Imperial Valley press., 1933-07-20

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LIABILITIES
Capital (). 5. $54,OOo,OOO.O0
Surplus b). >. 36,6OO,OOO.OO
Undivided Profits (0 1881, ,7s4.21
The amounts opposite these three items represent
monies belonging 10 thc.stockholders of our bank;
(a) in the form of original capital investment,
(b) surplus that they have with the bank as
added protection for depositors in the banks op-
erations; (c) undivided profits, which they have
accumulated and not Withdrawn, but left with the
bank for use in conducting its business and as
added protection for depostors.
Reserves S0,Z3l ,3S9.45
This represents money which the Board of Dircc-
tors has set aside, out of stockholders funds for
Taxes, Contingencies, and to provide for possible
losses loans and shrinkage in the value of
bonds or other real estate, or for any other loss
not provided for out of current income. This sum
is an additional guarantee to depositprs.
Reserve for Quarterly
Dividend Payable
July 1, 1888 $775,0O0.O0
The Dividends recently declared were at the an
nial rate of $3,100,0oO thus resuming regular
payments which were made on uninterrupted
basis for the 27 years Of the Banks existence pre-
ceding October !, 1881.
Circulation $45, SOC, 10000
The amount opposite this item shows national
bank notes issued by Bank of America and now
in circulation. They are backed by government
bonds which our bank has deposited with the
Treasury of the United States plus $50 redemp-
tion fund. Bank of America pays for the printing
of these notes, plus W OF one per cent tax per
annum for the privilege of issuing them.
Tbiy item yet,s5eas Bank Of Ameyieas policy Of
yboiebea,te2 working to help CalJouia,by keep
ine as mNeb money as possible in circulation.
Bills Payable and Rediscounts None
The major high light revealed by the Statement is
the entire Eapidafion of the Banks borrowings.
which were S146,455, 900 when the present man.
agement assumed control.
As NE examine fbe Statement today, we find ibat
in fbe sbon period Of about sixteen month";. tbs
entire DEBT has been paid.
Liabilities for Letters of Credit
and as Aceeptoh Endorser or
Maker on ACceptances and For
eign Bills $10,37S,102.1
This represents letters of credit, aeceptances and
endorsed bills issued TO facilitate the export and
import, transportation and storage OF commod-
ities and is secured by collateral or customers
guarantee.
Commercial
Deposits $1S1 ,246, ,346.34
This represents commercial deposits of our Gus
toners (demand deposits) placed with our bank
by corporations, firms and individuals. This money
is usually deposited in checking accounts to meet
commercial requirements and is subject TO pay
nent on demand as authorized by the deposition.
Savings
Deposits $3.50, ,167, ,263.27
This represents savings deposits (time deposits)
which are usually PLACED with our bank by IN
dividuals for extended periods of time. Expe-
rienee shows that these deposits subject 10
very infrequent Withdrawals.
Bank of America has the largest number OF saw
ings depositors of any bank in the United States.
This enormous fund of savings entrusted to US BY
tremendous list of depositors is an unusual fac
tor of safety to every depostor due TO the per-
manenee Of savings deposits.
TOTAL DEPOSITS
COMMERCIAL & SAvINGS)
$767,413,6O9.6