ANNUAL REPORT

OF THE

Federal D eposit Insurance Co r p o r a tio n

FOR THE YEAR ENDED

DECEMBER 31, 1962

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Federal Reserve Bank of St. Louis
LETTER OF TRANSMITTAL

F e d e r a l D e p o sit In su r a n c e C orp o ra tio n

Washington, D . C.y May 23, 1968

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

Deposit Insurance Act, the Federal Deposit Insurance Corporation is 

pleased to submit its annual report.

Respectfully,

E rle C o c k e , Sr ., Chairman

T h e P resid e n t of t h e S e n a t e

T h e Spea k e r of t h e H ouse of R epresen tatives

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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

550 17th S treet, N .W ., W a s h in g t o n 25, D.C.

BOARD OF DIRECTORS

Chairman............................................... .........E rle C ocke, Sr .

Comptroller of the Currency.. . ... Ja m e s J. Sa x o n

Director................................................... .............Jesse P. W olcott

OFFICIALS— May 23, 1963

Assistant to Chairman and Controller................................William M . Moroney

Assistant to Director (Acting) and Chief, Division of

Examination .....................................................................Neil G. Greensides

General Counsel, Legal Division......................... John F. Lord

Chief, Division of Liquidation............................ A. E. Anderson

Chief, Division of Research and Statistics. . . Edison H. Cramer

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

Deputy Chief, Division of Examination. .. . Edward H. DeHority

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

Assistant to the Board................. ......................................... Frank E. Tracy

Assistant to the Board. . . Raoul D. Edwards

V

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Federal Reserve Bank of St. Louis
DISTRICT OFFICES

D is t . S upervising

No. E x a m in e r

1. Claude C. Phillippe

2. Philip C. Lods

3. Louis S. Rough, Jr.

4. Lundie W . Barlow

5. Roger C. Eagleton

6. G. E. Mounts

7. William T. Hammill

8. D. E. Wilkins

9. James H. Meek, Jr.

10. Stanley Pugh

11. Lloyd Thomas

12. Walter W . Smith

A ddress

Room 1365, No. 10 P.O.

Square, Boston 9, Mass.

74 Trinity Place,

New York 6, N. Y.

Suite 500,

50 West Gay Street,

Columbus 15, Ohio

403 East Grace St.,

Richmond 19, Va.

1000 Bank of Georgia

Building, Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building,

Madison 3, Wis.

164 W . Jackson Blvd.,

Chicago 4, 111.

950 Federal Reserve

Bank Building,

Minneapolis 2, Minn.

1207 Federal Reserve

Bank Building,

Kansas City 6, Mo.

Federal Reserve Bank

Building, Station K,

Dallas 13, Texas

Suite 1120, 315 Montgomery Street, San

Francisco 4, Calif.

S tates i n D istrict

Maine, New Hampshire,

Vermont, Massachusetts,

Rhode Island,

Connecticut

New York, New Jersey,

Delaware, Puerto Rico,

Virgin Islands

Ohio, Pennsylvania

District of Columbia,

Maryland, Virginia,

West Virginia, North

Carolina, South Carolina

Georgia, Florida, Alabama,

Mississippi

Kentucky, Tennessee,

Missouri, Arkansas

Indiana, Michigan,

Wisconsin

Illinois, Iowa

Minnesota, North Dakota,

South Dakota, Montana

Nebraska, Kansas,

Oklahoma, Colorado,

Wyoming

Louisiana, Texas,

New Mexico, Arizona

Idaho, Utah, Nevada,

Washington, Oregon,

California, Alaska,

Hawaii, Guam

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Federal Reserve Bank of St. Louis
IIA

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

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Federal Reserve Bank of St. Louis
Summary

CONTENTS

Page

xv

Part One

Operations of the Corporation

Deposit insurance participation and coverage............................... 3

Insurance operations to protect depositors of failing banks.......... 4

Supervisory activities .............................................................................. 7

Legal developments................................. 13

Administration of the Corporation. .. 15

Finances of the Corporation.......... 18

Part Two

Legislation and Regulations

Federal legislation ................................................................................................................. 31

Rules and regulations of the Corporation........................................................................ 37

State banking legislation....................................................................................................... 38

Part Three

Banking Developments

Supervisory status of banks......................................................... 45

Bank assets and liabilities, 1960 to 1962................................... 49

Relative position of banks................................................................... ... 53

Number and distribution of banking offices............................. .. , 58

Income of insured banks......................................................... 61

Part Four

Statistics of Banks and Deposit Insurance

Bank absorptions approved by the Corporation..................... 68

Number, offices, and deposits of banks........................... 68

Assets and liabilities of banks..................... 118

Income of insured banks......................... 140

Deposit insurance disbursements........................... 168

ix

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Federal Reserve Bank of St. Louis
LIST OF CHARTS

Page

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

Federal Deposit Insurance Corporation districts (m ap)........................................ vii

LIST OF TABLES

Part One

Operations of the Corporation

I n s u r a n c e operations to protect depositors of fa ilin g b a n k s :

1. Protection of depositors of insured banks requiring disbursements by the

Federal Deposit Insurance Corporation, 1934-1962..................................... 5

2. Analysis of disbursements, recoveries and losses by the Federal Deposit

Insurance Corporation in insurance transactions, 1934-1962............... 6

S upervisory activities :

3. Applications acted upon by the Board of Directors of the Federal

Deposit Insurance Corporation during 1962..................................................... 8

4. Mergers, consolidations, acquisitions of assets and assumptions of liabilities approved under Section 18(c) of the Federal Deposit Insurance

Act during 1962 ..................................................................................................... 10

5. Bank examination activities of the Federal Deposit Insurance Corporation in 1961 and 1962.............................................................................................. 11

6. Actions to terminate insured status of banks charged with unsafe or

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

1962 .............................................................................................................................. 12

A d m in is t r a t io n of t h e corporation :

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

Corporation, December 31, 1962....................................................................... 16

F in a n c e s of t h e corporation :

8. Statement of financial condition, Federal Deposit Insurance Corporation, December 31, 1962.......................................................................................... 17

9. Statement of income and deposit insurance fund, Federal Deposit Insurance Corporation, year ended December 31, 1962........................................ 19

10. Determination and distribution of net assessment income, Federal Deposit Insurance Corporation, year ended December 31, 1962................. 20

11. Sources and uses of funds, Federal Deposit Insurance Corporation, calendar year 1962......................................................................................................... 21

12. Income and expenses, Federal Deposit Insurance Corporation, by years,

from beginning of operations, September 11, 1933, to December 31,

1962, adjusted to December 31, 1962............................................................... 22

13. Insured deposits and the deposit insurance fund, 1934-1962... 23

14. Report on audit of Federal Deposit Insurance Corporation, year ended

June 30, 1962............................................................................................................ 24

x

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LIST OF TABLES x i

Part Three

Banking Developments

S upervisory statu s of b a n k s : Page

15. Classification of banks according to supervisory status and Federal

deposit insurance participation, December 31, 1962................................ 45

16. Assets of banks classified according to supervisory status and Federal

deposit insurance participation, December 28, 1962................................. 46

17. Deposits of banks classified according to supervisory status and Federal

deposit insurance participation, December 28, 1962.................................... 47

18. Ratios of capital accounts to assets of banks of deposit classified according to supervisory status and Federal deposit insurance participation,

December 28, 1962.................................................................................................. 48

B a n k assets an d liabilities, 1960 to 1962:

19. Amounts and percentages of major categories of assets and liabilities

of all banks in the United States (States and other areas), at year end

call dates, 1960-1962................................................................................................ 49

20. Annual percentage changes in major categories of assets and liabilities

of all banks in the United States (States and other areas), 1960-1962. . 50

21. Reported or estimated bank deposits, December 30, 1961, December 28,

1962, and December 31, 1962................................................................................ 51

22. Selected deposit and asset items, banks members of the Federal Reserve

System, from call reports for December 31, 1961, and December 28,

1962, and comparable data for December 28 and December 31, 1962,

from reports for reserve purposes................................................................... 52

R elative position of b a n k s :

23. Relative importance of the largest commercial banks, and of banks and

bank groups, in the United States, December 28, 1962............................. 53

24. Relative importance of the largest commercial banks, and the largest

banks or bank groups, in each State, December 28, 1962........................... 55

25. Relative importance of the largest banks, and of the largest banks and

bank groups, in the principal county (or counties) in 65 metropolitan

areas, June 30, 1962.................................................................................................. 56

N u m b e r a n d d istribution of b a n k in g offices :

26. Analysis of changes in number of banks and branches in the United

States (States and other areas) during the years 1960, 1961 and 1962.. 59

27. Number of operating offices of commercial banks in the continental

United States, June 30, 1962

Grouped by number of commercial banking offices and 'population of

center in which located..................................................................................... 60

28. Commercial banking offices, banks, and branches, June 30, 1962, in States

grouped according to the status of branch banking at the end of 1958,

by metropolitan and other areas........................................................................ 61

I ncome of insured bank s :

29. Sources and disposition of total income, insured commercial banks in the

United States (States and other areas), 1960-1962..................................... 62

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

30. Percentage distribution of sources and disposition of total income, insured commercial banks in the United States (States and other areas),

1960-1962 ...................................................................................................................... 63

31. Selected operating ratios of insured commercial banks in the United

States (States and other areas), 1960-1962 ..................................................... 63

32. Distribution of insured commercial banks by deposit size of bank, and

percentages of selected banking totals in each size group, 1962............... 64

33. Sources and disposition of total income, insured mutual savings banks

in the United States, 1960-1962.......................................................................... 65

34. Percentage distribution of sources and disposition of total income, insured mutual savings banks in the United States, 1960-1962................... 65

Part Four

Statistics of Banks and Deposit Insurance

B a n k absorptions approved by t h e corporation :

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

assumption of liabilities approved by the Corporation during 1961.... 70

N u m b er , offices, an d deposits of b a n k s :

Explanatory note .................................................................................................................. 68

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

United States (States and other areas) during 1962................................. 106

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

December 31, 1962

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

State or area and type of office................................................................. 108

104. Number and deposits of all banks in the United States (States and other

areas), December 28,1962

Banks grouped according to insurance status and by district and

State .................................................................................................................. 116

A ssets an d liabilities of b a n k s :

Explanatory note .................................................................................................................. 118

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

areas), June 30,1962

Banks grouped according to insurance status and type of bank.. .. 120

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

areas), December 28,19621

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

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

areas), December 28,1962

Banks grouped by district and State........................................................... 124

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

and other areas), call dates December 31, 1959 through December 28,

1962 ............................................................................................................................... 126

109. Assets and liabilities of insured commercial and insured mutual savings

banks in the United States (States and other areas), call dates December 30, 1961 through December 28, 1962 ............................................ 130

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Federal Reserve Bank of St. Louis
LIST OF TABLES xiii

Page

110. Assets and liabilities and assets and liabilities per $100 of total assets of

insured commercial banks operating throughout 1962 in the United

States (States and other areas), December 28, 1962

Banks grouped according to amount oj deposits.................................... 134

111. Average assets and liabilities and assets and liabilities per $100 of total

assets of insured commercial banks in the United States (States and

other areas), 1962

By class of bank............................................................................................... 135

112. Average assets and liabilities of insured commercial banks in the United

States (States and other areas), by State, 1962 ........................................ 136

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

and other areas), December 28, 1962

Banks grouped according to amount oj deposits and by ratios oj

selected items to assets................................................................................ 138

I n c o m e of in su r ed b a n k s :

Explanatory note .................................................................................................................. 140

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

other areas), 1954-1962 ....................................................................................... 142

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

(States and other areas), 1954-1962 ............................................................... 144

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

other areas), 1962

B y class oj bank................................................................................................ 146

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

(States and other areas), 1962

By class oj bank................................................................................................. 148

118. Income of insured commercial banks operating throughout 1962 in the

United States (States and other areas)

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

119. Ratios of income of insured commercial banks operating throughout

1962 in the United States (States and other areas)

Banks grouped according to amount oj deposits.................................... 152

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

other areas), by State, 1962 .............................................................................. 154

121. Income of insured mutual savings banks, 1954-1962 .................................... 164

122. Ratios of income of insured mutual savings banks, 1954-1962................... 166

D eposit in s u r a n c e d isbu r sem en t s :

Explanatory note .................................................................................................................. 168

123. Depositors, deposits, and disbursements in insured banks requiring disbursements by the Federal Deposit Insurance Corporation, 1934-1962

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

assumption, amount of deposits, and State......................................... 170

124. Recoveries and losses by the Federal Deposit Insurance Corporation on

principal disbursements for protection of depositors, 1934-1962............. 172

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Federal Reserve Bank of St. Louis
SUMMARY

The 13,455 banks insured by the Federal Deposit Insurance Corporation at the end of 1962 comprised 97 percent of all incorporated domestic 

banks of deposit in the United States. Deposits in insured banks totaled 

$298 billion, and an estimated $179 billion was insured under the limit 

of $10,000 for each depositor. (Pp. 3, 23.)

The deposit insurance fund amounted to $2,502 million on December 

31, 1962, or 0.84 percent of total deposits in insured banks. (P. 23.)

The year 1962 was the first calendar year in which there was no 

insured bank failure requiring disbursements by the Corporation. Since 

its establishment in 1933 the Corporation has made disbursements to 

protect depositors in 445 failing banks. (P. 4.)

During 1962, 350 banks operating 2,100 offices were involved in 

absorption transactions approved under Section 18(c) of the Federal 

Deposit Insurance Act. The Corporation considered and approved the 

44 cases where the resulting bank was a State nonmember insured bank. 

(Pp. 10,70-104.)

The steady increase in the number of banking offices during the last 

20 years continued during 1962. The addition of 1,027 in 1962 brought 

the total to 27,029. During this period an increase in branches has more 

than offset a decline in the number of banks. (P. 58.)

In the majority of the States there has been a slight decrease since 

1960 in the concentration of deposits in the largest banks. In 33 States 

the percentage of deposits held by the largest bank, and in 29 States the 

percentage held by the largest five banks, was smaller in 1962 than in

1960. (P. 54.)

Deposits of all banks increased 5.8 percent between December 30,

1961, and December 28, 1962, and are estimated to have risen an additional 2.0 percent in the last three days of 1962. (Pp. 50-51.)

Net income after taxes of insured commercial banks amounted to 

$2,004 million in 1962, almost identical with each of the preceding two 

years. This represented a return of 8.8 percent on total capital accounts. 

(Pp. 63,143.)

Effective January 1, 1962, the maximum permissible rates which insured commercial banks not members of the Federal Reserve System 

may pay on time and savings deposits were increased by Corporation 

regulation. An amendment to the Federal Deposit Insurance Act, approved by the President on October 10, 1962, exempted time deposits 

of foreign governments and related authorities from such regulation. 

(Pp. 13,15,35,37-38.)

xv

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Federal Reserve Bank of St. Louis
PART ONE

OPERATIONS OF THE CORPORATION

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Federal Reserve Bank of St. Louis
D eposit I n s u r a n c e P ar t ic ip a t io n a n d C overage

Deposit insurance coverage. The Banking Act of 1933 establishing 

the Federal Deposit Insurance Corporation provided for two separate 

plans of deposit insurance: a temporary plan and a permanent plan. 

The temporary plan, effective January 1, 1934, limited insurance to 

$2,500 for each depositor until July 1, 1934, when the permanent plan 

was intended to become effective. However, the effective date of the 

permanent plan was postponed and the temporary plan extended, with 

coverage increased to $5,000.

The original permanent plan provided for full coverage on the first 

$10,000 of each depositor, 75 percent on the next $40,000 of deposits 

and 50 percent coverage on all deposits in excess of $50,000. This plan 

never became effective but was superseded by a revised permanent plan 

embodied in the Banking Act of 1935, which continued the coverage at 

$5,000. In 1950 insurance coverage was raised to the present maximum 

of $10,000 for each depositor. Various proposals have been made since 

that time to increase coverage, $25,000 being a frequently proposed 

maximum.

Participation in Federal deposit insurance. At the end of 1962,

13,455 of the 13,951 banks in the United States participated in Federal 

deposit insurance. These insured banks comprised 97 percent of the 

number, and held 98 percent of the deposits, of all incorporated domestic 

banks of deposit.

The proportion of banks insured by the Federal Deposit Insurance 

Corporation has increased steadily from the 86 percent so covered when 

insurance became effective January 1, 1934. The decline in the number 

of noninsured banks continued in 1962, and at the year-end they totaled 

496. Over a fourth of these banks are not eligible for Federal deposit 

insurance, including 78 unincorporated banks, 50 trust companies not 

regularly engaged in deposit banking, and 9 branches in the United 

States of banks chartered in foreign countries. Of the 359 incorporated 

domestic banks of deposit not insured by the Corporation, 178 were 

commercial banks and 181 were mutual savings banks. Of these mutual 

savings banks, 173 were insured by the Massachusetts Savings Central 

Fund, Inc.

3

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

I n s u r a n c e O peratio n s to P rotect D epositors of F a il in g B a n k s

During 1962. The year 1962 was the first calendar year in which 

there was no insured bank failure requiring disbursements by the Corporation. The generally favorable economic conditions which prevailed 

during 1962 can only partially explain the unprecedented result. Progressive and alert bank management merit special recognition, along 

with the effectiveness of bank supervisors, both reenforced by the 

confidence of bank depositors resulting from deposit insurance.

One insured bank was placed in conservatorship during 1962, and 

subsequently its deposits were assumed by another insured bank without requiring disbursements by the Corporation. This was The First 

National Bank of Exeter, Exeter, Pennsylvania, which was placed in 

conservatorship by the Comptroller of the Currency on February 19, 

1962. For the week that it remained in that status, deposit withdrawals 

were limited to 10 percent of individual deposits. On February 26, the 

Comptroller of the Currency approved the purchase of its assets and 

the assumption of its deposit liabilities of approximately $3 million by 

The Wyoming National Bank of Wilkes-Barre, Wilkes-Barre, Pennsylvania, and the establishment of a branch at the site of the former 

Exeter bank.

The Corporation is mindful that the decline in 1962 and during recent 

years in the financial demands upon it does not warrant any relaxation 

of its vigilance or diminution of its resources. It recognizes that bank 

difficulties can hardly be eliminated; for, in meeting the credit needs 

of a dynamic economy or through internal deficiencies in management, 

some banks may be expected to encounter such difficulties as to endanger their depositors.

Banks failing, 1934-1962. Since its establishment, the Corporation 

has made disbursements to protect depositors in 445 failing banks. 

These banks had about 1,460,000 depositors and deposits totaling $611 

million.

The Corporation has used two methods in meeting its insurance 

obligation. In the deposit payoff method, used in 263 cases, payment of 

deposits up to the insured maximum for each depositor was made directly to the depositors. In these cases, the insurance was limited to 

$2,500 per depositor in one bank closed before July 1, 1934; to $5,000 

per depositor in 244 banks closed between July 1, 1934 and September 

21, 1950; and to $10,000 per depositor in 18 banks closed after the 

latter date.

The deposit assumption method, which protects depositors in full and 

makes their deposits available immediately, has been used in 182 cases.

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Federal Reserve Bank of St. Louis
INSURANCE OPERATIONS TO PROTECT DEPOSITORS 5

Under this method, the deposits of the distressed bank are assumed by 

another insured bank, with the Corporation, through loans or purchase 

of assets, making up the difference between the deposit liabilities taken 

on by the assuming bank and the assets of the distressed bank acceptable 

to the assuming bank. Employment of this method is limited to situations wherein the Corporation would reduce its risk or avert a threatened 

loss. The method is not ordinarily suitable for the defalcation cases 

which have predominated in recent years, due to the difficulty of readily 

determining deposit liabilities, and consequent projected losses, in the 

circumstances characteristic of defalcations.

Table 1. P ro te ctio n o f D ep ositors o f In su red B a n k s R eq u irin g

D isb u r se m e n ts by t h e F ed eral D ep osit In su r a n c e C orporation, 1934-1962

Item

All cases

(445 banks)

Number or

amount Percent

Deposit payoff

cases

(263 banks)

Number or

amount Percent

Deposit

assumption cases

(182 banks)

Number or

amount Percent

Number of depositors or accounts-—total 1......................

Full recovery received or

available.............................

From FDIC 2.............................

From offset4...............................

From security or preference 6.

From asset liquidation 8..........

Full recovery not received as

of December 31, 1962

Terminated cases......................

Active cases................................

Amount of deposits (in thousands)-—total .....................

Paid or made available..........

By FDIC 2 ..................................

By offset 8...................................

By security or preference 9. . .

By asset liquidation 10.............

Not paid as of December 31,

1962......................................

Terminated cases......................

Active cases................................

1,460,244

1,455,000

1,411,635

37,696

2,838

2,831

5,244

2,973

2,271

$611,101

608,631

577,580

9,666

9,443

11,942

2,470

1,791

679

100.0%

99.6

96.6

2.6

.2.2

100.0%

99.6

94.5 1.6

1.5

2.0

.3.1

425,511

420,267

376,902*

37,696

2,838

2,831

5,244

2,973

2,271

$144,574

142,104

111,053 7

9,666

9,443

11,942

2,470

1,791

679

100.0%

98.8

88.6

8.8

.7

.7

1.2

.7

.5

100.09

98.3

76.8

6.7

6.5

8.3

1.7

1.2

.5

1,034,733

1.034.733

1.034.733

$466,527

466.527

466.527

100.0%

100.0

100.0

100.09

100.0

100.0

1 Number of depositors in deposit payoff cases; number of accounts in deposit assumption cases.

2 Through direct payment to depositors in deposit payoff cases; through assumption of deposits of

other insured banks, facilitated by FDIC disbursements of $198,074 thousand, in deposit assumption

cases.

• Includes 56,039 depositors in terminated cases who failed to claim their insured deposits

(see note 7).

4 Includes only depositors with claims offset in full; most of these would have been fully protected

by insurance in the absence of offsets.

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

maximum.

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

7 Includes $185 thousand unclaimed insured deposits in terminated cases (see note 3).

8 Includes all amounts paid by offset.

9 Includes all secured and preferred claims paid from asset liquidation; excludes secured and preferred

claims paid by Corporation.

10 Includes unclaimed deposits paid to authorized public custodians.

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

The Corporation is also authorized, in order to reopen a closed insured 

bank or prevent the closing of a bank in danger of closing, to make 

subordinated loans to, purchase the assets of, or make subordinated 

deposits in, such insured bank, upon such terms and conditions as the 

Board of Directors may prescribe, when in the opinion of the Board of 

Directors the continued operation of such bank is essential to provide 

adequate banking service in the community.

By the end of 1962, 99.6 percent of all depositors in insured banks 

which closed since the beginning of Federal deposit insurance had their 

deposits made available in full. A like proportion—99.6 percent— of all 

deposits in dollars was paid or made available. The extent and source of 

protection, by type of case, in the 445 insured banks requiring Corporation disbursements are shown in Table 1.

Table 2. A n a l y s is of D is b u r s e m e n t s, R ecoveries an d L osses b y t h e F ederal

D eposit I n su r a n c e C orporation in I n s u r a n c e T r a n sa c tio n s, 1934-1962

(In thousands)

Type of disbursement

Disbursements Recoveries1 Losses

All disbursements—total...................................................... $359,697

$308,998

$329,233

$279,526

$30,4642

$29,472

Principal disbursements in deposit assumption and

payoff cases—-total..........................................................

Loans and assets purchased (182 deposit assumption

To December 31, 1962............................................................ 198,0741 184,5351

463/ 13,076 Estimated additional...............................................................

Deposits paid (263 deposit payoff cases):

To December 31, 1962............................................................ 110,8671 93,7531

775 J 16,396 Estimated additional............................................................... 57/

Advances and expenses in deposit assumption and

payoff cases—total.......................................................... $ 48,813

32,865

14,418

212

$ 47,283

32,865

14,4183

$ 1,530

Expenses in liquidating assets in 182 deposit assumption

cases:

Advances to protect assets.....................................................

Liquidation expenses................................................................

Insurance expenses................................................................... 212

Field payoff and other insurance expenses in 263 deposit

payoff cases................................................................................ 1,318

$ 1,886

1,7701

3 1,318

$ (538)<

(654)5

Other disbursements—total................................................. $ 2,424

Assets purchased to facilitate termination of liquidations:

To December 31, 1962............................................................ 2,3591

Estimated additional............................................................... 65/

Unallocated insurance expenses................................................ 116 8 116

1 Recoveries in some individual cases were in excess of the amount due the Corporation. These

recoveries were returned to stockholders and holders of capital obligations and are not included.

2 Net loss of funds after allowing for interest and allowable return collected of $9,022 thousand

was $21,442 thousand.

8 Not recoverable.

4 Net recovery in excess of disbursements.

6 Net profit and net income.

Corporation disbursements and losses. Corporation disbursements 

in fulfilling its insurance obligations have totaled $359.7 million. Estimated recoveries on these disbursements amounted to $329.2 million on

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INSURANCE OPERATIONS TO PROTECT DEPOSITORS 7

December 31, 1962, resulting in an estimated loss of $30.5 million. 

Taking account of $9.0 million of interest and allowable return collected 

on funds advanced in 159 of the closed insured banks, the Corporation’s 

potential loss of funds in all insurance transactions is reduced to approximately $21.5 million. Furthermore, after full payment to depositors 

and the Corporation, assets in 151 cases valued at approximately $8.6 

million were returned for the benefit of stockholders and holders of 

capital obligations. An analysis of the disbursements made by the Corporation in fulfillment of its insurance obligations since its establishment in 1934 is given in Table 2.

Super viso r y A c tivities

The unique role of banks in our commercial and industrial life has 

long made them more than ordinarily subject to regulation in the public 

interest. As suppliers of the chief media of payment, they perform a 

role essential to the functioning of a progressive economy based upon 

division of labor and exchange of products. Bank suspensions obviously 

interfere with the banking system's ability to perform this role effectively. Banking structure and bank operations have consequently long 

been subjected to both State and Federal regulation.

Federal deposit insurance was adopted in 1933 during the most severe 

banking crisis in the nation's history. During the preceding four years 

over 9,000 banks had closed because of financial difficulties, and it was 

recognized that bank supervisory legislation needed to be strengthened 

to avoid such waves of bank failures in the future. The Corporation was 

therefore given various specific powers of a supervisory character, including authority over the admission to insurance of banks not members 

of the Federal Reserve System and periodic examination of such banks 

after admission. It was also given the right to terminate insurance of 

any bank continuing to engage in unsafe and unsound banking practices 

or violations of law.

Admission to insured status. When deposit insurance became effective, banks in the continental United States that were members of the 

Federal Reserve System and licensed to reopen after the banking holiday 

of 1933 became insured. Other State banks, to join the insurance program, had to be certified as solvent by their respective State supervisory 

agencies and be examined and approved for insurance by the Corporation. Standards for admission to insurance were tightened in the Banking Act of 1935, and incorporated substantially in the Federal Deposit 

Insurance Act of 1950, which set forth the following factors which must 

be taken into account by the appropriate authority: (1) the financial 

history and condition of the bank, (2) the adequacy of its capital

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8 FEDERAL DEPOSIT INSURANCE CORPORATION

structure, (3) its future earnings prospects, (4) the general character 

of its management, (5) the convenience and needs of the community to 

be served by the bank, and (6) the consistency of its corporate powers 

with the purposes of the Federal Deposit Insurance Act.

Upon certification to the Corporation that these factors have been 

considered, national banks opening for business and State banks being 

admitted to the Federal Reserve System become insured without further 

action by the Corporation. Other banks desiring deposit insurance apply directly to the Corporation. In the case of new banks applying to 

the Corporation, the applicant must be in operation or, prior to Corporation action, have a charter or a permit to organize from the appropriate 

State banking authority.

During 1962 the Corporation acted upon 127 applications for admission to insurance, and approved all but two of them. During the 

past decade, 1953-62, the Corporation has approved 93 percent of the 

applications for insurance upon which it has taken action.

Table 3 . A pplications A cted U pon by th e B oard of D irectors of th e F ederal

D eposit I nsurance C orporation D uring 1962

Type of application

Total

acted

upon

Approved

838 829

127 125

109 108

18 17

30 30

63 62

59 58

2 2

2 2

45 45

39 39

6 6

333 329

265 261

33 33

35 35

217 217

155 155

62 62

12 12

11 9

Disapproved

All applications1................................................................................

Admission to insurance— total................................................

New banks......................................................................................

Operating banks............................................................................

Continuation of insurance of banks withdrawing from

Federal Reserve System.....................................................

Change in type of business— total.........................................

To engage in trust business2......................................................

To engage in commercial banking............................................

To change branch from limited to full service branch.........

Assumption of deposit liabilities—-to ta l.............................

Of another insured bank.............................................................

Of a noninsured bank or trust company................................

Operation of branches—-total..................................................

New branch offices.......................................................................

Banks to become branches as result of absorption..............

Continue branches of absorbed predecessor, or bank becoming insured..........................................................................

Change of location— total.........................................................

Main offices....................................................................................

Branches.........................................................................................

Retirement or adjustment of capital..................................

Service of person convicted of dishonesty or breach of

tru st............................................................................................

1 Excludes applications supplementary to a primary application; for example, for an extension of

time 'with respect to an insurance commitment for a new bank. Also excludes a few applications acted

upon in prior years on which additional action was taken during 1962.

2 Includes permission to six new banks to do trust business.

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SUPERVISORY ACTIVITIES 9

Most of the applications for insurance acted upon and approved in 

1962 were by new banks; potential applicants among operating noninsured banks were at a new low. Applications approved in the two 

categories were, respectively, 108 and 17. About one-half of the new 

banks approved for insurance by the Corporation were in four States: 

19 were in Florida, 12 each in California and Illinois, and 10 in Texas. 

About one-half of the 17 operating banks approved for insurance were 

in the two States of Iowa and Texas.

Applications for branches. For the third straight year, applications 

for branches approved by the Corporation exceeded 300, raising the 

three-year total to 1,029. Corporation approval is required for the establishment of branches of insured banks not members of the Federal 

Reserve System. The 329 branches so approved in 1962 comprised about 

a third of all branches of insured banks opened for business during the 

year. Of those approved by the Corporation, 261 were new offices and 

68 w^ere converted banks or branches continuing under new authority. 

The new branches approved were scattered among 38 States: 28 were 

in North Carolina, 21 in New York, 17 in Pennsylvania, 16 in Maryland, 15 in Texas, 14 in Virginia, and 11 each in California, Connecticut, 

and Mississippi.1

Applications for insurance and for branches acted upon in 1962, 

together with other applications, are classified in Table 3. The relatively 

small number of disapprovals— only 9 out of a total of 838—reflects in 

part the results of preliminary discussions leading to the amendment or 

withdrawal of proposals prior to their submission for Board action.

Regulation of bank mergers. The Corporation along with other 

Federal bank supervisory agencies has long had responsibilities in 

regulating bank mergers. Prior to May 1960, the consent of the Corporation was required in all absorption cases involving any insured 

bank and a noninsured bank, and in other absorption cases where the 

resulting bank was an insured bank not a member of the Federal Reserve System (except a bank in the District of Columbia) and a reduction occurred in the capital stock or surplus of the bank. An amendment 

to Section 18(c) of the Federal Deposit Insurance Act effective May 13, 

1960, requires the consent of the Corporation for any transaction between insured banks in which the acquiring, assuming, or resulting bank 

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

is not located in the District of Columbia. In passing upon an application for a bank to engage in such a transaction the Corporation is required to consider the effect of the transaction on competition, including 

any tendency toward monopoly, in addition to the six banking factors 

considered in connection with applications for insurance.

1 Includes as branches under the Federal Deposit Insurance Act certain offices not regarded as

branches under State law.

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

During 1962 the Corporation considered and approved 44 applications to participate in absorption transactions. Resources of the 80 banks 

involved in these applications totaled $2,522 million. Data regarding 

each of these banks, with a statement giving the basis for the Corporation’s approval, together with the summary provided by the Attorney 

General of his report on the competitive factors involved, are given in 

Table 101.

Table 4 . M ergers, C onsolidations, A cquisitions of A ssets and A ssumptions

of L iabilities A pproved U nder Section 18(c) of th e F ederal

D eposit I nsurance A ct D uring 1962

Offices operated2

Banks Number

of

banks1

Resources

(in

thousands)2

Prior to

transaction

After

transaction

ALL CASES

Banks involved.................................................................. 350 $29,333,526

27,126,442

2,207,084

945,147

341,549

918,404

1,984

2,100

1,761

339

2,106

Absorbing banks.................................................................... 157 2,106

Absorbed banks..................................................................... 193

National.............................................................................. 87 151

State banks members FRS............................................. 31 52

Not members FRS........................................................... 69 131

Noninsured......................................................................... 6 5

CASES W ITH RESULTING BAN K 

A N ATIONAL BAN K

Banks involved.................................................................. 201 $20,170,037

19,003,917

1,166,120

715,346

148,029

302,456

289

1,245

1,040

205

1.250

Absorbing banks.................................................................... 89 1.250

Absorbed banks..................................................................... 1 1 2

National.............................................................................. 64 114

State banks members FRS............................................. 13 2 0

Not members FRS........................................................... 34 70

Noninsured......................................................................... 1 1

CASES W ITH RESULTING BA N K A 

STATE BAN K MEM BER OF THE 

FEDERAL RESERVE SYSTEM

Banks involved.................................................................. 71 $ 6,687,469

6,376,250

311,219

87,786

172,031

51,402

519 521

Absorbing banks.................................................................... 34 460 521

Absorbed banks..................................................................... 37 59

National.............................................................................. 1 0 12

State banks members FRS............................................. 15 29

Not members FRS........................................................... 12 18

CASES W ITH RESULTING BAN K NOT 

A MEMBER OF THE 

FEDERAL RESERVE SYSTEM

Banks involved.................................................................. 78 $ 2,476,020

1,746,275

729,745

142,015

21,489

564,546

1,695

336 335

Absorbing banks.................................................................... 34 261 335

Absorbed banks..................................................................... 44 75

National.............................................................................. 13 25

State banks members FRS............................................. 3 3

Not members FRS........................................................... 23 43

N oninsured......................................................................... 5 4

1 The number of resulting banks is smaller than the number of transactions, which totaled 191,

because a few banks engaged in more than one transaction.

2 In cases where an absorbing bank engaged in more than one transaction, the resources included

are those of the bank before the latest transaction, and the number of offices before the first and after

the last transaction.

In the above cases in which the Corporation had responsibility for 

decision, it requested and received advisory opinions with respect to the

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SUPERVISORY ACTIVITIES 11

competitive factors not only from the Attorney General but also from 

the Comptroller of the Currency and the Board of Governors of the 

Federal Reserve System. In turn, the latter two agencies requested the 

opinion of the Corporation concerning the competitive factors in applications over which they had jurisdiction. Accordingly, during 1962 the 

Corporation submitted a total of 132 reports to these agencies regarding the effect on competition of proposed absorptions where the resulting bank was a national bank or a State member bank. In 8 of these 

cases, the Corporation reported that the effect on competition would be 

unfavorable.

The number of bank absorptions approved by the Federal banking 

agencies rose from 133 in 1961 to 193 in 1962. The banks so absorbed 

during 1962 were, on the average, about a fourth the size of those 

absorbed in 1961. The number of banking offices was little changed by 

these transactions, increasing by six among all the banks involved in 

them. Table 4 presents the number, resources, and offices of all banks 

involved in applications to engage in absorption transactions approved 

in 1962 by the three Federal bank supervisory agencies.

Table 5 . B a n k E x a m in a t io n A ctivities of t h e F ederal D eposit I n s u r a n c e

C orporation i n 1961 a n d 1962

Activity

Field examinations and investigations— total..........................................

Examinations of main offices......................................................................

Regular examinations of insured banks not members of Federal

Reserve System.............................................................................................

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

Entrance examinations of operating noninsured banks..........................

Examinations of departments and branches........................................

Examinations of trust departments.............................................................

Examinations of branches..............................................................................

Investigations......................................................................................................

New bank investigations................................................................................

National banks or State banks members of Federal Reserve System

Banks not members of Federal Reserve System........................................

New branch investigations.............................................................................

Mergers and consolidations............................................................................

Miscellaneous investigations..........................................................................

Washington office review of reports of examination of insured

banks— total....................................................................................................

National banks......................................................................................................

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

State banks not members of Federal Reserve System................................

Number

11,417 11,567

6,719 6,826

6,614 6,715

79 72

26 39

3,711 3,608

989 998

2,722 2,610

987 1,133

178 219

19 67

169 152

299 275

179 167

331 472

10,636

2,546

1,538

6,552

13,740

4,560

1,606

7,574

Bank examinations. The Corporation regularly examines insured 

State banks other than members of the Federal Reserve System and 

District of Columbia banks. It reviews reports of examinations of other

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

insured banks made by the other Federal banking agencies, and may 

examine such banks when deemed advisable by the Board of Directors 

to determine their condition for insurance purposes. During 1962 the 

Corporation conducted a total of 11,417 examinations and investigations, as indicated in Table 5.

Over the years, cooperative arrangements among the different bank 

supervisory agencies have reduced the burden of examination upon both 

the banks and the supervisory agencies. Examinations of insured nonmember banks by the Corporation are sometimes made jointly or concurrently with those conducted by the appropriate State supervisory 

authority. On the Federal level, agreement concerning standards and 

procedures and the ready exchange of information in the past have 

facilitated effective supervision of banking activities.

Table 6 . A ctions to T erminate I nsured Status of Ba n k s C harged W ith

U n sa fe or U n s o u n d B a n k in g P ractices or V iolations of L a w

R eg u la tio n s, 1936-1962

OR

Disposition or status 1936-1962 i

Total banks against which action was taken.................................................................. 183

Cases closed.......................................................................................................................... 182

Corrections made........................................................................................................................... 70

Banks absorbed or succeeded by other banks........................................................................ 68

TVith financial aid of the Corporation..................................................................................... 62

Without financial aid of the Corporation............................................................................... 6

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

Insured status terminated, or date for such termination set by Corporation, for

failure to make corrections.................................................................................................

32

12

Banks suspended prior to or on the date of termination of insured status....................... 9

Banks continued in operation 2................................................................................................ 8

Cases not closed, December 31, 1962.............................................................................. 1

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

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

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

Citations for unsafe and unsound banking practices and violations of law. Unsafe and unsound banking practices reported by examiners are ordinarily corrected through normal supervisory actions 

with the cooperation of the offending bank. However, when examination reveals that a bank has continued to engage in such practices, the 

Corporation has the authority and duty, under Section 8(a), to begin 

proceedings for termination of the bank's insured status. This step is 

taken only after other corrective measures have been exhausted. The 

bank is then given formal notice of the objectionable practices and a 

stipulated period of time to make the necessary corrections. Upon failure 

to do so, if the Board of Directors decides to proceed with termination 

of the insured status of the bank, an opportunity is afforded to the bank 

to present its case, including an administrative hearing, prior to final 

action by the Board.

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SUPERVISORY ACTIVITIES 13

During 1962 no proceedings were initiated under Section 8(a). Proceedings continued, however, with respect to one bank cited in 1961, 

which was given an extension of time in which to complete the necessary corrections.

During its history, the Corporation has instituted proceedings against 

183 banks for termination of their insurance. The necessary corrections 

were made in 70 cases. In the remaining cases, the banks were succeeded 

or suspended, except for three which continued in operation after termination of insurance. Details on the outcome of termination proceedings are given in Table 6.

Reports from banks. The reports obtained from banks are an important instrument of bank supervision and provide, in addition, data 

useful in the evaluation of economic conditions and trends. Each year 

since 1934, insured banks have furnished the Corporation semiannual 

reports concerning their assets and liabilities, and annual reports of 

their income. Semiannual reports of the assets and liabilities of noninsured banks have been obtained since 1935, and are incorporated in an 

all-bank series for which the Corporation was assigned responsibility 

in 1947.

Changes in reporting by insured banks affecting both supervisory 

procedures and the availability of data became effective in 1961. The 

formula for computing deposit insurance assessments was changed to 

provide that they be based on the average of deposits shown in two 

reports of condition in each semiannual assessment period. Accordingly, 

in 1962 all insured banks submitted four reports of condition: for March 

26, June 30, September 28, and December 28.

Statistics on the income of insured banks, and on the assets and liabilities of both insured and noninsured banks, are presented in Parts 

Three and Four of this report. Tabulations of reports of assets and liabilities in 1962, classified by State, are published semiannually in separate reports, each report presenting detailed data for two dates.

L egal, D e v e l o p m e n t s

Federal legislation. The Federal Deposit Insurance Act was amended 

during 1962 by one significant measure. Public Law 87-827, which was 

approved by the President on October 10, 1962, amended the Federal 

Deposit Insurance Act, as well as the Federal Reserve Act, to exempt 

time deposits of foreign governments, and related financial authorities 

of such governments, or international financial institutions of which 

the United States is a member from the maximum rates of interest payable on time deposits as prescribed by the Board of Directors of the

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14 FEDERAL DEPOSIT INSURANCE CORPORATION

Federal Deposit Insurance Corporation and the Board of Governors of 

the Federal Reserve System.

Other Federal banking legislation of major importance passed in 1962 

included Public Law 87-588, approved by the President on August 15, 

1962, which amended section 25 of the Federal Reserve Act to provide 

that regulations of the Board of Governors may authorize a foreign 

branch of a national bank to exercise additional powers with respect to 

transacting a banking business in the place where such foreign branch 

is located.

Public Law 87-717, signed by the President on September 28, 1962, 

amended the Federal Reserve Act so as to increase the lending limit on 

real-estate loans by national banks and to exempt loans with 18 months’ 

maturities which are made to finance residential or farm building construction from classification as real-estate loans subject to lending limitations.

Public Law 87-721, approved by the President on September 28, 1962, 

amended subsection (b) of section 5155 of the Revised Statutes (12 

U.S.C. 36) to redefine the circumstances under which a national bank 

resulting from a conversion, consolidation or merger may retain 

branches.

Public Law 87-722, approved by the President on September 28, 1962, 

transferred the authority over the exercise of trust powers by national 

banks from the Board of Governors of the Federal Reserve System to 

the Comptroller of the Currency.

Public Law 87-856, approved on October 10, 1962, authorized certain 

banks to invest in bank service corporations whose purpose is to provide 

certain bank services for such banks. This law also provides that no 

bank subject to examination by a Federal supervisory agency may cause 

to be performed, by contract or otherwise, any bank sendees for itself, 

whether on or off its premises, unless assurances satisfactory to the appropriate supervisory agency are furnished to such agency by both the 

bank and the party performing such services that the performance 

thereof will be subject to regulation and examination by such agency 

to the same extent as if such services were being performed by the bank 

itself on its own premises.

The aforementioned statutes are published in Part Two of this report.

Rules and regulations of the Corporation. Because of the amendment of the Federal Deposit Insurance Act exempting time deposits of 

foreign governments and certain related financial authorities from 

maximum rates of interest prescribed in Part 329 of the Corporation’s 

rules and regulations, that Part was amended to conform to the new

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LEGAL DEVELOPMENTS 15

provision. Section 329.3(a) was amended to provide that during the 

period commencing October 15, 1962, and ending upon the expiration 

of three years after such date, the provisions of the subsection prohibiting the payment of interest by insured nonmember banks in excess of 

the maximum rates prescribed by the Board of Directors shall not apply 

to the rate of interest which may be paid on time deposits of foreign 

governments, monetary and financial authorities of foreign governments 

when acting as such, or international financial institutions of which the 

United States is a member.

Several published interpretations were made by the Board of Directors of the Corporation of the aforementioned amended Section 329.3(a) 

of the Corporation’s rules and regulations. The Board concluded that 

time deposits of the Bank for International Settlement in insured nonmember banks would be included in the phrase “monetary and financial 

authorities of foreign governments.” The Board of Directors also concluded that a certificate of deposit issued to a foreign central bank or 

other qualified foreign institution and subsequently transferred to an 

individual or nonqualified institution prior to its maturity would cease 

to represent a deposit of an institution of a kind described in the amendment to subsection 329.3(a) of Part 329.

Section 329.6 of the rules and regulations of the Corporation, which 

was amended in 1961, effective January 1, 1962, prescribed new maximum permissible rates of interest payable by insured nonmember banks 

on time and savings deposits. This amendment was published on page 

29 of the 1961 annual report.

The amended Part of the rules and regulations and the interpretations 

thereof, published in the Federal Register October 19, 1962 (27 F. R. 

10251) and November 30, 1962 (27 F. R. 11798), are set forth in Part 

Two of this report.

State legislation. Part Two also includes a summary of State banking legislation enacted in 1962.

A d m in is t r a t io n of t h e C orporation

Structure and employees. Management of the Corporation is vested 

in a three-member Board of Directors. Two directors are appointed by 

the President, by and with the advice and consent of the Senate, for 

terms of six years; the Comptroller of the Currency serves ex officio as 

the third director. No changes in membership of the Board occurred in 

1962. Erie Cocke, Sr., continued as Chairman, Jesse P. Wolcott as D irector, and James J. Saxon as Comptroller of the Currency.

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

The main office of the Corporation is in Washington, D. C. During 

1962 construction proceeded on a Corporation headquarters building 

which will be ready for occupancy in the first half of 1963. Twelve 

District offices are maintained.

Corporation officials are listed on page v of this report, adjacent to 

an organization chart of the Corporation. The location of each district 

office and the area it serves, with the names of the respective Supervising Examiners, are given on pages vi and vii.

The Corporation had 1,242 employees at the end of 1962. A decrease 

of 39 during the year exactly offset an increase in 1961. Over threefourths of the Corporation’s total personnel are employed in the Division of Examination.

The turnover rate of all employees (excluding temporary field liquidation personnel) was 18 per 100 in 1962. Among field examiners, who 

comprise the largest group of employees, the rate was 14 per 100. From 

an average employment of 731 field examiners, 100 left the Corporation 

during 1962. Forty went to banks or other supervisory agencies, 14 entered military service, 10 retired, 8 went to other Federal organizations, 

5 entered private industry, 5 returned to college, there were 3 deaths, 

and 15 others left for varied reasons. A distribution of the Corporation’s 

employees at the end of 1962 is presented in Table 7.

Table 7. N u m ber o f O ffic e r s a n d E m p loyees o f t h e F ed eral D ep osit In su ra n c e

C orporation, D ecem ber 31, 1962

Division Total

Washington

office

District

and other

field

offices

1,242

3

309 933

Directors......................................................................................... 3 0

Executive Offices.......................................................................... 21 21 0

Legal Division............................................................................... 19 19 0

Division of Examination............................................................. 960 58 902

Division of Liquidation............................................................... 36 29 7

Division of Research and Statistics......................................... 48 48 0

Audit Division............................................................................... 42 18 24

Office of the Controller................................................................ 113 113 0

Employee benefits and programs. Employees of the Corporation 

receive the benefits generally available to Federal employees. These 

include retirement annuities, group life insurance, vacation and sick 

leave, hospitalization and medical payments insurance, compensation 

for on-the-job injuries, and unemployment benefits. The Corporation 

also provides a health unit, and facilities for an employees’ credit 

union; the latter is particularly helpful to examiners, who are prohibited by law from borrowing from insured banks.

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ADM INISTRATION OF TH E CORPORATION 17

The educational program for examiners instituted by the Corporation in 1946, and subsequently extended to include auditors, had resulted by the end of 1962 in the completion of nearly 3,200 courses of 

study. At the end of 1962, 476 examiners were enrolled in correspondence courses conducted by the American Institute of Banking, and 72 

were enrolled in banking schools lasting from one to three weeks at nine 

leading universities. Examiners and assistant examiners also participate 

in the Bank Examination School conducted in Washington in cooperation with the Federal Reserve Board; since 1952, 438 examiners and assistant examiners have attended this school. During 1962 regional training courses in automation were started in cooperation with the Federal 

Reserve.

Table 8. S ta te m e n t o f F in a n c ia l C o n d itio n , F ed eral D ep osit In su ra n c e

C orporation, D ecem ber 31, 1962

ASSETS

Cash...................................................................................................

U. S. Government obligations:

Securities at amortized cost (face value $2,626,817,000;

market or redemption value $2,582,791,022).........................

Accrued interest receivable..........................................................

Assets acquired in receivership and deposit assumption

transactions:

Subrogated claims of depositors against closed insured banks. . .

Net insured balances of depositors in closed insured banks, to

be subrogated when paid—see related liability......................

Loans to insured banks................................................................

Loan to receiver for closed insured bank....................................

Equity in assets acquired under purchase agreements..............

Assets purchased outright............................................................

Less reserve for losses...................................................................

Miscellaneous assets.....................................................................

Building site, planning, and construction costs (note 1). .

Furniture, fixtures, and equipment (cost, $791,372)............

Total assets..................................................................

L IABILITIES AND DEPOSIT INSURANCE FUND (note 2)

Accounts payable and accrued liabilities...............................

Earnest money, escrow funds, and collections Held for

others....................................................................................

Accrued annual leave of employees..........................................

Due insured banks (note 3):

Net assessment income credits available July 1, 1963..............

Other..............................................................................................

Net insured balances of depositors in closed insured banks

—see related assets............................................................

Total liabilities............................................................

Deposit insurance fund, accumulated income available

for future deposit insurance losses (Table 9 and

note 4)............................................................

Total liabilities and deposit insurance fund....

$2,615,258,945

19,553,562

$ 2,682,490

56,828

957,111

25,000

2,023,063

65,608

$ 5,810,100

4,506,347

$ 126,929,155

13,744,438

1,669,368

2,634,812,507

1,303,753

101,605

7,645,2131

$2,645,532,447

1,110,815

354,893

1,323,113

140,673,593

56,828

$ 143,519,242

2,502,013,205

$2,645,532,447

The following notes are an integral part of this statement (see page 18).

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

F i n a n c e s o f t h e C o r p o r a t i o n

Assets and liabilities. Assets and liabilities of the Corporation on 

December 31, 1962, are presented in Table 8.

Assets of the Corporation totaled $2,645.5 million on December 31,

1962. United States Government securities, valued at amortized cost, 

with accrued interest, comprised $2,634.8 million. Of the remaining $10.7 

million in assets, $7.6 million was represented by the building site and 

accrued planning and construction costs of the Corporation’s new office 

building. Cash amounted to $1.7 million. Most of the remaining $1.4 

million consisted of the estimated net value of assets acquired in insurance transactions.

Liabilities of the Corporation on December 31, 1962, totaled $143.5 

million. Net assessment income credits and other credits due insured 

banks were the principal liability item, amounting to $140.7 million.

The deposit insurance fund, the excess of the Corporation’s assets 

over its liabilities, amounted to $2,502 million. In addition, the Corporation is authorized to borrow from the United States Treasury, and 

the Secretary of the Treasury is authorized and directed to loan to the 

Corporation on such terms as may be fixed by the Corporation and the 

Secretary, not to exceed $3 billion outstanding at any one time, when 

in the judgment of the Board of Directors of the Corporation such funds 

are required for insurance purposes. This borrowing power has never 

been used.

Continuation of Table 8:

FOOTNOTES TO THE STATEMENT OF FINANCIAL CONDITION

1 The Corporation has acquired a building site in the District of Columbia on which construction

of its own office building is in process. Through December 31, 1962, expenditures totaled $1,598,175

for land and $6,047,038 for the building. It is estimated that the completed building, exclusive of land,

will cost about $6.9 million and that it will be ready for occupancy in the first half of 1963.

2 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant

to the Acts of August 5, 1947 (61 Stat. 773) and June 29, 1948 (62 Stat. 1092), with total interest payments made thereon in 1950 and 1951, pursuant to the Act of September 21, 1950 (64 Stat. 873).

3 The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the Act of July 14, 1960

(74 Stat. 551), provides that, effective with the credit to be computed on net assessment income for

the calendar year 1961, and calendar years thereafter, insured banks shall be allowed, against current

semiannual insurance assessments, pro rata credits totaling 66^6 per cent of the net assessment income

(as defined by the Act) for the prior calendar year. Such credits become available on each following

July first for application to payment of subsequent assessments. These and other credits to insured

banks are reported under the caption “Due Insured Banks.” Prior to 1961, and since 1949, insured

banks were allowed pro rata credits totaling 60 per cent of the Corporation’s net assessment income.

* The deposit insurance fund of $2,502,013,205 at December 31, 1962, is available for future deposit

insurance losses and related expenses. The fund amounts to about 1.4 percent of insured deposits estimated at $179,088 billion. The law does not specify either the amount or the ratio of insured deposits

to which the insurance fund is to be accumulated. In addition to this fund, the Corporation is authorized

to borrow from the United States Treasury, and the Secretary of the Treasury is authorized and directed

to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, not to

exceed three billion dollars outstanding at any one time, when in the judgment of the Board of Directors

of the Corporation such funds are required for insurance purposes. No borrowings have been made under

this authorization.

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

acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic and final

accountability reports are furnished to the Courts, supervisory authorities, and others, as required.

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FINANCES OF T H E CORPORATION 19

Income in 1962. Table 9 presents a statement of the Corporation’s 

income and expenses for 1962, and shows the change in the deposit insurance fund for the year.

Table 9 . Statement of I ncome and D eposit I nsurance F u nd, Federal D eposit

I nsurance C orporation, Y ear E nded D ecember 31, 1962

Income:

Deposit insurance assessments:

Assessments becoming due in the year. ............................

Less net assessment income credits due insured banks

(see note 3, Table 8)...........................................................

Corporation’s share of adjustments of assessments for

prior years.............................................................................

Net income from U. S. Government securities....................

Other income................................................................................

Total income.............................................................

Expenses and losses:

Administrative and operating expenses:

Salaries and wages...................................................................

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

Travel expenses........................................................................

Rents and utilities...................................................................

Other expenses.........................................................................

Provisions for reserve for insurance losses—

Adjustments to provisions for reserve established in

prior years:

Applicable to net assessment income for 1962............

Not applicable to net assessment income.....................

Insurance and liquidation expenses........................................

Total expenses and losses....................................

Net income— addition to the deposit insurance fund

for the year ended December 31, 1962......................

Deposit insurance fund, January 1, 1962........................

Deposit insurance fund, December 31, 1962 (see note

4, Table 8 ).................................................................................

$ 203,348,136

126,915,768

$ 76,542,690

84,602,995

30,955

$ 161,176,640

9,413,552

589,326

2,604,180

529,145

580,503

831.488(D)

17,000(D)

$ 76,432,368

110,322

$ 13,716,706

848.488(D)

89,266

$ 12,957,484

$ 148,219,156

2,353,794,049

$2,502,013,205

(D) Deduct.

The notes following Table 8 are an integral part of this statement.

Net income of the Corporation during 1962, i.e., the amount available 

for adding to the deposit insurance fund, was $148.2 million. Income 

from United States Government securities was $84.6 million, exceeding, 

as in 1961, assessment income of $76.5 million, including $0.1 million 

of assessment adjustments applicable to prior years.

Administrative and operating expenses during the year totaled $13.7 

million. The Corporation incurred no insurance losses during the year. 

The reserve for insurance losses applicable to prior years was reduced 

by $0.8 million.

Income from assessments is determined by a formula which takes account of the Corporation’s operating expenses and losses. Assessments

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20 FEDERAL DEPOSIT INSURANCE CORPORATION

becoming due in 1962, under the statutory annual rate of one-twelfth of 

1 percent of assessable deposits, amounted to $203.3 million. Pursuant 

to Section 7(d) of the Federal Deposit Insurance Act, the balance of 

income from assessments, after deducting the Corporation’s expenses and 

losses, is shared by the Corporation and insured banks. Effective with 

the distribution of net assessment income for 1961, the credit to insured 

banks was increased from 60 percent to 66% percent. Accordingly, 

$126.9 million of the assessments becoming due in 1962 was credited to 

insured banks, and will become available July 1, 1963, to apply against 

assessments. The net assessment income credit for 1962 reduced insured 

banks' assessments to an effective rate of approximately one-thirtysecond of 1 percent of assessable deposits. The method of determining 

the net assessment income credit for 1962 and its distribution are shown 

in Table ,10.

Table 10. D e te rm in a tio n and D istr ib u tio n o f N e t A s s e s s m e n t In co m e,

F ed eral D ep osit In s u r a n c e C orporation, Y e a r Ended D ecem ber 31, 1962

Determination of net assessment income:

Total assessments which became due during the calendar

year.........................................................................................

Less;

Administrative and operating expenses.............................

Net additions to reserve to provide for insurance losses—

Adjustments to provisions for reserve established

prior to 1962 ....................................................................

Insurance expenses....................................................................

Total deductions.....................................................

Net assessment income for 1962.................................

Distribution of net assessment income, December 31,

1962:

Net assessment income for 1962:

33M% transferred to the deposit insurance fund...........

Balance credited to insured banks......................................

Total...................................................................

Allocation of net assessment income credit among

insured banks, December 31, 1962:

Credit for 1962. . . • _...................................................................

Adjustments of credits for prior years...................................

Total...................................................................

$203,348,136

$ 13,716,706

831.488(D)

89,266

$ 12,974,484

$190,373,652

$126,915,768

13,387

$ 63,457,884

126,915,768

$190,373,652

Percent of total

assessments becoming due in

1962

62.413%

.007

$126,929,155 62.420%

(D) Deduct.

Flow of funds in 1962. Classification of funds according to their 

source and use provides information useful in the operation of the Corporation. Such information, included for the first time in this report, 

is presented in Table 11.

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FINANCES OF T H E CORPORATION 21

Table 11. Sou rces and U se s op F u n d s, F ederal D ep osit In su r a n c e C orporation,

C alendar Y ear 1962

Funds provided by:

Net deposit insurance assessments...................................................................................

Net income from U. S. Government securities, less accrued discount....................

Maturities and sales of U. S. Government securities, exclusive of exchanges

Collections on assets acquired in receivership and deposit assumption transactions ..................................................................................................................................

Increase in net assessment credits due insured banks.................................................

Total funds provided...............................................................................

Funds applied to:

Administrative and operating expenses and insurance expenses, net......................

Acquisition of assets in receivership and deposit assumption transactions...........

Construction costs of office building................................................................................

Purchase of U. S. Government securities, exclusive of exchanges............................

Net change in other assets and liabilities.......................................................................

Total funds applied.................................................................................

76,542,690

79,355,708

979,229,939

3,400,088

17,145,251

$1,155,673,676

& 13,775,017

1,866,366

3,385,161

1,131,056,355

5,590,777

$1,155,673,676

Income and the deposit insurance fund, 1934-1962. The cumulative income of the Corporation since its establishment reached $2,802.2 

million at the end of 1962. Over that period, assessments provided 68 

percent, and investment and other income, 32 percent, of the total. Expenses and losses during the period totaled $300.2 million.

Cumulative net income, which constitutes the deposit insurance fund, 

amounted to $2,502 million at the end of 1962. Thus, of the total income 

received by the Corporation since its establishment, 89 percent has been 

retained as a reserve for the protection of depositors.

The amounts and disposition of the Corporation’s income for each 

year from 1933 to 1962, and cumulatively, are presented in Table 12.

The relationship of the deposit insurance fund to deposits in insured 

banks for each year from 1934 to 1962 is shown in Table 13. At the end 

of 1962, the fund amounted to 0.84 percent of total deposits in insured 

banks.

Audit. A continuous audit of the Corporation’s financial operations is 

conducted by its Audit Division. Starting in 1945, an independent audit 

has also been made as of June 30 of each year by the General Accounting 

Office. Prior to that time, the Corporation engaged private firms to make 

an annual audit of its operations.

The short form audit report for the year ended June 30, 1962, furnished by the Comptroller General of the United States, is reproduced in 

Table 14. As indicated there, the Comptroller General found the financial 

accounts to be as represented and in general conformity with accepted 

accounting principles.

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22 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 12. I n c o m e an d E x p e n s e s, F ederal D eposit I n s u r a n c e C orporation, by

Y ears, from B e g in n in g of O perations, Septem ber 11, 1933, to

D ecem ber 31, 1962, A djusted to D ecem ber 31, 1962

(In millions)

Year

Income

Total

Deposit

insurance

ments1

Investments

and

other

sources

Expenses and losses

Total

Deposit

insurance

losses and

expenses2

Interest

on capital

stock8

Administrative

and

operating

expenses

Net

income

added to

deposit

insurance

fund4

1933-62

1962. . .

1961. . .

1960. . .

1959. . .

1958. . .

1957. . .

1956. . .

1955.. .

1954. . .

1953. . .

1952. . .

1951.. .

1950. . .

1949. . .

1948. . .

1947. . .

1946. . .

1945. . .

1944. . .

1943. . .

1942. . .

1941. . .

1940. . .

1939. . .

1938. . .

1937. . .

1936. . .

1935. . .

1933-34

$2,802.2

161.0

147.3

144.6

136.5

126.8

117.3

111.9

105.7

99.7

94.2

88.6

83.8

84.8

151.1

146.9

157.7

130.9

121.2 

99.5

86.7

69.4

62.0

55.9

51.2

47.7

48.2

43.8

20.8

7.0

$1,900.6

76.4

73.4

79.6

78.6

73.8

69.1

68.2

66.1

62.4

60.2

57.3

54.3

54.2

122.7

119.3

114.4

107.0

93.7

80.9

70.0

56.5

51.4

46.2

40.7

38.3

38.8

35.6

11.5

$901.6

84.6

73.9

65.0

57.9

53.0

48.2

43.7

39.6

37.3

34.0

31.3

29.5

30.6

28.4

27.6

43.3

23.9

27.5

18.6

16.7

12.9

10.6

9.7

10.5

9.4

9.4

8.2

9.3

7.0

$300.2

13.8

14.8

12.5

12.1

11.6

9.7

9.6

9.0

7.8

7.3

7.8

6.9

7.8

6.4

7.3

10.4

10.4

9.7

9.7

10.2

10.3

10.1

12.9

16.4

11.3

12.2

10.9

11.3

10.0

$30.5

.1

1.6

.1.2

1.4

.3

.7.1.1.1.1

.6

3.5

7.2

2.5

3.7

2.6

2.8

.2

$80.6

.6

4.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.8

5.6

$189.1 $2,502.0

13.7 147.2

13.2 132.5

12.4 132.1

11.9 124.4

11.6 115.2

9.6 107.6

9.1 102.3

8.7 96.7

7.7 91.9

7.2 86.9

7.0 80.8

6.9 76.9

6.4 77.0

6.1 144.7

6.0 139.6

5.5 147.3

4.5 120.5

3.8 111.5

3.8 89.8

4.2 76.5

4.0 59.1

3.7 51.9

3.6 43.0

3.4 34.8

3.0 36.4

2.7 36.0

2.5 32.9

2.7 9.5

4.26 - 3 .0

1 For 1950-1962, figures are net after deducting the portion of net assessment income credited to

insured banks pursuant to provisions of the Federal Deposit Insurance Act of 1950 and its amendment

by Public Law 86-671, approved July 14, 1960. Assessment credits to insured banks for these years

amounted to $1,174.4 million, equal to 57.339% of gross assessments.

2 Net loss of funds, after allowing for $9,022 thousand (included in income from investments and other

sources in this table) collected as interest and allowable return on funds advanced to 159 of the 445

closed insured banks, was $21,442 thousand.

8 Paid in 1950 and 1951, but allocated among years to which it applies. Initial capital of $289 million

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

4 The amounts shown herein give effect to adjustments to the deposit insurance fund in the years

to which they are applicable, whereas the amounts of the Fund shown in Table 13 represent the Fund

as reported on the dates specified. Hence the deposit insurance fund reported in Table 13 cannot be

computed by annual addition of income reported herein, except for the Fund as of December 31, 1962.

5 Assessments collected from members of the temporary insurance funds which became insured under

the permanent plan were credited to their accounts at the termination of the temporary funds and were

applied toward payment of subsequent assessments becoming due under the permanent insurance

fund, resulting in no income to the Corporation from assessments during the existence of the temporary

insurance funds.

* Net after deducting the portion of expenses and losses charged to banks withdrawing from the

temporary insurance funds on June 30, 1934.

7 Deduction.

In his report to the Congress, the Comptroller General repeated from 

earlier audit reports two recommendations for amendment to the Federal 

Deposit Insurance Act. The first, relating to the cost of providing retireDigitized for FRASER 

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FINANCES OF T H E CORPORATION 23

ment, disability, and compensation benefits for Corporation employees, 

would require the Corporation to pay:

“1. Into the civil service retirement and disability fund the Government’s share

of the cost of providing retirement and disability benefits for the Corporation’s employees for the period from the creation of the Corporation through

the year ended June 30, 1957.

“2. Into the employees’ compensation fund the amount of benefit payments made

from such fund on account of the Corporation’s employees for all periods subsequent to the creation of the Corporation.

“3. Into the Treasury as miscellaneous receipts a fair portion of the cost of administering the civil service retirement system and the employees’ compensation fund for all periods subsequent to the creation of the Corporation.”

The second recommendation would require the General Accounting 

Office to make its report of audit on a calendar-year rather than a fiscalyear basis. 

The Board of Directors of the Corporation has consistently supported 

both of these recommendations.

Table 1 3 . I nsured D eposits and th e D eposit I nsurance F u n d , 1934-1962

Year

(Dec. 31)

Deposits in

insured banks

(in millions)

Percent

of

deposits

insured

Deposit

insurance

fund

(in

millions)

Ratio of deposit

insurance fund to—

Total

deposits

Insured

Total Insured 1 deposits

1962................................................ $297,548 $179,088 60.2% $2,502.0 .84% 1.40%

1961................................................ 281,304 164,071 58.3 2,353.8 .84 1.43

1960................................................ 260,495 149,684 57.5 2,222.2 .85 1.48

1959................................................ 247,589 142,131 57.4 2,089.8 .84 1.47

1958................................................ 242,445 137,698 56.8 1,965.4 .81 1.43

1957................................................ 225,507 127,055 56.3 1,850.5 .82 1.46

1956................................................ 219,393 121,008 55.2 1,742.1 .79 1.44

1955................................................ 212,226 116,380 54.8 1,639.6 .77 1.41

1954................................................ 203,195 110,973 54.6 1,542.7 .76 1.39

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

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

1951................................................ 178.540 96,713 54.2 1,282.2 .72 1.33

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

1949................................................ 156,786 76,589 48.8 1,203.9 .77 1.57

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

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

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

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

1944................................................ 134,662 56,398 41.9 804.3 .60 1.43

1943................................................ 111,650 48,440 43.4 703.1 .63 1.45

1942................................................ 89,869 32,837 36.5 616.9 .69 1.88

1941................................................ 71,209 28,249 39.7 553.5 .78 1.96

1940................................................ 65,288 26,638 40.8 496.0 .76 1.86

1939................................................ 57,485 24,650 42.9 452.7 .79 1.84

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

1937................................................ 48,228 22,557 46.8 383.1 .79 1.70

1936................................................ 50,281 22,330 44.4 343.4 .68 1.54

1935................................................ 45,125 20,158 44.7 306.0 .68 1.52

1934................................................ 40,060 18,075 45.1 333.0 .83 1.84

1 Figures estimated by applying to the deposits in the various types of account at the regular call

dates the percentages insured as determined from special reports secured from insured banks.

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24 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 1 4. R eport o n A udit of F ederal D eposit I n s u r a n c e C orporation,

Y ear E nded Ju n e 30, 1962

COMPTROLLER G ENERAL OF TH E U N ITED STATES

W ASH IN GTO N 25

B -l14831 December 18, 1962

To

Federal Deposit Insurance Corporation

The General Accounting Office has made an audit of the FEDERAL DEPOSIT

INSURANCE CORPORATION, an independent Government agency, for the year

ended June 30, 1962, pursuant to section 17(b) of the Federal Deposit Insurance

Act (12 U S.C. 1827).

Our examination of the Corporation’s statement of financial condition as of June

30, 1962, and its related statements of income and deposit insurance fund and of

sources and uses of funds for the year then ended, was made in accordance with

generally accepted auditing standards and, accordingly, included such tests of the

accounting records and such other auditing procedures as we considered necessary in

the circumstances and appropriate in view of the effectiveness of the system of internal control and the work performed by the Corporation’s internal auditors.

The Corporation’s accumulated net income has been retained as a deposit insurance fund and is available for future deposit insurance losses. We are unable to express an opinion on the adequacy of the deposit insurance fund to meet future

losses because the amount that may be needed is dependent on future economic

conditions which cannot be accurately predicted.

In our opinion, subject to the comments in the preceding paragraph, the statement of financial condition (schedule 1), the statement of income and deposit

insurance fund (schedule 2), and the statement of sources and uses of funds (schedule 3) present fairly the financial position of the Federal Deposit Insurance Corporation at June 30, 1962, and the results of its operations and the sources and application

of its funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year and with

applicable Federal laws.

/ s / Joseph C am pbell

Comptroller General of the United States

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FINANCES OF T H E CORPORATION 25

Table 14. R eport on A udit of F ederal D eposit I nsurance C orporation,

Y ear E nded Ju n e 30, 1962— Continued

Schedule 1. F ederal D eposit I nsurance C orporation,

Statement of F inancial C ondition, Ju n e 30, 1962

ASSETS

Gash............................................................................................................

U. S. Government obligations:

Securities at amortized cost (face value, $2,593,817,000;

market or redemption value, $2,520,824,120)...........................

Accrued interest receivable...............................................................

Assets acquired in receivership and deposit assumption

transactions:

Subrogated claims of depositors against closed insured banks..

Net insured balances of depositors in closed insured banks, to

be subrogated when paid— see related liability........................

Loans to insured banks.......................................................................

Loan to receiver for closed insured bank.......................................

Equity in assets acquired under purchase agreements...............

Assets purchased outright.................................................................

Less reserve for losses.........................................................................

Miscellaneous assets............................................................................

Building site, planning, and construction costs (note 1) .. .

Furniture, fixtures, and equipment, cost $792,935.................

Total assets........................................................................

LIABILITIES AND DEPOSIT INSURANCE FUND (note 2)

Accounts payable and accrued liabilities..................................

Earnest money, escrow funds, and collections held for

others................................................................................................

Accrued annual leave of employees..............................................

Due insured banks (note 3):

Net assessment income and other credits available July 1, 1962.

Estimated amount available July 1, 1963, from net assessment

income for 6 months ended June 30, 1962................................

Net insured balances of depositors in closed insured banks

— see related assets..........................................................................

Total liabilities.................................................................

Deposit insurance fund, accumulated income available for

future deposit insurance losses (schedule 2 and note 4).........

Total liabilities and deposit insurance fund........

$2,579,012,709

17,314,295

3,352,530

212,400

957,777

95,000

3,395,845

141,704

8,155,256

6,059,000

$ 115,598,940

63,110,592

2,673,209

2,596,327,004

2,096,256

99,872

6,199,2031

$2,607,395,545

832,171

343,644

1,285,114

178,709,532

212,400

181,382,861

2,426,012,684

$2,607,395,545

The notes following schedule 3 are an integral part of this statement.

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26 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 14. R eport on A udit of F ederal D eposit I nsurance C orporation,

Y ear E nded Ju n e 30, 1962— Continued

Schedule 2. F ederal D eposit I nsurance C orporation,

Statement of I ncome and D eposit I nsurance Fu n d ,

Y ear E nded Ju n e 30, 1962

Income:

Deposit insurance’assessments (note 3):

Assessments becoming due in the year..........................

Less net assessment income credits due insured banks

Corporation’s share of adjustments of assessments for prior

years........................................................................................

Net income from U. S. Government securities.

Other income......................................................

Total income.

Expenses and losses:

Administrative and operating expenses:

Salaries and wages.........................................................

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

Travel expenses..............................................................

Rents and utilities..........................................................

Other expenses...............................................................

Provisions for reserve for insurance losses:

Applicable to fiscal year 1962..................................................

Less adjustments to provisions for reserve established in

prior years..............................................................................

Other insurance expenses

Total expenses and losses

Net income—addition to the deposit insurance fund for

the year ended June 30, 1962..............................................

Deposit insurance fund July 1, 1961.......................................

Deposit insurance fund June 30, 1962 (note 4)

D—Deduct.

The notes following schedule 3 are an integral part of this statement.

$ 195,829,260

121,241,183 $ 74,588,077

104,106

74,692,183

78,425,342

7,654

153,125,179

9,179,571

584,136

2,568,867

523,300

572,021 13,427,895

712,000

(D)269,401 442,599

101,266

13,971,760

139,153,419

2,286,859,265

$2,426,012,684

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FINANCES OF T H E CORPORATION 27

Table 1 4. R eport on A udit of F ederal D eposit I nsurance C orporation,

Y ear E nded Ju ne 30, 1962— Continued

Schedule 3. F ederal D eposit I nsurance C orporation,

Statement of Soukces and U ses of F u nd s,

Fiscal Y bar 1962

Funds provided by:

Net deposit insurance assessments.......................................................................................

Net income from U. S. Government securities, less accrued discount.........................

Maturities and sales of U. S. Government securities, exclusiv# of exchanges...........

Collections on assets acquired in receivership and deposit assumption transactions

Increase in net assessment credits due insured banks.....................................................

Total funds provided...............................................................................................

Funds applied to:

Administrative and operating expenses and insurance expenses, net..........................

Acquisition of assets in receivership and deposit assumption transactions................

Construction costs of office building....................................................................................

Purchases of U. S. Government securities, exclusive of exchanges..............................

Net change in other assets and liabilities............................................................................

Total funds applied.................................................................................................

$ 74,692,183

72,128,428

511,667,384

2,941,726

20,541,288

$681,971,009

$ 13,521,508

3,680,321

3,731,850

659,444,359

1,592,971

$681,971,009

N otes to the F inancial Statements— June 30, 1962

1 The Corporation has acquired a building site in the District of Columbia on which construction

of its own office building is in process. Through June 30, 1962, expenditures totaled $1,598,175 for land

and $4,601,028 for the building. It is estimated that the completed building, exclusive of land, will cost

about $6.5 million and that it will be ready for occupancy early in 1963.

2 Capital stock was retired by payments to the United States Treasury in 1947 and 1948, pursuant

to the Acts of August 5, 1947 (61 Stat. 773) and June 29, 1948 (62 Stat. 1092), with total interest payments made thereon in 1950 and 1951, pursuant to the Act of September 21, 1950 (64 Stat. 873).

3 The Federal Deposit Insurance Act (12 U.S.C. 1817d), as amended by the Act of July 14, 1960

(74 Stat. 551), provides that effective with the credit to be computed on net assessment income for the

calendar year 1961, and calendar years thereafter, insured banks shall be allowed, against current semiannual insurance assessments, pro rata credits totaling 66% percent of the net assessment income (as

defined by the Act) for the prior calendar year. Such credits become available on each following July

first for application to payment of subsequent assessments. Prior to this amendment, and since 1949,

insured banks were allowed pro rata credits totaling 60 percent of the Corporation’s net assessment

income. Net assessment income credits have been computed for the calendar year 1961 and estimated

for the first six months of calendar year 1962. These and other credits to insured banks are reported under

the caption “Due Insured Banks.”

4 The deposit insurance fund of $2,426,012,684 at June 30, 1962, is available for future deposit

insurance losses and related expenses. The fund amounts to about 1.45 percent of insured deposits estimated at $167 billion. The law does not specify either the amount or the ratio of insured deposits to which

the insurance fund is to be accumulated. In addition to this fund, the Corporation is authorized to borrow

from the United States Treasury, and the Secretary of the Treasury is authorized and directed to loan

to the Corporation on such terms as may be fixed by the Corporation and the Secretary, not to exceed

three billion dollars outstanding at any one time, when in the judgment of the Board of Directors of the

Corporation such funds are required for insurance purposes. No borrowings have been made under

this authorization.

The Corporation, from its inception to June 30, 1962, has made disbursements of $359.7 million

in protecting depositors of 445 insured banks and in facilitating the termination of liquidations. Related

accumulated losses amount to $30.7 million, including estimated losses of $6 million on liquidations not

terminated at the close of the year ended June 30, 1962. Interest and allowable return amounting to

approximately $9 million, collected on funds advanced to 158 of the 445 closed insured banks, reduces

the potential loss of funds in connection with insurance transactions to $21.7 million. In 151 of these

cases, assets valued at approximately $8.6 million were returned for the benefit of the stockholders and

holders of capital obligations.

6 These statements do not include accountability for assets and liabilities of closed insured banks

acquired by the Corporation in its fiduciary capacity as receiver or liquidating agent. Periodic and

final accountability reports are furnished to the Courts, supervisory authorities, and others, as required.

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Federal Reserve Bank of St. Louis
PART TWO

LEGISLATION AND REGULATIONS

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Fe d e r a l Le g is l a t io n

P ublic L a w 87-588

87th C ongress, S. 1771

A u g u st 15, 1962

AN ACT

To improve the usefulness of national bank branches in foreign countries.

Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That section 25 of the Federal Reserve Act,

as amended, is amended by adding the following new paragraph at the end thereof:

“Regulations issued by the Board of Governors of the Federal Reserve System

under this section, in addition to regulating powers which a foreign branch may

exercise under other provisions of law, may authorize such a foreign branch, subject to such conditions and requirements as such regulations may prescribe, to

exercise such further powers as may be usual in connection with the transaction

of the business of banking in the places where such foreign branch shall transact

business. Such regulations shall not authorize a foreign branch to engage in the

general business of producing, distributing, buying or selling goods, wares, or merchandise; nor, except to such limited extent as the Board may deem to be necessary with respect to securities issued by any ‘foreign state’ as defined in section

25(b) of this Act, shall such regulations authorize a foreign branch to engage or

participate, directly or indirectly, in the business of underwriting, selling, or distributing securities.”

Approved August 15, 1962.

P u blic L a w 87-717

87th C ongress, H. R. 7796

Septem ber 28, 1962

AN ACT

To amend certain lending limitations on real estate and construction loans applicable to national

banks.

Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That the fourth sentence of the first paragraph

of section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended to read as

follows: “No such association shall make such loans in an aggregate sum in excess

of the amount of the capital stock of such association paid in and unimpaired plus

the amount of its unimpaired surplus fund, or in excess of 70 per centum of the

amount of its time and savings deposits, whichever is the greater.”

S ec. 2. The first sentence of the third paragraph of section 24 of the Federal Reserve Act (12 U.S.C. 371) is amended to read as follows:

“Loans made to finance the construction of industrial or commercial buildings

and having maturities of not to exceed eighteen months where there is a valid

and binding agreement entered into by a financially responsible lender to advance

the full amount of the bank’s loan upon completion of the buildings and loans

made to finance the construction of residential or farm buildings and having maturities of not to exceed eighteen months, shall not be considered as loans secured by

real estate within the meaning of this section but shall be classed as ordinary commercial loans whether or not secured by a mortgage or similar lien on the real

estate upon which the building or buildings are being constructed: Provided, That

no national banking association shall invest in, or be liable on, any such loans in

31

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32 FEDERAL DEPOSIT INSURANCE CORPORATION

an aggregate amount in excess of 100 per centum of its actually paid-in and unimpaired capital plus 100 per centum of its unimpaired surplus fund.”

Approved September 28, 1962.

P ublic L a w 87-721

87th C ongress, H. R. 12899

September 28, 1962

AN ACT

To amend section 5155 of the Revised Statutes relating to bank branches which may be retained

upon conversion or consolidation or merger.

Be it enacted by the Senate and House oj Representatives of the United States

of America in Congress assembled, That subsection (b) of section 5155 of the Revised Statutes, as amended (12 U.S.C. 36), is amended to read as follows:

“ (b)(1) A national bank resulting from the conversion of a State bank may retain and operate as a branch any office which was a branch of the State bank

immediately prior to conversion if such office—

“ (A) might be established under subsection (c) of this section as a new

branch of the resulting national bank, and is approved by the Comptroller of

the Currency for continued operation as a branch of the resulting national

bank:

“ (B) was a branch of any bank on February 25, 1927; or

“ (C) is approved by the Comptroller of the Currency for continued operation as a branch of the resulting national bank.

The Comptroller of the Currency may not grant approval under clause (C) of this

paragraph if a State bank (in a situation identical to that of the national bank)

resulting from the conversion of a national bank would be prohibited by the law

of such State from retaining and operating as a branch an identically situated

office which was a branch of the national bank immediately prior to conversion.

“ (2) A national bank (referred to in this paragraph as the ‘resulting bank’), resulting from the consolidation of a national bank (referred to in this paragraph

as the ‘national bank’) under whose charter the consolidation is effected with

another bank or banks, may retain and operate as a branch any office which, immediately prior to such consolidation, was in operation as—

“ (A) a main office or branch office of any bank (other than the national

bank) participating in the consolidation if, under subsection (c) of this section, it might be established as a new branch of the resulting bank, and if

the Comptroller of the Currency approves of its continued operation after the

consolidation;

“ (B) a branch of any bank participating in the consolidation, and which,

on February 25, 1927, was in operation as a branch of any bank; or

“ (C) a branch of the national bank and which, on February 25, 1927, was

not in operation as a branch of any bank, if the Comptroller of the Currency

approves of its continued operation after the consolidation.

The Comptroller of the Currency may not grant approval under clause (C) of

this paragraph if a State bank (in a situation identical to that of the resulting

national bank) resulting from the consolidation into a State bank of another bank

or banks would be prohibited by the law of such State from retaining and operating as a branch an identically situated office which was a branch of the State bank

immediately prior to consolidation.

“ (3) As used in this subsection, the term ‘consolidation’ includes a merger.”

Approved September 28, 1962.

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FEDERAL LEGISLATION 33

P ublic L a w 87-722

87th C ongress, H. R. 12577

September 28, 1962

AN ACT

To place authority over the trust powers of national banks in the Comptroller of the Currency.

Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That (a) the Comptroller of the Currency shall

be authorized and empowered to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as

trustees, executor, administrator, registrar of stocks and bonds, guardian of estates,

assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into

competition with national banks are permitted to act under the laws of the State

in which the national bank is located.

(b) Whenever the laws of such State authorize or permit the exercise of any

or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such

powers by national banks shall not be deemed to be in contravention of State

or local law within the meaning of this Act.

(c) National banks exercising any or all of the powers enumerating1 in this section shall segregate all assets held in any fiduciary capacity from the general assets

of the bank and shall keep a separate set of books and records showing in proper

detail all transactions engaged in under authority of this section. The State banking authorities may have access to reports of examination made by the Comptroller of the Currency insofar as such reports relate to the trust department of

such bank, but nothing in this Act shall be construed as authorizing the State

banking authorities to examine the books, records, and assets of such bank.

(d) No national bank shall receive in its trust department deposits of current

funds subject to check or the deposit of checks, drafts, bills of exchange, or other

items for collection or exchange purposes. Funds deposited or held in trust by

the bank awaiting investment shall be carried in a separate account and shall not

be used by the bank in the conduct of its business unless it shall first set aside

in the trust department United States bonds or other securities approved by the

Comptroller of the Currency.

(e) In the event of the failure of such bank the owners of the funds held in

trust for investment shall have a lien on the bonds or other securities so set apart

in addition to their claim against the estate of the bank.

(f) Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private

or court trusts, national banks so acting shall be required to make similar deposits and securities so deposited shall be held for the protection of private or

court trusts, as provided by the State law. National banks in such cases shall not

be required to execute the bond usually required of individuals if State corporations under similar circumstances are exempt from this requirement. National

banks shall have power to execute such bond when so required by the laws of the

State.

(g) In any case in which the laws of a State require that a corporation acting

as trustee, executor, administrator, or in any capacity specified in this section,

shall take an oath or make an affidavit, the president, vice president, cashier, or

trust officer of such national bank may take the necessary oath or execute the

necessary affidavit.

1 So in original.

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34 FEDERAL DEPOSIT INSURANCE CORPORATION

(h) It shall be unlawful for any national banking association to lend any officer,

director, or employee any funds held in trust under the powers conferred by this

section. Any officer, director, or employee making such loan, or to whom such

loan is made, may be fined not more than $5,000, or imprisoned not more than

five years, or may be both fined and imprisoned, in the discretion of the court.

(i) In passing upon applications for permission to exercise the powers enumerated in this section, the Comptroller of the Currency may take into consideration

the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the

community to be served, and any other facts and circumstances that seem to him

proper, and may grant or refuse the application accordingly: Provided, That no

permit shall be issued to any national banking association having a capital and

surplus less than the capital and surplus required by State law of State banks,

trust companies, and corporations exercising such powers.

(j) Any national banking association desiring to surrender its right to exercise

the powers granted under this section, in order to relieve itself of the necessity

of complying with the requirements of this section, or to have returned to it any

securities which it may have deposited with the State authorities for the protection of private or court trusts, or for any other purpose, may file with the Comptroller of the Currency a certified copy of a resolution of its board of directors

signifying such desire. Upon receipt of such resolution, the Comptroller of the

Currency, after satisfying himself that such bank has been relieved in accordance

with State law of all duties as trustee, executory,1 administrator, registrar of stocks

and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics

or other fiduciary, under court, private, or other appointments previously accepted

under authority of this section, may, in his discretion, issue to such bank a certificate certifying that such bank is no longer authorized to exercise the powers

granted by this section. Upon the issuance of such a certificate by the Comptroller

of the Currency, such bank (1) shall no longer be subject to the provisions of

this section or the regulations of the Comptroller of the Currency made pursuant

thereto, (2) shall be entitled to have returned to it any securities which it may

have deposited with the State authorities for the protection of private or court

trusts, and (3) shall not exercise thereafter any of the powers granted by this

section without first applying for and obtaining a new permit to exercise such

powers pursuant to the provisions of this section. The Comptroller of the Currency is authorized and empowered to promulgate such regulations as he may

deem necessary to enforce compliance with the provisions of this section and the

proper exercise of the powers granted therein.

Sec. 2. Nothing contained in this Act shall be deemed to affect or curtail the

right of any national bank to act in fiduciary capacities under a permit granted

before the date of enactment of this Act by the Board of Governors of the Federal Reserve System, nor to affect the validity of any transactions entered into

at any time by any national bank pursuant to such permit. On and after the

date of enactment of this Act the exercise of fiduciary powers by national banks

shall be subject to the provisions of this Act and the requirements of regulations

issued by the Comptroller of the Currency pursuant to the authority granted by

this Act.

Sec. 3. Subsection (k) of section 11 of the Federal Reserve Act (12 U.S.C. 248(k))

is repealed.

Sec. 4. Paragraph (2) of subsection (a) of section 584 of the Internal Revenue

Code of 1954 is amended by inserting “or the Comptroller of the Currency” immediately after “the Board of Governors of the Federal Reserve System.”

1 So in original.

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FEDERAL LEGISLATION 35

Sec. 5. Section 581 of the Internal Revenue Code of 1954 is amended by striking

out “section 11 (k) of the Federal Reserve Act (38 Stat. 262; 12 U.S.C. 248(k))”,

and inserting in lieu thereof “authority of the Comptroller of the Currency.”

Approved September 28, 1962.

P ublic L a w 87-827

87th C ongress, H . R . 12080

O ctober 15, 1962

AN ACT

To permit domestic banks to pay interest on time deposits of foreign governments at rates differing

from those applicable to domestic depositors.

Be it enacted by the Senate and House oj Representatives of the United States

of America in Congress assembled, That the fourteenth paragraph of section 19

of the Federal Reserve Act (12 U.S.C. 371b) is amended by adding at the end

thereof the following sentence: “During the period commencing on the effective

date of this sentence and ending upon the expiration of three years after such

date, the provisions of this paragraph shall not apply to the rate of interest which

may be paid by member banks on time deposits of foreign governments, monetary

and financial authorities of foreign governments when acting as such, or international financial institutions of which the United States is a member”

S ec. 2. Subsection (g) of section 18 of the Federal Deposit Insurance Act (12

U.S.C. 1828(g)) is amended by adding at the end thereof the following sentence:

“During the period commencing on the effective date of this sentence and ending

upon the expiration of three years after such date, the provisions of this subsection shall not apply to the rate of interest which may be paid by insured nonmember banks on time deposits of foreign governments, monetary and financial

authorities of foreign governments when acting as such, or international financial

institutions of which the United States is a member.”

Approved October 15, 1962.

P ublic L a w 87-856

87th C o ngress, H . R . 8874

O ctober 23, 1962

AN ACT

To authorize certain banks to invest in corporations whose purpose is to provide clerical services

for them, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States

of America in Congress assembled, That for the purposes of this Act—

(a) The term “Federal supervisory agency” means the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, or the Board of

Directors of the Federal Deposit Insurance Corporation.

(b) The term “bank services” means services such as check and deposit sorting and posting, computation and posting of interest and other credits and charges,

preparation and mailing of checks, statements, notices, and similar items, or any

other clerical, bookkeeping, accounting, statistical, or similar functions performed

for a bank.

(c) The term “bank service corporation” means a corporation organized to perform bank services for two or more banks, each of which owns part of the capital

stock of such corporation, and at least one of which is subject to examination by

a Federal supervisory agency.

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36 FEDERAL DEPOSIT INSURANCE CORPORATION

(cl) The term “invest” includes any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan, or otherwise,

except a payment for rent earned, goods sold and delivered, or services rendered

prior to the making of such payment.

Sec. 2. (a) No limitation or prohibition otherwise imposed by any provision of

Federal law exclusively relating to banks shall prevent any two or more banks

from investing not more than 10 per centum of the paid-in and unimpaired capital and unimpaired surplus of each of them in a bank service corporation.

(b) If stock in a bank service corporation has been held by two banks, and

one of such banks ceases to utilize the services of the corporation and ceases to

hold stock in it, and leaves the other as the sole stockholding bank, the corporation may nevertheless continue to function as such and the other bank may continue to hold stock in it.

Sec. 3. Whenever a bank (referred to in this section as an “applying bank”) subject to examination by a Federal supervisory agency applies for a type of bank

services for itself from a bank service corporation which supplies the same type

of bank services to another bank, and the applying bank is competitive with any

bank (referred to in this section as a “stockholding bank”) which holds stock

in such corporation, the corporation must offer to supply such services by either—

(1) issuing stock to the applying bank and furnishing bank services to it

on the same basis as to the other banks holding stock in the corporation, or

(2) furnishing bank services to the applying bank at rates no higher than

necessary to fairly reflect the cost of such services, including the reasonable

cost of the capital provided to the corporation by its stockholders,

at the corporation’s option, unless comparable services at competitive overall cost

are available to the applying bank from another source, or unless the furnishing

of the services sought by the applying bank would be beyond the practical capacity

of the corporation. In any action or proceeding to enforce the duty imposed by

this section, or for damages for the breach thereof, the burden shall be upon the

bank service corporation to show such availability.

Sec. 4. N o bank service corporation may engage in any activity other than the 

performance of bank services for banks.

Sec. 5. (a) No bank subject to examination by a Federal supervisory agency

may cause to be performed, by contractor or otherwise, any bank services for itself,

whether on or off its premises, unless assurances satisfactory to the agency prescribed in subsection (b) of this section are furnished to such agency by both

the bank and the party performing such services that the performance thereof

will be subject to regulation and examination by such agency to the same extent

as if such services were being performed by the bank itself on its own premises.

(b) The assurances required by subsection (a) of this section shall be given, in

the case of—

(1) a national banking association or a bank operating under the code of

laws for the District of Columbia, to the Comptroller of the Currency;

(2) a bank (other than a bank described in paragraph (1)) which is a member of the Federal Reserve System, to the Board of Governors of the Federal Reserve System; and

(3) a bank (other than a bank described in paragraph (1) or (2)) whose deposits are insured by the Federal Deposit Insurance Corporation, to the Board

of Directors of the Federal Deposit Insurance Corporation.

Approved October 23, 1962.

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RULES AND REGULATIONS OF T H E CORPORATION 37

R u l e s a n d R e g u l a t i o n s o f t h e C o r p o r a t i o n

TITLE 12— BANKS AND BANKING

CHAPTER III— FEDERAL DEPOSIT INSURANCE

CORPORATION

P a r t 329-P a y m e n t o f D e p o s its a n d I n t e r e s t T h e r e o n

B y In s u r e d N o n m em b er B a n k s

§329.3 M a x i m u m R ate of I nterest o n T im e an d Savin g s D eposits

(a) Maximum rate prescribed from time to time. Except in accordance with the

provisions of this part, no insured nonmember bank shall pay interest on any

time deposit or savings deposit in any manner, directly or indirectly, or by any

method, practice, or device whatsoever. No insured nonmember bank shall pay

interest on any time deposit or savings deposit at a rate in excess of such applicable maximum rate as the Board of Directors of the Federal Deposit Insurance

Corporation shall prescribe from time to time; and any rate or rates which may

be so prescribed by the Board will be set forth in supplements to this part (see

§329.6), which will be issued in advance of the date upon which such rate or

rates become effective. During the period commencing October 15, 1962, and ending upon the expiration of three years after such date, the provisions of this subsection shall not apply to the rate of interest which may be paid by insured

nonmember banks on time deposits of foreign governments, monetary and financial

authorities for1 foreign governments when acting as such or international financial

institutions of which the United States is a member.

[Codification; last sentence added October 15, 1962, 27 F.R. 10251, Oct. 19, 1962]

I n te r p r e tatio n s: F oreign T im e D eposits

Interest on Time Deposits of Bank for International Settlements.

The opinion of the Board of Directors has been requested as to whether time

deposits of the Bank for International Settlements with insured State nonmember

banks would be exempted from interest rate limitations under Public Law 87-827,

approved October 15, 1962, amending subsection (g) of section 18 of the Federal

Deposit Insurance Act. Considering the general purposes of Public Law 87-827 and

the nature of the organization and functions of the Bank for International Settlements, the Board has concluded that the phrase “monetary and financial authorities of foreign governments” as used in Public Law 87-827 includes the Bank for

International Settlements and that, therefore, time deposits of the Bank for International Settlements, when acting in such capacity, are within the provisions of

Public Law 87-827. (Sec. 9, 64 Stat. 881; 12 U.S.C. 1819.) Interprets or applies

§ 18, 64 Stat. 891; 12 U.S.C. 1828; 76 Stat. 953.

[F.R. Doc. 62-11741; Filed, Nov. 29, 1962; 8:48 a.m.; 27 F.R. 11798]

Interest Rate on Time Deposits of Foreign Central Banks Transferred to Other

Persons or Organizations.

As amended by the Act of October 15, 1962, section 18(g) of the Federal Deposit

Insurance Act exempts, for a period of three years, “time deposits of foreign governments, monetary and financial authorities of foreign governments when acting

as such, or international financial institutions of which the United States is a

member” from the limitations prescribed by the Board of Directors pursuant to

that section on the rates of interest payable by insured nonmember banks on time

deposits.

1 So in original.

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38 FEDERAL DEPOSIT INSURANCE CORPORATION

The question has been raised whether the exemption provided by this amendment applies to a certificate of deposit issued to a foreign central bank or other

qualified foreign institution where the certificate is thereafter transferred to an

individual or “nonqualified” institution prior to its maturity.

Even though the certificate may have been issued in negotiable form, the law

prohibits payment by an insured nonmember bank of interest at a rate in excess

of that prescribed by the Board of Directors, unless the certificate represents a

“deposit of” an institution of a kind described in the amendment of October 15,

1962; and the certificate ceases to represent such a deposit if it is transferred to

an individual or to an institution of a kind not described in the amendment. To

regard such a certificate as falling within the exception provided by the October

15 amendment would, in the Board of Directors’ judgment, be inconsistent with

the intent and purposes of the amendment.

Accordingly, it is the opinion of the Board of Directors that in such a case

the depository insured nonmember bank may not pay interest at a rate exceeding the applicable maximum permissible rate under Part 329 prevailing at the

date of issue of the certificate for private investors, i.e., individuals and nonqualified institutions. In order to avoid misunderstanding on the part of private

investors, it is suggested that the bank include in such certificates an appropriate

provision regarding th* rate of interest payable to such investors. (Sec. 9, 64 Stat.

881; 12 U.S.C. 1819.) Interprets or applies §18, 64 Stat, 891; 12 U.S.C. 1828; 76

Stat. 953.

[F.R. Doc. 62-11742; Filed, Nov. 29, 1962; 8:48 a.m.; F.R. 11798]

St a t e Ba n k i n g L e g i s l a t i o n

In 1962, the legislatures of twenty-one states held regular sessions and seven held

special sessions. Some of the more important state banking legislation enacted in

1962 is summarized below.

SUPERVISORY AUTHORITY

Bank examination fees........................................Alaska (H 3 . 285); Colorado (H.B. 5)

Semiannual assessments............................................................................. Louisiana (Act 131)

Chartering of State banks and examination fees...............................Maryland (Ch. 45)

Definition of terms in laws relating to financial institutions... .Michigan (P.A. 180)

Authority to regulate closing hour*.. .Mississippi (S.B. 1545); Kentucky (S.B. 77)

Authority to permit drive-in facilities..........................................Mississippi (S.B. 1674)

Emergency regulatory powers................................................................. New Jersey (Ch. 43)

Extension of time to act upon certain applications....................... New York (Ch. 682)

ORGANIZATION AND CHARTER CHANGE

Division of capital stock and conversion of National banks into State banks............

........................................................................................................................... Alaska (H.B. 326)

Minimum surplus requirements...............................................................Kentucky (S.B. 75)

Minimum par value and classes of bank stock...........................New Jersey (Ch. 145)

Branches of industrial banks.................................................................New York (Ch. 517)

Branch banking..................................Kentucky (H.B. 247); Virginia (Ch. 371 and 404)

GENERAL OPERATING PROVISIONS

Increase of savings bank board of investment membership. .Massachusetts (Ch. 74)

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STATE B A N K IN G LEGISLATION 39

Insurance premiums relating to educational savings programs........................................

...............................................................................................................Massachusetts (Ch. 339)

Taxation of banking companies.................................................... Massachusetts (Ch. 613)

Elimination of bond requirement on foreign banking corporations................................

...................................................................................................................Mississippi (H.B. 212)

Additional powers granted State banks..........................................New Jersey (Ch. 219)

Remedies of a warehouseman available to safe deposit business....................................

......................................................................................................................... New York (Ch. 52)

Designation and eligibility of reserve depositaries.......................New York (Ch. 671)

DEPOSITS

Interest on legal investments and deposits..................................... Colorado (H.B. 34)

Disposition of unclaimed property.................................................... Kentucky (S.B. 218)

Allocation of public deposits.................................................................Louisiana (Act 424)

Variable rates of interest on savings deposits.......................Massachusetts (Ch. 105)

Definition of deposit book or passbook..................................... Massachusetts (Ch. 151)

Authorization of new type of deposit accounts.......................Massachusetts (Ch. 169)

Savings deposit passbook requirements................................................Michigan (P.A. 44)

Deposit of hospital emergency reserve fund............................... Mississippi (H.B. 305)

Repayment of deposits of savings banks............................................New York (Ch. 56)

Escheat of inactive accounts...............................................................Texas (H.B. 1 -X X X )

Payment of bank balances to next of kin............................................Virginia (Ch. 173)

Instalment loans..............................................Arizona (H.B. 210); Kentucky (S.B. 100);

...............................................................New York (Ch. 209); Rhode Island (H.B. 1545)

Interest on home mortgage loans................................................Massachusetts (Ch. 286)

Rebate on instalment sales contract............................................Massachusetts (Ch. 293)

Increased real estate taxes aid to mortgagors.........................Massachusetts (Ch. 332)

Anticipatory repayment of notes secured by real estate mortgage.................................

...............................................................................................................Massachusetts (Ch. 551)

First mortgage loans on real estate....................................................Michigan (P.A. 118)

Loans pursuant to National Housing Act........................................New York (Ch. 242)

Minimum interest charges.....................................................................New York (Ch. 642)

Refunds of fines on personal loans.........................................................New York (Ch. 496)

Limitations on deposits in savings banks........................................New York (Ch. 738)

Interest and charges on instalment loans...........................South Carolina (H.B. 2028)

Loan participation with agency of the United States. .South Carolina (H.B. 2206)

Nonapplicability of limitations on certain loans............ South Carolina (H.B. 2305)

Loans secured by real estate.............................................................. Texas (H.B. 8 1 -X X X )

Home improvement loans not considered loans secured by real estate.........................

...........................................................................................................................Virginia (Ch. 267)

INVESTMENTS

Legal investments for savings banks............................................................................................

........................................................ Alabama (H.B. 1 6 1 -X X ); Massachusetts (Ch. 208)

Legal investments..................................... Mississippi (H.B. 154); New Jersey (Ch. 60)

Investment in mortgage loans by savings banks.......................New Jersey (Ch. 227)

Small business Investment Companies........ Georgia (Act 587); Maryland (Ch. 12);

.............................................................. Massachusetts (Ch. 238); Mississippi (H.B. 586)

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

Real estate mortgage loans made or acquired by savings banks......................................

.................................................................................................................Massachusetts (Ch. 50)

Investment in banking quarters....................................................Massachusetts (Ch. 80)

Investment in bank service corporations....................................................................................

.................................................... Massachusetts (Ch. 460); South Carolina (H.B. 2317)

Savings bank investing in mortgages on leasehold estates........ New York (Ch. 516)

Investments of public pension funds.................................................. New York (Ch. 675)

Limitation upon power to make loans or investments...............New York (Ch. 410)

Investment of deposits.................................................................Rhode Island (H.B. 1561)

Investments and limitations thereon........................................................ Virginia (Ch. 38)

Membership in industrial development corporations.......................Virginia (Ch. 159)

Investments in own bank stock or stock of other corporations. .. .Virginia (Ch. 564)

RESERVES

Cash reserve requirements... . ......................... ....Mississippi (S.B. 1571)

TRUST ACTIVITIES

Common trust funds................................. Kentucky (S.B. 76); New Jersey (Ch. 104)

Legal Investments for fiduciaries.......................................................... Kentucky (S.B. 74)

Regulation of trust estates.......................................................................Louisiana (Act 44)

Legal investments of trust funds................................................Massachusetts (Ch. 257)

Definition of trust income............................................................ Massachusetts (Ch. 481)

Investment trusts................................................................................... Mississippi (S.B. 1698)

Express trusts..............................................................................................New York (Ch. 145)

Investment powers...................................................................New York (Ch. 292 and 453)

Real estate investment trusts.....................................................................Virginia (Ch. 484)

CHECKS AND COLLECTIONS

Bad check law. .Georgia (Act 880); South Carolina (H.B. 2642); Virginia (Ch. 614)

Presentation for payment...........................................................................Virginia (Ch. 268)

Checks drawn on insufficient funds........................................................ Virginia (Ch. 613)

DIRECTORS, TRUSTEES, OFFICERS AND EMPLOYEES

As notaries public........................................................................................... Georgia (Act 622)

Qualification of savings banks trustee....................................... Massachusetts (Ch. 163)

Forfeiture of office for failure to attend meetings or duties... .New York (Ch. 32)

Limitation on loans to directors and officers.......................South Carolina (S.B. 512)

MISCELLANEOUS

Corporate ownership of bank shares........................................................ Alaska (H.B. 292)

Mutual Savings Bank A ct...........................................................................Alaska (H.B. 376)

Bank Holding Companies.........................................................................Louisiana (Act 275)

Inspection of banks by shareholders.................................................... Louisiana (Act 442)

Uniform Gift to Minors Act.......................Maryland (Ch. 113); Michigan (P A . 31)

Uniform Commercial Code............................... Alaska (H.B. 120); Georgia (Act 713);

....................................................................... Kentucky (S.B. 146); Michigan (P.A. 174);

........................................New Jersey (Ch. 203 and 218); New York (Ch. 552 and 553)

Defining inland and foreign bills of exchange....................................Louisiana (Act 86)

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STATE B A N K IN G LEGISLATION 41

Shareholders in the Savings Bank Investment Fund.......... Massachusetts (Ch. 208)

Subordination of liens required by veterans’ agents.......... Massachusetts (Ch. 469)

Regulation of securities...........................................................................Michigan (P.A. 157)

Appointment as insurance agent or broker prohibited...............New York (Ch. 43)

Interest on obligations of municipality, school district or district corporation..........

.......................................................................................................................New York (Ch. 473)

Transfer and pledging of shares of stock and rights of corporations...........................

.......................................................................................................................New York (Ch. 839)

Tax reports..................................................................................................New York (Ch. 1012)

Taxation hearing.............................................................................Rhode Island (H.B. 1287)

Powers of attorney..........................................................................................Virginia (Ch. 464)

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Federal Reserve Bank of St. Louis
PART THREE

BANKING DEVELOPMENTS

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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
Super viso r y St a t u s of B a n k s

Under existing Federal law all banks of deposit in the United States 

are required to be subjected to examination and regulation under the 

laws of the United States, or subjected to examination and regulation 

(or to submit to such examination and to publication of reports of 

condition) by the banking authority of the State, Territory, or District 

in which the bank is located.1

Table 15. C lassification o f B an ks According to Supervisory Status and

Federal Deposit Insurance Participation, December 31, 1962

Supervisory status

All banks

Commercial banks

and trust

companies 1

Mutual

savings

banks

Total Insured f Noninsured Insured ^ Noninsured Insured Noninsured

Number of banks and trust

companies—total........ 13,951 13,455 496 13,124 315 331 181

Banks of deposit.............

Examined by and reporting to :2

Comptroller of the

Currency *.....................

13,901

4,510

1,538

7,407

446

13,455

4,510

1,538

7,407

446 13,124

4,510

1,538

7,076

265 331 181

State authorities and

Federal Reserve

banks *...........................

State authorities and

Federal Deposit Insurance Corporation 5.

State authorities only 6. .

Trust companies not

regularly engaged in

deposit banking 7........

331

446 265 181

50 50 50

Percentage insured and

noninsured:

All banks and trust companies .................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking..............................

100.0%

100.0

100.0

96.4%

96.8

3.6%

3.2

100.0

97.7%

98.0

2.3%

2.0

100.0

64.6%

64.6

35.4%

35.4

1 Includes stock savings banks.

2 Classification relates to regular examination and periodic submission of reports of condition

(assets and liabilities).

8 Includes all national banks and 7 nonnational banks in the District of Columbia; of the latter,

4 are members of the Federal Reserve System.

4 Includes all State banks that are members of the Federal Reserve System except 4 commercial

banks in the District of Columbia and 2 noninsured trust companies.

6 Includes all insured banks not members of the Federal Reserve System except 3 in the District

of Columbia.

* Includes 9 branches of foreign banks located in 3 States and Puerto Rico. Financial statements

from 5 branches of foreign banks are not available to the Federal Deposit Insurance Corporation. Also

includes 78 unincorporated banks located in 7 States. Unincorporated banks in 3 of these States (Georgia,

Iowa, and Texas) are not examined by the State authorities, and do not submit detailed periodic condition reports to the State authorities. Financial statements of 24 unincorporated banks were not available

to the Corporation at the close of 1962.

7 Subject to supervision by State authorities only except for 2 which are members of the Federal

Reserve System but not insured by the Corporation. Excludes institutions chartered under banking

or trust company laws, but operating as investment or title insurance companies and not engaged in

deposit banking nor fiduciary activities.

1 United States Code, Title 12, Section 378.

45

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

State-chartered banks that are members of the Federal Reserve System are also examined by and submit periodic reports of condition to 

the Federal Reserve authorities. Those participating in Federal deposit 

insurance without becoming members of the Federal Reserve System are 

examined by and submit reports of condition to the Federal Deposit 

Insurance Corporation.

Table 16. A ssets of Ba n k s C lassified A ccording to Supervisory Status and

F ederal D eposit I nsurance Participation, D ecember 28, 1962

Supervisory status 1

All banks

Commercial banks

and trust

companies

Mutual

savings

banks

Total Insured Noninsured Insured Noninsured Insured Noninsured

Assets of banks and trust

companies (in millions)— total.................

Banks of deposit.............

Examined by and reporting to:

Comptroller of the

Currency.....................

$344,282

344,023

161,539

88,143

86,252

8,089

259

100.0%

100.0

100.0

$335,934

335,934

161,539

88,143

86,252

$8,348

8,089

$295,983

295,983

161,539

88,143

46,301

$2,214

1,954

$39,951

39,951

$6,134

6,134

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only.. .

Trust companies not

regularly engaged in

deposit banking..........

8,089

259

2.4%

2.4

100.0

1,954

259

.7%

.7

100.0

39,951

6,134

Percentage in insured and

noninsured banks:

All banks and trust companies .................................

Banks of deposit.................

Trust companies not regularly engaged in deposit

banking..............................

97.6%

97.6

99.3%

99.3

86.7%

86.7

13.3%

13.3

1 See notes to Table 15.

Note: Due to rounding, components may not add to total.

Number of banks classified by supervisory status. At the end of

1962 there were 13,951 banks and trust companies operating in the 

United States (including the States and other areas). Of these, 4,503 or 

32 percent were national banks incorporated under Federal law. National 

banks, and all other banks located in the District of Columbia, seven in 

number, are examined by and report to the Comptroller of the Currency; 

all participate in Federal deposit insurance.

More than two-thirds of the banks and trust companies in the United 

States are subject to examination by, and are required by law to submit 

reports of condition to, State banking authorities. These may be classified into three groups: (1) those that are also examined by and submit

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Federal Reserve Bank of St. Louis
SUPERVISORY STATUS OF BAN K S 47

reports to Federal Reserve authorities and participate in Federal deposit 

insurance, comprising 11 percent of all the banks and trust companies 

in the Nation; (2) other State-chartered banks that participate in Federal deposit insurance and are examined by and submit reports of condition to the Federal Deposit Insurance Corporation, comprising 53 

percent of all banks and trust companies in the entire United States; 

and (3) those that do not participate in Federal deposit insurance and 

are subject to examination and supervision by State banking authorities 

only, comprising less than 4 percent of all banks and trust companies. 

Some of the banks in the last group are unincorporated, and of these some 

are not actually examined by, and some do not submit detailed reports 

of condition to, the State authorities. Two State-chartered trust companies do not fall into the above classifications, as they are members of 

the Federal Reserve System but do not participate in deposit insurance.

The number of banks and trust companies operating on December 31, 

1962, classified by the supervisory authority or authorities to which 

they are subject and by their participation in Federal deposit insurance, 

are shown in Table 15.

Table 17. Deposits of B anks Classified According to Supervisory Status and

Federal Deposit Insurance Participation, December 28, 1962

Supervisory status 1

All banks

Commercial banks

and trust

companies

Mutual

savings

banks

Total Insured

Noninsured Insured

# Noninsured Insured

Noninsured

Deposits of banks and

trust companies (in

millions)— total...........

Banks of deposit.............

Examined by and reporting to:

Comptroller of the

Currency.......................

$304,591

304,497

143,626

76,029

77,893

6,950

94

100.0%

100.0

100.0

$297,548

297,548

143,626

76,029

77,893

$7,044

6,950

$261,444

261,444

143,626

76,029

41,789

$1,616

1,522

$36,104

36,104

$5,427

5,427

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only.. .

Trust companies not

regularly engaged in

deposit banking..........

6,950

94

2.3%

2.3

100.0

1,522

94

.6%

.6

100.0

36,104

5,427

Percentage in insured and

noninsured banks:

All banks and trust companies..................................

Banks of deposit..................

Trust companies not regularly engaged in deposit

banking..............................

97.7%

97.7

99.4%

99.4

86.9%

86.9

13.1%

13.1

1 See notes to Table 15.

Note: Due to rounding, components may not add to total.

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

Assets, deposits, and capital of banks classified according to

supervisory status. Under an agreement between the Bureau of the 

Budget and the three Federal bank supervisory agencies the Federal 

Deposit Insurance Corporation has responsibility for tabulating the 

assets and liabilities of all banks and trust companies in the United 

States, combining the data which banks are required to submit to the 

three agencies, and adding data pertaining to banks and trust companies 

subject to supervision by State authorities only. The Corporation obtains information regarding the latter group of banks primarily from 

the State banking authorities, but in the case of some of the private 

banks receives statements submitted voluntarily by the banks themselves or makes use of statements published in bankers’ directories.

Table 18. Ratios of Capital A ccounts to A ssets of B an ks of Deposit

Classified According to Supervisory Status and Federal Deposit Insurance

Participation, December 28, 1962

Supervisory status 1

All banks of deposit

Commercial banks

and trust

companies

Mutual

savings

banks

Total Insured

Noninsured Insured

^ Noninsured InsuredNoninsured

All banks of deposit...........

Examined by and reporting to:

Comptroller of the

Currency.......................

8.1%

7.9

8.0

8.4

10.9

8.1%

7.9

8.0

8.4

10.9% 8.0%

7.9

8.0

8.4

14.0% 8.4% 9.9%

State authorities and

Federal Reserve banks.

State authorities and

Federal Deposit Insurance Corporation. .

State authorities only 10.9 14.0

8.4

9.9

1 See notes to Table 15.

Table 16 shows the assets, and Table 17 the deposits, of banks and 

trust companies classified by supervisory status and by participation in 

Federal deposit insurance on December 28, 1962.1 Almost 98 percent of 

the assets, and an equal percentage of the deposits, of all banks and 

trust companies were held by banks participating in Federal deposit 

insurance. Of the total assets and deposits, 47 percent were held by banks 

examined by and reporting to the Comptroller of the Currency. State 

banks that are members of the Federal Reserve System held 26 percent 

of the total assets and 25 percent of the deposits. Banks regularly examined by the Federal Deposit Insurance Corporation held 25 percent 

of the assets and 26 percent of the deposits. Two percent of the assets 

and deposits were held by banks and trust companies subject to examination and supervision by State authorities only.

1 The tables do not include data for 29 banks for which the Corporation has been unable to obtain

statements of assets and liabilities. These include 24 unincorporated banks (20 in Georgia, 2 in

Iowa, and 2 in Texas) and 5 branches in New York of banks in foreign countries.

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SUPERVISORY STATUS OF B AN K S 49

Capital ratios. Table 18 shows for December 28, 1962, the ratios of 

total capital accounts to assets for banks of deposit classified by supervisory status and whether they participated in Federal deposit insurance. The ratio for all banks of deposit, and also for all insured banks, 

was 8.1 percent, the same as on December 30, 1961.

B a n k A s s e ts a n d L ia b ilitie s , 1960 t o 1962

Changes in bank assets and liabilities, call-date data. The amounts 

and percentage distributions of the principal items of assets and liabilities of all banks in the United States at the dates of the year-end calls 

in 1960, 1961, and 1962, are shown in Table 19. Percentage changes in 

each of these items during each of the three years are given in Table 20. 

The changes shown for 1962 do not include the last three days of the 

year, because the call date was December 28 instead of the customary 

December 31 (or December 30 if the last day of the year is a Sunday).

Table 1 9 . A m o unts and Percentages of M ajor Categories of A ssets and

L iabilities of A ll Ba n k s in the U nited States (States and Other A reas),

at Y ear-E nd Call D ates, 1960-19621

Asset or liability item

Amount (in millions) Percentage distribution

1962 1961 1960 1962 1961 1960

Assets—total...................................... $344,282 $322,336 $298,933 100.0% 100.0% 100.0%

Cash and funds due from banks. . . 55.070 57,487 53,105 16.0 17.9 17.8

U. S. Government obligations......... 72,682 72,822 67,343 21.1 22.6 22.5

Other securities.................................... 35,063 29,719 26,674 10.2 9.2 8.9

Loans and discounts 2........................ 173,476 154,843 145,255 50.4 48.0 48.6

Other assets.......................................... 7,991 7,466 6,556 2.3 2.3 2.2

Liabilities and capital accounts—

total.............................................. 344,282 322,336 298,933 100.0 100.0 100.0

Deposits—total.................................... 304,591 287,991 266,885 88.5 89.4 89.3

Other liabilities.................................... 11,571 8,049 7,445 3.3 2.5 2.5

Capital accounts— total..................... 28,120 26,296 24,603 8.2 8.1 8.2

Loans—gross total *.......................... 176,407 157,689 147,845 100.0 100.0 100.0

Commercial and industrial............... 49,148 45,538 43,463 27.9 28.9 29.4

Agricultural (except real estate) . . . 7,112 6,263 5,689 4.0 4.0 3.8

For carrying securities....................... 7,346 6,213 5,127 4.2 3.9 3.5

Real estate loans................................. 66,747 59,587 55,741 37.8 37.8 37.7

Other loans to individuals................ 31,033 28.277 26,781 17.6 17.9 18.1

To financial institutions.................... 11,085 8,374 8,102 6.3 5.3 5.5

All other................................................ 3,935 3,436 2,941 2.2 2.2 2.0

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

Business and personal deposits:

304,591 287,991 266,885 100.0 100.0 100.0

Demand 4.......................................... 128,838 130,249 121,991 42.3 45.2 45.7

Time and savings............................

Government deposits:

130,194 115,218 103,383 42.8 40.0 38.8

States and subdivisions................. 18,672 17,843 16,370 6.1 6.2 6.1

United States................................... 7,125 6,254 6,223 2.3 2.2 2.3

Interbank deposits B........................... 19,762 18,427 18,917 6.5 6.4 7.1

1 December 31, 1960, December 30, 1961, December 28, 1962.

2 Net of valuation reserves.

3 Including valuation reserves.

4 Includes certified checks, letters of credit, etc.

5 Includes postal savings deposits.

Note: Due to rounding, components may not add to total.

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50 FEDERAL DEPOSIT INSURANCE CORPORATION

During 1962, to December 28, total assets increased by 6.8 percent, 

compared with increases of 7.8 percent in 1961 and 5.1 percent in 1960, 

both for the entire year. The greatest percentage increases in types of 

assets in 1962 (to December 28) were in securities other than United 

States Government obligations and in loans. Declines occurred in cash 

and funds due from banks, and in United States Government obligations. 

On December 28, 1962, loans amounted to one-half of total assets. There 

was no marked change during 1962 (to December 28) in the distribution 

of loans, although commercial and industrial loans continued to decline 

in relation to total loans.

Table 20, A n n u a l P ercen tag e C h a n g e s in M a jo r C ategories o f A s s e ts and

L ia b ilitie s o f a l l B a n k s in t h e U n ited S ta tes (S ta te s and O th e r A r e a s),

1960-1962

Asset or liability item

Percentage change during—

1962 1961 1960

Assets—total............................................................................. 6 8% 7.8% 5.1%

Cash and funds due from banks............................................... -4 .2 8.3 5.4

U. S. Government obligations................................................... - . 2 8.1 2.2

Other securities............................................................................. 18.0 11.4 2.1

Loans and discounts 1.................................................................. 12.0 6.6 6.5

Other assets.................................................................................... 7.0 13.9 17.6

Loans—gross total 8................................................................ 11.9 6.7 6.5

Commercial and industrial......................................................... 7.9 4.8 7.3

Agricultural (except real estate)............................................... 13.6 10.1 13.1

For carrying securities................................................................. 18.2 21.2 5.1

Real estate loans........................................................................... 12 0 6.9 4.9

Other loans to individuals.......................................................... 9.7 5.6 9.3

To financial institutions.............................................................. 32.4 3.4 -9 .5

All other.......................................................................................... 14.5 16.8 4.6

Deposits—total...................... .................................................. 5.8 7.9 4.5

Business and personal deposits:

Demand *.................................................................................... -1 .1 6.8 1.3

Time and savings...................................................................... 13.0 11.4 5.6

Government deposits \

States and subdivisions........................................................... 4.6 9.0 11.0

13.9 .5 16.3

Interbank deposits 4..................................................................... 7.2 -2 .6 10.5

6.9 6.9 7.1

1 Net of valuation reserves.

8 Including valuation reserves.

* Includes certified checks, letters of credit, etc.

4 Includes postal savings deposits.

Back data: Annual Report for 1961, p. 51.

Total deposits increased in 1962 (to December 28) by 5.8 percent. 

For business and personal deposits the entire gain was in time and savings deposits, with a small decline being reported in demand deposits. 

On December 28, 1962, the time and savings deposits of business firms 

and individuals exceeded their demand deposits. Capital accounts increased by 6.9 percent in 1962, the same rate of growth as in 1961.

Changes in bank deposits during 1962. During the last three days 

of 1962, the deposits of banks that are members of the Federal Reserve

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Federal Reserve Bank of St. Louis
B A N K ASSETS AND LIABILITIES 51

System increased by $5.6 billion, according to reports made in connection 

with reserve computations. This was more than half as large as the increase in their deposits during the 363 days from December 30, 1961, to 

December 28, 1962. Percentagewise, it represented an increase of 2.6 percent in three days compared with 4.7 percent during 363 days. The deposits of banks that are members of the Federal Reserve System comprise more than 70 percent of the deposits of all banks and more than 

80 percent of those of all commercial banks. It is therefore apparent that 

the bank asset and liability data for December 28 fail by a substantial 

degree to show the change that occurred during the calendar year 1962.

Table 21. R eported or E stim a ted B a n k D ep osits, D ecem ber 30, 1961,

D ecem ber 28, 1S62, and D ecem ber 31, 1962

Class of bank and type of deposit

Amounts (in billions)

Dec. 30,

1961

Dec. 28,

1962 2

Dec. 31,

1962*

Percentage change 1

Dec. 30,

1961, to

Dec. 28,

1962

Dec. 28

to

Dec. 31,

1962*

Dec. 30,

1961,to

Dec. 31,

1962

All banks-—total deposits..............

Insured banks....................................

Noninsured banks.............................

All commercial banks—total deposits ..........................................

Insured commercial..........................

Noninsured commercial...................

All mutual savings—total deposits .........................................

Insured mutual..................................

Noninsured mutual..........................

Insured commercial banks:

Total deposits....................................

Demand interbank and “float".

Other deposits...............................

Commercial banks members F.R.

System:

Total deposits....................................

Demand interbank and “float” .

Other deposits...............................

Insured commercial banks not

members F.R. System:

Total deposits....................................

Demand interbank and “float” .

Other deposits...............................

$288.0

281.3

6.7

249.5

247.9

1.6

38.5

33.4

5.1

247.9

39.2

208.7

209.6

38.1

171.5

38.3

1.1

37.2

$304.6

297.5

7.0

263.1

261.4

1.6

41.5

36.1

5.4

261.4

34.7

226.8

219.5

33.7

185.8

42.0

1.0

41.0

$310.8

303.7

7.0

269.2

267.6

1.6

41.5

36.1

5.4

267.6

38.9

228.7

225.1

37.8

187.3

42.5

1.1

41.4

+ 5 .8 %

+ 5.8

+ 5 .4

+ 5 .4

+ 5.5

+ 1.1

+ 7 .9

+8.1

+ 6 .7

+ 5 .5

-1 1 .5

+8.6

+ 4 .7

- 11.6

+ 8 .3

+ 9 .6

- 10.0 

+ 10.2

+2 .0%

+2.1

+ 2 .3

+ 2.4

+ 2 .4

+ 12.4

+ .8

+2.6

+ 12.4

+ .8

+ 1.2 

+ 10.7

+ 1.0

+ 7 .9 %

+8.0

+ 5.4

+ 7 .9

+8.0

+ 1.1

+ 7 .9

+8.1

+ 6 .7

+8.1

-.6

+ 9 .6

+ 7 .4

-.6

+ 9 .2

+ 11.0 

- . 4

+ 11.3

1 All percentages have been computed from (or applied to) amounts in millions of dollars and hence

may differ from percentages computed from amounts in billions.

* For all insured banks figures are as tabulated from call reports dated Dec. 28; for noninsured commercial banks figures are largely Dec. 28, but for about one-fourth of the total are as of Dec. 31; figures

for noninsured mutual savings banks are mostly as of Dec. 31.

* Estimated from percentage changes from Dec. 28 to Dec. 31, derived from sources or assumptions

described in note 4.

4 These percentage changes are derived in four different ways. (1) For banks members of the Federal

Reserve System, percentages for deposits designated as “demand interbank and ‘float’ ” and “other

deposits” are computed from amounts of deposits in these categories reported as of Dec. 28 and Dec.

31 by member banks in connection with compilation of required reserves. (2) For insured commercial

banks not members of the Federal Reserve System, percentages for the same categories of deposits are

estimated on the assumption of changes proportionate to those for member banks on the basis of the

percentages for insured nonmember banks and member banks from Dec. 31, 1961, to Dec. 28, 1962.

(3) For mutual savings banks and noninsured commercial banks, changes to Dec. 31 from those included in the tabulation for Dec. 28 are assumed to have been negligible. (4) Remaining percentages

are derived from amounts as of Dec. 28 and those for Dec. 31 computed in accordance with the preceding percentage*.

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

In Table 21 data regarding deposits submitted by Federal Reserve 

member banks in connection with reserve computations, together with 

other information, have been used to provide estimates of deposits in 

various classes and groups of banks for December 31. These estimates 

are compared with the amounts reported for December 30, 1961, and 

December 28, 1962.

For the calendar year 1962 the estimated rate of growth of deposits 

of all banks was 7.9 percent, with the same rate for all commercial banks 

and for all mutual savings banks separately. For all insured commercial 

banks the estimated rate of growth of deposits was 8.1 percent, for those 

that were members of the Federal Reserve System 7.4 percent, and for 

other insured commercial banks 11 percent. For noninsured commercial 

banks the estimated growth in deposits was 1.1 percent.

The reports made by Federal Reserve member banks in connection 

with computation of their required reserves contain some information 

in addition to that used in preparation of the preceding table. This information, so far as it pertains to balance sheet items that are comparable with those given in the call reports, is shown in Table 22 for the 

two dates, December 28 and December 31, 1962, and compared with 

data from the call reports for December 30, 1961, and December 28, 

1962.

T a b le 2 2 . Selected D eposit an d A sset I t e m s, B a n k s M em bers of t h e F ederal

R eserve Sy s t e m , from C all R eports for D ecem ber 31, 1961, an d D ecem ber 28, 1962, 

and C omparable D ata for D ecem ber 28 an d D ecem ber 31, 1962, from R eports for

R eserve P urposes

(Amounts in millions)

F. R. member commercial banks

call report dates1 All F. R. member banks 3

Deposit or asset item

Dec. 30,

1961

Dec. 28,

1962

Percentage

change

Dec. 28,

1962

Dec. 31,

1962

Percentage

change

Deposit item

Total deposits......................... $209,616 $219,468 4.7% $219,916 $225,606 2.6%

Time deposits— total............. 67,446 80,074 18.7 79,942 80,311 .5

Demand deposits— total. . . . 142,170 139,393 -2 .0 139,974 145,295 3.8

17,195 15,809 - 11.0 15,860 17,651 14.9

U. S. Government............... 5,381 6,086 18.1 6,056 6,888 5.5

119,594 117,998 - 1.8 118,558 121,256 2.8

Asset item

Demand balances due from

domestic banks....................... 8,678 7,702 -1 1 .2 7,802 9,420 20.7

Cash items in process of collection ........................................ 20,880 18,361 -12.1 18,879 20,834 10.4

Currency and coin.................... 2,813 3,263 16.0 3,274 3,485 6.4

Balances with F. R. banks. . . . 16,918 17,680 4.5 18,063 17,454 -3 .4

1 Includes all banks members of the Federal Reserve System except as follows: for December 31,

1961, one trust company not engaged in deposit banking and one mutual savings bank; for December

28, 1962, two trust companies not engaged in deposit banking.

2 From Board of Governors of the Federal Reserve System, compiled from reports submitted by

member banks in connection with computation of required reserves.

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Federal Reserve Bank of St. Louis
RELATIVE POSITION OP BAN K S 53

R e l a t iv e P o sitio n of B a n k s

Entire United States. Data regarding the deposits of the largest commercial banks in comparison with those of all commercial banks, as of 

December 28, 1962, are given in Table 23. Similar information is shown

Table 23. R elative I m portance of t h e L argest C o m m e r c ia l B a n k s , a n d of

B a n k s a n d B a n k G roups, i n t h e U n ited States, D ecem ber 28, 1962

Largest commercial banks 1 Largest commercial banks

and bank groups 2

Size group

Entire

United

States

50 States

and

D. C.

48 States

and

D. C.»

Entire

United

States

50 States

and

D. C.

48 States

and

D. C.4

All com m ercial banks

Number................................................. 13,441 13,428 13,404 13,025 13,012 12,988

Deposits (millions).............................. $263,060 $262,100 $261,052 $263,060 $262,100 $261,052

Largest 100 banks

Percent of number of all commercial banks.......................................... .74% .74% .75% .77% .77% •77%

Deposits (millions).............................. $121,699 $121,319 $121,319 $130,014 $129,634 $129,634

Percent of deposits of all commercial banks.......................................... 46.3% 46.3% 46.5% 49.4% 49.5% 49.7%

Largest 10 banks

Deposits (millions).............................. $54,917 $54,536 $54,536 $57,338 $56,957 $56,957

Percent of deposits of all commercial banks.......................................... 20.9% 20.8% 20.9% 21.8% 21.7% 21.8%

Largest 5 banks

Deposits (millions).............................. $37,073 $36,692 $36,692 $38,508 $38,127 $38,127

Percent of deposits of all commercial banks.......................................... 14.1% 14.0% 14.1% 14.6% 14.5% 14.6%

Largest 3 banks

Deposits (millions).............................. $27,699 $27,319 $27,319 $27,699 $27,319 $27,319

Percent of deposits of all commercial banks.......................................... 10.5% 10.4% 10.5% 10.5% 10.4% 10.5%

Largest bank

Deposits (millions).............................. $11,604 $11,569 $11,569 $11,604 $11,569 $11,569

Percent of deposits of all commercial banks.......................................... 4.4% 4.4% 4.4% 4.4% 4.4% 4.4%

Largest 1 percent o f the banks

Number of banks................................ 134 134 134 130 130 130

Deposits (millions).............................. $131,719 $131,327 $131,217 $139,063 $138,672 $138,579

Percent of deposits of all commercial banks.......................................... 50.1% 50.1% 50.3% 52.9% 52.9% 53.1%

Largest ^ o f 1 percent o f the banks

Number of banks................................ 67 67 67 65 65 65

Deposits (millions).............................. $108,018 $107,637 $107,637 $115,371 $114,991 $114,991

Percent of deposits of all commercial banks.......................................... 41.1% 41.1% 41.2% 43.9% 43.9% 44.0%

Largest 1/10 o f 1 percent o f the 

banks

Number of banks................................ 13 13 13 13 13 13

Deposits (millions).............................. $62,365 $61,984 $61,984 $66,132 $65,752 $65,752

Percent of deposits of all commercial banks.......................................... 23.7% 23.6% 23.7% 25.1% 25.1% 25.2%

1 Comparable with data for 1960 in Table 38, Annual Report of the Federal Deposit Insurance

Corporation for 1960, p. 100.

2 Bank groups include banks that are members of holding companies registered under the Bank

Holding Company Act of 1956, plus one group controlled through common stock ownership (included

for comparability with data for earlier years).

* Comparable with data for selected years, 1920 to 1958, in Table 26, Annual Report of the Federal

Deposit Insurance Corporation for 1960, p. 51.

4 Comparable with data for 1934, 1940, and 1958 in Table 27, Annual Report of the Federal Deposit

Insurance Corporation for 1960, p. 51.

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

for the largest banks and bank groups, computed by treating, statistically, all the banks in a bank group as a bank and branches. The bank 

groups included are those registered under the Bank Holding Company 

Act of 1956, and one additional group controlled through common stock 

ownership.

On December 28, 1962, the largest 100 commercial banks held 46 

percent of the deposits of all commercial banks, approximately the same 

percentage as in 1958 and 1960.

Relative position of banks by States. The relative position of the 

largest commercial banks, and of the largest banks or bank groups, in 

each State is given in Table 24. States are classified into three categories, 

those in which statewide branch banking is prevalent, those with limited 

area branch banking prevalent, and those with unit banking prevalent. 

This classification is based on the status of branch banking and locational requirements as of December 31, 1958.1 Though there have been 

some changes in State legislation regarding branching since that date, 

such changes have not yet resulted in sufficient alteration of the banking 

structure in the respective States to make the classification inapplicable 

to the present time.

As in earlier years, there is a substantially greater degree of concentration of deposits of commercial banks (in the largest bank, the largest 

three banks, and the largest five banks) in States with statewide branch 

banking prevalent than in States with unit banking prevalent, while 

States with limited area branch banking prevalent occupy an intermediate position. In the majority of the States there has been a slight decrease 

since 1960 in the concentration of deposits in the largest banks. In 33 

States the percentage of deposits held by the largest bank, and in 29 

States the percentage held by the largest five banks, was smaller in 1962 

than in 1960.

In States in which two or more banks are controlled by a holding company (or companies), tabulations have been made treating the banks in 

each such group as a bank and branches in that State. The concentration 

of deposits in the largest bank or bank group, or in the largest three or 

largest five banks or bank groups, may be greater than in the largest 

bank or banks. This is particularly true in the States in which unit 

banking is prevalent, because bank holding companies are most active 

in States where branches are prohibited or highly restricted. However, 

for the 18 States with unit banking prevalent the range in proportion of 

deposits held by the largest bank or bank group is from 30.3 percent to

5.7 percent, compared with a range of 70.1 percent to 10.9 percent in the 

16 States with statewide branch banking.

1 For more details regarding the classification, see Table 23 of the Annual Report for 1960, p. 45.

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Federal Reserve Bank of St. Louis
RELATIVE POSITION OF BANKS 55

Table 2 4 . R elative I mportance of th e L argest C ommercial Ba n k s, and the

Largest Ba n k s or Ba n k G roups, in E ach State, D ecember 28, 1962

Percentage of deposits of all

commercial banks in— 2

Percentage of deposits of all

commercial banks in— »

State1

Largest

bank

Largest

three

banks

Largest

five

banks

Largest

bank

or

bank

group

Largest

three

banks

or bank

groups

Largest

five

banks

or bank

groups

16 States with statewide

branch banking prevalent

Nevada.................................. 59.0 82.2 96.2 70.1 91.9 98.8

Rhode Island....................... 52.1 89.5 95.8 52.1 89.5 95.8

Arizona................................. 45.7 83.6 95.6 45.7 90.6 94.6

Delaware.............................. 43.4 77.9 91.7 43.4 77.9 91.7

Oregon.................................. 42.5 85.8 87.8 42.5 85.8 87.8

Hawaii.................................. 42.5 84.2 93.5 42.5 84.2 93.5

California.............................. 39.9 63.3 78.7 39.9 63.4 80.7

Idaho .................................. 35.2 75.0 84.6 35.2 75.0 84.6

Washington.......................... 34.7 61.9 74.0 34.7 61.9 74.1

Utah...................................... 31.4 63.6 74.5 32.5 64.7 75.6

Alaska................................... 28.2 64.9 81.6 28.2 64.9 81.6

South Carolina.................... 23.3 42.8 52.0 23.3 42.8 52.0

North Carolina................... 22.2 47.3 59.7 22.2 47.3 59.7

Maryland............................. 20.2 45.6 62.7 20.2 45.6 62.7

Connecticut......................... 17.5 42.1 55.6 17.5 42.1 55.6

Vermont................................ 10.9 29.0 41.8 10.9 29.0 41.8

16 States with limited area

branch banking prevalent

Massachusetts..................... 27.0 43.3 52.3 27.0 47.8 62.4

Michigan.............................. 21.0 39.7 49.9 21.0 39.7 49.9

Georgia................................. 17.4 40.1 48.3 20.1 47.1 55.3

New Mexico......................... 17.2 36.6 44.8 17.2 43.1 53.0

New York............................ 16.6 41.2 57.4 16.6 41.2 57.4

Alabama............................... 16.6 29.3 38.7 16.6 29.3 38.7

Louisiana.............................. 14.8 28.9 38.2 14.8 28.9 38.2

Maine .................................. 14.1 34.7 48.7 14.1 34.7 48.7

Pennsylvania....................... 13.7 27.6 38.4 13.7 27.6 38.4

Mississippi............................ 11.7 24.6 28.6 11.7 24.6 28.6

Ohio .................................... 11.7 24.3 31.7 11.7 24.6 33.9

Kentucky.............................. 11.1 27.4 34.9 11.1 28.1 35.6

Tennessee............................. 11.0 29.1 41.0 11.0 29.1 41.0

Virginia................................. 9.3 21.0 28.6 9.3 21.0 28.6

Indiana.................................. 9.2 23.0 28.6 9.2 23.0 28.6

New Jersey.......................... 6.3 16.5 23.0 6.3 16.5 23.0

18 States with unit banking

prevalent

Illinois................................... 16.7 38.2 45.0 16.7 38.2 45.0

Colorado......................... 15.2 36.8 45.9 15.2 36.8 47.4

Wisconsin............................. 15.0 24.4 27.5 19.0 32.4 34.8

Nebraska.............................. 14.0 26.3 36.0 14.0 29.5 39.2

North Dakota..................... 11.2 18.6 24.8 16.4 43.4 55.3

Minnesota............................ 12.3 31.8 36.0 30.0 58.7 63.6

Wyoming.............................. 10.6 27.9 38.0 16.2 34.3 43.2

Oklahoma............................. 10.2 29.3 39.2 10.2 29.3 39.2

Missouri................................ 9.6 25.7 34.3 9.6 25.7 34.3

South Dakota..................... 8.7 22.2 33.1 23.8 39.4 45.5

Texas..................................... 7.9 20.3 27.3 7.9 20.3 27.3

Florida.................................. 6.7 13.6 18.3 11.0 24.2 28.8

Kansas.................................. 6.6 13.5 18.3 6.6 13.5 18.3

Arkansas............................... 6.0 15.8 21.8 6.0 15.8 21.8

New Hampshire.................. 5.7 16.8 26.2 13.0 24.4 34.3

West Virginia...................... 5.7 15.8 21.3 5.7 15.8 21.3

Montana............................... 5.4 15.3 23.3 30.3 48.7 57.3

Iowa...................................... 4.2 11.2 16.5 6.2 13.1 18.5

1 Classification of States by prevalent type of bank organization as of December 31, 1958, described

in Table 23 of the Annual Report of the Federal Deposit Insurance Corporation for 1960, p. 45.

2 Comparable with data for banks for selected years, 1920 to 1960, in Table 28 and last three columns

of Table 39, Annual Report of the Federal Deposit Insurance Corporation for 1960, pp. 54-55 and 101.

3 Comparable with data for banks or bank groups for selected years, 1920 to 1958, in Table 28,

Annual Report of the Federal Deposit Insurance Corporation for 1960, pp. 54-55. Figures for bank

groups are the deposits of banks in each State controlled by a holding company registered under the

Bank Holding Company Act of 1956, plus one group controlled through common stock ownership

included for comparability with data for earlier years, treated for each case as though they were a bank

and branches in the State.

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Federal Reserve Bank of St. Louis
T able 2 5 . R elative I mportance op th e L argest Ba n k s, and of the L argest Ba n k s and Ba n k G roups, in the P rincipal C ounty (or C ounties)

in 65 M etropolitan A reas, Ju ne 3 0,19621

Principal county or counties

in metropolitan area

Total

deposits

in all

commercial

banks

(thousands

of

dollars)2

Percentage of deposits of all

commercial banks in— *

Percentage of deposits of all

commercial banks in— 4

Largest

bank

Largest

three

banks

Largest

five

banks

Largest

bank or

bank

group

Largest

three

banks or

bank groups

Largest

five banks

or bank

groups

13 metropolitan areas in States with statewide branch banking prevalent

Sacramento: Sacramento County, California............................................................................ $827,809 48.8% 88.6% 94.8% 48.8% 88.6% 95.1%

Phoenix: Maricopa County, Arizona........................................................................................... 955,246 49.6 92.7 98.0 49.6 93.3 98.6

Providence: Bristol, Kent and Providence Counties, Rhode Island.................................. 839,207 54.1 93.4 99.2 54.1 93.4 99.2

San Jose: Santa Clara County, California................................................................................. 981,597 41.7 77.9 94.0 41.7 77.9 94.8

Honolulu: Honolulu County, Hawaii.......................................................................................... 700,492 40.6 82.8 93.2 40.6 82.8 93.2

San Diego: San Diego County, California................................................................................. 1,045,687 41.5 86.1 97.8 41.5 86.1 97.8

Hartford: Hartford County, Connecticut.................................................................................. 860,898 39.3 82.3 88.7 39.3 82.3 88.7

Portland: Clackamas and Multnomah Counties, Oregon..................................................... 1,106,485 40.7 89.9 94.5 40.7 89.9 94.5

Los Angeles: Los Angeles County, California.......................................................................... 10,426,031 35.1 74.6 89.1 35.1 76.9 91.4

Seattle: King County, Washington............................................................................................. 1,427,303 38.4 72.4 89.7 38.4 72.4 89.7

San Bernardino: Riverside and San Bernardino Counties, California............................... 746,402 41.7 86.8 93.7 41.7 86.8 94.5

San Francisco: Alameda and San Francisco Counties, California...................................... 7,130,495 40.6 78.7 88.8 40.6 78.7 90.6

Baltimore: Baltimore City and Baltimore County, Maryland............................................ 1,412,606 30.4 72.5 97.2 30.4 72.5 97.2

34 metropolitan areas in States with limited area branch banking prevalent

Birmingham: Jefferson County, Alabama................................................................................. 638,163 58.7 92.5 99.2 58.7 92.5 99.2

Toledo: Lucas County, Ohio......................................................................................................... 575,064 51.9 88.4 96.6 51.9 88.4 96.6

Dayton: Montgomery County, Ohio........................................................................................... 458,378 51.0 89.2 93.8 51.0 89.2 93.8

Pittsburgh: Allegheny County, Pennsylvania.......................................................................... 3,294,909 52.7 83.3 91.3 52.7 83.3 91.3

Boston: Suffolk County, Massachusetts..................................................................................... 3,059,718 50.6 82.5 95.4 50.6 82.5 95.4

Knoxville: Knox County, Tennessee........................................................................................... 288,508 48.0 87.9 100.0 48.0 87.9 100.0

Columbus: Franklin County, Ohio.............................................................................................. 923,011 48.1 87.3 91.6 52.3 91.6 94.8

Norfolk: Norfolk City, Portsmouth City and Norfolk County, Virginia......................... 351,290 49.6 77.2 91.0 49.6 77.2 91.0

Akron: Summit County, Ohio...................................................................................................... 563,105 46.4 88.5 98.3 46.4 88.5 98.3

Memphis: Shelby County, Tennessee......................................................................................... 868,832 41.8 92.5 96.9 41.8 92.5 96.9

Rochester: Monroe County, New York..................................................................................... 796,130 43.0 86.5 99.5 43.0 86.5 99.5

Detroit: Wayne County, Michigan............................................................................................. 4,873,964 40.9 75.6 88.3 40.9 75.6 88.3

New Orleans: Orleans County, Louisiana.................................................................................. 1,114,919 40.6 80.0 99.2 40.6 80.0 99.2

Nashville: Davidson County, Tennessee................................................................................... 733,543 41.3 92.1 98.8 41.3 92.1 98.8

Indianapolis: Marion County, Indiana...................................................................................... 1,224,060 40.3 96.4 99.6 40.3 96.4 99.6

Cleveland: Cuyahoga County, Ohio........................................................................................... 3,629,212 37.0 76.9 98.0 37.0 76.9 98.0

Buffalo: Erie and Niagara Counties, New York...................................................................... 1,517,190 49.0 93.1 97.0 49.0 93.1 97.0 Gary: Lake County, Indiana........................................................................................................ 397,845 34.4 60.1 76.1 34.4 60.1 76.1

Washington: District of Columbia............................................................................................... 1,693,977 32.5 75.0 88.8 32.5 75.0 88.8

Syracuse: Onondaga County, New York................................................................................... 536,437 33.8 76.8 98.9 33.8 76.8 98.9

FEDERAL DEPOSIT INSURANCE CORPORATION

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Richmond: Richmond City and Henrico County, Virginia...........................................

Albany: Albany, Rensselaer and Schenectady Counties, New York...........................

Cincinnati: Hamilton County, Ohio.....................................................................................

Springfield: Hampden County, Massachusetts.................................................................

Atlanta: Fulton and DeKalb Counties, Georgia...............................................................

Louisville: Jefferson County, Kentucky..............................................................................

Jersey City: Hudson County, New Jersey.........................................................................

Philadelphia: Philadelphia County, Pennsylvania...........................................................

Youngstown: Mahoning and Trumbul Counties, Ohio...................................................

Newark: Essex and Union Counties, New Jersey.............................................................

New York: Bronx, Kings, New York, Queens and Richmond Counties, New York.

Wilkes Barre: Luzerne County, Pennsylvania...................................................................

Paterson: Bergen and Passaic Counties, New Jersey.......................................................

Allentown: Lehigh and Northampton Counties, Pennsylvania.....................................

18 metropolitan areas in States with unit banking prevalent

Omaha: Douglas County, Nebraska....................................................................................

Milwaukee: Milwaukee County, Wisconsin.......................................................................

Wheeling: Ohio County, West Virginia..............................................................................

Tulsa: Tulsa County, Oklahoma..........................................................................................

Oklahoma City: Oklahoma County, Oklahoma................................................................

Fort Worth: Tarrant County, Texas...................................................................................

Dallas: Dallas County, Texas................................................................................................

Charleston: Kanawha County, West Virginia...................................................................

Jacksonville: Duval County, Florida...................................................................................

Kansas City: Clay and Jackson Counties, Missouri........................................................

Denver: Denver County, Colorado......................................................................................

Houston: Harris County, Texas............................................................................................

Miami: Dade County, Florida...............................................................................................

San Antonio: Bexar County, Texas......................................................................................

Minneapolis: Hennepin and Ramsey Counties, Minnesota............................................

St. Louis: St. Louis City and St. Louis County, Missouri.............................................

Chicago: Cook County, Illinois.............................................................................................

Tampa: Hillsboro and Pinellas Counties, Florida............................................................

718,684 33.1 78.1 94.8 33.1 78.1 94.8

978,769 34.2 69.5 82.6 34.2 69.5 82.6

1,260,064 31.9 83.7 97.1 31.9 83.7 97.1

331,948 33.5 84.9 94.8 33.5 84.9 94.8

1,392,043 32.5 74.8 91.6 32.5 76.7 93.5

825,372 30.7 76.2 91.8 30.7 78.7 94.3

818,382 28.7 67.6 94.1 28.7 67.6 94.1

4,083,487 26.0 62.0 83.1 26.0 62.0 83.1

473,973 24.4 59.8 84.5 24.4 59.8 84.5

2,251,612 21.9 56.4 66.5 21.9 56.4 66.5

36,936,877 21.0 53.3 74.1 21.0 53.3 74.1

429,556 18.6 41.7 52.7 18.6 41.7 52.7

1,648,756 16.6 41.5 52.6 16.6 41.5 52.6

614,903 20.1 44.8 63.5 20.1 44.8 63.5

577,078 43.2 80.1 87.3 43.2 85.8 91.1

1,679,892 40.6 66.8 72.8 41.3 76.5 81.6

95,371 38.1 83.1 96.3 38.1 83.1 96.3

700,554 38.8 79.0 85.9 38.8 79.0 85.9

765,887 38.4 72.1 81.1 38.4 72.1 81.1

853,067 33.9 76.1 80.2 37.8 80.0 83.9

2,899,552 35.7 78.6 83.7 35.7 78.6 83.7

267,026 30.9 69.9 83.4 30.9 69.9 83.4

639,926 30.4 74.9 82.8 35.6 83.2 91.1

1,612,507 27.6 61.3 67.3 27.6 61.3 67.3

1,193,821 27.6 68.0 84.2 27.6 68.0 84.2

2,725,564 27.9 59.3 71.5 27.9 59.3 71.5

1,248,081 29.4 42.6 51.7 29.4 44.4 53.6

765,266 28.1 64.3 74.9 28.1 64.3 74.9

2,285,596 23.0 61.6 69.6 46.3 85.1 90.9

2,843,078 21.9 49.7 57.7 21.9 49.7 60.8

13,372,828 22.8 52.6 62.1 22.8 52.6 62.1

942,366 12.7 35.7 50.9 12.7 35.7 50.9

1 Principal counties in 60 standard metropolitan areas as defined by the Bureau of the Budget, with population of 400,000 or more on April 1, 1960, and in 5 other areas included

m Tables 29 and 40 of the Annual Report of the Corporation for 1960, except that in Connecticut, Massachusetts, and Rhode Island (where standard metropolitan areas are defined

m terms of cities and towns) they are counties with the majority of the population within standard metropolitan areas.

2 Deposits of all commercial banks in county (or counties). These figures are as published by the Board of Governors of the Federal Reserve System in "Distribution of Bank

b e*10tS ky ^ oun^ es anc* Standard Metropolitan Areas, June 30, 1962” (in the case of counties with mutual savings banks, deposits in all banks minus deposits in mutual savings

3 Comparable with data for June 15, I960, in Table 40 of the Annual Report of the Corporation for 1960, pp. 102-03.

4 A bank group includes banks that are members of a holding company registered under the Bank Holding Comoam

stock ownership. : a holding company registered under the Bank Holding Company Act of 1956, or (in one case) controlled through c

<1RELATIVE POSITION OF BANKS

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58 FEDERAL DEPOSIT INSURANCE CORPORATION

Relative position of banks in metropolitan areas. Table 25 shows 

the percentage of deposits in the largest bank, the largest three banks, 

and the largest five banks, and corresponding percentages for banks or 

bank groups, for 65 of the most populous metropolitan areas of the Nation, with the States in which they are located grouped according to the 

categories used in the preceding table. These percentages are for June 30, 

1962, since the mid-year date, in alternate years, is the only date for 

which the information is collected regarding the deposits held by each 

bank in each county in the United States.

In comparison with 1960, the percentage of deposits held by the 

largest bank decreased slightly in 39 of the metropolitan areas, remained 

the same in 2 areas, and increased in 24 areas. However, the percentage 

of deposits in the largest five banks decreased in 27 areas, remained the 

same in 3 areas, and increased in 35 areas.

N u m b e r a n d D ist r ib u t io n of B a n k in g O ffic es

Changes in number of banks and branches. The number of banking offices increased in each of the last 20 years. During that period, there 

was an increase from 18,650 to 27,029 in the number of offices, a gain of 

8,379, or 45 percent. The increase of 1,027 in 1962 was the greatest annual 

gain in the period.

The number of banks declined during each of the past 15 years, from 

14,763 at the end of 1947 to 13,951 at the end of 1962, a total reduction 

of 812 in that period. The decline was due largely to the fact that in most 

years the number of banks absorbed by other banks exceeded the number of new banks opening. However, more than four-fifths of the absorbed banks were continued in operation as branches of the absorbing 

banks. In addition, 7,324 new branches opened during the 15 years, so 

that the increase in number of branches far exceeded the decline in number of banks.

An analysis of the changes in numbers of banks and branches during 

the years 1960, 1961, and 1962 is given in Table 26.

Location of banking offices by size of center. Table 27 gives a distribution of the offices of commercial banks in the continental United 

States (48 States and the District of Columbia) as of June 30, 1962, according to the population of the center in which the office is located and 

the number of offices in the center. In this tabulation each metropolitan 

area rather than each city or town in such metropolitan area is considered a single center.1 The tabulation excludes “ facilities” at military or 

other Federal Government establishments and offices of trust companies 

not regularly engaged in deposit banking.

1 A similar tabulation as of June 30, 1958, was published in the Annual Report of the Corporation

for 1960, Table 25, p. 48.

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Table 26. A n a ly sis of C hanges in Number op B an ks and B ranches in th e U nited States (States and O th er Areas) D uring th e Years

1960, 1961, and 19621

Type of office and change

1962 1961 1960

All

banks

Commercial

banks and

trust

companies

Mutual

savings

banks

All

banks

Commercial

banks and

trust

companies

Mutual

savings

banks

All J

banks

I Commercial

banks and

trust

companies

Mutual

savings

banks

ALL B A N K IN G OFFICES

Number, December 31...................................................... 27,029 25,930 1,099 26,002 24,943 1,059 25,105 24,103 1,002

Net change during year........................................... + 1,027 +987 + 40 +897 +840 + 57 +863 +827 +36

BAN K S

Number, December 31...................................................... 13,951 13,439 512 13,959 13,444 515 13,999 13,484 515

Net change during year........................................... - 8 - 5 - 3 —40 —40 —5 —2 —3

Banks beginning operations......................................... 181 181 110 109 1 126 126

New banks opened..................................................... 179 179 109 108 1 125 125

Suspended banks reopened....................................... 2 2 1 1 1 1

Banks ceasing operations.............................................. 191 188 3 154 153 1 138 135 3

Absorbed....................................................................... 183 180 3 138 137 1 132 129 3

Suspended..................................................................... 3 3 9 9 2 2

Other liquidations *.................................................... 5 5 7 7 4 4

Other or unclassified changes— net............................ + 2 + 2 + 4 + 4 + 7 + 7

BRANCHES »

Number, December 31....................................................... 13,078 12,491 587 12,043 11,499 544 11,106 10,619 487

Net change during year............................................ + 1,035 +992 + 43 +937 +880 + 5 7 +868 +829 +39

Branches beginning operations.................................... 1,067 1,020 47 985 926 59 925 884 41

Succeeded absorbed banks....................................... 169 166 3 126 125 1 113 111 2

Other new branches................................................... 898 854 44 859 801 58 812 773 39

Branches discontinued................................................... 51 47 4 —61 —59 —2 —60 —60

Other or unclassified changes— net............................ + 19 + 19 + 13 + 13 + 3 + 5 - 2

1 Excludes changes not affecting number of banks or branches of commercial banks and trust companies or of mutual savings banks.

2 Includes 1 bank in 1961 and 1 in 1962 which ceased banking operations but now engage in other business.

* Includes facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation.

Back data: Annual Report for 1960, p. 33. Detailed data (including changes referred to in note 1): Table 102, pp. 106-107. CDNUMBER AND DISTRIBUTION OF BANKING OFFICES

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6 0 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 27. N u m b e r of O perating O ffices of C o m m e r c ia l B a n k s i n t h e

C o n t in e n t a l U n ited S tates, Ju n e 30, 1962

GROUPED BY NUMBER OF COMMERCIAL BANKING OFFICES

AND POPULATION OF CENTER IN W H IC H LOCATED

Population of center

or metropolitan area

All

offices1

Offices in centers or metropolitan areas with—

1

office

2

offices

3

offices

4

offices

5

offices

6

offices

7 or 8

offices

9 to 19

offices

20 or

more

offices

7,745

667

3,774

3,064

236

4

3,242

2

136

1,722

1,348

34

1,197 608 390 234 365 943 10,280

3

153

903

138

20

460

128

5

195

175

15

108

114

12

58

243

64

45

276

622 2,667

4,112

3,501

All banking offices 1..........

In centers or metropolitan areas with

population of—

Less than 250.................

250 to 1,000....................

1.000 to 5,000.................

5.000 to 25,000...............

25.000 to 100,000...........

100.000 to 500,000........

500.000 to 2,500,000... .

2.500.000 or more..........

25,004

669

3,913

4,964

3,353

1,112

3,380

4,112

3,501

1 Excludes trust companies not regularly engaged in deposit banking and “facilities” at military or

other Federal Government establishments.

During the four years subsequent to June 30,1958, the number of commercial banking offices in continental United States increased by approximately 15 percent. Over three-fourths of the additional offices were in 

places of more than 100,000 population which already had 20 or more 

banking offices. However, there was also an increase in the number of 

centers with only one office, including an increase from 192 to 240 in 

places with a population of more than 5,000 in which there is only one 

commercial banking office. The change is probably due primarily to the 

growth in population of places in which offices are located, since the data 

for 1958 are based upon population figures as of 1950 while those for 1962 

relate to population figures as of 1960.

Table 28 gives a distribution of commercial banking offices, and of 

banks and branches separately, on June 30, 1962, according to metropolitan area counties and other counties in States classified according 

to the prevalent status of branch banking. Banking offices have increased 

much more rapidly in the metropolitan area counties than in other counties, having increased during the four-year period by 22 percent in the 

metropolitan area counties and by only 8 percent in other counties. 

However, the population of metropolitan area counties has also increased 

more rapidly than that of other counties. In 1960 the metropolitan areas 

included 63 percent of the total population of the continental United 

States, but those areas have less than one-half of the total number of 

banking offices.

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N U M BER AND DISTRIBUTION OF BA N K IN G OFFICES 61

Table 28. Commercial B an kin g O ffices, B anks, and Branches, June 30, 1962,

in States Grouped According to th e Status of B ranch B anking at th e End of

1958, by M etropolitan and O th er Areas 1

Status of branch banking and

Number,

June 30, 1962

Change from

June 30, 1958

type of area

Offices Banks Branches Offices Banks Branches

Continental United States-—total............ 24,705 13,350 11,355 2,969 -1 3 3 3,102

Metropolitan area counties 2................. 10,613 3,178 7,435 1,936 -2 3 1,959

Other counties........................................... 14,092 10,172 3,920 1,033 -1 1 0 1,143

States with statewide branch banking:3

9 States without locational limitations:

Metropolitan area counties....................... 2,284 191 2,093 535 -1 1 546

Other counties.............................................. 1,592 468 1,124 248 -5 5 303

5 States with some locational limitations:

Metropolitan area counties....................... 563 107 456 128 -1 3 141

Other counties.............................................. 627 177 450 66 - 5 71

States with limited area branch banking prevalent s 8

9 States with countywide branch banking

prevalent:

Metropolitan area counties....................... 3,056 738 2,318 518 -5 8 576

Other counties.............................................. 2,889 1,941 948 317 -5 2 369

7 States and D.C. with other limited area

branch banking prevalent: 4

Metropolitan area counties............... 3,071 653 2,418

897

508 -1 0 9 617

Other counties.............................................. 2,479 1,582 196 -8 4 280

States with unit banking prevalent

throughout the States 3

7 States with limited branch banking: 6

Metropolitan area counties....................... 447 345 102 66 25 41

Other area counties..................................... 2,900 2,438 462 82 - 3 85

11 States without branch banking: 8

Metropolitan area counties....................... 1,192 1,144 48 181 143 38

Other area counties..................................... 3,605 3,566 39 124 89 35

1 Excluding trust companies not regularly engaged in deposit banking and “facilities” at Federal

Government establishments.

2 Includes all metropolitan areas in continental United States as defined by the Bureau of the

Budget, January 15, 1957, except that in States where metropolitan areas are defined in terms of cities

and towns (Connecticut, Maine, Massachusetts, New Hampshire, and Rhode Island), counties with the

majority of their population in the metropolitan portions are included in lieu of the specified cities and

towns. Metropolitan area counties include the District of Columbia and 295 counties and independent

cities out of 3,102 counties and independent cities in continental United States. The 1957 definition is

used for the June 30, 1962, data to provide comparability with data for June 30, 1958, published in Table

24 in the Annual Report of the Federal Deposit Insurance Corporation for 1960, p. 46.

8 For the States in each group see Table 23 in the Annual Report of the Corporation for 1960, p. 45.

4 For the branch banking areas see note 6 to Table 23 in the Annual Report of the Corporation for

1960, p. 45.

6 For the type of branches permitted see note 7 to Table 23 in the Annual Report of the Corporation for 1960, p. 45.

6 See note 8 to Table 23 in the Annual Report of the Corporation for 1960, p. 45.

I n c o m e of I n su r ed B a n k s

Income in 1962. The total income of commercial and mutual savings 

banks insured by the Corporation amounted to $14,547 million in 1962, 

an increase of 7.9 percent over 1961. The percentage increase in income 

was somewhat less than the estimated growth in assets, which was more 

than 8 percent. Approximately seven-eighths of the income of insured 

banks was received by commercial banks.

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62 FEDERAL DEPOSIT INSURANCE CORPORATION

Income of insured commercial banks. During the year 1962 the 

insured commercial banks received income of $12,686 million. This was

7.7 percent greater than in .1961, and 12.3 percent greater than in 1960.

Table 29 shows the amounts, and Table 30 the percentage distribution, 

of the principal items of income of insured commercial banks during the 

years 1960, 1961, and 1962.

In 1962 there was little change in proportions of total income derived 

from the major sources. Three-fifths of total income was received from 

loans, and one-sixth came from interest on obligations of the United 

States Government. Salaries and wages again absorbed about one-fourth 

of income, while interest on deposits required 22.4 percent of income 

in 1962 compared with 17.9 percent in the preceding year. Maximum 

interest rates which insured commercial banks are permitted by regulation to pay on time and savings accounts was raised effective January 1, 

1962. As a result, many banks paid higher rates during the year, and 

this, together with increases in time and savings deposits which made 

them 18.6 percent higher at the close of 1962 than a year earlier, resulted 

in a 35 percent increase in the amount of interest paid on deposits.

Additions to capital accounts from earnings in 1962 amounted to 8.4 

percent of total income, compared with 9.3 percent in 1961 and 10.4 percent in 1960. The ratio of capital accounts to assets of insured commercial banks was 8.0 percent at the close of 1962, the same as in 1961 and 

slightly below the 8.1 percent at the end of 1960.

T a b le 29. S ources a n d D ispo sitio n of T otal I n c o m e , I nsured C o m m e r c ia l

B a n k s i n t h e U nited S tates (S tates a n d O th er A reas), 1960-1962

Amounts (in millions)

Income

1962 1961 1960

Total incom e................................................................................................ $12,686 $11,778 $11,299

Sources

Loans............................................................................................................ 7,718

2,093

7,009

1,902

6,807

U. S. Government obligations................................................................ 1,791

Other securities.......................................................................................... 759 629 579

Service charges on deposits..................................................................... 681 630 590

Other current income............................................................................... 968 900 957

Recoveries, etc.1........................................................................................ 467 708 575

Disposition

Salaries and wages..................................................................................... 3,074 2,899 2,798

Interest on deposits................................................................................... 2,845 2,107 1,785

Other current expenses............................................................................ 2,670 2,435 2,350

Charge-offs, etc. *....................................................................................... 837 935 979

Income taxes............................................................................................... 1,256 1,406 1,384

Dividends to stockholders *.................................................................... 941 895 832

Additions to capital accounts................................................................. 1,063 1,101 1,171

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

1 Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers

to valuation reserve accounts.

* Includes interest on capital notes and debentures.

Note: Due to rounding, components may not add to total.

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INCOM E OF INSURED B AN K S 63

Table 30. P ercen tag e D istr ib u tio n o f Sources and D isp o sitio n o f T o ta l

In co m e, In su red C o m m ercial B a n k s in t h e U n ite d S ta tes (S ta te s and O th e r

A reas), 1960-1962

Percent of total

Income

1962 1961 1960

Total incom e............................................................................................... 100.0% 100.0% 100.0%

Sources

Loans............................................................................................................ 60.8 59.5 60.2

U. S. Government obligations................................................................ 16.5 16.2 15.9

Other securities.......................................................................................... 6.0 5.3 5.1

Service charges on deposits.................................................................... 5.4 5.4 5.2

Other current income............................................................................... 7.6 7.6 8.5

Recoveries, etc.1........................................................................................ 3.7 6.0 5.1

Disposition

Salaries and wages.................................................................................... 24.2 24.6 24.8

Interest on deposits.................................................................................. 22.4 17.9 15.8

Other current expenses............................................................................ 21.0 20.7 20.8

Charge-offs, etc.2....................................................................................... 6.6 7.9 8.6

Income taxes............................................................................................... 10.0 11.9 12.2

Dividends to stockholders *.................................................................... 7.4 7.6 7.4

Additions to capital accounts................................................................ 8.4 9.4 10.4

1 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

* Losses and other charge-offs (except those charged to valuation reserve accounts), and transfers

to valuation reserve accounts.

* Includes interest on capital notes and debentures.

Table 31 shows selected operating ratios of insured commercial banks 

in the years 1960, 1961, and 1962. The average rates of income on loans 

and securities increased in 1962, with the ratio of service charges to 

demand deposits also slightly higher. Among items of expense, the average rate of interest paid on time and savings deposits increased considerably, and the ratio of current operating expenses to current earnings also rose. Ratios which declined in 1962 were income taxes to net 

profits, net current operating earnings to total assets, net profits after 

taxes to total capital, and dividends to total capital.

Table 31. S elected O perating R a tio s o f In su re d C om m ercial B a n k s in t h e

U n ite d S ta te s (S ta te s and O th e r A re a s), 1960-1962

Item 1962 1961 1960

Average rate of income on loans............................................................... 6.04%

3.24

5.94%

3.08

5.96%

Average rate of income on U. S. Government obligations................. 3.10

Average rate of income on other securities............................................. 2.95 2.90 2.88

Ratio of service charges to demand deposits......................................... .44 .43 .39

Average interest paid on time and savings deposits............................. 3.18 2.71 2.56

Current operating expenses to current earnings.................................. 70.29 67.22

41.33

64.65

.................................. 38.53 40.87Income taxes to net profits before income taxes

Net current operating earnings to total assets....................................... 1.32 1.43 1.54

Net profits after taxes to total capital accounts.................................... 8.83 9.37 10.03

Dividends to total capital accounts.......................................................... 4.15 4.20 4.16

More than three-fourths of the insured commercial banks in the 

United States have deposits of less than $10 million. However, these

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64 FEDERAL DEPOSIT INSURANCE CORPORATION

banks had less than one-fifth of the total employees and held less than 

one-sixth of total assets. As is shown in Table 32, banks with deposits 

of $500 million or more had one-third of the total employees and more 

than two-fifths of the assets, net current operating earnings, and net 

profits after taxes.

Income of insured mutual savings banks. Total income of insured 

mutual savings banks in 1962 amounted to $1,861 million, 8.9 percent 

higher than in the preceding year and 16 percent greater than in 1960. 

The increase in income during 1962 was derived from a gain of 12.6 

percent in income from loans. There was little change in the amounts 

of income received from other sources, except for a decline in recoveries, 

profits on assets sold, and transfers from valuation reserves.

In 1962 insured mutual savings banks received 73.4 percent of their 

income from loans. This was slightly higher than the 71 percent received 

from this source in 1961. About 98 percent of the loans of these banks 

are secured by real estate. The volume of this type of loan held by insured mutual savings banks was 10.9 percent greater at the close of 

1962 than a year earlier. This compares with increases in total loans 

of 11.5 percent, and in total assets of 7.8 percent.

Table 33 shows the amounts, and Table 34 the percentage distributions, of the principal items of income for insured mutual savings banks 

in the years 1960, 1961, and 1962.

The amount of dividends and interest on deposits was 16.2 percent 

greater in 1962 than in 1961. The increase reflected higher rates paid as 

well as a larger volume of deposits. Additions to surplus accounts in 1962 

were about four-fifths as great as in 1961. This, together with an increase of 7.8 percent in total assets, resulted in a decline in the ratio of 

surplus accounts to assets to 8.4 percent on December 28, 1962, compared 

with a ratio of 8.6 percent at the close of 1961.

Table 32. D istribu tio n of I nsu red C o m m e r c ia l B a n k s b y D eposit Size of

B a n k , and P ercentages of Selected B a n k in g T otals i n E ach Size G roup, 1962

Size of group

Number

of banks

(Dec. 31)

Number of

employees

(Dec. 31)

Assets

(Dec. 28)

Net

current

operating

earnings

Net

profits

after taxes

All banks........................................................... 100.0% 100.0% 100.0% 100.0% 100.0%

Banks with deposits of—

Less than $1,000,000........................................ 6.4 0.5 0.2 0.2 0.3

$1,000,000 to $2,000,000................................. 17.3 2.0 1.3 1.3 1.5

$2,000,000 to $5,000,000................................. 33.3 6.9 5.4 5.1 5.9

$5,000,000 to $10,000,000............................... 20.5 8.2 7.0 6.4 7.1

$10,000,000 to $25,000,000............................. 14.0 12.2 10.3 9.2 9.8

$25,000,000 to $50,000,000............................. 4.2 8.4 7.2 6.4 6.5

$50,000,000 to $100,000,000........................... 1.9 7.3 6.6 6.1 6.2

$100,000,000 to $500,000,000......................... 1.9 21.1 20.1 20.6 20.8

$500,000,000 or more....................................... 0.5 33.4 41.9 44.7 41.9

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INCOM E OF INSURED BAN K S 65

Table 33. S ources an d D ispo sitio n of T otal I n c o m e , I nsured M u tu a l Savin g s

B a n k s i n t h e U nited S tates, 1960-1962

Amounts (in millions)

Income

1962 1961 1960

Total income........................................................................................ $1,861 $1,709 $1,605

Sources

Loans............................................................................................................ 1,366

156

1,213

152

1,089

U. S. Government obligations................................................................ 153

Other securities.......................................................................................... 206 206 199

Other current income 1............................................................................. 47 42 53

Recoveries, etc.2....................................................................................... 86 96 111

Disposition

Salaries and wages.................................................................................... 120 113 108

Dividends and interest on deposits...................................................... 1,334 1,148 1,073

Other current expenses 1.......................................................................... 152 146 134

Charge-offs, etc. *...................................................................................... 90 98 108

Income taxes 4............................................................................................ 18 16 14

Additions to surplus accounts................................................................ 147 187 168

1 Includes amounts classified as “nonrecurring” income or expenses.

2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

3 Losses and other items charged off (except those charged to valuation reserve accounts), and

transfers to valuation reserve accounts.

4 Includes franchise taxes computed on an income basis.

Note: Due to rounding, components may not add to total.

Table 34. P ercentage D istribu tio n of Sources and D ispo sitio n of T otal

I n c o m e , I nsured M utu al Savin g s B a n k s i n t h e U nited States, 1960-1962

Percent of total

Income

1962 1961 1960

Total income...................................................................................... 100.0% 100.0% 100.0%

Sources

Loans............................................................................................................ 73.4 71.0 67.9

U. S. Government obligations................................................................ 8.4 8.9 9.5

Other securities.......................................................................................... 11.1 12.0 12.4

Other current income 1............................................................................. 2.5 2.5 3.3

Recoveries, etc.2....................................................................................... 4.6 5.6 6.9

Disposition

Salaries and wages.................................................................................... 6.4 6.6 6.7

Dividends and interest on deposits...................................................... 71.7 67.2 66.9

Other current expenses 1.......................................................................... 8.2 8.6 8.3

Charge-offs, etc. •....................................................................................... 4.8 5.7 6.7

Income taxes 4............................................................................................ 1.0 1.0 .9

Additions to surplus accounts................................................................ 7.9 10.9 10.5

1 Includes amounts classified as “nonrecurring” income or expenses.

2 Recoveries from assets previously charged off (except those credited to valuation reserve accounts),

profits on assets sold, and transfers from valuation reserve accounts.

8 Losses and other items charged off (except those charged to valuation reserve accounts), and transfers to valuation reserve accounts.

4 Includes franchise taxes computed on an income basis.

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PART FOUR

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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B a n k A bsorptions A pproved b y t h e C orporation

00

Table 101. Description of each merger, consolidation, acquisition of assets, or assumption of 

liabilities approved by the Corporation during 1962

N u m b e r , O ff ic es, a n d D eposits of B a n k s

Table 102. Changes in number and classification of banks and branches in the United States 

(States and other areas) during 1962

Table 103. Number of banking offices in the United States (States and other areas), December 31, 1962

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

and type of office

Table 104. Number and deposits of all banks in the United States (States and other areas), 

December 28, 1962

Banks grouped according to insurance status and by district and State

Tabulations for all banks are prepared in accordance with an agreement among the Federal bank supervisory agencies. Provision of

deposit facilities for the general public is the chief criterion for distinguishing between banks and other types of financial institutions.

However, trust companies engaged in general fiduciary business

though not in deposit banking are included; and credit unions and

savings and loan associations are excluded except in the case of a few

which accept deposits under the terms of special charters.

Branches include all offices of a bank other than its head office,

at which deposits are received, checks paid, or money lent. Banking

facilities separate from a banking house, banking facilities at government establishments, offices, agencies, paying or receiving stations,

drive-in facilities and other facilities operated for limited purposes

are defined as branches under the Federal Deposit Insurance Act,

Section 3(o), regardless of the fact that in certain States, including

several which prohibit the operation of branches, such limited facilities

are not considered branches within the meaning of State law.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Commercial and stock savings banks include the following

categories of banking institutions:

National banks;

Incorporated State banks, trust companies, and bank and trust

companies, regularly engaged in the business of receiving deposits,

whether demand or time, except mutual savings banks;

Stock savings banks, including guaranty savings banks in New

Hampshire;

Industrial and Morris Plan banks which operate under general

banking codes, or are specifically authorized by law to accept deposits and in practice do so, or the obligations of which are regarded

as deposits for deposit insurance;

Special types of banks of deposit: cash depositories in South

Carolina; a cooperative exchange in Arkansas; a savings and loan

company operating under Superior Court charter in Georgia; government operated banks in American Samoa, North Dakota, and

Puerto Rico; a cooperative bank, usually classified as a credit

union, operating under a special charter in New Hampshire; a savings institution, known as a “trust company,” operating under

special charter in Texas; an employes’ mutual banking association

in Pennsylvania; the Savings Banks Trust Company in New York;

and nine branches of foreign banks which engaged in a general deposit business in the continental United States or in Puerto Rico;

Private banks under State supervision, and such other private

banks as are reported by reliable unofficial sources to be engaged in

deposit banking.

Nondeposit trust companies include institutions operating under

trust company charters which are not regularly engaged in deposit

banking but are engaged in fiduciary business other than that incidental to real estate title or investment activities.

Mutual savings banks include all banks operating under State

banking codes applying to mutual savings banks.

Institutions excluded. Institutions in the following categories are

excluded, though such institutions may perform many of the same

functions as commercial and savings banks:

Banks which have suspended operations or have ceased to accept

new deposits and are proceeding to liquidate their assets and pay off

existing deposits;

Building and loan associations, savings and loan associations,

credit unions, personal loan companies, and similar institutions,

chartered under laws applying to such institutions or under general

incorporation laws, regardless of whether such institutions are authorized to accept deposits from the public or from their members

and regardless of whether such institutions are called “banks” (a few

institutions accepting deposits under powers granted in special

charters are included);

Morris Plan companies, industrial banks, loan and investment

companies, and similar institutions except those mentioned in the

description of institutions included;

Branches of foreign banks, and private banks, which confine their

business to foreign exchange dealings and do not receive “deposits”

as that term is commonly understood;

Institutions chartered under banking or trust company laws, but

operating as investment or title insurance companies and not engaged in deposit banking or fiduciary activities;

Federal Reserve banks and other banks, such as the Federal

Home Loan banks and the Savings and Loan Bank of the State of

New York, which operate as rediscount banks and do not accept

deposits except from financial institutions;

The postal savings system.

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

Table 101. D esc rip tio n op E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e C orporation

D u r in g 1962

Resources

(in

thousands

of dollars)

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination) In

operation

To be

operated

No. 1— Industrial City Bank and Trust Company,

Worcester, Massachusetts (proposed new bank) 3

to consolidate with

Industrial City Bank and Banking Company,

Worcester 7,534 3

Summary report by Attorney General, December 18, 1961

The merger of the Industrial City Bank and Trust Company with the Industrial City Bank and Banking Company is not a merger of competing banking enterprises but is a technical reorganization of the Industrial City Bank and

Banking Company in order for it to offer a full line of banking services including a trust department.

It is our conclusion that the proposed merger will not adversely affect competition.

Basis for Corporation approval, January 25, 1962

This proposal involved the conversion of a banking company to a trust company and was accomplished by the chartering of a new bank which consolidated

with the operating banking company. The resulting bank is the smallest commercial bank in Worcester, holding 2.6 percent of the commercial bank IPC

deposits in the area. It would continue to operate in much the same manner as

the banking company but with added powers and less restrictions. It was concluded that the expansion of the applicant’s services, which would be beneficial

to the community and stimulate competition, was in the public interest.

No. 2— Vaughan and Company, Bankers,

Franklin, Virginia (change title to

Tidewater Bank & Trust Company)

to merge with

Bank of Capron, Capron

10,974

1,344

1

1

2

No.. 3— Vaughan and Company, Bankers,

Franklin, Virginia (change title to 12,318 2 3

Tidewater Bank & Trust Company)

to merge with

Meherrin Valley Bank, Boykins 3,389 1

Summary report by Attorney General, January 31, 1962

(cases 2 and 3)

The proposed merger of these relatively small banks would appear to have a

slight, but not substantial adverse effect on competition.

This transaction will eliminate a degree of competition among three banks,

one of which (Vaughan & Company) is among the largest in its service area

and another of which (Meherrin Valley) is of fairly substantial stature. It will

also make the resulting bank the largest with a competitive edge over its three

closest rivals, and a directly competing smaller bank in the town of Franklin.

While as yet undue concentration does not appear to characterize this area, this

merger may set in motion a trend toward further consolidation.

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 71

Table 101. Description op Each M erger, Consolidation, Acquisition

op A ssets or Assum ption of Liabilities Approved by th e Corporation

D uring 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Basis for Corporation approval, March 1, 1962

(cases 2 and 3)

The merging banks were relatively small banks operating in Southampton

County in southeastern Virginia. The service area involved is characterized by

a large number of relatively small banks whose primary business is derived from

the community in which they are located. It was determined that the mergers

would not have a harmful effect on the smaller banks or on banking competition

in the area. The resulting bank will be of sufficient size to provide expanded

loaning and trust facilities not presently available in the area and, to a great

extent, not feasible for the small banks. It was concluded that the mergers which

would provide expanded banking facilities for the area without having an unfavorable effect on competition were in the public interest.

No. 4— Pioneer Bank of Arizona,

Prescott, Arizona 7,643 1 3

(change location of head office to Phoenix)

to merge with

The Bank of Phoenix, Phoenix 10,549 2

Summary report by Attorney General, February 7, 1962

Pioneer Bank of Arizona operates one office in Prescott. It has total deposits

of $6,870,000, net loans and discounts of $3,498,000 and total assets of $7,643,000.

The Bank of Phoenix operates two offices in Phoenix, 60 miles from Prescott.

It has total deposits of $9,186,000, net loans and discounts of $4,181,000 and total

assets of $10,549,000.

Existing competition between the two banks is minimal. Their combined share

of state-wide deposits is only 1.1%. Four much larger banks with state-wide branch

systems already compete within the resulting bank’s service area.

In our view, the effect of this merger on competition would be slight.

Basis for Corporation approval, March 8, 1962

Banking in Arizona is highly concentrated with four banks, operating large

branch systems, controlling 94.9 percent of the aggregate IPC bank deposits in

the State. The subject transaction involves two of the smaller banks operating

in Phoenix and Prescott, which are not competitive with each other. The merger

would not affect the predominant position of the larger banks but it would

create a more realistic banking alternative to these banks than the merging banks

pose individually. Thus, the transaction which would have a beneficial effect

on banking competition in the Phoenix and Prescott areas and enable the applicant to better serve this growing area was concluded to be in the public

interest.

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

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A cq u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 5— Commercial Bank of North America,

New York (Manhattan), New York 203,720 13 14

to merge with

State Bank of Long Beach, Long Beach 11,545 1

Summary report by Attorney General, February 15, 1962

Commercial Bank of North America, with 12 offices in Greater New York City,

competes with all of the large New York City banks in one or more of its service areas in Manhattan, Brooklyn, Queens and the Bronx. It is number 14 in

size among New York City commercial banks, with assets of approximately

$203,720,000.

Commercial Bank seeks to acquire by merger the State Bank of Long Beach,

which has a single office in Long Beach and assets of approximately $11,545,000.

The service area of State Bank is confined to Long Beach, and it has approximately 2% of the IPC deposits and loans in the area, as against approximately

98% of Meadow Brook National Bank, its sole competitor with an office in Long

Beach. Assets of Meadow Brook National Bank are in excess of $686,000,000.

There appears to be minimal existing competition between Commercial Bank

and State Bank and no significant potential competition. Conversely, the merger

would result in increased competition for Meadow Brook National Bank in Long

Beach, not only because the resulting bank would be better able to compete

than is State Bank, but also because the home office protection of State Bank

under the New York Banking Law would terminate with the merger and the

area would no longer be unavailable for de novo branch banking under that law.

We are not aware of any adverse competitive effects that would result from

the merger.

Basis for Corporation approval, March 15, 1962

The applicant bank, Commercial Bank of North America, involved in this proposed merger is located in New York City and competes with several much

larger New York City commercial banks, seven of which are billion dollar institutions. Applicant ranks 14th in size among these banks and from a competitive standpoint the absorption of an additional $10 million in deposits of the

merging bank would not be felt. The bank to be absorbed, State Bank of Long

Beach, is located approximately 25 miles from applicant's main office, having a

service area that is confined almost entirely to Long Beach, Long Island, New

York and a small area surrounding. The two banks are not presently competitive with each other. The Long Beach bank holds IPC deposits of only approximately $10 million and its major source of competition emanates from the $687

million Meadow Brook National Bank, which has a branch in Long Beach. Applicant’s resources are in excess of $200 million and it appears certain that its

introduction into the Long Beach area would tend to substantially increase competition inasmuch as a branch of applicant would be in a better position to

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 73

Table 101. Description op E ach Merger, Consolidation, Acquisition

op A ssets or Assum ption of Liabilities Approved by th e Corporation

D uring 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

compete with the Meadow Brook National Bank than is the present much smaller

$10 million unit bank.

In addition, the proposal will extend a larger lending limit, broader banking

services, and trust department facilities, to the customers of the Long Beach bank

and the depth and capabilities of management in the applicant bank will bring

to Long Beach successful leadership, which previously has been lacking.

No. 6— Coahoma County Bank & Trust Co.,

Clarksdale, Mississippi 16,200 2 3

to merge with

Bank of Lula, Lula 1,289 1

Summary report by Attorney General, March 1, 1962

Coahoma County Bank and Trust Company is the second largest bank in this

area of approximately 40,000 people. Aa the result of the merger of the Coahoma

County Bank and Trust Company with the Peoples Bank of Jonestown in July,

1961, there are presently only three banks in operation in this area, among which

the Bank of Lula is the smallest.

The merger of the Coahoma County Bank and Trust Company with the Bank

of Lula would eliminate one of the remaining three banking services in an area

of 40,000 people. Such a merger would probably have a significant adverse competitive effect.

Basis for Corporation approval, March 29, 1962

The service area of applicant comprises all of Coahoma County, Mississippi

(population 46,000), and that of Lula is confined to a small section of the county

on its northern border (estimated population 4,000). The entire county at the

present time is served by only three banks: applicant which holds 37.7 percent

of total bank deposits, Lula which holds only 3 percent, and the Bank of Clarksdale, Clarksdale, Mississippi, which holds 59.3 percent. Although it is obvious

that there is some overlapping of competition between the two banks desiring

to merge, inasmuch as Lula lies within applicant’s larger service area, it also

is apparent that the merger should result in no material change in the competitive situation, because applicant would gain only a small proportion of total

deposits in the area and would still be second in size to a much larger local

competitor. The distance between the two participating banks (23 miles) would

somewhat limit the degree of competition between the two, and it appears that

needs and convenience of the customers would be the major determining factor

in the choice of banks. While one independent bank will be eliminated, there

will be no diminution in banking facilities since Lula will be continued as a

branch of applicant which is in a position to bring broader and more complete

banking services to Lula’s service area. Requests directed to officers of seven

banks, including the competing bank in Clarksdale and six others in surrounding counties, asking for an opinion as to the effect this merger would have on

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

Table 101. D escription of E a c h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

competition, brought responses unanimously to the effect that the proposal did

not involve any unfavorable competitive aspects, but conversely would be beneficial to the people in the Lula community, and could be considered to be in the

public interest.

No. 7— Liberty Real Estate Bank and Trust Company,

Philadelphia, Pennsylvania 132,952 10 11

to merge with

The Bridgeport National Bank, Bridgeport 11,085 1

Summary report by Attorney General, March 9, 1962

The proposed merger would unite two relatively small banks each of which

in its own primary service area faces the competition of a few comparatively

gigantic banks. This disparity between the latter and the merging banks is to

a large extent attributable to several already consummated mergers and consolidations in this area. The proposed merger thus appears to be in a certain sense

a defensive measure dictated by the high degree of concentration in said area.

While it probably will not have a substantially adverse effect on competition,

it may well signal the beginning of a movement toward further mergers among

the small banks and even more concentration in Philadelphia.

Basis for Corporation approval, April 5, 1962

In the Bridgeport-Norristown area, the Bridgeport bank, unlike its competitors, has not expanded or progressed in recent years, either in branch development or new services, and as a result, has lost its competitive influence to a

substantial degree. While other banks have been growing, the trend of Bridgeport’s deposits over the past five years (exclusive of public funds) has been downward. This could be the result of intense competition furnished by branches of

Philadelphia banks and 19 offices of two Norristown banks, or lack of aggressiveness on the part of the Bridgeport bank, or a combination of both. On the other

hand, applicant has been effectively and aggressively competitive wherever it has

operated, and the substitution of its branch for the local Bridgeport unit bank

should bring to Bridgeport increased and improved banking services.

No. 8— Crawford County Trust Company,

Meadville, Pennsylvania (change of title to 14,222 2 8

Northwest Pennsylvania Bank & Trust Co.,

and change location of head office to Oil City)

to merge with

Oil City National Bank, Oil City 40,839 6

Summary report by Attorney General, March 9, 1962

The merger of the Oil City National Bank and the Crawford County Trust

Company will not substantially affect competition, since the two banks do not

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 75

Table 101. D escription of E a c h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

operate in the same service area and each is faced with competition from larger

institutions in their respective service areas.

Basis for Corporation approval, April 12, 1962

The Oil City bank is faced with a top level management problem due to the

age and failing health of its chief executive officer. This merger should solve that

problem inasmuch as the top executive officer of the applicant bank, who is designated to become president of the resulting bank, is a highly capable executive

and well qualified to assume the presidency of the much larger institution. The

two banks desiring to merge do not now compete with each other to any great

extent, and the proposed transaction should not have any unfavorable effect on

competition or represent a tendency toward monopoly. The same number of banking offices will still be in operation. A much larger loan limit should prove beneficial in the Meadville area inasmuch as it will enable applicant to better supply

the loan demand in Meadville and its vicinity.

No. 9— Millersburg Trust Company,

Millersburg, Pennsylvania 4,262 1 2

to merge with

Lykens Valley Bank, Elizabethville 1,655 1

Summary report by Attorney General, March 23, 1962

The proposed merger of Millersburg Trust Company, Millersburg, Pennsylvania,

and Lykens Valley Bank, Elizabethville, Pennsylvania will eliminate one of the

ten small independent banking facilities in that service area.

Because it is not likely that a bank with total loans of only $853,477 can be

a vigorous factor in competition, we do not believe that the effect of the elimination of the competition presently offered by Lykens will be substantially adverse.

Basis for Corporation approval, April 19, 1962

The merger would provide continuing capable management for the small Lykens

Valley Bank as well as increasing the loan and trust facilities available in the

Elizabethville area. Although a small amount of competition between the merging banks will be eliminated, the over-all effect on competition would not be

unfavorable. This sound expansion of banking facilities which would be provided

to Elizabethville and the entire service area without adversely affecting the local

competitive structure is considered to be in the public interest.

No. 10— Citizens National Bank oCOrlando,

Orlando, Florida 45,358 1 1

to merge with

Central Trust Company of Orlando,[Orlando 289 1

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76 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ac h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Summary report by Attorney General, February 20, 1961

The Citizens National Bank of Orlando and the Central Trust Company of

Orlando compete only in the field of trust accounts. Citizens National Bank has

total trust assets of $6,135,398.31. Central Trust Company has total trust assets

of $2,999,805.44. According to the application, the Trust Departments of the two

banks are relatively small and the resultant bank would rank third in the Orlando

area in the size of its Trust Department. This compares with the $61,405,000 size

Trust Department of Orlando’s largest bank.

Should this merger be approved, competition between the Citizens National

Bank and the Central Trust Company in the trust accounts field will be eliminated and one of four factors in trust business removed from competition. However, the elimination of this competition will not give Citizens National Bank a

monopoly or a dominant position in this field.

Basis for Corporation approval, May 3, 1962

The proposed merger would unite an uninsured trust company engaged solely

in trust business with a national bank. It is anticipated that the applicant bank,

upon effecting the merger, will provide an improved management that should

be expected to improve the general condition of the trust operation. The transaction will reduce the number of institutions offering trust services in Orlando

from four to three, but this will have little or no effect otherwise on the competitive status of either commercial or trust banking in Orlando, and it will not

represent any tendency toward monopoly. The trust department of one of the

other commercial banks in Orlando is more than five times the size of the trust

department of applicant. It is concluded that it is in the public interest that this

uninsured institution with its present management be replaced by the trust department of the applicant bank.

No. 11— The Security State Bank, Algona, Iowa

(proposed new bank)

to acquire the assets and assume liabilities of

Security State Bank, Algona 3,339 1

1

No. 12— The Security State Bank, Algona, Iowa 3,339 1 2

(proposed new bank)

to merge with

Farmers State Bank, LuVerne 1,272 1

Summary report by Attorney General, March 30, 1962

(cases 11 and 12)

The participating banks are located in two small Iowa towns 18 miles apart.

Although it is the second largest bank in the combined service areas of the participating banks, the acquiring bank has only a little more than half the deposits

of the largest bank. Moreover, if the acquisition is accomplished the resulting

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 77

Table 101. D escription of E a c h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

bank will be only about two-thirds as large as the largest bank.

On balance it does not appear that the effect of the proposed acquisition on

competition would be substantially adverse.

Basis for Corporation approval, May 18, 1962

(cases 11 and 12)

The purchase and assumption transaction between The Security State Bank

and Security State Bank, Algona, will have no competitive implications involving, as it does, a bank newly organized to purchase the assets and assume the

liabilities of an existing bank in the same town. The concurrent merger of The

Security State Bank, Algona, and the Farmers State Bank, LuVerne, Iowa, would

not eliminate any important competition between the merging banks or have any

unfavorable competitive effect on the other banks operating in the area. It was

concluded that the establishment of a sound, aggressive bank which would provide broader and better banking services in the Algona-LuVerne service area was

in the public interest.

No. 13— Farmers-Citizens Bank, Salem, Indiana 5,122 1 2

to acquire the assets and assume the Liabilities of

State Bank of Cambellsburg, Cambellsburg 1,973 1

Summary report by Attorney General, April 20, 1962

Competition between these two rather small banks does not appear to exist

in a real sense since trustees of the Farmers-Citizens Bank control over 68 per cent

of the stock of State Bank of Cambellsburg.

The resultant bank, however, will be substantially enlarged in size and consequently acquire a sharply increased competitive advantage over the State Bank

of Salem, its only remaining competitor in Salem and the immediate service area.

The effect on competition would therefore appear to be slightly adverse.

Basis for Corporation approval, May 25, 1962

The banks involved in this purchase and assumption transaction operate 10 miles

from each other in south-central Indiana and there is no substantial competition between them. The resulting bank will hold less than one-fourth of IPC deposits

and loans of all banks in the area, and the transaction will not have a detrimental

effect on the other banks. It was concluded that the improved banking services,

such as a larger lending limit, trust department facilities, instalment lending, and

specialized counselling in farm financial problems, which applicant will bring to

the Cambellsburg community, will benefit the people in that area, and the transaction will be in the public interest.

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78 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E a c h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name oj bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 14— Commercial Bank of North America,

New York (Manhattan), New York 254,793 14 16

to merge with

The Peoples National Bank of Brooklyn

in New York, Brooklyn 15,094 2

Summary report by Attorney General, April 20, 1962

Commercial Bank of North America, with assets of $220,710,000, deposits of

$198,272,000 and loans of $126,811,000, is number 15 in size among the New York

City commercial banks. It has 12 offices in Greater New York City and a 13th

office has been authorized as a result of a merger with State Bank of Long Beach,

Long Island. The bank has approximately .58% of the IPC deposits in Greater

New York City and approximately .60% of the loans in that area.

Four of the branches of Commercial Bank are in Brooklyn. There is an overlap between the service areas of Commercial Bank and the service areas of

Peoples National, which has its main office and its single branch in Brooklyn.

An examination of the IPC deposits of Commercial Bank reveals 54 checking accounts and 83 time deposit accounts originating in the service areas of Peoples

National. These accounts total approximately $234,774 out of total IPC deposits

of approximately $160,000,000. The overlap in business and consumer and installment loans also appears slight.

Peoples Bank was chartered in 1908. As of December 31, 1961, total assets were

approximately $16,054,000, deposits were approximately $14,394,000 and loans approximately $5,926,000. It has grown at a very slow pace. Net income from operations was $135,000 in 1956 and $128,000 in 1961, with an average of $129,000 for

the period 1956-1960.

It is our view that the proposed merger would have an adverse effect on competition in the area served by Peoples but would not appear to affect competition

in the other areas served by Commercial.

Basis for Corporation approval, May 25, 1962

The applicant bank, Commercial Bank of North America, has total resources

of $254,800,000 and ranks 14th in size among the commercial banks in New York

City. It operates in four of the City’s five boroughs and proposes to merge The

Peoples National Bank of Brooklyn in New York which operates two offices and

has total resources of $15,100,000. The applicant has approximately % of 1 percent

of the IPC deposits of the commercial banks in New York City and this proposal will increase its percentage less than 0.1 percent. Peoples has its main office

in Brooklyn and operates a branch in Queens, while the applicant operates four

branches in Brooklyn and two in Queens. Due to the distance between the offices

of the participating banks, there is only a minimal overlapping of service areas

and no significant competition exists between them. The applicant will strengthen

its position slightly in relation to the smaller city banks but the impact of the

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 79

Table 101. D escription of E a c h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

merger will be insignificant with respect to the larger banks and will have no

significant effect on the competitive situation in New York City. It is concluded

that the over-all effect of the merger would be to enhance competition in a healthy

manner in Peoples’ service areas and will provide the public with better banking

services and facilities.

No. 15— Chittenden Trust Company, Burlington, Vermont

to merge with

The National Bank of Vergennes, Vergennes

36,907

2,988

8

1

9

No. 16— Chittenden Trust Company, Burlington, Vermont 39,895 9 10

to acquire the assets and assume the liabilities of

Capital Savings Bank and Trust Company, 8,408 1

Montpelier

Summary report by Attorney General, March 9, 1962

(cases 15 and 16)

The proposed merger of The National Bank of Vergennes, Vergennes, Vermont,

with Chittenden Trust Company, Burlington, Vermont, and the proposed purchase

of assets and assumption of liabilities of Capital Savings Bank and Trust Company by Chittenden Trust Company, Burlington, Vermont, would not appear

to have adverse competitive effects. The banks are located in different service

areas and 99% of the stock of Capital is already owned by Chittenden.

Basis for Corporation approval, June 14, 1962

(cases 15 and 16)

Chittenden, which operates in northern Vermont, will become the largest commercial bank in the State as a result of these transactions, expanding its direct

representation into Washington County in the north-central section of the State.

The merger will provide management succession for the small bank in Vergennes,

and the larger capital base of the resulting bank will enable it to grant credit and

provide banking services beyond the capabilities of the individual banks. It was

further determined that Chittenden would be able to provide increased, sound

banking competition in the areas in which it operates without detrimental effect

to the existing competitive structure. It was concluded that the proposals, which

would enable the applicant to provide increased services and competition, were

in the public interest.

No. 17— Cyril State Bank, Cyril, Oklahoma

(proposed new bank)

to acquire the assets and assume the liabilities 0j

— — 1

The Bank of Cyril, Cyril 1,445 1

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80 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ac h M erger, C o n so lid atio n , A cquisition

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Banking offices

Resources

Name of bank, and type of transaction1 (in

(in chronological order of determination) thousands In To be

of dollars) operation operated

Summary report by Attorney General, May 25, 1962

Cyril State Bank is a proposed new bank organized for the purpose of acquiring

the assets and assuming the deposit liabilities of The Bank of Cyril whose stockholders are desirous of liquidating the bank.

While no indication is made as to why a new bank was organized rather than

having the old bank’s stock purchased, in light of the fact that the City of Cyril

has a population of only 1500, it is not believed that this acquisition will have

adverse competitive effects.

Basis for Corporation approval, June 14, 1962

The Bank of Cyril has provided uninterrupted banking service in the community

of Cyril since 1908. Its present controlling stockholder wishes to sell his interest

in the bank and this proposal involving a bank newly organized to purchase the

assets and assume the liabilities of the existing bank will assure continued banking

services in Cyril under new and more aggressive management.

No. 18— Pineland State Bank, Metter, Georgia

(proposed new bank)

to acquire the assets and assume the liabilities of

— — 1

Pineland Bank, Metter 741 1

Summary report by Attorney General, December 6, 1961

This acquisition would probably not adversely affect the competitive situation

in the banking service area involved, since it is a part of the procedure involved

in converting a private bank into a state bank.

Basis for Corporation approval, June 14, 1962

Consummation of this proposal will result in the replacement of an uninsured

private bank— not incorporated, by a State chartered insured institution. The

private bank has been in operation since August 1, 1959, and since that time has

accumulated a deposit volume well in excess of $500,000, evidencing that it is

serving a community convenience and need. The transaction would extend the

benefits of deposit insurance to the present depositors of the private bank and

should increase sound banking competition in Candler County and, thus, it was

concluded the proposal was in the public interest.

No. 19— Altoona Central Bank and Trust Company,

Altoona, Pennsylvania 42,158 7 8

to merge with

The First National Bank of Bellwood, Bellwood 2,760 1

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 81

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Summary report by Attorney General, May 9, 1962

The proposed merger of Altoona Central Bank and Trust Company, Altoona,

Pennsylvania and The First National Bank of Bellwood, Bellwood, Pennsylvania

would appear to have adverse effects upon competition.

Since Bellwood is located only 6 miles from Altoona and many people who live

there work in Altoona it would appear that substantial competition would exist

between the merging banks. This competition has been compromised by a number

of developments. The President of Applicant bank is also a director of and a

stockholder in the Merging bank. In addition, the applicant, through a partnership set up to hold legal title to securities for accounts of Altoona Central, owns

substantial stock interest in Bellwood, some of which was acquired by Altoona

Central.

The merger would eliminate actual and potential competition between the merging banks, reduce the number of banks in the Altoona area from four to three

and increase the dominant position of Altoona in the area, a position of dominance

which has come about as a result of other recent mergers.

Basis for Corporation approval, June 22, 1962

Through this merger a branch of the $43 million Altoona Central Bank and

Trust Company, the largest bank in the Altoona area, will replace a $3 million

unit bank in Bellwood, the smallest bank in the combined areas. Although situated

only six miles apart, an analysis of the loans and deposits of the two banks indicates

that there is very little overlapping of their service areas and only a moderate

amount of competition between them. The relatively small size of Bellwood

seriously affects its capacity to compete. The merger will not materially increase

the size of Altoona Central Bank and Trust Company or add significantly to its

present competitive stature. With aggressive, strong, and well established banks

competing in both Altoona and Tyrone (the only two areas to be affected by the

merger), the merger will not result in an unbalancing of existing banking competition in either Altoona or the Bellwood-Tyrone areas, nor will it represent a

tendency toward monopoly. Applicant can provide much broader banking services

in the Bellwood area, such as trust facilities and a needed larger lending limit,

particularly, for future industrial developments. The executive officer of Bellwood

is a capable young banker who has had offers of greater responsibilities from other

banks and if the merger is not consummated, he will leave Bellwood due to the

limited opportunities it offers. The only other officer at Bellwood indicated she

does not wish to assume additional responsibilities. In view of these benefits and

the banking factor that the merger will solve a pressing management problem at

the Bellwood bank, it was concluded that the transaction would be in the public

interest.

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82 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination

(in

thousands

of dollars)

In

operation

To be

operated

No. 20— The Frederick Town Savings Institution,

Frederick, Maryland (change title to The 16,771 1 1

Fredericktown Savings and Trust Company)

to merge with

The Fredericktown Trust Company, Frederick 120 —

Summary report by Attorney General, May 17, 1962

Fredericktown Trust was organized by Fredericktown Savings in order to enable

the latter to engage in trust activities. All the stock of the trust company is owned

by the bank except for the directors’ qualifying shares which are owned by directors of the bank. The trust company has not done any business since its organization and will not do any until the merger.

Since no competition will be eliminated by the merger and it will enable Fredericktown to engage in trust services in competition with the three other banks

in Frederick the effect on competition would not be adverse.

Basis for Corporation approval, June 22, 1962

This proposal will merge the applicant with a newly formed, but not operative,

trust company for the sole purpose of giving the applicant trust powers. Three

other banks compete with applicant in Frederick, all of which have trust powers,

and two of which exercise such powers. At present, applicant is the only Frederick

bank not permitted by its charter to engage in trust activities, and because there

are no provisions in the Maryland law whereby its charter can be amended to grant

trust powers, the merger is the only legal means to accomplish this end. This will

provide an additional banking service to the customers of applicant and should

increase competition locally for trust business. There is no tendency toward

monopoly involved, and it is concluded that the merger will be in the public

interest.

No. 21— Alaska State Bank, Fairbanks, Alaska

(change location of head office to Anchorage)

to merge with

2,720 1 5

City National Bank of Anchorage, Anchorage 8,927 4

Summary report by Attorney General, March 22, 1962

The participating banks are located in two Alaskan cities, about 440 miles apart.

There is no real competition between them since they are under substantially common ownership and management. Of the four banks in Anchorage, the acquired

bank: is the smallest in terms of IPC deposits; likewise, of the three banks in Fairbanks, the acquiring bank is the smallest. Even when combined, the resulting bank

will remain smaller than the smallest of the two largest banks in Fairbanks and

the two largest banks in Anchorage.

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 83

Table 101. D escription of E ac h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

It does not appear that the effect of the proposed merger on competition would

be adverse.

Basis for Corporation approval, June 22, 1962

This proposal involves a merger of the smallest commercial bank in Anchorage

and the smallest bank in Fairbanks, and the resulting bank will remain the smallest

commercial bank in either city. The banks are affiliated but are located 440 miles

apart, and little, if any, competition exists between them which will be eliminated

as a result of the proposal. The resulting bank will be a stronger competitor in the

two service areas through the acquisition of complementary management personnel. In addition, the resulting bank will have a much larger lending limit which will

aid it in maintaining its competitive position in the two areas. Further, the over-all

stronger management will alleviate some of the problems confronting the smaller

of the two merging banks.

No. 22— Shepherd State Bank, Shepherd, Michigan

to consolidate with

3,537 1 2

Winn State Bank, Winn 1,349 1

Summary report by Attorney General, June 1, 1962

The participating banks are located in two small Michigan towns 11 miles apart.

The acquiring bank is the third largest, and the acquired bank is the fifth largest,

in a field of five. Although there is some competition between the two, both find

their chief competitors to be the two largest banks in the area, located in Mount

Pleasant, 10 miles north of both.

On balance, it does not appear that the effect of the proposed acquisition on

competition would be substantially adverse.

Basis for Corporation approval, June 28, 1962

This consolidation will unite two relatively small banks located in two small

Michigan towns 11 miles apart. Applicant is the third largest bank among five

in the over-all service area and Winn is about equal with one other as the smallest.

Following the consolidation the resulting bank will still occupy third position and

the two largest banks will continue to be substantially larger. It appears that the

consolidation would result in a better balance among the banks in the area, there

is no tendency toward monopoly indicated, and the consolidated bank as a stronger

banking structure should be able to serve the trade area more effectively. Applicant

can provide broader banking services in the Winn community, more particularly

an instalment loan department, and the enlarged lending limit should prove beneficial throughout the whole service area. In addition, a pressing management

problem now facing Winn will be solved.

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

Table 101. D escription of E a c h M erger, C on so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 23— Industrial Valley Bank and Trust Company,

Jenkintown, Pennsylvania 87,101 14 15

to merge with

The National Bank of Royersford, Royersford 5,524 1

Summary report by Attorney General, May 18, 1962

The National Bank of Royersford is the only independent bank in the Royersford

service area which is close to Philadephia in an area changing rapidly from rural to

urban. At the present time there are six other banking offices in the area each belonging to substantially larger banks.

Concentration in commercial banking in the Philadephia area is among the highest in the United States, due in large part to a recent wave of bank mergers, and a

pronounced tendency toward oligopoly exists. As a result of this merger, another

independent bank will be eliminated from the greater Philadelphia area and concentration will be further enhanced.

Basis for Corporation approval, June 28, 1962

The Industrial Valley Bank and Trust Company operates primarily in Philadelphia and the Jenkintown area. It holds 1.9 percent of the aggregate deposits and

loans of the commercial banks in the competitive areas and this proposal, which

will have little or no effect on banking competition in Philadelphia or the Jenkintown area, will increase its percentage of these holdings only 0.1 percent. The

main office of the Industrial Valley Bank and Trust Company is 22 miles southeast

of The National Bank of Royersford and the closest office of the applicant to

Royersford is 18 miles away. With a number of offices of other banks intervening,

the applicant and Royersford are not in direct competition with each other. The

National Bank of Royersford is surrounded by offices of much larger banks which

are able to provide broader services than can Royersford. Consummation of this

proposal, which will increase competition in the Royersford area, will provide

management succession for the Royersford bank, as well as enlarged and broader

banking services for the Royersford service area.

No. 24— Institution for Savings in Roxbury,

Boston, Massachusetts (application for 40,954 2 9

FDIC deposit insurance and change head

office from 2343 Washington Street to

30 School Street, Boston)

to merge with

The Boston Five Cents Savings Bank, Boston 459,599 7

(under the latter’s title)

Summary report by Attorney General, May 16, 1962

The proposed merger of Institution for Savings in Roxbury and The Boston Five

Cents Savings Bank is a merger of two mutual savings banks which concentrate

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 85

Table 101. Description of E ach M erger, Consolidation, Acquisition

o f A ssets or Assum ption of Liabilities Approved by th e Corporation

D uring 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

their lending activities in long term real estate mortgages. The merger would

eliminate substantial competition between the merging institutions.

Basis for Corporation approval, July 12, 1962

This transaction involves Roxbury’s application for Federal deposit insurance

as well as a merger of the two banks. Although the transaction is in effect a merger

of Roxbury into Boston Five, it was undertaken in this manner to retain the older

charter of Roxbury.

Both banks are mutual savings banks operating under the laws of Massachusetts

regulating this type bank. Their deposits are confined to savings deposits and their

loans principally to mortgages on owner-occupied one-family dwellings. Roxbury’s

main office is located in an older, deteriorating section of Boston which is scheduled

for extensive redevelopment.

The transaction will increase slightly Boston Five’s position as the largest mutual

savings bank in the area and will eliminate a small amount of competition presently existing between the two banks. However, there will remain 19 savings

banks in the City of Boston and 57 in the primary service area of the bank after

consummation of the merger. Four of these banks with deposits in excess of $100

million have offices within one-quarter mile of Boston Five. The resulting bank

will hold only 13.7 percent of the total IPC deposits of the mutual savings banks

in the metropolitan area and only 9 percent of the aggregate time and savings

deposits and share accounts of all mutual savings banks, commercial banks, savings and loan associations and co-operative banks in the area.

The proposed transaction will strengthen the management and staff of Boston

Five and will better enable Roxbury to handle the problems of a radically changing service area without having any significant effect on banking competition in

the area.

No. 25— Suburban Trust Company, Hyattsville, Maryland 219,445 30 33

to merge with

Citizens Bank of Takoma Park, Takoma Park 17,095 3

Summary report by Attorney General, April 24, 1962

Suburban Trust Company is the dominating bank among 13 competing commercial banks in the Montgomery-Prince Georges County area which borders on

Washington, D. C. Citizens Bank of Takoma Park is a substantial competitor of

Suburban, particularly in the Takoma Park area.

By acquiring Citizens, Suburban would increase its percentage of IPC deposits

and loans to 53.9% and 55.8%, respectively, making it approximately four times

the size of the largest competing bank located in the area and larger than the

aggregate of all eleven competitors.

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86 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. Description of E ach M erger, Consolidation, Acquisition

of A ssets or Assum ption of Liabilities Approved by th e Corporation

D uring 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

The merger will not bring banking services to the Takoma Park area which are

not already offered by branches of Suburban located in that area. It is our opinion

that the proposed merger should not be approved, because it will substantially

lessen existing and potential competition between the merging banks, it will substantially lessen existing and potential competition between Suburban and the

eleven banks with which it presently competes in its service area, and it will, by

giving Suburban more than half of the IPC deposits and loans of banks located

in its area, tend toward monopoly.

Basis for Corporation approval, September 11, 1962

The merging banks operate in Montgomery and Prince Georges Counties, Maryland, both of which border on Washington, D. C. The merging banks are subject

not only to competition from banks with main offices in these two counties but

also from banks in the District of Columbia which have numerous branches located

near the District of Columbia boundary. Further, recent mergers have brought

much larger Baltimore banks into direct competition with the local banks in

Montgomery and Prince Georges Counties. Applications of the largest bank in the

State to establish de novo branches in Montgomery and Prince Georges Counties

indicates it intends to compete aggressively for the business in this area. Although

the modest increase in resources and capital which the applicant would enjoy as a

result of this transaction would not materially affect the banking structure or

competition among banks in the two counties, Suburban Trust Company feels the

increase will enable it to provide more effective competition with these larger

banks.

The proposed merger was originally denied because favorable findings on five

banking factors were not found to outweigh unfavorable findings made on the

adequacy of the capital of the resulting bank, and the effect of the transaction on

competition in Takoma Park and Langley Park, areas in which Citizens Bank of

Takoma Park has offices. Since the denial, the applicant has indicated that its

capital will be increased $3 million, which is considered to be sufficient capital for

the anticipated operations of the resulting bank. A de novo branch in Takoma

Park has been approved for the Citizens Bank of Maryland, Riverdale, which will

be opened simultaneously with consummation of this merger. The Citizens Bank

of Maryland, which has enjoyed considerable success, has total resources of approximately $77 million and is an aggressive and keen competitor. Although the

management of the Citizens Bank of Takoma Park has not been termed unsatisfactory, the small to moderate growth it has experienced in relation to some

of the other banks in the counties reflects its lack of aggressiveness, and to some

extent the differences of opinion that have existed for some time among its major

stockholders. Thus, within a relatively short period of time, the Citizens Bank of

Maryland, because of its size and aggressiveness, should provide more effective

competition for Suburban Trust Company in Takoma Park than presently exists.

In the Langley Park area, American National Bank of Silver Spring has approval

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 87

Table 1 0 1 . D escription op E ach M erger, C onsolidation, A cquisition

op A ssets or A ssumption op L iabilities A pproved by the C orporation

D uring 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

to establish a branch which is expected to be in operation before the effective date

of the merger. This bank has total resources of approximately $40 million and

thus there will be effective banking competition in this area also. It is concluded

that the over-all effect of the merger on banking competition would not be unfavorable. Since favorable findings have been made on all factors required to be

considered by law, it is concluded that the merger is in the public interest.

No. 26— Burlington County Trust Company,

Moorestown, New Jersey 28,213 4 5

to merge with

The Farmers’ Trust Company, Mount Holly 6,605 1

Summary report by Attorney General, July 26, 1962

The proposed merger of Burlington County Trust Company, Moorestown, New

Jersey and The Farmers’ Trust Company, Mount Holly, New Jersey would appear

to have an adverse effect upon competition.

The effects of the proposed merger would be to bring a dominant bank into

Mount Holly, with advantageously located offices and the concomitant elimination

of an independent banking facility. Competition between the merging banks

would also be eliminated.

Basis for Corporation approval, September 13, 1962

There is a distance of 8.5 miles between the main office locations of the merging

banks whose defined service areas overlap only slightly, and there is very little

competition between the two to be eliminated by this proposal.

The applicant’s effective area of competition encompasses a broader region,

being the northwest section of Burlington County near the Philadelphia-Camden

metropolitan area. In relation to the other 12 commercial banks headquartered in

Burlington County and collectively having 23 offices, the applicant’s position would

not be altered significantly. The resulting bank would hold about 21.8 percent of

area deposits compared to the 18.9 percent by the next largest commercial bank

headquartered in the County, but the latter would retain first position of size in

proportionate holdings of area loans with 20.4 percent compared to 19.1 percent at

the resulting bank. Additional competition exists in the form of seven branch locations in northwest Burlington County representing six commercial banks headquartered in Camden County; the combined deposit and loan figures for the largest two

of these Camden banks is at least triple the aggregate holdings in both categories for

all commercial banks having main offices in Burlington County. Moreover, within

the respective service areas of the participating banks, competition for financial

resources is provided by one savings bank, two savings and loan associations, several

finance and insurance companies, and an office of the Production Credit Association.

The numerous alternate banking choices to remain in this area would mitigate any

threat that the proposal would tend toward monopoly or that the resulting bank

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

Table 1 0 1 . D escription of E ach M erger, C onsolidation, A cquisition

of A ssets or A ssum ption of L iabilities A pproved by the C orporation

D uring 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination

Resources

(in

thousands In To be

of dollars) operation operated

would reach a dominant position. This area continues a pattern of residential development and industrialization with favorable evidence for continued population

and economic growth. The resulting bank should be better able to serve the attendant expansion of demand for credit and other banking services with greater

lending capacity and efficient management.

The Mount Holly bank has not shared equally in the pattern of growth and is

presently much smaller than the only other commercial bank located in its service

area. Its proportion of deposits is only 3.9 percent compared with 10.9 percent at

the Union National Bank at Mount Holly, and there is wider disparity with respect

to shares of area loans with 2.9 percent at Mount Holly and 10.1 percent at the

Union National Bank. There is a recognized lack of depth in management of

Mount Holly which the proposed merger would alleviate. The expanded resources,

more specialized and broader services of the merged institution should result in

service efficiency and increased competition in the Mount Holly area.

No. 27— The Decatur County State Bank, Leon, Iowa _ 2

(proposed new bank)

to acquire the assets and assume the liabilities of

Decatur County State Bank, Leon 3,549 2

Summary report by Attorney General, July 6, 1962

The proposed purchase of assets and assumption of liabilities of Decatur County

State Bank, Leon, Iowa, by The Decatur County State Bank, Leon, Iowa, would

appear to have no adverse effects upon competition.

This is a purchase by a new bank of the assets of an existing bank, which will

surrender its charter upon the completion of the transaction. No problem of concentration or reduction in the number of banks would result from the acquisition.

Basis for Corporation approval, September 13. 1962

The purchase and assumption transaction between The Decatur County State

Bank and Decatur County State Bank, Leon, Iowa, will have no competitive implications, involving, as it does, the substitution of a newly organized bank for an existing bank in the same town. Leon, as well as Grand River where there is a branch

office, has supported the existing bank for a long number of years, and inasmuch

as the new bank will enable these communities to have continued banking services,

it was concluded that the transaction was in the public interest.

No. 28— The Citizens State Bank, Humeston, Iowa 1

(proposed new bank)

to acquire the assets and assume liabilities of

Citizens State Bank, Humeston 1,550 1

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 89

Table 1 0 1 . D escription of E a c h M erger, C on so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

Summary report by Attorney General, July 6, 1962

As the two banks were not in existence contemporaneously, they could not have

competed and we do not believe the proposed acquisition will have any adverse

competitive effect.

Basis for Corporation approval, September 13, 1962

The purchase and assumption transaction between The Citizens State Bank and

Citizens State Bank, Humeston, Iowa, will have no competitive implications, involving, as it does, a bank newly organized to purchase the assets and assume the

liabilities of an existing bank in the same town. Humeston has supported a bank

for a long number of years and inasmuch as the new bank will enable the community to have continued banking services, it was concluded that the transaction

was in the public interest.

No. 29— Bank of Orangeburg, Orangeburg, South Carolina

to merge with

Bank of Salley, Salley

7,968

344

5

1

6

No. 30— Bank of Orangeburg, Orangeburg, South Carolina

to merge with

8,312 6 7

The Swansea Depository, Swansea 370 1

Summary report by Attorney General, August 15, 1962

(cases 29 and 30)

The proposed merger of Bank of Orangeburg, Orangeburg, South Carolina,

with The Bank of Salley, Salley, South Carolina, and Swansea Depository,

Swansea, South Carolina, or either of them, would appear to have no significant adverse effects upon competition.

Since Salley is 28 miles from Orangeburg, has lost its management, and

is a small bank, the vigor of competition it could give is doubtful. Since

Swansea is such a small bank and offers limited services, it could not be considered in substantial competition.

Basis for Corporation approval, September 20, 1962

(cases 29 and 30)

This proposal would combine an insured bank, a noninsured bank, and a

noninsured cash depository, serving three separate areas with each main office

located at least 19 miles distant from the others. There is little, if any, existing

competition among the three which would be eliminated through this proposal.

Applicant’s proportionate holdings of area deposits and loans would increase

about 2 percent, and less than 1 percent, respectively, causing no significant

change in its competitive position as related to the one much larger bank and

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

Table 1 0 1 . D escription of E ac h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

one slightly smaller bank located in Orangeburg. A favorable enhancement in

the applicant’s capital structure would result, expanding its lending capacity

and increasing its ability to serve the credit needs of the area.

Substantial benefits would accrue to the public in the areas of Salley and

Swansea. In each community, branches of an insured bank would replace uninsured institutions and broader banking services would be offered. Depository

does not grant loans nor accept time deposits.

Thus, the transactions which would provide increased and broadened banking

services in the areas of the merging banks without any unfavorable competitive effects were concluded to be in the public interest.

No. 31— Hamlin Bank and Trust Company, Smethport,

Pennsylvania 5,803 1 2

to acquire the assets and assume the liabilities of

The Mount Jewett National Bank, Mount Jewett 1,608 1

Summary report by Attorney General, August 27, 1962

The proposed purchase of assets and assumption of liabilities of Mount Jewett

National Bank, Mount Jewett, Pennsylvania by Hamlin Bank and Trust Company,

Smethport, Pennsylvania would appear to have no signficant adverse effect upon

competition.

The two banks do not appear to be in substantial competition with each

other and their union would not appreciably contribute to concentration in

commercial banking in the Mount Jewett, Pennsylvania area, and would place

the resulting bank in a position to compete more effectively with its larger

competitors.

Basis for Corporation approval, September 28, 1962

Both the applicant and National are located in McKean County, Pennsylvania,

which is a sparsely populated section of the State in which, due to the hilly and

heavily forested terrain, there is limited growth potential. Applicant and National

now rank fourth and fifth, respectively, as to size among five banks serving the

area, and following the acquisition, applicant will continue to rank fourth. There

is very little competition between the participating banks that will be eliminated

as a result of the proposal. On the other hand, the addition of National’s resources

of some SI.6 million to the resources of nearly $5.8 million of applicant should

enhance the latter’s ability to meet competition emanating from the three other

larger banks in the area, more particularly the Smethport branch of the $11

million Producers Bank and Trust Company, Bradford.

The union of these two banks would bring trust facilities to the customers of

National and the residents of Mount Jewett, would solve a pressing management succession problem at National, would permit greater efficiency in operations for both banks, and probably most important, would enable the resulting

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 91

Table 101. D escrip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

bank to challenge more effectively the three other larger banks which are actively

competing in the area.

No. 32— Industrial Valley Bank and Trust Company,

Jenkintown, Pennsylvania 101,050 15 17

to merge with

Phoenixville Trust Company, Phoenixville 7,068 2

Summary report by Attorney General, August 30, 1962

Phoenixville Trust Company is the smallest bank in the Phoenixville service

area with only a limited lending limit. The only other independent bank in

Phoenixville is about three times the size of Phoenixville Trust.

The applicant bank, Industrial Valley Bank and Trust Company, operates 15

banking offices in Philadelphia and the surrounding area. This bank and four

of the other banks serving the Phoenixville area are among the largest in the

greater Philadelphia area collectively operating a total of 88 banking offices.

This merger will result in the already heavy concentration of banking in the

broader Philadelphia area being further enhanced and in the elimination of one

more independent bank.

Basis for Corporation approval, September 28, 1962

The applicant’s service area consists mainly of Philadelphia, and the Jenkintown

section of Montgomery County, although it competes to some extent on a regional

basis. Its $75 million IPC deposit volume makes it second in size of eight commercial banks headquartered in Montgomery County. It is surpassed in size by

eight of the twelve commercial banks, and by all four of the mutual savings

banks located in Philadelphia. Applicant presently holds 1.3 percent and 1.5

percent respectively, of the aggregate IPC deposits and loans of all banks located

in the service area. The acquisition of the business volume at Phoenixville Trust

would increase the applicant’s proportionate holdings to 1.4 percent of IPC

deposits and 1.6 percent of loans. This fractional increase will cause little, or

no change in the effective competition in the service area.

Phoenixville Trust has confined its service area to the borough of Phoenixville

where it is the smaller of two unit banks. Industrial and commercial development

of nearby regions has recently been influencing the Phoenixville area, in terms

of residential and business expansion, and banking locations have also increased

at nearby communities. Phoenixville Trust reportedly solicited this merger to

solve a problem in management succession which resulted from the recent death

of the active president closely followed by the death of another director. Management of the competing bank at Phoenixville is not opposed to this merger, recognizing it as a logical solution to a management problem and further as a step

toward increasing banking service in relation to economic developments in the

Phoenixville area.

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

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e Corporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

The banks proposing to merge serve different areas and there is little, if any,

existing competition between them to be eliminated by this proposal. The proposal

will solve a management succession problem at Phoenixville Trust, bring broader

banking services to that area, and should increase competition without any adverse effect. In the broader service area of the applicant, the numerous alternative

choices for banking as well as the many banks remaining of larger size negate

the idea of any tendency toward monopoly.

No. 33— Brookline Savings and Trust Company,

Pittsburgh, Pennsylvania 42,097 3 4

to merge with

The First National Bank at Derry, Derry 3,873 1

Summary report by Attorney General, August 22, 1962

The merger of the Brookline Savings and Trust Company, Pittsburgh, Pennsylvania and The First National Bank at Derry, Derry, Pennsylvania would not

eliminate significant competition since the two banks do not operate within the

same service area.

The merger would not have any significant effects on competition in applicant’s

service area. However, in the area served by First National the merger will

result in the substitution of a small country bank with a branch of a much larger

Pittsburgh bank. This may affect the ability of the remaining small bank in Derry

and the nearby small bank in Latrobe to effectively compete with such branch

bank. On balance, the effect on competition would appear to be slightly adverse.

Basis for Corporation approval, October 4, 1962

The applicant bank under this proposal is located in Pittsburgh and with total

resources of $42 million its competitive influence is slight because it is in direct

competition with the $2 billion Mellon National Bank and the $1 billion Pittsburgh National Bank. Its major competitive influence is in the field of instalment

and consumer lending and its operations are more nearly like those of an industrial bank. The addition of resources of less than $4 million of First National

to those of applicant will in no way alter the latter’s competitiveness in Pittsburgh; nor is there any competition existing between the merging banks that

will be eliminated as a result of the merger.

In Derry, First National is in direct competition with three branches of Mellon

National and it finds this competition very intense. It was concluded that a

branch of the larger applicant bank in Derry in place of the First National unit

bank should stimulate competition in the Derry service area by bringing there

a bank with the capacity to better compete with Mellon National. In addition,

the applicant will provide the Derry community with a full service bank and

bring to its residents the benefits of an aggressive and well-managed instalment

loan, department.

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 93

Table 1 0 1 . D escription of E a c h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

No. 34— The Citizens State Bank of Shirley,

Shirley, Indiana (change of title to 1,133 1 2

Bank of Henry County, Shirley, Indiana)

to merge with

Kennard State Bank, Kennard 498 1

Summary report by Attorney General, July 3, 1962

The proposed merger of the Kennard State Bank, Kennard, Indiana by Citizens

State Bank, Shirley, Indiana will not have any significant adverse competitive

effects. They not only have five interlocking directors but the five directors of

Citizens own 93% of the stock of Kennard. Thus competition between these small

banks has previously been eliminated. Moreover, the resulting bank will face

competition from two larger banks located in nearby towns.

The practice of commercial banks acquiring stock interests in, and having interlocking directorates with, competitors through officers and directors and by other

means appears to warrant considerable concern by both the Department of

Justice and the bank regulatory authorities. The indirect acquisition of the

stock of a competitor is, of course, within Section 7 of the Clayton Act where

the effect may be substantially to lessen competition or to tend to create a monopoly in any line of commerce. Moreover, indirect acquisitions appear to be susceptible of use as a means of evading the reporting and approval requirements of

the Bank Merger Act of 1960. Recent applications have indicated that this

practice is sufficiently widespread that a full report by all commercial banks to

the appropriate federal regulatory authorities on all outstanding interests of this

type may be warranted. It may also be appropriate to require all such transactions

to be reported at the time they are made. The opportunity for evasion of Congressionally imposed merger restrictions and for abuses of the type intended to

be forbidden by SEC regulations applicable to other businesses would seem to be

readily apparent and within the powers of the bank regulatory agencies to correct.

Basis for Corporation approval, October 11, 1962

This proposal involves the merger of two small banks located in two small

Indiana towns approximately four miles apart. Following the merger, the applicant,

holding only about 5 percent of aggregate IPC deposits and loans, will be larger

than only one other competing bank and substantially smaller than four others

of seven banks that will be operating in the service area. Thus, it appears that

the merger would have virtually no effect on the competitive situation in the area

and there is no tendency toward monopoly. It was concluded that the applicant

with its more aggressive policies would bring improved banking services to the

Kennard community, and the merged bank as a larger banking structure should

be able to serve the over-all trade area more effectively. The improved services

will be manifested in a larger lending limit and, at Kennard, instalment loan facilities will become available and antiquated methods will be modernized. Moreover,

the merger will correct an unfavorable earnings situation at Kennard.

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

Table 1 0 1 . D escription op E a c h M erger, C o n so lid atio n , A cq u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination

(in

thousands

of dollars)

In

operation

To be

operated

The report of the Department of Justice on the competitive factor in this

merger calls attention to the fact that the banks involved in the merger have five

interlocking directors, who own 93 percent of the stock of Kennard, and states that

such acquirement of stock interests in, and having interlocking directorates with,

competing banks, warrants concern of the bank regulatory authorities. The Department of Justice suggests that a full report by all commercial banks to the appropriate Federal regulatory authorities on all outstanding interests of this type, and

the requiring of reporting of all such transactions at the time they are made, are

appropriate and warranted.

Research of Indiana law demonstrates no violation thereof by the facts reported.

Existing legal authority does not empower the Corporation to request the reports

suggested, nor upon disapproval of a merger, to require the sale or other disposition of stock held by individuals or subsidiary corporations. If Section 7 of

the Clayton Act becomes applicable under the facts, enforcement of that Act

rests concurrently in the Board of Governors of the Federal Reserve System and

the Department of Justice. If this stock ownership involves the Bank Holding

Company Act of 1956, the enforcement rests wholly in the Board of Governors of

the Federal Reserve System.

No. 35— First-Citizens Bank & Trust Company,

Smithfield, North Carolina 292,361 71 72

to merge with

Lincoln National Bank of Lincolnton, Lincolnton 3,219 1

Summary report by Attorney General, July 17, 1962

First-Citizens Bank and Trust Company, Smithfield, North Carolina, proposed

to acquire by merger Lincoln National Bank of Lincolnton, Lincolnton, North

Carolina. First-Citizens has total assets of more than $292,000,000 and operates

68 offices in 38 communities throughout the state. Lincoln National has total assets

of $3,219,000 and operates only one office.

First-Citizens, through a wholly-owned subsidiary, has acquired 87% of the

stock of Lincoln National, and its subsidiary has a purchase contract for the

remaining 13% of the stock. This appears to us to be a case in which the Bank

Merger Act is being evaded through the purchase of stock by individuals or affiliates of the acquiring bank.

The steady attrition in independent banks in North Carolina and the increasing

concentration of commercial banking in the relatively few large statewide banks

is a matter of serious concern.

Basis for Corporation approval, October 18, 1962

The applicant, operating 71 offices, competes throughout most of the State of

North Carolina, though not presently in the trade area of Lincolnton, its nearest

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 95

Table 101. D escription op E a c h M erger, C o n so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

office being in Gastonia, 18 miles away. The addition of the unit Lincoln bank

to applicant’s system of branches will increase the latter’s proportionate share of

total deposits held by all North Carolina banks by only 0.1 percent, and will

introduce it into an area where it is not now competing. This obviously would

have virtually no effect on banking competition in the broad area now served

by the applicant, because it, the third largest bank in the State, competes with

two much larger state-wide branch systems, as well as three others on more of a

regional basis, and practically all of the applicant’s offices are in competition with

one or more of these five competing branch banking systems. In the trade area

of Lincolnton where Lincoln is the smallest of three unit banks and by far less

than half the size of its local competitor, the merger should result in increased

competition because of the more aggressive policies of the applicant, the much

broader range of banking services, including trust facilities, that it can provide, and

a larger lending limit. The number of individual banks in the Lincolnton area

from which the public may choose to do its banking business will not be changed.

The report of the Department of Justice on the competitive factor involved in

this merger points out that First-Citizens, through a wholly-owned subsidiary, has

acquired 87 percent of the stock of Lincoln National and holds a purchase contract

for the remaining 13 percent, which appears to the Department of Justice to be a

possible evasion of the Bank Merger Act. The Department of Justice suggests

that the Corporation secure a report by all commercial banks on all outstanding

interests of this type, that it may also be appropriate to require such transactions

to be reported at the time that they are made, and that if the Corporation should

withhold its consent to a proposed merger where this situation obtains, it should

require the sale or other disposition of the stock of the one bank held directly or

indirectly by persons associated with the other bank.

Research of North Carolina law shows no violation thereof by the facts reported. Existing legal authority does not empower the Corporation to request

the reports suggested, nor upon disapproval of a merger, to require the sale or

other disposition of stock held by individuals or subsidiary corporations. If Section 7 of the Clayton Act becomes applicable under the facts, enforcement of

that Act rests concurrently in the Board of Governors of the Federal Reserve

System and the Department of Justice. If this stock ownership involves the Bank

Holding Company Act of 1956, the enforcement rests wholly in the Board of

Governors of the Federal Reserve System.

No. 36— The Equitable Trust Company, Baltimore, Maryland 248,492 31 35

to merge with

State Bank of Laurel, Laurel 9,345 4

Summary report by Attorney General, August 1, 1962

Competition between Equitable Trust Company, Baltimore, Maryland and

State Bank of Laurel, Laurel, Maryland appears to be insubstantial.

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96 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erg er, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

Bank of Laurel is presently the smallest of the three banks in Laurel with less

than half the capital and surplus of the next larger bank. As a branch of Equitable

Trust, its competitive position will be benefited thus enabling it to better serve

the community in which it operates.

The effect of the merger on competition does not appear to have any significant adverse competitive effect. However, it is part of a trend whereby the larger

Baltimore banks by means of acquisition, threaten to convert banking in Maryland into a few large state-wide banks.

Basis for Corporation approval, October 25, 1962

Laurel, located approximately midway between Baltimore, Maryland and Washington, D. C. is experiencing substantial growth as a result of the suburban expansion of the two cities and the decentralization of Federal government operations. Equitable’s entrance into this territory is a logical extension of its service

area, which is presently confined to metropolitan Baltimore, and solves the difficulty State Bank has had in maintaining capital funds sufficient to margin its

rapid deposit expansion. The closest offices of the merging banks are 13 miles 

apart and there is no competition between them that will be eliminated as a result

of the merger.

Equitable will remain the fourth largest commercial bank in metropolitan

Baltimore, less than one-half the size of the largest bank and significantly smaller

than the second ranked bank, both of which operate offices throughout a greater

part of the State than does Equitable. The merger will result in enhanced competition in the Laurel service area among the branch offices of Equitable, a well established local bank, and the branch office of a $37 million Silver Spring, Maryland

bank.

The applicant will bring to the Laurel area broader services such as trust

facilities and retail floor planning, as well as a larger lending limit, which will

facilitate the anticipated future growth of the local economy.

No. 37— The Northwestern Bank, North Wilkesboro,

North Carolina

to merge with

The Bank of Madison, Madison

122,526

7,393

39

1

40

No. 38— The Northwestern Bank, North Wilkesboro,

North Carolina 129,919 40 41

to merge with

State Bank of Burke, Morganton 7,559 1

No. 39— The Northwestern Bank, North Wilkesboro,

North Carolina 137,478 41 43

to merge with

State Planters Bank, Walnut Cove 4,915 2

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 97

Table 1 0 1 . D escription of E a c h M erger, C o n so lid atio n, A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Summary report by Attorney General, August 30, 1962

(cases 37, 38 and 39)

Northwestern Bank operates 29 of the 58 banking offices located in its primary

service area which comprises the greater portion of western North Carolina.

During the past several years it has actively pursued a policy of expansion,

acquiring nine additional branches and in excess of $25 million in deposits. The

cumulative effect of the three proposed mergers will be to give Northwestern

an additional four offices and in excess of $17 million in deposits.

Each of the merging banks has had a history of successful growth and development without any indication of the need to be absorbed by a substantially

larger institution. In the absence of a justification for these proposed mergers

and in view of the continuing trend towards banking concentration in North

Carolina and more specifically the area of primary activity of Northwestern

Bank, we believe that these mergers will have substantial adverse competitive

effects.

[In response to the Corporation’s invitation for any additional comments,

subsequent to the submission of supplemental information, the Department of

Justice replied]:

In addition to information dealing with certain banking factors involved in

the transaction the additional data points up the absence of elimination of any

substantial competition among the merging institutions; the lack of objections

to and favored attitude toward the merger expressed by competitors both large

and small; the nature of the competition faced by applicant from the dominant

banking institutions in the state which have been allowed to rapidly expand by

merger and acquisition in recent years and the benefits applicant has brought

and will bring to small towns in which it has opened banks by merger and otherwise without harmful effects on remaining small competitors.

In our original report we noted the absence of substantial justification for

the merger, primarily a banking factor, which has now been supplied. However,

the main basis for our adverse report was the elimination of a degree of competition among the merging banks and the trend toward concentration of the

banking resources in North Carolina in the hands of a few large chain banks

which has been brought about by mergers and acquisitions by such banks. Applicant has participated in such activity although not to the extent as have its

larger competitors. In view of the latter facts we are still of the view that

the proposed merger will have some adverse effects on competition.

Basis for Corporation approval, November 8, 1962

(cases 37, 38 and 39)

The Northwestern Bank presently operates a branch system consisting of 39

offices, serving regionally an area in western and northwestern North Carolina

extending from Winston-Salem to Hendersonville. Based on June 30, 1962 statistics, it ranks as the fifth largest bank in North Carolina, both as to total deDigitized for FRASER 

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98 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D escription of E ac h M erger, C on so lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

posits and number of offices, and its relative position in these respects would

not be changed as a result of the three mergers. Throughout most of its service area

it is in direct competition with one or more offices of North Carolina’s four

largest banks, which control well over half of the total bank deposits within the

State and more than one-third of the total number of banking offices. By comparison, following the mergers, the applicant would hold less than one-twentieth of

total bank deposits and would be operating only slightly more than one-twentieth

of the total number of banking offices, gaining but a half of one percent in each

category. It was concluded that the applicant’s competitive relationship to the

other larger North Carolina banks would not be altered to any significant degree as a result of the mergers, and state-wide banking competition as presently

constituted would remain virtually unchanged.

The applicant is not presently competitive with the Madison Bank or the

Walnut Cove Bank and is only moderately competitive with the Morganton

Bank; also, there is no competition between Morganton and Madison, or Walnut

Cove, and little, if any, competition between the latter two. Thus, it appears

that there is no significant competition among or between the banks involved

that would be eliminated as a result of the mergers and there would be no unfavorable effect on local competition.

It was concluded that a branch of the applicant at each of the four locations

now being served by the Madison Bank, the Morganton Bank, and the Walnut

Cove Bank would provide these communities with enlarged and much broader

banking services, including trust facilities and specialized agricultural assistance

not feasible for the smaller banks. Although the applicant has traditionally served

agricultural areas, the economy of many of its locations, as well as those of the

three merging banks, is rapidly expanding industrially, and the larger lending

limit and broader banking services in general that the applicant can provide

should prove beneficial to all phases of the economy, particularly in the communities of Morganton, Madison, and Walnut Cove. In addition, the mergers

would result in strengthening the management of the Walnut Cove Bank and

solve a management succession problem at the Madison Bank. In each of the

areas involved, the number of banking offices would be unchanged.

No. 40— Manchester Bank, Manchester, Maryland

(change of title to Carroll County Bank and Trust

Company and change location of head office to

Westminster)

to merge with

Carroll County National Bank of Westminster

7,082 1 4

Westminster, and 24,654 3

The Carroll Trust Company, Manchester

(newly organized for trust powers)

120

Summary report by Attorney General, October 26, 1962

Bank of Manchester with total assets of $7,000,000 proposes to merge with

Carroll County Bank with total assets of $24,600,000. These banks are located

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 99

T a b le 1 0 1 . D escription of E a c h M erger, C onso lid atio n , A c q u isitio n

of A ssets or A s s u m p t io n of L iabilities A pproved b y t h e C orporation

D urin g 1962— Continued

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

Resources

(in

thousands In To be

of dollars) operation operated

about 10 miles apart in what had been largely an agricultural area but which

is now changing to a more heavily populated suburban area on the fringes of

Baltimore and Frederick, Maryland. The two banks have no demand deposits

or loan accounts in common although there may be some savings accounts common to both banks. The degree of competition existing between them does not

appear to be extensive. While Carroll County Bank’s position as the largest of

three banks in Westminster would be enhanced by the merger its overall effect

on competition does not appear to be substantially adverse.

Basis for Corporation approval, November 29, 1962

This proposal involves the merger of a non-operative trust company into the

applicant, the only legal means by which the latter can acquire trust powers,

and the merger of the larger Carroll National into the applicant with a concurrent change of the main office to Westminster and the establishment of the

applicant’s sole office in Manchester as a branch. The two existing branches of

Carroll National will be continued as branches of the applicant.

The service area of the merging banks is largely confined to Carroll County,

Maryland, situated northwest of Baltimore, northeast of Frederick and immediately south of the Pennsylvania state line. It is estimated that one-half the

service area of the applicant is included in that of Carroll National; however,

aside from common savings accounts derived from a characteristically thrifty

populace, there is little competition between the merging banks that would be

eliminated as a result of the merger. Carroll National is already the largest bank

in the over-all service area, and after the merger would hold approximately onehalf the IPC deposits and loans in the area. Investigation indicates that the

merger would not alter banking competition in the area to any significant degree, and that its effect on other banks would be inconsequential. There are

11 alternate banking locations of seven banks located as close as two blocks and

not more than 12 miles from an office of the combining banks. In addition, there

is competition from large Baltimore banks, some of which have offices 11 and 12

miles from Westminster, and from a much larger bank in Frederick. The larger

bank resulting from the merger would be better able to serve the expanding

economy of Carroll County through its larger lending limit and would bring

additional banking and trust services to the applicant’s service area. There is

no tendency toward monopoly involved, and in view of the benefits to be derived

from the merger without any unfavorable competitive effects, it was concluded

that the proposal was in the public interest.

No. 41— Bank of Virginia Beach, Virginia Beach, Virginia

to merge with

10.087 4 7

Bank of Princess Anne, Princess Anne County 3,135 3

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100 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Summary report by Attorney General, November 2, 1962

The Merging Bank was organized by officials of the Applicant Bank in 1961

with the purpose of uniting the two banks as soon as legally possible. At the

present time, the banks have interlocking directorates, including a common chairman of the board and 25 common stockholders.

It does not appear that the merger would appreciably affect the competitive

situation in either bank’s service area or in Princess Anne County as a whole,

since the only rivals are substantially larger Norfolk, Virginia banks. Competition between the merging banks appears to be negligible and, in any event, is

seriously compromised by the interrelated organizational structure of the banks.

Therefore, it is our view that the merger will not significantly affect existing

or potential competition in the general banking area.

Basis for Corporation approval, December 13, 1962

The Bank of Princess Anne, which under this proposal is to be merged into

the Bank of Virginia Beach, was organized by officials of the latter bank in

1961 because that bank could not legally establish branches in Princess Anne

County, outside the city limits of Virginia Beach, and it was felt that there

was a community convenience and need to be served. It was the intention at

the time of the organization of the Bank of Princess Anne that the two banks

would be merged when it was legally possible to do so, and the merging of

Princess Anne County into the City of Virginia Beach, to become effective

January 2, 1963, will make the merger of the two banks possible. The Bank of

Princess Anne has operated more or less as a “satellite” of the applicant ever

since its organization and there is very little competition between them that

will be eliminated as a result of the merger. Also, the transaction will not affect

the competitive situation in Princess Anne County and Virginia Beach to any

significant degree because the resulting bank will still be the smallest of five

banks competing in the area. Moreover, the largest bank in Norfolk competes

directly with the applicant through a branch office at Virginia Beach, and it,

along with two other Norfolk banks, will be able to establish branches throughout the area, subsequent to January 2, 1963, and have expressed their intention

to do so. A larger lending limit in the resulting bank should provide better

support to the expanding economy of the area and the broadened services in

general which the applicant can bring to the offices of the Bank of Princess Anne

should prove beneficial to the residents and business establishments in Princess

Anne County. It was concluded that the merger would provide a stronger bank

more capable of meeting the financial needs of Virginia Beach and Princess Anne

County and, therefore, would be in the public interest.

No. 42— The First Trust Company of Allegany County,

Wellsville, New York 18.892 4 5

to merge with

The First National Bank of Bolivar, Bolivar 2,324 1

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 101

Table 101. D esc rip tio n o f E a c h M erg er, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u rin g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination

(in

thousansd

of dollars)

In

operation

To be

operated

Summary report by Attorney General, July 26, 1962

Under date of May 18, 1962 we sent a report to the Comptroller of the Currency stating that it was our belief that the consolidation of The Citizens National Bank of Wellsville, Wellsville, New York and the State Bank of Bolivar,

Bolivar, New York would have a substantially adverse effect on competition.

The Comptroller of the Currency approved the consolidation May 25, 1962.

The present proposed merger of First Trust Company of Allegany, Wellsville,

New York with the First National Bank of Bolivar, Bolivar, New York includes

the only other banks in Wellsville and Bolivar. The two Wellsville banks were

roughly of comparable size but much larger than the two Bolivar banks which were

of comparable size. The approval of the consolidation above referred to will

cause the remaining First National Bank of Bolivar to operate at a competitive

disadvantage because it is now substantially smaller than the consolidated bank

and has no trust powers as does the consolidated bank. The present proposed

merger will tend to restore the competitive situation in Bolivar.

The adverse competitive factors which would otherwise be involved in the

present proposed merger are largely nullified by the approval of the consolidation above referred to.

Under the circumstances we express no opposition to the present proposed

merger.

Basis for Corporation approval, December 20, 1962

This proposal would combine two insured banks located approximately 14 miles

apart in Allegany County, New York. The chief competitor of The First Trust

Company, in June, 1962, merged the chief competitor of First National. While

the proposed subject merger would eliminate a small bank, it will tend to restore

the equilibrium that existed in Bolivar banking before the June merger of First

National’s competitor and should improve competition there.

The proposal should have little effect on competition in the service area of

The First Trust Company. Although it is the largest bank in Wellsville and

Allegany County, it is not growing as rapidly as its principal competitor. In

addition, and because of a resulting increase in the service area to be served

by the resulting bank, The First Trust Company will be brought into competition with five additional banks, two of which are larger than it. The resulting

bank will also be capitalized better, proportionately, than The First Trust

Company.

Thus, the proposed transaction, which will increase competition in Bolivar and

have no apparent adverse effect on competition elsewhere, and which will increase the capitalization of the resulting bank as compared with that of The First

Trust Company, is found to be in the public interest.

No. 43— Industrial Valley Bank and Trust Company,

Jenkintown, Pennsylvania 120,830 17 19

to merge with

The National Bank of Coatesville/Coatesville 19,120 2

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102 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erg er, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilities Approved by t h e C orporation

D u rin g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

Summary report by Attorney General, November 2, 1962

The National Bank of Coatesville, with assets of $18,499,000 and two banking

offices, is a relatively small bank competing with eight other banks of substantially similar size in the Coatesville area. Industrial Valley Bank and Trust

Company, with assets of $101,050,000 and 15 banking offices is a moderate-sized

bank serving primarily the City of Philadelphia and its immediate environs.

The proposed merger would upset the somewhat balanced competitive conditions now prevailing in Coatesville. The resources of the merged bank would

approximately equal those of all eight other competing banks in the Coatesville

region. This fact would tend to encourage further bank mergers, with the resulting elimination of independent banks. The existing trend toward a greater concentration of banking resources in Philadelphia and surrounding communities

will be continued by this merger. Therefore, it is likely to have an adverse effect

on competition.

Basis for Corporation approval, December 20, 1962

The applicant’s service area consists of Philadelphia where it operates nine

offices, Montgomery County where its main office and five branches are located,

and Phoenixville (Chester County) where it operates two offices. Eight of Philadelphia’s 12 commercial banks (those with head offices in Philadelphia) and

all four of its mutual savings banks are larger than the applicant, and in Montgomery County it is exceeded in size by one other bank. All of these banks

compete with each other, and the nominal increase in the applicant’s proportionate share of IPC deposits and loans (0.2 percent each) as a result of this

merger would have practically no effect on banking competition in its service

area. Following the merger it would hold only 1.6 percent and 1.7 percent, respectively, of the IPC deposits and loans held by these banks. Also, it was

determined that there is virtually no competition existing between the merging

banks, inasmuch as the two serve entirely separate service areas; consequently,

there is no competition that will be eliminated as a result of the proposal.

The service area of National is confined to Coatesville (Chester County) and

the surrounding area in which 10 banks are competitive. Among these banks,

National ranks fifth in size as to IPC deposits, holding 12.1 percent of the

aggregate. The two offices of National will be replaced with branches of the

much larger and more aggressive applicant. However, it cannot be concluded

that introduction of the larger bank into this area would result in competitive

hardships for the remaining banks. Since the economy of Coatesville is primarily

dependent upon the steel industry, National’s trade area is subjected to the

cyclical swings inherent in this basic heavy industry. The diversified economy

of the applicant’s service area will enable it to better withstand the adverse effects of depressed steel-making activities and thus to help sustain the local economy

at Coatesville. Further, the specialized skills of the applicant in the construction

mortgage lending field and its wider experience in all phases of real estate mortgage

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B A N K ABSORPTIONS APPROVED BY T H E CORPORATION 103

Table 101. D esc rip tio n o f E a c h M erg er, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u rin g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

lending will substantially increase competition for the real estate loan business of

the Coatesville area which business to a considerable degree is now being serviced

by large out-of-territory banks and nonbank lenders.

It is concluded that the merger will bring expanded banking services to Coatesville, relieve banking problems attendant to its one-industry economy, provide

increased competition for the real estate mortgage lending business of the area,

and thus it is in the public interest.

No. 44— La Porte Bank and Trust Company,

La Porte, Indiana 9,164 2 3

to merge with

Union State Bank, Union Mills 2,633 1

Summary report by Attorney General, November 28, 1962

The present ranking of the banks in the service area of the merging banks will

remain unchanged after the merger. While the merging banks appear to normally

compete in some degree, they are both relatively small, and competition between them is unrealistic since they share common executive management.

On balance, it would appear that any adverse competitive effects resulting

from this merger are not likely to be substantial.

Basis for Corporation approval, December 27, 1962

This proposal involves the merger of a relatively small bank, which is the

only bank in Union Mills, with the smallest of three banks in La Porte. The

two towns are approximately 11 miles apart and the service area of Union Mills

lies within the broader service area of the applicant; however, it was determined that there was no significant amount of competition between the two

banks that would be eliminated as a result of the merger. The applicant’s proportionate share of area IPC deposits will be increased 5 percent, but it still

will be the smallest of three banks in La Porte and even if the resources of

the affiliated The La Porte Savings Bank are included, it will still be smaller

than the largest bank in La Porte. Moreover, substantial competition is provided by two larger banks in Michigan City which is located only 12 miles northwest of La Porte.

Approximately three-fifths of the deposits in Union Mills are in the time

category and interest charges have consistently absorbed about one-third of gross

earnings. As a result net income has been below average. Only about one-fifth

of the deposits in the applicant are in the time category and the merger would

result in a better balance in the deposit structures of both banks and result

in improved earnings at Union Mills. In addition, the applicant can provide

broader banking services in general in the Union Mills area, including a larger

and more experienced trust department and larger and broader lending facilities.

Also, the merger will correct a below average capital position at Union.

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104 FEDERAL DEPOSIT INSURANCE CORPORATION

Table 101. D esc rip tio n o f E a c h M erger, C o n so lid a tio n , A c q u isitio n

o f A s s e ts or A ssu m p tio n o f L ia b ilitie s Approved by t h e C orporation

D u r in g 1962— Continued

Resources

Banking offices

Name of bank, and type of transaction1

(in chronological order of determination)

(in

thousands

of dollars)

In

operation

To be

operated

It was concluded that in addition to the improved banking services that would

be brought to Union Mills, the merged bank as a larger banking structure would

be able to serve the over-all trade area more effectively, and thus, the transaction would be in the public interest.

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Table 102. C h a n g e s in N u m ber and C la ssific a tio n o f B a n k s and B r a n c h e s in t h e U n ite d S ta tes

(S tates and O th er A reas) D u r in g 1962

All banks Commercial and stock savings banks

and nondeposit trust companies Mutual savings banka

Insured Noninsured

Type of change

Total Insured

Noninsured Total

Total

Members F. R.

System

Not

members

Banks

of

Nondeposit

trust

companies 1

Total Insured 2

Noninsured

National State

F. R.

System

deposit

BANKS

13,951 13,455 496 13,439 13,124 4,503

4,513

-1 0

1,542 7,079 265 50 512 331 181

13,959

- 8

13,445 514 13,444

- 5

13,115 1,598 7,004

+75

100

277 52 515 330 185

+10 -1 8 + 9 -5 6 -1 2 - 2 - 3 + 1 - 4

jBsnks beginning operations ............... 183 168 15 183 168 64 4 14 1

New banks . . . . ........................................... 179 167 12 179 167 63 4 100 12

Suspended banks reopened ............... 2 1 1 2 1 1 1

Banks added to count ® ............... 2 2 2 1 1

Banks ceasing operations ............................................................... 191 179 12 188 178 81 35 62 8 2 3 1 2

Closed because of financial difficulties . ........ 3 1 2 3 1 1 2

Absorptions, consolidations and mergers........................................ 183 177 6 180 176 80 35 61 3 1 3 1 2

Other liquidations • • • 4 1 3 4 1 1 3

Ceased fiduciary operations 1 1 1 1

Noninsured bank becoming insured , , , +21

+21

-2 1 +19

+19

+ 2

+ 2

+ 5

+11

- 6

+17

+17

+20

- 8

-1 7 - 2 + 2 - 2

Admission to insurance operating banks ............. -2 1 -1 7 - 2 + 2 - 2

-2 5 - 1 + 1

National banks succeeding State banks • ..................... - 3

State banks succeeding national banks . . ..................... + 6

+ 1

+ 1

- 5

- 1

State bank succeeding noninsured bank + i — 1 + 1 - 1

+ 5

-2 5 +25

Insured bank becoming noninsured 4 . . . - i + 1 - 1 - 1 + 1

Changes not involving number in any class:

5 5 5 5 5

Changes in title ............. .............. ..................................................... 116 113 3 114 112 43 15 54 2 2 1 1

Changes in location . . . . . . ........................................ 7 4 3 6 4 4 2 1 1

Changes m name of location • 2 2 2 2 2

Changes in title and location .................................... 8 8 8 8 3 1 4

o nrroa in fitlo onH no rnp r\T mPflfinTl 2 2 2 2 1 1

Changes in corporate powers:

Tr\ nn^TQ n n r]pT oroT"iAT*ol hQTl k lTlff IflWS 6 5 1 6 5 5 1

rirfint.pn t.niQt, nnwprQ 5 ............... 56 56 56 56 56

FEDERAL DEPOSIT INSURANCE CORPORATION

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BRANCHES

13,078

12,043

12,891

11,867

187

176

12,491

11,499

12,425

11,440

6,639

6,044

3,007

2,855

2 779 51

45

587 Cii 466

427

121

117 9 't/ll AD 1A

+1,035 +1,024 +11 +992 +985 +595 I 1 CO 1 090 “f" ADa T^50O + 6 + 1 +43 +39 +4

Branches opened for business..................................................... 1,086

7

1,070

7

16 1,039

7

1,031

7

582

5

187 262

2

8 47 39 8

Facilities provided as agents of the government7........................

Absorbed banks converted to branches.......................................... 169 167 2 166 166 97 35 34

Q

3 1 9

Branches replacing head office........................................................... 11 10 1 10 10 1 i

X

1

Other branches opened 8...................................................................... 880 868 12 837

19

830

18

476

3

151

1

203

14

11

7 43 38

1

Branches added to count 8 ................................................................. 19 18 1 1

5

Branches discontinued.................................................................. 51 48 3 47 47

6

28

6

8 1 Q

Facilities.................................................................................................. 6 6 6

1 o

Branches 8................................................................................................ 45 42 3 41 41

+ 1

+ 2

22

+41

+ 8

8

-2 7

—4

11

-1 3

—2

A 1 Q

Other changes in classification................................................... + 2

+ 2

—2 _ 2 + 1

i

+ 1

O

*1

Branches changing class as result of succession............................ - 2 —2

— 1

Branch of noninsured bank admitted to insurance...................... + 1 - 1 4-1 Branches of insured banks withdrawing from F. R. System. . . -1 6 +16

T 1

Branch of F. R. member bank withdrawing from insurance. . . - 1 + 1 - 1 - 1 + 1 Branches transferred through sale or as result of absorption— 

net......................................................................................................... +33

45

—6 -2 7

9

Changes not involving num ber in any class:

Branches transferred as result of absorption or succession........ 15 2

Changes in title, location, or name of location............................. 298 142 32 6 10 Branches replacing seasonal agency or facility............................. 2

ALL BANKING OFFICES

Number o f offices, December 31, 1962 ............................................. 27,029

26,002

26,346

25,312

683

690

25,930

24,943

25,549

24,555

11,142

10,557

4,549

4,453

9,858

9,545

316

322

65

66

1,099

1,059

797

757

302 Number o f offices, December 30, 1961 ............................................. 302

Net change during year.................................................................... +1,027

1,269

183

+1,034

1,238

168

—7 +987

1,222

183

+994

1,199

168

+585

646

64

+96

191

4

+313

362

100

262

73

62

11

+24

+37

-1 3

—6 _I +40

A*t

+40

Offices opened.............................................................................. 31 39 15

22

14

8

g

J.

*|

Banks........................................................................................................ 1

I

8

Branches.................................................................................................. 1,086

242

1,070

227

16 1,039

235

188

47

1,031

225

178

47

+20

+19

+1

582

109

81

28

+48

+7

+41

187

43

35

8

-5 2

-2 5

-2 7

47 QQ 8

Offices closed .................................................................................... 15 o

OV

(1

Banks........................................................................................................ 191 179 12 8

a

o

i

Q

Z

i

1

5

Branches.................................................................................................. 51 48 3

£ O

A

2

Q

Changes in classification.............................................................. +23

+21

+ 2

-2 3 -2 0

-1 8 

_2

1

+ 3 

+ 2

+ 1

o

_O

Among banks ....................................................................................... —21

—OQ

Among branches.................................................................................... —2 + i

— Z

--1

1 Includes 1 trust company on December 30, 1961, and 2 trust companies on December 31, 1962, members of the Federal Reserve System.

8 On December 30, 1961, 1 mutual savings bank was a member of the Federal Reserve System. Prior to the close of 1962 this bank withdrew from the Federal Reserve Svstem

* Opened prior to 1962 but not included in count as of December 30, 1961.

4 Insurance terminated under section 8(c) of the FDIC Act, which provides that insurance shall be terminated when it is determined that an insured bank is not engaged in the

business of receiving deposits.

6 Information available only for insured banks not members of Federal Reserve System.

6 Includes a few seasonal offices of State banks members of the Federal Reserve System and insured State banks not members of the Federal Reserve System which were not in

operation December 31, 1962.

7 Facilities established in or near military or other Federal Government installations at request of the Treasury or Commanding Officer of the installation.

8 Excludes 16 seasonal offices of national banks operated during part of the year but not in operation December 31, 1962.

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Table 103. N u m b e r o p B a n k i n g O f f ic e s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s) , D e c e m b e r 31, 1962

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BANK, AND BY STATE OR AREA AND TYPE OF OFFICE

State and type of bank or office

United States— all offices.........

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches..........................................

50 States and D. C.—all offices

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches.........................................

Other areas— all offices..............

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches..........................................

State

Alabama— all offices..................

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches..........................................

Alaska—all offices........................

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches..........................................

Arizona— all offices.....................

Banks...............................................

Unit banks..................................

Banks operating branches.........

Branches..........................................

All banks

Total

27,029

13,951

11,038

2,913

13,078

26,865

13.937

11,034

2,903

12,928

165

14

4

10

151

347

239

211

28

108

56

13

6

7

43

221

11

2

9

210

Insured

26,346

13,455

10,632

2,823

12,891

26,204

13,447

10,631

2,816

12,757

143

8

1

7

135

347

239

211

28

108

50

10

4

6

40

212

10

2

8

202

Noninsured

683

496 406

90

187

661

490

403

87

171

22

6

3

S

16

Commercial and stock savings banks

and nondeposit trust companies

Total

Insured

Total

25,930

13,439

10,748

2,691

12,491

25,768

13,426

10,744

2,682

12,342

163

13

4

9

150

347

239

211

28

108

55

12

5

7

43

221

11

210

25,549

13,124

10,455

2,669

12,425

25,407

13,116

10,454

2,662

12,291

143

8

1

7

135

347

239 211

28

108

49

9

3

6

40

212

10

2

8

202

Members F. R.

System

National

11,142

4,503

3.409

1,094

6,639

11,140

4,502

3.409

1,093

6,638

3

1

159

70

61

19

89

40

5

1

4

35

152

3

3

149

State

4.549

1.542

1.117

425

3.007

4.549

1.542

1.117

425

3.007

31

24

20

4

7

15

1

1

14

Not

members

F.R.S.

9,858

7,079

5,929

1,150

2,779

9,718

7,072

5,928

1,144

2,646

140

7

1

6

133

157

145

140

6

12

45

6

2

4

39

Noninsured

Banks

of

deposit

316

265 248

17

51

296

260

245

15

36

20

5

15

Nondeposit

trust

companies :

65

50

45

5

15

65

50

45

5

15

Mutual savings banks

Total

1,099

512

290

222

587

1,097

511

290

221

586

Insured

797

331

177

154

466

797

331

177

154

466

Noninsured

302

181

113

68

121

300

180

113

67

120

2

1

Percentage insured 1

All

banks

of

deposit

97.7

96.7

96.7

97.1

98.7

97.8

96.8

96.7

97.2

98.8

86.7

57.1

25.0

70.0

89.4

100.0

100.0 100.0 100.0

100.0

89.3

76.9

66.7

85.7

93.0

100.0

100.0 100.0

100.0

100.0

Commercial

banks

of

deposit

98.8

98.0

97.7

99.4

99.6

98.8

98.1

97.7

99.4

99.7

87.7

61.5

25.0

77.8

90.0

100.0

100.0

100.0

100.0

100.0

89.1

75.0

60.0

85.7

93.0

100.0

100.0 100.0 100.0

100.0

Mutual

savings

banks

72.5

64.6 

61.0

69.4

79.4

72.7

64.8 

61.0

69.7

79.5

100.0

100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Arkansas— all offices............................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

California—all offices..........................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

Colorado—all offices.............................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches.....................................................

Connecticut—all offices......................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

Delaware— all offices............................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

District of Columbia— all offices ....

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

Florida— all offices................................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

Georgia— all offices...............................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

Hawaii— all offices.................................

Banks..........................................................

Unit banks.............................................

Banks operating branches...................

Branches....................................................

304 4 308 304 86

237 4 241 237 57

191

4 195 191 40

46 46 46 17

67 67 67 29

2,086 11 2,097 2,086 1,526

123 6 129 123 45

59

4 68 59 24

64 2 66 64 2 1

1,963

5 1,968 1,963 1,481

180 32 212 180 93

173 32 205 173 88

167 82 199 167 84 6 6 6 4 7 7 7 5

435 8 297 289 141

129 8 66 58 22

66

8 88 25

9

68 88 88 13

306 231 231 119

83 75 75

6

21 19 19 4

1 1 1 1 1 1

3

10

8

8

1

62 56 56

2

84 84 84 43

12 12 12 5 1 1 1 1

1 1 1 1 1 1

4

72 72 72 38

356 3 359 356 142

340 3 343 340 130

825

8 828 325 119

15 15 15 1 1

16 16 16 12

505 55 560 505 147

364 55 419 364 53

825 55 880 825 85

89 89 39 18

141 141 141 94

112

6 118 112 40

7 5 12

7

2

4

4

71

8

7

2

105 1 106 105 38

308

241

195

46

67

2,097

129

68

66

1,968

212

205

19967

443

137

74

63

306

83

21

1110

62

84

121

11

72

359

343

828

15

16

560

419

880

89

141

118

124s

106

31

21

156

10

356

178

14

339

18

17

1611

71716

64

282

26

314

27

10

1010

44

15

29

187

159

186

28

28

204

61

82

29

143

69

68

6711

77

29

15

14

48

41

1385

28

103

204

200

19644

314

296

281

15

18

725

... „

67

338111

I11||

116425

32

32

82 || 777 111

146 I 146

71 I 71

41 41

80 1 80

75 | 75

8 1 8

2 I 2 2 I 2

6 6 |

fl|| 222 111 |I|

55

55

55

65411

99.0 99.0

98.8 98.8

98.5 98.5

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

84.9 84.9

84.4 84.4

83.9 83.9

100.0 100.0

100.0 100.0

98.2 97.6 100.0

94.9 89.2 100.0

90.4 78.1 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

100.0 100.0

99.4

99.4

99.4

99.4

99.4 99.4

100.0 100.0

100.0 100.0

90.2 90.2

86.9 86.9

85.5 85.5

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

NUMBER, OFFICES, AND DEPOSITS OF BANKS

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Federal Reserve Bank of St. Louis
Table 103, N u m b e r of B a n k i n g O f f ic e s i n t h e U n it e d St a t e s (S t a t e s a n d O t h e r A r e a s ), D e c e m b e r 31, 1962— Continued

g r o u ped a c c o r d in g to i n s u r a n c e s t a t u s a n d CLASS OF RANK; a n d b y s t a t e or area a n d t y p e of o f fic e

State and type of bank or office

All banks

Total

InsuredNonrnsured

Commercial and stock savings banks

and nondeposit trust companies

Total

Insured

Total

Members F. R.

System

National State

Not

members

F.R.S.

Noninsured

Banks

of

deposit

Nondeposit

trust

companies !

Mutual savings banks

Total

InsuredNoninsured

Percentage insured

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

banks

Idaho—all offices...............

Banks............................

Unit banks......................

Banks operating branches

Branches...............................

Illinois—all offices.............

Banks....................................

Unit banks......................

Banks operating branches

Branches................................

Indiana—all offices...........

Banks....................................

Unit banks......................

Banks operating branches

Branches...............................

Iowa—all offices.................

Banks....................................

Unit banks................

Banks operating branches

Branches...............................

Kansas—-all offices..........

Banks....................................

Unit banks......................

Banks operating branches,

Branches.................................

Kentucky—all offices.......

Banks......................................

Unit banks.......................

Banks operating branches.

Branches.................................

124

31

93

1,003

999

995

4

4

809

443

800

143

366

866

672

520

152

194

631

593

567

86

38

535

351

266

85

184

124

31

93

997

993

989

4

4

804

438

295

148

366

846

652

500

152

194

628

590

654

86

38

526

342

257

85

184

20

20

124

31

22

9

93

1,003

999

805

439

296

143

366

866

672

520

152

194

631

593

657

36

38

535

351

266

85

184

124

31

22

9

93

997

993

989

4

4

800

434

291

143

366

846

652

500

152

194

628

590

554

86

38

526

342

257

85

184

79

9

6

70

406

402

898

4

4

325

125

73

52

200

107

97

8710

10

192

168 146

22

24

179

85

52

83

94

24

8

5

3

16

123

123

149

100

76

24

49

78

66

56

10

12

47

44

41

8

3

44

14

7

7

30

21

14

12

468

468

326

209

142

67

117

661

489

357

132

172

389

378

867

11

11

303

243

198

45

60

19

19

19

100.0

100.0 100.0 100.0

100.0

99.7

99.7

99.7 100.0

100.0

99.5

99.1

98.7 100.0

100.0

97.8

97.2

96.3 100.0

100.0

99.5

99.5

99.5 100.0

100.0

98.3

97.4

96.6 100.0

100.0

100.0

100.0 100.0 100.0

100.0

99.7

99.7

99.7

100.0

100.0

99.5

99.1

98.6 100.0

100.0

97.8

97.2

96.3 100.0

100.0

99.5

99.5

99.5 100.0

100.0

98.3

97.4

96.6

100.0

100.0

100.0

100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Louisiana—all offices........

Banks ..............................

Unit banks. ......................

Banks operating branches

Branches...............................

Maine——all offices........ ..

B a n k s..................................

Unit banks........................

Banks operating branches

Branches...............................

Maryland—all offices........

Banks ............................

Unit banks. ......................

Banks operating branches

Branches...............................

Massachusetts—all offices

Banks ................................

Unit banks........................

Banks operating branches

Branches3.............................

Michigan—all offices........

Banks.....................................

Unit banks........................

Banks operating branches

Branches...............................

Minnesota—all offices. . . .

Banks.....................................

Unit banks........................

Banks operating branches

Branches...............................

Mississippi—all offices....

Banks....................................

Unit banks. ......................

Banks operating branches

Branches...............................

Missouri—all offices..........

Banks....................................

Unit banks........................

Banks operating branches

Branches...............................

Montana—all offices.........

Banks.................................. ..

Unit banks. ......................

Banks operating branches

Branches...............................

399

196 120

76

203

242

79

39

40

163

462

127

71

56

335

932

344

173

171

588

1,043

371

221

150

671

701

695

69326

354

192

113

79

162

671

627

583

44

44

126

123 12033

398

195

119

76

203

221

67

31

36

154

456

126

71

55

330

632

166

63

103

466

1,039

369 220

149

669

693

687

68526

352

190

111

79

162

658

614

570

44

44

125

122

11933

21

128496115

300

178 110

68

12242112888

399

196

120

76

203 |

201

47

IS

84

154

422

121

69

52

301

608

163

445

1,043

371 221

150

6716

354

192

113

79

162

671

627

583

44

44

126

123

1203

398 150 37 211

1

195 43 11 141

1

119 18 3 98

1

76 25

8 48

203 107 26 70

186 80 54 52 15 41 35

6

41 22

6 13 6 32 266

1 1 8 21 26 20

6

30 14

58

4 1 24 6 6

145 48 39 9 9 9

416 189 51 176 6 40 40

120 48 7 65

1 6 6

69 252 42 2 2

51 23 5 23 1 4 4

296 141 44 1115 34 34

601

158

61

341

94

42

137

19

123

45

19

544

21

324

181

108

3182

293

173

106

97 52 19 26

1 73

6 67

443 247 118 78

11 143 23 120

,039

369

355 407 277 3

1

83 131 155 1 1

220 42 82 96

1

149 41

271

49

276

59

1

669 122

2

692 186 27 479 8 1 1

686 180 27 479 8 1 1

684 178 27 479

8 1 1

2 2

6 6

352 63 23 2662

190 27 7 156

2

........ .............

1 1 1

8

4 99

2

79 19

3 57

162 36 16 110

658 91 104 463 9 4

614 78 91 44594

570 65 78 427

9

4

44

44

13 13 18

13 13 18

125 45 46 34

1

122 43 45 34

1

119 412

441

84

1 | 3 |

3 2

1

II

99.7

99.5

99.2

100.0

100.0

91.3

84.8

79.5

90.0

94.5

98.7

99.2

100.0

98.2

98.5

67.9

48.4

36.4

60.6

79.4

99.7

99.7 100.0

99.3

99.7

98.9

100.0

100.0

99.4

99.0

98.2

100.0

100.0

98.7

100.0

100.0

100.0

100.0 100.0

100.0

100.0

99.7

99.5

99.2

100.0

100.0

92.5

87.2

84.6

88.2

94.2

98.6

99.2 100.0

98.1

98.3

99.2

97.5

93.8

100.0

99.7

99.7 100.0

99.3

99.7

98.9

98.8

98.8 100.0

100.0

99.4

99.0

98.2 100.0

100.0

98.7

98.6

98.4 100.0

100.0

100.0

100.0 100.0 100.0

100.0

85.4

81.3

76.9 100.0

100.0

100.0

100.0 100.0 100.0

100.0

9.7

4.4

1.9

8.2

16.1

100.0

100.0 100.0

NUMBER, OFFICES, AND DEPOSITS OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r o f B a n k i n g O f f ic e s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 31, 1962— Continued

g r o u pe d a c c o r d in g t o i n s u r a n c e s t a t u s a n d c l a s s o f b a n k , a n d b y s t a t e or a rea a n d t y p e o f o f fic e

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks

Insured Noninsured

State and type of bank or office

Total

Insured

Noninsured Total

Members F. R.

System Not

memBanks

of

Nondeposit

trust

Total

Insured

Noninsured

1 Total

National State

bers

F.R.S.

deposit

companies 2

445 415 30 445 415 136 16 263 25 5

426 396 30 426 396 121 15 260 25 5

Unit banks............................................. 408

18

19

S78 30 408

18

378 107 14

1

257 25 5

Banks operating branches 1 18 18 14

15

3

Branches ........................................... 19 19 19 1 3

N CTsds*- *&11 offices 52

7

52

7

52 52 30 14 8

Banks. ............................................... 7 7 3 2 2

Unit banks............................................. 2 2 2 2 1 1

Banks operating branches 5 5 5 5 2 2 1

Branches ................. ............... 45 45 45 4 5 27 12 6

New Hampshire—all offices . • • 111 108 3

" « 53 1 20 3 34 34

Banks.......................................................... 107 104 3 74 71 51 1 19 3 33 33

Unit banks . . . 103 10 0 3 71 68 49

2

1 18 3 32 32

Banks operating branches 4 4 3 3 1 1 1

Branches •. 4 4 3 3 2 1 1 1

New Jersey—all offices 802 799 3 759 756 461 204 91 3 43 43

Banks ........................................................ 263 260 3 242 239 149 55 35 3 21 21

Unit banks ................. ................ 117 114

146

539

3 105 10 2 70 19 13 3 1 2 1 2

Banks operating branches 146

539

137 137 79 36 2 2 9 9

Branches ........... ............... 517 517 312 149 56 22 22

ew exico^TM*"ttH offices 129

60

129 129 129 63 12 54

60 60 60 29 8 23

Unit banks ............................. 30 30 30 30 15 6 9

Tin'rt Z*o n'nurn.ti'n n 30

69

30

69

30 30 14

34

2 14

31

.............................

RfflTlpl'lPQ ... 69 69 4

York—all offices ........................ 2,278

499

2,257 21 1,955

372

1,934

355

817 1,002

94

115 16 5 323 323

482 17 224 37 12 5 127 127

Unit banks . • ........ 250 236 14

3

20 2 188 133 35 20 9 5 48 48

Banks operating branches 249 24 6 170 167 91 59 17 3 79 79

1,779 1,775 4 1,583 1,579 593 908 78 4 196 196

Percentage insured 1

All

banks

of

deposit

Commercial

banks

of

deposit

Mutual

savings

banks

94.3

94.1

93.8 100.0

100.0

100.0

100.0 100.0 100.0

100.0

97.3

97.2

97.1 100.0

100.0

100.0

100.0 100.0 100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.3

97.6

96.3

98.8

99.8

94.3

94.1

93.8

100.0

100.0

100.0

100.0

100.0

100.0

100.0

96.1

95.9

95.8

100.0

100.0

100.0

100.0 100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0

99.2

96.7

95.4

98.2

99.7

100.0

100.0

100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0

100.0

100.0 100.0 100.0

100.0

112 FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
North Carolina—all offices.

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

North Dakota— all offices..

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

Ohio—all offices...................

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

Oklahoma—all offices........

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

Oregon— all offices..............

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches3...............................

Pennsylvania—all offices. .

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches3...............................

Rhode Island— all offices. .

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

South Carolina—all offices

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

South Dakota—all offices..

Banks.......................................

Unit banks..........................

Banks operating branches.

Branches.................................

767

4 771 767 205

161 1 162 161 29

81 81 81 9

80

1 81 80 20

606 3 609 606 176

186 4 190 186 42

153

4 157 153 38

128

4 132 128 34

25 25 25

4

33 33 334

1,311 1 1,308 1,307 603

565

1 564 563 220

8541 354 853 113

2 1 1 2 1 0 2 1 0 107

746 744 744 383

422 2 424 422 229

390 2 392 390 203

3602 362 360 179

30 30 30 24

32 32 32 26

H

261 2 262 260 185

48

2 49 47 10

27

2 28 267

2 1 2 1 2 13

213 213 213 175

1,633 13 1,585 1,572 986

635 10 638 628 423

418 8 424 4 16 285

2172 214 2 1 2 138

998 3 947 944 563

146

8 114 106 56

161

2 10 8 4

15 2 10

8

4

130 6 104 98 52

324 4 328 324 148

138 4 142 138 26

88

4 92 88 10

50 50 50 16

186 186 186 122

240 240 240 66

171 171 171 32

139 139 139 27

82 82 32

5

69 69 69 34

771

162

81

81

609

190

157

182

25

33

1,312

566

855

211

746

424

392

362

80

32

263

50

29

21

213

1,646

645

426

219

1,001

154

181

17

136

328

142

92

50

186

240

171

139

82

69

91413

8732111

403

137

91

46

266

27

25

123

280

59

81

28

221

221

" " l '

21

106424

26

24

471

128

71

57

343

141

113

28

301

206

149

57

95

166

162

15844

63

34

17

17

29

306

146

100

46

160

283

’ ' "s’

25

166

106

74

32

60

148

115

33

1075

61725

54

40817

32

6175

5417

32

99.5 99.5

99.4 99.4

100.0 100.0

98.8 98.8

99.5 99.5

97.9 97.9

97.5 97.5

97.0 97.0

100.0 100.0

100.0 100.0

99.9 99.9 100.0

99.8 99.8 100.0

99.7 99.7 100.0

100.0 100.0 100.0

100.0 100.0 100.0

99.8 99.8

99.7 99.7

99.7 99.7

100.0 100.0

100.0 100.0

99.6 99.6 100.0

98.0 97.9 100.0

96.4 96.3 100.0

100.0 100.0

100.0 100.0

99.4 99.4 100.0

98.9 98.9 100.0

98.8 98.8 100.0

99.1 99.1 100.0

99.7 99.7 100.0

94.8 93.0 100.0

88.9 80.0 100.0

100.0 100.0

88 .2 " "8 0 .0 100.0

95.6 94.2 100.0

98.8 98.8

97.2 97.2

95.7 95.7

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

NUMBER, OFFICES, AND DEPOSITS OF BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 103. N u m b e r of B a n k i n g O f f ic e s i n t h e U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 31, 1962—Continued

gro u ped a c c o r d in g t o in s u r a n c e , s t a t u s a n d cl a ss of b a n k , a n d b y s t a t e or area a n d t y p e o f o f fic e m

All banks

Commercial and stock savings banks

and nondeposit trust companies Mutual savings banks Percentage insured 1

Insured Noninsured

State and type of bank or office

Total

Insured

Noninsured Total

Members F. R.

System Not

memBanks

of

Nondeposit

trust.

Total

Insured

Noninsured

All

banks

of

deCommercial

banks

of

Mutual

savings

banks

Total

National State

bers

F.R.S.

deposit

companies 2

posit deposit

549

294

544

289

5 549 544 224 31 289 3 2 99.5 99.5

5 294 289 73 8 208 3 2 99.0 99.0

208 203 5 208 203 37 8 163 3 2 98.5 98.5

86 86 86 86 36 5 45

81

100.0 100.0

255 255 255 255 151 23 100.0 100.0

1,091

1,047

1,0 0 2

45

1,074

1,030

985

17 1,091

1,047

1,0 0 2

45

44

1,074

1,030

985

505 94 475 17 98.4 98.4

17 486 88 456 17 98.4 98.4

17 466 82 487

19

17 98.3 98.3

45

44

45

44

20 6 100.0 100.0

44 19 6 19 100.0 100.0

TTj—1._ —11 Apa 132 128 4 132 128 55 34 39 4 97.0 97.0

49 45 4 49 45 8 13 24 4 91.8 91.8

84 80

15

4 34 80 6 7 17 4 88.2 8 8.2

15

83

98

15 15 2 6 7 100.0 100.0

83 83 83 47 21 15 100.0 100.0

97 1 91 90 48 42 1 7 7 100.0 100.0 100.0

57 56 1 51 50 29 21 1 6 6 100.0 100.0 100.0

4 2 41

15

1 37 86 28 13 1 5 5 100.0 100.0 100.0

15

41

14

40

14

40

6 8 1 1 10 0 .0 100.0 100.0

41 19 21 1 1 100.0 100.0 100.0

659 659 659 659 327 136 196 100.0 100.0

292 292 292 292 127 66 99 100.0 100.0

177 177 177 177 78 46 53 100.0 100.0

115 115 115 115 49 20 46

97

100.0 100.0

367 367 367 367 200 70 100.0 100.0

nffii'Afl ........... .. 430 429 1 415 414 311 31 72 1 15 15 99.8 99.8 100.0

96 95 1 92 91 25 9 57 1 4 4 99.0 98.9 100.0

64 63 1 63 62 12 4 46 1 1 1 98.4 98.4 100.0

82 82 29 29 13 5 1 1 3 8 10 0 .0 100.0 100.0

334 334 323 323 286 22 15 11 11 100.0 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
West Virginia— all offices...................... 182 181 I 182 181 76 33 72 1 99.5 99.5

Banks.......................................................... 182 1 181 1 182 181 76 33 72

72

1 99.5

99.5

99.5

Unit banks............................................. 182 181 1 182 181 76 33 1 99.5

Banks operating branches...................

Branches.....................................................

Wisconsin— all offices............................. 736

574

476

98

732

570

472

98

4 732

570

472

729

567

469

98

123

101

91

10

67

58

64

4

539

408

324

1 2 4 3 1 99.7

99.7

99.6

99.9

99.8

99.8

100.0

75.0

75.0

75.0

Banks.......................................................... 4 1 2 4 3 I

Unit banks............................................. 4 2 2 A 3 2

Banks operating branches................... 98 84

131

100.0

Branches..................................................... 162 162 162 162 22 9 100.0

100.0

100.0

100.0

100.0

100.0

Wyoming— all offices.............................. 57 57 57 57 28 14 15 100.0

Banks.......................................................... 56 56 56 56 27 14 15 100.0

Unit banks............................................. 55 55 55 55 26 1 4 16 100.0

Banks operating branches................... 1 1 1 1 1 100.0

Branches.................................................... 1 1 1 1 1 100.0 100.0

Other area

Pacific Islands— all offices4.................. 12 4 8 12 4 4 8 33.3 33.3

Banks........................................................ 1 1 1 1

Unit banks6........................................... 1 1 1 1

Banks operating branches...................

Branches6.................................................. 11 4 7 11 4 4 7 36.4 36.4

Panama Canal Zone— all offices........ 2 2 2 2

Banks........................................................

Unit banks.............................................

Banks operating”branches...................

Branches7.................................................. 2 2 2 2

Puerto Rico— all offices.......................... 142 132 10 142 132 132 10 93.0

63.6

33.3

75.0

93.0

Banks........................................................ 11 7 4 11 7 7 4 63.6

Unit banks............................................. 3 1 2 8 1 1 33.3

Banks operating branches................... 8 6 2 8 6 6 2 75.0

Branches 8.................................................. 131 125 6 131 125 125 6 95.4

77.8

95.4

Virgin Islands— all offices..................... 9 7 2 7 7 3 4 2 2 100.0

Banks.......................................................... 2 1 1 1 1 1 1 1 50.0 100.0

Unit banks.............................................

Banks operating branches................... 2 1 1 1 1 1 1 1 50.0 100.0

Branches 9.................................................. 7 6 1 6 6 2 4 1 1 85.7 100.0

1 Nondeposit trust companies are excluded in computing these percentages.

2 Includes 1 trust company in Missouri and 1 in Massachusetts members of the Federal Reserve System.

8 Includes branches operated by banks located in other states or in Puerto Rico as follows: 1 noninsured branch in Massachusetts operated by a New York bank; 3 insured branches

m New York operated by 2 banks in Puerto Rico; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank; 1

nomnsured branch in Pennsylvania operated by a New York bank; and 2 insured branches in Washington operated by a California bank.

4 In United States possessions (American Samoa, Guam, Midway Islands, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan, and Truk Atoll).

* In American Samoa.

® Consists of 5 branches operated by a California bank, of which 4 are in Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) and 1 noninsured in Caroline Islands,

(Truk Atoll, Moen Island); and 6 branches operated by a Hawaiian bank of which 1 insured is on Guam, and the following noninsured branches: 1 in Caroline Islands (PalauIslands,

Koror Island), 2 in Marshall Islands (Kwajalein), 1 on Midway Island and 1 on Wake Island.

7 Consists of 2 noninsured branches operated by 2 New York banks.

8 Includes 15 noninsured branches operated by 2 New York banks.

8 Includes 4 insured branches operated by a New York bank.

Back figures: See the Annual Report for 1961, pp. 88-95, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF BANKS 115

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 0 4 . N u m b e r a n d D eposits of A ll B a n k s i n t h e U n ited S tates (S tates a n d O th e r A reas) , D ecem ber 28, 1962

b a n k s grouped according to in su r a n c e statu s an d b y district an d state

FDIC District

and State

Number of banks

Commercial and stock sayings

banks and nondeposit

trust companies

Ali

banks21

Total Insured

13,953 13,441 13,126

13,939 13,428 13,118

14 13 8

742 411 386

797 646 622

1,212 1,203 1,192

917 911 904

1,193 1,193 1,133

1,513 1,513 1,482

1,388 1,380 1,370

1,671 1,671 1,645

1,146 1,145 1,132

1,672 1,672 1,605

1,314 1,314 1,295

388 382 360

239 239 239

13 12 9

11 11 10

241 241 237

129 129 123

205 205 173

137 66 58

21 19 19

12 12 12

343 343 340

419 419 364

12 12 7

31 31 31

999 999 993

443 439 434

Noninsured

Banks

of deposit a

Nondeposit

trust

companies

Mutual savings banks

Total Insured

Noninsured

Deposits (in thousands of dollars)1

Commercial and stock savings

banks and nondeposit

trust companies

All

banks

Total Insured

304,591,419 263,059,987 261,443,531

303,631,384 262,100,154 260,587,300

960,035 959,833 856,231

23,014,701

86,618,479

31,036,329

14,960,219

12,781,448

15,006,586

20,883,143

23,658,968

7,867,831

10,481,940

19,726,435

38,555,340

11,445,256

60,711,529

28,577,566

14,347,428

12,781,448

15,006,586

20,797,043

23,658,968

7,491,459

10,481,940

19,726,435

38,034,329

11,238,896

60,011,596

28,546,990

14,166,169

12,738,050

14,967,739

20,770,585

23,581,518

7,381,252

10,428,952

19,680,295

37,931,489

2,385,810

257,067

1,592,444

1,550,358

29,018,521

2,385,810

252,957

1,592,444

1,550,358

29,018,521

2,385,810

245,165

1,584,142

1,547,546

29,018,521

2,365,690

5,715,619

986,443

1,776,376

5,553,003

2,365,690

2,745,610

811,262

1,776,376

5,553,003

2,343,563

2,711,260

811,262

1,776,376

5,534,855

3,302,863

794,861

717,455

20,150,161

5,287,815

3,302,863

794,861

717,455

20,150,161

5,228,147

3,287,734

781,781

717,455

20,103,472

5,221,766

Noninsured

Mutual savings banks

Total Insured

Noninsured

Total United

States...........

50 States and

D. C...............

Other areas........

FDIC District

District 1..............

District 2 s............

District 3 ..............

District 4 ..............

District 5 ..............

District 6 ..............

District 7 ..............

District 8 ..............

District 9 ..............

District 10............

District 11............

District 124..........

State

Alabama...............

Alaska...................

Arizona..................

Arkansas...............

California.............

Colorado...............

Connecticut.........

Delaware...............

District of Columbia

Florida...................

Georgia.................

Hawaii...................

Idaho.....................

Illinois...................

Indiana.................

265

260

5

32

7

2

55

50

1

7

4

4

1

6

1

12

512

511

1

331

151

9

331

331

152

150

181

180

1

179

1

71

2

1,616,456

1,512,854

103,602

206,360

699,933

30,576

181,259

43,398

38,847

26,458

77,450

110,207

52,988

46,140

102,840

41,531,432

41,531,230

202

11,569,445

25,906,950

2,458,763

612,791

36.104.164

36.104.164

6,143,091

25,906,748

2,458,763

612,791

5,427,268

5,427,066

202

5,426,354

202

86,100 

' '376,372

85,388

’ ’376,372’

712

521,011 521,011

7,792

8,302

2,812

4,110 4,110

22,127

34,350 2,970,009

175,181

2,970,009

175,181

18,148

15,129

13,080

46,689

6,381 59,668 59,668

116 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Iowa.......................

Kansas...................

Kentucky.............

Louisiana..............

Maine....................

Maryland.............

Massachusetts. . .

Michigan...............

Minnesota.............

Mississippi............

Missouri................

Montana...............

Nebraska..............

Nevada.................

New Hampshire..

New Jersey..........

New Mexico.........

New York6..........

North Carolina..

North Dakota. . .

Ohio.......................

Oklahoma.............

Oregon..................

Pennsylvania

Rhode Island. . . .

South Carolina..,

South Dakota

Tennessee........... .

Texas...................

Utah......................

Vermont...............

Virginia................

Washington..........

West Virginia.. . ,

Wisconsin............

Wyoming.............

Other area

Pacific Islands6. . . .

Panama Canal Zone7

Puerto Rico8. . . .

Virgin Islands 9..

672

593

351

196 !

79

127

344

371

695

192

627

123

426

7

107 I

263

60

500

162

157

566

392

50

646

18 |

142

171

294

1,047

49

57

292

96

182

574 I

56

672

593

351

196

47

121

163

371

694

192

627

123

426

7

74

242

60

373

162

157

564

392

49

639

10

142

171

294

1,047

49

51

292

92

182

570

56

652

590

342

195

41

120

158

369

686

190

614

122

396

7

71

239

60

356

161

153

563

390

47

629

8

138

171

289

1,030

45

50

292

91

181

567

56

11

1

32

6

181

127

26

127

173

3,508,807 3,508,807 3,478,046

2,767,536 2,767,536 2,765,730

2,763,928 2,763,928 2,753,673

3,286,007 3,286,007 3,285,255

1,216,246 730,583 702,530

3,427,180 2,814,389 2,678,670

12,740,508 6,036,716 5,935,131

10,453,874 10,453,874 10,434,643

5,200,030 4,823,658 4,813,810

1,539,772 1,539,772 1,529,651

6,878,327 6,878,327 6,861,059

925,939 925,939 925,939

1,898,188 1,898,188 1,870,606

572,170 572,170 572,170

1,129,981 473,740 464,803

9,903,255 8,323,662 8,323,662

799,883 799,883 799,883

74,836,004 50,684,030 50,050,033

3,378,817 3,378,817 3,345,279

866,451 866,451 766,092

12,734,556 12,707,974 12,706,117

2,981,065 2,981,065 2,979,592

2,382,466 2,331,072 2,321,096

18,301,773 15,869,592 15,840,873

1,615,890 1,002,762 969,327

1,184,186 1,184,186 1,180,531

875,411 875,411 875,411

3,813,973 3,813,973 3,805,461

14,048,101 14,048,101 14,011,015

1,133,071 1,133,071 1,126,804

596,457 455,845 455,845

3,791,269 3,791,269 3,791,269

3,612,471 3,146,964 3,118,905

1,402,391 1,402,391 1,394,044

5,141,454 5,115,022 5,114,176

469,461 469,461 469,461

47,128 47,128 29,592

20,130 20,130

845,301 845,301 779,365

47,476 47,274 47,274

30,761

1,806

10,255

752

28,053

135,719

101,585

19,231

9,848

10,121

17,268

|

1

B

485,663

612,791

6,703,792

443,190

612,791

1,319,911

42,473

5,383,881

376,372 376,372

27,582

8,937 656,241

1,579,593

656,241

1,579,593

633,997

33,538

100,359

1,857

1,473

9,976

28,719

33,435

3,655

24,151,974 24,151,974

26,582 26,582

51,394

2,432,181

613,128

51,394

2,432,181

613,128

8,51.2

37,086

6,267

140,612 140,612

28,059

8,347

846

465,507 465,507

26,432 | 25,720 712

17,536

20,130

65,936

202 202

1 Data are as of December 31, 1962 for some noninsured banks.

2 Includes 29 noninsured banks of deposit (20 in Georgia, 2 in Iowa, 5 in New York, and 2 in Texas) for which data are not available.

3 Includes Puerto Rico and the Virgin Islands.

4 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

5 Includes deposit data for 3 insured branches operated by 2 insured banks in Puerto Rico.

• In United States possessions (American Samoa, Guam, Midway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll).

deposit data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (Moen Island) in the Caroline Islands and 4 -----

the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches

Midway Island, 1 on Koror Island— Palau Islands, 2 in Marshall Islands—Kwajalein Atoll and 1 on Wake Island) operated by an insured bank in Hawaii.

7 Consists of deposit data for 2 noninsured branches operated by 2 insured banks in New York.

8 Includes deposit data for 15 insured branches operated by 2 insured banks in New York.

9 Includes deposit data for 4 insured branches operated by an insured bank in New York.

Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.

Back figures: See the Annual Report for 1961, pp. 96-97, and earlier reports.

Consists of

branches in

(1 on

NUMBER, OFFICES, AND DEPOSITS OF BANK S

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Federal Reserve Bank of St. Louis
A ssets a n d L ia b il it ie s of B a n k s

Table 105. Assets and liabilities of all banks in the United States (States and other areas), 

June 30, 1962

Banks grouped according to insurance status and type of bank

Table 106. Assets and liabilities of all banks in the United States (States and other areas), 

December 28, 1962 

Banks grouped according to insurance status and type of bank

Table 107. Assets and liabilities of all banks in the United States (States and other areas), 

December 28, 1962 

Banks grouped by district and State

Table 108. Assets and liabilities of all insured banks in the United States (States and other 

areas), call dates December 31, 1959 through December 28, 1962 

Table 109. Assets and liabilities of insured commercial and insured mutual savings banks in 

the United States (States and other areas), call dates December 30, 1961 through 

December 28, 1962

Table 110. Assets and liabilities and assets and liabilities per $100 of total assets of insured 

commercial banks operating throughout 1961 in the United States (States and 

other areas), December 28, 1962 

Banks grouped according to amount of deposits

Table 111. Average assets and liabilities and assets and liabilities per $100 of total assets of 

insured commercial banks in the United States (States and other areas), 1962 

By class of bank

Table 112. Average assets and liabilities of insured commercial banks in the United States 

(States and other areas), by State, 1962 

Table 113. Distribution of insured commercial banks in the United States (States and other 

areas), December 28, 1962 

Banks grouped according to amount of deposits and by ratios of selected items

to assets

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Statements of assets and liabilities are submitted by insured commercial banks upon either a cash or an accrual basis, depending upon

the bank’s method of bookkeeping. Assets reported represent aggregate book value, on the date of call, less valuation and premium

reserves.

Assets and liabilities held in or administered by a savings, bond,

insurance, real estate, foreign, or any other department of a bank,

except a trust department, are consolidated with the respective assets

and liabilities of the commercial department. “Deposits of individuals,

partnerships, and corporations” include trust funds deposited by a

trust department in a commercial or savings department. Other assets

held in trust are not included in statements of assets and liabilities.

In the case of banks 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.” Branches outside the 50 States of insured banks

in the United States are treated as separate entities but as in the

case of other branches are not included in the count of banks. Data

for such branches are not included in the figures for the States in

which the parent banks are located.

Demand balances with and demand deposits due to banks in the

United States, except private banks and American branches of foreign

banks, exclude reciprocal interbank deposits. Reciprocal interbank

deposits arise when two banks maintain deposit accounts with each

other.

Individual loan items are reported gross instead of net of valuation

reserves. Accordingly, reserves for losses on loans are shown separately.

Instalment loans are ordinarily reported net if the instalment payments are applied directly to the reduction of the loan. Such loans are

reported gross if, under contract, the payments do not immediately

reduce the unpaid balances of the loan but are assigned or pledged to

assure repayment at maturity.

Asset and liability data for noninsured banks are tabulated from

reports pertaining to the individual banks. In a few cases these reports

are not as detailed as those submitted by insured banks, and some of

the items reported have been allocated to more detailed categories

according to the distribution of asset and liability data for insured

State banks not members of the Federal Reserve System or for other

noninsured banks.

Additional data on assets and liabilities of all banks as of June 30,

1962, and December 28, 1962, and of insured banks as of March 26,

1962, and September 28, 1962, are shown in the Corporation’s semiannual publication, “Assets, Liabilities, and Capital Accounts, Commercial and Mutual Savings Banks,” Report of Calls No. 59 and 60,

and Report of Calls No. 61 and 62.

Sources of data

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller

of the Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

Noninsured banks: State banking authorities; and reports from

individual banks.

coASSETS AND LIABILITIES OF BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 0 5 . A s s e t s a n d L ia b il it ie s of A l l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s) , J u n e 30, 1962

b a n k s grouped a cc o 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)

Asset, liability, or capital account item

All banks

Commercial and stock savings banks and

nondeposit trust companies Mutual savings banks

Total Insured

Noninsured Total Insured

Nonii

Banks

of

deposit

isured

Nondeposit

trust

companies1

Total Insured

Noninsured

Total assets................................................................... 321,629,052 313,495,544 8,133,508 277,210,839 275,129,701 1,836,730 244,408 44,418,213 38,365,843 6,052,370

Cash, balances with other banks, and cash

collection items— total...............................

Currency and coin.................................................

Reserve with F. R. banks (member banks). .

Demand balances with banks in U. S..............

Other balances with banks in U. S...................

Balances with banks in foreign countries. . . .

Cash items in process of collection...................

49,727,630

3,336,290

16,839,174

12,207,732

318,287

181,797

16,844,350

49,281,330

3,295,166

16,839,174

11,850,224

312,949

178,081

16,805,736

446,300

41,124

357,508

5,338

3,716

38,614

48,844,006

3,204,165

16,838,616

11,689,905

147,284

181,797

16,782,239

48,502,239

3,184,555

16,838,616

11,404,196

141,966

178,081

16,754,825

298,567

18,123

251,709

1,958

2,630

24,147

43,200

1,487

34,000

3,360

1,086

3,267

883,624

132,125

558

517,827

171,003

62,111

779,091

110,611

558

446,028

170,983

50,911

104,533

21,514

71,799

20

11,200

Securities— total.....................................................

U. S. Gov’t obligations (incl. guaranteed). . .

Obligations of States and subdivisions............

Securities of Federal agencies and corporations (not guaranteed by U. S .)...............

Other bonds, notes, and debentures.................

Corporate stocks....................................................

103,584,253

70,827,801

23,789,162

2,942,033

4,345,602

1,679,655

100,466,996

68,688,732

23,458,724

2,910,983

4,013,148

1,395,409

3,117,257

2,139,069

330,438

31,050

332,454

284,246

91,642,782

64,549,528

23,206,002

2,373,368

791,331

722,553

90,656,607

63,980,403

22,917,746

2,344,884

749,387

664,187

854,400

517,514

253,151

28,441

38,671

16,623

131,775

51,611

35,105

43

3,273

41,743

11,941,471

6,278,273

583,160

568,665

3,554,271

957,102

9,810,389

4,708,329

540,978

566,099

3,263,761

731,222

2,131,082

1,569,944

42,182

2,566

290,510

225,880

Loans and discounts, net— tota l.............

Valuation reserves.....................................................

Loans and discounts, gross— total.................

Real estate loans— total.....................................

Secured by farm land.........................................

Secured by residential properties:

Insured or guaranteed by V A .....................

Not insured or guaranteed by FHA or VA .

Secured by other properties...............................

Loans to commercial and foreign banks.........

Loans to other financial institutions...............

Loans to brokers and dealers in securities... .

Other loans for carrying securities...................

Loans to farmers directly guaranteed by the

Commodity Credit Corporation...............

Other loans to farmers (excl. real estate)....

Commercial and industrial loans......................

Other loans to individuals...................................

All other loans (including overdrafts).............

160,709,329

2,898,372

163,607,701

62,831,806

1,977,958

14.857.958

12.094.958

22,728,788

11,172,149

1,482,288

7,252,950

3,262,498

2,013,504

876,473

5,935,882

46,318,554

29,894,485

3,739,261

156,309,473

2,878,319

159,187,792

59,043,989

1,955,870

14,828,907

11,151,068

20,862,495

10,745,649

1,476,902

7,232,209

3,242,678

1,988,629

870,226

5,906,652

46,062,053

29,653,900

3,710,554

4,399,856

20,053

4,419,909

3,787,817

22,088

529,046

943,890

1,866,293

426.500

5,386

20,741

19,820

24,875

6,247

29,230

256.501

240,585

28,707

129,778,873

2,669,113

132,447,986

32,194,124

1,927,233

6,195,498

2,593,297

13,260,280

8,217,816

1,479,390

7,247,794

3,253,584

2,005,612

876,473

5,933,538

46,172,034

29,562,319

3,723,118

129,130,479

2,662,613

131,793,092

32,071,457

1,910,486

6,182,895

2,575,846

13,204,257

8,197,973

1,474,004

7,227,230

3,233,764

1,981,659

870,226

5,904,308

45,918,549

29,411,504

3,700,391

608,888

6,443

615,331

110,208

15,985

9,688

16,411

50,590

17,534

5,386

20,164

12,473

18,914

6,247

29,017

242,870

149,088

20,964

39,506

57

39,563

12,459

762

2,915

1,040

5,433

2,309

400

7,347

5,039

213

10,615

1,727

1,763

30,930,456

229,259

31,159,715

30,637,682

50,725

8,662,455

9,501,661

9,468,508

2,954,333

2,898

5,156

8,914

7,892

2,344

146,520

332,166

16,143

27,178,994

215,706

27,394,700

26,972,532

45,884

8,146,012

8,575,222

7,658,238

2,547,676

2,898

4,979

8,914

6,970

2,344

143,504

242,396

10,163

3,751,462

13,553

3,765,015

3,665,150

5,341

516,443

926,439

1,810,270

406,657

...........177*

922

3,6i6*

89,770

5,980

Bank premises owned, furniture and fixtures..

Other real estate— direct and indirect.............

All other miscellaneous assets............................

7,607,840

3,552,534

497,152

3,558,154

7,437,745

3,492,522

483,036

3,462,187

170,095

60,012

14,116

95,967

6,945,178

3,256,822

472,233

3,216,123

6,840,376

3,236,441

462,871

3,141,064

74,875

12,550

1,906

60,419

29,927

7,831

7,456

14,640

662,662

295,712

24,919

342,031

597,369

256,081

20,165

321,123

65,293

39,631

4,754

20,908

FEDERAL DEPOSIT INSURANCE CORPORATION

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http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Business and personal deposits—'total.....

Individuals, partnerships, and corporations

Individuals, partnerships, and corporations

Deposits accumulated for payment of personal loans............................................

Other deposits of individuals, partnerships,

and corporations........................................

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc............................

Government deposits— total..........................

United States Government— demand.............

United States Government— time....................

States and subdivisions— demand....................

States and subdivisions— time...........................

Domestic interbank and postal savings

deposits—total...........................................

Commercial banks in the U. S.— demand-----

Commercial banks in the U. S.— time............

Mutual savings banks in the U. S.— demand. .

Mutual savings banks in the U. S.— time. . . .

Postal savings........................................................

321,629,052 313,495,544 8,133,508 277,210,839 275,129,701 1,836,730 244,408 44,418,213 I 38,365,843 6,052,370

240,061,189

112,430,192

123,160,732

107,126,998

766,615

15,267,119

4,470,265

233,748,980

111,730,739

117,596,062

101,648,557

765,933

15,181,572

4,422,179

6,312,209

699,453

5,564,670

5,478,441

682

85,547

48,086

200,199,261

112,149,242

83,587,121

67,575,247

766,046

15,245,828

4,462,898

199,192,147

111,464,838

83,312,484

67,885,628

765,364

15,161,492

4,414,825

914,361

610,120

256,173

186,991

682

68,500

48,068

92,753

74,284

18,464

2,628

15,836

5

39,861,928

280,950

39,573,611

39,551,751

569

21,291

7,367

34,556,833

265,901

34,283,578

34,262,929

569

20,080

7,354

5,305,095

15,049

5,290,033

5,288,822

1,211

13

28,167,255

9,577,150

299,339

11,887,378

6,403,388

27,970,218

9,544,587

295,840

11,794,877

6,334,914

197,037

32,563

3,499

92,501

68,474

28,142,192

9,571,205

299,280

11,885,579

6,386,128

27,946,510

9,539,283

295,781

11,793,078

6,318,368

195,675

31,915

3,499

92,501

67,760

7

7

25,063

5,945

59

1,799

17,260

23,708

5,304

59

1,799

16,546

1,355

641

714

13,602,067

12,428,713

220,779

766,688

167,428

18,459

13,341,497

12,392,738

218,066

669,337

42,901

18,455

260,570

35,975

2,713

97,351

124,527

4

13,601,116

12,428,681

219,860

766,688

167,428

18,459

13,340,546

12,392,706

217,147

669,337

42,901

18,455

260,296

35,701

2,713

97,351

124,527

4

274

274

951

32

919

951

32

919

Foreign government and bank deposits—

total...............................................................

Foreign governments, central banks, etc.—

demand............................................................

4,206,444 1 4,138,626

665,392 I 660,437

2,183,109 I 2,162.539

67,818

4,955

20,570

32,743

9,550

4,206,440

665,392

2,183,109

1,215,509

142,430

4,138,622

660,437

2,162,539

1,182,766

132,880

67,781

4,918

20,570

32,743

9,550

37

37

4 4

Foreign governments, central banks, etc.—

time..................................................................

Banks in foreign countries— demand...............

Banks in foreign countries— time.....................

1,215,513

142,430

1,182,770

132,880

4 4

Demand............................................................

Time.................................................................

Miscellaneous liabilities—total.....................

Rediscounts and other borrowed money........

All other miscellaneous liabilities.....................

Total liabilities (excluding capital

accounts)..............................................

Capital accounts— total...................................

Preferred capital....................................................

Common stock.......................................................

Surplus.....................................................................

Undivided profits and reserves..........................

286,036,955

153,441,291

132,595,664

279,199,321

152,397,664

126,801,657

6,837,634

1,043,627

5,794,007

246,149,009

153,145,194

93,003,815

244,617,825

152,117,270

92,500,555

1,438,113

953,317

484,796

93,071

74,607

18,464

39,887,946

296,097

39,591,849

34,581,496

280,394

34,301,102

5,306,450

15,703

5,290,747

8,485,258

805,100

7,680,158

8,188,211

782,362

7,405,849

297,047

22,738

274,309

7,808,189

795,457

7,012,732

7,662,767

772,909

6,889,858

127,264

21,374

105,890

18,158

1,174

16,984

677,069

9,643

667,426

525,444

9,453

515,991

151,625

190

151,435

294,522,213 287,387,532 7,134,681 253,957,198 252,280,592 1,565,377 111,229 40,565,015 35,106,940 5,458,075

27,106,839

66,910

6,906,784

13,911,021

6,222,124

26,108,012

36,910

6,789,388

13,430,586

5,851,128

998,827

30,000

117,396

480,435

370,996

23,253,641 | 22,849,109

66,760 I 36,760

6,906,784 [ 6,789,388

11,259,729 I 11,106,178

5,020,368 | 4,916,783

271,353

30,000

78,912

91,092

71,349

133,179

38,484’

62,459

32,236

3,853,198

150

* *2,651,2921

1,201,756

3,258,903

150

’ ’2,324*408’

934,345

594,295

32*6,884*

267,411

Number of banks2.......................................................... 13,947 13,442 505 13,434 I 13,111 272 51 513 J 331 182

1 Amounts shown as deposits are special accounts and uninvested trust funds with the latter classified as demand deposits of individuals, partnerships, and corporations

2 Includes 28 noninsured banks of deposit for which asset and liability data are not available.

Back figures: See the Annual Report for 1961, pp. 100-101, and earlier reports.

ASSETS AND LIABILITIES OF B AN K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 0 6 . A s s e t s a n d L i a b il it ie s of A l l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s) , D e c e m b e r 2 8 ,1 9 6 2 1

b a n k s g rouped a cc o 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 of b a n k

(Amounts in thousands of dollars)

All banks

Commercial and stock savings banks and

nondeposit trust companies Mutual savings banks

Asset, liability, or capital account item

Noninsured

Total Insured Noninsured Total Insured

Banks of

deposit

Nondeposit

trust

companies 2

Total Insured Noninsured

Total assets................................................................ 344,282,234 335,934,112 8,348,122 298,196,408 295,982,703 1,954,382 259,323 46,085,826 39,951,409 6,134,417

Cash, balances with, other banks, and cash

55,070,190 54,582,416 487,774 54,179,950 53,798,705 342,685 38,560 890,240 783,711 106,529

Currency and coin...................................................

Reserve with F. R. banks (member banks)___

4,429,740

17,679,794

4,382,304

17,679,794

47,436 4,282,984

17,679,794

4,259,137

17,679,794

22,441 1,406 146,756 123,167 23,589

Demand balances with banks in U. S................ 13,395,997 13,021,881 374,116 12,863,088 12,563,869 270,961 28,258 532,909 458,012 74,897

Other balances with banks in U. S.....................

Balances with banks in foreign countries.........

442,726

242,160

416,948

237,431

25,778

4,729

282,537

242,160

256,823

237,431

21,232

3,661

4,482

1,068

160,189 160,125 64

Cash items in process of collection..................... 18,879,773 18,844,058 35,715 18,829,387 18,801,651 24,390 3,346 50,386 42,407 7,979

Securities— total................................................... 107,745,174 104,731,815 3,013,359 95,902,778 94,912,480 835,495 154,803 11,842,396 9,819,335 2,023,061

U. S. Gov’t, obligations (incl. guaranteed). . . . 72,682,062 70,605,519 2,076,543 66,553,256 65,966,306 517,871 69,079 6,128,806

528,367

4,639,213 1,489,593

Obligations of States and subdivisions..............

Securities of Federal agencies and corporations

25,323,144 25,076,053 247,091 24,794,777 24,582,904 175,406 36,467 493,149 35,218

(not guaranteed by U. S .)................................. 3,578,047 3,486,442 91,605 2,958,967 2,870,165 88,759 43 619,080 616,277 2,803

Other bonds, notes, and debentures................... 4,369,640 4,064,339 305,301 846,820 804,088 37,777 4,955 3,522,820 3,260,251 262,569

Corporate stocks...................................................... 1,792,281 1,499,462 292,819 748,958 689,017 15,682 44,259 1,043,323 810,445 232,878

Loans and discounts, net— total..................... 173,475,842 168,801,321 4,674,521 140,759,958 140,023,316 700,090 36,552 32,715,884 28,778,005 3,937,879

Valuation reserves........................................................ 2,931,417 2,909,688 21,729 2,701,161 2,694,275 6,829 57 230,256 215,413 14,843

Loans and discounts, gross— total.................. 176,407,259 171,711,009 4,696,250 143,461,119 142,717,591 706,919 36,609 32,946,140 28,993,418 3,952,722

Real estate loans— total......................................... 66,746,817 62,750,776 3,996,041 34,448,278 34,309,294 126,091 12,893 32,298,539 28,441,482 3,857,057

Secured by farm land...........................................

Secured by residential 'properties:

2,071,937 2,048,948 22,994 2,020,799 2,002,871 17,086 892 61,188 46,072 5,066

15,748,189 15,176,789 571,450 6,616,121 6,494,946 18,225 2,950 9,282,068 8,681,798 550,275

Insured or guaranteed by VA......................... 12,488,856 11,472,042 961,814 2,658,657 2,685,240 17,529 888 9,780,199 8,886,802 948,897

Not insured or guaranteed by FHA or VA. . . 24,444,185 22,471,202 1,972,988 14,294,994 14,287,857 51,720 6,917 10,149,191 8,288,845

2,642,970

1,915,846

Secured by other properties................................. 12,048,650 11,581,850 466,800 8,962,707 8,988,880 21,581 2,246

106

8,085,948 442,978

Loans to commercial and foreign banks 2,586,931

8,498,365

2,560,370

8,473,355

26,561

25,010

2,578,882

8,492,986

2,552,321

8,468,121

26,455

24,465

8,049 8,049

Loans to other financial institutions.................. 400 5,379 5,234 145

Loans to brokers and dealers in securities 5,203,004

2,143,197

1,119,869

5,992,500

49,148,467

5,177,925

2,114,934

1,111,661

5,963,558

48,860,921

25,079

28,263

8,208

28,942

287,546

5,145,708

2,131,242

1,119,869

5,990,250

48,952,449

5,120,629

2,103,614

1,111,661

5,961,308

48,668,367

17,134

22,383

8,208

28,755

7,945

5,245

57,296

11,955

57,296

Other loans for carrying securities...................... 11,320

Loans to farmers directly guaranteed by the

P!if Tr (Inrnni'flfinn

635

Other loans to farmers (excl real estate) 187 2,250 2,250

Commercial and industrial loans......................... 278,195 5,887 196,018 192,554 3,464

Other loans to individuals..................................... 31,032,640 30,790,186 242,454 30,682,192 30,524,024 156,561 1,607 350,448 266,162 84,286

All other loans (including overdrafts)................ 3,935,469 3,907,323 28,146 3,919,263 3,898,252 18,672 2,339 16,206 9,071 7,135

Miscellaneous assets—total.............................. 7,991,028 7,818,560 172,468 7,353,722 7,248,202 76,112 29,408 637,306 570,358 66,948

Bank premises owned, furniture and fixtures. . 3,732,614 3,672,066 60,548 3,424,000 3,403,454 12,872 7,674 308,614 268,612 40,002

Other real estate— direct and indirect............... 515,003 500,430 14,573 490,475 480,755 2,210 7,510 24,528 19,675 4,853

3,743,411 3,646,064 97,347 3,439,247 3,363,993 61,030 14,224 304,164 282,071 22,093

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Business and personal deposits— tota l.........

Individuals, partnerships, and corporations—

demand.................................................................

Individuals, partnerships, and corporations—

time.......................................................................

Savings deposits..................................................

Deposits accumulated for payment of personal loans.......................................................

Other deposits of individuals, partnerships,

and corporations.............................................

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc................................

Government deposits— total.............................

United States Government— demand..............

United States Government— time....................

States and subdivisions— demand.....................

States and subdivisions— time...........................

Domestic interbank and postal savings deposits— total.....................................................

Commercial banks in the U. S.— demand. . . .

Commercial banks in the U. S.— time.............

Mutual savings banks in the U. S.— demand.

Mutual savings banks in the U. S.— time. . . .

Postal savings.........................................................

Foreign government and bank deposits—

tota l.....................................................................

Foreign governments, central banks, etc.—

demand.................................................................

Foreign governments, central banks, etc.—

time.......................................................................

Banks in foreign countries— demand...............

Banks in foreign countries— time.....................

Total deposits..................................................

Demand............................................................

Time..................................................................

Miscellaneous liabilities— total.......................

Rediscounts and other borrowed money........

All other miscellaneous liabilities......................

Total liabilities (excluding capital

accounts).......................................................

Capital accounts— total......................................

Preferred capital....................................................

Common stock........................................................

Surplus.....................................................................

Undivided profits and reserves..........................

Number of banks3.........................................................

Total liabilities and capital accounts.............. 344,282,234

259,032,317

124,302,972

130,193,873

112,460,692

785,771

16,947,410

4,535,472

25,797,344

6,855,814

269,676

12,152,773

6,519,081

15,138,297

13,944,670

246,441

781,885

147,122

18,179

4.623.461

729,642

2,449,707

1.295.462 

148,650

304,591,419

164,598,690

139,992,729

11,571,236

3,635,187

7,936,049

316,162,655

28,119,579

85,440

7,004,940

14,312,975

6,716,224

13,953

335,934,112

252,498,086

123,554,500

124,486,860

106,841,377

784,531

16,860,952

4,456,726

25,611,034

6,833,754

266,199

12,066,083

6,444,998

14,889,921

13,907,406

241,908

684,285

38,153

18,169

4,548,654

724,335

2,431,688

1,265,391

127,240

297,547,695

163,492,480

134,055,215

11,290,601

3,590,812

7,699,789

308,838,296

27,095,816

55,440

6,882,062

13,822,081

6,336,233

13,457

8,348,122

6,534,231

748,472

5,707,013

5,619,315

1,240

86,458

78,746

186,310

22,060

3,477

86,690

74,083

248,376

37,264

4,533

97,600

108,969

10

74,807

5,307

18,019

30,071

21,410

7,043,724

1,106,210

5,937,514

280,635

44,375

236,260

7,324,359

1,023,763

30,000

122,878

490,894

379,991

496

298,196,408

217,532,634

124,039,226

88,965,141

71,243,796

785,066

16,936,279

4,528,267

25,766,540

6,845,834

269,620

12,151,062

6,500,024

15,137,352

13,944,644

245,522

781,885

147,122

18,179

4.623.461

729,642

2,449,707

1.295.462 

148,650

263,059,987

164,316,022

98,743,965

10,968,011

3,627,224

7,340,787

274,027,998

24,168,410

85,290

7,004,940

11,615,167

5,463,013

13,441

295,982,703

216,424,179

123,296,625

88,678,022

71,043,588

783,826

16,850,608

4,449,532

25,581,722

6,824,658

266,143

12,064,372

6,426,549

14,888,976

13,907,380

240,989

684,285

38,153

18,169

4,548,654

724,335

2,431,688

1,265,391

127,240

261,443,531

163,216,578

98,226,953

10,786,803

3,583,534

7,203,269

272,230,334

23,752,369

55,290

6,882,062

11,458,444

5,356,573

13,126

1,954,382

1,015,183

668,310

268,139

196,276

1,240

70,623

78,734

184,396

20,754

3,477

86,690

73,475

248,107

36,995

4,533

97,600

108,969

10

74,770

5,271

18,019

30,070

21,410

1,522,456

1,024,424

498,032

158,915

42,129

116,786

1,681,371

273,011

30,000

80,327

89,864

72,820

265

259,323

93,272

74,291

18,980

15,048

1

422

422

269

269

37

36

94,000

75,020

18,980

22,293

1,561

20,732

116,293

143,030

42,551

66,859

33,620

50

46,085,826

41,499,683

263,746

41,228,732

41,216,896

705

11,131

7,205

30,804

9,980

56

1,711

19,057

945

26

919

41,531,432

282,668

41,248,764

603,225

7,963

595,262

42,134,657

3,951,169

150

2,697,808

1,253,211

512

39,951,409

36,073,907

257,875

35,808,838

35,797,789

705

10,344

7,194

29,312

9,096

56

1,711

18,449

945

26

919

36,104,164

275,902

35,828,262

503,798

7,278

496,520

36,607,962

3,343,447

150

2,363,637

979,660

331

6,134,417

5,425,776

5,871

5,419,894

5,419,107

787

11

1,492

884

608

5,427,268

6,766

5,420,502

99,427

685

98,742

5,526,695

607,722

334,171

273,551

181

1 Data are as of December 31, 1962 for some noninsured banks.

2 Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals Dartnershios and

3 Includes 29 nonmsured banks of deposit for which asset and liability data are not available.

Back figures, 1934-1961: See the preceding table and the Annual Report for 1961, pp. 102-103, and earlier reports

corporations.

ASSETS AND LIABILITIES OF BANKS 123

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Federal Reserve Bank of St. Louis
Table 107. A ssets and Liabilities of All Banks in the United States (States and Other Areas), D ecember 28, 1962 1

BANKS GROUPED BY DISTRICT AND STATE

(Amounts in thousands of dollars)

FD IC District 

and State

Number of

banks 2

Assets

Total

Liabilities and capital accounts

Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans, discounts, and 

overdrafts

Miscellaneous

assets

Deposits

Miscellaneous

liabilities

Total

capital Business accounts and 

personal3

Government 4

Foreign 

gov’t, 

and 

interbank 6

Total United States. . . 13,953 55,070,190 72,682,062 35,063,112 173,475,842 7,991,028 344,282,234 259,032,317 25,797,344 19,761,758 11,571,236 28,119,579

50 States and D. C .. . . 13,939 54,937,043 72,556,057 35,009,753 172,809,441 7,864,548 343,176,842 258,266,875 25,623,905 19,740,604 11,501,626 28,043,832

Other areas.................. 14 133,147 126,005 53,359 666,401 126,480 1,105,392 765,442 173,439 21,154 69,610 75,747

FDIC District

District 1...................... 742 2,522,496 5,205,459 2,437,999 15,514,747 447,549 26,128,250 21,328,592 1,039,852 646,257 691,593 2,421,956

District 2 6.................. 797 14,858,041 15,724,316 10,654,112 56,088,910 3,084,970 100,410,349 73,869,212 4,827,994 7,921,273 5,541,240 8,250,630

District 3 .................... 1,212 5,308,801 7,874,444 4,384,681 16,896,821 567,853 35,032,600 27,443,685 2,316,233 1,276,411 905,532 3,090,739

District 4 .................... 917 2,819,860 4,141,149 1,577,327 7,909,324 369,049 16,816,709 12,724,387 1,480,724 755,108 444,944 1,411,546

District 5 ...................... 1,193 2,737,666 3,639,300 1,452,576 6,107,000 329,876 14,266,418 10,285,292 1,646,136 850,020 282,961 1,202,009

District 6 .................... 1,513 3,420,190 4,014,463 1,541,347 7,457,210 232,931 16,666,141 11,947,285 1,449,864 1,609,437 260,743 1,398,812

District 7 .................... 1,388 3,562,158 6,608,253 2,235,119 10,278,553 380,423 23,064,506 18,060,911 2,166,863 655,369 447,275 1,734,088

District 8 .................... 1,671 4,415,859 7,016,149 3,093,566 11,610,366 410,181 26,546,121 19,970,250 1,889,102 1,799,616 702,645 2,184,508

District 9 .................... 1,146 1,329,437 2,287,423 903,931 4,018,898 160,725 8,700,414 6,574,805 863,409 429,617 135,451 697,132

District 10.................. 1,672 2,257,242 2,972,941 1,040,538 5,258,253 176,567 11,705,541 8,393,463 1,423,117 665,360 197,036 1,026,565

District 11.................... 1,314 4,881,060 4,746,133 1,893,559 9,949,028 548,480 22,018,260 15,543,207 2,318,802 1,864,426 520,744 1,771,081

District 12 7................ 388 6,957,380 8,452,032 3,848,357 22,386,782 1,282,424 42,926,925 32,891,228 4,375,248 1,288,864 1,441,072 2,930,513

State

Alabama....................... 239 488,755 650,469 318,548 1,156,419 44,479 2,658,670 1,974,252 299,729 111,829 39,832 233,028

Alaska............................ 13 42,402 80,161 19,310 126,609 8,396 276,878 169,048 86,524 1,495 2,322 17,489

Arizona.......................... 11 249,647 272,995 120,808 1,053,789 70,209 1,767,448 1,365,837 195,995 30,612 49,801 125,203

Arkansas....................... 241 357,200 369,032 221,598 734,152 26,789 1,708,771 1,311,044 142,371 96,943 14,281 144,132

California..................... 129 5,312,554 6,088,638 2,928,378 17,009,877 1,009,1)13 32,349,060 24,848,102 3,097,995 1,072,424 1,206,346 2,124,193

Colorado....................... 205 486,262 624,714 153,826 1,316,338 50,244 2,631,384 1,998,118 234,841 132,731 59,436 206,258

Connecticut................. 137 570,336 950,706 880,545 3,897,702 94,366 6,393,655 5,417,250 237,400 60,969 121,145 556,891

Delaware....................... 21 120,096 305,965 138,157 533,482 22,020 1,119,720 885,995 90,293 10,155 22,445 110,832

District of Colum bia.. 12 348,406 526,629 80,533 960,523 35,644 1,951,735 1,607,920 50,573 117,883 35,444 139,915

Florida........................... 343 1,142,814 1,842,187 582,419 2,424,905 173,379 6,165,704 4,474,039 719,468 359,496 113,168 499,533

Georgia..........................

Hawaii...........................

419 779,291 773,144 295,095 1,810,213 79,342 3,737,085 2,621,659 413,785 267,419 103,444 330,778

12 131,245 192,689 62,917 493,452 32,257 912,560 601,036 172,377 21,448 31,056 86,643

Idaho ....................... 31 107,070 195,287 65,369 404,058 16,486 788,270 616,540 96,398 4,517 11,980 58,835

Illinois ....................... 999 3,772,128 6,004,036 2,721,576 9,759,009 364,134 22,620,883 16,944,987 1,592,600 1,612,574 644,356 1,826,366

Indiana.......................... 443 1,010,327 1,886,258 419,092 2,475,523 90,707 5,881,907 4,460,070 654,416 173,329 116,580 477,512

Iowa 672 643,731 1,012,113 371,990 1,851,357 46,047 3,925,238 3,025,263 296,502 187,042 58,289 358,142

Kansas ...................... 593 517,591 850,542 380,271 1,287,812 34,413 3,070,629 2,087,737 565,135 114,664 26,540 276,553

Kentucky......................

Louisiana......................

351 687,401 860,927 218,379 1,252,806 38,214 3,057,727 2,228,876 273,166 261,886 26,797 267,002

196 776,329 968,479 331,534 1,484,943 63,902 3,625,187 2,530,339 466,251 289,417 43,610 295,570

M aine............................ 79 130,634 276,368 165,771 776,496 25,194 1,374,463 1,144,179 57,210 14,857 23,162 135,055

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M aryland.........

Massachusetts.

Michigan..........

M innesota........

Mississippi. . , .

M issouri...............

M ontana...............

Nebraska..............

N evada.................

New Hampshire .

New Jersey........

New M ex ico.. . .

New York 8........

North Carolina. 

North D akota. .

O hio.................

Oklahoma. . . .

Oregon............

Pennsylvania. 

Rhode Island.

South Carolina. 

South D akota. . 

Tennessee. . . . . .

Texas...................

U tah....................

Verm ont.........

Virginia..........

Washington. . . 

West Virginia. 

Wisconsin 

W yom ing. . . .

Other area

Pacific Islands 9. 

Panama Canal Zone 10. 

Puerto Rico 11.

Virgin Islands 12.

127

344

371

695

192

627

123

426

7

107

263

60

500

162

157

566

392

50

646

18

142

171

294

1,047

49

57

292

96

182

574

56

525,051

1,539,579

1,655,556

928,791

326,806

1,521,649

160,821

406,670

80,254

95,187

1,289,190

165,113

13,334,762

765.358 

107,031

2,310,975

751,596

415,266

2,997,826

129.358

252,788

132,794

853,940

3,689,971

225,650

57,402

675,982

623,785

252.275

896.275 

95,123

17,193

1,961

109,705

4,288

951,963

3,336,972

3,057,695

1,413,009

373,500

1,885,792

285,643

500,442

142,283

251,933

2,410,907

240,771

12,882,733

763,910

286,677

3,660,914

841,739

613,592

4,213,530

264,324

345,291

302,094

898,712

3,263,888

243,865

125,156

1,005,098

894,223

548,258

1,664,300

155,504

1,294

117,698

7,013

394,036

1,015,596

1,354,075

579,276

256,514

709,019

100,641

166,489

60,276

105,889

1,575,090

54,670

8,887,506

408,678

143,437

1,313,854

306,392

250,356

3,070,827

224,586

151,834

80,577

392,351

1,386,547

97,367

45,612

420,690

364,384

121,556

461,952

33,560

51,351

2,008

1,820,760

8,431,633

5,254,311

2,727,105

715,463

3,417,706

451,769

1,031,884

326,207

818,181

5,482,425

401,540

49,422,092

1,852,412

408,362

6,710,176

1,397,965

1,284,442

10,186,645

1,163,827

561,014

431,662

2,052,546

7,008,756

673,442

426,908

2,073,700

2,053,155

640,915

2,548,719

224,254

13,648

1,842

623,750

27,161

108,890

271,373

193,896

111,866

32,676

99,472

18,848

27,809

17,896

20,328

183,961

17,071

2,785,003

91,209

15,367

223,356

54,222

64,443

344,497

25,317

24,032

14,644

68,456

397,298

19,567

10,971

80,502

81,272

28,772

95,820

9,879

16,154

16,340

83,908

10,078

3,800,700

14,595,153

11,515,533

5,760,047

1.704.959

7,633,638

1,017,722

2,133,294

626,916

1,291,518

10,941,573

879,165

87,312,096

3,881,567

960,874

14,219,275

3,351,914

2,628,099

20,813,325

1,807,412

1.334.959 

961,771

4,266,005

15,746,460

1,259,891

666,049

4,255,972

4,016,819

1,591,776

5,667,066

518,320

48,289

20,143

986,412

50,548

3,048,099

11,624,379

9,014,555

4,337,881

1,215,342

5,431,264

782,809

1,538,902

486,452

1,062,827

9,066,911

639,034

63,185,242

2,658,662

712,753

11,109,745

2,389,495

2,022,299

16,333,940

1,518,244

976,379

741,362

2,976,101

11,007,997

912,288

561,713

3,218,487

3,201,085

1,214,840

4,586,286

379,211

24,459

9,919

701,357

29,707

277,602

576,109

1,167,033

492,634

213,154

627,234

114,179

185,113

81,276

54,391

731,720

142,312

3,865,197

436,492

139,302

1,174,912

361,479

323,543

1,141,321

82,938

171,619

117,294

407,093

1,514,244

175,015

31,804

396,280

309,465

148,158

345,414

76,549

22,475

10,180

123,217

17,567

101,479

540,020

272,286

369,515

111,276

819,829

28,951

174,173

4,442

12,763

104,624

18,537

7,785,565

283,663

14,396

449,899

230,091

36,624

826,512

14,708

36,188

16,755

430,779

1,525,860

45,768

2,940

176,502

101,921

39,393

209,754

13,701

194

31

20,727

202

56,478

462,298

239,595

95,996

26,517

103,816

18,859

42,637

12,976

31,784

230,613

10,487

5,219,422

191,659

9,646

315,015

61,944

51,377

590,517

42,360

33,345

10,950

115,849

416,846

34,500

10,844

105,827

89,665

22,191

91,100

6,479

837

13

67,484

1,276

317,042

1,392,347

822,064

464,021

138,670

651,495

72,924

192,469

41,770

129,753

807,705

68,795

7,256,670

311,091

84,777

1,169,704

308,905

194,256

1,921,035

149,162

117,428

75,410

336,183

1,281,513

92,320

58,748

358,876

314,683

167,194

434,512

42,380

324

73,627

1,796

1 Data are as of December 31, 1962 for some noninsured banks.

2 Includes 29 noninsured banks of deposit (20 in Georgia, 2 in Iowa, 5 in New York, and 2 in Texas) for which data are not available.

3 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, letters of credit, etc.

1 Deposits of the United States Government and of States and subdivisions.

6 Includes postal savings deposits.

6 Includes Puerto Rico and the Virgin Islands.

7 Includes Alaska, Hawaii, Pacific Islands, and the Panama Canal Zone.

8 Includes asset and liability data for 3 insured branches operated by 2 insured banks in Puerto Rico.

9 In United States possessions (American Samoa, Guam, Midway Island, and Wake Island) and Trust Territories (Kwajalein, Palau Islands, Saipan and Truk Atoll). Consists 

of asset and liability data for 1 noninsured bank in American Samoa and for the following branches: 1 noninsured branch on Truk Atoll (Moen Island) in the Caroline Islands and 4 

branches in the Mariana Islands (3 insured on Guam and 1 noninsured on Saipan) operated by an insured bank in California; and 1 insured branch on Guam and 5 noninsured branches 

(1 on Midway Island, 1 on Koror Island— Palau Islands, 2 in Marshall Islands— Kwajalein Atoll and 1 on Wake Island) operated by an insured bank in Hawaii.

10 Consists of asset and liability data for 2 noninsured branches operated by 2 insured banks in New York.

11 Includes asset and liability data for 15 insured branches operated by 2 insured banks in New York.

12 Includes asset and liability data for 4 insured branches operated by an insured bank in New York.

Note: Data for the above branches are not included in the figures for the States in which the parent banks are located.

Back figures, 1945—1961: See the Annual Report for 1961 .pp. 104-105, and earlier reports.

ASSETS AND LIABILITIES OF BANKS 125

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 A l l I n s u r e d B a n k s in t h e U n it e d S ta tu s (S ta t u s a n d O t h e k A r e a s ), 

C a l l D a t e s D e c e m b e r 31, 1959 T h r o u g h D e c e m b e r 28, 1962

(Amounts in thousands of dollars)

Assets

Dec. 31, 

1959

June 15, 

1960

Dec. 31, 

1960

June 30, 

1961

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, <

1962

Total assets .................................................................

Cash, balances with other banks, and cash

collection items—total..................................

Reserve with Federal Reserve banks (member

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 U. S. Government, direct

and guaranteed— total..................................

Direct:

Treasury bills..........................................................

Treasury certificates of indebtedness................

Treasury notes maturing in 1 year or less ....

Treasury notes maturing after 1 year...............

United States non-marketable bonds..............

Other bonds maturing in 1 year or less..........

Other bonds maturing in 1 to 5 years..............

Other bonds maturing in 5 to 10 years...........

Other bonds maturing after 10 years..............

Guaranteed obligations.........................................

Other securities— total.........................................

Obligations of States and subdivisions.................

Securities of Federal agencies and corporations

(not guaranteed by U. S .)....................................

Other bonds, notes, and debentures......................

Federal Reserve bank stock.....................................

Other corporate stocks..........................................

275,165,376 273,540,203 291,415,291 288,705,613 314,438,740 304,433,611 313,495,544 318,378,614 335,934,112

49,897,540

3,114,381

17,932,211

12,393,949

137,634

110,539

16,208,826

47,504,996

3,336,866

17,918,423

11,110,019

167,663

96,059

14,875,966

52,667,818

3,468,517

16,720,423

13,849,277

190,486

139.553

18,299,562

46,152,653

3,004,061

16,488,024

11,332,602

250,433

144,889

14,932,644

57,009,666

3,819,191

16,918,416

14,306,711

248,350

249,421

21,467,577

45,812,297

3,862,559

16,518,889

11,434,812

316,581

186,154

13,493,302

49,281,330

3,295,166

16,839,174

11,850,224

312,949

178,081

16,805,736

48,928,314

3,532,141

16,999,260

12,112,891

337,259

157,937

15,788,826

54,582,416

4,382,304

17,679,794

13,021,881

416,948

237,431

18,844,058

63,406,560

6,335,854

2,492,967

15,229,161

1,347,518

22,535,155

11,260,410

4,138,845

66,650

59,150,305

3,686,299

2,276,615

15,739,899

971,072

24,999,941

8,173,070

3,195,245

108,164

65,308,493

8,110,441

2,965,060

19,628,561 [ 

796,533 

22,082,8341 

7,528,832 

4,067,557 

128,675

66,091,244

7,453,153

3,369,968

5,467,315

15,728,308

756,811

6,632,888

13,542,866

9,724,474

3,218,798

196,663

70,780,767

11,515,532

2,142,610

8,418,081

18,630,152

601,522

2,465,962

16,098,292

7,143,149

3,550,078

215,389

68,966,698

9,591,437

3,793,210

9,078,841

16,558,346

578,039

2,333,958

13,993,050

9,192,451

3,621,410

225,956

68,688,732

8,440,540

3,657,486

11,467,088

15,362,125

569,852

1,058,937

14,401,180

10,072,252

3,424,328

234,944

68,615,600

8,608,772

3,556,834

6,085,819

18,618,009

549,524

4,313,282

10,905,001

13,357,952

2,378,338

242,069

70,605,519

11,791,016

3,996,330

5,322,085

19,150,662

449,760

2,285,148

11,648,541

13,598,734

2,123,031

240,212

24,813,385

17,390,826

6,384,676

387,358

650,525

24,256,391

17,193,716

6,024,683

398,491

639,501

25,653,613

17,954,009

6,517,679{

408,754

773,171

26,950,629

19,125,026

2,255,285

4,331,164

426.270

812,884

28,728,617

20,732,516

2,617,755

4,079,476

444,213

854,657

30,092,755

22,076,299

2,632,708

4,044,986

453,847

884,915

31,778,264

23,458,724

2,910,983

4,013,148

457,069

938,340

33,053,087

24,379,978

3,177,540

4,042,254

460,093

993,222

34,126,296

25,076,053

3,486,442

4,064,339

465,705

1,033,757

88,219,945 83,406,696 90,962,106 93,041,873 99,509,384 99,059,453 100,466,996 101,668,687 104,731,815

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, n e t -t o t a l........................

Valuation reserves........................................................

Loans and discounts, g r o ss-to ta l....................

Real estate loans— total.........................................

Secured by farm land........................................

Secured by residential properties:

Insured by F H A ...........................................

Insured or guaranteed by V A .......................

Not insured or guaranteed by FHA or VA..

Secured by other properties...............................

Loans to domestic commercial and foreign banks

Loans to other financial institutions...................

Loans to brokers and dealers in securities........

Other loans for purchasing or carrying securities

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.......................

Other loans to farmers (excluding loans on real

estate)......................................................................

Commercial and industrial loans (incl. open

market paper)........................................................

Other loans to individuals for personal expenditures— total........................................................

Passenger automobile instalment loans............

Other retail consumer instalment loans............

Residential repair and modernization instalment loans......................................................

Other instalment loans for personal expenditures

Single-payment loans for personal expenditures

All other loans (including overdrafts).................

Total loans and securities............................

Bank premises, furniture and fixtures, and

other real estate— total..................................

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

Other assets................................................................

PERCENTAGES

To total assets:

Cash and balances with other banks................

U. S. Government obligations, direct and guaranteed .............................................................

Other securities..................................................

Loans and discounts..........................................

Other assets........................................................

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

To total assets other than cash and U. S.

Government obligations:

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

131,636,872

2,377,750

134,014,622

48,915,438

1,612,664

11,829,192

10,677,984

16,535,555

8,260,048

819,148

7,118,825

2,981,904

1,832,509

196,071

4,789,080

40,287,616

24,287,265

0)

2,786,766

219,856,817

3,108,764

2,235,914

588,720

72,893

211,237

2,302,255

759,720

1,542,535

18.1%

23.1

9.0 

47.8

2.0

8.0

13.5

136,907,882

2,433,168

139,341,050

49,849,800

1,666,441

11,928,382

10,803,264

16,926,081

8,525,632

2,366,667

7,069,795

2,586,204

1,731,889

125,973

5,204,008

41,945,213

25,703,380

0)

2,758,121

220,314,578

3,299,278

2,333,899

639,842

91,929

233,608

2,421,351

982,163

1,439,188

17.4%

21.6

8.9

50.0

2.1

8.3

13.6

141,373,751

2,573,216

143,946,967

52,425,085

1,677,974

12,509,962

10,984,400

18,269,047

8,988,702

970,914

7,114,961

3,247,309

1,819,642

677,001

4,964,534

43,236,257

26,574,705

0)

2,916,559

232,335,857

3,445,444

2,389,061

667,626

90,024

298,733

2,966,172

1,409,041

1,557,131

18.1%

22.4 

8.8

48.5 

2.2

8.1

13.7

142,624,229

2,629,325

145,253,554

53,929,237

1,744,752

13,018,088

11,037,129

18,796,710

9,387,613

1,010,420

6,002,658

2,918,638

1,977,880

573,996

5,442,825

42,835,956

27,462,028

8,940,215

3,145,057

2,718,542

4,424,521

8,233,693

3,099,916

235,666,102

3,662,950

2,495,042

732,940

103,130

331,838

3,223,908

1,432,973

1,790,935

16.0%

22.9

9.3 

49.4

2.4

8.5

13.9

150,619,460

2,826,177

153,445,637

55,970,118

1,776,811

18,582,526

10,991,547

19,858,521

9,810,713

1,039,297

7,313,493

4,046,266

2,113,021

927,685

5,298,734

45,268,944

28,055,161

9,066,851

2,808,077

2,755,169

4,522,983

8,902,081

3,412,918

250,128,844

3,811,021

2,607,260

741,278

113,989

348,494

3,489,209

1,651,595

1,837,614

18.1%

22.5

9.2 

47.9

2.3 

8.1

13.6

152,285,468

2,867,500

155,152,968

56.905.617 

1,844*785

18,826,187

11,015,812

20,036,127

10,182,756

2,572,377

6,470,888

3,733,824

2,065,394

1,149,337

5,388,320

45,097,443

28.129.618 

9,205,951

2,705,299

2,677,390

4,552,877

8,988,101

3,640,150

251,344,921

3,906,752

2,660,347

765,434

120,717

360,254

3,369,641

1,581,108

1,788,533

15.0%

22.7

9.9

50.0

2.4

8.5

13.6

156,309,473

2,878,319

159,187,792

59,043,989

1,955,870

14,328,907

11,151,068

20,862,495

10,745,649

1,476,902

7,232,209

3,242,678

1,988,629

870,226

5,906,652

46,062,053

29,653,900

9,908,821

2,756,744

2,787,832

4,828,888

9,421,665

3,710,554

256,776,469

3,975,558

2,714,370

778,152

123,522

359,514

3,462,187

1,456,612

2,005,575

15.7%

21.9 

10.1

49.9 

2.4 

8.3

13.4

160,272,693

2,894,330

163,167,023

61,000,833

2,007,158

14,806,580

11,291,758

21,741,685

11,153,702

2,034,390

7,454,528

3,535,180

1,938,481

346,992

5,992,903

46,974,669

30,059,242

10,154,354

2,766,847

2,809,663

4,980,995

9,847,883

3,829,805

261,941,380

4,073,998

2,781,378

797,261

127,301

368,058

3,434,922

1,395,414

2,039,508

15.4%

21.5

10.4

50.3

2.4

8.4

13.3

168,801,321

2,909,688

171,711,009

62,750,776

2,048,943

15,176,789

11,472,042

22,471,202

11,581,850

2,560,370

8,473,355

5,177,925

2,114,934

1,111,661

5,963,558

;48,860,921

30,790,186

10,534,920

2,825,491

5,092,511

9,478,379

3,907,323

273,533,136

4,172,496

2,852,967

819,099

126,659

373,771

3,646,064

1,618.937

2,027,127

16.2%

21.0

10.2

50.3

2.3

8.1

12.9

ASSETS AND LIABILITIES OF 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 A l l I n s u r e d B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ), 

C a l l D a t e s D e c e m b e r 31, 1959 T h r o u g h D e c e m b e r 28, 1962— Continued

(Amounts in thousands of dollars)

IO

00

Liabilities and capital

Dec. 31, 

1959

June 15, 

1960

Dec. 31, 

1960

June 30, 

1961

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, 

1962

Total liabilities and capital accounts..................

Business and personal deposits— total............

Individuals, partnerships, and corporations—

demand...............................................................

Individuals, partnerships, and corporations—

time......................................................................

Savings deposits.....................................................

Deposits accumulated for payment of personal

loans................................................................

Other deposits of individuals, partnerships,

and corporations............................................

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc...............................

Government deposits— total................................

United States Government— demand.................

United States Government— time........................

States and subdivisions— demand........................

States and subdivisions— time..............................

Domestic interbank and postal savings deposits— total........................................................

Commercial banks in the U. S.— demand.........

Commercial banks in the U. S.— time................

Mutual savings banks in the U. S.— demand. .

Mutual sayings banks in the U. S.— time.........

Postal savings............................................................

Foreign government and bank deposits—

total.........................................................................

Foreign governments, central banks, etc.—

demand....................................................................

Foreign governments, central banks, etc.—

time..........................................................................

Banks in foreign countries— demand...................

Banks in foreign countries— time.........................

Total deposits.....................................................

Demand...............................................................

Time.....................................................................

275,165,376 273,540,203 291,415,291 288,705,613 314,438,740 304,433,611 313,495,544 318,378,614 335,934,112

210,806,402

115,694,170

91,229,464

(2) I

I

3,882,768

205,709,267

109,987,978

92,051,782

83,507,890

708,810

7,835,582

3,669,507

219,497,827

116,627,730

98,288,936

(2)

4,581,161

216,779,674

108,738,879

104,296,059

93,379,582

773,852

10,142,625

3,744,736

236,462,979

123,736,675

107,682,172

96,996,529

772,150

9,913,493

5,044,132

227,459,296

110,659,408

113,257,605

99,018,991

779,883

13,458,731

3,542,283

233,748,980

111,730,739

117,596,062

101,648,557

765,933

15,181,572

4,422,179

238,304,561

113,639,813

120,899,358 104,168,161

773,602

15,957,595

3,765,390

252,498,086

123,554,500

124,486,860

106,841,377

784,531

16,860,952

4,456,726

19,893,473

5,051,388

275,889

11,434,085

3,132,111

20,969,107

6,407,673

250,608

10,720,704

3,590,122

22,373,193

5,943,322

254,281

11,652,355

4,523,235

23,742,796

6,367,691

283,411

11,838,523

5,253,171

23,904,925

5,949,325

280,096

12,217,682

5,457,822

24,386,338

6,781,784

280,485

11,266,037

6,058,032

27,970,218

9,544,587

295,840

11,794,877

6,334,914

26,635,393

8,592,373

262.935

11,601,140

6,178,945

25,611,034

6,833,754

266,199

12,066,083

6,444,998

13,954,019

313,832,298

3101,823

(3)

19,898

12,499,967

312,364,558

3116,463

(3)

18,946

15,573,464

315,355,326

3200,192

(3) {

17,946

12,668,987

11,849,410

173,437

605,544

23,004

17,592

16,681,398

15,751,964

197,186

700,355

15,113

16,780

12,891,561

12,010,665

211,373

623,262

29,320

16,941

13,341,497

12,392,738

218,066

669,337

42,901

18,455

13,775,675

12,877,487

226,186

612,295

41,114

18,593

14,889,921

13,907,406

241,908

684,285

38,153

18,169

2,934,858

(<)

*1,675,163

<1,259,695

2,610,468

(<)

41,400,509

41,209,959

3,051,000

(<)

41,582,246

41,468,754

3,604,283

652,063

1,811,070

1,031,500

1G9.650

4,255,164

656,922

2,178,055

1,297,787

122,400

4,066,994

651,012

2,161,913

1,128,628

125,441

4,138,626

660,437

2,162,539

1,182,770

132,880

3,904,827

564,729

2,117,991

1,088,759

133,348

4,548,654

724,335

2,431,688

1,265,391

127,240

247,588,752

151,569,872

96,018,880

241,788,809

144,550,929

97,287,880

260,495,484

155,742,140

104,753,344

256,795,740 144,828,846

111,967,394

281,304,466

165,354,842

115,949,624

268,804,189

146,663,079

122,141,110

279,199,321

152,397,664

126,801,657

282,620,456

152,741,986

129,878,470

297,547,695

163,492,480

134,055,215

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Miscellaneous liabilities—total............................

Rediscounts and other borrowed money..............

Acceptances outstanding..........................................

Other liabilities............................................................

Total liabilities (excluding capital accounts) .......................................................

Capital accounts— total........................................

Capital stock, notes, and debentures....................

Surplus...........................................................................

Undivided profits........................................................

Reserves...................................... .................................

MEMORANDA

Pledged assets and securities loaned................

Capital stock, notes, and debentures:

Par or face value— total....................................

Common stock........................................................

Capital notes and debentures.............................

Preferred stock........................................................

Retirable value of preferred stock.........................

5,691,502

617,647

808,920

4,264,935

9,010,879

2,583,760

1,022,861

5,404,258

7,263,444

154,979

1,451,324

5,657,141

7,409,956

441,799

1,461,052

5,507,105

7,820,622

473,448

1,689,406

5,657,768

9,877,549

2,132,926

1,619,176

6,125,447

8,188,211

782,362

1,498,878

5,906,971

9,073,543

1,507,959

1,429,490

6,136,094

11,290,601

3,590,812

1,655,648

6,044,141

253,280,254 250,799,688 267,758,928 264,205,696 289,125,088 278,681,738 287,387,532 291,693,999 308,838,296

21,885,122

5,861,297

11,243,009

4,113,496

667,320

22,740,515

6,091,762

11,458,784

4,543,449

646,520

23,656,363

6,207,814

12,076,683

4,586,490

785,376

24,499,917

6,464,028

12,423,665

4,806,379

805,845

25,313,652

6,621,703

13,068,228

4,781,267

842,454

25,751,873

6,769,709

13,260,466

4,883,106

838,592

26,108,012

6,826,298

13,430,586

5,024,430

826,698

26,684,615

6,863,186

13,525,675

5,454,122

841,632

27,095,816

6,937,502

13,822,081

5,488,605

847.628

27,026,126 28,137,557 28,512,668 29,973,285 31,782,351 32,591,032 34,659,071 34,216,059 35,844,661

5,861,597

5,818,413

26,364

16,820

6,092,062

6,051,879

25,427

14,756

6,208,114

6,170,095

23,369

14,650

6,464,328

6,426,462

22,616

15,250

6,622,003

6,585,001

22,257

14,745

6,770,009

6,733,055

22,034

14,920

6,826,598

6,789,688

22,090

14,820

6,863,486

6,827,985

20,726

14,775

6,937,802

6,882,362

20,646

34,794

19,167 16,415 16,287 16,217 15,406 15,583 15,460 15,426 35,435

Number of banks................................................................ 13,382 13,415 13,451 13,461 13,445 13,439 13,442 13,440 13,457

1 Not reported separately for mutual savings banks.

2 Not reported separately.

3 Deposits of mutual savings banks were not separately reported; included with those of commercial banks.

4 Deposits of foreign governments, central banks, etc., which include deposits of international institutions were not separately reported; mostly included with those of banks

m foreign countries.

Back figures, 1934-1959: See the Annual Report for 1959, pp. 136-139, and earlier reports.

ASSETS AND LIABILITIES OF BAN K S

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 109. A s s e t s a n d L i a b i l i t i e s o f I n s u r e d C o m m e r c ia l a n d I n s u r e d M u t u a l S a v in g s B a n k s i n t h e U n it e d S ta t e s 

(S t a t e s a n d O t h e r A r e a s ), C a l l D a t e s D e c e m b e r 30, 1961 T h r o u g h D e c e m b e r 28, 1962

(Amounts in thousands of dollars)

Insured commercial banks Insured mutual savings banks

Assets

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, 

1962

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, 

1962

277,374,117 266,590,077 275,129,701 279,171,182 295,982,703 37,064,623 37,843,534 38,365,843 39,207,432 39,951,409

Cash, balances with other banks, and cash

56,181,467 44,992,256 48,502,239 48,180,982 53,798,705 828,199 820,041 779,091 747,332 783,711

3,692,593

16,917,834

13,816,911

3,763,085

16,518,351

10,946,506

3,184,555 3,418,299 4,259,137 126,598 99,474 110,611 113,842 123,167

Reserve with Federal Reserve banks (member banks)..................................................

Demand balances with banks in the United 

States (except private banks and American 

branches of foreign banks).............................

16,838,616

11,404,196

16,999,260

11,693,602

17,679,794

12,563,869

582

489,800

538 558

488,306 446,028 419,289 458,012

Other balances with banks in the United 

States .......................................................... 80,713 116,516 141,966 162,912 256,823 167,637 200,065 170,983 174,347 160,125

Balances with banks in foreign countries .... 

Cash items in process of collection...................

249,421

21,423,995

186,154

13,461,644

178,081

16,754,825

157,937

15,748,972

237,431

18,801,651 ........ 43,582 .........31,658 ........ 50,911' ........ 39,854 ........ 42,407

Obligations of the U. S. Government, direct

and guaranteed— to ta l........................... 66,090,869 64,094,539 63,980,403 63,921,726 65,966,306 4,689,898 4,872,159 4,708,329 4,693,874 4,639,213

Direct:

Treasury bills..................................................... 11,377,775 9,332,538 8,254,897 8,397,102 11,570,253 137,757 258,899 185,643 211,670 220,763

Treasury certificates of indebtedness.......... 2,098,729 3,709,514 3,578,392 3,481,103 3,917,424 43,881 83,696 79,094 75,731 78,906

Treasury notes maturing in 1 year or less.

Treasury notes maturing after 1 year.........

United States non-marketable bonds..........

8,184,812

17,969,962

435,891

8,848,480

15,844,460

415,887

11,223,238

14,676,216

412,454

5,964,072

17,900,448

395,994

5,199,158

18,518,818

303,366

233,269

660,190

165,631

230,361

713,886

162,152

243,850

685,909

157,398

121,747

717,561

153,530

122,927

631,844

146,394

Other bonds maturing in 1 year or less... .

Other bonds maturing in 1 to 5 years.........

Other bonds maturing in 5 to 10 years. . . . 

Other bonds maturing after 10 years..........

2,402,244

15,707,883

5,826,184

1,940,388

147,001

2,279,115

13,708,537

7,826,043

1,987,331

1,040,301

14,076,890

8,683,657

1,885,377

4,274,952

10,620,312

11,799,207

947,422

2,253,167

11,332,096

11,967,665

768,599

63,718

390,409

1,316,965

1,609,690

54,843

284,513

1,366,408

1,634,079

18,636

324,290

1,388,595

1,538,951

38,33C

284,689

1,558,745

1,430,916

31,981

316,445

1,631,069

1,354,432

142,634 148,981 141,114 135,760 68,388 83,322 85,963 100,955 104,452

23,570,773 24,927,416 26,676,204 27,876,832 28,946,174 5,157,844 5,165,339 5,102,060 5,176,255 5,180,122

Obligations of States and subdivisions .... 20,103,538 21,479,767 22,917,746 23,856,369 24,582,904 628,978 596,532 540,978 523,609 493,149

Securities of Federal agencies and corporations (not guaranteed by U. S .)....................

Other bonds notes and debentures...............

2,112,292

734,884

2,092,993

714,359

2,344,884

749,387

2,565,532

769,009

2,870,165

804,088

505,463

3,344,592

539,715

3,330,627

566,099

3,263,761

612,008

3,273,245

616,277

3,260,251

444,170 453,804 457,026 460,093 465,705 43 43 43

767,393 810,445 175,889 186,493 207,161 225,829 223,312 678,768 698,422 731,179

89,661,642 89,021,955 90,656,607 91,798,558 94,912,480 9,847,742 10,037,498 9,810,389 9,870,129 9,819,335

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, net—total.....................

Valuation reserves........................................ .

Loans and discounts, gross—total..................

Real estate loans—total.....................................

Secured by farm, land.........................................

Secured by residential properties:

Insured by F IIA ............................................

Insured or guaranteed by V A .......................

Not insured or guaranteed by FH A or V A . .

Secured by other properties................................

Loans to domestic commercial and foreign banks

Loans to other financial institutions...............

Loans to brokers and dealers in securities. . . . 

Other loans for purchasing or carrying securities 

Loans to farmers directly guaranteed by the

Commodity Credit Corporation...................

Other loans to farmers (excluding loans on real

estate)...........................................................

Commercial and industrial loans (incl. open

market paper)...............................................

Other loans to individuals for personal expenditures—total............................................

Passenger automobile instalment loans...........

Other retail consumer instalment loans...........

Residential repair and modernization instalment loans.....................................................

Other instalment loans for personal expenditures.

Single-payment loans for personal expenditures

All other loans (including overdrafts).............

Total loans and securities................

Bank premises, furniture and fixtures, and 

other real estate—total............................

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 

Other assets......................................................

PERCENTAGES

To total assets:

Cash and balances with other banks...............

U. S. Government obligations, direct and guaranteed ............................................................

Other securities..................................................

Loans and discounts.........................................

Other assets......................................................

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

To total assets other than cash and U. S. 

Government obligations:

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

124,807,382

2,606,474

127,413,856

30,330,432

1,731,465

5,966,563

2,613,165

12,570,273

7,448,966

1,032,864

7,310,112

4,030,000

2,107,360

927,685

5,296,356

45,156,607

27,819,669

9,062,043

2,807,751

2,693,068

4,480,462

8,776,345

3,402,771

214,469,024

3,543,995

2,383,934

717,789

93,778

348,494

3,179,631

1,651,595

1,528,036

20.3%

23.8

8.5

45.0

2.4

8.0

14.3

125,827,851

2,648,651

128,476,502

30,714,770

1,798,785

5,995,558

2,545,292

12,607,919

7,767,216

2,562,051

6,466,770

3,706,062

2,059,617

1,149,337

5,386,020

44,939,524

27,862,368

9,201,107

2,704,965

2,617,001

4,507,741

8,831,554

3,629,983

214,849,806

3,635,952

2,433,582

741,094

101,022

360,254

3,112,063

1,581,108

1,530,955

16.9%

24.0

9.4 

47.2

2.5 

8.4

14.3

129,130,479

2,662,613

131,793,092

32,071,457

1,910,486

6,182,895

2,575,846

13,204,257

8,197,973

1,474,004

7,227,230

3,233,764

1,981,659

870,226

5,904,308

45,918,549

29,411,504

9,903,380

2,756,138

2,676,718

4,778,923

9,296,345

3,700,391

219,787,086

3,699,312

2,483,058

753,383

103,357

359,514

3,141,064

1,456,612

1,684,452

17.6%

23.3

9.7

46.9

2.5

8.3

14.1

132,300,275

2,677,678

134,977,953

33,282,862

1,960,670

13,768,431

8,596,985

2,022,596

7,449,689

3,522,556

1,927,119

346,992

5,990,669

46,799,339

29,816,025 10,148,881

2,765,693

2,746,849

4,926,008

9,228,594

3,820,106

224,098,833

3,793,047

2,543,737

772,203

109,049

368,058

3,098,320

1,395,414

1,702,906

17.2%

22.9

10.0

47.4

2.5

8.4

14.0

140,023,316

2,694,275

142,717,591

34,309,294

2,002,871

2,635,240

14,237,357

8,938,880

2,552,321

8,468,121

5,120,629

2,103,614

1,111,661

5,961,308

48,668,367

30,524,024

10,529,184

2,857,682

2,762,423

5,034,282

9,340,453

3,898,252

234,935,796

3,884,209

2,609,561

793.893

106,984

373,771

3,363,993

1,618,937

1,745,056

18.2%

22.3 

9.8

47.3 

2.4 

8.0

13.5

25,812,078

219,703

26,031,781

25,639,686

45,346

7,565,963

8,378,382

7,288,248

2,361,747

6,433

3,381

16,266

5,661

2,378

112,337

235,492

4,808

62,101

42,521

125,736

10,147

35,659,820

267,026

223,326

23,489

20,211

309,578

309,578'

2.2%

12.7

13.9

69.6

1.6

8.6

26,457,617

218,849

26,676,466

26,190,847

45,950

7,830,629

8,470,520

7,428,208

2,415,540

10,326

4,118

27,762

5,777

2,300

157,919

267,250

4,844

334

45,136

156,547

10,167

36,495,115

270,800

226,765

24,340

19,695

257.578

257.578

2.2%

12.9 

13.6

69.9 

1.4 

8.7

10.2

27,178,994

215,706

27,394,700

26,972,532

45,384

8,146,012

8,575,222

7,658,238

2,547,676

2,898

4,979

8,914

6,970

2,344

143,504

242,396

5,441

606

61,114

49,915

125,320

10,163

36,989,383

276,246

231,312

24,769

20,165

321.123

321.123

2.0%

12.3

13.3

70.8

1.6

8.5

9.9

27,972,418

216,652

28,189,070

27,717,971

8,446,047

8,695,515

7,973,204

2,556,717

11,794

4,839

12,624

11,362

2,234

175,330

243,217

5,473

1,154

62,814

54,987

118,789

9,699

37,842,547

280,951

237,641

25,058

18,252

336.602

336.602

1.9%

12.0

13.2

71.3 

1.6

23,778,005

215,413

28,993,418

28,441,482

46,072

8,681,793

8,836,802

8,233,845

2,642,970

8,049

5,234

57,296

11,320

2,250

192,554

266,162

5,736

1,203

63,063

58,229

137,926

9,071

38,597,340

288,287

243,406

25,206

19,675

282,071

’ 282,071’

2.0%

11.6

13.0

72.0

1.4

8.4

ASSETS AND LIABILITIES OF B A N K S

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 109. A s s e t s a n d L i a b i l i t i e s o f I n s u r e d C o m m e r c ia l a n d I n s u r e d M u t u a l S a v in g s B a n k s i n t h e U n it e d S ta t e s 

( S t a t e s a n d O t h e r A r e a s ) , C a l l D a t e s D e c e m b e r 30, 1961 T h r o u g h D e c e m b e r 28, 1962— Continued

(Amounts in thousands of dollars)

Liabilities and capital

Insured commercial banks Insured mutual savings banks

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, 

1962

Dec. 30, 

1961

March 26, 

1962

June 30, 

1962

Sept. 28, 

1962

Dec. 28, 

1962

Total liabilities and capital accounts.............. 277,374,117 266,590,077 275,129,701 279,171,182 295,982,703 37,064,623 37,843,534 38,365,843 39,207,432 39,951,409

Business and personal deposits— total........ 203,088,106 193,507,692 199,192,147 202,993,769 216,424,179 33,374,873 33,951,604 34,556,833 35,310,792 36,073,907

Individuals, partnerships, and corporations—

demand............................................................ 123,489,686 110,386,682 111,464,838 113,358,553 123,296,625 246,989 272,726 265,901 281,260 257,875

Individuals, partnerships, and corporations—

tim e.................................................................. 74,561,084 79,584,926 83,312,484 85,876,606 88,678,022 33,121,088 33,672,679 34,283,578 35,022,752 35,808,838

Savings deposits.................................................. 68,887,587 65,868,814 67,885,628 69,171,619 71,048,588 38,108,992 33,655,677 34,262,929 84,996,542 35,797,789

Deposits accumulated for payment of personal loans....................................................... 771,654 779,887 765,864 778,021 783,826 596 546 569 581 705

Other deposits of individuals, partnerships,

and corporations............................................. 9,901,998 18,44^,275 15,161,492 15,981,966 16,850,608 11,600 16,456 20,080 25,629 10,344

Certified and officers’ checks, letters of credit,

and travelers’ checks, etc................................ 5,037,336 3,536,084 4,414,825 3,758,610 4,449,532 6,796 6,199 7,354 6,780 7,194

Government deposits—-total.......................... 23,881,005 24,365,108 27,946,510 26,612,191 25,581,722 23,920 21,230 23,708 23,202 29,312

United States Government— dem and............. 5,943,251 6,776,964 9,539,283 8,587,999 6,824,658 6,074 4,820 5,304 4,374 9,096

United States Government— tim e.................... 280,030 280,424 295,781 262,873 266,143 66 61 59 62 56

States and subdivisions— dem and.................... 12,215,686 11,264,715 11,793,078 11,599,766 12,064,372 1,996 1,322 1,799 1,374 1,711

States and subdivisions— tim e........................... 5,442,038 6,043,005 6,318,308 6,161,553 6,426,549 15,784 15,027 16,546 17,392 18,449

Domestic interbank and postal savings

deposits— total............................................ 16,680,600 12,890,638 13,340,546 13,774,796 14,888,976 798 923 951 879 945

Commercial banks in the U. S.— dem and... . 15,751,918 12,010,638 12,392,706 12,877,458 13,907.380 46 27 32 29 26

Commercial banks in the U. S.— tim e............. 196,434 210,477 217,147 225,336 240,989 752 896 919 850 919

Mutual savings banks in the U. S.— demand. . 700,355 623,262 669,337 612,295 684,285

Mutual savings banks in the U. S.— tim e.... 15,113 29,320 42,901 41,114 38,153

Postal savings ................................................. 16,780 16,941 18,455 18,593 18,169

Foreign government and bank deposits—

totftl......................................................... . 4,255,164 4,066,994 4,138,622 3,904,827 4,548,654 4

Foreign governments, central banks, etc.—

demand ................................................. 656,922 651,012 660,437 564,729 724,335

Foreign governments, central banks, etc.—

2,178,055 2,161,913 2,162,539 2,117,991 2,431,688

Ranks in foreign countries— demand . . . 1,297 787 1,128,628 1,182,766 1,088,759 1,265,391 4

Ranks in foreign countries—time . 122,400 125,441 132,880 133,348 127,240

Total deposits............................................. 247,904,875 234,830,432 244,617,825 247,285,583 261,443,531 33,399,591 33,973,757 34,581,496 35,334,873 36,104,164

Demand............................................................ 165,092,941 146,877,985 152,117,270 152,448,169 163,216,578 261,901 285,094 280,894 293,817 276,902

82,811,984 88,452,447 92,500,555 94,887,414 98,226,958 33,187,690 33,688,663 34,301,102 35,041,056 36,828,262

132 FEDERAL DEPOSIT INSURANCE CORPORATION

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Miscellaneous liabilities—total.....................

Rediscounts and other borrowed m oney........

Acceptances outstanding....................................

Other liabilities......................................................

Total liabilities (excluding capital

accounts).................................................

Capital accounts— total...................................

Capital stock, notes, and debentures..............

Surplus.....................................................................

Undivided profits..................................................

Reserves..................................................................

MEMORANDA

Pledged assets and securities loaned............

7,346,272

462,309

1.689,406

5,194,557

9,281,716

2,119,674

1,619,176

5,542,866

7,662,767

772,909

1,498,878

5,390,980

8,520,374

1,500,177

1,429,490

5,590,707

10,786,803

3,583,534

1,655,648

5,547,621

474,350

11,1 9

463,211

595,833

13,252

582,581’

525,444

9,453

515,991’

553,169

7,782

545,'387

503,798

7,278

’496,520

255,251,147 244,112,148 252,280,592 255,805,957 272,230,334 33,873,941 34,569,590 35,106,940 35,888,042 36,607,962

22,122,970

6,621,553

10,798,364

4,156,764

546,289

22,477,929

6,769,559

10,985,451

4,187,216

535,703

22,849,109

6,826,148

11,106,178

4,372,344

544,439

23,365,225

6,863,036

11,176,117

4,770,202

555,870

23,752,369

6,937,352

11,458,444

4,789,690

566,883

3,190,682

150

2,269,864

624,503

296,165

3,273,944

150

2,275,015

695,890

302,889

3,258,903

150

2,324,408

652,086

282,259

3,319,390

150

2,349,558

683,920

285,762

3,343,447

150

2,363,637

698.915

280,745

31,782,351 32,591,032 34,659,071 34,216,059 35,844,661

Capital stock, notes, and debentures:

Par or face value-—total...............................

Common stock...................................................

Capital notes and debentures........................

Preferred stock..................................................

6,621,853

6,585,001

22,107

14,745

6,769,859

6,733,055

21,884

14,920

6,826,448

6,789,688

21,940

14,820

6,863,336

6,827,985

20,576

14,775

6,937,652

6,882,362

20,496

34,794

150 150 150 150 150

150 150 150 150 150

Retirable value of preferred stock.................... 15,406 15,583 15,460 15,426 35,435

Number of banks........................................................... 13,115 13,108 13,111 13,109 13,126 330 331 331 331 331

Back figures, 1934-1961: See the Annual Report for 1961, pp. 110-113, and earlier reports.

CO

COASSETS AND LIABILITIES OF B A N K S

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Federal Reserve Bank of St. Louis
T a b le 110. A s s e t s a n d L ia b ilit ie s a n d A s s e t s a n d L ia b ilit ie s P e r $100 o f T o t a l A s s e t s o f I n s u r e d C o m m e r c ia l

B a n k s O p e r a t in g T h r o u g h o u t 1962 i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ), D e c e m b e r 28, 1962 ^

co

b a n k s grouped according to a m o u n t of d e po sits ^

Asset or liability item All 

banks 1

Banks with deposits of— 2

Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

A ssets a n d lia b ilitie s (in 

th o u s a n d s o f d o lla rs ) 2 

A sse ts— t o t a l ................................................

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

United States Government obligations ....................................................

Other securities.....................................

Loans and discounts............................

All other assets......................................

L ia b ilitie s a n d c a p ita l— t o t a l ............

Total deposits........................................

Demand deposits.............................

Time and savings deposits..............

Borrowings and other liabilities. . . . 

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

294,363,090

53,538,766

65,591,411

28,895,993

139,201,546

7,135,374

700,785

137,409

220,453

44,873

293,113

4,937

3,737,911

621,031

1,200,855

277,577

1,599,541

38,907

15,820,126

2,529,931

4,866,817

1,550,452

6,660,123

212,803

20,467,167

3,124,470

5,898,867

2,335,609

8,787,973

320,248

30,282,452

4,381,786

8,518,417

3,398,231

13,433,542

550,476

21,323,460

3,113,222

5,747,958

2,201,472

9,835,520

425,288

19,511,703

2,942,205

4,965,018

2,101,426

9,106,924

396,130

59,247,264

11,030,857

12,885,793

5,390,084

28,716,539

1,223,991

123,272,222

25,657,855

21,287,233

11,596,269

60,768,271

3,962,594

294,363,090

260,010,089

162,846,512

97,668,577

10,764,079

23,588,922

700,785

611,512

485,468

176,049

2,068

87,205

3,737,911

3,316,408

2,106,621

1,209,787

14,766

406,737

15.820.126

14.212.127

8,450,607

5,761,520

98,941

1,509,058

20,467,167

18,510,460

10,502,533

8,007,927

198,404

1,758,303

30,282,452

27,414,775

15,283,600

12,181,175

454,210

2,413,467

21,323,460

19,256,787

10,980,620

8,276,167

430,671

1,636,002

19,511,703

17,595,874

10,426,426

7,169,448

426,751

1,489,078

59,247,264

52,934,537

34,557,983

18,376,554

1,752,377

4,560,350

123,272,222

106,157,609

69,602,659

86,554,950

7,385,891

9,728,722

A sse ts a n d lia b ilitie s p er 

$100 o f t o t a l a ssets 2 

A ssets— t o t a l ................................................

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

United States Government obligations .....................................................

Other securities.....................................

Loans and discounts............................

All other assets......................................

L ia b ilitie s a n d c a p i t a l - t o t a l ............

Total deposits........................................

Time and savings deposits..............

Borrowings and other liabilities. . . . 

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

$100.00

18.19

22.28

9.82

47.29

2.42

$100.00

19.61

31.46

6.40

41.83

.70

$100.00

16.61

32.13

7.43

42.79

1.04

$100.00

15.99

30.76

9.80

42.10

1.35

$100.00

15.27

28.82

11.41

42.94

1.56

$100.00

14.47

28.13

11.22

44.36

1.82

$100.00

14.60

26.96

10.32

46.13

1.99

$100.00

15.08

25.45

10.77

46.67

2.03

$100.00

18.62

21.75

9.10

48.47

2.06

$100.00

20.81

17.27

9.41

49.30

3.21

100.00

88.33

55.15

83.18

3.66

8.01

100.00

87.26

62.14

25.12

.30

12.44

100.00

88.72

56.36

82.86

.40

10.88

100.00

89.84

53.42

36.42

.62

9.54

100.00

90.44

51.31

39.13

.97

8.59

100.00

90.53

50.47

40.06

1.50

7.97

100.00

90.31

51.50

88.81

2.02

7.67

100.00

90.18

53.44

86.74

2.19

7.63

100.00

89.35

58.88

81.02

2.96

7.69

100.00

86.12

56.46

29.66

5.99

7.89

Number of banks, December 28........... 12,933 830 2,240 4,300 2,644 1,807 549 249 250 64

1 This group of banks is the same as the group shown in Table 116 under the heading “ Operating throughout the year” . These ratios differ slightly from the ratios for all insured 

commercial banks shown in Table 115.

2 Asset and liability items are as of December 28, 1962.

Note: For income and expense data by size of bank see Tables 118 and 119, pp. 150-153.

Back figures, 194-1-1961: See the Annual Report for 1961, p. 114, and earlier reports.

FEDERAL DEPOSIT IN SU RAN CE C O R P O R A T IO N

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Federal Reserve Bank of St. Louis
Table 111. A verage A s s e t s a n d L ia b il it ie s a n d A s s e t s a n d L ia b il it ie s P er $100 of T o ta l A s s e t s of I n s u r e d C o m m e r c ia l

B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s) , 19621

BY CLASS OF BAN K

Asset or liability item Total

Members F.R. System

National State

Not

members

F.R.

System

Average assets and liabilities (in thousands o f dollars) 1 

Assets—-t o ta l...........................................................................................

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

United States Government obligations.........................................

Other securities....................................................................................

Loans and discounts...........................................................................

All other assets.....................................................................................

Liabilities and capital— t o t a l.........................................................

Total deposits.......................................................................................

Demand deposits........................................................................

Time and savings deposits........................................................

Borrowings and other liabilities......................................................

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

Assets and liabilities per $100 o f tota l assets1 

Assets— t o ta l...........................................................................................

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

United States Government obligations.........................................

Other securities....................................................................................

Loans and discounts...........................................................................

All other assets.....................................................................................

Liabilities and capital— t o t a l.........................................................

Total deposits.......................................................................................

Demand deposits........................................................................

Time and savings deposits.........................................................

Borrowings and other liabilities......................................................

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

274.220.778

49,438,670

64,519,914

25,761,084

127,789,110

6,712,000

274.220.778

243,319,550

153,849,494

89,470,056

8,197,420

22,703,808

$100.00

18.03

23.53

9.39

46.60

2.45

100.00

88.73

56.10

32.63

2.99

8.28

149.355.654

27,514,636

35,056,072

14.284.264

69.078.265

3,422,417

149.355.654

133,255,491

83,969,250

49,286,241

3,929,563

12,170,600

82.375.309

16,032,354

17,280,745

7,041,827

39,466,419

2,553,964

82.375.309

71,763,269

47,963,102

23,800,167

3,721,291

6,890,749

$100.00

18.42

23.47

9.57

46.25

2.29

100.00

89.22

56.22

33.00

2.63

8.15

42.489.815

5,891,680

12,183,097

4,434,993

19,244,426

735,619

42.489.815

38,300,790

21,917,142

16,383,648

546,566

3,642,459

$100.00 $100.00

19.46 13.87

20.98 28.67

8.55 10.44

47.91 45.29

3.10 1.73

100.00 100.00

87.12 90.14

58.23 51.58

28.89 38.56

4.52 1.29

8.36 8.57

1 Asset and liability items are averages of the amounts reported for the following call dates: December 30, 1961; March 26, 1962; June 30, 1962; and September 28, 1962.

Note: For income data by class of bank see Tables 116 and 117, pp. 146-149.

Back figures, 1934—1961: See Tables 114 and 115, pp. 143 and 145; the Annual Report for 1961, p. 115, and earlier reports.

COASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
T a b le 1 1 2 . A verage A ssets an d L iabilities op I nsu red C o m m e r c ia l B a n k s i n t h e U n ited S tates

(S tates a n d Oth e r A reas), b y S tate, 1 9 6 2 1

co

05

(Amounts in thousands of dollars)

State

Assets1 I

Liabilities and capital accounts1

Cash and

due from

banks

U. S. Government

obligations

Other

securities

Loans

and

discounts

All other

assets

Total

Deposits

Borrowings

and other

liabilities

Total

capital

accounts

Total Demand

Time and

savings

Total United States.. 49,438,670 64,519,914 25,761,084 127,789,110 6,712,000 274,220,778 243,319,550 153,849,494 89,470,056 8,197,420 22,703,808

50 States and D. C .. . 49,369,799 64,451,055 25,715,934 127,497,549 6,693,387 273,727,724 242,875,482 153,635,033 89,240,449 8,187,517 22,664,725

Other areas................. 68,871 68,859 45,150 291,561 18,613 493,054 444,068 214,461 229,607 9,903 39,083

State

Alabama...................... 459,518 611,029 283,941 1,068,606 41,790 2,464,884 2,209,608 1,475,729 733,879 35,938 219,338

Alaska.......................... 32,660 70,520 16,505 104,311 7,044 231,040 213,405 114,836 98,569 3,032 14,603

Arizona........................ 245,074 276,320 104,970 929,485 56,552 1,612,401 1,458,588 873,518 585,070 39,980 113,833

Arkansas...................... 334,089 335,833 196,992 646,164 24,486 1,537,564 1,394,913 993,414 401,499 9,314 133,337

California.................... 4,762,369 6,226,671 2,604,057 15,536,140 902,786 30,032,023 27,067,621 13,393,403 13,674,218 929,764 2,034,638

Colorado...................... 473,384 624,670 129.4Q8 1,183,044 44,362 2,454,868 2,235,415 1,442,541 792,874 35,132 184,321

Connecticut................ 465,474 551,559 324,263 1,434,832 59,924 2,836,052 2,482,014 1,781,696 700,318 113,855 240,183

Delaware..................... 134,242 211,343 48,651 410,369 18,750 823,355 716,563 543,623 172,940 23,638 83,154

District of Columbia. 339,264 530,598 70,876 856,224 35,259 1,832,221 1,668,074 1,186,582 481,492 32,552 131,595

Florida......................... 1,103,616 1,842,114 514,020 2,181,342 160,648 5,801,740 5,249,333 3,469,212 1,780,121 91,348 461,059

Georgia........................

Hawaii.........................

703,079 770,817 277,146 1,667,970 74,982 3,493,994 3,086,486 2,154,353 932,133 91,380 316,128

110,845 216,021 57,096 444,608 26,863 855,433 764,567 382,967 381,600 21,033 69,833

Idaho............................ 102,029 197,551 59,007 369,933 16,148 744,668 677,639 417,017 260,622 12,427 54,602

Illinois.......................... 3,575,587 5,761,023 2,369,674 8,774,332 323,783 20,804,399 18,634,601 11,712,763 6,921,838 497,827 1,671,971

Indiana........................ 945,235 1,787,018 392,090 2,269,890 86,207 5,480,440 4,927,513 3,158,635 1,768,878 106,070 446,857

Iowa............................. 611,235 946,411 356,695 1,682,441 40,537 3,637,319 3,279,161 2,168,484 1,110,677 24,029 334,129

Kansas......................... 514,641 793,979 361,286 1,165,140 31,801 2,866,847 2,586,963 1,868,097 718,866 21,991 257,893

Kentucky....................

Louisiana.....................

539,621 809,345 186,272 1,138,817 35,255 2,709,310 2,431,890 1,801,127 630,763 25,450 251,970

731,061 917,032 316,640 1,371,589 61,692 3,398,014 3,073,320 2,214,292 859,028 43,236 281,458

Maine........................... 98,970 177,380 57,700 404,001 17,472 755,523 665,850 357,539 308,311 19,587 70,086

Maryland.................... 476,706 766,366 252,159 1,255,912 54,458 2,805,601 2,536,199 1,646,003 890,196 48,364 221,038

Massachusetts........... 1,229,740 1,353,464 432,073 3,238,785 159,780 6,413,842 5,525,152 4,465,756 1,059,396 268,904 619,786

Michigan.....................

Minnesota...................

1,517,179 2,880,298 1,229,948 4,756,222 183,212 10,566,859 9,589,459 4,620,268 4,969,191 190,974 786,426

893,582 1,262,340 450,047 2,276,371 94,771 4,977,111 4,492,181 2,692,372 1,799,809 73,615 411,315

Mississippi.................. 311,870 342,686 236,667 643,823 31,120 1,566,166 1,424,362 1,004,515 419,847 14,313 127,491

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Missouri...................... 1,405,841 1,781,537 590,890 3,138,484 95,371 7,012,123 6,315,369 4,446,973 1,868,396 90,267 606,487

Montana..................... 151,442 261,770 89,054 406,723 18,870 927,859 845,696 529,244 316,452 14,105 68,058

Nebraska..................... 385,854 486,557 148,622 904,268 25,206 1,950,507 1,744,465 1,394,626 349,839 27,718 178,324

Nevada........................ 68,296 142,849 58,741 282,012 15,347 567,245 517,909 296,226 221,683 10,688 38,648

New Hampshire........ 74,932 109,575 35,132 268,269 9,009 496,917 430,322 261,416 168,906 16,720 49,875

New Jersey................. 1,157,707 2,057,734 1,213,537 3,979,452 152,069 8,560,499 7,722,883 4,097,124 3,625,759 203,477 634,139

New Mexico............... 161,251 242,377 50,681 362,720 15,331 832,360 761,598 526,868 234,730 9,190 61,572

New York................... 11,128,261 10,232,238 4,947,454 26,367,242 2,246,726 54,921,921 46,588,811 32,891,632 13,697,179 3,578,556 4,754,554

North Carolina.......... 663,149 678,323 355,793 1,679,990 80,419 3,457,674 3,021,592 2,092,056 929,536 144,313 291,769

North Dakota............ 99,893 241,024 90,423 303,938 14,436 749,714 680,450 410,530 269,920 7,535 61,729

Ohio.............................. 2,151,251 3,521,262 1,173,869 6,170,003 206,803 13,223,188 11,837,623 6,725,023 5,112,600 264,475 1,121,090

Oklahoma................... 714,531 801,845 275,885 1,318,410 51,233 3,161,904 2,838,326 2,131,050 707,276 34,405 289,173

Oregon......................... 381,798 563,286 255,812 1,116,322 59,981 2,377,199 2,153,712 1,135,909 1,017,803 39,518 183,969

Pennsylvania............. 2,748,543 3,969,110 1,887,415 8,156,977 322,754 17,084,799 15,059,157 8,936,761 6,122,396 345,684 1,679,958

Rhode Island............. 129,377 205,809 103,763 578,800 17,478 1,035,227 917,388 482,504 434,884 31,793 86,046

South Carolina.......... 234,184 315,714 140,325 521,610 22,401 1,234,234 1,089,137 860,291 228,846 34,675 110,422

South Dakota............ 126,330 287,394 73,844 382,349 13,955 883,872 806,300 506,070 300,230 7,874 69,698

Tennessee.................... 811,988 881,988 328,212 1,838,785 61,680 3,922,653 3,545,843 2,254,426 1,291,417 66,985 309,825

Texas............................ 3,366,545 3,159,112 1,227,546 6,385,518 366,740 14,505,461 13,108,585 9,463,920 3,644,665 192,634 1,204,242

Utah............................. 205,845 227,088 86,080 604,582 19,333 1,142,928 1,034,386 566,244 468,142 22,908 85,634

Vermont...................... 49,173 97,630 44,629 275,897 9,324 476,653 426,089 150,267 275,822 8,202 42,362

Virginia........................ 631,269 941,754 361,503 1,915,586 76,025 3,926,137 3,497,693 1,993,281 1,504,412 87,530 340,914

Washington................ 590,646 759,179 273,999 1,578,917 76,189 3,278,930 2,957,153 1,864,578 1,092,575 66,902 254.875

West Virginia............. 260,909 520,447 114,278 600,848 26,736 1,523,218 1,340,755 845.236 495,519 24,575 157,888

Wisconsin.................... 873,859 1,563,814 428,293 2,335,116 90,671 5,291,753 4.808,218 2,572,595 2,235,623 76,615 406,920

Wyoming.................... 85,855 139,251 31,971 214,380 9,618 481,075 435,145 261,441 173,704 6,420 39,510

Other area

Puerto Rico................ 65,306 63,489 42,612 281,062 18,064 470,533 423,774 208,094 215,680 9,285 37,474

Virgin Islands............ 3,565 5,370 2,538 10,499 549 22,521 20,294 6,367 13,927 618 1,609

1 Asset and liability items are averages of the amounts reported for the following call dates: December 30, 1961; March 26, 1962; June 30, 1962; and September 28, 1962.

Note: For income data by State see Table 120, pp. 154-163.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 116-117, and earlier reports.

COASSETS AND LIABILITIES OF BANKS

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Federal Reserve Bank of St. Louis
Table 113. D i s t r i b u t i o n o f I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s ( S t a t e s a n d O t h e r A r e a s ) , D e c e m b e r 28, 1962

B AN KS GROUPED ACCORDING TO AMOUNT OF DEPOSITS AND BY RATIOS OF SELECTED ITEM S TO ASSETS

Ratios All

banks

Number of banks with deposits of—

Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

Ratios of obligations of States and subdivisions to total assets of—

Zero 1,185 303 406 345 71 42 12 4 2

More than zero but less than 1 percent........ 932 105 324 322 97 51 16 7 9 1

3,325 271 771 1,232 494 330 116 45 51 15

4,021 125 482 1,294 981 678 213 91 125 32

10 to 15 percent................................................... 2,314 50 191 710 625 470 137 75 45 11

15 to 20 percent................................................... 926 20 88 297 266 175 36 22 19 3

20 percent or more.............................................. 423 14 51 144 118 68 20 5 1 2

Ratios of U. S. Government obligations

to total assets of—

Less than 10 percent 365 46 76 113 85 32 7 2 4

2,176 150 322 628 452 319 103 63 100 39

20 to 30 percent................................................... 4,429 224 647 1,362 931 743 256 121 120 25

30 to 40 percent ......... 3,717 226 638 1,292 821 527 143 48 22

40 to 50 percent ......... 1,803 151 434 714 291 161 36 11 5

50 to 00 percent 509 63 154 204 55 25 5 3

AH norr»pnf. r*T tti orp 127 28 42 31 17 7 1 1

Ratios of loans to total assets of—

37 17 6 7 5 1 1

10 to 20 percent • • • 285 50 73 98 46 12 3 2 1

20 to 30 percent ......... 1,354 130 285 523 254 122 28 10 2

30 to 40 percent................................................... 3,301 215 577 1,203 707 425 104 37 30 3

4,575 251 716 1,428 982 732 218 109 111 28

2,817 161 476 859 523 440 161 75 94 28

757 64 180 226 135 82 35 16 14 5

Ratios of cash and due from banks to

total assets of—

Less than 10 percent.......................................... 2,003 99 395 664 400 299 74 44 25 3

4,792 206 751 1,530 1,068 799 260 101 70 7

3,367 198 540 1,145 714 480 145 57 69 19

1,702 135 323 611 304 171 53 30 54 21

722 105 163 236 107 47 16 13 24 11

296 47 81 101 37 14 2 4 8 2

244 98 60 57 22 4 2 1

FEDERAL DEPOSIT IN SU R AN CE C O R P O R A T IO N

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Federal Reserve Bank of St. Louis
Ratios of total capital accounts to total

assets other than cash and due from

hanks and U. S. Government obligations of—

502 24 53 102 159 71 38 44 11

10 to 15 percent................................................... 4,489 63 322 1,183 1,201 1,034 332 159 154 41

15 to 20 percent................................................... 4,053 159 693 1,593 918 469 122 40 47 12

1,964 184 529 840 282 106 17 2 4

959 133 322 376 90 26 5 4 3

460 107 160 149 29 10 1 4

252 65 94 74 12 5 1 1

447 177 169 76 18 5 1 1

Ratios of total capital accounts to total

assets other than cash and due from

banks, 11. S. Government obligations, C.C.C. loans and F.H.A. and

V.A. real estate loans of—

Less than 10 percent........................................... 315 12 31 64 114 44 22 24 4

10 to 15 percent................................................... 3,818 43 231 914 1,035 927 314 164 149 41

15 to 20 percent................................................... 4,185 118 614 1,572 1,008 584 157 45 69 18

20 to 25 percent................................................... 2,146 172 516 940 352 126 25 7 7 1

25 to 30 percent................................................... 1,165 132 384 485 114 36 7 4 3

30 to 35 percent................................................... 557 114 212 175 37 13 1 5

35 to 40 percent................................................... 327 83 117 99 21 5 1 1

40 percent or more ................. ......... 613 226 227 128 21 9 1 1

Ratios of total capital accounts to total

assets of—

Less than 4 percent............................................. 7 3 3 1

4 to 6 percent........................................................ 555 1 18 83 127 197 64 36 24 5

6 to 8 percent........................................................ 3,522 41 237 938 951 781 287 126 127 34

8 to 10 percent..................................................... 4,569 155 704 1,678 1,077 631 150 68 86 20

10 to 12 percent................................................... 2,529 219 666 1,066 361 154 35 15 9 4

12 to 15 percent................................................... 1,338 261 466 452 108 35 8 3 4 1

15 percent or more.............................................. 606 211 222 127 28 13 3 1 1

Number of banks..................................................... 13,126 888 2,313 4,344 2,652 1,814 550 249 252 64

Back figures: See the following Annual Reports: 1958, pp. 192-193; 1959, pp. 140-141; 1960, pp. 150-151; and 1961, pp. 118-119.

ASSETS AND LIABILITIES OF BAN K S

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Federal Reserve Bank of St. Louis
I ncome of I nsured B a n k s

Table 115. Ratios of income of insured commercial banks in the United States (States and 

other areas), 1954-1962

Table 116. Income of insured commercial banks in the United States (States and other 

areas), 1962 

By class of bank

Table 117. Ratios of income of insured commercial banks in the United States (States and 

other areas), 1962 

By class of bank

Table 118. Income of insured commercial banks operating throughout 1962 in the United 

States (States and other areas)

Banks grouped according to amount of deposits

Table 119. Ratios of income of insured commercial banks operating throughout 1962 in 

the United States (States and other areas)

Banks grouped according to amount of deposits

Table 120. Income of insured commercial banks in the United States (States and other 

areas), by State, 1962

Table 121. Income of insured mutual savings banks, 1954-1962

Table 122. Ratios of income of insured mutual savings banks, 1954-1962

Table 114. Income of insured commercial banks in the United States (States and other

areas), 1954-1962

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Federal Reserve Bank of St. Louis
The income data received and published by the Corporation relate

to commercial and mutual savings banks insured by the Corporation.

Commercial banks

Reports of income and dividends are submitted to the Federal

supervisory agencies on either a cash or an accrual basis.

Income data are included for all insured banks operating at the end

of the respective years, unless indicated otherwise. In addition, appropriate adjustments have been made for banks in operation during

part of the year but not at the end of the year. Data for 4 insured

branches in Guam of 2 insured banks in California and Hawaii, for 3

insured branches in New York of 2 insured banks in Puerto Rico, for

15 insured branches in Puerto Rico and for 4 insured branches in the

Virgin Islands of insured banks in New York are not available.

The uniform Report of Income and Dividends (formerly called

Report of Earnings and Dividends) was revised extensively in 1961.

New items were added, combining components previously included in

other items; and some items were subsumed into new categories.

Thus certain items, even carrying the same designation (e.g. other

current operating expenses), are not comparable with data reported

for prior years.

The revised form breaks out the following items not previously

available separately: (1) benefits to officers and other employees; (2)

net occupancy expense of bank premises, with a supporting schedule;

(3) furniture and equipment expense (including costs related to the

purchase or rental of automated data processing systems); and (4)

losses on securities sold.

Two expense items previously reported separately have been combined with other items: (1) taxes other than on net income; and

(2) recurring depreciation on banking house, furniture and fixtures.

Taxes on bank premises, social security taxes paid in behalf of building employees, and recurring depreciation on banking house are now

included under occupancy expense of bank premises. Other social

security taxes are included with officer and employee benefits. Recurring depreciation on furniture and fixtures is now included with

furniture and equipment expense.

In addition to other minor changes in classification, new designations have been given to certain items. For example, the term “net

income” is the new equivalent of the former term “net profits.” A

further change entailed the division of officers and other employees

into two groups: those engaged in banking operations, and those

concerned with building operations.

Mutual savings banks

The present report of income and dividends for mutual savings

banks was first used by the Corporation for the calendar year 1951.

For a discussion of the history and principles of this report see pp.

50-52 in Part Two of the 1951 Annual Report.

Sources of data

National banks and State banks in the District of Columbia not

members of the Federal Reserve System: Office of the Comptroller of

the Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation. £INCOME OF INSURED B AN K S

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Table 114. I n c o m e of I n su r e d C o m m e r c ia l B a n k s in t h e U n ited S tates (S tates a n d O th e r A reas), 1954-1962

(Amounts in thousands of dollars)

to

Income item 1954 1955 1956 1957 1958 1959 1960 1961 1962

5,773,787

1,272,731

324,823

3,205,894

57,550

311,806

144,140

246,223

210,621

6,377,705

1,333,690

351,041

3,625,528

71,048

339,975

155,004

281,841

219,579

7,231,921

1,342,842

370,045

4,339,866

73,562

385,927

168,497

322,117

229,068

8,050,416

1,442,379

412,497

4,879,676

83,815

440,892

186,815

354,520

249,828

8,500,949

1,544,023

501,978

5,046,782

94,674

486,507

191,408

379,395

256,183

9,669,352

1,732,174

546,253

5,856,688

111,991

531,916

205,935

426,016

258,381

10,723,545

1,790,341

578,783

6,698,655

108,655

589,954

218,566

460,251

278,340

11,069,604

1,901,732

629,134

6,891,442

117,259

630,458

223,283

502,871

U73.425

12,218,959

2,093,207

759,030

7,578,200

139,645

681,243

237,446

543,916

U86.272

3,638,087

622,862

1,139,013

(3)

37,197

618,341

8,556

166,452

3,960,173

666,152

1,229,756

(3)

39,563

678,237

23,093

176,840

4,457,198

720,866

1,372,262

(3)

42,614

805,857

45,392

187,526

5,119,182

773,769

1,493,778

(8)

45,396

1,141,715

49,538

205,903

5,612,723

827,142

1,573,330

(3)

48,271

1,380,575

24,161

221,571

6,264,207

892,657

1,684,159

(*)

51,866

1,580,250

78,350

252,763

6,932,820

966,643

1,831,323

(8)

56,292

1,785,086

87,385

285,801

7,440,492

*1,028,869

21,869,961

377,494

59,794

2,106,645

37,997

(4)

8,589,177

21,098,146

21,975,406

419,098

63,236

2,845,283

64,325

(4)

94,720 (6)

(7)

950,945

108,306

(8)

(7)

1,038,228

128,085

(6)

(7)

1,154,600

146,262

(6)

(7)

1,262,823

168,371

(6)

(7)

1,369,305

191,424

(6)

(7)

1,532,739

212,493

(6)

(7)

1,707,797

(5)

510,691

224,852

81,224.189

(6)

555,670

267,885

81,300,128

2,135,700 2,417,533 2,774,724 2,931,235 2,888,223 3,405,145 3,790,725 3,629,112 3,629,782

631,496 239,598 250,171 198,413 868,115 328,889 574,826 708,171 467,061

416,520

14,912

60,555

57,085

20,586

39,930

31,151

14,090

41,001

64,368

9,295

20,751

681,554

9,646

57,145

47,277

27,946

111,447

329,322

12,927

55,568

453,730

9,934

86,574

256,987

6,241

56,761

34,014

57,965

47,530

27,379

50,899

43,722

20,762

77,606

65,563

21,183

39,757

43,063

22,439

42,158

55,176

20,551

57,607

64,062

25,684

70,211

81,114

16,825

51,817

89,291

16,902

56,610

73,560

552,606 707,155 993,534 757,432 783,213 1,361,515 978,422 935,461 836,665

j 66,670 

126,173

221,232

67,276

317,381

101,830

237,480

84,996

93,657

268,159

745,081

168,003

219,767

156,232

/44,290

\21,354

224.678

58,939

12,603

95,039

29,269

222,998

107,497

28,159

303,600

86,886

32,018

452,940

89,369

25,636

321,870

87,452

25,053

282,227

114,117

25,459

318,965

104,006

35,760

451,667

114,996

31,194

481,200

132,745

30,107

528,710

111,267

2,214,591 1,949,976 2,031,360 2,372,217 2,973,128 2,372,519 3,387,129 3,401,822 3,260,178

Current operating revenue-—total.......................

Interest on U. S. Government obligations.............

Interest and dividends on other securities.............

Interest and discount on loans..................................

Service charges and fees on loans.............................

Service charges on deposit accounts........................

Other charges, commissions, fees, etc......................

Trust department.........................................................

Other current operating revenue..............................

Current operating expenses— total.....................

Salaries— officers............................................................

Salaries and wages— other employees.....................

Officer and employee benefits....................................

Fees paid to directors and committees...................

Interest on time and savings deposits.....................

Interest on borrowed m oney.....................................

Taxes other than on net incom e...............................

Recurring depreciation on banking house, furniture and fixtures........................................................

Occupancy expense of bank premises— n et...........

Furniture and equipment...........................................

Other current operating expenses.............................

Net current operating earnings...........................

Recoveries, transfers from valuation reserves,

and profits—total.............................................

On securities:

Profits on securities sold or redeemed.................

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

Transfers from valuation reserves........................

On loans:

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

Transfers from valuation reserves........................

All other..........................................................................

Losses, charge-offs, and transfers to valuation

reserves—total...................................................

On securities:

Losses on securities sold.........................................

Charge-offs prior to sale.........................................

Transfers to valuation reserves............................

On loans:

Losses and charge-offs.............................................

Transfers to valuation reserves..............................

All other..........................................................................

Net income before related taxes............................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Taxes on net income—total....................................

State...................................................................................

Net income after related taxes...............................

Dividends and interest on capital—total............

Cash dividends declared on common stock.............

Dividends declared on preferred stock and interest

on capital notes and debentures.............................

Net additions to capital from income.................

907,560

862,065

45,495

793,737

753,883

39,855

814,636

769,843

44,793

998,397

947,998

50,401

1,271,459

1,198,890

72,570

884,458

832,797

51,661

1,384,397

1,300,940

83,457

1,406,102

1,317,292

88,810

1.256,382

1,159,725

96,657

1,307,032 1,156,240 1,216,725 1,373,821 1,701,667 1,488,061 2,002,732 1,995,720 2,003,796

516,977

514,066

2,912

566,124

563,543

2,581

616,890

614,501

2,389

678,101

675,867

2,234

725,866

723,500

2,366

776,386

774,167

2,219

831,546

829,522

2,024

895,053

893,230

1,823

941,189

939,426

1,763

790,055 590,118 599,835 695,720 975,802 711,675 1,171,186 1,100,667 1,062,607

Recoveries credited to valuation reserves (not included in recoveries above):

On securities.....................................................................

On loans.............................................................................

Losses charged to valuation reserves (not included in

losses above):

On securities.....................................................................

On loans.............................................................................

3,154

40,384

15,841

89,495

3,146

39,794

68,140

88,417

3,332

42,717

95,505

123,529

2,646

50,824

74,529

117,937

10,410

69,073

19,741

127,515

5,585

73,790

207,061

122,315

18,294

68,232

47,716

264,405

9,911

73,844

22,463

249,500

4,714

84,863

16,305

238,825

Average assets and liabilities9

Assets— total................................................................

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

United States 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...................................................

193,339,614

42,976,798

64,372,065

15,209,165

68,148,039

2,633,547

202,331,676

43,510,745

63,808,049

16,294,075

75,800,688

2,918,119

209,712,780

45,728,691

58,257,149

16,179,498

86,291,628

3,255,814

214,790,440

45,474,318

57,238,574

16,725,206

91,493,989

3,858,353

228,359,687

46,766,041

62,355,819

19,237,561

95,666,835

4,333,431

237,577,389

46,881,654

61,878,548

20,284,525

103,872,351

4,660,311

246,776,722

49,317,003

57,773,429

20,092,632

114,275,450

5,318,208

254,198,199

46,613,211

61,792,135

21,660,321

117,969,985

6,162,547

274,220,778

49,438,670

64,519,914

25,761,084

127,789,110

6,712,000

193,339,614

176,865,497

130,023,191

46,842,306

2,712,778

13,761,339

202,331,676

184,734,232

135,422,891

49,311,341

2,965,764

14,631,680

209,712,780

190,786,522

139,690,432

61,096,090

3,372,960

15,553,298

214,790,440

193,993,484

139,023,697

54,969,887

4,242,293

16,554,663

228,359,687

206,196,015

143,813,475

62,382,540

4,440,097

17,723,575

237,577,389

213,428,979

146,599,745

66,829,234

5,410,250

18,738,160

246,776,722

220,099,028

150,451,481

69,647,547

6,712,522

19,965,172

254,198,199

225,214,703

147,556,175

77,658,528

7,694,509

21,288,987

274,220,778

243,319,550

153,849,494

89,470,056

8,197,420

22,703,808

Number of employees (including building employees),

December 31:

Active officers..................................................................

Other employees..............................................................

82,167

386,625

84,931

408,791

88,462

433,563

91,597

452,218

95,308

457,023

98,934

481,666

103,211

506,596

107,279

526,101

112,458

543,695

Number of banks, December 31..................................... 13,323 13,237 13,218 13,165 13,124 13,114 13,126 13,115 13,124

1 Excludes rentals from bank premises; included with “Occupancy expense of bank premises— net.”

2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net.”

8 Included with “Other current operating expenses” , except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”

4 Included with “Officer and employee benefits” , “Occupancy expense of bank premises— net” , and “Other current operating expenses.”

4 Included with “Occupancy expense of bank premises— net” , and “Furniture and equipment.”

• Included with “Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”

7 Included with “Recurring depreciation on banking house, furniture and fixtures” , and “Other current operating expenses.”

• Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7. ^

• For 1954 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates £3

beginning with the end of the previous year and ending with the fall call of the current year.

Note: Due to rounding differences, data for 1954-1959 may not add to total.

Back figures, 1934-1953: See the following Annual Reports: 1953, pp. 106-107; 1950, pp. 250-251; and 1941, pp. 158-159.

INCOME OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 115. R atios of I n c o m e of I n su red C o m m er c ial B a n k s i n t h e U n ited S tates (S tates a n d O th e r A reas), 1954-1962

Income item 1954 1955 1956 1957 1958 1959 1960 1961 1962

Amounts per $100 of current operating revenue

Current operating revenue— total............................................................ $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 Interest on U. S. Government obligations..................................................... 22.04 20.91 18.57 17.92 18.16 17.91 16.69 17.18 17.13

Interest and dividends on other securities..................................................... 5.63 5.51 5.12 5.12 5.91 5.65 5.40 5.68 6.21 Income on loans.................................................................................................... 56.52 57.96 61.03 61.65 60.48 61.73 63.48 63.31 63.16

Service charges on deposit accounts................................................................ 5.40 5.33 5.33 5.48 5.72 5.50 5.50 5.70 5.58

Other charges, commissions, fees, etc.............................................................. 2.50 2.43 2.33 2.32 2.25 2.13 2.04 2.02 1.94

Other current operating revenue...................................................................... 7.91 7.86 7.62 7.51 7.48 7.08 6.89 !6.11 15.98

Current operating expenses—-total........................................................... 63.01 62.09 61.63 63.59 66.02 64.78 64.65 67.22 70.29 Salaries, wages, and fees..................................................................................... 31.16 30.35 29.53 28.73 28.80 27.19 26.62 226.73 225.67 Officer and employee benefits............................................................................ (3) (3) (3) (3) (3) (3) (3) 3.41 3.43 Interest on time and savings deposits............................................................. 10.71 10.63 11.14 14.18 16.24 16.34 16.65 19.03 23.28 Taxes other than on net income....................................................................... 2.88 2.77 2.60 2.56 2.61 2.61 2.66 (4) (4)

Recurring depreciation on banking house, furniture and fixtures........... 1.64 1.70 1.77 1.82 1.98 1.98 1.98 (5) (5) Occupancy expense of bank premises— net.................................................... (6) (6) (6) (6) (6) (6) (6) 4.61 4.55 Furniture and equipment.................................................................................... (7) (7) (7)) (7) (7) (7) (7) 2.03 2.19 Other current operating expenses..................................................................... 16.62 16.64 16.59 16.30 16.39 16.66 16.74 811.41 811.17

Net current operating earnings.............................................................. 36.99 37.91 38.37 36.41 33.98 35.22 35.35 32.78 29.71

Amounts per $100 of total assets 9

Current operating revenue— total......................................................................... 2.98 3.15 3.45 3.74 3.72 4.07 4.35 4.35 4.45 Current operating expenses— total....................................................................... 1.88 1.96 2.13 2.38 2.46 2.64 2.81 2.92 3.13 Net current operating earnings............................................................................. 1.10 1.19 1.32 1.36 1.26 1.43 1.54 1.43 1.32

Recoveries, transfers from valuation reserves, and profits— total............... .33 .12 .12 .09 .38 .14 .23 .28 .17

Losses, charge-offs, and transfers to valuation reserves— total.................... .28 .35 .47 .35 .34 .57 .40 .37 .30 Net income before related taxes........................................................................... 1.15 .96 .97 1.10 1.30 1.00 1.37 1.34 1.19 Net income after related taxes.............................................................................. .68 .57 .58 .64 .75 .63 .81 .79 .73

Amounts per $100 of total capital accounts 9

Net current operating earnings............................................................................. 15.52 16.52 17.84 17.71 16.30 18.17 18.99 17.05 15.99 Recoveries, transfers from valuation reserves, and profits— total............... 4.59 1.64 1.61 1.20 4.89 1.76 2.88 3.32 2.06 Losses, charge-offs, and transfers to valuation reserves— total.................... 4.02 4.83 6.39 4.58 4.42 7.27 4.90 4.39 3.69 Net income before related taxes............................................................................ 16.09 13.33 13.06 14.33 16.77 12.66 16.97 15.98 14.36

Taxes on net income................................................................................................ 6.59 5.43 5.24 6.03 7.17 4.72 6.94 6.61 5.53 Net income after related taxes.............................................................................. 9.50 7.90 7.82 8.30 9.60 7.94 10.03 9.37 8.83

3.76 3.87 3.96 4.10 4.09 4.14 4.16 4.20 4.15 Net additions to capital from income.................................................................. 5.74 4.03 3.86 4.20 5.51 3.80 5.87 5.17 4.68

Special ratios 9

Income on loans per $100 of loans....................................................................... 4.79 4.88 5.11 5.42 5.37 5.75 5.96 5.94 6.04

Income on U. S. Government obligations per $100 of U. S. Government

obligations............................................................................................................... 1.98 2.09 2.31 2.52 2.48 2.80 3.10 3.08 3.24

Income on other securities per $100 of other securities.................................. 2.14 2.15 2.29 2.47 2.61 2.69 2.88 2.90 2.95

Service charges per $100 of demand deposits.................................................... .24 .25 .28 .32 .34 .36 .39 .43 .44

Interest paid per $100 of time and savings deposits....................................... 1.32 1.38 1.58 2.08 2.21 2.36 2.56 2.71 3.18

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Assets and liabilities per $100 of total assets

Assets—-total..........................................................................

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

United States 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...............................................

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

22.23 21.51 21.81 21.17 20.48 19.73 19.98 18.34 18.03

33.29 31.54 27.78 26.65 27.31 26.05 23.41 24.31 23.53

7.87 8.05 7.71 7.79 8.42 8.54 8.14 8.52 9.39

35.25 37.46 41.15 42.60 41.89 43.72 46.31 46.41 46.60

1.36 1.44 1.55 1.79 1.90 1.96 2.16 2.42 2.45

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

91.48 91.30 90.97 90.32 90.30 89.83 89.19 88.60 88.73

67.25 66.93 66.61 64.73 62.98 61.70 60.97 58.05 56.10

24.28 24.37 24.86 25.59 27.32 28.13 28.22 30.55 32.63

1.40 1.47 1.61 1.97 1.94 2.28 2.72 3.03 2.99

7.12 7.23 7.42 7.71 7.76 7.89 8.09 8.37 8.28

13,323 13,237 13,218 13,165 13,124 13,114 13,126 13,115 13,124

1 Excludes rentals from bank premises; included with “Occupancy expense of bank premises— net.”

2 Excludes compensation of building officers and other employees; included with “Occupancy expense of bank premises— net.”

8 Included with “Other current operating expenses”, except Social Security taxes paid on bank’s account which were included with “Taxes other than on net income.”

4 Included with “Officer and employee benefits”, “Occupancy expense of bank premises— net,” and “Other current operating expenses.”

8 Included with “Occupancy expense of bank premises— net” , and “Furniture and equipment.”

8 Included with “Taxes other than on net income,” “Recurring depreciation on banking house, furniture and fixtures,” and “Other current operating expenses.”

7 Included with “Recurring depreciation on banking house, furniture and fixtures” , and “Other current operating expenses.”

8 Not comparable with amounts reported for previous years; see footnotes 3, 4, 6, and 7.

9 For 1954 through 1960, averages of amounts reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates beginning with the end of the previous year and ending with the fall call of the current year.

Back figures, 1934-1953: See the following Annual Reports: 1953, pp. 108-109; 1950, pp. 252-253; and 1941, pp. 160-161.

INCOME OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 116. I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ) , 1962

BY CLASS OF BANK ^

(Amounts in thousands of dollars)

Members F. R. System Not

members Operating Operating

Income Total

National State

F. R.

System

throughout

the year

less than

full year 1

12,218,959 1

2,093,207

1 6,596,403

1,136,543

3,547,918 2,074,638 12,150,999 67,960

549,905 406,759 2,078,799 14,408

759,030

7,578,200

414,878

4,134,522

74,305

214,156 129,996 755,820 3,210

2,185,219 1,258,459 7,536,380 41,820

139,645 40,895 24,445 139,040 605

681,243 380,402 152,007 148,834 675,998 5,245

237,446 103,978 66,274 62,194 236,385 1,061

543,916 242,204 278,671 23,041 543,484 432

186,272 104,571 60,791 20,910 185,093 1,179

Current operating expenses— total......................................................................... 8,589,177

1,098,146

1,975,406

419,098

4,616,225

559,485

2,419,202 1,553,750 8,534,749 54,428

Salaries—officers...................................................................................................................... 269,669 268,992 1,090,224 7,922

Salaries and wages— other employees.............................................................................. 1,057,500 611,711 306,195 1,964,567 10,839

Officer and employee benefits............................................................................................ 221,232 141,704 56,162 417,222 1,876

Fees paid to directors and committees............................................................................ 63,236 29,064 11,613 22,559 62,794 442

Interest on time and savings deposits............................................................................. 2,845,283 1,588,710 769,422 487,151 2,828,619 16,664

Interest on borrowed money.............................................................................................. 64,325 32,680 29,880 1,765 64,225 100

Occupancy expense of bank premises— net.................................................................... 555,670 285,962 172,392 97,316 551,753 3,917

Furniture and equipment.................................................................................................... 267,885 148,521 69,120 50,244 266,204 1,681

Other current operating expenses..................................................................................... 1,300,128 693,071 343,691 263,366 1,289,141 10,987

IVet current operating earnings............................................................................... 3,629,782 1,980,178 1,128,716 520,888 3,616,250 13,532

Recoveries, transfers from valuation reserves, and profits—total................. 467,061

256,987

249,003 147,111 70,947 463,187 3,874

On securities:

Profits on securities sold or redeemed......................................................................... 128,077 88,092 40,818 254,270 2,717

Recoveries........................................................................................................................... 6,241 3,408 969 1,864 6,223 18

Transfers from valuation reserves................................................................................ 56,761 41,696 8,451 6,614 56,590 171

On loans:

Recoveries........................................................................................................................... 16,902 8,106 1,929 6,867 16,611 291

Transfers from valuation reserves................................................................................ 56,610 27,343 24,516 4,751 56,517 93

All other.................................................................................................................................. 73,560 40,373 23,154 10,033 72,976 584

Losses, charge-offs, and transfers to valuation reserves~~total..................... 836,665

58,939

472,312 231,414 132,939 831,648 5,017

On securities:

Losses on securities sold.................................................................................................. 32,961 18,158 7,820 58,717 222

Charge-offs prior to sale.................................................................................................. 12,603 7,409 1,821 3,373 12,555 48

Transfers to valuation reserves..................................................................................... 95,039 59,125 25,507 10,407 93,868 1,171

On loans:

Losses and charge-offs..................................................................................................... 30,107 13,465 3,360 13,282 29,505 602

Transfers to valuation reserves..................................................................................... 528,710 292,201 159,325 77,184 526,328 2,382

All other ................................................................................................................................ 111,267 67,151 23,243 20,873 110,675 592

Net income before related taxes.............................................................................. 3,260,178 1,756,869 1,044,413 458,896 3,247,789 12,389

INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Taxes on net income— total........................................................................ 1,256,382

1,159,725

96,657

688,026

637,670

50,356

419,959

QfiO KKft

l l f l 0 0 7 1,248,924

1,152,386

Oft CQQ

7,458

7,339 Federal........................................................................................................... 1 ^ 0 ) 0 7 •

37 409

xuy,ouo

ft ft0 9 yOjOoo 119

Net income after related taxes.......................................... . . 2,003,796 1,068,843 624,454 310,499 1,998,865 4,931

Dividends and interest on capital— total............................................................. 941,189

939,426

1,763

517,748

517,546

202

312,740

311,878

862

110,701

1 1 ft ftft9

937,903

936,140

1,763

3.286

3.286 Cash dividends declared on common stock...............................................................

Dividends declared on preferred stock and interest on capital notes and

debentures................................................................................................. 699

Net additions to capital from income............................................................... 1,062,607 551,095 311,714 199,798 1,060,962 1,645

Number of banking employees (exclusive of building employees), December 31:

Active officers........................................................................................... 112,200

512,739

55,421

275,139

22 884 111,497 Kin AO(\ 703

2,319 Other employees.............................................................................. 145 181

oo,oyo

92 419

Memoranda

Recoveries credited to valuation reserves (not included in recoveries above):

On securities..................................................................................... 4,714

84,863

16,305

238,825

2,942

51,317

7,579

143,575

599

20,625

4 371

1 173 A 7 1 9 o

On loans................................................................................................. 12 921 OA 7 QA *7*7

Losses charged to valuation reserves (not included in losses above) :

On securities..................................................................................... a

o^,/oO

16,296

238,404

4 (

On loans............................................................................................ 53 247

4,qOO

AO ftftQ 9

421

Occupancy expense of bank premises

Occupancy expense of bank premises, net— total............................................. 555,670

143,626

699,296

1,780

83,324

9,941

120,178

77,554

120,500

185,106

100,913

285,962

92,014

377,976

1,018

48,562

5,611

69,513

46,568

62,504

85,134

59,066

172,392

39.731

212,123

621

24,634

3,650

31,252

17.732

35,648

72,626

25 960

97,316 1 1 ftQI 551,753

142,688

694,441

i 7 ft t;

3,917

938

4,855

1 K

Rental and other income...........................................

Occupancy expense of bank premises, gross— total..........................................

i l j O O l

109,197

141

10,128

680

iq iiq

Salaries— building department officers..............................................

Salaries and wages— building department employees................................................ 1 , / OO

82,505

9,861

119,236

7 A QHO

i o

819

80 Building department personnel benefits....................................................................

Recurring depreciation............................................................................

Maintenance and repairs...................................................................... iy ,413

1 3 9 ^ A

942

Insurance and utilities............................................................................. 22 348

/ ofyuz

1 1 Q 7

652 »7 pr a

Rents paid......................................................................................................... 9 7

11 y, / 4o

1 ftJ. fi£ 9

404

4 4 jOrfcO 1,044

1 Kft£ 7

1o4,U0.£

lO fO o / 1 AH Q 1UU,o04(XA 549

Number of building employees, December 31:

Officers................................................................................................................................ 258

30,956

116

16,867

54

7,497

ftft 9 ^ 7 1 Other employees........................................................................................................... OKI

o o 

A * 0 9

Z D /

30,705 Z o i

Number of banks, December 31............................................................................ 13,124 4,503 1,542 7 fl7Q $ fu/y 12,933 191

1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.

Note: For average asset and liability data see Table 111, p. 135.

Back figures, 1934—1961: See Table 114, pp. 142—143; the Annual Report for 1961, pp. 126—127, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 117. R a t io s of I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ) , 1962

BY CLASS OF BAN K

Members F. R. System Not

members

Income item Total

National State

F. R.

System

A m ou n ts per $100 o f cu rren t op era tin g revenue

$100.00 $100.00 $100.00 $100.00

17.13 17.23 15.50 19.61

6.21 6.29 6.04 6.26

Income on loans............. ........................................................................................................................................................... 63.16 63.80 62.74 61.84

Service charges on deposit accounts.............................................................................................................................................. 5.58 5.77 4.28 7.17

Other service charges, commissions, fees, etc.............................................................................................................................. 1.94 1.65 1.87 3.00

Other current operating revenue.................................................................................................................................................... 5.98 5.26 9.57 2.12

C u rren t op eratin g expen ses-“ t o ta l............................................................................................................................................. 70.29 69.98 68.19 74.89

Salaries, wages, and fees................................................................................................................................................................... 25.67 24.95 25.17 28.81

Officer and employee benefits.......................................................................................................................................................... 3.43 3.35 3.99 2.71

Interest on time and savings deposits.......................................................................................................................................... 23.28 24.09 21.69 23.48

Occupancy expense of bank premises— net................................................................................................................................. 4.55 4.34 4.86 4.69

Furniture and equipment................................................................................................................................................................. 2.19 2.25 1.95 2.42

Other current operating expenses.................................................................................................................................................. 11.17 11.00 10.53 12.78

N et cu rren t op era tin g ea rn in g s.................................................................................................................................................... 29.71 30.02 31.81 25.11

A m ou n ts per $100 o f tota l assets 1

Current operating revenue— total .................................................................................................................................................. 4.45 4.42 4.31 4.88

Current operating expenses— total.................................................................................................................................................... 3.13 3.09 2.94 3.65

Net current operating earnings ....................................................................................................................................................... 1.32 1.33 1.37 1.23

Recoveries transfers from valuation reserves, and profits— total............................................................................................. .17 .17 .18 .16

Losses charge-offs and transfers to valuation reserves— total................................................................................................. .30 .32 .28 .31

Net income before related taxes......................................................................................................................................................... 1.19 1.18 1.27 1.08

Net income after related taxes............................................................................................................................................................ .73 .72 .76 .73

M em oran d a

Recoveries credited to valuation reserves (not included in recoveries above):

On securities......................................................................................................................................................................................... (2) (2) (2) (2)

.03 .03 .03 .03

Losses charged to valuation reserves (not included in losses above):

On securities............. ................................................................................................................................................................... .01 .01 .01 .01

.09 .10 .06 .10

148 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
A m ou n ts per $100 o f to ta l cap ital accou n ts 1

Net current operating earnings.......................................................................................................................................................... 15.99 16.27 16.38 14.30

Recoveries, transfers from valuation reserves, and profits— total............................................................................................. 2.06

3.69

2.04 2.14 1.95

Losses, charge-offs, and transfers to valuation reserves— total.................................................................................................. 3.88 3.36 3.65

Net income before related taxes......................................................................................................................................................... 14.36 14.43 15.16

6.10

9.06

4.54

4.52

12.60

Taxes on net income.............................................................................................................................................................................. 5.53 5.65 4.08

Net income after taxes.......................................................................................................................................................................... 8.83 8.78 8.52

4.15 4.25 3.03

Net additions to capital from income............................................................................................................................................... 4.68 4.53 5.49

M em oran da

Recoveries credited to reserve accounts (not included in recoveries above):

On securities........................................................................................................................................................................................ .02 .02 .01 .03

On loans................................................................................................................................................................................................ .37 .42 .30 .35

Losses charged to reserve accounts (not included in losses above):

On securities........................................................................................................................................................................................ .07 .06 .06 .12

On loans................................................................................................................................................................................................ 1.05 1.18 .77 1.15

S pecial ratios 1

Income on loans per $100 of loans..................................................................................................................................................... 6.04 6.09 5.64 6.67

Income on U. S. Government obligations per $100 of U. S. Government obligations......................................................... 3.24 3.24 3.18 3.34

Income on other securities per $100 of other securities............................................................................................................... 2.95

.44

2.90 3.04 2.93

Service charges per $100 of demand deposits................................................................................................................................. .45 .32 .68

Interest paid per $100 of time and savings deposits.................................................................................................................... 3.18 3.22 3.23 2.97

O ccu p a n cy expense o f ban k prem ises per $100 o f cu rrent operating revenue 

O ccu p an cy expense o f ban k prem ises, n et—‘to ta l................................................................................................................ 4.55 4.34 4.86 4.69

Rental and other income...................................................................................................................................................................... 1.17 1.39 1.12 .57

O ccu pan cy expense o f ban k prem ises, gross— t o ta l............................................................................................................ 5.72 5.73 5.98 5.26

Salaries and wages— building department officers and employees......................................................................................... .70 .75 .71 .49

Building department personnel benefits....................................................................................................................................... .08 .08 .10 .03

.93

.64

1.08

1.32

Recurring depreciation..................................................................................................................................................................... .98 1.05 .88

Maintenance and repairs.................................................................................................................................................................. .63 .71 .50

Insurance and utilities...................................................................................................................................................................... .99 .95 1.01

Rents paid............................................................................................................................................................................................ 1.51 1.29 2.05

.83 .90 .73 .77

Number of banks, December 31......................................................................................................................................................... 13,124 4,503 1,542 7,079

1 For average asset and liability data see Table 111, p. 135.

2 Less than .005.

Back figures, 1934-1961: See Table 115, pp. 144-145, the Annual Report for 1961, pp. 128-129, and earlier reports.

COINCOME OF INSURED B A N K S

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Federal Reserve Bank of St. Louis
Table 118. I n c o m e of I n s u r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t 1962 i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s )

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS

Banks with deposits of— 2

Income item

All

banks 1 Less $1,000,000 $2,000,000 $5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000

than to to to to to to to or

$1,000,000 $2,000,000 $5,000,000 $10,000,000 $25,000,000 $50,000,000 $100,000,000 $500,000,000 more

(Amounts in thousands of dollars)

C u rren t op eratin g revenue— t o ta l................. 12,150,999 30,204 160,779 671,756 880,543 1.329,975 922,921 842,710 2,453,563 4,858,548

Interest on U. S. Government obligations.. . 2,078,799 7,070 37,575 151,360 181,275 262,774 177,728 158,817 412,031 690,169

Interest and dividends on other securities.. . 755,820 1,200 8,108 42,633 61,731 90,801 57,620 54,494 143,158 296,075

Interest and discount on loans........................ 7,536,380 18,595 98,093 405,574 536,437 801,800 561,105 505,438 1,536,683 3,072,655

Service charges and fees on loans................... 139,040 150 682 3,524 6,543 12,265 11,266 9,669 30,872 64,069

Service charges on deposit accounts............... 675,998 1,398 7,775 38,903 63,009 106,627 68,590 53,046 135,100 201,550

Other charges, commissions, fees, etc............. 236,385 1,441 6,889 21,448 20,877 27,033 16,700 14,193 38,467 89,337

Trust department................................................ 543,484 5 232 2,394 2,983 15,944 21,421 38,580 132,471 329,454

Other current operating revenue..................... 185,093 345 1,425 5,920 7,688 12,731 8,491 8,473 24,781 115,239

C urren t operatin g expenses— t o ta l.............. 8,534,749 21,782 115,581 488,644 648,082 996,227 691,754 621,473 1,708,149 3,243,057

Salaries-officers.................................................... 1,090,224 8,282 36,137 114,969 116,608 146,097 91,219 75,980 194,930 306,002

Salaries and wages— other employees............ 1,964,567 2,529 15,060 76,541 116,347 201,908 149,428 136,904 428,557 837,293

Officer and employee benefits. . ...................... 417,222 535 3,138 15,016 22,363 38,115 28,933 28,495 86,649 193,978

Fees paid to directors and committees.......... 62,794 677 3,263 12,056 11,648 12,574 5,888 4,040 7,714 4,934

Interest on time and savings deposits........... 2,828,619 4,136 29,029 145,081 211,896 332,559 235,118 207,032 534,402 1,129,366

Interest on borrowed m oney............................ 64,225 22 88 414 519 851 1,030 1,490 9,848 49,963

Occupancy expense of bank premises— net. . 551,753 1,298 6,415 27,896 39,178 63,641 43,512 39,177 107,799 222,837

Furniture and equipment.................................. 266,204 527 3,223 15,767 21,874 33,597 22,575 19,716 56,579 92,346

Other current operating expenses................... 1,289,141 3,776 19,228 80,904 107,649 166,885 114,051 108,639 281,671 406,338

N et cu rren t operatin g e a rn in g s..................... 3,616,250 8,422 45,198 183,112 232,461 333,748 231,167 221,237 745,414 1,615,491

R ecoveries, transfers from valu ation reserves, and profits— to ta l......................... 463,187 916 3,966 17,637 25,835 45,018 33,429 36,220 116,991 183,175

On securities:

Profits on securities sold or redeemed. . . . 254,270 128 1,006 7,738 15,395 30,710 21,713 23,882 58,771 94,927

Recoveries.................. ...................................... 6,223 45 159 482 938 916 708 558 239 2,178

Transfers from valuation reserves.............. 56,590 11 120 685 1,447 3,583 2,542 2,985 22,816 22,401

On loans:

16,611 613 1,836 4,988 3,166 2,070 1,013 804 945 1,176

Transfers from valuation reserves.............. 56,517 37 251 1,211 1,369 2,668 2,331 2,288 11,908 34,454

72,976 82 594 2,533 3,520 5,071 5,122 5,703 22,312 28,039

Losses, ch arge-offs, and transfers to

valuation reserves— to ta l.......................... 831,648 1,846 8,477 37,334 51,712 78,950 57,808 59,305 168,145 368,071

On securities:

Losses on securities sold................................ 58,717 61 237 1,732 2,611 4,476 4,501 3,728 16,556 24,815

Charge-offs prior to sale................................ 12,555 58 392 1,740 2,660 1,984 784 673 1,082 3,182

Transfers to valuation reserves................... 93,868 19 154 1,007 1,697 6,422 4,334 6,494 29,341 44,400

On loans:

Losses and charge-offs................................... 29,505 1,050 3,395 8,873 5,872 3,931 2,756 840 2,060 728

Transfers to valuation reserves................... 526,328 438 2,723 17,189 29,443 49,432 36,515 40,326 95,462 254,800

110,675 220 1,576 6,793 9,429 12,705 8,918 7,244 23,644 40,146

N et in co m e before related ta x es ................... 3,247,789 7,492 40,687 163,415 206,584 299,816 206,788 198,152 694,260 1,430,595

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Taxes on net in com e— t o ta l............................

State........................................................................

1,248,924

1,152,386

96,538

1,989

1,891

98

10,740

10,122

618

46,211

43,679

2,532

64,966

61,940

3,026

103,665

99,198

4,467

77,466

73,926

3,540

73,878

70,413

3,465

277,776

263,662

14,114

592,233

527,555

64,678

N et in co m e after related ta x e s ...................... 1,998,865 5,503 29,947 117,204 141,618 196,151 129,322 124,274 416,484 838,362

D ividends and interest o n capital— t o ta l.. 937,903 1,904 9,991 39,551 49,621 70,887 52,712 53,404 188,557 471,276

Cash dividends declared on common stock.. 936,140 1,903 9,987 39,509 49,518 70,671 52,558 53,322 187,590 471,082

Dividends declared on preferred stock and

interest on capital notes and debentures. . 1,763 1 4 42 103 216 154 82 967 194

N et addition s to ca p ita l fro m in c o m e ........ 1,060,962 3,599 19,956 77,653 91,997 125,264 76,610 70,870 227,927 367,086

Number of banking employees (exclusive of

building employees), December 31:

Active officers....................................................... 111,497 1,899 6,285 16,172 14,116 15,593 8,752 6,732 17,041 24,907

Other employees.................................................. 510,420 1,212 5,838 25,556 36,554 60,410 43,296 38,192 112,954 186,408

M em oranda

Recoveries credited to valuation reserves (not

included in recoveries above):

4,712

84,786

66 301 187 492 593 409 2,161 503

On loans................................................................. 108 947 5,144 8,375 11,524 7,136 5,635 15,257 30,660

Losses charged to valuation reserves (not

included in losses above):

On securities.......................................................... 16,296 5 37 121 214 845 648 642 7,935 5,849

On loans................................................................. 238,404 327 1,971 11,632 19,587 30,399 19,052 18,712 49,747 86,977

O ccu p an cy expense o f ban k 

prem ises

O ccu p an cy expense o f ban k prem ises,

n et— t o t a l........................................................ 551,753 1,298 6,415 27,896 39,178 63,641 43,512 39,177 107,799 222,837

Rental and other income....................................... 142,688 74 629 3,170 4,499 9,952 13,720 11,281 54,632 44,731

O ccu pan cy expense o f ban k prem ises, 

gross— t o ta l.................................................... 694,441 1,372 7,044 31,066 43,677 73,593 57,232 50,458 162,431 267,568

Salaries— building department officers.......... 1,765 4 5 38 16 27 98 109 582 886

Salaries and wages— building department

employees.......................................................... 82,505 56 483 3,104 4,872 8,587 7,701 6,664 23,546 27,492

Building department personnel benefits........ 9,861 4 11 124 289 656 719 721 2,865 4,472

Recurring depreciation....................................... 119,236 147 1,187 6,544 9,508 14,855 11,025 8,707 25,577 41,686

Maintenance and repairs................................... 76,902 222 1,116 4,093 5,460 9,250 6,752 6,172 15,911 27,926

Insurance and utilities....................................... 119,746 577 2,482 8,513 9,906 14,016 9,105 7,820 25.344 41,983

Rents paid............................................................. 184,062 81 485 3,052 5,969 13,752 12,880 12,317 43,669 91,857

Taxes....................................................................... 100,364 281 1,275 5,598 7,657 12,450 8,952 7,948 24,937 31,266

Number of building employees, December 31:

Officers.................................................................... 257 6 18 31 27 11 19 21 54 70

Other employees.................................................. 30,705 167 992 3,262 2,874 3,621 2,978 2,676 7,661 6,474

Number of banks, December 31.......................... 12.933 830 2,240 4,300 2,644 1,807 549 249 250 64

1 This group of banks is the same as the group shown in Table 116 under the heading “Operating throughout the year.”

2 For asset and liability data see Table 110, p. 134.

Back figures, 1941-1961: See the Annual Report for 1961, pp. 130-131, and earlier reports.

INCOME OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 119. R a tio s op In c o m e o f In su re d C o m m ercial B a n k s O perating T h r o u g h o u t 1962 in t h e U n ite d S ta tes (S ta te s and O th e r A reas) ^

Oi

b a n k s grouped according to a m o u n t of deposits 10

Banks with deposits of— 2

Income item

All

banks 1 Less

than

$1,000,000

$1,000,000

to

$2,000,000

$2,000,000

to

$5,000,000

$5,000,000

to

$10,000,000

$10,000,000

to

$25,000,000

$25,000,000

to

$50,000,000

$50,000,000

to

$100,000,000

$100,000,000

to

$500,000,000

$500,000,000

or

more

A m ou n ts per $100 o f cu rren t

op eratin g revenue 

C u rren t op eratin g revenue— t o t a l................ $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations.. . 17.11 23.41 23.37 22.53 20.59 19.76 19.26 18.85 16.79 14.21

Interest and dividends on other securities.. . 6.22 3.97 5.04 6.35 7.01 6.83 6.24 6.47 5.83 6.09

Income on loans................................................... 63.17 62.06 61.44 60.90 61.66 61.21 62.02 61.13 63.89 64.56

Service charges on deposit accounts............... 5.56 4.63 4.84 5.79 7.16 8.02 7.43 6.29 5.51 4.15

Other service charges, commissions, fees, etc. 1.94 4.77 4.28 3.19 2.37 2.03 1.81 1.68 1.57 1.84

Other current operating revenue..................... 6.00 1.16 1.03 1.24 1.21 2.15 3.24 5.58 6.41 9.15

C urren t operatin g expenses— t o ta l.............. 70.24 72.12 71.89 72.74 73.60 74.91 74.95 73.75 69.62 66.75

Salaries, wages, and fees.................................... 25.66 38.04 33.87 30.30 27.78 27.11 26.71 25.74 25.73 23.63

Officer and employee benefits.......................... 3.43 1.77 1.95 2.24 2.54 2.87 3.13 3.38 3.53 3.99

Interest on time and savings deposits........... 23.28 13.69 18.06 21.60 24.06 25.00 25.48 24.57 21.78 23.25

Occupancy expense of bank premises— net. . 4.54 4.30 3.99 4.15 4.45 4.79 4.71 4.65 4.39 4.59

Furniture and equipment.................................. 2.19 1.75 2.01 2.35 2.48 2.53 2.45 2.34 2.31 1.90

Other current operating expenses................... 11.14 12.57 12.01 12.10 12.29 12.61 12.47 13.07 11.88 9.39

Net cu rren t operatin g ea rn in g s..................... 29.76 27.88 28.11 27.26 26.40 25.09 25.05 26.25 30.38 33.25

A m ou n ts per $100 o f tota l assets2

Current operating revenue— total 4.33 4.32 4.14 3.94 ...................... 4.13 4.31 4.30 4.25 4.30 4.39

Current operating expenses— total...................... 2.90 3.11 3.09 3.09 3.16 3.29 3.25 3.19 2.88 2.63

Net current operating earnings........................... 1.23 1.20 1.21 1.16 1.14 1.10 1.08 1.13 1.26 1.31

Recoveries, transfers from valuation reserves,

.12 .15 .16 .19 .19 .15 and profits— total................................... .15 .13 .11 .11

Losses, charge-offs, and transfers to valuation

.25 .26 .27 .30 .28 .30 reserves— total................................................. .28 .26 .23 .24

Net income before related taxes.......................... 1.10 1.07 1.09 1.03 1.01 .99 .97 1.02 1.17 1.16

Net income after related taxes............................. .68 .79 .80 .74 .69 .65 .61 .64 .70 .68

M em oran da

Recoveries credited to valuation reserves

(not included in recoveries above):

On securities ............................................... (3) (*) (8) (8) (8) (8) (*)

.03

(3)

.03

(3)

On loans............................ ....................................

.02 .03 .04 .04 .03 .03 .03 .02

Losses charged to valuation reserves (not

included in losses above):

.01 (*) (3) (3) (3) (3) .01 (8) (8) (•)

.08 .05 .05 .07 .10 .10 .09 .10 .08 .07

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
A m ou n ts per $100 o f tota l ca p ita l 

a ccou n ts 2

Net current operating earnings............................

Recoveries, transfers from valuation reserves,

and profits— total............................................

Losses, charge-offs, and transfers to valuation

reserves— total.................................................

Net income before related taxes..........................

Taxes on net income...............................................

Net income after taxes...........................................

Cash dividends declared.........................................

Net additions to capital from income................

15.33

1.96

3.52

13.77

5.30

8.47

3.97

4.50

9.66

1.05

2.12

8.59

2.28

6.31

2.18

4.13

11.11

.97

2.08

10.00

2.64

7.36

2.45

4.91

12.13

1.17

2.47

10.83

3.06

7.77

2.62

5.15

13.22

1.47

2.94

11.75

3.70

8.05

2.82

5.23

13.83

1.86

3.27

12.42

4.29

8.13

2.94

5.19

14.13

2.04

3.53

12.64

4.74

7.90

3.22

4.68

14.86

2.43

3.98

13.31

4.96

8.35

3.59

4.76

16.35

2.56

3.69

15.22

6.09

9.13

4.13

5.00

16.61

1.88

3.79

14.70

6.08

8.62

4.85

3.77

M em oranda

Recoveries credited to reserve accounts (not

included in recoveries above):

.02 .02 .02 .01 .02 .04 .03 .05 .01

On loans................................................................. .36 .12 .23 .34 .48 .48 .44 .38 .33 .32

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................... .07 .01 .01 .01 .01 .04 .04 .04 .17 .06

On loans................................................................. 1.01 .37 .48 .77 1.11 1.26 1.16 1.26 1.09 .89

Special ratios 2

Income on loans per $100 of loans...................... 5.51 6.40 6.18 6.14 6.18 6.06 5.82 5.66 5.46 5.16

Income on U. S. Government obligations per

$100 of U. S. Government obligations.. . . 3.17 3.21 3.13 3.11 3.07 3.08 3.09 3.20 3.20 3.24

Income on other securities per $100 of other

securities............................................................ 2.62 2.67 2.92 2.75 2.64 2.67 2.62 2.59 2.66 2.55

Service charges per $100 of demand deposits. . .42 .32 .37 .46 .60 .70 .62 .51 .39 .29

Interest paid per $100 of time and savings

deposits.............................................................. 2.90 2.35 2.40 2.52 2.65 2.74 2.84 2.89 2.91 3.09

O ccu pan cy expense o f ban k prem ises per $100 o f cu rren t o p ­

eratin g revenue 

O ccu pan cy expense o f ban k prem ises, 

net— t o t a l........................................................ 4.54 4.30 3.99 4.15 4.45 4.79 4.71 4.65 4.39 4.59

Rental and other income....................................... 1.17 .24 .39 .47 .51 .74 1.49 1.34 2.23 .92

O ccu pan cy expense o f ban k prem ises, 

gross— t o t a l.................................................... 5.71 4.54 4.38 4.62 4.96 5.53 6.20 5.99 6.62 5.51

Salaries and wages— building department

officers and employees.................................... .69 .20 .30 .47 .56 .65 .84 .81 .98 .58

Building department personnel benefits........ .08 .01 .01 .02 .03 .05 .08 .09 .12 .09

Recurring depreciation....................................... .98 .49 .74 .97 1.08 1.12 1.19 1.03 1.04 .86

Maintenance and repairs................................... .63 .73 .70 .61 .62 .69 .73 .73 .65 .58

Insurance and utilities....................................... .99 1.91 1.54 1.27 1.12 1.05 .99 .93 1.03 .87

Rents paid............................................................. 1.51 .27 .30 .45 .68 1.03 1.40 1.46 1.78 1.89

Taxes....................................................................... .83 .93 .79 .83 .87 .94 .97 .94 1.02 .64

Number of banks, December 31.......................... 12,933 830 2,240 4,300 2,644 1,807 549 249 250 64

1 This group of banks is the same as the group shown in Table 116 under the heading “Operating throughout the year.” These ratios differ slightly from the ratios for all insured

commercial banks shown in Tables 115 and 117.

2 For asset and liability data see Table 110, p. 134.

8 Less than .005.

Back figures, 1941-1961: See the Annual Report for 1961, pp. 132-133, and earlier reports.

INCOME OF INSURED B A N K S

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Federal Reserve Bank of St. Louis
Table 120. I n c o m e o f I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s) , b y S t a t e , 1962

(Amounts in thousands of dollars)

Income item

Total

United

States

Other areas

50 States

and

D. C.

Alabama Alaska Arizona Arkansas California Colorado ConnectiPuerto cut

Rico

Virgin

Islands

Current operating revenue— total................

Interest on U. S. Government obligations...

Interest and dividends on other securities...

Service charges and fees on loans...................

Service charges on deposit accounts...............

Other charges, commissions, fees, etc.............

Other current operating revenue.....................

Current operating expenses—total.............

Salaries— officers..................................................

Salaries and wages— other employees............

Officer and employee benefits. . ......................

Fees paid to directors and committees..........

Interest on time and savings deposits...........

Interest on borrowed money.............................

Occupancy expense of bank premises— net..

Furniture and equipment..................................

Other current operating expenses...................

12,218,959

2,093,207

759,030

7,578,200

139,645

681,243

237,446

543,916

186,272

28,767

2,064

1,037

20,398

1,797

924

2,165

20

362

1,091

186

55

663

56

21

79

31

12,189,101

2,090,957

757,938

7,557,139

137,792

680,298

235,202

543,896

185,879

114,874

19,857

8,090

71,687

763

8,175

2,762

2,542

998

13,966

2,159

436

8,475

915

1,283

522

42

134

88,217

8,902

3,451

61,368

2,366

7,714

2,053

1,885

478

65,781

11,270

6,079

40,342

160

4,154

2,538

637

601

1,476,064

194,540

73,244

970,517

34,601

105,175

24,414

46,932

26,641

119,374

19,069

4,069

75,229

1,603

10,861

2,693

4,844

1,006

143,546

17,803

8,497

88,874

1,398

10,287

2,230

13,148

1,309

8,589,177

1,098.146

1,975,406

419,098

63,236

2,845,283

64,325

555,670

267,885

1,300,128

23,910

3,172

5,917

1,023

172

6,946

98

1,161

851

4,570

908

82

263

41

4

367

22

26

103

8,564,359

1,094,892

1,969,226

418,034

63,060

2,837,970

64,227

554,487

267,008

1,295,455

77,964

12,772

17,208

2,972

762

24,354

54

3,601

2,642

13,599

11,055

1,825

3,023

310

33

2,628

29

857

491

1,859

68,207

8,389

16,500

2,869

133

21,687

97

5,433

3,392

9,707

46,353

9,052

8,871

1,857

921

11,843

32

3,140

1,575

9,062

1,110,417

108,312

256,880

45,515

1,268

468,800

8,020

64,545

37,181

119,896

86,248

12,552

19,535

3,150

917

27,021

323

5,808

3,133

13,809

100,592

14,810

28,621

6,639

724

22,018

353

6,860

4,039

16,528

Net current operating earnings................... 3,629,782 4,857 183 3,624,742 36,910 2,911 20,010 19,428 365,647 33,126 42,954

Recoveries, transfers from valuation reserves, and profits—total.......................

On securities:

Profits on securities sold or redeemed. . . .

467,061

256,987

6,241

56,761

16,902

56,610

73,560

1,437

622

17 465,607

256,365

6,241

56,761

16,759

56,487

72,994

4,268

3,225

36

211

351

90

355

649

456

3,180

2,142

2,398

1,249

12

278

589

19

251

32,620

20,218

310

1,683

739

4,652

5,018

3,737

2,377

51

243

248

114

704

4,737

1,184

2

522

173

358

2,498

Transfers from valuation reserves..............

On loans:

Transfers from valuation reserves..............

143

123

549 17

98

95

802

236

Losses, charge-offs, and transfers to

valuation reserves— total........................

On securities:

Losses on securities sold................................

Transfers to valuation reserves...................

On loans:

Losses and charge-offs....................................

Transfers to valuation reserves...................

836,665

58,939

12,603

95,039

30,107

528,710

111,267

1,759

27

346

1,125

261

30

15

15

834,876

58,912

12,603

95,039

29,761

527,570

110,991

6,606

274

85

193

673

4,515

866

1,465

4

12

219

1,162

68

5,276

84

1

579

4,048

564

4,888

179

234

285

732

2,327

1,131

88,043

1,686

1,070

11,880

1,180

61,787

10,440

7,612

200

245

187

434

5,108

1,438

9,270

1,695

13

129

18

4,185

3,230

Net income before related taxes.................. 3,260,178 4,535 170 3,255,473 34,572 2,095 17,914 16,938 310,224 29,251 38,421

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net income— total..........................

Federal...................................................................

State ........................................................................

Net income after related taxes....................

Dividends and interest on capital—-total..

Cash dividends declared on common stock..

Dividends declared on preferred stock and

interest on capital notes and debentures. .

Net additions to capital from income.......

1,256,382

1,159,725

96,657

344

275

69

87

87

1,255,951

1,159,363

96,588

12,271

10,927

1,344

1,153

1,147

6

7,418

7,007

411

5.210

5.210

136,410

104,576

31,834

13,064

11,306

1,758

15,708

12,918

2,790

2,003,796 4,191 83 1,999,522 22,301 942 10,496 11,728 173,814 16,187 22,713

941,189

939,426

1,763

1.615

1.615

939,574

937,811

1,763

7.840

7.840

455

455

5.454

5.454

4.217

4.217

111,169

111,103

66

7.063

7.063

11.386

11.386

1,062,607 2,576 83 1,059,948 14,461 487 5,042 7,511 62,645 9,124 11,327

Number of banking employees (exclusive of

building employees), December 31:

Active officers.......................................................

Other employees..................................................

112,200

512,739

408

1,942

7

61

111,785

510,736

1,421

5,187

131

627

827

4,313

1,202

2,800

11,245

58,750

1.291

5.291

1,330

7,225

M emoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.......................................................... 4,714

84,863

16,305

238,825

4,714

84,801

16,305

238,415

202

828

7

2,579

3

563

6

1,153

191

9,024

578

31,231

124

774

374

2,216

On loans.................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..........................................................

62 230 948

22

3,027

1,922

On loans................................................................. 410 529 3,635

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net— total...................................................

Rental and other income.......................................

Occupancy expense of bank premises,

gross— total................................................

Salaries— building department officers..........

Salaries and wages— building department

employees..........................................................

Building department personnel benefits........

Recurring depreciation.......................................

Maintenance and repairs...................................

Insurance and utilities.......................................

Rents paid.............................................................

Taxes.......................................................................

555,670

143,626

699,296

1,780

83,324

9,941

120,178

77,554

120,500

185,106

100,913

1,161

212

1,373

15

138

21

151

160

262

423

203

22

11

33

4

9

4

15

1

554,487

143,403

697,890

1,765

83,186

9,920

120,023

77,385

120,234

184,668

100,709

3,601

1,089

4,690

40

727

56

957

506

924

1,248

232

857

89

946

32

1

131

156

286

281

59

5,433

1,077

6,510

12

434

65

1,209

308

1,414

2,604

464

3,140

589

3,729

7

442

36

931

437

774

577

525

64,545

7,783

72,328

187

2,851

430

9,731

11,722

10,740

27,508

9,159

5,808

2,833

8,641

13

1,073

82

982

738

1,162

3,689

902

6,860

1,698

8,558

1,337

167

1,587

832

1,776

1,341

1,518

Number of building employees, December 31:

Officers.................................................................... 258

30,956

2

56

256

30,900

6

347

1

118

3

277

18

801

3

Other employees.................................................. 12 353 407

Number of banks, December 31.......................... 13,124 7 1 13,116 239 9 10 237 123 173 58

Note: For average asset and liability data by State see Table 112, pp. 136-137.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 120. Incom e o f Insured Com m ercial B anks in th e United States (States and O th er Areas), by State, 1962— continued

(Amounts in thousands of dollars)

Income item Delaware

District of

Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky

Current operating revenue— total.................. 40,097 79,315 262,159 176,284 44,392 39,080 851,045 237,863 158,018 121,814 113,985

Interest on U. S. Government obligations........ 7,048 16,470 60,123 25,205 6,769 6,556 187,317 58,000 30,696 26,844 26,167

Interest and dividends on other securities........ 1,582 2,226 15,475 8,308 1,867 1,783 67,283 10,893 10,296 10,518 5,941

Interest and discount on loans............................. 22,125 47,713 142,141 111,762 30,193 24,572 485,810 142,213 99,823 70,813 68,723

Service charges and fees on loans........................ 652 1,154 4,547 3,097 1,483 822 7,249 1,519 501 439 962

Service charges on deposit accounts................... 1,092 5,454 23,947 13,828 2,339 3,861 33,286 12,137 9,637

3,518

8,772 4,828

Other charges, commissions, fees, etc................. 279 1,051 5,596 6,592 1,367 1,006 13,259 4,433 2,064 1,268

6,896

423

4,721

526

7,587 5,847 215 49,934 6,515 2,076 1,079 4,751

Other current operating revenue......................... 2,743 1,645 374 265 6,907 2,153 1,471 1,285 1,345

Current operating expenses— total................. 23,024 52,483 196,426 125,306 32,749 26,449 602,096 168,946 110,235 81,403 74,946

Salaries— officers...................................................... 3,779 6,761 26,866 19,925 3,102 4,224 72,483 26,322 25,346 19,126 14,060

Salaries and wages— other employees................ 6,657 13,616 46,812 30,202 7,754 5,658 125,123 37,629 20,228 15,366 16,087

Officer and employee benefits............................... 1,442 1,807 7,999 6,245 2,132 1,290 30,153 7,594 4,199 2,785 3,351

Fees paid to directors and committees.............. 254 438 1,969 1,499 195 176 4,393 2,076 1,146 1,256 1,211

Interest on time and savings deposits............... 4,318 15,079 57,181 27,275 11,837 8,773 231,735 46,898 29,450 20,507 17,599

Interest on borrowed money................................ 35 134 482 838 113 125 4,230 395 370 171 265

Occupancy expense of bank premises— net. . . . 1,650 3,919 12,427 9,442 2,020 1,361 33,850 10,941 6,689 5,098 5,496

Furniture and equipment...................................... 1,264 1,614 9,361 4,780 1,197 911 14,953 5,368 3,576 2,689 2,472

Other current operating expenses........................ 3,625 9,115 33,329 25,100 4,399 3,931 85,176 31,723 19,231 14,405 14,405

Net current operating earnings....................... 17,073 26,832 65,733 50,978 11,643 12,631 248,949 68,917 47,783 40,411 39,039

Recoveries, transfers from valuation reserves, and profits— total...........................

On securities:

805 2,576 9,234 6,026 933 1,018 46,410 10,555 4,238 4,255 4,591

Profits on securities sold or redeemed...........

Recoveries • ........................

385 1,038

18

6,180

90

3,492

63

759 893

13

27,380

1,661

11,396

6,879

36

2,899

61

2,496

153

3,106

40

Transfers from valuation reserves...................

On loans:

202 71 536 37 23 7 942 105 24 507

14 51 474 285 11 67 993 308 484 943 307

Transfers from valuation reserves ......... 166 1,264

134

347 182 31 2,994

1,986

693 167 96 369

38 1,607 1.967 109 38 1,697 522 543 262

Losses, charge-offs, and transfers to valuation reserves—total......................................

On securities:

2,259 2,406 17,905 11,621 1,146 1,841 68,535 16,634 8,213 7,218 7,709

Losses on securities sold..................................... 254 11 1,541 330 281 14 3,537 572 714 337 224

Charge-offs prior to sale..................................... 50 8 163 209 2 2 1,816 236 332 571 334

Transfers to valuation reserves.......................

On loans:

359 128 488 1,035 335 8,650 2,824 129 233 1,541

Losses and charge-offs........................................ 76 177 821 459 35 135 1,847 567 942 1,741 629

Transfers to valuation reserves........................ 973 1,613 12,664 6,407 687 1,258 46.446 8,183 4,248 2,740 3,733

547 469 2,228 3,181 141 97 6,239 4,252 1,848 1,596 1,248

Net income before related taxes...................... 15,619 27,002 57,062 45,383 11,430 11,808 226,824 62,838 43,808 37,448 35,921

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net income—-total................................

Federal.............................................................. ..

8,045

7,624

421

12.538

12.538

19.709

19.709

18.308

18.308

4,858

4,598

260

5,701

4,692

1,009

77.678

77.678

25.076

25.076

13.940

13.940

11.922

11.922

13.791

13.791

Net income after related taxes .........................

Dividends and interest on capital—total....

Cash dividends declared on common stock... .

Dividends declared on preferred stock and

7,574 14,464 37,353 27,075 6,572 6,107 149,146 37,762 29,868 25,526 22,130

5.307

5.307

6.582

6.582

12,657

12,629

28

12,525

12,517

8

3.096

3.096

3.030

3.030

53,907

53,873

34

13,488

13,479

9

10,093

10,076

17

7.879

7.879

7,965

7,962

3

Net additions to capital from income........... 2,267 7,882 24,696 14,550 3,476 3,077 95,239 24,274 19,775 17,647 14,165

Number of banking employees (exclusive of

building employees), December 31:

Active officers..........................................................

Other employees......................................................

352

1,874

528

3,499

2,898

13,861

2,320

8,867

286

1,974

424

1,671

6,573

31,183

2,828

10,703

2,902

6,306

2,385

4,748

1,880

5,097

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities .......................................................... 4

2,333

85

8,312

25

1,522

26

3,571

40

190

42

474

234

5,280

627

12,518

4

1,827

248

5,223

50

947

3

2,369

49

957

100

869

40

2,065

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities .........................................................

250

47

509

211 73

On loans..................................................................... 1,076 401 1,928

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net— total.......................................................

Rental and other income...........................................

Occupancy expense of bank premises,

gross—total....................................................

Salaries— building department officers...............

Salaries and wages— building department

employees..............................................................

Building department personnel benefits............

Recurring depreciation..........................................

Maintenance and repairs .......................................

Insurance and utilities...........................................

Rents paid.................................................................

Taxes...........................................................................

1,650

216

1,866

181

31

327

154

296

751

126

3,919

802

4,721

15

999

88

734

440

600

1,297

548

12,427

4,169

16,596

42

1,700

169

3,018

1,750

3,338

3,584

2,995

9,442

2,814

12,256

35

1,113

113

2,300

1,457

2,017

2,505

2,716

2,020

517

2,537

24

166

36

373

166

556

1,059

157

1,361

330

1,691

216

12

474

105

313

320

251

33,850

8,878

42,728

79

7,317

659

6,597

5,067

6,445

10,554

6,010

10,941

3,458

14,399

22

2,418

189

2,833

2,044

2,620

2,442

1,831

6,689

1,194

7,883

9

1,023

67

1,415

989

1,616

1,700

1,064

5,098

1,421

6,519

12

872

51

1,355

925

1,277

857

1,170

5,496

1,179

6,675

8

940

81

1,072

812

1,492

1,025

1,245

Number of building employees, December 31:

Officers........................................................................ 2

315

6

603

14

484

3

108

10

2,015

3

1,011

7

651

3

482

6

Other employees....................................................... 74 86 511

Number of banks, December 31.............................. 19 12 340 364 7 31 993 434 652 590 342

Note: For average asset and liability data by State see Table 112, pp. 136-137.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. I n c o m e of I n su r e d C o m m e r c ia l B a n k s in t h e U nited States (S tates an d O th e r A reas), b y State, 1962— Continued

(Amounts in thousands of dollars)

Oi

00

Income item Louisiana Maine Maryland

Massachusetts Michigan

Minnesota

Mississippi Missouri Montana Nebraska Nevada

Current operating revenue— total.................. 141,147 38,618 126,528 306,711 481,710 232,481 71,324 287,200 45,234 85,209 29,726

Interest on U. S. Government obligations........ 28,975 5,688 25,922 44,390 96,054 43,350 11,737 57,193 8,890 16,281 4,581

Interest and dividends on other securities........ 9,590 1,512 7,308 10,912 37,593 13,432 7,772 16,952 2,762 4,008 1,585

Interest and discount on loans............................. 84,544 26,263 74,567 190,186 292,037 138,021 41,627 181,269 27,225 55,003 18,894

Service charges and fees on loans........................ 653 327 2,068 3,190 4,665 1,378 166 1,775 709 276 1,222

Service charges on deposit accounts................... 9,393 2,562 9,682 20,777 24,113 14,850 5,084 13,179 3,587 5,335 1,610

Other charges, commissions, fees, etc................. 5,191 495 2,660 10,309 8,242 12,000 3,574 4,030 1,335 1,816 767

Trust department.................................................... 1,205 1,458 3,007 21,011 15,751 7,621 588 9,554 335 1,798 857

Other current operating revenue......................... 1,596 313 1,314 5,936 3,255 1,829 776 3,248 391 692 210

Current operating expenses— total................. 101,739 28,831 90,073 192,860 373,409 167,186 50,443 192,442 32,903 56,214 18,567

Salaries— officers...................................................... 14,870 3,696 9,779 27,323 34,114 29,596

33,897

9,516 29,539 5,968 14,359 2,616

Salaries and wages— other employees................ 22,346 6,369 22,840 61,482 78,437 10,186 43,081 6,234 11,745 4,710

Officer and employee benefits............................... 3,774 1,047 3,788 13,025 16,215 8,015 2,172 7,964 1,684 2,963 544

Fees paid to directors and committees.............. 1,408 310 875 1,415 2,063 1,889 844 2,209 286 933 49

Interest on time and savings deposits............... 26,314 9,220 27,992 28,788 160,361 52,697 12,869 57,247 8,833 9,530 6,088

Interest on borrowed money................................ 195 69 338 1,296 1,278 433 123 1,302 65 405 38

Occupancy expense of bank premises— net. . . . 8,426 2,198 6,044 16,568 21,214 9,820 2,688 11,689 1,804 3,395 1,428

Furniture and equipment...................................... 3,209 946 3,186 7,897 9,776 5,010 1,747 5,440 1,159 1,988 547

Other current operating expenses........................ 21,197 4,976 15,231 35,066 49,951 25,829 10,298 33,971 6,870 10,896 2,547

Net current operating earnings....................... 39,408 9,787 36,455 113,851 108,301 65,295 20,881 94,758 12,331 28,995 11,159

Recoveries, transfers from valuation reserves, and profits— total........................... 9,008 1,103 4,367 14,587 17,317 5,379 3,641 11,287 2,565 3,615 580

On securities:

Profits on securities sold or redeemed........... 4,380 641 3,191 6,333 7,779 3,269 923 8,338 830 1,943 523

Recoveries.............................................................. 18 30 48 60 14 238 600 95 168 230

Transfers from valuation reserves ................ 695 131 617 4,176

204

657 431 593 680 839 184

On loans:

Recoveries.............................................................. 256 106 90 212 526 339 549 573 214 1

Transfers from valuation reserves................. 207 1 265 865 1,940

6,715

113 786 275 5 738

All other..................................................................... 3,452 194 156 2,949 802 400 1,350 150 306 56

Losses, charge-offs, and transfers to valuation reserves— total..................................... 11,047 2,803 8,447 22,478 31,010 9,917 6,772 15,017 3,811 6,270 1,188

On securities:

Losses on securities sold.................................... 159 351 1,002 1,266 515 819 135 1,035 37 321 84

Charge-offs prior to sale ................................ 212 46 360 57 107 288 674 362 190 352

Transfers to valuation reserves........................ 2,198 200 830 3,173 7,114 376 932 4,146 676 843 107

On loans:

Losses and charge-offs........................................ 546 86 215 256 847 896 484 907 774 352 10

Transfers to valuation reserves........................ 5,441 1,703 4,646 11,234 18,472 5,702 3,641 6,485 1,614 3,171 745

All other..................................................................... 2,491 417 1,394 6,492 3,955 1,836 906 2,082 520 1,231 242

Net income before related taxes...................... 37,369 8,087 32,375 105,960 94,608 60,757 17,750 91,028 11,085 26,340 10,551

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
13.054

13.054

3.011

3.011

12.512

12.512

51,463

43,466

7,997

26.541

26.541

25,452

20,666

4,786

4.761

4.761

37,772

35,989

1,783

4,059

3,815

244

10,186

10,186

4.440

4.440

Net income after related taxes........................

Dividends and interest on capital-total....

Cash dividends declared on common stock.. . .

Dividends declared on preferred stock and

interest on capital notes and debentures. . . .

Net additions to capital from income...........

24,315 5,076 19,863 54,497 68,067 35,305 12,989 53,256 7,026 16,154 6,111

8,854

8,853

1

2,689

2,684

5

9,476

9,475

1

28,897

28,887

10

30,310

30,118

192

14,612

14,562

50

4,699

4,694

5

20,816

20,799

17

3.245

3.245

6.189

6.189

2.903

2.903

15,461 2,387 10,387 25,600 37,757 20,693 8,290 32,440 3,781 9,965 3,208

Number of banking employees (exclusive of

building employees), December 31:

1,523

6,268

451

2,085

1,131

6,716

2,474

16,957

3,208

20,395

3,329

9,618

1,129

3,137

3,398

12,832

648

1,812

1,678

3,675

299

1,305

Memoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

Losses charged to valuation reserves (not

included in losses above):

On securities

38

1,049

9

4,027

105

297

3

953

29

557

296

1,786

21

2,508

250

8,884

25

4,238

294

10,494

991

10

1,030

98

1,886

82

1,557

766

3,889

30

323

37

719

10

1,861

63

On loans...................................................................... 3,587 722 631

Occupancy expense of bank

premises

Occupancy expense of bank premises,

Rental and other income...........................................

Occupancy expense of bank premises,

gross—total....................................................

Salaries— building department officers...............

Salaries and wages— building department

employees...............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

8,426

2,543

10,969

45

1,601

131

1,773

976

1,511

1,862

3,070

2,198

367

2,565

423

38

452

263

418

630

341

6,044

1,210

7,254

21

800

99

1,322

846

1,315

2,130

721

16,568

3,081

19,649

98

2,320

344

3,305

2,245

3,917

3,103

4,317

21,214

3,162

24,376

76

3,492

420

4,599

2,682

4,919

4,604

3,584

9,820

4,049

13,869

16

1,310

115

1,830

1,479

2,999

4,158

1,962

2,688

1,476

4,164

378

24

558

421

779

1,060

944

11,689

1,810

13,499

10

2,062

255

2,795

1,646

2,490

3,061

1,180

1,804

687

2,491

355

36

474

239

391

421

575

3,395

1,142

4,537

15

615

59

906

524

736

1,058

624

1,428

117

1,545

2

176

19

256

178

289

237

388

Number of building employees, December 31:

Officers 7

630

2

295

10

736

6

1,218

3

641

4

855

3

Other employees....................................................... 228 224 159 371 52

Number of banks, December 31.............................. 195 41 120 158 369 686 190 614 122 396 7

Note: For average asset and liability data by State see Table 112, pp. 136-137.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 120. I n c o m e of I n su r ed C o m m e r c ia l B a n k s i n t h e U nited States (S tates a n d O th e r A reas), b y S tate, 1962— Continued

(Amounts in thousands of dollars) G}

__________________ ______________________________________________________________________________________________________________________________________________________ O

Income item

New

Hampshire

New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota Ohio Oklahoma Oregon

Pennsylvania

Rhode

Island

Current operating revenue—total.................. 24,853 386,822 40,684 2,285,654 164,301 35,967 570,439 136,062 113,672 772,294 51,290

Interest on U. S. Government obligations........ 3,481 65,404 7,917 328,193 22,911 8,577 116,535 26,393 16,854 129,599 6,726

Interest and dividends on other securities........ 1,156 35,722 1,400 151,023 9,916 2,788 37,612 7,903 6,781 57,541 2,804

Interest and discount on loans............................. 16,819 237,418 25,568 1,410,224 102,482 19,068 346,161 85,668 70,957 480,364 33,206

Service charges and fees on loans. ...................... 194 3,504 459 21,240 3,440 279 4,451 887 1,468 5,167 258

Service charges on deposit accounts................... 2,082 24,531 3,294 77,198 11,042 2,129 29,870 10,223 11,153 29,412 2,715

Other charges, commissions, fees, etc................. 371 4,069 1,117 38,336 6,838 2,615 7,319 1,911

1,992

2,010 10,716 861

Trust department.................................................... 501 12,366 526 182,567 5,978 223 23,070 3,034 50,422 4,291

Other current operating revenue......................... 249 3,808 403 76,873 1,694 288 5,421 1,085 1,415 9,073 429

Current operating expenses— total................. 18,101 299,000 29,449 1,497,642 113,713 25,108 404,113 89,791 87,497 535,429 34,225

Salaries— officers...................................................... 2,647 31,752 4,939 141,659 19,882 5,298 43,522 18,743 12,326 62,363 3,578

Salaries and wages— other employees................ 3,414 67,748 6,873 395,658 27,625 4,071 87,149 18,477 18,859 120,605 7,811

Officer and employee benefits............................... 844 12,586 948 105,694 5,573 1,189 16,439 4,073 3,343 25,934 2,207

Fees paid to directors and committees.............. 273 2,710 281 4,824 818 287 2,918 1,108 260 5,410 214

Interest on time and savings deposits............... 5,866 110,103 7,398 467,519 27,832 8,096 152,796 23,364 34,228 180,117 12,610

Interest on borrowed money................................ 48 571 6 30,072 749 10 2,030 400 166 3,231 145

Occupancy expense of bank premises— n et.. . . 1,108 19,617 2,109 120,665 7,542 1,290 19,748 4,909 5,022 33,931 2,024

Furniture and equipment...................................... 665 9,882 1,281 35,449 4,032 786 10,521 3,045 2,982 18,126 1,050

Other current operating expenses........................ 3,236 44,031 5,614 196,102 19,660 4,081 68,990 15,672 10,311 85,712 4,586

Net current operating earnings....................... 6,752 87,822 11,235 788,012 50,588 10,859 166,326 46,271 26,175 236,865 17,065

Recoveries, transfers from valuation reserves, and profits— total...........................

On securities:

1,070 17,154 1,030 121,091 9,439 1,060 22,174 3,523 1,164 22,119 613

Profits on securities sold or redeemed...........

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

700

169

8,515

13

638

17

55,048

651

6,500

4

784

13

11,703

141

1,869

7

734 12,297

176

274

Transfers from valuation reserves..................

On loans:

8 1,506 28 15,311 2,176 16 5,424 153 1,287 235

41 344 140 626 122 74 558 961 25 596 23

Transfers from valuation reserves................... 27 3,222 94 27,071 157 8 2,876 63 14 4,032 26

125 3,554 113 22,384 480 165 1,472 470 391 3,731 55

Losses, cliarge-offs, and transfers to valuation reserves—total..................................... 6,179 4,639

On securities:

1,315 29,035 3,291 191,930 12,541 1,720 32,153 7,411 57,216

Losses on securities sold..................................... 154 5,372 119 18,489 1,390 22 2,908 458 2,442 5,380 609

Charge-offs prior to sale . . . * . ........... .. 208 158 24 237 56 55 683 89 5 1,173

Transfers to valuation reserves.......................

On loans:

102 3,344 26 19,271 1,901 1 6,522 201 303 5,804 844

Losses and charge-offs.............. ......................... 73 537 165 680 412 173 786 1,880 63 997 103

Transfers to valuation reserves........................ 569 17,236 2,573 138,932 5,770 1,048 17,795 3,727 2,985 36,287 2,225

209 2,388 384 14,321 3,012 421 3,459 1,056 381 7,575 858

Net income before related taxes...................... 6,507 75,941 8,974 717,173 47,486 10,199 156,347 42,383 21,160 201,768 13,039

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income-—total..............................

Federal........................................................................

State............................................................................

2.093

2.093

18.857

18.857

3.786

3.786

283,918

250,932

32,986

19,441

17,787

1,654

3,529

3,296

233

58.771

58.771

16,643

15,325

1,318

8.411

6.411

2,000

70.901

70.901

5,928

5,110

818

Net income after related taxes........................

Dividends and interest on capital— total....

Cash dividends declared on common stock. . . .

Dividends declared on preferred stock and

4,414 57,084 5,188 433,255 28,045 6,670 97,576 25,740 12,749 130,867 7,111

1.322

1.322

25,150

24,751

399

2.458

2.458

233,663

232,982

681

10,636

10,635

1

2,662

2,662

38,120

38,113

7

8.992

8.992

8.146

8.146

72,264

72,262

2

4.638

4.638

Net additions to capital from income........... 3,092 31,934 2,730 199,592 17,409 4,008 59,456 16,748 4,603 58,603 2,473

Number of banking employees (exclusive of

building employees), December 31:

Active officers............................................................

Other employees.......................................................

340

1,070

2,984

17,935

532

2,011

10,432

86,698

2,175

8,638

663

1,388

4,164

22,547

2,158

5,487

1,373

4,982

6,392

31,424

349

2,218

M emoranda

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 27

155

1

353

66

2,004

2,120

6,438

50

1,017

5

2,705

844

15,024

1,871

41,387

199

429

2,851

1,256

171

2,978

1,129

9,165

100

1,120

2,331

180

4,377

2,751

12,803

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

On loans.....................................................................

166

403

385

4

1,264

174

1,038

624

Occupancy expense of bank

premises

Occupancy expense of bank premises,

net—total.......................................................

Rental and other income...........................................

Occupancy expense of bank premises,

gross—total.................... ............................

Salaries— building department officers...............

Salaries and wages— building department

employees..............................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

Rents paid.................................................................

Taxes...........................................................................

1,108

149

1,257

158

12

208

117

209

298

255

19,617

3,207

22,824

39

2,556

342

4,288

3,410

3,781

3,780

4,628

2,109

444

2,553

1

351

18

518

255

393

568

449

120,665

20,732

141,397

280

12,767

2,512

21,496

10,851

23,553

53,894

16,044

7,542

1,579

9,121

43

1,231

117

1,906

949

1,824

2,279

772

1,290

414

1,704

212

17

395

113

393

297

277

19,748

12,836

32,584

146

5,912

681

5,370

3,782

5,593

7,871

3,229

4,909

3,758

8,667

16

1,369

163

1,594

971

1,521

2,387

646

5,022

655

5,677

49

766

76

1,336

1,078

782

772

818

33,931

6,968

40,899

118

7.731

927

7.731

4,321

6,624

8,660

4,787

2,024

1,486

3,510

47

805

127

541

266

461

670

593

Number of building employees, December 31:

Officers ................................................................. 8

925

1

114

23

3,192

8

657

15

2,100

2

663

5

236

22

2,860

5

Other employees....................................................... 89 156 282

Number of banks, December 31.............................. 71 239 60 355 161 153 563 390 47 628 8

Note: For average asset and liability data by State see Table 112, pp. 136-137.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
(Amounts in thousands of dollars) ^

T a b l e 1 2 0 . I n c o m e of I n s u r e d C o m m e r c ia l B a n k s i n t h e U n it e d S t a t e s (S t a t e s a n d O t h e r A r e a s ) , b y S t a t e , 1952— C o n tin u e d

4.

Income item

South

Carolina

South

Dakota Tennessee Texas Utah Vermont Virginia

Washington

West

Virginia Wisconsin Wyoming

C u rren t op eratin g revenue— t o t a l.................... 58,209 43,059 171,963 598,010 58,487 23,584 188,773 162,122 65,827 222,677 22,590

Interest on U. S. Government obligations....... 10,541 9,795 29,407 105,488 6,964 3,128 29,868 24,495 16,429 49,985 4,411 Interest and dividends on other securities....... 4,056 2,142 10,288 34,290 2,513 1,255 10,693 8,124 3,180 12,321 966

Interest and discount on loans......................... 34,104 25,169 116,377 391,431 38,812 16,730 123,058 100,468 39,909 136,784 14,346

Service charges and fees on loans ................... 215 264 1,102 5,026 1,922 233 2,159 2,444 543 1,591 286 Service charges on deposit accounts................ 4,860 2,614 7,250 34,560 4,875 1,411 12,308 16,176 2,592 11,447 1,554 Other charges, commissions, fees, etc............... 3,024 2,433 3,143 8,586 1,639 203 3,599 3,810 1,042 2,829 667

Trust department............................................. 1.006 294 3,181 12,261 1,347 410 5,603 4,698 1,537 5,550 203 Other current operating revenue...................... 40 J 348 1,215 6,368 415 214 1,485 1,907 595 2,170 157

C u rren t operatin g expenses— to ta l.................. 38,037 29,787 120,310 408,728 41,016 19,322 135,402 117,049 44,271 161,016 15,787

Salaries—officers............................................... 7,827 6,746 16,402 67,876 5,046 2,271 19,052 15,691 7,086 26,234 2,870

Salaries and wages—other employees............... 10,409 5,093 24,001 81,866 8,213 3,070 28,535 30,819 9,048 29,663 3,122

Officer and employee benefits.......................... 1,915 1,437 4,876 15,134 1,467 659 5,291 5,317 1,758 7,364 486 Fees paid to directors and committees............ 506 436 984 4,486 322 299 1,557 403 754 2,321 237

Interest on time and savings deposits............. 5,478 9,050 44,101 114,035 16,345 9,158 45,756 37,343 13,854 58,587 5,392

Interest on borrowed money............................ 42 37 356 3,353 175 21 433 282 82 350 60 Occupancy expense of bank premises —net.... 2,581 1,493 6,609 26,882 2,035 1,090 7,928 7,514 2,409 8,878 692

Furniture and equipment................................. 1,688 934 3,929 14,069 1,427 531 4,621 3,858 1,503 4,448 638

Other current operating expenses.................... 7,591 4,561 19,052 81,027 5,986 2,223 22,229 15,822 7,777 23,171 ‘ 2,290

N et cu rren t op era tin g e a rn in g s ......................... 20,172 13,272 51,653 189,282 17,471 4,262 53,371 45,073 21,556 61,661 6,803

R ecoveries, transfers fro m valu ation reserves, and profits— t o ta l..............................

On securities:

1,415 685 6,279 15,772 1,558 465 7,014 5,620 2,365 7,718 600

Profits on securities sold or redeemed.......... 1,192 343 4,022 9,578 1,207 254 4,455 3,673 1,491 6,220 360

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

Transfers from valuation reserves................

On loans:

1 17

8

110

1,200

136

847

5

32

5 18

1,128

452

242

23

188

233

380

3

Recoveries..................................................... 35 142 343 2,712 84 35 234 84 111 94 170 Transfers from valuation reserves................ 13 8 59 258 91 17 569 782 183 175 5

All other............................................................ 174 167 545 2,241 139 154 610 387 369 616 62

Losses, ch arge-offs, and transfers to valuation reserves— t o t a l.........................................

On securities:

2,951 2,292 11,990 45,722 2,444 1,309 9,451 8,091 3,294 10,944 1,551

Losses on securities sold.................. ............ 45 73 704 732 58 310 373 178 203 1,178 54

Charge-offs prior to sale................................ 112 52 290 927 38 18 133 43 47 204 20

Transfers to valuation reserves....................

On loans:

9 5 1,762 1,229 22 30 1,783 2,030 194 74 12

Losses and charge-offs................................... 80 229 639 5,351 22 38 575 94 201 166 439

Transfers to valuation reserves.................... 2,392 1,669 6,641 28,550 1,977 789 5,651 4,842 2,037 8,161 776 All other............................................................ 313 264 1,954 8,933 327 124 936 904 612 1,161 250

N et in com e before related taxes.................... 18,636 1

11,665 45,942 159,332 16,585 3,418 50,934 42,602 20,627 58,435 5,852

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a x es o n n e t in c o m e — t o t a l ................................

Federal........................................................................

State ............................................................................

7,290

6,831

459

4,707

4,328

379

18,020

17,677

343

59.758

59.758

6,991

6,675

316

1,097

978

119

20,118

20,118

18,088

18,088

8.328

8.328

20,711

19,391

1,320

2.514

2.514

N e t in c o m e a fte r r e la te d t a x e s .............................

D iv id e n d s a n d in te r e s t o n c a p it a l— to t a l. . . .

Cash dividends declared on common stock.. . .

Dividends declared on preferred stock and

interest on capital notes and debentures. . . .

N e t a d d it io n s t o c a p ita l f r o m i n c o m e .............

11,346 6,958 27,922 99,574 9,594 2,321 30,816 24,514 12,299 37,724 3,338

4,646

4,644

2

2.715

2.715

10.976

10.976

46.624

46.624

4.455

4.455

1,373

1,300

73

13,052

13,006

46

10.456

10.456

4.472

4.472

14,579

14,477

102

1,372

1,368

4

6,700 4,243 16,946 52,950 5,139 948 17,764 14,058 7,827 23,145 1,966

Number of banking employees (exclusive of

building employees), December 31:

Active officers...........................................................

Other employees......................................................

931

3,274

846

1,662

2,039

7,352

7,600

23,092

553

2,416

295

944

2,286

8,753

1,618

7,623

847

2,630

2,805

8,986

312

830

M e m o r a n d a

Recoveries credited to valuation reserves (not

included in recoveries above):

On securities.............................................................. 7

226

28

1,009

4

261

1

620

697

810

375

3,349

838

8,670

40

21,531

78

962

134

2,454

46

266

18

907

2

2,084

86

4,431

2

295

22

585

On loans.....................................................................

Losses charged to valuation reserves (not

included in losses above):

On securities..............................................................

277 141 900

On loans..................................................................... 723 357 2,184

O c c u p a n c y e x p e n se o f b a n k 

p r e m is e s

O c c u p a n c y e x p e n se o f b a n k p r e m is e s ,

n e t— t o t a l ...................................................................

Rental and other income...........................................

O c c u p a n c y e x p e n se o f b a n k p r e m is e s ,

g ro s s — t o t a l ..............................................................

Salaries— building department officers...............

Salaries and wages— building department employees ....................................................................

Building department personnel benefits............

Recurring depreciation...........................................

Maintenance and repairs.......................................

Insurance and utilities............................................

Rents paid.................................................................

Taxes...........................................................................

2,581

255

2,836

1

225

28

586

481

770

597

148

1,493

291

1,784

202

24

308

178

491

286

295

6,609

1,916

8,525

30

1,247

90

1,736

960

1,533

995

1,934

26,882

22,680

49,562

105

5,445

463

9,851

5,221

8,054

7,671

12,752

2,035

345

2,380

181

12

370

153

261

1,262

141

1,090

155

1,245

173

13

250

107

221

322

159

7,928

1,447

9,375

8

1,457

127

1,823

955

1,996

2,188

821

7,514

834

8,348

65

812

97

2,459

1,278

1,538

1,319

780

2,409

841

3,250

19

544

49

654

350

661

495

478

8,878

2,248

11,126

1

1,537

144

2,093

1,310

1,969

2,308

1,764

692

383

1,075

9

132

8

214

172

196

83

261

Number of building employees, December 31:

Officers........................................................................ 1

152

2

152

6

637

15

2,141

1

880

6

252

3

280

10

783

3 Other employees...................................................... 126 95 64

Number of banks, December 31.............................. 138 171 289 1,030 45 50 292 91 181 567 56

Note: For average asset and liability data by State see Table 112, pp. 136-137.

Back figures, 1946-1961: See the Annual Report for 1961, pp. 134-143, and earlier reports.

INCOME OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 121. Income of Insured Mutual Savings Banks, 1954-1962

(Amounts in thousands of dollars)

In co m e item 1954 1955 1956 1957 1958 1959 1960 1961 1962

C urrent op eratin g in co m e — t o ta l................................................... 721,323 801,682 898,440 1,026,327 1,149,643 1,280,347 1,461,763 1,595,183 1,755,582

Interest on U. S. Government obligations...................................... 155,869 150,657 146,624 147,157 141,950 146,353 152,458 151,931 156,410

Interest and dividends on other securities...................................... 96,205 99,190 102,590 127,212 167,489 180,535 199,258 205,751 206,367

Interest and discount on real estate mortgage loans— net......... 447,022 528,426 623,586 720,215 808,975 921,315 1,070,173 1,194,282 1,342,896

Interest and discount on real estate mortgage loans— gross........ 461,769 545,841 645,592

20,475

744,303 836,515 961,952 1 ,10 4 ,10 0 1,231,774 1,383,735

Less: Mortgage servicing fees............................................................ 11,922 15,623 23,138 25,985 29,154 32,343 36,045 39,283

Premium amortization............................................................ 2,825 1,792 1,531 950 1,555 1,483 1,584 U447 1,556

Interest and discount on other loans and discounts— net. . . . . . 6,642 7,322 8,439 10,848 11,749 12,669 18,407 18,767 22,733

Income on real estate other than bank building— net................ 86 - 1 7 6 31 2 - 1 27 - 3 8 - 5 2

Income on real estate other than bank building— gross............... 292 247 103 14 0 139 216 397 379 302

206 264 97 109 137 217 370 417 354

Income on other assets......................................................................... 7,746 8,171 8,328 7,898 8,384 7,486 7,474 9,081 9,777

Income from service operations......................................................... 7,753 7,933 8,867 12,966 11,094 11,990 13,966 15,409 17,451

C urrent operatin g expense— t o t a l.................................................. 139,931 147,678 158,317 174,758 187,758 201,402 224,789 241,685 252,963

Salaries— officers.................................................................................... 22,870 24,200 25,861 28,590 30,099 32,082 36,608 38,158 40,466

Salaries and wages— employees......................................................... 48,074 50,879 53,962 58,310 61,797 64,396 71,295 75,303 79,165

Pension, hospitalization and group insurance payments, and

other employee benefits............................................................... 12,623 13,544 14,643 16,478 18,314 20,006 22,656 24,134 25,419

Fees paid to trustees and committee members............................. 2,526 2,697 2,809 3,007 3,203 3,366 3,731 3,994 4,158

Occupancy, maintenance, etc. of bank premises (including

taxes and recurring depreciation)— net................. ................ 15,019 15,094 17,492 19,326 20,925 22,695 25,255 27,369 29,269

Occupancy, maintenance, etc. of bank premises (including taxes

and recurring depreciation)— gross......................................... 22,495 22,793 25,380

7,888

27,846 30,252 32,268 35,120 37,298 39,297

Less: Income from bank building................................................... 7,476 7,699 8,520 9,327 9,573 9,865 9,929 10,028

Deposit insurance assessments........................................................... 7,562 7.979 8,437 9,407 10,183 11,316 11,707 12,824 12,172

Furniture and fixtures (including recurring depreciation)......... 2,755 2,790 3,058 3,251 3,501 4,445 4,740 5,438 5,997

All other current operating expense................................................. 28,502 30,495 32,055 36,389 39,736 43,096 48,797 54,465 56,317

N et cu rren t op era tin g in c o m e ......................................................... 581,392 654,004 740,123 851,569 961,885 1,078,945 1,236,974 1,353,498 1,502,619

F ranchise and in co m e taxes— t o t a l............................................... 10,643 9,047 8,955 9,060 10,342 11,649 13,637 16,011 17,966

State franchise and income taxes...................................................... 7,231 7,818 8,321 8,972 9,831 11,172 13,190 15,277 17,502

Federal income taxes............................................................................ 3,412 1,229 634 88 511 477 447 734 464

Net cu rrent operatin g in com e after taxes.................................. 570,749 644,957 731,168 842,509 951,543 1,067,296 1,223,337 1,337,487 1,484,653

Dividends and in terest o n d e p o sits ............................................... 466,119 536,256 609,335 716,383 812,254 897,469 1,073,542 1,147,767 1,334,005

Net cu rrent operatin g in com e after taxes and d ivid en d s... 104,630 108,701 121,833 126,126 139,289 169,827 149,795 189,720 150,648

N on -recu rrin g in com e, realized profits and recoveries 

credited to profit and loss, and transfers fro m valuation ad ju stm en t provisions— t o ta l........................................

Non-recurring income.......... _...............................................................

59,228 44,430 48,192 48,148 66,160 91,205 142,009 113,763

fc-*

105,907

12,334 11,586 10,537 13,434 17,295 21,147 31,133 17,567 20,453

Realized profits and recoveries on:

Securities sold or matured.............................................................. 23,914 18,070 17,355 16,022 30,974 39,498 34,860 54,263 55,751

Real estate mortgage loans............................................................. 389 481 456 259 138 192 283 629 739

219 3,179 413 437 367 646 535 337 462

943 977 1,435 431 624 2,498 6,576 459 957

Transfers from valuation adjustment provisions 1 on:

10,858 1,878 4,463 5,939 8,345 14,270 57,588 10,873 5,460

8,450 7,710 12,501 10,850 8,068 12,021 10,480 29,068 21,465

126 157 29 65 28 17 86 36 66

All other assets................................................................................... 1,995 392 1,003 711 321 916 468 531 554

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Non-recurring expense, realized losses charged to profit

L and loss, and transfers to valuation adjustment provisions—'total............................................................................

Non-recurring expense.........................................................................

Realized losses on:

Securities sold.....................................................................................

Real estate mortgage loans............................................................

Other real estate................................................................................

All other assets..................................................................................

Transfers to valuation adjustment provisions 1 on:

Securities.............................................................................................

Real estate mortgage loans............................................................

Other real estate................................................................................

All other assets..................................................................................

65,050

14,279

12,773

1 1 2

49

551

12,403

20,380

7

4,496

66,385

10,087

21,673

636

1 0 1

823

10,630

19,219

42

3,174

71,580

10,645

26,991

542

171

149

16,689

16,194

46

153

83,870

12,958

35,526

1,036

179

191

18,062

15,236

16

6 6 6

79,852

13,699

25,056

603

191

684

21,946

16,733

45

895

126,876

11,385

66,875

330

260

440

30,347

16,151

40

1,048

123,664

16,981

63,846

508

2 1 0

315

23,352

17,679

19

754

116,143

17,692

40,851

1,252

375

404

19,337

35,377

1 1 1

744

109,192

18,941

31,379

1,083

662

424

30,925

25,252

76

450

Net additions to total surplus accounts from operations. . 98,808 86,746 98,445 90,404 125,597 134,156 168,140 187,340 147,363

Memoranda

Recoveries credited to valuation adjustment provisions 1

(not included in recoveries above) on:

Securities................................................................................................. 2 2 0 23 1,151 972 571 173 471 278 1,658

Real estate mortgage loans................................................................

Other real estate....................................................................................

41 50 268 365

39

14 99

2

136 53 48

All other assets....................................................................................... 2 24 9 5 5 37 585 6 35

Realized losses charged to valuation adjustment provisions 1 (not included in realized losses above) on:

Securities................................................................................................. 7,527 4,250 4,055 8,741 6,267 9,339 8 , 1 1 0 7,721 5,830

Real estate mortgage loans.................................................................

Other real estate....................................................................................

166

234

326

180

318 342

127

67

217

3

197

26

385

1,131

13

165

720

5

501

A

All other assets....................................................................................... 45 326 51 300 218 448

Average assets and liabilities 2

Assets—total.................................................................................... 21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564 35,916,590 38,152,221

Cash and due from banks................................................................... 874,215 809,152 757,496 723,830 742,225 689,698 721,308 757,912 794,362

United States Government obligations........................................... 6,755,391 5,993,243 5,730,449 5,592,025 5,338,796 5,236,825 5,092,512 4,791,909 4,748,691

Other securities...................................................................................... 3,015,662 3,008,656 3,034,920 3,559,430 4,378,447 4,677,222 5,036,291 5,228,022 5,151,555

Real estate mortgage loans................................................................ 10,802,477 12,467,355 14,494,241 16,445,982 18,045,621 19,937,652 22,628,058 24,255,437 26,435,337

Other loans and discounts.................................................................. 120,350 130,165 155,376 185,174 227,027 244,010 355,327 353,474 441,994

Other real estate.................................................................................... 2,957 2,019 2,197 3,586 4,361 7,002 11,555 18,955 19,640 All other assets....................................................................................... 301,570 330,193 359,160 394,229 424,093 456,262 494,513 510,881 560,642

Liabilities and surplus accounts—total................................... 21,872,622 22,740,783 24,533,839 26,904,256 29,160,570 31,248,671 34,339,564 35,916,590 38,152,221

Total deposits........................................................................................ 19,738,300 20,577,403 22,202,156 24,322,261 26,304,610 28,136,390 30,822,839 32,320,488 34,350,820

Savings and time deposits................................................................ 19,694,981 20,525,629 22,167,637 24,295,761 26,274,758 28,106,089 80,790,599 82,113,129 34,070,511

Demand deposits................................................................................. 43,819 51,774 34,619 26,500 29,852 80,301 32,240 207,359 280,809

Other liabilities...................................................................................... 159,912 199,228 249,779 318.445 431,019 512,192 598,011 506,744 537,630

Total surplus accounts......................................................................... 1,974,410 1,964,152 2,081,904 2,263,550 2,424,941 2,600,089 2,918,714 3,089,358 3,263,771

Number of active officers, December 31............................................. 1,999 2,042 2,130 2,239 2,356 2,504 2,885 2,977 3,085

Number of other employees, December 31........................................ 13,227 13,618 13,860 14,590 14,925 15,110 16,753 17,290 17,617

Number of banks, December 31............................................................ 218 2 2 0 223 239 241 268 325 330 331

1 Includes “ Valuation reserves” and “Other asset valuation provisions (direct write-downs).”

2 For 1954 through 1960, averages of figures reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates beginning

with the end of the previous year and ending with the fall call of the current year.

Back figures, 1934-1958: Data for 1934-1950, which however are not comparable with figures for 1951-1962, may be found in the following Annual Reports: 1950, pp. 272-273,

and 1941, p. 173. For 1951-1953 see the Annual Report for 1959, pp. 166-167.

INCOME OF INSURED BANKS

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Federal Reserve Bank of St. Louis
o

o>

Table 122. R a tio s o f In com e o f In su red M u t u a l Savings B a n k s , 1954-1962

Income item 1954 1955 1956 1957 1958 1959 1960 1961 1962

Amounts per $100 of current operating income

Current operating income— total................................................................ $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations......................................................... 21.61 18.79 16.32 14.34 12.35 11.43 10.43 9.52 8.91

Interest and dividends on other securities......................................................... 13.34 12.37 11.42 12.40 14.57 14.10 13.63 12.90 11.76 Interest and discount on real estate mortgage loans— net............................ 61.97 65.92 69.41 70.17 70.37 71.96 73.21 74.87 76.49 Interest and discount on other loans and discounts— net............................. .92 .91 .94 1.06 1.02 .99 1.26 1.18 1.29 Income on other assets............................................................................................ 1.09 1.02 .92 .77 .73 .58 .51 .57 .56 Income from service operations............................................................................ 1.07 .99 .99 1.26 .96 .94 .96 .96 .99

Current operating expense—-total............................................................... 19.40 18.42 17.62 17.03 16.33 15.73 15.38 15.15 14.41 Salaries— officers....................................................................................................... 3.17 3.02 2.88 2.79 2.62 2.51 2.50 2.39 2.30 Salaries and wages— employees............................................................................ 6.67 6.35 6.00 5.68 5.37 5.03 4.88 4.72 4.51

Pension, hospitalization and group insurance payments, and other employee benefits....................................................................................................... 1.75 1.69 1.63 1.60 1.59 1.56 1.55 1.51 1.45

Fees paid to trustees and committee members................................................ .35 .34 .31 .29 .28 .26 .26 .25 .24

Occupancy, maintenance, etc. of bank premises (including taxes and

recurring depreciation)— net............................................................................. 2.08 1.88 1.95 1.88 1.82 1.77 1.73 1.72 1.67 Deposit insurance assessments.............................................................................. 1.05 .99 .94 .92 .89 .88 .80 .80 .69 Furniture and fixtures (including recurring depreciation)............................ .38 .35 .34 .32 .30 .35 .32 .34 .34 All other current operating expense.................................................................... 3.95 3.80 3.57 3.55 3.46 3.37 3.34 3.42 3.21

Net current operating income...................................................................... 80.60 81.58 82.38 82.97 83.67 84.27 84.62 84.85 85.59

Franchise and income taxes—total............................................................. 1.47 1.13 1.00 .88 .90 .91 .93 1.00 1.02 State franchise and income taxes......................................................................... 1.00 .98 .93 .87 .86 .87 .90 .96 1.00 Federal income taxes............................................................................................... .47 .15 .07 .01 .04 .04 .03 .04 .02

Net current operating income after taxes................................................ 79.13 80.45 81.38 82.09 82.77 83.36 83.69 83.85 84.57

Dividends and interest on deposits............................................................. 64.62 66.89 67.82 69.80 70.65 70.10 73.44 71.95 75.99

Net current operating income after taxes and dividends..................... 14.51 13.56 13.56 12.29 12.12 13.26 10.25 11.90 8.58

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Amounts per $100 of total assets 1

Current operating income— total...........................................................................

Current operating expense— total..........................................................................

Net current operating income.................................................................................

State franchise and income taxes..........................................................................

Net current operating income after taxes...........................................................

Dividends and interest on deposits.......................................................................

Net current operating income after taxes and dividends................................

Non-recurring income, realized profits and recoveries credited to profit and

loss, and transfers from valuation adjustment provisions 2— total...........

Non-recurring expense, realized losses charged to profit and loss, and

transfers to valuation adjustment provisions 2— total.................................

Net additions to total surplus accounts from operations...............................

Special ratios 1

Interest on U. S. Government obligations per $100 of U. S. Government

obligations................................................................................................................

Interest and dividends on other securities per $100 of other securities. . . .

Interest and discount on real estate mortgage loans per $100 of real estate

mortgage loans........................................................................................................

Interest and discount on other loans and discounts per $100 of other loans

and discounts..........................................................................................................

Dividends and interest on deposits per $100 of savings and time deposits.

Net additions to total surplus accounts from operations per $100 of total

surplus accounts.....................................................................................................

Assets and liabilities per $100 of total assets 1

Assets— tota l.............................................................................................................

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

United States Government obligations..............................................................

Other securities.........................................................................................................

Real estate mortgage loans..............................................................

Other loans and discounts.....................................................................................

Other real estate............................................................................. ] .......................

All other assets.........................................................................................................

Liabilities and surplus accounts— total.........................................................

Total deposits...........................................................................................................

Savings and time deposits.................................................................................

Demand deposits..................................................................................................

Other liabilities.........................................................................................................

Total surplus accounts............................................................................................

Number of banks, December 31..............................................................................

3.30

.64

2.66

.05

2.61

2.13

.48

.27

.30

.45

2.31

3.19

4.14

5.52

2.37

5.00

100.00

4.00

30.88

13.79

49.39

.55

.01

1.38

100.00

90.24

90.04

.20

.73

9.03

218

3.53

.65

2.88

.04

2.84

2.36

.48

.19

.29

.38

2.51

3.30

4.24

5.63

2.61

4.42

100.00

3.56

26.36

13.23

54.82

.57 .01

1.45

100.00

90.49

90.26

.23

.87

8.64

220

3.66

.64

3.02

.04

2.98

2.48

.50

.19

.29

.40

2.56

3.38

4.30

5.43

2.75

4.73

100.00

3.09

23.36

12.37

59.08

.63

.01

1.46

100.00

90.50

90.86

.14

1.02

8.48

223

3.81

.65

3.16

.03

3.13

2.66

.47

.18

.31

.34

2.63

3.57

4.38

5.86

2.95

100.00

2.69

20.78

13.23

61.13

.69

.01

1.47

100.00

90.40

90.80

.10

1.19

8.41

239

3.94

.64

3.30

.04

3.26

2.78

.48

.22

.27

.43

2.66

3.83

4.48

5.18

3.09

5.18

100.00

2.55

18.31

15.01

61.88

.78

.02

1.45

100.00

90.20

90.10

.10

1.48

8.32

241

4.10

.65

3.45

.03

3.42

2.87

.55

.29

.41

.43

2.79

3.86

4.62

5.19

3.19

5.16

100.00

2.21

16.76

14.97

63.80

.78

.02

1.46

100.00

90.04

89.94

.10

1.64

8.32

268

4.26

.66

3.60

.04

3.56

3.12

.44

.41

.36

.49

2.99

3.96

4.73

5.18

3.49

5.76

100.00

2.10

14.83

14.67

65.90

1.03

.03

1.44

100.00

89.76

89.67

.09

1.74

8.50

325

4.44

.67

3.77

.05

3.72

3.19

.53

.31

.32

.52

3.17

3.94

5.31

3.57

6.06

100.00

2.11

13.34

14.56

67.53

.99

.05

1.42

100.00

89.99

89.41

.58

1.41

8.60

4.60

.66

3.94

.05

3.89

3.50

.28

.28

.39

3.29

4.01

5.08

5.14

3.92

4.52

100.00

2.08

12.45

13.50

69.29

1.16

.05

1.47

100.00

90.04

89.30

.74

1.41

8.55

331

1^54 through 1960, averages of figures reported at beginning, middle, and end of year. For 1961 and 1962, averages of amounts for four consecutive official call dates beginning

with the end of the previous year and ending with the fall call of the current year.

2Tncludes ‘Valuation reserves” and “Other asset valuation provisions (direct write-downs)”.

Back figures, 1934, 1941-1950, and 1951-1952: Data for 1934 and 1941-1950, which however are not comparable with figures for 1951-1960, may be found in the following Annual Oi

Reports: 1950, pp. 274-275, and 1947, pp. 156-157. For 1951-1953 see the Annual Report for 1959, pp. 168-169. --I

INCOME OF INSURED BAN K S

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Federal Reserve Bank of St. Louis
Table 123. Depositors, deposits, and disbursements in insured banks requiring disbursments 

by the Federal Deposit Insurance Corporation, 1934-1962 

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

amount of deposits, and State

D eposit I nsurance D isbursem ents

Table 124. Recoveries and losses by the Federal Deposit Insurance Corporation on principal 

disbursements for protection of depositors, 1934-1962

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Disbursements by the Federal Deposit Insurance Corporation

to protect depositors are made when the insured deposits of banks

in financial difficulties are paid off, or when the deposits of a failing

bank are assumed by another insured bank with the financial aid of

the Corporation. In deposit payoff cases the disbursement is the

amount paid by the Corporation on insured deposits. In deposit

assumption cases the principal disbursement is the amount loaned to

failing banks, or the price paid for assets purchased from them; additional disbursements are made in those cases as advances for protection of assets in process of liquidation and for liquidation expenses.

Noninsured bank failures

Two noninsured banks failed in 1962. These banks, with the dates

of their closing and the amounts of their deposits, were:

The Citizens Bank, Ocilla, Georgia (private);

September 24,1962; deposits, $74,000.

Gresham State Bank, Gresham, Nebraska;

October 20,1962; deposits, $1,146,000.

Reopened December 21,1962.

For suspensions of noninsured banks in previous years see the Annual Reports of the Corporation as follows: 1943, p. 102; 1946, p. 167;

1947, p. 159; 1949, p. 187; 1950, p. 277; 1951, p. 187; 1952, p. 139;

1953, p. 131; 1954, p. 165; 1955, p. 161; 1956, p. 143; 1957, p. 145;

1958, p. 223; 1960, p. 181; and 1961, p. 149.

Sources of data

Insured banks: books of bank at date of closing; and books of

FDIC, December 31,1962.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Table 123. Depositors, Deposits, and Disbursem ents in Insured B an ks Requiring Disbursem ents by th e Federal Deposit

I nsurance C orporation, 1934-1962

BANKS GROUPED b y CLASS OF BANK, YEAR OF DEPOSIT PAYOFF OR DEPOSIT ASSUMPTION, AMOUNT OF DEPOSITS, AND STATE

Classification

Number of banks Number of depositors 1 Deposits 1

(in thousands of dollars)

Disbursements by FDIC

(in thousands of dollars)

Total Deposit

payoff

cases

Deposit

assumption

cases

Total Deposit

payoff

cases

Deposit

assumption

cases 3

Total Deposit

payoff

cases

Deposit

assumption

cases

Principal disbursements Advances and

expenses 2

Total Deposit

payoff

cases 4

Deposit

assumption

cases 6

Deposit

payoff

cases 6

Deposit

assumption

cases 7

All b a n k s .................................................. 445 263 182 1,460,244 425,511 1,034,733 611,101 144,574 466,527 308,998 110,924 198,074 1,318 47,495

Class of bank

National banks........................ 79 26 53 311,237 66,561 244,676 130,592 30,880 99,712 61,095 22,481 38,614 266 6,196

State banks members'F.R.S.. 24 8 16 372,545 86,939 285,606 190,536 29,417 161,119 103,269 22,998 80,271 140 19,271

Banks not members F.R.S... 342 229 113 776,462 272,011 504,451 289,973 84,277 205,696 144,634 65,445 79,189 912 22,028

1934 9 9 15,767 15,767 1,968 1,968 941 941 43

1935............................................ 25 24 1 44,655 32,331 12,324 13,319 9,091 4,229 8,890 6,026 2,865 108 272

1936............................................ 69 42 27 89,018 43,225 45,793 27,508 11,241 16,267 14,781 8,056 6,725 67 934

1937............................................. 75 50 25 130,387 74,148 56,239 33,349 14,960 18,389 19,160 12,045 7,116 103 905

1938 ....................................... 74 50 24 203,961 44,288 159,673 59,684 10,296 49,388 30,480 9,092 21,387 93 4,902

1939............................................ 60 32 28 392,718 90,169 302,549 157,772 32,738 125,034 67,770 26,196 41,574 162 17,603

1940............................................ 43 19 24 256,361 20,667 235,694 142,429 5,657 136,773 74,134 4,895 69,239 89 17,235

1941 .................................... 15 8 7 73,005 38,594 34,411 29,718 14,730 14,987 23,880 12,278 11,602 50 1,479

1942............................................ 20 6 14 60,688 5,717 54,971 19,186 1,816 17,369 10,825 1,612 9,213 38 1,076

1943............................................ 5 4 1 27,371 16,917 10,454 12,525 6,637 5,888 7,172 5,500 1,672 53 72

1944............................................. 2 1 1 5,487 899 4,588 1,915 456 1,459 1,503 404 1,099 9 37

1945 1 1 12,483 12,483 5,695 5,695 1,768 1,768 96

1946 1 1 1,383 1,383 347 347 265 265 11

1947 5 5 10,637 10,637 7,040 7,040 1,724 1,724 347

1948 3 3 18,540 18,540 10,674 10,674 2,990 2,990 200

1949 4 4 5,671 5,671 5,475 5,475 2,552 2,552 166

1950 4 4 6,366 6,366 5,513 5,513 3,986 3,986 524

1951 2 2 5,276 5,276 3,408 3,408 1,885 1,885 127

1952 3 3 6,752 6,752 3,170 3,170 1,369 1,369 195

1953 2 2 24,469 24,469 18,262 18,262 5,017 5,017 428

1954 2 2 1,811 1,811 998 998 913 913 145

1955 ....................................... 5 4 1 17,790 8,080 9,710 11,953 6,503 5,450 6,784 4,438 2,346 106 665

1956 ....................................... 2 1 1 15,197 5,465 9,732 11,329 4,702 6,628 3,333 2,795 538 87 51

1957 1 1 2,338 2,338 1,163 1,163 1,031 1,031 20

1958 ....................................... 4 3 1 9,588 4,381 5,207 8,240 4,156 4,084 3,027 2,797 230 38 25

1 Q^Q 3 3 3,073 3,073 2,595 2,595 1,835 1,835 51

1 QfiO 1 1 11,171 11,171 6,930 6,930 4,765 4,765 73

1961 5 5 8,281 8,281 8,936 8,936 6,220 6,220 128

Banks with deposits of—

Less than $100,000................. 107 83 24 38,347 29,695 8,652 6,418 4,947 1,471 4,999 4,309 691 88 154

$100,000 to $250,000.............. 109 86 23 83,370 65,512 17,858 17,759 13,920 3,839 12,906 11,554 1,352 209 173

$250,000 to $500,000.............. 59 36 23 89,949 56,777 33,172 20,975 12,462 8,513 14,588 10,223 4,365 147 583

$500,000 to $1,000,000........... 67 32 35 157,506 71,860 85,646 50,972 24,184 26,788 33,964 19,107 14,857 293 2,132

$1,000,000 to $2,000,000. . . . 47 14 33 202,405 63,198 139,207 67,513 18,696 48,817 36,345 14,166 22,179 178 3,317

$2,000,000 to $5,000,000. . . . 34 9 25 244,766 66,127 178,639 106,929 30,791 76,138 55,747 21,126 34,622 247 5,519

$5,000,000 to $10,000,000. . . 13 1 12 201,454 11,171 190,283 84,404 6,930 77,474 31,049 4,765 26,284 73 5,491

$10,000,000 to $25,000,000. . 5 2 3 170,119 61,171 108,948 96,713 32,644 64,068 45,746 25,676 20,070 84 5,404

Jh o k nnn nnn f o non non 4 4 272,328 272,328 159,418 159,418 73,653 73,653 24,721 paO|UUU|VW IU • •

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
State

Alabama.............

Arkansas............

California...........

Colorado............

Connecticut

Florida................

Georgia...............

Idaho...................

Illinois.................

Indiana...............

Iowa....................

Kansas................

Kentucky...........

Louisiana...........

Maine.................

Maryland...........

Massachusetts. .

Michigan............

Minnesota.........

Mississippi.........

Missouri.............

Montana............

Nebraska...........

New Hampshire

New Jersey........

New York..........

North Carolina.

North Dakota. .

Ohio.....................

Oklahoma..........

Oregon................

Pennsylvania. . .

South Carolina.

South Dakota. .

Tennessee...........

Texas..................

Vermont.............

Virginia..............

Washington. . . .

West Virginia...

Wisconsin...........

Wyoming...........

3

6

2

1

2

2

10

2

18

20

7

9

23

3

1

5

2

8

5

3

47

5

5

1

39

26

7 

29

4 

11

2

29

2

23 

12

24 

3

8

1

3

31

1

20

7,905

4,434

7,516

10

5,379

1,642

9,402

2,451

43,291

30,006

16.040 

5,145

36,139

6,087

9,710

22,567

9,046

31,663

2.650

1.651

35,963

1,500

2,661

1,780

522,564

269,621

10,408

14,103

13,751

25,073

3,439

166,894

1,848

12,515

12,358

33,299

11,057

26.041 

4,179 

8,346

26,898

3,212

794

3,529

4,347

10

5,379

448

8,789

2,451

5,372

12,549

4,051

2,254

18,490

6,087

6,643

“ “ 928

2.650

1.651

27,794

849

2,661

103,798

28,440

3,677

6,760

7,585

20,152

1,230

43,828

403

11,412

31,771

8,687

2,964

' 8,346

18,739

7,111

905

3,169

1,194

613

37,919

17,457

11,989

2,891

17,649

' 9,710

15,924

9,046

30,735

8,169

651

1,780

418,766

241,181

6,731

7,343

6,166

4,921

2,209

123,066

1,445

1,103

2,365

1,528

2,370

23,077

4,179

8,159

3,212

2,285

1,764

4,792

8

1,526

491

1,959

1,894

27,321

13,593

9,401

1,234

8,888

1,652

5,450

4,566

3,019

13,532

818

334

1,095

1,042

296

194,630

145,439

3,266

3,830

7,223

13,764

2,670

75.756 

849

2,987

1,942

14,131

3,725

10.756 

1,538 

2,006

9,512

2,033

100

1,168

3,713

8

1,526

217

1,870

1,894

1,637

3,932

4,383

539

3,953

1,652

828

159

818

334

6,053

215

1,042

33,128

13,286

1,421

1,552

2,345

11,052

1,368

14,340

136

2,862

1,620

13,445

3,375

629

2,006

5,966

2,185

596

1,078

274

89

25,684

9,662

5.018

694

4,934

' 5,450

3,738

3.019 

13,372

2,033

880

296

161,502

132,153

1,845

2,278

4,877

2,712

1,302

61,416

714

126

322

350

10,127

1,538

3,545

2,033

1,089

984

2,981

8

1,242

300

1,621

1,493

9,224

6,197

3,880

974

5,455

668

2,346

3,109

1,564

6,290

640

257

5,654

640

796

117

82,126

67,872

2,387

2,657

2,097

9,264

1,948

51,291

274

2,412

1,278

9,726

3,445

4,908

935

1,458

7,188

202

94

841

2,120

8

1.242

203

1,552

1,493

1.242 

3,096

2,809

482

3,329

668

735

139

640

257

5,007

186

796

26,469

10,836

1,156

1,397

1,610

7,954

986

10,133

136

2,388

1,164

9,433

3,259

511

1,458

5,096

995

144

861

CO

91

48

138

97 3 13

69 30 33

29

7,982 30 791

3,101 39 384

1,071 45 113

492 5 72

2,126 44 201

10

2,346 665

2,374 9 371

1,564 1,030

6,150 2 760

17

5

646 85 77

453 6 21

20

117 8

55,657 161 20,154

57,036 32 10,847

1,231 23 179

1,259 24 203

488 7 39

1,311 158 104

962 11 81

41,159 75 9,522

138 (9) 10

23 26 9

114 28 25

293 249 44

186 21 22

4,396 8 505

935 512

11

2,092 54 403

202 19

Note: Due to rounding differences, components may not add to total. 1 Adjusted to December 31, 1962. t # . . .

2 Excludes $116 thousand of non-recoverable insurance expenses in cases which were resolved without payment of claims or a disbursement to facilitate assumption of deposits by

another insured bank, and other expenses of field liquidation employees while pending assignments.

8 Number of deposit accounts.

4 Includes estimated additional disbursements in active cases.

6 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.

• These disbursements are not recoverable by the Corporation; they consist almost wholly of field payoff expenses.

7 Includes advances to protect assets and liquidation expenses of $47,283 thousand, all of which have been fully recovered by the Corporation, and $212 thousand of non-recoverable

expenses.

8 Disbursement totals for each year relate to cases occurring during that year and may thus contain some amounts disbursed in subsequent years.

9 Less than $500.

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 124. Recoveries and Losses by th e Federal Deposit Insurance Corporation on Principal Disbursem ents for Protection

of D epositors, 1934-1962

(Amounts in thousands of dollars)

Bfe-j

Liquidation All cases Deposit payoff cases Deposit assumption cases

year of deposit payoff

or

deposit

assumption

Number

of

banks

Principal

disbursements

Recoveries

to Dec.

31,1962 1

Estimated

additional

recoveries

Losses 2

Number

of

banks

Principal

disbursements 3

Recoveries

to Dec.

31, 1962

Estimated

additional

recoveries

Losses 2

Number

of

banks

Principal

disbursements 4

Recoveries

to Dec.

31,19621

Estimated

additional

recoveries

Losses 2

445 308,998

67,882

241,116

941

8,890

14,781

19,160

30,480

67,770

74 134

278,288

62,138

216,150

734

6,182

12,326

15,611

28,055

60,617

70,235

23,290

10,137

7,048

1,462

1,768

265

1 594

1,238 29,472 263 110,924 93,753 775 16,396 182 198,074 184,535 463 13,076

Status

Active.............

Terminated.. .

Year

24

421

1,238 4,506

24,966

207

2,707

2,455

3,550

2,425

7,153

3,783

591

6 8 8

123

40

1 2

251

17,381

93,543

941

14,642

79,111

734

775 1,964

14,432

207

1 2

170

50,501

147,573

47,496

137,039

463 2,542

10,534

9

1935 25

69

75

74

60

43

1 24 6,026 4,274 1,751 1 2,865 1,908 1 956

42 8,056

12,045

9,092

26,196

4,895

6,595

9,520

7,908

20,399

1,460 27 6,725 5,730 995

1937 50 2,524 25 7,116 6,090 1,025

1938 50 1,184 24 21,387 20,147 1,241

1939 32 5,798 28 41,574 40,219 1,355

1940 116 19 4,313 582 24 69,239 65,922 116 3,200

1941 15

2 0

5

2

1

1

K

23380

10,825

7,172

1,503

1,768

265

1 724

8 12,278

1,612

5,500

404

12,065

1,320

5,376

363

213 7 11,602 11,225 378

1 Q A 9 6 292 14 9,213 8,816 396

1 Q1 Q 4 123 1 1,672 1,672

1Q A A 1 40 1 1,099 1,099

1 QA*\ 1 1,768 1,768

1 OAfK 1 265 265

1 QA'7 52 79

641

369

1,385

3

5 1,724 1,594 52 79

1 Q Aft

o

3

4

4

2,990

2,552

3 986

2,349

2,183

2 601

3 2,990 2,349 641

1 GAG 4 2,552 2,183 369

iQKn (S) 4 3,986 2,601 (6) 1,385

1 Q K 1 2 1*885 1792

V )

91 2 1,885 1,792 91 3 iy o i.............

1QKO 3

9

1*369

5,017

577

5,017

650

6,526

2,906

792 3 1,369 577 792

1QKQ 2 5,017 5,017

1Q K1

a

o 913

6,784

3,333

1

26

263 2 913 650 1 263 £t

e 232

265

4 4,438

2,795

4,i.79

2,393

1,031

2,684

26 232 1 2,346

538

2,346 195 5 

195 6 

O

1 A 9 I 137 265 1 513 25 2 I D a

1 1,031

3,027

1,031

2,736

1 1,031

2,797 1958.............

9AO 42 3 71 42 1 230 52 178 4

Q 1,835

4,765

6 , 2 2 0

1,722

4,765

4,111

8 105 3 1,835

4,765

6 , 2 2 0

1,722

4,765

4,111

8 105 1959............. 0

1

c

1

1960.............

533 1 576 5 533 1,576 1961............. O

Note: Due to rounding differences, components may not add to total. j j * n i- -j x* * A i* j

1 Excludes in deposit assumption cases recovery of all advances for asset protection, totaling $32,865 thousand, and of all liquidation expenses totaling $14,418 thousand.

2 Includes estimated losses in active cases. Not adjusted for interest or allowable return, which was collected in some cases in which the disbursement was fully recovered.

* Includes estimated additional disbursements in active cases. t # .

4 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.

Less than $500.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
INDEX

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I ndex

Page

Absorptions:

Of insured banks requiring disbursements by the Corporation. See

Banks in financial difficulties.

Of operating banks, 1962.......................................................................11, 70-104, 106-107

Regulation o f.................................................................................................................... 9-11

Admission of banks to insurance:

Applications for, 1962.................................................................................................. 8

Different methods followed........................................................................................ 7-8

Number of banks admitted, by class of bank, 1962..........................................106-107

American Institute of Banking.......................................................................................... 17

Applications from banks...................................................................................................... 8-9

Areas outside continental United States, banks and branches located in:

Assets and liabilities, December 28, 1962.......................................................... 124-125

Average assets and liabilities, insured commercial banks, 1962.................136-137

Deposits, December 28, 1962................................................................................. 116-117

Earnings, expenses, profits, and dividends, 1962............................................ 154-155

Number, December 28, 1962.....................................................................116-117, 124r-125

Number, December 31, 1962...................................................................................... 108

Assessments for deposit insurance.....................................................................13, 19-22, 27n

Assets, liabilities, and capital of banks (see also Deposits):

All banks:

Amounts by type and supervisory status, December 28, 1962 ........... 46

By FDIC district and State, December 28, 1962............................... 124r-125

Capital ratios by type and supervisory status, December 28, 1962... 48

In banks grouped according to insurance status and type of bank,

June 30 and December 28, 1962...............................................................120-123

Major categories, amounts and ratios, 1960-1962........................................ 49

Percentage changes, each year, 1960-1962.................................................... 50

Commercial banks, June 30 and December 28, 1962....................................120-123

Insured banks, call dates, December 31, 1959, through December 28,

1962 .......................................................................................................................126-129

Insured commercial banks:

Amount, call dates, December 30, 1961, through December 28, 1962. .130-133

Average for 1962, by class of bank................................................................. 135

Average for 1962, by State...........................................................................136-137

Percentage distributions, average for 1962, by class of bank............... 135

Percentage distributions, call dates, December 30, 1961, through December 28, 1962.................................................................................................. 131

175

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

Page

Assets, liabilities, and capital of banks (see also Deposits):

Insured commercial banks— Continued:

Percentage distributions of totals among size groups of banks, December 28, 1962.................................................................................................. 134

Ratio of selected items to total assets, by size of bank, December

28, 1962.................................................................................................................138-139

Insured mutual savings banks:

Amount, and percentage distributions, call dates, December 30, 1961,

through December 28, 1962......................................................................... 130-133

Major categories, average, 1954-1962............................................................. 165

Mutual savings banks, June 30 and December 28, 1962............................... 120-123

Noninsured banks, June 30 and December 28, 1962....................................120-123

Sources of data.................................................................................... 13, 68, 119, 141, 169

State legislation............................................................................................................... 38-41

Assets and liabilities of the Federal Deposit Insurance Corporation.......... 17-18, 25

Assets pledged to secure bank obligations.................................................................129, 133

Assets purchased by the Federal Deposit Insurance Corporation from banks

in financial difficulties......................................................................... 4-6, 169, 172

Assumption of deposits of insured banks with financial aid of the Corporation

(see also Banks in financial difficulties)........................................4-6, 170-172

Attorney General of the United States, summary reports on absorptions.. .70-104

Audit of the Federal Deposit Insurance Corporation..............................................21-27

Bad-debt reserves. See Valuation reserves.

Bank supervision. See Supervision of banks; Examination of insured banks.

Banking offices, number of. See Number of banks and branches.

Bank practices. See Unsafe and unsound banking practices.

Banks, applications from, acted on by the Federal Deposit Insurance Corporation ........................................................................................................... 8-9

Banks in financial difficulties:

Insured banks requiring disbursements by the Corporation:

Deposit size o f...................................................................................................... 170

Deposits protected, 1934-1962................................... ............ 4-5, 170-171

Disbursements by the Corporation, 1934-1962.........................4-7, 27n, 170-172

Loans made and assets purchased by the Corporation................... 6

Location by State, 1934-1962.......................................... ................. 171

Losses incurred by the Corporation......................... . . .6-7, 27n, 172

Losses incurred by depositors....................................................................... 5-6

Name and location of, 1962............................................................................. 4

Number of, 1934-1962........................................................................................ 4-5

Number of deposit accounts, 1934-1962.................................................. 5, 170-171

Recoveries by the Corporation on assets acquired, 1934-1962........6-7, 172

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IN D EX 177

Page

Banks in financial difficulties— Continued:

Sources of data............................................................................................................... 169

Suspensions, 1962............................................................................................................. 106

Suspensions of noninsured banks, 1934-1962........................................................ 169

Banks, number of. See Number of banks and branches.

Banks operating branches, December 31, 1962.........................................................108-115

Board of Directors of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Board of Governors of the Federal Reserve System. See Federal Reserve

Authorities.

Branches (see also Number of banks and branches):

Establishment approved by Federal Deposit Insurance Corporation, 1962 8-9

Examination of, 1961 and 1962............................................................................... 11

Increase, branches of all banks, 1960-1962........................................................ 59, 107

Business and personal deposits. See Deposits (items referring to type of

account).

Call reports. See Assets, liabilities, and capital of banks; Reports from banks.

Capital of banks. See Assets, liabilities, and capital of banks; Banks in financial difficulties; Income of insured comercial banks; Examination

of insured banks.

Charge-offs by banks. See Income of insured commercial banks; Income

of insured mutual savings banks; Valuation reserves.

Class of bank, banking data presented b y :

Admissions to and terminations of insurance.................................................. 106-107

Assets and liabilities of all banks...............................................................49-50, 120-123

Deposits, December 30, 1961, December 28 and 31, 1962............................... 51-52

Income of insured commercial banks, 1962........................................................ 146-147

Insured banks requiring disbursements by the Corporation, 1934-1962... 170

Number of banks and banking offices, 1962................................................ 59, 106-115

Ratios of income of insured commercial banks, 1962....................................148-149

Classification of banks................................................................................................46-47, 68-69

Closed banks. See Banks in financial difficulties.

Commercial banks. See Assets, liabilities, and capital of banks; Deposits;

Income of insured commercial banks; Number of banks and

branches.

Comptroller General of the United States................................................................... 21-27

Comptroller of the Currency.........................................................................v, 11, 46, 119, 141

Consolidations. See Absorptions.

Coverage of deposit insurance, banks participating............................................3, 106-117

Credit, bank. See Assets, liabilities, and capital of banks.

Demand deposits. See Assets, liabilities, and capital of banks; Deposits (items

referring to type of account).

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178 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Deposits:

All banks:

By class of bank and type of deposit, reported or estimated, December 30, 1961, December 28 and 31, 1962............................................ 51

By insurance status of bank and type of account, December 28, 1962 123

By insurance status of bank and type of account, June 30, 1962.......... 121

By supervisory status and insurance status, December 28, 1962.......... 47

By type of account in each State and FDIC district, December 28,

1962 ..................................................................................................................... 124-125

By type of bank and insurance status, December 28, 1962..................... 47

By type of bank in each State and FDIC district, December 28,

1962 .....................................................................................................................116-117

Percentage change, 1960-1962 ............................................................................. 50

All insured banks:

By type of account, December 28, 1962........................................................ 123

By type of account, call dates, December 31, 1959, through December 28, 1962........................................................................................................... 128

Ratios of deposit insurance fund to, 1934-1962........................................23, 27n

Commercial banks:

By FDIC district and State, December 28, 1962........................................116-117

By type of account, December 28, 1962........................................................ 123

By type of account, June 30, 1962................................................................... 121

Insured banks requiring disbursements by the Corporation. See Banks in

financial difficulties.

Insured commercial banks:

Amount, by type of account, call dates, December 30, 1961, through

December 28, 1962.............................................................................................. 132

Percentage distributions of selected totals among size groups of

banks, December 28, 1962............................................................................... 134

Insured mutual savings banks:

By FDIC district and State, December 28, 1962..................................... 116-117

By type of account, call dates, December 30, 1961, through December

28, 1962 ................................................................................................................. 132

Interest and dividends on, 1954-1962............................................................ 164

Largest commercial banks:

By selected metropolitan areas and character of branch system. . . . 56

By State and character of branch system.................................................. 55

United States ...................................................................................................... 53

Mutual savings banks:

By FDIC district and State, December 28, 1962................................... 116-117

By type of account, June 30 and December 28, 1962...........................121, 123

Noninsured banks:

By FDIC district and State, December 28, 1962........ .. . .116-117

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Federal Reserve Bank of St. Louis
IN D E X 179

Page

Deposits:

Noninsured banks— Continued:

By type of account and type of bank, June 30 and December 28,

1962 .....................................................................................................................121, 123

Sources of data............................................................................................................... 119

State legislation ............................................................................................................. 39

Deposits, insured by FDIC, December 31, 1934-1962................................................ 23

Directors of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation

Disbursements. See Banks in financial difficulties.

Dividends:

To depositors in insured mutual savings banks............................... 65, 164, 166-167

To stockholders of insured commercial banks. See Income of insured

commercial banks.

Earnings of banks. See Income of insured commercial banks; Income of

insured mutual savings banks.

Educational program for bank examiners.......... 17

Employees:

Federal Deposit Insurance Corporation................. 16

Insured commercial banks:

Number and compensation, 1954-1962........................................................ 142-143

Number and compensation, by class of bank, by size of bank, and

by State, 1962.................................................................146-147, 150-151, 154-163

Insured mutual savings banks, number and compensation, 1954-1962.... 164-165

State legislation............................................................................................................ 40

Examination of insured banks:

Banks examined by the Federal Deposit Insurance Corporation,

1961-1962 .......................................................................................................11-12, 45

Examination school...................................................................................................... 17

Examination staff...................................................................................................... vi, vii, 16

Powers granted to supervisory authorities.......................................................... 45-48

Expenses of banks. See Income of insured commercial banks; Income of

insured mutual savings banks.

Expenses of the Corporation................................. ....1 9 -2 2 , 26

Failures. See Banks in financial difficulties.

Federal bank supervisory authorities.....................................................................7-13, 45-49

Federal Deposit Insurance Act (see also Legislation relating to deposit insurance and banking)............................................................................................13, 27n

Federal Deposit Insurance Corporation:

Assessments on insured banks.....................................................................13, 19-22, 27n

Assets............................................................................................................................. 17-18, 25

Audit............................................................................................................................... 21, 24-27

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

Page

Federal Deposit Insurance Corporation— Continued:

Banks examined by, and submitting reports to ........................................11-13, 45-^47

Board of Directors, actions on applications and banking practices.. .8-9, 12-13

Borrowing power...........................................................................................................18, 27n

Capital stock................................................................................................................... 27n

Coverage of deposit insurance, banks participating..........................3, 46, 106-117

Deposit insurance fund (surplus)........................................................ 17-19, 21-23, 27n

Directors (members of the Board)......................................................................... v, 15

Disbursements for protection of deposits..................................................4-7, 169-172

Districts ........................................................................................................................... vi-vii

Divisions ....................................................................................................................... iv, v, 16

Educational program for bank examiners............................................................. 17

Employees ....................................................................................................................... 16

Examination of banks.........................................................................vi, vii, 11-12, 45-47

Expenses .....................................................................................................................19-22, 26

Financial statements .................................................................................................... 17-27

Income ......................................................................................................................... 19-22, 26

Insured banks requiring disbursements by. See Banks in financial difficulties.

Liabilities ...................................................................................................................17-18, 25

Loans to and purchase of assets from insured banks...........................4-5, 169-171

Losses incurred, 1934-1962............................................................................. 6-7, 27n, 172

Methods of protecting depositors.................................................................4-6, 169-172

Organization and staff..........................................................................................iv-vi, 15-16

Payments to insure depositors................................................................................. 4r-5

Protection of depositors............................................................................................4-6, 172

Recoveries .....................................................................................................................6-7, 172

Reports from banks...................................................................................................... 13

Reserve for losses on assets acquired..................................................................... 6-7

Retirement of capital stock of the Corporation................................................ 27n

Rules and regulations..............................................................................................14-15, 37

Sources and uses of funds.......................................................................................... 20-21

Supervisory activities..........................................................................................7-13, 45-48

Federal Deposit Insurance Corporation districts, banking data classified by:

All banks:

Assets and liabilities, December 28, 1962.................................................... 124

Number and deposits, by type of bank, December 28, 1962................... 116

Federal Reserve authorities......................................................................... 11, 45-47, 119, 141

Federal Reserve member banks. See Class of bank, banking data presented

by.

General Accounting Office.................................................................................................. 23

Government deposits. See Deposits (items referring to type of account).

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IN D EX 181

Page

Income of the Federal Deposit Insurance Corporation... . .. .19-22, 26

Income of insured commercial banks:

Amounts of principal components:

Annually, 1954-1962 ............................................................................................142-143

By class of bank, 1962........................................................................................146-147

By size of bank, 1962..........................................................................................150-151

By State, 1962...................................................................................................... 154-163

Charge-offs and recoveries, 1954-1962...................................................................142-143

Income, sources and disposition of total, 1960-1962........................................ 62-63

Profits, 1954H962...........................................................................................................142-143

Profits, 1962.................................................................................................. 146-147, 150-151

Rates of income on assets, 1954-1962...................................................................144-145

Rate of net profit on total capital accounts, 1962................................. 144, 149, 153

Ratios of income items:

Annually, 1954-1962 ............................................................................................144-145

By class of bank, 1962........................................................................................148-149

By size of bank, 1962..........................................................................................152-153

Sources and disposition of total, 1960-1962................................................ 63

Ratios of expense items..................................................63, 144-145, 148-149, 152-153

Revision of report of income and dividends....................................................... 141

Sources of data............................................................................................................... 141

Income of insured mutual savings banks:

Amounts of principal components, 1954-1962.................................................. 164-165

Income, sources and disposition of total, 1960-1962........................................ 64-65

Rates of income on assets, 1954-1962..................................................................... 167

Ratios of income items......................................................................................65, 166-167

Ratios of expense items......................................................................................65, 166-167

Sources of data................................................................................................................. 141

Insolvent banks. See Banks in financial difficulties.

Insurance of bank obligations................................................ 3-7

Insurance status, banks classified by:

Assets and liabilities, June 30 and December 28, 1962...........................46, 120-123

Capital ratios................................................................................................................... 48

Changes in number, 1962..........................................................................................106-107

Deposits, June 30 and December 28, 1962........................................ 116-117, 121, 123

Number, December 31, 1962.............................................................................45, 108-115

Number, December 28, 1962......................................................................................116-117

Percentage of banks insured, by State, December 31, 1962.........................108-115

Insured banks. See Assets, liabilities, and capital of banks; Banks in financial

difficulties; Deposits; Income of insured commercial banks; Income of insured mutual savings banks; Number of banks and

branches.

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182 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Insured commercial banks not members of the Federal Reserve System. See

Class of bank, banking data presented by.

Insured deposits. See Banks in financial difficulties; Coverage of deposit insurance, banks participating.

Insured State banks members of the Federal Reserve System. See Class of

bank, banking data presented by.

Interbank deposits. See Deposits (items referring to type of account).

Interest. See Income of insured commercial banks; Income of insured mutual

savings banks.

Investments. See Assets, liabilities, and capital of banks; Assets and liabilities

of the Federal Deposit Insurance Corporation; Banks in financial

difficulties.

Law, violations of by insured banks............................................ ............ 12-13

Legislation relating to deposit insurance and banking:

Federal, enacted in 1962................................................................................... 13-14, 31-36

Relating to bank supervision.................................................................................... 45-47

State, enacted in 1962..............................................................................................15, 38-41

Loans. See Assets, liabilities, and capital of banks; Banks in financial difficulties.

Losses:

Of banks, charged off. See Income of insured commercial banks; Income

of insured mutual savings banks.

Of the Federal Deposit Insurance Corporation....................................... 6-7, 26, 172

Provision for, in insured banks, 1954-1962....................................... 142-143, 164-165

Mergers. See Absorptions.

Methods of tabulating banking data:

Assets and liabilities of banks................................................................................... 119

Deposit insurance disbursements............................................................................. 169

Income of insured banks.............................................................................................. 141

Number, offices, and deposits of banks............................................................... 68-69

Metropolitan areas, banking concentration in.............................................. 56-58, 60-61

Mutual savings banks. See Assets, liabilities, and capital of banks; Deposits;

Income of insured mutual savings banks; Number of banks and

branches.

National banks. See Class of bank, banking data presented by.

New banks, 1962.................................................................................................. .......... 59, 106-107

Noninsured banks. See Absorptions; Admission of banks to insurance; Assets,

liabilities, and capital of banks; Banks in financial difficulties;

Classification of banks; Class of bank, banking data presented b y ;

Deposits; Number of banks and branches; Reports from banks.

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Number of banks and branches:

Banking offices (banks and branches):

By insurance status, type of bank, and State, December 31, 1962. .108-115

Changes during 1962..................................................................................... 59, 106-107

Banks:

By insurance status and type of bank, December 31, 1962.................45, 106

By insurance status and type of bank, December 28, 1962................... 123

By insurance status and type of bank, June 30, 1962........................... 121

By insurance status, type of bank, and State, December 31, 1962. .108-115

By number of offices in center in which located and population of

center, June 30, 1962.......................................................................................... 60

By status of branch banking and metropolitan area counties and

other counties...................................................................................................... 61

By insurance status, type of bank, FDIC district and State, December 28, 1962........................................................................................................ 116-117

Changes during 1962, by type of bank........................................................ 59,106

Operating branches, by insurance status and State, December 31,

1962 ............................................................................. ......................................... 108-115

Branches:

By insurance status, type of bank, and State, December 31, 1962.. .108-115

Changes in, during 1962..................................................................................... 59, 107

Number of, 1962...................................................................................................107-115

Insured commercial banks:

December 31, 1954-1962................................................................................... 143, 145

December 31, 1962, by class, deposit size of bank, or State

147, 151, 155, 157, 159, 161, 163

Distributed by capital ratios and distribution of assets, December 28,

1962 ....................................................................................................................... 138-139

Insured mutual savings banks, 1954-1962.......................................................... 165-167

Mutual savings banks, December 31, 1962.................................................... 45, 106-115

Mutual savings banks, December 28, 1962........................................................ 116-117

Noninsured banks, December 31, 1962....................................................3, 45, 106-115

Noninsured banks, December 28, 1962...............................................................116-117

Trust companies, December 31, 1962......................................................3, 45, 106-115

Trust companies, December 28, 1962...................................................................116-117

Unit banks, by insurance status and State, December 31, 1962.................108-115

Obligations of banks. See Assets, liabilities, and capital of banks; Deposits.

Officers of insured banks. See Employees.

Officers of the Federal Deposit Insurance Insurance Corporation. . . . . . v, 16

Operating banks. See Number of banks and branches.

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Payments to depositors in closed insured banks. See Banks in financial

difficulties.

Personnel. See Employees.

Population of center, number of commercial banking offices b y........................... 60

Possessions, banks and branches located in. See Areas outside continental

United States, banks and branches located in.

Protection of depositors. See Banks in financial difficulties.

Public funds. See Deposits (items referring to type of account).

Receivership, insured banks placed in. See Banks in financial difficulties.

Recoveries:

By banks on assets charged off. See Income of insured commercial banks;

Income of insured mutual savings banks.

By the Corporation on disbursements. See Banks in financial difficulties.

Reports from banks...........................................................................................................13, 45-46

Reserves:

Of Federal Deposit Insurance Corporation, for losses on assets acquired.. 19

Of insured banks for losses on assets. See Valuation reserves.

With Federal Reserve banks. See Assets, liabilities, and capital of banks.

Salaries and wages:

Federal Deposit Insurance Corporation................................................................. 19

Insured banks. See Income of insured commercial banks; Income of insured mutual savings banks.

Savings and time deposits. See Deposits (items referring to type of account).

Securities. See Assets, liabilities, and capital of banks; Assets and liabilities

of the Federal Deposit Insurance Corporation; Banks in financial

difficulties.

Size of bank, data for banks classified by amount of deposits:

Assets and liabilities, insured commercial banks, 1962................................. 134

Banks requiring disbursements by the Corporation, 1934-1962..................... 170

Disbursements for protection of depositors, 1934-1962.................................... 170

Income data of insured commercial banks, 1962............................................150-151

Income ratios of insured commercial banks, 1962..................................... 63, 152-153

Number of employees of insured commercial banks, 1962............................... 151

Number of insured commercial banks, 1962......................................................151, 153

Number of insured commercial banks grouped by ratios of selected items

to assets, December 28, 1962.......................................................................138-139

Percentages of selected totals, insured commercial banks, 1962................... 63

State bank supervisory authorities:

Chartering and regulation of banks b y ................................................................. 45-47

Data obtained from...................................................................................................... 119

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State bank supervisory authorities— Continued:

Number of banks supervised b y .......................................... 46

State legislation regarding.............................................................. 38

State, banking data classified by:

Assets and liabilities of banks, December 28, 1962......................... . .. 124-125

Concentration of deposits, by prevalence of branch banking... .... 54-55

Deposits of banks, by class of bank, December 28, 1962............................... 116-117

Disbursements, deposits, and depositors in insured banks requiring disbursements by the Corporation, 1934-1962................................................ 171

Income of insured commercial banks, 1962.......................................................154-163

Number of banks and branches, by class of bank and type of office, December 31, 1962................................................................................................108-115

Number of banks and branches, by class of bank and type of office, December 28, 1962................................................................................................116-117

Percentage of banks insured, December 31, 1962............................................108-115

State banking legislation enacted in 1962.................................................................15, 3&-41

State banks. See Class of bank, banking data presented by.

Stockholders of banks, net profits available for. See Income of insured commercial banks.

Summary of this report................................................................................... xv

Supervision of banks (see also Examination of insured banks):

By the Federal Deposit Insurance Corporation.........................vi-vii, 7-13, 46-49

Federal and State supervision.................................................................................... 45-49

State legislation, 1962.................................................................................................. 38-41

Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Income of insured commercial banks;

Income of insured mutual savings banks.

Terminations of insurance for unsafe and unsound practices............................. 12-13

Time and savings deposits. See Deposits (items referring to type of account).

Trust companies, classification o f..........................................................................3, 45, 68-69

Trust powers:

Applications for..................................................................................... 8

State legislation............................................................................................ 40

Unit banks, by insurance status and State, December 31, 1962.... .. .108-115

Unsafe and unsound banking practices.................................................... ........ 12-13

Valuation reserves (see also Assets, liabilities, and capital of banks):

Amounts held, call dates, December 31,1959, through December 28,1962.. 127

Amounts held, June 30 and December 28, 1962................................... 120, 122, 131

Changes, 1954-1962......................................................................................142-143, 164-165

Violations of law or regulations, banks charged with.............................................. 12-13

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Federal Reserve Bank of St. Louis
Digitized for FRASER 

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Federal Reserve Bank of St. Louis