ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED

DECEMBER 31, 1941

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Federal Reserve Bank of St. Louis
DIRECTORS

of the 

FEDERAL DEPOSIT INSURANCE CORPORATION

L e o T . C r o w l e y

Chairman

P h il l ip s L e e G o l d s b o r o u g h

P r e s t o n D e l a n o

Comptroller of the Currency

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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

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

Washington, D. C., July 28,194-2.

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

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

Insurance Corporation has the honor to submit its annual report.

Respectfully,

L e o T . C r o w l e y , Chairman.

T h e P r e s i d e n t o f t h e S e n a t e

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

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
Introduction................................................................................................................. 3

CONTENTS

Page

PAR T ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Deposit insurance, banking, and the w a r ....................................................... 9

The banking situation and deposit insurance................................................... 9

The quality of bank assets.................................................................................... 10

Capital position of banks....................................................................................... 10

Effects of war time changes on the banks......................................................... 11

Bank income and losses.......................................................................................... 12

Loan and investment policy.................................................................................. 13

Bank supervision and the war.............................................................................. 13

Protection of depositors......................................................................................... 14

Protection of depositors in insured banks......................................................... 14

Method of providing insurance protection........................................................ 16

Procedure for providing insurance protection.................................................. 17

Losses and recoveries of the Corporation.......................................................... 19

Receivership activities of the Corporation........................................................ 20

Supervisory activities of the corporation...................................................... 20

Supervisory authority and policy........................................................................ 20

Bank examinations.................................................................................................. 21

Unsafe and unsound banking practices and violations of law or regulations 22

Other actions regarding banks in an unsound condition............................... 24

Admissions to and terminations of insurance................................................... 25

Establishment of branches..................................................................................... 26

Capital adjustments of banks............................................................................... 26

Approval of assumption or release of deposits................................................. 26

Reports from banks................................................................................................. 27

Legislation and executive orders.................................................................. 27

Federal legislation.................................................................................................... 27

Executive Order regarding civil service status of Corporation employees. 28

State legislation directly affecting the operations of the Corporation. . . . 28

State legislation relating to bank supervision and bank operations........... 29

Operating statement of the Corporation........................................................ 31

Organization and staff............................................................................................ 31

Income and expenses............................................................................................... 32

Claims held by Corporation against suspended and merged banks........... 33

Assets and liabilities................................................................................................ 34

Audit........................................................................................................................... 35

PART TW O

DEPOSIT INSURANCE AND B AN K IN G DEVELOPM ENTS

Assets and lia b ilitie s o f insured com m ercial bank s...................................... ........ 41

Changes during 1941............................................................................................................... 41

Changes during 1934-1941....................................................................................................41

Types and q u a lity o f bank a sse ts ...................................................................................... 42

Types of assets.................................................................................................................. ........43

Quality of assets............................................................................................................... ........44

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Capital of insured commercial b an k s................................................................ 46

Total capital accounts.................................................................................................... 46

Capital stock and other capital accounts............................................................... 46

Capital ratios..................................................................................................................... 47

Analysis of capital accounts......................................................................................... 49

E arnings o f insured com m ercial bank s.................................................................. 51

Earnings and expenses of current operations....................................................... 52

Rates of income on loans and securities and of interest paid on deposits. . 54

Taxes, charge-offs, recoveries, and profits on assets sold................................. 56

Net profits available for stockholders...................................................................... 56

Dividends and additions to capital accounts........................................................ 57

Insured m utual savings ban k s..................................................................................... 58

Vi FEDERAL DEPOSIT INSURANCE CORPORATION

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PAR T THREE

INSURANCE OF BAN K DEPOSITS, 1941

In surance o f bank deposits, 1941............................................................................... .........63

O perating insured com m ercial ban k s...................................................................... .........63

Changes in insurance coverage, 1934-1941............................................................ .........63

Changes in size distribution of banks...................................................................... .........66

Changes in deposits in banks grouped by State...........................................................69

Insurance coverage by type of deposit.............................................................................69

Accounts and deposits by size of account.......................................................................71

O perating insured m utual savings ban k s.......................................................................76

Changes in insurance coverage, 1936-1941............................................................ .........76

Appendix A .............................................................................................................................. .........78

PAR T FOUR

LEG ISLATIO N AND EXECU TIVE ORDERS

L eg isla tion r e la tin g to insured ba n k s.................................................................. 81

Foreign accounts in insured banks............................................................................ 81

Taxation of bank profits................................................................................................ 82

E xecu tive o r d e r s ................................................................................................................. 84

Covering certain positions in the Federal Deposit Insurance Corporation

into the competitive classified civil service, and authorizing certain

employees of that Corporation to acquire a classified civil service status 84

Amending schedules A and B of the Civil Service Rules................................ 85

PAR T FIVE

STA TISTICS OF BAN KS AND DEPOSIT INSURANCE

E x p la n a tory n o te s .............................................................................................................. 89

Sources of data.................................................................................................................. 89

Classification of banks and banking offices............................................................ 89

Bank and branch changes............................................................................................. 91

Population of center and number of offices........................................................... 91

Deposits of banks and banking offices..................................................................... 92

Banks examined by, and submitting reports to, the Federal Deposit

Insurance Corporation............................................................................................... 93

Assets and liabilities of operating banks................................................................. 93

Analysis of examinations of insured commercial banks.................................... 94

Earnings, expenses, and dividends of insured commercial banks................. 97

Suspensions, receiverships, and mergers................................................................. 99

Number and deposits o f banks and banking o ffic e s — e n d -o f-y e a r ......... 100

Number and deposits o f banks and banking o ffic e s — m idyear................. 112

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Assets and liabilities of operating b an k s....................................................... 122

A nalysis o f exam inations o f insured com m ercial b a n k s .............................. 132

Earnings of insured commercial ban ks.............................................................. 158

Suspensions, receiverships, and m ergers.......................................................... 174

Supervisory actions by the Corporation.......................................................... 184

CHARTS AND MAP

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

A. Principal assets of insured commercial banks, call dates, 1 9 3 4 -1 9 4 1 .... 42

B. Assets, deposits, and total capital accounts of insured commercial banks,

call dates, 1934-1941................................................................................................ 47

C. Number of insured commercial banks, special call dates, 1934 and 1941,

grouped by amount of deposits............................................................................ 67

Map. Percentage increase in deposits of insured commercial banks, October

1, 1934, to September 24, 1941....................................................................... 68

CONTENTS vii

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Federal Reserve Bank of St. Louis
LIST OF TABLES

PART ONE

OPERATIONS AND POLICIES OF THE CO RPORATIO N

Protection of depositors:

1. Losses and disbursements in connection with insured banks in

financial difficulties, 1934-1941..................................................................... 15

2. Depositors’ recoveries and losses in insured banks in financial

difficulties, 1934-1941........................................................................................ 15

3. Disbursements of the Corporation in connection with banks in

financial difficulties, 1934-1941..................................................................... 16

4. Percent of deposits insured in operating insured banks and protected in insured banks in financial difficulties.

Banks grouped by amount of deposits...................................................... 17

5. Payment of deposits of insured banks placed in receivership, 1934-

1941.......................................................................................................................... 18

6. Repayments to the Corporation as of December 31, 1941, of disbursements in connection with insured banks in financial difficulties 19

Supervisory activities of the Corporation:

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

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

1936-1941............................................................................................................... 23

8. Unsafe or unsound banking practices and violations of law or

regulations charged against 14 banks by the Corporation during

1941.......................................................................................................................... 24

Operating statement of the Corporation:

9. Officers and employees of the Corporation, December 31, 1941. . 31

10. Income and expenses of the Corporation since beginning operations 33

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

calendar year 1941............................................................................................. 34

12. Federal Deposit Insurance Corporation Balance Sheet, June 30,

1941— From Auditors’ Report....................................................................... 36

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

December 31, 1941, and December 31, 1940........................................... 38

PART TW O

DEPOSIT INSURANCE AND BAN K IN G DEVELOPMENTS

T ypes and quality of bank assets:

14. Distribution of assets of insured commercial banks, 1 9 3 4 -1 941 .... 43

15. Appraisal of total assets of insured commercial banks examined in

1941, 1940, and 1939......................................................................................... 44

16. Appraised value of assets and substandard assets of insured commercial banks examined in 1941, 1940, and 1939 ................................. 45

17. Distribution of insured commercial banks examined in 1941 according to substandard assets ratio, examinations in 1940 and 1941 45

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Capital of insured commercial banks:

18. Capital ratios of insured commercial banks, 1934-1941................... 48

19. Capital ratios of national banks at 5-year intervals, 1865-1940. . . . 49

20. Percentage distribution of number and deposits of insured commercial banks according to net sound capital ratio, examinations

in 1938-1941.................................................................................................. 50

Earnings of insured commercial banks:

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

1941................................................................................................................. 52

22. Rates of income received and interest paid by insured commercial 

banks, 1934-1941......................................................................................... 54

23. Percentage distribution of insured commercial banks according

to rates of income on loans, 1939-1941.................................................. 54

24. Percentage distribution of insured commercial banks according to 

rates of interest paid on time and savings deposits, 1939-1941.... 55

25. Percentage distribution of insured commercial banks according to 

rates of net profits on total capital accounts, 1938-1941................... 57

26. Net profits available for stockholders, and dividends paid by 

insured commercial banks, 1934-1941.................................................... 57

27. Percentage distribution of insured commercial banks according to 

rates of dividends on total capital accounts, 1939-1941................... 58

PART THREE

INSURANCE OF BAN K DEPOSITS, 1941

Insurance of bank deposits, 1941

28. Insurance protection with a maximum coverage of $5,000 in all 

insured banks, special call dates, 1934-1941........................................ 63

Operating insured commercial banks:

29. Percent of total number of accounts with balances of $5,000 or less, 

special call dates, 1934-1941

Insured commercial banks grouped by amount of deposits............... 64

30. Percent of deposits insured with a maximum coverage of $5,000, 

special call dates, 1934-1941

Insured commercial banks grouped by amount of deposits............... 65

31. Number and percentage distribution of insured commercial banks, 

special call dates, 1936-1941

Grouped by percent of deposits insured................................................ 65

32. Insurance protection with a maximum coverage of $5,000, September 24,1941

Insured commercial banks grouped by percent of deposits insured. . 66

33. Number of insured commercial banks, special call dates, 1934-1941

Grouped by amount of deposits.............................................................. 66

34. Number and average size of accounts in insured commercial, banks, 

special call dates, 1936-1941

Grouped by type of deposit..................................................................... 70

35. Deposits in insured commercial banks insured with a maximum 

coverage of $5,000, special call dates, 1936-1941

Grouped by type of deposit...................................................................... 70

36. Percentage distribution of accounts and deposits in insured commercial banks, September 24, 1941, and September 21, 1938

Grouped by size of account...................................................................... 71

LIST OF TABLES ix

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X FEDERAL DEPOSIT INSURANCE CORPORATION

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O perating insured com m ercial banks—Continued:

37. Distribution of accounts according to size, September 24, 1941

Grouped by type of deposit and in banks grouped by amount of

deposits, insured commercial banks........................................................... 72

38. Distribution of deposits according to size of account, September 24,

1941

Grouped by type of deposit and in banks grouped by amount of

deposits, insured commercial banks........................................................... 73

39. Distribution of accounts according to size, September 24, 1941

Insured commercial banks grouped by class and by State.................. 74

40. Distribution of deposits according to size of account, September 24,

1941

Insured commercial banks grouped by class and by State.................. 75

Operating insured mutual savings banks:

41. Distribution of accounts according to size, September 24, 1941

Insured mutual savings banks grouped by amount of deposits and

by State............................................................................................................... 76

42. Distribution of deposits according to size of account, September 24,

1941

Insured mutual savings banks grouped by amount of deposits and

by State............................................................................................................... 77

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

N umber and deposits of banks and banking offices—end-of-ye a r :

101. Analysis of changes in number and classification of operating

banking offices in the United States and possessions during 1941.. 100

102. Number of operating banking offices, December 31, 1941

Grouped according to insurance status and class of bank and by

type of office in each State and possession.............................................. 102

103. Number and deposits of operating commercial and mutual savings

banks, December 31, 1941

Banks grouped according to insurance status in each State and

possession........................................................................................................... 108

104. Analysis of admissions to and terminations of insurance in each

class of bank, 1934-1941.................................................................................. 110

N umber and deposits of banks and banking offices—midyear:

105. Number of operating banks, June 30, 1941

Grouped according to insurance status and class of bank and by

type of bank and amount of deposits......................................................... 112

106. Number of operating banking offices, June 30, 1941

Grouped according to insurance status and class of bank and by

type of office and amount of deposits......................................................... 113

107. Number of operating banking offices of commercial banks, June 30,

1941

Grouped according to amount of deposits and by type of office and

population of center in which located........................................................ 114

108. Number of operating banking offices of commercial banks, June 30,

1941

Grouped according to number of commercial banking offices in

center in which located and by type of office and population of

center in which located.............................................................. .................... 116

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N umber and deposits of banks and banking offices—midyear—Continued:

109. Number of commercial banks operating branches and number of 

branches, June 30, 1941

Banks operating branches grouped according to character of branch

system and branches grouped according to location of branch and by

population of center in which located and State.................................... 118

110. Deposits of operating banks, June 30, 1941

Banks grouped according to insurance status and class of bank

and by type of bank and amount of deposits.......................................... 120

111. Deposits of operating banking offices, June 30, 1941

Offices grouped according to insurance status and class of bank

and by type of office and amount of deposits......................................... 121

Assets and liabilities of operating banks:

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

States and possessions, 1935-1941

Banks grouped by insurance status and type of bank......................... 122

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

dates 1934-1941............................................................................................ 126

114. Classes of securities held by operating insured commercial banks,

call dates 1934-1941.................................................................................... 130

A nalysis of examinations of insured commercial banks:

115. Analysis of capital and liabilities of insured commercial banks 

examined in 1941

Banks grouped by net sound capital ratio, fixed and substandard

assets ratio, rate of net earnings, and amount of deposits................ 132

116. Net sound capital ratios of insured commercial banks examined 

in 1941

Banks grouped by net sound capital ratio, fixed and substandard

assets ratio, rate of net earnings, and amount of deposits................ 134

117. Analysis of capital and liabilities of insured commercial banks 

examined in 1941

Banks grouped by Federal Deposit Insurance Corporation District

and State............................................................................................................ 136

118. Net sound capital ratios of insured commercial banks examined in 

1941

Banks grouped by Federal Deposit Insurance Corporation District

and State............................................................................................................ 138

119. Appraisal of assets of insured commercial banks examined in 1941

Banks grouped by net sound capital ratiof fixed and substandard

assets ratio, rate of net earnings, and amount of deposits............... 140

120. Asset ratios of insured commercial banks examined in 1941

Banks grouped by net sound capital ratiot fixed and substandard

assets ratio, rate of net earnings, and amount of deposits................ 144

121. Appraisal of assets of insured commercial banks examined in 1941

Banks grouped by Federal Deposit Insurance Corporation District

and State............................................................................................................ 148

122. Asset ratios of insured commercial banks examined in 1941

Banks grouped by Federal Deposit Insurance Corporation District

and State............................................................................................................ 152

123. Distribution of insured commercial banks examined in 1941 according to net sound capital ratio

Banks grouped by fixed and substandard assets ratio, rate of net

earnings, and amount of deposits.............................................................. 156

124. Distribution of deposits of insured commercial banks examined in 

1941

Banks grouped according to net sound capital ratio and by fixed and

substandard assets ratio, rate of net earnings, and amount of deposits 157

LIST OF TABLES xi

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Earnings of insured banks:

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

1934-1941............................................................................................................... 158

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

banks, 1934-1941................................................................................................. 160

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

1941

B y class of bank.............................................................................................. 162

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

1941

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

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

banks, 1941

Banks grouped according to amount of deposits................................... 166

130. Distribution of insured commercial banks according to rate of net

earnings, 1941

Banks grouped by amount of deposits, population of center in

which located, ratio of loans to total assetst rate of income on loans,

ratio of time and savings deposits to total deposits, and rate of

interest paid on time and savings deposits.............................................. 168

131. Distribution of insured commercial banks according to rate of net

profits, 1941

Banks grouped by amount of deposits, population of center in

which located, and rate of net earnings.................................................... 170

132. Distribution of insured commercial banks according to rate of

income on loans, 1941

Banks grouped by amount of deposits, population of center in

which located, and ratio of loans to total assets..................................... 171

133. Distribution of insured commercial banks according to rate of

interest paid on time and savings deposits, 1941

Banks grouped by amount of deposits, population of center in

which located, and ratio of time and savings deposits to total deposits 172

134. Earnings, expenses, and dividends of insured mutual savings banks,

1934-1941............................................................................................................... 173

Suspensions, receiverships, and mergers:

135. Number and deposits of banks which suspended operations,

1934-1941

Grouped according to class of bank and by year, amount of deposits,

and State....................................................................... .................................... 174

136. Number and deposits of and disbursements to insured banks

merged with the financial aid of the Federal Deposit Insurance

Corporation, 1935-1941

Grouped according to class of bank and by yeart amount of deposits,

and State............................................................................................................ 176

137. Number and deposits of insured banks placed in receivership or

merged with the financial aid of the Federal Deposit Insurance

Corporation, 1934-1941

Grouped according to class of bank and by year, amount of deposits,

and State............................................................................................................ 178

138. Accounts and deposits of and disbursements to insured banks

merged with the financial aid of the Federal Deposit Insurance

Corporation, 1935-1941.................................................................................... 180

139. List of insured banks placed in receivership, 1941................................ 181

140. Assets and liabilities of insured banks placed in receivership,

1934-1941

As shown by books of bank at date of suspension................................ 182

xii FEDERAL DEPOSIT INSURANCE CORPORATION

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Suspensions, receiversh ips, and m ergers—Continued:

141. Depositors and deposits of insured banks placed in receivership,

1934-1941

A s shown by books of F D IC , December 3 1 ,1 9 U ................................ 183

Supervisory actions by the Corporation:

142. Actions by the Federal Deposit Insurance Corporation upon

applications from banks not members of the Federal Reserve

System for admission to insurance, approval of establishment of

branches, and approval of change of location of banking offices,

August 23, 1935, to December 31, 1941.................................................... 184

143. Actions by the Federal Deposit Insurance Corporation upon

applications regarding capital and other financial adjustments,

August 23, 1935, to December 31, 1941.................................................... 186

144. Action to terminate insured status of banks for engaging in unsafe

or unsound banking practices or violations of law or regulations,

August 23, 1935, to December 31, 1941.................................................... 188

LIST OF TABLES xiii

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Federal Reserve Bank of St. Louis
INTRODUCTION

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I n t r o d u c tio n

The year 1941 was the eighth year of Federal insurance of bank 

deposits. During the eight years the Corporation disbursed $239 

million to protect 1,200,000 depositors in 370 insured banks in financial 

difficulties. The Corporation estimates that about 80 percent of its 

disbursements will be recovered and that its eventual losses will 

amount to about $47 million, or about 10 percent of the deposits in 

the 370 banks. Of the depositors who filed claims against receivers 

less than 5,000 will suffer any loss at all. Their losses on deposit 

balances in excess of $5,000, and thus in excess of the maximum insurance protection provided by law, are estimated at less than $3 

million. This is about three-fifths of 1 percent of total deposits in 

the 370 banks.

Over the eight-year period the Corporation's operating expenses 

plus its estimated losses have been slightly less than the income from 

its investments, and the Corporation's surplus has been increased by 

about the amount of insurance assessments collected from the banks. 

On December 31, 1941, the surplus of the Corporation amounted 

to $264 million and the combined capital and surplus to $553 million.

The transition from a peace time to a war economy has created 

problems for our entire industrial structure. Banking problems 

arising out of that shift, and the position of insured banks in relation 

to the war, are discussed in Part One of this report. Part One also 

deals with the operating results of the deposit insurance system. 

Part Two deals with banking developments pertinent to deposit 

insurance, particularly with the growth of bank assets and bank 

capital and changes in quality of bank assets. Part Three contains 

a special report of the deposits of insured banks on September 24, 

1941. In Part Four is reprinted the text of Federal legislation and of 

Executive Orders affecting insured banks and the operations of the 

Corporation. Part Five consists of statistical tables relating to banks 

and deposit insurance.

3

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

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D e p o s it I n s u r a n c e , B a n k i n g , a n d t h e W a r

The banking situation and deposit insurance. The end of 

1941 marked the completion of eight years of successful operation of 

the system of Federal insurance of bank deposits. It also marked the 

close of a period of economic recovery under peacetime conditions, 

which provided especially favorable circumstances for the establishment of deposit insurance and for improvement in the condition of 

operating banks.

The proportion of the assets of insured banks which were subject 

to criticism at the time of the 1941 examinations—made under normal 

peacetime standards of evaluation—was smaller than in any previous 

year; and the number and liabilities of insured banks on the Corporation’s list of institutions likely to require its financial aid during 

the forthcoming year were reduced to the smallest in its history. 

Judged by these criteria, the banking system and the Corporation 

were stronger in 1941 than at any previous time.

The ability of banks to withstand the shocks of economic dislocations is dependent on several important factors: the quality of 

the assets held by the banks; the degree to which banks regularly 

make provision out of current income to cover losses, which must be 

anticipated even though they have not yet been sustained; and the 

margin of equity, or net worth, available to absorb losses resulting 

from unforeseen developments. The insured banks’ ratio of net sound 

capital to their assets and liabilities reached a peak in 1936 and has 

been declining steadily during the past five years.

Similarly, the ability of the Corporation to discharge its responsibilities depends not alone on the number and liabilities of banks in 

immediate financial difficulties but also on the character of impending 

developments likely to affect insured banks and the funds available 

to the Corporation. On December 31, 1941, the capital and surplus 

of the Corporation amounted to $553 million, the largest amount 

of record. However, the volume of deposits protected by the Corporation was also larger than at any previous time.

By the close of the year 1941, it was apparent that far reaching 

economic changes, with important repercussions on bank operations, 

were in prospect. The shift from a predominantly peacetime economy 

to an all-out war effort has altered the outlook of practically all 

business enterprises. Many corporations in a position to handle war 

contracts need additional financing, and are better credit risks than 

formerly; while the contrary is true of some firms producing consumer

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

goods. The economic changes resulting from the war are also affecting 

the revenues hitherto depended upon by some governmental bodies 

and nonprofit associations for the servicing and retirement of their 

obligations.

These three elements in the banking situation at the beginning 

of 1942—the outstanding quality of bank assets judged by usual 

standards, the gradual weakening of the capital position of banks, 

and the effect upon banks of the nation’s participation in the war—are 

outlined more fully in the following paragraphs.

The quality of bank assets. The improvement which has occurred 

in the quality of assets held by insured banks is indicated by the fact 

that in the examination of banks not members of the Federal Reserve 

System for admission to insurance in late 1933 and early 1934, examiners criticized more than one-third of the assets of the banks, 

while in 1941 less than 10 percent of the assets of insured banks 

examined by the Corporation were criticized. Data for insured banks 

which are not examined by the Corporation, but are examined by 

other Federal banking supervisory authorities, show a similar trend. 

The improvement in the condition of insured banks since 1933 has 

been due in part to the improvement in the general economic situation, in part to the acquisition by the banks of additional high grade 

assets, and in part to the writing off of assets.

A factor contributing to the improvement in the position of the 

banks was the aggressive action taken by the Federal Deposit Insurance Corporation and other bank supervisory authorities to 

rehabilitate or to close weak banks which were licensed after the 

banking holiday of 1933. The introduction into the banks of large 

amounts of new capital, chiefly supplied by the Reconstruction 

Finance Corporation during 1934, made it possible for many of the 

banks to write off assets of doubtful quality. Banks which could 

not be rehabilitated were closed, or were merged with other banks 

with the financial aid of the Federal Deposit Insurance Corporation. 

During the eight years of deposit insurance, 370 insured banks, with 

$468 million of deposits belonging to 1,200,000 depositors, either 

were merged with other banks with financial aid of the Corporation 

or were closed and placed in receivership, the insured claims of depositors being paid by the Corporation.

Capital position of banks. The deposits of the banks insured by 

the Corporation when it began operations on January 1, 1934, excluding those mutual savings banks which withdrew within six 

months from the beginning of deposit insurance, amounted to approximately $33 billion, of which about $15 billion were in accounts, 

and portions of accounts, which would have been protected by

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DEPOSIT INSURANCE, BANKING, AND THE WAR 11

insurance with a limit of $5,000 per depositor.1 During the eight 

succeeding years the deposits held by insured banks increased more 

than 100 percent, amounting to $71 billion on December 31, 1941. A 

relatively small part of this growth was due to the admission to 

insurance of banks which were not in existence or were not insured 

on January 1, 1934. Deposits insured with a maximum of $5,000 for 

each depositor increased to approximately $28 billion, a growth of 

about 85 percent. Tabulations are not available showing the net value 

of capital accounts of all insured banks as appraised by the examiners 

at the beginning of deposit insurance. However, book values of total 

capital accounts increased from approximately $6 billion at the 

beginning of deposit insurance to $7 billion on December 31, 1941, 

or about 15 percent. This is in striking contrast to the more than 

100 percent growth of deposits during the same period.

The character of bank assets must also be taken into consideration 

in appraising the capital position of the banks. Assets acquired by 

the banks, accompanying the growth in their deposits, have for the 

most part been of the type least subject to deterioration, and most 

readily convertible into cash and reserves. However, the growth in 

the total capital accounts of insured banks was less than the growth 

in assets other than cash, balances with other banks, and United 

States Government obligations. The ratio of total capital accounts 

of insured banks to their loans, investments (excluding United States 

Government obligations), and miscellaneous assets, was smaller at 

the close of 1941 than at any previous time.

Effects of war time changes on the banks. The growth in 

resources of the banking system, without a corresponding increase 

in the capital of the banks, has diluted the margin of protection at 

the very time the banking system faces a critical period. Moreover, 

there is reason to believe that these tendencies will continue, perhaps 

even at an accelerated rate.

The transfer of a large proportion of the resources of the nation 

from normal peacetime pursuits to a war basis will inevitably impose 

a heavy burden upon the economy, a part of which will fall upon the 

banking system. Banks are being called upon to assist directly in war 

finance, and also to make loans to industry, trade, and agriculture 

associated with the war program. Bank obligations and bank assets 

will probably expand substantially over the next few years. Bank 

capital, on the other hand, is not increasing correspondingly.

Rapid changes in the outlook of business always alter the need 

for credit, and this is particularly evident when the reorientation of 

the economy is more drastic than at any other time in the nation's

1 The limit of protection during the early months of Federal insurance of deposits was $2,500 for 

each depositor in each bank.

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

history. Some notes which formerly appeared to be satisfactory bank 

loans have become less readily collectible, some have become of 

doubtful quality, and some may have to be written off as priorities 

and other restrictions cut deeper into businesses not directly associated 

with the war effort. Some securities heretofore considered to be of a 

quality suitable for bank investment are also being adversely affected. 

The loans and securities which are likely to deteriorate are not spread 

evenly throughout the banking system. Thus, while the quality of 

the assets of the banking system considered as a whole has improved, 

bank assets in some sections are being adversely affected.

Bank income and losses. The expansion in bank assets and 

obligations will undoubtedly be accompanied by a growth in the 

total income of most banks. However, the rate of return on these 

assets will, for the most part, be low. Expenses will increase and net 

income will be subject to additional taxation. While most of the assets 

of the banks will represent obligations of the Federal Government or 

loans to war producers guaranteed in whole or in part by the Federal 

Government, a large volume will continue to consist of obligations 

of private business and of non-Federal governmental units. The credit 

of some of these obligors will be improved by the impact of the war 

economy; that of others will deteriorate. Losses on some types of 

bank assets may, therefore, be expected to increase.

In the past, bankers and bank supervisors for the most part have 

been content to consider all income above expenses to be profit and 

to make provision for losses only when those losses have been ascertained or sustained as a result of a specific transaction. Such a 

policy results in overstatement of profits in good years and obscures 

the fact that a part of the gross income of the bank is a payment for 

risk bearing. The Corporation in its Annual Report for 1940 pointed 

out that:

"Losses on bank assets are, in a sense, a part of the cost 

of banking operations. A banker expects that some assets 

acquired will later prove worthless, in whole or in part, and 

the rate of interest in effect includes a charge to cover such 

losses. In the ordinary course of business, operating banks 

meet these losses out of current income along with other costs 

of doing business. So long as banks continue to meet these 

losses regularly from current income, the actual amount of 

the charge-offs affects chiefly the size of capital accounts and 

the ability of the banks to declare dividends. However, 

when banks fail to make adequate provision for these losses 

before paying dividends the losses accumulate.”1

1 Annual Report 0/ the Federal Deposit Insurance Corporation for the year ended December 81, 19U0,

p. 61.

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DEPOSIT INSURANCE, BANKING, AND THE WAR 13

This uneven rate of loss contributes to banking difficulties. In 

prosperous periods, profits appear to be large, which tends to encourage payment of generous dividends, whereas in depression years 

the heavy charge-offs more than absorb undivided profits and sometimes even result in capital impairment. It is highly desirable, therefore, that each bank should make provision on a systematic basis 

during prosperous periods for losses which can be expected to develop 

in periods of readjustment. During the years 1918-1941, inclusive, 

losses less recoveries on loans of national banks averaged nine-tenths 

of 1 percent per annum; losses on securities other than obligations 

of the United States Government were materially higher. More than 

one-half of the losses sustained on these assets during the 24-year 

period were written off in six years; the assets upon which those 

losses were taken had been acquired in prior years.

Loan and investment policy. The requirements of war financing 

place heavy responsibilities on the banks, which continue to be the 

chief group of financing institutions in the country. Essential war 

production must be financed. Peace time standards of credit and loan 

extension are inadequate to meet the exigencies of war production. 

The basic requirements of a sound credit risk, however, remain the 

same as before—character, availability of labor and materials, technical and managerial skill for the job, and sufficient control over cost 

and profit margins to assure income adequate to meet obligations. 

Bankers will not be contributing to the war effort by financing producers not really qualified to produce acceptable war goods. Banks 

must also continue to finance activities not directly connected with 

the war effort. In all such cases the banks should take special care 

to avoid the acquisition of assets of borderline quality and which, 

as a consequence of the exigencies of the war, are subject to unreasonable risk.

Bank supervision and the war. The task of bank supervisors is 

to keep the banks of the country sound so that they can make the 

greatest possible contribution not only now but throughout the entire 

war and the period of post-war adjustment. Changes essential for the 

prosecution of the war must be made, and plans for handling necessary 

readjustments should be prepared before the full impact of economic 

changes hits the banking system. Some of the adjustments will be 

temporary in nature; others will be more permanent. Some of them 

will have serious effects upon the banks. Losses will inevitably be 

sustained. The manner in which these losses are taken will go far 

to determine the ability of our system of privately owned banks to 

survive.

Bank supervisors should avoid action likely to result in wholesale 

disposal of securities and collection of loans, hitherto regarded as

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

sound, which may suffer deterioration due to dislocations of the war. 

Such liquidation can lead to excessive losses, weaken the banks, 

impair the banks' usefulness, and also involve customers in losses 

and liquidation which might otherwise be avoided. However, bank 

supervisors should urge and require the banks to set aside regularly 

and systematically the amounts sufficient to build up adequate reserves or valuation allowances as protection against ultimate losses on 

loans and on other assets in which deterioration may occur.

Banking services must be maintained without interruption and 

depositors must be assured that such services may be used without 

fear of loss of their funds. Some losses will fall upon the banking 

system as a consequence of the financial changes resulting from shifts 

in the economy induced or intensified by war and post-war developments. The magnitude of the burden on the banking system depends 

in part upon relief measures taken to meet financial stringencies of 

groups of obligors adversely affected by war developments. A part 

of the financial burden will undoubtedly fall upon the Federal Deposit 

Insurance Corporation. How large the Corporation's outlay will be 

depends less upon the aggregate amount of bank assets which deteriorate than upon the concentration of such obligations wTithin 

specific areas or groups of banks. Historical studies made by the 

Corporation emphasize the importance of scrutinizing carefully the 

concentration of risk in particular banks or groups of banks, and the 

necessity of taking effective action in the early stages of economic 

changes adversely affecting particular groups of banks.

As a consequence of improved standards of bank operation and 

bank supervision, improved rediscount facilities, and structural 

changes, our banking system possesses a degree of flexibility and 

adaptability not hitherto achieved. However, character, leadership 

and supervision of a high order will be required of bankers and of 

public officials concerned with banking if the banking system is to 

serve the emergency adequately during the war and is to be prepared 

to cope with the problems of post-war adjustment.

P r o t e c t io n o f D e p o s it o r s

Protection of depositors in insured banks. As is usual in periods 

of rapidly increasing bank deposits and sharply advancing prices, few 

banks experienced financial difficulties during the year 1941. Financial 

disbursements by the Corporation to protect depositors were made 

in connection with only 15 banks with 73,000 depositors and aggregate 

deposits of $30 million. The disbursements of the Corporation amounting to $23 million afforded full protection to all but 241 depositors. 

The closing of the largest of the 15 banks, an institution with deposits

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PROTECTION OF DEPOSITORS 15

of $11 million, was occasioned by the action of a State banking 

department following the order of the Federal Government revoking 

the license of that bank, controlled by enemy aliens, to do business. 

It is estimated that the loss to the Corporation from its deposit 

insurance activities for the year will amount to only $2 million and 

that the loss to depositors will be about $35,000. The name and 

location of the insured banks placed in receivership or merged with 

the financial aid of the Corporation during 1941, together with data 

respecting their assets and liabilities and the Corporation's disbursements, are presented in Tables 138 to 141, pages 180 to 183.

During the eight years of Federal insurance of bank deposits— 

January 1, 1934, to December 31, 1941—370 insured banks with 

deposits of $468 million were merged with the financial aid of the 

Corporation or suspended and were put into liquidation. The Corporation disbursed $239 million to protect 1,200,000 depositors in 

these 370 banks and expects to lose about $47 million, 20 percent of 

its disbursements, or about 10 percent of the deposits of the banks. 

Figures are presented in Table 1.

Table 1. LOSSES AND DISBURSEMENTS IN CONNECTION W lT H INSURED BANKS

i n F i n a n c i a l D i f f i c u l t i e s , 1934-1941

Total

1934-1941

Banks closed 

or merged in 

1941

Number of banks................................................................................................. 370 15

Estimated loss to depositors............................................................................. $2,801,000

46,598,000

239,429,000

$35,000

2,086,000

23,307,000

Estimated loss to the Federal Deposit Insurance Corporation...............

Disbursements by the Federal Deposit Insurance Corporation..............

Depositors' losses in these banks are estimated at about $3 million, 

or less than 1 percent of total deposits. Summary figures relating to 

depositors' losses and recoveries are given in Table 2.

Table 2. DEPOSITORS' RECOVERIES AND LOSSES IN INSURED BANKS

in F in a n c ia l D if f ic u l t ie s , 1934-1941

Number of depositors.................................................................................................................... 1,206,419

Depositors suffering no loss.......................................................................................................... 1,173,516

Depositors suffering loss:

Claims filed but recoveries from liquidation inadequate1................................................. 4,703

Claims not filed within period prescribed by law ............................................................... 28,200

Am ount of deposits........................................................................................................................ $468,350,000

Estimated recoveries by depositors............................................................................................ 465,424,000

Estimated losses by depositors filing claims1........................................................................... 2,801,000

Estimated losses because of failure to file claims.................................................................... 125,000

1 1,497 depositors will lose an estimated $2,616,000 of their deposits in accounts which exceeded 

the limit of $5,000 insurance and which were not otherwise protected; and 3,206 depositors will lose 

about $185,000 in accounts which had been restricted or deferred prior to 1934 or were otherwise ineligible for insurance protection.

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

Excluding those depositors who were fully protected by insurance 

but did not file claims or who could not be located by the Corporation's representatives, less than 5,000 depositors will suffer any loss 

at all. In 269 of the 370 banks not a single depositor who filed a 

claim will suffer any loss.

By the close of the year, 28,200 depositors with deposits totaling 

$125,000, who originally were fully protected by insurance but who 

could not be located or who failed to claim their accounts within the 

time prescribed by law, were barred from further insurance protection. For the most part their accounts were dormant and had been 

abandoned or forgotten by their owners. Most of the accounts were 

small; many amounted to less than one dollar. The Banking Act of 

1935 provides that, if any depositor who has been given at least 

three months' notice—either by mailing to his last known address 

or by publication—shall fail to claim his insured deposits within 

eighteen months after appointment of the receiver the rights of 

such depositor against the Corporation as insurer shall be barred.1

Method of providing insurance protection. The Corporation 

protects depositors in insured banks in financial difficulties (1) by 

advancing cash to the banks to replace poor assets, where such action 

will facilitate mergers with other banks, or (2) by paying off depositors, up to $5,000 per depositor, in insured banks which close without 

making adequate provision for payment of depositors. Disbursements 

under the two methods of dealing with insolvent or hazardous insured 

banks during the past eight years are presented in Table 3.

Table 3. DISBURSEMENTS OF THE CORPORATION IN CONNECTION WITH BANKS

in F i n a n c ia l D if f ic u l t ie s , 1934-1941

Number of banks

Total

Placed in

receivershipMerged

Total................... 370 234 136

1941................. 15 8 7

1940................. 43 19 24

1939................. 60 32 28

1938................. 74 50 24

1937................. 75 50 25

1936................. 69 42 27

1935................. 25 24 1

1934................. 9 9

Amount of disbursement

(in millions)

Total

Insured

deposits

paid1

Loans and

assets

purchased

$239 $79 $160

23 12 11

74 5 69

68 26 42

30 9 21

19 12 7

15 8 7

9 6 3

1 1

1 In addition, the Corporation disbursed $931,000 to purchase assets from the liquidators of 26

insured banks in receivership.

Detailed figures for 19U1— See Table 138, page 180, and Table 141, page 183.

1 Depositors in insured banks placed in receivership prior to the Banking Act of 1935 can continue

to daim protection from the Corporation until the termination of the receiverships of those banks, or

until termination otherwise of their right to file claims against the receiver and thus their right to

subrogate their claims to the Corporation. The receiverships of 12 of the 24 banks which closed prior

to August 23, 1935, had not been terminated by the close of 1941.

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PROTECTION OF DEPOSITORS 17

Of the 370 banks aided or closed, 136 with deposits of $368 million 

were merged with no interruption of operations and without loss to 

depositors, while 234 banks with deposits of $100 million were placed 

in receivership.1 In all, nearly 98 percent of the deposits have been 

made available promptly to depositors, while payment of only 2 percent of the deposits has been dependent upon the course of liquidation 

of the banks in receivership. The percentage of deposits protected in 

banks closed because of financial difficulties was much higher than 

the percentage of deposits estimated to be insured in operating banks. 

The difference was due particularly to the high protection (averaging 

more than 95 percent of deposits) of depositors in the large banks 

which closed or merged as compared with the 50 percent estimated 

to be insured in operating banks of comparable size. A comparison 

of insurance protection in operating banks and of the protection in 

banks merged or placed in receivership because of financial difficulties, 

with the banks grouped by amount of deposits, is shown in Table 4.

Table 4. PERCENT OF DEPOSITS INSURED IN OPERATING INSURED BANKS AND

Protected in Insured Banks in Financial D ifficulties

BANKS GROUPED BY AMOUNT OF DEPOSITS

Insured

Protected in banks in

financial difficulties®

in operating

banks1 All

banks

Banks

placed in

receivership

Banks

merged

All banks.............................................. 39.7%

95.9

97.7%

97.0

89.2%

96.2

100.0%

100.0

Banks with deposits of—

$100,000 or less................................

$100,000 to $250,000....................... 92.3 96.9 96.0 100.0

$250,000 to $500,000....................... 88,8 96.4 94.0 100.0

$500,000 to $1,000,000................... 84.7 93.8 87.8 100.0

$1,000,000 to $2,000,000............... 79.5 98.1 93.4 100.0

$2,000,000 to $5,000,000............... 72.9 97.3 84.4 100.0

$5,000,000 to $10,000,000............. 64.9 100.0 100.0

$10,000,000 to $50,000,000........... 49.9 97.9 85.0 100.0

More than $50,000,000.................. 23.5

1 Estimated as insured in both insured commercial and mutual savings banks on September 24,1941.

1 Protected by insurance, security, offsetting claims, or priority over claims of other depositors

in banks placed in receivership, 1934-1941; protected by terms of merger agreements in banka merged

with financial aid of FDIC, 1935-1941.

Procedure for providing insurance protection. In the case of 

mergers and consolidations the Corporation has used two types of 

contract: (1) it makes a loan, taking as collateral all of the assets 

which are not taken by the absorbing bank; (2) it purchases assets 

with an agreement to return to the bank any cash collected above 

(a) the amount of the purchase price of the assets, (b) expenses 

incurred, and (c) a reasonable return on the investment equivalent to

1 While the depositors are protected against loss in the case of mergers, the stockholders are not

and receive no collections on their investment until after the Corporation has been reimbursed for expenses incurred and has been paid off in full with interest.

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

interest at 4 percent. This latter method was used in all of the seven 

banks merged in 1941. The amount of the disbursement by the Corporation is always the amount necessary to make up the deficiency 

between the amount of liabilities assumed and the value of the absorbed bank's acceptable assets taken over by the absorbing bank. 

Under the terms of the contract with the bank which is aided, the 

Corporation has control of the liquidation and disposition of the 

assets acquired by it from the bank.

Except where the Corporation is delayed by legal proceedings 

payment to depositors is started in insured banks which suspend and 

are placed in receivership as soon as the records for the payments can 

be prepared. Ordinarily insured deposits are made available within 

from 10 to 14 days after the actual closing of the bank.1 In most cases 

the Corporation's representatives are sent in immediately following 

appointment of the receiver to verify the records and make arrangements to pay off insured depositors. As soon as these arrangements 

have been completed the Corporation notifies depositors by mail, 

posters, and advertisements of its readiness to pay all insured deposits. 

Thereafter payments are made as rapidly as depositors present and 

prove their claims. The procedure for presenting and proving claims 

has been so simplified that it imposes no greater effort on depositors 

than is ordinarily involved in the closing of a deposit account in an 

operating bank. Figures regarding payment of deposits in insured 

banks in receivership are given in Table 5.

Table 5. P a y m e n t o f D e p o s it s o f I n s u r e d B a n k s P l a c e d in

R e c e i v e r s h i p , 1934-1941

Total

Paid by 

Dec. 31, 

19411

Unpaid on 

Dec. 31, 

1941

Deposits— total................................................................. $100,640,000 $94,216,000 $6,424,000

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

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

Deposits in excess of $5,000 not otherwise protected 

Restricted or otherwise uninsured..............................

79,998,000

9.865.000

9.621.000

1.031.000 

125,000

! 78,867,000

9.297.000

5.408.000 

644,000

1.131.000

568.000

4.213.000

387.000

Unclaimed . ............................................................... 125.000

1 Payments made both by the Federal Deposit Insurance Corporation and by receivers. 

Detailed figures— See Table 141, page 183.

By the close of 1941, 94 percent of the $100 million of deposits in 

insured banks placed in receivership had been paid to depositors. 

It is estimated that about $3.6 million additional payments will be 

made and that depositors will lose about $2.8 million.

1 In a few cases delays have been longer due to the legal provisions of some States which require 

a waiting period before appointment of a receiver. Dates of suspension and of commencing payment of 

insured claims in banks placed in receivership during 1941 are given in Table 139, page 181.

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PROTECTION OF DEPOSITORS 19

Losses and recoveries of the Corporation. Insurance losses in 

the 370 banks are estimated at $47 million: 10 percent of total deposits and slightly less than 20 percent of total disbursements.1 In 

the banks placed in receivership, the Corporation estimates losses will 

be about 20 percent of total deposits compared with losses of 7 percent 

of total deposits of the banks merged. Out of the $239 million of 

disbursements made during the past eight years in protecting depositors and assets, $114 million had been repaid to the Corporation 

by the end of 1941. This is more than one-half of the amount which 

it expects to recover.

The distribution of banks in which the Corporation has made disbursements, according to the progress of liquidation and the percent 

of repayment to the Corporation on its subrogated claims and loans, 

is shown in Table 6.

T able 6. REPAYMENTS TO THE CORPORATION AS OF DECEMBER 31, 1941, 

o f D is b u r s e m e n t s in C o n n e c t io n w i t h I n s u r e d B a n k s in

F i n a n c ia l D if f ic u l t ie s

Liquidation completed1 Liquidation not completed

Total

number

of

banks

Banks in

receivership

Banks

merged

Total

number

of

banks

Banks in

receivership

Banks

merged

T otal............................................ 84 61 23 286 173 113

Repayments to the

Corporation

100 percent.............................. 50 28 22 36 32 4

75 to 99 percent..................... 24 23 1 71 50 21

50 to 74 percent..................... 8 8 91 48 43

25 to 49 percent..................... 1 1 54 19 35

Less than 25 percent............ 1 1 26 16 10

N one......................................... 8 8

1 Excludes cases in which assets purchased by the Corporation to facilitate termination of receiverships or repayment of loans were not yet liquidated.

N o t e : In banks placed in receivership, repayments consist of amounts received from receivers

by the Corporation on insured depositors’ claims to which it has been subrogated; in banks merged,

repayments consist of amounts collected from disposal of assets after deducting expenses incident to

the transaction.

Of the 234 insured banks placed in receivership from 1934 to 1941, 

61 were completely liquidated by the end of that period according 

to the records of the Corporation. This number does not include seven 

banks whose receiverships had been terminated but the residue of 

whose assets had been purchased by the Corporation and was not 

yet liquidated. Of the 61 banks, 28 made full repayment to the 

Corporation on its subrogated claims, 14 with interest.

1 Figures of Corporation losses include expenses for which the Corporation is not reimbursed,

incurred by the Corporation in connection with payment of claims and liquidation of assets. They do

not, of course, include ordinary administrative expenses of the Corporation.

Detailed figures are as follows:

Banks in Banks

receivership merged

Disbursements of principal................................... $79,798,000 $160,561,000

Estimated losses...................................................... 19,677,000 26,922,000

Net collections to December 31, 1941............... 44,120,000 69,861,000

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

Of the 136 loan and purchase transactions, 23 were closed by 

December 31, 1941. In 22 of these cases all expenses incurred by the 

Corporation were repaid and collections were sufficient to repay the 

principal of the loan with interest. In all but 2 of the 22 cases the 

Corporation received a rate of return on its disbursement equivalent 

to 4 percent. In the remaining case collections after deductions of 

expenses amounted to 96 percent of the principal of the loan. All of 

the 23 cases involved small banks, the total of the Corporation's disbursements amounting to only $1.3 million.

During the past three years, the Corporation has exercised its 

power to purchase assets from the receivers of closed insured banks 

in order to facilitate the termination of the receiverships. Assets were 

purchased from the receivers of 26 banks at a cost to the Corporation 

of $931,000—$835,000 from 14 banks prior to 1941 and $96,000 from 

12 banks during 1941.

Receivership activities of the Corporation. At the close of 

1941, the Corporation was acting as receiver for 62 of the 166 insured 

banks in receivership. It was receiver for 14 national banks with 

deposits at time of suspension aggregating $13.5 million and for 48 

State banks with deposits aggregating $11.4 million. The Corporation, 

as principal creditor through its subrogation to insured depositors' 

claims, maintains close contact with the receivers of the remaining 

104 State banks with deposits at time of suspension of $62.6 million 

and assists as much as possible in promoting efficient liquidation of 

those banks.

S u p e r v is o r y A c t iv it ie s o f t h e C o r p o r a t io n

Supervisory authority and policy. The Federal Deposit Insurance Corporation was established to protect bank depositors from 

losing money through bank failures. The Corporation believes that 

whenever possible this protection should be provided through preventive action rather than by paying off depositors after failure. The 

policies of the Corporation have been developed to make as effective 

use as possible of the provisions of the deposit insurance law designed 

for this purpose.

The Corporation examines insured banks not subject to examination 

by the Office of the Comptroller of the Currency or the Federal 

Reserve authorities, and reviews reports of examinations of insured 

banks made by those Federal agencies. It has the authority to terminate the insured status of any bank which continues to engage in 

unsafe or unsound banking practices or in violations of law or regulations. Noninsured banks which wish to become insured as banks 

not members of the Federal Reserve System, and insured banks not

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SUPERVISORY ACTIVITIES OF THE CORPORATION 21

members of the Federal Reserve System which wish to establish or 

relocate branches, must obtain the approval of the Corporation; and 

in considering applications for these purposes the Corporation is 

required to take into account the financial history and condition of 

the bank, the adequacy of its capital structure, its future earnings 

prospects, the character of its management, the convenience and needs 

of the community, and the consistency of its corporate powers with 

the purposes of deposit insurance. Insured banks not members of the 

Federal Reserve System must obtain the approval of the Corporation 

before reducing or retiring capital. Any insured bank must obtain 

the approval of the Corporation before assuming the deposit liabilities of, or consolidating or merging with, a noninsured bank. The 

Corporation is required to issue regulations regarding the payment of 

interest on deposits in insured banks not subject to similar regulations 

issued by the Board of Governors of the Federal Reserve System, and 

is authorized to issue such other regulations as are necessary to carry 

out its functions.

In carrying out its functions the Corporation has sought to increase 

rather than lessen the assumption of responsibilities by bank officers 

and directors over their own institutions. An important Government 

function like bank supervision may wisely be based on a conservative 

conception of the power of supervision. Supervision cannot be a 

substitute for strong and effective management of the individual units 

which form the system; it cannot cause banks to make loans or buy 

securities, or prevent mistakes in either of these actions. The aim of 

supervision must be to secure the continuous operation of banks, 

equipped and willing to bear the risks inherent in the extension of 

credit, and managed by responsible persons whose judgment of credit 

risks is based upon adequate information and a definite policy of 

maintaining the solvency of the banks under adverse as well as favorable conditions.

Unsound banking practices and violations of law or regulations are 

called to the attention of the officers and directors of the banks. When 

informal efforts fail to bring about corrections the Corporation 

initiates proceedings to terminate the insurance of the bank.

Bank examinations. The Corporation's most important activity 

in the maintenance of sound banks centers around the examination 

of and the review of examinations of banks. From the beginning of 

its operations in September 1933 to the close of 1941 the Corporation 

conducted nearly 70,000 examinations of banks. The Corporation has 

also examined the trust departments of the banks examined by it. 

In addition, the Corporation has reviewed examinations of banks 

and of their trust departments made by other Federal bank supervisory agencies.

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

All of the examinations of banks, except 176, were examinations 

of insured banks not examined by other Federal bank supervisory 

agencies.1 Permission to conduct the 176 examinations was granted 

by the Comptroller of the Currency in the case of national banks 

and by the Board of Governors of the Federal Reserve System in the 

case of banks members of that system. These 176 examinations were 

made in connection with the following circumstances : actions against 

banks believed to be engaged in unsafe or unsound practices or 

violations of law or regulations; negotiations of loans to facilitate the 

merger of insolvent or hazardous banks; applications for insurance 

from banks wishing to withdraw from the national or Federal Reserve 

systems but to continue their insured status; proposed consolidations 

of a national bank with an insured bank not a member of the Federal 

Reserve System or with a bank applying for insurance as a nonmember 

bank.

Dunng 1941, the Corporation conducted the following examinations 

of banks:

6,781 regular examinations of insured State banks subject 

to examination by the Corporation;

169 additional examinations of insured banks subject to 

examination by the Corporation believed to be engaged in 

unsafe or unsound practices, or to be insolvent, or otherwise 

to require special attention;

141 examinations and investigations of banks applying for 

admission to insurance (including 13 banks wishing to withdraw from the national or Federal Reserve systems but to 

continue to be insured), to change location, or for permission 

to establish or change location of branches;

6 examinations of insured banks not regularly subject to 

examination by the Corporation but believed to be engaged 

in unsafe or unsound practices or to be insolvent;

2 examinations of national banks in connection with 

proposed consolidations not requiring financial assistance 

from the Corporation;

998 examinations of trust departments of banks.

In addition to these examinations the Corporation in 1941 reviewed 

7,263 reports of examinations of insured banks and 2,125 reports of 

examinations of trust departments made by other Federal agencies.

Unsafe and unsound banking practices and violations of law

or regulations. The ultimate sanction which may be resorted to by 

the Corporation to check the development of unsound practices is to

1 Insured national banks are examined by the Comptroller of the Currency and insured State banks

members of the Federal Reserve System by the Federal Reserve banks.

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SUPERVISORY ACTIVITIES OF THE CORPORATION 23

terminate the insured status of banks which continue to engage in 

such practices. Up to the close of 1941, the Corporation took action 

against 110 banks for engaging in unsafe and unsound banking 

practices or violations of law or regulations. In 15 of these cases the 

practices were eliminated; in 82 cases banks ceased operations, by 

suspension, absorption, or succession; and in 4 cases the insured 

status of the bank was terminated for failure to make corrections. 

Two of these four banks have also suspended operations. Nine cases 

were pending at the close of 1941.

During the year 1941, proceedings were initiated against 14 banks 

(including a case in which a pending action was terminated and 

replaced by a new action during the year), and continued in 6 cases 

which were pending at the beginning of the year. Of the 20 cases, 

11 were completed during the year. Further figures, both for the year 

1941 and for the entire period since the effective date of the Banking 

Act of 1935, are given in Table 7.

T able 7. Action to T erminate Insured Status of Banks Charged

with E ngaging in Unsafe or Unsound Practices or Violations

of L aw or R egulations, 1936-1941

Total

cases

1936-19411

Cases in 1941

Pending

beginning

of year2

Started

during

year

Total banks against which action was taken................... 110 6 14

Cases closed during period................................................... 101 5 6

Corrections made..................................................................... 15

Insured status terminated or date for such termination

set by Corporation, for failure to make corrections:

Bank suspended prior to or on date of termination of

insured status*...................................................................... 6 1

Bank continued in operation4............................................... 3

Banks suspended prior to termination of insured status

by Corporation....................................... ............................. 31 1 1

Banks absorbed or succeeded by other banks.................. 546 4 4

Cases pending December 31, 1941...................................... 9 1 8

Deferred pending consummation of merger plans........... 5 1 4

Deferred pending results of hearing.................................... 2 2

Deferred pending results of reexamination....................... 2 2

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

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

a Excludes 1 bank against which action pending at the beginning of 1941 was discontinued in order

that a new action could be started.

* Includes 1 national bank which, in accordance with the provisions of the law, suspended immediately following the action of the Corporation in terminating its insured status.

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

8 In all except 2 of the 46 cases the Corporation made loans to facilitate the mergers or reorganizations.

Detailed figures— See Table 144, page 188.

The banks against which the Corporation proceeded were engaged 

in various types of unsafe and unsound practices and violations of 

law or regulations. All of the banks against which action was taken 

in 1941 were operating with seriously impaired capital. The majority

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

of them were holding excessive amounts of substandard assets, and 

were continuing to carry on their books assets which had become 

worthless, thus failing to disclose a true statement of condition in 

their reports of assets and liabilities. The majority of these banks 

were also operated by incompetent or untrustworthy managements. 

A list of the practices in which the 14 banks were engaged is given 

in Table 8.

T able 8. U n s a f e OR U n s o u n d BANKING PRACTICES AND VIOLATIONS OF

L a w o r R e g u l a t i o n s C h a r g e d A g a in s t 14 B a n k s

b y t h e C o r p o r a t i o n D u r i n g 1941

Type of practice or violation

Number 

of banks 

charged

Case identification 

letters

Capital:

Operation of bank with seriously impaired capital.................. 14 a, b, c, d, e, f, g, h, i, j, k,

1, m, n

Operation of bank with inadequate capital funds................... 4 b, e, k, 1

Management and general practices:

Lax credit and collection policies................................................. 3 a, c, d

Continued carrying of losses in bank’s assets, failing to disclose true statement of condition............................................. 10 c, d, e, f, g, h, j, 1, m, n

Operation of bank by weak, hazardous, untrustworthy, or

incapable management............................................................... 8 a, c, d, f, g, k, m, n

Lax investment policy............................ ........................................ 1 c

Unwarranted and excessive loans to directors, officers, employees, or their interests........................................................... 2 c,d

Dissipation of earnings through payment of excessive

salaries............................................................................................ 1 g

Loan and investment practices:

Excessive volume of past due or nonincome-producing loans. 2 c, d

Failure to obtain and maintain current and adequate credit

data................................................................................................. 1 c

Continued carrying of excessive and illegal loans.................... 1 f

Continued carrying of excessive amounts of other real estate

owned and potential other real estate.................................... 2 c, d

Excessive volume of assets in Classifications II and III or

assets of questionable banking merit1..................................... 10 a, c, d, e, f, g, h, 1, m, n

Excessive volume of assets in Classification IV1...................... 8 c, d, e, f, g, h, 1, n

Excessive investment in substandard, speculative, and

defaulted securities...................................................................... 2 c, d

Carrying of other real estate in excess of maximum time

permitted by law.......................................................................... 1 d

Miscellaneous:

Continued violation of law to which bank is subject..........................1 d

Illegal payment of cash dividend on capital........................................1 k

Publication of reports of condition which were false and in

violation of law....................................................................................... 1 k

Causing false entries to a liability account in violation of law. 1 k

1 For method of classifying assets, see Explanatory Note to Part Five, pages 95-96.

Back figures— See the Annual Report of the Corporation for 1940, Table 176, pages 247 to 249.

Other actions regarding banks in an unsound condition.

The Corporation uses its power to terminate the insured status of a 

bank as an ultimate sanction when other efforts to rectify an unsound 

situation have been insufficient. For the most part the Corporation 

attempts by informal action jointly with the appropriate supervisory 

authority to secure correction of unsafe situations, and these informal 

efforts are more successful than might otherwise be the case because 

of knowledge of the Corporation's power to terminate the insured 

status of a bank.

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SUPERVISORY ACTIVITIES OF THE CORPORATION 25

Most of the banks which suspended operations or were merged with 

the financial aid of the Corporation, and some of those which were 

absorbed or went into liquidation without financial aid from the 

Corporation, did so after informal or formal action by the Corporation 

regarding unsound banking practices and violations of law. In addition to these cases, a number of banks which were in poor financial 

condition were rehabilitated through recapitalization plans worked 

out with the approval of the Corporation. In all, 61 banks considered 

to be imminent or potential hazards to the banking system were 

eliminated or rehabilitated during 1941: of which 15 suspended or 

were merged with the aid of the Corporation, 28 were absorbed or 

succeeded by other insured banks without financial aid by the Corporation, 12 went into voluntary liquidation and paid off their depositors, and 6 were rehabilitated by capital improvement plans 

approved by the Corporation.

Admissions to and terminations of insurance. During 1941, 

the Corporation approved the application for admission to insurance 

of 80 banks.1 In addition, 11 banks became insured through the granting of national charters by the Comptroller of the Currency or through 

admission to membership in the Federal Reserve System. Of the 80 

banks approved for admission by the Corporation, 32 were new banks, 

30 were banks in operation at the beginning of the year, and 18 were 

insured banks reorganizing or withdrawing from the Federal Reserve 

System. A few of the new banks replaced suspended banks, discontinued branches of other banks, or offices of financial institutions not 

engaged in deposit banking; and the banks in operation at the beginning of the year include a few which were reorganized or incorporated prior to admission to insurance. The application for admission 

to insurance of one bank was disapproved.

Some of the banks approved for admission to insurance had not 

opened, or the admission to insurance had not become effective, by 

the end of the year; and some cases approved during the preceding 

year became effective during 1941. Further details regarding the 

applications for admission to insurance are given in Table 142, page 

184; and figures regarding banks admitted to insurance are given 

in Tables 101 and 104, pages 100 and 110.

The insurance of 104 banks terminated during the year. Of these 

banks, 21 were succeeded by other insured banks. The remaining 

terminations reflected absorptions of banks by other operating banks, 

voluntary liquidations, and suspensions. One of the suspensions was 

a national bank the insured status of which had been terminated by 

the Corporation.

1 In two cases, the approval of the Corporation was later rescinded because of changes in the applicants’ plans.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Establishment of branches. During 1941, the Corporation approved the applications of 40 banks to establish 48 branches.1 In 

addition, 31 branches were opened for business by 25 national and 

State banks members of the Federal Reserve System. These banks 

are not required to obtain Corporation approval for establishment 

of branches. Further details regarding the branches approved by the 

Corporation are given in Table 142, page 185.

Capital adjustments of banks. Applications for the retirement 

of capital obligations held by the Reconstruction Finance Corporation, 

filed by banks required by law to secure the approval of the Federal 

Deposit Insurance Corporation, were approved in 1941 in amounts 

aggregating $15.7 million and disapproved in amounts aggregating 

$3.1 million.2 These applications were filed by 1,642 banks. Applications for the retirement of capital obligations held by others than 

the Reconstruction Finance Corporation were approved in amounts 

aggregating $1.2 million and were disapproved in amounts aggregating 

$0.1 million. The Corporation approved the reduction of par or book 

value, but not retirable value, of preferred capital obligations (held 

chiefly by the Reconstruction Finance Corporation) to the extent 

of $1.6 million in 13 banks; and the reduction of the par value of 

common stock to the extent of $2.3 million in 35 banks. These reductions in value of capital accompanied reductions in values at 

which assets were carried on the banks' books. The assets had deteriorated in quality; some had become worthless.

From August 23, 1935, to the close of 1941, the Corporation has 

taken action on approximately 10,000 formal applications from 

3,229 banks to approve the retirement or reduction of capital.3 The 

great bulk of these applications related to the retirement of preferred 

capital obligations held by the Reconstruction Finance Corporation.

Further details regarding Corporation actions on capital adjustment 

cases, both for the year 1941 and for the entire period from August 23, 

1935, to the end of 1941, are given in Table 143, page 186.

Approval of assumption or release of deposits. Actions of the 

Corporation on applications of insured banks to assume deposit 

liabilities of noninsured banks or liabilities of other noninsured 

financial institutions, to purchase assets in conjunction with assumption of liabilities of other institutions, or to pay or release deposits 

which had been subordinated or restricted as to payment prior to 

August 23, 1935, are summarized in Table 143, page 187.

1 This figure includes applications to continue in operation branches of banks which were being

absorbed, and in 3 cases approval of operation of branches established prior to 1941.

2 Retirement of capital obligations held by the Reconstruction Finance Corporation, by national

banks, State banks members of the Federal Reserve System, and other insured banks in the District

of Columbia is not subject to the approval of the Federal Deposit Insurance Corporation. These banks

file applications for such approval with other Federal banking authorities.

3 August 23, 1935, was the effective date of the law requiring Corporation approval of retirement

of capital of insured banks not subject to the supervision of the other Federal bank supervisory agencies.

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LEGISLATION AND EXECUTIVE ORDERS 27

Reports from banks. Semi-annual statements of daily deposits 

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

purpose of determining the amount of the assessment to be paid for 

deposit insurance.

Each insured bank was requested to submit, as of September 24, 

1941, a report showing its total deposit liabilities, and the amounts of 

those liabilities in accounts with balances as follows: $5,000 or less, 

$5,000 to $10,000, $10,000 to $25,000, and more than $25,000.

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

accounts as of June 30 and December 31, 1941, and for reports of 

earnings, expenses, and disposition of profits for the calendar year 

1941, from each insured bank required by law to submit such reports 

to the Corporation.1 The forms used for the reports of assets, liabilities, and capital accounts were those adopted by the three Federal 

bank supervisory agencies and the majority of the State authorities. 

In connection with both of these calls a supplementary schedule was 

requested showing the amount of instalment consumer loans outstanding.

Each insured bank required to submit reports of assets, liabilities, 

and capital accounts to the Corporation and which operated more 

than one banking office was also requested to report to the Corporation, as of June 30,1941, the name and location, and the amount 

of deposits, of each of its banking offices.

Summaries of the tabulations prepared from these reports are 

given in this Annual Report, or in pamphlet form, as follows: data 

from the special call regarding size of accounts, Part Three of this 

report, pages 63-78; from the two calls for reports of assets, liabilities, 

and capital accounts in the pamphlets, ‘‘Assets and Liabilities of 

Operating Insured Banks,” Report No. 15 and Report No. 16, and 

in Tables 103 and 110-114 in this report; from the reports for earnings, 

expenses, and disposition of profits, Tables 125-134 in this report; 

and from the reports for each office of banks operating more than 

one office, Tables 105-111 in this report.

L e g i s l a t i o n a n d E x e c u t i v e O r d e r s

Federal legislation. The Federal statutes relating to the legal 

responsibilities of insured banks in handling accounts of a foreign 

state or central bank were amended by Congress in 1941. The amendment provided that payments or other transactions respecting the 

property of a foreign state or central bank made in accordance with

1 Banks required to submit reports to the Corporation are insured banks not members of the Federal

Reserve System except those in the District of Columbia and national banks in the possessions.

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28 FEDERAL DEPOSIT INSURANCE CORPORATION

instructions issued by a person who had been certified by the Secretary 

of State as the representative of such foreign state or central bank, 

should constitute lawful discharge of the bank’s responsibility. The 

amendment also provided that the United States District Courts 

should have exclusive jurisdiction over any legal proceedings against 

a bank or its officers, directors, or employees arising out of the seizure, 

possession, or disposition of property of a foreign state or of a central 

bank thereof.

The Revenue Act of 1941 provided that banks should hereafter 

be subject to the surtax applicable to the profits of business concerns, 

in addition to the normal corporation income tax to which they had 

been previously subject.

The sections of these amendments affecting insured banks or the 

Federal Deposit Insurance Corporation are given on pages 81-83.

Executive Order regarding civil service status of Corporation

employees. By Executive Order of the President dated March 1, 

1941, certain professional, scientific, administrative, technical, and 

other positions not previously covered, were brought into the competitive classified civil service; and the incumbents of these positions 

and other persons in the service of the Corporation on February 1, 

1939, were authorized to acquire a classified civil service status in 

accordance with civil service regulations. The Executive Order is 

given on page 84.

State legislation directly affecting the operations of the

Corporation. Regular sessions of State legislatures were held during 

1941 in 43 States. In five States legislation was enacted which will 

aid in more effective coordination of the operations of the State 

banking systems and the Federal deposit insurance system.

In Arkansas the Bank Commissioner, and in Oregon the Superintendent of Banks, were authorized to furnish this Corporation or 

its examiners copies of all examinations of insured banks made by 

their departments and to disclose fully to the Corporation information 

regarding those banks.

In New York, banks and trust companies were authorized to borrow 

from this Corporation and pledge assets as security and to sell assets 

to this Corporation when entering into agreements with other banks 

or trust companies for the assumption of deposit liabilities. This was 

in line with former action taken to facilitate the extension of this 

Corporation’s loan and merger powers to insured banks.

In North Carolina, trustees were authorized to deposit fiduciary 

funds in commercial departments of banking institutions, to the 

extent of the insurance provided by this Corporation, without other 

security.

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LEGISLATION AND EXECUTIVE ORDERS 29

In South Dakota, this Corporation was authorized, when acting 

as receiver or liquidator of a closed insured bank, to borrow from the 

Corporation on behalf of the bank and pledge assets as security, and 

to sell assets from the bank to the Corporation in the course of the 

liquidation. An additional amendment was adopted eliminating 

requirement for security for deposits of State funds to the extent of 

the insurance protection provided by this Corporation.

State legislation relating to bank supervision and bank

operations. Most of the State legislatures which met during 1941 

adopted legislation amending their banking codes. The most important 

subjects dealt with in this legislation are listed below.

Bank supervisory authority:

Requiring members of the State Banking Commission to

be appointed from a list recommended by the State

Bankers Association......................................................................... South Dakota

Enlarging powers of Banking Advisory Board............................................Ohio

Establishing a Department of Business Regulation within

which the Governor shall appoint the Bank Commissioner.....................Utah

Changing title of “ Department of Trade and Commerce”

to “ Department of Banking” and of Secretary of the

first named to “ Director of Banking” ................................................ Nebraska

Organization of banks of deposit and changes in bank charters:

Requiring the following additional factors to be taken into

consideration in granting bank charters or approving

the relocation of a bank, namely: the convenience and

needs of the community, and whether the volume of

business is sufficient to insure maintenance of solvency

of the new or relocated bank.................................................................. Missouri

Lowering minimum capital requirements in certain places

of designated population.........................................................Georgia, Illinois

Requiring corporations operating under Banking Department, but not authorized to receive deposits or act as

guardian or administrator, to have paid-up minimum

capital of $50,000 in place of 50,000 or more population. . . . Arkansas

Forbidding transfer of bank franchises or charters without

approval of Banking Commission.................................................. Connecticut

Regulating the conversion of State banks to national banks

or vice versa................................................................................ Michigan, Texas

Operations of banks of deposit:

Amending requirements for reserves against demand and

time deposits.......................Arkansas, Connecticut, Delaware, Kentucky,

Maine, Maryland, Nevada, New Hampshire,

New Jersey, New York, North Dakota, and

(by authorized regulation) Ohio

Amending requirements as to surplus Colorado, Oregon

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

Clarifying the statute limiting amount of loans to any one

borrower.....................Colorado, Michigan, Missouri, Wisconsin, Wyoming

Increasing maximum amount of a loan to a municipal

corporation...................................................................................................Wisconsin

Amending act relative to loans secured by stock of another

bank................................................................................................................ California

Authorizing retirement of bank shares of any class, except

common, from earnings reserved for the purpose, if at

same time a dividend is paid in common shares of equal

aggregate par value to those of the shares retired................Pennsylvania

Amending method of valuing shares of bank stock for

taxation, by providing that surplus and reserve shall

not be considered as adding to value of capital stock................New Mexico

Requiring fidelity or bankers blanket bond covering bank

officers and employees in lieu of personal security......................... Oklahoma

Authorizing branch bank agencies “ to make loans and do a

general banking business” in addition to former powers. .. .New Mexico

Defining liability of banks for payment of forged or raised

checks...................................................................New York, Ohio, Pennsylvania

Requiring three reports (formerly four) each year to Department of Banking................................................................................ Nebraska

Banks in financial difficulties or receivership:

Expediting collection of assessments to restore impaired

capital........................................................................................... Nebraska, Nevada

Authorizing Department of Banking to act as receiver, if

appointed by court, where liquidation is conducted as a

judicial proceeding..................................................................................... Nebraska

Empowering Bank Commissioners to fix counsel fees in

bank receiverships, subject to court review.....................................Maryland

Additional action relative to repeal of “superadded liability” of bank stockholders.......................... Nebraska, North Dakota,

Utah, Washington

Providing a statute of limitations against enforcement of

“ superadded liability” of bank stockholders.................................. Illinois

Trust funds and fiduciary institutions:

Handling of common trust funds............Arizona, Florida, Massachusetts,

Michigan, South Dakota

Amending (mostly enlarging) list of eligible investments for

trust funds.................................................California, Connecticut, Delaware,

New Hampshire, Ohio

Authorizing trust companies to deposit funds belonging to

more than one trust in one account in any banking institution to credit of said trust company as trustee................ Wisconsin

Authorizing banking institutions with trust powers to

cause securities held in a fiduciary capacity to be registered in the name of a nominee, but holding the institution liable for any loss through such nominee......................New Hampshire,

Wisconsin

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OPERATING STATEMENT OF THE CORPORATION 31

Instalment loans or small loan institutions:

Enabling banks and trust companies to make personal

instalment loans...............................................................................................Florida

Amending personal instalment loan statutes applicable to

commercial or savings banks1.................................. Nebraska, New Jersey,

New York, Ohio, Wyoming

Authorizing the establishment of industrial or Morris Plan

banks and regulating their operation................................................ Arkansas

Amending statutes relative to industrial and Morris Plan

banks.....................Colorado, Massachusetts, Michigan, Nebraska, Texas

Increasing powers or supervision of credit unions................... Kansas, Maine,

Maryland, Minnesota, Oklahoma, Ohio,

Oregon, Tennessee, Texas, Virginia

Bank borrowers:

Amending penalty for making false statement to obtain

credit...............................................................................................................Wisconsin

O p e r a t i n g S t a t e m e n t o f t h e C o r p o r a t io n

Organization and staff. No changes in the directorship of the 

Corporation occurred during 1941. Mr. Leo T. Crowley continued 

as Chairman; Mr. Phillips Lee Goldsborough and Mr. Preston Delano, 

Comptroller of the Currency, continued as Directors throughout the 

year.

The number of officers and employees in each division of the 

Corporation on December 31, 1941, is given in Table 9.

Table 9. OFFICERS AND E m plo yees OF THE CORPORATION, DECEMBER 31, 1941

Total

Officers and

administrative,

supervisory,

and technical

employees

Clerical,

stenographic

and

custodial

employees

Total................................................................................................... 2,538 688 1,850

Washington office— total........................................................... 581 1U 887

District and field offices— total................................................ 2,007 5U 1,468

Directors and aides...................................................................... 23 8 15

Legal Division............................................................................... 34 16 18

Division of Examination............................................................ 584 419 165

Washington office...................................................................... n 16 18

District and field offices.......................................................... 550 U08 U 7

Division of Liquidation.............................................................. 1,623 211 1,412

Washington office...................................................................... 166 70 96

District and field offices............................................................ 1,157 H I 1,816

Division of Finance and Administration................................ 217 17 200

Division of Research and Statistics........................................ 57 17 40

1 Nebraska and Wyoming statutes are applicable also to instalment loans made by institutions

other than commercial and savings banks.

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

The personnel increased by 611 during the year and on December 31, 

1941, consisted of 2,538 officers and employees, of whom 531 were 

located in the main office in Washington and 2,007 in the field and 

at regional offices.

The increase in personnel during the year occurred chiefly in the 

Division of Liquidation. The increase resulted from the expansion of 

the work of the Corporation in connection with the payment of 

insured deposits in closed banks, liquidation of banks for which the 

Corporation was receiver, and the liquidation of assets purchased 

by the Corporation or taken over as collateral on loans made by it.

The organization chart of the Corporation as of December 31, 1941, 

is shown on page 5.

The Corporation maintains 12 district offices. The States included 

in each district, and the cities in which the district offices are located, 

are given below.

District 1... . Maine, New Hampshire, Vermont, Massachusetts, Rhode

Island, Connecticut............................................................... Boston

District 2... ..N ew York, New Jersey, Delaware, Puerto Rico, Virgin

Islands................................................................................... New York

District 3. . . . Ohio, Pennsylvania.............................................................C olum bus

District 4. . . . Maryland, District of Columbia, Virginia, West Virginia,

North Carolina, South Carolina..............................Richm ond

District 5.... Georgia, Florida, Alabama, Mississippi, Louisiana . . . Atlanta

District 6... .Kentucky, Tennessee, Missouri, Arkansas....................St. Louis

District 1... . Indiana, Michigan, Wisconsin.............................................Madison

District 8. .. .Illinois, Iowa................................................................................Chicago

District 9... .Minnesota, North Dakota, South Dakota, Montana. St.P aul

District 10.... Nebraska, Kansas, Oklahoma, Colorado,

W yom ing............................................................ Kansas City, M o.

District 11.... Texas, New Mexico, Arizona...................................................Dallas

District 12... .Idaho, Utah, Nevada, Washington, Oregon, California, Alaska,

Hawaii..........................................................................San Francisco

Income and expenses. Total income of the Corporation for the 

entire period of its existence through December 31, 1941, amounted 

to $336.5 million, of which $262.5 million were received from assessments paid by insured banks and $74.0 million were from income and 

profits on investments. Administrative expenses of the Corporation 

were $25.7 million and charges on account of insurance expenses and 

estimated losses were $46.6 million. Accumulated surplus of the 

Corporation on December 31, 1941, was $264.2 million. The chief 

items of income and expense of the Corporation for each year since 

beginning operations are shown in Table 10.

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OPERATING STATEMENT OF THE CORPORATION 33

Table 10. I n c o m e a n d E x p e n s e s o f t h e C o r p o r a t io n

Sin c e B e g in n in g O p e r a t io n s 1

(In millions of dollars)

Income Expenses

Net

income

added to

Total surplus

Deposit

insurance

assessments2

Investment

income

and

profits

Total

Deposit

insurance

losses and

expenses

Administrative

expenses3

1933-1941 336.5 262.5 74.0 72.3 46.6 25.7 264.2

1 9 4 1 .... 62.0 51.4 10.6 5.8 2.1 3.7 56.2

1940. 55.9 46.2 9.7 17.6 14.0 3.6 38.3

1939___ 51.2 40.7 10.5 18.3 14.9 3.4 32.9

1938___ 47.8 38.3 9.5 7.5 4.5 3.0 40.3

1 9 3 7 .... 48.1 38.8 9.3 7.3 4.6 2.7 40.8

1 9 3 6 .... 43.8 35.6 8.2 5.7 3.2 2.5 38.1

1 9 3 5 .... 20.7 11.5 9.2 5.7 3.0 2.7 15.0

1933-344. .. 7.0 7.0 4.4 .3 4.16 2.6

1 Figures of total expenses, deposit insurance losses and expenses, and net income added to surplus

for years prior to 1941 differ from those shown in previous Annual Reports because of revisions in estimates of losses allocated to the different years.

2 Assessments collected from insured banks, members of the temporary insurance funds, were

credited to their accounts in total at the termination of the temporary funds, being applied toward

subsequent assessments under the permanent insurance fund and resulting in no income to the Corporation from assessments for the term of the temporary insurance funds.

8 Includes furniture, fixtures, and equipment purchased and charged off.

4 Includes expenses from date of organization, September 11, 1933, to December 31, 1934.

6 After deducting portion of expenses and losses charged to banks withdrawing from the temporary

funds on June 30, 1934.

Total income for the calendar year 1941 was $62.0 million, of which 

$51.4 million represented assessments and $10.6 million interest on 

investments—net after provision for amortization of premiums, 

interest on loans and subrogated claims, and other interest received. 

Total losses and expenses for the year amounted to $5.8 million, 

of which $2.1 million were insurance losses and expenses and $3.7 

million were administrative expenses and other charges. The surplus 

of the Corporation was increased by $57.5 million during the year, 

reflecting net income of $56.2 million and adjustments to surplus, 

applicable to prior periods, of $1.3 million.

A detailed statement of income and expenses of the Corporation 

for the year 1941 is given in Table 11.

Claims held by Corporation against suspended and merged

banks. On December 31, 1941, the Corporation held subrogated and 

pending claims of depositors against closed banks, loans to merging 

banks made to avert or reduce losses, and other assets acquired 

through bank suspensions and mergers amounting at face value to 

a total of $125.4 million. The reserve for losses against these claims 

and assets amounted to $43.6 million on December 31, 1941, and the 

assets were carried at a net or appraised value of $81.7 million.1

1 The reserve for losses of $43.6 million given above is less than the amount of estimated losses of

$46.6 million, given in Tables 1 and 10 and on pages 19 and 32, by the amount of expenses and realized

losses charged off.

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 11. INCOME AND EXPENSES OF THE FEDERAL DEPOSIT INSURANCE

C o rporation, Ca le n d a r Y ear 1941

Income:

Deposit insurance assessments.............................................................. $ 51,396,519.71

Interest earned on securities (less provision for amortization of

premiums)............................................................................................... 10,628,638.59

Other interest received............................................................................. 18,415.63

Total income................................................................ $ 62,043,573.93

Expenses:

Deposit insurance losses and expenses................................................. $ 2,145,261.70

Administrative expenses (see below).................................................... 3,634,855.94

Furniture, fixtures, and equipment purchased and charged off... 60,360.65

Total expenses.............................................................. $ 5,840,478.29

Net income added to surplus................................... $ 56,203,095.64

Surplus December 31, 1940:

As previously reported............................................................................. $206,685,274.23

Plus— net adjustments applicable to periods prior to Jan. 1, 1941 1,311,533.00

Surplus as adjusted December 31, 1940................ $207,996,807.23

Surplus December 31, 1941....................................... $264,199,902.87

DISTRIBUTION OF ADMINISTRATIVE EXPENSES

Salaries.......................................................................................................................................... $ 2,664,907.47

Professional services................................................................................................................... 31,844.88

Services of other governmental agencies............................................................................... 2,764.32

Transportation............................................................................................................................. 128,380.88

Subsistence................................................................................................................................... 393,274.49

Office rental........................................................................................................ ......................... 281,183.19

Printing, stationery, and supplies.......................................................................................... 96,992.99

Postage, telephone, and telegraph......................................................................................... 35,730.22

Insurance and fidelity bond premiums.................................................................................. 1,266,21

Safekeeping and service charges on securities..................................................................... 118.61

Subscriptions................................................................................................................................ 7,406.58

Equipment rental....................................................................................................................... 8,845.94

Repairs and alterations............................................................................................................. 20,123.51

Transportation of things........................................................................................................... 2,177.76

Miscellaneous............................................................................................................................... 4,744.48

$ 3,679,761.53

Less:

Miscellaneous income and other credits applicable to reduction of

administrative expenses...................................................................... $ 23,663.57

Inter-departmental expense transfers.................................................. 21,242.02 $ 44,905.59

Administrative expenses for the year ending December 31,1941 $ 3,634,855.94

As soon as a disbursement in connection with a closed or merged 

bank is made the Corporation sets up a reserve to cover the loss 

which its appraisals indicate will result from the transaction. This 

reserve is deducted from the surplus and appropriate asset accounts 

in presenting the statement of condition. Periodically, the assets 

purchased or held as collateral are reappraised, and the progress of 

the liquidation of banks in receivership is reviewed. Reserves are 

then revised in accordance with the information obtained.

Assets and liabilities. Condensed balance sheets of the Corporation as of December 31, 1940, and December 31, 1941, are given in 

Table 13.

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OPERATING STATEMENT OF THE CORPORATION 35

Audit. In accordance with the Corporation's policy of having an 

annual independent audit, the accounts as of June 30, 1941, were 

audited by Arthur Andersen & Co. The auditors' certificate is given 

below. The balance sheet of the Corporation as of that date, as 

shown in the auditors' report, is given in Table 12.

A R T H U R A N D E R S E N & CO.

6T W a l l Sthebt

New Y o r k

To th e B oard o f D ire cto rs,

Federal Deposit Insurance Corporation:

W e have examined the balance sheet of the Federal Deposit Insurance Corporation (a corporation created under Section 12B of the Federal Reserve Act, as

amended by Title I of the Banking Act of 1935) as of June 30, 1941, including the

related statement of income and expenses for the year ended that date, which

statement of income and expenses is summarized under the surplus account in the

balance sheet. In connection therewith, we have examined or tested accounting

records and other supporting evidence maintained in the Washington office of the

Corporation (except the records as to the closed insured banks for which the Corporation is receiver) and have reviewed the system of internal control and the

accounting procedures by methods and to the extent we deemed appropriate, but

we did not make a detailed audit of the transactions. W e did not examine, the

collateral under loans to merging insured banks nor the documents evidencing

ownership of assets purchased from insured banks, which collateral and assets for

the most part are held by Liquidating Agents of the Corporation, but we reviewed

reports as of recent dates prepared by the Corporation’s internal audit department

or inventories of assets recently purchased prepared by the Corporation’s examiners,

covering their verification of such items.

In our opinion, the accompanying balance sheet fairly presents the financial

position of the Federal Deposit Insurance Corporation at June 30, 1941, and the

results of its operations for the year ended that date.

(Signed) A rth u r A ndersen & Co.

New York, N . Y .,

October 1, 1941.

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

T ab le 12. FEDERAL DEPOSIT INSURANCE CORPORATION

B a la n ce Sh e e t— Ju n e 30, 1941— from a u dito r s* report

ASSETS

Cash on hand, in transit, and on deposit................................. $ 19,632,800.43

United States Government Securities and accrued interest

receivable thereon:

United States Government securities, $416,416,350 principal

amount, stated at cost ($420,153,797.16) less reserve for

amortization of premiums ($1,611,418.75)................................ $418,542,378.41

Accrued interest receivable....................................................... ......................1,449,309.84 419,991,688.25

Assets acquired through bank suspensions and mergers,

less collections:

Subrogated claims of depositors against closed insured banks. . $ 33,649,632.04

Net balances of depositors in closed insured banks, pending

settlement or not claimed, to be subrogated when paid—

per contra. ............................................................................. 303,213.58

Loans made to, and assets purchased from, merging insured

banks to reduce or avert deposit insurance losses—

Loans and recoverable liquidation expenses (Note 1)...... . 53,556,635.98

Assets purchased under agreements to return any excess

recoveries to the selling banks, and recoverable liquidation expenses (Note 1 )........................................................... 39,992,561.41

Assets purchased, other............................................. 689,449.44

Assets purchased from receivers of closed insured banks. ...... 689,110.96

$128,880,603.41

Less— Reserves for losses......................................................... 43,925,260.58 84,955,342.83

Furniture, fixtures and equipment, at nominal value............. 1.00

Deferred charges and miscellaneous receivables.. . ........... 57,535.84

$524,637,368.35

NOTES:

(1) Loans to merging insured banks are evidenced by demand notes bearing interest at the rate of

4% per annum, and the Corporation is entitled to a return of 4% per annum with respect to its investments in assets purchased from merging insured banks under agreements to return any excess recoveries

to the selling banks. The Corporation follows the practice of taking into income only such amounts of

interest and allowable return as are realized after recovery in full of its investments (including recoverable liquidation expenses) in the respective loans and purchased assets, and of recording accrued interest

receivable or accrued allowable return in memorandum accounts only.

(2) The Corporation from time to time revises its estimates of probable losses on assets acquired

when appraisals are completed or reappraisals are made, and follows the practice of carrying direct to

surplus the adjustments of the reserve for losses insofar as such adjustments relate to assets acquired

through bank suspensions and mergers which occurred in prior periods. However, in the summary of

surplus shown in the foregoing balance sheet, such adjustments (net credit of $819,776.31) recorded

during the year ended June 30, 1941, have been applied in reduction of deposit insurance losses and

expenses for the year.

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OPERATING STATEMENT OF THE CORPORATION 37

Table 12. FEDERAL DEPOSIT INSURANCE CORPORATION 

Balance Sheet— June 30, 1941— from auditors' report— Continued

LIABILITIES

Liabilities:

Accounts payable......, . ........................................ . . ......................... $ 120,527.22

Earnest money deposits and collections in suspense, arising

from assets acquired through bank suspensions and mergers.. 743,166.83

Net balances of depositors in closed insured banks, pending

settlement or not claimed— per contra.. .......................... .. 303,213.58

Deferred credits................................................................................... 9,280.24

Reserve for expenses of paying insured deposits.......................... .............89,119.73

Total liabilities................. ......... ......................... $ 1,265,307.60

Capital stock and surplus (The entire capital stock and surplus

constitutes a reserve for future deposit insurance losses and

related expenses with respect to insured banks. It is estimated

that the insured deposits in operating insured banks amounted

to approximately $28.5 billion at June 30, 1941):

Capital stock, without nominal or par value (nonvoting and

not entitled to the payment of dividends)—

Held by—

United States Government............................................... $150,000,000.00

Federal Reserve banks....................................................... 139,299,556.99

$289,299,556.99

Surplus—

Balance, June 30, 1940........................... $180,264,574.29

Net increase in surplus for the year

ended June 30, 1941—

Income—

Deposit insurance assessments----- $ 48,734,383.34

Interest earned on United States

Government securities, less provision for amortization of

premiums. ...................... ;...... 9,800,476.24

Interest realized on settled loans

to merging insured batiks and

on subrogated claims of depositors (Note 1).......................... 9,937.53

$ 58,544,797.11

Expenses—

Deposit insurance losses and expenses (Note 2 )............................ $ 1,011,537.20

Administrative expenses................. 3,650,379.77

Furniture, fixtures and equipment

purchased....................................... 74,950.67

$ 4,736,867.64

Net increase in surplus for the year

ended June 30, 1941................... $ 53,807,929.47

Balance, June 30, 1941........................... 234,072,503.76

Total capital stock and surplus 523,372,060.75

$524,637,368.35

(3) Under the provisions of Section 12B of the Federal Reserve Act, as amended by Title I of the

Banking Act of 1935 (subsection “ o”), the Corporation is authorized and empowered to issue and to

have outstanding its notes, debentures, bonds or other such obligations in a par amount determined in

accordance with said provisions, which amount as of June 30, 1941, was $974,601,315.93.

The Secretary of the Treasury, in his discretion, is authorized to purchase any such obligations

of the Corporation and is authorized and directed to purchase obligations of the Corporation in an

amount not to exceed $250,000,000 par value whenever in the judgment of the Board of Directors of

the Corporation additional funds are required for insurance purposes.

The Reconstruction Finance Corporation, as provided in subsection (b) of section 5e of the Reconstruction Finance Corporation Act, as amended, shall purchase at par value such obligations of the

Corporation as are authorized to be issued, upon request of the Board of Directors of the Corporation,

whenever in the judgment of said Board additional funds are required for insurance purposes; provided

that the Reconstruction Finance Corporation shall not purchase or hold at any time said obligations

in excess of $250,000,000 par value. If the Reconstruction Finance Corporation fails for any reason

to purchase any of the obligations of the Corporation, the Secretary of the Treasury is authorized and

directed to purchase such obligations in an amount equal to the amount of such obligations the Reconstruction Finance Corporation so fails to purchase.

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 13. A s s e t s AND LIABILITIES OF THE FEDERAL DEPOSIT INSURANCE

C o r p o r a t io n , D e c e m b e r 31, 1941, a n d D e c e m b e r 31, 1940

ASSETS

Assets acquired through bank suspensions and mergers:

Subrogated claims of depositors against closed insured banks...

Net balances of depositors in closed insured banks pending settlement or not claimed, to be subrogated when paid— contra...

Loans to merging insured banks to avert deposit insurance losses.

Assets purchased from merging insured banks, to avert deposit

insurance losses, under agreements to return any excess recovery to selling banks.. . ...............................................................

Assets purchased from merging insured banks and receivers of

closed insured banks to avert deposit insurance losses.........

Less: Reserve for losses.

Cash on hand and on deposit.......................................................

United States Government securities (cost less reserve for

amortization of premiums) and accrued interest receivable..

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

Deferred charges and miscellaneous assets.................................

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

LIABILITIES

Current liabilities:

Accounts and assessment rebates payable...................................

Earnest money deposits and collections in suspense arising from

subrogated claims of depositors, loans to merging insured

banks, and assets purchased...........................................................

Net balances of depositors in closed insured banks pending

settlement or not claimed— contra.......................................... .

Unused credits for assessments paid to temporary Federal

Deposit Insurance funds and prepaid assessments. . . . .

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

Reserve for deposit insurance expenses.................................. .

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

CAPITAL

Capital stock:

United States.....................................................................................

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

Surplus— (see Table 11)....................................

Total capital..............................

Total liabilities and capital.

1941 1940

$ 33,207,002.95 $ 36,012,128.94

1,130,784.07

48,829,768.23

360,512.94

58,981,488.18

41,105,409.16 39,360,309.98

1,079,390.77

$125,352,355.18

43,611,442.17

$ 81,740,913.01

1,098,827.16

$135,813,267.20

43,641,093.81

$ 92,172,173.39

19,964,141.20 20,460,790.83

453,892,071.94 384,513,854.80

1.00 1.00

65,086.26 61,872.29

$555,662,213.41 $497,208,692.31

$ 172,955.96 $ 90,810.45

727,677.90 672,703.30

1,130,784.07 360,512.94

1,696.48

13,510.84 362.41

117,824.78 97,775.51

$ 2,162,753.55 $ 1,223,861.09

$150,000,000.00

139,299,556.99

$289,299,556.99

264,199,902.87

$150,000,000.00

139,299,556.99

$289,299,556.99

206,685,274.23

$553,499,459.86 $495,984,831.22

$555,662,213.41 $497,208,692.31

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Federal Reserve Bank of St. Louis
PART TWO

DEPOSIT INSURANCE AND BANKING DEVELOPMENTS

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Federal Reserve Bank of St. Louis
Changes during 1941. On December 31, 1941, insured commercial 

banks reported total assets of $76.8 billion and deposits of $69.4 

billion, the largest amounts ever reported by those banks. Assets and 

deposits each increased during the year by about $6 billion, or 9 

percent.

The growth in bank assets and bank deposits during 1941 reflected 

primarily the participation of the banks in the financing of defense and 

war activities. Nevertheless, the rate of growth in assets was about 

the same, and the rate of growth in deposits somewhat less, than the 

average annual rate during the preceding seven years of deposit 

insurance.

The total capital accounts of the banks, or stockholders' net worth, 

increased by $0.2 billion during 1941. This increase, which amounted 

to 2.5 percent, was not commensurate with the growth in total assets 

nor with the growth in total deposits. Neither was the increase in 

total capital accounts commensurate with the growth in the banks' 

loans and securities other than United States Government obligations.

Changes during 1934-1941. During the eight years of Federal 

insurance of bank deposits, total assets of insured commercial banks 

increased by 94 percent, and deposits by 119 percent. This increase in assets and deposits was associated with the following 

factors:

Purchase of monetary metal (chiefly imported gold) by 

the United States Treasury;

Financing by the banks, through purchase of Government 

obligations, of a part of the Federal Government deficit;

Financing by the banks, through an increase in loans, of 

expanding production and of inventory accumulation by 

business enterprises;

Financing by the banks of expanding consumer purchases;

An increase in interbank obligations;

Admission to insurance of banks operating but not insured 

January 1, 1934, or which had been closed and were reopened subsequent to that date.

The influence of each of the first two of these factors was approximately 

as great as that of the other four combined in bringing about an increase in bank assets and bank deposits. Purchase of monetary metal 

by the Treasury was at its peak in 1939 and 1940, reflecting heavy 

gold imports resulting from the flight of capital from foreign countries

A ssets a n d L ia b il it ie s of I n su r e d C o m m e r c ia l B a n k s

41

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

in the war zones and the use by foreign governments of their gold 

reserves to purchase military equipment and materials in this country. 

In 1941 purchase of monetary metal was of relatively small importance, while purchase by the banks of United States Government 

obligations was much greater than in any previous year since 1934, 

and other financing was the largest of any year since establishment of 

deposit insurance.

The capital accounts of insured commercial banks increased by 15 

percent during the 8-year period. At the close of 1941, the banks 

had less capital, relative to total assets, and also relative to loans and 

securities other than United States Government obligations, than at 

any previous time since the beginning of deposit insurance.

T y p e s a n d Q u a l i t y o f B a n k A s s e t s

The principal types of assets of insured commercial banks as of 

the middle and close of each year, 1934-1941, are shown in Chart A. 

The figures for the middle of each year are presented in Table 113, 

pages 126 to 129.

CHART A

PRINCIPAL ASSETS OF INSURED COMMERCIAL BANKS

CALL DATES. 1934-1941

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

1934 1935 1936 1937 1938 1939 1940 1941

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TYPES AND QUALITY OF BANKS ASSETS 43

Types o f assets. The assets of commercial banks may be divided 

into two broad groups. One of these groups includes cash and reserves 

(including balances with other banks) and other assets most readily 

convertible into cash or reserves, that is, obligations of the United 

States Government. On the whole, the assets in this group yield 

either no income or a relatively low rate of income to the banks 

and are subject to a relatively small risk of deterioration.1 The other 

group consists of invested assets other than obligations of the United 

States Government, and includes loans and discounts, securities of 

business concerns and of States and political subdivisions, and fixed 

and miscellaneous assets. It is from this group of assets that the banks 

derive the major part of their earnings; and the assets which banks 

have written off in the past because of default or depreciation in value 

have come for the most part from this group. The amounts and percentages of assets of insured commercial banks in each of the two 

groups for the end of each year from 1933 to 1941 are shown in 

Table 14.

Table 14. DISTRIBUTION OF ASSETS OF INSURED COMMERCIAL BANKS, 1934-1941

Amount (billions of dollars) Percent of total assets

Loans, Loans,

Cash, securities Cash, securities

due from other than due from other than Decem­ banks, and U. S. banks, and U. S. ber 31 Total obligations Government obligations Government

of the obligations, of the obligations,

U. S. and fixed and U. S. and fixed and

Government miscellaneous Government miscellaneous

assets assets

1941 76.8 46.8 30.0 61 39

1940 70.7 43.3 27.4 61 39

1939 63.1 37.4 25.7 59 41

1938 56.8 31.7 25.1 56 44

1937 54.2 28.6 25.6 53 47

1936 56.2 30.5 25.7 54 46

1935 50.9 27.1 23.8 53 47

1934 46.4 23.0 23.4 50 50

19331 39.7 15.3 24.4 38 62

1 Assets on December 30, 1933, of banks which became insured January 1, 1934; figures are

partly estimated.

The expansion of assets of insured commercial banks during the 

period, 1934-1941, occurred primarily in the assets in the first group. 

At the end of 1941 these assets—cash, balances with other banks (in 

large part reserve balances with Federal Reserve banks), and obligations of the United States Government—amounted to $47 billion, or 

approximately three times the amount held on January 1, 1934. The 

assets in the second group—loans, securities other than United States 

Government obligations, and fixed and miscellaneous assets—amount1 In the past some losses have been incurred on such assets. Many banks which closed during the

years 1921-1933 were unable to liquidate such assets without loss, and some banks which operated

throughout that period sustained losses on money deposited in other banks.

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

ed to $30 billion at the end of 1941, or approximately one and onefourth times the amount held on January 1,1934.

As a result of the different rates of increase in the two groups of 

assets, the proportions of total assets in the two groups have changed 

significantly since January 1, 1934. On that date 38 percent of the 

assets of insured commercial banks consisted of cash, reserves and balances due from other banks, and United States Government obligations; while 62 percent consisted of loans and discounts, securities 

other than United States Government obligations, and fixed and 

miscellaneous assets. At the end of 1941, the proportions were practically reversed, 61 percent of the assets of the banks being in the former 

group, and 39 percent in the latter group.

Quality of assets. The assets of insured commercial banks examined 

in 1941 were appraised at 99.8 percent of book value, compared with

99.7 percent in 1940.1 Less than 3 percent of the assets were considered 

to be of substandard quality in 1941, compared with approximately

4 percent in 1940 and 5 percent in 1939. The figures are shown in 

Table 15.

Table 15. APPRAISAL OF TOTAL ASSETS OF INSURED COMMERCIAL BANKS

E x a m i n e d in 1941, 1940, a n d 1939

Amounts in billions

of dollars

Amounts per $100 of

book value

1941 1940 1939 1941 1940 1939

Book value............................................. $71.7 $65.2 $58.3 $100.00 $100.00 $100.00

Examiners’ deductions (net)........... .2 .2 .3 .22 .34 .52

Appraised value..................................

Substandard....................................

Not criticized..................................

71.5

2.0

69.5

65.0

2.6

62.4

58.0

3.0

55.0

99.78

2.83

96.95

99.66

3.92

95.74

99.48

5.10

94.38

Detailed figures for 191+1— See Tables 119 to 122, pages 140 to 155.

About three-fifths of the reduction from 1939 to 1941 in the proportion of assets classified as substandard was due to the elimination 

of nearly $1 billion of such classified assets either through sale, 

liquidation, or charge-off or through reclassification. Less than twofifths of the reduction in the proportion of assets classified as substandard reflected a growth in total assets. A small part of the reduction may be attributed to the removal of substandard assets 

through the elimination of some weak banks by suspension, liquidation, or merger.

Substandard securities and loans each accounted for about two-fifths 

of all substandard assets in the banks in 1941. The remaining onefifth consisted of substandard fixed and miscellaneous assets, which

1 For explanation of banks included in the analysis of examinations, see page 94.

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TYPES AND QUALITY OF BANKS ASSETS 45

include real estate taken over through foreclosure of mortgages 

securing unpaid loans and valuation of banking premises considered 

by examiners to be excessive in proportion to the business of the bank. 

At the time of examinations in 1941, substandard fixed and miscellaneous assets continued to represent a high percentage of appraised 

value—19 percent—whereas substandard loans represented less than

5 percent and substandard securities less than 3 percent of appraised 

values of those types of assets, respectively. The figures are shown 

in Table 16.

Table 16. APPRAISED VALUE OF ASSETS AND SUBSTANDARD ASSETS

o f I n s u r e d C o m m e r c ia l B a n k s E x a m i n e d i n 1941, 1940, a n d 1939

Total assets.

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

Securities....................................

Loans...................................................

Fixed and miscellaneous assets

Appraised value per

$100 of book value

1941

$99.78

100.00

99.86

99.61

98.22

1940

$99.66

100.00

99.74

99.34

97.77

1939

$99.48

100.00

99.62

99.02

97.19

Substandard assets per

$100 of appraised value

1941

$2.84

2.93

4.36

19.10

1940

$3.93

4.58

6.23

22.60

1939

$5.12

5.68

7.73

24.55

Detailed figures for 19J^1— See Tables 119 to 122, pages 140 to 155.

Between the time of examinations in 1941 and of those in 1940, 

about 7,700 banks showed reductions in the ratio of substandard 

assets to appraised value of assets, 3,400 banks showed practically 

no change in the ratio, and 2,100 banks showed increases.

The number of banks grouped according to the percentage of substandard assets to appraised value of assets in 1941 and 1940 is shown 

in Table 17.

Table 17. DISTRIBUTION OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

A c c o r d in g t o S u b s t a n d a r d A s s e t s R a t i o , E x a m in a t io n s i n 1940 a n d 1941

Number of

banks

Percentage

distribution

1941 1940 1941 1940

All banks*.................................... ............ ............................... 13,308 13,197 100.0% 100.0%

Banks with substandard assets per $100 of

appraised value of assets of— 2

Less than $5.00. .................................................................. 8,522 7,184 64.0 54.4

$5.00 to $9.99....................................................................... 3,044 3,426 22.9 26.0

$10.00 to $14.99................................................................... 1,122 1,448 8.4 11.0

$15.00 to $19.99................................................................... 360 653 2.7 4.9

$20.00 to $24.99................................................................... 157 276 1.2 2.1

$25.00 or more...................................................................... 103 210 .8 1.6

1 Substandard assets ratios for 1940 are not available for 111 of the insured commercial banks examined in 1941.

2 The appraised value of assets represents an estimated average for each individual bank of the

values over the year immediately preceding the date of examination. See pages 94 and 95.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

About 4,300 of the banks showing reductions were those with substandard assets of less than 10 percent of the appraised value of assets 

and, in addition, were among those for which the reduction in the 

ratio amounted to only one or two percentage points. Of the 2,100 

banks showing increases in the ratio, about 1,400 had less than 10 

percent of substandard assets in 1940 and showed increases of only 

one or two percentage points. However, about 400 of the banks which 

showed increases in the ratio between the time of the 1940 and 1941 

examinations held substandard assets in excess of 10 percent of the 

appraised value of assets. In about 250 of these cases the increases 

were substantial.

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

Total capital accounts. The total capital accounts of commercial 

banks represent the stockholders' equity in the banks' assets or the 

net worth, as carried on the books of the banks. During the 8-year 

period of deposit insurance, the total capital accounts of insured commercial banks increased by $0.9 billion, and amounted to $6.8 billion 

on December 31, 1941, the largest ever reported by these banks. The 

additions to the banks' total capital accounts were derived chiefly 

from earnings of the banks in excess of dividends paid to stockholders.

During the first two years of deposit insurance, particularly in 

1934, a substantial amount of capital was supplied to insured banks 

by the Reconstruction Finance Corporation; and in each year some 

banks obtained new capital through the sale of stock to individuals. 

These subscriptions to capital contributed materially to an improvement in the net sound capital of the banks, but did not increase 

significantly the total capital accounts as carried on the banks' books 

and reported by them in their statements of condition. For the most 

part the new capital was used to replace, on the books of the banks, 

other capital which was eliminated by unusually large charge-offs of 

depreciated assets.1

Capital stock and other capital accounts. The amount of 

capital stock has decreased in each year since 1934, and accounted for 

42 percent of total capital accounts at the end of 1941, as compared 

with 54 percent at the end of 1934. The decrease in capital stock has 

occurred in the stock owned by the Reconstruction Finance Corporation.2 Capital stock in the hands of the public remained at approximately the same amount throughout the entire period from the end 

of 1934 to the close of 1941. On December 31, 1941, about one-ninth

1 Admission of banks to insurance, and closing of banks by suspension, merger, and liquidation,

had a relatively slight effect upon the total capital accounts of insured banks.

1 Capital notes and debentures owned by the Reconstruction Finance Corporation are included

with capital stock.

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CAPITAL OF INSURED COMMERCIAL BANKS 47

of the capital stock, or 5 percent of total capital accounts, of insured 

commercial banks was owned by the Reconstruction Finance Corporation. This is about two-fifths of the amount of capital stock owned 

by that Corporation at the end of 1934.

Other capital accounts—surplus, undivided profits, and reserves— 

increased each year, except in 1934 when these accounts were reduced 

by an extraordinary amount of charge-offs of depreciated assets. The 

total increase during the seven years since 1934 amounted to $1.2 

billion. Most of this increase came from current profits retained by 

the banks after payment of income taxes and dividends to stockholders.

Capital ratios. The capital accounts of insured commercial banks 

are compared with assets and deposits in Chart B.

CHART B

ASSETS, DEPOSITS, and CAPITAL ACCOUNTS

ofr INSURED COMMERCIAL BANKS

CALL DATES. 1934 - 1941

BILLIONS OF DOLLARS 

80

70

60

50

40

30

20

BILLIONS OF DOLLARS 

80

70

....... 1

^ /

TOTAL ASSETS ^

TOTAL LDEPOSITS

y

s<—

1/

LOANS.: OBL

SEC UR ITU

lOATIONi

SS ( EXCLi >), AND AJDINC U.i A/SC. ASi

>. GOVERN

ZETS IMENT

****

60

50

40

30

20

8

7

1934 1935 1936 1937 1938 1939 1940 1941

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48 FEDERAL DEPOSIT INSURANCE CORPORATION

At the close of 1941 insured commercial banks had less capital 

relative to total assets and total deposits, and also relative to loans 

and securities other than obligations of the United States Government, that at any previous time. The relatively slow growth in capital 

accounts, compared with the growth in assets and deposits, has been 

characteristic of each year since the beginning of deposit insurance, 

except 1937 when deposits and assets were both reduced. For the 

entire 8-year period capital accounts of insured commercial banks 

increased by 15 percent, while deposits increased by 119 percent, 

total assets by 94 percent, and loans and securities other than United 

States Government obligations by 23 percent.

The difference between the rate of growth in total capital accounts 

of the banks and the rates of growth in deposits and assets has resulted in a steady decline, interrupted in only one year, in stockholders' equity relative to the obligations, or to the assets, of the banks. 

Total capital accounts of the banks were equal to 8.9 percent of their 

total assets at the close of 1941 compared with 14.9 percent on 

January 1, 1934. Total capital accounts amounted to 22.8 percent of 

loans and securities other than United States Government obligations 

at the end of 1941, compared with 24.2 percent at the beginning of 

deposit insurance, and 26.3 percent at the end of 1934, after the 

strengthening of the capital of many insured banks by the Reconstruction Finance Corporation. The ratios of total capital accounts 

to total deposits, total assets, and loans and securities other than United 

States Government obligations, for each year are given in Table 18.

Table 18. CAPITAL RATIOS OF INSURED COMMERCIAL BANKS, 1934-1941

Total capital accounts per $100 of—

December Loans, securities other

Total Total than U. S. Government 31 deposits assets obligations, and fixed and

miscellaneous assets

1941 $9.86 $8.91 $22.82

1940 10.51 9.44 24.38

1939 11.63 10.33 25.38

1938 12.93 11.33 25.62

1937 13.56 11.81 25.00

1936 12.84 11.26 24.60

1935 14.07 12.19 26.09

1934 15.77 13.24 26.30

19331 18.70 14.94 24.29

1 Data for December 30, 1933, for banks which became insured January 1, 1934.

In the case of national banks, for which information regarding 

assets and capital are available since 1865, the ratios of total capital 

accounts to total assets are now lower than at any previous time, and 

the ratios of total capital accounts to loans and securities other than

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CAPITAL OF INSURED COMMERCIAL BANKS 49

United States Government obligations are lower than at any previous 

time except during the period, 1916-1932. The sequel to that period of 

bank credit expansion was the closing during 1921-1933 of more 

than 2,700 national banks because of financial difficulties, with losses 

to their depositors estimated at $480 million. The ratios, at 5-year intervals since 1865, of the total capital accounts of national banks to 

their assets, and to their loans and securities other than United States 

Government obligations, are shown in Table 19.

Table 19. CAPITAL R atios OF NATIONAL BANKS

5-Y ear I ntervals, 1865-1940, and 1941

June 30

Total capital accounts per $100 of---

Total i

1865

1870

1875

1880

1885

1890

1895

1900

1905

1910

1915

1920

1925

1930

1935

1940

1941

$33.76

35.88

35.90

30.68

29.94

30.52

28.44

20.49

19.20

18.70

17.85

11.27

12.24

13.77

11.85

9.43

8.71

Loans, securities other than

U. S. Government obligations, and

fixed and miscellaneous assets

$97.87

72.44

64.16

56.19

51.65

43.73

42.48

32.41

29.20

27.90

25.22

15.76

17.51

19.21

25.69

25.02

22.98

Source: Computed from data in the annual reports of the Comptroller of the Currency.

Analysis of capital accounts. At the time of their 1941 examinations, the insured commercial banks had net sound capital of $6.5

billion, about the same as in 1940.1 Investments of the Reconstruction 

Finance Corporation in the preferred capital of the banks amounted 

to $379 million (retirable value) or 5.8 percent of the net sound capital.

Due to the large growth in total assets, the ratio of net sound capital 

to appraised value of assets of insured commercial banks has steadily 

decreased in recent years. The average ratio of net sound capital to 

the appraised value of assets of insured commercial banks at the time 

of examinations over the past four years was:

1941 9.1 percent

1940 9.7 percent

1939 10.6 percent

1938 11.5 percent

It is estimated that by the close ui the year the net sound capital of 

the banks averaged about 8.7 percent of assets.

1 For definition of net sound capital, see page 96.

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50 FEDERAL DEPOSIT INSURANCE CORPORATION

The proportion of net sound capital to total capital accounts, 

however, has improved concurrently with the improvement in the 

appraised value of assets. In the early years of deposit insurance, net 

sound capital of insured commercial banks examined by the Federal 

Deposit Insurance Corporation represented less than 75 percent of 

total capital accounts. The net sound capital of all insured commercial 

banks combined has amounted to more than 95 percent of total 

capital accounts during the last four years—97.6 percent at the time of 

the 1941 examinations.

Distributions of insured commercial banks according to their capital 

ratios in examinations made in 1938 through 1941, are shown in 

Table 20.

Table 20. PERCENTAGE DISTRIBUTION OF NUMBER AND DEPOSITS OF

I n s u r e d C o m m e r c ia l B a n k s A c c o r d in g t o N e t S o u n d C a p it a l R a t io

E x a m in a t io n s in 1938-1941

All

banks

Banks with net sound capital per $100

of appraised value of assets of— 1

$0.00

or less

$0.01 to

$9.99

$10.00 to

$19.99

$20.00 or

more

Number of

banks:

1941 100.0% 0.1% 22.4% 67.7% 9.8%

1940 100.0 .1 21.7 66.5 11.7

1939 100.0 .1 21.3 65.6 13.0

1938 100.0 .3 24.2 62.4 13.1

Deposits of

banks:

1941 100.0 (*) 64.5 33.3 2.2

1940 100.0 .1 63.9 33.5 2.5

1939 100.0 (2) 58.3 38.7 3.0

1938 100.0 .1 46.6 49.6 3.7

1 In order to eliminate the influence of seasonal fluctuations in total assets upon the ratios for individual banks, the base used in the computation of the ratio for individual banks for the most part

consisted of the estimated average, over the year period preceding the date of examination, of total

assets— adjusted for examiners' net deductions. In view of the growth in total assets over each period

covered by this averaging process— particularly during 1940 and 1941— this table tends to represent

the condition of banks considered as a whole at a period close to the beginning of the respective years

shown. If assets as of the date of examination had been used in computing the ratio, over 1,000— or

8 percent— more banks would have shown net sound capital ratios in 1941 of less than $10 per $100 of

appraised value of assets.

2 Less than one-half of 1 percent.

Detailed figures for 191*1— See Tables 123 and 124, pages 156 and 157.

The proportion of insured commercial banks with net sound capital 

of less than 10 percent of the appraised value of assets has increased 

slightly since 1939, while the proportion of deposits held by such banks 

has increased materially. In examinations made during 1941, over onefifth of the banks holding almost two-thirds of the deposits had net 

sound capital ratios amounting to less than 10 percent of the appraised 

value of assets.1 Ten of these banks with deposits of $8 million had no

1 The appraised value of assets used as the base for this ratio represents an estimated average of

the values in each individual bank over the year immediately preceding the date of examination. If

the base of the ratio had represented the appraised value as of the date of examination, nearly threetenths of the banks (30 percent instead of 22 percent) would show ratios of less than 10 percent. See also

footnote 1 to Table 20.

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EARNINGS OF INSURED COMMERCIAL BANKS 51

net sound capital at all after adjustment for estimated losses and for 

assets of doubtful worth, and 35 other banks, with deposits of $786 

million had net sound capital of less than 5 percent of the appraised 

value of assets.1 In addition to the 10 banks with no net sound capital 

there were 44 banks with deposits of $355 million whose 1941 examinations revealed no net sound capital except that represented by investment of the Reconstruction Finance Corporation.

In general, the small banks had higher ratios of net sound capital 

to appraised value of assets than did the large banks. Distributions 

of the number and deposits of insured commercial banks, grouped 

according to net sound capital ratio and by fixed and substandard 

assets ratio, by rate of net earnings, and by deposits, are shown in 

Tables 123 and 124, pages 156 and 157.

The amount of net sound capital is significant in relation not 

only to the total amount of assets but also to the amount of fixed 

and substandard assets. In seven-tenths of the insured banks, holding 

more than three-quarters of the deposits of the country, fixed and 

substandard assets amounted to less than 60 percent of net sound 

capital. However, in about 1,400 banks, or 10 percent of the insured 

banks of the country, holding 7 percent of the deposits, fixed and 

substandard assets exceeded net sound capital. In 176 of these banks, 

with total deposits of $700 million, the amount of fixed and substandard 

assets was more than double the amount of the net sound capital.2 

There was little persistent difference between large and small banks 

with respect to the ratio of fixed and substandard assets to net sound 

capital.

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

Net earnings of insured commercial banks before payment of income 

taxes were larger in 1941 than in any other year of Federal insurance 

of deposits, and net profits before income taxes are estimated to have 

increased to a level close to the record of 1936. The growth in net 

earnings reflected chiefly an increase in gross earnings to the largest 

amount ever reported; and the growth in net profits before payment 

of income taxes reflected also a decline in net charge-offs to the lowest 

figure of any year. Dividends to bank stockholders in 1941 also were 

larger than in any of the preceding seven years of Federal deposit 

insurance.

1 Between the date of the examination and the end of the year, 1 of these 45 banks had its insured

status terminated and suspended operations, 1 other also suspended operations, 3 were merged with the

financial aid of the Federal Deposit Insurance Corporation, in 1 case action was pending on a loan to

facilitate a merger, and action was taken against 3 for continuing to engage in unsafe and unsound

banking practices. Plans for action with regard to a number of the remaining banks were being considered

at the close of the year.

* In all such cases the Corporation has repeatedly urged that substandard assets be written down

or disposed of and all profits be retained in the banks’ capital accounts until the amount of such assets

becomes substantially less than the amount of the net sound capital.

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52 FEDERAL DEPOSIT INSURANCE CORPORATION

Gross earnings, expenses, net charge-offs, and profits of insured 

commercial banks for each year, from 1934 to 1941, are shown in 

Table 21.

T able 21. EARNINGS, EXPENSES, AND PROFITS OF INSURED

C o m m e r c ia l B a n k s , 1934-1941

(In millions of dollars)

Gross

earnings

from

current

operations

Profits on

securities

sold

Expenses and net charge-offs

Net

profits

available

for

stockholders2

Current

expenses

other than

taxes

Taxes,

including

income

taxes

Net

charge-offs

on assets1

1941 1,730 145 1,113 153 154 455

1940 1,631 178 1,070 123 215 401

1S39 1,605 215 1,053 107 272 388

1938 1,584 173 1,055 103 299 300

1937 1,634 117 1,059 108 203 381

1936 1,567 268 1,028 98 185 524

1935 1,486 (8) 1,004 79 <*> 207

1934 1,518 (*) 1,040 77 (3) ^340

1 Book value of assets charged off minus recoveries on assets previously charged off.

1 Available for dividends or additions to the stockholders’ investment in the banks.

* Not available separately. In 1935 net charge-offs exceeded profits on securities sold by $196 million,

and in 1936 by $741 million.

4 Net loss.

Detailed figures— See Table 125, page 158.

Earnings and expenses of current operations. Gross earnings of 

insured commercial banks from current operations in 1941 were 6 

percent larger than in 1940, and exceeded by 16 percent the low figure 

reported in 1935. Current operating expenses also increased, but at a 

less rapid rate. Excluding taxes, current expenses in 1941 were 4 

percent greater than in the previous year, and 11 percent greater than 

in 1935. The amount of such taxes ordinarily considered to be current 

expenses is unknown, but it is believed that the foregoing percentages 

would not be appreciably affected if those taxes were included. As 

a result of the difference between the growth in current earnings and 

that in current expenses, the net operating earnings of insured commercial banks have increased substantially in recent years.1

In 1941, 49 percent of the current operating earnings of insured 

commercial banks was derived from income on the loans made by the 

banks. This was a larger proportion than in previous years of deposit 

insurance and reflected primarily an expansion in the volume of loans 

outstanding. Interest and dividends on securities accounted for 29

1 The amount of growth in net earnings of insured commercial banks is unknown. The figures

reported by the banks as “net current operating earnings” , which are shown in Table 125, page 158, represent, in the case of banks not submitting reports to the Corporation, earnings after payment of income

taxes and are smaller, therefore, than the actual net earnings. Furthermore, due to the increase in

income taxes, particularly in 1941, and the comparative stability of other taxes, the figures for the

various years shown in Table 125 conceal the real growth in net earnings from current operations.

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EARNINGS OF INSURED COMMERCIAL BANKS 53

percent of current operating earnings in 1941, a smaller proportion 

than in any previous year of deposit insurance.

The income derived from the loans made and securities owned by 

the banks has accounted for slightly less than four-fifths of current 

operating earnings in recent years compared with slightly more than 

four-fifths in the early years of deposit insurance. The remaining part 

of current operating earnings is derived from various sources, such as 

trust, foreign, and title departments, collection and exchange charges, 

fees charged in connection with transactions in which the bank does not 

extend credit, commissions on the sale of insurance policies, service 

charges on deposit accounts, safe deposit vault rentals, real estate 

rentals, and interest from time deposits with other banks. In Tables 

125 to 129 these items are shown in two groups: commissions, fees, 

collection, exchange, and service charges, which accounted for 8 

percent of current operating earnings in 1941; and earnings from 

miscellaneous sources, which were 14 percent of current operating 

earnings.

The proportion of current operating earnings received from commissions, fees, collection, exchange, and service charges has increased 

in every year of deposit insurance, reflecting chiefly an increase in 

the amount received from service charges on deposit accounts. The 

dollar amount of all these charges nearly doubled over the period and 

accounted for nearly one-third of the increase in current operating 

earnings between 1934 and 1941.

In 1941, compensation of officers and employees—including directors’ and professional fees—accounted for 47 percent of total operating 

expenses (excluding all taxes) of insured commercial banks, interest 

paid on time and savings deposits for 17 percent, and other expenses 

for 36 percent. Throughout the period of deposit insurance, the 

amount of compensation paid to officers and employees, and the proportion which this amount represents of total operating expenses, 

has steadily increased; while the amount paid out as interest on time 

and savings deposits, and the proportion which this amount represents of total operating expenses, has steadily declined. The growth 

in compensation to officers and employees has been due in part to an 

increase in the number employed and in part to higher rates of compensation.

A part of the increase in operating expenses in 1941 reflected the 

cost to the banks of handling the sale of defense savings bonds for 

the United States Treasury. The banks are not reimbursed by the 

Government for the cost of rendering this service. Estimates of the 

average cost of handling these bonds range from one-fourth of 1 

percent of the sale value in some banks to two-thirds of 1 percent in 

other banks.

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54 FEDERAL DEPOSIT INSURANCE CORPORATION

Rates of income on loans and securities and of interest paid

on deposits. In Table 22 are shown the average rates of income received by insured commercial banks on loans and on securities and 

the average rate of interest paid on time and savings deposits, for 

each year during the period, 1934-1941.

Table 22. R a t e s OF INCOME RECEIVED AND INTEREST PAID BY INSURED

C o m m e r c ia l B a n k s , 1934-1941

Income on

loans

„ per $100 of

loans1

Income on

securities

per $100 of

securities1

Interest paid

per $100 of

time and

savings

deposits1

1941................................................................ $4.27 $1.95 $1.20

1940................................................................ 4.41 2.16 1.30

1939................................................................ 4.46 2.38 1.43

1938................................................................ 4.36 2.56 1.55

1937................................................................ 4.28 2.68 1.62

1936................................................................ 4.34 2.66 1.72

1935................................................................ 4.40 2.87 2.01

1934............................................................... 4.63 3.17 2.40

1 Loans, securities, and deposits are averages of figures reported at beginning, middle, and end of

year by banks submitting statements of assets and liabilities.

Distributions of insured commercial banks according to rates of income received on loans in 1939,1940, and 1941, are shown in Table 23.

Tabic 23. PERCENTAGE DISTRIBUTION OF INSURED COMMERCIAL BANKS

A c c o r d in g t o R a t e s o f I n c o m e o n L o a n s , 1939-1941

1941 1940 1939

All banks1......................................................................................... 100.0% 100.0% 100.0%

Banks with income on loans per $100 of total

loans of— 2

Less than $4.00............................................................................. 3.4 3.5 2.8

$4.00 to $4.99................................................................................ 11.5 10.9 10.3

$5.00 to $5.99................................................................................ 30.8 30.8 32.2

$6.00 to $6.99................................................................................ 27.3 26.5 26.4

$7.00 to $7.99................................................................................ 12.7 13.2 13.1

$8.00 to $8.99................................................................................ 6.8 7.3 6.9

$9.00 to $9.99................................................................................ 3.2 3.5 3.5

$10.00 to $10.99............................................................................ 1.6 1.8 2.0

$11.00 to $11.99............................................................................ 1.1 1.1 1.2

$12.00 or more.............................................................................. 1.6 1.4 1.6

1 Excludes banks submitting reports covering less than the full year’s operations or materially

affected by mergers.

2 Loans are averages of figures for call dates during the year.

Detailed figures for 191*1—See Tables 130 and 132, pages 169 and 171.

The average rate of income on loans received by insured commercial 

banks in 1941 was 4.27 percent, which was less than in 1940, and was 

approximately the same as the previous low in 1937. The actual amount 

of income from loans increased by 10 percent in 1941 but the average 

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EARNINGS OF INSURED COMMERCIAL BANKS 55

sured commercial banks there were wide differentials in the rate of 

income on loans. The average rates secured over the years 1939-1941 

varied from less than 2 percent in some banks to over 20 percent in 

others. More than one-half of the banks reported effective rates of

6 percent or more; and one-seventh reported rates of 8 percent or more.

Interest and dividends received on securities by insured commercial 

banks in 1941 amounted to 1.95 percent of the average holdings of 

securities. This was a lower rate than in any prior year of deposit 

insurance, and compares with 3.17 percent in 1934, and 2.16 percent 

in 1940. Average holdings of securities were 11 percent larger in 1941 

than in 1940, but the amount of income increased by only 2 percent. 

The lower average yield reflected the acquisition by the banks of 

securities with yields averaging lower than those already held in their 

portfolios. Three separate factors contributed to the lower average 

yield on the securities acquired in 1941: (1) interest rates declined 

during the year; (2) the largest expansion was in short and medium 

term issues; and (3) the growth in holdings of securities was chiefly 

in United States Government obligations which sell at relatively 

low yields.

Time and savings deposits held by the banks in 1941 were 2 percent 

more than in the previous year, but the amount paid out by the banks 

in interest to the owners of those deposits declined by 6 percent. 

The average rate of interest paid by insured commercial banks in 1941 

was 1.2 percent, which compares with 1.3 percent paid in 1940 and 2.4 

percent paid in 1934. The average rate paid has declined in every year 

since 1934. The proportion of banks paying rates above 1.5 percent 

also has been reduced in recent years. Percentage distributions of 

insured commercial banks according to rates of interest paid on time 

and savings deposits in 1939, 1940, and 1941, are shown in Table 24.

T able 24. PERCENTAGE DISTRIBUTION OF INSURED COMMERCIAL BANKS

A c c o r d in g to R a t e s o f I n t e r e s t P a id o n T im e a n d Sa v in g s D e p o s it s , 1939-1941

1941 1940 1939

All banks1......................................................................................... 100.0%

1.6

13.7

21.4

37.5

21.8

4.0

100.0%

1.3

10.0

18.1

40.5

25.5

4.6

100.0%

1.2

5.3

16.9

43.5

28.1

5.0

Banks paying interest per $100 of time and savings

deposits of— 2

Less than $0.50.............................................................................

$0.50 to $0.99................................................................................

$1.00 to $1.49................................................................................

$1.50 to $1.99...............................................................................

$2.00 to $2.49................................................................................

$2.50 or more................................................................................

1 Excludes about 400 banks reporting no time and savings deposits. Also excludes banks operating

less than the full year or materially affected by mergers.

a Time and savings deposits are averages of figures for call dates.

Detailed figures for 191>1— See Tables 130 and 133, pages 169 and 172.

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56 FEDERAL DEPOSIT INSURANCE CORPORATION

Taxes, charge-offs, recoveries, and profits on assets sold. The 

difference between current earnings and current expenses, exclusive 

of taxes, amounted in 1941 to $617 million. This was a larger amount 

than in any previous year, and was 10 percent more than in 1940. 

It was equivalent to more than 9 percent on the capital accounts of 

the banks. This figure differs considerably from the net profits of the 

banks available for payment of dividends or retention in the capital 

accounts of the banks, because allowance must be made for taxes, 

charge-offs of depreciated assets, recoveries on assets previously 

charged off, and profits on securities sold. These items are subject to 

greater relative change, from year to year, than current earnings and 

expenses discussed above, with the result that the annual net profits 

of the banks show wide variations.

The amounts of taxes, net charge-offs (charge-offs less recoveries), 

and profits on securities each year during the period, 1934-1941, are 

given in Table 21. Taxes were considerably larger in 1941 than in 1940, 

net charge-offs on assets were lower, and profits on securities were 

lower. Taxes paid by insured commercial banks have increased each 

year since the beginning of deposit insurance, amounting in 1941 to 

twice the amount paid in 1934. Except for the increase in 1937 resulting from imposition of social security taxes, the growth in taxes 

has occurred primarily in income taxes. Income taxes of insured 

banks which do not submit reports to the Federal Deposit Insurance 

Corporation are included with other taxes under current operating 

expenses in Tables 125-131, pages 158 to 170, instead of as deductions 

from net profits or net income as is required in reports by banks to the 

Federal Deposit Insurance Corporation and as is customary with 

most businesses. As a consequence, an increase in income taxes is 

accompanied by reductions in the amounts reported as net current 

operating earnings and as net profits, giving an erroneous picture 

of the actual operating results and efficiency of these banks.

Net charge-offs in 1941 were smaller than in any previous year. 

Profits on securities sold were smaller than in any previous year for 

which figures are available, except 1937.1

Net profits available for stockholders. The net profits of insured commercial banks available for stockholders—that is, profits 

after payment of all income taxes, and before payment of dividends— 

amounted in 1941 to $455 million. This was equivalent to 6.7 percent 

of total capital accounts, and was a larger amount than in any previous year of deposit insurance, except 1936 when banks made large 

profits on sales of securities due to rapidly rising bond prices.

1 Profits on securities are not available for 1934 or 1935. The precise figures for net charge-offs are

also not available for those years, but they are known to have been relatively large, due to the continued writing off of assets which had been acquired prior to 1933.

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EARNINGS OF INSURED COMMERCIAL BANKS 57

A smaller proportion of the banks showed losses in 1941, and a 

larger proportion showed relatively high rates of profit, than in any of 

the preceding three years. Approximately one-third of the banks reported net profits of more than $10 per $100 of total capital accounts 

in 1941, and only 5 percent reported net losses. The improvement in 

the rates of net profits over the 4-year period is shown in Table 25.

Table 25. PERCENTAGE DISTRIBUTION OP INSURED COMMERCIAL BANKS

A c c o r d in g t o R a t e s o f N e t P r o f it s o n T o t a l C a p it a l A c c o u n t s , 1938-1941

1941 1940 1939 1938

All banks1................................................................ 100.0% 100.0% 100.0% 100.0%

Banks with net profits2 per $100 of

total capital accounts of— *

$-10.00 or less..................................................... 0.7 1.3 1.6 3.3

$-5.00 to $-9.99.................................................. .8 1.5 1.8 3.4

$-0.01 to $-4.99.................................................. 3.9 6.2 6.0 9.3

$0.00 to $4.99...................................................... 22.3 25.7 25.6 29.3

$5.00 to $9.99...................................................... 38.9 36.7 36.9 32.0

$10.00 to $14.99.................................................. 22.2 19.6 19.4 15.4

$15.00 to $19.99.................................................. 7.8 6.3 6.2 5.2

$20.00 or more..................................................... 3.4 2.7 2.6 2.1

1 Excludes banks submitting reports covering less than the full year's operations or materially

affected by mergers.

2 After payment of taxes.

* Total capital accounts are averages of figures for call dates.

Dividends and additions to capital accounts. The rate of net 

profits, the proportion of profits paid out in dividends, and the rate of 

dividends paid by all insured commercial banks are shown in Table 

26 for each year during the period, 1934-1941.

Table 26. N e t P r o f it s A v a il a b l e FOR STOCKHOLDERS, AND DIVIDENDS

Pa id b y I n s u r e d C o m m e r c ia l B a n k s , 1934-1941

Net profits

after

income taxes

per $100 of

total

capital

accounts

Preferred and common dividends

and interest on capital per

$100 of— Dividends

on common

capital

per $100

of such

capital1

Net

profits

Total

capital

accounts1

1941.......................................... $6.72 $55.82 $3.75 $9.58

1940.......................................... 6.08 59.10 3.59 8.98

1939.......................................... 5.99 59.79 3.58 8.76

1938.......................................... 4.68 74.00 3.46 8.33

1937.......................................... 5.97 59.32 3.54 8.37

1936.......................................... 8.35 42.56 3.56 28.22

1935.......................................... 3.35 100.00 8.35 27.38

1934.......................................... »-5.49 (4) 3.03 *6.86

1 Computed on average total capital accounts, or average common capital, on call dates.

2 Partly estimated since preferred and common capital were not tabulated separately for those years.

8 Loss or deduction.

* All banks combined showed a net loss.

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

In 1941 common and preferred cash dividends and interest paid on 

capital by insured commercial banks amounted to $253 million, as 

compared with $237 million in 1940. These payments to stockholders 

and holders of capital notes and debentures amounted to 56 percent 

of the net profits available for the stockholders and other investors in 

the banks. The remaining 44 percent of net profits, or $201 million, 

was retained by the banks and added to their capital accounts.

The cash dividends declared and interest paid on capital by the 

banks in 1941 amounted to 3.75 percent of total capital accounts, 

compared with 3.59 percent in 1940. The amount and the rate of 

dividends paid on common capital in 1941 by insured commercial 

banks were both greater than in any previous year of deposit insurance. 

The amount in 1941 was $236 million, and the rate 9.58 percent. A 

larger proportion of the insured banks declared dividends on common 

capital in 1941 than in any previous year.

Distribution of insured commercial banks according to rates of 

dividends paid on total capital accounts in 1939, 1940, and 1941, are 

shown in Table 27. Increases in the number and proportion of banks 

paying dividends have reflected the improvement in rates of net 

profits in recent years. Nevertheless, in each year, between 10 and 20 

percent of the banks which paid dividends either had no profits in 

that year or paid dividends in excess of net profits.

Table 27. PERCENTAGE DISTRIBUTION OF INSURED COMMERCIAL BANKS

A c c o r d in g to R a t e s o f D iv id e n d s o n T o t a l C a p it a l A c c o u n t s , 1939-1941

1941 1940 1939

All banks1......................................................................................... 100.0% 100.0% 100.0%

Banks paying dividends per $100 of total capital

accounts of— 2

None................................................................................................ 12.7 14.6 18.4

Less than $2.00............................................................................ 23.4 24.9 24.9

$2.00 to $3.99............................................................................... 37.5 35.8 33.7

$4.00 to $5.99............................................................................... 16.2 15.1 14.1

$6.00 to $7.99............................................................................... 5.4 5.3 5.0

$8.00 to $9.99............................................................................... 2.1 1.9 1.8

$10.00 or more.............................................................................. 2.7 2.4 2.1

1 Excludes banks submitting reports covering less than the full year’s operations or materially

affected by mergers.

2 Total capital accounts are averages of figures for call dates.

I n s u r e d M u t u a l S a v in g s B a n k s

On December 31, 1941, the Federal Deposit Insurance Corporation 

was insuring deposits in 52 of the 548 mutual savings banks in the 

country. Forty-one of the 52 insured mutual savings banks were unit 

banks; and 11 were head offices of branch systems, which operated 32

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INSURED MUTUAL SAVINGS BANKS 59

branches at the close of the year. The insured mutual savings banks 

held deposits of $1.8 billion on December 31, 1941, amounting to 17 

percent of the $10.5 billion of deposits in all mutual savings banks. 

Nearly two-thirds of the deposits in insured mutual savings banks were 

held by five banks with deposits of more than $100 million each.

Total assets of the insured mutual savings banks declined during 

the year by $26 million from $1,984 million on December 31, 1940, 

to $1,958 million on December 31, 1941, reflecting withdrawals of 

deposits from the banks. Significant declines in asset items occurred 

in cash and balances with other banks of $51 million and in holdings of 

securities other than obligations of the United States Government of 

$49 million. Holdings of obligations of the United States Government 

increased by $81 million during the year to a total of $629 million on 

December 31, 1941, or from 28 to 32 percent of total assets. Holdings 

of real estate loans, which amounted to approximately 30 percent of 

total assets, increased by $8 million. Miscellaneous assets declined 

by $12 million.

Total capital accounts, which consist, for mutual savings banks, 

of surplus and reserve accounts and, in some banks, of capital notes 

and debentures also, increased by $3.4 million during the year, or 

from 8.1 percent to 8.4 percent of total assets. The addition to capital 

accounts from profits of $4.2 million during the year was offset by 

retirement of capital notes and debentures, or by reduction in retirable 

value of capital notes and debentures not repaid to shareholders, in 

15 banks of $933,000. At the close of the year the book value of capital 

notes and debentures held by the Reconstruction Finance Corporation 

in 14 banks amounted to $6.6 million ($8.2 million retirable value). 

Capital notes and debentures held by others were negligible in amount. 

Condensed statements of assets and liabilities of both insured and noninsured mutual savings banks for selected call dates since 1935 will be 

found in Table 112, pages 124 and 125.

The rate of dividends or interest paid depositors in insured mutual 

savings banks has declined steadily since 1935. The following figures 

show the amount of dividends and interest reported during the year 

as a percentage of total deposits held at the end of the year for each 

year from 1935 to 1941:

1941 1.66 percent 1937 1.92 percent

1940 1.73 percent 1936 1.96 percent

1939 1.88 percent 1935 2.26 percent

1938 1.91 percent

Figures showing earnings, expenses, and dividends of insured mutual 

savings banks for the years, 1934-1941, are presented in Table 134, 

page 173. Due to the small number of banks, these data, relating only 

to insured mutual savings banks, may not be characteristic of the 

operations of all mutual savings banks in the country.

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PART THREE 

INSURANCE OF BANK DEPOSITS, 1941

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I n s u r a n c e o f B a n k D e p o s it s , 1941

On September 24, 1941, 13,487 insured commercial and mutual 

savings banks reported approximately 69 million accounts, of which 

68 million, or 98.1 percent, were accounts with balances not in excess 

of $5,000, the maximum insurance for each depositor.1 These banks 

reported total deposits of $69.6 billion, of which $27.6 billion, or

39.7 percent, were insured. These figures are compared with those 

for three other call dates in Table 28.

T able 28. INSURANCE PROTECTION W lT H A MAXIMUM COVERAGE OP $5,000 IN

A l l I n s u r e d B a n k s , Sp e c ia l C a l l D a t e s , 1934-1941

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Oct. 1,

1934

Number of banks.................. 13,487 13,754 14,141 14,128

Accounts

Total number..................... 69,495,000 62,731,000 58,785,000 51,246,000

Number of $5,000 or less. 68,175,000 61,690,000 57,817,000 50,423,000

Percent of $5,000 or less. . 98.1% 98.3% 98.4% 98.4%

Deposits

Total amount..................... $69,566,000,000 $49,224,000,000 $46,168,000,000 $37,026,000,000

Amount insured................. $27,639,000,000 $22,610,000,000 $20,456,000,000 $16,455,000,000

Percent insured................. 39.7% 45.9% 44.3% 44.4%

From October 1, 1934, the first date on which insured banks reported the amount of deposits protected with a maximum coverage 

of $5,000, to September 24, 1941, total deposits in insured commercial 

and mutual savings banks increased from $37 billion to about $70 

billion, a gain of 88 percent. Deposits increased most rapidly in the 

early and late years of the period and remained relatively stable in 

1937 and 1938. The expansion in deposits was more rapid in the 

large accounts than in the small accounts, and the percent of deposits 

insured decreased from 44.4 percent to 39.7 percent. The contingent 

liability of the Corporation as an insurer of bank deposits increased 

by about $11 billion, or 68 percent, in the 7-year period.

o p e r a t in g in s u r e d c o m m e r c ia l b a n k s

Changes in insurance coverage, 1934-1941.2 On September 24, 

1941, the percent of accounts which did not exceed $5,000 in insured 

commercial banks as a whole was 98.1, which may be compared with

1 On the average, the number of depositors in each bank, as defined for insurance purposes, is about

10 percent less than the number of accounts. However, the percent of depositors fully protected is about

the same as the percent of accounts with balances not in excess of $5,000. The percent of deposits stated

to be insured in all insured banks according to this special report is estimated to be higher by about

1 percent of total deposits than the percent actually protected by insurance. A more detailed discussion

of these differences and of the limitations of the data is contained in Appendix A, page 78.

* For information concerning other special calls regarding insurance coverage see the following

Annual Reports: 1934, pp. 59-67, pp. 140-147, pp. 184-193, and p. 244; 1936, pp. 65-77 and pp. 93-94;

1938, pp. 79-99 and pp. 109-111.

63

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

98.5 percent on October 1, 1934. For the four special call dates in 

the 7-year period, a relative stability was noticeable in the relationship 

between total accounts and accounts of $5,000 or less for groups 

of banks whether the banks were grouped by amount of deposits, 

by class of bank, or by State.

No great differences in the percent of accounts of $5,000 or less 

appeared among various size groups of banks. On September 24, 

1941, in the group of smallest sized banks 99.8 percent of the accounts 

were $5,000 or less; in the group of largest sized banks the figure 

was 96.9 percent. The percent of accounts of $5,000 or less on special 

call dates in insured commercial banks grouped by amount of deposits 

is shown in Table 29.

T able 29. Percent of T otal N umber of A ccounts W ith Balances of

$5,000 or Less, Special Call D ates, 1934-1941

in s u r e d c o m m e r c ia l b a n k s g r o u p e d b y a m o u n t o f d e p o s it s

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Oct. 1,

1934

All banks.................................................................................. 98.1% 98.4% 98.4% 98.5%

Banks with deposits of—

$100,000 or less.................................................................... 99.8 99.8 99.8 99.7

$100,000 to $250,000.......................................................... 99.6 99.6 99.6 99.6

$250,000 to $500,000.......................................................... 99.3 99.4 99.4 99.4

$500,000 to $1,000,000....................................................... 99.1 99.2 99.2 99.3

$1,000,000 to $2,000,000................................................... 98.9 99.0 99.0 99.1

$2,000,000 to $5,000,000................................................... 98.7 98.8 98.8 98.8

$5,000,000 to $50,000,000................................................. 98.1 98.3 98.2 98.3 .

More than $50,000,000...................................................... 96.9 97.1 97.0 97.2

Total deposits in the insured commercial banks increased from 

$36.0 billion to $67.8 billion, and insured deposits from $15.7 billion 

to $26.0 billion in the seven years from 1934 to 1941. The growth of 

deposits in large accounts was proportionately greater than the 

growth of deposits in accounts of $5,000 or less. As a result, the 

percent of deposits insured declined from 43.5 percent in 1934 to 

38.4 percent in 1941. The reduction occurred during the last three 

years of the period. Between 1934 and 1938 there was an increase in 

the percent of deposits insured in banks of all size groups. The decline 

since 1938 marks a change in trend and is accounted for chiefly by 

changes in deposits in the larger banks. The percent of deposits 

insured continued to increase in the smaller banks—banks with 

deposits not in excess of $1,000,000 each—but decreased in the larger 

banks wherein the growth of deposits was greatest. The decline in 

percent of deposits insured was especially marked in the largest banks. 

The percent of deposits insured on special call dates in insured commercial banks grouped by amount of deposits is shown in Table 30.

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Table 30. PERCENT OF DEPOSITS INSURED W lT H A MAXIMUM COVERAGE OF

$5,000, S p e c ia l C a l l D a t e s , 1934-1941

INSURED COMMERCIAL BANKS GROUPED BY AMOUNT OF DEPOSITS

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Oct. 1,

1934

All banks.................................................................................. 38.4% 45.0% 43.3% 43.5%

Banks with deposits of—

$100,000 or less.................................................................... 96.0 95.2 95.1 91.7

$100,000 to $250,000.......................................................... 92.3 91.5 90.3 86.9

$250,000 to $500,000.......................................................... 88.8 87.8 86.4 83.1

$500,000 to $1,000,000....................................................... 84.8 84.0 82.2 78.8

$1,000,000 to $2,000,000................................................... 79.5 79.8 78.1 74.6

$2,000,000 to $5,000,000................................................... 72.8 74.0 72.2 69.1

$5,000,000 to $50,000,000................................................. 53.6 55.5 52.2 49.6

More than $50,000,000...................................................... 21.3 26.5 25.2 25.7

Insurance coverage was high in most banks throughout the period 

of deposit insurance. Eighty percent or more of the deposits were 

insured in about two-thirds of the banks. However, the number of 

banks with all deposits fully protected by insurance declined from 

580 on May 13, 1936, to 228 on September 24, 1941. The distribution 

of banks by percent of deposits insured is shown in Table 31.

Table 31. N u m b e r AND PERCENTAGE DISTRIBUTION OF INSURED COMMERCIAL

B a n k s , Sp e c ia l C a l l D a t e s , 1936-1941

GROUPED BY PERCENT OF DEPOSITS INSURED

Number of banks Percent of total

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

All banks.................................... 13,434 13,705 14,085 100.0% 100.0% 100.0%

Banks with percent of

deposits insured of—

100 percent............................. 228 456 580 1.7 3.3 4.1

90 to 99 percent..................... 4,190 4,602 4,419 31.2 33.6 31.3

80 to 89 percent..................... 4,420 4,508 4,362 32.9 32.9 31.0

70 to 79 percent..................... 2,431 2,335 2,567 18.1 17.0 18.2

60 to 69 percent..................... 1,129 995 1,194 8.4 7.3 8.5

50 to 59 percent..................... 512 395 491 3.8 2.9 3.5

40 to 49 percent..................... 211 187 221 1.6 1.4 1.6

30 to 39 percent..................... 141 126 144 1.0 .9 1.0

20 to 29 percent..................... 108 59 67 .8 .4 .5

Less than 20 percent............ 64 42 40 .5 .3 .3

Full protection was given to 90 percent or more of the depositors of 

all but a few banks. In only one bank were less than two-thirds of the 

accounts fully protected by insurance. In that bank approximately 

two-fifths of the accounts were fully protected. In the 64 banks, less 

than 20 percent of whose deposits were covered by insurance, almost 

94 percent of the accounts on the average had balances of $5,000 or

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66 FEDERAL DEPOSIT INSURANCE CORPORATION

less on September 21, 1941. The accounts and deposits protected in 

banks grouped by percent of deposits insured are shown in Table 32.

Table 32. INSURANCE PROTECTION WlTH A MAXIMUM COVERAGE OP $5,000

Se p t e m b e r 24, 1941

INSURED COMMERCIAL BANKS GROUPED BY PERCENT OF DEPOSITS INSURED

Accounts Deposits

Number

Percent

$5,000

or less

Amount

(in millions)

Percent

Total $5,000

or less Total Insured

insured

All banks............................... 66,918,000 65,668,000 98.1% $67,778 $26,043 38%

Banks with percent of

deposits insured of100 percent......................... 144,000 144,000 100.0 41 41 100

90 to 99 percent................. 7,023,000 6,978,000

12,927,000

99.4 2,254 2,110 93

80 to 89 percent................. 13,061,000 99.0 5,037 4,267 84

70 to 79 percent................. 11,419,000 11,261,000 98.6 5,397 4,055 75

60 to 69 percent................. 8,572,000 8,430,000 98.4 4,879 3,175 65

50 to 59 percent................. 10,390,000 10,202,000 98.2 7,408 4,138 55

40 to 49 percent................. 4,621,000 4,517,000 97.8 4,386 1,972 44

30 to 39 percent................. 3,878,000 3,780,000 97.5 4,647 1,598

2,241

34

20 to 29 percent................. 4,254,000 4,098,000 96.3 8,871

24,858

25

Less than 20 percent........ 3,556,000 3,331,000 93.6 2,446 9

Changes in size distribution of banks. The rapid growth in 

deposits in insured commercial banks since the beginning of deposit 

insurance, combined with reorganizations, consolidations, and other 

similar changes among the banks, has resulted in a substantial shift 

in the distribution of banks when grouped by amount of deposits. 

The number of banks in the various size groups on special call dates 

is shown in Table 33 and in Chart C.

Table 33. N u m b e r OF INSURED COMMERCIAL BANKS

Sp e c ia l C a l l D a t e s , 1934-1941

GROUPED BY AMOUNT OF DEPOSITS

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Oct. 1,

1934

All banks.................................................................................. 13,434 13,705 14,085 14,060

Banks with deposits of—

$100,000 or less.................................................................... 188 570 917 1,513

$100,000 to $250,000.......................................................... 1,649 2,592 3,028 3,593

$250,000 to $500,000.......................................................... 2,986 3,203 3,300 3,115

$500,000 to $1,000,000....................................................... 3,226 2,913 2,751 2,421

$1,000,000 to $2,000,000................................................... 2,413 2,052 1,926 1,631

$2,000,000 to $5,000,000................................................... 1,747 1,411 1,282 1,060

$5,000,000 to $10,000,000................................................. 589 484 441 \ 631 $10,000,000 to $50,000,000............................................... 478 360 331/

More than $50,000,000...................................................... 158 120 109 96

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INSURANCE OF BANK DEPOSITS 67

Between October 1, 1934, and September 24, 1941, the number of 

insured commercial banks each with deposits of $250,000 or less 

decreased from 5,106 to 1,837, a decline of 3,269. Most of these banks 

increased in size and moved into a group of banks with larger deposits. 

The average amount of deposits in the banks remaining in the group 

increased from $139,000 to $171,000. Furthermore, the number of 

banks in the group with deposits of $250,000 to $500,000 each also 

declined over the period, reflecting an even larger shift of these banks 

into larger size groups.

C H A R T C

NUMBER OF INSURED COMMERCIAL BANKS

SPECIAL CALL DATES, 1934-1941

Grouped by Amount of Deposits

NUMBER OF BANKS

4000 “ ' .. ..... '

*1 0 0 ,0 0 0 $ 100,000 $250,000 $500,000 $1000,000 $2,000,000 $5,000,000 m ore th a n

OR LESS TO TO TO TO TO TO $50000000

$ 250,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $50,000,000

Between 1934 and 1941, the number of insured commercial banks 

with deposits in excess of $50,000,000 each increased from 96 to 158. 

Aggregate deposits in these large banks increased from $18.9 billion 

to $41.5 billion, a growth of $22.6 billion. Deposits in the 96 banks 

which had deposits of more than $50,000,000 each in 1934 increased 

by $18.3 billion, while the addition to the group of 62 banks increased 

total deposits in the group by only $4.3 billion. Deposits in all other 

insured commercial banks increased by $9.2 billion. The rate of 

growth of deposits from 1934 in the 96 largest banks was 97 percent, 

while deposits in all other insured commercial banks increased by 

only 79 percent.

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PERCENTAGE INCREASE IN DEPOSITS OF INSURED COMMERCIAL BANKS &

OCTOBER 1, 1934 TO SEPTEMBER 24, 1941

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INSURANCE OF BANK DEPOSITS 69

Changes in deposits in banks grouped by State. Deposits have 

not increased at the same rate in all the States. Between October 1, 

1934, and September 24, 1941, an increase of more than 100 percent 

occurred in 21 States, located chiefly in the South and in the Northwest 

and North Central parts of the United States. The greatest increases 

were in Nevada and Florida. An increase of from 50 to 100 percent 

occurred in 23 States,—chiefly States west of the Mississippi including 

the Western plains States and a belt of Eastern and Atlantic States 

just south of the Ohio river—and in the District of Columbia. Four 

States—Maine, Nebraska, Rhode Island, and Vermont—reported 

a growth in aggregate deposits of less than 50 percent. The percentage 

increase of deposits in the banks of the various States is indicated 

on the accompanying map.

Little variation existed among the various States in the percent 

of accounts with balances of $5,000 or less. Delaware and New York 

had relatively the smallest number of such accounts—less than 97 

percent—and North Dakota and West Virginia, the largest, 99.1 

percent. In all other States between 97 and 99 percent of accounts 

had balances of $5,000 or less. The figures are shown in Table 39.

With the growth in deposits, the percent of deposits insured was 

reduced in all but five States. Insurance coverage on September 24, 

1941, varied widely among the States, ranging from 84 percent in 

North Dakota to 17 percent in New York. More than 40 percent 

of the deposits were insured in all but five States: Delaware, Illinois, 

Massachusetts, Missouri, and New York. The figures are shown in 

Table 40.

Insurance coverage by type of deposit. On September 24, 1941, 

the general public held 63.6 million accounts in the form of demand 

and time (including savings) accounts of individuals, partnerships, 

and corporations. These constituted about 95 percent of all accounts 

in the 13,434 insured commercial banks. Of the increase of 9.5 million 

in the number of accounts between May 13, 1936, and September 24, 

1941, 8.9 million were accounts opened by the general public.1 Demand 

deposits increased by $14.5 billion, or 73 percent, accounting for more 

than two-thirds of the total growth in deposits during the 53^-year 

period. The average size of these accounts increased from $893 to 

$1,301. Insurance coverage decreased from 38 to 33 percent. Though 

savings and time deposits increased from $12.6 billion to $14.8 billion, 

the average size of such accounts increased only from $386 to $396, 

and insurance coverage increased from 82 to 86 percent.

Interbank deposits increased from $6.3 billion to $11.1 billion, or 

75 percent between 1936 and 1941. The number of interbank accounts

1 The classification of deposits by type used in 1934 differs from that used in the later calls.

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increased from 93,000 to 104,000, and their average size increased 

from $67,609 to $106,298. Only one-fourth of the accounts were 

fully protected by the $5,000 insurance coverage, and almost one-half 

were in excess of $25,000. Most of the accounts were concentrated in 

about one hundred banks. Only about 4 percent of interbank deposits 

were protected by insurance.

Figures for accounts grouped by type of deposit are shown in 

Table 34.

Table 34. N u m b e r AND AVERAGE SIZE OF ACCOUNTS IN INSURED COMMERCIAL

B a n k s , Sp e c ia l C a l l D a t e s , 1936-1941

GROUPED BY TYPE OF DEPOSIT

Number of accounts Average size of account

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Sept. 24,

1941

Sept. 21,

1938

May 13.

1936

T otal............................................ 66,918,000 61,392,000 57,398,000 $1,032 $785 $787

Type of deposit

Deposits of individuals, partnerships, and corporations:

Demand........................... 26,291,000 23,770,000 22,106,000 1,301 924 893

Savings and time........... 37,318,000 34,323,000 32,563,000 396 397 386

Interbank deposits................ 104,000 97,000 93,000 106,298 69,994 67,609

Deposits of States and political subdivisions................. 255,000 249,000 244,000 16,125 12,517 13,795

U. S. Government and

postal savings deposits. . . 18,000 17,000 14,000 49,222 49,660 84,717

Uninvested trust funds........ 620,000 579,000 516,000 2,361 1,722 2,228

Drafts............... ....................... 611,000 596,000 469,000 843 564 679

Other items............................. 1,701,000 1,761,000 1,393,000 456 312 419

The amount of deposits of each type and the percent insured on 

special call dates are given in Table 35.

Table 35. D e p o s it s in I n s u r e d C o m m e r c ia l B a n k s I n s u r e d W it h a M a x i m u m

C o v e r a g e o f $5,000, Sp e c ia l C a l l D a t e s , 1936-1941

g r o u p e d b y t y p e o f d e p o s it

Amount of deposits

(in millions)

Percent of

deposits insured

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Sept. 24,

1941

Sept. 21,

1938

May 13,

1936

Total............................................ $67,778 $48,220 $45,188 38% 45% 43%

Type of deposit

Deposits of individuals, partnerships, and corporations:

Demand........................... 34,197 21,972 19,737 33 38 38

Savings and time........... 14,773 13,612 12,559

6,315

86 84 82

Interbank deposits................ 11,055 6,798 4 5 6

Deposits of States and political subdivisions.................. 4,112 3,116 3,360 11 13 12

U. S. Government and postal

savings deposits................. 886 839 1,165 3 4 3

Uninvested trust funds........ 1,464 997 1,150 29 35 30

Drafts....................................... 515 336 318 42 49 52

Other items............................. 776 550 584 38 42 44

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Federal Reserve Bank of St. Louis
INSURANCE OP BANK DEPOSITS 71

Accounts and deposits by size of account. On September 21, 

1938, and September 24,1941, banks reported the number of accounts 

and the amount of deposits according to the size of account. In each 

of the four size groups ($5,000 or less, $5,000 to $10,000, $10,000 to 

$25,000, more than $25,000) both the number of accounts and amount 

of deposits increased. A comparison for the two dates of the percentage distribution of accounts and deposits by size is shown in Table 36.

T able 36. PERCENTAGE DISTRIBUTION OF ACCOUNTS AND DEPOSITS IN INSURED

C o m m e r c ia l B a n k s , Se p t e m b e r 24, 1941, a n d Se p t e m b e r 21, 1938

GROUPED BY SIZE OF ACCOUNT

Number of accounts Amount of deposits

Sept. 24,

1941

Sept. 21,

1938

Sept. 24,

1941

Sept. 21,

1938

Total.......................................................................................... 100.0% 100.0% 100.0% 100.0%

Accounts of—

$5,000 or less........................................................................ 98.1 98.4 29.2 34.7

$5,000 to $10,000................................................................. 1.0 .9 6.9 7.8

$10,000 to $25,000.............................................................. .5 .4 7.0 8.1

More than $25,000.............................................................. .4 .3 56.9 49.4

Most of the increase in accounts was in those of $5,000 or less; 

this group included more than 98 percent of all accounts. However, 

the rate of increase in the number of accounts was relatively greater 

in the accounts in excess of $5,000.

The greatest increase in deposits over the 3-year period was in 

accounts of more than $25,000, the balances in which amounted to 

nearly 57 percent of all deposits in insured commercial banks.

The number of accounts and the amount of deposits in each of the 

four size groups on September 24,1941, are shown in Tables 37 and 38 

for each type of deposit and for banks grouped by size, and in Tables 

39 and 40 for each State.

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 37. DISTRIBUTION OF ACCOUNTS ACCORDING TO SIZE

S e p te m b e r 24, 1941

GROUPED BY TYPE OF DEPOSIT AND IN BANKS GROUPED BY AMOUNT OF DEPOSITS

INSURED COMMERCIAL BANKS

Number of accounts (in thousands)

Percent of

Total $5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

accounts

of $5,000

or less

T otal............................................ 66,918 65,668 698 314 238 98.1%

Type of deposit

Deposits of individuals,

partnerships, and eorcorporations:

Demand....................... 26,291 25,641 317 193 140 97.5

Savings and time.. . . 37,318 36,915 323 67 13 98.9

Interbank deposits................ 104 26 10 17 51 25.2

Deposits of States and political subdivisions............. 255 202 18 17 18 79.2

U. S. Government and postal

savings deposits............. 18 14 1 1 2 78.3

Uninvested trust funds......... 620 587 15 10 8 94.7

Drafts....................................... 611 596 7 5 3 97.5

Other items............................. 1,701 1,687 7 4 3 99.2

Banks with deposits o f-

$100,000 or less...................... 78 78 99.8

$100,000 to $250,000............ 1,117 1,112 4 1 99.6

$250,000 to $500,000............ 3,349 3,326 17 5 1 99.3

$500,000 to $1,000,000 ___ 6,094 6,037 40 13 4 99.1

$1,000,000 to $2,000,000. .. 8,275 8,183 62 22 8 98.9

$2,000,000 to $5,000,000. .. 11,178 11,026 100 36 16 98.7

$5,000,000 to $10,000,000. . 7,251 7,137 71 28 15 98.4

$10,000,000 to $50,000,000. 11,650 11,410 135 62 43 97.9

More than $50,000,000........ 17,926 17,359 269 147 151 96.9

N o t e : Percentages were calculated from the original figures before rounding.

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INSURANCE OF BANK DEPOSITS 73

T a b le 38. DISTRIBUTION OP DEPOSITS ACCORDING TO SIZE OF ACCOUNT

S e p te m b e r 24, 1941

GROUPED BY TYPE OF DEPOSIT AND IN BANKS GROUPED BY AMOUNT OF DEPOSITS

INSURED COMMERCIAL BANKS

Deposits (in millions) Deposits insured

with $5,000

maximum coverage

Total

In accounts of—

$5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

millions)

Percent

Total..................................................... $67,778 $19,793 $4,658 $4,779 $38,548 $26,043 38%

Type of deposit

Deposits of individuals, partnerships, and corporations:

Demand............................... 34,197 8,141 2,201 2,962 20,893 11,389 33

Savings and time............... 14,773 10,757 2,032 939 1,045 12,774 86

Interbank deposits......................... 11,055 54 77 292 10,632 445 4

Deposits of States and political

subdivisions............................ 4,112 196 130 274 3,512 462 11

U. S. Government and postal

savings deposits..................... 886 15 9 16 846 35 3

Uninvested trust funds................. 1,464 260 106 159 939 425 29

Drafts............................................... 515 141 52 77 245 216 42

Other items...................................... 776 229 51 60 436 297 38

Banks with deposits of—

$100,000 or less.............................. 14 13 1 14 96

$100,000 to $250,000.................... 301 252 26 17 6 278 92

$250,000 to $500,000..................... 1,099 862 110 77 50 976 88

$500,000 to $1,000,000................. 2,312 1,676 266 190 180 1,960 84

$1,000,000 to $2,000,000............. 3,403 2,247 411 321 424 2,706 79

$2,000,000 to $5,000,000............. 5,348 3,133 655 540 1,020 3,893 72

$5,000,000 to $10,000,000........... 4,071 2,054 473 423 1,121 2,626 64

$10,000,000 to $50,000,000 9,691 3,553 903 944 4,291 4,755 49

More than $50,000,000................. 41,539 6,003 1,813 2,267 31,456 8,835 21

N o t e : Percentages were calculated from the original figures before rounding.

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

T ab le 39. DISTRIBUTION OF ACCOUNTS ACCORDING TO SlZE

Septem ber 24, 1941

INSURED COMMERCIAL BANKS GROUPED BY CLASS AND BY STATE

Number

of

banks

Number of accounts (in thousands)

Percent of

Total $5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

accounts

$5,000

or less

United States and possessions— total.............. 13,434 66,918 65,668 698 314 238 98.1%

Class of bank

National banks members

F. R. System........... 5,125 35,869 35,170 380 177 142 98.0

State banks members

F. R. System........... 1,468 14,602 14,246 185 92 79 97.6

Banks not members F . R .

System....................... 6,841 16,447 16,252 133 45 17 98.8

United States— total. . 13,430 66,894 65,644 698 314 238 98.1%

State

Alabama........................ 210 910 899 6 3 2 98.8

12 136 133 2 1 97.8

Arkansas....................... 208 468 461 4 2 1 98.6

California...................... 194 5,614 5,484

488

83 31 16 97.7

Colorado....................... 137 497 5 2 2 98.2

Connecticut.................. 100 816 801 9 4 2 98.1

Delaware....................... 41 157 152 3 1 1 96.9

District of Columbia. . 22 699 688 6 3 2 98.5

Florida........................... 164 679 667 7 3 2 98.1

Georgia.......................... 271 1,095 1,081 7 4 3 98.7

Idaho............................. 49 187 183 2 1 1 98.2

Illinois........................... 817 4,297 4,198 54 24 21 97.7

Indiana.......................... 475 1,681 1,655 15 7 4 98.5

Iow a............................... 587 1,314 1,297 10 4 3 98.7

Kansas........................... 452 793 782 6 3 2 98.7

Kentucky...................... 372 1,010 998 7 3 2 98.8

Louisiana...................... 145 908 894 7 4 3 98.5

M aine............................ 58 449 443 4 1 1 98.6

M aryland...................... 172 1,061 1,044 10 4 3 98.4

Massachusetts............. 190 1,793 1,747 23 12 11 97.4

Michigan....................... 421 2,542 2,499 26 10 7 98.3

Minnesota..................... 643 1,549 1,529 11 5 4 98.7

Mississippi.................... 200 503 496 4 2 1 98.5

Missouri........................ 578 2,006 1,971 17 9 9 98.3

Montana....................... 111 236 231 3 1 1 98.0

Nebraska....................... 361 589 581 4 2 2 98.6

Nevada ..................... 11 55 53 1 1 97.0

New Hampshire..........

New Jersey...................

56

349

188

3,750

185

3,699

125

2

34

1

11 6

98.5

98.6

New M exico................. 41 127 1 1 98.4

New Y ork..................... 714 7,112 6,879 107 62 64 96.7

North Carolina............ 220 917 904 7 3 3 98.6

North D akota............. 150 238 236 1 1 99.1

O hio................................ 673 4,055 3,989 39 15 12 98.3

Oklahoma..................... 381 863 852 6 3 2 98.6

Oregon........................... 69 559 550 6 2 1 98.3

Pennsylvania............... 1,050 6,633 6,516 70 28 19 98.2

Rhode Island............... 16 452 444 5 2 1 98.3

South Carolina............ 114 375 370 3 1 1 98.6

South D akota. . . . 161 274 271 2 1 99.0

Tennessee..................... 288 1,108 1,092 9 4 3 98.6

Texas............................. 785 2,495 2,451 23 12 9 98.2

U tah............................... 60 277 272 3 1 1 98.3

Verm ont........................ 72 279 276 2 1 98.8

Virginia......................... 314 1,554 1,535 11 5 3 98.8

W ashington.................. 131 772 757 9 4 2 98.1

West Virginia............... 174 954 945 5 2 2 99.1

Wisconsin..................... 553 1,734 1,709

132

24

16 6 3 98.6

W yom ing......................

Possessions— total. . . .

58

4

134

24

1 1 98.4

98.8%

N ote: Percentages were calculated from the original figures before rounding.

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Federal Reserve Bank of St. Louis
INSURANCE OP BANK DEPOSITS 75

Table 40. DISTRIBUTION OF DEPOSITS ACCORDING TO SIZE OF ACCOUNT

Se p t e m b e r 24, 1941

INSURED COMMERCIAL BANKS GROUPED BY CLASS AND BY STATE

Deposits (in millions) Deposits insured

with $5,000

maximum coverage

Total In accounts of—

$5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

millions)

Percent

United States and possessions— total.............. $67,778 $19,793 $4,658 $4,779 $38,548 $26,043 38%

Class of bank

National banks members

F. R. System........... 38,609 10,503 2,545 2,708 22,853 14,002 36

State banks members

F. R. System........... 21,701 4,650 1,243 1,406 14,402 6,427 29

Banks not members F. R.

System....................... 7,468 4,640 870 665 1,293 5,614 75

United States— to ta l.. $67,767 $19,786 $4,657 $4,778 $38,546 $26,035 38%

State

Alabama........................ 449 178 42 42 187 233 51

Arizona.......................... 102 49 13 12 28 64 62

Arkansas....................... 260 113 24 29 94 146 56

California...................... 4,991 1,989 543 460 1,999 2,636 52

Colorado. . ... * ............. 402 162 34 33 173 207 51

Connecticut.................. 708 269 58 58 323 345 48

Delaware....................... 228 54 17 19 138 78 34

District of Columbia. . 484 180 39 45 220 233 48

Florida........................... 516 180 48 52 236 244 47

Georgia.......................... 647 213 48 57 329 282 43

Idaho.............................. 119 62 13 13 31 78 65

Illinois............................ 5,758 1,417 360 376 3,605 1,912 33

Indiana.......................... 1,108 501 100 100 407 629 56

Iowa............................... 777 427 70 62 218 513 66

Kansas........................... 459 217 40 46 156 270 58

Kentucky...................... 557 257 48 48 204 319 57

Louisiana...................... 634 195 48 56 335 264 41

Maine............................ 223 119 26 22 56 151 67

Maryland...................... 813 260 63 64 426 343 42

Massachusetts............. 2,447 585 154 188 1,520 815 33

Michigan....................... 2,046 820 172 150 904 1,033 50

Minnesota..................... 1,085 464 77 78 466 568 52

Mississippi.................... 256 138 30 30 58 175 68

Missouri........................ 1,905 565 117 137 1,086 738 38

Montana....................... 176 86 18 18 54 109 61

Nebraska....................... 384 165 30 36 153 207 53

Nevada.......................... 52 24 7 5 16 32 61

New Hampshire.......... 103 50 11 12 30 65 62

New Jersey................... 2,115 1,071 222 168 654 1,328 62

New Mexico................. 75 37 8 8 22 47 62

New York..................... 20,485 2,414 734 968 16,369 3,583 17

North Carolina............ 678 221 44 53 360 285 42

North Dakota............. 105 77 10 8 10 88 84

Ohio................................ 3,064 1,188 256 237 1,383 1,519 49

Oklahoma................... .. 558 194 40 50 274 252 45

Oregon........................... 427 198 39 34 156 246 57

Pennsylvania............... 5,946 1,910 460 423 3,153

148

2,496 42

Rhode Island............... 314 108 31 27 148 46

South Carolina............ 206 92 21 23 70 119 57

South Dakota.............. 120 78 11 11 20 91 76

Tennessee..................... 741 263 57 61 360 341 46

Texas.............................. 1,889 601 158 188 942 823 43

Utah............................... 187 80 18 15 74 102 54

Vermont........................ 126 87 16 10 13 104 82

Virginia.......................... 813 363 76 68 306 457 56

Washington.................. 667 264 58 54 291 338 50

West Virginia............... 370 185 35 32 118 229 62

Wisconsin...................... 1,114 575 104 83 352 698 62

Wyoming...................... 78 41 9 9 19 52 66

Possessions— total. . . . $U $7 $1 $1 $2 $8 77%

N o t e : Percentages were calculated from the original figures before rounding.

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

OPERATING INSURED MUTUAL SAVINGS BANKS

Changes in insurance coverage, 1936-1941.1 Total deposits in 

insured mutual savings banks increased from $980 million to $1,788 

million, and insured deposits from $878 million to $1,596 million 

between May 13, 1936, and September 24, 1941. Insurance protection 

amounted to 89 percent of deposits on both dates. This protection 

was slightly higher than the 86 percent coverage of savings and time 

deposits of individuals, partnerships, and corporations in insured 

commercial banks. Of the 2,577,000 accounts in the 53 insured mutual 

savings banks, 2,497,000 accounts had balances not in excess of 

$5,000. In no insured mutual savings bank did insurance protect less 

than 80 percent of total deposits.

Tables 41 and 42 show the distribution of accounts and deposits 

according to size of account in insured mutual savings banks grouped 

by amount of deposits and by State.

Table 41. DISTRIBUTION OF ACCOUNTS ACCORDING TO SlZE

Se p t e m b e r 24, 1941

INSURED MUTUAL SAVINGS BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

United States— total.

Banks with deposits of

$100,000 or less...................

$100,000 to $250,000..........

$250,000 to $500,000..........

$500,000 to $1,000,000___

$1,000,000 to $2,000,000. .

$2,000,000 to $5,000,000. .

$5,000,000 to $10,000,000.

$10,000,000 to $50,000,000

More than $50,000,000-----

State

Indiana. ..

Maine. . . .

Maryland. ,

Minnesota.

New Jersey.

New York..

Ohio.............

Oregon........

Pennsylvania.

Vermont.........

Washington...

Wisconsin

Number

of

banks

Number of accounts

Percent of

accounts

$5,000

Total or less

$5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

53 2,576,607 2,496,837 70,628 8,675 467 96.9%

1 568 568 100.0

2 2,702 2,663 37 2 98.6

5 19,120 19,011 90 17 2 99.4

5 14,116 13,865 210 37 4 98.2

12 90,366 89,244 997 119 6 98.8

10 135,431 133,273 1,905 230 23 98.4

9 366,845 359,058 6,714 1,006 67 97.9

9 1,947,459 1,879,155 60,675 7,264 365 96.5

3 20,368 19,890 380 79 19 97.7

6 32,206 31,785 375 44 2 98.7

2 9,047 9,013 23 9 2 99.6

1 173,408 170,368 3,004 36 98.2

13 226,438 221,769 3,994 652 23 97.9

4 671,531 634,545 36,122 863 1 94.5

3 176,303 170,700 4,284 1,169 150 96.8

1 3,042 2,889 153 95.0

6 937,533 913,498 18,104 5,669 262 97.4

8 100,797 99,328 1,350 112 7 98.5

3 203,664 200,895 2,743 26 98.6

3 22,270 22,157 96 16 1 99.5

N o t e : Percentages were calculated from the original figures before rounding.

1 Figures for insured mutual savings banks as of October 1, 1934, are not comparable with later

figures as deposits in 44 banks were insured to a maximum of $5,000 and deposits in 24 banks, to a

maximum of $2,500.

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INSURANCE OF BANK DEPOSITS 77

Table 42. DISTRIBUTION OF D e p o s it s ACCORDING TO SlZE OF ACCOUNT

Se p t e m b e r 24, 1941

INSURED MUTUAL SAVINGS BANKS GROUPED BY AMOUNT OF DEPOSITS AND BY STATE

Deposits (in thousands) Deposits insured

with $5,000

maximum coverage In accounts of—

Total

$5,000

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

Amount

(in

thousands)

Percent

United States— total........... $1,788,236 $1,197,303 $457,145 $116,511 $17,277 $1,596,153 89%

Banks with deposits

of—

$100,000 or less...................

$100,000 to $250,000.......... 162 162 162 100

$250,000 to $500,000 783 542 219 22 737 94

$500,000 to $1,000,000.. . . 4,571 3,706 560 239 66 4,251 93

$1,000,000 to $2,000,000. . 7,838 5,907 1,322 503 106 7,162 91

$2,000,000 to $5,000,000. . 37,079 29,140 6,041 1,590 308 34,750 93

$5,000,000 to $10,000,000. 71,950 55,664 12,218

42,355

3,036 1,032 66,454 92

$10,000,000 to $50,000,000 218,436 159,782 14,044 2,255 198,717 90

More than $50,000,000.... 1,447,417 942,400 394,430 97,077 13,510 1,283,920 88

State

Indiana.................................. 13,896 9,064 2,916 1,084 832 11,454 82

Maine..................................... 14,835 11,744 2,342 573 176 13,849 93

Maryland.............................. 1,750 1,411 141 132 66 1,581 90

Minnesota............................. 68,304

131,357

50,582

97,214

17,273

24,615

449 65,782

120,559

96

New Jersey........................... 8,899 629 91

New York.............................. 730,193 486,336 234,482 9,348 27 671,266 91

Ohio........................................

Oregon....................................

124,756

3,071

75,464

2,263

354,015

27,464

808

16,405 5,423 103,479

3,028

474,190

82

98

Pennsylvania........................ 562,404 120,992 77,627 9,770 84

Vermont................................ 56,871 47,066 8,031 1,502 272 54,411 95

Washington........................... 75,905 58,151 17,478 276 71,996 94

Wisconsin.............................. 4,894 3,993 603 216 82 4,558 93

N ote: Percentages were calculated from the original figures before rounding.

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

Appendix A

L im it a t io n s o n D a t a o f I n s u r e d D e p o s it s a s o f

Sp e c ia l C a l l D a t e s , 1936-1941

The deposit insurance law provides that in any insured bank insurance protection

up to a maximum of $5,000 shall be given to each depositor in any single right or

capacity.1 If, in an insured bank closed on account of financial difficulties, a depositor has a personal checking account and a savings account, the two accounts

are combined in determining what amount shall be paid to him by the Corporation.

The total net amount up to a maximum of $5,000 in the two accounts, after deducting the amount he owes the bank, is paid. If a deposit is protected in part

by pledge of security, by priority, or by offsetting claims, only such part, up to a

maximum of $5,000, as is not protected by security, priority, or offsetting claims

is paid by the Corporation.

In the insured banks placed in receivership, 9.8 percent of the deposits were

protected by pledge of security, by priority of claims, or by offsets. The proportion

of these deposits which would have been paid as insured claims had they not been

otherwise protected by the preferential treatment has not been determined.

The term “ insured deposits” , when used in connection with deposits in banks

placed in receivership, includes only those claims which the Federal Deposit Insurance Corporation has paid or expects to pay and does not include claims settled

or expected to be settled by offset, by sale of security, or by the receiver on prior

claims, even though these claims might otherwise have been eligible for insurance

under the provision for a $5,000 maximum coverage. Table 4, page 17, shows that

the proportion of deposits protected by insurance, pledge of security, priority of

claims, or by offsetting claims is considerably higher than the amount protected

by insurance alone. In banks merged with the financial aid of the Federal Deposit

Insurance Corporation full protection is given all depositors.

The term “insured deposits” used in connection with the estimates for September

24, 1941, September 21, 1938, and May 13, 1936, is applied to balances in accounts

of $5,000 or less and the first $5,000 in accounts with balances in excess of that

amount. No effort has been made to combine accounts into single rights and capacities or to adjust the deposits for the effects of pledge of security, priority, or

amounts owed to the bank.

In submitting the reports of their deposits on September 24, 1941, the operating

banks were instructed to report on the basis of accounts as they stood on their

books, without combining accounts standing to the credit of a depositor in the

same right and capacity and without deducting offsetting indebtedness.2 This

method was used in order to lessen the work required in the preparation of the

report by the banks. The same method was used in the reports on September 21 >

1938, and May 13, 1936. Studies made by the Corporation indicate that, although

there are substantial differences among banks, on the average the number of depositors in a given bank is about 10 percent less than the number of accounts. It

is also estimated that, for September 24, 1941, September 21, 1938, and May 13,

1936, the aggregates of deposits in accounts of not more than $5,000 each and in

the first $5,000 of accounts with balances in excess of that amount were about

2 percent higher than the corresponding figures for deposits standing to the credit

of depositors after combining accounts, and that, as a consequence, the percent

of deposits “insured” in all insured banks as computed from the reports submitted

was higher than the proportion actually protected by insurance by about 1 percent

of total deposits.

1 Paragraph (13), subsection (c), section 12B of the Federal Reserve Act, as amended.

2 The form used for the reports on September 24, 1941, was similar to that used on September 21,

1938. See the Annual Report of the Corporation for 1938, pp. 109-11, for the instructions and form

used in that year.

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Federal Reserve Bank of St. Louis
PART FOUR 

LEGISLATION AND EXECUTIVE ORDERS

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Federal Reserve Bank of St. Louis
LEGISLATION RELATING TO INSURED BANKS

FOREIGN ACCOUNTS IN INSURED BANKS

[Public L aw 31— 77th Congress]

[Chapter 43— 1st Session]

[S. 390]

AN ACT

Relating to foreign accounts in Federal Reserve banks and insured banks.

Be it enacted by the Senate and House of Representatives of the United States of

America in Congress assembled, That subsection (e) of section 14 of the Federal

Reserve Act, as amended, is amended by inserting before the period at the end of

the first sentence thereof the following: or for foreign banks or bankers, or for

foreign states as defined in section 25 (b) of this Act” .

Sec. 2. Section 25 (b) of the Federal Reserve Act, as amended, is amended by

adding at the end thereof the following new paragraphs:

“ Whenever (1) any Federal Reserve bank has received any property from or

for the account of a foreign state which is recognized by the Government of the

United States, or from or for the account of a central bank of any such foreign state,

and holds such property in the name of such foreign state or such central bank;

(2) a representative of such foreign state who is recognized by the Secretary of

State as being the accredited representative of such foreign state to the Government

of the United States has certified to the Secretary of State the name of a person

as having authority to receive, control, or dispose of such property; and (3) the

authority of such person to act with respect to such property is accepted and recognized by the Secretary of State, and so certified by the Secretary of State to the

Federal Reserve bank, the payment, transfer, delivery, or other disposal of such

property by such Federal Reserve bank to or upon the order of such person shall

be conclusively presumed to be lawful and shall constitute a complete discharge

and release of any liability of the Federal Reserve bank for or with respect to such

property.

“ Whenever (1) any insured bank has received any property from or for the account of a foreign state which is recognized by the Government of the United States,

or from or for the account of a central bank of any such foreign state, and holds

such property in the name of such foreign state or such central bank; (2) a representative of such foreign state who is recognized by the Secretary of State as being

the accredited representative of such foreign state to the Government of the United

States has certified to the Secretary of State the name of a person as having authority to receive, control, or dispose of such property; and (3) the authority of

such person to act with respect to such property is accepted and recognized by the

Secretary of State, and so certified by the Secretary of State to such insured bank,

the payment, transfer, delivery, or other disposal of such property by such bank

to or upon the order of such person shall be conclusively presumed to be lawful

and shall constitute a complete discharge and release of any liability of such bank

for or with respect to such property. Any suit or other legal proceeding against any

insured bank or any officer, director, or employee thereof, arising out of the receipt,

possession, or disposition of any such property shall be deemed to arise under the

laws of the United States and the district courts of the United States shall have

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82 FEDERAL DEPOSIT INSURANCE CORPORATION

exclusive jurisdiction thereof, regardless of the amount involved; and any such

bank or any officer, director, or employee thereof which is a defendant in any such

suit may, at any time before trial thereof, remove such suit from a State court

into the district court of the United States for the proper district by following the

procedure for the removal of causes otherwise provided by law.

“ Nothing in this section shall be deemed to repeal or to modify in any manner

any of the provisions of the Gold Reserve Act of 1934 (ch. 6, 48 Stat. 337), as

amended, the Silver Purchase Act of 1934 (ch. 674, 48 Stat. 1178), as amended, or

subdivision (b) of section 5 of the Act of October 6,1917 (40 Stat. 411), as amended,

or any actions, regulations, rules, orders, or proclamations taken, promulgated,

made, or issued pursuant to any of such statutes. In any case in which a license

to act with respect to any property referred to in this section is required under any

of said statutes, regulations, rules, orders, or proclamations, notification to the

Secretary of State by the proper Government officer or agency of the issuance of

an appropriate license or that appropriate licenses will be issued on application

shall be a prerequisite to any action by the Secretary of State pursuant to this

section, and the action of the Secretary of State shall relate only to such property

as is included in such notification. Each such notification shall include the terms

and conditions of such license or licenses and a description of the property to which

they relate.

“ For the purposes of this section, (1) the term ‘property’ includes gold, silver,

currency, credits, deposits, securities, choses in action, and any other form of

property, the proceeds thereof, and any right, title, or interest therein; (2) the term

‘foreign state’ includes any foreign government or any department, district, province,

county, possession, or other similar governmental organization or subdivision of

a foreign government, and any agency or instrumentality of any such foreign

government or of any such organization or subdivision; (3) the term ‘central bank’

includes any foreign bank or banker authorized to perform any one or more of the

functions of a central bank; (4) the term ‘person’ includes any individual, or any

corporation, partnership, association, or other similar organization; and (5) the

term ‘insured bank’ shall have the meaning given to it in section 12B of this A c t /’

Approved, April 7, 1941.

TAXA TIO N OF BANK PROFITS

[P u b lic L aw 250— 77th Congress]

[C h a p ter 412— 1st Session]

[H. R. 5417]

AN ACT

To provide revenue, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of

America in Congress assembled, That this Act, divided into titles and sections

according to the following Table of Contents, may be cited as the “ Revenue Act

of 1941” : *****

SEC. 103. CORPORATION DEFENSE T A X RATES IN CORPORATED IN

RATE SCHEDULES.

(a) T a x on C o r p o r a tio n s in G e n e r a l.— Section 13 (b) (1) and (2) of the

Internal Revenue Code are amended to read as follows:

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Federal Reserve Bank of St. Louis
LEGISLATION 83

“ (1) General rule.— A tax of 24 per centum of the normal-tax net income; or

“ (2) A lt e r n a t iv e t a x (c o r p o r a tio n s w ith n o rm a l-ta x n e t in com e 

s lig h t ly m ore th a n $25,000).— A tax of $4,250, plus 37 per centum of the

amount of the normal-tax net income in excess of $25,000.”

(b) T a x on S p e cia l C la sse s o f C o r p o r a tio n s .— Section 14 (b) of the Internal 

Revenue Code is amended to read as follows:

“ (b) C o r p o r a tio n s W ith N o rm a l-T a x N e t In com es o f N o t M o r e T h an 

$25,000.— If the normal-tax net income of the corporation is not more than $25,000,

and if the corporation does not come within one of the classes specified in subsection (c), (d), or (e) of this section, the tax shall be as follows:

“ Upon normal-tax net incomes not in excess of $5,000, 15 per centum.

“ $750 upon normal-tax net incomes of $5,000, and upon normal-tax net

incomes in excess of $5,000 and not in excess of $20,000, 17 per centum in

addition of such excess.

“ $3,300 upon normal-tax net incomes of $20,000, and upon normal-tax net

incomes in excess of $20,000, 19 per centum in addition of such excess.”

*****

SEC. 104. SU R TAX ON CORPORATIONS A N D TE R M IN A T IO N OF

DEFENSE T A X

(a) G e n e r a l R u le .— Section 15 of the Internal Revenue Code (relating to

defense tax) is amended to read as follows:

“ SEC. 15. SU R TA X ON CORPORATIONS.

“ (a) C o r p o r a tio n S u r ta x N e t Incom e.— For the purposes of this chapter the

term ‘corporation surtax net income’ means the net income minus the credit for

dividends received provided in section 26 (b), computed by limiting such credit

to 85 per centum of the net income in lieu of 85 per centum of the adjusted

net income.

“ (b) Im p osition o f T a x .— There shall be levied, collected, and paid for each

taxable year upon the corporation surtax net income of every corporation

(except a corporation subject to the tax imposed by section 231 (a) or Supplement Q) a surtax as follows:

“ Upon corporation surtax net incomes not in excess of $25,000, 6 per centum

of the amount thereof;

“ Upon corporation surtax net incomes in excess of $25,000, $1,500, plus

7 per centum of the excess over $25,000.”

*****

“ SEC. 363.

*****

(c) S u r ta x on B an k s.— Section 104 (b) of the Internal Revenue Code (relating

to certain banks and trust companies) is amended to read as follows:

“ (b) R a te o f T a x .— Banks shall be subject to tax under section 13 or 

section 14 (b), and under section 15.”

*****

Approved, Sept. 20, 12.15 p. m. E. S. T., 1941.

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84 FEDERAL DEPOSIT INSURANCE CORPORATION

E x e c u t i v e O r d e r s

COVERING CERTAIN POSITIONS IN THE FEDERAL DEPOSIT INSURANCE CORPORATION INTO THE COMPETITIVE CLASSIFIED CIVIL

SERVICE, AND AUTHORIZING CERTAIN EMPLOYEES OF THAT

CORPORATION TO ACQUIRE A CLASSIFIED CIVIL SERVICE STATUS

By virtue of the authority vested in me by paragraph Eighth of subdivision

SECOND of section 2 of the Civil Service Act (22 Stat. 404), and section 1753 of

the Revised Statutes of the United States, it is hereby ordered as follows:

1. All positions in the Federal Deposit Insurance Corporation which were not

covered, under authority of Executive Order No. 7916 of June 24, 1938, into the

classified civil service, effective February 1, 1939, by reason of operation of Executive Order No. 8044 of January 31, 1939, which deferred such action in the case

of certain professional, scientific, administrative, technical, and other positions,

are hereby covered into the competitive classified civil service effective March 1,

1941: Provided, however, that this shall not apply to positions excepted from competitive requirements under subdivision X X V I of Schedule A of the Civil Service

Rules.

2. The incumbent of any position covered into the classified civil service by

section 1 hereof, and any person in the employ of said Corporation on February 1,

1939 (other than incumbents of positions excepted from competitive requirements

under subdivision X X V I of Schedule A of the Civil Service Rules) who has been

employed continuously in said Corporation until the effective date of this order,

may acquire a classified civil service status in accordance with the provisions of

section 6 of Civil Service Rule II.

F ran k lin D R oosevelt

T he W hite H ouse,

March 1, 191*1.

[No. 8699]

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EXECUTIVE ORDERS 85

AMENDING SCHEDULES A AND B OF THE CIVIL SERVICE RULES

By virtue of and pursuant to the authority vested in me by the Constitution,

by section 1753 of the Revised Statutes (5 U. S. C. 631), by the Civil Service Act

of January 16, 1883 (22 Stat. 403), and as President of the United States, Schedules

A and B of the Civil Service Rules are hereby amended to read as follows:

S c h e d u le A

Positions Excepted From Examination Under Section 3, Civil Service Rule I I

*****

X X V I. F e d e r a l D e p o sit In su ra n c e C o r p o r a tio n

1. One private secretary or confidential assistant to each member of the Board

of Directors.

2. All field positions concerned with the work of liquidating the assets of closed

banks or the liquidation of loans to banks, and all temporary field positions the

work of which is concerned with paying the depositors of closed insured banks.

*****

The Civil Service Commission with the concurrence of the department or agency

concerned may revoke in whole or in part any paragraph of Schedule A or B.

Final decision as to whether the duties of any position in the executive civil

service are such that appointments thereto are authorized under any paragraph

of Schedule A or B shall rest with the Civil Service Commission.

This order shall be effective July 1, 1941.

F r a n k lin D R oosevelt

T he W h ite H ouse,

December 30, 19 U .

[No. 9004]

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Federal Reserve Bank of St. Louis
PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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EXPLANATORY NOTES

Sources of Data

Data relating to national banks and State banks in the District of Columbia

were obtained from the Comptroller of the Currency or the Board of Governors

of the Federal Reserve System, and data relating to State banks members of the

Federal Reserve System from the Board of Governors of the Federal Reserve

System, with the following exceptions: (1) analysis of examinations, the data of

which were compiled by this Corporation from reports submitted by the Comptroller

of the Currency and the Board of Governors of the Federal Reserve System and

reviewed by the Corporation; and (2) data relating to suspensions, receiverships,

and mergers with the financial aid of the Federal Deposit Insurance Corporation,

which were obtained from the records of the Corporation.

Data relating to insured banks not members of the Federal Reserve System were

obtained from the banks themselves or from the records of the Federal Deposit

Insurance Corporation.

Data relating to noninsured banks were obtained from the Board of Governors

of the Federal Reserve System, State banking authorities, Rand McNally Bankers

Directory, and Polk’s Bankers Encyclopedia.

Classification of Banks and Banking Offices

Insured banks include all operating banks insured by the Federal Deposit

Insurance Corporation; noninsured banks include all banks not so insured.

Commercial banks include the following categories of banks:

All operating national banks;

All incorporated State banks, trust companies, and banks and trust companies, regularly engaged in the business of receiving deposits, whether demand

or time, except mutual savings banks and, in New Hampshire, guaranty

savings banks;

All stock savings banks, excluding guaranty savings banks in New Hampshire;

Banks in conservatorship or operating under restrictions, provided they

are authorized to and in fact do accept new deposits, regardless of the character of the restrictions imposed on the operations of the bank;

Such industrial and Morris Plan banks as operate under general banking

codes or operate under the same codes of law as insured industrial banks;

Branches of foreign banks which engage in a general deposit business;

Cash depositories;

Private banks under State supervision, and such other private banks as

are reported by reliable unofficial sources to be engaged in deposit banking;

All insured trust companies, even though not engaged in regular deposit

banking;

Branches of American and foreign banks maintained in the possessions

to do a general deposit business. (Where more than one branch is maintained

by a given bank in any one possession the chief or central office is classified

as a bank and the other offices as branches).

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90 FEDERAL DEPOSIT INSURANCE CORPORATION

Mutual savings banks include all banks operating under special State banking

codes applying to mutual savings banks, including all guaranty savings banks in

New Hampshire.

Unit banks include all banks operating only one office at which deposits are

received or checks cashed.

Branches include all offices, other than head offices, of banks operating more

than one office at which deposits are received or checks cashed, and all offices,

other than head offices, of insured trust companies not engaged in deposit banking.

The term “ branch” is used in accordance with the definition in paragraph (15),

subsection (c) of section 12B of the Federal Reserve Act, as amended, which is

as follows:

“ The term ‘branch’ includes any branch bank, branch office, branch

agency, additional office, or any branch place of business located in any

State of the United States or in Hawaii, Alaska, Puerto Rico, or the

Virgin Islands at which deposits are received or checks paid or money

lent.”

Institutions excluded. Figures for operating banks do not include institutions

in the following categories, though such institutions may perform many of the

same functions as banks:

Banks which have suspended operations or have ceased to accept new

deposits and are proceeding to liquidate their assets and pay off existing deposits, regardless of the amount of deposit liability still remaining and regardless

of whether they are listed among operating banks or included in abstracts

of condition of banks published by State banking authorities;

Building and loan associations, savings and loan associations, credit unions,

personal loan companies, and similar institutions, chartered under special laws

applying to such institutions or under general incorporation laws, regardless

of whether such institutions are authorized to accept deposits from the public

or from their members and regardless of whether such institutions are called

“ banks;”

Noninsured Morris Plan companies, industrial banks, loan and investment

companies, and similar institutions, not operating under general State banking

codes, or under the same codes of law as similar institutions which have been

admitted to insurance;

Branches of foreign banks, and of private banks, which confine their business

to foreign exchange dealings and do not receive “ deposits” as that term is

commonly understood;

A few special institutions chartered under general banking laws, but operating as mortgage or investment companies and not engaged in deposit banking;

Federal Reserve banks and other banks, such as the Savings and Loan

Bank of the State of New York, which operate as rediscount banks and do

not accept deposits from the general public;

Noninsured trust companies not engaged in receiving deposits from the

general public, regardless of whether they are listed among banks or included

in abstracts of condition of banks published by State banking authorities.

Institutions in the last of the foregoing groups, namely, trust companies not

engaged in receiving deposits from the general public, are eligible, under paragraphs (1) and (12) of subsection (c) of Section 12B of the Federal Reserve Act,

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EXPLANATORY NOTES 91

as amended, for participation in deposit insurance with respect to their uninvested

trust funds. The number of noninsured companies engaged in the trust business

but not in deposit banking, excluding companies whose trust business is incidental

to the title business, was 98 on June 30, 1941, and 94 on December 31, 1941.

Bank and Branch Changes

All changes during 1941 in the number of operating banks and branches, as

defined above, are shown in Table 101. Similar figures for prior years are shown in

previous Annual Reports of the Corporation.

The number of banks which suspended operations because of financial difficulties,

and the number merged with the financial aid of the Corporation, in each of the

years 1934-1940, are shown in Tables 135 and 136. The insured banks covered by

these tables are classified in several categories in Table 101 in this Report and the

corresponding tables in previous Annual Reports of the Corporation, to take account

of other accompanying changes, as indicated below.

1941

1940

1939

1938

1937

1936

1935

1934

Total number

of suspended

insured banks,

as given in

Table 135

19

32

49

53

41

26

9

Classification in Table 101 or corresponding table in previous

Annual Reports

Suspended Changes not involving

banks not number in any class

reopened or Succeeded Suspended

succeeded by another and reopened

bank in

same class

6

19

32

49

50

40

26

9

Changes in

classification,

insured to

noninsured

(succeeded by

noninsured

bank)

1941

1940

1939

1938

1937

1936

1935

Total

number

of banks

merged with

financial

aid of

FDIC, as

given in

Table 136

7

24

28

24

25

27

1

Classification in Table 101 or corresponding table in previous

Annual Reports

Merged with Change in Changes not involving

financial classifiaid of

FDIC— net

decrease

6

20

21

22

20

22

1

cation

among

insured

banks

(succeeded

by an

insured

bank in

another

class)

1

3

2

number in any class

Succeeded Change in

by another

bank in

same

class

title and

location

Suspended

banks not

reopened or

succeeded

(loan made

subsequent

to suspension)

Omitted

(continued

operation

under same

name and

charter)

Population of Center and Number of Offices

Classification of centers according to population is based, for incorporated places,

upon the 1940 census of population and for unincorporated places upon figures

published in Rand McNally Bankers Directory„

The number of banking offices in the center is the number of commercial banking

offices operating on June 30.

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92 FEDERAL DEPOSIT INSURANCE CORPORATION

Deposits of Banks and Banking Offices

Operating insured banks. Deposit data for operating insured banks are obtained from two separate sources: (1) deposit figures shown, or used for classifying

insured banks by size groups, in Tables 103,105-107,110-113, and 128-134 are from

reports of condition submitted by the banks for the dates indicated; or are averages

of the figures from reports of condition for the dates indicated; (2) deposit figures

shown, or used for classifying insured banks by size groups, in Tables 115, 120,

123, and 124, summarizing the reports of examinations of banks, are for the respective

dates on which each bank was examined.

In Annual Reports of the Corporation for 1935 to 1938, inclusive, deposit liabilities

reported by insured banks on certified statements submitted for the purpose of

computing the deposit insurance assessment were used in tables showing deposits

of banking offices. Deposit liabilities reported on certified statements include,

in addition to deposits shown on reports of condition, outstanding drafts and

uninvested trust funds held in the bank’s own trust department, and exclude a

portion of cashiers’ and officers’ checks outstanding. Total deposit liabilities reported on certified statements exceed total deposits shown on reports of condition

by an amount estimated at less than 2 percent.

In determining the amount of insurance assessment, the banks have claimed

deductions of about 4 percent of total deposit liabilities. Therefore, the amount

of deposits on which the insurance assessment is based is approximately 4 percent

less than total deposit liabilities reported on certified statements, and approximately

2 percent less than the amount of deposits shown on reports of condition.

Deposits shown in reports of examination are defined in the same way as those

shown on reports of condition. In adjusting figures for examiners* appraisals, 

deposit liabilities not shown on the bank’s books are added to deposits shown on

the books.

Offices of insured banks operating branches. Deposits for branches and

head offices of banks operating branches in Table 111, and used in classifying such

offices by size in Table 106, are from special reports by banks operating branches.

Total deposits for each branch system correspond to the deposit figure shown on

the bank’s report of condition.

Noninsured banks. Deposits of noninsured banks are from published figures

or from reports received from State banking authorities, and are based on reports

of condition submitted by the banks to State authorities or to bankers’ directories.

Figures refer to June 30 and December 31 or nearest available dates.

Figures for branches and head offices of noninsured banks operating branches

are not available separately.

Suspended and merged banks and banks in receivership. Deposit figures

for insured banks in Tables 135-138, relating to suspensions, receiverships, and

mergers with the financial aid of the Corporation, are from the records of the Corporation with respect to such banks, and refer to the date of suspension or merger.

Deposit figures for banks in receivership as shown by the books of the Corporation,

December 31, 1941, given in Table 141, differ from those shown by the books of

the banks at date of suspension, given in Table 140, because of reclassification of

liabilities and discovery of additional liabilities during liquidation.

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EXPLANATORY NOTES 93

Banks Examined by, and Submitting Reports to, the

Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation regularly examines, and calls for

reports of assets and liabilities, and of earnings and dividends, from all insured

banks which are not members of the Federal Reserve System, except State banks

in the District of Columbia and national banks in the possessions. The latter groups

of banks are examined by and report to the Comptroller of the Currency.

The designations “ Banks submitting reports to the Federal Deposit Insurance

Corporation,” used in Table 127 in this report and Tables 122-124 and 150-157 in

the Annual Report of the Corporation for 1940, and “ Banks examined by the

Federal Deposit Insurance Corporation,” used in Tables 135-138 in the Annual

Report of the Corporation for 1940, are more accurate than the caption, “ Banks

not members of the Federal Reserve System,” used in comparable tables in previous

Annual Reports.

Assets and Liabilities of Operating Banks

Assets and liabilities of insured banks, in Tables 112-114, are tabulated from

reports of condition submitted to Federal supervisory authorities: to the Comptroller

of the Currency by all national banks, and by State banks located in the District

of Columbia; to the Board of Governors of the Federal Reserve System by State

banks members of that system; and to the Federal Deposit Insurance Corporation

by all other insured State banks. Instructions provided to insured banks by the

Federal supervisory authorities for the preparation of reports of condition are

essentially uniform. Copies of the instructions issued to banks submitting reports

to the Federal Deposit Insurance Corporation are available upon request.

Assets and liabilities of noninsured banks are from published figures or from

reports received from State banking authorities, and are based on reports of condition submitted by the banks to State authorities or to bankers’ directories.

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 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. Trust funds deposited by a trust department in a commercial or savings

department are reported as “ Deposits of individuals, partnerships, and corporations.” Other assets held in trust are not included in statements of assets and

liabilities. In the case of banks with one or more domestic branches, the assets

and liabilities reported are consolidations of figures for the head office and all

domestic branches. In the case of a bank with foreign branches, net amounts due

from its own foreign branches are included in “ Other assets,” and net amounts

due to its own foreign branches are included in “ Other liabilities.”

Assets reported represent aggregate book value, on the date ot call, less valuation

allowances, and, in the case of securities, less reserves for bond premiums. Reciprocal bank balances are reported gross. Instalment loans are ordinarily reported

net if the instalment payments are applied directly to the reduction of the loan.

Such loans are reported gross if, under contract, the payments do not immediately

reduce the unpaid balances of the loan but are assigned or pledged to assure repayment at maturity.

Total deposits. All funds received by a bank in the course of its commercial

or fiduciary business (except funds in payment of obligations to the bank) give

rise to demand or time deposit liabilities and are classified under total deposits,

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94 FEDERAL DEPOSIT INSURANCE CORPORATION

unless the funds are received as trust funds which the bank keeps segregated and

apart from its general assets.

Analysis of Examinations of Insured Commercial Banks

Data for Tables 115-124, relating to the analysis of examinations of all insured

commercial banks in 1941, are derived from the reports of examinations made by

the Comptroller of the Currency in the case of national banks and of State banks

in the District of Columbia, by the Federal Reserve banks in the case of State

banks members of the Federal Reserve System, and by the Federal Deposit Insurance Corporation in the case of other insured State banks. Similar tables relating

to the analysis of examinations of all insured commercial banks in 1939 and 1940

were published in the Annual Reports of the Corporation for those years. Corresponding tabulations for earlier years have not been made, except for banks examined

by the Corporation.

Figures relating to commercial banks examined by the Federal Deposit Insurance

Corporation covering the period 1933 to 1940 are presented in Tables 135-138 in

the Annual Report of the Corporation for 1940. Examination procedures of the

Federal bank supervisory authorities and of numerous State banking authorities

were revised in 1938 so that the data for 1939 and 1940 are not strictly comparable

with data for 1937 and earlier years. Data for banks examined by the Federal

Deposit Insurance Corporation are shown for 1938 on both the original and the

uniform or revised basis. For a discussion of the differences between the uniform

procedure and the procedure previously followed by the Corporation in analyzing

and valuing assets in examination reports, see the Annual Report of the Corporation

for 1938, pages 61-78.

Banks included. The tabulations have been prepared from reports of examinations available during the year and do not cover precisely the banks examined during

the year. The figures for 1941 include 13,278 insured commercial banks operating

at the close of the year and 30 banks which ceased operations during the year.

Figures for 152 insured banks operating at the close of the year were not included

in the tabulations: 9 because they were not engaged in deposit banking and 143

because reports of examination were, for various reasons, not available for tabulation. The number and deposits of insured commercial banks included in the 1941

tabulations, distributed according to month of examination, are shown below.

Month of 

examination

All banks..........................................................................

Banks examined in:

January..........................................................................

February........................................................................

M arch............................................................................

April...............................................................................

M ay................................................................................

June................................................................................

July........................................................... .....................

August............................................................................

September.....................................................................

October..........................................................................

November......................................................................

December......................................................................

Number Total deposits (in

of banks millions of dollars)

13,308 64,219

1,223 5,554

1,170 5,042

1,244 4,537

1,211 3,291

1,278 6,082

1,165 10,436

827 2,738

1,022 2,645

1,183 7,138

1,123 6,096

1,126 8,085

1,736 2,575

Ratios for individual banks. The base used in the computation of ratios

to the appraised value of assets, and to total assets, for each individual bank consists, for the most part, of the estimated average value of assets over the 12-month

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EXPLANATORY NOTES 95

inate the influence of seasonal fluctuations in total assets upon the ratios of individual

banks. However, in view of the rapid increase in total assets during the period

covered by this averaging process, the ratios for 1941 tend to represent the condition

of the banks— considered as a whole— at a time close to the beginning of the year.

Explanation of terms. The principal terms and methods used, under the uniform

procedure, in the tables relating to analysis of examinations of bank assets and

capital accounts are described below.

Book value, applied to total assets, loans, securities, and fixed and miscellaneous

assets, refers to the values (net, after deduction of valuation allowances and, in

the case of securities, of premium allowances) carried by each bank on its books at

the time of examination.

Appraised value of total assets, loans, securities, and fixed and miscellaneous

assets, represents the value of assets as determined by the examiners. For explanation

of method of valuing securities see the Annual Report of the Federal Deposit Insurance

Corporation for the Year Ending December SI, 1938, pages 64-68. The term “ appraised value” corresponds in meaning to the term “ adjusted value” used in the

Annual Report of the Corporation for 1938, and to the term “ net sound value” used

in the Annual Reports of the Corporation for 1935 and 1934.

Examiners’ deductions (net) from assets represent the amount by which the

examiners’ evaluation of each bank’s assets is less than the value carried by the

bank on its books.

The deductions are derived from the examiners’ evaluation of the assets classified

on the basis of eventual collectibility. In the case of assets other than securities,

the examiner, for reasons which he sets forth, deducts: (1) the amount of, or the

portion of, loans and other assets regarded as worthless or uncollectible (Classification IV ); and (2) one-half of the amount of, or the portion of, loans and other

assets regarded as of doubtful worth or collectibility (Classification III). In the

case of securities, the examiner deducts: (1) the amount by which the book value

(less valuation allowances) exceeds the market value of stocks and defaulted securities; (2) one-half of the amount by which the book value (less valuation and

premium allowances) of speculative securities exceeds the average of market prices

over the 18 months preceding the month of examination; and (3) the amount by

which book value (less valuation and premium allowances) exceeds cost less amortization of other (i.e., uncriticized) securities. The amounts of the deductions are

reduced by the determinable sound values of assets not shown on the books.

Examiners’ deductions (net) from total capital accounts represent the

amount by which the examiners’ evaluation of each bank’s total capital accounts

(net worth) is less than the value carried by the bank on its books. It exceeds

examiners’ deductions (net) from assets by the amount of determinable liabilities

not shown on the books.

Substandard, applied to total assets, loans, securities, and fixed and miscellaneous

assets, represents the appraised value of all assets believed by the examiner to

involve a substantial or unreasonable degree of risk, and hence to be undesirable

or hazardous for bank investment. It includes the value of assets in Classification

II, including assets not shown on the books, and 50 percent of the value of assets

in Classification III.1 The appraised value of substandard assets also represents

the book value of all criticized assets less examiners’ deductions (net) on such

1 See the Annual Report of the Federal Deposit Insurance Corporation for the Year Ending December

SI, 1938, pages 76-78, particularly Table 40.

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

assets. The term “ substandard” corresponds in meaning to the term “slow” used

in the Annual Reports of the Corporation for 1936, 1935, and 1934, except in the

case of securities and total assets.

Fixed and substandard assets include fixed assets not criticized, as well as

all substandard assets. Fixed assets consist of banking house, furniture and fixtures,

and other real estate.

Uncriticized, applied to total assets, cash, loans, securities, and fixed and miscellaneous assets, represents the appraised value of all assets regarded as suitable

for bank investment. The appraised value of these assets (Classification I) represents acquisition values less charge-offs, valuation allowances, and, in the case

of securities, amortization of bond premiums.

Total capital accounts, or book value of capital accounts, refers to the

“ net worth” or equity of stockholders (including holders of capital notes and debentures) in each bank as carried by the bank on its books at the time of examination.

Net sound capital represents total capital accounts less examiners, deductions

(net) from capital; and is the examiners’ evaluation of the net worth or equity of

stockholders (including holders of capital notes and debentures) in each bank.

The retirable value of R. F. C. capital is used to determine the amount of net

sound private capital, so that the latter differs from book value of private capital

accounts by the excess of retirable value of R. F. C. capital over book value as

well as by the examiners’ deductions (net) from total capital accounts. The term

“ net sound capital” corresponds in meaning to the term “ adjusted capital account”

used in the Annual Report of the Corporation for 1938, to the term “ net capital

account” , used in the Annual Report of the Corporation for 1937, and to the term

“ sound capital” used in the Annual Report of the Corporation for 1936.

The amount of R. F. C. capital in banks may correspond to any one of three

values: the par or face value; the book value, which is normally the same as par

value but may be less; and the retirable value. The latter is the same as the investment of the Reconstruction Finance Corporation shown in reports of that

Corporation.

Deposits, in all cases, represent deposits at the date of the examination.

Adjusted deposits and adjusted liabilities include, in addition to liabilities

shown on the books of the bank, those not shown, but determined by the examiner

to exist.

Net current operating earnings are for the calendar year 1940; and the figure

for total assets to which net current operating earnings are related is the monthly

average for the 12-month period immediately prior to the examination. The 22 banks

for which no net earnings figures were available were, in general, new institutions

or institutions which had been merged.

Irregularity in individual items. Items referred to in footnote 5 of Table 116

and footnote 2 of Table 120, as well as the dollar figures in the corresponding tables,

are strongly affected by the figures of one bank with (i) $4 million in fixed and

miscellaneous assets not shown on the books, (ii) net sound capital of $24.90 per

$100 of appraised value of assets, (iii) fixed and substandard assets of $4.70 per

$100 of appraised value of assets, (iv) net earnings of $1.28 per $100 of average

total assets, and (v) deposits on the date of examination of more than $50 million.

The States included in each Federal Deposit Insurance Corporation District

are listed on page 32.

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EXPLANATORY NOTES 97

Banks included. Reports of earnings and dividends covering the calendar year

1941 were submitted to Federal bank supervisory agencies by all insured commercial

banks. Reports for each six months’ period were also submitted by banks not

reporting to the Corporation. The figure for number of banks in 1941 in Tables

125-127 is the total number operating at the end of the year, excluding trust companies not engaged in deposit banking which submit reports to the Corporation.

The earnings data in these tables relate to the same banks, except that data are

also included, for the first six months of the year, for 17 national banks not operating

on December 31, 1941.

For the years 1934-1940, reports of earnings and dividends of banks not submitting reports to the Federal Deposit Insurance Corporation were submitted

semi-annually on a six months’ basis to the Comptroller of the Currency by national

banks and by State banks in the District of Columbia, and to the Board of Governors

of the Federal Reserve System by State banks members of that system. Reports

of other insured State banks were submitted to the Federal Deposit Insurance

Corporation on an annual basis at the close of each calendar year. As a result, the

figures relating to earnings of all insured banks, for the years 1934-1940, presented

in Tables 125-126, include figures for the first half of the year for banks which submitted reports to the Board of Governors of the Federal Reserve System or to the

Comptroller of the Currency on June 30, and for the second half of the year for

those which submitted such reports on December 31; and for the full year, or such

part as they were in existence, of those banks which submitted reports to the Federal

Deposit Insurance Corporation on December 31. As a consequence, in the case

of banks withdrawing from membership in the Federal Reserve System during the

second half of the year but continuing insurance, figures for the first half of the

year are included as well as figures for the entire year. In the case of insured banks

joining the Federal Reserve System during the second half of the year, earnings for

only the second half of the year are included. The figures for number of banks

appearing in the tables represent the number at the close of the year indicated.

The figures in Tables 125-126 differ from those published in the Annual Reports

of the Corporation for the years 1934-1939 by the inclusion of figures for insured

national banks in the possessions and insured banks in the District of Columbia

not members of the Federal Reserve System, which were formerly excluded.

The figures in Tables 128-129, and in the column in Table 127 entitled “ Operating

throughout the year,” exclude data for the following banks: banks submitting

reports covering less than the full year’s operations, trust companies not engaged

in deposit banking, one insured bank in the possessions reporting to the Corporation,

and banks submitting reports to the Corporation whose operations were materially

affected by mergers, consolidations, or other corporate changes. In Tables 130-133

the following additional banks not submitting reports to the Corporation are

excluded: banks not members of the Federal Reserve System in the District of

Columbia, insured national banks in the possessions, and banks members of the

Federal Reserve System whose operations were materially affected by mergers,

other corporate changes, or unusual types of transactions.

Asset and liability averages. The base used in the computation of ratios of

earnings and dividends, shown in Table 126, consists of the average of the total

assets of all insured banks reporting on the call dates specified. Such asset averages

include figures for banks which reported on one call date but not on another because

they became insured during the year or were in operation only part of the year.

No duplications in the asset figures exist because of changes in class of insured

banks during the period. The ratios presented in Table 129 are based upon assets

Earnings, Expenses, and Dividends of Insured Commercial Banks

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

as of December 31 for the identical banks to which the earnings data pertain. The

ratios presented in Tables 130-133 are based upon averages of assets and liabilities,

for the identical banks to which the earnings data pertain, derived from reports

for the following dates, viz: for banks submitting reports to the Federal Deposit

Insurance Corporation, December 31,1940, June 30,1941, and December 31,1941; for

banks submitting reports to other Federal supervisory agencies, December 31,1940,

April 4, 1941, June 30, 1941, and September 24, 1941.

Method of reporting. Reports of earnings and dividends of insured commercial banks are submitted on the same basis, either cash or accrual, depending upon

the bank’s method of bookkeeping, as the reports of assets and liabilities. Except

as indicated below, the instructions issued by the three Federal bank supervisory

agencies are for the most part uniform. Copies of the instructions issued to banks

reporting to the Federal Deposit Insurance Corporation are available upon request.

Rate of income on loans. This term refers to the reported amount of interest

and discount on loans, divided by the average loans and discounts held on the

dates indicated. Interest and discount on loans as reported to the Corporation

includes renewal, mortgage, and other fees charged in connection with loans owned

by the bank.

Interest on time and savings deposits. The term “ rate of interest on time

and savings deposits” refers to the reported amount of interest payments divided

by the average amount of time and savings deposits reported on call dates each

year. This computed rate is usually less than the announced rate in most banks,

because of the methods used in computing interest. It is always less than the maximum announced rate, when rates are varied according to type, maturity, or size

of deposit. The computed rate also varies from announced rates to the extent that

the balance upon which interest is actually calculated by the bank differs from the

average amount of the deposit.

Depreciation. Data relating to national banks and to State banks members

of the Federal Reserve System given in Tables 125-129 differ from those published

by the Comptroller of the Currency and the Board of Governors of the Federal

Reserve System due to differences in the classification of depreciation. In Tables

125-129 all reported depreciation on banking house, furniture and fixtures is tabulated as a part of current operating expenses. Such depreciation is shown by the

Comptroller of the Currency and the Board of Governors of the Federal Reserve

System as a single item under losses and charge-offs.

In the case of insured banks submitting reports to the Federal Deposit Insurance

Corporation regularly recurring depreciation is classified under current operating

expenses; extraordinary charge-offs of banking house, furniture and fixtures are

included with “ Losses, charge-offs, and additions to valuation allowances.”

Net current operating earnings. The figures of net current operating earnings,

upon which the ratios to total assets of individual banks, given in Tables 130-133,

are based, differ from the aggregate figures of net current operating earnings, given

in Tables 125-129, due to the treatment of depreciation and income taxes. In Tables

130-133, depreciation on banking house, furniture and fixtures for banks submitting

reports to the Comptroller of the Currency and the Board of Governors of the

Federal Reserve System has not been included as a current operating expense and

has not been deducted from net current operating earnings (as was done in Tables

125-129, see Depreciation above); and income taxes of banks submitting reports

to the Federal Deposit Insurance Corporation are included in “ Taxes” as a part of

current operating expenses, and have been deducted from net current operating

earnings (instead of being a separate deduction from net profits, as shown in Tables

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Federal Reserve Bank of St. Louis
EXPLANATORY NOTES 99

125-129). The latter adjustment was not made in the preparation of the ratios of

net current operating earnings to total assets for years prior to 1941, since the amount

of income taxes paid by individual banks was not large enough, as a rule, to affect

the comparability of their ratios significantly; with the increase in 1941 in the

amount of income taxes paid, it was considered desirable to make the adjustment.

With the exception of the unavoidable difference in the treatment of depreciation

discussed above, the figures of net current operating earnings for individual banks

are thus placed upon a comparable basis.

Suspensions, Receiverships, and Mergers

Figures for deposits which appear in Tables 135-137 and for disbursements which

appear in Table 136 are calculated by rounding the figures for each bank to thousands

of dollars. Totals appearing in these tables, therefore, in some cases do not agree

exactly with totals appearing in Tables 138 and 140.

Differences between the number and deposits of insured banks included in suspensions and the number and deposits of insured banks included in receiverships

are due to the cases listed below.

Year of

closing State Class Deposits

Case

Number

Included in suspensions but not in

receiverships:

Reopened........................................................1935 Oklahoma Not member FRS

Reopened........................................................1937 Kentucky Not member FRS

Taken over by another bank.....................1937 Tennessee Not member FRS

Merged with the financial aid of FDIC 1937 Iowa National

Merged with the financial aid of FDIC 1938 Illinois Not member FRS

Receiverships not in same year as

suspensions:

Placed in receivership in 1936............... 1935 Texas Not member FRS

Placed in receivership in 1938............... 1937 Maryland Not member FRS

Included in receiverships but not in

suspensions of insured banks:

Voluntary liquidation listed among

receiverships (depositors paid by

FDIC)..................................................... 1937 Michigan Not member FRS

Noninsured bank with insured deposits

at date of suspension (insured status

having been terminated prior to

suspension) placed in receivership.. . 1938 Tennessee Not member FRS

$85,000

206,000

122,000

3.594.000

2.795.000

219.000

669.000

64,000

278,000

35

126

90

162

All banks included in Tables 135-141 are commercial banks with the exception

of two mutual savings banks. The data concerning these two mutual savings banks

are as follows:

Year of Case

closing State Class Deposits number

Included in suspensions and in receiverships.............................................. 1938 Vermont Not member FRS $2,479,000 157

Included in banks merged with the

financial aid of FD IC.......................... 1939 Indiana Not member FRS 1,584,000 .............

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Federal Reserve Bank of St. Louis
NUMBER AND DEPOSITS OF BANKS AND BANKING OFFICES—END-OF-YEAR

Table 101. ANALYSIS OF CHANGES IN NUMBER AND CLASSIFICATION OF OPERATING BANKING OFFICES

in th e U n ited S ta te s and P ossessions D u rin g 1941

ALL BANKING OFFICES

Number of offices, December 31, 1941.................

Number of offices, December 31, 1940.................

Net change during year...........................................

Changes resulting from—

Offices opened.

Banks..............

Branches.........

Offices closed..

Banks..............

Branches.........

Changes in classification—net total. . . .

Noninsured banks to insured banks...........

Noninsured branches to insured branches.

Among insured banks.....................................

Among branches of insured banks..............

BANKS

Number of banks, December 31, 1941.

Number of banks, December 31, 1940.

Net change during year............................

Changes resulting from—

Banks beginning deposit operations.

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

Banks ceasing deposit operations..............................................

Suspended banks not reopened or succeeded3...............................

Merged with financial aid of FDIC— net decrease......................

Other mergers, consolidations, and absorptions—net decrease.

Other liquidations.................................................................................

Trust company voluntarily withdrawing from insurance4.........

Noninsured banks becoming insured.......................................

Successions to noninsured banks6.....................................................

Admissions to F. R. System..............................................................

Admissions to insurance, banks operating at beginning of year.

All banking offices

Total

18,644

18,678

-34

123

45

78

157

118

14,877

14,950

-73

45

45

118

7

6

57

471

Insured Noninsured

17,031

17,015

+ 16

100

37

63

119

83

36

+35

+ 33

+ 2

13,482

13,495

-13

37

37

83

6

6

46

241

+33

+3

+4

+26

1,613

1,663

-50

1,395

1,455

-60

-33

-26

Commercial banking offices

Total

17,961

17,992

-31

122

45

77

153

115

14,329

14,399

-70

45

45

115

7

6

54

471

Insured

Total

National State

16,947

16,931

+ 16

99

37

62

118

82

36

+35

+ 33

+2

13,430

13,442

-12

37

37

82

6

6

45

241

+33

+ 3

+4

+26

Members F. R.

System

6,684

6,686

24

6

18

41

31

10

+ 15

-2

+ 17

5,117

5,144

-27

6

6

31

4

2

20

5

2,515

2,345

+ 170

12

+ 168

+ 4

+ 155

+ 9

1,499

1,342

+ 157

+ 4

'+ 4

Not

members

F. R.

System

7,748

7,900

-152

61

30

31

65

48

17

-148

+29

+ 2

-153

-26

6,814

6,956

-142

30

30

482

3

25

171

+29

+3

+26

Noninsured

1,014

1,061

-47

238

15

35

33

2

-35

-33

-2

899

957

-58

Mutual savings

banking offices

Total

683

686

-3

548

551

Insured1

±3

Noninsured

599

602

496

498

OOFEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Changes in classification among insured banks...................

National banks succeeding State banks.........................................

State banks succeeding national banks..........................................

Admissions to F. R. System.............................................................

Withdrawals from F. R. System with continuance of insurance.

Succession to bank closed with financial aid of FD IC...............

Changes not involving number in any class:

Suspended banks succeeded by other banks in same class........

Other successions......................................................................... ..

Changes in title................................................................................

Changes in location.............................................................................

Changes in title and location............................................................

Changes in names of town.................................................................

BRANCHES

Number of branches, December 31, 1941.

Number of branches, December 31, 1940.

Net change during year............................................................

Changes resulting from—

Branches opened for business............................................

Absorbed banks converted into branches..............................

Branches replacing banks or branches closed or relocated.

Other branches opened...............................................................

Branches discontinued...........

Branches of suspended banks.

Other branches discontinued. .

Branches of noninsured banks admitted to insurance.........

Changes in classification among branches of insured banks.

Branches of banks admitted to F. R. System...............................

Branches transferred as result of absorptions or successions....

From State banks to national banks................................................

Changes not involving number in any class:

Branches transferred as result of absorptions or successions.

Changes in title................................................................................

Changes in location.........................................................................

Change in title and location.........................................................

3,767

3,728

+ 39

3,549

3,520

+ 29

63

196

38

36

5

31

+ 2

218

208

+ 10

15

15

-2

3,632

3,593

+39

3,517

3,489

+ 28

36

5

31

+ 2

-2 + 6

1,567

1,542

+25

18

3

1

14

10

+ 17

-2 

+ 19

+ 155

-4

+ 2

+ 162

-4-1

1,016

1,003

+ 13

13

+ 9

+28

-19

-153

-2 + 6 

-162

+ 4 + 1

2

2

8

2

9

3

934

944

-10

31

9

5

17

17

5

12

+ 2

-26

-28

+ 2

115

104

+ 11

15

15

135

135

± 3

32 103

31 104

+ 1 -1

1 At the close of the year 3 of the insured mutual savings banks, with no branches, were members of the Federal Reserve System and 49 insured mutual savings banks, with

32 branches, were not members of the Federal Reserve System. At the beginning of the year no insured mutual savings bank was a member of the Federal Reserve System.

2 Includes, among insured banks not members of the Federal Reserve System, 2 banks organized to replace banks which suspended during the latter part of 1940; 2 banks

organized to take over, in their respective communities, the business formerly handled by branches of an industrial loan company; and 2 banks organized to take over the business

of discontinued branches of other banks.

8 Includes one national bank which, in conformity with law, suspended immediately after termination of its insured status by the Corporation.

* This company paid off its depositors and ceased to engage in deposit banking in the latter part of 1940, withdrew from insurance during the early part of 1941, and was

subsequently placed in voluntary liquidation.

* Predecessor banks were unincorporated. I —1 O N o t e : For reconcilement of figures relating to number of suspensions, receiverships, and mergers with FDIC aid, see pages 91 and 99. h—1

Back figures— See the following Annual Reports: 1940, p. 94; 1939, p. 88; 1938, p. 124; 1937, pp. 70-72; 1936, pp. 102-104; 1935, pp. 144-46; 1934, p. 177.

NUMBER OF BANKING OFFICES— END-OF-YEAR

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Table 102. N u m b e r OF OPERATING BANKING OFFICES, DECEMBER 31, 1941

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION

All banking offices

Total Insured Noninsured

Commercial banking offices

Total

Insured

Total

National State

Members F. R.

System

Not

members

F. R.

System

Noninsured

Mutual savings banking

offices

Total Noninsured

Insured banking offices

as percentage of—

All

banking

offices

Commercial

banking

offices

Mutual

savings

banking

offices

United States and possessions— tota l.

Unit banks................................................. .

Head offices..................................................

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

United States.

Unit banks. . .

Head offices. .

Branches.

Possessions. ..

Unit banks. .

Head offices.

Branches. . . .

State

Alabam a.........

Unit banks. .

Head offices.

Branches. . . .

Arizona............

Unit banks. .

Head offices.

Branches.. . .

Arkansas.........

Unit banks. .

Head offices.

Branches. . . .

California

Unit banks. .

Head offices.

Branches.. ..

Colorado.........

Unit banks. .

Head offices.

Branches. . . .

18,644

13,807

1,070

3,767

18,547

13,783

1,059

3,705

97

24

11

62

238

215

3

20

388

4

26

229

200

14

15

1,045

166

32

847

144

144

17,031

12,526

956

3,549

17,024

12,524

954

3,546

7

2

2

3

231

208

3

20

388

4

26

223

194

14

15

1,039

162

31

846

137

137

1,613

1,281

114

218

1,523

1,259

105

159

90

22

9

59

17,961

13,340

989

3,632

17,864

13,316

978

3,570

97

24

11

62

238

215

3

20

388

4

26

229

200

14

15

1,045

166

32

847

144

144

16,947

12,485

945

3,517

16,940

12,483

943

3,514

7

2

2

231

208

3

20

388

4

26

223

194

14

15

1,039

162

31

846

137

137

6.684

4.911

206

1.567

6.684

4.911

206

1.567

85

642

19

26

3

2

21

51

491

1

776

87

9

680

78

78

2.515

1.325

174

1,016

2.515

1.325

174

1,016

142

10

7

125

15

15

7,748

6,249

565

934

7,741

6,247

563

931

7

2

2

3

129

129

10

3

2

5

163

136

13

14

121

65

15

41

44

44

1,014

855

44

115

924

833

35

56

90

22

9

59

683

467

81

135

683

467

81

135

84

41

11

32

84

41

11

32

599

426

70

103

599

426

70

103

91.3

90.7

89.3

94.2

91.8

90.9

90.1

95.7

7.2

8.3

18.2

4.8

97.1

96.7

100.0

100.0

100.0

100.0

100.0

100.0

97.4

97.0

100.0

100.0

99.4

97.6

96.9

99.9

95.1

95.1

94.4

93.6

95.6

96.8

94.8

93.7

96.4

98.4

7.2

8.3

18.2

4.8

97.1

96.7

100.0

100.0

100.0

100.0

100.0

100.0

97.4

97.0

100.0

100.0

99.4

97.6

96.9

99.9

95.1

95.1

12.3

13.6

23.7

13.6

23.7

102 FEDERAL DEPOSIT INSURANCE CORPORATION

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Connecticut............................................................ 206 108 98 133 108 57 9 42 25 73 73 52.4 81.2

Unit banks............................................................ 182 95 87 1 1 1 95 49 7 39 16 71 71 52.2 85.6

Head offices.......................................................... 7 5 2 6 5 3 1 1 1 1 1 71.4 83.3

Branches................................................................ 17 8 9 16 8 5 1 2 8 1 1 47.1 50.0

Delaware.................................................................. 58 54 4 55 54 14 7 33 1 3 3 93.1 98.2

Unit banks............................................................ 36 34 2 35 34 14 1 19 1 1 1 94.4 97.1

Head offices.......................................................... 8 7 1 7 7 3 4 1 1 87.5 100.0

Branches................................................................ 14 13 1 13 13 3 10 1 1 92.9 100.0

District of Columbia.......................................... 52 52 52 52 26 20 6 100.0 100.0

Unit banks............................................................ 1 1 1 1 1 1 1 1 4 3 4 100.0 100.0

Head offices........................................................... 1 1 1 1 1 1 1 1 5 5 1 100.0 100.0

Branches................................................................ 30 30 30 30 17 12 1 100.0 100.0

Florida....................................................................... 170 166 4 170 166 53 5 108 4 97.6 97.6

Unit banks............................................................ 166 164 2 166 164 53 5 106 2 98.8 98.8

Head offices.......................................................... 2 1 1 2 1 1 1 50.0 50.0

Branches................................................................ 2 1 1 2 1 1 1 50.0 50.0

Georgia..................................................................... 375 296 79 375 296 67 23 206 79 78.9 78.9

Unit banks............................................................ 336 263 73 336 263 48 15 200 73 78.3 78.3

Head offices.......................................................... 12 9 3 12 9 3 3 3 3 75.0 75.0

Branches................................................................ 27 24 3 27 24 16 5 3 3 88.9 88.9

Idaho......................................................................... 87 86 1 87 86 54 9 23 1 98.9 98.9

Unit banks............................................................ 43 42 1 43 42 13 9 20 1 97.7 97.7

Head offices.......................................................... 7 7 7 7 6 1 100.0 100.0

Branches................................................................ 37 37 37 37 35 2 100.0 100.0

Illinois....................................................................... 830 816 14 830 816 338 96 382 14 98.3 98.3

Unit banks............................................................ 830 816 14 830 816 338 96 382 14 98.3 98.3

Head offices...........................................................

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

Indiana..................................................................... 568 543 25 564 540 132 91 317 24 4 3 1 95.6 95.7 75.0

Unit banks............................................................ 457 434 23 453 431 118 73 240 22 4 3 1 95.0 95.1 75.0

Head offices........................................................... 43 42 1 43 42 6 3 33 1 97.7 97.7

Branches................................................................ 68 67 1 68 67 8 15 44 1 98.5 98.5

Iowa........................................................................... 815 740 75 815 740 103 51 586 75 90.8 90.8

Unit banks............................................................ 539 475 64 539 475 103 51 321 64 8 8.1 88.1

Head offices........................................................... 119 114 5 119 114 114 5 95.8 95.8

Branches................................................................ 157 151 6 157 151 151 6 96.2 96.2

Kansas...................................................................... 654 455 199 654 455 180 29 246 199 69.6 69.6

Unit banks............................................................ 654 455 199 654 455 180 29 246 199 69.6 69.6

Head offices..........................................................

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

Kentucky................................................................. 427 401 26 427 401 114 20 267 26 93.9 93.9

Unit banks............................................................ 385 359 26 385 359 92 16 251 26 93.2 93.2

Head offices........................................................... 13 13 13 13 3 2 8 100.0 100.0

Branches................................................................ 29 29 29 29 19 2 8 100.0 100.0

Louisiana................................................................. 20 1 200 1 201 200 57 9 134 1 99.5 99.5

Unit banks............................................................ 118 117 1 118 117 22 7 88 1 99.2 99.2

Head offices........................................................... 28 28 28 28 7 1 20 100.0 100.0

Branches.............................................................. 55 55 55 55 28 1 26 100.0 100.0

NUMBER OF BANKING OFFICES— END-OF-YEAR

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Federal Reserve Bank of St. Louis
Table 102. N u m b e r OF O p e r a t i n g B a n k i n g O f f i c e s , D e c e m b e r 31, 1941— Continued

g r o u p e d a c c o r d in g t o i n s u r a n c e s t a t u s AND CLASS o f b a n k a n d b y t y p e o f o f f ic e i n e a c h s t a t e a n d p o s s e s s io n

o

All banking offices Commercial banking offices Mutual savings banking 

offices

Insured banking offices 

as percentage of—

Insured

Commercial

banking

Mutual

savings

banking Total Insured Noninsured Total

Total

Members F. R. 

System

Not

members

Noninsured Total Insured Noninsured

All

banking

offices

National State F. R.

System

offices offices

159 117 42 125 111 39 33 39 14 34 6 28 73.6 88.8 17.6

75 46 29 45 40 32 1 7 5 30 6 24 61.3 88.9 20.0

23 17 6 21 17 3 4 10 4 2 2 73.9 81.0

61 54 7 59 54 4 28 22 5 2 2 88.5 91.5

279 253 26 252 251 73 53 125 1 27 2 25 90.7 99.6 7.4

Unit banks............................................................ 157 149 8 148 147 60 5 82 1 9 2 7 94.9 99.3 22.2

Head offices........................................................... 27 25 2 25 25 3 6 16 2 2 92.6 100.0

Branches ............................................................ 95 79 16 79 79 10 42 27 16 16 83.2 100.0

Massachusetts................................................... 542 308 234 319 308 186 67 55 11 223 223 56.8 96.6

Unit banks........................................................ 324 149 175 157 149 106 15 28 8 167 167 46.0 94.9

Head offices.......................................................... 66 41 25 42 41 18 14 9 1 24 24 62.1 97.6

Branches................................................................ 152 118 34 120 118 62 38 18 2 32 32 77.6 98.3

Michigan ....................................................... 618 582 36 618 582 141 221 220 36 94.2 94.2

Unit banks .......................................................... 401 378 23 401 378 67 136 175 23 94.3 94.3

Head offices .................................................... .. 47 43 4 47 43 11 10 22 4 91.5 91.5

Branches ........................................................ 170 161 9 170 161 63 75 23 9 94.7 94:7

Minnesota ..................................................... 681 650 31 680 649 192 21 436 31 1 1 95.4 95.4 100.0

Unit banks............................................................ 673 642 31 672 641 184 21 436 31 1 1 95.4 95.4 100.0

Head offices • • ................. 2 2 2 2 2 100.0 100.0

Branches ................................... 6 6 6 6 6 100.0 100.0

Mississippi ............ 250 245 5 250 245 25 2 218 5 98.0 98.0

Unit banks ................................ .. 181 176 5 181 176 23 2 151 5 97.2 97.2

Head offices ...................................... 25 25 25 25 1 24 100.0 100.0

Branches ............................................... 44 44 44 * 44 1 43 100.0 100.0

Missouri ....................................... 612 576 36 612 576 84 76 416 36 94.1 94.1

Unit banks ....................................... 612 576 36 612 576 84 76 416 36 94.1 94.1

Montana ....... ........... 112 112 112 112 41 25 46 100.0 100.0

Unit banks . . . .................. 112 112 112 112 41 25 46 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
419 363 56 419 363

415 359 56 415 359

2 2 2 2

2 2 2 2

23 22 1 23 22

10 9 1 10 9

2 2 2 2

1 1 1 1 1 1 1 1

1 1 0 57 53 66 57

104 55 49 62 55

3 1 2 2 1

3 I 2 2 1

500 484 16 472 469

322 309 13 301 298

54 53 1 51 51

124 12 2 2 12 0 12 0

49 48 1 49 48

37 36 1 37 36

5 5 5 5

7 7 7 7

1,555

720

1,364

615

191 1,369

626

1,354

105 614

Head offices.......................................................... 136 97 39 96 94

Branches .............................................................. 699 652 47 647 646

North Carolina...................................................... 358 349 9 358 349

Unit banks............................................................ 181 175 6 181 175

Head offices.......................................................... 46 45 1 46 45

Branches................................................................ 131 129 2 131 129

North Dakota......................................................... 185 173 12 185 173

Unit banks............................................................ 144 134 10 144 134

Head offices.......................................................... 17 16 1 17 16

Branches................. .............................................. 24 23 1 24 23

O hio........................................................................... 863 845 18 860 842

Unit banks............................................................ 656 638 18 653 635

Head offices.......................................................... 38 38 38 38

Branches................................................................ 169 169 169 169

Oklahoma................................................................ 390 381 9 390 381

Unit banks........................................................... 390 381 9 390 381

Oregon...................................................................... 141 139 2 140 138

Unit banks............................................................ 66 64 2 65 63

Head offices.......................................................... 6 6 6 6

Branches................................................................ 69 69 69 69

Pennsylvania.......................................................... 1,190

1,026

51

1,163

1,006

48

27 1,169

1,023

47

1,143

1,004

44

Unit banks............................................................ 20

Head offices.......................................................... 3

Branches................................................................ 113 109 4 99 95

135

131

2

14

14

214

214

56

56

86.6

86.5

100.0

86.6

86.5

100.0

2 100.0 100.0

17 2 3 1 95.7 95.7

4 2 3 1 90.0 90.0

2 100.0 100.0

1 1 100.0 100.0

53 1 3 9 44 44 51.8 86.4

51 1 3 7 42 42 52.9 88.7

1 1 1 1 33.3 50.0

1 1 1 1 33.3 50.0

258 127 84 3 28 15 13 96.8 99.4 53.6

206 44 48 3 2 1 1 1 10 96.0 99.0 52.4

18 23 10 3 2 1 98.1 100.0 66.7

34 60 26 4 2 2 98.4 100.0 50.0

22 5 2 1 1 98.0 98.0

22 5 9 1 97.3 97.3

5 100.0 100.0

7 100.0 100.0

602 566 186 15 186 10 176 87.7 98.9 5.4

391 1 1 2 1 1 1 12 94 1 93 85.4 98.1 1 . 1

31 46 17 2 40 3 37 71.3 97.9 7.5

180 408 58 1 52 6 46 93.3 99.8 11.5

51 2 1 277 9 97.5 97.5

41 8 126 6 96.7 96.7

3 3 39 1 97.8 97.8

7 10 1 1 2 2 98.5 98.5

45 128 12 93.5 93.5

45 89 10 93.1 93.1

16 1 94.1 94.1

23 1 95.8 95.8

279 247 316 18 3 3 97.9 97.9 100.0

234 1 2 1 280 18 3 3 97.3 97.2 100.0

g 16 14 100.0 100.0

37 1 1 0 22 100.0 100.0

207 1 1 163 9 97.7 97.7

207 1 1 163 9 97.7 97.7

91 6 41 2 1 1 98.6 98.6 100.0

24 6 33 2 1 1 97.0 96.9 100.0

2 4 100.0 100.0

65 4 100.0 100.0

728 128 287 26 2 1 20 1 97.7 97.8 95.2

664 80 260 19 3 2 1 98.1 98.1 66.7

2 1 13 10 3 4 4 94.1 93.6 100.0

43 35 17 4 14 14 96.5 96.0 100.0

o

OrNUMBER OF BANKING OFFICES— END-OF-YEAR

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 102. N u m b e r o f O p e r a t in g B a n k in g O f f ic e s , D e c e m b e r 31, 1941— Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE IN EACH STATE AND POSSESSION

All banking offices Commercial banking offices

Mutual savings banking

offices

Insured banking offices

as percentage of—

Insured

Commercial

banking

Mutual

savings

banking Total Insured Noninsured Total

Total

1 Members F. R.

System

Not

members

Noninsured Total Insured Noninsured

All

banking

offices

National State F. r .

System

offices offices

Rhode Island.......................................................... 72 44 28 61 44 20 2 1 3 17 1 1 1 1 61.1 72.1

Unit banks............................................................ 20 10 10 12 10 9 1 2 8 8 50.0 83.3

Head offices.......................................................... 12 6 6 11 6 3 2 1 5 1 1 50.0 54.5

Branches................................................................ 40 28 12 38 28 8 19 1 10 2 2 70.0 73.7

South Carolina...................................................... 175 138 37 175 138 42 6 90 37 78.9 78.9

Unit banks............................................................ 145 108 37 145 108 20 4 84 37 74.5 74.5

Head offices........................................................... 6 6 6 6 2 1 3 100.0 100.0

Branches................................................................ 24 24 24 24 20 1 3 100.0 100.0

South Dakota........................................................ 204 203 1 204 203 57 23 123 1 99.5 99.5

Unit banks............................................................ 139 138 1 139 138 33 23 82 1 99.3 99.3

Head offices........................................................... 23 23 23 23 4 19 100.0 100.0

Branches.............................. .................................. 42 42 42 42 20 22 100.0 100.0

Tennessee................................................................ 349 340 9 349 340 90 16 234 9 97.4 97.4

Unit banks............................................................ 276 267 9 276 267 65 6 196 9 96.7 96.7

Head offices........................................................... 21 21 21 21 5 1 15 100.0 100.0

Branches................................................................ 52 52 52 52 20 9 23 100.0 100.0

Texas.......................................................................... 857 785 72 857 785 444 86 255 72 91.6 91.6

Unit banks............................................................ 857 785 72 857 785 444 86 255 72 91.6 91.6

Head offices..........................................................

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

U tah........................................................................... 72 72 72 72 2 1 2 1 30 100.0 100.0

Unit banks............................................................ 55 55 55 55 11 21 23 100.0 100.0

Head offices................................. ......................... 5 5 5 5 2 3 100.0 100.0

Branches................................................................ 12 12 12 12 8 4 100.0 100.0

Verm ont................................................................... 98 98 81 81 42 39 17 17 100.0 100.0 100.0

Unit banks............................................................ 73 73 66 66 38 28 7 7 100.0 100.0 100.0

Head offices........................................................... 7 7 6 6 2 4 1 1 100.0 100.0 100.0

Branches................................................................ 18 18 9 9 2 7 9 9 100.0 100.0 100.0

Virginia..................................................................... 384 384 384 384 145 62 177 100.0 100.0

Unit banks............................................................ 275 275 275 275 124 50 101 100.0 100.0

Head offices...................................*..................... 39 39 39 39 6 4 29 100.0 100.0

Branches................................................................ 70 70 70 70 15 8 47 100.0 100.0

106 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
W ashington............................................................ 225 222 3 222

125

219

12 2

9

128

37

6

15

13

1

76

72

2

3 3 3 98.7

97.6

100.0

100.0

97.2

97.2

98.6

97.6

100.0

100.0

97.2

97.2

100.0

100.0

100.0

100.0

Unit banks.................................................... 126 123 3 3 1 1

Head offices........................................................... 10 10 9 1 1

Branches................................................................ 89 89 88 88 85

77

1 2 1 1

West Virginia......................................................... 180 175 5 180 175 24 74 5

Unit banks............................................................ 180 175 5 180 175 77 24 74 5

Head offices...........................................................

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

Wisconsin................................................................ 700 689 1 1

9

1

696

479

83

686

471

82

1 1 2

95

3

52

41

4

522

335

75

10

3

4 3 1 98.4

98.1

98.8

99.3

100.0

100.0

98.6

98.3

98.8

99.3

100.0

100.0

75.0 Unit banks............................................................ 483 474 75.0 4 3

Head offices.......................................................... 83 82 1

Branches................................................................ 134 133 1 134 133 14 7 1 1 2 1

W yom ing.................................................................. 58 58 58 58 26 9 23

Unit banks............................................................ 58 58 58 58 26 9 23

Head offices...........................................................

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

Possessions

Alaska1 ...................................................................... 18 2 16 18 2 2 16

14

1

1 1 . 1

12.5

1 1 . 1

Unit banks............................................................ 16 2 14 16 2 2 12.5

Head offices.......................................................... 1 1 1

Branches................................................................ 1 1 1 1

Hawaii2...................................................................... 43 2 41 43 2 2 41

1

4.7 4.7 Unit banks............................................................ 1 1 1

Head offices.......................................................... 3 1 2 3 1 1 2 33.3

2.6

33.3 Branches................................................................ 39 1 38 39 1 1 38 2.6

Puerto R ico............................................................. 32 32 32 32

Unit banks............................................................ 6 6 6 6

Head offices........................................................... 6 6 6 6

Branches................................................................ 20 20 20 20

Virgin Islands3 ...................................................... 4 3 1 4 3 3 1 75.0 75.0 Unit banks............................................................ 1 1 1 1

Head offices........................................................... 1 1 1 1 1 100.0

100.0

100.0 Branches................................................................ 2 2 2 2 2 100.0

1 Includes 4 national banks (all unit banks), 2 among insured banks not members of the Federal Reserve System, and 2 among noninsured banks.

2 Includes, among noninsured banks, 1 national bank operating 16 branches.

3 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 2 branches.

Back figures— See the following Annual Reports: 1940, p. 96; 1939, p. 90; 1938, p. 126; 1937, p. 73; 1936, p. 105; 1935, pp. 122-131.

NUMBER OF BANKING OFFICES— END-OF-YEAR 107

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Federal Reserve Bank of St. Louis
Table 103. N u m b e r AND DEPOSITS OF OPERATING COMMERCIAL AND MUTUAL SAVINGS BANKS, DECEMBER 31, 1941

BANKS GROUPED ACCORDING TO INSURANCE STATUS IN EACH STATE AND POSSESSION

U n ited S tates and

possessions-total

United States..........

Possessions...............

State

Alabama..................

Arizona....................

Arkansas.................

California................

Colorado.................

Connecticut............

Delaware.................

Dist. of Columbia.

Florida.....................

Georgia....................

Idaho.......................

Illinois.....................

Indiana....................

Iowa.........................

Kansas.....................

Kentucky................

Louisiana................

Maine......................

Maryland...............

Massachusetts. . . .

Michigan.................

Minnesota..............

Mississippi..............

Missouri..................

Montana.................

Number of banks

Commercial banks

All

banks

Total Insured1

Noninsured2

Mutual savings banks

Total Insured

Noninsured

Deposits (in thousands of dollars)

All

banks

Commercial banks

Total Insured Noninsured

Mutual savings banks

Total Insured Noninsured

14,877

14,842

35

218

12

214

198

144

189

44

22

168

348

50

830

500

658

654

398

146

98

184

390

448

675

206

612

112

14,329

14,294

35

218

12

214

198

144

117

42

22

168

348

50

830

496

658

654

146

66

173

199

448

674

206

612

112

13,430

13,426

4

211

12

208

193

137

100

41

22

165

272

49

816

473

589

455

372

145

57

172

190

421

643

201

576

112

899

868

31

3

76

1

14

23

69

199

261

9

1

9

27

31

5

36

548

548

496

496

32

1 1

191

26

9

191

82,045,322

81,767,414

277,908

489,205

112,373

289,750

5,280,918

415,937

1,615,985

289,497

495,554

562,652

688,566

125,547

5,895,815

1,205,583

862,893

533,569

642,531

663,787

363,539

1,096,210

4,563,887

2,100,470

1,190,817

271,561

1,960,220

184,278

71,511,415

71,233,507

277,908

489,205

112,373

289,750

5,280,918

415,937

849,795

243,513

495,554

562,652

688,566

125,547

5,895,815

1,185,045

862,893

533,569

642,531

663,787

232,903

868,534

2,424,210

2,100,470

1,122,176

271,561

1,960,220

184,278

69,420,573

69,411,092

9,481

487,051

112,373

288,417

5,248,396

414,060

735,276

243,279

495,554

559,962

680,352

122,606

5,878,632

1,172,667

824,372

474,045

634,389

663,357

213,887

830,348

2,350,875

2,056,619

1,110,337

268,436

1,952,944

184,278

2,090,842

1,822,415

268,427

2,154

10.533.907

10.533.907

1.788.695

1.788.695

8.745.212

8.745.212

1,333

32,522

1,877

114,519

234

766,190

45,984

766,190

45,984

2,690

8,214

2,941

17,183

12,378

38,521

59,524

8,142

430

19,016

38,186

73,335

43,851

11,839

3,125

7,276

20,538 14,069 6,469

130,636

227,676

2,139,677

14,703

1,755

115,933

225,921

2,139,677

68,641 68,641

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Nebraska............

Nevada...............

New Hampshire

New Jersey........

New Mexico... .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma. . . . i .

Oregon.................

Pennsylvania. . .

Rhode Island. .,

South Carolina.

South Dakota..

Tennessee...........

Texas...................

Utah....................

Vermont.............

Virginia...............

Washington.......

West Virginia.. ,

Wisconsin..........

Wyoming............

Possessions

Alaska................

Hawaii................

Puerto Rico

Virgin Islands..

417

12

107

376

42

856

227

161

694

390

72

1,077

32

151

162

297

857

60

80

314

136

180

566

58

417

12

64

352

42

722

227

161

691

390

71

1,070

23

151

162

297

857

60

72

314

134

180

562

58

361

1 1

56

349

41

708

220

150

673

381

69

1,048

16

114

161

288

785

60

72

314

131

175

553

58

561

8

3

1

14

7

1 1

18

2

22

7

371

9

72

15

3

121

43

24

134

13

4

1 Includes 9 trust companies not engaged in deposit banking.

2 Excludes trust companies not engaged in deposit banking. See pages 90-91.

398.458

52,323

304,399

2,463,677

81,997

27,506,817

707,819

148,841

3,285,493

546.459

442,559

6,477,217

564,501

224,709

127,287

821,411

2,082,087

206,612

180,436

844,160

792,532

365,325

1,154,957

86,194

26,949

156,765

92,277

1,917

398.458

52,323

109,175

2,154,526

81,997

21,951,558

707,819

148,841

3,159,970

546.459

439,304

5.850.717

384,504

224,709

127,287

821,411

2,082,087

206,612

123,482

844,160

715,069

365,325

1.149.718

86,194

26,949

156,765

92,277

1,917

388,380

52,204

101,331

2,152,315

81,582

20,892,893

700,018

112,948

3,154,241

544,918

435,351

5,791,408

318,325

214,049

126,548

817,208

2,052,597

206,612

123,482

844,160

705,764

360,517

1,145,535

86,194

4,143

3,501

1,837

10,078

119

7,844

2 ,2 1 1

415

1,058,665

7,801

35,893

5,729

1,541

3,953

59,309

66,179

10,660

739

4,203

29,490

195,224

309,151

195,224

180,182128,969

5,555,259 722,644 4,832,615

125,523 125,523

3,255

626,500

179,997

3,255

569,809 56,691

179,997

56,954 56,954

9,305

4,808

4,183

77,463 77,463

5,239 4,910 329

22,806

153,264

92,277

80

O<£>NUMBER AND DEPOSITS OF BANKS— END-OF-YEAR

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 104. ANALYSIS OF ADMISSIONS TO AND TERMINATIONS OF INSURANCE IN EACH CLASS OF BANK, 1934-1941

1934- 1941 1941

All

banks

National

banks

members

F. R.

System

State

banks

members

F. R.

System

Commercial

banks not

members

F. R.

System

Mutual

savings

banks

All

banks

National

banks

members

F. R.

System

State

banks

members

F. R.

System

Commercial

banks not

members

F. R.

System

Mutual

savings

banks

Number insured at beginning of period..........................................

Number insured at end of period.......................................................

113,201

13,482

5,153

5,117

856

1,499

26,978

6,814

214

52

13,495

13,482

5,144

5,117

1,342

1,499

6,956

6,814

53

52

2,047

533

23

16

1,006

87

432

10

67 1,518

479

15

30 70 6 5 59

Banks operating, or with direct predecessors operating, when deposit insurance became effective:

Banks of deposit operating January 1, 1934, not previously

insured, or successors to such banks3..........................................

Banks previously insured or successors to such banks^

23

2

2 1 24 4 20

6 1 1

Financial institutions operating January 1, 1934, but not engaged in deposit banking, or successors to such institutions6

Banks in conservatorship or operating under restrictions, or in

receivership or liquidation, when deposit insurance became

effective:

Successors to or reorganizations of banks in conservatorship or

operating under restrictions®

4 12 3 3

339 25 640 2

Successors to or reorganizations of banks in receivership or in

nrnnoaa of H m li H n t"i fvn 7 13 7 67 1 1

Banks organized and opened since deposit insurance became effective:

Banks opened and admitted to insurance in the same calendar

year8 ................................................................................. 342 70 6 265 1 37 6 1 30

Banks opened since January 1, 1934, prior to year of admission

to insurance, or successors to such banks

Financial institution opened since January 1, 1934, but not engaged in deposit banking prior to year of admission to in39

1

39 4 4

1

Admissions directly offset by terminations— total..................... 1,129 164 758 204 3 190 8 164 15 3

"DnTra Cf nfliot* ViUTllfd 1T1 RPIYtP 143 61 7 75 6 2 4

Bunks succeeding other insured hanks not in same class® 2 0 1

6

102 10 89 15 6 2 7

Readmissions of banks which had suspended and reopened or had

withdrawn from insurance..................................................................

Admissions to insurance of banks withdrawing from F. R. System

Admissions of insured banks to F. R. System10................................

1 5

35

744

35 4 4

741 3 165 162 *3

110 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Terminations not directly offset by admissions—total........... 1,766 473 89 1,012 192 83 31 3 48

Banks suspended or merged with financial aid from FDIC:

Suspended banks not reopened or succeeded11.............................. 228 16 6 205 1 5 3 2

Banks merged with financial aid of FDIC—net reduction........ 1 1 1 24 6 80 1 6 2 1 3

Other terminations:

Withdrawals from insurance of operating banks (excluding

those readmitted during same year) 12.......................... .............. 229 2 50 177 1 1

Banks absorbed by, succeeded by, or consolidated with noninsured banks.................................................................................... 20 1 1 9

Banks absorbed by or consolidated with other insured banks

without financial aid of FDIC— net reduction......................... 901 358 61 471 1 1 46 20 25

17

1

Other liquidations................................................................................ 273 63 14 195

2

1 24

1

5 2

Insured status terminated by FDIC13............................................ 4 1 1 1

Terminations directly offset by admissions—total.................. 1,129 159 93 874 3 190 10 9 168 3

Banks succeeded by other banks in same class................................ 143 61 7 75 6 2 4

Banks succeeded by other insured banks not in same class.......... 2 01 96 51 54 15 8 5 2

Suspended banks, or banks withdrawing from insurance, readmitted ................................................................................................. 6 2 4

Banks withdrawing from F. R. System and admitted to insurance 35 35 4 4

Insured banks admitted to F. R. System10....................................... 744 741 3 165 162 3

1 The banks admitted to insurance as of January 1 , 1934, were licensed, under the provisions of the Executive Order of the President issued March 10, 1933, prior to or on

the date deposit insurance became effective, with the exception of a few banks which were fully or conditionally admitted to insurance as of January 1, 1934, though formally

licensed at a later date. See also footnotes 2 and 5.

2 Includes about 460 banks which had been approved for insurance, but from which assessment remittances were not received until after January 1, 1934. Also includes

40 institutions of the types described in footnote 5.

3 Excludes banks operating under restrictions but unlicensed under the provisions of the Executive Order of the President issued March 10, 1933.

4 Includes banks which withdrew from insurance during or at the close of the temporary funds, or which were succeeded by noninsured banks and operated as noninsured

banks for three months or more prior to readmission to insurance.

5These cases include the following types of institutions: (a) trust companies not engaged in deposit banking but with uninvested trust funds eligible for insurance; (b) industrial and Morris Plan banks and companies not legally authorized to receive deposits on January 1 , 1934, which have been authorized by laws enacted since January 1, 1934,

to engage in deposit banking, or whose obligations were recognized by the Corporation as eligible for the protection of deposit insurance; and (c) banks of deposit organized as

successors to cooperative credit associations, savings and loan associations, Morris Plan companies, and similar institutions. In addition, 40 institutions of these types were

admitted to insurance as of January 1, 1934.

6 Includes a few cases of banks placed under restrictions subsequent to January 1, 1934.

7 Includes a few cases of banks which were in conservatorship or operating under restrictions on January 1, 1934, which were subsequently placed in receivership or liquidation, and were in process of liquidation at the time of reorganization and admission to insurance.

8 Includes banks opened subsequent to the suspension of other insured banks in the same communities, but not direct successors to such banks.

9 Includes private banks incorporated, new charters obtained in connection with consolidation, and charter renewals in cases where corporate identity was not maintained

and the bank was required to reapply for insurance.

No termination of insurance occurs in the case of insured banks not members of the Federal Reserve System which are admitted to that system, but they are insured

thereafter under subsection (e) rather than subsection (f) of section 12B of the Federal Reserve Act, as amended. The number of insured banks admitted to Federal Reserve

membership is shown in this table in order to indicate the admissions and terminations of insured banks by class.

11 Excludes, in 1941, 1 bank which, in accordance with the provisions of law, suspended immediately following termination of its insured status by the Corporation.

12 Includes 2 trust companies (of which 1 was in 1941) not engaged in deposit banking.

13 1 of these banks subsequently suspended, and another (referred to in footnote 1 1 ) immediately suspended.

Back figures— For figures for each year, see the Annual Report for 1940, pp. 104-09.

INSURANCE ADMISSIONS AND TERMINATIONS

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Federal Reserve Bank of St. Louis
NUM BER AND DEPOSITS OF BANKS AND BANKING OFFICES— M ID YEAR

Table 105. NUMBER OF OPERATING BANKS, JUNE 30, 1941

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF BANK AND AMOUNT OF DEPOSITS

All banks Commercial banks Mutual savings banks

Insured

Total Insured Noninsured Total

Total

Members F. R. S. Not mem­ Noninsured Total Insured Noninsured

National State

bers F. R.

System

14,903 13,479 1,424 14,353 13,426 5,130 1,423 6,873 927 550 53 497

W ith deposits of—

498 269 229 498 269 15 4 250 229

$100,000 to $250,000........................................ 2,235 1,936

3,041

299 2,232 1,935 266 74 1,595 297 3 1 2

$250,000 to $500,000 ...................................... 3,196

3,187

155 3,191 3,039 799 226 2,014 152 5 2 3

$500,000 to $1,000,000.................................... 3,067 120 3,167 3,062 1,209 330 1,523 105 20 5 15

$1 ,000,000 to $2 ,000,000................................ 2,398 2,311

1,655

87 2,346 2,306 1,197 260 849 40 52 5 47

$2,000,000 to $5,000,000................................ 1,822

693

167 1,682 1,643 942 234 467 39 140 12 128

$5 ,000,000 to $1 0 ,000,000.............................. 570 123 575 560 344 115 1 0 1 15 118 10 108

$10,000,000 to $50,000,000............................ 634 462 172 466 453 269 119 65 13 168 9 159

More than $50,000,000 .................................. 200 159 41 156 150 87 57 6 6 44 9 35

\Tat1D Ar M fit O Q 11 Q Vl 1 p 40 9 31 40 9 2 4 3 31

Unit banks........................................................ 13,841

498

2 ,2 2 1

3,085

3,009

12,528 1,313 13,371 12,485 4,923 1,253 6,309 886 470 43 427

W ith deposits of—

<51 fjft 000 nr Ipqq 269 229 498 269 15 4 250 229

$100,000 to $250,000................................... 1,924 297 2,218 1,923 266 74 1,583 295 3 1 2

$250,000 to $500,000.................................... 2,934 151 3,080 2,932 799 225 1,908 148 5 2 3

$500,000 to $1,000,000................................ 2,897 1 1 2 2,989 2,892 1,208 329 1,355 97 20 5 15

$1 ,000,000 to $2 ,000,000............................ 2,254 2,171 83 2,202 2,166 1,193 255 718 36 52 5 47

$2,000,000 to $5,000,000............................ 1,690

563

1,540 150 1,561 1,528 917 222 389 33 129 12 117

$5,000,000 to $10,000,000.......................... 453 110 452 443 294 80 69 9 1 1 1 10 10 1

$10 000,000 to $50,000,000........................ 417 283 134 286 279 194 52 33 7 131 4 127

More than $50,000,000................................ 66 49 17 47 45 35 9 1 2 19 4 15

38

1,062

g 30

1 1 1

38 8 2 3 3 30

Banks operating branches......................... 951 982 941 207 170 564 41 80 10 70

With deposits of—

<Mnn non +r> non 14

1 1 1

178

144

132

12

107

170

140

115

2 14 12 12 2

iocn non +/■* noo 4 1 1 1 107 1 106 4

non fA $1 non non 8 178 170 1 1 168 8

$1 non non ^9 non ono 4 144 140 4 5 131 4

$2 000 000 to $5 000 000 17 1 2 1 115 25 12 78 6 1 1 1 1

$5 000 000 to $ 10 000 000 130 117 13 123 117 50 35 32 6 7 7

$10 000 000 to $50,000,000........................ 217 179 38 180 174 75 67 32 6 37 5 32

More than $50,000,000................................ 134 1 1 0 24 109 105 52 48 5 4 25 5 20

2 1 1 2 1 1 1

N o t e : For deposits of these banks, see Table 110. Back figures—See the following Annual Reports: 1940, p. 112; 1939, p. 100; 1938, p. 138; 1937, p. 82; 1936, p. 112.

112 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 106. N u m b e r of O p e r a t in g B a n k in g O f f ic e s , Ju n e 30, 1941

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE AND AMOUNT OF DEPOSITS

All banking offices Commercial banking offices Mutual savings banking offices

Total Insured Noninsured Total

Total

Insured

Members F. R. S. Not members F. R.

System

Noninsured Total Insured Noninsured

National State

All banking offices............................................. 18,645 17,011 1,634 17,961 16,927 6,695 2,430 7,802 1,034 684 84 600 W ith deposits of—

$100,000 or less................................................. 632 403 229 632 403 23 7 373 229

$100,000 to $250,000........................................ 2,578 2,281 297 2,575 2,280 294 91 1,895 295 3 1 2

$250,000 to $500,000........................................ 3,493 3,342 151 3,487 3,339 899 277 2,163 148 6 3 3

$500,000 to $1,000,000.................................... 3,649 3,537 1 1 2 3,628 3,531 1,525 447 1,559 97 2 1 6 15 $1 ,000,000 to $2 ,000,000................................ 3,057 2,974 83 3,001 2,965 1,630 487 848 36 56 9 47 $2,000,000 to $5,000,000................................ 2,509 2,359 150 2,371 2,338 1,316 538 484 33 138 2 1 117

$5,000,000 to $10,000,000.............................. 886 776 1 10 770 761 462 197 102 9 116 15 10 1 $10,000,000 to $50,000,000............................ 671 537 134 526 519 323 143 53 7 145 18 127 More than $50,000,000.................................... 162 145 17 136 134 89 41 4 2 26 1 1 15 None or not available...................................... 1,008 657 351 835 657 134 202 321 178 173

Unit banks (see Table 105).......................... 13,841 12,528 1,313 13,371 12,485 4,923 1,253 6,309 886 470 43

llO

427

Head offices...................................................... 1,062 951 1 1 1 982 941 207 170 564 41 80 10 70 W ith deposits of—

$100,000 or less............................................. 4 4 4 4 1 3

$100,000 to $250,000................................... 39 39 39 39 1 38

$250,000 to $500,000................................... 102 102 102 102 102

$500,000 to $1,000,000................................ 115 115 115 115 2 113

$1 ,000,000 to $2 ,0 0 0 ,000............................ 94 94 94 94 8 7 79

$2,000,000 to $5,000,000............................ 103 103 103 103 32 17 54

$5,000,000 to $10,000,000.......................... 88 88 86 86 39 28 19 2 2

$10,000,000 to $50,000,000........................ 109 109 104 104 50 39 15 5 5

More than $50,000,000............................... 71 71 68 68 38 27 3 3 3

None or not available.................................. 337 226 1 1 1 267 226 37 51 138 41 70 70

Branches............................................................ 3,742 3,532 210 3,608 3,501 1,565 1,007 929 107 134 31 103 With deposits of—

$100,000 or less............................................. 130 130 130 130 7 3 120

$100,000 to $250,000................................... 318 318 318 318 28 16 274

$250,000 to $500,000................................... 306 306 305 305 100 52 153 1 1

$500,000 to $1,000,000................................ 525 525 524 524 315 118 91 1 1

$1 ,000,000 to $2 ,0 00,000............................ 709 709 705 705 429 225 51 4 4

$2,000,000 to $5,000,000............................ 716 716 707 707 367 299 41 9 9

$5 ,000,000 to $1 0 ,000,000.......................... 235 235 232 232 129 89 14 3 3

$10,000,000 to $50,000,000........................ 145 145 136 136 79 52 5 9 9

More than $50,000,000............................... 25 25 2 1 2 1 16 5 4 4

None or not available.................................. 633 423 2 10 530 423 95 148 180 107 103 103

N o t e : For deposits of these offices, see Table 111. Back figures—See the following Annual Reports: 1940, p. 110; 1939, p. 98; 1938, p. 136; 1937, p. 80; 1936, p. 112.

NUMBER OF BANKING OFFICES— MIDYEAR

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Federal Reserve Bank of St. Louis
Table 107. N u m b e r OF OPERATING BANKING OFFICES OF COMMERCIAL BANKS, JUNE 30, 1941

GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY TYPE OF OFFICE AND POPULATION OF CENTER IN WHICH LOCATED

A 11

Banking offices with deposits of—

All

banking

offices

$100,000

or

less

$100,000

to

$250,000

$250,000

to

$500,000

$500,000

to

$1 ,000,000

$1 ,000,000

to

$2 ,000,000

$2 ,000,000

to

$5,000,000

$5,000,000

to

$10 ,000,000

$10 ,000,000

to

$50,000,000

More

than

$50,000,000

None or

not

available1

All banking offices........................................... 17,961

888

632 2,575 3,487 3,628 3,001 2,371 770 526 136 835

In centers with population of—

Less than 250 202 430 170 36 5 1 1 43

250 to 500 1,947

2,736

3,437

2,043

1,684

1,411

662

2 10 917 576 138 12 1 93

500 to 1 000 141 809 1,106

1,144

279

502 78 12 88

1 000 to 2 500 41 328 1,367

797

418 43 96

2 500 to 5 000 6 42 699 173 2 1 44

5 000 to 10 000 6 10 81 364 743 411 24 2 43

10 000 to 25 000 ........................................ 6 10 32 117 374 674 138 17 43

25 000 to 50 000 .................................... 4 4 17 30 88 254 177 56 32

50 000 or m ore............................................... 3,153 16 25 82 277 584 802 429 450 135 353

Unit banks ................................................. 13,371

751

498 2,218 3,080 2,989 2,202 1,561 452 286 47 38

In centers with population of—

Less than 250 174 382 151 32 4 1 1 6

250 to 500 1,618

2,343

2,917

1,723

152 804 525 120 1 1 1 5

rnn tn 1 non 107 693 1,008

1,030

240

453 71 7 4

1 9 ^Oft 37 274 1,187 351 33 5

2 500 to 5 000 ................... 4 36 706 589 143 2 1 2

5 000 to 10 000 ................... 1,403

1,151

476

5 7 67 311 645 345 20 2 1

m Ann non 5 9 22 92 322 579 109 13

oc non non 3 3 8 22 64 205 132 39

50.000 or more............................................. 989 1 1 10 29 66 145 247 189 231 46 i*5

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
All offices of banks operating branches

In centers with population of—

Less than 250...............................................

250 to 500.....................................................

500 to 1,000..................................................

1.000 to 2,500..............................................

2,500 to 5,000..............................................

5.000 to 10,000............................................

10.000 to 25,000..........................................

25.000 to 50,000..........................................

50.000 or more.............................................

Head offices.............................................

In centers with population of—

Less than 250...........................................

250 to 500.................................................

500 to 1,000.............................................

1.000 to 2,500..........................................

2.500 to 5,000..........................................

5.000 to 10,000........................................

10.000 to 25,000......................................

25.000 to 50,000......................................

50.000 or more.........................................

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

In centers with population of—

Less than 250...........................................

250 to 500.................................................

500 to 1,000.............................................

1.000.to 2,500..........................................

2.500 to 5,000..........................................

5.000 to 10,000........................................

10.000 to 25,000......................................

25.000 to 50,000......................................

50.000 or more.........................................

,590 134 357 407 639 799 810 318 240 89

137 28 48 19 4 1

329 58 113 51 18 1

393 34 116 98 49 7 5

520 4 54 114 180 67 10

320 2 6 39 91 1 10 30

281 1 3 14 53 98 66 4

260 1 1 10 25 52 95 29 4

186 1 1 9 8 24 49 45 17

,164 5 15 53 2 1 1 439 555 240 219 89

982 4 39 102 115 94 103 86 104 68

26 1 9 7 1

62 1 12 22 6

87 14 31 14 3 1

148 1 4 35 52 13 3

85 6 22 30 6

76 1 1 1 27 17 1

76 5 12

2

26

16

34

707

14

25

46

232

2

67 1 10

92

136

355 1 3

524

7 68

,608 130 318 305 705 21

1 1 1 27 39 12 3 1

267 57 1 0 1 29 12 1

306 34 102 67 35 4 4

372 3 50 79 128 54 7

235 2 6 33 69 80 24

205 1 3 13 42 71 49 3

184 1 1 10 20 40 69 15 2

119 1 1 9 7 22 33 20 7

,809 4 15 53 208 432 521 194 127 2 1

37

88

84

91

42

42

43

32

338

267

797

21

24

40

2 1

19

17

13

104

530

29

67

60

51

21

23

26

19

234

1 Deposits of head offices and of branches of noninsured banks operating branches, and of 225 insured banks operating branches, are not available separately.

Back figures— See the Annual Report for 1940, p. 116.

NUMBER OP BANKING OFFICES— MIDYEAR 115

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Federal Reserve Bank of St. Louis
Table 108. N u m b e r o f O p e r a t in g B a n k in g O f f ic e s o f C o m m e r c ia l B a n k s , Ju n e 30, 1941

GROUPED ACCORDING TO NUMBER OF COMMERCIAL BANKING OFFICES IN CENTER IN WHICH LOCATED AND BY

TYPE OF OFFICE AND POPULATION OF CENTER IN WHICH LOCATED

All

banking

offices

Banking offices in centers with—

1

banking

office

2

banking

offices

3

banking

offices

4

banking

offices

5

banking

offices

6

banking

offices

7 or 8

banking

offices

9 to 19

banking

offices

20 or more

banking

offices

All banking offices........................................................... 17,961

888

8,952

884

4,098

4

1,218 460 280 186 251 517 1,999

In centers with population of—

Less than 250..................... ...................................................

250 to 500 ............................................................................. 1,947

2,736

3,437

1,885

2,440

2,378

813

62

500 to 1,000 ....................................................................... 288 3 5

1,000 to 2,500........................................................................ 996 63

2,500 to 5,000 ...................................................................... 2,043

1,684

1,411

662

1,076

942

132 12 10

5,000 to 10,000...................................................................... 386 300 36 20

10,000 to 25,000.................................................................... 149 610 450 152 32 18

25,000 to 50,000.................................................................... 15 102 195 160 115 54 2 1

50,000 or more....................................................................... 3,153

13,371

751

2 18 75 100 98 114 230 517 1,999

Unit banks..................................................................... 7,397 363

748

3,565 1,014 346 190 103 137 256

In centers with population of—

Less than 250 ................................ 3

250 to 500 .............................................................. 1,618

2,343

2,917

1,563

2,073

1,950

647

55

500 to 1,000 ............................................................ 267 2 1

1,000 to 2,500 ............................................................ 909 58

2,500 to 5,000 ................................................................ 1,723 935 123 8 10

5,000 to 10,000 .............................................................. 1,403

1,151

476

301 796 253 36 17

10,000 to 25,000 ............................................................. 107 507 370 126 25 16

25,000 to 50,000 ............................................................. 7 81 149 1 1 0 86 30 13

50,000 or more.................................................................. 989 1 12 59 66 51 57 124 256 363

116 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
All offices of banks operating branches.

In centers with population of—

Less than 250...................................................

250 to 500..........................................................

500 to 1,000......................................................

1.000 to 2,500...................................................

2,500 to 5,000...................................................

5.000 to 10,000................................................

10.000 to 25,000..............................................

25.000 to 50,000..............................................

50.000 or more.................................................

Head offices...................................................

In centers with population of—

Less than 250...............................................

250 to 500.....................................................

500 to 1,000..................................................

1.000 to 2,500..............................................

2.500 to 5,000..............................................

5.000 to 10,000............................................

10.000 to 25,000..........................................

25.000 to 50,000..........................................

50.000 or more.............................................

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

In centers with population of—

Less than 250...............................................

250 to 500.....................................................

500 to 1,000.................................................

1.000.to 2,500..............................................

2.500 to 5,000..............................................

5.000 to 10,000............................................

10.000 to 25,000.............. ...........................

25.000 to 50,000..........................................

50.000 or more.............................................

4,590 1,555

137 136

329 322

393 367

520 428

320 166

281 85

260 42

186 8

2,164 1

982 318

26 26

62 61

87 77

148 107

85 29

76 12

76 5

67

355

1

3,608 1,237

1 1 1 1 1 0

267 261

306 290

372 321

235 137

205 73

184 37

119 7

1,809 1

533

1

7

21

87

141

146

103

21

6

193

1

10

39

48

48

38

8

1

340

1

6

11

48

93

98

65

13

5

Back figures— See the Annual Report for 1940, p. 118.

204 114 90 83 114 261 1,636

1 4

5

9 4

47 3

80 26 7 2

46 50 29 24 8

16 34 47 57 106 261 1,636

76 41 23 29 42 78 182

2

4 4

16

23 8 2

24 19 4 7 4

7 10 17 22 38 78 182

128 73 67 54 72 183 1,454

1 4

3

5

31 3

57 18 5 2

22 31 25 17 4

9 24 30 35 68 183 1,454

<1NUMBER OF BANKING OFFICES— MIDYEAR

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Federal Reserve Bank of St. Louis
Table 109. NUMBER OF COMMERCIAL BANKS OPERATING BRANCHES AND NUMBER OF BRANCHES, JUNE 30, 1941

BANKS OPERATING BRANCHES GROUPED ACCORDING TO CHARACTER OF BRANCH SYSTEM AND BRANCHES GROUPED ACCORDING TO

LOCATION OF BRANCH AND BY POPULATION OF CENTER IN WHICH LOCATED AND STATE

Character of branch system Location of branch

All

branch

systems

City

wide

County

wide

State

wide

In more

than one

State1

All

branches

In head

office

city

Elsewhere

in head

office

county

Elsewhere

in head

office

State

Outside

head

office

State1

United States and possessions— total.......................... 982 277 453 249 3 3,608

3,550

58

1,620

1,616

4

791 1,191

1,150

41

6

971 277 453 238 3 778 6

Possessions........................................................................... 11 11 13

In centers with population of—

Less than 250.................................................................... 26 19 7 1 1 1 71 40

250 to 500 ......................................................................... 62 46 16 267 1 178 88

500 to 1,000....................................................................... 87 50 37 306 1 173 132

1,000 to 2,500.................................................................... 148 1 1 1 1 86 372 2 123 247

2,500 to 5,000.................................................................... 85 1 62 22 235 3 72 160

5,000 to 10 ,0 0 0................................................................. 77 6 56 15 205 5 60 140

10,000 to 25,000............................................................... 76 13 35 28 184 17 44 123

25,000 to 50,000............................................................... 66 25 22 19 119 35 26 58

50,000 or more.................................................................. 355 231 52 69 3 1,809 1,556 44 203 6

State

Alabama............................................................................. 3 2 1 20 3 5 12

Arizona ............................................................................. 4 1 3 26 1 7 18

Arkansas.................................................................. .. 14 10 4 15 10 5

California........................................................................... 32 6 14 1 1 1 848 233 75 537 3

Colorado .........................................................................

Connecticut ................................................................ 6 1 4 1 16 5 5 6

Delaware............................................................................. 7 3 1 3 13 3 4 6

District of Columbia ................................................... 1 1 1 1 30 30

Florida ........................................................................ 2 1 1 2 1 1

Georgia ..................................................................

1 1 2 2 7 26 1 1 2 13

Idaho ........................................................................... 7 2 5 37 3 34

Illinois.................................................................................

Indiana ................................................................ 43 1 1 32 68 25 43

Iowa ............................................................................... 119 86 33 158 1 118 39

Kansas. ........................................................................

118 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Kentucky.........

Louisiana..........

Maine................

Maryland.........

Massachusetts.

Michigan...

Minnesota..

Mississippi.

Missouri. . .

Montana.. .

29

54

58

79

117

165

6

43

21

23

4

39

123

6

24 19

Nebraska............

Nevada...............

New Hampshire.

New Jersey.........

New Mexico.. . .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

33

12

2

11

2

120

7

646

129

22

171

87

590

124

Oregon...............

Pennsylvania. ..

Rhode Island. .

South Carolina.

South Dakota..

Tennessee.

Texas........

Utah..........

Vermont. .

Virginia. ..

53

Washington...

West Virginia.

Wisconsin. . . .

Wyoming........

82

6

21 132

2

7

29

3

’ 88

1 Out-of-State branches are operated as follows: 1 bank in California operates 1 branch in Oregon and 2 branches in Washington; 1 bank in New Jersey operates 1 branch

i Pennsylvania; and 1 bank in New York operates 1 branch in Massachusetts and 1 branch in Pennsylvania.

Back figures— See the following Annual Reports: 1940, p. 124; 1939, p. 1 1 0 ; 1938, p. 134; 1937, p. 90; 1936, p. 120.

CONUMBER OF BANKING OFFICES— MIDYEAR

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Federal Reserve Bank of St. Louis
Table 110. DEPOSITS OF OPERATING BANKS, JUNE 30, 1941

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF BANK AND AMOUNT OF DEPOSITS

All banks...........................

With deposits of—

$100,000 or less...............

$100,000 to $250,000....

$250,000 to $500,000___

$500,000 to $1 ,000,000. .

$1 ,000,000 to $2 ,000,000

$2,000,000 to $5,000,000

$5 ,000,000 to $1 0 ,000,0 0 0.

$10,000,000 to $50,000,000

More than $50,000,000....

Unit banks.......................

With deposits of—

$100,000 or less...............

$100,000 to $250,000___

$250,000 to $500,000___

$500,000 to $1 ,000,000. .

$1 ,000,000 to $2 ,000,000

$2,000,000 to $5,000,000

$5 ,000,000 to $1 0 ,000,000.

$10,000,000 to $50,000,000

More than $50,000,000....

Banks operating branches

With deposits of—

$100,000 or less...............

$100,000 to $250,000-----

$250,000 to $500,000-----

$500,000 to $1 ,000,000..

$1 ,000,000 to $2 ,000,000

$2 ,000,000 to $5 ,000,000

$5 ,000,000 to $1 0 ,000,000

$10,000,000 to $50,000,000

More than $50,000,000...

All banks

Total Insured Noninsured1

Commercial banks

Total

Insured

Total

Members F. R. S.

National State

Not members F. R.

System

Noninsured1

Mutual savings banks

Total Insured Noninsured

78,346,434

33,723

395,777

,172,373

278,789

,382,784

,625,945

836,705

,378,366

,241,972

35,993,686

33,723

392,792

1,129,831

2,148,985

3,174,474

5,202,970

3,920,175

8,345,320

11,645,416

42,352,748

2,985

42,542

129,804

208,310

422,975

916,530

5,033,046

35,596,556

(In thousands of dollars)

67,419,195 10,927,239 67,697,376 65,616,648 37,273,221 21,230,552 7,112,875

20.414

347,878

1,117,558

2,194,907

3,262,283

5,083,350

3,955,988

9,501,534

41,935,283

29,296,368

20.414

345,305

1,076,656

2,070,797

3,059,503

4,711,803

3,132,316

5,487,830

9,391,744

38,122,827

2,573

40,902

124,110

202,780

371,547

823,672

4,013,704

32,543,539

13.309

47,899

54,815

83,882

120,501

542,595

880,717

3,876,832

5,306,689

6,697,318

13.309

47,487

53,175

78,188

114,971

491,167

787,859

2,857,490

2,253,672

4,229,921

412

1,640

5,694

5,530

51,428

92,858

1,019,342

3,053,017

33.723

395,222

1,170,640

2,263,027

3,306,354

5,162,203

3,988,696

9,627,542

41,749,969

30,302,199

33.723

392,237

1,128,098

2,133,223

3,098,044

4,774,639

3,126,428

5,613,869

10,001,938

37,395,177

2,985

42,542

129,804

208,310

387,564

862,268

4,013,673

31,748,031

20.414

347,732

1,116,770

2,190,429

3,254,508

5,046,609

3,883,552

9,282,146

40,474,488

28,765,541

20.414

345,159

1,075,868

2,066,319

3,051,728

4,675,062

3,059,880

5,417,300

9,053,811

36,851,107

2,573

40,902

124,110

202,780

371,547

823,672

3,864,846

31,420,677

1.159

50.410

304.280

886,734

1,691,305

2,924,280

2,405,060

5,558,521

23,451,472

18,921,544

1.159

50.410

304.280

886,036

1,685,184

2,836,165

2,050,999

3,809,419

7,297,892

18,351,677

698

6,121

88,115

354,061

1,749,102

16,153,580

299

14.530

86,224

238,878

372,114

740,131

817,835

2,459,571

16,500,970

4,693,372

299

14.530

85,729

237,971

363,871

694,744

552,385

1,048,654

1,695,189

16,537,180

495

907

8,243

45,387

265,450

1,410,917

14,805,781

18.956

282,792

726,266

1,064,817

1,191,089

1,382,198

660,657

1,264,054

522,046

5,150,625

18.956

280,219

685,859

942,312

1,002,673

1,144,153

456,496

559,227

60,730

1,962,250

2,573

40,407

122,505

188,416

238,045

204,161

704,827

461,816

13.309

47,490

53,870

72,598

51,846

115,594

105,144

345,396

1,275,481

1,536,658

13.309

47,078

52,230

66,904

46,316

99,577

66,548

196,569

948,127

544,070

412

1,640

5,694

5,530

16,017

38,596

148,827

327,354

10,649,058 1,802,547 8,846,511

555

1,733

15,762

76,430

463,742

848,009

3,750,824

5,492,003

5,691,487

146

788

4,478

7,775

36,741

72,436

219,388

1,460,795

530,827

409

945

11,284

68,655

427,001

775,573

3,531,436

4,031,208

5,160,660

555

1,733

15,762

76,430

428,331

793,747

2,731,451

1,643,478

4,957,571

146

783

4,478

7,775

36,741

72,436

70,530

337,933

1,271,720

409

945

11,284

68,655

391,590

721,311

2,660,921

1,305,545

3,685,851

35,411

54,262

1,019,373

3,848,525

35,411

54,262

870,515

2,725,663

148,858

1,122,862

to 

o

i Excludes figures for 31 noninsured commercial banks for which data are not available.

N o t e : For number of banks, see Table 105. Back figures— See the following Annual Reports: 1940, p. 130; 1939, p. 114; 1938, p. 150; 1937, p. 96; 1936, p. 125; 1935,

pp. 150-<>4.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
T ab le 111. DEPOSITS OF OPERATING BANKING OFFICES, JUNE 30, 1941

OFFICES GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK AND BY TYPE OF OFFICE AND AMOUNT OF DEPOSITS

All banking offices Commercial banking offices Mutual savings banking offices

Insured

Total Insured Noninsured Total

Total

Members F. R. S. Not members F. R.

System

Noninsured Total Insured Noninsured

Nation | State

(In thousands of dollars)

All banking offices................

With deposits of—

$100,000 or less...............

$100,000 to $250,000....

$250,000 to $500,000....

$500,000 to $1,000,000..

$1 ,000,000 to $2 ,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000

$10,000,000 to $50,000,000

More than $50,000,000

Not available1................

Unit banks (see Table 110)

Head offices......................

With deposits of—

$100,000 or less...............

$100,000 to $250,000....

$250,000 to $500,000....

$500,000 to $1,000,000..

$1 ,000,000 to $2 ,000,000

$2,000,000 to $5,000,000

$5,000,000 to $10,000,000.

$10,000,000 to $50,000,000

More than $50,000,000....

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

With deposits of—

$100,000 or less....................

$100,000 to $250,000..........

$250,000 to $500,000..........

$500,000 to $1,000,000___

$1 ,000,000 to $2 ,000,0 0 0 . .

$2,000,000 to $5,000,000. .

$5,000,000 to $10,000,000.

$10,000,000 to $50,000,000

More than $50,000,000___

42,857

453,425

1,281,754

2,618,631

4,329,859

7,802,798

6,155,985

13,436,119

30,393,048

11,831,958

35,993,686

19,906,865

256

7,182

38,182

82,114

132,755

355,496

623,731

2,362,903

16,304,246

10,613,925

8,878

53,451

113,741

387,532

1,022,630

2,244,332

1,612,079

2,727,896

2,443,386

67,419,195 10,927,239 67,697,376 65,616,648 37,273,221 21,230,552

29,548 13,309 42,857 29,548 1,576 373

405,938 47,487 452,870 405,792 55,787 17,850

1,228,579 53,175 1,279,671 1,227,441 343,874 105,857

2,540,443 78,188 2,602,352 2,535,448 1,121,835 327,326

4,214,888 114,971 4,247,744 4,201,428 2,316,705 701,129

7,311,631 491,167 7,345,323 7,245,746 4,093,837 1,701,596

5,368,126 787,859 5,325,837 5,259,289 3,211,929 1,373,584

10,578,629 2,857,490 10,362,814 10,166,245 6,390,962 2,835,647

28,139,376 2,253,672 27,891,801 26,943,674 17,823,207 8,823,359

7,602,037 4,229,921 8,146,107 7,602,037 1,913,509 5,343,831

29,296,368 6,697,318 30,302,199 28,765,541 18,921,544 4,693,372

19,906,865 19,242,812 19,242,812 10,424,730 7,756,321

256 256 256 14

7,182 7,182 7,182 117

38,182 38,182 38,182

82,114 82,114 82,114 1,520

132,755 132,755 132,755 12,260 9,713

355,496 355,496 355,496 114,779 68,876

623,731 610,006 610,006 281,905 202,874

2,362,903 2,195,133 2,195,133 1,111,107 792,576

16,304,246 15,821,688 15,821,688 8,903,145 6,682,165

10,613,925 10,006,258 10,006,258 6,013,438 3,437,028

8,878 8,878 8,878 403 74

53,451 53,451 53,451 5,377 3,203

113,741 113,391 113,391 39,594 20,128

387,532 387,015 387,015 234,279 89,355

1,022,630 1,016,945 1,016,945 619,261 327,545

2,244,332 2,215,188 2,215,188 1,142,893 937,976

1,612,079 1,589,403 1,589,403 879,025 618,325

2,727,896 2,553,812 2,553,812 1,470,436 994,417

2,443,386 2,068,175 2,068,175 1,622,170 446,005

27,599

332,155

777,710

1,086,287

1,183,594

1,450,313

673,776

939,636

297,108

344,697

5,150,625

1,061,761

242

7,065

38,182

80,594

110,782

171,841

125,227

291,450

236,378

555,792

8,401

44,871

53,669

63,381

70,139

134,319

92,053

88,959

2,080,728

13,309

47,078

52,230

66,904

46,316

99,577

66,548

196,569

948,127

544,070

1,536,658

10,649,058 1,802,547 8,846,511

555

2,083

16,279

82,115

457,475

830,148

3,073,305

2,501,247

3,685,851

5,691,487

664,053

146

1,138

4,995

13,460

65,885

108,837

412,384

1,195,702

530,827

664,053

409

945

11,284

68,655

391,590

721,311

2,660,921

1,305,545

3,685,851

5,160,660

13,725

167,770

482,558

607,667

13,725

167,770

482,558

607,667

350

517

5,685

29,144

22,676

174,084

375,211

350

517

5,685

29,144

22,676

174,084

375,211

K>

1 Deposits of head offices and branches of noninsured banks operating branches and of 225 insured banks operating branches are not available separately. Excludes figures

for 31 noninsured commercial banks for which data are not available.

N o t e : For number of offices, see Table 106. Back figures— See the following Annual Reports: 1940, p. 128; 1939, p. 112.

DEPOSITS OF BANKING OFFICES— MIDYEAR

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Federal Reserve Bank of St. Louis
ASSETS AND LIABILITIES OF OPERATING BANKS

Table 112. SUMMARY OF ASSETS AND LIABILITIES OF OPERATING BANKS IN THE UNITED STATES AND POSSESSIONS, 1935-1941

BANKS GROUPED BY INSURANCE STATUS AND TYPE OF BANK

(Amounts in millions of dollars) t—t

1935 1936 1937 1938 1939 1940 1941

Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 29 Dec. 31 June 30 Dec. 31

ALL COMMERCIAL AND MUTUAL SAVINGS BANKS

ASSETS

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

U. S. Government obligations1 ..................................

Other securities...............................................................

Loans, discounts, and overdrafts..............................

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

LIABILITIES AND CAPITAL

Miscellaneous liabilities................................................

Total capital accounts..................................................

Total liabilities and capital accounts...........

14,872

15,510

10,035

20,291

3,236

63.944

55,512

657

7,775

63.944

15,060

17,330

10,509

20,601

3,284

66.784

58,159

728

7,897

66.784

16,819

17,479

10,618

21,388

3,265

69.569

60,926

689

7,954

69.569

15,520

16,933

10,260

22,461

3,214

68.388

59,586

775

8,027

68.388

15,902

16,683

9,739

22,119

3,093

67.536

58,829

671

8,036

67.536

17,392

16,787

9,496

21,053

2,990

67.718

59,120

594

8,004

67.718

18,262

18,006

9,609

21,315

3,144

70.336

61,638

668

8,030

70.336

20,544

18,800

9,522

21,309

3,005

73.180

64,416

651

8,113

73.180

23,324

19,462

9,283

22,130

2,923

77.122

68,413

609

8,100

77.122

25,597

19,753

9,326

22,310

2,755

79.741

70,959

624

8,158

79.741

28,122

21,032

9,438

23,742

2,710

85.044

76,192

644

8,208

85.044

26,794

23,577

9,113

25,286

2,567

87.337

78,347

663

8,327

87.337

27,397

25,539

9,027

26,640

2,434

91.037

82,045

624

8,368

91.037

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

Number of banks not included*.....................

Total operating banks*................................

15,878

62

15,940

15,776

62

15,838

15,655

59

15,714

15,525

59

15,584

15,398

46

15,444

15,293

50

15,343

15,203

54

15,257

15,096

41

15,137

15,040

45

15,085

14,970

37

15,007

14,917

33

14,950

14,869

34

14,903

14,845

32

14,877

ALL COMMERCIAL BANKS

ASSETS

Cash and amounts due from other banks...............

U. S. Government obligations1 ..................................

Other securities..............................................................

Loans, discounts, and overdrafts..............................

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

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

LIABILITIES AND CAPITAL

Total deposits.................................................................

Miscellaneous liabilities................................................

Total capital accounts..................................................

Total liabilities and capital accounts...........

14,320

13,826

7,115

15,164

2,361

52.786

45,632

636

6,518

52.786

14,516

15,346

7,714

15,571

2,347

55.494

48,184

705

6,605

55.494

16,254

15,291

7,888

16,415

2,323

58.171

50,865

670

6,636

58.171

14,991

14,591

7,514

17,489

2,276

56.861

49,423

751

6,687

56.861

15,355

14,219

7,062

17,190

2,171

55.997

48,656

649

6,692

55.997

16,815

14,097

7,005

16,149

2,090

56.156

48,908

572

6,676

56.156

17,676

15,117

7,229

16,440

2,260

58.722

51,355

648

6,719

58.722

19,842

15,742

7,245

16,442

2,140

61.411

53,985

628

6,798

61.411

22,509

16,343

7,103

17,263

2,058

65.276

57,887

588

6,801

65.276

24,618

16,608

7,179

17,427

1,964

67.796

60,325

595

6,876

67.796

27,154

17,794

7,373

18,830

1.945

73.096

65,532

619

6.945

73.096

25,825

20,145

7,172

20.370

1,859

75.371

67,698

626

7,047

75.371

26,603

21,839

7,230

21,738

1,805

79.215

71,512

592

7,111

79.215

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

Number of banks not included2.....................

Total operating banks*................................

15,312

62

15,374

15,211

62

15,273

15,092

59

15,151

14,963

59

15,022

14,836

46

14,882

14,731

50

14,781

14,649

54

14,703

14,544

41

14,585

14,489

45

14,534

14,419

37

14,456

14,366

33

14,399

14,319

34

14,353

14,297

32

14,329

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
INSURED COMMERCIAL BANKS

ASSETS

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

U. S. Government obligations1 ......................

Other securities..................................................

Loans, discounts, and overdrafts.................

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

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

LIABILITIES AND CAPITAL

Total deposits.....................................................

Miscellaneous liabilities...................................

Total capital accounts.....................................

Total liabilities and capital accounts

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

Number of banks not included2........

_________ Total operating banks.....................

NONINSURED COMMERCIAL BANKS

ASSETS

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

U. S. Government obligations1 ............................

Other securities........................................................

Loans, discounts, and overdrafts........................

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

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

LIABILITIES AND CAPITAL

Total deposits...........................................................

Miscellaneous liabilities.........................................

Total capital accounts...........................................

Total liabilities and capital accounts...

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

Number of banks not included*..............

Total operating banks*

13,851

13,275

6,841

14,719

2,241

50,927

44,147

569

6,211

50,927

14,1233

14,126

469

551

274

445

120

1,859

1,485

67

307

1,859

1,189

59

1,248

14,039

14,772

7,412

15,131

2,238

53,592

46,649

644

6,299

53,592

14,0596

14,065

477

574

302

440

109

1,902

1,535

61

306

1,902

1,152

56

1,208

15,730

14,750

7,558

15,965

2,208

56,211

49,283

599

6,329

56,211

13,9703

13,973

524

541

330

450

115

1,960

1,582

71

307

1,960

1,122

56

1,178

14,540

13,965

7,214

17,044

2,142

54,905

47,830

679

6,396

54,905

13,8852

13,887

451

626

300

445

134

1,956

1,593

72

291

1,956

1,078

57

1,135

14,931

13,669

6,807

16,750

2,055

54,212

47,224

584

6,404

54,212

13,7952

13,797

424

550

255

440

116

1,785

1,432

65

288

1,785

1,041

44

1,085

16,371

13,525

6,753

15,726

1,994

54,369

47,461

516

6,392

54,369

13,7234

13,727

444

572

252

423

96

1,787

1,447

56

284

1,787

1,008

46

1,054

17,176

14,507

6,944

16,024

2,149

56,800

49,779

586

6,435

56,800

13,6592

13,661

500

610

285

416

111

1,922

1,576

62

284

1,922

990

52

1,042

19,354

15,038

6,955

/16,041

i 2,038

' 59,426

^52,327

584

6,515

59,426

21,876

15,568

. 6,860

/ 16,866

1,977

✓63,147

56,076

546

6,525

63,147

488

704

290

401

102

1,985

1,658

44

283

1,985

975

39

1,014

633

775

243

397

81

2,129

1,811

42

276

2,129

954

42

996

23,864

15,901

y 6,920

/17,014

, 1,890

/ 65,589

/ 58,425

557

6,607

65,589

26,291

17,064 A

7,099

8,398

j . 1,868 f 70,720 ( 63,470

577

6,673

70,720

/l3,4803

13,483

754

707

259

413

74

2,207

1,900

38

269

2,207

939

34

973

24,998

19,376

, 6,908

' 19,913 , 1,794

/72,984

65,617

594

6,773

72,984

863

730

274

432

77

2,376

2,062

42

272

2,376

928

29

957

J 13,4233

13,426

/ 13,4273

13,430

827

774

264

457

65

2,387

2,081

32

274

2,387

896

31

927

25,793

21,047

6,985

21,262

, 1,740

76,827

>69,421

564

6,842

76,827

810

792

245

476

65

2,388

2,091

28

269

2,388

870

29

899

to

COASSETS AND LIABILITIES OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 112. SUMMARY OP ASSETS AND LIABILITIES OF OPERATING BANKS IN THE UNITED STATES AND POSSESSIONS, 1935-1941 Continued

BANKS GROUPED BY INSURANCE STATUS AND TYPE OF BANK

(Amounts in millions of dollars)

1935 1936 1937 1938 1939 1940 1941

Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 29 Dec. 31 June 30 Dec. 31

ALL MUTUAL SAVINGS BANKS

ASSETS

552 544 565 529 547 577 586 702 815 979 968 969 794

3,700

1,797

4,902

629

11,822

1,684

2,920

1,984 2,188 2,342 2,464 2,690

2,491

2,889 3,058 3,119 3,145 3,238 3,432

2,795 2,730 2,746 2,677 2,380 2,277 2,180 2,147 2,065

4,912

1,941

4,916 Loans discounts and overdrafts. . .......................... 5,127

875

5,030 4,973 4,972 4,929 4,904 4,875 4,867 4,867 4,883

Miscellaneous assets .................................................... 937 942 938 922 900 884 865 865 791 765 708

11,966 Total assets............................................................... 11,158 11,290 11,398 11,527 11,539 11,562 11,614 11,769 11,846 11,945 11,948

LIABILITIES AND CAPITAL

9,880 9,975 10,061 10,163 10,173 10 ,2 12 10,283 10,431 10,526 10,634 10,660

25

10,649

37

1,280

11,966

10,533

32

1,257

11,822

Miscellaneous liabilities................................................ 2 1 23 19 24 22 22 20 23 2 1 29

Total capital accounts..................................................

Total liabilities and capital accounts...........

1,257

11,158

1,292

11,290

1,318

11,398

1,340

11,527

1,344

11,539

1,328

11,562

1,311

11,614

1,315

11,769

1,299

11,846

1,282

11,945

1,263

11,948

566 565 563 562 562 562 554 552 551 551 551 550 548

INSURED MUTUAL SAVINGS BANKS

ASSETS

Cash and due from other banks................................. 68 70 70 69 72 87 71 95 133 167 202 2 0 1

569

151

629

421

j/ 642

115

y 1,958

U § Government obligations1 .................................. 179 2 10 237 252 250 254 280 377 421 421 548

284 271 262 247 246 230 232 244 303 299 470

J 637

446

/ 641 Loans discounts and overdrafts.............................. 489 476 469 470 472 466 461 -"■'576 J 605 ✓ 598

Miscellaneous assets...................................................... 88 95 94 10 1 10 1 100 93 . 10 1

j 1,393

, 104 100 127

/ l , 984

. 12 2

J 1,979 'Total assets .......................................................... 1,108 1 ,1 2 2 1,132 1,139 1,141 1,137 1,137 J 1,566 ) 1,585

LIABILITIES AND CAPITAL

978 988 998 1,002 1,004 1,008 1,0 1 2 y 1,246 ^ 1,409 / 1,428 y i ,8i 8 / 1,802

1 1

166

1,979

/1 ,78 8

6

164

1,958

Miscellaneous liabilities................................................ 4 4 3 4 3 4 3 3 4 6 5

Total capital accounts.................................................. 126 130 131 133 134 125 12 2 144 153 151 161

Total liabilities and capital accounts........... 1,108 1 ,1 2 2 1,132 1,139 1,141 1,137 1,137 1,393 1,566

— i--------

1,585

------j-------

1,984

Number of banks............................................... 56 56 56 56 56 56 48 ' 49 J 51 } 51 > 53 J 53 ^ 52

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
NONINSURED MUTUAL SAVINGS BANKS

ASSETS

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

U. S. Government obligations1 ..................................

Other securities..............................................................

Loans, discounts, and overdrafts..............................

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

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

LIABILITIES AND CAPITAL

Total deposits.................................................................

Miscellaneous liabilities...............................................

Total capital accounts..................................................

Total liabilities and capital accounts..........

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

484

1,506

2,636

4,638

787

10,050

8,902

17

1,131

10,050

510

474

1,774

2,524

4,554

842

10,168

8,987

19

1,162

10,168

509

495

1,951

2,468

4,504

848

10,266

9,063

16

1,187

10,266

507

460

2,090

2,499

4,502

837

10,388

9,161

20

1,207

10,388

506

475

2,214

2,431

4,457

821

10,398

9,169

19

1,210

10,398

506

490

2,436

2,261

4,438

800

10,425

9,204

18

1,203

10,425

506

515

2,609

2,148

4,414

791

10,477

9,271

17

1,189

10,477

506

607

2,681

2,033

4,291

764

10,376

9,185

20

1,171

10,376

503

682 812 766 768 643

2,698 2,724 2,690 2,863 3,071

1,877 1,848 1,595 1,495 1,376

4,262 4,285 4,275 4,275 4,260

761 691 638 586 514

10,280 10,360 9,964 9,987 9,864

9,117 9,206 8,842 8,847 8,745

17 23 20 26 26

1,146 1,131 1 ,1 0 2 1,114 1,093

10,280 10,360 9,964 9,987 9,864

500 500 498 497 496

1 Includes both direct and fully guaranteed obligations.

* Banks for which statements of assets and liabilities are not available, and, among insured banks, trust companies not members of the Federal Reserve System which are

not engaged in deposit banking.

* Excludes noninsured trust companies not engaged in deposit banking. See pages 90-91.

ASSETS AND LIABILITIES OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 113. A s s e t s AND LIABILITIES OF OPERATING INSURED COMMERCIAL BANKS, CALL DATES 1934-1941

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938 1939 1940 1941

June 30 June 29 June 30 June 30 June 30 June 30 June 29 June 30 Dec. 31

Number of banks1............................................... 13,896 14,175 14,059 13,885 13,723 13,569 13,480 13,423 18,427

ASSETS

Cash, balances with other banks, and cash

items in process of collection:

Currency and coin.......................................................

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

Demand balances with banks in the United

States (except private banks and American

branches of foreign banks):

In New York City...................................................

Elsewhere...................................................................

Other balances with banks in the United States. .

Balances with banks in foreign countries..............

Cash items in process of collection..........................

Total cash, balances with other banks, and

cash items in process of collection. . . .

622,749

3,819,410

1,302,378

2,232,294

126,325

145,652

1,093,987

9,342,795

705,488

4,933,277

1,612,871

2,759,445

150,266

76,225

1,219,335

11,456,907

915,988

5,607,119

1,869,377

3,201,486

195,625

55,409

2,194,114

14,039,118

844,197

6,896,663

1,456,015

2,884,490

155,296

54,754

2,248,736

14,540,151

909,727

8,004,090

1,971,524

3,266,066

154,856

118,931

1,945,536

16,370,730

917,759

10,010,744

} 5,964,135

178,301

44,344

2,239,001

19,354,284

983,888

13,750,656

7,387,759

152,328

16,204

1,573,048

23,863,883

1,242,618

12,958,527

8,147,685

150,856

10,042

2,488,529

24,998,257

1,358,735

12,395,664

8,426,797

146,847

11,463

3,453,163

25,792,669

Direct obligations of the U. S. Government:

Treasury bills................................................................

Treasury notes..............................................................

Bonds..............................................................................

Total direct obligations of the United

States Government.....................................

1,450,838

3,046,894

5,210,244

9,707,976

1,104,669

4,476,099

4,889,004

10,469,772

1,270,127

5,428,167

5,816,750

12,515,044

826,756

4,637,033

6,386,378

11,850,167

318,767

3,925,676

6,915,305

11,159,748

446,009

2,925,415

8,576,596

11,948,020

805,453

2,698,508

9,026,826

12,530,787

1,135,105

2,757,808

11,398,130

15,291,043

988,333

3,158,664

12,797,965

16,944,962

Obligations guaranteed by the U. S. Govt:

Reconstruction Finance Corporation......................

Home Owners’ Loan Corporation............................

Federal Farm Mortgage Corporation.....................

Other Government corporations and agencies. . .

235,942

8295,997

61,585

246,715

si,198,549

447,451

238,076

1,444,000

575,357

2 2 1 , 1 1 1

1,409,116

484,318

262,725

1,440,444

493,955

168,322

2,365,446

658,870

1,616,440

550,646

264,239

870,416

1,589,066

498,353

412,263

1,341,673

1,507,004

531,430

699,564

1,402,251

1,533,562

559,803

606,534

Total obligations guaranteed by the

United States Government..................... 593,524 1,892,715 2,257,433 2,114,545 3,090,195 3,370,098 4,079,671 4,102,150

Other securities:

Obligations of Government corporations and

agencies, not guaranteed by U. S. Govt:

Federal Land banks................................................

Federal Intermediate Credit banks....................

Other Government corporations and agencies..

Obligations of States and political subdivisions..

Obligations of territorial and insular possessions

of the United States...........................................

Obligations of other domestic corporations:

Railroads....................................................................

Public utilities..........................................................

Industrials.................................................................

All other4....................................................................

Foreign bonds, notes, and debentures— public

Stocks of foreign corporations..................................

} 273,466

' 2,2 56,316

23,256

915,267

902,784

J 810,139

I 334,236

/ 205,925

\ 134,422

‘2,558,536

21,507

1,025,574

975,497

808,747

295,610

258,191

139,687

2^758,456

19,521

1,173,943

1,176,996

945,644

297,859

199,937

131,772

*2,662,173

22,057

1,203,111

1,137,234

959,041

273,0j68

158,164

162,856

(•)

2,660,288

19,408

1,056,801

982,014

887,791

207,938

117,293

142,030

154,146

| 3,141,394

942,958

886,300

f 696,824

134,666

216,903

2,599

122,726

162,749

162,300

3,482,795

862,089

646,991

599,356

185,359

202,461

1,871

171,996

193,869

186,599

3,551,281

824,274

571,847

606,037

157,461

175,384

2,088

185,737

200,077

198,433

3,651,627

826,627

531,049

619,451

162,999

164,606

1,372

126 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Corporate stocks of:

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

Affiliates of reporting banks.............................

Other domestic banks.........................................

Other domestic corporations............................

Total other securities5...................................

Total securities5...........................................

Loans, discounts, and overdrafts (including

rediscounts):

Commercial paper bought in open market...........

Notes, bills, acceptances, etc., payable in foreign

countries................................................................

Acceptances of other banks, payable in U. S .. ..

Reporting banks’ own acceptances.........................

Loans to brokers and dealers in securities:

In New York City..................................................

Elsewhere..................................................................

Real estate loans:

On farm land............................................................

On residential properties.......................................

On other properties.................................................

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

Agricultural loans (excluding loans on farm land)

Commercial and industrial loans.............................

Other loans for the purpose of purchasing or

carrying securities.............................................

All other loans............................................................

Overdrafts....................................................................

Total loans, discounts, and overdrafts5 6.

Total loans and securities5 6.....................

Bank premises, furniture and fixtures, and

other real estate:

Bank premises..............................................................

Furniture and fixtures................................................

Farm land (including improvements)....................

Residential properties.................................................

Other real properties..................................................

Investments indirectly representing bank premises or other real estate.....................................

Other assets indirectly representing bank premises or other real estate.....................................

Total bank premises, furniture and

fixtures, and other real estate...........

Miscellaneous assets:

Customers' liability to reporting banks on

acceptances outstanding....................................

Redemption fund and due from U. S. Treasurer.

Income accrued but not collected...........................

Prepaid expenses.........................................................

Other assets8..................................................................

Total miscellaneous assets*.............................

Total assets*............................................................

145,990

535,131

6,196,585

16,498,085

218,727

20,559

265,222

216,690

1,116,165

213,261

555,885

2,906,282

165,095

*9,504,205

7,680

15,189,771

31,687,856

1,212,843

426,996

(6)

1,639,839

254,360

36,249

473,411

764,020

43,434,510

146,382

501,800

6,674,000

19,036,487

284,725

17,751

201,164

138,969

993,856

197,497

497,475

2,832,874

127,807

69,216,329]

6,966

14,515,413

33,551,900

1,209,938

507,573

(8)

1,717,511

158,934

11,842

368,289

539,065

47,265,383

130,810

510,502

7,411,609

22,184,086

318,879

17,979

144,298

118,780

1,097,524

273,513

489,244

2,876,819

86,865

661,606

*9,037,835

7,393

15,130,735

37,314,821

1,194,621

74,186

499,838

(6)

1,768,645

159,267

309,751

469,018

53,591,602

132,238

493,220

7,213,851

21,178,563

440,745

15,533

131,645

115,626

1,300,825

265,611

504,217

3,080,036

118,973

726,400

*10,334,310

9,996

17,043,917

38,222,480

1,172,617

63,052

474,378

(6)

1,710,047

190,745

241,135

431,880

54,904,558

133,510

484,601

6,753,371

20,278,565

340,085

13,640

75,673

113,460

540,968

184,586

512,872

1,208,792

124,084

925,708

*9,677,036

8,676

15,725,580

36,004,145

1,153,259

53,096

456,164

(s)

1,662,519

111,499

220,369

331,868

54,369,262

134,942

112,046

36,633

235,960

6,954,694

21,992,909

283,630

8,605

66,911

101,511

755,382

530,740

2,468,203

991,408

60,216

1,193,478

5,227,799

828,220

3,509,824

14,446

16,040,373

38,033,282

1,005,581

101,248

46,568

198,830

206,352

104,186

54,453

1,717,218

103,674

110,572

10,973

95,856

321,075

59,425,859

136,861

108,557

32,964

213,325

6,920,404

22,821,289

355,782

5,319

46,550

91,012

463,625

543,575

2,719,934

1,019,742

43,025

1,182,728

6,004,170

741,741

3,787,966

9,203

17,014,372

39,835,661

985,404

95,678

38,353

155,260

176,420

92,374

44,539

1,588,028

81,104

109,398

11,289

99,817

301,608

65,589,180

140,295

105,244

30,527

190,997

6,907,899

26,278,613

458,414

6,211

52,698

79,585

592,481

551,224

3,038,804

1,041,363

45,095

1,167,209

7,746,276

702,910

4,420,380

10,519

19,913,169

46,191,782

976,086

91,044

28,608

121,538

156,609

85,354

36,830

1,496,069

79,424

111,837

11,046

95,697

298,004

72,984,112

142,094

105,770

27,116

167,959

6,984,917

28,032,029

541,112

6,991

45,045

77,990

614,333

535,300

3,208,379

1,031,228

39,793

1,449,941

8,544,001

661,789

4,493,849

11,770

21,261,521

49,293,550

970,344

90,419

22,841

98,375

140,314

78,298

29,968

1,430,559

73,089

117,200

11,469

108,218

309,976

76,826,754

ASSETS AND LIABILITIES OP OPERATING BANKS 127

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Federal Reserve Bank of St. Louis
Table 113. A ssets a n d L ia b ilities of Operating Insured C om mercial B an k s, Call D ates 1934-1941— Continued

(Amount* in thousands of dollars)

1934 1935 1936 1937 1938 1939 1940 1941

June 30 June 29 June 30 June 30 June 30 June 30 June 29 June 30 Dec. 31

l ia b il it ie s

Demand deposits (exclusive of interbank

deposits):

Individuals, partnerships, and corporations.........

United States Government.......................................

States and political subdivisions..............................

Certified and officers’ checks, cash letters of

credit and travelers' checks outstanding, and

amounts due to Federal Reserve banks........

Total demand deposits...................................

Time deposits (exclusive of interbank

deposits):

Individuals, partnerships, and corporations:

Savings deposits.......................................................

Certificates of deposit.............................................

Christmas savings and similar accounts............

Open accounts®.........................................................

Postal savings7..............................................................

States and political subdivisions..............................

Total time deposits8........................................

Interbank deposits:

Banks in the United States.......................................

Banks in foreign countries.........................................

Total interbank deposits...............................

Total deposits8...............................................

14,881,070

1,708,141

2,023,548

400,287

19,013,046

18,029,625

804,567

2,586,882

445,727

21,866,801

21,463,913

1,105,886

2,885,335

832,437

26,287,571

22,624,279

651,489

3,164,685

802,196

27,242,649

21,986,370

560,370

2,870,496

703,876

26,121,112

24,772,378

738,520

3,122,328

837,899

29,471,125

28,899,054

755,795

3,099,291

521,339

33,275,479

34,330,943

665,693

3,534,970

792,235

39,323,841

36,547,288

1,762,509

3,677,444

1,077,414

43,064,655

9,163,890

1,459,611

79,656

636,555

661,327

384,032

12,385,071

10,236,013

1,355,785

85,102

597,319

372,479

325,624

12,972,322

10,933,195

1,335,166

100,291

660,595

195,840

428,928

13,654,015

11,814,508

1,243,390

120,922

784,037

131,602

346,429

14,440,888

12,054,836

1,210,896

123,046

640,024

110,192

550,004

14,688,998

12,355,298

1,167,503

129,517

645,897

79,527

535,311

14,913,053

12,754,750

1,128,291

147,664

748,863

73,811

501,802

15,355,181

13,107,022

1,100,144

170,056

830,266

65,033

474,685

15,747,206

13,261,402

1,049,128

38,007

802,667

58,741

492,197

15,702,142

4,270,506

164,485

4,434,991

5,201,586

279,638

5,481,224

6,232,648

475,065

6,707,713

5,514,043

632,375

6,146,418

6,318,202

332,429

6,650,631

7,333,723

608,853

7,942,576

9,087,992

706,739

9,794,731

9,856,039

689,562

10,545,601

9,973,303

680,473

10,653,776

35,833,108

23,SIS,80S

12,519,305

40,320,347

27,198,282

13,122,065

46,649,299

32,825,743

13,823,556

47,829,955

33,240,411

14,589,544

47,460,741

32,613,351

14,847,390

52,326,754

37,21+2,573

15,084,181

58,425,391

42,910,829

15,51 h,562

65,616,648

49,705,679

15,910,969

69,420,573

53,560,860

15,859,713

694,790 222,045

Miscellaneous liabilities:

Bills payable, rediscounts, and other^liabilities

for borrowed money........... ................................

Acceptances executed by or for account of reporting banks and outstanding........................

Mortgage bonds and participation certificates

Dividends declared but not yet payable8..............

Income collected but not earned.............................

Expenses accrued and unpaid..................................

Other liabilities8............................................................

Total miscellaneous liabilities8....................

Total liabilities (excluding capital

accounts)8...............................................

78,850

279,212

61,387

1 \ 242,836 W

* 662,285

46,299

175,659

35,304

37,897

214,630

509,789

38,558

180,299

27,578

45,682

351,598

643,715

35,425

215,267

21,823

46,599

359,431

678,545

26,929

122,601

15,520

44,640

306,338

516,028

15,550

122,169

6,613

37,451

f 64,479

\ 86,786

{ 251,017

584,065

13,844

96,114

3,600

38,019

76,194

91,075

238,444

557,290

10,675

94,387

1,840

38,833

98,246

101,861

248,516

594,358

10,107

87,021

1,245

40,567

94,062

108,835

221,947

563,784

37,190,183 41,052,181 47,293,014 48,508,500 47,976,769 52,910,819 58,982,681 66,211,006 69,984,357

128 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Capital accounts:

Capital stock, notes, and debentures.

Surplus.......................................................

Undivided profits6..................................

Reserve for contingencies.....................

All other capital accounts6...................

Total capital accounts.................

CAPITAL ACCOUNTS

Total liabilities and capital accounts6. .

MEMORANDA

Pledged assets and securities loaned:

United States Government obligations, direct and

guaranteed, pledged to secure liabilities. . ..

Other assets pledged to secure liabilities...............

Assets pledged to qualify for exercise of fiduciary

or corporate powers, and for purposes other

than to secure liabilities9...................................

Securities loaned*.........................................................

Total pledged assets and securities loaned

Secured and preferred liabilities:

Deposits secured by pledged assets pursuant to

requirements of law............................................

Deposits preferred under the provisions of law

but not secured by pledge of assets®..........

Borrowings secured by pledged assets®..............

Other liabilities secured by pledged assets®.. . .

Total secured and preferred liabilities..

3,319,216

1,962,163

469,837

491,126

1,985

6,244,327

43,434,510

3,922,453

1,880,591

4,202,769

3,365,309

1,892,655

529,230

418,597

7,411

6,213,202

47,265,383

3,101,588

1,342,620

3,445,769

3,212,615

2,042,072

626,823

399,333

17,745

6,298,588

53,591,602

3,438,857

1,043,355

3,838,827

3,053,970

2,225,180

701,477

382,287

33,144

6,396,058

54,904,558

3,114,308

979,258

3,368,921

3,018,570

2,292,137

723,885

317,722

40,179

6,392,493

54,369,262

2,922,595

939,260

3,122,346

2,954,886

2,381,233

799,018

322,503

57,400

6,515,040

59,425,859

3,130,765

936,661

192,303

35,742

4,295,471

3,380,256

796,510

28,760

18,593

4,224,119

2,892,233

2,483,865

836,841

332,995

60,565

6,606,499

65,589,180

3,347,795

953,648

186,072

47,362

4,534,877

3,591,185

974,707

13,084

5,121

4,584,097

2,858,363

2,603,327

898,317

349,646

63,453

6,773,106

72,984,112

3,663,559

934,211

205,540

54,936

4,858,246

3,818,213

994,902

10,301

3,406

4,826,822

2,848,686

2,686,250

895,882

350,162

61,417

6,842,397

76,826,754

4,908,464

970,980

194,289

56,217

6,129,950

5,045,944

967,647

9,199

3,098

6,025,888

10 0 7! Excludes trust companies not engaged in deposit banking which submit reports to the FDIC (1 on June 30, 1934, and June 29, 1935; 2 on June 30, 1936, and June 30,

iqqJ’ q Tm 0 oQ 100c > ° nT n1»A ’ j°-.n *940, June 30, 1941, and December 31, 1941); and banks for which statements are not available (42 on June 30, 1934; 3 on June 29, 1935; 4 on June 30, 1936; and 1 on June 30, 1938).

• I?1eludes Home Owners’ Loan Corporation 4 percent bonds guaranteed as to interest only.

• Federal Home Loan Bank debentures held on June 30, 1938, are included with “Obligations of other domestic corporations” .

« Includes Obligations of real estate corporations” for which separate figures for call dates prior to June 30, 1938, are given on page 109 of the Annual Report for 1937.

Amounts 01 loans and securities for call dates prior to December 31,1938, are not entirely comparable with amounts reported for subsequent call dates because “Investments

and other assets (chiefly loans) indirectly representing bank premises and other real estate” were not reported separately.

• For revisions relating to call dates prior to December 31, 1938, see the Annual Report for 1938, pages 164-67.

Includes for call dates beginning December 31, 1938, “ United States Treasurer’s time deposits, open accounts” .

• Not reported separately.

• Amounts not reported for call dates prior to December 31, 1938.

Back figures— For December 31, see the following Annual Reports: 1940, p. 144; 1938, p. 164.

to

ZDASSETS AND LIABILITIES OF OPERATING BANKS

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T a b le 114. CLASSES OF SECURITIES HELD BY OPERATING INSURED COMMERCIAL BANKS, CALL DATES 1934-1941

CO

o

1934 1935 1936 1937 1938 1939 1940 1941

June 30 June 29 June 30 June 30 June 30 June 30 June 29 June 30 Dec. 31

Number of banks............................................................. 13,896 14,175 14,059 13,885 13,723 13,569 13,480 13,423 13,427

(In thousands of dollars)

Total securities.................................................................... 16,498,085 19,036,487 22,184,086 21,178,563 20,278,565 21,992,909 22,821,289 26,278,613 28,032,029

Governmental obligations—total............................... 12,854,538 15,282,877 17,948,332 16,980,651 16,525,910 18,593,078 19,831,455 23,474,459 25,282,986

U. S. Government, direct and guaranteed.................... 10,301,500 12,362,487 14,772,477 13,964,712 13,525,194 15,038,215 15,900,885 19,370,714 21,047,112

U. S. Government agencies, not guaranteed................ 273,466 340,347 397,873 331,709 321,020 413,469 447,775 552,464 584,247

States and political subdivisions...................................... 2,279,572 2,580,043 2,777,977 2,684,230 2,679,696 3,141,394 3,482,795 3,551,281 3,651,627

Domestic corporate bonds—total............................... 2,628,190 2,809,818 3,296,583 3,299,386 2,926,606 2,660,748 2,293,795 2,159,619 2,140,126

Railroads................................................................................. 915,267 1,025,574 1,173,943 1,203,111 1,056,801 942,958 862,089 824,274 826,627

Public utilities....................................................................... 902,784 975,497 1,176,996 1,137,234 982,014 886,300 646,991 571,847 531,049

Other........................................................................................ 810,139 808,747 945,644 959,041 887,791 831,490 784,715 763,498 782,450

Miscellaneous securities—total................................... 1,015,357 943,792 939,171 898,526 826,049 739,083 696,039 644,535 608,917

Foreign securities— public and private........................... 334,236 295,610 297,859 273,068 207,938 219,502 204,332 177,472 165,978

Stocks of Federal Reserve banks..................................... 145,990 146,382 130,810 132,238 133,510 134,942 136,861 140,295 142,094

Stocks of other domestic corporations............................ 535,131 501,800 510,502 493,220 484,601 384,639 354,846 326,768 300,845

(As percentage of total assets)

Total securities.......................................................

Governmental obligations—total..................

U. S. Government, direct and guaranteed. ..

U. S. Government agencies, not guaranteed.

States and political subdivisions........................

Domestic corporate bonds—total.................

Railroads..................................................................

Public utilities........................................................

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

Miscellaneous securities—total.....................

Foreign securities— public and private............

Stocks of Federal Reserve banks......................

Stocks of other domestic corporations.............

38.0 40.3 41.4 38.6 37.3 37.0 34.8 36.0 36.5

29.6 32.3 33.5 30.9 30.4 31.3 30.2 32.2 32.9

23.7 26.2 27.6 25.4 24.9 25.3 24.2 26.5 27.4

.6 .7 .7 .6 .6 .7 .7 .8 .8

5.3 5.4 5.2 4.9 4.9 5.3 5.3 4.9 4.7

6.1 6.0 6.2 6.0 5.4 4.5 3.5 3.0 2.8

2 .1 2 .2 2 .2 2 .2 2.0 1.6 1.3 1 . 1 1 . 1

2 .1 2 .1 2 .2 2 .1 1.8 1.5 1.0 .8 .7

1.9 1.7 1.8 1.7 1.6 1.4 1 .2 1 . 1 1.0

2.3 2.0 1.7 1.7 1.5 1.2 1.1 .8 .8

.8 .6 .6 .5 .4 .4 .3 .2 .2

.3 .3 .2 .3 .2 .2 .2 .2 .2

1.2 1 . 1 .9 .9 .9 .6 .6 .4 .4

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Total securities..........................................................

Governmental obligations— total.................

U. S. Government, direct and guaranteed. .

U. S. Government agencies, not guaranteed

States and political subdivisions.....................

Domestic corporate bonds— total.................

Railroads............................................................. ..

Public utilities......................................................

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

Miscellaneous securities— total.....................

Foreign securities— public and private..........

Stocks of Federal Reserve banks....................

Stocks of other domestic corporations...........

Total securities..........................................................

Governmental obligations— total.................

U. S. Government, direct and guaranteed. .

U. S. Government agencies, not guaranteed

States and political subdivisions.....................

Domestic corporate bonds— total.................

Railroads................................................................

Public utilities......................................................

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

Miscellaneous securities— total.....................

Foreign securities— public and private..........

Stocks of Federal Reserve banks....................

Stocks of other domestic corporations...........

Total securities..........................................................

Governmental obligations— total.................

U. S. Government, direct and guaranteed. .

U. S. Government agencies, not guaranteed

States and political subdivisions.....................

Domestic corporate bonds— total.................

Railroads...............................................................

Public utilities......................................................

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

Miscellaneous securities— total.....................

Foreign securities— public and private..........

Stocks of Federal Reserve banks....................

Stocks of other domestic corporations...........

52.1

40.6

32.5

.9

7.2

8.3

2.9

2.8

2.6

56.7

45.5

36.8

1.0 

7.7

8.4

3.1

2.9

2.4

3.2 2.8

1.0 .9

.5 .4

1.7 1.5

100.0 100.0

77.9 80.3

62.4 64.9

1.7 1.8

13.8 13.6

15.9 14.8

5.5 5.4

5.5 5.1

4.9 4.3

6.2 4.9

2.0 1.5

.9 .8

3.3 2.6

100.0 115.4

100.0 118.9

100.0 120.0

100.0 124.5

100.0 113.2

100.0 106.9

100.0 112.1

100.0 108.1

100.0 99.8

100.0 93.0

100.0 88.4

100.0 100.3

100.0 93.8

Note: See footnotes 1 to 5, Table 113.

Back figures—For December 31, see the following Annual Reports: 1940, p.

(As percentage of total loans and securities)

59.5 55.4 56.3 57.8 57.3 56.9 56.9

48.1 44.4 45.9 48.9 49.8 50.8 51.3

39.6 36.5 37.6 39.5 39.9 41.9 42.7

1.1 .9 .9 1.1 1.1 1.2 1.2

7.4 7.0 7.4 8.3 8.8 7.7 7.4

8.9 8.6 8.1 7.0 5.8 4.7 4.4

3.2 3.1 2.9 2.5 2.2 1.8 1.7

3.2 3.0 2.7 2.3 1.6 1.2 1.1

2.5 2.5 2.5 2.2 2.0 1.7 1.6

2.5 2.4 2.3 1.9 1.7 1.4 1.2

.8 .7 .6 .6 .5 .4 .3

.3 .4 .4 .3 .3 .3 .3

1.4 1.3 1.3 1.0 .9 .7 .6

(As percentage of total securities)

100.0 100.0 100.0 100.0 100.0 100.0 100.0

80.9 80.2 81.5 84.5 86.9 89.3 90.2

66.6 65.9 66.7 68.4 69.7 73.7 75.1

1.8 1.6 1.6 1.9 2.0 2.1 2.1

12.5 12.7 13.2 14.2 15.2 13.5 13.0

14.9 15.6 14.4 12.1 10.0 8.2 7.6

5.3 5.7 5.2 4.3 3.8 3.1 2.9

5.3 5.4 4.8 4.0 2.8 2.2 1.9

4.3 4.5 4.4 3.8 3.4 2.9 2.8

4.2 4.2 4.1 3.4 3.1 2.5 2.2

1.3 1.3 1.0 1.0 .9 .7 .6

.6 .6 .7 .6 .6 .5 .5

2.3 2.3 2.4 1.8 1.6 1.3 1.1

(As percentage of amount held on June 30, 1934)

134.5 128.4 122.9 133.3 138.3 159.3 169.9

139.6 132.1 128.6 144.6 154.3 182.6 196.7

143.4 135.6 131.3 146.0 154.4 188.0 204.3

145.5 121.3 117.4 151.2 163.7 202.0 213.6

121.9 117.8 117.6 137.8 152.8 155.8 160.2

125.4 125.5 111.4 101.2 87.3 82.2 81.4

128.3 131.4 115.5 103.0 94.2 90.1 90.3

130.4 126.0 108.8 98.2 71.7 63.3 58.8

116.7 118.4 109.6 102.6 96.9 94.2 96.6

92.5 88.5 81.4 72.8 68.6 63.5 60.0

89.1 81.7 62.2 65.7 61.1 53.1 49.7

89.6 90.6 91.5 92.4 93.7 96.1 97.3

95.4 92.2 90.6 71.9 66.3 61.1 56.2

I; 1938, p. 168.

ASSETS AND LIABILITIES OF OPERATING BANKS

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ANALYSIS OF EXAMINATIONS OF INSURED COMMERCIAL BANKS eg

Table 115. ANALYSIS OP CAPITAL AND LIABILITIES OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Capital accounts Adjusted liabilities (exclusive of

capital accounts)

Number

of

banks

Book value Examiners'

deductions

(net)2

Net sound capital

Total Deposits Other

Total R. F. C.i Private Total R. F. C.i Private

liabilities

All banks................. 13,308 6,684,808 312,833 6,371,975 160,270

(In thousands of dollars)

6,524,538 | 378,809 6,145,729 65,018,596 64,218,740 799,856

Banks with :

capital per

appraised

assets of—

$0.00 or less.........

net sound

$10 0 of

value of

10 1 , 1 2 1 70 1,051 1,209 - 88* 70 -1584 7,877 7,749 128

$0.01 to $4.99 35 39,796

3,242,701

1,239 38,557 2,496 37,300 1,559 35,741

2,982,580

788,432 786,129 2,303

$5.00 to $9.99 2,942 154,481 3,088,220 67,828 3,174,873 192,293 41,233,055 40,647,397 585,658

$10.00 to $14.99 6,275 2,401,978 115,853 2,286,125 61,958 2,340,020 140,792 2,199,228 18,722,856

2,882,223

18,549,188 173,668

$15.00 to $19.99 2,739 573,432 24,726 548,706

307,245

22,990 550,442 26,854 523,588 2,856,133 26,090

$20.00 to $24.99 863 320,910 13,665 1,507 319,403 14,442 304,961 1,137,360 1,129,395 7,965

$25.00 to $29.99 266 55,216 1,666 53,550 1,235 53,981 1,666 52,315 147,866 146,247 1,619

$30.00 to $34.99 108 33,230 557 32,673 595 32,635 557 32,078 75,610 74,130 1,480

$35.00 or more . , 70 16,424 576 15,848 452 15,972 576 15,396 23,317 22,372 945

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

$0 .0 0 ............................................. 53 13,922 51 13,871 IS 13,934 51 13,883 118,680 118,020 660

$0.01 to $4.99 6,369 4,125,451 102,543 4,022,908 27,768 4,097,683 125,106 3,972,577 45,005,327

14,118,584

44,355,373 649,954

$5.00 to $9.99 4,225 1,634,761 104,314 1,530,447 48,624 1,586,137 128,470 1,457,667 14,013,092 105,492

$10.00 to $14.99 1,649 553,332 55,983 497,349 38,311 515,021 63,300 451,721 3,822,983 3,801,206 21,777

$15.00 to $19.99 615 202,246 22,466 179,780 18,105 184,141 31,320 152,821

53,290

1,203,109 1,197,996 5,113

$20.00 to $24.99 226 81,362 16,334 65,028 10,469 70,893 17,603 432,847 428,857 3,990

$25.00 to $29.99 99 29,555 5,485 24,070 4,082 25,473 6,325 19,148

8,350

150,572 148,160 2,412

$30.00 to $34.99 34 14,883 3,090 11,793 2,869 12,014 3,664 61,534 61,356 178

$35.00 or more.. . 38 29,296 2,567 26,729 10,054 19,242 2,970 16,272 104,960 94,680 10,280

FEDERAL DEPOSIT INSURANCE CORPORATION

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Banks with net current

operating earnings per

$100 of total assets of—

$-0.50 or lees....................

1-0.01 to $-0.49..............

$0.00 to $0.49.

$0.50 to $0.99.

$1.00 to $1.49.

$1.50 to $1.99.

$2.00 to $2.49.

$2.50 to $2.99.

$3.00 or more..

Not available..

Banks with deposits of

$100,000 or less...............

$100,000 to $250,000....

$250,000 to $500,000....

$500,000 to $1 ,000,000-----

$1 ,000,000 to $2 ,000,0 0 0. .

$2 ,000,000 to $5 ,000,0 0 0. .

$5 ,000,000 to $1 0 ,000,0 0 0.

$1 0 ,000,000 to $50,000,000

More than $50,000,000....

37 4,092 268 3,824 188 3,904 280 3,624 32,873 32,739

146 54,594 4,789 49,805 1,528 53,066 12,713 40,353 585,170 581,208

1,278 1,442,308 71,232 1,371,076 25,810 1,416,498 103,893 1,312,605 16,754,648 16,649,872

4,115 3,359,071 137,651 3,221,420 74,801 3,284,270 150,594 3,133,676 34,960,958 34,365,175

4,313 1,364,432 77,083 1,287,349 44,735 1,319,697 86,905 1,232,792 9,898,571 9,841,302

2,068 295,465 15,426 280,039 8,798 286,667 18,000 268,667 1,907,601 1,889,681

855 108,845 4,667 104,178 2,927 105,918 4,691 101,227 573,298 564,818

304 34,716 1 ,1 0 1 33,615 981 33,735 1,117 32,618 207,814 199,942

170 18,717 468 18,249 440 18,277 468 17,809 77,590 74,090

22 2,568 148 2,420 62 2,506 148 2,358 20,073 19,913

244 6,495 634 5,861 275 6,220 635 5,585 18,656 18,428

1,849 70,342 5,320 65,022 1,764 68,578 5,359 63,219 335,158 333,104

2,992 177,727 11,317 166,410 3,304 174,423 11,424 162,999 1,105,468 1,101,199

3,134 322,854 19,955 302,899 8,496 314,358 20,817 293,541 2,252,716 2,244,652

2,279 449,304 29,368 419,936 15,011 434,293 30,718 403,575 3,233,511 3,215,478

1,650 662,577 43,683 618,894 23,720 638,857 48,606 590,251 5,070,407 5,044,387

559 478,469 43,528 434,941 18,354 460,115 47,604 412,511 3,889,781 3,861,431

454 972,453 72,570 899,883 34,965 937,488 104,851 832,637 9,315,514 9,237,454

147 3,544,587 86,458 3,458,129 54,381 3,490,206 108,795 3,381,411 39,797,385 39,162,607

134

3,962

104,776

595,783

57,269

17,920

8,480

7,872

3,500

160

228

2,054

4,269

8,064

18,033

26,020

28,350

78,060

634,778

i Book value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital.

* Figures in italics represent examiners’ net additions. Examiners’ net deductions from total capital accounts exceed examiners’ net deductions from total assets by the amount

of liabilities not shown on the books.

* Adjusted liabilities exceed the appraised value of assets.

* Adjusted liabilities plus the retirable value of R. F. C. capital exceed the appraised value of assets.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figure*— See the following Annual Reports: 1940, p. 160; 1939, p. 150.

CO

00ANALYSIS OF EXAMINATIONS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 116. N e t Sound C a p ita l R a tio s o f In su red Com m ercial B an ks Exam ined in 1941

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Per $100 of capital accounts (book value) Net sound capital

per $10 0 of—

Number

of

banks

Book value Examiners’

deductions

(net)2

Net sound capital Appraised

value

of assets

Deposits

Total R. F. C.i Private Total R. F. C.i Private

All banks........................................ 13,308 $100.00 $ 4.68 $95.32 $ 2.40 $97.60 $ 5.67 $91.93 $ 9.12 $10.16

Banks with net sound

capital per $ 10 0 of

appraised value of

assets of—

$0.00 or less................................ 10 100.00 6.24 93.76 107.85 3-7.85 6.24 <-14.09 >-1.13 3-1.14

$0.01 to $4.99............................. 35 100.00 3.11 96.89 6.27 93.73 3.92 89.81 4.52 4.74

$5.00 to $9.99............................. 2,942 100.00 4.76 95.24 2.09 97.91 5.93 91.98 7.16 7.81

$10.00 to $14.99......................... 6,275 100.00 4.82 95.18 2.58 97.42 5.86 91.56 1 1 . 1 1 12.62

$15.00 to $19.99......................... 2,739 100.00 4.31 95.69 4.01 95.99 4.68 91.31 16.04 19.27

$20.00 to $24.99......................... 863 100.00 4.26 95.74 5.47 699.53 4.50 695.03 21.93 28.28

$25.00 to $29.99......................... 266 100.00 3.02 96.98 2.24 97.76 3.02 94.74 26.74 36.91

$30.00 to $34.99......................... 108 100.00 1.6 8 98.32 1.79 98.21 1.6 8 96.53 30.15 44.02

$35.00 or more............................ 70 100.00 3.51 96.49 2.75 97.25 3.51 93.74 40.65 71.39

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

$0 .0 0 ............................................. 53 100.00 .37 99.63 .09 100.09 .37 99.72 10.51 11.81

$0.01 to $4.99............................. 6,369 100.00 2.49 97.51 .67 99.33 3.03 96.30 8.35 9.24

$5.00 to $9.99............................. 4,225 100.00 6.38 93.62 2.97 97.03 7.86 89.17 10 .1 0 11.32

$10.00 to $14.99......................... 1,649 100.00 10 .1 2 89.88 6.92 93.08 11.44 81.64 11.87 13.55

$15.00 to $19.99......................... 615 100.00 1 1 . 1 1 88.89 8.95 91.05 15.49 75.56 13.27 15.37

$20.00 to $24.99......................... 226 100.00 20.08 79.92 12.87 87.13 21.63 65.50 14.07 16.53

$25.00 to $29.99......................... 99 100.00 18.56 81.44 13.81 86.19 21.40 64.79 14.47 17.19

$30.00 to $34.99......................... 34 100.00 20.76 79.24 19.28 80.72 24.62 56.10 16.34 19.58

$35.00 or more............................ 38 100.00 8.76 91.24 34.32 65.68 10.14 55.54 15.49 20.32

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Banks with net current

operating earnings per

$10 0 of total assets o f—

$-0.50 or less............................... 37 100.00 6.55 93.45 4.59 95.41 6.84 88.57 10.56 11.92

$-0.01 to $-0.49......................... 146 100.00 8.77 91.23 2.80 97.20 23.29 73.91 8.30 9.13

$0.00 to $0.49............................. 1,278 100.00 4.94 95.06 1.79 98.21 7.20 91.01 7.79 8.51 $0.50 to $0.99............................. 4,115 100.00 4.10 95.90 2.23 97.77 4.48 93.29 8.57 9.56 $1.00 to $1.49............................. 4,313 100.00 5.65 94.35 3.28 96.72 6.37 90.35 11.72 13.41 $1.50 to $1.99............................. 2,068 100.00 5.22 94.78 2.98 97.02 6.09 90.93 13.01 15.17

$2.00 to $2.49............................. 855 100.00 4.29 95.71 2.69 97.31 4.31 93.00 15.53 18.75 $2.50 to $2.99............................. 304 100.00 3.17 96.83 2.83 97.17 3.22 93.95 13.91 16.87 $3.00 or more.............................. 170 100.00 2.50 97.50 2.35 97.65 2.50 95.15 18.98 24.67 Not available.............................. 22 100.00 5.76 94.24 2.41 97.59 5.77 91.82 1 1 . 1 0 12.58

Banks with deposits of—

$100,000 or less.......................... 244 100.00 9.76 90.24 4.23 95.77 9.78 85.99 24.74 33.75 $100,000 to $250,000................ 1,849 100.00 I 7.56 92.44 2.51 97.49 7.62 89.87 16.92 20.59

$250,000 to $500,000................ 2,992 100.00 6.37 93.63 1.8 6 98.14 6.43 91.71 13.59 15.84

$500,000 to $1,000.000.............

$1 ,000,000 to $2 ,000,000.........

3,134 100.00 6.18 93.82 2.63 97.37 6.45 90.92 12 .2 1 14.00

2,279 100.00 6.54 93.46 3.34 96.66 6.84 89.82 11.79 13.51

$2,000,000 to $5,000,000......... 1,650 100.00 6.59 93.41 3.58 96.42 7.34 89.08 11.14 12 .6 6

$5,000,000 to $10,000,000____ 559 100.00 9.10 90.90 3.84 96.16 9.95 8 6 .2 1 10.53 11.92

$10,000,000 to $50,000,000. .. 454 100.00 7.46 92.54 3.60 96.40 10.78 85.62 9.12 10.15

More than $50,000,000............ 147 100.00 2.44 97.56 1.53 98.47 3.07 95.40 8.05 8.91

1 Book value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital.

* Figures in italics represent examiners' net additions. Examiners’ net deductions from total capital accounts exceed examiners' net deductions from total assets by the amount

of liabilities not shown on the books.

* Adjusted liabilities exceed the appraised value of assets.

* Adjusted liabilities plus the retirable value of R. F. C. capital exceed the appraised value of assets.

‘ For explanation of the apparent irregularity in this item, see page 96.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, p. 1-62; 1939, p. 152.

CO

Or ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 117. ANALYSIS OF CAPITAL AND LIABILITIES OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

(Amounts in thousands of dollars)

Capital accounts Adjusted liabilities (exclusive of

capital accounts)

Number

of

banks

Book value Examiners’

deductions

(net)

Net sound capital

Total Deposits Other

Total R. F. C.i Private Total R. F. C.i Private

liabilities

United States—total................ 13,308 6,684,808 312,833 6,371,975 160,270 6,524,538 378,809 6,145,729 65,018,596 64,218,740 799,856

FDIG District

District 1...................................... 485 3,659,302 28,969 452,224 19,752 432,472 15,108 437,116 20,184 416,932 3,688,271

District 2 ...................................... 1,094 2,251,318 78,726 2,172,592 62,857 2,188,461 140,726 2,047,735 23,214,662 22,703,627 511,035

District 3 ...................................... 1,714 1,157,216 60,664 1,096,552 47,846 1,109,370

332,008

61,359 1,048,011 8,450,683 8,390,147 60,536

District 20,113 4...................................... 1,013 336,580 17,783 318,797 4,572 17,925 314,083 3,151,868 3,131,755

District 5...................................... 920 240,123 18,100 222,023 4,503 235,620 19,921 215,699 2,358,057 2,341,251 16,806

District 6 ...................................... 1,446 318,460 18,552 299,908 4,777 313,683 19,177 294,506 3,296,712 3,280,011 16,701

District 7...................................... 1,429 369,243 41,083 328,160 3,760 365,483 41,285 324,198 4,025,285 4,008,439 16,846

District 8 ...................................... 1,402 459,588 9,670 449,918 2,520 457,068 9,670 447,398 5,634,792 5,601,652 33,140

District 9 ...................................... 1,062 143,828 5,414 138,414 581 143,247 5,419 137,828 1,394,453 1,379,825 14,628

District 10.................................... 1,395 197,872 6,818 191,054 1,586 196,286 6,864 189,422 1,756,759 1,750,790 5,969

District 11.................................... 836 206,070 11,204 194,866 2,200 203,870 11,204 192,666 2,031,350 2,021,401 9,949

District 1 2 *.................................. 512 552,286 25,067 527,219 9,960 542,326 25,075 517,251 6,015,704 5,950,540 65,164

State 2,936 Alabama....................................... 190 48,431 5,298 43,133 1,485 46,946 6,658 40,288 406,380 403,444

Arizona......................................... 12 8,225 1,178 7,047 90 8,135 1,178 6,957 102,563 101,315 1,248

Arkansas....................................... 208 26,601 1,642 24,959 238 26,363 1,658 24,705 239,850 239,303 547

California*.................................... 193 435,910 20,656 415,254 8,850 427,060 20,664 406,396

35,660

4,662,278 4,604,563 57,715

Colorado....................................... 138 37,378 1,574 35,804 144 37,234 1,574 388,974 387,592 1,382

Connecticut................................. 99 74,045 4,586 69,459 2,358 71,687 4,586 67,101 656,198 652,345 3,853

Delaware...................................... 41 40,852 90 40,762 1,377 39,475 140 39,335 242,922 241,748 1,174

District of Columbia................. 22 49,874 1,181 48,693 897 48,977 1,181 47,796 463,867 461,363 2,504

Florida.......................................... 164 47,562 690 46,872 779 46,783 690 46,093 541,872 538,923 2,949

Georgia......................................... 232 64,058 2,176 61,882 1,085 62,973 2,176 60,797 595,868 589,332 6,536

Idaho............................................. 49 10,515 985 9,530 58 10,457 985 9,472 106,683 106,364 319

Illinois........................................... 817 386,167 7,188 378,979 1,897 384,270 7,188 377,082 4,887,121 4,855,559 31,562

Indiana......................................... 468 106,517 7,850 98,667 1 ,1 2 0 105,397 7,936 97,461 1,012,078 1,008,443 3,635

Iowa.............................................. 585 73,421 2,482 70,939 623 72,798 2,482 70,316 747,671 746,093 1,578

Kansas.......................................... 457 48,310 2,219 46,091 708 47,602 2,265 45,337 417,611 416,329 1,282

136 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky...........

Louisiana............

Maine..................

Maryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

Nevada...............

New Hampshire

New Jersey........

New Mexico.. . .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma..........

Oregon................

Pennsylvania. . ,

Rhode Island. .,

South Carolina.

South Dakota..

Tennessee.........

Texas.................

Utah....................

Vermont...........

Virginia..............

Washington------

West Virginia...

Wisconsin.........

Wyoming..........

372

142

56

172

187

415

641

192

577

110

361

11

55

347

40

706

219

150

670

381

69

1,044

16

114

161

289

784

60

72

312

130

174

546

58

71,289

53,506

29,755

68,695

272,675

154,371

104,054

26.566

151,098

16,095

40,908

3,940

16.567

220,580

5,948

1,989,886

57,792

10,354

303,815

62,178

28,366

853,401

36,513

18,100

13,325

69,472

191,897

20,239

22,669

92,042

53,316

50,077

108,355

9,098

4,288

4,681

2,942

5,613

5,443

22,023

3,219

5,255

4,799

443

1,315

13

409

39,854

438

38,782

3,389

930

35,230

1,147

422

25,434

581

1,303

822

7,823

9,588

842

5,791

4,368

2,149

1,929

11,210

563

67,001

48,825

26,813

63,082

267,232

132,348

100,835

21,311

146,299

15,652

39,593

3,927

16,158

180,726

5,510

1,951,104

54,403

9,424

268,585

61,031

27,944

827,967

35,932

16,797

12,503

61,649

182,309

19,397

16,878

87,674

51,167

48,148

97,145

8,535

1,286

708

2,619

856

6,106

627

61

446

1,409

124

69

29

722

15,220

147

46,260

419

254

4,392

572

211

43,454

1,551

76

142

1,844

1,963

202

1,752

1,077

610

1,247

2,013

70,003

52,798

27,136

67.839

266,569

153,744

103,993

26,120

149,689

15,971

40.839

3,911

15,845

205,360

5,801

1,943,626

57,373

10,100

299,423

61,606

28,155

809,947

34,962

18,024

13,183

67,628

189,934

20,037

20,917

90,965

52,706

48,830

106,342

9,005

4,885

4,681

3,341

5,673

5,443

22,139

3,219

5,716

4,799

443

1.315

13

409

77,570

438

63,017

3,389

935

35,283

1,147

422

26,076

581

1.316

822

8,335

9,588

842

5,823

4,368

2,149

1,998

11,210

563

65,618

48,117

23,795

62,166

261,126

131,605

100,774

20,404

144,890

15,528

39,524

3,898

15,436

127,790

5,363

1,880,609

53,984

9,165

264,140

60,459

27,733

783,871

34,381

16,708

12,361

59,293

180,346

19,195

15,094

86,597

50,557

46,832

95,132

8,442

546,388

586,270

204,335

772,868

2,304,603

1,937,946

1,027,182

227,667

1,830,817

166,568

356,738

52,754

95,569

2,020,724

69,511

20,951,016

603,245

88,942

2,894,543

516,179

372,878

5,556,140

308,527

185,105

111,761

679,657

1,859,276

187,556

119,039

777,241

633,555

349,542

1,075,261

77,257

544,209

582,539

203,612

769,597

2,283,547

1,928,410

1,014,099

227,013

1,821,146

166,041

355,373

52,140

95,239

2,008,748

69,379

20,453,131

597,559

88,482

2,868,537

514,497

370,934

5,521,610

305,892

184,512

111,203

675,353

1,850,707

186,530

118,667

770,419

630,009

348,305

1,071,586

76,999

2,179

3,731

723

3,271

21,056

9,536

13,083

654

9,671

527

1,365

614

330

11,976

132

497,885

5,686

460

26,006

1,682

1,944

34,530

2,635

593

558

4,304

8,569

1,026

372

6,822

3,546

1,237

3,675

258

i Book value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital.

* Includes 1 national bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports, 1940, p. 164; 1939, p. 154

COANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 118. NET SOUND CAPITAL RATIOS OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

Number

of

banks

Per $100 of capital accounts (book value) Net sound capital

per $10 0 of—

Book value Examiners'

deductions

(net)

Net sound capital Appraised

value

of assets

Deposits

Total R. F. C.1 Private Total R. F. C.i Private

United States— total................. 13,308 $100.00 $ 4.68 $95.32 $ 2.40 $97.60 $ 5.67 $91.93 $ 9.12 $10.16

FDIC District

District 1...................................... 485 100.00 4.37 95.63 3.34 96.66 4.46 92.20 10.60 11.95 District 2 ...................................... 1,094 100.00 3.50 96.50 2.79 97.21 6.25 90.96 8.61 9.64 District 3 ...................................... 1,714 100.00 5.24 94.76 4.13 35.87 5.30 90.57 11.60 13.22

District 4 ...................................... 1,013 100.00 5.28 94.72 1.36 98.64 5.33 93.31 9.53 10.60

District 5...................................... 920 100.00 7.54 92.46 1.8 8 98.12 8.30 89.82 9.08 10.06 District 6 ...................................... 1,446 100.00 5.83 94.17 1.50 98.50 6.02 92.48 8.69 9.56

District 7 ...................................... 1,429 100.00 11.13 88.87 1.0 2 98.98 11.18 87.80 8.32 9.12 District 8 ...................................... 1,402 100.00 2 .10 97.90 .55 99.45 2 .10 97.35 7.50 8.16

District 9 ...................................... 1,062 100.00 3.76 96.24 .40 99.60 3.77 95.83 9.32 10.38 District 10.................................... 1,395 100.00 3.45 96.55 .80 99.20 3.47 95.73 10.05 1 1 . 2 1 District 11.................................... 836 100.00 5.44 94.56 1.07 98.93 5.44 93.49 9.12 10.09

District 12*.................................. 512 100.00 4.54 95.46 1.80 98.20 4.54 93.66 8.27 9.11

State

Alabama....................................... 190 100.00 10.94 89.06 3.07 96.93 13.75 83.18 10.36 11.64

Arizona......................................... 12 100.00 14.32 85.68 1.09 98.91 14.32 84.59 7.35 8.03 Arkansas...................................... 208 100.00 6.17 93.83 .89 99.11 6.23 92.88 9.90 11.0 2

California2.................................... 193 100.00 4.74 95.26 2.03 97.97 4.74 93.23 8.39 9.27 Colorado....................................... 138 100.00 4.21 95.79 .39 99.61 4.21 95.40 8.74 9.61

Connecticut................................. 99 100.00 6.19 93.81 3.18 96.82 6.20 90.62 9.85 10.99

Delaware...................................... 41 100.00 22 99.78 3.37 96.63 .34 96.29 13.98 16.33

District of Columbia................. 22 100.00 2.37 97.63 1.80 98.20 2.37 95.83 9.55 10.61

Florida.......................................... 164 100.00 1.45 98.55 1.64 98.36 1.45 96.91 7.95 8.68

Georgia......................................... 232 100.00 3.40 96.60 1.69 98.31 3.40 94.91 9.56 10.69

Idaho............................................. 49 100.00 9.37 90.63 .55 99.45 9.37 90.08 8.93 9.83 Illinois........................................... 817 100.00 1.8 6 98.14 .49 99.51 1.8 6 97.65 7.29 7.91 Indiana......................................... 468 100.00 7.37 92.63 1.05 98.95 7.45 91.50 9.43 10.45

Iowa.............................................. 585 100.00 3.38 96.62 .85 99.15 3.38 95.77 8.87 9.76

Kansas.......................................... 457 100.00 4.59 95.41 1.47 98.53 4.68 93.85 10.23 11.43

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky...........

Louisiana............

Maine..................

Maryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

Nevada...............

New Hampshire

New Jersey........

New Mexico. . . .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . .

Rhode Island. ..

South Carolina.,

South Dakota...

Tennessee...........

Texas...................

Utah....................

Vermont.............

Virginia...............

Washington........

West Virginia__

Wisconsin...........

Wyoming............

372 100.00 6.01 93.99 1.80 98.20 6.15 92.05 11.36 12.86

142 100.00 8.75 91.25 1.32 98.68 8.75 89.93 8.26 9.06 56 100.00 9.89 90.11 8.80 91.20 11.23 79.97 11.72 13.33

172 100.00 8.17 91.83 1.25 98.75 8.26 90.49 8.07 8.81

187 100.00 2.00 98.00 2.24 97.76 2.00 95.76 10.37 11.67

415 100.00 14.27 85.73 .41 99.59 14.34 85.25 7.35 7.97 641 100.00 3.09 96.91 .06 99.94 3.09 96.85 9.19 10.25 192 100.00 19.78 80.22 1.6 8 98.32 21.52 76.80 10.29 11.51

577 100.00 3.18 96.82 .93 99.07 3.18 95.89 7.56 8.22 1 1 0 100.00 2.75 97.25 .77 99.23 2.75 96.48 8.75 9.62

361 100.00 3.21 96.79 .17 99.83 3.21 96.62 10.27 11.49

1 1 100.00 .33 99.67 .74 99.26 .33 98.93 6.90 7.50 55 100.00 2.47 97.53 4.36 95.64 2.47 93.17 14.22 16.64 347 100.00 18.07 81.93 6.90 93.10 35.17 57.93 9.23 10 .2 2 40 100.00 7.36 92.64 2.47 97.53 7.36 90.17 7.70 8.36

706 100.00 1.95 98.05 2.32 97.68 3.17 94.51 8.49 9.50 219 100.00 5.86 94.14 .73 99.27 5.86 93.41 8.68 9.60 150 100.00 8.98 91.02 2.45 97.55 9.03 88.52 10.20 11.41 670 100.00 11.60 88.40 1.45 98.55 11.61 86.94 9.37 10.44 381 100.00 1.84 98.16 .92 99.08 1.84 97.24 10.66 11.97

69 100.00 1.49 98.51 .74 99.26 1.49 97.77 7.02 7.59 1,044 100.00 2.98 97.02 5.09 94.91 3.06 91.85 12.72 14.67 16 100.00 1.59 98.41 4.25 95.75 1.59 94.16 10.18 11.43 114 100.00 7.20 92.80 .42 99.58 7.27 92.31 8.87 9.77 161 100.00 6.17 93.83 1.07 98.93 6.17 92.76 10.55 11.85

289 100.00 11.26 88.74 2.65 97.35 12 .0 0 85.35 9.05 10 .0 1

784 100.00 5.00 95.00 1.0 2 98.98 5.00 93.98 9.27 10.26 60 100.00 4.16 95.84 1.0 0 99.00 4.16 94.84 9.65 10.74 72 100.00 25.55 74.45 7.73 92.27 25.69 66.58 14.94 17.63

312 100.00 4.75 95.25 1.17 98.83 4.75 94.08 10.48 11.81

130 100.00 4.03 95.97 1.14 98.86 4.03 94.83 7.68 8.37 174 100.00 3.85 96.15 2.49 97.51 3.99 93.52 12.26 14.02 546 100.00 10.35 89.65 1.8 6 98.14 10.34 87.80 9.00 9.92 58 100.00 6.19 93.81 1.0 2 98.98 6.19 92.79 10.44 11.69

1 Book value is normally the same as par value, but may be less. Retirable value, which may exceed par value, is used in computing net sound private capital.

2 Includes 1 national bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Report: 1940, p. 166; 1939, p. 156.

CO

COANALYSIS OP EXAMINATIONS OP INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 119. APPRAISAL OF A s s e t s OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Total assets Securities

Number

of

banks Book

value

Appraised value Cash and

due from

banks Examiners’

Appraised value

deductions

(net) 1 Total Substandard

Not

criticized

value deductions

(net) 1 Total Substandard

Not

criticized

All banks...................................... 13,308 71,697,320 154,186 71,543,134 2,030,622

(In th<

69,512,512

msands of d

24,107,119

ollars)

25,759,640 36,656 25,722,984 | 752,572 24,970,412

Banks with net sound

capital per $10 0 of

appraised value of

assets of—

$0.00 or less.............................. 10 8,978 1,189 7,789 2,128 5,661 2,095 2,124 277 1,847 793 1,054

$0.01 to $4.99...........................

$5.00 to $9.99...........................

35

2,942

828,142

44,473,309

2,410

65,381

825,732

44,407,928

12,386

941,816

813,346

43,466,112

336,503

15,149,405

315,620

16,526,384

91

9,258

315,529

16,517,126

3,289

340,878

312,240

16,176,248

$10.00 to $14.99.......................

$15.00 to $19.99.......................

$20.00 to $24.99.......................

6,275

2,739

863

21,123,495

3,453,589

1,458,157

60,619

20,924

1,394

21,062,876

3,432,665

1,456,763

724,369

229,384

88,296

20,338,507

3,203,281

1,368,467

7,090,297

1,005,423

437,414

7,180,300

1,071,694

552,817

19,389

5,409

1,252

7,160,911

1,066,285

551,565

272,641

85,352

36,953

6,888,270

980,933

514,612

$25.00 to $29.99.......................

$30.00 to $34.99.......................

$35.00 or more..........................

266

108

70

203,076

108,836

39,738

1,229

591

449

201,847

108,245

39,289

18,444

8 ,2 2 1

5,578

183,403

100,024

33,711

51,195

24,629

10,158

70,672

29,601

10,428

616

169

195

70,056

29,432

10,233

5,706

3,758

3,202

64,350

25,674

7,031

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

360 00 53 132,599

49,129,317

15 132,614 43 132,571 62,329 44,016 ZS 44,039 44,039

$0.01 to $4.99........................... 6,369 26,307 49,103,010 607,388 48,495,622 17,526,667 18,440,166 8,086

9,465

18,432,080 288,285 18,143,795

$5.00 to $9.99........................... 4,225 15,751,484 46,763 15,704,721 664,322 15,040,399 4,805,198 5,042,183 5,032,718 215,046 4,817,672

$10.00 to $14.99....................... 1,649

615

4,375,817 37,813 4,338,004 376,759 3,961,245 1,171,979 1,471,943 9,373 1,462,570 132,287 1,330,283

$15.00 to $19.99....................... 1,405,208 17,958 1,387,250 182,293 1,204,957 359,999 486,510 4,770 481,740 62,084 419,656

$20.00 to $24.99....................... 226 513,989 10,249 503,740 94,719 409,021 108,995 159,469 2,392 157,077 24,675 132,402

$25.00 to $29.99.......................

$30.00 to $34.99.......................

$35.00 or more.........................

99

34

38

180,113

76,407

132,386

4,068

2,859

8,184

176,045

73,548

124,202

41,816

18,064

45,218

134,229

55,484

78,984

33,362

16,614

21,976

62,393

19,417

33,543

1,117

418

1,058

61,276

18,999

32,485

14,998

3,929

11,268

46,278

15,070

21,217

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Banks with net current

operating earnings per

$10 0 of total assets of—

$-0.50 or less............................

$-0.01 to $-0.49.......................

37

146

36,953

639,257

176

1,0 2 1

36,777

638,236

1,103

17,977

35,674

620,259

13,576

228,137

14,498

254,091

8

283

14,490

253,808

298

10,129

14,192

243,679

$0.00 to $0.49...........................

$0.50 to $0.99...........................

$1.00 to $1.49...........................

$1.50 to $ 1 .99.........................

1,278

4,115

4,313

2,068

18,194,286

38,318,799

11,261,688

2,202,844

23,140

73,571

43,420

8,576

18,171,146

38,245,228

11,218,268

2,194,268

337,531

963,232

532,026

122,460

17,833,615

37,281,996

10,686,242

2,071,808

6,949,757

12,589,774

3,426,612

624,923

6,808,463

14,157,284

3,781,500

544,705

3,715

14,700

16,164

1,451

6,804,748

14,142,584

3,765,336

543,254

142,658

330,866

212,385

40,158

6,662,090

13,811,718

3,552,951

503,096

$2.00 to $2.49...........................

$2.50 to $2.99...........................

$3.00 or more...........................

Not available............................

855

304

170

22

682,080

242,498

96,276

22,639

2,864

949

409

60

679,216

241,549

95,867

22,579

39,607

12,740

3,118

828

639,609

228,809

92,749

21,751

184,580

57,424

24,295

8,041

147,418

33,828

11,368

6,485

315

10

11

41

147,103

33,838

11,379

6,444

12,119

2,958

576

425

134,984

30,880

10,803

6,019

Banks with deposits of—

$100,000 or less........................

$100,000 to $250,000..............

$250,000 to $500,000..............

244

1,849

2,992

25,141

405,415

1,283,079

265

1,679

3,188

24,876

403,736

1,279,891

1,933

2 2 ,0 10

58,170

22,943

381,726

1,221,721

8,455

131,762

416,145

3,788

76,550

281,123

t

199

S95

3,790

76,679

281,518

254

5,000

16,405

3,536

71,679

265,113

$500,000 to $1,000,000........... $1 ,000,000 to $2 ,0 0 0,000____

$2,000,000 to $5,000,000____

3,134

2,279

1,650

2,575,419

3,682,615

5,732,713

8,345

14,811

23,449

2,567,074

3,667,804

5,709,264

115,287

171,714

271,089

2,451,787

3,496,090

5,438,175

828,768

1,172,454

1,803,685

646,975

1,051,214

1,791,411

1,193

3,982

6,963

645,782

1,047,232

1,784,448

38,891

59,375

93,774

606,891

987,857

1,690,674

$5,000,000 to $10,000,000. . .

$10,000,000 to $50,000,000. .

More than $50,000,000..........

559

454

147

4,368,056

10,285,015

43,339,867

18,160

32,013

52,276

4,349,896

10,253,002

43,287,591

186,734

343,405

860,280

4,163,162

9,909,597

42,427,311

1,395,980

3,567,639

14,782,231

1,426,545

3,239,600

17,242,434

4,833

5,800

14,411

1,421,712

3,233,800

17,228,023

63,876

103,684

371,313

1,357,836

3,130,116

16,856,710

ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T ab le 119. A ppr aisa l of A ssets of I nsured C om m ercial B a n k s E xa m in e d in 1941— Continued

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Loans, discounts, and overdrafts Fixed and miscellaneous assets

Number

of

banks Book

value

Examiners’

Appraised value

Book

value

Examiners’

Appraised value

deductions

(net) Total Substandard

Not

criticized

deductions

(net)1 Total Substandard

Not

criticized

All banks...................................... 13,308 19,544,145 76,723 19,467,422 849,113

(In thousand

18,618,309

s of dollars)

2,286,416 40,807 2,245,609 428,937 1,816,672

Banks with net sound

capital per $10 0 of

appraised value of

assets of—

$0.00 or less.............................. 10 3,862 649 3,213 1,006 2,207 897 263 634 329 305

$0.01 to $4.99........................... 35 162,407 1,301 161,106 4,671 156,435 13,612 1,018 12,594 4,426 8,168

$5.00 to $9.99........................... 2,942 11,434,372 35,689 11,398,683 395,958 11,002,725 1,363,148 20,434 1,342,714 204,980 1,137,734

$10.00 to $14.99....................... 6,275 6,188,766 27,452 6,161,314 314,302 5,847,012 664,132 13,778 650,354 137,426 512,928

$15.00 to $19.99....................... 2,739 1,215,822 7,926 1,207,896 93,154 1,114,742 160,650 7,589 153,061 50,878 102,183

$20.00 to $24.99....................... 863 402,974 2,795 400,179 27,779 372,400 64,952 2,653 67,605 23,564 44,041

$25.00 to $29.99....................... 266 71,013

48,313

386 70,627 7,942 62,685 10,196 227 9,969 4,796 5,173

$30.00 to $34.99....................... 108 364 47,949 2,827 45,122 6,293 58 6,235 1,636 4,599

$35.00 or more......................... 70 16,616 161 16,455 1,474 14,981 2,536 93 2,443 902 1,541

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

$0 .0 0 ........................................... 53 25,479

12,008,830

14 25,465

11,990,466

43 25,422

11,759,821

775 6 781 781

$0.01 to $4.99........................... 6,369 18,364 230,645 1,153,654 1US 1,153,797 88,458 1,065,339

$5.00 to $9.99........................... 4,225 5,246,642 | 24,416 5,222,226 302,908 4,919,318 657,461 12,882 644,579 146,368 498,211

$10.00 to $14.99....................... 1,649 1,479,867 17,278 1,462,589 161,691 1,300,898 252,028 11,162 240,866 82,781 158,085

$15.00 to $19.99....................... 615 454,337 7,928 446,409 73,494 372,915 104,362 5,260 99,102 46,715 52,387

$20.00 to $24.99....................... 226 193,452 3,661 189,791 41,193 148,598 52,073 4,196 47,877 28,851 19,026

$25.00 to $29.99....................... 99 64,779 1,537 63,242 15,372 47,870 19,579 1,414 18,165 11,446 6,719

$30.00 to $34.99....................... 34 28,385 1,425 26,960 8,463 18,497 11,991 1,016 10,975 5,672 5,303

$35.00 or more.......................... 38 42,374 1 2 ,10 0 40,274 15,304 24,970 34,493 5,026 29,467 18,646 10,821

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Banks with net current

operating earnings per

$10 0 of total assets of—

$-0.50 or less............................

$-0.01 to $-0.49.......................

37

146

7,681

138,733

96

437

7,585

138,296

527

3,790

7,058

134,506

1,198

18,296

72

301

1,126

17,995

278

4,058

848

13,937

$0.00 to $0.49...........................

$0.50 to $0.99...........................

$1.00 to $1.49...........................

$1.50 to $1.99...........................

1,278

4,115

4,313

2,068

3,987,661

10,237,018

3,671,455

960,935

8,171

36,811

22,263

5,541

3,979,490

10,200,207

3,649,192

955,394

111,712

415,664

224,014

62,093

3,867,778

9,784,543

3,425,178

893,301

448,405

1,334,723

382,121

72,281

11,254

22,060

4,993

1,584

437,151

1,312,663

377,128

70,697

83,161

216,702

95,627

20,209

353,990

1,095,961

281,501

50,488

$2.00 to $2.49...........................

$2.50 to $2.99...........................

$3.00 or more............................

Not available............................

855

304

170

22

329,986

145,901

57,457

7,318

2,273

754

362

15

327,713

145,147

57,095

7,303

20,738

8,358

1,961

256

306,975

136,789

55,134

7,047

20,096

5,345

3,156

795

276

205

58

4

19,820

5,140

3,098

791

6,750

1,424

581

147

13,070

3,716

2,517

644

Banks with deposits of—

$100,000 or less........................

$100,000 to $250,000..............

$250,000 to $500,000..............

244

1,849

2,992

11,790

185,546

552,258

172

1,306

2,735

11,618

184,240

549,523

1,355

14,324

34,585

10,263

169,916

514,938

1,108

11,557

33,553

95

502

848

1,013

11,055

32,705

324

2,686

7,180

689

8,369

25,525

$500,000 to $1,000,000...........

$1 ,000,000 to $2 ,00 0 ,000____

$2,000,000 to $5,000,000___

3,134

2,279

1,650

1,029,024

1,342,357

1,936,827

5,209

6,979

10,860

1,023,815

1,335,378

1,925,967

60,391

83,008

122,620

963,424

1,252,370

1,803,347

70,652

116,590

200,790

1,943

3,850

5,626

68,709

112,740

195,164

16,005

29,331

54,695

52,704

83,409

140,469

$5,000,000 to $10,000,000. . .

$10,000,000 to $50,000,000. .

More than $50,000,000..........

559

454

147

1,380,259

3,089,035

10,017,049

8,018

13,987

27,457

1,372,241

3,075,048

9,989,592

80,254

142,630

309,946

1,291,987

2,932,418

9,679,646

165,272

388,741

1,298,153

5,309

12,226

10,408

159,963

376,515

1,287,745

42,604

97,091

179,021

117,359

279,424

1,108,724

i Figures in italics represent excess of appraised value of assets over book value. Examiners' net deductions from total assets differ from examiners’ net deductions from total

capital accounts by the inclusion in the latter of liabilities not shown on the books.

N o t e . For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, pp. 168-71; 1939, pp. 158-61.

COANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. ASSET RATIOS OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Per $100 of total assets (book value) Per $100 of securities (book value)

Number

of

banks Book

value

Examiners’

Appraised value Cash and

due from

banks Book

value

Examiners'

Appraised value

deductions

(net)1

Total I

Substandard

Not

criticized

deductions

(net)1 Total Substandard

Not

criticized

All banks...................................... 13,308 $100.00 $ 0.22 $ 99.78 $ 2.83 $ 96.95 $100.00 $100.00 $ 0.14 $ 99.86 $ 2.92 $ 96.94

Banks with net sound

capital per $10 0 of

appraised value of

assets of—

$0.00 or less.............................. 10 100.00 13.24 86.76 23.70 63.06 100.00 100.00 13.04 86.96 37.34 49.62

$0.01 to $4.99........................... 35 100.00 .29 99.71 1.50 98.21 100.00 100.00 .03 99.97 1.04 98.93

$5.00 to $9.99........................... 2,942 100.00 .15 99.85 2 .12 97.73 100.00 100.00 .06 99.94 2.06 97.88

$10.00 to $14.99....................... 6,275 100.00 .29 99.71 3.43 96.28 100.00 100.00 .27 99.73 3.80 95.93

$15.00 to $19.99....................... 2,739 100.00 .61 99.39 6.64 92.75 100.00 100.00 .50 99.50 7.96 91.54

$20.00 to $24.99....................... 863 100.00 *.10 *99.90 6.05 93.85 100.00 100.00 .23 99.77 6.68 93.09

$25.00 to $29.99....................... 266 100.00 .61 99.39 9.08 90.31 100.00 100.00 .87 99.13 8.07 91.06

$30.00 to $34.99....................... 108 100.00 .54 99.46 7.56 91.90 100.00 100.00 .57 99.43 12.70 86.73

$35.00 or more.......................... 70 100.00 1.13 98.87 14.04 84.83 100.00 100.00 1.87 98.13 30.71 67.42

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

$0 .0 0 ........................................... 53 100.00 .01 10 0 .0 1 .03 99.98 100.00 100.00 .05 100.05 100.05

$0.01 to $4.99........................... 6,369 100.00 .05 99.95 1.24 98.71 100.00 100.00 .04 99.96 1.57 98.39

$5.00 to $9.99........................... 4,225 100.00 .30 99.70 4.22 95.48 100.00 100.00 .19 99.81 4.26 95.55

$10.00 to $14.99....................... 1,649 100.00 .86 99.14 8.61 90.53 100.00 100.00 .64 99.36 8.99 90.37

$15.00 to $19.99....................... 615 100.00 1.28 98.72 12.97 85.75 100.00 100.00 .98 99.02 12.76 86.26

$20.00 to $24.99....................... 226 100.00 1.99 98.01 18.43 79.58 100.00 100.00 1.50 98.50 15.47 83.03

$25.00 to $29.99....................... 99 100.00 2.26 97.74 23.22 74.52 100.00 100.00 1.79 98.21 24.04 74.17

$30.00 to $34.99....................... 34 100.00 3.74 96.26 23.64 72.62 100.00 100.00 2.15 97.85 20.24 77.61

$35.00 or more......................... 38 100.00 11 6.18 93.82 34.16 59.66 100.00 100.00 3.15 96.85 33.59 63.26

144 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Banks with net current

operating earnings per

$100 of total assets of—

$-0.50 or less............................

$-0.01 to $-0.49.......................

$0.00 to $0.49...........................

$0.50 to $0.99...........................

$1.00 to $1.49...........................

$1.50 to $1.99...........................

$2.00 to $2.49...........................

$2.50 to $2.99...........................

$3.00 or more............................

Not available............................

Banks with deposits of—

$100,000 or less........................

$100,000 to $250,000..............

$250,000 to $500,000..............

$500,000 to $1,000,000...........

$1 ,000,000 to $2 ,000,000____

$2,000,000 to $5,000,000____

$5,000,000 to $10,000,000. . .

$10,000,000 to $50,000,000. .

More than $50,000,000..........

37 100.00 .48 99.52 2.98

146 100.00 .16 99.84 2.81

1,278 100.00 .13 99.87 1.85

4,115 100.00 .19 99.81 2.52

4,313 100.00 .39 99.61 4.72

2,068 100.00 .39 99.61 5.56

855 100.00 .42 99.58 5.81

304 100.00 .39 99.61 5.26

170 100.00 .42 99.58 3.24

22 100.00 .27 99.73 3.66

244 100.00 1.05 98.95 7.69

1,849 100.00 .41 99.59 5.43

2,992 100.00 .25 99.75 4.53

3,134 100.00 .32 99.68 4.48

2,279 100.00 .40 99.60 4.67

1,650 100.00 .41 99.59 4.73

559 100.00 .42 99.58 4.27

454 100.00 .31 99.69 3.34

147 100.00 .12 99.88 1.99

96.54 100.00 100.00 .06 99.94 2.05 97.89

97.03 100.00 100.00 .11 99.89 3.99 95.90

98.02 100.00 100.00 .05 99.95 2.10 97.85

97.29 100.00 100.00 .10 99.90 2.34 97.56

94.89 100.00 100.00 .43 99.57 5.61 93.96

94.05 100.00 100.00 .27 99.73 7.37 92.36

93.77 100.00 100.00 .21 99.79 8.22 91.57

94.35 100.00 100.00 .OS 100.03 8.74 91.29

96.34 100.00 100.00 .10 100.10 5.07 95.03

96.07 100.00 100.00 .63 99.37 6.55 92.82

91.26 100.00 100.00 .05 100.05 6.70 93.35

94.16 100.00 100.00 .17 100.17 6.53 93.64

95.22 100.00 100.00 • u 100.14 5.84 94.30

95.20 100.00 100.00 .18 99.82 6.01 93.81

94.93 100.00 100.00 .38 99.62 5.65 93.97

94.86 100.00 100.00 .39 99.61 5.23 94.38

95.31 100.00 100.00 .34 99.66 4.48 95.18

96.35 100.00 100.00 .18 99.82 3.20 96.62

97.89 100.00 100.00 .08 99.92 2.16 97.76

cnANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
CD

T ab le 120. A sset R atios OF Insured C ommercial B a n k s E xa m in e d IN 1941— Continued

BANKS GROUPED BY NET SOUND CAPITAL RATIO, FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS,

AND AMOUNT OF DEPOSITS

Per $100 of loans (book value) Per $100 of fixed and miscellaneous assets (book value)

Number

of

banks Book

value

Examiners’

Appraised value

Examiners'

Appraised value

deductions

(net) Total Substandard

Not

criticized

value deductions

(net)1 Total Substandard

Not

criticized

All hanks...................................... 13,308

10

$100.00 $ 0.39 $ 99.61 $ 4.35 $ 95.26 $100.00 $ 1.78 $ 98.22 $ 18.76 $ 79.46

Banks with net sound

capital per $10 0 of

appraised value of

assets of—

$0.00 or less.............................. 100.00 16.80 83.20 26.05 57.15 100.00 29.32 70.68 36.68 34.00

$0.01 to $4.99........................... 35 100.00 .80 99.20 2.88 96.32 100.00 7.48 92.52 32.51 60.01

$5.00 to $9.99........................... 2,942 100.00 .31 99.69 3.46 96.23 100.00 1.50 98.50 15.04 83.46

$10.00 to $14.99....................... 6,275

2,739

863

100.00 .44 99.56 5.08 94.48 100.00 2.07 97.93 20.69 77.24

$15.00 to $19.99....................... 100.00 .65 99.35 7.66 91.69 100.00 4.72 95.28 31.67 63.61

$20.00 to $24.99....................... 100.00 .69 99.31 6.90 92.41 100.00 H.08 2104.08 36.28 67.80

$25.00 to $29.99....................... 266 100.00 .54 99.46 11.19 88.27 100.00 2.23 97.77 47.04 50.73

$30.00 to $34.99....................... 108 100.00 .75 99.25 5.85 93.40 100.00 .92 99.08 26.00 73.08

$35.00 or more......................... 70 100.00 .97 99.03 8.87 90.16 100.00 3.67 96.33 35.57 60.76

Banks with fixed and

substandard assets per

$10 0 of appraised value

of assets of—

$0 00 ............... 53 100.00 .05 99.95 .17 99.78 100.00 .77 100.77 100.77

$0.01 to $4.99 ......................... 6,369

4,225

100.00 .15 99.85 1.92 97.93 100.00 .01 10 0 .0 1 7.67 92.34

$5.00 to $9.99........................... 100.00 .47 99.53 5.77 93.76 100.00 1.96 98.04 22.26 75.78

$10.00 to $14.99....................... 1,649

615

100.00 1.17 98.83 10.92 87.91 100.00 4.43 95.57 32.85 62.72

$15.00 to $19.99....................... 100.00 1.74 98.26 16.18 82.08 100.00 5.04 94.96 44.76 50.20

$20.00 to $24.99....................... 226 100.00 1.89 98.11 21.29 76.82 100.00 8.06 91.94 55.40 36.54

$25.00 to $29.99....................... 99 100.00 2.37 97.63 23.73 73.90 100.00 7.22 92.78 58.46 34.32

$30.00 to $34.99....................... 34 100.00 5.02 94.98 29.82 65.16 100.00 8.47 91.53 47.30 44.23

$35.00 or more.......................... 38 100.00 4.96 95.04 36.11 58.93 100.00 14.57 85.43 54.06 31.37

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Banks with net current

operating earnings per

$10 0 of total assets of—

$-0.50 or less............................ 37 100.00 1.25 98.75 6.86 91.89 100.00 6.0 1 93.99 23.21 70.78

$-0.01 to $-0.49....................... 146 100.00 .31 99.69 2.74 96.95 100.00 1.65 98.35 22.18 76.17

$0.00 to $0.49........................... 1,278 100.00 .20 99.80 2.80 97.00 100.00 2.51 97.49 18.55 78.94

$0.50 to $0.99........................... 4,115 100.00 .36 99.64 4.06 95.58 100.00 1.65 98.35 16.24 82.11

$1.00 to $1.49........................... 4,313 100.00 .61 99.39 6.10 93.29 100.00 1.31 98.69 25.02 73.67

$1.50 to $1.99........................... 2,068 100.00 .58 99.42 6.46 92.96 100.00 2.19 97.81 27.96 69.85

$2.00 to $2.49........................... 855 100.00 .69 99.31 6.28 93.03 100.00 1.37 98.63 33.59 65.04

$2.50 to $2.99........................... 304 100.00 .52 99.48 5.73 93.75 100.00 3.84 96.16 26.64 69.52

$3.00 or more............................ 170 100.00 .63 99.37 3.41 95.96 100.00 1.84 98.16 18.41 79.75

Not available............................ 22 100.00 .20 99.80 3.50 96.30 100.00 .50 99.50 18.49 81.01

Banks with deposits of—

$100,000 or less........................ 244 100.00 1.46 98.54 11.49 87.05 100.00 8.57 91.43 29.25 62.18

$100,000 to $250,000.............. 1,849 100.00 .70 99.30 7.72 91.58 100.00 4.34 95.66 23.25 72.41

$250,000 to $500,000.............. 2,992 100.00 .50 99.50 6.26 93.24 100.00 2.53 97.47 21.40 76.07

$500,000 to $1,000,000........... 3,134 100.00 .51 99.49 5.87 93.62 100.00 2.75 97.25 22.65 74.60

$1 ,000,000 to $2 ,000,000___ 2,279 100.00 .52 99.48 6.18 93.30 100.00 3.30 96.70 25.16 71.54

$2,000,000 to $5,000,000___ 1,650 100.00 .56 99.44 6.33 93.11 100.00 2.80 97.20 27.24 69.96

$5,000,000 to $10,000,000. . . 559 100.00 .58 99.42 5.82 93.60 100.00 3.21 96.79 25.78 71.01

$10,000,000 to $50,000,000. . 454 100.00 .45 99.55 4.62 94.93 100.00 3.15 96.85 24.97 71.88

More than $50,000,000.......... 147 100.00 .27 99.73 3.10 96.63 100.00 .80 99.20 13.79 85.41

1 Figures in italics represent excess of appraised value of assets over book value. Examiners’ net deductions from total assets differ from examiners’ net deductions from total

capital accounts by the inclusion in the latter of liabilities not shown on the books.

2 For explanation of the apparent irregularity in this item, see page 96.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, pp. 172-75; 1939, pp. 162-65.

-3ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

(Amounts in thousands of dollars)

T a b le 121. APPRAISAL OF ASSETS OF INSURED COMMERCIAL BANKS EXAMINED IN 1941

Number

of

banks

Total assets

Cash and 

due from 

banks

Securities

Book

value

Examiners'

deductions

(net)1

Appraised value

Book

value

Examiners’

deductions

(net)1

Appraised value

Total Substandard

;?■= Not 

criticized Total Substandard

Not

criticized

United States—total.............. 13,308 71,697,320 154,186 71,543,134 2,030,622 69,512,512 24,107,119 25,759,640 36,656 25,722,984 752,572 24,970,412

FDIC District

District 1.................................... 485 4,140,453 15,066 4,125,387 147,964 3,977,423 1,479,011 1,124,372 4,323 1,120,049 55,674 1,064,375

District 2 .................................... 1,094 25,462,119 58,996 25,403,123 597,893 24,805,230 8,101,800 10,891,260 15,463 10,875,797 259,367 10,616,430

District 3 .................................... 1,714 9,607,280 47,227 9,560,053 520,525 9,039,528 3,163,892 3,441,196 14,380 3,426,816 215,039 3,211,777

District 4 .................................... 1,013 3,488,329 4,453 3,483,876 86,502 3,397,374 1,328,301 968,624 1,300 967,324 32,710 934,614

District 5 .................................... 920 2,597,257 3,580 2,593,677 68,897 2,524,780 1,034,502 669,276 808 668,468 22,311 646,157

District 6 .................................... 1,446 3,615,066 4,671 3,610,395 101,910 3,508,485 1,340,750 1,020,718 118 1,020,600 41,924 978,676

District 7 .................................... 1,429 4,394,422 3,654 4,390,768 90,882 4,299,886 1,528,480 1,614,502 641 1,613,861 29,707 1,584,154

District 8 ................................... 1,402 6,094,340 2,480 6,091,860 112,398 5,979,462 2,203,881 2,300,950 217 2,301,167 43,017 2,258,150

District 9 ................................... 1,062 1,538,249 549 1,537,700 18,699 1,519,001 511,615 446,977 528 447,505 6,759 440,746

District 10................................. 1,395 1,954,469 1,424 1,953,045 28,913 1,924,132 783,587 487,048 531 487,579 4,703 482,876

836 2,237,374 2,154 2,235,220 31,467 2,203,753 968,519 525,054 91 525,145 8,646 516,499

512 6,567,962 9,932 6,558,030 224,572 6,333,458 1,662,781 2,269,663 990 2,268,673 32,715 2,235,958

State

190 453,966 640 453,326 17,490 435,836 188,088 105,812 134 105,678 3,043 102,635

Arizona....................................... 12 110,772 74 110,698 2,217 108,481 34,555 29,552 39 29,513 516 28,997

Arkansas.................................... 208 266,442 229 266,213 3,999 262,214 125,721 64,181 12 64,169 1,628 62,541

California2.................................. 193 5,098,163 8,825 5,089,338 208,362 4,880,976 1,134,682 1,836,417 759 1,835,658 28,010 1,807,648

Colorado.................................... 138 426,303 95 426,208 4,837 421,371 210,184 96,923 83 97,006 1,467 95,539

Connecticut............................... 99 730,209 2,324 727,885 27,329 700,556 272,758 214,501 556 213,945 7,168 206,777

Delaware.................................... 41 283,764 1,367 282,397 11,606 270,791 93,196 108,674 744 107,930 5,689 102,241

District of Columbia............... 22 513,741 897 512,844 11,352 501,492 207,995 145,774 313 145,461 3,628 141,833

Florida........................................ 164 589,410 755 588,655 10,123 578,532 252,655 186,826 338 186,488 4,298 182,190

Georgia....................................... 232 659,894 1,053 658,841 18,795 640,046 237,112 122,609 267 122,342 6,500 115,842

Idaho.......................................... 49 117,199 59 117,140 676 116,464 37,778 37,347 5 37,342 205 37,137

Illinois........................................ 817 5,273,260 1,869 5,271,391 91,717 5,179,674 1,927,225 2,114,732 25 2,114,707 39,677 2,075,030

Indiana....................................... 468 1,118,563 1,088 1,117,475 33,293 1,084,182 383,085 382,101 73 382,028 8,431 373,597

Iow a............................................ 585 821,080 611 820,469 20,681 799,788 276,656 186,218 2U2 186,460 3,340 183,120

Kansas........................................ 457 465,898 685 465,213 8,123 457,090 166,521 119,305 190 119,495 721 118,774

148 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky................................... 372 617,639 1,248 616,391 22,383 594,008 212,814 152,102 10 2 152,000 5,577 146,423

Louisiana................................... 142 639,767 699 639,068 11,542 627,526 250,836 183,084 66 183,018 3,793 179,225

Maine......................................... 56 234,090 2,619 231,471 14,751 216,720 61,608 84,323 677 83,646 6,312 77,334

Maryland................................... 172 841,557 850 840,707 19,234 821,473 283,763 338,525 350 338,175 8,954 329,221

Massachusetts.......................... 187 2,577,275 6,103 2,571,172 73,752 2,497,420 978,507 638,001 1,750 636,251 29,723 606,528

Michigan.................................... 415 2,092,290 600 2,091,690 20,406 2,071,284 733,398 817,023 89 817,112 5,665 811,447

Minnesota.................................. 641 1,131,216 41 1,131,175 12,857 1,118,318 374,636 339,469 423 339,892 5,389 334,503

Mississippi................................. 192 254,220 433 253,787 10,947 242,840 105,811 70,945 3 70,942 4,677 66,265

Missouri..................................... 577 1,981,889 1,383 1,980,506 48,511 1,931,995 705,919 648,109 135 648,244 26,865 621,379

Montana.................................... 1 1 0 182,659 120 182,539 1,831 180,708 74,937 54,475 28 54,503 494 54,009

Nebraska.................................... 361 397,590 13 397,577 6,977 390,600 128,833 105,231 86 105,317 965 104,352

Nevada....................................... 1 1 56,694 29 56,665 314 56,351 19,157 18,614 10 18,604 159 18,445

New Hampshire....................... 55 112,136 722 111,414 4,653 106,761 32,675 34,824 337 34,487 2,281 32,206

New Jersey................................ 347 2,240,744 14,660 2,226,084 132,286 2,093,798 624,738 882,572 1,724 880,848 41,742 839,106

New Mexico.............................. 40 75,458 146 75,312 949 74,363 29,166 19,166 29 19,195 65 19,130

New York.................................. 706 22,937,611 42,969 22,894,642 454,001 22,440,641 7,383,866 9,900,014 12,995 9,887,019 211,936 9,675,083

North Carolina......................... 219 661,014 396 660,618 13,202 647,416 270,868 171,284 118 171,166 8,139 163,027

North Dakota........................... 150 99,293 251 99,042 2 ,2 2 1 96,821 27,892 23,673 46 23,719 460 23,259

Ohio............................................. 670 3,198,317 4,351 3,193,966 85,041 3,108,925 1,109,386 999,690 886 998,804 30,438 968,366

Oklahoma.................................. 381 578,334 549 577,785 7,683 570,102 239,665 148,069 148 148,217 1,390 146,827

Oregon........................................ 69 401,242 209 401,033 3,640 397,393 137,522 145,905 49 145,856 677 145,179

Pennsylvania............................ 1,044 6,408,963 42,876 6,366,087 435,484 5,930,603 2,054,506 2,441,506 13,494 2,428,012 184,601 2,243,411

Rhode Island............................ 16 345,039 1,550 343,489 11,490 331,999 105,542 112,834 521 112,313 5,743 106,570

South Carolina......................... 114 203,202 73 203,129 2,556 200,573 95,331 39,761 8 39,769 1,422 38,347

South Dakota........................... 161 125,081 137 124,944 1,790 123,154 34,150 29,360 31 29,391 416 28,975

Tennessee................................... 289 749,096 1,811 747,285 27,017 720,268 296,296 156,326 139 156,187 7,854 148,333

Texas........................................... 784 2,051,144 1,934 2,049,210 28,301 2,020,909 904,798 476,336 101 476,437 8,065 468,372

Utah............................................ 60 207,795 202 207,593 2,302 205,291 77,566 51,263 5 51,258 613 50,645

72 141,704 1,748 139,956 15,989 123,967 27,921 39,889 482 39,407 4,447 34,960

Virginia....................................... 312 869,243 1,037 868,206 23,136 845,070 315,029 187,362 227 187,135 6,301 180,834

Washington............................... 130 686,869 608 686,261 9,278 676,983 256,076 180,117 162 179,955 3,051 176,904

West Virginia............................ 174 399,572 1,200 398,372 17,022 381,350 155,315 85,918 300 85,618 4,266 81,352

Wisconsin................................... 546 1,183,569 1,966 1,181,603 37,183 1,144,420 411,997 415,378 657 414,721 15,611 399,110

Wyoming.................................... 58 86,344 82 86,262 1,293 84,969 38,384 17,520 24 17,544 160 17,384

ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

(Amounts in thousands of dollars)

T ab le 121. A p pr aisal of A ssets of I nsured C om m ercial B a n k s E xa m in e d in 1941— Continued

Number

of

banks

Loans, discounts, and overdrafts Fixed and miscellaneous assets

Book

value

Examiners'

deductions

(net)

Appraised value

Book

value

Examiners’

deductions

(net)1

Appraised value

Total Substandard

Not

criticized Total Substandard

Not

criticized

United States—total............. 13,308 19,544,145 76,723 19,467,422 849,113 18,618,309 2,286,416 40,807 2,245,609 428,937 1,816,672

FDIC District

District 1.................................... 485 1,408,815 8,164 1,400,651 71,660 1,328,991 128,255 2,579 125,676 20,630 105,046

District 2 .................................... 1,094 5,581,475 24,953 5,556,522 210,031 5,346,491 887,584 18,580 869,004 128,495 740,509

District 3 .................................. 1,714 2,596,421 18,932 2,577,489 171,294 2,406,195 405,771 13,915 391,856 134,192 257,664

District 4 ................................... 1,013 1,083,844 2,664 1,081,180 35,446 1,045,734 107,560 489 107,071 18,346 88,725

District 5 .................................. 920 808,066 2,168 805,898 29,402 776,496 85,413 604 84,809 17,184 67,625

District 6 .................................. 1,446 1,174,788 3,512 1,171,276 45,138 1,126,138 78,810 1,041 77,769 14,848 62,921

District 7 ................................... 1,429 1,154,742 1,918 1,152,824 42,302 1,110,522 96,698 1,095 95,603 18,873 76,730

District 8 ................................... 1,402 1,491,305 2,169 1,489,136 53,846 1,435,290 98,204 528 97,676 15,535 82,141

District 9 ................................... 1,062 543,554 817 542,737 9,821 532,916 36,103 260 35,843 2,119 33,724

District 10................................. 1,395 644,187 2,046 642,141 22,386 619,755 39,647 91 39,738 1,824 37,914

District 1 1 :............................... 836 680,661 2,047 678,614 16,508 662,106 63,140 198 62,942 6,313 56,629

District 122 ............................... 512 2,376,287 7,333 2,368,954 141,279 2,227,675 259,231 1,609 257,622 50,578 207,044

State

Alabama..................................... 190 141,476 526 140,950 8,933 132,017 18,590 20 18,610 5,514 13,096

Arizona .................................. 12 42,427 67 42,360 1,145 41,215 4,238 32 4,270 556 3,714

Arkansas ................... 208 71,245 174 71,071 1,729 69,342 5,295 43 5,252 642 4,610

California2 ..................... 193 1,898,212 6,634 1,891,578 131,594 1,759,984 228,852 1,432 227,420 48,758 178,662

Colorado.................................... 138 113,152 291 112,861 3,032 109,829 6,044 113 6,157 338 5,819

Connecticut ..................... 99 217,036 1,283 215,753 15,313 200,440 25,914 485 25,429 4,848 20,581

Delaware ................... 41 75,848 439 75,409 4,394 71,015 6,046 184 5,862 1,523 4,339

District of Columbia.............. 22 137,144 365 136,779 4,564 132,215 22,828 219 22,609 3,160 19,449

Florida ................. 164 133,394 278 133,116 3,534 129,582 16,535 139 16,396 2,291 14,105

Georgia....................................... 232 277,466 513 276,953 7,128 269,825 22,707 273 22,434 5,167 17,267

Idaho 49 39,726 52 39,674 405 39,269 2,348 2 2,346 66 2,280

Illinois ............. • • 817 1,149,078 1,446 1,147,632 38,128 1,109,504 82,225 398 81,827 13,912 67,915

Indiana . .......................... 468 323,076 663 322,413 16,369 306,044 30,301 352 29,949 8,493 21,456

585 342,227 723 341,504 15,718 325,786 15,979 130 15,849 1,623 14,226

Kansas........................................ 457 169,949 749 169,200 6,640 162,560 10,123 126 9,997 762 9,235

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky...........

Louisiana...........

Maine.................

Maryland......... .

Massachusetts. .

Michigan............

Minnesota.........

Mississippi

Missouri........... .

Montana.............

Nebraska...........

Nevada..............

New Hampshire

New Jersey

New Mexico

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon................

Pennsylvania. . ,

Rhode Island. . .

South Carolina.

South Dakota..

Tennessee...........

Texas...................

Utah....................

Vermont.............

Virginia...............

Washington........

West Virginia.. .

Wisconsin...........

Wyoming............

372 237,331 1,023 236,308 13,484 222,824 15,392 123 15,269 3,322 11,947 142 186,077 570 185,507 5,084 180,423 19,770 63 19,707 2,665 17,042 56 81,792 1,467 80,325 6,619 73,706 6,367 475 5,892 1,820 4,072 172 199,074 420 198,654 7,649 191,005 20,195 80 20,115 2,631 17,484 187 888,884 3,412 885,472 34,547 850,925 71,883 941 70,942 9,482 61,460

415 504,095 622 503,473 9,965 493,508 37,774 67 37,707 4,776 32,931 641 391,973 397 391,576 6,273 385,303 25,138 67 25,071 1,195 23,876 192 69,653 281 69,372 4,723 64,649 7,811 149 7,662 1,547 6,115 577 594,646 973 593,673 15,243 578,430 33,215 545 32,670 6,403 26,267 1 1 0 49,153 144 49,009 1 ,1 0 2 47,907 4,094 4 4,090 235 3,855

361 154,433 379 154,054 5,519 148,535 9,093 280 9,373 493 8,880 1 1 17,761 17 17,744 137 17,607 1,162 2 1,160 18 1,142 55 41,704 325 41,379 2,043 39,336 2,933 60 2,873 329 2,544 347 622,099 6,511 615,588 53,718 561,870 111,335 6,425 104,910 36,826 68,084 40 25,575 180 25,395 842 24,553 1,551 5 1,556 42 1,514

706 4,883,528 18,003 4,865,525 151,919 4,713,606 770,203 11,971 758,232 90,146 668,086 219 203,735 240 203,495 3,193 200,302 15,127 38 15,089 1,870 13,219 150 44,362 176 44,186 1,363 42,823 3,366 12 1 3,245 398 2,847 670 988,879 1,578 987,301 35,324 951,977 100,362 1,887 98,475 19,279 79,196 381 177,773 536 177,237 6,116 171,121 12,827 161 12,666 177 12,489

69 108,682 132 108,550 2,322 106,228 9,133 28 9,105 641 8,464 1,044 1,607,542 17,354 1,590,188 135,970 1,454,218 305,409 12,028 293,381 114,913 178,468 16 111,990 894 111,096 4,747 106,349 14,673 135 14,538 1,000 13,538 114 64,137 59 64,078 857 63,221 3,973 22 3,951 277 3,674 161 58,066 100 57,966 1,083 56,883 3,505 68 3,437 291 3,146

289 271,566 1,342 270,224 14,682 255,542 24,908 330 24,578 4,481 20,097 784 612,659 1,800 610,859 14,521 596,338 57,351 235 57,116 5,715 51,401 60 74,062 139 73,923 1,229 72,694 4,904 58 4,846 460 4,386 72 67,409 783 66,626 8,391 58,235 6,485 483 6,002 3,151 2,851 312 337,887 956 336,931 11,470 325,461 28,965 1U6 29,111 5,365 23,746

130 237,844 359 237,485 5,592 231,893 12,832 87 12,745 635 1 2 ,1 1 0 174 141,867 624 141,243 7,713 133,530 16,472 276 16,196 5,043 11,153 546 327,571 633 326,938 15,968 310,970 28,623 676 27,947 5,604 22,343 58 28,880 91 28,789 1,079 27,710 1,560 15 1,545 54 1,491

1 Figures in italics represent excess of appraised value of assets over book value. Examiners’ net deductions from total

total capital accounts by the inclusion in the latter of liabilities not shown on the books.

2 Includes 1 national bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, pp. 176-79; 1939, pp. 166-69.

differ from examiners’ net deductions from

ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 122. A s s e t R a t io s OF INSURED COMMERCIAL BANKS EXAM INED IN 1941

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

Number

of

banks

Per $100 of total assets (book value)

Cash and 

due from 

banks

Per $100 of securities (book value)

Book

value

Examiners’

deductions

(net)1

Appraised value

Book

value

Examiners’

deductions

(net)1

Appraised value

Total Substandard

Not

criticized Total Substandard

Not

criticized

United States— total............... 13,308 $100.00 $ 0.22 $ 99.78 $ 2.83 $ 96.95 $100.00 $100.00 $ 0.14 $ 99.86 $ 2.92 $ 96.94

FDIC District

District 1 485 100.00 .36 99.64 3.57 96.07 100.00 100.00 .38 99.62 4.95 94.67

District 2 1,094 100.00 .23 99.77 2.35 97.42 100.00 100.00 .14 99.86 2.38 97.48

District 3 ................. 1,714 100.00 .49 99.51 5.42 94.09 100.00 100.00 .42 99.58 6.25 93.33

District 4 ................................... 1,013 100.00 .13 99.87 2.48 97.39 100.00 100.00 .13 99.87 3.38 96.49

District 5 .... 920 100.00 .14 99.86 2.65 97.21 100.00 100.00 .12 99.88 3.33 96.55

District 6 1,446 100.00 .13 99.87 2.82 97.05 100.00 100.00 .01 99.99 4.11 95.88

District 7 1,429 100.00 .08 99.92 2.07 97.85 100.00 100.00 .04 99.96 1.84 98.12

District 8 .................................... 1,402 100.00 .04 99.96 1.84 98.12 100.00 100.00 .01 100.01 1.87 98.14

District 9 .............................. 1,062 100.00 .04 99.96 1.22 98.74 100.00 100.00 .12 100.12 1.51 98.61

District 10 ..................... 1,395 100.00 .07 99.93 1.48 98.45 100.00 100.00 .11 100.11 .97 99.14

District 11 ................. 836 100.00 .10 99.90 1.41 98.49 100.00 100.00 .02 100.02 1.65 98.37

512 100.00 .15 99.85 3.42 96.43 100.00 100.00 .04 99.96 1.44 98.52

State

Alabama ................. 190 100.00 .14 99.86 3.85 96.01 100.00 100.00 .13 99.87 2.88 96.99

Arkansas ...............

12 100.00 .07 99.93 2.00 97.93 100.00 100.00 .13 99.87 1.75 98.12

208 100.00 .09 99.91 1.50 98.41 100.00 100.00 .02 99.98 2.54 97.44

California^ ............... 193 100.00 .17 99.83 4.09 95.74 100.00 100.00 .04 99.96 1.53 98.43

138 100.00 .02 99.98 1,13 98.85 100.00 100.00 .09 100.09 1.51 98.58

Connecticut ..................... 99 100.00 .32 99.68 3.74 95.94 100.00 100.00 .26 99.74 3.34 96.40

Delaware ............... 41 100.00 .48 99.52 4.09 95.43 100.00 100.00 .68 99.32 5.24 94.08

District of Columbia............... 22 100.00 .17 99.83 2.21 97.62 100.00 100.00 .21 99.79 2.49 97.30

Florida ............. 164 100.00 .13 99.87 1.72 98.15 100.00 100.00 .18 99.82 2.30 97.52

Georgia....................................... 232 100.00 .16 99.84 2.85 96.99 100.00 100.00 .22 99.78 5.30 94.48

Idaho........................................... 49 100.00 .05 99.95 .58 99.37 100.00 100.00 .01 99.99 .55 99.44

817 100.00 .04 99.96 1.74 98.22 100.00 100.00 .00 100.00 1.88 98.12

468 100.00 .10 99.90 2.98 96.92 100.00 100.00 .02 99.98 2.21 97.77

585 100.00 .07 99.93 2.52 97.41 100.00 100.00 .13 100.13 1.79 98.34

457 100.00 .15 99.85 1.74 98.11 100.00 100.00 .16 100.16 .60 99.56

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky...........

Louisiana............

Maine..................

Maryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

Nevada...............

New Hampshire

New Jersey........

New Mexico. .. .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . .

Rhode Island. . .

South Carolina..

South Dakota...

Tennessee...........

Texas...................

Utah....................

Vermont.............

Virginia...............

Washington........

West Virginia. ..

Wisconsin...........

Wyoming............

372 100.00 .20 99.80 3.62

142 100.00 .11 99.89 1.80

56 100.00 1.12 98.88 6.30

172 100.00 .10 99.90 2.29

187 100.00 .24 99.76 2.86

415 100.00 .03 99.97 .97

641 100.00 .00 100.00 1.14

192 100.00 .17 99.83 4.31

577 100.00 .07 99.98 2.45

110 100.00 .07 99.93 1.00

361 100.00 .00 100.00 1.75

11 100.00 .05 99.95 .55

55 100.00 .64 99.36 4.15

347 100.00 .65 99.35 5.90

40 100.00 .19 99.81 1.26

706 100.00 .19 99.81 1.98

219 100.00 .06 99.94 2.00

150 100.00 .25 99.75 2.24

670 100.00 .14 99.86 2.66

381 100.00 .09 99.91 1.33

69 100.00 .05 99.95 .91

1,044 100.00 .67 99.33 6.79

16 100.00 .45 99.55 3.33

114 100.00 .04 99.96 1.26

161 100.00 .11 99.89 1.43

289 100.00 .24 99.76 3.61

784 100.00 .09 99.91 1.38

60 100.00 .10 99.90 1.11

72 100.00 1.23 98.77 11.28

312 100.00 .12 99.88 2.66

130 100.00 .09 99.91 1.35

174 100.00 .30 99.70 4.26

546 100.00 .17 99.83 3.14

58 100.00 .09 99.91 1.50

96.18 100.00 100.00 .07 99.93 3.67 96.26

98.09 100.00 100.00 .04 99.96 2.07 97.89

92.58 100.00 100.00 .80 99.20 7.49 91.71

97.61 100.00 100.00 .10 99.90 2.65 97.25

96.90 100.00 100.00 .27 99.73 4.66 95.07

99.00 100.00 100.00 .01 100.01 .70 99.31

98.86 100.00 100.00 .11 100.11 1.59 98.52

95.52 100.00 100.00 .00 100.00 6.59 93.41

97.48 100.00 100.00 .02 100.02 4.15 95.87

98.93 100.00 100.00 .05 100.05 .91 99.14

98.25 100.00 100.00 .08 100.08 .92 99.16

99.40 100.00 100.00 .05 99.95 .85 99.10

95.21 100.00 100.00 .97 99.03 6.55 92.48

93.45 100.00 100.00 .20 99.80 4.73 95.07

98.55 100.00 100.00 .15 100.15 .34 99.81

97.83 100.00 100.00 .13 99.87 2.14 97.73

97.94 100.00 100.00 .07 99.93 4.75 95.18

97.51 100.00 100.00 .19 100.19 1.94 98.25

97.20 100.00 100.00 .09 99.91 3.04 96.87

98.58 100.00 100.00 .10 100.10 .94 99.16

99.04 100.00 100.00 .03 99.97 .46 99.51

92.54 100.00 100.00 .55 99.45 7.56 91.89

96.22 100.00 100.00 .46 99.54 5.09 94.45

98.70 100.00 100.00 .02 100.02 3.58 96.44

98.46 100.00 100.00 .11 100.11 1.42 98.69

96.15 100.00 100.00 .09 99.91 5.02 94.89

98.53 100.00 100.00 .02 100.02 1.69 98.33

98.79 100.00 100.00 .01 99.99 1.20 98.79

87.49 100.00 100.00 1.21 98.79 11.15 87.64

97.22 100.00 100.00 .12 99.88 3.36 96.52

98.56 100.00 100.00 .09 99.91 1.69 98.22

95.44 100.00 100.00 .35 99.65 4.97 94.68

96.69 100.00 100.00 .16 99.84 3.76 96.08

98.41 100.00 100.00 . u 100.14 .91 99.23

o\

COANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 122. A sset R atios of I nsured C ommercial B anks E xam in ed in 1941— Continued

BANKS GROUPED BY FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICT AND STATE

Ol

Number

of

banks

Per $100 of total loans (book value) Per $100 of fixed and miscellaneous assets (book value)

Book

value

Examiners’

deductions

(net)

Appraised value

Book

value

Examiners’

deductions

(net)1

Appraised value

Total Substandard

Not

criticized Total Substandard

Not

criticized

United States— total.................................... 13,308 $100.00 $ 0.39 $ 99.61 $ 4.35 $ 95.26 $100.00 $ 1.78 $ 98.22 $ 18.76 $ 79.46

FDIC District

District 1 ......................................................... 485 100.00 .58 99.42 5.09 94.33 100.00 2.01 97.99 16.09 81.90

District 2 ......................................................... 1,094 100.00 .45 99.55 3.76 95.79 100.00 2.09 97.91 14.48 83.43

District 3 ......................................................... 1,714 100.00 .73 99.27 6.60 92.67 100.00 3.43 96.57 33.07 63.50

District 4 ......................................................... 1,013 100.00 .25 99.75 3.27 96.48 100.00 .45 99.55 17.06 82.49

District 5 ......................................................... 920 100.00 .27 99.73 3.64 96.09 100.00 .71 99.29 20.12 79.17

District 6 ......................................................... 1,446 100.00 .30 99.70 3.84 95.86 100.00 1.32 98.68 18.84 79.84

District 7 ......................................................... 1,429 100.00 .17 99.83 3.66 96.17 100.00 1.13 98.87 19.52 79.35

District 8 ......................................................... 1,402 100.00 .15 99.85 3.61 96.24 100.00 .54 99.46 15.82 83.64

District 9 ........................................................ 1,062 100.00 .15 99.85 1.81 98.04 100.00 .72 99.28 5.87 93.41

District 10....................................................... 1,395 100.00 .32 99.68 3.47 96.21 100.00 .23 100.23 4.60 95.63

District 11....................................................... 836 100.00 .30 99.70 2.43 97.27 100.00 .31 99.69 10.00 89.69

District 122..................................................... 512 100.00 .31 99.69 5.94 93.75 100.00 .62 99.38 19.51 79.87

State

Alabama.......................................................... 190 100.00 .37 99.63 6.32 93.31 100.00 .11 100.11 29.66 70.45

Arizona............................................................ 12 100.00 .16 99.84 2.70 97.14 100.00 .76 100.76 13.12 87.64

Arkansas.......................................................... 208 100.00 .24 99.76 2.43 97.33 100.00 .81 99.19 12.12 87.07

193 100.00 .35 99.65 6.93 92.72 100.00 .63 99.37 21.31 78.06

138 100.00 .26 99.74 2.68 97.06 100.00 1.87 101.87 5.59 96.28

Connecticut.................................................... 99 100.00 .59 99.41 7.06 92.35 100.00 1.87 98.13 18.71 79.42

Delaware......................................................... 41 100.00 .58 99.42 5.79 93.63 100.00 3.04 96.96 25.19 71.77

District of Columbia.................................... 22 100.00 .27 99.73 3.33 96.40 100.00 .96 99.04 13.84 85.20

Florida............................................................. 164 100.00 .21 99.79 2.65 97.14 • 100.00 .84 99.16 13.86 85.30

232 100.00 .18 99.82 2.57 97.25 100.00 1.20 98.80 22.76 76.04

Idaho................................................................ 49 100.00 .13 99.87 1.02 98.85 100.00 .09 99.91 2.81 97.10

Illinois.............................................................. 817 100.00 .13 99.87 3.32 96.55 100.00 .48 99.52 16.92 82.60

Indiana............................................................ 468 100.00 .21 99.79 5.06 94.73 100.00 1.16 98.84 28.03 70.81

585 100.00 .21 99.79 4.59 95.20 100.00 .81 99.19 10.16 89.03

Kansas............................................................. 457 100.00 .44 99.56 3.91 95.65 100.00 1.24 98.76 7.53 91.23

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky...........

Louisiana............

Maine..................

Maryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

Missouri.............

Montana.............

Nebraska............

Nevada...............

New Hampshire

New Jersey........

New Mexico. . . .

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Oregon.................

Pennsylvania. . .

Rhode Island. ..

South Carolina..

South Dakota..,

Tennessee...........

Texas...................

Utah....................

Vermont.............

Virginia...............

Washington........

West Virginia.. .

Wisconsin...........

Wyoming............

372

142

56

172

187

415

641

192

577

110

361

11

55

347

40

706

219

150

670

381

1,044

16

114

161

289

784

60

72

312

130

174

546

58

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

.43

.31

1.79

.21

.38

.12

.10

.40

.16

.29

.25

.10

.78

1.05

.70

.37

.12

.40

.16

.30

.12

1.08

.80

.09

.17

.49

.29

.19

1.16

.28

.15

.44

.19

.32

99.57

99.69

98.21

99.79

99.62

99.88

99.90

99.60

99.84

99.71

99.75

99.90

99.22

98.95

99.30

99.63

99.88

99.60

99.84

99.70

99.88

98.92

99.20

99.91

99.83

99.51

99.71

99.81

98.84

99.72

99.85

99.56

99.81

99.68

5.68

2.73

8.09

3.84

3.89

1.98

1.60

6.78

2.57

2.24

3.57

.77

4.90

8.63

3.29

3.11

1.57

3.07

3.57

3.44

2.14

8.46

4.24

1.34

1.87

5.41

2.37

1.66

12.45

3.40

2.35

5.44

4.87

3.73

93.89

96.96

90.12

95.95

95.73

97.90

98.30

92.82

97.27

97.47

96.18

99.13

94.32

90.32

96.01

96.52

98.31

96.53

96.27

96.26

97.74

90.46

94.96

98.57

97.96

94.10

97.34

98.15

86.39

96.32

97.50

94.12

94.94

95.95

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

100.00

.80

.32

.7.46

.40

1.31

.18

.27

1.91

1.64

.10

3.08

.17

2.05

5.77

.32

1.55

.25

3.59

1.88

1.26

.31

3.94

.92

.55

1.94

1.32

.41

1.18

7.45

.50

1.68

2.36

.96

99.20

99.68

92.54

99.60

98.69

99.73

98.09

98.36

99.90

103.08

99.83

97.95

94.23

100.32

98.45

99.75

96.41

98.12

98.74

99.69

96.06

99.08

99.45

98.06

98.68

99.59

98.82

92.55

100.50

99.32

98.32

97.64

99.04

21.58

13.48

28.58

13.03

13.19

12.64

4.75

19.80

19.28

5.74

5.42

1.55

11.21

33.08

2.71

11.71

12.36

11.83

19.21

1.38

7.02

37.62

6.82

6.97

8.30

17.99

9.96

9.38

48.59

18.52

4.95

30.61

19.58

3.46

77.62

86.20

63.96

86.57

85.50

87.18

94.98

78.29

79.08

94.16

97.66

98.28

86.74

61.15

97.61

86.74

87.39

84.58

78.91

97.36

92.67

58.44

92.26

92.48

89.76

80.69

89.63

89.44

43.96

81.98

94.37

67.71

78.06

95.58

1 Figures in italics represent excess of appraised value of assets over book value. Examiners' net deductions from total assets differ from examiners’ net deductions from total

capital accounts by the inclusion in the latter of liabilities not shown on the books.

2 Includes 1 national bank in Alaska and 1 State bank in Hawaii, not members of the Federal Reserve System.

N o t e : For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, pp. 180-83; 1939, pp. 170-73.

cn

o i ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 123. DISTRIBUTION OF INSURED COMMERCIAL BANKS EXAMINED IN 1941 ACCORDING TO NET SOUND CAPITAL RATIO

BANKS GROUPED BY FIXED AND SUBSTANDARD ASSETS RATIO, RATE OF NET EARNINGS, AND AMOUNT OF DEPOSITS

Banks with net sound capital per $100 of appraised value of assets of—

All

banks $0.00

or

less

$0.01

to

$4.99

$5.00

to

$9.99

$10.00

to

$14.99

$15.00

to

$19.99

$20.00

to

$24.99

$25.00

to

$29.99

$30.00

to

$34.99

$35.00

or

more

All banks.............................................................. 13,308 10 35 2,942 6,275 2,739 863 266 108 70

Banks with fixed and substandard

assets per $100 of appraised value

of assets of—

SO 00 53 3 2 10 16 20 1 1

$0.01 to $4.99.................................................. 6,369 16 1,851 3,085 997 294 76 32 18

$5.00 to $9.99.................................................. 4,225 1 3 736 2,091 948 295 99 32 20

$10.00 to $14.99.............................................. 1,649 1 219 744 455 151 40 23 16

$15.00 to $19.99.............................................. 615 1 3 79 220 192 76 24 14 6

$20.00 to $24.99.............................................. 226 2 3 23 77 78 24 14 3 2

$25.00 to $29.99.............................................. 99 1 2 14 29 31 13 7 1 1

$30.00 to $34.99 ......................................... 34 2 3 9 12 5 2 1

$35.00 or more................................................. 38 2 3 7 4 6 5 3 1 7

Banks with net current operating

earnings per $100 of total assets

of—

$—0 50 or less ............................................. 37 1 9 11 6 5 3 2

$-0 01 to $-0.49 . ................................ 146 1 53 50 26 9 5 2

$0.00 to $0.49................................................... 1,278 2 11 467 537 174 56 19 6 6

$0.50 to $0.99.................................................. 4,115 1 12 1,259 2,000 616 160 44 14 9

$1.00 to $1.49.................................................. 4,313 2 7 817 2,153 946 265 84 29 10

$1.50 to $1.99................................................... 2,068 1 254 986 555 191 46 21 14

$2.00 to $2.49.................................................. 855 1 1 62 362 259 110 34 15 11

$2 50 to $2 99 .................................... 304 13 127 103 34 17 6 4

$3.00 or more................................................... 170 1 6 40 52 28 14 13 16

Not available ................................ 22 3 1 2 9 2 5

Banks with deposits of—

244 1 1 5 16 60 63 44 26 28

$100,000 to $250,000...................................... 1,849 1 3 61 531 723 355 122 35 18

$250,000 to $500,000...................................... 2,992 2 2 315 1,649 749 200 39 24 12

$500,000 to $1,000,000.................................. 3,134 5 2 734 1,688 532 123 33 9 8

$1 000 000 to $2 000 000 ............................ 2,279 7 645 1,155 380 66 17 7 2

$2,000,000 to $5,000,000.............................. 1,650 1 5 575 804 213 38 9 3 2

$5 000 000 to $10 000,000 ........................ 559 5 232 252 54 12 1 3

$10 000 000 to $50 000,000 ......... 454 6 271 145 27 3 1 1

More than $50 000 000 . . . 147 4 104 35 1 3

NOTE. For banks included and explanation of terms, see pages 94-96.

Back figures— See the following Annual Reports: 1940, p. 184; 1939, p. 174.

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO NET SOUND CAPITAL RATIO AND BY FIXED AND SUBSTANDARD ASSETS RATIO,

RATE OF NET EARNINGS, AND AMOUNT OF DEPOSITS

T a b le 124. D is t r ib u t io n o f D e p o s its o f In s u r e d C o m m e rc ia l B a n k s E x a m in e d in 1941

All

banks

Banks with net sound capital per $100 of appraised value of assets of—

$0.00 $0.01

to

$4.99

$5.00

to

$9.99

$10.00

to

$14.99

$15.00

to

$19.99

$20.00

to

$24.99

$25.00

to

$29.99

$30.00

to

$34.99

$35.00

All banks.

Banks with fixed and substandard

assets per $100 of appraised value

of assets of—

$0.00...................................................................

$0.01 to $4.99...................................................

$5.00 to $9.99..................................................

$10.00 to $14.99..............................................

$15.00 to $19.99..............................................

$20.00 to $24.99..............................................

$25.00 to $29.99..............................................

$30.00 to $34.99..............................................

$35.00 or more.................................................

Banks with net current operating

earnings per $100 of total assets

of—

$-0.50 or less....................................................

$-0.01 to $-0.49..............................................

$0.00 to $0.49..................................................

$0.50 to $0.99..................................................

$1.00 to $1.49...................................................

$1.50 to $1.99...................................................

$2.00 to $2.49..................................................

$2.50 to $2.99...................................................

$3.00 or more...................................................

N ot available...................................................

Banks with deposits of—

$100,000 or less...............................................

$100,000 to $250,000......................................

$250,000 to $500,000......................................

$500,000 to $1,000,000..................................

$1,000,000 to $2,000,000..............................

$2,000,000 to $5,000,000..............................

$5,000,000 to $10,000,000............................

$10,000,000 to $50,000,000..........................

More than $50,000,000..................................

64,218,740

118,020

44,355,373

14,013,092

3,801,206

1,197,996

428,857

148,160

61,356

94,680

32,739

581,208

16,649,872

34,365,175

9,841,302

1,889,681

564,818

199,942

74,090

19,913

18,428

333,104

1,101,199

2,244,652

3,215,478

5,044,387

3,861,431

9,237,454

39,162,607

7,749

926

‘ 503

673

1,248

581

3,818

1,248

3,695

1,254

503

123

926

20

123

583

3,327

3,696

(In thousands of dollars)

786,129 40,647,397 18,549,188 2,856,133 1,129,395 146,247 74,130 22,372

7,494 56,661 39,858 12,845 56 180

742,368 31,147,224 10,919,261 909,968 584,066 30,863 18,201 3,422

13,875 7,868,429 4,918,467 873,716 270,010 39,666 21,512 6,914

775 1,110,904 1,930,900 605,767 101,652 41,110 5,147 4,951

3,590 317,596 487,737 254,966 92,231 20,581 19,748 874

5,636 96,754 161,040 88,104 65,376 8,569 460 1,670

3,213 19,517 54,969 53,487 11,290 3,092 1,375 636

1,770 8,952 20,348 20,545 2,260 366 7,115

7,408 21,360 16,608 36,735 2,510 1,944 392 3,905

247 14,184 12,709 3,266 797 955 581

193 481,184 73,593 23,322 1,716 1,069 131

463,406 13,296,493 2,466,363 294,047 114,274 11,140 480 2,421

293,423 23,008,867 10,064,244 807,368 157,855 22,463 5,945 1,315

24,988 3,441,376 4,472,256 1,155,528 685,144 42,691 13,112 4,953

1,128 312,399 1,054,637 369,263 105,273 23,411 17,084 6,486

2,684 71,512 254,734 122,928 43,726 34,900 32,256 1,575

8,719 118,392 55,544 8,907 6,470 923 987

6,991 20,675 24,123 10,777 3,148 3,618 4,635

60 5,672 11,585 744 926

59 398 1,319 4,949 4,971 3,330 1,811 1,571

688 12,155 102,234 130,336 58,978 20,010 5,820 2,760

548 124,658 609,931 266,565 71,948 14,278 8,281 4,407

1,357 530,490 1,208,495 378,294 88,092 23,283 5,651 5,663

10,251 923,233 1,629,687 521,103 95,596 23,446 9,510 2,652

17,536 1,805,426 2,412,430 648,956 112,794 28,634 9,596 5,319

34,895 1,632,806 1,728,353 363,289 73,902 6,045 22,141

89,255 5,928,945 2,622,699 484,895 73,119 27,221 11,320

631,540 29,689,286 8,234,040 57,746 549,995

N o t e: For banks included and explanation of terms, see pages 94-96. Back figures— See the following Annual Reports: 1940, p. 185; 1939, p. 175.

ANALYSIS OF EXAMINATIONS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
EARNINGS OF INSURED BANKS

Table 125. EARNINGS, EXPENSES, AND DIVIDENDS OP INSURED COMMERCIAL BANKS, 1934-1941

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938 1939 1940 1941

14,137 14,123 13,969 13,795 13,657 13,534 13,438 13,427

Current operating earnings:

Interest and discount on loans.................................................... 690,601 643,217 663,195 709,962 705,037 726,922 768,770 847,832

Interest and dividends on securities.......................................... 550,092 547,727 573,991 572,019 531,854 521,681 499,650 509,175

Commissions, fees, and collection, exchange, and service

75,748 90,003 105,056 110,995 115,226 121,525 129,380 139,698

Other current operating earnings............................................... 202,008 205,188 224,490 240,598 232,263 235,372 233,274 233,196

Gross current operating earnings................................... 1,518,449 1,486,135 1,566,732 1,633,574 1,584,380 1,605,500 1,631,074 1,729,901

Current operating expenses:

Interest on time and savings deposits....................................... 302,603 262,228 237,222 235,350 229,629 215,237 200,790 190,256

Interest and discount on borrowings......................................... 7,324 2,647 1,630 1,333 926 622 474 374

Directors’ and professional fees...................................................

Officers’ salaries............................................................................... | 402,038 410,953

f 10,369

177,431

11,239

187,024

11,721

191,984

12,178

196,426

12,439

202,357

13,151

211,311

Employees’ salaries and wages....................................................

77,043 79,258

I 249,611

95,327

265,141

102,771

269,952

99,032

274,934

102,344

282,837

117,168

302,627

145,459

Other expenses of occupancy and maintenance of banking

quarters3................................................................................... 47,747 39,912 52,248 51,457 56,384 53,567 61,811 64,414

280,412 288,074 299,738 307,559 294,851 299,795 309,489 330,262

Total current operating expenses.................................... 1,117,167 1,083,072 1,123,576 1,161,874 1,154,479 1,155,103 1,187,365 1,257,854

Net current operating earnings................................................ 401,282 403,063 443,156 471,700 429,901 450,397 443,709 472,047

Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances:

Profits on securities sold or exchanged..................................... 414,562 428,368 267,922 117,239 172,857 214,959 177,774 145,189

Recoveries and reductions in valuation allowances on loans 52,874 81,812 110,595 89,860 56,405 65,581 65,887 70,947

Recoveries and reductions in valuation allowances on

4191,777 4287,788 175,092 57,919 61,579 66,495 73,274 73,589

All other recoveries, profits on assets sold, and reductions

32,814 34,484 31,532 43,836 38,381 34,137

381,172

32,200 34,728

Total profits on assets sold, recoveries, etc................. 292,027 432,452 585,141 308,854 329,222 349,135 324,453

Net earnings, profits and recoveries on assets, etc........... 693,309 835,515 1,028,297 780,554 759,123 831,569 792,844 796,500

Losses, charge-offs, and additions to valuation allowances :

552,857 318,732 250,266 141,537 150,100 136,137 113,699 103,868

391,547 239,193 154,758 176,457 221,903 215,170 193,054 161,073

All other losses, charge-offs, and additions to valuation

allowances ............................................................................. 88,874 70,175 96,641 77,098 82,507 86,938 79,290 69,025

Total losses, charge-offs, etc.............................................. 1,033,278 628,100 501,665 395,092 454,510 438,245 386,043 333,966

158 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes and dividends.................

Federal and State taxes on net income.......................................

Net profits after income taxes...................................................

Cash dividends declared and interest paid on capital:

Interest paid on capital notes and debentures and dividends

declared on preferred stock.................................................

Dividends declared on common capital...................................

Total cash dividends declared and interest paid on

capital.................................................................................

Net profits after dividends..........................................................

5-339,969

-339,969

5207.415

207.415

5526,632

62,442

524,190

5385,462

64,848

380,614

5304,613

64,344

300,269

6393,324

64,641

388,683

5406,801

65,690

401,111

5462,534

67,912

454,622

17,796

169,973

187,769

33,321

174,216

207,537

34,531

188,886

223,417

24,195

201,450

225,645

19,435

202,674

222,109

18,448

213,836

232,284

17,313

219,437

236,750

17,563

235,833

253,396

-527,738 -122 300,773 154,969 78,160 156,399 164,361 201,226

Number of active officers, December 31.........................

Number of other employees, December 31.....................

Total assets8..............................................................................

(7)

(7)

44,941,293

(7)

(7)

48,213,365

52,518

180,893

53,576,239

53,235

188,410

55,109,152

54,080

187,189

55,127,311

54,713

191,612

59,790,880

55,717

197,523

66,485,077

57,067

211,115

73,510,130

1 Excludes trust companies not engaged in deposit banking, which submit reports to FDIC (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, 4 for 1940,

and 3 for 1941); and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939). For additional exclusions and duplications, see

pages 97-98.

2 Except for 1934 and 1935, excludes income taxes paid by banks submitting reports to FDIC.

3 For banks submitting reports to FDIC, 1936-1941, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy

and maintenance of banking quarters; for banks not submitting reports to FDIC, and in 1934 and 1935 for banks submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. See pages 98-99.

4 Profits on securities available separately only for banks submitting reports to FDIC; included with recoveries for banks not submitting reports to FDIC.

6 After payment of income taxes for banks not submitting reports to FDIC, and in 1934 and 1935 for banks submitting reports to FDIC. See footnote 2.

6 Income taxes available only for banks submitting reports to FDIC. See footnote 2.

7 Not available.

8 Total assets are averages of figures at beginning, middle, and end of year for banks submitting statements of assets and liabilities. See page 98.

N o t e : Minus (-) indicates net loss.

EARNINGS OF INSURED BANKS 159

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Federal Reserve Bank of St. Louis
T a b le 126. RATIOS OF EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1934-1941

(Amounts per $100 of total assets1)

1934 1935 1936 1937 1938 1939 1940 1941

14,137 14,123 13,969 13,795 13,657 13,534 13,438 13,427

Current operating earnings:

$1.53

1.22

.17

.45

3.37

$1.33

1.14

.19

.42

3.08

$1.24

1.07

.20

.41

2.92

$1.29

1.04

.20

.44

2.97

$1.28

.96

.21

.42

2.87

$1.22

.87

.20

.39

2.68

$1.16

.75

.19

.35

2.45

$1.15

.69

.19

.32

2.35

Commissions, fees, and collection, exchange, and service

Current operating expenses:

Interest on time and savings deposits....................................... $0.67

.02

1 .89

.17

.11

.62

2.48

$0.54

.01

.85

.16

.08

.60

2.24

$0.44

.00

f .02

{ .33

I -47

.18

.09

.56

2.09

$0.43

.00

.02

.34

.48

.19

.09

.56

2.11

$0.42

.00

.02

.35

.49

.18

.10

.53

2.09

$0.36

.00

.02

.33

.46

.17

.09

.50

1.93

$0.30

.00

.02

.30

.43

.18

.09

.47

1.79

$0.26

.00

.02

.29

.41

.20

.09

.44

1.71

Interest and discount on borrowings.........................................

Directors' and professional fees...................................................

Officers' salaries .. ................................................................

Employees' salaries and wages....................................................

Taxes3.................................................................................................

Other expenses of occupancy and maintenance of banking

quarters4 ...........................................................................

Other current operating expenses...............................................

Total current operating expenses.................................

Net current operating earnings............................................ $0.89 $0.84 $0.83 $0.86 $0.78 $0.75 $0.66 $0.64

Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances:

Profits on securities sold or exchanged...................................... $50.03

.12

5.43

.07

.65

$50.06

.17

5.60

.07

.90

$0.50

.21

.33

.05

1.09

$0.21

.16

.11

.08

.56

$0.31

.10

.11

.07

.59

$0.36

.11

.11

.06

.64

$0.27

.10

.11

.05

.53

$0.20

.10

.10

.04

.44

Recoveries and reductions in valuation allowances on loans

Recoveries and reductions in valuation allowances on

securities .........................................................................

All other recoveries, profits on assets sold, and reductions

in valuation allowances.........................................................

profits on assets sold, recoveries, etc...............

earnings profits and recoveries on assets, etc......... $1.54 $1.74 $1.92 $1.42 $1.37 $1.39 $1.19 $1.08

Losses, charge-offs, and additions to valuation allowances :

$1.23

.87

.19

2.29

$0.66

.50

.15

1.31

$0.47

.29

.18

.94

$0.26

.32

.14

.72

$0.27

.40

.15

.82

$0.23

.35

.15

.73

$0.17

.29

.12

.58

$0.14

.22

.09

.45

All other losses, charge-offs, and additions to valuation

Total losses, charge-offs, etc..........................................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes and dividends............... 6$-0.75 *$0.43 «$0.98 6$0.70 6$0.55 8$0.66 6$0.61 6$0.63

Net profits after income taxes.............................................. -0.75 .43 .98 .69 .54 .65 .60 .62

Cash dividends declared and interest paid on capital:

Interest paid on capital notes and debentures and dividends

declared on preferred stock................................................. $0.04 $0.07 $0.06 $0.04 $0.03 $0.03 $0.03 $0.02

Dividends declared on common capital................................... .38 .36 .36 .37 .37 .36 .33 .33

Total cash dividends declared and interest paid on

capital.......................................................................... .42 .43 .42 .41 .40 .39 .36 .35

Net profits after dividends..................................................... $-1.17 $-0.00 $0.56 $0.28 $0.14 $0.26 $0.24 $0.27

Number of active officers, December 31 (average per

bank)..................................................... ............................... (8) (8) 3.8 3.9 4.0 4.0 4.1 4.2

Number of other employees, December 31 (average per

bank)..................................................................................... (8) (8) 12.9 13.7 13.7 14.2 14.7 15.7

1 Total assets are averages of figures at beginning, middle, and end of year for banks submitting statements of assets and liabilities. See page 98.

2 Excludes trust companies not engaged in deposit banking which submit reports to FDIC (1 for 1934, 1 for 1935, 2 for 1936, 2 for 1937, 2 for 1938, 3 for 1939, 4 for 1940,

and 3 for 1941); and banks for which statements are not available (9 for 1934, 2 for 1935, 2 for 1936, 2 for 1938, and 1 for 1939.) For additional exclusions and duplications, see

pages 97-98.

3 Except for 1934 and 1935, excludes income taxes paid by banks submitting reports to FDIC.

4 For banks submitting reports to FDIC, 1936-1941, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy

and maintenance of banking quarters; for banks not submitting reports to FDIC, and in 1934 and 1935 for banks submitting reports to FDIC, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. See pages 98-99.

5 Profits on securities available separately only for banks submitting reports to FDIC; included with recoveries for banks

6 After payment of income taxes for banks not submitting reports to FDIC, and in 1934 and 1935 for banks submitting

7 The amount of income taxes per $100 of total assets is not shown since income taxes are available only for banks submitting

8 Not available.

N o t e : Minus (-) indicates net loss.

not submitting reports to FDIC.

reports to FDIC. See footnote 3.

reports to FDIC. See footnote 3.

EARNINGS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
BY CLASS OF BANK

(Amounts in thousands of dollars)

T a b le 127. EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1941

All

insured

banks1

Banks not submitting reports to FDIC

Banks

submitting

reports to

FDIC

All insured banks

Members F. R. System

Other2

Operating

throughout

the year

Operating

less than

full year* National State

Number of banks............................................................................................... 13,427 5,117 1,499 8 6,803 13,348 79

Current operating earnings:

Interest and discount on loans...............................................................................

Interest and dividends on securities.....................................................................

Commissions, fees, and collection, exchange, and service charges...............

Other current operating earnings..........................................................................

Gross current operating earnings..............................................................

Current operating expenses:

Interest on time and savings deposits..................................................................

Interest and discount on borrowings....................................................................

847,832

509;175

139,698

233,196

1,729,901

456,067

291,162

70,186

105,534

922,949

208,902

154,038

32,469

98,220

493,629

805

87

278

76

1,246

182,058

63,888

36,765

29,366

312,077

845,941

508,115

139,323

230,405

1,723,784

1,891

1,060

375

2,791

6,117

190,256

374

13,151

211,311

302,627

145,459

64,414

330,262

1,257,854

98,708

77

5,565

108,395

162,869

84,968

33,796

179,293

673,671

41,095

41

2,595

54,841

99,762

43,997

13,782

105,496

361,609

176 50,277

256

4,982

47,930

39,749

16,353

16,820

45,219

221,586

189,784

374

13,101

210,323

301,292

145,000

64,121

328,817

1,252,812

472

Directors’ and professional fees..............................................................................

Officers’ salaries..........................................................................................................

Employees' salaries and wages...............................................................................

Taxes4............................................................................................................................

9

145

247

141

16

254

988

50

988

1,335

459

293

1,445

5,042

Other expenses of occupancy and maintenance of banking quarters5..........

Other current operating expenses..........................................................................

Total current operating expenses...............................................................

Net current operating earnings...........................................................................

Profits on assets sold or exchanged, recoveries, and reductions in

valuation allowances:

Profits on securities sold or exchanged.................................................................

Recoveries and reductions in valuation allowances on loans.........................

Recoveries and reductions in valuation allowances on securities..................

All other recoveries, profits on assets sold, and reductions in valuation

allowances............................................................................................................

Total profits on assets sold, recoveries, etc............................................

Net earnings, profits and recoveries on assets, etc......................................

472,047 249,278 132,020 258 90,491 470,972 1,075

145,189

70,947

73,589

34,728

324,453

79,951

43,608

48,154

14,959

186,672

48,981

15,303

15,831

11,523

91,638

21

23

16

1

61

16,236

12,013

9,588

8,245

46,082

144,682

70,828

73,535

34,577

323,622

507

119

54

151

831

796,500 435,950 223,658 319 136,573 794,594 1,906

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Losses, charge-offs, and additions to valuation allowances:

On loans.......................... ............................................................................................

On securities................................................................................................................

All other losses, charge-offs, and additions to valuation allowances............

Total losses, charge-offs, etc..................................................................

103,868

161,073

69,025

333,966

51,868

92,095

23,488

167,451

31,717

45,620

25,145

102,482

78

34

24

136

20,205

23,324

20,368

63,897

103,694

160,823

68,545

333,062

174

250

480

904

Net profits before income taxes and dividends........................................

Federal and State taxes on net income...................................................................

Net profits after income taxes.......................................................................

8462,534

77,912

454,622

8268.499

(7)

268.499

8121.176

(7)

121.176

6183

(7)

183

672,676

7,912

64,764

6461,532

77,888

453,644

61,002

724

978

Cash dividends declared and interest paid on capital:

Interest paid on capital notes and debentures and dividends declared on

preferred stock...................................................................................................

Dividends declared on common capital..............................................................

Total cash dividends declared and interest paid on capital..........

17,563

235,833

253,396

8,195

139,447

147,642

4,928

73,404

78,332

16

124

140

4,424

22,858

27,282

17,529

235,034

252,563

34

799

833

Net profits after dividends.............................................................................. 201,226 120,857 42,844 43 37,482 201,081 145

Number of active officers, December 31....................................................

Number of other employees, December 31................................................

57,067

211,115

26,571

112,753

9,895

63,695

46

208

20,555

34,459

56,761

210,026

306

1,089

1 Excludes 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

2 National banks in the possessions and State banks in the District of Columbia, not members of the Federal Reserve System.

3 Banks submitting reports covering less than the full year’s operations or materially affected by mergers. Also includes: 6 trust companies not engaged in deposit banking,

which do not submit reports to FDIC; and 1 insured bank in the possessions, which submits report to FDIC. Includes, in addition, data for 17 national banks which reported

for the first half of the year only.

4 Excludes income taxes paid by banks submitting reports to FDIC.

6 Consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures for banks not submitting reports to FDIC. See pages 98-99.

8 After payment of income taxes for banks not submitting reports to FDIC. See footnote 4.

7 Income taxes available only for banks submitting reports to FDIC. See footnote 4.

Back figures— See Table 125, and the following Annual Reports: 1940, p. 194; 1939, p. 182; 1938, p. 214; 1937, p. 141 and p. 144; 1936, p. 165; 1935, p. 198.

EARNINGS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
T a b le 128. EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1941

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

All

banks

Banks with deposits of-—i

$100,000

or less

$100,000

to

$250,000

$250,000

to

$500,000

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$50,000,000

More than

$50,000,000

13,348 215 1,728 2,880 3,132 2,433 1,718 1,076 166

Current operating earnings:

Interest and discount on loans............................................................ 845,941 861 12,402

(In t

34,169

housands of

62,726

dollars)

81,553 107,371 209,156 337,703

Interest and dividends on securities................................................... 508,115 108 2,283 8,364 18,807

11,435

30,757 47,732 107,905 292,159

Commissions, fees, and collection, exchange, and service charges 139,323 193 2,727 7,208 14,204 18,341 39,541 45,674

Other current operating earnings....................................................... 230,405 129 597 2,000 4,530 7,272 15,270 60,092 140,515

Gross current operating earnings........................................... 1,723,784 1,291 18,009 51,741 97,498 133,786 188,714 416,694 816,051

Current operating expenses:

Interest on time and savings deposits............................................... 189,784 75 1,918 7,068 15,531 21,704 30,986 52,914 59,588

Interest and discount on borrowings................................................. 374 8 11 15 26 19 41 246 8

Directors’ and professional fees........................................................... 13,101 22 285 890 1,556 1,956 2,457 3,315 2,620

Officers’ salaries....................................................................................... 210,323 385 4,755 12,023 19,420 22,502 26,811 49,453 74,974

Employees’ salaries and wages............................................................ 301,292 102 1,061 3,544 8,243 15,335 26,384 76,526 170,097

145,000 80 905 2,684 5,959 9,190 13,888 34,692 77,602

Other expenses of occupancy and maintenance of banking

quarters4............................................................................................ 64,121 76 839 2,192 • 3,803 5,314 7,986 17,940 25,971

Other current operating expenses....................................................... 328,817 221 2,765 7,881 14,908 20,999 31,352 80,783 169,908

Total current operating expenses............................................ 1,252,812 969 12,539 36,297 69,446 97,019 139,905 315,869 580,768

Net current operating earnings........................................................ 470,972 322 5,470 15,444 28,052 36,767 48,809 100,825 235,283

Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances:

Profits on securities sold or exchanged.............................................. 144,682 9 309 1,218 3,340 6,260 10,541 33,808 89,197

Recoveries and reductions in valuation allowances on loans. . . . 70,828 99 1,049 2,506 4,047 4,720 7,744 15,783 34,880

Recoveries and reductions in valuation allowances on securities 73,535 3 264 884 2,409 4,053 7,843 19,554 38,525

All other recoveries, profits on assets sold, and reductions in

valuation allowances...................................................................... 34,577 23 388 970 1,944 2,598 4,014 9,676 14,964

Total profits on assets sold, recoveries, etc.......................... 323,622 134 2,010 5,578 11,740 17,631 30,142 78,821 177,566

Net earnings, profits and recoveries on assets, etc................... 794,594 456 7,480 21,022 39,792 54,398 78,951 179,646 412,849

Losses, charge-offs, and additions to valuation allowances:

On loans.................................................................................................... 103,694 99 1,376 2,805 5,192 6,798 10,988 24,001 52,435

On securities............................................................................................. 160,823 15 331 1,674 5,147 9,527 18,287 43,340 82,502

All other losses, charge-offs, and additions to valuation allowances 68,545 60 790 1,837 3,112 4,999 8,037

37,312

20,243 29,467

Total losses, charge-offs, etc...................................................... 333,062 174 2,497 6,316 13,451 21,324 87,584 164,404

164 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes and dividends........................

Federal and State taxes on net income................................................

Net profits after income taxes...........................................................

Cash dividends declared and interest paid on capital:

Interest paid on capital notes and debentures and dividends

declared on preferred stock.........................................................

Dividends declared on common capital............................................

Total cash dividends declared and interest paid on

capital.........................................................................................

Net profits after dividends..................................................................

5461,532

67,888

453,644

5282

630

252

OOOOO KJt-1 W

514,706

6989

13,717

526,341

61,457

24,884

533,074

61,318

31,756

541,639

61,329

40,310

592,062

62,079

89,983

5248,445

6285

248,160

17,529

235,034

252,563

23

91

114

239

1,621

1,860

464

5,043

5,507

1,046

9,599

10,645

1,607

12,847

14,454

2,408

17,142

19,550

5,478

40,296

45,774

6,264

148,395

154,659

201,081 138 2,722 8,210 14,239 17,302 20,760 44,209 93,501

Number of active officers, December 31..........................................

Number of other employees, December 31.....................................

Total assets, December 31..........................................................

56,761

210,026

76,631,801

343

200

24,303

3,416

1,925

413,115

7,119

5,231

1,319,231

9,570

9,627

2,678,601

8,855

14,247

3,999,977

8,051

20,852

6,018,211

9,927

53,727

15,501,849

9,480

104,217

46,676,514

1 Total deposits are as of December 31 for banks not submitting reports to FDIC, and are averages of figures for December 31, 1940, June 30, 1941, and December 31, 1941,

for banks submitting reports to FDIC.

2 For banks included see footnotes 1 and 3 of Table 127.

3 Excludes income taxes paid by banks submitting reports to FDIC.

4 Consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures for banks not submitting reports to FDIC. See pages 98-99.

6 After payment of income taxes for banks not submitting reports to FDIC. See footnote 3.

6 Income taxes available only for banks submitting reports to FDIC. See footnote 3.

EARNINGS OF INSURED BANKS 165

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Federal Reserve Bank of St. Louis
T a b le 129. RATIOS OF EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED COMMERCIAL BANKS, 1941

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

All

banks

Banks with deposits of-_i

$100,000

or less

$100,000

to

$250,000

$250,000

to

$500,000

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$50,000,000

More than

$50,000,000

Number of banks2........................................................................... 13,348 215 1,728 2,880 3,132 2,433 1,718 1,076 166

Current operating earnings:

Interest and discount on loans............................................................ $1.11 $3.55 $3.00

(Amounts

$2.59

per $100 of

$2.34

total assets1

$2.04

3)

$1.78 $1.35 $0.72

Interest and dividends on securities................................................... .66 .44 .55 .63 .70 .77 .80 .70 .63

Commissions, fees, and collection, exchange, and service charges .18 .79 .66 .55 .43 .36 .31 .26 .10

Other current operating earnings........................................................ .30 .53 .14 .15 .17 .18 .25 .39 .30

Gross current operating earnings............................................ 2.25 5.31 4.35 3.92 3.64 3.35 3.14 2.70 1.75

Current operating expenses:

Interest on time and savings deposits............................................... $0.25 $0.31 $0.46 $0.54 $0.58 $0.55 $0.51 $0.34 $0.13

Interest and discount on borrowings................................................. .00 .03 .00 .00 .00 .00 .00 .00 .00

Directors’ and professional fees........................................................... .02 .09 .07 .07 .06 .05 .04 .02 .01

Officers’ salaries....................................................................................... .27 1.59 1.15 .91 .73 .57 .45 .32 .16

Employees’ salaries and wages............................................................ .39 .42 .26 .27 .31 .38 .44 .50 .36

Taxes4......................................................................................................... .19 .33 .22 .20 .22 .23 .23 .22 .17

Other expenses of occupancy and maintenance of banking

quarters5............................................................................................ .08 .31 .20 .17 .14 .13 .13 .12 .06

Other current operating expenses....................................................... .43 .91 .67 .59 .55 .52 .52 .53 .35

Total current operating expenses............................................ 1.63 3.99 3.03 2.75 2.59 2.43 2.32 2.05 1.24

Net current operating earnings........................................................ $0.62 $1.32 $1.32 $1.17 $1.05 $0.92 $0.82 $0.65 $0.51

Profits on assets sold or exchanged, recoveries, and reductions in valuation allowances:

Profits on securities sold or exchanged.............................................. $0.19 $0.04 $0.07 $0.09 $0.13 $0.16 $0.18 $0.22 $0.19

Recoveries and reductions in valuation allowances on loans. . . . .09 .41 .27 .19 .16 .12 .13 .10 .07

Recoveries and reductions in valuation allowances on securities .10 .01 .06 .07 .09 .10 .13 .13 .08

All other recoveries, profits on assets sold, and reductions in

valuation allowances...................................................................... .04 .10 .09 .07 .07 .06 .07 .07 .03

Total profits on assets sold, recoveries, etc.......................... .42 .56 .49 .42 .45 .44 .51 .52 .37

Net earnings, profits and recoveries on assets, etc................... $1.04 $1.88 $1.81 $1.59 $1.50 $1.36 $1.33 $1.17 $0.88

Losses, charge-offs, and additions to valuation allowances:

On loans.................................................................................................... $0.14 $0.41 $0.33 $0.21 $0.20 $0.17 $0.18 $0.16 $0.11

On securities............................................................................................. .21 .06 .08 .13 .20 .24 .31 .28 .18

All other losses, charge-offs, and additions to valuation allowances .08 .25 .19 .14 .12 .12 .14 .13 .06

Total losses, charge-offs, etc....................................................... .43 .72 .60 .48 .52 .53 .63 .57 .35

166 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
6$0.61 6$1.16 6$1.21 •$1.11 6$0.98 6$0.83 6$0.70 6$0.60 6$0.53

.60 1.04 1.11 1.04 .93 .80 .68 .58 .53

Cash dividends declared and interest paid on capital:

Interest paid on capital notes and debentures and dividends

declared on preferred stock......................................................... $0.02

.32

.34

$0.10

.37

.47

$0.06

.39

.45

$0.04

.38

.42

$0.04

.36

.40

$0.04

.33

.37

$0.04

.29

.33

$0.04

.26

.30

$0.01

.32

.33

Dividends declared on common capital............................................

Total cash dividends declared and interest paid on

capital.........................................................................................

Net profits after dividends.................................................................. $0.26 $0.57 $0.66 $0.62 $0.53 SO.43 $0.35 $0.28 $0.20

Number of active officers, December 31 (average per bank). . . .

Number of other employees, December 31 (average per bank). .

4.2

15.7

1.6

.9

2.0

1.1

2.5

1.8

3.1

3.1

3.6

5.9

4.7

12.1

9.2

49.9

57.1

627.8

1 Total deposits are as of December 31, for banks not submitting reports to FDIC, and are averages of figures for December 31, 1940, June 30, 1941, and December 31, 1941,

for banks submitting reports to FDIC.

2 For banks included see footnotes 1 and 3 of Table 127.

3 Total assets are as of December 31.

4 Excludes income taxes paid by banks submitting reports to FDIC.

5 Consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures for banks not submitting reports to FDIC. See pages 98-99.

6 After payment of income taxes for banks not submitting reports to FDIC. See footnote 4.

7 The amount of income taxes per $100 of total assets is not shown since income taxes are available only for banks submitting reports to FDIC. See footnote 4.

N o t e : The ratios shown in this table are understated in comparison with those shown in Table 126. The base used in the computation of the ratios for this table consists

of total assets as of December 31, whereas the base used in computing the ratios shown in Table 126 consists of the average of total assets for three call dates— at the beginning,

middle and end of the year. Due to the large growth in total assets which occurred during the year 1941, the use of year-end figures understates the results of operations over

the year period. However, the figures within each table are entirely comparable to each other and the columns within each table may be compared.

EARNINGS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 130. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF NET EARNINGS, 1941 M

Os

BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, RATIO OF LOANS TO TOTAL ASSETS, RATE OF INCOME ON

LOANS, RATIO OF TIME AND SAVINGS DEPOSITS TO TOTAL DEPOSITS, AND RATE OF INTEREST PAID ON TIME AND SAVINGS DEPOSITS

Banks with net current operating earnings per $100 of total assets of— 1

All

banks $-0.50

or less

$-0.01

to $-0.49

$0.00

to $0.49

$0.50

to $0.99

$1.00

to $1.49

$1.50

to $1.99

$2.00

to $2.49

$2.50

to $2.99

$3.00

or more

All banks2........................................................................... 13,320 22 97 1,049 4,453 4,481 2,081

34

742 240 155

Banks with deposits of— 1

219 2 7 22 49 64 21 6 14

$100,000 to $250,000........................................................... 1,816 8 17 112 407 520 393 201 90 68

$250,000 to $500,000........................................................... 3,051 2 15 193 848 991 612 244 88 58

$500,000 to $1,000,000........................................................ 3,133 5 16 188 964 1,201 541 167 38 13

$1,000,000 to $2,000,000.................................................... 2,320 2 13 189 823 888 313 78 12 2

$2,000,000 to $5,000,000.................................................... 1,642

548

2 17 151 759 532 150 25 6

$5 000 000 to $10 000 000 .............................. 8 71 277 165 24 3

$10,000,000 to $50,000,000............................................... 448 1 4 80 243 103 14 3

More than $50,000,000 ......................................... 143 43 83 17

Banks in centers with population of—

Less than 250......................................................................... 592 1 4 44 147 204 122 42 15 13

250 to 500............................................................................... 1,465 1 10 83 416 471 291 114 45 34

500 to 1,000 ......................................................................... 2,230

2,920

1,747

1,427

4 15 151 624 724 435 178 60 39

1,000 to 2,500........................................................................ 6 14 172 819 1,072 542 200 63 32

2,500 to 5,000 .................................................................... 1 10 139 573 626 266 88 30 14

5,000 to 10,000...................................................................... 4 12 112 500 552 186 52 6 3

10,000 to 25,000.................................................................... 1,200

533

2 11 104 556 366 122 26 7 6

25,000 to 50,000.................................................................... 1 4 58 246 175 37 4 3 5

50,000 or more...................................................................... 1,206

154

2 17 186 572 291 80 38 11 9

Banks with loans per $100 of total assets of—1

Less than $10.003 .............................................................. 2 10 52 59 23 5 2 1

$10.00 to $19.99.................................................................... 1,048 6 31 248 504 198 48 8 4 1

$20.00 to $29.99.................................................................... 2,456

3,405

3,131

2,034

814

7 15 342 1,157 706 177 39 8 5

$30.00 to $39.99.................................................................... 4 26 239 1,366 1,194 422 110 30 14

$40.00 to $49.99 .................................................................. 10 113 874 1,288 558 205 55 28

$50.00 to $59.99 .............................................................. 2 2 39 395 765 539 194 59 39

$60.00 to $69.99 .............................................................. 3 12 74 249 245 131 59 41

$70.00 to $79.99 .............................................................. 249 4 23 56 80 47 20 19

$80.00 or more...................................................................... 29 i 1 2 7 8 3 7

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Banks with income on loans4 per $100 of total

loans of— 1

Less than $4.003....................................................................

$4.00 to $4.99........................................................................

$5.00 to $5.99........................................................................

$6.00 to $6.99........................................................................

$7.00 to $7.99........................................................................

$8.00 to $8.99........................................................................

$9.00 to $9.99........................................................................

$10.00 to $10.99...................................................................

$11.00 to $11.99...................................................................

$12.00 or more......................................................................

Banks with time and savings deposits per $100

of total deposits of— 1

None........................................................................................

Less than $10.00..................................................................

$10.00 to $19.99...................................................................

$20.00 to $29.99...................................................................

$30.00 to $39.99...................................................................

$40.00 to $49.99...................................................................

$50.00 to $59.99...................................................................

$60.00 to $69.99...................................................................

$70.00 to $79.99...................................................................

$80.00 or more......................................................................

Banks with no time and savings deposits. . . .

Banks paying interest per $100 of time and

savings deposits of— 1

Less than $0.50....................................................................

$0.50 to $0.99.......................................................................

$1.00 to $1.49........................................................................

$1.50 to $1.99.......................................................................

$2.00 to $2.49.......................................................................

$2.50 or more........................................................................

457 12 121 243 50 20 5 6

1,537 4 8 216 790 414 79 19 3 4

4,101 8 32 315 1,677 1,564 413 70 16 6

3,636 6 23 233 1,111 1,376 677 159 38 13

1,693 1 10 74 339 616 429 165 42 17

905 1 4 49 165 250 235 137 40 24

425 3 16 65 108 103 85 28 17

208 1 3 9 31 43 51 35 19 16

152 1 1 11 17 20 31 32 19 20

206 1 5 15 40 43 35 29 38

447 1 5 43 113 135 88 35 15 12

886 3 6 88 246 239 157 91 27 29

1,451 2 14 78 456 424 262 146 50 19

1,791 3 11 123 535 589 314 137 45 34

2,010 3 12 139 646 691 351 110 39 19

2,096 2 12 177 748 696 326 98 22 15

2,052 4 16 183 745 755 269 58 17 5

1,633 1 11 133 627 621 197 30 11 2

706 2 9 63 272 256 80 19 2 3

248 1 1 22 65 75 37 18 12 17

447 1 5 43 113 135 88 35 15 12

204 2 48 79 40 20 10 2 3

1,757 6 22 217 804 508 165 28 4 3

2,750 3 26 274 1,121 936 273 77 25 15

4,832 8 28 312 1,482 1,767 844 273 74 44

2,809 4 10 128 729 940 577 261 96 64

521 4 27 125 155 114 58 24 14

1 Asset and liability items are averages of figures for December 31,1940, April 4,1941, June 30,1941, and September 24, 1941, for banks not submitting reports to FDIC; and

of figures for December 31, 1940, June 30, 1941, and December 31, 1941, for banks submitting reports to FDIC.

2 For explanation of banks included, see pages 97-98.

3 Includes 5 cash depositories with no loans.

4 Income on loans consists of the amount reported against the caption, “Interest and discount on loans” , which includes renewal, mortgage, and other fees charged in connection with loans owned by the bank for banks submitting reports to FDIC.

Back figures— See the following Annual Reports: 1940, pp. 196,199,201, 202, 203; 1939, pp. 184,187,188. For comparability of figures of net current operating earnings, see

pages 98-99.

EARNINGS OF INSURED BANKS

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T able 131. DISTRIBUTION OP INSURED COMMERCIAL BANKS ACCORDING TO RATE OF N ET PROFITS, 1941 

BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND RATE OF NET EARNINGS

All

banks

Banks

with

losses—

total

Banks

with

profits—

total

Banks with net profits before dividends per $100 of total assets of— 1

$-0.50

or less

$-0.01

to $-0.49

$0.00

to $0.49

$0.50

to $0.99

$1.00

to $1.49

$1.50

to $1.99

$2.00

to $2.49

$2.50

to $2.99

$3.00

or more

13,320 727 12,593 285 442 1,753 4,461 3,530 1,678 665 277 229

219 24 195 12 12 33 50 40 37 11 10 14

1,816 111 1,705 43 68 192 395 432 338 180 79 89

3,051 137 2,914 50 87 285 848 884 493 240 88 76

3,133 150 2,983 65 85 356 1,000 929 455 143 63 37

2,320 137 2,183 49 88 328 863 667 226 62 29 8

1,642 112 1,530 45 67 288 720 391 98 22 7 4

548 30 518 14 16 114 269 112 17 4 1 1

448 22 426 6 16 105 238 66 14 3

143 4 139 1 3 52 78 9

592 31 561 13 18 58 147 155 114 49 19 19

1,465 78 1,387 30 48 153 411 374 251 99 46 53

2,230 117 2,113 36 81 235 628 622 330 161 73 64

2,920 140 2,780 58 82 304 871 862 438 189 71 45

1,747 87 1,660 43 44 237 590 480 227 72 34 20

1,427 79 1,348 30 49 210 530 402 139 45 13 9

1,200 88 1,112 34 54 179 513 302 83 18 10 7

533 28 505 12 16 102 233 123 33 6 3 5

1,206 79 1,127 29 50 275 538 210 63 26 8 7

22 16 6 12 4 5 1

97 42 55 18 24 33 17 4 1

1,049 134 915 46 88 499 305 85 15 4 4 3

4,453 277 4,176 104 173 808 2,503 656 126 39 19 25

4,481 177 4,304 66 111 320 1,357 2,021 469 85 30 22

2,081 62 2,019 32 30 65 229 644 797 205 48 31

742 13 729 5 8 13 35 95 231 252 68 35

240 3 237 1 2 5 10 18 31 61 79 33

155 3 152 1 2 5 4 7 8 19 29 80

O

All banks2................................................................

Banks with deposits of— 1

$100,000 or less....................................................

$100,000 to $250,000..........................................

$250,000 to $500,000..........................................

$500,000 to $1,000,000.......................................

$1,000,000 to $2,000,000...................................

$2,000,000 to $5,000,000...................................

$5,000,000 to $10,000,000................................

$10,000,000 to $50,000,000..............................

More than $50,000,000......................................

Banks in centers with population of—

Less than 250........................................................

250 to 500..............................................................

500 to 1,000..........................................................

1.000 to 2,500.......................................................

2,500 to 5,000.......................................................

5.000 to 10,000.....................................................

10.000 to 25,000...................................................

25.000 to 50,000...................................................

50.000 or more.....................................................

Banks with net current operating earn

ings per $100 of total assets of— 1

$-0.50 or less........................................................

$-0.01 to $-0.49...................................................

$0.00 to $0.49.......................................................

$0.50 to $0.99.......................................................

$1.00 to $1.49.......................................................

$1.50 to $1.99.......................................................

$2.00 to $2.49.......................................................

$2.50 to $2.99.......................................................

$3.00 or more........................................................

1 Asset and liability items are averages of figures for December 31,1940, April 4,1941, June 30,1941 and September 24, 1941, for banks not submitting reports to FDIC; and

of figures for December 31,1940, June 30,1941, and December 31,1941, for banks submitting reports to FDIC.

2 For explanation of banks included, see pages 97-98.

Back figures— See the following Annual Reports: 1940, pp. 197,198; 1939, pp. 185,186. For comparability of figures of net current operating earnings, see pages 98-99.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 132. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF INCOME ON LOANS, 1941

BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND RATIO OF LOANS TO TOTAL ASSETS

Banks with income on loans1 per $100 of total loans of— 2

banks Less than

$4,003

$4.00

to $4.99

$5.00

to $5.99

$6.00

to $6.99

$7.00

to $7.99

$8.00

to $8.99

$9.00

to $9.99

$10.00

to $10.99

$11.00

to $11.99

$12.00

or more

All banks4........................................... ....................................... 13,320 457 1,537 4,101 3,636 1,693 905 425 208 152 206

Banks with deposits of— 2

$100,000 or less...................................................................... 219 4 5 12 35 46 38 27 18 12 22

$100,000 to $250,000............................................................. 1,816 18 68 264 475 379 255 152 69 59 77

$250,000 to $500,000............................................................. 3,051 37 175 742 977 517 311 126 56 48 62

$500,000 to $1,000,000......................................................... 3,133 44 231 1,022 1,034 424 204 82 47 20 25

$1,000,000 to $2,000,000............................................... 2,320 54 272 942 688 224 80 25 11 8 16

$2,000,000 to $5,000,000..................................................... 1,642 64 339 764 348 92 13 10 5 3 4

$5,000,000 to $10,000,000................................................... 548 44 205 229 56 8 2 3 1

$10,000,000 to $50,000,000................................................. 448 91 208 118 23 3 2 2 1

More than $50,000,000......................................................... 143 101 34 8

Banks in centers with population of—

Less than 250.......................................................................... 592 7 35 151 185 114 64 20 7 5 4

250 to 500................................................................................. 1,465 19 86 364 452 269 121 76 30 22 26

500 to 1,000............................................................................. 2,230 24 141 563 706 337 213 114 46 39 47

1,000 to 2,500......................................................................... 2,920 52 199 807 910 441 234 114 62 42 59

2,500 to 5,000......................................................................... 1,747 26 145 605 485 222 150 50 27 14 23

5,000 to 10,000....................................................................... 1,427 31 179 543 392 155 74 21 11 10 11

10,000 to 25,000..................................................................... 1,200 46 198 495 297 99 27 15 7 6 10

25,000 to 50,000..................................................................... 533 25 147 235 86 21 6 5 4 4

50,000 or more........................................................................ 1,206 227 407 338 123 35 16 10 18 10 22

Banks with loans per $100 of total assets of— 2

Less than $10.003................................................................... 154 17 21 29 34 14 11 5 7 5 11

$10.00 to $19.99..................................................................... 1,048 95 161 306 231 93 59 34 22 17 30

$20.00 to $29.99..................................................................... 2,456 126 352 771 607 286 153 60 34 25 42

$30.00 to $39.99..................................................................... 3,405 100 443 1,046 908 423 240 116 52 31 46

$40.00 to $49.99..................................................................... 3,131 53 293 1,033 883 424 219 119 46 35 26

$50.00 to $59.99..................................................................... 2,034 37 201 610 639 292 148 51 23 18 15

$60.00 to $69.99..................................................................... 814 24 48 239 256 126 58 31 15 5 12

$70.00 to $79.99..................................................................... 249 5 18 65 71 35 16 7 4 9 19

$80.00 or more........................................................................ 29 2 7 1 2 5 7 5

1 Income on loans consists of the amount reported against the caption, “Interest and discount on loans/' which includes renewal, mortgage, and other fees charged in con- h-1

nection with loans owned by the bank for banks submitting reports to FDIC.

2 Asset and liability items are averages of figures for December 31,1940, April 4,1941, June 30,1941 and September 24, 1941, for banks not submitting reports to FDIC; and

of figures for December 31, 1940, June 30,1941, and December 31,1941, for banks submitting reports to FDIC.

s Includes 5 cash depositories with no loans.

4 For explanation of banks included, see pages 97-98.

Back figures— See the Annual Report for 1940, pp. 199, 200.

EARNINGS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
BANKS GROUPED BY AMOUNT OF DEPOSITS, POPULATION OF CENTER IN WHICH LOCATED, AND

RATIO OF TIME AND SAVINGS DEPOSITS TO TOTAL DEPOSITS

T a b le 133. DISTRIBUTION OF INSURED COMMERCIAL BANKS ACCORDING TO RATE OF INTEREST PAID ON TlM E AND SAVINGS DEPOSITS, 1941

All

banks

Banks with

no time

and savings

deposits

Banks paying interest per $100 of time and savings deposits of— *

Less than

$0.50

$0.50

to $0.99

$1.00

to $1.49

$1.50

to $1.99

$2.00

to $2.49

$2.50

or more

All banks2............................................................................................................. 13,320 447 204 1,757 2,750 4,832 2,809 521

Banks with deposits of— 1

$100,000 or less................................................................................................ 219 33 3 3 20 60 69 31

$100,000 to $250,000...................................................................................... 1,816 131 12 38 138 667 656 174

$250,000 to $500,000...................................................................................... 3,051 136 37 132 378 1,223 970 175

$500,000 to $1,000,000................................................................................... 3,133 91 50 234 601 1,354 695 108

$1,000,000 to $2,000,000............................................................................... 2,320 43 26 408 626 886 305 26

$2,000,000 to $5,000,000............................................................................... 1,642 9 27 452 562 492 93 7

$5,000,000 to $10,000,000 .......................................................................... 548 1 10 214 221 87 15

$10,000,000 to $50,000,000........................................................................... 448 3 17 202 161 59 6

More than $50,000,000 ...................................... 143 22 74 43 4

Banks in centers with population of—

592 11 1 13 46 250 216 55

250 to 500.......................................................................................................... 1,465 49 3 31 142 594 540 106

500 to 1,000...................................................................................................... 2,230 106 15 95 282 906 704 122

1,000 to 2,500................................................................................................... 2,920 137 44 181 532 1,160 705 161

2,500 to 5,000................................................................................................... 1,747 82 31 187 376 704 321 46

5,000 to 10,000................................................................................................. 1,427 43 23 248 374 537 181 21

10,000 to 25,000............................................................................................... 1,200 13 28 310 382 382 79 6

25,000 to 50,000............................................................................................... 533 2 12 178 224 99 16 2

50,000 or more.................................................................................................. 1,206 4 47 514 392 200 47 2

Banks with time and savings deposits per $100 of total

deposits of— 1

None .......................................................................................... 447 447

Less than $10.00.............................................................................................. 886 142 127 167 194 167 89

$10.00 to $19.99 ......................................................................................... 1,451 19 252 251 487 339 103

$20.00 to $29.99............................................................................................... 1,791 IQ 194 335 718 447 87

$30.00 to $39.99 ................................................. 2,010 8 242 384 764 524 88

$40.00 to $49.99 ............................................................................................. 2,096 15 307 437 787 487 63

$50.00 to $59.99 ........................................................................................... 2,052 6 308 463 807 413 55

$60.00 to $69.99 ........................................................................................... 1,633 3 221 450 674 263 22

$70.00 to $79.99 ......................................................................................... 706 77 201 310 110 8

248 1 29 62 91 59 6

1 Asset and liability items are averages of figures for December 31,1940, April 4,1941, June 30,1941, and September 24, 1941, for banks not submitting reports to FDIC; and

of figures for December 31, 1940, June 30, 1941, and December 31, 1941, for banks submitting reports to FDIC.

2 For explanation of banks included, see pages 97-98.

Back figures— See the following Annual Reports: 1940, pp. 202, 203; 1939, p. 189.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 134. EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED MUTUAL SAVINGS BANKS, 1934-1941

(Amounts in thousands of dollars)

1934 1935 1936 1937 1938 1939 1940 1941

Number of banks1.................................................................................. 68 56 56 56 48 51 53 52

Current operating earnings:

Interest and discount on loans....................................................................

Interest and dividends on securities..........................................................

Other current operating earnings...............................................................

Gross current operating earnings...............................................

25,059

18,866

3,894

47,819

20,769

17,152

4,811

42,732

18,893

16,551

5,937

41,381

18,759

15,649

7,640

42,048

20,328

15,581

8,562

44,471

25,075

22,489

9,392

56,956

27,879

32,251

10,835

70,965

27,749

31,023

10,775

69,547

Current operating expenses:

Officers’ salaries, directors’ and professional fees...................................

Employees' salaries and wages....................................................................

Taxes (other than on income).....................................................................

Other expenses of occupancy and maintenance of banking quarters. .

Other current operating expenses...............................................................

Total current operating expenses................................................

} 3,569

22,866

394

5,474

11,943

3,162{

23,049

3124

6,554

12,889

1,416

1,928

3,111

606

7,288

14,349

1,561

2,048

3,800

751

7,653

15,813

1,556

2,14r

4,128

700

7,778

16,303

1,988

3,361

4,798

931

8,628

19,706

2,422

4,827

5,489

1,461

8,343

22,542

2,521

5,080

5,432

1,915

8,396

23,344

Net current operating earnings........................................................... 35,876 29,843 27,032 26,235 28,168 37,250 48,423 46,203

Profits and recoveries on assets, etc.:

Profits on securities sold or exchanged......................................................

Profits on other assets sold or exchanged.................................................

Recoveries and reductions in valuation allowances on loans...............

Recoveries and reductions in valuation allowances on securities........

All other recoveries and reductions in valuation allowances...............

Total profits on assets sold, recoveries, etc...............................

1,355

(4)

702

833

2,591

5,481

2,457

(4)

1,813

1,170

1,527

6,967

4,032

1,843

999

263

4,524

11,661

3,466

2,414

774

93

3,675

10,422

4,244

2,250

693

108

1,057

8,352

8,207

781

345

1,163

3,436

13,932

6,885

373

405

1,615

2,964

12,242

13,996

913

462

3,432

4,211

23,014

Net earnings, profits and recoveries on assets, etc......................... 41,357 36,810 38,693 36,657 36,520 51,182 60,665 69,217

Losses, charge-offs, and additions to valuation allowances:

On loans.............................................................................................................

On securities. ...................................................................................................

All other losses, charge-offs, and additions to valuation allowances.*,

Total losses, charge-offs, etc.........................................................

2,567

5,300

3,230

11,097

2,557

3,276

2,642

8,475

1,656

3,101

6,868

11,625

4,874

7,089

3,266

15,229

1,127

13,409

13,810

28,346

2,446

9,914

13,701

26,061

18,230

14,144

15,280

47,654

6,030

16,470

12,348

34,848

Net profits before income taxes and dividends...............................

Federal and State taxes on net income.........................................................

Net profits available for distribution to depositors and for addition to capital funds...................................................................

(5)

(5)

30,260

(5)

(5)

28,335

27,068

6

27,062

21,428

8

21,420

8,174

8

8,166

25,121

29

25,092

13,011

117

12,894

34,369

97

34,272

Interest and dividends paid depositors and interest paid on

capital:

Interest and dividends paid depositors.....................................................

Interest paid on capital notes and debentures........................................

Total interest and dividends........................................................

26,701

1,550

28,251

22,132

297

22,429

19,607

479

20,086

19,262

407

19,669

19,304

393

19,697

26,550

359

26,909

31,363

405

31,768,

29,684

344

30,028

Net profits after interest and dividends............................................ 2,009 5,906 6,976 1,751 -11,531 -1,817 -18,874 4,244

Number of active officers, December 31..................................................

Number of other employees, December 31..............................................

(6)

(6)

(6)

(6)

244

1,183

250

1,238

232

1,217

273

1,858

310

2,693

317

2,823

1 For 1941, includes 3 mutual savings banks members of F. R. S. 3 “ Depreciation on banking house, furniture and fixtures” only. 5 Not available. See footnote 2.

2 Includes income taxes. 4 Included with recoveries. 6 Not available.

N o t e : Minus (-) indicates net loss.

EARNINGS OF INSURED BANKS 173

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Federal Reserve Bank of St. Louis
SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

Table 135. NUMBER AND DEPOSITS OF BANKS WHICH SUSPENDED OPERATIONS, 1934-1941

GROUPED ACCORDING TO CLASS OF BANK AND BY YEAR, AMOUNT OF DEPOSITS, AND STATE

Number Deposits (in thousands of dollars)1

Insured banks Insured banks

Total

Total

Members F. R.

System

Not

members

F. R.

System

Noninsured

banks2

Total

Total

Members F. R.

System

Not

members

F. R.

System

Noninsured

banks2

National State National State

United States—total..................................... 324 237 20 6 211 87 146,755

36,937

9,852

11,412

19,722

13,172

34,997

5,958

14,705

7,152

16,451

16,768

16,732

13,774

26,104

105,772

1,952

9,005

17,957

40

26,548 61,267

1,912

3,742

10,313

10,155

11,722

6,588

5,344

11,491

4,966

40,983

34,985

847

Calendar year

1934...................................................................... 57 9 1 8 48

1935...................................................................... 34 26 4 22 8 5,263

1936...................................................................... 44 41 1 40 3 10,820 507

19,242

11,969

32,558

5,600

14,626

5,042

12,937

10,750

14,388

13,774

16,223

592

1937...................................................................... 59 53 4 2 47 6 7,379

36

1,708

211

480

1938....................................................................... 56 49 1 1 47 7 1,203

1939...................................................................... 42 32 4 3 25 10 1,341 24,629 2,439

23 19 1 18 4 256 3581940......................................................................

1941...................................................................... 9 8 4 4 1 3,135

76

79

Banks with deposits of—1

$100,000 or less................................................. 125 86 2 84 39 2,110

3,514

6,018

2,344

$100,000 to $250,000........................................ 105 82 2 2 78 23 376 313 12.248

7,764

12.249

7,775

5,274

$250,000 to $500,000........................................ 49 32 8 1 23 17 2,621

2,139

4,656

8,089

365

$500,000 to $1,000,000.................................... 23 20 3 17 3

$1,000,000 to $2,000,000................................ 10 10 3 1 6 1,343

$2,000,000 to $5,000,000................................ 8 5 2 1 2 3 9,881 2,860

.............................. 2 2 17,116 17,116$5,000,000 to $10,000,000

............................ 2 2 1 1 32,658$10,000,000 to $50,000,000 32,658 21,667 10,991

More than $50,000,000....................................

State

Alabama.............................................................. 1 1 1 100 100 100

Arkansas.............................................................. 5 5 5 1,081

84

1,081 1,081

California............................................................ 1 1 84

Colorado.............................................................. 1 1 1 8 8 8

Connecticut........................................................ 2 2 1 1 1,514

1,013

4,049

5,704

4,805

944

1,514

967

464 1,050

Georgia................................................................ 9 7 7 2 967 46

Illinois.................................................................. 8 6 1 5 2 3,908

3,416

4,097

552

102 3,806

3,416

503

141

Indiana................................................................ 31 14 14 17 2,288

Io w a.................................................................... 8 4 1 3 4 3,594 708

10 5 1 4 5 256Kansas................................................................. 296 392

174 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Kentucky. . . .

Louisiana........

Maryland

Michigan........

Minnesota

Mississippi

Missouri.........

Montana.........

Nebraska........

New Jersey.. . ,

New York.

North Dakota.

Ohio..................

Oklahoma

Pennsylvania. .

South Carolina

South Dakota.

Tennessee.........

Texas................

Vermont......... .

Virginia.............

West Virginia.,

Wisconsin.........

23 19 1

4 3

2 2

4 2

4 4 1

3 3

47 33

3 3 1

8 4 1

19 11 4

5 3 2

19 18

5 2 1

8 6 1

9 7 3

3 1

22

10

22

8

1 1

19 16 1

1 1

5 3 2

3 3 1

22 18 1

18 4 6,445

1,697

4,639

1,654

1,474

3 1

2 828 828

2 2 294 81

3 552 552 285

3 332 332

33 14 6,875

213

4,827

2132 40

3 4 965 532 194

7 8 53,031

20,335

30,917

13,276

1,509

2,242

1,550

9,899

136

26,235

1 2 2,285

18 1 1,524

2,964

1,614

10,366

347

1 3 261

5 2 725

4 2 6,024

1 2

20 2,759

1,679

3,724

2,479

1,025

1,649

5,756

2,759

1,389

3,071

2,479

558

507 211

8 2

15 3 36

1

1 2 495

2 1,649

5,037

410

17 4 907

3,165

1,654

828

1,806

43

81

267

213

332

4,827 2,048

173

338 ........ '433

4,682 22,114

10,991 7,059

1,509 15

1,981 722

825 64

3,875 467

136

2,041

1,389

211

290

3,035

2,479

63

1,239

4,130

653

467

719

1 Deposits of insured banks are as of date of suspension; deposits of noninsured banks are as of latest report prior to suspension. Figures for each bank are rounded to thousands of dollars.

2 Excludes noninsured banks operating under restrictions or moratoria which were placed in receivership or liquidation.

N o t e : For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and mergers with FDIC aid, see pages 91 and 99.

- 3

cnSUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
GROUPED ACCORDING TO CLASS OF BANK AND BY YEAR, AMOUNT OF DEPOSITS, AND STATE

T a b le 136. NUMBER AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD

o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 1935-1941

Number Deposits (in thousands of dollars)1 Disbursement (in thousands of dollars)2

Total

Banks members

F. R. System Banks not

members

F. R.

System

Total

Banks members

F. R. System Banks not

members

F. R.

System

Total

Banks members

F. R. System Banks not

members

F. R.

National State National State National State System

136 32 12 92 367,711 55,594 151,014 161,103 160,558 22,426 76,624 61,508

Calendar year

1 1 4,357

16,696

4,357 2,865 2,865

1936 ................................................................ 27 2 1 24 2,166 3,734 10,796 6,771 783 1,552 4,436

2,082 1937....................................................................... 25 10 1 14 18,296 12,246 648 5,402 7,125 4,946 97

1938....................................................................... 24 4 1 19 50,054 4,631 22,564 22,859 21,386 1,810 8,595 10,981

1939 .................................................................... 28 7 1 20 125,145 18,100 1,187 105,858 41,571 6,703 703 34,165

1940 .................................................................. 24 7 6 11 138,172 10,818 119,974 7,380 69,238 3,730 62,768

2,909

2,740

1941 ................................................................ 7 2 2 3 14,991 7,633 2,907 4,451 11,602 4,454 4,239

Banks with deposits of— 1

$100 000 or less 23 2 21 1,426 161 1,265 643 71 572

$100 000 to $250 000 22 1 21 3,678 127 3,551

5,108

1,309 23 1,286

2,807 $250,000 to $500,000........................................ 21 6 1 14 7,705 2,185 412 3,909 696 406

$500,000 to $1,000,000.................................... 20 6 1 13 15,437 4,457 648 10,332 7,510 2,512 97 4,901

$1,000,000 to $2,000,000.................................

$2 000 000 to $5,000,000................................

18

19

7

8

2

4

9

7

26,010

58,812

10,105

24,553

2,461

13,034

13,444

21,225

10,648

29,189

3,574

10,821

1,532

6,363

5,542

12,005

$5 000 000 to $10 000 000 7 2 5 46,878

207,765

14,006 32,872 18,464 4,729 13,735

$10 000 000 to $50 000 000 6 4 2 134,459 73,306 88,886 68,226 20,660

State

1 1 428 428 143 143

1 1 1,078

274

1,078 861 861

1 1 274 97 97

1 1 29 29 17 17

Tllin m'a ..................... 8 2 6 4,780 1,164 3,616 2,050 194 1,856

3 3 5,769 5,769 1,234 1,234

3 1 2 5,019 3,594 1,425 1,076 220 856

T7- 4 4 695 695 492 492

3 3 3,528 3,528

3,707

1,093 1,093

3 3 3,707 2,374 2,374

176 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Massachusetts. .

Michigan............

Missouri..............

Montana.............

New Hampshire

New Jersey........

New York...........

North Carolina.

North Dakota. .

Oklahoma...........

Pennsylvania. . .

South Dakota...

Tennessee...........

Texas...................

Vermont.............

Virginia...............

Washington........

Wisconsin...........

1 1

1 2 1

11

1

1

7 4 14

8 5 6

4

11

1 1

3 1 3

1

4

1

1

3

1

10

3,042

12,633

1,876

83

297

151,731

117,590

869

2,292

586

42,217

127

322

78

352

4,085

1,548

2,676

2,233

1,729 4,146

809

6,758

1,876

83

297

13,764

23,605

29,067

88,439

108,900

5,546

869

2,292

149

7,700

437

5,155

127

29,362

322

78

352

4,085

1,548

2,676

1,564

5,201

582

27

117

53,464

53,319

292

1,262

85

30,261

23

114

44

186

2,364

935

1,281

1,298

730 1,958

266

2,513

582

27

117

7,001

6,393

10,498

44,391

35,965

2,535

292

1,262

53 32

4,290

23

19,777 6,194

114

44

186

2,364

935

1,281

1 Deposits are as of date of examination prior to loan, computed from figures for each bank rounded to thousands of dollars.

2 Principal of loans and purchase price of assets as shown by books of FDIC, December 31, 1941, computed from figures for each bank rounded to thousands of dollars.

Includes under date of original disbursement all disbursements made in subsequent years. Does not include preliminary and field liquidation expenses, or advances for the protection of assets, incident to the transaction.

N o t e : For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with FDIC aid, see pages 91 and 99.

SUSPENSIONS, RECEIVERSHIPS AND MERGERS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 1934-1941

h-1

GROUPED ACCORDING TO CLASS OF BANK AND BY YEAR, AMOUNT OF DEPOSITS, AND STATE

T a b le 137. NUMBER AND DEPOSITS OF INSURED BANKS PLACED IN RECEIVERSHIP OR MERGED WITH THE FINANCIAL AlD

Number Deposits (in thousands of dollars)1

Total

Banks members F. R.

System Banks not

members

F. R.

System

Total

Banks members F. R.

System Banks not

members

F. R.

System National State National State

370 51 18 301 467,023 69,957 177,562 219,504

Calendar year

1934 .................................................................................... 9 1 8 1,952 40 1,912

7,795

21,328

1935 .......................................................................... 25 4 21 13,058 5,263

69 3 1 65 27,735 2,673 3,734

1937 ....................................................................................................................... 75 13 3 59 33,011 16,031 2,356 14,624

1938 .......................................................................................................... 74 5 2 67 60,175 4,667 22,775 32,733

1939 ............................................................................................... 60 11 4 45 157,703 19,441 25,816 112,446

1940 ............................................................................................................................... 43 8 6 29 143,772 11,074 119,974 12,724

1941 ....................................................................................................................... 15 6 2 7 29,617 10,768 2,907 15,942

Banks with deposits of— 1

$100 000 or less .................................................................................... 109 4 105 6,447 237 6,210

$100 000 to $250 000 ......................................................................................... 102 3 2 97 16,287 503 313 15,471

13,150

22,581

21,219

23,704

$250 000 to $500 000 ............................................................................................... 54 14 2 38 18,733 4,806 777

$500 000 to $1,000,000 ............................................................................................... 40 9 1 30 29,825 6,596 648

$1 000 000 to $2 000,000............................................................................................... 28 10 3 15 39,784 14,761 3,804

$2 000 000 to $5 000,000 ......................................................................................... 22 9 5 8 68,646 29,048 15,894

$5 000 000 to $10 000,000 ........................................................................................... 7 2 5 46,878 14,006 32,872

$10 000 000 to $50 000 000 ............................................................... 8 5 3 240,423 156,126 84,297

State

2 1 1 528 428 100

Arksnsss ...................................... , .. ........................................................... 5 5 1,081 1,081

California • ............................................................................................... 1 1 1,078 1,078

1 1 8 8

2 1 1 1,514 464 1,050

1 1 274 274

8 8 996 996

13 2 1 10 5,893 1,164 102 4,627

17 17 9,185 9,185

6 1 5 5,522 3,594 1,928

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Kansas................

Kentucky...........

Louisiana............

Maryland...........

Massachusetts. .

Michigan............

Minnesota..........

Mississippi.........

Missouri..............

Montana.............

Nebraska............

New Hampshire

New Jersey........

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma...........

Pennsylvania. . .

South Carolina.,

South Dakota.. .

Tennessee...........

Texas...................

Vermont.............

Virginia...............

Washington........

West Virginia.. .

Wisconsin...........

9 1 8 1,247

7,961

1,654

4,535

3,042

256 991

21 1 20 1,474 6,487

1,654

4,535

809

3 3

5 5

2 1 1 2,233

1,729

285

7

4

1

1

2 4

3

12,778

552

4,146 6,903

267

3 3 332 332

4 2 2 296 123 173

44 44 6,703

532

6,703

1 3 194 3384

1 1 297 297

36

22

4

7

10

8

5

21

7

4

182,648

130,866

869

13,764

25,890

55,302

88,439

113,582

16,537

869

29 29

1

3,801

2,242

2,051

52,116

136

3,801

1,981

889

2 1 261

7 2 5 1,162

14

1

6 1 7

1

11,179 29,362 11,575

136

23

12

2 1 20

12

2,886

1,867

3,149

2,831

4,643

1,548

1,649

7,713

634 211 2,041

1,867

3,035

2,831

4,148

17 2 15 114

2 2

6 2 4 495

1 1 1,548

3 1 2 410 1,239

28 1 27 907 6,806

1 Deposits of banks placed in receivership are as of date of suspension; deposits of banks merged with the aid of FDIC loans are as of date of examination prior to loan. 

Figures for each bank are rounded to thousands of dollars.

N o t e : For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with FDIC aid, see pages 91 and 99.

-3

CDSUSPENSIONS, RECEIVERSHIPS, AND MERGERS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Case

umber

130

131

132

133

134

135

136

1 Alystem.

2 Ni

3 p r

T a b le 138. ACCOUNTS AND DEPOSITS OF AND DISBURSEMENTS TO INSURED BANKS MERGED WITH THE FINANCIAL AlD

o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 1935-1941

Name and location

Class

of

bank1

Number

of

accounts2

Total

D isb ursements*

Date Amount

Absorbing bank

Total, 1935-1941 (136 banks).

Calendar year

1935 ( 1 bank). . .

1936 (27 banks). .

1937 (25 banks). .

1938 (24 banks). .

1939 (28 banks). .

1940 (24 banks). .

1941 ( 7 banks). .

1941

The First National Bank and Trust Company

Port Chester, New York.....................................

Mutual Trust Company of Westchester County

Port Chester, New York.......................................

The Exchange State Bank

Parsons, Kansas................

Bank of Au Sable Forks, N . Y .

Au Sable Forks, New York. .. .

The St. Charles State Bank

St. Charles, Michigan..........

The Franklin Trust Co.

Franklin, Pennsylvania...................................

The Lamberton National Bank of Franklin

Franklin, Pennsylvania...................................

847,315

12,324

46,258

56,300

159,682

302,573

235,726

34,452

13,366

8,384

1,174

1,836

1,967

4,528

3,197

$367,710,348

4,356,778

16,698,882

18,294,152

50,054,822

125,142,006

138,172,942

14,990,766

5,157,050

2,494,900

454,832

799,611

412,155

3,196,475

2,475,743

April 26

April 26

June 23

September 29

December 13

December 22

December 22

$160,561,278

2,864,893

6,769,840

7,124,639

21,387,133

41,573,579

69,238,917

11,602,277

1,959,801

2,503,343

420,260

597,688

406,350

3,220,648

2,494,187

Washington Irving Trust Company

Tarry town, New York (Port Chester branch)

The State Bank of Parsons

Parsons, Kansas

Plattsburg National Bank & Trust Company

Plattsburg, New York (Au Sable Forks branch)

Community State Bank of St. Charles

St. Charles, Michigan

The Exchange Bank & Trust Company

Franklin, Pennsylvania

-National bank member of the Federal Reserve System; B— State bank member of the Federal Reserve System; C— Commercial bank not member of the Federal Reserve

imber of accounts and total deposits are as of date of examination prior to loan.

incipal of loans and purchase price of assets as shown by books of FDIC, December 31, 1941. Includes under date of original disbursement all disbursements made in

mt years. Does not include preliminary and field liquidation expenses, or advances for the protection of assets, incident to the transaction.

rE: For additional information and for reconcilement of figures relating to suspensions, receiverships, and mergers with FDIC aid, see pages 91 and 99.

k figures— See the following Annual Reports: 1940, p. 232; 1939, p. 216; 1938, p. 248; 1937, p. 180; 1936, p. 202.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
T ab le 139. LIST OF INSURED BANKS PLACED IN RECEIVERSHIP, 1941

Case

number Name and location

Class

of

bank1

Year of

organization

Date of

suspension

Date of first payment

to depositors

by FDIC

Receiver

227 Bank of Jamestown

Jamestown, Missouri............................................................................ C 1891 January 11, 1941 January 18, 1941 State banking authority

228 The First National Bank of Anadarko

Anadarko, Oklahoma........................................................................... A 1901 January 17, 1941 February 6, 1941 FDIC

229 First State Bank and Trust Company of Indianola

Indianola, Illinois............................................................................ C 1920 January 29, 1941 March 4, 1941 State banking authority

230 Bank of Baldwyn

Baldwyn, Mississippi..................................................................... C 1897 March 8, 1941 March 17, 1941 FDIC

231 The Keswick National Bank of Glenside

Glenside, Pennsylvania...................................................................... A 1927 April 12, 1941 April 28, 1941 FDIC

232 The First National Bank of Forestville

Forestville, New York..................................................... A 1913 November 1, 1941 November 17, 1941 FDIC

233 The First National Bank of Dodgeville

Dodgeville, Wisconsin.......................................................... A 1869 November 29, 1941 December 12, 1941 FDIC

234 Banco Di Napoli Trust Company of New York

New York, New York...................................................................... C 1929 December 11, 1941 December 24, 1941 State banking authority

1 A National bank member of the Federal Reserve System; B— State bank member of the Federal Reserve System; C— Commercial bank not member of the Federal Reserve

System.

Back data— See the following Annual Reports: 1940, p. 235; 1939, p. 219; 1938, p. 250; 1937, p. 170; 1936, p. 193; 1935, p. 225.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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Federal Reserve Bank of St. Louis
T a b le 140. ASSETS AND LIABILITIES OP INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1941

AS SHOWN BY BOOKS OP BANK AT DATE OF SUSPENSION

Assets Liabilities and capital account

Cash and 

due from 

banks

United

States

Government

securities

Other

securities

Loans,

discounts,

and

overdrafts

Banking

house,

furniture

and

fixtures

Other

real

estate

Other

assets

Total

Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts1

T o ta l.. $19,012,823 $8,947,856 $15,448,097 $62,860,767 $4,530,138 $11,824,154 $8,236,366 $130,860,201 $99,315,517 $10,106,790 $5,777,396 $11,411,999 $4,248,499

Year

1934

1935

1936

1937

185,056

1,974,181

2,194,712

2,238,648

603,519

698,440

902,215

1,293,683

273,638

510,479

1,955,104

2,307,696

1,329,865

6,842,116

6,454,624

11,107,699

79,365

459,055

459,700

486,995

120,319

242,274

734,874

837,966

69,565

1,597,403

273,559

1,010,689

2,661,327

12,323,948

12,974,788

19,283,376

1,951,992

8,700,485

11,039,098

14,715,286

104,963

2,111,886

93,695

1,132,758

90,000

223.000

788.000 

755,250

432,100

950,000

1,069,350

2,498,815

82,272

338,577

-15,355

181,267

1938

1939

1940

1941

1,610,297

3,329,557

1,018,215

6,462,157

451,570

1,052,424

452,574

3,493,431

2,215,638

4,855,519

1,519,677

1,810,346

6,574,061

21,839,422

3,314,762

5,398,218

412,911

1,845,901

694,900

91,311

2,125,022

7,221,558

435,526

106,615

530,408

3,781,385

523,899

449,458

13,919,907

43,925,766

7,959,553

17,811,536

10,124,255

32,557,805

5,599,438

14,627,158

1,213,354

4,695,820

455,788

298,526

1,052,900

2,249,996

422,750

195,500

1,059,200

2,775,001

1,045,533

1,582,000

470,198

1,647,144

436,044

1,108,352

1941

Case

number

227

228

229

230

28,937

184,761

72,328

43,738

242,610

172,212

267,711

5,449,860

15,300

31,752

7,600

134,786

372,089

111,182

143,800

6,715

12,500

2

400 259 186,397 156,163 15,000 15,000 234

214,241

3,140

31,960

492,576

17,572

88,989

961,868

6,699

158

822,042 724,702 484 13,000 37,000 46,856

781 195,191

233,335

165,481

179,370

12 25,000 4,698

9,000 3,417 1,420 180 47,500 15,000 -8,715

231

232

233

234

184,179

5,000

163,200

3,086,400

372,137

112,960

283,164

3,868,100

2,861

7,733

52,500

10,137

4,256

72,623

15,001

2,308

8,418

12,769

417,427

1,306,808

328,151

940,956

13,798,656

1,200,433

303,339

907,038

10,990,632

256

29

24

297,541

50.000

20.000 

50,000

100,000

40.000

50.000 

1,300,000

-43,881

-35,217

-66,106

1,210,483

1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (— ) indicates net operating deficit.

N o t e : Figures for 1937 include 1 bank (case no. 90) placed in voluntary liquidation. Figures for 1938 include 1 noninsured bank (case no. 162) which su sp en d ed subsequent 

to termination of its insured status. For additional information and for reconcilement of figures relating to number of suspensions, receiverships, and m ergers with F D I C aid, 

see pages 91 and 99.

Back figures— See the following Annual Reports: 1940, p. 236 and p. 237; 1939, p. 220 and p. 222; 1938, p. 252 and p. 254; 1937, p. 172 and p. 174; 1936, p. 194 and 

p. 196; 1935, p. 226 and p. 227.

FEDERAL DEPOSIT INSURANCE CORPORATION

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T a b le 141. DEPOSITORS AND DEPOSITS OF INSURED BANKS PLACED IN RECEIVERSHIP, 1934-1941

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1941

Number of depositors Amount of deposits

Eligible for insurance protection Insured4 Uninsured, unsecured,

not preferred, and not

Total Not eligible subject to offset

for

insurance

protection2

Total3 Secured Subject

Paid by

FDIC

Fully paid

by other

methods1

Unpaid | Total Paid Unpaid

and

preferred5

to

offset In excess

of

insurance

maximum

Other*

Total.. 359,104 275,008 33,700 19,920 30,476 $100,639,853 [$79,998,051 $78,867,267 $1,130,784 $4,225,780 $5,639,285 $9,620,918 $1,155,819

Year

1934

1935

1936

1937

15,733

32,233

43,224

74,164

11,259

23,419

30,915

56,795

934

2,867

4,619

7,723

3,284

4,979

45

137

256

968

7,645

9,509

1,966,873

9,088,462 1

11,239,780

14,961,490

I 946,027

6,050,173

8,056,946

12,049,854

941,002

6,024,076

8,055,409

12,042,504

5,025

26,097

1,537

7,350

830,216

472,073

657,972

1,157,196

88,466

558,173

623,282

1,066,815

30,607

1,998,499

1,048,186

642,707

71,557

9,544

853,394

44,918

1938

1939

1940

1941

44,280

90,188

20,700

38,582

31,737

72,196

15,655

33,032

7,378

6,201

2,928

1,050

58

4,923

1,994

4,500

5,107

6,868

123

10,287,090

32,716,840

5,656,748

14,722,570

1 9,077,006

26,272,321

4,921,957

12,623,767

9,069,773

26,152,059

4,877,434

11,705,010

7,233

120,262

44,523

918,757

312,855

447,518

175,051

172,899

496,066

1,739,963

336,371

730,149

254,121

4,227,937

223,106

1,195,755

147,042

29,101

263

1941

Case

number

227 962 653 150 159 156,163

808,744

179,647

| 143,532

521,679

155,264

139,058

1,102,157

276,379

870,778

[ 9,414,920

143,281

516,718

155,219

251 3,165

119,583

9,466

77,288

16,016

12,440

46,701

18,733

32,793

516,712

228 2,533

538

1,393 182 958 4,961 90,194

229 413 93 32 45 8,367

230 864 543 140 181 179,529

1,200,387

303,339

906,580

10,988,181

134,033

1,098,431

252,415

821,381

8,583,532

5,025

3,726

23,984

49,397

831,388

28,031

231 6,326 5,669 290 367 22,120 29,409

8,227

3,009

1,056,549

232 1,564 863 133 568

233 1,668 1,316

22,182

62 290

234 24,127 1,945

1 Includes all depositors whose claims have been fully paid by counterclaim, by sale of security, or directly by the receiver because of preferred status.

2 Includes depositors holding only uninsured deposits. See footnote 6.

3 Includes deposits discovered or reclassified subsequent to date of suspension, and for this reason the figures differ from those in Table 140.

4 Includes all deposits paid or to be paid by FDIC.

5 Includes only the portions of secured deposits met or to be met by sale of security and of preferred deposits paid by the receiver.

6 Includes (a) deposits barred from insurance because not claimed before the expiration of the period set by law, (b) restricted and deferred deposits not eligible for insurance,

and (c) deposits made after termination of insured status in 1 bank which suspended after its insured status had been terminated.

N o t e : See N o t e t o Table 1 40 . GC CO

Back figures— See the following Annual Reports: 1940, p. 238 and p. 239; 1939, p. 224 and p. 226; 1938, p. 256 and p. 258; 1937, p. 176 and p. 178; 1936, p. 198 and p. 200;

1935, p. 228 and p. 229.

SUSPENSIONS, RECEIVERSHIPS, AND MERGERS

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SUPERVISORY ACTIONS BY THE CORPORATION

Table 142. ACTIONS BY THE FEDERAL DEPOSIT INSURANCE CORPORATION UPON APPLICATIONS FROM BANKS NOT MEMBERS OF

t h e F e d e r a l R e s e r v e S y s t e m f o r A d m is s io n t o I n s u r a n c e , A p p r o v a l o f E s t a b l is h m e n t o f B r a n c h e s ,

a n d A p p r o v a l o f C h a n g e o f L o c a t io n o f B a n k in g O f f ic e s , A u g u s t 23, 1935, t o D e c e m b e r 31, 1941

Total 1935 1936 1937 1938 1939 1940 1941

ADMISSION TO INSURANCE

688 75 165 133 82 85 67 81

Applications approved1....................................................................................................................

Banks opening or opening contemplated:

New banks without predecessors2.................................... ........................................................

545

150

2

45

15

114

24

1

111

38

67

14

72

19

58

13

78

27

1

8 3 3 2

31 5 5 5 6 8 2

Banks operating but not insured at beginning of year, or successors to such banks:

Banks operating without restrictions January 1, 1934, not previously insured...........

19

104

31

3

12

3

28

2

1

19

6

3

10

5

4

11

4

4

5

4

1

19

10

22 5 8 5 4

Other financial institutions:

1 1

Financial institutions becoming banks of deposit, or banks succeeding institutions not

engaged in deposit banking ................................................................................................. 8 1 1 3 2 1

Insured banks reorganizing or withdrawing from F. R. System:

Conversion of national to State banks.................................................................................... 79 4 17 15 12 10 14 7

State banks contemplating withdrawal from F. R. System............................................. 31 7 6 5 5 3 5

FinEnciEl reorganization of banks not members F. R. System........................................ 33 3 11 7 5 4 1 2

Reorganization to effect change of powers or to renew expiring charters..................... 26 3 8 4 6 2 3

Applications approved but approval later rescinded*....................................................... 30 1 10 8 3 3 3 2

8 1 1 2 1 1 1 1

Banks operating January 1 1934 but not insured at beginning of y ea r...................... 9 5 3 1

Bank succeeding financial institution not engaged in deposit banking 1 1

Insured banks reorganizing or withdrawing from F. R. System:

Conversion of national to State banks ............................................................... 7 3 1 1 1 1

State banks contemplating withdrawal from F. R. System ..................................... 2 1 1

Financial reorganization of banks not members F. R. System ................................... 1 1

Reorganization to effect change of powers or to renew expiring charters ................. 2 2

Applications disapproved ....................................................................................................... 113 29 41 14 12 10 6 1

Banks opening or opening contemplated:

43 6 16 9 1 8 2 1

9 6 3

4 1 1 2

Banks operating but not insured at beginning of year, or successors to such banks:

1 1

■n.-i-- A«Ai.nfi'wrt Tinflmnf Tflnnarv 1 1A31 not nrpviftiislv insurPQ jt>anKS operanng wiunuux rcotrituuuo uauuaijr uuv picviuuoij ........................ 26 11 10 2 2 1

10 4 2 2 2

Dnvtlra Anoi»ofm(v nnrlor nfir\v\ ........... 6 3 3

Other financial institutions:

3 1 1 1

Financial institutions becoming banks of deposit, or banks succeeding institutions not

4 1 1 1 1

2 1 1

PtMAMAinl r\f KanVa nnt TnPTTlhpfQ F R Svflt.PTTl ................... 4 2 2

Reorganization to effect change of powers or to renew expiring charters................. 1 1

184 FEDERAL DEPOSIT INSURANCE CORPORATION

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Applications disapproved—classified by status of bank, December 31, 1941.

Plans for organization or reorganization abandoned....................................................

Banks discontinued operations......................................................................... !!!..!!!

Banks opened or continued to operate without insurance...................

Banks approved for insurance in later years..............................................................] ]

ESTABLISHMENT OP BRANCHES

Total number of applications acted upon..........................................................................

Applications approved1.................................................................................................................

To establish additional banking offices:

Establishment of de novo branches8.....................................................................................

Conversion of head offices into branches after relocation of banks...............................

To replace banks by branches:

Conversion of absorbed banks into branches.....................................................................

Replacement of closed or relocated banks................................................. !!!!!!!!!!!!

To continue branches in operation:

Retention of branches in operation at time of admission to insurance or relocation

Retention of branches previously operated by absorbed or succeeded banks........

Replacement of branches discontinued by other banks...................................................

Continuance in operation of branches not previously approved....................................

Extension of full branch powers to teller's windows or seasonal offices

Applications approved but approval later rescinded8..........................

To establish additional banking offices:

Establishment of de novo branches......................................................................................

Conversion of head offices into branches after relocation of banks..........!!!!!!!!!'

To replace banks by branches:

Conversion of absorbed banks into branches...................................................................

Replacement of closed banks..........................................................

To continue branches in operation:

Retention of branches previously operated by absorbed or succeeded banks.............

Applications disapproved..........................................................................................................

To establish additional banking offices:

Establishment of de novo branches......................................................................................

Conversion of head office into branch after relocation of bank.....................................

To replace banks by branches:

Conversion of absorbed bank into branch..............................................................

Replacement of closed banks............................................................ ! ! ! ! " . ! ! .......................

CHANGE OF LOCATION OF OFFICES

Applications approved :l

Banks.................................................................................................................

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

Applications approved but approval later rescinded—branches.

Applications disapproved—banks.......................................................

1 Includes applications disapproved but approved later in the same year.

113 29 41 14 12 10 6 1

742 5 14 9 6 8 2 1

*8 2 5 1 1 1

24 10 8 1 3 2

731 12 14 3 3 1 1

432 15 93 89 82 62 43 48

381 9 80 82 71 53 40 46

153 7 37 33 16 14 22 24 14 2 2 1 3 2 1 3

116 22 27 28 18 10 11 32 4 7 10 7 4

5 4 1

33 7 8 8 4 2 4

15 3 3 6 Q

10 3 2 3

l

2

3 1 1 1

23 5 5 6 4 1 2

11 3 3 1 3

2 1 1

JL

7 1 1 4 1

2 1 1

1 1

28 6 8 2 5 5 2

24 5 7 1 4 5 2

1 1

1 1

2 1

99 4 9 15 17 9 18 27 35 3 6 3 5 7 4 7

2 2

3 1 1 1

tion o?'o7erl?ngbantokS t0<>k ° V" the bUSineSS in their resPe<:tive ‘oeaUHe.'of an industrial loan company not engaged in deposit banking and therefore excluded from tabulathe

under

Includes conversions or replacements of 4 cooperative banks, 1 trust company, and 4 exchanges not included in FDIC tabulations of noninsured banks.

00

Or SUPERVISORY ACTIONS BY THE CORPORATION

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Table 143. A c t io n s BY THE FEDERAL DEPOSIT INSURANCE CORPORATION UPON APPLICATIONS REGARDING

C a p it a l a n d O t h e r F in a n c ia l A d j u s t m e n t s, A u g u s t 23, 1935, to D e c e m b e r 31, 1941

Number of banks Number of applications Amounts involved

in applications

1935-1941 1941 1935-1941 1941 1935-1941 1941

TO APPROVE CAPITAL ADJUSTMENTS1

Applications approved in full

To retire: 2,840 1,361 8,312 1,681 86,511,001 15,733,239

1,180,992 170

8

66

64 211

8

72 4,202,043

537,270

To reduce or cancel: 7 72 7 1.0,905,550 1,120,500

429,000

2,272,946 47 8 51 8 6,017,107

251 34 260 34 22,515,126

To sell additional capital:* 13 1 13 1 3,206,845 250,000

697,500

403,600 44 8 46 9 1,692,905

64 6 65 6 2,842,375

To make miscellaneous capital adjustments: m ^ nnrvifol Vl ol H Kv into PnTTlTTlOn StOCK ................................ 25 5 25 5 1,466,400 142,000

2 1 3 1 57,583 42,583

168,949 9

1

6

1 10

1

6

1 387,950

50,000

63,406

1

1

1

1

(5)

84,692

Applications approved in part

To retire: # 738 326 919 338 («) (•)

6 3 7 3 (6) (8)

To reduce or cancel: 1 1 1 1 <•) (#)

To make miscellaneous capital adjustments: 2 2 2 2 (6) (•)

1 1 1 1 (6) (#)

Applications disapproved or rescinded7

To retire: 599 31 803 31 21,676,448 3,140,740

125,200 25

2

2 29

2

2 902,294

50,625

186 FEDERAL DEPOSIT INSURANCE CORPORATION

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To reduce or cancel:

Preferred capital obligations held by RFC*.

Preferred capital not held by RFC2...............

Common stock.....................................................

To sell additional capital:*

Preferred capital obligations to RFC..

Preferred capital to others than R FC.

Common stock...........................................

To make miscellaneous capital adjustments:

To convert preferred capital not held by RFC into common stock.

To pay cash premium to RFC4.................................................................

To pay cash premiums on preferred capital4.........................................

To reduce surplus in connection with capital reductions...................

TO APPROVE OTHER FINANCIAL ADJUSTMENTS8

Applications approved

To repay or release restricted deposits:

To repay waived deposits or certificates of beneficial interest..................

To release restricted or subordinated deposits..............................................

To release directors’ or stockholders’ guaranties..............................................

To repay directors’ or stockholders’ contributions...........................................

To assume liabilities or purchase assets of noninsured institutions:

Of noninsured banks............................................................................................

Of other financial institutions...........................................................................

Of closed banks.....................................................................................................

Applications disapproved

To repay or release restricted deposits:

To repay waived deposits or certificates of beneficial interest..................

To release restricted or subordinated deposits..............................................

To release directors’ or stockholders’ guaranties..............................................

To repay directors’ or stockholders’ contributions...........................................

To assume liabilities or purchase assets of noninsured banks.......................

16 17 1,310,650

5 5 642,900

49 1 53 1 3,388,100 65,000

7 7 225,000

1 1 1 12 1 380,000 60,000

12 13 299,500

6 6 261,800

41,897 41,897

2 2 66,019 2,700

2 2 67,000

176 6 244 9 7,738,035 485,862

41 46 4,039,127

47 5 53 5 2,361,302 75,394

17 4 29 6 470,962 62,584

54 8 57 8

7 2 8 2

5 5

1 1 12 1,256,789

6 6 236,757

8 1 1 403,416

3 1 5 1 235,000 50,000

1 2 1

1 Banks not members of the Federal Reserve System. The number of banks submitting these applications during 1935-1941 was 3,232, of which 3,229 applied for retirement

or reduction of capital; the number submitting applications during 1941 was 1,736. Many banks applied for approval of more than one type of adjustment, or made more than

one application during the period.

2 To reduce par but not retirable value.

3 Includes cases in which capital issues were to be sold for more than their par value and premiums transferred to surplus or undivided profits accounts.

4 These premiums represent retirable value of preferred stock not carried on books.

6 The number of shares was increased without changing the total amount of capital outstanding to facilitate a merger.

6 Portions approved are included with applications approved in full; portions disapproved with applications disapproved or rescinded.

7 Includes applications first approved and later rescinded in full, not included with applications approved.

8 Banks not members of the Federal Reserve System except in the case of applications to assume liabilities or purchase assets from noninsured institutions, which are for all

insured banks. The number of banks submitting these applications was 366. Some banks applied for approval of more than one type of adjustment, or made more than one application during the period.

Back figures— For figures for each year see the Annual Report for 1940, pages 242-45.

00

<3SUPERVISORY ACTIONS BY THE CORPORATION

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00

00

Table 144. ACTION TO TERMINATE INSURED STATUS OF BANKS FOR ENGAGING IN UNSAFE OR UNSOUND BANKING PRACTICES

or V io l a t io n s of L a w or R e g u latio n s, A u gust 23, 1935, to D ec e m b e r 31, 1941

Total

Number of banks against which

action was started in— 1

1936 1937 1938 1939 1940 1941

Number of banks2.................................................................................. 1 10 22 25 12 19 1 Q 1 ±

Disposition as of December 31, 1941:

lo

Cases closed:

Corrections made........................................................................................... 15 10

1

3 1 1

Insured status terminated for failure to make corrections3......................................... 4 2 1

Banks suspended4.......................................................................................... 36

46

9

2

14

6

6

4

A O

Banks absorbed or succeeded by other banks5..................................................................... 14

u

16

i

4

Cases pending:

Deferred pending consummation of recapitalization or merger plans................................... 5 1 4

Deferred pending reexamination or hearing.................................................................. 4 4

i No action to terminate insured status of any bank was started before 1936. In 4 cases where initial action was replaced by action based upon additional charges, only

the latter action is included. 6 ’ *

2 In the case of 2 banks against which action was started in 1939, 17 banks in 1940, and 5 in 1941, resolutions relative to unsafe or unsound practices or violations of law or

regulations were formally adopted by the Board of Directors of the Corporation, but the sending of statements to the appropriate supervisory agencies was indefinitely delayed.

* One of these banks suspended 4 months after its insured status was terminated; and one national bank, in accordance with the provisions of law, suspended immediately

following the action of the Corporation in terminating its insured status.

4 The date for official termination of insured status was set in 5 of these cases, but was not effective before the banks suspended.

* In all except 2 of these 46 cases, the Corporation made loans to facilitate the mergers or reorganizations.

N o t e : For a list of the unsafe and unsound practices and violations of law in which these banks were engaged, see page 24 of this report, and pages 247-49 of the

Annual Report of the Corporation for 1940.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
INDEX

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Federal Reserve Bank of St. Louis
INDEX

Page

Absorptions, consolidations, and mergers (see also Mergers of insured banks

with financial aid of the Corporation; Terminations of insurance) *

Of insured banks, 1934-41...............................................................................................66,111

Of noninsured institutions by or with insured banks.....................................21,26,187

Of operating banks, 1941................................................................................................ 100

Accounts in insured banks:

Average size........................................................................................................................ 70

Number:

In all insured banks, special call dates..................................................................... 63

In insured commercial banks:

September 24, 1941....................................................................................6 6 ,7 0 ,7 2 ,7 4

Special call dates....................................................................................................... 70

In insured mutual savings banks, September 2 4 ,1 9 4 1 ...................................... 76

Actions of Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation.

Adjusted capital account. See Capital of banks.

Adjusted value of assets. See Appraised value of assets.

Admissions to insurance:

Applications approved and disapproved.....................................................25, 184-85

By class of bank, 1941.....................................................................................100, 110-111

By class of bank, 1934-41 ......................................................................................... 110-111

Number during 1941....................................................................................................... 100

Number since 1934........................................................................................................110-111

Growth in assets, deposits, and capital of insured banks, attributable to . 11,41,46

Applications from banks:

For admission to insurance....................................................................... 20-21,25,184-85

For approval of assumption of deposit liabilities of other banks. .21, 26, 187

For approval of capital retirement or reduction................................ 21, 26, 186-87

For approval of change of location............................................................................ 185

For approval of establishment of branches..............................................21, 26, 185

For approval of repayment or release of restricted, subordinated, or

waived deposits..........................................................................................26, 187

Appraised value of assets. See Assets of insured banks, analysis of examinations of.

Assessments on insured banks for deposit insurance:

Amount........................................................................................................................... 32, 33, 37

Basis o f................................................................................................................................. 92

Assets and liabilities of closed banks. See Receivership, insured banks

placed in.

Assets and liabilities of operating banks (see also Assets of insured banks,

analysis of examinations of; Capital of banks; Deposits; Loans

of insured commercial banks; Securities):

All banks, 1935-41.......................................................................................................... 122

All commercial banks, call dates, 1935-41........................................................... 122

Insured commercial banks:

Call dates, 1934-41.....................................................................................123, 126-29

Changes during 1934-41.......................................................................................... 41-42

Changes during 1941................................................................................................. 41

Reports o f..................................................................................................................... 27,93

191

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Assets and liabilities of operating banks (see also Assets of insured banks,

analysis of examinations of; Capital of banks; Deposits; Loans

of insured commercial banks; Securities):— Continued

Mutual savings banks, 1935-41................................................................................ 124,125

Noninsured banks, 1935-41......................................................................... ..............123,125

Sources of data................................................................................................................... 93

Types o f.................................................................................................................11, 42, 44, 47

Assets and liabilities of the Federal Deposit Insurance Corporation................... 34-38

Assets of banks purchased by the Federal Deposit Insurance Corporation:

From banks in receivership to facilitate liquidation............................................20, 36

From banks merged with financial aid of the Corporation. See Mergers

of insured banks with financial aid of the Corporation.

Assets of insured banks, analysis of examinations of (see also Fixed and

substandard assets of insured commercial banks; Loans of

insured commercial banks; Securities):

Definitions of terms used:

Appraised value......................................................................................................... 95

Book value................................................................................................................... 95

Criticized....................................................................................................................... 95-96

Examiners’ net deductions..................................................................................... 95

Fixed and substandard............................................................................................ 96

Substandard................................................................................................................. 95-96

Uncriticized................................................................................................................. 96

Insured commercial banks, 1941:

Grouped by amount of deposits....................................................141, 143, 145, 147

Grouped by Federal Deposit Insurance Corporation District

......................................................................................................148, 150, 152, 154

Grouped by fixed and substandard assets ratios....................140, 142, 144, 146

Grouped by net sound capital ratios...........................................140, 142, 144, 146

Grouped by rate of net earnings...................................................141, 143, 145, 147

Grouped by State.....................................................................................148-51, 152-55

Number included, by month of examination................................................ 94

Summary................................................................................................................... 9, 44-46

Insured commercial banks examined by the Federal Deposit Insurance

Corporation.................................................................................................... 94

Sources of data................................................................................................................. 94

Assets of insured banks, quality of (see also Assets of insured banks, analysis

of examinations of):

Discussion o f.................................................................................................................10, 44-46

Improvement since 1933.............................................................................................. 10

In 1941.....................................................................................................................9, 10, 44-46

Assets pledged to secure bank obligations..................................................................... 129

Bank management. See Management of banks, quality of*

Bank supervision (see also Examinations of banks):

Effect of war on................................................................................................................. 13-14

Policy of Corporation regarding................................................................................ 21

State legislation regarding during 1941................................................ .................. 29-31

Supervisory activities of the Federal Deposit Insurance Corporation:

Actions to terminate insured status of banks engaged in unsafe or

unsound practices or violations of law or regulations. . .20, 22-25, 188

Admission of banks to insurance.....................................................20-21, 25,184-85

Approval of assumption or release of deposits.............................................. 26, 187

Approval of capital adjustments............................................................21, 26,186-87

Approval of change of location of banking offices....................................... 21, 185

Approval of establishment of branches.....................................................21, 26, 185

Approval of miscellaneous financial adjustments....................................... 21, 187

Reports from banks................................................................................................. 27

Bankers’ directories, data obtained from............................................................89,91,92, 93

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Banking offices, establishment of:

Banks beginning operations:

By class of banks, 1941.......................................................................................... 100

Insured banks, by class of banks 1934-41....................................................... 110-11

Banks opened, or opening contemplated, applications for insurance......... 184-85

Branches, establishment approved by Corporation............................................26, 185

Branches opened, 1941................................................................................................... 101

Banking offices, number of. See Number of banking offices in center; Number of operating banking offices.

Banking practices. See Bank supervision; Unsafe and unsound banking

practices.

Banks beginning operations. See Banking offices, establishment of.

Banks ceasing operations:

By class of bank, 1941.................................................................................................. 100-01

Insured banks, by class of banks, 1934-41..............................................................110-11

Banks closed because of financial difficulties (see also Mergers of insured

banks with financial aid of the Corporation; Receiverships,

insured banks placed in):

Depositors protected by the Federal Deposit Insurance Corporation:

Fully protected, in insured banks placed in receivership, or merged

with the financial aid of the Corporation............................................ 14

Number o f............................................................................................................10, 14-16

Number of, in insured banks merged with financial aid of the Corporation 180

Number of, in insured banks placed in receivership..................................... 183

Insured banks placed in receivership or merged with financial aid of

the Corporation:

Deposits protected.................................................................................................. 17

Disbursements by the Corporation in connection with.............................. 14-20

Loss to depositors.................................................................................................. 15-18

Loss to Federal Deposit Insurance Corporation.......................................15,19-20

Loss to stockholders in merged banks.............................................................. 17

Number and deposits of, 1934-41:

By amount of deposits..................................................................................... 178

By class of bank................................................................................................ 178-79

By State................................................................................................................ 178-79

By year................................................................................................................... 178

Suspensions:

Number and deposits, 1934-41:

By amount of deposits..................................................................................... 174

By class of bank.................................................................................................. 174-75

By State.................................................................................................................174-75

By year................................................................................................................... 174

Number, 1941......................................................................................................... .91, 100

Number compared with receiverships.............................................................. 99

Of banks charged with unsafe and unsound banking practices................ 23,188

Terminations of insured status b y .....................................................................110-11

Banks operating branches. See Banking offices, establishment of; Number

of banks operating branches; Reports from banks.

Board of Directors of the Federal Deposit Insurance Corporation....................... 5, 31

Board of Governors of the Federal Reserve System:

Data obtained from.................................................................................................. 89, 93, 97

Examination by Corporation of banks under jurisdiction o f......................... 22

Regulations regarding payment of interest on deposits, issued..................... 21

Review of examination reports submitted b y ..................................................... 20-22

Book values of bank assets and liabilities. See Assets and liabilities of operating banks; Assets of insured banks, analysis of examinations

of; Capital of banks.

Branches* See Banking offices, establishment of; Classification of banks

and banking offices; Number of offices of banks operating

branches.

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Capital of banks (see also Assets and liabilities of operating banks; Capital

ratios; Earnings, expenses, and dividends of insured banks):

Adequacy o f........................................................................ ............................. 9, 10-11, 47-51

Analysis of examinations:

Definition of terms used:

Book value.............................................................................................................. 96

Examiners’ net deductions................................................................................ 96

Net sound capital................................................................................................. 96

Private capital........................................................................................................ 96

R. F. C. capital..................................................................................................... 96

Total capital accounts........................................................................................ 96

Insured commercial banks, 1938-1941.............................................................. 49-51

Insured commercial banks, 1941:

Grouped by amount of deposits................................................................ 133, 135

Grouped By Federal Deposit Insurance Corporation Districts. .136, 138

Grouped by fixed and substandard assets ratios................................ 132, 134

Grouped by net sound capital ratios.......................................................132, 134

Grouped by rate of net earnings............................................................... 133, 135

Grouped by State..............................................................................136-37, 138-39

Of insured banks placed in receivership........................................................... 182

Position in 1941.............................................................................. 10-11, 41, 42, 46-51

Reductions and retirements approved by the Corporation. .. .21, 26, 186-87

Total capital accounts:

All banks, 1935-41..................................................................................................... 122

All commercial banks, 1935-41............................................................................ 122

All mutual savings banks, 1935-41..................................................................... 124

Insured commercial banks:

Examined in 1941.............................................................................. 132-33, 136-37

Call dates, 1934-41..........................................................................................123, 129

Definition.............................................................................................................. 96

Discussion o f........................................................................................................ 46-47

Insured mutual savings banks, 1935-41........................................................... 124

Noninsured commercial banks, 1935-41........................................................... 124

Noninsured mutual savings banks, 1935-41................................................... 125

Unsafe and unsound practices.................................................................................... 24

Capital ratios:

Discussion of trends in..............................................................................................11, 47-51

Net sound capital to assets:

Insured commercial banks, 1941. See Capital of banks, analysis of

examinations.

Insured commercial banks grouped by, 1941:

Analysis of examinations of capital and liabilities, amounts and

ratios..............................................................................................................132, 134

Appraised values of total assets, securities, loans, and fixed and

miscellaneous assets— amounts and ratios.................140, 142, 144, 146

Deposits o f............................................................................................................ 157

Number o f............................................................................................................. 156

Percentage distribution of number and deposits, 1938-1941............ 50

Net sound capital to deposits.......................................................48-49, 134-36, 138-39

Total capital accounts to loans, investments other than U. S. Government obligations, and miscellaneous assets..................................11, 48-49

Total capital accounts to total assets...................................................................... 48-49

Cash depositories................................................................................................ .........89, 169, 171

Cash held by banks. See Assets and liabilities of operating banks; Assets of

insured banks, analysis of examinations of.

Charge-offs on bank assets. See Earnings, expenses, and dividends of insured

banks.

Class of bank, banking data presented by:

Admissions to and terminations of insurance.......................................100-01, 110-11

Assets and liabilities..................................................................................................... 122-25

Banks which suspended operations....................................................................... 174-75

Deposits............................................................................................108-09, 120-21, 122-25

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Class of bank, banking data presented by:— Continued.

Earnings of insured banks..........................................................................................162-63

Insurance coverage, September 24, 1941..............................................74, 75, 76, 77

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

Corporation..............................................................176-77, 178-79, 180, 181

Number of banking offices.................................................. 102-07, 113,114-15,116-17

Number of banks.....................................................................................100-01,108-09,112

Classification of banks and banking offices..............................................................89, 91, 93

Closed banks. See Banks ceasing operations; Banks closed because of financial

difficulties; Receivership, insured banks placed in.

Commercial banks. See Assets and liabilities of operating banks; Assets of

insured banks, analysis of examinations of; Capital of banks;

Deposits; Earnings, expenses, and dividends of insured banks;

Number of operating banks.

Commercial banking offices. See Number of operating banking offices.

Comptroller of the Currency:

Approval of admission of banks to insurance...................................................... 25

Data obtained from.....................................................................................89, 93, 94, 97, 98

Director of Corporation.............................................................................................. 5, 31

Examination by Corporation of banks under jurisdiction o f......................... 22

Examination of insured banks b y ............................................................................ 22

Insured banks not members of the Federal Reserve System reporting to . . 22

Review of reports of examinations made b y .......................................................... 20-22

Consolidations. See Absorptions, consolidations, and mergers.

Consumer loans. See Instalment loans.

Criticized assets. See Assets of insured banks, analysis of examinations of.

Demand deposits. See Assets and liabilities of operating banks; Deposits,

classified by type of deposit.

Depositors (see also Accounts in insured banks; Insurance coverage):

Claims against closed insured banks. See Receivership, insured banks

placed in.

Losses. See Banks closed because of financial difficulties; Receivership,

insured banks placed in.

Protected in insolvent or hazardous banks suspended or merged. See Banks

closed because of financial difficulties.

Protected in operating banks....................................................................63, 65, 66, 70, 76

Deposits:

Adjusted..................................................................................................... 96, 132-33, 136-37

Amount of, banks or banking offices grouped by:

All banking offices..........................................................................................113,114,121

All banks...................................................................................................................112, 120

All commercial banks............................................................................................112, 120

All mutual savings banks.....................................................................................112, 120

Banks operating branches...................................................................................112, 120

Banks which received financial aid from the Corporation.......................176, 178

Banks with suspended operations..................................................................... 174

Branches.....................................................................................................113, 115, 121

Head offices.....................................................................................................113, 115, 121

Insured commercial banks examined in 1941

133, 135, 141, 143, 145, 147, 156, 157

Insured commercial banks operating throughout 1941

164, 166, 168, 170, 171, 172

Insured commercial banks, special call dates............................64, 65, 66, 72, 73

Insured mutual savings banks, special call dates............................................76, 77

Offices of banks operating branches................................................................... 11*5

Unit banks....................................................................................................... 112,114,120

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Deposits:— Continued.

Assumption of by other banks............................................................................21, 26, 187

Claims barred.....................................................................................................................15,16

Classified by type of deposit (see also Assets and liabilities of operating

banks):

Insured banks, special call dates................................................................... 69-70, 73

Insured banks placed in receivership, 1934-41.............................................. 183

Insured commercial banks, call dates, 1934-41............................................ 128

Definition:

For assessment purposes....................................................................................... 92

For reports of assets and liabilities.....................................................................93, 94

In reports of examinations...................................................................................92, 96

Demand. See Deposits, classified by type of deposit.

Growth in, 1934-1941................................................................................................41-42, 63

Insured. See Insurance coverage.

Insured and otherwise protected:

In banks merged with financial aid of the Corporation. .14-18, 176-77, 180

In banks placed in receivership.................................................................. 14-18, 183

Interbank. See Deposits, classified by type of deposit.

Interest on. See Time and savings deposits.

Of individuals, partnerships, and corporations. See Deposits, classified

by type of deposit.

Paid and unpaid in closed insured banks................................................................ 18,183

Payments of, to insured depositors. See Receivership, insured banks

placed in.

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred. See Deposits, secured and preferred.

Protected by the Corporation. See Deposits, insured or otherwise protected; Insurance coverage.

Public funds. See Deposits, classified by type of deposit.

Savings. See Time and savings deposits.

Secured and preferred:

Insured banks placed in receivership, 1934-41..............................................18, 183

Insured commercial banks, call dates, 1934-41.............................................. 129

Sources of data................................................................................................................ 92

Subject to offset. See Receivership, insured banks placed in.

Time, See Time and savings deposits.

Uninsured:

Assumption of, by insured banks......................................................... 21, 26, 187

Of insured banks placed in receivership....................................................... 18, 183

Special call dates................................................ 63, 65, 66, 69-70, 71-73, 75, 77

United States government. See Deposits, classified by type of deposit.

Unsecured. See Receivership, insured banks placed in.

Deposits in:

Accounts with specified maximum balances............................................71, 73, 75, 77

All banking offices, June 30, 1941............................................................................ 121

All banks:

Call dates, 1935-41................................................................................................... 122

June 30, 1941......................................................................................... .................... 120

All commercial banks:

Call dates, 1935-41.................................................................................................... 122

December 31, 1941...................................................................................................108-09

June 30, 1941.............................................................................................................. 120

All insured banks:

June 30, 1941.............................................................................................................. 120

Special call dates....................................................................................................... 63

All mutual savings banks:

Call dates, 1935-41................................................................................................... 124

December 31, 1941...................................................................................................108-09

June 30, 1941.............................................................................................................. 120

Banks grouped by amount of deposits, June 30 ,194 1....................................... 120

Banks located in each State and possession, December 31, 1941...................108-09

Banks for which the Corporation is receiver......................................................... 20

Banks operating branches, June 30, 1941.............................................................. 120

Banks which received financial aid from the Corporation. .15, 17, 18, 178-79

Branches, June 30, 1941.............................................................................................. 121

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Deposits in:— Continued.

Head offices, June 30, 1941.......................................................................................... 121

Insured banks merged with financial aid of the Corporation............17, 176-77,180

Insured banks placed in receivership.....................................................17-18, 182, 183

Insured commercial banks:

At time of examination, 1941. See Deposits, adjusted.

Call dates, 1934-41................................................................................................ 123, 128

December 31, 1941......................................................................................... 108-09, 128

June 30, 1941........................ ..................................................................120, 122, 134-37

September 24, 1941............................................................................................66, 73, 75

Special call dates. ..................................................................................................... 70

Insured mutual savings banks:

Call dates, 1935-41................................................................................................... 124

December 31, 1941................................................................................................... 108-09

June 30, 1941.............................................................................................................. 120

September 24, 1941.................................................................................................. 77

Noninsured banks:

Call dates, 1935-41............................................................................................123, 125

June 30, 1941.............................................................................................................. 120

Suspended banks..............................................................................................................174-75

Unit banks, June 30, 1941............................................................................................ 120

Depreciation. See Earnings, expenses, and dividends of insured banks.

Dividends:

To depositors in mutual savings banks...................................................................59, 173

To stockholders of operating insured banks:

Amount of. See Earnings, expenses, and dividends of insured banks.

Rates o f......................................................................................................................... 57-58

Relative to net earnings and net profits............................................................ 58

Earnings, expenses, and dividends of insured banks:

Depreciation, treatment of........................................................................................... 98-99

Insured commercial banks, 1934-41:

Amounts................................................................................................................ 52,158-59

Discussion o f.................................................................................................. 12-13, 51-58

Interest received and paid..................................................................................... 52-55

Rates of dividends..................................................................................................... 57-58

Rates of income received and interest paid..................................................... 54-55

Rates of net earnings and net profits................................................................ 56-57

Ratios to total assets..............................................................................................160-61

Insured commercial banks, 1941:

Amounts, by class of bank.....................................................................................162-63

Amounts, by size of bank....................................................................................... 164-65

Discussion o f.............................................................................................................. 51-58

Number of banks operating throughout 1941 grouped by:

Rates of dividends............................................................................................ 58

Rate of income on loans.......................................................................54, 169-171

Rate of interest paid on time and savings deposits.....................55, 169-172

Rate of net earnings. See Earnings of insured commercial banks, net.

Rates of net profits............................................................................................57,170

Ratios of loans to total assets....................................................................... 168,171

Ratio of time and savings to total deposits............................................169,172

Ratios to total assets, by size of bank.............................................................. 166-67

Insured mutual savings banks:

Amounts, 1934-41................................................................................................... 173

Discussion o f.............................................................................................................. 59

Sources of data......................... ......................................................................................... 97-99

Earnings of insured commercial banks, net:

Amounts of. See Earnings, expenses, and dividends of insured banks.

Discussion o f................................................................................................................ 51-52, 56

Rate in 1941, banks grouped by:

Number o f....................................................................................................... 168-69, 170

Definition.............................................................................................................. .. 98-99

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Earnings of insured commercial banks, net:— Continued.

Rate in 1940, banks grouped by:

Assets of, examinations, 1941....................................................... 141, 143, 145, 147

Capital of, examinations, 1941..........................................................................133, 135

Definition, examinations, 1941............................................................................ 96

Deposits of, examinations, 1941..............................................................133, 135, 157

Liabilities of, examinations, 1941.....................................................................133, 135

Number of, examinations, 1941............................................................................ 156

Employees, Federal Deposit Insurance Corporation.....................5, 28, 31-32, 84, 85

Employees of banks, number of:

Insured commercial banks:

By years, 1936-41...................................................................................................159,161

December 31, 1941, by class of bank................................................................ 163

December 31,1941, by size of bank...................................................................165,167

Insured mutual savings banks, by years, 1936-41.............................................. 173

Examiners:

Analysis of bank examinations made by. See Assets of insured banks,

analysis of examinations of; Capital of banks.

Employed by the Corporation. See Employees, Federal Deposit Insurance

Corporation.

Examinations of banks (see also Assets of insured banks, analysis of examinations of; Capital of banks):

Banks cited for unsafe and unsound practices..................................................... 22-24

Banks examined by the Federal Deposit Insurance Corporation............21-22, 93

Data from reports of examination......................... 9, 10-11, 44-45, 49-51, 132-157

Definition of terms.......................................................................................................... 95-96

Examination by Federal Deposit Insurance Corporation of banks under

jurisdiction of other Federal agencies................................................ 22

In connection with negotiation of loans to insolvent or hazardous insured

banks................................................................................................................ 22

Number by Federal Deposit Insurance Corporation......................................... 21-22

Review of examinations made by Comptroller of Currency and Federal

Reserve banks............................................................................................... 21-22

Tabulation of, 1941......................................................................................................... 94

Uniform examination procedure................................................................................ 94

Expenses of banks. See Earnings, expenses, and dividends of insured banks.

Expenses of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation.

Failures of banks. See Banks closed because of financial difficulties.

Federal bank supervisory authorities (see also Board of Governors of the

Federal Reserve System; Comptroller of the Currency; Federal

Deposit Insurance Corporation; Federal Reserve banks):

10, 20, 21-22, 27, 93, 97

Federal Deposit Insurance Corporation:

Actions by:

On applications from banks. See Applications from banks.

To terminate insured status of banks......................................... 20-21, 22-24, 188

Assessments on insured banks....................................................................... 3, 32-34, 37

Assets and liabilities....................................................................................................... 36-38

Audit..................................................................................................................................... 34-37

Balance sheet..................................................................................................................... 36-38

Banks examined by, and submitting reports to ................................................... 93

Bank supervision by. See Bank supervision.

Board of Directors............................................................................................................ 5, 31

Borrowing power............................................................................................................ 37

Capital............................................................................................................................ 9, 37, 38

Claims held against suspended and merged banks................................ 33-34, 36, 38

Collections from insured banks in financial difficulties..................................... 19

Contracts used in bank mergers and consolidations.......................................... 17-18

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Federal Deposit Insurance Corporation:— Continued.

Depositors protected from loss by. See Banks closed because of financial

difficulties.

Disbursements for protection of depositors............................................14-19, 32-34

Districts............................................................................................................................... 32

Divisions..........................................................................................................................5, 31-32

Employees....................................................................................................................... 5, 31-32

Examination of banks. See Examinations of banks.

Expenses...................................................................................................................19-20, 32-34

Income.................................................................................................................................. 32-34

Insurance limit (see also Insurance coverage).....................................................3,10-11

Insured banks receiving financial aid from. See Banks closed because of

financial difficulties.

Investments........................................................................................................................ 36-38

Liquidation of assets of insured banks in financial difficulties............19-20, 34-35

Loans to and purchase of assets from insured banks. See Mergers of insured

banks with financial aid of the Corporation.

Losses incurred. See Losses of the Federal Deposit Insurance Corporation.

Officers.............................................................................................................................. 5, 31-32

Operations........................................................................................................................... 14-3 8

Organization and staff............................................................................................... 5, 31-32

Payments to insured depositors................................................................................ 18, 183

Policies...................................................................................................................9-14, 20, 21

Powers.................................................................................................................................. 20-21

Protection of depositors. See Banks closed because of financial difficulties.

Purchase of assets to facilitate completion of liquidation of banks in

receivership................................................................................................... 20, 36

Receiver for insured banks......................................................................................... 20, 181

Recoveries from banks in financial difficulties..................................................... 19-20

Regulations, power to issue......................................................................................... 21

Repayments t o ................................................................................................................. 19-20

Reports from banks......................................................................................................... 27

Reserves for losses..............................................................................................33-34, 36, 38

State legislation affecting operations, 1941............................................................ 28-29

Supervisory activities. See Bank supervision.

Surplus.......................................................................................................9, 32, 33, 34, 37, 38

Federal Deposit Insurance Corporation Districts:

Banks classified b y ...................................................................136,138,148,150,152,154

States and possessions served..................................................................................... 32

Federal Reserve banks:

Data obtained from....................................................................................................... 94

Review of bank examinations made b y ................................................................... 22

Fixed and miscellaneous assets. See Assets and liabilities of operating banks;

Assets of insured banks, analysis of examinations of; Receivership, insured banks placed in.

Fixed and substandard assets of insured commercial banks (see also Assets of

insured banks, analysis of examinations of; Capital of banks):

Banks classified by ratio..............................132, 134, 140, 142, 144, 146, 156, 157

Definition............................................................................................................................ 96

Discussion o f...................................................................................................................... 51

Hazardous banks. See Insolvent or hazardous banks.

Head offices of branch systems. See Number of offices of banks operating

branches.

Industrial banks, classification of..................................................................................... 89-90

Insolvent or hazardous insured banks:

Method of protecting depositors in......................................................................... 16-17

Number eliminated, 1941............................................................................................ 25

Number likely to require financial aid of the Federal Deposit Insurance

Corporation................................................................................................... 9

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Insolvent or hazardous insured banks:— Continued.

Placed in receivership or merged with financial aid of the Corporation.

See Banks closed because of financial difficulties.

Supervisory action regarding.......................................................................20, 21, 24-25

Instalment loans:

Consumer............................................................................................................................ 27

How reported..................................................................................................................... 93

Institutions excluded from figures of operating banks.............................................. 90-91

Insurance coverage (See also Accounts in insured banks; Deposits, insured

and otherwise protected):

Accounts fully insured, special call dates.............................................................. 63

Changes in, 1934-41....................................................................................................... 63-65

Insured commercial banks:

By amount of deposits, special call dates............................................64, 65, 72, 73

By class of bank, September 24, 1941.............................................................. 74-75

By percent of deposits insured, September 24, 1941......... ........................ 66

By States, September 24, 1941............................................................................ 74, 75

By type of deposit, special call dates............................................................70, 72, 73

Insured mutual savings banks, September 24,1941:

By amount of deposits............................................................................................ 76,77

By States...................................................................................................................... 76,77

With varying amounts of maximum coverage................................................. 76, 77

Limitations on data, 1936-41..................................................................................... 78

Reports from banks....................................................................................................... 63

Insurance status, banks classified by:

Assets and liabilities o f.................................................................................................. 122-25

Deposits o f.....................................................................................................................120, 121

Number o f................................................................................102-07, 108-09, 112, 113

Insured banks. See:

Absorptions, consolidations, and mergers;

Admissions to insurance;

Assets and liabilities of operating banks;

Assets of insured banks, analysis of examinations of;

Assets of insured banks, quality of;

Banking offices, establishment of;

Banks ceasing operations;

Banks closed because of financial difficulties;

Capital of banks;

Classification of banks and banking offices;

Class of bank, banking data presented by;

Deposits;

Deposits in;

Earnings, expenses, and dividends of insured banks;

Earnings, of insured commercial banks, net;

Employees of banks, number of;

Examinations of banks;

Insolvent or hazardous insured banks;

Loans of insured commercial banks;

Mergers of insured banks with financial aid of the Corporation;

Mutual savings banks;

Number of banks operating branches;

Number of offices of banks operating branches;

Number of operating banking offices;

Number of operating banks;

Number of unit banks;

Receivership, insured banks placed in;

States, banks or banking offices classified by;

Securities;

Terminations of insurance;

Unsafe and unsound banking practices.

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

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Insured commercial banks submitting reports to the Federal Deposit Insurance Corporation................................................................................... 93

Insured deposits. See Deposits, insured and otherwise protected; Insurance

coverage.

Insured mutual savings banks. See Mutual savings banks.

Insured State banks members of the Federal Reserve System. See Class of

bank, banking data presented by.

Interbank deposits. See Deposits, classified by type of deposit.

Interest:

Amounts. See Earnings, expenses, and dividends of insured banks.

Rate on loans. See Loans of insured commercial banks.

Rate on securities, 1934-41.......................................................................................... 54-55

Rate on time and savings deposits. See Time and savings deposits.

Investments of banks. See Assets and liabilities of operating banks; Securities;

United States Government obligations; Unsafe and unsound

banking practices.

Investments of the Federal Deposit Insurance Corporation................................... 36-38

Law, violations of by insured banks.................................................................. 21, 22-25,188

Legislation, Federal, concerning foreign accounts in insured banks. . . . 27-28, 81-82

Legislation, State, enactments in 1941 related to deposit insurance and

banking............................................................................................................ 28-31

Liquidation, banks placed in......................................... 15, 19, 100, 111, 181, 182, 183

Loans of insured commercial banks (see also Unsafe and unsound banking

practices):

Amounts, call dates, 1934-41............................................................................ 42, 123, 127

Analysis of examinations of insured commercial banks, 1941

Appraised and book values, examiners’ net deductions, substandard,

and not criticized.......................................................................142-43, 150-51

Ratios of appraised value to book value.................................. 45, 146-47, 154-55

Banks classified by ratio to total assets..............................................................168, 171

Interest on. See Earnings, expenses, and dividends of insured banks.

Rate of income on:

Banks classified b y ......................................................................................... 54, 169, 171

Definition. .................................................................................................................... 98

During 1934-41........................................................................................................... 54-55

War financing.................................................................................................................... 11-13

Loans to insolvent or hazardous insured banks by Federal Deposit Insurance

Corporation. See Mergers of insured banks with financial aid

of the Corporation.

Location of insured banks, changes approved by Corporation.............................. 185

Losses of banks:

Effect of war on................................................................................................................ 12-14

Amounts and rates. See Earnings, expenses, and dividends of insured banks.

National banks, rates of, 1919-41.............................................................................. 13

Prevention by supervisory activity of the Corporation..............................14, 20-21

Losses of depositors. See Banks closed because of financial difficulties; Receivership, insured banks placed in.

Losses of the Federal Deposit Insurance Corporation:

During 1941....................................................................................................................... 15,33

During 1934-41......................................................................................... 3 ,1 5,19 -2 0, 32-34

Prevention of, by supervisory activity..............................................................14, 20-21

Effects of war on............................................................................................................ , 14

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Management; of banks, quality of:

Banks cited for unsafe and unsound banking practices.................................. 24

Relation of supervision to .............................................................................................. 21

Wartime requirements o f.............................................................................................. 11-14

Mergers. See Absorptions, consolidations, and mergers; Mergers of insured

banks with financial aid of the Corporation.

Mergers of insured banks with financial aid of the Corporation (see also Banks

closed because of financial difficulties):

Banks cited for unsafe and unsound practices....................................................... 23, 25

Classification of banks merged................................................................................... 91, 99

Collections by Corporation on assets purchased or held as collateral. . . . 19

Deposits protected.................................................................................................. 17, 176-77

Disbursements by Corporation........................................................................... 16, 176-77

Examinations of banks in connection with......................................................... 22

Loans and assets purchased, by the Corporation..........................................33, 36, 38

Losses incurred by Corporation................................................................................ 20, 33

Method................................................................................................................................. 16-17

Names and location of banks merged..................................................................... 180

Number of banks merged............................................................................................176-77

Procedure............................................................................................................................ 17-18

Protection afforded depositors..................................................................................... 17

Repayments to Corporation..................................................................................... 19-20

Morris Plan banks, classification o f................................................................................ 89

Mutual savings banks:

Insured:

Admissions to and terminations of insurance, 1934-41..............................110-11

Assets and liabilities, call dates, 1935-41..................................................... 124

Capital investment of the Reconstruction Finance Corporation in... . 59

Classification............................................................................................................... 90

Deposits:

By amount of deposits, June 30, 1941.....................................................120, 121

By State, December 31, 1941.......................................................................108-09

By type of bank, June 30, 1941................................................................... 120

By type of office, June 30, 1941................................................................... 121

Call dates, 1935-41......................................................................................... 124

September 24, 1941............................................................................................ 77

Discussion of............................................................................................................... 58-59

Earnings, expenses, and dividends................................................................... 59,173

Number:

By amount of deposits, June 30, 1941..................................................... 112

By State, December 31, 1941.....................................................102-07, 108-09

By type of bank, December 31, 1941......................................................... 102-07

By type of bank, June 30, 1941.................................................................. 112

By type of office, June 30, 1941................................................................... 113

Changes during 1941.....................................................................................100-01

Changes during 1934-41................................................................................ 110-11

September 24,1941............................................................................................ 76

Placed in receivership or merged with financial aid of the Corporation. 99

Insured and noninsured:

Assets and liabilities, call dates, 1935-41.......................................................124,125

Classification............................................................................................................... 90

Deposits:

By amount of deposits, June 30, 1941..................................................... 112

By State, December 31, 1941.......................................................................108-09

By type of bank, December 31, 1941......................................................... 102-07

By type of bank, June 30, 1941.................................................................. 120

Call dates, 1935-41..........................................................................................124, 125

Number:

By amount of deposits, June 30, 1941..................................................... 112

By State, December 31, 1941.....................................................102-07, 108-09

By type of bank, December 31, 1941......................................................... 102-07

By type of bank, June 30, 1941................................................................... 112

By type of office, June 30, 1941................................................................... 113

Changes during 1941....................................................................................... 100-01

Withdrawing from insurance, 1934.................. ................................................. 10

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National banks (see also Class of bank, banking data presented by; Comptroller of the Currency):

Capital ratios at 5-year intervals, 1865-1941....................................................... 49

Losses on assets, 1918-41................................................................................................ 13

Net earnings of insured commercial banks. See Earnings of insured Commercial banks, net.

Net profits of insured commercial banks. See Earnings, expenses, and dividends of insured banks.

Net sound capital of insured commercial banks. See Capital of banks; Capital

ratios.

New banks. See Banking offices, establishment of.

Noninsured banks. See:

Absorptions, consolidations, and mergers;

Admissions to insurance;

Assets and liabilities of operating banks;

Banks closed because of financial difficulties;

Capital of banks;

Classification of banks and banking offices;

Class of bank, banking data presented by;

Deposits;

Number of banks operating branches;

Number of offices of banks operating branches;

Number of operating banking offices;

Number of operating banks;

Number of unit banks.

Number of accounts. See Accounts in insured banks.

Number of banking offices in center:

Banking offices classified b y ..........................................................................................116-17

Definition............................................................................................................................. 91

Number of banks operating branches:

December 31, 1941 (head offices):

By class of bank........................................................................................................102-07

By States and possessions......................................................................................102-07

June 30, 1941:

By amount of deposits in branch system......................................................... 112

By character of branch system............................................................................ 118

By class of bank........................................................................................................ 112

By States and possessions...................................................................................... 118

Number of offices of banks operating branches:

All offices, June 30, 1941:

By amount of deposits............................................................................................ 115

By number of offices in center.............................................................................. 117

By population of center....................................................................................... 115, 117

Branches:

Changes during 1941................................................................................................ 101

December 31,1941, by class of bank and states and possessions..............102-07

June 30, 1941:

By amount of deposits.................................................... ..............................113, 115

By class of bank................................................................................................... 113

By location in relation to head office............................................................118-19

By number of offices in center........................................................................ 117

By population of center.................................................................. 115, 117, 118

By States and possessions..............................................................................118-19

Head offices:

December 31, 1941, by class of bank and States and possessions.........102-07

June 30, 1941:

By amount of deposits.....................................................................................113,115

By class of bank................................................................................................ 113

By number of offices in center....................................................................... 117

By population of center.....................................................................115, 117, 118

By States and possessions.............................................................................. 118-19

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Number of operating banking offices:

All offices..............................................................................................................100, 102, 106

Changes during 1941....................................................................................................... 100

Classification...................................................................................................................... 89-91

December 31, 1941, by class of bank and States and possessions.................. 102-07

June 30, 1941:

By amount of deposits......................................................................................... 113,114

By class of bank......................................................................................................... 113

By number of offices in center.............................................................................. 116

By population of center.......................................................................................114, 116

Number of operating banks:

All banks:

Admissions to insurance.......................................................................100-01, 110-11

Approved for admission to insurance................................................................ 184-85

Call dates, 1935-41.................................................................................................. 122

Changes during 1941................................................................................................ 100-01

Classification............................................................................................................... 89-91

December 31, 1941, by class of bank and States and possessions............108-09

June 30, 1941, by class of bank and amount of deposits............................ 112

Terminations of insurance.....................................................................100-01, 110-11

All commercial banks:

Admissions to insurance......................................................................... 100-01, 110-11

Call dates, 1935-41................................................................................................... 122

Changes during 1941........................................................................... .................... 100-01

Classification.......................................................................................... .................... 89-91

December 31, 1941, by class of banks and States and possessions. .. .108-09

June 30, 1941, by class of bank and amount of deposits............................ 112

All insured banks, special call dates......................................................................... 63

Insured commercial banks:

Applications approved and disapproved.......................................184-85, 186-87

Call dates, 1934-41.................................................................................................. 123

Changes during 1934-41.........................................................................................110-11

Changes during 1941................................................................................................100-01

Classification.......................................................................................... .................... 89-91

December 31, 1941, by States and possessions..............................................108-09.

June 30,1941, by class of bank and amount of deposits......... .................... 112

Operating throughout 1941:

By amount of deposits........................................................... 168, 170, 171, 172

By population of center.......................................................168, 170, 171, 172

By rate of income on loans........................................................................169, 171

By rate of interest paid on time and savings deposits.......................169, 172

By rate of net earnings.........................................................................168-69, 170

By rate of net profits.................................................................. .................... 170

By ratio of loans to total assets................................................................168, 171

By ratio of time and savings to total deposits.......................................169,172

Reports of examinations in 1941 tabulated:

By amount of deposits.................. 133, 135, 141, 143, 145, 147, 156, 157

By Federal Deposit Insurance Corporation District

136, 138, 148, 150, 152, 154

By fixed and substandard assets ratio. . 132,134,140,142,144,146,156,157

By month of examination................................................................................ 94

By net sound capital ratio.................. 132, 134, 140, 142, 144, 146, 156, 157

By rate of net earnings........................... 133,135,141,143,145,147,156,157

By State........................................................... 136-37, 138-39, 148-51, 152-55

Special call dates..................................................................................................65, 66, 67

Sept. 214, 1941:

By percent of deposits insured...................................................................... 65

By State................................................................................................................. 74

Mutual savings banks. See Mutual savings banks.

Noninsured banks:

Call dates, 1935-41................................................................................................ 123, 125

Changes during 1941................................................................................................100-01

Classification............................................................................................................... 89-91

December 31,1941, by class of bank and States and possessions.. 102-07,108-09

June 29, 1941, by amount of deposits.............................................................. 112

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Number of unit banks:

December 31, 1941, by class of bank and States and possessions................102-07

Definition............................................................................................................................ 90

June 30, 1941:

By amount of deposits......................................................................................... 112,114

By class of bank........................................................................................................ 112

By number of offices in center............................................................................. 116

By population of center.......................................................................................114, 116

Officers, active, of insured banks. See Employees of insured banks, number of.

Officers and employees of the Federal Deposit Insurance Corporation 31-32

Operating banks. See Number of operating banks.

Payments to depositors in closed insured banks. See Receivership, insured

banks placed in.

Polk’s Bankers Encyclopedia, data obtained from.................................................... 89

Population of center, banks or banking offices classified by:

All commercial banks.....................................................................................114-15, 116-17

Branches of commercial banks.......................................................................115, 117, 118

Commercial banks operating branches....................................................... 115, 117, 118

Insured commercial banks operating throughout 1941...............168, 170, 171, 172

Sources of data.................................................................................................................. 91

Unit banks.......................................................................................................................114, 116

Possessions, banks and branches located in:

Deposits o f..........................................................................................................................108-09

Number o f.................................................................................................... 102, 107, 108, 109

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred deposits. See Deposits, secured and preferred.

Profits. See Earnings, expenses, and dividends of insured banks.

Protection of depositors:

In banks in financial difficulties, 1934-41. See Banks closed because of

financial difficulties.

In operating banks. See Depositors.

Public funds. See Deposits, classified by type of deposit.

Purchase of bank assets by Corporation. See Assets of banks purchased by

the Federal Deposit Insurance Corporation.

Rand McNally Bankers Directory, data obtained from.........................................89, 91

Real estate:

Amount of loans on. See Assets and liabilities of operating banks.

Unsafe and unsound practices.................................................................................... 24

Receivership, insured banks placed in (see also Banks closed because of

financial difficulties):

Activities of Corporation as receiver of..................................................................20, 181

Assets and liabilities of, at date of suspensions, 1934-41.................................. 182

Classification...................................................................................................................... 99

Date of suspension and year of organization........................................................ 181

Depositors:

Date of first payment to ........................................................................................18, 181

Extent of protection by insurance..................................................................... 17, 18

Method of protection.............................................................................................. 16

Number eligible for protection, paid and unpaid......................................... 183

Payments to ................................................................................................ 16-17, 18, 183

Procedure of payment............................................................................................. 18

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Receivership, insured banks placed in (see also Banks closed because of

financial difficulties):— Continued.

Deposits:

Insured, paid and unpaid by December 31, 1941.........................................18,183

Not eligible for insurance protection.................................................................18,183

Paid and unpaid, December 31, 1941................................................................18,183

Percentage protected................................................................................................ 17

Secured, preferred, and subject to offset......................................................... 18,183

Unclaimed accounts..................................................................................................16, 18

Uninsured.....................................................................................................................18,183

Liquidation o f.................................................................................................................... 19

List of banks, 1941.......................................................................................................... 181

Losses by Corporation on depositors’ claims paid.............................................. 19

Names and location of, during 1941......................................................................... 181

Number of banks.............................................................................................................. 16

Payments to depositors..................................................................................................18,183

Purchase of assets from. . . ‘ ....................................................................................... 20

Receivers............................................................................................................................. 20,181

Repayments to Corporation on subrogated claims against............................. 19

Sources of data.....................................................................................................89, 91, 92, 99

Reconstruction Finance Corporation, capital of insured banks held by:

Amount. See Capital of banks.

Retirements.................................................................................................................26, 186-87

During 1934........................................................................................................................ 10, 46

Recoveries on bank assets. See Earnings, expenses, and dividends of insured

banks.

Regulations. See Federal Deposit Insurance Corporation; Board of Governors

of the Federal Reserve System.

Repayments to the Corporation....................................................................................... 19-20

Reports from banks................................................................................................................ 27

Reserves. See Assets and liabilities of operating banks.

Revenue Act of 1941, taxation of bank profits......................................................28, 82-83

Salaries and wages of bank officers and employees. See Earnings, expenses,

and dividends of insured banks.

Savings and time deposits. See Time and savings deposits.

Secured and preferred deposits. See Deposits, secured and preferred; Receivership, insured banks placed in.

Securities (see also Assets and liabilities of operating banks; United States

Government obligations):

Examiners’ appraisal of, method used..................................................................... 95-96

Held by Federal Deposit Insurance Corporation................................................36, 38

Held by insured banks placed in receivership, 1934-1941................................ 182

Held bv insured commercial banks:

Amounts, call dates, 1934-41..................................................... 123, 126-27, 130-31

Analysis of examinations:

Appraised and book values, examiners’ net * deductions, substandard, and not criticized....................................................140-41, 148-49

Ratios of appraised to book values.....................................45, 144-45, 152-53

Interest on. See Earnings, expenses, and dividends of insured banks.

Rate of income on, decline since 1934.............................................................. 54-55

War financing.................................................................................................................... 11-13

Size of banks, banks classified by. See Deposits, amount of, banks or banking

offices grouped by.

State banks members of the Federal Reserve System. See Class of bank,

banking data presented by.

State banks not membe s of the Federal Reserve System. See Class of bank,

banking data presented by.

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State bank supervisory authorities:

Data obtained from....................................................................................................89, 92, 93

State legislation regarding functions o f................................................................... 29-31

State legislation regarding deposit insurance and bank supervision................ 28-31

States, banks or banking offices classified by:

Analysis of examinations of insured commercial banks

.......................................................................... 136-37, 138-39, 148-51, 152-55

Deposits, December 31, 1941:

All commercial banks, insured and noninsured.............................................108-09

All mutual savings banks, insured and noninsured.....................................108-09

Insurance coverage, September 24, 1941...................................................74, 75, 76, 77

Number, June 30, 1941:

Branches of commercial banks............................................................................118-19

Commercial banks operating branches............................................................. 118-19

Number, December 31, 1941:

All banking offices, by class of bank and type of office.............................102-07

All banks.......................................................................................................................108-09

All commercial banks, insured and noninsured.............................................108-09

All mutual savings banks, insured and noninsured.....................................108-09

Suspensions, receiverships, and mergers................................174-75, 176-77, 178-79

Stockholders of banks:

Losses of. See Banks closed because of financial difficulties.

Net profits of insured commercial banks, available for............................... 52, 56-57

Substandard assets. See:

Assets of insured banks, analysis of examinations of;

Fixed and substandard assets ratios;

Loans of insured commercial banks;

Securities.

Supervision. See Bank supervision.

Suspensions. See Banks closed because of financial difficulties; Receivership,

insured banks placed in.

Subrogated claims of depositors...........................................................................19, 33, 36, 38

Taxes paid by insured banks:

Amount. See Earnings, expenses, and dividends of insured banks.

Income taxes, treatment of in reporting and tabulating net earnings. .52, 56, 99

Discussion o f...................................................................................................................... 52, 56

Revenue Act of 1941, provisions affecting........................................................28, 82-83

Terminations of insurance:

Analysis of, 1934-41........................................................................................................ 110-11

For unsafe and unsound banking practices and violations of law or

regulations.............................................................................................. 22-25, 188

Number, 1941............................................................................................................ 25, 100-01

Number, 1934-41............................................................................................................. 110-11

Time and savings deposits:

Amount, insured commercial banks:

Call dates, 1934-41................................................................................................... 128

Special call dates..................................................................................................70, 73, 76

Average size of account, special call dates............................................................ 70

In accounts grouped by size, September 24, 1941.............................................. 73, 76

Interest paid on:

Amounts. See Earnings, expenses, and dividends of insured banks.

Definition and computation of rate of.............................................................. 98

Rates o f....................................................................................................................54-55, 59

Rate of, banks grouped b y ..........................................................................55, 169, 172

Regulation of Corporation regarding................................................................ 21

Number of accounts, special call dates..............................................................70, 72, 76

Ratio to total deposits, banks grouped b y ..........................................................169, 172

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Trust companies:

Classification o f........................................................................................................... 89, 90-91

Number not engaged in deposit banking................................................................ 91

Trust funds, insurance o f..................................................................................................... 92

Trust departments:

Assets o f............................................................................................................................ .. 93

Examinations o f................................................................................................................ 21-22

Uninsured deposits. See Deposits, uninsured.

Unit banks. See Deposits in; Number of unit banks.

United States Government obligations (see also Assets and liabilities of

operating banks; Securities):

Held by Federal Deposit Insurance Corporation................................................36, 38

Held by insured commercial banks, 1934-41..................................... 123, 126, 130-31

Purchase of, by insured commercial banks, 1934-41 ......................................... 41

Type of asset..................................................................................................................... 43

Unsafe and unsound banking practices:

Actions of Corporation.................................................................................................. 22-25

Banks examined................................................................................................................ 22

Number of banks cited.................................................................................................. 23,188

Types of, for which banks were cited...................................................................... 24

Prevention o f..................................................................................................................... 21

Unsecured deposits. See Receivership, insured banks placed in.

Violations of law or regulations..........................................................................21, 22-25, 188

War:

Bank supervision and the war.................................................................................... 13-14

Effects of war time changes on the banks....................................................9-10, 11-12

Growth in bank assets and deposits......................................................................... 41

Weak or hazardous banks. See Insolvent or hazardous banks.

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