved in three 

mergers since 1963. Bank of Walhalla operates a single office in the city of 

Walhalla located in Oconee County.

The closest offices of the applicant banks are about 45 miles apart, and there 

seems to be virtually no competition between them at present.

Oconee County is served by five banks operating six offices and w ithin the 

county. Bank of Walhalla holds about 13 percent of total deposits.

South Carolina law (S.C. Code Title 8-57) permits statewide branch banking; 

accordingly. Southern could branch de novo in or near Walhalla. However, there 

is no indication that Southern would be a likely potential entrant into this area, 

absent the proposed merger.

We conclude that this merger involves little or no effect on banking com ­

petition in Oconee County.

Basis for Corporation approval, February 7, 1968

Southern Bank and Trust Company, Greenville, South Carolina (Applicant), 

an insured State nonmember bank w ith total deposits of $40,600,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge w ith Bank of 

Walhalla, Walhalla, South Carolina (Walhalla) which has total deposits of 

$2,200,000. The banks would merge under the charter and w ith the title of 

the Applicant and, as an incident to the merger, the sole office of the Walhalla 

bank would become a branch of the Applicant, increasing the number of its 

offices to 10.

Competition. Applicant is headquartered in Greenville (population 70,000) 

and operates eight branches in Greenville and five other communities in the 

northwestern section of the State. Walhalla's office is situated in the extreme 

northwestern corner of the State, 45 miles from the nearest offices of the 

Applicant. Numerous other bank locations intervene the merging banks' offices 

and there is virtually no competition existing between them. Walhalla is a 

conservative, unaggressive bank in a community which has tw o banks and a 

population of 4,400. There appears to be little potential for the development 

of competition between the merging banks.

Applicant is competitive at its various locations w ith numerous other banks. 

Four competitors are larger than the Applicant including a bank w ith $60

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

million in deposits headquartered in Greenville. The three other larger competitors have deposits ranging between $170 million and $375 million. The 

addition of Walhalla's small deposit volume would represent a nominal increase 

in Applicant's size and have no material effect on competition in its service 

area. Walhalla is the smallest bank in its service area. It competes principally 

w ith the other bank in its community which has $3.5 million in deposits. Three 

other banks are represented at locations 7 and 9 miles distant including tw o 

branches of a $374 million deposit bank. Replacement of the Walhalla bank 

by a branch of the Applicant should tend to stimulate competition in the 

Walhalla community and in the general area.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resourses and Prospects. These factors are satisfactory w ith respect to the merging banks and are so projected for the resulting 

bank.

Convenience and Needs of the Community to be Served. The significant 

increase in the lending limit should be of benefit to the Walhalla area where 

the growing economy has tended to increase the credit request by the bank's 

customers. Walhalla's customers and the community should benefit from the 

improved and additional banking services as well as Federal deposit insurance 

protection to be offered by the Applicant. Following consummation of the 

merger, there would remain in the community of Walhalla tw o banking alternatives including one local independent unit.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

thousands 

of dollars)

'Banking Offices

No. 7 In

operation

To be 

operated

The Bank of Craigsville, Inc.

Craigsville, Virginia 

(change title to First 

Security Bank) 

to merge with

1,341 1 3

The S taunton Industrial Bank

Staunton

7,650 2

Summary report by Attorney General, December 1 8, 1967

This is a proposal to merge the Bank of Craigsville, Inc., Craigsville, Virginia 

(one office with despoits of $1.3 million) and the Staunton Industrial Bank, 

Staunton, Virginia (one office with deposits of $6.2 million). The merging banks 

are both wholly owned subsidiaries of a bank holding company (First Virginia 

Bankshares Corp.); they are located in primarily rural Augusta County and 

the independent city of Staunton which is the area's commercial and banking 

center, and is surrounded by Augusta County.

The substantial distance (about 25 miles) between closest offices of the 

merging banks would appear to indicate that existing competition between 

them is probably minimal.

The proposed merger would have a small effect on the present level of 

banking concentration within the Augusta County area (including the independent cities of Staunton and Waynesboro within the county). The Bank of 

Craigsville now controls about 1.4 percent of the area's total deposits and

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Staunton Industrial holds about 6.7 percent. However, following the merger the 

resulting bank would remain the smallest bank within the Augusta County 

area in competition with large statewide banking institutions.

On balance, we conclude that the merger here proposed, between tw o 

small and widely separated banks, would have little effect upon banking 

competition in the Augusta County area or in the more localized Craigsville, 

Virginia, banking market.

Basis for Corporation approval, February 15, 1968

The Bank of Craigsville, Inc., Craigsville, Virginia (Applicant), an insured 

State nonmember bank w ith total deposits of $1,197,000, has applied, pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior consent to merge w ith The Staunton Industrial 

Bank, Staunton, Virginia (Industrial) which has total deposits of $6,148,000. 

The banks would merge under the Applicant's charter and w ith the title "First 

Security Bank.'' As an incident to the merger. Applicant's main and only office 

would be moved to Verona, the location of a branch of Industrial, and A pplicant's sole office and the other tw o offices of Industrial (including an approved 

but unopened branch) would become branches of the Applicant, increasing' 

the number of its offices to four.

Competition. Craigsville (population 800) is in the southwestern corner of 

Augusta County, 25 miles from the County seat City of Staunton, where Industrial is headquartered. Staunton has a population of 25,000. Industrial's 

branch at Verona (population 1,200), the proposed main office location, is 5 

miles northeast from Staunton and 30 miles from Craigsville. Industrial has 

approval for a branch to be located in a shopping center about 2 miles south 

from its present main office.

Craigsville is isolated somewhat from other bank locations and Applicant 

primarily serves a small area north and south of its immediate vicinity. Industrial primarily serves a small area around Staunton and the comm unity of 

Verona. The distance between the merging banks and the negligible amount of 

business each derives from the other's area indicates there is virtually no 

competition between them. Moreover, both banks are subsidiaries of First 

Virginia Bankshares Corporation, a registered bank holding company, and there 

is little potential for competition between them. There are no other banks 

within 25 miles from Craigsville and the proposal would have no competitive 

effect in that community's immediate area. Industrial is the smallest of the 

five banks headquartered or represented in Staunton and the resulting bank 

would remain in that position following consummation of the proposal. Industrial's competition includes four Staunton branches of tw o of the largest banks 

in the State. Its branch in Verona competes in that community w ith a branch of 

a much larger bank headquartered outside the County. The proposal would 

have no adverse competitive effects in the area served by Industrial.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are 

satisfactory with respect to the merging banks and are so projected for the 

resulting bank.

Convenience and Needs of the Community to be Served. The proposal would 

make available to the small community of Craigsville a relatively significant 

increase in banking resources. Although Applicant's recent affiliation w ith the 

holding company has improved its services, the larger resources, economies, 

and increased operating efficiency resulting from the merger should produce 

better service to the community.

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

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that the approval of 

the bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 8 In

operation

To be 

operated

State Savings Bank

Hartford, Connecticut 

(change title to StateDime Savings Bank) 

to merge with

80,354 3 5

Dime Savings Bank of H artford

Hartford

49,953 2

Summary report by Attorney General, December 1 1 ,1 9 6 7

This is a proposal to merge the two smallest of Hartford's four mutual savings banks. State Savings, w ith deposits of $72.7 million, and Dime Savings, 

w ith deposits of $45.9 million, have their main offices on the same street in 

Hartford and operate branches about one mile apart in West Hartford. The 

proposed merger would thus eliminate significant competition between the 

merging banks.

According to data contained in the application, the parties to the proposed 

merger would appear to have had in 1966 the following market shares of 

savings institutions in Hartford:

(i) Savings bank IPC time deposits—

State Savings 10%

Dime Savings 7%

(ii) Above, plus savings and loan withdrawable deposit balances—

State Savings 8%

Dime Savings 6%

(iii) Number (ii) above, plus IPC time deposits at commercial banks—

State Savings 5%

Dime Savings 4%

The proposed merger would eliminate direct competition between the merging savings banks, reduce from four to three the number of mutual savings 

banks in the Hartford-West Hartford area, and significantly increase concentration in this market.

Basis for Corporation approval, February 26, 1968

State Savings Bank, Hartford, Connecticut (Applicant), an insured mutual 

savings bank w ith total deposits of about $72,700,000 has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior approval to merge w ith Dime Savings Bank of Hartford, 

Hartford, Connecticut (Dime Savings) also an insured mutual savings bank, w ith 

total deposits of about $45,900,000. The banks would effect this transaction 

under the charter of Applicant and w ith the title State-Dime Savings Bank, 

and as an incident thereof, the tw o offices of Dime Savings would become 

branches of Applicant, increasing the number of its offices to five.

Competition. Both Applicant and Dime Savings are essentially mortgage 

lending institutions and as such operate over a wide area, particularly insofar 

as insured and guaranteed mortgages are concerned, the market for which 

extends nation-wide, competing w ith a host of other institutions as noted

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 47

below. The competition for loans between Applicant and Dime Savings for 

these reasons is not significant.

W ith respect to deposit activities, the primary service area of the resulting 

bank would comprise the City of Hartford, West Hartford, and Glastonbury. 

It is noted, however, that Hartford qualifies as a Standard M etropolitan Statistical Area, characterized by population density, industrial concentration, 

excellent transportation facilities and economic homogeneity. The Hartford 

SMSA contains 14 mutual savings banks and 17 commercial banks, w ith 

deposits aggregating $867,587,000 and $1,155,699,000, respectively, as 

well as numerous savings and loan assocations, credit unions and insurance 

companies. As the central city, Hartford draws employees and shoppers from 

the area around it and furnishes employees and shoppers to the surrounding 

area; its financial institutions compete w ith those of the surrounding area 

for the patronage of all these people. The Hartford SMSA thus constitutes 

a secondary trade area into which the subject banks extend their influence.

Although the main offices of Applicant and Dime Savings are located nearby 

in downtown Hartford, so are those of the other tw o Hartford mutual savings 

banks and of four commercial banks, as well as tw o savings and loan associations. Both subject banks operate branches in West Hartford, however, these 

are separated by 1Vi miles and there are a number of other banking offices 

located in the immediate vicinity of Applicant's branch. Applicant is the third 

largest mutual savings bank of the four and Dime Savings is the smallest; 

the resulting bank would be the third largest.

Competing for the savings dollar in the primary service area of the resulting 

bank there are five mutual savings banks w ith 18 offices, nine commercial 

banks w ith 36 offices and tw o savings and loan associations w ith eight offices. 

Dime Savings, furthermore, has proven a weak competitor in recent years 

because of its inability to initiate dividend increases to the level paid by the 

other savings institutions of the area and has lost deposits, particularly 

at its main office in downtown Hartford. Although one bank will be lost, there 

will remain ample alternative loan and deposit sources for the public and the 

resulting bank w ill be in a better position to provide more effective com petition within the area than could either Applicant or Dime Savings operating 

separately.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. The financial resources 

of both subject banks are presently favorable, however, the future prospects of 

Dime Savings are not bright because of its low surplus ratio and patent inability 

to initiate dividend increases as dictated by competition. The resulting bank 

would begin operations with a satisfactory condition and management and 

could effect significant operating economies, permitting a more effective use 

of resources.

Convenience and Needs of the Community to be Served. The resulting bank 

could pay a higher, more competitive dividend than Dime Savings, w ithout 

sacrificing principles of sound banking. Its depositors would be better served 

by the larger and stronger institution, capable of acquiring expensive, but 

far more effective equipment. Although the main office of Dime Savings would 

be discontinued within a relatively short period of time, this should cause 

little inconvenience, which would be offset by an increased ability to establish 

new branches at locations not now served.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

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

Resources

(in

Banking Offices

No. 9 thousands 

of dollars)

In

operation

To be 

operated

The M erchants & M iners Bank

Calumet, Michigan 

to consolidate with

16,191 2 3

The Keweenaw Savings Bank

Mohawk

1,141 1

Summary report by Attorney General, December 1 1 ,1 9 6 7

This proposed consolidation involves tw o small banks in adjoining counties in 

a copper mining area of Northern Michigan.

The relatively short distance (7 miles) between the closest offices of the 

banks, and the absence of other intervening offices, would indicate that these 

banks are in considerable direct competition. There are 97 common IPC 

deposit accounts; these carry approximate balances of $330,000 in Merchants 

& Miners and $231,000 in Keweenaw Savings. Forty-eight of these same 

depositors have borrowed $267,000 at Merchants & Miners and $68,000 at 

Keweenaw Savings. There are relatively few banking alternatives in the area 

as shown by the fact that only four other banking institutions (with seven 

banking offices) operate within a radius of 35 miles of the consolidating banks. 

In the circumstances, it is clear that the proposed consolidation would involve 

the elimination of significant direct competition between the merging banks.

In Houghton County, Merchants & Miners now holds about 30 percent of 

total deposits of all five banks operating in the county. In neighboring 

Keweenaw County, Keweenaw Savings is the only bank, and presently holds 

all the county demand and time deposits. In the two-county area. Merchants 

& Miners would through the merger be enhancing its market position from 29 

to over 31 percent of total deposits.

Basis for Corporation approval, February 29, 1968

The Merchants & Miners Bank, Calumet, Michigan (Merchants Bank), an 

insured State nonmember bank with total deposits of about $14.3 million, 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior approval to consolidate 

with The Keweenaw Savings Bank, Mohawk, Michigan (Savings Bank), also an 

insured State nonmember bank, which has total deposits of about $1 million. 

The banks would consolidate under the charter and title of Merchants Bank, 

and as an incident thereof, the sole office of Savings Bank would become a 

branch of the resulting bank, increasing the total number of offices to three.

Competition. The participating banks are located on the Keweenaw peninsula, the northernmost area in the State of Michigan. The service area of 

Merchants Bank includes all of Keweenaw County and approximately the 

upper half of Houghton County. Its main office is located in Calumet and it 

operates its only branch about a mile south of Calumet, in Laurium. The 

sole office of Savings Bank is located in Mohawk, about 7 miles north of 

Calumet. Its service area is entirely w ithin that of Merchants Bank. Mohawk 

has a population of about 800 and the population of Keweenaw County is 

about 2,000. The evidence suggests that Savings Bank has not been, and is not 

now an effective competitor, even in its own town of Mohawk. Its ability to 

compete appears to be inhibited by its small size and low legal lending 

limit. Although there appears to be some competition between the participating banks, it cannot be realistically regarded as substantial. There are six

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 49

banks operating in this sparsely populated area, all of relatively small size. 

Reducing by one the banking alternatives in such an area through elimination 

of the smallest institution, is not likely to harm competition and it should 

strengthen the remaining banking structure. Of the four other banks remaining, 

two would be about the same size as the resulting bank. There is also a large 

aggressive savings and loan association w ith offices in the service area.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. Although Merchants 

Bank's record under these factors is favorable. Savings Bank has experienced 

only nominal growth, has had, and has, below average capital and has demonstrated weak earnings. Further, it lacks the management and facilities to 

compete in an effective manner.

The resulting bank would be satisfactory under all these factors.

Convenience and Needs of the Community to be Served. This transaction 

would result in a significant expansion of the services offered to the community of Mohawk and surrounding area. A small, limited service bank w ith 

inadequate quarters and inexperienced management would be replaced by a 

branch office of a larger bank which would offer its broader services in a newly 

constructed bank building in Mohawk.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 10 In

operation

To be 

operated

State Bank and Trust Company

Greenwood, South Carolina 

to merge with

119,920 29 31

The Pickens Bank

Pickens

5,190 2

Summary report by Attorney General, February 1 3, 1 968

State Bank and Trust Company operates its head office in Greenwood, 

South Carolina, and has twenty-six branch offices in communities located 

mainly in the western third of the State. It has been involved in eight mergers 

since 1955. Pickens Bank operates its head office in Pickens, South Carolina 

and one branch office in the nearby community of Six Mile. Both Pickens and 

Six Mile are located in Pickens County.

Pickens County is served by five commercial banks operating nine offices, 

including a branch of South Carolina's largest bank in terms of deposits. 

W ithin the county, Pickens Bank holds about 12 percent of total deposits.

The closest offices of the applicant banks are about 30 miles apart, 

and there seems to be virtually no competition between them at present.

South Carolina law (S. C. Code Title 8 -5 7 ) permits statewide branch banking. State Bank could, therefore, branch de novo in or near Pickens. However, 

we have no evidence that State Bank would be a likely potential entrant into 

this area, absent the proposed merger.

Therefore, considering the size and market share of the acquired bank, we 

conclude that the consummation of this transaction will have little effect on 

banking competition in Pickens County.

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

Basis for Corporation approval, March 25, 1968

State Bank and Trust Company, Greenwood, South Carolina (State Bank), 

and insured State nonmember bank w ith total deposits of about $109,628,000, 

has applied pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior approval to merge with 

The Pickens Bank, Pickens, South Carolina (Pickens Bank), also an insured 

State nonmember bank, which has total deposits of about $4,720,000. The 

banks would effect this transaction under the charter and title of State 

Bank, and as an incident thereof, the tw o offices of Pickens Bank would 

become branches of State Bank, increasing the number of its offices to 31.

Competition. State Bank's service area is composed of a series of smaller 

service areas surrounding the 17 municipalities in which it has offices in the 

central, southwestern and western sections of the State of South Carolina. 

State Bank, however, does not saturate the territory and there are considerable 

distances between some of the communities in which it operates. Pickens Bank 

operates in the areas surrounding the towns of Pickens and Six Mile. There 

appears to be virtually no competition between the participating banks. Their 

service areas do not overlap, nor are they contiguous. Their main offices are 65 

miles apart and their closest offices are 29 miles apart. Each bank derives 

practically no business from the service area of the other. Although State 

Bank could branch de novo into the Pickens and Six Mile areas, it does not 

appear as a likely entrant by this route because of the small size of the 

communities and the fact that Pickens is already served by tw o banks, including 

a branch of the State's largest bank.

State Bank is the fourth largest bank in South Carolina. Pickens Bank is the 

smallest of the five banks operating in its service area. This merger would 

have virtually no effect on the structure of banking in South Carolina or in 

the service area of State Bank. In this latter area. State Bank holds 9.7 percent 

of the total deposits and 8.6 percent of the loans held by all banks operating in 

the area. The resulting bank would hold 10.1 percent and 8.9 percent of 

deposits and loans, respectively. Further, this merger would replace tw o offices 

of a very small bank offering limited services w ith branches of a much larger 

bank capable of offering more effective competition to the Pickens branch of 

the State's largest bank.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. The banking factors w ith 

respect to both participating banks are satisfactory, as they would be following 

the proposed merger.

Convenience and Needs of the Community to be Served. The major impact of 

this merger will be felt in the Pickens and Six Mile areas. There w ill be no 

change in the number or location of banking offices in these communities, but 

there will be several major changes in the services to be offered at Pickens 

Bank's locations. The legal lending lim it will be vastly increased, and full 

trust services are to be introduced at these locations. Certificates of deposit 

paying up to 5 percent will be offered, as compared to the prevailing rate of

4 percent. The resulting bank will also offer a modified credit check plan. 

Some of these services are offered by the Pickens branch of the South Carolina 

National Bank of Charleston, but the introduction of these services at Pickens 

Bank's locations would benefit the community by providing an alternate source.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 51

Resources

(in

thousands 

of dollars)

Banking Offices

No. 11 In

operation

To be 

operated

The Citizens State Bank

Humeston, Iowa

2,033 1 4

to merge with

Security State Bank

Allerton

1,452 1

and to acquire the assets and

assume the deposit liabilities of

Lineville State Bank

Lineville

1,762 1

Summary report by Attorney General, October 1 8, 1967

All three of the banks involved are located in small towns in Wayne County, 

a largely agricultural area in south central Iowa.Citizens State Bank has total 

deposits of $1,754,000; Security State Bank has total deposits of $1,060,000 

and Lineville State Bank has total deposits of $1,384,000. The same financial 

interests now control Citizens and Security.

The proposed transactions involve three of the five banks in Wayne County; 

these three banks now hold a large proportion of I PC demand deposits w ithin 

the county (46.3 percent). It is thus clear that the proposed transactions will 

involve loss of direct competition and an increase in concentration. On the 

other hand, the banks involved are all very small and are of a size which may 

preclude efficient operation.

Basis for Corporation approval, April 11,1 968

The Citizens State Bank, Humeston, Iowa (Applicant), an insured State 

nonmember bank w ith total deposits of $1,732,000, has applied pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior approval to merge w ith Security State Bank, Allerton, 

Iowa (Security), an insured State nonmember bank w ith total deposits of 

$1,213,000, to acquire the assets of and assume liability to pay deposits 

made in Lineville State Bank, Lineville, Iowa (Lineville Bank), a State member 

bank w ith total deposits of $1,532,000, to move Applicant's main office from 

Humeston to Corydon, a distance of 16 miles southeast, and to establish an 

office at the present location of Applicant's main office. The merger and acquisition transactions would be effected under the charter and w ith the title of 

the Applicant and, as an incident to these transactions, the sole office of Security and the sole office of Lineville Bank would become offices of the Applicant. 

Including the office to be established in Humeston, the number of Applicant's 

offices would be increased to four. Opponents and proponents of these transactions presented their respective positions in appearances before officials of 

both the State of Iowa and this Corporation.

Competition. The participating banks and the proposed main office site are 

located in Wayne County (population 9,800). The county is situated in the 

south central part of the State and its southern boundary is contiguous to the 

State of Missouri. Applicant is located in Humeston (population 638) which is 

the northwestern corner of the county. Lineville Bank is located in Lineville 

(population 452) which is located in the southwestern corner of the county at 

the State line and is 19 miles south from Humeston. Security's office is in 

Allerton (population 692), near the central part of the county, 12 miles northeast from Lineville and 17 miles southeast from Humeston. The proposed main

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

office site, Corydon (population 1,687) is in the central part of the county, 7 

miles northeast from ANerton and 16 miles southeast from Humeston. The 

shortest distance between any of the participating banks is 12 miles and each 

receives competition from other banks at closer locations. The three participating banks primarily serve their immediate areas. Because of their relatively 

small size, the distance between their offices and other evidence, there is 

virtually no competition between the participating banks and the potential for 

significant competition between them is limited.

The proposals would combine three of the five smallest banks in the resulting 

service area. The resulting bank would be fifth largest of 1 1 banks in the area 

and would hold 8.4 percent of the aggregate IPC deposits. A more efficient 

operation should result from combining the resources of the three participating 

banks and moving Applicant's main office to Corydon, the centrally situated 

county seat and principal trading center. It should also cause a beneficial increase in competition, especially with the bank now operating in Corydon, 

Corydon State Bank, which is larger in IPC deposit size than any of the participating banks and already competes with them in varying degrees. The evidence 

indicates that Corydon and its service area can support both the bank resulting 

from these transactions and Corydon State Bank, and there is nothing to show 

that the latter's business will be seriously affected.

The Board of Directors is of the opinion that the proposed transactions 

would not substantially lessen competition, tend to create a monopoly, or in 

any other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are found 

to be generally satisfactory w ith respect to the resulting bank as they have been 

w ith respect to the participating banks.

Convenience and Needs of The Community to be Served. The increasing 

size of farm units in the agricultrual area served by the participating banks 

results in a need for larger credit lines. The larger lending lim it of the resulting 

bank would more adequately meet this need. Adequate banking services w ill be 

provided the communities of Humeston, Allerton and Lineville through the 

continuance there of offices of the resulting bank and the accessibility of its 

main office at Corydon. In addition, consummation of the transactions will provide the community of Corydon w ith an alternative banking source.

On the basis of the above information and other information available to the 

Corporation, The Board of Directors has concluded that approval of the bank's 

applications is warranted.

No. 12

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Southern Bank of N orfolk 50,621 16 18

Norfolk, Virginia

to merge with

Peoples N ational Bank of Gloucester 7,680 2

Gloucester

Summary report by Attorney General, April 12, 1 968 

Southern Bank is the fifth largest bank in Norfolk, where it maintains all of 

its 16 offices. It is an affiliate of First Virginia Bankshares Corporation, the 

smallest of the five bank holding companies which currently operate in the 

State of Virginia.

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 53

Peoples Bank, headquartered in Gloucester, 55 miles northwest of Norfolk, 

operates a branch in Hayes, 1 1 miles south of the head office, and is one of the 

tw o banks operating banking offices in Gloucester County.

In view of the distance between them and the fact that such cities as Newport News and Hampton Roads intervene, it does not appear that there is any 

significant direct competition existing between the merging banks.

Under Virginia branch banking law neither Southern Bank nor any of First 

Virginia's other banking subsidiaries can open a de novo branch in Gloucester 

County. Furthermore, Southern Bank is entering Gloucester County by merging 

w ith the smaller of the tw o banks in the county. It, therefore, does not appear 

that this merger would eliminate potential competition between Peoples Bank 

and Southern Bank or any of the other subsidiaries of First Virginia.

Basis for Corporation approval, April 25, 1968

Southern Bank of Norfolk, Norfolk, Virginia (Applicant), an insured State 

nonmember bank with total deposits of $44,848,000, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge with Peoples National Bank of 

Gloucester, Gloucester, Virginia (National) which has total deposits of 

$6,983,000. The banks would merge under the Applicant's charter and title 

and, as an incident to the merger. National's tw o offices would become 

branches of the Applicant, increasing the number of its offices to 18.

Competition. Norfolk, population 325,000 is in the southeastern part of the 

State on the harbor of Hampton Roads. Applicant operates 14 offices in Norfolk and tw o branches in adjacent Virginia Beach, population 1 59,000. The 

community of Gloucester has a population of 750. National is the smallest of 

tw o banks headquartered in that community and serves most of Gloucester 

County, population 13,000.

The nearest offices of the merging banks are 44 miles apart and intervened 

by the tw o large cities of Newport News and Hampton as well as the harbor of 

Hampton Roads and the York River. The service areas are separate and not 

contiguous and State law does not permit de novo branching in each other's 

area. There is virtually no existing or potential competition between the 

merging banks.

In terms of total deposits. Applicant is sixth largest of seven banks represented in its service area. Four of the largest banks have deposits ranging 

between $134 million and $614 million. W ith respect to its share of the deposits held by the bank offices. Applicant is in a distant third position w ith 

9.4 percent. The tw o largest shares, 55 percent and 20 percent, are held by 

tw o other Norfolk-headquartered banks. The small increase in the Applicant's 

size would have no material effect on competition in its service area.

National is facing serious problems and the Corporation has been advised by 

the Comptroller of the Currency that an emergency exists requiring expeditious 

action. There is another, and larger, bank headquartered in Gloucester which 

has deposits of $12 million and is National's chief competitor. The principal 

effect of the merger in Gloucester would be the replacement of an ailing bank 

by branches of a sound institution and an increase in competition.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly, nor would it in any other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are 

favorable w ith respect to the Applicant and are so projected for the resulting 

bank. National's asset condition is poor, it is being temporarily managed and 

operated by officers and employees of the Applicant and its future prospects 

as an independent bank are not favorable.

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

Convenience and Needs of the Community to be Served. The proposal would 

assure the continued operation of National's tw o offices, as branches of the 

Applicant, and would bring to the communities a number of services not 

presently offered by National or other banks in its service area. The community 

of Gloucester would continue to have tw o banking alternatives available, including one locally based independent bank.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 13 In

operation

To be 

operated

Bank of A. Levy

Oxnard, California

56,966 9 10

to acquire a portion of the assets and assume

a portion of the liabilities of

First W estern Bank and Trust Company

Los Angeles

2,946(2) 1

Summary report by Attorney General, February 23, 1 968 

Bank of A. Levy, Oxnard, California ("A. Levy") proposes to acquire by purchase the physical facilities and most of the deposits, but none of the loans of 

the Moorpark, California branch of First Western Bank and Trust Company, 

Los Angeles, California ("First Western'').

The present branches of A. Levy and the Moorpark Branch of First Western 

are all located in the southern part of Ventura County directly west of Los 

Angeles County. It is an area currently undergoing rapid economic and population growth. A. Levy does not at present have an office in Moorpark, but three 

of its existing offices are 10 miles, and one only 6 miles from Moorpark. A. 

Levy has long derived significant business from Moorpark and presently has an 

application pending for a new branch there. There is, therefore, a certain 

amount of existing and potential competition between the banks in the M oorpark area which will be eliminated as a result of the proposed acquisition.

A. Levy is presently the third largest bank in Ventura County, w ith about 

12 percent of total deposits (and 16 percent of IPC demand deposits) of all 

banks in the county. Its major competitors, the Bank of America and Security 

First National Bank, the largest and second largest banks in California, between them have over 70 percent of the total bank deposits in Ventura County. 

The $3.3 million of deposits in the First Western Branch which A. Levy will 

acquire account for about 1 percent of county deposits.

The proposed transaction would eliminate a certain amount of actual and 

potential competition, and would increase slightly A. Levy's market share in the 

highly concentrated Ventura County market.

Basis for Corporation approval, April 25, 1968 

Bank of A. Levy, Oxnard, California (Applicant), an insured nonmember bank 

w ith total deposits of about $51,248,000, has applied, pursuant to Section 

18(c) and other provisions of the Federal Deposit Insurance Act, for the Corporation's prior approval to purchase a portion of the assets of and assume the 

liability to pay a portion of the deposits made in First Western Bank and Trust 

Company, Los Angeles, California (First Western). As an incident to the proposed transaction, Applicant would establish a branch at the location of First

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 55

Western's sole Moorpark Branch which has total deposits of about $2,925,000 

and First Western would terminate its operations in the community.

Competition. Applicant is headquartered in Oxnard, about 50 miles northwest of downtown Los Angeles, and through its nine offices in six Ventura 

County communities serves the more populated southern portion of the County. 

It is in competition w ith eight other banks, four of them among the State's 

largest, operating 38 offices. There is some competition between Applicant and 

First Western's Moorpark Branch but it is not substantial. This branch has 

become a deficit and declining operation and has been offered for sale to 

Applicant, a well-established local type institution. Applicant's nearest offices 

to Moorpark are 7 and 10 miles distant and enjoy a limited amount of 

business from the community as do the other County banks. The tw o largest 

banks of the State combined hold nearly 70 percent of the aggregate deposits 

of Ventura County as contrasted w ith the 16.1 percent held by Applicant and 

less than 1 percent by First Western's Moorpark Branch.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory w ith respect to both participating banks, as they would be for the 

resulting bank.

Convenience and Needs of the Community to be Served. The record indicates First Western has lost interest in its Moorpark Branch and is anxious to 

terminate operations there. Applicant is well established in Ventura County 

as a whole and welcomes the opportunity to establish a branch in Moorpark 

and extend full, aggressive, locally oriented type of service to its citizens as 

compared w ith the limited service now afforded.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application is 

warranted.

No. 14

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

C itizens Valley Bank 30,638 7 8

Albany, Oregon

to merge with

First N ational Bank of Independence 5,029 1

Independence

Summary report by Attorney General, February 8, 1968

The closest offices of the merging banks are 10 miles apart; Citizens' Jefferson office, in Marion County, is about 10 miles southeast of Independence, in 

Linn County. The proposed merger would eliminate some existing competition 

between the merging banks. However, there are several other banks in the 

area— including the Monmouth branch of United States National Bank (second 

largest in the State, w ith deposits of $1.2 billion), located 5 miles northwest of 

Independence; the Salem head offices of The Commercial Bank of Salem 

(deposits, $22 million) and Western Security Bank (deposits, $9.9 million) as 

well as the Salem branches of United States National Bank, First National

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56 FEDERAL DEPOSIT INSURANCE CORPORATION

Bank of Oregon (Oregon's largest bank, w ith deposits of $1.3 billion), and The 

Oregon Bank (third largest in the State, w ith deposits of $63 million). In view 

of the number and size of the other banking alternatives in the Independence 

area— including offices of Oregon's three largest banks— and the small size of 

the acquired bank, we conclude that the proposed merger would not have any 

substantial adverse effect on competition in the Polk, Marion or Linn County 

markets.

Basis for Corporation approval, May 1, 1968

Citizens Valley Bank, Albany, Oregon (Citizens Bank), an insured State nonmember bank w ith total deposits of about $27.7 million, has applied, pursuant 

to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior approval to merge w ith First National Bank of Independence, Independence, Oregon (National Bank), which has total deposits of about 

$4.2 million. The banks would merge under the charter and title of Citizens 

Bank and as an incident thereof, the sole office of National Bank would become 

a branch of the resulting bank, increasing the total number of offices to eight.

Competition. Citizens Bank's service area is a portion of the northwestern 

sector of the State of Oregon. It operates from its main office in Albany and 

one branch in each of six other smaller communities located at distances up to 

25 miles from Albany. National Bank's service area is limited to approximately 

a 12 mile radius of the City of Independence. Such competition as may exist 

between the participating institutions appears to be of little significance. Their 

main offices are 20 miles apart, and Citizens Bank's closest office is at Jefferson, some 14 miles from National Bank and separated from it by the W illamette River. Potential competition is not a factor; Oregon statutes prevent 

de novo entry by other banks into Independence and, for its part. National has 

remained a local institution, never establishing any branches.

This merger would have little impact on the concentration of deposits and 

loans in the State of Oregon or in the service area of the resulting bank. In this 

latter area Citizens Bank holds 7.7 percent of the deposits and 10.2 percent of 

the loans. The resulting bank would hold 9.1 percent and 11.2 percent, respectively. In this same area the State's tw o large branch banking systems 

operate 53 percent of the banking offices and hold 74.6 percent of the deposits 

and 71.3 percent of the loans, a position which is roughly similar to that enjoyed by those two institutions on a state-wide scale. To some extent, this 

merger should enhance Citizens Bank's ability to compete effectively.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The banking 

factors w ith respect to National Bank are satisfactory, and this merger would 

substantially improve Citizens Bank's somewhat low capital position, thus, 

improving the banking factors for the resulting bank.

Convenience and Needs of the Community to be Served. The principal effect 

of this merger would be confined to the service area of National Bank. The 

larger resulting bank could more effectively meet the credit needs of that area 

and otherwise provide it expanded services.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 57

Resources

(in

thousands 

of dollars)

Banking Offices

No. 15 In

operation

To be 

operated

The Farmers Bank and Savings Company

Peebles, Ohio 

(change title to 

The Farmers Bank) 

to merge with

6,272 . 1 3

The Farmers N ational Bank of M anchester

Manchester

1,720 1

Summary report by Attorney General, February 1 3, 1 968

The banks involved are located in small towns in Adams County, Ohio, a 

largely agricultural area in southern Ohio. Farmers Bank and Savings Company 

has total deposits of $6 million and Farmers National Bank of Manchester has 

total deposits of $1.5 million.

The existing offices of the tw o banks are about 23 miles apart, and although 

there are no intervening banking alternatives it appears that little direct competition between them is now present. However, once the new W est Union office 

of Farmers Bank is opened in the central part of the county, the closest offices 

of the merged banks will be only 9 miles apart. Direct competition between 

them may then exist.

The proposed transaction involves the second largest and the smallest of five 

banks (now operating six offices between them) in Adams County. Following 

the merger. Farmers Bank would become the largest bank in that county, and 

its percentage of I PC demand deposits would increase from 34 to 44 percent; 

its share of total county deposits would rise from 39 to 48 percent. The number of separate county banking alternatives would, at the same time, be reduced from five to four.

In conclusion, although county banking concentration would rise considerably as a result of this proposed merger the anticipated effect of this increase 

would be somewhat mitigated by the still rather considerable distance between 

the offices of the tw o banks and the relatively small size of the market's population and the acquired bank, Manchester National.

Basis for Corporation approval, May 1, 1968

The Farmers Bank and Savings Company, Peebles, Ohio (Applicant), an 

insured State nonmember bank w ith total deposits of $5,564,600, has applied, 

pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for the Corporation's prior approval to merge w ith The Farmers 

National Bank of Manchester, Manchester, Ohio (Farmers National) which has 

total deposits of $1,508,300 and to move Applicant's main office from Peebles 

to W est Union, a distance of 13 miles southwest, the present main office 

to be retained as a branch. The banks would merge under the charter of A pplicant and w ith the title "The Farmers Bank” and, as an incident to the merger, 

the sole office of Farmers National would become a branch of the resulting 

bank.

Both Applicant and Farmers National are located in Adams County, the 

population of which has declined from 21,700 in 1940 to 19,980 in 1960. 

Peebles is approximately 23 miles from Manchester and W est Union is approximately midway between the tw o points, 13 miles from Peebles and 10 miles 

from Manchester. Manchester and West Union presently each domicile another 

bank. The bank in West Union, the county's largest, competes against both 

Applicant and Farmers National. Because of this and the distance between

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

Peebles and Manchester, there is little competition presently existing between 

the tw o subject banks. There would be only limited potential even after Applicant's main office is moved to West Union. While Applicant's share of deposits 

and loans would rise as a result of the merger, there is significant competition 

for savings and real estate loans from tw o savings and loan associations, one 

each in West Union and Manchester. Furthermore, the county's population is 

small and declining and its economy limited.

The Board of Directors is of the opinion that the proposed merger would not 

substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. The financial and managerial resources of both subject banks are favorable as they would be with 

the resulting bank. Future prospects of Farmers National are limited in view of 

its small size and the downward trend of Manchester. Consummation of the 

subject proposal would provide for continuity of a stronger institution in 

Manchester.

Convenience and Needs of the Community to be Served. While both banks 

have established a record of service to their communities, the resulting bank 

would be in a better position to expand the level of credit and other service to 

the communities involved.

On the basis of the above and other information available to the Corporation, 

the Board of Directors has concluded that approval of the bank's applications 

is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 16 In

operation

To be 

operated

Bucks County Bank and Trust Company

Perkasie, Pennsylvania 

to merge with

36,848 5 7

The C halfont N ational Bank

Chalfont

7,484 2

Summary report by Attorney General, January 1 6, 1 968

Bucks County Bank ($33 million total deposits) operates five offices in upper 

Bucks County, Pennsylvania. It has received approval to open tw o more offices 

in the same area. Chalfont National ($7 million total deposits) operates tw o 

offices in Chalfont, Pennsylvania, 6 to 8 miles south of the nearest Bucks 

County Bank offices. There are presently nine commercial banks, including 

three large Philadelphia banks, which operate a total of 18 offices in the area 

served by these tw o banks.

The proposed merger would eliminate considerable existing competition 

between Bucks County Bank and Chalfont National; and would increase concentration in upper Bucks County and in the county as a whole. Further, this 

proposed merger is one of a series of three recent merger agreements involving 

acquisition of banks in the area which, taken together, would seriously reduce 

the number of banking alternatives available to customers.

Basis for Corporation approval, May 7,1 968

Bucks County Bank and Trust Company, Perkasie, Pennsylvania (County 

Bank), an insured State nonmember bank w ith total deposits of about 

$33,243,000, has applied, pursuant to Section 18(c) and other provisions of 

the Federal Deposit Insurance Act, for the Corporation's prior approval to

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 59

merge w ith The Chalfont National Bank, Chalfont, Pennsylvania (National 

Bank), which has total deposits of about $6,792,000. The banks would effect 

this transaction under the charter and title of County Bank and as an incident 

thereof, the tw o offices of National Bank would become branches of County 

Bank, increasing the number of its offices to seven.

Competition. The participating banks are located in upper Bucks County, 

Pennsylvania, north-northwest of the City of Philadelphia. County Bank's service area is considered to be most of the northwestern part of Bucks County and 

portions of adjacent Montgomery County. National Bank, w ith tw o offices in 

the Borough of Chalfont, serves an area within a 5 or 6 mile radius of Chalfont in the west central section of Bucks County and a small portion of M ontgomery County. Its service area extends to Doylestown, Bucks County seat, 

5 miles east of Chalfont. There appears to be a slight overlapping of the 

participating banks' service areas but this largely occurs where the population 

is still relatively sparse and the economy agriculturally oriented. Each participating bank receives its major competition from other, closer banks. There is 

not a significant degree of competition between them, nor any realistic potential 

for such competition.

Radical changes in the banking structure are occurring and proposed in 

central Bucks County, which is more and more becoming a part of metropolitan 

Philadelphia. This growth and the prospect for its long-term continuation have 

interested many of Philadelphia's largest banks, some of whom have obtained 

approvals for de novo branches and tw o of whom are proposing mergers w ith 

banks in Doylestown. This invasion is naturally a matter of concern to National 

Bank, by far the smallest presently serving this territory. It seeks to maintain 

its local bank character by combining w ith another Bucks County bank, thus 

producing an independent local bank w ith the resources and managerial capability to achieve competitive effectiveness in the face of this challenge from very 

large banking institutions, and the merger should have this result.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The banking 

factors relating to both participating banks are satisfactory, as they would be 

w ith respect to the resulting bank.

Convenience and Needs of the Community to be Served. Both participating 

banks have provided local service in their respective communities over an 

extended period of time. The proposed merger seeks to continue to provide 

banking service from an independent local bank in competition w ith the expanding influence of the large Philadelphia based branch systems. The resulting 

bank will offer at National Bank's offices, substantially increased lending limits, 

computer servicing of accounts and trust services.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 17 In

operation

To be 

operated

Kings C ounty Lafayette Trust Company

Brooklyn, New York 

to assume a portion of the liabilities of

192,217 1 0 1 0

The T itle Guarantee Company

New York

3,500 1

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

Summary report by Attorney General December 1 8, 1 967

Kings County Lafayette Trust Company ("Lafayette") proposes that it become successor trustee on 33 trust accounts of The Title Guarantee Company 

("Guarantee"), valued at about $3.5 million. Lafayette currently administers all 

but tw o of Guarantee's 37 trust accounts, accounting for most of its trust 

balances.

Guarantee has declined in recent years to either solicit or administer trust 

business, apparently preferring to concentrate instead on its title insurance 

business. However, it must continue to bear the expense of maintaining an 

office for the purpose of carrying out the discretionary functions required of it 

as trustee. This apparently motivated Guarantee's desire to transfer most of its 

remaining trust accounts to Lafayette.

According to the Applicant, ten major New York City banks account for 

about 84 percent of income derived from trust commissions throughout the 

New York City area; neither Lafayette nor Guarantee are in this group. In the 

context of such a market, it is unlikely that the proposed transaction w ill have a 

significant effect on competition. Moreover, since Lafayette already administers 

most of Guarantee's trust accounts, it does not appear that the transaction will 

result in the elimination of any direct competition between them.

Basis for Corporation approval, May 7, 1968

Kings County Lafayette Trust Company, Brooklyn, New York (Applicant), an 

insured State nonmember bank w ith total deposits of $163,645,800, has 

applied pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to assume a portion of the 

liabilities of The Title Guarantee Company, New York, New York, an operating 

noninsured institutions.

Competition. Essentially, under this proposal Applicant would become successor trustee on 33 personal trust accounts now administered by The Title 

Company. The latter has not solicited new trust accounts for many years and 

there is no competition between it and Applicant. The Title Company wishes to 

be relieved of future administration of this remaining trust business. The ten 

major New York City banks w ith trust department activities account for approximately 84 percent of the income derived from trust commissions throughout the New York City area. These banks hold total personal trust assets w ith a 

market value aggregating $8 billion. This contrasts w ith Applicant's trust department, the aggregate assets of which have a market value of $200 million. 

The Title Company's accounts are valued at less than $4 million. The proposed 

transaction would have no adverse effect on competition.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors w ith 

respect to Applicant are favorable as they would be for the resulting bank.

There would be no change in the service rendered or adverse effect on the 

convenience and needs of the Community.

On the basis of the above information and other information available to the

Corporation, the Board of Directors has concluded that approval of the bank's

application is warranted.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 61

Resources

(in

thousands 

of dollars)

Banking Offices

No. 18 In

operation

To be 

operated

The Reading Trust Company

Reading, Pennsylvania 

to merge with

1 15,722 6 7

Robesonia State Bank

Robesonia

7,179 1

Summary report by Attorney General, February 1 2, 1 968

This is a proposal to merge the Reading Trust Company of Reading, Pennsylvania (six offices w ith deposits of $96.4 million) and the Robesonia State Bank 

of Robesonia, Pennsylvania (one office w ith deposits of $6.4 million).

Reading Trust and Robesonia State are both located in Berks County, 

Pennsylvania, in a mixed industrial and residential area. While the banks are 

situated some 14.5 miles apart, there would appear to be some direct competition between them. There are in Berks County, however, 16 other banks 

which between them operate 46 banking offices, all within a radius of 22.5 

miles. In the Robesonia area, Robesonia State has competition from tw o 

branch offices of Peoples Trust City Bank, located in W omelsdorf and Wernersville, 1.5 and 3.5 miles distant.

If the proposed merger is approved, Reading Trust's share of total Berks 

County deposits would be increased from about 17 to 18 percent. It would 

remain third in size in Berks County.

Basis for Corporation approval, May 14, 1968

The Reading Trust Company, Reading, Pennsylvania (Applicant), an insured 

State nonmember bank with total deposits of $101,500,000, has applied, 

pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for the Corporation's prior approval to merge w ith Robesonia State 

Bank, Robesonia, Pennsylvania (State Bank) which has total deposits of 

$6,600,000. The banks would merge under the charter and title of the Applicant and, as an incident to the merger, the sole office of State Bank would become a branch of Applicant, increasing the number of its offices to seven.

Competition. Applicant is headquartered in Reading (population 98,200), 

the principal city and seat of Berks County (population 275,000). Its five 

branches are in Berks County including four in Reading and vicinity and one 

18 miles north from the main office. The estimated population of Applicant's 

service area is 202,000. State Bank's office is in Berks County at Robesonia 

(population 1,600), 14 miles from Reading. Its service area population is estimated at 10,500.

The merging banks' primary service areas overlap to a small degree and each 

has some deposit and loan business originating in the other's area. Applicant's 

nearest office is 9 miles east from State Bank. However, Peoples Trust City 

Bank, Reading, has tw o branches in the intervening area, 3.5 and 7 miles east 

from State Bank. It also has a branch1.5 miles west. Peoples Trust is the 

second largest bank in the combined service area (IPC deposits $128 million) 

and is State Bank's nearest and principal competitor. American Bank and Trust 

Co. of Pa., Reading, largest in the area (IPC deposits $313 million), has tw o 

branches 10 miles from Robesonia and actively solicits business in State 

Bank's service area. These facts and other available information indicates the 

merging banks are not competitive w ith each other to a significant degree.

Applicant would have seven of the 41 bank offices in the resulting primary 

service area and would continue in its position as third largest bank. Its share of

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

the IPC deposits would increase by 1.1 percent to 18.5 percent. American 

Bankand Peoples Trust, Applicant's principal competitors, have 53 percent and 

22 percent and together operate 25 offices in this area. In the Robesonia area. 

Peoples Trust is also State Bank's chief competitor. Its tw o nearest branches 

have significantly more total deposits ($10.5 million) than does State Bank 

($5.8 million). There would be no material impact on concentration of banking 

resources in the relevant service area. Replacement of State Bank by a branch 

of the Applicant should tend to enhance competition in the Robesonia area.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly nor would it in any other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are favorable w ith respect to the merging banks and are so projected for the resulting 

bank. Consummation of the proposal would provide a depth of management 

which is presently lacking at State Bank.

Convenience and Needs of the Community to be Served. Applicant would 

bring services to Robesonia which are not presently offered by State Bank 

including trust services, data processing services, specialized lending services, 

a broader range of instalment loans and an increased lending limit. There is 

evidence of need for these services and their availability should prove beneficial 

to the community.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 19 In

operation

To be 

operated

Inter-C ity Bank

Benton Harbor, Michigan 

to consolidate with

45,820 7 8

The Eau Claire State Bank

Eau Claire

4,464 1

Summary report by Attorney General, February 1 5, 1 968

As of October, 1967, Inter-City, operating seven banking offices, had total 

deposits of $40.3 million; Eau Claire, a unit bank, had total deposits of $3.8 

million. All offices of the merging banks are situated in Berrien County (1960 

population 1 50,000), a fruit producing locality with some crop farming, dairying 

and industrial activity. Berrien County is currently served by eight banks 

operating a total of 28 banking offices.

The closest offices of the merging banks are 14 miles apart. Loans and 

deposits involving mutual customers would appear to be minimal, and the 

amount of direct competition between the banks seems not to be great. The 

tw o branches of First National of Southwest Michigan (within a radius of 8 

miles of Eau Claire) provide alternative banking facilities for the community.

W ithin the entire county, the merger will result in a considerable increase in 

concentration. In Berrien County, the merger would increase Inter-City's share 

of IPC demand deposits from about 25 to 28 percent, and its share of total 

deposits from about 22 to 24 percent.

Basis for Corporation approval, May 14, 1 968

Inter-City Bank, Benton Harbor, Michigan (City Bank), an insured State 

nonmember bank w ith total deposits of about $41.2 million, has applied, purDigitized for FRASER 

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 63

suant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to consolidate with the Eau Claire 

State Bank, Eau Claire, Michigan (State Bank) also an insured State nonmember bank, which has total deposits of about $3.9 million. The banks would 

consolidate under the charter and title of City Bank and as an incident thereof, 

the sole office of State Bank would become a branch of the resulting bank, 

increasing the total number of offices to eight.

Competition. The participating banks are located in Berrien County, which is 

in the southwestern corner of the State of Michigan and borders on Lake M ichigan. The service area of City Bank embraces the territory around Benton Harbor, Michigan including St. Joseph across the St. Joseph River from Benton 

Harbor, and the area within several miles of each of the towns of Baroda, 

Galien and Buchanan. The service area of State Bank is confined to a radius of 

5 to 6 miles around Eau Claire, the location of its sole office, 14 miles southeast 

of Benton Harbor. Competition between the tw o institutions appears to be 

slight. Their closest locations are 10 miles apart and are intervened by a branch 

of the area's largest bank and the St. Joseph River. There is no direct access 

between these locations. In addition, each of the participating banks faces 

competition from other, much closer banking offices.

The proposal would unite the smallest bank w ith the third largest bank 

operating in the service area, which now has 20 percent of the IPC deposits 

and 20.3 percent of the loans. City Bank would gain 1.9 percent in IPC deposits 

and 1.7 percent in loans but these increments are not considered significant 

in view of the relative ineffectiveness of State Bank as a competitor, present 

or potential, and the overall picture in the service area which includes sizeable 

nonbank competition.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The banking 

factors w ith respect to City Bank are favorable. State Bank has experienced 

only nominal growth, has long had less favorable management and lacks the 

executive talent necessary to maintain the operation, although other banking 

factors with respect to it are at present acceptable.

The resulting bank would be satisfactory under all these factors.

Convenience and Needs of the Community to be Served. As a result of this 

transaction, State Bank will become a branch office of an aggressive, capably 

managed bank offering larger lending limits, full trust services, data processing, 

and a broader range of loans which should significantly benefit the Eau Claire 

area.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

Resources

(in

Banking Offices

No. 20 thousands 

of dollars)

In

operation

To be 

operated

The Anderson Bank of D illon

Dillon, South Carolina 

(change title to

Citizens Bankof South Carolina) 

to merge with

1 1,079 2 4

The First National Bank of Lancaster

Lancaster

4,908 2

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

Summary report by Attorney General, March 4, 1 968

The tw o merging banks are relatively small banks, each w ith tw o offices, in 

northern South Carolina.

Anderson Bank's tw o offices serve a primarily rural community w ith little 

significant growth in the last 10 years; their market has a population of only

35,000. Anderson Bank appears to be the largest of the five commercial banks 

doing business within its market area, having almost one-half of the markets 

total deposits and one-third its loans. Lancaster County (1960 population 

39,352) is located in one of the fastest growing and most industrialized areas 

in the State. First National, with 16 percent of total county deposits, is the 

second largest of four commercial banks in Lancaster County, although considerably smaller than the largest. The Bank of Lancaster, w ith 70 percent of 

total county deposits.

The closest offices of the merging banks are 82 miles apart, and there appears to be no existing competition between them. Because South Carolina law 

permits statewide branching, the merger could eliminate some potential competition between the tw o banks. However, in view of each bank's limited resources it is not very likely that either would establish a de novo branch in the 

area served by the other.

Basis for Corporation approval, May 14, 1968

The Anderson Bank of Dillon, Dillon, Dillon County, South Carolina (Anderson 

Bank), an insured State nonmember bank w ith total deposits of $10,400,000, 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior consent to merge w ith The 

First National Bank of Lancaster, Lancaster, Lancaster County, South Carolina 

(First National) which has total deposits of $4,405,000. The banks would 

merge under the charter of Anderson Bank and w ith the title Citizens Bank of 

South Carolina. As an incident to the merger. First National's tw o offices would 

become branches of Anderson Bank, increasing the number of its offices to four.

Competition. Dillon, the location of Anderson Bank's main office, is the seat 

of Dillon County and has a population of 6,500. Clio, location of Anderson 

Bank's only branch, is a small town located 17 miles northwest of Dillon. Dillon 

County comprises the major portion of the service area. Lancaster, the location 

of First National's main office and one branch, is the seat of Lancaster County 

and has a population of 8,500. Lancaster County comprises the major portion 

of First National's service area. Lancaster is located about 100 miles west of 

Dillon and about 82 miles west of Clio. The tw o banks serve separate and noncontiguous trade areas and there is no known competition between them. They 

have no common deposit or loan customers and neither bank derives deposits 

or loans from the service area of the other. Moreover, although statewide 

branching is permitted in South Carolina, there is very little, if any, potential 

for the development of competition between them because both are relatively 

small banks w ithout sufficient capital to expand their operations on a broad 

scale geographically through the establishment of de novo branches. Although 

Anderson Bank holds the largest proportion (about two-fifths) of total bank 

deposits represented in five banking offices in its service area, it competes w ith 

branches of the largest bank in South Carolina, which operates a statewide 

branch system, and the seventh largest bank in North Carolina. First National 

holds only 14 percent of total bank deposits among five banks in its service 

area, as compared to the largest bank (also located in Lancaster) which holds 

more than two-thirds.

The Board of Directors is of the opinion that the merger would not lessen 

competition, tend to create a monopoly or in any other manner be in restraint 

of trade.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 65

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to both participating banks and are so projected 

for the resulting bank.

Convenience and Needs of the Community to be Served. The growth and 

success of both Anderson Bank and First National are evidence that they are 

serving the convenience and needs of their respective communities. The merger 

would not alter this situation or the number of banking offices. Additional 

banking services would accrue to the public largely through an increased 

lending limit and various miscellaneous services which the larger bank would 

make possible.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 21 In

operation

To be 

operated

Southern Bank and Trust Company

Greenville, South Carolina 

to merge with

48,691 10 14

The Pelzer-W illiam ston Bank

Williamston

6,306 4

Summary report by Attorney General, April 1 5, 1 968

Although the head offices of the applicant banks are about 45 miles apart, 

the Southern branch office in Piedmont, which is at the Greenville-Anderson 

County line, is only 4 miles from the nearest office of Pelzer-Williamston and 

ihere are no banks in the intervening area.

The economy of the area served by Pelzer-Williamston and the Piedmont 

office of Southern is predominately rural, w ith some textile manufacturers that 

provide most of the non-agricultural employment in the area. However, the 

economic outlook for the area is favorable w ith accelerated growth predicted 

for industry and population.

The merging banks have some common customers both w ith respect to 

loans and deposits, and each merging bank also has a fair amount of deposits 

from loans in the area immediately surrounding the other bank. Thus, there 

would appear to be direct competition between these banks which w ill be 

eliminated by the proposed merger. The proposed merger w ill also eliminate 

the most convenient alternative banking facility for the Piedmont area residents.

The market served by Pelzer-Williamston and Southern's Piedmont branch is 

also served by the Belton Bank ($3.8 million in deposits) and a branch of The 

South Carolina National Bank ($260.8 million in deposits), both located in 

Belton, 7 miles southwest of Williamston. In this market, an area of about 

16 miles in diameter, which includes the communities of W illiamston, Piedmont to the northeast and Belton to the southwest, and has a population of 

about 12,500, as of June 30, 1966, Pelzer-Williamston had about 27 percent 

of IPC demand deposits and Southern (Piedmont branch) had about 13 percent. 

Furthermore, the merging banks operate five of the seven banking offices in 

this market. Thus, in this rural area the level of concentration w ill be increased 

considerably by the proposed merger.

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

Basis for Corporation approval, May 27, 1968

Southern Bank and Trust Company, Greenville, South Carolina (Applicant), 

an insured State nonmember bank with total deposits of $43,581,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge with The PelzerWilliamston Bank, Williamston, South Carolina (Williamston Bank), which has 

total deposits of $5,704,000. The banks would merge under the charter and 

w ith the title of the Applicant and, as an incident to the merger, the four offices 

of W illiamston Bank would become branches of the Applicant, increasing the 

number of its offices to 14.

Competition. Applicant is headquartered in Greenville which has a population 

of 70,000. It operates three branches in Greenville and one in each of six other 

communities in the northwestern section of the State. W illiamston is 18 miles 

south from Greenville and has a population of 3,700. In addition to its main 

office, W illiamston Bank operates a branch in that community and one in each 

of tw o communities two miles north of Williamston. The merging banks' closest 

offices are 4 miles apart and no other banking locations are situated between 

them.

The service area relevant to this proposal is Greenville County and the 

eastern portion of Anderson County. Three of the State's five largest banks, 

including one headquartered in Greenville, have offices in this area. The State's 

largest bank has 1 2 branches in the service area which hold 36.0 percent of the 

total deposits held by the 52 banking offices. The second largest share is held 

by the State's fifth largest bank which has 13 offices and 28.1 percent. The 

State's second largest bank has six offices and 8.4 percent. Thus, three of the 

State's five largest banks hold 72.5 percent of the deposits in the relevant 

service area. Applicant's share would increase by 2.5 percent and the resulting 

bank would have 1 2.3 percent of the aggregate total deposits.

W illiamston Bank's declining earnings, slow growth, conservative and elderly 

management are not the indications of a strong bank competing effectively in 

its service area. In view of this and measured by the amount of business each 

derives from the other's immediate area, it appears there is not a substantial 

amount of competition between the merging banks. The small increase in concentration in banking resources in the relevant market area would not have 

significant adverse effects on competition.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly or, in any other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

favorable w ith respect to the applicant and are so projected for the resulting 

bank. Improved management quality and depth would be provided the W illiamston Bank offices by the Applicant. W illiamston Bank's prospects under its 

present management and poor operating results are not favorable.

Convenience and Needs of the Community to be Served. The growing 

economy in the W illiamston Bank area has tended to increase the credit requests by the bank's customers. The most significant change in services to be 

offered by the resulting bank is the greater legal lending capacity which would 

be available at the W illiamston Bank offices. The aggressive and well operated 

Applicant would provide improved and more varied services to the communities 

presently served by W illiamston Bank.

On the basis of the above information, and other information available to the

Corporation, the Board of Directors has concluded that approval of the bank's

application is warranted.

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Resources

(in

Banking Offices

No. 22 thousands 

of dollars)

In

operation

To be 

operated

Beverly Trust Company

Beverly, Massachusetts 

(change title to

Bay BankandTrust Company)

20,912 6 7

to merge with

Lynn Safe Deposit & Trust Com pany

Lynn

8,326 1

Summary report by Attorney General, April 24, 1 968

Beverly Bank and Lynn Bank are located in the southeastern sector of Essex 

County about 2 0 -2 5 miles northeast of Boston.

Baystate Corporation of Boston, a registered bank holding company, owns 

89.8 percent of Beverly Bank's capital stock and 96.6 percent of Lynn Bank's 

capital stock. Since the recent acquisition of control of both Lynn Bank and 

Beverly Bank by Baystate Corporation, it would appear that there is now little 

or no competition between the tw o banks; however, because of the numerous 

intervening banking alternatives, it would appear that any competition between 

these banks would have been minimal prior to such acquisition.

Prior to the Baystate Corporation acquisition, it was possible that Beverly 

Bank, w ith six branches already, could have opened a de novo branch in the 

Lynn-Swampscott market area. However, this is a highly populated and heavily 

banked area of suburban Boston, and Lynn Bank is a minor element in the 

Lynn-Swampscott market. We do not believe, therefore, that this merger will 

have an adverse effect upon present or potential competition w ithin that 

market.

Basis for Corporation approval, May 27, 1968

Beverly Trust Company, Beverly, Massachusetts (Applicant), an insured State 

nonmember bank with total deposits of $17.9 million, has applied, pursuant 

to Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge w ith Lynn Safe Deposit & Trust Company, Lynn, Massachusetts (Lynn Bank) which has total deposits of $6.4 m illion. The banks would merge under the Applicant's charter and w ith the title 

Bay Bank and Trust Company and, as an incident to the merger, Lynn Bank's 

sole office would become a branch of the Applicant, increasing the number of 

its offices to seven.

Competition. Applicant is headquartered in Beverly (population 40,000) and 

has six offices. Two branches are in Beverly and there is one each in the towns 

of Hamilton, Danvers and Lynnfield. Lynn Bank is a single office institution 

located at Lynn (population 94,500), seven miles from Applicant's nearest 

office. Both banks are subsidiaries of Baystate Corporation, a registered bank 

holding company; the Applicant since 1954 and Lynn Bank since 1966, and 

there is no effective competition between them. The merging banks' office 

locations, the presence of intervening banks and other evidence indicates that 

competition between them was minimal prior to 1966.

There are eight other commercial banking offices in the vicinity of Lynn Bank 

including the main offices and five branches of the tw o largest commercial 

banks in the resulting service area. The tw o largest banks also operate offices 

in Applicant's service area. Among the commercial banks in the combined 

service area, the tw o largest hold 71 percent of both the IPC demand and total 

IPC deposits. The resulting bank would have 1 5 percent of the IPC demand and

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

16.5 percent of the total IPC deposits. There are no other subsidiaries of Baystate in this area. Time deposits are a major object of competition and are 

heavily concentrated in the mutual savings banks. Four such banks in the 

combined service area hold 85.6 percent of the time and savings deposits. The 

resulting bank would have 2.7 percent. Competition should tend to be enhanced throughout the combined service area through the significantly increased lending limit and the broader services to be offered by the larger resulting bank.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly, or in any other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory with respect to the merging banks and are so projected for the 

resulting bank. A management succession problem at Lynn Bank would be 

solved by the proposal.

Convenience and Needs of the Community to be Served. The significantly 

larger lending limit and broader trust and other expanded services which could 

be offered by the resulting bank would benefit all communities involved in this 

proposal.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 23 In

operation

To be 

operated

First Israel Bank and Trust Company

of New York

New York, New York 

(proposed new bank) 

to acquire a portion of the assets and

assume a portion of the deposit liabilities of

Bank Leumi Le-lsrael B. M.

Tel-Aviv, Israel

50.879131 1

1

Summary report by Attorney General, December 1 1 ,1 9 6 7

First Israel Bank and Trust Company is being organized to acquire substantially all of tlie commercial banking business of the New York City branch of 

Bank Leumi. Officers of the existing branch will become the principal officers of 

the new bank, and Bank Leumi will own or control about 70 percent of the 

stock of the new bank. The purpose of the transaction is to provide customers 

of the existing branch w ith better service, increased deposit protection, and a 

larger, more productive facility.

Since the proposed transaction involves a corporate reorganization, rather 

than the elimination of any existing competitor, its consummation would not 

adversely affect competition.

Basis for Corporation approval, June 18, 1968

Pursuant to Sections 5 and 1 8(c) and other provisions of the Federal Deposit 

Insurance Act, applications have been filed in behalf of First Israel Bank and 

Trust Company of New York, New York (Manhattan), New York (Applicant), 

a proposed new bank, for Federal deposit insurance and for the Corporation's 

prior consent for the Applicant to acquire the assets of and assume the liability

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 69

to pay deposits made in the New York Branch (Bank Leumi) of Bank Leumi 

Le-lsrael B.M., Tel-Aviv, Israel, an operating noninsured bank located at 60 

Wall Street, New York (Manhattan), New York. As of November 17, 1967, 

Bank Leumi held total deposits of $44,400,000. Applicant will occupy under 

lease the quarters (sole office) presently occupied by Bank Leumi.

Competition. The applications for State charter. Federal deposit insurance, 

and the Corporation's consent to the purchase and assumption transaction 

constitute the legal formalities for what, in the practical sense, represents the 

conversion of the noninsured New York Branch of a foreign bank to an insured 

domestic bank. Bank Leumi has been in existence as a branch of Bank Leumi 

Le-lsrael B.M., Tel-Aviv, Israel, since September 1961. Primarily, it was established for the purpose of serving the broad international objectives of the parent 

bank as they relate to the development of the economy of Israel. Applicant 

will continue the policies and operations of Bank Leumi. There w ill be no 

change in the number and location of banking offices. Any competitive implications should involve a stimulation of competition by virtue of the advantages of 

Federal deposit insurance, additional eligibilities for loans and deposits, and 

the availability of additional capital. These would make the Applicant a more 

effective force in competing for banking business in the New York area.

The Board of Directors is of the opinion that the merger would not lessen 

competition, tend to create a monopoly or in any other manner be in restraint of 

trade.

Financial and Managerial Resources and Future Prospects. The factors of 

financial history and condition of the bank, adequacy of its capital structure, 

its future earnings prospects, and general character of its management are 

favorably resolved and are so projected for the resulting bank.

Convenience and Needs of the Community to be Served. The location of 

Bank Leumi, which also will be the location of Applicant, is in the heart of the 

principal financial district of New York. As the largest city in the world and the 

location of United Nations Headquarters, its economic importance as the 

leading financial and international banking center of the world is apparent. The 

increased eligibilities as a Federally insured domestic bank w ill enable Applicant to provide a broader range of banking services to the public.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the applications for 

Federal deposit insurance and consent to the acquisition of assets and assumption of liabilities is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 24 In

operation

To be 

operated

First State Bank

Killeen, Texas 

(change title to 

American State Bank)

4,335 1 1

to merge with

A m erican N ational B ankof Killeen

Killeen

4,183 1

Summary report by Attorney General, May 3 1 ,1 9 6 8

First State Bank and American National Bank, both organized in 1962, are 

located about one-eighth of a mile apart in downtown Killeen, Texas. Killeen, 

approximately 60 miles southwest of Waco, Texas, is principally a service area

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70 FEDERAL DEPOSIT INSURANCE CORPORATION

for Fort Hood, the Nation's largest military installation. Its present population is 

estimated to be 24,000; the total Fort Hood-Killeen area is estimated to have a 

population of approximately 90,000.

The tw o banks serve the same area and practically all of their deposit and 

loan accounts come from within this area. The substantial direct competition 

between the banks would be eliminated by the proposed merger.

The Fort Hood-Killeen area is now served by four commercial banks, three in 

downtown Killeen and one on the Fort Hood army post. In this market. State 

Bank and National Bank account for 1 1 percent and 14 percent, respectively, 

of IPC deposits and 19 percent and 22 percent, respectively, of loans. The First 

National Bank, the largest bank in Killeen, holds 55 percent of IPC deposits and 

50 percent of the loans in this market.

The proposed merger would increase concentration of IPC deposits and loans 

of the tw o largest banks in the area to 80 percent and 91 percent, respectively, 

and because Fort Hood National Bank serves primarily military personnel, the 

number of banking alternatives serving business and civilian customers would 

be reduced from three to two.

We conclude that the proposed merger would adversely affect competition in 

the Fort Hood-Killeen area.

Basis for Corporation approval, June 27, 1 968

First State Bank, Killeen, Texas (Applicant), an insured State nonmember 

bank w ith total deposits of $3,750,000, has applied, pursuant to Section 18(c) 

and other provisions of the Federal Deposit Insurance Act, for the Corporation's 

prior consent to merge w ith American National Bank of Killeen, Killeen, Texas 

(Other Bank) which has total deposits of $3,515,000. The banks would merge 

under the Applicant's charter and w ith the title "American State Bank". In 

conformance w ith State law, the resulting bank will operate no branches.

Competition. Applicant and Other Bank are located one block apart in Killeen, 

Texas, population currently estimated at 35,000. The merging banks are commonly owned and managed. Present ownership obtained control of Other Bank 

in June, 1967 and of Applicant in April, 1 968. Each bank, opened for business 

about five years ago, has shown only modest deposit growth and unimpressive 

earnings, despite the growing economy and population in the area. There is 

presently no effective competition between the merging banks and they do not 

appear to have been strong competitors to any bank in the past.

The merging banks are the tw o smallest of three banks in Killeen and are 

located within a few blocks of each other in the downtown section. A bank 

comparable in deposit size to Applicant is located in adjacent Fort Hood which 

primarily caters to the needs of the military personnel. The Killeen-Fort Hood 

service area is dominated by a bank in Killeen which holds 60.3 percent of the 

IPC deposits. That bank and the bank in Fort Hood are closely associated and 

together hold 72.8 percent of the IPC deposits. The resulting bank would have 

27.2 percent. The proposal would result in a larger and stronger bank which 

could compete more effectively w ith the bank now dominating the service area.

The Board of Directors is of the opinion that the effect of the proposed 

merger on competition would not be substantially to lessen competition tend to 

create a monopoly, or in any other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

favorable w ith respect to the resulting bank. The financial and managerial resources of Other Bank have significantly improved under present ownership 

and management. Both banks have experienced only modest deposit growth 

and their future prospects as separate units are not favorable.

Convenience and Needs of the Community to be Served. The proximity of 

the merging banks' offices indicates that the closing of one office would cause 

little or no inconvenience to the community. The resulting bank should be able

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 71

to more adequately serve the community through its ability to make larger 

loans, afford more and specialized personnel and provide modern accounting 

services through an off-premises data center.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 25 In

operation

To be 

operated

Bank of A m erica N ational Trust

and Savings Association

San Francisco, California

17,806,731 (1)

—

to merge its foreign subsidiary

N ational M id -A tla n tic Bank Lim ited,

Basseterre, St. Kitts, Federation 

of St. Kitts, Nevis and Anguilla, 

West Indies

1,030 3

Summary report by Attorney General, May 7, 1968

The National M id-Atlantic Bank Limited is one of six banks, (including a 

Government Savings Bank) in the Federation of St. Kitts, Nevis and Anguilla in 

the West Indies and the only American bank or bank subsidiary in the 

Federation.

Mid-Atlantic is a virtually wholly-owned subsidiary of Bank of America, and 

the present application seeks permission to convert its offices into direct 

branches of Bank of America. The competitive impact of the proposed merger 

transaction and the recent stock acquisition which preceded it, in our view, 

will be minimal.

Basis for Corporation approval, July 9, 1 968

The Bank of America National Trust and Savings Association, San Francisco, 

California (Applicant), total deposits $15.8 billion, has applied, pursuant to 

Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's 

approval to merge with National M id-Atlantic Bank Limited, Basseterre, St. 

Kitts, Federation of St. Kitts, Nevis and Anguilla, West Indies (Other Bank), 

total deposits $803,000, an uninsured subsidiary of Applicant.

There is no competition now between the merging banks because of their 

recent affiliation and they did not compete w ith each other prior to the advent 

of that relationship. Applicant's nearest foreign branches are more than 800 

miles from St. Kitts. The proposal could increase competition w ith the other 

banks on the islands which include offices of tw o foreign banks w ith deposits of 

$3.1 billion and $5.9 billion.

The factors of financial and managerial resources, future prospects and 

convenience and needs of the community are favorable w ith respect to the 

Applicant and the resulting bank. The future prospects of Other Bank would 

be significantly improved as branches of Applicant under the existing political 

situation in Other Bank's area.

The Board of Directors is of the opinion that the effect of proposed merger 

would not be substantially to lessen competition, tend to create a monopoly, 

or in any other manner be in restraint of trade.

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

On the basis of the information presented and other information available 

to the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

No. 26

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Bank of Clarksdale 42,442 8 9

Clarksdale, Mississippi

to merge with

T u tw ile r Bank 2,535 1

Tutwiler

Summary report by Attorney General, March 21,1 968

Clarksdale Bank's main office is situated in Clarksdale, Mississippi (population 22,000), the county seat of Coahoma County (population 46,21 2). Three of 

its branch offices are also located in that county. Tutwiler Bank's sole office is 

situated in adjacent Tallahatchie County (population 24,081). This two-county 

area is still predominantly agricultural and sparsely populated, although there 

is a gradual trend toward industrial growth. Prospects for continued economic 

growth are favorable.

W ithin Coahoma County, Clarksdale Bank competes w ith four offices of tw o 

other commercial banks and is the dominant bank, controlling about 45 percent 

of the county's total deposits. Tutwiler Bank competes with four offices of 

three commercial banks in Tallahatchie County, one of which is a branch of 

the third largest bank in Mississippi (total assets, $75 million). Tutwiler 

Bank holds over 1 5 percent of total county deposits.

The marked affected by this merger would be southeastern Coahoma County 

and western Tallahatchie County. Clarksdale is the trading and financial 

center for this rural area, and Clarksdale Bank serves customers throughout 

the entire area served by Tutwiler Bank. The closest offices of the merging 

banks are some 1 5 miles apart, w ithout intervening banks, and there appears to 

be considerable direct competition between them which this merger would 

eliminate. This merger would also increase somewhat the level of banking 

concentration in southeastern Coahoma and western Tallahatchie Counties. 

However, these anticompetitive effects of the proposed merger would be 

mitigated somewhat by the small size of the acquired bank and the continued 

existence of five banks within the relatively sparsely populated two-county 

area.

Basis for Corporation approval, July 9, 1968

Bank of Clarksdale, Clarksdale, Mississippi (Applicant Bank), an insured State 

nonmember bank w ith total deposits of about $38,723,000 has applied, pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to merge w ith Tutwiler Bank, 

Tutwiler, Mississippi (Merging Bank) which has total deposits of about 

$2,331,000. The banks would merge under the charter and with the title of the 

Applicant Bank and as an incident to the merger, the sole office of Merging 

Bank would become a branch of the Applicant Bank, increasing the number of 

its offices to 9.

Competition. Applicant Bank operates its main office and one branch in 

Clarksdale, population about 21,000 and the seat of Coahoma County, populaDigitized for FRASER 

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 73

tion about 46,000 in the Delta region of Northwestern Mississippi. Six other 

branches are presently in operation in small communities surrounding Clarksdale and ranging in distance up to 32 miles from it. Merging Bank operates its 

sole office in Tutwiler in Tallahatchie County, 15 miles southeast of Clarksdale. Merging Bank's primary competitor is located in Sumner, 5 miles southeast of Tutwiler and is a branch of a large Grenada-based bank. While Merging 

Bank's service area is situated entirely within that of Applicant Bank, only 

limited competition has existed between them. Merging Bank's small size and 

conservative management over the years restricted its effectiveness as a 

competitor. In January 1968, majority control of Merging Bank was offered to 

Applicant and was acquired by the president of Applicant Bank.

There are tw o other effectively competing banks in Clarksdale and, although 

Applicant is the largest bank headquartered in the overall service area, 

numerous banking alternatives are readily accessible, including branches of a 

considerably larger bank based elsewhere. The very small increase in Applicant's resources would not adversely affect competition in the relevant area.

The Board of Directors is of the opinion that the proposed merger would not 

substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are satisfactory w ith respect to Applicant Bank as they would be for the resulting bank, 

and by virture of the common management are also satisfactory w ith respect to 

Merging Bank.

Convenience and Needs of the Community to be Served. Past performance 

suggests that the Applicant Bank is a well established bank able and anxious 

to expand the services it offers and to extend them into new areas. The community of Tutwiler would be benefited by the introduction of new services, 

including increased lending limits, student loans, computer services and 

exchange of checks on a full par basis.

On the basis on the above information and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 27 In

operation

To be 

operated

The First N ational Bank of O elwein

Oelwein, Iowa

14,098 3 4

to merge with

Oran Savings Bank

Oran

1,372 1

Summary report by Attorney General, April 9, 1968

The subject proposal would merge First National Bank of Oelwein, the 

largest commercial bank in terms of deposits in Fayette County and surrounding area, w ith Oran Savings Bank, the area's smallest commercial bank.

Oelwein (1960 population, 8282) and Oran (1960 population, 170) are 

situated in the southwestern corner of Fayette County (1960 population, 

28,581) in the northeastern section of Iowa. Agriculture and agriculturesupported industries are the major sources of income to Fayette County 

residents. Fayette County is served by 11 commercial banks operating 14 

offices.

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

There are no banking offices in the intervening 10 miles between the main 

offices of the merging banks. Therefore, it seems clear that there is some 

competition present between the two banks which would be eliminated by 

consummation of the proposed merger.

Oelwein Bank accounts for about 31 percent of Fayette County total deposits 

and for some 30 percent of the county's IPC demand deposits. Following 

consummation of the proposed merger, Oelwein Bank would control 34 percent 

of both county total and IPC demand deposits. However, because of the small 

size of both the acquired bank and the market to be affected, plus the number 

of banking alternatives which will remain available to residents of the OelweinOran area, we conclude that the over-all effect of this transaction on banking 

competition in Fayette County will probably not be significantly adverse.

Basis for Corporation approval, July 9, 1 968

The First National Bank of Oelwein, Fayette County, Iowa (National), with 

total deposits of $13 million, has applied, pursuant to the provisions of Section 18(c) (1) (A) of the Federal Deposit Insurance Act, for the Corporation's 

prior consent to merge with Oran Savings Bank, a noninsured bank w ith total 

deposits of $1,150,000, under the charter and title of National. Incidental 

to the merger, National has made application to the Comptroller of the Currency for consent to establish the sole office of Oran Savings as a branch, 

increasing its number of offices to four.

Competition. Oelwein is located in the southwest part of Fayette County in 

northeast Iowa, about 25 miles northeast of Waterloo (population 71,755) 

which is the principal trading center of the area. Oelwein had a 1960 population of 8,282 and its trade area has an estimated population of 18,000. Primarily, Oelwein serves as a trading center for a prosperous agricultural area. 

Oran is located 1 1 miles west of Oelwein and is a small country town with a 

population of only about 170. It has very limited trading facilities and Oran 

Savings is the only financial institution located there. The service area of 

National encompasses the much smaller service area of Oran Savings; how ­

ever, the competition that exists between the tw o banks is not substantial. 

National is the largest among twelve banks competing in its service area, 

Oran Savings is smallest, and the resulting bank, among eleven remaining 

banks, would hold less than 22 percent of total bank deposits. Several alternative sources of banking services would still be available to the public, and the 

elimination of the one small unit bank would not alter to any significant degree 

the present competitive climate.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in. any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory with respect to both participating banks and are so projected 

for the resulting bank.

Convenience and Needs of the Community to be Served. The existence for 

many years and growth and success in recent years of both National and Oran 

Savings are evidence that they are serving the convenience and needs of their 

respective communities. The merger would not alter this situation or the number of banking offices. Additional banking services would become available 

locally to the public in Oran, largely through an increased loan limit, trust 

department facilities, and various miscellaneous services which the larger bank 

would make possible. Moreover, the benefits of Federal deposit insurance 

would accrue to the deposit customers of Oran Savings.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 75

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 28 In

operation

To be 

operated

Barclays Bank of California

San Francisco, California

17,388 2 5

to acquire the assets and

assume the deposit liabilities of

The Independent Bank

Anaheim

30,500 3

Summary report by Attorney General, June 6, 1968

The respective banks are located in two separate, but adjacent, metropolitan areas. Los Angeles County (the Los Angeles Standard Metropolitan 

Statistical Area), in which Barclays' California branches are located, is the 

nation's largest county in population, with an economy notable for sustained 

rapid growth and diversification. Anaheim, in adjacent Orange County (itself a 

separate Standard Metropolitan Statistical Area) has the third largest population of California counties and is also undergoing rapid growth.

The nearest branches of the two banks are approximately 24 miles from 

each other, and there are numerous other banks, including large statewide 

branch networks, in the intervening area. Thus, it does not appear that a 

merger of the tw o banks would eliminate existing competition.

Since California law permits statewide de novo branch banking, each of the 

tw o merging banks might enter the market of the other. These markets are 

highly concentrated, with the five largest banks in Orange County having 82 

percent of total county deposits and the five largest in Los Angeles County 

having 85 percent. The significance of such potential entry is reduced by the 

two merging banks are relatively small (albeit growing) factors in the markets 

in which they already operate. Barclays California and Independent account 

for only 0.9 percent and 2 percent of total deposits in their respective markets.

Basis for Corporation approval, July 1 7, 1 968

Barclays Bank of California, San Francisco, California (Barcal), an insured 

nonmember bank with total deposits of $12,669,000, has applied, pursuant to 

Section 1 8(c) and other provisions of the Federal Deposit Insurance Act, for the 

Corporation's prior approval to acquire the assets and assume liability to pay 

the deposits made in The Jndependent Bank, Anaheim, California (Independent) 

which has total deposits of $26,724,000. The transaction would be effected 

under Barcal's charter and title and as an incident to the proposed transaction, 

the three offices of Independent would become branches of Barcal, increasing 

the number of its offices to five.

Competition. Barcal's branch in Los Angeles (population 2.7 million) is 

approximately 425 miles from San Francisco (population 740,000) where 

Barcal's main office is situated. The area served by Independent is tw entyfive miles from the trade area of Barcal in Los Angeles and there is virtually 

no competition between the participating banks. The offices of Barcal are 

located in the financial districts of their respective cities and are in direct 

competition with the main offices and/or branches of many banks, some of

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76 FEDERAL DEPOSIT INSURANCE CORPORATION

which are among the largest in the United States. The Anaheim-Fullerton area 

where Independent is located, is in the northern part of Orange County. Many 

of the larger banks have branches throughout this area. Barcal has only an 

infinitesimal amount of deposits in the tw o trade areas it serves in comparison 

to deposits of all the banks. Independent holds only about 1.99 percent of 

bank deposits in Orange County.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory with respect to both participating banks, as they would be 

for the resulting bank.

Convenience and Needs of the Community to be Served. The evidence 

indicates the proposal would have no beneficial or detrimental effect on the 

tw o largest cities in California where Barcal has its offices because of the 

heavy concentration of banking offices. The Anaheim-Fullerton area may benefit to some extent as the resultant bank will have a larger lending lim it which 

would enable it to serve larger borrowers and handle bigger loans than could 

Independent. It will also be able to offer expert knowledge in the field of 

international banking because of its affiliation w ith large British-based banks.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application 

is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 29 In

operation

To be 

operated

State Bank and Trust Company

Greenwood, South Carolina

121,405 31 32

to merge with

Batesburg State Bank

Batesburg

5,914 1

Summary report by Attorney General, May 1 5, 1 968

State Bank and Trust Company's offices are located mainly in the western 

third of the State. Since 1955 it has acquired nine banks w ith deposits totaling 

about $32.6 million, including Pickens Bank, the acquisition of which was 

approved by the Federal Deposit Insurance Corporation on March 25, 1968, 

and which should add tw o additional- branches to State Bank.

Batesburg (population 3,806), on the western border of Lexington County 

(population 60,000) is located in a largely rural area in west central South 

Carolina. The South Carolina National Bank, the State's largest in terms of 

deposits, operates a branch office at Leesville, about four miles east of 

Batesburg, and offers Batesburg State Bank direct competition.

The closest offices of the Applicant banks are about 1 5 miles apart, and 

there appears to be little, if any, direct competition between them. South 

Carolina law permits statewide branch banking and State Bank could, therefore, 

branch de novo into the Batesburg area. However, in view of the fact that the 

area is sparsely settled there would appear to be little need for a third banking 

office.

We conclude that the consummation of this merger would not adversely 

affect banking competition in the Batesburg-Leesville area.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 77

Basis for Corporation approval, July 17, 1968

State Bank and Trust Company, Greenwood, South Carolina (State Bank), 

an insured nonmember State bank with total deposits of about $1 10,274,900, 

has applied pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior approval to merge w ith 

Batesburg State Bank, Batesburg, South Carolina (Batesburg Bank), also an 

insured nonmember State bank, which has total deposits of about $5,471,300. 

The banks would effect this transaction under the charter and title of State 

Bank, and as an incident thereof, the main office of the Batesburg Bank would 

become a branch of State Bank, increasing its number of offices to 32.

Competition: State Bank's service area is composed of a series of smaller 

service areas surrounding the 19 communities in which it has offices in central, 

southwestern and western South Carolina. State Bank, however, does not 

saturate the area, and there are considerable distances between some of the 

communities in which it operates. Batesburg Bank's service area is composed 

of the communities of Batesburg and adjoining Leesville as well as the surrounding area. Only marginal competition exists between the Batesburg Bank 

and the Saluda Branch of State Bank which is located 16 miles northwest of 

Batesburg. The primary competition for the Batesburg Bank is the Leesville 

Branch of The South Carolina National Bank of Charleston, the largest bank 

in the State. State Bank could branch de novo in Batesburg, but this does 

not appear likely due to the small size of the community and the fact that 

the Batesburg-Leesville area is already served by tw o banks. Two efforts by 

another bank to establish a de novo branch in Batesburg have recently been 

disapproved.

State Bank is the fourth largest bank in South Carolina and presently holds 

9.9 percent of the deposits and 8.8 percent of the loans held by all banks in 

its service area. As a result of this transaction these percentages would be 

increased to 10.4 percent and 9.1 percent respectively. Batesburg Bank is the 

next to the smallest of five banks operating in its service area. This merger will 

have virtually no effect on the structure of banking in South Carolina or in the 

service area of State Bank. Furthermore, the merger would replace the single 

office of a small bank offering limited services w ith a branch office of a much 

larger bank capable of offering more effective competition to the Leesville 

Branch of the State's largest bank.

The Board of Directors is of the opinion that the proposed transaction 

would not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects: The banking 

factors with respect to both participating banks are satisfactory, as they would 

be following the proposed merger.

Convenience and Needs of the Community to be Served: The major impact 

of this merger will be felt in the Batesburg area. The number and location 

of banking offices will remain unchanged, but several important changes will be 

made in services offered. The legal lending limits would be vastly increased, 

full trust services would be available, a modified credit check plan will be 

introduced, and time open accounts offering 5 percent will be available in addition to the savings accounts and certificates of deposit now available. Some of 

these services are offered at the Leesville Branch of The South Carolina 

National Bank of Charleston, but the introduction of these services at Batesburg 

would benefit the community by providing an alternate source.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application is

warranted.

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

Resources

(in

thousands 

of dollars)

Banking Offices

No. 30 In

operation

To be 

operated

Am erican Bank and Trust Co. of Pa.

Reading, Pennsylvania 

to merge with

379,140 20 30

The Peoples N ational Bank

and Trust Company of N orristow n

Norristown

49,478 10

Summary report by Attorney General, April 11,1968

American Bank & Trust Company of Pennsylvania ("Am erican” ), is the 

largest commercial bank in central Pennsylvania. American, headquartered in 

Reading, operates 18 branch offices in Berks, Schuylkill, Lebanon, and 

Lancaster Counties.

Peoples National Bank & Trust Company of Norristown ("Peoples” ) has its 

head office and 7 of its 8 branches are situated in and around Norristown 

(1960 population, 39,000), in south central Montgomery County (a part of 

the Philadelphia SMSA) which is contiguous to Berks County.

Montgomery County is situated in the fastest growing area in the State, 

and the prospects for continued population and industrial growth in the area 

are exceptionally favorable.

The major portion of Peoples' business is derived from w ithin central 

Montgomery County, in and around Norristown, and the Paoli-PhoenixvilleSpring City area of adjacent Chester County. W ithin this area, as of June 30, 

1 966, 1 5 commercial banks (only six of which are headquarterd in Montgomery 

County) operated 42 banking offices, including 16 branches of the largest 

banks in Philadelphia. Based on data for June 30, 1966, Peoples was the third 

largest bank in the Norristown area as defined above; and accounted for 

between 15 percent and 20 percent of total IPC demand deposits w ithin this 

market.

The merging banks' closest offices are about 28 miles apart, w ith numerous 

alternatives in the intervening area. The amount of direct competition between 

the merging banks seems at the moment to be very limited. On the other hand, 

American plans shortly to open a de novo office (within 6 months) near Paoli 

in Chester County, about 7 miles from Peoples' King of Prussia office. Am erican's new office would be located in an area that is presently served by 

Peoples' King of Prussia office so that some direct competition would be 

expected to develop between the merging banks.

Pennsylvania law would permit American to branch de novo into rapidly 

expanding Montgomery County and into other counties contiguous to Berks 

County. American is already in the process of expanding into the area served 

by Peoples through the opening of a de novo branch office in Paoli, and it 

appears likely that, absent the proposed merger, it would continue this expansion into Montgomery County, and in particular into the Norristown area, either 

de novo or by acquisition of a smaller bank operating in this market. This is 

confirmed by the statements in its application in which American cited the 

difficulties it has experienced in competing in the county due to the absence of 

any office there. Similar expansion in this market by the large Philadelphia 

banks— a number of which already have branch offices in the area— can also be 

expected.

Consummation of American's proposed merger w ith the third largest bank 

operating in the Norristown area would mark the entry into this area of the

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 79

largest bank in central Pennsylvania. Although this market is served by five 

much larger Philadelphia based banks, it is at the present time highly concentrated with three banks, including Peoples, holding between 55 percent and 

65 percent of total IPC demand deposits. The proposed merger would eliminate 

American as a potential source of competition in this market. The probable 

effect of the merger on competition would therefore be adverse.

Basis for Corporation approval, July 1 7, 1 968

American Bank and Trust Co. of Pa., Reading, Pennsylvania (Applicant), an 

insured State nonmember bank with total deposits of $329,017,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge The Peoples 

National Bank and Trust Company of Norristown, Norristown, Pennsylvania 

(Peoples) which has total deposits of $41,529,000. The banks would merge 

under the charter and title of the Applicant and, as incident to the merger, 

the ten offices of Peoples would become branches of Applicant, increasing 

the number of its offices to 30.

Competition. Applicant's main office is in Reading (population 98,200), the 

seat of Berks County. Its operates branches in four of the seven counties in 

which it may legally establish such offices. Eleven branches are in Reading and 

general vicinity, four are located in Schuylkill County, north of Berks County, 

and there are two each in Lebanon and Lancaster Counties which border Berks 

County on the west. Peoples main office and four of its branches are in Norristown and vicinity and one branch is operated at each of the following locations; 

Jeffersonville, King of Prussia, Pennsburg, Ambler and Collegeville. All of the 

offices operated by Peoples are located in Montgomery County.

Applicant's offices in the vicinity of Reading are 25 miles from Peoples office 

in Pennsburg which is the shortest distance between offices of the participating 

banks. The distance between Reading and Norristown is 38 miles. Applicant's 

trade area does not include Montgomery County and the areas served by the 

participating banks do not overlap. There are no common depositors or 

borrowers and the amount of deposit and loan business held by each of the 

participating banks which originates in the other bank's trade area is insignificant. The evidence indicates there is little, if any, competition existing between 

the merging banks.

While legally Applicant could establish de novo branches in Montgomery 

County, it is not clear that it could obtain regulatory approval for branching 

on a substantial scale therein. Even if it could, it appears that this would not 

result in significant competition between Applicant and Peoples but would 

heighten the competitive strain now faced by Peoples. Presently, Peoples is 

competing with a much larger Norristown based bank and branches of much 

larger Philadelphia based banks. The replacement of Peoples' offices by 

branches of the Applicant should tend to stim ulate rather than lessen 

competition.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. Each of these factors is 

favorable with respect to the merging banks and are so projected for the 

resulting bank.

Convenience and Needs of the Community to be Served. The well managed, 

progressive Applicant bank has established a good record of service to the 

community in providing financial and other support for industrial diversification and expansion. At the time of the 1960 census Norristown had a population of 38,925. The area is highly industrialized, is the county seat and provides

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

employment for approximately 40,000 persons. Applicant's progressive 

management and substantial financial resources would bring improved, 

diversified banking and fiduciary services to the Norristown area which should 

be of benefit to present and potential customers and to the resurgent industrialization of the area.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 31 In

operation

To be 

operated

The M idland Bank and Trust Company

Paramus, New Jersey 

to merge with

29,201 3 4

Englewood N ational Bank and

Trust Company

Englewood

16,095 1

Summary report by Attorney General, May 7, 1968 

Both Midland and Englewood Bank are located in Bergen County, New 

Jersey, near the metropolitan centers of New York, Jersey City, Newark, 

Paterson and Passaic. Paramus and Englewood are both mixed commercial, 

residential and industrial communities, w ith about 30,000 population, and are 

both currently experiencing rapid growth.

The closest office of Midland, either actual or proposed, is at least 1 1 

miles from the office of Englewood Bank; moreover, numerous offices of 

much larger banks are located between Midland and Englewood Bank. Consequently, the merger would not appear to eliminate any significant amount 

of existing direct competition between the tw o banks.

Bergen County is served by 26 banks, operating a total of 105 offices, and 

each offering a full range of normal banking services. Midland has approximately 2 percent of county deposits; Englewood Bank has slightly less than 

1 percent. While Bergen County overstates the market, Englewood Bank is 

the smallest of seven banks w ithin a one to two-m ile radius of downtown 

Englewood; Midland is fourth largest of the seven banks in the area it serves. 

Consequently, we do not think that this merger will have an adverse effect 

on banking concentration.

Basis for Corporation approval, July 17, 1968 

The Midland Bank and Trust Company, Paramus, Bergen County, New 

Jersey (Midland), an insured State nonmember bank w ith total deposits of 

$26,634,000, has applied, pursuant to Section 18(c) and other provisions 

of the Federal Deposit Insurance Act, for the Corporation's prior consent to 

merge w ith Englewood National Bank and Trust Company, Englewood, 

Bergen County, New Jersey (National) which has total deposits of 

$13,358,000. The banks would merge under the charter and title of Midland 

and, incident thereto, the sole office of National would become a branch of 

Midland, increasing the number of its offices to four.

Competition. Both banks are located in Bergen County in northeastern New 

Jersey, west of New York City across the Hudson River. Bergen County is 

one of the fastest growing counties in the State, ranking 19th in the nation 

in population. It is primarily suburban residential in character although it

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 81

is expanding both industrially and commercially. Approximately 65,000 of its 

residents commute to New York City for employment, while an equal number 

commute to adjacent counties, and 1 19,000 are employed w ithin the county.

Paramus, location of Midland's three offices, is in western Bergen County 

and Englewood, location of National's sole office, is in eastern Bergen 

County. There is no overlapping of the service areas, there being about 3 miles 

separating their nearest boundaries. New Jersey law does not permit de novo 

branching outside the municipality in which the main office is located (except in 

municipalities which have no banking offices); hence, neither Midland nor 

National can enter the other's market except through merger. In view of this 

restriction and the fact the two banks have separate and noncontiguous 

service areas, elimination of existing or.potential competition is not a factor 

in the proposal.

Midland competes with seven commercial banks in its service area, among 

which it is fourth largest. It is substantially smaller than the three largest 

banks but not substantially larger than the three smallest. National competes 

with five commercial banks in its service area, among which it is smallest. 

The number of banking offices would not be changed in either service area as 

a result of the merger, nor would the number of individual choices from which 

the public could obtain banking services.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to both participating banks and are so projected 

for the resulting bank.

Convenience and Needs of the Community to be Served. Both Midland 

and National have rather short histories, Midland having commenced operations about 10 years ago and National slightly more than 3 years ago. Their 

growth and success in a relatively short period of time is evidence that they 

are serving the convenience and needs of the communities in which they are 

located. The merger would not alter this situation, except to the extent that 

the resulting bank would be able to provide a broader range of banking services 

on a larger scale through its greater resources, larger capital base, and integrated management capabilities. The larger bank w ill have more efficient trust 

department facilities and its increased lending limit will be beneficial, especially 

w ith respect to the large commercial and industrial facilities in the tw o areas 

which require credit accommodations larger than either bank can provide 

individually.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

Banking Offices

No. 32 thousands 

of dollars)

In

operation

To be 

operated

The Chelsea Savings Bank

Norwich, Connecticut 

(change title to The Chelsea-Dime 

Savings Bank) 

to consolidate with

51,252 1 2

The Dim e Savings Bank of N orw ich

Norwich

22,563 1

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

Summmary report by Attorney General, March 20, 1 968 

This is a proposal to merge the second and third largest mutual savings 

banks operating in the Norwich area. Economic activity in Norwich and surrounding communities (the "Norwich area," defined as including Norwich and 

the towns of Bozrah, Franklin, Griswold, Ledyard, Lisbon, Montville, Preston 

and Sprague, with a population of 86,000, up 21 percent from 1960) appears 

to be centered upon residential, commercial and industrial activity, with 

agriculture occupying a secondary role.

The offices of the merging banks are within walking distance of each other, 

and are in direct competition for time deposits and residential mortgage 

loans. The Norwich area is, in addition, served by two other mutual savings 

banks. These are the Norwich Savings Society, the area's largest (total 

deposits, $64.7 million) operating its main office in Norwich and two branch 

offices nearby and Jew ett City Savings Bank (total deposits, $11.2 million) 

located some 8.3 miles northeast of Norwich. There are also in the area one 

locally based commercial bank and seven branches of tw o Hartford-based 

commercial banks, five credit unions and one savings and loan association.

W ithin the Norwich area, the parties to the proposed merger would appear 

to have had the following market shares as of June 30, 1966:

(i) Savings bank deposits

Chelsea Savings 32.9% (31.9% as of Dec. 31, 1 967)

Dime Savings 14.8% (14.2% as of Dec. 31, 1 967)

(ii) Savings bank deposits plus withdrawable deposit balances of savings 

and loan associations and credit unions

Chelsea Savings 29.9% (approximate)

Dime Savings 13.4% (approximate)

(iii) Savings bank deposits plus withdrawable deposit balances of savings and 

loan associations and credit unions, plus IPC time and savings deposits 

of commercial banks

Chelsea Savings 28.3% (approximate)

Dime Savings 12.7% (approximate)

The proposed consolidation would eliminate direct competition between the 

participants, create the largest mutual savings bank and other thrift institution in the Norwich area, significantly increase area savings deposit concentration, and eliminate a substantial competitor for area time and savings 

deposits and residential loans. Thus, the effect of this merger on competition 

in the Norwich area would be significantly adverse.

Basis for Corporation approval, July 31, 1968

The Chelsea Savings Bank, Norwich, Connecticut, (Applicant), an insured 

mutual savings bank with total deposits of about $44.6 million, has applied 

pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance Act for the Corporation's prior consent to consolidate with The Dime 

Savings Bank of Norwich, Norwich, Connecticut (Dime Savings), which has 

total deposits of about $20.3 million. The banks would consolidate with the 

title The Chelsea-Dime Savings Bank, and as an incident thereof, the sole 

office of Dime Savings would become a branch of Applicant, increasing the 

number of its offices to two.

Competition. The Applicant and Dime Savings are mutual thrift institutions 

located in Norwich, Connecticut. While each of the banks obtains a sizeable 

amount of its deposits from the area commonly designated as "Greater 

Norwich" consisting of the City of Norwich and the surrounding communities 

of Bozrah, Franklin, Griswold, Ledyard, Lisbon, Montville, Preston and

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 83

Sprague, Norwich is only 12 miles from New London-Groton, Connecticut, 

over an excellent highway, is economically integrated with those cities, and 

comprises part of the New London-Groton-Norwich Standard Metropolitan 

Statistical Area (SMSA). A large number of Norwich residents commute to 

work in New London-Groton. For these reasons, it appears to the Board that 

the SMSA is the relevant geographic area. There are seven savings banks, 

three savings and loan associations and five commercial banks operating 

offices in this area. Two of the savings banks are larger than either of the 

consolidating banks or of the resulting bank, and tw o of the commercial banks 

are the largest in the State operating an extensive network of branches.

The lending function of each of the consolidating banks is concentrated 

in mortgage loans, a substantial portion of which are insured and guaranteed, 

originating outside the SMSA. The market for these loans is extensive and it 

does not appear that the consolidation would have a significantly adverse 

effect on competition for loans.

Consummation of the proposal would eliminate the competition for time 

and savings deposits between the consolidating banks, but this would not be 

substantial. The resulting bank would hold only one-fifth of the time and 

savings deposits held by the offices of all competitive institutions in the SMSA. 

The degree of concentration is not unduly heavy and there will remain a substantial number of sizeable, strong and aggressive competitors. The resulting 

bank would enjoy an improved competitive potential.

The Board of Directors is of the opinion that the proposed transaction will 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The financial 

and managerial resources of the consolidating banks and those of the resulting 

bank are satisfactory with respect to the solvency of continued operations. 

The deposit growth pattern for each of the consolidating banks in recent years 

as compared w ith the growth of its competitors suggests that they w ill not be 

the competitive factors in the future that they have been in the past. To a 

considerable extent, this reflects the lower than competitive interest/dividend 

rate paid by each of the consolidating banks and correction of this deficiency 

has been indicated as one of the primary reasons for the proposal. The resulting bank could effect operating economies and better utilize resources, both 

financial and managerial, with improved prospects for effective competition 

and sound operations.

Convenience and Needs of the Community to be Served. The resulting bank 

could pay a higher, more competitive dividend than Dime Savings w ith continued adherence to sound banking operations. Its depositors would have 

the benefit of the larger, stronger institution which would be better able to 

provide long term financing for the industrial and commercial needs of the 

area than either of the consolidating banks. Among the immediate benefits 

that would be available to the resulting bank would be the utilization of an online computer system and the development of an instalment loan department.

Consideration has been given to the situation that would exist, after the 

consolidation in Norwich, Connecticut, as compared to other communities in 

Connecticut. Norwich has a population of 38,500 and there are 17 towns in 

Connecticut with a population of between 30,000 and 80,000. Norwich is the 

only community with three savings banks and there are only three towns that 

have as many as tw o savings banks. Eight towns are served only by branches 

of savings banks. Thus, elimination of a savings bank in Norwich is not as 

significant, relatively, as it might be in other larger communities since Norwich will still have the services of tw o capable savings banks, more than most 

communities in the State of comparable or larger size.

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84 FEDERAL DEPOSIT INSURANCE CORPORATION

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the bank's application is warranted.

Resources

(in

Banking Offices

No. 33 thousands 

of dollars)

In

operation

To be 

operated

Trade Bank and Trust Company

New York, New York

264,710 6 6

to merge with

Trade Bank Safe D eposit Company

New York

161 -

Summary report by Attorney General, July 1, 1 968

Trade Bank and Trust Company ("Trust Company” ) was organized in 192?. 

and operates six commercial banking offices in New York City, five in M anhattan and one in Great Neck.

Trade Bank Safe Deposit Company ("Safe Deposit” ) was organized in 1927 

and has always been controlled by Trust Company, which holds 95 percent of 

its stock. It holds no deposits or loans and is primarily engaged in operating 

a safe deposit business at the banking premises occupied by Trust Company. 

Thus, this transaction is essentially a corporate reorganization and it would 

appear not to have any effect on competition.

Basis for Corporation approval, August 1, 1968

Trade Bank and Trust Company, New York, New York (Trade Bank), with 

total deposits of $245 million, has applied, pursuant to the provisions of 

Section 18(c) (1) (A) of the Federal Deposit Insurance Act, for the Corporation's prior consent to merge under its charter w ith Trade Bank Safe Deposit 

Company, New York, New York (Safe Deposit), an affiliated noninsured institution w ith no deposit liabilities which conducts a safe deposit business at each 

of the six offices of Trade Bank. The safe deposit facilities will be continued 

by Trade Bank following the merger.

Competition. Trade Bank was organized in 1922 and operates all but one of 

its six offices in Manhattan. Safe Deposit was organized in 1927 as an affiliate 

of Trade Bank for sole purpose of conducting the latter's safe deposit operations. Safe Deposit has always been controlled by Trade Bank, holds no 

deposits or loans, and is not engaged in general commercial banking activities. 

Trade Bank owns all but six of Safe Deposit's 1,000 outstanding shares of 

capital stock; thus, the merger is essentially a corporate reorganization and 

would have no effect on competition as presently constituted.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner be 

in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory w ith respect to the merging institutions except that Safe Deposit 

has operated at a loss after taxes in each of the past five years, except 1964. 

The merger is designed to effect operating economies; also, simplify administration. Consequently, these factors are favorably resolved w ith respect to 

the resulting bank.

Convenience and Needs of the Community to be Served. The operations 

of Safe Deposit will be continued at the same locations and in the same

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 85

manner as before and thus the convenience and needs of the public w ill be 

served as in the past.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 34 In

operation

To be 

operated

W inslow State Bank of New Ulm

New Ulm, Minnesota 

(proposed new bank; change title to 

State Bank of New Ulm)

90 1

to consolidate with

State Bank of N ew Ulm

New Ulm

1 1,662 1

Summary report by Attorney General, May 24, 1 968 

Winslow State Bank was incorporated on March 19, 1968 as a vehicle to 

effectuate a tax free exchange of the capital stock of State Bank of New Ulm 

for the capital stock of State Bond & Mortgage Company. Consequently no 

impact upon competition in commercial banking would result from consummation of the proposed consolidation.

Basis for Corporation approval, August 1, 1968

Pursuant to Sections 18(c) and 5 of the Federal Deposit Insurance Act, 

applications have been filed by State Bank of New Ulm, New Ulm, Minnesota 

(State Bank), an operating insured nonmember bank, which has total deposits 

of $10,881,000, for consent to consolidate with a proposed new bank, W inslow State Bank of New Ulm, New Ulm, Minnesota (New Bank) and in behalf 

of New Bank for Federal deposit insurance. The banks would consolidate under 

New Bank's charter and with the title "State Bank of New Ulm." The resulting 

bank will operate from the sole office location of State Bank.

New Bank was incorporated for the sole purpose of providing a vehicle for 

tax free exchange of stock of State Bank for stock of State Bond and Mortgage 

Company which owns substantially all of New Bank's outstanding stock. New 

Bank does not have a banking office and the resulting bank will operate from 

State Bank's sole office in New Ulm. That community has a population of 

11,000 and tw o other banks, each comparable in deposit size to State Bank. 

The proposed consolidation would have no effect on competition.

The proposals involve a change in ownership but the resulting bank will, 

in effect, continue the operations of State Bank, which have been satisfactory, 

with the latter's assets, deposits, title and essentially the same management. 

The only operating change will be a $90,000 increase in capital. All factors 

required to be considered relative to each application are favorably resolved.

On the basis of the above information and other information available to the 

Corporation, the Board of Directors has concluded that approval of the applications for Federal deposit insurance and consent to consolidate is warranted.

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

Resources

(in

thousands 

of dollars)

Banking Offices

No. 35 In

operation

To be 

operated

Am erican Bank of A tlanta

Atlanta, Georgia

(change title to Peoples American 

Bank of Atlanta)

13,473 3 5

to acquire the assets and

assume the deposit liabilities of

The Peoples Bank

Atlanta

17,103 2

Summary report by Attorney General, June 24, 1968

The head offices of the merging banks are located only a few blocks apart 

in downtown Atlanta, one of the fastest growing regions in the Southeast, and 

their branches are located in, and serve, the northern portion of the city. As a 

result, existing direct competition between the merging banks w ill be elim inated by consummation of the proposed transaction.

Eleven commercial banks w ith seventy-five offices operate in Atlanta. Am erican Bank and Peoples Bank are the ninth and tenth largest banks, respectively, 

in terms of IPC demand deposits and the eleventh and tenth largest, respectively, in terms of total deposits.

Located in the Atlanta financial district, within five blocks of the merging 

banks, are offices of four of the State's largest banks, which, in 1966, together 

controlled about $2.0 billion, roughly 84 percent of total commercial bank 

deposits in the Atlanta SMSA. In contrast, the merging banks jointly account 

for only about one percent total deposits in the Atlanta SMSA, and only 

slightly over one percent of Fulton County total deposits.

Basis for approval by Corporation, August 8, 1 968

American Bank of Atlanta, Atlanta, Georgia (Applicant), an insured State 

nonmember bank with total deposits of $10.6 million, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to acquire the assets of and assume liability 

to pay deposits made in The Peoples Bank, Atlanta, Georgia (Peoples) which 

has total deposits of $15.7 million. The transaction would be effected under 

Applicant's charter and with the title "Peoples American Bank of A tlanta" 

and, as an incident thereto, the tw o offices of Peoples would become branches 

of the resulting bank increasing the number of its offices to five.

Competition. The participating banks are headquartered in Atlanta, population 504,000, and serve essentially the same geographic area. Their main 

offices are 6 blocks apart in the downtown section of the city and their 

branches are located from 3 to 6 miles north. Applicant and Peoples serve 

different market segments of the same geographic service area as evidenced by 

the dissimilarity in their loan and deposit structures. The nature of their operations is complementary to a large degree and there is little competition 

between them.

There are 12 banks w ith 95 offices in or near the City of Atlanta and the 

participating banks rank 10th and 11th in terms of total deposit size. The 

resulting $26 million deposit bank would be sixth largest in the service area 

and have 1.2 percent of the deposits. The five largest banks have total deposits 

ranging between $100 million and $990 million and hold 95.8 percent of 

the deposits. The proposal would have no significant effect on the smaller

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 87

banks in the area and the resulting bank could, in some degree, compete more 

effectively w ith the larger banks.

The Board of Directors is of the opinion that the effect of the proposed 

transaction on competition would not be substantially to lessen competition, 

tend to create a monopoly, nor would it in any other manner be in restraint 

of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are favorable w ith respect to Peoples and are so projected for the resulting 

bank. Applicant's less than satisfactory financial condition, its management 

and its poor earnings record should be improved as a result of this proposal.

Convenience and Needs of the Community to be Served. The significant 

increase in the financial resources of the resulting bank relative to either 

participating bank and the aggressive new ownership should permit the bank 

to more adequately and effectively serve the community. Moreover, because 

their operations are complementary to a large degree, the proposal would 

result in enhanced convenience to the customers of both banks.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 36 In

operation

To be 

operated

The Ohio State Bank

Columbus, Ohio

43,233 10 13

to merge with

The W orthington Savings Bank

Worthington

33,943 3

Summary report by Attorney General, June 11,1 968

The head offices of the merging banks, 10 miles apart, and all branches 

of both banks, are in Franklin County, part of the rapidly growing Columbus 

metropolitan area. The merging banks' nearest offices are about 5 and 4 miles 

apart.

Ohio State Bank, since its inception and W orthington Savings Bank, since 

1953, have been virtually wholly owned subsidiaries of BancOhio Corporation, the largest bank holding company in the State of Ohio. Thus, despite the 

fact that each bank derives some business from the primary service area of 

the other, this proposed merger would not eliminate competition between the 

tw o banks.

Basis for Corporation approval, August 19, 1968

The Ohio State Bank, Columbus, Ohio (Applicant), an insured State nonmember bank w ith total deposits of $39.4 million, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge w ith The W orthington Savings Bank, 

W orthington, Ohio (Savings Bank) which has total deposits of $30.2 million. 

The banks would merge under the Applicant's charter and title and, as an incident thereto. Savings Bank's three offices would become branches of the 

Applicant, increasing the number of its offices to thirteen. In connection with 

the proposal Savings Bank's preferred stock outstanding of $75,000 w ill be 

retired.

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88 FEDERAL DEPOSIT INSURANCE CORPORATION

Competition. Applicant's main office is in the downtown business section of 

Columbus, population 573,000, the approximate center of Franklin County, and 

eight of its nine branches are located in the eastern half of the county. One 

branch serves the west-central section of the county. The main office of Savings Bank is 10 miles north of the downtown section of Columbus in the 

adjacent community of W orthington, population 1 2,900. One of Savings Bank's 

branches is in Columbus, 2 miles south from the main office and the other 

is west of the main office in the northwest corner of the county. Applicant, 

since its organization in 1950 and Savings Bank, since 1953, have been 

members of the same registered bank holding company, BancOhio Corporation, 

and there is no competition between them.

There are seven banks in the resulting service area which would include 

most of Franklin County. The merger would combine tw o banks w ith small 

shares of the banking business already under the control of the same holding 

company. The resulting bank would have but 5.3 percent of the aggregate 

IPC deposits. The holding company also controls The Ohio National Bank of 

Columbus which has 42.9 percent, and 20 other subsidiaries which are located 

outside Franklin County. The proposal would involve no change in control of 

the banking business in the service area or in Franklin County and would not 

adversely affect competition.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly, nor would it, in any other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to the merging banks and are so projected for 

the resulting bank.

Convenience and Needs of the Community to be Served. The increased legal 

lending lim it and lending capacity of the resulting bank will enable it to serve 

many enterprises which the merging banks have not had the opportunity to 

serve in the past. The increased branch system of the resulting bank will be 

an important factor relative to the convenience and needs of the area. The 

majority of residents in Savings Bank's area are employed in Columbus, and 

the availability of a downtown office would be a significant convenience for 

those customers of Savings Bank who commute to Columbus for employment.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 37 In

operation

To be 

operated

The Citizens Bank

Hamilton, Ohio

26,675 6 7

to acquire the assets and

assume the deposit liabilities of

The First N ational Bank of Okeana

Okeana

1,590 1

Summary report by Attorney General, July 5, 1968

Butler County, the situs of the merging banks, had a 1960 population of

200,000. It is presently served by eight commercial banks w ith 26 offices.

Since the merging banks are located within 12 miles of each other the 

merger would probably eliminate some direct competition between the two

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 89

banks. However, the merger would increase Citizens Bank's 13 percent share 

of Butler County commercial bank deposits by only 0.6 percent.

In view of the small size of the acquired bank and the existence of alternate 

sources of banking services, we conclude that this proposed merger is not 

likely to have a significantly adverse effect on competition in Butler County.

Basis for Corporation approval, August 19, 1968

The Citizens Bank, Hamilton, Ohio (Citizens Bank), an insured nonmember 

bank w ith total deposits of $23,578,000, has applied, pursuant to Section 1 8(c) 

and other provisions of the Federal Deposit Insurance Act, for the Corporation's 

prior approval to acquire the assets and assume liability to pay the deposits 

made in The First National Bank of Okeana, Okeana, Ohio (FNB), which has 

total deposits of $1,389,000. The transaction would be effected under Citizens 

Bank's charter and title and, as an incident to the proposed transaction, the 

sole office of FNB would become a branch of Citizens Bank, increasing the 

number of its offices to seven.

Competition. Citizens Bank is located in Hamilton, Ohio (population 80,000), 

approximately 1 5 miles from the sole office of FNB in Okeana, Ohio (population 

150). Little, if any, competition exists between these tw o banks. FNB does not 

adequately service its community in that it fails to extend farm credit or automobile financing and is unwilling to arrange loan participations. Due to its 

unfavorable outlook, the directors solicited bids for its stock earlier this year 

from three Hamilton banks and others. Citizens Bank was the successful bidder 

and now owns substantially all of FNB's stock.

Banking competition within Citizens Bank's trade area includes a significantly 

larger institution, and one just slightly larger than Citizens Bank. These other 

two banks provide keen competition in Citizens Bank's trade area and together 

hold about 77 percent of the deposit business whereas the resulting bank 

would hold about 22.7 percent.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. Although financially sound, lack of management succession and future prospects of small 

FNB are not favorable as a unit bank. These factors are satisfactory w ith 

respect to Citizens Bank, as they would be for the resulting bank.

Convenience and Needs of the Community to be Served. Although this 

proposal will have no significant effect upon the immediate Hamilton trade 

area of Citizens Bank, the Okeana area will undoubtedly benefit from a more 

aggressively managed bank, willing to provide more up-to-date services and 

lending ideas, and capable of better serving the community w ith a larger lending limit.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 38 In

operation

To be 

operated

The Bank of Berkeley

Moncks Corner, South Carolina

4,1 13 1 2

to merge with

A llen's D epository, Inc.

St. Stephen

329 1

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

Summary report by Attorney General, February 1 3, 1 968

The Bank of Berkeley (total deposits $3.4 million), Moncks Corner, South 

Carolina, proposes to merge with Allen's Depository (total deposits $298,000), 

St. Stephen, South Carolina.

Both towns are in Berkeley County (1960 population 38,196), an area which 

is principally agricultural but which has experienced considerable industrial 

expansion during recent years. In Moncks Corner, Berkeley competes w ith a 

branch of Farmers & Mechanics Bank of South Carolina, a $4 million bank. No 

other commercial banking facilities are available in the immediate service 

areas of the merging banks.

Allen's has no loan business or savings accounts and less than 1 5 accounts 

of Berkeley's are known to originate in the St. Stephen area, 16 miles away.

The merger will substantially increase concentration in Berkeley County 

which presently has three banks and three offices. Berkeley, the acquiring 

bank, now holds 86 percent of all IPC demand deposits within the county, 

and will hold about 97 percent following this proposed merger. Its share of 

total county deposits will rise from 85 to 93 percent. The balance will continue 

to be held by the small branch office of Farmers & Mechanics Bank of South 

Carolina.

Basis for Corporation approval, August 19, 1968

The Bank of Berkeley, Moncks Corner, South Carolina (Applicant), a nonmember insured bank with total deposits of $4.1 million, has applied, pursuant 

to the provisions of Section 18(c) of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge under its charter and title w ith Allen's 

Depository, Inc., St. Stephen, South Carolina, a noninsured cash depository 

with deposits of $305,000, and incidental therewith establish the latter's sole 

office as a branch, increasing its number of offices to two.

Competition. Applicant was organized in 1949 and operates its sole office 

in Moncks Corner, the seat of Berkeley County, South Carolina, about 32 miles 

north of Charleston. Allen's Depository was organized in 1935 in St. Stephen, 

Berkeley County, South Carolina, 16 miles north of Moncks Corner. It is a small 

cash depository which is limited under South Carolina law in the services it can 

perform. Its deposits are payable on demand and its investments are restricted 

to Federal, State and municipal obligations of South Carolina. It has no time 

and savings deposits and makes no loans. It is not, therefore, a significant 

factor in banking competition. Allen's Depository and Applicant, moreover, 

have the same president. A sizeable amount of common ownership has existed 

since 1960. Berkeley County is mostly a rural area which contains only 

tw o institutions offering full banking services. Applicant and a branch in Moncks 

Corner of another bank which is somewhat larger than Applicant. Applicant 

also competes with the Summerville branches of tw o banks, 16 miles southwest of Moncks Corner, both of which banks are substantially larger than 

Applicant. In the St. Stephen area, location of Allen's Depository, the resulting bank will compete w ith a bank in Greeleyville, 15 miles north of St. 

Stephen. The merger will have little or no adverse competitive effect and in the 

St. Stephen area should tend to increase competition because of the much 

broader services the resulting bank will offer.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner be 

in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to both participating institutions and are so projected for the resulting bank.

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 91

Convenience and Needs of the Community to be Served. Applicant's operations in Moncks Corner will be continued as before. In St. Stephen, the merger 

will replace a small noninsured cash depository, which is limited by law in the 

services it can provide, w ith a branch of a bank providing loan facilities, time 

and savings deposits, the benefits of Federal deposit insurance, and clearance 

of checks at par. The number of offices offering this broader range of banking 

services in Berkeley County will be increased by one, to the substantial benefit of the public, particularly in the St. Stephen area.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

Banking Offices

No. 39 thousands 

of dollars)

In

operation

To be 

operated

Citizens Bank of M aryland

Riverdale, Maryland 

(change title to Citizens Bank and 

Trust Company of Maryland) 

to merge with

191,540 28 28

Citizens Trust Company of M aryland

Riverdale

120 —

Summary report of Attorney General, July 25, 1 968

Article XI of the Annotated Laws of Maryland, and regulations issued pursuant thereto, provide that an existing commercial bank may acquire trust 

powers only by merging w ith a newly organized trust company. Citizens Bank of 

Maryland has organized and proposes to merge w ith the Citizens Trust Company of Maryland for the purpose of acquiring trust powers.

The proposed merger of the Citizens Trust Company of Maryland, a newly 

organized but not yet operating trust company, into the Citizens Bank of Maryland, an existing commercial bank, will not result in the elimination of any 

existing competition or increase in the concentration of banking resources.

Basis for Corporation approval, August 23, 1968

Citizens Bank of Maryland, Riverdale, Maryland (Applicant), an insured State 

nonmember bank with total deposits of $167 million, has applied, pursuant to 

Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's prior 

consent to merge w ith Citizens Trust Company of Maryland, Riverdale, M aryland (Trust Company), a corporation newly organized under the banking laws 

of Maryland, which has cash capital funds of $120,000. Application is also 

made for consent to exercise full trust powers. The participants would merge 

under the charter of Applicant and w ith the title "Citizens Bank and Trust 

Company of Maryland.”

The sole purpose of the merger transaction is the acquisition of trust powers 

by the Applicant. Under Maryland banking laws and regulations, Applicant's 

purpose can only be accomplished through the merger of a newly formed trust 

company. Applicant is the seventh largest bank in the State and is the only 

bank among the nine largest which does not have trust powers. Several banks 

aggressively seek trust business in Applicant's service area and the proposal 

should beneficially enhance competition in that field. Trust Company has no 

loans, deposits or trust accounts and was formed solely as a vehicle for the

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

acquisition of trust powers by the Applicant. Thus, consummation of the transaction would not lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

The factors of financial and managerial resources and future prospects are 

favorable for the Applicant and resulting bank. Applicant's 28 offices serve 

substantial parts of Prince Georges, Montgomery and Anne Arundel Counties 

and the proposal would add to the convenience of the communities served by 

the introduction of an additional alternate source of trust services.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's applications is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 40 In

operation

To be 

operated

The Bank of Tucson

Tucson, Arizona

(change title to Great Western Bank 

& Trust Company)

26,545 3 8

to merge with

The First Navajo N ational Bank

Holbrook

27,255 5

Summary report by Attorney General, May 31,1968

The nearest offices of the applicant banks are about 250 miles apart, and 

there appears to be little, if any, direct competition between them.

Although Arizona law permits statewide branch banking, neither of the merging banks can be regarded as a likely potential entrant into the other's market 

by means oft/e novo branching. Navajo Bank is the only bank located in Snowflake (population 982) and W indow Rock (population 700). In Holbrook (population 3438) and W inslow (population 8862), Navajo National competes with 

a branch of the Valley National Bank (total deposits, $1,134.1 million), the 

largest bank in Arizona; in Kingman (population 4525) it competes w ith a 

branch of Valley National and a branch of First National Bank of Arizona 

(total deposits, $647.9 million), the second largest bank in the State. Not only 

has the Bank of Tucson not branched outside the City of Tucson, but considering their sizes, distances, present banking facilities, there appears to be little, 

if any, incentive for it to branch de novo into the communities served by Navajo 

Bank.

Although Navajo Bank has exhibited an ability to branch de novo considerable distances from its head office, its branching has been confined to relatively 

small communities. It was granted authority in 1965 to open a branch in 

Flagstaff (approximate population 1 8,214), but has not yet opened for business 

in that city. Thus, it seems unlikely that Navajo Bank would branch de novo

into Tucson, a much larger and more distant community served by six banks 

with 24 offices.

Basis for Corporation approval, August 30, 1968

The Bank of Tucson, Tucson, Arizona (State Bank), an insured State nonmember bank with total deposits of $23,050,000, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior approval to merge The First Navajo National Bank,

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 93

Holbrook, Arizona (Navajo Bank), which has total deposits of $26,131,000. 

The banks would merge under the charter of The Bank of Tucson and title of 

Great Western Bank & Trust Company and, as an incident to the merger, the 

five offices of Navajo Bank would become branches of State Bank, increasing 

the number of its offices to eight.

Competition. The areas served by these tw o banks are at least 200 miles 

apart. State Bank serves the southeastern part of Arizona in and around 

Tucson. Navajo Bank's trade area is the northern part of the State, and there 

is virtually no competition between the participating banks. Both banks are 

in direct competition w ith branch offices of the largest banks in Arizona. The 

resulting bank will hold only 2 percent and 1.7 percent of deposits and loans, 

respectively, of banks in the State of Arizona.

The Board of Directors is of the opinion that the proposed transaction 

would not substantially lessen competition, tend to create a monopoly or in 

any manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The present 

financial and managerial resources of State Bank are satisfactory, as they 

would be for the resulting bank. Navajo Bank is experiencing asset problems 

and lacks depth in management. Future prospects for State Bank are satisfactory, as they would be for the resulting bank; those of Navajo Bank are less 

favorable.

Convenience and Needs of the Community to be Served. The primary benefit 

of this merger would be a larger loaning lim it which would enable the resulting bank to serve larger borrowers and handle bigger loans than could either 

bank prior to the merger. There would also be an increase in services rendered 

to both areas, including trust and computer facilities.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application 

is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 41 In

operation

To be 

operated

Bank of Orangeburg

(title changed to American Bank 

and Trust)

Orangeburg, South Carolina 

to merge with

21,097 9 10

The S pringfield State Bank

Springfield

1,456 1

Summary report by Attorney General, July 19, 1968

Orangeburg County had a 1960 population of 68,000; it was being served 

by seven commercial banks w ith 17 offices (as of June 30, 1966).

Two branches of the Bank of Orangeburg are located fairly-close to Springfield, the situs of Springfield State Bank. One is in Salley, 5 miles to the 

northwest and the other is in Norway, 8 miles to the southwest of Springfield. 

These three banks provide the only alternative banking facilities for the Springfield community. In view of the geographic proximity of the banks, it would 

appear that the proposed merger would eliminate direct competition between 

the banks.

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

The Bank of Orangeburg presently accounts for over 20 percent of Orangeburg County's IPC demand deposits and is one of the three largest banks in 

the county. The proposed merger would add about 2 percent to its market 

share.

While Springfield State Bank's small size may have limited its operations, 

it appears to have experienced satisfactory growth during recent years. Moreover, the application does not indicate that merger w ith its only competitor is 

required to enable it to offer additional services or to solve any problems which 

may result from its small size.

Basis for Corporation approval, September 4, 1968

Bank of Orangeburg, Orangeburg, South Carolina (Applicant), an insured 

State nonmember bank w ith total deposits of about $1 8,852,000 has applied, 

pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to merge w ith The Springfield State 

Bank, Springfield, South Carolina (State Bank), which has total deposits of 

about $1,282,000. The banks would merge under the charter and w ith the 

title of Applicant and as an incident to the merger, the sole office of State 

Bank would become a branch of Applicant, increasing the number of its 

offices to 10.

Competition. Applicant operates its main office and tw o branches in Orangeburg (1960 population about 15,500), the seat of Orangeburg County. Six 

other branches are presently operated in small communities surrounding 

Orangeburg and ranging in distance up to 60 miles therefrom. State Bank 

operates its sole office in Springfield (population 800), 25 miles west of the 

main office of Applicant. There are, however, branches of Applicant at Salley,

5 miles northwest of State Bank, and at Norway, 10 miles southeast of State 

Bank.

Applicant's office at Salley is State Bank's closest competitor but there are 

seven offices of five banks (including Applicant) within the relatively small 

area served by State Bank. State Bank has 11.8 percent of the deposits in this 

area and the resulting bank would have 32.3 percent. However, in view of the 

number of banks in State Bank's service area and the small size and unaggressive character of State Bank, competition between the merging banks is not 

substantial and the proposal would have no other significant adverse com petitive effects in this area. W ithin the overall service area of Applicant, this 

proposal would have virtually no effect. There are 10 other banks operating 

numerous offices throughout the area, including the State's four largest banks.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly, or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These banking factors 

are satisfactory with respect to the participating banks, individually, as they 

would be w ith respect to the resulting bank.

Convenience and Needs of the Community to be Served. Past performance 

suggests that Applicant is a well-established bank able to expand the services 

it offers and to extend them into new areas. Although State Bank, by its long 

continued existence is apparently filling a need of the community, Springfield 

would be benefited by the introduction of new services, including increased 

lending limits, trust services, and exchange of checks on a full par basis.

On the basis of the above information, and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 95

Resources

(in

Banking Offices

No. 42 thousands 

of dollars)

In

operation

To be 

operated

The Hongkong and Shanghai Banking

C orporation of California

San Francisco, California

92,305 3 4

to acquire a portion of the assets and

assume a portion of the

deposit liabilities of

Bank of Trade of San Francisco

San Francisco

1,999(4) 1

Summary report by Attorney General, July 30, 1 968

This is a proposal to transfer the Sacramento branch of the Bank of Trade 

to Hongkong and Shanghai Banking Corporation ("Hongkong” ).

The area directly affected by the proposed transaction is Sacramento, 

where the office being transferred is located. This is 75 miles from Hongkong's 

closest office. Hongkong has loans totaling $712,000 which originate in the 

Sacramento area, largely against real property; thus, there may be some direct 

competition between Hongkong and the Sacramento branch of Bank of Trade, 

but it appears to be limited. In view of the fact that each of the merging 

offices is a relatively minor element in its own service area, we conclude that 

the transaction would probably not have any serious adverse effect on 

competition.

Basis for Corporation approval, September 4, 1968

The Hongkong and Shanghai Banking Corporation of California, San Francisco, California (H&S), an insured nonmember bank w ith total deposits of 

$80,019,000, has applied, pursuant to Section 18(c) and other provisions 

of the Federal Deposit Insurance Act, for the Corporation's prior approval to 

acquire certain assets and assume liability to pay the deposits made in the 

State Capital Branch, Sacramento, California (BOT-SCB), of the Bank of Trade 

of San Francisco, San Francisco, California (BOT). The branch has total 

deposits of $1,172,000. The transaction would be effected under H&S's 

charter and title and, as an incident thereto, the one office of BOT-SCB would 

become a branch of H&S, increasing the number of its offices to four.

Competition. H&S's main office and one branch in San Francisco (population

750,000) are approximately 85 miles from Sacramento (population 191,700) 

where BOT's Sacramento branch is located. This distance and the direct 

competition existing w ith branches of the largest banks in the State precludes 

any significant competition between H&S and BOT-SCB. BOT-SCB presently 

holds only .2 percent and .5 percent of deposits and loans, respectively, held 

by banks in its service area. This proposal will have no material effect on banking concentration in the Sacramento area or elsewhere in the State.

The Board of Directors is of the opinion that the proposed transaction 

would not substantially lessen competition, tend to create a monopoly or in 

any other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory with respect to H&S as they are expected to be for the resulting 

bank. W ith the elimination of this location by BOT, future prospects are favorable for BOT to concentrate its management efforts at its remaining office.

Convenience and Needs of the Community to be Served. Evidence indicates 

the proposal will have no effect outside the Sacramento service area. This

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96 FEDERAL DEPOSIT INSURANCE CORPORATION

service area would benefit from the banking services already rendered by H&S 

in its present service areas, i.e. international banking ties, accounts receivable 

financing, real estate construction financing, working capital loans, and 

increased legal lending limits which are not presently provided the area by 

BOT-SCB.

Based on the foregoing and on the other information available to the 

Corporation, the Board of Directors has concluded that approval of the application is warranted.

No. 43

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Bank of M ississippi 48,051 1 1 1 2

Tupelo, Mississippi

to merge with

Bank of Bruce 5,239 1

Bruce

Summary report by Attorney General, May 1 7, 1 968

Bank of Mississippi operates six branch offices w ithin a 30-m ile radius of 

Tupelo, one in Lee County and five in three contiguous counties, and has been 

granted authority to open two additional branch offices in Tupelo. In 1966 

Bank of Mississippi merged with Prentiss County Home Bank, Boonesville, 

Mississippi (approximate deposits at the time of merger, $4.5 million).

Bank of Bruce is located 50 miles southwest of Bank of Mississippi's head 

office and approximately 40 miles southwest of its tw o closest branch offices 

at Ecru and Nettleton. There are intervening banks between these branches 

at Ecru and Nettleton and Bank of Bruce. The amount of direct competition 

between these tw o merging banks appears negligible.

The laws of Mississippi provide that no bank shall establish a branch bank 

in any town or city of less than 3,100 population where such tow n or city has 

one or more banks in operation, and thus Bank of Mississippi could not 

establish a branch bank in Bruce. The largest town in Calhoun County w ithout 

a bank is Pittsboro, the county seat which had a population of 205 in 1960. 

Furthermore, there are now tw o other banking offices in rural Calhoun County 

(having total county IPC deposits of only $9.3 million), a branch of Grenada 

Bank (third largest bank in Mississippi, w ith deposits of over $70 million), at 

Calhoun City (population 1,700), approximately 10 miles south of Bruce and a 

branch of Bank of Houston (total deposits, $5.3 million) at Vardaman (population 637), about 10 miles southeast of Bruce. Thus, the opening of a de novo

branch bank in Calhoun County by Bank of Mississippi appears remote.

Given the size of the market and the existing competition in Calhoun County, 

this proposed merger seems unlikely to have an adverse effect on competition.

Basis for Corporation approval, September 13, 1968

Bank of Mississippi, Tupelo, Mississippi (BOM), an insured nonmember bank 

with total deposits of $42,898,800, has applied, pursuant to Section 18(c) 

and other provisions of the Federal Deposit Insurance Act, for the Corporation's prior approval to merge w ith Bank of Bruce, Bruce, Mississippi (Bruce 

Bank), which has total deposits of $4,765,300. The transaction would be 

effected under BOM's charter and title and, as an incident to the proposed 

transaction, the single office of Bruce Bank would become a branch of BOM, 

increasing the number of its offices to 12.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 97

Competition. The main office of BOM is 50 miles from Bruce Bank and the 

nearest branch of BOM is 39 miles distant. There is virtually no competition 

between these tw o banks due to distance and other banking offices in the 

intervening area. The primary service area of BOM is in and around Tupelo, 

where tw o other aggressive large banks are located, arjd the surrounding 

areas of towns in which BOM has branch offices. Bruce Bank's service area 

is more localized, confined primarily to the immediate area of Bruce. Bruce 

Bank's nearest competition is 10 miles distant and furnished by a branch of 

the third largest bank in the State. BOM presently holds 36.5 percent and

41.7 percent of IPC deposits and loans, respectively, held by banks in its 

service area. The resulting bank would hold 31.5 percent and 37.0 percent 

of IPC deposits and loans, respectively, held by banks in the combined service 

area. This proposal would not alter BOM's position as the largest bank in the 

area it presently serves.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory with respect to both participating banks, as they would be for the 

resulting bank.

Convenience and Needs of the Community to be Served. This proposal would 

have its primary effect in the service area of Bruce Bank. The resulting bank 

would be able to handle larger loans than can Bruce Bank and provide trust 

services and data processing services which are not presently available from 

Bruce Bank.

Based on the foregoing and on other information available to the Corporation, the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 44 In

operation

To be 

operated

Ham bro A m erican Bank and Trust Co.

New York, New York 

(proposed new bank) 

to acquire a portion of the assets and

assume the deposit liabilities of

Laidlaw and Co. 33,109 1

1

New York

Summary report by Attorney General, July 10, 1968

This proposal would transfer to Hambro American, a new banking corporation which will be a subsidiary of Hambros Bank, Ltd., London, England, the 

commercial banking assets and liabilities of Laidlaw and Company, a stock 

brokerage firm which engages in private commercial banking activities.

Laidlaw's single banking office, which under the proposal would be taken 

over by Hambro American, is located near the center of Manhattan's financial 

district. Commercial banks operating offices in the area are among the largest 

in the world, and Hambro American, like its predecessor, will compete directly 

with the wholesale and internation banking departments of these large banks.

Since the proposed transaction would transfer Laidlaw's banking business to 

a former limited partner of the firm which has no other banking offices in the

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

United States, we conclude that it would not have any adverse competitive 

effects.

Basis for Corporation approval, September 19, 1968

Pursuant to Sections 5 and 18(c) and other provisions of the Federal Deposit 

Insurance Act, applications have been filed in behalf of Hambro American 

Bank & Trust Co., New York (Manhattan), New York (Applicant), a proposed 

new bank, for Federal deposit insurance, including consent to exercise full 

trust powers, and for the Corporation's prior consent for the Applicant to 

acquire the assets of and assume liability to pay deposits made in Laidlaw & 

Co., an operating uninsured private bank located at 25 Broad Street, New 

York (Manhattan), New York. The new bank will occupy under a sublease, 

the quarters presently used by the sole office of the Laidlaw & Co. Banking 

Department (Laidlaw) which has deposits of $20,640,000.

Competition. The proposal essentially represents the conversion of an 

operating noninsured private bank into an insured commercial bank w ith the 

right to exercise trust powers. Applicant will continue the present policies 

and operations of Laidlaw which are devoted primarily to wholesale banking 

w ith heavy emphasis on international banking. There will be no change in the 

number and location of banking offices. The proposal would not eliminate any 

existing competitor.

The Board of Directors is of the opinion that the proposed purchase and 

assumption transaction would not lessen competition, tend to create a 

monopoly or in any other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory for the operating private bank and are so projected for the 

Applicant.

Convenience and Needs of the Community to be Served. The Applicant will 

occupy the location of Laidlaw in the heart of the principal financial district 

of New York. This area's needs will be better served through the availability 

of more extensive and sophisticated range of services, including an alternative 

source of trust services, and the benefits of Federal deposit insurance.

Based upon the above information and other information available to the 

Corporation, the Board of Directors has concluded that approval of the applications for Federal deposit insurance, including consent to exercise full trust 

powers, and consent to the acquisition of assets and assumption of liabilities 

is warranted.

Resources

(in

Banking Offices

No. 45 thousands 

of dollars)

In

operation

To be 

operated

Bank of A m erica N ational Trust and

Savings Association

San Francisco, California

17,806,731 __(1)

—

to acquire the assets and

assume the deposit liabilities of

Banco Nacional, S.A.

Santiago, Dominican Republic

1,262 2

Summary report by Attorney General, August 22, 1968

The proposed transaction would permit Bank of America, the largest bank 

in the United States, to expand its international banking operations to the

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 99

Dominican Republic. Santiago (population, 84,000), the commercial and 

agricultural center for the northern region of the Dominican Republic, is now 

served by eight commercial banks, including branches of three large foreign 

banks. The only American banks presently operating in the Dominican Republic 

are Chase Manhattan Bank and First National City Bank, both headquartered 

in New York City.

Large American banks, including Bank of America, may compete for the 

business of some Dominican residents and corporations and for the banking 

arrangements attending United States imports from and exports to the 

Dominican Republic. While such business and arrangements are not likely to 

be a significant factor in the overall operations of United States banks, the 

proposed acquisition, by affording Bank of America banking offices in the 

Dominican Republic will provide additional international banking competition 

to the two United States banks presently operating offices there.

Basis for Corporation approval, September 25, 1968

The Bank of America National Trust and Savingr Association, San Francisco, 

California (Applicant), with total deposit of $15.8 billion, has applied, pursuant to Section 18(c) of the Federal Deposit Insurance Act, for the Corporation's approval to acquire the assets of and assume liability to pay deposits 

made in Banco Nacional, S.A., Santiago, Dominican Republic, an uninsured 

foreign bank with total deposits of $754,000.

Applicant has no branch in the Dominican Republic and Banco has no 

office or representative in the United States. The nearest offices of Applicant 

to Santiago are some 400 miles away in the U. S. Virgin Islands and there is 

no competition between the participating banks. Banco is the smallest of nine 

banks operating in the Dominican Republic. Four of the banks are branches 

of tw o United States and tw o Canadian headquartered banks w ith aggregate 

deposits in the billions of dollars. Applicant's entry into the Dominican Republic could increase competition, particularly in the international banking field.

The factors of financial and managerial resources, future prospects, and 

convenience and needs of the community to be served are favorable w ith 

respect to Applicant and the resulting bank. The future prospects of Banco, 

which is experiencing unfavorable operating results, would be improved as 

branches of Applicant and the banking needs of the communities served by 

Banco would be more adequately met.

The Board of Directors is of the opinion that the proposed transaction would 

not lessen competition, tend to create a monopoly or, in any other manner, be 

in restraint of trade.

On the basis of the information presented and other information available 

to the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

Resources

(in

Banking Offices

No. 46 thousands 

of dollars)

In

operation

To be 

operated

Union Square Savings Bank

New York, New York 

(change title to United Mutual 

Savings Bank) 

to merge with

283,901 5 9

The Kings C ounty Savings Bank

New York

216,147 4

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

Summary report of Attorney General, August 1 2, 1 968

Offices of the participating banks are located in contiguous but separate 

parts of New York City and are separated by a natural barrier, the East River. 

Mass transit facilities are present, and commuter traffic is heavy in the M etropolitan New York area. The greater part of County Bank's loan portfolio (about 

64 percent) appears to be invested in real estate loans in New York City; about 

40 percent of Union Square's portfolio is invested in New York City, w ith 

approximately 55 percent in mortgages in States other than New York. Thus, 

some direct competition may exist between the merging banks for the savings 

of commuters, and for loans, which will, of course, be eliminated by consummation of the proposed merger.

However, the proposed transaction would join the 14th largest Manhattanbased mutual savings bank w ith the 1 6th largest such institution headquartered 

in Brooklyn. The Resulting Bank will be 18th in size among the remaining 36 

mutual savings banks headquartered in Manhattan and Brooklyn and will control about 2 percent of the deposits of these institutions. These figures would 

be even lower after allowance was made for savings and loan associations as 

well as savings deposits at commercial banks and credit unions.

Basis for Corporation approval, October 4, 1968

Union Square Savings Bank, New York (Manhattan), New York (Union), 

an insured mutual savings bank w ith total deposits of about $261,264,000, has 

applied, pursuant to Section 18(c)and other provisions of the Federal Deposit 

Insurance Act for the Corporation's prior approval to merge w ith The Kings 

County Savings Bank, New York (Brooklyn), New York (Kings), also an insured 

mutual savings bank, which has total deposits of about $195,433,000. The 

banks would merge under the charter of Union and w ith the title United Mutual 

Savings Bank and as an incident to the merger, the four offices of Kings would 

become branches of Union, increasing the number of its offices to nine (including one public accommodation office).

Competition. Union operates all five of its offices (including the public accommodation office) in Manhattan's East Side midtown area in New York City. 

Kings operates its main office and one branch in Brooklyn and one branch in 

the Bronx, all in New York City. It operates one other branch in Nassau 

County, a suburban area east of the city. The 1960 population of New York 

City was about 7,782,000.

Competition between the participating banks is practically nonexistent. 

Their closest offices are some 2.Vi miles apart in a densely populated urban area 

and their primary service areas are effectively separated by the East River. In 

addition, there are tw o intervening offices of another savings bank.

Competition in New York City is intense among banks in particular and 

financial institutions in general. This merger would have virtually no effect on 

the present concentration of deposits or loans or on existing competition. 

Each of the participating banks has less than 1 percent of the total deposits 

and of the total loans held by savings banks in New York City and the resulting 

bank would have less than 2 percent of each. Furthermore, there are 47 other 

mutual savings banks operating 233 offices in New York City. Many of these 

institutions are far larger than the resulting bank would be. In addition, substantial competition in New York City is provided by commercial banks and 

savings and loan associations. There are 878 commercial bank offices in the 

city holding an estimated $4,753,000,000 savings and 134 offices of savings 

and loan associations holding savings estimated to be in excess of $4 billion. 

Total savings in New York City in the commercial banks, savings and loan

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 101

associations and savings banks combined is estimated to be some $36 billion 

and the resulting bank's share would be a little over 1 percent.

The Board of Directors is of the opinion that the proposed merger would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. The banking factors are 

considered acceptable w ith respect to the individual participating banks, but 

are considerably more favorable w ith respect to the resulting bank.

Convenience and Needs of the Community to be Served. Thrift services 

and mortgage loans have been provided by each of the participating institutions in its own area for over a century. The proposed merger would produce a 

better balanced bank w ith respect to surplus, earnings and management, and 

thereby permit improved service to the communities.

On the basis of the above information and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 47 In

operation

To be 

operated

Old Stone Trust Com pany

Providence, Rhode Island

5,628 17 28

to acquire the assets and

assume the deposit liabilities of

Plantations Bank of Rhode Island

Providence

53,156 1 1

Summary report by Attorney General, July 11,1 968

Old Stone Trust Company is a wholly owned subsidiary of Old Stone Savings 

Bank, the State's largest mutual savings bank. It carries on a commercial 

banking business limited primarily to accepting demand deposits and making 

single payment loans to individuals at 17 offices of its parent, 13 of which 

are located in the Providence metropolitan area. Plantations Bank is the 

State's fourth largest commercial bank and operates 1 1 offices, seven of which 

are located in the Providence metropolitan area.

The Providence metropolitan area contains the bulk of both the population 

and the commercial activity of the State of Rhode Island. Commercial banking 

is highly concentrated both in Providence and Rhode Island. The tw o largest 

banks have approximately 77 percent of IPC demand deposits in the Providence-Pawtucket-W arwick SMSA and 84 percent of commercial bank deposits 

in the State.

The proposed acquisition would eliminate direct competition between the 

tw o banks in Providence for IPC demand deposit accounts under $50,000. It 

would also appear to eliminate some direct competition between Plantations 

Bank and Old Stone Savings Bank for savings deposits and real estate loans in 

the Providence area. The proposed acquisition would not significantly increase 

concentration in commercial banking in either Providence or Rhode Island 

since it would add less than 1 percent to Plantations Bank's present market 

shares.

Although Old Stone Trust Company is presently engaged in commercial 

banking, the recentness of its limited entry into the field and the large resources 

and experience of its parent would justify treating it as a potential large scale

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

entrant into commercial banking. Viewed in this light, the proposed merger 

eliminates the possibility that Old Stone Trust Company might become a 

significant additional factor in the commercial banking market. This factor, 

however, must be weighed against the possibility that the merger might allow 

Old Stone Trust Company to become a significant competitor of the tw o dom inant commercial banks more quickly than if it were required to internally 

expand its presently small market position.

Basis for Corporation approval, October 4, 1968

The Old Stone Trust Company, Providence, Rhode Island (Old Stone Trust), 

an insured State nonmember bank with total deposits of $3,995,000 has 

applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior consent to acquire the 

assets of and assume liability to pay deposits made in the Plantations Bank 

of Rhode Island, Providence, Rhode Island (Plantations), w ith total deposits 

of $47,233,000. The banks would effect this transaction under the charter 

and title of Old Stone Trust and as an incident thereof, the 1 1 offices of 

Planatations would become branches of Old Stone Trust, increasing the 

number of its offices to 28.

Competition. Both of the subject banks have home offices in Providence, 

w ith their branches located throughout the State, the relevant trade area in 

this instance. Old Stone Trust is a wholly-owned subsidiary of the $350 

million-deposit Old Stone Savings Bank. The share of the aggregate comm ercial and savings bank deposits in Rhode Island held by Plantations is 2.0 percent while Old Stone Savings Bank and Old Stone Trust hold 1 5.6 percent and 

0.2 percent, respectively. Competition between Plantations on the one hand, 

and Old Stone Trust and Old Stone Savings Bank on the other, is not substantial as indicated by marked differences in the size deposits held and the 

type of loans made, the small size of Old Stone Trust and the recency of its 

entry of the commercial bank business, the decline of Plantations' share of 

the area's banking business and the proximity of numerous other bank offices 

including those of the State's tw o giant commercial banks. Old Stone Trust 

primarily handles personal checking accounts for customers of its parent bank 

and its commercial bank activities are restricted and likely to remain so absent 

this proposal, given the history of emphasis on personal banking service by 

both Old Stone Trust and its parent mutual savings bank, the domination of 

commercial banking in Rhode Island, and the difficulties in obtaining additional 

branch locations for commercial bank activities.

Rhode Island is serviced by 12 other commercial banks, five of which have 

main offices in Providence. The Industrial National Bank of Rhode Island and 

the Rhode Island Hospital Trust Company combined account for 85 percent 

of total deposits in commercial banks and 50 percent of the total deposits of 

commercial and mutual savings banks in the State. The greater capital and 

resources of the resulting bank, its increased lending ability and the additional 

services it can offer should place it in a position to become a significant 

commercial banking competitor fairly quickly. No important competitive loss 

appears to be involved in the proposed transaction and in any event it seems 

clearly outweighed by the competitive gain.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be a restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to both participating banks and are so projected 

for the resulting bank.

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 103

Convenience and Needs of the Community to be Served. Plantations has had 

a long and favorable history of banking in the community but now lacks the 

financial resources to expand to meet the ever-increasing demands of its 

customers. In 1956, 1957 and 1959 stock sales met w ith increased resistance 

and delay in marketing the offerings. The Old Stone Trust, on the other hand, 

has been in the commerical field to a very minor extent, offering mainly 

personal checking accounts and loans for customers of its parent mutual 

savings bank. The combination of the two banks would enable the resulting 

bank to offer broader services, including a larger lending limit, various computer 

applications, additional safe deposit units, and trust and international banking 

facilities.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 48 In

operation

To be 

operated

The Service Bank of Tonkawa

Tonkawa, Oklahoma 

(proposed new bank) 

to acquire the assets and

assume the deposit liabilities of

400 1

Bank of Com m erce

Tonkawa

5,449 1

Approved under emergency provisions. No report requested from the 

Attorney General.

Basis for Corporation approval, October 7, 1 968 

Bank of Commerce was closed by the Bank Commissioner of the State of 

Oklahoma on September 25, 1968. The Corporation, in approving the purchase and assumption transaction, found it necessary to act immediately in 

order to restore needed banking services to the community.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 49 In

operation

To be 

operated

The First Trust Com pany of

A llegany C ounty

Wellsville, New York 

(change title to First Trust Union Bank) 

to merge with

36,807 7 8

The Union N ational Bank of Franklinville

Franklinville

7,229 1

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

Summary report by Attorney General, June 27, 1 968

The First Trust of Allegany County has acquired six banks since 1957 and 

now operates seven offices, all in Allegany County. The Union National Bank 

of Franklinville is a unit bank with its office located at Franklinville. Cattaraugus 

County, Union National's home county, is situated in the southwestern part of 

the State adjacent to Pennsylvania. The town of Franklinville is in the east 

central section of Cattaraugus County adjacent to Allegany County. Both Cattaraugus County and Allegany County are primarily agricultural, although light 

industry and production of crude oil contribute to the counties' income.

The branch of First Trust closest to Union National is located at Cuba, New 

York, 1 8 miles southeast of Franklinville. As there are no other banking facilities 

located between Union National and First Trust's Cuba office, the area serviced 

by the banks may overlap to some limited degree and some small amount of 

direct competition may exist between them.

Although New York law permits limited branch banking, First Trust cannot 

branch de novo into the home office area of Union National, nor in view of the 

present limited size of the community and its relatively stagnant population 

trend would such de novo branching appear likely.

Accordingly, we conclude that this proposed merger does not appear to have 

significant anticompetitive effects.

Basis for Corporation approval, October 24, 1 968

The First Trust Company of Allegany County, Wellsville, New York (First 

Trust), an insured State nonmember bank w ith total deposits of $32,787,000 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior consent to merge The Union 

National Bank of Franklinville, Franklinville, New York (Union National), w ith 

total deposits of $6,399,000. The banks would effect this transaction under the 

charter of First Trust and w ith the title First Trust Union Bank and as an incident thereof, the sole office of Union National would become a branch of First 

Trust, increasing the number of its offices to eight.

Competition. First Trust operates a main office in Wellsville and six branches 

throughout Allegany County, New York, from 14 to 38 miles distant from 

Wellsville. Union National operates its sole office in Franklinville, Cattaraugus 

County, 40 miles northwest of Wellsville on the main north-south route connecting the larger population centers of Buffalo and Olean, New York. The 

closest office of First Trust is at Cuba, 20 miles southeast from Franklinville. 

Competition between First Trust and Union National is not substantial and the 

residents of Franklinville will continue to have alternate bank choices. The area 

served by the resulting bank would contain 14 banks operating 31 offices. The 

home office protection enjoyed by Union National would be ended by this proposal. First Trust is presently the second largest bank in the relevant service 

area and will move to first position by the addition of Union National. It will 

however, continue to receive strong competition from the other Wellsville bank.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory with respect to both participating banks and are so projected for 

the resulting bank.

Convenience and Needs of the Community to be Served. Union National has 

served its community well over its long history, however, additional services 

would be offered by the resulting bank, benefiting the local community. These 

would include trust services not now offered by Union National as well as

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 105

certain specialized types of lending, certificates of deposit and special type 

checking accounts. The legal lending lim it of Union National is now only 

$80,000 as contrasted w ith that of the resulting bank, $394,000.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 50 In

operation

To be 

operated

New Britain Bank and Trust Company

New Britain, Connecticut 

to merge with

48,948 7 8

The Rocky H ill Bank and Trust Com pany

Rocky Hill

4,487 1

Summary report by Attorney General, September 20, 1 968

New Britain (population 78,000), the second largest city in urban Hartford 

County (population 777,000) is 8 miles west of Rocky Hill (population 9,000). 

Hartford (population 162,000) is about 8 miles northeast of New Britain and 

8 miles northwest of Rocky Hill.

New Britain Bank's head office and five of its branches are located 8 miles 

from Rocky Hill's sole office; its nearest branches appear to be in Newington 

and Berlin, 5 miles northwest and 5 miles southwest, respectively, of Rocky Hill. 

There are no commercial banking offices in the intervening areas, although both 

Connecticut Bank and Trust Company and Hartford National Bank and Trust 

Company, each w ith deposits of over $700 million, operate branches about 2 

miles north of Rocky Hill. Eleven common depositors have $101,642 in New 

Britain Bank and $15,119 in Rocky Hill Bank, and seven common borrowers 

have loans of $1 1,557 from New Britain Bank and $16,840 from Rocky Hill 

Bank. New Britain Bank and Rocky Hill Bank have, respectively, 90 and 64 

deposit accounts from, and, 17 and 41 loans in, the other service area. Thus, 

it appears that this merger will eliminate competition between these banks.

New Britain holds about 4 percent of the county IPC demand deposits and 

Rocky Hill holds about 0.2 percent. However, Hartford County overstates the 

relevant geographic market. Five banks operate eight offices w ithin the area 

of Rocky Hill, Berlin, Newington and Watersfield. As of June 30, 1966, New 

Britain Bank held 11 percent of IPC demand deposits and Rocky Hill Bank held 

about 4 percent of such deposits in this market.

Basis for Corporation approval, October 24, 1968

New Britain Bank and Trust Company, New Britain, Connecticut (Applicant), 

an insured State nonmember bank w ith total deposits of $41,313,000, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior approval to merge w ith Rocky Hill 

Bank and Trust Company, Rocky Hill, Connecticut (Rocky Hill Bank), which has 

total deposits of $3,775,000. The banks would merge under the charter and 

w ith the title of the Applicant and, as an incident to the merger, the main and 

only office of Rocky Hill Bank would become a branch of the Applicant, increasing the number of its offices to eight.

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106 FEDERAL DEPOSIT INSURANCE CORPORATION

Competition. Applicant is headquartered in New Britain which has a population of 86,300. It operates three branches in New Britain and one in each of 

three other communities in the central section of the State. Rocky Hill is 8 

miles east from New Britain and has a population of 8,900. The main office is 

the only office operated by the Rocky Hill Bank. The merging banks' closest 

offices are 5 miles apart and no other banking locations are situated between 

them.

The service area relevant to this proposal includes the towns of New Britain, 

Newington, the northern half of Berlin, Bloomfield, Rocky Hill and Wethersfield. 

When considering commercial banks alone, New Britain's largest bank holds

37.8 percent of total deposits in five banking offices. The next largest share 

would be held by the resultant bank w ith 36.4 percent in eight offices (this 

includes 33.4 percent in the Applicant's seven offices increased by 3.0 percent 

in Rocky Hill Bank's only office). Connecticut's tw o largest commercial banks 

hold the remaining 25.8 percent of deposits in four branch offices. Thus the 

Applicant would hold the second largest amount of deposits both before and 

after the merger. There are a total of 17 commercial banking offices in the 

service area.

When considering total deposits of both commercial and mutual savings 

banks, the number of banking offices is increased to 30. The tw o largest shares 

of total deposits are held by tw o mutual savings banks based in New Britain 

with 31.4 percent and 1 7.1 percent in four offices and tw o offices, respectively. 

New Britain's largest commercial bank would follow with 1 1.6 percent of total 

deposits in five offices. The resultant bank would be fourth largest w ith 1 1.1 

percent of deposits held in its eight offices (this includes 10.2 percent in A pplicant's seven offices increased by 0.9 percent in Rocky Hill Bank's only 

office). The mutual savings bank in Berlin is next largest with 9.1 percent in 

three offices. The State's tw o largest commercial banks combined hold 7.8 percent in four offices and the remaining three mutual savings bank combined hold 

1 1.9 percent in four offices. Thus when including both commercial and mutual 

savings banks, the Applicant would remain fourth largest both before and after 

the merger.

Both banks have experienced good growth; however, measured by the 

amount of business each derives from the other's immediate area, it appears 

there is not a substantial amount of competition between the merging banks. 

The small increase in concentration in banking resources in the relevant market 

area would not have significant adverse affects on competition.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly or, in any other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are favorable w ith respect to the Applicant and are so projected for the resultant bank. Greater management depth would be provided the Rocky Hill 

Bank by the Applicant.

Convenience and Needs of the Community to be Served. The residential and 

industrial growth forecast for the Rocky Hill area will tend to increase credit 

requests in the not too distant future. The most significant changes to be 

offered by the resultant bank would be a greater legal lending capacity and 

trust department facilities which would be available at the Rocky Hill Office. 

Other improved and more varied services would also be available.

On the basis of the above information, and other information available to the

Corporation, the Board of Directors has concluded that approval of the bank's

application is warranted.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 107

Resources

(in

Banking Offices

No. 51 thousands 

of dollars)

In

operation

To be 

operated

Industrial Valley Bank and Trust Company

Jenkintown, Pennsylvania

307,514 31 37

to merge with

Lehigh Valley Trust Company

Allentown

79,399 6

Summary report by Attorney General, September 1 6, 1 968

Allentown (1960 population 108,000) located about 50 miles north-northwest of Philadelphia, is the principal city in Lehigh County. Bethlehem (1960 

population 75,000) is located immediately to the east of Allentown, partly in 

Lehigh County and partly in Northampton County. Much of Lehigh County is 

rural in nature, but there is considerable industrial activity in the AllentownBethlehem area.

As of December 31,1 967, the Allentown-Bethlehem market was served by 

five commercial banks w ith total deposits of $556 million. Lehigh Trust, w ith 

about 13 percent of commercial bank deposits in this market, is the smallest 

of these banks, although there are smaller banks operating in Lehigh County.

Industrial Valley operates ho offices in Lehigh County and there appears to 

be very limited competition between these tw o banks whose closest offices are 

approximately 1 5 miles apart.

Pennsylvania law permits de novo branching by a commercial bank into all 

counties which are contiguous to the county in which the bank's head office is 

located. Since Montgomery County is contiguous to Lehigh County, Industrial 

Valley could branch de novo into Lehigh County and into Allentown. Moreover, 

it is one of the few large banks operating in the Philadelphia area which can do 

so, since most Philadelphia banks have their head offices in Philadelphia 

County, which is not contiguous to Lehigh County.

Since 1964 Industrial Valley has increased the number of its offices from 21 

to 30. Of these new offices, five were acquired by merger and the remainder 

were opened de novo. Given its size, location, and history of de novo branching 

activity, it appears that Industrial Valley is a likely potential de novo entrant 

into Lehigh County and Allentown.

To summarize the proposed merger would combine a likely de novo entrant 

into the large and highly concentrated Allentown-Bethlehem market w ith a 

significant competitor there. Accordingly, it is our view that the merger would 

have an adverse effect upon potential competition.

Basis for Corporation approval, October 24, 1968

Industrial Valley Bank and Trust Company, Jenkintown, Pennsylvania (Applicant), an insured State nonmember bank w ith total deposits of $275 million, 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior consent to merge w ith Lehigh 

Valley Trust Company, Allentown, Pennsylvania (Allentown Bank) which has 

total deposits of $73.7 million, under the charter and title of the Applicant and, 

incident thereto, to establish seven branches at the six existing offices and one 

approved but unopened office of Allentown Bank.

Competition. The service area of Applicant, of which the population is estimated at 2,340,000, is essentially Philadelphia and southeastern Pennsylvania. 

Philadelphia and the surrounding area are heavily industrialized w ith diversified 

activity, extensive commercial services, port facilities, and an expanding resiDigitized for FRASER 

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

dential population. The economy in the communities in the surrounding 

counties (Bucks, Montgomery, Chester, and Delaware) where Applicant 

presently has branches, for the most part, is geared to the economy of the 

greater Philadelphia area.

The service area of Allentown Bank is confined to Lehigh County and the 

southern portion of Northampton County, including Bethlehem, which straddles 

the boundary between the tw o counties. Lehigh County is contiguous to 

Montgomery County on the north and the merger will expand Applicant's primary service area to this region. The population of Allentown Bank's service 

area is estimated at 410,000. Allentown is a heavily industrialized community, 

part of the Allentown-Bethlehem area which has experienced substantial 

population growth in recent years.

The main offices of the tw o banks are 50 miles apart and the closest office 

of Applicant to Allentown Bank is some 17 to 18 miles south toward Philadelphia. The tw o banks operate in separate market areas and there is little, if 

any, competition between them. Moreover, there seems little potential for 

competition between them; Allentown Bank has shown no inclination to expand beyond the Allentown area and it is doubtful that Applicant could obtain 

the State's approval to enter Allentown through de novo branching For these 

and other reasons, elimination of potential competition is not considered a 

realistic objection to this merger.

Applicant ranks fourteenth among 44 banks located in its primary service 

area (tenth among commercial banks), as measured in terms of IPC deposits. 

Several of its Philadelphia competitors hold IPC deposits in excess of $1 billion 

each. W ith respect to this market area, the merger would have no significant 

effect on competition. Any competitive effects would occur in the service area 

of Allentown Bank where it ranks seventh among tw enty competing banks, in 

terms of IPC deposits. In the immediate Allentown-Bethlehem area, it ranks 

smallest among seven banks, being only about one-third the size of the largest 

bank. The merger should tend to increase competition in the area now served 

by Allentown Bank.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. Financial resources and future prospects are satisfactory w ith respect to both participating 

banks and are so projected for the resulting bank. W ith respect to managerial 

resources, the merger will fill a gap in administrative personnel in Allentown 

Bank— a situation which has been a continuing problem in recent years. It will 

substitute an active and aggressive management for one which lacks such 

capabilities in a highly competitive banking market.

Convenience and Needs of the Community to be Served. As a result of the 

merger, the Allentown-Bethlehem area would gain the advantage of a bank 

w ith a larger lending limit than any now available in the area itself. The resulting bank could provide substantial credit lines and make accessible the 

present computer services of the Applicant for a variety of customer service 

requirements. Qualified personnel would be available to adequately administer 

an expanded portfolio and loan services. The more adequate management and 

more modern operating procedures of the larger bank would also tend to better 

serve the needs and convenience of the Allentown-Bethlehem community. 

Additionally, the availability of a bank w ith branches in Philadelphia would be 

of some service.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 109

No. 52

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Central Carolina Bank & Trust Company 107,186 25 26

Durham, North Carolina

to merge with

Carolina Bank and Trust Company 4,681 1

Denton

Summary report by Attorney General, July 25, 1 968

W ithin about 15 miles of Denton five banks operate eight banking offices. 

Because of the 28-m ile distance between the nearest offices of the merging 

banks, and the availability of other banking alternatives, there appears to be no 

direct competition between them at the present time.

North Carolina law permits statewide de novo branching. While it does not 

appear likely that Carolina Bank w ith its limited resources and local orientation, 

would open offices in areas now served by Central Bank in the foreseeable 

future. Central Bank has been expansion-minded in the past and has scattered 

branch operations; these factors suggest that it could become a competitor of 

Carolina Bank through de novo branching in the economically vigorous Denton 

vicinity. The proposed merger would eliminate Central Bank as a source of 

potential competition in Denton or in Davidson County.

Basis for Corporation approval, November 1, 1968

Central Carolina Bank & Trust Company, Durham, North Carolina (Applicant), an insured State nonmember bank with total deposits of $98 million, has 

applied, pursuant to Section 18(c) and other provisions of the Federal Deposit 

Insurance Act, for the Corporation's prior consent to merge w ith Carolina Bank 

and Trust Company, Denton, North Carolina (Denton Bank) which has total 

deposits of $4.1 million, under the charter and title of the Applicant and, incident thereto, to establish the sole office of Denton Bank as a branch.

Competition. Applicant, operating 24 branches, is a regional bank offering a 

complete range of banking services. All but tw o of its offices are located within 

a 55-mile radius of Durham which, together w ith Chapel Hill (12 miles southwest) and Triangle Park (8 miles south), comprises the principal market area. 

Thirteen of the 25 offices are located in these three communities. The Durham 

area is heavily industrialized and, w ith the three major universities in the State 

located in the area, research development has become an im portant economic 

activity. Agriculture, also, continues to be an important segment of the economy. Denton is about 90 miles southwest of Durham and the closest office of 

Applicant is at Mocksville, 37 miles northwest. Denton Bank is the only bank 

in Denton and it serves a rather limited local area in which there is some industry but where agriculture still is of major economic importance.

There is no overlapping of the service areas of Applicant and Denton Bank 

and the merger would not result in a substantial lessening of competition, 

actual or potential. Officials of banks competing w ith Denton Bank offered no 

objections to the proposal. Applicant, ranking eighth in size among all North 

Carolina banks, competes w ith offices of the other ten largest. It is much 

smaller than most of its major competitors, holding 2.2 percent of total deposits 

held by all banks competing in the combined service areas, as compared to

26.4 percent for the largest bank, 3.9 percent for the sixth largest, and 2.4 percent and 2.0 percent for the seventh and ninth largest banks, respectively. 

Denton Bank holds a minor 0.1 percent of the total deposits and the addition of

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110 FEDERAL DEPOSIT INSURANCE CORPORATION

its resources to those of Applicant would have no significant effect on competition in the latter's present service area. Major competition for Denton Bank 

emanates from banks in Asheboro, Lexington, and Thomasville, 1 8 to 19 miles 

from Denton, including branches of the State's largest and third largest banks. 

The substitution of a branch of Applicant for Denton Bank should tend to increase competition w ith these banks.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory w ith respect to both participating banks and are so projected for 

the resulting bank.

Convenience and Needs of the Community to be Served. Denton Bank, 

because of its comparatively limited resources and unit structure, is unable to 

provide a full range of banking services. As a result of the merger, the Denton 

area would gain the advantage of a large regional bank which provides all 

types of banking facilities on a larger and broader scale and, thus, could better 

serve the convenience and needs of the community.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

Banking Offices

No. 53 thousands 

of dollars)

In

operation

To be 

operated

First State Bank & Trust Company

Albany, Georgia 

to acquire the assets and assume

the deposit liabilities of

37,471 4 4

A lbany Savings Bank

Albany

9,080 1

Summary report by Attorney General, September 20, 1 968

The economy of Albany (population, 68,000), the principal center of 

Dougherty County (population, 90,000) is industrial, although the surrounding 

area is agricultural. There are tw o military installations on the outskirts of the 

city. W ithin Dougherty County, three commercial banks and one savings bank 

operate 10 offices, all in or immediately outside of Albany.

Two savings and loan associations, Albany First Federal Savings and Loan 

Association (total deposits $19 million) and Home Federal Savings and Loan 

Association (total deposits $11 million) also operate four offices in Albany.

Both banks accept savings deposits and offer comparable loan services in 

the same market. After merger, the resulting bank will have 43 percent, or the 

largest share, of savings deposits in all commercial banks and savings and loan 

associations in Dougherty County. However, in view of the interlocking control 

of the tw o banks which has existed since Albany Savings Bank was organized, 

the tw o banks probably do not now compete w ith one another to any significant extent. The proposed merger would eliminate Albany Savings as a potential independent competitor in Dougherty County should such common 

ownership be dissipated in the future.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 111

Basis for Corporation approval, November 1, 1968

First State Bank & Trust Company, Albany, Georgia (State Bank), an insured 

State nonmember bank w ith total deposits of about $32,025,000, has applied 

pursuant to Section 1 8(c) and other provisions of the Federal Deposit Insurance 

Act for the Corporation's prior approval to acquire the assets of and assume 

the liability to pay deposits made in Albany Savings Bank, Albany, Georgia 

(Savings Bank) which has total deposits of about $7,91 2,000. The banks would 

effect this transaction under the charter and w ith the title of State Bank and as 

an incident to the transaction, the sole office of Savings Bank would become a 

branch of State Bank and the number of its offices would remain at four. This is 

due to the planned discontinuation of State Bank's branch located directly 

across the street from Savings Bank's office.

Competition. State Bank operates its main office and tw o branches in 

Albany, Georgia and one facility at the naval air station which is adjacent to 

Albany. Albany is located in the center of the southwest quadrant of the State 

of Georgia and has an estimated population of 68,000. It is located in 

Dougherty County w ith an estimated population of 85,000. Savings Bank's 

sole office is located in downtown Albany, directly across the street from one 

of State Bank's branches and one block from its main office. Competition between the participating banks is moderate at most. This is attributed in part to 

the difference in the services offered by the respective institutions. State Bank 

is a full service commercial bank offering a broad range of commercial bank 

services, whereas Savings Bank has restricted its activities primarily to thrift 

services and real estate mortgage loans. Furthermore, effective competition 

between the tw o banks is inhibited by long-standing interlocking control of 

both banks. Indeed, the tw o families which own control of State Bank were 

principal organizers of Savings Bank in 1950.

State Bank is presently the second largest of the four banks operating in 

Albany and the resulting bank would remain in the second position. There 

would still be tw o other banks operating in Albany. The largest bank is a member of a holding company whose lead bank is the largest bank in the State of 

Georgia. The moderate increase in State Bank's resources would not adversely 

affect competition in the relevant area.

The Board of Directors is of the opinion that the proposed transaction would 

not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are satisfactory w ith respect to State Bank as they would be for the resulting bank. 

Savings Bank's problems, w ith respect to capital and ability to offer competitive 

services, would be eliminated by this transaction.

Convenience and Needs of the Community to be Served. State Bank appears 

to be a well established bank able to offer the wide range of services desired by 

the community. The services rendered by Savings Bank are very limited and the 

resulting bank would be a larger full service institution. It appears that the 

Albany public would be benefited through the additional services which would 

be rendered by three competitive full service institutions.

On the basis of the above information and other information available to the

Corporation, the Board of Directors has concluded that approval of the bank's

application is warranted.

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112 FEDERAL DEPOSIT INSURANCE CORPORATION

No. 54

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

W ashington Trust Bank 19,441 4 7

Bristol, Virginia

to merge with

Russell C ounty N ational Bank 8,241 3

Honaker

Summary report by Attorney General, September 5, 1 968

Washington Trust is an affiliate of Virginia Commonwealth Bankshares 

Incorporated, a registered bank holding company having nine other member 

banks and about 5 percent of total deposits in the State. It is the fourth largest 

of five banks operating 11 offices in the Bristol, Virginia area (population

17,000) and the only bank headquartered there. Two of these are branches 

of banks having over $300 million in total deposits.

Russell County (1960 population, 26,300), whose economy rests on tobacco 

and livestock had, as of June 30, 1966, total deposits of $14.9 million. The 

county is served by tw o banks, Russell National and a branch of First National 

Exchange Bank in Virginia (total deposits $337 million) located in Lebanon 

(population 2,085).

Washington Trust and Russell National are 58 miles apart and have no 

known common depositors; the nearest affiliate of Virginia Commonwealth 

Bankshares to an office of Russell National is 25 miles away. Thus, no elimination of competition is involved in the proposed merger.

Virginia law prohibits branching outside of the county in which a bank's head 

office is located except by merger. Thus, neither bank is a potential de novo

entrant into the other's market. Virginia Commonwealth Bankshares does have 

the resources to enter Russell County de novo. However, given the size of the 

market, this does not seem to be a realistic possibility at this time.

Basis for Corporation approval, November 11, 1968

Washington Trust Bank, Bristol, Virginia (Applicant), an insured State nonmember bank w ith total deposits of $17,41 1,000 and a subsidiary of Virginia 

Commonwealth Bankshares, Inc., Richmond, Virginia, a registered bank holding 

company, has applied, pursuant to Section 18(c) and other provisions of the 

Federal Deposit Insurance Act, for the Corporation's prior consent to merge 

w ith Russell County National Bank, Honaker, Virginia (National), which has 

total deposits of $7.4 million, under the charter and title of the Applicant and, 

incident thereto, to establish three branches at the existing locations of 

National.

Competition. The service area of Applicant includes the cities of. Bristol, 

Virginia, and Bristol, Tennessee (contiguous cities having a common main 

street), and the surrounding area in Washington County, Virginia, and Sullivan 

County, Tennessee, w ithin a radius of about 10 miles of Bristol. The city is an 

urban retail and service center serving southwest Virginia and the region known 

as Upper East Tennessee. The 1966 population of the Bristol metropolitan 

area was about 180,000. The most important of the area's basic industries is 

manufacturing which accounted for 39 percent of total employment in 1965. 

The area has experienced strong economic growth in recent years.

The service area of National lies within Russell County which is mountainous 

and predominantly rural. Agriculture is the leading industry w ith fine burley

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Federal Reserve Bank of St. Louis
BANK ABSORPTIONS APPROVED BY THE CORPORATION 113

tobacco, cattle and sheep providing the major part of farm income. The present 

population of the service area is estimated at 27,600.

Three of Applicant's four offices are w ithin the city limits of Bristol and the 

other is in Washington County about 5 miles northeast of downtown Bristol. 

National's main office in Honaker is 51 miles northeast of downtown Bristol, its 

Lebanon Branch is 35 miles north, and its Cleveland Branch (acquired in a

1966 merger) is 42 miles north. The nearest offices of the merging banks are 

30 miles apart and they operate in separate market areas. Virginia law prohibits 

either bank from establishing de novo branches in the service area of the other 

and the only means of accomplishing branch expansion beyond the present 

service area of either bank is by merger. Thus, there is no existing or potential 

competition between the tw o banks which will be eliminated. The nearest other 

subsidiary bank of Virginia Commonwealth Bankshares, Inc. to Bristol or the 

offices of National is The First Valley Bank, Weber City, Virginia, the sole office 

of which is 27 miles west of Bristol and not competitive.

Applicant ranks fourth in size, in terms of total deposits, among six banks 

competing in its present service area. Two of its competitors, operating five 

branches in the area, are substantially larger banks— one about equal in size 

w ith the State's present largest bank and the other ranking fourth. Applicant 

would increase its relative size by less than 1 percent as a result of the merger 

which, w ith respect to this market area, would have no significant effect on 

competition. Any competitive effects would occur in the service area of National which ranks next to smallest among five banks competing in that area, 

including the same tw o substantially larger banks represented in Bristol. The 

merger should tend to increase competition in the area now served by National.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory w ith respect to both participating banks and are so projected for 

the resulting bank.

Convenience and Needs of the Community to be Served. Both Applicant 

and National have served community convenience and needs in their respective 

service areas for a number of years. The resulting bank could provide a broader 

range of banking services on a larger scale through its greater resources, larger 

capital base, and improved management capabilities. This would be especially 

true in the service area of National. The increased lending lim it will be beneficial w ith respect to the larger commercial and industrial activities; also, the 

resulting bank can provide a wider range of specialized loan services in the 

market area of National.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

No. 55

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

The A m erican Bank 37,410 13 16

Woodbridge, Virginia

to merge with

Fidelity N ational Bank 22,668 3

Arlington

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114 FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by Attorney General, September 27, 1968

The American Bank, a subsidiary of Virginia Commonwealth Bankshares, 

operates 13 banking offices, 12 of which are in Prince W illiam and Fairfax 

Counties, and one in Arlington County, in Northern Virginia. Fidelity National 

Bank operates its main office and tw o branches in the town of Arlington in 

Arlington County, Virginia. The one Arlington County branch of American Bank 

is located one mile from a Fidelity branch. Thus, there is some competition 

between the tw o banks which would be eliminated by the proposed merger.

Eight banking organizations, four of which are bank holding companies, and 

one of which is a very large Richmond bank, operate 45 offices in Arlington 

County. As of June 30, 1966, American Bank held the smallest share, or 1.3 

percent of total county deposits, and Fidelity held the sixth largest share, or 

4.1 percent.

Basis for Corporation approval, November 12, 1968

The American Bank, Woodbridge, Virginia (American), an insured State nonmember bank w ith total deposits of $31 million and a subsidiary of Virginia 

Commonwealth Bankshares, Inc., Richmond, Virginia, a registered bank holding 

company, has applied, pursuant to Section 18(c) and other provisions of the 

Federal Deposit Insurance Act, for the Corporation's prior consent to merge 

w ith Fidelity National Bank, Arlington, Virginia (Fidelity), which has total deposits of $20 million, under the charter and title of American and, incident 

thereto, to establish three branches at the existing locations of Fidelity.

Competition. The service area of American includes all of Prince W illiam 

County, the eastern section of Fairfax County near the independent City of 

Alexandria, and tw o sections of Arlington County. Fidelity's three offices serve 

three different sections of Arlington County which is primarily a residential 

section in the Washington metropolitan area. A t the end of 1967, its population was estimated at 184,000 w ith government employees representing 

almost one-third of total employment. There are a large number of professional 

and retail outlets in the area and some commercial and industrial activity. 

Prince W illiam County which lies west and south of Fairfax County had an 

estimated population of 91,800 at the end of 1 967. A large part of its working 

population is employed in government offices or in nearby military establishments. Agriculture, brick kilns, and lumbering, however, continue to constitute 

a major part of the economy. American has eight offices in Prince W illiam 

County, and tw o each in Arlington and Fairfax Counties.

The closest offices of the merging banks are the main office of Fidelity at 

Court House Square, Arlington and the Rosslyn Branch (Arlington County) of 

American, about one mile apart. The amount of business that each bank derives 

from the service area of the other is nominal and, while some lessening of 

competition would result, it is not substantial in relation to the total existing 

competition in the relevant market area. American has total deposits of about 

$7.5 million in its four offices in Arlington and Fairfax Counties, as compared 

to more than $600 million held by other commercial banks in the same area. 

Moreover, competition derives to some extent from the 1 5 banks located in the 

District of Columbia, to where many of the residents commute for employment. 

Among 16 banks considered to be primarily competitive, American holds 3.9 

percent of the total deposits and the resulting bank would hold 7.3 percent. By 

comparison, four of the 16 banks are subsidiaries of another large Virginia 

holding company and, combined, hold 34.5 percent of the total deposits. The 

merged institution would represent an increased source of competition for 

these and other larger banks in the area. Moreover, within a short distance of 

each office of Fidelity are several offices of other banks (both independent and

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affiliated) which would provide the public with continued convenient availability 

of numerous alternate banking choices.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory with respect to American. On the other hand, Fidelity, which is 

a relatively new bank (organized in 1964), has experienced serious management and asset problems. The merger would correct the weakened asset condition of Fidelity by eliminating it as an independent bank and would provide the 

public w ith offices of a much sounder institution. The inadequate management 

would be strengthened by the management of American which is considered 

fully adequate for the resulting bank, more particularly through the depth, 

competence, and management skills which can be provided by the parent 

holding company. Future prospects for the resulting bank appear favorable.

Convenience and Needs of the Community to be Served. As a result of the 

merger, the customers of Fidelity and the public in the areas it serves would 

gain the advantage of a bank with a larger lending limit and would benefit from 

the skilled and specialized services offered by American, not only through its 

internal organization, but also through its holding company affiliation. The 

parent bank in this holding company group has gained nationally recognized 

expertise in the field of consumer credit. Other specialized services which 

would be offered by American include a credit card program, investment and 

credit analysis, specialization in various types of lending, public relations and 

advertising, electronic data processing of records, and internal routine and 

controls.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

No. 56

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

The Citizens Bank of Portland 1 1,284 1 2

Portland, Indiana

to merge with

Pennville State Bank 928 1

Pennville

Summary report by Attorney General, August 2 1 ,1 9 6 8 

This merger involves tw o small banks located respectively in Portland (population 7,000) and Pennville (population 800), tw o communities located 12 

miles apart in Jay County (1960 population of 22,572). This county is presently 

being served by six banks w ith seven banking offices.

There is some existing affiliation between the tw o banks. The President of 

Citizens Bank, who is also a Director, serves as a Director of Pennville Bank, 

w ith 14.5 percent and 12 percent of the stock of the respective banks. Another 

Director of Citizens Bank owns 5.2 percent of the stock of Pennville Bank. The 

duration of these stock interests is not indicated in the application.

Citizens Bank is about 12 miles from Pennville Bank w ith no intervening 

offices. There appears to be some competition between the merging banks, 

which have 20 common IPC deposit accounts totalling $1.4 million and 10

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116 FEDERAL DEPOSIT INSURANCE CORPORATION

common IPC loan accounts totalling $540,000. This competition w ill be elim inated by this merger. To the extent that competition may have been foreclosed 

by the existing affiliation discussed above, the proposed merger would permanently eliminate the possibility that competition would be resumed if, and 

when, the affiliation were terminated.

Citizens Bank is the second largest of the three banks operating in Portland 

and of the six banks operating in Jay County. It holds approximately 29 percent 

of Jay County's IPC demand deposits and Pennville Bank holds about 3 percent. 

The largest bank in the county holds 38 percent of such deposits.

While Pennville Bank's recent financial history indicates that it is encountering certain difficulties, the application does not contain any information that 

would indicate that its problems could not be solved by means other than 

merger w ith the second largest bank in the area.

Basis for Corporation approval, November 19, 1968

The Citizens Bank of Portland, Portland, Indiana (Applicant), an insured 

State nonmember bank w ith total deposits of $10,373,200, has applied, pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to merge w ith Pennville State Bank, 

Pennville, Indiana (Pennville Bank), which has total deposits of $834,800. The 

banks would merge under the charter and w ith the title of the Applicant and, 

as an incident to the merger, the main and only office of Pennville Bank would 

become a branch of the Applicant, increasing the number of its offices to two.

Competition. Applicant is headquartered in Portland which has a population 

of 6,754. Pennville is 12 miles northwest from Portland and has a population of 

730. No branches are operated by either bank. There are no banking offices 

situated between the offices of the participating banks.

The service area relevant to this proposal includes an area w ithin a 6 to 8 

mile radius of Portland and an area w ith a slightly shorter radius around Pennville. There is a slight overlapping which is not considered significant. The 

largest bank in the resultant bank's service area holds 49.4 percent of total 

deposits. The next largest share would be held by the resultant bank w ith 33.2 

percent (this includes the Applicant's 30.8 percent and Pennville Bank's 2.4 

percent). The remaining bank holds 1 7.4 percent of deposits. Thus the Applicant 

would be second largest both before and after the merger.

The Applicant has experienced good growth and the Pennville Bank moderate growth in recent years. Measured by the amount of business each derives 

from the other's service area, competition does not appear to be substantial 

between the merging banks. The small increase in concentration in banking 

resources in the relevant market would not have an adverse effect on com ­

petition.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly or, in any other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

acceptable w ith respect to the Applicant and are so projected for the resultant 

bank. Improved management quality and depth would be provided the Pennville 

Bank by the Applicant. Better operating procedures of the Applicant would 

substantially improve the prospects of the Pennville office.

Convenience and Needs of the Community to be Served. Except for a higher 

lending limit, there will be little change in the services offered the community 

of Portland. The services to be offered the community of Pennville will be substantially improved over those presently available. In addition to higher lending 

limits and trust facilities, the banking quarters would be more accessible and 

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 117

cially to provide information regarding agricultural lending. It appears that 

community services in Pennville would be improved.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 57 In

operation

To be 

operated

Bank of W arw ick

Newport News, Virginia 

to acquire a portion of the assets

and assume a portion of the liabilities of

33,453 6 7

The Bank of Virginia

Richmond

18 .3 2 9 151 1

Summary report by Attorney General, October 1 6, 1 968

The Bank of W arwick and the Bank of Virginia are both affiliates of the 

Virginia Commonwealth Bankshares, Inc., a registered bank holding company 

which owns 99.9 percent of the outstanding capital stock of both banks.

Although an office of the Bank of W arwick and the branch office of the Bank 

of Virginia involved in this transaction are located practically next to each other, 

the proposed transaction will not eliminate competition because the Bank of 

W arwick and the Bank of Virginia are both owned by the same holding com ­

pany. The reason for the transfer of the branch office from one subsidiary to 

the other, apparently, is merely to increase economies of operation.

Basis for Corporation approval, November 26, 1968

B ank of W a rw ic k , N e w p o rt N e w s, V irg in ia (W a rw ic k ), a State member ba n k 

w ith total deposits of $30,225,000 and a subsidiary of Virginia Commonwealth 

Bankshares, Inc., Richmond, Virginia, a registered bank holding company, has 

applied, pursuant to Sections 6 and 18(c) and other provisions of the Federal 

Deposit Insurance Act, for Federal deposit insurance as a State nonmember 

bank to become effective simultaneously upon w ithdrawal from membership in 

the Federal Reserve System; and for the Corporation's prior consent to acquire 

the assets of and assume liability to pay deposits of $1 7,310,000 made in the 

Newport News Branch (Branch) of The Bank of Virginia, Richmond, Virginia, 

also a subsidiary of Virginia Commonwealth Bankshares, Inc., and, incident 

thereto, to establish this branch as a branch of W arwick, w ith subsequent 

change of location from 2805 Washington Avenue to 3027 Washington 

Avenue, Newport News, Virginia; and for the Corporation's prior w ritten consent to exercise trust powers.

Competition. The service area of the six offices of W arwick covers the contiguous independent cities of Newport News and Hampton and the southern 

part of York County, located immediately to the north. Branch is located in 

downtown Newport News, one block from the nearest office of W arwick. The 

economy of the area, which has a total population of about 282,000, is related 

to several military and naval establishments, Newport News Shipbuilding and 

Dry Dock Company, and various other smaller industries. Tourtsm and nearby 

beaches provide some stimulus to the economy.

The tw o banks are only nominally competitive, since both are subsidiaries 

of the same holding company. Branch is the only office of The Bank of Virginia

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118 FEDERAL DEPOSIT INSURANCE CORPORATION

in the Newport News area and under Virginia statutes is precluded from establishing additional de novo branches in the area. The resulting bank would hold 

the third largest volume of local deposits among seven banks in the market 

area— the same position it presently holds among eight banks. It faces direct 

competition from branches of the State's tw o largest banks; also, the largest 

bank in the area in terms of local deposits is an affiliate, through another holding company, of the State's third largest bank. The Bank of Virginia is the 

State's fourth largest bank.

The Board of Directors is of the opinion that the acquisition would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to both participating banks and are so projected 

for the resulting bank. The holding company initiated the transaction as a 

means to effect economies in the operation of its affiliated banks in Newport 

News.

Convenience and Needs of the Community to be Served. Since both W arw ick 

and Branch are affiliates of the same holding company, the change of Branch 

from an office of The Bank of Virginia to an office of W arwick w ill not bring new 

banking facilities into the area or change significantly the present capacity of 

the tw o banks. However, as a result of the transaction and the sale of additional 

capital and acquisition of trust powers, W arwick will be a stronger institution 

which should enable it to compete more aggressively in competition w ith the 

larger banks in the Hampton-Newport News area. The present customers will 

also be able to transact business at any of the other offices of W arwick.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

w a rra n te d .

Resources

(in

thousands 

of dollars)

Banking Offices

No. 58 In

operation

To be 

operated

Biddeford Savings Bank

Biddeford, Maine

17,780 1 1

to consolidate with

York Savings and Loan A ssociation

Biddeford

2,971 1

Summary report by Attorney General, October 1 7, 1968 

Biddeford (population 19,300) is located in the eastern portion of York 

County (population 100,000). In the Biddeford-Saco area, there are three com ­

mercial banks, three savings banks and one savings and loan association.

The offices of the merging institutions are w ithin walking distance of one 

another, and are in direct competition for time deposits and real property loans. 

Biddeford Savings and York have 550 common savings accounts, which represent 33 percent of York's accounts. This competition will, of course, be elim inated by the merger.

Basis for Corporation approval, November 26, 1968 

Biddeford Savings Bank, Biddeford, Maine (Applicant), an insured mutual 

savings bank w ith total deposits of about $15,633,000, has applied pursuant 

to Section 18(c) of the Federal Deposit Insurance Act for the Corporation's 

prior approval to consolidate w ith York Savings and Loan Association, BiddeDigitized for FRASER 

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 119

ford, Maine (York Savings) which has total withdrawable balances of about 

$2,662,000. The tw o institutions would consolidate under the charter and title 

of Applicant. It is intended that the sole office of York Savings would be discontinued and its operations transferred to the sole office of Applicant.

Competition. Both of the participating institutions are one-office operations 

located approximately 100 feet apart on Main Street in Biddeford, Maine. That 

city's 1960 population of about 19,300 makes it the largest city in York County 

which is located in southern Maine, near the Atlantic Ocean. Across the Saco 

River from Biddeford is located the City of Saco, w ith a 1960 population of 

about 10,500. The service area of York Savings is contained entirely w ithin that 

of Applicant. Both participants are thrift institutions which invest their funds 

almost exclusively in real estate mortgage loans. York Savings is a small institution which has not grown appreciably, especially in recent years. Only minor 

competition exists between it and Applicant because they have long had a 

more or less common board of directors and trustees.

Applicant is the second largest savings bank in the service area and the 

resulting bank would continue in this position. Of the IPC time deposits and 

loans held by savings banks and savings and loan associations. Applicant holds

23.5 percent and 21 percent. The resulting bank would have 27.4 percent and

26.6 percent of the time deposits and loans, respectively. If commercial banks 

were included, the resulting bank would have 20.8 percent of the tim e deposits. The size increases resulting from this consolidation are even more 

moderate in terms of dollar amounts involved, and the resulting bank would still 

be faced w ith ample competition from eight other banks and savings and loan 

associations in the primary service area. In addition, there is significant com ­

petition for savings deposits and loans from financial institutions outside the 

service area.

The Board of Directors is of the opinion that the proposed consolidation 

would not substantially lessen competition, tend to create a monopoly or in any 

other manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors are satisfactory w ith respect to Applicant, but the future prospects of York Savings are 

rendered less than bright by its inability to meet the competitive dividend rate. 

This consolidation would eliminate this problem and the banking factors w ith 

respect to the resulting bank are satisfactory.

Convenience and Needs of the Community to be Served. Thrift services and 

mortgage loans have been provided by each of the participating institutions 

for many years. The proposed consolidation would produce a stronger institution which could more easily absorb competitive dividend costs and thereby 

benefit present and potential depositors.

On the basis of the above information and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 59 In

operation

To be 

operated

Morgan Guaranty Trust Company

of N ew York

New York New York

9,173,248 5 5

to merge with

M organ G uaranty Safe D eposit C om pany

New York

346 —

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Summary report by Attorney General, October 1 5, 1968

The Morgan Guaranty Safe Deposit Company has the power to engage in the 

business of renting vaults and safe deposit boxes, but has no power to make 

loans or accept deposits other than deposits of personal property and papers for 

storage. Morgan Guaranty Trust Company, a commercial bank and trust com ­

pany, owns 99.7 percent of the stock of Morgan Guaranty Safe Deposit Company. The present safe deposit facilities of Morgan Guaranty Safe Deposit 

Company are located in leased portions of four of Morgan Guaranty Trust 

Company's New York City branches. The reason for the merger is to eliminate 

the necessity of maintaining separate accounting records. The proposed transaction has no effect on competition.

Basis for Corporation approval, November 26, 1968

Morgan Guaranty Trust Company of New York, New York, New York, (Trust 

Company), with total deposits of $7.5 billion, has applied, pursuant to the 

provisions of Section 18(c)(1)(A) of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge under its charter w ith Morgan 

Guaranty Safe Deposit Company, New York, New York, (Deposit Company), an 

affiliated noninsured institution w ith no deposit liabilities which conducts a 

safe deposit business at the four domestic offices of Trust Company. The safe 

deposit facilities will be continued by Trust Company following the merger.

Competition. Trust Company was organized in 1864 and its main office and 

four branches are located in the Borough of Manhattan, New York City. It also 

operates branches in foreign countries. Deposit Company was organized in 

1911 as an affiliate of Trust Company for the sole purpose of conducting safe 

deposit operations. Deposit Company holds no deposits or loans and is not 

engaged in general commercial banking activities. Trust Company owns all but 

seven of Deposit Company's 2,500 shares of capital stock and the proposed 

merger is essentially a corporate reorganization and would have no effect on 

competition.

The Board of Directors is of the opinion that the proposed merger would not 

substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

satisfactory w ith respect to the merging and proposed institutions.

Convenience and Needs of the Community to be Served. The operations of 

Deposit Company will be continued at the same locations and in the same 

manner as before and thus the convenience and needs of the public w ill be 

served as in the past.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

Banking Offices

No. 60 thousands 

of dollars)

In

operation

To be 

operated

First State Bank of Salina

Salina, Utah 

(change title to 

First State Bank)

12,611 3 4

to merge with

M anti C ity Bank

Manti

3,780 1

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Summary report by Attorney General, November 20, 1 968

In Sanpete County (1960 population, 1 1,053), a primarily rural area, there 

are four banking offices holding a total of $16 million in deposits. Manti Bank, 

with about 9 percent of IPC deposits, is the smallest bank in the county.

First State Bank, which serves Salina and other communities w ithin the 

sparsely populated, rural counties of Sevier, Piute, Garfield, and Kane, has the 

second largest share, or 37 percent, of IPC deposits in Sevier County (1960 

population, 10,565). First State Bank's primary com petitor in this county should 

be Richfield Commercial and Savings Bank (total deposits, $9 million), w ith 

45 percent, or the largest share of such deposits, located 18 miles south of 

Salina, w ith no banks in the intervening area. The largest bank in Utah, w ith 

total deposits of $466 million, also operates in this county. First State Bank is 

the only bank operating in Kane or Garfield Counties (1960 populations 2,667 

and 3,577, respectively).

The closest offices of the merging banks are 35 miles apart; one bank, w ith 

total deposits of $4.3 million, operates in the intervening area. The tw o banks 

estimate that they have about 25 common depositors w ith no more than a 

total of $100,000 in either bank. Thus, there may be some competition between them. Although the likelihood of competition is minimized by the fact 

that tw o of the directors and major shareholders of the Manti Bank also own 

18 percent of the stock of First State Bank, consummation of this merger 

would foreclose the future possibility of competition developing between First 

State Bank and Manti Bank should these interlocks be terminated.

Basis for Corporation approval, November 26, 1968

First State Bank of Salina, Salina, Utah (Applicant), an insured State nonmember bank w ith total deposits of $11.6 million, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior consent to merge w ith Manti City Bank, Manti, Utah 

(City Bank), an insured State nonmember bank w ith total deposits of $3.4 

million. The merger would be effected under the Applicant's charter and w ith 

the title "First State Bank" and, as an incident thereto. City Bank's sole office 

would be operated as a branch, increasing the number of Applicant's offices to 

four.

Competition. Applicant has three widely spaced offices in the sparsely populated south-central section of Utah. Its northernmost office is the main office in 

Salina and its branches are in Panguitch, 100 miles south, and Kanab, 165 

miles south. City Bank's office is in Manti, 26 miles north from Salina. Each of 

these bank office communities has a population of less than 2,000. Another 

bank office lies about midway between the merging bank's main and closest 

offices and their service areas do not overlap. Applicant and City Bank have had 

a close relationship for a number of years. They are controlled by the same 

interests and City Bank's managing officer is on loan from Applicant. There is 

virtually no competition between the merging banks.

City Bank is smaller than either of its nearest bank competitors— Bank of 

Ephraim w ith deposits of $4.9 million and Gunnison Valley Bank w ith deposits 

of $4.7 million. The latter also is Applicant's nearest competing bank. The next 

nearest bank to Applicant, Richfield Commercial and Savings Bank w ith deposits of $8.4 million, is controlled by the same interests as the merging banks. 

The Applicant's tw o branches are the only bank offices in their respective 

counties. The proposed merger of these tw o closely associated banks would 

have no unfavorable effects on competition.

The Board of Directors is of the opinion that the proposed merger would not 

lessen competition, tend to create a monopoly or in any other manner be in 

restraint of trade.

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Financial and Managerial Resources, Future Prospects, and Convenience

and Needs of the Community to be Served. These factors are favorable w ith 

respect to the Applicant and are so projected for the resulting bank. City Bank 

lacks management depth and is being operated temporarily by an officer of the 

Applicant. The bank's average deposit trend shows a net decline over the past 

tw o calendar years. The proposal would resolve City Bank's management 

problem and as a branch under Applicant's aggressive management, its prospects for growth would be improved. The availability of a significantly larger 

lending limit should add to the convenience and needs of the Manti area.

On the basis of the information presented and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

bank's application is warranted.

No. 61

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

The Owosso Savings Bank 40,341 4 5

Owosso, Michigan

to merge with

The Old Corunna State Bank 13,256 1

Corunna

Summary report by Attorney General, January 1 2, 1 965

Owosso Savings Bank, Owosso, Michigan, w ith three branches in Owosso, 

and with total assets of $28 million, proposes to consolidate w ith Old Corunna 

State Bank, Corunna, Michigan, with one office in Corunna and w ith total 

assets of $10.5 million.

The proposed consolidation would eliminate substantial competition between the acquiring and the merging banks and would create, as the resulting 

bank, an institution having 52.1 percent of IPC deposits and 50.9 percent of the 

loans in its service area.

The proposed consolidation would have a serious adverse effect upon com ­

petition in that it would permanently eliminate all competition between the 

merging banks and create a dominant institution in the affected service area.

December 1 5, 1 966

On January 12, 1965, we submitted a report on the proposed consolidation 

of the same banks. The proposal was disapproved by the authorities of the 

State of Michigan and no action was taken on the application by the Federal 

Deposit Insurance Corporation. The present application indicates that since the 

time of our last report both banks have increased slightly their shares of the 

total commercial banking business in the service area of the resulting bank and 

that they would together account for nearly 57 percent of total commercial 

bank deposits in this area.

The present application contains no facts which would cause us to change 

our previous conclusion, as set out in our January 12, 1965 report, that the 

proposed consolidation would have a serious adverse effect on competition.

July 26, 1968

The additional material supplied by the Applicant by letter dated July 15,

1967 is concerned principally w ith problems of management succession and 

community convenience and needs. It contains no additional information on

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competitive factors which would change our conclusion that the proposed 

consolidation would have a serious adverse effect on competition.

Basis for Corporation approval, November 26, 1968

The Owosso Savings Bank, Owosso, Michigan (Applicant), an insured State 

nonmember bank w ith total deposits of $36 million, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for the 

Corporation's prior consent to consolidate w ith The Old Corunna State Bank, 

Corunna, Michigan (Corunna Bank), a State bank, member of the Federal 

Reserve System, which has total deposits of $12 million. The banks would 

consolidate under the Applicant's charter and title and, as an incident thereto, 

Corunna Bank's sole office would become a branch of the Applicant, increasing 

the number of its offices to five.

Competition. Applicant's three branches are w ithin 1-1/2 miles of the main 

office in Owosso (population 18,000). Corunna Bank is in the neighboring com ­

munity of Corunna (population 3,150), 4 miles from Applicant. Owosso and 

Corunna are near the center of Shiawassee County, the relevant service area.

The consolidating banks have been commonly owned for more than 4 years 

and there is no competition between them. This situation has had no adverse 

effect on the other bank in Owosso (State Savings Bank) or any other bank in 

the service area. During the past 7-year period, State Savings Bank has grown 

at a substantially greater rate than has Corunna Bank and at a rate comparable 

to the Applicant. Corunna Bank's record shows the least growth and it appears 

to be the least effective as a competitor among the 10 banks in the area. The 

formal consolidation of the tw o banks would not materially change the existing 

competitive situation. Two large Flint banks, each exceeding $200 million in 

deposits, have a total of four branches in the service area. These banks are 

significant competitors in the county and the Owosso-Corunna area. The resulting bank would be of sufficient size to offer some of the services now available 

only at the large banks and competition should tend to be enhanced.

The Board of Directors is of the opinion that the effect of the proposed consolidation would not be substantially to lessen competition, tend to create a 

monopoly, nor would it in any other manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. The factors of 

financial resources and future prospects are favorable w ith respect to the 

consolidating banks and are so projected for the resulting bank. Corunna Bank 

is presently operated by a former employee of the Applicant and its management lacks succession.

Convenience and Needs o f the Community to be Served. The communities 

would benefit from the proposal as the larger resulting bank could better afford 

modernized quarters and installation of computer equipment and would provide 

broader services and a larger lending limit.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

No. 62

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

A m erican Bank & Trust 23,968 10 13

Orangeburg, South Carolina

to merge with

C ounty N ational Bank 6,066 3

Blackville

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124 FEDERAL DEPOSIT INSURANCE CORPORATION

Summary report by Attorney General, October 3 1,1 968

American Bank operates its main office and tw o branches in Orangeburg, 

five branches within a radius of 35 miles of Orangeburg, and a ninth office 

about 55 miles from Orangeburg. It has received approval to merge the Springfield State Bank, Springfield, South Carolina, which, when consummated, will 

add one office and deposits of $1.2 million. County National operates three 

offices, its main office in Blackville and a branch in both W illiston and Barnwell, 

both within 10 miles of Blackville.

A t the present time, the nearest offices of the merging banks are about 17 

miles apart and tw o other banks operate in the intervening area. It, thus, appears that there is little, if any, competition between them now.

However, upon consummation of its merger w ith Springfield State Bank, 

American Bank will have an office 10 miles north of County National's offices 

in Blackville and W illiston w ith no banks in the intervening area; the Bank of 

W illiston (total deposits, $2.2 million), located in W illiston, is the only other 

bank in this area. Thus, the proposed merger would eliminate competition 

between these banking offices and also eliminate an alternative banking facility 

for the residents of this area.

Basis for Corporation approval, November 26, 1968

American Bank & Trust, Orangeburg, South Carolina (Applicant), an insured 

State nonmember bank w ith total deposits of $21,491,700, has applied, pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to merge w ith County National Bank, 

Blackville, South Carolina (County Bank), which has total deposits of 

$5,416,000. The banks would merge under the charter and w ith the title of 

the Applicant and, as an incident to the merger, the three offices of County 

Bank would become branches of the Applicant, increasing the number of its 

offices to 1 3.

Competition. Applicant is headquartered in Orangeburg which has a population of 21,000. It operates tw o branches in Orangeburg, three others in 

Orangeburg County, three others in adjoining counties and the Lugoff branch, 

55 miles to the north. Blackville is 25 miles southwest from Orangeburg and 

a population of 1,900. In addition to its main office. County Bank operates tw o 

branches each 10 miles away and forming a triangle to the west of Blackville. 

The merging banks' closest offices are 11 miles apart and there are no other 

banking offices between them. There is a slight overlapping of service areas 

but the banks derive little or no business from each other's immediate area. 

Competition between them is not substantial and there is no realistic potential 

for such competition.

The service area of the resulting bank will be Orangeburg, Calhoun and 

Barnwell Counties and portions of five counties adjacent to Orangeburg County. 

Three of the State's four largest banks have offices in this area. Including all 

banks in the resulting service area, the Applicant would be fifth largest, the 

same position it presently holds.

The Board of Directors is of the opinion that the effect of the proposed 

merger would not be substantially to lessen competition, tend to create a 

monopoly or, in any other manner, be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

favorable w ith respect to both participating banks and are so projected for the 

resultant bank. Greater management depth and services would be provided 

the County Bank offices by the Applicant.

Convenience and Needs of the Community to be Served. The economic 

outlook for the service areas of both banks is favorable. Most significant of the

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changes to be offered by the resultant bank would be the greater lending capacity and trust department facilities which would be made available to customers at the County Bank offices. Other improved and more varied services 

would also be available.

On the basis of the above information, and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

No. 63

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Keystone Bank 27,030 7 9

Lower Burrell, Pennsylvania

to merge with

M arim ac Bank 6,898 2

Scott Township

Summary report by Attorney General, May 1 7, 1968

Both partners to this proposed merger are located in the Pittsburgh Standard 

Metropolitan Statistical Area (population 2.4 million), traditionally recognized 

as the steel-making center of the United States. It is, in addition, probably the 

most concentrated market among the major banking centers in the country.

Keystone Bank's head office is located approximately 25 miles northeast of 

Pittsburgh; all but one of its six branches are located in the eastern end of 

Pittsburgh or its eastern suburbs. Marimac Bank has its head office in a southwestern suburb of Pittsburgh and a single branch at the western border of that 

city, 2 miles from a branch of Keystone Bank, across the Monongahela River. 

Intervening between the closest tw o offices of the merging banks are three 

very large banks— Mellon National Bank, Pittsburgh National Bank, and W est 

Pennsylvania National Bank. Two smaller banks also operate in this area.

There seems to be little, if any, direct competition between Keystone and 

Marimac. In the main they serve different areas, and both are, in any case, in 

direct competition w ith other much larger banks in the highly concentrated 

Pittsburgh market. In our view, this particular merger does not appear to present any significant competitive problems.

Basis for Corporation approval, November 26, 1968

Keystone Bank, Lower Burrell, Pennsylvania (Keystone), an insured State 

nonmember bank, w ith total deposits of about $24,972,000, has applied 

pursuant to Section 18(c) and other provisions of the Federal Deposit Insurance 

Act, for the Corporation's prior approval to merge w ith Marimac Bank, Scott 

Township (P. 0. Pittsburgh), Pennsylvania (Marimac), which has total deposits 

of about $5,993,000. The bank would merge under the charter and w ith the 

title of Keystone and as an incident to the merger, the tw o offices of Marimac 

would become branches of Keystone, increasing the number of its offices to 

nine.

Competition. Keystone operates its main office in Lower Burrell, Pennsylvania, about 42 miles north of downtown Pittsburgh. It also operates six 

branches located at distances up to 68 miles from the main office. Marimac 

operates its main office in Scott Township, southwest of the City of Pittsburgh, 

and one branch in the Duquesne Heights section of that city. Pittsburgh had a 

1960 population of about 604,000 and the Pittsburgh Standard M etropolitan

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126 FEDERAL DEPOSIT INSURANCE CORPORATION

Statistical Area had approximately 2.4 million. There appears to be virtually no 

competition between the participating banks. Their closest offices are 2 miles 

apart, but Keystone's office is in downtown Pittsburgh's "golden triangle” 

while Marimac's office is in Duquesne Heights, which is situated on a high bluff 

overlooking downtown Pittsburgh and the Monongahela River which separates 

these tw o areas. Furthermore, there is a plethora of intervening offices of 

Pittsburgh's largest banks.

This merger would produce practically no effect on the already highly concentrated banking market. Three banks presently hold 87.1 percent of the 

deposits and 86.3 percent of the loans in the competitive area. Keystone has 

only a nominal amount of the deposits and loans in this area and this proposal 

will increase its percentage by an insignificant amount. The resulting bank 

would have less than one-half of one percent of the deposits and only 0.7 percent of the loans in the competitive area.

The Board of Directors is of the opinion that the proposed merger would not 

substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. Except for the rather low 

capital position of the participating banks and of the resulting bank, these 

factors are marginally acceptable.

Convenience and Needs of the Community to be Served. Past growth performance suggests that both banks are providing convenient banking alternatives to, and are desired by the communities in which they operate. This merger 

would permit continuation of, but not materially improve banking services at 

the present locations of Marimac.

On the basis of the above information and other information available to the 

Corporation, the Board of Directors has concluded that approval of the bank's 

application is warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 64 In

operation

To be 

operated

S ecurity Bank & Trust Com pany

of Bozeman

Bozeman, Montana

21,434 1 1

to merge with

Security B uilding, Inc.

Bozeman

677

Summary report by Attorney General, October 1 5, 1968 

Security Bank & Trust Company of Bozeman ("Security Bank"), organized in 

1919, operates a single office in Bozeman, Montana. Security Building, Inc. 

was formed for the sole purpose of building a facility to house Security Bank. 

Its only assets are the banking facility, which is valued at $574,000, and com ­

mon stock in Security Bank valued at $100,000. Security Building, Inc. has 

never engaged in a banking business. Therefore, the proposed merger w ill have 

no effect upon competition.

Basis for Corporation approval, November 29, 1968 

Security Bank & Trust Company of Bozeman, Bozeman, Montana (Security), 

w ith total resources of $21,434,400, has applied, pursuant to the provisions

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of Section 18(c)(1)(A) of the Federal Deposit Insurance Act, for the Corporation's prior consent to merge under its charter w ith Security Building, Inc., 

Bozeman, Montana (Building Corporation), an affiliated noninsured institution 

w ith no deposit liabilities which was organized for the sole purpose of holding 

title to the premises of Security. Essentially, the proposal involves transfer of 

ownership of bank premises to Security by means of merger in order to gain tax 

benefits. Appropriate ruling has been received from the Internal Revenue 

Service.

Competition. Security operates its sole office in Bozeman, Montana, where it 

is second largest among three banks. The largest bank is a subsidiary of a large 

holding company which controls numerous banks in the midwest w ith aggregate resources of about $3 billion. Building Corporation has never engaged in 

the business of banking, its sole purpose having been to hold title to the 

premises occupied by Security under a lease arrangement. The merger would 

not alter the size and number of banks in Bozeman, except for increases in fixed 

assets and capital of Security; consequently, there would be no resulting effect 

on competition.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors 

are satisfactory w ith respect to the merging institutions and are so projected for 

the resulting bank.

Convenience and Needs o f the Community to be Served. The transaction will 

not change the services and facilities presently provided by Security; thus, the 

convenience and needs of the community will be served as in the past.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 65 In

operation

To be 

operated

C om m ercial Security Bank

Ogden, Utah 

to merge with

80,037 4 7

Beehive State Bank

Salt Lake City

21,129 3

Summary report by Attorney General, November 25, 1 968 

Although the merging banks are located about 36 miles apart, there may be 

some competition between them. Commercial now derives about $1.5 million 

IPC time deposits and $1.7 million in loans from the Salt Lake City area. This 

competition would, of course, be eliminated by this merger.

Under Utah branch banking law, Commercial may establish a de novo branch 

in Salt Lake City, but Beehive may not branch de novo into Ogden. However, 

no bank headquartered outside Salt Lake County has ever branched de novo

into the Salt Lake City. Considering the fact that Beehive is only seventh in 

size among Salt Lake City banks, together w ith the presence in Salt Lake 

City of the State's largest banks, including three w ith total deposits of over 

$150 million, it does not appear likely that the proposed merger will have a 

significantly adverse affect on competition.

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128 FEDERAL DEPOSIT INSURANCE CORPORATION

Basis for Corporation approval, November 29, 1968

Commercial Security Bank, Ogden, Utah (Applicant), an insured State nonmember bank w ith total deposits of $70 million, has applied, pursuant to 

Section 1 8(c) and other provisions of the Federal Deposit Insurance Act, for the 

Corporation's prior consent to merge w ith Beehive State Bank, Salt Lake City, 

Utah, (Beehive Bank), an insured State nonmember bank which has total 

deposits of $19 million, under the Applicant's charter and title and, incident 

thereto, to establish three branches at the existing locations of Beehive Bank. 

Applicant also seeks the Corporation's prior written consent to the retirement 

provisions of capital debentures which will be issued in connection w ith the 

merger.

Competition. The four offices of Applicant compete w ith four other banks 

in its service area of Ogden and vicinity, some 35 miles from Salt Lake City 

where Beehive Bank's main office has 10 bank competitors and about 70 miles 

from Beehive Bank's tw o branches. The merging banks serve separate 

geographic market areas intervened by numerous offices of other banks and 

each derives only a nominal amount of business from the other's service area. 

Competition between the tw o banks is minimal. Under applicable statutes. 

Beehive Bank could not branch de novo into Ogden but Applicant could 

establish a de novo branch in Salt Lake City. However, the latter possibility 

is a remote one because of the costs involved in relation to the negligible 

beginning deposit base. This is supported by the fact that no bank headquartered outside Salt Lake City has ever branched de novo into the City. 

Moreover, because of other banking factors relative to Beehive Bank, the 

possibility of significant competition developing between the tw o banks in the 

future is limited.

Applicant and the State's largest bank have about equal shares (about twofifths each) of the deposits in Applicant's service area. In Beehive Bank's 

service area, the State's four largest banks hold more than four-fifths of the 

deposits, as compared to Beehive Bank's small share of 2.3 percent. In this 

area, Applicant in obtaining Beehive Bank's share of the market would be 

fifth largest in absolute size and could provide more effective competition than 

the small bank presently offers. The merger would bring the Applicant, already 

competing with the State's largest bank, into direct competition w ith the 

second, third and fourth largest. In the combined service area, the resulting 

bank would have less than one-tenth of the deposits, as compared to more than 

three-fourths held by the State's four largest banks.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

favorable with respect to Applicant and are so projected for the resulting bank. 

W ith respect to Beehive Bank, the merger will substitute an active and aggressive management for one which lacks such capabilities in a highly competitive 

banking market. Additionally, the merger will strengthen the weakened capital 

position of Beehive Bank, resolve its asset problems, and permit economies of 

operations which will improve its earnings prospects.

Convenience and Needs of the Community to be Served. Except for a larger 

lending limit, the merger would not change to any significant degree the 

services which Applicant presently provides at its offices. In the service area 

of Beehive Bank, the resulting bank could provide a broader range of banking 

services on a larger scale through its greater resources, larger capital base, 

and improved management capabilities. The larger lending lim it would enable

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the offices of Beehive Bank to meet demands of large commercial customers; 

also, the trust department facilities of Applicant would become available.

Based on the foregoing and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 66 In

operation

To be 

operated

The Pennsylvania Bank

and Trust Company

Titusville, Pennsylvania 

to merge with

75,747 9 13

M erchants Bank and Trust Company

Meadville

33,718 4

Summary report by Attorney General, November 2 1 ,1 9 6 8

Seven banks operate 13 offices in Crawford County. The proposed merger 

involves the tw o largest banks in terms of local operations w ithin the county.

The head office and all branches of Merchants Bank are located in the central 

and western portion of Crawford County; Pennsylvania Bank, on the other 

hand, operates its head office in the extreme southeastern corner of Crawford 

County, and its branch offices are located in Erie County (to the north), 

Warren County (to the northeast) and Venango County (to the southeast). The 

nearest offices of the merging banks appear to be 28 miles apart, but there 

are no banks operating in the intervening area. Thus, there may be some 

limited amount of competition that would be eliminated by this merger.

There are a number of ways in which the proposed merger might affect 

potential competition. Pennsylvania law would permit either of the merging 

banks to establish de novo branches in the principal service areas of the 

other.

Therefore, the proposed merger would eliminate the possibility that Pennsylvania Bank might open a de novo office in Meadville or surrounding areas 

in central and western Crawford County. Three banks operate in Meadville: 

Merchants Bank, The Northwest Pennsylvania Bank and Trust Company (total 

deposits, $110.6 million), with tw o branch offices in Meadville, and First 

National Bank of Meadville (total deposits, $33 million), also w ith tw o offices 

in Meadville. W ithin western and central Crawford County, where Merchants 

operates all its offices. Merchants held the largest share, or 32 percent, of 

IPC deposits as of June 30, 1966.

Pennsylvania Bank is the largest bank headquartered in Crawford County and 

the seventh largest in the five-county area from which banks are permitted to 

branch into Crawford County under Pennsylvania law.

The proposed merger would also eliminate the possibility that Merchants 

Bank might enter (i) eastern Crawford County, where Pennsylvania Bank is one 

of the tw o banks operating offices; or (ii) Warren County, where Pennsylvania 

Bank has five offices and is one of tw o banks operating in the County. The other 

bank in eastern Crawford County is the Titusville Branch of Marine National 

Bank (total deposits at that office about $7 million). The other bank in Warren 

County is The Warren National Bank (total deposits, $72 million). In Warren 

County, as of June 30, 1966, Pennsylvania Bank had the smaller share, or 26

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130 FEDERAL DEPOSIT INSURANCE CORPORATION

percent of IPC deposits, and the larger share, or 81 percent of such deposits 

in eastern Crawford County.

Basis for Corporation approval, November 29, 1968

The Pennsylvania Bank and Trust Company, Titusville, Pennsylvania (Applicant) an insured State nonmember bank w ith total deposits of $66,250,000, 

has applied, pursuant to Section 18(c) and other provisions of the Federal 

Deposit Insurance Act, for the Corporation's prior consent to merge w ith 

Merchants Bank and Trust Company, Meadville, Pennsylvania (Merchants), an 

insured State nonmember bank which has total deposits of $30,750,000, 

under the charter and title of the Applicant and, incident thereto, to establish 

five branches at the four existing locations and one approved but unopened 

branch of Merchants.

Competition. The service area of Applicant is divided into three main parts: 

Warren County, served by branches at Warren, North Warren, Sugar Grove and 

Youngsville; the eastern part of Crawford County and the northeastern part of 

contiguous Venango County, served by the main office in Titusville (Crawford 

County) and the Pleasantville Branch in Venango County; and the southeastern 

part of Erie County, served by the Union City and W attsburg Branches. The 

combined population of these service areas is estimated at 30,000. Titusville 

is about 100 miles north of Pittsburgh and 44 miles southeast of Erie. The 

overall service area is mixed between agricultural, industrial, natural gas and 

mining activities.

The service area of Merchants with an estimated population of 50,000 is 

centered around Meadville in the western section of Crawford County. It is 

an area of small diversified industry, agriculture (including dairying), natural 

gas production, and resort and recreational facilities. Meadville, the seat of 

Crawford County, is about 89 miles north of Pittsburgh, 39 miles south of 

Erie, and 28 miles west of Titusville.

The closest offices of the merging banks are their main offices and the 

area in between is sparsely populated. The service areas of Applicant and 

Merchants do not overlap and, consequently, there is no competition between 

them which would be eliminated. Potential com petition— through establishment of de novo branches by either Applicant or Merchants in the service 

area of the other— is not a significant factor. The Meadville area already has 

an adequate number of banking offices; and Merchants' below-average capital 

position would discourage supervisory action as to any de novo branch application filed by it. Among 13 banks with offices located in the combined service 

areas, Applicant presently ranks fourth in terms of total local deposits, holding 14.2 percent of the total. Merchants ranks sixth w ith 6.5 percent. Following 

the merger, Applicant w ill hold 20.7 percent of total local deposits and rank 

slightly smaller than the second largest bank which holds 21.8 percent. The 

largest local bank holds 25.2 percent . Additionally, there is strong competition 

from branches of three Erie banks, one of which is substantially larger than 

Applicant w ill be following the merger. Not only are the locally based banks 

strong competitors, but also, large city banks in Pittsburgh, Erie and Cleveland 

actively solicit business in the area. The subject merger should tend to increase 

competition, especially in the area now served by Merchants.

The Board of Directors is of the opinion that the merger would not substantially lessen competition, tend to create a monopoly or in any other manner 

be in restraint of trade.

Financial and Managerial Resources and Future Prospects. These factors are 

favorable w ith respect to Applicant and are so projected for the resulting bank. 

W ith respect to Merchants, the merger will substitute an active and aggressive

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 131

management for one which lacks such capabilities in a highly competitive banking market, including skilled specialists in various banking fields. Additionally, 

the merger will strengthen the weakened capital position of Merchants and 

permit economies of operation which will improve the declining earnings of its 

offices.

Convenience and Needs of the Community to be Served. As compared to 

Applicant and, more particularly, Merchants, the resulting bank could provide 

a broader range of banking services on a larger scale through its greater 

resources, larger capital, and improved management capabilities. This would 

be especially true in the service area of Merchants where the merger will introduce a bank better able to meet the expanding credit needs of a growing community. Also, the resulting bank can provide specialized banking services in 

various banking fields, including additional and improved trust services, more 

effective use of computerization, farm management services, and credit 

specialists.

Based on the foregoing, and other information available to the Corporation, 

the Board of Directors has concluded that approval of the application is 

warranted.

Resources

(in

thousands 

of dollars)

Banking Offices

No. 67 In

operation

To be 

operated

Eastern Trust and Banking Company

Bangor, Maine

33,353 4 4

to merge with

Kenduskeag Banking Company

Bangor

160 -

Summary report by Attorney General, October 1 6, 1 968

Kenduskeag Banking Company ("Kenduskeag") was organized June, 1968, 

solely as a means of making Eastern Trust a wholly owned subsidiary of a onebank holding company. Eastern Trust Financial Associates. Kenduskeag has 

not, and was never intended to conduct a commercial banking business.

The proposed merger transaction is merely part of a corporate reorganization and will have no effect on competition.

Basis for Corporation approval, November 29, 1968

Eastern Trust and Banking Company, Bangor, Maine (Eastern Bank), an 

insured State nonmember bank with total deposits of $28 million, has applied, 

pursuant to the provisions of Section 18(c) of the Federal Deposit Insurance 

Act, for the Corporation's prior consent to merge under its charter and title 

w ith Kenduskeag Banking Company (Kenduskeag Bank), Bangor, Maine, a nonoperating State noninsured bank. The resulting bank would operate in the 

same manner and in the same locations as Applicant is now operating.

The reason for organizing Kenduskeag Bank and this proposal is to facilitate 

the transfer of 100 percent of Eastern Bank stock to a bank holding company 

to be formed w ith the title of Eastern Trust Financial Associates (Associates). 

After this has been accomplished, Kenduskeag Bank would cease to exist as a 

corporate entity. Associates has filed an application w ith the Board of Governors of the Federal Reserve System to become a registered bank holding

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132 FEDERAL DEPOSIT INSURANCE CORPORATION

company. The proposed merger would have no effect on competition at 

present.

On the basis of the above information and other information available to 

the Corporation, the Board of Directors has concluded that approval of the 

application for consent to merge is warranted.

No. 68

Resources

(in

thousands 

of dollars)

Banking Offices

In

operation

To be 

operated

Bank of the W est 16,954 4 6

Bellevue, Washington

to merge with

Bank of Kent 6,340 2

Kent

Summary report by Attorney General, October 3, 1 968 

The communities of Bellevue (population 27,000) and Kent (population

14,000) are located in the Seattle SMSA, across Lake W ashington from 

Seattle. The economy of the area, which has been growing rapidly, is residential and industrial.

The nearest offices of the applicant banks are 9 miles apart; four banks, each 

w ith total deposits over $100 million, and several smaller banks, operate 

offices in the intervening area. Thus, there appears to be little, if any, direct 

competition which will be eliminated by this merger.

Although Washington law forbids de novo branching by a bank into a 

municipality in which another bank maintains an office, Kent Bank could 

legally branch into some areas now served by branches of W est Bank. However, given the size of Kent Bank and the degree of existing competition in 

these areas from some of Seattle's largest banks, we do not believe that this 

merger would eliminate a significant potential competitor.

Basis for Corporation approval, December 31, 1968 

Bank of the West, Bellevue, Washington (Applicant), an insured State nonmember bank w ith total deposits of $14,373,900, has applied, pursuant to 

Section 18(c) and other provisions of the Federal Deposit Insurance Act, for 

the Corporation's prior approval to merge w ith Bank of Kent, Kent, W ashington, (Kent), which has total deposits of $5,497,400. The banks would merge 

under the charter and w ith the title of the Applicant and, as an incident to 

the merger, the tw o offices of Kent would become branches of the Applicant. 

Kent also has permission to establish a third office and Applicant has requested 

that it be permitted to establish this de novo branch which would increase the 

number of its offices to seven.

Competition. Bellevue (population 22,000) is located 10 miles east from 

downtown Seattle. Kent (population 14,000) is located south of Bellevue and 

the main offices of the participating banks are 18 miles apart. The closest 

offices of the participating banks are 9 miles apart. Both banks are relatively 

new institutions; Kent opened in 1962 and Applicant in 1965. They primarily 

serve separate although contiguous areas. Several offices of other banks intervene their locations, and competition between them is minimal.

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BANK ABSORPTIONS APPROVED BY THE CORPORATION 133

Several offices of some of the largest banks headquartered in the State are 

located in each merging bank's service area. The largest commercial bank in 

the State (total deposits over $1.5 billion) holds the predominant position in 

the resulting bank's trade area w ith 1 1 of the 34 offices and 38 percent of 

total deposits. There is a total of eight commercial banks operating in the 

resulting bank's trade area and three of the other six would hold a greater 

percentage of total deposits than the resulting bank. Of the other three com ­

mercial banks w ith less than the resulting bank in its trade area, tw o have 

total deposits greatly in excess of the resulting bank and the other is only 

slightly smaller than the resulting bank based on total deposits. The mutual 

savings bank operating in the area has local deposits of more than twice the 

deposits of the resulting bank. The merger would result in a bank w ith but 

8 percent of total deposits in its trade area and would have no adverse effect 

on competition.

The Board of Directors is of the opinion that the proposed merger would not 

substantially lessen competition, tend to create a monopoly, or in any other 

manner be in restraint of trade.

Financial and Managerial Resources and Prospects. These factors have been 

favorable with respect to the merging banks and are so projected for the 

resulting bank. Future deposit growth prospects for Kent, as a part of Applicant, would be enhanced under the latter's more aggressive management.

Convenience and Needs of the Community to be Served. The increased 

lending lim it would be of benefit to customers of both merging banks which 

are located in economically expanding areas. The resulting bank will offer, 

to a greater extent, complete mortgage loan services demanded by the heavy 

residential building activity in both service areas. It is planned to extend the 

daily hours of the branches in Kent for the convenience of the commuter 

population. Neither of the banks offers trust services at present but management of Applicant has taken the initial steps to acquire the necessary approvals 

to engage in fiduciary activity.

On the basis of the above information and other information available to the 

Corporation, the Board of Directors has concluded that the approval of the 

bank's application is warranted.

1 Bank of America operated 945 offices in California as of December 31, 1967. FDIC statistics 

do not include offices in foreign countries.

2 Resources and office of Moorpark Branch of First Western Bank and Trust Company to be 

acquired by Bank of A. Levy.

3 Resources and office of New York Branch of Bank Leumi.

4 Resources and office of State Capital Branch of Bank of Trade of San Francisco.

5 Resources and office of Newport News Branch of The Bank of Virginia.

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Federal Reserve Bank of St. Louis
LEGISLATION

AND REGULATIONS

PART THREE

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Federal Reserve Bank of St. Louis
137

FEDERAL BANKING LEGISLATION-1968

Public Law 90-389 

90th Congress, H. R. 1 5345 

July 7, 1968

An Act

To provide security measures for banks and other financial institu tio n s, and

to provide for the appointm ent of the Federal Savings and Loan Insurance C orporation as receiver.

Be it enacted by the Senate and House of Representatives of the United

States of America in Congress assembled, That this Act may be cited as the 

"Bank Protection Act of 1968”

Sec. 2. As used in this Act the term "Federal supervisory agency" means—

(1) The Comptroller of the Currency w ith respect to national banks and 

district banks,

(2) The Board of Governors of the Federal Reserve System w ith respect 

to Federal Reserve banks and State banks which are members of the 

Federal Reserve System,

(3) The Federal Deposit Insurance Corporation w ith respect to State 

banks which are not members of the Federal Reserve System but the 

deposits of which are insured by the Federal Deposit Insurance Corporation, and

(4) The Federal Home Loan Bank Board w ith respect to Federal savings 

and loan associations, and institutions the accounts of which are insured 

by the Federal Savings and Loan Insurance Corporation.

Sec 3. (a) W ithin six months from the date of this Act, each Federal 

supervisory agency shall promulgate rules establishing minimum standards 

with which each bank or savings and loan association must comply with 

respect to the installation, maintenance, and operation of security devices 

and procedures, reasonable in cost, to discourage robberies, burglaries, and 

larcenies and to assist in the identification and apprehension of persons who 

commit such acts.

(b) The rules shall establish the time limits w ithin which banks and savings 

and loan associations shall comply w ith the standards and shall require the submission of periodic reports w ith respect to the installation, maintenance, and 

operation of security devices and procedures.

Sec. 4. The Federal supervisory agencies shall consult with

(1) insurers furnishing insurance protection against losses resulting 

from robberies, burglaries, and larcenies committed against financial 

institutions referred to in section 2, and

(2) State agencies having supervisory or regulatory responsibilities 

w ith respect to such insurers

to determine the feasibility and desirability of premium rate differentials 

based on the installation, maintenance, and operation of security devices and 

procedures. The Federal supervisory agencies shall report to the Congress the 

results of their consultations pursuant to this section not later than tw o years 

after the date of enactment of this Act.

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138 FEDERAL DEPOSIT INSURANCE CORPORATION

Sec. 5. A bank or savings and loan association which violates a rule prom ulgated pursuant to this Act shall be subject to a civil penalty which shall not 

exceed $100 for each day of the violation.

Approved July 7, 1968.

Public Law 90-437 

90th Congress, S. 1299 

July 29, 1968

An Act

To amend the Securities Exchange A ct of 1934 to p erm it regulation of the

am ount of credit th a t may be extended and m aintained w ith respect to

securities th a t are not registered on a national securities exchange.

Be it enacted by the Senate and House of Representatives of the United

States of America in Congress assembled. That section 7 of the Securities 

Exchange Act of 1934 (1 5 U.S.C. 78g) is amended—

(1) by striking out "registered on a national securities exchange" in 

subsection (a);

(2) by amending subsection (c) to read as follows:

"(c) It shall be unlawful for any member of a national securities exchange or 

any broker or dealer, directly or indirectly, to extend or maintain credit or 

arrange for the extension or maintenance of credit to or for any customer—

"(1) on any security (other than an exempted security), in contravention 

of the rules and regulations which the Board of Governors of the Federal 

Reserve System shall prescribe under subsections (a) and (b) of this 

section;

"(2) w ithout collateral or on any collateral other than securities, except 

in accordance with such rules and regulations as the Board of Governors 

of the Federal Reserve System may prescribe (A) to permit under specified 

conditions and for a limited period any such member, broker, or dealer to 

maintain a credit initially extended in conformity w ith the rules and regulations of the Board of Governors of the Federal Reserve System, and (B) to 

permit the extension or maintenance of credit in cases where the extension or maintenance of credit is not for the purpose of purchasing or carrying securities or of evading or circumventing the provisions of paragraph

(1) of this subsection."

(3) by striking out "registered on a national securities exchange" in the 

first sentence of subsection (d) and "registered on national securities 

exchanges" in the second sentence of that subsection.

Approved July 29, 1 968.

Public Law 90-439 

90th Congress, S. 510 

July 29, 1968

An Act

Providing for full disclosure of corporate equity ow nership of securities

under the Securities Exchange A ct of 1934.

Be it enacted by the Senate and House of Representatives of the United

States of America in Congress assembled, That section 12(i) of the Securities

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FEDERAL BANKING LEGISLATION— 1 968 139

Exchange Act of 1934 is amended by striking out "sections 12, 13, 14(a), 

14(c), and 16" and inserting in lieu thereof "sections 12, 13, 14(a), 14(c), 

14(d), 14(f), and 16"

Sec. 2. Section 13 of the Securities Exchange Act of 1934 is amended by 

adding at the end thereof the following new subsections:

"(d) (1) Any person who, after acquiring directly or indirectly the beneficial 

ownership of any equity security of a class which is registered pursuant to 

section 12 of this title or any equity security issued by a closed-end investment company registered under the Investment Company Act of 1940, is 

directly or indirectly the beneficial owner of more than 10 per centum of such 

class shall, within ten days after such acquisition, send to the issuer of the 

security at its principal executive office, by registered or certified mail, send 

to each exchange where the security is traded, and file w ith the Commission, a 

statement containing such of the following information, and such additional 

information, as the Commission may by rules and regulations prescribe as 

necessary or appropriate in the public interest or for the protection of 

investors—

"(A) the background and identity of all persons by whom or on whose 

behalf the purchases have been or are to be effected;

"(B) the source and amount of the funds or other consideration used 

or to be used in making the purchases, and if any part of the purchase 

price or proposed purchase price is represented or is to be represented 

by funds or other consideration borrowed or otherwise obtained for the 

purpose of acquiring, holding, or trading such security, a description of 

the transaction and the names of the parties thereto, except that where a 

source of funds is a loan made in the ordinary course of business by a 

bank, as defined in section 3(a) (6) of this title, if the person filing such 

statement so requests, the name of the bank shall not be made available 

to the public;

"(C) if the purpose of the purchases or prospective purchases is to 

acquire control of the business of the issuer of the securities, any plans 

or proposals which such persons may have to liquidate such issuer, to sell 

its assets to or merge it with any other persons, or to make any other 

major change in its business or corporate structure;

"(D) the number of shares of such security which are beneficially 

owned, and the number of shares concerning which there is a right to 

acquire, directly or indirectly, by (i) such person, and (ii) by each associate 

of such person, giving the name and address of each such associate; and

"(E) information as to any contracts, arrangements, or understandings 

with any person with respect to any securities of the issuer, including 

but not \m ited to transfer of any of the securities, joint ventures, loan 

or o p tijn arrangements, puts or calls, guaranties of loans, guaranties 

against loss or gauranties of profits, division of losses or profits, or the 

giving or withholding of proxies, naming the persons w ith whom such contracts, arrangements, or understandings have been entered into, and 

giving the details thereof.

"(2) If any material change occurs in the facts set forth in the statements 

to the issuer and the exchange, and in the statement filed w ith the Commission, an amendment shall be transmitted to the issuer and the exchange and 

shall be filed w ith the Commission, in accordance w ith such rules and regulations as the Commission may prescribe as necessary or appropriate in the 

public interest or for the protection of investors.

"(3) When tw o or more persons act as a partnership, limited partnership, 

syndicate, or other group for the purpose of acquiring, holding, or disposing

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140 FEDERAL DEPOSIT INSURANCE CORPORATION

of securities of an issuer, such syndicate or group shall be deemed a 'person' 

for the purposes of this subsection.

“ (4) In determining, for purposes of this subsection, any percentage of a 

class of any security, such class shall be deemed to consist of the amount of 

the outstanding securities of such class, exclusive of any securities of such 

class held by or for the account of the issuer or a subsidiary of the issuer.

"(5) The provisions of this subsection shall not apply to —

"(A) any acquisition or offer to acquire securities made or proposed to 

be made by means of a registration statement under the Securities Act of 

1933;

"(B) any acquisition of the beneficial ownership of a security which, 

together with all other acquisitions by the same person of securities of the 

same class during the preceding twelve months, does not exceed 2 per 

centum of that class;

''(C) any acquisition of an equity security by the issuer of such security;

"(D) any acquisition or proposed acquisition of a security which the 

Commission, by rules or regulations or by order, shall exempt from the 

provisions of this subsection as not entered into for the purpose of, and 

not having the effect of, changing or influencing the control of the issuer or 

otherwise as not comprehended within the purposes of this subsection.

"(e) (1) It shall be unlawful for an issuer which has a class of equity securities registered pursuant to section 12 of this title, or which is a closed-end 

investment company registered under the Investment Company Act of 1940, to 

purchase any equity security issued by it if such purchase is in contravention 

of such rules and regulations as the Commission, in the public interest or for 

the protection of investors, may adopt (A) to define acts and practices which 

are fraudulent, deceptive, or manipulative, and (B) to prescribe means reasonably designed to prevent such acts and practices. Such rules and regulations 

may require such issuer to provide holders of equity securities of such class 

with such information relating to the reasons for such purchase, the source 

of funds, the number of shares to be purchased, the price to be paid for such 

securities, the method of purchase, and such additional information, as the 

Commission deems necessary or appropriate in the public interest or for the 

protection of investors, or which the Commission deems to be material to a 

determination whether such security should be sold.

"(2) For the purpose of this subsection, a purchase by or for the issuer or 

any person controlling, controlled by, or under common control w ith the 

issuer, or a purchase subject to control of the issuer or any such person, 

shall be deemed to be a purchase by the issuer."

Sec. 3. Section 14 of the Securities Exchange Act of 1934 is amended by 

adding at the end thereof the following new subsections;

"(d) (1) It shall be unlawful for any person, directly or indirectly, by use 

of the mails or by any means or instrumentality of interstate commerce or of 

any facility of a national securities exchange or otherwise, to make a tender 

offer for, or a request or invitation for tenders of, any class of any equity which 

is registered pursuant to section 12 of this title, or any equity security issued 

by a closed-end investment company registered under the Investment Company Act of 1940, if, after consummation thereof, such person would, directly 

or indirectly, be the beneficial owner of more than 10 per centum of such class, 

unless at the time copies of the offer or request oir invitation are first published 

or sent or given to security holders such person has filed w ith the Commission 

a statement containing such of the information specified in section 1 3(d) of this 

title, and such additional information as the Commission may by rules and 

regulations prescribe as necessary or appropriate in the public interest or for 

the protection of investors. All requests or invitations for tenders or advertiseDigitized for FRASER 

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FEDERAL BANKING LEGISLATION— 1 968 141

ments making a tender offer or requesting or inviting tenders of such a security 

shall be filed as a part of such statement and shall contain such of the information contained in such statement as the Commission may by rules and regulations prescribe. Copies of any additional material soliciting or requesting 

such tender offers subsequent to the initial solicitation or request shall contain 

such information as the Commission may by rules and regulations prescribe as 

necessary or appropriate in the public interest or for the protection of investors, 

and shall be filed w ith the Commission not later than the time copies of such 

material are first published or sent or given to security holders. Copies of all 

statements, in the form in which such material is furnished to security holders 

and the Commission, shall be sent to the issuer not later than the date such 

material is first published or sent or given to any security holders.

"(2) When tw o or more persons act as a partnership, limited partnership, 

syndicate, or other group for the purpose of acquiring, holding, or disposing 

of securities of an issuer, such syndicate or group shall be deemed a 'person' 

for purposes of this subsection.

"(3) In determining, for purposes of this subsection, any percentage of a 

class of any security, such class shall be deemed to consist of the amount of 

the outstanding securities of such class, exclusive of any securities of such 

class held by or for the account of the issuer or a subsidiary of the issuer.

“ (4) Any solicitation or recommendation to the holders of such a security to 

accept or reject a tender offer or request or invitation for tenders shall be 

made in accordance w ith such rules and regulations as the Commission may 

prescribe as necessary or appropriate in the public interest or for the protection of investors.

"(5) Securities deposited pursuant to a tender offer or request or invitation 

for tenders may be withdrawn by or on behalf of the depositor at any time 

until the expiration of seven days after the time definitive copies of the offer 

or request or invitation are first published or sent or given to security holders, 

and at any time after sixty days from the date of the original tender offer or 

request or invitation, except as the Commission may otherwise prescribe by 

rules, regulations, or order as necessary or appropriate in the public interest 

or for the protection of investors.

"(6) Where any person makes a tender offer, or request or invitation for 

tenders, for less than all the outstanding equity securities of a class, and 

where a greater number of securities is deposited pursuant thereto within 

ten days after copies of the offer or request or invitation are first published 

or sent or given to security holders than such person is bound or willing 

to take up and pay for, the securities taken up shall be taken up as nearly 

as may be pro rata, disregarding fractions, according to the number of 

securities deposited by each depositor. The provisions of this subsection shall 

also apply to securities deposited within ten days after notice of an increase in 

the consideration offered to security holders, as described in paragraph (7), is 

first published or sent or given to security holders.

"(7) Where any person varies the terms of a tender offer or request or 

invitation for tenders before the expiration thereof by increasing the consideration offered to holders of such securities, such person shall pay the increased 

consideration to each security holder whose securities are taken up and paid 

for pursuant to the tender offer or request or invitation for tenders whether 

or not such securities have been taken up by such person before the variation 

of the tender offer or request or invitation.

"(8) The provisions of this subsection shall not apply to any offer for, or 

request or invitation for tenders of, any security—

"(A) proposed to be made by means of a registration statement under 

the Securities Act of 1933;

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142 FEDERAL DEPOSIT INSURANCE CORPORATION

"(B) if the acquisition of such security, together w ith all other acquisitions by the same person of securities of the same class during the preceding twelve months, would not exceed 2 per centum of that class;

"(C) by the issuer of such security; or

"(D) which the Commission, by rules or regulations or by order, shall 

exempt from the provisions of this subsection as not entered into for 

the purpose of, and not having the effect of, changing or influencing the 

control of the issuer or otherwise as not comprehended within the purposes of this subsection.

"(e) It shall be unlawful for any person to make any untrue statement of a 

material fact or omit to state any material fact necessary in order to make 

the statements made, in the light of the circumstances under which they are 

made, not misleading, or to engage in any fraudulent, deceptive, or manipulative acts or practices, in connection with any tender offer or request or 

invitation for tenders, or any solicitation of security holders in opposition to 

or in favor of any such offer, request, or invitation.

"(f) If, pursuant to any arrangement or understanding w ith the person or 

persons acquiring securities in a transaction subject to subsection (d) of this 

section or subsection (d) of section 13 of this title, any persons are to be 

elected or designated as directors of the issuer, otherwise than at a meeting 

of security holders, and the persons so elected or designated w ill constitute 

a majority of the directors of the issuer, then, prior to the time any such 

person takes office as a director, and in accordance w ith rules and regulations 

prescribed by the Commission, the issuer shall file w ith the Commission, and 

transmit to all holders of record of securities of the issuer who would be 

entitled to vote at a meeting for election of directors, information substantially 

equivalent to the information which would be required by subsection (a) or (c) 

of this section to be transmitted if such person or persons were nominees for 

election as directors at a meeting of such security holders."

Approved July 29, 1 968.

Public Law 90-448 

90th Congress, S. 3497 

August 1, 1968

An Act

To assist in the provision of housing fo r low and m oderate incom e fam ilies,

and to extend and amend law s relating to housing and urban development.

Be it enacted by the Senate and House of Representatives of the United

States of America in Congress assembled. That this Act may be cited as the 

"Housing and Urban Development Act of 1968"

Sec. 416.* * *

(b) The first paragraph of section 24 of the Federal Reserve Act is amended 

by striking out all that follows "national banking association" in the fourth 

sentence and adding "m ay make loans or purchase obligations for land 

development which are'secured by mortgages insured under title X of the

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FEDERAL BANKING LEGISLATION— 1968 143

National Housing Act or guaranteed under title IV of the Housing and Urban 

Development Act of 1968” .

Sec. 804.* * *

(c) Section 5136 of the Revised Statutes (12 U.S.C. 24) is amended by adding at the end thereof the following:

"Ninth. To issue and sell securities which are guaranteed pursuant to 

section 306(g) of the National Housing Act."

(d) The first proviso of section 21(a) (1) of the Banking Act of 1933 (12 

U.S.C. 378(a) (1)) is amended by inserting ", or issuing securities," immediately 

following "investment securities” .

Sec. 8 0 7 / * *

(j) Section 5136 of the Revised Statutes is amended by inserting "or the 

Government National Mortgage Association" immediately following "Federal 

National Mortgage Association"

Sec. 911. Paragraph "Seventh" of section 5136 of the Revised Statutes 

(12 U.S.C. 24) is amended by adding at the end thereof the following: "N o twithstanding any other provision in this paragraph, the association may purchase for its own account shares of stock issued by a corporation authorized 

to be created pursuant to title IX of the Housing and Urban Development Act 

of 1968, and may make investments in a partnership, limited partnership, or 

joint venture formed pursuant to section 907(a) or 907(c) of that A ct."

Sec. 1 705. * * *

(h) The last sentence of paragraph "Seventh" of section 5136 of the 

Revised Statutes (12 U.S.C. 24) (appearing immediately before the sentence 

added by section 911 of this Act) is amended by inserting after "the Asian 

Development Bank" the following: ", or obligations issued by any State or 

political subdivision or any agency of a State or political subdivision for 

housing, university, or dormitory purposes,".

Sec. 1718. Section 24 of the Federal Reserve Act, as amended (12 U.S.C. 

371), is amended—

(1) by striking out "tw enty-four months", wherever it appears in the 

third paragraph and inserting in lieu thereof "thirty-six months";

(2) by striking out "when the entire amount of such obligation is sold 

to the association", wherever it appears in the first and second paragraphs, and inserting in lieu thereof "in whole or in part and at any time 

or times prior to the maturity of such obligation"; and

(3) by striking out the last paragraph and inserting in lieu thereof the 

following:

"Loans made to any borrower (i) where the association looks for repayment 

by relying primarily on the borrower's general credit standing and forecast of 

income, w ith or w ithout other security, or (ii) where the association relies on 

other security as collateral for the loans (including but not limited to a guaranty 

of a third party), and where, in either case described in clause (i) or (ii) above, 

the association wishes to take a mortgage, deed of trust, or other instrument 

upon real estate (whether or not constituting a first lien) as a precaution against

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

contingencies, such loans shall not be considered as real estate loans within 

the meaning of this section but shall be classed as ordinary non-real-estate 

loans."

Approved August 1, 1968.

Public Law 90-505 

90th Congress, S. 3133 

September 21,1 968

An Act

To extend for one year the authority to lim it the rates of interest or d iv idends payable on tim e and savings deposits and accounts, and fo r other

purposes.

Be it enacted by the Senate and House of Representatives of the United

States of America in Congress assembled,

S e c t io n 1. Section 7 of the Act of September 21,1 966 (Public Law 89-597; 

80 Stat. 823) is amended to read:

"S ec. 7. Effective September 22, 1969—

"(1) so much of section 19(j) of the Federal Reserve Act (12 U.S.C. 

371b) as precedes the third sentence thereof is amended to read as it 

would w ithout the amendment made by section 2(c) of this Act;

"(2) the second and third sentences of section 18(g) of the Federal 

Deposit Insurance Act (12 U.S.C. 1828(g)) are amended to read as they 

would w ithout the amendment made by section 3 of this Act; and

"(3) section 5B of the Federal Home Loan Bank Act (12 U.S.C. 1425b) 

is repealed."

S e c. 2. (a) The first sentence of section 19(j) of the Federal Reserve Act 

(12 U.S.C. 371b) is amended by changing "lim it by regulation" to read "prescribe rules governing the payment and advertisement of interest on deposits, 

including limitations on".

(b) The second sentence of section 18(g) of the Federal Deposit Insurance 

Act (12 U.S.C. 1828(g)) is amended by changing "lim it by regulation" to read 

"prescribe rules governing the payment and advertisement of interest on 

deposits, including limitations on".

(c) The first sentence of section 5B of the Federal Home Loan Bank Act 

(12 U.S.C. 1425b) is amended by changing "lim it by regulation" to read 

"prescribe rules governing the payment and advertisement of interest or 

dividends on deposits, shares, or withdrawable accounts, including limitations 

on".

Sec. 3. (a) The first sentence of the eighth full paragraph of section 13 of 

the Federal Reserve Act (12 U.S.C. 347) is amended by inserting ", or secured 

by such obligations as are eligible for purchase under section 14(b) of this 

A ct" immediately before the period at the end thereof.

(b) The first sentence of the last full paragraph of such section (12 U.S.C. 

347c) is amended by inserting "or by any obligation which is a direct obligation of, or fully guaranteed as to principal and interest by, any agency of the 

United States" immediately before the period at the end thereof.

Approved September 2 1 ,1 9 6 8 .

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RULES AND REGULATIONS OF THE CORPORATION 145

RULES AND REGULATIONS OF THE

CORPORATION—1968

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION 

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 3 30— CLARIFICATION AND DEFINITION OF DEPOSIT 

INSURANCE COVERAGE

Notification of Depositors

Effective January 16, 1968 §330.14 of the rules and regulations of the 

Federal Deposit Insurance Corporation (12 CFR Part 330) is amended to read 

as follows:

§ 330.14 Notification of depositors.

Each insured bank is required to provide notice of these revisions to the 

Rules and Regulations for Clarification and Definition of Insurance Coverage of 

Deposit Accounts, Part 330, not later than April 1, 1968, to the depositors of 

each deposit account which had a balance in excess of $5,000 on any date 

selected by the bank between September 1, 1967, and April 1, 1968. Such 

notice shall consist of mailing to such depositors at their last known address 

as shown on the records of the insured bank, a question and answer brochure 

on insurance of deposit accounts prepared by the Federal Deposit Insurance 

Corporation. Such brochure shall also be made available to the public at each 

teller's station or window where deposits are normally received and at new 

account stations of an insured bank. Additional explanatory materials may 

also be sent to depositors at the option of the insured bank.

[F.R. Doc. 68-407; Filed, Jan. 1 5, 1 968; 8:49 a.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 3 29— PAYMENT OF DEPOSITS AND INTEREST THEREON 

BY INSURED NONMEMBER BANKS

Foreign Time Deposits

Effective January 22, 1 968, paragraph (a) of § 329.3 is amended to read as 

follows:

§ 329.3 Maximum rate of interest on time and savings deposits.

(a) Maximum rate prescribed from time to time. Except in accordance w ith 

the provisions of this part, no insured nonmember bank shall pay interest on 

any time deposit or savings deposit in any manner, directly or indirectly, or by 

any method, practice, or device whatsoever. No insured nonmember bank shall 

pay interest on any time deposit or savings deposit at a rate in excess of such 

applicable maximum rate as the Board of Directors of the Federal Deposit 

Insurance Corporation shall prescribe from time to time; and any rate or rates 

which may be so prescribed by the Board will be set forth in supplements to 

this part (see § 329.6), which will be issued in advance of the date upon which 

such rate or rates become effective. Under explicit provisions of the Federal 

Deposit Insurance Act, until October 1 5, 1 968, the provisions of this paragraph 

do not apply to the rate of interest that may be paid by insured nonmember

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146 FEDERAL DEPOSIT INSURANCE CORPORATION

banks on time deposits of foreign governments, monetary and financial authorities of foreign governments when acting as such, or international financial 

institutions of which the United States is a member. The provisions of this 

paragraph shall likewise not apply to the rate of interest that may be paid 

by an insured nonmember bank after October 1 5, 1968, on such a deposit 

which is received, renewed, or extended, in the ordinary course of business 

and for a specified period not exceeding 2 years, prior to the expiration of the 

authority conferred upon the Board by the amendments to section 18(g) of the 

Federal Deposit Insurance Act enacted September 21, 1966.

******

[F.R. Doc. 6 8 -9 8 0 ; Filed, Jan. 25, 1968; 8:45 a.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 3 29— PAYMENT OF DEPOSITS AND INTEREST THEREON 

BY INSURED NONMEMBER BANKS

Maximum Rates of Interest Payable on Time and Savings Deposits by 

Insured Nonmember Banks

Effective April 19, 1968, § 329.6 of the rules and regulations of the Federal 

Deposit Insurance Corporation (12 CFR § 329 6) is amended to read as 

follows:

§329.6 Maximum rates of interest payable on time and savings deposits by

insured nonmember banks.

Pursuant to the provisions of section 18 of the Federal Deposit Insurance 

Act and §329.3, the Board of Directors of the Federal Deposit Insurance 

Corporation hereby prescribes the following maximum rates1 of interest payable by insured nonmember banks on time and savings deposits:

(a) Single m aturity time deposits.— (1) Deposits of $100,000 or more. No 

insured nonmember bank shall pay interest on any single maturity time deposit 

of $100,000 or more at a rate in excess of the applicable rate under the follow ­

ing schedule:

Maximum

percent

Maturity per annum

30-59 days - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 51/2

60-89 days - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 53/4

90-179 d a y s ------------------------------------------------------------------------------------------------ 6

180 days or more - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6 1/4

(2) Deposits of less than $100,000. No insured nonmember bank shall pay 

interest at a rate in excess of 5 percent per annum on any single maturity time 

deposit of less than $100,000.

(b) Multiple m aturity time deposits— (1) Deposits payable at intervals of at

least 90 days. No insured nonmember bank shall pay interest at a rate in excess 

of 5 percent per annum on a multiple maturity time deposit that is payable only 

90 days or more after the date of deposit or 90 days or more after the last 

preceding date on which it might have been paid.

1The maximum rates of interest payable by insured nonmember banks on time and savings 

deposits as prescribed herein are not applicable to any deposit which is payable only at an 

office of an insured nonmember bank located outside of the States of the United States and the 

District of Columbia.

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RULES AND REGULATIONS OF THE CORPORATION 147

(2) Deposits payable at intervals of less than 90 days. No insured nonmember bank shall pay interest at a rate in excess of 4 percent per annum on 

a multiple maturity time deposit that is payable less than 90 days after the 

date of deposit or less than 90 days, but at least 30 days, after the last preceding date on which it might have been paid.

(c) Savings deposits. No insured nonmember bank shall pay interest at a 

rate in excess of 4 percent per annum on any savings deposit.

In calculating the rate of interest paid, the effects of compounding of interest may be disregarded. An insured nonmember bank that elects to compound 

interest— either at the maximum permissible rate or at a lower rate— shall 

state the basis of compounding (such as semiannually, quarterly, monthly, 

weekly, daily, or continuously) in every advertisement, announcement, solicitation, and agreement relating to the rate of interest paid on a deposit.

[F.R. Doc. 6 8 -4 9 3 2 ; Filed, Apr. 24, 1 968; 8:46 a.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 3 30— CLARIFICATION AND DEFINITION OF DEPOSIT 

INSURANCE COVERAGE

Qualifying Joint Accounts

Effective June 8, 1968, § 330.9(b) of the rules and regulations of the Federal 

Deposit Insurance Corporation (12 CFR Part 330) is amended to read as 

follows:

§ 330.9 Joint accounts.

*****

(b) Qualifying jo in t accounts. A joint deposit account shall be deemed to 

exist, for purposes of insurance of accounts, only if each coowner has personally executed a deposit account signature card and possesses withdrawal 

rights. The restrictions of this paragraph shall not apply to coowners of a time 

certificate of deposit or to any deposit obligation evidenced by a negotiable 

instrument, but such a deposit must in fact be jointly owned.

*****

[F.R. Doc. 6 8 -6 8 8 4 ; Filed, June 7, 1968; 1 2:00 p.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY 

PART 32 9 — PAYMENT OF INTEREST ON DEPOSITS 

Computation of Interest 

§ 329.101 Payment of interest on basis that 360 days equals 1 year.

(a) The question has arisen whether an insured nonmember bank may pay 

interest on 1-year deposits on the basis that 360 days entitles a depositor to 

a full year's interest and add interest at the maximum permissible rate on the 

type of deposit in question for the remaining days (5 or 6) of the calendar year.

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148 FEDERAL DEPOSIT INSURANCE CORPORATION

Under such a practice, the depositor would, in effect, receive 370 days of 

interest on the deposit in 1 year.

(b) The Board of Directors considers that practices of this type violate Part 

329 of the rules and regulations of the Federal Deposit Insurance Corporation. 

Such regulation does not authorize a bank to use "grace periods" in computing 

interest on time deposits at the maximum permissible rate. In other words, the 

terms of Part 329 are not designed to permit a bank to pay interest at the 

maximum rate for more days than funds are on deposit.

(c) Nevertheless, the Board of Directors has concluded that no useful purpose would be served by preventing banks from computing interest, as a m atter of mathematical simplicity, on the basis that 30 days equals 1 month or 

one-twelfth of a year, 90 days equals 3 months or one-quarter of a year, 180 

days equals 6 months or one-half of a year, or even that 360 days equals 1 

year. Although it is recognized that a bank which computes interest on such a 

basis will be paying interest at an effective annual rate of interest slightly 

in excess of the applicable maximum simple interest rate compounded continuously for the number of days the funds are on deposit, the Corporation will 

disregard this insignificant violation of its regulation.

(d) However, a bank that does compute interest on the basis of 360 days 

equals 1 year, or the like, may not add any interest computed on a daily basis. 

The mathematical simplicity argument supporting disregard of the violation 

that arises from a 360-days-equals-1-year basis falls w ith respect to such 

a bank.

(e) The Board of Directors also considers that it would be inappropriate for 

a bank to advertise an effective annual rate of interest on deposits in excess of 

the rate that results from computing interest at the maximum permissible 

simple interest rate on the type of deposit involved, compounded continuously 

for a full year. This means, for example, that an insured nonmember bank 

may not advertise an effective annual rate of interest in excess of 5.13 percent 

on a 5 percent multiple maturity time deposit.

[F.R. Doc. 6 8 -9 4 0 1 ; Filed, Aug. 6, 1 968; 8:47 a.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 3 35— SECURITIES OF INSURED NONMEMBER STATE BANKS 

Miscellaneous Amendments

Effective August 8, 1968, the following miscellaneous amendments to Part 

335 were adopted:

1. Section 335.4 is amended to change its title and to revise paragraph (g), 

as set forth below:

§ 335.4 Registration statements and reports.

*****

(g) Current reports and/or statements. (1) Every registrant bank shall file 

a current report in conformity w ith the requirements of Form F-3 within 10 

days after the close of any month during which any of the events specified in 

that form occurs, unless substantially the -same information as required by that 

form has been previously reported by the bank.

(2) Any person who, after acquiring, subsequent to July 29, 1968, directly 

or indirectly the beneficial ownership of any equity security of a bank, of a class

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which is registered pursuant to section 12 of the Act, is directly or indirectly 

the beneficial owner of more than 10 percent of such class shall, within 10 

days after such acquisition, send to the bank at its principal executive office, by 

registered or certified mail, send to each exchange where the security is traded, 

and file with the Corporation a statement containing the information required 

by Form F-1 1.

(3) If any material change occurs in the f£cts set forth in the statement 

required by subparagraph (2) of this paragraph, the person who filed such statement shall promptly file w ith the Corporation and send to the bank and the 

exchange an amendment disclosing such change.

(4) When a person other than the issuing bank or any person described in 

section 13(e) (2) of the Act makes a tender offer for, or request or invitation 

for tenders of, any class of equity securities of a bank subject to section 13(e) 

of the Act, and such person has filed a statement w ith the Corporation pursuant 

to §335.5(1) and the issuing bank has received notice thereof, such issuing 

bank or any person described in section 1 3(e) (2) of the Act shall not thereafter, 

during the period such tender offer, request or invitation continues, purchase 

any equity securities of the issuing bank unless:

(i) The issuing bank or any person described in section 13(e) (2) of the Act 

has filed w ith the Corporation a statement containing the information specified 

below w ith respect to proposed purchases.

(a) The title and amount of securities to be purchased, the names o f the persons or classes of persons from whom, and the market in which, the securities 

are to be purchased, including the name of any exchange on which the purchase is to be made;

(b) The purpose for which the purchase is to be made and any plan or 

proposal for the disposition of such securities; and

(c) The source and amount of funds or other consideration used or to be 

used in making the purchases, and if any part of the purchase price or proposed purchase price is represented by funds or other consideration borrowed 

or otherwise obtained for the purpose of acquiring, holding, or trading the 

securities, a description of the transaction and the names of the parties 

thereto.

(ii) The issuing bank or any person described in section 13(e) (2) of the Act 

has at any time w ithin the past 6 months sent or given to the equity security 

holders of the issuing bank the substance of the information contained in the 

statement required by subparagraph (i): Provided, however. That any issuing 

bank or any person described in section 13(e) (2) of the Act making such purchases which commenced prior to August 8, 1968, shall, if such purchases 

continue after such date, comply w ith the provisions of this subparagraph on 

or before August 20, 1 968.

* * * * *

2. Section 335.5 is amended to change its title and to add paragraphs (I), 

(m), and (n), as set forth below:

§335.5 Proxy statements and other solicitations under section 14 of the

Act.

(I) Invitations for tenders. (1) No person, directly or indirectly, by use of 

the mails or by any means or instrumentality of interstate commerce or of 

any facility of a national securities exchange or otherwise, shall make a tender 

offer for, or a request or invitation for tenders of, any class of any equity 

security, which is registered pursuant to section 12 of the Act, of a bank if, after 

consummation thereof, such person would, directly or indirectly, be the beneficial owner of more than 10 percent of such class, unless, at the time copies of

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150 FEDERAL DEPOSIT INSURANCE CORPORATION

the offer or request or invitation are first published or sent or given to security 

holders, such person has filed w ith the Corporation a statement containing the 

information and exhibits required by Form F-1 1: Provided, however, That any 

person making a tender offer for or a request or invitation for tenders which 

commenced prior to August 8, 1968, shall, if such offer, request or invitation 

continues after such date, file the statement required by this paragraph on or 

before August 20, 1968.

(2) If any material change occurs in the facts set forth in the statement 

required by subparagraph (1) of this paragraph, the person who filed such statement shall promptly file w ith the Corporation an amendment disclosing such 

change.

(3) All requests or invitations for tenders or advertisements making a tender 

offer or requesting or inviting tenders shall contain the names of the persons 

making such requests, invitations, or advertisements and the information 

required by Items 2 (a), (c) and (o) (1), 3, 4, 5, and 6 of Form F-1 1, or a fair and 

adequate summary thereof, and shall be filed w ith the Corporation as part of 

the statement required by subparagraph (1) of this paragraph: Provided, how ­

ever, That the information required by Item 2(e) (1) shall include only convictions involving dishonesty or breach of trust.

(4) Any additional material soliciting or requesting such tender offers subsequent to the initial solicitation or request shall contain the names of the persons 

making such solicitation or request and the information required by Form F-11 

as specified in subparagraph (3) of this paragraph, or a fair and adequate summary thereof: Provided, however. That such material may omit any of such 

information previously furnished to the persons solicited or requested for tender 

offers. Copies of such additional material soliciting or requesting such tender 

offers shall be filed w ith the Corporation not later than the time copies of 

such material are first published or sent or given to security holders.

(m) Recommendations as to tender offers. (1) No solicitation or recommendation to the holders of a security to accept or reject a tender offer or 

request or invitation for tenders subject to section 14(d) of the Act shall be 

made unless, at the time copies of the solicitation or recommendation are first 

published or sent or given to holders of the security, the person making such 

solicitation or recommendation has filed w ith the Corporation a statement containing the information specified by Form F-1 2: Provided, however, That this 

paragraph shall not apply to a person required by §335.5(1) to file a statement, 

or a person, other than the bank or the management of the bank, who makes 

no w ritten solicitations or recommendations other than solicitations or recommendations copies of which have otherwise been filed w ith the Corporation: 

A nd provided further, That any person making a solicitation or recommendation 

to the holders of a security to accept or reject a tender offer or request or 

invitation for tenders which solicitation or recommendation commenced prior 

to August 8, 1968, shall, if such solicitation or recommendation continues after 

such date, file the statement required by this paragraph on or before August 

20, 1968.

(2) If any material change occurs in the facts set forth in the statement 

required by subparagraph (1) of this paragraph, the person who filed such 

statement shall promptly file with the Corporation an amendment disclosing 

such change.

(3) Any w ritten solicitation or recommendation to the holders of a security 

to accept or reject a tender offer or request or invitation for tenders subject 

to section 14(d) of the Act shall include the name of the person making such 

solicitation or recommendation and the information required by Items 1(b), 2(b) 

of Form F-12, or a fair and adequate summary thereof: Provided, however,

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That such w ritten solicitation or recommendation may omit any of such information previously furnished to the persons to whom the solicitation or 

recommendation is made.

(n) Change in majority of directors. If, pursuant to any arrangement or understanding w ith the person or persons acquiring securities in a transaction subject to section 13(d) or section 14(d) of the Act, any persons are to be elected 

or designated as directors of the bank,,otherwise than at a meeting of security 

holders, and the persons so elected or designated will constitute a majority of 

the directors of the bank, then, not less than 10 days prior to the date any 

such person takes office as a director, or such shorter period prior to that date 

as the Corporation may authorize upon a showing of good cause therefor, the 

bank shall file w ith the Corporation and transmit to all holders of record of 

securities of the bank who would be entitled to vote at a meeting for election 

of directors, information substantially equivalent to the information which 

would be required by Items 5 (a), (d), (e), and (f), 6 and 7 of Form F-5 to 

be transmitted if such person or persons were nominees for election as directors at a meeting of such security holders.

3. The following sections are added:

§335.47 Form for statement to be filed pursuant to §335.4(g) (2) or

§ 335.5(1) of Part 335 (Form F -11),

FORM F-11

STATEMENT TO BE FILED PURSUANT TO §.335.4 (g) (2)

OR §335.5(1) OF PART 335 

General Instructions

The item numbers and captions of the items.shall be included but the text of 

the items may be omitted. The answers to the items shall be so prepared as to 

indicate clearly the coverage of the items w ithout referring to the text of the 

items. Answer every item. If an item is inapplicable or the answer is in the 

negative, so state.

If the statement is filed by a partnership, limited partnership, syndicate, or 

other group, the information called for by Items 2 to 6, inclusive, shall be given 

with respect to (1) each partner or any partnership or limited partnership; (2) 

each member of such syndicate or group; and (3) each person controlling such 

partner or member. If a person referred to in (1), (2), or (3) is a corporation or 

the statement is filed by a corporation, the information called for by the abovementioned items shall be given w ith respect to each principal officer and director of such corporation and each person controlling such corporation.

Item 1. Security and Bank.

State the title of the class of equity securities to which this statement relates 

and the name and address of the bank which issued such securities.

Item 2. Identity and Background.

State the following w ith respect to the person filing this statement:

(a) Name and business address.

(b) Residence address.

(c) Present principal occupation or employment and the name, principal 

business and address of any corporation or other organization in which such 

employment is carried on.

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152 FEDERAL DEPOSIT INSURANCE CORPORATION

(d) Material occupations, positions, offices or employments during the last 

10 years, giving the starting and ending dates of each and the name, principal 

business and address of any business corporation or other organization in 

which each such occupation, position, office or employment was carried on.

(e) (1) Whether or not such person has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) and, if so, give 

the dates, nature of conviction, name and location of the court, and penalty 

imposed, or other disposition of the case.

(2) Whether or not such person has ever been adjudicated a bankrupt and, if 

so, give the dates and names and locations of the courts.

Item 3. Source and Am ount of Funds or Other Consideration.

State the source and amount of funds or other consideration used or to be 

used in making the purchases, and if any part of the purchase price or proposed purchase price is represented or is to be represented by funds or other 

consideration borrowed or otherwise obtained for the purpose of acquiring, 

holding, or trading the securities, a description of the transaction and the 

names of the parties thereto.

Instruction. If the source of funds is a loan made in the ordinary course 

of business by a bank, the person filing the statement may, at his option, omit 

the name of the bank, provided it is furnished to the Corporation in a letter 

requesting confidential treatment as to such information. Pursuant to section 

13(d) (1) (B) of the Act, such information shall not be made available to the 

public.

Item 4. Purpose of Transaction.

If the purpose of the purchases or prospective purchases is to acquire control 

of the bank, describe any plans or proposals which such persons may have to 

liquidate such bank, to sell its assets to or merge it w ith any other persons, or 

to make any other major change in its business or corporate structure.

Item 5. Interest in Securities of the Bank.

State the number of shares of the security which are beneficially owned, and 

the number of shares concerning which there is a right to acquire, directly or 

indirectly, by (i) such person, and (ii) each associate of such person, giving the 

name and address of each such associate.

Item 6. Contracts, Arrangements, or Understandings With Respect to

Securities of the Bank.

Furnish information as to any contracts, arrangements, or understandings 

with any person with respect to any securities of the bank, including but not 

limited to transfer of any of the securities, joint ventures, loan or option 

arrangements, puts or calls, guaranties of loans, guaranties against loss or 

guaranties of profits, division of losses or profits, or the giving or withholding 

of proxies, naming the persons with whom such contracts, arrangements, or 

understandings have been entered into, and giving the details thereof.

Item 7. Persons Retained, Employed or To Be Compensated.

Where this statement relates to a tender offer, or request or invitation for 

tenders, identify all persons and classes of persons employed, retained or to 

be compensated by the person filing this statement, or by any person on his 

behalf, to make solicitations or recommendations to security holders and 

describe briefly the terms of such employment, retainer or arrangement for 

compensation.

Item 8. M aterial To Be Filed as Exhibits.

Copies of all requests or invitations for tenders or advertisements making a 

tender offer or requesting or inviting tenders, additional material soliciting or 

requesting such tender offers, solicitations or recommendations to the holders 

of the security to accept or reject a tender offer or request or invitation for 

tenders shall be filed as an exhibit.

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Signature

I certify that to the best of my knowledge and belief the information set forth 

in this statement is true, complete and correct.

(Date) (Signature)

If the statement is signed on behalf of a person by an authorized representative, evidence of the representative's authority to sign on behalf of such person 

shall be filed w ith the statement.

§ 335.53 Form for statement to be filed pursuant to §335.5(m) of Part 335

(Form F-12).

FORM F-1 2

STATEMENT TO BE FILED PURSUANT TO §335.5(m) OF PART 335 

General Instructions

The item numbers and captions of the items shall be included but the text of 

the items may be omitted. The answers to the items shall be so prepared as to 

indicate clearly the coverage of the items w ithout referring to the text of the 

items. Answer every item. If an item is inapplicable or the answer is in the 

negative, so state.

Item 1. Security and Bank.

(a) State the title of the class of equity securities to which this statement 

relates and the name and address of the bank which issued such securities.

(b) Identify the tender offer or request or invitation for tenders to which 

this statement relates and state the reasons for the solicitation or recommendation to security holders to accept or reject such tender offer, request, or invitation for tenders.

Item 2. Identity and Background.

(a) State the name and business address of the person filing this statement.

(b) Describe any arrangement or understanding in regard to the solicitation 

w ith (i) the bank or the management of the bank or (ii) the maker of the tender 

offer or request or invitation for tender of securities of the class to which this 

statement relates.

Item 3. Persons Retained, Employed or To Be Compensated.

Identify any person or class of persons employed, retained or to be compensated, by the person filing this Form F-1 2, or by any person on his behalf, to 

make solicitations or recommendations to security holders and describe 

briefly the terms of such employment, retainer or arrangement for compensation.

Item 4. M aterial To Be Filed as Exhibits.

Copies of all solicitations or recommendations to accept or to reject a tender 

offer or request or invitation for tenders of the securities specified in Item 1 

shall be filed as an exhibit.

Signature

I certify that to the best of my knowledge and belief the information set forth 

in this statement is true, complete and correct.

(Date) (Signature)

If the statement is signed on behalf of a person by an authorized representative, evidence of the representative's authority to sign on behalf of such person 

shall be filed w ith the statement.

§335.51 [Amended]

4. Section 335.51 (Form F-5) is amended by adding the following paragraphs (e) and (f) to "Item 5, Voting Securities and Principal Holders Thereof” of such form:

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Item 5. Voting Securities and Principal Holders Thereof.

(e) If to the knowledge of the persons on whose behalf the solicitation is 

made, a change in control of the bank has occurred since the beginning of its 

last fiscal year, state the name of the person or persons who acquired such control, the basis of such control, the date and a description of the transaction or 

transactions in which control was acquired and the percentage of voting securities of the bank now owned by such person or persons.

(f) Describe any contractual arrangements, including any pledge of securities 

of the bank or any of its parents, known to the persons on whose behalf the 

solicitation is made, the operation of the terms of which may at a subsequent 

date result in a change in control of the bank.

Instruction. Paragraph (f) does not require a description of ordinary default 

provisions contained in the charter, trust indentures or other governing instruments relating to securities of the bank.

[F.R. Doc. 6 8 -9 7 8 3 ; Filed, Aug. 14, 1968; 8:47 a.m.]

TITLE 12— BANKS AND BANKING 

CHAPTER III— FEDERAL DEPOSIT INSURANCE CORPORATION 

SUBCHAPTER B— REGULATIONS AND STATEMENTS OF GENERAL POLICY

PART 32 9 — PAYMENT OF DEPOSITS AND INTEREST THEREON 

BY INSURED NONMEMBER BANKS

Time Deposits of Foreign Monetary Authorities; Applicability of Lower State 

Maximum Interest Rates; Interest on Time and Savings Deposits Renewed

W ithin 10 Days

1. Effective October 15, 1968, §329.3 of the rules and regulations of the 

Federal Deposit Insurance Corporation (12 CFR Part 329) is amended to read 

as follows:

§329.3 Maximum rate of interest on time and savings deposits.

(a) Maximum rate prescribed from time to time. Except in accordance with 

the provisions of this part, no insured nonmember bank shall pay interest on 

any time deposit or savings deposit in any manner, directly or indirectly, or by 

any method, practice, or device whatsoever. Except as provided in paragraph 

(g) of this section, no insured nonmember bank shall pay interest on any time 

deposit or savings deposit at a rate in excess of such applicable maximum rate 

as the Board of Directors of the Federal Deposit Insurance Corporation shall 

prescribe from time to time; and any rate or rates which may be so prescribed 

by the Board will be set forth in supplements to this part (see §329.6), which 

will be issued in advance of the date upon which such rate or rates become 

effective.

(b) Modification of contracts to conform to regulation. No certificate of deposit or other contract shall be renewed or extended unless it be modified to 

conform to the provisions of this part, and every insured nonmember bank shall 

take such action as may be necessary, as soon as possible consistently w ith its 

contractual obligations, to bring all of its outstanding certificates of deposit or 

other contracts into conformity w ith the provisions of this part.

(c) Insured nonmember banks lim ited to maximum rate under State law. The 

rate of interest paid by an insured nonmember bank upon a time deposit or a 

savings deposit shall not in any case exceed (1) the applicable maximum rate 

prescribed pursuant to the provisions of paragraph (a) of this section, or (2) the 

applicable maximum rate authorized to be paid upon such deposits under the

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laws of the State in which the insured nonmember bank is located, whichever 

may be less.

(d) Grace periods in computing interest on savings deposits. An insured 

nonmember bank may pay interest on a savings deposit received during the 

first ten (10) calendar days of any calendar month at the applicable maximum 

rate prescribed pursuant to paragraph (a) of this section calculated from the 

first day of such calendar month until such deposit is withdrawn or ceases to 

constitute a savings deposit under the provisions of this part, whichever shall 

first occur; and an insured nonmember bank may pay interest on a savings 

deposit withdrawn during its last three (3) business days of any calendar month 

ending a regular quarterly or semiannual interest period at the applicable maximum rate prescribed pursuant to paragraph (a) of this section calculated to 

the end of such calendar month.

(e) Continuance of time deposit status. A deposit which was a time deposit 

at the date of deposit continues to be such until maturity, although it has 

become payable within thirty (30) days, and interest at a rate not exceeding 

that prescribed pursuant to the provisions of paragraph (a) of this section may 

be paid until maturity upon such deposit. A time deposit or a savings deposit, 

w ith respect to which notice of withdrawal has been given, continues to be 

such until the expiration of the period of such notice, and interest may be 

paid upon such deposit until the expiration of the period of such notice at a 

rate not exceeding that prescribed pursuant to the provisions of paragraph (a) 

of this section. Interest at a rate not exceeding that prescribed pursuant to 

the provisions of paragraph (a) of this section may be paid upon savings 

deposits with respect to which notice of intended withdrawal has not actually 

been required or given. No interest shall be paid by an insured nonmember 

bank on any amount which by the terms of any certificate or other contract or 

agreement, or otherwise, the bank may be required to pay w ithin thirty (30) 

days from the date on which such amount is deposited in such bank,1 except 

as to savings deposits w ith respect to which the bank consistently continues 

to adhere to a practice existing prior to January 23, 1936, of requiring notice 

of at least fifteen (15) days before permitting withdrawal.

(f) No interest after maturity or expiration of notice; exception. After the 

date of maturity of any time deposit, such deposit is a demand deposit, and 

no interest may be paid on such deposit for any period subsequent to such date. 

After the expiration of the period of notice given w ith respect to the repayment of any time deposit or savings deposit, such deposit is a demand deposit 

and no interest may be paid on such deposit for any period subsequent to the 

expiration of such notice, except that, if the owner of such deposit advise the 

bank in writing that the deposit will not be withdrawn pursuant to such notice 

or that the deposit will thereafter again be subject to the contract or requirements applicable to such deposit, the deposit will again constitute a time 

deposit or savings deposit, as the case may be, after the date upon which such 

advice is received by the bank. Notwithstanding the foregoing, if a tim e deposit 

is renewed, automatically or by action of the depositor, w ithin ten (10) days 

after maturity, the renewed deposit or renewed portion may draw interest from 

the maturity date of the matured deposit; and if a time or savings deposit is 

renewed, automatically or by action of the depositor, w ithin ten (10) days after 

expiration of the period of notice given w ith respect to its repayment, the

1 Deposits, such as Christmas club accounts and vacation club accounts, which are made 

under written contracts providing that no withdrawal shall be made until a certain number of 

periodic deposits have been made during a period of not less than three (3) months, constitute 

"tim e deposits, open acccount” even though some of the deposits are made within thirty (30) 

days from the end of such period.

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renewed deposit or renewed portion may draw interest from the date such 

notice period expired.1

(g) Time deposits of foreign monetary authorities. The provisions of paragraph (a) of this section do not apply to the rate of interest that may be paid 

by insured nonmember banks on a time deposit, having a maturity of not more 

than 2 years, made and owned by a foreign government, a monetary or financial authority of a foreign government when acting as such, or an international 

financial institution of which the United States is a member. All certificates of 

deposit issued by insured nonmember banks to such organizations, on which 

the contract rate of interest exceeds the applicable maximum under §329.6, 

shall provide (1) that, in the event of transfer, the date of transfer, attested to 

in writing by the transferor, shall appear on the certificate, and (2) that the 

maximum rate limitations of §329.6 in effect at the date of issuance of the 

certificate apply to the certificate for any period during which it is held by a 

person other than such an organization. Upon presentment of such a certificate 

for payment, the bank may pay to the holder the contract rate of interest on 

the deposit for the time that the certificate was actually owned by such an 

organization.

2. Effective October 1 5, 1 968, this Corporation's uncodified interpretation of 

Part 329 of its regulations, published in 27 F e d e r a l R e g is t e r 1 1798 (1962), 

is revoked.

1Where a time certificate is renewed within ten (10) days after maturity, the renewal certificate may be dated back to the maturity date of the matured certificate.

[F.R. Doc. 6 8 -1 2 6 2 5 ; Filed, Oct. 16, 1968; 8:49 a.m.]

STATE BANKING LEGISLATION— 1968

The legislatures of thirty-four States held either regular or special sessions 

during 1968, and twenty-nine of them enacted laws affecting the banking 

industry. Some of the State banking laws enacted this year are listed below 

on a State-by-State basis.

ALASKA

Securities registration requirements - exem ptions................HB 351

Bank investm ents.................................... .............................HB 413

Banking code amendments................ ................................ SB 305

Minor's contracts - enforceability............................................. HB 475

Student lo a n s ................ ..........................SB 378

SB 365

Stockholders' meetings. . . . . . . HB 490

Discount lo a n s .......................................................... . . . HB 7

ARIZONA

Wage payment by bank deposit .... ..........................SB 212

Public depositories....................................................................... HB 99

Loan lim itations..............................................................................SB 123

ARKANSAS

Student lo a n s .............................................................. . . HB 7-X

Capital notes . . . .......................................... . . HB 42-X

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Federal Reserve Bank of St. Louis
STATE BANKING LEGISLATION 157

C A L IF O R N IA

Fraudulent use of credit c a rd s ....................................... . AB 367

Financial code amendments regarding capital and

reserves and foreign banking corporations . . . . .S B 164

AB 984

SB 1003

Unclaimed property....................................................................... SB 63

Corporate securities law a m e n d m e n ts ................................... AB 1

Uniform Gifts to Minors Act a m e n d m e n ts .............................AB 1154

Taxation of banking in s titu tio n s ...................... ..........................AB 1832

SB 606

C O L O R A D O

Student lo a n s .................................................................................HB 1073

Uniform Consumer Credit C ode-study................................... HJR 1013

G E O R G IA

State fund depositories.................................................................HB 933

Bank investm ents.......................................................................... HB 934

Stock in subsidiary corporations................................................ HB 935

Loans to officers, directors, and em ployees.............................HB 937

Powers of State and national banks equalized.......................HB 938

Capital requirem ents....................................................................HB 939

Student lo a n s .................................................................................HB 1066

Nonpar banking - interim s tu d y .................................................HR 217

SB 265

H A W A II

Student lo a n s .................................................................................HB 255

Equalization of powers of State and national b a n k s .............SB 45

Multi-State Tax Compact adopted............................................. HB 141

Interest rates on farm lo a n s .......................................................SB 330

IL L IN O IS

Uniform Gifts to Minors Act amendments................................ SB 1811

Branch b a n k in g ..............................................................................HB 2825

K A N S A S

Student lo a n s ............................................................. . . . SB 705

National banks - taxation.......................................... . . . SB 646

K E N T U C K Y

Bank filing fe e s ..............................................................................HB 285

Bank holidays.................................................................................HB 317

Bank examiner qualifications....................................................... SB 180

Credit c a rd s .................................................................................... SR 61

Banking fees.................................................................................... HB 285

Bank ownership of personal p ro p e rty .......................................HB 580

Credit - disclosure of c h a rg e s....................................................HB 250

L O U IS IA N A

Interest rates and finance charges............................................. HB 64

Security for deposit of public fu n d s ..........................................SB 252

Use of term "insured savings" prohibited except

for agency of the United S ta te s............................................. SB 389

Investm ents....................................................................................SB 390

Bank holding com panies............................................................. SB 1183

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

Loans . . HB 638

SB 253

Powers. . . . . SB 338

Trusts . . . . . SB 32

SB 36

SB 37

SB 35

SB 34

M A IN E

Truth in lending - interest and finance

charge - disclosure................................................ . . HB 1316-XX

Student lo a n s ............................................................. . . SB 779-XX

M A R Y L A N D

Loans - interest rates................ . HB 11

HB 427

Disposition of unclaimed property . . ................... SB 385

In te re s t...........................................................................................HB 1

M A S S A C H U S E T T S

T ru s ts ..............................................................................................HB 67

Cooperative banks - personal loan lim ita tio n ..........................HB 1 86

L o a n s ..............................................................................................HB 606

HB 607

HB 595

HB 597

Investments . . . HB 4584

SB 969

HB 596

HB 3771

Bank dividends or interest . . HB 608

HB 594

Contracts of m inors....................................................................... HB 2348

Bank group club accounts - interest..........................................HB 4308

Trust fund de p o sits....................................................................... HB 4674

Credit c a rd s ....................................................................................HB 4563

Time deposits - paym ent............................................................. HB 4293

Truth in le n d in g ............................................................................. HB 4359

M IC H IG A N

Leasing personal p ro p e rty .......................................................... HB 3584

Taxation of financial institutions................................................ HB 3585

Loans - interest r a t e ....................................................................HB 3727

HB 3826

Credit c a rd s ....................................................................................SB 1287

Student lo a n s .................................................................................SB 1210

Banking law study....................................................................... SCR 171

Issuance of checks, drafts, money o rd e rs ................................ SB 1212

Investm ents.................................................................................... HB 3978

Consumer credit s tu d y ............................................................. HCR 320

M IS S IS S IP P I

Student loans . ................................... . HB 139

SB 1604

Check nonpayment - bank liability............. . . . HB 290

Joint bank accounts................................... . . . HB 292

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Federal Reserve Bank of St. Louis
STATE BANKING LEGISLATION 159

Cash reserves............................. ................... HB 605

Credit c a rd s .................................................................................... HB 609

Non-bonded fiduciary a c tiv ity ....................................................SB 1761

Checks, for clearance....................................................................SB 1976

Earned surplus - ad valorem ta x .................................................SB 1936

M IS S O U R I

Student loans . ............. .S B 13-X

N E W JE R S E Y

Payment after death of d e p o s ito r............................................. AB 106

Loans - credit in su ra n ce............................................................. SB 262

AB 370

Finance charges....................................... . . . SB 179

Trust funds.......................................... . . . AB 514

AB 645

Educational assistance loans. . . AB 662

AB 658 

AB 421

Bank employee retirement b e n e fits ..........................................SB 261

Credit insurance..............................................................................SB 263

Credit c a rd s ....................................................................................SB 482

Banking Act a m e n d m en ts.......................................................... SB 666

Interest r a te s .................................................................................SB 476

SB 732

Investments . .S B 545

AB 552

Usury. . .................................... .S B 359

N E W Y O R K

Trust funds. . .................................... .S B 3535

AB 1584

SB 4799

D ivid en d s....................................................................................... AB 4164

Bank officers and employees - life insurance..........................AB 4165

Time d eposits.................................................................................AB 4168

Stock a cq u isitio n .......................................................................... AB 4169

License fe e s ....................................................................................AB 4172

Abandoned p ro p e rty ....................................................................AB 5777

AB 4464

AB 4465

AB 4662

Branch b a n k s .................................................................................AB 4545A

Loans to bank o ffic e r s .......................................................... ,. . AB 4690

Mortgage lo a n s ..............................................................................AB 5776

Interest r a te s .................................................................................AB 6331

Investm ents....................................................................................AB 6342

SB 3674

Taxation . . . AB 7119

SB 1708

Bank holding com panies............................................................. SB 2428

Employee stock options.................................................................SB 2429

Change of lo c a tio n ....................................................................... SB 2527

Foreign b a n ks.................................................................................SB 3452

Net profit d e te rm in a tio n ..............................................................SB 3469

Mergers - principal office..............................................................SB 3491

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

Student lo a n s .................................................................................SB 4399

Surplus fu n d s .................................................................................SB 4528

Transportation and travel services............................................. AB 1498

Investment of public funds in bank securities..........................SB 627

Urban developm ent....................................................................... SB 4840A

Retirement benefits....................................................................... SB 3050

Disclosure of credit te r m s .......................................................... AB 6261

AB 7134

O H IO

Urban renewal.................................................................................HB 1000

Unclaimed property d is p o s itio n .................................................SB 508

Uniform Depository Act am endm ents.......................................SB 321

O K L A H O M A

T ru s ts ..............................................................................................HB 759

L o a n s ..............................................................................................HB 969

Gifts to Minors Act a m e n d m e n ts............................................. HB 1181

Liquidation and reorganization....................................................SB 491

Unclaimed property d is p o s itio n .................................................SB 625

SB 656

Bank and trust stocks - foreign corporation

license....................................................................................... SJR 18

Loans - legislative control.......................................................... SJR 60

Uniform Consumer Credit Code - s tu d y ................................ SCR 73

Drive-in banking facilities............................................................. HR 674

Examination requirem ents.......................................................... HB 1165

P E N N S Y L V A N IA

Uniform Gifts to Minors Act amendments ..........................HB 1235

Urban development....................................................................... HB 1528

Interest rates on lo a n s .................................................................HB 1569

SB 1458

Trust investm ents.......................................................................... HB 2288

Banking Act am endm ent..............................................................SB 1573

R H O D E IS L A N D

Truth in lending . . ............................................. . HB 1086

SB 277

Unclaimed property....................................................................... SB 290

Retirement plans - financial institutions....................................SB 324

Directors - minimum stock ownership.......................................SB 489

Uniform Gifts to Minors Act amendments................................ SB 763

Sale of s e c u ritie s .......................................................................... SB 284

S O U T H C A R O L IN A

Worthless checks...........................................................................HB 2354

Finance charges..............................................................................HB 2722

Real estate lo a n s .......................................................................... SB 723

Installment loans on same terms as permitted

National b a n k s .......................................................................... SB 724

T ru s ts ..............................................................................................HB 1825

HB 1870

Uniform Gifts to Minors Act amendments. . . SB 763

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Federal Reserve Bank of St. Louis
STATE BANKING LEGISLATION 161

S O U T H D A K O T A

Credit Cards - unlawful u s e .......................................................HB 721

Uniform Gifts to Minors Act amendments................................ SB 42

Reserve requirements....................................................................SB 81

Exchange charges.......................................................................... SB 75

T E N N E S S E E

Uniform Gifts to Minors Act a m e n d m e n ts ............................. HB 495

Depository banks - collateral requirem ents.............................SB 1216

SB 1215

Installment lo a n s .......................................................................... SB 1229

Credit card f r a u d .......................................................................... SB 1417

T r u s ts ..............................................................................................SB 1591

Loans.................................................................................................SB 1678

Interest rate stu d y....................................................................... HJR 129

V E R M O N T

Loans - disclosure of credit c o s ts .......................... ...HB 318

Interest r a te s ............................................................. . . . HB 507

V IR G IN IA

Trusts . ............................. .H B 8

HB 143

HB 709

Personal property acquired by b a n k s .......................................HB 81

Banking law am endm ents.......................................................... HB 92

Safe deposit b o x e s ....................................................................... HB 145

Consumer Credit C o d e .................................................................HB 238

Investm ents.................................................................................... HB 220

HB 248

D ivid en d s....................................................................................... HB 560

Certificates of d e p o s it.................................................................HR 918

HR 622

State banks - regulatory p o w e r................................................ HR 979

Credit cards - fraud, fo rg e ry .......................................................HR 1115

Taxation - State and national banks..........................................HR 471

Decedents'bank d e p o s its .......................................................... SR 269

In te re s t...........................................................................................HB 377

W E S T V IR G IN IA

Urban renewal.................................................................................HB 224

Student lo a n s .................................................................................HB 303

State fund depositories.................................................................SB 120

Interest rates - s tu d y .................................................................SCR 41

HB 5-XX

HB 4-XX

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
STATISTICS OF B AN K S

AND DEPOSIT INSURANCE

PART FOUR

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Federal Reserve Bank of St. Louis
NUMBER OF BANKS AND BRANCHES

Table 101. Changes in number and classification of banks and branches in the United 

States (States and other areas) during 1968 

Table 102. Changes in number of commercial banks and branches during 1968, by 

State

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

December 31, 1968

Grouped according to insurance status and class o f bank, and by State or

area and type of office

Table 104. Number and deposits of all commercial and mutual savings banks (States 

and other areas), December 31,1 968 

Grouped by class and by deposit size

Tabulations for all banks are prepared in accordance w ith an 

agreement among the Federal bank supervisory agencies. Provision of deposit facilities for the general public is the chief 

criterion for distinguishing between banks and other types of 

financial institutions. However, trust companies engaged in general fiduciary business though not in deposit banking are included; 

and credit unions and savings and loan associations are excluded 

except in the case of a few which accept deposits under the 

terms of special charters.

Branches include all offices of a bank other than its head office, 

at which deposits are received, checks paid, or money lent. Banking facilities separate from a banking house, banking facilities 

at government establishments, offices, agencies, paying or receiving stations, drive-in facilities and other facilities operated for 

limited purposes are defined as branches under the Federal 

Deposit Insurance Act, Section 3(o), regardless of the fact that in 

certain States, including several which prohibit the operation of 

branches, such limited facilities are not considered branches 

w ithin the meaning of State law.

164 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
C om m ercial banks include the following categories of banking 

institutions:

National banks;

Incorporated State banks, trust companies, and bank and trust 

companies, regularly engaged in the business of receiving 

deposits, whether demand or time, except mutual savings banks;

Stock savings banks, including guaranty savings banks in New 

Hampshire;

Industrial and Morris Plan banks which operate under general 

banking codes, or are specifically authorized by law to accept 

deposits and in practice do so, or the obligations of which are 

regarded as deposits for deposit insurance;

Special types of banks of deposit: cash depositories in South 

Carolina; regulated certificated banks, and a savings and loan 

company operating under Superior Court charter, in Georgia; 

government operated banks in American Samoa, North Dakota, 

and Puerto Rico; a cooperative bank, usually classified as a credit 

union, operating under a special charter in New Hampshire; a 

savings institution, known as a "trust company," operating under 

special charter in Texas; an employee's mutual banking association in Pennsylvania; the Savings Banks Trust Company in New 

York; and branches of foreign banks engaged in a general deposit 

business in New York, Oregon, Washington, Puerto Rico, and 

Virgin Islands.

Private banks under State supervision, and such other private 

banks as are reported by reliable unofficial sources to be engaged 

in deposit banking.

N ondeposit tru s t com panies include institutions operating 

under trust company charters which are not regularly engaged in 

deposit banking but are engaged in fiduciary business other than

that incidental to real estate title or investment activities.

M utual savings banks include all banks operating under State 

banking codes applying to mutual savings banks.

Institutions excluded. Institutions in the following categories 

are excluded, though such institutions may perform many of the 

same functions as commercial and savings banks:

Banks which have suspended operations or have ceased to 

accept new deposits and are proceeding to liquidate their assets 

and pay off existing deposits;

Building and loan associations, savings and loan associations, 

credit unions, personal loan companies, and similar institutions, 

chartered under laws applying to such institutions or under general incorporation laws, regardless of whether such institutions 

are authorized to accept deposits from the public or from their 

members and regardless of whether such institutions are called 

"banks" (a few institutions accepting deposits under powers 

granted in special charters are included);

Morris Plan companies, industrial banks, loan and investment 

companies, and similar institutions except those mentioned in the 

description of institutions included;

Branches of foreign banks, and private banks, which confine 

their business to foreign exchange dealings and do not receive 

"deposits" as that term is commonly understood;

Institutions chartered under banking or trust company laws, but 

operating as investment or title insurance companies and not 

engaged in deposit banking or fiduciary activities;

Federal Reserve Banks and other banks, such as the Federal 

Home Loan Banks and the Savings and Loan Bank of the State of 

New York, which operate as rediscount banks and do not accept 

deposits except from financial institutions.

NUMBER OF BANKS AND BRANCHES 165

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Federal Reserve Bank of St. Louis
Table 101. CHANGES IN NUMBER AND CLASSIFICATION OF BANKS AND BRANCHES IN THE UNITED STATES

(STATES AND OTHER AREAS) DURING 1968

Type of change

All banks Commercial banks and nondeposit trust companies Mutual savings banks

Total

InsuredNoninsured Total

Insured Noninsured

Total

Insured

Noninsured

Total

Members F.R 

System

Not

members

F.R.

System

Banks

of

deposit

Nondeposit

trust

companies1 National State

ALL BANKING OFFICES

Number of offices, December 3 1 ,1 9682 . . 34,330 33,716 614 32.9 2 0 32,643 15,741 4,827 12,075 219 58 1,410 1,073 337

Number of offices, December 30, 19672 . 3 3,194 3 2,574 620 3 1,860 3 1 .5 7 0 1 4,974 4 .983 11.613 235 55 1.334 1,004 330

Net change during year + 1.136 + 1.142 -6 + 1,060 + 1.073 + 767 -1 5 6 + 462 -1 6 + 3 + 76 + 69 + 7

Offices opened 1.370 1,348 22 1,287 1,276 584 211 481 8 3 83 72 11

Banks 92 83 9 90 81 15 1 65 6 3 2 2

Branches 1.278 1.265 13 1.197 1.195 569 210 416 2 81 70 1 1

Offices closed . 234 227 7 228 223 110 37 76 5 6 4 2

Banks 137 130 7 133 128 58 8 62 5 4 2 2

Branches................... 97 97 95 95 52 29 14 2 2

Change in classification + 21 -21 + 1 + 20 + 293 -3 3 0 + 57 -19 -1 + 1 -2

Among banks . . . . + 19 19 + 18 + 1 -4 4 + 61 18 + 1 1

Among branches........... + 2 -2 + 1 + 2 + 292 286 -4 1 1 1

BANKS

Number of banks, December 31 ,1 9 6 8 14,199 13,822 377 13,698 13,488 4 ,716 1,261 7,511 160 50 501 334 167

Number of banks, December 30, 1967 14,244 13,850 394 13.741 13,517 4,758 1,312 7,447 177 47 503 333 170

Net change during year -45 -2 8 -17 -43 -29 -42 -51 + 64 -17 + 3 -2 + 1 -3

Banks beginning operation 92 83 9 90 81 15 1 65 6 3 2 2

New banks............................... 88 83 5 86 81 15 1 65 4 1 2 2

Banks added to count 4 4 4 2 2

Banks ceasing operation................... 137 130 7 133 128 58 8 62 5 4 2 2

Absorptions, consolidations, and

mergers (without FDIC aid)........ 134 127 7 130 125 56 8 61 5 4 2 2

Closed-financial difficulties 3 3 3 3 2 1

Noninsured banks becoming insured + 20 -2 0 + 19 + 19 -1 8 -1 + 1 -1

166 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Other changes in classification

National succeeding State bank.....................

State succeeding national b a n k .......................

Admission of insured bank to FRS . . . 

Withdrawal from FRS with continued

insurance.........................................................

Insured bank becoming noninsured bank.......

Changes not involving number in any class . . .

Change in title .....................................................

Change in location..........................................

Change in title and location..............................

Change in name of location..............................

Change in location within c ity ..........................

Changes in corporate p o w e rs.................

Granted trust powers...........................

BRANCHES

Number of branches, December 31, 19682 

Number of branches, December 30, 19672 

Net change during year ...............

Branches opened for business

Facilities designated by Treasury...................

Absorbed banks converted to branches.......

Branches replacing head offices relocated ....

New branches..................................................

Branches and/or facilities added to count3

Branches discontinued

Facilities designated by Treasury

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

Branches and/or facilities deleted from count.

Other changes in classification..........................

Branches changing class as a result of conversion ...................................................................

Branches of noninsured banks admitted to

insurance.........................................................

Branches transferred through absorption,

consolidation, or merger................................

Branches of insured banks withdrawing from 

FRS...............................................................

Changes not involving number in any class . . .

Changes in operating powers of branches.......

Branches transferred through absorption, consolidation, or merger......................................

______ Changes in tit|e, location, or name of location ,

-1 + 1 -1 + 1 -44 + 42 + 1

+ 1 3 -7 -6

-12 + 1 2

+ 3 -3

-4 0 + 40

-11 1 + 1

193

12

1 2

190

11

12

3

1

187

12

1 2

185

1 1

1 2

70

4

3

17

2

98

5

9

2

1

6 5

6 6 6 6 1 1 4

241 241 238 238 82 7 149 3 3

74 74 74 74 74

20,131

18,950

19,894

18,724

237

226

19,222

18,119

19,155

18,053

11,025

10,216

3 ,566

3,671

4 .564

4 .166

59

58

8

8

909

831

739

671

170

160

+ 1.181 + 1.170 + 11 + 1,103 + 1.102 + 809 -1 0 5 + 398 + 1 + 78 + 68 + 10

1,278

10

1,265

10

13 1,197

10

1,195

10

569

6

210

1

416

3

2 81 70 11

124

21

1.112

11

122 2 121 121 66 1 1 44 3 1 2

21

1.101

11

21

1.034

1 1

21

1.032

1 1

4 2 1 5

11 490

3

196 346

8

2 78 69 9

97

7

97 95 95 52 29 14

1

2 2

7 7 7 6

86 86 84 84 43 28 13 2 2

4 4 4 4 3 1

+ 2 -2 + 1 + 2 + 292

+ 295

-286

-2 8 4

-4

-1 1

-1 -1 -1

+ 2 -2 + 1 + 1 -1 + 1 -

+ 1 + 1 -3 + 22

-2 4

-1 8

+ 24

-1 -1

5 5 5 5 3 2

73

432

71

430

2 70

417

70 32 38 3 1 2

2 417 245 77 95 15 13 2

’ Includes one trust company member of the Federal Reserve System.

includes facilities established at request of the Treasury or Commanding Officer of Government installations, and also a few seasonal branches that were not in 

operation as of December 31

3Branches opened prior to 1 968 but not included in count as of December 30, 1967.

NUMBER OF BANKS AND BRANCHES 167

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Federal Reserve Bank of St. Louis
Table 102. CHANGES IN NUMBER OF COMMERCIAL BANKS AND BRANCHES DURING 1968. BY STATE

State

In operation Net change 

during 1 968

Beginning operation in 1968 Ceasing operation in 1968

Dec. 31, 1968 Dec. 30, 1967 Banks Branches Banks I Branches

Banks Branches Banks Branches Banks Branches New Other New Other Absorptions Other Branches Other

18 119 -4 3 1 1 0 3 86 4 1 ,0 4 6 152 133 84 11

50 States and D.C.......... 1 3 ,6 7 8 1 9 ,0 1 3 13,721 17,931 -4 3 1.082 86 4 1 .0 2 5 151 133 83 11

2 0 2 0 9 2 0 188 N .A 21 21 1 1

State

A la bam a............................ 268 236 2 6 6 211 + 2 + 25 3 23 3 1 1

A la ska ................................ 12 55 12 54 N.A. + 1 1 1

Arizona .............................. 13 2 78 17 265 --4 + 13 1 1 4 4 2

Arkansas............................ 248 141 248 130 N.A. + 11 1 1

California............................ 162 2 .793 178 2.692 -1 6 + 101 121 18 16 38

C olorado............................ 257 10 2 56 7 + 1 + 3 1 2 1

Connecticut........................ 66 3 75 67 357 -1 + 18 1 15 3 2

Delaware............................ 19 78 19 74 N.A. + 4 5 1

District of C olum b ia........ 14 100 14 96 N.A + 4 4

F lorida................................ 461 25 4 5 0 21 + 1 1 + 4 1 1 1 4 1 . 1

G eorgia.............................. 4 2 8 2 4 8 4 2 6 227 + 2 + 21 3 2 15 7 3 1

H aw aii................................ 11 123 1 1 123 N A N A

Idaho .................................. 26 142 26 141 N.A. + 1 1

Illin o is ................................ 1.074 4 5 1,067 18 + 7 + 27 9 27 2

Indiana................................ 4 1 5 5 7 6 4 1 7 542 -2 + 34 33 3 2 2

Io w a .................................... 67 3 28 2 6 7 4 2 6 0 -1 + 22 21 3 1 2

Kansas................................ 601 61 601 58 N A + 3 3

Kentucky ............................ 3 4 6 2 8 6 3 4 6 268 N.A. + 18 18

Louisiana............................ 2 2 9 3 2 9 2 2 6 30 5 + 3 + 24 3 24

M aine.................................. 43 2 0 0 4 4 194 -1 + 6 6 1 1

M aryland............................ 122 4 6 9 122 442 N C + 27 1 27 1 1

Massachusetts.................. 158 683 159 647 - 1 + 36 5 31 6 6 1

M ichigan............................ 338 1.101 341 1.049 - 3 + 52 51 4 3 3

M innesota.......................... 723 10 723 9 N C + 1 1 1 1

M ississippi........................ 185 29 6 188 281 - 3 + 15 1 1 1 5 4 1

Missouri.............................. 667 85 6 64 78 + 3 + 7 3 8 1

M o ntan a............................ 135 5 133 5 + 2 N.A 2

Nebraska............................ 441 37 4 3 9 33 + 2 + 4 2 3 1

Nevada .............................. 9 78 9 75 N.A. + 3 3

New Hampshire................ 77 41 76 37 + 1 + 4 2 3 1 1

168 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
New Jersey........................ 229

New M exico...................... 63

New Y o rk .......................... 319

North C arolina.................. 121

North D akota.................... 169

O h io .................................... 525

Oklahom a.......................... 424

Oregon................................ 50

Pennsylvania...................... 509

Rhode Island...................... 13

South Carolina.................. 118

South Dakota.................... 165

Tennessee.......................... 303

Texas .................................. 1.1 51

U ta h .................................... 54

Vermont.............................. 45

Virginia .............................. 237

W ashing ton...................... 94

West V irg in ia.................... 195

W isconsin.......................... 603

W yom ing............................ 70

Other Areas

Pacific Island s ..................

1

Panama Canal Z o n e ........

Puerto Rico........................ 12

Virgin Islands....................

7

228 757 + 1 + 4 0

64 109 - 1 + 5

327 2 ,137 - 8 + 77

128 85 9 - 7 + 71

169 64 N.A. + 5

531 1,069 - 6 + 61

4 2 2 46 + 2 + 9

50 2 85 N.C. + 22

522 1.421 -1 3 + 98

14 149 - 1 + 9

125 3 28 - 7 + 23

166 87 - 1 + 4

2 9 9 4 0 4 + 4 + 13

1,149 59 + 2 + 4

55 112 - 1 + 3

46 67 - 1 + 4

25 0 65 6 -1 3 + 53

95 4 52 - 1 + 35

194 + 1 + 4

599 171 -I- 4 + 52

69 1 + 1 N.A.

1 13 N.A. N.A.

2 N.A. N.A.

12 160 N.A. + 15 7 13 N.A. + 6

797

114

2 .2 1 4

9 3 0

69

1.1 3 0

55

30 7

1.519

158

351

91

4 1 7

63

115

71

70 9

4 8 74

2 2 31

132

175

19

N.A. = No Activity 

N.C. = No Change

O)

CD

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Federal Reserve Bank of St. Louis
Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS). DECEMBER 31, 1968

G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K , A N D BY S T A T E O R A R E A A N D TY P E O F O FFIC E

State and type of bank 

or office

All banks

Commercial banks and 

nondeposit trust companies Mutual savings banks Percentage insured1

Total

Insured

Noninsured Total

Insured Noninsured

Total

Insured

Noninsured

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

Total banks

Members F.R. 

System

Not

members

F.R.

System

Banks 

of deposit2

Nondeposit

trust

comNa­ panies3

tional State

United S tates— all o ffice s........ 34,330 33,716 614 32,920 32,643 15.741 4,827 12,075 219 58 1,410 1,073 337 98.4 99.3 76.1

Banks........................................ 14.199 13.822 377 13.698 13,488 4.716 1.261 7,51 1 160 50 501 3 3 4 167 97.7 98 8 66 7

U nit b a n k s ............................ 10.179 9 909 270 9260 9,774 3,1 16 801 5,857 141 45 219 135 84 97 8 98.6 61.6

Banks operating b ran ch e s. 4,020 3213 107 3,738 3,714 1,600 460 1,654 19 5 282 199 83 97.5 99.5 70 6

Branches.................................. 20,131 1 9 ,8 9 4 2 37 19,222 19,1 5 5 11,025 3 .5 6 6 4 ,5 6 4 59 8 9 09 7 3 9 170 98 9 99 7 81 3

50 States and D.C.— all offices 34,100 33,518 582 32,691 32,446 15.700 4.827 11,919 188 57 1,409 1,072 337 98.5 99.4 76.1

Banks........................................ 1 4 .1 7 8 1 3 ,8 1 3 3 6 5 1 3 ,678 13 ,4 8 0 4 ,7 1 5 1,261 7 ,5 0 4 L4 9 49 5 0 0 3 3 3 167 97 8 98 9 6 6 6

U nit b a n k s ............................ 10,169 9208 261 9251 9.774 3,1 16 801 5257 133 '44 218 134 84 97 9 98.7 61 5

Banks operating branches 4,009 3205 104 3.727 3,706 1,599 460 1.647 16 5 282 199 83 97 5 99 6 70 6

Branches.................................. 19 .922 19 .7 0 5 2 1 7 19.013 18 .966 10.985 3 .5 6 6 4 ,4 1 5 39 8 9 0 9 739 170 99 0 99 8 8 1 3

Other areas— all o ffic e s ............ 230 198 32 229 197 41 156 31 1 1 1 86.5 86.4 100.0

Banks........................................ 21 9 12 2 0 8 1 7 1 1 1 1 1 45 0 42 1 100 0

U nit b a n k s ............................ 10 1 9 9 8 1 1 1 111 1000

B anks operating branches 11 8 3 11 8 1 7 3 727 72 7

Branches.................................. 2 0 9 189 2 0 2 0 9 189 4 0 149 2 0 9 0 4 90 4

State

Alabam a— all o ffic e s ................ 504 504 504 504 259 34 211 100.0 100.0

Banks............................ ........ 2 6 8 2 6 8 2 6 8 26 8 89 22 157 100.0 100 0

U nit banks 191 191 191 191 48 17 126 100 0 100.0

Banks operating branches 77 77 77 77 41 5 31 100.0 100 0

Branches.................................. 236 2 3 6 2 3 6 2 3 6 170 12 54 100 0 100 0

Alaska— all o ffic e s .................... 69 67 2 67 65 51 14 2 2 2 97.1 97.0 100.0

Banks........................................ 14 12 2 12 10 5 5 2 2 2 85 7 83 3 100 0

U nit b a n k s ............................ 6 4 2 4 2 2 2 2 2 66 7 50.0 100.0

Banks operating branches 8 8 8 8 5 3 100 0 100 0

Branches ............................ 55 55 55 55 46 9 100 0 100 0

Arizona— all offices ............ 291 291 291 291 194 18 79 100.0 100.0

Banks........................................ 13 13 13 13 3 1 9 10 0 0 100.0

U nit b a n k s ............................ 6 6 6 6 1 5 1000 100.0

Banks operating branches 7 7 7 7 2 1 4 100.0 1000

Branches .......................... 2 7 8 2 7 8 2 7 8 2 7 8 191 17 70 100 0 100 0

Arkansas— all o ffic e s ................ 389 386 3 389 386 145 33 208 2 99.5 99.5

Banks ................ 2 4 8 2 4 5 3 2 48 24 5 68 13 164 2 99 2 9 9 2

U nit banks .................. 176 173 3 176 173 35 6 132 2 98.9 98 9

Banks operating branches 72 72 72 72 33 7 32 1000 100 0

Branches.................................. 141 141 141 141 77 2 0 44 100.0 100 0

170 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
C alifornia— all offices ....

Banks ....

U nit b a n k s ........................

Banks operating branches

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

C olorado— all o ffic e s ................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

C onnecticut— all o ffic e s ..........

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

Delaw are— all offices

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

D.C.— all o ffice s ..........................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

Florida— all offices

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

Georgia— all o ffic e s ..................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

H aw aii— all o ffic e s ....................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

Idaho— all o ffic e s ......................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

2.955 2.944 11

162 156 6

32 28 4

130 128 2

2 .7 9 3 2 ,788 5

267 229 38

2 5 7 219 38

248 210 38

9 9

10 10

634 631 3

135 132 3

49 46 3

86 86

4 9 9 49 9

109 109

21 21

10 10

1 1 11

88 88

114 114

14 14

13 13

10 0 100

486 481 5

461 4 5 6 5

438 433 5

23 23

25 25

676 665 11

4 2 8 4 17 1 1

340 329 ; 1

88 88

2 4 8 2 4 8

134 129 5

1 1 7 4

3 3

8 7 1

123 122 1

168 168

26 26

12 12

14 14

142 142

2.955 2,944 2.330

162 156 72

32 28 14

130 128 58

2 .7 9 3 2.788 2 .2 5 8

257 229 123

257 21 9 1 18

248 210 114

9 9 4

10 10 5

441 438 220

66 63 29

21 18 8

45 45 21

3 75 375 191

97 97 9

19 19 5

10 10 3

9 9 2

78 J _8 4

114 114 72

14 14 10

13 13 9

100 J 0 0 62

486 481 216

461 456 2 0 4

438 433 193

23 23 11

25 25 12

676 665 216

4 28 4 1 7 . 62

340 329 32

88 88 30

24 8 248 154

134 129 45

1 1

3

7 2

8 7 2

123 122 43

168 168 113

26 26 9

12 12 3

14 14 6

142 142 104

270 344 11 100.0 100.0

10 74 6 1 00 0 100 0

1 13 4 1000 100.0

9 61 2 100 0 100.0

260 2 7 0 5 10 0 0 100 0

18 88 38 85.8 85.8

17 84 38 85 2 85 2

16 80 38 84 7 84 7

1 4 100 0 100.0

1 4 1 00 0 100.0

116 102 2 1 193 193 99.7 99.5 100.0

6 28 2 1 69 69 98 5 96 9 100 0

10 2 1 28 28 95.8 90.0 100 0

6 18 41 41 100.0 100 0 100.0

110 74 124 124 10 0 0 100 0 100 0

35 53 12 12 100.0 100.0 100.0

2 12 2 2 100 0 100 0 100 0

7 100.0 100 0

2 5 2 2 100.0 100.0 100 0

33 41 10 10 100 0 100 0 100 0

33 9 100.0 100.0

2 2 1 00.0 100 0

100 0 100.0

2 2 100.0 100.0

31 7 1 00.0 100 0

9 256 2 3 99.6 99.6

8 2 4 4 2 3 99 .6 99 6

7 233 2 3 99 5 99 5

1 1 1 100 0 100.0

1 12 100 0 100 0

45 404 11 9 8 4 98.4

12 3 4 3 1 1 97 4 97.4

5 292 11 96 8 96.8

7 51 1000 100.0

33 61 1 0 0 0 100.0

84 5 100.0 100.0

5 4 100 0 100 0

3

5 1 100.0 100 0

79 1 100.0 100 0

31 24 100.0 100.0

7 10 10 0 0 100 0

4 5 100.0 100 0

3 5 100.0 100 0

24 14

? '

100 0 100 0

NUMBER OF BANKS AND BRANCHES

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS).

DECEMBER 31. 1 9 6 8 — CONTINUED

G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D BY S T A T E O R A R E A A N D TY P E O F O FFIC E

S tate and type of bank 

or office

A ll banks

Com m ercial banks and 

nondeposit tru st com panies

Total

In ­

sured

N on ­

insured Total

Insured

Total

M em bers F.R. 

System

Not

m em ­

bers

F.R.

System

National State

Illino is— all offices...................... 1.119 1.114 5 1.119 1,114 450 96 568

B anks................. .......................... 1,074 1.069 5 1.074 1.069 420 91 558

U nit b a n k s .................... 1.031 1,026 5 1.031 1.026 392 86 548

Banks operating branches 43 43 43 43 28 5 10

B ra nch e s..................................... 45 45 45 45 30 5 10

Indiana— all o ffic e s .................... 995 991 4 991 987 430 139 418

B anks............................................ 419 415 4 415 41 1 123 74 214

U nit b a n k s .......................... 231 227 4 227 223 52 47 124

Banks operating branches 188 188 188 188 71 27 90

B ra nch e s..................................... 576 576 576 576 307 65 204

Iow a— all offices 955 943 12 955 943* 153 80 710

B anks............................................ 673 661 12 673 661 102 57 502

U nit b a n k s .......................... 463 451 12 463 451 62 41 348

Banks operating branches 210 210 210 210 40 16 154

B ra nch e s..................................... 282 282 282 282 51 23 208

Kansas— all o ffic e s .................... 662 661 1 662 661 200 47 414

B anks............................................ 601 600 1 601 600 171 39 390

U nit b a n k s .......................... 542 541 1 542 541 144 31 366

Banks operating branches 59 59 59 59 27 8 24

B ra nch e s..................................... 61 61 61 61 29 8 24

Kentucky— all offices 632 627 5 632 627 208 59 360

B anks............................................ 346 341 5 346 341 80 14 247

U nit b a n k s .......................... 221 216 .5 221 216 37 6 173

Banks operating branches 125 125 125 125 43 8 74

B ra nch e s..................................... 286 286 286 286 128 45 113

Louisiana— all o ffic e s ................ 558 557 1 558 '557 204 45 308

B a n ks............................................ 229 228 1 229 228 48 10 170

U nit banks . . .'.................... 1 15 114 1 115 114 14 1 99

Banks operating branches 1 14 1 14 114 114 34 9 71

B ra nch e s..................................... 329 329 329 329 156 '

35 138

N oninsured

Banks 

o f dep osit2

N ondeposit

tru st

co m ­

panies3

M utual savings banks

Total

Insured

N oninsured

Percentage insured1

A ll

banks

of

deposit

Com ­

m ercial

banks

of

deposit

M utual

savings

banks

9 9 .8 9 9 .8

99 8 99 8

99.8 99.8

100 0 100.0

100 0 100.0

99.7 99.7 100.0

99 3 99 3 100.0

98 7 98.7 100.0

100 0 1000

100 0 100 0

98.8 98.8

984 98 4

97.6 97.6

100.0 100.0

100.0 100 0

99.8 99.8

99 8 99 8

99.8 99.8

100 0 100.0

100.0 100 0

99.2 99.2

986 98 6

97 7 97 7

100 0 100.0

100 0 100 0

99 8 99 8

99 6 99 6

99.1 99 1

100.0 1000

100 0 100 0

172 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M aine— all o ffic e s ......................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

M aryland— all o ffic e s ................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

M assachusetts— all offices.

Banks........................................

U nit b a n k s ..........................

Banks operating branches

Branches4 ................................

M ichigan— all o ffic e s ................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

M innesota— all offices

Banks.........................................

U nit b a n k s ..........................

Banks operating branches

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

M ississippi— all offices

Banks.........................................

U nit b a n k s ...........................

Banks operating branches

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

M issou ri— all o ffic e s ..................

Banks.........................................

U nit b a n k s ...........................

Banks operating branches

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

M ontana— all o ffic e s ................

Banks.........................................

U nit b a n k s ..........................

Banks operating branches

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

Nebraska— all o ffic e s ................

Banks........................................

U nit b a n k s ..........................

Banks operating branches

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

294 287 7 243 237

75 71 4 43 4 0

31 28 3 10 8

44 43 1 33 32

2 1 9 21 6 3 2 0 0

639 631 8 591 583

128 127 1 122 121

50 50 50 50

78 77 1 72 71

51 1 50 4 7 4 6 9 4 6 2

1.216 872 344 841 833

3 3 2 161 171 158 153

123 37 86 38 35

209 124 85 120 118

8 8 4 71 1 173 63 3 6 8 0 ^

1,439 1,435 4 1,439 1.435

3 3 8 3 36 2 3 3 8 3 3 6

145 144 1 145 144

193 192 1 193 192

1,101 1,099 2 1,101 1,099

734 731 3 733 730

7 2 4 721 3 723 7 2 0

718 715 3 717 714

6 6 6 6

10 10 10 J O

481 481 481 481

18 5 185 185 185

83 83 83 83

102 102 102 102

2 9 6 2 9 6 29 6 2 9 6

752 744 8 752 744

6 6 7 6 5 9 8 667 6 5 9

582 574 8 582 574

85 85 85 85

85 85 85 8 5

140 139 1 140 139

135 134 1 135 134

130 129 1 130 129

5 5 5 5

5 5 5 5

478 472 6 478 472

441 4 35 6 441 4 3 5

405 399 6 405 399

36 36 36 36

37 37 37 37

1 1 0

21

5 

16

89

280

48

13

35

2 3 2

477

87

21

66

3 9 0

612

98

28

70

5 1 4

202

196

194

2

6

159

4 0

8

32

119

120

98

76

22

22

51

4 8

45

3

3

147

127

107

20

20

61 66 6 51 50 1 97.6 97.5 98.0

6 13 3 32 31 1 94.7 93 0 9 6.9

2 1 2 21 20 1 90.3 80.0 95.2

4 12 1 11 11 97.7 97.0 100.0

55 53 3 19 19 9 8 6 9 8 5 100.0

67 236 8 48 48 98.7 98.6 100.0

7 66 1 6 6 99 2 99 2 100 0

1 36 100.0 100.0

6 30 1 6 6 98 7 98.6 100.0

6 0 170 1 42 42 9 8 6 98 5 100 0

171 185 6 2 375 39 336 71.8 99.3 10.4

16 50 4 1 174 8 166 4 8 6 9 7.5 4 6

14 3 85 2 83 30 1 92.1 24

16 36 1 1 89 6 83 59 6 99.2 6 7

155 135 2 1 201 31 170 8 0 5 99 7 15.4

508 315 3 1 99.8 99.8

1 10 128 1 1 99 7 99.7

50 66 1 100.0 100.0

60 62 1 99.5 99.5

3 9 8 187 2 99 8 99 8

27 501 3 1 1 99 6 99 6 1 0 0 .0

27 4 9 7 3 1 1 9 9 6 99 6 100 0

2 7 493 3 1 1 99 6 99 6 100.0

4 100 0 1000

4 1 0 0 0 1 0 0 0

19 303 100.0 100.0

6 139 1 0 0 0 100 0

1 74 1000 100 0

5 65 100 0 100 0

13 1 6 4 10 0 0 100 0

94 530 5 3 99.3 99 3

76 4 8 5 5 3 9 9 2 99 2

58 440 5 3 99 1 99 1

18 45 100.0 100 0

18 4 5 100 0 100 0

42 46 1 100.0 100.0

4 0 4 6 1 100 0 100 0

38 46 1 100 0 1000

2 100.0 100.0

2 10 0.0 100 0

13 312 1 5 99.8 99.8

12 2 9 6 1 5 9 9 8 99 8

/ 1 281 1 5 99 7 99 7

1 15 1000 100 0

1 16 1 00 0 100 0

NUMBER OF BANKS AND BRANCHES 173

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS).

DECEMBER 31, 1 9 6 8 -CONTINUED

G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D BY S T A T E O R A R E A A N D T Y P E O F O F F IC E

State and type of bank

or office

All banks

Commercial banks and

nondeposit trust companies Mutual savings banks Percentage insured1

Total

Insured

Noninsured Total

Insured Noninsured

Total

InsuredNoninsured

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

Total banks

Members F.R.

System

Not

members

F.R.

System

Banks

of deposit2

Nondeposit

trust

com ­

Na­ panies3

tional State

Nevada— all offices 87 87 87 87 60 14 13 100.0 100.0

Banks........................................ 9 9 9 9 4 2 3 100 0 100 0

U nit b a n k s ............................. 2 2 2 2 1 1 1000 100 0

Banks operating branches 7 7 7 7 3 2 2 100.0 100 0

Branches.................................. 78 78 78 78 56 12 10 100 0 100 0

N ew H am pshire— all offices 160 157 3 118 11 eT* 86 2 27 3 42 42 98 1 97 5 100.0

Banks........................................ 109 106 3 77 74 52 1 21 3 32 32 97 2 96 1 100 0

U nit b a n k s ............................ 71 68 3 47 44 28 16 3 24 24 95 8 93 6 1000

Banks operating branches 38 38 30 30 24 1 5 8 8 100 0 1000 100 0

Branches.................................. 51 51 41 •f1 34 1 6 10 10 100 0 100 0 100 0

New Jersey— all offices 1.079 1,076 3 1.026 1,023 666 212 145 3 53 53 100.0 100 0 100.0

Banks........................................ 250 247 3 229 226 143 40 43 3 21 21 100 0 100 0 100 0

U nit b a n k s ............................. 64 61 3 55 52 34 8 10 3 9 9 1000 100 0 1000

Banks operating branches 186 186 174 174 109 32 33 12 12 1000 100 0 100 0

Branches.................................. 829 829 797 797 523 172 102 32 32 100 0 100 0 100 0

New M exico— all offices 177 177 177 177 94 11 72 100.0 100.0

Banks........................................ 63 63 63 63 33 6 24 100 0 1000

U nit b a n k s ............................ 20 20 20 20 13 3 4 100 0 100.0

Banks operating branches 43 43 43 43 20 3 20 100 0 1000

Branches.................................. 114 114 114 114 61 5 48 100 0 100 0

New York— all offices 2,945 2,914 31 2,533 2,502 1,289 1.064 149 24 7 412 412 99.2 99.0 100.0

Banks........................................ 444 421 23 319 296 176 78 42 17 6 125 125 96 1 94 6 100 0

U nit b a n k s ............................. 173 157 16 139 123 76 26 21 1 1 5 34 34 93 5 91 8 100 0

Banks operating branches 271 264 7 180 173 100 52 21 1 91 91 97 8 96 6 100 0

Branches4 ................................ 2,501 2,493 8 2,214 2,206 1,113 986 107 1 1 287 287 99 7 99 7 100 0

North C arolina— all offices .... 1,051 1,044 7 1,051 1,044 350 131 563 7 99.3 99.3

Banks........................................ 121 120 1 121 120 22 4 94 1 99 2 99 2

U nit b a n k s ............................ 46 46 46 46 6 1 39 100.0 WOO

Banks operating branches 75 74 1 75 74 16 3 55 1 98 7 98 7

Branches .................................. 930 924 6 930 924 328 127 469 6 99 4 99 4

174 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
North Dakota— all o ffic e s ........ 238 233 5 238 233 53 6

Banks........................................ 169 166 3 169 166 42 4

U nit b a n k s .......................... 119 117 2 119 117 32 3

Banks operating branches 50 49 1 50 49 10 1

Branches.................................. 69 67 2 69 67 1 1 2

O hio— all o ffic e s ........................ 1,656 1,655 1 1,655 1,654* 864 454

Banks........................................ 5 26 525 1 525 524 2 1 8 126

U nit b a n k s .......................... 265 264 1 264 263 80 72

Banks operating branches 261 261 261 261 138 54

Branches.................................. 1 .130 1,130 1.130 1.130 6 4 6 3 2 8

O klahom a— all o ffic e s .............. 479 478 1 479 *478 262 26

Banks........................................ 4 2 4 4 2 3 1 4 2 4 423 2 2 0 23

U nit banks 372 371 1 372 371 181 20

Banks operating branches 52 52 52 52 39 3

Branches.................................. 55 55 55 , 5 5 42 3

O regon— all o ffic e s .................... 359 357 2 357 355 248 14

Banks................•...................... 51 49 2 50 48 1 1 2

U nit b a n k s .......................... 22 20 2 22 20 4 1

Banks operating branches 29 29 28 28 7 1

Branches4 ................................ 3 0 8 3 0 8 307 307 237 12

Pennsylvania— all o ffic e s ........ 2,113 2,102 11 2,028 2,017 1,272 259

Banks........................................ 5 16 507 9 509 50 0 327 31

U nit b a n k s .......................... 271 263 8 270 262 174 13

B anks operating branches 245 244 1 239 238 153 18

Branches4 ................................ 1.597 1.595 2 1,519 1,517 94 5 2 2 8

Rhode Island— all o ffic e s ........ 242 233 9 171 162 63 30

Banks........................................ 20 18 2 13 1 1 4 1

U nit b a n k s ..........................

Banks operating branches 20 18 2 13 11 4 1

Branches.................................. 222 2 1 5 1 158 151 59 29

South Carolina— all offices. . . 469 468 1 469 468 242 11

Banks........................................ 118 117 1 118 117 2 4 6

U nit b a n k s .......................... 51 50 1 51 50 4 3

Banks operating branches 67 67 67 67 20 3

Branches.................................. 351 351 351 351 2 1 8 5

South D akota— all o ffic e s ........ 256 255 1 256 255 86 28

Banks........................................ i u5 164 1 165 164 34 24

U nit b a n k s .......................... 126 125 1 126 125 24 21

Banks operating branches 39 39 39 39 10 3

Branches.................................. 91 91 91 91 52 4

Tennessee— all o ffic e s .............. 720 715 5 720 715 324 41

Banks........................................ 3 0 3 2 9 9 4 303 29 9 77 10

U nit b a n k s .......................... 172 169 3 172 169 20 5

Banks operating branches 131 130 1 131 130 57 5

Branches.................................. 4 1 7 4 1 6 1 4 1 7 4 1 6 2 47 31

174 5 97.9 97.9

120 3 9 8 2 98 2

82 2 98 3 98 3

38 1 98 0 98.0

54 2 97 1 97 1

336 1 1 1 99.9 99.9 100.0

180 1 1 1 9 9 8 99 8 100 0

1 1 1 1 1 1 99 6 99.6 1000

69 100.0 100.0

156 1 00 0 100 0

190 1 100.0 100.0

180 1 10 0 0 100 0

170 1 100.0 100.0

10 100.0 100.0

10 10 0 0 100 0

93 2 2 2 99.4 99.4 100.0

35 2 1 1 9 6 1 96 0 100 0

15 2 90 9 90 9

20 1 1 100.0 100.0 100 0

58 1 1 100 0 100.0 100 0

486 8 3 85 85 99.6 99.6 100.0

142 6 3 7 7 9 8 8 98 8 100 0

75 5 3 1 1 98 1 98 1 100 0

67 1 6 6 99 6 99 6 100.0

3 4 4 2 78 78 99 9 99 9 100 0

69 9 71 71 96.3 94.7 100.0

6 2 7 7 9 0 0 84 6 100 0

6 2 7 7 9 0 0 84.6 1000

63 7 6 4 64 9 6 8 9 5 6 100 0

215 1 99.8 99.8

87 1 99 2 99 2

43 1 98.0 98.0

44 100.0 100.0

128 1 0 0 0 100 0

141 1 99.6 99.6

106 1 9 9 4 99 4

80 1 99 2 99 2

26 100.0 100.0

35 1 0 0 .0 100.0

350 4 1 99.4 99.4

2 1 2 3 1 9 9 0 99 0

144 2 1 98 8 98 8

68 1 99.2 99.2

138 1 9 9 8 99 8

NUMBER OF BANKS AND BRANCHES 175

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS).

DECEMBER 31, 1 9 6 8 — CONTINUED

G R O U P E D A C C O R D IN G T O IN S U R A N C E S T A T U S A N D C L A S S O F B A N K . A N D BY S T A T E O R A R E A A N D T Y P E O F O F F IC E

State and type of bank

or office

All banks

Commercial banks and

nondeposit trust companies Mutual savings banks Percentage insured1

Total

Insured

Noninsured Total

Insured Noninsured

Total

Insured

Noninsured

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

Total banks

Members F.R.

System

Not

members

F.R.

System

Banks

of deposit2

Nondeposit

trust

comNa­ panies3

tional State

Texas— all o ffic e s ...................... 1,214 1,205 9 1,214 1.205 556 68 581 9 99 3 99 3

Banks........................................ 1,151 1 ,142 9 1.151 1.142 53 5 61 5 4 6 9 99 2 9 9 2

U nit b a n k s .......................... 1,091 1,082 9 1.091 1,082 516 54 512 9 99 2 99.2

Banks operating branches 60 60 60 60 19 7 34 100.0 100.0

Branches.................................. 63 63 63 63 21 7 35 100 0 1 00 0

U tah— all o ffic e s ........................ 169 169 169 169 72 33 64 100.0 100.0

Banks........................................ 54 5 4 54 54 12 8 3 4 1 0 0 0 1 0 0 .0

U nit b a n k s .......................... 35 35 35 35 9 4 22 1000 100.0

Banks operating branches 19 19 19 19 3 4 12 100.0 100 0

Branches.................................. 115 1 1 5 115 115 60 25 30 1 00 0 1 00 0

V erm ont— all o ffice s.................. 124 123 1 116 115 68 47 1 8 8 100.0 100.0 100.0

Banks........................................ 51 50 1 45 44 27 17 1 6 6 100.0 1 00 0 100 0

U nit b a n k s .......................... 26 2 5 1 22 21 13 8 1 4 4 1000 100.0 100.0

Banks operating branches 25 25 23 23 14 9 2 2 1000 100.0 100.0

Branches.................................. 73 73 71 7 1

41 30 2 2 100 0 1 0 0 0 100 0

V irginia— all office s.................... 946 946 946 946 541 154 251 100.0 100.0

Banks........................................ 2 3 7 2 3 7 237 23 7 107 4 5 8 5 100.0 1 00 0

U nit banks 88 88 88 88 30 23 35 1000 100.0

Banks operating branches 149 149 149 149 77 22 50 100 0 100.0

Branches............ .............. 7 0 9 7 0 9 70 9 7 0 9 4 3 4 109 166 100.0 100 0

W ashington— all o ffic e s .......... 627 626 1 581 580 422 43 115 1 46 46 99.8 99.8 100.0

Banks........................................ 101 1 0 0 1 94 93 27 8 58 1 7 7 99 0 98 9 100.0

U n it banks 47 46 1 46 45 12 3 30 1 1 1 97.9 97.8 100 0

Banks operating branches 54 54 48 48 15 5 28 6 6 100.0 100.0 100.0

Branches4 ................................ 5 2 6 5 2 6 4 8 7 48 7 3 9 5 35 57 39 39 100 0 1 0 0 0 100 0

W est V irginia— all offices 199 199 199 199 80 36 83 100.0 100.0

Banks ... 195 195 195 195 8 0 3 4 81 1 00.0 1 0 0 0

U nit banks .............. 191 191 191 191 80 32 79 100.0 100.0

B anks operating branches 4 4 4 4 2 2 100.0 100.0

Branches.................................. 4 4 4 4 2 2 100.0 10 0 0

176 FEDERAL DEPOSIT INSURANCE CORPORATION

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W isconsin—all o ffic e s ............... 829 825 4 826 822 165

Banks........................................ 6 0 6 60 24 6 0 3 599 117

U nit b a n k s .......................... 466 4624 463 459 90

Banks operating branches 140 140 140 140 27

Branches................................... 2 2 3 2 2 3 2 2 3 223 4 8

W yo m in g —all o ffice s .................. 71 71 71 71 41

Banks........................................ 70 70 70 70 4 0

U nit b a n k s .......................... 69 69 69 69 39

Banks operating branches 1 1 1 1

1

Branches...................................1 1 1 1 1

O ther Areas

Pacific Islands—all offices5 . . . 14 5 9 14 5 4

Banks......................................... 1 1 1

U nit banks6..........................

1 1 1

Banks operating branches

Branches7 ................................. 13 5

8 13 5 4

Panam a Canal Z o n e -

all o ffic e s ............................... 2

2

2

Banks.........................................

U nit b a n k s ..........................

Banks operating branches

Branches8 ................................

2

2

2

Puerto Rico—all o ffices............. 188 173 15 187 172 17

Banks......................................... 138 5 12 7.

U nit b a n k s ...........................3

1

2

2

Banks operating branches 10

7

3 10

7

Branches9 ................................ 175 165 10 175 165 17

Virgin Islands—all o ffic e s ......... 26 206 26 20 20

Banks......................................... 7 16

7 1-

1

U nit b a n k s ..........................

6 6 6

Banks operating branches

1

1 1 1 1

Branches10.............................. 19 19 19 19 19

590

4 3 3

329

104

157

17

1727

148

9 9 8 

99.8

100.0

100.0

100.0

100 0 

100.0

100.0

100.0

92.0

6 1 .5

33.3

70.0

9 4 3

80.0

16 7

100.0

1000

99.9

99 8 

99.8

1000

100.0

100.0

100 0 

100.0

1000

100.0

92.0

58 3

70.0

9 4 3

80.0

16 7

100.0

1000

100.0

100.0 

1000

100.0

100.0

100.0

NUMBER OF BANKS AND BRANCHES 177

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Federal Reserve Bank of St. Louis
Table 103. NUMBER OF BANKING OFFICES IN THE UNITED STATES (STATES AND OTHER AREAS),

DECEMBER 31. 1968— CONTINUED 

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK. AND BY STATE OR AREA AND TYPE OF OFFICE

All banks

Commercial banks and

nondeposit trust companies Mutual savings banks Percentage insured1

State and type of bank

or office

I Insured Noninsured

All

banks

of

deposit

Total

Insured

Noninsured Total

Total

Members F.R.

System

Not

membersBanks

of deNondeposit

trust

Total

Insured

Noninsured

Commercial

banks

of

deposit

Mutual

savings

banks

National State

F.R.

System

posit2 companies3

1 Nondeposit trust companies are excluded in computing these percentages.

2 Includes 10 noninsured branches of insured banks; 8 branches in the 

Pacific Islands and 2 in the Panama Canal Zone.

3 Includes one trust company in Massachusetts, member of the F.R. 

System, operating one branch.

4 Massachusetts: 1 branch operated by a noninsured bank in New York.

New York: 8 branches operated by tw o insured banks in Puerto

Rico (not members of F.R. System).

Oregon: 1 branch operated by a national bank in California.

Pennsylvania: 2 branches— 1 operated by a noninsured bank in New 

York and 1 operated by a national bank in New Jersey.

Washington. 2 branches operated by a national bank in California.

5 United States possessions (American Samoa, Guam, Midway Islands, 

and Wake Island): Trust Territories (Kwajalein, Palau Islands, Ponape 

Island, Saipan and Truk Atoll).

6 American Samoa.

7 Pacific Islands: 13 branches.

Caroline Islands on Truk Atoll (Moen Island); 1 noninsured branch—

operated by a national bank in California.

Mariana Islands: 5 branches— (4 insured on Guam and 1 noninsured on 

Saipan)— operated by a national bank in California.

Guam: 1 insured branch— operated by an insured bank in Hawaii (not 

member of F.R. System).

Caroline Islands. 2 noninsured branches— 1 on Palau Islands (Koror) and

1 on Ponape Island (Kolonia)— operated by a bank in Hawaii (not member of F.R. System).

Marshall Islands: Kwajalein Atoll— 2 noninsured branches operated by 

a bank in Hawaii (not member of F.R. System).

Midway Islands on Sand Island: 1 noninsured branch operated by a 

bank in Hawaii (not member of F.R. System).

Wake Island: 1 noninsured branch operated by an insured bank in 

Hawaii (not member of F.R. System).

8 Panama Canal Zone: 2 noninsured branches operated by 2 national 

banks in New York.

9 Puerto Rico: 17 insured branches operated by 2 national banks in New 

York.

10 Virgin Islands: 13 insured branches operated by 2 national banks in 

New York; and 1 national bank in California.

178 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 104. NUMBER AND DEPOSITS OF ALL COMMERCIAL AND MUTUAL SAVINGS BANKS. 

(STATES AND OTHER AREAS). DECEMBER 31, 1968 

BANKS GROUPED BY CLASS AND BY DEPOSIT SIZE

Deposit size

All

banks

Insured commercial banks Noninsured 

banks 

and trust 

companies

Mutual savings banks

Total

Members F.R. System Not 

members 

F.R. System

Insured

Noninsured

National State

Num ber of Banks

Less Than $ 1 ,0 0 0 ,0 0 0 .............................................. 371 258 23 8 227 113

$1,000,000 To $2,000,000 .................................... 1,259 1,234 162 57 1,015 23 1 1

$2,000,000 To $5,000,000 .................................... 3 .682 3 .6 5 0 8 39 269 2 ,542 19 11 2

$5,000,000 To $ 1 0 ,0 0 0 ,0 0 0 ................................. 3,465 3 ,4 1 4 1.219 31 1 1,884 16 16 19

$10,000,000 To $ 2 5 ,0 0 0 ,0 0 0 ................................ 3.0 9 0 2 .952 1.348 30 9 1,295 15 79 44

$25,000,000 To $ 5 0 ,0 0 0 ,0 0 0 ................................ 1.134 1,025 543 123 35 9 5 52 52

$50,000,000 To $ 1 00,0 00,0 00.............................. 57 4 4 6 5 26 6 68 131 1 1 63 35

$100,000,000 To $500,000,000 ......................... 48 3 38 2 2 4 4 84 54 8 80 13

$500,000,000 Or M o re ........................................... 141 108 72 32 4 32 1

T o ta l.......................................................................... 14,199 13.488 4,716 1,261 7,511 210 334 167

A m ou nt of Deposits (In Thousands)

Less Than $ 1 ,0 0 0 ,0 0 0 .............................................. 2 2 1 .3 9 9 18 8 ,6 1 5 18,6 4 0 5.352 1 6 4 ,6 2 3 3 2 ,7 8 4

$1,000.000 To $2,000,000 .................................... 1.932 .8 8 6 1.891 ,1 3 6 2 6 0 .2 9 3 8 9 ,7 0 8 1.5 41 ,1 35 3 8 .2 2 7 1.946 1.577

$2,000,000 To $5,000,000 .................................... 12,5 2 6 .1 2 3 1 2 .4 2 1 .1 5 8 3 ,0 1 6 .7 7 3 9 4 8 ,1 0 5 8 .4 5 6 ,2 8 0 5 4 ,5 7 7 4 3 ,8 4 9 6 .539

$5,000,000 To $ 1 0 .0 0 0 ,0 0 0 .................................. 2 4 ,9 7 1 .9 2 3 2 4 .5 9 3 .6 0 2 8 ,9 7 6 ,4 4 9 2 ,2 4 5 .0 0 8 13 .3 7 2 ,1 4 5 1 0 9 .9 9 5 1 2 7 .71 0 1 40.616

$10,000,000 To $ 2 5 ,0 0 0 ,0 0 0 ................................ 4 7 .8 6 4 .0 4 8 4 5 .4 4 6 .5 6 0 2 1 .0 7 2 ,9 7 7 4 .9 4 9 .3 7 5 1 9 .4 2 4 .2 0 8 2 6 6 ,1 4 8 1.3 8 6 .9 4 2 7 6 4 ,3 9 8

$25,000,000 To $ 5 0 ,0 0 0 ,0 0 0 ................................ 3 9 .0 27 .2 8 2 3 5 .1 7 5 .8 0 3 1 8 .7 2 7 .2 5 7 4 .2 4 4 ,3 4 9 1 2 ,2 0 4,1 9 7 1 8 7 ,99 0 1 .7 8 6 .95 8 1.876,531

$50,000,000 To $ 1 00,0 00,0 00.............................. 3 9 .6 3 1 .7 6 0 3 2 ,0 6 2 .4 3 5 1 8 .2 8 1 .7 7 0 4 ,7 3 1 .5 7 6 9 .0 4 9 ,0 8 9 754,1 10 4 .3 7 6 ,2 7 7 2 ,4 3 8,9 3 8

$100,000,000 To $500,000,000 .......................... 1 0 3 .238.397 8 1 .0 7 8 .6 9 7 5 2 .2 6 4 ,9 8 0 17,925.251 1 0 .8 8 8 ,4 6 6 1 ,3 9 3,2 7 2 1 8 .5 00 ,7 7 9 2 ,2 6 5,6 4 9

$500,000,000 Or M o re ............................................ 2 3 2 .9 9 8 .7 9 3 2 0 1 .7 9 3 .6 9 3 1 3 6 .0 3 5 .8 5 4 6 3 ,3 2 8 .6 6 5 2 .4 2 9 .1 7 4 3 0 .6 3 6 .8 6 3 5 68 .2 3 7

T o tal.......................................................................... 502,412.611 434,651,699 258,654,993 98,467,389 77,529,317 2,837,103 56,861,324 8.062.485

NUMBER OF BANKS AND BRANCHES 179

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A S S E T S A N D LIABILITIES OF B A N K S

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

areas), June 29, 1968

Banks grouped according to insurance status and type o f bank

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

areas), December 3 1 ,1 9 6 8

Banks grouped according to insurance status and type o f bank

Table 107. Assets and liabilities of insured commercial and insured mutual savings 

banks in the United States (States and other areas), December call dates, 

1964 through 1968

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

(States and other areas), December 31, 1968 

Banks grouped by class o f bank

Table 109. Assets and liabilities of insured commercial banks operating throughout 

1968 in the United States (States and other areas), December 3 1 ,1 9 6 8 

Banks grouped according to am ount o f deposits

Table 110. Percentages of assets and liabilities of insured commercial banks operating 

throughout 1968 in the United States (States and other areas), December 

31, 1968

Banks grouped according to am ount o f deposits

Table 111. Distribution of insured commercial banks in the United States (States and 

other areas), December 3 1 ,1 9 6 8

Banks grouped according to amount o f deposits and by ratios o f selected

item s to assets or deposits

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Statements of assets and liabilities are submitted by insured 

commercial banks upon either a cash or an accrual basis, depending upon the bank's method of bookkeeping. Assets reported 

represent aggregate book value, on the date of call, less valuation and premium reserves.

Assets and liabilities held in or administered by a savings, bond, 

insurance, real estate, foreign, or any other department of a bank, 

except a trust department, are consolidated with the respective 

assets and liabilities of the commercial department. "Deposits of 

individuals, partnerships, and corporations" include trust funds 

deposited by a trust department in a commercial or savings department. Other assets held in trust are not included in statements of assets and liabilities.

In the case of banks w ith one or more domestic branches, the 

assets and liabilities reported are consolidations of figures for the 

head office and aii domestic branches, in the case of a bank w ith 

foreign branches, net amounts due from its own foreign branches 

are included in "O ther assets," and net amounts due to its own 

foreign branches are included in "O ther liabilities." Branches outside the 50 States of insured banks in the United States are 

treated as separate entities but as in the case of other branches 

are not included in the count of banks. Data for such branches 

are not included in the figures for the States in which the parent 

banks are located.

Demand balances w ith and demand deposits due to banks in 

the United States, except private banks and American branches 

of foreign banks, exclude reciprocal interbank deposits. Reciprocal 

interbank deposits arise when tw o banks maintain deposit 

accounts w ith each other.

Individual loan items are reported gross instead of net of valuation reserves. Accordingly, reserves for losses on loans are shown 

separately.

Instalment loans are ordinarily reported net if the instalment 

payments are applied directly to the reduction of the loan. Such 

loans are reported gross if, under contract, the payments do not 

immediately reduce the unpaid balances of the loan but are 

assigned or pledged to assure repayment at maturity.

Asset and liability data for noninsured banks are tabulated from 

reports pertaining to the individual banks. In a few cases these 

reports are not as detailed as those submitted by insured banks, 

and some of the items reported have been allocated to more detailed categories according to the distribution of asset and liability data for insured State banks not members of the Federal 

Reserve System or for other noninsured banks.

Additional data on assets and liabilities of all banks as of June 

29, 1968, and December 31, 1968, are shown in the Corporation's semiannual publication, "Assets, Liabilities, and Capital 

Accounts, Commercial and Mutual Savings Banks," Report of Call 

No. 84, and Report of Call No. 86. Data from Call No. 83, April 

18, 1968, and Call No. 85, October 30, 1968, were not tabulated 

for all insured banks. Comparable tabulations for State and 

national banks were not feasible because of a change in the form 

used for national institutions.

Sources of data

National banks and State banks in the District of Columbia not 

members of the Federal Reserve System: Office of the Comptroller of the Currency.

State banks members of the Federal Reserve System: Board 

of Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

Noninsured banks: State banking authorities; and reports from 

individual banks.

ooASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
Table 105. ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS), JUNE 29, 1968

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

Asset, liability, or capital account item

All banks Commercial banks and nondeposit 

trust companies Mutual savings banks

Total Insured NoninsuredTotal Insured

Noninsured

Total Insured NonBanks insured

of

deposit1

Nondeposit

trust

companies2

Total asse ts..................................................................... 5 2 9 ,6 0 5,827 5 1 6 ,4 33 ,7 0 8 13,1 72,119 4 6 0 ,5 74 ,9 9 0 4 5 6 ,3 04 ,0 6 3 3 ,9 2 1 ,1 0 6 349.821 6 9 ,0 3 0 ,8 3 7 6 0 ,1 29,645 8 ,9 01 ,1 9 2

Cash, balances w ith other banks, and cash

collection items— to ta l...................................... 7 6 ,5 21,342 7 5 ,683,622 837,720 7 5 ,56 2,258 7 4 ,850 ,2 9 7 671,541 4 0 .4 2 0 9 5 9 ,0 8 4 83 3 ,3 2 5 125,759

Currency and coin.................................................... 5.378,866 5,326,767 52,099 5,220,145 5,195,426 24,247 472 158,721 131,341 27,380

Reserve with F.R. Banks (member banks)........... 20,846,460 20,846,460 20,846,460 20.846.460

Demand balances with banks in U S..................... 15,817,302 15,181,417 635,885 15,285,387 14.725.010 526,415 33.962 531,915 456,407 75,508

Other balances with banks in U S.......................... 481,670 428,283 53,387 305,931 262,814 37,146 5,971 175,739 165,469 10,270

Balances with banks in foreign countries............. 267,712 215,585 52,127 267,712 215,585 52.127

Cash items in process of collection....................... 33,729,332 33.685,1 10 44,222 33,636,623 33,605,002 31.606 15 92.709 80,108 12,601

Securities— to ta l......................................................... 137,166,275 1 3 3,569.614 3 ,596.661 123,40 7 ,7 2 4 1 2 2,20 5 ,0 9 4 96 2 ,728 239.902 13,758,551 11,3 6 4,520 2 ,394,031

U.S. Gov't, obligations (including guaranteed) . . . 63.010.139 61,350,167 1.659.972 58.804.977 58,310,834 428.595 65.548 4,205,162 3,039,333 1.165.829

Obligations of States and subdivisions................. 52.998.476 52,654,166 344.310 52,794.056 52.459.902 256.707 77.447 204,420 194,264 10.156

Securities of Federal agencies and corporations. 10.682,760 10,323.1 13 359.647 9,197,1 77 9.020,552 163.927 12.698 1.485.583 1,302,561 183.022

Other securities....................................................... 10,474,900 9,242,168 1.232.732 2,61 1,514 2.413.806 1 13,499 84.209 7.863.386 6,828,362 1.035,024

Loans and discounts, net— to ta l.............................. 3 0 0 ,381,2 3 6 2 9 2 ,037,907 8 .3 43,329 2 4 7 ,2 8 3 ,4 3 0 2 4 5 ,2 23 ,2 4 2 2 ,021 ,2 6 7 38.921 5 3 ,0 9 7 .8 0 6 4 6 .814,6 6 5 6 ,283,141

Valuation reserves .................................................. 4,973,092 4,948,632 24,460 4,839,061 4.826.295 12,369 397 134.031 122.337 1 1,694

Loans and discounts, gross— total 3 0 5 ,3 5 4 .3 2 8 2 9 6 ,9 86,539 8,367,7 8 9 2 5 2 ,122,491 2 5 0 .049,5 3 7 2 ,0 3 3 ,6 3 6 3 9 .318 5 3 ,2 3 1.837 4 6 ,9 37.002 6 ,2 94,835

Real estate loans— to ta l........................................ 1 13,760,122 107,368,978 6.391,144 61.966.654 61.633.253 323,976 9.425 51.793.468 45.735,725 6,057,743

Secured by farm land.......................................... 3,870,334 3,841,294 29.040 3.755,661 3.731.675 23.303 683 114.673 109.619 5.054

Secured by residential properties:

Insured by FHA .............................................. 22,924,204 21,814,032 1,110.172 7.678.376 7.590.526 86.865 985 15.245.828 14,223.506 1.022.322

Guaranteed by V A .......................................... 14.566,326 13,426,878 1.139,448 2.647344 2.578,432 69.508 4 11.918.382 10.848.446 1.069936

Not insured or guaranteed by FHA or VA 47,192,740 44.074,329 3,1 18,411 28.786.571 28.696,296 84.420 5.855 18.406.169 15.378.033 3.028.136

Secured by other properties............................... 25,206,518 24,212,445 994,073 19.098.102 19.036.324 59.880 1.898 6.108.416 5.176.121 932.295

Loans to commercial and foreign banks............... 1.979,614 1,91 7,409 62,205 1,944.619 1.882.414 62,166 39 34,995 34.995

Loans to other financial institutions..................... 12,254,999 12,091,217 163,782 12.238.433 12.074.724 163,575 134 16,566 16,493 73

Federal funds sold (loaned)3 .................................. 4,812.933 4,655,442 157,491 4,812.933 4,655.442 155,71 1 1.780

Loans to brokers and dealers in securities........... 5,013.542 4,786,196 227,346 4.949,842 4,722,697 219,425 7.720 63,700 63,499 201

Other loans for carrying securities......................... 3,740,487 3.675,900 64,587 3.736.049 3,672.939 55,851 7,259 4,438 2,961 1,477

Loans to farmers (excluding real estate)............... 10,007,270 9,985,208 22,062 10.005.735 9,983,673 21,884 178 1.535 1,535

Commercial and industrial loans........................... 92,216,953 91,479,216 737,737 91.944.657 91.220,531 716,880 7,246 272,296 258,685 13,611

Other loans to individuals...................................... 53.896,996 53,462,256 434,740 52,892,309 52.663.574 225,774 2,961 1,004,687 798,682 206,005

All other loans (including overdrafts) ................... 6,072,768 5.966.088 106,680 6.032.616 5,941,661 88.379 2,576 40,152 24,427 15,725

Other assets— to t a l....................................................

Bank premises, furniture and fixtures, and real

estate ...................................................................

All other miscellaneous assets...............................

15,5 36.974

7.241,086

8.295,888

1 5 ,1 42,565

7,135,898

8,006,667

3 94,409

105,188

289,221

1 4,3 2 1 ,5 7 8

6.680,302

7,641,276

1 4,0 2 5 ,4 3 0

6.641,070

7.3 84.360

2 6 5 ,5 7 0

26.307

239.263

3 0.578

12,925

17,653

1,2 1 5 ,3 9 6

560,784

654,612

1,117,135

494.828

622,307

98,261

65,956

32,305

182 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Total lia bilities and capital a c c o u n ts ..........................

Business and persona! deposits— to ta l ..................

Individuals, partnerships, and c o rpo ra tion s—

dem and .........................................................................

D eposits o f savings and loan associations .... 

O ther deposits o f individuals, partnerships, and

c o rp o ra tio n s .......................................................

Individuals, partnerships, and co rpo ra tion s— tim e

Savings dep o sits .....................................................

D eposits accum ulated fo r p aym ent o f personal

lo a n s .............................................................

D eposits o f savings and loan associations

O ther deposits o f individuals, partnerships, and

c o rp o ra tio n s .......................................................

C ertified and officers' checks, letters o f credit 

travelers' checks, e tc ..................................................

G overnm ent deposits— t o t a l..................

U nited S tates G overnm ent— dem and 

U nited S tates G overnm ent— tim e . . . . 

S tates and subdivisions— dem and . . . 

States and subdivisions— tim e .............

D om estic interbank deposits— t o t a l........................

C om m ercial banks in the U.S.— d e m a n d ...............

C om m ercial banks in the U.S.— t im e ......................

M utual savings banks in the U.S.— d e m a n d .........

M utual savings banks in the U.S.— t i m e ...............

Foreign governm ent and bank deposits— to ta l . .

Foreign governments, central banks, etc.— demand 

Foreign governm ents, central banks, etc.— tim e

Banks in foreign countries— d e m a n d ......................

Banks in foreign co un trie s— t i m e .............................

Total d e p o s its .......................................................

D e m a n d ...............................................................

T im e .....................................................................

O ther lia bilities— to ta l...................................................

Federal funds purchased (b o rro w e d )........................

O ther liabilities fo r borrow ed m o n e y ........................

A ll other m iscellaneous lia b ilitie s ...............................

Total lia bilities (excluding capital accounts)

Capital accounts— t o t a l ...............................................

Capital notes and d e b e n tu re s ......................................

Preferred s to c k ................................................................

Com m on s t o c k ................................................................

S u rp lu s ................................................................................

Undivided profits and re serve s ...................................

N um ber o f banks5 .....................................................................

529,605,827 516,433,708 13.172,119 460,574,990 456,304,063 3,921,106 349,821 69,030,837 60,129,645 8,901,192

394,473,522 384,588,175 9,885,347 331,644,377 329,636,610 1,863,467 144,300 62,829,145 54,951,565 7,877,580

1 5 1 .6 8 9 ,5 0 4 1 5 0 ,6 7 2 ,7 2 3 1,016,781 1 5 1 ,1 7 6 ,4 2 9 1 5 0 ,1 9 9 ,6 6 3 8 7 5 ,3 4 8 1 0 1 .4 1 8 5 1 3 ,0 7 5 4 7 3 .0 6 0 4 0 ,0 1 5

2,248,099 2,245,298 2.801 2.248,099 2,245,298 2,801

149,441,405 148,427,425 1,013,980 148.928,330 147,954,365 872,547 101,418 513,075 473.060 40.015

2 3 2 .6 0 2 .2 8 1 2 2 3 ,9 7 4 ,6 3 0 8 ,6 2 7 ,6 5 1 1 7 0 ,3 0 4 ,2 1 9 1 6 9 .5 1 3 ,0 6 0 7 4 8 .3 7 9 4 2 .7 8 0 6 2 .2 9 8 ,0 6 2 5 4 .4 6 1 ,5 7 0 7 ,8 3 6 .4 9 2

156.978,343 148,837$49 8,140,394 95.310.181 9 42 87 ,52 0 300,470 22.191 61.668,162 53.850.429 7.817,733

1,239277 1.235.487 4.490 1.239.785 1.235,487 4.298 192 192

350,512 350,361 151 350,512 350,361 151

74,033,449 73,550,833 482,616 73,403,741 72339.692 443,460 20,589 629.708 611,141 18.567

10 .1 8 1 ,7 3 7 9 ,9 4 0 ,8 2 2 2 4 0 ,9 1 5 1 0 ,1 6 3 .7 2 9 9 .9 2 3 .8 8 7 2 3 9 ,7 4 0 102 1 8 .0 0 8 16.935 1,073

38,361,040 38,143,106 217,934 38,320,331 38,104,130 213,853 2,348 40,709 38,976 1,733

4 .9 9 7 ,8 8 6 4 ,9 6 6 ,7 9 0 3 1 ,0 9 6 4 ,9 9 1 ,2 0 4 4 ,9 6 0 ,7 7 9 2 8 ,0 7 7 2 .3 4 8 6 .68 2 6.01 1 671

3 3 2 .9 8 2 3 3 0 ,6 8 3 2 ,2 9 9 3 3 2 ,6 4 6 3 3 0 ,3 4 7 2 .2 9 9 3 3 6 3 36

1 6 ,4 0 7 ,6 0 3 16,305,251 1 0 2 ,3 5 2 1 6 ,4 0 5 ,4 5 9 1 6 .3 0 3 ,1 0 8 102,351 2 ,1 4 4 2.1 4 3 1

1 6 ,6 2 2 ,5 6 9 1 6 ,5 40 ,3 8 2 8 2 ,1 8 7 1 6 ,5 9 1 .0 2 2 1 6 .5 0 9 ,8 9 6 8 1 .1 2 6 3 1 ,5 4 7 3 0 .4 8 6 1,061

19,522,266 19,300,603 221,663 19,521,155 19,299,492 221,084 579 1,111 1,111

1 7 ,6 8 4 ,6 5 4 1 7 ,8 4 6 ,2 0 5 3 8 .4 4 9 1 7 ,6 8 4 ,5 3 1 1 7 ,6 4 6 ,0 8 2 3 7 ,8 7 0 5 7 9 , 123 123

594.1 19 592,1 19 2 .0 0 0 59 3 .1 31 591 ,1 3 1 2 .0 0 0 9 8 8 9 8 8

9 9 0 ,5 5 6 862,41 1 1 2 8 .1 4 5 9 9 0 .5 5 6 86 2 ,4 1 1 1 2 8 ,1 4 5

2 5 2 .9 3 7 199,8 6 8 5 3 ,0 6 9 2 5 2 ,9 3 7 1 9 9 .8 6 8 5 3 ,0 6 9

7,789,107 7,502,976 286,131 7,788,953 7,502,822 283,963 2,168 154 154

7 8 9 .7 4 9 758,371 3 1 ,3 7 8 7 8 9 .6 0 1 7 5 8 .2 2 3 3 0 ,3 0 7 1,071 148 148

4,727,1 12 4 ,6 2 9 ,0 7 2 9 8 ,0 4 0 4.7 2 7 ,1 12 4 ,6 2 9 ,0 7 2 9 7 ,0 4 0 1.0 0 0

2 ,0 0 5 ,6 2 7 1 .8 69 ,2 4 0 1 3 6 ,3 8 7 2 .0 0 5 ,6 2 1 1 .8 6 9 ,2 3 4 1 3 6 .2 9 0 97 6 6

2 6 6 ,6 1 9 2 4 6 ,2 9 3 2 0 ,3 2 6 2 6 6 .6 1 9 2 4 6 ,2 9 3 2 0 ,3 2 6

460,145,935 449,534,860 10,611,075 397,274,816 394,543,054 2,582,367 149,395 62,871,119 54,991,806 7,879,313

204,747,316 203.021,813 1.725.503 204,207,130 202.523,387 1,578.128 105,615 540.186 498.426 41,760

255.398.619 246.513,047 8,885.572 193.067,686 192.019,667 1,004.239 43,780 62,3 30 33 3 54.4 93 38 0 7,837,553

28,425,826 27,186,226 1,239,600 27,377,372 26,398,016 943,260 36,096 1,048,454 788,210 260,244

6,533 ,1 4 1 6 .530.691 2 .4 5 0 6 ,5 3 3 ,1 4 1 6 .5 3 0 .6 9 1 2 .4 5 0

1 ,7 2 1 ,6 7 4 1 .4 66 ,8 1 4 2 5 4 .8 6 0 1 .6 5 6 .2 6 3 1 .4 0 1 .4 0 3 2 5 1 ,9 6 6 2 .8 9 4 65,41 1 65.41 1

2 0 ,1 7 1 ,0 1 1 19.188.721 9 8 2 ,2 9 0 1 9 .1 8 7 ,9 6 8 1 8 ,4 6 5 ,9 2 2 6 8 8 ,8 4 4 3 3 ,2 0 2 9 8 3 .0 4 3 7 2 2 ,7 9 9 2 6 0 .2 4 4

488,571,761 476,721,086 11,850,675 424,652,188 420,941,070 3,525,627 185,491 63,919,573 55,780,016 8,139,557

41,034,066 39,712,622 1,321,444 35,922,802 35,362,993 395,479 164,330 5,111,264 4,349,629 761,635

2 ,2 4 6 ,4 4 5 2 .1 9 7 ,1 22 4 9 ,3 2 3 2 ,2 4 3 ,3 2 1 2 .1 9 3 ,9 9 8 4 9 ,1 7 3 150 3 ,1 2 4 3 ,1 2 4

9 5 ,9 6 3 91,771 4 ,1 9 2 9 5 .9 6 3 9 1 .771 4 ,0 4 2 150

9 ,7 3 7 .1 3 4 9 ,5 8 0 ,4 5 6 1 5 6 ,6 7 8 9 .7 3 7 .1 3 4 9 ,5 8 0 ,4 5 6 1 0 4 ,9 6 5 5 1 ,7 1 3

1 9 .1 3 8 .0 6 8 1 8 ,4 8 9 ,0 2 5 6 4 9 .0 4 3 1 5 .5 4 5 .6 4 8 1 5 .3 2 5 ,9 7 3 143,901 7 5 ,7 7 4 3 ,5 9 2 ,4 2 0 3 ,1 6 3 .0 5 2 4 2 9 .3 6 8

9 ,8 1 6 .4 5 6 9 ,3 5 4 ,2 4 8 4 6 2 .2 0 8 8 .3 0 0 .7 3 6 8 ,1 7 0 ,7 9 5 9 3 .3 9 8 3 6 ,5 4 3 1 .5 1 5 .7 2 0 1 .1 8 3 ,4 5 3 3 3 2 ,2 6 7

14,245 13,851 3 9 4 1 3 .7 4 3 1 3 ,5 1 9 174 50 502 33 2 170

1 Includes asset and lia b ility figures fo r 14 branches o f foreign banks (tabulated as banks) licensed to do a deposit business in the State o f N ew York. Capital 

is not allocated to these branches by the parent banks.

2 A m o un ts show n as deposits are special accounts and uninvested trust funds w ith the la tte r classified as dem and deposits of individuals, partnerships and 

corporations.

3 A lso includes securities purchased under agreem ents to resell.

4 A lso includes securities sold under agreem ents to repurchase.

5 Includes 2 noninsured banks o f deposit fo r w hich asset and liability data are not available.

ASSETS AND LIABILITIES OF BANKS 183

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

Table 106. ASSETS AND LIABILITIES OF ALL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS). DECEMBER 31. 1968

All banks

Commercial banks and nondeposit 

trust companies Mutual savings banks

Asset, liability, or capital account item

Noninsured

Total Insured Noninsured

Total Insured

Banks

of

deposit1

Nondeposit

trust

companies2

Total Insured Noninsured

Total a s s e ts ......................................................................... 575.787,760 562.361.406 13.426.354 504.637,017 500.237.915 4,015.014 384.088 71,150,743 62.123.491 9,027,252

Cash, balances w ith other banks, and cash 112,935 collection item s— to t a l......................................... 85,000.874 84.153.009 847.865 84.004.881 83.269.951 686,029 48,901 995.993 883.058

Currency and co in ....................................................... 7 ,4 4 7 .1 4 7 7 .3 8 0 .9 6 8 6 6 ,1 7 9 7 .2 5 1 .9 1 2 7 .2 1 6 .0 0 3 3 4 .9 7 0 9 3 9 19 5 .2 3 5 1 6 4 .9 6 5 3 0 ,2 7 0

Reserve with F.R. Banks (member ba n ks)............

Demand balances w ith banks in U S.......................

2 1 .2 3 0 .2 4 6

1 9 .1 9 9 .1 3 3

2 1 .2 3 0 .2 4 6 

1 8.587.61 1 61 1,522

2 1 .2 3 0 .2 4 6

1 8 .6 2 9 .3 0 4

2 1 .2 3 0 .2 4 6

1 8 .0 8 9 .8 8 6 4 9 7 .8 5 7 4 1 ,5 6 1 5 6 9 .8 2 9 4 9 7 .7 2 5 7 2 ,1 0 4

Other balances with banks in U.S.. . : .................... 5 4 4 ,6 4 4 4 9 2 .5 2 7 52,1 17 3 8 5 .8 4 8 3 3 4 .9 1 7 4 4 .5 4 2 6 ,3 8 9 15 8 .7 9 6 1 5 7 ,6 1 0 1.186

Balances with banks in foreign countries..............

Cash items in process of collection........................

3 3 7 .4 1 1

3 6 .2 4 2 .2 9 3

2 6 4 .4 3 3

3 6 .1 9 7 ,2 2 4

7 2 ,9 7 8

4 5 ,0 6 9

33 7 .4 1 1 

3 6 .1 7 0 ,1 6 0

2 6 4 .4 3 3

3 6 .1 3 4 .4 6 6

7 2 .9 7 8

3 5 .6 8 2 12 7 2 ,1 3 3 6 2 ,7 5 8 9 .3 7 5

S ecurities— to ta l............................................................. 150.558.116 147,045.263 3.512.853 136.455.855 135.242.315 953.064 260.476 14.102.261 11,802.948 2.299.313

U.S. Gov't, obligations (including guaranteed) . 6 8 ,5 0 4 .6 2 8 6 7 .0 2 6 .2 2 0 1.4 7 8 .4 0 8 6 4 ,6 8 5 .7 6 9 6 4 .1 7 1 .3 2 4 4 4 6 .3 3 7 6 8 ,1 0 8 3 .8 1 8 ,8 5 9 2 .8 5 4 .8 9 6 9 6 3 .9 6 3

Obligations of States and subdivisions.................. 5 8 .9 2 6 .2 0 1 5 8 .5 7 6 .9 4 9 3 4 9 .2 5 2 5 8 .7 3 2 ,1 4 7 5 8 .3 9 1 .7 3 8 2 5 4 .9 7 1 8 5 .4 3 8 1 9 4 ,0 5 4 185,21 1 8 .8 4 3

Securities of Federal agencies and corporations. . 1 1 .7 0 2 ,7 1 5 1 1 .3 1 6 .8 9 7 3 8 5 ,8 1 8 1 0 .2 6 7 .9 4 3 1 0 .0 8 1 .6 4 1 1 7 1 .0 1 4 1 5 .2 8 8 1.4 3 4 .7 7 2 1 .2 3 5 .2 5 6 199,51 6

Other securities........................................................... 1 1 .4 2 4 .5 7 2 1 0 .1 2 5 .1 9 7 1.2 9 9 ,3 7 5 2 .7 6 9 .9 9 6 2 .5 9 7 ,6 1 2 8 0 .7 4 2 9 1 .6 4 2 8 .6 5 4 .5 7 6 7 ,5 2 7 ,5 8 5 1,126.991

Loans and discounts, net— to ta l................................. 322.920.925 314.269,439 8.651.486 268.116.012 265.982.036 2.091.795 42,181 54.804.913 48,287,403 6,517,510

Valuation reserves..................................................... 5 .3 5 9 .5 5 4 5 .3 3 7 .6 9 3 21.861 5 .2 2 6 ,8 9 7 5 .2 1 5 .8 1 7 10 .5 3 4 546 132,657 12 1 .8 7 6 10,781

Loans and discounts, gross— total 328.280.479 319.607,132 8,673,347 273,342,909 271,197,853 2.102.329 42,727 54,937,570 48.409.279 6,528,291

Real estate loans— to t a l........................................... 1 1 9 .1 5 2 .6 4 8 1 1 2 ,5 1 0 ,1 5 0 6 .6 4 2 .4 9 8 6 5 ,6 9 6 .2 3 2 6 5 .3 3 2 .7 4 5 3 5 3 .0 6 7 1 0 .4 2 0 5 3 ,4 5 6 .4 1 6 4 7 .1 7 7 .4 0 5 6 .279.01 1

Secured by farm la n d ............................................. 3.874,493 3,847.1 15 27.378 3,757.544 3.735.180 21.662 702 116249 111235 5,014

Secured by residential properties:

Insured by FHA ................................................. 23.494.655 22,310.079 1.184.576 7.926,106 7.809,567 115.531 1,008 15.568,549 14,500,512 1,068,037

G uaranteed by V A ............................................. 14.740.309 13.566,789 1.173.520 2.707.61 1 2.626.560 81.047 4 12,032,698 10240,229 1.092,469

N o t insured or guaranteed by FHA or VA . . . 49246,067 46.742.449 3.203.618 30.799.644 30,712,679 79.042 7J923 19.146.423 16,029.770 3.116.653

Secured by other p ro p e rtie s ................................. 27.097.124 26.043.718 1.053.406 20.505.327 20,448.759 55.785 783 6.591.797 5,594259 996,838

Loans to commercial and foreign banks 2 .2 3 0 ,7 1 7 2 .1 6 9 .3 7 7 6 1 ,3 4 0 2 .2 0 6 .9 4 4 2 ,1 4 5 ,6 0 4 6 1 .2 5 9 81 2 3 .7 7 3 2 3 ,7 7 3

50 Loans to other financial in s titu tio n s ...................... 1 3 .8 0 9 .6 6 9 1 3 .7 0 2 ,0 6 2 107,6 0 7 1 3 ,7 8 4 .5 1 0 1 3 ,6 7 6 ,9 5 3 10 7 .2 2 2 3 3 5 2 5 ,1 5 9 2 5 ,1 0 9

Federal funds sold (loaned)3 .....................................

Loans to brokers and dealers in securities............

6 .7 4 7 .3 3 3

6 .6 6 2 .9 3 6

6 .5 2 6 .4 5 8

6,4 4 6 ,6 7 1

2 2 0 ,8 7 5

2 1 6 ,2 6 5

6 .7 4 7 ,3 3 3

6 .6 2 5 .4 6 7

6 .5 2 6 .4 5 8

6 .4 0 9 .3 0 2

2 1 9 .1 7 5

2 0 8 .5 3 0

1,7 0 0

7 .6 3 5 3 7 .4 6 9 3 7 ,3 6 9 100

Other loans for carrying securities........................... 4 ,1 2 1 ,1 9 8 4 ,0 7 4 ,0 4 3 4 7 ,1 5 5 4.1 1 4 .2 6 7 4 .0 6 8 .9 0 0 3 5 .3 9 4 9 ,9 7 3 6,931 5 ,1 4 3 1.788

Loans to farmers (excluding real estate)................ 9 .7 3 4 .2 5 6 9 ,7 1 3 ,8 1 9 2 0 .4 3 7 9 .7 3 2 .8 4 7 9 .7 1 2 ,4 1 0 2 0 .2 4 7 190 1.409 1.409

1 3 .702 Commercial and industrial lo a n s ............................. 9 9 .2 2 2 .1 10 9 8 .3 9 8 .9 8 1 8 2 3 .1 2 9 9 8 .9 7 0 .8 0 8 9 8 .1 6 1 ,3 8 1 8 0 1 .9 0 8 7 ,51 9 2 5 1 ,3 0 2 2 3 7 .6 0 0

Other loans to individuals......................................... 5 9 .7 2 4 .5 5 7 5 9 .2 8 4 ,4 0 0 4 4 0 ,1 5 7 5 8 .6 3 8 .2 6 5 5 8 .4 1 4 .7 9 9 2 2 0 .6 4 7 2 .8 1 9 1 ,0 8 6 .2 9 2 8 69 .6 0 1 2 1 6 ,6 9 1

All other loans (including overdrafts) 6 .8 7 5 ,0 5 5 6 .7 8 1 .1 7 1 9 3 ,8 8 4 6 .8 2 6 ,2 3 6 6 ,7 4 9 ,3 0 1 7 4 ,8 8 0 2 .0 5 5 4 8 ,8 1 9 3 1 .8 7 0 1 6 ,9 4 9

O ther assets— t o t a l....................................................... 17,307.845 16.893.695 414,150 16.060.269 15,743,613 284.126 32,530 1,247,576 1,150.082 97,494

Bank premises, furniture and fixtures, and real 

e s ta te ....................................................................... 7 ,5 8 6 ,7 8 7 7 .4 8 6 .9 8 3 9 9 ,8 0 4 7.0 1 5 ,1 9 1 6.980.1 13 2 3 ,5 5 2 1 1.526 57 1 .5 9 6 5 0 6 ,8 7 0 6 4 ,7 2 6

All other miscellaneous assets................................. 9 ,7 2 1 .0 5 8 9,4 0 6 ,7 1 2 31 4 ,3 4 6 9 .0 4 5 .0 7 8 8 .7 6 3 .5 0 0 2 6 0 ,5 7 4 2 1 .0 0 4 6 7 5 .9 8 0 6 4 3 ,2 1 2 3 2 .7 6 8

184 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Total lia bilities and capital a c c o u n ts .......................... 575,787,760 562,361,406 13,426,354 504,637.017 500,237,915 4.015,014 384.088 71,150,743 62,123,491 9,027,252

Business and personal deposits— to ta l .................. 428,996,243 418,815,563 10,180,680 364,112,765 361.993,247 1,949,815 169,703 64.883,478 56,822,316 8,061,162

Individuals, partnerships, and co rpo ra tion s—

dem and ......................................................................... 1 7 3 .5 4 4 ,3 5 4 1 7 2 ,4 7 0 ,7 5 0 1 .0 7 3 .6 0 4 1 7 3 ,0 5 9 ,9 5 0 1 7 2 ,0 0 6 ,9 7 3 9 2 5 .6 8 7 1 2 7 ,2 9 0 4 8 4 ,4 0 4 4 6 3 .7 7 7 2 0 .6 2 7

D eposits o f savings and loan associations .... 2,453,039 2,450.683 2,356 2.453.039 2.450,683 2.356

O ther deposits o f individuals, partnerships, and

c o rp o ra tio n s ....................................................... 171,091,315 170.020,067 1.071.248 170.606S I 1 169.556.290 923,331 127,290 484.404 463.777 20,627

Individuals, partnerships, and co rpo ra tion s— tim e 2 4 5 ,7 0 2 ,0 0 5 2 3 6 ,8 4 6 ,2 4 6 8 .8 5 5 .7 5 9 1 8 1 ,3 2 1 ,5 0 2 1 8 0 ,5 0 6 ,2 7 8 772.81 1 4 2 .4 1 3 6 4 ,3 8 0 ,5 0 3 5 6 ,3 3 9 ,9 6 8 8 .0 4 0 ,5 3 5

Savings deposits ..................................................... 160.648,105 152.276.665 8,371,440 96.504.054 96.166.256 315.337 22,461 64.144,051 56,110.409 8,033,642

D eposits accum ulated fo r paym e n t o f personal

lo a n s ..................................................................... 1.219,719 1.215,522 4.197 1,219,630 1.215.522 4,108 89 89

D eposits o f savings and loan associations .... 273,363 273.225 138 273.363 273.225 138

O ther deposits o f individuals, partnerships, and

c o rp o ra tio n s ....................................................... 83,560.818 83.080,834 4 7 9 3 8 4 83,324,455 82.851.275 453,228 19352 236.363 229.559 6,804

Certified and officers' checks, letters of credit.

travelers' checks, e tc .................................................. 9 .7 4 9 .8 8 4 9 .498.567 2 5 1 ,3 1 7 9 .7 3 1 .3 1 3 9 ,4 7 9 ,9 9 6 2 5 1 ,3 1 7 18,571 18,571

G overnm ent deposits— t o t a l....................................... 41,628,907 41.422,008 206,899 41,590,854 41.385,278 203.245 2,331 38.053 36,730 1,323

U nited States G overnm ent— d e m a n d .................... 5,035,731 5.018,321 1 7 ,4 1 0 5 .0 2 9 .1 4 8 5 ,0 1 2 ,4 4 5 14 ,372 2.331 6 ,5 8 3 5 ,876 707

U nited States G overnm ent— tim e ............................. 37 9 ,2 5 2 3 7 6 .9 8 4 2 ,2 6 8 3 7 8 .8 7 4 3 7 6 ,6 2 9 2 ,2 4 5 3 7 8 3 5 5 23

States and subdivisions— d e m a n d ........................... 1 7 ,0 0 3 ,5 8 4 16,882,631 12 0 ,9 5 3 1 7 ,0 0 1 ,9 9 4 1 6 ,8 8 1 ,0 4 2 1 2 0 .9 5 2 1 ,590 1.589 1

States and subdivisions— tim e .................................... 1 9 .2 1 0 ,3 4 0 1 9 ,144,072 6 6 .2 6 8 1 9 ,1 8 0 .8 3 8 19,1 1 5 ,1 6 2 6 5 .6 7 6 2 9 ,5 0 2 2 8 ,9 1 0 592

Dom estic interbank deposits— t o t a l........................ 23,454,966 23.223,693 231,273 23,452,731 23,221,458 230,765 508 2,235 2.235

C om m ercial banks in the U.S.— d e m a n d ............... 21 ,4 7 2 ,7 5 1 2 1 .4 2 4 ,9 0 8 4 7 ,8 4 3 2 1 ,4 7 2 ,6 2 7 2 1 ,4 2 4 ,7 8 4 4 7 .3 3 5 5 0 8 124 124

C om m ercial banks in the U.S.— t i m e .................... 7 1 8 .4 5 5 716,38 2 2 ,0 7 3 7 1 6 .3 4 4 7 1 4 ,2 7 1 2 .0 7 3 2,1 1 1 2,1 1 1

M utual savings banks in the U.S.— d e m a n d ......... 1,0 7 9 ,7 6 5 9 3 3 .7 9 9 1 4 5 .9 6 6 1 ,0 7 9 .7 6 5 9 3 3 .7 9 9 1 4 5 ,9 6 6

M utual savings banks in the U.S.— t i m e ............... 1 8 3 ,9 9 5 1 48 ,6 0 4 3 5 .3 9 1 1 8 3 ,9 9 5 1 4 8 ,6 0 4 3 5.3 9 1

Foreign governm ent and bank deposits— to ta l . . . 8,332,495 8,051,759 280.736 8.332.452 8,051,716 279,276 1,460 43 43

Foreign governments, central banks, etc.— demand 902,0 8 1 8 6 6 ,9 0 7 3 5 .1 7 4 9 0 2 ,0 5 9 8 6 6 .8 8 5 3 4 ,8 4 2 3 3 2 22 22

Foreign governm ents, central banks, e tc.— tim e 4 ,8 5 1 .3 1 9 4 ,7 5 2 ,7 3 2 9 8 .5 8 7 4 ,8 5 1 ,3 1 9 4 .7 5 2 .7 3 2 9 7 .5 8 7 1 .00 0

Banks in foreign co un trie s— d e m a n d ...................... 2 ,2 4 7 ,0 8 2 2 .1 1 8 ,7 7 9 1 2 8 ,3 0 3 2 ,2 4 7 ,0 6 1 2.1 1 8 ,7 5 8 1 2 8 ,1 7 5 128 21 21

Banks in foreign c o un trie s— t i m e ............................. 33 2 .0 1 3 313.341 18.672 3 3 2 .0 1 3 3 1 3 ,3 4 1 18,6 7 2

Total d e p o s its ....................................................... 502,412,611 491,513,023 10.899,588 437,488.802 434,651,699 2,663,101 174,002 64,923,809 56.861.324 8,062,485

D e m a n d .......................... * .................................. 231,035.232 229.214.662 1,820.570 2 3 0 .52 32 1 7 228.724.682 1,668.646 130.589 511,315 4 8 9 3 8 0 2 1 3 3 5

T im e ..................................................................... 271,377.379 262.298.361 9,079.018 206 36 4 ,8 8 5 205 32 7 .0 1 7 994.455 43,413 64,412.494 56,371,344 8,041,150

O ther lia bilities— to ta l................................................... 30,944,053 29,739,400 1.204,653 29,986,478 28,958,217 987,127 41,134 957,575 781.183 176,392

Federal funds purchased (borrow ed)4 ...................... 7 .4 7 2 ,0 0 0 7 .4 6 8 .2 0 0 3 .8 0 0 7 .4 7 2 .0 0 0 7 ,4 6 8 .2 0 0 3 ,8 0 0

O ther liabilities fo r borro w e d m o n e y ........................ 1 .5 6 4 ,3 3 3 1,2 8 5 ,2 5 4 2 7 9 ,0 7 9 1 .4 9 1 ,5 5 3 1 ,2 1 4 .4 4 0 2 7 2 ,9 8 7 4 .1 2 6 7 2 ,7 8 0 7 0 .8 1 4 1,966

A ll o ther m iscellaneous lia b ilitie s ............................... 2 1 .9 0 7 .7 2 0 2 0 .9 8 5 .9 4 6 9 2 1 ,7 7 4 2 1 .0 2 2 ,9 2 5 2 0 .2 7 5 .5 7 7 7 1 0 ,3 4 0 3 7 ,0 0 8 8 8 4 ,7 9 5 7 1 0 ,3 6 9 1 7 4 .4 2 6

Total liabilities (excluding capital accounts) 533,356,664 521.252,423 12.104,241 467,475,280 463,609.916 3.650,228 215,136 65,881,384 57,642,507 8,238,877

C apital accounts— t o t a l ............................................... 42,431,096 41,108,983 1.322,113 37.161,737 36.627.999 364.786 168,952 5,269,359 4,480,984 788,375

C apital notes and d e b e n tu re s ...................................... 2 .1 6 3 ,1 7 7 2.1 13,794 4 9 ,3 8 3 2 .1 5 9 .5 2 0 2.1 10.1 3 7 4 9 ,2 3 3 150 3 ,6 5 7 3 .657

Preferred s to c k ................................................................. 9 4 ,9 1 7 90 ,6 8 6 4.231 9 4 ,9 1 7 9 0 .6 8 6 4.081 150

C om m on sto ck................................................................... 9 .9 2 1 .9 2 8 9,7 7 2 ,6 0 5 1 4 9 ,3 2 3 9 .9 2 1 .9 2 8 9 .7 7 2 .6 0 5 95,781 5 3 ,5 4 2

S u rp lu s ................................................................................ 2 0 .0 6 9 .6 6 4 19,419.857 6 4 9 .8 0 7 1 6 .3 7 1 .2 2 0 1 6 .1 7 3 .9 0 7 1 2 0 ,4 1 6 7 6 ,8 9 7 3 ,6 9 8 ,4 4 4 3 .2 4 5 .9 5 0 4 5 2 .4 9 4

U ndivided profits and reserves.................................... 1 0 ,1 8 1 ,4 1 0 9,712,041 4 6 9 ,3 6 9 8 ,6 1 4 .1 5 2 8 .4 8 0 .6 6 4 9 5 ,2 7 5 3 8 ,2 1 3 1 ,5 6 7 ,2 5 8 1 ,2 3 1 ,3 7 7 335,881

N um ber o f banks5 ..................................................................... 14,199 13.822 3 77 1 3 ,6 9 8 13 .4 8 8 160 50 501 3 3 4 167

1 Includes asset and liab ility figures fo r 13 branches o f foreign banks (tabulated as banks) licensed to do a deposit business in the State o f N ew York. Capital 

is not allocated to those branches by the parent banks.

2 A m ounts show n as deposits are special accounts and uninvested trust funds w ith the la tte r classified as dem and deposits o f individuals, partnerships, and 

corporations.

3 Also includes securities purchased under agreem ents to resell.

4 A lso includes securities sold under agreem ents to repurchase.

5 Includes 3 uninsured banks for w hich asset and liability data are not available.

ASSETS AND LIABILITIES OF BANKS 185

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED 

STATES (STATES AND OTHER AREAS). DECEMBER CALL DATES. 1964 THROUGH 1968

(Amounts in thousands of dollars)

Assets

Insured commercial banks Insured mutual savings banks

Dec. 31, 

1964

Dec. 31, 

1965

Dec. 31, 

1966

Dec. 30, 

1967

Dec. 31 , 

1968

Dec. 31, 

1964

Dec. 31, 

1965

Dec. 31, 

1966

Dec. 30, 

1967

Dec. 31, 

1968

Total a s s e ts ............................................................. 3 4 5 .130.205 3 7 5,394,111 4 0 2 .946.336 4 5 0 ,712 ,5 7 8 5 0 0 ,2 3 7 ,9 1 5 4 7 ,04 4 ,1 8 4 5 0 ,49 9 .7 1 6 5 3 .0 49.468 5 7 ,867,208 6 2,123.491

Cash, balances w ith other banks, and cash

collection items— t o t a l .............................. 60.032,916 60,436,719 68.651.850 77.532.592 83.269,951 893.139 904.0 0 0 8 47.825 881,596 883,058

Currency and c o in ............................................. 4.551.889 4,865.803 5.457,281 5.953,155 7,216.003 138.843 142.598 145.598 153.639 164.965

Reserve with Federal Reserve Banks (member

banks)............................................................. 17,580.743 17,992.395 19.068.820 20,275,051 21.230,246

Demand balances with banks in the United

States (except private banks and American

branches of foreign banks).......................... 14.090,586 14.354.186 15.136,61 1 16,520.060 18.089.886 476,644 493.600 474.276 46,378 497,725

Other balances with banks in the United

States ..................................................... 558.335 484,817 257,066 544.658 334.917 22 4,274 212.193 166.743 202,325 157.610

Balances with banks in foreign countries . 300.841 255,865 250.872 280.249 264,433

Cash items in process of collection . . 22,950.522 22,483.653 28.481.200 33 .959.419 36.134.466 53.378 55.609 61.219 64.254 62.758

Obligations of the U.S. Government, direct and

guaranteed— total. .................................. 6 2 ,5 88.052 5 9 ,2 0 9.832 5 5 ,903.996 6 2 ,2 2 9 .3 4 8 6 4 ,171,324 4 ,110,452 3,759,961 3 ,3 23,662 3 ,110,649 2 .854 ,8 9 6

Direct:

Treasury bills and certificates of indebtedness ............................................................ 13.301.211 232.494 309 .7 0 0 306.712 365,205 2 86,585

Treasury notes and other bonds maturing

in 1 year or less...................................... 9.001,237 139.679 178.142 132.570 179.084 262,089

Treasury notes and other bonds maturing

in 1 to 5 y e a rs .......................................... 26.638,335 1,130.798 941.780 1,012.437 1,087.857 1.146,050

Other bonds maturing in 5 to 10 years. 12.481,688 (’) (’) (’) (’) 1,107,233 9 75.170 680.603 384.276 151,407

Other bonds maturing after 10 years 778.067 1,241.155 1,177.097 998.066 896.128 802,183

United States non-marketable bonds 247,362 92.527 67.037 61.857 36,129 2 5.560

Guaranteed obligations. 140,152 166.566 1 1 1.035 131.417 161,970 181.022

Other securities— to ta l.......................................... 3 8 ,3 71,648 4 4 ,4 40,876 4 8 ,381,827 6 1 ,034,2 7 7 7 1 ,070,991 5 .014,6 5 6 5,0 1 0 ,4 1 0 5,3 52 ,0 8 8 7 ,3 36,379 8,9 4 8,052

Obligations of States and subdivisions .... 33,343.807 38.480,349 4 0,831,664 4 9.820,973 58.391.738 367,846 300.273 236,697 205,323 185.211

Securities of Federal agencies and corporations............................................. 3.446.144 4,513,1 14 5.959,194 8.901.164 10.081.641 749.219 842,356 1,009.066 1.049.964 1.235.256

Other bonds, notes, and debentures . 762.790 21,447,413 21,590,969 2,312.140 2.597,612 2.904,732 2.731.805 2.932,706 4,703,008 5,915.060

Federal Reserve Bank stock. 818.907

Other corporate stocks . 992,859 1.135.976 1,173.619 1.378,084 1,612,525

Total securities . . 1 0 0 ,959,700 1 03,650,708 1 0 4 ,285,823 1 23,2 63,625 1 3 5,242.315 9 ,125,108 8 ,770,371 8 ,675,750 104,47 0 ,0 2 8 11.802,948

186 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, net— t o t a l .............................. 1 7 5,096,194 2 0 1 ,114,143 2 1 8 .45 5 .6 9 8 2 3 6 .709.8 3 7 2 6 5 ,982 .0 3 6 3 6 ,2 33 ,0 5 2 3 9 .9 6 4 .3 4 3 4 2 ,4 9 3 ,1 7 7 4 5 .4 9 2 .4 4 5 4 8 ,287.403

Valuation re se rve s ................... 3.552.676 4.011.273 4.336.933 4.732,606 5.215.817 209.331 140.483 126.789 121.876

Loans and discounts, gross— t o t a l .......................... 17 8,648.870 2 0 5 ,125,416 2 2 2 .792.631 2 4 1 ,4 4 2 ,4 4 3 2 7 1 ,197,853 3 6 .4 4 2 ,8 2 6 4 0 ,173 ,6 7 4 4 2 .7 3 3 .6 6 0 4 5 .6 1 9 .2 3 4 4 8 ,409,279

Real estate loans— total 43.733.086 49.393,933 54.099.590 58.678.014 65.332,745 65.823.288 39,435.679 41.808.403 44.595.807 47.177.405

Secured by farm l a n d ............... 2.616,604 2,888.012 3.112.422 3.419.336 3,735,180 48.629 46.819 47.719 110.695 111335

Secured by residential properties

Insured by F H A ............... 7243,397 7.592,405 7.441.201 7,603.100 7,809.567 11.527.827 12311.024 13563.472 14,057536 14500.512

Guaranteed by V A..................................... 2.684.468 2.637.439 2.556.527 2,613.060 2.626.560 10.129.274 10.427,383 10.473330 10.756,786 10340,229

N ot insured or guaranteed by FHA or V A. 18.810.798 21,929,584 24.659.845 27.157.632 30.712.679 10,739,893 12245.612 13.490313 14324567 16.029,770

Secured by other properties.............................. 12.377.719 14.346,493 16.329.595 17.884.886 20.448.759 3.377,665 3.804.841 4,232369 4346223 5594,959

Loans to domestic commercial and foreign banks. 3,420.989 2,095,012 2,132.957 1.847,683 2,145,604 16,228 12.505 33,368 11.656 23,773

Loans to other financial institutions................... 10.849.646 13.186.038 13.186.453 12,447,077 13,676,953 9.322 14.342 10.905 9,832 25,109

Federal funds,sold (loaned)3. .................................. (4) 2.064,215 2,460,941 3,924,357 6,526.458

Loans to brokers and dealers in securities............. 5.355.550 5.087.694 5.643.1 12 6,017.418 6,409.302 25.759 21.585 42.245 81,162 37.369

Other loans for purchasing securities..................... 2.794.217 3,175,076 3.149.552 3.724,055 4.068.900 4.807 4.812 4,329 4.578 5.143

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.......................... 513.580 533.948 <5) (5) <5)

Other loans to farmers (excluding loans on real

estate) .................................................................. 6,982.643 7.669.065 8,549.399 9,260,220 9.712,410 2.152 1.913 1.809 1,683 1.409

Commercial and industrial loans (including open

market paper)....................................................... 6,004.383 71.235.183 80,408,482 88.257,588 98,161,381 156.977 144.698 191.599 158,428 237,600

Other loans to individuals— total............................ 39.814,778 45.497.461 47,992,068 51,628,083 58,414,799 391.145 515,673 617.747 734.973 869,601

Passenger automobile instalm ent lo a n s ........... 14.661.720 17.139.214 18.290.164 18.890.458 21,200.443 24.370 35.555 42,879 53,790 76,020

Retail (charge account) credit card p la n s ......... 828313 11,312.020

521309 798,115

Other retail consumer instalm ent loans............. 3.748,783 4.176350 4.692.533 4,781232 5.520.274 1.016 2.039 3,769 6378 9,535

Residential repair and modernization instalm ent lo a n s ....................................................... 3,012.861 3.126.804 3.216.162 3.351.554 3.494.813 75.397 88.646 105398 119,569 127,079

Other instalment loans for personal expenditures 6,441.204 7.388,640 8.091.439 8.361.180 9.390.559 126.027 199.220 244376 297.131 356597

Single-payment loans for personal expenditures 11350,210 13,665.853 13.701.770 14.893.437 16,698.575 164.335 190213 220.125 258.105 300,370

All other loans (including overdrafts)..................... 5,143,998 5.187.791 5,170.077 5.657.948 6,749,301 13.148 22.467 23.255 21.115 31,870

Total loans and securities........................

2 7 6,05 5,894 3 0 4 .764.851 3 2 2 ,741,521 3 5 9 .9 7 3.462 4 0 1 ,224,351 4 5 .35 8 .1 6 0 4 8 ,734,7 1 4 5 1 .268.9 2 7 5 5.93 9.473 6 0 .090,351

Bank premises, furniture and fixtures, and other

real estate— to ta l..................................................... 4 ,753,588 65,144,222 65.6 1 9.987 *6 ,289 ,8 7 4 6 .9 8 0,113 342 .8 9 8 3 8 1 ,2 2 5 4 1 5.1 9 3 45 9 .3 9 6 506,870

Bank premises, and furniture and fixtures, and

other assets indirectly representing bank

premises or other real estate.............................. <7) (7) (7) 6.007.170 6.656,856 316.189 353.930 387.395 428.779 470,421

Real estate owned other than bank premises.......

282,704 323,257 26.709 27.295 27.798 30.617 36,449

Miscellaneous assets— to ta l...................................... 4 ,287,807 5.048,319 5.9 3 2 .9 7 8 6 ,9 1 6 .6 5 0 8 .7 6 3 ,5 0 0 449 .98 7 479,7 7 7 517,523 586.743 643,212

Customers' liability on acceptances outstanding . . 1.697,120 1.862.571 2.178.017 2,314.772 2,472,778

Other assets............................................................

2,590,687 3,185,748 3.754.961 4,601.878 6.290.722 449.987 479.777 517.523 586.743 643,212

PERCENTAGES

To total assets:

Cash and balances with other banks..................... 17.4% 16.1% 17.0% 17.2% 16.6% 1.9% 1.8% 1.6% 1.5% 1.4%

U. S. Government obligations, direct and guaranteed 18.2 15.8 13 9 13.8 12 8 8.7 7.5 6.3 5 4 4 5

Other securities........................................................

11.1 11.8 12.0 13.5 14 2 10 7 9 9 10.1 12.7 16.3

Loans and discounts............................................... 50 7 53 6 54.2 52 5 53 1 77 0 79 1 80 3 78 6 111

Other assets............................................................ 2.6 2 7 2 9 2 9 3.1 1.7 1 7 1.7 1.8 1.7

Total capital accounts............................................. 8 0 8 0 7 9 7.5 7.3 7.9 7.8 7.8 7.3 7.2

To total assets other than cash and U.S. Government obligations:

Total capital accounts . . 12.4 11.7 1 1 4 10.9 10 3 8 9 8 6 8 5 7 9 7.6

ASSETS AND LIABILITIES OF BANKS 187

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107. ASSETS AND LIABILITIES OF INSURED COMMERCIAL AND INSURED MUTUAL SAVINGS BANKS IN THE UNITED

STATES (STATES AND OTHER AREAS). DECEMBER CALL DATES. 1964 THROUGH 1968— CONTINUED

(Amounts in thousands of dollars)

Liabilities and Capital Accounts

Insured commercial banks Insured mutual savings banks

Dec. 31,

1964

Dec. 31,

1965

Dec. 31.

1966

Dec. 30,

1967

Dec. 31 ,

1968

Dec. 31,

1964

Dec. 31,

1965

Dec. 31,

1966

Dec. 30,

1967

Dec. 31.

1968

Total liabilities and capital accounts....................... 3 4 5 ,130,205 3 7 5 ,394.111 4 0 2 .946,336 4 5 0 ,7 1 2 .578 5 0 0 .23 7 ,9 1 5 4 7 ,0 4 4 .1 8 4 50 ,4 9 9 .7 1 6 5 3 ,0 4 9 .4 6 8 5 7 ,867.208 6 2 .123.491

Business and personal deposits— to ta l............... 2 5 2 ,9 8 3 ,4 0 3 2 7 5 ,2 05,357 2 9 3 .565.757 3 2 9 .8 6 0 .0 3 3 3 6 1 .99 3 .2 4 7 4 2 .7 1 4 ,2 9 5 4 5 .8 4 8 .7 7 3 4 8 ,2 1 2 ,4 7 7 5 2 ,870,001 5 6.82 2 ,3 1 6

Individuals, partnerships, and corporations—

demand............................................................. 134.300.734 139,077.920 144.323.672 1 58.491.340 172.006.973 312.703 345.2 0 4 366.1 10 412.089 46 3,777

Deposits o f savings and loan associations . . . (7) 2.294.862 2298371 2.666.882 2.450.683

Other deposits o f individuals, partnerships.

and corporations.......................................... 136.783.058 142.025301 155.824.458 169 356,290 312.703 345,204 366.110 412.089 463,777

Individuals, partnerships, and corporations—

tim e ................................................................... 112.804.696 130,195.436 142.261.089 162.727.918 180.506.278 4 2 .389.690 45.491,617 47,834.854 52.443.585 56,339,968

Savings deposits.............................................. 82266271 92.554.897 90.076.746 94.451.458 96,166256 42374371 45.477204 47312.107 52390339 56.110.409

Deposits accumulated for paym ent of

persona! loa n s .............................................. 956.410 1.078.207 1.223.553 1.283323 1215.522 800 28 38 74

Deposits o f savings and loan associations . . . oo OO 1 OJC 922.485 620.601 553.739 273225

Other deposits o f individuals, partnerships. zojool s310

and corporations.......................................... 35.639.847 50.340.189 66.438.798 82351275 14319 14385 22.709 52.572 229359

Certified and officers' checks, letters of credit.

travelers' checks, etc........................................ 5.877.973 5,932.001 6,980,996 8.640.775 9.479.996 11,902 11.952 11,513 14.327 18,571

Government deposits— t o t a l................................ 3 0 ,0 6 8 ,3 1 2 3 2 ,216 ,8 4 3 3 3 ,768.382 3 6 .9 9 0 .1 2 3 4 1 .3 8 5 ,2 7 8 3 4 .8 4 4 37,131 4 1 .8 29 4 1 ,6 9 9 36 ,73 0

United States Government— demand............... 6.500.876 5.523.816 4.990,164 5.238.918 5.012,445 6,574 6.795 6,148 5.828 5.876

United States Government— tim e ..................... 2 70,832 281.330 257.599 28 5.533 3 7 6.629 152 407 297 323 355

States and subdivisions— demand..................... 13.497.662 14,241,724 15.059.104 15.577.942 16.881.042 1,584 2.079 3,265 2.654 1.589

States and subdivisions— tim e ........................... 9.798.942 12,169,973 13,461.515 15.887.730 19.115.162 26,534 27 .8 5 0 32.119 32.894 28.910

Domestic interbank and postal savings

deposits— to t a l................................................ 1 6,7 5 4 ,4 8 8 17.31 1 .7 1 8 18,355,321 2 0 .6 6 0 ,0 8 7 2 3 ,2 2 1 ,4 5 8 1,960 1,387 1.330 1.262 2 ,235

Commercial banks in the U.S.— dem and......... 15.492.798 15,779,062 16,947,228 18.788,406 2 1 .4 2 4 .7 8 4 88 122 126 137 124

Commercial banks in the U.S.— tim e................. 3 82.943 510,159 476,896 727.014 714,271 1,872 1.265 1.204 1.125 2.111

Mutual savings banks in the U.S.— demand . . 740.382 860.378 782.525 935,2 1 2 9 3 3.799

lU laitiial c av/in n c H a n k c in th A I I ^ —— tim p 118.835 162,119 148.672 2 0 9 ,4 5 5 148,604

Postal savings....................................................... 19,530 n n (7) <7)

Foreign government and bank deposits— total. 6 ,4 2 4 ,0 7 4 6 ,778.7 6 3 7 ,1 5 0,699 8 ,2 8 5 ,6 8 0 8 .0 5 1 .7 1 6 43

Foreign governments, central banks, etc.—

demand............................................................. 826,137 892.867 869.268 874,451 8 66,885 22

Foreign governments, central banks, etc.— time 3 ,893,693 4.086.126 4 ,212,084 5.166.228 4.752,732

Banks in foreign countries— demand................. 1,454,685 1.529,097 1.784,407 1,909,911 2,118,758 21

Banks in foreign countries— tim e....................... 249 .5 5 9 270,673 284.940 335.0 9 0 313,341

Total deposits.................................................. 3 0 6 ,2 3 0 .2 7 7 3 3 1 ,512,681 3 5 2 ,8 4 0 ,1 5 9 3 9 5 ,7 9 5 ,9 2 3 4 3 4 .6 5 1 .6 9 9 4 2 ,7 5 1 .0 9 9 4 5 .887.291 4 8 ,25 5 .6 3 6 5 2 .91 2 ,9 6 2 5 6 ,86 1 .3 2 4

D e m a n d ....................................................... 178.691247 183.836.865 191.737364 210.456355 228,724,682 332,851 366.152 387,162 435,035 489380

T im e ............................................................. 127 £39.030 147.675.816 161.102.795 185338368 205327,017 42,418248 45321.139 47368,474 52,477327 56371344

188 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Other liabilities— to t a l.............................

Federal funds purchased (borrowed)8 .

Other liabilities for borrowed money . .

Acceptances outstanding.....................

Other liabilities......................................

Total liabilities (excluding capital accounts)

Capital accounts— to ta l..........................................

Capital stock, notes, and debentures.................

Surplus...................................................................

Undivided profits..................................................

Reserves...............................................................

M EMORANDA

Capital stock, notes, and debentures:

Par or face value— to ta l......................................

Common stock.................................................

Capital notes and debentures.........................

Preferred stock..................................................

PERCENTAGES

To total deposits:

IPC dem and............................................

IPC time and savings...............................

Government deposits.............................

Domestic interbank and postal savings.

Foreign governments and banks..........

Other deposits........................................

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

317 .6 9 2 ,0 9 8

11.461.821

2,591,113

1.737.101

7.133.587

27,438,107

8.738.836

12.893.189

5.113.007

693.075

8 ,738,836

7.886.432

810.657

41.747

43.9%

36.8

5.5

2.1

1.9

13,976,496

2.438.413

1.898,290

1.897.569

7,742.224

345,489,177

2 9 ,9 04,934

10,200,361

13.464.797

5,437.575

802.201

10,200,361

8.507.770

1,652.701

39.890

42.0%

39.3

9.7

18,413*009

2,824,088 

1,904,513 

2,234.455 

11,449.953

3 7 1 ,2 5 3 ,1 6 8

3 1 ,6 9 3 ,1 6 8

10,648,322

13.998.697

6.166.477

879.672

1 0 ,6 48,322

8.856.837

1,729,902

61.583

40.9%

40.3

5.2

2.0

2.0

2 0.910,731

4.980.322

568.797

2.382.072

12.979,540

4 1 6 .7 0 6 .6 5 4 4 6 3 ,6 0 9 .9 1 6

3 4 .0 0 5 .9 2 4

11.325.108

14,983.375

6.610,743

1.086.698

1 1,325.108

9.253.642 

1.984,390 

87,076

40.0%

41.1

9.4

2.1

2.2

2 8 .9 5 8 ,2 1 7

7.468.200

1,214.440

2.508.707

17.766,870

3 6 .6 2 7 ,9 9 9

11.973,428 

16.173.907 

7.419,669 

1.060.995

11.9 7 3 .4 2 8

9.772,605 

2.110.137 

90,686

39.6%

41.5

9.5

5.3

1.9

2.1

20.402

541.840

43.313.341

3 ,7 3 0 .8 4 3

674 

2.658.871 

759,920 

311.378

6 74

674

0.7% 

99 2 

0.1

4 6 ,5 4 2 ,3 0 4

3,9 5 7 ,4 1 2

2.759

2.798.625

822,112

333.916

2 .7 5 9

2.759

68.876

584.859

48.909.371

4 ,1 40,097

3.112

2.923.692

821.662

391.631

3.112

3.112

53.629.577

4.237.631

3.064

3.072.343

774,284

387.940

3 .064

3.064

0.8%

99.1

57.642,507

4,480,984

3.657

3.245.950

842.645

388.732

3.657

3.657

0.8%

99.0

0.1

1 Available only on a par value basis.

2 Excludes as of December 31, 1965 and December 31, 1966 corporate stocks, other than Federal Reserve bank stock, of national banks; reported with “ other

assets.”

3 Also includes securities purchased under agreements to resell.

4 Prior to December 31. 1965. "Federal funds sold (loaned)", not reported separately; most were included with loans to banks.

5 Included with "securities of Federal agencies and corporations.”

6 Net of mortgages and other liens; previously included with "other liabilities.”

7 Not available.

8 Also includes securities sold under agreements to repurchase.

ASSETS AND LIABILITIES OF BANKS 189

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS IN THE UNITED STATES 

(STATES AND OTHER AREAS), DECEMBER 31. 1968

BANKS GROUPED BY CLASS OF BANK 

(Amounts in thousands of dollars)

Asset or liability item Total

Members F. R. System Not 

members 

National State F. R. System

500,237,915 297,453,323 116,872.263 85,912,329

8 3 .2 6 9 ,9 5 1 5 0 ,9 9 5 ,1 0 0 2 2 .8 0 2 .5 8 3 9 .4 7 2 .2 6 8

6 4 .1 7 1 .3 2 4 3 5 .2 9 9 ,9 3 4 12.57 2 .8 1 1 1 6 .2 9 8 .5 7 9

5 8 .3 9 1 .7 3 8 3 4 ,7 1 3 .3 6 1 1 3,71 5 ,9 4 5 9 .9 6 2 .4 3 2

1 2 .6 7 9 .2 5 3 6 .8 6 7 ,8 0 8 1,629.541 4 .1 8 1 ,9 0 4

2 6 5 ,9 8 2 ,0 3 6 1 5 9 ,8 0 4 ,8 8 5 6 1 .9 6 4 .5 2 4 4 4 .2 1 2 .6 2 7

6 5 ,3 3 2 ,7 4 5 3 7 .9 0 4 ,4 8 1 1 2 .7 5 7 ,8 1 4 1 4 ,6 7 0 .4 5 0

1 5 .8 2 2 .5 5 7 9 .7 8 9 ,9 2 1 5 ,0 3 8 .0 1 7 9 9 4 .6 1 9

6 ,5 2 6 .4 5 8 4 ,3 9 6 ,6 8 3 1 ,1 5 4 ,2 5 3 9 7 5 ,5 2 2

1 0 ,4 7 8 .2 0 2 5.0 1 2 .0 0 1 4 .5 4 4 .1 0 5 9 2 2 ,0 9 6

9 ,7 1 2 .4 1 0 4 .8 7 1 .3 7 8 1 .0 5 2 .2 0 3 3 .7 8 8 .8 2 9

9 8 .1 6 1 .3 8 1 6 2 .1 0 3 .7 1 0 2 5 .8 8 3 .6 3 5 1 0 .1 7 4 .0 3 6

4 1 .7 1 6 .2 2 4 2 4 .3 4 3 ,6 2 3 7 .2 5 1 .3 1 0 1 0,1 2 1 ,2 9 1

1 6 .6 9 8 ,5 7 5 1 0 ,0 4 7 .4 9 8 3 .8 3 1 .1 6 3 2 ,8 1 9 .9 1 4

6 .7 4 9 .3 0 1 4 ,4 9 6 ,1 7 6 1.776,131 4 7 6 ,9 9 4

5 .2 1 5 .8 1 7 3 ,1 6 0 ,5 8 6 1 ,3 2 4,1 0 7 7 3 1 ,1 2 4

1 5 .7 4 3 .6 1 3 9 ,7 7 2 ,2 3 5 4 ,1 8 6 .8 5 9 1 ,7 8 4 ,5 19

500,237,915 297,453,323 116,872,263 85,912,329

4 3 4 .6 5 1 ,6 9 9 2 5 8 .6 5 4 .9 9 3 9 8 .4 6 7 ,3 8 9 7 7 .5 2 9 .3 1 7

1 7 2 .0 0 6 .9 7 3 1 0 1 ,5 8 6 ,9 8 4 4 0 .2 4 7 .7 0 2 3 0 .1 7 2 .2 8 7

1 8 0 ,5 0 6 .2 7 8 1 0 8 ,0 5 9 .8 0 0 3 5 .2 3 8 ,4 3 2 3 7 .2 0 8 .0 4 6

5 .3 8 9 .0 7 4 3 ,3 0 0 .1 9 0 1 .3 5 0 .2 9 9 7 3 8 .5 8 5

3 5 ,9 9 6 .2 0 4 2 2 .1 2 9 ,8 3 0 6 .4 3 7 ,0 3 2 7 ,4 2 9 .3 4 2

2 3 .2 2 1 .4 5 8 1 4 .5 6 6 .7 4 7 7 .7 2 5 .6 1 0 9 2 9 .1 0 1

8 .0 5 1 .7 1 6 4 .4 6 4 ,3 6 0 3 .4 1 0 .6 9 9 176.6 5 7

9 ,4 7 9 .9 9 6 4 ,5 4 7 ,0 8 2 4 .0 5 7 .6 1 5 8 7 5 ,2 9 9

7 ,4 6 8 ,2 0 0 5 .2 3 3 .9 7 1 2 .0 8 2 ,2 9 7 1 51 .9 32

1 .2 1 4 .4 4 0 6 8 9 .0 8 9 4 5 2 .7 3 1 7 2 ,6 2 0

2 0 .2 7 5 ,5 7 7 1 1 .3 5 1 .1 4 9 7 .3 4 5 .2 8 5 1 .5 7 9 ,1 4 3

1 1 .9 7 3 .4 2 8 7 ,0 0 8 .5 0 2 2.852 .7 2 1 2.1 12 ,2 0 5

2 4 ,6 5 4 ,5 7 1 1 4 .5 1 5 .6 1 9 5 ,6 7 1 ,8 4 0 4,467,1 12

1 3 ,4 8 8 4 .7 1 6 1,261 7.511

Total a s s e ts ....................................................................................................

Cash and due from b a n k s .......................................................................

Obligations of the U.S. G overnm ent.....................................................

Obligations of States and subdivisions...................................................

Other securities.........................................................................................

Loans and discounts, net— to ta l...............................................................

Real e sta te ...............................................................................................

To banks and other financial in s titu tio n s ..........................................

Federal funds sold (loaned)1 .................................................................

To purchase or carry securities.............................................................

To fa rm e rs ...............................................................................................

Commercial and industrial.....................................................................

Consumer instalm ent...........................................................................

Single payment to individuals...............................................................

Other loans...............................................................................................

Less: valuation reserves.........................................................................

Other assets.................................................................................................

Total liabilities and capital accounts

Deposits— to ta l...........................................................................................

Individuals, partnerships, and corporations— dem and....................

Individuals, partnerships, and corporations— savings and time. .

U.S. G overnm ent...................................................................................

States and subdivisions.........................................................................

Domestic in te rb a n k ...............................................................................

Foreign government and b a n k .............................................................

Other deposits.........................................................................................

Federal funds purchased (borrowed)2 .....................................................

Other liabilities for borrowed m o ney.......................................................

Other liabilities..............................................................................................

Capital stock, notes, and debentures.......................................................

Other capital accounts...............................................................................

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

1 Also includes securities purchased under agreements to resell.

2 Also includes securities sold under agreements to repurchase.

190 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 109. ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 IN THE UNITED

STATES (STATES AND OTHER AREAS), DECEMBER 31, 1968

BANKS GROUPED ACCORDING TO AM OUNT OF DEPOSITS 

______________________________________________ __________ (Amounts in thousands of dollars)_____________________________________________________________

Asset or liability item

All

banks1

Banks w ith deposits of—

Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$ 2 5,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Total a s s e ts ............................................................. 4 9 9 ,810,422 208,665 2 ,0 7 5 ,3 3 5 13 ,7 1 3 ,0 8 0 2 7 ,0 7 4 ,3 4 3 5 0 ,06 9 ,9 1 8 3 8 ,8 3 3 ,1 1 8 3 5 ,546.805 9 0 ,94 1 ,4 2 9 2 4 1 ,347,729

Cash and due from banks........................................ 83.205.691 41.008 294,581 1,755,715 3.386,505 6.101,139 4.796.271 4,701,727 15,012,598 47,116,147

Obligations of the U.S. G overnm ent..................... 64.096.640 57,966 611,411 3,504,646 5.836,747 9,352,363 6,240,172 5,350,955 11,612,441 21.529.939

Obligations of States and subdivisions ....... 58.390.238 4,573 67.302 950,776 2.828.234 6,207,369 4.989.066 4,806,406 1 r ,542,648 26,993.864

Other securities.......................................................... 12.639.889 19,124 170,913 927,010 1.416.796 2,219,351 1.586.327 1,235,257 1,849,741 3,215,370

Loans and discounts, net— total ........................... 265,757,419 84,1 51 909.016 6,383,207 13.146.454 25,217,028 20,344,454 18,578.456 48.398,513 132,696,140

Real e s ta te ............................................................ 65,308,751 17.156 224,334 1,964,535 4,281,575 8.363.263 6.700,048 6,125.893 13,597,000 24,034,947

To banks and other financial institutions........ 15,807,364 1.271 7,384 67,055 130,138 342,961 390,630 527,688 2.312,806 12.027,431

Federal funds sold (loaned)2 ............................. 6,508,173 370 8,542 104,306 343,349 782.978 688,643 471,043 1,134,824 2,974,118

To purchase or carry se curities......................... 10,456,723 1,084 5,482 47,110 167,571 419,608 420,318 438,941 1,589,937 7,366,672

To farm ers.............................................................. 9,709,369 33,797 335,586 1,735,874 2.233,817 2,140,691 666,476 380.861 809,084 1,373,183

Commercial and in d u stria l................................. 98,080,785 9,034 107,745 882,065 2,305,964 5,312,018 5,132,368 5.306,703 15,394,503 63,630.385

Consumer in s ta lm e n t......................................... 41,686,832 16,077 165,459 1,203,156 2,855,591 6,150,615 4,953,992 4,043,827 9.430.398 12.867.717

Single payment to individuals........................... 16,673,246 4,508 52,847 396,139 865,435 1,786,389 1,507,837 1,355.332 3.752,220 6.952,539

Other lo a n s............................................................ 6,741,579 1,494 10,970 69,099 162,720 339,994 246,183 278,893 1.346.330 4.285.896

Less: valuation reserves..................................... 5,215,403 640 9,333 86,132 199,706 421,489 362,041 350.725 968,589 2.816.748

Other a s s e ts .............................................................. 15.720,545 1,843 22,1 12 191,726 459.607 972,668 876,828 874,004 2,525,488 9,796,269

Total liabilities and capital accounts................... 4 9 9 .810 ,4 2 2 208,665 2 ,0 7 5 ,3 3 5 1 3 ,71 3 ,0 8 0 2 7 ,0 7 4 ,3 4 3 5 0 ,06 9,918 3 8 .8 3 3 ,1 1 8 3 5 .5 4 6.805 9 0 ,941 ,4 2 9 2 4 1 ,347,729

Deposits— total ........................................................ 434,309,393 179,433 1.839,807 12,339,178 24,552,610 45,418,123 35.110,356 31,997.496 81,078.697 201,793,693

Demand deposits.............................................. 2 2 8 .544,101 125.761 1.0 66.585 6 .225.173 11.812.285 2 1 .1 0 4 3 8 8 16.529.068 15. 166.441 4 2 .726.584 113.787.816

Time and savings deposits............................. 2 05.765.292 53.672 773.222 6 . 114.005 1 2 .7 4 0 3 2 5 2 4 .313.735 185 8 1 ,2 8 8 16.831.055 3 8 3 5 2 .1 1 3 8 8 .005.877

Individuals, partnerships, and corporations—

dem and.............................................................. 171,888,978 109,240 906,932 5,210.330 9,763,984 17,397,573 13.629.695 12,254,374 32.709.504 79.907.346

Individuals, partnerships, and corporations—

time and savings.............................................. 180,369,804 47,884 709,098 5,688,156 11,865,493 22.626.678 17.197.1 19 15,214.639 34.506,863 72,513,874

U.S. G overnm ent.................................................. 5,382,055 788 9,718 93,339 251,622 570.883 348.172 229.183 665.604 3,212,746

States and subdivisions..................................... 35.959.327 20,317 196,291 1,219,340 2,350,590 4,029,493 2,939,1 1 1 2,992,413 7.166,065 15.045.707

Domestic interbank.............................................. 23.215,476 548 7,245 43,775 1 15,140 334,971 529,447 839,803 4,842,715 16.501.832

Foreign government and bank . 8.031.813 415 1,683 1,554 47,031 82,141 200,383 7.698,606

Other d e p o s its .................................................... 9.461.940 656 10,523 83.823 204,098 456,971 419,781 384,943 987,563 6,913.582

Federal funds purchased (borrowed)3...................

Other liabilities for borrowed m o n e y ..................

Other lia b ilitie s ..........................................................

Capital stock, notes, and d ebentures..................

Other capital a c c o u n ts ..........................................

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

7.468.200

1.214.035

20.261.312

11.938.373

24.619.109

110

1,128

7,912

20,082

250

1,018

10,826

57,277

166,157

4,305

7,335

106.565

326.125

929,572

16,317

16.552

320.748

600.585

1.567,531

51,743

27.092

841.991

1.101.748

2.629.221

76,757

30.269

876.258

870.688

1,868.790

114,655

29,1 16

846,359

855,481

1.703,698

837.478

181,305

2,368,827

2.128.175

4.346.947

6.366,695

921.238

14.888,610

5,990.382

11,387,111

13.408 244 1,200 3,629 3.408 2.950 1,023 464 382 108

1 This group of banks is the same as the group shown in Table 115 under the heading "Operating throughout the year.”

2 Also includes securities purchased under agreements to resell.

3 Also includes securities sold under agreements to repurchase.

Note: For income and expense data by size of bank, see Tables 1 1 6 and 117, pp. 204 - 207.

ASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 110. PERCENTAGES OF ASSETS AND LIABILITIES OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 

IN THE UNITED STATES (STATES AND OTHER AREAS). DECEMBER 31. 1968 

B A N K S GROUPED ACCORDING TO A M O U N T OF DEPOSITS

A ll

Banks w ith deposits o f—

A sset or liability item banks1

Less

than

$ 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 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

to

$ 1 0 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

to

$ 2 5 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

to

$ 5 0 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Total a s s e ts ................................................................ 100.0% 100.0% 100.0% 100.0% 100.0% .100.0% 100.0% 100.0% 100.0% 100.0%

Cash and due from b a n k s .......................................... 16 6 19 7 14.2 12 8 12 5 12.2 12 4 13 2 16.5 19 5

O bligations o f the U.S. G o ve rn m e n t...................... 12 8 27 8 29 5 25 6 2 1 6 18 7 16.1 15.1 12.8 8 9

O bligations of States and s u b d iv is io n s ............... 1 1 7 2 2 3 ? 6.9 10.4 12.4 12 8 13.5 12 7 1 1 2

O ther se curities............................................................. 2.5 9.2 8 2 6 8 5 2 4.4 4.1 3.5 2.0 1.3

Loans and discounts, net— to t a l............................ 53 2 40 3 43 8 46 5 48 6 5 0 4 52 4 52 3 53 2 55 0

Real e s ta te ............................................................... 13 1 8 2 10 8 14 3 15 8 16 7 17 3 17 2 15.0 10 0

To banks and other financial in s titu tio n s ......... 3.2 6 4 5 5 7 1.0 1.5 2 5 5 0

Federal funds sold (loaned)2 ............................... 1.3 2 4 8 1.3 1.6 1 8 1.3 1.2 1.2

To purchase or carry s e c u ritie s .......................... 2.1 5 3 3 6 8 11 1 2 1.7 3.1

To fa rm e rs .................................................................. 1.9 16 2 16 2 12 7 8 3 4.3 1.7 1.1 9 .6

C om m ercial and in d u s tria l................................... 19 6 4.3 5 2 6 4 8 5 10 6 13 2 14 9 16 9 26 4

Consum er in s ta lm e n t............................................ 8 3 7.7 8 0 8 8 10 5 12 3 12 8 1 1 4 10 4 5 3

Single paym ent to in d iv id u a ls ............................. 3.3 2 2 2.5 2 9 3 2 3.6 3 9 3.8 4.1 2 9

Other lo a n s ................................................................ 1 3 7 5 5 6 7 6 8 1.5 1.8

Less: valuation re s e rv e s ........................................ 1 0 3 4 6 7 8 9 1.0 1.1 1 2

Other a s s e ts .................................................................. 3.1 9 11 1.4 1 7 1 9 2 3 2 5 2 8 4.1

Total liabilities and capital a cco unts.................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

D eposits— t o t a l........................................................... 86 9 86 0 88 7 90 0 9 0 7 90 7 9 0 4 9 0 0 89 2 83 6

D em and d e p o s its .............................................. 4 5 7 60 3 51 4 4 5 4 4 3 6 4 2 1 4 2 6 4 2 7 4 7 .0 47.1

Time and savings deposits............................... 41 2 25 7 37 3 4 4.6 4 7 1 4 8 6 4 7 8 4 7 .3 4 2 2 36.5

Individuals, partnerships, and corporations— 

d e m a n d .................................................................. 34 4 52 4 43 7 38 0 36 1 34 7 35.1 34 5 36 0 33 1

Individuals, partnerships, and corporations— 

tim e and s a v in g s ................................................ 36.1 22 9 34 2 41 5 43 8 45 2 44.3 42 8 37 9 3 0 0

U.S. G o ve rn m e n t..................................................... 1.1 4 5 7 9 1.1 9 6 .7 1.3

States and s u b d iv is io n s ........................................ 7 2 9 7 9 5 8.9 8 7 8 0 7.6 8 4 7 9 6 2

Dom estic in te rb a n k ................................................ 4 6 3 3 3 4 7 1.4 2.4 5 3 6 8

Foreign governm ent and b an k ............................ 1.6 0 0 0 0 0 .1 2 2 3.2

O ther d e p o s its ......................................................... 1 9 3 5 6 8 9 1.1 1.1 1.1 2.9

Federal funds purchased (borrow ed)3.................... 1 5 0 0 0 .1 1 2 .3 9 2.6

O ther liabilities for borrow ed m o n e y .................... 2 1 0 1 .1 .1 .1 .1 2 .4

Other lia b ilitie s ............................................................. 4.1 5 5 8 1.2 1 7 2 3 2.4 2.6 6 2

Capital stock, notes, and d e b e n tu re s .................... 2.4 3.8 2.8 2.4 2.2 2 2 2.2 2.4 2.3 2.5

O ther capital a c c o u n ts .............................................. 4 9 9.6 8.0 6.8 5.8 5 3 4.8 4 8 4 8 4.7

Num ber o f banks................................................................ 13.408 244 1.200 3.629 3 .408 2.950 1.023 4 64 382 108

Footnotes to this table: See Table 103.'

192 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 111. DISTRIBUTION OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS).

DECEMBER 31, 1968

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY RATIOS OF SELECTED ITEMS TO ASSETS OR DEPOSITS

Ratios

All

banks

Number of banks with deposits of—

Less

than

$ 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 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

to

$ 1 0 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

to

$ 2 5 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

to

$ 5 0 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

to

$ 1 0 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

to

$ 5 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

or

more

R atios of ob ligations of States and subdivisions to to ta l assets o f—

Z e ro ....................................................................... 1.176 121 3 3 4 4 3 9 177 86 14 5

More than zero but less than 1 p e rc e n t........ 775 38 2 3 4 37 3 88 36 3 2 1

One to 2.49 pe rce n t........................................... 90 9 30 2 0 7 4 4 9 140 56 18 6 2 1

2.5 to 4.99 percent............................................. 1.324 33 197 571 3 0 0 151 4 8 12 11 1

5.0 to 7.49 percent............................................. 1.527 12 102 513 481 2 7 8 78 22 32 9

7.5 to 9.99 percent............................................. 1,777 10 54 4 0 6 5 5 5 4 5 4 139 66 66 27

10.0 to 1 2.49 p e rc e n t....................................... 1.772 4 37 317 5 34 5 1 4 189 82 70 25

12.5 to 14.99 p e rc e n t....................................... 1.516 4 28 2 1 4 4 3 0 471 178 106 70 15

1 5.0 to 1 7.49 p e rc e n t....................................... 1,108 1 14 144 2 82 3 7 0 155 78 49 15

1 7.5 to 19.99 p e rc e n t....................................... 708 7 88 180 24 2 106 37 4 0 8

20.0 to 24.99 p e rc e n t....................................... 651 1 14 92 175 2 1 4 80 36 34 5

25 percent or m o re............................................. 2 4 5 1 3 48 73 81 17 13 8 1

Ratios of U.S. G overnm ent obligatio ns to

total assets o f—

Less than 5 p e rc e n t........................................... 333 12 22 76 91 73 34 16 6 3

5 to 9.99 p e rc e n t............................................... 1,310 18 52 195 3 03 3 5 0 149 80 107 56

10 to 14.99 percent........................................... 2 ,376 16 102 4 1 6 540 633 31 1 168 149 41

1 5 to 1 9.99 percent........................................... 2,593 34 159 553 6 6 0 6 9 8 2 79 118 85 7

20 to 24.99 percent........................................... 2,185 36 163 586 657 540 133 48 21 1

25 to 29.99 percent........................................... 1,727 29 170 573 503 3 39 77 24 12

30 to 34.99 pe rcent........................................... 1,206 30 173 4 82 3 0 4 183 26 7 1

35 to 39.99 percent........................................... 762 29 126 341 179 74 12 1

40 to 44.99 percent........................................... 4 36 19 95 2 0 0 85 3 4 2 1

45 to 49.99 percent........................................... 2 55 9

66 109 50 19 1 1

50 percent or m ore............................................. 305 23 103 123 43 10 1 2

ASSETS AND LIABILITIES OF BANKS 193

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 111. DISTRIBUTION OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS).

DECEMBER 31. 1 9 6 8 — CONTINUED

BANKS GROUPED ACCORDING TO AM OUNT OF DEPOSITS AND BY RATIOS OF SELECTED ITEMS TO ASSETS OR DEPOSITS

All

Number of banks w ith deposits of—

Ratios banks Less

than

$ 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 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

to

$ 1 0 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

to

$ 2 5 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

to

$ 5 0 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

to

$ 1 0 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

to

$ 5 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

or

more

Ratios of loans to to ta l assets of—

Less than 20 p e rc e n t.........................................

20 to 24.99 pe rce n t...........................................

25 to 29.99 p e rcent...........................................

166

2 1 5

4 4 0

26

18

23

47

46

89

56

79

190

25

57

89

9

14

40

1

4

2

1

3 2

30 to 34.99 p e rcent.............................. 8 2 0 44 110 2 89 21 1 122 26 13 5

35 to 39.99 p e rcent........................................... 1,345 19 159 4 5 0 369 25 8 58 14 16 2

40 to 44.99 p e rcent........................................... 1.838 28 183 553 477 39 8 1 1 1 61 24 3

45 to 49.99 pe rcent........................................... 2 .4 2 0 35 193 60 7 6 3 4 607 190 73 65 1 6

50 to 54.99 p e rcent........................................... 2 .4 0 6 29 175 54 6 6 0 0 579 2 2 0 109 114 34

55 to 59.99 p e rcent........................................... 1.9 7 0 14 116 4 4 5 4 5 7 4 7 6 2 19 102 104 37

60 to 64.99 p e rcent........................................... 1.1 8 0 4 69 257 3 12 278 142 61 45 12

65 to 69.99 pe rcent........................................... 4 7 8 8 34 120 127 121 39 22 4 3

70 to 74.99 p e rcent........................................... 144 3 8 37 43 37 10 3 2 1

75 percent or m o re............................................. 66 4 2 25 14 14 5 1 1

Ratios of cash and due from banks to to ta l 

assets o f—

Less than 5 percent ........................................... 2 3 2 6 19 80 50 46 21 7 3

5.0 to 7.49 percent............................................. 1,451 2 122 431 3 9 6 351 99 36 13 1

7.5 to 9.99 percent............................................. 2 .8 7 9 25 227 792 776 7 0 4 2 14 89 48 4

10.0 to 12.49 p e rc e n t....................................... 2 .8 9 4 28 2 0 0 7 5 4 7 63 7 06 2 4 3 1 14 75 1 1

12.5 to 14.99 percent........................................ 2 .1 7 9 38 179 5 7 0 557 481 194 73 68 1 9

1 5.0 to 1 7.49 p e rc e n t...................................... 1 .5 0 0 31 155 3 75 392 2 8 9 128 62 50 18

1 7.5 to 19.99 p e rc e n t...................................... 91 1 24 113 25 7 189 175 69 37 31 1 6

20.0 to 24.99 p e rc e n t.......................... 901 35 130 2 53 193 140 44 33 49 24

25.0 to 29.99 p e rc e n t......................................

3 2 0 24 4 3 83 71 37 9 1 1 29 7

30 percent or m o re............................................. 221 42 37 59 28 24 4 3 1 6 8

194 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Ratios of total dem and deposits to to ta l 

deposits of—

Less than 25 p e rc e n t.........................................

25 to 29.99 percent...........................................

30 to 34.99 pe rcent...........................................

35 to 39.99 pe rcent...........................................

40 to 44.99 percent...........................................

45 to 49.99 p e rcent...........................................

50 to 54.99 percent...........................................

55 to 59.99 percent...........................................

60 to 64.99 percent...........................................

65 to 69.99 percent...........................................

70 to 79.99 percent...........................................

80 to 89.99 percent...........................................

90 percent or m o re.............................................

Ratios of total capital accounts to to ta l 

assets other than cash and due from 

banks, U. S. G overnm ent obligations, 

and F.H.A. and V.A. real estate loans of— 

Less than 7.5 percent.........................................

7.5 to 9.99 percent.............................................

10.0 to 12.49 p e rc e n t.......................................

12.5 to 14.99 p e rce n t.......................................

1 5.0 to 1 7.49 p e rce n t.......................................

I 7.5 to 19.99 p e rce n t.......................................

20.0 to 22.49 p e rce n t.......................................

22.5 to 24.99 p e rce n t.......................................

25.0 to 29.99 p e rce n t.......................................

30.0 to 34.99 p e rce n t.......................................

35.0 to 39.99 p e rce n t.......................................

40 percent or m o re.............................................

Ratios of to ta l capital accounts to total 

assets o f—

Less than 5 p e rc e n t...........................................

5 to 5.99 p e rc e n t...............................................

6 to 6.99 p e rc e n t...............................................

7 to 7.99 p e rc e n t...............................................

8 to 8.99 p e rc e n t...............................................

9 to 9.99 p e rc e n t...............................................

10 to 10.99 percent...........................................

I I to 11.99 percent...........................................

12 to 12.99 percent...........................................

13 to 14.99 percent...........................................

15 to 16.99 percent...........................................

17 percent or m o re.............................................

Number of ba nks.....................................................

271

591

1.070

1.522

1.953

2,010

1.822

1.381

1,013

6 5 8

5 94

2 5 4

3 49

536

2 .8 9 8

3.692

2.471

1.402

797

5 3 0

3 4 6

351

174

100

191

3 4 9

1.229

2.6 1 5

2.871

2.1 8 7

1.523

9 5 8

6 12

3 5 8

3 8 9

195

202

1 1 

12 

29 

21 

29 

16 

33 

25 

666

22

26

22

35

24

35

18

13

53

7 

9 

11 

29 

33 

22 

28 

39 

27 

49

13 .4 8 8

75 77 80 15

7

3

1

169 191 129 47 20

7

2

2 73 2 6 3 3 0 8 94 48 20

2

3 9 0 4 1 5 381 135 67 43

8

509 535 461 175 78 45 1 1

533 5 1 5 505 161 69 59 1 1

5 24 4 7 2 3 87 155 53 49 12

35 7 3 47 3 06 100 49 52 13

267 2 3 4 207 6 0 35 43 18

163 166 95 50 13 35 18

183 118 67 26 22 19 12

81 4 5 22

5

3

5

130 37

5

2

1

2

31 91 207 116 57 26

4

3 2 5 741 96 7 4 2 8 182 163 46

7 9 5 1,123 1,006 3 2 0 153 130 39

8 1 4 7 5 4 4 6 8 1 1 1 46 40 17

6 3 8 3 2 0 178 33 12 13

2

3 5 9 176 64 10

4

5

2 3 3 115 23

2

5

4

170 43 14

3

140 32 14

4

2

1

65 12 6

33

5

4

1

1

51

3

2

22 66 133 69 35 20

3

114 3 2 5 41 1 2 0 0 80 63

16

461 722 7 92 2 82 131 111 30

6 82 8 3 8 7 1 0 2 3 5 111 106 30

7 23 6 1 6 4 3 6 129 52 45 22

557 4 0 2 2 4 4 64 30 2 0

6

4 0 5 2 0 3 117 23 11

8

1

2 8 3 107 43 12

4

6

144 53 29

5

5

1

142 51 24

2

4

2

72 21 10

1

49 11

4

3

2

3 ,6 5 4 3,4 1 5 2 .9 5 3 1 ,025 4 6 5 382 108

ASSETS AND LIABILITIES OF BANKS 195

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table

Table

Table

Table

Table

Table

Table

Table

Table

Table

Table

INCOME OF INSURED BANKS

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

areas), 1 96 0-1968

1 13. Ratios of income of insured commercial banks in the United States (States 

and other areas), 1960-1968

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

United States (States and other areas), 1 96 0-1968

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

areas), 1968

Banks grouped by class o f bank

116. Income of insured commercial banks operating throughout 1968 in the 

United States (States and other areas)

Banks grouped according to amount o f deposits

117. Ratios of income of insured commercial banks operating throughout 1968 

in the United States (States and other areas)

Banks grouped according to amount o f deposits

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

areas), by State, 1968

119. Income of insured mutual savings banks, 1 96 0-1968

120. Ratios of income of insured mutual savings banks, 196 0 -1 96 8

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

196 0 -1 96 8

122. Income of insured mutual savings banks in the United States (States and 

other areas), by State, 1968

196 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
The income data received and published by the Corporation 

relate to commercial and mutual savings banks insured by the 

Corporation.

C om m ercial Banks

Reports of income and dividends are submitted to the Federal 

supervisory agencies on either a cash or an accrual basis.

Income data are included for all insured banks operating at the 

end of the respective years, unless indicated otherwise. In addition, appropriate adjustments have been made for banks in operation during part of the year but not at the end of the year. Data 

for 5 insured branches in Guam of 2 insured banks (1 in California 

and 1 in Hawaii), for 8 insured branches in New York of 2 insured 

banks in Puerto Rico, for 17 insured branches in Puerto Rico of 

2 insured banks in New York, and for 13 insured branches in the 

Virgin Islands of 3 insured banks (2 in New York and 1 in California) are not available.

The uniform Report of Income and Dividends (formerly called 

Report of Earning and Dividends) was revised extensively in 

1961. New items were added, combining components previously 

included in other items; and some items were subsumed into new 

categories. Thus certain items, even carrying the same designation (e.g. other current operating expenses), are not comparable 

w ith data reported for prior years.

The revised form breaks out the following items not previously 

available separately: (1) benefits to officers and other employees; 

(2) net occupancy expense of bank premises, w ith a supporting 

schedule; (3) furniture and equipment expense (including costs 

related to the purchase or rental of automated data processing 

systems); and (4) losses on securities sold.

Two expense items previously reported separately have been 

combined w ith other items: (1) taxes other than on net income;

and (2) recurring depreciation on banking house, furniture and 

fixtures. Taxes on bank premises, social security taxes paid in behalf of building employees, and recurring depreciation on banking 

house are now included under occupancy expense of bank premises. Other social security taxes are included w ith officer and em ­

ployee benefits. Recurring depreciation on furniture and fixtures is 

now included w ith furniture and equipment expense.

Revenue and expenses incident to "Federal funds" transactions 

have been classified as "Interest and discount on loans" and "In ­

terest and discount on borrowed money," respectively.

In addition to other minor changes in classification, new designations have been given to certain items. For example, the term 

"net income" is the new equivalent of the former term "net 

profits." A further change entailed the division of officers and 

other employees into tw o groups: those engaged in banking 

operations, and those concerned w ith building operations.

M utual savings banks

The present report of income and dividends for mutual savings 

banks was first used by the Corporation for the calendar year 

1951. For a discussion of the history and principles of this report 

see pp. 50-52 in Part Two of the 1951 Annual Report.

Sources of data

National banks and State banks in the District of Columbia not 

members of the Federal Reserve System: Office of the Comptroller of the Currency.

State banks members of the Federal Reserve System: Board of 

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

INCOME OF INSURED BANKS 197

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 112. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS). 1960-1968

(Amounts in thousands of dollars)

Income item 1960 1961 1962 1963 1964 1965 1966 1 9671 19681

Current operating revenue— to t a l................................................

Interest on U.S. Government obligations..................................

Interest and dividends on other securities................................

Interest and discount on loans...................................................

Service charges and fees on lo a n s............................................

Service charges on deposit accounts........................................

Other charges, commissions, fees, etc.......................................

Trust departm ent........................................................................

Other current operating revenue................................................

10,723,545

1.790,341

578,783

6,698,655

108,655

589.954

218.566

460.251

278.340

11,069.604

1,901.732 

629,134 

6,891,442 

117.259 

630.458 

223.283 

502.871 

*173,425

12.2 1 8 .9 5 9

2,093,207 

759,030 

7,578,200 

139,645 

6 81,243 

2 37,446 

543.916 

2186,272

13,5 0 9,713

2.176.454 

921.060 

8.516,837 

155,478 

728,857 

248,362 

5 73,252 

2189,413

1 5 ,0 2 4.487

2.240.389 

1,085.334 

9.612.079 

173.159 

781.405 

280.289 

629.694 

22 2 2,138

16 .8 1 7,187

2.224.711 

1,285,287 

10,999.867 

204.996 

842.775 

304.276 

6 89.628 

2265.647

19,50 8 ,4 1 4

2.317.794

1,531.517

13.042,757

243.643

915.049

354.036

756.130

2347,488

2 1 .781.611

2.601.900 

1.904.886 

14,351,421 

295.216 

987,187 

411,021 

820,269 

24 0 9 .7 11

2 5 ,4 7 8 ,4 0 4

3.004.655

2.376.223

16,723.099

397.980

1,055,964

478,028

906.206

2536.249

Current operating expenses— to ta l..............................................

Salaries— officers........................................................................

Salaries and wages— other employees......................................

Officers and employee benefits..................................................

Fees paid to directors and committees......................................

Interest on time and savings deposits......................................

Interest on borrowed m oney.....................................................

Taxes other than on net incom e...............................

Recurring depreciation on banking house, furniture and

Occupancy expense-of bank premises— n e t............................

Furniture and equipment.............................................................

Other current operating expenses........................................

6 ,9 3 2,820

966.643

1.831.323

(4)

56,292

1,785.086

87.385

285,801

212.493

n

(«)

1.707.797

7 ,440,492

31.028,869 

31,869,961 

377.494 

59,794 

2.106.645 

37,997 

(5)

(•)

510,691

224,852

91.224,189

8 .589.177

31.098.146

31,975,406

419.098

63.236

2.845.283

64.325

(5)

<«>

555,670

267,885

91.300,128

9 ,7 1 4 ,9 8 0

31,183.264 

32.101,111 

4 5 7 ,033 

67,469 

3.464.308

106.517 

(5)

<6>

608.462

311.518 

91.415.298

1 0,8 9 7 ,4 6 0

31,284.140

32,234.922

490.732

72.176

4.088.061

127.277

(5)

<6)

670.243

362.301

91.567.608

1 2 ,4 8 6 ,1 2 0

31,392.765

32,369,259

525.692

77.093

5.070.781

189.519

<5)

(6)

731.573

4 11,889

91,717,549

14 .5 61.852

31,526.300

32.569.442

598.768 

83.791

6.259.472

301.768 

(5)

<8)

802.060

458.695

91.961.556

16,553,642

31.674.955

32.862.941

667.345

92.074

7.379,863

266,476

(5)

C>

873.541

533.846

92,202.601

1 9 ,354,237

31.861.448

33.240.355

755.744

101.313

8.681,705

528.986

I5)

<«>

970.034

631.564

92.583.088

Net current operating earnings................................................... 3 ,790,725 3 ,629.112 3 .629.782 3 .7 9 4 .733 4 .127,027 4 ,331,067 4 .946.562 5 .22 7 ,9 6 9 6 ,124.167

Recoveries, transfers from valuation reserves, and profits—

to t a l......................................................................................... 574.826 708.171 467.061 4 6 8 .4 5 0 3 2 2 ,1 0 4 390,368 341.711 41 7,624 32 6 ,0 3 4

On securities:

Profits on securities sold or redeemed

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

Transfers from valuation reserves..........................................

On loans:

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

Transfers from valuation reserves..........................................

All other ..........................................................................

329.322

12,927

55.568

25.684 

70.21 1 

81.114

453.730

9.934

86.574

16.825

51.817

89.291

256.987

6.241

56.761

16.902

56.610

73.560

167.445

4.046

60,516

17,913

131.235

87.295

74.723

6.633

57.284

17.383

62.313

103.768

84,619 

7.114 

97.435

17.962

84.001

99.237

62.464

5.077

100.950

15.585

55.762

101.873

150,238

3,986

62,089

14,307

44,439

142,565

98.417

6.465

42.501

12.419

58.681

107.551

Losses, charge-offs, and transfers to valuation reserves—

total ......................................................................................... 978,422 935.461 8 36.665 883.637 1.0 1 7 .2 9 9 1,177,540 1.574,027 1.326.581 1,757,219

On securities:

Losses on securities s o ld .......................................................

Charge-offs prior to sale.........................................................

Transfers to valuation reserves..............................................

On loans.

Losses and charge-offs...........................................................

Transfers to valuation reserves..............................................

All oth er.......................................................................................

219.767

156,232

35.760

451,667

114,996

44,290

21.354

224,678

31.194

481,200

132,745

58.939

12,603

95,039

30,107 

528.710 

1 11.267

49.887

12,827

63.530

29,588 

6 09.059 

118.746

88.397

11.256

72.213

32.385

6 66.040

147.008

85.045

9.224

63.370

36.188

846.877

136.836

454.911 

10.198 

78,932

31.251

775.792

222.943

154,550

8,403

74,572

28.341

885.885

174.830

536.937

12.117

54.960

25.219

953.305

174.681

Net income before related taxes 3 ,387,129 3 .401,822 3 ,2 6 0 ,1 7 8 3 .37 9 .5 4 6 3 .4 3 1 .8 3 2 3 .543,895 3 ,714.246 4 .319.012 4 ,692,982

198 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— to ta l..........................................................

Federal.........................................................................................

State ............................................................................................

1,3 84,397

1.300.940

83.457

1 ,4 0 6 ,1 0 2

1.317,292

88.810

1,2 5 6 ,3 8 2

1,159,725

96.657

1,2 2 6 ,7 8 3

1.130,629

9 6.154

1,148.2 0 3

1,050.624

97.579

1.0 2 9 .1 6 2

9 27.423

101.739

1.0 2 9 .9 0 6

911.585

118.321

1.1 7 7.154

1.020.988 

156.166

1,2 6 7,044

1.086.889

180.155

Net income after related ta x e s ................................................... 2 ,002,732 1.9 9 5 ,7 2 0 2 ,0 0 3 .7 9 6 2 ,1 5 2 ,7 6 3 2 .2 8 3 ,6 2 9 2 ,5 14 .7 3 3 2 ,68 4 ,3 4 0 3 .1 41.858 3 ,425,9 3 8

Dividends and interest on capital— to ta l...................................

Cash dividends declared on common stock..............................

Dividends declared on preferred stock and interest on 

capital notes and debentures.................................................

831,546

829.522

2.024

8 9 5 ,0 5 3

89 3 .2 3 0

1.823

9 4 1 .1 8 9

9 3 9 ,4 2 6

1,763

9 9 3 ,3 7 4

9 90.039

3.335

1.0 8 8 .3 1 0

1.062.561

25.749

1,2 0 2 ,3 4 9

1,146.186

56.163

1,307 ,3 8 7

1.240.048

67.339

1.42 6 .2 0 2

1.342.538

83,664

1,589,114

1.488.670

100.444

Net additions to capital from in co m e ....................................... 1,171,186 1,100,667 1.0 6 2 ,6 0 7 1,159,3 8 9 1.1 9 5 .3 1 9 1,3 1 2 ,3 8 4 1.376,9 5 3 1.7 15 ,6 5 6 1.8 36,824

Memoranda

Recoveries credited to valuation reserves (not included in 

recoveries above);

On securities...............................................................................

On loans.......................................................................................

Losses charged to valuation reserves (not included in losses 

above):

On securities.............................................................. ................

On loans......................................................................................

18.294

68.232

47.716

264,405

9.911

73.844

22,463

249.500

4,714

84.863

16.305

238.825

6.216

96.897

17.314

323.475

4.515

157.791

43.683

394.181

4.158 

124.062

25.761

429.490

3.300

143.859

60.282

545.647

5.638

168,680

29.072

601.194

1.913

219.115

32.262

629.707

Average assets and liabilities10

Assets— to ta l...................................................................................

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

United States Government obligations...................................

Other securities...........................................................................

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

All other assets...........................................................................

2 4 6 .776,722

49,317,003 

57,773.429 

20.092,632 

114.275,450 

5.318,208

2 5 4 ,1 98,199

46,613.211 

61 .792,135 

21.660.321 

117,969,985 

6.162.547

2 7 4 ,2 2 0 ,7 7 8

4 9 .4 3 8 .6 7 0 

64.5 1 9 .9 1 4 

25.7 6 1 .0 8 4 

127,789.1 10 

6.7 1 2 .0 0 0

2 9 8 ,9 4 0 ,7 7 8

50.997.566

64.058.431

31.421 .8 7 5

145.028.233

7,434.673

3 2 5 .4 9 0 .6 2 6

54.449.343

6 1 .4 3 9 .3 9 0

3 6 .360.062

164.816.703

8.425.128

3 5 7 ,2 1 4 .4 0 9

59.013.596

59,419.551

41.540.772

187,661,591

9.578.899

3 8 7 .21 4 ,4 0 9

62.867.398

56.088.649

47.054.812

210.24 0 .1 70

10.862.634

4 2 1 ,128,433

70.248.679

57.357.584

55.213.293

226.145.245

12.163.632

4 6 8 ,213,107

78.504.024

61.545.807

65.318.374

248.753.413

14.091.489

Liabilities and capital— to ta l........................................................

Total deposits.............................................................................

Demand deposits....................................................................

Time and savings deposits.....................................................

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

Total capital accounts................................................................

2 4 6 .776,722

220.099.028 

150,451,481

69,647 <547

6.712.522 

19.965.172

2 5 4 ,198,199

225.214.703

1 4 75 56,175

77.658.528

7.694.509

21,288,987

2 7 4 ,2 2 0 ,7 7 8

2 43.319.550 

153 JB49.494

89.470.056

8,197.420 

22.703.808

2 9 8 ,9 4 0.778

264.069.489

159J561J973

10 4 .5 0 7 5 1 6

10.587,389

24.283,900

3 2 5 .49 0 .6 2 6

287.988.560 

1 6 8 3 82.122

119.606.438

1 1,110.692 

26.391.374

3 5 7 .2 1 4 .409

315.643.533 

17 8.0 89 360

137.554.173

12.750.015 

28.820.861

3 8 7 .113.663

340.336.714 

185 3 3 6 .4 0 7

155.000.307

15.926,263 

30,850,686

4 2 1 ,128,433

368.906.501 

1 9 4 3 8 2 £ 2 4

173323.577

19.345.258 

32.876.674

4 6 8 ,213.107

407,508,260

21 3.6 28 389

193.879.871

25,372.699

35.332.148

Number of employees (including building employees), 

December 31;

Active officers.............................................................................

Other employees.........................................................................

103,21 1 

506,596

107,279

526,101

112.458 

543.695

117,147 

5 31.820

124.351

578.307

130.486

601.677

138,206

639.155

145.346

669.691

154.118

712,607

Number of banks, December 31 ................................................... 13,126 13,115 13.124 13.291 13.493 13.547 13.541 13.517 13.488

1 Figures for 1 967 and 1 968 may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the 

Currency because of differences in rounding techniques.

2 Excludes rentals from bank premises; included with "Occupancy expense of bank premises— net."

3 Excludes compensation of building officers and other employees; included with "Occupancy expense of bank premises— net.”

4 Included with "Other current operating expenses", except Social Security taxes paid on bank's account which were included with "Taxes other than on net 

income."

5 Included with "Officer employee benefits” , "Occupancy expefrse of bank premises— net” , and "Other current operating expenses."

6 Included with "Occupancy expense of bank premises— net", and "Furniture and equipment."

7 Included with "Taxes other than on net income” , "Recurring depreciation on banking house, furniture and fixtures” and "Other current operating expenses."

8 Included with "Recurring depreciation on banking house, furniture and fixtures", and "Other current operating expenses.”

9 Not comparable with amounts reported for previous years; see footnotes 4, 5, 7, and 8.

10 For 1960 and for 1964 through 1968, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for 

four consecutive official call dates beginning with the end of the previous year and ending with the fall call of the current year. For 1963, averages of amounts 

reported at 1962 year-end, 1963 spring, mid-year, and year-end calls.

INCOME OF INSURED BANKS 199

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 113. RATIOS OF INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS)

1960-1968

1960 1961 1962 1963 1964 1965 1966 1967 1968

$ 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 $ 1 0 0 .0 0 $ 1 0 0 .0 0

16 .6 9 17 18 1 7.13 16.1 1 14 91 13.23 11.88 11 95 1 1.79

5 4 0 5 .6 8 6.21 6 82 7.2 2 7.6 4 7.8 5 8 74 9 33

63 4 8 63.31 6 3 16 6 4 .1 9 6 5 .1 3 6 6 63 6 8 11 67 2 4 67 20

5 .5 0 5 7 0 5.5 8 5 39 5 .2 0 5.01 4 69 4 53 4 14

2 0 4 2 .0 2 1 9 4 1 8 4 1 87 1 81 1.81 1 89 1 88

6 89 26 .1 1 25 9 8 25 6 5 25.67 25.68 25.66 25.65 25 66

6 4 .6 5 6 7 .2 2 7 0 .2 9 71 .9 1 7 2 .5 3 7 4 .2 5 7 4 .6 4 7 6 .0 0 7 5 .9 6

2 6 .6 2 32 6 73 32 5 67 324.81 32 3 9 0 322 83 32 0 9 9 321 26 320 .4 2

(4> 3.41 3 4 3 3 3 8 3 27 3 13 3 07 3 0 6 2 97

1 6 .6 5 1 9.03 2 3 .2 8 2 5 .6 4 27 21 3 0 15 3 2 09 3 3 .8 8 3 4 0 7

2 66 (5) (5) (5> (5) (5) (5) (5) (5)

1.98 <6) (6) (6) (6) (6) (6) (6) (6)

(7) 4.61 4 55 4 5 0 4 4 6 4 35 4.11 4 0 1 3 86

<8) 2 0 3 2 .1 9 2 31 2 41 2 4 5 2 35 2 4 5 2 48

16 .7 4 91 1.41 91 1.17 91 1.27 91 1 .28 91 1.34 912.03 91 1 34 912 21

3 5 .3 5 3 2 .7 8 2 9 .7 1 2 8 .0 9 2 7 .4 7 2 5 .7 5 2 5 .3 6 2 4 .0 0 2 4 .0 4

4 35 4 .3 5 4 4 5 4 52 4 62 4 71 5 0 4 5.17 5 44

2 81 2 92 3 13 3 2 5 3 3 5 3 50 3 76 3 93 4 13

1.54 1.43 1 32 1 27 1 27 1.21 1 28 1 2 4 1.31

23 2 8 17 16 .10 .11 0 9 .10 07

4 0 .37 3 0 3 0 32 33 41 31 .38

1 37 1.34 1 1 9 1 1 3 1 0 5 99 96 1 03 1 .00

.81 .79 .73 .72 70 70 69 .75 .73

18.99 17 0 5 1 5.99 15.63 15 6 4 15 03 16 03 15 90 17 .3 3

2 88 3 32 2 .0 6 1.93 1 22 1 35 1.11 1.27 92

4 .9 0 4 .3 9 3 .6 9 3 .6 4 3 86 4 .0 8 5 10 4 0 3 4. 97

16.97 1 5 .9 8 1 4 .36 13.92 13 0 0 12 3 0 12 0 4 13 14 1 3 .2 8

6 9 4 6 61 5 53 5 0 6 4 35 3 57 3 34 3 58 3. 58

10.03 9 .3 7 8 8 3 8 86 8 6 5 8 73 8 70 9 56 9. 70

4 .1 6 4 .2 0 4 15 4 0 9 4 12 4 17 4 2 4 4 .3 4 4. 50

5 87 5.17 4 68 4 77 4 53 4 56 4 4 6 5 22 5 .2 0

5 96 5.9 4 6 0 4 5 9 8 5 9 4 5 97 6 32 6 4 8 6 88

3 .1 0 3 0 8 3 .2 4 3 4 0 3 65 3 74 4 13 4 54 4 88

2 88 2 .9 0 2 95 2 93 2 9 8 3.0 9 3 25 3.45 3 64

39 .43 .44 .46 4 6 .47 49 .51 .4 9

2 .5 6 2.71 3 .1 8 3 31 3 4 2 3 69 4 0 4 4 24 4 .4 8

1 3 ,1 2 6 13.1 15 1 3 .1 2 4 13.291 1 3 .49 3 13,547 13.541 13,517 1 3 ,4 8 8

Income item

A m ou nts per $ 1 0 0 of current operating revenue

C urrent operating revenue— t o t a l .........................................................................................

Interest on U. S. Government o b lig a tio n s.........................................................................

Interest and dividends on other securities.........................................................................

Income on lo a n s......................................................................................................................

Service charges on deposit acco unts.................................................................................

Other charges, commissions, fees, etc................................................................................

Other current operating revenue.........................................................................................

C urrent operating expenses— t o t a l.......................................................................................

Salaries, wages, and fe e s .....................................................................................................

Officer and employee be nefits.............................................................................................

Interest on time and savings d e p o s its ...............................................................................

Taxes other than on net in c o m e .........................................................................................

Recurring depreciation on banking house, furniture and fix tu re s ................................

Occupancy expense of bank premises— n e t.....................................................................

Furniture and equipm ent.......................................................................................................

Other current operating expenses.......................................................................................

N et current operating e a rn in g s .............................................................................................

A m ounts per $ 1 0 0 o f to ta l assets10

Current operating revenue— to ta l.......................................................................................

Current operating expenses— to ta l.....................................................................................

Net current operating e a rn in g s...........................................................................................

Recoveries, transfers from valuation reserves, and profits— to ta l................................

Losses, charge-offs, and transfers to valuation reserves— to t a l..................................

Net income before related ta x e s .........................................................................................

Net income after related taxes.............................................................................................

A m ounts per $ 1 0 0 of to ta l capital accounts10

Net current operating ea rn in g s...........................................................................................

Recoveries, transfers from valuation reserves, and profits— total................................

Losses, charge-offs, and transfers to valuation reserves— to t a l..................................

Net income before related ta x e s .........................................................................................

Taxes on net in co m e .............................................................................................................

Net income after related taxes.............................................................................................

Cash dividends declared.......................................................................................................

Net additions to capital from in co m e ................................................................................

Special ra tio s10

Income on loans per $100 of lo a n s ..................................................................................

Income on U.S. Government obligations per $100 of U.S. Government obligations

Income on other securities per $1 00 of other se cu ritie s..............................................

Service charges per $100 of demand d e p o s its ..............................................................

Interest paid per $1 00 of time and savings deposits......................................................

Number of banks, December 31 .............................................................................................

N ote: For footnotes, see Table 112, p. 199, Nos. 2-10.

200 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T able 114. SOURCES AND DISPOSITION OF TOTAL INCOME, INSURED COMMERCIAL BANKS IN THE UNITED STATES

(STATES AND OTHER AREAS), 1960-1968

(Amounts in millions of dollars)

Income item 1960 1961 1962 1963 1964 1965 1966 1967 1968

A m o u n t

Total in co m e ..................................................................... 11.298 11,778 12.686 13,978 15,347 17,208 19,850 22.119 25.804

Sources

Loans ............................................................................................................................................... 6 .8 0 7 7 .0 0 9 7 .7 1 8 8 .6 7 2 9 ,7 8 5 1 1 .2 0 5 1 3 .286 14.647 17.121

U.S. Government obligations....................................................................................................... 1,791 1,902 2 .0 9 3 2 .1 7 6 2 ,2 4 0 2 .2 2 5 2 .3 1 8 2.602 3 .005

Other securities............................................................................................................................... 5 7 9 6 2 9 7 5 9 921 1,086 1,285 1.532 1.905 2 .376

Service charges on deposits......................................................................................................... 5 9 0 6 3 0 681 7 2 9 781 8 4 3 9 1 5 987 1,056

Other current incom e..................................................................................................................... '9 5 7 9 0 0 9 6 8 1,01 1 1,132 I .2 6 0 1.457 1.641 1,920

Recoveries, etc................................................................................................................................. 5 75 7 0 8 4 67 4 6 8 3 22 3 9 0 3 42 4 1 8 3 26

D isposition

Salaries and wages2....................................................................................................................... 2 .8 5 4 3 .3 3 6 3 .5 5 6 3 .8 0 8 4 .0 8 2 4 ,3 6 5 4 .7 7 8 5.297 5.959

Interest on de posits................................................................................................. 1.785 2 ,1 0 7 2 .8 4 5 3 ,4 6 4 4 .0 8 8 5.071 6 .2 5 9 7 ,380 8.682

Other current expenses.................. .............................................................................................. 32 ,2 9 3 1,998 2 .1 8 8 2 ,4 4 2 2 ,7 2 8 3.051 3 .5 2 4 3 ,876 4 .7 1 4

Charge-offs, etc........................................................................................................... 9 7 9 9 3 5 83 7 8 8 4 1,017 1,178 1.574 1.327 1.757

Income taxe s................................................................................... 1.384 1.406 1,256 1,227 1.148 1,029 1,030 1,177 1.267

Dividends and interest on c a p ita l.............................................................................................. 832 8 9 5 941 9 93 1.088 1.202 1,307 1,426 1.589

Additions to capital accounts................................................................................ 1,171 1,101 1.063 1.159 1.195 1.312 1,377 1,716 1.837

Percentage distribution

Total incom e..................................................................................... 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sources

Loans ............................................................................................... 60.2 59.5 6 0 8 62 0 63.8 65.1 66.9 6 6.0 66.3

U.S. Government obligations....................................................................................................... 15 9 16 2 16.5 15.6 14.6 12 9 11.7 1 1.7 11.6

Other securities....................................................................................................... 5.1 5 3 6.0 6.6 7.1 7.5 7.7 8.6 9 2

Service charges on deposits............................................................................................... 5.2 5.4 5 4 5.2 5.1 4.9 4.6 4.4 4.1

Other current incom e......................................................................................................... 8 5 7.6 7.6 7.2 7.3 7.3 7.4 7 4 7.4

Recoveries, etc.......................................................................................................... 5.1 6.0 3.7 3.4 2.1 2.3 1.7 1.9 1.3

D isposition

Salaries and w a g e s ................................................................................... 25.3 2 8 3 2 8.0 27.2 2 6.6 2 5.4 24.0 23.9 23.1

Interest on deposits................................................................................................. 15.8 17.9 2 2.4 24.8 26 6 2 9 5 31.5 33.2 33.6

Other current expenses............................................................................. 20.3 17.0 17.2 17.5 17.8 17.7 17.7 17.5 18.3

Charge-offs, etc............................................................................. 8.6 7.9 6 6 6.3 6.6 6.8 8.0 6.0 6.8

Income taxes....................................................................................................................... 12.2 1 1.9 10.0 8 8 7.5 6.0 5.2 5.3 4.9

Dividends and interest on c a p ita l............................................................................................. 7.4 7.6 7.4 7.1 7.1 7.0 6.6 6.4 6.2

Additions to capital accounts........................................................................................... 10.4 9.4 8.4 8 3 7 8 7 6 7.0 7.7 7.1

1 For description of changes in report form made in 1961, see p. 197. Rentals from bank premises are included in "other current income” in 1960, and in net 

"other current expenses” in 1961-1968.

2 Includes in each year fees paid to directors and committees. In 1961-1 968 includes officer and employee benefits; these were included in "other current 

expenses” in 1960. In 19 61-1968 excludes salaries, wages, and benefits of officers and employees in building department which are included in "other current 

expenses."

3 Not comparable w ith amounts shown in 1961-1968; see footnotes 1 and 2.

N o te : Due to rounding differences, components may not add to totals.

INCOME OF INSURED BANKS 201

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 115. INCOME OF INSURED COMM ERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS). 1968

BANKS GROUPED BY CLASS OF BANK 

(Amounts in thousands of dollars)

Income item Total

Members F.R. System Not 

members 

F.R. System

Operating 

throughout 

the year

Operating 

less than 

National State full year

C urrent operating revenue— to ta l................................................................................ 25,478,404 14,998.909 5.808,768 4,670,727 25,468,034 10.370

Interest on U.S. Government o b lig a tio n s ............................................................... 3 .0 0 4 ,6 5 5 1 .6 2 3 ,0 9 2 5 8 4 ,6 2 0 7 9 6 ,9 4 3 3 ,002,561 2 ,0 9 4

Interest and dividends on other se cu ritie s....................................................... 2 .376 ,2 2 3 1 .4 1 5 .3 2 6 5 1 3 .5 7 2 4 4 7 .3 2 5 2 ,3 7 5 .4 7 6 747

Interest and discount on lo a n s .................................................................................. 16,723,099 9 ,9 9 0 .1 2 9 3 .8 2 9 ,4 7 2 2 ,9 0 3 ,4 9 8 16.7 1 7 ,5 1 7 5,582

Service charges and fees on loans............................................................................ 3 9 7 ,9 8 0 2 3 4 .1 9 6 8 8 .6 0 7 75.1 7 7 3 9 7 .0 8 4 8 9 6

Service charges on deposit a c c o u n ts ..................................................................... 1.055,964 6 3 0 .1 5 8 1 7 3 .3 6 3 2 5 2 .4 4 3 1 ,05 5 .6 0 0 3 6 4

Other charges, commissions, fees, etc..................................................................... 4 7 8 ,0 2 8 2 7 0 .0 8 4 1 0 1 .2 0 5 106.739 4 7 7 .6 4 0 3 8 8

Trust departm ent.......................................................................................................... 9 0 6 ,2 0 6 4 9 3 .3 6 2 3 7 4 .2 4 4 3 8 .6 0 0 9 0 6 .1 8 3 23

Other current operating revenue ............................................................................. 53 6 ,2 4 9 || 3 4 2 .5 6 2 1 4 3 .6 8 5 5 0 .0 0 2 53 5 .9 7 3 2 76

C urrent operating expenses— t o t a l ............................................................................ 19,354,237 I 11,451.750 4,296,742 3,605,745 19,343.131 11,106

Salaries— o ffic e rs ........................................................................................................ 1.861,448 1 .0 2 2 .6 2 2 3 7 1 .3 7 2 4 6 7 ,4 5 4 1 .859.742 1,706

Salaries and wages— other em ployees................................................................... 3 ,2 4 0 ,3 5 5 1,9 1 1 ,4 0 6 7 8 9 .0 1 8 539,931 3 .2 3 8 .5 9 4 1,761

Officer and employee b e n e fits .................................................................................. 7 5 5 ,7 4 4 4 5 0 ,2 0 2 1 8 2 .8 3 2 12 2 ,7 1 0 7 5 5 .4 7 9 265

Fees paid to directors and com m ittees................................................................... 101,313 4 7 ,3 8 5 1 4 .8 3 4 3 9 ,0 9 4 101.273 4 0

Interest on time and savings deposits..................................................................... 8 .6 8 1 .7 0 5 5 .3 0 2 .9 8 4 1 ,8 0 3 .3 4 9 1 ,575,372 8 ,678.951 2.7 5 4

Interest on borrowed m oney...................................................................................... 5 28,986 3 0 8 .6 1 0 2 0 7 ,6 7 2 1 2.704 5 2 8 .9 7 3 13

Occupancy expense of bank premises— n e t ......................................................... 9 7 0 .0 3 4 5 5 3 .5 1 6 2 2 9 ,7 0 0 18 6 .8 1 8 9 6 9 ,2 3 8 796

Furniture and equipm en t............................................................................................ 6 3 1 .5 6 4 3 7 4 .5 6 2 1 3 1 ,3 4 5 1 25.6 5 7 6 3 1 .1 8 7 377

Other current operating expenses............................................................................ 2 .5 8 3 .0 8 8 I| 1 .4 8 0 .4 6 3 5 6 6 ,6 2 0 5 3 6 .0 0 5 2 .5 7 9 .6 9 4 3 .3 9 4

N et current operating e a rn in g s .................................................................................. 6,124,167 || 3.547.159 1,512,026 1,064,982 6.124.903 736

Recoveries, transfers from valuation reserves, and p ro fits— t o t a l................

On securities:

326,034 II 178,813 82,061 65,160 325.949 85

Profits on securities sold or redeem ed............................................................... 9 8.417 4 8 .4 9 2 2 5 .1 9 2 2 4 .7 3 3 9 8 ,3 5 5 62

Recoveries................................................................................................................ 6 .465 3 .9 2 6 4 5 9 2 .0 8 0 6 ,4 6 5

Transfers from valuation reserves.......................................................................

On loans:

42.501 2 2 .1 7 4 14.213 6.1 14 42,501

Recoveries.................................................................................... ............................ 12.419 5 .966 831 5 .622 12,419

Transfer from valuation reserves.......................................................................... 58.681 2 9 ,1 2 6 2 1 .7 0 5 7 ,8 5 0 58,681

All other........................................................................................................................... 107.551 6 9 .1 2 9 19,661 18,761 1 0 7 .5 2 8 23

Losses, charge-offs, and transfers to valuation reserves— t o t a l ......................

On securities:

1,757,219 1.026,810 436,330 294.079 1,756,668 551

Losses on securities so ld ........................................................................................ 5 3 6 .9 3 7 3 0 8 .9 2 6 1 8 0 .3 4 9 4 7 .6 6 2 5 3 6 ,9 0 9 28

Charge-offs prior to s a le ........................................................................................ 12.117 6 .8 6 6 1.502 3 .7 4 9 12.1 17

Transfers to valuation reserves..............................................................................

On loans:

5 4 .9 6 0 3 3 .8 0 5 11 .072 10 ,083 5 4 .9 6 0

Losses and cha rg e -o ffs.......................................................................................... 2 5 .2 1 9 9,741 3 .5 4 0 1 1 ,9 3 8 2 5 .1 7 2 47

Transfers to valuation reserves.............................................................................. 9 5 3 .3 0 5 5 5 9 .8 8 3 2 0 4 .4 0 1 18 9 .0 2 V 9 5 2 .8 7 9 4 2 6

All other........................................................................................................................... 174.681 || 1 0 7 .5 8 9 3 5 ,4 6 6 3 1 .6 2 6 174,631 50

N e t incom e before related ta x e s ................................................................................ 4,692,982 | 2.699.162 1,157,757 836.063 4,694.184 1,202

202 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— to t a l.............................................

Federal.................................................................

State .....................................................................

N et incom e after related ta xe s..........................

Dividends and interest on c a p ita l- to ta l..........................

Cash dividends declared on common s to c k ......................

Dividends declared on preferred stock and interest on capital notes and 

debentures.............................................................

1,267,044

1 .0 8 6 .8 8 9

1 8 0 .1 5 5

709.671

6 1 1 .6 1 4

9 8 .0 5 7

343.082

27 9 ,0 9 1

63,991

214.291

1 9 6 .1 8 4

18 .107

1.266.933

1.0 8 6 .7 8 7

1 8 0 .1 4 6

111

102

9

3,425,938 1.989.491 814.675 621.772 3,427,251 1,313

1.589,114

1 .4 8 8 .6 7 0

1 0 0 .4 4 4

955,013

8 9 3 .1 8 5

6 1 .8 2 8

429,252

3 9 8 .5 0 2

3 0 .7 5 0

204.849

1 9 6 .9 8 3

7 .8 6 6

1,589,114

1 .4 8 8 .6 7 0

1 0 0 .4 4 4

N et additions to capital fro m in co m e .................................... 1,836.824 1,034,478 385,423 416.923 1,838.137 1.313

Number of banking employees (exclusive of building employees), December 31:

Active o ffic e rs .........................................

Other em ployees.........................................

1 5 3 .6 5 5

6 7 9 ,0 8 4

8 2 .5 9 7

3 9 7 .2 7 0

2 5 .9 3 5

14 8 .9 9 7

4 5 .1 2 3

13 2 .8 1 7

1 5 3 .4 2 6

6 7 8 .3 1 5

22 9

769

M em oranda

Recoveries credited to valuation reserves (not included in recoveries above):

On securities.....................................................

On lo a n s ....................................

Losses charged to valuation reserves (not included in losses above):

On securitites...........................................

On lo a n s .............................................

1.913

219.1 15

3 2 .2 6 2

6 2 9 .7 0 7

8 9 0

1 4 2 .5 6 5

2 8 ,2 9 9

3 9 6 .1 0 4

3 6 9

4 1 ,9 3 3

1 ,5 1 0

1 0 4 ,8 4 8

6 5 4

3 4 .6 1 7

2 .4 5 3

1 2 8 .7 5 5

1.913

2 1 9 .1 1 5

3 2 .2 6 2 .

6 2 9 .6 9 5 12

O ccupancy expense of bank premises

O ccupancy expense of bank prem ises, net— to ta l..............................................

Rental and other in co m e .....................................

Occupancy expense of bank prem ises, gross— to ta l........................

Salaries— building department office rs......................

Salaries and wages— building department em ployees..........................

Building department personnel be nefits....................................

Recurring depreciation.............................................

Maintenance and repairs...........................................

Insurance and utilities.............................................................

Rents paid...............................................

Taxes .................................................................

970.034

2 0 3 .3 8 9

1.173,423

4 .3 1 2

111.6 2 6

13.969

2 0 4 ,3 8 3

14 5 .8 0 8

193.0 3 8

3 3 6 .3 5 5

163.9 3 2

553.516

1 3 4 .4 4 8

687.964

2 .6 6 9

6 7 .2 3 6

8 .7 2 5

1 2 3 .2 0 7

89.221

111.497

1 8 5 .6 5 2

9 9 .7 5 7

229,700

4 8 .0 1 9

277.719

1.027

27.1 17

3 .9 8 9

4 5 ,0 0 4

2 9 .0 0 9

4 2 .7 2 5

9 2 .0 3 9

3 6 .8 0 9

186.818

2 0 .9 2 2

207.740

6 1 6

17.273

1.255

3 6 .1 7 2

2 7 .5 7 8

3 8 .8 1 6

5 8 .6 6 4

2 7 .3 6 6

969,238

2 0 3 .3 6 5

1.172.603

4 .3 1 0

1 11.5 9 4

1 3.964

2 0 4 .2 6 8

1 45.7 1 8

192.872

3 3 6 .0 2 2

1 63,855

796

24

820

2

32

5

115

90

166

333

77

Number of building employees, December 31:

O ffice rs.........................................................

Other em ployees...............................................

4 6 3

3 3 .5 2 3

261

18.821

77

6 .4 6 8

125

8 .2 3 4

4 6 3

3 3 ,4 8 7 36

Number of banks, December 3 1 ........................... 13.488 4 ,7 1 6 1,261 7.511 13,408 80

N ote: The figures in this table may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in rounding techniques.

INCOME OF INSURED BANKS 203

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 

(Amounts in thousands of dollars)

Table 116. INCOME OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 IN THE UNITED STATES (STATES

AND OTHER AREAS)

Banks with deposits of— 2

Income item banks1 Less

than

$1,000,000

$1,000,000

to

$2,000,000

$ 2 ,000,000

to

$ 5 ,000,000

$5,000,000

to

$ 10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Current operating revenue— to ta l............................. 25,468,034 10,937 109,051 718,913 1.420,339 2,656,149 2,057,261 1,889,110 4,724,312 11,881,962

Interest on U.S. Government obligations 3.002.561 2.957 29,321 166.661 277.909 449,492 300,604 259,255 549.002 967.360

Interest and dividends on other securities 2,375.476 574 6.148 53.565 127.868 266,082 220.507 204,139 457,078 1.039,515

Interest and discount on loans................................ 16.717.517 6.298 64,311 4 3 5 .414 878.622 1.658.067 1.300.331 1,194,783 3,069,275 8.110.416

Service charges and fees on loans 397.084 90 383 4.190 11.001 29.816 27,590 34,092 84,431 205.491

Service charges on deposit accounts..................... 1,055.600 459 4,582 32.004 77.722 158.893 118,471 92,665 211,623 359,181

Other charges, commissions, fees, etc.................... 477,640 415 3.299 20,010 31.774 48.263 34,764 34.736 89,515 214,864

Trust department..................................................... 906.183 1 7 602 1.848 16,288 30,293 39.931 185.295 631,918

Other current operating revenue 535.973 143 1,000 6,467 13.595 29.248 24.701 29.509 78.093 353.217

Current operating expenses— to ta l........................... 19,343,131 8,249 82,285 549,461 1,088,122 2,049.040 1,595,034 1.472,123 3,593,790 8,905,027

Salaries— officers..................................................... 1,859.742 2,963 22.566 1 10,834 163.550 250,892 174,817 149.157 339.706 645.257

Salaries and wages— other employees 3.238,594 881 8,585 65.304 148.301 299,787 247,921 235,065 653.566 1.579.184

Officer and employee benefits 755,479 265 2,505 16,349 34.782 67,946 55,829 53.213 152.630 371.960

Fees paid to directors and committees 101,273 213 2.256 11,857 17.936 23,442 12,933 9,632 12.901 10.103

Interest on time and savings deposits 8.678.951 1,924 28.403 226,762 477,131 922,420 714.117 664,969 1.51 1.496 4.131,729

Interest on borrowed money 528.973 11 83 888 1,729 4.889 7.317 11.279 57,668 445,109

Occupancy expense of bank premises— net 969.238 457 3,692 24,724 52,847 103.150 82.086 78.288 191.757 432.237

Furniture and equipm ent........................................ 631.187 191 2.157 15.488 33,441 66.665 55.1 17 56.005 1 52.446 249,677

Other current operating expenses 2.579.694 1.344 12.038 77.255 1 58.405 309,849 244.897 214.515 521.620 1.039.771

Net current operating earnings 6.124,903 2,688 26,766 169,452 332,217 607.109 462,227 416,987 1,130,522 2,976,935

Recoveries, transfers from valuation reserves.

and profits— to t a l................................................ 325,949 160 1,880 9.633 20,185 37,175 28,838 35,885 62,453 129,740

On securities:

Profits on securities sold or redeemed 98.355 14 253 2,687 7.240 15,079 10.789 10,104 23,000 29,189

6,465 3 39 239 859 1,517 570 274 329 2.635

Transfers from valuation reserves 42,501 2 15 250 927 2,170 3.142 5.482 12.533 17,980

On loans:

12.419 101 1.037 3.339 3.281 2.470 601 428 332 830

Transfers from valuation reserves 58,681 18 111 1.154 2,571 4.376 3.020 7.923 7.632 31.876

107,528 22 425 1,964 5.307 11,563 10.716 11.674 18.627 47.230

Losses, charge-offs, and transfers to valuation

reserves— to ta l..................................................... 1,756.668 519 5,918 42.083 86,830 161,874 128.543 121,385 285.381 924,135

On securities:

Losses on securities s o ld.................................... 536,909 41 413 4,861 10.702 23.387 24.189 28,128 78.157 367.031

Charge-offs prior to sale 12.1 17 3 47 938 1,687 2,985 822 391 1,790 3.454

Transfers to valuation reserves 54.960 2 58 436 1.470 3,806 4.608 5,435 9.352 29.793

On loans:

Losses and charge-offs........................................ 25,172 249 2,011 6.803 7.252 5.841 1.038 445 977 556

Transfers to valuation reserves 952.879 176 2.695 24.480 55.582 107,606 82.903 70,264 160.668 448.505

174.631 48 694 4.565 10,137 18.249 14.983 16.722 34,437 74,796

Net income before related taxes 4,694,184 2,329 22,728 137.002 265,572 482,410 362,522 331,487 907,594 2,182,540

204 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— to t a l......................................

Federal......................................................................

State ..........................................................................

1,266.933

1.086.787

180.146

468

432

36

4,953

4,544

409

33,757

30.887

2.870

67,699

62,707

4.992

126.637

118.145

8.492

97,332

90,481

6.851

79,620

73,301

6.319

249,371

229.669

19.702

607,096

476,621

130,475

Net income after related ta xe s ................................ 3,427,251 1,861 17,775 103,245 197,873 355,773 265,190 251.867 658,223 1.575,444

Dividends and interest on capital— to ta l................. 1.589,114 564 5,505 31,813 59,098 112,987 95,531 90,855 293,522 899,239

Cash dividends declared on common s to ck......... 1.488.670 564 5,495 31.732 58.776 111.350 93.116 86.987 280.579 820,071

Dividends declared on preferred stock and interest

on capital notes and debentures. . . ................. 100.444 10 81 322 1.637 2.415 3.868 12.943 79,168

Net additions to capital from incom e..................... 1,838.137 1,297 12,270 71,432 138.775 242,786 169.659 161,012 364,701 676,205

Number of banking employees (exclusive of building 

employees), December 31:

Active officers........................................................... 153.426 539 3.277 12.652 16.515 22.957 14.497 12.026 25,913 45,050

Other employees..................................................... 678.315 346 2.765 17.833 38.062 75,246 60.184 54.786 141,201 287,892

Memoranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities............................................................. 1.913 2 17 96 263 259 155 510 611

On loans. . ................................................................. 219.115 33 705 6.596 15.336 27,463 17,515 17.944 33,868 99,655

Losses charged to valuation reserves (not included 

in losses above):

On securities................................................. *......... 32.262 3 73 278 1.297 2.706 1.681 5,688 20,536

On loans.................................................................... 629.695 120 1.907 18.267 4 0 .970 82.610 60.429 55,054 1 12.393 257,945

Occupancy expense of bank premises

Occupancy expense of bank premises, net— total . 969,238 457 3,692 24,724 52,847 103,150 82.086 78,288 191,757 432,237

Rental and other income......................................... 203.365 32 223 1.836 3.611 10.015 11.327 19.337 52,796 104.188

Occupancy expense of bank premises, grosstotal ...................................................................... 1,172,603 489 3,915 26,560 56,458 113,165 93.413 97,625 244.553 536,425

Salaries— building department officers ............... 4.310 33 53 63 60 99 151 240 942 2,669

S alaries and w ages— building departm ent

employees............................................................. 111.594 9 247 2.645 5.910 11.524 9.468 9.562 26.632 45,597

Building department personnel benefits............... 13.964 2 45 160 829 957 1.029 3,545 7.397

Recurring depreciation............................................ 204.268 44 645 5.691 11.951 22.848 17.879 17.644 40,420 87,146

Maintenance and repairs........................................ 145.718 57 529 3.231 6.927 14.641 13.057 13.525 31,982 61,769

Insurance and utilities............................................. 192.872 230 1.531 7.359 12.611 12,002 15.751 14.518 35,497 83.373

Rents pa id................................................................. 336.022 51 384 2.980 9.534 22,939 21.074 27,337 72,754 178.969

Taxes ........................................................................ 163.855 65 524 4,546 9.305 18,283 15.076 13.770 32.781 69.505

Number of building employees, December 31:

Officers...................................................................... 463 1 10 50 30 41 28 33 86 184

Other employees..................................................... 33.487 |I 42 502 2,621 3.343 4.201 2.878 2.849 6.856 10.195

Number of banks, December 3 1 ................................ 13,408 II 244 1.200 3,629 3.408 2.950 1,023 464 382 108

1 This group of banks is the same as the group shown in Table 11 5 under the heading "Operating thrc jghout the year".

2 For asset and liability data, see Table 109, p. 191.

Note: The figures in this table may differ slightly from those published by the Board of Governors of the Federal Reserve System and the Comptroller of the Currency because of differences in rounding techniques.

INCOME OF INSURED BANKS 205

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 117. RATIOS OF INCOME OF INSURED COMMERCIAL BANKS OPERATING THROUGHOUT 1968 IN THE UNITED

STATES (STATES AND OTHER AREAS)1

B A N K S G R O U P E D A C C O R D IN G TO A M O U N T O F D E P O S IT S

Income item

Banks with deposits of—

Less

than

$ 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 ,0 0 0 ,0 0 0

$ 5 ,0 0 0 ,0 0 0

to

$ 1 0 ,0 0 0 ,0 0 0

$ 1 0 ,0 0 0 ,0 0 0

to

$ 2 5 ,0 0 0 ,0 0 0

$ 2 5 ,0 0 0 ,0 0 0

to

$ 5 0 ,0 0 0 ,0 0 0

$ 5 0 ,0 0 0 ,0 0 0

to

$ 1 0 0 ,0 0 0 ,0 0 0

$ 1 0 0 ,0 0 0 ,0 0 0

to

$ 5 0 0 ,0 0 0 ,0 0 0

$ 5 0 0 ,0 0 0 ,0 0 0

or

more

A m ounts per $1 0 0 of current operating revenue

C urrent operating revenue— to ta l..................................... 100,00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Interest on U.S. Government ob ligatio ns.................... 27 0 4 26 89 23 .1 8 19.57 16.92 14.61 13 72 11.62 8.14

Interest and dividends on other se cu ritie s .................. 5,25 5 64 7 4 5 9 0 0 10 02 10.72 10.81 9 ^ 8 8 75

Income on lo a n s ............................................................... 58.41 59.32 6 1 .1 5 62 63 6 3 .5 5 64 55 65 05 6 6 .75 6 9 .99

Service charges on deposit a c c o u n ts .......................... 4 20 4 20 4 .4 5 5.47 5 98 5 76 4.91 4.48 3 0 2

Other service charges, commissions, fees, etc........ 3 79 3 03 2.7 8 2 24 1.82 1 69 1 84 1 89 1.81

Other current operating re v e n u e .................................. 1.32 92 .98 1 09 1.71 2.67 3 .68 5.58 8.29

C urrent operating expenses— t o t a l................................ 75.42 75.46 76.43 76.61 77.14 77.53 77.93 76.07 74.95

Salaries, wages, and fees................................................. 37.09 3 0 6 3 2 6 .1 5 23 22 21.61 21 18 20 85 2 1 .3 0 18 81

Officer and employee b e n e fits ....................................... 2.42 2 30 2 27 2.45 2 56 2.71 2 82 3 23 3 13

Interest on time and savings deposits.......................... 17 59 26 05 3 1 .5 4 33.59 3 4 73 34.71 3 5 .2 0 3 1 .99 34 77

Occupancy expense of bank premises— n e t .............. 4 18 3 39 3 4 4 3.72 3 88 3 99 4.1 4 4 0 6 3 64

Furniture and e q uipm en t................................................. 1 75 1 98 2 .15 2.35 2.51 2 68 2 96 3 23 2 10

Other current operating expenses................................ 12 39 11.11 10 87 1 1.27 1 1.85 12.26 1 1.95 12 26 12 50

N et current operating e a rn in g s ....................................... 24.58 24.54 23.57 23.39 22.86 22.47 22.07 23.93 25.05

A m ou nts per $ 1 0 0 of to ta l assets2

Current operating revenue— to ta l....................................... 4 0 1 5 51 5.61 5.64 5 68 5 69 5.68 5.57 5.26

Current operating expenses— total..................................... 3.03 4 16 4 .29 4 3 2 4 .3 8 4.41 4 43 4.2 4 3 94

Net current operating earnings........................................... 99 1 35 1.32 1.32 1.30 1.28 1.25 1.33 1.32

Recoveries, transfers from valuation reserves, and

profits— to t a l..................................................................... 06 .10 08 08 .08 08 .1 1 07 06

Losses, charge-offs, and transfers to valuation

reserves— t o t a l................................................................. 19 3 0 33 .34 .35 36 37 34 .41

Net income before related taxes......................................... 85 1.15 1 07 1.05 1.03 1 0 0 1 0 0 1.07 .97

Net income after related ta x e s ........................................... 68 90 .81 79 .76 .73 76 .78 .70

M em oranda

Recoveries credited to valuation reserves (not included 

in recoveries above):

On lo a n s .............................................................................

Losses charged to valuation reserves (not included 

in losses above):

On securities.......................................................................

On lo a n s .............................................................................

.01

04

<3)

04

<3)

.10

(3)

.05

(3)

.14

<3)

.06

(3)

.16

(3)

06

<3)

.18

(3)

05

.01

.17

(3)

.05

.01

.17

<3)

04

.01

.13

(3)

.04

.01

.11

206 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
A m ounts per $ 1 0 0 of to ta l capital accounts2

Net current operating earnings.......................................... 9 95 12 39 13 95 15 92 17 00 17.73 17.07 18 18 17.67

Recoveries, transfers from valuation reserves, and

profits— to ta l..................................................................... .59 .87 .79 .97 1 04 1.1 1 1.47 1.00 .77

Losses, charge-offs, and transfers to valuation

reserves— t o t a l................................................................. 1 92 2 74 3 46 4.16 4 53 493 497 4.59 549

Net income before related taxes........................................ 8 62 10 52 11 28 12 73 13.51 13 90 13.57 14.59 12 96

Taxes on net incom e............................................................. 1.73 2 29 2 78 3 24 3 55 3 73 3 26 4.01 3.60

Net income after ta x e s ......................................................... 6 89 8 23 8.50 9 48 9 96 10.17 10.31 10 58 9.35

Cash dividends declared...................................................... 2 09 2 55 2 62 2 83 3.16 3 66 3.72 4.72 5.34

Net additions to capital from incom e................................ 4.80 5.68 5 88 6 65 6.80 6 51 6 59 5.86 4.01

M em oranda

Recoveries credited to reserve accounts (not included

in recoveries above):

On securities....................................................................... (3) (3) (3) .01 .01 .01 .01

On loans............................................................................... .12 .33 .54 74 77 .67 .73 .54 .59

Losses charged to reserve accounts (not included in

losses above):

On securities....................................................................... (3) .01 01 .04 .10 .07 .09 .12

On lo a n s ............................................................................. .44 88 1 50 1.96 2 31 2 32 2 25 1 81 1.53

Special ra tio s2

Income on loans per $ 1 00 of lo a n s .................................. 5.15 7 22 7.17 7.12 7.04 6.92 6 96 6 84 6 57

Income on U.S. Government obligations per $100 of

U.S. Government o b lig a tio n s ........................................ 3.99 5.06 5.07 5.04 500 4.95 4.89 483 4.79

Income on other securities per $ 1 00 of other securities 1.87 2 85 3 18 3.31 3 43 3.64 3.69 3.66 3.77

Service charges per $1 00 of demand d e posits.............. .36 .46 .55 71 .81 .77 65 .53 .34

Interest paid per $1 00 of time and savings deposits . .. 1.74 3 80 3 98 4.03 4.06 4.12 4.23 4.22 4.95

Occupancy expense o f bank prem ises per $ 1 00

o f current operating revenue

Occupancy expense of bank prem ises, net— total. . . . 4.18 3.39 3 44 3.72 3.88 3.99 4.14 4.06 3.64

Rental and other in c o m e ..................................................... .29 .20 .26 .25 .38 .55 1.02 1.12 88

Occupancy expense of bank prem ises, gross— total. . 4.47 3.59 3.69 3.97 4.26 4.54 5.17 5.18 4.51

Salaries and wages— building department officers

and e m ployees............................................................. .38 .28 38 42 44 .47 .52 .58 .41

Building department personnel b e n e fits ...................... .01 .01 03 .05 .05 08 .06

Recurring depreciation.................................................... .40 59 .79 84 .86 .87 .93 .86 .73

Maintenance and re pairs................................................ 52 .49 .45 49 55 63 72 68 .52

Insurance and utilities....................................................... 2.10 1.40 1.02 89 83 .77 .77 .75 .70

Rents paid........................................................................... 47 .35 .41 67 .86 1.02 1.45 1.54 1.51

Taxes ................................................................................... .59 .48 .63 66 69 .73 .73 .69 .58

Number of banks, December 3 1 ........................................ 244 1.200 3.629 3,408 2.950 1.023 464 382 108

1 This group of banks is the same as the group shown in Table 11 5 under the heading "Operating throughout the year."

2 Ratios are based upon average assets and liabilities reported at beginning, middle, and end of year.

3 Less than .005.

INCOME OF INSURED BANKS 207

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMM ERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),

BY STATE, 1968

(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item

Total

United

States

Other areas 50 States 

and 

DC.

Puerto Alabama Alaska Arizona Arkansas California Colorado

Rico

Virgin

Islands

C urrent operating revenue— to ta l............................... 2 5 ,4 7 8 ,4 0 4 8 5 ,1 9 3 4 ,0 6 2 2 5 ,3 8 9 ,1 4 9 2 4 9 ,8 6 1 2 9 .1 1 2 1 8 9 ,0 0 2 1 4 2 ,5 7 1 2 ,9 0 9 ,8 8 1 24 4 ,0 8 1

Interest on U.S. Government o b lig a tio n s .............. 3.004,655 7,529 450 2.996.676 39.262 3.989 14.128 19,812 229,987 27,381

Interest and dividends on other s e c u ritie s ............ 2,376,223 5.192 449 2.370.582 24,668 2.338 14.154 14,645 259.435 15,638

Interest and discount on lo a n s ................................. 16.723.099 57.387 2,221 16.663,491 157,025 16.879 134.565 93,303 1,971.315 157,339

Service charges and fees on lo a n s........................... 397.980 7,885 607 389.488 2.699 1,345 3,772 703 69,989 4.543

Service charges on deposit accounts....................... 1.055,964 2,81 1 56 1,053.097 14.085 2,414 1 1.696 7,760 159.812 17.080

Other charges, commissions, fees, etc.................... 478.028 2,325 101 475.602 5.036 1,649 3.698 3,543 54.310 5.521

Trust departm ent......................................................... 906.206 52 906.154 4,510 145 4.101 1,394 77.729 10,136

Other current operating revenue............................... 536.249 2,012 178 534.059 2,576 353 2,888 1,41 1 87.304 6.443

C urrent operating expenses— to ta l............................. 1 9 ,3 5 4 ,2 3 7 7 0 ,5 7 6 3,451 1 9 ,2 8 0 ,2 1 0 1 8 3 ,5 1 9 2 3 ,0 4 5 1 5 5 .0 9 4 1 0 8 ,4 9 0 2 ,3 4 5 ,6 5 2 1 8 7 ,8 2 4

Salaries— o ffic e rs ....................................................... 1,861.448 6.773 292 1.854.383 23.063 3,319 15.598 15,950 214.753 22.095

Salaries and wages— other em ployees.................. 3.240.355 14,529 766 3.225.060 32.639 5.034 29.197 17,158 395.002 31,786

Officer and employee benefits................................... 755.744 3.421 175 752.148 7.550 839 6.121 3,795 85.655 6,305

Fees paid to directors and com m ittees.................. 101,313 214 11 101.088 1.510 68 224 1.499 2.104 1.492

Interest on time and savings de posits.................... 8.681,705 26,500 1.526 8.653.679 74,545 7.943 67,818 39.853 1,153,584 74.978

Interest on borrowed m o n e y..................................... 528,986 831 22 528.133 638 35 2.313 1,187 61,475 2,397

Occupancy expense of bank premises— n e t.......... 970.034 4.084 152 965.798 8.625 1.374 8.612 6.553 127,247 10.427

Furniture and e q u ip m e n t........................................... 631.564 2.295 55 629,214 7.415 1,149 5.291 4.715 66,401 8.016

Other current operating e xp enses........................... 2.583.088 11.929 452 2.570.707 27.534 3.284 19.920 17,780 239,431 30.328

N et current operating e a rn in g s ................................. 6 ,1 2 4 ,1 6 7 1 4,617 611 6 .1 0 8 ,9 3 9 6 6 ,3 4 2 6 ,0 6 7 3 3 .9 0 8 3 4,081 5 6 4 ,2 2 9 56,257

Recoveries, transfers from valuation reserves.

and pro fits— t o t a l................................................... 3 2 6 ,0 3 4 1 ,5 7 4 2 3 2 4 ,4 5 8 3 ,2 2 4 2 7 2 2 .2 2 3 1 .8 8 8 2 1 .0 0 3 2 ,4 9 8

On securities:

Profits on securities sold or re deem ed.............. 98.417 1,172 97.245 1,785 61 160 811 4.640 954

Recoveries................................................................ 6.465 6.465 51 5 30 80

Transfers from valuation re se rve s....................... 42.501 42,501 371 4.363 214

On loans:

R ecoveries............................................................... 12,419 88 12,331 1 72 6 344 913 293

Transfers from valuation re serves....................... 58,681 44 58,637 184 115 1.214 63

All oth er.......................................................................... 107,551 270 2 107,279 661 211 2.057 613 9,843 894

Losses, charge-offs, and transfers to valuation

reserves— t o t a l ....................................................... 1 ,7 5 7 ,2 1 9 5 ,1 9 8 243 1 ,7 5 1 ,7 7 8 1 6 ,9 1 0 2 ,0 0 4 1 8 ,0 3 6 9 .4 9 3 1 9 6 ,8 0 4 1 4,916

On securities:

Losses on securities s o ld ....................................... 536,937 250 6 536,681 3,366 427 4,958 1,090 37.849 2.244

Charge-offs prior to sale......................................... 12.117 12.1 17 155 282 145 622 193

Transfers to valuation reserves............................. 54.960 54.960 352 57 1 1.086 1

On loans:

Losses and ch a rg e -o ffs......................................... 25.219 873 24.346 520 18 462 1,131 366

Transfers to valuation reserves............................. 953,305 3.869 231 949,205 9.971 1,305 1 1,817 6,033 1 18,995 10,1 10

All o th er.......................................................................... 174,681 206 6 174,469 2.546 272 961 1,706 27.121 2,002

Net incom e before related ta x e s ............................... 4 .6 9 2 .9 8 2 10,9 9 3 370 4 ,6 8 1 ,6 1 9 5 2 ,6 5 6 4 ,3 3 5 1 8 ,0 9 5 2 6 ,4 7 6 3 8 8 ,4 2 8 4 3 ,8 3 9

208 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l.........................................

Federal...........................................................................

S tate...............................................................................

1 .2 6 7 ,0 4 4

1,086.889

180.155

792

688

104

-4 8

-48

1 ,2 6 6 ,3 0 0

1.086.249

180.051

1 6 ,3 0 6

13.789

2,517

1 ,1 7 5

1,168

7

1 ,9 7 0

1,563

407

6 .0 5 3

6.053

9 5 ,7 6 2

55,966

39.796

14 ,2 1 9

11,958 

2,261

N et incom e after related ta x e s .................................. 3 ,4 2 5 ,9 3 8 10,201 4 1 8 3 ,4 1 5 .3 1 9 3 6 ,3 5 0 3 ,1 6 0 1 6 ,1 2 5 2 0 ,4 2 3 2 9 2 ,6 6 6 2 9 ,6 2 0

D ividends and interest on cap ita l— to ta l.................. 1 ,5 8 9 ,1 1 4 3.7 7 8 1 .5 8 5 .3 3 6 1 4 ,0 9 4 6 8 6 1 0 ,3 3 9 6 ,2 7 7 1 6 0 ,7 9 2 1 3 .0 1 8

Cash dividends declared on common s to c k .......... 1,488,670 3,168 1.485,502 14,091 645 8.891 5.984 145,476 12,674

Dividends declared on preferred stock and interest on capital notes and debenture s.................. 100,444 610 99,834 3 41 1,448 293 15,316 344

N et additions to capital from in c o m e ...................... 1 .8 3 6 .8 2 4 6 .423 4 1 8 1 .8 2 9 .9 8 3 2 2 ,2 5 6 2 .4 7 4 5 .7 8 6 1 4 .1 4 6 1 3 1 ,8 7 4 1 6 ,602

Number of banking employees (exclusive of building 

employees). December 31:

Active officers............................................................... 153.655 698 23 152,934 2.043 194 1.334 1.597 18.221 1,809

Other em ployees......................................................... 679,084 3,353 170 675,561 7,991 856 6.225 4.402 76.553 6.948

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities.................................................................

On lo a n s .......................................................................

1.913 

219.1 15 1,152 62

1,913

217.901

32

3,183

5

719 3,260

16

1.796

40

29.737 2,630

Losses charged to valuation reserves (not included 

in losses above):

On securities.................................................................

On lo a n s .......................................................................

32.262

629.707 2,743 126

32.262

626.838

119 

10.311 1,783 9.289

213

5.343

7,917

95.791 8,544

O ccupancy expense of

bank prem ises

Occupancy expense, net— to ta l.................................. 9 7 0 ,0 3 4 4 .0 8 4 152 9 6 5 ,7 9 8 8 ,6 2 5 1 .3 7 4 8 .6 1 2 6 ,5 5 3 1 2 7 ,2 4 7 1 0 ,427

Rental and other incom e................................................. 203.389 551 23 202.815 766 488 2.01 1 579 13,381 3,645

Occupancy expense, gross— to ta l. ............................. 1 .1 7 3 ,4 2 3 4 ,635 1 75 1 ,1 6 8 ,6 1 3 9,391 1.8 6 2 1 0 .6 2 3 7 ,1 3 2 1 4 0 ,6 2 8 14,072

Salaries— building department officers.................. 4.312 49 4.263 29 85 29 478 19

Salaries and w ages— building departm ent

employees................................................................. 111.626 406 1 1 1.220 990 36 744 815 5.173 1.134

Building department personnel b e n e fits ................ 13.969 89 13.880 107 12 117 75 843 127

Recurring depreciation............................................... 204.383 588 4 203.791 1.716 371 1.848 2.150 16.812 1.659

Maintenance and re p a irs........................................... 145.808 652 32 145.124 1.045 440 946 664 22.378 1,396

Insurance and u tilities................................................. 193.038 636 37 192.365 1.706 399 2.633 1.418 17,326 2,188

Rents p a id ............................................................. 336.355 1.967 98 334.290 3,393 307 3.091 1.032 61.404 5.915

Taxes ............................................................................. 163.932 248 4 163.680 405 297 1.159 949 16.214 1.634

Average assets and lia bilities

Total a s s e ts ..................................................................... 4 6 8 ,2 1 3 ,1 0 7 1 ,1 6 9 ,7 1 5 5 7 ,0 1 0 4 6 6 ,9 8 6 ,3 8 2 4 ,4 7 3 ,5 2 1 4 1 7 .6 8 7 2 .9 8 4 .5 2 3 2 ,7 0 4 ,7 3 1 4 8 ,7 3 2 ,1 3 8 3 ,9 6 4 ,9 1 7

Total d e p o s its ....................................... ...................... 4 0 7 ,5 0 8 ,2 6 0 1 ,0 2 7 .7 6 0 5 1 ,131 4 0 6 .4 2 9 ,3 6 9 4 ,0 1 3 ,2 2 8 3 8 4 .3 6 7 2 .6 5 0 ,7 2 0 2 ,4 3 7 ,6 6 0 4 2 ,6 6 7 ,6 0 5 3 .5 6 3 ,0 9 0

Total capital acco u n ts................................................... 3 5 ,3 3 2 ,1 4 8 9 3 ,6 4 0 4 ,4 0 9 3 5 ,2 3 4 ,0 9 9 3 6 8 ,4 2 9 2 7 ,1 3 8 1 9 9 ,9 5 5 2 2 2 ,9 8 4 3 ,1 9 8 ,3 6 6 2 9 6 .2 5 8

Number of building employees. December 31:

O ffic e rs .........................................................................

Other em ployees.........................................................

463

33.523

6

115

457

33.408

4

379 6

7

140

6

303

33

934

5

307

Number of banks, December 3 1 .................................. 13.488 7 1 13.480 268 10 13 245 156 219

INCOME OF INSURED BANKS 209

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS).

BY STATE, 1968— CONTINUED

(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item Connecticut Delaware D.C. Florida Georgia Hawaii Idaho Illinois Indiana Iowa

C urrent operating revenue— to ta l............................... 2 9 8 ,5 8 8 7 2 ,4 0 6 1 5 7 ,1 3 6 6 4 1 ,1 6 0 4 2 6 ,3 5 4 8 9 ,9 8 0 7 2 ,9 5 3 1 .8 4 4 .7 3 4 53 2 ,3 6 1 3 1 7 ,2 0 4

Interest on U.S. Government o b lig a tio n s .............. 24,447 8.834 29,364 108,508 46,668 7,957 8,044 275,630 96.258 55.531

Interest and dividends on other s e c u ritie s ............ 29,169 8,027 9,756 77,478 30.961 8.081 5,595 187,351 42,852 27,991

Interest and discount on lo a n s ................................. 196,743 42,286 94,062 357,291 271,006 60.727 49.180 1.161,355 333.931 203,707

Service charges and fees on lo a n s........................... 2.953 1,280 2.419 13.646 10,016 4.246 1.^16 19.354 6,590 1,483

Service charges on deposit accounts....................... 15,317 1,685 7,885 39.353 27.346 3,012 5.335 49,293 20.106 13,681

Other charges, commissions, fees, etc..................... 5.357 738 1,702 12,315 21,202 3,142 2,303 23,332 13.231 7,177

Trust departm ent.......................................................... 21,152 8,215 7,601 16,511 12,273 1,005 462 78,737 12,317 4,266

Other current operating revenue............................... 3,450 1,341 4,347 16,058 6.882 1.810 518 49.682 7,076 3.368

C urrent operating expenses— to ta l............................. 2 2 7 ,4 3 0 4 6 ,8 9 0 1 0 9 ,0 6 5 4 8 6 ,5 2 5 3 2 2 ,4 3 4 7 0 ,3 7 5 5 5 ,6 2 4 1 ,3 8 2 ,3 0 2 4 1 3 ,0 9 8 2 4 5 ,5 0 1

Salaries— o ffic e rs ....................................................... 24,477 6,229 10,685 51,225 37.012 6,567 7,088 121,487 44,849 39,177

Salaries and wages— other em ployees.................. 47,294 11,186 19,694 82,992 59.096 12,730 9,133 200,327 65,229 31,228

Officer and employee benefits................................... 1 1.464 2,320 3,500 17,550 16,866 3,836 2,236 51,665 14,1 17 8,174

Fees paid to directors and com m ittees.................. 1,179 280 586 3,938 2.924 308 225 7.646 3,287 1,721

Interest on time and savings d e posits.................... 83,044 15.017 43,830 204,278 1 16,685 30,074 23.754 683,881 179.824 1 10,716

Interest on borrowed m o n e y ..................................... 2,211 168 1,755 6.235 5,994 271 208 44,834 8.106 1.265

Occupancy expense of bank premises— net.......... 14,591 2.835 6,888 21,690 20,013 4.1 17 2.339 54,952 20.783 10.576

Furniture and e q u ip m e n t........................................... 9.594 2,552 3,762 22,552 1 1,864 3.082 2,541 40,363 15.199 8,974

Other current operating exp e n se s........................... 33,576 6.303 18,365 76,065 51,980 9,390 8.100 177,147 61,704 33,670

N et current operating e a rn in g s ................................. 7 1 ,1 5 8 2 5 ,5 1 6 48,071 1 5 4 ,6 3 5 1 0 3 ,9 2 0 1 9 ,6 0 5 1 7 ,3 2 9 4 6 2 ,4 3 2 1 1 9 ,2 6 3 7 1 ,7 0 3

Recoveries, transfers from valuation reserves,

and p rofits— t o t a l................................................... 2 ,0 3 0 1 .2 0 8 1,193 8 ,0 2 5 8 ,5 0 6 6 2 6 5 2 0 2 7 ,9 9 3 1 0 ,4 9 5 3 ,8 7 3

On securities:

Profits on securities sold or re deem ed.............. 439 292 581 2,328 2,579 24 123 8,690 3.407 1,853

R ecoveries................................................................ 24 2 2 175 112 2 2,726 116 139

Transfers from valuation re se rve s .................. 202 240 2.563 251 1,615 1.940 215

On loans:

R ecoveries............................................................... 2 13 16 188 185 3 68 423 275 306

Transfers from valuation re serves...................... 409 695 15 901 841 7,761 1.829 173

All o th e r.......................................................................... 954 206 579 4.193 2,226 599 76 6.778 2.928 1,187

Losses, charge-offs, and transfers to valuation

reserves— t o t a l ....................................................... 1 8 ,5 9 2 4 ,5 0 6 5,519 4 7 ,3 4 8 3 6 ,9 4 9 5 ,5 7 4 3 ,4 9 8 1 4 0 ,6 6 7 3 7 ,3 6 9 15,301

On securities:

Losses on securities so ld ....................................... 5,510 1,659 431 10,157 1 1,456 1,248 808 49,691 7,774 3,013

Charge-offs prior to sale......................................... 2 549 199 454 313 218

Transfers to valuation reserves............................. 45 17 476 622 45 8.992 1,837 113

On loans:

Losses and ch a rg e -o ffs......................................... 22 725 358 199 1,281 427 401

Transfers to valuation reserves............................. 11,319 2,649 4.003 30,497 19,569 3.395 2,023 71,185 23,228 9,583

All o th er.......................................................................... 1,716 176 1,068 4,944 4,745 931 423 9,064 3.790 1,973

N et incom e before related ta x e s ............................... 5 4 ,5 9 6 2 2 ,2 1 8 4 3 ,7 4 5 1 1 5 ,3 1 2 7 5 ,4 7 7 1 4 ,6 5 7 14.351 3 4 9 ,7 5 8 9 2 ,3 8 9 6 0 ,2 7 5

210 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l.........................................

Federal...........................................................................

State...............................................................................

1 7 ,1 3 2

11.854

5.278

7 ,9 9 0

7,537

453

1 8 .1 9 8

18.198

2 6 .9 2 2

26.922

1 9 .7 1 2

19.712

2 ,9 9 7

2,317

680

4,551

3.825

726

9 6 .2 5 6

96.256

2 5 .9 6 2

25.962

16.031

16.031

N et incom e after related ta x e s ................................... 3 7 ,4 6 4 1 4,228 2 5 ,5 4 7 8 8 ,3 9 0 5 5 ,7 6 5 1 1 ,6 6 0 9 ,8 0 0 2 5 3 ,5 0 2 6 6 ,4 2 7 4 4 ,2 4 4

D ividends and interest on capital— to ta l..................

Cash dividends declared on common s to c k ..........

Dividends declared on preferred stock and interest on capital notes and de benture s..................

N et additions to capital fro m in c o m e ......................

1 8 ,4 5 4

18,325

129

1 9 ,0 1 0

8.5 9 6

8.596

5 ,6 3 2

1 1 ,3 8 6

10.491

895

1 4 ,161

2 6 ,2 2 5

25.402

823

6 2 ,1 6 5

2 6 ,1 3 3

23.324

2.809

2 9 ,6 3 2

7,4 0 9 *

6,1 17

1,292

4,2 5 1

4 ,2 2 8

4.077

151

5 ,5 7 2

93 ,8 4 1

92,960

881

15 9 ,6 6 1

2 3 ,1 5 2

22.754

398

4 3 ,2 7 5

15,032

14,916

116

2 9 ,2 1 2

Number of banking employees (exclusive of building 

employees), December 31:

Active officers............................................................... 1.808 461 717 4.523 3,242 505 602 9,210 3.806 3,442

Other em ployees......................................................... 9,811 2,465 3,839 20.065 12.690 2,749 2.105 39,339 14,833 7,848

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

75 59 83 35 2

On lo a n s ....................................................................... 1,530 144 875 6.426 2.938 588 280 16,094 4,634 2,145

Losses charged to valuation reserves (not included 

in losses above):

On securities ............................................................... 295 346 425 4,970 23 171

On lo a n s ....................................................................... 6,273 678 3.407 21.868 8.902 2.071 1.336 49,91 1 16,214 6,243

O ccupancy expense of bank prem ises

Occupancy expense, net— to ta l.................................. 14.591 2 ,8 3 5 6 ,8 8 8 2 1 ,6 9 0 2 0 ,0 1 3 4 ,1 1 7 2 ,3 3 9 5 4 ,9 5 2 2 0 ,7 8 3 10 ,576

Rental and other incom e................................................. 2,036 229 1.206 6.555 2.861 1,615 353 13,075 3,257 1,601

Occupancy expense, gross— to ta l..............................

Salaries— building department o fficers..................

1 6 ,6 2 7

41

3 ,0 6 4 8 ,0 9 4 2 8 ,2 4 5

132

2 2 ,8 7 4

69

5 ,7 3 2

62

2 .6 9 2 6 8 ,0 2 7

223

2 4 ,0 4 0

66

12,177

37

Salaries and w ages— building departm ent

employees................................................................. 1,324 125 1.255 2,634 1,429 213 225 9,416 3.137 1,556

Building department personnel b e n e fits ................ 190 15 141 307 134 67 19 1,049 271 100

Recurring de preciation............................................... 2,868 308 1.036 5.365 3,733 818 640 11,339 4,396 2.224

Maintenance and re p a irs ........................................... 1,958 239 770 4,079 2.330 658 220 8.426 3,421 1.565

Insurance and u tilities................................................. 3,374 449 1.389 5,482 3.148 1,275 555 8.793 4,102 2,303

Rents p a id ..................................................................... 4,323 1,818 2,688 5,513 7.873 2,199 678 19.1 15 5,533 2,566

Taxes ............................................................................. 2,549 110 815 4,733 4.158 440 355 9.666 3,114 1,826

Average assets and lia b ilitie s 1

Total a s s e ts ..................................................................... 5 .0 4 9 .4 6 0 1 ,2 5 0 ,1 2 5 2 .9 2 9 .4 2 2 1 1 .5 0 2 .2 3 7 6 .8 0 5 ,7 2 7 1 ,4 1 0 ,9 7 8 1 .1 8 8 .1 2 9 3 4 ,6 3 1 .8 9 8 9 ,9 0 1 ,7 7 4 5 ,9 7 9 ,7 4 8

Total d e p o s its ................................................................. 4 .4 6 5 ,0 1 0 1 ,1 0 4 ,3 4 2 2 .6 3 2 .4 7 8 1 0 ,3 8 2 ,9 0 7 6 ,0 0 1 ,9 6 1 1 ,2 5 8 ,9 8 9 1 ,0 7 8 ,3 8 2 2 9 .9 3 3 .4 0 8 8 ,8 3 4 ,5 2 7 5 ,4 1 9 ,2 7 4

Total capital a cco u n ts................................................... 3 9 0 .1 5 8 1 1 4 ,1 9 9 2 1 9 ,7 7 5 8 1 7 ,3 5 0 5 7 2 ,8 3 2 1 2 6 ,7 5 1 8 2 ,6 0 8 2 .6 1 6 .4 4 6 6 9 0 ,5 0 3 4 8 8 ,9 4 6

Number of building employees, December 31:

O ffic e rs ......................................................................... 4 13 17 4 1 20 1 1 14

Other em ployees......................................................... 305 48 272 664 515 85 65 2.141 1.029 780

Number of banks, December 3 1 ................................... 63 19 14 456 417 7 26 1.069 41 1 661

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),

BY STATE, 1968— CONTINUED

(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item Kansas Kentucky Louisiana Maine Maryland Massachusetts

Michigan Minnesota MississippiMissouri

C urrent operating revenue— to ta l.............................. 2 5 0 ,9 0 8 2 4 5 ,0 9 4 31 9 .7 3 1 7 0 ,9 9 9 2 6 6 ,3 5 1 6 3 5 .5 6 1 1 .1 1 8 .7 3 2 4 8 2 ,6 0 7 1 5 9 .0 1 3 5 9 1 ,7 9 8

Interest on U.S. Government o b lig a tio n s .............. 48.741 45.742 57.017 6.359 37.584 55.161 139.526 69.225 21.086 98.122

Interest and dividends on other s e c u ritie s ............ 25,487 22.687 29.397 6.724 20.127 54,035 109.069 48.317 16.965 64.736

Interest and discount on lo a n s ................................ 151,771 150.654 196.438 48,752 173.689 415.971 758.039 298,767 99.973 368.363

Service charges and fees on loan s.......................... 1.472 3.678 3.566 730 5.298 7,260 20.970 5.092 742 4.827

Service charges on deposit accounts...................... 13.677 8.569 16.635 3.893 17.272 31.230 36.702 22.258 9.282 20.160

Other charges, commissions, fees, etc.................... 4.572 3.1 11 9.544 771 4.257 18.660 15.557 20.273 5.788 8.848

Trust departm ent......................................................... 2,490 7.601 2.215 2.660 5,135 35.957 26.541 12,360 1,278 14.223

Other current operating revenue.............................. 2.698 3.052 4,919 1.110 2.989 17.287 12.328 6.315 3,899 12.519

C urrent operating expenses— to ta l............................ 1 7 9 ,3 7 2 1 7 7 ,5 6 2 2 3 8 .3 9 9 5 6 ,1 5 7 1 9 1 .7 9 9 4 6 3 ,1 9 8 9 1 2 .1 4 6 3 8 0 .2 3 3 1 1 7 .2 4 3 4 3 1 ,1 1 2

Salaries— o ffic e rs ....................................................... 30.094 22.971 25,742 6.130 17.614 45.525 58.311 45.063 15.934 47,612

Salaries and wages— other em ployees.................. 23.845 28,927 39.240 10,901 41.071 100.564 141.343 48.216 19.760 67.569

Officer and employee benefits.................................. 6.127 6.596 8,411 2.383 7.793 24.059 28.954 12,959 4.835 13.730

Fees paid to directors and com m ittees.................. 2.049 1.889 2.889 507 1.323 1.883 3.297 2,913 1,412 3.595

Interest on time and savings deposits.................... 76.670 72.020 92.210 20.526 68.431 148.009 497.507 184.756 39.702 192.795

Interest on borrowed m o ney.................................... 896 1.460 4.130 948 3.595 26.445 22.823 10.933 1,432 1 1.604

Occupancy expense of bank premises— net.......... 7.986 8.657 13.462 3.331 12.877 29.314 40,035 14.485 5.075 18,180

Furniture and e q u ip m e n t........................................... 6.420 6,885 9.406 2.433 8.626 18.881 23.472 13.413 6.085 14.747

Other current operating e xp enses.......................... 25.285 28.157 42,909 8.998 30.469 68,518 96.404 47.495 23.008 61.280

N et current operating e a rn in g s ................................ 7 1 ,5 3 6 6 7 .5 3 2 8 1 ,3 3 2 1 4 .8 4 2 7 4 ,5 5 2 1 7 2 .3 6 3 2 0 6 .5 8 6 1 0 2 .3 7 4 4 1 .7 7 0 1 6 0 .6 8 6

Recoveries, transfers from valuation reserves,

and pro fits— t o t a l................................................... 2 ,9 9 3 4 ,1 3 6 6 ,1 4 8 8 5 2 8 ,4 2 7 8 .2 2 2 7 .0 4 2 4 .8 9 3 3 .5 3 2 1 1 .4 3 5

On securities:

Profits on securities sold or redeem ed.............. 930 1.273 2,600 347 687 587 3.175 1.558 517 4.183

R ecoveries............................................................... 27 67 37 21 84 54 67 184 487 71

Transfers from valuation re serves...................... 473 345 591 15 1,491 266 402 221 586 691

On loans:

Recoveries............................................................... 569 245 283 34 151 49 149 573 312 408

Transfers from valuation re serves...................... 249 143 440 23 2,496 3.380 495 288 851 3.306

All oth er....................................................................... 745 2.063 2,197 412 3,518 3.886 2.754 2.069 779 2.776

Losses, charge-offs, and transfers to valuation

reserves— t o t a l ....................................................... 1 3 ,8 8 7 1 4 .8 0 4 2 0 .6 3 3 3 .4 8 3 1 6 ,2 6 9 5 5 .1 2 3 6 2 .9 5 0 2 8 ,1 2 4 1 4 ,9 4 0 3 6 .4 2 0

On securities:

Losses on securities so ld ...................................... 2.1 17 1.242 1,349 1.416 2.369 16.642 26.034 7.288 1,156 8.791

Charge-offs prior to sale........................................ 412 367 406 29 52 34 216 938 819 300

Transfers to valuation reserves............................ 174 1.018 1,432 15 888 1.109 12 80 2.192 1.284

On loans:

Losses and ch a rg e -o ffs......................................... 1.253 294 622 3 458 152 306 515 591 653

Transfers to valuation reserves............................ 8.233 9.153 13,499 1.353 10.031 29,141 32.005 15.431 7.866 21.469

All other......................................................................... 1,698 2.730 3.325 667 2.471 8,045 4.377 3.872 2.316 3.923

N et incom e before related ta x e s .............................. 6 0 ,6 4 2 5 6 .8 6 4 6 6 ,8 4 7 12,211 6 6 .7 1 0 1 2 5 ,4 6 2 1 5 0 ,6 7 8 7 9 .1 4 3 3 0 ,3 6 2 1 3 5 ,701

212 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l..........................

Federal..................................................

State.........................................................

17,161

15.723

1.438

1 7 .2 8 4

17.284

1 9 .1 7 3

19.173

2 .1 2 3

2.123

2 2 .7 5 0

21.814

936

4 1 .4 7 5

30,182

11,293

2 5 ,4 7 8

18.637

6,841

2 4 ,3 3 5

15.624

8.711

7 .9 0 6

7.906

43,901

41,005

2.896

N et incom e after related ta x e s ............................

Dividends and interest on cap ita l— to ta l............

Cash dividends declared on common stock .... 

Dividends declared on preferred stock and 

interest on capital notes and debentures . . .

N et additions to capital fro m in c o m e ................

43,4 8 1 3 9 ,5 8 0 4 7 ,6 7 4 1 0 .0 8 8 4 3 .9 6 0 8 3 ,9 8 7 1 2 5 ,2 0 0 5 4 ,8 0 8 2 2 ,4 5 6 9 1 .8 0 0

1 2 ,8 8 4

12.559

325

3 0 ,5 9 7

1 3 .2 9 0

13.098

192

2 6 .2 9 0

15.521

14.930

591

3 2 .1 5 3

4 .7 6 4

4.686

78

5 .3 2 4

1 6 ,3 5 2

15.735

617

2 7 ,6 0 8

4 3 .8 7 0

43.708

162

4 0 .1 1 7

5 4 ,7 5 0

49,882

4.868

7 0 ,4 5 0

2 3 ,2 8 3

23.031

252

3 1 ,5 2 5

9 ,6 6 3

9.353

310

1 2 ,7 9 3

39.541

37,923

1.618

5 2 ,2 5 9

Number of banking employees (exclusive of building employees), December 31:

Active officers................................

Other em ployees..........................

2.841

5.887

2,391

7.228

2.134

9.030

558

2,602

1.540

9.334

3.480

21.063

4.266

29.402

4.086 

11.694

1.490

4,643

4,211 

16.156

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities..........................................

On lo a n s ................................................

Losses charged to valuation reserves (not included 

in losses above):

On securities..................................

On lo a n s ..............................................

27

2.809

101

7.210

29

1,716

147

5.702

45

3,242

50

9,631

758

123

1.562

1

1.086

156

6.236

74

5.023

1.570

17.338

9.154

20

17.597

1

3,132

6.267

2

1.553

222

6.131

81

3,455

220

10.336

Occupancy expense of bank prem ises

Occupancy expense, net— to ta l..................................

Rental and other incom e................................

Occupancy expense, gross— to ta l..............................

Salaries— building department officers..................

Salaries and w ages— building departm ent

employees.................................................................

Building department personnel b e n e fits................

Recurring depreciation..............................................

Maintenance and re p a irs..........................................

Insurance and utilities................................................

Rents p a id .....................................................................

Taxes .............................................................................

7 ,9 8 6

1.437

9 ,4 2 3

72

1.037

56

1.866

1.263

1.925

1.886

1.318

8 ,6 5 7

1,447

1 0 ,1 0 4

22

1,516

129

1,770

1.452

1.868

2.103

1.244

1 3 ,4 6 2

2.879

1 6 ,341

39

1.760

158

2.388

1.906

3.201

4.172

2.717

3.331

599

3 .9 3 0

12

543

49

762

431

626

960

547

1 2 ,8 7 7

1,438

1 4 ,3 1 5

30

777

135

2.670

2.233

2.415

4.681

1,374

2 9 ,3 1 4

3.909

3 3 ,2 2 3

210

2,855

480

4.435

3,413

5,836

10,733

5.261

4 0 ,0 3 5

5.950

4 5 ,9 8 5

197

5.756

750

8.401

7,244

7.754

9.581

6.302

1 4 ,4 8 5

5.473

1 9 ,9 5 8

34

1.561

98

2.903

2,381

4,006

5.963

3,012

5 ,0 7 5

2.097

7 ,1 7 2

14

698

69

1,297

1.090

1.489

989

1.526

1 8 ,1 8 0

2,198

2 0 ,3 7 8

89

2.664

321

4.542

2.564

3.976

4.284

1.938

Average assets and lia b ilitie s 1

Total a s s e ts ....................................................................

Total d e p o s its .................................................................

Total capital acco unts..................................................

4 ,6 1 6 ,0 0 3

4 ,1 5 8 ,9 2 8

4 0 9 ,4 2 2

4 ,7 6 2 ,7 8 5

4 ,3 0 8 ,3 3 3

3 8 3 ,6 7 0

5 ,9 9 2 ,2 1 3

5 .3 7 8 ,2 0 2

4 7 9 ,2 5 7

T .1 7 3 ,2 7 6

1 .0 2 4 ,9 6 4

1 0 0 .7 3 5

4 ,8 0 2 ,8 2 1

4 ,2 6 9 ,2 6 7

3 7 6 ,3 7 9

1 1 ,0 4 8 ,7 6 8

9 ,3 2 8 ,3 3 9

8 8 0 ,7 2 1

1 9 .9 3 4 ,2 5 3

1 8 ,0 8 1 ,6 6 2

1 ,2 3 9 ,0 9 0

8 ,6 4 7 ,8 2 6

7 ,7 3 6 ,3 4 4

6 0 1 ,5 1 9

2 ,8 2 7 .2 1 6

2 ,52 8 ,1 5 1

2 1 5 .4 8 4

1 1 ,4 5 3 ,1 3 7

1 0 ,1 8 0 ,1 8 2

9 19,141

Number of building employees, December 31:

O ffic e rs .................................................................

Other em ployees........................................................

9

481

5

582

14

536

1

238

2

310

17

772

17

2.816

11

710

2

278

11 

910

Number of banks, December 3 1 .................................. 600 341 228 40 121 153 336 720 185 659

INCOME OF INSURED BANKS 213

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),

BY STATE, 1968— CONTINUED 

(a m o u n t s in T h o u s a n d s o f d o l l a r s )

Income item Montana Nebraska Nevada New

Hampshire

New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota

Ohio

C urrent operating re venue -total................................. 8 4 ,9 3 5 1 7 6 ,6 6 5 6 0 ,8 9 3 5 1 .2 5 4 7 4 2 .7 4 1 7 4 .5 7 9 4 ,7 5 2 .2 7 0 3 8 9 ,1 0 1 7 2 .7 4 3 1 .1 2 0 .6 0 9

Interest on U.S. Government o b lig a tio n s.............. 13.790 26.214 7.71 1 5.568 83,317 10,688 376.256 36,630 13,913 167.142

Interest and dividends on other s e c u ritie s ............ 7,314 14.870 4.853 3.176 92.779 5,637 400.427 43.051 8,093 125.519

Interest and discount on lo a n s ................................. 53,397 115.593 39,194 36.622 481,031 48.421 3.277.209 244,027 42,470 708.1 14

Service charges and fees on lo a n s........................... 1,168 848 1,891 443 9,832 671 66.268 18,135 491 11.459

Service charges on deposit accounts...................... 5.300 8.131 3.780 3.213 36.344 5.254 108,097 17,443 3,225 44.266

Other charges, commissions, fees, etc.................... 2.286 4.912 887 717 10.079 1,919 71.535 13.389 3,445 14,794

Trust departm ent......................................................... 809 3.352 1.454 790 21.692 914 293.400 10.518 534 36.919

Other current operating revenue............................... 871 2.745 1.123 725 7.667 1.075 159,078 5,908 572 12.396

C urrent operating expenses— to ta l............................. 6 7 ,0 6 8 1 3 0 ,6 9 9 4 5 ,9 1 2 3 8 .4 0 7 5 6 8 ,3 6 4 5 8 ,8 4 3 3 ,4 8 9 ,0 1 5 3 0 5 ,3 7 0 5 7 ,8 3 0 8 3 4 .1 4 6

Salaries— officers......................................................... 9.352 22,668 5.028 4.469 50.800 7,779 237,210 35,186 8.348 70.094

Salaries and wages— other em ployees.................. 8,611 17,637 7.862 6.312 103,043 10.203 640,575 57,044 6.180 132.690

Officer and employee benefits................................... 2.769 5.072 1.402 1.538 24,443 1,944 157.033 12,812 1.991 26.856

Fees paid to directors and co m m itte e s.................. 550 1.414 135 427 4.663 506 6.381 1,210 630 4.078

Interest on tim e and savings de posits.................... 28.293 51,465 19.045 15.735 250.048 21.177 1.572.081 122,469 29,668 398.085

Interest on borrowed m o ney..................................... 748 1.240 371 175 3.667 475 184,883 7,023 154 15.314

Occupancy expense of bank premises— ne t.......... 2.966 5,472 3.016 2.067 33.003 3.200 187,549 15.415 2,208 34.962

Furniture and e q u ip m e n t........................................... 2,255 5.739 1.923 1,392 20.279 2,699 83.564 11.929 1,507 24,302

Other current operating e xp enses........................... 11.524 19.992 7.130 6.292 78.418 10,860 419,739 42.282 7,144 127,765

N et current operating e a rn in g s ................................. 1 7 ,8 6 7 4 5 ,9 6 6 14,981 1 2 .8 4 7 1 7 4 ,3 7 7 1 5 ,7 3 6 1 ,2 6 3 ,2 5 5 83 .7 3 1 1 4 .9 1 3 2 8 6 .4 6 3

Recoveries, transfers fro m valuation reserves.

and pro fits— t o t a l...................................................

On securities:

1 ,625 2 ,9 9 0 718 1.221 9 .2 5 2 881 4 0 ,8 3 4 8 .5 2 7 71 4 2 6 ,1 0 5

Profits on securities sold or redeem ed.............. 262 579 107 684 4.889 269 13.896 831 331 6,584

R ecoveries............................................................... 121 19 12 163 3 614 22 36 262

Transfers from valuation re serves.......................

On loans:

361 1.232 38 57 600 51 1.771 194 9.708

R ecoveries............................................................... 190 242 13 170 68 422 50 66 427

Transfers from valuation re serves...................... 188 302 40 5 1.327 45 7.862 1.950 131 5.524

All o th e r.......................................................................... 503 616 533 450 2,103 445 16.269 5.480 150 3.600

Losses, charge-offs, and transfers to valuation

reserves— t o t a l .......................................................

On securities:

4 .3 1 7 10 ,2 7 7 8 ,3 8 8 3 .0 1 3 3 7 .6 7 5 3 ,6 9 8 3 8 9 ,0 2 9 2 7 ,1 7 8 3 ,0 2 0 8 1 ,5 8 9

Losses on securities so ld ....................................... 1,050 2.585 2.662 482 10.435 429 188.538 9.538 922 28.762

Charge-offs prior to sale......................................... 179 183 13 1.010 24 593 38 88 999

Transfers to valuation reserves.............................

On loans:

357 169 7 510 30 957 1,393 1 6.833

Losses and ch a rg e -o ffs......................................... 282 193 5 291 178 572 117 50 2,590

Transfers to valuation reserves............................. 1.907 6.182 4.655 1,791 20.943 2,440 181,108 12,300 1,619 37,841

All oth er......................................................................... 542 965 1.071 715 4,486 597 17,261 3.792 340 4,564

N et incom e before related ta x e s ............................... 1 5 ,1 7 5 3 8 ,6 7 9 7.311 1 1 ,0 5 5 1 4 5 .9 5 4 1 2 ,9 1 9 9 1 5 .0 6 0 6 5 ,0 8 0 12 ,6 0 7 2 3 0 ,9 7 9

214 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l........................................

Federal...........................................................................

S tate...............................................................................

4 ,3 1 9

4.298

21

1 1 .6 9 3

11.693

1 .7 9 0

1.790

3 .2 4 5

3.245

3 0 .0 6 0

30.060

3 .0 9 5

3.095

2 6 4 ,9 4 7

184.376

80.571

1 4 ,5 8 8

12.963

1,625

3 ,1 1 5

2.721

394

53.731

53.731

N et incom e after related ta x e s ..................................

D ividends and interest on cap ita l— to ta l. . . . * ........

Cash dividends declared on common s to c k ..........

Dividends declared on preferred stock and interest on capital notes and debentures..................

1 0 ,8 5 6 2 6 .9 8 6 5,521 7 ,8 1 0 1 1 5 .8 9 4 9 ,8 2 4 6 5 0 ,1 1 3 5 0 .4 9 2 9 ,4 9 2 1 7 7 ,2 4 8

5 ,4 3 0

5.421

9

5 ,4 2 6

1 0 ,2 2 4

10.050

174

16 .7 6 2

3 .4 2 9

3.429

2 ,0 9 2

2 .5 6 4

2.564

4 9 ,0 8 4

46,587

2.497

6 6 ,8 1 0

3 .9 1 2

3.771

141

5 .9 1 2

3 8 7 ,6 1 4

339.626

47.988

2 6 2 ,4 9 9

2 0 .9 3 6

19.459

1.477

2 9 .5 5 6

4 ,0 0 9

3.986

23

5 ,483

7 0 ,1 3 8

68,587

1.551

N et additions to capital from in c o m e 1 0 7 ,1 1 0 ...................... 5 ,2 4 6

Number of banking employees (exclusive of building 

employees). December 31:

Active officers...............................................................

Other em ployees.........................................................

822

2.035

2.090

4.413

470

1.802

401

1,537

4.043

22.301

703

2.469

14.496

108.880

3.148

14.046

805

1.615

5.558

29.096

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities................................................................. 5

1.617

16

3.848

1

4.279

718

14.206

399

44,524

1,238

95,898

234

986

434

4,586

288

54

7,240

4.958

21.338

On lo a n s .......................................................................

Losses charged to valuation reserves (not included 

in losses above):

On securities.................................................................

468 1.035 469 1.355

On lo a n s ....................................................................... 1.591 4.999 1.039 3.664 1.201

O ccupancy expense of bank prem ises

O ccupancy expense, net— to ta l..................................

Rental and other incom e.................................................

O ccupancy expense, gross— to ta l..............................

Salaries— building department officers..................

S alaries and w a g e s— b u ild in g de p a rtm e n t

employees.................................................................

Building department personnel b e n e fits ................

Recurring depreciation..............................................

Maintenance and re p a irs ..........................................

Insurance and u tilitie s................................................

Rents p a id .....................................................................

Taxes .............................................................................

2 .9 6 6

685

3.651

455

45

763

394

623

521

850

5 ,4 7 2

1.355

6 ,8 2 7

40

851

85

993

842

1.253

1.882

881

3 ,0 1 6

975

3,991

25

350

4

827

360

770

1.088

572

2 ,0 6 7

237

2 ,3 0 4

240

15

416

239

349

591

454

3 3 ,0 0 3

3.536

3 6 ,5 3 9

74

3.475 

516 

6,297 

5,928 

5,685 

7.1 1 1 

7.453

3 .2 0 0

669

3 .8 6 9

2

489

65

785

447

582

1.132

367

1 8 7 ,5 4 9

33.592

2 2 1 ,1 4 1

733

15.816

2.719

40.562

20.633

36.648

70.986

33,044

1 5 .4 1 5

2.140

1 7 ,5 5 5

46

1.584 

153 

3.101 

1.896 

3.157 

5.097 

1.71 1

2 ,2 0 8

485

2 ,693

10

326

23

551

221

640

501

421

3 4 ,9 6 2

14.202

4 9 ,1 6 4

272

6.853

664

8.818

7,100

8.103

13.315

4.039

Average assets and lia b ilitie s 1

Total a s s e ts .....................................................................

T otal d e p o s its .................................................................

T otal capital a cco u n ts ..................................................

1 .4 6 0 .2 8 3

1 .3 1 5 ,0 6 7

1 0 3 .3 0 6

3 ,2 0 3 ,4 5 6

2 ,8 7 0 ,1 4 7

2 7 0 .5 6 2

9 9 1 ,9 8 3

8 8 7 ,6 4 7

7 2 ,0 2 8

8 5 8 .1 0 4

7 4 5 .6 0 6

7 6 ,1 8 9

1 3 ,8 3 9 ,6 7 0

1 2 .3 7 6 .8 1 4

1 .0 2 3 ,8 7 2

1 ,2 6 3 ,4 0 1

1 ,1 4 0 ,8 5 9

9 5 ,4 3 7

9 6 ,3 0 3 ,2 3 8

7 8 ,2 4 4 ,2 1 7

7 ,3 6 3 ,0 8 7

6 .6 3 4 .2 7 3

5 ,7 6 4 ,7 0 9

4 9 3 .1 5 5

1 ,2 8 4 ,1 9 2

1 .1 6 7 ,4 6 9

9 5 .6 2 4

2 1 .3 8 3 .3 9 2

1 9 .0 5 8 .3 9 3

1,6 8 0 ,2 5 3

Number of building employees. December 31:

O ffic e rs .........................................................................

Other em ployees......................................................... 183

6

434

3

81

1

99

5

926 91

55

3.058

5

687

5

177

22

2.049

Number of banks, December 3 1 .................................. 134 435 9 74 226 63 296 120 166 524

INCOME OF INSURED BANKS 215

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND OTHER AREAS),

BY STATE, 1968— CONTINUED

(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item

Oklahoma Oregon Pennsylvania

Rhode

Island

South

Carolina

South

Dakota

Tennessee Texas Utah Vermont

C urrent operating revenue— to ta l............................ 2 7 2 ,9 2 4 2 2 9 ,5 9 2 1.525.241 1 0 1 ,1 6 3 1 1 9 ,4 2 6 7 9 ,8 4 1 3 5 6 .5 7 4 1 .2 6 6 .1 1 3 1 0 5 ,4 4 5 4 4 .6 9 9

Interest on U.S. Government o b lig a tio n s .............. 41,741 22.953 164,400 8.217 15.022 15.798 47.855 148,727 11.118 4,614

Interest and dividends on other s e c u ritie s ............ 24,971 19.560 152.257 9.885 11.052 6.242 32.588 120.906 9.054 3,506

Interest and discount on lo a n s ................................ 174.850 153.137 1.030,967 68,317 76.823 48.564 238.248 852.287 68.963 32,363

Service charges and fees on lo a n s.......................... 2,742 4.753 18,216 784 1.353 355 5.748 16.407 2,819 531

Service charges on deposit accounts...................... 15.747 17.443 40,826 3.867 7.705 3.926 13.385 62.322 6.972 2.134

Other charges, commissions, fees, etc.................... 4,644 3.674 16.897 1.130 4,086 3,236 8,501 20.366 3.659 342

Trust departm ent......................................................... 4,421 4.928 75.947 6.839 2.201 696 6,997 26.425 2.188 778

Other current operating revenue..............................

C urrent operating expenses— to ta l............................

3,808 3.144 25.731 2.124 1.184 1.024 3,252 18.673 672 431

2 0 2 ,6 7 9 1 8 7 .1 2 5 1 .1 4 5 ,1 8 3 7 5 ,1 0 4 8 5 ,6 5 2 6 0 ,8 5 3 2 6 9 ,2 0 3 9 3 8 ,3 3 3 8 1 .0 1 7 3 5 .8 8 0

Salaries— o ffic e rs ....................................................... 30.095 21.439 95.494 5,532 13.733 10.251 28.201 109.609 7.824 3.485

Salaries and wages— other em ployees.................. 30.019 30.983 186.191 12,837 20.342 7.365 45.576 135.477 12.289 5.471

Officer and employee benefits................................... 7.444 6.765 47.984 4.208 4,414 2.484 10.075 30.239 2,553 1.206

Fees paid to directors and com m ittees.................. 1.805 366 6,982 295 795 722 1.524 8.603 492 419

Interest on time and savings deposits.................... 84.202 89.483 534,954 35.803 20.861 27.685 106.522 391,551 38.516 18.485

Interest on borrowed m o ney..................................... 2,423 2.302 28.532 1.639 665 122 12.155 29.503 2.311 107

Occupancy expense of bank premises— net.......... 9,549 9,478 55.073 3.707 4.700 2.654 12.956 44.988 3.324 1.647

Furniture and e q u ip m e n t....................................... 7,61 1 6.061 38.869 2,473 4.496 2.028 10.655 33.859 2.946 1.026

Other current operating exp enses .......................... 29.531 20.248 151.104 8,610 15.646 7.542 41.539 154.504 10.762 4.034

Net current operating e a rn in g s ................................ 7 0 ,2 4 5 4 2 .4 6 7 3 8 0 ,0 5 8 2 6 ,0 5 9 3 3 .7 7 4 1 8 ,9 8 8 87 .3 7 1 3 2 7 ,7 8 0 2 4 ,4 2 8 8 .8 1 9

Recoveries, transfers from valuation reserves,

and profits— t o t a l................................................... 3 ,1 3 4 981 13 ,928 9 9 5 1 ,1 5 8 6 3 9 1 0 .4 4 3 1 5 ,3 3 4 8 8 8 781

On securities:

Profits on securities sold or redeem ed.............. 1.717 361 5,169 104 574 226 6.030 3.270 366 366

Recoveries............................................................... 62 25 1 1 3 78 18 1

Transfers from valuation re serves......................

On loans:

R ecoveries............................................................... 783 31

1.558

267

15

1

107

52 48

775

260

2.105

2.594 18 22

Transfers from valuation re serves...................... 171 1.134 765 66 21 2,030

1.345

1.852

5,435

1 7 19

All other......................................................................... 401 589 5.775 110 358 343 469 373

Losses, charge-offs, and transfers to valuation

reserves— t o t a l ....................................................... 1 5 ,5 0 8 1 3 ,7 3 8 9 9 ,1 2 7 9 ,2 8 4 6 ,0 4 9 3 ,6 8 4 2 1 .9 8 3 8 2 ,2 8 4 5 ,5 7 8 2 .0 4 6

On securities:

Losses on securities s o ld ....................................... 1.936 5.233 31.225 5.1 15 720 906 4.426 6,598 1.306 415

Charge-offs prior to sale......................................... 70 5 332 29 30 778 391 63 13

Transfers to valuation reserves............................

On loans:

Losses and ch a rg e -o ffs.........................................

399

1.366 49

2,194

528

176

60

3.627

117

702

396

12.481

6,410

5,407

55.058

47

3

52

Transfers to valuation reserves............................ 10,553 6,904 52.016 3.642 1.738 3.535 1.342

All oth er......................................................................... 1.184 1,547 12,832 527 1.437 893 3,200 8.420 627 221

N et incom e before related ta x e s .............................. 57,871 2 9 .7 1 0 2 9 4 ,8 5 9 1 7 .7 7 0 2 8 ,8 8 3 1 5 ,9 4 3 7 5 .8 3 1 2 6 0 ,8 3 0 1 9 .7 3 8 7 .5 5 4

216 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l............................

Federal............................................

State.....................................................

1 5 ,0 8 5

13.445

1,640

6 ,852

4.155

2.697

7 2 .3 7 7

72.377

4 ,5 0 8

3.318

1.190

1 0 ,0 3 6

9.209

827

5 .4 9 3

5.071

422

2 0 .9 1 7

20.279

638

7 5 .3 4 1

75.341

5 .8 0 2

5,292

510

1 ,832

1.639

193

Net incom e after related ta x e s .............................. 4 2 ,7 8 6 2 2 .8 5 8 2 2 2 .4 8 2 1 3 ,2 6 2 1 8 ,8 4 7 1 0 .4 5 0 5 4 .9 1 4 1 8 5 ,4 8 9 1 3 .9 3 6 5 .7 2 2

Dividends and interest on cap ita l— to ta l..............

Cash dividends declared on common s to c k ..........

Dividends declared on preferred stock and interest on capital notes and debentures..................

Net additions to capital fro m in c o m e ......................

17 ,1 5 5

16.607

548

25,631

1 1 ,7 2 6

11.652

74

11.132

1 1 7 ,1 4 3

1 1 1.405

5.738

1 0 5 ,3 3 9

7 .8 6 9

7.869

5 ,3 9 3

7 ,7 7 3

7.732

41

1 1 .0 7 4

4 .8 3 2

4.814

18

5 ,6 1 8

1 8 .5 7 3

17.605

968

3 6 .3 4 1

8 6 .4 0 1

83.292

3.109

9 9 ,0 8 8

7 .0 3 6

6.867

169

6 .9 0 0

2.141

2.040

101

3 ,581

Number of banking employees (exclusive of building employees) December 31:

Active officers.......................................... 2,721 2.065 8.055 477 1.262 977 2,737 9.881 740 347

Other em ployees.............................. 7.239 6.657 40.347 3.059 5.123 1.896 10.996 30.492 3.224 1.379

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities............................................... 15 7 5 3 388

On lo a n s ............................................................. 4.503 1,439 8.599 447 484 643 2.509 18.127 365 200

Losses charged to valuation reserves (not included 

in losses above):

On securities................................................................. 105 35 2 9 20 3.070

On lo a n s ....................................................................... 10.558 3.932 34.753 2.766 1,626 1,675 9.117 48.675 1.661 536

Occupancy expense of bank prem ises

Occupancy expense, net— to t a l................................. 9 .5 4 9 9 .4 7 8 5 5 .0 7 3 3 .7 0 7 4 .7 0 0 2 ,6 5 4 1 2 .9 5 6 4 4 ,9 8 8 3 .3 2 4 1,647

Rental and other incom e................................................. 3.961 382 7.322 1.764 355 531 3.466 36.656 1.576 174

Occupancy expense, gross— to ta l.............................. 1 3 .5 1 0 9 .8 6 0 6 2 .3 9 5 5.471 5 ,0 5 5 3 ,1 8 5 1 6 ,4 2 2 8 1 ,6 4 4 4 .9 0 0 1,821

Salaries— building department officers.................. 46 103 291 74 1 5 63 231 12

S alaries and w a g e s— b u ild in g d e p a rtm e n t

employees................................................................. 1.545 812 9.184 I .214 433 393 2.080 8.270 629 269

Building department personnel b e n e fits................ 174 111 1.317 244 59 38 214 820 42 27

Recurring depreciation............................................... 2.372 2.433 11.592 784 1.091 460 3.638 16.287 1.040 291

Maintenance and re p a irs .......................................... 1.404 1.716 7.261 558 749 351 1.794 10.130 500 187

Insurance and utilities................................................. 2.486 1.715 9.732 606 1.107 673 2.965 14.015 688 282

Rents p a id ..................................................................... 4.512 1.489 15.931 1.123 1.301 660 3.062 14.367 1,471 534

Taxes ........................................................... 971 1.481 7.087 868 314 605 2.606 17.524 518 231

Average assets and lia b ilitie s 1

Total a s s e ts ................................................... 5 ,1 3 2 ,7 8 6 3 .9 0 8 .0 3 6 2 8 .0 6 8 .0 7 5 1 .6 7 2 .6 2 0 2 ,0 7 6 ,3 8 0 1.3 7 4 ,8 7 1 6 .7 9 6 .9 7 5 2 4 ,3 2 6 ,0 0 8 1 .7 7 9 .0 6 2 7 7 3 ,3 9 6

Total d e p o s its ............................................... 4 ,5 8 2 ,2 5 2 3.5 2 5 .7 7 1 2 4 .4 8 7 .6 6 9 1 .4 6 3 .3 9 4 1.8 3 0 .7 0 1 1.2 4 8 ,1 2 1 5 .9 2 1 .5 8 1 2 1 ,5 7 5 ,3 2 5 1 ,5 8 9 .8 0 8 6 9 9 ,1 6 9

Total capital a cco u n ts................................................... 4 3 7 ,5 8 6 2 5 0 .2 1 5 2 .3 6 7 ,7 2 2 1 3 6 ,5 5 1 1 7 4 .5 4 9 1 0 6 .3 5 4 5 3 4 .4 4 7 1 ,8 8 1 .0 7 7 1 3 1 ,2 7 2 5 8 ,3 0 2

Number of building employees, December 31:

O ffic e rs ........................................................... 10 8 29 5 4 5 9 25 1

Other em ployees............................................... 558 207 2.719 302 208 227 659 2.341 227 122

Number of banks, December 3 1 .......................... 423 48 500 11 117 164 299 1.142 54 44

INCOME OF INSURED BANKS 217

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 118. INCOME OF INSURED COMMERCIAL BANKS IN THE UNITED STATES (STATES AND 'O THER AREAS),

BY STATE, 1968— CONTINUED

(AMOUNTS IN THOUSANDS OF DOLLARS)

Income item Virginia W ashington W est Virginia Wisconsin Wyoming

C urrent operating revenue— to ta l............................... 4 2 4 ,7 6 6 3 3 6 ,0 3 8 1 3 2 ,6 1 1 4 6 9 ,2 9 1 4 1 ,4 5 7

Interest on U.S. Government o b lig a tio n s .............. 51.297 30.553 27,746 84,342 6,701

Interest and dividends on other s e c u ritie s ............ 36.735 26.530 12.051 41,244 2,599

Interest and discount on lo a n s ................................. 281.621 222,398 81.145 297.015 27.584

Service charges and fees on loan s.......................... 10.783 7.379 1,626 4,174 423

Service charges on deposit accounts...................... 20.748 25.879 3,631 15,692 2,229

Other charges, commissions, fees, etc.................... 8.163 9.537 1.893 8,860 1,014

Trust departm ent......................................................... 10.672 9,381 2,795 10.188 302

Other current operating revenue............................... 4.747 4,381 1.724 7,776 605

C urrent operating expenses— to ta l............................. 3 2 9 .3 5 8 2 6 2 ,3 8 8 9 3 ,8 0 2 3 7 5 ,8 1 4 3 2 ,0 7 6

Salaries— o ffic e rs ....................................................... 32.888 28.141 11.378 42.373 4,436

Salaries and wages— other em ployees.................. 53.072 55.248 14,974 49.474 4,424

Officer and employee benefits................................... 12.500 1 1.708 3.023 12.874 971

Fees paid to directors and com m ittees.................. 2.439 603 1.218 3.592 491

Interest on time and savings de posits.................... 148.528 103.262 40.450 188.608 14.253

Interest on borrowed m o ney..................................... 3.407 3.473 556 3.287 243

Occupancy expense of bank premises— ne t.......... 16.376 14.210 4.377 16.253 1.624

Furniture and e q u ip m e n t........................................... 10.804 10.178 2.975 14,625 1.181

Other current operating exp enses.......................... 49.344 35.565 14.851 44,728 4.453

N et current operating e a rn in g s ................................ 9 5 ,4 0 8 7 3 ,6 5 0 3 8 ,8 0 9 9 3 ,4 7 7 9,381

Recoveries, transfers fro m valuation reserves,

and profits— t o t a l................................................... 6 ,8 3 3 8 ,0 5 0 8 ,9 3 8 5 .2 1 0 1 ,022

On securities:

Profits on securities sold or re deem ed.............. 903 1,391 1.048 2,549 155

R ecoveries............................................................... 54 34 251 112 10

Transfers from valuation re serves...................... 4,723 664 1.053 60 374

On loans:

R ecoveries............................................................... 118 81 150 91 187

Transfers from valuation re serves...................... 155 4,866 3,625 662 9

All oth er......................................................................... 880 1,014 2,81 1 1,736 287

Losses, charge-offs, and transfers to valuation

reserves— t o t a l ....................................................... 3 2 ,9 3 6 2 2 ,2 7 6 1 0 .8 0 4 15,951 2 ,2 2 7

On securities:

Losses on securities s o ld .............................. 10,602 7,048 1,198 4,155 310

Charge-offs prior to sale......................................... 51 297 40 173 13

Transfers to valuation reserves............................. 2.546 270 48 10 98

On loans:

Losses and ch a rg e -o ffs......................................... 500 111 264 164 250

Transfers to valuation reserves............................ 16.174 1 1.625 4.964 9,534 1.363

All o th e r......................................................................... 3.063 2,925 4,290 1,915 193

N et incom e before related ta x e s .............................. 6 9 .3 0 5 5 9 ,4 2 4 3 6 .9 4 3 8 2 ,7 3 6 8 ,1 7 6

218 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— t o t a l........................................

Federal...........................................................................

State...............................................................................

14 .1 5 9

14.159

1 5 .2 6 6

15.266

1 0 .9 8 7

10.987

2 1 ,8 6 4

16,781

5,083

2 .3 7 6

2.376

N et incom e after related ta x e s .................................. 55 ,1 4 6 4 4 ,1 5 8 2 5 ,9 5 6 6 0 ,8 7 2 5 ,8 0 0

Dividends and interest on cap ita l— to ta l..................

Cash dividends declared on common s to c k ..........

Dividends declared on preferred stock and interest on capital notes and debentures..................

N et additions to capital from in c o m e ......................

2 6 ,0 5 5

25,872

183

29,091

1 5 ,0 0 2

14.837

165

2 9 ,1 5 6

7 ,5 3 2

7,509

23

1 8 ,4 2 4

2 2 ,8 6 6

22,061

805

3 8 ,0 0 6

2 ,3 1 2

2.232

80

3 ,4 8 8

Number of banking employees (exclusive of building 

employees), December 31:

Active officers............................................................... 3,102 2.414 1,107 3.615 387

Other em ployees........................................................ 13,167 1 1.361 3,549 12.108 1,012

M em oranda

Recoveries credited to valuation reserves (not 

included in recoveries above):

On securities................................................................

On lo a n s ......................................................................

183

2,743 1.494

12

986 3.657 537

Losses charged to valuation reserves (not included 

in losses above):

On securities................................................................. 4,416 16 126 11

On lo a n s ....................................................................... 8,867 4.196 2,933 5.845 1,354

Occupancy expense of bank premises

Occupancy expense, net— to ta l.................................. 1 6,376 1 4 ,2 1 0 4 ,3 7 7 16 ,2 5 3 1 ,624

Rental and other income................................................ 1,928 1.468 929 3.070 272

Occupancy expense, gross— to ta l.............................. 1 8 ,3 0 4 1 5 ,6 7 8 5 ,3 0 6 19,3 2 3 1,896

Salaries— building department officers.................. 9 136 16 76 9

Salaries and w age s— b u ild in g de partm ent

employees.......... ...................................................... 2.224 1,029 894 2.246 186

Building department personnel b e nefits................ 224 177 81 230 14

Recurring depreciation.............................................. 3,025 4.077 1,122 3.697 457

Maintenance and re p a irs .......................................... 1,616 3,342 768 1.973 203

Insurance and utilities................................................ 3,660 2,539 900 3.192 359

Rents pa id ..................................................................... 6,065 2,525 810 4.370 236

Taxes ............................................................................. 1,481 1,853 715 3.539 432

Average assets and lia b ilitie s1

Total a s s e ts .................................................................... 7,168,451 5 ,4 2 4 ,3 6 8 2 ,5 2 0 ,6 8 2 8 ,8 3 0 ,7 2 2 72 6 ,6 4 5

Total d e p o s its ................................................................. 6 ,4 1 2 ,2 6 0 4 ,8 3 4 ,9 4 9 2 ,2 1 2 ,5 9 5 8 ,0 0 1 ,3 0 5 651,221

Total capital acco unts.................................................. 5 3 5 ,5 1 7 3 7 9 ,6 6 5 2 39,471 6 2 9 ,2 4 8 6 0 ,4 9 4

Number of building employees, December 31:

O ffice rs......................................................................... 2 1 1 2 14 2

Other em ployees........................................................ 885 294 321 881 66

Number of banks, December 3 1 .................................. 237 93 195 599 70

1 Averages of amounts are for three call dates, at beginning, middle, and end of year.

INCOME OF INSURED BANKS 219

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 119. INCOME OF INSURED MUTUAL SAVINGS BANKS. 1960-1968

(Amounts in thousands of dollars)

Income item 1960 1961 1962 1963 1964 1965 1966 1967 1968

C urrent operating incom e— t o t a l .................................................. 1 ,4 6 1 ,7 6 3 1 ,5 9 5 ,1 8 3 1 .7 5 5 ,5 8 2 1 ,9 4 6 ,7 7 6 2 ,1 6 4 ,1 1 5 2 .3 9 1 .7 5 3 2 ,6 0 6 ,0 1 2 2 .8 8 4 ,7 8 9 3 .2 3 8 .7 3 5

Interest on U.S. Government o b lig a tio n s.................................. 152.458 151.931 156,410 153.659 153.368 147.751 142.509 130.873 134.857

Interest and dividends on other se c u ritie s ................................ 199.258 205.751 206.367 203.720 207.164 21 1,278 226.023 301,218 417,984

Interest and discount on real estate mortgage loans— net . . . 1.070.173 1,194.282 1.342.896 1,534.446 1.738.621 1.950,930 2,141.099 2.326,459 2.538,502

intere st and discount on real estate m ortgage loans— gross 1.104,100 1231.774 1383.735 1.580276 1.790318 2.009214 2203.133 2391348 2.605360

Less: M ortgage servicing fe e s .............................................. 32343 36,045 39283 44.174 49.756 56.165 59398 63.405 65.426

P rem ium am ortiza tio n .................................................. 1J584 1.447 1556 1.656 1341 2.119 2.036 1384 2.032

Interest and discount on other loans and discounts— n e t. . . . 1 8.407 18,767 22.733 27,576 33.538 41.773 53.172 67.925 83,807

Income on real estate other than bank building— n e t ............ 27 -38 -52 -108 -122 -97 -255 -209 -415

Incom e on real estate other than bank build in g — gross . . . 397 379 302 296 421 541 513 767 1.664

Less: O perating e x p e n s e .......................................................... 370 417 354 404 543 638 768 976 2Q79

Income on other assets.................................................................. 1A1H 9.081 9.777 9.984 13.121 18,713 18,095 25.248 23,036

Income from service operations.................................................. 13.966 1 5.409 17.451 17,499 , 18.425 21,405 25.369 33.275 40,964

C urrent operating expenses— to ta l................................................ 2 2 4 ,7 8 9 2 4 1 .6 8 5 2 5 2 ,9 6 3 2 7 4 .5 4 4 29 0 ,4 7 1 3 1 1 .7 5 5 3 3 4 ,4 5 1 3 5 3 .9 4 7 3 8 9 .7 8 0

Salaries— o ffic e rs .......................................................................... 36.608 38.158 40.466 42,792 45.391 48.514 52.085 55.510 60,161

Salaries and wages— other em ployees...................................... 71.295 75.303 79.165 84,514 89,514 93.680 98.421 105,612 115,146

Pension, hospitalization and group insurance payments, 

and other employee b e n e fits .............................................. 22.656 24,134 25.419 27.202 28.138 30.080 33.593 34.243 37,149

Fees paid to trustees and committee members........................ 3.731 3.994 4,158 4,404 4,604 4,720 4.855 4.945 5,111

Occupancy, maintenance, etc. of bank premises (including taxes and recurring depreciation)— n e t...................... 25.255 27.369 29.269 32.160 34.683 37.219 38.855 42.412 47,184

Occupancy, m aintenance, etc. o f bank prem ises (including

taxes and recurring depreciation)— g r o s s ........................ 35,120 37.298 39297 42.583 45371 49.093 51.387 55.631 61.405

Less: Incom e from bank b u ild in g ........................................ 9,865 9229 10.028 10.423 11,188 11.874 12.532 13219 14221

Deposit insurance assessm ents.................................................. 1 1.707 12,824 12.172 12,709 14,035 15,887 16.810 17.712 19.571

Furniture and fixtures (including recurring depreciation)........ 4,740 5.438 5.997 7,714 9.182 10.262 1 1,777 13.799 16.414

All other current operating expenses.......................................... 48.797 54.465 56.317 63,049 64,924 71.393 78.055 79.714 89.044

N et current operating incom e........................................................ 1 ,2 3 6 .9 7 4 1 ,3 5 3 ,4 9 8 1 .5 0 2 ,6 1 9 1 .6 7 2 ,2 3 2 1 ,8 7 3 .6 4 4 2 .0 7 9 ,9 9 8 2 .2 7 1 .5 6 1 2 .5 3 0 .8 4 2 2 .8 4 8 ,9 5 5

Franchise and incom e taxes— t o t a l .............................................. 13 ,6 3 7 16,011 1 7 ,9 6 6 2 2 ,5 8 7 2 6 ,0 2 2 2 9 ,4 8 7 3 7 ,4 8 0 3 7 ,7 0 8 4 7 ,7 1 0

State franchise and income taxes................................................ 13.190 15,277 17.502 19,168 21,657 22.048 31.426 33.737 39.281

Federal income ta x e s .................................................................... 447 734 464 3,419 4,365 7.439 6.054 3.971 8.429

N et current operating incom e after ta x e s .................................. 1 ,2 2 3 ,3 3 7 1 ,3 3 7 ,4 8 7 1 ,4 8 4 ,6 5 3 1 ,6 4 9 ,6 4 5 1 ,8 4 7 ,6 2 2 2 ,0 5 0 ,5 1 1 2 ,2 3 4 ,0 8 1 2 ,4 9 3 ,1 3 4 2 ,8 0 1 ,2 4 5

Dividends and interest on de p o sits.............................................. 1 ,0 7 3 ,5 4 2 1 ,1 4 7 ,7 6 7 1 ,3 3 4 ,0 0 5 1 .4 8 1 .8 6 9 1 ,6 5 3 ,7 6 8 1 ,8 0 9 ,3 5 0 2 .0 8 7 .0 7 2 2 ,3 9 5 ,7 6 2 2 ,6 1 2 ,6 3 8

N et current operating incom e after taxes and dividends .... 14 9 ,7 9 5 1 8 9 ,7 2 0 1 5 0 .6 4 8 1 6 7 ,7 7 6 1 9 3 ,8 5 4 2 4 1 ,1 6 1 1 4 7 .0 0 9 9 7 .3 7 2 188,6 0 7

Non-recurring incom e, realized profits and recoveries

credited to p rofit and loss, and transfers from valuation adjustm ent provisions— t o t a l........................................ 1 4 2 ,0 0 9 1 1 3 ,7 6 3 1 0 5 ,9 0 7 1 1 3 ,0 8 5 1 0 5 .4 5 4 7 5 ,1 3 0 1 7 7 .6 1 2 9 3 .5 3 6 1 3 5 ,0 4 9

Non-recurring incom e.................................................................... 31.133 17,567 20,453 28,678 18.048 15.242 20.211 20.377 29.394

Realized profits and recoveries on:

Securities sold or matured........................................................ 34.860 54,263 55.751 28,752 36.472 27.375 59.173 47.292 77.817

Real estate mortgage loans...................................................... 283 629 739 2,465 1,088 1.266 773 705 1,351

Other real e sta te ........................................................................ 535 337 462 807 571 719 1.548 2.059 2,286

All other a sse ts.......................................................................... 6.576 459 957 871 1.096 1.532 3.429 1.1 14 2.066

Transfers from valuation adjustment provisions1 on.

S ecurities.................................................................................... 57,588 10,873 5.460 26.995 22.029 1 1.817 13.635 7.774 11,884

Real estate mortgage loans...................................................... 10.480 29,068 21.465 24.342 25.786 16,365 78.458 13.435 9,583

Other real e s ta te ........................................................................ 86 36 66 46 92 121 20 64 56

All other a sse ts.......................................................................... 468 531 554 129 272 693 365 716 612

220 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Non-recurring expenses, realized losses charged to profit

and loss, and transfers to valuation adjustm ent provisions— to ta l ..............................................................................

Non-recurring expenses................................................................

Realized losses on:

Securities s o ld ............................................................................

Real estate mortgage loans......................................................

Other real e s ta te ........................................................................

All other a sse ts..........................................................................

Transfers to valuation adjustment provisions1 on:

S ecurities....................................................................................

Real estate mortgage loans......................................................

Other real e s ta te ........................................................................

All other a sse ts..........................................................................

1 2 3 ,6 6 4

16.981

63,846

508

210

315

23.352

17.679

19

754

1 1 6 ,1 4 3

17.692

40.851

1.252

375

404

19.337 

35.377 

111 

744

1 0 9 ,1 9 2

18.941

31.379

1.083

662

424

30.925

25.252

76

450

10 1 ,6 1 1

17.331

47.629

1.681

656

655

1 1.548 

21.534 

74 

503

8 8 ,2 3 4

12,991

39.884

2.023

712

936

8.692

22.266

57

673

9 3 ,0 3 6

15.306

48.124

3.037

886

927

6.524

17,394

122

716

1 4 7 ,6 8 8

10.499

100.585

7.015

1.644

2.646

13.015

11.590

97

597

9 4 ,7 4 4

12.458

63.624

4.891

1.850

1.932

5,229

3.796

127

837

1 0 0 ,6 9 0

12,693

64.136

4.488

1.609

3,219

7,962

5,558

189

836

N et additions to total surplus accounts from operations .... 1 6 8 .1 4 0 1 8 7 ,3 4 0 1 4 7 ,3 6 3 1 7 9 .2 5 0 2 1 1 .0 7 4 2 2 3 .2 5 5 1 7 6 ,9 3 3 9 6 .1 6 4 2 2 2 ,9 6 6

M em oranda

Recoveries credited to valuation adjustm ent provisions1

(not included in recoveries above) on:

Securities.......................................................................................... 471 278 1.658 3.389 756 341 1,277 2.726 391

Real estate mortgage loans..........................................................

Other real e s ta te ............................................................................

136 53 48 201 64 85 212 231

1

183

2

All other assets................................................................................ 585 6 35 14 13 24 46 89 116

Realized' losses charged to valuation adjustm ent p ro visions1 (not included in realized losses above) on:

Securities.......................................................................................... 8.110 7,721 5,830 12.973 6.058 6,564 6,811 2.172 2.835

Real estate mortgage loans..........................................................

Other real e s ta te ............................................................

1.131

13

720

5

501

6

5.136

190.

178

765 841

118

308

1.220

257

341

4.040

204

1.016

1.072

186

All other assets................................................................................ 165 218 448 258 353

Average assets and lia bilities2

A ssets— t o t a l ...................................................................................... 3 4 .3 3 9 .5 6 4 3 5 ,9 1 6 ,5 9 0 3 8 ,1 5 2 ,2 2 1 4 1 ,1 8 0 ,6 1 6 4 4 .6 0 9 .4 1 0 4 8 .4 6 6 .6 5 6 5 1 ,3 9 9 .8 9 8 5 5 .1 7 3 .0 2 3 5 9 ,6 7 4 ,0 2 6

Cash and due from banks.............................................................. 721.308 757,912 794.362 786.298 768.719 891.727 838.855 953,843 825.767

United States Government obligations...................................... 5.092.512 4,791.909 4.748.691 4.563.328 4.351.966 4,030.731 3.594,830 3.156.304 3.049.815

Other se cu ritie s.............................................................................. 5.036.291 5,228,022 5.151.555 5.1 15.637 5,057,794 5.069.343 5.153.130 6,312.183 8,135.834

Real estate mortgage loans.......................................................... 22.628.058 24,255,437 26.435.337 29.538.513 33.121,502 36.991,670 40.095.486 42.794.592 45.445.434

Other loans and discounts............................................................ 355,327 353,474 441.994 543.458 588,196 672.117 842.896 1.003,436 1.175.629

Other real e s ta te ............................................................................ 11,555 18.955 19,640 21.1 14 28.389 27.228 29.263 27.987 36.156

All other assets................................................................................ 494,513 510.881 560.642 612.268 692.844 783.840 845.438 924.678 1.005.391

Liabilities and surplus accounts— t o t a l........................................ 3 4 .3 3 9 ,5 6 4 3 5 .9 1 6 ,5 9 0 3 8 ,1 5 2 ,2 2 1 4 1 ,1 8 0 ,6 1 6 4 4 .6 0 9 .4 1 0 4 8 .4 6 6 ,6 5 6 5 1 ,3 9 9 ,8 9 8 5 5 ,1 7 3 ,0 2 3 5 9 ,6 7 4 ,0 2 6

Total deposits.................................................................................. 30.822,839 32,320.488 34.350.820 37.175.285 40.334.274 43.985.749 46.590.719 50,247.915 54.534.572

S avings and tim e d ep o sits ........................................................ 30,790299 32.113,129 34,070J511 36.870J906 39297217 43.609062 46.172,242 49.805.468 54X353.723

D em and d e p o s its ...................................................................... 32240 207259 280^09 304279 337,057 376.687 418,477 442.447 480249

Other lia bilities................................................................................ 598.011 506,744 537.630 588.622 660,037 653,614 764.445 730.825 793.930

Total surplus a cco u n ts.................................................................. 2.918.714 3.089,358 3.263.771 3.416.709 3.615.099 3.827,293 4.044.734 4.194.283 4,345.524

Number of active officers. December 3 1 ........................................ 2.885 2.977 3.085 3,170 3,281 3,423 3.602 3.708 3.899

Number of other employees, December 31 .................................. 16.753 17,290 17.617 18,459 18,958 19.451 19.609 20.367 21.164

Number of banks, December 3 1 ...................................................... 325 330 331 330 327 329 332 333 334

1 Includes "Valuation reserves" and "Other asset valuation provisions (direct write-downs)."

2 For 1960, averages of figures reported at beginning, middle, and end of year. For 1961 through 1968. averages of amounts for four consecutive 

official call dates beginning w ith the end of the previous year and ending with the fall call of the current year.

INCOME OF INSURED BANKS 221

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. RATIOS OF INCOME OF INSURED MUTUAL SAVINGS BANKS. 1960-1968

Income item 1960 1961 1962 1963 1964 1965 1966 1967 1968

A m ou nts per $1 0 0 of current operating incom e

Current operating incom e— total $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U.S. Government o b lig a tio n s.................................................................................. 10 43 9 52 8 91 7 89 7 09 6 18 5 47 4.54 4 16

Interest and dividends on other se c u ritie s ...................................................................... 13 63 12 90 1176 1046 9 57 9 83 8 67 10 44 12 90

Interest and. discount on real estate mortgage loans— n e t.................................................... 73 21 74 87 76 49 78 82 80 34 81 57 82 16 80 65 78 38

Interest and discount on other loans and discounts— n e t...................................... . . 1 25 1 18 1 29 1 42 1 55 1.75 2 04 2 35 2 59

Income on other a s s e ts ........................................................................... 51 57 56 51 60 78 69 87 .71

Income from service operatio ns............................................................ 96 96 99 90 85 89 97 1.15 1 26

Current operating expenses— total 15.38 15.15 14.41 14.10 13.42 13.03 12.83 12.27 12.04

Salaries— o ffic e rs ....................................................................................... 2 50 2 39 2 30 2 20 2 10 2 03 2 00 1 93 1 86

Salaries and wages— other em ployees...................................................................................... 4 88 4 72 4 51 4 34 4.14 3 92 3 78 3 66 3 55

Pension, hospitalization and group insurance payments, and other employee benefits. . . 1 55 1 51 1 45 1 40 1 30 1 26 1 29 119 1.15

Fees paid to trustees and committee m em bers........................................................................ 26 25 24 23 21 20 19 .17 16

Occupancy, maintenance, etc. of bank premises (including taxes and recurring depreciation)— n e t..................................................................................................................................... 1 73 1 72 1 67 1 65 1 60 1 55 1 49 1.47 1 46

Deposit insurance assessm ents.......................................... .......... 80 80 69 65 65 66 64 61 60

Furniture and fixtures (including recurring depreciation) 32 34 34 39 42 43 45 48 51

All other current operating expenses................ 3 34 3 42 3 21 3 24 3 00 2 98 2 99 2 76 2 75

Net current operating incom e 84.62 84 85 85.59 85.90 85.58 86.97 87.17 87.73 87.96

Franchise and incom e taxes— total 93 1.00 1.02 116 1.20 1.24 1.44 1.31 1.47

State franchise and income taxes. . 90 96 1 00 98 1 00 93 1.21 117 121

Federal income ta x e s .................. 03 04 02 18 20 31 23 14 26

Net current operating incom e after taxes . 83 69 83 85 84.57 84.74 85 38 85 73 85.73 86.42 86.49

Dividends and interest on d e p o sits ...................................... 73.44 71 95 75 99 76 12 76.42 75.65 80.09 83.04 80 67

Net current operating incom e after taxes and d iv id e n d s ...................................................... 10 25 11.90 8.58 8.62 8.96 10.08 5.64 3.38 5.82

A m ounts per $ 1 0 0 of total assets

Current operating income— total .................................................................................................... 4 26 4 44 4 60 4 73 4 85 4 93 5 07 5 23 5 42

Current operating expenses— to ta l.......................................................... .............. 66 67 66 67 65 64 65 64 65

Net current operating in c o m e ......................................... 3 60 3 77 3 94 4 06 4 20 4 29 4 42 4 39 4 77

State franchise and income taxe s..................................... ................ 04 05 05 05 06 .06 07 07 08

Net current operating income after ta x e s .................... .................. 3 56 3 72 3 89 4 01 4 14 4 23 4.35 4 52 4 69

Dividends and interest on deposits.................................................................................................. 3 12 3 19 3 50 3 60 3 71 3 73 406 4 34 437

Net current operating income after taxes and divid e n d s............................................................ 44 53 39 41 43 50 .29 18 .32

Non-recurring income, realized profits and recoveries credited to profit and loss, and transfers from valuation adjustment provisions— to ta l.................................................................... 41 .31 28 27 24 15 .34 .16 22

Non-recurring expenses, realized losses charged to profit and loss, and transfers to valuation adjustment provisions— t o t a l.............................................................................................. 36 32 28 24 20 19 29 .17 17

Net additions to total surplus accounts from op e ra tio n s............................................................ 49 52 39 44 47 46 .34 17 37

Special ratios

Interest on U.S. Government obligations per $1 00 of U.S. Government obligations............ 2 99 3 17 3 29 3 37 3 52 3 67 3 96 4 15 442

Interest and dividends on other securities per $1 00 of other securities.................................. 3 96 3 94 4 01 3 98 4 10 4 17 4 39 4.77 5.14

Interest and discount on real estate mortgage loans per $100 of real estate mortgage loans 4 73 4 92 5 08 5.19 5 25 5 27 5.34 5.44 5 59

Interest and discount on other loans and discounts per $100 of other loans and discounts 5 18 5 31 5 14 5.07 5 70 6 22 6.31 6.77 7.13

Dividends and interest on deposits per $1 00 of savings and time deposits............................ 3 49 3 57 3 92 4 02 4 13 4 15 4.52 4 81 4.83

Net additions to total surplus accounts from operations per $100 of total surplus accounts 5 76 6 06 4 52 5 25 5 84 5.83 4.37 2.29 5.13

Number of banks, December 3 1 ....................................................................................................... 325 330 331 330 327 329 332 333 334

N ote: For footnotes to this Table, see Table No. 119. p 221

222 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 121. SOURCES AND DISPOSITION OF TOTAL INCOME, INSURED MUTUAL SAVINGS BANKS, 1960-1968

(Amounts in millions of dollars)

Income item 1960 1961 1962 1963 1964 1965 1966 1967 1968

A m ount

Total in c o m e .................................................................... 1 ,6 0 4 1 ,7 0 9 1,861 2 ,0 6 0 2 .2 7 0 2 ,4 6 7 2 ,7 8 3 2 ,9 7 8 3 ,3 7 4

Sources

Loans ......................................................................................................................... 1.089 1,213 1,366 1.562 1.772 1,993 2.194 2,394 2.622

U.S. Government obligations....................................................................... 153 152 156 154 153 148 143 131 135

Other secu ritie s............................................................................................. 199 206 206 204 207 211 226 301 418

Other current in c o m e ................................................................................... 21 24 27 27 32 40 43 58 64

Non-recurring income, recoveries, etc................................................................. 142 1 14 106 113 105 75 177 94 135

Disposition

Salaries and wages1 ..................................................................................................................... 134 142 149 159 168 177 189 200 218

Dividends and interest on deposits .......................................................................................... 1.073 1,148 1.334 1,482 1,654 1,809 2,087 2,396 2,613

Other current expenses................................................................................................................. 91 100 104 115 122 135 146 154 172

Non-recurring expenses, losses, etc........................................................................................... 124 116 109 102 88 93 148 95 101

Income ta x e s ................................................................................................................................. 14 16 18 23 26 29 37 37 48

Additions to capital a cco unts..................................................................................................... 168 187 147 179 211 223 177 96 223

Percentage distribution

Total in c o m e ................................................................................. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Sources

Loans............................................................................................................................................... 67 9 71.0 73 3 75 8 78 1 80.8 78 8 804 77.7

U.S. Government obligations....................................................................................................... 9 5 8 9 84 7 5 6 8 6.0 5.1 44 40

Other securities............................................................................................................................. 12 4 12 0 111 9 9 9 1 8 6 8.1 10 1 12.4

Other current in co m e .................................................................................................................. 1.3 1.4 15 1.3 1.4 1.6 1.6 1.9 1.9

Non-recurring income, recoveries, etc....................................................................................... 8 9 6.7 5 7 5 5 4.6 30 6.4 3.2 4.0

Disposition

Salaries and wages1 .................................................................................................................... 8 3 83 80 7.7 7 4 7 2 6 8 6.7 6 5

Dividends and interest on d e p o sits .......................................................................................... 66 9 67 1 716 719 72 9 73 3 750 80.5 77 4

Other current expenses................................................................................................................. 5 7 5 9 5 6 5.6 54 5 5 5 2 5.2 5.1

Non-recurring expenses, etc........................................................................................................ 7.7 6 8 5 9 50 39 3 8 5 3 3 2 3 0

Income ta x e s ................................................................................................................................ 9 1.0 1.0 1.1 1.1 1.2 1.3 1.2 1.4

Additions to capital a cco unts..................................................................................................... 10 5 10 9 7 9 8 7 9 3 9 0 6.4 3.2 6 6

1 Includes pension, hospitalization and other employee benefits and fees paid to trustees and committee members. 

N ote: Due to rounding differences, components may not add to totals.

INCOME OF INSURED BANKS 223

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 122. INCOME OF INSURED MUTUAL SAVINGS BANKS IN THE UNITED STATES. BY STATE. 1968

(Amounts in thousands of dollars)

Income item

All States 

and other 

areas

Connecticut Indiana Maine Maryland Massachusetts

New

Hampshire

C urrent operating incom e— to ta l........................................................... 3 ,2 3 8 ,7 3 5 2 6 6 ,0 9 9 5 ,7 4 0 4 4 .1 6 5 4 6 ,3 7 5 1 0 1 ,3 8 5 6 2 ,9 5 8

Interest on U.S. Government obligations........................................... 134.857 1 1.015 1,256 4,037 4.617 10.835 4.236

Interest and dividends on other securities......................................... 417.984 34.837 451 7.454 5,152 12.1 19 6,993

Interest and discount on real estate mortgage loans— net............ 2.538.502 204.526 3,721 30.296 27.588 75.621 45.498

Interest and discount on real estate mortgage loans— gross . . 2.605,960 206.986 3,734 30,745 27,679 77.482 46.169

Less: Mortgage servicing fe e s ....................................................... 65.426 2.416 13 449 88 1.499 644

Premium am ortization........................................................... 2,032 44 3 362 27

Interest and discount on other loans and discounts— n e t ............ 83,807 12.012 117 1,964 5,561 2.271 5.389

Income on real estate other than bank building— n e t.................... -41 5 99 2 19 8 2 -5

Income on real estate other than bank building— gross............ 1.664 218 2 57 10 43 36

Less: Operating expense.................................................................. 2.079 119 38 2 41 41

Income on other assets.......................................................................... 23.036 1,1 16 10 1 1 2.601 147 149

Income from service operations........................................................... 40.964 2.494 183 384 848 390 698

C urrent operating expenses— to t a l....................................................... 3 8 9 .7 8 0 3 9 ,8 7 0 1 ,6 1 9 6 ,3 9 4 8 ,2 6 7 11,5 4 3 8 .9 7 4

Salaries— officers.................................................................................... 60.161 7.835 459 1,351 1.101 1.733 2,125

Salaries and wages— other em ployees............................................. 1 1 5,146 10.475 377 1.570 2.805 3.247 2.126

Pension, hospitalization and group insurance payments, and other

employee b e n e fits.............................................................................. 37,149 3.667 90 384 661 873 677

Fees paid to trustees and com mittee m e m bers.............................. 5,1 1 1 547 47 188 61 113 244

Occupancy, maintenance, etc. of bank premises (including taxes and

recurring depreciation)— n e t........................................................... 47,184 4.388 158 699 937 1.509 766

Occupancy, maintenance, etc. of bank premises (including taxes

and recurring depreciation)— g ro s s ........................................... 61.405 4.974 182 823 1.023 1,806 1.328

Less: Income from bank b u ild in g ................................................. 14.221 586 24 124 86 297 562

Deposit insurance assessments............................................................ 19.571 1,535 34 261 267 592 350

Furniture and fixtures (including recurring depreciation)................ 16,414 2,096 26 317 110 859 258

All other current operating expenses................................................. 89,044 9.327 428 1,624 2.325 2.617 2.428

N et current operating in c o m e ................................................................

Franchise and incom e taxes— to ta l.......................................................

State franchise and income ta xe s.......................................................

Federal income taxes..............................................................................

N et current operating incom e after taxes

D ividends and interest on deposits

Net current operating incom e after taxes and divid e n d s............

2 ,8 4 8 ,9 5 5 2 2 6 ,2 2 9 4 .1 2 1 3 7 ,7 7 1 3 8 ,1 0 8 8 9 .8 4 2 5 3 ,9 8 4

4 7 ,7 1 0

39,281

8.429

7 .0 2 2

6.489

533

1 62

162

1 3 5

6

129

8 8 6

227

659

1,831

1.402

429

4 9 0

394

96

2 ,8 0 1 ,2 4 5 2 1 9 ,2 0 7 3 .9 5 9 3 7 ,6 3 6 3 7 ,2 2 2 8 8 ,011 5 3 .4 9 4

2 ,6 1 2 ,6 3 8 1 9 7 ,0 0 5 3 .4 4 4 3 3 ,1 5 4 3 4 ,1 3 0 8 2 ,5 3 4 4 7 ,7 9 4

1 8 8 ,6 0 7 2 2 .2 0 2 5 1 5 4 ,4 8 2 3 ,0 9 2 5 .4 7 7 5 ,7 0 0

224 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
N on-recurring incom e, realized p ro fits and recoveries credited to

profit and loss, and transfers fro m valuation adjustm ent provisions— to ta l ............................................................................................... 1 3 5 .0 4 9 2 1 ,0 4 2 13 3 .6 6 0 1 30 7 ,9 8 3 3 ,8 1 2

Non-recurring in c o m e ..................................................................... ................ 29.394 645 2 63 80 861 182

Realized profits and recoveries on:

Securities sold or m a tu re d ......................................................................... 77,817 13.978 9 3.255 7 6.272 3.089

Real estate mortgage lo a n s....................................................................... 1,351 56 2 21 38 29 17

Other real estate........................................................................................... 2,286 255 33 662 24

All other assets............................................................................................. 2,066 365 17 61 105

Transfers from valuation adjustment provisions on:

Securities........................................................................................................ 1 1,884 4,895 215 5 48 184

Real estate mortgage lo a n s....................................................................... 9.583 500 56 54

Other real estate........................................................................................... 56

All other assets............................................................................................. 612 348 50 157

N on-recurring expenses, realized losses charged to p ro fit and loss.

and transfers to valuation ad ju stm en t provisions— to t a l................ 1 0 0 .6 9 0 1 1 ,2 2 5 3 1 7 2 .7 0 2 3 3 6 9 ,3 8 9 3 ,0 8 5

Non-recurring e xp e n se s................................................................................. 12,693 1,136 6 220 126 426 31 1

Realized losses on:

Securities s o ld ............................................................................................. 64.136 7,274 73 2.130 34 8.607 1,629

Real estate mortgage lo a n s ....................................................................... 4.488 78 8 35 30 109 50

Other real estate........................................................................................... 1.609 53 4 76 20 107

All other assets............................................................................................. 3,219 1,225 13 26 54 140

Transfers to valuation adjustment provisions on:

Securities........................................................................................................ 7.962 1,071 57 15 548

Real estate mortgage lo a n s....................................................................... 5.558 31 213 150 6 124 217

Other real estate........................................................................................... 189 28 5 5

All other assets............................................................................................. 836 329 3 140 34 78

Net additions to to ta l surplus accounts from operations........................ 2 2 2 .9 6 6 3 2 ,0 1 9 211 5 .4 4 0 2 ,8 8 6 4,071 6 ,4 2 7

M em oranda

Recoveries credited to valuation adjustment provisions (not included

in recoveries above) on:

S ecurities........................................................................................................... 391 2 59 18

Real estate mortgage lo a n s ........................................................................... 183 1 5

Other real esta te............................................................................................... 2 2

All other assets................................................................................................. 116 38 56

Realized losses charged to valuation adjustment provisions (not

included in realized losses above) on:

S ecurities........................................................................................................... 2.835 80 66 5 1 256

Real estate mortgage lo a n s ........................................................................... 1.072 15 1 1 50

Other real esta te............................................................................................... 186

All other assets................................................................................................. 353 2 6 154 108

Average assets and lia b ilitie s2

Total assets....................... ................................................................................. 5 9 .6 7 4 .0 2 6 4 ,7 6 5 ,1 6 0 1 0 0 ,6 0 5 8 2 0 .0 8 7 8 7 8 ,7 5 9 1 ,9 2 4 ,9 4 5 1 ,1 1 8 ,6 9 5

Total de p o sits....................................................................................................... 5 4 ,5 3 4 ,5 7 2 4 .3 3 4 .0 3 0 9 2 ,0 8 0 7 3 9 .1 9 8 8 0 1 ,0 2 2 1 .7 5 4 ,6 6 6 1 ,0 0 0 ,7 0 8

Total surplus accounts 4 ,3 4 5 ,5 2 4 4 0 5 .6 6 0 8 .4 4 1 7 6 .1 8 2 6 6 ,0 7 6 1 5 2 ,8 7 9 9 7 ,9 2 3

Number of banks. December 31 ...................................................................... 334 69 4 31 6 8 32

INCOME OF INSURED BANKS 2 25

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 122. INCOME OF INSURED M UTUAL SAVINGS BANKS IN THE UNITED STATES. BY STATE. 1968— CONTINUED

(Amounts in thousands of dollars)

Income item

New

Jersey New York Pennsylvania

Rhode

Island Vermont Washington Wisconsin

Other States 

or areas1

C urrent operating incom e— to ta l................................................................ 1 39,9 2 3 2 ,1 8 2 ,3 8 6 1 8 9 .4 1 2 5 8 .2 9 0 1 3 ,9 8 6 7 0 .3 2 6 1,991 55.6 9 9

Interest on U.S. Government obligations.................................................... 11.450 67.917 9,937 3.026 1.073 3.608 199 1,651

Interest and dividends on other securities.................................................. 20.438 264.999 41.051 8,863 276 5,571 189 9.591

Interest and discount on real estate mortgage loans— net...................... 104.460 1.756.477 134,134 42,529 11.550 58.843 1,459 41,800

Interest and discount on real estate mortgage loans— g ro s s ............ 106.802 1.805.986 141.027 44.149 1 1.642 59.153 1,477 42.929

Less: Mortgage servicing fe e s................................................................ 1.857 48.446 6.856 1,619 92 306 18 1,123

Premium am ortization.................................................................... 485 1.063 37 1 4 6

Interest and discount on other loans and discounts— n e t ...................... 1.203 47.280 1.806 3.233 888 938 64 1,081

Income on real estate other than bank building— n e t.............................. -19 -450 3 -82 5 13 -10

Income on real estate other than bank building— gross...................... 16 1,200 14 5 49 14

Less: Operating expense.......................................................................... 35 1,650 1 1 82 36 24

Income on other assets.................................................................................. 180 16,256 1,407 56 112 509 5 477

Income from service operations.................................................................... 2.21 1 29,907 1.074 665 82 844 75 1.109

C urrent operating expenses— to t a l................................................................ 2 0 ,7 2 8 2 3 5 ,0 2 3 2 5 ,8 1 6 10.0 2 2 1 .9 6 8 10,511 4 5 3 8,592

Salaries— officers............................................................................................. 3.439 32,978 3.017 1,862 470 2.118 123 1.550

Salaries and wages— other em ployees...................................................... 5,928 71.734 8,546 2,406 489 3.116 103 2.224

Pension, hospitalization and group insurance payments, and other

employee be nefits....................................................................................... 1.990 23,735 2,399 953 192 885 18 625

Fees paid to trustees and committee m em bers........................................ 426 2,977 67 142 66 101 8 124

Occupancy, maintenance, etc. of bank premises (including taxes and

recurring depreciation)— n e t.................................................................... 2,346 30.642 2,672 1.109 148 902 60 848

Occupancy, maintenance, etc. of bank premises (including taxes

and recurring depreciation)— g ro ss .................................................... 2,447 39,322 5.031 1,469 208 1.445 61 1.286

Less: Income from bank building .......................................................... 101 8,680 2,359 360 60 543 1 438

Deposit insurance assessments.................................................................... 891 13.313 1.200 302 83 401 11 331

Furniture and fixtures (including recurring depreciation).......................... 1,131 9,021 1,374 336 72 289 20 505

All other current operating expenses.......................................................... 4,577 50.623 6,541 2,912 448 2,699 110 2,385

Net current operating in c o m e .........................................................................

Franchise and incom e taxes— to ta l................................................................

State franchise and income ta xe s................................................................

Federal income taxes......................................................................................

Net current operating incom e after ta x e s ..................................................

Dividends and interest on d e p o s its ..............................................................

Net current operating incom e after taxes and dividends......................

11 9 ,1 9 5 1 ,9 4 7 ,3 6 3 1 6 3 ,5 9 6 4 8 ,2 6 8 1 2 .0 1 8 5 9 .8 1 5 1,5 3 8 4 7,107

1 .094

1.094

3 2 ,4 5 4

29.160

3.294

8 1 2

757

55

9 5 5

686

269

195

19

176

1.466

1

1,465

6

2

4

2 02

138

64

118,101 1 .9 1 4 ,9 0 9 1 6 2 ,7 8 4 4 7 ,3 1 3 1 1 .8 2 3 5 8 .3 4 9 1,532 4 6 ,9 0 5

1 0 9 ,1 2 4 1 ,8 0 6 ,6 0 4 14 9 ,0 0 7 4 2 ,5 4 6 1 1,147 51,8 2 7 1,323 4 2 ,9 9 9

8,9 7 7 1 0 8 ,3 0 6 13,7 7 7 4 .7 6 7 6 7 6 6 ,5 2 2 2 0 9 3 ,906

226 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Non-recurring incom e, realized profits and recoveries credited to

p ro fit and loss, and transfers fro m valuation adjustm ent provisions— total .............................................................................................. 3 ,3 3 8 8 5 ,7 9 8 3 ,0 8 9 2 ,5 5 4 1 7 0 8 5 4 16 2 ,5 9 0

Non-recurring in co m e .................................................................................... 1.258 25.243 219 228 53 118 10 432

Realized profits and recoveries on:

Securities sold or m a ture d........................................................................ 1.980 43.824 1,776 1.222 108 210 1 2.086

Real estate mortgage loan s...................................................................... 37 961 10 52 7 53 4 64

Other real estate.......................................................................................... 37 1.165 64 5 2 39

All other assets............................................................................................ 26 1.465 1 6 1 1 1 8

Transfers from valuation adjustment provisions on:

Securities...................................................................................................... 4.983 1,019 230 305

Real estate mortgage loan s...................................................................... 8.068 800 105

Other real estate.......................................................................................... 43 13

All other assets.................................................................................. 46 1 1

N on-recurring expenses, realized losses charged to profit and loss.

and transfers to valuation adjustm ent provisions— to ta l................ 3 ,161 5 9 .9 5 0 5 ,6 4 3 1 ,4 6 3 171 4 7 6 50 2,7 2 2

Non-recurring exp enses................................................................................ 723 8.989 219 227 30 250 3 27

Realized losses on:

Securities s o ld ........................ .................................................................... 2.131 34.924 4.734 485 122 46 35 1.912

Real estate mortgage loan s...................................................................... 35 4.037 32 5 8 18 11 32

Other real estate.......................................................................................... 1 1.101 28 193 6 13 7

All other assets............................................................................................ 35 1.600 16 30 2 1 1 1 66

Transfers to valuation adjustment provisions on:

Securities...................................................................................................... 52 4,871 510 500 1 37 300

Real estate mortgage loan s...................................................................... 184 4.188 49 43 353

Other real estate.......................................................................................... 38 55 58

All other assets............................................................................................ 202 23 2 25

Net additions to total surplus accounts from operations........................ 9 ,1 5 4 1 3 4 ,1 5 3 1 1 .2 2 3 5 .8 5 8 6 7 5 6 ,9 0 0 175 3 ,7 7 4

M em oranda

Recoveries credited to valuation adjustment provisions (not included in

recoveries above) on:

Securities.......................................................................................................... 5 307

Real estate mortgage lo a n s .......................................................................... 5 170 2

Other real estate..............................................................................................

All other assets................................................................................................ 9 1 12

Realized losses charged to valuation adjustment provisions(not included

in realized losses above) on:

Securities...................................................................................................... 354 459 1.484 37 93

Real estate mortgage lo a n s .......................................................................... 10 956 9 21

Other real estate.............................................................................................. 186

All other assets................................................................................................ 46 23 14

Average assets and lia bilities2

Total assets. . , .................................................................................................... 2 ,6 7 3 ,8 2 0 4 0 ,1 1 3 ,6 2 5 3 ,8 3 3 ,8 9 3 1 ,0 5 1 ,4 7 8 2 5 1 ,5 3 4 1 ,0 7 8 ,5 6 8 37,4 3 8 1,0 2 5 ,4 1 9

Total deposits...................................................................................................... 2 ,4 6 9 ,1 5 5 3 6 ,7 6 0 ,6 6 6 3 ,4 3 0 ,9 3 3 9 5 8 ,2 1 2 2 3 1 .9 4 4 9 9 0 ,6 9 5 3 4 ,1 1 4 9 3 7 ,1 4 9

Total surplus accounts...................................................................................... 1 7 7 .4 9 6 2 ,8 2 6 ,6 8 5 2 8 4 ,0 8 6 7 9 ,2 5 8 1 7,9 6 7 7 5 ,6 6 0 3,1 2 8 7 4,083

Number of banks, December 31 ...................................................................... 21 125 7 7 6 7 3 8

1 Other States or areas include Alaska. Delaware, Minnesota, Ohio, Oregon, and Puerto Rico.

2 Averages of amounts are for the four consecutive call dates beginning with the end of the previous year and ending with the fall call of the current year.

INCOME OF INSURED BANKS 227

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Federal Reserve Bank of St. Louis
BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES; 

DEPOSIT INSURANCE DISBURSEMENTS

Table 123. Number and deposits of banks closed because of financial difficulties, 

1934-1968

Table 124. Insured banks requiring disbursements by the Federal Deposit Insurance 

Corporation during 1968 

Table 125. Depositors, deposits, and disbursements in insured banks requiring disbursements by the Federal Deposit Insurance Corporation, 1934-1968

Banks grouped by class of bank, year of deposit payoff or deposit assumption, amount of deposits, and State

Table 126. Recoveries and losses by the Federal Deposit Insurance Corporation on 

principal disbursements for protection of depositors, 1934-1968

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Federal Reserve Bank of St. Louis
Deposit insurance disbursements

Disbursements by the Federal Deposit Insurance Corporation to 

protect depositors are made when the insured deposits of banks in 

financial difficulties are paid off, or when the deposits of a failing 

bank are assumed by another insured bank with the financial aid of 

the Corporation. In deposit payoff cases, the disbursement is the 

amount paid by the Corporation on insured deposits. In deposit 

assumption cases, the principal disbursement is the amount loaned 

to failing banks, or the price paid for assets purchased from them; 

additional disbursements are made in those cases as advances for 

protection of assets in process of liquidation and for liquidation 

expenses.

Noninsured bank failures

No noninsured bank failed in 1968.

For detailed data regarding noninsured banks which suspended 

in the years 1934-1962, see the Annual Report for 1963, pp. 

27-41. For 1963-1967, see Table 123 of this Report, and previous 

Reports for respective years.

Sources of data

Insured banks: books of bank at date of closing; and books of 

FDIC, December 31, 1968.

BANKS CLOSED AND DEPOSIT INSURANCE DISBURSEMENTS 229

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Federal Reserve Bank of St. Louis
Table 123. NUMBER AND DEPOSITS OF BANKS CLOSED BECAUSE OF FINANCIAL DIFFICULTIES. 1934-1968

Year

Num ber D eposits (in thousands of dollars)

Total N on ­

insured1

Insured

Total N oninsured1

Insured

Total

W ith o u t

disbursements

by

FDIC2

W ith

disbursem ents

by

FDIC3

Total

W ith o u t

disbursem ents

by

FDIC2

W ith

disbursem ents

by

FDIC3

Total 6 0 9 131 4 7 8 8 4 7 0 9 3 0 ,5 5 3 6 1 .9 7 3 8 6 8 .5 8 0 4 1 ,1 4 7 8 2 7 ,4 3 3

1 9 3 4 ......... 61 52 9 9 37.332 35.364 1.968 1,968

1935 ......... 32 6 26 1 25 13,987 583 1 3.404 85 13.319

1936 ......... 72 3 69 69 28.100 592 27,508 27.508

1937 ......... 83 7 76 2 74 34.141 528 33,613 328 33.285

1 93 8 ......... 80 7 73 73 60,444 1.038 59,406 59.406

193 9 ......... 72 12 60 60 160.21 1 2.439 157.772 157.772

1 9 4 0 ......... 48 5 43 43 142.787 358 142,429 142.429

1941 ......... 16 2 14 14 18.805 79 18.726 18,726

1942 ......... 23 3 20 20 19.541 355 19,186 19,186

1943 5 5 5 12,525 12.525 12.525

194 4 2 2 2 1,915 1.915 1.915

1945 1 1 1 5.695 5.695 5,695

1946 2 1 1 1 494 147 347 347

1947 ......... 6 1 5 5 7.207 167 7,040 7.040

1 948 3 3 3 10.674 10,674 10.674

1 949 9 4 5 4 9.217 2.552 6.665 1,190 5.475

1 9 5 0 5 1 4 4 5.555 42 5,513 5.513

1951 5 3 2 2 6,464 3.056 3.408 3.408

1952 4 1 3 3 3,313 143 3,170 3.170

195 3 5 1 4 2 2 45,101 390 44,71 1 26,449 18.262

1 9 5 4 4 2 2 2 2.948 1,950 998 998

195 5 5 5 5 1 1,953 1 1,953 1 1.953

195 6 3 1 2 2 1 1.689 360 1 1,329 1 1.329

1957 3 1 2 1 12,502 1.255 1 1,247 10.084 1.163

195 8 9 5 4 4 10,413 2.173 8.240 8.240

195 9 ......... 3 3 3 2,593 2,593 2,593

1 96 0 ......... 2 1 1 1 7,965 1,035 6,930 6.930

1961 9 4 5 5 10.61 1 1,675 8.936 8.936

1962 3 2 1 4.231 1.220 3.01 1 3,01 1

1963 .. 2 2 2 23.444 23.444 23.444

1 96 4 ......... 8 1 7 7 23,867 429 23.438 23.438

1965 9 4 5 5 45,256 1.395 43.861 43.861

1966 8 1 7 7 106,171 2.648 103.523 103,523

1967 ......... 4 4 4 10,878 10.878 10.878

196 8 ......... 3 3 3 22.524 22,524 22,524

1 For inform ation regarding each of these banks, see Table 22 in the A nnual Report of the Federal D eposit Insurance Corporation for 

1963, page 221 o f the report for 1964, page 179 of the report for 1965, and page 183 o f the 1 96 6 report. One noninsured bank placed in 

receivership in 1934, w itn no deposits at tim e of closing, is om itted (see Table 22, note 9). Deposits are unavailable for 7 banks.

2 For inform ation regarding these cases, see Table 23 of the Annual Report for 1963.

3 For inform ation regarding each bank, see the Annual Report for 1958, pp. 4 8 - 8 3 and pp. 9 8 -1 2 7 , and tables regarding deposit 

insurance disbursem ents in subsequent annual reports. Deposits are adusted as o f Decem ber 31, 1 96 8 and exclude deposits for three 

cases requiring disbursem ents by the Corporation; 1 bank in voluntary liquidation in 1937 (payoff-case no. 9 0); 1 noninsured bank in 1938 

w ith insured deposits at date o f suspension, its insurance status having been term inated prior to suspension (payoff case no. 162); and 1 

foreign-ow ned bank closed in 1941 by order of the Federal G overnment (payoff casie no. 234).

230 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 124. INSURED BANKS REQUIRING DISBURSEMENTS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION DURING 1968

Case

num ber Name and location

Class of 

bank

N um ber of 

accou n ts1

Date of deposit 

assum ption D isbursem ent2 A ssum ing bank

D eposit

assum ption

191

192

193

Lorenzo State Bank, 

Lorenzo, Texas

Central N ational Bank of 

Jacksonville, Jacksonville, 

Florida

Bank of Com m erce, 

Tonkawa, O klahom a

NM

N

NM

2 ,1 7 9

8,091

2 ,5 8 0

February 13, 1968 

M ay 27. 1 96 8

S eptem ber 25, 1968

$ 1 ,5 5 1 ,9 7 2

2 ,4 7 5 ,9 6 6

1,025,021

Lorenzo State Bank at Lorenzo, 

Lorenzo, Texas

M arine N ational Bank of Jacksonville, 

Jacksonville, Florida

The Service Bank of Tonkawa, 

Tonkawa, Oklahom a

Case

num ber

A ssets1

Cash and 

due from 

banks

U. S. Governm ent 

obligations

Other

securities

Loans,

discounts.

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

assets

Total

Liabilities and capital accounts1

Deposits Other

liabilities

Capital

stock

Other

capital

accounts

D eposit

assum ption

191

192

193

768.012 

1,1 17.523 

498.971

669.594

2.850.082

1.801.042

618.1 13 

775,600 

229.005

3,939.956

7.604.592

2.895.032

62.047

606,037

85,000

7.000 

120,403

6.000

93.977

370.393

35.627

6,158.699

13.444.630

5,550.677

5.612,285 

1 1,757,299 

5.154,686

15.918

455.664

93.067

100.000 

1.600,000 

100.000

430.496

-368,333

202,924

1 Figures as determ ined by FDIC agents after adjustm ent of books of the bank im m ediately fo llo w ing its closing.

2 Includes disbursem ents made to Decem ber 31, 1968, plus additional disbursem ents estim ated to be required in these cases.

BANKS CLOSED AND DEPOSIT INSURANCE DISBURSEMENTS 231

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Federal Reserve Bank of St. Louis
Table 125. DEPOSITORS. DEPOSITS, AND DISBURSEMENTS IN INSURED BANKS REQUIRING DISBURSEMENTS BY THE

FEDERAL DEPOSIT INSURANCE CORPORATION. 1934-1968

B A N K S G R O U P E D BY C L A S S O F B A N K . Y E A R O F D E P O S IT P A Y O F F O R D E P O S IT A S S U M P T IO N , A M O U N T O F D E P O S IT S . A N D S T A T E

C lassification

N um ber o f banks N um ber o f depositors1

D ep o sits1 

(in thousands o f dollars)

D isbursem ents by FD IC 1 

(in thousands o f dollars)

Total Payoff

cases

A ssu m p ­

tion

cases

Total Payoff

cases

A ssum ption

cases

Total Payoff

cases

A ssu m p ­

tion

cases

Principal disbursem ents

Advances and 

expenses2

Total

Payoff

cases3

A ssu m p ­

tion

cases4

Payoff

cases5

A ssum ption

cases6

A ll b a n ks .................................. 473 280 193 1,645.447 501.998 1,143,449 838,768 245,996 592.772 381.807 163,741 218,066 2,986 48,768

Class of bank

N ational b a n k s ...................... 86 30 56 340.766 84,21 5 256.551 195,757 80.597 115,160 81.260 38.350 42,910 914 6.544

S ta te b a n ks m e m b e rs

F.R.S..................................... 25 9 16 373.810 88,204 285.606 194,421 33.303 161,1 19 105.741 25.470 80.271 212 19,273

Banks not m em bers F.R.S. 362 241 121 930.871 329,579 601,292 448.590 132.097 316,493 194,806 99.921 94.885 1.860 22,951

Y ear7

1 9 3 4 ........................................ 9 9 15,767 1 5,767 1.968 1.968 941 941 43

1 9 3 5 ........................................ 25 24 1 44,655 32,331 12,324 13.319 9,091 4,229 8.891 6,026 2.865 108 272

1 9 3 6 ........................................ 69 42 27 89,018 43,225 45.793 27.508 1 1,241 16,267 14,781 8,056 6.725 67 934

1 9 3 7 ........................................ 75 50 25 130.387 74,148 56,239 33.349 14.960 18.389 19.161 12.045 7.1 16 103 905

1 9 3 8 ........................................ 74 50 24 203.961 44.288 159.673 59.684 10.296 49.388 30.479 9.092 21.387 93 4,902

1 9 3 9 ........................................ 60 32 28 392,718 90.169 302,549 157.772 32.738 125.034 67.770 26.196 41.574 162 17.603

1 9 4 0 ........................................ 43 19 24 256,361 20.667 235.694 142,429 5,657 136.773 74,134 4.895 69.239 89 17.237

1941 ........................................ 15 8 7 73,005 38.594 34,41 1 29,718 14,730 14,987 23,880 12,278 1 1.602 50 1.479

194 2 ........................................ 20 6 14 60,688 5.717 54.971 19.186 1,816 17.369 10,825 1.612 9.213 38 1.076

1 9 4 3 ........................................ 5 4 1 27,371 16.917 10.454 12.525 6.637 5,888 7,172 5,500 1.672 53 72

1 9 4 4 ........................................ 2 1 1 5.487 899 4.588 1.915 456 1.459 1.503 404 1.099 9 37

1 9 4 5 ........................................ 1 1 12,483 12,483 5.695 5.695 1.768 1.768 96

1 9 4 6 ........................................ 1 1 1.383 1,383 347 347 265 265 1 1

1 94 7 ........................................ 5 5 10.637 10.637 7.040 7,040 1.724 1.724 368

1 9 4 8 ........................................ 3 3 18.540 18,540 10.674 10,674 2.990 2.990 200

1 94 9 ........................................ 4 4 5.671 5,671 5.475 5.475 2.552 2.552 166

1 9 5 0 ........................................ 4 4 6,366 6,366 5.513 5.513 3.986 3.986 524

1951 ................................... 2 2 5.276 5,276 3,408 3.408 1,885 1.885 127

1 95 2 ........................................ 3 3 6.752 6,752 3.170 3.170 1,369 1.369 195

1 95 3 ................................... 2 2 24,469 24,469 18.262 18.262 5.017 5.017 428

1 9 5 4 2 2 1.811 1,81 1 998 998 913 913 145

1 9 5 5 ........................................ 5 4 1 17.790 8.080 9,710 1 1.953 6,503 5,450 6.784 4,438 2.346 106 665

1 9 5 6 ........................................ 2 1 1 15.197 5.465 9,732 11.329 4.702 6,628 3.458 2,795 663 87 51

1 95 7 ........... 1 1 2.338 2,338 1.163 1.163 1.031 1,031 20

1 9 5 8 ........................................ 4 3 1 9.587 4,380 5,207 8.240 4,156 4,084 3.026 2,796 230 38 31

1 9 5 9 ........................................ 3 3 3,073 3.073 2,593 2.593 1.835 1,835 51

1 9 6 0 ........................................ 1 1 1 1,171 1 1.171 6.930 6.930 4.765 4.765 82

232 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1961 ........................................

1 9 6 3 

1 9 6 4 

1 9 6 5 

1 9 6 6 

1 96 7 

1 9 6 8 

B anks w ith d e p o s its o f—

Less than $ 100,000..................

$100,000 to $ 2 5 0 ,0 0 0 ...........

$250,000 to $ 5 0 0 ,0 0 0 ...........

$500,000 to $1,000.000.........

$1,000,000 to $2,000,000 . 

$2,000,000 to $5,000,000 . . 

$5,000,000 to $10,000,000 . 

$10,000,000 to $25,000,000 

$25,000,000 to $50,000.000. 

$50,000,000 to $ 100,000.000

S ta te

A la b a m a .................. ...........

A rk a n s a s .................. ...........

C a lifo rn ia .................................

C o lo ra d o .................................

C o n n e cticu t.............................

F lo rid a ......................................

G e o rg ia ....................................

Id a h o ........................................

Illin o is........................................

In d ia n a ......................................

Io w a ..........................................

K a n sas......................................

Kentucky .................................

L ou isia na.................................

M a in e ........................................

M a ry la n d .................................

M a s s a c h u s e tts ......................

M ic h ig a n .................................

M in n e s o ta ...............................

M ississip p i...............................

M is s o u ri....................................

M o n ta n a .................................

N e b ra s k a .................................

N ew H a m p s h ire ....................

N ew J e rs e y .............................

5 5 8.301 8.301

2 2 36.430 36.430

7 7 19,934 19.934

5 3 2 15,817 14.363 1.454

7 1 6 95,424 1.012 94,412

4 4 4.729 4,729

3 3 12.850 12.850

107 83 24 38.347 29.695 8.652

109 86 23 83,370 65.512 17.858

61 37 24 91,218 57.287 33.931

72 35 37 161,923 74.870 87.053

52 17 35 211.161 66,768 144.393

41 14 27 257.640 73.531 184,109

18 4 14 227,707 32.665 195,042

7 3 4 206.228 89.189 1 17.039

5 1 4 284.809 12.481 272,328

1 1 83.044 83.044

4 2 2 9.170 2.059 7.11 1

7 6 1 5446 4.541 905

4 3 1 21.059 17.890 3,169

3 2 1 2.094 1.382 712

2 2 5.379 5.379

5 2 3 14.082 1,725 12.357

10 8 2 9.410 8,797 613

2 2 2.451 2.451

20 8 12 79.721 41.802 37.919

20 15 5 30.006 12.549 17.457

7 4 3 16.055 4.066 1 1,989

10 6 4 6.715 3,824 2,891

23 18 5 36.139 18.490 17.649

3 3 6.087 6.087

1 1 9.710 9,710

5 2 3 22.567 6.643 15.924

2 2 9.046 9.046

10 4 6 115.863 2.084 113.779

5 5 2.650 2.650

3 3 1.651 1.651

49 36 13 41.277 29.478 11.799

5 3 2 1.500 849 651

6 6 6.069 6.069

1 1 1.780 1.780

39 12 27 522.563 103.797 418.766

8.936 8.936 6.200 6.200 154

23.444 23.444 19,232 19.232 283

23.438 23.438 13,770 13.770 580

43.861 42.889 972 1 1.449 10,976 473 568 116

103.523 774 102.749 15.075 735 14.340 25 855

10.878 10.878 8,125 8.125 177

22.524 22.524 5.053 5,053 271

6.418 4.947 1.471 5.000 4.309 691 88 154

17.759 13.920 3.839 12.906 1 1,554 1.352 209 173

21.882 12,921 8.961 14.993 10,550 4.443 163 61 1

55.972 27.935 28.037 36.675 20.957 15.718 394 2,312

74,044 22.210 51.834 41.103 17.085 24.018 353 3.609

128,929 46.744 82,185 69.989 32.307 37.682 518 5,849

1 15.956 27.715 88.241 45.779 17.818 27.961 441 5.585

125,255 49.429 75.825 61.990 39.444 22.546 318 5.519

199,594 40.176 159.418 83,370 9.717 73.653 500 24.723

92,960 92,960 10.000 10.000 229

6.170 3.985 2.185 3.557 2.562 995 62 91

2.538 1.942 596 1,720 1.576 144 43 48

47,298 46.220 1.078 13.824 12.963 861 595 138

2.987 2.262 725 1.410 938 472 40 74

1,526 1.526 1.242 1,242 8

17.665 2.668 14.997 5.935 2.145 3.790 52 287

1.959 1.870 89 1.620 1.551 69 33 33

1.894 1.894 1.493 1.493 29

50.765 25.081 25.684 28.456 20.474 7.982 312 791

13.593 3.932 9,662 6.197 3.096 3.101 39 384

9.401 4.383 5.018 3.875 2,804 1.071 46 113

5.052 4.357 694 4,093 3.601 492 45 72

8.888 3.953 4.934 5.455 3.329 2.126 44 201

1.652 1.652 668 668 10

5.450 5.450 2.346 2.346 665

4.566 828 3.738 3.109 735 2.374 9 371

3.019 3,019 1.564 1.564 1.030

107.727 1.394 106,332 17.461 1.311 16.150 43 989

818 818 640 640 17

334 334 257 257 5

1 1,107 7.240 3.867 7.678 6.011 1.667 99 277

1,095 215 880 639 186 453 6 21

8.145 8.145 5.008 5.008 46

296 296 117 117 8

194.630 33.128 161.502 82.125 26.468 55.657 161 20,154

BANKS CLOSED AND DEPOSIT INSURANCE DISBURSEMENTS 233

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Federal Reserve Bank of St. Louis
Table 125. DEPOSITORS. DEPOSITS, AND DISBURSEMENTS IN INSURED BANKS REQUIRING DISBURSEMENTS BY THE

FEDERAL DEPOSIT INSURANCE CORPORATION, 1 9 3 4 -1 968-CONTINUED

B A N K S GROUPED BY C LA S S OF B A N K . YEAR OF DEPOSIT PAYOFF OR DEPOSIT A S S U M P T IO N . A M O U N T OF DEPOSITS. A N D STATE

N um b e r o f banks N um ber o f d ep o sitors1

D ep o sits1 

(in thousands o f dollars)

D isbursem ents by FD IC 1 

(in thousands o f dollars)

C lassification

Total Payoff

cases

A s s u m p ­

tion

cases

Total

Payoff

cases

A ssum ption

cases

Total P ayoff

cases

A ssu m p ­

tion

cases

P rincipal d isbursem ents

A dvances and 

expenses2

Total

Payoff

cases3

A ssu m p ­

tion

cases4

Payoff

cases5

A ssum ption

cases6

N ew Y o rk ................................. 26 3 23 269.621 28,440 241.181 145.439 13.286 132.153 67.997 10.836 57.161 32 10,847

N orth C a ro lin a ...................... 7 2 5 1 0.408 3,677 6.731 3.266 1.421 1.845 2.387 1.156 1.231 23 179

N orth D a k o ta ........................ 29 18 1 1 14.103 6.760 7.343 3.830 1.552 2.278 2.656 1.397 1.259 24 203

O h io .......................................... 4 2 2 13.751 7.585 6.166 7.223 2.345 4.877 2.098 1.610 488 7 44

O k la h o m a ............................... 12 8 4 27.650 20,149 7.501 18,920 1 1.053 7.867 10,272 7.936 2.336 178 166

O re g o n ...................................... 2 1 1 3.439 1.230 2.209 2.670 1.368 1.302 1.948 986 962 1 1 81

Pennsylvania........................... 29 8 21 166.894 43,828 123.066 75.756 14.340 61.416 51.292 10.133 41.159 75 9.524

South C a ro lin a ...................... 2 1 1 1.848 403 1.445 849 136 714 274 136 138 10

South D a k o ta ........................ 23 22 1 12,515 1 1.412 1,103 2.987 2.862 126 2.41 1 2.388 23 26 9

Tennessee ............................... 12 8 4 12,358 9.993 2.365 1.942 1.620 322 1.278 1,164 114 28 25

Texas ........................................ 33 26 7 44.963 35.848 9.115 30.720 19.185 1 1.534 17.189 13.241 3.948 457 447

V e rm o n t................................... 3 2 1 1 1.057 8.687 2.370 3.725 3.375 350 3.445 3.259 186 21 22

V irg in ia ...................................... 9 4 5 35.715 12.638 23.077 17.778 7,652 10.127 8.285 3.889 4.396 293 505

W a s h in g to n ............................. 1 1 4.1 79 4,179 1.538 1,538 935 935 512

W est V ir g in ia ........................ 3 3 8.346 8.346 2.006 2.006 1.458 1.458 11

W is c o n s in ............................... 31 20 1 1 26.898 18.739 8.159 9.512 5.966 3,545 7.188 5.096 2.092 54 426

W y o m in g ................................. 1 1 3.212 3,212 2.033 2.033 202 202 19

1 A d justed to Decem ber 3 1, 1 9 6 8 In a ssum ption cases, num ber of depositors refers to num ber of deposit accounts.

2 Excludes $ 3 5 2 thousand o f non-recoverable insurance expenses in cases w hich w ere resolved w ith o u t paym e n t o f claim s or a disbursem ent to fa cilitate 

assum ption o f deposits by another insured bank, and o th e r expenses o f field liquidation em ployees not chargeable to liqu ida tion activities.

3 Includes estim ated add itio n al d isbursem ents in active cases.

4 Excludes excess co lle ctio ns tu rn e d over to banks as additional purchase price at te rm in a tio n o f liquidation.

5 These disbursem ents are not recoverable by the C orporation; they consist alm ost w h o lly o f field payoff expenses.

6 Includes advances to p ro te c t assets and liq u id a tio n expenses of $ 4 7 ,9 9 2 thousand, all of w hich have been fu lly recovered by the C orporation, and $611 

thousand o f non-recoverable expenses.

7 No case in 1 9 6 2 required disbursem ents. D isbursem ent to ta ls for each year relate to cases occurring during th a t year, including disbursem ents made in 

subsequent years.

N o te : Due to rounding differences, com ponents m ay not add to totals.

234 FEDERAL DEPOSIT INSURANCE CORPORATION

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Table 126. RECOVERIES AND LOSSES BY THE FEDERAL DEPOSIT INSURANCE CORPORATION ON PRINCIPAL

DISBURSEMENTS FOR PROTECTION OF DEPOSITORS. 1934-1968

(Amounts in thousands of dollars)

Liquidation 

status and 

year of deA ll cases Deposit payoff cases Deposit assumption cases

Re­ Re­ Reposit payoff Num ­ Principal coveries Estimated Num­ Principal coveries Estimated Num ­ Principal coveries Estimated

or deposit ber of disburse­ to Dec. additional Losses1 ber of disburse­ to Dec. additional Losses1 ber of disburse­ to Dec. additional Losses1

assumption banks ments 31. 1968 recoveries banks m ents2 31, 1968 recoveries banks ments3 3 1 .1 9 6 7 recoveries

T o ta l............ 473 3 i i.805 316,464 13.504 51.837 280 163.740 125.231 9.606 28.903 193 218,065 191.233 3,898 22.934

Status

A ctive .......... 38 123.976 84.504 13.504 25.967 21 59.681 36.165 9.606 13.910 17 64.295 48.339 3.898 12.057

Terminated . 435 257.830 231.960 25.870 259 104.059 89.066 14.993 176 153.771 142.894 10.877

Year4

1934 .... 9 941 734 207 9 941 734 207

1935 .... 25 8.891 6.202 2 2.686 24 6.026 4.274 1.751 1 2.865 1.928 2 935

1936 .... 69 14.781 12.325 2.455 42 8.056 6.595 1.460 27- 6.725 5.730 995

1937 .... 75 19.161 15.610 3.549 50 12.045 9.520 2.524 25 7.116 6.090 1.025

1938 .... 74 30,479 28.055 2.425 50 9.092 7.908 1.184 24 21.387 20.147 1.241

1939 .... 60 67.770 60.618 7.153 32 26.196 20.399 5.798 28 41.574 40.219 1.355

1940 .... 43 74.134 70.336 40 3.757 19 4.895 4.313 582 24 69.239 66.023 40 3.175

1941 .... 15 23.880 23.290 591 8 12.278 12.065 213 7 11.602 11.225 378

1942 .... 20 10.825 10.136 688 6 1.612 1.320 292 14 9.213 8.816 396

1943 . . .. 5 7.172 7.048 123 4 5.500 5.376 123 1 1.672 1,672

1944 .... 2 1.503 1.462 40 1 404 363 40 1 1.099 1.099

1945 .... 1 1.768 1.768 1 1.768 1.768

1946 .... 1 265 265 1 265 265

1947 .... 5 1,724 1.641 17 67 5 1.724 1.641 17 67

1948 .... 3 2.990 2.349 641 3 2.990 2.349 641

1949 .... 4 2.552 2.183 369 4 2.552 2.183 369

1950 .... 4 3.986 2.601 1.385 4 3.986 2.601 1.385

1951 .... 2 1.885 1.885 2 1.885 1.885

1952 .... 3 1.369 577 792 3 1.369 577 792

1953 .... 2 5.017 5.017 2 5.017 5.017

1954 .... 2 913 654 258 2 913 654 258

1955 .... 5 6.784 6.554 230 4 4.438 4.208 230 1 2.346 2.346

1956 .... 2 3.458 3.148 60 250 1 2,795 2.500 55 240 1 663 648 5 10

1957 .... 1 1,031 1.031 1 1.031 1.031

1958 .... 4 3.026 2.998 28 3 2.796 2.768 28 1 230 230

1959 .... 3 1.835 1.738 97 3 1.835 1.738 97

1960 .... 1 4.765 4.765 1 4.765 4.765

1961 .... 5 6,200 4.652 26 1.523 5 6.200 4.652 26 1.523

1963 .... 2 19.232 15.777 1.895 1.560 2 19,232 15.777 1.895 1.560

1964 .... 7 13.767 10,622 930 2.215 7 13.767 10.622 930 2.215

1965 .... 5 11.449 839 3.864 6.746 3 10,976 541 3.860 6.575 2 473 298 4 171

1966 .... 7 15.075 3,670 2.954 8.451 1 735 611 104 20 6 14.340 3.059 2.850 8.431

1967 .... 4 8.125 3,147 2.737 2.240 4 8.125 3.147 2.737 2.240

1968 .... 3 5.053 2,763 980 1.310 3 5.053 2.763 980 1.310

1 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was 

fully recovered.

2 Includes estimated additional disbursements in active cases.

3 Excludes excess collections turned over to banks as additional purchase price at term ination of liquidation.

4 No case in 1962 required disbursements.

N ote: Due to rounding differences, components may not add to totals.

BANKS CLOSED AND DEPOSIT INSURANCE DISBURSEMENTS 235

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INDEX

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239

Absorptions:

Of insured banks requiring disbursements by FDIC. See 

Banks in financial difficulties.

Of operating banks, 1968 ................................... . . . 1 8 -1 9 ,2 0 ,1 6 6

Of operating banks approved by FDIC, 1968 . .... 1 8 -1 9 ,2 0 ,3 1 -1 3 3

Regulation of........................................................................................................18

Admission of banks to insurance (see also Applications from banks):

Applications for, 1968 .............................................................................. 17-18

Number of banks admitted, by class of bank, 1968 ................................ 1 67

Applications from b a n k s .................................................................................... 17-18

Areas outside continental United States, banks and branches located in:

Earnings, expenses, profits, and dividends, 1968 .......................... 208-209

Number, December 31, 1 9 6 8 .......................................... 169, 170, 177-178

Assessments for deposit insurance.................................................................25, 28

Assets, liabilities, and capital of banks (see also Deposits):

All banks, June 29, and December 31, 1968 ................................ 182-185

Commercial banks, June 29, and December 31, 1968 ................ 182-185

Insured commercial banks:

Amount, December call dates, 1964-1 9 6 8 ............. . 186-189

Amount, December 3 1 ,1 9 6 8 , by class of b a n k ............................. 1 90

Amount, December 31, 1968, by deposit size of b a n k ................ 191

Distribution of banks w ith given ratios of selected items to

total assets, by size of bank, December 3 1 ,1 9 6 8 ............. 1 94-195

Insured mutual savings banks:

Amount, and percentage distributions, December call dates,

1964-1968................................................................................. 186-189

Major categories, average, 1959-1 968 .......................................... 219

Mutual savings banks:

Banks grouped by insurance status, June 29, and December

31, 1968 .................................................................................... 182-183

Sources of data..............................................................................1 8 1 ,1 9 7

Assets and liabilities of FDIC..............................................................................24-25

Assets purchased by FDIC from banks in financial difficulties. . 13-15, 24, 232 

Assumption of deposits of insured banks w ith financial aid of FDIC

(see also Banks in financial difficulties)....................... 13-15, 227, 229-232

Attorney General of the United States, summary

reports on absorptions....................................... . 37-135

Audit of F D IC ....................................................... .... 29

Bad-debt reserves. See Valuation reserves.

Bank ownership, changes i n ................................ .... 20-21

Bank protection against ro b b e ry ............................................................. \ 7 ,8 , 139

Bank Supervision. See Supervision of banks; Examination of 

insured banks.

Admissions to and terminations of insurance .... . 166-167

Assets and liabilities of insured commercial banks . . . . 190

INDEX

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2 4 0 FEDERAL DEPOSIT INSURANCE CORPORATION

Income of insured commercial banks, 1968 .................................... 172-173

Insured banks requiring disbursements by FDIC, 1934-1968 ............. 230

Number of banks and banking offices, 1968 ................ 1 6 6 -1 6 7 ,1 7 0 -1 7 8

Number of banks and d e p o s its .................................................................... 179

Classification of banks.................................................................................... 164-165

Closed banks. See Banks in financial difficulties.

Commercial banks. See Assets, liabilities, and capital of banks; Deposits;

Income of insured commercial banks; Number of banks and branches.

Comptroller of the C urrency....................................IV, V, 21, 139, 140, 181, 187

Conferences w ith supervisors of State banks.................................................22-23

Consolidations. See Absorptions.

Consumer credit p ro te c tio n ....................................................... . 9

Credit, bank. See Assets, liabilities, and capital of banks.

Demand deposits. See Assets, liabilities, and capital of banks; Deposits.

Deposit insurance co ve ra g e ..............................................................................13-15

Deposits, insured by FDIC:

Estimated insured deposits, December 31, 1934-1968 .......................... 29

Increase in maximum per d e p o s ito r....................................................... 13-15

Deposits of: (See also Assets, liabilities, and capital of banks):

All banks:

By insurance status and type of bank, and type of account,

December 31, 1968........................................................................... 185

By insurance status and type of bank, and type of account,

June 29, 1968.................................................................................... 183

Banks closed because of financial difficulties, 1934-1968 .... 227-231

Insured banks, December call dates, 1 9 3 4 -1 9 6 8 ....................................... 29

Insured commercial banks:

Average demand and time deposits, 1959-1 968 ................... ... . 199

By class of bank, December 3 1 ,1 9 6 8 .............................................. 190

By deposit size of bank, December 31, 1968 ................................. 191

December call dates, 1964-1968 .................................................... 188

Insured mutual savings banks:

Average demand and time deposits, 1959-1968 .......................... 219

December call dates, 19 6 4 -1 9 6 8....................................................... 188

Sources of data concerning...........................................................................181

Deposits, number of insured commercial banks with given ratios of

demand to total deposits....................................................................................195

Directors of FDIC. See Federal Deposit Insurance Corporation.

Disbursements, See Banks in financial difficulties.

Districts, F D IC ................................................................. .V I

FEDERAL DEPOSIT INSURANCE CORPORATION

Banking data, classification of:

Assets and liabilities of banks....................................................................... 181

Deposit insurance disbursements.................................................................227

Income of insured banks.................................................................................197

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INDEX 241

Number of banks and branches 164-165 

Number of Banks and D eposits................................................ . . 179

Banking offices, number of. See Number of banks and branches.

Banks, applications from, acted on by FDIC....................................

Banks in financial difficulties.

17-18

Insured banks requiring disbursements by FDIC:

Assets and Liabilities of ............................. 229

............................. 229

13-15, 228, 230-231 

. . . 1 3 -1 5 ,2 2 7 -2 3 2

................................ 13

............................. 231

.......................1 5 ,2 3 2

................................ 14

...................... 1 3 ,2 2 9

. . 1 3 ,2 2 8 ,2 3 0 -2 3 1 

.................... 230-231

Deposit size o f ................................................

Deposits protected, 1934-1968 ................

Disbursements by FDIC, 1934-1968. . . . 

Loans made and assets purchased by FDIC

Location by State, 1934-1968 ...................

Losses incurred by FDIC................................

Losses incurred by d e p o s ito rs ...................

Name and location of, 1968 .......................

Number of, 1934-1968

Number of deposit accounts, 1934-1968 ................

Recoveries by FDIC on assets acquired, 1934-1968 15, 232

Noninsured banks:

Number and deposits of commercial banks closed, 1934-1968 . 228

Banks, number of. See Number of banks and branches.

Board of Directors of FDIC. See Federal Deposit Insurance Corporation.

Board of Governors of the Federal Reserve System. See Federal Reserve 

authorities.

Branches (see also Number of banks and branches):

Establishment approved by FDIC, 1 9 6 8 ....................................................... 18

Examination of, 1967 and 1968 .................................................................... 16

Increase, branches of all banks, 1968 ....................................... 1 8 ,1 6 7 -1 6 9

Call reports. See Assets, liabilities, and capital of banks;

Reports from banks.

Capital of banks. See Assets, liabilities, and capital of banks; Banks in 

financial difficulties; Income of insured commercial banks; Examination 

of insured banks.

Cease-and-desist authority.................................................................................16-17

Certificates of deposit (see also D e p o s its )............................................. 3, 4-5, 30

Charge-offs by banks. See income of insured commercial banks;

Income of insured mutual savings banks; Valuation reserves.

Class of bank, banking data presented by:

A b so rp tio n s............................................. . 1 9, 166

Dividends:

To depositors in insured mutual savings banks .... 2 1 8 ,2 2 0 ,2 2 2 ,2 2 4 

To stockholders of insured commercial banks. See Income of 

insured commercial banks.

Earnings of banks. See Income of insured commercial banks; Income 

of insured mutual savings banks.

Suspensions, 1968 166, 227

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242 FEDERAL DEPOSIT INSURANCE CORPORATION

Economic and banking developments in 1968. . . 3-7

Employees:

F D IC ...................................... . 23-24

Insured commercial banks:

Number and compensation, 1960-1968 ................................ 198-199

Number and compensation, by class of bank, by size of bank,

and by State, 1968 ....................................................... 2 0 3 ,2 0 5 ,2 0 9

Insured mutual savings banks, number and

com pensation.......................................... . 2 1 8 -2 2 2 ,2 2 4

Examination of insured banks:

Banks examined by FDIC, 1968 .................................................... . 1 6

District offices and supervising exam iners................................ . . VI

Expenses of banks. See Income of insured commercial banks;

Income of insured mutual savings banks.

Expenses of FD IC ................................................ . 25-28

Failures. See Banks in financial difficulties.

Federal bank supervision............................................. . . . 1 5

Federal banking le g is la tio n .......................................... .... 7-9

Federal Deposit Insurance Corporation (FDIC):

Actions on applications....................................................... .17-18

Assessments on insured banks.................................................................25-28

A s s e ts .................................................................................................................24

A u d it.................................................................................................................... 29

Banks examined by, and submitting reports t o ....................................15-22

Borrowing p o w e r..............................................................................................25

Capital s to c k .................................................................................................... 24n

Cease-and-desist au th o rity............. .......................................... 16-17

Coverage of deposit insurance,

banks participating............................................. 13-15, 29, 1 66, 1 70, 1 78

Deposit insurance fund (surplus)............................................................. 26-29

Directors (members of the Board)............................................................. V, 23

Disbursements for protection of depositors . . 13-1 5 ,2 2 7 -2 3 2

D istricts................................................................ ................VI

D ivisions............................................. .............IV, 23

Employees............................................. .............23-24

Examination of b a n k s ............................. . . . VI, 15-16

Financial statements, 1968 ............. . 2 4 ,2 6 -2 7

Income and expenses, 1933-1968 ....................................................... 26-28

Insured banks requiring disbursements by. See Banks in 

financial difficulties.

Liabilities....................................................................................................... 24-25

Loans to, and purchase of assets from, insured banks. . . . 227,230-231

Losses incurred, 1934-1968 ................................................................. 15 ,2 3 2

Methods of protecting depositors . . . 13-14,227

Organization and s ta ff.......................... . . IV-VI, 23-24

Payments to insured depositors . . . 13-1 4 ,2 3 2

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Federal Reserve Bank of St. Louis
INDEX 243

P ublications................................................................................................. 21-22

Recoveries.................................................................................................15, 232

Regulation of interest r a te s .......................................................3 ,7 ,1 4 7 -1 5 0

Regulation of standards for bank security d e vice s..........................7-8, 139

Reports from b a n ks.................................................................................... 19-22

Reserve for losses on assets acquired............................................. 24, 25-26

Rules and regulations............................................................. 3 0 -3 1 ,1 4 7 -1 5 8

Sources and uses of fu n d s ..............................................................................27

Supervisory a c tivitie s.................................................................................1 5-23

Federal Home Loan Bank Board....................................................................... 7, 139

Federal Reserve a u th o ritie s ....................................................................3, 7, 8, 139

Federal Reserve member banks. See Class of bank, banking data 

presented by.

Federal Savings and Loan Insurance Corporation . . .137

Financial Developments— See Economic and

Financial Developments, 1 9 6 8 ........................................................................... 3-4

General Accounting O ffic e ....................................................................................... 29

Housing and urban developm ent.................................................................8-9, 145

Income of F D IC .................................................................................................... 26-27

Income of insured commercial banks:

Amounts of principal components:

Annually, 1960-1968 ....................................................... 198-199:201

By class of bank, 1 9 6 8 ................................................................. 202-203

By size of bank, 1968 ................................................................. 204-205

By State, 1968 .............................................................................. 208-217

Classification of income d a ta ....................................................................... 197

Earnings, 1968 ................................................................................................. 5-6

Ratios of income items:

Annually, 1960-1968 .................................................................................... 200

By size of bank, 1968 ................................................................. 206-207

Sources of d a t a ..............................................................................................197

Income of insured mutual savings banks:

Amounts of principal components, 1960-1 968 .................... 2 1 8-219,221

Ratios of income and expense items, 1960-1968.................................... 220

Sources of d a t a ..............................................................................................197

Insolvent banks. See Banks in financial difficulties.

Insurance status, banks classified by:

Assets and liabilities of. June 29 and December 31, 1968 . . . . 182-185

Changes in number of, 1968 ................... .......................................... 166-167

Deposits of, June 29 and December 31, 1968 ............................. 1*83,185

Number of, December 31, 1968 ....................................................... 166-178

Percentage of banks insured, by State, December 31, 1968 . . . 170-178 

Insured banks. See Assets, liabilities, and capital of banks; Banks in 

financial difficulties; Deposits; Income of insured commercial banks;

Income of insured mutual savings banks; Number of banks and branches.

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244 FEDERAL DEPOSIT INSURANCE CORPORATION

Insured commercial banks not members of the Federal Reserve System.

See Class of bank, banking data presented by.

Insured deposits. See Banks in financial difficulties; Deposit insurance 

coverage.

Insured State banks members of the Federal Reserve System. See Class 

of bank, banking data presented by.

Interest rates paid by insured banks:

Authority to regulate....................................................................................... 3 ,7

Maximum ra te s .......................................................... 4 -5 ,1 4 7 -1 5 0 ,1 5 6 -1 5 8

Survey of, by F D IC .................................................................................... 21-22

Investments. See Assets, liabilities, and capital of banks; Assets and 

liabilities of FDIC; Banks in financial difficulties.

Legislation relating to deposit insurance and banking.

Federal, enacted in 19 6 8 ............................................................. 7-9, 139-146

State, enacted in 1968 ....................................................................... 158-163

Loans. See Assets, liabilities, and capital of banks; Banks in financial 

difficulties.

Losses.

Of banks. See income of insured commercial banks; Income of 

insured mutual savings banks.

Of FDIC.......................................................................... .15,232

On loans, reserves for. See Valuation reserves.

Provision for, in insured banks, 1960-1968 . . . . 198-1 9 9 ,2 1 8 -2 1 9 

Mergers. See Absorptions.

Methods of tabulating banking data. See Banking data, classification of.

Mutual savings banks. See Assets, liabilities, and capital of banks;

Deposits; Income of insured mutual savings banks; Number of banks 

and branches.

National banks. See Class of bank, banking data presented by.

New banks, 1968 ........................................................................................... 166-169

Noninsured banks (see also Absorptions; Admission of banks to insurance; Assets, liabilities, and capital of banks; Banks in financial difficulties; Classification of banks; Class of bank, banking data presented 

by; Deposits; Number of banks and branches; Reports from banks)

Number of banks and branches:

Banks.

By insurance status, type of bank, number of branches, and

State, December 3 1 ,1 9 6 8 170-178

By insurance status and type of bank, December 31, 1968. . . . 166

Changes during 1968 6-7, 166

Branches:

By insurance status, type of bank, and State, December 31,

Changes during 1968 ...........................................................................

Commercial banks and branches, December 31, 1967 and 1968,

1968 170-178

.167

by State 168-169

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Federal Reserve Bank of St. Louis
INDEX 245

Insured commercial banks:

December 3 1 ,1 9 6 0 -1 9 6 8 .......................................................... 199-200

December 3 1 ,1 9 6 8 , by class of bank and deposit size of

bank.............................................................................................. 2 03-204

December 31, 1968, by State....................... 209, 2 1 1 ,2 1 3 , 215, 218

Distributed by capital ratios and distribution of assets and

deposits, December 31, 1968 ............................................. 194-195

Insured mutual savings banks, December 31, 1968 . 2 1 9 ,2 2 0 ,2 2 3 ,2 2 5

Mutual savings banks, by State, December 3 1 ,1 9 6 8 ................... 170-1 78

Noninsured banks, by State, December 3 1 ,1 9 6 8 .......................... 1 70-178

Unit banks, by insurance status and State, December 31, 1968 . 1 70-178 

Obligations of banks. See Assets, liabilities, and capital of banks;

Deposits.

Officers of insured banks. See Employees.

Officials of F D IC ...................................................................... . V, 23

Operating banks. See Number of banks and branches.

Payments to depositors in closed insured banks. See Banks in financial 

difficulties.

Personnel. See Employees.

Possessions, banks and branches located in. See Areas outside 

continental United States, banks and branches located in.

Protection of depositors. See Banks in financial difficulties; Deposit 

Insurance coverage.

Receivership, insured banks placed in. See Banks in financial difficulties. 

Recoveries:

By banks on assets charged off. See Income of insured commercial 

banks; Income of insured mutual savings banks.

By FDIC on disbursements. See Banks in financial difficulties.

Reports from banks....................................................................................19-22, 197

Reserves:

Of FDIC, for losses on assets acquired............................................. . 2 4

Of insured banks for losses on assets. See Valuation reserves.

With Federal Reserve Banks. See Assets, liabilities, and capital of 

banks.

Rules and Regulations of the FDIC. See Federal Deposit Insurance 

Corporation.

Salaries and wages:

F D IC .................................................................................................................... 26

Insured banks. See income of insured commercial banks; Income of 

insured mutual savings banks.

Savings and loan associations................................ . 7, 139

Savings and time deposits. See also Deposits

3 ,5 -4 ,7 ,2 1 ,1 4 7 -1 5 0 , 156-158, 183, 185, 188, 189, 192, 193 

Securities. See Assets, liabilities, and capital of banks; Assets and 

liabilities of FDIC; Banks in financial difficulties.

Securities, registration and reporting of bank............. . 8 , 140, 1 50-1 56

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246 FEDERAL DEPOSIT INSURANCE CORPORATION

Size of bank, data for banks classified by amount of deposits:

Assets and liabilities, insured commercial banks, 1968 ................ 191-192

Banks requiring disbursements by FDIC, 1 9 3 4 -1 9 6 8............................. 230

Disbursements for protection of depositors, 1934-1968 ....................... 230

Income data of insured commercial banks, 1968 .......................... 204-205

Income ratios of insured commercial banks, 1968.......................... 206-207

Number and deposits of all banks.................................................................179

Number of employees of insured commercial banks, 1 9 6 8 ................... 205

Number of insured commercial banks, 1968 ................................ 2 0 5 ,2 0 7

Number of insured commercial banks, grouped by ratios of selected

items to assets and deposits, December 3 1 ,1 9 6 8 ................... 194-195

State, banking data classified by:

Disbursements, deposits, and depositors in insured banks requiring

disbursements by FDIC, 1934-1968 .................................................... 231

Income of insured commercial banks, 1968 .................................... 187-208

Number of banks and branches, by class of bank and type of office,

December 31, 1968........................................................................... 170-178

Percentage of banks insured, December 31, 1968 ....................... 170-178

State banking legislation enacted in 1 9 6 8 ................................................. 156-161

State banks. See Class of bank, banking data presented by.

Stockholders of banks, net profits available for. See Income of insured 

commercial banks.

Supervision of banks (see also Examination of insured banks):

By F D IC ................................................................................................. VI, 15-22

Federal legislation.......................................................................... 7 -9 ,1 3 9 -1 4 6

State legislation, 1968........................................................................... 158-163

Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Income of insured commercial banks;

Income of insured mutual savings banks.

Terminations of insurance for unsafe and unsound p ra c tic e s ..........................17

Time and savings deposits. See also Deposits. . . . 3 ,4 -5 ,7 ,2 9 -3 1 ,1 4 6 -1 4 7 ,

148, 154-156, 183, 185, 188, 189, 192, 193

Truth In Lending A c t .................................................................................................... 9

Unit banks, by insurance status and State, December 31, 1968. . . . 170-178 

Unsafe and unsound banking practices

Valuation reserves (see also Assets, liabilities, and capital of banks):

Amounts held, June 29 and December 3 1 ,1 9 6 8 .......................... 182, 184

Amounts held, December call dates, 1960-1968 . . . 1 9 8 -1 9 9 ,2 1 8 -2 1 9 

Violations of law or regulations, banks charged w ith .......................................... 17

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