ANNUAL REPORT

OF THE

FEDERAL DEPOSIT INSURANCE CORPORATION

FOR THE YEAR ENDED 

DECEMBER 31, 1953

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Federal Reserve Bank of St. Louis
LETTER OF TRANSM ITTAL

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

Washington, D. C.^July 29, 1954

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

Deposit Insurance Act, the Federal Deposit Insurance Corporation 

has the honor to submit its annual report. Part One of the report, 

separately submitted earlier in the year, is fully included in this 

present volume.

Respectfully,

H . E. C o o k , Chairman

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

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

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Federal Reserve Bank of St. Louis
FEOERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
FEDERAL DEPOSIT INSURANCE CORPORATION

N a t io n a l P ress B u il d in g — W a sh in g t o n 25, D. C.

BOARD OF DIRECTORS

Chairman.............................................................................................H. E. Cook

Comptroller of the Currency........................................................... Ray M. Gidney

Director................................................................................................ M aple T. Harl

OFFICIALS—July 29, 1954

Assistant to Chairman {Acting)................................................... Russell E. Shearer

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

General Counsel, Legal Division...................................................Royal L. Coburn

Chieft Division of Examination....................................................Vance L. Sailor

Chief, Division of Liquidation...................................................... Edward C. Tefft

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

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

Controller.............................................................................................William G. Loeffler

Director of Publications and Information..................................Forbes Campbell

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Federal Reserve Bank of St. Louis
D IS T R IC T O F FIC E S

D is t . S u p e r v isin g

No. E x a m in e r

1. Lundie W. Barlow

2. Neil G. Greensides

3. Gilbert E. Mounts

4. Robert N. McLeod

5. John E. Freeman

6. Charles M. Dunn

7. Raby L. Hopkins

8. Eugene R. Gover

9. Charles F. Alden

10. George M. Hirning

11. Lloyd Thomas

A ddress

Room 1365, No. 10 P.O.

Square, Boston 9, Mass.

Room 1900, 14 Wall Street,

New York 5, N. Y.

City National Bank

Building, 20 East Broad

Street, Columbus 15, Ohio

200 The Bank of Virginia

Building, Fourth and

Grace Streets,

Richmond 19, Va.

Fifth floor, 114 Marietta

St., N. W ., Atlanta 3, Ga.

1059 Arcade Building,

St. Louis 1, Mo.

715 Tenney Building,

Madison 3, Wis.

164 W. Jackson Blvd.,

Chicago 4, 111.

1200 Minnesota Building,

St. Paul 1, Minn.

1201 Federal Reserve Bank

Building, Kansas City 6,

Missouri

Federal Reserve Bank

Building, Station K,

Dallas 13, Tex.

Sta t e s in d istr ic t

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

12. William P. Funsten Suite 1120, 315 Montgomery Street, San

Francisco 4, Calif.

Idaho, Utah, Nevada,

Washington, Oregon, California, Alaska, Hawaii

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Federal Reserve Bank of St. Louis
Vll

FEDERAL DEPOSIT INSURANCE CORPORATION DISTRICTS

DISTRICT 2 INCLUDES PUERTO RICO & VIRGIN ISLANDS

DISTRICT 4 INCLUDES DISTRICT OF COLUMBIA

DISTRICT 12 INCLUDES HAWAII & ALASKA

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Federal Reserve Bank of St. Louis
CONTENTS

Page

Summary............ ....... xvii

PART ONE

OPERATIONS OF THE CORPORATION

Deposit insurance coverage.................................................................................................. 3

The deposit insurance fund.................................................................................................. 5

Action to protect depositors in failing banks................................................................. 7

Supervisory activities............................................................................................................. 9

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

Organization and personnel.................................................................................................. 13

Financial statements of the Corporation......................................................................... 16

PART TW O

BAN KIN G DEVELOPMENTS

Assets and liabilities of all banks....................................................................................... ........25

Assets and liabilities of insured commercial banks...................................................... ........29

Assets and liabilities of insured mutual savings banks.......................................................30

Income of insured commercial banks........................................................................................33

Income of insured mutual savings banks........................................................................ ........38

PART THREE

BAN K-O BLIG ATIO N INSURANCE SYSTEM S, 1829 TO 1866

Protection of bank creditors in States with bank-obligation insurance systems,

1829 to 1866......................................................................................................................... 45

PART FOUR

LEGISLATION AND REGULATIONS

Federal legislation and Corporation regulations........................................................... 71

State banking legislation....................................................................................................... 71

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

Number, offices, and deposits of operating banks........................................................ 78

Assets and liabilities of operating banks.......................................................................... 92

Earnings, expenses, and dividends of insured banks................................................... 104

Deposit insurance disbursements........................................................................................ 130

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 (map). .................................... vii

A. Percentage of banks of deposit in each State which were insured, December 31, 1953 (map)....................................................................................... 5

B. The deposit insurance fund, December 31, 1933-1953. ................................ 6

C. Ratios of deposit insurance fund to total and insured deposits, all insured

banks, mid-year and year end, 1934-1953.................................................. 7

D. Percentage change during 1953 in total assets, all banks in each State (map) 25

E. Percentage distribution of total assets, all banks, December 31, 1953.... 28

F. Sources and disposition of total income, insured commercial banks, 1953. . 33

G. Rates of net profits after taxes on total capital accounts, insured commercial banks in each State, 1953 (map)................................................... 34

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

1953............................................................................................................... 39

LIST OF TABLES

PART ONE 

OPERATIONS OF THE CORPORATION

Page

Deposit insurance coverage:

1. Number of operating banks in the United States (continental U. S. and

other areas), December 31, 1953................................................................. 4

Supervisory activities:

2. Applications acted upon by the Board of Directors of the Federal Deposit

Insurance Corporation during 1953............................................................ 9

3. Bank examination activities of the Federal Deposit Insurance Corporation

in 1953........................................................................................................... 11

4. Unsafe or unsound banking practices and violations of law charged against

five banks by the Corporation during 1953............................................... 12

5. Actions to terminate insured status of banks charged with engaging in

unsafe or unsound practices or violations of law or regulations, 

1936-1953....................................................................................................... 13

Organization and personnel:

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

Corporation, December 31, 1953................................................................. 14

7. Results of the Corporation’s educational program for examiners, 1946-1953. 15

Financial statements of the corporation:

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

December 31, 1953....................................................................................... 16

9. Income and expenses of the Federal Deposit Insurance Corporation and

change in the deposit insurance fund for the year ended December 31,

1953................................................................................................................ 17

10. Administrative and operating expenses of the Federal Deposit Insurance

Corporation for the year ended December 31, 1953................................. 18

11. Determination of net assessment income of the Federal Deposit Insurance

Corporation for 1953, and distribution of net assessment income, December 31, 1953................................................................................................... 18

12. Income and expenses of the Federal Deposit Insurance Corporation, by

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

31, 1953, adjusted to December 31, 1953................................................... 19

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

December 31, 1934-1953............................................................................... 20

14. Audit report of the Federal Deposit Insurance Corporation for the year

ended June 30,1953................................................................................... 21

x

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LIST OF TABLES XI

PART TW O

BANKING DEVELOPMENTS

Page

A ssets a n d l ia b il it ie s of a l l b a n k s :

15. Amounts and changes in assets and liabilities, all banks in the United States

(continental U.S. and other areas), 1953........................................................... 27

16. Percentage changes in assets and deposits, all banks in the United States

(continental U.S. and other areas), half-years and years, 1947-1953.. 28

A ssets an d l ia b il it ie s of in su r e d c om m ercial b a n k s :

17. Amounts, changes, and percentage distributions of assets and liabilities,

insured commercial banks in the United States (continental U.S. and

other areas), 1953....................................................................................................... 30

A ssets an d l ia b il it ie s of in su r e d m u tu a l sayin g s b a n k s :

18. Amounts, changes, and percentage distributions of assets and liabilities,

insured mutual savings banks, 1953.................................................................... 32

I ncom e o f in su re d com m er cial ba n k s :

19. Amounts and growth in total income, by sources and disposition, insured

commercial banks in the United States (continental U.S. and other

areas), 1952-1953........................................................................................................ 35

20. Income, average assets, and rates of income on assets, insured commercial

banks in the United States (continental U.S. and other areas), 1952-1953 36

21. Losses, charge-offs, and transfers to valuation reserves on loans and

securities, insured commercial banks in the United States (continental

U.S. and other areas), 1953..................................................................................... 38

I n com e of in su r e d m u tu a l savin g s b a n k s :

22. Amounts and changes in total income, by sources and disposition, insured

mutual savings banks, 1952-1953.......................................................................... 40

23. Income, average assets, and rates of income on assets, insured mutual

savings banks, 1952-1953......................................................................................... 41

PART THREE

PROTECTION OF BANK CREDITORS IN STATES W IT H BANKOBLIGATION INSURANCE SYSTEM S, 1829 TO 1866

S u m m a r y t a b l e s : n u m b e r o f b a n k s , o b l i g a t i o n s o f b a n k s , a n d i n s u r a n c e

FUNDS, STATES W ITH BAN K-OB LIGATION INSURANCE SYSTEMS, 1829-1866:

24. Extent of bank-obligation insurance in six States, 1829-1866......................... 47

25. Number and obligations of banks in serious financial difficulties, States

with bank-obligation insurance systems, 1829-1866....................................... 48

26. Number and obligations of participating banks in serious financial difficulties, States with bank-obligation insurance systems, 1829-1866......... 50

27. Insurance disbursements and bank creditor protection, States with bankobligation insurance systems, 1829-1866............................................................ 53

28. Insurance funds and assessments, States with bank-obligation insurance

systems, 1829-1866..................................................................................................... 56

D e t a i l e d t a b l e s : n u m b e r o f b a n k s , o b l i g a t i o n s o f b a n k s , a n d i n s u r a n c e

FUNDS, STATES W ITH BAN K-OBLIGATION INSURANCE SYSTEMS, 1829-1866:

29. Number of banks, States with bank-obligation insurance systems, 1829-

1866................................................................................................................................. 60

30. Total obligations, banks in States with bank-obligation insurance systems,

1829-1866...................................................................................................................... 62

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xii FEDERAL DEPOSIT INSURANCE CORPORATION

Page

31. Insured obligations, participating banks in States with bank-obligation

insurance systems, 1830-1866................................................................................. 64

32. Insurance funds, participating banks in States with bank-obligation

insurance systems, 1829-1866......................... ....................................................... 66

PART FIVE

STATISTICS OF BANKS AND DEPOSIT INSURANCE

N u m b e r , o ff ic e s, an d d epo sits of o pe r a tin g b a n k s :

Explanatory note..................................................................................................................... 78

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

the United States (continental U.S. and other areas) during 1953.. 80

102. Number of operating banks and branches in the United States (continental

U.S. and other areas), December 31, 1953

Grouped according to insurance status and class of bankf and by State

and type of office....................................................... ........................................ 82

103. Number and deposits of operating banks in the United States (continental

U.S. and other areas), December 31, 1953

Banks grouped according to insurance status and by district and State.. 90

A ssets an d l ia b il it ie s of o pe r a tin g b a n k s :

Explanatory note..................................................................................................................... 92

104. Assets and liabilities of operating banks in the United States (continental

U. S. and other areas), June 30, 1953

Banks grouped according to insurance status and type of bank................ 94

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

U. S. and other areas), December 31, 1953

Banks grouped according to insurance status and type of bank................ 96

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

U. S. and other areas), December 31, 1953

Banks grouped by district and State................................................................ 98

107. Assets and liabilities of operating insured banks in the United States

(continental U. S. and other areas), December 31, 1953, June 30, 1953,

and December 31, 1952.......................................................................................... 100

E a r n in g s, e x p e n s e s, a n d d iv id e n d s of in su r e d b a n k s :

Explanatory note..................................................................................................................... 104

108. Earnings, expenses, and dividends of insured commercial banks in the

United States (continental U. S. and other areas), 1945-1953........... 106

109. Ratios of earnings, expenses, and dividends of insured commercial banks

in the United States (continental U. S. and other areas), 1945-1953.. 108

110. Earnings, expenses, and dividends of insured commercial banks in the

United States (continental U. S. and other areas), 1953

By class of bank.................................................................................................... 110

111. Ratios of earnings, expenses, and dividends of insured commercial banks

in the United States (continental U. S. and other areas), 1953

By class of bank.................................................................................................... 112

112. Earnings, expenses, and dividends of insured commercial banks operating

throughout 1953 in the United States (continental U. S. and other areas)

Banks grouped according to amount of deposits........................................... 114

113. Ratios of earnings, expenses, and dividends of insured commercial banks

operating throughout 1953 in the United States (continental U. S. and

other areas)

Banks grouped according to amount of deposits........................................... 116

114. Earnings, expenses, and dividends of insured commercial banks in the

United States (continental U. S. and other areas), by State, 1953.. 118

115. Income, expenses, and dividends of insured mutual savings banks, 1953.. 128

116. Ratios of income, expenses, and dividends of insured mutual savings

banks, 1953........................................................... ..................................................... 129

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D e p o s it in s u r a n c e d is b u r s e m e n t s:

Explanatory note....................................... ..................... ............................ ......................... 130

117. Disbursements, deposits, and depositors in insured banks financially aided

by the Federal Deposit Insurance Corporation, 1934-1953

Banks grouped by class of bank, year of receivership or absorption,

amount of deposits, and State........................................................................ 132

118. Assets and liabilities of insured banks placed in receivership and of insured banks absorbed with the financial aid of the Federal Deposit

Insurance Corporation, 1934-1953

As shown by books of bank at date of closing................................................ 134

119. Name, location, Federal Deposit Insurance Corporation disbursement,

and assets and liabilities of insured banks absorbed with the financial

aid of the Corporation during 1953................................................................... 135

120. Recoveries and losses by the Federal Deposit Insurance Corporation in

connection with insured banks financially aided by the Corporation,

1934-1953

As shown by books of FDIC, December 81, 1953........................................ 136

LIST OF TABLBS Xiii

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Federal Reserve Bank of St. Louis
SUMMARY

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

The Federal Deposit Insurance Corporation provides each insured 

depositor with protection up to $10,000 against loss due to bank failure. 

At the end of 1953, depositors in 94 percent of all banks in the nation 

were thus insured. About 98 percent of the deposit accounts in insured 

banks are fully protected. (Pp. 3-4).

During 1953 the Corporation disbursed $5 million to make possible 

the assumption, by other insured banks, of the deposit liabilities of two 

banks in financial difficulties. In the twenty years of deposit insurance, 

1934 through 1953, the Corporation disbursed approximately $280 

million to protect depositors of 422 financially distressed banks. Ninetenths of the disbursements have been recovered by the Corporation. 

(Pp. 7-8).

On December 31, 1953, the assets of the Federal Deposit Insurance 

Corporation amounted to $1,537 million, its liabilities to $86 million, 

and its deposit insurance fund to $1,451 million. From its income of 

$173 million during 1953, the Corporation provided for expenses and 

losses of $8 million, added $87 million to the deposit insurance fund, 

and credited $78 million to insured banks for use in paying assessments 

becoming due in 1954. (Pp. 16-19).

At the end of the year all banks in the United States held assets of 

$221 billion and deposits of $202 billion. Each of these magnitudes had 

increased by a little less than 3 percent during 1953. Most of the asset 

growth was in loans, and most of the deposit growth was in time deposits. 

The growth rate of mutual savings banks was markedly greater than 

that of commercial banks. (Pp. 25-32).

Of the total income received by insured banks in 1953, 56 percent 

was derived from loans and a little less than one-fourth from United 

States Government obligations. Income of insured commercial banks 

was 11 percent greater than in 1952, due primarily to increased rates of 

return on assets. Income of insured mutual savings banks was up 9 

percent, due chiefly to the larger amounts of assets held by these banks. 

(Pp. 33-42).

An analysis of bank-obligation insurance systems in six States prior 

to 1866 shows that three of the systems were fully successful and two 

were partially successful. The other one failed in a nationwide depression 

that occurred during its early years of operation. Methods used to 

provide protection for bank creditors in these systems were similar to 

those which have been or may be used by the Federal Deposit Insurance 

Corporation. (Pp. 45-59).

xvii

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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 e p o s it I n s u r a n c e C o v e r a g e

The Federal Deposit Insurance Corporation protects insured depositors 

against loss due to bank failure. Deposit insurance is limited to $10,000 

per depositor in each insured bank. This protection not only prevents or 

reduces losses to individual depositors, but also strengthens confidence 

in the safety of the banking system and thus contributes to a prosperous 

economy.

Protection afforded individual depositors. Insurance up to $10,000

applies to the combined total of all deposits maintained by a depositor 

in the same right and capacity in each insured bank. Deposits maintained 

in different rights or capacities are separately insured. For example, a 

joint deposit with right of survivorship is insured separately from the 

individually owned funds of either joint owner. Deposits of a partnership 

are insured separately from the deposits of each of the partners. 

Deposits of a depositor as trustee, guardian, or in some other fiduciary 

capacity, are insured separately from his individually owned deposits 

or from his deposits in a different capacity. Where an insured bank acts 

in a fiduciary capacity the funds of each trust estate held by the bank 

are insured separately from the deposits of the owners of the trust funds 

or the beneficiaries of the trust estates. Each officer, employee, or agent 

of a governmental unit having custody of public funds and depositing 

them in an insured bank is entitled to insurance up to $10,000 on such 

deposits maintained by him in the same right and capacity. Deposits 

of public funds maintained by such an officer, employee, or agent in 

different rights or capacities are likewise separately insured.

The Corporation requires insured banks to report their deposits 

classified by size of account only at intervals of several years. The last 

call for such information was made on September 19, 1951. On that 

date 98 percent of all deposit accounts in insured banks did not exceed 

$10,000. All such accounts were therefore fully protected by insurance, 

except for those which in combination with other accounts maintained 

in the same right and capacity by the same depositor in a given bank 

totaled more than $10,000. However, the relatively few accounts exceeding $10,000 contained almost half of the deposits in insured banks. 

Experience has indicated that the percentages of accounts fully insured 

and of total deposits which are insured change only gradually.

Though depositors whose accounts in an insured bank exceed $10,000 

are not fully protected, those portions of deposits which are in excess 

of $10,000 are nevertheless afforded some degree of safety by the existence

3

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

of deposit insurance. This is true because of the effect of deposit insurance 

in reducing the likelihood and severity of runs on banks. Also, under 

conditions specified by law the Federal Deposit Insurance Corporation 

may act to avert receivership of an insured bank which is in financial 

difficulty. When such action is taken even deposits in excess of $10,000 

are fully protected.

Participation in deposit insurance. Federal deposit insurance 

applies to national banks and State banks of deposit which are members 

of the Federal Reserve System, and to nonmember national and State 

banks of deposit which have applied for insurance and have met the 

requirements of law for admission to insurance. Insurance applies both 

to commercial banks and to savings banks. At the end of 1953 there 

were 13,651 insured banks, comprising 94.2 percent of the 14,492 banks 

of deposit in the continental United States and other areas. Table 1 shows 

the number of operating banks grouped by type of bank and insurance 

status, as of December 31, 1953.

T a b le 1. N u m b e r of O p e r a t in g B a n k s in th e U n ite d States

(C o n t in e n t a l U. S. an d Ot h e r A r e a s ), D e c e m b e r 31, 1953

Type of bank

Number of banks Percentage—

Total Insured Noninsured Insured Noninsured

All banks............................................ 14,552 13,651 901 93.8% 6.2%

Banks of deposit.................................

Commercial.......................................

Mutual savings.................................

14,492

13,96k

528

13,651 

13, US 2

219

841

532

309

94.2

96.2

U .5

5.8

3.8

58.5

Trust companies not regularly engaged in deposit banking................ 60 60 100.0

The number of insured banks increased by six during the year, and 

the number of offices at which insured banks and their branches did 

business increased by 390. The more rapid increase in banking offices 

than in number of insured banks was due chiefly to the opening of 307 

new branches and to absorption of 95 banks which continued to operate 

as branches of the absorbing banks. The tendency toward expansion 

of branch banking was especially evident in Pennsylvania, Ohio, 

Michigan, and New York. The number of noninsured banks of deposit 

decreased by 66 during 1953.

Chart A shows the percentage of banks of deposit in each State which 

were insured at the end of 1953. In 11 States and the District of Columbia 

all banks regularly engaged in deposit banking were insured, and in 

25 other States 95 percent or more of the banks were insured. Only in 

five States, all in New England, was the proportion of banks insured less 

than three-fourths. In those States relatively large numbers of mutual 

savings banks do not participate in Federal deposit insurance.

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Federal Reserve Bank of St. Louis
DEPOSIT INSURANCE COVERAGE 5

C h art A . P e r c e n t a g e of B a n k s of D e po sit in E ach St a t e W h ich W e r e

I n su r e d , D e c e m b e r 31, 1953

T h e D e p o s it I n s u r a n c e F u n d

Nature of the fund. Nearly three years ago the Federal Deposit 

Insurance Corporation completed repayment, with interest, of its capital 

stock originally subscribed by the United States Treasury and the Federal 

Reserve banks. The Corporation now has no capital stock, the whole 

excess of its assets over its liabilities being, therefore, of the character 

traditionally called surplus in business accounting. This surplus of the 

Corporation represents the resources which the Corporation holds 

available to fulfil its deposit insurance obligations, and for this reason 

it has been labeled the “ deposit insurance fund.”

Sources of the fund. The deposit insurance fund has been built 

up from two sources: (1) assessments paid to the Corporation by insured 

banks, and (2) earnings from the assets of the Corporation.

Assessments are paid semiannually by all insured banks, at an annual 

rate of one-twelfth of one percent of total deposits. In recent years, 

however, the net cost of insurance to the banks has been less than half 

this amount. This is due to the procedure established by the Federal 

Deposit Insurance Act of 1950, under which a portion of the assessments 

payable during a given year are credited by the Corporation against 

assessments becoming due in the following year, provided that the loss 

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6 FEDERAL DEPOSIT INSURANCE CORPORATION

formation regarding the assessment credit is given in the section of this 

report on financial statements of the Corporation.

In recent years more than 99 percent of the Corporation’s assets have 

been United States Government securities. Interest earned on these 

securities is a substantial source of additions to the deposit insurance 

fund. Since the initiation of the assessment credit procedure, interest 

earned on the Corporation’s assets has constituted approximately onethird of its total income after deduction of the credits.

Growth and size o f the fund. The above sources of funds have 

provided more than enough to meet deposit insurance obligations in 

each year during which the Corporation has operated. Hence there has 

occurred an annual growth in the deposit insurance fund, except in 

1947 when the bulk of the capital stock of the Corporation was repaid. 

Chart B shows the amount of the deposit insurance fund at the end of 

each year from 1933 to 1953.

Chart B. T he D epo s it I n su r a n c e F u n d , D e c e m b e r 31, 1933-1953

MILLIONS OF OOLLARS

1500-----------------------

1933 1934 1935 1936 1937 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 IS52 1953

On December 31, 1953, the deposit insurance fund was $1,451 million. 

Preliminary estimates of deposits indicate that the fund was on that 

date %qual to 0.7?) percent of the total deposits of insured banks and 

to 1.30 percent of estimated insured deposits. The movements in these 

ratios over the period since Federal deposit insurance began are illustrated 

in Chart C.

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Federal Reserve Bank of St. Louis
2®e«afcer 28, 1954

& am m u * TO: Mr. C«mr

Mr*

Mr. UMrtmrton

Mr. ?ot&toa

Mr* SUxs&ogi 

Mr* Werlick

Mr . C&aNMmell.

Mr. McfcVoy

FJDUj Mr. Goisrabc*

iiUBJjECT: Deposit iasuruace ftmd percentages

Bsr. Crwer ha@ r©©M©t®& that it be tarou^fct to

i'our atte&iioa that oa Seeesber 31, 1953 th® deposit lagiOTiig# ftniil we& 0*75 psresa* of totfcX teposits in lu titd 

bm&ii ttod 1*36 p w M t o f sstlBBl^ed ixurunA cUsp09lt&*

2;©se percent&gpa ttJOtsM toe mod isa place of those feeused

oa preHaiaery ©stissates aa& show on page 6 of the 1953

iiaaml Beport.

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Federal Reserve Bank of St. Louis
THE DEPOSIT INSURANCE FUND 7

Chart C. R a t io s o f D e p o s it I n s u r a n c e F u n d t o T o t a l a n d I n s u r e d 

D e p o s its , A ll I n s u r e d B a n k s, M id -Y e a r a n d Y e a r E n d , 1934-1953

Borrowing power of the Corporation. Under the provisions of the 

Federal Deposit Insurance Act the Corporation is authorized to borrow 

from the Federal Treasury, and the Secretary of the Treasury is directed 

to lend, up to $3 billion if needed by the Corporation for insurance 

purposes. This borrowing power has never been used, but its existence 

provides additional assurance that the deposit insurance commitment 

will be fulfilled under all circumstances.

A c t io n t o P r o t e c t D e p o s it o r s i n F a il i n g B a n k s

Disbursements for protection of depositors in 1953. Disbursements 

by the Corporation were necessary for protection of depositors in two 

insured banks during 1953. In each of these cases the Corporation 

acted under Section 13(e) of the Federal Deposit Insurance Act to 

facilitate absorption of the threatened bank by another insured bank. 

Section 13(e) permits this procedure when in the judgment of the Board 

of Directors it will reduce the risk or avert a threatened loss to the 

Corporation. It is one of several processes, authorized in the law for 

use in specified circumstances, that have the incidental effect of protecting against loss even those deposits which are in excess of $10,000 

for each depositor.

In the case of each bank aided in 1953 the Corporation purchased 

from the distressed bank those assets which were not acceptable for acDigitized for FRASER 

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

quisition by the assuming bank, paying to the distressed bank cash 

equal to the difference between the acceptable assets and the deposit 

liabilities on its books. The absorbing bank then took over these deposit 

liabilities and an equal amount of acceptable assets, including the cash 

provided by the Corporation. The Corporation assumed all other liabilities of the distressed bank, and took over its unacceptable assets for 

liquidation. Collections will be applied toward recovery of advances 

for protection of the assets made subsequent to their acquisition, liquidation expenses, the principal disbursement of the Corporation for protection 

of depositors, and allowable return to the Corporation on that disbursement at the contractual rate of four percent. In fany such case if collections 

exceed the amounts required for these purposes, the excess is paid over 

to the stockholders of the absorbed bank.

The two banks to which the Corporation made disbursements in 

1953 had deposits totaling $18.3 million, in 24,469 accounts. The cash 

provided by the Corporation amounted to $5.0 million.

In one of the banks aided, the Mayfield State Bank, Mayfield, 

Pennsylvania, difficulties arose from a kiting operation carried on in 

collusion with a bank officer. In the other case, the First State Bank of 

Elmwood Park, Illinois, the bank had passed into control of a corporation 

engaged in the small loan business and had made a large unsecured loan 

to that corporation and also purchased from it without recourse large 

amounts of notes of questionable value. The bank was closed by the 

State supervisory authority “for examination and adjustment,” but 

was not placed in receivership. Being unable to make required corrections, 

the bank applied to the Federal Deposit Insurance Corporation for 

financial aid to facilitate its absorption by a successor bank.

Disbursements for protection of depositors, 1934-1953. From 

the beginning of deposit insurance to the end of 1953 the Corporation 

made disbursements to protect depositors of 422 banks, of which 245 

were placed in receivership and 177 absorbed by other insured banks. 

The latest receivership case occurred in 1944. The banks aided by the 

Corporation had approximately 1.4 million deposit accounts and total 

deposits of about $559 million. Disbursements by the Corporation for 

protection of depositors in these banks were about $280 million, exclusive of expenses incurred in paying depositors of closed banks, liquidation expenses, and advances for protection of assets. Liquidation of the 

assets acquired by the Corporation in aiding banks has resulted in 

recovery of more than 89 percent of these principal disbursements.

Statistics concerning the historical experience of the Corporation in 

aiding failing banks, the number of depositors and amount of deposits 

in such banks, and the results of liquidations are given in Part Five of 

this report, Tables 117-120.

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Federal Reserve Bank of St. Louis
SUPERVISORY ACTIVITIES 9

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

Applications from banks. The Corporation must act each year 

upon applications for insurance submitted by new or operating noninsured 

banks, and also upon proposals submitted by insured banks on matters 

which require approval of the Board of Directors. Preliminary negotiations, usually between the bank and the Corporation's examination 

staff, result in the elimination or revision of many applications, so 

that most of the applications acted upon by the Board of Directors are 

approved.

Table 2. A pp lic a tio n s A cted u po n b y th e B o ard o f D ir e c t o r s o f th e

F e d e r a l D epo s it I n su r a n c e C o r po r a t io n d u r in g 1953

Type of application

Total

acted

upon

Approved Disapproved

All applications............................................................................. 566 525 411

Admission to insurance—total....................................................... 115 101 141

New banks..................................................................................... 65 51 U 1

Operating banks............................................................................ 50 50

Termination of insurance of banks having only trust powers. .. 2 2

Change in corp orate powers—total............................................... 12 9 3

To engage in trust business.......................................................... 11 8 3

To accept demand deposits........................................................... 1 1

Assumption of deposit liabilities—total........................................ 21 21

Of another insured bank............................................................... 1U lb

Of a noninsured bank................................................................... 3 3

Of a financial in stitution not a bank........................................... u U

Establishment of branches—total.................................................. 122 109 13

New branch offices......................................................................... 106 93 13

Replacing head office relocated..................................................... 1 1

Conversion of absorbed bank or financial institution................... 15 15

Continuance of operation of branches—total............................... 6 6

Upon admission to insurance...................................................... 3 3

Of absorbed or predecessor bank................................................... 3 3

Change of location of offices—total.............................................. 125 125

Main offices................................................................................... 89 89

Branches....................................................................................... 36 36

Retirement of capital—total.......................................................... 103 95 8

Held by Reconstruction Finance Corporation.............................. U6 us S

Held by others............................................................................... 57 52 5

Other capital adjustments.............................................................. 56 56

Service as director, officer, or employee of person convicted of

offense involving dishonesty or breach of trust.................... 4 1 3

1 Excludes one disapproval changed to approval by action of the Board of Directors later in the year.

During 1953 the Board of Directors acted upon 566 applications, of 

which 115 were applications for insurance and 451 were other proposals 

by insured banks to take actions requiring prior approval of the Corporation. Of the 566 applications only 41 were disapproved by the Board. 

Further details as to the nature and disposition of applications are given 

in Table 2.

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10 FEDERAL DEPOSIT INSURANCE CORPORATION

State banks of deposit which are not members of the Federal Reserve 

System may be admitted to insurance only upon approval of their application for insurance by the Board of Directors of this Corporation. 

However, not all banks so admitted are opened in the year of approval, 

and in a few cases banks alter their plans or fail to meet conditions 

specified by the Corporation. Banks chartered as national banks in any 

State or the District of Columbia, and State banks of deposit which 

are admitted to the Federal Reserve System, become insured without 

application to the Corporation. National banks which are not members 

of the Federal Reserve System may become insured upon application 

by the bank and certification by the Comptroller of the Currency. For 

these reasons the number of applications for insurance which are approved 

during a year differs from the number of banks actually admitted to 

insurance during the year.

Approval of the Federal Deposit Insurance Corporation must be 

obtained before an insured bank may merge or consolidate with, assume 

liabilities of, or transfer its liabilities and equivalent assets to, any 

noninsured bank or institution. These requirements apply to all insured 

banks whether chartered by the Federal Government or by the States. 

There are also a number of actions which require approval of the Comptroller of the Currency in the case of national banks, of the Board of 

Governors of the Federal Reserve System in the case of State member 

banks, and of the Federal Deposit Insurance Corporation only in the case 

of insured State banks not members of the Federal Reserve System. These 

include establishment of branches, changes of corporate powers, relocation of banking offices, and certain other actions. As shown in Table 2, 

most of the applications from insured banks which were acted upon by 

the Board of Directors in 1953 were for permission to establish new 

branches, to relocate banking offices, or to retire capital.

Bank examinations. Insured State banks which are not members 

of the Federal Reserve System are regularly examined by the Federal 

Deposit Insurance Corporation. State banks which are members of the 

Federal Reserve System are examined by the Federal Reserve banks, 

and national banks are examined by the Office of the Comptroller of the 

Currency. The Federal Deposit Insurance Corporation reviews examination reports on all insured banks, including those prepared by examiners 

of the Federal Reserve banks or the Office of the Comptroller of the 

Currency.

The Corporation gives particular attention to those banks in which 

regular examinations reveal existence of special problems or unsound 

conditions. Such banks are examined at frequent intervals until necessary 

corrections have been made. These and other special-purpose examinations are given priority, but the Corporation also seeks in so far as

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SUPERVISORY ACTIVITIES 11

possible to make at least one regular examination per year of each insured 

State bank which is not a member of the Federal Reserve System. The 

number of examinations and investigations of various kinds conducted 

by the Corporation in 1953, and the number of examination reports 

reviewed by its Washington staff, are given in Table 3.

Table 3. B a n k E x a m in a t io n A c t iv it ie s o f th e

F e d e r a l D e p o s it I n su r a n c e C o r po r a t io n in 1953

Examination activity Number

Bank examinations—total................................................................................................... 6,956

6,737

168

53

255

137

118

15,776

5,187

1,891

8,698

Regular examinations of insured banks not members of Federal Reserve System.........

Special examinations..............................................................................................................

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

Investigations—total..............................................................................................................

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

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

Reviews 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......................................................

Citations for unsafe and unsound banking practices. Except 

in unusual cases unsafe and unsound banking practices are corrected by 

normal supervisory processes. In those occasional cases where an insured 

bank continues to engage in unsafe or unsound practices or violations 

of law or regulations, the Board of Directors is required by law to submit 

to the appropriate supervisory authority and to the bank a statement 

with respect to such practices for the purpose of obtaining necessary 

corrections. If these corrections are not made within the period of time 

allowed, the Board of Directors may, under provisions of the Federal 

Deposit Insurance Act, give notice of intention to terminate the insured 

status of the bank. After affording the bank opportunity for a hearing, 

the Board may in its discretion terminate the insured status of the bank 

and require that the bank notify its depositors of such termination. 

After termination of insurance in this manner no new deposits in the 

bank are insured, but the insured deposits of each depositor on the date 

of termination, less any subsequent withdrawals, continue to be insured 

for two years.

During 1953 the Board of Directors brought charges of unsafe and 

unsound practices against five insured banks. The practices and violations 

cited by the Board are given in Table 4. It must be noted that the detailed 

citations vary in form from case to case. Hence a practice specified in 

one case may in other cases have been unspecified although implicit in 

a broader charge. One of the five banks cited for unsafe and unsound 

practices during the year was the First State Bank of Elmwood Park, 

Illinois. This bank, as earlier noted, was subsequently absorbed by a 

successor bank with the financial aid of the Federal Deposit Insurance

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12 FEDERAL DEPOSIT INSURANCE CORPORATION

Corporation. In the cases of the other four banks cited during 1953, 

action was being deferred at the end of the year pending results of correction programs, re-examination, or analysis of report of re-examination.

Table 4. U n sa f e o r U n sound B a n k in g P r a c t ic e s an d V io l a t io n s of

L a w C h ar g e d a g a in s t F iv e B a n k s b y th e C o r po r a t io n d u r in g 1953

Type of practice or violation

Number 

of banks 

charged

Case

identification

letters

Capital:

Inadequate capital relative to liabilities or to amount and quality of

assets........................................................................................................... 5 a b c d e

Impaired capital accounts............................................................................ 3 c d e

Management and general practices:

Weak or hazardous management................................................................ 4 a c d e

Self-serving management.............................................................................. 5 a b c d e

Self-dealing through preferential treatment of affiliated companies........ 3 b e d

Unwarranted and excessive pay-roll, other expenditures, and dividends. . 1 a

Insufficient and inaccurate records............................................................. 1 a

Failure to observe confidentiality of examination reports........................ 1 a

Failure to comply with corrective recommendations of supervisory

authority and/or examiners of the Corporation..................................... 4 a c d e

Deposits:

Honoring checks against uncollected funds................................................ 2 c d

Solicitation of funds outside normal trade area and payment of interest

thereon at a rate not supportable by local loans and investments. . . . 1 b

Loans:

Lax lending policies...................................................................................... 5 a b c d e

Inadequate security on loans....................................................................... 2 a b

Inadequate credit information..................................................................... 4 abed

Making of excessive loans............................................................................ 1 d

Excessive “ loss” “ doubtful,” and “ substandard” assets........................... 4 abed

Undue concentration in consumer instalment loans.................................. 1 b

Lax collection policies or excessive overdue loans..................................... 5 a b c d e

Violations of law and regulations:

Extensions of credit in excess of statutory limitations............................. 3 b e d

Failure of member bank to make proper reports of borrowings.............. 1 d

Carrying shares of bank’s own stock.......................................................... 1 d

Exceeding limits on deposits with another bank....................................... 1 d

Loans to officers............................................................................................ 1 d

Failure to display deposit insurance signs.................................................. 1 d

Permitting unspecified violations................................................................ 1 e

Since 1935, when the Corporation was given authority to terminate 

the insurance of banks which continue to engage in unsafe or unsound 

practices or violations of law or regulations, a total of 152 banks have 

been charged with such practices and violations. Table 5 shows the 

disposition or status of these cases, including separate data for cases 

which were pending at the beginning of 1953 and those initiated during 

the year.

Reports from banks. Insured State banks not members of the Federal 

Reserve System, other than those in the District of Columbia, were 

required to report their assets, liabilities, and capital accounts to the 

Corporation as of June 30 and December 31, 1953. Summaries of corresponding data for other insured banks were furnished to the Corporation 

by the Federal agencies to which those banks made reports. Through 

the cooperation of State banking authorities and of officials of banking

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SUPERVISORY ACTIVITIES 13

institutions not under State or Federal supervision, mostly unincorporated 

banks, the Corporation obtained, as of June 30 and December 31, reports 

of assets and liabilities of noninsured banks and trust companies which 

do not file reports with a Federal agency. The insured banks also submitted to the respective Federal agencies statements of their earnings, 

expenses, and disposition of profits for the calendar year 1953.

The data on assets, liabilities, and capital, and those on earnings

and expenses, are reported and discussed in Parts Two and Five of this 

report.

T a b le 5. A c tio n s to T e r m in a t e I n s u r e d St a t u s o f B a n k s C h a r g e d

w it h E n g a g in g in U n s a f e or U n s o u n d P r a c tic e s o r V io l a t io n s

o f L a w or R e g u l a t io n s, 1936-1953

Disposition or status 1936-19531

Pending 

beginning 

of 1953

Started

during

1953

Total banks against which action was taken....................... 152 3 5

Cases closed:

Corrections made......................................................................... 38 2

Banks absorbed or succeeded by other banks.......................... 67 1

With financial aid of the Corporation...................................... 62 1

Without financial aid of the Corporation................................. 5

Banks suspended prior to setting date of termination of 

insured status by Corporation............................................ 32

Insured status terminated, or date for such termination set 

by Corporation, for failure to make corrections............. 10

Banks suspended prior to or on date of termination of insured

status...................................................................................... 7

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

Cases not closed December 31, 1953: Action deferred pending 

results of correction program, re-examination, or analysis 

of report of re-examination................................................. 5 1 4

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.

Back data: See the Annual Report of the Corporation for 1952, p. 15, and earlier reports.

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

No legislation directly affecting the Federal Deposit Insurance Corporation was enacted during 1953 by the Congress or the State legislatures. A summary of 1953 legislation pertinent to insured banks appears 

in Part Four of this Report.

O r g a n iz a t io n a n d P e r s o n n e l

Directors. Mr. H. E. Cook, a member of the Board of Directors 

since 1947, became its Chairman on May 10, 1953. Mr. Maple T. Harl, 

former Chairman, continues as a Director. The Comptroller of the 

Currency is ex officio a member of the Board of Directors of the Corporation. This office has been held since April 16, 1953, by Mr. Ray M. 

Gidney. Until February 15, 1953, it was held by Mr. Preston Delano.

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Federal Reserve Bank of St. Louis
14 f e d e r a l d e p o s it in s u r a n c e c o r p o r a t io n

In the interval between Mr. Delano’s resignation as Comptroller of the 

Currency and Mr. Gidney’s appointment, Mr. L. A. Jennings, Acting 

Comptroller of the Currency, was a member of the Board of Directors 

of the Corporation.

Organization of the Corporation. Effective August 17, 1953, the 

organization of the Corporation was altered in some respects. The 

resulting structure is that shown by the organization chart on page iv. 

Names of Corporation officials are given on page v.

In addition to its headquarters in Washington the Corporation maintains offices in each of its twelve districts. These offices are part of the 

Division of Examination of the Corporation, and each is under the 

direction of a Supervising Examiner. Names of the Supervising Examiners 

and locations of the District Offices are given on pages vi and vii. As 

their duties require, representatives of the Division of Liquidation and 

the Audit Division temporarily establish offices in the field.

Number of employees. At the end of 1953 the Corporation had

1,028 employees, almost three-fourths of whom were members of the 

Division of Examination. The number of employees working in each 

of the divisions of the Corporation is given in Table 6.

T a b le 6 . N u m b e r o f O f f i c e r s a n d E m p lo y e e s o f t h e F e d e r a l D e p o s it 

I n s u r a n c e C o r p o r a t io n , D e c e m b e r 31, 1953

Division Total Washington

office

District 

and 

field offices

T ota l........................................................................................... 1,028

3

286 742

Directors................................................................................. 3

Executive offices..................................................................... 16 16

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

Division of Examination....................................................... 737 43 694

Division of Liquidation.........................................................

Division of Research and Statistics.....................................

40

! 42

25

42

15

Audit Division........................................................................

Office of the Controller..........................................................

i 44 

j 127

11

127

33

Health and safety. The hospitalization, surgical, and in-hospital 

medical benefits program established for Corporation employees has 

completed its first year of operation. Under this program uniform benefits 

are provided for employees in all parts of the nation, through arrangements with local associations. Approximately 98 percent of the Corporation’s employees participate in the plan, which is available to all 

regular personnel who have completed ninety days’ service. The premiums 

for employees are paid by the Corporation. Coverage is also available 

to families of employees, with premiums paid by employees through 

payroll deductions. Approximately half of the participating employees 

purchase such family protection.

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ORGANIZATION AND PERSONNEL 15

Statistics published in 1953 by the Bureau of Employees’ Compensation 

of the United States Department of Labor showed that the safety record 

of the Corporation continued to be excellent. This record was achieved 

despite the large amount of travel under all weather conditions which 

is required of the Corporation’s bank examiners.

Turnover of field bank examiners. From an average employment 

of field bank examiners of 544, there were 78 such employees who left 

the service of the Corporation during 1953, giving a turnover ratio of 14.3 

per 100. Approximately half of the field examiners who left the Corporation did so to accept positions with banks or State banking departments.

Educational program for examiners. Since 1946 the Division of 

Examination has carried on an educational program for its members, 

seeking to obtain for the Corporation the benefits of better trained 

personnel. This program consists primarily of correspondence courses 

given by the American Institute of Banking, but also includes evening 

courses offered by local chapters of the Institute, colleges, or universities, 

plus special graduate courses at three universities. Costs of courses taken 

with the American Institute of Banking and of the special graduate 

courses are paid by the Corporation.

Each year a limited number of examiners who have qualified by prior 

educational work participate in the special graduate programs. These 

are given by The Graduate School of Banking at Rutgers University 

sponsored by the American Bankers Association, the School of Banking 

at the University of Wisconsin sponsored by the Central States Conference of Bankers Associations, and the School of Consumer Banking 

conducted by the Consumer Bankers Association at the University of 

Virginia. The programs combine resident and correspondence study. 

Three summer resident sessions, each of two weeks’ duration, and two 

years of intensive nonresident study are required for completion.

Results of the educational program since its inception, and statistics 

of enrollment and completions for 1953, are presented in Table 7.

Table 7. R esu lts of t h e C o r p o r a t io n ’s E d u c a tio n a l P ro g r a m

fo r E x a m in e r s , 1946-1953

Activity 1946-1953 1953

Educational courses completed............................................................................ 1,456 211

American Institute of Banking Certificates received:

Pre-Standard..................................................................................................... 98 6

Standard............................................................................................................. 51 2

Graduate............................................................................................................ 10 1

Graduate banking school diplomas received...................................................... 67 15

Enrollment, end of year:

All educational courses..................................................................................... 396

Graduate banking schools................................................................................ 48

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16 FEDERAL DEPOSIT INSURANCE CORPORATION

F i n a n c ia l S t a t e m e n t s o f t h e C o r p o r a t io n

Assets and liabilities. The statement of assets and liabilities of the 

Corporation at the end of 1953 is presented in Table 8. At that time 

the Corporation held total assets of $1,537 million, of which $1,531 

million consisted of United States Government securities and accrued 

interest on such securities. Cash, assets acquired through bank suspensions and absorptions, and miscellaneous assets made up the remaining $6 million. United States Government securities and accrued 

interest thus constituted 99.6 percent of the Corporation's assets, and 

all other assets only 0.4 percent.

T a b le 8. A ssets an d L ia b il it ie s of th e F e d e r a l D e p o s it I n su r a n c e

C o r p o r a t io n , D e c e m b e r 31, 1953

ASSETS

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

U. S. Government securities at cost (market or redemption 

value, $1,522,965,656):

Special U. S. Treasury notes....................................................

U. S. Treasury bonds................................................................

Accrued interest receivable.

Assets acquired through bank suspensions and absorptions: 

Equity in assets purchased from merged insured banks... 

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

Less—Reserve for losses.

Deferred charges and sundry assets. 

Furniture, fixtures, and equipment.

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

LIABILITIES1

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

Earnest money, escrow funds, and collections held for others.

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

Due insured banks:

Net assessment income credits available July 1, 1954.........

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

Deferred credits............................................ ..........

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

DEPOSIT INSURANCE FUND

Fund2 (see Table 9 )......................... ......................

Total liabilities and fu n d ............

$ 813,300,000 

712,908,213

$1,526,208,213

4,338,999

$ 3,683,087

771,771

$ 4,454,858

2,351,380

78,502,075

5,872,325

3,981,056

1,530,547,212

117,5461

$1,536,749,293

438,511

364,645

886,940

84,374,400

1,030

$ 86,065,526

1,450,683,767

$1,536,749,293

1 Capital stock has been retired by payments to the U. S. Treasury in accordance with the provisions of Public Laws 363 and 813, 80th Congress, approved August 5, 1947, and June 29, 1948, 

respectively.

a The Deposit Insurance Fund represents the cumulative net income (surplus) of the Corporation 

from its inception to December 31, 1953. For the protection of depositors, in addition to this fund, 

the Corporation is authorized to borrow up to three billion dollars from the U. S. Treasury when in the 

judgment of the Board of Directors such funds are required for insurance purposes.

Liabilities of the Corporation at the end of 1953 amounted to $86 

million. Eighty-four million dollars of this total was indebtedness to 

insured banks, mostly representing net assessment income credits to

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FINANCIAL STATEMENTS OF THE CORPORATION 17

become available July 1, 1954, for use in paying assessments. These 

credits were based upon 1953 assessments, and were determined in a 

manner to be described below.

The excess of the Corporation’s assets over its liabilities at the end 

of 1953 was $1,451 million, which constituted the deposit insurance 

fund on that date.

T a b le 9 . In co m e a n d E x p e n s e s o f t h e F e d e r a l D e p o s it I n s u r a n c e 

C o r p o r a t io n a n d C h a n g e in t h e D e p o s it I n s u r a n c e F u n d 

f o r t h e Y e a r E n d e d D e c e m b e r 31, 1953

INCOME AND EXPENSES

Net income for the year ended December 31, 1953:

Income:

Deposit insurance assessments.............................................

Interest on U. S. Government securities.............................

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

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

Expense^ and losses:

Administrative and operating expenses (see Table 10)... .

Provision for insurance losses...............................................

Other insurance losses............................................................

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

Net income before deduction of net assessment income

credit due insured banks...................................................

Net assessment income credit due insured banks (see Table 

11).......................................................................................

Net income (addition to the deposit insurance fund)

for the year ended December 31, 1953.......................

DEPOSIT INSURANCE FUND

Deposit insurance fund, December 31, 1952.......................

Adjustments applicable to periods prior to January 1, 1953 

(increasing the fund):

By reduction of reserve for insurance losses (net):

Established prior to 1950......................................................

Established since 1949...........................................................

By additional assessments (net)...............................

Balance December 31, 1952, as adjusted...............

Addition to the fund, net income for 1953 (as above) 

Deposit insurance fund, December 31, 19531.......

1 See note 2 of Table 8.

Income, expenses, and growth in the deposit insurance fund.

Table 9 is a statement of operations of the Corporation for 1953, giving 

the Corporation’s income and its expenses, losses, and credits to insured 

banks, and showing how the fund was increased by $87 million during 

the year. The major source of additions to the deposit insurance fund 

was assessments paid by insured banks. These constituted 80 percent 

of the income of the Corporation before taking account of net assessment 

income credits, and 64 percent of income after making these credits. 

Almost the whole of the remaining income of the Corporation consisted 

of interest earned on its holdings of United States Government securities.

$138,372,550

33,937,211

389,920

$ 172,699,681

7,270,791

298,379

15,001

7,584,171

$ 165,115,510

78,474,579

$ 86,640,931

$1,363,491,945

26,884

2,586

29,470

521,421 550,891

$1,364,042,836

86,640,931

$1,450,683,767

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18 FEDERAL DEPOSIT INSURANCE CORPORATION

T a b le 10. A d m in is tr a tiv e a n d O p e r a tin g E x p e n s e s o f t h e F e d e r a l D e p o s it 

I n s u r a n c e C o r p o r a t io n f o r t h e Y e a r E n d e d D e c e m b e r 31, 1953

Personal services.............................................................................................................

Travel..............................................................................................................................

Transportation of things...............................................................................................

Communication services................................................................................................

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

Printing and reproduction.............................................................................................

Supplies and material.....................................................................................................

Other contractual services.............................................................................................

Equipment......................................................................................................................

T otal................................................................................................................

Less:

Processing costs of Duplicating Section charged to other divisions and activities 

Recoverable expenses and other credits...................................................................

Total credits..................................................................................................

Net administrative and operating expenses.........................................................

,118,601

,319,858

10,470

55,629

394,926

88,111

49,553

204,588

57,874

$7,299,610

$ 27,718

1,101

$ 28,819

$7,270,791

Administrative and operating expenses of the Corporation during 

1953 were $7 million, absorbing 4.2 percent of total income. Table 10 

presents a breakdown of these expenses.

T a b le 11. D e te r m in a tio n o f N e t A ssessm en t In com e o f t h e 

F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n f o r 1953, an d 

D is t r ib u t io n o f N e t A ssessm en t In com e, D e c e m b e r 31, 1953

Determination of net assessment incom e for 1953: |j Total assessments which became due during the calendar 

year................................................................................. $138,372,550

Less:

Operating costs and expenses for the calendar year..........

Net additions to reserves to provide for insurance losses:

Provided in 1953................................................................

Adjustments to provisions made prior to 1953 (reduction) ...........................................................................

$ 298,379 

2,586

$ 7,270,791 

295,793

Insurance losses in excess of reserves................................... 15,001

Total deductions......................................................... $ 7,581,585

Net assessment income for 1953.............................................. $130,790,965

Distribution of net assessment incom e, December 31, 

1953:

Net assessment income for 1953:

40 percent transferred to deposit insurance fund...............

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

$ 52,316,386 

78,474,579

Total............................................................................ $130,790,965

Allocation of net assessment incom e credit am ong 

insured banks, December 31, 1953:

Credit for 1953...........................................................................

Adjustment of credits for 1950 to 1952, inclusive..................

$78,474,579

27,496

Percent of total 

assessments becoming due in 1953 

56.71% 

.02

Total............................................................................ $78,502,075 56.73%

Net assessment income credits to insured banks. Under provisions of the Federal Deposit Insurance Act of 1950 a portion of the 

“ net assessment income” of the Corporation for each year is credited 

against assessments becoming due from insured banks in the following 

year. The amount of these credits is determined in the following manner:

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From total assessments becoming due during the year are subtracted the 

operating costs and expenses of the Corporation for that year, including 

provision for insurance losses during the year, and losses from preceding 

years in excess of provided reserves. The result is defined as the net 

assessment income of the Corporation, of which 40 percent is added to 

the deposit insurance fund. The remaining 60 percent of the net assessment income becomes a credit to insured banks, and is allocated among 

the banks in proportion to their assessments which became due during 

the year.

T a b le 12. In com e a n d E x p e n s e s o f t h e F e d e r a l D e p o s it I n s u r a n c e 

C o r p o r a t io n , b y Y e a r s , fr o m B e g in n in g o f O p e ra tio n s , 

S e p te m b e r 11, 1933, t o D e c e m b e r 31, 1953,

A d ju s te d t o D e c e m b e r 31, 1953

(In millions)

Year

Income Expenses

Net 

income 

added to 

deposit 

insurance 

fund

Total

Deposit

insurance

assessments

Investments

and

other

sources

Total

Deposit

insurance

losses

and

expenses1

Interest

on

capital

stock

Administrative

and

operating

expenses2

1933-1953.. $1,650.7 $1,251.93 $398.8 $200.0 $28.2 $80.6 $91.26 $1,450.7

1953 94.7 60.48 34.3 7.5 .3 7.2 87.2

1952 88.3 56.83 31.5 7.6 .6 7.0 80.7

1951 83.6 54.03 29.6 7.2 .4 6.8 76.4

1950 84.7 54.1s 30.6 7.6 1.2 6.4 77.1

1949 150.7 122.2 28.5 6.4 .3 6.1 144.3

1948........ 146.8 119.3 27.5 7.4 .6 6.1 139.4

1947........ 157.7 114.4 43.3 10.4 4.8 5.5 147.3

1946 130.9 107.1 23.8 10.4 5.8 4.5 120.5

1945 , ,, 121.2 93.7 27.5 9.8 5.8 3.9 111.4

1944....... 99.5 80.9 18.6 9.7 5.8 3.8 89.8

1943 ,.. 86.7 70.0 16.7 10.3 .2 5.8 4.3 76.4

1942 .... 69.4 56.5 12.9 10.2 .5 5.8 3.9 59.2

1941 62.0 51.4 10.6 10.1 .6 5.8 3.7 51.9

1940 , ,, 55.9 46.2 9.7 13.6 4.2 5.8 3.6 42.3

1939........ 51.2 40.7 10.5 16.6 7.4 5.8 3.4 34.6

1938 .... 47.8 38.3 9.5 11.2 2.4 5.8 3.0 36.6

1937 48.1 38.8 9.3 12.0 3.5 5.8 2.7 36.1

1936 ,, 43.8 35.6 8.2 10.8 2.5 5.8 2.5 33.0

1935 , ., 20.7 11.5 9.2 11.2 2.7 5.8 2.7 9.5

1933-34.. 7.0 (4) 7.0 10.0 .3 5.6 4.15 -3.0«

1 Includes nonrecoverable expenses incurred pursuant to the insurance of deposits in closed insured 

banks.

2 Includes furniture, fixtures, and equipment charged off.

* Net after deducting portion of net assessment income credited to insured banks, pursuant to 

provisions of the Federal Deposit Insurance Act.

4 Assessments collected from insured banks, members of the temporary insurance funds, were credited 

to their accounts in total at the termination of the temporary funds, 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.

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

temporary insurance funds on June 30, 1934.

• Deduction.

The process of determination and distribution of net assessment 

income for 1953 is shown in Table 11. As there indicated, each insured 

bank has received a net assessment income credit, usable for payment 

of assessments in 1954, equal to 56.7 percent of its 1953 assessments.

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The comparable ratio has been between 56 percent and 57 percent 

in each year since the net assessment income credit procedure was 

instituted. This provision of the 1950 law has therefore reduced by more 

than half the net cost of deposit insurance to the banks.

Historical financial data. Table 12 summarizes the annual income 

and expenses of the Corporation since its beginning, and Table 13 its 

assets and liabilities at the end of each year. Some effects of the net 

assessment income credit provisions of the Federal Deposit Insurance 

Act of 1950 are evident from these tables: a marked reduction in deposit 

insurance assessments after assessment income credits, a reduced rate 

of growth in the deposit insurance fund, and an increase in liabilities 

of the Corporation by the amount of assessment income credits on its 

books at the close of each year. The comparatively moderate amount 

of deposit insurance losses since 1940 is indicated in Table 12, and the 

associated decrease in holdings of assets acquired through deposit insurance operations in Table 13.

T a b le 13. A s s e ts a n d L ia b ilit ie s o f t h e F e d e r a l D e p o s it I n s u r a n c e 

C o r p o r a t io n , D e c e m b e r 31, 1934-1953

(In millions)

Dec. 31 Cash

u. s.

Government

securities

Insurance

assets1

Other

assets

Total

assets Liabilities

Deposit

insurance

fund2

1953 $ 4.0 $1,530.5 $ 2.1 $ .1 $1,536.7 $86.0 $1,450.7

1952 .4 1,441.4 2.0 .2 1,444.0 80.5 1,363.5

1951 .... .7 1,356.3 3.0 .3 1,360.3 78.1 1,282.2

1950 2.4 1,309.5 2.3 .1 1,314.3 70.4 1,243.9

1949. 1.4 1,207.3 2.8 .2 1,211.7 7.8 1,203.9

1948 , , 2.3 1,066.0 3.6 .1 1,072.0 6.1 1,065.9

1947........ 4.6 1,022.5 3.6 .1 1,030.8 24.7 1,006.1

1946 7.3 1,047.7 5.6 .1 1,060.7 2.2 1,058.5

1945 15.7 900.0 15.1 .3 931.1 1.9 929.2

1944.. . 17.8 762.0 26.1 .3 806.2 1.9 804.3

1943 20.0 638.8 46.2 .5 705.5 2.4 703.1

1942 19.4 536.8 62.0 .5 618.7 1.8 616.9

1941 20.0 453.9 81.7 .1 555.7 2.2 553.5

1940 . 20.4 384.5 92.2 .1 497.2 1.2 496.0

1939 , 28.3 363.5 64.2 .1 456.1 3.4 452.7

1938 22.2 372.8 26.5 .1 421.6 1.1 420.5

1937 . .. 20.6 348.5 16.1 .1 385.3 2.2 383.1

1936 9.1 332.6 11.4 .1 353.2 9.8 343.4

1935 , 33.5 298.2 5.4 .1 337.2 31.2 306.0

1934 16.0 316.7 .5 .1 333.3 41.6 291.7

1 Assets acquired in protecting depositors and in facilitating termination of liquidations.

2 Designated capital and surplus in Annual Reports of the Corporation prior to 1950.

Audit. The Comptroller General of the United States makes an 

annual audit of the Corporation as directed by the Federal Deposit 

Insurance Act. The short form of the audit report for the year ended 

June 30, 1953, as furnished to the Corporation by the Comptroller 

General, is given in Table 14.

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FINANCIAL STATEMENTS OF THE CORPORATION 21

Table 14. A u d it R e p o r t of th e F e d e r a l D e p o s it I n su r a n c e

C o r po r a t io n fo r th e Y e a r E n ded J u n e 30, 1953

C o m pt r o ll e r G e n e r a l of th e U n it e d St a t e s

W a s h in g t o n 25

December 15, 1953

Board of Directors,

Federal Deposit Insurance Corporation,

Washington 25, D. C.

Gentlemen:

The Division of Audits, General Accounting Office, has made an audit of Federal

D eposit Insurance Corporation for the fiscal year ended June 30, 1953, in accordance with section 17(b) of the Federal Deposit Insurance Act, approved September

21, 1950 (12 U. S. C. 1827).

This audit included an examination of the balance sheet of Federal Deposit Insurance

Corporation as of June 30, 1953, and the related statement of income and deposit

insurance fund for the year then ended. The examination was made in accordance

with generally accepted auditing standards and included such tests of the accounting

records and such other auditing procedures as were considered necessary in the circumstances and appropriate in view of the effectiveness of the sytem of internal

control, including the work performed by the Corporation's internal auditors.

In the opinion of the General Accounting Office, the accompanying balance sheet

and statement of income and deposit insurance fund present fairly the financial

position of Federal Deposit Insurance Corporation at June 30, 1953, and the results

of its operations 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.

Very truly yours,

F r a n k H . W e it ze l

Acting Comptroller General of the United States

Exhibit 1— B a l a n c e Sh e e t— J un e 30, 1953

ASSETS

Cash............................................................................................... $ 5,067,479

United States Government securities, at cost (market or

redemption value, $1,489,116,656)......................................

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

$1,507,519,489

4,197,705 1,511,717,194

Assets acquired through bank suspensions and absorptions (note 1):

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

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

6,401,285

855,374

Less estimate for losses.............................................................

7,256,659

2,633,000 4,623,659

Deferred charges and sundry assets......................................

Furniture, fixtures, and equipment, at nominal value. . . .

91,520

1

$1,521,499,853

LIABILITIES

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

Earnest money, escrow funds, and collections held for

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

Employees’ accrued annual leave..........................................

Deferred credits..........................................................................

Net assessment incom e credits due insured banks (note 2):

Available July 1, 1953..............................................................

Estimated amount available July 1, 1954, from net assessment income for 6 months ended June 30, 1953................

73,938,429

39,084,794

$ 538,030

310,007

996,293

3,960

113,023,223

Deposit insurance fund, representing accumulated income 

from inception to June 30, 1953, available for future 

deposit insurance losses and related expenses (note 3 

and exhibit 2 )......................................................................... 1,406,628,340

$1,521,499,853

The notes following exhibit 2 are an integral part of this statement.

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Table 14. A u d it R e p o r t of th e F e d e r a l D e p o s it I n su r a n c e

C o r po r a t io n fo r th e Y e a r E n ded Ju n e 30, 1953— Continued

Exhibit 2— St a t e m e n t of I ncom e an d D e p o s it I n su r a n c e F und

fo r th e Y e a r E n ded J un e 30, 1953

Deposit insurance assessments.....................................................

Income from United States Government securities...................

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

Deduct:

Estimated loss on absorption cases acquired during the year. . 

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

Deduct net assessment income credits due insured banks 

(note 2):

Six months ended December 31, 1952.....................................

Six months ended June 30, 1953, estimated...........................

Net income for year transferred to deposit insurance fund. . ..

Deposit insurance fund, June 30, 1952.......................................

Net adjustment of prior years’ estimate of losses on absorption 

cases restored to deposit insurance fund.............................

Deposit insurance fund, June 30, 1953 (note 3 and exhibit 1)..

37,385,746

39,084,794

135,404,255

32,710,344

158,499

160,462,102

76,470,540

83,991,562

1,322,484,778

152,000

$1,406,628,340

Notes 2 ,3 , and 4 below are an integral part of this statement.

N otes to th e F in a n c ia l Sta t e m e n t s— J u ne 30, 1953

1. Assets acquired under purchase agreements are evidenced by purchase agreements allowing a 

return at the rate of 4 percent per annum on the principal purchase price and any subsequent amounts 

expended by the Corporation. Under this arrangement the Corporation acquires title to the assets which 

it liquidates, paying excess recoveries, if any, as an additional purchase price to the stockholders of 

the closed banks involved.

Assets purchased outright consist of: (a) residual assets of certain inactive purchase agreement 

cases which the Corporation has set up in this category in order to effect an administrative termination 

of the cases; these assets are subject to the terms of the original purchase agreements and (b) residual 

assets of inactive receivership and absorption cases which the Corporation has purchased and converted 

to outright ownership not subject to any agreements with the closed banks from which the assets were 

originally acquired.

2. Section 7(d) of the Federal Deposit Insurance Act (12 U. S. C. 1817(d) ) provides that as of 

December 31, 1950, and as of December 31 of each year thereafter, the Corporation shall credit pro 

rata to the insured banks 60 percent of the net assessment income (as defined in the act) for the calendar 

year, the credit to be applied toward the payment of assessments becoming due for the semiannual 

period beginning the next July 1 and any excess credit to be applied to the assessment of the following 

period.

At June 30,1953, the net amount due the banks for credits computed on the net assessment income 

of calendar year 1952, as adjusted, was $73,938,429. The actual amount of credit due the banks from 

calendar year 1953 net assessment income is not determinable until December 31, 1953. For statement 

purposes, however, an estimated credit for the first six months of 1953 has been computed to be 

$39,084,794.

3. At June 30, 1953, the deposit insurance fund was equivalent to 1.39 percent of the insured 

deposits in all banks, estimated by the Corporation at 101.4 billion dollars. This fund, however, is not 

a measure of the deposit insurance risk, and its adequacy to meet future losses will depend on future 

economic conditions which cannot be predicted. Based on data compiled by the Corporation, the fund 

appears to be adequate to cover any potential losses at June 30, 1953.

The Corporation may borrow from the Treasury such funds as in the judgment of the board of 

directors of the Corporation are required from time to time for insurance purposes, not exceeding, in 

the aggregate, three billion dollars outstanding at any time. The Corporation has never used this borrowing power.

4. Under existing law, the Corporation is not required to bear the Government’s share of the cost 

of furnishing retirement, disability, and compensation benefits to the employees of the Corporation. 

These costs are estimated to be approximately $300,000 for the fiscal year 1953. Also, the Corporation 

was furnished certain United States mail services without cost.

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PART TWO

BANKING DEVELOPMENTS

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Developments over the year 1953. Bank assets and deposits continued to grow in 1953, but the rate of growth was the lowest since 1949. 

Total assets and total deposits of all banks each increased a little less 

than 3 percent during the year, reaching $221 billion and $202 billion, 

respectively, at the end of the year. The rate of asset growth varied 

from State to State, ranging from a decline of 0.4 percent in North 

Dakota to an increase of 9.7 percent in Nevada, as illustrated in Chart D. 

Capital accounts of all banks in the nation rose by almost 5 percent 

during 1953, to a year-end total of $16 billion.

A s s e t s a n d L i a b i l i t i e s o f a l l B a n k s

C h a r t D . P e r c e n t a g e C h a n g e d u r in g 1953 in T o t a l A sse ts, 

A l l B a n k s in E a c h S t a t e

For the year as a whole there was a slight decline in bank holdings of 

United States Government obligations. However, this decline was more 

than offset by increased holdings of State, municipal, and other securities, 

producing a net rise in total security holdings of 1.0 percent.

Total loans of the banks increased by 6.6 percent during 1953, an 

increase which constituted about four-fifths of the growth in total assets 

for the twelve months. The rise in total loans came about even though 

a decrease occurred in commercial and industrial loans, the first such 

decrease for a full year since 1949.

2 5

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Real estate loans, which contributed most heavily to the dollar growth 

in bank loans, increased by 9.4 percent during 1953. More rapid rates 

of increase, although smaller dollar amounts, occurred in “ other loans 

to individuals,” and in loans for purchasing, carrying, or dealing 

in securities. These increased at rates of 14.0 percent and 12.6 percent, 

respectively. “ Other loans to individuals” comprises loans to individuals 

other than those for business or agricultural purposes, on real estate, 

or for carrying securities.

Agricultural loans other than those on real estate increased by 26.4 

percent during 1953, the most rapid growth of any component of total 

loans. This increase, however, was the net effect of divergent movements 

in bank holdings of agricultural paper guaranteed by the Commodity 

Credit Corporation and that not so guaranteed. The latter decreased 

by 13.6 percent during 1953, the first occasion on which such loans had 

failed to rise over the course of a year since separate reporting of guaranteed and non-guaranteed farm loans was begun in 1942.

In marked contrast, agricultural bank credit guaranteed by the 

Commodity Credit Corporation increased by 204 percent, reaching a 

record high of $2,206 million at the end of the year. This rapid growth 

is largely explained by an alteration in the last half of the year in the 

Commodity Credit Corporation’s procedure for financing price support 

loans. Under this program certificates of interest in pooled loan paper 

held by that Corporation, payable on demand, and earning interest at 

2-1/2 and 2-1/4 percent for the October and December offerings respectively, were made available to the banks. From the two offerings 

the banks purchased $806 million of certificates, which account for a 

little over half of the year’s growth in Commodity Credit Corporation 

guaranteed loans held by the banking system.

There was also growth in guaranteed farm loans as commodities were 

moved into storage under the usual price support loan programs. This 

growth was large but not unprecedented, since such loans had been 

made by the banks in even greater volume in 1948.

Deposits of the United States Government were the only major 

component of total bank deposits which decreased during 1953. The 

$5,547 million growth in total deposits consisted almost entirely of a 

rise in time deposits. By contrast, in other recent years the growth of 

demand deposits has exceeded that in time deposits, although the rate 

of growth in time deposits was above that for demand deposits in 1952.

More details concerning the assets and liabilities of all banks at the 

beginning, middle, and end of 1953, and the amounts of change in the 

various items during each half of the year and for the year as a whole, 

are given in Table 15.

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ASSETS AND LIABILITIES OF ALL BANKS 27

T a b le 15. A m ou n ts a n d C h a n g e s in A s s e ts a n d L ia b ilit ie s , A l l B a n k s 

in t h e U n ite d S ta te s (C o n t in e n t a l U. S. a n d O t h e r A r e a s ), 1953

(Amounts in millions)

Asset, liability, or capital 

account item

Amount on- Change during—

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Year

1953

Last half 

1953

First half 

1953

Total assets....................................... $221,133 $208,753 $214,831 $6,302 $12,380 $-6,078

Cash and funds due from banks 45,992 42,199 45,764 228 3,793 -3,565

Currency and coin....................... 2,691 2,755 2,939 -248 -64 -184

Member bank balances with F. 

R. banks................................... 19,997 19,448 19,810 187 549 -362

Balances with other banks......... 13,083 11,111

8,885

12,800 283 1,972 -1,689

Cash items in process of collection 10,221 10,215 6 1,336 -1,330

Securities....................................... 91,325 86,299 90,460 865 5,026 -4,161

U. S. Government obligations... 72,872 68,369 73,011 -139 4,503 -4,642

Obligations of States and subdivisions .................................... 11,283 10,962 10,564 719 321 398

Other securities............................ 7,170 6,968 6,885 285 202 83

Loans and discounts, net.......... 80,920 77,544 75,929 4,991 3,376 1,615

Valuation reserves........................... 1,142 1,119 1,077 65 23 42

Loans and discounts, gross....... 82,062 78,663 77,006 5,056 3,399 1,657

Commercial and industrial......... 27,368 27,593 28,041 -673 -225 -448

Agricultural (excludingrealestate) 4,989 3,701 3,947 1,042 1,288 -246

Real estate................................... 29,793 28,500 27,245 2,548 1,293 1,255

For carrying securities................ 3,590 2,819 3,188 402 771 -369

Other loans to individuals.......... 14,633 14,280 12,836 1,797 353 1,444

All other loans............................. 1,689 1,770 1,749 -60 -81 21

Miscellaneous assets................... 2,896 2,711 2,678 218 185 33

Total liabilities and capital accounts ......................................... $221,133 $208,753 $214,831 $6,302 $12,380 $-6,078

Deposits.......................................... 201,978 190,040 196,431 5,547 11,938 -6,391

Business and personal................. 169,783 161,127 165,027 4,756 8,656 -3,900

Demand..................................... 100,U17 9b,276 100,lbl 276 6,lbl -5,865

Time.......................................... 66,84-6 6b, 377 61,909 b,b87 1,969 2,b68

Certified checks, etc................... 3,020 2,b7b 2,977 bs 5b6 -503

United States Government........ 4,541 4,031 5,348 -807 510 -1,317

States and subdivisions............... 11,649 11,235 10,687 962 414 548

Interbank (including postal savings) .......................................... 16,005 13,647 15,369 636 2,358 -1,722

Miscellaneous liabilities............. 2,946

16,209

2,833

15,880

2,946

15,454

113 I -113

Capital accounts.......................... 755

i

329 426

Number of banks1............................... 14,522 14,579 14,617 j -95 -57 —38

1 Includes noninsured banks for which asset and liability data were not available, as follows: 14 for 

Dec. 31, 1953; 18 for June 30, 1953; 21 for Dec. 31, 1952.

Detailed data for 1953 call dates: See Tables 104 and 105, pp. 94-97.

Half-year movements in 1953. As has been true in each year beginning with 1947, the growth in assets and deposits of all banks during 

1953 was the net effect of contraction in the first half of the year and more 

than compensating expansion in the second half. The smaller growth 

in 1953 than in 1952 may be traced almost entirely to greater decreases in 

assets and deposits during the first half of 1953, as their growth in the 

last half of the year was about the same as that in the same period of 

1952. From data shown in Table 16, the pattern of changes in assets 

and deposits of banks in 1953 appears to have been more similar to 

1949 than to any other postwar year, although the degree of changes 

in each direction was slightly greater in 1953 than in 1949.

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T a b le 1 6. P e r c e n t a g e C h a n g e s in A s s e ts a n d D e p o s its , A l l B a n k s in 

t h e U n ite d S t a t e s (C o n t in e n t a l U. S. an d O t h e r A r e a s ), 

H a l f - Y e a r s a n d Y e a r s , 1947-1953

Assets Deposits

Year

Full

year

First

half

Last

half

Full

year

First

half

Last

half

1953...................................................... 2.9%

5.4

-2.8%

-.5

5.9%

5.9

2.8%

5.3

-3.3%

-.6

6.3%

1952...................................................... 5.9

1951...................................................... 6.0 -1.6 7.7 6.0 -1.7 7.7

1950...................................................... 6.8 0)

-2.5

6.8 6.6 -.1 6.6

1949...................................................... 2.3 4.9 2.0 -2.7 4.8

1948...................................................... (2)

4.0

-2.9 3.0 -.4 -3.2 3.0

1947...................................................... -1.2 5.2 3.8 -1.4 5.3

1 Decrease less than .05 percent.

2 Increase less than .05 percent.

C h a r t E . P e r c e n t a g e D is t r ib u t io n o f T o t a l A s se ts, 

A l l B a n k s, D e c e m b e r 31, 1953

Cash and funds due from banks decreased seasonally during the first 

six months of 1953, but the major component of the decrease in total

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ASSETS AND LIABILITIES OF ALL BANKS 2 9

assets was a decline by $4,642 million in bank holdings of United States 

Government obligations. These movements were offset by expansion of 

about the same magnitude in the second half of the year. Loans increased 

in both halves of the year, although expansion in the second half was 

about twice as rapid as in the first. Heavy concentration of the year’s 

expansion of “ other loans to individuals” in the first part of the year 

was an important offset to reductions in loans to business and farmers 

in that period. So also were real estate loans, which grew at about the 

same rate in the first six months as in the last.

On the liability side, business and personal demand deposits accounted 

for the largest amount of the decrease during the first six months. Lasthalf expansion was only slightly more than equal to first-half contraction 

in such deposits. Time deposits grew in each six-month period, a little 

more rapidly in the first half of the year than in the last.

Composition of bank assets. Chart E is a graphic presentation of 

the composition of the assets of all banks in the nation at the end of 1953. 

On that date slightly more than two-fifths of the assets of the banks 

were in the form of securities, slightly less than two-fifths in loans and 

discounts, and one-fifth in cash and funds due from banks. Obligations 

of the United States Government constituted four-fifths of the banks’ 

securities and one-third of their total assets. Major components of total 

loans were those upon real estate and those to commercial and industrial 

borrowers. Each of these made up more than one-third of total loans, or 

about one-eighth of total assets.

A s s e t s a n d L i a b i l it i e s o f I n s u r e d C o m m e r c ia l B a n k s

Developments in 1953. Insured commercial banks constitute approximately nine-tenths of the American banking system, both in terms 

of number of banks and of assets held. Therefore these banks weigh 

heavily in the statistics of all banks. Accordingly, the nature and magnitude of changes in assets and liabilities of insured commercial banks in 

1953 were very similar to those already noted with respect to all banks.

Total assets of insured commercial banks increased by a moderate

2.3 percent, to a year-end total of $191 billion. Security holdings rose 

by only 0.7 percent, essentially the whole increase being in securities of 

States and political subdivisions. Loans grew by 5.4 percent, despite a 

decrease in loans of the commercial and industrial category. Total deposits 

increased 2.2 percent, to reach $175 billion. Virtually the whole of the 

deposit growth was traceable to an 8.3 percent rise in time deposits.

Assets and liabilities of insured commercial banks at the beginning, 

middle, and end of 1953, and the amount and percentage growth in

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3 0 FEDERAL DEPOSIT INSURANCE CORPORATION

various items are given in Table 17. The table also shows for December 

31, 1953, percentage distributions of total assets, of total liabilities and 

capital, and of securities, loans, and deposits as separate categories.

Table 17. A m ou n ts, C h a n g e s, a n d P e r c e n t a g e D is t r ib u t io n s o f 

A s s e ts a n d L ia b ilit ie s , I n s u r e d C o m m e r cia l B a n k s in t h e U n ite d S t a t e s 

(C o n t in e n t a l U. S. a n d O t h e r A r e a s ), 1953

(Amounts in millions)

Asset, liability, or 

capital account item

Amount on- Change 

during 1953

Percentage distributions, Dec. 31, 19531

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952 Amount

Percent1

Percent 

of total 

assets

Percent of 

indicated 

component

Total assets........................ $191,063 $179,586 $186,682 $4,381 2.3% 100.0%

Cash and funds due 

from banks............. 44,478 40,830 44,299 179 .4 23.3 Securities

Securities........................ 76,852 71,762 76,280 572 .7 40.2 100.0%

U. S. Government obligations....................... 62,473 57,766 62,408 65 .1 32.7 81.3

Obligations of States 

and subdivisions....... 10,620 10,334 10,006 614 6.1 5.6 13.8

Other securities............ 3,759 3,662 3,866 -107 -2.8 1.9 4.9

Loans and discounts, 

n et............................. 67,266 64,723 63,824 3,442 5.4 35.2

Gross loans 

98.6

Valuation reserves............ 961 938 904 57 6.3 .5 1.4

Loans and discounts, 

gross......................... 68,227 65,661 64,728 3,499 5.4 35.7 100.0

Commercial and 

industrial................... 27,157 27,361 27,816 -659 -2.4 14.2 39.8

Agricultural (excluding 

real estate)................ 4,884 3,610 3,824 1,060 27.7 2.6 7.2

For carrying securities.. 3,527 2,757 3,134 393 12.5 1.8 5.2

Real estate.................... 16,613 16,148 15,616 997 6.4 8.7 24.3

Other loans to individuals....................... 14,411 14,067 12,642 1,769 14.0 7.5 21.1

All other loans............. 1,635 1,718 1,696 -61 -3.6 .9 2.4

Fixed and miscellaneous assets............... 2,467 2,271 2,279 188 8.3 1.3

Total liabilities and capital accounts............ $191,063 $179,586 $186,682 $4,381 2.3% 100.0%

Deposits........................... 175,083 164,046 171,357 3,726 2.2 91.6

Deposits

100.0%

Business and personal. . 143,668 135,836 140,639 3,029 2.2 75.2 82.1

Government and interbank.......................... 31,415 28,210 30,718 697 2.3 16.4 17.9

Total demand deposits. . 130,289 121,007

43,039

129,992 297 .2 68.2 74.4

Total time deposits........ 44,794 J^l.365 3,429 8.3 23.4 25.6

Miscellaneous liabilities 2,716 2,565 2,740 -24 -.9 1.5

Capital accounts........... 13,264 12,975 12,585 679 5.4 6.9

Number of banks................. 13,432 13,435 13,439 -7 -.1

1 Calculated before rounding of data. 

Detailed data: See Table 107, pp. 100-103.

A ssets and Liab ilities of I nsured M u tu al Sa vin g s Ban k s

Mutual savings banking. Mutual savings banks differ from commercial banks in that (1) they are owned by their depositors and have 

no capital stock, (2) their deposits are almost wholly savings and time 

deposits, and (3) their loans consist almost entirely of mortgages upon

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ASSETS AND LIABILITIES OF INSURED MUTUAL SAYINGS BANKS 31

real estate. At the end of 1953, mutual savings banks comprised 4 percent of the nation’s banks of deposit, but held 12 percent of total deposits, 

including 35 percent of all time and savings deposits. With a few exceptions, mutual savings banking is carried on only in the Northeast. 

Of the 528 insured and noninsured mutual savings banks operating in 

the United States at the end of 1953, nearly nine-tenths were located in 

New York and the New England States.

Participation in Federal deposit insurance. The total number 

of operating mutual savings banks decreased by one during 1953, but 

the number covered by Federal deposit insurance increased by 13. 

Eleven of the newly-insured mutual savings banks, with deposits of 

nearly $200 million, were located in New Hampshire. Prior to 1953 no 

mutual savings banks in that State had been insured. Those which 

became insured constitute one-third of the Stated mutual savings 

banks and hold over one-half of its mutual savings bank deposits.

On December 31, 1953, 219 of the 528 operating mutual savings banks, 

or 41 percent, were insured by the Federal Deposit Insurance Corporation. These banks held 75 percent of the deposits of all mutual savings 

banks. In New York, where over half of all mutual savings bank deposits 

are located, and in seven other States which together with New York 

account for nearly three-fourths of such deposits, all mutual savings 

banks are covered by Federal deposit insurance.

Developments in 1953. The amounts of assets and liabilities of 

insured mutual savings banks at the beginning, middle, and end of 1953 

are given in Table 18. Also shown are percentage data concerning the 

growth of the various items and the composition of assets and deposits. 

It will be seen that nearly half of the total assets of these banks are loans 

and of these loans all but a negligible portion are on real estate, chiefly 

residential. About one-third of the assets are United States Government 

obligations, and most of the remaining one-sixth are securities of States, 

political subdivisions, and business corporations. Over 95 percent of the 

assets of mutual savings banks are thus earning assets. For commercial 

banks the corresponding ratio is less than 80 percent.

Total assets and total deposits of insured mutual savings banks each 

increased by more than 9 percent during 1953, reaching year-end totals 

of $20 billion and $18 billion, respectively. The 9.5 percent growth in 

deposits of insured mutual savings banks was moderately greater than 

the 8.3 percent growth of time deposits of insured commercial banks, 

and markedly greater than the 2.2 percent growth in total deposits of 

insured commercial banks. Not since 1946 had the deposits of insured 

mutual savings banks increased as rapidly as they did in 1953. Only a 

minor portion of this growth, about one-seventh, was due to the increase 

in the number of such banks which were insured.

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Reflecting continued high levels of residential construction, approximately four-fifths of the growth in deposits of insured mutual sayings 

banks during 1953 was used to make additional real estate loans. The 

loans of these banks increased by 15 percent during the year, while 

their holdings of securities increased only 3 percent. Moreover, the 

small increase which did occur in security holdings was wholly in corporate 

securities and in obligations of States and political subdivisions.

T a b le IB. A m o u n ts, C h a n g e s, an d P e r c e n t a g e D is t r ib u t io n s of

A ssets an d L ia b il it ie s , I n su r e d M u t u a l Sa v in g s B a n k s , 1953

(Amounts in millions)

Asset, liability, or 

surplus account item

Amount on- Change 

during 1953

Percentage distributions, Dec. 31, 19531

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952 Amount

Percent1

Percent 

of total 

assets

Percent of 

indicated 

component

Total assets........................ $20,334 $19,590 $18,612 $1,722 9.3% 100.0%

Gash and funds due

from banks............. 799 692 732 67 9.2 3.9

Securities........................ 9,236 9,284 8,930 306 3.4 45.4

Securities

100.0%

U. S. Government obligations..................... 6,477 6,642 6,593 -116 -1.8 31.8 70.1

Obligations of States

and subdivisions....... 360 341 298 62 21.1 1.8 3.9

Other securities............ 2,399 2,301 2,039 360 17.7 11.8 26.0

Loans and discounts, 

net............................. 10,016 9,325 8,691 1,325 15.2 49.3

Gross loans 

98.4

Valuation reserves........... 163 161 155 8 5.3 .8 1.6

Loans and discounts,

gross......................... 10,179 9,486 8,846 1,333 15.1 50.1 100.0

Real estate loans—total 10,070 9,384 8,753 1,317 15.0 49.5 98.9

Agricultural.............. 41 39 38 3 5.8 .2 .4

Residential................ 8,763 8,139 7,546 1,217 16.1 43.1 86.1

Other real estate loans 1,266 1,206 1,169 97 8.3 6.2 12.4

Other loans................... 109 102 93 16 17.7 .6 1.1

Fixed and miscellaneous assets................ 283 289 259 24 9.1 1.4

Total liabilities and capital accounts............ $20,334 $19,590 $18,612 $1,722 9.3% 100.0%

Deposits........................... 18,383 17,695 16,785 1,598 9.5 90.4

Deposits

100.0%

Business and personal.. 18,362 17,679 16,772 1,590 9.5 90.3 99.9

Government and interbank........................... 21 16 13 8 58.6 .1 .1

Total demand deposits. . 36 35 SO 6 17.0 .2 ,2

Total time deposits........ 18,3^7 17,660 16,755 1,592 9.5 90.2 99.8

Miscellaneous liabilities 133 124 97 36 37.6 .7

Surplus accounts.......... 1,818 1,771 1,730 88 5.1 8.9

Number of banks................. 219 213 206 13 6.3

1 Calculated before rounding of data. 

Detailed data: See Table 107, pp. 100-103.

The growth in deposits of insured mutual savings banks was about 

the same in the first and last halves of the year, as was also true of the 

time deposits of commercial banks. Real estate loans of the mutual 

savings banks likewise increased by nearly equal amounts in the two 

six-month periods.

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INCOME OF INSURED COMMERCIAL BANKS 3 3

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

Sources and disposition o f income in 1953. The income of banks 

consists chiefly of current operating earnings arising as interest on loans 

and securities or as fees charged for services performed by the banks. 

In addition it includes a comparatively small amount of recoveries on 

assets previously charged off as loss and amounts transferred to banks’ 

earnings from their asset valuation reserves. From their total income 

the banks pay wages, interest, and other expenses; make provisions for 

actual and potential losses; pay taxes and dividends; and make additions 

to their capital accounts.

The sources and disposition of the total income of insured commercial 

banks in 1953 are shown in Chart F. The total income was $5.6 billion. 

Of this amount 56 percent was income from loans, and 27 percent from 

securities. These are gross income figures, and because lending operations 

are more expensive to banks than the purchase and holding of securities, 

it follows that something less than 56 percent of the net income of the 

banks was derived from their loans.

C h art F. Sou rces an d D ispo sitio n o f T o t a l I n co m e,

I n su r e d C o m m e r c ia l B a n k s , 1953

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Current expenses, almost half of which were wages and salaries, 

absorbed 60 percent of the income of insured commercial banks in 1953. 

More than half of the remainder of total income was absorbed by chargeoffs, losses, transfers to valuation reserves, and income taxes, leaving 

18 percent of total income as net profits after taxes.

Net profits and their disposition. Net profits after taxes of insured 

commercial banks were $1,026 million in 1953, exceeding the billiondollar level for the first time. Forty-six percent of these net profits was 

used by the banks to pay dividends and interest on capital, and 54 

percent was retained as additions to capital. The net profits after taxes 

represented a return of 7.9 percent on the average total capital accounts 

of the banks during the year.

Chart G illustrates the rates of return on capital accounts of insured 

commercial banks by State. As in previous years, most of the States 

having relatively high rates of return on bank capital were located in 

the western part of the nation and most of those with relatively low 

rates in the northeastern portion.

Chart G. R a t e s o f N e t P r o f i t s a f t e r T a x e s o n T o t a l C a p it a l A c c o u n t s , 

I n s u r e d C o m m e rcia l B a n k s in E a c h S ta te , 1953

Comparisons with 1952. Total income of insured commercial banks 

in 1953 was 11 percent greater than that in 1952. There were increases 

in all components of income and its disposition. A comparison of total 

income in 1953 and 1952, by sources and disposition, is given in Table 19.

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INCOME OF INSURED COMMERCIAL BANKS 3 5

T a b le 1 9. A m o u n t s a n d G r o w t h in T o t a l I n c o m e , b y S o u r c e s a n d D is p o s it io n ,

I n s u r e d C o m m e r c ia l B a n k s in t h e U n it e d St a t e s (C o n t in e n t a l U . S.

a n d O t h e r A r e a s), 1952-1953

(Amounts in millions)

Item

Amount Growth, 1952-1953

1953 1952 Amount Percent1

Total incom e.......................................................................... $5,636 $5,076 $560 11.0%

Sources

Current operating earnings................................................. 5,484 4,932 552 11.2

Loans.................................................................................. 3,156 2,78U 372 13.3

U. S. Government obligations........................................... 1,207 1,099 108 9.8

Other securities.................................................................. 298 277 21 7.5

Service charges on deposit accounts................................... 271 2^5 26 10.9

Other current earnings....................................................... 552 527 25 U.8

Recoveries, transfers from valuation reserves, and profits

on securities sold.............................................................. 152 144 8 5.7

Disposition

Current operating expenses................................................. 3,376 3,029

1,1,95

347 11.5

Salaries and wages............................................................ 1,652 157 10.5

Interest on deposits............................................................ 535 U58 77 16.7

Other current expenses....................................................... 1,189

448

1,076

362

113 10.6

Charge-offs, losses, and transfers to valuation reserves... 86 23.7

Income taxes........................................................................ 786 695 91 13.2

Net profits after taxes......................................................... 1,026 990 36 3.6

Dividends........................................................................... m U2 32 7.2

Additions to capital accounts............................................ 552 51+8 U .8

1 Calculated before rounding of data. 

Detailed data: See Table 108, pp. 106-107.

Income from loans was 13 percent greater in 1953 than in 1952. Loan 

income was not only the most important source of total i come but also 

the most rapidly increasing source. Service charges on deposit accounts 

were the next most rapidly growing source of income, being 11 percent 

greater in 1953 than in 1952.

In the disposition of bank income, current operating expenses were 

11 percent greater in 1953 than in the preceding year, due partly to a 

17 percent increase in interest paid by the banks on time and savings 

deposits. Charge-offs, losses, and transfers to valuation reserves grew 

by 24 percent, more rapidly than any other claim upon bank income. 

The smallest relative growth occurred in additions to bank capital, 

which were only one percent greater than in 1952.

As a result of increased expenses, taxes, and provisions for losses, the 

rate of growth in net profits of banks after taxes was substantially less 

than that in total income. Net profits after taxes were only 4 percent 

greater than in 1952, a growth rate but slightly higher than that of the 

average assets of the banks, and somewhat lower than that of their 

average capital. Accordingly, the rate of net profits after taxes upon 

average total capital accounts of insured commercial banks declined 

slightly, from 8.1 percent in 1952 to 7.9 percent in 1953.

Rates of income on assets. Total income of the banks may grow 

due either to an increase in the amount of assets upon which income is

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earned or to an increase in the rate of earnings upon a given amount of 

assets. In each year beginning with 1948 both of these influences have 

been present to some degree in the growth of bank income. In 1948 and 

1949 the rate of earnings increased faster than did average assets, while 

from 1950 through 1952 asset growth was the dominant influence.

In 1953, however, the average total assets of insured commercial 

banks exceeded those for 1952 by only 3 percent, and accounted for less 

than one-third of the growth in bank income. The more important 

proximate cause of the 11 percent growth in total income was a rise in 

income per $100 of total assets from $2.82 in 1952 to $3.04 in 1953.

Table 20. I n c o m e, A v e r a g e A sse ts, an d R a te s of I ncom e on A sse ts,

I n su red C o m m e r c ia l B a n k s in th e U n ite d States

(C o n t in e n t a l U. S. an d Ot h e r A r e a s ), 1952-1953

Item 1953 1952

Percentage

increase1

Total incom e

Amount of income (in millions)....................................................... $ 5,636 $ 5,076 11.0%

Average total assets (in millions).................................................... 185,685 179,803 3.3

Income per $100 of total assets1...................................................... 3.04 2.82 7.5

Incom e on loans

Amount of income on loans (in millions)........................................ 3,156 2,784 13.3

Average holdings of loans (in millions).......................................... 65,213 60,000 8.7

Income on loans per $100 of loans1................................................. 4.84 4.64 4.3

Incom e on U. S. Government obligations

Amount of income on U. S. Government obligations (in millions) . 1,207 1,099 9.8

Average holdings of U. S. Government obligations (in millions). . 60,868 61,065 -.3

Income on U. S. Government obligations per $100 of U. S.

Government obligations1.............................................................. 1.98 1.80 10.2

Incom e on other securities

Amount of income on other securities (in millions)....................... 298 277 7.5

Average holdings of other securities (in millions).......................... 14,082 13,562 3.8

Income on other securities per $100 of other securities1............... 2.11 2.04 3.5

1 Calculated before rounding of data.

Table 20 presents an analysis of the growth in total income; and in 

income from loans, United States Government obligations, and other 

securities, taken separately. For each category the table shows for both 

1952 and 1953 the amount of income received by insured commercial 

banks, their average holdings of relevant types of assets, and the amount 

of income received per $100 of such assets. In addition the table shows 

the percentage increase between 1952 and 1953 in each of the magnitudes, 

from which may be seen the extent to which the increase in income was 

a consequence of asset growth or increase in rate of return, respectively. 

For example, the growth in income from loans was primarily due to 

growth in the average amount of loans and to a lesser extent to an increase in the rate of income received on loans. By contrast, the increase 

in income from United States Government obligations came about 

solely through a rise in the rate of interest received.

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INCOME OF INSURED COMMERCIAL BANKS 3 7

Charge-offs, recoveries, and changes in valuation reserves.

Under the valuation reserve method of accounting, funds are from time 

to time transferred from earnings of banks into valuation reserves to 

provide for actual or potential losses. When losses are incurred on assets, 

or when it is considered desirable to charge off part of their value, the 

banks may then make the charge against the valuation reserves rather 

than directly against earnings. By contrast, banks not holding valuation 

reserves make charge-offs directly to earnings. The statistics concerning 

charge-offs, recoveries, and changes in valuation reserves must be interpreted in the light of this difference between valuation reserve accounting 

and direct charge-off accounting.

At the end of 1953, 6,218 insured commercial banks, constituting

46.3 percent of all such banks, had established reserves for bad-debt 

losses on loans in accordance with Section 23 (k) (1) of the Internal 

Revenue Code. At that time these reserves aggregated $827 million, or 

about 86 percent of total reserves for losses on loans. There were $136 

million of other valuation reserves on loans and $235 million of reserves 

on securities, making total valuation reserves on loans and securities 

of $1,198 million.

During 1953 charges against earnings by the insured commercial 

banks for losses, charge-offs, and transfers to reserve accounts amounted 

to $448 million. In the same period the banks made recoveries on assets 

previously charged off, profits on securities sold, and transfers from 

reserve accounts to earnings totaling $152 million. Corresponding figures 

for 1952 were $362 million and $144 million, respectively, indicating 

that items of this character had a somewhat larger impact upon the 

net profits of the banks in 1953 than in 1952.

It is not possible to give a complete breakdown of the $448 million 

of charges against earnings in 1953 according to the portions which were 

losses and charge-offs and those which were transfers to reserve accounts. 

This is because $74 million of the total was reported as a combined 

sum for losses, charge-offs, and transfers to reserve accounts on assets 

other than loans and securities. However, the remaining $374 million 

was reported in separate categories, as shown in the upper portion of 

Table 21. As indicated there, transfers to reserve accounts were approximately four-fifths of total losses, charge-offs, and transfers to reserve 

accounts in the case of loans, but only one-fourth in the case of securities.

Losses charged to reserve accounts do not affect current earnings. 

With respect to loans and securities such items are reported separately 

by the banks, making it possible to determine the total amount of loans 

and securities charged off during the year, whether against valuation 

reserves or directly against earnings. Data of this kind are given in the 

lower portion of Table 21 where, it will be noted, the amounts charged

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against earnings are repeated from the upper portion of the table. It 

will be seen that of the $315 million of losses and charge-offs on loans 

and securities made by insured commercial banks in 1953, $194 million, 

or 62 percent, was on securities. Direct charges against earnings made 

up $188 million, or 60 percent of the total charge-offs. Three-fourths 

of the losses on loans, but only one-fifth of those on securities, were 

charged to reserve accounts.

T a b le 2 1 . L o sse s, C h a r g e - o ff s, a n d T r a n s f e r s to V a l u a t io n R e s e r v e s

o n L o a n s a n d Se c u r it ie s, I n s u r e d C o m m e r c ia l B a n k s in t h e U n it e d St a t e s

(C o n t in e n t a l U . S. a n d O t h e r A r e a s), 1953

(Amounts in millions)

Item Total On loans On securities

Losses, charge-offs, and transfers to reserve accounts

(exclusive of losses charged to reserve accounts).. $374 $164 $210

Losses and charge-offs........................................................... 188 32 156

Transfers to reserve accounts............................................... 186 132 54

Losses and charge-offs (inclusive of losses charged to

reserve accounts)............................................................ $315 $121 $194

Losses and charge-offs (as shown above)............................. 188 32 156

Losses charged to reserve accounts...................................... 127 89 38

I n c o m e o f I n s u r e d M u t u a l S a v in g s B a n k s

Sources and distribution of income in 1953. The total income of 

insured mutual savings banks in 1953 was $684 million. Of this amount,

56 percent was income from real estate loans, 24 percent was income 

from United States Government obligations, and 12 percent was income 

from other securities. These and the lesser sources of income, as well as 

the disposition of total income of insured mutual savings banks, are 

illustrated in Chart H.

Ten percent of the total income was used to pay salaries and wages, 

10 percent for other current expenses and taxes, and another 10 percent 

to provide for charge-offs and nonrecurring expenses. Sixty-one percent 

of the total income was used to provide dividends and interest to the 

depositor-owners of the banks, and the remaining 9 percent was added 

to surplus.

Comparisons with insured commercial banks. Loans provided

57 percent of the income of insured mutual savings banks in 1953, almost 

the same percentage as in the case of insured commercial banks, although 

the types of loans upon which income was earned differed markedly. In 

comparison with commercial banks, a somewhat larger share of the total 

income of mutual savings banks was derived from both United States 

Government obligations and other securities, and a smaller share from 

service charges and miscellaneous current income.

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INCOME OF INSURED MUTUAL SAVINGS BANKS 3 9

Chart H. S o u r c e s a n d D is p o s it io n o f T o t a l In com e, 

I n s u r e d M u t u a l S a v in g s B a n k s, 1953

In the disposition of their income the mutual savings banks differed 

considerably from the commercial banks. Current expenses absorbed 

19 percent of the income of mutual savings banks, but 60 percent of 

that of commercial banks. This contrast arises primarily from the differences in the kind of banking services provided, and from the fact 

that payments made to depositors for use of their funds are operating 

expenses in the case of commercial banks but not in the case of mutual 

savings banks. Franchise and income taxes required one percent of the 

total income of mutual savings banks, whereas income taxes took 14 

percent of the total income of commercial banks.

Comparisons with 1952. The current operating income of insured 

mutual savings banks was 14 percent greater in 1953 than in 1952. 

Most of the increase was, of course, in income derived from real estate 

loans, although the most marked percentage increase occurred in income 

from securities other than United States Government obligations. 

Income from sources other than current operations fell off by one-third 

as compared with 1952, due chiefly to a reduction in the amount of funds 

transferred from valuation adjustment provisions to income. The net

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40 FEDERAL DEPOSIT INSURANCE CORPORATION

effect of the growth in current operating income and the decline in income 

from other sources was an increase in total income of 9 percent. The 

sources and disposition of total income of insured mutual savings banks 

for 1953 and comparative data for 1952 are shown in Table 22.

T a b le 2 2 . A m ou n ts a n d C h a n g e s in T o t a l In com e, b y S o u r c e s a n d 

D is p o s itio n , In s u r e d M u t u a l S a v in g s B a n k s, 1952-1953

(Amounts in millions)

Item

Amount Change, 1952-1953

1953 1952 Amount Percent1

Total incom e.......................................................................... $684

647

$626

568

$ 58

79

9.2%

13.8

Sources

Current operating income...................................................

Real estate mortgage loans................................................. 382 327- — 55 16.9

U. S. Government obligations........................................... 165 16U*

63,

1 .5

Other securities.................................................................. 82 19 30.3

Other current income.......................................................... 18 U

58

u 2U.6

Other income........................................................................ 37 -21 -36.2

Nonrecurring income......................................................... 12 15 -3 -16.9

Realized profits and recoveries2......................................... 8 6 3U.3

Transfers from valuation adjustment provisions..............

Disposition

Current operating expenses.................................................

17

127

37

117

-20

10

-55.0

9.1

Salaries and wages............................................................ 65 60* 5 8.7

Other current expenses....................................................... 62 57 5 9.U

Franchise or income taxes................................................... 8- 9 -1 -6.7

Dividends and interest on deposits.................................... 415 365' 50 13.5

Other expenses...................................................................... 71 84 -13 -16.1

Nonrecurring expenses...................................................... 12 2U

26

-12 -U8.9

Realized losses2.................................................................. 29 3 9.2

Transfers to valuation adjustment provisions................... 30 3U -u - 12.6

Net addition to surplus from operations........................... 63 51 12 23.0

1 Calculated before rounding of data.

2 Excludes recoveries credited and realized losses charged to valuation adjustment provisions. 

Detailed data for 1952: See Table 115, p. 128.

Both salaries and wages and also other current operating expenses 

of the insured mutual savings banks were greater by 9 percent in 1953 

than in 1952, growing at about the same rate as did their deposits, assets, 

and total income. Dividends and interest paid to depositors, taking 

more than half of mutual savings bank income, grew by 14 percent; 

and additions to surplus from operations grew by 23 percent. Some 

classes of expenses, especially the nonrecurring expenses, were lower in 

1953 than in 1952. Nonrecurring expenses are those which either are 

applicable to prior accounting periods or are not sufficiently regular 

in character to be treated as current operating expenses. Realized losses 

increased in 1953, as compared to 1952, but transfers to valuation adjustment provisions decreased by a larger amount, so that the share 

of total income used to provide for current and future losses was smaller 

in 1953 than in 1952.

Rates of income on assets. From each major category of earning 

assets, the rate of income received by insured mutual savings banks 

was at least slightly greater in 1953 than in 1952. For some assets, esDigitized for FRASER 

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INCOME OF INSURED MUTUAL SAVINGS BANKS 41

pecially loans other than on real estate, the increase in rate of income 

was of a magnitude comparable with the increase in rates of income 

experienced in the same period by commercial banks. On real estate 

mortgage loans, however, the amount of income received per $100 of 

loans outstanding rose only from $4.08 in 1952 to $4.11 in 1953. In view 

of the long terms of real estate mortgages, it is to be expected that 

current movements in interest rates have only moderate effect upon 

average rates of income received by mutual savings banks.

Data concerning amounts and rates of income on assets of insured 

mutual savings banks are given in Table 23. The data given concerning 

loan income are net of fees paid to servicing agents for servicing of mortgages owned by the bank, as well as of premium amortization. The 

rates of income on mortgage loans shown as received by the banks are 

therefore somewhat below the rates paid by the borrowers.

T a b le 2 3 . In com e, A v e r a g e A s s e ts , a n d R a t e s o f In com e o n A s s e ts , 

In s u r e d M u t u a l S a v in g s B a n k s, 1952-1953

Item 1958 1952

Percentage

increase1

Total incom e

Amount of income (in millions).......................................................

Average total assets (in millions)................... ...............................

Income per $100 of total assets1......................................................

$ 684 

19,625 

3.49

$ 626 

17,906 

3.50

9.2%

9.6

-.4

Incom e on real estate mortgage loans

Amount of income on real estate mortgage loans (in millions).. .

Average holdings of real estate mortgage loans (in millions).......

Income on real estate mortgage loans per $100 of real estate 

mortgage loans1..............................................................................

382

9,288

4.11

327

8,012

4.08

16.9

15.9

.8

Incom e on other loans

Amount of income on other loans (in millions).............................

Average holdings of other loans (in millions).................................

Income on other loans per $100 of other loans1.............................

5

103

5.04

4

86

4.73

27.4

19.5 

6.6

Incom e on U. S. Government obligations

Amount of income on U. S. Government obligations (in millions). 

Average holdings of U. S. Government obligations (in millions). . 

Income on U. S. Government obligations per $100 of U. S. 

Government obligations1...............................................................

165

6,621

2.49

164

6,756

2.43

.5

-2.0

2.5

Incom e on other securities

Amount of income on other securities (in millions).......................

Average holdings of other securities (in millions)..........................

Income on other securities per $100 of other securities1...............

82

2,591

3.16

63

2,065

3.05

30.3

25.5

3.8

1 Calculated before rounding of data.

The total income of insured mutual savings banks in 1953 was equal 

to 3.5 percent of their average total assets during the year, as it had 

also been in 1952. That the ratio of total income to average total assets 

remained unchanged while rates of income from each major category 

of assets increased is due to two circumstances. First, the increase between 1952 and 1953 in average rates of income received by mutual 

savings banks on their holdings of securities was very moderate, and 

the increase in average rate received on their most important asset

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Federal Reserve Bank of St. Louis
4 2 FEDERAL DEPOSIT INSURANCE CORPORATION

category, real estate loans, was negligible. Second, there was, as earlier 

noted, a decline of one-third between 1952 and 1953 in income other 

than from current operations. Income of this kind does not affect rates 

of income received on specific kinds of assets, but does affect the ratio 

of total income to total assets. In 1952 the decline in such income was 

sufficient to offset the slight upward pressure on total income arising from 

increased rates of income on specific assets. Almost the whole of the 

growth in income of these banks was therefore due to the increase in 

the amount of their average assets. This was in contrast to the income 

growth of insured commercial banks, for which higher rates of return 

were primarily responsible.

Dividend rates and additions to surplus. The average rate of 

dividends and interest paid on time and savings deposits of insured 

mutual savings banks was 2.35 percent in 1953, as compared to 2.27 

percent in 1952. This increase in dividend rate was less marked than 

that which had occurred in the preceding year.

After meeting operating expenses and paying dividends to depositors, 

the mutual savings banks had left nearly a tenth of their total income 

to augment their surplus accounts. This was sufficient to increase the 

amount of their surplus accounts by 3.5 percent. This was relatively 

less than the growth in assets, so that the ratio of surplus accounts to 

assets declined. For all insured mutual savings banks at the beginning 

of the year this ratio was 9.3 percent, and at the close of the year 8.9 

percent.

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Federal Reserve Bank of St. Louis
PART THREE

BANK-OBLIGATION INSURANCE SYSTEMS, 1829 TO 1866

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P r o t e c t i o n o f B a n k C r e d i t o r s in S t a t e s w i t h B a n k - O b l i g a t i o n 

I n s u r a n c e S y s te m s , 1829 t o 1866

Prior to Federal deposit insurance fourteen States made use of the 

insurance principle to provide protection for bank depositors or noteholders or both. The objectives and character of the insurance plans 

adopted in these States are described in the preceding annual report of 

the Corporation.1 The results achieved under the six systems that operated 

prior to 1866 are described here. A similar report for the eight insurance 

plans adopted between 1907 and 1917 is now in preparation.

Bank-obligation insurance in individual States prior to 1866 has not 

received the attention it deserves, despite the fact that some of the 

States had a remarkable record in this field. In three of the States no 

insured creditor suffered any loss as a consequence of bank failure, and 

in two others a substantial portion of losses that would otherwise have 

been borne by creditors was covered by insurance payments. In five of 

the States insurance ended only because participating banks had become 

national banks or were otherwise ineligible to continue in their respective 

systems.

Character and extent of insurance. During the first thirty years 

after organization of the Federal government in 1789, banks were chartered by special acts of State legislatures or the Congress, usually for a 

limited number of years. For two-thirds of this period there were no 

bank failures; but in the last third many failures occurred and great 

controversies developed about the operations of banks and their place 

in the economy. In consequence, the next forty years was a period of 

development of banking codes and experimentation with various types 

of banking systems. It was during this time that six States inaugurated 

their systems of bank-obligation insurance. The plans, as would be 

expected in such circumstances, had both similar and diverse 

characteristics.

Insurance protection in these plans took three forms: establishment 

of an insurance fund, mutual guaranty, and a combination of a fund 

and mutual guaranty. In three cases—New York, Vermont, and Michigan 

—participating banks paid assessments into a fund out of which creditors 

of failed banks were to be paid the difference between their claims and 

the amounts provided from receivers’ dividends. Under the mutual 

guaranty system, which in its pure form was adopted only in Indiana, 

participating banks were to be assessed enough to make possible, together with receivers’ dividends and stockholders’ contributions, the 

payment of all debts within one year following closing of the distressed 

bank. The combined fund and mutual guaranty plans, adopted by Ohio

1 Annual Report of the Federal Deposit Insurance Corporation for 1952, pp. 59-72.

4 5

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46 FEDERAL DEPOSIT INSURANCE CORPORATION

and Iowa, provided that creditors of failed banks be paid immediately 

the amount of their insured claims through special assessments on 

participating banks, the banks in turn to be reimbursed from the fund.

Two devices were used in arranging for participation in the insurance 

systems. In three States—New York, Vermont, and Michigan—the 

plan applied to all banks chartered, or rechartered, after p>assage of the 

Act. Inasmuch as most of the existing banks had been chartered for 

limited periods of time it was contemplated that eventually all (or nearly 

all) of the banks operating in these States would participate. In the other 

three States—Indiana, Ohio, and Iowa—insurance applied to the socalled “ Branch Banks,” which were chartered by the Act establishing 

the system, or organized later under its provisions. Such “ Branch Banks” 

were what would now be called unit or independent banks, each with 

its own stockholders, board of directors, and officers. The “ Branch 

Banks” collectively constituted the “ State Bank,” of which there was 

a Board of Control, or Board of Directors, composed of representatives 

of the Branch Banks, or in part of such representatives and in part of 

appointees by the State legislature. The Board did not itself engage in 

any banking operations; it was a bank supervisory agency and administrator of the insurance system.

In the late 18307s, before any of the insurance systems had been 

thoroughly tested by experience, a movement developed to authorize 

the organization of any bank meeting stated requirements. The main 

purpose of this “free banking” movement was to curb monopolistic 

tendencies in banking, but associated with it was an alternative for 

insurance of circulating banknotes. This was the posting with State 

officials, by each bank, of bonds or mortgages in an amount equal to 

its total issues of such notes. Sponsors of “free banking” claimed that 

bank depositors could look after their own interests and neither insurance 

nor posting of collateral was required for deposits. Many States adopted 

the “free banking” idea—including those which also made use of the 

insurance principle, and “ free banks” were excluded from insurance 

except in Michigan. Consequently the insurance systems did not become 

as universal in coverage as had been anticipated, and in the two States 

where bank-obligation insurance had been first introduced—New York 

and Vermont—the number of banks participating decreased as charters 

expired and stockholders reorganized their banks under the “free banking” 

laws.

The idea that depositors did not need as much protection as noteholders also spread to the insurance systems. In the four systems established prior to 1840, both depositors and noteholders—in fact, all creditors 

—were protected. But in 1842 New York restricted the protection to 

noteholders, and in the two insurance systems established later—Ohio 

and Iowa—only noteholders were protected.

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BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 1 8 6 6 4 7

The period of operation of the insurance systems in each of the six 

States and a summary of the extent of participation in them are given 

in Table 24. Annual data for the number of participating banks and 

their obligations, both total and insured, are given in Tables 29, 30, 

and 31, pages 60-65.

T a b le 2 4 . E x t e n t o f B a n k -o b lig a t io n I n s u r a n c e in S ix S ta te s , 1829-1866

Item New York Vermont Indiana Michigan Ohio Iowa

Period of operation. . . . 1829-1866 1831-1866 1834-1866 1836-1842 1845-1866 1858-1865

Number of participating 

banks:

Minimum (year). . . . 

Maximum (year). . . .

2(1865)

91(1839)

3(1832)

13(1841-48)

10(1834-35)

20(1857-64)

4(1836,39)

47(1837)

8(1865)

41(1849-51)

8(1858)

15(1864-65)

Percent of all banks in 

State participating: 

Minimum (year). . . .

Maximum (year). . . .

Obligations covered by 

insurance or guaranty (in thousands):

2.0%

(1865)

92.6

(1837)

9.8%

(1858)

81.3

(1843)

12.5%

(1855)

100.0

(1834-51)

33.3%

(1836)

85.5

(1837)

51.6%

(1845)

75.7

(1864)

100.0%

(1858-65)

100.0

(1858-65)

Minimum (year). . . . 

Maximum (year). . . .

$401

(1865)

66,781

(1836)

$307

(1858)

1,936

(1847)

$2,182

(1842)

7,898

(1862)

$136

(1836)

1,391

(1837)

$1,388

(1845)

8,782

(1850)

$107

(1858)

1,440

(1864)

Percent of all bank 

obligations covered: 

Minimum (year). . . .

Maximum (year). . . .

0.4%

(1864)

90.6

(1840)

8.3%

(1858)

78.3

(1845)

24.2%

(1854)

100.0

(1835-51)

8.0%

(1836)

62.3

(1838)

18.1%

(1845)

54.9

(1859)

31.3%

(1858,64)

50.4

(1862)

Detailed data: See Tables 29-31, pp. 60-65.

Banks in financial difficulties. In all six insurance systems operated 

prior to 1866 one or more participating banks became involved in serious 

financial difficulties. Table 25 shows the number and obligations of 

participating banks in financial difficulties, along with comparable data 

for non-participating banks.

Participating banks accounted for only about one-third of all banks 

in financial difficulties during the insurance periods. In each of four 

States the number of failing non-participating banks exceeded the number 

of participating banks in financial difficulties. The greatest difference 

occurred in Indiana where of a total of 70 cases of bank difficulty, 69 

were non-participating banks. Only in Michigan were there more failures 

among participating banks than among those not operating under 

insurance. In Iowa, where all banks participated in insurance, there 

was one case of a bank in serious financial difficulty.

In the five States for which comparison between the two groups of 

failing banks can be made, failing participating banks were, on the 

average, of larger size than failing non-participating banks in New York 

and Indiana, and of smaller size in Vermont, Michigan, and Ohio. HowDigitized for FRASER 

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4 8 FEDERAL DEPOSIT INSURANCE CORPORATION

ever, in Ohio the average size of failing participating banks would have 

exceeded that of non-participating banks except for inclusion in the 

latter group of the Ohio Life Insurance and Trust Company. That 

company was one of the nation’s largest banks, with a considerable 

portion of its business conducted in New York, and its failure was one 

of the factors contributing to the panic of 1857.

T a b le 2 5 . N u m b er a n d O b lig a t io n s o f B a n k s in S e r io u s F in a n c ia l 

D i f f i c u l t i e s , S ta te s w it h B a n k -o b lig a t io n I n s u r a n c e S ystem s, 1829-18661

(b y in s u r a n c e p e r io d )

Number Obligations (in thousands) 2

State and insurance 

period

Total

Participating in 

insurance

Not 

participating in 

insurance

Total

Participating

banks

Nonparticipating

banks

Number or

amount:

Six States........ 233 81 152 $28,064 $11,497 $16,567

New York 

(1829-1866).. . 78 21 57 14,119 6,893 7,2263

Vermont

(1831-1866)4. . 6 2 4 622 172 450

Indiana

(1834-1866).. . 70 1 69 3,151 78 3,0735

Michigan

(1836-1842).. . 55 46 9 1,8106 1,1986 6126

Ohio

(1845-1866).. . 

Iowa

(1858-1865).. .

Percent

distribution:

Six States... .

23 10 13 8,153 2,947 5,206

1

100.0%

1

34.8% 65.2%

2097

100.0%

2097

41.0% 59.0%

New York

(1829-1866).. . 100.0 26.9 73.1 100.0 48.8 51.2

Vermont

(1831-1866).. . 100.0 33.3 66.7 100.0 27.7 72.3

Indiana

(1834-1866). . 100.0 1.4 98.6 100.0 2.5 97.5

Michigan

(1836-1842). . 100.0 83.6 16.4 100.0 66.2 33.8

Ohio

(1845-1866). . 100.0 43.5 56.5 100.0 36.1 63.9

Iowa

(1858-1865). . 100.0 100.0 100.0 100.0

1 For participating banks includes all those in serious financial difficulties, whether or not they were 

placed in receivership; for non-participating banks only those placed in receivership. The comparisons 

are therefore somewhat unfair to participating banks, particularly in New York and Ohio.

2 Deposits plus circulating notes (unless otherwise indicated) at or nearest time of failure.

3 Deposit component estimated.

4 For purposes of comparison data are limited to period 1831-1858 since from 1859 through 1866 

there were no banks participating in insurance.

6 Circulating notes only; deposit information not available.

6 Estimated circulating notes only. Deposits were largely held by non-participating banks but 

sufficient information to provide an estimate is not available.

7 Estimated.

Differences among the States in average size of failing participating 

and non-participating banks are reflected in Table 25. For example, 

the larger average size of failing participating banks in New York is 

shown by the fact that although these banks comprised only about

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one-quarter of all failing banks, they held almost half of the total obligations in such banks. Contrariwise, more than four-fifths of Michigan’s 

bank failures were participating banks, but they held only about twothirds of the obligations of failing banks.

The chief explanation for the differences in average size described 

above lies in the position of the “free banks.” These banks had been 

authorized in most instances subsequent to the adoption of the insurance 

programs. Consequently, the insurance systems which excluded these 

banks—such as New York, Indiana, and Ohio—contained the older, 

longer established banks. On the other hand, Michigan’s insurance 

system included the “ free banks” but not the older banks, none of which 

were required to participate until the expiration of their charters.

The number of distressed participating banks in each State, by year, 

is shown in Table 26. Also shown for each year are the proportions of 

all participating banks and of their total obligations involved in bank 

difficulties. It will be noted that of the total of 81 cases of bank difficulty 

in all six systems, 64 occurred during the long depression of the late 

1830’s and early 1840’s. Most of the remaining cases occurred in the 

depression years of 1854 and 1857.

In Michigan all but one of the participating banks failed within three 

years. In other States the number of banks in financial difficulty in any 

one year was small, although one or a few banks which failed constituted 

in some cases a sizable percentage of the banks participating.

Failing participating banks were generally of smaller size than other 

participating banks. However, in a few instances larger participating 

banks did become involved in serious financial difficulties. One such case 

occurred in Ohio during 1857 when larger banks were in difficulty because 

of the unavailability of their New York deposits.

Methods used to protect creditors of banks in financial

difficulty. The measures taken in some of the States by insurance 

authorities to protect the creditors of failed banks, and of banks in 

imminent danger of failing, were not wholly contemplated by insurance 

legislation. Such measures were developed in an attempt to provide 

better coverage or to meet emergencies not foreseen at the time insurance 

was adopted. In general they represented improvements on the original 

plans and some are similar to those used under Federal deposit insurance 

today.

New York made several important changes in her original insurance 

plan. When the solvency of three participating banks was threatened 

in 1837, the State Comptroller, acting under a law passed in the same 

year giving him wide discretion as to how best to protect creditors, did 

not place the banks in receivership but began redeeming their notes

BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 1 86 6 4 9

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5 0 FEDERAL DEPOSIT INSURANCE CORPORATION

from the insurance fund. As a result the banks were kept from failing 

and later repaid with interest the sums advanced from the insurance 

fund. In another case occurring in 1837 a participating bank whose 

charter had been revoked because of threatened insolvency was able to 

resume operations under a new charter as a consequence of redemption 

of its notes from money advanced by the insurance fund. It too repaid 

the fund with interest.

T a b le 26. JN u m b er a n d O b lig a t io n s o f P a r t ic ip a t in g B a n k s in 

S e r io u s F in a n c ia l D i f f i c u l t i e s , S ta te s w it h B a n k -o b lig a t io n 

I n s u r a n c e S ystem s, 1829-18661

Year

Participating banks in serious 

financial difficulties

Percent of all participating banks 

and of their total obligations 2

N. Y. Vt. Ind. Mich. Ohio Iowa N. Y. Vt. Ind. Mich. Ohio Iowa

Number of 

banks

1837___ 5 5.6%

1838 303 63.8%

1839 1 133 10.0% 76.5

1840___ 2 34 2.2 75.0

1841___ 4 4.5

1842___ 5 5.9

1843 1 7.7%

1848___ i 1.3

1850 2 4.9%

1852 1 2.4

1854___ 1 3 1.8 7.7

1857___ 3 1 4 7.5 14.3 11.1

1860 1 8.3%

Obligations 

(in thousands)

1837___ $1,4576 2.2%

1838 $750«

3926

53.9%

$70 6.6% 65.41839

1840___ 633 56« 2.0 27.7

1841___ 1,830

1,166

4.4

1842___ 3.5

1843 $78 3.6%

1848___

1850

791 1.4

$562

182

4.7%

1852 1.7

1854___ 125 1,019

1,184

.3 10.0

1857___ 891 102 3.8 13.1 12.2

1860 $209’ 14.7%

1 Includes banks placed in receivership, banks temporarily suspending operations because of financial 

difficulties, and bants receiving financial aid in order to continue operations.

2 Participating banks in financial difficulties during the year as percentage of the number in operation 

at the beginning of the year. Total obligations in failing participating banks as percentage of total obligations in all participating banks at beginning of year or, where failures were concentrated in one or several 

months, at dates nearest and prior to failures.

* The exact number of banks which operated under the “ free banking” law is not known but it is 

estimated that there were at least 40, of which it is estimated that 30 failed in 1838 and ten in 1839.

4 The Bank of St. Clair was permitted to leave the insurance system by special act of the legislature, 

March 19, 1840. All other participating banks failed.

6 Deposit component estimated.

6 Computed from estimated data, circulating notes only.

7 Estimated.

In 1842 New York’s insurance system faced a crisis because of the 

failure of eleven participating banks within three years and claims against 

the fund which far exceeded its capacity. It was apparent that although 

the system would eventually be able to meet all losses, payment of claims

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BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 1 86 6 51

was being held up for lack of funds. A borrowing power was required in 

order to provide for the large disbursements then necessary. Consequently, 

in 1845 the New York State Comptroller was authorized to sell bonds 

sufficient to meet all claims against the insurance fund, the bonds to be 

redeemed from subsequent payments into the fund by participating 

banks.

The question of whether to place a distressed bank in receivership 

and pay insured creditors or to arrange for its continued operation arose 

in the first two cases handled by the insurance authority in Ohio. In these 

cases receivership would have deprived the respective communities of 

needed banking services and, in addition, it was feared that the failures 

would adversely affect the credit of the other participating banks. It 

was therefore decided to prevent the closing of the banks if possible.

The only information available as to the actual procedure used in 

each case is contained in the correspondence of supervisory officials. 

In the first case it appears that the situation was handled in a fashion 

similar to that used on occasion under Federal deposit insurance. That 

is, a new group of stockholders, or a new bank in essence, assumed all 

of the liabilities and assets of the failing bank, receiving in addition a 

cash payment presumably equal to either the excess of liabilities over 

assets or the amount of capital impairment. This is suggested by the 

following extracts from a series of letters relating to the transaction: 1

July 23, 1850: A proposition has been submitted for the purchase of the

Summit [County bank]. This should be attended to.

August 2, 1850: It was not contemplated to make a requisition upon the

Branches to supply the deficiency in the stock of the Summit Co. until a sale

should be effected.

October 30, 1850: I received this morning . . . a verbal communication . . .

that our terms as to the transfer of the Summit Co. . . . were accepted.

November 2, 1850: Mr_________________ and associates had made propositions

to purchase the Summit Co. . . . stock at the price, or rather loss, proposed by

the Board.

December 14, 1850: [to the new owners] There appears to be awarded to

you and associates $98,000 and to others $2,000, the aggregate being the entire

stock.

July 6, 1855: [in the course of discussing a different transaction] This . . .

differs from that of the Summit Co. Bk. . . . in that case the Board transferred

all the assets and liabilities and paid them for assuming them. [Underscoring

in the original].

In the second Ohio case there is less information on the procedure 

used to protect creditors. Apparently the bank was taken over by the 

Board of Control soon after it began operation. At a later period, when 

losses had been made up, largely through special assessments levied on 

the other participating banks, the stock was sold to new investors.

1 Letterbooks of the Board of Control of the State Bank of Ohio, MSS, Ohio State Archaeological 

and Historical Society Library, Columbus.

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Federal Reserve Bank of St. Louis
5 2 FEDERAL DEPOSIT INSURANCE CORPORATION

During the panic of 1857 the Board of Control in Ohio kept a number 

of distressed banks from closing by levying upon sound participating 

banks the sums necessary to keep them open. Although there was no 

legal obligation to make such contributions the participating banks did 

so since, under the mutual guaranty of the Ohio system, large assessments 

might eventually have resulted had the distressed banks been closed 

and placed in receivership.

Significantly, the Board of Control held as security an equivalent 

amount of circulating notes of the failing banks. This, at least, is the 

interpretation which must be drawn from a letter to one of the distressed 

banks: 1

It being understood that any advances which may be made to the Branches

in aid of each other during the present crisis are to be secured to the satisfaction

of the Prest. of the Board of Control, you will please forward to this office sealed

packages of your circulating notes containing sums equal to any advances made . . .

This arrangement was, in effect, a form of subordinated deposit. In 

circulating notes the Board held claims against the banks involved 

which were payable on demand but which, it was understood, would 

not be exercised so long as their solvency was threatened. It might be 

noted that a subordinated deposit procedure is included in the Federal 

Deposit Insurance Act of 1950. 2

Indiana and Iowa each had only one case of a participating bank 

involved in serious financial difficulty and in each instance the bank 

was kept from closing through action taken by the insurance authority. 

Little information is available on the precise techniques which were 

used but it appears that financial aid was granted in each case, either 

in the form of a loan or a subordinated deposit by some or all of the sound 

participating banks. For Indiana this is suggested by the following 

letter from the Secretary of the State Board: 3

Mr. Merrill [President of the system] conferred with the Branch here and

the conclusion was that this Branch handed him $2,500 with an understanding

that before he use it [for the failing bank] he was to get $5,000 from [the Branch

at] Richmond and $2,500 from [the Branch at] Madison. It will be to the true

interests of the Branches to sustain them.

In the Iowa case the assistance of the sound participating banks was 

secured and some loss was suffered by stockholders. 4

Disbursements to protect creditors of distressed banks. Insurance 

disbursements made on behalf of creditors of participating banks in 

financial difficulties and the degree of protection achieved thereby are 

shown in Table 27. In the six States combined, more than four-fifths

1 October 3, 1857, Letterbooks of the State Bank of Ohio, op. cii.

8 Federal Deposit Insurance Act, Section 13 (c); Section 1823 (c) Title 12, U.S.C.

3 December 2, 1842, Letterbook of the State Bank of Indiana, MS, Indiana State Library, 

Indianapolis.

4 This is reported by Howard H. Preston, History of Banking in Iowa, (Iowa City: 1922), p. 106. 

The Corporation's study of the Iowa system is not yet as complete as for the other States.

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Federal Reserve Bank of St. Louis
BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 186 6 53

T a b l e 2 7 . I n s u r a n c e D i s b u r s e m e n t s a n d B a n k C r e d i t o r P r o t e c t i o n ,

S t a t e s w i t h B a n k - o b l i g a t i o n I n s u r a n c e S y s t e m s , 1 8 2 9 -1 8 6 6

(Amounts in thousands)

Participating Banks placed in receivership Banks Protection of insured creditors: 

Percentage of inState and sured obligations—

banks in 

serious financial 

difficulties

Payments 

to insured 

creditors 

by receiver2

Claims

Payments to insured creditors by 

insurance system

rehabilitated 

with inof bank 

difficulty

against surance Made 

available to 

creditors3

Number

Insured

obligations1

insurance

system Amount

Percent

of

claims

aid:

Disbursements

Not

paid4

Total six

States........ 81 $9,449 $2,630 $4,561 $3,307 72.5% $327 83.2% 16.8%

New York,

total........ 21 $5,9125

1,4576

$2,218

195

$2,971

193

$2,971

193

100.0%

100.0

95.3%

100.0

4.7%

1837 ___ 5

1840........ 2 6337 224 446 446 100.0 100.0

1841 ___ 4 1,8307

1,166

1928

640 1,724

533

1,724

533

100.0 100.0

1842 5 476 100.0 86.5 13.5

1848 1 192 100.0

1854

1857

1 125 20

} 75 } 75 J 100.0 } | 89.3 110.7 3 509 471 )

Vermont,

total........ 2 $172

70

$14

12

$69

34

$44

31

63.8%

91.2

33.7%

61.4

66.3%

1839 1 38.6

1857 1 102 2 35 13 37.1 14.7 85.3

Indiana,

total........ 1 $78

78

(9)

(9)

100.0%

1843........ 1 100.0

Michigan,

total........ 46 $1,198

75010

$1,198

750i°

100.0%

1838 30 100.0

1839 13 392io 3921° 100.0

1840 3 5610 561° 100.0

Ohio,

total........ 10 $1,994

432

$398 $292 $292 100.0% $327

190

100.0%

1850 2 100.0

1852 1 179H 5 174 174 100.0 (12)

8113

100.0

1854 3 511 393 118 118 100.0 100.0

1857 4 872 56 100.0

Iowa, total

1860

1 $95

9514 (9)

(9)

o© ! 

op < 

1

© © '

1 At time of failure or last report prior to failure.

2 Amounts for New York in 1840,1841, and 1842, and Vermont in 1839 and 1857, represent reported 

receivers’ collections. The amounts of receivership expenses charged against these sums, if any, are not 

known.

3 Through payments by receivers and payments on claims in receivership cases, and through rehabilitation of the bank in other cases.

4 In New York and Vermont chiefly because claims were not presented.

6 Circulating notes and deposits through 1842; circulating notes only 1848,1854, and 1857. Deposits 

of two banks which failed in 1842, after passage of the law restricting insurance to circulating notes, 

are included because of recognition of the liability of the insurance fund for their deposits by an act 

passed in 1845.

6 Circulation at time of closing plus estimated deposits. Deposits estimated by assuming that 

average decline in circulation of 19 percent between reporting date and dates of failure was matched 

by a similar decline in deposits. Four of these banks were enabled to resume operations because of insurance aid.

7 Excludes obligations fraudulently issued and not shown on books at last reports prior to failure. 

Most of these obligations were nevertheless valid claims in the hands of ultimate holders and were paid 

by either the receiver or the insurance system. The difference between the total payments and the 

amount of insured obligations exceeds the illegal issue by reason of: (1) the unknown amount of receivers* expenses (2) the difference between insured obligations at last report prior to failure (shown 

here) and insured obligations at time of failure.

8 Records conflict as to circulation outstanding at time of failure, $186,000 being given in some 

reports.

9 Amount of disbursements, presumably in the form of loans, made to rehabilitate bank not known.

10 Circulating notes only; deposit information not available.

11 Includes, as of date just prior to failure, notes in circulation of $156,000 plus $23,000 carried under 

liabilities as “ sundries.” The latter sum probably represented circulating notes held as security by other 

“ Branch Banks” for amounts previously advanced to sustain the failing bank.

12 Excludes the $23,000 mentioned in note 11 because the circulating notes presumably held as security by the other participating banks are assumed to be included among those redeemed by the payments to insured creditors.

13 Disbursement made to one of the banks prior to failure in an unsuccessful effort to prevent its 

closing. The amount advanced in this case was apparently not recovered by the contributing banks.

14 Estimated.

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5 4 FEDERAL DEPOSIT INSURANCE CORPORATION

of insured obligations in failing banks were made available to creditors 

either through direct payments by the insurance systems and receivers 

or through rehabilitation of distressed banks by insurance disbursements. 

In individual States the degree of protection provided ranged from 100 

percent in Indiana, Ohio, and Iowa to zero in the case of Michigan.

It will be noted that in some cases claims against the respective insurance systems were considerably less than the obligations insured at 

or near time of failure. This was because four of the insurance plans— 

New York, Vermont, Indiana, and Michigan—provided that insurance 

payments need not be made until the receivers of the failed banks had 

an opportunity to dispose of at least some of the assets and declare a 

dividend. Although in Ohio and Iowa creditors of failed banks were to 

be paid immediately, in practice there was sufficient time between the 

failure of the bank and the return of circulating notes for redemption 

to realize upon a portion of the assets of the bank involved.

Better protection of creditors of banks involved in financial difficulties 

was achieved by the systems with mutual guaranty than by the simple 

insurance fund systems. Full payment was made to the creditors of four 

banks which had been placed in receivership in Ohio. In the case of eight 

other distressed banks—six in Ohio and one each in Indiana and Iowa— 

insurance disbursements made possible the continued operation of either 

the bank involved or a successor bank. In Ohio and Iowa, where only 

circulating notes were protected by insurance, this had the incidental 

effect of providing full coverage for depositors.

Although all claims against New York’s insurance fund were paid, 

as shown in Table 27, protection of creditors in that State was not as 

complete as was the case in Indiana, Iowa, and Ohio. This was because 

money was not immediately available to meet the claims of most creditors 

of the banks which failed during and after 1840. As was pointed out 

earlier, it was not until 1845 that the insurance authority in New York 

was given power to borrow money and it was several years after that 

before all claims arising from the 11 banks which failed in 1840-42 had 

been presented and paid. Presumably most of these creditors suffered 

some hardship and many disposed of their claims for less than full value.

Creditors of four of the five participating banks which failed in New 

York after 1845 fared even more poorly. Under the 1845 law arrangements to meet their claims could not be made until the bonds previously 

issued had been retired. Although receivers’ dividends considerably 

reduced these claims, full payment was made on those remaining in 

1866 only because so few were presented.

Less than two-thirds of insured claims were paid by insurance 

authorities in Vermont. This was chiefly due to the inadequacy of the

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Federal Reserve Bank of St. Louis
insurance fund when the last Vermont failure occurred. The fund had 

been diminished because of repayments to some participating banks 

of the amount of their insurance assessments when they withdrew from 

insurance under an option available to them. Such repayments were 

later found to have been contrary to law but could not be recovered.

Michigan provides the only instance in which the insurance system 

was unable to meet any of the claims made against it. This was primarily 

due to the banking developments of the years immediately following its 

adoption rather than to deficiencies in the insurance plan or its administration. Shortly after insurance began in 1836 seven banks were chartered 

and thus became members of the insurance system. In March of 1837 

a “free banking” act was passed which resulted in the establishment by 

the end of the year of at least 40 banks. These banks, which also automatically became members of the insurance system, started while specie 

payments were suspended in Michigan as a consequence of the panic 

of 1837. When specie payments were resumed early in 1838 most of these 

banks immediately failed and their obligations became claims upon the 

insurance fund even though they had paid little or nothing into it. 

Since the small sums secured from assessments prior to 1838 had already 

been used to meet supervisory expenses it was not possible to pay any 

insured claims.

Adequacy of insurance funds and assessments. Measures of 

the adequacy of the insurance funds and rates of assessment in the five 

State systems embodying an insurance fund are shown in Table 28. 

It will be noted that in three States the funds and assessment rates 

were sufficient to cover all insurance costs, although as was pointed out 

earlier they were not sufficient in New York to cover all disbursements 

at the time such were needed.

At the time of closing of the insurance systems the insurance funds 

of Ohio and Iowa were at the levels required by law. New York’s insurance fund had a balance of about $13,000 but Vermont’s fund had 

fallen short of the claims against it by about $22,000 and Michigan’s 

by more than $1 million. The balance in Ohio and Iowa was distributed 

among the participating banks and in New York it was turned over to 

the State treasurer.

The average ratios of the insurance funds to total and to insured 

obligations varied considerably from State to State. Michigan’s insurance 

fund averaged less than one-tenth of one percent of insured obligations, 

while the funds in Ohio and Iowa were 12 and 21 percent respectively 

of insured obligations. It should be noted, however, that in Vermont, 

Ohio, and Iowa, and in New York prior to 1840, most of the income 

derived from investment of the insurance funds was returned to the 

participating banks in proportion to their contributions.

BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 1 8 6 6 5 5

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T a b le 2 8 . I n s u r a n c e F u n d s a n d A ssessm en ts, S ta te s w it h 

B a n k -o b lig a t io n I n s u r a n c e S ystem s, 1 8 2 9 -1 8 6 6 1

(Amounts in thousands)

Item New York 

(1829-1866)

Vermont

(1831-1866)

Michigan

(1836-1842)

Ohio

(1845-1866)

Iowa

(1858-1865)

Insurance funds:

1

Average size................................... $192 $19 $0.3 $759 $196

As percent of—

0.6%

1.0

2.0%

2.0

.09% 7.7% 8.4%

Average insured obligations. .. .09 11.5 21.4

Balance or deficiency at close 

of system................................ $13 -$22 -$1,198 $8152 $3382

Assessments and fund incom e:

Assessments and income available for insurance operations: 

Assessments paid 3....................

$3,221

3,120

101

$63

63

$3

3

$1,567

1,567

$338

338

Interest received 4.....................

Used for insurance operations .................................... 3,208

13

44 7225

Refunded to banks or 

State 6................................. 19 845 338

Assessments necessary to cover 

insurance costs....................... $3,208

0.24%

0.25

$66

0.2%

0.2

$1,198

0.1%

51.5

$7225

0.8%

0.4

Equivalent average annual rate 

of assessments on total 

obligations:

Paid................................................. 1.8%

(8)

Necessary to cover insurance 

costs 7......................................

1 In Indiana the insurance system was one of mutual guaranty with no fund.

2 Amount in fund in last year of full operation of insurance system.

3 Assessments paid and used for insurance operations other than administrative expenses except 

in Michigan, where amount paid was completely absorbed by such expenses.

4 In excess of amounts used to pay administrative expenses and amounts paid to banks. In Vermont, 

Ohio, and Iowa such expenses absorbed the whole of investment income.

5 Total of special assessments used to redeem notes of failed banks or aid operating banks plus 

estimated amounts secured from assets in insurance funds of failed banks. Recoveries from other assets 

of such banks by insurance system are not known.

6 In New York paid into State treasury; in Vermont refunded to six banks withdrawing prior to 

close of system; in Ohio refunded to one bank withdrawing prior to close of system and to all banks at 

close of system; in Iowa refunded to all banks at close of system.

7 In Indiana, with no fund, and assessments levied only when necessary to meet the obligations 

of a failed bank, no assessments were necessary, though in one case funds were advanced to help avert 

a failure.

8 Banks advanced funds in one case to help avert a failure but no losses fell on the fund.

Detailed data: See Table 32, pp. 66-67.

All of the assessments paid by participating banks were on capital 

stock or insured obligations and were intended to be made for a limited 

number of years. However, to provide a basis for comparison with rates 

under Federal deposit insurance, the equivalent average annual rates 

on total obligations, i. e., deposits plus circulating notes, are shown in 

Table 28. On this basis it will be seen that the rate most closely approximating the present statutory rate of one-twelfth of one percent under 

Federal deposit insurance was Michigan’s one-tenth of one percent per 

year. Other rates were substantially higher, ranging from one-fifth of 

one percent in Vermont to almost two percent in Iowa.

Included in Table 28 are the assessment rates which would have been 

necessary to cover the insurance costs. Because of the relatively small

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surplus and liability in New York and Vermont respectively such rates 

in those States do not differ markedly from those actually paid. In Ohio 

the rate could have been halved and in Iowa eliminated so far as the 

ultimate cost of insurance—but not disbursements—was concerned. 

On the other hand, to have been successful in the short and disturbed 

period in which it operated, Michigan's insurance system would have 

required a tremendously high assessment rate.

The differences between actual rates and computed necessary rates 

in Michigan, Ohio, and Iowa do not depend solely on the claims made 

by creditors of failed banks. In other words, Michigan’s computed rate 

is high because of the small number of years over which the required 

funds would had to have been contributed. The computed necessary 

rate would have been much lower for Michigan if its system had started 

earlier, or had experienced a decade or two of prosperous years before 

encountering a wave of failures, and if it had had power to borrow funds 

to meet claims as they arose. On the other hand, the lower computed 

rates necessary for Ohio and Iowa do not take into account the fact that 

the contributions actually paid provided insurance funds of substantial 

size, the existence of which was probably in part responsible for preventing 

the failure of more banks in these States.

Appraisal of bank creditor protection. The insurance and mutual 

guaranty plans adopted prior to 1866 provided creditors of failing banks 

with a degree of protection previously unknown in American banking; 

but, as has been indicated, only part of them were wholly successful in 

preventing losses to depositors and noteholders.

All of these pioneer systems operated under handicaps that were 

inherent in the insurance plans or resulted from external pressures. The 

most serious defect was in the systems of New York, Vermont, and 

Michigan, where there was neither a mutual guaranty nor provision 

for an original fund or for borrowing power. In Michigan and Vermont 

the first failures came before a sufficient fund had been accumulated, 

and these were so serious in the former State that the system collapsed. 

In New York the fund was provided with borrowing power a decade 

and half subsequent to its establishment, after insurance operations 

had temporarily broken down.

A handicap common to all six of the insurance plans, associated with 

the lack of borrowing power, was the pressure for rapid liquidation 

arising out of the regulations governing the payment of insured creditors. 

Liquidation under pressure usually results not only in smaller recovery, 

but also tends to adversely affect values in a market likely to be already 

depressed. In New York, Vermont, and Michigan such pressure came 

from creditors, who, under most circumstances, could not be paid until 

the liquidation of the failed bank had been wholly or substantially

BANK-OBLIGATION INSURANCE SYSTEMS, 182 9 TO 1 86 6 57

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5 8 FEDERAL DEPOSIT INSURANCE CORPORATION

completed. Indiana’s insurance plan was also subject to the same handicap 

although the problem never arose in practice. In Ohio, and inherent in 

the Iowa plan, pressure for rapid liquidation came from the participating 

banks because the assessments necessary to make prompt payments to 

creditors could be lessened, or even avoided, if sufficient funds were 

secured from the receiver.

There are numerous illustrations in the correspondence of the Ohio 

State Board of Control to illustrate the practical workings of the regulations applicable to the payment of creditors of a failed bank. For example,

the receiver of one failed bank was warmly commended “.....for, bad

as the assets of a broken bank usually are, it is surely something to be

able to say that enough has been realized to take up the circulation.....

without calling upon others to make advances.....” Similarly, the receiver of another failed bank was informed by the head of the system:

I have been ready at any time since the meeting of the Board of Control to

close the transaction of our interest in the [assets] . . . I desire, as soon as it can

be done, to have the cash payment made, as our fund for redeeming the notes . . .

is exhausted, and I wish to avoid calling on the [participating banks] if possible.

The systems in Ohio, Indiana, and Iowa were also defective in that 

assessments to redeem the notes of failed banks were made only after a 

bank failed, and therefore came at a time when it was difficult for the 

participating banks to meet them. Although Indiana and Iowa were not 

affected in practice by this procedure, because assessments were never 

necessary, there is evidence of the weakness of the procedure from the 

operation of the Ohio system. It is clear that part of the pressure for 

rapid liquidation in Ohio stemmed from the inability of some banks to 

meet an assessment and the undesirability of assessing others at a time 

when all were suffering from the impact of a depression.

In two of the six States, Ohio and Iowa, sizable insurance funds were 

provided immediately upon organization of the systems. In these States 

participating banks were required to make the major portion of their 

insurance contribution prior to opening for business. Consequently it 

is probable that confidence in the safety of insured obligations was more 

widespread among creditors, and was achieved more quickly, than was 

the case in New York, Vermont, and Michigan. Also, the assessment 

rates in Ohio and Iowa, as computed on an equivalent annual average, 

were much higher than in the other States.

Banking and business developments during the early years of the 

insurance systems was also an important factor in their success or failure. 

This is particularly evident when the Michigan experience is compared 

with that in Ohio or in Iowa. Mention has been made above of the collapse 

of the Michigan system, which was started at a time when the nation 

was on the verge of a deep and prolonged depression. In Ohio the system

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Federal Reserve Bank of St. Louis
was established after recovery from that depression was under way; 

and in Iowa after the panic of 1857. In each case there was a subsequent 

and fairly prolonged period characterized by general prosperity and 

relatively few bank failures.

Another vital element in the results of bank-obligation insurance 

prior to 1866 was the quality of bank supervision. In each of the six 

States bank supervision was an integral part of the system and some 

of the basic principles of bank supervision today were embodied in the 

early laws providing for insurance of bank obligations.

The influence of supervision is reflected in the record of all of the 

State systems. As a factor in the successful operation of insurance it was 

most important in the cases of Indiana, Ohio, and Iowa. In Indiana, 

which must be reckoned as the most successful of all systems in terms 

of minimization of banking difficulties over a prolonged period of time, 

it is difficult to attribute the success of the system to anything other than 

the excellence of supervision, for it was subject to some of the handicaps 

described above. The Indiana system had neither an original nor accumulated fund upon which to draw; and had been in operation only 

a short time before the panic of 1837 and the long depression of the 

late 1830’s and early 1840’s.

The distinguishing characteristics of supervision under the Indiana, 

Ohio, and Iowa systems when contrasted with New York, Vermont, 

and Michigan were, first, supervisory officials were largely chosen by 

and responsible to the participating banks and, second, under mutual 

guaranty the cost of lax supervision fell upon the participating banks. 

Consequently, supervisory officials in the first three States were not 

only provided with sufficient authority to prevent the continuance of 

unsafe and unsound banking practices but were also under continual 

pressure from sound participating banks to be especially vigilant against 

such practices.

The development of bank supervision under all of the bank-obligation 

insurance systems operated prior to 1866 was one of their notable features. 

A more detailed study of this aspect of the systems is in preparation.

Detailed tables. Tables 29, 30, 31, and 32 give, respectively, annual 

data regarding the number of banks, their total obligations, their insured 

obligations, and the status of their insurance funds for each of the six 

States.

Data presented in these detailed tables were taken wherever possible 

from primary source material, particularly official reports included in 

State documents. While it is believed that these data are the best presently 

available, it is anticipated that continuing research will make refinements 

and corrections possible at a later date.

BANK-OBLIGATION INSURANCE SYSTEMS, 1 82 9 TO 186 6 5 9

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Federal Reserve Bank of St. Louis
D e t a il e d T a b l e s : N u m b e r o f B a n k s , O b l ig a t io n s o f B a n k s , a n d I n s u r a n c e F u n d s , S t a t e s w it h

B a n k - o b l i g a t i o n I n s u r a n c e S y s t e m s , 1829-1866

T a b le 2 9 . N u m b e r o f B an k s, S ta te s w it h B a n k -o b lig a t io n S ystem s, 1829-18661

Year

end

New York Vermont Indiana Michigan Ohio Iowa

Total

Participating

banks Total

Participating

banks Total

Participating

banks Total

Participating

banks Total

Participating

banks Total

Participating

banks

Number2 Percent Number Percent Number Percent Number Percent Number Percent Number Percent

1829.. 43 23 53.5

1830.. 49 29 59.2

1831 63 51 81.0 10

1832!! 69 58 84.1 13 3 23.1

1833.. 79 69 87.3 17 7 41.2

1834.. 86 76 88.4 17 8 47.1 10 10 100.0

1835.. 86 77 89.5 19 9 47.4 10 10 100.0

1836.. 98 90 91.8 19 9 47.4 11 11 100.0 12 4 33.3

1837.. 95 88 92.6 19 10 52.6 11 11 100.0 553 473 85.5

1838.. 1124 89 79.5 19 10 52.6 13 13 100.0 253 173 68.0

1839.. 1724 91 52.9 19 10 52.6 13 13 100.0 9 4 44.4

1840.. 1654 895 53.9 17 10 58.8 13 13 100.0 6

1841.. 1554 85 54.8 17 13 76.5 13 13 100.0 2

1842.. 1454 81 55.9 17 13 76.5 13 13 100.0 2

1843.. 134 80 59.7 16 13 81.3 13 13 100.0

1844.. 148 80 54.1 17 13 76.5 13 13 100.0

1845.. 148 78 52.7 17 13 76.5 13 13 100.0 31 16 51.6

1846.. 150 77 51.3 17 13 76.5 13 13 100.0 34 18 52.9

1847.. 167 77 46.1 18 13 72.2 13 13 100.0 47 30 63.8

1848.. 182 76 41.8 21 13 61.9 13 13 100.0 54 38 70.4

1849.. 190 75 39.5 23 11 47.8 13 13 100.0 56 41 73.2

1850.. 209 71 34.0 27 10 37.0 13 13 100.0 57 41 71.9

1851.. 243 69 28.4 31 9 29.0 13 13 100.0 70 41 58.6

1852.. 276 67 24.3 32 9 28.1 28 13 46.4 67 39 58.2

1853.. 322 57 17.7 33 9 27.3 43 13 30.2 66 39 59.1

1854.. 333 52 15.6 40 9 22.5 103 13 12.6 58 37 63.8

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1855.

1856.

1857.

1858.

1859.

1860. 

1861. 

1862.

1863.

1864.

1865.

1866.

286

312

294

301 

303

306

302

308

309 

284

99

77

42

40

32

30

28

25

24

1710

(9)

14.7 12.8 

10.9 10.0

9.2

8.2 

7.9 

5.5 

3.2 2.1

2.0 (9)

42

41

41

41

41

41

40

41 

41 

40

6

5

(7)

21.4

17.1

14.6

9.8

(7)

104

53

46

38

37

40

38 

38 

34 

30

(8)(8)

13 12.5 58 36 62.1

13 24.5 57 36 63.2

206 43.5 53 36 67.9

20 52.6 54 36 66.7 8 8 100.0

20 54.1 54 36 66.7 12 12 100.0

20 50.0 55 36 65.5 14 14 100.0

20 52.6 53 36 67.9 14 14 100.0

20 52.6 53 36 67.9 14 14 100.0

20 58.8 51 36 70.6 14 14 100.0

20 66.7 37 28 75.7 15 15 100.0

(8) (8) 12 8 66.7 15 15 100.0

(8) (8) (8) (8) (8)

1 For periods of operation of the insurance systems. Excludes private banks and, for 1863-66, national banks.

# 2 Each of two participating banks had one branch during a portion of the insurance period, which branches were sometimes reported as separate banks. They are here included 

with the parent banks.

3 Partially estimated. The exact number of banks which went into operation under the “ free banking” act of 1837 is not definitely known.

4 Partially estimated. Some banks opened under the provisions of the “free banking” act of 1838 did not report their assets and liabilities to the Bank Commissioners, and the 

number of such banks in actual operation during these years is not definitely known.

5 Excludes Wayne County Bank which failed near close of year but was included in Bank Commissioners’ report.

6 The Bank of the State of Indiana, consisting of 20 Branch Banks, succeeded the State Bank of Indiana system of 13 Branch Banks.

7 All banks had withdrawn from insurance by 1859 but the insurance fund remained intact and, in 1866, was ordered paid to the creditors of the Danby Bank by the Vermont 

Supreme Court.

8 Most banks converted to national banks during 1865-66. The number of banks remaining in operation and the amount of their obligations, in Indiana at the end of 1865-66, and in Ohio at the end of 1866, are uncertain.

9 The charters of the last two participating banks expired in 1866.

O*i—*■ BANK-OBLIGATION INSURANCE SYSTEMS, 1829 TO 1 8 6 6

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T a b le 3 0 . T o t a l O b lig a t io n s , B a n k s in S ta te s w it h B a n k -o b lig a t io n I n s u r a n c e S ystem s, 1829-18661

(Amounts in thousands of dollars)

New York Vermont Indiana Michigan Ohio Iowa

Year2 All

banks3

Participating

banks All

banks

Participating

banks All

banks

Participating

banks All

banks5

Participating

banks All

banks6

Participating

banks All

Participating

banks

Total Percent3 Total Percent Total Percent4 Total5 Percent Total Percent

banks7

Total7 Percent

1829..

1830..

1831..

1832..

1833..

1834..

(8)

37,7409

33,333®

38,9889

46,9589

56,723<>

(8)

11,142

26,027

30,986

38,353

47,304

(8)

29.5 

78.1

79.5 

81.7 

83.4

1,405

(8)

1,502

1,647

(8)

(8)

454

579

(8)

(8)

30.2

35.2 (8) (8) (8)

1835..

1836..

1837..

1838..

1839..

73,382

79,313

48,272

57,183

44,456

59,201

66,781

41,314

50,293

32,346

80.7 

84.2 

85.6 

88.0

72.8

1,856

2,511

1,784

2,255

2,249

697

1,000

873

1,059

1,029

37.6

39.8

48.9 

47.0 

45.8

3,266

5,603

3,910

3,941

3,695

3,266

5,603

3,910

3,941

3,695

100.0

100.0

100.0

100.0

100.0

1,690

2,657

962

387

136

1,391

599

202

8.0

52.4 

62.3

52.5

1840.. 45,490 41,224^0 90.6 1,338 748 55.9 3,652 3,652

3,722

2,182

100.0 585

1841.. 43,656 33,229 76.1 1,791 1,353 75.5 3,722 100.0 176

1842.. 45,241 33,047 73.0 1,080 787 72.9 2,182 100.0 250

1843..

1844..

63,596

70,786

47,099

49,828

74.1

70.4

1,513

2,033

1,179

1,552

77.9

76.3

2,602

3,538

2,602

3,538

100.0

100.0

1845..

1846..

1847..

1848..

1849..

71,953

69,027

81,948

69,016

84,602

50,551

47,262

57,040

54,655

53,959i2

70.3

68.5

69.6 

79.2 

63.8

1,688

1,900

2,768

2,019

2,673

1,321

1,388

1,936

1,186

1,329

78.3

73.1

69.9

58.7

49.7

4,163

3,960

4,458

4,260

4,071

4,163

3,960

4,458

4,260

4,071

100.0

100.0

100.0

100.0

100.0

7,679

9,453

13,854n

14,286

16,463

2,384

4,095

7,235

9,331

11,104

31.0

43.3

52.2

65.3

67.4

1850..

1851..

1852..

1853..

1854..

109,436

92,730

141,877

134,592

123,311

51,23212

49,806i2

48,75312

36,735i2

27,41912

46.8

53.7

34.4

27.3

22.2

3,475

4,099

4,577

5,552

4,832

1,265

1,276

1,427

1,659

1,269

36.4

31.1

31.2 

29.9

26.3

4,177

4,676

6,184

9,274

15,433

4,177

4,676

5,094

4,829

3,733

100.0

100.0

82.4

52.1

24.2

17,467

18,436

20,205

19,37013

14,359

11,878

11,871

12,355

12,404

8,863

68.0

64.4

61.1

64.0

61.7

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1855..

1856..

1857..

1858..

1859..

1860..

1861..

1862..

1863..

1864..

1865..

1866..

151.398 

161,590 

129,360 

175,153 

164,050

178,179

196,581

297,397

311.399 

326,421

59,969

47,703

23,816

23,723

13,175

16.694 

15,328

14,367

17,311

20.695 

19,881 

13,576

710 (17)

15.7

14.7 10.2

9.5

9.3

8.18.8

7.0

6.4

4.2

1.2

(17)

4,571

4,765

5,024

3,693

4,624

4,329

3,261

6,739

7,396

8,195

4,274

708

1,323

780

644

307 (16)

28.9

16.4 12.8

8.3 (16)

9,084

7,196

6,910

7,450

7,132

9,185

7,672

10,130

10,234

6,527

(18)

(18)

4,084

4,195 4,07616

5,643

5,202

6,997

5,876i5 

7,8£~ 7,64815 

4,419

(18)

(18)

45.0 

58.3

59.0 

75.7 

72.9

76.2

76.6

78.0

74.7

67.7

(18)

(18)

17,30613 11,237 64.9

16,96314 10,796 63.6

11,206 8,369 74.7

13,39814 9,887 73.8 342 342 100.0

13,290 9,712 73.1 1,425 1,425 100.0

13,838 9,523 68.8 1,980 1,980 100.0

15,63414 10,969 70.2 2,132 2,132 100.0

20,002 13,166 65.8 2,283 2,283 100.0

18,90014 12,150 64.3 3,412 3,412 100.0

16,267 9,721 59.8 4,326 4,326 100.0

(18) (18) (!8) 2,836 2,836 100.0 (18) (18) (18)

1 F°r Periods of operation of the insurance systems. Excludes obligations of private banks and, for 1863-66, of national banks. Total obligations as used here include circulating 

notes and business, personal, interbank, and government deposits; capital accounts and miscellaneous liabilities are excluded.

2 All data are for dates nearest end of year, except where otherwise indicated.

banks overstated^or^th^0^ ^ 11^ ^>an^s were no^ available for 1838-1842,1850, and 1854. Total obligations are thus understated, and the proportions of such obligations in participating

t Percentages after 1851_ are not precise measures since reports of participating and non-participating banks were for different dates in each year.

IJata consist m part of estimates, particularly in the case of “ free banks” , and include circulating notes only. Deposit information is not sufficiently available for estimation.

, , “/-onsists ol end of year data for participating banks (except for 1845 where February 1846 data were used for all banks) plus available data for non-participating banks. Such 

data for the latter group of banks were generally for early November dates.

I R aia for.,1??8, 1859» and 1860 are for February dates in succeeding years, for 1865 are for an April date in the same year, and for 1861 are estimated. 8 Not available.

9 Estimated.

10 Includes data for one bank which failed near the end of the year.

11 Excludes data for seven participating banks and one non-participating bank, in operation by end of year but apparently not in operation at time of report.

12 Consists of circulating notes, shown m Table 31 as insured obligations, plus estimated deposits.

13 Includes data for one non-participating bank not in operation at year-end.

14 Excludes data for one non-participating bank.

,, ^atasecured by subtracting from deposits and circulating notes of all Indiana banks, as shown in the 1876 report of the Comptroller of the Currency, the respective amounts 

attributed to free banks m the State Auditor’s reports for the indicated years. The dates of the two sets of reports differ and the results probably understate the actual amount of deposits and circulating notes.

18 See note 7, Table 29.

17 See note 9, Table 29.

18 See note 8, Table 29.

05COBANK-OBLIGATION INSURANCE SYSTEMS, 1829 TO 1866

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Table 31. I n s u r e d O b lig a t io n s , P a r t ic ip a t in g B a n k s in S t a t e s w it h B a n k -o b lig a t io n I n s u r a n c e S ystem s, 1829-18661

(Amounts in thousands of dollars)

New York Vermont Indiana Michigan Ohio Iowa

Percent of: Percent of: Percent of: Percent of: Percent of: Percent of:

Year2

Amount

of

insured

obligations

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

Amount

of

insured

obligations

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

Amount

of

insured

obligations

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

Amount

of

insured

obligations3

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

Amount

of

insured

obligations

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

Amount

of

insured

obligations4

Total

obligations

of

participating

banks

Total 

obligations 

of all 

operating 

banks

1829..

1830..

1831..

1832..

1833..

1834..

(5)

11,142

26,027

30,986

38,353

47,304

(6)

100.0

100.0

100.0

100.0

100.0

(5)

29.5 

78.1

79.5 

81.7 

83.4

(6)

(6)

454

579

(6)

(5)

100.0

100.0

(8)

(5)

30.2

35.2 (6) (6) (6)

1835..

1836..

1837..

1838..

1839..

59,201

66,781

41,314

50,293

32,346

100.0

100.0

100.0

100.0

100.0

80.7 

84.2 

85.6 

88.0

72.8

697

1,000

873

1,059

1,029

100.0

100.0

100.0

100.0

100.0

37.6

39.8

48.9 

47.0 

45.8

3,266

5,603

3,910

3,941

3,695

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

136

1,391

599

202

100.0

100.0

100.0

100.0

8.0

52.4 

62.3

52.5

1840.. 41,2246 100.0 90.6 748 100.0 55.9 3,652 100.0 100.0

1841.. 33,229 100.0 76.1 1,353 100.0 75.5 3,722

2,182

100.0 100.0

1842.. 8,926 27.0 19.7 787 100.0 72.9 100,0 100.0

1843..

1844..

13,054

14,880

27.7

29.9

20.5

21.0

1,179

1,552

100.0

100.0

77.9

76.3

2,602

3,538

100.0

100.0

100.0

100.0

1845..

1846..

1847..

1848..

1849..

15,548

15,767

16,822

20,420

20,570

30.8

33.4

29.5 

37.4 

38.1

21.6

22.8

20.5

29.6 

24.3

1,321

1,388

1,936

1,186

1,329

100.0

100.0

100.0

100.0

100.0

78.3

73.1

69.9

58.7

49.7

4,163

3,960

4,458

4,260

4,071

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

1,388

2,987

5,0657

6,876

8,303

58.2

72.9

70.0

73.7

74.8

18.1

31.6

36.6 

48.1 

50.4

1850..

1851..

1852..

1853..

1854..

19,464

18,658

18,610

14,559

8,000

38.0

37.5

38.2

39.6

29.2

17.8 

20.1 

13.1

10.8 

6.5

1,265

1,276

1,427

1,659

1,269

100.0

100.0

100.0

100.0

100.0

36.4

31.1

31.2 

29.9

26.3

4,177

4,676

5,094

4,829

3,733

100.0

100.0

100.0

100.0

100.0

100.0

100.0

82.4

52.1

24.2

8,782

8,420

8,195

8,124

6,146

73.9

70.9

66.3 

65.5

69.3

50.3

45.7 

40.6 

41.9

42.8

DEPOSIT INSURANCE CORPORATION

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1855.. 7,524 31.6 5.0 1,323 100.0 28.9 4,084 100.0 45.0 7,614 67.8 44.0

1856.. 6,771 28.5 4.2 780 100.0 16.4 4,195 100.0 58.3 7,291 67.5 43.0

1857.. 4,126 31.3 3.2 644 100.0 12.8 4,076s 100.0 59.0 6,133 73.3 54.7

1858.. 4,862 29.1 2.8 307 100.0 8.3 5,643 100.0 75.7 7,326 74.1 54.7 107 31.3 31.3

1859.. 4,984 32.5 3.0 09 (9) (*) 5,202 100.0 72.9 7,299 75.2 54.9 634 44.5 44.5

1860.. 3,973 27.7 2.2 6,997 100.0 76.2 6,934 72.8 50.1 652 32.9 32.9

1861.. 4,186 24.2 2.1 5,876s 100.0 76.6 7,858 71.6 50.3 901 42.3 42.3

1862.. 3,863 18.7 1.3 7,898 100.0 78.0 7,388 56.1 36.9 1,150 50.4 50.4

1863.. 2,256 11.3 .7 7,648s 100.0 74.7 5,693 46.9 30.1 1,417 41.5 41.5

1864.. 1,160 8.5 .4 4,419 100.0 67.7 4,098 42.2 25.2 1,440 33.3 31.3

1865.. 401 56.5 .8 (n) (n) (ii) (u) (u) (u) 1,030 36.3 36.3

1866.. (10) (i°) (10) 01) (") (u) (“ ) (u) (u)

1 For periods of operation of the insurance systems. Insured obligations for Vermont and Indiana are the same as total obligations, as defined in note 1, Table 30; for New York 

are the same as total obligations through 1841 and thereafter are circulating notes only; for Ohio and Iowa are circulating notes only. In Michigan all obligations were insured but 

complete data are not available; see note 5, Table 30.

2 All data are for dates nearest end of year, except where otherwise indicated.

3 See note 5, Table 30.

4 See note 7, Table 30.

6 Not available.

6 See note 10, Table 30.

7 Excludes data for seven banks in operation by end of year but apparently not in operation at time of report.

8 See note 15, Table 30.

9 See note 7, Table 29.

10 See note 9, Table 29.

11 See note 8, Table 29.

05Oi BANK-OBLIGATION INSURANCE SYSTEMS, 1829 TO 1866

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0

01

Table 32. I n s u r a n c e F u n d s, P a r t ic ip a t in g B a n k s in S ta te s w it h B a n k -o b lig a t io n I n s u r a n c e S ystem s, 1829-18661

(Amounts in thousands of dollars)

New York Vermont Michigan Ohio Iowa

Percent of obligations Percent of obligations Percent of obligations Percent of obligations Percent of obligations Year2 of participating banks: of participating banks:

Amount

of participating banks:

Amount

of participating banks: of participating banks:

3 Of total Of insured 3 Of total Of insured Of total Of insured Of total Of insured

Amount 4

Of total Of insured obligations obligations obligations obligations obligations obligations obligations obligations obligations obligations

1829.............. (5)

1830.............. (6)

1831.............. 26 .i .1 (6)

1832.............. 88 .3 .3 .47 (8) (8) 1833.............. 184 .5 .5 47 .9 .9

1834.............. 289 .6 .6 27 .3 .3

1835.............. 407 .7 .7 4 .6 .6

1836.............. 539 .8 .8 47 .4 .4 (9) (9) (9) 1837.............. 540 1.3 1.3 11 1.3 1.3 (i°) 0.01 0.01

1838.............. 713 1.4 1.4 16 1.5 1.5 1 0.2 0.2

1839.............. 819 2.5 2.5 19 1.8 1.8 1 0.5 0.5

1840.............. 556 1.3 1.3 217 2.8 2.8

1841.............. 499 1.5 1.5 26 1.9 1.9

1842.............. 315 1.0 3.5 27 3.4 3.4

1843.............. 109 .2 .8 30 2.5 2.5

1844.............. 145 .3 1.0 32 2.1 2.1

1845.............. 59 .1 .4 34 2.6 2.6 136 5.7 9.8 1846.............. 13 .03 .1 367 2.6 2.6 342 8.4 11.4 1847.............. 66 .1 .4 38 2.0 2.0 537 7.4 10.6 1848.............. 92 .2 .5 39 3.3 3.3 730 7.8 10.6 1849.............. 106 .2 .5 397 2.9 2.9 855 7.7 10.3

1850.............. 59 .1 .3 40 3.2 3.2 907 7.6 10.3 1851.............. 48 .1 .3 15 1.2 1.2 894 7.5 10.6 1852.............. 46 .1 .2 16 1.1 1.1 906 7.3 11.1 1853.............. 76 .2 .5 18 1.1 1.1 875 7.1 10.8 1854.............. 102 .4 1.3 21 8.0 8.0 860 9.7 14.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
1855.

1856.

1857.

1858.

1859.

1860. 

1861. 

1862.

1863.

1864.

1865.

1866.

116 101

162

56

36

72

33

46

78

109

13569^

.5

.4 1.2

.3

.2

.5

.2

.2

.4

19.0

( 14)

1.5

1.5 

3.9 1.2

.7

1.2

3.5

33.6

( 14)

2921

17

13

1311

13ii 13ii 13ii 13ii 13ii

12H7ii

12.9

25.2

18.2 

C11)

(”) (“) (») (“) (»)

(“) (u)

8.8

12.9

25.2

18.2

(u)

(») (») (u) (») (u)

(») (u)

836 7.4 11.0

813 7.5 11.2

815 9.7 13.3

815 8.2 11.1 32 9.4 29.9

815 8.4 11.2 108 7.6 17.0

815 8.6 11.8 140 7.1 21.5

815 7.4 10.4 181 8.5 20.1

815 6.2 11.0 221 9.7 19.2

815 6.7 14.3 239 7.0 16.9

774 8.0 18.9 309 7.1 21.5

(12) (12) (12) 338 11.9 32.8 (12) (12) (“ )

1 For periods of operation of the insurance systems. Indiana is omitted because its insurance system was one of mutual guaranty, with no fund.

2 .Data are for nearest end of year dates, unless otherwise indicated.

3 Data are largely as of September dates.

4 For dates applicable to data see note 7, Table 30.

6 Contributions were apparently not called for until 1831.

6 Contributions were apparently not called for until 1832.

7 Estimated.

8 Not available.

9 Not available; presumably very small. 

i° $145.

11 See note 7, Table 29.

12 See note 8, Table 29. Remaining fund was returned to control of participating banks.

14 S^Snote^9nTable*29 ^ear an<^ ava^able for creditors of failed banks. All but $13,144 was so disbursed, which remaining sum was paid into the State treasury.

05BANK-OBLIGATION INSURANCE SYSTEMS, 1829 TO 1866

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PART FOUR

LEGISLATION AND REGULATIONS

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F e d e r a l Le g is l a t io n a n d Co r p o r a t io n R e g u l a t io n s

There was not enacted during 1953 any Federal legislation directly affecting the

Federal Deposit Insurance Corporation, nor any applying to insured banks by virtue

of their insured status. The rules and regulations of the Corporation applying to

insured banks were not changed during the year.

St a t e Ba n k in g Le g is l a t io n

In 1953 the legislatures of forty-four States held regular sessions and nine of these

legislatures held special sessions. The legislatures of two other States held special

sessions.

This summary includes the more important State banking legislation enacted

in 1953.

SUPERVISORY AU THORITY

Approval of merger or consolidation.......................................................California (Ch. 476)

Approval of capital notes or debentures.. .California (Ch. 1438), New Jersey (Ch. 215)

Approval of acquisition of majority stock in bank or trust company................................

..........................................................................................................................Florida (Ch. 28016)

Banking code....................................................................................................Florida (Ch. 28016)

Examination fees.........................Delaware (Ch. 119), Montana (Ch. 59), North Dakota

(Ch. 95), Oklahoma (Laws 1953, p. 15), South Dakota (Ch. 13), Utah (Ch. 7)

Authority to withhold information...........................................................Nebraska (Ch. 329)

State banking commission membership.........................................................................................

........................................................North Carolina (Ch. 1209), South Carolina (Act 371)

License of Commissioner required for business of selling or cashing checks or receiving

money as agent for paying bills and accounts........... California (Chs. 632, 642, 807)

Authority to adopt as his report of examination the report of examination by Federal

agency................................................................................................................Nevada (Ch. 101)

Consideration in approving new bank or branch of factor that probable volume of

business and reasonable public demand in community is sufficient to assure and

maintain solvency of the new bank or branch and of existing banks in community..

............................................................................................................ North Carolina (Ch. 1209)

Compensation of supervisory authority............................................West Virginia (Ch. 35)

ORGANIZATION AND CHARTER CHANGES

Certificate of incorporation...................................................... Colorado (Laws 1953, p. 168)

Branch offices and agencies....................................Alabama (Acts 16, 387, 485, 606, 617),

Delaware (Ch. 127), New Jersey (Ch. 17), North Carolina (Ch. 1209), South

Carolina (Act 371), Utah (Ch. 8), Wisconsin (Ch. 128)

Exchange of locations of main office and station office................Wisconsin (Ch. 128)

Incorporation of savings banks.............................. Florida (Ch. 28012), Indiana (Ch. 67)

Minimum capital requirements increased.................................North Carolina (Ch. 1209)

Capital notes or debentures..................................................................... California (Ch. 1438)

Authorization for trust company to convert into State bank........... Georgia (Act 290)

Merger or consolidation...................................................................................................California

(Ch. 476), New Jersey (Ch. 17), New York (Ch. 587), Pennsylvania (Act 22)

71

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Federal Reserve Bank of St. Louis
7 2 FEDERAL DEPOSIT INSURANCE CORPORATION

ORGANIZATION AND CHARTER CHANGES---- C o n t i n u e d

Authorization for national banks to become State banks by conversion, merger, or

consolidation..........................................................................Arkansas (Act 349), Delaware

(Ch. 126), Georgia (Act 144), Indiana (Ch. 69— in the same county), Iowa (Ch. 232),

Missouri (Laws 1953, H.B. 36), New York (Chs. 465, 603), Washington (Ch. 234)

Authorization for State banks to become national banks by conversion, merger or

consolidation..........................................................................Arkansas (Act 349), Delaware

(Ch. 126), Georgia (Act 141), Indiana (Ch. 69— in the same county), Iowa (Ch.

232), Missouri (Laws 1953, H.B. 37), New York (Ch. 251), Washington (Ch. 234)

GENERAL OPERATING PROVISIONS

Limitations on letters of credit................................................................. California (Ch. 231)

Retention and disposition of records..............................................................................................

............................................. Alabama (Act 247), Georgia (Act 142), Vermont (Ch. 120)

Admission in evidence of microphotographs of bank records...............................................

.................................................................Nevada (Ch. 276), Oklahoma (Laws 1953, p. 16)

Permissive transfers by savings banks of net income to general loss reserve................

....................................................................................................................... Connecticut (Act 47)

Transfer by savings banks of earnings to guaranty fund. . . . Massachusetts (Ch. 193)

Payment of dividends by savings banks.......................................................................................

.........................Massachusetts (Ch. 192), Minnesota (Ch. 82), Washington (Ch. 238)

Transfer of earnings to surplus.......................................................................Nebraska (Ch. 7)

Borrowing power of savings bank................................................ ...........New York (Ch. 399)

Working hours of female employees................................................................Texas (Ch. 335)

Limitation of action by depositor against bank for payment of a forged or raised

check or check with forged or unauthorized endorsement..........................................

...............................................................................California (Ch. 1382), Vermont (Ch. 126)

Six year limitation of action on claims after final adjustment of statements of checking

account or entry of credit balance in savings account passbook.................................

........................................................................................... Utah (Ch. 10), Vermont (Ch. 126)

Charitable contributions..............................................................................Wisconsin (Ch. 181)

DEPOSITS

Deposit of and security for public funds. .. .California (Chs. 420, 1652), Florida (Chs.

28133, 28290), Georgia (Act 140), Massachusetts (Ch. 223), Minnesota (Ch. 85),

Nebraska (Ch. 284), Oregon (Ch. 352), Tennessee (Chs. 43, 234), Wisconsin (Ch. 181)

Joint deposits...................................... Connecticut (Act 228), Illinois (Laws 1953, p. 371)

Escheat of unclaimed deposits..........................................................................................................

........................Connecticut (Acts 23, 24), Minnesota (Ch. 589), New Jersey (Ch. 17)

Duplicate book of deposit where original lost.............................................Maine (Ch. 251)

Limitations on amount of deposits which may be received by a savings bank...........

..................................................................Massachusetts (Ch. 141), Washington (Ch. 238)

Limitations on amount of deposits which may be received by banking companies. . . .

.....................................................................................................Massachusetts (Chs. 122, 123)

Tentative trust deposits..............................................................................New Jersey (Ch. 17)

School children savings deposits............................................................New Jersey (Ch. 139)

Deposits of a minor................................................................................ Pennsylvania (Act 353)

l o a n s

Real estate loans........................................ New Jersey (Ch. 210), Pennsylvania (Act 172)

Discounting of commercial paper, mortgages or other securities for a period not

exceeding 36 months.................................................................................. Arkansas (Act 330)

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STATE BANKING LEGISLATION 73

lo a n s— Continued

Loans on stock of any corporation limited to 30% of capital and surplus, including

direct loans to corporation without ample security....................Georgia (Act 768)

Statement of financial responsibility of borrower required where unsecured obligation

exceeds $1,000................................................................................................... Indiana (Ch. 71)

By savings banks on life insurance policies................................................... Maine (Ch. 95)

Revaluation of mortgaged premises securing bank loan required at intervals of not

more than three years.....................................................................Massachusetts (Ch. 157)

Foreign banking corporations authorized to acquire mortgage loans without being

licensed to do business in State...................................................................................................

.....................Missouri (Laws 1953, H.B. 296), Oregon (Ch. 717), Tennessee (Ch. 47)

Report to board of directors required of any discount, loan or advance in excess of

$100,000 or 1/10 of 1% of capital funds.......................................... New York (Ch. 403)

Loan fees, charges, and interest rates............................................................................................

................................Oregon (Ch. 388), Pennsylvania (Act 40), South Dakota (Ch. 15)

Instalment loans......................................Pennsylvania (Act 168), South Dakota (Ch. 15)

Instalment selling and financing of automobiles..............Colorado (Laws 1953, p. 140)

Full value loans permitted on property in State held for benefit of bank with special

payments into surplus required.............................................................. Vermont (Ch. 140)

INVESTMENTS

Equipment trust obligations.........................................................................Vermont (Ch. 189)

Real estate for needed housing accommodations for essential employees subject to

approval of supervisory authority.......................................................Wisconsin (Ch. 101)

Savings bank investments:

General limitations...........................................................................................................................

New Hampshire (Ch. 195), Pennsylvania (Act 91), Rhode Island (Chs. 3120, 3194)

Federal, State and municipal securities....................................................................................

.....................California (Chs. 236, 429), Minnesota (Ch. 496), Washington (Ch. 238)

Obligations of Federal home loan banks, Federal land banks, Federal intermediate

credit banks, or Central Bank for Cooperatives...................... Connecticut (Act 98)

Dominion of Canada obligation..................................................Rhode Island (Ch. 3212)

Industrial and public utility obligations............................................California (Ch. 439)

Public utility preferred stock and revenue bonds............................................................

............................................................................. Connecticut (Act 219), Maine (Ch. 147)

Bank stocks. .Connecticut (Act 212), Massachusetts (Ch. 158), New Jersey (Ch. 78)

Preferred and common stock................................................................New Jersey (Ch. 78)

Mortgage bonds of natural gas companies................................................ Maine (Ch. 77)

Railroad securities....................................................................................New York (Ch. 875)

Insurance company stock................... Massachusetts (Ch. 160), New Jersey (Ch. 78)

Real estate..........................................................................................................................................

.. .Massachusetts (Ch. 194), Pennsylvania (Act 170), Rhode Island (Ch. 3211)

Contracts for sale of real estate........................................................Washington (Ch. 238)

r e s e r v e s

Cash reserve on hand or in banks of 15 percent of demand deposits. . . . Maine (Ch. 94)

Cash reserve on hand or in banks of 15 percent of all savings deposits.........................

............................................................................................................ New Hampshire (Ch. 195)

Reserve requirements up to those of Federal Reserve System may be imposed by

Commissioner of Banks............................................................................Minnesota (Ch. 36)

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Federal Reserve Bank of St. Louis
7 4 FEDERAL DEPOSIT INSURANCE CORPORATION

TRUST ACTIVITIES

Uniform Common Trust Fund A ct.............................................New Hampshire (Ch. 109)

Common trust funds............................................................................................................................

................Alabama (Act 112), Nebraska (Ch. 67), New Jersey (Ch. 17), Oklahoma

(Laws 1953, H.B. 821), Oregon (Ch 258), Tennessee (Ch. 148), Wisconsin (Ch. 487)

Succession to fiduciary positions in conversion, merger, consolidation, or purchase

of assets transaction..................................................................................California (Ch. 476)

Uniform Fiduciaries Act................................................................................ Tennessee (Ch. 82)

Investment of fiduciary funds...........................................................................................................

................... Florida (Ch. 28154), Ohio (Laws 1953, H.B. 138), Pennsylvania (Act 56)

Legal investment for fiduciary to deposit funds at interest in bank or trust company

insured by Federal Deposit Insurance Corporation............................................................

...................................................................................Georgia (Act 149), Wisconsin (Ch. 590)

Authorization for foreign corporations to act in fiduciary capacity....................................

............................................................ Illinois (Laws 1953, p. 1148), Minnesota (Ch. 368),

New York (Ch. 643), North Dakota (Ch. 98), Oklahoma (Laws 1953, H.B. 864)

Joint control of money or assets by fiduciary, required to give bond, and surety------

...................................................................................................................................Iowa (Ch. 253)

Allowance of compensation to fiduciaries for services out of trust income or principal

at any time..............................................................................................Pennsylvania (Act 10)

Registration in name of nominee of any investment held by a fiduciary bank or trust

company................................................................................................................. .Utah (Ch. 12)

CHECKS AND COLLECTIONS

Deferred posting and delayed returns............................................................ Kansas (Ch. 53)

Savings banks authorized to sell checks and drafts drawn by or on it and payable

through a trust company or national bank....................New Hampshire (Ch. 146)

Stop-payment orders on checks................................. New Jersey (Ch. 282), Utah (Ch. 9)

DIRECTORS, TRUSTEES, OFFICERS, AND EMPLOYEES

Qualifying shares of directors. . . . Colorado (Laws 1953, p. 169), Delaware (Ch. 124)

Qualifications of directors.............................................................................New York (Ch. 50)

Retiring allowances or life insurance for officers and employees of savings banks. . . .

................................................................................................................................Maine (Ch. 143)

Banks’ and savings banks’ officers’ and employees’ retirement and benefit act..............

..................................................................................................................... New Jersey (Ch. 124)

Compensation of savings bank trustee..........................................Rhode Island (Ch. 3210)

HOLIDAYS

Legal holidays......................................Colorado (Laws 1953, p. 445), Nebraska (Ch. 224)

Monday following legal holiday...............................................................Minnesota (Ch. 445)

Saturday holiday........................................................................................ California (Ch. 1213),

Florida (Chs. 28949, 29578), Minnesota (Ch. 445— limited locations), New Mexico

(Ch. 107— where population over 50,000 and with right to substitute Wednesday

afternoon), North Carolina (Ch. 965— where population over 130,000), Utah (Ch. 11)

Wednesday holiday........................................................................................ Florida (Ch. 28673)

Saturday or Wednesday holiday... .Florida (Chs. 28352, 28457, 28713, 28841, 29352)

Wednesday, Thursday, or Saturday morning holiday...................... Tennessee (Ch. 175)

Any week day holiday.........................................................................................................................

................................Florida (Ch. 28536), Indiana (Ch. 62), Ohio (Laws 1953, S.B. 52)

Banks authorized to remain open for business on certain holidays..................................

......................................Maryland (Ch. 629), Nebraska (Ch. 224), Wisconsin (Ch. 51)

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Federal Reserve Bank of St. Louis
STATE BANKING LEGISLATION 7 5

TAXATION

Recordation of mortgages, deeds of trust and similar instruments to secure agricultural

loans exempted from taxation.................................................................Alabama (Act 841)

Capital stock...................................................Pennsylvania (Act 150), Tennessee (Ch. 118)

Taxation of State and national banks and State and Federal savings and loan associations on same basis........................................................................................Georgia (Act 811)

Taxation of State savings banks and State and Federal savings and loan associations

at the same rate........................................................................................ New York (Ch. 282)

Franchise tax on savings banks deposits............................................... Maryland (Ch. 783)

l i q u i d a t i o n

Liability of stockholders of trust companies which are not banks.. California (Ch. 638)

Limitations on actions on prior claims against State bank receiverships and transfer

of unclaimed funds to State...............................................................................Iowa (Ch. 43)

Voluntary liquidation............................................................................... Washington (Ch. 236)

m i s c e l l a n e o u s

Nonresidents prohibited from engaging in business of lending money through any

means of advertising without naming agent for service and filing waiver of service

...........................................................................................................................Arkansas (Act 559)

Community currency exchanges...............................................Illinois (Laws 1953, p. 1080)

Uniform Commercial Code....................................................................... Pennsylvania (Act 1)

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

STATISTICS OF BANKS AND DEPOSIT INSURANCE

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Federal Reserve Bank of St. Louis
<100

N u m b e r , O f f ic e s, a n d D e p o s it s o f O p e r a t in g B a n k s

Table 101. Changes in number and classification of operating banks and branches in the United 

States (continental U. S. and other areas) during 1953

Table 102. Number of operating banks and branches in the United States (continental U. S. 

and other areas), December 31, 1953

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

of office

Table 103. Number and deposits of operating banks in the United States (continental U. S. 

and other areas), December 31, 1953

Banks grouped according to insurance status and by district and State

The line of demarcation between banks and other types of financial

institutions is not always clear. In these tables provision of deposit

facilities for the general public is the chief criterion. However, trust

companies 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.

The tabulations for all banks and trust companies are prepared in

accordance with an agreement among the Federal bank supervisory

agencies. Deposit data are tabulated from individual reports of assets

and liabilities of the banks included. Institutions included are classified

in three groups: commercial and stock savings banks, nondeposit

trust companies, and mutual savings banks. However, the second

category does not apply to insured banks.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
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; cooperative exchanges in Arkansas; savings and loan

companies operating under Superior Court charters 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; two

savings institutions, known as “trust companies,” operating under

special charters in Texas; employes’ mutual banking associations in

Pennsylvania; the Savings Banks Trust Company in New York; and

four branches of foreign banks which engage 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 l'‘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.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
T a b le 101. C h a n g e s in N u m b er a n d C la s s if ic a t io n o f O p e r a tin g B a n k s a n d B r a n c h e s 

in t h e U n it e d S ta te s (C o n t in e n t a l U. S. a n d O t h e r A r e a s ) d u r in g 1953

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks

Insured Noninsured

Type of change

Total In­ Non­ Total

Members F. R. 

System Not 

members 

F. R.

System

Banks 

of deposit

Nondeposit

trust

companies

Total In­ Nonsured insured insured Total

National State

sured1

BANKS

14,552

14,617

-65

13,651

13,645

+6

59

901 14,024

14,088

-64

13,432

13,439

-7

4,856 1,884 6,692 532 60 528 219 309

972 4,909 1,886 6,644 584 65 529 206 323

Net change during year............................................................. -71 -53 -2 +48 -52 -5 -1 + 13 -14

Banks beginning operations . . . . . 65 6 65 59 12 10 37 6

New banks ........................ 64 59 5 64 59 12 10 37 5

Financial institution becoming bank of deposit 1 1 1 1

Banks ceasing operations..................................................... 130 112 18 129 112 63 18 31 12 5 1 1

Suspended banks not reopened or succeeded 1 1 1 1 1

Merged with financial aid of FDIC2....................................

Absorptions, consolidations and mergers (without FDIC 

aid) ....................................................................................

1 1 1 1 1

115 108 7 114 108 63 18 27 r

1 1 1

Other liquidations ....................................................... 10 3 7 10 3 3 6 1

Institutions deleted from counts 3 3 3 3

Noninsured banks becom ing insured..................... + 59

+ 6 

+ 50 

+3

-59 + 46

+ 6

+ 3 +43 -46 + 13 -13

Successions to noninsured ban ks............................... -6 + 6 -6

Admissions to insurance, operating banks4................ -50 +37 + 37 -37 + 13 -13

Admissions to F R System . . -3 + 3

+ 3 

-1

-3

Other changes in c la s s ific a t io n ............................. -2 -1

National banks succeeding state banks. ..................... +2

-4

-1

State banks succeeding national banks............................. + 4

Admissions to F. R. System ............................................. + 7 -7

-3

Withdrawals from F. R. System with continuance of 

insurance ............ . . . ............................................. + 3 

1

Changes not involving number in any class:

Absorption of nonbanking financial institution........ 1 1 1 1

Suspended banks reopened .................... 2 2 2 2 1 1

Succession with financial aid of FDIC2 .................... 1 1 1 1 1

Change in title location, or name of location.......... 120 118 2 119 117 24 14 79 2 1 1

Change in corporate powers ..................................... 13 12 1 13 12 12 1

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
BRANCHES

Number of branches, December 31, 1953. 

Number of branches, December 31, 1952.

Net change during year.

Branches opened for business...................................

Facilities provided as agents of the government5. ...

Absorbed banks converted into branches6.................

Branches replacing banks relocated or placed in liquidation 

Other branches opened7...............................................

Branches discontinued................................................

Other changes in classification am ong branches. . 

Branches of noninsured banks admitted to insurance. 

Branches of insured banks admitted to F. R. System. . . . 

Branches of insured banks withdrawing from F. R. System

with continuance of insurance........................................

Branches transferred as result of absorption or succession 

Sale of branch to another bank..........................................

Changes not involving num ber in any class:

Branches transferred as result of absorption or succession. 

Changes in title, location, or name of location, including

facilities......................................................................

Change in powers.........................................................

ALL BANKING OFFICES

Number of offices, December 31, 1953. 

Number of offices, December 31, 1952.

Net change during year.

Offices opened.

Banks.............

Branches........

Offices closed.

Banks...........

Branches. . . .

Changes in classification.

Among banks....................

Among branches..............

6,227 6,047 180 5,957 5,855 2,746 1,652 1,457 100 2 270 192 78 5,833 5,663 170 5,587 5,486 2,556 1,550 1,380 99 2 246 177 69

+ 394 +384 + 10 +370 +369 + 190 + 102 +77 + 1 +24 + 15 + 9

423 407 16 398 393 214 95 84 5 25 14 11

20 19 1 20 19 13 1 5 1

97 95 2 96 94 58 25 11 2 1 1

2 2 2 2 2

304 291 13 280 278 143 69 66 2 24 13 11

29 28 1 28 28 16 4 8 1 1

+ 5 -5 + 4 -8 + 11 + 1 -4 + 1 -1

+ 4 -4 +3 + 3 -3 + 1

+ 4 -4

-1 + 1

+ 1 -1 + 1 -8 + 9 -1

-1 + 1

23 23 23 23 15 6 2

176 172 4 174 171 93 48 30 3 2 1 1

9 8 1 9 8 1 7 1

20,779 19,698 1,081 19,981 19,287 7,602 3,536 8,149 632 62 798 411 387 20,450 19,308 1,142 19,675 18,925 7,465 3,436 8,024 683 67 775 383 392

+329 +390 -61 +306 +362 + 137 + 100 + 125 -51 -5 + 23 +28 -5

488 466 22 463 452 226 105 121 11 25 14 11

65 59 6 65 59 12 10 37 6

423 407 16 398 393 214 95 84 5 25 14 11

159 140 19 157 140 79 22 39 12 5 2 2

130 112 18 129 112 63 18 31 12 5 1 1

29 28 1 28 28 16 4 8 1 1

+64 -64 +50 -10 + 17 +43 -50 + 14 -14

+ 59 -59 +46 -2 + 6 +42 -46 + 13 -13

+ 5 -5 + 4 -8 + 11 + 1 -4 + 1 _1

1 Includes 3 mutual savings banks members of the Federal Reserve System, December 31, 1953, and December 31, 1952.

2 The Corporation rendered financial aid to two banks in difficulties; the deposit liabilities of one were assumed by an existing bank, those of the other by a new bank.

3 2 these, 1 relinquished its trust business; and 2, though operating under trust company charters, are private trusts not engaged in a general fiduciary business.

4 Banks in operation at beginning of year.

5 Facilities established in or near military installations at request of the Treasury or the Commanding Officer of the installation.

® Includes m merger and consolidation cases a branch established by the successor bank at the head office location of one of the predecessor banks.

Includes 3 branches in operation prior to beginning of year but not included in count as of December 31, 1952; and 3 branches established in location of offices of absorbed financial institutions.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

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Federal Reserve Bank of St. Louis
T a b le 1 0 2 . N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s in th e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), D e c e m b e r 31, 1953

g r o u p e d a c c o r d in g to in s u r a n c e s ta t u s a n d class o f b a n k , a n d b y s t a t e a n d t y p e o f o ff ic e

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks Insured banks as percentages 

of banks of deposit1

Insured Noninsured

State and type of bank or office

Total Insured

Noninsured Total

Total

Members F. R. 

System Not

members

F.R.S.

Banks

Nondeposit Total Insured2

Noninsured

All 

banks 

of deposit

Commercial

banks

Mutual

savings

National State

of deposittrust

companies

banks

20,779

14,552

12,851

1,701

19,698 1,081 19,981 19,287 7,602 3,536 8,149 632 62 798 411 387 95.1 96.8 51.5

13,651 901 14,024 13,432 4,856 1,884 6,692 532 60 528 219 309 94.2 96.2 41.5

12,032 819 12,1*58 11,898

1,53^

ft,350 1,621 5,927 502 58 393 13 U 259 H .1 96.0 Sh.l

1,619 82 1,566 506 263 765 30 2 135 85 50 95.3 98.1 63.0

Branches........................................... 6,227

20,608

14,509

12,825

6,047 180 5,957 5,855 2,746 1,652 1,457 100 2 270 192 78 97.1 98.3 71.1

Continental United States............ 19,611 997 19,810 19,200 7,602 3,536 8,062 553 57 798 411 387 95.4 97.2 51.5

All banks......................................... 13,631 878 13,981

12,1+32

13,412 4,856 1,884 6,672 514 528 219 309 94.3 96.3 41.5

Unit banks..................................... 12,02^

1,607

801 11,890 It,3 50 1,621 5,919 U89 M 393 134 259 H .1 96.0 Slf.l

Banks operating branches............. 1,681>

6,099

171

43

26

17

128

77 1,519 1,522 506 263 753 25 2 135 85 50 95.5 98.lt. 63.0

Branches....................... .................. 5,980 119 5,829 5,788 2,746 1,652 1,390 39 2 270 192 78 98.1 99.3 71.1

Othar ■ci q 87 84 171 87 87 79 5 52.4 52.4

All Kanlra 20

8

23 43 20 20 18 5 52.6 52.6

XJiftxt battles 18 26 8 8 13 5 38.1 38.1

TZn'nlro rk'nornt'i'YLfi pq 12

67

5 17 12 12 5 70.6 70.6

T5i*q n aV)oq 61 128 67 67 61 52.3 I 52.3

State

A fdtiama 262

231

222

262 262 262 100 27 135 100.0 I 100.0

231 231 " 231 71 25 135 100.0 100.0

TTw'ii Ji/i'Yi 222 222 222 64

7

23 135 100.0 100.0

D/»/m7»o /\<r\£>Tni'i'nn TimYi/*hPQ g 9 9 9 2 100.0 100.0

31 31 31 31 29 2 100.0 100.0

88 86 2 88 86 55 7 24 2 100.0 1 100.0

All KqtiVq 14 13 1 14 13 3 2 8 1 100.0 100.0

6 6 6 6 1 1 u 100.0 100.0

8

74

252

7 1 8 7 2 1 A 1 100.0 100.0

73

246

1 74 73 52 5 16 1 100.0 100.0

A f»1ra n q q m 6 252 246 55 17 174 5 1 98.0 98.0

All 230 224 6 230 224 53 17 154 5 1 97.8 97.8

T7%i'%4 TxnyiI* q 210

20

20U

20

22

6 210 20U

20

51 17 136 5 1 97.6 97.6

20 2 18 100.0 100.0

22 22 . 22 2 20 100.0 100.0

FEDERAL DEPOSIT INSURANCE CORPORATION

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California..............................

All banks.............................

Unit banks.......................

Banks operating branches

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

C olorado................................

All banks.............................

Unit banks.......................

Banks operating branches

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

C onnecticut.........................

All banks.............................

Unit banks.......................

Banks operating branches.

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

Delaware...............................

All banks.............................

Unit banks.......................

Banks operating branches.

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

District of Colum bia.........

All banks.............................

Unit banks.......................

Banks operating branches.

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

Florida...................................

All banks.............................

Unit banks.......................

Banks operating branches.

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

Georgia..................................

All banks.............................

Unit banks.......................

Banks operating branches,

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

Id ah o......................................

All banks.............................

Unit banks.......................

Banks operating branches.

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

Illinois...................................

All banks.............................

Unit banks.......................

Banks operating branches.

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

1,253 11 1,264 1,253 920

197 9 206 197 90

141

7 148 141 69

562 58 56 21

1,056 2 1,058 1,056 830

157 10 167 157 80

152 10 162 152 77

147 10 157 147 74 5 5 5 3

5 5

5

3

177 96 185 170 76

99 82 109 94 44

72 76 84 69 34 27 6 25 25 10

78 14 76 76 32

67

5 69 66 11

35

2 35 34 11

27 26 26 11

8 2

9

8

32 3 34 32

70 70 70 37

19 19 19

9

4

4

4

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15 15 15

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51 51 51 28

225 4 229 225 74

213 4 217 213 66

201

4 205 201 58

12 12 12

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12 12 12

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402 56 458 402 90

345 55 400 345 52

326 54 380 326 42

19

1 20 19 10

571 58 57 38

103 103 103 67

38 38 38 11

30 30 30 7 8 8 8 4

65 65 65 56

892 11 903 892 390

889 11 900 889 387

886 11 897 886 384 3 3 3 3

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1,264

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148

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167

162

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273

181

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287 56

280 55

275 54 5 1 7 1

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99.8

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CONUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 102. N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s in t h e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), D e c e m b e r 31, 1953— Cont.

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BAN K , AND B Y STATE AND TYPE OF OFFICE

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks Insured banks as percentages 

of banks of deposit1

State and type of bank or office

Insured Noninsured

Total Insured

Noninsured Total

Total

Members F. R. 

System Not

members

F.R.S.

Banks

Nondeposit Total Insured2

Noninsured

All 

banks 

of deposit

CommercialMutual

savings

National State

of deposittrust

companies

banks banks

623 613 10 619 610 182 138 290 7 2 4 3 1 98.7 98.9 75.0

482 472 10 478 469 124 112 233 7 2 4 3 1 98.3 98.5 75.0

Ull

71

U01 10 1+07 398 101 10U 193 7 2 U 3 1 98.0 98.S 75.0

Batiks operating branches 71 71 71 23 8 uo

57

100.0 100.0

Branches 141 141 141 141 58 26 100.0 100.0

Iowa. 827 773 54 827 773 96 69 608 53 1 93.6 93.6

All banks 664 612 52 664 612 96 68 448 51 1 92.3 92.3

Unit banks 5 US

121

163

U93

119

50 5 US

121

U93

119

96 67 330 U9

2

1 91.0 91.0

Banks operating branches 2 1 118 98.3 98.3

Branches 161 2 163 161 1 160 2 98.8 98.8

Kansas 609 480 129 609 480 175 41 264 129 78.8 78.8

All banks 606 477 129 606 477 172 41 264 129 78.7 78.7

Unit banks 60S U7U

3

129 603 U7U

3

169 U 26U 129 78.6 78.6

Banks operating branches 3

3

3 3 100.0 100.0

Branches 3 3 3 3 100.0 100.0

Kentucky 437 419 18 437 419 116 33 270 16 2 96.3 96.3

All banks • ... 378 360 18 378 360 90 20 250 16 2 95.7 95.7

Unit banks 3U8 330 18 SU8

SO

330 8U 1U

6

232 16 2 95.U 95.U

30 30 30 6 18 100.0 100.0

59 59 59 59 26 13 20 100.0 100.0

Louisiana 266 265 1 266 265 86 25 154 1 99.6 99.6

All banks 171 170 1 171 170 39 12 119 1 99.4 99.4

Unit banks • • 125 12U

U6

95

1 125 12U 26 6 92 1 99.2 99.2

Banks operating branches U6 U6

95

U6

95

IS 6 27 100.0 100.0

T^rq n nYt AQ 95 47 13 35 100.0 100.0

Maine ............................... 180 137 43 147 129 45 35 49 18 33 8 25 76.1 87.8 24.2

All banks ................................. 95 63 32 63 55 32 6 17 8 32 8 24 66.3 87.3 25.0

Unit banks ......................... 67 U2 25 36 3U 25 * 7 2 31 8 23 62.7 9U.U 25.8

T^/y/yj I*q» n+r\DYr\n hm*} Pn PSt 28 21

74

7 27 21 7 L 10 6 1 1 75.0 77.8

Branches .......... 85 11 84 74 13 29 32 10 1 1 87.1 88.1

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
M aryland............................................ 329 325 4 301 298 84

58

46

12

72

14

8

6

142

81

61

20

61

57

3 28

g

27

7

1 98.8

98.8

99.2

97.7

98.8

60.3

47.1

99.0

99.4 

100.0

97.4

98.6

98.0

96.6

96.4

87.5 

66.7

100.0

100.0

All banks........................................... 162 160 2 154 153

115

1 1

Unit banks..................................... 118 117 1 115 3 2 I

Banks operating branches............. 44 us

165

1 39 38 1 5 5

Branches........................................... 167 2 147 145

385

26

221

58

107

2 20

246

188

20

Massachusetts................................... 639 385 254 393 8 246 All banks........................................... 367 173 194 179 173 114 25 34 6 188 Unit banks..................................... 268 116 152 121 116 89 7 20 5 147

41

58

147

41

58

48.3

57.6

77.9

98.4

98.6 

98.8

97.5

98.0

98.4

95.9

98.3

99.1

98.4

98.6

98.8

Banks operating branches............ 99 57 42 58 57 25 18 14

23

249

1

Branches3.......................................... 272 212 60 214 212 107 82 2

M ichigan............................................. 738 720 18 738 720 192 279 12

6

6

All banks........................................... 431 419 12 431 419 77 150 192 6

Unit banks..................................... 351 3U 6

78

10 851 341

78

61 129 151 4

Banks operating branches............ 80 2 80 16 21 41

57

2 97.5

98.0

98.4

Branches......................................... 307 301 6 307 301 115 129 6

M innesota......................................... 684 672 12 683 671 183 28 460 11 1 1 1 100.0

100.0

100.0

All banks..................................... 678 666 12 677 665 177 28 460 11 1 1 1 98.4 98.4 Unit banks................................. 676 664 12 675 663 175 28 460 11 1 1 1 98.4

100.0

100.0

98.9

98.5 

98.1

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97.5

97.5

97.5

100.0

100.0

100.0

100.0

100.0

98.4

100.0

100.0

98.9

98.5

Banks operating branches............ 2 2 2 2 2

Branches......................................... 6 6 6 6 6

M ississippi.......................................... 278 275 3 278 275 33 9 233 3

All banks........................................... 200 197 3 200 197 25 7 165 3

Unit banks..................................... 158 155 3 158 155 22 6 127 3 98.1

100.0

100.0

97.5

97.5

97.5

100.0

100.0

100.0

100.0

100.0

Banks operating branches............. 42 42 42 42 3 1 38 Branches........................................... 78 78 78 78 8 2 68

M issouri............................................... 599 581 18 599 581 78 101 402 15 3

All banks........................................... 598 580 18 598 580 77 101 402 15 3

Unit banks..................................... 597 579 18 597 579 76 101 402 15 3

Banks operating branches............ 1 1 1 1 1

Branches........................................... 1 1 1 1 1

M ontana............................................. 109 109 109 i09 38 44 27 All banks........................................... 109 109 109 109 38 44 27 Unit banks..................................... 109 109 109 109 38 44 27 Banks operating branches............

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

Nebraska............................................. 421 375 46 421 375 126 16 233 40

40

40

6 90.4

90.3

90.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

90.4

90.3

90.3

100.0

100.0

100.0

100.0

100.0

100.0

100.0

All banks........................................... 419 373 46 419 373 124 16 233 6

Unit banks..................................... 417 871 46 417 6

2

371 122 16 233 Banks operating branches............ 2 2 2 2

Branches........................................... 2 2 2 2 2

Nevada................................................. 30 30 30 30 21 5 4

All banks........................................... 8 8 8 8 5 1 2

Unit banks..................................... 3 S 3 3 2 1

Banks operating branches............. 5 5 5 5 3 1 1

Branches........................................... 22 22 22 22

16

4 2

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 10 2 . N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s in t h e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s ), D e c e m b e r 3 1 ,1 9 5 3 — Cont.

GROUPED ACCORDING TO INSURANCE STATUS AND CLASS OF BAN K, AND B Y STATE AND TYPE OF OFFICE

All banks Commercial and stock savings banks 

and nondeposit trust companies Mutual savings banks Insured banks as percentages 

of banks of deposit1

State and type of bank or office

Insured Noninsured

Total Insured

Noninsured Total

Total

Members F. R. 

System Not

members

F.R.S.

Banks

Nondeposit Total Insured2

Noninsured

All

banks 

of deposit

Commercial

banks

Mutual

savings

banks

National State

of deposittrust

companies

112 76 36 77 64 52 1 11 13 35 12 23 67.9 83.1 34.3

109 73 36 75 62 51 1 10 13 34 11 23 67.0 82.7 32.4

106 70 36 73 60 50 1 9 13 33 10 23 66.0 82.2 30.3

Banks operating branches . . S 3 2 2 1 1 1 1 100.0 100.0 100.0

Branches ....................................... 3 3 2 2 1 1 1 1 100.0 100.0 100.0

New Jersey . .............................. 550 547 3 517 514 301 147 66 3 33 33 100.0 100.0 100.0

All banks ..................................... 333 330 3 310 307 197 67 43 3 23 23 100.0 100.0 100.0

Unit banks ............................... 255 252 3 238 235 158 U 33 3 17 17 100.0 100.0 100.0

Banks operating branches 78 78 I-72 72 39 23 10 6 6 100.0 100.0 100.0

Branches ............................. 217 217 207 207 104 80 23 10 10 100.0 100.0 100.0

New Mexico . . 77 76 1 77 76 33 9 34 1 98.7 98.7

All binks 52 51 1 52 51 26 8 17 1 93.1 98.1

Unit banks 38 37 1 38 37 22 7 8 1 974 97.U

Banks operating branches U

25

1U

25

n

25

n

25

u 1 9 100.0 100.0

Branches • • 7 1 17 100.0 100.0

New Y o rk ............................................ 1,743

712

1,729

702

14 1,498

582

1,484

572

611 739 134 11 3 245 245 99.4 99.3 100.0

All banks ....................................... 10 354 153 65 7 3 130 130 99.0 98.8 100.0

Unit banks ................................. 517 510 7 u s

13U

916

m

131

296 102 us h 3 69 69 99.2 99.1 100.0

Banks operating branches. ... 195 192 3 58 51 22 3 61 61 98.5 97.8 100.0

Branches® ............................. 1,031

498

1,027

495

4 912 257 586 69 4 115 115 99.6 99.6 100.0

North Csrolins 3 498 495 85 44 366 3 99.4 99.4

All banks ................. 226 225 i 226 225 46 9 170 1 99.6 99.6

Unit banks ................. 1U9

77

1U9

76

11>9

77

1U9

76

29 3 117 100.0 100.0

Banks operating branches i 17 6 53 1 98.7 98.7

Branches .................. 272 270 2 272 270 39 35 196 2 99.3 99.3

North Dskotfl ................ 175 170 5 175 170 39 2 129 5 97.1 97.1

All banks .................. 153 148 5 153 148 39 2 107 5 96.7 96.7

Unit banks . ................. 138 133 5 138 133 39 2 92 5 1 964 964

Banks operating branches 15 15 15 15 15 .........!.......... 100.0 100.0

Branches ................ 22 22 22 22 22 1 100.0 100.0

............|.............

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
O h io........................................

All banks.............................

Unit banks.......................

Banks operating branches

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

Oklahom a.............................

All banks.............................

Unit banks.......................

Banks operating branches

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

Oregon...................................

All banks.............................

Unit banks.......................

Banks operating branches

Branches3............................

Pennsylvania........................

All banks.............................

Unit banks.......................

Banks operating branches, 

Branches3............................

Rhode Island........................

All banks.............................

Unit banks.......................

Banks operating branches, 

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

South C arolina....................

All banks.............................

Unit banks.......................

Banks operating branches

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

South D akota......................

All banks.............................

Unit banks.......................

Banks operating branches, 

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

T ennessee.............................

All banks.............................

Unit banks.......................

Banks operating branches

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

Texas......................................

All banks.............................

Unit banks.......................

Banks operating branches

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

949 6 949 943 356

641 6 644 638 235

555

6 560 55h 199

86

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308 305 305 121

378

8 386 378 201

376 8 384 376 199

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8 382 37 h 197

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2 183 181 112

662 67 65 18

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116 116 116 94

1,228 20 1,218 1,198 763

895 16 904 888 581

792 13 802 789 52h

103 3 102 99 57

333 4 314 310 182

74 12 69 64 15

14 6 12 9 5 7 3 h 3 3

7 3 8 6 2

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207 14 221 207 76

136 14 150 136 25

113 lh 127 113 16

23 23 23 9

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169 169 169 35

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291 7 298 291 74

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124 124 124 68

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39

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23

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23

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99.4

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98.9

100.0

100.0

98.2

98.2

98.2

100.0

100.0

99.5

98.5 

98.1

100.0

100.0

98.6

97.2

98.8

87.1

73.7

77.8

70.0

90.9

93.7

90.7

89.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.0

98.6

98.1

100.0

100.0

95.8

95.8

95.7

100.0

100.0

99.4

99.1 

98.9

100.0

100.0

98.2

98.2

98.2

100.0

100.0

99.5

98.5

98.1

100.0

100.0

98.6

98.6

98.7

97.1

98.7

94.1

81.8 

100.0

75.0

96.5

93.7

90.7

89.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

99.0

98.6

98.h

100.0

100.0

95.8

95.8

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

100.0

58.8

62.5 

66.7

50.0

55.6

00NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 02. N u m b e r o f O p e r a t in g B a n k s a n d B r a n c h e s in t h e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), D e c e m b e r 31, 1 9 5 3 -

g r o u p e d a c c o r d in g to in s u r a n c e st a t u s a n d class o f b a n k , a n d b y st a t e a n d t y p e o f o ff ic e

-Cont. 00

00

All banks Commercial and stock savings banks 

and nondeposit trust companies

State and type of bank or office

Insured Noninsured

Total Insured

Noninsured Total

Total

Members P. R. 

System Not

members

F.R.S.

Banks

Nondeposit Total Insured2

Noninsured

All

banks 

of deposit

Commercial

Mutual

savings

National State

of deposittrust

companies

banks banks

Utah.................... .............................. 91 91 91 91 32 31 28 100.0 100.0

54 54 54 54 9 20 25 100.0 100.0

45

9

45

9

45

9

45

9

8 15 22 100.0 100.0

Banks operating branches............ 1 5 3 100.0 100.0

Branches........................................... 37 37 37 37 23 11 3 100.0 100.0

Vermont............................................. 94 93 1 78 77 41 1 35 1 16 16 100.0 100.0 100.0

All banks........................................... 74 73 1 67 66 37 1 28 1 7 7 100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

Unit banks..................................... 65 64

9

1 59 58 34

3

1 23 1 6 6

Banks operating branches............. 9 8 8 5 1 1 100.0

Branches........................................... 20 20 11 11 4 7 9 9 100.0 100.0 100.0

Virginia............................................... 460 460 460 460 196 93 171 100.0 100.0

All banks........................................... 316 316 316 316 133 71 112 100.0 100.0

Unit banks..................................... 248 248 248 248 107 58 83 100.0 100.0

Banks operating branches............ 68 68 68 68 26 13 29 100.0 100.0

Branches........................................... 144 144 144 144 63 22 59 100.0 100.0

Washington....................................... 293 290 3 285 282 188 21 73 3 8 8 99.0 98.9 100.0

All banks......................................... 116 113 3 112 109 33 15 61 3 4 4 97.4 97.3

96.7

100.0

100.0

97.8

100.0

100.0

100.0

100.0

Unit banks.................................... 93 90 3 91 88 20 13 55 3 2 2 96.8

Banks operating branches............ 23 23 21 21 13 2 6 2 2 100.0

100.0

97.8

Branches3.......................................... 177 177 173 173 155 6 12 4 4

West Virginia..................................... 182 178 4 182 178 74 36 68 4

All banks........................................... 182 178 4 182 178 74 36 68 4 97.8 97.8

Unit banks.................................... 182 178 4 182 178 74 36 68 4 97.8 97.8

Banks operating branches.............

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

Wisconsin........................................... 708 700 8 704 697 110 78 509 4 3 4 3 1 99.3 99.4 75.0

All banks.......................................... 558 551 7 554 548 95 71 382 3 3 4 3 1 99.3 99.5 75.0

Unit banks.................................... 468 462 6 464

90

459

89

91 67 301 2 3 4 3 1 99.4

98.9

99.6 75.0

Banks operating branches............. 90 89 1 4 4 81 1 98.9

Branches........................................... 150 149 1 150 149 15 7 127 1 99.3 99.3

Mutual savings banks Insured banks as percentages 

of banks of deposit1

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
W yom ing........................................... 54 54 54 54 26 15 13 100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

All banks........................................... 53 53 53 53 25 15 13 Unit banks..................................... 52 52 52 52 24

1

15 13 Banks operating branches............. 1 1 1 1

Branches........................................... 1 1 1 1 1

Other areas

Alaska4................................................. 30 18 12 30 18 18 12 60.0

42.1

28.6

80.0

60.0

42.1

28.6

80.0

90.9

All banks........................................... 19 8 11 19 8 g 11

Unit banks..................................... 1U U 10 14 u 4 10 Banks operating branches............. 5 4 1 5 4 4 1

Branches........................................... 11 10 1 11 10 10 1 90.9

American Sam oa.............................. 1 1 1 1

All banks........................................... 1 1 1 1

Unit banks..................................... 1 1 1 1

Banks operating branches.............

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

Hawaii6 ................................................ 61 5 56 61 5 5 51 5 8.9

50.0

8.9 All banks........................................... 9 2 7 9 2 2 2 5 50.0 Unit banks..................................... 5 5 5 5

Banks operating branches............. U 2 2 4 2 2 2 50.0

5.8

50.0 Branches 5.8 ........................................... 52 3 49 52 3 3 49

Mariana Islands.............................. 3 3 3 3

All banks...........................................

Unit banks.....................................

Banks operating branches.............

Branches3.......................................... 3 3 3 3

Panama Canal Z on e...................... 4 4 4 4

All banks...........................................

Unit banks.....................................

Banks operating branches.............

Branches3.......................................... 4 4 4 4

Puerto R ic o ........................................ 68 61 7 68 61 61 7 89.7

72.7

75.0

71.4

93.0

75.0

66.7

50.0

100.0

100.0

89.7

72.'7

75.0

71.4

93.0

75.0

66.7

50.0

100.0

100.0

All banks........................................... 11 8 3 11 8 8 3

Unit banks..................................... •4 3 1 4 3 3 1

Banks operating branches............. 7 5 7 5 5 2

Branches3.......................................... 57 53 4 57 53 53 4

Virgin Islands6................................... 4 3 1 4 3 3 1

All banks........................................... 3 2 1 3 2 2 1

Unit banks..................................... 2 1 1 2 1 1 1

Banks operating branches............. 1 1 1 1 1

Branches........................................... 1 1 1 1 1

1 Percentages are based on totals for all banks, excluding nondeposit trust companies.

2 Includes 3 banks members of the Federal Reserve System: 1 in Indiana and 2 in Wisconsin.

* Includes branches operated by banks located in other states or areas as follows: 1 noninsured branch in Massachusetts operated by a New York bank; 2 insured branches in 

New York operated by a Puerto Rico bank; 1 insured branch in Oregon operated by a California bank; 1 insured branch in Pennsylvania operated by a New Jersey bank and 1 nonmsured branch in Pennsylvania operated by a New York bank; 2 insured branches in Washington operated by a California bank; 3 noninsured branches in the Mariana Islands operated 

by a California bank; 4 noninsured branches in the Panama Canal Zone operated by 2 New York banks; and 9 insured branches in Puerto Rico operated by 2 New York banks.

4 Includes 6 insured national banks, not members of the Federal Reserve System.

8 Includes, among noninsured banks, 1 national bank operating 21 branches.

8 Includes, among insured banks not members of the Federal Reserve System, 1 national bank operating 1 branch.

Back figures: See the Annual Report for 1952,fpp.|86-93, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 10 3 . N u m b e r a n d D e p o s its o f O p e r a tin g B a n k s in t h e U n ite d S t a t e s ( C o n t in e n t a l U . S. an d O t h e r A r e a s ), D e c e m b e r 31, 1953

b a n k s g r o u p e d ac co r d in g to in s u r a n c e st a t u s a n d b y d is t r ic t a n d s t a t e

Number of banks Deposits (in thousands of dollars)

FDIC District

Commercial and stock savings 

banks and nondeposit 

trust companies

Mutual savings banks

Commercial and stock savings 

banks and nondeposit 

trust companies

Mutual savings banks

and State All Noninsured All

banks1

Total Insured Banks 

of deposit1

Nondeposit

trust

companies

Total Insured

Noninsured

banks

Total Insured Noninsured Total Insured Noninsured

Total United

14,552

14,509

43

14,024

13,981

43

13,432

13,412

20

532 60 528 219 309 201,978,297

201,099,520

878,777

14,959,249

56,762,195

22,541,148

10,135,889

7,195,428

177,580,415

176,701,638

878,777

8,470,165

41,458,873

20,945,037

9,686,714

7,195,428

175,083,481

174,696,905

386,576

8,183,379

40,818,410

20,884,039

9,556,540

7,165,167

10,325,954

14,299,546

17,302,655

5,040,189

7,114,136

12,216,521

22,176,945

1,491,290

634,018

941,021

16,761,488

1,427,989

1,934,376

523,346

1,266,757

2,633,289

2,096,436

512,160

14,747,629

3,902,394

2,555,026

1,804,648

2,496,934

2,004,733

492,201

286,786

640,463

24.397.882

24.397.882

18.382.535

18.382.535

6.015.347

Continental U. S .. 6.015.347

Other areas...........

514

18

55

5

528 219 309

FDIC District

District 1................. 846 505 459 43 3 341 36 305 6,489,084

15,303,322

1,596,111

449,175

573,626 

15,222,057 

1,596,111 

* 444,994

5,915,458

District 22................ 1,096 81,265

1,558

1,055

1,048

941 923 12 6 155 154 1

District 3 ................. 1,548

1.047

1.048

1,526

1,027

986

19 3 10 10 60,998

130,174

30,261

45,139

185,094

137,443

127,179

208,848

95,518

549,031

District 4 ................. 20 8 7 1 4,181

District 5................. 60 2

District 6................. 1,504

1,471

1,564

1,109

1,504

1,463

1,564

1,108

1,624

1,158

514

1,455

1,436

1,501

1,091

1,431

1,116

481

40 9 10,371,093

14,554,589

17,440,098

5,375,440

7,322,984

12,312,039

23,008,1.45

1,491,290

636,479

944,638

16,822,185

1,431,038

3,606,672

631,108

1,266,757

10,371,093

14,484,640

17,440,098

5,167,368

7,322,984

12,312,039

22,725,976

1,491,290

District 7................. 16 11 8 6 2 69,949 55,506 14,443

District 8................. 59 4

District 9 ................. 16 1 1 1 208,072 208,072

District 10............... 1,624

1,158

519

186 7

District 11............... 41 1

District 123.............. 20 13 5 5 282,169 282,169

State 

Alabama.................. 231 231 231

Arizona.................... 14 14 13 1 636,479

944,638

2,461

3,617

60,697

3,049

69,020

4,100

Arkansas.................. 230 230 224 5 1

California................ 206 206 197 2 7 16,822,185

1,431,038

2,003,396

527,446

Colorado.................. 162 162 152 10

Connecticut............ 181 109 94 14 1 72 5 67 1,603,276

103,662

92,742

22,397

1,510,534

Delaware................. 37 35 34 1 2 1 1 81,265

Dist. of Columbia.. 19 19 19 1,266,757

Florida..................... 217 217 213 2 2 2,641,501 2,641,501 8,212

Georgia.................... 400 400 345 55 2,109,535 13,099

512,160

14,794,061

3,968,780

2,646,037

1,966,030

2,109,535

512,160

14,794,061

3,916,958

2,646,037

1,966,030

Idaho....................... 38 38 38

Illinois...................... 900 900 889 8 3 46,432

14,564

91,011

161,382

Indiana.................... 482 478 469 7 2 4 3 1 51,822 37,942 13,880

I o w a ....................... 664 664 612 51 1

Kansas..................... 606 606 477 129

DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Kentucky........

Louisiana.........

Maine..............

Maryland........

Massachusetts.

Michigan.......

Minnesota.... 

Mississippi. . .

Missouri........

Montana........

Nebraska...............

Nevada..................

New Hampshire...

New Jersey............

New Mexico..........

New York..........

North Carolina. 

North Dakota..

Ohio...................

Oklahoma..........

Oregon.............

Pennsylvania. . 

Rhode Island. . 

South Carolina. 

South Dakota..

Tennessee.

Texas........

Utah.........

Vermont. . 

Virginia. ..

Washington... 

West Virginia. 

Wisconsin. . . . 

Wyoming.......

Other areas

Alaska..................

American Samoa.

Hawaii.................

Mariana Islands4. 

Panama Canal Zone4

Puerto Rico4........

Virgin Islands....

378

171

95

162

367

431

678

200

598

109

419

8

109

333

52

712

226

153

647

384

68

911

20

150

169

298

921

54

74

316

116

182

558

53

11

378

171

63

154

179

431

677

200

598

109

419

8

75

310

52

582

226

153

644

384

67

904

12

150

169

298

921

54

67

316

112

182

554

53

360

170

55

153

173

419

665

197

580

109

373

8

62

307

51

572

225

148

638

376

65 

888

9

136

169

291

882

54

66

316

109

178

548

53

40

32

8

188

130 130

241

188

23

1,863,129

2,239,211

793,427

2,354,299

8,416,832

7,019,379

3,541,204

953,102

5,134,842

663,040

1,555,386

245,718

644,657

6,250,427

463,323

49,594,140

2,215,962

607,393

9,483,162

2,051,419

1,648,107

13,057,986

1,118,203

845,077

563,803

2,428,484

8,973,026

723,070

379,458

2,390,069

2,464,648

1,063,725

3,566,430

319,111

140,382

1,235

406,051

22,774

21,815

279,544

6,976

1,863,129

2,239,211

516,824

1,905,124

4,556,031

7,019,379

3,333,132

953,102

5,134,842

663,040

1,555,386

245,718

312,604

5,412,651

463,323

35,232,256

2,215,962

607,393

9,184,200

2,051,419

1,622,680

11,760,837

798,848

845,077

563,803

2,428,484

8,973,026

723,070

282,462

2,390,069

2,207,906

1,063,725

3,548,303

319,111

140,382

1,235

406,051

22,774

21,815

279,544

6,976

1,844,549

2,238,203

478,281

1,816,566

4,456,910

6,854,769

3,321,323

944,152

5,118,169

663,040

1,515,183

245,718

263,469

5,412,615

463,057

34,631,086

2,195,146

492,023

9,176,935

2,047,205

1,614,332

11,707,104

767,881

836,694

563,803

2,422,215

8,881,243

723,070

282,462

2,390,069

2,184,964

1,051,308

3,542,383

319,111

103,732 

’ 31,481

244,566

6,797

18,580

1,008

38,543

88,558

99,121

164,610

11,809

8,950

16,673

276,603

449,175

3,860,801

41,902

444,994

234,701

4,181

3,860,801

208,072 208,072

40,203

49,135

36

266

601,170

20,816

115,370

7,265

4,214

8,348

53,733

30,967

8,383

332,053

837,776

186,646

837,776

145,407

14,361,884 14,361,884

298,962 298,962

25,427

1,297,149

319,355

25,427

1,297,149

155,340 164,015

6,269

91,783

96,996 96,996

22,942

12,417

5,920

256,742 

........18,127

256,742 

........17,564 ......... 563

36,650

1,235

374,570

22,774

21,815

34,978

179

1 Includes 14 noninsured banks of deposit (8 in Georgia, 2 in Iowa, and 4 in Texas) for which deposits are not available.

2 Includes Puerto Rico and the Virgin Islands.

8 Includes Alaska, American Samoa, Hawaii, Mariana Islands, and the Panama Canal Zone.

4 Includes deposit data for the following branches of insured banks in continental United States: 3 noninsured branches in the Mariana Islands (2 in Guam and 1 in Saipan); 4 

noninsured branches in the Panama Canal Zone; and 9 insured branches in Puerto Rico. Data for these branches are not included in the figures for the States in which the parent 

banks are located.

Back figures: See the Annual Report for 1952, pp. 98-99, and earlier reports.

NUMBER, OFFICES, AND DEPOSITS OF OPERATING BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
A sse t s a n d L ia b il it ie s of O p e r a t in g B a n k s

Table 104.

Table 105.

Table 106.

Table 107.

Assets and liabilities of operating banks in the United States 

and other areas), June 30, 1953

Banks grouped according to insurance status and type of bank

Assets and liabilities of operating banks in the United States 

and other areas), December 31, 1953

Banks grouped according to insurance status and type of bank

Assets and liabilities of operating banks in the United States 

and other areas), December 31, 1953 

Banks grouped by district and State

Assets and liabilities of operating insured banks in the United States (continental 

U. S. and other areas), December 31, 1953, June 30, 1953, and December 31, 1952

The data in these tables relate to banks operating in the United

States (continental U. S. and other areas). Data from the same tabulations for all operating banks in each State and other area are also

shown in the Corporation’s publication, “Assets, Liabilities, and

Capital Accounts, Commercial and Mutual Savings Banks,” as follows:

For June 30, 1953 Report No. 39, pp. 8-9

For December 31, 1953 Report No. 40, pp. 8-9

(continental U. S.

(continental U. S.

(continental U. S.

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 continental United 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. Asset and liability data

for nine branches in Puerto Rico of two national banks in New York

are included with insured bank figures for Puerto Rico and for all

insured banks.

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 under the provisions

of Mimeograph 6209 issued by the Bureau of Internal Revenue in

December 1947 and other loan valuation reserves have been 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.

Total deposits shown in these tables are not the same as the deposits

upon which assessments paid to the Federal Deposit Insurance Corporation are based. The assessment base is slightly lower due to certain

exclusions which are permitted and deductions which may be claimed.

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.

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; Rand McNally Bankers

Directory; Polk’s Bankers Encyclopedia; and reports from individual

banks.

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
BANKS GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BANK 

(Amounts in thousands of dollars)

Table 104. A sse ts a n d L ia b il it ie s o f O p e r a t in g B a n k s in th e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), Ju n e 30, 1953

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

companies1

Total Insured Noninsured

Total assets.............................................................. 208,753,309 199,176,232 9,577,077 182,420,352 179,585,958 2,630,134 204,260 26,332,957 19,590,274 6,742,683

Cash, balances with other banks, and cash

collection items—total............................. 42,199,338 41,522,342 676,996 41,332,180 40,830,094 450,377 51,709 867,158 692,248 174,910

Currency and coin............................................. 2,755,207 2,664,769 90,438 2,646,841 2,585,836 59,522 1,483 108,366 78,933 29,433

Reserve with F. R. banks (member banks). . 19,447,746 19,447,746 19,446,380 19,446,380 1,366 1,366

Demand balances with banks in U. S............ 10,778,041 10,246,408 531,633 10,278,235 9,879,309 350,448 48,478 499,806 367,099 '132,707

Other balances with banks in U. S................. 273,108 263,097 10,011 43,730 38,093 5,548 89 229,378 225,004 4,374

Balances with banks in foreign countries. . . . 60,138 58,557

8,841,765

1,581 60,138 58,557 1,568 13

Cash items in process of collection................. 8,885,098 43,333 8,856,856 8,821,919 33,291 1,646 ........28,242 ........19,846 ........8,396

Securities—total................................................. 86,298,460 81,045,777 5,252,683 73,265,377 71,761,389 1,395,967 108,021 13,033,083 9,284,388 3,748,695

U. S. Gov’t, obligations (incl. guaranteed). . . 68,368,873 64,408,401 3,960,472 58,904,881 57,765,979 1,075,046 63,856 9,463,992 6,642,422 2,821,570

Obligations of States and subdivisions........... 10,962,300 10,674,260 288,040

693,758

10,583,932

3,366,403

10,333,503 234,101 16,328 378,368 340,757 37,611

Other bonds, notes, and debentures2.............. 6,168,458 5,474,700 3,295,971 61,259 9,173 2,802,055 2,178,729 623,326

Corporate stocks............................................... 798,829 488,416 310,413 410,161 365,936 25,561 18,664 388,668 122,480 266,188

Loans and discounts, net— tota l................... 77,544,114 74,048,679 3,495,435 65,452,699 64,723,440 702,893 26,366 12,091,415 9,325,239 2,766,176

Valuation reserves3................................................ 1,118,513 1,099,151 19,362 940,550 938,223 2,292 35 177,963 160,928 17,035

Loans and discounts, gross— tota l................ 78,662,627 75,147,830 3,514,797 66,393,249 65,661,663 705,185 26,401 12,269,378 9,486,167 2,783,211

Commercial and industrial loans..................... 27,593,207 27,388,883 204,324 27,560,885 27,361,492 197,571 1,822 32,322 27,391 4,931

Loans to farmers directly guaranteed by the

12,629

76,056

14,831

Commodity Credit Corporation 297,543

3,402,947

1,719,167

284,914

3,326,388

1,704,336

12,629

76,559

14,831

297,543

3,401,044

1,719,167

284,914

3,324,801

1,704,336

Other loans to farmers (excl. real estate). . . . 

Loans to brokers and dealers in securities....

187 1,903 1,587 316

Other loans for carrying securities.................. 1,099,486 1,055,677 43,809

2,967,489

1,095,147 1,052,982 37,464 4,701 4,339 2,695 1,644

Real estate loans—total.................................... 28,499,581 25,532,092 16,387,224 16,148,116 

1,081+,1+75

223,136 15,972 12,112,357 9,383,976 2,728,381

Farm land....................................................... 1 ,1 51+,633 1,123,671+ 30,959 1,1 Ok,196 18,551+ 1,167 50,1+37 39,199 11,238

Residential 'properties:

Insured by FHA......................................... 7,123,931 6,736,990 386,91+1 3,798,1+87 3,729,520 65,290 3,677 3,325,1+1+1+ 3,007,1+70 317,971+

Insured or guaranteed by V A .................... 5,602,923 1+,799,152 803,771 3,012,619 2,975,811 31+,5 21 2,287 2,590,301+ 1,823,31+1 766,963

Not insured or guaranteed by FHAyor V A . 10,392,071 8,959,1+50 1,1+32,621 5,733,61+1 5,650,979 75,1+30 7,232 1+,658,1+30 3,308,1+71 1,31+9,959

Other properties............................................... 1+,226,023

14,280,266

3,912,826 313,197 2,738,281

14,170,758

2,707,331 29,31+1 1,609 1,1+87,71+2 1,205,1+95 282,21+7

Other loans to individuals................................ 14,130,779

155,022

149,487 14,066,747 103,739 272 109,508 64,032 45,476

Loans to banks.................................................. 155,432 410 155,432 155,022 410

All other loans (including overdrafts)............ 1,614,998 1,569,739 45,259 1,606,049 1,563,253 39,349 ........3,447 ..........8,949 ..........6,486 ........2,463

Miscellaneous assets—to ta l............................ 2,711,397 2,559,434 151,963 2,370,096 2,271,035 80,897 18,164 341,301 288,399 52,902

Bank premises owned, furniture andlfixtures. 1,501,886 1,452,614 49,272 1,363,807 1,343,946 14,016 5,845 138,079 108,668 29,411

Other real estate—direct and indirect............ 143,275 128,526 14,749 140,252 127,171 5,402 7,679 3,023 1,355 1,668

All other miscellaneous assets.......................... 1,066,236 978,294 87,942 866,037 799,918 61,479 4,640 200,199 178,376 21,823

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Total liabilities and capital accounts..............

Business and personal deposits—total........

Deposits of individuals, partnerships, and

corporations—demand..................................

Deposits of individuals, partnerships, and

corporations—time........................................

Certified and officers’ checks, cash letters of 

credit and travelers’ checks outstanding, 

and amounts due to Federal Reserve banks.

Government deposits—total...........................

United States Government— demand.............

United States Government— time...................

States and subdivisions— demand...................

States and subdivisions—time.........................

Interbank and postal savings deposits— 

total...............................................................

Banks in the United States— demand............

Banks in the United States— time..................

Banks in foreign countries— demand..............

Banks in foreign countries—time....................

208,753,309 199,176,232 9,577,077 182,420,352 179,585,958 2,630,134 204,260 26,332,957 19,590,274 6,742,683

161,127,024

94,276,005

64,377,186

2,473,833

153,514,742

93,142,581

57,923,020

2,449,141

7,612,282

1,133,424

6,454,166

24,692

137,517,312

94,251,398

40,800,458

2,465,456

135,836,267

93,118,662

40,276,448

2,441,157

1,609,298

1,062,221

522,934

24,143

71,747

70,515

1,076

156

23,609,712

24,607

23,576,728

8,377

17,678,475

23,919

17,646,572

7,984

5,931,237

688

5,930,156

393

15,265,776

3,712,491

318,599

9,425,287

1,809,399

14,941,304

3,642,618

318,033

9,254,078

1,726,575

324,472

69,873

566

171,209

82,824

15,249,898

3,710,238

318,593

9,423,546

1,797,521

14,927,295

3,640,912

318,027

9,252,587

1,715,769

322,541

69,326

566

170,897

81,752

62

62

15.878 

2,253

6

1,741

11.878

14,009

1,706

6

1,491

10,806

1,869

547

250

1,072

13,647,113

11,421,502

191,474

1,344,331

656,817

32,989

13,284,416

11,248,072

43,354

1,305,872

654,772

32,346

362,697

173,430

148,120

38,459

2,045

643

13,644,552

11,421,452

188,963

1,344,331

656,817

32,989

13,281,954

11,248,022

40,942

1,305,872

654,772

32,346

362,518

173,351

148,021

38,458

2,045

643

80

79

1

2,561

50

2,511

2,462

50

2,412

99

99

Postal savings....................................................

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...................................................

190,039,913

122,653, 449

67,386,464

181,740,462

121,042,362

60,698,100

8,299,451

1,611,087

6,688,364

166,411,762

122,616,421

43,795,341

164,045,516

121,007,212

43,038,304

2,294,357

1,538,396

755,961

71,889

70,813

1,076

23,628,151

37,028

23,591,123

17,694,946

35,150

17,659,796

5,933,205

1,878

5,931,327

2,833,112

114,917

2,718,195

2,689,794

104,885

2,584,909

143,318

10,032

133,286

2,644,115

114,882

2,529,233

2,565,722

104,850

2,460,872

54,841

8,478

46,363

23,552

1,554

21,998

188,997

35

188,962

124,072

35

124,037

64.925

64.925

192,873,025 184,430,256 8,442,769 169,055,877 166,611,238 2,349,198 95,441 23,817,148 17,819,018 5,998,130

15,880,284

76,642

4,031,551

7,944,382

3,827,709

14,745,976

55,221

3,909,633

7,380,760

3,400,362

1,134,308

21,421

121,918

563,622

427,347

13,364,475

76,642

4,031,551

6,214,494

3,041,788

12,974,720

55,221

3,909,633

6,080,247

2,929,619

280,936

21,421

81,307

95,425

82,783

108,819

40,611

38,822

29,386

2,515,809

(4)

1,771,256

(4)

744,553

Surplus...............................................................

Undivided profits and reserves........................

1,729,888

785,921

1,300,513

470,743

429,375

315,178

Number of banks5..................................................... 14,579 13,648 931 14,051 13,435 551 65 528 1 213 315

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 obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

3 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.

4 Not reported separately. Included with “ Undivided profits and reserves.”

6 Includes 18 noninsured banks of deposit for which asset and liability data are not available.

O

Qji

Back figures: See the Annual Report for 1952, pp. 102-103, and earlier reports.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
BAN K S GROUPED ACCORDING TO INSURANCE STATUS AND TYPE OF BAN K 

(Am ounts in thousands of dollars)

T a b le 1 05. A s s e t s an d L ia b ilit ie s o f O p e r a tin g B a n k s in t h e U n ite d S t a t e s ( C o n t in e n t a l U. S. an d O t h e r A r e a s ), D e c e m b e r 31, 1953

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

companies1

Total Insured Noninsured

Total assets.............................................................. 221,132,803 211,396,426 9,736,377 194,002,839 191,062,625 2,755,735 184,479 27,129,964 20,333,801 6,796,163

Cash, balances with other banks, and cash

collection items—total............................. 45,991,609 45,277,380 714,229 45,008,810 44,478,304 482,885 47,621 982,799 799,076 183,723

Currency and coin............................................. 2,690,476 2,602,167 88,309 2,564,007

19,995,369

12,152,190

2,507,547 55,396 1,064 126,469 94,620 31,849

Reserve with F. R. banks (member banks). . 19,996,858 19,996,858 19,995,369 1,489 1,489

Demand balances with banks in U. S............. 12,727,617 12,163,830 563,787 11,724,184 382,304 45,702 575,427 439,646 135,781

Other balances with banks in U. S................. 288,204 278,796 9,408

3,345

44,865 39,745 5,064 56 243,339 239,051 4,288

Balances with banks in foreign countries. . . . 67,036 63,691 67,036 63,691 3,332 13

Cash items in process of collection.................. 10,221,418 10,172,038 49,380 10,185,343 10,147,768 36,789 786 ........36,075 ........24,270 11,805

Securities— total................................................. 91,325,110 86,087,664 5,237,446 78,440,139 76,851,462 1,491,182 97,495 12,884,971 9,236,202 3,648,769

U. S. Gov’t, obligations (incl. guaranteed)... 72,872,466 68,949,419 3,923,047 63,688,526 62,472,935 1,164,172 51,419 9,183,940 6,476,484 2,707,456

Obligations of States and subdivisions........... 11,283,010 10,980,493 302,517 10,875,578 10,620,012 233,513 22,053 407,432 360,481 46,951

Other bonds, notes, and debentures2.............. 6,322,351 5,628,529 693,822 3,460,139 3,386,730 67,622 5,787 2,862,212 2,241,799 620,413

Corporate stocks............................................... 847,283 529,223 318,060 415,896 371,785 25,875 18,236 431,387 157,438 273,949

Loans and discounts, net— total................... 80,920,155 77,281,768 3,638,387 67,994,918 67,266,168 707,020 21,730 12,925,237 10,015,600 2,909,637

Valuation reserves3................................................ 1,142,299 1,124,272 18,027 963,443 961,317 2,080 46 178,856 162,955 15,901

Loans and discounts, gross— total................ 82,062,454 78,406,040 3,656,414 68,958,361 68,227,485 709,100 21,776 13,104,093 10,178,555 2,925,538

Commercial and industrial loans..................... 27,368,089 27,186,496 181,593 27,336,176 27,157,544 178,355 277 31,913 28,952 2,961

Loans to farmers directly guaranteed by the

Commodity Credit Corporation.................. 2,205,729 2,164,791 40,938 2,205,729 2,164,791 40,938

Other loans to farmers (excl. real estate). . . . 1,553 134

Loans to brokers and dealers in securities.... 

Other loans for carrying securities..................

2,783,515

2,361,534

1,228,553

2,720,599

2,344,232

1,185,373

62,916

17,302

43,180

2,781,828

2,361,534

1,223,740

16,849,654

2,719,046

2,344,232

1,182,462

62,663

17,302

36,608

119 1,687

4,670 4,813 2,911 1,902

Real estate loans—total.................................... 29,793,143 26,682,236 3,110,907 16,612,658 222,296 14,700 12,943,489 10,069,578 2,873,911

Farm land....................................................... 1,134,657 1,102,669 31,988 1,081,642 1,062,224 18,631 787 53,015 40,445 12,570

Residential 'properties:

Insured by FH A......................................... 7,401,747 7,003,593 398,154 3,912,399 338,764

3,061,442

3,853,009 57,673 1,717 3,489,348 3,150,584

Insured or guaranteed by V A .................... 6,114,674 5,234,356 880,318 3,024,889 35,132 1,421 3,053,232 2,209,467 843,765

Not insured or guaranteed by FHA or VA. 10,742,350 9,269,723 1,472,627 5,950,787

2,843,384

5,866,475 75,739 8,573 4,791,563 3,403,248 1,388,315

Other properties............................................... 4,399,715 4,071,895

14,479,089

327,820 2,806,061 35,121 2,202 1,556,331 1,265,834 290,497

Other loans to individuals................................ 14,633,219 154,130 14,520,320 14,411,636 108,392 292 112,899 67,453 45,446

Loans to banks.................................................. 162,222 161,925 297 162,222 161,925 297

All other loans (including overdrafts)............ 1,526,450 1,481,299 45,151 1,517,158 1,473,191 42,249 ........1,718 ..........9,292 ..........8,108 ........1,184

Miscellaneous assets—tota l............................ 2,895,929 2,749,614 146,315 2,558,972

1,411,402

2,466,691 74,648 17,633 336,957 282,923 54,034

Bank premises owned, furniture and fixtures. 1,556,540 1,506,865 49,675 1,392,396 13,650 5,356 145,138 114,469 30,669

Other real estate—direct and indirect............ 143,300 129,169 14,131 140,632 128,052 4,902 7,678

4,599

2,668 1,117 1,551

All other miscellaneous assets......................... 1,196,089 1,113,580 82,509 1,006,938 946,243 56,096 189,151 167,337 21,814

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Total liabilities and capital accounts..........

Business and personal deposits—total........

Deposits of individuals, partnerships, and

corporations— demand..................................

Deposits of individuals, partnerships, and

corporations—time........................................

Certified and officers’ checks, cash letters of 

credit and travelers’ checks outstanding 

and amounts due to Federal Reserve banks!

Government deposits—total...............

United States Government— demand. 

United States Government—time.

States and subdivisions—demand.......

States and subdivisions—time.............

Interbank and postal savings deposits—

total...........................................................

Banks in the United States—demand........

Banks in the United States— time..............

Banks in foreign countries—demand..........

Banks in foreign countries—time................

Postal savings................................................

Total deposits.

Demand..........

Time...............

Miscellaneous liabilities— total..............

Rediscounts and other borrowed money . 

All other miscellaneous liabilities............

Total liabilities

accounts)...........

(excluding capital

Gapital accounts—total............

Preferred capital........................

Common stock............................

Surplus........................................

Undivided profits and reserves.

Number of banks5.

221,132,803

169,783,434

100,417,627

66,345,719

3,020,088

16,190,331

4,218,558

322,694

9,624,737

2,024,342

16,004,532

13,457,360

176,236

1,346,638

993,445

30,853

201,978,297

132,085,008

69,893,289

2,945,142

66,803

2,878,339

204,923,439

16,209,364

73,878

4,099,829

8,193,898

3,841,759

14,552

211,396,426

162,029,962

99,216,948

59,817,273

2,995,741

15,846,486

4,137,855

319,991

9,448,844

1,939,796

15,589,568

13,229,080

50,520

1,296,108

983,650

30,210

193,466,016

130,32k,576

63,1 kl MO

2,847,301

59,090

2,788,211

196,313,317

15,083,109

52,457

3,978,135

7,623,978

3,428,539

13,651

9,736,377

7,753,472

1,200,679

6,528,446

24,347

343,845

80,703

2,703

175,893

84,546

414,964

228,280

125,716

50,530

9,795

643

8,512,281

1,760,482

6,751,849

97,841

7,713

90,128

!,610,122

1,126,255

21,421

121,694

569,920

413,220

901

194,002,839

145,408,536

100,395,568

42,001,120

3,011,848

16,169,851

4,215,454

322,664

9,620,398

2,011,335

16,002,028

13,457,310

173,782

1,346,638

993,445

30,853

177,580,415

132,047,216

45,533,199

2,772,139

66,753

2,705,386

180,352,554

13,650,285

73,878

4,099,829

6,419,482

3,057,096

14,024

191,062,625

143,667,798

99,195,829

41,484,058

2,987,911

15,828,516

4,135,590

319,967

9,444,755

1,928,204

15,587,167

13,229,030

48,169

1,296,108

983,650

30,210

175,083,481

130,289,223

44,794,258

2,714,666

59,040

2,655,626

177,798,147

13,264,478

52,457

3,978,135

6,283,560

2,950,326

13,432

2,755,735

1,662,960

1,123,077

516,019

23,864

341,274

79,864

2,697

175,582

83,131

414,768

228,188

125,613

50,529

9,795

643

2,419,002

1,681,104

737,898

50,429

6,920

43,509

2,469,431

286,304

21,421

84,383

99,328

81,172

532

184,479

77,778

76,662

1,043

73

77,932

76,889

1,043

7,044

793

6,251

84,976

99,503

37,311

36,594

25,598

60

27,129,964

24,374,898

22,059

24,344,599

8,240

20,480

3,104

30

4,339

13,007

2,504

50

2,454

24,397,882

37,792

24,360,090

173,003

50

172,953

24,570,885

2,559,079

(4)

1,774,416

784,663

20,333,801

18,362,164

21,119

18,333,215

7,830

17,970

2,265

24

4,089

11,592

2,401

50

2,351

18,382,535

35,353

18,347,182

132,635

50

132,585

18,515,170

1,818,631

(4)

1,340,418

478,213

219

6,796,163

6,012,73

940

6,011,384

410

2,510

839

250

1,415

103 

’ 103

6,015,347

2,439

6,012,908

40.368

40.368

6,055,715

740,448

433,998

306,450

Amounts shown as deposits are special accounts and uninvested trust funds, with the latter classified as demand deposits of individuals, partnerships, and corporations. 

Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government, 

j ^:e®erves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves.

4 Not reported separately. Included with undivided profits and reserves.

6 Includes 14 noninsured banks of deposit for which asset and liability data are not available.

Back figures, 1934-1952: See the preceding table and the Annual Report for 1952, pp. 104-105, and earlier reports.

COASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
b a n k s g r o u p e d b y d i s t r i c t a n d s t a t e

(Am ounts in thousands of dollars)

Table 106. A ss e t s a n d L ia b il it ie s o f O p e r a t in g B a n k s in t h e U n ite d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s ), D e c e m b e r 31, 1953

Assets Liabilities and capital accounts

FDIC District 

and State

NumTotal

Deposits

ber of 

banks1 Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans, discounts, and 

overdrafts

Miscellaneous

assets

Business

and

personal2

Government3

Interbank4

Miscellaneous

liabilities

Total

capital

accounts

Total United States... 14,552 45,991,609 72,872,466 18,452,644 80,920,155 2,895,929 221,132,803 169,783,434 16,190,331 16,004,532 2,945,142 16,209,364

Continental U. S.... 14,509 45,811,223 72,609,514 18,369,510 80,518,101 2,831,432 220,139,780 169,147,226 15,964,979 15,987,315 2,921,884 16,118,376

Other areas............... 43 180,386 262,952 83,134 402,054 64,497 993,023 636,208 225,352 17,217 23,258 90,988

FDIC District

District 1..................... 846 2,180,640 6,006,936 1,631,457 6,685,252 205,273 16,709,558 13,758,912 707,403 492,934 180,342 1,569,967

District 25.................... 1,096 11,591,126 18,513,556 5,495,403 26,820,566 1,038,636 63,459,287 48,147,079 2,831,283 5,783,833

1,132,120

1,386,796 5,310,296

District 3..................... 1,558 4,958,331 8,401,340 2,670,617 8,424,958 296,902 24,752,148 19,849,818 1,559,210 205,157 2,005,843

District 4..................... 1,055 2,500,694 3,917,944 847,388 3,625,043 162,591 11,053,660 8,338,872 1,037,406 759,611 117,826 799,945

District 5..................... 1,048 2,031,260 2,603,361 623,858 2,416,083 97,753 7,772,315 5,659,366 925,714 610,348 65,074 511,813

District 6..................... 1,504 3,004,362 3,561,612 678,853 3,861,292 109,066 11,215,185 7,953,407 952,222 1,465,464

525,343

92,365 751,727

District 7..................... 1,471 3,232,570 6,443,799 1,153,555 4,610,259 142,461 15,582,644 12,700,815 1,328,431 119,051

130,456

909,004

District 8..................... 1,564 4,232,312 7,353,266 1,508,187 5,544,946 124,996 18,763,707 14,392,735 1,380,931 1,666,432 1,193,153

District 9..................... 1,109 1,194,388 2,066,438 478,875 2,007,591 45,813 5,793,105 4,383,787 576,912 414,741 47,404 370,261

District 10................... 1,624 2,090,127 2,713,466 597,815 2,423,268 58,275 7,882,951 5,782,352 909,695 630,937 41,784 518,183

District 11................... 1,158 4,119,579 3,778,992 758,725 4,336,183 215,698 13,209,177 9,155,992 1,531,337 1,624,710

898,059

105,383 791,755

District 126.................. 519 4,856,220 7,511,756 2,007,911 10,164,714 398,465 24,939,066 19,660,299 2,449,787 453,504 1,477,417

State

Alabama...................... 231 407,009 523,932 164,590 504,921 16,970 1,617,422 1,215,687 187,417 88,186 13,451 112,681

Arizona........................ 14 134,460 229,891 55,318 253,076 14,902 687,647 535,896 89,959 10,624 10,357 40,811

Arkansas...................... 230 295,623 314,469 91,723 313,169 6,947 1,021,931 777,160 97,365 70,113 * 3,570 73,723

California.................... 206 3,528,285 5,418,955 1,482,332 7,553,903 280,546 18,264,021 14,420,713 1,711,579 689,893 388,458 1,053,378

Colorado...................... 162 390,299 574,724 58,534 505,612 10,755 1,539,924 1,200,020 115,390 115,628 12,428 96,458

Connecticut................ 181 526,464 1,514,679 490,883 1,393,757 52,137 3,977,920 3,411,163 147,383 48,126 30,664 340,584

Delaware..................... 37 109,831 235,079 99,061 257,854 9,860 711,685 578,386 48,340 4,382

93,966

6,281 74,296

District of Columbia. . 19 345,827 497,801 50,592 446,861 24,277 1,365,358 1,123,009 49,782

354,323

10,949 87,652

Florida......................... 217 737,332 1,138,793 182,876 733,733 40,434 2,833,168 2,061,277 225,901 21,294 170,373

Georgia........................ 400 618,923 648,794 133,435 866,500 30,454 2,298,106 1,640,838 241,427 227,270 26,168 162,403

Idaho........................... 38 102,249 198,056 19,872 218,009 4,888 543,074 425,955 79,516 6,689 2,962 27,952

Illinois.......................... 900 3,608,209 6,340,488 1,273,781 4,580,615 107,235 15,910,328 12,168,149 1,110,838 1,515,074 123,525 992,742

Indiana........................ 482 952,432 1,856,354 245,826 1,158,597 34,675 4,247,884 3,346,047 482,321 140,412 29,637 249,467

Iowa............................. 664 624,103 1,012,778 234,406 964,331 17,761 2,853,379 2,224,586 270,093 151,358 6,931 200,411

Kansas......................... 606 527,184 717,293 207,293 646,467 12,288 2,110,525 1,471,091 386,590 108,349 7,049 137,446

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Kentucky.................... 378 534,058 705,367 84,978 685,218 15,593 2,025,214 1,511,777 160,554 190,798 14,319 147,766

171 690,692 829,327 190,161 649,323 30,045 2,389,548 1,571,129 387,221 280,861 20,011 130,326

Maine.......................... 95 122,843 330,385 104,451 324,012 9,183 890,874 740,672 41,334 11,421 6,164 91,283

Maryland.................... 162 469,500 1,045,771 216,820 786,109 51,216 2,569,416 2,047,083 199,574 107,642 18,649 196,468

Massachusetts............ 367 1,238,961 3,333,396 818,609 3,949,901 115,160 9,456,027 7,601,943 408,472 406,417 122,224 916,971

Michigan..................... 431 1,507,098 3,038,363 632,163 2,262,494 75,004 7,515,122 6,161,358 628,938 229,083 75,240 420,503

Minnesota................... 678 812,549 1,261,641 346,098 1,380,522 31,975 3,832,785 2,872,592 309,320 359,292 35,559 256,022

Mississippi.................. 200 267,996 291,842 142,957 310,929 9,895 1,023,619 741,564 142,547 68,991 4,161 66,356

Missouri...................... 598 1,467,406 1,795,111 343,552 1,883,856 47,267 5,537,192 3,850,401 451,671 832,770 43,612 358,738

Montana...................... 109 165,609 279,580 46,218 204,192 5,527 701,126 556,241 75,295 31,504 5,318 32,768

Nebraska..................... 419 420,827 622,494 124,266 493,602 10,390 1,671,579 1,252,307 131,827 171,252 6,404 109,789

Nevada........................ 8 47,499 101,858 14,370 95,658 3,903 263,288 209,172 35,837 709 3,815 13,755

New Hampshire.......... 109 81,259 256,189 76,968 309,739 6,123 730,278 605,746 28,536 10,375 4,044 81,577

New Jersey.................. 333 1,066,275 2,427,051 855,331 2,330,611 92,678 6,771,946 5,663,927 508,117 78,383 54,685 466,834

New Mexico................ 52 152,294 174,551 13,726 144,817 5,846 491,234 336,700 111,193 15,430 2,031 25,880

New York................... 712 10,358,918 15,787,463 4,504,491 24,057,806 913,961 55,622,639 41,707,124 2,194,025 5,692,991 1,306,106 4,722,393

North Carolina........... 226 579,660 710,525 274,469 834,561 30,973 2,430,188 1,674,179 267,210 274,573 46,422 167,804

North Dakota............ 153 97,350 290,741 54,799 206,821 3,610 653,321 468,689 126,499 12,205 3,261 42,667

Ohio............................. 647 2,147,546 3,810,420 767,060 3,382,046 107,903 10,214,975 8,262,544 810,362 410,256 89,391 642,422

Oklahoma.................... 384 662,376 663,680 189,544 682,267 22,444 2,220,311 1,599,487 228,327 223,605 14,419 154,473

Oregon......................... 68 362,563 559,070 152,977 689,127 26,044 1,789,781 1,414,608 193,083 40,416 22,666 119,008

Pennsylvania.............. 911 2,810,785 4,590,920 1,903,557 5,042,912 188,999 14,537,173 11,587,274 748,848 721,864 115,766 1,363,421

Rhode Island.............. 20 158,005 459,885 110,848 484,806 18,114 1,231,658 1,039,330 63,958 14,915 14,250 99,205

South Carolina............ 150 247,513 318,813 76,257 257,714 8,598 908,895 667,416 149,072 28,589 7,007 56,811

South Dakota............. 169 118,880 234,476 31,760 216,056 4,701 605,873 486,265 65,798 11,740 3,266 38,804

Tennessee.................... 298 707,275 746,665 158,600 979,049 39,259 2,630,848 1,814,069 242,632 371,783 30,864 171,500

Texas........................... 921 3,142,133 2,545,223 499,520 3,288,967 164,905 9,640,748 6,712,267 942,964 1,317,795 72,984 594,738

Utah............................. 54 176,802 264,568 38,748 289,245 7,146 776,509 585,373 89,001 48,696 7,375 46,064

Vermont...................... 74 53,108 112,402 29,698 223,037 4,556 422,801 360,058 17,720 1,680 2,996 40,347

Virginia........................ 316 598,660 865,703 160,010 948,454 35,485 2,608,312 1,940,645 241,560 207,864 27,326 190,917

Washington................. 116 514,538 770,260 252,998 1,091,013 33,578 2,662,387 2,165,912 196,220 102,516 24,694 173,045

West Virginia.............. 182 259,534 479,331 69,240 351,344 12,042 1,171,491 886,540 130,208 46,977 7,473 100,293

Wisconsin.................... 558 773,040 1,549,082 275,566 1,189,168 32,782 3,819,638 3,193,410 217,172 155,848 14,174 239,034

Wyoming..................... 53 89,441 135,275 18,178 95,320 2,398 340,612 259,447 47,561 12,103 1,484 20,017

Other area

Alaska.......................... 19 32,029 61,981 14,428 37,548 2,127 148,113 90,728 47,567 2,087 329 7,402

American Samoa........ 1 426 916 47 10 1,399 1,000 201 34 164

Hawaii......................... 9 86,130 134,357 ........32,186 184,418 8,556 445,647 323,941 76,092 6,018 2,947 36,649

Mariana Islands7........ 1,066 4,183 17,780 23,029 11,765 11,006 3 255

Panama Canal Zone7 4,633 1,735 1,563 13,887 21,818 11,132 9,685 998 3

Puerto Rico7............... 11 54,577 60,449 35,972 172,172 21,987 345,157 192,424 79,068 8,052 19,640 45,973

Virgin Islands............. 3 1,525 3,514 548 2,123 150 7,860 5,218 1,733 25 84 800

1 Includes 14 noninsured banks of deposit (8 in Georgia, 2 in Iowa, and 4 in Texas) for which asset, liability, and capital account data are not available.

2 Demand and time deposits of individuals, partnerships, and corporations, certified and officers’ checks, cash letters of credit, etc.

3 Deposits of the United States Government and of States and subdivisions.

4 Interbank deposits and postal savings deposits.

* Includes Puerto Rico and the Virgin Islands.

6 Includes Alaska, American Samoa, Hawaii, Mariana Islands, and the Panama Canal Zone.

7 Includes asset and liability data for the following branches of insured banks in continental United States: 3 noninsured branches in the Mariana Islands (2 in Guam and 1 in 

Saipan); 4 noninsured branches in the Panama Canal Zone and 9 insured branches in Puerto Rico. Data for these branches are not included in the figures for the States in which the 

parent banks are located.

Back figures, 1945-1952: See the Annual Report for 1952, pp. 106-107, and earlier reports.

ASSETS AND LIABILITIES OF OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107. A sse ts a n d L ia b il it ie s o f O p e r a t in g I n s u r e d B a n k s in t h e U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s),

D e c e m b e r 31, 1953, J u n e 30, 1953, an d D e c e m b e r 31, 1952

(Am ounts in thousands of dollars)

Assets

All insured banks Insured commercial banks1 Insured mutual savings banks

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

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

Gash, balances with other banks, and cash collection items—total..............................................

Currency and coin.........................................................

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...........................................................

United States non-marketable bonds2..........

Other bonds maturing in 5 years or less........

Other bonds maturing in 5 to 10 years..................

Other bonds maturing in 10 to 20 years........

Other bonds maturing after 20 years...........

Guaranteed obligations (FHA debentures)........

Other securities—total.................................................

Obligations of States and subdivisions.......................

Other bonds, notes, and debentures3..........................

Corporate stocks:

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

Other corporate stocks.............................................

Total securities...................................................

211,396,426 199,176,232 205,293,919 191,062,625 179,585,958 186,682,180 20,333,801 19,590,274 18,611,739

45,277,380

2,602,167

19,996,858

12,163,830

278,796

63,691

10,172,038

41,522,342

2,664,769

19,447,746

10,246,408

263,097

58,557

8,841,765

45,030,818

2,842,118

19,810,476

11,882,646

257,638

75,000

10,162,940

44,478,304

2,507,547

19,995,369

11,724,184

39,745

63,691

10,147,768

40,830,094

2,585,836

19,446,380

9,879,309

38,093

58,557

8,821,919

44,299,249

2,749,835

19,809,084

11,479,724

41,961

75,000

10,143,645

799,076

94,620

1,489

439,646

239,051

........24,270

692,248

78,933

1,366

367,099

225,004

........19,846

731,569

92,283

1,392

402,922

215,677

........19,295

68,949,419

5,001,393

10,192,949

12,374,101

3,827,064

18,042,732

11,062,264

8,160,431

230,754

57,731

64,408,401

5,011,916

5,061,743

11,180,853

3,864,956

20,780,540

9,994,616

8,233,573

241,383

38,821

69,001,513

7,740,928

5,516,726

11,759,564

3,931,721

18,495,897

12,426,254

9,092,649

......... 37,774

62,472,935

4,899,579

10,088,104

12,308,414

2,538,490

17,790,496

10,158,499

4,533,070

122,827

33,456

57,765,979

4,931,221

5,010,214

11,148,290

2,578,203

20,407,510

9,036,119

4,493,958

128,697

31,767

62,408,171

7,628,585

5,504,308

11,739,757

2,594,867

18,350,452

11,205,784

5,362,222

..........22,196

6,476,484

101,814

104,845

65,687

1,288,574

252,236

903,765

3,627,361

107,927

24,275

6,642,422

80,695

51,529

32,563

1,286,753

373,030

958,497

3,739,615

112,686

7,054

6,593,342

112,343

12,418

19,807

1,336,854

145,445

1,220,470

3,730,427

........15,578

17,138,245

10,980,493

5,628,529

265,131

264,092

16,637,376

10,674,260

5,474,700

259,488

228,928

16,209,028

10,303,933

5,469,385

252,600

183,110

14,378,527

10,620,012

3,386,730

265,067

106,718

13,995,410

10,333,503

3,295,971

259,427

106,509

13,872,272

10,006,206

3,509,325

252,542

104,199

2,759,718

360,481

2,241,799

64

157,374

2,641,966

340,757

2,178,729

61

122,419

2,336,756

297,727

1,960,060

58

78,911

86,087,664 81,045,777 85,210,541 76,851,462 71,761,389 76,280,443 9,236,202 9,284,388 8,930,098

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Loans and discounts, net— total..........................

Valuation reserves4.......................................................

Loans and discounts, gross— total......................

Commercial and industrial loans (including open

market paper)...........................................................

Loans to farmers directly guaranteed by the Commodity Credit Corporation................................

Other loans to farmers (excluding loans on real

Loans to brokers and dealers in securities.................

Other loans for the purpose of purchasing or carrying

securities...............................................................

Real estate loans—total...........................................

Farm land.............................................................

Residential properties:

Insured by FH A...............................................

Insured or guaranteed by V A ..........................

Not insured or guaranteed by FHA or VA

Other properties.....................................................

Other loans to individuals......................................

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

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. .

Income accrued but not collected...........................

Prepaid expenses.......................................................

Other assets...............................................................

RATIOS

Percentages of 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............................................

77,281,768

1,124,272

78,406,040

27,186,496

2,164,791

2,720,599

2,344,232

1,185,373

26,682,236

1,102,669

7,003,593

5,23 U,356

9,269,723

4,071,895

14,479,089 

161,925 

1,481,299

163,369,432

1,636,034

1,208,834

298,031

39,642

89,527

1,113,580

377,536

427,610

50,270

258,164

21.4%

32.6 

8.1

36.6 

1.3 

7.1

74,048,679

1.099.151 

75,147,830

27,388,883

284,914

3,326,388

1,704,336

1,055,677

25,532,092

1,123,674

6,736,990

4.799.152

8,959,450

3,912,826

14,130,779

155,022

1,569,739

155,094,456

1,581,140

1,166,123

286,491

32,573

95,953

978,294

279,292

369,591

62,096

267,315

20.8%

32.3

8.4

37.2

1.3

7.4

72,515,153

1,058,629

73,573,782

27,840,851

683,769

3,142,286

2.050.295

1,084,794 

24,368,814 

hl ,074,732

6.452.296

4,497,823

58,592,010

*3,751,953

12,699,259

157,357

1,546,357

157,725,694

1,519,992

1,127,997

266,107

31,648

94,240

1,017,415

328,600

376,081

47,437

265,297

21.9?

33.6

7.9

35.3

1.3

7.0

67,266,168

961,317

68,227,485

27,157,544

2,164,791

2,719,046

2,344,232

1,182,462

16,612,658

1,062,224

3,853,009

3,024,889

5,866,475

2,806,061

14,411,636

161,925

1,473,191

144,117,630

1,520,448

1,098,761

293,635

38,525

89,527

946,243

377,536

352,212

46,590

169,905

23.3%

32.7

7.5

35.2

1.3

6.9

64,723,440

938,223

65,661,663

27,361,492

284,914

3,324,801

1,704,336

1,052,982

16,148,116

1,084,475

3,729,520

2,975,811

5,650,979

2,707,331

14,066,747

155,022

1,563,253

136,484,829

1,471,117

1,061,552

282,394

31,218

95,953

799,918

279,292

298,026

57,369

165,231

22.72

32.2

7.8

36.0

1.3

7.2

63,824,310

903,935

64,728,245

27,815,944

683,769

3,140,789

2,050,295

1,083,439

15,615,871

1,036,500

3,607,833

2,971,349

5,416,693

2,583,496

12,641,861 

157,357 

1,538,920

140,104,753

1,414,150

1,028,685

262,113

29,112

94,240

864,028

328,600

307,684

44,018

183,726

23.7%

33.5

7.4

34.2

1.2

6.7

10,015,600

162,955

10,178,555

28,952

1,553

2,911

10,069,578

40,445

3,150,584

2,209,467

3,403,248

1,265,834

67,453

8,108

19,251,802

115,586

110,073

4,396

1,117

167,337

75,398

3,680

88,259

3.9%

31.8

13.6

49.3

1.4

8.9

9,325,239

160,928

9,486,167

27,391

1,587

2,695

9,383,976

39,199

3.007.470

1,823,341

3.308.471

1,205,495

64,032

6,486

18,609,627

110,023

104,571

4,097

1,355

178,376

71,565

4,727

102,084

° "O % 

33.9

13.5

47.6 

1.5 

9.0

8,690,843

154,694

8,845,537

24,907

1,497

1,355

8,752,943

538,232

2,8k U, 46 3

1,526,474

33,1 75,317

n ,168,457

57,398

7,437

17,620,941

105,842

99,312

3,994

2,536

153,387

68,397

3,419

81,571

3.9^

35.4

12.6

46.7

1.4

9.3

OPERATING BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 107. A s s e t s an d L ia b ilit ie s o f O p e r a tin g In su re d B a n k s in t h e U n ite d S t a t e s ( C o n t in e n t a l U . S. an d O t h e r A r e a s ),

D e c e m b e r 31, 1953, June 30, 1953, an d D e c e m b e r 31, 1952— Continued

(Am ounts in thousands of dollars)

Liabilities and capital

All insured banks Insured commercial banks1 Insured mutual savings banks

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Dec. 31, 

1953

June 30, 

1953

Dec. 31, 

1952

Total liabilities and capital accounts..........................

Business and personal deposits—total....................

Deposits of individuals, partnerships, and corporations—demand...................................................

Deposits of individuals, partnerships, and corCertified and officers’ checks, cash letters of credit 

and travelers’ checks outstanding, and amounts 

due to Federal Reserve banks.................................

Government deposits— total.......................................

United States Government— demand.........................

United States Government— time...............................

States and subdivisions—demand...............................

States and subdivisions—time.....................................

Interbank and postal savings deposits—total. . . .

Banks in the United States—demand........................

Banks in the United States—time..............................

Banks in foreign countries—demand..........................

Banks in foreign countries—time................................

211,396,426 199,176,232 205,293,919 191,062,625 179,585,958 186,682,180 20,333,801 19,590,274 18,611,739

162,029,962

99,216,948

59,817,273

2,995,741

153,514,742

93,142,581

57,923,020

2,449,141

157,411,509

98,917,066

55,540,770

2,953,673

143,667,798

99,195,829

41,484,058

2,987,911

135,836,267

93,118,662

40,276,448

2,441,157

140,639,327

98,897,813

38,794,901

2,946,613

18,362,164

21,119

18,333,215

7,830

17,678,475

23,919

17,646,572

7,984

16,772,182

19,253

16,745,869

7,060

15,846,486

4,137,855

319,991

9,448,844

1,939,796

14,941,304

3,642,618

318,033

9,254,078

1,726,575

15,697,660

4,939,177

326,455

8,819,091

1,612,937

15,828,516

4,135,590

319,967

9,444,755

1,928,204

14,927,295

3,640,912

318,027

9,252,587

1,715,769

15,686,714

4,936,857

326,449

8,817,570

1,605,838

17,970

2,265

24

4,089

11,592

14,009

1,706

6

1,491

10,806

10,946

2,320

6

1,521

7,099

15,589,568

13,229,080

50,520

1,296,108

983,650

30,210

13,284,416

11,248,072

43,354

1,305,872

654,772

32,346

15,032,881

12,955,589

44,124

1,437,724

'562,903

32,541

15,587,167

13,229,030

48,169

1,296,108

983,650

30,210

13,281,954

11,248,022

40,942

1,305,872

654,772

32,346

15,030,986

12,955,539

42,279

1,437,724

562,903

32,541

2,401

50

2,351

2,462

50

2,412

1,895

50

1,845

Total deposits......................................................... 193,466,016

180,824,576

63,1hi M 0

181,740,462

121,0k2,362

60,698,100

188,142,050

130,022,320

58,119,730

175,083,481

130,289,223

kk,79k,258

164,045,516

121,007,212

k8,088,80k

171,357,027

129,992,116

U1,36k,911

18,382,535

35,353

18,3^7,182

17,694,946

35,150

17,659,796

16,785,023

30,20k

16,75 k,819

Miscellaneous liabilities—total.................................

Bills payable, rediscounts, and other liabilities for 

borrowed money........................................................

2,847,301

59,090

402,550

86,923

573,534

824,058

901,146

2,689,794

104,885

297,241

72,342

550,865

656,556

1,007,905

2,836,335

188,785

347,917

75,875

487,376

736,296

1,000,086

2,714,666

59,040

402,550

82,175

564,068

813,757

793,076

2,565,722

104,850

297,241

59,152

546,227

643,916

914,336

2,739,919

188,785

347,917

71,264

484,173

726,833

920,947

132,635

50

124,072

35

96,416

Dividends declared but not yet payable....................

Income collected but not earned.................................

Expenses accrued and unpaid.....................................

4,748

9,466

10,301

108,070

13,190

4,638

12,640

93,569

4,611

3,203

9,463

79,139

Total liabilities (excluding capital accounts). 196,313,317 184,430,256 190,978,385 177,798,147 166,611,238 174,096,946 18,515,170 17,819,018 16,881,439

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
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—tota l...........................................

Common stock...........................................................

15,083,109

4,030,592

7,623,978

2,868,498

560,041

14,745,976

3,964,854

7,380,760

2,841,984

558,378

14,315,534

3,876,080

7,208,239

2,677,798

553,417

13,264,478

4,030,592

6,283,560

2,498,871

451,455

12,974,720

3,964,854

6,080,247

2,471,136

458,483

12,585,234

3,876,080

5,938,187

2,306,828

464,139

1,818,631

(6)

1,340,418

369,627

108,586

1,771,256

(6)

1,300,513

370,848

99,895

1,730,300

(6)

1,270,052

370,970

89,278

19,888,963 19,302,169 19,900,745 19,888,963 19,302,169 19,900,745

4,034,560

3,978,203

25,862

30,495

3,969,153

3,909,682

27,365

32,106

3,881,129

3,818,444

29,877

32,808

4,030,660

3,978,203

21,962

30,495

3,964,903

3,909,682

23,115

32,106

3,876,279

3,818,444

25,027

32,808

3,900 4,250 4,850

Capital notes and debentures..................................

Preferred stock..........................................................

3,900 4,250 4,850

Retirable value of preferred stock.............................. 67,058 70,204 71,561 67,058 70,204 71,561

Number of banks.................................................................. 13,651 13,648 13,645 13,432 13,435 13,439 219 213 206

1 Includes stock savings banks.

2 United States savings bonds, Treasury bonds (investment series A-1965, and B-1975-80), and depositary bonds.

3 Includes obligations of United States Government corporations and agencies, not guaranteed by the United States Government.

4 Reserves for losses on loans authorized by the Bureau of Internal Revenue for income tax purposes and other valuation reserves. 

6 Revised.

6 Not reported separately. Included with “ Reserves.”

Back figures, 1934-1952: See the Annual Report for 1952, pp. 108-111, and earlier reports.

OASSETS AND LIABILITIES OP OPERATING BANKS

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Federal Reserve Bank of St. Louis
E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d B a n k s o

Table 108. 

Table 109. 

Table 110.

Table 111.

Table 112.

Table 113.

Table 114.

Table 115. 

Table 116.

Earnings, expenses, and dividends of insured commercial banks in the United States 

(continental U. S. and other areas), 1945-1953

Ratios of earnings, expenses, and dividends of insured commercial banks in the 

United States (continental U. S. and other areas), 1945-1953

Earnings, expenses, and dividends of insured commercial banks in the United States 

(continental U. S. and other areas), 1953 

By class of bank

Ratios of earnings, expenses, and dividends of insured commercial banks in the 

United States (continental U. S. and other areas), 1953 

By class of bank

Earnings, expenses, and dividends of insured commercial banks operating throughout 

1953 in the United States (continental U. S. and other areas)

Banks grouped according to amount of deposits

Ratios of earnings, expenses, and dividends of insured commercial banks operating 

throughout 1953 in the United States (continental IT. S. and other areas)

Banks grouped according to amount of deposits

Earnings, expenses, and dividends of insured commercial banks in the United States 

(continental U. S. and other areas), by State, 1953

Income, expenses, and dividends of insured mutual savings banks, 1953

Ratios of income, expenses, and dividends of insured mutual savings banks, 1953

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Reports of earnings, expenses, and dividends are submitted to the

Federal supervisory agencies on either a cash or an accrual basis.

Earnings data are included for all insured banks operating at the

end of the respective years, unless indicated otherwise. 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 9 insured

branches in Puerto Rico of insured national banks in New York are

not available.

On December 8, 1947, the Commissioner of Internal Revenue issued

Comm. Mimeograph Coll. No. 6209 entitled, “Reserve Method of

Accounting for Bad Debts in the Case of Banks.” (See pp. 82-84 in

the 1947 Annual Report.) Under this ruling, banks are permitted to

accumulate limited amounts of tax-free reserves for bad debt losses on

loans. As a result, since 1947 unusually large amounts were set aside

from income to valuation reserves, and net profits were decreased

accordingly. The uniform report of earnings and dividends for commercial banks was revised in 1948 to show separately for the first time

charge-offs and transfers to valuation reserves as well as recoveries

and transfers from valuation reserves. Also, the actual recoveries and

losses that are credited and charged to valuation reserves were reported

as memoranda items.

Averages of assets and liabilities shown in Tables 108-111 and 114

are based upon figures at the beginning, middle, and end of each year,

as reported by banks operating on those dates, adjusted to exclude

asset and liability figures for insured branches in Puerto Rico of insured national banks in New York. Consequently, the asset and liability averages are not strictly comparable with the earnings data,

Com m ercial banks but the differences are not large enough to affect the totals significantly.

Some further incomparability is also introduced into the data by class

of bank by shifts between those classes during the year.

Assets and liabilities shown in Table 112, and utilized for computation

of ratios shown in Table 113, are for the identical banks to which the

earnings data pertain. For national banks and State banks members

of the Federal Reserve System, assets and liabilities are as of December

31, 1953, and for other banks, are averages of beginning, middle, and

end of the year.

Mutual savings banks

A uniform report of income, expenses, and dividends for mutual

savings banks was adopted by the Corporation for the calendar year

1951. Summaries of these reports for 1953 are given in Tables 115 and

116. Historical data are omitted because of lack of comparability.

The new form attempts to present operations on a basis accurately

reflecting actual income and profit and loss, and provides more detailed

information regarding losses and valuation adjustments. For a discussion of the history and principles of this uniform report see pp.

50-52 in Part Two of the 1951 Annual Report.

Sources of data

National banks, and State banks not members of the Federal Reserve

System in the District of Columbia: Office of the Comptroller of the

Currency.

State banks members of the Federal Reserve System: Board of

Governors of the Federal Reserve System.

Other insured banks: Federal Deposit Insurance Corporation.

0

01EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 108. E a r n in g s , E x p e n ses, an d D iv id e n d s o f In s u r e d C o m m e rc ia l B a n k s in t h e

U n ite d S ta t e s (C o n t in e n t a l U . S. an d O t h e r A r e a s ), 1945-1953

(Amounts in thousands of dollars)

Earnings or expense item 1945 1946 1947 1948 1949 1950 1951 1952 1953

Current operating earnings—tota l............... 2,482,278 2,862,875 3,097,670 3,403,586 3,606,879 3,930,696 4,395,411 4,931,688 5,483,954

Interest on U. S. Government obligations. . . 1,132,977 1,218,517 1,079,535 1,008,138 1,013,515 1,015,456 983,662 1,099,059 1,206,965

Interest and dividends on other securities___ 167,198 176,620 179,408 189,559 201,691 225,425 249,495 276,993 297,739

Interest and discount on loans........................ 707,738 936,554 1,263,788 1,577,633 1,733,690 1,976,100 2,390,106 2,742,100 3,107,885

Service charges and fees on bank’s loans....... 18,860 14,564 18,386 22,315 26,090 31,724 34,595 42,295 47,850

Service charges on deposit accounts...............

Other service charges, commissions, fees, and

109,789 124,696 147,761 173,791 194,013 212,272 230,507 244,696 271,444

collection and exchange charges.................. 90,617 97,995 97,264 97,456 95,420 104,602 116,140

192,313

121,868 132,978

Trust department.............................................. 120,317 140,340 144,734 156,678 160,430 180,674 204,967 217,996

Other current operating earnings.................... 134,782 153,589 166,794 178,016 182,030 184,445 198,593 199,713 201,101

Current operating expenses—total............... 1,522,778 1,762,634 1,981,787 2,163,514 2,283,727 2,444,534 2,701,313 3,028,575 3,375,552

Salaries—officers................................................ 266,018 309,220 344,845 381,756 410,685 446,043 486,300 530,035 582,405

Salaries and wages—employees.......................

Fees paid to directors and members of execu424,881 521,709 602,266 662,696 700,065 755,681 864,519 965,197 1,069,890

tive, discount, and other committees......... 14,610 16,936 18,954 20,859 22,608 24,745 27,343 30,871 34,591

Interest on time and savings deposits............ 233,321 268,624 298,274 316,570 328,010 343,040 385,344 458,059 534,493

Interest and discount on borrowed money. . . 2,448 2,364 2,656 3,432 3,582 4,296

128,101

9,667

135,590

20,921 24,171

Taxes other than on net income......................

Recurring depreciation on banking house,

98,683 96,314 103,516 106,163 113,569 139,290 148,783

furniture and fixtures................................... 40,329 40,850 42,276 48,271 53,988 59,469 65,845 74,953 84,085

Other current operating expenses.................... 442,488 506,617 569,000 623,767 651,219 683,159 726,707 809,252 897,137

Net current operating earnings..................... 959,500 1,100,241 1,115,883 1,240,072 1,323,153 1,486,164 1,694,100 1,903,112 2,108,398

Recoveries, transfers from reserve accounts.

and profits—total.......................................

On securities:

Recoveries......................................................

509,329

| 122,364

408,608

59,515

262,042

45,360

266,439 

( 29,221

213,187

16,412

245,461

14,718

169,233

15,292

144,146

11,191

152,373

11,454

Transfers from reserve accounts.................. { 24,161 26,672

73,196

23,142

38,639 12,285 20,492 27,545

Profits on securities sold or redeemed........

On loans:

Recoveries............................. . .

266,764 

J 67,014

208,700

74,499

100,189

67,687

60,025 

( 39,748

90,469

28,506

56,563

22,595

33,806

22,004

38,865

28,423

Transfers from reserve accounts.................. * 48,934 28,220 29,971 28,453 27,330 18,292

All other............................................................. 53,187 65,894 48,806 64,350 45,546 43,157 34,046 29,324 27,794

Losses, charge-offs, and transfers to reserve

accounts-—total...........................................

On securities:

Losses and charge-offs...................................

264,122 

J 132,870

J 55,901

283,175

132,254

71,253

294,286

118,498

120,370

485,753 

f 78,590

379,824

38,671

366,932

38,721

395,687

83,756

362,444

97,512

448,323

155,969

Transfers to reserve accounts......................

On loans:

Losses and charge-offs...................................

\ 40,941 

( 32,393

33,044

29,064

54,518

23,030

31,680

21,215

29,531

23,637

54,160

31,774

Transfers to reserve accounts...................... ( 278,666 

55,163

221,167 191,248 204,202 154,510 132,127

Ail other............................................................. 75,351 79,668 55,418 57,878 59,414 54,836 57,253 74,291

DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before income taxes.....................

Taxes on net income—total...........................

Federal...............................................................

State...................................................................

Net profits after income taxes.......................

Dividends and interest on capital—total...

Dividends declared on preferred stock and 

interest on capital notes and debentures... 

Cash dividends declared on common stock...

Net additions to capital from profits..........

1,204,707 1,225,674 1,083,639 1,020,758 1,156,514 1,364,690 1,467,645 1,684,813 1,812,451

298,795

277,538

21,257

323,328

301,048

22,280

302,242

283,046

19,196

275,422

258,490

16,932

325,148

304,572

20,576

427,776

402,582

25,194

559,475

530,810

28,664

694,883

662,277

32,606

786,490

750,796

35,693

905,912 902,346 781,397 745,336 831,364 936,915 908,175 989,931 1,025,963

274,438

11,769

262,669

298,983

8,345

290,638

315,215

5,981

309,234

331,833

5,230

326,603

354,144

5,093

349,052

391,249

4,333

386,916

418,860

3,876

414,984

441,971

3,675

438,298

473,866

2,979

470,888

631,474 603,363 466,182 413,503 477,220 545,666 489,315 547,961 552,097

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities.......................................................

On loans.............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.......................................................

On loans.............................................................

V)

0)

0)

0

0)

0)

0)

0)

0)

(*)

0)

0

7,224

10,844

18,031

46,487

2,600

19,645

6,104

72,978

3,565

223,507

6,324

257,733

2,363

28,477

17,725

64,735

4,355

31,508

25,598

64,607

2,232

33,612

38,480

89,186

Average assets and liabilities3

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 de-posits.............................................

Time and savings deposits.............................

Borrowings and other liabilities......................

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

145,217,438

31,236,090

82,417,236

6,623,089

23,500,772

1,440,251

151,896,770

33,286,775

81,835,381

7,556,923

27,768,296

1,449,395

148,170,261

34,279,792

70,229,835

8,315,081

33,863,334

1,482,219

150,726,513

36,247,026

64,291,298

8,872,676

39,650,962

1,664,551

151,566,078

35,683,829

63,080,739

9,387,984

41,670,879

1,742,647

158,986,894

36,006,423

63,846,830

11,043,342

46,250,272

1,840,027

169,207,394

40,373,273

59,711,922

12,554,632

54,533,221

2,034,346

179,803,463

42,952,808

61,065,059

13,562,462

59,999,743

2,223,391

185,685,283

43,192,523

60,868,295

14,082,070

65,213,144

2,329,251

145,217,438

135,948,387

108,968,917

26,979^70

934,381

8,334,670

151,896,770

141,829,678

109,890,600

31,939,078

1,057,079

9,010,013

148,170,261

137,537,907 

103,159,25U

SU,378,653

1,104,386 

9,527,968

150,726,513

139,517,461 

10 U,195,063

35,322,398

1,257,852 

9,951,200

151,566,078

139,764,394

103,862,159

35,902,235

1,380,578

10,421,106

158,986,894

146,269,294

109,822,638

36,U6,656

1,710,204

11,007,396

169,207,394

155,460,465 

118,189,171

37,271,29U

2,131,162 

11,615,767

179,803,463

165,031,495

125,213,8U2

39,817,653

2,501,055

12,270,913

185,685,283

170,075,888 

127,028,332

US,0^7,556

2,667,917 

12,941,478

Number of active officers, December 31............

Number of other employees, December 31........

59,119

245,275

62,697

271,395

65,740

284,072

67,609

292,015

69,439

296,308

71,566

312,324

73,806

334,961

76,754

358,325

79,574

376,750

Number of banks, December 31......................... 13,302 13,359 13,403 13,419 13,436 13,446 13,455 13,439 13,432

Note: Due to rounding, earnings data of State banks for 1949 through 1953 may not add precisely to the indicated totals.

1 Not available.

2 Revised.

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 19SU-19UU: See the following Annual Reports: 1950, pp. 250-251, and 1941, pp. 158-159. M

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 0 9 . R a t io s o f E a r n in g s , E x p e n se s, and D iv id e n d s o f I n s u r e d C o m m e r cia l B a n k s in t h e 

U n it e d S ta te s (C o n t in e n t a l U. S. a n d O t h e r A r e a s ), 1945-1953

Earnings or expense item 1945 1946 1947 1948 1949 1950 1951 1952 1953

Amounts per $100 of current operating 

earnings

Current operating earnings—tota l............... $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00 $100.00

Interest on U. S. Government obligations. . . 45.64 42.56 34.85 29.62 28.10 25.83 22.38 22.29 22.01

Interest and dividends on other securities---- 6.74 6.17 5.79 5.57 5.59 5.74 5.68 5.62 5.43

Income on loans................................................. 29.27 33.22 41.39 47.01 48.79 51.08 55.17 56.46 57.55

Service charges on deposit accounts............... 4.42 4.36 4.77 5.11 5.38 5.40 5.24 4.96 4.95

Other service charges, commissions, fees, and 

collection and exchange charges.................. 3.65 3.42 3.14 2.86 2.65 2.66 2.64 2.47 2.42

Other current operating earnings.................... 10.28 10.27 10.06 9.83 9.49 9.29 8.89 8.20 7.64

Current operating expenses— total............... 61.35 61.57 63.98 63.57 63.32 62.19 61.46 61.41 61.55

Salaries, wages, and fees.................................. 28.42 29.62 31.19 31.30 31.42 31.20 31.35 30.95 30.76

Interest on time and savings deposits............ 9.40 9.38 9.63 9.30 9.10 8.73 8.77 9.29 9.75

Taxes other than on net income...................... 3.98 3.36 3.34 3.12 3.15 3.26 3.09 2.82 2.71

Recurring depreciation on banking house, 

furniture and fixtures.................................... 1.62 1.43 1.36 1.42 1.50 1.51 1.50 1.52 1.53

Other current operating expenses.................... 17.93 17.78 18.46 18.43 18.15 17.49 16.75 16.83 16.80

Net current operating earnings..................... 38.65 38.43 36.02 36.43 36.68 37.81 38.54 38.59 38.45

Amounts per $100 of total assets1

Current operating earnings—total...................... 1.71 1.88 2.09 2.26 2.38 2.47 2.60 2.74 2.96

Current operating expenses—total...................... 1.05 1.16 1.34 1.44 1.51 1.54 1.60 1.68 1.82

Net current operating earnings............................ .66 .72 .75 .82 .87 .93 1.00 1.06 1.14

Recoveries, transfers from reserve accounts, 

and profits—total.............................................. .35 .27 .18 .18 .14 .16 .10 .08 .08

Losses, charge-offs, and transfers to reserve 

accounts—total................................................. .18 .18 .20 .32 .25 .23 .23 .20 .24

Net profits before income taxes........................... .83 .81 .73 .68 .76 .86 .87 .94 .98

Net profits after income taxes............................. .62 .59 .53 .49 .55 .59 .54 .55 .55

Amounts per $100 of total capital 

accounts1

Net current operating earnings........................... 11.51 12.21 11.71 12.46 12.70 13.50 14.58 15.51 16.29

Recoveries, transfers from reserve accounts, 

and profits—total.............................................. 6.11 4.53 2.75 2.68 2.04 2.23 1.46 1.17 1.18

Losses, charge-offs, and transfers to reserve 

accounts—total.................................................. 3.16 3.14 3.09 4.88 3.64 3.33 3.41 2.95 3.46

Net profits before income taxes........................... 14.46 13.60 11.37 10.26 11.10 12.40 12.63 13.73 14.01

Taxes on net income............................................. 3.59 3.59 3.17 2.77 3.12 3.89 4.81 5.66 6.08

Net profits after income taxes............................. 10.87 10.01 8.20 7.49 7.98 8.51 7.82 8.07 7.93

Cash dividends declared....................................... 3.29 3.32 3.31 3.33 3.40 3.55 3.61 3.60 3.66

Net additions to capital from profits.................. 7.58 6.69 4.89 4.16 4.58 4.96 4.21 4.47 4.27

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Special ratios1

Income on loans per $100 of loans.....................

Income on securities per $100 of securities........

Service charges per $100 of demand deposits... 

Interest paid per $100 of time and savings 

deposits..............................................................

3.09

1.46

.10

.87

3.43

1.56

.11

.84

3.79

1.60

.14

.87

4.04

1.64

.17

.90

4.22

1.68

.19

.91

4.34

1.66

.19

.94

4.45

1.71

.20

1.03

4.64

1.84

.20

1.15

4.84

2.01

.zi

1.24

Assets and liabilities per $100 of total 

assets1

Assets—to ta l....................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Gash and due from banks................................ 21.51 21.91 23.14 24.05 23.55 22.65 23.86 23.89 23.26

United States Government obligations.......... 56.76 53.88 47.40 42.65 41.62 40.16 35.29 33.86 32.78

Other securities................................................. 4.56 4.98 5.61 5.89 6.19 6.94 7.42 7.54 7.58

Loans and discount ......................................... 16.18 18.28 22.85 26.31 27.49 29.09 32.23 33.37 35.12

All other assets.................................................. .99 .95 1.00 1.10 1.15 1.16 1.20 1.24 1.26

Liabilities and capital—total......................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits.................................................... 93.62 93.37 92.82 92.56 92.21 92.00 91.88 91.78 91.59

Demand deposits............................................. 75.04 72.34 69.62 69.13 68.52 69.08 69.85 69.64 68.41

Time and savings deposits............................. 18.58 21.03 23.20 23.43 23.69 22.92 22.03 22.14 23.18

Borrowings and other liabilities...................... .64 .70 .75 .84 .91 1.08 1.26 1.39 1.44

Total capital accounts...................................... 5.74 5.93 6.43 6.60 6.88 6.92 6.86 6.83 6.97

Number of banks, December 31......................... 13,302 13,359 13,403 13,419 13,486 13,446 13,455 13,439 13,432

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year. 

Back figures, 1934-1944: See the following Annual Reports: 1950, pp. 252-253, and 1941, pp. 160-161.

OEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
Table 110. E a r n in g s, E x p e n s e s, a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n it e d St a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), 1953

BY CLASS OF BAN K

(Amounts in thousands of dollars)

Members F. R. System Not 

members 

F. R.

System

Operating 

throughout 

the year

Operating 

less than 

full year1

Earnings or expense item Total

National State

Current operating earnings—tota l............................................................... 5,483,954 3,057,753 1,531,814 894,387 5,463,757 20,197

Interest on U. S. Government obligations..................................................... 1,206,965 692,848 317,856 196,261 1,202,647 4,318

Interest and dividends on other securities...................................................... 297,739 176,079 75,663 45,997 296,722 1,018

Interest and discount on loans........................................................................ 3,107,885 1,745,811 845,354 516,720 3,100,382 7,504

Service charges and fees on bank’s loans........................................................ 47,850 27,901 12,635 7,314 47,761 89

Service charges on deposit accounts................................................................

Other service charges, commissions, fees, and collection and exchange

271,444 149,899 68,932 52,613 270,451 992

charges............................................................................................................ 132,978 59,882 32,435 40,661 132,606 372

Trust department.............................................................................................. 217,996 85,967 121,248 10,781 213,359 4,638

Other current operating earnings.................................................................... 201,101 119,366 57,691 24,044 199,837 1,264

Current operating expenses—total............................................................... 3,375,552 1,837,481 943,478 594,593 3,360,706 14,846

Salaries—officers................................................................................................ 582,405 296,850 150,220 135,335 579,462 2,943

Salaries and wages—employees........................................................................

Fees paid to directors and members of executive, discount, and other

1,069,890 593,288 331,005 145,597 1,065,491 4,399

committees..................................................................................................... 34,591 16,060 7,649 10,882 34,460 131

Interest on time and savings deposits............................................................ 534,493 297,598 126,798 110,097 532,966 1,526

Interest and discount on borrowed money.................................................... 24,171 14,362 8,295

40,887

1,514 24,135 35

Taxes other than on net income...................................................................... 148,783 84,290 23,606 148,316 466

Recurring depreciation on banking house, furniture and fixtures............... 84,085 47,147 19,896 17,042 83,812 273

Other current operating expenses.................................................................... 897,137 487,886 258,729 150,522 892,064 5,073

Net current operating earnings..................................................................... 2,108,398 1,220,272 588,336 299,790 2,103,051 5,347

Recoveries, transfers from reserve accounts, and profits—tota l..........

On securities:

152,373 81,877 50,395 20,101 150,267 2,106

Recoveries....................................................................................................... 11,454 7,876 1,970 1,608 11,329 125

Transfers from reserve accounts.................................................................. 27,545 15,226 10,651 1,668 27,427 118

Profits on securities sold or redeemed.........................................................

On loans:

38,865 23,449 11,152 4,264 38,703 163

Recoveries....................................................................................................... 28,423 16,427 6,731 5,265 28,240 183

Transfers from reserve accounts.................................................................. 18,292 5,327 10,402 2,563 17,922 370

All other............................................................................................................. 27,794 13,572 9,488 4,734 26,647 1,147

Losses, charge-offs, and transfers to reserve accounts—total...............

On securities:

448,323 265,814 117,655 64,854 445,779 2,544

Losses and charge-offs................................................................................... 155,969 96,625 43,248 16,096 154,392 1,577

Transfers to reserve accounts......................................................................

On loans:

54,160 81,388 16,911 5,861 54,137 23

Losses and charge-offs................................................................................... 31,774 15,323 5,093 11,358 31,721 54

Transfers to reserve accounts...................................................................... 132,127 76,878 35,098 20,151 131,878 249

All other............................................................................................................. 74,291 45,600 17,304 11,387 73,650 642

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Net profits before incom e taxes.................................................................

Taxes on net incom e—to ta l.......................................................................

Federal...........................................................................................................

State...............................................................................................................

Net profits after incom e taxes...................................................................

Dividends and interest on capital—total...............................................

Dividends declared on preferred stock and interest on capital notes and

debentures..................................................................................................

Cash dividends declared on common stock................................................

Net additions to capital from profits......................................................

M emoranda

Recoveries credited to reserve accounts (not included in recoveries above)

On securities...................................................................................................

On loans.........................................................................................................

Losses charged to reserve accounts (not included in losses above):

On securities...................................................................................................

On loans.........................................................................................................

Average assets and liabilities2

Assets—to ta l...................................................................................................

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 active officers, December 31........................................................

Number of other employees, December 31....................................................

Number of banks, December 31.....................................................................

1,812,451

786,490

750,796

35,693

1,025,963

473,866

2,979

470,888

552,097

2,232

33,612

38,480

89,186

185,685,283

43,192,523

60,868,295

14,082,070

65,213,144

2,329,251

185,685,283

170,075,888 

127,028,832

U3,01+7,556

2,667,917 

12,941,478

79,574

376,750

13,432

1,036,335

464,488

445,574

18,914

571,847

274,628

332

274,296

297,219

449

19,743

22,448

52,837

107,017,312

25,697,007

34,758,083

8,470,757

36,751,600

1,339,865

107,017,312

98,034,428 

7U,207,676

28,826,752

1,765,260 

7,217,624

37,958

205,892

4,856

521,076

227,764

214,632

13,131

293,312

144,024

1,623

142,401

149,288

318

9,187

11,478

21,657

52,648,467

12,668,070

16,457,752

3,416,221

19,377,748

728,676

52,648,467

48,118,144

37,126,216

10,991,928

700,896

3,829,427

16,669

110,061

1,884

255,040

94,238

90,590

3,648

160,804

55,214

1,024

54,191

105,590

1,465

4,682

4,554

14,692

26,019,504

4,827,446

9,652,460

2,195,092

9,083,796

260,710

26,019,504

23,923,316

15,69U,U0

8,228,876

201,761

1,894,427

24,947

60,797

6,692

1,807,542

784,485

748,904

35,581

1,023,059

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals.

1 Includes banks operating less than full year and a few banks which engage primarily in fiduciary business.

2 Asset and liability items are average of figures reported at beginning, middle, and end of year.

Back figures, 1931,-1952: See Table 108, pp. 106-107. See also the Annual Report for 1952, pp. 118-119, and earlier reports.

472,620

2,979

469,642

550,440

2,223

33,563

38,386

88,853

79,245

375,080

13,359

4,908

2,005

1,892

113

2,904

1,246

1,246

1,658

49

94

333

329

1,670

73

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 1 11. R a t io s o f E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in th e

U n it e d Sta t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s ), 1953

BY CLASS OF BANK

to

Total

Members F. R. System Not 

members 

F. R.

National State System

$100.00 $100.00 $100.00 $100.00

22.01 22.66 20.75 21.94

5.43 5.76 4.94 5.14

57.55 58.01 56.01 58.59

4.95 4.90 4.50 5.88

2.42 1.96 2.12 4.55

7.64 6.71 11.68 3.90

61.55 60.09 61.59 66.48

30.76 29.64 31.91 32.63

9.75 9.73 8.28 12.31

2.71 2.76 2.67 2.63

1.53 1.54 1.30 1.91

16.80 16.42 17.43 17.00

38.45 39.91 38.41 33.52

2.96 2.86 2.91 3.44

1.82 1.72 1.79 2,29

1.14 1.14 1.12 1.15

.08 .08 .10 .08

.24 .25 .22 .25

.98 .97 .99 .98

.55 .53 .56 .62

(2) (2) 00 .01

.02 .02 .02 .02

.02 .02 .02 .02

.05 .05 .04 .06

Earnings or expense item

Am ounts per $100 of current operating earnings 

Current operating earnings—total.......................................................................

Interest on United States Government obligations..............................................

Interest and dividends on other securities.............................................................

Income on loans........................................................................................................

Service charges on deposit accounts.......................................................................

Other service charges, commissions, fees, and collection and exchange charges 

Other current operating earnings............................................................................

Current operating expenses—total.......................................................................

Salaries, wages, and fees..........................................................................................

Interest on time and savings deposits....................................................................

Taxes other than on net income..............................................................................

Recurring depreciation on banking house, furniture and fixtures.......................

Other current operating expenses............................................................................

Net current operating earnings.............................................................................

Amounts per $100 of total assets1

Current operating earnings—total..............................................................................

Current operating expenses—total....................................... . ....................................

Net current operating earnings................................................................................

Recoveries, transfers from reserve accounts, and profits—total.............................

Losses, charge-offs, and transfers to reserve accounts—total.................................

Net profits before income taxes...................................................................................

Net profits after income taxes.....................................................................................

M emoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities...............................................................................................................

On loans.....................................................................................................................

Losses charged to reserve accounts (not included in losses above):

On securities...............................................................................................................

On loans.....................................................................................................................

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital accounts1

Net current operating earnings.................................................................................................................. 16.29 16.91 15.36 15.82

Recoveries, transfers from reserve accounts, and profits—total.......................................................... 1.18 1.13 1.32 1.06

Losses, charge-offs, and transfers to reserve accounts—total.................................................................. 3.46 3.68 3.07 3.42

Net profits before income taxes................................................................................................................. 14.01 14.36 13.61 13.46

Taxes on net income.................................................................................................................................... 6.08 6.44 5.95 4.97

Net profits after income taxes.................................................................................................................... 7.93 7.92 7.66 8.49

Cash dividends declared............................................................................................................................. 3.66 3.80 3.76 2.92

Net additions to capital from profits.......................................................................................................... 4.27 4.12 3.90 5.57

M emoranda

Recoveries credited to reserve accounts (not included in recoveries above):

On securities............................................................................................................................................... .02 .01 .01 .08

On loans...................................................................................................................................................... .26 .27 .24 .25

Losses charged to reserve accounts (not included in losses above):

On securities............................................................................................................................................... .30 .31 .30 .24

On loans...................................................................................................................................................... .69 .73 .57 .78

Special ratios1

Income on loans per $100 of loans........................................................................................................... 4.84 4.83 4.43 5.77

Income on securities per $100 of securities.............................................................................................. 2.01 2.01 1.98 2.04

Service charges per $100 of demand deposits........................................................................................... .21 .20 .19 .34

Interest paid per $100 of time and savings deposits............................................................................... 1.24 1.25(

1.15 1.34

Assets and liabilities per $100 of total assets1 

Assets—to ta l.............................................................................................................................................. 100.00 100.00 100.00 100.00

Cash and due from banks....................................................................................................................... 23.26 24.01 24.06 18.55

United States Government obligations................................................................................................... 32.78 32.48 31.26 37.10

Other securities.................................................................................................................................. 7.58 7.92 6.49 8.44

Loans and discounts.................................................................................................................................. 35.12 34.34 36.81 34.91

All other assets......................................................................................................................... 1.26 1.25 1.38 1.00

Liabilities and capital—total................................................................................................................ 100.00 100.00 100.00 100.00

Total deposits........................................................................................................................................... 91.59 91.61 91.40 91.94

Demand deposits.................................................................................................................. 68.41

23.18

69.34

22.27

70.52 60.32

Time and savings deposits.................................................................................................................. 20.88 31.62

Borrowings and other liabilities.......................................................................................................... 1.44 1.65 1.33 .78

Total capital accounts............................................................................................................................. 6.97 6.74 7.27 7.28

Number of banks, December 31.................................................................................................................. 13,432 4,856 1,884 6,692

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year, 

a Less than .005.

Back figures, 1934-1952: See Table 109, pp. 108-109. See also the Annual Report for 1952, pp. 120-121, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
T a b le 112. E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s O p e r a t in g T h r o u g h o u t 1953

in t h e U n it e d St a t e s (C o n t in e n t a l U. S. a n d O t h e r A r e a s )

b a n k s g r o u p e d acco rd in g to a m o u n t o f d e p o sit s

Banks with deposits of—2

Earnings or expense item All

banks1 $1,000,000

or

less

$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

More

than

$500,000,000

Current operating earnings—tota l............. 5,463,757 49,778 158,162

(A

477,404

mounts in th 

473,329

ousands of dc 

613,458

>llars)

412,826 427,289 1,107,488 1,744,026

Interest on U. S. Government obligations.. . 1,202,647 10,117

1,508

36,485

6,299

115,806 113,263 145,839 98,182 93,116 257,594 332,243

Interest and dividends on other securities.. . 296,722 24,901

278,370

27,676 33,967 23,701 20,995 52,099 105,576

Interest and discount on loans...................... 3,100,382 31,207 95,250 269,601 339,050 223,080 232,858 604,452 1,026,515

Service charges and fees on bank’s loans.... 47,761

270,451

350 818 2,018 2,845 4,692 2,971

26,892

3,562 8,341 22,165

Service charges on deposit accounts............. 2,345 7,740 26,642 31,033 43,616 24,248 46,063 61,870

Other service charges, commissions, fees, 

and collection and exchange charges........ 132,606 3,460 8,484 18,321 13,555 15,062 9,188 8,897 22,105 33,535

Trust department............................................ 213,359 16 170 1,229 3,608 11,163 11,689 25,865 64,761 94,857

Other current operating earnings.................. 199,837 776 2,916 10,116 11,751 20,069 17,124 17,750 52,073 67,265

Current operating expenses—tota l............. 3,360,706 31,855 99,682 307,023 308,611 409,123 271,581 281,113 687,721 963,996

Salaries—officers.............................................. 579,462 12,733 34,540 84,735 67,677 74,149 44,499 43,085 96,252 121,792

Salaries and wages—employees..................... 1,065,491 4,437 16,198 62,385 77,004 116,480 85,121 94,925 241,077 367,862

Fees paid to directors and members of executive, discount, and other committees....... 34,460 901 2,863 8,444 6,172 5,628 2,460 2,078 3,349 2,568

Interest on time and savings deposits.......... 532,966 4,119 15,870 55,047 56,641 73,357 43,878 38,258 89,053 156,743

Interest and discount on borrowed money. . 24,135 31 128 457 684 1,057 1,038 1,561 7,439 11,740

Taxes other than on net income.................... 148,316 1,311 4,395 13,745 13,868 17,450 12,361 12,369 33,373 39,443

Recurring depreciation on banking house, 

furniture and fixtures.................................. 83,812 724 2,689

23,000

9,485 10,102 13,302 8,129 8,377 16,632 14,375

Other current operating expenses.................. 892,064 7,600 72,727 76,465 107,701 74,094 80,460 200,547 249,472

Net current operating earnings................... 2,103,051 17,922 58,479 170,380 164,718 204,336 141,244 146,176 419,766 780,030

Recoveries, transfers from reserve accounts, and profits—total...................... 150,267 1,327 3,226 8,800 9,467 13,674 9,916 13,886 38,941 51,029

On securities:

Recoveries.................................................... 11,329 38 125 652 1,402 1,432 560 1,927 2,165 3,027

Transfers from reserve accounts................ 27,427 9 20 200 361 1,725 632 1,440 7,415 15,624

Profits on securities sold or redeemed. . . . 38,703 100 338 1,260 1,865 3,128 2,814 3,502 11,180 14,516

On loans:

Recoveries.................................................... 28,240 895 1,946 3,898 2,630 2,471 1,222 954 6,376 7,848

Transfers from reserve accounts................ 17,922 62 156 776 1,075 1,546 1,140 3,885 4,062 5,220

All other........................................................... 26,647 221 640 2,013 2,136 3,373 3,547 2,179 7,744 4,793

Losses, charge-offs, and transfers to reserve accounts—tota l.............................. 445,779 3,491 9,624 32,116 34,974 42,660 31,381 34,825 96,104 160,604

On securities:

Losses and charge-offs................................. 154,392 221 1,173 7,129 10,221 15,823 11,469 10,849 35,659 61,850

Transfers to reserve accounts.................... 54,137 28 359 1,067 1,271 3,081 2,672 2,930 17,538 25,192

On loans:

Losses and charge-offs................................. 31,721 2,120 4,146 9,327 6,284 3,824 1,522 1,438 2,237 824

Transfers to reserve accounts.................... 131,878 608 2,230 8,717 11,249 13,143 10,344 14,098 24,314 47,177

All other........................................................... 73,650 514 1,717 5,876 5,950 6,789 5,374 5,512 16,355 25,562

114 FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Net profits before incom e taxes...................

Taxes on net incom e—to ta l..........................

Federal..............................................................

State..................................................................

Net profits after incom e taxes......................

Dividends and interest on capital—to ta l..

Dividends declared on preferred stock and 

interest on capital notes and debentures.. 

Cash dividends declared on common stock..

Net additions to capital from profits.........

1,807,542 15,759 52,081 147,064 139,213 175,350 119,779 125,238 362,603 670,455

784,485

748,904

35,581

4,571

4,350

221

15,127

14,479

648

49,035

47,306

1,728

54,367

52,709

1,658

72,987

70,744

2,243

50,905

49,370

1,535

55,884

53,872

2,012

167,322

160,303

7,020

314,289

295,771

18,518

1,023,059 11,189 36,954 98,031 84,847 102,364 68,874 69,354 195,281 356,166

472,620

2,979

469,642

3,693

16

3,677

11,614

44

11,570

33,548

220

33,328

30,373

231

30,142

37,651

358

37,293

26,973

210

26,763

28,620

832

27,790

90,075

1,070

89,005

210.073

210.073

550,440 7,496 25,340 64,482 54,475 64,714 41,902 40,733 105,206 146,093

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities.....................................................

On loans...........................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

On loans............................................................

2,223

33,563

38,386

88,853

1

159

5

409

6

644

63

1,774

22

2,620

166

7,348

27

3,251

384

9,631

1,336

4,005

2,241

10,844

173

2,102

1,328

7,757

28

3,178

1,796

8,326

246

6,171

8,734

16,462

384

11,434

23,669

26,303

Assets and liabilities3

Assets—to ta l......................................................

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....................................

189,751,099

44,158,415

62,149,715

14,239,018

66,765,513

2,438,438

1,384,993

330,787

483,221

64,139

498,226

8,620

4,761,636

1,059,651

1,763,766

276,309

1,629,623

32,287

15,233,455

3,277,047

5,668,731

1,191,898

4,970,529

125,250

15,225,769

3,159,036

5,624,994

1,401,102

4,894,721

145,916

19,781,966

4,105,708

7,374,593

1,730,653

6,337,525

233,487

13,968,271

3,080,434

5,044,854

1,217,386

4,453,670

171,927

13,948,902

3,194,087

4,829,420

1,069,347

4,662,480

193,568

40,190,763

10,190,531

13,307,953

2,404,622

13,756,714

530,943

65,255,344

15,761,134

18,052,183

4,883,562

25,562,025

996,440

189,751,099

173,875,910 

129,591 ,344

44,284,566

2,703,823 

13,171,366

1,384,993

1,243,242

946,437

296,805

2,880

138,871

4,761,636

4,331,023

3,122,384

1,208,639

13,138

417,475

15,233,455

14,009,506

9,633,571

4,375,935

52,367

1,171,582

15,225,769

14,069,428

9,270,686

4,798,742

84,494

1,071,847

19,781,966

18,318,890

11,983,653

6,335,237

155,262

1,307,814

13,968,271

12,963,114 

9,042,938

3,920,176

123,288 

881,869

13,948,902

12,894,312

9,479,243

3,415,069

165,455

889,135

40,190,763

37,219,824

29,547,162

7,672,662

467,740

2,503,199

65,255,344

58,826,571 

46,565,270

12,261,301

1,639,199 

4,789,574

Number of active officers, December 31..........

Number of other employees, December 3 1 ....

79,245

375,080

4,014

2,859

8,428

8,717

16,427

28,022

10,637

31,499

9,845

45,073

5,219

32,073

4,549

34,548

9,369

83,656

10,757

108,633

Number of banks, December 31........................ 13,359 1,829 3,021 4,438 2,042 1,233 383 189 183 41

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals.

1 This group of banks is the same as the group shown in Table 110 under the heading “ Operating throughout the year.”

* Deposits are as of December 31, 1953.

8 Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1953, for banks h*

not submitting reports to FDIC. ^

Back figures, 1941-1952: See the Annual Report for 1952, pp. 122-123, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 113. Ratios of Earnings, Expenses, and D ividends of Insured Commercial Banks Operating T hroughout 1953

in the United States (Continental U. S. and Other A reas) ■-*

BANKS GROUPED ACCORDING TO AMOUNT OF DEPOSITS 05

Banks with deposits of—2

Earnings or expense item All

banks1 $1,000,000

or

less

$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

More

than

$500,000,000

Amounts per $100 of current

operating earnings

Current operating earnings—total............. $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... 22.01 20.32 23.07 24.26 23.93 23.77 23.78 21.79 23.26 19.05

Interest and dividends on other securities... 5.43 3.03 3.98 5.21 5.85 5.54 5.74 4.91 4.70 6.05

Income on loans............................................... 67.62 63.40 60.74 58.73 57.56 56.03 54.76 55.33 55.33 60.13

Service charges on deposit accounts............. 4.95 4.71 4.89 5.58 6.56 7.11 6.51 5.68 4.16 3.55

Other service charges, commissions, fees,

and collection and exchange charges........ 3.84 2.86 2.46 2.23 2.08 2.00 1.92

Other current operating earnings..................

2.43 6.95 5.37

7.56 1.59 1.95 2.38 3.24 5.09 6.98 10.21 10.55 9.30

Current operating expenses—total............. 61.51 64.00 63.03 64.31 65.20 66.69 65.79 65.79 62.10 55.27

Salaries, wages, and fees................ #.............. 30.74 36.30 33.89 32.58 31.87 31.99 31.99 32.79 30.76 28.22

Interest on time and savings deposits.......... 9.76 8.28 10.04 11.53 11.97 11.96 10.63 8.95 8.04 8.99

Taxes other than on net income. .................. 2.71 2.63 2.78 2.88 2.93 2.84 3.00 2.89 3.02 2.26

Recurring depreciation on banking house,

1.46 1.70 1.99 2.13 2.17 1.97 1.96 1.50 .82 furniture and fixtures.................................. 1.53

Other current operating expenses.................. 16.77 15.33 14.62 15.33 16.30 17.73 18.20 19.20 18.78 14.98

Net current operating earnings................... 38.49 36.00 36.97 35.69 34.80 33.31 34.21 34.21 37.90 44.73

Amounts per $100 of total assets3

Current operating earnings—total.................... 3.11 3.10 2.95 3.06 2.75 2.67

Current operating expenses;—total....................

Net current operating earnings.........................

2.88 3.59 3.32 3.13

1.77 2.30 2.09 2.01 2.03 2.07 1.94 2.01 1.71 1.48

1.11 1.29 1.23 1.12 1.08 1.03 1.01 1.05 1.04 1.19

Recoveries, transfers from reserve accounts, .06 .07 .07 .10 .10 .08 and profits—total........................................ .08 .10 .06 .06

Losses, charge-offs, and transfers to reserve

.21 .23 .22 .22 .25 .24 .24 accounts—total............................................ .24 .25 .20

Net profits before income taxes......................... .95 1.14 1.09 .97 .91 .88 .86 .90 .90 1.03

Net profits after income taxes........................... .54 .81 .78 .64 .56 .52 .49 .50 .49 .55

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

(4) (4) (4) (4) (4) .01 (4) (4) (4) (4)

.02 .01 .01 .02 .02 .02 .02 .02 .02 .02

Losses charged to reserve accounts (not included in losses above):

(4) (4) .02 .01 .01 .01 .02 .04 (4) (4)

.05 .03 .04 .05 .06 .05 .06 .06 .04 .04

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Am ounts per $100 of total capital 

accounts3

Net current operating earnings..........................

Recoveries, transfers from reserve accounts,

and profits—total........................................

Losses, charge-offs, and transfers to reserve

accounts—total............................................

Net profits before income taxes.........................

Taxes on net income...........................................

Net profits after income taxes...........................

Cash dividends declared.....................................

Net additions to capital from profits................

15.97

1.14

3.39

13.72

5.95

7.77

3.59

4.18

12.91

.95

2.51

11.35

3.29

8.06

2.65

5.40

14.01

.77

2.31

12.47

3.62

8.85

2.78

6.07

14.54 

.75

2.74

12.55 

4.18 

8.37 

2.87 

5.50

15.37

.88

3.26

12.99

5.07 

7.92 

2.84

5.08

15.62

1.05

3.26

13.41

5.58

7.83

2.88

4.95

16.02

1.12

3.56

13.58

5.77

7.81

3.06

4.75

16.44

1.56

3.92

14.09

6.29

7.80

3.22

4.58

16.77

1.56

3.84

14.49

6.69

7.80

3.60

4.20

16.29

1.06

3.35

14.00

6.56

7.44

4.39

3.05

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... .02 (4) (4) (4) (4) .10 .02 (4) .01 .01

On loans........................................................... .25 .11 .15 .22 .30 .31 .24 .36 .25 .24

Losses charged to reserve accounts (not included in losses above):

On securities..................................................... .29 (4) .02 .01 .04 .17 .15 .20 .35 .49

On loans........................................................... .67 .29 .42 .63 .90 .83 .88 .94 .66 .55

Special ratios3

Income on loans per $100 of loans.................... 4.72 6.33 5.90 5.64 5.57 5.42 5.08 5.07 4.45 4.10

Income on securities per $100 of securities. ... 1.96 2.12 2.10 2.05 2.01 1.97 1.95 1.93 1.97 1.91

Service charges per $100 of demand deposits. . .21 .25 .25 .28 .33 .36 .30 .26 .16 .13

Interest paid per $100 of time and savings

deposits......................................................... 1.20 1.39 1.31 1.26 1.18 1.16 1.12 1.12 1.16 1.28

Assets and liabilities per $100 of 

total assets3

Assets—to ta l...................................................... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Cash and due from banks.............................. 23.27 23.89 22.25 21.51 20.75 20.75 22.05 22.90 25.36 24.15

United States Government obligations........ 32.75 34.89 37.04 37.21 36.94 37.28 36.12 34.62 33.11 27.67

Other securities................................................ 7.50 4.63 5.80 7.83 9.20 8.75 8.72 7.67 5.98 7.48

Loans and discounts........................................ 35.19 35.97 34.23 32.63 32.15 32.04 31.88 33.42 34.23 39.17

All other assets................................................. 1.29 .62 .68 .82 .96 1.18 1.23 1.39 1.32 1.53

Liabilities and capital—total........................ 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Total deposits................................................... 91.63 89.76 90.96 91.97 92.41 92.60 92.81 92.44 92.61 90.15

Demand deposits........................................... 68.29 68.33 65.58 63.2 U 60.89 60.58 6U.7U 67.96 73.52 71.36

Time and savings deposits............................ 2S.SU 21.US 25.38 28.73 31.52 32.02 28.07 2U.U8 19.09 18.79

Borrowings and other liabilities.................... 1.43 .21 .27 .34 .55 .79 .88 1.19 1.16 2.51

Total capital accounts.................................... 6.94 10.03 8.77 7.69 7.04 6.61 6.31 6.37 6.28 7.34

Number of banks, December 31........................ 13,359 1,829 3,021 4,438 2,042 1,233 383 189 183 41

1 This group of banks is the same as the group shown in Table 110 under the heading “ Operating throughout the year.” These ratios differ slightly from the ratios for all insured 

commercial banks shown in Tables 109 and 111.

8 Deposits are as of December 31, 1953.

* Asset and liability items are averages of figures reported at beginning, middle, and end of year for banks submitting reports to FDIC and are as of December 31, 1953, for banks 

not submitting reports to FDIC.

4 Less than .005.

Back figures, 194.1-1952: See the Annual Report for 1952, pp. 124-125, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 114. E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n it e d S t a t e s (C o n t in e n t a l U . S. a n d O t h e r A r e a s), b y St a t e , 1953

(Amounts in thousands of dollars)

Earnings or expense item

U. S.

(continental 

U. S.and 

other 

areas)

Other areas

Continental

United

States Alabama Arizona Arkansas California Colorado Connecticut

Alaska Puerto

Rico Other1

Current operating earnings—tota l............. 5,483,954 4,148 8,545 1,334 5,469,927 49,511 25,621 28,969 628,164 47,095 65,213

Interest on U. S. Government obligations. . 1,206,965 905 544 241 1,205,275 9,753 4,393 6,515 106,938 11,270 13,401

Interest and dividends on other securities. . 297,739 148 717 81 296,793 3,090 1,021 2,155 31,821 1,248 3,380

Interest and discount on loans...................... 3,107,885 1,819 5,695 765 3,099,606 29,222 15,373 15,040 395,447 27,086 34,746

Service charges and fees on bank’s loans.... 47,850 173 169 4 47,504 212 575 192 11,090 400 327

Service charges on deposit accounts............. 271,444 195 149 74 271,026 2,675 1,798 1,739 37,814 3,748 4,239

Other service charges, commissions, fees,

and collection and exchange charges........ 132,978 771 1,062 143 131,002 1,949 684 2,181 9,577 858 986

217,996 23 6 217,967 1,043 443 229 16,996 1,323 5,527

Other current operating earnings.................. 201,101 115 205 25 200,756 1,567 1,335 919 18,484 1,164 2,609

Current operating expenses— total............. 3,375,552 2,754 6,880 959 3,364,959 28,963 17,366 17,619 386,987 29,439 43,011

Salaries—officers.............................................. 582,405 557 1,099 164 580,585 6,688 2,775 4,930 47,881 5,756 7,788

Salaries and wages—employees..................... 1,069,890 1,032 2,129 280 1,066,449 8,122 6,372 4,330 128,389 8,708 13,968

Fees paid to directors and members of executive, discount, and other committees. . . . 34,591 7 93 27 34,464 407 54 468 968 493 442

Interest on time and savings deposits.......... 534,493 308 1,059 204 532,922 3,418 1,745 1,601 112,840 5,298 5,826

Interest and discount on borrowed money. 24,171 152 24,019 29 127 24 2,197 195 231

Taxes other than on net income.................... 148,783 82 391 22 148,288 505 422 825 11,592 706 1,455

Recurring depreciation on banking house,

furniture and fixtures.................................. 84,085 116 268 28 83,673 923 608 483 7,422 630 1,365

Other current operating expenses.................. 897,137 652 1,690 233 894,562 8,874 5,265 4,959 75,699 7,652 11,935

Net current operating earnings................... 2,108,398 1,394 1,665 375 2,104,964 20,549 8,254 11,350 241,177 17,658 22,202

Recoveries, transfers from reserve accounts, and profits—total...................... 152,373 156 593 45 151,579 1,022 136 593 12,093 1,440 1,405

On securities:

Recoveries . . .. 11,454 31 2 11,421 6 38 811 324 33

Transfers from reserve accounts . ... 27,545 27,545 115 43 2,395 25 83

Profits on securities sold or redeemed. . . . 38,865 12 148 38,705 244 83 122 1,772 200 321

On loans:

Recoveries.................................................... 28,423 67 8 3 28,345 297 10 225 3,036 441 181

Transfers from reserve accounts 18,292 1 396 42 17,853 105 14 1,708 183 360

All other........................................................... 27,794 45 39 27,710 255 42 152 2,372 269 427

Losses, charge-offs, and transfers to reserve accounts—tota l.............................. 448,323 626 491 112 447,094 4,379 2,255 1,867 48,654 4,438 5,708

On securities:

Losses and charge-offs................................. 155,969 110 28 3 155,828 1,280 600 661 12,563 809 2,136

Transfers to reserve accounts ................ 54,160 66 84 54,010 135 12 45 10,931 32 147

On loans:

Losses and charge-offs................................. 31,774 176 28 96 31,474 999 224 613 840 1,186 40

Transfers to reserve accounts . . . . . . . 132,127 153 153 131,821 1,150 853 271 19,805 1,730 1,185

74,291 121 198 12 73,960 816 566 278 4,515 681 2,200

Net profits before incom e taxes................... 1,812,451 925 1,767 309 1,809,450 17,191 6,136 10,076 204,618 14,660 17,899

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e—to ta l.......................... 786,490

750,796

35,693

468

462

6

195

165

30

116

116

785,711

750,053

35,657

7,502

6,832

670

2,688

2,536

152

3.558

3.558

101,483

94,878

6,604

7,154

6,612| 

542

8,162

7,334

828

Net profits after incom e taxes......................

Dividends and interest on capital—total..

Dividends declared on preferred stock and 

interest on capital notes and debentures.. 

Cash dividends declared on common stock..

Net additions to capital from profits........

1,025,963 457 1,572 193 1,023,741 9,689 3,448 6,519 103,136 7,506 9,738

473,866

2,979

470,888

147 743 100 472,876

2,979

469,898

3,864 1,347 2,316

5

2,311

60,881

84

60,798

2,869 4,999

147 743 100 3,864 1,347 2,869 4,999

552,097 310 829 93 550,865 5,826 2,101 4,204 42,256 4,636 4,739

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

2,232

33,612

38,480

89,186

2,232

33,515

38,226

88,900

24

5,126

8,065

15,634

On loans............................................................

Losses charged to reserve accounts (not included in losses above):

On securities .............................

93 4

254

104

229 350

8

1,404

72

6

241

725

1

1,863

250

12

On loans............................................................ 182 777 745

Average assets and liabilities2 

Assets—to ta l......................................................

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

United States Government obligations........

Other securities................................................

Loans and discounts.......................................

185,685,283

43,192,523

60,868,295

14,082,070

65,213,144

2,329,251

103,223

24,368

44,826

8,209

24,564

1,256

195,305

35,717

26,577

30,728

94,776

7,507

38,170

6,872

11,763

3,516

15,278

741

185,348,585

43,125,566

60,785,129

14,039,617

65,078,526

2,319,747

1,553,767

392,764

495,220

156,453

492,782

16,548

659,132

123,004

218,287

53,954

251,396

12,491

977,771

280,377

327,199

89,506

274,214

6,475

17,708,088

3,343,371

5,207,304

1,454,527

7,439,726

263,160

1,491,158

381,482

554,073

56,262

489,035

10,306

2,042,899

452,930

691,467

202,933

669,267

26,302

Liabilities and capital—total........................

Total deposits..................................................

Demand deposits...........................................

Time and savings deposits............................

Borrowings and other liabilities....................

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

185,685,283

170,075,888

127,028,332

48,047,556

2,667,917

12,941,478

103,223

98,603

63,476

35,127

243

4,377

195,305

169,577 

85,171

84,406

9,000 

16,728

38,170

35,056

19,928

15,128

162

2,952

185,348,585

169,772,652

126,859,757

42,912,895

2,658,512

12,917,421

1,553,767

1,431,654

1,128,078

308,576

12,151

109,962

659,132

613,864

479,671

134,198

9,745

35,523

977.771

903,410

780,638

122.772

3,081

71,280

17,708,088

16,303,894

9,225,481

7,078,413

388,452

1,015,742

1,491,158

1,389,417

1,065,667

823,750

10,465

91,276

2,042,899

1,883,561 

1,451,048

432,518

18,547 

140,791

Number of active officers, December 31..........

Number of other employees, December 3 1 ....

79,574

376,750

64

280

209

1,091

24

114

79,277

375,265

1,044

3,392

334

2,287

902

1,899

5,946

38,500

829

3,226

884

5,112

Number of banks, December 31........................ 13,432 8 8 4 13,412 231 13 224 197 152 94

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals.

1 Includes 2 banks in Hawaii, and 2 banks in the Virgin Islands, not members of the Federal Reserve System.

2 Asset and liability items are averages of figures reported at beginning, middle, and end of year, adjusted for “ U. S. (continental U. S. and other areas) and for Puerto Rico 

to exclude data for 9 insured branches in Puerto Rico of insured national banks in New York; earnings data of these branches are not available.

Back figures, 1946-1952: See the Annual Report for 1952, pp. 126-135, and earlier reports. h*

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 114. E a r n in g s, E x p e n s e s, a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n ite d S t a t e s (C o n t in e n t a l U . S. an d O t h e r A r e a s ), b y S t a t e , 1953— Continued

(Amounts in thousands of dollars)

Earnings or expense item Delaware District of 

Columbia Florida Georgia Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana

Current operating earnings—total............. 19,218 37,724 79,131 77,782 18,548 380,941 111,645 78,327 52,937 55,806 61,957

Interest on U. S. Government obligations.. 3,680 9,923 23,121 12,522 4,270 120,152 34,395 18,448 13,613 13,772 16,225

Interest and dividends on other securities. . 792 1,284 3,846 3,317 459 24,207 4,395 3,852 3,200 2,051 4,284

Interest and discount on loans...................... 10,676 18,980 36,178 46,812 11,600 179,281 57,741 46,008 29,024 33,269 31,286

Service charges and fees on bank’s loans.... 128 173 353 1,008 194 3,288 573 177 327 372 r- 70

Service charges on deposit accounts............. 360 2,855 7,264 4,479 1,170 15,919 5,249 4,987 3,353 2,101 3,479

Other service charges, commissions, fees, 

and collection and exchange charges........ 175 1,035 2,676 4,795 363 6,807 2,828 2,215 1,122

425

716 3,303

Trust department............................................ 3,060 2,036 1,524 2,009 81 19,578 2,391 737 1,901

1,625

614

Other current operating earnings.................. 347 1,442 4,170 2,841 413 11,710 4,074 1,904 1,873 2,697

Current operating expenses—total............. 10,656 24,638 51,011 50,411 12,153 231,096 72,351 49,290 32,104 32,650 39,423

Salaries— officers.............................................. 2,314 4,056 9,252 10,258 2,516 39,253 13,974 13,513 9,260 7,885 7,502

Salaries and wages—employees..................... 3,422 9,013 15,936 13,764 3,172 68,771 19,896 11,345 7,734 8,887 11,421

Fees paid to directors and members of executive, discount, and other committees.. .. 174 297 735 687 93 2,064 1,050 582 541 642 629

Interest on time and savings deposits.......... 950 2,245 5,370 4,962 2,743 40,660 11,631 8,500 3,478 3,033 4,168

Interest and discount on borrowed money. . 124 161 117 541 94 2,773 99 110 121 167 279

Taxes other than on net income.................... 275 1,531 1,522 3,127 239 9,920 5,319 1,607 1,331 2,306 3,259

Recurring depreciation on banking house, 

furniture and fixtures.................................. 378 773 2,311 1,587 396 4,219 1,799 1,177 686 790 1,051

Other current operating expenses.................. 3,018 6,558 15,767 15,486 2,900 63,437 18,584 12,457 8,955 8,941 11,115

Net current operating earnings................... 8,563 13,086 28,120 27,372 6,395 149,845 39,295 29,037 20,833 23,155 22,534

Recoveries, transfers from reserve accounts, and profits—total...................... 196 1,497 1,344 1,506 333 18,872 2,964 1,283 1,119 1,847 1,900

On securities:

Recoveries................................................... 72 360 90 126 1,710 84 66 22 132 16

Transfers from reserve accounts................

Profits on securities sold or redeemed. . . .

4

47

12

337

25

576

6

634 90

6,173

5,266

181

900 405

3

239

846

445

739

564

On loans:

26 107 107 317 25 1,243 437 303 593 196 230

Transfers from reserve accounts................ 94

24 969

12

263

212

247

2

90

2,094

2,387

263

1,100

121

387

10

252

47

181

156

194

Losses, charge-offs, and transfers to reserve accounts—total.............................. 1,400 1,361 5,167 5,000 1,831 36,209 8,422 3,695 4,234 4,438 4,038

On securities:

Losses and charge-offs................................. 206 634 2,368

432

472

2,185 781 8,405 2,088 1,268 900 715 833

Transfers to reserve accounts....................

On loans:

Losses and charge-offs.................................

83

118

150

185

3

561 79

3,824

1,111

952

314

85

602

8

1,896

465

443

646

439

Transfers to reserve accounts.................... 370 187 1,386 1,316 324 12,590 2,779 885 568 1,863 985

624 207 509 936 648 10,279 2,289 855 861 952 1,134

Net profits before income taxes................... 7,359 13,223 24,297 23,878 4,897 132,507 33,837 26,625 17,718 20,564 20,396

DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e— to ta l..........................

Federal..............................................................

State..................................................................

3.833

3.833

6,080

6,080

10.300

10.300

9.544

9.544

2,131

1,948

184

54.780

54.780

13.995

13.995

10.513

10.513

6.832

6.832

8.273

8.273

7.770

7.770

Net profits after incom e taxes......................

Dividends and interest on capital—to ta l..

Dividends declared on preferred stock and 

interest on capital notes and debentures, . 

Cash dividends declared on common stock..

Net additions to capital from profits........

3,526 7,145 13,998 14,334 2,767 77,727 19,842 16,113 10,887 12,291 12,626

2.464

2.464

3.166

3.166

4,021

10

4,011

6,043

3

6,041

1.093

1.093

29,230

80

29,150

5,821

36

5,786

5,372

39

5,334

3,292

1

3,291

4,196

3

4,193

3,521

4

3,517

1,063 3,979 9,976 8,290 1,673 48,498 14,021 10,740 7,595 8,096 9,105

M emoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 3

49

76

162

1

719

6

1,922

13

2,236

427

4,217

2

652

130

1,222

1

319

4

823

4

267

634

1,168

3

152

93

675

On loans............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

On loans............................................................

300

396

264

361

733

31

148

506

5

1,235

Average assets and liabilities1

Assets—to ta l......................................................

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....................................

559,863

98,516

197,681

27,125

228,013

8,528

1,347,045

336,602

504,994

52,530

429,850

23,069

2,710,784

696,300

1,128,612

176,942

671,760

37,170

2,219,328

592,384

626,599

129,318

841,671

29,356

528,971

98,508

197,451

19,782

208,300

4,930

15,361,117

3,523,119

6,129,399

1,202,632

4,410,268

95,699

4,008,830

910,216

1,752,252

233,542

1,080,166

32,654

2,632,039

563,231

915,830

218,715

917,358

16,905

1,896,276

486,084

660,245

180,811

557,958

11,178

1,939,106

500,347

693,442

83,614

647,147

14,556

2,253,744

628,867

805,430

188,583

603,792

27,072

559,863

498,317

403,099

95,218

5,203

56,343

1,347,045

1,250,164

996,004

254,160

11,174

85,707

2,710,784

2,532,308

2,052,190

480,118

18,411

160,065

2,219,328

2,040,390

1,673,077

367,313

25,035

153,903

528,971

498,843

355,497

143,346

3,310

26,818

15,361,117

14,318,514

10,593,098

3,725,416

108,663

933,940

4,008,830

3,747,026 

2,694,632

1,052,394

26,137 

235,667

2,632,039 

2,439,302 

1,824,491

614,811

6,000 

186,737

1,896,276

1,770,561

1,543,275

227,286

6,332

119,383

1,939,106

1,784,676

1,513,039

271,637

12,955

141,475

2,253,744

2,111,544

1,780,868

330,676

16,545

125,655

Number of active officers, December 31..........

Number of other employees, December 31 ... .

286

1,360

411

3,083

1,337

6,366

1,571

5,367

346

1,218

4,855

23,890

2,287

8,048

2,264

4,816

1,690

3,259

1,507

3,913

1,011

4,348

Number of banks, December 31........................ 34 19 213 345 38 889 469 612 477 360 170

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals.

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

to

Back figures, 1946-1952: See the Annual Report for 1952, pp. 126-135, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 114. E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in t h e

U n it e d S t a t e s (C o n t in e n t a l U . S. a n d Ot h e r A r e a s ), b y S t a t e , 1953— Continued

(Amounts in thousands of dollars)

Earnings or expense item Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New

Hampshire

Current operating earnings—total............. 18,613 53,198 152,918 206,704 110,905 30,684 145,781 20,271 42,670 8,612 10,022

Interest on U. S. Government obligations. . 3,629 14,686 29,195 57,604 23,086 5,866 33,736 5,537 11,070 1,949 1,909

Interest and dividends on other securities. . 809 2,449 6,957 10,879 5,705 3,246 7,193 928 2,066 312 490

Interest and discount on loans...................... 11,859 28,239 84,175 114,548 61,592 15,570 88,154 10,621 23,807 5,063 6,058

Service charges and fees on bank’s loans.... 70 120 829 1,936 695 77 681 222 100 232 22

Service charges on deposit accounts............. 1,118 3,510 8,864 9,786 6,058 1,570 5,389 1,526 2,566 411 878

Other service charges, commissions, fees, 

and collection and exchange charges........ 276 1,125 4,602 4,468 7,828 3,299 2,807 678 1,054 179 164

Trust department............................................ 439 1,460 10,799 2,880 2,751 168 3,448 68 541 179 144

Other current operating earnings.................. 415 1,611 7,497 4,604 3,190 890 4,372 693 1,465 287 358

Current operating expenses— total............. 12,655 33,440 93,041 131,799 72,062 19,602 85,993 12,605 25,396 5,184 6,719

Salaries—officers.............................................. 2,053 5,168 15,656 18,488 16,140 5,111 16,942 2,952 7,496 890 1,256

Salaries and wages—employees..................... 3,292 11,019 32,754 44,760 19,448 5,067 25,978 3,196 6,352 1,681 1,594

Fees paid to directors and members of executive, discount, and other committees. . . . 222 554 865 1,196 903 371 1,091 117 483 12 134

Interest on time and savings deposits.......... 3,038 4,707 7,547 23,208 13,568 1,250 10,199 1,144 1,442 977 1,414

Interest and discount on borrowed money. . 26 226 353 974 555 32 1,384 28 173 12 19

Taxes other than on net income.................... 538 1,907 3,780 7,322 1,323 1,296 3,152 1,264 1,193 256 240

Recurring depreciation on banking house, 

furniture and fixtures.................................. 272 968 2,909 3,484 1,378 515 2,211 305 608 160 190

Other current operating expenses.................. 3,215 8,890 29,176 32,366 18,748 5,960 25,036 3,600 7,648 1,195 1,873

Net current operating earnings................... 5,958 19,759 59,878 74,905 38,843 11,082 59,787 7,666 17,274 3,427 3,303

Recoveries, transfers from reserve a ccounts, and profits— total..................... 574 1,060 12,638 2,267 2,640 1,149 2,688 730 913 72 380

On securities:

Recoveries..................................................... 109 162 866 81 163 144

141

134

384

82

1,016

40

45

130

323 69

Transfers from reserve accounts................

Profits on securities sold or redeemed. . . .

22

207

63

247

4,799

1,131

37

918

401

315

2

145 51 87

On loans:

Recoveries..................................................... 107 111 4,442 326 1,054 214 495 407 235 4 81

Transfers from reserve accounts................ 28 143 249 159 18 296 237

473

21 97 6

All other........................................................... 100 335 1,151 747 689 221 86 110 18 137

Losses, charge-offs, and transfers to reserve accounts—total.............................. 1,534 4,121 19,168 17,733 6,038 3,090 9,054 2,282 2,992 285 1,030

On securities:

Losses and charge-offs................................. 658 1,956 2,682 10,870 2,313 788 2,794 726 587 57 428

Transfers to reserve accounts.................... 28 107 6,107

163

1,104

564

77 287

365

1,212

1,243

427

655

311 95

On loans:

Losses and charge-offs................................. 172 83 1,489 472 13 122

Transfers to reserve accounts.................... 491 1,224 3,841 2,737 954 1,064 2,673 229 1,021 161 225

All other........................................................... 185 750 6,375 2,458 1,204 585 1,132 245 601 53 160

Net profits before incom e taxes................... 4,997 16,699 53,349 59,439 35,444 9,143 53,420 6,114 15,195 3,215 2,654

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net incom e—to ta l..........................

Federal..............................................................

2.017

2.017

6.740

6.740

24,590

20,268

4,322

22,106

22,106

14,639

12,804

1,835

2.455

2.455

23,908

23,172

736

2,813

2,726

87

5.802

5.802

1,820

1,820

899

899

Net profits after incom e taxes......................

Dividends and interest on capital—total. .

Dividends declared on preferred stock and 

interest on capital notes and debentures. . 

Cash dividends declared on common stock. .

Net additions to capital from profits........

2,980 9,958 28,759 37,332 20,805 6,687 29,512 3,300 9,394 1,395 1,755

1,312

6

1,305

4,321

22

4,298

15,991

16

15,976

13,402

115

13,286

7,943

6

7,937

2,132

17

2,115

11,552

41

11,512

1,431

1

1,430

3,216

2

3,215

475

475

693

693

1,669 5,637 12,768 23,930 12,863 4,555 17,960 1,869 6,178 920 1,063

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

5

94

25

430

8

477

269

2,069

3

291

13

633

54

707

523

2,187

8

274

426

986

On loans...........................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

65 1,149

2,265

2,380

394 125

150

266

40 53

On loans............................................................ 460 1,209 95 141

Average assets and liabilities1

Assets—to ta l......................................................

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....................................

524,738

100,365

173,203

37,847

207,628

5,695

1,936,713

439,092

749,424

125,133

597,538

25,531

4,908,419

1,112,287

1,514,801

323,372

1,867,661

90,298

7,075,570

1,440,390

2,866,562

594,969

2,106,293

67,356

3,459,024

760,635

1,161,856

284,904

1,221,899

29,730

969,357

245,023

291,337

138,944

284,339

9,714

5,350,058

1,406,769

1,715,741

318,912

1,865,364

43,272

675,538

157,970

280,413

45,201

185,773

6,181

1,568,397

400,254

573,498

116,642

468,510

9,493

249,566

46,934

99,296

13,147

86,608

3,581

282,017

61,073

90,616

21,032

106,541

2,755

524,738

474,703

277,699

197,004

4,101

45,934

1,936,713

1.796.357

1.334.358

461,999

13,264

127,092

4,908,419

4,402,638

3,692,526

710,112

88,499

417,282

7,075,570

6,631,776

4,027,024

2,604,752

67,245

376,549

3,459,024

3,197,079

2,226,958

970,121

32,536

229,409

969,357

901,306

759,480

141,826

3,783

64,268

5,350,058

4,977,933

4,148,951

828,982

40,483

331,642

675,538

638,913

521,618

117,295

5,063

31,562

1,568,397

1,461,155 

1,302,406

158,749

6,306 

100,936

249,566

233,167 

156,989

76,178

3,142 

13,257

282,017

252,328

174,876

77,452

1,515

28,174

Number of active officers, December 31..........

Number of other employees, December 3 1 ....

355

1,426

876

4,623

1,860

12,451

2,184

15,415

2,704

7,707

853

2,105

2,699

10,410

453

1,272

1,290

2,656

135

673

226

669

Number of banks, December 31........................ 55 153 173 419 665 197 580 109 373 8 62

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals. 

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year. 

Back figures, 1946-1952: See the Annual Report for 1952, pp. 126-135, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
T a b le 1 14. E a r n in g s , E x p e n s e s , a n d D iv id e n d s o f I n s u r e d C o m m e r c ia l B a n k s in th e

U n ite d S t a t e s (C o n t in e n t a l U . S. and O t h e r A r e a s ), by S t a t e , 1953— Continued

(Amounts in thousands of dollars)

Earnings or expense item New

Jersey

New

Mexico

New

York

North

Carolina

North

Dakota Ohio Oklahoma Oregon Pennsylvania Rhode

Island

South

Carolina

Current operating earnings—total............. 176,038 15,248 1,033,458 75,776 17,176 266,014 64,649 57,688 394,039 27,416 26,875

Interest on U. S. Government obligations. . 43,597 3,442 190,441 13,723 4,834 70,657 13,372 10,405 84,205 6,574 6,266

Interest and dividends on other securities. . 12,835 230 57,184 4,133 660 14,948 3,546 2,884 30,824 631 1,535

Interest and discount on loans...................... 94,847 9,440 590,946 43,249 8,038 141,750 38,520 36,166 218,307 15,115 14,035

Service charges and fees on bank’s loans.... 724 224 10,594 875 114 1,737 168 461 2,103 10 59

Service charges on deposit accounts............. 10,773 951 38,590 3,724 1,089 12,095 4,221 4,005 12,600 1,020 2,008

Other service charges, commissions, fees,

and collection and exchange charges........ 2,301 395 21,572 6,087 1,958 4,445 1,096 1,124 5,079 296 2,163

Trust department............................................ 5,252 192 76,357 2,075 56 9,550 496 1,103 25,217 2,134 336

Other current operating earnings.................. 5,712 376 47,775 1,909 427 10,834 3,231 1,540 15,703 1,637 476

Current operating expenses—total............. 120,792 10,065 594,210 47,293 10,285 169,215 37,692 37,855 234,680 18,118 16,364

Salaries—officers.............................................. 17,901 2,022 83,303 10,521 2,847 24,678 9,746 6,446 38,613 2,446 3,888

Salaries and wages—employees..................... 37,525 3,201 232,232 12,888 2,282 48,602 10,352 12,299 76,121 5,543 5,016

Fees paid to directors and members of executive, discount, and other committees. .. . 1,678 98 3,773 440 127 1,699 412 116 3,662 203 255

Interest on time and savings deposits.......... 21,243 1,189 64,628 6,498 1,698 31,481 3,411 9,302 35,200 3,852 1,156

Interest and discount on borrowed money. . 475 4 6,319 631 22 1,404 738 99 980 41 74

Taxes other than on net income.................... 6,564 499 18,351 1,409 273 16,320 731 743 10,427 1,239 245

Recurring depreciation on banking house,

furniture and fixtures................................. 4,228 457 9,524 1,563 196 3,936 1,412 1,240 6,981 409 582

Other current operating expenses.................. 31,178 2,594 176,081 13,344 2,842 41,096 10,893 7,612 62,697 4,387 5,146

Net current operating earnings................... 55,246 5,183 439,249 28,483 6,892 96,799 26,957 19,833 159,359 9,299 10,511

Recoveries, transfers from reserve accounts, and profits—total...................... 5,289 349 31,984 1,524 272 3,975 1,153 647 13,493 1,263 279

On securities:

Recoveries .. 898 26 1,408 74 12 409 47 12 889 11

Transfers from reserve accounts 303 5,991 87 315 1,975 340

Profits on securities sold or redeemed. . . . 1,958 45 9,786 1,013 61 976 187 425 3,661 101 46

On loans:

Recoveries..................................................... 549 227 5,395 176 119 582 571 56 1,276 16 68

Transfers from reserve accounts.......... 802 1 6,425 28 786 1 6 1,489 236 4

All other........................................................... 779 51 2,979 147 79 908 346 148 4,204 570 151

Losses, charge-offs, and transfers to reserve accounts— total.............................. 15,372 1,596 85,758 6,819 1,071 16,574 3,585 2,371 41,610 3,639 1,607

On securities:

Losses and charge-offs................................. 5,087 70 41,652 3,220 424 5,745 852 1,664 13,067 1,394 671

Transfers to reserve accounts 893 75 6,371 127 6 2,367 190 10,806 540 74

On loans:

Losses and charge-offs................................. 481 389 1,635 428 138 875 1,355 32 936 6 169

Transfers to reserve accounts.................... 6,712 867 27,067 1,918 275 5,106 628 405 11,195 591 503

All other........................................................... 2,199 195 9,034 1,126 228 2,481 561 271 5,606 1,109 190

Net profits before income taxes................... 45,161 3,936 385,474 23,187 6,092 84,200 24,524 18,109 131,242 6,923 9,183

FEDERAL DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Taxes on net income— total.........................

Federal..............................................................

State.................................................................

14.699

14.699

1.567

1.567

181,771

165,892

15,879

10,379

9,982

397

2,268

2,189

79

37.001

37.001

10,572

9,949

623

7,865

6,458

1,407

47.592

47.592

3,312

3,036

277

4,042

3,770

272

Net profits after income taxes......................

Dividends and interest on capital—total..

Dividends declared on preferred stock and 

interest on capital notes and debentures. . 

Cash dividends declared on common stock. .

Net additions to capital from profits........

30,461 2,369 203,704 12,808 3,823 47,199 13,953 10,244 83,650 3,610 5,142

11,052

882

10,170

808

2

806

122,420

1,253

121,167

4,672

3

4,669

1,332

1

1,331

18,845

60

18,785

4.969

4.969

4.635

4.635

40,430

27

40,403

1.835

1.835

1,921

1

1,920

19,410 1,561 81,284 8,136 2,492 28,355 8,983 5,609 43,220 1,775 3,220

Memoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 20

588

658

2,290

699

8,711

5,566

15,143

1

267

23

713

8

1,050

1,036

2,667

1,314

1,248

15,418

5,092

On loans...........................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

233 113 589 265 92

40

388

98

32 On loans 507 ........................................................... 667 307 1,144 670

Average assets and liabilities1

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....................................

5,707,425

991,958

2,115,446

636,401

1,883,499

80,121

471,509

138,606

172,924

13,268

141,241

5,470

38,263,288

9,601,505

10,010,265

2,674,227

15,348,528

628,763

2,304,665

552,259

668,982

239,993

814,252

29,179

515,760

87,365

232,819

33,493

158,477

3,606

9,543,955

2,025,217

3,625,033

722,321

3,071,398

99,986

2,137,823

610,903

662,882

183,681

659,871

20,486

1,707,349

341,613

523,269

145,117

672,162

25,188

12,850,709

2,728,515

4,124,313

1,293,897

4,538,227

165,757

840,481

142,351

330,813

33,762

318,092

15,463

873,361

232,787

309,068

73,716

249,720

8,070

5,707,425

5,284,684 

3,104,789

2,179,895

45,784 

376,957

471,509

444,769 

371,513

73,256

1,817 

24,923

38,263,288

33,909,393

28,699,645

5,209,748

1,205,721

3,148,174

2,304,665

2,101,008

1,613,002

488,006

43,781

159,876

515,760

480,486

358,749

121,737

2,966

32,308

9,543,955

8,860,043

5,893,803

2,966,240

80,362

603,550

2,137,823

1,973,296 

1,751.579

221,717

14,974 

149,553

1,707,349

1,571,779

1,048,706

523,073

21,378

114,192

12,850,709

11,534,626

8,196,143

3,338,483

104,853

1,211,230

840,481

767,592

482,178

285,414

10,885

62,004

873,361

812,540

702,071

110,469

6,163

54,658

Number of active officers, December 31..........

Number of other employees, December 3 1 ... .

2,331

13,655

301

1,234

7,543

70,341

1,497

5,168

508

1,040

3,398

17,329

1,642

4,135

981

4,224

5,163

27,021

282

2,169

635

2,009

Number of banks, December 31........................ 307 51 572 225) 148 638 376 65 888 9 136

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals. 

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year. 

Back figures, 1946-1952: See the Annual Report for 1952, pp. 126-135, and earlier reports.

EARNINGS, EXPENSES, AND DIVIDENDS OF INSURED RANKS

Digitized for FRASER 

http://fraser.stlouisfed.org/ 

Federal Reserve Bank of St. Louis
Table 114. E a r n in g s , E x p e n s e s , a n d D iv id e n d s op I n s u r e d C o m m e r c ia l B a n k s in t h e

U n ite d S t a t e s ( C o n t in e n t a l U . S. an d O th e r A r e a s ), b y S t a t e , 1953— Continued

(Amounts in thousands of dollars)

Earnings or expense item South

Dakota Tennessee Texas Utah Vermont Virginia Washington West

Virginia Wisconsin Wyoming

Current operating earnings—total............. 19,979 77,881 255,315 25,140 11,508 84,020 78,647 35,347 98,774 9,971

Interest on U. S. Government obligations. . 4,613 14,319 48,912 5,134 1,958 16,952 12,767 9,507 30,443 2,501

Interest and dividends on other securities.. 713 3,759 10,701 821 563 3,426 4,736 1,490 5,392 355

Interest and discount on loans...................... 11,090 50,849 159,337 15,363 7,706 52,420 48,141 20,140 51,017 5,676

Service charges and fees on bank’s loans.... 106 461 2,230 618 76 738 851 215 653 46

Service charges on deposit accounts............. 1,281 2,224 12,003 1,277 620 4,323 6,429 1,264 4,984 647

Other service charges, commissions, fees, 

and collection and exchange charges........ 1,640 2,341 4,308 786 152 1,474 2,108 723 1,923 291

Trust department............................................ 91 1,250 3,667 500 183 2,657 1,763 909 1,327 60

Other current operating earnings.................. 446 2,678 14,155 643 248 2,030 1,851 1,101 3,035 396

Current operating expenses—total............. 12,351 49,059 157,892 16,344 8,414 52,970 51,482 20,524 65,635 6,060

Salaries—officers.............................................. 3,653 9,207 35,061 2,575 1,305 9,906

14,011

9,048 4,140 14,017 1,512

Salaries and wages—employees..................... 2,827 12,797 44,450 4,353 1,690 17,566 5,411 17,317 1,577

Fees paid to directors and members of executive, discount, and other committees. ... 221 453 1,889 252 161 823 244 382 1,195 113

Interest on time and savings deposits.......... 1,743 9,254 10,888 4,251

109

3,077 11,166 7,998 3,857 13,065 1,007

Interest and discount on borrowed money. . 38 336 696 13 372 112 111 243 33

Taxes other than on net income.................... 265 3,047 13,319 291 164 2,470 1,137 840 1,484 260

Recurring depreciation on banking house, 

furniture and fixtures.................................. 278 1,411 5,118 379 194 1,793 1,795 680 1,726 176

Other current operating expenses.................. 3,327 12,553 46,472 4,134 1,812 12,431 13,582 5,103 16,588 1,382

Net current operating earnings................... 7,628 28,822 97,423 8,797 3,094 31,050 27,165 14,823 33,139 3,910

Recoveries, transfers from reserve accounts, and profits—total..................... 204 1,838 7,956 377 219 2,012 1,224 932 1,709 223

On securities:

Recoveries................................................. 6 381 301 2 46 31 378 65 194 2

Transfers from reserve accounts................

Profits on securities sold or redeemed. . . . 46

161

653

1,227

938

3

93

1

51

547

598

29

435

72

180

253

762 69

On loans:

Recoveries.................................................... 99 246 2,675 59 62 337 126 179 131 139

Transfers from reserve accounts................

54

16

381

930

1,887 221

6

55

210

288

22

234

167

269

97

272

1

11

Losses, charge-offs, and transfers to reserve accounts—total.............................. 1,118 5,017 25,046 1,048 539 4,872 6,520 2,482 9,038 992

On securities:

Losses and charge-offs................................. 400 1,338 6,227 361 280 1,825 3,360 984 4,728 188

Transfers to reserve accounts....................

On loans:

Losses and charge-offs................................. 220

1,138

392

1,458

7,339

75

60 76

667

452

1,097

106

147

208

275

261

1

449

Transfers to reserve accounts.................... 233 816 6,320 440 135 1,294 950 439 2,969 99

265 1,334 3,702 114 49 635 1,006 704 804 255

Net profits before income taxes................... 6,715 25,643 80,334 8,125 2,774 28,190 21,870 13,274 25,811 3,142

DEPOSIT INSURANCE CORPORATION

Digitized for FRASER 

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Federal Reserve Bank of St. Louis
Taxes on net Income—to ta l..........................

Federal..............................................................

2,880

2,763

117

11,005

10,835

170

37.427

37.427

3,638

3,489

150

931

828

103

11.472

11.472

8,810

8,810

5.712

5.712

8,998

8,771

227

1.383

1.383

Net profits after incom e taxes......................

Dividends and interest on capital—total..

Dividends declared on preferred stock and 

interest on capital notes and debentures.. 

Cash dividends declared on common stock. .

Net additions to capital from profits........

3,835 14,638 42,907 4,486 1,844 16,717 13,059 7,561 16,812 1,760

1,407

3

1,404

6,080

1

6,079

21,980

17

21,963

1,800

8

1,792

720

68

652

6,454

48

6,406

4.780

4.780

2,725

1

2,723

6,477

109

6,368

575

7

570

2,427 8,558 20,926 2,687 1,125 10,263 8,279 4,837 10,336 1,184

M emoranda

Recoveries credited to reserve accounts (not 

included in recoveries above):

On securities..................................................... 53

2,152

125

9,976

9

353

325

987

2

453

98

867

On loans............................................................

Losses charged to reserve accounts (not included in losses above):

On securities.....................................................

142 330

222

1,096

119 92

11

95

467

1,173

847

141 100

On loans........................................................... 314 419 248 250

Average assets and liabilities1 

Assets— to ta l......................................................

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....................................

584,058

115,023

235,531

32,840

195,945

4,719

2,495,227

660,687

723,801

151,961

924,119

34,659

9,075,030

2,907,167

2,454,898

461,604

3,101,745

149,616

748,324

167,261

254,849

38,303

281,122

6,789

312,227

47,744

90,970

26,759

143,415

3,339

2,546,874

588,893

850,201

155,952

918,547

33,281

2,318,178

522,387

647,887

220,922

896,790

30,192

1,139,133

256,204

461,391

68,899

341,201

11,438

3,696,024

744,172

1,537,778

268,708

1,114,204

31,162

327,870

84,055

129,777

16,461

95,119

2,458

584,058

543,526

423,807

119,719

2,913

37,619

2,495,227

2,305,327

1,742,036

563,291

25,426

164,474

9,075,030

8,442,763

7,511,850

930,913

63,108

569,159

748,324

696,896 

465,030

231,866

6,619 

44,809

312,227

279,792

113,248

166,544

2,321

30,114

2,546,874

2,333,759

1,564,075

769,684

28,423

184,692

2,318,178

2,150,268

1,554,166

596,102

20,263

147,647

1,139,133

1,036,080

743,854

292,226

6,797

96,256

3,696,024

3,452,592 

2,095,501

1,357,091

13,899 

229,533

327,870

306,633

241,274

65,359

1,916

19,321

Number of active officers, December 31..........

Number of other employees, December 31....

661

1,256

1,565

5,300

5,043

16,857

361

1,706

246

709

1,667

5,884

1,182

6,046

683

2,097

2,201

6,998

248

596

Number of banks, December 31........................ 169 291 882 54 66 316 109 178 548 53

Note: Due to rounding, earnings data of State banks may not add precisely to the indicated totals.

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1946-1952: See the Annual Report for 1952, pp. 126-135, and earlier reports. i—1

fcOEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
T a b le 11 5 . In co m e, E x p e n se s, an d D iv id e n d s o f In s u r e d M u t u a l S a v in g s B a n k s, 1953

(Amounts in thousands of dollars)

Sources and disposition of income

Current operating income—total.......................................

Interest on U. S. Government obligations..........................

Interest and dividends on other securities...........................

Interest and discount on real estate mortgage loans—net. 

Interest and discount on real estate mortgage loans—gross.

Less: Mortgage servicing fees...............................................

Premium amortization................................................

Interest and discount on other loans and discounts—net..

Income on real estate other than bank building—net.......

Income on real estate other than bank building—gross....

Less: Operating expense.......................................................

Income on other assets...........................................................

Income from service operations............................................

Current operating expense—total...............................................................

Salaries—officers..............................................................................................

Salaries and wages—employees......................................................................

Pension, hospitalization and group insurance payments, and other employee benefits..............................................................................................

Fees paid to trustees and committee members....... ....................................

Occupancy, maintenance, etc. of bank premises (including taxes and recurring depreciation)—net..........................................................................

Occupancy, maintenance, etc. of bank premises (including taxes and recurring depreciation)—gross.....................................................................

Less: Income from bank building................................................................

Deposit insurance assessments.......................................................................

Furniture and fixtures (including recurring depreciation)..........................

All other current operating expense..............................................................

Net current operating income......................................................................

Franchise and income taxes—total............................................................

State franchise and income taxes...................................................................

Federal 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—total

Non-recurring income......................................................................................

Realized profits and recoveries (see memoranda)........................................

Transfers from valuation adjustment provisions1 (see memoranda).........

Non-recurring expense, realized losses charged to profit and loss, and

transfers to valuation adjustment provisions—total........................

Non-recurring expense........................................................................................

Realized losses (see memoranda)2......................................................................

Transfers to valuation adjustment provisions1 (see memoranda).................

Net additions to total surplus accounts from operations.......................

647,067

164,630

82,003

381,895

396,264

9,483

4,886

5,184

77

338

261

7,171

6,107

127,336

21,142

44,351

11,566

2,303

13,521

7,405

6,837

2,445

25,171

519,731

8,569

6,459

2,110

511,162

414,951

96,211

36,962

12,372

7,863

16,727

70,507

12,156

28,630

29,721

62,666

Memoranda—realized profits and recoveries,

realized losses, and valuation adjustment

provisions1

Realized profits and recoveries credited, or realized

losses charged, to profit and loss—total.................

Securities sold or matured..................................................

Real estate mortgage loans............................................... .

Other real estate................................................................ .

All other assets...................................................................

Transfers from (or to) valuation adjustment provisions1—total.............................................................. .

Securities...............................................................................

Real estate mortgage loans................................................

Other real estate..................................................................

All other assets.....................................................................

Recoveries credited (or realized losses charged) to

valuation adjustment provisions1 (not included

in recoveries or losses above)—total.

Securities......................................................

Real estate mortgage loans........................

Other real estate.........................................

All other

Realized 

profits and 

recoveries, 

and transfers 

from valuation 

adjustment 

provisions

7,863

5,287

783

304

1,489

16,727

6,132

9,965

275

355

59

15

33

10

1

Average assets and liabilities3

Assets—total.............................................

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 active officers, December 31.. . 

Number of other employees, December 31.

Number of banks, December 31.

Realized 

losses and 

transfers to 

valuation 

adjustment 

provisions

28,630

28,333

152

39

106

29,721

10,639

17,005

11

2,066

13,764

12,523

469

683

89

19.625.429

744,369

6,620,535

2,591,176

9,288,364

102,768

2,432

275,785

19.625.429 

17,718,957 

17,688,777

30,180

119,359

1,787,113

1,908

12,525

219

bO

00

1 Includes “ Valuation reserves” and “ Other asset valuation provisions (direct write-downs)

* Total realized losses for the year were $42,394,000, of which a portion was charged to valuation adjustment provisions (see memoranda).

3 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

Back figures, 1934-1952: Comparable data for 1951 and 1952 may be found in the 1951 and 1952 Annual Reports, pp. 184 and 136, respectively. Data for prior years, which however are not comparable with figures for 1951-1953, may be found in the following Annual Reports: 1950, pp. 272-273; and 1941, p. 173.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 1 1 6 . R a t io s o f I n c o m e , E x p e n s e s, a n d D iv id e n d s of I n s u r e d M u t u a l Sa v in g s B a n k s , 1953

Amounts per $100 of current operating income

Current operating income—total...............................................................

Interest on U. S. Government obligations..................................................

Interest and dividends on other securities...................................................

Interest and discount on real estate mortgage loans—net.........................

Interest and discount on other loans and discounts—net..........................

Income on other assets...................................................................................

Income from service operations.....................................................................

Current operating expense—total..............................................................

Salaries—officers..............................................................................................

Salaries and wages—employees.........................................................................

Pension, hospitalization and group insurance payments, and other employee benefits.............................................................................................

Fees paid to trustees and committee members...............................................

Occupancy, maintenance, etc. of bank premises (including taxes and recurring depreciation)—net.........................................................................

Deposit insurance assessments......................................................................

Furniture and fixtures (including recurring depreciation).........................

All other current operating expense..............................................................

Net current operating income.....................................................................

Franchise and income taxes—total............................................................

State franchise and income taxes..................................................................

Federal income taxes.......................................................................................

Net current operating income after taxes................................................

Dividends and interest on deposits............................................................

Net current operating income after taxes and dividends....................

Amounts per $100 of total assets1

Current operating income— total......................................................................

Current operating expense—total.....................................................................

Net current operating income............................................................................

State franchise or income tax............................................................................

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 provisions2—total.................

Non-recurring expense, realized losses charged to profit and loss, and transfers

to valuation adjustment provisions2—total.................................................

Net additions to total surplus accounts from operations...............................

$100.00

25.44

12.67 

59.02

.80

1.12

.95

19.68

3.27

6.85

1.79

.35

2.09

1.06

.38

3.89

80.32

1.32

1.00

.32

79.00

64.13

14.87

3.30

.65

2.65

.05

2.60

2.11

.49

.19

.32

Special ratios1

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........................................................................................

Average assets and liabilities1

Assets—total...............................................

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.

$2.49

3.16

4.11

5.04

2.35

3.51

100.00

3.79

33.74

13.20

47.33

.52

.01

1.41

100.00

90.28

90.13

.15

.61

9.11

219

1 Asset and liability items are averages of figures reported at beginning, middle, and end of year.

2 Includes “ Valuation reserves” and “ Other asset valuation provisions (direct write-downs).”

Back figures, 193U and 1941-1952: Comparable data for 1951 and 1952 may be found in the 1951 and 1952 Annual Reports, pp. 185 and 137, respectively. Data for prior years, 

which however are not comparable with figures for 1951-1953, may be found in the following Annual Reports: 1950, pp. 274-275, and 1947, pp. 154-155.

to

coEARNINGS, EXPENSES, AND DIVIDENDS OF INSURED BANKS

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Federal Reserve Bank of St. Louis
D e p o s it I n s u r a n c e D is b u r s e m e n t s

Table 117.

Table 118.

Table 119.

Table 120.

Disbursements, deposits, and depositors in insured banks financially aided by the 

Federal Deposit Insurance Corporation, 1934-1953

Banks grouped by class of bank, year of receivership or absorption, amount of deposits, 

and State

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

absorbed with the financial aid of the Federal Deposit Insurance Corporation, 

1934-1953

As shown by books of bank at date of closing

Name, location, Federal Deposit Insurance Corporation disbursement, and assets 

and liabilities of insured banks absorbed with the financial aid of the Corporation 

during 1953

Recoveries and losses by the Federal Deposit Insurance Corporation in connection 

with insured banks financially aided by the Corporation, 1934-1953 

As shown by books of FDIC, December SI, 1958

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Federal Reserve Bank of St. Louis
Disbursements by the Federal Deposit Insurance Corporation

to protect depositors are made when insured banks because of

financial difficulties are placed in receivership or are absorbed with the

aid of the Corporation. In receiverships the disbursement is the amount

paid by the Corporation on insured deposits. In absorptions the Corporation's disbursement is the amount loaned to absorbed banks, or

the price paid for assets purchased from them.

Detailed data for insured banks placed in receivership are omitted

since there has been no receivership since 1944. For such data, see

the Annual Reports of the Corporation for 1946, pages 167 and 171,

and 1950, page 280.

Deposits of insured banks placed in receivership as given in Table

117 are taken from the books of FDIC at the end of the year and differ

from the deposits in Table 118 which are taken from books of the

bank at date of closing. This is because the former include deposits

discovered or reclassified after the date of a bank's closing.

Details of the absorptions during 1953 are given in Table 119. The

disbursements by the Corporation were made to purchase assets from

the selling banks which were not acceptable to the absorbing banks.

Two insured banks in Illinois which in 1953 were closed by the

State supervisory authority “for examination and adjustment” and

were reopened without financial aid by the Corporation are excluded

from Tables 117-120.

Noninsured bank failures

One noninsured bank failed in 1953. The name and location of this

bank and its deposits and date of closing are given below.

Broadway Industrial Bank, Denver, Colorado, January 1953,

deposits $390,000.

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; and 1952,

p. 139.

Sources of data

Insured banks: books of bank at date of closing; and books of FDIC,

December 31, 1953.

Noninsured bank: news report.

DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 117. D is b u r s e m e n ts , D e p o s its , a n d D e p o s it o r s in I n s u r e d B a n k s F in a n c ia lly A id ed b y 

t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 1934-1953

BAN KS GROUPED B Y CLASS OF BAN K, YEAR OF RECEIVERSHIP OR ABSORPTION, AMOUNT OF DEPOSITS, AND STATE

Disbursements by FDIC 

(in thousands of dollars) Number of banks Deposits 

(in thousands of dollars)1 Number of depositors1

Classification

Total Receiverships

Absorptions2 Total Receiverships

Absorptions Total Receiverships

Absorptions Total Receiverships

Absorptions3

All banks................................... 281,112 87,044 194,068 422 245 177 558,946 109,590 449,356 1,390,993 382,722 1,008,271

Class of bank

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

State banks members F. R.

System.................................

Banks not members F.R.S..

52,883

101,205

127,024

14,808

20,934

51,302

38,075

80,271

75,722

73

22

327

21

6

218

52

16

109

112,548

187,656

258,742

19,474

26,537

63,579

93,074

161,119

195,163

290,349

368,424

732,220

55,406

82,818

244,498

234,943

285,606

487,722

Year

1934 941 941 9 9 1,968

13,320

27,508

33,349

59,684

1,968 15,767 15,767

193 5 

193 6 

193 7 

193 8 

8,890

14,781

19,160

30,479

6,025

8,056

12,044

9,092

2,865

6,725

7,116

21,387

25

69

75

74

24

42

50

50

1

27

25

24

9,091

11,241

14,960

10,296

4,229

16,267

18,389

49,388

44,655

89,018

130,387

203,961

32,331

43,225

74,148

44,288

12,324

45,793

56,239

159,673

193 9 

194 0 

194 1 

194 2 

194 3 

67,771

74,134

23,880

10,825

7,172

26,197

4,895

12,278

1,612

5,500

41,574

69,239

11,602

9,213

1,672

60

43

15

20

5

32

19

8

6

4

28

24

7

14

1

157,772

142,430

29,717

19,185

12,525

32,738

5,657

14,730

1,816

6,637

125,034

136,773

14,987

17,369

5,888

392,718

256,361

73,005

60,688

27,371

90,169

20,667

38,594

5,717

16,917

302,549

235,694

34,411

54,971

10,454

194 4 

1945

1,503

1,768

265

404 1,099

1,768

265

2

1

1 1

1

1,915

5,695

456 1,459

5,695

5,487

12,483

899 4,588

12,483

1946 1 1 347 347 1,383 1,383

1947 . . .... 1,724

2,990

2,551

3,986

1,724

2,990

2,551

3,986

1,885

1,368

5 5 7,040 7,040 10,637 10,637

1948 3 3 10,674

5,475

10,674 18,540 18,540

1949 4 4 5,475 5,671 5,671

1950 . . . . 4 4 5,502

3,408

3,170

5,502 6,365 6,365

1951 . . . . . 1,885

1,368

5,039

4,946

12,906

14,588

27,897

2 2 3,408 5,276 5,276

1952 .................. 3 3 3,170 6,751 6,751

1953 ................ 5,039

638

1,352

4,365

13,996

2 2 18,262

6,358

17,759

20,976

43,440

18,262 24,469 24,469

Banks with deposits of—

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

$100,000 to $250,000.............

$250,000 to $500,000.............

$500,000 to $1,000,000..........

4,308

11,554

10,223

13,901

106

109

59

58

83

86

36

24

23

23

23

34

4,947

13,920

12,462

17,590

1,411

3,839

25,850

38,055

83,370

89,949

147,613

29,695

65,512

56,777

63,487

8,360

17,858

33,172

84,126

$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. .

31,140

46,813

23,400

45,769

73,653

8,961

12,421

22,179

34,392

23,400

20,093

73,653

42

29

10

5

4

9

5

33

24

10

60,553

88,333

65,397

11,748

16,279

48,805

72,054

65,397

64,068

159,418

193,530

225,188

170,841

170,119

272,328

54,324

51,756

139,206

173,432

170,841

25,676 2 3

4

96,712

159,418

32,644 61,171 108,948

272,328

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
State

Alabama................................. 1,089 94 995 3 1 2 2,286 101 2,185 7,905 794 7,111

Arkansas................................. 984 841 143 6 5 1 1,763 1,168 595 4,433 3,529 904

California................................ 861 861 1 1 1,078 1,078 3,169 3,169

Colorado................................. 8 8 1 1 8 8 10 10

Connecticut............................ 1,242 1,242 2 2 1,526 1,526 5,379 5,379

Florida..................................... 300 203 97 2 1 1 491 217 274 1,642 448 1,194

Georgia................................... 863 846 17 8 7 1 1,027 998 29 8,094 7,773 321

Illinois..................................... 9,246 1,242 8,004 18 6 12 27,321 1,637 25,684 43,291 5,372 37,919

Indiana.................................... 6,197 3,096 3,101 20 15 5 13,594 3,932 9,662 30,006 12,549 17,457

Iowa......................................... 1,456 385 1,071 6 3 3 5,516 498 5,018 13,665 1,676 11,989

Kansas..................................... 974 482 492 9 5 4 1,233 539 694 5,145 2,254 2,891

Kentucky................................ 4,594 3,329 1,265 22 18 4 7,951 3,954 3,997 34,620 18,490 16,130

Louisiana................................. 668 668 3 3 1,652 1,652 6,087 6,087

Maryland................................ 3,109 735 2,374 5 2 3 4,566 828 ........3,738 22,567 6,643 15,924

Massachusetts........................ 1,564 1,564 2 2 3,019 3,019 9,046 9,046

Michigan................................. 6,290 139 6,151 8 3 5 13,531 160 13,371 31,663 928 30,735

Minnesota............................... 640 640 5 5 818 818 2,650 2,650

Mississippi.............................. 257 257 3 3 334 334 1,651 1,651

Missouri.................................. 4,981 4,335 646 46 34 12 7,149 5,116 2,033 34,929 26,760 8,169

Montana................................. 639 186 453 5 3 2 1,095 215 880 1,500 849 651

Nebraska................................. 469 469 4 4 538 538 2,224 2,224

New Hampshire..................... 118 118 1 1 296 296 1,780 1,780

New Jersey............................. 80,760 25,103 55,657 38 11 27 192,417 30,915 161,502 520,380 161,614 418,766

New York............................... 67,334 10,835 56,499 25 3 22 138,811 13,286 125,525 259,889 28,440 231,449

North Carolina....................... 2,387 1,156 1,231 7 2 5 3,266 1,421 1,845 10,408 3,677 6,731

North Dakota........................ 2,656 1,397 1,259 29 18 11 3,830 1,552 2,278 14,103 6,760 7,343

Ohio......................................... 1,868 1,610 258 3 2 1 3,139 2,345 794 8,544 7,585 959

Oklahoma............................... 2,444 1,133 1,311 8 5 3 4,371 1,659 2,712 10,795 5,874 4,921

Oregon..................................... 962 962 1 1 1,302 1,302 2,209 2,209

Pennsylvania.......................... 51,292 10,133 41,159 29 8 21 75,746 14,340 61,406 166,893 43,828 123,065

South Carolina....................... 274 136 138 2 1 1 850 136 714 1,848 403 1,445

South Dakota......................... 2,412 2,388 24 23 22 1 2,988 2,862 126 12,515 11,412 1,103

Tennessee................................ 1,278 1,164 114 12 8 4 1,942 1,620 322 12,358 9,993 2,365

Texas....................................... 2,761 2,468 293 18 16 2 3,925 3,239 686 19,862 18,334 1,528

Vermont.................................. 3,445 3,259 186 3 2 1 3,725 3,375 350 11,057 8,687 2,370

Virginia................................... 4,907 511 4,396 8 3 5 10,756 629 10,127 26,041 2,964 23,077

Washington............................. 935 935 1 1 1,536 1,536 4,179 4,179

West Virginia......................... 1,458 1,458 3 3 2,006 2,006 8,346 ........8,346

Wisconsin................................ 7,188 5,096 2,092 31 20 11 9,511 5,966 ........3,545 26,898 18,739 ........8,159

Wyoming................................. 202 202 1 1 2,033 2,033 3,212 3,212

1 Adjusted to December 31, 1953.

2 Excludes excess collections turned over to banks as additional purchase price at termination of liquidation.

* Number of deposit accounts. CO

CODEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
Table 118. A s s e t s a n d L i a b ilit ie s o f In s u r e d B a n k s P la c e d in R e c e iv e r s h ip a n d o f I n s u r e d B a n k s A b s o r b e d w it h 

t h e F in a n c ia l A id o f t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n , 1934-1953

a s sh o w n b y b o o k s o f b a n k a t d a t e o f c l o s in g

CO

Assets Liabilities and capital accounts

Year Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other

assets

Total Total

deposits

Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts1

Total $127,868,048 $90,339,763 $75,075,634 $245,317,986 $22,710,199 $59,563,796 $14,018,535 $634,893,961 $555,569,372 $11,715,554 $25,180,114 $38,688,611 $3,740,310

RECEP

Total

^ERSHIPS2

$22,620,382 $10,154,078 $15,946,562 $65,569,217 $5,375,616 $12,293,686 $8,330,507 $140,290,048 $107,374,564 $10,122,023 $5,896,246 $12,254,299 $4,642,916

ABSOR

Total

PTIONS

$105,247,666 $80,185,685 $59,129,072 $179,748,769 $17,334,583 $47,270,110 $5,688,028 $494,603,913 $448,194,808 $1,593,531 $19,283,868 $26,434,312 $-902,606

1935

1936

1937

1938

404,834

3,109,830

4,717,074

8,133,887

233,395

2,071,296

2,495,254

7,018,796

1,403,807

2,080,059

3,520,186

10,377,037

2,256,417

8,917,554

8,678,629

20,896,236

608,467

1,277,605

562,181

2,873,257

10,808

325,362

186,497

2,380,489

4,917,728

18,966,364

21,086,180

55,592,711

4,228,816

16,287,262

18,384,923

49,428,383

140 315,000 373,772

1,184,658

926,359

3,913,009

19,769

262,651

168,674

310,000

609,200

3,726,463

1,664,000

1,808,400

2,697,650

685,333 

21,006 

- 428,459

1939

1940

1941 

19423 

1943

27,451,442

30,227,874

3,167,243

4,159,617

1,216,987

27,929,162

17,183,076

801,273

3,547,766

2,903,771

16,266,036

17,987,527

2,835,309

2,275,392

555,383

44,289,765

60,687,428

8,178,623

7,231,137

5,142,882

4,553,388

798,028

759,861

274,331

15,459,743

22,840,095

1,014,582

1,824,586

15,844

1,049,600

458,831

197,669

354,362

34,523

137,588,630

153,938,219

16,992,727

20,152,721

6,676,573

125,038,946

136,731,549

14,990,768

17,195,146

5,897,691

679,659

157,766

57,508

584

6,103,500

7,186,655

289,000

913,400

96,000

6,381,000

8,666,162

1,111,250

1,748,200

300,000

- 614,475 

1,196,087 

544,201 

295,391 

382,882 X |U lO,i urt

1944

1945

1946

368,633

2,440,786

126,764

2,769,014

6,864,201

585,251

1,371,925

114,326

2,201,186

1,013,657

230,282

55,504

30,236

318,322

178,720

367,086

2,435,488

77,049

1,452,370

2,015,414

67,428 

4 609

32,108

83,603

425

215

156,808

1,650,788

6,391,915

351,169

6,797,738

10,360,196

1,459,091

5,695,202

316,402

200,000 -8,303

331,500 365,213

2,369 ec AQA

10,000 24,767

6,965,742

10,454,520

197,500 -365,504 1947 DO|OuU 

119 9AA 19 196 375,000 -469,324 1948

1 OyfQ 9 09^ 647,349

335,163

625,657

781,093

8,326,289

217,903

89,643

6,450

40,728

660,548

1,336,785

1,965,624

1,484,869

924,419

4,878,142

61,705

40,500

34,502

35,121

141,556

5,853

26,030

11,493

54,320

319,032

4,885,620 4,977,235 5,959 15,000 142,500 -255,074

1 OKA 4,005,118 5,466,946 200,915 9,650 114,150 -1,786,543 ±57 DU

1951

1952 1QCQ

X ,0*10,100

886,937 

552,710 

a asp;

3,049,908

2,388,391

18,811,217

3,408,095

3,006,036

18,262,055

8,659

8,908

22,339

85,000 -451,846

62,000 -688,553

25,000 225,000 276,823 l«/Do

1 Includes surplus, undivided profits, and reserve funds minus deficit, if any, as shown by books. Minus (-) indicates net deficit. 

a No insured bank has been placed in receivership since 1944. For data by years see the Annual Report of the Corporation for 1950, p. zoO. 

* Revised.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
Table 119. N am e, L o c a t io n , F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n D is b u r s e m e n t, a n d A s s e t s a n d L ia b ilit ie s o f 

I n s u r e d B a n k s A b s o r b e d w it h t h e F in a n c ia l A id o f t h e C o r p o r a t io n D u r in g 1953

Case

number

Number of 

accounts1

Disbursement

Name and location Class of bank

Date Amount2

Absorbing bank

176 Mayfield State Bank, 

Mayfield, Pennsylvania

State bank not 

member F. R. System

2,380 February 13, 1953 $180,063 The First National Bank of 

Carbondale,

Carbondale, Pennsylvania

177 First State Bank of Elmwood Park, 

Elmwood Park, Illinois

State bank not 

member F. R. System

22,089 May 26, 1953 4,858,968 Bank of Elmwood Park, 

Elmwood Park, Illinois

Case

number

Assets

Cash and 

due from 

banks

U. S. Government 

obligations

Other

securities

Loans,

discounts,

and

overdrafts

Banking 

house, 

furniture & 

fixtures

Other

real

estate

Other Total

Liabilities and capital accounts

Deposits3 Other

liabilities

R. F. C.

capital

Private

capital

stock

Other

capital

accounts4

176

177

$105,370

4,380,280

$322,069

8,004,220

$405,558

254,990

$498,547

4,379,595

$18,500

123,056

$4,804

314,228

$1,354,848

17,456,369

$1,305,034

16,957,147

$12,482

52,394

$25,000 $25,000

200,000

$ - 12,668

246,828

1 Number of accounts as of December 31, 1953, from books of FDIC.

2 As of December 31, 1953; does not include preliminary and field liquidation expense or advances for the protection of assets incident to the transaction.

3 As determined by FDIC agents after adjustment of books of bank for liabilities discovered subsequent to closing as of December 31, 1953.

* Includes surplus, undivided profits, and reserve funds minus deficit, if any, after adjustment for liabilities discovered subsequent to closing.

CO

Oi DEPOSIT INSURANCE DISBURSEMENTS

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Federal Reserve Bank of St. Louis
T a b le 1 20. R e c o v e r i e s a n d L o s s e s b y t h e F e d e r a l D e p o s it I n s u r a n c e C o r p o r a t io n in C o n n e c t io n w it h 

I n s u r e d B a n k s F in a n c ia lly A id ed b y t h e C o r p o r a t io n , 1934-1953 

AS SHOWN BY BOOKS OF FDIC, DECEMBER 31, 1953 

(Amounts in thousands of dollars)

Liquidation status 

and year of 

receivership or 

absorption

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

Status

Active........

Terminated

Year

193 4 

193 5 

193 6 

193 7 

193 8 

193 9 

194 0 

194 1 

194 2 

194 3 

194 4 

194 5 

194 6 

194 7

194 8 

194 9 

195 0 

195 1 

195 2 

195 3 

All banks

Number

of

banks

422

9

413

FDIC

disbursement

281,112

11,807

269,305

941

8,890

14,781

19,160

30,479

67,771

74,134

23,880

10,825

7,172

1,503

1,768

265

1,724

2,990

2,552

3,985

1,885

1,368

5,039

Recoveries

to

December 

31, 1953

251,831

8,123

243,708

734

6,160

12,370

15,607

28,047

60,555

69,947

23,269

10,139

7,048

1,463

1,768

265

1,421

2,331

2,173

2,467

1,698

440

3,929

Estimated

additional

recoveries

1,332

1,332

229

83

85

125

810

27,949

2,352

25,597

207

2,730

2,411

3,553

2,432

7,216

4,187

611

686

124

40

74

659

379

1,435

102

803

300

Receiverships

Number

of

banks

245

245

FDIC

disbursement

87,044

87,044

941

6,025

8,056

12,044

9,092

26,197

4,895

12,278

1,612

5,500

404

Recoveries

72,866

72,866

734

4,274

6,596

9,517

7,908

20,399

4,313

12,065

1,320

5,376

364

Losses

14,178

14,178

207

1,751

1,460

2,527

1,184

5,798

582

213

292

124

40

Absorptions

Number

of

banks

177

168

1

27 

25 

24

28 

24

7

14

1

1

1

1

5

3

4 

4 

2

3 

2

FDIC

disbursement2

194,068

11,807

182,261

2,865

6,725

7,116

21,387

41,574

69,239

11,602

9,213

1,672

1,099

1,768

265

1,724

2,990

2,552

3,985

1,885

1,368

5,039

Recoveries

to

December 

31, 1953

178,965

8,123

170,842

1,886

5,774

6,090

20,139

40,156

65,634

11,204

8,819

1,672

1,099

1,768

265

1,421

2,331

2,173

2,467

1,698

440

3,929

Estimated

additional

recoveries

1.332

1.332

229

83

85

125

810

13,771

2,352

11,419

979

951

1,026

1,248

1,418

3,605

74

659

379

1,435

102

803

300

i Losses in the cases in which the disbursement by the Corporation was not paid in full, including estimated losses in active absorption cases. Excludes interest or allowable return 

in cases in which the disbursement by the Corporation was fully recovered. Also excludes gains or losses on assets purchased by the Corporation from liquidations.

* Excludes excess collections turned over to banks as additional purchase price at termination of liquidations.

FEDERAL DEPOSIT INSURANCE CORPORATION

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Federal Reserve Bank of St. Louis
INDEX

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Federal Reserve Bank of St. Louis
I ndex

Page

Absorptions:

Applications to permit.................................................................................................... 9-10

Of insured banks with financial aid of the Corporation. See Banks in

financial difficulties.

Of operating banks, 1953.............................................................................................4, 80-81

Under State systems of bank-obligation insurance, 1829-1866. See State

systems of bank-obligation insurance, 1829-1866, Methods used

to protect bank creditors.

Admission of banks to insurance:

Applications for. 4 ........................................................................................................... 9-10

Mutual savings banks admitted, 1953....................................................................... 31

Number of banks admitted, by class of bank, 1953............................................. 80-81

Areas outside continental United States, banks and branches located in:

Assets and liabilities, December 31, 1953................................................................. 98-99

Deposits, December 31, 1953............................................................................ 90-91, 98-99

Earnings, expenses, profits, and dividends, 1953.................................................118-119

Number, December 31, 1953............................................................................ 82, 89, 90-91

American Institute of Banking........................................................................................... 15

Applications from banks........................................................................................................ 9-10

Assessments for deposit insurance. See Federal Deposit Insurance Corporation;

State systems of bank-obligation insurance, 1829-1866.

Assets and liabilities of closed banks. See Banks in financial difficulties.

Assets, liabilities, and capital of operating banks (see also Deposits):

All banks:

Amount and changes in, by type, 1953.............................................................. 25-29

By FDIC district and State, December 31, 1953............................................ 98-99

In banks grouped according to insurance status and type of bank,

June 30 and December 31, 1953..................................................................... 94-97

Percentage changes, half-years and years, 1947-1953.................................... 27-28

Percentage distribution, December 31, 1953..................................................... 28-29

Commercial banks, June 30 and December 31, 1953............................................ 94-97

Insured banks, December 31, 1952, June 30 and December 31, 19 53 ... .100-103

Insured commercial banks:

Amount, December 31, 1952, June 30 and December 31, 1953................

..................................................................................................... 29-30, 94-97, 100-103

Major categories, average for year, 1945-1953................................................. 107

Major categories, 1953, by class or size of bank...........................................I ll, 115

Major categories, 1953, by State........................................... 119, 121, 123, 125, 127

Percentage distributions.............................................................................. 109, 113, 117

Insured mutual savings banks:

Amount, December 31, 1952, June 30 and December 31, 1953. .31-32, 100-103

Major categories, average for 1953......................................................................41, 128

Percentage distributions..........................................................................................32, 129

Mutual savings banks, June 30 and December 31, 1953.................................... 94-97

Noninsured banks, June 30 and December 31, 1953............................................ 94-97

Sources of data............................................................................................................. 12-13, 93

Assets and liabilities of the Federal Deposit Insurance Corporation.. 6, 16-17, 20-22

Assets pledged to secure bank obligations...................................................................... 103

Assets purchased by the Federal Deposit Insurance Corporation from banks

in financial difficulties. See Banks in financial difficulties.

Audits of the Federal Deposit Insurance Corporation...............................................20-22

139

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140 FEDERAL DEPOSIT INSURANCE CORPORATION

Page

Bad-debt reserves. See Valuation reserves.

Bank supervision. See Supervision of banks; Examination of insured banks;

State systems of bank-obligation insurance, 1829-1866.

Banking offices, number of. See Number of operating banks and branches.

Banking practices. See Unsafe and unsound banking practices.

Banks, applications from, acted on by the Federal Deposit Insurance

Corporation............................................................................................................ 9

Banks in financial difficulties:

Absorptions of insured banks with financial aid of the Corporation:

Assets and liabilities at date of absorption, by years, 1934-1953.............. 134

Assets and liabilities of 1953 absorptions, December 31, 1953................... 135

Banks cited for unsafe and unsound practices................................................. 11-12

Deposits protected..........................................................................................7-8, 132-135

Disbursements by the Corporation........................................ 7-8, 132-133, 135-136

Loans made and assets purchased by Corporation...........................7-8, 16, 20-21

Losses incurred by Corporation.........................................................8, 17, 19, 22, 136

Name and location of banks absorbed, 1953........ ............................................ <135w

Number of banks.............................................................................. 8, 132-133, 135-136

Number of deposit accounts...................................................................8, 132-133, 135

Recoveries by the Corporation on assets acquired.................. ...................... 8, 136

Receivership, insured banks placed in:

Assets and liabilities of, at dates of suspension, 1934-1953......................... 134

Deposits, 1934-1953............................................................................................8, 132-134

Disbursements by the Corporation..................................................... 8, 132-133, 136

Losses by the Corporation on disbursements................................................... 8, 136

Number of banks.......................................................................................8, 132-133, 136

Recoveries by the Corporation on disbursements........................................... 8, 136

Sources of data................................................................................................................... 131

Suspensions:

Insured banks (reopened without Federal Deposit Insurance Corporation

aid)............................................................................................................................ 80

Noninsured banks.......................................................... ........................................80, 131

Under State systems of bank-obligation insurance, 1829-1866. See State

systems of bank-obligation insurance, 1829-1866.

Banks, number of. See Number of operating banks and branches.

Banks operating branches. See Number of operating banks and branches.

BoardJof Directors of the Federal Deposit Insurance Corporation. See Federal

Deposit Insurance Corporation.

Board of Governors of the Federal Reserve System............................................10, 93, 105

Borrowing power. See Federal Deposit Insurance Corporation; State systems

of bank-obligation insurance, 1829-1866.

Branches (see also Number of operating banks and branches):

Establishment approved by Federal Deposit Insurance Corporation, 1953. . 9-10

Increase during 1953, insured banks.......................................................................... 4

Legislation, State............................................................................................................... 71

Business and personal deposits. See Deposits (items referring to type of

account).

Call reports. See Assets, liabilities, and capital of operating banks; Reports

from banks.

Capital of banks. See Assets, liabilities, and capital of operating banks; Banks

in financial difficulties; Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Charge-offs by banks. See Earnings and expenses of insured mutual savings

banks; Valuation reserves.

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Federal Reserve Bank of St. Louis
INDEX 141

Class of bank, banking data presented by:

Admissions to and terminations of insurance.......................................................... 80-81

Assets and liabilities of operating banks................................................................... 94-97

Banks absorbed with financial aid of the Corporation, 1953............................. 135

Deposits....................................................................................................................90-91, 94, 97

Earnings of insured commercial banks, 1953........................................................ 110-113

Insured banks financially aided by the Corporation, 1934-1953....................... 132

Number of banks and banking offices, 1953............................................................ 80-91

Ratios of earnings of insured commercial banks, 1953...................................... 112-113

Classification of banks........................................................................................................... 78-79

Closed banks. See Banks in financial difficulties.

Commercial banks. See Assets, liabilities, and capital of operating banks;

Deposits; Earnings and expenses of insured commercial banks;

Number of operating banks and branches.

Commodity Credit Corporation......................................................................................... 26

Comptroller General of the United States...................................................................... 20

Comptroller of the Currency........................................................iv-v, 10, 13-14, 93, 105

Consolidations. See Absorptions.

Coverage of deposit insurance:

Banks participating........................................................................................... 4-5, 31, 80-91

Protection of individual depositors............................................................................. 3-4

Credit, bank. See Assets, liabilities, and capital of operating banks.

Demand deposits. See Assets, liabilities, and capital of operating banks; Deposits (items referring to type of account).

Deposit insurance fund.....................................................................................5-7, 16-17, 20-22

Deposits:

All banks:

By insurance status of bank and type of account, December 31, 1953. . 97

By insurance status of bank and type of account, June 30, 1953............. 95

By type of account in each State and FDIC district, December 31,1953. . 98-99

By type of bank in each State and FDIC district, December 31, 1953.. 90-91

Developments in 1953............................................................................................... 25-29

Growth rates, 1947-1953.......................................................................................... 27-28

All insured banks:

By type of account, December 31, 1953............................................................ 97

By type of account, December 31, 1952, June 30 and December 31, 1953 102

By type of account, June 30, 1953....................................................................... 95

Ratios of deposit insurance fund to ..................................................................... 6-7

Commercial banks:

By FDIC district and State, December 31, 1953............................................ 90-91

By type of account, December 31, 1953............................................................ 97

By type of account, June 30, 1953....................................................................... 95

Insured banks placed in receivership or absorbed with financial aid of the

Corporation. See Banks in financial difficulties.

Insured commercial banks, by type of account, December 31, 1952, June 30

and December 31, 1953..............................................................................29-30, 102

Insured mutual savings banks:

By FDIC district and State, December 31, 1953............................................ 90-91

By type of account, December 31, 1952, June 30 and December 31, 1953

31-32 102

Interest on...................................................................................... 33-35, 38-40, 42, 106-129

Mutual savings banks:

By FDIC district and State, December 31, 1953............................................ 90-91

By type of account, December 31, 1953............................................................ 97

By type of account, June 30, 1953....................................................................... 95

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

Page

Deposits:— Continued

Noninsured banks:

By FDIC district and State, December 31, 1953............................................ 90-91

By type of account and type of bank, December 31, 1953.......................... 97

By type of account and type of bank, June 30, 1953.................................... 95

Sources of data................................................................................................................... 93

State legislation.................................................................................................................. 72

Directors of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation.

Disbursements. See Banks in financial difficulties; State systems of bankobligation insurance, 1829-1866.

Dividends:

To depositors in insured mutual savings banks.............................38-40, 42, 128-129

To stockholders of operating insured commercial banks. See Earnings and

expenses of insured commercial banks.

Earnings and expenses of insured commercial banks:

Amounts of principal components:

Annually, 1945-1953................................................................................................106-107

By class of bank, 1953............................................................................................110-111

By size of bank, 1953..............................................................................................114-115

By State, 1953...........................................................................................................118-127

Charge-offs, recoveries, and changes in valuation reserves................................. 37-38

Income, sources and disposition of total, 1952-1953........................................... 33-35

Rate of income on assets............................................35-36, 108-109, 112-113, 116-117

Rate of net profit on total capital accounts, by State, 1953.............................. 34

Ratios of earnings items:

Annually, 1945-1953................................................................................................108-109

By class of bank, 1953............................................................................................112-113

By size of bank, 1953..............................................................................................116-117

Sources of data................................................................................................................... 105

Earnings and expenses of insured mutual savings banks:

Amounts of principal components, 1953................................................................... 128

Income, sources and disposition of total, 1952-1953............................................. 38-40

Rates of income on assets................................................. ..................................... 40-42, 129

Ratios of earnings items.................................................................................................. 129

Sources of data................................................................................................................... 105

Educational program for bank examiners. See Federal Deposit Insurance

Corporation.

Employees:

Federal Deposit Insurance Corporation...............................................................13-15, 22

Insured commercial banks:

Number and compensation, 1945-1953............................................................ 106-107

Number and compensation, by class of bank, bv size of bank, and by

State, 1 9 5 3 .............................................................“ . .110-111, 114-115, 118-127

Insured mutual savings banks, number and compensation, 1953................ 128

Examination of insured banks:

Banks examined by the Federal Deposit Insurance Corporation, 1953......... 10-11

Examination staff......................................................................................................... vi, 14-15

Expenses of banks. See Earnings and expenses of insured commercial banks;

Earnings and expenses of insured mutual savings banks.

Expenses of the Corporation. See Federal Deposit Insurance Corporation,

income and expenses.

Failures. See Banks in financial difficulties.

Federal bank supervisory authorities........... 10-13

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Federal Deposit Insurance Act......................................................................... 7, 11, 18, 20, 22

Federal Deposit Insurance Corporation:

Assessments on insured banks...............................................................................5-6, 16-22

Assets and liabilities........................................................................................ 6, 16-17, 20-21

Audit..................................................................................................................................... 20-22

Banks examined by, and submitting reports to..................................................... 10-13

Board of Directors, actions on applications and banking practices...........9-10, 11

Borrowing power............................................................................................................... 7, 22

Capital stock...................................................................................................................... 5,16

Deposit insurance fund (surplus)............................................................5-7, 16-17, 20-22

Directors (members of the Board).....................................................................iv-v, 13-14

Disbursements for protection of depositors. See Banks in financial difficulties.

Districts...........................................................................................................................vi-vii, 14

Divisions.............................................................................................................................. iv, 14

Educational program for bank examiners................................................................ 15

Employees........................................................................................................................... 14-15

Examination of banks. See Examination of insured banks.

Expenses. See Income and expenses.

Financial statements........................................................................................................ 16-22

Income and expenses.........................................................................................5-6, 17-20, 22

Insured banks receiving financial aid from. See Banks in financial difficulties.

Liabilities................................................................................................................. 16-17, 20-21

Loans to and purchase of assets from insured banks. See Banks in financial

difficulties.

Losses incurred, 1934-1953. See Banks in financial difficulties.

Methods of protecting depositors. See Banks in financial difficulties.

Organization and staff...........................................................................................iv-vi, 13-15

Payments to insured depositors. See Banks in financial difficulties.

Protection of depositors. See Banks in financial difficulties.

Recoveries. See Banks in financial difficulties.

Reports from banks.......................................................................................................... 12-13

Reserve for losses on assets acquired......................................................................... 16, 21

Retirement of capital stock of the Corporation..................................................... 5, 16

Rules and regulations...................................................................................................... 71

Supervisory activities...................................................................................................... 9-13

Federal Deposit Insurance Corporation districts, banking data classified by:

Assets and liabilities of all banks, December 31, 1953......................................... 98

Number and deposits of banks, by type of bank, December 31, 1953........... 90

Federal Reserve System. See Board of Governors of the Federal Reserve

System.

‘ ‘Free banking” ...................................................................................................................46, 49, 55

General Accounting Office.................................................................................................. 21

Government deposits. See Deposits (items referring to type of account).

History of State systems of bank-obligation insurance, 1829-1866. See State

systems of bank-obligation insurance, 1829-1866.

Income of insured banks. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Income of the Federal Deposit Insurance Corporation. See Federal Deposit

Insurance Corporation.

Insolvent banks. See Banks in financial difficulties.

Insurance of bank obligations prior to Federal Deposit Insurance. See State

systems of bank-obligation insurance, 1829-1866.

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Insurance status, banks classified by:

Assets and liabilities, June 30 and December 31, 1953.........................94-97, 100-103

Changes in number, 1953............................................................................................... 80-81

Deposits, June 30 and December 31, 1953.................................................. 90-91, 95, 97

Number, December 31, 1953......................................................................................... 82-91

Percentage of banks insured, by State, December 31, 1953...................... 4-5, 82-89

Insured banks. See Assets, liabilities, and capital of operating banks; Banks

in financial difficulties; Deposits; Earnings and expenses of insured

commercial banks; Earnings and expenses of insured mutual savings

banks; Number of operating banks and branches.

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.

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 Earnings and expenses of insured commercial banks; Earnings

and expenses of insured mutual savings banks.

Internal Revenue Code..................................................................................................37, 93, 105

Investments. See Assets, liabilities, and capital of operating banks; Assets and

liabilities of the Federal Deposit Insurance Corporation; Banks in

financial difficulties.

Law, violations of by insured banks. See Unsafe and unsound banking practices.

Legislation relating to deposit insurance and banking:

Federal, enacted in 1953................................................................................................. 13, 71

State, enacted in 1953................................................................................................13, 71-75

Loans. See Assets, liabilities, and capital of operating banks; Banks in financial

difficulties.

Losses:

Of banks, charged off. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Of the Federal Deposit Insurance Corporation. See Federal Deposit Insurance Corporation.

Provision for, in banks....................................................................................37-38, 105-129

Mergers. See Absorptions.

Methods of tabulating banking data:

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

Deposit insurance disbursements................................................................................. 131

Earnings, expenses, and dividends of insured banks............................................. 105

Number, offices, and deposits of operating banks................................................. 78-79

Mutual savings banks. See Assets, liabilities, and capital of operating banks;

Deposits; Earnings and expenses of insured mutual savings banks;

Number of operating banks and branches.

National banks. See Class of bank, banking data presented by.

Net assessment income credits. See Federal Deposit Insurance Corporation,

Assessments on insured banks.

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Net earnings of insured commercial banks. See Earnings and expenses of

insured commercial banks.

Net profits of insured commercial banks. See Earnings and expenses of insured

commercial banks.

New banks. See Number of operating banks and branches.

Noninsured banks. See Absorptions; Admission of banks to insurance; Assets,

liabilities, and capital of operating banks; Class of bank, banking

data presented by; Deposits; Number of operating banks and

branches.

Number of operating banks and branches:

Banking offices (banks and branches):

By insurance status, type of bank, and State, December 31, 1953........... 82-89

Changes during 1953................................................................................................. 4, 81

Banks:

By insurance status and type of bank, December 31, 1953..................... 4, 80, 97

By insurance status and type of bank, June 30, 1953................................... 95

By insurance status, type of bank, and State, December 31, 1953.......... 82-89

By insurance status, type of bank, FDIC district and State, December

31, 1953................................................................................................................... 90-91

Changes during 1953, by insurance status and type of bank...................... 80

Banks operating branches, by insurance status and State, December 31, 1953 82-89

Branches:

By insurance status, type of bank, and State, December 31, 1953........... 82-89

Changes during 1953, by insurance status and type of bank...................... 81

Insured banks, December 31, 1952, June 30 and December 31, 1953............ 103

Insured commercial banks:

December 31, 1945-1953.......................................................................................... 107

December 31, 1953, by class, and operating throughout the year........... I l l

December 31, 1953, by size of bank.................................................................... 115

Unit banks, by insurance status and State, December 31, 1953.................... 82-89

Obligations of banks. See Assets, liabilities, and capital of operating banks;

Deposits; State systems of bank-obligation insurance, 1829-1866.

Officers of the Federal Deposit Insurance Corporation................................. v-vi, 13-14

Officers of insured banks. See Employees.

Operating banks. See Number of operating banks and branches.

Payments to depositors in closed insured banks. See Banks in financial

difficulties.

Personnel. See Employees.

Possessions, banks and branches located in. See Areas outside continental

United States, banks and branches located in.

Profits. See Earnings and expenses of insured commercial banks.

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 Earnings and expenses of insured commercial banks; Earnings and expenses of insured mutual savings

banks.

By the Corporation on disbursements. See Banks in financial difficulties.

Under State systems of bank-obligation insurance, 1829-1866. See State

systems of bank-obligation insurance, 1829-1866.

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Reports from banks................................................................................................................. 12-13

Reserves:

Of Federal Deposit Insurance Corporation, for losses on assets acquired.. 16-21

Of insured banks for losses on assets. See Valuation reserves.

With Federal Reserve banks. See Assets, liabilities, and capital of operating

banks.

Salaries and wages:

Federal Deposit Insurance Corporation.................................................................... 18

Insured banks. See Earnings and expenses of insured commercial banks;

Earnings and expenses of insured mutual savings banks.

Savings and time deposits. See Deposits (items referring to type of account).

Securities. See Assets, liabilities, and capital of /operating banks; Assets and

liabilities of the Federal Deposit Insurance Corporation; Banks in

financial difficulties.

Size of banks, data for banks classified by amount of deposits:

Assets and liabilities, insured commercial banks operating throughout

1953....................................................................................................................... 115, 117

Banks receiving financialfaid from the Corporation, 1934-1953....................... 132

Disbursements for protection of depositors, 1934-1953....................................... 132

Earnings data of insured commercial banks, 1953..............................................114-115

Earnings ratios of insured commercial banks, 1953............................................116-117

Number of employees of insured commercial banks operating throughout

1953.......................................................................................................................... 115

Number of insured commercial banks operating throughout 1953............... 115, 117

State bank supervisory authorities:

Data obtained from.....................................................................................................12-13, 93

State legislation regarding..................................................... ........................................ 71

State, banking data classified by:

Assets and liabilities of operating banks, December 31, 1953........................... 98-99

Deposits of operating banks, December 31, 1953.................................................. 90-91

Disbursements, deposits, and depositors in insured banks financially aided

by the Corporation, 1934-1953....................................................................... 133

Earnings and expenses of insured commercial banks, 1953............................. 118-127

Net profits after taxes as a proportion of total capital accounts, 1953........... 34

Number of operating banks and branches, December 31, 1953, by class of

bank and type of office...................................................................................... 82-89

Number of operating banks, December 31, 1953, by class................................. 90-91

Percentage change in total assets, all banks, 1953................................................ 25

Proportion of banks insured, December 31, 1953...........................................4-5, 82-89

State banking legislation enacted in 1953.................................................................. 13, 71-75

State banks members of the Federal Reserve System. See Class of bank, banking

data presented by.

State banks not members of the Federal Reserve System. See Class of bank,

banking data presented by.

State systems of bank-obligation insurance, 1829-1866:

Appraisal...........................................................................................................45, 53-55, 57-59

Assessments.............................................................................................................45, 52, 55-58

Banks in financial difficulties...................................................................................47-50, 53

Borrowing power...................................................................................................50-51, 54, 57

Character............................................................................................................................. 45-46

Depression, effect of.............................................................................................49, 55, 58-59

Disbursements to protect bank creditors.............................................................53-54, 56

Federal deposit insurance, similarities to ..................................................... 49, 51-52, 56

“Free banking,” effect of..........................................................................................46, 49, 55

Future studies............................................................................ ........................................45, 59

Insurance funds...............................................................................................55-57, 59, 66-67

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State systems of bank-obligation insurance:— Continued

Liquidation of assets........................................................................................................ 57-58

Methods used to protect bank creditors................................................................... 49-54

Number of banks.................................................................................................. 47-50, 59-61

Obligations of banks..................................................................................... 47-48, 59, 62-65

Periods of operation................ ........................................................................................ 47

Recoveries of funds disbursed...................................................................................... 50, 53

States adopting.................................................................................................................. 45-46

Supervision of participating banks..............................................................................55, 59

Stockholders of banks, net profits available for. See Earnings and expenses of

insured commercial banks.

Summary of this report......................................................................................................... xvii

Supervision of banks (see also Examination of insured banks):

By the Federal Deposit Insurance Corporation................................................... vi, 9-13

State legislation, 1953...................................................................................................... 71

Under State systems of bank-obligation insurance, 1829-1866. See State

systems of bank-obligation insurance, 1829-1866.

Suspensions. See Banks in financial difficulties.

Taxes paid by insured banks. See Earnings and expenses of insured commercial

banks; Earnings and expenses of insured mutual savings banks.

Terminations of insurance for unsafe and unsound practices................................. 11-13

Time and savings deposits. See Deposits (items referring to type of account).

Trust companies:

Classification o f................................................................................................................. 78-79

Noninsured, not engaged in deposit banking..........................................4, 80-91, 94-97

State legislation................................................................................................................. 74

Trust powers, applications for............................................................................................. 9-10

Unit banks. See Number of operating banks and branches.

United States Department of Labor................................................................................. 15

United States Treasury Department, Commissioner of Internal Revenue,

ruling on reserves for bad-debt losses on loans..................................37, 93, 105

Unsafe and unsound banking practices............................................................................ 11-13

Valuation reserves:

Amounts held, December 31, 1953............................................................37, 94, 96, 101

Changes in, 1953....................................................... ....................................... 37-38, 106-129

Commissioner of Internal Revenue, ruling on.................................................37, 93; 105

Violations of law or regulations, banks charged with. See Unsafe and unsound

banking practices.

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