The Durant news. (Durant, Miss.) 1882-1985, 1951-02-22
Holmes County Bank S
Deposits Now Insured
Up To $4,000


Doubled By FDIC
w. R. Ellis Announces
W. r. Ellis, ST., president of
the Holmes County Bank and
Trust Company, today announced
receipt from the Federal Deposit
Insurance Corporation, Washing
ton, d. c. of new certificate
of membership giving effect to
the recent increase in insurance
coverage to $4,000. The Holmes
County Bank and Trust Com
pany has been a member of FDIC
since 1888.
Mr.. Ellis pointed out that this
insurance does not cost deposit
ors of the bank a single penny
The surplus of Federal Deposit
Insurance Corporation whic h
exceeds $l,300,000,0O0, in add
ton to all deposit insurance loss
es and operating expenses of the
Corporation has been paid in by
the 1860 insured banks of the
Nation in the form of annua
assessments based on their total
deposits.
Under the leadership of its
Chairman, Maple T. Harl, ant
his predecessors" Mr.. Ellis said.
"the FDIC has made a great con-
tribution to the soundness and
solvency of our banking system
and to the safety and security of
bank depositors. IT has been
seven years since any depositor
of an insured bank suffered a
loss, a new record for depositor
safety in this Nation.
"This is in sharp contrast even
to the synthetically prosperous
days of early 1929 when the State
Bank Division of the American
B an kers Association reported
with pride that: All told there
were IA States in which there
were no bank failures at all re-
ported in the 1923 period, nine of
these also having clean record
in this respect for two or more
years. The states with the clean
1928 record were Alabama, Ari-
IONA, Connecticut, Delaware, Dis
trict of Columbia, Maine. Massa-
chusetts, Nevada, New Hamp
shire, New Jersey, New Mexico,
r h d Island. Vermont and,
Washington. In the four states
of New York, Utah. Virginia and
Wyoming where the count re-
the same the year before, the
numbers of failures were small,
there being only one in New
York and Wyoming each. two in
Utah and three in Virginia"
A letter from FDIC Chairman
Harl accompanied the certificate.
1t read in part:
This certificate can be dis
played in your banking rooms
with pride in the accomplish
ments Of Corporation in which
you and $4,000 other banking in
situations are banded together for
the protection of your depositors'
funds.
Each bank can take great
share of the credit for the fact
that nearly seven years have
passed since an insured bank was
placed in receivership. Improved
bank management coupled with
diligent bank supervision, plus
Federal deposit insurance have
brought to our nation an era free
from the specter of losses to de-
positors and eliminated the dread
of and the devastating results
from bank runs.
This Corporation has made an
outstanding contribution to this
marvellous record, furthermore,
h S accumulated surplus o f
nearly one and a half billion dol
lars as additional protection a
gainst any and all future contin-
gencies which might in any way
affect the solvency and stability
Of the dual banking system. In
addition thereto recent legislation
enacted at the request of the
Directors of this Corporation has
materially simplifie the assess
ment reporting procedure for all
insured banks, likewise has pro
vided a substantial reduction in
the amount of their annual out
lay.
I'VE are proud of the accom-
plishments and achievements of
the American banking system,
and by the same token we hope
that you take justifiable pride in
the record achieved by your
FDIC since its inception" Mr.
Harris letter concluded
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