ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED 

DECEMBER 31,1945

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

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

Washington, D. C., June 18} 1946.

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

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

Insurance Corporation has the honor to submit its annual report.

Respectfully,

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

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

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

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N ational P ress B uilding — W ashington 25, D . C.

F ield B uilding — C hicago 3, I llinois

BOARD OF DIRECTORS

Chairman........................................................................................... M aple T. H arl

( P h illip s L ee G oldsborough

Directors....................................................................................<

(P reston D elano

OFFICIALS— JUNE 18, 1946

W ashington 25, D. C.

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

Executive Officer.......................................................................... Henry W . Riley

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

Assistant to Chairman...............................................................Lyle L. Robertson

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

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

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

Chief, Division of Exam ination..............................................Vance L. Sailor

Mutual Savings Bank Adviser................................................Raymond T. Cahill

Special Assistant to Board of Directors,

{Federal Credit Union Section)......................................C. R. Orchard

Chief, Division of Research and Statistics...........................Homer Jones

Director of Personnel................................................................. Carl W. Satterlee

Chief, Service Division.............................................................. Henry T. Ivey

Librarian.......................................................................................Miss Amy Dene Early

Chicago 3, Illinois

Chief j Division of Liquidation.........................................................................Wheeler McDougal

Fiscal A gent................................................................................. W . G. Loeffler

Chief, Audit Division................................................................ Mark A. Heck

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

D ist. Supervising

No. Exam in er

1. Leo J. Carr

(Acting)

2. Neil G. Greensides

3. Leon F. Stroefer

4. Lundie W . Barlow

5. W . Clyde Roberts

6. E. R. Gover

(Assistant)

7. Raby L. Hopkins

8. Carol L. Pitman

9. Rollin O. Bishop

10. Gerhard F. Roetzel

11. Linton J. Davis

A ddress

Room 765, No. 10 Post

Square, Boston 9, Mass.

Room 1900, 14 Wall Street,

New York 5, N. Y .

City National Bank

Building, 20 East Broad

Street, Columbus 15, Ohio

909 State Planters Bank &

Trust Company Building,

Richmond 19, Va.

625 First National Bank

Building, Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building

Madison 3, Wis.

741 Federal Reserve Bank

Building, 164 W . Jackson

Blvd., Chicago 4, 111.

1200 Minnesota Building,

St. Paul 1, Minn.

901 Federal Reserve Bank

Building, Kansas City 6,

Missouri

Federal Reserve Bank

Building, Station K,

Dallas 13, Tex.

States in district

Maine, New Hampshire,

Vermont, Massachusetts,

Rhode Island, Connecticut

New York, New Jersey,

Delaware

Ohio, Pennsylvania

District of Columbia, Maryland, Virginia, West Virginia, North Carolina,

South Carolina

Georgia, Florida, Alabama,

Mississippi

Kentucky, Tennessee,

Missouri, Arkansas

Indiana, Michigan,

Wisconsin

Illinois, Iowa

Minnesota, North Dakota,

South Dakota, Montana

Nebraska, Kansas,

Oklahoma, Colorado,

Wyoming

Louisiana, Texas,

New Mexico, Arizona

12. William P. Funsten Suite 1120, 315 Montgomery Idaho, Utah, Nevada,

Street, San Francisco 4, Washington, Oregon,

Calif. California

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Federal Reserve Bank of St. Louis
Summary.

CONTENTS

Page

3

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

Deposit insurance risk............................................................................................................ 7

Adequacy of banking services.............................................................................................. 10

General economic policy........................................................................................................ 12

Deposit insurance protection................................................................................................ 14

Supervisory activities............................................................................................................. 21

Legal developments................................................................................................................. 26

Organization and financial statements of the Corporation........................................ 28

PART TWO

BANKING DEVELOPMENTS

Banks and branches................................................................................................................ 37

Assets, deposits, and capital accounts.............................................................................. 39

Earnings of insured commercial banks............................................................................. 51

PART THREE

SURVEY OF DEPOSITS IN INSURED BANKS, 1945

Survey of deposits in insured banks, 1945....................................................................... 63

Deposits in insured commercial banks.............................................................................. 66

Deposits in insured mutual savings banks...................................................................... 69

PART FOUR

LEGISLATION

Federal legislation relating to insured banks or the Corporation............................ 83

State banking legislation....................................................................................................... 89

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number, offices, and deposits of all operating banks.................................................. 94

Assets and liabilities of operating banks.......................................................................... 108

Examined evaluation of insured commercial banks................................................... 120

Earnings, expenses, and dividends of insured banks................................................... 126

Deposit insurance disbursements........................................................................................ 140

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

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

A. FDIC payments of insured deposits, recoveries, and estimated losses

Cumulative from January 1, 1934, to December 31, 1945............................... 18

B. FDIC advances to facilitate mergers, recoveries, and estimated losses

Cumulative from August 23, 1935, to December 31, 1945............................... 19

C. United States Government obligations held by all banks 1914-1945............ 41

D . Ratios of total capital accounts to total assets and to total assets other than

cash and TJ. S. Government obligations

All commercial banks 1875-1945 ............................................................................. 48

E. Rates of net profits and of cash dividends on total capital accounts

National banks, 1870-1945...................................................................................... 58

F. Number of insured commercial banks grouped by amount of deposits, 1934,

1941, 1945.......................................................................................................................... 65

G. Percentage increase in deposits of insured commercial banks, September 24,

1941, to October 10, 1945............................................................................................. 68

L IS T O F T A B L E S

PART ONE

OPERATIONS AND POLICIES OF THE CORPORATION

A dequacy of banking services:

1. Number of banks and branches, insured commercial banks, December

31,1935-1945......................................................................................................... 11

D eposit insurance protection:

2. Disbursements by the Corporation to protect depositors in insured

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

Corporation, 1934-1945...................................................................................... 15

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

insured banks placed in receivership or merged with the financial aid

of the Corporation, 1934-1945......................................................................... 16

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

banks placed in receivership, 1934-1945....................................................... 17

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

Corporation from insured banks placed in receivership or merged with

its financial aid, 1934-1945................................................................................ 19

Supervisory activities:

6. Action to terminate insured status of banks charged with engaging in

unsafe or unsound practices or violations of law or regulations, 1936-

1945........................................................................................................................... 22

7. Actions by the Federal Deposit Insurance Corporation on applications

from banks for admission to insurance, 1935-1945................................... 23

8. Actions by the Federal Deposit Insurance Corporation on applications

for approval of establishment or continued operation of branches,

1935-1945................................................................................................................ 24

LIST OF CHARTS

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Organization and financial statements of the corporation:

9. Officers and employees of the Corporation, December 31, 1945.......... 29

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

calendar year 1945............................................................................................... 31

11. Income and expenses of the Federal Deposit Insurance Corporation

since beginning operations................................................................................ 32

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

1934-1945................................................................................................................ 32

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

December 31, 1945, June 30, 1945, and December 31, 1944................. 33

PART TW O

BANKING DEVELOPMENTS

Banks and branches:

14. Number of operating banks and branches in United States and possessions, December 31, 1941-1945................................................................... 37

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

possessions, 1941-1945......................................................................................... 38

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

possessions, 1936-1945......................................................................................... 38

17. Changes among branches of insured banks, 1936-1945........................... 39

Assets, deposits, and capital accounts:

18. Assets and liabilities of all banks in the United States and possessions 40

19. Comparison of bank holdings of United States Government obligations in two world war periods........................................................................ 42

20. Assets and liabilities of all commercial banks............................................ 43

21. Change in loans and discounts of insured commercial banks............... 44

22. Maturities of United States Government obligations, direct and

guaranteed, held by insured commercial banks, 1945, 1944, and 1941. 45

23. Increase in deposits in all commercial banks during 1945..................... 46

24. Change in capital accounts of insured commercial banks...................... 47

25. Substandard asset ratios of insured commercial banks examined in

1939-1945................................................................................................................ 49

26. Distribution of insured commercial banks according to ratio of fixed

and substandard assets to adjusted capital accounts, examinations in

1944 and 1945........................................................................................................ 50

27. Assets and liabilities of all mutual savings banks. , ................................ 51

Earnings of insured commercial banks:

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

194 5 52

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

commercial banks, 1934-1945........................................................................... 53

30. Average number and average salary of employees of insured commercial banks, 1941-1945................................................................................... 54

31. Rates of charge-offs on assets of insured commercial banks, 1934-1945 56

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

1934-1945................................................................................................................ 57

33. Percentage distribution of insured commercial banks according to

rate of net profits on total capital accounts, 1938, 1942-1945.............. 59

LIST OF TABLES x i

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x ii LIST OF TABLES

PART THREE

SURVEY OF DEPOSITS IN INSURED BANKS, 1945

Su rvey of deposits in insured b a n k s, 1945 Page

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

insured banks, special call dates, 1934-1945............................................... 63

35. Number of insured commercial and mutual savings banks, October 10,

1945Grouped by population of center in which located.................................... 64

36. Number of insured commercial banks, special call dates, 1934-1945

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

37. Accounts and deposits in insured commercial banks, October 10, 1945,

and September 24, 1941

Grouped by size of account.............................................................................. 67

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

special call dates, 1934-1945

Insured commercial banks grouped by amount of deposits.................... 69

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

special call dates, 1934-1945

Insured commercial banks grouped by amount of deposits.................... 69

40. Accounts and deposits in insured mutual savings banks, October 10,

1945, and September 24, 1941

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

41. Distribution of accounts according to size, October 10, 1945

Insured commercial banks grouped by class, amount of deposits, population of center in which located, and percent of deposits insured.... 74

42. Distribution of deposits according to size of account, October 10, 1945

Insured commercial banks grouped by class, amount of deposits, population of center in which located, and percent of deposits insured.... 75

43. Distribution of accounts according to size, October 10, 1945

Insured commercial banks grouped by State.............................................. 76

44. Distribution of deposits according to size of account, October 10, 1945

Insured commercial banks grouped by State.............................................. 77

45. Distribution of accounts according to size, October 10, 1945

Insured mutual savings banks grouped by amount of deposits, population of center in which located, and State................................................ 78

46. Distribution of deposits according to size of account, October 10, 1945

Insured mutual savings banks grouped by amount of deposits, population of center in which located, and State................................................ 79

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

N umber, offices, and deposits of all operating b a n k s:

Explanatory note............................................................................................................... 95

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

in the United States and possessions during 1945.................................... 96

102. Number of operating banks and branches, December 31, 1945

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

and type of office................................................................................................ 98

103. Number and deposits of operating commercial and mutual savings

banks, December 31, 1945

Banks grouped according to insurance status and by district and State 106

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Assets and liabilities of operating banks:

Explanatory note............................................................................................................... 109

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

States and possessions, June 30, 1945

Banks grouped according to insurance status and type of bank........... 110

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

States and possessions, December 31, 1945

Banks grouped according to insurance status and type of bank........... I l l

106. Assets and liabilities of operating insured commercial banks, December 31, 1945, June 30, 1945, and December 30, 1944.............................. 112

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

States and possessions, 1943-1945

Banks grouped according to insurance status and by type of bank. . . 114

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

dates, 1940-1945.................................................................................................... 116

109. Percentage distribution of assets and liabilities of operating insured

commercial banks, call dates, 1940-1945...................................................... 117

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

possessions, December 31, 1945

Banks grouped by district and State............................................................ 118

Examiners’ evaluation of insured commercial banks:

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

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

commercial banks examined in 1939-1945................................................... 122

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

commercial banks examined in 1945

Banks grouped according to amount of deposits....................................... 124

Earnings, expenses, and dividends of insured banks:

Explanatory note............................................................................................................... 127

113* Earnings, expenses, and dividends of insured commercial banks, 1934,

1941-1945................................................................................................................ 128

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

banks, 1934, 1941-1945....................................................................................... 130

115. Earnings, expenses, and dividends of insured banks, 1945

B y class of bank................................................................................................ 132

116. Ratios of earnings, expenses, and dividends of insured banks, 1945

B y class of bank................................................................................................ 134

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

operating throughout 1945

Banks grouped according to amount of deposits....................................... 136

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

banks operating throughout 1945

Banks grouped according to amount of deposits....................................... 138

D eposit insurance disbursements:

Explanatory note............................................................................................................... 141

119. Disbursements by the Federal Deposit Insurance Corporation to

protect depositors; number and deposits of insured banks placed in

receivership or merged with the financial aid of the Corporation,

1934-1945

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

deposits, and State............................................................................................ 142

LIST OF TABLES x iii

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xiv LIST OF TABLES

Page

D eposit insurance disbursements— Continued

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

insured banks merged with the financial aid of the Federal Deposit

Insurance Corporation, 1934-1945

As shown by books of bank at date of closing............................................ 144

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

1945

A s shown by books of F D IC , December 81, 1945.................................... 145

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

Federal Deposit Insurance Corporation from insured banks placed

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

1934-1945

A s shown by books of F D IC , December 31, 1945.................................... 146

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Federal Reserve Bank of St. Louis
SUMMARY

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

No bank failed in the United States in 1945, the twelfth year of Federal 

insurance of bank deposits. For the first time in several generations, an 

entire calendar year passed in which the country experienced no bank 

failures (p. 7). One disbursement of $2 million was made during the year 

to protect the depositors in a weak insured bank which was absorbed 

by a sound insured bank (p. 14). This favorable record has resulted 

primarily from the continued high level of business activity.

Potential liabilities of the Corporation continued to increase rapidly 

during the year. Deposits of insured banks rose 17 percent to $158 

billion (p. 32). A survey of deposits in insured banks in the fall of 1945 

showed that 46 percent of these deposits were covered by the provision 

for a $5,000 maximum insurance for each depositor. Of the 92 million 

accounts reported, 96.4 percent had balances of $5,000 or less (p. 63).

The capital of the Corporation together with the surplus which has 

been accumulated over the past 12 years amounted to $929 million at 

the close of the period or 59/100 of 1 percent of the total deposits of 

insured banks. The Corporation proposes that provision be made for 

repayment of the $289 million originally provided the Corporation by 

Congress (p. 8).

Earnings and profits of insured commercial banks were higher than in 

many years. Net profits amounted to 11 percent of the total capital accounts of the banks (p. 57). Dividends remained fairly stable and were paid 

at an average rate of 3.3 percent on total capital accounts. The capital 

funds of commercial banks were increased 8.4 percent during the year and 

amounted to 5.5 percent of the total assets of these banks at the end of 1945.

3

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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 i t I n s u r a n c e R i s k

For the first time in three quarters of a century the banking system of 

this country has operated for an entire calendar year without a failure. 

While 245 insured banks have been placed in receivership since 1934 and 

90 noninsured banks have failed, the number of bank failures has declined steadily since 1937. The number of receiverships amounted to 9 

in 1941, 9 in 1942, 4 in 1943, and 1 in 1944. Since the beginning of its 

operations the Corporation has extended financial aid to 153 other 

insured banks in order to facilitate mergers (including consolidations, 

and sales with assumption of liabilities) of weak banks with sound 

institutions. However, the need for such aid has also declined since 1940. 

In each of the years 1943, 1944, and 1945 there was only one such extension of aid.

The decline in the number of banks experiencing financial difficulties 

is to be ascribed primarily to the highly liquid state of bank assets, 

increases in prices, full business activity, and the absence of any adverse 

shifts of deposits. Admittedly this experience of the past few years is 

both interesting and gratifying, but it does not throw any light on the 

liabilities which the Corporation may incur in the future. Prices will not 

always rise, employment and business activity will not always increase, 

and a time may again come when this Corporation will be required to 

aid a substantial number of banks.

Corporation funds and potential liabilities. The potential liabilities 

of the Corporation have been increasing rapidly during this period of 

declining failures. Total deposits of all insured banks amounted to $158 

billion at the end of 1945 as compared with $57 billion at the end of 1939, 

an increase of 173 percent. The amount of deposits covered under the 

$5,000 maximum insurance of the Corporation has also shown a striking 

growth. About $24 billion of deposits were covered in 1939, while it is 

estimated that $66 billion of deposits came within the $5,000 insurance 

limit at the end of 1945. Both the public interest and the welfare of this 

Corporation are served by the extension of aid to effect mergers in a large 

proportion of the cases of insured banks in difficulties. Since this method 

of providing deposit insurance protection covers all deposits, the total 

deposit figure may be more significant than the insured deposits as a 

measure of the Corporation’s potential liabilities.

The total capital and surplus of the Corporation have not increased 

proportionately as fast as have deposits of insured banks. The capital and 

surplus of the Corporation on December 31, 1945, reached $929 million, 

an amount equal to 59/100 of 1 percent of the deposits of all insured 

banks. This ratio has declined steadily during the war and at the close 

of 1945 was at the lowest point in the Corporation’s history. The peak 

ratio was 83/100 of 1 percent at the end of 1938.

7

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

In examining these factors which bear upon the adequacy or inadequacy 

of the deposit insurance fund, it is worthwhile to note that the Corporation has several single risks which exceed the total funds of the 

Corporation. On December 31, 1945, there were 17 banks, each with 

deposits in excess of the capital and surplus of the Corporation. The deposits of each of 7 banks exceeded the $929 million capital and surplus of 

the Corporation plus its maximum statutory borrowing power of approximately $975 million. The capital and surplus of the Corporation at the 

end of 1945 were exceeded by the total deposits less government securities 

and cash held by each of 3 banks. These facts indicate that the funds of 

the Corporation have not risen to inordinate heights.

It is highly desirable to build up the Corporation’s resources during 

periods of high bank earnings so that these funds will be available when 

they are needed. As long as the banks are experiencing exceptionally 

high profits they are in a position to continue their contribution to the 

insurance fund, thus assuring depositors that an ample deposit insurance 

fund will be available to meet demands occasioned by a recurrence of 

serious banking difficulties.

Before the assessment rate on deposits is reduced, consideration should 

be given to the repayment of the $289 million capital originally provided 

to the Corporation by act of Congress at the beginning of deposit insurance. The amount so provided was necessary at that time to give an 

adequate initial insurance fund. The Corporation has now accumulated 

a surplus of $640 million. Repayment of the capital originally provided 

by Congress would eliminate this subsidy to the banking system and 

thereafter the deposit insurance fund would be a mutual fund entirely 

contributed by the insured banks.

Capital of insured banks. The degree of protection afforded depositors by the capital of the banks is now materially less than in former 

years. There has been a downward trend in the ratio of total capital 

accounts to total assets of the nation’s banks for at least three quarters 

of a century. The ratio for all commercial banks was about 35 percent 

in 1875, 27 percent in 1895, 18 percent in 1915, 12 percent in 1925, and 

11 percent in 1939. During the war the capital ratio decreased rapidly 

as the growth of bank capital failed to keep pace with the rapid increase 

in bank assets. On December 31, 1945, the ratio of capital to total assets 

of all insured banks was 5.7 percent.

The argument is sometimes advanced that the decline in the capital 

ratio has been counterbalanced by a change in the character and quality 

of bank assets. One form of this argument is the current emphasis upon 

the ratio of bank capital to assets other than United States Government 

obligations and cash (including amounts due from other banks). Over 

the past five years most of the bank asset expansion went into cash and 

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Federal Reserve Bank of St. Louis
DEPOSIT INSURANCE RISK 9

tions have increased in about the same proportion as bank capital. 

Consequently this ratio is now at approximately its prewar level. From 

a level of 25 percent at the close of 1939, this ratio rose to a peak of 

28 percent in the middle of 1943 and then declined to about 25 percent 

at the end of 1945.

Although the ratio of bank capital to assets other than cash and 

Government obligations needs to be studied in determining general public 

policy, it is not an appropriate standard for the supervision of individual 

banks. Bankers may at any time convert a substantial proportion of their 

holdings of cash and United States Government obligations into other 

types of assets with a resultant decline in the ratio. The ratio, therefore, 

is subject to unpredictable fluctuations and for this reason it does not 

furnish a satisfactory standard for bank supervision. Furthermore, such 

a standard places a premium upon ultra-conservative banking. It would 

encourage the banks to freeze their resources in cash and Government 

obligations, and thus they might be unable to satisfy the legitimate 

credit needs of their communities. As a result it might become necessary 

for the Government to assume the responsibility for financing private 

business enterprise. This Corporation wishes to see the banks so organized 

that they can meet the needs of their communities without recourse to 

Government assistance.

The use of the ratio of capital to assets other than Government obligations and cash as a standard focuses attention upon only part of the qualitative picture with respect to bank assets. Other types of bank assets vary 

significantly in quality. Some loans are guaranteed in whole or in part 

by Federal agencies so that risk of loss is almost completely eliminated. 

Many non-measurable factors are also of profound significance in determining risk of bank loss. Quality of bank management, economic 

situation of the community, character of a bank’s clientele, all play a 

major role in a given bank’s situation. However, it has not been found 

practicable to devise a formula which would take into account all these 

factors.

Irrespective of the quality of bank assets, capital is required to protect 

depositors against unforeseeable losses. The quality of bank assets is 

susceptible to rapid and substantial change. Even with the most careful 

supervision there remains an irreducible minimum of uncertainty and 

bank capital must be provided as a protection against this uncertainty.

Not only is bank capital required as a cushion against future asset 

depreciation no matter how high the quality of assets, but the requirement should be determined by a uniform rule. Banks and the public are 

assured of equitable treatment only when the many officials making 

decisions about thousands of banks are obliged to follow known and 

uniform rules of administration. Such rules may sometimes seem arbitrary 

but they are necessary in a Government based upon law. The selection

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

of minimum ratio of capital to total assets provides a standard of capital 

adequacy that is familiar and can be applied without difficulty to all 

banks.

This problem of minimum bank capital standards is of great interest 

to the bankers as well as to the depositors and the general public. Banks 

cannot serve the credit needs of their communities unless their capital 

funds are adequate. Maintenance of a really substantial private investment in the banks is necessary in order to insure the perpetuation of a 

free enterprise banking system.

Enforcement of the traditional 10 percent overall capital ratio would 

not be wise at this time because the increase in bank assets over the past 

few years has occurred largely in the non-risk category. Furthermore, 

there is little likelihood that loans in the next few years will resume their 

prewar relationship to total assets. A standard substantially below the 

10 percent ratio would for the time being seem to be justified. In connection with the establishment of such a standard, the present average 

ratio of capital to total assets of all commercial banks of between 5 and 

6 percent seems relevant. Banks with capital ratios below this average 

should certainly not be permitted to retire preferred stock without a 

corresponding increase of common capital. Banks applying for insurance 

should be required to have a capital ratio in line with anticipated future 

asset volume. Operating banks with capital below this should be urged 

by every reasonable means to add to their capital accounts.

New banks should not be permitted to start operations with a capital 

which promises to result in a capital ratio below the general level of the 

capital ratios of other banks in the same region. Currently operating 

banks, the capital ratios of which are far below the average for the 

country or their section, should add to their capital funds. There are of 

course special cases in which relief from established standards can properly 

be granted because of temporary conditions.

The Corporation is particularly interested that the banks shall retire, 

and replace with common stock, the preferred stock held by the Reconstruction Finance Corporation. This stock was issued in an emergency 

when banks were working their way out of a great catastrophe. That 

emergency is over. Bank profits are high. Therefore it is most desirable 

that private capital supplant Government advances and the banking 

system be vested entirely in the hands of private investors.

A d e q u a c y o f B a n k in g Se r v ic e s

Growth in number of banks. The number of new banks chartered 

in 1945 was greater than in other recent years. A total of 122 commercial 

banks were admitted to deposit insurance, of which 101 were new banks. 

For the first time since the inception of deposit insurance the number of

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ADEQUACY OF BANKING SERVICES 11

commercial banks admitted exceeded the number which dropped out of 

the deposit insurance system through merger, liquidation, or suspension. 

The net increase in the number of insured commercial banks during the 

year was only 34.

There was also a net increase of 21 in the number of branches of insured 

commercial banks in 1945. It is significant that the number of branches 

has increased each year since the beginning of deposit insurance. Substantial increases in 1943 and 1944 were due chiefly to the establishment 

of a large number of facilities at military camps, hospitals, bases, and 

defense plants to provide check cashing and deposit services to military 

personnel and defense workers. These facilities were intended only as a 

wartime expedient and during the latter part of 1945 a large number of 

them were liquidated.

As of December 31, 1945, there were 17,198 insured commercial banking 

offices, including the facilities. This total was the highest since the end 

of 1936. The number of insured commercial banks and branches at the 

close of each year is shown in Table 1.

Tab le 1. N umber of B anks and B ranches, I nsured C ommercial Ba nks

D ecember 31, 1935-1945

Year

1945

1944

1943

1942

1941

1940

1939

1938

1937

1936

1935

[ offices Banks Branches

17,198 13,302 3,896

17,143 13,268 3,875

17,018 13,274 3,744

16,902 13,347 3,555

16,947 13,430 3,517

16,931 13,442 3,489

16,994 13,538 3,456

17,073 13,661 3,412

17,178 13,797 3,381

17,234 13,973 3,261

17,237 14,125 3,112

Adequately capitalized banks with good management should be 

chartered whenever those banks will meet a need in the communities in 

which they will be established. After a period of decline in the number of 

banks such as has occurred in the last 25 years, there are some opportunities for the establishment of banks on a sound and profitable basis. 

In the establishment of new banks, private enterprise should be permitted 

free play within the limits now provided by State and Federal law. In 

granting insurance the Corporation is required to take account of the 

following factors as stated in the Federal deposit insurance law:

“ The financial history and condition of the bank, the adequacy of 

its capital structure, its future earnings prospects, the general character 

of its management, the convenience and needs of the community to 

be served by the bank, and whether or not its corporate powers are 

consistent with the purposes of this section.”

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

Continuity of banking service. The power given to the Corporation 

by Congress in 1935 to make loans and purchase assets in order to facilitate 

mergers of weak insured banks with strong insured banks has proven to 

be most desirable both from the standpoint of the Corporation and from 

the standpoint of the depositors and communities involved. Under the 

use of the merger procedure, customers of a weak insured bank suffer no 

disruption of banking service and the shock to the economic life of the 

community resulting from banking difficulties is reduced to a minimum. 

The use of this optional provision of law protects all the deposits in the 

weak bank thus eliminating fear and uncertainty on the part of depositors 

both large and small. The Corporation also benefits because it can hold 

the assets acquired in the process of facilitating a merger until such time 

as they can be disposed of most advantageously. Such assets may be held 

until their sale will not upset or in any way disrupt the economic stability 

of the community. Consequently, the procedure of making advances to 

facilitate a merger provides in many ways a more flexible and advantageous method of liquidating the affairs of a weak or insolvent insured 

bank than does placing it in receivership.

In order that continuity of banking services may be provided in 

appropriate cases without merger, need exists for some changes in the 

powers of the Corporation. At times a merger reduces bank competition 

or creates a monopoly. In some cases of banks in financial difficulties there 

is no other bank with which a merger can practically be effected. Some 

means should be provided for maintaining continuity of banking service 

where there is every indication that, even though the bank is in financial 

difficulties, a need for banking facilities in the community and the opportunity for profitable operation continue to exist. The suggestion of 

the Corporation in this regard has been previously stated as follows:

“ It is . . . suggested that subsection (e) of the Federal deposit 

insurance law which provides for the organization of new national 

banks be amended so that such a bank will be able to provide the 

community with a complete banking service during a temporary 

period not in excess of two years, and will be empowered to transfer 

its business to a suitably capitalized, privately owned and managed 

State or national bank sometime during the 2-year period. If no 

acceptable privately capitalized bank takes over the business of the 

Deposit Insurance National Bank, it would be liquidated at the end 

of the 2-year period.”1

G e n e r a l E co n o m ic P o l ic y

The Corporation was established on the basis of a philosophy that the 

country can avoid both rigid Government control of business and economic 

gyrations such as might result in an epidemic of bank failures. If it were

1 Annual Report for 1944, p. 10.

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ECONOMIC POLICY 13

assumed that the banking system would be rigidly controlled by the 

Government so that no bank failures could occur, there would be no 

need for deposit insurance. On the other hand the Corporation can 

operate successfully within the financial limits provided by the present 

law only if the economic and financial affairs of the nation are conducted 

in such a manner as to avoid serious epidemics of bank failures. It is 

therefore incumbent upon the Corporation to foster measures designed 

to prevent any stultification of free enterprise in the field of banking 

as well as to cooperate in the prevention of any business and economic 

developments which might lead to economic crises so great that the 

Corporation could not fulfill its obligations.

The Corporation will continue its efforts to improve banking practices 

and to encourage banks to meet the needs of our economy. Preventing 

further deterioration of bank capital in relation to bank assets is only one 

of the necessary steps. Monopoly in the banking business must be carefully guarded against. Only under competitive conditions will the banking 

system satisfactorily discharge its function of allocating credit to those 

who can make the most efficient use of it. Furthermore, the development 

of monopolistic practices in the banking system contributes to the 

demand for increased lending activity on the part of the Government, a 

trend which could easily threaten the existence of our private banking 

system. Under present conditions the banks are able and anxious to make, 

both to business and to consumers, loans which are economically 

sound. At some future time when the demand for goods and services may 

become less than the supply, Government guarantee of bank credit and 

Government lending activities may be needed. That condition does not 

prevail at the present time.

The interest of the Corporation in the continued stability of our 

economy is, of course, obvious. In the past, periods of serious banking 

difficulties with large losses to depositors have coincided with severe 

periods of business depression. Deposit insurance itself now contributes 

and will continue to contribute to the prevention of epidemics of bank 

failures. Nevertheless, the banking system must be always on guard 

against economic developments which may lead to protracted business 

depressions with serious repercussions upon the condition of the banks. 

The Corporation is interested that everything possible may be done to 

maintain a reasonably high and stable level of business activity and 

employment.

Immediate economic problem. The immediate problem of concern 

to the Corporation is the question of how the transfer from war to a 

peacetime economy can be completed without either crashing into deep 

economic depression or experiencing a disruptive inflation. As the war 

drew to a close and ended, it appeared that the greatest economic danger 

was one of unemployment, declining income, and business failures. In

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

large measure subsequent events indicated, however, that the basic trend 

was one of inflation rather than deflation. The public is in possession of a 

large volume of liquid assets; there is a tremendous demand for goods; 

and the immediate problem is one of inadequate production or excessive 

demand rather than of unemployment. This Corporation recognizes that 

the most important objective for the time being is to prevent any further 

increase in the liquid funds of the public as long as those funds which the 

public desires to spend exceed the available supply of goods.

There can be no objection to the creation of whatever quantity of bank 

credit is required to meet the needs of the public under conditions of high 

employment at stable prices. However, sound public policy should not 

permit creation of a volume of credit which would promote inflationary 

price rises and lead to maladjustments harmful to the general public and 

to the deposit insurance system. In order that price control may be 

gradually eliminated, it is necessary that the potentialities of bank credit 

expansion be kept under control.

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

During 1945 no insured bank was placed in receivership and only one 

bank received an advance from the Corporation to protect its depositors. 

When this weak bank was merged with a newly established insured bank, 

its depositors with balances aggregating nearly $6 million experienced no 

loss, not even the inconvenience of a break in banking services. The 

Corporation advanced about $2 million which, with the acceptable assets 

taken over by the absorbing bank, fully covered the liabilities assumed.

Methods of protecting depositors. The Federal Deposit Insurance 

Corporation during its 12 years of operation has used two procedures in 

fulfilling its responsibility to protect bank depositors from loss. It has 

paid depositors up to the $5,000 maximum in insured banks placed in 

receivership and has made advances to facilitate mergers of weak insured 

banks with strong institutions. Table 2 shows by years the use which 

has been made of each method of protecting depositors.

Whenever the Corporation is notified by the Comptroller of the Currency or by a State bank supervisory authority that an insured bank has 

been closed on account of inability to meet the demands of its depositors, 

preparations are made to pay depositors up to the $5,000 maximum 

provided by law. Payments are started as soon as records can be verified 

to establish the amount of the claims, usually in a week or ten days after 

the closing of a bank. A letter is sent to each depositor urging that claims 

be filed promptly and explaining the simple procedure to be followed; 

notices are also printed in the local newspapers. Unless the insured 

deposit is claimed within 18 months, after appropriate notice, the right 

of the depositor against the Corporation is barred.

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DEPOSIT INSURANCE PROTECTION 15

Under the Banking Act of 1935 the Corporation was also given the 

power to make advances to facilitate the merger or consolidation (including sale with assumption of liabilities) of an insured bank with another 

insured bank. This power may be used only when such action will reduce 

the risk or avert a threatened loss to the Corporation. In affecting a consolidation, acceptable assets of the merging bank are transferred to the 

absorbing bank and the Corporation makes available enough cash so that 

the amount of the assets and the cash equals the amount of liabilities assumed by the absorbing bank. When the transaction is completed, the 

Corporation sends a letter to each depositor explaining what has happened. 

There is no interruption in banking service to depositors or customers of 

either bank.

T ab le 2. D isbursements b y the C orporation to P rotect D epositors in

I nsured B anks Placed in R eceivership or M erged w ith the

F in ancial A id of the C orporation, 1934-1945

Year

Number of banks Amount of disbursements 

(in thousands of dollars)

Total

Placed in 

receivershipMerged Total

Insured 

deposits paid 

in receiverships

Loans made 

and assets 

purchased 

in mergers

Total............................... 398 245 153 $261,717 $87,024 $174,693

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

1944............................. 2 1 1 1,498 399 1,099

1943............................. 5 4 1 7,171 5,499 1,672

1942............................. 20 6 14 10,910 1,612 9,298

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

1940............................. 43 19 24 74,352 4,893 69,459

1939............................. 60 32 28 67,793 26,185 41,608

1938............................. 74 50 24 30,479 9,087 21,392

1937............................. 75 50 25 19,203 12,046 7,157

1936............................. 69 42 27 14,831 8,058 6,773

1935............................. 25 24 1 8,890 6,025 2,865

1934............................. 9 9 942 942

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

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

unacceptable assets. More than 100 such loans were made. When a loan 

was being made, outright purchase of assets was resorted to if pledging 

the assets would delay their liquidation. Also, near the close of a liquidation assets were purchased outright in order to facilitate the termination 

of the transaction, to permit the holding for a more favorable market of 

a few assets which had proved difficult to sell, and to end the payment of 

interest on the balance of the loan. In more than 40 cases assets were 

purchased in connection with loans. During 1939 and 1940 a new technique for making advances was developed. Assets were purchased under 

an arrangement whereby additional payment was to be made to the

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

selling bank should the liquidation of the assets produce an excess over 

the amount of the advance, expenses incident to liquidation, and a return 

equivalent to 4 percent. The payment, in the form of an additional cash 

purchase price, equals the amount of the excess recovery. This method 

has been used exclusively in the mergers which have taken place since 

1941.

During the first 12 years of its operation the Corporation protected 

over 1,300,000 depositors in 398 insured banks with total deposits of 

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

disbursements of $262 million. All of the depositors in the 153 banks 

which were merged were fully protected. Only about 3,000 depositors in 

the 245 banks placed in receivership will sustain any loss and their loss 

will be less than $2.5 million. Data on deposits and depositors in insured 

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

Corporation are given in Table 3.

T ab le 3. N umber of D epositors, A mount of D eposits, R ecoveries, and

L osses in Insured B anks Placed in R eceivership or M erged w it h

the F inancial A id of the C orporation, 1934-1945

Item Total

Banks placed 

in

receivership

Banks merged 

with financial 

aid of FDIC

Number of banks............................................................ 398

1,309,702

1,260,730

3,006

45,966

$504,931,000

502,149,000

2,341,000

441,000

$261,717,000

$ 31,111,000

245

380,511

331,539

3,006

45,966

$109,593,000

106,811,000

2,341,000

441,000

$ 87,024,000

$ 17,004,000

153

929.191

929.191

$395,338,000

395,338,000

Number of depositors................................................

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

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

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

Amount of deposits....................................................

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

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

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

Disbursement by F D IC ................................................

Estimated loss to FDIC................................................

$174,693,000 

$ 14,107,000

1 1,612 depositors will lose an estimated $2,299,000 in accounts which exceeded the limit of $5,000 

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

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

Receiverships of insured banks. About 80 percent of the deposits 

in insured banks placed in receivership were paid by the Corporation. 

Of the remaining 20 percent of deposits a part was fully covered by the 

pledge of security or was paid from the first proceeds of the liquidation 

because of its preferred status. Some depositors owed money to the bank 

and their deposits were offset against these claims. Less than 10 percent 

of the deposits were dependent entirely upon a proportionate share of 

the proceeds of the liquidation for repayment. Table 4 shows the amount 

of deposits which had been paid by the Corporation or by receivers and 

the amount remaining unpaid on December 31, 1945.

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DEPOSIT INSURANCE PROTECTION 17

T ab le 4. Paym en t b y the C orporation and R eceivers op D eposits in

Insured B an ks Placed in R eceivership, 1934-1945

(Amounts in thousands of dollars)

Status of deposits Total

Paid by 

Dec. 31, 

1945

Unpaid on 

Dec. 31, 

1945

Deposits—tota l........................................................................ $109,593 $106,062 $3,531

Insured.................................................................................... 87,136 87,024 112

Secured, preferred, and subject to offset............................. 11,405 11,397 8

In excess of $5,000, not otherwise protected....................... 9,678 6,750 2,928

Other uninsured...................................................................... 933 854 79

Insurance terminated or claims barred1............................... 441 37 404

Deposits, terminated receiverships—total................... $53,504 $52,652 $852

Insured................................................................................ 42,421 42,421

Secured, preferred, and subject to offset......................... 6,560 6,560

In excess of $5,000, not otherwise protected................... 4,196 3,485 711

Other uninsured.................................................................. 191 149 42

Insurance terminated or claims barred1........................... 136 37 99

Deposits, active receiverships—to ta l............................. $56,089 $53,410 $2,679

Insured................................................................................ 44,715 44,603 112

Secured, preferred, and subject to offset......................... 4,845 4,837 8

In excess of $5,000, not otherwise protected................... 5,482 3,265 2,217

Other uninsured.................................................................. 742 705 37

Insurance terminated or claims barred............................ 305 305

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

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

The Corporation not only pays insured deposits in banks placed in 

receivership, but also acts as receiver for all national banks and may be 

appointed receiver for closed State banks. As receiver it has handled the 

liquidation of closed insured State banks in Colorado, Florida, Louisiana, 

Michigan, Mississippi, North Carolina, North Dakota, Ohio, Oklahoma, 

South Dakota, Vermont, and West Virginia. There is legal authority for 

the appointment of the Corporation as receiver or liquidator in all but 

the following States: Connecticut, Indiana, Iowa, Maryland, Missouri, 

Rhode Island, and Virginia. In the past 12 years the Corporation has 

served as receiver for 21 national and 56 State banks and has been kept 

informed on the progress of the liquidation of the 168 State banks for 

which it was not receiver.

At the close of 1945 the Corporation was receiver for 8 national banks 

with deposits at closing of $10 million and for 9 State banks with deposits 

of $6 million. By agreement with State bank authorities the Corporation 

obtained during the year quarterly reports from the receivers or liquidators 

of the 33 State banks in which deposit insurance payments had been 

made, but for which the Corporation was not receiver. These 33 banks 

had deposits of $40 millon.

In order to reduce the expenses of liquidation and to assist in the 

termination of receiverships, the Corporation under competitive bidding 

arrangements sometimes buys the last remaining assets from the receiver. 

At the end of 1945, $1.2 million had been disbursed to purchase assets 

from the receivers of 65 banks. Most of these assets had been sold by the 

Corporation without a net loss.

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

By December 31, 1945, the Corporation had recovered $66 million of 

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

receivership. It was estimated that about $4 million additional would be 

recovered and that losses would amount to $17 million. In addition, 

interest amounting to a quarter of a million dollars had been paid to the 

Corporation on subrogated claims. Chart A shows the total amount of 

insured deposits which had been paid, the recovery on subrogated claims, 

and the estimated amount of losses at the end of each year, 1934-1945. 

Table 5 presents disbursements, recoveries, and losses of the Corporation 

from insured banks placed in receivership and merged with its financial 

aid through December 31, 1945.

Advances to facilitate mergers. Since August 23, 1935, the Corporation has made advances in connection with 153 banks which have 

been merged. These 153 banks at the date of their respective mergers 

showed on their books assets amounting to $444 million. The successor 

banks were willing to accept $220 million of these assets considered 

suitable for bank investment. To protect the $395 million of deposits in 

these banks the Corporation advanced $175 million. Chart B shows the 

total amount of advances which had been made, total recoveries, and the 

estimated amount of losses at the end of each year from 1935 to 1945.

CHART A

FDIC PAYMENTS OF INSURED DEPOSITS,

RECOVERIES, AND ESTIMATED LOSSES

CUMULATIVE FROM JAN. 1, 1934 TO DEC. 1, 1945

MILLIONS OF DOLLARS MILLIONS OF DOLLARS

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DEPOSIT INSURANCE PROTECTION 19

T ab le 5. D is b u r se m e n t s to P ro te c t D e p o s it o r s, R e c o v e r ie s, an d

L osses b y th e C o r po r a t io n fro m I n su r e d B a n k s P la c e d in

R e c e iv e r sh ip or M er g e d w it h its F in a n c ia l A id , 1934-1945

(Amounts in thousands of dollars)

Book entry Dec. 31, 1945 Total Liquidation

terminated

Liquidation

active

Disbursements......................................................................... $261,717 $60,299 $201,418

Receiverships.......................................................................... 87,024 42,421 44,603

Mergers................................................................................... 174,693 17,878 156,815

Estimated additional disbursements in receiverships1. $112 $112

Recoveries.................................................................................. $215,309 $51,776 $163,533

Receiverships.......................................................................... 66,188 34,516 31,672

Mergers................................................................................... 149,121 17,260 131,861

Estimated additional recoveries......................................... $15,409 $15,409

Receiverships.......................................................................... 3,944 3,944

Mergers................................................................................... 11,465 11,465

Losses by FDIC2....................................................................... $31,111 $8,523 $22,588

Receiverships.......................................................................... 17,004 7,905 9,099

Mergers.................................................................................... 14,107 618 13,489

Number of banks.................................................................... 398 264 134

Receiverships.......................................................................... 245 195 50

Mergers................................................................................... 153 69 84

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

paid. See Table 4.

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

CHART B

FDIC ADVANCES TO FACILITATE MERGERS,

RECOVERIES, AND ESTIMATED LOSSES

CUMULATIVE FROM AUG. 23, 1935, TO DEC. 31, 1945

MILLIONS OF DOLLARS MJLLJONS CF DOLLARS

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

As security for repayment of its advances, the Corporation took the 

$224 million of assets unacceptable to the successor banks. By December 

31, 1945, the Corporation had recovered $149 million of the $175 million 

which had been advanced to facilitate mergers. It was estimated that about 

$12 million additional would be recovered and that losses would amount to 

$14 million. In addition, expenses amounting to $37 million had been met 

in the liquidation and interest amounting to almost $1 million had been 

received.

Liquidation policies. According to the Federal deposit insurance law 

the Corporation must liquidate the assets of a closed bank, with “ due 

regard to the condition of credit in the locality” .1 The Corporation, while 

observing this directive, seeks to dispose of the assets taken over from 

all closed banks with the least possible delay. When acting as the receiver 

of a closed bank, the Corporation must consider also the effect of a delay 

in recovery upon uninsured creditors. Assets acquired in connection with 

mergers may be held for a favorable market without hardship to others 

since the Corporation is the only creditor.

The liquidation of loans and discounts depends primarily upon the 

financial responsibility and earning capacity of the debtor. The Corporation always tries to give due regard to the circumstances surrounding 

each case in order to avoid imposing undue hardship upon any debtor. 

When it is apparent that prompt payment in full cannot be made, the 

Corporation seeks to work out a program of refinancing or of periodic 

repayments. Compromises may be agreed upon when other methods fail. 

Legal action to enforce collection of obligations is used only when 

necessary.

The sale of securities is handled by a staff in the main office of the 

Corporation. This assures the placing of the securities on markets in an 

orderly way when a sale is considered advisable. The basic policy is not 

to speculate but to be guided by general economic and market conditions 

to secure the most advantageous sale possible.

The liquidation of real estate mortgages and real estate owned has 

presented special difficulties. However, the market for these assets has 

widened and the prices of farm and urban real estate have risen in the 

past few years. These factors have aided in the favorable liquidation of 

these assets..

In view of the economic conditions prevailing after the crisis of 1933, 

the Corporation did not force liquidation in the early years of its operation. 

This delay accomplished two objectives: (1) hardship which would have 

resulted from the depressing of local markets by forced liquidation was 

avoided; and (2) the Corporation, holding for a better market, secured a

1 See subsection (1) (4) of the Federal deposit insurance law, as amended, Title 12, U. S. C., 1940 ed., 

sec. 264.

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DEPOSIT INSURANCE PROTECTION 21

larger recovery. Because of the improved economic conditions accompanying the war, the Corporation has followed a program of prompt 

liquidation since 1942. An effort was made to place the Corporation in 

as liquid a position as possible to enable it to meet any demands which 

might arise during the post-war period.

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

Bank examinations. The policy of the Corporation from its establishment has been to examine annualty each insured State bank which is not 

a member of the Federal Reserve System. National banks are examined 

by representatives of the Office of the Comptroller of the Currency, and 

State banks members of the Federal Reserve System by representatives 

of that System. The information of the Corporation relating to these 

banks is derived from a review of the reports of examination furnished 

by those agencies. Only under unusual circumstances, and with the prior 

consent of the Comptroller of the Currency or the Board of Governors 

of the Federal Reserve System, has the Corporation examined national 

banks or State banks members of the Federal Reserve System.

In 1945 the Corporation was again unable to conduct all the examinations called for under its established policy. This was because of continuation of the reduction in the number of examiners experienced during 

all the war years, the considerable time involved in investigating new 

bank proposals, and the enlarged examination program resulting from 

the admission to insurance of a large number of mutual savings banks in 

1943. The number of regular examinations completed, 5,284, was less 

than the 6,378 completed in 1944. While this represented examination 

of 80 per cent of the number of banks, it is estimated that the program 

was actually not over 65 percent completed. The banks not examined 

included many of the larger institutions, for the examination of which 

it was impractical to assemble the requisite number of examiners.

At the end of the year many of the examining force had not returned 

to the Corporation from the armed services. Moreover, during the latter 

half of the year, the Corporation received resignations of examiners and 

assistants at a higher rate than at any previous time. This was due in 

most part to attractive offers by banks for the services of these men. It 

is planned to re-establish the examining force by the end of 1946 at a 

figure which will thenceforth permit accomplishment of examination 

programs according to established policies.

During 1945 the Corporation continued its research in a new technique 

of examination of mutual savings banks. This technique embodies 

classification and evaluation of assets from a long-term bank investment 

perspective with a minimum of dependence accorded current market 

values. Basically, the appraisal approach combines and utilizes the

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

principles underlying the uniform securities valuation program, made 

effective with respect to insured commercial banks in 1938,1 and a program for the gradual reduction in carrying value of “ other real estate 

owned” which was made effective in 1941. It is contemplated that the 

research in connection with the new examination technique may be 

concluded in a short time and that regular examinations of mutual 

savings banks on this basis may be initiated some time in 1946.

Unsafe and unsound banking practices and violations of law

or regulations. During 1945 proceedings were initiated against one 

insured bank for engaging in unsafe and unsound banking practices and 

were continued against five other banks. The bank against which proceedings were initiated was charged with violation of law by retiring 

capital notes without the consent of this Corporation, operation with 

inadequate capital, and operation with a management unwilling to 

correct the unsafe and unsound condition. Of the five cases pending at 

the beginning of the year, corrections were made in one bank and one 

was absorbed with the financial aid of the Corporation. The other three 

cases and the one initiated during 1945 wTere pending at the close of the 

year.

The number of banks charged with unsafe and unsound practices since 

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

these cases, are given in Table 6.

T ab le 6. A ction to T erm inate I nsured Status of B anks C harged

w it h E ngaging in U nsafe or U nsound P ractices or V iolations

of L a w or R egulations, 1936-1945

Disposition or status

Total

cases

1936-19451

Pending 

beginning 

of 1945

Started

during

1945

Total banks against which action was taken................. 131 5 1

Cases closed:

Corrections made................................................................... 21 1

Insured status terminated, or date for such termination 

set by Corporation, for failure to make corrections: 

Banks suspended prior to or on date of termination 

of insured status............................................................. 7

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

Banks suspended prior to setting of date of termination of insured status by Corporation......................... 32

Banks absorbed or succeeded by other banks:

With financial aid of the Corporation............................. 60 1

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

Cases pending December 31, 1945:

Corrective program pending................................................. 4 3 1

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

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

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

Back data—See the following Annual Reports of the Corporation: 1941, p. 188; 1942, p. 13; 1943, 

p. 16; 1944, p. 23.

1 For a description of the uniform securities evaluation program, see the Annual Report of the

Corporation for 1938, pages 61-78.

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Federal Reserve Bank of St. Louis
SUPERVISORY ACTIVITIES 23

Approval of banks for insurance. During 1945 the Corporation 

approved the applications of 119 banks for admission to insurance. Of 

these 86 were new banks, including four which replaced closed banks, 

six which succeeded discontinued branches of other insured banks, and 

one which succeeded a finance company. The remaining 33 banks approved for insurance were twenty-one banks or successors thereto which 

were operating as noninsured banks at the beginning of the year and 

twelve insured banks obtaining new or revised charters or withdrawing 

from the Federal Reserve System and applying for insurance as banks not 

members of that System. Five applications for admission to insurance 

were disapproved because, in the opinion of the Board of Directors, they 

did not meet the conditions specified in the deposit insurance law.

The number of banks approved for insurance during the year differs 

from the number admitted. In some cases new banks are not opened or 

for other reasons insurance does not become effective until the subsequent 

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

specified by the Corporation. Banks which are chartered as national 

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

System, become insured with no action by the Corporation. For changes 

in the number of insured banks, see pages 38 and 96.

From August 23, 1935, the beginning of the permanent plan of deposit 

insurance, to the end of 1945, the Corporation acted on 1,171 applications 

from banks for admission to insurance. Of these, 1,000 were approved, 

39 were approved but such approval was later rescinded because the 

applicant banks failed to meet conditions specified by the Corporation 

or for other reasons did not become insured, and 132 were disapproved. 

The figures by years are shown in Table 7.

T ab le 7. A ctions b y the F ederal D eposit I nsurance C orporation on

A pplications from B anks for A dmission to I nsurance, 1935-1945

Year

Number of applications1

Acted

upon

Approved

(not

rescinded)

Approved 

but later 

rescinded

Disapproved

1935-1945............................................................ 1,171 1,000 39 132

1945.................................................................. 124 118 1 5

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

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

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

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

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

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

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

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

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

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

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

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

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

Approval of establishment of branches. During 1945 the Corporation approved the establishment of 59 branches by insured banks 

not members of the Federal Reserve System. Of these, 46 were for the 

establishment of new banking offices, including five facilities at military 

establishments. The remaining 13 cases related to seven absorbed banks 

to be converted into branches, four branches to be established at former 

locations of head offices after the relocation of such offices, one branch 

to replace a closed bank, and one to replace a branch discontinued by 

another bank. The Corporation disapproved two applications for permission to establish branches.

The number of branches established by insured banks differs from the 

number approved by the Corporation. In some cases branches are opened 

in a subsequent year, and in a few cases the banks change their plans or 

fail to meet conditions specified by the Corporation. Approval by the 

Corporation is not required for the establishment of branches by national 

banks or State banks members of the Federal Reserve System. For 

changes in the number of branches of insured banks, see pages 39 and 97.

From August 23, 1935, to the end of 1945, the Corporation acted on 

684 applications from banks not members of the Federal Reserve System 

for approval of the establishment of branches or for the continued operation of branches of banks which had been absorbed or operated prior to 

admission to insurance or relocation. Of these, 619 were approved, 28

were approved but such approval was later rescinded because the applicant banks failed to meet conditions specified by the Corporation or 

for other reasons did not establish the branch, and 37 were disapproved. 

The figures by years are shown in Table 8.

T ab le 8. A ctions b y the F ederal D eposit I nsurance C orporation on

A pplications for A pproval of E stablishment or C ontinued Operation

of B ranches, 1935-1945

Number of applications1

Year

Acted

upon

Approved

(not

rescinded)

Approved 

but later 

rescinded

Disapproved

1935-1945............................................................ 684 619 28 37

1945.................................................................. 61 59 2

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

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

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

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

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

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

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

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

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

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

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

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

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SUPERVISORY ACTIVITIES 25

Capital and other financial adjustments. Insured banks examined 

by the Federal Deposit Insurance Corporation are required by law to 

secure the Corporation’s approval to retire any part of their capital 

obligations. Applications for approval of the retirement of capital were 

filed by 601 such banks in 1945. Retirement of capital obligations held 

by the Reconstruction Finance Corporation aggregating $15,404,000, and 

those held by others aggregating $1,940,000, was approved. The Corporation disapproved retirement of capital obligations amounting to 

$852,000.

Reports from banks. Semi-annual statements of deposits were 

submitted by each insured bank as required by law for the purpose of 

determining the amount of the insurance assessment. The Corporation 

called for reports of assets, liabilities, and capital accounts as of June 30 

and December 30, 1945, and for reports of earnings, expenses, and 

disposition of profits for the calendar year 1945, from each insured bank 

required by law to submit such reports to the Corporation. The reports 

are required from all insured banks not members of the Federal Reserve 

System with the exception of banks in the District of Columbia and 

Territorial national banks.

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

capital accounts are given in the pamphlets “Assets and Liabilities of 

Operating Insured Banks, June 30, 1945, Report No. 23” and “ Assets 

and Liabilities, December 31, 1945, Operating Insured Commercial and 

Mutual Savings Banks, Report No. 24,” and in Table 106 of this report, 

page 112. Summaries of the reports of earnings, expenses, and disposition 

of profits are given in Tables 113-118, pages 128-139 of this report.

Federal credit unions. Supervision of Federal credit unions by the 

Federal Deposit Insurance Corporation continued throughout 1945. By 

Executive Order of the President, No. 9148, of April 27, 1942, all functions, powers, and duties of the Farm Credit Administration under the 

Federal Credit Union Act, as amended, were transferred to this Corporation for the duration of the war.1 These cooperative associations, 

organized to encourage thrift among their members and to provide a 

limited source of credit for productive purposes, are chartered and 

examined by the Corporation. Their shares, however, are not insured.

On December 31, 1945, 3,759 Federal credit unions were in operation 

and 200 were inactive or in liquidation. During the year 96 charters were 

granted to new groups and 185 charters were canceled or revoked at the 

completion of the liquidation of credit unions which had ceased operation. 

About 2,300 operating credit unions were examined during the year; 

shortage of personnel again prevented the examination of all credit 

unions within the twelve months.

1 Part VI of Reorganization Plan No. 1 of 1946 which was transmitted by the President to the 

Congress on May 16, 1946, provides for the permanent transfer of the administration of the Federal 

Credit Union Act to the Federal Deposit Insurance Corporation.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Federal credit unions submit statements of operations to the Corporation on June 30 and December 31 of each year, and a summary of 

their operations is published annually by the Corporation. The “ 1944 

Annual Report of Operations, Federal Credit Unions” was published in 

1945.

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

Except for legislation concerned primarily with monetary control and 

Government financing, the 1945 session of Congress did not deal specifically with the Federal banking laws. Save for the Government Corporation Control Act and the Reorganization Act of 1945, the operations 

of the Corporation were not directly affected by legislation enacted 

during the first session of the 79th Congress.

G.I. loans. The Servicemen’s Readjustment Act of 1944 was broadly 

amended by Public Law 268, approved December 28, 1945. Not only 

were the purposes for which guaranteed loans may be made, broadened 

and extended, and the aggregate guaranty of real estate loans increased 

from $2,000 to $4,000, but the Act provided for an automatic guaranty, 

and national banks were authorized to make such real estate loans on 

an equality with other financial institutions notwithstanding the restrictions and limitations contained in section 24 of the Federal Reserve Act, 

as amended.

Reorganization. On December 20, 1945, the President approved the 

Reorganization Act of 1945 (Public Law 263) which, in the interests of 

greater efficiency and economy, authorizes the President to effect substantial reorganization in the executive agencies of the Government. The 

authority so vested in the President would enable him to abolish agencies 

or functions, to consolidate and to coordinate them, and, in general, 

affords a broad basis for such reorganization. A reorganization plan 

proposed by the President becomes effective, under the law, unless within 

sixty days after transmittal thereof to the Congress, both Houses of 

Congress adopt a concurrent resolution disapproving of the plan. The 

Corporation is specifically made subject to the provisions of the Act, but 

no plan may provide for a reorganization of the Corporation if it also 

provides for a reorganization which does not affect it. Under this exemption any plan of reorganization affecting the Corporation must be 

submitted separately, and not as part of, or included in, a plan containing 

reorganizations of other agencies, except that transfers to the Corporation 

of any functions of another agency need not be separately proposed.

Audit. Public Law 4, approved February 24, 1945, required the 

financial transactions of “ all Government corporations” to be audited 

by the General Accounting Office. Heretofore the Corporation’s financial 

transactions have been audited annually by a private firm of auditors

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Federal Reserve Bank of St. Louis
LEGAL DEVELOPMENTS 27

engaged for that purpose by the Board of Directors of the Corporation.1 

Since the new law applied to “ all Government corporations,” and in the 

absence of any definition of that term it was not entirely clear whether 

it was intended to include “mixed-ownership” Government corporations, 

the Comptroller General of the United States was requested by the 

Corporation to advise it whether he considered the Act to be applicable 

to the Corporation. The question was of particular importance because 

the First Deficiency Appropriation Act, 1945 (Public Law 40, approved 

April 25, 1945), prohibited Government corporations from paying for 

private audits except such as had been contracted for and undertaken 

prior to the date of the Act’s approval.

The conclusion which the Comptroller General reached was that 

“ the law requires an audit to be made by the General Accounting Office 

of all true Government corporations, including the mixed-ownership 

group of which the Federal Deposit Insurance Corporation is one . . 

The text of section 5 of the Act, containing the audit provisions, appears 

on page 83 of this report.

Except as to the year 1945, the question whether the audit provisions 

of Public Law 4 were applicable to the Corporation became academic 

upon the enactment of the Government Corporation Control Act, Public 

Law 248, approved December 6, 1945. Under the latter Act the Corporation is classified as a “mixed-ownership” Government corporation 

and its financial transactions are required to be audited annually by the 

General Accounting Office. The audit so prescribed is to be a commercialtype audit as distinguished from the regular government-type of audit 

which is applicable to Government departments and executive establishments. Since the Act provides that the audit so required shall be in lieu 

of any audit required to be made by the General Accounting Office 

under existing law, it supersedes the provisions of Public Law 4, and 

hereafter, beginning with the fiscal year commencing July 1, 1946, the 

Corporation will be audited by the General Accounting Office and not, 

as in the past, by private auditors.

In addition to the audit provisions, Public Law 248 requires the 

Corporation to maintain all its banking and checking accounts with the 

Treasurer of the United States, or, with the approval of the Secretary 

of the Treasury, with a Federal reserve bank, or with a bank designated 

as a depositary or fiscal agent of the United States. An exception is made 

for banking and checking accounts which do not exceed $50,000 in any 

one bank and which are established and maintained for a temporary 

period. The Act further requires that obligations of the Corporation 

(notes, bonds, debentures, and other similar obligations), hereafter 

issued by the Corporation and offered for sale to the public, must be 

in such forms and denominations, have such maturities and bear such

]See the Annual Report for 1944, pp. 29-32,

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

rates of interest, be subject to such terms and conditions, be issued in 

such manner and at such times, and be sold at such prices, as shall have 

been approved by the Secretary of the Treasury. Finally, the Act forbids 

the Corporation to purchase or sell for the Corporation’s own account 

and in its own right and interest, any direct obligations of the United 

States, or obligations guaranteed as to principal or interest, or both, 

aggregating at any one time in excess of $100,000, without the approval 

of the Secretary of the Treasury.

Insofar as they affect the Corporation, the provisions of the Government Corporation Control Act remain applicable so long as Government 

capital continues to be invested therein. The full text of Titles II and III 

of this Act, which alone are applicable to the Corporation, appears on 

pages 84-86 of this report.

Lost Government checks. Public Law 243, approved December 3, 

1945, serves to simplify the procedure for the replacement of lost, stolen, 

destroyed, or mutilated Government checks and expedites the issuance 

of a substitute therefor. Since the definition of the term “ original check,” 

as used in the Act, includes instruments issued by any corporation owned 

or controlled by the United States, the funds of which are deposited with 

the Treasurer of the United States, checks issued by the Corporation 

and drawn upon its account with the Treasurer of the United States, are 

covered by the Act and the provisions for the issuance of substitute 

checks appear to be applicable to the Corporation. The full text of this 

Act appears on pages 87-89 of this report.

State legislation. A summary of State legislation in 1945 relating 

to banking is given on pages 89-92 of this report.

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

Organization and staff of the Corporation. Mr. Leo T. Crowley, 

Chairman of the Corporation, and Mr. Phillips Lee Goldsborough, 

Director, whose appointments expired on September 6, 1945, were 

reappointed for 6-year terms. Effective October 15, 1945, Mr. Crowley 

resigned as a member of the Board of Directors and Chairman. Mr. Maple 

T. Harl was nominated by the President for the unexpired term of the 

Chairman. His appointment was confirmed by the Senate on December 

7, 1945, and he became Chairman of the Board of Directors of the Corporation on January 5, 1946. Mr. Preston Delano, Comptroller of the 

Currency, continued as ex officio member of the Board of Directors 

throughout the year.

On December 31, 1945, the personnel of the Corporation consisted 

of 1,184 officers and employees, compared with 1,546 at the beginning of 

the year and 2,538 at the close of 1941. The reduction in personnel has 

been due in part to the difficulties of retaining an adequate force under

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ORGANIZATION AND FINANCIAL STATEMENTS 29

wartime conditions, and in part to a reduced volume of work in connection 

with the liquidation of assets acquired from closed banks. The number 

of officers and employees in each Division of the Corporation as of 

December 31, 1945, is given in Table 9.

T ab le 9. Officers and E mployees of the C orporation, D ecember 31, 1945

Division and office Total

Officers and 

administrative, supervisory, and 

technical 

employees

Clerical, 

stenographic, 

and custodial 

employees

T ota l........................................................................................... 1,184 633 551

Washington office................................................................. 227 89 138

Chicago office....................................................................... 2U2 102 lhO

Field offices.......................................................................... 715 U2 273

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

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

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

Legal Division........................................................................ 35 19 16

Washington office................................................................ 16 9 7

Chicago office....................................................................... 19 10 9

Division of Examination....................................................... 497 348 149

Washington office................................................................ k2 21 21

District and field................................................................. U55 327 128

Division of Liquidation......................................................... 342 153 189

Chicago office....................................................................... 81, ho U

District and field................................................................. 258 113 145

Division of Research and Statistics..................................... 46 24 22

Washington office................................................................ U 22 22

Field offices.......................................................................... 2 2 ------------

Personnel Division................................................................. 27 12 15

Washington office................................................................ 22 10 12

Chicago office....................................................................... 5 2 3

Service Division..................................................................... 112 11 101

Washington office................................................................ n 8 66

Chicago office....................................................................... 38 3 35

Audit Division........................................................................ 25 19 6

Chicago office....................................................................... 25 19 6

Fiscal and Accounting Division........................................... 71 28 43 Chicago office....................................................................... 71 28 43

No changes were made in the divisional organization of the Corporation 

during 1945. Effective January 1, 1946, the State of Louisiana, previously 

in the fifth supervisory district of the Corporation, was transferred to 

the eleventh district. The organization chart of the Corporation as of 

the close of the year is shown on page iv. A map showing the supervisory 

districts is on page vii.

Income and expenses. The income of the Corporation in 1945 was 

$121.2 million, of which $93.7 million was from assessments upon insured 

banks and $27.5 million from investments and other sources.

Total expenses of the Corporation in 1945 amounted to $4.0 million, 

of which $0.1 million were insurance losses and $3.9 million were administrative expenses and other charges.

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30 FEDERAL DEPOSIT INSURANCE CORPORATION

The surplus of the Corporation was increased by $124.8 million during 

the year. Of this increase, $117.2 million was income in excess of expenses 

and $7.6 million was an adjustment in surplus applicable to prior periods. 

The surplus adjustment resulted from reduction in the Corporation’s 

reserve for loss on assets acquired from banks placed in receivership or 

merged with the aid of the Corporation.

A detailed statement of the income and expenses of the Corporation 

for the year 1945 is given in Table 10. A summary statement for each 

year since its organization is given in Table 11.

Assets and liabilities. On December 31, 1945, the total assets of 

the Corporation were $931.1 million. These assets included the following 

items:

Assets acquired through bank receiverships and mergers amounting

to a face value to $37.7 million which were carried on the books of the

Corporation at an appraised value of $15.1 million;

United States Government obligations valued at $899.9 million;

Cash amounting to $15.7 million; and

Other assets amounting to $0.3 million.

Liabilities of the Corporation at the end of 1945 were $1.9 million. 

Total capital of the Corporation consisted of $289.3 million capital stock 

issued at its organization and $639.9 million accumulated surplus. A 

summary of the assets and liabilities of the Corporation at the close of 

each year since its organization is given in Table 12. A more detailed 

statement of assets and liabilities at the beginning, middle, and end of 

the year is given in Table 13.

Audit. In the past the Corporation has followed the policy of having 

an annual independent audit of the accounts of the Corporation as of 

June 30 each year. All Government corporations are now required to be 

audited by the General Accounting Office. Reports of such audits are 

submitted to Congress.

The audit of the Corporation as of June 30, 1945, was made by George 

Rossiter and Company under the general direction of the Comptroller 

General. The report of this audit was not received by the Corporation 

in time for publication in this Annual Report.

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ORGANIZATION AND FINANCIAL STATEMENTS 31

T ab le 10. Income and Expen ses of the F ederal D eposit Insurance

C orporation, Calendar Y ear 1945

Income or expense item Amount

Incom e:

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

Interest earned (less provision for amortization of premiums) and profit on

Government obligations sold..................................................................................

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

Total in com e..........................................................................................

Expenses:

Deposit insurance losses and expenses......................................................................

Administrative expenses (see below).........................................................................

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

Other operating expenses...........................................................................................

Total expenses.......................................................................................

Net incom e added to surplus............................................................

Surplus December 31, 1944:

As previously reported................................................................................................

Plus—net adjustments applicable to periods prior to January 1, 1945.................

Surplus December 31, 1944, as adjusted.........................................

Surplus December 31, 1945.................................................................

DISTRIBUTION OF ADMINISTRATIVE EXPENSES

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

Professional services........................................................................................................

Services of other governmental agencies.......................................................................

Transportation.................................................................................................................

Subsistence.......................................................................................................................

Office rental......................................................................................................................

Printing, stationery and supplies...................................................................................

Postage, telephone and telegraph..................................................................................

Insurance and fidelity bond premiums.........................................................................

Subscriptions....................................................................................................................

Equipment rental............................................................................................................

Repairs and alterations..................................................................................................

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

Miscellaneous..................................................................................................................

Less:

Inter-departmental expense transfers........................................................................

Fees for services rendered...........................................................................................

Administrative expenses for the year ended December 31, 1945.....................

$ 93,662,042.37

27,163,628.82

375,741.61

$121,201,412.80

$ 105,933.57 

3,812,510.86 

54,439.01 

958.72

3,973,842.16

$117,227,570.64

$515,041,697.84

7,582,390.59

$522,624,088.43

$639,851,659.07

$ 2,864,780.93

34.376.68 

15.00

99,088.36

369,500.30

308,178.42

65,762.13

70,870.80

1,698.17

11.197.50 

8,653.36

19,124.55

7,463.11

7,365.74

$ 3,868,075.05

38.119.68

17.444.51

$ 55,564.19 

$ 3,812,510.86

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

Table 11. Income and Expenses of the F ederal D eposit Insurance

C orporation Since B eginning Operations1

(In millions of dollars)

Year

Income Expenses

Net 

income 

added to 

Total surplus

Deposit

insurance

assessments2

Investment 

and other 

income

Total

Deposit 

insurance 

losses and 

expenses

Administrative

expenses3

1933-1945.............. 713.3 563.6 149.7 73.4 31.8 41.6 639.9

1945................... 121.2 93.7 27.5 4.0 .1 3.9 117.2

1944................... 99.5 80.9 18.6 3.9 .1 3.8 95.6

1943................... 8G.7 70.0 16.7 4.7 .4 4.3 82.0

1942................... 69.4 56.5 12.9 4.6 .7 3.9 64.8

1941................... 62.0 51.4 10.6 4.5 .8 3.7 57.5

1940.:............... 55.9 46.2 9.7 10.7 7.1 3.6 45.2

1939................... 51.2 40.7 10.5 13.8 10.4 3.4 37.4

1938................... 47.8 38.3 9.5 5.6 2.6 3.0 42.2

1937................... 48.1 38.8 9.3 6.5 3.8 2.7 41.6

1936................... 43.8 35.6 8.2 5.2 2.7 2.5 38.6

1935................... 20.7 11.5 9.2 5.5 2.8 2.7 15.2

1933-344................. 7.0 7.0 4.4 .3 4.15 2.6

1 Figures of total expenses, deposit insurance losses and expenses, and net income added to surplus 

for years prior to 1945 differ from those shown in previous Annual Reports because of revisions in estimates of losses allocated to the different years.

2 Assessments collected from banks insured in the temporary insurance funds were credited in full 

to their accounts at the termination of the temporary funds, and were applied toward subsequent assessments under the permanent insurance fund. This procedure resulted in no income to the Corporation 

from assessments for the term of the temporary insurance funds.

3 Includes furniture, fixtures and equipment purchased and charged off.

4 Includes expenses from date of organization, September 11, 1933, to December 31, 1934.

6 After deducting portion of expenses and losses charged to banks withdrawing from the temporary 

funds on June 30, 1934.

Table 12. A ssets and L iabilities of the F ederal D eposit

Insurance C orporation, 1934-1945

(In millions of dollars)

Dec. 31 Cash

U. S.

Government obligations

Insurance

assets

Other

assets

Total 

assets 

and liabilities

Liabilities

Capital

and

surplus

Total deposits in 

insured 

banks

Ratio— 

FDIC 

capital and 

surplus to 

deposits in 

insured 

banks

1945.... 15.7 900.0 15.1 .3 931.1 1.9 929.2 158,174.1 .59%

1944.... 17.8 762.0 26.1 .3 806.2 1.9 804.3 134,662.1 .60

1943.... 20.0 638.8 46.2 .5 705.5 2.4 703.1 111,649.8 .63

1942.... 19.4 536.8 62.0 .5 618.7 1.8 616.9 89,868.7 .69

1941.... 20.0 453.9 81.7 .1 555.7 2.2 553.5 71.209.3 .78

1940.... 20.4 384.5 92.2 .1 497.2 1.2 496.0 65,287.4 .76

1939.... 28.3 363.5 64.2 .1 456.1 3.4 452.7 57,485.8 .79

1938.. .. 22.2 372.8 26.5 .1 421.6 1.1 420.5 50,790.2 .83

1937.... 20.6 348.5 16.1 .1 385.3 2.2 383.1 48,227.8 .79

1936.. .. 9.1 332.6 11.4 .1 353.2 9.8 343.4 50,280.9 .68

1935.. .. 33.5 298.2 5.4 .1 337.2 31.2 306.0 45,125.1 .68

1934.. .. 16.0 316.7 .5 .1 333.3 41.6 291.7 40,059.9 .73

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ORGANIZATION AND FINANCIAL STATEMENTS 33

Table 13. A ssets an d L ia b il it ie s of t h e F e d e r a l D e p o s it I n su r a n c e

C o r p o r a t io n , D e c e m b e r 31, 1945, J u n e 30, 1945, a n d D e c e m b e r 31, 1944

Asset, liability, or capital item Dec. 31, 1945 June 30, 1945 Dec. 31, 1944

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, and recoverable liquidation

expenses.............................................................

Assets purchased from merging insured banks, to 

avert deposit insurance losses, under agreements to return any excess recovery to selling

banks..................................................................

Assets purchased from merging insured banks 

and receivers of closed insured banks to avert 

deposit insurance losses................................

Total at face value.....................

Less: Reserve for losses...................................

Total at book value...................

Cash on hand and on deposit........................

United States Government obligations (cost 

less reserve for amortization of premiums) and 

accrued interest receivable.........................

Due from Governmental agencies................

Miscellaneous receivables...............................

Furniture, fixtures and equipm ent..............

Deferred charges................................................

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

LIABILITIES

Current liabilities:

Accounts and assessment rebates payable... . 

Earnest money deposits and collections in suspense ..................................................................

Net balances of depositors in closed insured banks 

pending settlement or not claimed—contra. .

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

Reserve for deposit insurance expenses..........

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

CAPITAL

Capital stock:

United States........................................................

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

Total capital stock.........................

Surplus (see Table 10)...........................................

Total capital....................................

Total liabilities and capital........

12,929,038.:

111,997.59

11,851,807.69

12,250,284.39

539,278.45

14,271,794.00

131,619.45

15,775,744.65

16,133,866.42

564,435.37

$ 17,448,278.33

158,676.40

19,744,575.59

18,849,778.67

581,623.15

$ 37,682,407.00

22,560,230.48

$ 46,877,459.89

25,998,452.92

$ 56,782,932.14 

30,714,169.10

$ 15,122,176.52 

15,722,797.1

899,944,277.33

200,512.01

24,739.28

1.00

75,808.69

$ 20,879,006.97 

10,774,475.57

838,070,544.62

286,139.60

31,935.04

1.00

69,292.53

$ 26,068,763.04 

17,804,318.72

762,064,352.35

192,217.91

32,338.78

1.00

84,161.45

$931,090,312.52 $870,111,395.33 $806,246,153.25

317,706.90

983,505.64

111,997.59

481,939.54

43,946.79

330,061.38

792,376.43

131,619.45

337,813.29

50,535.18

$ 329,611.43

1,220,847.00

158,676.40

143,772.35 

51,991.24

$ 1,939,096.46 $ 1,642,405.73 $ 1,904,898.42

$150,000,000.00

139,299,556.99

$150,000,000.00

139,299,556.99

$150,000,000.00

139,299,556.99

$289,299,556.99

639,851,659.07

$929,151,216.06

$289,299,556.99

579,169,432.61

$868,468,989.60

$289,299,556.99

515,041,697.84

$804,341,254.83

$931,090,312.52 $870,111,395.33 $806,246,153.25

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Federal Reserve Bank of St. Louis
PART TWO

BANKING DEVELOPMENTS

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B a n k s a n d B r a n c h e s

Banks and banking offices. At the close of 1945, 14,725 banks were 

operating in the United States and possessions. With branches, these 

banks were doing business in 18,893 offices.1 The number of operating 

banks increased by 15 during the year. This was the first year since the 

banking holiday of 1933 in which the number of operating banks increased, with the exception of 1934 when several hundred banks which 

had been closed were reopened or reorganized.

Branches of operating banks increased in number during 1945. However, this increase was smaller than in any previous year since the banking 

holiday. During the war years several hundred banking offices, termed 

“ facilities,” were opened at military establishments. A substantial 

number of these were closed in the latter part of 1945.

Changes in the number of operating banks and branches during each 

year since December 31, 1941, and the number at the close of each year, 

are given in Table 14.

Table 14. N umber of Operating Banks and B ranches in United States

and Possessions, D ecember 31, 1941-45

Year

Number of banking offices at end of year Net change during the year

Total Banks Branches Total Banks Branches

1945............. 18,893 14,725 4,168 + 42 + 15 + 27

1944............. 18,851 14,710 4,141 + 100 - 41 + 141

1943............. 18,751 14,751 4,000 + 85 -102 + 187

1942.............. 18,666 14,853 3,813 -103 -147 + 44

1941.............. 18,769 15,000 3,769

Insured and noninsured banks. The number of insured banks at 

the close of 1945 was 13,494. This number represents a larger proportion 

of all operating banks than at any previous time. A substantial number 

of the banks which were not insured at the time the permanent insurance 

plan went into effect in August 1935 have since been admitted to insurance, and most of the banks beginning business since that time have 

become insured.

The number of operating banks, both insured and noninsured, has 

also been affected by absorptions, mergers, and voluntary liquidations. 

Bank failures have been comparatively few in recent years. The number 

of insured and noninsured banks at the close of each of the years since 

1940 is given in Table 15.

1The Corporation’s statistics of banks and banking offices include those possessions where banks 

are eligible for admission to insurance. The statistics cover commercial and mutual savings banks and 

trust companies in continental United States, Alaska, Hawaii, Puerto Rico, and the Virgin Islands.

37

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 15. N u m b er o f I n s u r e d a n d N o n in s u r e d B a n k s in t h e U n ite d S t a t e s 

a n d P o sse ssio n s, 1941-1945

Dec. 31 Total number 

of banks Insured N oninsured Percentage

insured

1945....................... 14,725 13,494 1,231 91.6

1944....................... 14,710 13,460 1,250 91.5

1943....................... 14,751 13,458 1,293 91.2

1942....................... 14,853 13,403 1,450 90.2

1941....................... 15,000 13,482 1,518 89.9

Admissions to and terminations of insurance. During 1945, 

122 banks were admitted to insurance. Of these, 103 were banks beginning 

deposit operations during the year, including two former loan companies 

which became banks of deposit, and 19 were previously operating banks 

or successors to such banks which were admitted to insurance. Of the 

122 banks admitted, 96 were banks which had been approved for insurance by the directors of the Corporation; the other 26 were banks 

which were granted charters by the Comptroller of the Currency or were 

admitted to the Federal Reserve System and therefore became insured 

without any action by the Directors of the Corporation.

Table 16. C h a n g e s in t h e N u m b e r o f I n s u r e d B a n k s in t h e 

U n ite d S t a t e s a n d P o ss e s s io n s , 1936-1945

e x c l u d in g b a n k s succe ed in g o th e r in s u r e d b a n k s

Type of change 1936-45 1945 1944 1943 1942 1936-41

Net change in number of insured banks. -688 + 34 + 2 + 55 - 79 -700

Admission of banks—tota l......................... 823 122 100 180 40 381

By action of the Corporation: 1

Banks beginning deposit operations........

Banks previously in operation or successors thereto .......................................

335

380

78

18

48

39

29

143

13

18

167

162

Without action of the Corporation: 2

Banks beginning deposit operations........

Banks previously in operation or successors thereto .......................................

79

29

25

1

13 7

1

2

7

32

20

Terminations of insurance—tota l............ 1511 88 98 125 119 1081

Banks ceasing operations:

Suspended banks not reopened or succeeded .................................................... 207 1 4 6 196

Mergers with aid of the Corporation—net 

decrease.................................................. 126 1 1 13 111

Other mergers, consolidations and absorptions—net decrease........................ 852 72 67 76 63 574

Other liquidations..................................... 308 15 27 43 36 187

Other terminations of insurance:

Insured status terminated by FDIC .... 

Withdrawals from insurance....................

3 3

5 1 4

Successions or absorptions by noninsured 

banks...................................................... 10 1 2 1 6

1 The number of banks admitted to insurance in each year by action of the Corporation differs from 

the number approved for insurance (see page 23 of this report) because of differences between the dates 

of approval and the dates of opening of new banks or the effective date of deposit insurance.

2 National banks and State banks admitted to the Federal Reserve System become insured without 

action by the Corporation.

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BANKS AND BRANCHES 39

These admissions to insurance were partially offset by 88 banks which 

ceased operation without being replaced by other insured banks. The 

character of changes in the number of insured banks during 1945, during 

each of the preceding three years, and during the 6-year period from the 

beginning of 1936 to the end of 1941, is given in Table 16.

Changes among branches of insured banks. In 1945 insured banks 

opened 169 branches, excluding cases of transfer or sale of a branch by 

one bank to another. Of these, 38 were branches which were approved by 

the Corporation and 131 were established by national banks and State 

banks members of the Federal Reserve System. Similar figures for each 

of the preceding three years and for the 6-year period, 1936-1941, are 

shown in Table 17. This table also shows how many of the branches which 

were opened were “facilities” at military establishments, and the number 

of “facilities” and of other branches which were discontinued.

Table 17. Changes among Branches of Insured Banks, 1936-1945

Type of change 1936-45 1945 1944 1943 1942 1936-41

Net change...................................................... +851

1335

+ 23 + 135 

166

+249

231

+ 41

88

+403

Branches opened for business—total....... 169 681

Approved by the Corporation:1

Facilities approved as agents of the 

Government.......................................... 33 8 9 14 2

Absorbed banks converted into branches 

or replacing other offices closed or relocated .................................................... 226 10 15 11 18 172

Other branches opened............................. 234 20 25 10 16 163

Without action by the Corporation:2

Facilities approved as agents of the 

Government.......................................... 339 56 86 174 23

Absorbed banks converted into branches 

or replacing other offices closed or relocated.................................................... 280 34 19 16 11 200

Other branches opened............................. 223 41 12 6 18 146

Branches of banks admitted to insurance 

—tota l........................................................... 95 2 62 2 29

Approved by the Corporation1.................... 94 2 62 2 28

Without action of the Corporation2............ 1 1

Branches of bank withdrawing from Federal Reserve System and insurance.. . .

Branches discontinued—total...................

2 2

577 146 33 44 49 305

Facilities approved as agents of the 

Government.......................................... 147 131 16

Other branches discontinued................... 430 15 17 44 49 305

1 The number of branches established with the approval of the Corporation in any given year differs 

from the number approved by the Corporation during the same year because of differences between 

dates of approval and dates of establishment of branches.

2 Approval by the Corporation is not required for establishment of branches by national banks or 

State banks members of the Federal Reserve System.

A s s e t s, D e p o s it s, a n d C a p it a l A cc o u n t s

Assets of all banks. The end of hostilities in August 1945 did not 

halt the upward trend in bank assets. During the year, assets of all

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40 FEDERAL DEPOSIT INSURANCE CORPORATION

commercial and mutual savings banks increased almost $26 billion to a 

total of $178 billion. This was the largest dollar increase reported for any 

calendar year. While the 17 percent increase in bank assets in 1945 was 

below the 19 percent rise in 1944, it was the same as in 1943.

Total bank assets on December 31, 1945, were nearly double the $91 

billion total at the end of 1941 and nearly three times the total of $60 

billion at the end of 1934. From 1934 to 1941 the growth in bank assets 

accompanied the economic recovery from the depression of the early 

1930,s. The war in Europe and our own defense activities contributed to 

the growth in bank assets in the period 1939-1941.

After our entrance into the war, large scale w^ar financing of the Federal 

Government was the major factor contributing to the rise in bank assets. 

From the end of 1941 to the end of 1945, increased holdings of United 

States Government obligations accounted for 88 percent of the rise in 

total bank assets. Most of the remainder of the increase in bank assets 

during the war period is accounted for by the increase in cash and amounts 

due from other banks. As shown in Table 18, the volume of loans outstanding was slightly lower at the end of 1944 than three years earlier. 

However, in 1945 there was a $4 billion increase in loans and discounts.

T ab le 18. A ssets and Liabilities of a ll B an ks in the

U nited States and P ossessions

(Amounts in millions of dollars)

Asset, liability, or capital item Dec. 31, 

1945

Dec. 30, 

1944

Dec. 31, 

1941

Percentage change to 

Dec. 31, 1945, from—

Dec. 30, 

1944

Dec. 31, 

1941

Total assets................................................. $178,203 $152,618 $91,037 + 16.8% + 95.7%

Cash and amounts due from other banks. 35,585 30,910 27,397 + 15.1 + 29.9

United States Government obligations.. 101,822 86,281 25,539 + 18.0 +298.7

Other securities......................................... 8,595 7,563 9,027 + 13.6 - 4.8

Loans, discounts, and overdrafts............ 30,473 26,080 26,640 + 16.8 + 14.4

Miscellaneous assets................................. 1,728 1,784 2,434 - 3.1 - 29.0

Total liabilities and capital accounts.. 178,203 152,618 91,037 + 16.8 + 95.7

Total deposits............................................ 166,474 142,077 82,045 + 17.2 + 102.9

Miscellaneous liabilities............................ 1,203 926 624 +29.9 + 92.8

Total capital accounts.............................. 10,526 9,615 8,368 + 9.5 + 25.8

Number of banks included........................... 14,621 14,597 14,845 + 0.2 - 1.5

Bank holdings of United States Government obligations. 

During the four war years from the close of 1941 to the end of 1945, the 

amount of United States Government obligations held by all commercial 

and mutual savings banks rose from $26 billion to $102 billion. This 

compares with an increase from a little less than $1 billion to nearly 

$6 billion during the three years of the First World War, from the middle 

of 1916 to the middle of 1919, as shown in Chart C.

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ASSETS, DEPOSITS, AND CAPITAL ACCOUNTS 41

CHART C

UNITED STATES GOVERNMENT OBLIGATIONS

HELD BY ALL BANKS. 1914-1945

(RATIO SCALE)

BILLIONS OF DOLLARS BILLIONS OF DOLLARS

Commercial and mutual savings banks carried a smaller share of the 

Federal Government financing in the First than in the Second World 

War. Banks acquired over one-third of the growth in the interest-bearing 

debt from the end of 1941 to the end of 1945, as compared with about 

one-fifth from the middle of 1916 to the middle of 1919. When the holdings 

of the Federal Reserve banks are included, the net acquisition of United 

States Government obligations by the banking system amounted to 46 

percent of the increase in the Federal interest-bearing debt during World 

War II as compared with 22 percent during World War I.

Government obligations have become the most important type of 

bank assets. At the end of 1945 holdings of those obligations accounted 

for 57 percent of total bank assets as compared with only 12 percent on 

June 30, 1919. The amount and proportion of the interest-bearing debt 

held by commercial and mutual savings banks and the Federal Reserve 

banks at the beginning and end of the two wars are shown in Table 19.

The proportion of the debt held by commercial and mutual savings 

banks remained nearly constant over the war period. These banks held 

about 37 percent of the interest-bearing debt at the end of 1945 as compared with 40 percent at the end of 1941. In the middle of 1919, the proportion of the debt held by the banks was 23 percent. This was a sharp 

decline from the 79 percent held in the middle of 1916, when banks held 

United States Government obligations chiefly for the purpose of issuing 

national bank notes.

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42 FEDERAL DEPOSIT INSURANCE CORPORATION

Direct bank financing of the wartime expenditures of the Federal 

Government through purchase of and loans on Government obligations 

was of much less significance in the expansion of bank assets during the 

First than during the Second World War. Increased bank holdings of 

United States Government obligations and loans on them amounted to 

about 90 percent of the increase in the total assets of commercial and 

mutual savings banks from the end of 1941 to the end of 1945. In contrast, during World War I the increase in business financing contributed 

more to the expansion of bank assets than did the increase in holdings of 

United States Government obligations and loans on them. These differences are in part a reflection of the fact that in this war nearly all of 

the funds for plant expansion and some of the increases in working capital 

were furnished directly by the Government and only indirectly by the 

banks. The increased productive facilities during the First World War 

were largely financed privately. The banks participated to a great extent 

in this financing.

T ab le 19. C o m pa riso n of B a n k H oldings of U n it e d St a t e s G o v e r n m e n t

O b l ig a t io n s in T w o W orld W a r P e r io d s

(Amounts in millions of dollars)

Type of holder

World War I World War II

June 30, 1916 June 30, 1919 Dec. 31, 1941 Dec. 31, 1945

Amount Percent Amount Percent Amount Percent Amount Percent

Total interest-bearing debt 

outstanding.......................

Banking system—tota l..........

Commercial banks.................

Mutual savings banks...........

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

Non-bank holdings..................

$972

820

| 768

57

152

100.0%

84.4

78.5

5.9

15.6

$25,234

6,105

5,813

292

19,129

100.0%

24.2

23.0

1.2

75.8

$63,768

27,793

/ 21,889

\ 3,700

2,251t

35,975

100.0%

43.6

34.2

5.8

3.6

56.4

$276,247

126,084

91,150

10,672

2U.262

150,163

100.0%

45.7

33.0

3.9

8.8

54.3

Change in total assets of commercial banks. On December 31, 

1945, assets of all commercial banks reached a total of $161 billion. This 

was more than twice the total at the end of 1941, as shown in Table 20. 

The $23 billion increase in 1945 was the same as in 1944 and higher than 

the increases of $17 billion in 1943 and $18 billion in 1942.

One of the most interesting developments during 1945 was the $4 

billion rise in the volume of loans and discounts outstanding. After rising 

during the two years prior to our entry into the war to $22 billion at the 

end of 1941, commercial bank loans declined to $18 billion by the middle 

of 1943. The volume outstanding then rose and again reached a total of 

nearly $22 billion at the end of 1944. The total of $26 billion on December 

31, 1945, was the highest since 1931.

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ASSETS, DEPOSITS, AND CAPITAL ACCOUNTS 43

Table 20. A s s e t s a n d L ia b ilit ie s o f a l l C o m m e rcia l B a n k s

(Amounts in millions of dollars)

Asset, liability, or capital item Dec. 31, 

1945

Dec. 30, 

1944

Dec. 31, 

1941

Percentage change to 

Dec. 31, 1945, from—

Dec. 30, 

1944

Dec. 31, 

1941

Total assets................................................. $161,182 $137,830 $79,215 + 16.9% + 103.5%

Cash and amounts due from other banks. 34,975 30,327 26,603 + 15.3 + 31.5

United States Government obligations.. 91,149 77,953 21,839 + 16.9 +317.4

Other securities......................................... 7,340 6,331 7,230 + 16.0 + 1.5

Loans, discounts, and overdrafts............ 26,193 21,708 21,738 +20.7 + 20.5

Miscellaneous assets................................. 1,525 1,511 1,805 + .9 - 15.5

Total liabilities and capital accounts.. 161,182 137,830 79,215 +16.9 + 103.5

Total deposits............................................ 151,089 128,702 71,512 + 17.4 + 111.3

Miscellaneous liabilities............................ 1,160 891 592 +30.2 + 95.9

Total capital accounts.............................. 8,933 8,237 7,111 + 8.4 + 25.6

Number of banks included........................... 14,079 14,054 14,297 + 0.2 - 1.5

Increased holdings of United States Government obligations 

accounted for most of the growth of total assets in 1945 as in each of the 

three previous years. Net acquisitions of United States Government 

obligations by commercial banks amounted to $13 billion during the 

year, as compared with $18 billion in 1944, $19 billion in 1943, and 

nearly $20 billion in 1942.

An increase of almost $5 billion in cash and amounts due from other 

banks also contributed substantially to the growth in total assets during 

1945. Commercial bank holdings of securities other than obligations of 

the Federal Government increased $1 billion. This substantial increase 

together with the small increase during 1944 counter-balanced the 

declines in 1942 and 1943. Holdings of over $7 billion at the end of 1945 

were slightly higher than at the end of 1941.

Changes in types of commercial bank loans. Total loans and . 

discounts of insured commercial banks were the same at the end of 1944 

as at the end of 1941, as shown in Table 211. However, there were significant changes in the volume of the major types of loans between these 

two dates. Loans on securities rose substantially while the volume of 

commercial and industrial loans and consumer loans declined.

Loans on securities rose from a little more than $1 billion at the end 

of 1941 to nearly $5 billion at the end of 1944 and to $7 billion on December 31, 1945. These loans began to expand in the last half of 1942, reflecting bank borrowing by businesses and individuals for the purpose of 

purchasing United States Government obligations offered in the war 

loan drives.

1 More detailed data by type of loan are available for insured commercial banks than for the noninsured group. Since, however, the insured commercial banks account for approximately 98 percent of 

the commercial bank volume, the data for this group are representative of the total.

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44 FEDERAL DEPOSIT INSURANCE CORPORATION

T ab le 21. C hange in L oans and D iscounts of I nsured C ommercial B anks

(Amounts in millions of dollars)

Change to Dec. 31, 1945, from—

Type of loan Dec. 31,

1945

Dec. 30, 

1944

Dec. 31, 

1941 Dec. 30, 1944 Dec. 31, 1941

Amount Percent Amount Percent

Loans and discounts—total. . . $25,769 $21,355 $21,262 $+4,414 + 20.7% $+4,507 + 21.2%

Commercial and industrial loans 9,462i 7,921 9,215 + 1,541 + 19.4 +247 2.7

Agricultural loans (excluding

loans on farm land)........... l,314i 1,723 1,450

3,2252

-409 -23.7 -136 -9.4

Consumer loans to individuals.. 2,361 1,888 +473 +25.0 -864 -26.8

Loans to brokers and dealers in

securities............................. 3,164 2,269 614 +895 +39.4 +2,550 +415.3

Other loans for the purpose of 

purchasing or carrying securities................................ 3,607 2,265 662 + 1,342 + 59.2 +2,945 +444.9

Real estate loans:

On farm land......................... 507 450 535 + 57 + 12.7 -28 -5.2

On residential properties. . . . 8,332 3,157 3,209 + 175 + 5.5 + 123 +3.8

On other properties............... 841 738 1,031 + 103 + 14.0 -190 -18.4

All other loans (including overdrafts) ................................. 1,181 944 1,321 +237 +25.1 -140 -10.6

1 Loans to dealers, processors and farmers’ cooperatives, directly or indirectly guaranteed by the Commodity 

Credit Corporation and formerly included in agricultural loans are now classified as commercial and industrial 

loans.

2 Partially estimated.

The volume of commercial and industrial loans declined from $9 

billion at the end of 1941 to under $8 billion in 1942 and remained close 

to that level during the next three years. In the last half of 1945 commercial and industrial loans rose 26 percent and reached a total of $9.5 

billion at the end of the year.1 The available evidence indicates that 

substantial loan volume resulted from an increase in term loans many of 

which have been made for the purpose of refinancing corporate bonded 

indebtedness. The increase in commercial and industrial loans during 

the last six months of 1945 was fairly general both on a regional basis 

and among large and small banks. Apparently bank loans have been 

used for the reconversion and expansion of small as well as large business 

establishments.

Another significant development in the bank loan field during 1945 

was the 25 percent increase in consumer loans of insured commercial 

banks. These loans declined sharply from 1941 to the middle of 1943 and 

remained at a relatively low level until the latter part of 1945 as a result 

of the unavailability of consumer durable goods and the restrictions 

imposed upon consumer credit. With the end of hostilities and the return 

to the market of some consumer durable goods the demand for this type 

of credit has increased.

Maturities of commercial bank holdings of Government obligations. The increase in commercial bank holdings of United States

1 A minor revision in the loan classification was made December 31, 1945, with the result that the

change in commercial and industrial loans in the last half of 1945 is overstated. It is not possible to determine the extent of this overstatement but it is believed to be slight.

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ASSETS, DEPOSITS, AND CAPITAL ACCOUNTS 45

Government obligations in the last four years has brought a marked 

change in the maturity distribution of these holdings. Most of the $69 

billion increase during this period has been in the short and intermediate 

term issues, while the amount of the long term issues held by banks has 

remained almost constant.

Treasury bills, certificates of indebtedness, and treasury notes made 

up more than 40 percent of insured commercial bank holdings of United 

States Government obligations at the end of 1945 as compared with less 

than 20 percent at the end of 1941, as shown in Table 22.1 Conversely, 

bonds maturing in more than 10 years amounted to only 10 percent of 

total holdings at the end of 1945, as compared with one-third four years 

earlier. Intermediate term issues, maturing in 5 to 10 years, have also 

increased substantially. They amounted to $32 billion or more than 

one-third of the total at the end of 1945 and only $4 billion, or 19 percent 

of the total, at the end of 1941.

Table 22. M aturities of United States Government Obligations,

D irect and Guaranteed, H eld by Insured Commercial Banks,

1945, 1944, and 1941

(Amounts in millions of dollars)

Type and maturity

December 31, 1945 December 30, 1944 December 31, 1941

Amount Percent of 

total Amount Percent of total Amount Percent of 

total

Total U. S. Government obligations................................ $88,933 100.0% $75,896 100.0% $21,047 100.0%

Marketable issues:

Direct:

Treasury bills1................ 2,456 2.8 3,972 5.2 988 4.7

Certificates of indebtedness1............................. 19,075 21.5 15,303 20.2

Treasury notes1.............. 16,047 18.0 15,781 20.8 3,159 15.0

Bonds maturing in:2

5 years or less............. 9,030 10.2 5,918 7.8 1,551 7.4

5 to 10 years............... 32,230 36.2 25,467 33.6 3,970 18.8

10 to 20 years............. 6,092 6.9 5,796 7.6 5,930 28.2

Over 20 years.............. 2,787 3.1 1,917 2.5 1,347 6.4

Guaranteed issues.............. 22 978 1.3 4,102 19.5

Non-marketable issues.......... 1,194 1.3 764 1.0

1 Treasury bills are generally issued with maturities of 91 days; certificates of indebtedness have 

maturities of approximately one year; and Treasury notes are issued with maturities of from one to 

five years.

2 Based upon number of years to final maturity.

This development is largely the result of the policy of concentrating 

Government security flotations during the war in the short-term issues 

in order to hold down the interest charges. Of the $157 billion net increase 

in marketable Government securities between the end of 1941 and the end 

of 1945, short-term bills, notes, and certificates accounted for $70 billion.

1 Insured commercial bank data are here used because it is only for these banks that detailed data

on the maturity of Government obligations are available.

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

This is in sharp contrast with the method of financing the increase in 

the Government debt during the First World War. The bulk of the debt 

expansion from 1916 to 1919 was financed through issues maturing in 

10 years or more. Certificates of indebtedness and treasury notes were 

used to meet temporary current needs in anticipation of the receipt of 

income and profits taxes and receipts from the loan drives. The intention 

was to have the banks take these short-term issues only as a temporary 

expedient, and an effort was made to get the banks to distribute them 

to non-bank investors. A relatively high rate of interest was paid in order 

to secure their distribution among non-bank investors.1

Deposits in commercial banks. Total deposits in commercial banks 

increased $22 billion, or 17 percent, during the year and amounted to 

$151 billion on December 31, 1945. Deposits of individuals and business 

enterprises constituted $104 billion.

The increase in deposits of individuals and business enterprises accounted for two-thirds of the 1945 increase in commercial bank deposits, 

as shown in Table 23. Early in the war, demand deposits of individuals 

and businesses in commercial banks grew at a more rapid rate than did 

time deposits. In 1944 and 1945, however, time deposits increased more 

rapidly.

Table 23. I n c r e a se in D e po s it s in a l l C om m e r c ia l B a n k s D u r in g 1945

(Amounts in millions of dollars)

Amount of deposits

Percentage Type of deposit increase Dec. 31, 

1945

Dec. 30, 

1944

Increase

Total deposits.................................................................. $151,089 $128,702 $22,387 17.4%

Demand deposits of individuals, partnerships, and

corporations................................................................ 73,867 65,132 8,735 13.4

Time deposits of individuals, partnerships, and corporations .......................................................................... 29,917 23,815 6,102 25.6

States and political subdivisions................................... 5,784 5,061 723 14.3

United States Government........................................... 24,767 20,828 3,939 18.9

Interbank........................................................................ 14,072 12,229 1,843 15.1

Other deposits................................................................ 2,682 1,637 1,045 63.8

Deposits of the United States Government totaled $25 billion at the 

end of 1945. This was onfy slightly above the mid-year total but almost 

$4 billion, or 19 percent, above the total at the beginning of the year. 

The bulk of these deposits were in war loan deposit accounts which are 

reduced as the Government makes use of the funds accumulated during 

the war loan drives. Interbank deposits and deposits of State and local 

governments increased moderately during the year.

The results of a special survey of deposits in all insured banks, grouped 

by size of account, are to be found in Part Three of this report.

1 Annual Report of the Secretary of the Treasury, 1919, pp. 54-60; 1920, p. 7.

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ASSETS, DEPOSITS, AND CAPITAL ACCOUNTS 47

Capital accounts of commercial banks. Total capital accounts of 

all commercial banks have increased steadily in amount since 1933. At 

the end of 1945, total capital accounts amounted to $8.9 billion, slightly 

below the peak of $9.2 billion reached in the middle of 1930 and 45 percent 

above the total in 1933.

Most of the increase in commercial bank capital accounts since the 

banking crisis of 1933 occurred during the war years. Total capital 

accounts of all commercial banks have increased $2 billion since 1941. 

Nearly all of this increase has been due to retained profits. Bank profits 

have increased substantially while dividends have been held almost 

constant, with the result that substantial additions have been made to 

capital from profits in each of the recent years.

In contrast to the large amount of retained profits, there has been 

only a moderate increase in the outstanding capital stock of commercial 

banks since the end of 1941. Additions to common stock of insured 

commercial banks in the four years, from the end of 1941 to the end of 

1945, amounted to $368 million while preferred stock and capital notes 

and debentures were reduced $185 million, as shown in Table 24. Most 

of the preferred stock and capital notes and debentures represented the 

investment of the Reconstruction Finance Corporation made to assist 

the banks during the severe banking crisis of the early 1930’s. Investment 

of the Reconstruction Finance Corporation in insured commercial banks 

reached a peak of about $1 billion in 1935. Approximately three-fourths 

of this investment has been repaid by the banks and the retirable value 

of the remainder at the end of 1945 was $253 million.

Table 24. C h a n g e in C a p it a l A ccounts of I n su red C o m m erc ial B a n k s

(Amounts in millions of dollars)

Dec. 31, 

1945

Dec. 30, 

1944

Dec. 31, 

1941

Percentage distribution

Type of capital account

Dec. 31, 

1945

Dec. 30, 

1944

Dec. 31, 

1941

Total.......................................... $8,672 $7,990 $6,845 100.0% 100.0% 100.0%

Capital stock, notes, and debentures—total.................. 3,033 2,913 2,850 35.0 36.4 41.6

Common stock..................... 2,838 2,660 2,470 32.7 33.3 36.0

Preferred stock..................... 152 202 306 1.8 2.5 4.5

Capital notes and debentures h3 50 74 0.5 0.6 1.1

Surplus.................................... 3,784 3,402

1,169

2,687 43.6 42.6 39.3

Undivided profits................... 1,293 896 14.9 14.7 13.1

Reserves................................. 562 506 412 6.5 6.3 6.0

Ratio of capital to assets. The average ratio of total capital accounts 

to total assets of all commercial banks at the end of 1945 had declined 

to 5.5 percent, the lowest point in at least three-quarters of a century.

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Chart D shows the trend since 1875 in the ratios of total capital accounts 

to total assets and of total capital accounts to assets other than United 

States Government obligations and cash.

A general downward trend in the ratio of capital to total assets has 

prevailed since 1875. However, most of the decline in the capital ratio 

during this period occurred in the years 1878-1881, 1898-1899, 1915-1919, 

and 1939-1944. In each of these periods there were sharp increases in 

the volume of bank assets with less rapid increases in bank capital. From 

the middle of 1878 to the middle of 1881, assets of all commercial banks 

rose about 36 percent while bank capital increased only 2 percent. During 

the brief period of the Spanish-American War and the longer periods 

of the First and Second World Wars bank assets increased much more 

rapidly than did bank capital.

The movement of the ratio of bank capital to assets other than United 

States Government obligations and cash closely paralleled the movement 

of the ratio of capital to total assets until the early 1930’s. The substantial liquidation of bank loans which occurred from 1929 to 1934 

resulted in an increase in this ratio from 18 percent in the middle of 1929 

to 26 percent in the middle of 1934. Since that time, most of the increase 

in bank assets has been in United States Government obligations and 

cash and amounts due from other banks so that the ratio of capital to 

other assets has remained nearly constant. It rose slightly during the 

war but at the end of 1945 the ratio of 25.5 percent was about the same 

as the average for the period from 1935 to 1939.

CHART D

RATIOS OF TOTAL CAPITAL ACCOUNTS TO TOTAL ASSETS

AND TO TOTAL ASSETS OTHER THAN CASH AND

U. S. GOVERNMENT OBLIGATIONS

ALL COMMERCIAL BANKS, 1875-1945

PERCENT PERCENT

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ASSETS, DEPOSITS, AND CAPITAL ACCOUNTS 49

Examiners’ appraisal of assets of insured commercial banks.

The general high level of business activity during the war has been 

accompanied by a decline both in the amount and proportion of assets 

of insured commercial banks classified as substandard by the examiners. 

In 1945, the 12,473 banks examined showed substandard assets of $619 

million as compared with $825 million in 1944 and $2,031 million in 1941.

This decline in the volume of assets classified as substandard is the 

result of several factors. The rising prices of securities and real estate 

have given the banks an opportunity to dispose of their less desirable 

holdings on favorable terms. As prices have risen, the collateral supporting 

loans has increased in value and, thus, loans which were formerly classified 

as substandard because of insufficient collateral have now become acceptable bank investments. The statistical position of bank loans and 

investments tends to improve as long as prices continue to advance.

The volume of substandard assets was 0.45 percent of the appraised 

value of the total assets of insured commercial banks examined in 1945. 

This compares with a ratio of 0.69 percent in 1944 and 2.84 percent in 

1941, as shown in Table 25. The decline in the ratio of substandard 

assets to the volume of appraised assets has, of course, accompanied 

the decline in the volume of substandard assets. However, another 

factor has also been of importance. Criticized assets have formed a 

smaller proportion of total assets simply because the increase in bank 

assets during the war period has been confined almost entirely to United 

States Government obligations and cash.

Table 25. Substandard A sset Ratios of Insured Commercial Banks

Examined in 1939-1945

Ratio of substandard assets to—

Year Appraised 

value of 

total assets

Appraised value 

of assets other 

than cash and 

U. S. Government 

obligations

Adjusted

capital

accounts

1945...................................................................... 0.45% 2.06% 7.58%

1944...................................................................... .69 2.98 10.92

1943...................................................................... 1.24 4.75 17.84

1942...................................................................... 2.13 5.93 25.26

1941...................................................................... 2.84 (*) 31.12

1940...................................................................... 3.93 C1) 40.35

1939...................................................................... 5.12 C1) 48.21

1 United States Government obligations are not available separately prior to 1942.

Fixed and substandard assets are lower in relation to adjusted capital 

accounts than at any time since the beginning of deposit insurance.1 

In 1945, fixed and substandard assets amounted to less than 10 percent

1 Adjusted capital accounts represent the difference between total bank assets and total bank 

liabilities as appraised by the examiners, (see page 121).

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50 FEDERAL DEPOSIT INSURANCE CORPORATION

of adjusted capital accounts in 34 percent of the insured banks examined 

as compared with 26 percent of the banks examined in 1944, as shown in 

Table 26. However, there are still a number of banks in which fixed and 

substandard assets constitute a substantial proportion of adjusted capital 

accounts. In 1945, fixed and substandard assets amounted to 50 percent 

or more of adjusted capital accounts in 5 percent of the banks as compared 

with 9 percent in 1944.

Table 26. D is t r ib u t io n of I n su r e d C o m m erc ial B a n k s A cco rd in g to

R a tio of F ix e d a n d S u b st a n d a r d A ssets to A d justed C a p it a l A ccounts

e x a m in a t io n s in 1944 an d 1945

Bank group

Number of banks Percentage distribution

1945 1944 1945 1944

All banks............................................................

Banks with a ratio of fixed and substandard assets to adjusted capital accounts 

of—

12,473 12,983 100.0% 100.0%

0.0% to 9.9% .................................................. 4,277 3,309 34.3 25.5

10.0% to 19.9%............................................... 3,837 3,699 30.7 28.5

20.0% to 29.9%............................................... 2,130 2,429 17.1 18.7

30.0% to 39.9%............................................... 1,064

508

1,522 8.5 11.7

40.0% to 49.9%.............................................. 849 4.1 6.5

50.0% to 99.9%.............................................. 584 1,046 4.7 8.1

100.0% or more.............................................. 73 129 .6 1.0

Mutual savings banks. Total assets of all mutual savings banks in 

the United States amounted to $17 billion on December 31, 1945. The 

15 percent increase during 1945 was almost as large as that for commercial 

banks. However, over the 4-year period since December 31, 1941, assets 

of mutual savings banks rose only 44 percent, substantially below the 

104 percent increase in commercial bank assets during the same period.

All of the growth of mutual savings bank assets from the end of 1941 

to the end of 1945 wras accounted for by increased holdings of United 

States Government obligations. Each of the other major categories of 

assets declined over the 4-year period (see Table 27). Most substantial 

was the 30 percent decrease in holdings of securities other than United 

States Government obligations. Loans, most of which are on real estate, 

showed a moderate decrease. Real estate loans of commercial banks 

also declined from the end of 1941 to the end of 1944. However, during 

1945 real estate loans of commercial banks increased 8 percent while 

mutual savings bank loans declined 2 percent.

Deposits in mutual savings banks rose 15 percent in 1945 and totaled 

$15 billion at the end of the year. Most of these deposits are time deposits 

of individuals. Their movement followed the pattern of time deposits 

in commercial banks—a relatively small increase in the earlier war years

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ASSETS, [DEPOSITS, AND CAPITAL ACCOUNTS 51

and a more rapid growth in the latter part of the war period. However, 

in each of the last two years, deposits in mutual savings banks have 

grown less rapidly than time deposits in commercial banks. In 1945, the 

deposits in mutual savings banks increased 15 percent while commercial 

bank time deposits increased about 25 percent.

Table 27. A ssets a n d L ia b il it ie s of a l l M u t u a l Sa v in g s B a n k s

(Amounts in millions of dollars)

Asset, liability, or capital item Dec. 31, Dec. 30, Dec. 31,

Percentage change to 

Dec. 31, 1945, from—

1945 1944 1941

Dec. 30, 

1944

Dec. 31, 

1941

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

Cash and amounts due from other

$17,021 $14,788 $11,822 + 15.1% +44.0%

banks..............................................

United States Government obli610 583 794 +4.6 -23.2

gations............................................ 10,673 8,328 3,700 +28.2 + 188.5

Other securities................................. 1,255 1,232 1,797 + 1.9 -30.2

Loans, discounts, and overdrafts. . . 4,280 4,372 4,902 - 2.1 -12.7

Miscellaneous assets......................... 203 273 629 -25.6 -67.7

Total liabilities and capital accounts ........................................... 17,021 14,788 11,822 + 15.1 +44.0

Total deposits.................................... 15,385 13,375 10,533 + 15.0 +46.1

Miscellaneous liabilities.................... 43 35 32 + 22.8 +34.4

Surplus and capital accounts........... 1,593 1,378 1,257 + 15.6 +26.7

Number of banks included................... 542 543 548 - 0.2 - 1.1

Total surplus and capital funds of mutual savings banks have grown 

as rapidly during the war as the total capital accounts of commercial 

banks. Since the growth in assets has been at a lower rate, the ratio of 

surplus and capital funds to total assets of mutual savings banks has 

declined much less than has the capital ratio of the commercial banks. 

On December 31, 1945, surplus and capital funds of mutual savings 

banks were 9.4 percent of total assets as compared with 10.6 percent at 

the end of 1941.

E a r n in g s of I n s u r e d C o m m e r c ia l B a n k s

Net current earnings and net profits of insured commercial banks 

were both considerably higher in 1945 than in any other year of Federal 

insurance of deposits. The increase in net current earnings reflected 

chiefly a growth in total current earnings for the fifth successive year. 

The larger net profits in 1945 reflected also a drop in net charge-offs to 

the lowest figure on record and an increase in profits on securities sold 

to the highest figure since 1936. Dividends paid to stockholders, while 

slightly higher in amount than in any previous year of deposit insurance, 

absorbed a smaller proportion of net profits after taxes. It is probable 

that the resultant net additions to total capital accounts from profits 

represented a greater amount and were higher proportionately than in 

any year since the formation of the dual banking system in 1863.

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52 FEDERAL DEP0I3IT INSURANCE CORPORATION

Total current operating earnings of insured banks, at $2,482 million, 

were 12 percent larger in 1945 than in 1944, and 67 percent larger than 

the low figure reported in 1935. Operating expenses, at $1,523 million, 

also increased by 12 percent over 1944, and were 41 percent larger than 

the low of a decade earlier. Net earnings, at $960 million, were 12 percent 

larger than in 1944, and exceeded the 1935 figure by 135 percent. Net 

profits after taxes, at $906 million, were 21 percent larger than in 1944, 

and double the 1941 figure. The 1945 net profits represented a rate of 

10.9 percent of total capital accounts. Major items of earnings and 

expenses are shown in Table 28.

Table 28. Earnings, Expenses, and Profits of

Insured Commercial Banks, 1934-1945

(In millions of dollars)

Year

Total

current

operating

earnings

Total

current

operating

expenses1

Net

current

operating

earnings1

Profits

on

securities

sold

Net 

chargeoffs2

on assets

Income

taxes®

Net profits 

available 

for 

stockholders4

Cash 

dividends 

declared 

and interest paid 

on capital

1945.. 2,482 1,523 960 267 22 299 906 274

1944.. 2,215 1,357 858 130 34 203 751 253

1943.. 1,959 1,256 703 103 41 128 638 233

1942.. 1,790 1,222 569 66 114 79 441 228

1941.. 1,730 1,216 514 145 154 50 455 253

1940. . 1,631 1,170 461 178 215 23 401 237

1939.. 1,605 1,148 457 215 272 12 388 232

1938.. 1,584 1,148 436 173 299 10 300 222

1937.. 1,634 1,156 478 117 203 11 381 226

1938.. 1,567 1,114 453 268 185 12 524 223

1935.. 1,486 1,078 408 2316 4265 5 207 208

1934.. 1,518 1,114 404 1485 8905 3 -340® 188

1 Figures for 1934-1941 are estimates and differ from reported figures by the amount of estimated 

income taxes excluded from total current operating expenses. See footnote 3.

s Book value of assets charged off minus recoveries on assets previously charged off.

3 Includes surtax and excess profits tax. Figures for 1934-1941 are estimates, based upon Bureau of

Internal Revenue figures of income taxes paid by national banks for 1934-1937, and paid by “ all banks 

and trust companies” for 1938-1941. Income taxes paid by insured banks not members of the Federal 

Reserve System have been reported separately since 1936.

* Available for dividends or additions to the stockholders’ investment in the banks.

6 Estimated; profits on securities sold were not reported separately from recoveries on securities by 

banks not submitting reports to the FDIC.

• Net loss.

Detailed figures for 19U1-19U5—See Table 113, pages 128-129.

Sources of current earnings. The substantial increase in the volume 

of earning assets in recent years, almost all of which has consisted of 

United States Government obligations, has been accompanied by a 

reversal in the importance of the various types of assets as sources of 

income. From 1934 through 1941, income on loans accounted for about 

45 percent of total current earnings. Beginning in 1942, both the amount 

of, and the proportion represented by, income on loans declined until 

1944; in 1945 the amount increased slightly but the proportion declined 

further, and amounted to only 29 percent of total earnings. The amount 

of income on loans and on securities, 1934-1945, is presented in Table 29.

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EARNINGS OF INSURED COMMERCIAL BANKS 53

Table 29. Amounts and Rates op Income Received and Interest Paid

By Insured Commercial Banks, 1934-1945

Year

Income 

on loans 

(in millions 

of dollars)

Income on 

securities 

(in millions 

of dollars)

Income on 

loans 

per $100 of 

loans1

Income on 

securities 

per $100 of 

securities1

Interest paid 

per $100 of 

time & savings 

deposits1

1945......................... $726 $1,300 $3.09 $1.46 $0.87

1944......................... 698 1,090 3.44 1.49 .87

1943......................... 706 861 3.85 1.52 .93

1942......................... 817 610 4.08 1.69 1.10

1941......................... 848 509 4.27 1.95 1.20

1940......................... 769 500 4.41 2.16 1.30

1939......................... 727 522 4.46 2.38 1.43

1938......................... 705 532 4.36 2.56 1.55

1937......................... 710 572 4.28 2.68 1.62

1936......................... 663 574 4.34 2.66 1.72

1935......................... 643 548 4.40 2.87 2.01

1934......................... 691 550 4.63 3.17 2.40

1 Loans, securities, and deposits are averages of figures reported at beginning, middle, and end of 

year by banks submitting statements of assets and liabilities.

Detailed figures for 191>5—See Tables 113 and 114, pages 128-131.

Income on securities, which provided one-third or less of total earnings 

before World War II, has steadily increased in significance. In 1945 it 

accounted for more than one-half of total operating earnings for the first 

time. The amount of interest income on securities has increased in each 

year since 1940; the $1,300 million received in 1945 was more than 2 3^2 

times the amount received in the earlier year. Interest on United States 

Government obligations, which was reported separately for the first 

time in 1945, accounted for $1,133 million against an estimated $923 

million in 1944.

The decrease in the average rate of return on loans (as well as the 

increase in security holdings) has been a factor in the decreased importance of income on loans as a source of current earnings. From 4.5 

percent in 1939, the rate of return on loans has decreased in each year 

to 4.1 percent in 1942 and 3.1 percent in 1945, as shown in Table 29. The 

very rapid drop over the last three years has reflected both a reduction 

in rates charged and a change in composition of the loan portfolio. During 

the war there was a relative decline in the proportion of high-incomeproducing loans, such as consumer instalment loans, and a growth in 

low-income-producing loans, such as those made for the purpose of 

purchasing and carrying United States Government obligations.

From 3.2 percent in 1934, the rate of interest income on securities has 

decreased in every year, except one, to 1.5 in 1945. In the last two years 

the decline has been small in contrast to the more pronounced declines 

from 1934 to 1936 and from 1937 to 1943. Three separate factors have 

contributed to the reduction in the average interest yield on securities 

since 1934:

(1) A general decline in interest rates;

(2) Concentration of the increase in security holdings in obligations

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of the United States Government; and

(3) Concentration of the expansion in security holdings in short and 

medium term issues.

The remaining part of current operating earnings—somewhat less than 

one-fifth—is derived from various sources. The dollar amount of commissions, fees, and collection, exchange, and service charges has increased 

in every year of deposit insurance, reflecting chiefly increased amounts 

derived from service charges on deposit accounts. Income from the 

latter has more than quadrupled since 1934, and in 1945 accounted for 

about 5 percent of total current earnings. Other current earnings, including safe deposit vault and real estate rentals, and income from trust, 

foreign, and title departments, have increased about 25 percent in amount 

since 1934, but decreased from about 13 to 10 percent of total current 

earnings.

Current operating expenses. Two-thirds of the increase in current 

expenses of banks since 1934 has occurred in the last two years, and may 

be attributed to higher wartime costs of operations, a larger volume of 

operations requiring more employees, and a substantial increase in the 

volume of time deposits.

Salaries and wages, the most important item of bank expense in recent 

years, increased by 10 percent in 1945 to $691 million and continued to 

absorb almost 30 percent of total current earnings. The average number 

of employees other than officers of insured commercial banks increased 

by 33,000 or about 16 percent from 1941 to 1945. Over the same period 

the average annual salary of employees increased about 21 percent. The 

number of officers increased by 1,400 or about 2.5 percent; the average 

annual salary by 23 percent over the same period. The figures are shown 

in Table 30.

Table 30. Average N umber and Average Salary of Employees of

Insured Commercial Banks, 1941-1945

Salary item 1941 1942 1943 1944 1945

Number of banks, December 31 ........ ........................ 13,427 13,347 13,274 13,268 13,302

Average number of em ­

ployees (full and parttime) :

Officers................................... 56,392 55,996 55,117 55,902 57,806

Others..................................... 204,319 213,974 221,060 227,512 237,326

Salaries and wages (in thousands of dollars):

Officers.................................... $211,311 $219,388 $225,142 $240,354 $266,018

Others..................................... 302,627 333,171 356,958 386,346 424,881

Average salary per— 1

Officer..................................... $ 3,747 $ 3,918 $ 4,085 $ 4,300 $ 4,602

Other....................................... 1,481 1,557 1,615 1,698 1,790

1 These are crude averages derived by dividing the total salary payment by the average of the number

of full- and part-time employees at the beginning and end of the year.

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After declining in every year from 1934 through 1943, interest on time 

and savings deposits increased from $164 million in 1943 to $233 million 

in 1945, or by 42 percent. This increase accounts for one-fourth of the 

increase in total operating expenses over that period. It is attributable 

entirely to the sharp growth in such deposits in each of the years 1943,

1944, and 1945. The decline in the rate of interest paid on time and 

savings deposits, which was responsible for the reduction in the amount 

of interest expense mentioned above, occurred from 1934 through 1944. 

There are indications that the 1944-45 rate may represent the low point, 

and that some reversal of the trend may be expected. Annual rates of 

interest paid on time and savings deposits, 1934-1945, are presented in 

Table 29.

Taxes (other than those based upon or measured by net income) and 

recurring depreciation have fluctuated slightly from year to year but 

have shown no increase during the war period. Other expenses at $459 

million in 1945 absorbed 18 percent of total earnings and have increased 

in recent years at about the same rate as total operating expenses.

Charge-offs, recoveries, and profits on assets sold. In 1945 reported 

profits on securities (chiefly United States Government obligations) sold 

by insured commercial banks amounted to $267 million, more than double 

the 1944 figure. This was the highest amount reported in any year since

1936, and compared with an annual average for the 1936-1945 period of 

$166 million. The high amount of profits on securities sold, together with 

the low amount of net charge-offs on assets, contributed materially to 

the high rate of net profits before income taxes in 1945.

In 1945, insured commercial banks made provision for losses by 

charge-offs or by additions to valuation allowances at the rate of about 

one-fifth of 1 percent of total assets or $264 million. This may be compared with an annual average of about one-half of 1 percent for the 

preceding eight years, and an average of 1.5 percent per year during the 

first three years of deposit insurance. The very low rate of charge-offs in 

1945 reflected the high rate and profitable character of business activity 

during that year. The high rate of charge-offs during the first three years 

of deposit insurance was due to the elimination of assets upon which 

losses had accumulated prior to and during the depression.

Recoveries in 1945 on losses previously charged off were almost as 

large as charge-offs. As a result the rate of net charge-offs in 1945 was 

only one one-hundredth of 1 percent compared with an average of about 

one-fifth of one percent for the preceding eight years and about 1 percent 

during the first three years of deposit insurance.

The rates of charge-offs on total assets, and on significant groups of 

assets, are shown in Table 31. (These may be compared with the gross 

rates of income on loans and on securities shown in Table 29.) In 1945,

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as in the two preceding years, recoveries on loans previously charged off 

and reductions in valuation allowances exceeded the charge-offs, thus 

resulting in net recoveries in each of these years. During the period, 

1937-1944, average charge-offs on loans amounted to three-fifths of 

1 percent, and net charge-offs to one-fifth of 1 percent.

Table 31. Rates of Charge-offs on Assets of

Insured Commercial Banks, 1934-19451

Period On total 

assets

On total 

loans

On total 

securities

On securities 

other than 

U. S.

Government

On fixed 

assets*

1945

Charge-offs............................. $0.18 $0.24 $0.15 $2.01 $7.28

Recoveries............................... .17 .29 .14 1.85 5.12

Net charge-offs....................... .01 .05* .01 .16 2.16

1937-1944

Charge-offs............................. 0.46 0.60 0.47 2.43 5.40

Recoveries............................... .24 .40 .20 1.06 2.85

Net charge-offs....................... .22 .20 .27 1.37 2.55

1934-1936

Charge-offs............................. 1.47 2.51 1.36 3.90 4.99

Recoveries4.............................. .45 .55 .55 1.58 1.93

Net charge-offs..................... 1.02 1.96 .81 2.32 3.06

1 Amounts of gross losses, recoveries, and net losses per $100 of the corresponding asset averages 

for beginning, middle and end of each year.

2 Banking house, furniture and fixtures, and other real estate.

* Net recoveries, i.e., excess of recoveries over charge-offs.

* Recoveries on securities of banks not submitting reports to FDIC were not reported separately 

from profits on securities sold in 1934 and 1935. Recoveries on securities were estimated to be about 

38 percent of total recoveries and profits on securities.

Charge-offs on securities, though somewhat higher than in the preceding 

war years, were almost completely offset by recoveries. Figures as reported by the banks do not segregate losses and charge-offs, or recoveries, 

on United States Government obligations from those on other securities. 

It is probable that the high rate of losses and charge-offs in the early 

years of deposit insurance were sustained largely on securities other than 

United States Government obligations. In 1945, however, it is probable 

that a significant proportion of the charge-offs on securities represented 

lump-sum charge-offs or additions to valuation allowances to cover 

premiums on Government obligations purchased at prices above par.

Other charge-offs and losses amounted to 7 percent of fixed assets 

and were at a higher rate than in any other year since 1934 except in 

1943 and 1944. The high rates in the last three years were in part due to 

lump-sum charge-offs on banking house and furniture and fixtures made 

possible by the high rate of bank profits during this period. The high 

rate of other recoveries was affected by sales at current favorable prices 

of “ other” real estate which had been previously partially charged-off.

Net profits before income taxes. Net profits before income taxes 

of insured commercial banks, at $1,205 million, were 26 percent larger 

than in 1944, and amounted to 14.5 percent of total capital accounts.

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Both the amount and the rate for 1945 were more than double the estimated amount and rate for each of the pre-war years since the inception 

of deposit insurance, except 1936.

Income taxes. Total Federal and State taxes calculated on net income, at $299 million, were 47 percent larger than in 1944, more than 

33^ times the amount paid in 1942, and 12 times the estimated amount 

paid in 1940. In 1945 income taxes absorbed 25 percent of net profits 

before such taxes, as compared with 21 percent in 1944, and an estimated 

5 percent in 1940.

Taxes were higher in 1945 than in 1944 as a result both of higher 

taxable gains on securities sold and higher net operating earnings less 

net charge-offs. Taxes paid by banks have also been larger in recent 

years than before the war as a result of the higher Federal income tax 

rates since 1940, and the imposition of excess profits taxes in 1940 and 

of surtaxes in 1941. Significant also has been the fact that United States 

Government obligations acquired by banks during the war have not had 

all the tax-exemption features of such securities held during the pre-war 

period. The amount of income taxes for the years 1934-1945 are presented 

in Table 28, page 52.

Net profits after taxes. Net profits of insured commercial banks were 

higher in amount, and represented a higher rate on total capital accounts, 

than in any year since the inception of deposit insurance. The amount 

of net profits, 1934-1945, is presented in Table 28. The rate of net profits 

is shown in Table 32.

T ab le 32. R ates of N et Profits, B efore and A fter Income T a x e s, and of Cash

D ividends to A verage T otal Capital A ccounts,

A ll I nsured C ommercial B an k s, 1934-1945

Amounts per $100 of total capital accounts1

Year Net profit 

before 

income 

taxes*

Net

profit

after

taxes

Cash dividends 

declared and 

interest paid 

on capital

Net profits 

after cash 

dividends

1945...................................................... $14.46 $10.87 $3.29 $7.58

1944...................................................... 12.36 9.73 3.28 6.45

1943...................................................... 10.57 8.82 3.23 5.59

1942...................................................... 7.48 6.34 3.28 3.06

1941...................................................... 7.47 6.72 3.75 2.97

1940...................................................... 6.42 6.08 3.59 2.49

1939...................................................... 6.16 5.99 3.58 2.41

1938...................................................... 4.84 4.68 3.46 1.22

1937...................................................... 6.15 5.97 3.54 2.43

1936...................................................... 8.54 8.35 3.56 4.79

1935...................................................... 3.42 3.35 3.35 *

1934...................................................... -5.44 -5.49 3.03 -8.52

1 Total capital accounts are averages of figures for beginning, mid-year, and year-end call dates.

8 But after taxes, other than income taxes, the amount of which is estimated for the years prior to 

1942.

* Less than $0,005.

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

Available evidence indicates further that the rate of net profits of 

commercial banks was higher in 1945 than in any other year for threequarters of a century. Over the period 1870-1945, national banks—which 

are the only banks for which satisfactory figures extending over this 

period of time are available and which may be considered representative 

of all commercial banks—reported an average rate of net profits of 7.0 

percent of net worth. Chart E shows that throughout most of the period 

net profits have fluctuated between 6 and 9 percent of net worth. The 

rate of profits was lower throughout the late 1870s and most of the 1890s. 

In the early 1930s the rate of net profits reported by operating national 

banks was negative for four years, reaching a low of minus 10 percent in

1933. The drastic drop in the net profit rate at that time was the result 

of the huge increase in the rate of gross and net charge-offs on loans, 

securities, and other assets.1

CHART E

RATES OF NET PROFITS AND OF CASH DIVIDENDS 

ON TOTAL CAPITAL ACCOUNTS 

NATIONAL BANKS, 1870 - 1945 v

PERCENT OF TOTAL PERCENT Of TO'TfcL CAPtTAL ACCOUNTS CAPITAL ACCOUNTS

1 For 1870-1915, net profits and dividends are for fiscal years and total capital accounts are as of 

June 30 or nearest available date; for 1916, net profits are for 18 months’ period ended December 31, 

1916, adjusted to an annual basis, and total capital accounts are averages of figures for June 30, 1915, 

June 30, 1916, and December 31, 1916; for 1917-1945, net profits and dividends are for calendar years, 

and total capital accounts are averages of figures for call dates during the year.

Net profits exceeded 9 percent of total capital accounts in only 11 

years prior to the current war period. Four of these were the years 1870- 

1873, the earliest for which profit figures of national banks are available. 

The only other period of sustained profits covered the four year period, 

1917-1920, during and after World War I.

The profitability of banking operations, characteristic of the current 

period, has been general throughout the banking system. In 1945, over 

55 percent of all insured banks reported net profits after taxes of more

1 The operating losses sustained by national banks which were placed in receivership and liquidated 

are not reflected in these figures, since reports of earnings are submitted by operating banks only.

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EARNINGS OF INSURED COMMERCIAL BANKS 59

than 10 percent of total capital accounts, as compared with 51 percent 

in 1944, 37 percent in 1943, and 23 percent in 1938. In 1938, the earliest 

year for which comparable figures are available, 16 percent of the banks 

sustained a net loss, whereas in the last two 3^ears less than 1 percent of 

the banks have reported a net loss. The improvement in rates of net 

profits over the last three years, and as compared with 1938, is shown 

in Table 33.

Table 33. P e r c e n t a g e D is t r ib u t io n of I n su red C o m m e r c ia l B a n k s A ccording

to R a te of N et P r o fits on T o ta l C a p it a l A ccou n ts, 1938, 1942-1945

Rate of profit 1945 1944 1943 1942 1938

Number of banks1..................... 13,149 13,141 13,145 13,226 13,487

All banks1................................. 100.0% 100.0% 100.0% 100.0% 100.0%

Banks with net loss............... 0.6 0.9 2.0 5.7 16.0

Banks with net profits 

after taxes per $100 of 

total capital accounts 

of—2

$0.00 to $4.99......................... 8.1 9.8 17.4 30.0 29.3

5.00 to 9.99......................... 36.0 38.5 43.2 42.7 32.0

10.00 to 14.99......................... 34.6 34.1 26.0 16.1 15.4

15.00 to 19.99......................... 14.2 12.3 8.1 3.9 5.2

20.00 or more......................... 6.5 4.4 3.3 1.6 2.1

1 Excludes banks submitting reports covering less than the full year’s operations or materially 

affected by mergers.

2 Total capital accounts are averages of figures at beginning, mid-year, and year-end call dates; 

except in 1938 when total capital accounts for banks members of Federal Reserve System are averages 

of figures for four call dates.

Dividends and additions to profits. Nothwithstanding the unprecedented growth in net profits over the last three years, the rate of 

cash dividends declared and interest paid on capital by insured commercial banks has remained practically unchanged over that period. The 

$274 million paid in 1945 was 3.3 percent of total capital accounts. The 

proportion of net profits retained for addition to net worth has been 

higher during this war period than during any previous period, and the 

1945 amount of $631 million represented the exceptionally high proportion of 70 percent of net profits. The amount of cash dividends is shown 

in Table 28, page 52. The rate of dividends, and the rate of net profit 

after dividends, 1934-1945, are shown in Table 32.

Available records indicate that the cash dividends declared in 1945 

represented a lower proportion of net profit than in any previous year in 

the last seventy-five. Dividends paid by national banks, which may be 

considered representative, amounted to 75 percent of total net profits 

over the period 1870-1945. Dividends were much more stable in relation 

to net worth than profits, as shown in Chart E; as a result the proportion 

of net profit paid out in dividends fluctuated greatly from year to year.

Prior to 1930, dividends exceeded net profits in five of the sixty years, 

stood between 80 and 100 percent of net profits in 15 years, and between

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60 FEDERAL DEPOSIT INSURANCE CORPORATION

60 and 80 percent in 36 years, and were less than 60 percent in only 4 

years. Large net charge-offs resulted in sharply reduced net profits in 

1930 and in net losses in 1931-1934, but the payment of dividends was 

reduced much less drastically.

Dividends have amounted to less than 4 percent of total capital 

account in each of the eleven years since 1934. This represents a lower 

level than in any of the preceding 65 years except 1933. Dividends paid 

have amounted to less than 60 percent of net profits in nine of the eleven 

years. It appears clear that dividend payments have been on a more 

conservative basis since the banking crisis of 1933 than theretofore.

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PART THREE

SURVEY OF DEPOSITS IN INSURED BANKS, 1945

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S u r v e y o f D e p o s i t s i n I n s u r e d B a n k s , 1945

From time to time the Federal Deposit Insurance Corporation has 

called for special reports from all insured banks to aid in estimating its 

contingent liability in insuring bank deposits. These reports have shown 

the distribution of accounts and deposits by size of account. The first of 

these surveys was made on October 1, 1934, and was used in reporting 

deposits for purposes of assessment; under the temporary deposit insurance plan, assessments were based on insured deposits only. Under 

the permanent plan assessments are based on total deposits. However, 

in order to determine the protection given in operating banks by the 

provision for a maximum coverage of $5,000 to each depositor, surveys 

were made as of May 13, 1936, September 21, 1938, September 24, 1941, 

and October 10, 1945.1 The lapse of four years between the last two calls 

resulted from the desire of the Corporation to avoid imposing extra 

work on the banks during the war.

On October 10, 1945, 13,481 insured commercial and mutual savings 

banks reported total deposits amounting to $141 billion. Of these deposits, 

$66 billion or 46 percent were covered by the provision for a $5,000 

maximum insurance for each depositor. The banks reported 92 million 

accounts, of which 89 million or 96.4 percent had balances of $5,000 or 

less. Table 34 shows deposits and accounts as reported in the five surveys 

which have been made.2

Table 34. I n su r a n c e P r o te c tio n w it h a M a x im u m C o v e r a g e of

$5,000 in a l l I n su r e d B a n k s , Sp e c ia l C a l l D a t e s , 1934-1945

Account or deposit item Oct. 10, Sept. 24, Sept. 21, May 13, Oct. 1,

1945 1941 1938 1936 1934

Number of banks............... ....................... 13,481 13,487 13,754 14,141 14,128

Accounts (in thousands)

Total number............................................. 92,333 69,495 62,731 58,785 51,246

Number of $5,000 or less......................... 88,988 68,165 61,690 57,817 50,423

Percent of $5,000 or less........................... 96.4% 98.1% 98.3% 98.4% 98.4%

Deposits (in millions)

Total amount............................................ $140,603 $69,566 $49,224 $46,168 $37,026

Amount insured........................................ $65,859 $27,639 $22,610 $20,456 $16,455

Percent insured......................................... 46% 39% 45% 44% 44%

Only slight changes occurred in the percent of deposits covered by the 

$5,000 provision as shown in the special calls, although the amount of

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 these surveys is estimated to be higher by about 1 percent 

of total deposits than the percent actually covered by the $5,000 provision. A detailed discussion of these 

differences and of the limitations of the data is contained in the Appendix, page 78.

2 For information concerning the earlier calls, 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; 

1941, pp. 63-78.

63

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

deposits more than trebled. From October 1, 1934, to October 10, 1945, 

total deposits in insured commercial and mutual savings banks increased 

from $37 billion to $141 billion. Deposits increased in every year except

1937, but the growth was especially rapid from 1941 to 1945. The proportion 

of accounts fully covered by the $5,000 provision showed little change, 

although the number of accounts almost doubled between October 1934 

and October 1945, increasing from 51 million to 92 million.

Number of insured banks. Of the 13,481 banks insured on October 

10, 1945, 13,289 were commercial banks and 192 were mutual savings 

banks. Table 35 shows the number of each type of bank distributed 

according to the population of the center in which the head office of the 

bank was located. The various centers enjoyed more banking services 

than is indicated by the table, since more than 4,000 branches are operated by insured banks but are not included in the count of banks.

T ab le 35. Num ber of Insured Com m ercial and M u tu a l Savings Banks

October 10, 1945

grouped by population of center in which located

Size of center

All

insured

banks

Commercial

banks

Mutual

savings

banks

13,481 13,289 192

Banks in centers with population of—

Less than 250.............................................................. 554 554

250 to 500.................................................................... 1,387

2,266

1,387

................................................................ 2,263500 to 1,000 3

1,000 to 2,500.............................................................. 2,944 2,935 9

2,500 to 5,000.............................................................. 1,758 1,749 9

5,000 to 10,000............................................................ 1,438 1,427 11

10,000 to 15,000.......................................................... 650 640 10

15,000 to 25,000.......................................................... 570 551 19

25,000 to 50,000.......................................................... 558 531 27

50,000 to 100,000........................................................ 375 365 10

100,000 to 500,000...................................................... 571 543 28

500,000 or more.......................................................... 410 344 66

A large number of the commercial banks were located in the smaller 

centers. Almost one-third of the banks were in centers with population 

of less than 1,000, more than one-half in centers with population of from

1,000 to 25,000, and less than one-sixth were located in cities with population of 25,000 or more. The 344 insured commercial banks located in 

cities with population of 500,000 or more held nearly one-half of the total 

deposits, one-fourth of the insured deposits, and one-fourth of the total 

number of accounts in all insured commercial banks. Figures showing 

deposits and accounts in insured commercial banks grouped according 

to the population of the centers in which they are located are given in 

Tables 41 and 42, pages 74 and 75.

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Mutual savings banks for the most part are operated in the larger 

centers. Sixty-six of the 192 were located in cities with a population of

500,000 or more. No mutual savings banks were located in centers with 

a population of less than 500. About one-third were in centers with 

population of from 500 to 25,000 and another one-third in those with 

population of from 25,000 to 500,000. Data on accounts and deposits 

of mutual savings banks grouped by population of center are given in 

Tables 45 and 46, pages 78 and 79.

NUMBER OF BANKS

CHART F

NUMBER OF INSURED COMMERCIAL BANKS

GROUPED BY AMOUNT OF DEPOSITS

1934, 1941, 1945

NUMBER OF BANKS

The rapid growth in deposits in insured commercial banks, combined 

with reorganizations, consolidations, and other similar changes, has 

resulted in a substantial shift in the distribution of banks when grouped 

by the amount of their deposits. The shifts which have occurred are 

shown in Table 36 and Chart F. Between October 1, 1934, and October 

10, 1945, the number of insured commercial banks each with deposits 

of $250,000 or less decreased from 5,106 to 89. Only a few of these banks 

ceased operations. Most of them increased in size and at the later date 

appeared as banks with greater amounts of deposits. In 1934 only 96 

banks had deposits amounting to more than $50,000,000 each, while in 

1945 there were 299 banks in this group. The number of insured mutual 

savings banks has changed so radically during the past four years and 

the number prior to 1941 was so small, that figures showing changes 

in their size distribution are of no significance.

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6 6 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 36. N u m b e r of I n su r e d C o m m erc ial B a n k s

Sp e c ia l C a l l D a t e s , 1934-1945

GROUPED BY AMOUNT OF DEPOSITS

Size of bank Oct. 10, 

1945

Sept. 24, 

1941

Sept. 21, 

1938

May 13, 

1936

Oct. 1, 

1934

All banks.. ................................................... 13,289 13,434 13,705 14,085 14,060

Banks with deposits of—

/ 188 

\ 1,649

$100,000 or less......................................... J 89 570 917 1,513

$100,000 to $250,000................................ 2,592 3,028 3,593

$250,000 to $500,000................................ 663 2,986 3,203 3,300 3,115

$500,000 to $1,000,000............................. 2,235 3,226 2,913 2,751 2,421

$1,000,000 to $2,000,000.......................... 3,510

3,829

2,413 2,052 1,926

1,282

1,631

$2,000,000 to $5,000,000.......................... 1,747 1,411 1,060

$5,000,000 to $10,000,000......................... 1,553 589 484 441 1 631 $10,000,000 to $50,000,000....................... 1,111 478 360 331

More than $50,000,000............................. 299 158 120 109 96

D e po sit s in I n s u r e d C o m m e r c ia l B a n k s

On October 10, 1945, the 13,289 insured commercial banks reported 

total deposits amounting to $130 billion, of which $57 billion or 43 percent 

were covered by the provision of a $5,000 maximum insurance for each 

depositor. The banks reported 82 million accounts, 79 million or 96.5 

percent of which did not exceed $5,000. On September 24, 1941, the 13,434 

insured commercial banks had total deposits amounting to $68 billion, 

of which $26 billion or 38 percent were covered by the $5,000 maximum. 

The banks reported 67 million accounts, of which 66 million or 98.1 

percent did not exceed $5,000.

Between 1941 and 1945, the amount of deposits in insured commercial 

banks increased by $62 billion or 93 percent and the number of accounts 

by 15 million or 22 percent, notwithstanding a decrease of 145 in the 

number of these banks. The average size of accounts increased from 

$1,013 in 1941 to $1,598 in 1945. The amount of deposits in accounts of 

$5,000 or less increased by 113 percent while the number of such accounts 

increased by only 20 percent. As a result the average size of these accounts increased from $301 to $535, an increase of 78 percent. The 

number of accounts in excess of $5,000 increased at a more rapid rate 

than the deposits in these accounts, bringing about a decline during the 

4-year period in the average size of these accounts. This decline was only 

slight in the average balances in accounts of between $5,000 and $10,000 

and of between $10,000 and $25,000, but accounts of over $25,000 showed 

average balances of $153,452 in 1945 as compared with $161,665 in 1941, 

or a decline of 5 percent.

During the war period many new accounts were opened and many 

accounts increased in size. Individuals who in 1941 had not kept an 

account with a bank opened savings or checking accounts when their

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DEPOSITS IN INSURED COMMERCIAL BANKS 67

liquid funds accumulated. About 13 million of the 15 million increase 

in the number of accounts was in those with balances not in excess of 

$5,000. However, relatively fewer accounts were fully covered by the 

$5,000 provision than at any time since the beginning of deposit insurance 

in 1934. Increases in income combined with wartime restrictions on 

expenditures resulted in the accumulation of larger balances by many 

depositors. Some accounts which before the war were less than $5,000 

grew to exceed that amount. In 1945, 2.1 percent of the accounts had 

balances of between $5,000 and $10,000 as compared with 1.0 percent 

in 1941. There were relative increases also in the number of accounts in 

excess of $10,000 and of $25,000.

Deposits in the smaller accounts made up a larger proportion of the 

total in 1945 than before the war. Deposits in accounts of $5,000 or less 

were 32 percent of the total as compared with 29 percent in 1941. On the 

other hand, deposits in accounts of over $25,000 made up only 51 percent 

as compared with 57 percent in 1941. Figures are shown in Table 37.

T ab le 37. A ccounts a n d D e po sit s in I n su r e d C o m m e r c ia l B a n k s

O c to b e r 10, 1945, a n d Se p t e m b e r 24, 1941

GROUPED BY SIZE OF ACCOUNT

Accounts of—

Account or deposit item Total

$5,000 or 

less

$5,000 to 

$10,000

$10,000 to 

$25,000

More than 

$25,000

Accounts

Number (in thousands).... 

1945................................... 81,655 78,773 1,729 722 431

1941................................... 66,918 65,668 698 314 238

Percent of total

1945................................... 100.0% 96.5% 2.1% 0.9% 0.5%

1941................................... 100.0 98.1 1.0 0.5 0.4

Deposits

Am ount (in thousands) 

1945................................... $130,476,724 $42,104,903 $11,485,916 $10,781,722 $66,104,183

1941................................... 67,777,691 19,793,513 4,657,552 4,778,657 38,547,969

Percent of total

1945................................... 100.0% 32.3% 8.8% 8.2% 50.7%

1941................................... 100.0 29.2 6.9 7.0 56.9

Average size of accounts

1945................................... $1,598 $535 $6,643 $14,930 $153,452

1941................................... 1,013 301 6,676 15,235 161,665

Percentage changes, 

1941-1945

Number of accounts........ 22% 20% 148% 130% 81%

Amount of deposits.......... 93 113 147 126 71

Average size of accounts.. 58 78 -1 -2 -5

Note: Percentages were calculated from the original figures before rounding.

The percentage of accounts with balances of $5,000 or less declined 

only slightly during the early years of deposit insurance from 98.5 percent 

in 1934 to 98.1 percent in 1941. No great differences appeared among 

various size groups of banks. However, since 1941 the percentage has

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CHART G

P E R C E N T A G E I N C R E A S E IN D E P O S I T S O F 

I N S U R E D C O M M E R C I A L B A N K S

S ep te m b er 2 4, 194-1, t o O c t o b e r 1 0 ,1 9 4 5

FEDERAL DEPOSIT INSURANCE CORPORATION

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DEPOSITS IN INSURED COMMERCIAL BANKS 69

declined somewhat in all size groups of banks and in 1945, 96.5 percent 

of accounts in all banks had balances of $5,000 or less. Figures for insured 

commercial banks grouped by amount of deposits are shown in Table 38 

for each of the special call dates.

T ab le 38. Percent of T otal N umber of A ccounts with Balances of

$5,000 or Less, Special Call D ates, 1934-1945

insured commercial banks grouped by amount of deposits

Size of bank Oct. 10, 

1945

Sept. 24, 

1941

Sept. 21, 

1938

May 13, 

1936

Oct. 1, 

1934

All banks...................................................... 96.5% 98.1% 98.4% 98.4% 98.5%

Banks with deposits of—

$100,000 or less......................................... J 98.7 / 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................................. 98.5 99.3 99.4 99.4 99.4

$500,000 to $1,000,000............................. 98.0 99.1 99.2 99.2 99.3

$1,000,000 to $2,000,000........................... 97.5 98.9 99.0 99.0 99.1

$2,000,000 to $5,000,000........................... 97.2 98.7 98.8 98.8 98.8

$5,000,000 to $50,000,000......................... 96.8 98.1 98.3 98.2 98.3

More than $50,000,000............................. 95.3 96.9 97.1 97.0 97.2

The percent of deposits covered by the $5,000 maximum showed more 

variation than the percent of accounts fully protected. The variation 

was especially great when banks were grouped by amount of deposits, 

ranging in 1945 from 89 percent in the smallest banks to 27 percent in 

the group of banks with deposits of more than $50,000,000 each. The 

coverage was less in 1941 than at any other call. Increases in coverage 

between 1941 and 1945 were greatest in the various groups of banks 

with deposits in excess of $1,000,000 each. Table 39 shows the coverage 

of deposits given by the $5,000 provision on the various call dates with 

banks grouped by amount of deposits.

T ab le 39. Percent of D eposits Insured with a M aximum Coverage of

$5,000, Special Call D ates, 1934-1945

insured commercial banks grouped by amount of deposits

Size of bank Oct. 10, 

1945

Sept. 24, 

1941

Sept. 21, 

1938

May 13, 

1936

Oct. 1, 

1934

All banks...................................................... 43% 38% 45% 43% 43%

Banks with deposits of—

$100,000 or less......................................... } 89 / 96 95 95 91

$100,000 to $250,000................................. \92 91 90 86

$250,000 to $500,000................................. 88 88 87 86 83

$500,000 to $1,000,000............................. 85 84 84 82 78

$1,000,000 to $2,000,000........................... 81 79 79 78 74

$2,000,000 to $5,000,000........................... 75 72 74 72 69

$5,000,000 to $50,000,000......................... 60 53 55 52 49

More than $50,000,000............................. 27 21 26 25 25

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In every State the percentage of accounts in commercial banks which 

exceeded $5,000 was greater in 1945 than in any previous call. The 

percent of deposits protected with the $5,000 maximum increased in 

27 States and decreased in 21 States, in the District of Columbia, and in 

the possessions. The increases occurred particularly in the States where 

the coverage was low and the decreases in the States where the coverage 

was high. Variation among States in the proportion of deposits covered 

was wide, ranging from 79 percent in Vermont to 20 percent in New 

York. In 1941, the coverage ranged from 84 percent in North Dakota to 

17 percent in New York. Figures relating to accounts and deposits in 

insured commercial banks in 1945 in each State are presented in Tables 

43 and 44, pages 76 and 77.

During the 4-year period, 1941-1945, deposits in insured commercial 

banks of the United States increased by 93 percent. The growth was not 

uniform throughout the country, however, ranging from 53 percent in 

New York to 264 percent in North Dakota. The rate of increase was 

less than the national average in all of the 11 New England and Middle 

Atlantic States and in Illinois. Banks in these States held more than 

one-half of the deposits of the country. The percentage increases in 

deposits in each State are shown in Chart G.

A $5,000 maximum coverage gave full protection to all of the deposits 

in only 11 banks. Insurance protection with banks grouped by percent 

of deposits insured is shown in Tables 40 and 41. If a limit of $10,000 or 

$25,000 had been in effect on October 10, 1945, full protection would 

have been given to the deposits in 163 banks by the former provision 

and in 1,889 banks by the latter. Under a $10,000 or $25,000 limit deposit 

coverage would have been increased from the present 43 percent to 49 

percent and 57 percent respectively. The percentage of accounts fully 

covered would have been increased from 96.5 percent to 98.6 percent and 

99.5 percent respectively.

D e p o sit s in I n s u r e d M u t u a l Sa v in g s B a n k s

On October 10, 1945, the 192 insured mutual savings banks held total 

deposits amounting to $10.1 billion, of which $9.3 billion or 92 percent 

were covered by the provision of a $5,000 maximum insurance for each 

depositor. The banks reported 10.7 million accounts, 10.2 million or 

95.7 percent of which did not exceed $5,000. On September 24, 1941, the 

53 mutual savings banks which were then insured held total deposits 

amounting to $1.8 billion, of which 89 percent were covered by the 

$5,000 maximum. The banks reported 2.6 million accounts, 96.9 percent 

of which did not exceed $5,000.

During the four years between September 24, 1941, and October 10,

1945, the number of mutual savings banks which were insured increased

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DEPOSITS IN INSURED MUTUAL SAYINGS BANKS 71

by 139 as a result of the admission to insurance of 141 banks and the 

absorption of 2 banks. The 141 banks admitted were located as follows: 

128 in New York; 9 in New Jersey; 2 in Connecticut; 1 in Maryland; 

and 1 in Pennsylvania. The 2 banks which were absorbed were located 

in the States of New York and Washington. It is estimated that the 

admission to insurance of these 141 banks accounted for an increase of 

8 million in the number of accounts, of $8 billion in the amount of total 

deposits, and of $7.5 billion in the amount of insured deposits. Figures for 

mutual savings banks on the two dates appear in Table 40.

Table 40. A ccounts an d D epo sits in I n su r e d M u t u a l Sa v in g s B a n k s

O cto be r 10, 1945, an d Se p t e m b e r 24, 1941

GROUPED BY SIZE OF ACCOUNT

Accounts of—

Account or deposit item Total

$5,000 or 

less

$5,000 to 

$10,000

$10,000 to 

$25,000

More than 

$25,000

Accounts

Number (in thousands) 

1945................................... 10,678 10,215 441 21 1

1941................................... 2,577 2,497 71 9 i

Percent of total

1945................................... 100.0% 95.7% 4.1% 0.2% 2

1941................................... 100.0 96.9 2.8 0.3 2

Deposits

Amount (in thousands) 

1945................................... $10,125,977 $7,031,470 $2,797,045 $268,101 $29,361

1941................................... 1,788,236 1,197,303 457,145 116,511 17,277

Percent of total

1945................................... 100.0% 69.4% 27.6% 2.7% 0.3%

1941................................... 100.0 66.9 25.6 6.5 1.0

Average size of accounts

1945................................... $948 $688 $6,347 $12,603 $40,666

1941................................. 694 480 6,473 13,431 36,996

Percentage changes, 

1941-1945

Number of accounts........ 314% 309% 524% 145% 55%

Amount of deposits.......... 466 487 512 130 70

Average size of accounts. 37 43 -2 -6 10

1 Less than 500.

2 Less than 0.05%.

Note: Percentages were calculated from the original figures before rounding.

During the four years the coverage under the $5,000 provision increased 

from 89 percent to 92 percent and the percent of accounts which did not 

exceed $5,000 decreased from 96.9 to 95.7 percent. These changes resulted 

from the extraordinary deposit growth which occurred in all mutual 

savings banks, especially during 1944 and 1945, rather than from the 

admission of the 141 banks. The distribution of accounts and deposits 

was much the same in the newly insured banks as in the banks insured 

in 1941.

Deposits in mutual savings banks were 92 percent covered by the 

$5,000 provision as compared with 43 percent coverage in commercial

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72 FEDERAL DEPOSIT INSURANCE CORPORATION

banks. However, time and savings deposits of individuals, partnerships, 

and corporations in commercial banks were about 90 percent covered. 

Only 95.7 percent of the accounts in mutual savings banks were fully 

protected in 1945 as compared with 96.5 percent of the accounts in 

commercial banks.

While the chief factor in the large increase in the number of accounts 

and the amount of deposits in insured mutual savings banks was the 

admission of the 141 banks, there wTas also an unusually high rate of 

growth in the individual banks. The most rapid growth was in accounts 

of between $5,000 and $10,000 where the increase was more than 500 

percent. The average size of all accounts increased from $694 to $948. 

The average size of accounts of $5,000 or less and of more than $25,000 

increased, while the average size of accounts in the two intermediate 

size groups declined.

A grouping of mutual savings banks by amount of deposits showed 

a higher percentage of accounts fully protected by the $5,000 provision 

in small banks than in large banks. In the one bank with deposits of 

$500,000 or less, 98.6 percent of the accounts were fully covered and in 

the group of 30 banks each with deposits of over $100,000,000, 95.1 

percent. A similar tendency was found in commercial banks.

The percentage of deposits covered did not vary according to the size 

of mutual savings banks. Deposits were 92 percent covered by the $5,000 

provision in both the smallest bank and in the group of banks each with 

deposits in excess of $100,000,000, while in the seven intermediate size 

groups coverage ranged from 89 to 96 percent. In commercial banks 

coverage ranged from 89 percent in the smallest banks to 26 percent in 

the largest banks.

Greater variations were found when banks were grouped by State than 

when grouped by size. Some State laws place limitations upon the amounts 

which may be deposited in mutual savings banks. The limitations vary 

from $4,000 to $25,000, although in some States accumulated dividends 

may be added. No limitations are contained in the laws of Maine, Maryland, Ohio, Pennsylvania, and Vermont. Individual banks may place 

restrictions upon the amounts they will accept as deposits irrespective 

of any legal limitations imposed by the States.

In all but one of the 13 States in which the insured mutual savings 

banks were located the banks reported less than 5 percent of their accounts in excess of $5,000; in Maryland less than 1 percent were reported 

as exceeding that amount. Oregon was the one State in which more than 

5 percent of the accounts were in excess of $5,000; 10 percent of the 

accounts were between $5,000 and $10,000, but none exceeded $10,000. 

Only 722 accounts in all insured mutual savings banks exceeded $25,000. 

Of these, 392 were in banks in Pennsylvania and 165 in Ohio. There

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DEPOSITS IN INSURED MUTUAL SAYINGS BANKS 73

were 21,273 accounts between $10,000 and $25,000 and 440,720 between 

$5,000 and $10,000. The provision for a $5,000 maximum insurance 

covered about 85 percent of the deposits in insured mutuals of Connecticut, Ohio, and Pennsylvania and 90 percent or more in banks of 

the other 10 States. Figures for mutual savings banks grouped by amount 

of deposits, by population of the center in which the banks were located, 

and by State are shown in Tables 45 and 46.

The reports made by the banks indicated that the $5,000 insurance 

limit did not fully protect the deposits in any insured mutual savings bank. 

It afforded 90 percent or more coverage to the deposits in 148 banks, 80 

to 89 percent to the deposits in 43 banks, and less than 80 percent (79 

percent) to the deposits in only 1 bank. A change in the insurance maximum to $10,000 or $25,000 for each depositor would give full protection 

to all deposits in 8 and 136 banks, respectively, and would give 90 percent 

or more protection in all the remaining banks. Under either limit, deposit 

coverage would be increased from the present 92 percent to 99 percent. 

The percent of accounts fully protected would be increased from the 

present 95.7 percent to 99.8 percent by a $10,000 limit, while a $25,000 

limit would fully protect all but 722 of the 10,678,296 accounts in these 

banks.

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74 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 41. D is t r ib u t io n of A ccounts A ccording to Size

O cto be r 10, 1945

in s u r e d co m m er cial b a n k s gro u ped b y cla ss, am o u n t of d e p o s it s, p o p u l a t io n of

CENTER IN WHICH LOCATED, AND PERCENT OF DEPOSITS INSURED

Number

of

banks

Number of accounts (in thousands) Percent

of

accounts 

of $5,000 

or less

Classification

Total $5,000 

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

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

Class of bank

National banks members F. R.

13,289 81*655 78,773 1,729 722 431 96.5%

System......... .....................

State banks members F. R.

5,014 44,161 42,553 944 407 257 96.4

System.................................. 1,846 18,973 18,206 438 196 133 96.0

Banks not members F. R. System

Banks with deposits of—

$250,000 or less...........................

6,429

89

18,521

31

18,014

31

347 119 41 97.3

98.7

$250,000 to $500,000................... 663 438 431 5 2 98.5

$500,000 to $1,000,000............... 2,235 2,390 2,342 35 11 2 98.0

$1,000,000 to $2,000,000............ 3,510 6,431 6,272 113 36 10 97.5

$2,000,000 to $5,000,000............ 3,829

1,553

13,920 13,539 261 91 29 97.2

$5,000,000 to $10,000,000.......... 11,487 11,154 219 82 32 97.1

$10,000,000 to $25,000,000 847 11,739 11,361 236 96 46 96.8

$25,000,000 to $50,000,000........ 264 6,684 6,442 143 63 36 96.4

$50,000,000 to $100,000,000___ 134 5,410 5,196 120 55 39 96.1

More than $100,000,000.............

Banks in center with popuulation of—

165 23,125 22,005 597 286 237 95.2

Less than 250............................... 554 527 513 10 3 1 97.3

250 to 500. ................................... 1,387 1,582 1,544 28 8 2 97.6

500 to 1,000................................. 2,263 3,357 3,269 63 20 5 97.4

1,000 to 2,500.............................. 2,935 6,676 6,498 125 42 11 97.3

2,500 to 5,000.............................. 1,749 6,108 5,937 116 41 14 97.2

5,000 to 10,000............................ 1,427 6,976 6,775 133 50 18 97.1

10,000 to 15,000.......................... 640 4,252 4,128 81 31 12 97.1

15,000 to 25,000.......................... 551 4,858 4,709

6,164

96 37 16 96.9

25,000 to 50,000.......................... 531 6,363 125 50 24 96.9

50,000 to 100,000........................ 365 6,176 5,978 117 51 30 96.8

100,000 to 500,000...................... 543 14,025 13,506 294 129 96 96.3

500,000 or more...........................

Banks with percent of deposits insured of—

100 percent...................................

344

11

20,755

4

19,752

4

541 260 202 95.2

100.0

90 to 99 percent........................... 1,697 2,769 2,729 33 6 1 98.6

80 to 89 percent........................... 4,729 12,853 12,568 211 60 14 97.8

70 to 79 percent........................... 3,640 16,512 16,051 317 109 35 97.2

60 to 69 percent........................... 1,796 17,715 17,151 366 142 56 96.8

50 to 59 percent........................... 768 11,944 11,478 289 118 59 96.1

40 to 49 percent........................... 300 6,005 5,752 143 69 41 95.8

30 to 39 percent........................... 165 4,484 4,288 102 53 41 95.6

20 to 29 percent........................... 110 5,831

3,538

5,536 143 79 73 94.9

Less than 20 percent................... 73 3,216 125 86 111 90.9

N o t e : Percentages were calculated from the original figures before rounding.

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DEPOSITS IN INSURED COMMERCIAL BANKS 75

Table 42. D is t r ib u t io n of D epo sit s A ccordin g to Size of A ccount

O cto b e r 10, 1945

in su r e d com m er cial b a n k s g ro u ped b y cla ss, a m o u n t of d e po s its, p o p u l a tio n of

CENTER IN WHICH LOCATED, AND PERCENT OF DEPOSITS INSURED

Classification

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

T otal................................................ $130,477 $42,105 $11,486 $10,782 $66,104 $56,514 43%

Class of bank

National banks members F. R.

System.................................. 74,124 22,542 6,289 6,115 39,178 30,583 41

State banks members F. R.

System.................................. 39,659 10,014 2,904 2,935 23,806 13,852 34

Banks not members F. R. System 16,694 9,549 2,293 1,732 3,120 12,079 72

Banks with deposits of—

$250,000 or less............................ 17 13 2 1 1 15 89

$250,000 to $500,000................... 266 204 32 22 8 236 88

$500,000 to $1,000,000................ 1,684 1,209 231 150 94 1,446 85

$1,000,000 to $2,000,000............. 5,113 3,373 754 526 460 4,169 81

$2,000,000 to $5,000,000............. 11,956 7,089 1,725 1,335 1,807 8,993 75

$5,000,000 to $10,000,000........... 10,738 5,707 1,446 1,206 2,379 7,370 68

$10,000,000 to $25,000,000......... 12,924 5,842 1,562 1,432 4,088 7,733 59

$25,000,000 to $50,000,000......... 9,044 3,391 953 944 3,756 4,602 50

$50,000,000 to $100,000,000 9,398 2,755 801 839 5,003 3,827 40

More than $100,000,000.............. 69,337 12,522 3,980 4,327 48,508 18,123 26

Banks in centers with population of—

Less than 250............................... 526 295 66 43 122 365 69

250 to 500..................................... 1,244 858 186 119 81 1,047 84

500 to 1,000................................. 2,781 1,850 420 284 227 2,287 82

1,000 to 2,500............................... 5,607 3,553 834 601 619 4,444 79

2,500 to 5,000............................... 5,416 3,144 770 612 890 4,001 73

5,000 to 10,000............................. 6,412 3,515 885 733 1,279 4,522 70

10,000 to 15,000........................... 4,050 2,094 534 461 961 2,717 67

15,000 to 25,000........................... 5,034 2,406 632 553 1,443 3,155 62

25,000 to 50,000........................... 6,808 3,088 822 743 2,155 4,082 60

50,000 to 100,000......................... 7,679 2,950 775 761 3,193 3,937 51

100,000 to 500,000....................... 24,355 7,047 1,948 1,955 13,405 9,642 39

500,000 or more........................... 60,565 11,305 3,614 3,917 41,729 16,315 26

Banks with percent of deposits insured of—

100 percent................................... 3 3 3 100

90 to 99 percent........................... 1,711 1,384 212 89 26 1,585 92

80 to 89 percent........................... 9,518 6,594 1,379 872 673 8,021 84

70 to 79 percent........................... 14,301 8,417 2,092 1,596 2,196 10,723 75

60 to 69 percent........................... 17,939 8,745 2,431 2,071 4,692 11,563 64

50 to 59 percent........................... 16,129 6,608 1,914 1,750 5,857 8,938 55

40 to 49 percent........................... 9,880 3,176 950 1,033 4,721 4,440 44

30 to 39 percent........................... 9,244 2,257 688 805 5,494 3,237 35

20 to 29 percent........................... 17,390 2,961 970 1,223 12,236 4,439 25

Less than 20 percent................... 34,362 1,960 850 1,343 30,209 3,565 10

N o t e : Percentages were calculated from the original figures before rounding.

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76 FEDERAL DEPOSIT INSURANCE CORPORATION

T ab le 43. D is t r ib u t io n of A ccounts A ccordin g to Size

O cto b e r 10, 1945

in s u r e d co m m er cial b a n k s g r o u ped b y sta te

State

Number

of

banks

Number of accounts (in thousands)

Percent of 

accounts 

of $5,000 

Total or less $5,000 

or less

$5,000

to

$10,000

$10,000

to

$25,000

More

than

$25,000

United States and possessions—total............. 13,289 81,655 78,773 1,729 722 431 96.5%

United States—tota l.. 13,284 81,621 78,741 1,728 721 431 96.5%

State

Alabama..................... 212 1,159 1,131 17 7 4 97.5

Arizona........................ 11 241 230 7 3 1 95.6

Arkansas..................... 208 629 610 11 5 3 97.0

California.................... 189 8,191 7,835 233 88 35 95.7

Colorado...................... 132 604 576 17 7 4 95.4

Connecticut............... 99 959 931 17 7 4 97.0

Delaware..................... 39 192 184 5 2 1 95.6

District of Columbia.. 21 693 672 12 6 3 96.8

Florida........................ 166 995 950 27 12 6 95.5

Georgia........................ 290 1,310 1,273 21 10 6 97.2

Idaho........................... 45 260 248 8 3 1 95.2

Illinois......................... 832 5,221 5,008 126 52 35 95.9

Indiana........................ 471 2,117 2,052 42 15 8 96.9

Iowa............................ 591 1,560 1,509 34 12 5 96.7

Kansas........................ 446 1,013 975 23 10 5 96.3

Kentucky.................... 362 1,200 1,168 20 8 4 97.3

Louisiana..................... 150 1,113 1,079 19 9 6 97.0

Maine.......................... 56 498 487 7 3 1 97.7

Maryland.................... 169 1,201 1,166 21 9 5 97.0

Massachusetts............ 183 2,142 2,061 42 22 17 96.2

Michigan..................... 413 3,361 3,259 67 23 12 96.9

Minnesota................... 646 1,752 1,702 31 11 8 97.2

Mississippi.................. 197 685 667 11 5 2 97.3

Missouri...................... 561 2,430 2,356 42 18 14 96.9

Montana..................... 111 296 280 10 4 2 94.8

Nebraska..................... 351 742 712 18 8 4 95.9

Nevada........................ 8 87 82 3 1 1 94.2

New Hampshire......... 57 215 210 3 1 1 97.3

New Jersey................. 344 4,183 4,073 75 24 11 97.3

New Mexico............... 41 187 179 5 2 1 95.8

New York................... 679 8,001 7,583 208 112 98 94.8

North Carolina........... 223 1,241 1,206 20 9 6 97.2

North Dakota............ 146 323 310 9 3 1 96.0

Ohio............................. 663 4,611 4,458 96 36 21 96.7

Oklahoma................... 371 1,118 1,085 19 9 5 97.1

Oregon......................... 69 822 787 23 8 4 95.8

Pennsylvania.............. 1,010 7,010 6,802 126 52 30 97.0

Rhode'Island.............. 16 477 463 9 3 2 97.0

South Carolina........... 121 525 508 10 5 2 96.8

South Dakota............. 165 345 333 8 3 1 96.7

Tennessee.................... 286 1,432 1,393 23 10 6 97.3

Texas. . ....................... 799 3,474 3,344 73 36 21 96.3

Utah............................ 57 383 370 8 3 2 96.9

Vermont...................... 71 308 302 5 1 97.9

Virginia....................... 313 1,866 1,825 26 10 5 97.8

Washington................. 119 1,200 1,149 32 13 6 95.7

West Virginia............. 173 974 954 12 5 3 97.9

Wisconsin.................... 546 2,118 2,054 43 14 7 97.0

Wyoming..................... 56 157 150 4 2 1 95.9

Possessions—tota l. . . . 5 34 32 1 1 95.9%

N o t e : Percentages were calculated from the original figures before rounding.

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DEPOSITS IN INSURED COMMERCIAL BANKS 77

T ab le 44. D is t r ib u t io n of D e po sit s A ccordin g to Size of A ccount

O cto b e r 10, 1945

INSURED COMMERCIAL BANKS GROUPED B Y STATE

Deposits (in millions) Deposits insured 

with $5,000 

maximum coverage

State

In accounts of—

Total $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............. $130,477 $42,105 $11,486 $10,782 $66,104 $56,514 43%

United States—total.. $130,438 $42,083 $11,479 $10,778 $66,098 $56,485 43%

State

Alabama...................... 1,147 490 112 111 434 633 55

Arizona....................... 335 143 44 43 105 196 58

Arkansas..................... 688 328 74 72 214 421 61

California.................... 11,393 4,685 1,548 1,257 3,903 6,464 56

Colorado..................... 1,002 370 112 106 414 506 50

Connecticut................ 1,171 466 112 108 485 608 51

Delaware..................... 390 96 31 35 228 138 35

District of Columbia.. 953 318 84 90 461 427 44

Florida......................... 1,523 533 179 182 629 756 49

Georgia....................... 1,576 572 140 145 719 756 48

Idaho........................... 365 171 54 47 93 233 63

Illinois......................... 10,395 2,765 837 789 6,004 3,831 36

Indiana........................ 2,534 1,127 276 231 900 1,454 57

Iowa............................ 1,792 855 231 178 528 1,116 62

Kansas......................... 1,321 571 157 146 447 759 57

Kentucky.................... 1,352 619 135 120 478 782 57

Louisiana..................... 1,421 487 125 136 673 655 46

Maine.......................... 404 203 49 42 110 261 64

Maryland.................... 1,412 515 142 137 618 693 49

Massachusetts............ 4,196 1,018 284 335 2,559 1,421 33

Michigan..................... 4,460 1,864 441 346 1,809 2,378 53

Minnesota................... 2,437 954 203 166 1,114 1,203 49

Mississippi.................. 685 340 74 75 196 432 63

Missouri...................... 3,830 1,207 285 280 2,058 1,580 41

Montana..................... 465 203 66 59 137 280 60

Nebraska..................... 1,132 436 124 114 458 586 51

Nevada....................... 139 57 20 19 43 82 59

New Hampshire......... 196 87 23 22 64 116 59

New Jersey................. 3,965 1,962 482 358 1,163 2,515 63

New Mexico................ 243 107 32 34 70 147 60

New York................... 31,313 4,361 1,390 1,713 23,849 6,452 20

North Carolina........... 1,668 578 131 139 820 753 45

North Dakota............ 382 228 63 41 50 293 76

Ohio............................. 6,240 2,447 627 530 2,636 3,207 51

Oklahoma................... 1,382 527 130 129 596 691 50

Oregon......................... 1,225 560 151 119 395 733 59

Pennsylvania.............. 9,255 3,226 831 771 4,427 4,265 46

Rhode Island.............. 574 196 57 50 271 267 46

South Carolina........... 585 250 67 70 198 333 57

South Dakota............. 377 213 52 39 73 270 71

Tennessee.................... 1,708 665 153 147 743 860 50

Texas........................... 4,986 1,766 498 541 2,181 2,410 48

Utah............................. 499 190 48 40 221 249 49

Vermont...................... 212 135 30 19 28 168 79

Virginia....................... 1,662 749 169 153 591 955 57

Washington................. 1,893 765 213 191 724 1,022 54

West Virginia.............. 803 400 83 73 247 499 62

Wisconsin.................... 2,561 1,190 283 204 884 1,509 58

Wyoming..................... 191 88 27 26 50 120 62

Possessions—total. . . . $39 $22 $7 $4 $6 $29 73%

N o t e : Percentages were calculated from the original figures before rounding.

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 45. D istribution of A ccounts A ccording to Size

October 10, 1945

INSURED MUTUAL SAYINGS BANKS GROUPED B Y AMOUNT OF DEPOSITS, 

POPULATION OF CENTER IN WHICH LOCATED, AND STATE

Number

of

banks

Number of accounts

Percent of

Classification

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

United States—to ta l......... 192 10,678,296 10,215,581 440,720 21,273 722 95.7%

Banks with deposits 

of—

$250,000 to $500,000......... 1 1,359

2,270

1,340

2,231

18,812

15 4 98.6

$500,000 to $1,000,000___ 2 36 3 98.3

$1,000,000 to $2,000,000... 6 19,219 343 62 2 97.9

$2,000,000 to $5,000,000... 25 119,006 115,397 3,440 159 10 97.0

$5,000,000 to $10,000,000.. 31 295,308 285,241 9,639 417 11 96.6

$10,000,000 to $25,000,000. 45 845,475 812,057 31,459 1,875 84 96.1

$25,000,000 to $50,000,000. 26 1,155,001 1,111,620 41,631 1,718 32 96.3

$50,000,000 to $100,000,000 26 2,186,746 2,114,354 68,866 3,305 221 96.7

More than $100,000,000. . . 30 6,053,912 5,754,529 285,291 13,730 362 95.1

Banks in centers with 

population of—

500 to 1,000........................ 3 17,333 16,180 1,112 40 1 93.4

1,000 to 2,500..................... 9 44,104 41,643 2,372 88 1 94.4

2,500 to 5,000..................... 9 33,469

109,532

31,763

105,101

1,655

4,231

51 94.9

5,000 to 10,000................... 11 195 5 95.9

10,000 to 15,000................. 10 78,158 75,252 2,738 164 4 96.3

15,000 to 25,000................. 19 257,410 247,745

460,211

8,912 731 22 96.2

25,000 to 50,000................. 27 476,719 15,438 1,023 47 96.6

50,000 to 100,000............... 10 289,491 279,660 9,347 452 32 96.6

100,000 to 500,000............. 28 1,625,063 1,572,876

7,385,150

50,044 2,106 37 96.8

500,000 or more................. 66 7,747,017 344,871 16,423 573 95.3

State

Connecticut........................ 2 23,781 22,854 745 177 5 96.1

Indiana................................ 3 23,117 22,266 734 96 21 96.3

Maine................................. 6 36,591 35,865 633 90 3 98.0

Maryland........................... 3 198,042 196,445 1,392 187 18 99.2

Minnesota........................... 1 239,531

634,366

235,434

619,856

4,084

12,536

13 98.3

New Jersey......................... 22 1,897 77 97.7

New Y ork.......................... 131 7,811,796 7,431,285 371,758 8,727 26 95.1

Ohio.....................................

Oregon.................................

3

1

198,531

4,353

189,569

3,884

1,090,551

7,294

469

1,503 165 95.5

89.2

Pennsylvania...................... 7 1,130,433 31,178 8,312 392 96.5

Vermont.............................. 8 101,415 99,140 2,080 184 11 97.8

Washington........................ 2 251,803 244,190 7,560 52 1 97.0

Wisconsin............................ 3 24,537 24,242 257 35 3 98.8

N o t e : Percentages were calculated from the original figures before rounding.

Appendix

Limitations of D ata on Insured D eposits

Special Surveys, 1936-1945

The deposit insurance law provides that in any insured bank closed on account of

inability to meet the demands of its depositors, each depositor shall have insurance

protection to a maximum of $5,000 upon his deposits therein maintained in the same

right and capacity.1 If a depositor has more than one account, for example, a personal

1 For these provisions, see subsections (c) (13) and (1) (6) of the Federal deposit insurance law, 

as amended, Title 12, U.S.C., 1940 ed., sec. 264.

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DEPOSITS IN INSURED MUTUAL SAYINGS BANKS 79

Table 46. D is t r ib u t io n of D epo sit s A ccording to Size of A ccount

O cto b e r 10, 1945

in su r e d m u t u a l s a y in g s b a n k s g ro u ped b y am o u n t of d e po s its,

po p u l a tio n of c e n te r in w h ic h l o c a t e d , an d state

Deposits (in thousands) Deposits insured (f K AAA

Classification

In accounts of—

W it/ll tpO,UUU

maximum coverage

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......... $10,125,977 $7,031,470 $2,797,045 $268,101 $29,361 $9,345,045 92%

Banks with deposits

of—

$250,000 to $500,000......... 443 315 87 41 410 92

$500,000 to $1,000,000___ 1,340 1,096 203 41 1,291 96

$1,000,000 to $2,000,000... 9,847 6,758 2,210 826 53 8,793 89

$2,000,000 to $5,000,000... 87,394 63,069 22,015 2,011 299 81,114 92

$5,000,000 to $10,000,000. . 230,705 164,418 60,605 5,177 505 214,753 93

$10,000,000 to $25,000,000. 716,187 486,231 202,757 23,939 3,260 653,320 91

$25,000,000 to $50,000,000. 938,726 649,843 266,791 21,102 990 866,748 92

$50,000,000 to $100,000,000 1,757,666

6,383,669

1,265,325 438,689

1,803,708

43,307 10,365 1,627,286 92

More than $100,000,000. . . 4,394,415 171,657 13,889 5,891,330 92

Banks in centers with

population of—

500 to 1,000........................ 21,346 13,476 7,355 487 28 19,241 90

1,000 to 2,500..................... 43,384 26,764 15,582 1,009 29 39,068 90

2,500 to 5,000..................... 33,706

95,640

22,201 10,863

27,545

642 30,731

87,684

91

5,000 to 10,000................... 65,529 2,396 170 91

10.000 to 15,000.................

15.000 to 25,000.................

58,444 38,584 17,712 2,039 109 53,114 90

205,429 137,152 57,967 9,360 950 185,477 90

25,000 to 50,000................. 353,247 238,919 99,565 13,047 1,716 321,459 91

50,000 to 100,000............... 232,750 166,386 59,395 5,611

25,367

1,358 215,542 92

100,000 to 500,000............. 1,173,104 830,877 315,574 1,286 1,091,812 93

500,000 or more................. 7,908,927 5,491,582 2,185,487 208,143 23,715 7,300,917 92

State

Connecticut........................ 21,249 13,747 4,933 2,383 186 18,382 86

Indiana............................... 25,971 19,257 4,458 1,318 938 23,512 90

Maine................................. 22,318 16,984 3,947 1,168 219 20,614 92

Maryland........................... 72,747 60,942 8,613 2,545 647 68,927 94

Minnesota........................... 124,883

405,406

103,286

300,573

21,384

77,819

213 123,771

373,123

99

New Jersey......................... 24,820 2,194 92

New York........................... 8,098,861 5,636,629 2,363,024 97,742 1,466 7,539,184 93

Ohio.....................................

Oregon.................................

200,632

8,384

125,625

5,945

575,748

46,768

2,439

202,990

20,722 7,517 170,435

8,290

775,158

84

98

Pennsylvania...................... 907,872 113,733 15,401 85

Vermont............................. 73,813 58,504 12,191 2,442 676 69,879 94

Washington........................ 153,563 106,083 46,894 559 27 144,148 93

Wisconsin........................... 10,278 8,147 1,585 456 90 9,622 93

N o t e : Percentages were calculated from the original figures before rounding.

checking account and a savings account, the accounts are combined in determining

what amount shall be paid to him by the Corporation. The total net amount, after

deducting the amount he owes the bank, is paid up to a maximum of $5,000. 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 thus protected is paid by the

Corporation.

The term “insured deposits” , when used in connection with such closed banks,

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 as preferred claims, even though

those claims were covered by the provision for a $5,000 maximum. Table 4, page 17,

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

shows that in the 245 insured banks placed in receivership, 80 percent of the deposits

were protected by insurance and 10 percent by pledge of security, priority of claims,

or by offsetting; claims. In banks merged with the financial aid of the Federal Deposit

Insurance Corporation, full protection is given all depositors.

The term “insured deposits” , as used in connection with the special surveys, includes balances in accounts of $5,000 or less and the first $5,000 in accounts with

balances in excess of that amount. In submitting the reports of their deposits on

October 10, 1945, the operating banks were instructed to report on the basis of accounts as they stood on their books without combining the accounts standing to the

credit of a depositor in the same right and capacity and without deducting offsetting

indebtedness.1 This method was used in order to lessen the work required in the

preparation of the report by the banks. The same method was used in the surveys of

September 24, 1941, 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 in these

special surveys 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. 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 the $5,000 provision by about 1 percent of

total deposits.

In the special surveys, banks were instructed also to report deposits to agree with

the amounts shown on their certified statements which include uninvested trust funds

and outstanding drafts as well as the items usually reported as deposits in statements

of assets and liabilities. War loan deposits need not be reported on certified statements

and it is estimated that the amount not reported on October 10, 1945, was about

$7 billion. The inclusion of this amount probably would have reduced the percentage

of deposits covered by the $5,000 provision from 46 percent to 44 percent in all insured

banks and from 43 percent to 41 percent in insured commercial banks.

The tabulation of deposits by type was not completed in time to be included in

this report.

i The form used for the reports on October 10, 1945, was similar to that used on September 21, 1938. 

See the Annual Report of the Corporation for 1938, pp. 109-111, for the instructions and form used in 

that year.

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Federal Reserve Bank of St. Louis
PART FOUR

LEGISLATION

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F e d e r a l L e g is l a t io n R e l a t in g t o I n s u r e d B a n k s

o r t h e Co r p o r a tio n

AUDIT OF CORPORATION

[Public Law 4— 79th Congress]

[Chapter 4— 1st Session]

[S. 375]

AN ACT

To provide for the effective administration of certain lending agencies of the Federal

Government.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, ....

Sec. 5. (a) The financial transactions of all Government corporations shall be audited

by the General Accounting Office in accordance with the principles and procedures

applicable to commercial corporate transactions and under such rules and regulations

as may be prescribed by the Comptroller General of the United States. The audit

shall be conducted at the place or places where the accounts of the respective corporations are normally kept. The representatives of the General Accounting Office

shall have access to all books, accounts, financial records, reports, files, and all other

papers, things, or property belonging to or in use by the respective corporations and

necessary to facilitate the audit, and they shall be afforded full facilities for verifying

transactions with the balances or securities held by depositaries, fiscal agents, and

custodians. The audit shall begin with the current fiscal year.

(b) A report of each such audit for each fiscal year ending on June 30 shall be made

by the Comptroller General to the Congress not later than January 15 following the

close of the fiscal year for which such audit is made. The report shall set forth the

scope of the audit of each corporation and shall include a statement (showing intercorporate relations) of assets and liabilities, capital and surplus, or deficit; a statement

of surplus or deficit analysis; a statement of income and expense; and such comments

and information as may be deemed necessary to keep Congress informed of the operations and financial condition of the several corporations, together with such recommendations with respect thereto as the Comptroller General may deem advisable,

including a report of any impairment of capital noted in the audit and recommendations

for the return of such Government capital or the payment of such dividends as, in

his judgment, should be accomplished. The report shall also show specifically every

program, expenditure, or other financial transaction or undertaking, which, in the

opinion of the Comptroller General, has been carried on or made without authority

of law. A copy of each report shall be furnished to the President and to the corporation

concerned at the time submitted to the Congress.

(c) The expenses of auditing the financial transactions of all Government corporations as provided in section 5 (a) of this Act may be paid out of appropriations to the

General Accounting Office and appropriations in such sums as may be necessary are

hereby authorized for the purpose: Provided, That by agreement between the General

Accounting Office and said corporation the expenses of said audit may be paid from

funds of such corporation.

Approved, February 24, 1945.

83

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84 FEDERAL DEPOSIT INSURANCE CORPORATION

GOVERNMENT CORPORATION CONTROL ACT

[Public La w 248— 79th Congress]

[Chapter 557— 1st Session]

[H. R. 3660]

AN ACT

To provide for financial control of Government corporations.

Be it enacted by the Senate and Bouse of Representatives of the United States of America

in Congress assembled, That this Act may be cited as the “ Government Corporation

Control Act” .

DECLARATION OF POLICY

Sec. 2. It is hereby declared to be the policy of the Congress to bring Government

corporations and their transactions and operations under annual scrutiny by the

Congress and provide current financial control thereof.

* * * * *

TITLE II— M IXED-OW NERSH IP GOVERNM ENT CORPORATIONS

Se c. 201. As used in this Act the term “mixed-ownership Government corporations”

means (1) the Central Bank for Cooperatives and the Regional Banks for Cooperatives,

(2) Federal Land Banks, (3) Federal Home Loan Banks, and (4) Federal Deposit

Insurance Corporation.

Sec. 202. The financial transactions of mixed-ownership Government corporations

for any period during which Government capital has been invested therein shall be

audited by the General Accounting Office in accordance with the principles and

procedures applicable to commercial corporate transactions and under such rules and

regulations as may be prescribed, by the Comptroller General of the United States.

The audit shall be conducted at the place or places where the accounts of the respective

corporations are normally kept. The representatives of the General Accounting Office

shall have access to all books, accounts, financial records, reports, files, and all other

papers, things, or property belonging to or in use by the respective corporations and

necessary to facilitate the audit, and they shall be afforded full facilities for verifying

transactions with the balances or securities held by depositaries, fiscal agents, and

custodians. The audit shall begin with the first fiscal year commencing after the

enactment of this Act.

Sec. 203. A report of each such audit for each fiscal year ending on June 30 shall

be made by the Comptroller General to the Congress not later than January 15,

following the close of the fiscal year for which such audit is made. The report shall

set forth the scope of the audit and shall include a statement (showing intercorporate

relations) of assets and liabilities, capital and surplus or deficit; a statement of surplus

or deficit analysis; a statement of income and expense; a statement of sources and

application of funds; and such comments and information as may be deemed necessary

to keep Congress informed of the operations and financial condition of, and the use of

Government capital by, each such corporation, together with such recommendations

with respect thereto as the Comptroller General may deem advisable, including a

report of any impairment of capital or lack of sufficient capital noted in the audit and

recommendations for the return of such Government capital or the payment of such

dividends as, in his judgment, should be accomplished. The report shall also show

specifically any program, expenditure, or other financial transaction or undertaking

observed in the course of the audit, which, in the opinion of the Comptroller General,

has been carried on or made without authority of law. A copy of each report shall be

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FEDERAL LEGISLATION 8 5

furnished to the President, to the Secretary of the Treasury, and to the corporation

concerned at the time submitted to the Congress.

Sec. 204. The President shall include in the annual Budget any recommendations

he may wish to make as to the return of Government capital to the Treasury by any

mixed-ownership corporation.

TITLE III— GENERAL PROVISIONS

Sec. 301. (a) The expenses of auditing the financial transactions of wholly owned

and mixed-ownership Government corporations as provided in sections 105 and 202

of this Act shall be borne out of appropriations to the General Accounting Office, and

appropriations in such sums as may be necessary are hereby authorized: Provided,

That each such corporation shall reimburse the General Accounting Office for the full

cost of any such audit as billed therefor by the Comptroller General, and the General

Accounting Office shall deposit the sums so reimbursed into the Treasury as miscellaneous receipts: Provided further, That in making the audits provided in said sections

the Comptroller General shall, to the fullest extent deemed by him to be practicable,

utilize reports of examinations of Government corporations made by a supervising

administrative agency pursuant to law.

(b) For the purpose of conducting such audit the Comptroller General is authorized

in his discretion to employ not more than ten persons without regard to the Classification Act of 1923, as amended, only one of whom may be compensated at a rate of as

much as but not more than $10,000 per annum, and to employ by contract, without

regard to section 3709 of the Revised Statutes, professional services of firms and

organizations for temporary periods or for special purposes.

(c) The audit provided in sections 105 and 202 of this Act shall be in lieu of any

audit of the financial transactions of any Government corporation required to be

made by the General Accounting Office for the purpose of a report to the Congress

or to the President under any existing law.

(d) Unless otherwise expressly provided by law, no funds of any Government

corporation shall be used to pay the cost of any private audit of the financial records

of the offices of such corporation, except the cost of such audits contracted for and

undertaken prior to April 25, 1945.

Sec. 302. The banking or checking accounts of all wholly owned and mixed-ownership Government corporations shall be kept with the Treasurer of the United States,

or, with the approval of the Secretary of the Treasury, with a Federal Reserve bank,

or with a bank designated as a depositary or fiscal agent of the United States: Provided, That the Secretary of the Treasury may waive the requirements of this section

under such conditions as he may determine: And provided further, That this section

will not apply to the establishment and maintenance in any bank for a temporary

period of banking and checking accounts not in excess of $50,000 in any one bank.

The provisions of this section shall not be applicable to Federal Intermediate Credit

Banks, Production Credit Corporations, the Central Bank for Cooperatives, the

Regional Banks for Cooperatives, or the Federal Land Banks, except that each such

corporation shall be required to report annually to the Secretary of the Treasury

the names of the depositaries in which such corporation keeps a banking or checking

account, and the Secretary of the Treasury may make a report in writing to the

corporation, to the President, and to the Congress which he deems advisable upon

receipt of any such annual report.

Sec. 303. (a) All bonds, notes, debentures, and other similar obligations which are

hereafter issued by any wholly owned or mixed-ownership Government corporation

and offered to the public shall be in such forms and denominations, shall have such

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

maturities, shall bear such rates of interest, shall be subject to such terms and conditions, shall be issued in such manner and at such times and sold at such prices as have

been or as may be approved by the Secretary of the Treasury.

(b) Hereafter, no wholly owned or mixed-ownership Government corporation shall

sell or purchase any direct obligation of the United States or obligation guaranteed

as to principal or interest, or both, for its own account and in its own right and interest,

at any one time aggregating in excess of $100,000, without the approval of the Secretary

of the Treasury: Provided, That the Secretary of the Treasury may waive the requirement of his approval with respect to any transaction or classes of transactions subject

to the provisions of this subsection for such period of time and under such conditions

as he may determine.

(c) The Secretary of the Treasury is hereby authorized to exercise any of the

functions vested in him by this section through any officer, or employee of any Federal

agency whom he may designate, with the concurrence of the head of the agency

concerned, for such purpose.

(d) Any mixed-ownership Government corporation from which Government capital

has been entirely withdrawn shall not be subject to the provisions of section 302 or

of this section during the period such corporation remains without Government capital.

The provisions of subsections (a) and (b) of this section shall not be applicable to

Federal Intermediate Credit Banks, Production Credit Corporations, the Central

Bank for Cooperatives, the Regional Banks for Cooperatives, or the Federal Land

Banks, except that each such corporation shall be required to consult with the Secretary

of the Treasury prior to taking any action of the kind covered by the provisions of

subsections (a) and (b) of this section, and in the event an agreement is not reached,

the Secretary of the Treasury may make a report in writing to the corporation, to the

President, and to the Congress stating the grounds for his disagreement.

Sec. 304. (a) No corporation shall be created, organized, or acquired hereafter

by any officer or agency of the Federal Government or by any Government corporation for the purpose of acting as an agency or instrumentality of the United States,

except by Act of Congress or pursuant to an Act of Congress specifically authorizing

such action.

(b) No wholly owned Government corporation created by or under the laws of any

State, Territor}', or possession of the United States or any political subdivision thereof,

or under the laws of the District of Columbia, shall continue after June 30, 1948, as

an agency or instrumentality of the United States, and no funds of, or obtained from,

the United States or any agency thereof, including corporations, shall be invested

in or employed by any such corporation after that date, except for purposes of liquidation. The proper corporate authority of every such corporation shall take the necessary

steps to institute dissolution or liquidation proceedings on or before that date: Provided, That prior thereto any such corporation may be reincorporated by Act of

Congress for such purposes and term of existence and with such powers, privileges,

and duties as authorized bjr such Act, including the power to take over the assets

and assume the liabilities of its respective predecessor corporation.

Approved December 6, 1945.

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FEDERAL LEGISLATION 8 7

LOST GOVERNM ENT CHECKS

[P u b lic L a w 243— 79th Congress]

[Chapter 515— 1st Session]

[H. R. 4350]

AN ACT

To amend section 3646 of the Revised Statutes, as amended, relating to the issuance

of checks in replacement of lost, stolen, destroyed, mutilated, or defaced checks

of the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America

in Congress assembled, That section 3646 of the Revised Statutes of the United States,

as amended (U. S. C., title 31, sec. 528), is further amended to read as follows:

“ (a) Except as hereinafter provided, whenever it is clearly proved to the satisfaction

of the Secretary of the Treasury that any original check of the United States is lost,

stolen, or wholly or partly destroyed, or is so mutilated or defaced as to impair its

value to its owner or holder, the Secretary of the Treasury is authorized, before the

close of the fiscal year following the fiscal year in which the original check was issued

to transfer the amount of the original check from the account of the drawer to a

special deposit account carried in the name of the Secretary of the Treasury on the

books of the Treasurer of the United States, and to issue against such special deposit

account to the owner or holder thereof a substitute under current date showing such

information as may be necessary to identify the original check, upon the receipt and

approval by the Secretary of the Treasury of an undertaking to indemnify the United

States, in such form and amount and with such surety, sureties, or security, if any,

as the Secretary of the Treasury may require; but no such substitute shall be payable

if the original check shall first have been paid: Provided, That nothing herein contained

shall be deemed to relieve any certifying officer or his sureties or any disbursing officer

or his sureties of any liability to the United States on account of any payment resulting

from the erroneous issuance of the original check: And provided further, That the

authority herein conferred to issue substitute checks may, in the case of checks issued

on account of public-debt obligations and transactions regarding the administration

of banking and currency laws, be exercised without limitation of time.

“ (b) An undertaking of indemnity shall not be required under subsection (a) of

this section in any of the following classes of cases except as provided in this subsection: (1) If the Secretary of the Treasury is satisfied that the loss, theft, destruction,

mutilation, or defacement, as the case may be, occurred without fault of the owner

or holder and while the check was in the custody or control of the United States

(including the postal service when carrying mail for any officer, employee, agent, or

agency of the United States when performing services in connection with an official

function of the United States, but not including the postal service when otherwise

acting solely in its capacity as a public carrier of the mail), or of a person thereunto

duly authorized as lawful agent of the United States, or while it was in the course of

shipment effected pursuant to and in accordance with the regulations issued under

the provisions of the Government Losses in Shipment Act; (2) if substantially the

entire check is presented and surrendered by the owner or holder and the Secretary

of the Treasury is satisfied as to the identity of the check presented and that any

missing portions are not sufficient to form the basis of a valid claim against the United

States; (3) if the Secretary of the Treasury is satisfied that the original check is not

negotiable and cannot be made the basis of a valid claim against the United States;

(4) if the amount of the check is not more than $200; (5) if the owner or holder is the

United States or an officer or employee thereof in his official capacity, a State, the

District of Columbia, a Territory or possession of the United States, including the

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8 8 FEDERAL DEPOSIT INSURANCE CORPORATION

Commonwealth of the Philippine Islands, a municipal corporation or political subdivision of any of the foregoing, a corporation, the whole of whose capital is owned

by the United States, a foreign government, or a Federal Reserve bank: Provided,

however, That in any of the foregoing classes of cases the Secretary of the Treasury

may require an undertaking of indemnity if he deems it essential to the public interest.

“ (c) Notwithstanding the provisions of subsections (a) and (b) of this section

whenever it is clearly proved to the satisfaction of the Secretary of the Treasury that

any original check of the United States drawn on a depositary in a foreign country

or a Territory or possession of the United States, including the Panama Canal Zone

and the Philippine Islands, is lost, stolen, or wholly or partly destroyed, or is so mutilated or defaced as to impair its value to its owner or holder, the drawer of the original

check or such other officer or employee of the United States as may be authorized

by the Secretary of the Treasury with the concurrence of the head of the department

or agency upon whose behalf the original check was issued is authorized, before the

close of the fiscal 3^ear following the fiscal year in which the original check was issued,

to issue to the owner or holder thereof a substitute under current date showing such

information as may be neccssary to identify the original check, drawn against the

account of the drawer of the original check or such other account as may be available

for the payment of such substitute, upon the receipt and approval by the Secretary

of the Treasury of an undertaking, to indemnify the United States, in such form and

amount and with such surety, sureties, or security, if any, as the Secretary of the

Treasury may require; but no such substitute shall be payable if the original check

shall first have been paid. Nothing herein contained shall be deemed to relieve any

certifying officer or his sureties or any disbursing officer or his sureties of any liability

to the United States on account of any payment resulting from the erroneous issuance

of the original check.

“ (d) The Secretary of the Treasury shall have the power to make such rules and

regulations as he may deem necessary for the administration of the provisions of this

section.

“ (e) Notwithstanding the provisions of subsections (a), (b), (c), and (d) of this

section, whenever any original check of the Post Office Department has been lost,

stolen, or destroyed, the Postmaster General may authorize the issuance of a substitute,

marked ‘duplicate’ and showing the number, date, and payee of the original check,

before the close of the fiscal year following the fiscal year in which the original check

was issued, upon the execution by the owner thereof of such bond of indemnity as

the Postmaster General may prescribe: Provided, That when such original check does

not exceed in amount the sum of $100 and the pa}^ee or owner is, at the date of the

application, an officer or employee in the service of the Post Office Department,

whether by contract, designation, or appointment, the Postmaster General may, in

lieu of an indemnity bond, authorize the issuance of a substitute check or warrant

upon such an affidavit as he may prescribe, to be made before any postmaster by the

payee or owner of an original check.

“ (f) Substitutes issued under this section, drawn on the Treasurer of the United

States, except those for checks issued on account of public-debt obligations and

transactions regarding the administration of banking and currency laws, shall be

deemed to be original checks and shall be payable under the conditions set forth in

section 21 of the Permanent Appropriation Repeal Act, 1934 (U. S. C., title 31, sec.

725t). Substitutes for checks issued on account of public-debt obligations and transactions regarding the administration of banking and currency laws shall be payable

without limitation of time.

“ (g) The term ‘original check’ wherever used in this section means any check,

warrant, or other order for the payment of money, payable upon demand and not

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Federal Reserve Bank of St. Louis
FEDERAL LEGISLATION 89

bearing interest, drawn by a duly authorized officer or agent of the United States, the

District of Columbia, or the District Unemployment Compensation Board, on their

behalf against an account or funds of the United States, the District of Columbia,

or the District Unemployment Compensation Board, including instruments issued

by any corporation or other entity owned or controlled by the United States, the

funds of which are deposited and covered into the Treasury of the United States or

deposited with the Treasurer of the United States, but does not include money, coins,

or currency of the United States; as used in subsection (e) of this section it means such

an instrument drawn by a duly authorized officer or employee of the Post Office

Department.

“ (h) Any power, authority, or discretion conferred upon the Secretary of the

Treasury by this section may be delegated by him, in whole or in part, subject to such

terms and conditions as he may prescribe, to such individuals as he may designate

within the Treasury Department or to the head of any other department or agency

of the Government or of any Federal Reserve bank, and the head of such department

or agency or Federal Reserve bank may, when such action is not inconsistent with the

terms and conditions of the delegation by the Secretary of the Treasury, redelegate

any power, authority, or discretion conferred upon him pursuant to this subsection

to any officer or employee within such department, agency, or Federal Reserve bank.”

Sec. 2. Sections 300 and 3647 of the Revised Statutes, as amended (U. S. C., title 31,

sec. 119), are hereby repealed.

Sec. 3. This Act shall become effective on December 1, 1945.

Approved December 3, 1945.

STATE BANKING LEGISLATION

All States except Mississippi held regular, extra, or special legislative sessions

during 1945. Forty-four legislatures held regular sessions. Eleven legislatures held

extra or special sessions.

Some of the more important subjects dealt with in State banking legislation during

1945 are listed below:

s u p e r v is o r y a u t h o r it y

Powers and duties of banking boards.............................................North Dakota (Ch. 143)

Appointment................................................................................................Washington (Ch. 123)

Compensation.........................................................................................................................................

. .Colorado (Ch. 81), Georgia (Act 378), Maine (Ch. 364), South Dakota (Ch. 26)

Periodic reports by banks.....................................Kansas (Ch. 91), Washington (Ch. 204)

Examination of banks............................................................................Georgia (Acts 273, 317)

Fees for examinations..........................................................................................................................

..............................Delaware (Ch. 162), North Carolina (Ch. 467), Vermont (Ch. 154)

Confidential nature of examination reports......................................... New York (Ch. 225)

o r g a n iza tio n of b a n k s

Organization of banks........................................................................North Carolina (Ch. 743)

Change of powers to permit general banking................................. South Carolina (Act 61)

Par value of capital stock...................................................................................................................

......................................Connecticut (P. A. 108), Florida (Ch. 22608), Oregon (Ch. 43)

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Federal Reserve Bank of St. Louis
90 FEDERAL DEPOSIT IN SURANCE CORPORATION

Issuance of capital stock............................... Pennsylvania (Act 96), Vermont (Ch. 154)

Promotion commission on original capital prohibited and 2]4.% brokerage fee permitted on increase of capital................................................................... Wisconsin (Ch. 65)

Branch banks......................................................Michigan (Act 73), New York (Ch. 11,298)

Transfer of bank franchise...................................................................Connecticut (P. A. 113)

Authorization for national banks to become State banks..................Colorado (Ch. 86)

Definition of word “ bank” .................................................................................................................

...........................Colorado (Ch. 82), North Carolina (Ch. 743), Ohio (House Bill 236)

Currency exchanges.............................................................................. Illinois (Senate Bill 106)

Check cashers................................................................................................. New York (Ch. 151)

Reorganization..................................................................................................... Indiana (Ch. 240)

OPERATIONS

Capital and surplus requirements....................California (Ch. 503, 504), Maryland

(Ch. 216), Massachusetts (Ch. 97), Minnesota (Ch. 73), Missouri (Senate Bill 293),

Nebraska (Ch. 7), Oregon |Ch. 44), Vermont (Ch. 154)

Reserve requirements....................Alabama (Act 121), Delaware (Ch. 163), Maine

(Ch. 81), Pennsylvania (Act 126), Vermont (Ch. 154)

Deposits:

Deposits paj^able to survivors....................Alabama (Act 232), Florida (Ch. 22849),

New York (Ch. 533), Oklahoma (Ch. 6A)

Deposit withdrawals by minors............. Florida (Ch. 22591), Oklahoma (Ch. 6A)

Voluntary trust deposits.........................................................................New York (Ch. 533)

Payment of deposits without administration of depositors’ estate.............................

................................................................................................................New Mexico (Ch. 114)

Deposits of and security for public funds................................................................................

......................California (Ch. 120, 486), Maryland (Ch. 386), Washington (Ch. 70)

Directors posted regulations on payment of deposits and interest binding on depositors ....................................................................................................Washington (Ch. 69)

Limitation on bank deposits in other banks......................................New York (Ch. 20)

Loans:

Loans pursuant to Servicemen’s Readjustment Act:

Authorization....................Arkansas (Act 36), Connecticut (P. A. 14), Kansas

(Ch. 260), Maine (Ch. 72,360), Massachusetts (Ch. 46), Minnesota (Ch. 62),

New Jersey (Ch. 81), New York (Ch. 18), New Mexico (Ch. 122), North

Dakota (Ch. 144), Ohio (House Bill 7), Rhode Island (Ch. 1656), South Carolina (Act 4), Utah (Ch. 12), Vermont (Ch. 152), Wisconsin (Ch. 455)

Modification of loan limitations....................Arkansas (Act 36), California (Ch. 26),

Colorado (Ch. 84, 85), Connecticut (P. A. 14), Florida (Ch. 23092), Georgia

(Act 255 ), Idaho (Ch. 41), Indiana (Ch. 45,104), Maine (Ch. 82), Massachusetts

(Ch. 46), Michigan (Act 118), Minnesota (Ch. 62), Missouri (Senate Bills

189,245),, Montana (Ch. 90), New Hampshire (Ch. 84), New Jersey (Ch.

81,257), New York (Ch. 18), New Mexico (Ch. 122), North Dakota (Ch. 144),

Ohio (House Bills 71,236), Oklahoma (Ch. 5,15), Oregon (Ch. 45), Pennsylvania

(Act 5), Rhode Island (Ch. 1656), Tennessee (Ch. 147), Texas (Ch. 99), Vermont

(Ch. 152, 153), Virginia (Ch. 6), West Virginia (Ch. 27), Wyoming (Ch. 98)

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Federal Reserve Bank of St. Louis
STATE LEGISLATION 91

Authorization of loans to minor veterans....................Alabama (Act 116), Arizona

(Ch. 48), Colorado (Senate Bill 2X (1st Spec. Sess.) ), Connecticut (P. A. 14),

Kentucky (House Bill 6 X X X (3rd Spec. Sess.) ), Maine (Ch. 207), New

Mexico (Ch. 122), New York (Ch. 18), Ohio (House Bill 461), Pennsylvania

(Act 73), South Dakota (Ch. 185), Utah (Ch. 12), Vermont (Ch. 153)

Loan limitations enlarged or made inapplicable to loans secured by obligations or

guarantee of United States or its agencies....................California (Ch. 256), Maine

(Ch. 82), Minnesota (Ch. 62), New York (Ch. 21), Oklahoma (Ch. 15), Tennessee

(Ch. 147), West Virginia (Ch. 27)

Real estate loans....................Colorado (Ch. 84), Connecticut (P. A., 54, 206),

Massachusetts (Ch. 162), New Jersey (Ch. 179), Ohio (House Bill 236), Oklahoma

(Ch. 5), Oregon (Ch. 45), Pennsylvania (Act 96), Rhode Island (Ch. 1656),

Wyoming (Ch. 98)

Commodity and livestock loans....................Colorado (Ch. 83), Florida (Ch. 22789),

New Hampshire (Ch. 175), Tennessee (Ch. 147)

Instalment personal loans................................. Iowa (Ch. 213), Maine (Ch. 95),

Massachusetts (Ch. 197, 407), Minnesota (Ch. 544), New Jersey (Ch. 208),

New York (Ch. 20), Pennsylvania (Act 70)

Investments:

Savings bank investments....................Connecticut (P. A. 308, 328), Indiana (Ch. 27),

Massachusetts (Ch. 114, 184, 377), New York (Ch. 319), Oregon (Ch. 376),

Pennsylvania (Act 126), Wisconsin (Ch. 434)

Industrial banks or banking companies.....................................................................................

..Connecticut (P. A. 372), Massachusetts (Ch. 192), North Carolina (Ch. 127)

In savings and loan association shares.................................................... Kansas (Ch. 239)

Loans insured by F. H. A .................................................................Massachusetts (Ch. 66)

Extension and modification of mortgage investments................. New York (Ch. 230)

Holding of real estate................................................................................Minnesota (Ch. 63)

Trust activities:

Common trust funds....................Connecticut (P. A. 309), Maryland (Ch. 252),

Massachusetts (Ch. 67), New Jersey (Ch. 190), Pennsylvania (Act 96), West

Virginia (Ch. 4)

Holding trust assets in name of nominee.................... Delaware (Ch. 160), North

Carolina (Ch. 292), Ohio (Senate Bill 180), Pennsylvania (Act 96,221), Vermont

(Ch. 154), West Virginia (Ch. 28)

No bond required to be filed in court by trust company unless ordered by court

.........................................................................................................................Indiana (Ch. 248)

Sale of assets between trusts of same trustee if authorized by trust instrument of

selling trust or directors of trustee......................................North Carolina (Ch. 127)

Prudent man investment rule authorized.................................................................................

.........................Illinois (House Bill 280), Maine (Ch. 80), Texas (Sec. 13, Ch. 77)

Deposit of securities by trust company with State officials or with other safekeeping

institutions......................................................................................................................................

.................... Florida (Ch. 23131), Massachusetts (Ch. 164), Oklahoma (Ch. 15)

Directors, officers, and employees:

Qualifications of directors.........................California (Ch. 291), Ohio (House Bill 236)

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

Restrictions on business activities of officers.........................................................................

........................................................ Pennsylvania (Act 54,96), South Dakota (Ch. 130)

Indemnification of directors, officers, and employees..........................................................

.....................................................................Michigan (Act 101), Pennsylvania (Act 114)

Directors and officers required to report banking law violations to Commissioner

of Finance.......................................................................................................... Idaho (Ch. 71)

Directors’ examination of bank............................................................. Minnesota (Ch. 94)

Checks and collections:

Limitation on stop payment orders on checks and drafts...............................................

............................................................................Arkansas (Act 182), Maryland (Ch. 798)

Authorization for the payment or acceptance of checks or drafts received for payment or collection, or the revocation of provisional credit given therefor, on day

following receipt of item....................Florida (Ch. 22609), Oklahoma (Ch. 6b),

Pennsylvania (Act 196), Utah (Ch. 13), Wisconsin (Ch. 281)

Clearance of checks at par by bank on which drawn...................... Nebraska (Ch. 11)

Exchange or other fees for collecting State warrant prohibited.................................

.......................................................................................................... North Carolina (Ch. 644)

Liability for payment of checks on forged or unauthorized indorsements...........

.........................................................................................................................Georgia (Act 285)

Miscellaneous:

Uniform Trust Receipt A ct.................... Idaho (Ch. 73), Montana (Ch. 147), North

Dakota (Ch. 320), South Dakota (Ch. 169), Utah (Ch. 131)

Assignment of accounts receivable....................Arkansas (Act 118), California

(Ch. 295), Connecticut (P. A. 442), Idaho (Ch. 176), Indiana (Ch. 107), Maine

(Ch. 100), Massachusetts (Ch. 141), Michigan (Act 309), Minnesota (Ch. 503),

North Carolina (Ch. 196), New Hampshire (Ch. 19), Oregon (Ch. 405), South

Dakota (Ch. 213), Texas (Ch. 293), Utah (Ch. 11), Wisconsin (Ch. 204,528)

Expenditure for membership in associations and contributions to charities...........

.............................................................Massachusetts (Ch. 61), Pennsylvania (Act 249)

Borrowings of bank secured by United States obligations................Nebraska (Ch. 8)

Disposition of unclaimed contents of safe deposit boxes and unclaimed items left

for safekeeping.............................................California (Ch. 989), New York (Ch. 825)

Dormant accounts........... .. .California (Ch. 1080), Colorado (Ch. 87), Connecticut

(P. A. 429), Massachusetts (Ch. 365), Wisconsin (Ch. 70)

Destruction of obsolete records................................................... ........ Wisconsin (Ch. 315)

LIQUIDATION

Forfeiture of right to continue banking business.........................Connecticut (P. A. 109)

Receivership....................California (Ch. 447), Connecticut (P. A. 180), Minnesota

(Ch. 128), Ohio (House Bill 236), Wisconsin (Ch. 65,330, 445,528)

Stockholders additional liability......................................................................................................

.............................................Oregon (Sec. 3, Art X I, Constitution), Wisconsin (Ch. 65)

Preference in distribution of deposits................................................................ ............................

....................California (Ch. 293), Delaware (Ch. 161, 164), Pennsylvania (Act 197)

Disposition of funds of unknowns upon liquidation of bank. . . . California (Ch. 589)

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Federal Reserve Bank of St. Louis
PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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Federal Reserve Bank of St. Louis
Table 101. 

Table 102,

Table 103.

CD

N u m b e r , O f f ic e s, a n d D e po sits of A ll O p e r a t in g B a n k s

Changes in number and classification of operating banks and branches in the United 

States and possessions during 1945

Number of operating banks and branches, December 31, 1945

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

of office

Number and deposits of operating commercial and mutual savings banks, December 31, 1945

Banks grouped according to insurance status and by District and State

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
The line of demarcation between banks and other types of financial

institutions is not always clear. In these tables provision of deposit

facilities for the general public is the chief criterion. However, trust

companies not engaged in deposit banking are included because uninvested trust funds may be insured by the Federal Deposit Insurance

Corporation, and credit unions which accept deposits are excluded. A

more detailed statement of institutions included and excluded is given

in the Annual Report of the Corporation for 1943, pages 59-60.

The data in the tables which follow relate to banks operating in the

continental United States and in Alaska, Hawaii, Puerto Rico, and the

Virgin Islands, including branches of foreign banks which engage in a

general deposit business in this area.

Banks are classified on the following bases:

Insurance status

Commercial and mutual savings

Membership in the Federal Reserve System

A bank is classified as an insured bank when its deposits are insured

by the Federal Deposit Insurance Corporation. All banks members of

the Federal Reserve System are required by law to be insured banks.

Other banks may be admitted to deposit insurance upon meeting

conditions prescribed by law.

The traditional distinction between commercial banks and mutual

savings banks has been followed. Mutual savings banks, with a few

exceptions, accept only savings deposits, while most banks classified

as commercial banks also accept checking accounts and other deposits

subject to withdrawal on demand. However, a few banks included in

the commercial group hold only savings and time deposits. Trust

companies are included with commercial banks since most institutions

known as trust companies accept checking accounts.

Banks members of the Federal Reserve System are separated into

two groups: national and State. All national banks in the continental

United States are required to be members of the Federal Reserve

System; State chartered banks may become members of the Federal

Reserve System upon meeting certain conditions. None of the six

national banks in the possessions is a member of the Federal Reserve

System; four have been admitted to deposit insurance.

Sources of data:

Insured banks: records of the Federal Deposit Insurance Corporation;

Office of the Comptroller of the Currency; and Board of Governors of

the Federal Reserve System.

Noninsured banks: Board of Governors of the Federal Reserve

System; State banking authorities; Rand M cNally Bankers Directory;

and Polk’s Bankers Encyclopedia.

COOi NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 101. C h a n g e s in N u m b e r an d C l a ssific a tio n of O p e r a t in g B a n k s an d B r a n c h e s

in th e U n ite d St a t e s and P o ssession s D u r in g 1945

CO05

All banks Commercial banks and trust companies Mutual savings banks

Insured1 N oninsured

Type of change

Total Insured

Noninsured Total

Members I*'. K. 

System Not

mem­ Bank3

Trust

com­ Total Insured2

Noninsured Total

National State

bers 

F. R.

System

of deposit

panies 

not accepting 

deposits

BANKS

14,725

14,710

+ 15

13,494

13,460

+ 34

1,231

1,250

-19

14,183

14,167

13,302 5,017 1,864 6,421 798 83 542 192 350

Number of banks, December 31, 1944....................................... 13,268 5,025 1,786 6,457 816 83 543 192 351

change during year ................... + 16 + 34 -8 + 78 -36 -IS -1 -1

Changes resulting from —

Rfltilffi Hpf>ns]t on^r&tlnns 119 103 16 119 103 17 8 78 15 1

New banks ........................................... 115 101 14 115 101 17 8 76 13 1

Financial institutions bGComin^ banks of deposit 4 2 2 4 2 2 2

Banks ccssin^ deposit operations ..................... 104 87 17 103 87 36 8 43 15 1 1 1

Mergers and absorptions (without FDIC aid)—net decrease 

Other liquidations .........................................

77

27

72

15

5 76 72 34 8 30 4 1 1

12 27 15 2 13 11 1

Noninsured batiks becom ing insured ................... + 19

+ 7 

+ 11

+ 1

-1

-19 + 19

+ 7 

+ 11

+ 1

-1

+ 1 + 18 

+ 7 

+ 11

-19

Successions to noninsured banks ................ - 7 -7

4 dnrssion tn nppr^t,ing hfiiiks^ .............. -11 -11

Admission to F R System ............................................. -1 + 1 -1

Insured banks becom ing noninsured ................... + 1

+ 1

- 1 + 1

QnppDGGinn f a inoiirpn n k ......... -1 -1 - 1 + 1

Other changes in classification amon^ banks. . ... . + 11

+ 16

-5

+77

-7

-88

Matinnal HqiiVq cnpf^PpHlTKT St;atP hanks ................ -9

Qfofo Vkjinl^Q cnpr»ppHincr nntinnfll hanks ..................... + 5 

AHmiacinne fn F R SvQtpm .... + 86 -86

WitliHrAwplQ ffnTTi F R Svstpm . . . -2 + 2

5

Changes not involving num ber in any class:

Successions • ....................................... 8 7 1 8 7 2 1

Changes in title location or name of location . . . . 72 68 4 71 67 20 7 40 4 1 1

nVianoroQ in fp nnwprs .... 2 2 2 2 2

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Number of branches, December 31, 1945.

Number of branches, December 31, 1944.

BRANCHES

Net change during year.............................................

Changes resulting from—

Branches opened for business.............................

Facilities provided as agents of the government.

Absorbed banks converted into branches............

Branches replacing offices closed or relocated... . 

Other branches opened...........................................

Branches discontinued..........................................

Facilities provided as agents of the government. 

Other branches discontinued.................................

Other changes in classification among branches.

Branches transferred as result of absorption.............

Admissions to F. R. System.......................................

Sale of branch to another bank...................................

Changes not involving number in any class: 

Branches transferred as result of absorptions.. . 

Changes in title, location, or name of location.. 

Sale of branch to another bank...........................

ALL BANKING OFFICES

Number of offices, December 31, 1945.

Number of offices, December 31, 1944.

Net change during year......................

Offices opened.

Banks.............

Branches........

Offices closed.

Banks...........

Branches. . . .

Changes in classification..................

Noninsured banks to insured banks. 

Insured banks to noninsured banks.

Among insured banks........................

Among branches of insured banks. .

4,168

4,141

+27

173

65

40

5

63

146

131

15

18,893

18,851

+42

292

119

173

250

104

146

3,997

3,974

+23

169

64

39

5

61

146

131

15

17,491

17,434

+57

272

103

169

233

87

146

+ 18

+ 19 -1

171

167

+ 4

1,402

1,417

-15

20

16

4

17

17

-18

-19 

+ 1

4,025

4,001

+24

170

65

39

5

61

146

131

15

18,208

18,168

+40

289

119

170

249

103

146

3,896

3,875

+21

167

64

39

5

59

146

131

15

17,198

17,143

+ 55

270

103

167

233

87

146

+ 18

+ 19 -1

1,814 1,099 983

1,815 1,080 980

-1 +19 + 3

100 31 36

46 10 8

23 10 6

1 4

31 10 18

100 21 25

100 16 15

5 10

-1 + 9 -8

-1 + 3 -2

+ 1 -1

3

14 23 21

1

6,831 2,963 7,404

6,840 2,866 7,437

-9 +97 -33

117 39 114

17 8 78

100 31 36

136 29 68

36 8 43

100 21 25

+ 10 +87 -79

+ 1 + 18

-1

+ 11 + 77 -88

-1 + 9 -8

128

125

+3

3

1

1

1

143

140

+ 3

3

101

99

+2

2

42

41

+ 1

1

1 1

2 2 2

1

926

941

-15

18

15

3

15

15

84

84

685

683

+ 2

3

293

291

+ 2

2

392

392

1

1

1

3

1

1

2 1

1

1

1

1

-18

-19 

+ 1

1 Includes 9 trust companies not engaged in deposit banking on December 31, 1945, and 10 on December 31, 1944.

2 Includes three mutual savings banks, members of the Federal Reserve System, for December 31, 1945, and December 31, 1944.

8 Operating at beginning of year. CO

Back figures—See the Annual Report for 1944, pp. 110-111, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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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 tin g B a n k s a n d B r a n c h e s , D e c e m b e r 31, 1945

g r o u p e d a c c o r d in g t o in s u r a n c e st a t u s a n d c lass o f b a n k , a n d b y s t a t e a n d t y p e o f o f f ic e

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R. 

j System Not Banks 

of deposit

Trust

com­ Total Insured2

Noninsured

AH

banks

Commercial

banks

Mutual

savings

banks insured Total

National State

members 

F. R.

System

panies 

not accepting 

deposits

United States and possessions........ 18,893

14,725

13,502

1,223

17,491

13,494

1,402

1,231

18,208

14,183

17,198

13,302

6,831

5,017

2,963

1,864

7,404

6,421

926

798

84

83

685

542

293

192

392

350

92.6

91.6

94.5

93.8

42.8

35.4

12,350 1,152 13,01*5 12,210 1*,706 1,663 5,81*1 753 82 1*57 11*0 317 91.5 93.6 30.6

i a u

3,997

79 1,138 1,092 311 201 580 U5 1 85 52 33 93.5 96.0 61.2

4,168 171 4,025 3,896 1,814 1,099 983 128 1 143 101 42 95.9 96.8 70.6

United States....................................... 18,781

14,684

13,1*72

17,484

13,489

1,297 18,096 17,191 6,831 2,963 7,397 826 79 685 293 392 93.1 95.0 42.8

All banks ......................................... 1,195 14,142 13,297 5,017 1,864 6,416 767 78 542 192 350 91.9 94.0 35.4

Unit banks....................................... 12,31*7 1,125 13,015 12,207 It,706 1,663 5,838 731 77 1*57 11*0 317 91.6 93.8 30.6

Banks operating branches.............. 1,212 1,142 

3,995

70 1,127 1,090 Sll 201 578 36 1 85 52 33 91*.2 96.7 61.2

Branches............................................. 4,097

112

41

102 3,954 3,894 1,814 1,099 981 59 1 143 101 42 97.5 98.5 70.6

Possessions 7 105 112 7 7 100 5 6.3 6.3

All banks 5 36 41 5 5 31 5 12.2 12.2

XJnit battles 30

11

71

3 27

9

SO s 3 22 5 10.0 10.0

Banks operating branches 2 11 2 2 9 18.2 18.2

Branches 2 69 71 2 2 69 2.8 2.8

State

241

216

237 4 241 237 88 19 130 4 98.3 98.3

All bsnks 212 4 216 212 65 18 129 4 98.1 98.1

TJftit foatllc** 208

8

201*

8

U 208 20k

8

59 17 128 1* 98.1 98.1

Batiks o'pBTdtiiiQ bvattchBS 8 6 1 1 100.0 100.0

T^TQnr*Vi oq 25 25 25 25 23 1 1 100.0 100.0

A r?7Atid 47 45 2 47 45 31 2 12 2 95.7 95.7

All KqhItq 13 11 2 13 11 4 2 5 2 84.6 84.6

TJfiit batiks 8 6 2 8 6 2 2 2 2 75.0 75.0

Tlnn If q nnriPYni tYi n 1'irn/Y)/*hP*i 5 5 5 5 2 3 100.0 100.0

"RvQTI /VI*! PQ 34 34 34 34 27 7 100.0 100.0

AfImns5i.Q 249 230 19 249 230 53 16 161 16 3 92.4 92.4

All b&nks 227 208 19 227 208 50 16 142 16 3 91.6 91.6

TT'nii h/ittlrQ 208 189 19 208 189 U7

3

16 126 16 3 90.9 90.9

Battles o/%)CTat%tiQ bvatichcs 19 19 19 19 16 100.0 100.0

"Rrflnpli pq 22 22 22 22 3 19 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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California..............................

All banks.............................

Unit banks.......................

Banks operating branches,

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

Colorado................................

All banks.............................

Unit banks.......................

Banks operating branches.

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

Connecticut..........................

All banks.............................

Unit banks.......................

Banks operating branches.

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

Delaware................................

All banks.............................

Unit banks.......................

Banks operating branches.

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

District of Columbia..........

All banks.............................

Unit banks.......................

Banks operating branches,

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

Florida...................................

All banks.............................

Unit banks.......................

Banks operating branches,

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

Georgia..................................

All banks.............................

Unit banks.......................

Banks operating branches,

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

Idaho......................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Illinois....................................

All banks.............................

Unit banks.......................

Banks operating branches

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

1,075 15 1,090 1,075 816

188 14 202 188 91

156 13 169 156 81

32 1 33 32 10

887 1 888 887 725

137 16 153 137 81

133 16 149 133 77

129 16 11>5 129 73

k h U

h•

4 4 4 4

109 96 133 107 56

101 88 117 99 51

96 87 111 9U US

5 1 6 5 3

8 8 16 8 5

52

4 53 52 13

39 3 40 39 13

32 2 33 32 13 7 1 7 7

13 1 13 13

55 55 55 27

21 21 21 9

9 9

9

U

12 12 12 5

34 34 34 18

179 7 186 179 66

167 6 173 167 58

156 5 161 156 50

11

1 12 11 8

12 1 13 12 8 .

322 71 393 322 71

291 69 360 291 48

279 67 3U6 279 ho

12 2

n 12

8

31 2 33 31 23

85

1 86 85 54

45 1 46 45 16

38 1 39 38 10

7 7 7 6

40 40 40 38

845 16 861 845 367

840 16 856 840 362

835 16 851 835 357

5 5

5

5

5

5

5

5

1,090 202

169

33 888

153

149

1U5u4

205

189

1836

16

56

423U8

14

55219

12

34

186

173

16112

13

393

360

3U6U

33

86

46

397

40

861

856

85155

14822

1U8

126

15

15

15

16

13112

2496

15

1711926

101010

129

129

129

111

75

61

1U

36

41

41U

35

35

35

3222

18U1043211

105 101

9834

234

232

21

19

1812

349

349

3U9

65A11

16

16

16

25

17

16111

71

69

67

111111

72

72

72

70

70

70

98.6

93.1

92.3

97.0

99.9

89.5

89.3

89.0 100.0 100.0

53.2

53.4

52.5

83.3

50.0

92.9

92.9 

9U.1

87.5

92.9

100.0 100.0 100.0 100.0 100.0

96.2

96.5

96.9

91.7

92.3

81.9

80.8

80.6

85.7

93.9

98.8

97.8 

97 4 100.0 100.0

98.1

98.1

98.1 100.0 100.0

98.6

93.1

92.3

97.0

99.9

89.5

89.3

89.0 100.0 100.0

80.5

84.6 

81+.7

83.3

50.0

98.1

97.5

97.0 100.0 100.0

100.0 100.0 100.0 100.0 100.0

96.2

96.5

96.9

91.7

92.3

81.9

80.8

80.6

85.7

93.9

98.8

97.8 

97.U 100.0 100.0

98.1

98.1

98.1 100.0 100.0

2.82.82.8

CO

CONUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102, N u m b e r o f O p e r a tin g B a n k s an d B r a n c h e s , D e c e m b e r 31, 1945— Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

Stats and type of bank or office

Total Insured Non­ Total

Members F. R. 

System Not 

members 

F. R.

System

Banks 

of deposit

Trust

com­ Total Insured2

NoninsuredAll

banks

Commercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

Indiana.................................................. 574 552 22 570 549 139 122 288 18 3 4 3 1 96.2 96.3 75.0

All banks............................................. 495 474 21 491 471 125 108 238 17 3 4 3 1 95.8 95.9 75.0

Unit banks...................................... U6 U26 20 U 2 A23 117 105 201 16 3 U 3 1 95.5 95.7 75.0

U9

79

U8

78

1 U9

79

U8

78

8 3 37 1 98.0 98.0

Branches 1 14 14 50 1 98.7 98.7

812 743 69 812 743 97 65 581 69 91.5 91.5

All banks 656 593 63 656 593 97 65 431 63 90.4 90.4

Unit banks 539 U81

112

150

58 539 U81

112

97 65 319 58 89.2 89.2

Rsivtlf'nprn'i'}yin 117

156

5 117 112 5 95.7 95.7

Branches 6 156 150 150 6 96.2 96.2

Kansas 618 449 169 618 449 177 39 233 167 2 72.7 72.7

All banks 615 446 169 615 446 174 39 233 167 2 72.5 72.5

Unit banks 612 u s

3

169 612 US 171 39 233 167 2 72.1,, 72.1+

3 3 3 3 100.0 100.0

3 3 3 3 3 100.0 100.0

IT pfiturlcT 427

391

398 29 427 398 111 27 260 23 6 93.2 93.2

All banks 363 28 391 363 93 20 250 23 5 92.8 92.8

Unit banks 373 3U6

17

35

27 373 3U6

17

90 16 21*0 23 u 92.8 92.8

18

36

1 18 3 J,. 10 1 9.44

B ran ches 1 36 35 18 7 10 1 97.2 m

Lou isiana 212

151

120

211 1 212 211 66 13 132 1 99.5 99.5

All banks 150 1 151 150 33 10 107 1 99.3 99.3

Unit banks 119 1 120 119 26 7 86 1 99.2 99.2

31

61

164

31

61

31 31 7 3 21 100.0 100.0

Branches 61 61 33 3 25 100.0 100.0

M aine............ 120 44 130 114 39 34 41 16 34 6 28 73.2 87.7 17.6

All banks......... . . . . 96 61 35 64 55 33 5 17 9 32 6 26 63.5 85.9 18.8

Unit banks. . ... 71 U3 28 U 37 29 1 7 U 30 6 2U 60.6 90.2 20.0

Banks ojpctatinQ bvanchcs 25

68

18 7 23 18 u u 10 5 2 2 72.0 78.3

Branches 59 9 66 59 6 29 24 7 2 2 86.8 89.4

100 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M aryland..................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Massachusetts.....................

All banks.............................

Unit banks.......................

Banks operating branches

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

M ichigan...............................

All banks.............................

Unit banks.......................

Banks operating branches

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

M innesota.............................

All banks.............................

Unit banks.......................

Banks operating branches

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

M ississippi............................

All banks.............................

Unit banks.......................

Banks operating branches

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

M issouri.................................

All banks.............................

Unit banks.......................

Banks operating branches

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

M ontana...............................

All banks.............................

Unit banks.......................

Banks operating branches

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

Nebraska...............................

All banks.............................

Unit banks.......................

Banks operating branches

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

Nevada...................................

All banks.............................

Unit banks.......................

Banks operating branches

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

271 14 260 256 76

170 10 170 167 64

145 7 145 143 61

25 3 25 24

3

101 4 90 89 12

320 234 331 320 194

183 199 192 183 121

141 172 149 141 101

42 27 43 42 20

137 35 139 137 73

585 42 627 585 141

415 33 448 415 77

368 SO 398 368 65

47

8 50 47 12

170 9 179 170 64

654 31 684 653 191

648 31 678 647 185

646 31 676 645 183 2 2 2 2 6 6 6 6

248 5 253 248 24

197 5 202 197 23

169 5 174 169 22

28 28 28 1

51 51 51

1

567 30 597 567 85

562 30 592 562 80

558 30 588 558 76

4 4 4

4

5 5 5 5

111 111 111 40

111 111 111 40

111 111 111 40

358 62 420 358 130

356 62 418 356 128

354 62 416 354 126 2 2 2 2 2 2 2 2

25 25 25 18 8 8 8 5 3 3 3 2 5 5 5 3

17 17 17 13

285

180

152

28

105

554

382 SIS

69

172

627

448

S98

50

179

685

679

67726

253

202

17 U

28

51

597

592

58845

111

111

111

420

418 41622

25835

17

64

16

106

48

83

2913

16

54

237

154

141

IS

25

25

25

102

102 102

38

38S8

18

18

18

116

87

72

15

29

43

33

276

10

207

184

162

22

23

437

437

437

219

169

142

27

50

380

380

380

33

3333

210

210

210

32111

119812

34

25

29

29

29

28

28

28

54

54

54

25 

1073

15

223

190

164

26

33

15321

12

223

190

164

26

33

95.1 98.5

94.4 98.2

95.4 98.6

89.3 96.0

96.2 98.9

57.8 96.7

47.9 95.3

45.0 94.6

60.9 97.7

79.7 98.6

93.3 93.3

92.6 92.6

92.5 92.5

94.0 94.0

95.0 95.0

95.5 95.5

95.4 95.4

95.4 95.4

100.0 100.0

100.0 100.0

98.0 98.0

97.5 97.5

97.1 97.1

100.0 100.0

100.0 100.0

95.0 95.0

94.9 94.9

94.9 94.9

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

85.2 85.2

85.2 85.2

85.1 85.1

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

60.0

30.0 

28.6

33.3

80.0

100.0 100.0 100.0

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N u m b e r o f O p e r a tin g B a n k s and B r a n c h e s , D e c e m b e r 31, 1945—Continued

g r o u p e d a c c o r d in g to in s u r a n c e s ta t u s a n d class o f b a n k , a n d b y s t a t e a n d t y p e o f o ff ic e

All banks Commercial banks and trust companies Mutual savings banks Insured banks 

as percentages of—

Insured1 Noninsured

State and type of bank or office

Total Insured Non­ Total

Members F. R. 

System Not 

members 

F. R.

System

Banks 

of deposit

Trust

com­ Total Insured2

XT_

IN UIIinsuredAH

banks

Commercial

banks

Mutual

savings

banks insured Total

National State

panies 

not accepting 

deposits

New Ham pshire.................................. 111 59

57

55

2

52 68 59 54 1 4 9 43 43 53.2 86.8

All banks............................................. 107 50 57 52 1 4 8 42 42 53.3 87.7

Unit banks...................................... 103

u

U 8 62 55 50 1 u 7 U11

U1

1

53.U

50.0

88.7

2 3 2 2 1 66.7

Branches........................................... 4 2 2 3 2 2 1 1 1 50.0 66.7

New Jersey........................................... 509 501 8 481 475 261 142 72 3 3 28 26 2 98.4 98.8 92.9

All banks............................................. 373 365

sou

61

8 349 343 218 76 49 3 3 24 22 2 97.9 98.3 91.7

Unit banks...................................... 312 8 291

58

285 19 U

2.4

50 U1

8

3 3 21 19 2 97. U

100.0

97.9 90.5

Banks operating branches............... 61 58 26 3 3 100.0 100.0

Branches............................................. 136 136 182 132 43 66 23 4 4 100.0 100.0 100.0

New M exico.......................................... 48 48 48 48 22 5 21 100.0 100.0

All banks............................................ 41 41 41 41 22 5 14 100.0 100.0

Unit banks...................................... 35 35 35 35 22 5 8 100.0 100.0

Banks operating branches............... 6 6 6 6 6 100.0 100.0

Branches............................................. 7 7 7 7 7 100.0 100.0

New Y ork ............................................ 1,549

820

1,536 13

12

10

1,358

689

1,345

677

587 617 141 13 191 191 99.2 99.0 100.0

All banks.......................................... 808

660

399 191 87 12 131 131 98.5 93.3 100.0

Unit banks...................................... 670 581 571 359 1U1

50

71 10

2

89 89 98.5 98.3 100.0

Banks operating branches.............. 150 US

728

2 108 106 uo 16 U2

60

j+2 98.7 98.1 100.0

Branches............................................. 729 1 669 668 188 426 54 1 60 99.9 99.9 100.0

North Carolina.................................. 379 372 7 379 372 55 19 298 6 1 98.2 98.2

All banks........................................... 229 224

176

5 229 224 45 9 170 4 1 97.8 97.8

Unit banks...................................... 180 U 180 176 39 7 130 3 1 97.8 97.8

Banks operating branches.............. U9

150

us

148

1 U9

150

U8

148

6 2 uo

128

1 98,0 98,0

Branches............................................. 2 10 10 2 98.7 98.7

North Dakota..................................... 176 168 8 176 168 42 126 7 1 95.5 95.5

All banks............................................ 151 145 6 151 145 42 103 5 1 96.0 96.0

Unit banks...................................... 135 131 u 135 131 U2 89 3 1 97.0 97.0

Banks operating branches.............. 16 1U

23

2 16 1U

23

1U

23

2 87.5 87.5

Branches............................................. 25 2 25 2 92.0 92.0

102 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
O h io........................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Oklahom a.............................

All banks.............................

Unit banks.......................

Banks operating branches

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

O regon...................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Pennsylvania........................

All banks.............................

Unit banks.......................

Banks operating branches

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

Rhode Island........................

All banks.............................

Unit banks.......................

Banks operating branches

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

South C arolina....................

All banks.. . . ......................

Unit banks.......................

Banks operating branches

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

South D akota......................

All banks.............................

Unit banks.......................

Banks operating branches

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

Tennessee..............................

All banks.............................

Unit banks.......................

Banks operating branches

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

Texas.......................................

All banks.............................

Unit banks.......................

Banks operating branches

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

855 840 15 852 837

680 665 15 677 662

639 62k 15 636 621

U1 hi U1 hi

175 175 175 175

386 375 11 386 375

382 371 11 382 371

878 867 11 878 367

k k k k

4 4 4 4

146 142 4 145 141

73 69 4 72 68

67 63 k 66 62

6 6 6 6

73 73 73 73

1,168 1,146 22 1,146 1,124

1,033 1,015 18 1,026 1,008

970 955 15 967 952

68 60 8 59 56

135 131 4 120 116

81 50 31 70 50

34 15 19 25 15

21 8 13 18 8

13 7 6 12 7

47 35 12 45 35

175 150 25 175 150

145 120 25 145 120

137 112 25 137 112

8 8 8 8

30 30 30 30

210 209 1 210 209

166 165 1 166 165

lhl 1U0 1 U1 1U0

25 25 25 25

44 44 44 44

358 348 10 358 348

297 287 10 297 287

27 U 26k 10 27 U 26k

28 28 23 23

61 61 61 61

885 820 65 885 820

865 800 65 865 800

8U7 782 65 8U7 782

18 18 18 18

20 20 20 H

281

240

231

9

41

203

199

195

k

4

92

23

21

2

69

722

662

683

29

60

20

10

7

8

10

47

23 

203

24

55

35

31

k

20

98

70 

63

7

28

454

434 U6

18

20

296 260 15 3 3

184 238 15 3 3

166 22k 15 8 3

18 lk

112 22

18 154 9 2

18 154 9 2

18 15 k 9 2

10 39 2 2 1 1

10 35 2 2 1 1

10 31 2 2 1 1

k

4

145 257 20 2 22 22

108 238 16 2 7 7

9k 225 13 2 8 8

lk 13 3 k k

37 19 4 15 15

20 10 17 3 11 11

2 3 7 3 9 9

1 2 3 8 8

2 2 5 1 1

18 7 10 2 2

7 96 25

5 92 25

3 89 25

2 3

2 4

25 129 1

25 105 1

25 8k 1

21

24

21 229 6 4

12 205 6 4

11 190 6 k

1 15

9 24

109 257 64 1

109 257 64 1

109 257 6k 1 ..........................

|

II

98.2

97.8

97.7

100.0

100.0

97.2

97.1

97.1

100.0

100.0

97.3

94.5 

9U.0

100.0

100.0

98.1

98.3

98.5

95.2

97.0

61.7

44.1

38.1

53.8

74.5

85.7

82.8 

81.8

100.0

100.0

99.5

99.4

99.3

100.0

100.0

97.2

96.6

96.U

100.0

100.0

92.7 1

92.5

92.3

100.0

100.0

98.2

97.8

97.6

100.0

100.0

97.2

97.1

97.1

100.0

100.0

97.2

94.4

93.9

100.0

100.0

98.1

98.2 

98.U

9U.9

96.7

71.4

60.0

61.5

58.3

77.8

85.7

82.8 

81.8

100.0

100.0

99.5

99.4 

99.8

100.0

100.0

97.2

96.6 

96.U

100.0

100.0

92.7

92.5

92.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

GONUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 102. N u m b e r OF O p e r a t in g B a n k s AND B r a n c h e s , D e c e m b e r 31, 1945—Continued

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE AND TYPE OF OFFICE O

State and type of bank or office

Utah.......................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Vermont................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Virginia.................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Washington..........................

All banks.............................

Unit banks.......................

Banks operating branches

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

West Virginia.......................

All banks.............................

Unit banks.......................

Banks operating branches

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

Wisconsin..............................

All banks.............................

Unit banks.......................

Banks operating branches

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

All banks

Total

18

403

314

270U

89

239

124

112

12

115

180

179

1781

1

706

559

U70

89

147

Insured Noninsured

76

57

50

7

19

97

79

71

8

18

402

313

269

U

89

236

121

109

12

115

175

174

1731

1

695

549

U61

88

146

Commercial banks and trust companies

Total

76

57

50

7

19

81

72

65

7

9

403

314

270Uh

89

236

122

111

11

114

180

179

1781

1

702

555

U66

89

147

Insured1

Total

402

313

269

u

233

119

108

11

114

175

174

1731

1

692

546

U58

88

146

National

Members F. ±t. 

System

26

12

9

3

14

41

39 

37

2

2

159

130

119

11

29

145

40

S3

7

105

77

76

751

1

112

97

93

U

15

State

77

Not 

members 

F. R.

System

38

31

26

5

7

163

116

90

26

47

71

64

61

3

7

66

66

66

503

380

301

79

123

Noninsured

Banks 

of deposit

Trust 

companies 

not accepting 

deposits

Mutual savings banks

Total

Insured2Noninsured

Insured banks 

as percentages of—

All

banks

Commercial

banks

100.0

100.0

100.0

100.0

100.0

99.0

98.8

98.6

100.0

100.0

99.8

99.7

99.6

100.0

100.0

98.7

97.6

97.3

100.0

100.0

97.2

97.2

97.2

100.0

100.0

98.4

98.2

98.1

100.0

100.0

100.0

100.0

100.0

98.8

98.6

98.5

100.0

100.0

99.8

99.7

99.6

100.0

100.0

98.7

97.5

97.3

100.0

100.0

97.2

97.2

97.2

100.0

100.0

98.6

98.4

98.3

98.9

99.3

Mutual

savings

banks

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

75.0

75.0

75.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Wyoming.................................

All banks...............................

Unit banks.........................

Banks operating branches.

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

57 56 1 57 56 27 11 18 1 98.2 98.2

57 56 1 57 56 27 11 18 1 98.2 98.2

57 56 1 57 56 27 11 18 1 98.2 98.2

19 4 15 19 4 4 15 21.1

17.6

13.3

50.0

50.0

21.1

17 3 14 17 3 3 14 17.6

13.3

50.0

50.0

15 2 13 15 2 2 13

2 1 1 2 1 1 1

2 1 1 2 1 1 1

54 1 53 54 1 1 48 5 1.9 1.9

9 1 8 9 1 1 3 5 11.1 11.1

7 1 6 7 1 1 1 5 11*.3 1J>.3

2 2 2 2

45 45 45 45

36 36 36 36

13 13 13 13

7 7 7 7

6 6 6 6

23 23 23 23

3 2 1 3 2 2 1 66.7 66.7

2 1 1 2 1 1 1 50.0 50.0

1 1 1 1

1 1 1 1 1 100.0

100.0

100.0

1 1 1 1 1 100.0

Possessions

Alaska3.....................................

All banks...............................

Unit banks.........................

Banks operating branches.

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

Hawaii*...................................

Jk All banks...............................

Unit banks.........................

Banks operating branches.

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

Puerto Rico............................

All banks...............................

Unit banks.........................

Banks operating branches.

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

Virgin Islands5.......................

All banks...............................

Unit banks.........................

Banks operating branches.

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

1 Includes 9 trust companies not regularly engaged in deposit banking: 1 national bank in Kansas; 3 State banks members of the Federal Reserve System, 1 each in California, Illinois, and Massachusetts; and 5 State banks not members of the Federal Reserve System, 1 each in Florida, Missouri and Wisconsin, and 2 in Pennsylvania.

2 Includes 3 mutual savings banks, members of the Federal Reserve System.

* Includes 4 national banks, 3 among insured banks not members of the Federal Reserve System, and 1 among noninsured banks.

4 Includes, among noninsured banks, 1 national bank operating 22 branches.

6 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 1 branch.

Back figures—See the Annual Report for 1944, pp. 112-119, and earlier reports

0

01NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 103. N u m b e r a n d D e p o s its o f O p e r a tin g C o m m erc ia l an d M u t u a l S a v in g s B a n k s, D e c e m b e r 31, 1945

BAN K S GROUPED ACCORDING TO INSURANCE STATUS AND B Y DISTRICT AND STATE

Number of banks Deposits (in thousands of dollars)

Commercial banks and 

trust companies Mutual savings banks Commercial banks and 

trust companies Mutual savings banks

FDIC District

Noninsured

and State All

banks

Total Insured1 Banks 

of deposit

Trust 

companies 

not accepting 

deposits

Total Insured

Noninsured

All

banks

Total Insured Noninsured Total Insured Noninsured

United States and

possessions........ 14,725 14,183 13,302 798 83 542 192 350 166,474,227 151,089,347 147,810,982 3,278,365 15,384,880 10,363,223 5,021,657

United States.... 14,684 14,142 13,297 767 78 542 192 350 165,620,528 150,235,648 147,774,784 2,460,864 15,384 880 10,363,223 5,021,657

Possessions.......... 41 41 5 31 5 853,699 853,699 36,198 817,501

FDIC District

District 1............. 888 535 480 50 5 353 16 337 12,708,275

51,084,368

18,500,393

8,313,049

7,950,255

42,285,894

17,363,959

7,964,026

5,766,041

8,541,778

10,592,890

14,049,892

4.167,541

5,636,645

8,196,499

18,573,927

1,313,730

368,984

769,886

13,263,693

1,099,644

1,552,136

476,829

1,059,910

1,805,273

1,858,329

7,460,721

41,108,530

17,309,865

7,851,041

5,712,978

8,483,448

10,451,822

13,930,572

4.072.327

5^419,914

8,089,839

17,919,925

1,305,987

368,984

765,405

13,195,915

1,092,875

1,362,404

475,194

1,059,910

1,798,113

1,829,475

489,534

1,177,364

54,094

112,985

53,063

58,330

141,068

119,320

95.214

216,731

106,660

654,002

7,743

4,758,020

8,798,474

1,136,434

349,023

120,010

8.702.434

1.136.434 

72,892

4,638,010

District 2 ............. 1,250 96,040

1,713

1,068

951

1,093

1,703

1,058

951

1,060

1,670

1,019

867

30 3 157 153 4

District 3 ............. 31 2 10 10

District 4............. 36 3 10 3 7 276,131'

District 5............. 81 3 5,766,041

District 6............. 1,507 8,541,778

1,502

1,512

1.107

i;621

1,070

536

1,507

1,494

1,512

1.106

i;621

1,070

533

1,420

1.432

1.433 

1.068 

1,362

73 14

District 7............. 49 13 8 6 2 10,641,470 48,580 37,104 11,476

District 8............. 74 5 14,049,892

4.295,387

5,636,645

8,196,499

18,740,430

District 9............. 35 3 1 1 127,846 127.846

District 10........... 246 13

District 11........... 1,002

489

65 3

District 12........... 28 16 3 3 166,503 166,503

State 

Alabama.............. 216 216 212 4 1,313,730

368,984

769,886

13,263,693

1,099,644

2,667,631

Arizona.............. 13 13 11 2

Arkansas............ 227 227 208 16 3 4,481

.......... 202 202 188 5 9 67,778California

Colorado............ 149 149 133 16 6,769

189,732

1,635

Connecticut......... 189 117 99 17 1 72 2 70 1,115,495

73,889

21,725 1,093,770

Delaware............ 42 40 39 1 2 2 550,718 73,889

1,059,910

1,805,273

1,858,329

Dist. of Columbia 

Florida...............

21 21 21

173 173 167 3 3 7,160

Georgia.............. 360 360 291 69 28,854

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Idaho.................... 46 46 45 1

Illinois.................. 856 856 840 11 5

495 491 471 17 3 4 3 1

Iowa..................... 656 656 593 63

Kansas................. 615 615 446 167 2

Kentucky............ 391 391 363 23 5

151 151 150 1

96 64 55 9 32 6 26

180 170 167 2 1 10 3 7

382 192 183 9 190 190

Michigan............. 448 448 415 25 8

Minnesota............ 679 678 647 29 2 1 1

202 202 197 5

592 592 562 28 2

111 111 111

Nebraska............. 418 418 356 54 8

Nevada................ 8 8 8

New Hampshire.. 107 65 57 8 42 42

373 349 343 3 3 24 22 2

New Mexico........ 41 41 41

New York............ 820 689 677 12 131 131

North Carolina... 229 229 224 4 1

North Dakota. . . 151 151 145 5 1

Ohio..................... 680 677 662 15 3 3

Oklahoma............ 382 382 371 9 2

Oregon................. 73 72 68 2 2 1 1

Pennsylvania. . . . 

Rhode Island. . . .

1,033 1,026 1,008 16 2 7 7

34 25 15 7 3 9 9

South Carolina.. . 145 145 120 25

South Dakota... . 166 166 165 1

Tennessee............ 297 297 287 6 4

Texas.................... 865 865 800 64 1

Utah..................... 57 57 57

Vermont.............. 80 72 71 1 8 8

Virginia................ 314 314 313 1

Washington.........

West Virginia. . . . 

Wisconsin............

124 122 119 2 2

179 179 174 4 1

559 555 546 7 2 4 3 1

Wyoming............. 57 57 56 1

Possessions

Alaska.................. 17 17 3 14

Hawaii................. 9 9 1 3 5

Puerto R ico......... 13 13 13

Virgin Islands. ... 2 2 1 1

412,274 412,274 404,223

11,924,368 11,924,368 11,894,344

2,911,255 2,873,410 2,839,629

2,125,524 2,125,524 2,036,228

1,566,827 1,566,827 1,400,839

1,588,791 1,588,791 1,562,554

1,627,328 1,627,328 1,626,540

694,507 491,241 452,831

2,055,159 1,706,136 1,642,825

7,514,039 4,658,369 4,543,456

4,881,819 4,881,819 4,783,106

2,910,155 2,782,309 2,766,283

788,709 788,709 779,403

4,225,791 4,225,791 4,206,975

499,190 499,190 499,190

1,290,066 1,290,066 1,251,792

156,369 156,369 156,369

501,103 233,926 218,626

4,996,970 4,566,869 4,558,332

270,582 270,582 270,582

45,271,071 36,976,587 36,071,127

1,817,847 1,817,847 1,797,917

488,570 488,570 411,150

7,389,965 7,185,484 7,172,436

1,469,226 1,469,226 1,463,526

1,423,110 1,414,377 1,407,511

11,110,428 10,178,475 10,137,429

1,018,351 777,525 646,346

638,106 638,106 619,877

397,472 397,472 395,704

1,957,310 1,957,310 1,948,514

5,929,605 5,929,605 5,823,733

558,330 558,330 558,330

312,644 237,058 237,058

1,852,415 1,852,415 1,851,457

2,338,564 2,180,794 2,165,256

889,612 889,612 879,055

2,848,396 2,837,661 2,829,087

210,882 210,882 210,882

54,613 54,613 17,092

533,477 533,477 15,229

261,596 261,596

4,013 4,013 3,877

8,051

30,024

33,781

89,296

165,988

26,237

788

38,410

63,311

114,913

98,713

16,026

9,306

18,816

37,845 26,835 11,010

203,266

349,023

2,855,670

22,699

72,892

180,567

276,131

2,855,670

127,846 127,846

38,274

15,300

8,537

905,460

19,930

77,420

13,048

5,700

6,866

41,046

131,179

18,229

1,768

8,796

105,872

267,177

430,101

8,294,484

267,177

407,950 22,151

8,294,484

204,481 204,481

8,733

931,953

240,826

8,733

931,953

240,826

75,586 75,586

958

15,538

10,557

8,574

157,770 157,770

10,735 10,269 466

37,521

518,248

261,596

136

1 Includes 9 trust companies not engaged in deposit banking: 2 in Pennsylvania and 1 each in California, Florida, Illinois, Kansas, Massachusetts, Missouri and Wisconsin. 

Back figures—See the following Annual Reports: 1944, pp. 120-121; 1943, pp. 76-77; 1942, pp. 76-77; 1941, pp. 108-109.

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Federal Reserve Bank of St. Louis
A s se t s a n d L ia b il it ie s o f O p e r a t in g B a n k s

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

possessions, June 30, 1945

Banks grouped according to insurance status and type of bank

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

possessions. December 31, 1945

Banks grouped according to insurance status and type of bank

Table 106. Assets and liabilities of operating insured commercial banks, December 31, 1945, 

June 30, 1945, and December 30, 1944

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

possessions, 1943-1945

Banks grouped according to insurance status and by type of bank

Table 108. Assets and liabilities of operating insured commercial banks, call dates, 1940-1945

Table 109. Percentage distribution of assets and liabilities of operating insured commercial 

banks, call dates, 1940-1945

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

December 31, 1945 

Banks grouped by district and State

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Federal Reserve Bank of St. Louis
Statements of assets and liabilities are submitted by insured commercial banks upon either a cash or an accrual basis, depending upon

the bank’s method of bookkeeping. Assets reported represent aggregate

book value, on the date of call, less valuation allowances and premiums.

Assets and liabilities held in or administered by a savings, bond,

insurance, real estate, foreign, or any other department of a bank,

except a trust department, are consolidated with the respective assets

and liabilities of the commercial department. “Deposits of individuals,

partnerships, and corporations” include trust funds deposited by a trust

department in a commercial or savings department. Other assets 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” .

Since June 30, 1942, demand balances with and demand deposits

due to banks in the United States exclude reciprocal interbank deposits.

Reciprocal interbank deposits arise when two banks maintain deposit

accounts with each other.

Instalment loans are ordinarily reported net if the instalment payments are applied directly to the reduction of the loan. Such loans are

reported gross if, under contract, the payments do not immediately

reduce the unpaid balances of the loan but are assigned or pledged to

assure repayment at maturity.

Total deposits shown in these tables are not the same as the deposits

upon which assessments paid to the Federal Deposit Insurance Corporation are based. The assessment base is slightly lower due to certain

deductions which may be claimed.

Data for noninsured trust companies not accepting deposits are

excluded. Data for some noninsured commercial banks are omitted

because of unavailability of reports. On December 31, 1945, 83 noninsured trust companies and 21 noninsured commercial banks were

excluded. Because of these exclusions, the number of noninsured banks

in the following tables does not agree with the number shown in the

previous section.

Sources of Datas

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller of

the Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

Noninsured banks: State banking authorities; Rand McNally Bankers

Directory; and P oW s Bankers Encyclopedia,

©

CDASSETS AND LIABILITIES OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 104. Sum m ary o f A s s e t s a n d L ia b ilit ie s o f O p e ra tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s, J u n e 30, 1945

b a n k s g r o u p e d a c co r d in g to in s u r a n c e s t a t u s a n d t y p e o f b a n k

(Amounts in thousands of dollars)

Assety liability, or capital account item

All

banks

Commercial banks Mutual savings banks

Total Insured1 Noninsured Total Insured Noninsured

ASSETS

Cash, balances with other banks, and cash items in process of collection .............................. 30,846,195

102,182,021

94.168.233

3,877,479

3,637,013

487,548

11,748

28,085,987

1,732,298

1,037,346

183,768

511,184

162,846,501

30,262,669

91,354,774

84.580.534

3,775,794

2,634,847

351,851

11,748

23,777,084

1,500,488

937,282

121,975

441,231

146,895,015

29,659,257

89,001,216

82.422.104

3,686,190

2,566,830

326,092

603,412

2,353,558

2.158.430

89,604

68,017

25,759

11,748

398,204

83,090

18,676

6,507

57,907

3,438,264

583,526

10,827,247

9.587.699

'101,685

1,002,166

135,697

421,730

6,974,375

6.367.775

74,698

518,284

13,618

161,796

3,852,872

3.219.924

26,987

483,882

122,079

Securities—total.........................

United States Government obligations, direct and guaranteed...................

Obligations of States and political subdivisions............................................

Other bonds, notes, and debentures.........................................

Corporate stocks........................

Not classified..........................

Loans, discounts, and overdrafts (including rediscounts).....................

Miscellaneous assets—total....................

Bank premises owned, furniture and fixtures...............................................

Other real estate—direct and indirect...........................................................

All other miscellaneous assets..................

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

^ LIABILITIES Deposits—total........................

Demand deposits of individuals, partnerships, and corporations................

Time deposits of individuals, partnerships, and corporations.....................

States and political subdivisions.........................................

United States Government........................................................

Interbank.............................................

23,378,880

1,417,398

918,606

115,468

383,324

143,456,751

4,308,903

231,810

100,064

61,793

69,953

15,951,486

3,088,896

173,164

74,901

46,886

51,377

10,658,165

1,220,007

58,646

25,163

14,907

18,576

5,293,321

151.860.005

151.860.005

913,658

70,030

843,628

152,773,663

10,072,838

3,078,325

4,643,140

2,351,373

162,846,501

137,434,607

66,627,585

26,921,753

5,400,227

24,541,956

12,596,800

1,263,586

82,700

865,171

68,993

796,178

138,299,778

8,595,237

3,073,614

3,614,998

1,906,625

146,895,015

134,282,386

65,507,969

26,363,106

5,181,907

23,583,287

12,400,925

1,239,938

5,254

833,017

65,308

767,709

135,115,403

8,341,348

2,977,941

3,528,861

1,834,546

143,456,751

3,152,221

1,119,616

558,647

218,320

958,669

195,875

23,648

77,446

32,154

3,685

28,469

3,184,375

253,889

95,673

86,137

72,079

3,438,264

14.425.398

14.425.398

48,487

1,037

47,450

14,473,885

1,477,601

4,711

1,028,142

444,748

15,951,486

9.671.362

9.671.362

30,352

37

30,315

9,701,714

956,451

4,711

733,379

218,361

10,658,165

4.754.036

4.754.036

18.135

1,000

17.135 

4,772,171

521,150

294,763

226,387

5,293,321

Certified and officers’ checks, cash letters of credit, etc...............................

Not classified, including postal savings........................................................

Miscellaneous liabilities—total......................................

Rediscounts and other borrowed money.........................................................

All other miscellaneous liabilities.....................................................................

Total liabilities (excluding capital accounts).....................................

CAPITAL ACCOUNTS 

Capital accounts—total...............................................................

Capital stock, notes, and debentures..............................................................

Surplus..........................................

Undivided profits, including all other capital accounts................................

Total liabilities and capital accounts..................................................

Number of banks included.................................................................................. 14,601 14,059 13,282 777 542 192 350

1 Includes 9 trust companies not engaged in deposit banking.

Back figures— See the following Annual Reports: 1944, pp. 124-125; 1943, pp. 78-79; 1942, pp. 78-79; 1941, pp. 122-125.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 105. Summary of Assets and Liabilities of Operating Banks in the United States and Possessions, December 31, 1945

BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK

(Amounts in thousands of dollars)

Asset, liability, or capital account item

All

banks

Commercial banks Mutual savings banks

Total Insured1 Noninsured Total Insured Noninsured

ASSETS

Gash, balances with other banks, and cash items in process of collection .......................................................................................................

Securities—total.................................................................................................

United States Government obligations, direct and guaranteed...................

Obligations of States and political subdivisions............................................

Other bonds, notes, and debentures...............................................................

Corporate stocks...............................................................................................

Not classified.....................................................................................................

35,584,213

110,417,739

101,822,197

4,063,992

4,028,603

493,274

9,673

30,473,074

1,728,021

1,016,046

143,945

568,030

178,203,047

34,974,879

98,490,412

91,149,647

3,974,652

3,003,873

352,567

9,673

26,192,472

1,524,930

921,260

106,750

496,920

161,182,693

34,302,704

96,066,695

88,933,380

3,874,729

2,938,313

320,273

672,175

2,423,717

2,216,267

99,923

65,560

32,294

9,673

423,795

80,606

18,335

6,339

55,932

3,600,293

609,334

11,927,327

10,672,550

89,340

1,024,730

140,707

428,978

7,765,146

7,159,538

69,247

523,797

12,584

>

Ul GO

tel

180,356 g

4,162,181

3,513,012 %

20,093 © 

500,933

128,143 £

Loans, discounts, and overdrafts (including rediscounts).....................

Miscellaneous assets—total............................................................................

Bank premises owned, furniture and fixtures................................................

Other real estate—direct and indirect............................................................

All other miscellaneous assets.........................................................................

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

LIABILITIES

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

Demand deposits of individuals, partnerships, and corporations................

Time deposits of individuals, partnerships, and corporations.....................

States and political subdivisions.....................................................................

United States Government..............................................................................

Interbank...........................................................................................................

25,768,677

1,444,324

902,925

100,411

440,988

157,582,400

4,280,602

203,091

94,786

37,195

71,110

17,020,354

3,081,253

148,393

71,104

25,917

51,372

11,423,770

W

1,199,349 a

n

54,698 3

23,682 H 

11,278 oa 

19,738 

5,596,584 O

166,474,227

73,876,141

45,285,470

5,786,063

24,770,397

14,071,870

2,614,569

69,717

1,203,697

225,694

978,003

167,677,924

10,525,123

3,134,851

4,973,783

2,416,489

178,203,047

151,089,347

73,867,330

29,917,444

5,784,112

24,766,651

14,071,426

2,612,667

69,717

1,160,378

219,138

941,240

152,249,725

8,932,968

3,129,929

3,873,430

1,929,609

161,182,693

147,810,982

72,605,736

29,295,108

5,595,417

23,841,369

13,883,529

2,584,897

4,926

1,099,022

215,300

883,722

148,910,004

8,672,396

3,032,331

3,784,722

1,855,343

157,582,400

3,278,365

1,261,594

622,336

188,695

925,282

187,897

27,770

64,791

61,356

3,838

57,518

3,339,721

260,572

97,598

88,708

74,266

3,600,293

15,384,880

8,811

15,368,026

1,951

3,746

444

1,902

10,363,223

7,927

10,348,697

1,704

2,665

411

1,819

5,021,657 2

884 H 

5,019,329 £J 

247 

1,081 H 

33 S Certified and officers’ checks, cash letters of credit, etc............................... 83 § Not classified, including postal savings.........................................................

Miscellaneous liabilities—total.....................................................................

Rediscounts and other borrowed money........................................................

All other miscellaneous liabilities....................................................................

Total liabilities (excluding capital accounts)....................................

CAPITAL ACCOUNTS 

Capital accounts—total...................................................................................

Capital stock, notes, and debentures.............................................................

43,319

6,556

36,763

15,428,199

1,592,155

4,922

1,100,353

486,880

17,020,354

26,188

556

25,632

10,389,411

1,034,359

4,922

791,353

238,084

11,423,770

W

17.131 >

6,000 3

11.131 W 

5,038,788 &

557.796

309,000’

248.796 

5,596,584 ^

Undivided profits, including all other capital accounts................................

Total liabilities and capital accounts..................................................

Number of banks included................................................................................... 14,621 14,079 13,802 777 542 192 350 til

1 Includes 9 trust companies not engaged in deposit banking.

Back figures—See the following Annual Reports: 1944, pp. 124-125; 1943, pp. 78-79; 1942, pp. 78-79; 1941, pp. 122-125.

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Federal Reserve Bank of St. Louis
T ab le 106. A ssets and L iabilities of Operating I nsured C ommercial B a n k s, D ecem ber 31, 1945,

June 30, 1945, and D ecember 30, 1944

(Amounts in thousands of dollars)

ASSETS

(jash, balances with other banks, and cash 

item s in process of collection—tota l..

Currency and coin.............................................

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

Demand balances with banks in the United 

States (except private banks and American branches of foreign banks)................

Other balances with banks in the United States 

Balances with banks in foreign countries 

Cash items in process of collection.........

Obligations of the United States Governm ent—total..............................................

Direct:

Treasury bills.................................................

Treasury certificates of indebtedness...........

Treasury notes...............................................

United States savings bonds.........................

Other bonds maturing in 5 years or less....

Other bonds maturing in 5 to 10 years.......

Bonds maturing in 10 to 20 years................

Bonds maturing after 20 years.....................

Guaranteed obligations.....................................

Other securities—tota l......................................

Obligations of States and political subdivisions

Other bonds, notes, and debentures1----

Corporate stocks:

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

Other corporate stocks.........................

Total securities..............................

Loans, discounts, and overdrafts (including

rediscounts)—total................. ......... .

Commercial and industrial loans (including

open market paper)2...................................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation2..............

Other loans to farmers (excluding loans on 

real estate)2.......................................

Dec. 31,

1945

June 30, 

1945

Dec. 30, 

1944

34,302,704

1,831,755

15,810,286

29,659,257

1,477,475

14,805,926

29,746,309

1,625,675

14,259,603

11,006,547

75,427

24,017

5,554,672

9,902,652

64,630

24,389

3,384,185

9,732,661

64,239

17,088

4,047,043

88,933,380 82,422,104 75,896,226

2,455,731

19,074,630

16,047,429

1,194,764

9,029,883

32,230,258

6,092,145

2,786,871

21,669

2,831,494

17,206,276

16,456,203

1,094,398

7.122.196 

30,070,985

5.164.197 

2,433,071

43,284

3,972,299

15,302,996

15,780,732

763,842

5,917,794

25,467,314

5,796,636

1,917,000

977,613

7,133,315

3,874,729

2,938,313

6,579,112

3,686,190

2,566,830

6,156,841

3,423,732

2,385,706

176,895

143,378

169,559

156,533

162,541

184,862

96,066,695 89,001,216 82,053,067

25,768,677 23,378,880 21,354,758

9,462,256 7,502,254 7,921,036

304,685 595,392 805,503

1,009,608 1,036,357 917,363

LIABILITIES AND CAPITAL

Deposits of individuals, partnerships, and

corporations—total................................ Demand............................................

Time....................................................................

Certified and officers’ checks, cash letters 

of credit and travelers’ checks outstanding, and amounts due to Federal Reserve banks.................................

Government deposits—tota l...........................

United States Government—demand:

War loan and Series E bond accounts........

Other accounts...............................................

United States Government—time...................

Postal savings..................... ..............................

States and political subdivisions—demand. . . 

States and political subdivisions—time..........

Interbank deposits—tota l...............................

Banks in the United States—demand.............

Banks in the United States—time...................

Banks in foreign countries—demand...............

Banks in foreign countries—time.....................

Total deposits..............................................

Demand......................................................

Time..................... ......................................

Miscellaneous liabilities—tota l............ .

Bills payable, rediscounts, and other liabilities

for borrowed money..................................

Acceptances outstanding...................................

Dividends declared but not yet payable.........

Income collected but not earned.....................

Expenses accrued and unpaid..........................

Other liabilities..................................................

Total liabilities (excluding capital 

accounts)..................................................

Dec. 31, 

1945

June 30, 

1944

Dec. 30, 

1944

101,900,844

72,605,736

29,295,108

91,871,075

65,507,969

26,363,106

87,511,877

61,148,968

23,362,909

2,584,897 1,239,938 1,354,421

29,441,712 28,770,448 24,811,141

23,476,945

266,147

98,277

4,926

5,099,450

495,967

23,199,502

283,822

99,963

5,254

4,699,707

482,200

19,455,586

303,205

103,175

5,365

4,520,308

423,502

13,883,529

12,566,058

51,957

1,247,905

17,609

12,400,925

11,216,666

49,203

1,118,697

16,359

12,074,356

11,063,174

52,672

947,651

10,859

147,810,982

117.8 U7.138

29,968,8hk

134,282,386

107,266,801

27,016,085

125,751,795

101,793,818

23,958,^82

1,099,022 833,017 871,103

215,300

76,824

56,508

58,280

367,271

324,839

65,308

49,253

47,776

49,787

335,771

285,122

121,549

72,693

48,357

46,728

278,974

302,802

148,910,004 135,115,403 126,622,898

112 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Consumer loans to individuals:

Retail automobile instalment paper............

Other retail, repair and modernization instalment loans.............................................

Personal instalment cash loans.....................

224,762

266,346

398,296

1,471,836

3,164,060

3,606,474

507,342

3.331.504 

840,404

48,599

1.132.505

184,966

209.927 

350,079

1,363,314

3,113,173

3,600,585

483,552

3,192,263

738,765

57,325

950.928

174,164

191,742

317,571

1,204,933

2,269,381

2,264,758

449,614

3,156,607

737,930

59,374

884,782

Capital accounts—tota l...................................

Capital stock, notes, and debentures..............

Undivided profits...............................................

Total liabilities and capital accounts. .

8,672,396

3,032,331

3,784,722

1,293,271

562,072

8,341,348

2,977,941

3,528,861

1,293,751

540,795

7,990,267

2,912,455

3,401,995

1,169,389

506,428

Loans to brokers and dealers in securities. . . . 

Other loans for the purpose of purchasing or 157,582,400 143,456,751 134,613,165

Real estate loans:

On farm land..................................................

On residential properties...............................

On other properties........................................

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

All other loans (including overdrafts).............

Loans and securities—total.................

Bank premises, furniture and fixtures, and 

other real estate—total.........................

MEMORANDA

Pledged assets and securities loaned—total

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 liabilities........

Securities loaned................................................

Secured and preferred liabilities—total. . . .

Deposits secured by pledged assets pursuant

to requirements of law..............................

Deposits preferred under provisions of law but

32,517,937

31,657,985

512,178

304,138

43,636

31,483,669

30,615,809

538,823

271,265

57,772

27,727,300

26,831,454

561,779

300,421

33,646

121,835,372 112,380,096 103,407,825

1,003,336

835,787

67,138

31,239

69,172

1,034,074

848,935

69,671

45,082

70,386

1,079,091

888,882

71,160

63,522

75,527

Bank premises....................................................

Furniture and fixtures.......................................

Real estate owned other than bank premises. . 

Investments and other assets indirectly representing bank premises or other real estate.

Miscellaneous assets—total.............................

Customers’ liability on acceptances outstanding .......................................................

Income accrued but not collected....................

Prepaid expenses................................................

Other assets.........................................................

29,597,967

28,353,800

1,029,209

214,605

353

28,541,657

27,595,272

884,198

61,889

298

24,843,282

23,846,867

901,915

93,743

757 440,988

66,459

252,033

18,641

103,855

383,324

41,376

234,874

14,085

92,989

379,940

62,801

216,599

11,930

88,610

not secured by pledge of assets................

Borrowings secured by pledged assets.............

Other liabilities secured by pledged assets. . . .

Capital stock, notes, and debentures:

Par or face value—tota l................................

Common stock...............................................

Capital notes and debentures.......................

Preferred stock...............................................

3,034,144

2,838,661

42,892

152,591

2,979,999

2,753,002

46,081

180,916

2,915,933

2,663,479

50,065

202,389

Total assets............................................... 157,582,400 143,456,751 134,613,165 Retirable value of preferred stock................... 260,591 302,400 328,203

Number of banks................................................... 13,302 13,282 13,268 Number of banks 13,302 13,282 13,268

1 Includes obligations of United States Government corporations and agencies not guaranteed by the United States Government.

2 Due to a minor reclassification of certain of these loans, amounts as of December 31, 1945, are not strictly comparable with amounts as of June 30, 1945, and December 30, 

1944. The revision affects chiefly the item “ Loans to farmers directly guaranteed by the Commodity Credit Corporation." The corresponding former item included: (a) loans to 

dealers, processors and farmers cooperatives directly or indirectly guaranteed by the CCC (now classified as commercial and industrial loans); and (b) loans to farmers indirectly 

guaranteed by the CCC (now classified as other loans to farmers).

Back figures—See the following Annual Reports: 1944, pp. 126-127; 1943, pp. 80-81; 1942, pp. 80-81; 1941, pp. 126-129; 1940, pp. 144-147; 1938, pp. 164-167.

00ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107, Sum m ary o f A s s e t s a n d L ia b ilitie s o f O p e ra tin g B a n k s in t h e U n ite d S t a t e s an d P o sse ssio n s, 1943-1945

BAN KS GROUPED ACCORDING TO INSURANCE STATUS AND B Y TYPE OF BA N K

(Amounts in millions of dollars)

Asset, liability, or capital account item June 30, 1943 December 31, 1943 June 30, 1944

ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED ALL BANKS INSURED NONINSURED

Total assets...................................... ................ 116,983 105,414 11.569 127,794 120,610 7,184 139,227 131,766 7,461

Cash and amounts due from other banks. . . . 26.772 25,708 1.064 28,570 27,750 '820 28,279 27,571 708

United States Government obligations1.......... 57,913 52,806 5,107 66,155 62,537 3,618 76,017 71,856 4,161

Other securities . . ; ............................... 7.915 6.775 1.140 7.445 6.593 852 7,552 6,750 802

Loans, discounts, and overdrafts.................... 22,294 18,405 3,889 23,652 21,917 1,735 25,487 23,843 1,644

Miscellaneous assets.......................................... 2,089 1,720 369 1,972 1,813 159 1,892 1,746 146

Total liabilities and capital accounts.......... 116,983 105,414 11,569 127,794 120,610 7,184 139,227 131,766 7,461

Total deposits.................................................... 107,622 97,321 10,301 118,100 111,650 6,450 129,128 122,415 6,713

Miscellaneous liabilities.................................... 657 606 51 733 698 35 824 782 42

Total capital accounts...................................... 8,704 7,487 1,217 8,961 8,262 699 9,275 8,569 706

Number of banks included................................... 14,666 13,363 1,303 214,632 13,458 21,174 14,608 13,461 1,147

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL COMMERCIAL

Total assets.......................................................... 104,555 102,405 2,150 114,734 112,246 2,488 125,386 122,647 2,739

Cash and amounts due from other banks. . . . 26,050 25,538 512 27,766 27,191 575 27,736 27,190 546

United States Government obligations1.......... 52,628 51,542 1,086 60,058 58,693 1,365 68,716 67,104 1,612

Other securities................................................. 6,533 6,348 185 6,146 5,985 161 6,294 6,124 170

Loans, discounts, and overdrafts.................... 17,705 17,392 313 19,171 18,844 327 21,071 20,732 339

Miscellaneous assets.......................................... 1,639 1,585 54 1,593 1,533 60 1,569 1,497 72

Total liabilities and capital accounts.......... 104,555 102,405 2,150 114,734 112,246 2,488 125,386 122,647 2,739

Total deposits.................................................... 96,476 94,582 1,894 108,350 104,116 2,234 116.655 114,180 2,475

Miscpllanpour liabilities.................................... 617 594 23 697 676 21 778 757 21

Total capital accounts...................................... 7,462 7,229 233 7,687 7,454 233 7,953 7,710 243

Number of banks included................................... 14,121 13,302 819 214,087 13,274 2813 14,064 13,269 795

ALL INSURED NONINSURED ALL INSURED NONINSURED ALL INSURED NONINSURED

MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL MUTUAL

SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS SAVINGS

Total assets.......................................................... 12,428 3,009 9,419 13,060 8,364 4,696 13,841 9,119 4,722

Cash and amounts due from other banks. . . . 722 170 552 804 559 245 543 381 162

United States Government obligations1.......... 5,285 1,264 4,021 6,097 3,844 2,253 7,301 4,752 2,549

Other securities.................................................. 1,382 427 955 1,299 608 691 1,258 626 632

Loans, discounts, and overdrafts.................... 4,589 1,013 3,576 4,481 3,073 1,408 4,416 3,111 1,305

Miscellaneous assets......................................... 450 135 315 379 280 99 323 249 74

Total liabilities and capital accounts.......... 12,428 3,009 9,419 13,060 8,364 4,696 13,841 9,119 4,722

Total deposits.................................................... 11,146 2,739 8,407 11,750 7,534 4,216 12,473 8,235 4,238

Miscellaneous liabilities.................................... 40 12 28 36 22 14 46 25 21

Total capital accounts...................................... 1,242 258 984 1,274 808 466 1,322 859 463

Number of banks included................................... 545 61 484 545 184 361 544 192 352

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Total assets..........................................................

Cash and amounts due from other banks. . . .

United States Government obligations1..........

Other securities..................................................

Loans, discounts, and overdrafts....................

Miscellaneous assets..........................................

Total liabilities and capital accounts..........

Total deposits....................................................

Miscellaneous liabilities....................................

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

December 30, 1944 June 30, 1945 December 31, 1945

ALL BANKS

152.618

30,910

86,281

7,563

26,080

1,784

152.618

142,077

926

9,615

INSURED

144.440

30,145

81,405

6,761

24,465

1,684

144.440

134,662

896

8,882

NONINSURED

8.178

765

4,876

802

1,615

120

8.178

7,415

30

733

ALL BANKS

162.845

30,846

94,169

8,013

28,086

1,731

162.845

151,859

913

10,073

INSURED

154.114

30,081

88,790

7,185

26,468

1,590

154.114

143,953

863

9,298

NONINSURED

8.731

765

5,379

828

1,618

141

8.731

7,906

50

775

ALL BANKS

178.203

35,585

101,822

8,595

30,473

1,728

178.203

166,474

1,203

10,526

INSURED

169.006

34,732

96,093

7,739

28,850

1,592

169.006

158,174

1,125

9,707

NONINSURED

9.197

853

5,729

856

1,623

136

9.197

8,300

78

819

Number of banks included................................... 14,597 13,460 1,137 14,601 13,474 1,127 14,621 13,494 1,127

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

Cash and amounts due from other banks. . . .

United States Government obligations1..........

Other securities..................................................

Loans, discounts, and overdrafts....................

Miscellaneous assets..........................................

Total liabilities and capital accounts.........

Total deposits....................................................

Miscellaneous liabilities....................................

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

ALL

COMMERCIAL

137.830

30,327

77,953

6,331

21,708

1,511

137.830

128,702

891

8,237

INSURED

COMMERCIAL

134.613

29,746

75,896

6,157

21,355

1,459

134.613

125,752

871

7,990

NONINSURED

COMMERCIAL

3.217

581

2,057

174

353

52

3.217

2,950

20

247

ALL

COMMERCIAL

146.894

30,262

84,581

6,774

23,777

1,500

146.894

137,434

865

8,595

INSURED

COMMERCIAL

143.456

29,659

82,422

6,579

23,379

1,417

143.456

134,282

833

8,341

NONINSURED

COMMERCIAL

3.438

603

2,159

195

398

83

3.438

3,152

32

254

ALL

COMMERCIAL

161,182

34,975

91,149

7,340

26,193

1,525

161,182

151,089

1,160

8,933

INSURED

COMMERCIAL

157.582

34,303

88,933

7,133

25,769

1,444

157.582

147,811

1,099

8,672

NONINSURED

COMMERCIAL

3.600

672

2,216

207

424

81

3.600

3,278

61

261

Number of banks included................................... 14,054 13,268 786 14,059 13,282 777 14,079 13,302 777

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

Cash and amounts due from other banks. . . .

United States Government obligations1.........

Other securities..................................................

Loans, discounts, and overdrafts....................

Miscellaneous assets..........................................

Total liabilities and capital accounts..........

Total deposits....................................................

Miscellaneous liabilities....................................

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

ALL

MUTUAL

SAVINGS

14.788

583

8,328

1,232

4,372

273

14.788

13,375

35

1,378

INSURED

MUTUAL

SAVINGS

9.827

399

5,509

604

3,110

205

9.827

8,910

25

892

NONINSURED

MUTUAL

SAVINGS

4.961

184

2,819

628

1,262

68

4.961

4,465

10

486

ALL

MUTUAL

SAVINGS

15.951

584

9,588

1,239

4,309

231

15.951

14,425

48

1,478

INSURED

MUTUAL

SAVINGS

10.658

422

6,368

606

3,089

173

10.658

9,671

30

957

NONINSURED

MUTUAL

SAVINGS

5.293

162

3.220 

633

1.220 

58

5.293

4,754

18

521

ALL

MUTUAL

SAVINGS

17.021

610

10,673

1,255

4,280

203

17.021

15,385

43

1,593

INSURED

MUTUAL

SAVINGS

11.424

429

7,160

606

3,081

148

11.424

10,363

26

1,035

NONINSURED

MUTUAL

SAVINGS

5.597

181

3,513

649

1,199

55

5.597

5,022

17

558

Number of banks included................................... 543 192 351 542 192 350 542 192 350

1 Includes both direct and guaranteed obligations. 

8 Revised.

Back figures—See the following Annual Reports: 1944, pp. 128-129; 1941, pp. 122-125.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 108. A s s e t s a n d L ia b ilit ie s o f O p e ra tin g In su r e d C o m m e rc ia l B a n k s, C a l l D a t e s , 1940-1945

(Amounts in millions of dollars)

1940 1941 1942 1943 1944 1945

Asset or liability item

June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31

Total assets ........................ 65,589 70,720 72,984 76,827 78,709 95,459 102,405 112,246 122,647 134,613 143,456 157,582

Cash, balances with other banks, and cash items

in process of collection............................................. 23,864 26,291 24,998 25,793 24,382 27,593 25,538 27,191 27,190 29,746 29,659 34,303

Securities—total....................................................... 22,821 24,163 26,279 28,032 32,726 47,344 57,890 64,678 73,228 82,053 89,001 96,066

United States Government obligations, direct 

guaranteed ..........................................................

and

15,901 17,064 19,371 21,047 25,936 40,712 51,542 58,693 67,104 75,896 82,422 88,933

Obligations of States and political subdivisions. .. 3,482 3,608 3,551 3,652 3,494 3,533 3,441 3,288 3,394 3,424 3,686 3,875

Other bonds, notes, and debentures....................... 2,946 3,012 2,890 2,890 2,865 2,680 2,520 2,342 2,388 2,386 2,567 2,938

Corporate stocks....................................................... 492 479 467 443 431 419 387 355 342 347 326 320

Loans, discounts, and overdrafts (including

discounts).........................................................

re17,014 18,398 19,913 21,262 19,923 18,907 17,392 18,844 20,732 21,355 23,379 25,769

Miscellaneous assets—total.................................... 1,890 1,868 1,794 1,740 1,678 1,615 1,585 1,533 1,497 1,459 1,417 1,444

Bank premises owned, furniture and fixtures........ 1,081 1,071 1,067 1,060 1,060 1,048 1,022 994 972 940 919 903

Other real estate—direct and indirect.................... 507 463 429 370 340 301 257 207 172 139 115 100

All other miscellaneous assets.................................. 302 334 298 310 278 266 306 332 353 380 383 441

Total liabilities and capital accounts...................... 65,589 70,720 72,984 76,827 78,709 95,459 102,405 112,246 122,647 134,613 143,456 157,582

Deposits—total........................................................... 58,425 63,470 65,617 69,421 71,162 87,820 94,582 104,116 114,180 125,752 134,282 147,811

Demand deposits of individuals, partnerships, 

corporations.......................................................

and

28,899 32,401 34,331 36,547 39,266 47,128 53,423 58,346 57,364 64,149 65,508 72,606

Time deposits of individuals, partnerships, 

corporations.......................................................

and

14,779 15,002 15,207 15,151 14,890 15,706 16,897 18,572 20,544 23,363 26,363 29,295

States and political subdivisions.............................. 3,601 3,821 4,010 4,170 4,337 4,394 4,675 4,749 4,812 4,944 5,182 5,595

United States Government...................................... 756 666 666 1,763 1,771 8,215 7,765 10,068 18,865 19,862 23,583 23,841

Postal savings............................................................ 74 69 65 59 56 13 9 7 6 5 5 5

Interbank................................................................... 9,795 10,539 10,546 10,654 10,076 11,145 10,681 10,705 11,038 12,074 12,401 13,884

Certified and officers’ checks, cash letters of credit, etc. 521 972 792 1,077 766 1,219 1,132 1,669 1,551 1,355 1,240 2,585

Miscellaneous liabilities—total.............................. 557 577 594 564 594 583 594 676 757 871 833 1,099

Rediscounts and other borrowed money................ 14 11 10 10 11 10 25 45 84 121 65 215

All other miscellaneous liabilities............................ 543 566 584 554 583 573 569 631 673 750 768 884

Capital accounts—total........................................... 6,607 6,673 6,773 6,842 6,953 7,056 7,229 7,454 7,710 7,990 8,341 8,672

Capital stock, notes, and debentures...................... 2.892 2,872 2,858 2,849 2,859 2,849 2,841 2,875 2,895 2,912 2,978 3,032

Surplus....................................................................... 2,484 2,563 2,603 2,686 2,741 2,801 2,887 3,090 3,190 3,402 3,529 3,785

Undivided profits, including all other capital accounts 1,231 1,238 1,312 1,307 1,353 1,406 1,501 1,489 1,625 1,676 1,834 1,855

Number of banks included............................................... 13,480 13,438 13,423 13,427 13,403 13,347 13,302 13,274 13,269 13,268 13,282 13,302

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 109. Percentage D istribution of A ssets and L iabilities of O perating Insured C ommercial B a n k s,

C all D ate s, 1940-1945

Asset or liability item

1940 1941 1942 1943 1944 1945

June 29 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 31 June 30 Dec. 30 June 30 Dec. 31

Total assets............................................................................. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cash, balances with other banks, and cash items in

process of collection............................................. 36.4 37.2 34.3 33.6 31.0 28.9 24.9 24.2 22.2 22.0 20.7 21.8

Securities—total................................................................ 34.8 34.2 36.0 36.5 41.6 49.6 56.6 57.6 59.7 61.0 62.0 61.0

United States Government obligations, direct and

guaranteed................................................................. 24.3 24.1 26.5 27.3 33.1 42.7 50.3 52.3 54.7 56.4 57.4 56.4

Obligations of States and political subdivisions........... 5.3 5.1 4.9 4.8 4.4 3.7 3.4 2.9 2.8 2.5 2.6 2.5

Other bonds, notes, and debentures.............................. 4.5 4.3 4.0 3.8 3.6 2.8 2.5 2.1 1.9 1.8 1.8 1.9

Corporate stocks............................................................... .7 .7 .6 .6 .5 .4 .4 .3 .3 .3 .2 .2

Loans, discounts, and overdrafts (including rediscounts) ...................................................................... 25.9 26.0 27.2 27.6 25.3 19.8 17.0 16.8 16.9 15.9 16.3 16.3

Miscellaneous assets—total........................................... 2.9 2.6 2.5 2.3 2.1 1.7 1.5 1.4 1.2 1.1 1.0 .9

Bank premises owned, furniture and fixtures............... 1.6 1.4 1.5 1.4 1.3 1.1 1.0 .9 .8 .7 .6 .6

Other real estate—direct and indirect........................... .8 .7 .6 .5 .4 .3 .2 .2 .1 .1 .1

All other miscellaneous assets......................................... .5 .5 .4 .4 .4 .3 .3 .3 .3 .3 .3 .3

Total liabilities and capital accounts............................. 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Deposits—total.................................................................. 89.1 89.7 89.9 90.4 90.4 92.0 92.3 92.8 93.1 93.5 93.6 93.8

Demand deposits of individuals, partnerships, and

corporations............................................................... 44.1 45.8 47.1 47.6 49.8 49.3 52.1 52.1 46.7 47.6 45.7 46.1

Time deposits of individuals, partnerships, and

corporations............................................................... 22.5 21.2 20.8 19.7 18.9 16.5 16.5 16.5 16.8 17.4 18.4 18.6

States and political subdivisions..................................... 5.5 5.4 5.5 5.4 5.5 4.6 4.6 4.2 3.9 3.7 3.6 3.6

United States Government............................................. 1.2 .9 .9 2.3 2.3 8.6 7.6 9.0 15.4 14.8 16.4 15.1

Postal savings.................................................................... .1 .1 .1 .1 .1

Interbank.......................................................................... 14.9 14.9 14.4 13.9 12.8 11.7 10.4 9.5 9.0 9.0 8.6 8.8

Certified and officers' checks, cash letters of credit, etc. .8 1.4 1.1 1.4 1.0 1.3 1.1 1.5 1.3 1.0 .9 1.6

Miscellaneous liabilities—total..................................... .8 .8 .8 .7 .8 .6 .6 .6 .6 .6 .6 .7

Rediscounts and other borrowed money....................... .1 .1 .1 .1

All other miscellaneous liabilities................................... .8 .8 .8 .7 .8 .6 .6 .6 .5 .5 .5 .6

Capita] accounts—total................................................... 10.1 9.5 9.3 8.9 8.8 7.4 7.1 6.6 6.3 5.9 5.8 5.5

Capital stock, notes, and debentures............................. 4.4 4.1 3.9 3.7 3.6 3.0 2.8 2.6 2.4 2.2 2.1 1.9

Surplus............................................................................... 3.8 3.6 3.6 3.5 3.5 2.9 2.8 2.7 2.6 2.5 2.4 2.4

Undivided profits, including all other capital accounts 1.9 1.8 1.8 1.7 1.7 1.5 1.5 1.3 1.3 1.2 1.3 1.2

Number of banks included...................................................... 13,480 13,438 13,423 13,427 13,403 13,347 13,302 13,274 13,269 13,268 13,282 13,302

Back figures—See the Annual Report for 1944, p. 130.

ASSETS AND LIABILITIES OF OPERATING BANKS

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T a b le 1 1 0 . A s s e t s a n d L ia b il it ie s o f a l l O p e r a t in g B a n k s in t h e U n it e d S t a t e s a n d P o s s e s s io n s, D e c e m b e r 31, 1945

BANKS GROUPED BY DISTRICT AND STATE

(Amounts in millions of dollars)

Assets Liabilities and capital accounts

District and State Number 

of banks Cash and 

due from 

banks

U. S. Government obligations

Loans, discounts and 

overdrafts

Miscellaneous

assets

Total

Deposits

Miscellaneous

liabilities

Total

capital

accounts

Other

securities Interbank Government1 Other

United States and possessions .............................. 14,621 35,585 101,822 8,595 30,473 1,728 178,203 14,072 30,556 121,846 1,203 10,526

United States................... 14,585 35,40 101,255 8,569 30,368 1,691 177,283 14,059 30,313 121,249 1,167 10,495

Possessions........................ 36 185 567 26 105 37 920 13 243 597 36 31

FDIC District

District 1........................... 882 1,730 8,465 870 2,677 165 13,907 437 1,816 10,455 72 1,127 District 2 ........................... 1,247 8,910 31,967 2,260 11,939 633 55,709 4,928 10,263 35,896 760 3,862 District 3 ........................... 1,711 3,719 11,803 1,508 2,776 243 20,049 1,050 3,339 14,112 82 1,466 District 4........................... 1,065 2,065 5,081 311 1,271 97 8,825 652 1,518 6,143 34 478 District 5........................... 945 1,729 2,994 303 975 55 6,056 602 1,135 4,029 21 269 District 6........................... 1,493 2,420 4,567 419 1,517 58 8,981 1,463

475

1,454 5,625 25 414 District 7........................... 1,488 2,292 6,945 549 1,336 78 11,200 1,886 8,281 26 532 District 8 .......................... 1,504 3,250 8,533 758 2,178 81 14,800 1,600 2,907 9,543 49 701

District 9........................... 1,104 1,043 2,699 164 590 29 4,525 429 832 3,033 12 219 District 10......................... 1,601 1,812 3,160 217 699 31 5,919 616 989 4,030 10 274 District 11......................... 1,061 2,752 3,901 301 1,551 84 8,589 1,095 1,442

2,975

5,659 24 369

District 12......................... 520 3,863 11,707 935 2,964 174 19,643 725 15,040 88 815

State

Alabama.............................. 216 389 689 85 206 13 1,382 97 267 950 4 64

Arizona................................ 11 95 211 6 67 3 382 4 56 309 1 12 Arkansas............................. 224 268 388 44 102 4 806 68 109 593 1 35 California............................ 193 2,665 8,257 670 2,205 138 13,935 523 1,924 10,817 72 599

Colorado.............................. 142 347 635 31 133 5 1,151 108 154 837 2 50

Connecticut........................ 188 380 1,824 205 475 41 2,925 39 323 2,306 16 241

42 100 347 82 73 6 608 4 86 461 2 55 District of Columbia.......... 21 259 695 24 125 18 1,121 50 181 829 3 58 Florida................................. 170 568 1,006 80 219 17 1,890 194 349 1,262 5 80

Georgia................................ 357 514 959 51 414 20 1,958 247 373 1,238 11 89

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Idaho................................... 46 105 263 8 50 2 11 428 6 60 346 1 15 Illinois................................. 850 2,709 7,297 647 1,844 69 12,566 1,452 2,504 7,969 47 594 Indiana................................ 492 736 1,816 137 356 21 3,066 151 548 2,213 5 149 Iowa..................................... 654 541 1,236 111 334 12 2,234 148 403 1,574 2 107 Kansas................................. 613 512 899 49 174 8 1,642 121 298 1,147 2 74

Kentucky............................ 386 448 911 56 257 9 1,681 179 251 1,159 4 88 Louisiana............................. 151 529 802 117 237 21 1,706 239 292 1,096 10 69 Maine.................................. 96 108 494 57 96 6 761 9 87 598 3 64 Maryland............................ 179 374 1,424 74 301 24 2,197 125 372 1,558 7 135 Massachusetts.................... 381 1,008 4,948 410 1,749 91 8,206 365 1,174 5,975 42 650

Michigan............................. 439 949 3,245 264 635 34 5,127 175 859 3,848 15 230 Minnesota........................... 677 671 1,794 127 463 21 3,076 368 583 1,959 9 157 Mississippi.......................... 202 258 340 87 136 5 826 64 146 579 1 36 Missouri.............................. 590 1,153 2,298 190 770 27 4,438 890 755 2,581 13 199 Montana.............................. 111 144 323 10 41 3 521 32 85 382 1 21

Nebraska............................. 410 383 746 54 161 7 1,351 190 210 890 3 58 Nevada................................ 8 32 102 7 21 2 164 1 28 127 2 6 New Hampshire.................. 107 62 308 79 100 5 554 7 47 447 1 52 New Jersey.......................... 370 807 3,371 377 710 72 5,337 42 975 3,979 17 324 New Mexico........................ 41 97 133 8 40 1 279 14 43 213

New York............................ 820 7,945 28,093 1,792 11,102 523 49,455 4,873 9,096 31,306 706 3,474 North Carolina................... 228 497 1,013 90 295 18 1,913 242 360 1,216 10 85 North Dakota..................... 150 117 345 12 35 2 511 16 102 370 1 22 Ohio..................................... 680 1,511 4,554 401 1,292 67 7,825 338 1,500 5,552 32 403 Oklahoma............................ 380 494 767 78 204 10 1,553 184 298 987 3 81

Oregon................................. 71 293 910 89 181 11 1,484 41 291 1,091 4 57 Pennsylvania...................... 1,031 2,208 7,249 1,107 1,484 176 12,224 712 1,839 8,560 50 1,063 Rhode Island...................... 31 131 724 94 151 16 1,116 16 151 851 9 89 South Carolina.................... 145 216 335 25 85 5 666 25 113 500 1 27 South Dakota..................... 166 111 237 15 51 3 417 13 62 322 1 19

Tennessee............................ 293 551 970 129 388 18 2,056 326 339 1,292 7 92 Texas................................... 858 2,031 2,755 170 1,207 59 6,222 838 1,051 4,041 13 279 Utah..................................... 57 141 333 16 92 3 585 51 87 420 1 26 Vermont.............................. 79 41 167 25 106 6 345 1 34 278 1 31 Virginia............................... 314 472 1,066 67 347 22 1,974 166 328 1,359 8 113

Washington......................... 124 500 1,431 128 364 13 2,436 99 448 1,792 7 90 West Virginia...................... 178 247 548 31 118 10 954 44 164 681 5 60 Wisconsin............................ 557 607 1,884 148 345 23 3,007 149 479 2,220 6 153 Wyoming............................. 56 76 113 5 27 1 222 13 29 169

Possessions.................... 36 185 567 26 105 37 920 13 243 597 36 31 Alaska................................. 17 18 30 2 7 1 58 1 K 49 3

Hawaii................................. 4 109 381 15 44 4 553 3 132 398 1 19 Puerto Rico........................ 13 57 154 9 53 32 305 9 105 147 35 9

Virgin Islands..................... 2 1 2 1 A 1 3

r 11

1 Includes “Deposits of the United States Government” and “Deposits of States and political subdivisions”; excludes “Postal savings deposits”.

ASSETS AND LIABILITIES OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
Table 111. 

Table 112.

bo

o

E x a m in e r s ' E v a l u a t io n of I n s u r e d C o m m e r c ia l B a n k s

Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1939-1945

Examiners’ appraisal of assets, liabilities, and capital of insured commercial banks 

examined in 1945

Banks grouped according to amount of deposits

FEDERAL DEPOSIT INSURANCE CORPORATION

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The tables in this section present a summary of the evaluation of

bank assets and liabilities made by examiners of the Federal supervisory

agencies. Since bank examinations are made at various dates during

the year, these tables differ from those in the previous sections, which

are based on reports submitted by the banks for specified dates. These

tables have been prepared from reports of examination available during

the year and do not cover precisely the banks examined in that year.

The figures for 1945 include 12,428 insured commercial banks operating

at the close of the year and 45 banks which ceased operations or were

taken over by other banks during the year. Figures for 876 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 867

because reports of examination were, for various reasons, not available

for tabulation. For 481 banks the figures are derived from reports of

examination made in the last three months of 1944.

Evaluation of Assets

Book value of assets is the net value, after deduction of valuation

and premium allowances, at which the assets are carried on the books

of the banks at the time of examination.

Assets not on the books represent the determinable sound value

of assets which are not included in the bank’s statement of assets or

are carried at nominal values.

Examiners’ deductions from total assets represent the difference

between the appraised value and book value of assets shown on the

books.

Appraised value of total assets represents the value of all assets as

determined by examiners and is segregated into two groups: (1) not

criticized, which represents the appraised value of assets regarded as

suitable for bank investment; and (2) substandard, which represents the

appraised value of assets believed by the examiners to involve a substantial degree of risk, or to be otherwise undesirable for bank investment. For a description of the procedure followed in examiners’ evaluation of assets, see the Annual Report of the Corporation for 1938, pages

61-78.

Appraised value of United States Government obligations exceeds

book value because the excess of redemption value of United States

Savings Bonds over book value is greater than the examiners’ deductions

of unamortized premiums on other United States Government bonds

purchased above par. Appraised value of other securities and of loans

and discounts do not include assets not shown on the books. Assets not

on the books, other than United States Government obligations, are

included in the appraised value of fixed and miscellaneous assets.

Evaluation of Liabilities and Capital

Adjusted liabilities include all liabilities shown on the books and

such others as have been determined by the examiners.

Book value of capital accounts refers to the net worth or equity

of the stockholders (including holders of capital notes and debentures)

shown on the books at the time of examination.

Adjusted capital accounts equal book value of total capital accounts plus the value of assets not shown on the books, less examiners’

deductions from total assets, and less liabilities not shown on the books.

The term “adjusted capital accounts” corresponds to the term “net

sound capital” used in the Annual Reports of the Corporation for the

years 1939-1943.

e x a m in e r s ’ evaluation of insured commercial banks 121

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Federal Reserve Bank of St. Louis
Table 111. E x a m in e r s ’ A p p r a is a l o f A sse ts, L ia b il it ie s , an d C a p it a l of I n su r e d C o m m e r c ia l B a n k s E x a m in e d in 1939-1945

(Amounts in thousands of dollars)

Asset, liability, or capital item 1939 1940 1941 1942 1943 1944 1945

Total assets—book value......................................................... 58,254,425 65,184,983 71,697,320 80,449,956 102,021,738 118,843,675 138,032,336

38,996 36,777 19,851 20,089 26,346 20,897 20,283

Examiners’ deductions............................................................. 340,697 255,876 174,037 145,741 97,144 54,193 29,354

Not criticized..........................................................................

Substandard............................................................................

57,952,724 64,965,884 71,543,134 80,324,304 101,950,940 118,810,379 138,023,265

OJ*,VO*,,UiJO

2,970,071 2,552,k9k 2’,030’,622 1,71k,226 *”l%60’,097 *± ,,825,39k

137 y3 82

618,883

Cash and due from banks....................................................... 18,643,164 23,308,292 24,107,119 24,618,882 25,342,868 26,036,187 29,215,660

U. S. Government obligations—book value...................... (2) (2) (2) 26,799,729 50,067,210 65,089,147 78,783,904

Appraised value1....................................................................... (2) (2) (2) 26,807,855 50,073,639 65,096,303 78,794,810

Other securities—book value................................................. 21,315,369 22,758,101 25,759,640 6,682,798 6,055,350 5,805,695 6,215,580

Appraised value......................................................................... 21,234,173 22,698,345 25,722,984 6,651,951 6,040,897 5,800,937 6,213,954

Not criticized.......................................................................... 20,027,268 21,659,k91 2k,970,kl 2 6,03k,558 5,578,7k3 5,k99,037 5,95k,653

Substandard............................................................................ 1,206,905 1,038,85k 752,572 617,393 k62,15k 301,900 259,301

Loans and discounts—book value........................................ 16,055,860 17,037,342 19,544,145 20,136,352 18,290,697 19,562,561 21,436,642

Appraised value......................................................................... 15,898,191 16,924,352 19,467,422 20,071,927 18,251,118 19,539,481 21,424,482

Not criticized.......................................................................... lk ,669,527 15,870,628 18,618,309 19,303,969 17,710,001 19,180,1 kk 21,161,567

Substandard............................................................................ 1,228,66k 1,053,72k 8k9,113 767,958 5kl,H7 359,337 262,915

Fixed and miscellaneous assets—book value.................... 2,240,032 2,081,248 2,286,416 2,212,195 2,265,613 2,350,085 2,380,550

Appraised value........................................................................ 2,177,196 2,034,895 2,245,609 2,173,689 2,242,418 2,337,471 2,374,359

Not criticized.......................................................................... l,6k2,69k 1,57k,979 1,816,672 l,8kk,81k 1,985,592 2,173,31k 2,277,692

53k,502 k59,916 k28,937 328,875 256,826 16k,157 96,667

Total liabilities—book value.................................................. 51,781,865 58,627,148 65,012,512 73,529,826 94,882,516 111,242,503 129,849,891

Total deposits............................................................................

Other liabilities—book value, ..................................................

50,976,656 57,919,547 64,218,740 72,755,007 94,087,113 110,177,295 128,263,849

805,209 707,601 793,772 774,819 795,403 1,065,208 1.586.042

Liabilities not on the books..................................................... 10,436 12,927 6,084 7,362 4,491 7^563 3,731

Adjusted total liabilities........................................................... 51,792,301 58,640,075 65,018,596 73,537,188 94,887,007 111,250,066 129,853,622

Total capital accounts—book value..................................... 6,472,560 6,557,835 6,684,808 6,920,130 7,139,222 7,601,172 8,182,445

Assets not on the books........................................................... 38,996 36,777 19,851 20,089 26,346 20,897 20,283

Examiners’ deductions from total assets............................... 340,697 255,876 174,037 145,741 97,144 54,193 29,354

Liabilities not on the books..................................................... 10,436 12,927 6,084 7,362 4,491 7,563 3,731

Adjusted capital accounts........................................................ 6,160,423 6,325,809 6,524,538 6,787,116 7,063,933 7,560,313 8,169,643

122 FEDERAL DEPOSIT INSURANCE CORPORATION

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Adjusted capital accounts per $100 of—

Appraised value of total assets............................................... $10.63 $9.74 $9.12 $8.45 $6.93 $6.36 $5.92

Book capital.............................................................................. 95.18 96.46 97.60 98.08 98.95 99.46 99.84

Substandard assets per $100 of—

Appraised value of total assets............................................... 5.12 3.93 2.84 2.13 1.24 .69 .45

Adjusted capital accounts....................................................... 48.21 40.35 31.12 25.26 17.84 10.92 7.58

Substandard loans and discounts per $100 of—

Appraised value of loans and discounts................................. 7.73 6.23 4.36 3.83 2.96 1.84 1.23

Number of banks.......................................................................... 13,505 13,437 13,308 13,303 13,207 12,983 12,473

\ Appraised value is in excess of book value due to the excess of redemption value of U. S. Savings Bonds not shown on the books over examiners’ deductions of unamortized

premiums on U. S. Government obligations purchased above par.

* Prior to 1942 U. S. Government obligations not available separately, included under other securities.

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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Table 112. Ex a m in e r s' A ppraisal of A ssets, L iabilities, and Capital of I nsured C ommercial B an ks E xa m in e d in 1945

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Banks with deposits of—

Asset, liability, or capital item All

banks $500,000 $500,000 $1,000,000 $2,000,000 $5,000,000 $10,000,000 $50,000,000 More than

or less to

$1,000,000

to

$2,000,000

to

$5,000,000

to

$10,000,000

to

$50,000,000

to

$100,000,000 $100,000,000

(Aimounts in thoiisands of dollairs)

Total assets—book value................................. 138,032,336 362,768 1,805,705 5,161,381 11,385,705 10,005,402 21,665,178 9,431,275 78,214,922

Assets not on the books................................... 20,283 254 1,307 2,672 3,155 1,846 3,296 696 7,057

Examiners’ deductions..................................... 29,354 195 854 1,760 4,556 3,235 6,045 1,971 10,738

Appraised value................................................. 138,023,265 362,827 1,806,158 5,162,293 11,384,304 10,004,013 21,662,429 9,430,000 78,211,241

Not criticized................................................... 137 ,k0k,382 359,128 1,792,86k 5,130,703 11,317,330 9,9k2,987 21,5k7,263 9,389,875 77,92k,232

Substandard.................................................... 618,883 3,699 13,29k 31,590 66,97k 61,026 115,166 k0,125 287,009

Cash and due from banks............................... 29,215,660 131,941 555,439 1,460,362 2,898,915 2,269,833 4,703,003 2,108,784 15,087,383

U. S. Government obligations—book value. 78,783,904 146,085 872,479 2,642,377 6,151,628 5,762,536 12,795,905 5,605,132 44,807,762

Appraised value1................................................ 78,794,810 146,293 873,556 2,644,516 6,153,888 5,763,438 12,796,529 5,605,163 44,811,427

Other securities—book value......................... 6,215,580 11,943 70,465 250,836 664,631 614,053 1,160,008 372,500 3,071,144

Appraised value................................................. 6,213,954 11,929 70,426 250,725 664,381 613,852 1,159,679 372,174 3,070,788

Not criticized................................................... 5,95k,653 10,992 67,620 2k2,65k 6k3,762 593,379 1,120,92k 360,593 2,91k,729

Substandard.................................................... 259,301 937 2,806 8,071 20,619 20,k73 38,755 11,581 156,059

Loans and discounts—book value................. 21,436,642 69,542 292,578 762,949 1,556,382 1,241,996 2,704,973 1,206,036 13,602,186

Appraised value................................................. 21,424,482 69,424 292,001 761,749 1,553,957 1,240,263 2,701,864 1,205,043 13,600,181

Not criticized................................................... 21,161,567 66,938 282.301 7k0.5U 1.515.105 1.209.kk3 2.6k9,117 1.187.020 13.510,799

Substandard.................................................... 262,915 2,1+86 9,700 21,205 38,552 30,820 52,7k7 18,023 89,382

Fixed and miscellaneous assets—book value 2,380,550 3,257 14,744 44,857 114,149 116,984 301,289 138,823 1,646,447

Appraised value................................................. 2,374,359 3,240 14,736 44,941 113,163 116,627 301,354 138,836 1,641,462

Not criticized................................................... 2,277,692 2,96k 13,9k8 k2,627 105,360 106,89k 277,690 128,315 1,599,89k

Substandard.................................................... 96,667 276 788 2,31k 7,803 9,733 23,66k 10,521 kl ,568

Total liabilities—book value........................... 129,849,891 328,111 1,672,027 4,821,734 10,667,625 9,395,728 20,404,573 8,942,163 73,617,930

Total deposits.................................................... 128,263,849 327,154 1,669,170 4,813,335 10,644,576 9,365,693 20,280,789 8,878,031 72,285,101

Other liabilities—book value............................ 1,586,042 957 2,857 8,399 23,049 30,035 123,784 64,132 1,332,829

Liabilities not on the books.............................. 3,731 46 151 196 245 398 269 1,273 1,153

Adjusted total liabilities................................... 129,853,622 328,157 1,672,178 4,821,930 10,667,870 9,396,126 20,404,842 8,943,436 73,619,083

FEDERAL DEPOSIT INSURANCE CORPORATION

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Total capital accounts—book value.............

Assets not on the books..................................

Examiners’ deductions from total assets........

Liabilities not on the books............................

Adjusted capital accounts..............................

8,182,445

20,283

29,354

3,731

8,169,643

34,657

254

195

46

34,670

133,678

1,307

854

151

133,980

339,647

2,672

1,760

196

340,363

718,080

3,155

4,556

245

716,434

609,674

1,846

3,235

398

607,887

1,260,605

3,296

6,045

269

1,257,587

489,112

696

1,971

1,273

486,564

4,596,992

7,057

10,738

1,153

4,592,158

Adjusted capital accounts per $100 of—

Appraised value of total assets......................

Book capital....................................................

$5.92

99.84

$9.56

100.04

$7.42

100.23

$6.59

100.21

$6.29

99.77

$6.08

99.71

$5.81

99.76

$5.16

99.48

$5.87

99.89

Substandard assets per $100 of—

Appraised value of total assets......................

Adjusted capital accounts..............................

.45

7.58

1.02

10.67

.74

9.92

.61

9.28

.59

9.35

.61

10.04

.53

9.16

.43

8.25

.37

6.25

Substandard loans and discounts per

$100 of—

Appraised value of loans and discounts......... 1.23 3.58 3.32 2.78 2.48 2.48 1.95 1.50 .66

Number of banks................................................ 12,473 874 2,219 3,311 3,400 1,353 1,024 126 166

ra*se<^. va^ue is in excess of book value due to the excess of redemption value of U. S. Savings Bonds not shown on the books over examiners’ deductions of unamortized premiums on U. S. Government obligations purchased above par.

J5acfc figures See the following Annual Reports: 1944, pp. 136-137; 1943, p. 82; 1942, p. 82; 1941, pp. 133, 141, and 143; 1940, pp. 160, 169, and 171; 1939, pp. 151, 159, and it>x«

EXAMINERS EVALUATION OF INSURED COMMERCIAL BANKS

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Federal Reserve Bank of St. Louis
Table 113. Earnings, expenses, and dividends of insured commercial banks, 1934, 1941-1945

Table 114. Ratios of earnings, expenses, and dividends of insured commercial banks, 1934, 

1941-1945

Table 115. Earnings, expenses, and dividends of insured banks, 1945 

By class of bank

Table 116. Ratios of earnings, expenses, and dividends of insured banks, 1945 

By class of bank

Table 117. Earnings, expenses, and dividends of insured commercial banks operating 

throughout 1945

Banks grouped according to amount of deposits

Table 118. Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1945

Banks grouped according to amount of deposits

Earnings, E xpenses, and Dividends of Insured Banks

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Reports of earnings, expenses, and dividends are submitted to the

Federal supervisory agencies on either a cash or an accrual basis.

Earnings data are included for all insured banks operating at the

end of the respective years, unless indicated otherwise. Earnings for

national banks reporting for the first half of the respective year, only,

are also included.

Averages of assets and liabilities shown in Tables 113, 114, 115, and

116 are based upon figures at the beginning, middle, and end of each

year, as reported by banks operating on those dates. Consequently, the

asset and liability averages are not strictly comparable with the earnings

data, but the differences are not large enough to affect the totals significantly. Some further incomparability is also introduced into the

data by class of bank by shifts between those classes during the year.

Assets and liabilities shown in Table 117, and utilized for computation

of ratios shown in Table 118, are for the identical banks to which the

earnings data pertain. For national banks, assets and liabilities are as

of December 31, 1945, and for other banks, are averages of beginning,

middle, and end of the year.

Table 113 contains figures for income taxes for the years" 1942-1943,

not previously available for publication; and estimates of such taxes

for the years 1934 and 1941. Table 113 also includes an estimate for the

year 1934, which separates recoveries on securities from profits on

securities sold.

Sources of data:

National banks, and State banks not members of the Federal Reserve

System in the District of Columbia: Office of the Comptroller of the

Currency,

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 113. E a r n in g s , E x p e n s e s , an d D ivid en ds o f I n su r e d C o m m erc ial B a n k s , 1934, 1941-1945

(Amounts in thousands of dollars)

fcO00

Earnings or expense item 1934 1941 1943 1944 1945

Current —totui........................................... .. . .

Interest and dividends on:

United States Government obligations.........................................................

Other securities................................................................................................

Interest and discount on loans...........................................................................

Service charges and other fees on bank’s loans...............................................

Service charges on deposit accounts..................................................................

Other service charges, commissions, fees, and collection and exchange charges

Trust department................................................................................................

Other current operating earnings......................................................................

Current operating expenses—total..................................................................

Salaries—officers................................................................... ..............................

Salaries and wages—employees..........................................................................

Fees paid to directors and members of executive, discount, and other

committees....................................................................................................

Interest on time and savings deposits...............................................................

Interest and discount on borrowed money.......................................................

Taxes other than on net income........................................................................

Recurring depreciation on banking house, furniture and fixtures.................

Other current operating expenses......................................................................

Net current operating earnings....... . s s s s ...................

Recoveries and profits—to ta l............................................................................

Recoveries on securities......................................................................................

Profits on securities sold or redeemed...............................................................

Recoveries on loans..............................................................................................

All other................................................................................................................

Losses and charge-offs—total............................................................................

On securities.........................................................................................................

On loans................................................................................................................

All other................................................................................................................

1 SIR ddQ

550,092

690,601

0)34,609

41,139

78,190

123,818

(2)1,114,167

402,038

302,603

7,324

(2)74,043

(3)47,747 

280,412

(2)404,282

292,027

(4)57,994

0)148,345

52,874

32,814

1,033,278

391,547

552,857

88,874

1 790 Qfll

509,175

847,832

139,698

0)

233,196

610,298

804,717

12,084

84,309

55,148

100,652

123,484

1 QSQ 481

861,412

692,305

13,513

95,382

67,533

104,710

124,676

1,090,253

680,708

17,320

107,375

78,485

112,486

128,278

(2)1,215,766

211,311

302,627

13,151 

190 256 

" " 3 7 4 

(2)103,371 

064,414 

330,262

1,222,157

219,388

333,171

11,541

174,674

336

97,085

39,917

346,045

1,256,025

225,142

356,958

11,775

163,900

502

99,915

40,008

357,825

1,356,680

240,354

386,346

12,907 i <?£ AUU j I I HHQ

1,112

97,307

41,845

390,036

(2)514,135 568,535 703,456 858,225

324,453

73,589

145,189

70,947

34,728

222,775

55,947

66,457

68,546

31,825

353,015

91,891

103,143

85,664

72,317

361,726

92,778

129,834

84,224

54,890

333,966

161,073

103,868

69,025

271,118

120,614

80,647

69,857

290,645

116,383

75,223

99,039

265,881

110,439

70,090

85,352

2,482,278

1,132,977

167,198

707,738

18,860

109,789

90,617

120,317

134,782

1,522,778

266,018

424,881

14,610

233,321

2,448

98,683

40,329

442,488

959,500

509,329

122,364

266,764

67,014

53,187

264,122

132,870

55,901

75,351

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes.......................................................................

Taxes on net income—total.............................................................................

Federal.................................................................................................................

(2)-336,969 (2)504,622 520,192 765,826 954,070 1,204,707

(5)3,000

0)

(*)

(5)50,000

0)

0)

79,541

0)

0)

127,865

114,316

13,549

202,821

187,032

15,789

298,795

277,538

State..................................................................................................................... 21,257

Net profits after taxes.........................................................................................

Dividends and interest on capital—total.....................................................

Dividends declared on preferred stock and interest paid on capital notes

and debentures............................................................................................

Cash dividends declared on common stock.....................................................

Net additions to capital from profits............................................................

-339,969 454,622 440,651 637,961 751,249 905,912

187,769

17,796

169,973

253,396

17,563

235,833

227,608

14,523

213,085

233,490

14,324

219,166

253,193

13,645

239,548

274,438

11,769

262,669

-527,738 201,226 213,043 404,471 498,056 631,474

Average assets and liabilities6

Assets—total......................................................................................................... 44,941,293

10,272,448

11,075,592

6,259,203

14,901,832

2,432,218

73,510,130

25,693,758

19,160,565

6,997,406

19,857,387

1,801,014

83,666,451

25,922,701

29,231,826

6,802,771

20,030,625

1,678,528

103,370,189

26,774,094

50,315,698

6,321,794

18,380,838

1,577,765

123,168,863

28,042,727

67,231,161

6,088,482

20,310,112

1,496,381

145,217,438

31,236,090

82,417,236

6,623,089

23,500,772

1,440,251

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

U .S . Government obligations....................................................-.....................

Other securities...................................................................................................

Loans and discounts...........................................................................................

All other assets....................................................................................................

Liabilities and capital—total...........................................................................

Total deposits......................................................................................................

44,941,293

37,424,125

24,823,179

12,600,946

1,319,221

6,197,947

73,510,130

66,168,797 

50,827,462

15,841,335

578,370 

6,762,963

83,666,451

76,134,514

60,245,967

15,888,547

580,544

6,951,393

103,370,189

95,506,221

77,878,606

17,627,615

617,535

7,246,433

123,168,863

114,682,390

93,267,114

21,415,276

768,280

7,718,193

145,217,438

135,948,387

108,968,917

26,979,470

934,381

8,334,670

Demand deposits...............................................................................................

Time and savings deposits...............................................................................

Borrowings and other liabilities........................................................................

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

Number of active officers, December 31.............................................................

Number of other employees, December 31.......................................................... 0)

0)

57,067

211,115

54,925

216,473

55,309

225,647

56,494

229,377

59,119

245,275

Number of banks, December 317.......................................................................... 14,137 13,427 13,347 13,274 13,268 13,302

1 Not available separately.

* Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 5.

* In 1934; and for banks not submitting reports to FDIC in 1941, consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures.

In 1941 for banks submitting reports to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance of banking quarters.

« Estimated; profits on securities sold were not reported separately from recoveries on securities by banks not submitting reports to the FDIC.

6 Estimated; based upon Bureau of Internal Revenue figures of income taxes paid by national banks for 1934, and paid by ail banks and trust companies for 1941. Banks 

submitting reports to the FDIC have reported income taxes separately since 1936.

6 Averages of figures reported at beginning, middle, and end of year.

7 In 1934 excludes 1 and in 1941 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

N o t e : Minus (-) indicates net loss.

Back figures—See the Annual Report for 1941, pages 158-159.

EARNINGS, EXPENSES. AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
T a b le 1 1 4 . R a t io s o p E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s , 1934, 1941-1945

Earnings or expense item 1934 1941 1942 1943 1944 1945

Amounts per $100 of current operating earnings:

Current operating earnings—total................................................................. $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 Interest and dividends on:

United States Government obligations......................................................

Other securities........................................................................................... } 36.23 29.43 34.08 43.96 49.22 / 45.64 

\ 6.74 Income on loans.............................................................................................. 45.48 49.01 45.61 36.02 31.52 29.27 Service charges on deposit accounts.............................................................. 2.28 } 8.08 / 4.71 4.87 4.85 4.42 Other service charges, commissions, fees, and collection and exchange charges 2.71 \ 3.C8 3.45 3.54 3.65 Other current operating earnings................................................................... 13.30 13.48 12.52 11.70 10.87 10.28

Current operating expenses—total................................................................. (i)73.38 0)70.28 68.25 64.10 61.25 61.35 Salaries, wages and fees................................................................................. 26.48 30.47 31.50 30.31 28.88 28.42 Interest on time and savings deposits........................................................... 19.93 11.00 9.76 8.36 8.43 9.40 Taxes other than on net income.................................................................... 0)4.88 (i)5.98 5.42 5.10 4.39 3.98 Recurring depreciation on banking house, furniture and fixtures................ (2)3.14 (2)3.72 2.23 2.04 1.89 1.62 Other current operating expenses.................................................................. 18.95 19.11 19.34 18.29 17.66 17.93

Net current operating earnings....................................................................... (i)26.62 (i)29.72 31.75 35.90 38.75 38.65

Amounts per $100 of total assets*

Current operating earnings—total.................................................................... 3.38 2.35 2.14 1.90 1.80 1.71 Current operating expenses—total.................................................................... (i 'i 2.48 m i .65 1.46 1.22 1.10 1.05

Net current operating earnings.......................................................................... 0).90 0) .70 .68 .68 .70 .66 Recoveries and profits—total............................................................................ .65 .44 .26 .34 .29 .35 Losses and charge-offs—total............................................................................ 2.30 .45 .32 .28 .22 .18 Net profits before income taxes......................................................................... C )-75 0) .69 .62 .74 .77 .83 Net profits after income taxes........................................................................... -.76 .62 .53 .62 .61 .62

Amounts per $100 of total capital accounts1

Net current operating earnings.......................................................................... 0)6.52 0)7.60 8.18 9.71 11.12 11.51 Recoveries and profits—total............................................................................ 4.71 4.80 3.20 4.87 4.69 6.11 Losses and charge-offs—total............................................................................ 16.67 4.93 3.90 4.01 3.45 3.16 Net profits before income taxes......................................................................... (i)-5.44 0)7.47 7.48 10.57 12.36 14.46

Taxes on net income.......................................................................................... (4).05 (4).75 1.14 1.75 2.63 3.59 Net profits after income taxes........................................................................... -5.49 6.72 6.34 8.82 9.73 10.87

Cash dividends declared.......................................................................................... 3.03 3.75 3.28 3.23 3.28 3.29 Net additions to capital from profits................................................................ -8.52 2.97 3.06 5.59 6.45 7.58

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios3

Income on loans per $100 of loans.....................................

Income on securities per $100 of securities.......................

Service charges per $100 of demand deposits...................

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

Assets and liabilities per $100 of total assets3

Assets—total...................... ................................................

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

U. S. Government obligations........................................

Other securities.................................................................

Loans and discounts.........................................................

All other assets..................................................................

Liabilities and capital—total.........................................

Total deposits....................................................................

Demand deposits............................................................

Time and savings deposits.............................................

Borrowings and other liabilities......................................

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

Number of banks, December 316.......................................

4.63 4.27 4.08 3.85 3.44 3.09 3.17 1.95 1.69 1.52 1.49 1.46 .14 (5) .14 .12 .12 .10 2.40 1.20 1.10 .93 .87 .87

100.00 100.00 100.00 100.00 100.00 100.00 22.86 34.95 30.98 25.91 22.77 21.51 24.64 26.07 34.94 48.70 54.59 56.76 13.93 9.52 8.13 6.11 4.94 4.56 33.16 27.01 23.94 17.75 16.49 16.18 5.41 2.45 2.01 1.53 1.21 .99

100.00 100.00 100.00 100.00 100.00 100.00 83.27 90.01 91.00 92.39 93.11 93.62 55.23 6846 72.01 75.39 75.72 75.0k 28.01* 21.55 18.99 17.00 17.89 18.58 2.94 .79 .69 .60 .62 .64 13.79 9.20 8.31 7.01 6.27 5.74

14,137 13,427 13,347 13,274 13,268 13,302

i Differs from reported figures as a result of the estimate made of taxes on net income. See footnote 4.

1941for hanks ” 1941 consists of regular and extraordinary depreciation allowances on banking house, furniture and fixtures. In

of banldng^uarterT reP°rts to FDIC, consists of regular depreciation allowances on banking house, furniture and fixtures plus other expenses of occupancy and maintenance

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

s u b m it t iTM r t ^ r t h r F D I c T a avUe 19*36. ^ 1934’ “ d Paid by ba” ks and trast TM nies tor 1941'

5 Not available.

®In 1934 excludes 1 and in 1941, 3 trust companies not engaged in deposit banking, which submit reports to FDIC.

N o te: Minus (-) indicates net loss.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
BY CLASS OF BANK 

(Amounts in thousands of dollars)

Table 115. E a r n in g s , E x p e n se s, a n d D iv id e n d s o f I n s u r e d B a n k s, 1945

Insured commercial banks Insured commercial banks

Earnings or expense item

Members F . R. System Not 

members 

F. R.

System

Insured

mutual

savings Operating 

throughout 

the year

Operating 

less than 

full year2 Total

National State

banks1

Current operating earnings—total.....................................

Interest and dividends on:

2,482,278 1,344,242 757,601 380,435 322,795 2,476,062 6,216

United States Government obligations........................ 1,132,977 648,740 347,892 136,345 135,627 1,131,644 1,333

Other securities............................................................... 167,198 92,776 46,550 27,872 24,652 167,088 110

Interest and discount on loans.............................................. 707,738 373,248 198,421 136,069 142,628 706,840 898

Service charges and other fees on bank’s loans.................. 18,860 9,506 6,879 2,475 (3) 18,843 17

Service charges on deposit accounts.....................................

Other service charges, commissions, fees, and collection

109,789 60,929 26,570 22,290

1,033

109,635 154

90,617 42,175 21,651 26,791 90,435 182

Trust department ......................................... 120,317

134,782

40,757

76,111

71,376

38,262

8,184 117,424 2,893

Other current operating earnings.......................................... 20,409 18,855 134,153 629

Current operating expenses—total..................................... 1,522,778 813,048 454,315 255,415 221,055 1,517,841 4,937

Salaries—officers..................................................................... 266,018 134,862 73,338

142,902

57,818 10,567

22,179

264,839 1,179

Salaries and wages—employees.............................................

Fees paid to directors and members of executive, discount,

424,881 228,445 53,534 423,595 1,286

and other committees..................................................... 14,610 7,189 3,566 3,855

50,600

855 14,562 48

Interest on time and savings deposits.................................. 233,321 123,239 59,482 <143,350 233,085 236

Interest and discount on borrowed money 2,448

98,683

1,325

54,785

961 162 2,442 6

Taxes other than on net income........................................... 28,682 15,216 8,410 98,497 186

Recurring depreciation on banking house, furniture and ____ ___ oo 4u,azy 23,37 4 10,625 6,329 & ,G43 

442,488 239,829 134,758 67,901 33,045 440,575 1,913

Net current operating earnings........................................... 959,500 531,194 303,286 125,020 101,740 958,221 1,279

Recoveries and profits—tota l...............................................

Recoveries on securities.........................................................

509,329 260,030 193,698 55,601 181,982 508,516 813

122,364 54,135 59,080 9,149 47,560 122,341 23

Profits on securities sold or redeemed.................................. 266,764 141,767 97,050 27,947 79,389 266,137 627

Recoveries on loans................................................................. 67,014 37,359 18,557 11,098 } 655,033 / 66,936 78

All other................................................................................... 53,187 26,769 19,011 7,407 \ 53,102 85

Losses and charge-offs—total.............................................. 264,122 131,627 98,225 34,270 135,783 263,617 505

On securities............................................................................ 132,870 74,533 43,251 15,086 36,635 132,624 246

On loans................................................................................... 55,901 29,629 16,912 9,360 } 699,148 / 55,878 23

All other................................................................................... 75,351 27,465 38,062 9,824 \ 75,115 236

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1,204,707 659,597 398,759 146,351 147,939 1,203,120 1,587

298,795

277,538

21,257

170,255

159,063

11,192

99,807

91,218

8,589

28,733

27,257

1,476

2,034 298,243

277,047

21,196

552

491

61

Net profits after taxes............................................................

Dividends and interest on capital—total.........................

Dividends declared on preferred stock and interest paid

on capital notes and debentures...................................

Cash dividends declared on common stock.........................

Net additions to capital from profits................................

2,034

905,912 489,342 298,952 117,618 145,905 904,877 1,035

274,438

11,769

262,669

155,292

4,127

151,165

90,642

4,135

86,507

28,504

3,507

24,997

271

271

(<)

273,775

11,768

262,007

663

1

662

631,474 334,050 208,310 89,114 145,634 631,102 372

Average assets and liabilities7

145,217,438

31,236,090

82,417,236

6,623,089

23,500,772

1,440,251

82,792,890

18,409,160

47,197,572

3,810,152

12,591,299

784,707

45,007,835

8,746,115

25,881,394

1,813,953

8,086,138

480,235

17,416,713

4,080,815

9,338,270

998,984

2,823,335

175,309

10,636,400

416,762

6,345,344

605,362

3,093,428

175,504

Liabilities and capital—total............................................... 145,217,438

135,948,387

108,968,917

26,979,1,70

934,381

8,334,670

82,792,890

77,776,908 

63,167,619

1U,609,289

559,291 

4,456,691

45,007,835

41,864,731

34,687,181

7,177,550

323,469

2,819,635

17,416,713

16,306,748 

11,114,117

5,192,631

51,621 

1,058,344

10,636,400

9,648,308

9,648,308

27,085

961,007

Borrowings and other liabilities............................................

Number of active officers, December 31.................................

Number of other employees, December 31.............................

59,119

245,275

27,744

131,297

12,149

76,147

19,226

37,831

1,337

10,852

58,729

244,231

390

1,044

13,302 5,017 1,864 6,421 192 13,171 131

1 Includes three mutual savings banks, members of the Federal Reserve System.

2 Includes banks operating less than full year and trust companies not engaged in deposit banking.

* Included with interest and discount on loans.

* Interest and dividends paid depositors. As a result of the mutual character of these banks, interest and dividends paid depositors is, in some respects, comparable to a

distribution of profits.

6 Includes reductions m valuation allowances on securities.

* Includes additions to valuation allowances on securities.

7 Averages of figures reported at beginning, middle, and end of year.

Back figures—See Table 113, page 128. See also the Annual Report for 1944, pp. 140-141, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
BY CLASS OF BANK

T a b le 1 1 6 . R a t io s o f E a r n in g s , E x p e n se s, a n d D iv id e n d s o f I n s u r e d B a n k s, 1945 00

Insured commercial banks

Insured

Earnings or expense item

Total

Members F. R. System Not 

members 

F. R. 

System

mutual

savings

banks1

National State

Amounts per $100 of current operating earnings

Current operating earnings—total............................................................................................ $100.00 $100.00 $100.00 $100.00 $100.00

Interest and dividends on:

United States Government obligations.................................................................................... 45.64 48.26 45.92 35.84 42.02

Other securities........................................................................................................................... 6.74 6.90 6.14 7.33 7.64

Income on loans.............................................................................................................................. 29.27 28.48 27.10 36.42 44.18

Service charges on deposit accounts............................................................................................. 4.42 4.53 3.51 5.86

Other service charges, commissions, fees and collection and exchange charges...................... 3.65 3.14 2.86 7.04 .32

Other current operating earnings................................................................................................. 10.28 8.69 14.47 7.51 5.84

Current operating expenses—total............................................................................................ 61.35 60.48 59.97 67.14 68.48

Salaries, wages, and fees................................................................................................................. 28.42 27.56 29.01 30.28 10.41

Interest on time and savings deposits......................................................................................... 9.40 9.17 7.85 13.30 244.41

Taxes other than on net income................................................................................................... 3.98 4.07 3.79 4.00 2.60

Recurring depreciation on banking house, furniture and fixtures............................................ 1.62 1.74 1.40 1.67 .82

Other current operating expenses................................................................................................. . 17.93 17.94 17.92 17.89 10.24

Net current operating earnings.................................................................................................. 38.65 39.52 40.03 32.86 31.52

Amounts per $100 of total assets’

Current operating earnings—total................................................................................................... 1.71 1.62 1.68 2.18 3.03

Current operating expenses—total................................................................................................... 1.05 .98 1.01 1.46 42.08

Net current operating earnings......................................................................................................... .66 .64 .67 .72 .95

Recoveries and profits— totai........................................................................................................... °5 Q1 A3 1.71

Losses and charge-offs—total............................................................................................................ :i8 !l6 .22 .20 1.27

Net profits before income taxes........................................................................................................ .83 .79 .88 .84 41.39

Net profits after income taxes.......................................................................................................... .62 .59 .66 .68 41.37

Amounts per $100 of total capital accounts*

Net current operating earnings......................................................................................................... 11.51 11.92 10.75 11.81 <10.58

Recoveries and profits—total............................................................................................................ 6.11 5.83 6.87 5.26 18.94

Losses and charge-offs—total........................................................................................................... 3.17 2.95 3.48 3.24 14.13

Net profits before income taxes........................................................................................................ 14.45 14.80 14.14 13.83 415.39

Taxes on net income.......................................................................................................................... 3.58 3.82 3.54 2.72 .21

Net profits after income taxes........................................................................................................... 10.87 10.98 10.60 11.11 *15.18

Cash dividends declared.................................................................................................................... 3.29 3.48 3.21 2.69 4.03

Net additions to capital from profits............................................................................................... 7.58 7.50 7.39 8.42 15.15

FEDERAL DEPOSIT INSURANCE CORPORAIION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios*

Income on loans per $100 of loans.....................................

Income on securities per $100 of securities.......................

Service charges per $100 of demand deposits...................

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

Assets and liabilities per $100 of total assets*

Assets—total.......................................................................

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

U. S. Government obligations.........................................

Other securities.................................................................

Loans and discounts.........................................................

All other assets.................................................................

Liabilities and capital—total.........................................

Total deposits....................................................................

Demand deposits............................................................

Time and savings deposits.............................................

Borrowings and other liabilities......................................

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

Number of banks, December 31

3.09 3.04 2.54 4.91 4.61

1.46 1.45 1.42 1.59 2.31

.10 .10 .08 .20

.87 .84 .83 .97 *1.49

100.00 100.00 100.00 100.00 100.00

21.51 22.23 19.43 23.43 3.92

56.76 57.01 57.50 53.62 59.66

4.56 4.60 4.03 5.73 5.69

16.18 15.21 17.97 16.21 29.08

.99 .95 1.07 1.01 1.65

100.00 100.00 100.00 100.00 100.00

93.62 93.94 93.02 93.62 90.71

75 M 76.29 77.07 63.81

18.58 17.65 15.95 29.81 90.71

.64 .68 .72 .30 .25

5.74 5.38 6.26 6.08 9.04

13,302 5,017 1,864 6,421 192

1 Includes 3 mutual savings banks, members of the Federal Reserve System.

2 Interest anddi vidends paid depositors. As a result of the mutual character of these banks, interest and dividends paid depositors is, in some respects, comparable to a distribution of profits.

8 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

4 Interest and dividends paid depositors of mutual savings banks are shown as a current operating expense. See footnote 2.

Back figures—See Table 114, page 130. See also Annual Report for 1944, pages 142-143 and earlier reports.

COOi EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 1 7 . E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r cia l B a n k s O p e r a tin g T h r o u g h o u t 1945

BAN KS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

00

0 5

Banks with deposits of—2

Earnings or expense item All

banks1 $500,000

or

less

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

More than 

$100,000,000

Current operating earnings—total............................. 2,476,062 6,027 33,370

(Amounl

100,240

is in thousanc 

237,578

Is of dollars) 

216,866 450,646 173,421 1,257,914

Interest and dividends on:

United States Government obligations.................... 1,131,644 1,473 10,816 35,872 93,877 92,431 202,090 79,244 615,841

Other securities........................................................... 167,088 237 1,731 6,489 18,948 17,591 33,223 9,427 79,442

Interest and discount on loans...................................... 706,840 2,910 14,221 39,078 83,380 69,237 125,267 45,708 327,039

Service charges and other fees on bank’s loans........... 18,843 114 253 436 1,060 839 1,739 917 13,485

Service charges on deposit accounts............................. 109,635 315 2,022 6,445 15,604 14,774 28,711 8,493 33,271

Other service charges, commissions, fees, and collection and exchange charges................................. 90,435 708 3,449 8,734 15,136 9,955 16,785 4,953 30,715

Trust department........................................................... 117,424 47 20 104 1,226 2,770 16,521 9,053 87,683

Other current operating earnings.................................. 134,153 223 858 3,082 8,347 9,269 26,310 15,626 70,438

Current operating expenses—total............................. 1,517,841 4,255 22,290 65,593

20,814

157,037 146,132 304,303 113,485 704,746

Salaries—officers............................................................. 264,839 1,692 8,133 39,908 29,815 50,565 17,580 96,332

Salaries and wages—employees..................................... 423,595 475 2,643 9,337 28,001 31,761 79,834 33,941 237,603

Fees paid to directors and members of executive,

discount, and other committees............................ 14,562 82 484 1,442 3,208 2,354 3,338 820 2,834

Interest on time and savings deposits.......................... 233,085 454 3,306 11,670 31,204 29,967 56,772 15,829 83,883

Interest and discount on borrowed money.................. 2,442 7 10 21 43 80 279 244 1,758

Taxes other than on net income................................... 98,497 299 1,354 4,085 10,541 9,590 19,730 7,365 45,533

Recurring depreciation on banking house, furniture 

and fixtures.............................................................. 40,246

440,575

114 582 1,761 4,697 4,571 9,114 3,470 15,937

Other current operating expenses................................. 1,132 5,778 16,463 39,435 37,994 84,671 34,236 220,866

Net current operating earnings................................... 958,221 1,772 11,080 34,647 80,541 70,734 146,343 59,936 553,168

Recoveries and profits—total....................................... 508,516 565 3,115 10,141 31,654 37,876 97,622 39,164 288,379

Recoveries on securities.................................................. 122,341 91 555 1,916 5,770 6,799 14,701 4,905 87,604

Profits on securities sold or redeemed...........,,,,,,,, 266,137 178 1,005 3,828 15,508 20,228 57,913 26,577 140,900

Recoveries on loans......................................................... 66,936 193 1,079 2,950 6,470 6,241 13,596 4,242 32,165

All other........................................................................... 53,102 103 476 1,447 3,906 4,608 11,412 3,440 27,710

Losses and charge-offs—total....................................... 263,617 326 1,906 6,277 17,451 20,372 44,844 21,257 151,184

un securities..................................................................... 132,624 102 774 2,938 8,702 10,049 22,934 11,751 75,374

On loans........................................................................... 55,878 151 704 1,922

1,417

4,483 4,607 8,307 3,129 32,575

All other........................................................................... 75,115 73 428 4,266 5,716 13,603 6,377 43,235

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Net profits before income taxes...................................

Taxes on net income—total.........................................

Federal.............................................................................

State. .. ...........................................................................

Net profits after taxes.....................................................

Dividends and interest on capital—total.................

Dividends declared on preferred stock and interest

paid on capital notes and debentures...................

Cash dividends declared on common stock.................

Net additions to capital from profits........................

Average assets and liabilities3

Assets—total.....................................................................

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

U. S. Government obligations.......................................

Other securities...............................................................

Loans and discounts.......................................................

All other assets................................................................

Liabilities and capital—total.......................................

Total deposits..................................................................

Demand deposits..........................................................

Time and savings deposits...........................................

Borrowings and other liabilities....................................

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

1,203,120 2,011 12,289 38,511 94,744 88,238 199,121 77,843 690,363

298,243

277,047

21,196

364

341

23

2,094

1,979

115

6,459

6,082

377

15,905

15,149

756

17,204

16,482

722

45,275

43,455

1,820

21,420

20,358

1,062

189,522

173,201

16,321

904,877 1,647 10,195 32,052 78,839 71,034 153,846 56,423 500,841

273,775

11,768

262,007

493

28

465

2,880

167

2,713

8,687

397

8,290

20,532

1,119

19,413

18,166

1,648

16,518

36,764

2,753

34,011

14,644

1,574

13,070

171,609

4,082

167,527

631,102 1,154 7,315 23,365 58,307 52,868 117,082 41,779 329,232

152,295,474

32,848,436

86,291,649

6,934,620

24,773,708

1,447,061

230,145

85,840

92,053

7,207

43,243

1,802

1,493,682

471,408

721,209

56,493

235,654

8,918

4,832,868

1,404,330

2,484,111

219,373

695,746

29,308

12,360,084

3,216,048

6,699,456

698,074

1,656,211

90,295

11,628,196

2,699,437

6,642,988

694,046

1,495,283

96,442

25,383,307

5,657,506

14,850,828

1,356,028

3,245,191

273,754

10,481,537

2,332,543

6,043,856

433,662

1,545,901

125,575

85,885,655

16,981,324

48,757,148

3,469,737

15,856,479

820,967

152,295,474

142,798,124 

11!+>251+,91+0

28,51+3,181+

1,012,280 

8,485,070

230,145

206.093

167,027

39,066

1,082

22,970

1,493,682

1,382,647 

1,071,333

311,31 1+

1,817 

109,218

4,832,868

4,525,470

3,338,191+

1,187,276

5,644

301,754

12,360,084

11,614,347

8,162,391

3,1+51,956

17,319

728,418

11,628,196

10,954,194 

7,1+21,059

3,533,135

23,371 

650,631

25,383,307

23,924,936

16,855,839

7,069,097

78,869

1,379,502

10,481,537

9,916,984

7,889,518

2,027,1+66

47,826

516,727

85,885,655

80,273,453

69,31+9,579

10,923,871+

836,352

4,775,850

Number of active officers, December 31.........................

Number of other employees, December 31.....................

58,729

244,231

1,050

602

4,306

2,950

8,860

8,860

13,198

21,841

7,646

21,512

9,360

48,769

2,566

20,029

11,743

119,668

Number of banks, December 31....................................... 13,171 602 2,026 3,374 3,948 1,657 1,238 142 184

1 This group of banks is the same as the group shown in Table 115 under the heading “ Operating throughout the year".

* Deposits are as of December 31, 1945.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for State banks, and are as of December 31, 1945, for national banks

Back figures—See Annual Report for 1944, pages 144-145 and earlier reports.

COEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 11 8 . R a t io s o f E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r cia l B a n k s O p e r a tin g T h r o u g h o u t 1945

BAN KS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Earnings or expense item

Amounts per $100 of current operating

earnings

Current operating earnings—total...................

Interest and dividends on:

United States Government obligations. . . . . .

Other securities..................................................

Income on loans.....................................................

Service charges on deposit accounts....................

lection and exchange charges.

Other current operating earnings.

Current operating expenses—total...

Salaries, wages, and fees........................

Interest on time and savings deposits.

Taxes other than on net income..........

and fixtures.............................

Other current operating expenses.

Net current operating earnings..

Amounts per $100 of total assets*

Current operating earnings—total

Current operating expenses—total

Net current operating earnings. ..

Recoveries and profita—total. . . .

Losses and charge-offs—total. . . .

Net profits before income taxes...

Net profits after income taxes.. ..

Amounts per $100 of total capital accounts8

Net current operating earnings.........................................

Recoveries and profits—total............................................

Losses and charge-offs—total............................................

Net profits before income taxes........................................

Taxes on net income...........................................................

Net profits after income taxes......................................... .

Cash dividends declared.....................................................

Net additons to capital from profits...............................

All 

banks1

Banks with deposits of—*

$500,000

or

less

$500,000

to

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

More than 

$100,000,000

$100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

45.70 24.44 32.41 35.79 39.51 42.62 44.85 45.69 48.96

6.75 3.93 5.19 6.47 7.98 8.11 7.37 5.43 6.32

29.31 50.17 43.37 39.42 35.54 32.32 28.18 26.89 27.07

4.43 5.23 6.06 6.43 6.57 6.81 6.37 4.90 2.64

3.65 11.75 10.34 8.71 6.37 4.59 3.73 2.86 2.44

10.16 4.48 2.63 3.18 4.03 5.55 9.50 14.23 12.57

61.30 70.60 66.80 65.44 66.10 67.38 67.53 65.44 56.02

28.39 37.32 33.74 31.52 29.94 29.48 29.68 30.18 26.77

9.41 7.53 9.91 11.64 13.14 13.82 12.60 9.13 6.67

3.98 4.96 4.06 4.08 4.44 4.42 4.38 4.25 3.62

1.63 1.89 1.74 1.76 1.98 2.11 2.02 2.00 1.26

17.89 18.90 17.35 16.44 16.60 17.55 18.85 19.88 17.70

38.70 29.40 33.20 34.56 33.90 32.62 32.47 34.56 43.98

1.63 2.62 2.23 2.08 1.92 1.87 1.78 1.65 1.46

1.00 1.85 1.49 1.36 1.27 1.26 1.20 1.08 .82

.63 .77 .74 .72 .65 .61 .58 .57 .64

.33 .24 .21 .21 .26 .33 .33 .37 .34

.17 .14 .13 .13 .14 .18 .18 .20 .18

.79 .87 .82 .80 .77 .76 .78 .74 .80

.59 .72 .68 .66 .64 .61 .61 .54 .58

11.29 7.71 10.14 11.48 11.06 10.87 10.61 11.60 11.58

5.99 2.46 2.85 3.36 4.35 5.82 7,07 7.58 6.04

3.10 1.42 1.74 2.08 2.40 3.13 3.25 4.11 3.17

14.18 8.75 11.25 12.76 13.01 13.56 14.43 15.07 14.45

3.51 1.58 1.92 2.14 2.19 2.64 3.28 4.15 3.97

10.67 7.17 9.33 10.62 10.82 10.92 11.15 10.92 10.48

3.23 2.15 2.63 2.88 2.82 2.79 2.66 2.83 3.59

7.44 5.02 6.70 7.74 8.00 8.13 8.49 8.09 6.89

CO

00FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Special ratios*

Income on loans per $100 of loans...................................

Income on securities per $100 of securities.....................

Service charges per $100 of demand deposits.................

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

2.93

1.39

.10

.82

6.99

1.72

.19

1.16

6.14

1.61

.19

1.06

5.68

1.57

.19

.98

5.10

1.53

.19

.90

4.69

1.50

.20

.85

3.91

1.45

.17

.80

3.02

1.37

.11

.78

2.15

1.33

.05

.77

Assets and liabilities per $100 of total assets3 

Assets—to ta l..................................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Cash and due from banks.............................................. 21.57 37.30 31.56 29.06 26.02 23.21 22.29 22.25 19.77 U. S. Government obligations....................................... 56.66 40.00 48.28 51.40 54.20 57.13 58.51 57.66 56.77 Other securities............................................................... 4.55 3.13 3.78 4.54 5.65 5.97 5.34 4.14 4.04 Loans and discounts....................................................... 16.27 18.79 15.78 14.40 13.40 12.86 12.78 14.75 18.46 All other assets................................................................ .95 .78 .60 .60 .73 .83 1.08 1.20 .96

Liabilities and capital—total....................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 Total deposits.................................................................. 93.76 89.55 92.57 93.64 93.97 94.20 94.26 94.61 93.47 Demand deposits.......................................................... 75.02 72.58 71.73 69.07 66.0k 63.82 66.kl 75.27 80.75 Time and savings deposits........................................... 18.7k 16.97 20.8k 2 k.5 7 27.93 30.38 27.85 19.3k 12.72

Borrowings and other liabilities.................................... .67 .47 .12 .12 .14 .20 .31 .46 .97 Total capital accounts.................................................... 5.57 9.98 7.31 6.24 5.89 5.60 5.43 4.93 5.56

Number of banks, December 31....................................... 13,171 602 2,026 3,374 3,948 1,657 1,238 142 184

1 This group of banks is the same as the group shown in Table 115 under the heading “ Operating throughout the year” . Therefore, these ratios differ slightly from the ratios 

shown in Tables 114 and 116.

2 Deposits are as of December 31, 1945.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for State banks, and are as of December 31, 1945, for national banks.

Back figures—See Table 114, page 130. See also Annual Report for 1943, pages 100-101, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 119.

Table 120.

Table 121.

Table 122,

£

D e p o s it I n s u r a n c e D is b u r s e m e n t s

Disbursements by the Federal Deposit Insurance Corporation to protect depositors; 

number and deposits of insured banks placed in receivership or merged with the 

financial aid of the Corporation, 1934-1945

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

State

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

merged with the financial aid of the Federal Deposit Insurance Corporation, 

1934-1945

As shown by books of bank at date of dosing

Depositors and deposits of insured banks placed in receivership, 1934-1945 

As shown by books of FDIC, December 81, 1945

Disbursements to nrotect depository recoveries, and losses by the Federal Deposit 

Insurance Corporation in connection with insured banks placed in receivership or 

merged with the financial aid of the Corporation, 1934-1945 

A s shown by books of FDIC, December 31, 1945

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Disbursements by the Federal Deposit Insurance Corporation

to protect depositors are made whenever insured banks because of

financial difficulties are placed in receivership or are merged with the

aid of the Corporation. In receiverships the disbursement is the amount

paid by the Corporation on insured deposits. In mergers the Corporation^ disbursement is the amount loaned to merging banks, or the

price paid for assets purchased from them.

Depositors and deposits in insured banks placed in receivership have

been grouped in Table 116 to show the ways in which depositors’ claims

against these banks were met. Because the claim of a single depositor

may be paid in several ways, the number of depositors cannot be

correlated with the amount of deposits in the various categories as

given in the table.

Depositors eligible for insurance protection are all depositors

except those holding only accounts which were restricted or deferred

prior to 1934, and those whose deposits were made after the termination

of a bank’s insured status. Depositors not eligible for insurance

protection are those whose total accounts are thus excluded from

insurance, and those whose accounts are barred from payment by FDIC

because the accounts were not claimed before the expiration of the

period set by law.

Depositors paid by FDIC are all those who receive any payment

from the Corporation. Depositors fully paid by other methods are

those who receive no payment from FDIC, but do receive full compensation for their accounts by offset, by sale of security, or by direct

payment from the receiver because of their preferred status. Unpaid

depositors are primarily those whose claims are disputed, and those

whose claims although not filed are not yet legally barred from payment

by FDIC.

Insured deposits are the deposits for which FDIC is legally liable.

This includes the net amount due each depositor after deductions of

offset, of amounts in excess of $5,000, and of amounts not eligible for

insurance protection as described in preceding paragraphs. Secured

deposits are those covered by pledge of specific assets. Preferred

deposits are those which, under Federal or State law, are paid from

proceeds of the liquidation before common claims against the bank

are met. Deposits subject to offset are those met by claims which

the bank holds against the depositor. Deposits uninsured, unsecured,

not preferred, and not subject to offset are those not covered by

insurance or other specific arrangement. They may be paid in full,

however, by the receiver as common claims.

Deposits of insured banks placed in receivership as given in tables

with data taken from the books of FDIC at the end of the year, will

differ from the deposits in tables with data taken from books of bank

at date of closing. This is because the former include deposits discovered

or reclassified after the date of a bank’s closing.

Sources of data:

Books of bank at date of closing; and books of FDIC, December

31, 1945.

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 119. Disbursements by the F ederal Deposit Insurance Corporation to Protect Depositors; Number and Deposits

o f Insured Banks Placed in Receivership or Merged with the Financial Aid o f the Corporation, 1934-1945

BANKS GROUPED BY CLASS OF BANK, YEAR OF DISBURSEMENT, AMOUNT OF DEPOSITS, AND STATE

Classification

Disbursement by FDIC 

(in thousands of dollars) Number of banks Deposits (in thousands of dollars)

Total Receiverships1 Mergers1 Total Receiverships Mergers Total Receiverships1 Mergers2

All banks............................................................... 261,717 87,024 174,693 398 245 153 504,931 109,593 395,338

Class of bank

National banks.................................................. 78,094 14,802 63,292 65 21 44 94,717 19,475 75,242

State banks members F. R. System............... 99,405 20,928 78,477 20 6 14 179,081 26,538 152,543

Banks not members F. R. System.................. 84,218 51,294 32,924 313 218 95 231,133 63,580 167,553

Calendar year

1934..................................................................... 942 942 9 9 1,967 1,967

1935..................................................................... 8,890 6,025 2,865 25 24 1 13,323 9,094 4,229

1936..................................................................... 14,831 8,058 6,773 69 42 27 27,527 11,240 16,287

1937..................................................................... 19,203 12,046 7,157 75 50 25 33,345 14,960 18,385

1938..................................................................... 30,479 9,087 21,392 74 50 24 59,722 10,294 49,428

1939..................................................................... 67,793 26,185 41,608 60 32 28 157,781 32,742 125,039

1940..................................................................... 74,352 4,893 69,459 43 19 24 142,390 5,658 136,732

1941..................................................................... 23,880 12,278 11,602 15 8 7 29,721 14,730 14,991

1942..................................................................... 10,910 1,612 9,298 20 6 14 19,010 1,815 17,195

1943..................................................................... 7,171 5,499 1,672 5 4 1 12,535 6,637 5,898

1944..................................................................... 1,498 399 1,099 2 1 1 1,915 456 1,459

1945..................................................................... 1,768 1,768 1 1 5,695 5,695

Banks with deposits of—

$100,000 or less................................................. 4,957 4,310 647 106 83 23 6,362 4,951 1,411

$100,000 to $250,000......................................... 12,859 11,549 1,310 108 86 22 17,610 13,919 3,691

$250,000 to $500,000......................................... 14,336 10,215 4,121 58 36 22 20,656 12,462 8,194

$500,000 to $1,000,000..................................... 24,145 13,898 10,247 49 24 25 36,807 17,591 19,216

$1,000,000 to $2,000,000.................................. 26,630 8,960 17,670 35 9 26 49,319 11,747 37,572

$2,000,000 to $5,000,000.................................. 42,329 12,421 29,908 25 5 20 77,567 16,278 61,289

$5,000,000 to $10,000,000................................ 21,903 21,903 9 9 57,486 57,486

$10,000,000 to $50,000,000.............................. 114,558 ........ 25,671 88,887 8 2 6 239,124 32,645 206,479

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

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
State

Alabama............................................................. 237

840

94

840

143

861 861

8 8

1,235 1,235

Florida................................................................ 300 203 97

Georgia............................................................... 862 845 17

Illinois................................................................. 3,294 1,241 2,053

Indiana............................................................... 4,335 3,092 1,243

1,462 385 1,077

Kansas................................................................ 973 481 492

Kentucky........................................................... 4,616 3,331 1,285

669 669

Maryland........................................................... 3,108 734 2,374

1,571 1,571

5,340 139 5,201

639 639

Mississippi.......................................................... 257 257

Missouri.............................................................. 4,922 4,337 585

Montana............................................................. 214 187 27

Nebraska............................................................ 469 469

New Hampshire................................................. 118 118

New Jersey......................................................... 79,240 25,097 54,143

New York........................................................... 67,556 10,836 56,720

North Carolina.................................................. 1,449 1,157 292

North Dakota.................................................... 2,654 1,392 1,262

1,610 1,610

Oklahoma........................................................... 1,219 1,134 85

Oregon................................................................. 962 962

Pennsylvania...................................................... 47,484 10,133 37,351

South Carolina................................................... 136 136

South Dakota..................................................... 2,409 2,386 23

Tennessee........................................................... 1,278 1,164 114

Texas................................................................... 2,512 2,468 44

Vermont............................................................. 3,445 3,259 186

Virginia............................................................... 4,656 512 4,144

Washington........................................................ 935 935

West Virginia..................................................... 1,458 1,458

Wisconsin........................................................... 6,384 5,096 1,288

1 Data from books of FDIC, December 31, 1945.

2 Data from books of bank at date of closing.

2 1 1 529 101 428

5 5 1,167 1,167

1 1 1,078 1,078

1 1 8 8

2 2 1,526 1,526

2 1 1 491 217 274

8 7 1 1,027 998 29

14 6 8 6,410 1,638 4,772

18 15 3 9,710 3,932 5,778

6 3 3 5,517 499 5,018

9 5 4 1,234 540 694

22 18 4 7,950 3,953 3,997

3 3 1,651 1,651

5 2 3 4,569 828 ..........3,741

2 2 3,019 3,019

7 3 4 12,404 160 12,244

5 5 818 818

3 3 333 333

45 34 11 7,001 5 ,116 1,885

4 3 1 298 215 83

4 4 538 538

1 1 296 296

37 i i 26 184,511 30,916 153,595

25 3 22 138,826 13,286 125,540

6 2 4 2,291 1,421 870

29 18 11 3,831 1,553 2,278

2 2 2,345 2,345

7 5 2 2,226 1,659 567

1 1 1,114 1 114

25 8 17 67,430 14,340 53^090

1 1 136 136

23 22 1 2,989 2,863 126 12 8 4 1,944 1,622 322 17 16 1 3,318 3,241 77

3 2 1 3,725 3,375 350

7 3 4 10,430 629 9,801 1 1 1,538 1,538

3 3 2,006 2,006

30 20 10 8,697 5,963 2,734

CODEPOSIT INSURANCE DISBURSEMENTS

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Table 120. A ssets an d L iab ilitie s op Insured Banks Placed in R eceivership and of Insured Ban ks M erged w it h

the F in a n c ia l A id of the F ederal D eposit I nsurance C orporation, 1934-1945

AS SHOWN BY BOOKS OF BANK AT DATE OF CLOSING £

Assets Liabilities and capital accounts

Year Cash and 

due from 

banks

TT= Ss Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

assets

Total

Total

deposits

Other

liabilities

K. F. C.

capital

Private

capital

stock

Other

capital

accounts1

Total $108,018,589 $76,295,043 $73,533,084 $231,683,314 $22,225,616 $59,544,599 $13,444,359 $584,744,604 $502,712,341 $11,468,774 $25,130,464 $37,477,461 $7,955,564

RECEF

Total

PERSHIPS

$22,620,382 $10,154,078 $15,946,562 $65,569,217 $5,375,616 $12,293,686 $8,330,507 $140,290,048 $107,374,564 $10,122,023 $5,896,246 $12,254,299 $4,642,916

1934

1935

1936

1937

185,056

1,974,181

2,194,712

2,238,648

603,519

698,440

902,215

1,293,683

273,638

510,479

1,955,104

2,307,696

1,329,865

6,842,116

6,454,624

11,107,699

79,365

459,055

459,700

486,995

120,319

242,274

734,874

837,966

69,565

1,597,403

273,559

1,010,689

2,661,327

12,323,948

12,974,788

19,283,376

1,951,992

8,700,485

11,039,098

14,715,286

104,963

2,111,886

93,695

1,132,758

90,000

223.000

788.000 

755,250

432,100

950,000

1,069,350

2,498,815

82,272

338,577

-15,355

181,267

1938

1939

1940

1941

1,610,297

3,329,557

1,018,215

6,462,157

451,570

1,052,424

452,574

3,493,431

2,215,638

4,855,519

1,519,677

1,810,346

6,574,061

21,839,422

3,314,762

5,398,218

412,911

1,845,901

694,900

91,311

2,125,022

7,221,558

435,526

106,615

530,408

3,781,385

523,899

449,458

13,919,907

43,925,766

7,959,553

17,811,536

10,124,255

32,557,805

5,599,438

14,627,158

1,213,354

4,695,820

455,788

298,526

1,052,900

2,249,996

422,750

195,500

1,059,200

2,775,001

1,045,533

1,582,000

470,198

1,647,144

436,044

1,108,352

1942

1943

1944

500,513

2,910,826

196,220

119,650

968,872

117,700

52,364

405,011

41,090

777,953

1,846,467

84,030

70,685

772,493

2,300

55,222

414,310

25,030

63,677

5,434

1,601,417

7,381,656

446,774

1,379,526

6,274,311

405,210

1,520

13,582

131

81,750

32,500

4,600

140.000

675.000 

27,300

-1,379

386,263

9,533

1945

MERGI

Total

CRS

$85,398,207 $66,140,965 $57,586,522 $166,114,097 $16,850,000 $47,250,913 $5,113,852 5444,454,556 $395,337,777 $1,346,751 $19,234,218 $25,223,162 $3,312,648

1935

1936

1937

404,834

3,109,830

4,717,074

233,395

2,071,296

2,495,254

1,403,807

2,080,059

3,520,186

2,256,417

8,917,554

8,678,629

608,467

1,277,605

562,181

10,808

325,362

186,497

4,917,728

18,966,364

21,086,180

4,228,816

16,287,262

18,384,928

140 315,000 373,772

1,184,658

926,359

19,769

262,651

310,000

609,200

1,664,000

1,808,400

685,333

21,006

1938

1939

1940

1941

8,133,887

27,451,442

30,227,874

3,167,243

7,018,796

27,929,162

17,183,076

801,273

10,377,037

16,266,036

17,987,527

2,835,309

20,896,236

44,289,765

60,687,428

8,178,623

2,873,257

5,142,882

4,553,388

798,028

3,913,009

15,459,743

22,840,095

1,014,582

2,380,489

1,049,600

458,831

197,669

55,592,711

137,588,630

153,938,219

16,992,727

49,428,383

125,038,946

136,731,549

14,990,768

168,674

679,659

157,766

57,508

3,726,463

6,103,500

7,186,655

289,000

2,697,650

6,381,000

8,666,162

1,111,250

-428,459

-614,475

1,196,087

544,201

1942

1943

1944

1945

4,159,617

1,216,987

368,633

2,440,786

3,547,766

2,903,771

585,251

1,371,925

2,275,392

555,383

230,282

55,504

7,731,137

1,675,734

367,086

2,435,488

759,861

274,331

1,824,586

15,844

67,428

4,609

354,362

34,523

32,108

83,603

20,652,721

6,676,573

1,650,788

6,391,915

17,195,146

5,897,691

1,459,091

584 913,400

96,000

1,748,200

300,000

795,391

382,882

200,000 -8,303

5,695,202 331,500 365,213

1 Includes surplus, undivided profits, and reserve funds minus operating deficit, if any, as shown by books. Minus (-) indicates net operating deficit.

N o te : One insured bank was merged with the financial aid of FDIC during 1945. The Farmers and Merchants State Bank of Fredericksburg, Virginia, Inc., Fredericksburg, 

Virginia, (Case No. 153) with 12,484 accounts was merged with the Farmers and Merchants State Bank, Fredericksburg, Va., on January 15, 1945. A disbursement of $1,768,237 was 

made by the Corporation in connection with this merger.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 121. D e p o s it o r s a n d D e p o s its o f I n s u r e d B a n k s P la c e d in R e c e iv e r s h ip , 1934-1945

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1945

Number of depositors Amount of deposits

Eligible for insurance protection Insured Uninsured, unsecured, 

not preferred, and not 

subject to offset Year Not eligible 

for 

insurance 

protection

Total

Total Paid by 

FDIC

Fully paid 

by other 

methods

Unpaid Total Paid Unpaid

Secured

and

preferred

Subject

to

offset

In excess 

of

insurance

maximum

Other

Total 380,511 289,506 36,238 8,801 45,966 $109,591,412 $87,132,953 $87,020,955 $111,998 $5,096,867 $6,309,246 $9,678,325 $1,374,021

1934

1935

1936

1937

15,545

32,275

41,831

74,151

11,262

23,422

30,924

56,800

939

2,986

4,677

7,761

443

1,509

22

28

2,901

4,358

6,208

9,562

1,966,353

9,090,632

11,240,970

14,961,275

942,011

6,028,994

8,055,590

12,047,066

941,007

6,024,650

8,055,563

12,044,562

1,004

4,344

27

2,504

831,832

538,951

659,381

1,140,812

90,996

561,288

660,363

1,084,311

30,607

1,935,853

1,048,034

642,707

70,907

25,546

817,602

46,379

1938

1939

1940

43,700

90,212

20,671

31,766

72,214

15,681

7,390

6,246

2,935

17

3,911

4,527

7,841

2,055

6,995

10,296,261

32,739,801

5,656,748

9,087,490

26,259,881

4,894,723

12,278,003

9,087,444

26,184,421

4,894,723

12,278,001

46

75,460

340,558

587,413

182,441

391,880

524.301 

1,910,785

341,818

793.302

253,924

3,949,351

221,323

997,814

89,988

32,371

16,443

269,244 1941 38,594 29,887 1,710 2 14,730,243 2

1942 5,717 4,210

12,566

774

562 945 1,816,179

6,637,025

455,925

1,612,049

5,521,322

405,824

1,612,049

5,499,467

399,068

59,824

363,775

80,896

245,870

15,316

60,561

503,366

34,785

2,849

2,692 1943

1944

16,914

901

936

96

2,838

31

574 21,855

6,756

1945

Back figures—See the Annual Report for 1944, p. 151, and earlier reports.

DEPOSIT INSURANCE DISBURSEMENTS

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0 5

T ab le 122. D i s b u r s e m e n t s to P rotect D e p o s i t o r s . R ecoveries. and L osses b y t h e F ederal D eposit Insurance C orporation in

C onnection w it h I nsured B a n k s Placed in R eceivership or M erged w it h the F in ancial A id of the C orporation, 1934-1945

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1945 

(Amounts in thousands of dollars)

Type and status of case

All banks placed in receivership or merged

Disbursement by F D IC .................................

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

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

Recoveries by FDIC.......................................

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

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

Estimate of losses by F D IC ..........................

Receiverships1..............................................

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

Terminated liquidations

Disbursement by F D IC .................................

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

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

Recoveries by FDIC.......................................

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

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

Losses by FDIC..............................................

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

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

Total

$261,717

87,024

174,693

215,309

66,188

149,121

31,111

17,004

14,107

60,299

42,421

17,878

51,776

34,516

17,260

8,523

7,905

618

Banks placed in receivership or merged in1934

$942

942

735

735

207

207

839

839

632

632

207

207

1935 1936

$8,890

6,025

2,865

6,023

4,193

1,830

2,782

1,767

1,015

5.149

5.149

3.641

3.641

1.508

1.508

$14,831

8,058

6,773

12,268

6,587

5,681

2,511

1,461

1,050

8,340

7,760

580

6,803

6,299

504

1,537

1,461

76

$19,203

12,046

7,157

15,334

9,291

6,043

3,637

2,567

1,070

10,295

8,952

1,343

7,991

6,890

1,101

2,304

2,062

242

1938

$30,479

9,087

21,392

26,695

7,709

18,986

2,585

1,187

1,398

8,828

6,086

2,742

7,945

5,433

2,512

883

653

230

1939

$67,793

26,185

41,608

50,672

15,410

35,262

10,091

8,363

1,728

14,121

7,999

6,122

12,702

6,650

6,052

1,419

1,349

70

$74,352

4,893

69,459

62,443

4,212

58,231

7,217

583

6,634

5,065

3,081

2.004

4,743

2,739

2.004

322

322

1941

$23,880

12,278

11,602

22,386

12,039

10,347

866

216

650

4,041

1,547

2.494

3,843

1,349

2.494

198

198

1942

$10,910

1,612

9,298

9.759

1,297

8,462

751

289

462

3,215

622

2.593

3,115

522

2.593

100

100

1943

$7,171

5,499

1.672

6,028

4,356

1.672

334

334

406

406

361

361

1944

$1,498

399

1.099

1,458

359

1.099

30

30

1945

$1,768 

' 1,768 

1,508 

' 1,508 

100

‘ ’ ‘ ioo

FEDERAL DEPOSIT INSURANCE CORPORATION

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Active liquidations

Disbursement by FDIC

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

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

Recoveries by FDIC............

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

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

Estimate of losses by FDIC

Receiverships1...................

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

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

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

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

Liquidation terminated.......

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

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

Liquidation active................

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

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

201,418 103 3,741 6,491 8,908 21,651 53,672 69,287 19,839 7,695 6,765 1,498 1,768 44,603 103 876 298 3,094 3,001 18,186 1,832 10,731 990 5,093 399

156,815 2,865 6,193 5,814 18,650 35,486 67,455 9,108 6,705 1,672 1,099 1,768

163,533 103 2,382 5,465 7,343 18,750 37,970 57,700 18,543 6,644 5,667 1,458 1,508 31,672 103 552 288 2,401 2,276 8,760 1,473 10,690 775 3,995 359

131,861 1,830 5,177 4,942 16,474 29,210 56,227 7,853 5,869 1,672 1,099 1,508

22,588 1,274 974 1,333 1,702 8,672 6,895 668 651 289 30 100

9,099 259 505 534 7,014 261 18 189 289 30

13,489 1,015 974 828 1,1-68 1,658 6,634 650 462 100

398 9 25 69 75 74 60 43 15 20 5 2 1

245 9 24 42 50 50 32 19 8 6 4 1

153 1 27 25 24 28 24 7 14 1 1 1

264 8 18 56 58 56 37 19 4 7 1

195 8 18 40 43 43 23 13 3 3 1

69 16 15 13 14 6 1 4

134 1 7 13 17 18 23 24 11 13 4 2 1

50 1 6 2 7 7 9 6 5 3 3 1

84 1 11 10 11 14 18 6 10 1 1 1

1 Estimates of losses for banks placed in receivership are based on total insured deposits, unpaid as well as paid. The disbursements in the receiverships as given in the table 

are the amounts paid on insured deposits by December 31, 1945. For amounts unpaid on insured deposits see^Table 121, page 145.

DEPOSIT INSURANCE DISBURSEMENTS

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INDEX

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INDEX

Page

Absorptions, consolidations, and mergers:

Of insured banks, 1934-45. See Mergers of insured banks with financial aid

of the Corporation, Terminations of insurance.

Of operating banks, 1945................................................................................................ 96-97

Adjusted capital account. See Capital of banks.

Adjusted liabilities. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Admissions to insurance:

Applications approved and disapproved.......................................... 10-11, 23-24, 38-39

By class of bank, 1945..................................................................................................... 96-97

Applications from banks:

For admission to insurance............................................................................................ 23-24

For approval of capital retirement or reduction..................................................... 25

For approval of establishment of branches.............................................................. 24

Appraised value of assets. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Assessments on insured banks for deposit insurance:

Amount................................................................................................................................. 31

Basis o f................................................................................................................................. 8

Assets and liabilities of closed banks, See Receivership, insured banks placed in.

Assets and liabilities of insured commercial banks, examiners’ appraisal:

Banks examined in 1939-1945..............................................................................49, 122-123

Banks examined in 1945, grouped by amount of deposits................................124-125

Definitions of terms used:

Adj usted liabilities...................................................................................................... 121

Appraised value........................................................................................................... 121

Book value.................................................................................................................... 121

Examined deductions.............................................................................................. 121

Not criticized............................................................................................................... 121

Substandard.................................................................................................................. 121

Rates of charge-offs and recoveries............................................................................. 56

Ratio of substandard assets to:

Adjusted capital accounts........................................................................................ 49

Assets other than cash and government obligations....................................... 49

Total assets................................................................................................................... 49

Sources of data................................................................................................................... 121

Assets and liabilities of operating banks (see also Assets and liabilities of insured

commercial banks, examiners’ appraisal; Capital of banks; Deposits):

All banks by district and State, December 31, 1945..........................................118-119

All banks, December 31, 1941; December 30, 1944; December 31, 1 9 4 5 .... 40

All banks, June 30 and December 31, 1945...........................................................110, 111

All commercial banks, December 31, 1945; December 30, 1944; December

31, 1941................................................................................................................... 43

Commercial banks, June 30 and December 31, 1945.........................................110, 111

TncjnrAn pnTntYiAT’/'MCil mqtiitq*

Call dates, December 3i, 1945; June 30, 1945, and December 30,1944.. 112-113

Call dates 1940-1945.................................................................................................. 116

Percentage distribution, call dates, 1940-1945.................................................. 117

Reports of...................................................................................................................... 25

Mutual savings banks, June 30 and December 31, 1945.................................. 110, 111

Noninsured banks, June 30 and December 31, 1945..........................................110, 111

Sources of data................................................................................................................... 109

Types of assets................................................................................................................... 40, 43

151

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152 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Assets and liabilities of the Federal Deposit Insurance Corporation..................... 30-33

Assets purchased by the Federal Deposit Insurance Corporation:

From banks in receivership to facilitate liquidation............................................. 33

From banks merged with financial aid of the Corporation. See Mergers of

insured banks with financial aid of the Corporation.

Liquidation of..................................................................................................................... 15-16

Assets of insured banks, quality of. See Assets and liabilities of insured commercial banks, examiners’ appraisal.

Assets pledged to secure bank obligations.......................... ............................................ 113

Bank supervision (see also Examinations of banks):

Activities of the Federal Deposit Insurance Corporation in 1945. .12, 21-22, 23

State legislation, 1945...................................................................................................... 89-92

Banking monopoly................................................................................................................... 12-13

Banking offices, establishment of:

Banks beginning operations, 1945............................................................................... 10, 96

Branches, establishment approved by Corporation............................................... 24

Branches opened, 1945................................................................................................11, 24, 97

Banking offices, number of. See Number of operating banks and branches.

Banking practices. See Unsafe and unsound banking practices.

Banks and branches ceasing operations:

All banks and branches 1945......................................................................................... 96-97

Branches of insured banks, 1936-1945........................................................................ 39

Insured banks, 1936-1945............................................................................................... 38

Banks beginning operations. See Banking offices, establishment of.

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 Corporation:

Fully protected, in insured banks placed in receivership, or merged with

the financial aid of the Corporation..................................................... .. 14-16

Number of..................................................................................................................... 16

Number of, in insured banks merged with financial aid of the Corporation 15-16

Number of, in insured banks placed in receivership............................... 15-16, 145

Insured banks:

Deposits of...........................................................................................................16, 142-143

Deposits protected...............................................................................................14-17, 145

Disbursements by the Corporation in connection with..........................14r~2l, 145

Loss to depositors....................................................................................................... 16, 17

Loss to Federal Deposit Insurance Corporation.............................16, 18-21, 146

Number, 1934-1945......................................................................................7, 16, 142-143

Banks in financial difficulties (see also Banks closed because of financial

difficulties):

Methods of handling under existing law.............................................................. 12, 14—21

Recommendations of the Corporation....................................................................... 12

Banks, number of. See Number of operating banks and branches.

Banks operating branches. See Banking offices, establishment of; Number of

operating banks and branches.

Board of Directors of the Federal Deposit Insurance Corporation........................ iv, v

Board of Governors of the Federal Reserve System:

Data obtained from......................................................................................... 21, 95, 109, 127

Review of examination reports submitted b y.......................................................... 21

Book value of bank assets and liabilities. See Assets and liabilities of insured

commercial banks, examiners’ appraisal; Assets and liabilities of

operating banks; Capital of banks.

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Branches. See Banking offices, establishment of; Classification of banks and

banking offices; Number of operating banks and branches.

Capital of banks (see also Assets and liabilities of operating banks; Earnings,

expenses, and dividends of insured banks):

Adequacy of......................................................................................................................8-10, 47

Definition of terms used in examiners’ appraisal of:

Adjusted capital accounts........................................................................................ 121

Book value of capital accounts.............................................................................. 121

Net sound capital....................................................................................................... 121

Examiners7 appraisal, insured commercial banks:

In 1939-1945, by years........................................................................................... 122-123

In 1945, banks grouped by amount of deposits.............................................124-125

Of insured banks placed in receivership.................................................................... 144

Ratios to assets:

All commercial banks, historical trend............................................................... 8-9, 48

Insured banks, 1945................................................................................................ 135, 139

Insured commercial banks, by years.................................................................... 123

Retirements approved by the Corporation............................................................... 25

Total capital accounts:

Commercial and mutual savings banks, insured and noninsured,

June 30 and December 31, 1945...................................................................110, 111

Insured commercial banks............................................................................. 47, 113, 125

Unsafe and unsound practices....................................................................................... 22

Charge-offs by banks. See Earnings, expenses, and dividends of insured banks.

Class of bank, banking data presented by:

Admissions to and terminations of insurance.......................................................... 96-97

Assets and liabilities.......................................................................................................110-111

Banks which suspended operations, 1934-1945...................................................... 142

Deposits...........................................................................................................106-107, 110, 111

Earnings of insured banks............................................................................................132-133

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

Corporation............................................................................................................ 142

Number of banking offices.........................................................................37, 96-97, 98-105

Number of banks...............................................................................96-97, 98-105, 106-107

Classification of banks and banking offices..................................................................... 94, 95

Closed banks. See Banks ceasing operations; Banks closed because of financial

difficulties; Receivership, insured banks placed in.

Commercial banks. See Assets and liabilities of insured commercial banks,

examiners’ appraisal; Assets and liabilities of operating banks;

Capital of banks; Deposits; Earnings, expenses, and dividends of

insured banks; Number of operating banks and branches.

Comptroller of the Currency:

Data obtained from.........................................................................................21, 95, 109, 127

Director of Corporation.................................................................................................. iv, v

Examination of insured banks by................................................................................ 21

Review of reports of examinations made by............................................................ 21

Consolidations. See Absorptions, consolidations, and mergers.

Consumer loans. See Instalment loans.

Criticized assets. See Assets and liabilities of insured commercial banks, examiners' appraisal.

Demand deposits. See Assets and liabilities of operating banks; Deposits,

classified by type of deposit.

Depositors (see also Insurance coverage):

Claims against closed insured banks. See Receivership, insured banks

placed in.

Losses. See Banks 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.

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Deposits:

Amount of, banks grouped by:

Banks which received financial aid from the Corporation........................... 142

Insured commercial banks examined in 1945................................... 46, 75, 124-125

Insured commercial banks operating throughout 1945.......................... 46, 75, 136

Classified by type of deposit:

Commercial banks, 1945................................................................................ 46, 110, 111

Insured banks placed in receivership, 1934-1945............................................. 145

Insured commercial banks, call dates, December 31, 1945, June 30,

1945, and December 30, 1944........................................................................112-113

Insured commercial banks, call dates, 1940-1945............................................ 116

Demand. See Deposits, classified by type of deposit.

Growth.............................................................................................................................46, 63, 65

Governmental. See Deposits, classified by type of deposit.

Insured and otherwise protected:

In banks merged with financial aid of the Corporation................................ 14-15

In banks placed in receivership...................................................................... 14-15, 145

Interbank. See Deposits, classified by type of deposit.

Of individuals, partnerships, and corporations. See Deposits, classified

by type of deposit.

Paid and unpaid in closed insured banks. See Banks closed because of

financial difficulties.

Postal savings deposits. See Deposits, classified by type of deposit.

Preferred. See Deposits, secured and preferred.

Protected by the Corporation. See Deposits, insured and otherwise protected.

Public funds. See Deposits, classified by type of deposit.

Savings and time. See Deposits, classified by type of deposit.

Secured and preferred:

Insured banks placed in receivership, 1934-1945.............................................17, 145

Insured commercial banks, call dates, December 31, 1945, June 30,

1945, and December 30, 1944.......................................................................... 113

Sources of data................................................................................................................... 141

Subject to offset. See Receivership, insured banks placed in.

Uninsured deposits of insured banks placed in receivership.............................. 17, 145

Deposits in :

All commercial and mutual savings banks:

December 31, 1945..................................................................................................106, 111

June 30, 1945............................................................................................................... 110

June 30 and December 31, 1943-1945...............................................................114-115

Percentage change, 1934-1945................................................................................ 63-64

All ty»orpiCk I nQTi Itq •

Call dates, December 31, 1945, to December 30, 1944...............................112-113

December 31, 1945...........................................................................................46, 106, 111

Increase, 1945.............................................................................................................. 46

June 30, 1945............................................................................................................... 110

All insured banks:

December 31, 1945............................................................................................. 7, 106, 111

June 30, 1945............................................................................................................... 110

June 30 and December 31, 1943-1945...............................................................114-115

All mutual savings banks:

December 31, 1945..................................................................................................106, 111

June 30, 1945............................................................................................................... 110

Banks for which the Corporation is receiver........................................................... 16

Banks located in each State and possession, December 31, 1945...................106-107

Banks which received financial aid from the Corporation..................14-15, 142, 144

Insured banks merged with financial aid of the Corporation............14-15, 142, 144

Insured banks placed in receivership......................................................... 14-15, 142, 145

Insured commercial banks:

At time of examination. See Assets and liabilities of insured commercial

banks, examiners’ analysis.

By States, October 10, 1945.................................................................................... 76-77

Call dates, December 31, 1945, June 30, 1945 and December 30, 1944.. 112

Call dates, 1940-1945................................................................................................ 116

December 31, 1945.................................................................................................. 106, 111

Distributed according to size of accounts, October 10, 1945................67, 75, 77

June 30, 1945............................................................................................................... 110

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Deposits in:— Continued

Insured mutual savings banks:

By amount of deposit................................................................................................ 78

December 31, 1945.................................................................................................. 106, 111

Distributed according to size of account, October 10, 1945....................71, 79-80

June 30, 1945............................................................................................................... 110

Noninsured banks:

December 31, 1945.................................................................................................. 106, 111

June 30, 1945............................................................................................................... 110

June 30 and December 31, 1943-1945............................................................... 114-115

Depreciation. See Earnings, expenses, and dividends of insured banks.

Depressions and deposit insurance..................................................................................... 13

Dividends:

To depositors in mutual savings banks..................................................................... 133

To stockholders of, operating insured banks. See Earnings, expenses, and

dividends of insured banks.

Earnings, expenses, and dividends of insured banks:

Insured commercial banks:

Amounts, 1934-1935................................................................................................... 52,53

Amounts, 1934, 1941-1945.....................................................................................128-129

Amounts by class of bank, 1945..........................................................................132-133

Amounts by size of bank, 1945............................................................................136-137

Discussion of................................................................................................................. 52-54

Rates of charge-offs and recoveries....................................................................... 56

Rates of income received, 1934-1945................................................................... 53

Rates of net earnings and net profits........................................ 56-59, 130, 134, 138

Ratios to average total capital accounts.........................................57, 130, 134, 138

Ratios to total assets..........................................................130-131, 134-135, 138-139

Ratios to total current earnings................................................................ 130, 134, 138

Insured mutual savings banks, 1945........................................................................... 132

National banks, rates of net profits and of cash dividends, 1870-1945........... 58, 60

Sources of data................................................................................................................... 127

Sources of earnings............................................................................................................ 52-54

Employees:

Federal Deposit Insurance Corporation.................................................................... 29

Insured commercial banks:

Number and salary, December 31, 1945..........................................................133, 136

Number and salary, 1941-1945.....................................................................54, 128-129

Insured mutual savings banks, December 31, 1945............................................... 133

Examinations of banks (see also Assets and liabilities of insured commercial

banks, examiners' appraisal; Capital of banks):

Banks cited for unsafe and unsound practices........................................................ 22

Banks examined by the Federal Deposit Insurance Corporation.....................21, 95

Data from reports of examination............................................................................ 121-125

Definition of terms............................................................................................................ 121

Effect of war on................................................................................................................. 21

Mutual savings banks...................................................................................................... 21-22

Review of examinations made by Comptroller of Currency and Federal

Reserve banks....................................................................................................... 21

Expenses of banks. See Earnings, expenses, and dividends of insured banks.

Expenses of the Corporation. See Federal Deposit Insurance Corporation.

Facilities provided as agents of the Government.......................................................... 11, 97

Federal bank supervisory authorities. See Bank supervision; Board of Governors

of the Federal Reserve System; Comptroller of the Currency; Federal

Deposit Insurance Corporation.

Federal credit unions.............................................................................................................. 25-26

Federal Deposit Insurance Corporation:

Actions on applications from banks. See Applications from banks.

Assessments on insured banks....................................................................................... 8, 63

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Federal Deposit Insurance Corporation:—Continued

Assets and liabilities........................................................................................ 7, 30-31, 32-33

Audit................................................................................................................................ 26, 30, 83

Banks examined by, and submitting reports to ..................................................... 25

Bank supervision by. See Bank supervision.

Board of Directors....................... ..................................................................................iv, v, 28

Capital.................................................................................................................................. 7-8

Depositors protected by. See Banks closed because of financial difficulties.

Disbursements for protection of depositors..................................................... 16, 146-147

Districts................................................................................................................................ vi, vii

Divisions............................................................................................................................... iv, 29

Employees............................................................................................................................ 28

Examination of banks. See Examinations of banks.

Expenses............................................................................................................................... 29-32

Income.................................................................................................................................. 29-32

Insured banks receiving financial aid from. See Banks closed because of

financial difficulties.

Insured deposits. See Deposits, insured and otherwise protected.

Liquidation of assets of insured banks in financial difficulties........................... 17-18

Loans to and purchase of assets from insured banks. See Mergers of insured

banks with financial aid of the Corporation.

Losses incurred:

During 1945............................................................................................................ 18, 31, 32

During 1934-1945..............................................................................................32, 146-147

Reserve for........................................................................................................16, 18-19, 33

Officers........... ........................................................................................................... v, vi, 28-29

Organization and staff................................................................................................. iv, 28-29

Payments to insured depositors.................................................................................... 145

Policies.................................................................................................................................. 12-14

Potential liabilities............ ............................................................................................... 7-8

Powers.................................................................................................................................. 12,15

Protection of depositors. See Banks closed because of financial difficulties.

Purchase of assets to facilitate completion of liquidation of banks in

receivership............................................................................................................. 15

Receiver for insured banks............................................................................................ 17, 144

Recoveries from banks in financial difficulties........................................18-20, 146-147

Reports from banks.......................................................................................................... 25

Reserves for losses............................................................................................................. 7-8

Supervisory activities. See Bank supervision.

Surplus.......................................................................................................................... 7, 8, 30-31

Federal Deposit Insurance Corporation Districts:

Banks classified b y ............................................................................................................ 106

States and possessions served........................................................................................vi, vii

Federal Reserve System. See Board of Governors of the Federal Reserve System.

Fixed and miscellaneous assets. See Assets and liabilities of insured commercial

banks, examiners’ appraisal; Assets and liabilities of operating banks;

Receivership, insured banks placed in.

Insolvent or hazardous banks. See Bank supervision; Banks closed because of

financial difficulties; Banks in financial difficulties.

Instalment loans, how reported........................................................................ , 109

Insurance coverage:

Accounts fully insured, special call dates.................................................................. 7, 63

Changes, October 1934 to October 1945................................................................... 64

Insured commercial banks:

By amount of deposits, special call dates..................................................... 65, 66, 69

By class of bank, October 10, 1945...................................................................... 74

By percent of deposits insured, 1934-1945......................................................... 69-70

By population of center in which located, October 10, 1945..................64, 74-75

By States, October 10, 1945.................................................................................. 76-77

Distribution of accounts according to size....................................................67, 74, 76

Distribution of deposits according to size of account, Oct. 10, 1945. .65, 75, 77

Percentage increase, Sept. 24, 1941 to Oct. 10, 1945...................................... 68

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Insurance coverage:— Continued

Insured mutual savings banks:

By amount of deposits..............................................................................................73, 78

By population of center in which located, October 10, 1945..................64, 78-79

Distribution of accounts according to size......................................................... 71, 74

Distribution of deposits according to size of account, Oct. 10, 1945. .71, 79-80

Limitation on data on insured deposits, special surveys, 1936-1945........... 78-80

With varying amounts of maximum coverage......................................................... 63

Insured status, banks classified by:

Assets and liabilities of................................................................................110-111, 114-115

Deposits o f........................................................................................................................ 106-107

Number of............................................................................................................................96-107

Insured banks. See:

Absorptions, consolidations, and mergers;

Admissions to insurance;

Assets and liabilities of operating banks;

Assets and liabilities of insured commercial banks, examiners’ appraisal;

Banking offices, establishment of;

Banks and branches ceasing operations;

Banks closed because of financial difficulties;

Capital of banks;

Class of bank, banking data presented by;

Deposits;

Deposits in;

Earnings, expenses and dividends of insured banks;

Employees;

Examinations of banks;

Mergers of insured banks with financial aid of the Corporation;

Mutual savings banks;

Number of operating banks and branches;

Receivership, insured banks placed in;

Securities;

States, banking data classified by;

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.

Insured commercial banks submitting reports to the Corporation......................... 25

Insured deposits. See Deposits, insured and otherwise protected.

Insured mutual savings banks. See Mutual savings banks.

Insured State banks members of the Federal Reserve System. See Class of

bank, banking data presented by.

Interbank deposits. See Deposits classified by type of deposit.

Interest. See Earnings, expenses, and dividends of insured banks.

Investments of banks. See Assets and liabilities of insured commercial banks;

examiners’ appraisal; Assets and liabilities of operating banks;

United States Government obligations.

Law, violations of by insured banks.................................................................................. 22

Legislation related to banking and deposit insurance:

Federal, enacted in 1945:

Audit, Government corporations........................................................................... 26, 83

Government Corporation Control Act........................................................... 27, 84-86

G. I. Loans.................................................................................................................... 26

Lost Government checks................................................................................... 28, 87-89

Reorganization Act of 1945..................................................................................... 26

State, enacted in 1945...................................................................................................... 89-92

Liquidation, banks placed in................................................................. 14-21, 38, 96, 140-147

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Loans by banks:

Amounts and types. See Assets and liabilities of operating banks.

Changes in type, commercial banks............................................................................ 43-44

Examiners’ evaluation. See Assets and liabilities of insured commercial

banks, examiners’ appraisal.

Interest on. See Earnings, expenses, and dividends of insured banks.

Loans to insolvent or hazardous insured banks by Federal Deposit Insurance

Corporation. See Mergers of insured banks with financial aid of the

Corporation.

Losses:

Of banks charged off. See Earnings, expenses, and dividends of insured banks.

Of depositors. See Banks closed because of financial difficulties; Receivership,

insured banks placed in.

Of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

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 in financial difficulties):

Banks cited for unsafe and unsound practices........................................................ 22

Classification of banks merged..................................................................................... 142

Collections by Corporation on assets purchased or held as collateral. . . . 146-147

Deposits protected............................................................................................................ 14-15

Disbursements by Corporation......................................................... 18, 142-143, 146-147

Losses incurred by Corporation................................ .............................................146-147

Name and location of bank merged, 1945............. ................................................... 144

Number of banks merged............................................................................15, 142, 143, 147

Procedure............................................................................................................................ 12, 141

Repayments to Corporation........................................................................................146-147

Monopoly in banking............................................................................................................. 12-13

Mutual savings banks:

Insured:

Assets and liabilities, June 30 and December 31, 1945.............................110, 111

Deposits...................................................................................... 78-79, 106-107, 110, 111

Earnings, expenses, and dividends................................................... 132-133, 134-135

Number..........................................................................................................................96-107

Insured and noninsured:

Assets and liabilities, December 31, 1945, December 30, 1944, December 31, 1941............................................................................................................ 51

Assets and liabilities, June 30 and December 31, 1945...............................110, 111

Accounts........................................................................................................................ 78

Classification................................................................................................................ 95

Deposits, by State, December 31, 1945............. .............................................. 106-107

Number...................................................................... ...................................................96-107

National banks. See Class of bank, banking data presented by; Comptroller

of the Currency.

Net earnings of insured commercial banks. See Earnings, expenses, and dividends of insured banks.

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.

New banks. See Banking offices, establishment of.

Noninsured banks. See:

Absorptions, consolidations, and mergers;

Admissions to insurance;

Assets and liabilities of operating banks;

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Noninsured banks. See:— Continued

Capital of banks;

Class of bank, banking data presented by;

Deposits;

Number of operating banks and branches.

Number of operating banks and branches:

All banks:

Admissions to insurance........................................................................10-11, 37-38, 96

Approved for admission to insurance................................................................... 23

Changes during 1945......................................................................................10-11, 96-97

December 31, 1945, by class of bank, FDIC district, and States and

possessions............................................................................................................106-107

June 30 and December 31, 1945..........................................................................110-111

All banks and branches:

Changes during 1945.............................................................................. 10-11, 37, 96-97

Changes during 1941-1945....................................................................................... 37

December 31, 1945, by class of bank and States and possessions. .. .98-105

Banks operating branches.............................................................................................. 98-105

T < f O n n h p o •

Changes during 1945................................................................................................. 96-97

Changes during 1936-1945......................................................... ............................ 39

December 31, 1945, by class of bank and States and possessions............. 98-105

Commercial banks:

Admissions to insurance........................................................................................... 96-97

Changes during 1945................................................................................................. 96-97

December 31, 1945, by class of bank, FDIC District, and States and

possessions..................................................................................................... .. 106-107

June and December 31, 1945................................................................................110-111

Insured commercial banks:

Applications approved and disapproved............................................................. 23-24

Call dates, December 31, 1945, June 30, 1945, December 30, 1944. . . .112-113

Changes during 1945................................................................................................. 96-97

December 31, 1935-1945........................................................................................... 11

December 31, 1945, by FDIC district, and States and possessions........106-107

Examined in 1945, by amount of deposits.......................................................... 125

Operating throughout 1945, by amount of deposits....................................... 137

Mutual savings banks. See Mutual savings banks.

Noninsured banks:

Changes during 1945.................................................................................................. 96-97

December 31, 1945, by class of bank, FDIC district, and States and

possessions............................................................................................................106-107

June 30 and December 31, 1945..........................................................................110-111

Unit banks, December 31, 1945, by class of bank and States and possessions. 98-105

Officers, active, of insured banks. See Employees.

Officers and employees of the Federal Deposit Insurance Corporation................ v, 28

Operating banks. See Number of operating banks and branches.

Par clearance of checks. State legislation regarding, 1945......................................... 92

Payments to depositors in closed insured banks. See Receivership, insured banks

placed in.

Polk’s Bankers Encyclopedia, data obtained from......................................................95, 109

Possessions, banks and branches located in:

Deposits o f........................................................................................................................ 106-107

Number of........................................................................................................ 98, 105, 106, 107

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. See Banks closed because of financial difficulties;

Deposits, insured and otherwise protected.

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Public funds. See Deposits, classified by type of deposit.

Purchase of bank assets by Corporation. See Assets purchased by the Federal

Deposit Insurance Corporation.

Rand McNally Bankers Directory, data obtained from............................................ 95, 109

Real estate, loans on. See Assets and liabilities of operating banks.

Receivership, insured banks placed in (see also Banks closed because of financial

difficulties):

Activities of Corporation as receiver of..................................................... ........ 16-18, 144

Assets and liabilities of, at dates of suspension, 1934-1945................................. 144

Depositors:

Extent of protection by insurance................................................................ 14-16, 145

Methods of protection............................................................................................... 14-16

Number eligible for protection, paid and unpaid............................................ 145

Payments to...................................................................................................... 15-16, 145

Deposits:

Insured, paid and unpaid by December 31, 1945........................................... 17, 145

Not eligible for insurance protection...................................................................17, 145

Paid and unpaid, December 31, 1945................................................................. 17, 145

Secured, preferred, and subject to offset............................................................17, 145

Unclaimed accounts.................................................................................................... 15

Uninsured.....................................................................................................................17, 145

Liquidation of....................................................................................16, 20, 96, 142-143, 144

Losses by Corporation on depositors’ claims paid................................................. 18-19

Name and location of, during 1945............................................................................. 144

Number of banks.............................................................................................................142-143

Payments to depositors...................................................................................................15, 145

Receivers.............................................................................................................. .. .140-141, 144

Sources of data.................................................................................................................140-141

Reconstruction Finance Corporation, capital of insured banks held by:

Amount, total and portion repaid................................................................................ 47

Retirements approved by Federal Deposit Insurance Corporation................. 10, 25

Recoveries:

By banks on assets charged off. See Earnings, expenses, and dividends of

insured banks.

By the Corporation on disbursements in closed banks............................. 18, 146-147

Reports from banks.................................................................................................................25, 63

Reserves:

In bank assets and liabilities. See Assets and liabilities of operating banks.

Of Federal Deposit Insurance Corporation.............................................................. 33

Salaries and wages:

Federal Deposit Insurance Corporation..................................................................... 31

Insured banks. See Earnings, expenses, and dividends of insured banks.

Savings and time deposits. See Deposits, classified by type of deposit.

Secured and preferred deposits. See Deposits, secured and preferred; Receivership, insured banks placed in.

Securities (See also United States Government obligations):

Examiners’ appraisal of, method used....................................................................... 121

Held by Federal Deposit Insurance Corporation................................................... 32

Held by insured banks placed in receivership, 1934-1945................................... 144

Held by insured commercial banks. See Assets and liabilities of insured

commercial banks, examiners’ appraisal.

Held by operating banks. See Assets and liabilities of operating banks.

Interest on securities held by banks. See Earnings, expenses, and dividends

of insured banks.

Profits on securities sold by insured banks. See Earnings, expenses, and

dividends of insured banks.

Rate of income on............................................................................................................. 53

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Size of banks, banks classified by. See Deposits, amount of, banks grouped by.

State banks members of the Federal Reserve System. See Class of bank, banking

data presented by.

State banks not members of the Federal Reserve System. See Class of bank,

banking data presented by.

State bank supervisory authorities:

Data obtained from..........................................................................................................95, 109

State legislation regarding.............................................................................................. 89

States, banking data classified by:

Deposits, December 31, 1945:

Commercial banks, insured and noninsured....................................................106-107

Mutual savings banks, insured and noninsured............................................ 106, 107

Number of operating banks or offices, December 31, 1945:

All banking offices, by class of bank and type of office.................................98-105

All banks..................................................................................................................... 106-107

Commercial banks, insured and noninsured....................................................106-107

Mutual savings banks, insured and noninsured.............................................106-107

Stockholders of banks:

Losses of. See Banks closed because of financial difficulties.

Net profits of insured commercial banks, available for. See Earnings, expenses, and dividends of insured banks.

Substandard assets. See Assets and liabilities of insured commercial banks,

examiners’ appraisal.

Supervision. See Bank supervision.

Suspensions. See Banks closed because of financial difficulties; Receivership,

insured banks placed in.

Taxes paid by insured banks. See Earnings, expenses, and dividends of insured

banks.

Terminations of insurance for unsafe and unsound practices. See Unsafe and

unsound banking practices.

Time and savings deposits. See Deposits, classified by type of deposit.

Trust companies:

Classification of.................................................................................................................. 95

Number not engaged in deposit banking............................................. 106-107, 110, 111

Unit banks. See Number of operating banks and branches.

United States Government obligations (See also Assets and liabilities of insured

commercial banks, examiners’ appraisal; Assets and liabilities of

operating banks):

Acquired by commercial and mutual savings banks............................................. 41

Comparison of holdings in two world war periods................................................. 42

Held by . all banks, 1914-1945........................................................................................ 41

Held by Federal Deposit Insurance Corporation................................................... 32

Held by the banking system, 1941 and 1945........................................................... 40-41

Types and maturities held by insured commercial banks, 1945, 1944, 1941. 44-45

Unsafe and unsound banking practices:

Actions of the Corporation............................................................................................. 22

Number of banks cited.................................................................................................... 22

Types of, for which banks were cited......................................................................... 22

Unsecured deposits. See Receivership, insured banks placed in.

Violations of law or regulations........................................................................................... 22

War financing and change in bank assets and deposits.............................................. 40-46

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Federal Reserve Bank of St. Louis