Annual Report of the Comptroller of the Currency

100th ANNUAL REPORT OF THE

COMPTROLLER OF THE CURRENCY

1962

Washington: 1963

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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ContentsTitle of Section Page

Letter of Transmittal iTables iii

1. State of the National Banking System 12. Asset Structure 23. Capital Accounts 44. Deposits 55. Advisory Committee to the Comptroller of the Currency 66. New Charters 77. Branching 98. Mergers 119. Income and Expenses of National Banks 12

10. Reports From Banks 1411. Fiduciary Activities of National Banks 1412. Litigation 1513. Examinations 1914. Issue and Redemption of Currency 2015. Organization and Staff 2016. Training 2117. Income and Expenses of the Office of the Comptroller of the

Currency 22Appendix A, Merger Decisions 23Appendix B, Statistical Tables 159Index 379

TABLES

Table Title of Table Page

1 Number of commercial banks and banking offices, and totalassets, by type of bank, end of 1961 and 1962, and percentchange 1961-62 1

2 Total assets of commercial banks, mutual savings banks, savingsand loan associations, and credit unions: end of December1960, 1961, and 1962, and percent change 1961-62 1

3 Assets and liabilities of national banks on December 30, 1961;March 26, 1962; June 30, 1962; September 28, 1962; andDecember 28, 1962; and percent change December 1961 toDecember 1962 2-3

4 Percent distribution of assets, and liabilities, of national banks,end of 1959, 1960, 1961, and 1962 4

5 Charters, liquidations, and capital stock changes of nationalbanks, calendar 1962 5

6 Demand and time deposits: dollar amount, percent distribu-tion, by type of bank, end of selected years 6—7


Table Title of Table Page

7 Applications for new national bank charters, approved and re-jected, calendar 1962, by States 8

8 National bank charters issued in 1962 with total capital ac-counts, by States 8

9 Summary of applications for new national bank charters re-ceived, approved, rejected, and abandoned, and chartersissued, calendar 1962 8

10 Applications for national bank charters, status as of December31, 1962 9

11 De novo branch applications of national banks, by States, cal-endar 1962: received, approved, rejected, abandoned, andpending as of December 31, 1962 9

12 Branches authorized in 1962, by population of area and size ofsponsoring bank 10

13 Branches of national banks: opened for business, discontinuedor consolidated during 1962, and branches in operation De-cember 31, 1961 and 1962 10

14 Consolidations, mergers, and absorptions involving nationalbanks, calendar 1962 11

15 Consolidations, mergers, and absorptions involving nationalbanks, 1950-62, inclusive 11

16 Conversions of national banks, by number of banks, type ofconversion, and total resources, calendar 1962 11

17 Conversions of national banks, by number of banks, type ofconversion, and total resources, 1950-62, inclusive 12

18 Current operating revenue, and expenses, and dividends of na-tional banks, end of 1961 and 1962, and dollar and percentchanges 1961-62 12-13


APPENDIX A

Merger Decisions, 1962 1

I. ApprovalsPage

The First National Bank of Juneau, Juneau, Alaska,purchased by The First National Bank of Anchorage,Anchorage, Alaska 23

The Summerville Bank, Summerville, S.C., merged withThe First National Bank of South Carolina of Columbia,Columbia, S.C 24

Farmers & Merchants Bank of Linesville, Linesville, Pa.,purchased by The Merchants National Bank &Trust Co. of Meadville, Meadville, Pa 25

The Livingston Manor National Bank, LivingstonManor, N.Y., consolidated with The Sullivan CountyNational Bank of Liberty, Liberty, N. Y 26

West End Bank, Pittsburgh, Pa., consolidated withWestern Pennsylvania National Bank, McKeesport,McKeesport, Pa 26

The Bridgeville National Bank, Bridgeville, Pa., con-solidated with The Union National Bank of Pittsburgh,Pittsburgh, Pa 27

The First National Bank of Exeter, Exeter, Pa., pur-chased by The Wyoming National Bank of Wilkes-Barre, Wilkes-Barre, Pa 28

State Savings Bank of Carleton, Carleton, Mich.,merged with Manufacturers National Bank of Detroit,Detroit, Mich 29

The First National Bank of North East, North East, Pa.,purchased by The First National Bank of Erie, Erie, Pa. 30

Merchants National Bank in Chicago, Chicago, 111.,consolidated with Central National Bank in Chicago,Chicago, 111 30

First National Bank in Brownsville, Brownsville, Pa.,purchased by First National Bank of Fredericktown,Fredericktown, Pa 31

The Farmers National Bank of Williamsport, Williams-port, Ohio, purchased by The First National Bank ofCircleville, Circleville, Ohio 32

The First National Bank of Clinton, Clinton, N.J.,consolidated with The Clinton National Bank, Clinton,N.J 33

First National Bank of Brunswick, Brunswick, Maine,merged with First National Bank of Portland, Port-land, Maine 34

The National Bank of Kings Park, Kings Park, N.Y.,merged with Valley National Bank of Long Island,Valley Stream, N.Y 35

The First National Bank of Allendale, Allendale, N.J.,consolidated with Citizens First National Bank &Tr&st Co. of Ridgewood, Ridgewood, N.J 36

The Merchants National Bank of Cape May, Cape May,N.J., consolidated with The National Bank of OceanCity, Ocean City, N.J 38

The First National Bank of Freehold, Freehold, N.J.,consolidated with The Monmouth County NationalBank, Red Bank, Red Bank, N.J 39

The First National Bank of West Orange, West Orange,N.J., merged with The National Newark & EssexBanking Co. of Newark, Newark, N.J 40

Bank of North Wilkesboro, North Wilkesboro, N.C.,merged with The North Carolina National Bank,Charlotte, N.C 411 Includes mergers, consolidations, and purchase and sale

transactions.

PageThe Coplay National Bank, Coplay, Pa., consolidated

with The Merchants National Bank of Allentown,Allentown, Pa 44

The First National Bank of Millerstown, Millerstown,Pa., consolidated with The Juniata Valley NationalBank of Mifflintown, Mifflintown, Pa 45

Sanpete Valley Bank, Mount Pleasant, Utah, purchasedby First Security Bank of Utah, National Association,Ogden, Utah 46

Mount Vernon Bank & Trust Company, FairfaxCounty, Va., consolidated with Old DominionNational Bank of Fairfax County, Annandale, Va 47

Jackson County Bank, Sylva, N.C, merged with FirstUnion National Bank of North Carolina, Charlotte,N.C 48

The First National Bank of Grove City, Grove City,Ohio, merged with The Huntington National Bank ofColumbus, Columbus, Ohio 50

North Adams National Bank, North Adams, Mass.,consolidated with The Agricultural National Bank ofPittsfield, Pittsfield, Mass 51

Bergen Trust Co. of New Jersey, Jersey City, N.J.,merged with The First National Bank of Jersey City,Jersey City, N.J. 53

The Depositors National Bank of New Wilmington, NewWilmington, Pa., purchased by First National Bank ofLawrence County at New Castle, New Castle, P a . . . 53

Mid-Columbia Bank of Pasco, Pasco, Wash., mergedwith Peoples National Bank of Washington in Seattle,Seattle, Wash 54

The Riverview State Bank, Kansas City, Kans., consoli-dated with Security National Bank of Kansas City,Kansas City, Kans 56

Bank of Kearns, Kearns, Utah, merged with Zions FirstNational Bank, Salt Lake City, Utah 58

The Easton National Bank of Maryland, Easton, Md.,purchased by Maryland National Bank, Baltimore,Md 60

The First National Bank & Trust Co. of Orwigsburg,Orwigsburg, Pa., merged with The Pennsylvania Na-tional Bank & Trust Co. of Pottsville, Pottsville, Pa 61

Carlisle Deposit Bank & Trust Co., Carlisle, Pa.,merged with The Harrisburg National Bank & TrustCo., Harrisburg, Pa 63

Bank of Bedford, Inc., Big Island, Va., merged with ThePeoples National Bank & Trust Co. of Lynchburg,Lynchburg, Va 64

Plainwell Bank, Plainwell, Mich., purchased by TheAmerican National Bank & Trust Co. of Kalamazoo,Kalamazoo, Mich 65

Whitney National Bank of New Orleans, New Orleans,La., consolidated with Crescent City National Bank,New Orleans, La 66

The Citizens & Southern Bank of Atlanta, Atlanta, Ga.,purchased by The Citizens & Southern National Bankof Savannah, Savannah, Ga 66

The Bear Butte Valley Bank, Sturgis, S. Dak., consoli-dated with American National Bank of Rapid City,Rapid City, S. Dak 67

The Bank of Wilmington, Wilmington, N.C, mergedwith North Carolina National Bank, Charlotte, N.C. 68


PageThe National Bank of Cold Spring on Hudson, Gold

Spring, N.Y., consolidated with The Fishkill NationalBank of Beacon, Beacon, N. Y 69

State Bank of Bolivar, Bolivar, N.Y., consolidated withThe Citizens National Bank of Wellsville, Wellsville,N.Y 70

The Liberty Bank of North, North, S.C., consolidatedwith The Southern National Bank of Orangeburg,Orangeburg, S.C 71

The Peconic Bank, Sag Harbor, N.Y., consolidated withSecurity National Bank of Long Island, Huntington,

American Trust Co., Lewiston, Maine, consolidatedwith Canal National Bank, Portland, Maine 73

Drovers Trust & Savings Bank, Chicago, 111., mergedwith The Drovers National Bank of Chicago, Chicago,111 74

Manufacturers National Bank of North Attleboro, NorthAttleboro, Mass., consolidated with The First NationalBank of Mansfield, Mansfield, Mass 75

The First National Bank of Sayreville, Sayreville, N.J.,consolidated with The First National Bank of MiddlesexCounty, South River, N J 75

The National Bank of Avondale, Avondale, Pa., consol-idated with National Bank of Chester County & TrustCo., West Chester, West Chester, Pa 77

Buckingham County Bank, Dillwyn, Va., merged withThe Peoples National Bank of Charlottesville, Char-lottesville, Va 78-

Security Trust Co., Wheeling, W. Va., merged with TheNational Bank of West Virginia at Wheeling, Wheel-ing, W. Va 79

Grosvenor Savings Bank, Jonesville, Mich., consolidatedwith The Hillsdale County National Bank of Hillsdale,Hillsdale, Mich 80

The Path Valley National Bank of Dry Run, Dry Run,Pa., merged with The Valley National Bank of Cham-bersburg, Chambersburg, Pa 81

The Richfield Bank, Richfield, Pa., consolidated withThe First National Bank of Middleburg, Pennsylvania,Middleburg, Pa 82

The Bellport National Bank, Bellport, N. Y., merged withValley National Bank of Long Island, Valley Stream,

The Commercial National Bank, Camden, S.C, mergedwith The Citizens & Southern National Bank of SouthCarolina, Charleston, S.C 84

The Catonsville National Bank, Cantonsville, Md., andFarmer's Banking & Trust Co. of MontgomeryCounty, Rockville, Md., merged with The FirstNational Bank of Baltimore, Baltimore, Md 85

The Montgomery County National Bank of Rockville,Rockville, Md., merged with Maryland NationalBank, Baltimore, Md 88

Central Trust Co. of Orlando, Orlando, Fla., mergedwith Citizens National Bank of Orlando, Orlando,Fla.; 90

The First National Bank of Adams, Adams, Mass., con-solidated with First Agricultural National Bank ofBerkshire County, Pittsfield, Mass 91

The Gap National Bank, Gap, Pa., merged with TheFulton National Bank of Lancaster, Lancaster, Pa . . . 92

The National Bank & Trust Co. of Schwenksville,Schwenksville, Pa., merged with Union NationalBank & Trust Co. of Souderton, Souderton, Pa 93

The First National Bank & Trust Co. of Mount Joy,Mount Joy, Pa., merged with The Lancaster CountyNational Bank, Lancaster, Pa 93

Augusta-Rockingham Bank, Weyers Cave, Va., mergedwith The Rockingham National Bank of Harrisonburg,Harrisonburg, Va 94 ._

First National Bank in Carteret, Carteret, N.J., mergedwith The Perth Amboy National Bank, Perth Amboy,NJ 95

The Imperial Bank, Imperial, Pa., merged with TheUnion National Bank of Pittsburgh, Pittsburgh, Pa.. 96

PageThe First State Bank, North Lima, Ohio, purchased by

The Mahoning National Bank of Youngstown,Youngstown, Ohio 97

The Second National Bank of Meyersdale, Meyersdale,Pa., purchased by Gallatin National Bank, Union-town, Uniontown, Pa 97

The Western National Bank of Rapid City, Rapid City,S. Dak., and Rapid City Trust Co., Rapid City,S. Dak., consolidated with American National Bankof Rapid City, Rapid City, S. Dak 98

First National Bank of Afton, Afton, N.Y., consolidatedwith The National Bank & Trust Co. of Norwich,Norwich, N.Y 99

First National Bank of Thompsonville, Thompsonville,Conn., consolidated with First National Bank ofWindsor Locks, Windsor Locks, Conn 100

The Farmers State Bank, Emmitsburg, Md., mergedwith Farmers & Mechanics-Citizens National Bankof Frederick, Frederick, Md 101

Citizens Trust Co. of Harrisburg, Harrisburg, Pa.,merged with National Bank & Trust Co. of CentralPennsylvania, York, Pa 102

The First National Bank of Shenandoah, Shenandoah,Va., merged with Peoples National Bank of CentralVirginia, Charlottesville, Va / 103

First National Bank at Conneaut Lake, Conneaut Lake,Pa., merged with The Merchants National Bank &Trust Co. of Meadville, Meadville, Pa 104

The Hillside National Bank, Hillside, N.J., consolidatedwith The National State Bank, Elizabeth, N.J., Eliza-beth, N.J 105

The Rahway National Bank, Rahway, N.J., mergedwith The National State Bank, Elizabeth, N.J.,Elizabeth, N.J 106

City National Bank of Winston-Salem, Winston-Salem,N.C., merged with First Union National Bank ofNorth Carolina, Charlotte, N.C 107

The Wheeler National Bank of Interlaken, Interlaken,N.Y., consolidated with First National Bank of Water-loo, Waterloo, N.Y 109

Lititz Springs National Bank of Lititz, Lititz, Pa.,merged with The Conestoga National Bank of Lan-caster, Lancaster, Pa HO

The Farmers & Merchants Bank Co., Warsaw, Ohio,purchased by Coshocton National Bank, Coshocton,Ohio HI

The Augusta National Bank of Staunton, Staunton,Va., merged with First & Merchants National Bankof Richmond, Richmond, Va Il l

Greenleaf State Bank, Greenleaf, Kans., purchased byCitizens National Bank, Greenleaf, Kans 112

First National Bank of Newport News, Newport News,Va., merged with First & Merchants National Bankof Richmond, Richmond, Va 113

The Richmond County National Bank of Port Rich-mond, New York, N.Y., merged with First NationalCity Bank, New York, N.Y 115

The Bank of Athens National Banking Association,Athens, Ohio, merged with The Athens National Bank,Athens, Ohio 115

Farmers Trust Co. of Middletown, Middletown, Pa.,merged with National Bank & Trust Co. of CentralPennsylvania, York, Pa 116

The Merchants National Bank of Michigan City, Michi-gan City, Ind., consolidated with The First NationalBank of Michigan City, Michigan City, Ind 118

The Lindsey Banking Co., Lindsey, Ohio, consolidatedwith The Liberty National Bank of Fremont, Fremont,Ohio 120

Farmers & Merchants National Bank of Blacksburg,Blacksburg, Va., merged with The First National Ex-change Bank of Roanoke, Roanoke, Va 120

The First National Bank of Clairton, Clairton, Pa., pur-chased by Western Pennsylvania National Bank, Mc-Keesport, Pa 121


PageFarmers & Merchants Bank, Platte, S. Dak.; Farmers &

Merchants Bank, Presho, S. Dak.; and Farmers &Merchants Bank, Wessington Springs, S. Dak., mergedwith The National Bank of South Dakota, Sioux Falls,Sioux Falls, S. Dak 123

Glendora Commercial & Savings Bank, Glendora,Calif., merged with Citizens National Bank, LosAngeles, Calif 124

The Bank of Manteo, Manteo, N.C., merged with ThePlanters National Bank & Trust Co. of Rocky Mount,Rocky Mount, N.C 125

Littlestown State Bank & Trust Co., Littlestown, Pa.,merged with The First National Bank of Gettysburg,Gettysburg, Pa 126

The Salisbury National Bank, Salisbury, Md., mergedwith First National Bank of Maryland, Baltimore,Md 127

Bank of Huntington, Huntington, N.Y., merged withThe Meadow Brook National Bank, New York, N.Y.. 128

The Vandalia State Bank, Vandalia, Ohio, merged withThe Third National Bank & Trust Co. of Dayton,Ohio, Dayton, Ohio 130

The First National Bank of Anthony, Anthony, N. Mex.,consolidated with First National Bank of Dona AnaCounty, Las Cruces, N. Mex 131

The Peoples Bank, Canal Winchester, Ohio, mergedwith The Huntington National Bank of Columbus,Columbus, Ohio 131

The Trust Company of Fulton County, Gloversville,N.Y., merged with The National Commercial Bank &Trust Co. of Albany, Albany, N.Y 132

The First National Bank of Allegany, Allegany, N.Y.,merged with The First National Bank of Olean, Olean,N.Y 133

Otsego County National Bank of Cherry Valley, CherryValley, N.Y., consolidated with Central NationalBank, Canajoharie, Canajoharie, N.Y 134

Fag*The City National Bank of Tiffin, Tiffin, Ohio, merged

with The First National Bank of Fostoria, Fostoria,Ohio 135

The First National Bank of Clover, Clover, S.C.,merged with The First National Bank of South Carolinaof Columbia, Columbia, S.C 136

The First National Bank of Flint Hill, Flint Hill, Va.,merged with The Citizens National Bank of FrontRoyal, Front Royal, Va 137

//. Disapprovals 1

National Bank of Westchester, White Plains, WhitePlains, N.Y., and The First National City Bank of NewYork, New York, N.Y 138

Bank of Livonia, Livonia, Mich., and National Bank ofDetroit, Detroit, Mich 147

Dallas City Bank, Dallas, Dallas, Oreg., and First Na-tional Bank of Oregon, Portland, Portland, Oreg 151

Bank of Lillington, Lillington, N.C, and Southern Na-tional Bank of Lumberton, Lumberton, N.C 152

The National Bank & Trust Co. of Port Jervis, PortJervis, N.Y., and County National Bank of Middle-town, Middletown, N.Y 153

The Colonial-American National Bank of Roanoke,Roanoke, Va., and The First National Exchange Bankof Roanoke, Roanoke, Va 154

The First National Bank of Ovid, Ovid, N.Y., and FirstNational Bank of Waterloo, Waterloo, N.Y 157

1 Includes disapproval of proposed merger of National Bankof Westchester, White Plains, White Plains, N.Y., and TheFirst National City Bank of New York, New York, N.Y., issuedDecember, 19, 1961.


APPENDIX B

Statistical Tables

Table No. Title PageCOMPTROLLERS AND DEPUTY COMPTROLLERS OF THE

CURRENCY AND CHANGES IN NATIONAL BANKINGSTRUCTURE, 1863-1962:

B-l Comptrollers and Deputy Comptrollers ofthe Currency, by dates of appointment andresignation, and resident States at the timeof appointment 160

B-2 Changes in the structure of the nationalbanking system, by States and regions,since 1863: number of banks organized,consolidated, and merged; number ofinsolvencies, liquidations, and conversions;and national banks in existence, December31, 1962 161

CHARTERS, LIQUIDATIONS, ABSORPTIONS, CONVERSIONS,AND AUTHORIZATION AND CLOSING OF BRANCHES,INVOLVING NATIONAL BANKS:

B-3 Applications for new national bank charters,approved and rejected, with name of bankand date of approval or rejection, calendar1962, by States 162

B-4 National banks chartered during calendar1962: by charter number, title and loca-tion, States, and value of capital stock.... 165

B-5 National banks chartered during calendar1962, by title and location of bank, State,effective date, authorized capital, surplusand undivided profits, and assets: con-versions of State chartered banks 168

B-6 National banks reported in voluntary liqui-dation during calendar 1962 with the namesof succeeding banks, the dates of liquida-tion, and the value of capital stock 168

B-7 National banks merged or consolidated withand into State banks during calendar 1962with effective dates and value of capitalstock 169

B-8 National banks converted into State banks,calendar 1962, with effective dates andvalue of capital stock 169

B-9 Purchases of State banks by national banks,calendar 1962, with title and location,effective dates of purchase, and capitalstock of State banks 170

B-10 Consolidations of national banks, or nationaland State banks, calendar 1962... 170

B-ll Mergers of national banks, or national andState banks, calendar 1962 174

B-12 Number of domestic branches of nationalbanks authorized, calendar 1962, byStates, banks, and type of branch 179

B—13 Number of domestic branches of nationalbanks closed, calendar 1962, by States,banks, and type of branch 186

ASSETS AND LIABILITIES OF NATIONAL BANKS:B-14 Principal assets and liabilities of national

banks, by deposit size, December 1961 and1962 188

Table No. Title PageB—15 Number and percent of national banks with

surplus fund equal to or greater than, andless than, common stock, June and Decem-ber 1942-62 189

B-16 Dates of reports of condition of nationalbanks, 1914-1962 190

B-17 Assets and liabilities of national banks onMarch 26, June 30, September 28, andDecember 28, 1962, by States, District ofColumbia, and the Virgin Islands 192

FIDUCIARY ACTIVITIES OF NATIONAL BANKS:B—18 Fiduciary activities of national banks, by size

of capital stock, December 28, 1962 244B-19 Fiduciary activities of national banks, by

national bank regions, December 28, 1962. 246B-20 Investments under administration of na-

tional bank trust departments, December28, 1962, by type of investments and sizeof capital stock of bank 247

B-21 Fiduciary activities of national banks, sum-mary data, 1928 and 1951-62 247

B-22 Fiduciary activities of national banks, byStates, December 28, 1962 248

B-23 National banks administering employee bene-fit trusts and agencies during 1962, bynational bank regions 250

B-24 National banks administering employee bene-fit trusts and agencies, calendar 1962, byStates 251

OPERATING REVENUE AND EXPENSES OF NATIONAL BANKS:B-25 Current operating revenue, and expenses,

and dividends of national banks, by majorcategories and States, year ended December31, 1962 252

B—26 Occupancy expense of bank premises ofnational banks, year ended December 31,1962 264

B-27 Current operating revenue, and expenses,and dividends of national banks, by majorcategories and Federal Reserve districts,year ended December 31, 1962 268

B-28 Current operating revenue, and expenses,and dividends of national banks in theUnited States and possessions operatingthroughout calendar 1962 by size of de-posits, December 1962 274

B-29 Current operating revenue, and expenses,and dividends of national banks, yearsended December 31, 1961 and 1962 278

B-30 Number of national banks, capital stock andaccounts, net profits, dividends, and ratiosto capital accounts, years ended December31, 1930-62 281


Table No. Title PageB—31 Total loans of national banks, losses and re-

coveries on loans, and ratio of net losses orrecoveries to loans by calendar years,1943-62 . [282

B—32 Total securities of national banks, losses andrecoveries on securities, and ratio of netlosses or recoveries to securities, by calendaryears, 1943-62 282

FOREIGN BRANCH OPERATIONS:B—33 Foreign branches of national banks, December

28,1962 283B-34 Assets and liabilities of foreign branches of

national banks, December 28, 1962: con-solidated statement 284

OPERATIONS OF DISTRICT OF COLUMBIA BANKS:B—35 Assets and liabilities of commercial banks in

the District of Columbia, by type of bank,December 28, 1962 285

B-36 Assets and liabilities of all commercial banksin the District of Columbia at date of eachcall during the year ended December 31,1962 287

B—37 Assets and liabilities of nonnational banks inthe District of Columbia at date of eachcall during the year ended December 31,1962 288

B-38 Current operating revenue, and expenses, anddividends of all commercial banks in theDistrict of Columbia, years ended Decem-ber 31, 1961 and 1962 289

B-39 All commercial banks in the District ofColumbia: number of banks, capital stock,capital funds, interest and dividends, andratios to capital accounts, years endedDecember 1930-62 292

B-40 Total loans of banks in the District of Colum-bia, losses and recoveries on loans, andratio of net losses or recoveries to loans, bycalendar years 1943-62 293

B-41 Total securities of banks in the District ofColumbia, losses and recoveries on securi-ties, and ratio of net losses or recoveries tosecurities, by calendar years 1943-62 295

B—42 Fiduciary activities of all commercial banksin the District of Columbia, December 28,1962 297

Table No. Title PageASSETS AND LIABILITIES OF ALL BANKS:

B-^3 Assets and liabilities of all banks in the UnitedStates and possessions, by type of bank,December 28, 1962 298

B-44 Assets and liabilities of all banks in the UnitedStates and possessions, by States, December28, 1962 300

B—45 Assets and liabilities of all banks in the UnitedStates and possessions, date of last call1961 and 1962, and change 1961-62 314

B-46 Assets and liabilities of national banks, byStates, December 28, 1962 316

B-47 Assets and liabilities of all State commercial,mutual savings, and private banks, by States,December 28, 1962 328

B^8 Assets and liabilities of State charteredcommercial banks, by States, December 28,1962 342

B-49 Assets and liabilities of mutual savings banks,by States, December 28, 1962 356

B-50 Assets and liabilities of private banks, byStates, December 28, 1962 362

B-51 Summary data and percent changes, by typeof bank, end of selected years 366

B-52 Dollar amount and percent distribution ofholdings of securities, by type of bank, endof 1959-62, inclusive 368

B-53 Demand and time deposits of individuals,partnerships and corporations in all banks,by States, December 28, 1962: total andper capita 371

STATE BANKING DEPARTMENTS:B-54 State banking departments, by officials, titles,

and number of banks, December 1962 373SURVEY OF END OF YEAR REPORTS OF ALL BANKS,

1936-62:B-55 Assets and liabilities of all banks, date of last

report of condition, December 1936-62.. 375B-56 Assets and liabilities of all national banks,

date of last report of condition, December1936-62 376

B-57 Assets and liabilities of all State commercial,mutual savings, and private banks, date oflast report of condition, December 1936-62. 377

B-58 Bank suspensions, 1934-62: by type of bank,number of banks, capital stock anddeposits 378


Letter of Transmittal

TREASURY DEPARTMENT,OFFICE OF THE COMPTROLLER OF THE CURRENCY,

Washington, D.C., August 30, 1963.SIRS : Pursuant to the provisions of section 333 of the United States

Revised Statutes, I am pleased to submit the 100th Annual Report of theComptroller of the Currency, which covers operations for the year 1962.

Respectfully,JAMES J. SAXON,

COMPTROLLER OF THE CURRENCY.

THE PRESIDENT OF THE SENATETHE SPEAKER OF THE HOUSE OF REPRESENTATIVES


1. State of the National Banking System

At the close of 1962, national banks had totalassets of $160.7 billion—a $9.9 billion, or 6.5 per-cent, increase for the year. Unlike either 1960 or1961, the assets of national banks grew at a fasterpace than those of State member banks. To a greatextent, as a result of national monetary policy, theassets of commercial banks rose at a slower rate in1962 than in the previous year—6.7 percent as com-pared with 8.3 percent. The exception was insurednonmember banks.

One of the perennial problems of commercialbanks has been the competition from other financialinstitutions such as mutual savings banks, savingsand loan associations, and credit unions. Mutualsavings banks also saw a decline in the rate of in-crease in their assets, from 8.6 percent in 1961 to 7.6percent in 1962. Both savings and loan associationsand credit unions had minor declines in the rate ofincrease in 1962 as compared to 1961, but were stillenjoying a rate of increase twice that of the commer-

cial banks. In part, these differences in rates ofgrowth reflect the more favorable treatment given tononbank financial institutions in public policy.

The decline in the number of national banks wasvirtually arrested in 1962, when the number of suchbanks fell by only 0.2 percent, less than in any recentyear. For the same period, State member banks de-clined by 3.5 percent, and insured nonmember banks(typically small banks) increased by 1.1 percent.As a result of these divergent changes, the number ofcommercial banks remained virtually unchanged in1962. The number of banking offices (head officesplus branch offices) is a better indicator of the serv-ice potential of the banking system. During 1962,banking offices of national banks rose by 5.5 percent,as a result mainly of the 600 additional brancheswhich were opened for business during 1962. Thisincrease in banking offices exceeded that for Statemember banks (2.2 percent) and insured nonmem-ber banks (3.3 percent).

TABLE 1.—Number of commercial banks and banking offices, and total assets, by type of bank, end of 1961 and 1962, andpercent change 1961-62

[Dollar amounts in billions]

All commercial banks

National banksState member banksInsured nonmember banksNoninsured banks

Number of banks

7967

13, 418

4,5131,5987,004

303

1962

13,412

4,5051,5427,079

286

Percentchange,1967-62

- 0 . 0 4

- . 1 8- 3 . 5 0

1.07— 5.61

Number of banking offices

1961

24, 555

10, 5574,4539,545

322

1962

25, 549

11, 1424,5699,858

316


4.0

5.52.23.3

- 1 . 9

Value of assets

7961

$279.5

150.884.342.3

2.1

7962

$298. 2

160.788.846.5

2.2


6.69

6.535.37

10.013.99

TABLE 2.—Total assets of commercial banks, mutual savings banks, savings and loan associations, and credit unions: end ofDecember 1960, 1961, and 1962, and percent change 1961-62

[Dollars amounts in millions]

Dec. 37, 7960Dec. 30, 7967Dec. 28, 7962Percent increase,7967-62

Commercial banksMutual savings banksSavings and loan associations.Credit unions

$258, 35940, 57471, 476

5,658

$279, 50342, 83382,1356,382

$298,19646, 086

1 93,8161 7,187

6.697.59

M4.221 12.61

1 Based on preliminary December 1962 data.


2. Asset Structure

There were a number of significant changes inthe asset structure of national banks during 1962.Loans and discounts rose just over 12 percent to alevel of $75.5 billion. This rate of increase wasfaster than that experienced by State member banks(10.7 percent). All classes of commercial bankshad greater increases in this category than in eitherof the 2 preceding years. A smaller fraction of na-tional bank assets was held in the form of securities,especially U.S. governments. There was a signifi-cant rise in holdings of tax-exempt obligations ofState and political subdivisions, but not large enoughto offset the decrease in U.S. governments.

At the end of 1962, national banks held 32.2 per-cent of their assets in securities, as compared to 32.6percent for 1961. Loans and discounts increased to44.6 percent of all assets, while holdings of cash and

balances with other banks, excluding reserves, de-clined to 11.6 percent.

These aggregate data fail to reveal certain signif-icant changes in the composition of national bankportfolios. Because of such factors as the differ-ences in yields, we see that at the end of 1962 na-tional banks held 69 percent of their securities inU.S. Government obligations, and 31 percent inother securities, mainly obligations of State and localgovernments. Over the past 3 years, there may beobserved a steady decline in the fraction of assetsheld in U.S. Government obligations, and an in-crease in holdings of non-U.S. Government obliga-tions. During 1962 national banks decreased thefraction of their portfolio held in short-term Treas-ury bills and long-term bonds maturing after 10years.

TABLE 3.—Assets and liabilities of national banks on Dec. 30, 1967; Mar. 26, 1962; June 30, 1962; Sept. 28, 1962; andDec. 28, 1962; and percent change December 1961 to December 1962

[Dollar amounts in millions]

Dec. 30,1961

4,513 banks

$67, 30935, 960

12811,077

1,569359

116,402

\ 31,078

1,85061

191480746

150,809

Mar. 26,1962

4,498 banks

$67, 46534, 929

12611,899

1,525367

116,311

25,161

1,88566

195478742

144, 838

June 30,1962

4,500 banks

$69, 77134, 383

12512, 809

1,772381

119,241

26, 860

1,93165

187454821

149, 559

Sept. 28,1962

4,494 banks

$71, 76934,456

11813,116

1,864397

121, 720

26, 959

1,97368

189458850

152, 216

Dec. 28,1962

4,505 banks

$75, 54835, 551

11213, 6072,039

396

127, 254

29, 684

2,02868

191542891

160, 657

Percentchange,

December1961 to

December1962

12.24— 1.14

-12 .0622.8429.9410.28

9.32

—4. 49

9.6311.20

- . 3 112.9819.38

6.53

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank,

Total loans and securities

Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of

collectionBank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank

premises or other real estateCustomers' liability on acceptances outstandingOther assets

Total assets


TABLE 3.—Assets and liabilities of national banks on Dec. 30, 1961; Mar. 26, 1962; June 30, 1962; Sept. 28, 1962; andDec. 28, 1962; and percent change December 1961 to December 1962—Continued


Dec. 30,1961

4,513 banks

Mar. 26,1962

4,498 banks

June 30,1962

4,500 banks

Sept. 28,1962

4,494 banks

Dec. 28,1962

4,505 banks

Percent

December1961 to

1962

Demand deposits of individuals, partnerships, and cor-porations

Time and savings deposits of individuals, partnerships,and corporations

Postal savings depositsDeposits of U.S. GovernmentDeposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc

Total deposits ,Demand depositsTime and savings deposits

Mortgages or other liens on bank premises and other realestate

Rediscounts and other liabilities for borrowed money... .Acceptances executed by or for account of reporting banks

and outstandingOther liabilities

Total liabilities

CAPITAL ACCOUNTS

Capital stock, total

Common stock.Preferred stock.

Total capital accounts

Total liabilities and capital accounts.

MEMORANDUM

Assets pledged or assigned to secure liabilities and forother purposes

$67,138

42, 034

3,527

10, 27010, 4642,077

135, 51189,96545,545

4225

4902,705

138, 934

3,577

3,5743

Retirable value of preferred capital stock 1

SurplusUndivided profitsReserves and retirement account for preferred stock

35,9362,080

282

11,875

150,809

19,714

$60, 144

44,711

3,976

9,8468,1631,405

128, 24479, 72648,518

41,253

4852,808

$60, 705

46, 975

5,640

10, 3908,2781,741

133, 72882, 83450, 893

4379

4632,743

$61, 831

48, 437

5,013

10, 0508,6211,588

135,53983,35252, 188

3821

4672,866

$67, 338

49, 859

3,922

10, 6299,2821,795

142, 825

53,861

41,636

5522,891

132, 794 137,316 139,697 147, 907

3,652 3,682 3,709 3,758

3,6493

3,6793

3,7063

3,73523

36,0582,068

267

36,1242,164

272

36,1762,357

277

236,3072,406

279

12, 045 12,243 12,519 12,750

144, 838 149, 559 152, 216 160,657

19, 814 21,103 20, 622 21, 488

.30

18.61

11.19

3.50-11.29-13 .58

5.40— 1.11

18.26

3.58628.18

12.676.88

6.46

4.49607.71

578. 036.26

15.66— 1.13

7.36

6.53

1 Not included in total capital accounts figure.

NOTE.—Data may not add to totals because of rounding.

Percent change calculated from unrounded figures.


TABLE 4.—Percent distribution of assets, and liabilities, of national banks, end of 1959, 1960, 1961, and 1962

1959 1961 1962

ASSETS

Securities:U.S. Government, direct and guaranteedObligations of States and political subdivisionsStock of Federal Reserve banksOther bonds and securities

Total securities

Loans and discountsCash and balances with other banks, excluding reserves...Reserve with Reserve banksBank premises, furniture, and fixturesOther real estate ownedAll other assets

Total assets

LIABILITIESDeposits:

Demand of individuals, partnerships, and corporationsTime of individuals, partnerships, and corporations...U.S. GovernmentStates and political subdivisionsBanksOther deposits (including postal savings)

Total deposits

Demand depositsTime deposits

Other liabilities .-Capital funds:

Capital stockSurplusUndivided profits and reserves

Total capital funds

Total liabilities and capital funds

Percent23.956.81.19

1.21

32.16

45.2112.238.481. 11.03.78

100. 00

47.1225.922.216.397.131.43

90.20

62.3527.852.03

2.393.821.56

7.77

100. 00

Percent23.49

6.76.19

1.05

Percent23.937.34.19

1.09

31.49 32.55

45.7412.957.641.21.04.93

44.6313.437.181.23.04.94

100. 00 100. 00

45.3326.402.486.677.501.32

44.5227.872.346.816.941.38

89.70 89.86

60.8628.842.33

2.403.911.66

59.6630.202.27

2.373.931.57

100. 00

Percent22.208.47.19

1.32

32.18

47.0311.586.901.26.04

1.01

100. 00

41.9131.032.446.625.781.12

88.90

55.3833.523.16

2.343.931.67

100. 00

3. Capital AccountsThere were also important developments in the

capital accounts of national banks during 1962.Total capital, including surplus and undivided

profits, rose to $12.8 billion—an increase of about7.4 percent. This increase in capital invested innational banks carried forward the pattern estab-lished in recent years.

In a public announcement during the latter partof 1962, the Comptroller indicated his intention notto discourage national banks from raising addition-

al funds through the sale of preferred stock andcapital debentures. Although outstanding pre-ferred stock at the end of 1962 accounted for lessthan 1 percent of common stock, we see a sharppercentage rise in the use of preferred stock. Whilethis represented only a small dollar increase in theuse of preferred stock by national banks, it mayevidence an attempt by some banks to add to theircapital by using a technique very common in theother sectors of the economy.


TABLE 5.—Charters, liquidations, and capital stock changes of national banks, calendar 1962

Number ofbanks

Capital stock

Common Preferred

Increases:Banks newly organized:

Primary organizationsReorganizationsConversions of State banks

Capital stock:Preferred: 1 case by new issueCommon:

215 cases by statutory sale506 cases by statutory stock dividend24 cases by statutory consolidation42 cases by statutory merger

Total increases

Decreases:Banks ceasing operations:

Voluntary liquidations:Succeeded by national banksSucceeded by State banksNo successor

Statutory consolidationsStatutory mergersConversions into State banksMerged or consolidated with State banks (Public Law 706)Reveiverships

Capital stock:Common:

2 cases by statutory reduction7 cases by statutory consolidation10 cases by statutory merger

Preferred: 3 cases by retirement

Total decreases

Net changeCharters in force Dec. 31, 1961, and authorized capital stock

Charters in force Dec. 31, 1962, and authorized capital stock

83

— 104,513

4,503

$21,275,0000

8,027, 555

30, 279, 43394,143, 6297,317,650

11,888,532

172, 931, 799

1, 605, 000300,000

000

2, 231, 4885,075, 000

0

300,000980, 650858, 000

0

11,350,138

161,581,6613, 574, 828,169

3, 736,409, 830

000

$20,000,000

0000

20, 000, 000

000

140, 660

140, 660

19, 859, 3403, 268, 300

23,127, 640

4. DepositsOn December 28, 1962, national banks held

$89.0 billion in deposits, or $1 billion less than onDecember 31, 1961. Part of this decline reflectsthe fact that the last report of condition for com-mercial banks, including national banks, was notset for the last business day of 1962, as had beenthe case for many previous call reports. It has beena practice on the part of some banks to "window-dress" their yearend deposits so as to claim largersize relative to their competitors.

There are other reasons, however, why demanddeposits of national banks did not rise significantlyduring 1962. Perhaps most important was thepolicy of the Federal Reserve System, which allowedthe money supply to rise by only 1.5 percent duringthe year. Moreover, with higher interest rates gen-

erally available in 1962, some corporations havesought to minimize demand deposit balances, andtime deposits rose very significantly.

The decline in demand deposits in national banks(1.1 percent) was much smaller than that experi-enced by State member banks (3.4 percent). Onlyinsured nonmember banks, which at the end of 1962accounted for only $23.8 of the $164.3 billion of de-mand deposits in commercial banks, were able toincrease their demand deposits (3.9 percent).

In the years 1960 and 1961, the picture was sig-nificantly different. Demand deposits in nationalbanks rose during those years by almost 6.2 percent,in State member banks by about 5.8 percent, andin insured nonmember banks by about 6.2 percent.This was greatly influenced by the fact that in this


TABLE 6.—Demand and time deposits: dollar amount,[Dollar amounts

All commercial banks:Total deposits

Demand.Time

Members of Federal ReserveSystem:

Total deposits

DemandTime

National banks:Total deposits

DemandTime

State member banks:Total deposits

DemandTime

Insured nonmember banks:Total deposits

DemandTime

Nbninsured banks:Total deposits

Demand . .Time

1962

Dollaramount

263,060

164, 31698,744

219, 468

139, 39380,074

142, 825

88, 96453, 861

76, 643

50, 42926, 214

41, 976

23, 82318,153

1,616

1,099517

Percentdistribution

100.0

62.537.5

100.0

63.536.5

100.0

62.337.7

100.0

65.834.2

100.0

56.843.2

100.0

68.032.0

1961

Dollaramount

249, 504

166,19683, 308

209, 616

142,17067, 446

135,511

89, 96545, 545

74,105

52,20521, 900

38, 289

22, 92315, 366

1,599

1,103496

Percentdistribution

100.0

66.633.4

100.0

67.832.2

100.0

66.433.6

100.0

70.429.6

100.0

59.940.1

100.0

69.031.0

1960

Dollaramount

230, 532

156, 79073, 742

193,010

134,11758, 893

124,911

84, 75440,157

68,099

49, 36318, 736

35, 984

21, 59214, 391

1,539

1,080458

Percentdistribution

100.0

68.032.0

100.0

69.530.5

100.0

67.932.1

100.0

72.527.5

100.0

60.040.0

100.0

70.229.8

1959

Dollaramount

220, 514

152,61967, 895

184, 679

130, 54154,137

119,638

82,70336, 935

65, 041

47, 83817, 203

34, 333

20, 99713, 336

1,503

1,081422

Percentdistribution

100.0

69.230.8

100.0

70.729.3

100.0

69.130.9

100.0

73.626.4

100.0

61.238.8

100.0

71.928.1

period the money supply rose by 3.2 percent. In1962, it rose at less than half the rate of 1961.

Mainly as a result of changes in regulations ef-fective in 1961, national banks and other commer-cial banks enjoyed sharp rises in time deposits duringthe past 2 years. Time deposits rose by 13.4 percentin 1961, and by 18.3 percent in 1962.

Another way of looking at the structure of bankdeposits is to see how the division between time and

demand deposits has changed. At the end of 1962,37.7 percent of the deposits of national banks weretime deposits, while 10 years earlier in 1952, timedeposits accounted for only 23.2 percent of totaldeposits. National banks held a larger share oftheir deposits in time deposits than did State mem-ber banks (34.2 percent), but a smaller share thandid the insured nonmember banks (43.2 percent).

5. Advisory Committee to the Comptroller of the CurrencyIn February 1962 this Office asked each national

bank for suggestions regarding desirable changes inthe laws, policies, and regulations affecting its oper-ations. This was part of the effort, which continues,to set policies and procedures which will give theneeded flexibility to our national banks and promoteour national goals. An Advisory Committee on

Banking to the Comptroller of the Currency wasappointed to study the recommendations submittedby some 1,500 national banks, and to formulate theirown proposals. Their report was published in Sep-tember 1962 under the title: "National Banks andthe Future."

The Report of the Advisory Committee covered


percent distribution, by type of bank, end of selected yearsin millions]

1958

Dollaramount

217, 291

150,86966, 422

182,790

129,49753, 292

116,714

81,13535, 579

66,076

48, 36217,714

32, 379

19, 99112,388

2,123

1,381742

Percentdistribution

100.0

69.430.6

100.0

70.829.2

100.0

69.530.5

100.0

73.226.8

100.0

61.738.3

100.0

65.035.0

7952

Dollaramount

173, 810

131,68942,121

147, 507

114,04533, 462

98, 975

75, 97622, 999

48, 533

38,06910, 464

23, 850

15,9477,903

2,453

1,697756

Percentdistribution

100.0

75.824.2

100.0

77.322.7

100.0

76.823.2

100.0

78.421.6

100.0

66.933.1

100.0

69.230.8

1957

Dollaramount

165, 689

126, 65439, 035

140, 997

109, 97031, 027

94,172

73, 00821,164

46, 824

36, 9629,862

22,175

14, 9107,265

2,517

1,774743

Percentdistribution

100.0

76.423.6

100.0

78.022.0

100.0

77.522.5

100.0

78.921.1

100.0

67.232.8

100.0

70.529.5

7947

Dollaramount

144, 950

108, 97435, 976

122,511

94,13828, 373

82,023

62,71119,312

40, 488

31, 4279,061

19, 378

12, 7976,581

3,061

2,0391,022

Percentdistribution

100.0

75.224.8

100.0

76.823.2

100.0

76.523.5

100.0

77.622.4

100.0

66.034.0

100.0

66.633.4

7939

Dollaramount

58, 043

42,25915, 784

49, 340

37,48811,852

31, 559

23, 3688,191

17, 781

14,1203,661

6,737

3,3523,385

1,966

1,419547

Percentdistribution

100.0

72.827.2

100.0

76.024.0

100.0

74.026.0

100.0

79.420.6

100.0

49.850.2

100.0

72.227.8

a variety of issues: (1) powers relating to (a) lend-ing, (b) investments, (c) underwriting of revenuebonds, (d) trust matters, (e) borrowing, (/) branch-ing; (2) capital, (a) capital adequacy, (b) author-ized but unissued stock, (c) stock options, (d) stockdividends, (e) preferred stock and debentures; (3)corporate procedures; (4) Federal Reserve System,(a) membership, (b) reserve requirements, (c) in-

terest rate regulation, (d) Edge Act corporationsand foreign branches; (5) bank examination andsupervision; and (6) taxes. Some of these recom-mendations have been embodied in administrativeactions taken by the Comptroller within his presentpowers. Others have formed the basis of legislativerecommendations.

6. New Charters

In seeking the provision of adequate banking serv-ices, there are a limited number of alternative routesthat are accessible. One is to allow establishedbanks to provide additional services to new andgrowing communities through the use of branches.Another is to charter new banks. Where branchingis either severly restricted or prohibited by State law,

new charters may have to be relied upon moreextensively.

During 1962, this Office approved 132 new na-tional bank charters and rejected 17 applications fornew charters. Of the 132 new charter approvals,68 were in 4 States—Colorado, Florida, Illinois, and


Texas—-where branches are either prohibited or

severely restricted.

Actual charter issuance, which takes place when

a new bank is ready to open, was at the level of 83

in 1962. Eighteen of these represented conversions

of State chartered banks to national banking status.

Of the 255 applications which were carried over

from 1961 and received during 1962, 17 were re-

jected, 23 were abandoned, 83 were chartered, and

as of December 31, 1962, 132 were pending.

TABLE 7.—Applications for new national bank charters,approved and rejected, calendar 1962, by States

TABLE 8.—National bank charters issued in 7962 with total

capital accounts, by States

[Dollar amounts in thousands]

State

Total

AlabamaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaIllinoisIowaKansasLouisianaMarylandMassachusettsMichiganMinnesotaMississippiMissouriNebraskaNew Hampshire....New JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonSouth CarolinaSouth DakotaTennesseeTexasUtahVirginiaWashingtonWest VirginiaWisconsin

132

Rejected

17

State

Total

AlabamaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaIllinoisIowaKansasLouisianaMarylandMassachusettsMichiganMinnesotaMissouriNew JerseyNew MexicoNew YorkOhioOklahomaSouth CarolinaSouth DakotaTexasUtahVirginiaWashingtonWyoming

NumberPrimary

65

Conver-sion

Totalcapitalaccounts

$63, 228

645883

9,5704,216883603

3,0008,2781,956200

1,1521,1001,050350

1,8701,012500

1,688250

7,9441,4693,826520450

7,010400

1,603300500

TABLE 9.—Summary of applications for new national bankcharters received, approved, rejected, and abandoned, andcharters issued, calendar 7962

Applications Received

Type Number CapitalPrimary 153 $54,267,000Conversion 23 8,719,130

Total 176 62,986,130

Applications ApprovedPrimary 112 $39,615,000Conversion 20 8,077,530

Total 132 47,692,530

Application RejectedPrimary 16 $4,812,500Conversion 1 700,000

Total 17 5,512,500

Applications AbandonedPrimary 21 $6,548,750Conversion 2 2,850,000

Total 23 9,398,750

National Banks CharteredPrimary 65 $21,275,000Conversion 18 8,027,555

Total 83 29,302,555


TABLE 10.—Applications for national bank charters, statusas of Dec. 31, 1962

Applications carried over from 1961 79

Applications received in 1962 176

255

Applications rejected in 1962 17Applications abandoned in 1962 23Banks chartered in 1962 83Applications pending at close of business, Dec. 31, 1962. 132

7. BranchingDuring 1962, 650 branches of national banks Over 60 percent of the new branches were in corn-

were opened for business and 59 branches were munities with a population of 25,000 or less, which

either discontinued or consolidated. This resulted suggests that many of these branches may be serving

in a net increase during the year of 591 branches. areas which were lacking in adequate banking pre-

As of the end of 1962, there were 6,447 branches of vious to the formation of these branches. Almost 30

national banks in operation. California led all of percent, or 190, of these branches were being op-

the States with a net increase of 124 branches. erated by banks with $25 million or less in resources.

TABLE 11.—De novo branch applications of national banks, by States, calendar 1962: received, approved, rejected, abandoned,and pending as of Dec. 31, 1962

State Received Approved Rejected Abandoned PendingDec. 37, 1962

Total

AlabamaAlaskaArizonaArkansasCaliforniaConnecticutDelawareDistrict of ColumbiaGeorgiaHawaiiIdahoIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMississippiMissouriNebraskaNevadaNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhio.OklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeUtahVermontVirginiaWashington

679 32 126

141885

1151217

101

201655564

2521247325

325

61244

383

16643

161

1261

3519

2560

16312405300002625001062

1632401

1501032053


TABLE 12.—Branches authorized in 7962, by population ofarea and size of sponsoring bank

In unincorporated areas 18In cities with population less than 5,000 154In cities with population from 5,000 to 25,000 223In cities with population from 25,000 to 50,000 74In cities with population over 50,000 181

Total 650

TABLE 12.—Branches authorized in 1962, by population ofarea and size of sponsoring bank—Continued

By banks with less than $10 million total resources 69By banks with total resources of $10 million to $25

million 121By banks with total resources over $25 million 460

Total 650

TABLE 13.—Branches of national banks: opened for business, discontinued or consolidated during 1962, and branches inoperation Dec. 31, 1961 and 1962

StateBranches in opera-tion Dec. 37, 1967

5,856

7627

13622

1,3130

1110

! 6 30

693068

0187

1017879749

1142262372628100

»1323

1273

33527142

1346

20167509

49105

28139

04219

148266

020

02

Branches opened forbusiness during 7962

650

6895

13408230

19610

1204778

242132

0420120

341

6138

135

37

582

1269030

4013

0200

Existing branchesdiscontinued or con-

solidated during 1962

59

0610

10010000000200002411001000001270420

110001010100000

Branches in opera-tion Dec. 37, 7962

6,447

8229

14427

1,4370

1182

1660

883669

0197

102194

10455

134246268

632110

1425

1307

33586173

2377

21174556

51117

34147

04419

187279

022

02

Total

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraska..NevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingVirgin Islands

1 Includes 31 branches in operation by 7 nonnational banks in the District of Columbia under the supervision of the Comptrollerof the Currency on Dec. 31, 1961, and 32 such branches on Dec. 31, 1962.

2 Established prior to enactment of McFadden Act, Feb. 25, 1927.*Includes 1 branch established prior to enactment of McFadden Act, Feb. 25, 1927.

10


8. MergersDuring 1962, the Comptroller approved 111 con-

solidations, mergers, and absorptions involvingnational banks, as compared to 72 in 1961. Thelargest fraction of these were national banks con-solidated or merged with and into other nationalbanks. There were 42 State banks consolidated ormerged with and into 40 national banks in 1962 (38percent of those approved), as compared with 37, or51 percent, in 1961. There were 77 national bankspurchased, consolidated or merged with State banks.

In Appendix A to this Report, there will be found:tabular representations of the comments of the Jus-tice Department, the Federal Reserve Board, andthe Federal Deposit Insurance Corporation on bankmerger applications passed on by the Comptroller ofthe Currency; a complete set of the Comptroller'sapprovals of mergers, consolidations, and purchaseand sale transactions for 1962, and a complete setof the Comptroller's disapprovals from December1961 through the end of 1962.

TABLEI14.—Consolidations, mergers, and absorptions involv-ing national banks, calendar 1962


Number ofbanks

53

42

9

7

111

5

18

54

77

188

Type

National Banks consolidated ormerged with and into 53 nationalbanks . . . . .

State banks consolidated or mergedwith and into 40 national banks. .

National banks purchased by 9national banks

State banks purchased by 7 nationalbanks

Approved by the Comptrollerof the Currency

National banks purchased by 5 Statebanks

National banks consolidated ormerged with and into 18 Statebanks

State banks merged, consolidated, orpurchased by other State banks. . .

Approved by State bankingdepartments

Total banks absorbed

Totalresources

$1, 050

400

77

64

1,591

11

223

843

1,077

2,668

TABLE 15.—Consolidations, mergers, and absorptions involv-ing national banks, 1950-62, inclusive


216

139

175

1,087

199

105

571

National banks consolidated withand into national banks

National banks merged with othernational banks

National banks purchased by othernational banks

Total

State chartered banks consolidatedwith and into national banks

State chartered banks merged withnational banks

State chartered banks purchased bynational banks

Total

District of Columbia nonnationalbank consolidated with and intoDistrict of Columbia national bank.

District of Columbia nonnationalbank purchased by District ofColumbia nonnational bank

District of Columbia nonnationalbanks purchased by District ofColumbia nonnational banks

Total

Approved by Cdmptroller ofthe Currency

National banks consolidated ormerged with State chartered banks.

National banks purchased by Statechartered banks

State chartered banks, merged, con-solidated, or purchased by otherState chartered banks

Approved by State bankingdepartments

Total for absorbed banks

$5, 060

2,852

1,582

9,494

4,159

1,537

1,459

7,155

=

55

75

216—

16, 865

10, 077

942

12, 227

23,246

40,111

TABLE 16.—Conversions of national banks, by number ofbanks, types of conversion, and total resources, calendar 1962


Numberof banks

00 00

26

Type

State chartered banks convertedinto national banks

National bank converted into statechartered banks

Total

Totalresources

$285

84

379

11


T A B L E 17.—Conversions of national banks, by number ofbanks, type of conversion, and total resources, 1950-62,inclusive


Number ofbanks

98

40

138

Type

State chartered banks convertedinto national banks

National banks converted into statechartered banks

Total

Totalresources

$1, 546

303

1,849

9. Income and Expenses of National Banks

Net income before dividends of national banksrose modestly (2.6 percent) in 1962 to $1,069 mil-lion. Current operating revenue rose almost 11 per-cent reflecting increases in all categories of revenue.But these increases in income ($642 million) wereoffset by increases in current operating expenses($641 million), with the result that net currentoperating earnings were unchanged between 1961and 1962.

There were rises in all classes of expenses, but thesharpest rise (37.1 percent) was in interest on timeand savings deposits. This percent increase wastwice that which took place for the period 1960-61.It reflects the fact that national banks have been re-ceiving large amounts of new savings and time de-posits (an $8.3 billion increase between the end of

December 1961 and December 1962), and payinghigher rates of interest on these deposits. Over thepast 3 years there has been a steady increase in theratio of current operating expenses to current oper-ating revenue. This ratio rose from 64.4 percent in1960, to 66.8 percent in 1961, and to 70.0 percentin 1962.

As a result of various recoveries and losses, whichare added to net operating earnings to obtain netincome before taxes, there was a decline of $61 mil-lion, or 3.4 percent, in net income before taxes. Be-tween 1960-61 this category rose by $30 million.

Cash dividends on common stock rose by 6.5 per-cent, to a level of $518 million. The relationshipof these cash dividends to the capital accounts wasthe same as in 1960 and 1961, while there was aslight rise in the relationship to capital stock.

TABLE 18.—Current operating revenue, and expenses, and dividends of national banks, end of 1961 and 1962, and dollar andpercent changes 1961-62


1962 1961Change 1961-62

Dollar Percent

Number of banks *Capital stock (par value) i

Capital accounts 2

Current operating revenue:Interest and dividends on—

U.S. Government obligationsOther securities

Interest and discount on loansService charges on deposit accounts. . .Other current operating revenue

Total

See fpotnotes at end of table.

12

4,5033, 672. 5

12, 289. 3

4,5133, 466. 2

11,470.9

— 10+206. 3+818.4

1,136.5414.9

4,134. 5380.4530.1

1,030. 7338.2

3, 759. 3351.5475.0

+ 105.8+76.7

+ 375.2+28.9+55.1

6, 596. 4 5, 954. 7 +641.7

- . 2 25.957.13

10.2622.689.988.22

11.60

10.78


TABLE 18.—Current operating revenue, and expenses, and dividends of national banks, end of 1961 and 1962, and dollaand percent changes 1961-62—Continued


Current operating expenses:Salaries, wages, and fees 'Officer and employee benefits 'Interest on time and savings depositsNet occupancy expense of bank premises . . .Other current operating expenses

Total

Net current operating earnings

Recoveries, transfers from valuation reserves, and profits:On securities:

Profits on securities sold or redeemedRecoveries . .Transfers from valuation reserves

On loans:Recoveries . . . . .Transfers from valuation reserves

All other

Total

Losses, chargeoffs, and transfers to valuation reserves:On securities:

Losses and chargeoffs . . .Transfers to valuation reserves

On loans:Losses and chargeoffsTransfers to valuation reserves

All other

Total

Net income before related taxes

Taxes on net income:Federal . . . . .State

Total

Net income before dividends

Cash dividends declared:On common stock .On preferred stock

Total

Memoranda items:Recoveries credited to valuation reserves (not included in recoveries above):

On securitiesOn loans

Losses charged to valuation reserves (not included in losses above):On securitiesOn loans

Stock dividends (increases in capital)

Ratios:Current operating expenses to current operating revenueNet income before dividends to capital accountsCash dividends to capital stockCash dividends to capital accounts

1962

1, 646. 0221.2

1, 588. 7286.0874.3

4, 616. 2

1, 980. 2

128.13.4

41.7

8.127.340.4

249.0

40.459.1

13.5292.2

67.1

472.3

1, 756. 9

637.750.3

688.0

1,068.9

517 5.2

517.7

2 951.3

7.6143.694.1

Percent69.988.70

14.104.21

1961

1, 547. 4203.3

1,158. 6264.9801.4

3, 975. 6

1, 979.1

243.25.1

56.4

7.929.329.7

371.6

39.4154.3

16.7260.462.0

532.8

1,817.9

734.641.1

775.7

1,042.2

486.0.1

486.1

5 644.5

11.8148.1165.6

Percent66.769.09

14.024.24

Change 1961-62

Dollar

+98.6+ 17.9

+430.121.172.9

+640. 6

+ 1.1

— 115.1— 1.7

— 14.7

+ .2—2.0

+ 10.7

- 1 2 2 . 6

+ 1.0— 95.2

- 3 . 2+31.8+5.1

-60 .5

-61 .0

-96 .9+ 9.2

-87.7

+26.7

+31.5+ .1

+ 31.6

— 2 7+ 6.8

- 4 . 2— 4.5

-71 .5

Percent+ 3.22

— . 3 9+ .08- . 0 3

Percent

6.378.80

37.127.979.10

16.11

.06

- 4 7 . 33— 33.33—26.06

2.53- 6 . 8 336.03

— 32.99

2.54— 61.70

-19.1612.218.23

-11.36

— 3.36

-13.1922.38

— 11.31

2.56

6.48100. 00

6.50

—48. 2115.28

-35.59— 3.04

-43.18

1 Number at end of period. Remaining figures include earnings, expenses, etc., of those banks which were in operation a partof the year but were inactive at the close of the year.

2 Figures are averages of amounts reported for the June and December call dates in the year indicated and the December calldate in the previous year.

3 Exclusive of building employees.

n


io. Reports From BanksIn accordance with existing statutes, all national

banks and all banks located in the District of Co-lumbia were required to submit to the Comptrollerfour reports of condition during 1962—March 26,June 30, September 28, and December 28. Incomeand dividend reports, and reports of condition offoreign branches, were submitted as of the yearend.National banks and all District of Columbia banksoperating trust departments were required to submita report of their fiduciary activities as of the closeof business December 28, 1962. Similar reportingrequirements were imposed upon other insuredbanks by the other supervisory agencies.

The call report has lost most of its value as aneffective supervisory tool because a pattern of regu-larity with respect to call dates has developed.During the past 25 years, calls were made on thelast business day of June 21 times, and on the lastbusiness day of December 24 times.

Many banks, anticipating a call date, particularlyat the yearend, engage in the practice of "windowdressing." This is a term applied to the inflating ofdeposits and resources. The practice is fairly wide-spread, and persists because of the desire of somebankers to improve or maintain at least the appear-ance of their relative size. Most bankers generallyagree that the practice is undesirable, and have ex-pressed a willingness to refrain from the practice ifothers will do so. Such misstatements may misleaddepositors, investors, students of monetary and bank-ing affairs, and bank supervisory agencies.

The legislative history of the call-report laws in-

dicates that the Congress intended these reports tobe on a surprise basis. The three Federal super-visory agencies (Board of Governors of the FederalReserve System, the Federal Deposit Insurance Cor-poration, and the Comptroller of the Currency) setthe last call for 1962 as of December 28, rather thanthe traditional last business day of the year. Totaldeposits of all commercial banks which were mem-bers of the Federal Reserve System rose by 4.7 per-cent ($10.3 billion) between December 30, 1961,and December 28, 1962, the last call report of eachyear. Based upon reports submitted to the Boardof Governors of the Federal Reserve System in con-nection with the computation of required reserves,total deposits on December 31, 1962—3 days afterthe December 1962 call—were 7.6 percent aboveDecember 30, 1961. Hence, between December28,1962, and December 31, 1962, reported depositsrose by $5.7 billion or 2.6 percent. This rise for3 days is 55 percent of the rise for the previous 362days. It thus appears that a very substantialamount of "window dressing" took place in the lastdays of the year, a fact which supports the often-made hypothesis.

It is the position of this Office that surprise callsfor reports of condition represent a technique forbank supervision, and a means of improving thereliability of bank data. At present, there are noadequate methods of adjusting for these overstate-ments, especially for individual banks. This Officehas under study several plans to discourage thisundesirable practice.

I I . Fiduciary Activities of National BanksDuring 1962 there were several significant devel-

opments affecting the exercise of fiduciary powers bynational banks. Public Law 87-722, 12 U.S.C.92a, enacted September 28, 1962, transferred to thisOffice from the Board of Governors of the FederalReserve System power over the fiduciary activitiesof national banks. This legislation also contained anamendment to the Internal Revenue Code providingthat the common trust funds of any bank would beeligible for tax-exempt status only where it was oper-ated in conformity with rules and regulations of theComptroller of the Currency.

To carry out the additional responsibilities con-ferred by the act, the Trust Division of the Comp-troller's Office was recognized and enlarged. The

examination of trust departments was separatedfrom and placed on a parity with commercial de-partment supervision. Dean Miller was appointedto the newly created position of Deputy Comptrollerof the Currency for Trusts to head the Trust Divi-sion. There were also established the positions ofChief Representative in Trusts and Assistant ChiefRepresentative in Trusts, with Preston P. Kelloggand Robert St. Pierre filling these posts. Steps weretaken to place the handling of applications for trustpowers on a 60-day basis. A revision of the reportof examination of trust departments and the manualof instructions governing trust department examina-tions was initiated. A vigorous recruitment programwas instituted to attract young law school graduates

14


for employment as assistant in trusts, the new titlegiven to assistant trust department examiners. Payscales were revised and made competitive with theindustry. It is anticipated that, as a result of thesemeasures, the trust department of every nationalbank will receive a thorough and specialized exam-ination during 1963, and annually thereafter.

Immediately upon passage of Public Law 87-722, this Office put into effect Regulation 9, whichwas an adaptation of the existing Federal ReserveRegulation F which had governed national banktrust activity theretofore. All national banks andstate banks operating common trust funds wereasked to suggest needed amendments of the regula-tion, and an Advisory Committee, under the chair-manship of Reese Harris, of Manufacturers HanoverTrust Co. of New York, was appointed to providetechnical assistance in such revisions. Prof. AustinW. Scott, of Harvard University, acted as specialadviser to the Comptroller in these matters. Bythe end of the year the study was well advanced,and eventually culminated in the promulgation inApril 1963 of a comprehensive revision of Regula-tion 9.

Between January 1 and September 28, 1962, theBoard of Governors of the Federal Reserve Systemgranted the right to act in one or more fiduciarycapacities to 51 national banks. Following enact-ment of Public Law 87-722, this Office grantedsimilar authority to 14 additional national banks.As of the end of 1962, 1,786 national banks wereauthorized to act in fiduciary capacities. At thattime, 584 common trust funds were in operation by

360 banks, and 344 of these funds were operated by223 national banks.

Since no uniform system exists for carrying valuesof trust department assets among corporate fiduci-aries, the trust data in dollar terms which appear inthis report are of value primarily for comparativepurposes.1 Appendix tables B-23 and B-24 showthe market value of securities held in employee bene-fit accounts for which national banks are trustees.The figures submitted cover 867 national banks and3 nonnational banks. The increase since the previ-ous report, in market value of funds of plans wherethe bank is trustee and has investment responsibility,is 17.1 percent. In the case of those plans wherethe bank is trustee with investments directed byothers, the increase since 1961 in market value is23.9 percent.

1 There is no uniform system for carrying values of trustdepartment assets among corporate fiduciaries. Essentiallythere are two systems employed which are (1) cost for assetspurchased with appraised values for assets received in kind,and (2) unit value. Unit value systems carry bonds at $1per $1,000 and stock at $1 per share, or sometimes par valueis used. A combination of both systems is usually found inany trust department, and figures taken from trust ledgershave little meaning in relation to the actual value of theproperty held. The unit value system has the advantage ofpermitting assets to be set up immediately at a permanentcarrying figure for audit purposes, but usually requires thekeeping of another set of books for tax purposes.

The trust data in dollar terms, except for figures on em-ployee welfare and pension benefit plans for which nationalbanks are trustees, are valuable primarily for comparativepurposes from year to year. It is believed that to requirenational banks to furnish market values as of any given datewould place a substantial and unjustified burden upon thebanks. Annual Report of the Comptroller of the Currency,1961, p. 16.

12. LitigationA. General

Community National Bank of Pontiac vs. Saxonand Manufacturers National Bank of Detroit,192 F. Supp. 514 (E.D. Mich. 1961), affirmed310 F.2d 224,1962

Former Comptroller Ray M. Gidney approved abranch of Manufacturers National Bank of Detroitin an unincorporated area of Oakland County,Mich. Plaintiff contended that the area did notcontain sufficient population and other indicia ofcommunity life to constitute a "village" separate andapart from the adjoining city of Bloomfield Hills.Plaintiff further contended that under Michiganlaw, M.S.A. § 23.762, unless the area was a separate

village, the establishment of Manufacturers' branchwas unlawful.

The district court, on a preliminary motion, heldthat the Comptroller's discretion was not subject toreview by the courts, but deferred action on theComptroller's motion to dismiss the complaint untilthe trial. At the trial, the district court took evi-dence on the sole question of whether the area con-stituted a village.

At the close of the trial, the district court held thatwere he deciding the question, de novo, he wouldfind that the area was not a village, but that never-theless there was substantial evidence that it was,and that therefore the Comptroller's action could not

15


be characterized as arbitrary or capricious, and thecomplaint was dismissed.

On appeal, the Circuit Court of Appeals for theSixth Circuit affirmed the decision of the lower court.

Union Savings Bank of Patchogue, et at. vs.James J. Saxon and the Tinker National Bankof East Setauket, U.S. District Court for theDistrict of Columbia, Civil No. 2455-62

This case arose out of the approval of a branchfor Tinker National Bank in an unincorporated areaeast of the incorporated village of Patchogue, N.Y.New York law permits branches under certain con-ditions in an "incorporated or an unincorporatedvillage." The area in which the subject branch waslocated was eligible for incorporation as a villageunder the New York village law. Plaintiff con-tended, however, that (1) the area was unavailablefor branching under New York law because it didnot contain sufficient physical attributes as a separatevillage, and also contended (2) that the Comptrollerdid not follow his own rules and regulations in themanner in which the application was processed.

On cross-motions for summary judgment made byplaintiffs and defendants, the plaintiffs' motion wasdenied by the district court and the motions of theComptroller and the defendant bank for summaryjudgment were granted.

Albert / . Minichello, et al. vs. James J. Saxon,First National Bank of Exeter, et al, C.A. No.7591, U.S. District Court, Middle District ofPennsylvania.

In January 1962, a substantial shortage was un-covered in the First National Bank of Exeter. Pur-suant to the provisions of the Bank ConservationAct, the Comptroller appointed a conservator for thebank on February 20, 1962. The conservatorshiplasted 7 days, at the end of which the assets of thebank were purchased and its liabilities assumed bythe Wyoming Naional Bank of Wilkes-Barre.1

In March 1962, this action was commenced byminority stockholders of the First National Bank ofExeter. The complaint asked the court to upsetthe action of the Comptroller in appointing a con-servator and to invalidate the contract of sale to theWyoming National.

1 See below, "National Banks Placed in Conservatorship."

The court dismissed the complaint as to theComptroller, on motion, holding that his action inappointing a conservator is not subject to judicialreview. An appeal for this order was dismissed.

In June of 1963, the case came to trial as to theremaining defendants. The complaint was dis-missed by the court at the close of the plaintiff'scase.

Bank of New Orleans and Trust Company etal. vs. Whitney National Bank in JeffersonParish and James J. Saxon, U.S. District Courtfor the District of Columbia, Civil Action No.1857-62

This case arose out of the following situation.The city of New Orleans, La., is divided by a county(parish) line. On one side is the old city in NewOrleans Parish. On the other side is the rapidlyexpanding suburban area of Jefferson Parish.Under Louisiana law, banks are prohibited frombranching across parish lines.

The banks in New Orleans Parish were conse-quently faced with the problem of serving their cus-tomers in Jefferson Parish. Some accomplishedthis by establishing affiliated banks in Jefferson.

The Whitney National Bank in New Orleanselected to form a holding company which wouldhold the stock of Whitney National Bank in NewOrleans and also of a new bank to be organized inJefferson Parish to be called the Whitney NationalBank in Jefferson Parish.

The plan of reorganization was submitted to theComptroller and to the Federal Reserve Board inJuly 1961. After a formal hearing, on notice pub-lished in the Federal Register, the Federal ReserveBoard approved the formation of Whitney HoldingCorp. The Comptroller approved the formation ofWhitney-Jefferson and the necessary reorganizationof Whitney-New Orleans. The shareholders ofWhitney-New Orleans were given full informationas to the nature of the reorganization, and at a spe-cial meeting held on November 27, 1961, it ap-proved by a vote of 93,645 shares out of 100,000entitled to vote. Under the statutes, any share-holder who objected was entitled to have his stockappraised by the Comptroller and paid for in cash.However, none of the objecting shareholders re-quested such appraisal.

16


After all corporate steps necessary for the openingof Whitney-Jefferson had been completed, but, be-fore the Comptroller had issued his final certificateof authority, this action was begun by three Statebanks located in New Orleans.

The complaint alleged that the reorganizationplan of Whitney-New Orleans was an illegal evasionof the Louisiana prohibition against branch banking.

A preliminary injunction against the issuance ofa certificate of authority to Whitney-Jefferson wasgranted by District Court Judge Holtzoff on July 6,1962, pending a determination of the merits of thecontroversy.

Before the case could be heard on the merits, theLouisiana Legislature passed Louisiana Act No. 275of 1962, which purports to make it illegal for anycompany to own or control more than 15 percent ofthe stock of any bank, and further purports to makeit a crime for any such company or subsidiary there-of "to open for business any bank not now open forbusiness whether or not a charter, permit, license, orcertificate to open for business has already beenissued."

U.S. District Court Judge Charles F. McLaughlinissued a permanent injunction against the issuanceof a certificate of authority to Whitney-Jefferson onthe ground that Louisiana Act 275 of 1962 waseffective and prohibited the opening of said bank.The district court did not reach the question of al-leged evasion of the branch banking laws ofLouisiana.

The defendants appealed to the Circuit Court ofAppeals for the District of Columbia on the ground,inter alia, that the Louisiana statute was an uncon-stitutional interference with a function of a Federalofficial. As of the date of this writing,1 no decisionhas been published by the appeal court.

Michigan National Bank vs. James J. Saxon,U.S. District Court, D.C., Civil Action No.821-62

Plaintiff bank wished to construct a drive-in fa-cility in the downtown business district of Flint,Mich. The proposed facility would be separatedfrom plaintiff's existing branch in Flint by approxi-mately 500 feet with two street intersections inter-vening. The drive-in facility was to be connected tothe existing office by a pneumatic tube laid underthe street.

xJuly 1963.

Under Michigan law, plaintiff would not be per-mitted to establish the facility if it constituted aseparate branch.

The action was for a declaratory judgment thatthe proposed facility was not a separate branch but,rather, an extension of the existing branch. TheComptroller was of the opinion that the facilitywould require a separate branch certificate.

U.S. District Court Judge Alexander Holtzoff, onmotions by both sides for summary judgment, ruledthat the proposed facility would not be an independ-ent branch and granted plaintiff's motion for sum-mary judgment. No appeal was taken by theGovernment.

Suburban Trust Company vs. National Bank ofWestjield, Civil Action No. 837-62, U.S. Dis-trict Court, District of New Jersey

In October of 1961, the New Jersey banking com-missioner issued a branch certificate to the plaintifffor a branch in Mountainside, N.J. Under NewJersey law, branch certificates may be issued beforethe branch is ready to open. The certificates expirein 6 months, but may be renewed by the Commis-sioner.

The location picked by plaintiff bank was notzoned for a bank and the plaintiffs were not able toobtain a variance. The Commissioner granted two6-month extensions.

The Comptroller in October 1962 issued a branchcertificate to the defendant for another location inMountainside and the branch is presently inoperation.

The issue in the case is whether the mere issuanceby the New Jersey commissioner of a branch certifi-cate preempted the town. The New Jersey statuteinvolved permits a branch to be established inMountainside provided that "no banking institutionhas its principal office or a branch office" there. Theplaintiff bank and the New Jersey commissioner con-tend that the mere issuance of a certificate meansthat a banking institution "has" an office. The de-fendant national bank contends that there is nobanking institution in town until its doors haveopened for business.

The Comptroller is not a party to the suit. A mo-tion by the defendant to dismiss the complaint onthe ground that the Comptroller was an indispen-sable party was denied.

17


Both sides have filed motions for summary judg-ment. There has been no decision as of the time ofthe printing of this report.

Charles R. Howell et ano vs. The NationalUnion Bank of Dover, Civil Action No. 16-63,U.S.D.G., District of New Jersey

The Dover Trust Company vs. The NationalUnion Bank of Dover, Civil Action No. 202-63, U.S.C.C., District of New Jersey

On August 31,1962, the Comptroller issued a cer-tificate of authority to the National Union Bank ofDover to establish a branch at the Lakeside Ship-ping Center, located on the south end of a long nar-row municipality called Jefferson Township. Some20 miles to the north, the First National Bank ofButler operated during the summer season a "sea-sonal agency" in a resort area called Newfoundland.Newfoundland is also in Jefferson Township.

Under the New Jersey branch law, it is not per-missible to establish a branch in a municipality inwhich an existing bank has "its principal office or abranch office."

The plaintiffs contended that the seasonal agencyoperated by First National Bank of Butler 6 weeksout of the year is a full-fledged branch which pre-vents the establishment of any other office anywherein the township.

Our attorneys felt that plaintiff's interpretation ofthe New Jersey statute was wrong. A "seasonalagency" is a creature created by the Federal law.The authority for its creation is contained in 12U.S.C. 36(c) and there is no similar provision inthe New Jersey law. Further along in section 36,in subsection (f), there is a definition of "branch"which excludes any mention of seasonal agencies.It appears quite clear from the language of section36 that a "seasonal agency" was not conceived bythe Congress to be a branch.

It therefore appeared that not only good sense,but also proper legal interpretation, permitted thisbranch to be established in this completely unbankedarea.

On April 22, 1963, the Comptroller's positionwas upheld by the U.S. district court and summaryjudgment was rendered for the national bank inboth cases.

B. Antitrust

U.S. vs. The Philadelphia National Bank et al.,U.S. Supreme Court, October term, 1962,No. 83

In an unprecedented decision, the Supreme Courtheld that bank mergers were subject to the ClaytonAct and that the proposed merger of the Philadel-phia National Bank and the Girard Trust CornExchange Bank would substantially lessen compe-tition and would therefore violate section 7 of theClayton Act. The merger had received the ap-proval of former Comptroller Ray M. Gidney.

In a dissenting opinion, Mr. Justice Harlan, joinedby Mr. Justice Stewart, stated that the majority werevirtually nullifying the Bank Merger Act of 1960.The dissenters pointed out that in enacting the BankMerger Act, Congress intended that "effect on com-petition was not to be the controlling factor in deter-mining whether to approve a bank merger."

The Court did not reach the question of the appli-cability of the Sherman Act to the merger. How-ever, Mr. Justice Goldberg, in a separate concurringopinion, expressed the belief that the Sherman Actwas fully applicable to bank mergers.

U.S. vs. First National Bank and Trust Com-pany of Lexington, U.S. Supreme Court No.36, O.T. 1963, decision below (U.S.D.C.E. Ky., 208 F. Supp 457)

The Supreme Court agreed to review the legalityof the consummated merger of three banks in Lex-ington, Ky. The complaint is based on allegedviolations of sections 1 and 2 of the Sherman Act.

U.S. vs. Continental Illinois National Bank andTrust Company of Chicago, et al., U.S.D.C,Northern District of Illinois

There has been no change in the status of this casesince the publication of the last annual report. Themerger has been consummated, and the case is await-ing trial, the court having denied the Government'smotion for a preliminary injunction.

C. National Banks Placed in Conservator ship

During calendar year 1962, the Comptrollerfound it necessary to place one national bank in

18


conservatorship. The conservatorship lasted only 7days, at the end of which the liabilities and assetswere purchased by a neighboring institution. Thecircumstances leading up to the conservatorshipwere as follows.

The First National Bank of Exeter was an institu-tion of just under $3 million deposits, located in theanthracite coal region of Pennsylvania. In early1962, there came to light a large defalcation, thefull amount of which was not readily determinable.As a result there came to the Comptroller's attentioninformation which raised serious questions concern-ing some stockholders and directors and officers ofthe bank. It became patently clear that the con-tinued operation of even a sound bank by these per-sons would be inimical to the bank as well as preju-dicial to the interests of the depositors.

As an audit of the bank progressed, the amountof the defalcation continued to rise to the pointwhere it was obvious that the bank could not bepermitted to continue operating, although there wasdoubt as to whether it could be held to be technicallyinsolvent. In light of these facts, plus the failure ofthe persons involved to work out a satisfactory saleor reorganization of the bank, a serious question asto the liability by the insurer on the bank's umbrellabond, the fact that a receiver may be appointed bythe Comptroller only if he is satisfied that the bankis insolvent, etc., there was no alternative but to seeksome satisfactory means of conserving the assets ofthe bank until the full amount of defalcation couldbe ascertained, the liability or lack of liability of thebonding company could be better established, andthere could be determined whether a prompt sale orreorganization of the bank could be accomplished.

There was reason to believe that the bank could

be sold. In spite of its difficulties the bank at notime lost the confidence of the banking public inExeter, and there was no run nor heavy withdraw-als of deposits. A number of sound and well-man-aged banks in the area had expressed an interest inacquiring the bank. Such an acquisition would, ofcourse, insure the continuation of sound, adequatebanking service in the community with all depositsimmediately available and a minimum of harmfulpublicity. This appeared clearly preferable to re-ceivership. The appropriate way the depositorscould be protected until the bank could be sold wasthrough a conservatorship.

Accordingly, acting under authority of the BankConservation Act, the Comptroller placed the bankin conservatorship, appointing as conservator Mr.Russell E. Gardner, vice president of the MinersNational Bank of Wilkes-Barre, and a former na-tional bank examiner. Mr. Gardner assumed con-trol of the bank on the morning of February 20,1962. During the 7 days of the conservatorship,the bank continued to have the confidence of thepublic. Although withdrawal of funds was lim-ited to 10 percent, there was no rush on the partof the depositors to withdraw the amount permitted.The bank continued to operate in the usual waysubject to the limitation.

During this period, there was agreed upon by thedirectors of the bank a sale of the assets to the Wy-oming National Bank of Wilkes-Barre, which as-sumed all deposit and other liabilities. The con-servatorship was terminated on February 26, 1962.The Wyoming National Bank reopened the bankas a branch to the accompaniment of general publicapproval. All deposits immediately became avail-able.

13. ExaminationsThe examinations of individual national banks in

1962 disclosed the national banking system to be inexcellent condition. This evaluation included con-siderations of asset soundness, liquidity, capitaliza-tion, and character of management. Net loan lossesand the ratio of losses to total loans were lower thanin 1960 and 1961. At the yearend 3,948 bankswere judged to be in very good condition; 552 werein satisfactory condition but contained minor weak-nesses. Careful examination and review indicated22 banks to be in poor condition due to depressedeconomic conditions, management deficiencies, or animmoderate volume of asset weaknesses. These

banks are receiving special supervisory attention.No banks were judged to be in serious or hazardouscondition. By comparison, at the end of 1961, 47banks were judged to be in poor condition and 2were in serious condition. No national banks wereplaced in receivership during 1962.

While examinations are made primarily to deter-mine the financial condition of a bank, national bankexaminers perform other services for the public, thebanks, and their stockholders. Examiners explore,regularly and in detail, the methods by which eachnational bank determines service-charge rates.Agreements among banks, through clearinghouses or

19


otherwise, concerning service charges are not per-missible in any form. This was reiterated in a letterto the presidents of all national banks on February28, 1962, which expressly prohibited any arrange-ments among banks, through clearinghouses or other-wise. Examiners represent the public in insuringthat each national bank complies with the Comp-troller's regulations by establishing its scale of servicecharges independent of any agreement with anyother bank or institution.

After careful consideration and in accordancewith recommendations received from the industryand the public, the Comptroller issued new rules onDecember 20, 1962, affecting corporate practicesand procedures of national banks. These rulesafford increased protection to stockholders through

the requirement of detailed and informative annualreports and proxy statements from all national bankswith deposits of $25 million or more. In addition,these rules, which became effective February 1,1963, embody provisions covering authorized butunissued stock, ownership reports, appointment ofdirectors, as well as employee stock-option and stock-purchase plans. The examining staff regularly re-views these matters for each national bank.

As a result of specialized training received during1962 in automatic data processing, Examiners havebeen in a position to consult with and advise bankersregarding problems of automation. A copy of theComptroller's publication "Examination of Automa-tion in National Banks" was distributed to all na-tional banks.

14. Issue and Redemption of CurrencyDuring the year ending December 31, 1962, the

Comptroller's Office made 896 shipments of newFederal Reserve notes (658,228,000 notes with anaggregate value of $7,847,920,000) to the FederalReserve agents and the Federal Reserve branchbanks. In addition, 37 deliveries of such notes (15,-020,000 notes with an aggregate value of $218,000,-000) were made to the Treasurer of the UnitedStates. There were 4,696 shipments of unfit Fed-eral Reserve notes and Federal Reserve bank notes(552,796,502 notes with an aggregate value of

$6,388,340,915) were received for verification andcertification for destruction; 369,8251/& badly dam-aged Federal Reserve notes and Federal Reservebank notes with an aggregate value of $8,531,458.50were presented by the Treasurer of the UnitedStates for identification approval.

The Comptroller's Office also received 45 ship-ments of national bank notes (61,457 notes with anaggregate value of $1,108,793) for verification anddestruction. As of December 31, 1962, $37,667,-904.50 of national bank notes were still outstanding.

15. Organization and StaffEffective August 1,1962, the Office of the Comp-

troller of the Currency reorganized and expanded itsfield operations and created three new regional of-fices in Memphis, Denver, and Portland. This wasessential (a) to achieve a better distribution of theworkload; (b) to facilitate optimum utilization ofmanpower; (c) to eliminate situations in which partsof the same State were in different districts; and (d)to give overdue recognition to economic growth inthe Northwestern States, Rocky Mountain States,and Southern States.

An expansion in the examining force was neces-sary in order to assure adherence to the historicallyhigh standard for the examination of national banks.Two hundred and seven members were added to theexamination staff for this purpose. To achieve andmaintain a high standard of quality in the dischargeof the increased volume of legal and regulatory work

20

in the Washington office, 10 attorneys were addedto the law department. As a result of a special effortto recruit high-ranking law school graduates to carryout the new responsibilities which were assumed inthe trust field, 25 assistants and associates in trustwere added to the force. Taking account of the in-crease in clerical and secretarial staff, total employ-ment during the year rose from 1,210 to 1,459.

The Trust Division of the Comptroller's Officewas substantially reorganized and enlarged1 during1962.

During 1962 this Office began a training pro-gram designed to familiarize field examining staffwith the problems and potential of automated bankoperations.2

1 See the section in this Report entitled "Fiduciary Activitiesof National Banks."

s See section in this Report entitled "Training."


Principal Staff Members as of December 31,1962

JAMES J. SAXONComptroller of the Currency

ALBERT J. FAULSTICHAdministrative Assistant to the Comptroller

CLARENCE B. REDMANFirst Deputy Comptroller

GRIFFITH W. GARWOOD

Deputy Comptroller*WILLIAM B. CAMP

Deputy ComptrollerJUSTIN T. WATSON

Deputy ComptrollerDEAN E. MILLER

Deputy Comptroller for TrustsTHOMAS G. DESHAZO

Chief National Bank Examiner *VICTOR ABRAMSON

Directory Department of Banking and EconomicResearch

ROBERT BLOOMChief Counsel

National bank region Regional officeNo. 1 Boston, Mass

MaineNew HampshireVermontMassachusettsRhode IslandConnecticut

No. 2 New York, N.Y..New YorkNew Jersey

Regional Chief Na-tional Bank ExaminerElmer J. Peterman.

Frank W. Krippel.

8 Retired Dec. 31, 1962.* Appointed Deputy Comptroller Jan. 1, 1963, and was

succeeded as Chief National Bank Examiner by R. ColemanEgertson.

National bank region Regional officeNo. 3 Philadelphia, Pa..

PennsylvaniaNo. 4 Cleveland, Ohio..

IndianaOhioKentucky

No. 5 Richmond, Va . . .West VirginiaMarylandDelawareVirginiaNorth Carolina

No. 6 Atlanta, GaSouth CarolinaGeorgiaFlorida

No. 7 Chicago, 111IllinoisMichigan

No. 8 Memphis, Tenn..ArkansasTennesseeLouisiana

No. 9 Minneapolis,North Dakota Minn.South DakotaMinnesotaWisconsin

No. 10 Kansas City, Mo.NebraskaKansasIowaMissouri

No. 11 Dallas, TexOklahomaTexas

No. 12 Denver, ColoWyomingColoradoUtahNew MexicoArizona

No. 13 Portland, Oreg..WashingtonOregonIdahoMontanaAlaska

No. 14 San Francisco,California Calif.NevadaHawaii

Regional Chief Na-tional Bank ExaminerMarshal Abramson.

Chalmer L. De-Reiner.

Charles M. VanHorn.

John D. Gwin.

Joseph G. Lutz.

William A. Robson.

Cyril B. Upham.

Paul L. Ross.

Norman R. Dunn.

John R. Thomas.

Kenneth W. Leaf.

Arnold E. Larsen.

16. TrainingDuring 1962 this Office began a training program

designed to familiarize our field examining staff withthe problems and potential of automated bank op-erations. A 2-week pilot school was held in Chicagowhich was attended by 2 men from each of the 14national bank regions. The students were chosenon the basis of an expressed interest in this field anda programer aptitude test. At the conclusion of theschool an additional 2 weeks were spent drafting themanual "Examination of Automation in NationalBanks." All of the students at the pilot school par-ticipated in this effort. After careful technical re-

view, the manual was published and distributed toour examining staff, all national banks, and manyothers who have requested it.

Based upon the experience gained at the pilotschool, it was concluded that this program was ofsuch benefit that it should be continued until all ofour personnel had been exposed to this area. Thecourse was, therefore, streamlined and improved andthe material is now covered in 1 week of intensivestudy. Two men from each national bank regionattend the classes. The school is conducted inWashington, with six sessions scheduled for each year

21


until our training requirement has been completed.During 1962,113 men received this instruction. Anadditional 90 men had been trained by June 30,1963.

Intensified recruiting during 1962 made it neces-sary to adopt an integrated training program for newexamining personnel. This consists of an orienta-tion period in the offices of Regional Chief NationalBank Examiners, a 2-week school conducted semi-annually by the regional offices, and a plan for rotat-

ing assignments to insure comprehensive on-the-spottraining.

National bank examiners also participated inother educational programs encouraged by theComptroller of the Currency. Seventy-five mem-bers of the examining staff enrolled in extensioncourses during 1962 given by the American Instituteof Banking, and 40 examiners attended summersessions conducted by well-known graduate bankingschools throughout the country.

17. Income and Expenses of the Office of the Comptroller of theCurrency

The Comptroller's Office does not operate onfunds appropriated by Congress. Assessments andfees paid by the national banks provide the Office'smain source of operating income. The Federal Re-serve System reimburses the Comptroller's Office forsalaries and expenses incurred in connection with theissue and redemption of its currency. The Office'sincome for 1962 exceeded its expenses by $1,265,-693. Previously, expenses had exceeded income inevery year since 1956.

Total income for 1962 from assessments, charges,and investments was $14,903,943, as compared with$11,666,508 for 1961. This increase was due pri-marily to an increase in the national bank assess-ment rate effective January 1, 1962.

Total expenditures for 1962 were $13,638,250.This represented an increase of $1,533,668 over thepreceding year. The increase in expenses wasmainly attributable to an increase in personnel andsalary levels as well as increased per diem and travelexpenses.

Details of the income and expenses of the Officeare contained in the Second Annual Financial Re-port of the Comptroller of the Currency to the Sec-retary of the Treasury dated April 1, 1963. Acertified public accountant from the Bureau of Ac-counts of the U.S. Treasury made an independentaudit of the financial accounts and records of theComptroller's Office for 1962.

22


APPENDIX A

Merger Decisions, 1962Summary of Comptroller's Decisions on Bank Merger Applications

Approved by Comptroller.Denied by Comptroller....Withdrawn

The following are tabular representations of thecomments of the Justice Department, the Federal Re-serve Board, and the Federal Deposit Insurance Cor-poration on bank absorption applications passed onby the Comptroller of the Currency, in the terminol-ogy of the individual agencies.

Justice Department1. Favorable o2. No adverse effect 123. Not substantially adverse 374. Slightly adverse 35. Adverse effect 266. Significantly adverse 37. Substantially adverse 348. Substantially adverse and serious anticompetitive

effect 79. Threat of litigation 1

Total.

Federal Reserve Board

1. Will increase competition 42. May increase competition 6

(with caveat of trend toward concentration) 1

3. No adverse effect on competition 30(with caveat of trend toward concentration) 3

33

1 Includes 3 emergency decisions not commented on byagencies.

4. No serious adverse effect on competition 2(with caveat of trend toward concentration)..... 1

5. Will have little adverse effect on competition. . . 12(with caveat on trend toward concentration) 9

6. Probably no adverse effect on competition7. Might have adverse effect on two parties involved8. Might have adverse effect on competition 4


9. Will eliminate competition between two banksexposing remaining banks to greater competition. 8


10. Will eliminate some competition 6(with caveat of trend toward concentration) 6

11. Will eliminate substantial competition 4(with caveat of trend toward concentration)..... 2

12. Will have adverse effect on competition13. Will eliminate present and potential competition. 3


14. Will result in concentration

Total ~"

Federal Deposit Insurance Corporation

1. Enhancement of competition2. Overall effect on competition would not be unfavor-

able3. No effect on competition4. No adverse effect on competition5. Appears unfavorable6. Effect would be unfavorable

51

"5

Total.

/. ApprovalsT H E FIRST NATIONAL BANK OF JUNEAU, JUNEAU, ALASKA, PURCHASED BY T H E FIRST NATIONAL BANK

ANCHORAGE, ANCHORAGE, ALASKA

Name of bank and type of transaction

The First National Bank of Juneau, Juneau, Alaska (5117), withwas purchased Jan. 12,1962, by The First National Bank of Anchorage, Anchor-

age, Alaska (12072), which hadAfter the purchase was effected, the receiving bank had

Total assets

$14,179, 000

52, 571,00065,734, 000

Banking offices

In operation

4

9

To be operated

13


COMPTROLLER'S DECISION

The First National Bank of Anchorage, Anchorage,Alaska, has applied to the Comptroller of the Currencyfor permission to purchase the assets and assume theliabilities of the First National Bank of Juneau, Juneau,Alaska.

The First National Bank of Juneau has total re-sources of $14,179,000 and the First National Bank ofAnchorage has total resources of $52,571,000 and isthe second largest bank in the State of Alaska. Thefirst largest bank is the National Bank of Alaska,Anchorage, Alaska, with total resources of $69,195,000.

Anchorage, Alaska, has a population of approxi-mately 44,200 people and a trade area of about82,500 people. It is served by three banks.

Juneau, Alaska, is in Southeastern Alaska, morethan 600 miles from Anchorage. It is the Capital ofAlaska, and it has a population of about 7,500 withabout 11,000 in the trade area. The First NationalBank of Juneau is one of two banks in Juneau, and theNational Bank of Alaska has been authorized to estab-lish a branch there.

Under the provisions of section 18 (c) of the FederalDeposit Insurance Act, consideration must be given toseven factors. These are the financial history and con-dition of each of the banks involved, the adequacy ofits capital structure, its future earnings prospects, thegeneral character of its management, the convenienceand needs of the community to be served, whether itscorporate powers will be consistent with the purposesof the Federal Deposit Insurance Act, and the effect ofthe transaction on competition (including any tendencytoward monopoly.)

The critical factor in this case is the general charac-ter of the management of the First National Bank ofJuneau, Alaska. In recent months the President re-signed both as President and as a Director and oneDirector died. Two of the other Directors were in

poor health. As a result of the bank being left with-out satisfactory management it was sold to the Presi-dent of the First National Bank of Anchorage whopurchased it with his personal resources. The bankis being managed at the present time by temporarymanagement furnished by the First National Bank ofAnchorage. Under these circumstances it is our con-clusion that this merger should be approved.

Although this acquisition will result in a substantialincrease in the total assets of the First National Bankof Anchorage, and will result in two banks in the Stateof Alaska having more than 50 percent of the totalbanking resources in the entire State of Alaska, theDepartment of Justice in its report as to the competi-tive factors did not find this transaction objectionable.

We have considered also die other statutory factors.It is our conclusion that this transaction will be in thepublic interest and it is hereby approved.

JANUARY 12,1962.

SUMMARY OF REPORT BY ATTORNEY GENERAL

The First National Bank of Anchorage has total de-posits of $47,489,000, loans and discounts of $26,433,000 and total assets of $52,571,000.

The First National Bank of Juneau has total de-posits of $13,070,000, loans and discounts of $6,127,000and total assets of $14,179,000.

The two banks are located over 800 miles apart anddo not compete directly. It is not believed that theaddition of the resources of The First National Bankof Juneau to those of The First National Bank ofAnchorage will give the resulting bank an undue ad-vantage over its competitors either in the Juneau orAnchorage area. The resulting bank will remainsecond in size to the National Bank of Alaska, whichcompetes in both the Anchorage and Juneau areas.

It is therefore our view that the effect of this trans-action on competition will not be significantly adverse.

THE SUMMERVILLE BANK, SUMMERVILLE, S.C., MERGED WITH THEJFIRST NATIONAL BANK OF SOUTH CAROLINA OFCOLUMBIA, COLUMBIA, S.C.


The Summerville Bank, Summerville, S.C, withand The First National Bank of South Carolina of Columbia, Columbia, S.C.(13720), which hadmerged Jan. 20, 1962, under charter and title of the latter bank (13720). Themerged bank at the date of merger had

Total assets

$1,865,153

88,082,757

89,740, 610

Banking offices

In operation

1

16

To be operated

17

24



The First National Bank of South Carolina of Co-lumbia, Columbia, South Carolina, and The Summer-ville Bank, Summerville, South Carolina, have appliedto the Comptroller of the Currency for permission tomerge, as required under the provisions of section18 (c) of the Federal Deposit Insurance Act, asamended, (12 U.S.C. 1828 (c)) and section 215a ofTitle 12 of the United States Code.

The financial history and condition, capital struc-ture, future earnings prospects, and management ofthe two banks are satisfactory. The continuing bankis presently adequately servicing the convenience andneeds of its community and will introduce its expandedservices to the Summerville area.

Since the continuing bank will be a national bank,

its corporate powers will be consistent with the FederalDeposit Insurance Act.

The effect of the merger on competition would notbe unfavorable.

We find the proposed merger to be in the publicinterest and the application is therefore approved.

JANUARY 12, 1962.


The third largest bank in South Carolina, with totalassets of over $83,000,000, proposes to merge with asmall bank (assets of $1,300,000) located in Summer-ville, a small town 24 miles west of Charleston in whichthe charter bank has branches. While a degree ofcompetition would be eliminated by the merger, it doesnot appear that the effect on competition would besignificantly adverse.

FARMERS & MERCHANTS BANK OF LINESVILLE, LINESVILLE, PA., PURCHASED BY THE MERCHANTS NATIONALBANK & TRUST CO. OF MEADVILLE, MEADVILLE, PA.


Farmers and Merchants Bank of Linesville, Linesville, Pa., withwas purchased Feb. 3, 1962, by The Merchants National Bank & Trust Co. of

Meadville, Meadville, Pa., (871) which hadAfter the purchase was effected the receiving bank had

Total assets

$2, 856, 600

16, 848, 20019, 361, 500

Banking offices

In operation

1

2

To be operated

3


The Merchants National Bank and Trust Companyof Meadville, Pennsylvania, has applied to the Comp-troller of the Currency for permission to purchase theassets and assume the liabilities of the Farmers andMerchants Bank of Linesville, Linesville, Pennsylvania.

The Merchants National Bank and Trust Companyof Meadville has total assets of $16,848,200 and alending limit of $125,000. The Farmers and Mer-chants Bank of Linesville has total assets of $2,856,600and a lending limit of $20,000.

Meadville, Pennsylvania, is the county seat of Craw-ford County with a population of about 16,700 and atrade area population of 76,000. Considerable in-dustry and trade are located there as well as AlleghenyCollege. However, the local economy has sufferedfrom the loss of two plants and at present 13% of theavailable labor supply is unemployed. Agriculture inthe area is not very profitable due to the low fertilityof the soil. An industrial development program isunder way to induce new industries to come into thearea. There are three banks located in Meadville

and the purchasing bank is presently, and will remainsubsequent to the acquisition, second in size.

Linesville, Pennsylvania, is located 17 miles west ofMeadville near the Ohio border and has a populationof approximately 1,500 and a trade population area ofapproximately 6,000.

The anticipated retirement of the President of theFarmers and Merchants Bank of Linesville and theadvanced age of its board of directors led to the dis-cussion of the purchase of assets and assumption ofliabilities by the continuing bank. It is proposed thatthe present management of the Farmers and Mer-chants Bank will be retained and several directors fromthe Linesville area will be added to the continuingbank's board. This will enable this bank to be repre-sentative of the Linesville community and be in astronger position to service its needs as well as to con-tinue to take an active lead in bringing new industriesto the area.

We have reviewed the statutory factors and findthem favorable. It is our conclusion that this trans-action will be in the public interest and it is herebyapproved.

JANUARY 22,1962.



Purchasing bank is one of the three largest in thearea; selling bank is one of the four smallest. Thereis a sharp disparity in size between the smallest of thethree large banks in Meadville and the largest of thefour small banks in nearby towns. Although theacquisition would not change the purchasing bank'srank as second largest bank in the area, it wouldenhance that position. The acquisition may well be adetriment also to the remaining small banks in the

area, especially to the First National Bank of Con-neaut Lake which lies about half way between Mead-ville and Linesville. Finally, the Linesville area resi-dents would be deprived of an alternative source ofloans and place for deposits, but this may well be out-weighed by the added convenience of having higherloan limits and trust facilities available within thetown.

On balance, the effect of the proposed acquisitionon competition does not apear to be sifinificantlyadverse.

THE LIVINGSTON MANOR NATIONAL BANK, LIVINGSTON MANOR, N.Y., CONSOLIDATED WITH THE SULLIVANCOUNTY NATIONAL BANK OF LIBERTY, LIBERTY, N.Y.


The Livingston Manor National Bank, Livingston Manor, N.Y. (10043), withand The Sullivan County National Bank of Liberty, Liberty, N.Y. (4925), which

hadconsolidated Feb. 9, 1962, under charter and title of the latter bank (4925).

The consolidated bank at date of consolidation had

Total assets

$2, 691, 678

20, 525, 456

23,217,134

Banking offices

In operation

1

2

To be operated

3


The Sullivan County National Bank of Liberty,Liberty, New York, and the Livingston Manor Na-tional Bank, Livingston Manor, New York, have ap-plied to the Comptroller of the Currency for permis-sion to consolidate, as required under the provisionsof section 18(c) of the Federal Deposit Insurance Act,as amended, (12 U.S.C. 1828(c)) and section 215 ofTitle 12 of the United States Code.

The financial history and condition, future earn-ings prospects, and management of The SullivanCounty National Bank of Liberty are good. How-ever, the Livingston Manor National Bank is in an un-satisfactory condition in all these respects.

In view of the sound condition of The SullivanCounty National Bank, it would appear that the con-solidated bank will be better able to service the con-venience and needs of the community.

The weight of the so-called banking factors underthe bank merger act are such in this case as to requireapproval of the proposed consolidation in the publicinterest, and the application is therefore approved.

JANUARY 12, 1962.


Sullivan County National Bank is presently thedominant bank in its service area, having 42.7 percentof the deposits and 43.1 percent of the loans. Theproposed consolidation would result in this bank hav-ing almost 50 percent of the area's deposits and loansand would eliminate an independent bank withinthe service area of the resulting bank. Whateverbusiness factors there might be supporting this consoli-tion, we believe they are far outweighed by its sub-stantial adverse effect upon competition.

WEST END BANK, PITTSBURGH, PA., CONSOLIDATED WITH WESTERN PENNSYLVANIA NATIONAL BANK, MCKEESPORT,MCKEESPORT, PA.

Name of bank and type of transactio Total assetsBanking offices

In operation To be operated

West End Bank, Pittsburgh, Pa., withand Western Pennsylvania National Bank, McKeesport, McKeesport, Pa.

(2222), which hadconsolidated Feb. 9, 1962, under charter and title of the latter bank (2222).


26

$7, 458,142

236, 504, 765

243, 962, 908 31



The Western Pennsylvania National Bank, McKees-port, McKeesport, Pennsylvania, and the West EndBank, Pittsburgh, Pennsylvania, have applied to theComptroller of the Currency for permission to con-solidate.

The Western Pennsylvania National Bank, McKees-port, McKeesport, Pennsylvania, has total assets of$235,786,000. Since 1953, this bank has consolidatedwith or purchased 16 banking associations, acquiringthereby $46,366,000 in loans and $122,345,000 in de-posits. It is presently the third largest bank in thePittsburgh area and has 28 offices throughout the cityof Pittsburgh and the surrounding metropolitan area.From 1955 to the present time it established 13 de novobranches. The West End Bank has total assets of$7,788,000 and is a unit bank.

The West End Bank is principally a mortgage bank.Its ability to serve its trade area in this respect is de-creasing because of legal restrictions. In addition,the bank's limited lending limit and its failure to offerdiversified banking services are a handicap in meetingthe financial needs of its trade area. The resultingbank will have a lending limit of $1,650,000, and willoffer a full range of banking services and modernprocedures. The Western Pennsylvania NationalBank is a specialist in the field of retail banking, stress-ing a policy of community banking services. In eachof the communities in which the bank has establisheditself, either through absorption or de novo branchexpansion, it has offered full banking services. Inview of Western Pennsylvania National Bank's sec-ondary market mortgage operations, the resulting bank

will have a tremendous capacity to supply real estatefinancing to the various communities it will serve.

The consolidated bank will be one-ninth the size ofthe Mellon National Bank and Trust Company, Pitts-burgh, Pennsylvania, and one-quarter the size of thePittsburgh National Bank, Pittsburgh, Pennsylvania.There are four additional commercial banks, 150 sav-ings and loan associations, and one mutual savingsbank in the Pittsburgh metropolitan area.

We have reviewed the statutory factors and findthem favorable. It is our conclusion that this trans-action will be in the public interest and it is herebyapproved, effective Friday, February 9, 1962.

FEBRUARY 3, 1962.


The Western Pennsylvania National Bank, McKees-port, Pennsylvania, the third largest bank in the Pitts-burgh area, proposes to merge with the West EndBank, Pittsburgh, Pennsylvania, one of the few re-maining small banks in that area.

Western Pennsylvania is opening a new branch of-fice sufficiently close to West End Bank to be a sub-stantial competitor.

Banking in the Pittsburgh area is highly concen-trated as a result in large part of a wave of recentmergers and acquisitions among banks in that area,a wave in which Western Pennsylvania has been anactive participant.

The elimination of still another small competingbank will add to that concentration and would re-sult in an adverse effect on banking competition inthe Pittsburgh area.

THE BRIDGEVILLE NATIONAL BANK, BRIDGEVILLE, PA., CONSOLIDATED WITH THE UNION NATIONAL BANK OFPITTSBURGH, PITTSBURGH, PA.


The Bridgeville National Bank, Bridgeville, Pa. (14251), withand The Union National Bank of Pittsburgh, Pittsburgh, Pa. (705), which had..consolidated Feb. 16, 1962, under charter and title of the latter bank (705).


Total assets

$24,712, 073170, 776, 437

193, 383, 687

Banking offices

In operation

710

To be operated

17


The Union National Bank of Pittsburgh, Pittsburgh,Pennsylvania, and The Bridgeville National Bank,Bridgeville, Pennsylvania, have applied to the Comp-troller of the Currency for permission to consolidate.

The Union National Bank of Pittsburgh has totalassets of $ 163,606,000. It presently has nine brancheslocated in the Pittsburgh metropolitan area. How-

ever, up until 1958, it was a unit bank. The firstbranch was established in 1958 through the merger ofthe Allegheny Trust Company, Pittsburgh, Pennsyl-vania, with The Union National Bank. This wasfollowed by a merger with the First National Bank ofTarentum, Tarentum, Pennsylvania, which resultedin The Union National Bank acquiring two branches.In 1959, through a consolidation with the Farmers

27


National Bank of Beaver Falls, Beaver Falls, Penn-sylvania, three additional branches were acquired. In1961, two additional branches were acquired throughthe merger with The Coraopolis National Bank andthe Goraopolis Trust Company, Coraopolis, Pennsyl-vania. The bank's only de novo branch was estab-lished in 1960 in the Pittsburgh area.

The Bridgeville National Bank, Bridgeville, Penn-sylvania, has total assets of $24,646,000. It has sixbranches all located in the southwest Pittsburgh met-ropolitan area, an area in which The Union NationalBank of Pittsburgh presently has no branch office.The Union National Bank has an application on filewith this office for a branch in this area but because ofthe difficulty of finding a suitable location, this appli-cation may be withdrawn.

The Bridgeville National Bank has had an excellentgrowth record in the past 10 years as a result of itshighly aggressive suburban operations. Its growthwas accomplished largely through the establishment ofde novo branches. However, the capital structure ofthe bank has not kept pace with this expansion and ithas reached the point where additional capital is re-quired. The growth has also expanded the bankbeyond the supervisory abilities of its staff. The con-solidated bank will be adequately capitalized and willhave sufficient depth of personnel to properly staffand supervise its branch offices.

The present service area of the consolidating banksis centered principally in Allegheny County but alsoincludes parts of Westmoreland and Beaver Countiesof Pennsylvania. This service area is one of the mosthighly industrialized regions in the United States, withthe economy heavily dependent on the steel and alliedindustries. It has a population of over 1,600,000 peo-

ple. In this area, there are 26 commercial banks, 138savings and loan associations, one mutual savingsbank, and 187 credit unions. The consolidated bankwould be the fourth largest bank in the Pittsburgharea, standing behind the Mellon National Bank andTrust Company, Pittsburgh, Pennsylvania, the Pitts-burgh National Bank, Pittsburgh, Pennsylvania, andthe Western Pennsylvania National Bank, McKees-port, McKeesport, Pennsylvania. The larger custom-ers in the area are sought by the major banks through-out the nation and particularly those banks located inNew York City and Cleveland.


FEBRUARY 3, 1962.

SUMMARY OF REPORT OF ATTORNEY GENERAL

The acquiring bank is the fourth largest in the areaand the acquired bank is the seventh largest. Thereis presently a heavy concentration in the four largestbanks which would be enhanced by the acquisitionin question. Moreover, the acquiring bank has ac-quired four other banks in the last three years. Al-though the direct competition between the participat-ing banks is not great at present, if the acquiringbank's pending application for a branch office near abranch office of the acquired bank is granted, theparticipating banks will become stronger competitors.

On balance, in view of the prior undue bankingconcentration in the area due in major part to numer-ous recent bank mergers, the effect of the proposed ac-quisition on competition appears to be substantiallyadverse.

THE FIRST NATIONAL BANK OF EXETER, EXETER, PA., PURCHASED BY THE WYOMING NATIONAL BANK OF WILKES-BARRE, WILKES-BARRE, PA.


The First National Bank of Exeter, Exeter, Pa. (13177), withwas purchased Feb. 26, 1962, by The Wyoming National Bank of Wilkes-Barre,

Wilkes-Barre, Pa. (732), which hadAfter the purchase was effected, the receiving bank had

Total assets

$3, 002, 359

33, 490, 40036, 492, 759

Banking offices

In operation

1

4

To be operated

5


Application has been made to the Comptroller ofthe Currency for approval of an agreement underwhich The Wyoming National Bank of Wilkes-Barre,Wilkes-Barre, Pennsylvania, would purchase the assetsand assume the liabilities of The First National Bank ofExeter, Exeter, Pennsylvania, in conservatorship.

This transaction will enable the termination of the

conservatorship and will prevent the probable failureof The First National Bank of Exeter. It is thepublic interest, and it is hereby approved, effectiveimmediately.

FEBRUARY 26,1962.


(Emergency basis—no Justice report)

28


STATE SAVINGS BANK OF CARLETON, GARLETON, MICH. , MERGED WITH MANUFACTURERS NATIONAL BANK OFDETROIT, DETROIT, MICH.


State Savings Bank of Garleton, Garleton, Mich., withand Manufacturers National Bank of Detroit, Detroit, Mich. (13738), which had.merged Feb. 28, 1962, under charter and title of the latter bank (13738).

The merged bank at date of merger had

Total assets

$4, 007, 615914,129, 083

917,668,161

Banking offices

In operation

142

To be operated

43


The Manufacturers National Bank of Detroit,Detroit, Michigan, has applied to the Comptrollerof the Currency for permission to merge with and intoitself the State Savings Bank of Carleton, Carleton,Michigan.

The Manufacturers National Bank of Detroit hastotal assets of $887,271,000. It is the third largestbank in the Detroit metropolitan area, with 41 branchesspread throughout this area. The State SavingsBank of Carleton has total assets of $3,668,000. Itis a unit bank and the only bank in the Carleton area.

Detroit, Michigan, has a population of 1,670,000and is a highly industrial and commercial city. Themanufacture of motor vehicles and their componentparts is its most important industry. Some balance inthe area economy is provided by the chemical, drug,steel, and tool and die industries located in the area,The Detroit metropolitan area has a population of2,800,000 and is serviced by 17 banks having a totalof 251 offices. The city of Detroit has seven bankswith 228 offices.

Carleton, Michigan, has a population of 1,379 andserves an area with a population of 5,000. It isprincipally a residential and agricultural community.Most of the farms in the area are small and uneco-nomical and most farm owners combine their farmingoperations with employment in the Detroit area in-dustrial plants. From the trend already present inthe metropolitan area, it appears that Carleton willchange from an agricultural and residential communityinto an industrial and suburban community.

In the years of 1950 to 1960, the Carleton servicearea experienced a 50 percent increase in populationand an additional 50 percent increase is anticipatedin the next 10 years. Because of the size and limitedcapital structure of the State Savings Bank of Carleton,it is restricted in the services which it can offer to itscommunity. The nearest financial center to Carletonis the city of Monroe, 10 miles distant. The bankslocated in Monroe have been servicing to some extentthose banking needs which cannot now be handledby the State Savings Bank of Carleton.

The application states that Manufacturers NationalBank of Detroit is desirous of locating a branch of-fice in the Carleton area. Carleton is within themetropolitan service area of Detroit. Under therestrictions of federal and state laws, ManufacturersNational Bank of Detroit could not locate there. Theonly method by which Manufacturers National Bankof Detroit could establish a branch in the communityof Carleton is by a merger with the existing bank.The merger will bring to the Carleton community theresources and the full range of services of the continu-ing bank and will provide Manufacturers NationalBank of Detroit with an entry into this portion of theDetroit metropolitan area.

We have considered the statutory factors and it isour conclusion that this transaction will be in thepublic interest. The application is hereby approved,effective Friday, February 9,1962.

FEBRUARY 3,1962.


Manufacturers National Bank of Detroit is thethird largest bank in Detroit, with total deposits of$790,445,000, net loans and discounts of $377,126,000,and total assets of $887,271,000 and 42 banking offices.Over one-fourth of its growth in the past 10 years hasbeen through merger, acquisition or consolidation.

The State Savings Bank of Carleton is a small unitbank with deposits of $3,241,000, net loans and dis-counts of $1,640,000 and total assets of $3,668,000.

The proposed merger appears to be the first attemptby a large Detroit bank to enter the area south of theDetroit suburbs through merger. Should it be ap-proved, the State Savings Bank of Carleton will be re-placed by a branch of a bank more than 20 times largerthan the largest bank now operating in the area. Notonly will this be a disadvantage to existing independentbanks in the area, but it can be expected to stimulatea merger trend which will turn the area from one ofindependent banks to one of branch banks. No af-firmative justification appears for the merger.

For the foregoing reasons it is our view that the effectof the proposed merger on competition would beadverse.

29


T H E FIRST NATIONAL BANK OF NORTH EAST, NORTH EAST, PA., PURCHASED BY T H E FIRST NATIONAL BANK OFERIE, ERIE, PA.


The First National Bank of North East, North East, Pa. (4927), withwas purchased Feb. 28,1962, by The First National Bank of Erie, Erie, Pa. (12),

which hadAfter the purchase was effected, the receiving bank had

Total assets

$6, 802, 000

84, 464, 00090, 648,000

Banking offices

In operation

1

8

To be operated

9


The First National Bank of Erie, Erie, Pennsylvania,with total assets of $84,464,000, has applied to theComptroller of the Currency for permission to pur-chase the assets and assume the liabilities of The FirstNational Bank of North East, North East, Pennsyl-vania, with total assets of $6,802,000.

Erie, Pennsylvania, is the county seat of Erie County,with a population of 138,440 and a trade area popula-tion of 250,000. Erie is a lake port which can accom-modate ocean going shipping. While there isdiversified industry in the area, 11 percent of the laborforce is currently unemployed. The County is servedby 13 banks with 21 branches.

North East, Pennsylvania, is also located in ErieCounty, 15 miles east of Erie and has a population of4,000. It is the center of a prosperous fruit produc-ing region and there are presently two banks in thecommunity.

During the past 10 years, there was dissension amongthe shareholders of The First National Bank of NorthEast, with a resulting history of internal friction.This dissension was subsequently eliminated by thepurchase of a majority of the stock of the bank byone faction. This group presently desires to disposeof its interest. The First National Bank of Erie is ina position to conduct and staff a branch operation inNorth East, Pennsylvania.

We have considered the statutory factors and findthese favorable. It is our conclusion that this trans-

action will be in the public interest and it is herebyapproved.

JANUARY 25, 1962.


The First National Bank of Erie is the largest com-mercial bank in Erie County, Pennsylvania. Its serv-ice area, which includes the smaller area served byThe First National Bank of North East, extendsthroughout the county.

Within the smaller area, the principal competitionof The First National Bank of North East for localbusiness has been provided by the National Bank ofNorth East. Whereas formerly that bank accountedfor approximately 48 percent of the deposits and 45percent of the loans held by the two banks in NorthEast, following the proposed acquisition it will accountfor less than 7 percent of such deposits and less than 6percent of such loans.

It is our opinion that the proposed acquisition willhave the following effects on competition: it will in-crease the percentage of deposits and loans held byThe First National Bank of Erie, which already is thelargest bank in Erie County; the disparity in size of theresulting bank and the National Bank of North Eastmay make it more difficult for the latter to remain inde-pendent; and a degree of competition between the ac-quiring and acquired banks will be eliminated.

We conclude, therefore, that the effect of the pro-posed transaction on competition would be slightlyadverse.

* * *MERCHANTS NATIONAL BANK IN CHICAGO, CHICAGO, I I I . , CONSOLIDATED WITH CENTRAL NATIONAL BANK IN

CHICAGO, CHICAGO, I I I .


Merchants National Bank in Chicago, Chicago, 111. (14313), withand Central National Bank in Chicago, Chicago, 111. (14362), which hadconsolidated Mar. 9, 1962, under charter and title of the latter bank (14362).


Total assets

$41,861,737109,591,007

151, 452, 744

Banking offices

In operation

11

To be operated

1

30



The Central National Bank in Chicago, Chicago,Illinois, and the Merchants National Bank in Chicago,Chicago, Illinois, have applied to the Comptroller ofthe Currency for permission to consolidate.

The Central National Bank has total assets of $113,-972,000. The area in which this bank is presentlylocated is now being redeveloped by municipal au-thorities for use as a Chicago campus for the Univer-sity of Illinois. The bank's premise will be subject tocondemnation and most of its immediate trade areawill be converted to this institutional use.

Permission has already been granted by this office forCentral National Bank to change its location to thelocation vacated by the Chicago National Bank in1960 when that bank merged with Harris Trust andSavings Bank. This location is in the financial centerof the city. It is the applicant's contention that theproposed consolidation will be beneficial in that theresulting bank will have additional capital funds anddeposits to enable it to compete more effectively withthe larger banking institutions; the consolidated bankwould have a loan limit of $900,000 compared withCentral National Bank's present limit of $575,000;deposit attrition would be minimized when the reloca-tion of the bank is made; and the consolidated bankwould have sufficient depth of personnel.

Merchants National Bank has total assets of $48,-858,000. It is located in an area experiencing an eco-nomic and social change. Many of its customers havefound it necessary to expand their operations and havemoved to outlying and suburban areas. Since 1954,this bank has experienced a decline in deposits ofapproximately $10,000,000, at a time when Chicagobanks generally were experiencing deposit growth.The lack of growth and the change in the bank's

service area have made it difficult to attract properpersonnel for future management strength and con-tinuity. At present, Merchants National Bank has alending limit of $250,000 and does not offer a fullrange of banking services to its customers.

Neither bank presently relies on the business itderives from the immediate area in which it is locatedbut draws customers from the entire metropolitanarea of Chicago. The relocation to the central busi-ness area will make the consolidated bank more con-venient for its customers.

We have considered the statutory factors and findthem favorable. It is our conclusion that this trans-action will be in the public interest and it is herebyapproved, effective Friday, Feburary 9, 1962.

FEBRUARY 3, 1962.


Central, with assets of $133,972,000 and the largestbank in its claimed service area in Chicago, proposesto merge with Merchants, a bank fourth in size in thesame claimed service area and with assets of $48,-858,000. While Central is about to move its quartersto a new location, vacated by a recent merging bank,the effect of the merger will still be the elimination ofa substantial competitor, the elimination of substantialcompetition between the merging banks, and an in-crease in banking concentration in Chicago.

It is to be noted that one of the main reasons forthe proposed merger is to fill a "void" created by tworecent large bank mergers in Chicago leaving on La-Salle Street "only two 'smaller' banks on that streetoffering the personal attention so difficult to achieve inlarger banking institutions."

We are of the view that the effect on competition ofthe proposed merger will be substantially adverse.

FIRST NATIONAL BANK IN BROWNSVILLE, BROWNSVILLE, PA., PURCHASED BY FIRST NATIONAL BANK OF FREDERICK-TOWN, FREDERICKTOWN, PA.


First National Bank in Brownsville, Brownsville, Pa. (14597), withwas purchased Mar. 9, 1962, by First National Bank of Fredericktown, Freder-

icktown, Pa. (5920), which hadAfter the purchase was effected, the receiving bank had

Total assets

$4, 594, 000

7, 458, 00011,577,000

Banking offices

In operation

1

3

To be operated

4

COMPTROLLER S DECISION

The First National Bank of Fredericktown, Freder-icktown, Pennsylvania, with total resources of $7,458,-000, has applied for the approval of the Comptrollerof the Currency to purchase the assets and assume theliabilities of the First National Bank in Brownsville,

696-055—63 4

Brownsville, Pennsylvania, with total resources of$4,594,000.

Fredericktown, Pennsylvania, has a population of1,270 and is an unincorporated village located approxi-mately 35 miles south of Pittsburgh. It is a miningcommunity serving a trade area of 6,500. The minesin the area are owned by large corporation* and at

31


present the coal industry is in a depressed condition.Brownsville, Pennsylvania, with a population of

6,000, is located approximately eight miles fromFredericktown and the majority of employment isprovided by the coal mines located in the vicinity.Employment is currently below normal levels.

At present the two banks have common ownershipand management. The control of the Brownsvillebank was acquired June 2, 1961, by President M. A.Powers of the First National Bank of Fredericktown.Mr. Powers assumed the presidency of the Brownsvillebank, thus bringing to an end a management problemtherein existing since 1959.

Many operating economies would be possible as aresult of the combining of the two institutions and thecontinuing institution would be able to more effectivelyuse the combined resources of both banks and to betterserve the convenience and needs of the community.

In view of the above, we find the proposed sale to

be in the public interest and the application is there-fore approved, effective Friday, February 9, 1962.

FEBRUARY 3, 1962.

SUMMARY OF REPORT OF THE ATTORNEY GENERAL

The resulting bank, with $10,491,000 in IPGdeposits and $4,698,000 in total loans and discounts,would rank sixth in size of the eight banks within itsservice area.

There already prevails a great degree of commonownership and common management of the purchas-ing and selling banks, which would seem to limit anycompetition which might normally exist between themby virtue of the fact that their service areas overlap.In view of this and in view of the relative size of theresulting bank and the number of banking alternativeswhich would still exist in the service area, it does notappear that the proposed acquisition of assets wouldhave a substantially adverse effect on competition.

THE FARMERS NATIONAL BANK OF WILLIAMSPORT, WILLIAMSPORT, OHIO, PURCHASED BY THE FIRST NATIONALBANK OF CIRCLEVILLE, CIRCLEVILLE, OHIO


The Fanners National Bank of Williamsport, Williamsport, Ohio (10267), withwas purchased Mar. 16, 1962, by The First National Bank of Circleville, Circle-

ville, Ohio (118), which hadAfter the purchase was effected, the receiving bank had

Total assets

$1, 927, 000

4, 879, 0006, 595, 000

Banking offices

In operation

1

1

To be operated

2


The First National Bank of Circleville, Circleville,Ohio, has applied to the Comptroller of the Currencyfor permission to purchase the assets and assume theliabilities of The Farmers National Bank of Williams-port.

The First National Bank of Circleville has totalassets of $4,879,000. It is located in Circleville, theCounty Seat of Pickaway County, which has a popu-lation of approximately 11,000. Circleville's businessdistrict serves as a shopping center for a trade area ofapproximately 20,000 persons. The surrounding areais primarily agricultural; however, manufacturing isbecoming increasingly important. Six of the largestmanufacturers employ 2,250 persons and some resi-dents commute to an air force base 17 miles north andto Columbus, Ohio, about 26 miles distant. The FirstNational Bank is a unit bank and there are three otherbanks in this city.

The Farmers National Bank of Williamsport, withtotal assets of $1,927,000, is located in Williamsport,a community of 700 people, which is nine miles fromCircleville. There are an estimated 4,000 people inthe Williamsport trade area whose principal source of

32

income is farming. The Farmers National Bank is aunit bank and is the only bank located in the commu-nity. There has been a deterioration in the qualityof this bank's assets, requiring this office to place it onour special list for more frequent examinations. Itsmanaging officer has resigned, creating a managementsuccession problem. The management of The FirstNational Bank of Circleville is competent and wellequipped to direct the proposed operation.

Within the County, there are 16 commercial andsavings banks. These banks carry a combined depositvolume of $34,875,000, with an average of less than$2,500,000 for a banking office. These figures indi-cate that the banking needs of larger interests withinthe county are served by banks located elsewhere.The First National Bank anticipates a capital increaseprogram to increase its lending limit to $40,000, a limitwhich it is anticipated will enable the bank to servicealmost all of the local credit needs. It is furtheranticipated that The First National Bank, upon ap-proval of the proposal, will offer services to its cus-tomers not presently offered by either bank. In addi-tion, The First National Bank would be in a positionto offer to the other banks within the county suchservices as clearing facilities, electronic posting or


booking, and such other services which the smallerbanks would require but because of their capital posi-tion could not supply for themselves.


FEBRUARY 16, 1962.


The First National Bank of Circleville presentlycompetes with three other commercial banks in thesame city, eight additional banks located within its

service area, and seven banks lying on the peripheryof its service area. Although it presently competeswith the selling bank, such competition is not sub-stantial.

As a result of the proposed sale, First National willmove from second to first in size among area banks.However, in light of the relatively minor degree ofcompetition being eliminated and the continued exist-ence of a number of independent banks who willcontinue to compete with the resulting bank, we be-lieve that the proposed purchase will not have a sub-stantial adverse effect upon competition nor will ittend towards monopoly.

THE FIRST NATIONAL BANK OF CLINTON, CLINTON, N.J., CONSOLIDATED WITH THE CLINTON NATIONALBANK, CLINTON, N.J.


The First National Bank of Clinton, Clinton N.J. (2246), withand The Clinton National Bank, Clinton, N.J. (1114), which hadconsolidated Mar. 16,1962, under the charter of the latter bank (1114) with title

"First Clinton National Bank." The consolidated bank at date of consolida-tion had

Total assets

$3, 245, 91712, 508, 489

15,754,406

Banking offices

In operation

11

To be operated

1


The First National Bank of Clinton, Clinton, NewJersey, and The Clinton National Bank, Clinton, NewJersey, have applied to the Comptroller of the Cur-rency for permission to consolidate, as required underthe provisions of section 18 (c) of the Federal DepositInsurance Act, as amended, (12 U.S.C. 1828(c)) andsection 215 of Title 12 of the United States Code.

The financial history and condition, future earn-ings prospects, and capital of the two banks are favor-able and the management of the resulting bank willbe satisfactory.

The consolidated bank will have the capacity toservice satisfactorily the convenience and needs of theimmediate area. Since the resulting bank will be anational bank, its corporate powers will be consistentwith the Federal Deposit Insurance Act.

We find the proposed consolidation to be in thepublic interest and the application is thereforeapproved.

DECEMBER 19, 1961.


The service area of First National Bank is entirelywithin the somewhat larger service area of the ClintonNational Bank and only one other banking office islocated within this common service area, the popula-tion of which is represented at approximately 20,000.The proposed merger will have an adverse effect oncompetition in this area between the two banks pro-posing to merge and will reduce from three to twothe number of banking offices in this area.

The banks are the only commercial banking insti-tutions in Clinton, New Jersey, which has a populationof approximately 1,158. The merger will eliminatethe substantial competition which must exist betweenthe two banks in and near Clinton and will reducefrom two to one the number of banking institutionsimmediately available to persons residing or doingbusiness in that area.

33


FIRST NATIONAL BANK OF BRUNSWICK, BRUNSWICK, MAINE, MERGED WITH FIRST NATIONAL BANK OF PORTLAND,PORTLAND, MAINE


First National Bank of Brunswick, Brunswick, Maine (192), withand First National Bank of Portland, Portland, Maine (4128), which hadmerged Mar. 23, 1962, under charter and title of the latter bank (4128). The

merged bank at date of merger had

Total assets

$7, 825, 69580,123, 505

87, 949, 200

Banking offices

In operation

111

To be operated

12


The First National Bank of Portland, Portland,Maine, and the First National Bank of Brunswick,Brunswick, Maine, have applied to the Comptrollerof the Currency for permission to merge.

The First National Bank of Portland has total as-sets of $83,654,000. The bank has four branches inPortland and five branches in communities in thesoutheastern portion of the State. Beginning Janu-ary 1958, the First National Bank of Portland hasacquired five banks with total deposits of $32,227,000.This bank is a full service bank and has a trust de-partment. The First National Bank of Brunswickhas total assets of $8,703,000. This bank has nobranches; however, it operates a military facility of-fice at the United States Naval Air Station, Brunswick,Maine.

Portland, Maine, is the largest city in the State, witha population of approximately 73,000 and is locatedin the southeastern section of the State. It is a lead-ing trade center for the northeastern section of NewEngland with a trade area population of 120,000.The city's excellent harbor facilities have been instru-mental in attracting industry to it and to the surround-ing area. There has been a steady increase in theeconomy of southern Maine in the past decade, withnew industries moving into the area and with the localindustries expanding.

Brunswick, Maine, is located 26 miles northeast ofPortland and has a population of 15,000 and a tradearea population of approximately 23,000. During theperiod from 1950 to 1960, the city was the most rapidlygrowing community in the State, with a populationgain of 50 percent since 1950. This increase is at-tributable to new industrial concerns moving into thearea. Bowdoin College is located in Brunswick andoutside of this community there is a naval air forcebase with personnel in excess of 3,500 and an air forcebase employing 800 persons.

Directly competing with the merging banks are fourcommercial banks, 24 branch banking offices, fourmutual savings banks, one industrial bank, and 12savings and loan associations. In addition, the largefinancial institutions in the metropolitan centers of

Boston and New York are also exceedingly active inthis area, offering a variety of banking services. Ofthe commercial banks competing in the Portland area,four, including the First National Bank of Portland,have area-wide branch systems. The First NationalBank of Portland is the second largest of these fourbanks. The largest bank is the Depositors Trust Com-pany whose head office is in Augusta, Maine, some 57miles from Portland. This bank has total assets of$97,929,000 and operates 22 branches throughout thesouth central section of Maine. The third largest ofthese four banks, the Casco Bank and Trust Companyof Portland, has 18 branches and operates principallyin the southwestern section of Maine. The smallestof these banks, the Canal National Bank of Portland,has 10 branch offices.

The application states that one of the reasons mo-tivating the merger is the anticipated retirement ofthe managing officer of the First National Bank ofBrunswick and the difficulties experienced by thatbank in its attempts to find a suitable replacement.This reason standing alone, except under unusual cir-cumstances, will not support the approval of an appli-cation to merge. However, in addition to themanagement factor, the application also notes thatBrunswick is the most rapidly growing community inMaine and that there is a definite need for additionalfinancial resources in the area. Where it can beclearly demonstrated, as it is in this application, that anacquisition through a merger will materially strength-en the banking structure of the area, such an ac-quisition is in the public interest. The continuingbank will bring to the Brunswick community re-sources and services which the merging bank is notable to supply and will offer intensified competitionto the branch of the Casco Bank and Trust Companylocated in Brunswick.

The application is therefore approved, effective onor after March 20, 1962.

MARCH 13, 1962.


First Portland, the charter bank, has deposits of$74,592,000, net loans and discounts of $45,410,000,

34


and assets of $83,654,000. It operates 10 bankingoffices in Portland and other communities in South-eastern Maine. Nearly half its present size is at-tributable to a series of acquisitions begun in 1958, atleast three of which appear to have had anticompeti-tive effects.

First Brunswick, the merging bank, has deposits of$7,941,000, net loans and discounts of $4,178,000, andtotal assets of $8,703,000. It has an office in Bruns-wick, and operates a facility at the U.S. Naval AirStation, Brunswick.

In our view the proposed merger would:1. Transform the only independent bank in

Brunswick into a branch bank;

2. Increase the resources of First Portland, al-ready the largest Portland bank, by approximately10 percent;

3. Encourage further mergers which mighteliminate the only two independent unit bankswhich would remain in the Resulting Bank's serv-ice area if the present proposal is approved;

4. Continue the series of acquisitions in whichFirst Portland has acquired five independentbanks with deposits of $32,227,000 within the pastfour years.

We therefore feel that its effect on competitionwould be adverse.

THE NATIONAL BANK OF KINGS PARK, KINGS PARK, N.Y., MERGED WITH VALLEY NATIONAL BANK OF LONGISLAND, VALLEY STREAM, N.Y.


The National Bank of Kings Park, Kings Park, N.Y. (14019), withand Valley National Bank of Long Island, Valley Stream, N.Y. (11881), which

hadmerged Mar. 23, 1962, under the charter and title of the latter bank (11881).

The merged bank at the date of merger had

Total assets

$8, 052, 801

67, 073, 426

75,126, 227

Banking offices

In operation

1

11

To be operated

12


The Valley National Bank of Long Island, ValleyStream, New York, has applied to the Comptroller ofthe Currency for permission to merge with and into it-self The National Bank of Kings Park, Kings Park,New York, under the charter and title of "Valley Na-tional Bank of Long Island."

The Valley National Bank of Long Island, withtotal assets of roughly $68 million as of October 31,1961, was chartered November 29, 1920, under thename of "Valley Stream National Bank and TrustCompany." The bank presently operates tenbranches, six of which are located in Western NassauCounty and the remaining four branches in EasternSuffolk County. The bank has an application pend-ing for an additional branch office to be located inWestern Nassau County.

Up until July 8, 1960, Valley National Bank ofLong Island had not participated in any merger, con-solidation or sale. On that date Valley NationalBank merged with The First National Bank of Green-port, Greenport, New York. On October 13, 1961,Valley National Bank and Osborne Trust Company,East Hampton, New York, were consolidated.

The National Bank of Kings Park, with total assetsof $8,102,000, was chartered on February 21, 1934.It has not been a party to any merger, consolidation,reorganization or sale. The bank, which is a unit

bank, is located in the community of Kings Park.This is an unincorporated village located at SuffolkCounty approximately 38 miles Northeast of ValleyStream. Kings Park has a population of 10,000, andis located in a predominantly agricultural area whichhas no industry. The National Bank of Kings Parkis the only bank located in that community. Compe-tition is supplied by the offices of four banks locatedwithin five miles of that community.

Suffolk County has experienced a tremendous resi-dential growth in the past five years. The area southand west of Kings Park has shown the largest resi-dential expansion in the area. Several shopping cen-ters have already been established there as well asseveral light industrial plants.

While at present The National Bank of Kings Parkappears to be adequately servicing the community, itdoes not appear to have the capacity to continue toservice the expected growth which this area will ex-perience. At present 67 percent of the deposit struc-ture of Kings Park consists of time money and theinterest paid on these deposits has reduced retainedearnings sharply.

The management of Kings Park has operated undervery conservative policies. As a result, the bank hasnot sought to establish branch offices and the full po-tential of the bank and its service area has not beenrealized. The management of Valley National Bank

35


has demonstrated that it is experienced, competent, ag-gressive and capable of servicing its service area to thefullest extent.

We are convinced that both the community of KingsPark and the service area in general will benefit as aresult of the proposed transaction. We find the pro-posed transaction to be in the public interest in the lightof the statutory factors, and it is therefore approved,effective on or after March 20,1962.

MARCH 13, 1962.


Valley National Bank of Long Island, with assets ofapproximately $67,825,000 and with 11 offices in Nas-sau and Suffolk Counties and applications pendingfor three de novo offices in Nassau County, proposes to

acquire The National Bank of Kings Park, with asingle office in northwestern Suffolk County, and assetsof approximately $8,102,000. The banks are appar-ently not in competition with each other, the nearestbranch of Valley National being approximately 30miles from Kings Park. The home office of ValleyNational in Valley Stream is approximately 38 milesfrom Kings Park.

Valley National competes in Nassau County withseveral banks substantially larger in size, includingFranklin National Bank and Meadow Brook NationalBank, and in Suffolk County with Security NationalBank of Long Island, which lias assets of approximately$250,000,000.

It does not appear that the proposed merger wouldhave any substantial adverse competitive effects, norany tendency toward monopoly.

THE FIRST NATIONAL BANK OF ALLENDALE, ALLENDALE, N.J., CONSOLIDATED WITH CITIZENS FIRST NATIONALBANK & TRUST CO. OF RIDGEWOOD, RIDGEWOOD, NJ.

Name of bank and type of transaction Total assetsBanking offices


The First National Bank of Allendale, Allendale, NJ. (12706), withand Citizens First National Bank & Trust Co. of Ridgewood, Ridgewood, NJ.

(11759), which hadconsolidated Mar. 30, 1962, under charter of the latter bank (11759) with title

"Citizens First National Bank of Ridgewood." The consolidated bank atdate of consolidation had

$11,506,231

48, 479, 504

60, 028, 966


The Citizens First National Bknk and Trust Com-pany of Ridgewood, Ridgewood, New Jersey, andThe First National Bank of Allendale, Allendale, NewJersey, have applied to the Comptroller of the Cur-rency for permission to consolidate under the charterof the former, with the title of "Citizens NorthernNational Bank of Ridgewood."

The Citizens First National Bank was chartered in1920 and now maintains, in addition to its main office,an in-town branch and one office each in Hohokusand Saddle River, 1.5 miles and 4 miles, respectively,north of the main office. It has total assets of $45.5million, total deposits of $42.1 million, total loans of$18.2 million, and a loan limit of $229,400. During1960, this bank had one loan of $235,000 participatedin by a New York correspondent. In 1961, it had50 percent participation in a $400,000 loan with thesame correspondent. It urges, as a reason for ap-proval of this application, that it needs an increase inits loan limit to $303,000, better to compete with thelarger banks in Bergen, Passaic, and Essex Counties.The trust department of this bank, active for the past

36

50 years, has 309 accounts with total assets of $17.8million. Its good earning record for the last fiveyears of operation reflects the competency of its man-agement which would continue in charge of the result-ing bank.

The First National Bank of Allendale was charteredin 1925. The home office in Allendale is 4.5 milesnorth of Ridgewood and its one branch at Waldwickis 2.5 miles north of Ridgewood. It has total assetsof $10.6 million, total deposits of $9.8 million, totalloans of $5 million, and a loan limit of $74,000. Itstrust department has 28 accounts with total assets of$1.3 million. This bank has not participated in loanswith any other bank. It is reported to have rejectedone loan for $100,000 and a number of loans for lesseramounts and to have reduced the amount of a numberof loans requested because of its legal lending limita-tions. Under its present management, which will besupplanted by this transaction, its earnings for thelast five years have been satisfactory.

On the basis of municipal boundaries, the CitizensFirst National Bank has 775 accounts totalling $1,400,-000 drawn from the Allendale area and The FirstNational Bank has 200 accounts with $660,000 from


the Ridgewood area. This overlapping of tradeareas springs in part from the proximity of theirbranches at Hohokus and Waldwick (1 mile apart)and at Saddle River and Allendale (2 miles apart).Both banks offer substantially the same services, fol-low the same rates, have the same loan policies, andpossess good management. Neither bank is owned bya bank holding company nor is affiliated with anyother bank. There is no comon management andvery little common stock ownership between the twobanks. By maintaining their present offices asbranches of the resulting bank, they will continue toserve the community with the same degree of con-venience as before the consolidation.

Both these banks operate in northwest Bergen Coun-ty, New Jersey, some 25 miles northwest of New YorkCity and 10 miles north of Paterson, New Jersey. Thissection of Bergen County has shown a marked growthin both population and industrial development in thepast ten years. Ridgewood is a rapidly growing bet-ter class residential community of 25,000 people andlimited industrial activity. There has been a markedindustrial growth of small plants in the area just southof Ridgewood. Allendale is also a better class resi-dential community with little industry. The FordMotor Company opened an assembly plant in the last10 years at Mahwah, New Jersey, six miles north ofAllendale. The towns of Waldwick, Saddle River,and Hohokus, served by branches of these banks, arealso residential communities with insignificant indus-trial activity. Many of the residents of the above-mentioned towns are employed in New York City,Paterson, Newark, and Mahwah.

Within the service area of these two banks, as de-scribed in the application, there are seven banks with15 banking offices. The total deposits of these sevenbanks are $126.9 million. The Citizens First Na-tional Bank, with three offices, accounts for 33.2 per-cent of these deposits. The First National Bank ofAllendale, with two offices, has 8.5 percent of thetotal deposits. The Citizens First National Bank, nowthe largest in this service area, will, by this consolida-tion, more firmly establish its primacy over the NorthJersey Trust Company, which has 25 percent of thetotal deposits. The four remaining banks in this area,with seven offices, have 33.3 percent of the deposits.In addition to this local competition for deposits, itmust be noted that the large banks beyond the servicearea with offices convenient to the place of business ofthe commuting population of these communities, offerconsiderable competition for regular and specialchecking accounts.

While a view of the service area of the resultingbank as lying within either a four-mile or a five-mileradius of the principal office would alter the figuresused in the preceding paragraph, the overall effect ofthis consolidation on the pattern of banking would besubstantially the same. Within a four-mile radiusservice area, there would be eight banks with 17 officesof whose total deposits the Citizens First National Bankwould have 27.2 percent and The First National Bankof Allendale would have 6.9 percent. In this area,the consolidation would only confirm the CitizensFirst National Bank's first place over its nearest com-petitor, the North Jersey Trust Company, which has20.4 percent of the deposits. Within a five-mile radiusof the main office of the resulting bank, there are 17banks with 32 existing branches. The Citizens FirstNational Bank would, in this area, be fifth in size andwould control 4.6 percent of the deposits of the area.By the consolidation, it would gain 1.2 percent of thedeposits but would retain its relative position.

Since this transaction has been measured againstthe statutory criteria and appears to be in the publicinterest, the application, therefore, is granted, effec-tive Thursday, March 8, 1962.

MARCH 2, 1962.


Citizens First National Bank and Trust Company,with $41,950,000 of IPC deposits and $17,931,000of loans, presently ranks fifth in size among thirteenbanks within its service area. First National Bank ofAllendale, with $10,486,000 of IPC deposits and $4,-782,000 of loans, ranks fourth in size of five bankswithin its service area. It appears that the serviceareas overlap since approximately 6.6 percent of Al-lendale's loans and 7.3 percent of its deposits are at-tributable to Citizens' service area, while 6.0 percentof the loans and 3.6 percent of the deposits of Citizensarise in Allendale's service area.

It is stated that the consolidation was inspired bythe desire to meet the increased competition offeredby larger banks in the area.

It should be noted that the attempt to compete withlarger banks through consolidation is likely to increasethe pressures on the remaining smaller banks withinthe service area to follow suit. However, in view ofthe fact that there will remain fifteen commercialbanks within a service area with a population of 123,-000, and in view of the relative size of the resultingbank and the lack of substantial competition betweenthe applicants, it does not appear that the proposedconsolidation would have a substantial adverse effecton competition.

37


THE MERCHANTS NATIONAL BANK OF CAPE MAY, GAPE MAY, NJ., CONSOLIDATED WITH THE NATIONAL BANKOF OCEAN CITY, OCEAN CITY, NJ.


The Merchants National Bank of Gape May, Cape May, NJ. (9285), withand The National Bank of Ocean City, Ocean City, NJ. (14145), which had...consolidated Mar. 30, 1962, under charter of The National Bank of Ocean City

(14145), with title "The Cape May County National Bank." The consoli-dated bank at date of consolidation had

Total assets

$6,106, 09621,055,137

27,161, 233

Banking offices

In operation

13

To be operated

4


Ocean City, New Jersey, is a resort community lo-cated in the northernmost part of Cape May Countyon the Atlantic coast. Its population of 7,500 year-round residents expands by approximately 100,000vacationers during the summer season. The steadyinflux of retired families of moderate means between1950 and 1960 has caused a 26 percent increase in thenumber of permanent residents. The commercialactivities of the community are geared to the touristtrade. While its industrial activity is presently limitedto boat building, it has zoned a substantial amount ofland for light and heavy industries in the apparenthope that some such industries may be induced tolocate there.

The National Bank of Ocean City, one of the appli-cants herein, was organized in 1934 and is the onlybank in the city. It maintains two branch offices—onein Ocean City and the other in Sea Isle City, a resortcommunity of 1,400—ten miles south of Ocean City.The total assets of this bank are $25.3 million. Itstotal deposits of $20.3 million and loans of $14.9million make up approximately one-third of the countytotals.

Cape May, New Jersey, is situated at the southernextremity of Cape May County, 32 miles distant fromOcean City. The permanent population of Cape May,numbering some 5,000, is augmented in the summermonths by some 30,000 persons on vacation. Theprincipal commercial activities of this town centerabout the tourist trade. As one of the nation's chieffishing ports, its annual revenue from both commercialand sport fishing is estimated at $10 million. Its fewsmall industries, employing 400 persons on a steadybasis, have an annual payroll of $2 million. The pay-roll at the U.S. Coast Guard Receiving Station locatednear Cape May averages $2.5 million a year. Alimited amount of farming is conducted in the area.

The Merchants National Bank of Cape May is theonly bank in the town. Organized in 1908, this bankhas grown steadily until its total assets are $7,199,000.Its total deposits are $4.9 million and its loans are $3.8million. This bank can make loans up to its limit of

$35,000. Like the National Bank of Ocean City, TheMerchants National Bank has a wide fluctuation indeposits during the year stemming from the seasonalnature of its tourist trade.

The application for this consolidation sets forthas the basic reason for this proposal the desire to di-versify the nature of the business and resources of theOcean City Bank by expanding into an area in whichthere is greater diversification of the economy. Whileit is quite true that the Coast Guard Station and thelight industry located in Cape May contribute to thestability of its economy, Cape May, like Ocean City,now depends primarily on the tourist trade to sus-tain it.

Among other reasons offered in support of this con-solidation is the desire of bringing to Cape May thebetter banking services which will result from thelarger resulting bank. It is believed that the result-ing Cape May County National Bank will provide amore complete program of banking services than isnow rendered. The new program envisages increasedcustomer lending, FHA and G.I. mortgages, drive-inbanking windows and parking lots, and extended bank-ing hours. It is further urged that this consolidationwill increase the lending limit of the participatingbanks from $100,000 and $35,000 to $135,000, therebyenabling it better to meet the credit needs of some ofits borrowers without the necessity of seeking help fromtheir correspondent banks. That such expanded serv-ices will in some degree accrue to Cape May as a re-sult of the proposal cannot well be doubted. Thepromise contained in the application that the resultingbank will, after the consolidation, increase its capitali-zation by a 100 percent stock dividend and the saleof 5,000 new shares of $10 par at $20 to increase itslending limit to $200,000 is a favorable factor in thisapplication.

Both the Ocean City Bank and The MerchantsBank, like the other six banks in Cape May County,primarily serve the communities in which they arelocated without any substantial effect beyond the en-virons of that community. Since none of these countybanks competes with any other, it is difficult to see howthis proposed consolidation could affect competition

38


favorably or unfavorably. The size and location ofthe resulting bank would be such that no active com-petition betwen it and larger banks in other countiescould be expected.

Having thus considered this application in the lightof the criteria set forth in the Bank Merger Act of1960, 12 U.S.G. 1828(c), and having found that onbalance the proposed consolidation is in the publicinterest, it is hereby approved, effective on or afterMarch 20, 1962.

MARCH 13, 1962.


The charter bank with total assets of $25,275,000proposes to merge with the only bank in Cape Maywith assets of $7,199,000. The banks are located 32miles apart and do not appear to compete to an ap-preciable degree with each other.

While the resulting institution will be considerablylarger than other banks competing in the service areaof the charter bank and in the combined service areaof the two banks, it does not appear that the effect oncompetition will be significantly adverse.

THE FIRST NATIONAL BANK OF FREEHOLD, FREEHOLD, N.J., CONSOLIDATED WITH THE MONMOUTH COUNTYNATIONAL BANK, RED BANK, RED BANK, NJ.


The First National Bank of Freehold, Freehold, NJ. (452), withand The Monmouth County National Bank, Red Bank, Red Bank, NJ .(2257),

which hadconsolidated Mar. 30, 1962, under charter and title of the latter bank (2257).


Total assets

$26, 212, 693

64, 237, 479

90, 470, 826

Banking offices

In operation

2

6

To be operated

8


The Monmouth County National Bank, Red Bank,New Jersey, and The First National Bank of Freehold,Freehold, New Jersey, have applied to the Comptrollerof the Currency for permission to consolidate under thecharter and title of The Monmouth County NationalBank. Monmouth County is located on the outer ringof metropolitan New York, approximately 40 milessouth on the east coast of New Jersey. The County'smixed economy has experienced a rapid growth inindustry with the arrival of such companies as Bendix,Lily-Tulip, Bell Telephone Laboratories, MinnesotaMining and Manufacturing and Corning Glass. This,along with its proximity to the New York area, has pro-duced a concomitant expansion of residential develop-ment.

The Monmouth County National Bank had, as ofSeptember 27, 1961, deposits of $50,261,000 and loansof $32,340,000. With approximately 18.30 percent ofthe deposits and 19.82 percent of the loans, it is thethird largest bank in the Monmouth County area. Itoperates five branches, with a sixth approved, in theCounty and has consolidated with three other banks inthe past 10 years.

The First National Bank of Freehold had, as ofSeptember 25,1961, deposits of $20,936,000 and loansof $14,149,000 derived from its main office and twobranches. As the fourth largest bank in the area, it has7.62 percent of the total deposits and 8.66 percent of

the total loans. It has consolidated with one otherbank in the last 10 years.

The earnings of these two institutions have beenbelow normal for banks of comparable size in the area.The resulting institution would be better equippedover an extended period of time to effect operatingeconomies without detriment to the services offeredthe public in this rapidly changing and expandingarea. In addition to the substantial increase in thelending limit from $330,000 to $516,000, a more com-plete trust service will be offered to the Freeholdarea.

While this consolidation will effect a change in therelative position of The Monmouth County NationalBank in the Monmouth County area, it will not ma-terially affect the banking structure nor the positionof the smaller banks in relation to the larger banks.The elimination of the unsubstantial competition be-tween these institutions in the Englishtown-Freeholdarea will not deprive the people of that area of thebenefits of the more effective competition which willbe generated between the resulting bank and the $81million Central Jersey Bank and Trust Company.

Having considered all factors that bear on thisapplication, and having determined that this proposalwill promote the public interest, the application isgranted effective on or after March 20, 1962.

MARCH 13, 1962.


SUMMARY OF REPORT BY THE ATTORNEY GENERAL

The proposed consolidation would unite the thirdand fourth largest banks in this area and eliminate thecompetition that appears to exist between the FirstNational Bank of Freehold and the Englishtown branchof the Monmouth County National Bank. This trans-action, the fourth in a series of mergers and consolida-tions occurring within slightly more than a year andinvolving the three largest banks in this area, would

result in their holding approximately 72 percent of allassets in the resulting bank's service area. It wouldincrease the already serious competitive disadvantageof the small independent banks and perhaps make theirown consolidation a necessity if they are reasonably tocompete with the emerging giants.

It is the view of the Department of Justice, therefore,that the proposed consolidation, if approved, will havea substantially adverse effect on competition among thebanks in the resulting bank's service area.

THE FIRST NATIONAL BANK OF WEST ORANGE, WEST ORANGE, N J., MERGED WITH THE NATIONAL NEWARK &ESSEX BANKING GO. OF NEWARK, NEWARK, NJ.


The First National Bank of West Orange, West Orange, NJ. (9542), withand The National Newark & Essex Banking Go. of Newark, Newark, N J. (1316),

which hadmerged Mar. 30, 1962, under charter of the latter bank (1316), and title "Na-

tional Newark & Essex Bank." The merged bank at date of merger had

Total assets

$20,605,112

373, 722,144

394,161,161

Banking offices

In operation

3

25

To be operated

28


The National Newark & Essex Banking Companyof Newark, Newark, New Jersey, and The First Na-tional Bank of West Orange, West Orange, New Jer-sey, have applied to the Comptroller of the Currencyfor permission to merge.

The National Newark & Essex Banking Companyof Newark, with total assets of $370,720,000, operatesits main office and six branches in Newark, fourbranches in East Orange, three in Bloomfield, and onebranch each in Orange, Montclair, Caldwell, Cald-well Township, Cedar Grove, and South Orange.The First National Bank of West Orange, with assetsof $20,191,000, operates its main office, one branch,and a drive-in facility in West Orange and has an ap-plication for an additional branch in West Orange.Both banks are located in Essex County, New Jersey,and The National Newark & Essex Banking Companyis the third largest bank in this County. The FidelityUnion Trust Company, Newark, New Jersey, withtotal assets of $514,475,000, and the National StateBank of Newark, Newark, New Jersey, with total assetsof $462,597,000, are both larger than The NationalNewark & Essex Banking Company.

Essex County is an important industrial and resi-dential section of the State of New Jersey, coveringan area of 125 square miles, with a population justunder one million. Newark is located in the morepopulous eastern half of the County and is approxi-mately 10 miles from New York City. It is the largestcity in the state, with a population of 405,000, and it

is the center of a metropolitan area with a populationof over three million.

West Orange, with a population of approximately40,000, is located in the western half of Essex County.This section of the County is largely suburban incharacter. However, it is experiencing a rapid growthin residential and light industrial development. WestOrange covers an area of about 12 square miles anda substantial portion of this area is undeveloped. Thelending limit of The First National Bank of WestOrange is presently $110,000. In the application,the bank states that it has experienced a significantnumber of cases where its legal limit was inadequatefor some of its customers and in other instances thelow limit prevented the bank from soliciting new cus-tomers. While at present the demand for credit isprimarily for loans to individuals, it is anticipatedthat the demand in the area will be increasing and thatthere will also be a need for additional services whichThe First National Bank of West Orange at presentis not offering. If the merger is approved, the con-tinuing bank will have a lending limit of $2,610,000and will bring to the West Orange community a fullrange of banking services.

The First National Bank of West Orange presentlyenjoys a monopoly in that community because NewJersey law prohibits branching in a community, out-side of the municipality in which a bank's main officeis located, where the head office or branch of anotherbank is located. This monopoly would be acquired bythe continuing bank, which presently enjoys a similar

40


position in Caldwell Township, Cedar Grove, SouthOrange, and Bloomfield.

While there are no other commercial banks locatedin West Orange, The National Newark & Essex Bank-ing Company has nine offices located in contiguouscommunities or within three miles of West Orange.There are eight other commercial banks which havehome offices within five miles of the West Orange bank,including the Fidelity Union Trust Company and theNational State Bank of Newark. While it would ap-pear that in the West Orange service area there arealready available resources greater than those themerged bank would have, such resources are not avail-able within the community of West Orange. Thus, itwould appear that the community of West Orangewould materially benefit from the proposed merger.At present, the banks with larger resources are keptout of the limits of West Orange by the provisions ofthe State Branch Banking Statutes. A merger, as pro-posed, is their only path of entry.

In view of the dynamic nature of the western areaof Essex County and the restriction against branching

present in New Jersey, it is our opinion that the con-venience and needs of the West Orange communityfavor the proposed merger. We find that this pro-posal will have little effect on the banking structurethroughout the rest of the community. We furtherfind that the other statutory factors are favorable.

It is our conclusion that this transaction will bein the public interest and it is therefore approved, ef-fective on or after March 20, 1962.

MARCH 13, 1962.


The National Newark & Essex Banking Companyof Newark, Newark, New Jersey, proposes to acquireby merger The First National Bank of West Orange,West Orange, New Jersey.

The proposed merger would eliminate competitionbetween the merging institutions, it would furtherthe tendency toward mergers in the Essex area of NewJersey and increase the concentration of banking inthis area. Thus, the effect upon competition wouldbe adverse.

BANK OF NORTH WILKESBORO, NORTH WILKESBORO, N.C., MERGED WITH THE NORTH CAROLINA NATIONALBANK, CHARLOTTE, N.C.


Bank of North Wilkesboro, North Wilkesboro, N.C, withand The North Carolina National Bank, Charlotte, N.C. (13761), which had...merged Mar. 30, 1962, under charter and title of the latter bank (13761). Themerged bank at the date of merger had

Total assets

$12, 920, 673527, 405, 025

538, 667, 552

Banking offices

In operation

251

To be operated

53


The North Carolina National Bank, Charlotte, NorthCarolina, and the Bank of North Wilkesboro, NorthWilkesboro, North Carolina, have applied to theComptroller of the Currency for permission to mergeunder the charter and title of the "North CarolinaNational Bank" and to maintain branches at the siteof the present offices of the Bank of North Wilkesboro.

North Carolina National Bank has had an inter-esting history of growth in the last five years. Sinceits formation at the close of business June 30, 1960, byconsolidation of the Security National Bank of Greens-boro and the American Commercial Bank in Charlotte,it has been the receiving bank in mergers with theMerchants and Farmers Bank of Statesville on October7, 1960, and the First National Bank of Winston-Salemon December 30, 1960, whereby it acquired nine newbranches. Prior to June 30, 1960, the Security Na-tional Bank of Greensboro, which was organized underthe title "Guaranty Bank and Trust Company" in 1933and converted to a national bank two days later as the

"Security National Bank of Greensboro," mergedwith the Depositors National Bank of Durham onSeptember 5,1959, and acquired its present title as wellas two branch offices. On April 8, 1960, the SecurityNational Bank of Greensboro merged with the GuilfordNational Bank of Greensboro, retaining the name ofthe former and acquiring five offices from the latter.

The American Commercial Bank, which consoli-dated with the Security National Bank of Greensboroin 1960 to form the North Carolina National Bank,was organized in 1901 as the "American Trust Com-pany" with its principal offices in Charlotte. OnNovember 29, 1957, The Commercial National Bankof Charlotte merged with the American Trust Com-pany under the title "American Commercial Bank"with five offices. The First National Bank of Raleighmerged into the American Commercial Bank on Octo-ber 30, 1959, bringing with it three banking offices.

As a result of the consolidation of the AmericanCommercial Bank, which was then rated the 118thlargest in the country, and the Security National

41


Bank of Greensboro, classed as the 180th largest, in1960 and the two subsequent mergers of the result-ing North Carolina National Bank, the last nowoperates 51 permanent and 2 seasonal branches in thecommunities of Charlotte, Greensboro, Wilmington,Raleigh, Durham, Tarboro, High Point, Burlington,Statesville, Harmony, Frontman, and Winston-Salem.It has total deposits of $470.1 million, total loans of$257.9 million, and a loan limit of $3.8 million. Atthe present time this bank is rated as the 59th largestin the nation, the third in size in the southeastern sec-tion of the United States, and the second largest inNorth Carolina.

The Bank of North Wilkesboro, organized under astate charter, opened for business in 1892. In 1957,it established its one and only branch. Its presenttotal deposits are approximately $11.4 million, totalloans of $6.5 million, and operates under a lendinglimit of $169,000. Located in the northern section oftwin communities having a total population of 6,500,it is available to the 45,000 people in Wilkes County.Though the economy of the county derives its supportprincipally from such agricultural pursuits as livestockand poultry raising, tobacco growing and lumbering,the industry located in the twin communities, includ-ing the largest mirror factory in the world and somefurniture manufacturing, gives the economy an addedboost. It may be said that the economic climate ofthe area is generally healthy.

Also located in these twin communities is the homeoffice of The Northwestern Bank, a state nonmemberchain of 32 branches situated in 27 communitiesthroughout the northern and western parts of the state.The Northwestern Bank, with total deposits of $114.3million, now enjoys a distinct competitive advantageover the Bank of North Wilkesboro, as is evidenced bythe number of valuable loans the former gained in thelast year by reason of the latter's inability to servicethem.

The present relationship of the merging banks, with40 miles separating their closest branches and 79 milesbetween their home offices, is that of normal corres-pondent banks. There is no common managementbetween them and the common ownership of stock islimited to four persons who hold 5,770 shares of themerging bank's 48,200 outstanding shares and 1,274shares of the receiving bank's 2,093,000 outstandingshares. Neither bank is affiliated with nor has a stockinterest in any other bank whose stock is owned by abank holding company.

While the North Carolina National Bank offerscounseling and loan participation service to its cor-respondent banks, the Bank of North Wilkesboro, as

stated in the application, follows a policy of not placingoverlines or loans with other banks, even though itthereby loses customers. This policy of the Bank ofNorth Wilkesboro, fully within the lawful right anddiscretion of its management, has deprived some cus-tomers in the area, whose credit needs are in excessof the bank's lending limits, of a choice in bankingalternatives and has resulted in giving the Northwest-ern Bank a decided competitive advantage in thisregard. A policy of a bank against participation inloans and overlines is certainly a banking factor affect-ing the needs and convenience of the community to beweighed in determining whether or not a bank whichadheres to it is adequately serving the public interest.If only the competitive disadvantage of the Bank ofNorth Wilkesboro in relation to the NorthwesternBank were under consideration in this application, itwould be germane to point out that by adopting thispolicy the bank has apparently handicapped itself.But since it is the over-all public interest that is de-terminative in ruling on merger applications, it matterslittle how the competitive disadvantage occurred if itcan be corrected by allowing the merger. To suggestthat a competitive disadvantage should, because it isself-incurred, militate against approval of a merger,would not only defeat the public interest in the benefitswhich would flow from the merger, but would implic-itly deny the right of the bankers to select a lawfulpolicy in the exercise of their private initiative.

Because the North Carolina National Bank hasstate-wide territorial diversification of its branches,the effect of this proposed merger on the state's over-all banking structure must be considered. NorthCarolina National Bank engages in substantial rivalryfor banking business with five other banking chainsin the state. These six banking chains, operatingthrough 284 offices, account for 60.3 percent of alldeposits in the state. A breakdown of their relativesize, as of June 30, 1961, both by branches and bydeposits, reveals that Wachovia Bank & Trust Com-pany, Winston-Salem, now rated the 36th largestbank in the country and the biggest in the state, has77 branches and controls 22.7 percent of the deposits.The North Carolina National Bank, with 50 offices andcontrolling 16.7 percent of the desposits, is the secondlargest in the state. First-Citizens Bank and TrustCompany, Smithfield, has 66 branches and 8 percentof the deposits. First Union National Bank of NorthCarolina, Charlotte, operates 32 offices and accountsfor 6.3 percent of the deposits. Branch Banking andTrust Company, Wilson, has 25 branches and 3.4 per-cent of the deposits. The Northwestern Bank, NorthWilkesboro, maintains 32 branches and has 3.2 per-


cent of the deposits. The balance of the deposits inthe state are distributed among the approximately170 other banks which operate some 400 bankingoffices. The Bank of North Wilkesboro has only .4percent of the total deposits in the state.

It must not go unnoticed that North Carolina Na-tional Bank's position of prominence on the statebanking scene as the second largest bank in the statehas been gained in very large measure by acquisitionand absorption of existing and independent banks. Itsrate of growth in recent years, when measured againstthe corresponding development of Wachovia Bankand Trust Company during the same period, betraysthat a race for size is in progress. Conceding that big-ness is not opprobrious, and acknowledging that growthis a mark of a healthy and vigorous bank operating inthe public interest, it must always be rememberedthat a balanced growth is the sine qua non to pre-serving a balanced banking structure designed to servethe best interests of a community or state. And as acorollary to this, it should be noted that not all meansavailable to bankers to expand their institutions willserve the public interest equally well in every circum-stance. While recent emphasis in North Carolina hasbeen put on growth by acquisition, a growth markedby sudden and sometimes startling increases in size,the banking agencies set up to guard the public interestin banking operations have not forgotten that moderategrowth in banking by branching, increased capital-ization or new charters, is possible in many instances.In view of the criteria contained in the Bank MergerAct of 1960, 12 U.S.C. 1828(c), the banking agenciesare and must be alert to the dangers of the fitful growthwhich may derive from mergers, consolidations, andpurchase of assets and assumptions of liabilities. Banksintent upon extending their range of services to meetbroader customer demand should consider the moder-ate means of growth through branches and capitalincreases when available, as means more consonantwith the balanced development of the state's bankingstructure.

While this merger would add two more branches tothe rapidly expanding facilities of the North CarolinaNational Bank and would remove another small, inde-pendent, two-office state bank from the scene, itappears that it would, all factors considered, be ofsome benefit to the state-wide banking structure. Itwould, on the contrary, serve the public interest nowand in the future. It may prevent the developmentof a management succession problem which the appli-

cant states can become critical for the Bank of NorthWilkesboro when its present competent key officers anddirectors reach the end of their active business careersin the next few years. It will offset the advantageouscompetitive position which the Northwestern Bankenjoys in the area by giving the customers whose creditrequirements exceed the lending limit of the Bank ofNorth Wilkesboro another banking alternative. Inaddition to these local benefits which contribute to thepublic interest, the over-all banking structure in thestate will be strengthened.

Having weighed the foregoing considerations in thelight of the statutory criteria, and having concludedthat this merger will serve the public interest, the appli-cation, therefore, is granted. While approving thisapplication, attention is called to dangers to the publicinterest latent in unbridled expansion by acquisitions.Further expansion by this means in this area cannotbe condoned without an unmistakably clear showingthat the proposal is not only soundly conceived in thepublic interest but also will materially strengthen thebanking structure. This policy of restricting unjustifiedgrowth by acquisitions can only be effective with thesympathetic cooperation of all state and federal bank-ing agencies similarly concerned with the publicinterest.

The grant of this application will be effective on orafter March 20,1962.

MARCH 13,1962.


North Carolina National Bank, the second largestbank in North Carolina in terms of reources, havingtotal assets of $534,302,000, and total capital funds of$43,158,000, and operating 52 offices proposes toacquire Bank of North Wilkesboro, with two offices inthat community and total assets of $13,454,000, totalnet loans and discounts of $6,460,000, total depositsof $11,407,000, and total capital accounts of$1,696,000.

Bank of North Wilkesboro refuses to arrange over-lines and consequently loses business of growing com-panies in its area. It faces the competition of TheNorthwestern Bank, headquartered in its home town,and growing fast in western North Carolina, but isapparently unwilling to grow itself.

It does not apear that the best interests of the bankingpublic in North Carolina are best served by the con-tinuing mergers in the state.

43


THE COPLAY NATIONAL BANK, COPLAY, PA., CONSOLIDATED WITH THE MERCHANTS NATIONAL BANK OF ALLEN-TOWN, ALLENTOWN, PA.


The Coplay National Bank, Goplay, Pa. (9113), withand The Merchants National Bank of Allentown, Allentown, Pa. (6645), which

hadconsolidated Mar. 30, 1962, under charter and title of the latter bank (6645).


Total assets

$5, 276, 200

78, 725,988

83,972,188

Banking offices

In operation

1

8

To be operated

9


The Merchants National Bank of Allentown, Allen-town, Pennsylvania and The Coplay National Bank,Goplay, Pennsylvania, have applied for permission toconsolidate and to maintain the Coplay office as abranch of the resulting bank.

The Merchants National Bank was chartered in1903 and now maintains, in addition to its main office,six branches. Four of these branches are in Allen-town and two are located 6 to 10 miles north in thecommunities of Egypt and Schnecksville. These lat-ter branches were acquired by the Merchants Na-tional Blank in 1961 by consolidation with the EgyptSchnecksville Bank which then carried deposits of $7.8million. At present The Merchants National Bankhas total assets of $75.9 million, total deposits of $66.2million, total loans of $34.1 million and a lending limitof $576,400. Time deposits constitute 55 percent ofits total deposits. An examination of its loans revealsthat 50 percent are real estate loans and 18 percentare concentrated in commercial paper. Its trust de-partment has accounts valued at $ 12.4 million. Thesefactors constitute The Merchants National Bank thesecond largest in its service area.

The Coplay National Bank, organized in 1907 andnow operating as a unit bank, is the only banking fa-cility serving the community of Coplay. Its totalassets are $5.2 million, total deposits are $4.8 million,total loans are $2.3 million and its loan limit is$25,000. Of its total deposits, 87 percent are on time.The loan portfolio reveals that 75 percent are in realestate mortgages and 20 percent in commercial andindustrial loans. It maintains no trust department.This bank is classed as fifth in size in the service area.

Allentown, a city of 108,000, and its environs, where-in the service area of these two banks lies, is consideredto be the third largest industrial center in Pennsyl-vania. As county seat for Lehigh County, it servesas retail shopping mecca for an estimated populationof 500,000. Though Allentown is primarily a resi-dential area, it has extensive commercial and indus-trial activity. Its industries are well diversified to in-

clude the manufacture of motor trucks, silk products,machinery, chemicals, leather, rubber, cement, andzinc products. Immediately to the east of Allentownand contiguous to it is the industrial city of Bethlehem,the home of Bethlehem Steel Corporation, with apopulation of 75,000. Allentown is within 100 milesof Philadelphia and New York City.

Coplay, a borough of 3,700 people, adjoins Allen-town to the north and shares with it the benefits de-riving from the thriving commercial and industrialactivity of this section of the Lehigh Valley.

While there are 12 banks maintaining 35 bankingoffices within the metropolitan area of Allentown, theservice area as described in the application for thisconsolidation includes but 6 banks maintaining 20offices, not including the two recent approvals ofbranches. Of the total $254.6 million deposits in thisservice area, The First National Bank of Allentowncontrols 45.7 percent, Merchants National Bank 26.8percent, Lehigh Valley Trust Company 16.1 percent,Cement National Bank 6.5 percent, Union Bank andTrust Company 3 percent, and the Coplay NationalBank 1.9 percent.

It is evident that the elimination of the CoplayNational Bank by this consolidation will not substan-tially alter the banking structure of the area. More-over, the resulting bank, under the management ofthe Merchants National Bank, will expand the num-ber, and should improve the quality, of banking serv-ices offered, and thus serve the convenience and needsof the affected banking public.

Having weighed the circumstances surrounding thisproposed consolidation against all the statutory factors,and having concluded that it will be in the public in-terest, the application is .granted, effective on or afterMarch 20, 1962.

MARCH 13, 1962.


The Coplay National Bank operates the only bank-ing office in the City of Coplay, a growing communityseven miles from Allentown. The Merchants Na-tional Bank now has seven banking offices in Allen-

44


town and surrounding communities. Because it hastwo branches close to Coplay, competition presentlyexists between the two consolidating banks.

The consolidation will eliminate an independentcompetitor of Merchants National, and alter to aminor degree the concentration of banking resources

in the area, which concentration is due in part toother recent mergers in the area. Merchants Na-tional, which is currently the second largest bank inthe area, will remain so after the consolidation.

We believe that the effect of the proposed mergeron competition would not be substantially adverse.

THE FIRST NATIONAL BANK OF MILLERSTOWN, MILLERSTOWN, PA., CONSOLIDATED WITH THE JUNIATA VALLEYNATIONAL BANK OF MIFFLINTOWN, MIFFLINTOWN, PA.


The First National Bank of Millerstown, Millerstown, Pa. (7156), withand The Juniata Valley National Bank of Mifflintown, Mifflintown, Pa. (5147),

which hadconsolidated Mar. 30, 1962, under charter of The Juniata Valley National Bank

of Mifflintown (5147), with title "The Juniata Valley National Bank." Theconsolidated bank at date of consolidation had

Total assets

$1, 739, 678

4, 483, 877

6, 223, 555

Banking offices

In operation

1

1

To be operated

2


The Juniata Valley National Bank of Mifflintown,Mifflintown, Pennsylvania, and The First NationalBank of Millerstown, Millerstown, Pennsylvania, haveapplied to the Comptroller of the Currency for permis-sion to consolidate.

The Juniata Valley National Bank has total assetsof $4,515,000. The bank is a unit bank and is locatedin Mifflintown, Pennsylvania, the County Seat ofJuniata County. The city has a population of 1,200and is the trading center for a prosperous agriculturalarea. Local employment is furnished by the Pennsyl-vania Railroad and by a garment factory located inMifflin. However, the majority of local workers areemployed in Lewistown, some 12 miles west. Thereare two national banks in Mifflintown, one at Mifflin,which is a community located across the Juniata River,two national banks in Port Royal, which is four milessouth, and a national bank in McAlisterville, which isnine miles northeast of Mifflintown.

The First National Bank of Millerstown has totalassets of $1,657,000. It also is a unit bank and islocated in Millerstown, which is 15 miles east ofMifflintown. There is no other banking office inMillerstown. However, there are nine banking officeswithin a 15-mile radius. Millerstown is in PerryCounty and is primarily a residential community witha population of approximately 700 persons. TheFirst National Bank of Millerstown serves a prosperousagricultural trading area. A number of wage earnersfrom Millerstown commute daily to industries andgovernment installations located in or near Harris-burg.

The active management of The First National Bankof Millerstown has expressed their interest in retiring.At present, the bank has no suitable replacements.The bank has 70 percent of its deposits loaned out,with a lending limit of $12,500. While the quality ofthe loans is good, it appears that the Millerstown arearequires additional banking resources to service thearea's modern agricultural operations and housingconstruction.

We have reviewed the statutory factors and findthem favorable. It is our conclusion that this trans-action will be in the public interest and it is herebyapproved, effective on or after March 20, 1962.

MARCH 13, 1962.


Juniata National, with a single office and assets ofapproximately $4,515,000, competes with four othercommercial banks within its service area. It has ap-proximately 28 percent of the IPC deposits of the serv-ice area, the largest of its competitors having 30 per-cent and the three smallest having from 13 to 16percent.

The Millerstown bank has assets of approximately$ 1,657,000. It operates from a single office at Millers-town, which is 14 miles from Mifflintown and notwithin the service area of Juniata National. No othercommercial banking office is located within the servicearea of The First National Bank of Millerstown.

There is virtually no competition between the twobanks, nor any indication that the proposed mergerwill tend to create a monopoly in commercial banking.Accordingly, it is our view that the proposed mergerwill not have an adverse competitive effect.

45


SANPETE VALLEY BANK, MOUNT PLEASANT, UTAH, PURCHASED BY FIRST SECURITY BANK OF UTAH, NATIONALASSOCIATION, OGDEN, UTAH


Sanpete Valley Bank, Mount Pleasant, Utah, withwas purchased Mar. 30, 1962, by First Security Bank of Utah, National Associa-

tion, Ogden, Utah (2597), which hadAfter the purchase was effected the receiving bank had

Total assets

$4,107, 000

343, 988, 000347, 680, 000

Banking offices

In operation

1

39

To be operated

40


The First Security Bank of Utah, National Associ-ation, Ogden, Utah, has applied to the Comptroller ofthe Currency for permission to purchase the assetsand assume the liabilities of the Sanpete Valley Bank,Mt. Pleasant, Utah.

The First Security Bank of Utah has total assets of$343,988,000 and is the largest banking associationin the State and the only statewide branch bankinginstitution. However, it has no branches in the servicearea of the Sanpete Valley Bank. The Sanpete Val-ley Bank is a unit bank with total assets of $4,107,000,and recently all the shares of this bank were acquiredby the First Security Corporation. This Corporationowns approximately 99 percent of the shares of theFirst Security Bank of Utah.

Mt. Pleasant, Utah, has a population of 1,572 and islocated in the northern portion of Sanpete County, 133miles south of Ogden. The surrounding area is largelyagricultural, with the raising of sheep, cattle, andturkeys, and the growing of hay, grain, and alfalfapredominating. In recent years, a number of wearingapparel manufacturing firms have established plants inthe town and nearby communities, employing some300 persons. The Sanpete Valley Bank is the onlybank in the Mt. Pleasant trade area which covers thenorthern portion of Sanpete County. The populationof this trade area in 1960 was 4,872, showing a declineof approximately 1,500 in the past 10 years.

The managing officer of Sanpete Valley Bank re-cently became ill and has expressed the desire to berelieved of his duties. The First Security Bank ofUtah will have sufficient personnel to assume themanagement of a branch in Mt. Pleasant. The appli-cation states that the chief reasons for the proposedpurchase are the existing common ownership of the

two banks and their desire to increase efficiency ofoperation as well as their desire to supply banking serv-ices in the Mt. Pleasant area of the calibre now ren-dered by the various offices of the First Security Bank.It is anticipated that the continuing bank will expandsubstantially the volume of residential mortgage andinstallment loans available in the Mt. Pleasant area.

We have reviewed the statutory factors and it is ourconclusion that this transaction will be in the publicinterest. The application is hereby approved, effectiveFriday, February 9,1962.

FEBRUARY 3, 1962.


Both the selling bank, Sanpete Valley Bank, and thepurchasing bank, First Security Bank of Utah, NationalAssociation, are profitable and viable institutions con-ducting a general commercial banking business. Theselling bank is relatively small and has only one officeas compared with the 39 offices of the purchasingbank, located throughout Utah.

Although one office of the purchasing bank derivesa not insignificant volume of business from the servicearea of the selling bank, the two institutions are nolonger in active competition since virtually all the stockin both banks is already owned by a bank holding com-pany, the First Security Corporation, under the pro-visions of the Bank Holding Company Act of 1956.Due to a degree of geographic isolation, no other com-mercial bank competes significantly in the selling bank'sservice area. Thus, the effect on competition of theproposed transaction standing alone would not beadverse. In view of the past acquisitions of SecurityBank and its parent company, which have contributedmaterially to increased concentration in banking inUtah, there appears to be a significant tendancy tomonoply in commercial banking in Utah.

46


MOUNT VERNON BANK & TRUST CO., FAIRFAX COUNTY, VA., CONSOLIDATED WITH O L D DomiNiON NATIONALBANK OF FAIRFAX COUNTY, ANNANDALE, VA.


Mount Vernon Bank & Trust Co., Fairfax County, Va., withand Old Dominion National Bank of Fairfax County, Annandale, Va. (14893),

which hadconsolidated Mar. 30, 1962, under charter of Old Dominion National Bank of

Fairfax County (14893) with title "Mount Vernon National Bank and TrustCompany of Fairfax County." The consolidated bank at date of consolidationhad

Total assets

$25, 912, 376

10, 059, 278

35,971,654

Banking offices

In operation

6

3

To be operated

9


The Mount Vernon Bank and Trust Company, Fair-fax County, Virginia, and the Old Dominion NationalBank of Fairfax County, Annandale, Virginia, haveapplied to the Comptroller of the Currency for permis-sion to consolidate, under the charter of the OldDominion National Bank of Fairfax County and thetitle of "Mount Vernon National Bank and TrustCompany of Fairfax County."

The Mount Vernon Bank and Trust Company wasorganized on October 13, 1951, under the laws of theState of Virginia. The bank is located adjacent tothe city limits of Alexandria, Virginia, in FairfaxCounty, and operates four branches in this County.The bank has also received the necessary approvalto establish an additional office in the County, whichoffices has not been opened. As of August 31, 1961,the bank had total assets of $22,799,000.

The Old Dominion National Bank of Fairfax Countywas originally chartered in 1952 as a state bank underthe name of "The Bank of Annandale." This bankconverted into a national banking association on April1, 1960, under its present name. The bank operatestwo branches in Fairfax County and has an applica-tion pending for one additional branch in the County.As of August 31, 1961, the bank had total assets of$8,929,000.

The First Virginia Corporation, a registered holdingcompany, owns 65.9 percent of the shares of OldDominion National Bank. This Corporation alsoowns a majority of the stock in the Old DominionBank, Arlington, Virginia, the Purcellville NationalBank, Purcellville, Virginia, the Fall Church Bank,Falls Church, Virginia, and The National Bank ofManassas, Manassas, Virginia. The Corporation hasreceived the approval of the Board of Governors of theFederal Reserve System to acquire the majority of thestock of the Richmond Bank and Trust Company,Richmond, Virginia, and has pending before theBoard an application to acquire stock in three otherVirginia banks.

Both of the applicant banks and their branches arelocated in the eastern section of Fairfax County. ThisCounty lies in the Washington metropolitan area andcontains approximately 397 square miles of land area,making it the largest political subdivision in the Vir-ginia section of the Washington metropolitan area.The County has experienced a rapid growth in popu-lation in the years between 1950 and 1960, growingfrom a population of 98,557 to a population of 275,000.By 1970, the population is expected to be 417,000, andby 1980, it is expected to grow to 600,000.

The eastern section of the county has experiencedthe greatest growth primarily because of its proximityto Washington, D.C. Additional growth has beenfostered by the decentralization of the federal govern-ment agencies and by the development of the DullesInternational Airport which is being built on the west-ern edge of the County. The new highway systempresently under construction will make the area moreattractive for additional residential growth. In ad-dition, in recent years, many light industries, particu-larly in the electronic and research fields, have movedinto Fairfax County. Several industrial parks arealso in the planning stages. The western portion ofFairfax County has remained essentially an agricul-tural area.

The primary reason given for the consolidation bythe applicant banks is the changing character and theeconomic expansion of the County. The applicationnotes that during the period from 1950 to 1960 thetotal resources of the County banks grew from $17million to $100 million and in the same period of timethe number of banks has increased from four to nineunits.

Since Fairfax County is a part of the Washingtonmetropolitan complex, the banks in that County com-pete with the banks in the cities of Washington andAlexandria and banks located in Arlington County.Operating in the same service area are the banks af-filiated with the Financial General Corporation, aholding company, which presently has affiliated banksin Alexandria and Arlington, Virginia; Washington,

47


D.C., and Silver Spring, Maryland, which is withinthe Washington metropolitan area.

The consolidated bank would be the largest bank inFairfax County, with a lending limit of $209,980.This is slightly less than the present lending limit of theMount Vernon Bank of $232,470 which is permittedunder state law. Of the 15 banks remaining in theservice area in Virginia, two of the banks located inAlexandria, and two of the banks located in Arlingtonwould be larger than the consolidated bank. Of these,the Old Dominion Bank of Arlington is affiliated withthe First Virginia Corporation and two are affilliatedwith the Financial General Corporation.

In an area such as Fairfax County which is ex-periencing rapid development, there appears to be aneed for a bank which would have the capitalization,the resources, and the branch system of the proposedconsolidated bank. This need motivated the appli-cation and it is because of this need that the applica-tion is approved. In approving this application, theeffect of the further penetration of this importantbanking service area by the First Virginia Corporationhas been carefully weighed. However, due to thecompetitive nature of the area, this acquisition wouldhave a favorable effect and will serve to provide Fair-fax County with a bank of sufficient stature to assistthe County's continued development.

It must be clearly understood that this office willnot acquiesce in unjustified expansions by acquisitionswhen other means of growth are available. Furtheracquisitions by the banks in this area will be approvedonly in those instances where it can be demonstratedthat the transaction will materially contribute to thebalanced banking structure of the state in further-ance of the public interest. The policy of this officethat the public interest in a balanced banking structure

can best be attained by taking a reluctant approach toacquisitions by mergers, consolidations and purchasesof assets, when other methods of expansion are avail-able, can only be effected to the extent that there isconsistency of approach among the banking agencies.

The application is approved, effective on or afterMarch 20, 1962.

MARCH 13, 1962.


Both of the consolidating banks have shown a rateof growth which is more than commensurate with theunusual growth of Fairfax County, the relevant servicearea.

Old Dominion National Bank of Fairfax Countyis an affiliate of The First Virginia Corporation, whichis registered with the Board of Governors of the Fed-eral Reserve System in accordance with the provisionsof the Bank Holding Company Act of 1956. Withthe addition of the Mount Vernon Bank and TrustCompany as an affiliate, The First Virginia Corpora-tion would own a controlling interest in banks whichhold 50.3 percent of the IPC deposits and 52.8 percentof the loans and discounts of all banks in FairfaxCounty.

The proposed consolidation does not appear to benecessary for the continued growth of either bank.Fairfax County is now embarking on a new period ofexpansion in which all banks within the service areacan be expected to share.

It is our opinion that any increase in the alreadyhigh degree of concentration within the service areawould not be in the public interest and would have anadverse effect on competition and create a tendencytoward monopoly.

JACKSON COUNTY BANK, SYLVA, N.C., MERGED WITH FIRST UNION NATIONAL BANK OF NORTH CAROLINA,CHARLOTTE, N.C.


Jackson County Bank, Sylva, N.G., withand First Union National Bank of North Carolina, Charlotte, N.C. (9164), which

hadmerged Mar. 31, 1962, under the charter and title of the latter bank (9164).


Total assets

$7, 667, 423

224, 708, 637

231, 721, 967

Banking offices

In operation

40

3

To be operated

43


The First Union National Bank of North Carolina,Charlotte, North Carolina, and The Jackson CountyBank, Sylva, North Carolina, have applied to theComptroller of the Currency for permission to mergeunder the charter and title of the former, and for per-

48

mission to continue operation of the present offices ofThe Jackson County Bank as branches of the resultingbank.

First Union was chartered in 1908 as "The UnionNational Bank of Charlotte." By early 1958 it hadeight branches operating in Charlotte and controlled


$61 million in deposits. Beginning in July 1958, itbegan its phenomenal growth when it consolidatedwith the First National Bank and Trust Company inAshville under the title of "First Union NationalBank of North Carolina." By this consolidation, itacquired 11 new offices in eight different communitiesand deposits of $42.9 million. In November of thesame year it merged with the Bank of Lenoir and theUnion National Bank of Lenoir and acquired twomore branches and $12.2 million deposits. Abouta year later, in December 1959, it gained four morebranches and deposits of $15.9 million when it mergedwith the National Bank of Wilson and the DurhamIndustrial Bank. Two more mergers in 1960 with theFirst National Bank of Kings Mountain and the Na-tional Bank of Commerce of Gastonia added four morebranches and $17.2 million deposits to First Union'sgrowing system. In October and November of 1961it merged with the First National Bank of Marion,gaining one branch, and the Chatham Bank in SilerCity, with its three offices, thereby adding another$19.1 million to its total deposits. At the time of filingthis application, First Union operated 38 bankingoffices in 19 communities.

Since First Union's branches are fairly evenly dis-tributed throughout the entire State of North Carolinawith the exception of the eastern seaboard counties andthe far western counties, it is fair to say that the wholestate is its service area. Within the State of NorthCarolina are five other branch banking systems com-peting with First Union for deposits and loans. TheWachovia Bank and Trust Company, with 77 branches,is the largest bank in the state and has deposits of$774.8 million. Second in size is the North CarolinaNational Bank with 50 branches and $512.8 millionin deposits. The First-Citizens Bank and Trust Com-pany is third with 66 offices and $258.7 million indeposits. Next is the applicant. Fifth in scale is theBranch Banking and Trust Company with its 25 officesand $115.1 million deposits. Finally, the sixth largestsystem is the Northwestern Bank of North Wilkesborowith 32 offices and $114.3 million deposits. Themerging Jackson County Bank has only three officesand $7.1 million in deposits. Approval of this mergerwould not produce a marked change in the size of theFirst Union nor would it alter in any degree its relativestanding among the state's banking systems.

Analysis of the existing banking facilities in NorthCarolina reveals a balance well suited to the conven-ience and needs of all segments of the state community.Of the six branch banking systems discussed above, twoof them, namely, Wachovia Bank and Trust Companyand North Carolina National Bank, control approxi-mately 39.3 percent of the total deposits in the state.The other four branch systems, none of which controlsover 7.9 percent of total state deposits, account for anaggregate 21.7 percent of the total. The other 39.3

percent of state deposits are divided among some 170small banks which operate about 400 offices. Thesesmall banks constitute an adequate and necessary baseto the state banking pyramid which is capped by thetwo large systems. While steady growth is as much anindicia of economic health in the banking industryas in any other, a balanced growth maintaining theproper proportions between small, intermediate, andlarge is essential to the continued soundness of thebanking structure. The critical issue in deciding thisapplication for merger, as it is in all that come beforethe Comptroller for decision, is whether the entireproposal is consonant with a balanced growth thatserves the public interest.

The Jackson County Bank, which the First Unionnow seeks to absorb, was organized in 1933 with itshome office in Sylva, Jackson County. Since 1933this bank has opened a branch at Highlands in MaconCounty, 40 miles southwest of Sylva, and a branch,comprised only of a teller's cage at Cherokee, in SwainCounty, on the Cherokee Indian Reservation 16 milesnorthwest of Sylva. At the present time this state-chartered bank has total assets of $8.4 million, de-posits of $7.8 million, loans of $2.8 million, and alending limit of $37,500. Its capital structure, com-prised of $125,000 in paid-in stock, $250,000 surplus,and $141,000 undivided profits, is sound. Duringthe last four years its annual net current operatingincome has shown improvement, rising from $21,000in 1957 to $66,000 in 1960.

The three counties served by the Jackson CountyBank are located in the mountainous southwest cornerof North Carolina. While the economy of thesecounties is supported primarily by agricultural pursuits,it is bolstered by such industries as lumber production,tourist trade, meat packing, textiles, paper and paperproducts, and vegetable processing. The natural re-sources and raw materials with which these hillsabound, when considered in conjunction with thesupply of willing labor available there, make it anattractive location for migrating and expanding in-dustry. As the applicant points out, great strides havealready been made in industrial expansion in the areain recent years and it is anticipated that the economywill continue to grow.

While it is clear that a growing area needs growingbanks, it should be equally clear that it is the re-sponsibility of the banking agencies, charged with theduty of supervising banking operations, to see that thegrowth of the banks comports with the convenienceand needs of the communities affected. The op-portunity to grow by acquisition should not blindbanks to the possibilities for growth through newbranches, or aditional capitalization, when they areavailable. It is quite possible that the expandingneeds of some areas can best be served by charteringnew banks. Each of these methods recommends it-

49


self in certain situations. The fact that acquisitionrecommends itself most readily to larger banks be-cause it gives them an established branch with trainedofficers as well as a welcome increment to deposits andloans does not mean that it is always recommendedas promoting the public interest.

The advent of the First Union will undoubtedlybring certain benefits to Jackson and its sister counties.First Union's arrival will bring an increase of 1 percentin the interest paid to the depositors in the JacksonCounty Bank. It will bring a larger loan limit to abanking office that is already servicing substantiallylarge loans on a participating basis with its New Yorkcorrespondent. It will bring a trust department serv-ice to these three counties. On the other hand, itwill deprive the State of North Carolina of an inde-pendent bank with three offices, thereby narrowingthe base that supports the over-all banking structure.

Having weighed all the circumstances surroundingthis application against the statutory criteria, and hav-ing concluded that this proposed merger will promotethe public interest, the application therefore is granted.Though this application is granted, the First Unionand other branch banking systems are admonishedthat further acquisitions cannot always expect the con-

tinued approbation of the Comptroller. A policy ofcurbing mergers and consolidations where necessary topreserve or attain a balanced banking structure in theseveral states can be effective in achieving its ultimategoal only if, and to the extent that, the other bankingregulatory agencies subscribe to its principles and carrythem out in their jurisdiction. The grant of this op-plication is effective on or after March 20, 1962.

MARCH 13, 1962.


First Union National Bank is the fourth largest bankin North Carolina, with deposits of $205,038,000, netloans and discounts of $115,167,000 and total assetsof $227,118,000. This represents a growth of almost400 percent since July, 1958, due primarily to its acqi-sition of independent banks in North Carolina.

The proposed merger represents a continuation ofa statewide trend towards centralization of bankingfacilities in North Carolina. It will eliminate onemore successful independent bank and signal still fur-ther centralization as each of the larger banks in theState seeks to retain its position of dominance. Forthese reasons, it is felt that the proposed merger wouldhave adverse effects on competition.

THE FIRST NATIONAL BANK OF GROVE CITY, GROVE CITY, OHIO, MERGED WITH THE HUNTINGTON NATIONALBANK OF CoLumBUS, COLUMBUS, OHIO


The First National Bank of Grove City, Grove City, Ohio (6827), withand The Huntington National Bank of Columbus, Columbus, Ohio (7745), which

hadmerged Apr. 2, 1962, under the charter and title of the latter bank (7745).

The merged bank of date of merger had

Total assets

$6, 330, 335

239, 217, 913

244, 693, 730

Banking offices

In operation

1

4

To be operated

5


The First National Bank of Grove City, Grove City,Ohio, and The Huntington National Bank of Colum-bus, Columbus, Ohio, have applied to the Comptrollerof the Currency for permission to merge under thecharter and title of the latter.

The applicant banks are located in Franklin Countywithin the Columbus, Ohio, metropolitan area. Thepopulation of the city of Columbus is approximately470,000 and that of Grove City, which is approxi-mately 8 miles from Columbus, is 8,000. The serv-ice area of these two communities embraces an esti-mated population of 640,000 and is predominantlyindustrial in character. There are over 800 diversifiedindustries manufacturing goods valued in excess of$1.3 billion in this area. Columbus is the capital of

the State of Ohio and many federal government officesas well as state offices are located there. The growthrate of the city over the past decade has exceeded 25percent. This expansion of the Columbus metro-politan area has affected Grove City which has ex-perienced a population growth of 246 percent in thesame period of time. As a result, the economy ofGrove City is becoming less dependent upon agricul-ture and is being integrated into the Columbus metro-politan complex.

The Huntington National Bank of Columbus, oneof the most prominent banks in the State of Ohio, hadtotal assets of $233,122,000 as of September 27, 1961.The bank operates two branches which have beenopened since 1958; one as a result of an acquisition,and the other as a de novo branch. The bank has theapproval of this office to establish two additional

50


branches. Prior to 1958, the bank was primarily awholesale bank but is now expanding into the retailbanking business. The principal source of depositsof the bank is from the city of Columbus and the fiveadjacent suburban corporations. This bank is secondin size of the 7 Columbus banks.

The First National Bank of Grove City is a unitbank and had total assets of $5,853,000 as of Septem-ber 27, 1961. The chief executive officer of the bankrecently resigned, leaving the bank without capablemanagement. As a result, the board of directors de-cided to explore the possibility of merging their in-stitution with another bank.

The Huntington National Bank expresed its interestin acquiring the Grove City bank because Grove Cityis in the southwest portion of Franklin County, anarea in which the Huntington bank had no branchoffices. Since Grove City lies on the fringe of theColumbus metropolitan area, it is within the servicearea of the Columbus banks.

The proposed transaction contemplates the elim-ination of a small locally-owned bank in an area whichis rapidly being integrated into the Columbus metro-politan area, and the substitution therefor by a branchoffice of a Columbus-based bank. The continuingbank has recently recognized that in order to remaineffectively competitive and to service adequately itsarea, the bank must decentralize its facilities throughthe establishment of properly located branches. Thebank has taken the initial steps to establish an effectivebranch system. In developing this system, the bankhas indicated that it will not rely on acquiring branchesthrough mergers and consolidations but will utilize all

the means available to it. This utilization of variousgrowth processes is in keeping with the concept thatbanks, in meeting the needs of an expanding area,must program their growth so as not to affect unfavor-ably the balance of the banking structure. The appli-cation is therefore approved, effective on or afterMarch 28, 1962.

MARCH 22, 1962.


The proposed merger of the Huntington NationalBank of Columbus, Columbus, Ohio with the FirstNational Bank of Grove City, Grove City, Ohio, willcombine the second largest bank in the Columbus areawith a suburban bank. The First National Bank ofGrove City is in all probability in direct competitionwith the Huntington National Bank since the banksare located only 8.3 road miles apart, and the Hunting-ton National Bank has demand deposit customerslocated within the trading area of the First NationalBank of Grove City.

The Huntington National Bank had merged withanother local bank in 1958 and has also opened abranch office and is in the process of opening threemore branch offices in the Columbus area.

There are two banks located in Grove City and theremaining independent bank, the Grove City SavingsBank, would, if the merger is approved, face directcompetition from a branch of a large metropolitanbank and would therefore be placed at a competitivedisadvantage.

For the above reasons it appears that the proposedmerger may have an adverse effect on competition.

NORTH ADAMS NATIONAL BANK, NORTH ADAMS, MASS., CONSOLIDATED WITH THE AGRICULTURAL NATIONALBANK OF PITTSFIELD, PITTSFIELD, MASS.


North Adams National Bank, North Adams, Mass. (1210), withand The Agricultural National Bank of Pittsfield, Pittsfield, Mass. (1082), which

hadconsolidated Apr. 4, 1962, under charter of the latter bank (1082) with title

"First Agricultural National Bank of Berkshire County." The consolidatedbank at date of consolidation had

Total assets

$8, 697, 762

23, 969, 248

32, 667, 011

Banking offices

In operation

1

2

To be operated

3


The North Adams National Bank, North Adams,and The Agricultural National Bank, Pittsfield, bothof Berkshire County, Massachusetts, have applied tothe Comptroller of the Currency for permission toconsolidate under the charter of the latter and with

the title "First Agricultural National Bank of Berk-shire County."

The North Adams National Bank, with total re-sources of $9,171,000 as of November 30, 1961, wasorganized in 1832 and converted into a national bank-ing association on April 27, 1865. This bank, lo-cated in the town of North Adams, operates no

51


branches. It has total deposits of $7,895,000, totalloans of $3,737,000, and a loan limit of $60,000.

The Agricultural National Bank of Pittsfield, withtotal assets of $24,168,000, as of November 30, 1961,was organized as a state trust company in 1818 andconverted into a national bank on April 28, 1865.This bank, situated in Pittsfield, 21 miles south ofNorth Adams, operates two banking offices. At thepresent time it has total deposits of $20,684,000, totalloans of $9,756,000, and a lending limit of $250,000.

Both of these banks are located in Berkshire Countywhich covers the entire width of the state at its westernedge. Pittsfield, the principal city in western Massa-chusetts, is 150 miles from Boston. Located in thecenter of the county and the seat thereof, Pittsfieldhad, by the 1960 census, a population of 57,879 andserved an additional 10,000 people in its trade area.Its decennial increase of 9,000 accounted for 50 per-cent of the county's over-all growth. Pittsfield isconsidered the industrial center of the county, playinghost to a General Electric plant which employs 10,000persons on a pay roll of $1,000,000 per week to manu-facture large transformers and missile components.Of the total labor force in Pittsfield, 50 percent workfor General Electric Company and 35 percent are em-ployed in other industrial plants making paper prod-ucts, machinery, and shoes. The average $107 perweek wage of the Pittsfield workers is the second high-est in the state. As a supplement to its industrialactivity, Pittsfield supports and profits from large com-mercial and residential developments.

North Adams, unlike Pittsfield, has suffered a slightdecline in population during the last decade goingfrom 21,505 in 1950 to 19,905 in 1960. This declinemay be attributed in large measure to a contractionin the textile industry. Though North Adams is ef-fectively separated from Pittsfield by the interveningtown of Adams, both are related through the generalindustrial economy of the county. The Sprague Elec-tric Company, with a substantial pay roll, is thelargest industrial plant in the city. Retail and whole-sale commerce adds to the support of the local econ-omy. Of late, some effort is being made to attractnew industries to North Adams.

The city of Adams, with a population of 12,391,which lies between Pittsfield and North Adams, is thethird city of importance in the county. This city, sup-ported in large part by chemical manufacturing in-

dustries, has two banking offices—one a branch of TheBerkshire Bank and Trust Company which holds inits five offices $23,161,000 in IPC deposits, and theother, the home office of The First National Bank ofAdams, which holds $2,888,000 in IPC deposits.

The application, in describing the trade area servedby these consolidating banks, considers the Adams-North Adams community separate from the Pittsfieldcommunity. This separation is justified both in viewof the rugged topography of the surrounding country-side and in the light of the fact the consolidating bankshave few depositors and borrowers in common. Itcannot be said that this consolidation will eliminateany substantial competition between them.

Within the service area of the resulting bank, 34percent of the total IPC bank deposits will be in fourcommercial banks and 66 percent in five savings banks.Of all bank loans in the same area, 30 percent weremade by commercial banks and 70 percent by savingsbanks. In addition to the savings banks, there aretwo cooperative banks with total assets of $25,399,000and one savings and loan association with total assetsof $67,534,000. In addition to the savings bank com-petition, the participating banks are contesting withcommercial banks located in Springfield, Hartford,and other communities for local business. The pro-posed consolidation will not place the resulting bankin a position of overriding prominence nor disrupt thebanking structure of the area.

This proposal has been weighed against the statutorycriteria and found to be in the public interest. Theapplication, therefore, is granted effective on or afterApril 4, 1962.

MARCH 29,1962.


The proposed consolidation of Agricultural NationalBank of Pittsfield, Pittsfield, Massachusetts, and NorthAdams National Bank, North Adams, Massachusetts,could have adverse competitive effects inasmuch asthere would be in the Pittsfield-North Adams area afterthe merger two large banks, one with deposits of about$27,300,000, the other with deposits of about $26,400,-000, and two small banks, one with deposits of about$11,800,000, and the other with deposits of about$2,900,000. The imbalance in the banking structurein the area would appear to place the remainingsmaller banks at a competitive disadvantage.

52


BERGEN TRUST CO. OF NEW JERSEY, JERSEY CITY, N.J., MERGED WITH THE FIRST NATIONAL BANK OF JERSEYCITY, JERSEY CITY, NJ.


Bergen Trust Company of New Jersey, Jersey City, N J., withand The First National Bank of Jersey City, Jersey City, NJ. (374), which had..merged Apr. 6, 1962, under charter and title of the latter bank (374). The


Total assets

$7, 699, 548240, 512,134

247, 244, 455

Banking offices

In operation

110

To be operated

11


The Bergen Trust Company of New Jersey, JerseyCity, New Jersey, and the First National Bank of JerseyCity, Jersey City, New Jersey, have applied to theComptroller of the Currency for permission to mergeunder the charter and title of the latter bank. TheFirst National Bank of Jersey City, with total assets of$254,429,000 as of December 13, 1961, operates 10offices servicing Hudson County and the areas adjacentthereto. Jersey City, having a population of approxi-mately 276,000, is the seat of Hudson County whosepopulation now exceeds 600,000. The city is situatedacross the Hudson River from New York City and is apart of that metropolitan complex. In the past 10years, the population of Jersey City has declined andmany of its residential areas have become run down.

The Bergen Trust Company of New Jersey had assetsof $8,524,000 as of December 13, 1961. Its assets anddeposits have steadily decreased over the past fouryears. It has over a period of years been beset withsome serious difficulties. In view of its recent history,the bank's potential is limited.

The Bergen Trust Company's office is located in theJournal Square area of the city. This area, the hubof commuter transportation, is being considered as thesite of a transportation center to be built by the Port ofNew York Authority. Jersey City planners are pro-

posing an urban renewal program north of the Squareto tie in with the Port of New York Authority building.Considerable growth is expected in this area upon com-pletion of these developments.

The strong condition of the continuing bank with itsadequate capitalization, its favorable earning prospectsand its aggressive management, will materially con-tribute to the economic revitalization of this area.

The proposed merger is believed to meet the ap-plicable statutory requirements, and it is thereforeapproved, effective on or after April 4, 1962.

MARCH 29,1962.


Within the small service area of the Bergen TrustCompany of New Jersey, the Bergen Trust Companyand The First National Bank of Jersey City compete.Three other banks also compete in this area. How-ever, since the Bergen Trust Company has only oneper cent of the loans and deposits in this area, theeffect on competition of the merger will not be sub-stantial.

If the merger is considered in a larger area, forinstance the one indicated by applicant which includesNew York County, Hudson County, Essex County,Union County, Middlesex County and Bergen County,the effect of the merger on competition would be ofeven less consequence.

THE DEPOSITORS NATIONAL BANK OF NEW WILMINGTON, NEW WILMINGTON, PA., PURCHASED BY FIRST NATIONALBANK OF LAWRENCE COUNTY AT NEW CASTLE, NEW CASTLE, PA.


The Depositors National Bank of New Wilmington, New Wilmington, Pa. (562), with,was purchased Apr. 7,1962, by First National Bank of Lawrence County at New

Castle, New Castle, Pa. (13845), which hadAfter the purchase was effected, the receiving bank had

Total assets

$3,149, 000

28,785,00031,568,000

Banking offices

In operation

1

3

To be operated

4

53



The First National Bank of Lawrence County atNew Castle, New Castle, Pennsylvania, has applied tothe Comptroller of the Currency for permission topurchase the assets and assume the liabilities of theDepositors National Bank of New Wilmington, NewWilmington, Pennsylvania.

Lawrence County is located in western Pennsylvaniaat the Ohio border. New Castle, the county seat, isapproximately 55 miles northwest of Pittsburgh, and29 miles southwest of Youngstown, Ohio. NewWilmington, 9 miles north of New Castle near theMercer County line, depends primarily upon agricul-ture for its livelihood. New Castle is an industrialcity and the combined bank will service an area witha mixed economic base and a population approximat-ing 80,000 people.

The First National Bank of Lawrence County op-erates its main office in New Castle and two branches;one in Ellwood City, 12 miles southeast of New Castle,and the other in Neshannock, 2 miles north of NewCastle. As of January 15, 1962, the bank had totalresources of $28,785,000, deposits of $24,253,000 andloans of $10,224,000.

The Depositors National Bank of New Wilmingtonis a unit bank and had, as of January 15, 1962, totalresources of $3,149,000, deposits of $2,783,000 andloans of $939,000.

The transaction will bring to the customers of De-positors a substantial increase in the available lendinglimit and many new services, including a trust depart-ment, which are not now available to them.

While the First National of Lawrence County willincrease its percentage of deposits and loans in thearea, the measurable effect on the local banking struc-ture is negligible.

The overlapping of the service areas of these banks

has afforded Depositors an opportunity to offer, with-in its resources, banking competition on the local level.However, because of the broader services offered bythe First National, many of the customers of Depositorshave already gravitated to First National. The trans-action, therefore, will not materially affect existingcompetition between the two institutions.

The application also states that one of the primereasons for the transaction is the desire of the manage-ment of the Depositors National Bank to retire fromactive participation. This purchase will eliminate aserious management succession problem which will beprecipitated by this contemplated retirement and willalso provide the benefits of a competent and aggressivemanagement to the customers of the Depositors Na-tional Bank.

In view of the above and in light of the statutoryfactors, I find that the proposed transaction is in thepublic interest and the application is, therefore, ap-proved effective on or after April 4, 1962.

MARCH 29,1962.

SUMMARY OF REPORT BY ATTORNEY GENERAL.

Depositors National Bank is the only bank in NewWilmington which has a population of 2,203. Withina nine mile radius are nine banking offices includingthe head office and one branch of First National Bankof Lawrence County at New Castle.

Depositors National Bank has had considerable diffi-culty in obtaining experienced help in its managementand has been unable to find a suitable replacementfor its 73 year old cashier who is anxious to retire.In light of the existence of several other banks in itsservice area and its inability to adequately service itsarea it is not believed that the acquisition of DepositorsNational by First National will have substantial ad-verse competitive effects.

MID-COLUMBIA BANK OF PASCO, PASCO, WASH., MERGED WITH PEOPLES NATIONAL BANK OF WASHINGTON INSEATTLE, SEATTLE, WASH.


Mid-Columbia Bank of Pasco, Pasco, Wash., withand Peoples National Bank of Washington in Seattle, Seattle, Wash. (14394),

which hadmerged Apr. 13, 1962, under charter and title of the latter bank (14394). The


Total assets

$4, 239, 761

257, 437, 532

260, 785, 672

Banking offices

In operation

1

29

To be operated

30

54



The Mid-Columbia Bank of Pasco, Pasco, Washing-ton, and the Peoples National Bank of Washington inSeattle, Seattle, Washington, have applied to theComptroller of the Currency for permission to mergeunder the charter and with the title of the latter.

Peoples National Bank of Washington has grownsince its founding in 1889 until it is now the thirdlargest commercial bank in the State of Washingtonwith total resources of $251,145,000, deposits of $231,-820,000, and loans of $109,125,000. Though it op-erates 29 banking offices in seven of the state's 39counties, 24 of the offices are concentrated in westernWashington—with 15 within the Seattle Metropolitanarea, and five located in the Columbia Basin area ofcentral Washington.

Leadership among the commercial banks in Wash-ington is shared by two large institutions. The Seattle-First National Bank accounts for one-third of the totaldeposits in the state and the National Bank of Com-merce of Seattle for one-sixth. Both these banks op-erate branches in the Pasco area as part of their state-wide systems. Since Peoples National Bank is but apoor third in size with only 6l/z percent of the totalstate deposits, this merger will not disrupt the relativepositions of the state's banks nor materially affectcompetition among them.

Seattle, the home office city of Peoples NationalBank, had a population of 557,087 at the time of the1960 census. Its trade or metropolitan area, com-prised of King County of which it is the seat, andadjacent Snohomish County, had a population of1,107,213. With its present rate of growth, which is10 percent greater than the nation as a whole, Seattlewill retain its preeminence as one of the leading indus-trial and commercial centers of western United States.Its highly diversified manufacturing activities, especial-ly its aircraft plants, its government offices, wholesaleand retail trade, a wide variety of service industries andshipping facilities all provide employment and sup-port its thriving economy. This merger, while addinglittle to the resources of Peoples National Bank, does,to some extent, strengthen its position in the strugglefor business generated in this metropolitan area.

The Mid-Columbia Bank of Pasco was organized in1954. Since its beginning, it has accumulated totalassets of $3,807,000. With its total deposits of $3,479,-000 and total loans of $1,475,000, it ranks fourth insize among the five banking offices serving the boomingPasco trade area.

Pasco, in Franklin County, and Kennewick, acrossthe river from it in Benton County, are referred tocolloquially, in conjunction with Richland, also inBenton County, as the "Tri-Cities." Lying at the con-fluence of the Snake and Columbia Rivers, 230 mileseast of Seattle, these cities enjoy a prosperous economy

696-055—63 5

based on trade, agriculture and industry. As a trans-portation center Pasco is served by four railroads andis the northern terminus for the heavy barge trafficon the Columbia River. The agriculture of the area,centered on high cost wheat farming, row crops andlivestock production, derives its increasing success fromthe Columbia Basin irrigation project—one of theWorld's largest. In addition to the smaller chemical,wood pulp and assorted industrial plants recentlylocated in the area, the large Hanford Works of theAtomic Energy Commission at Richland contributesto the prospering economy. It is anticipated that in 20or 30 years hence the Tri-Cities will threaten Spokane'sposition of industrial prominence. As the numberof bank customers with increasing credit requirementsgrows with the expanding local economy, the needfor another banking office in the area with a loanlimit greater than Mid-Columbia's is evident.

The application states that Mid-Columbia desiresthis merger because of its inability to find among itsown ranks a suitable successor for its chief executiveofficer who has announced his resignation and hasdeclared his intention of selling his Mid-Columbiastock. When Peoples National Bank was consultedby Mid-Columbia for assistance in resolving theirmanagement succession problem, Peoples proposed thismerger as a method of increasing the banking servicesto Mid-Columbia customers and as a means of obtain-ing a branch office in Pasco which would otherwise bedenied to them by state law.

This merger promises to be beneficial to the Pasco-Kennewick-Richland complex. While the substitutionof Peoples National Bank for Mid-Columbia will leavethe Tri-Cities National Bank as the only independent inthe area, it will provide a local office of a differentbranch banking system to compete with the six exist-ing offices of the three other well entrenched bankingsystems. This will provide four different banking alter-natives, each with adequate resources, for the bor-rowers in this burgeoning community. Nor is there anysolid reason to fear that the advent of Peoples Nationalto Pasco will have an adverse effect upon the Tri-Cities National Bank which, since it was chartered in1960, has continued to grow in competition with thebranches of the other large banking systems.

Though the ten stockholders of Peoples NationalBank who own 53.4 percent of its stock also own 49.9percent of the stock of Mid-Columbia Bank, the offi-cers of both banks insist that the management of eachbank is completely separate and independent of theother. Whether or not they are thus technically affili-ated is immaterial since it is quite apparent that mergeror sale of Mid-Columbia to any other bank thanPeoples National is effectively blocked. This highdegree of common ownership of both banks indicatesthat there will in all probability be no change inpolicies after merger.

55


This proposed merger viewed in the light of all thestatutory criteria gives every indication of fostering thepublic interest. The application is therefore grantedeffective on or after April 4,1962.

MARCH 29,1962.


The Mid-Columbia Bank of Pasco, Pasco, Wash-ington, proposes to merge into Peoples National Bankof Washington in Seattle, Seattle, Washington, underthe charter of the latter and with the title, PeoplesNational Bank of Washington in Seattle.

There is presently no competition between the twobanks, and their service areas are located distinctlyapart in different sections of the State of Washington.Mid-Columbia, a small unit bank, has now vigorouscompetition from two branch offices of the SeattleFirst National Bank and one branch office of the Na-tional Bank of Commerce, which are both large chainbanks substantially exceeding Peoples in total resources.Thus, the effect upon competition would not beadverse.

T H E RWERVIEW STATE BANK, KANSAS CITY, KANS., CONSOLIDATED WITH SECURITY NATIONAL BANK OF KANSASCITY, KANSAS CITY, KANS.


The Riverview State Bank, Kansas City, Kans., withand Security National Bank of Kansas City, Kansas City, Kans. (13801), which

hadconsolidated Apr. 20, 1962, under charter and title of the latter bank (13801).


Total assets

$28, 941, 325

50, 701, 897

79, 643, 222

Banking offices

In operation

1

2

To be operated

2


An application has been filed with the Comptrollerof the Currency to consolidate Security National Bankof Kansas City, Kansas, and The Riverview StateBank, Kansas City, Kansas, under the charter andtitle of the former.

The Security National Bank, located in the heartof the commercial and light industrial district ofKansas City, Kansas, with total resources of $48.5million, ranks second in size after the $60 millionCommercial National Bank. Under the restrictionsof the Kansas branch banking law, Security Nationalis able to operate one outside teller's facility locatedless than 2,600 feet from its main office, and will becompelled to close The Riverview State Bank officeupon approval of this consolidation.

The Riverview State Bank, situated in the centerof a commercial district one mile south of SecurityNational, is the third largest bank in Kansas City,Kansas. Its assets total $29 million. The consoli-dation of Security National and Riverview will con-stitute the resulting bank the largest in the city andwill reduce the Commercial National Bank to secondplace.

Kansas City, Kansas, lies on both sides of theKansas River in Wyandotte County on the easternborder of the state and is contiguous to Kansas City,Missouri. Immediately south of Wyandotte Countyis Johnson County whose population showed 129 per-

cent increase during the last decade. Population shiftsbetween 1950 and 1960 reduced the size of the cityproper by 5.9 percent to a total of 122,000 and in-creased the suburban population of Wyandotte Countyto 185,500. These totals, added to the 143,800 peopleresiding in northeast Johnson County, made the popu-lation of the trade area of Kansas City, Kansas, about450,800 persons.

A complete description of the economic and financialcharacter of Kansas City, Kansas, compels considera-tion of its sister, Kansas City, Missouri. Kansas City,Missouri, with a population of 475,000, includes bothJackson and Clay Counties, with their 710,000 resi-dents, within its trade area. This thriving Missouricity supports three banks whose assets are well in ex-cess of $200 million and three other banks in the samesize bracket as the two largest banks in Kansas City,Kansas.

Because of the adequate highway systems connectingthese sister cities and facilitating movement betweenthem, their combined trade areas may be properlyconsidered when weighing the impact of this mergeron the convenience and needs of the community.Within this combined trade area, there are approxi-mately 1,160,800 people residing—a 27 percent in-crease in the last ten years. Industry, both heavy andlight, is the principal support of the area economy.Railroads, stockyards, commerce, and agriculture alsocontribute to the well being of these cities and gen-

56


erate financial requirements the banks of the areamust meet.

This consolidation will be effective in balancing outcertain inequalities that now plague each of the con-solidating banks. Riverview State Bank has $21.8million in deposits and a capital structure of $4.4million, whereas the Security National with deposits of$41.8 million has total capital of only $3.6 million.Consolidation will resolve this unbalance. It will givethe resulting bank a much stronger capital positionthan the Security National now has. The capital struc-ture of the new bank will have a lending power of$800,000—a substantial increase from the $300,000and $550,000 limits of the consolidating banks. Thisaugmentation of lending ability gives Kansas City,Kansas, a new resource to meet its financial needs.The premium being paid to the shareholders of Secu-rity National, while somewhat large, loses significancein view of the extensiveness of the common ownershipof the stock in these banks.

Though approval of this consolidation will cause theclosing of the Riverview State Bank's office by reasonof State law, its elimination will not seriously disruptthe local balance in banking facilities as 23 other bank-ing offices will remain to serve this Kansas city. Theincrease in capacity of the Security Bank to servicelarger accounts will heighten the rivalry for business inthe area and will be felt most keenly by the Commer-cial National Bank whose President has repeatedlystated that he welcomed such competition. No bankin the area has expressed any objection to the prospectsof increased competition which is expected to ensue.On the contrary, all business interests in Kansas City,Kansas, welcome this consolidation, not only becauseof its positive contribution to their community, butalso because it strengthens the banking structure of thearea, enabling it to serve more effectively the bankingneeds of the residents. It is generally recognizedthroughout the area that this consolidation will lessenthe competitive advantage the banks in the Missouricity now possess over the Kansas banks.

The high degree of common ownership of the stockof these consolidating banks weighs heavily in passingon this application. Both are, and have been sincetheir founding, family banks under the control of thesame family. The members of the family own 57.7percent of the stock in Security National and 69.7 per-cent of the stock in the Riverview State Bank. Inaddition to this interrelated stock ownership, membersof the same family serve as principal officers in bothbanks. It seems self-evident that the consolidation ofthese banks will not produce any changes in policy likelyto be detrimental to the community served and willinsure a continuation of the same competent manage-ment that now characterizes both these banks.

Amidst the almost universal approval accorded thisproposed consolidation by various and representative

members of the financial, commercial, and industrialcircles of the Kansas City area, only one strong pro-test has been heard. This protest, coming from theCommercial National Bank, did not oppose the con-solidation itself but was directed at the fact that theconsolidation would extend the basis for the dominantstockholders in the resulting bank to be able to exertinfluence on the policies and management of the Com-mercial National through cumulative voting. Thegravity of the implications contained in this protest andthe seriousness of the situation which it intimated,prompted us to hold a public hearing on the applica-tion to consolidate.

The evidence adduced by the protestants at the hear-ing on March 21, 1962, demonstrated that their op-position rested on their apprehension of possible futureevents rather than upon proved happenings of thepast. It was neither alleged nor proved that the familywhich controls the consolidating banks had ever tried,through their stock holdings in Commercial, to influ-ence its policies or frustrate its management. Duringthe course of the hearing, it was made plain that Com-mercial National Bank, while not fearing the new com-petitive element the consolidation would introduce intothe banking community, was apprehensive of a possiblefuture abuse of the rights of cumulative voting by thefamily controlling the resulting bank.

The thrust of Commercial's case, therefore, is tooppose this application unless an assurance can begiven that its competitive capability will not be under-cut by the family controlling the resulting bank. Whilethe Commercial National Bank wants us to afford themprotection against possible abuses of cumulative vot-ing, they have been unable to suggest and we are unableto devise any method save an order requiring the stock-holders of the resulting bank to divest themselves of thestock of the Commercial National Bank.

Such a drastic order is not deemed necessary to pro-tect the Commercial Bank from a feared abuse ofcumulative voting and to insure the harmonious func-tioning of its board of directors. Because directors ofnational banks are trustees of the depositors' funds, aswell as representatives of the stockholders who electedthem, they must be men of character, integrity, andgood repute who will perform the high trust imposedupon them. A bank director, whether elected by acumulative vote or otherwise, must work always for thebest interests of the bank on whose board he serves.He must support its honest and competent manage-ment in its daily operations and strive ever to strengthenits policies. Never shall a director breach the con-fidence of his trust by funnelling information, gainedfrom his office, to a competitive bank through thestockholders who elected him. The Comptroller,through the powers vested in him by statute to ex-amine national banks at regular intervals and totake such corrective action as he may deem necessary,

57


including the removal of directors and officers forunsafe and unsound practices, can effectively deal withbreaches of trust by directors.

At the hearings on this application, the principalstockholders of the consolidating banks made it clearto all who attended that they would never use theirstock interest in the Commercial National to affectadversely its competitive capability in the community.In response to cross-questioning, these same stock-holders unequivocally stated they would not attempt inany way to influence the policies or defeat the man-agement of Commercial Bank. We rely upon theirassurances.

Having weighed all the factors presented by thisapplication against the statutory criteria, we concludethat the proposed consolidation will promote the publicinterest. The application is therefore granted effec-tive on or after April 16,1962.

APRIL 9,1962.


Security National Bank of Kansas City, whichopened as a state bank in 1911, became a nationalbank in 1933, following its consolidation with the

Peoples National Bank. As of September 29, 1961, ithad total assets of $47,764,000, total capital accountsof $3,632,000, total deposits of $41,822,000, and loansand discounts of $17,069,000. As of the same date,Riverview, a state bank chartered in 1903, had totalassets of $26,383,000, total capital accounts of$4,418,000, total deposits of $12,802,000, and loansand discounts of $7,342,000.

There is common ownership of 57.7 percent of thestock of Security and 69.8 percent of the stock ofRiverview. The consolidation is motivated by thedesire of the owners to take advantage of the factthat the smaller of the two banks, Riverview, has thelargest capital structure. This, it is believed, wouldprovide the resulting bank with a capital structurestrong enough to enable it to acquire some of thelocal banking business presently being transacted inKansas City, Missouri banks.

Competition between the two banks is perhaps notvigorous due to the extent of common ownership. Itappears that sufficient banking alternatives will remain,despite the consolidation, to properly service the area.It does not appear that the proposed consolidationwill have a substantial adverse effect on competition.

BANK OF KEARNS, KEARNS, UTAH, MERGED WITH ZIONS FIRST NATIONAL BANK, SALT LAKE CITY, UTAH

Name of bank and type of transaction Total assets


Bank of Kearns, Kearns, Utah, withand Zions First National Bank, Salt Lake City, Utah (4341), which hadmerged Apr. 30, 1962, under charter and title of the latter bank (4341). The


$2, 869, 931152, 606, 849

155, 476, 780


The Bank of Kearns, Kearns, Utah, and the ZionsFirst National Bank, Salt Lake City, Utah, have ap-plied to the Comptroller of the Currency for permissionto merge under the charter and title of "Zions FirstNational Bank" and to maintain the present office ofthe Bank of Kearns as a branch.

Kearns, located 13 miles southwest of Salt LakeCity, lies in the northern part of Salt Lake Countyin the north central part of the state. This town wasorganized in 1949 when a large Arizona constructioncompany acquired the site of a World War II militarytraining camp and, utilizing the existing utility instal-lations, erected a large housing development for lowerbracket wage earners. The houses which comprisethis development sold for $7,000 to $10,000 on termsof a small down payment with many years to pay,and were financed principally by an eastern firm. The1950 census revealed that Kearns had a population of

58

2,100. By 1960 it housed 3,440 families or 17,250people. When the First Security Bank of Utah Na-tional Association, Ogden, Utah, applied to the Comp-troller of the Currency in 1960 for permission to opena branch in Kearns, the Bank of Kearns, in successfullyopposing the application, represented that 50 percentof the population was under nine years of age andthat the average of the inhabitants was 17.3 years.It also stated that its principal source of income wasfrom service charges which resulted from the fact thatover 80 percent of its checking accounts carried bal-ances averaging less than $150. Kearns can boastof only one industrial plant—the Trane Company ofLaCrosse, Wisconsin, which, in its manufacture ofindustrial air conditioning equipment, employs 400people. The great majority of the wage earners ofKearns are employed in the Kennecott Copper Com-pany open pit mines in Bingham Canyon, 12 milessouthwest; at the Magna and Garfield smelters, 10miles northwest; at the Hercules Powder Company


at Bacchus, 5 miles northwest; and at other industrialplants in the suburbs of Salt Lake City. The com-mercial activity in Kearns is limited to one small shop-ping center which houses, in addition to the Bankof Kearns, several units of chain food stores and alimited number of retail specialty shops. The townhas no automobile dealer. Strikes by the workers inrecent years against the copper interests have impairedthe economic health of this community. While fur-ther industrial development of the area is anticipated,no plans for present expansion are known.

The Bank of Kearns, since its organization as astate bank in 1956, has continued as a unit bank. Itsapplication for permission to open a branch at Taylors-ville, 5 miles to the east, is now being held by theState Banking Commissioner pending action on thismerger application. The bank was organized by asmall group of financially substantial residents ofSalt Lake City and the Bamberger Investment andExploration Company. According to the application,it now has total assets of $2.5 million, deposits of $2.2million, loans of $1.2 million, and a lending limit of$37,500. Its average yearly earnings for the last fiveyears have been $28,000, rising from zero in the yearof its organization to $57,000 in 1960.

The application alleges that "present and potentialbusinesses in the Kearns area will be greatly benefitedby the increased lending power of the Resulting Bank."In its opposition to the branch application in 1960,the Bank of Kearns stated that it provided "all thebanking services needed in Kearns." The bank thenpointed out that its F.H.A. business was non-existent;that the home owners were unable, because of theirlow equity, to convert to conventional loans; that itsautomobile loans were on models much older than theSalt Lake City banks would consider and that "Wemake most of our commercial and real estate loanswith customers outside of the Kearns area because thereis no property here on which a first mortgage can betaken and practically no commercial loans becausethe local merchants are struggling to get along and can-not present a favorable financial statement." The ad-vent of the Trane Company and the prospect of 100new homes in the $11,000 to $18,000 bracket since 1960do not seem sufficient to alter materially the economicpicture of the Kearns area.

Of the Bank of Kearns' $2.2 million in deposits, 32.6percent are large. More than half of these large de-posits are either controlled by one of its directors orrepresented by time certificate of deposits of state funds.Although deposits by the residents of Kearns continueto show a modest growth, it appears that a plateau hasbeen reached in this regard. Since local loans havelagged and are expected to lag for some time to come,behind available loan funds, its present portfolio ofloans which are 48 percent of its total assets was pur-chased from other area banks on a no-recourse basis.

One of the bank's principal sources of income, in addi-tion to its loan interest and service charges, is fromcommissions on insurance sold.

Zions First National Bank was organized as a Na-tional Association in 1890 under the title of "UtahNational Bank." The title of the bank was subse-quently changed to Utah State National Bank, thento Utah First National Bank, and later to First Na-tional Bank of Salt Lake City. Under this last title,the bank functioned conservatively as fiscal agent forthe large and varied financial interests of the Churchof Jesus Christ of Latter Day Saints A substantialpart of the revenue of the bank derived from the in-vestment of the Church's $30 million deposits, on whichthe Church drew no interest, in U.S. Governmentobligations. The Zion Savings Bank and Trust Com-pany of Salt Lake City, also controlled by the Church,was principally a savings and mortgage lending insti-tution. The Utah Savings and Trust Company, alsocontrolled by the Church, was poorly managed andcarried a high volume of potential losses. In 1957,these three banks, following the Church's withdrawalof its $60 million deposits, merged into the Zions FirstNational Bank. This new bank, now operating threebranches and having approval for three more, has beensuccessful in solving the financial problems inheritedfrom the Utah Savings and Trust Company and inexpanding credit activities and improving earnings.It is now the third largest bank in Utah, with totalassets of $144.6 million, deposits of $127.6 million,loans of $83.7 million, and a lending limit of $1 million.

When the Church withdrew from ownership of theZion First National Bank in 1960, it sold its 146,542shares of the outstanding 255,000 shares to an outsidegroup who controls and votes the shares as trusteesunder a trust agreement executed for that purpose.There is marked common ownership of the stock ofthese merging banks. Of the 6,000 outstanding sharesof Bank of Kearns stock, 5,167 shares are owned bypersons owning either shares of Zion First NationalBank Stock or stock in the Voting Trust. There is onlyone shareholder who acts as director in both banks, butthis man is Executive Director of the Bamberger Ex-ploration and Development Company which has asubstantial interest in both banks.

The competitive positions of these banks do notmilitate against this merger. The Bank of Kearnshas no competing banking offices within a radius offive miles other than that of the Lockhart Company, afinance and thrift firm operating an office in Kearns.The deposits of this bank account for .2 percent of thetotal deposits in the county. Zions First NationalBank has 15 percent of the total deposits constitutingit third in size to the First Security Bank of Utah with42.4 percent and Walker Bank and Trust Companywith 24.3 percent. The next smaller bank is The Con-tinental Bank and Trust Company, with 9.8 percent of

59


the total county deposits. Seven other small banksmake up the total. While this proposed merger willdo little to affect competition in the Kearns area, itwill strengthen the relative position of Zion First Na-tional Bank in the state banking structure and improveits opportunities in the quest for the business of theTrane Company, the Hercules Powder Company, andany other industry that may contemplate locating inthe southwest quadrant of Salt Lake County.

In view of the over-all economic picture ofKearns, it would not be realistic to suggest that ZionFirst National Bank apply for permission to open abranch there in lieu of this proposed merger.

Having balanced this proposed merger against thestandards prescribed in the statute and having con-cluded that it would be in the public interest, the ap-plication is approved effective on or after March 20,1962.

MARCH 13,1962.


The proposed merger would appear to have an ad-verse effect on competition.

There appears to be actual and future direct com-petition between the merging banks. However, themerger would not unduly enhance the present posi-tion of Zions First National Bank in the overall com-petitive picture of Salt Lake County and may promotemore vigorous rivalry with the two largest banks inserving the needs of the growing southwestern portionof this county.

On the other hand, it would seem that Zions FirstNational Bank may well be able to expand into thisarea without the necessity of eliminating a vigorousindependent competing bank from a county alreadydominated by four banks that account for over 90 per-cent of its banking business.

THE EASTON NATIONAL BANK OF MARYLAND, EASTON, MD., PURCHASED BY MARYLAND NATIONAL BANK,BALTIMORE, MD.


The Easton National Bank of Maryland, Easton, Md. (1434), withwas purchased May 4, 1962, by Maryland National Bank, Baltimore, Md.

(13745), which hadAfter the purchase was effected, the receiving bank had

Total assets

$20,189, 000

588, 849, 000607,215,000

Banking offices

In operation

2

61

To be operated

63


The Maryland National Bank, Baltimore, Maryland,has applied to the Comptroller of the Currency forpermission, pursuant to section 18(c) of the FederalDeposit Insurance Corporation Act, to purchase theassets and assume the liabilities of The Easton NationalBank, Easton, Maryland.

The Maryland National Bank, with assets in excessof $550 million, has its main office in Baltimore andmaintains 61 branches throughout the state. It ac-counts for approximately 30.0 percent of the commer-cial bank deposits in the Baltimore area and approxi-mately 10.8 percent in the state as a whole. The addi-tion of Easton National Bank would not significantlyalter this situation.

The Easton National Bank, with assets in excess of$20 million, is located in Easton, Talbot County, Mary-land, 51 miles southeast of Baltimore, in the area knownas "The Eastern Shore."

In dealing with this application I have had two pri-mary areas of concern; the first is the effect on thebanking structure of Talbot County, Maryland, andthe second is the recent statewide banking trend.

Talbot County has, in addition to two branches ofMaryland National, four other banks: The Easton Na-tional Bank, the St. Michaels Bank, The Liberty Bank,Easton, and the Talbot Bank of Easton. Because ofthe geography of the area, the two branches of Mary-land National and the St. Michaels Bank, located onpeninsulas jutting into the Chesapeake Bay, do notoffer significant direct competition to the Easton Banksfor those services which are local in nature. Thus themajor impact of the transaction will be felt in thecity of Easton and the "main body" of Talbot County.The transaction will not eliminate any significantamount of direct competition on any level now exist-ing between the two banks involved in this application.

Because physical access to the Eastern Shore hasbeen greatly eased, there is a trend of economic di-versification and expansion in Talbot County. Theeconomic base of the area continues, however, to bebased primarily on agriculture and fishing. TalbotCounty has a population approximating 21,000; 6,000in the city of Easton. The future economic outlook ofthe area is very good.

60


If this transaction is approved, there would continueto be three banking choices open to the public in theEaston area. The two remaining banks would, how-ever, be faced with direct competition with a muchlarger bank than at present. The question resolves it-self as to the effect on the small Easton banks.

The facts in this case do not show that the smallerbanks in Easton would be at any greater disadvan-tage in competing with a branch of Maryland Na-tional than they are now in competing with Easton Na-tional since the level of service to be offered is, in mostcases, beyond thir corporate structure and legal limita-tions.

The second major factor is the obvious recent trendof banking in Maryland and its effect on the over-allbanking structure of the state. Maryland has state-wide branch banking—avenues of access which aredenied banks in some states. With a reasonable choiceof means available, both for the banks and regulatoryagencies, I feel that banks in Maryland should giveproper regard to using the various choices open to themwith particular emphasis on de novo branch banking.If the opportunities are correctly used by both partiesinvolved, the effect will be beneficial to the publicand will build a sound, adequate banking structurewith opportunities for small banks to grow and withopportunities for the larger banks to have reasonableand proper access to present and prospective customers.Maryland National has itself obtained most of itsbranches by means of merger rather than de novo.If this practice is continued by the larger banks over aperiod of time, an imbalance will result that neitherpresent nor reasonably foreseeable economic circum-stances seem to dictate.

The Easton-Talbot County area presently needsexpanded service and will benefit in general from theincreased availability of Maryland National, and in

particular from its trust and lending services. Withstatewide branch banking and the resulting facility ofaccess for all banks, coupled with the growing EasternShore area, I conclude that the public interest is servedby approving this application.

In weighing the facts in this case and in light of thestatutory criteria, I find favorably on this applicationand it is, therefore, approved effective on or afterMay 3,1962.

APRIL 26,1962.


There does not appear to be substantial competitionbetween the purchasing and selling banks. Nor doesthe proposed transaction appear likely to enhance un-duly the competitive position of the purchasing bankin the important Metropolitan Baltimore area. Itwould, however, have a potentially substantial adverseeffect on competition among commercial banks in theservice area of the selling bank in particular and on theEastern Shore of Maryland in general.

The area served by the selling bank is characterizedas rapidly outgrowing the ability of local banks to serveits needs. Assuming this to be true, it does not appearconvincingly from the application that the only solu-tion to this problem is for the largest bank in said areato be acquired by the largest bank in Maryland. Fur-thermore, the proposed acquisition would make it verydifficult for the other small banks in this area to com-pete with the comparatively vast resources of the pur-chasing bank. These independent banks would belikely objects of acquisition by other large banks inBaltimore anxious to match expansion by MarylandNational Bank, which has already achieved its domi-nant position in Baltimore and several counties inSouthern Maryland and the Eastern Shore by acquir-ing substantial banks that formerly operated therein.

T H E FIRST NATIONAL BANK & TRUST CO. OF ORWIGSBURG, ORWIGSBURG, PA., MERGED WITH T H E PENNSYLVANIANATIONAL BANK & TRUST CO. OF POTTSVILLE, POTTSVILLE, PA.



The First National Bank & Trust Co. of Orwigsburg, Orwigsburg, Pa.(4408), with

and The Pennsylvania National Bank & Trust Go. of Pottsville, Pottsville, Pa.(1663), which had

merged May 4, 1962, under charter and title of the latter bank (1663). Themerged bank at date of merger had

$6, 350, 430

28, 770, 756

33, 969, 434


The Pennsylvania National Bank and Trust Com-pany of Pottsville, Pottsville, Pennsylvania, and The

First National Bank and Trust Company of Orwigs-burg, Orwigsburg, Pennsylvania, have applied to theComptroller of the Currency for permission to mergeunder the charter and title of "The Pennsylvania

61


National Bank and Trust Company of Pottsville."The Pennsylvania National Bank and Trust Com-

pany of Pottsville, with total assets of $27,761,000 asof November 15, 1961, presently operates five branchesin the Pottsville area. Pottsville, Pennsylvania, hasa population of 21,000 and serves, in its trade area,an additional 10,000. The principal industries in thecity and in its immediate vicinity are aluminum andallied products, steel fabrication, light manufacturingof various types, apparel production, and textiles.The economy of the Pottsville service area has declinedin recent years due to the continued depressed condi-tions of the coal mining industry, which industry hasbeen a major economic element in the area. Thereare four commercial banks in the city of Pottsville,with The Pennsylvania National Bank and Trust Com-pany being the second largest of these banks.

The First National Bank and Trust Company ofOrwigsburg had total assets of $5,525,000 as of No-vember 15, 1961, and is a unit bank. The bank islocated in Orwigsburg, Pennsylvania, which is 8 milessouth of Pottsville and has a population of about3,000, with an additional 1,500 in its trade area. Theeconomy of this area is fairly stable since it is locatedoutside of the coal mining region. Employment isprovided by a variety of small manufacturing plants.In addition, many of the residents commute to otherareas for employment. The First National Bank ofOrwigsburg is the only bank in the town. Its nearestcompetitors are the two banks located in SchuylkillHaven, some 5 miles distant.

The circumstances leading to this proposal areunusual. When the managing officer of The FirstNational Bank and Trust Company of Orwigsburginformed the bank that he would resign shortly, theboard of directors of the bank decided to invite severalbanks to make sealed bids to effect a merger or aconsolidation. Identical letters requesting such bidswere sent to five banks in the area. Offers were re-ceived from three of these banks and the offer of ThePennsylvania National Bank and Trust Company,which was highest, was accepted by the directors ofThe First National Bank and Trust Company ofOrwigsburg.

The practice of placing the assets of a bank on theauction block is fraught with many dangers. Sucha procedure, except under exceptional circumstances,appears to be incompatible with sound banking prac-tices. A merger of several banking institutions shouldbe predicated upon higher motives and reasons thanthe premium to be paid for the assets. Rather, amerger should be predicated on valid banking reasons,and the negotiations which precede an agreement, aswell as the agreement itself, should demonstrate an

awareness by the applicant banks of their responsibili-ties to serve the public interest as well as the interestof the stockholders of the institutions concerned.However, the applicants have demonstrated that themethod used to arrive at an agreement was com-patible with their responsibilities.

There are 15 banks with 27 banking offices operat-ing in the competitive area of the applicant banks.In addition, there are 13 other banks with 14 officesoperating in Schuylkill County outside of the applicantbanks' service area. Because the economic conditionof the County, in general, is depressed, the populationhas steadily declined, between 1950 and 1960, by 13.7percent. This decline of population commenced threedecades ago, with the general decline in the anthra-cite industry. While steps have been taken to inducenew industries to come into the area, the decline hasnot yet been arrested. Unemployment is high atabout 13 percent of the labor force, notwithstandingthe fact that many people commute long distances toemployment outside of the County.

The County has a large number of independentbanks, which are experiencing difficulty in retainingand replacing management and in meeting the risingcosts of operation. In view of the number of banksoperating in this area and the declining state of itseconomy and population, approval of this applicationwill serve to strengthen the banking structure. Inaddition, the continuing institution will be able tofully utilize the potentials of the Orwigsburg area.The application is, therefore, approved effective on orafter March 20,1962.

MARCH 13,1962.


Pennsylvania National is the second largest of fourcommercial banks within the Pottsville service area.As of November 15,1961, it had total assets of $27,761,-000, deposits of $25,395,000, loans of $12,831,000, andcapital accounts of $1,928,000. It has previously par-ticipated in mergers in 1953, 1954, 1955, and 1956.

First National has not previously participated inany mergers or consolidations. As of November 15,1961, it had total assets of $5,525,000, deposits of$4,765,000, loans of $2,726,000, and capital accountsof $708,000.

The two banks are located approximately 9 milesapart and it is stated in the application that there islittle overlapping in their service areas and virtuallyno competition between them. In view of this lackof substantial competition between the merging banksand in view of the size of the other banks within theservice area, it does not appear that the effect oncompetition will be substantially adverse.

62


CARLISLE DEPOSIT BANK & TRUST CO., CARLISLE, PA., MERGED WITH T H E HARRISBURG NATIONAL BANK &TRUST CO., HARRISBURG, PA.


Carlisle Deposit Bank & Trust Co., Carlisle, Pa., withand The Harrisburg National Bank & Trust Co., Harrisburg, Pa. (580), which

hadmerged May 12, 1962, under charter and title of the latter bank (580). The


Total assets

$12,766,735

99, 072, 875

111,839,611

Banking offices

In operation

2

7

To be operated

9


The Harrisburg National Bank and Trust Company,Harrisburg, Pennsylvania, has applied to the Comp-troller of the Currency for permission to merge withthe Carlisle Deposit Bank and Trust Company, Carlisle,Pennsylvania, under the charter and title of the former.

Harrisburg National, with assets in excess of $103,-000,000 operates its main office in Harrisburg, fourbranches in Dauphin County, and two branches inneighboring Cumberland County. The Carlisle De-posit Bank and Trust Company, with assets in excessof $12,000,000, has its main office and one branchin Carlisle, Pennsylvania.

Harrisburg, located in Dauphin County, is in south-eastern Pennsylvania. The population of the city isroughly 80,000, with the general area containing ap-proximately 345,000 people. Harrisburg is the capitalcity of Pennsylvania, and Dauphin County's broad,sound economic base is served by 16 commercial banksand their branches. Harrisburg National, now thethird largest bank in the city, would retain its positionafter the merger and be better able to compete withthe two larger banks in Harrisburg. Approval of thismerger would serve to increase effective banking com-petition in the Harrisburg area.

Carlisle is located in Cumberland County, 18 mileswest of Harrisburg. It has a diversified economic baseand, in addition to being the most populous borough,it is the natural hub of trade for central CumberlandCounty. Carlisle is now served primarily by threebanking institutions; the merging bank, the FarmersTrust Company, and a branch of the $126,000,000Dauphin Deposit Trust Company whose head officeis in Harrisburg. There is also a branch of the ap-plicant bank in Mechanicsburg which lies between Har-risburg and Carlisle.

The approval of this merger will bring much moredirect and active competition to the branch of the

Dauphin Deposit Trust Company in Carlisle. Thisfresh competition will stimulate banking in this grow-ing area and bring to Carlisle an alternative choicefor the broad services and resources of two large banks.While it is true that the remaining bank in Carlisle willface stronger competition, it has voiced no objection tothis merger.

In weighing these considerations in light of the statu-tory criteria, I conclude, that, on balance, the publicinterest will be served and the application is, there-fore, approved effective on or after May 10,1962.

MAY 4,1962.


Carlisle Deposit Bank and Trust Company is oneof the two independent banks in the City of Carlisleand maintains two of the four banking offices in thecity, the remaining offices belonging to the otherindependent bank and to the largest bank in the Har-risburg area.

Harrisburg National Bank and Trust Companymaintains seven banking offices in the Harrisburg areaand is the second largest bank with approximately21 percent of the IPC demand deposits and 19 percentof the loans in the area. It has been a party to sevenmergers since 1955 and as a result has increased itsloans by 1.463 percent and its deposits by 32 percentsince December 31, 1954. During this same periodCarlisle Deposit has shown an increase of 47 percentin loans and a deposit increase of 51 percent withoutbeing a party to any merger.

Both banks are in direct and substantial competitionwith each other and are substantial factors in competi-tion within the service areas of the banks. The elim-ination of this competition and of Carlisle Depositas a competitor will have substantial anticompetitiveeffects.

63


BANK OF BEDFORD, INC., BIG ISLAND, VA. , MERGED WITH THE PEOPLES NATIONAL BANK & TRUST C O . OFLYNCHBURG, LYNGHBURG, V A .



iank of Bedford, Inc., Big Island, Va., withand The Peoples National Bank & Trust Co. of Lynchburg, Lynchburg, Va.

(2760), which hadmerged May 18,1962, under the charter and title of the latter bank (2760). The


$1, 525, 943

34, 033,178

35, 480,177


The Peoples National Bank and Trust Company ofLynchburg, Lynchburg, Virginia, and the Bank ofBedford, Inc., Big Island, Virginia, have applied tothe Comptroller of the Currency for permission tomerge under the charter and title of "The PeoplesNational Bank and Trust Company of Lynchburg."

The Bank of Bedford, which was originally char-tered as a state bank in 1913 under the title "The Bankof Big Island, Incorporated," now has assets of $1.3million. Its main office is the only bank in Big Island,a rural town of 800 which plays host to an Owens-Illinois Glass Company paper mill. The 200 to 250persons employed in the paper mill constitute the bulkof the bank's customers.

In addition to its main office, the Bank of Bedfordoperates a branch in the town of Bedford, midway be-tween Lynchburg and Roanoke. This town of 6,000is the commercial and trading center for 30,000 per-sons living in the surrounding agricultural area. Whiletobacco, once the chief crop in this county, is still im-portant to the economy, dairying and livestock opera-tions have become the biggest source of income.

The Bedford branch of the Bedford Bank wasopened, two days after the bank changed its namefrom "The Bank of Big Island, Inc.," in 1961 in com-petitive response to the merger of Bedford's two in-dependent banks into The First National ExchangeBank of Roanoke, Virginia. Following the death ofthe branch manager of the Bedford Bank shortly afteropening its Bedford branch, the bank has had difficulttimes. Its limited resources, lack of managementdepth, and insufficient capital, with all the attendant

problems, have harassed its operations. At the presenttime it is being managed by personnel of The PeoplesNational Bank and Trust Company of Lynchburg.

The Peoples National Bank and Trust Company, a$32 million institution, operates its main office, threebranches and a drive-in window in Lynchburg, 18miles east of Bedford. Through this merger PeoplesNational will rescue the Bank of Bedford from its pres-ent difficulties and will bring to the people in theBig Island and Bedford areas a more complete, ade-quate and stable banking service. It will also establishcompetitive operations in Bedford with the branches ofThe First National Exchange Bank to an extent beyondthe powers of the Bank of Bedford.

It seems clear that this merger, weighed against allstatutory prescriptions, will promote the public interest.The application therefore is approved effective onor after May 3,1962.

APRIL 26,1962.


The Peoples National Bank and Trust Companyand the Bank of Bedford cannot be considered in ef-fective competition since their service areas hardlyoverlap and since the closest office of the Bank of Bed-ford to the Peoples National Bank and Trust Companyis 18 miles. Furthermore, in the larger service area ofthe merged bank the effect on competition would notbe substantial.

It is noteworthy that one of the reasons cited in favorof the merger is the need to restore effective competi-tion in the town of Bedford, a town in which the onlytwo banks there were permitted to be acquired in 1961by a much larger bank in Roanoke, Virginia.

64


PLAINWELL BANK, PLAINWELL, MICH., PURCHASED BY THE AMERICAN NATIONAL BANK & TRUST CO. OFKALAMAZOO, KALAMAZOO, MICH.



Plainwell Bank, Plainwell, Mich., withwas purchased May 19, 1962, by The American National Bank & Trust Co. of

Kalamazoo, Kalamazoo, Mich. (13820), which hadAfter the purchase was effected, the receiving bank had

$5, 829, 000

67, 017, 00073,145, 000


The American National Bank and Trust Companyof Kalamazoo, Kalamazoo, Michigan, has applied tothe Comptroller of the Currency for permission topurchase the assets and assume the liabilities of thePlainwell Bank, Plainwell, Michigan, and to continuein operation the banking office of the Plainwell Bankas a branch of the purchasing bank. The AmericanNational also asks permission to increase its capitaliza-tion by $1,000,000 through the sale of 20,000 sharesof $25 par value stock at $50 per share.

The American National Bank and Trust Company,first chartered in 1933, now operates six offices, fiveof which are located in the city of Kalamazoo, andone in Richland, six miles to the northeast. Thisbank, with total assets of $67 million, is capable ofaccommodating most of the financial needs of its serv-ice area with the exception of loans in excess of$300,000.

The Plainwell Bank, established in 1869 and char-tered as a state bank in 1903, was reorganized in 1932and completely paid off its moratorium deposits byJune 1938. This one-office bank, possessing assets of$5.8 million, operates in the Plainwell-Otsego area 12miles north of the American National Bank's homeoffice.

The city of Kalamazoo, located midway betweenDetroit and Chicago, has experienced a 33.9 percentpopulation growth between the last two census reportsand at the present time it advertises that the popula-tion of its urban area is 82,000 and of its trade areais 158,700. As the city grew, the emphasis shifted in itsmixed economy from its agricultural pursuits focusedon dairy farming, fruit growing, and feeder operations,to industrial and commercial activities including themanufacture of paper products, taxi cabs, fishing equip-ment, and pharmaceuticals. The several universitiesand colleges in this city, with their many students andthe nearby lakes with their resort facilities, give anadded lift to the area economy.

Plainwell, which is 12 miles from Kalamazoo, wasprincipally an agricultural town before it became a

suburb of Kalamazoo. This community of 3,100,serving a trade area of 12,000, now relies upon threelocal industries employing 400 people, on farming, andon the industrial and commercial activities of Kala-mazoo to support it.

The conversion of the Plainwell Bank into a branchof the American National will not affect the patternof competitive banking in Kalamazoo County. Usingtotal assets as a basis for comparing the banks nowserving this area, the largest is the First National Bankof Kalamazoo with $98 million and 10 offices. Secondis the applicant American National with $66 millionand six offices. The Industrial State Bank with $33million and nine offices is third in size with the HomeSavings Bank with $10 million fourth. The additionof the $6 million assets of the Plainwell Bank to thoseof American National will not affect its relative posi-tion in the banking community.

The existing branch of the First National in Otsego,extending, as it does, all the multiple services of alarge bank to the people of the area, has put themanagement of the small Plainwell Bank at a disad-vantage. This absorption of the Plainwell Bank, whilesolving management succession arising from its inabil-ity to attract and train and hold young men of man-agement caliber, will also bring to the people in thePlainwell-Otsego area an alternative banking facilityoffering competitively broad services.

Examination of all the circumstances surroundingthis purchase and sale in the light of the statutorycriteria persuades us that the proposal will promotethe public interest. The application is thereforegranted effective on or after May 3,1962.

APRIL 26,1962.


The proposed purchase of assets and assumption ofliabilities of Plainwell Bank, Plainwell, Michigan, oneof the smaller banks competing in the KalamazooMetropolitan Area, by The American National Bankand Trust Company of Kalamazoo, Kalamazoo, Michi-gan would appear to have adverse effects oncompetition.

65


WHITNEY NATIONAL BANK OF N E W ORLEANS, N E W ORLEANS, LA. , CONSOLIDATED WITH CRESCENT CITYNATIONAL BANK, N E W ORLEANS, LA.


Whitney National Bank of New Orleans, New Orleans, La. (3069), withand Crescent City National Bank, New Orleans, La. (14977), which hadconsolidated May 24,1962, under charter Crescent City National Bank (14977),

and title "Whitney National Bank of New Orleans." The consolidated bankat date of consolidation had

Total assets

$484, 508, 466350,000

484, 518, 566

Banking offices

In operation

12

To be operated

12


Application has been made to the Comptrollerof the Currency for permission to consolidate theWhitney National Bank of New Orleans, NewOrleans, Louisiana, and the Crescent City NationalBank, New Orleans, Louisiana.

Application had previously been made to this of-fice to organize two new national banks; one, locatedin New Orleans, to be known as the Crescent CityNational Bank and the othera located in JeffersonParish, to be known as the Whitney National Bankin Jefferson Parish. Substantially all of the stock ofthe new banks would be acquired by the proposedWhitney Holding Corporation.

This office approved the formation of the twobanks on October 2, 1961. Subsequently, on May 3,1962, the Board of Governors of the Federal ReserveSystem granted approval to the Whitney HoldingCorporation to acquire substantially all the shares ofthese banks.

We find the proposal to consolidate to be in thepublic interest. The application, therefore, is ap-proved effective on or after May 24, 1962.

MAY 18, 1962.


The proposed consolidation is one of several op-erations involved in the creation of a holding com-

pany enabling Whitney National Bank to expand itsoperations beyond Orleans Parish. The consolida-tion will result in Whitney National Bank becoming awholly owned subsidiary of the holding corporations.

Whitney National Bank is the largest of six bankslocated in Orleans Parish, three of which are verysubstantial banks. The proposed holding companyformation would not appear to affect significantlycompetition in Orleans Parish.

At present there are four banks operating a totalof ten offices in Jefferson Parish. The largest of thesebanks is an affiliate, established in 1955, of The Na-tional Bank of Commerce, the second largest bank inNew Orleans. The largest stockholder in the NationalAmerican Bank of New Orleans, New Orleans' fourthlargest bank, recently acquired 40 percent of the stockof the Merchants Trust and Savings Bank, the fourthlargest bank in Jefferson Parish. Thus, two relativelylarge New Orleans banks have large interests in twoof the four banks in Jefferson Parish which togetherhave six out of ten of the existing banking offices inthat Parish. The present proposal will result in theentry of another large New Orleans bank into JeffersonParish.

While there may be some danger of further domi-nation of banking in Jefferson Parish by Whitney Na-tional to the detriment of competition, it does not nowappear that the effect of the proposed transaction oncompetition will be substantially adverse.

THE CITIZENS & SOUTHERN BANK OF ATLANTA, ATLANTA, GA., PURCHASED BY THE CITIZENS & SOUTHERNNATIONAL BANK, SAVANNAH, SAVANNAH, GA.


The Citizens & Southern Bank of Atlanta, Atlanta, Ga., withwas purchased May 31. 1962, by The Citizens & Southern National Bank,

Savannah, Ga. (13068), which hadAfter the purchase was effected, the receiving bank had

Total assets

$42, 007, 000

554, 094, 000592,177, 000

Banking offices

In operation

11

11

To be operated

22

66



The Citizens and Southern National Bank, Savan-nah, Georgia, has applied to the Comptroller of theCurrency for permission to purchase the assets andassume the liabilities of The Citizens & Southern Bankof Atlanta, Atlanta, Georgia.

The Citizens and Southern Holding Company owns99 percent of the oustanding stock of the C&S Bankof Atlanta. The C&S Holding Company stock is, inturn, held in trust for the benefit of the shareholdersof C&S National of Savannah. C&S National has 10branches in Atlanta and pending applications for twomore. The C&S Bank of Atlanta operates nine of-fices and two drive-in facilities in Atlanta. Becauseof the ownership of the two banks, the state bankis run almost as though it were a branch of the Na-tional Bank. In many instances the public is notaware that they are separate institutions.

The effect of this purchase is to join in law twobanks which are, in fact, one operation.

The transaction will eliminate confusion in the pub-

lic eye, give economies of scale to the operation of thebank and provide a better balance to the loan, depositand capital structure of the C&S Bank of Atlanta.

Viewed in light of the statutory criteria, the pro-posal is in the public interest and the application istherefore approved, effective May 10, 1962.

MAY 4, 1962.


The acquiring bank, whose main office is in Savan-nah, Georgia, operates 12 offices in Atlanta. Theacquired bank operates 11 offices in Atlanta. How-ever, there is no real competition between the two be-cause of devotion to common stockholders. Theacquired bank is almost wholly owned by the Citizensand Southern Holding Company which in turn istrusteed with the Trust Department of the acquiringbank for the benefit of the acquiring bank's stock-holders.

It does not appear that the effect of the proposedacquisition on competition would be adverse.

THE BEAR BUTTE VALLEY BANK, STURGIS, S. DAK., CONSOLIDATED WITH AMERICAN NATIONAL BANK OF RAPIDCITY, RAPID CITY, S. DAK.


The Bear Butte Valley Bank, Sturgis, S. Dak., withand American National Bank of Rapid City, Rapid City, S. Dak. (14099), which

hadconsolidated May 31, 1962, under charter and title of the latter bank (14099).


Total assets

$8,729, 243

38,439,634

46, 938, 498

Banking offices

In operation

1

3

To be operated

4


The American National Bank, Rapid City, SouthDakota, with assets of $36 million and The BearButte Valley Bank, Sturgis, South Dakota, with assetsof $8 million, have applied to the Comptroller of theCurrency for permission to consolidate under the char-ter and title of The American National Bank.

American National is located in Rapid City, in theBlack Hills of western South Dakota. Rapid Cityis the second largest city in the state and its populationof 42,000 has doubled in the last ten years. The econ-omy of the area is based primarily upon livestock,ranching and mining, augmented by resort and mili-tary spending. The city is served by four commercialbanking institutions; the applicant bank and its affiliatethe Western National Bank, the Rushmore State Bank,and the $71 million First National Bank of the BlackHills. The applicant bank is also affiliated with theRapid City Trust Company which does not engagein commercial banking.

The Bear Butte Valley Bank is located in Sturgis,30 miles north of Rapid City. Sturgis has a popula-tion of 4,000 and ranching and livestock are theeconomic mainstays of the area with some supportfrom mining. The only other banking institution inthe town is the Sturgis branch of the First NationalBank of the Black Hills.

Since five officers or directors of American Nationalown the controlling interest in The Bear Butte ValleyBank and control its policies, operation of the Sturgisbank as a branch office ultimately benefits its customersand the community through operating and manage-ment economies and more efficient services. The con-solidation will promote the convenience and needs ofthe people in the Sturgis area by offering more com-plete service, a proposed new banking house, and anaggressive management. At the same time it willredound to the benefit of both The American NationalBank by reducing its overlines and The Bear ButteValley Bank by correcting an imbalance in its loan

67


portfolio occasioned by the large proportion of agri-cultural loans.

This consolidation will not have any adverse effectsupon the banking structure either in Rapid City orSturgis.

In weighing these factors and in light of the statutorycriteria, I find that the consolidation is in the publicinterest and it is, therefore, approved effective on orafter May 24, 1962.

MAY 18, 1962.


These banks are located approximately 30 milesfrom each other and have been under common owner-ship since January 1962. It is not believed that thereis substantial competition between the banks, and thecommon ownership has probably eliminated whatlittle competition that may have existed between them.The effect of the merger on competition would there-fore not be adverse.

THE BANK OF WILMINGTON, WILMINGTON, N.C., MERGED WITH NORTH CAROLINA NATIONAL BANK, CHARLOTTE,N.C.


The Bank of Wilmington, Wilmington, N.C, withand North Carolina National Bank, Charlotte, N.C. (13761), which hadmerged June 8, 1962, under charter and title of the latter bank (13761). The


Total assets

$9, 703,131549, 395, 002

557, 798, 674

Banking offices

In operation

453

To be operated

57


The North Carolina National Bank, Charlotte, NorthCarolina, has applied to the Comptroller of the Cur-rency for permission to merge under its charter andtitle, The Bank of Wilmington, Wilmington, NorthCarolina.

The $538,000,000 North Carolina Bank, with itsmain office in Charlotte, North Carolina, has 53 state-wide branch offices. The $9,000,000 Bank of Wil-mington operates its main office and three branchesin Wilmington, North Carolina, in the southeasternpart of the state 6 miles from the Atlantic Ocean.

Wilmington, with a population of 44,000, has his-torically been the trading center of the surroundingagricultural area. It has, however, in the past twoyears suffered economic setbacks with the removal, in1960, of the head offices of the Atlantic Coast LineRailroad and the removal, in 1961, of the district of-fices of the U.S. Army Engineers. These events ledto a loss of annual pay rolls estimated at $7,000,000.The economic future of this city is, at best, uncertainwith the importance of agriculture declining. Itsfuture will depend upon new industrial growth.

The area is now served by three branches of Wa-chovia Bank and Trust Company of Winston-Salem,the largest bank in the state; two branches of First-Citizens Bank and Trust Company, which maintains64 state-wide branches; four branches of the mergingbank; two branches of the applicant North CarolinaNational Bank; and one branch of the First NationalBank of Jacksonville, a growing regional bank witheight offices in Eastern North Carolina.

The Bank of Wilmington, while showing a goodover-all growth prior to 1960, has felt the loss of thecommunity's two largest employers most keenly. Itsdeposits in the past two years have increased only $17,-000. In addition to this deposit problem, the bankhas been forced to place an undue reliance on install-ment loans—60 percent of its total. The hope of newindustry coming to Wilmington holds little promisefor this bank's future as it cannot, because of limitedcapital, either attract or service the large credit de-mands of industry. In addition to these problems, thelack of a trust department seriously hampers the ef-fective servicing of both present and future customers.

The addition of the resources of The Bank of Wil-mington to the North Carolina National Bank will notappreciably affect the state-wide banking structure. Itis true that some competition between the applyingbanks will be eliminated. However, I feel that this isoutweighed by the present needs of The Bank of Wil-mington to strengthen its internal structure. Therewill remain in Wilmington branches of the three largestbanks in the state, as well as a branch of the smallerFirst National Bank of Jacksonville which, it shouldbe noted, has not raised objection to this merger. Inmy decision of March 13, 1962, concerning the ap-proval of the application of the North Carolina Na-tional Bank to merge with the Bank of North Wilkes-boro, I called attention "to dangers to the public in-terest latent in unbridled expansion by acquisitions.Further expansion by this means in North Carolinacannot be continued without an unmistakably clearshowing that the proposal is not only soundly conceivedin the public interest, but also will materially

68


strengthen the banking structure." On balancing thefacts of this case, however, I feel that these conditionshave been met and that the convenience and needs ofboth the community of Wilmington and The Bank ofWilmington will be materially benefited by the ap-proval of this application.

The application, therefore, is approved effective onor after May 31,1962.

MAY 25,1962.


North Carolina National Bank, the second largestbank in the state, with total assets of $538,700,000proposes to acquire Bank of Wilmington, Wilmington,North Carolina, which has assets of $9,800,000 andoperates four offices in the Wilmington area. Bank ofWilmington and another bank of about the same size

compete in Wilmington with North Carolina National,Wachovia Bank and Trust, the state's largest bank, andFirst Citizens Bank and Trust, the state's third largestbank. The increasing concentration of banking as-sets among the largest banks in the state is a matterof considerable concern. The effect of the proposedacquisition on commercial banking in North Carolinaand more particularly the Wilmington area is believedto be substantially adverse.

We think it important to note that the merging bankpoints to the serious difficulties involved in trying tocompete with the two largest banks in the state and inparticular trying to compete with offices of Wachoviawhich has been permitted to obtain a dominant posi-tion in the Wilmington area by acquiring two substan-tial competing banks in such area.

THE NATIONAL BANK OF COLD SPRING ON HUDSON, COLD SPRING, N.Y., CONSOLIDATED WITH THE FISHKILLNATIONAL BANK OF BEACON, BEACON, N.Y.


The National Bank of Cold Spring on Hudson, Cold Spring, N.Y. (4416), withand The Fishkill National Bank of Beacon, Beacon, N.Y. (35), which hadconsolidated June 15, 1962, under charter of the latter bank (35) with title

"The Fishkill National Bank." The consolidated bank at date of consoli-dation had

Total assets

$1, 726, 0759, 963, 618

11,689,693

Banking offices

In operation

12

To be operated

3


The Fishkill National Bank of Beacon, Beacon, NewYork, with resources of $10.3 million, has applied tothe Comptroller of the Currency for permission toconsolidate with the National Bank of Cold Spring-on-Hudson, Cold Spring, New York, whose resourcesare $1.8 million, under the charter of the former andwith the title "The Fishkill National Bank."

Beacon, in Dutchess County, is a residential commu-nity of 14,000, located on the east bank of the HudsonRiver 15 miles south of Poughkeepsie. Most of itswage earning residents are employed either at the In-ternational Business Machine plant in Poughkeepsieor in the several industrial shops established in Beacon.Eight miles south of Beacon, in Putnam County, is theresidential community of Cold Spring-on-Hudson.The majority of wage earners among its 2,000 resi-dents also find employment in the industrial shops ofBeacon or Poughkeepsie.

The National Bank of Cold Spring, the only bank inthe village, is closely held, conservatively managed,and in excellent financial condition. Because it hasno banking competition within a 5-mile radius, thisbank, which will not accept savings accounts nor offer

special checking account service, has shown littlegrowth during recent years. The application statesthat it is now faced with a management successionproblem.

The Fishkill National Bank, since its organizationin 1863, has served the needs and convenience of thecommunity of Beacon in competition with The Mat-teawan National Bank of Beacon and the Beacon Sav-ings Bank for the business generated among the 20,000people of its trade area. It has maintained a steadygrowth rate as is evidenced by the fact it has in 10years twice increased its capital, built a new bankinghouse, and established a branch in Fishkill. Duringthis period of expansion, it has preserved its financialstability and returned satisfactory earnings.

Approval of this consolidation will enable The Fish-kill National Bank to bring additional and muchneeded banking services to Cold Spring whose resi-dents have long felt handicapped by the absence of afull service bank. The larger resulting bank will havea capitalization adequate to meet the credit demandsof Cold Spring residents not now being satisfied locallyand will also provide a solution to the Cold Springbank's impending management problem.

69


The competitive effect of this consolidation in theCold Spring area where the present banking competi-tion derives from three banks located in Peekskill, 12miles to the south, will be negligible. By strengthen-ing the financial structure of The Fishkill NationalBank, this plan will permit it to develop a more activecompetition in Beacon without undue harm to otherbanks. An ancillary result of this consolidation willbe to open Gold Spring to branch banking under thestate laws.

Having thus weighed all the factors prescribed bythe statute, I have concluded that this consolidationwill promote the public interest. The application istherefore granted effective on or after May 24, 1962.

MAY 18,1962.


Within the service area of The Gold Spring Na-tional Bank, Cold Spring, New York, there is com-petition by The Fishkill National Bank of Beacon,Beacon, New York, although the application indicatesthat the two banks are in separate service areas.Within a service area circumscribing Beacon and ColdSpring the result of this merger would be to add toa bank with 50 percent of all assets in the area onewith 9 percent of all assets. However, in the servicearea of the Cold Spring bank, there is also competitionfrom banks in Putnam County and banks in Peekskill.In view of the fact that banks outside of Beacon com-pete in this service area any reduction in competitionas a result of this merger would not be substantial.

STATE BANK OF BOLIVAR, BOLIVAR, N.Y., CONSOLIDATED WITH THE CITIZENS NATIONAL BANK OF WELLSVILLE,WELLSVILLE, N.Y.


State Bank of Bolivar, Bolivar, N.Y., withand The Citizens National Bank of Wellsville, Wellsville, N.Y. (4988), which had.consolidated June 15, 1962, under charter and title of the latter bank (4988).

Total assets

$2, 821, 73914, 789,147

17, 610, 611

Banking offices

In operation

14

To be operated

5


The Citizens National Bank of Wellsville, Wellsville,New York, has applied to the Comptroller of theCurrency for permission to consolidate with the StateBank of Bolivar, Bolivar, New York, under the charterand title of the former.

Wellsville, located in Allegany County, lies 10 milesnorth of the Pennsylvania state line, 70 miles south-east of Buffalo. This town, the largest in the county,has a population of 6,000 and serves as the tradingcenter for 10,000 persons living in the surroundingcountry-side. While its economic life depends pri-marily upon agriculture, centered on dairying andcheese making with grain and potatoes as the cashcrops, it receives substantial support from diversifiedindustrial and mercantile activity within its confines.Its industrial plants, employing 1,400 and its mercan-tile establishments, hiring 900, provide work for manyresidents of neighboring towns.

Bolivar, a town of 1,500 located 14 miles west ofWellsville, is the second largest community in thecounty. Between 1940 and 1952 when productionof Pennsylvania crude oil kept 100 drilling rigs oc-cupied daily and accounted for 10,000 to 12,000 bar-rels a day, its economy boomed and fortunes weremade. Since then, however, oil production hassteadily declined until only 15 drilling rigs are em-

ployed daily and 3,500 barrels of crude are pumped.Its large refinery closed depriving 700 of work. Theeconomy now depends on agriculture and six smallindustrial plants. Many of its residents are employedin Wellsville and Olean to the west.

The Citizens National Bank was organized in 1895and now has assets of $14.1 million. Through aseries of consolidations with smaller banks between 1956and 1959 it acquired its three branch offices in Al-fred, Andover, and Whitesville, all in Allegany Countyto the east of Wellsville. This bank has served wellthe convenience and needs of the community.

The State Bank of Bolivar, with resources of $2.9million, competes with The First National Bank ofBolivar for the banking business generated within thetrade area of the town. The State Bank, following anultraconservative policy of restricting loans to localresidents, has not enjoyed the earnings usual to a bankthis size. This conservative policy appears to havebeen dictated by the vulnerability of its deposit struc-ture stemming from the fact that 40 percent of its de-posits are held in 26 accounts, a local by-product of theconcentration of oil wealth in a few families. Thismerger of the State Bank with the larger Citizens Na-tional Bank will correct this deposit imbalance and en-able the resulting bank to pay higher interest on Bolivardeposits than is now the case. The competitive im-

70


pact of this merger on the banking scene in AlleganyCounty will not be unfavorable.

Having weighed all the statutory factors, I haveconcluded that is merger is in the public interest. Theapplication, therefore, is approved effective on or afterMay 31,1962.

MAY 25,1962.


The Citizens National Bank of Wellsville has in re-cent years acquired the only banks in three surrounding

communities. It presently has approximately 35 per-cent of the deposits in the area and 43 percent of theloans. By acquiring the State Bank of Bolivar, CitizensNational would eliminate a substantial competitorin the area and would substantially increase concentra-tion so that it would have 41 percent of IPC depositsand 47 percent of the loans in the area and the twolargest banks would control almost 90 percent of thebanking business in the area. We therefore believe thisconsolidation may substantially adversely affect com-petition.

THE LIBERTY BANK OF NORTH, NORTH, S.C, CONSOLIDATED WITH THE SOUTHERN NATIONAL BANK OF ORANGE-BURG, ORANGEBURG, S.C.


The Liberty Bank of North, North, S.C, withand The Southern National Bank of Orangeburg, Orangeburg, S.C. (14135),

which hadconsolidated June 20, 1962, under charter and title of the latter bank (14135).


Total assets

$792, 995

8, 066, 094

8, 859, 088

Banking offices

In operation

1

2

To be operated

3


The Southern National Bank of Orangeburg,Orangeburg, South Carolina, with assets of $7.9 mil-lion, has applied to tht Comptroller of the Currency toconsolidate with The Liberty Bank of North, North,South Carolina, with assets of $845,000, under thecharter and title of the former.

Orangeburg County, wherein both of the participat-ing banks operate, is located in the center of the stateon the fertile coastal plain. Reputed to be one of therichest agricultural counties in the southeast, it leadsthe state in the production of dairy and meat products,cotton, pecans, and soy beans. It is, however, sig-nificant that since 1954 the total number of inde-pendent farms decreased by one-third. During thesame period the remaining farms grew correspondinglyin size to create greater credit demands on the county'seight banks. Because of the large quantity of depend-able labor available among the county's 69,000 resi-dents, an increasing number of industrial concernshave opened plants in the county. This trend, whichis expected to continue, will require banks with largercapital.

Orangeburg, with a population of 14,000, is theCounty Seat. Its economy is bolstered by the presenceof diversified manufacturing and processing plants pro-ducing meats, food, clothing, wood products, and ply-wood. It is also the retail and wholesale center for anarea that extends beyond the county lines.

North, a town of 1,000, serves 7,500 people in thesection of the county 18 miles north of Orangeburg.

Because it has only two small industrial plants, its eco-nomic life depends upon the well-being of surround-ing farms.

The Southern National Bank, with two offices inOrangeburg, is the smallest of the three banks whichserve the city. However, it is larger than any of thefive other banks in the county. In order to meet thefinancial needs of this agricultural community, thisbank originated many participations with corre-spondents.

The Liberty Bank of North, with a limited capitalstructure, is having difficulty in adequately serving theneeds of the expanding farm operations in its area.Many of the bank's potential customers consequentlyhave taken substantial banking business to The South-ern National in Orangeburg. In addition to theseproblems, the bank's managing officers, looking for-ward to retirement, are confronted with the task ofobtaining competent successors.

This proposal, while not disturbing the bankingstructure either in the city or county of Orangeburg,will bring to North a caliber and range of bankingservices its businessmen and successful farmers havelong needed. It will resolve internal problems of TheLiberty Bank and generally promote the public in-terest of that area and the entire county.

This application, therefore, is granted, effective onor after May 31, 1962.

MAY 25, 1962.

71



A degree of competition exists between LibertyBank of North and The Southern National Bank ofOrangeburg, which will be eliminated by the proposedconsolidation. However, this competition appears toresult in large part from the inability of the smallconsolidating bank to adequately serve the banking

needs of the people in that community thereby ne-cessitating their going to banks located some distanceaway to obtain banking services.

The replacement of the consolidating bank with abranch of a larger bank now located 18 miles distantdoes not appear to have a significant adverse effecton competition.

THE PECONIG BANK, SAG HARBOR, N.Y., CONSOLIDATED WITH SECURITY NATIONAL BANK OF LONG ISLAND,HUNTINGTON, N . Y .


The Peconic Bank, Sag Harbor, N.Y., withand Security National Bank of Long Island, Huntington, N.Y. (6587), which had.consolidated June 22, 1962, under charter and title of the latter bank (6587).


Total assets

$3, 301, 085243, 596, 401

246, 897, 486

Banking offices

In operation

131

To be operated

32


The Security National Bank of Long Island, Hunt-ington, New York, has applied to the Comptroller ofthe Currency for permission to consolidate with ThePeconic Bank, Sag Harbor, New York, under thecharter and title of "Security National Bank of LongIsland."

Security National Bank of Long Island, organizedin 1903 as the First National Bank of Huntington,assumed its present title in 1958 after several previousname changes. This bank, which was a single loca-tion institution until 1952, now possesses total re-sources of $228 million and operates 29 offices—22 inSuffolk County and seven in Nassau County. It hasapproval for four other branches and applications onfile for five more. One of its present Suffolk Countybranches is situated at Riverhead, 26 miles west ofSag Harbor.

The one-office Peconic Bank has served Sag Har-bor, an old whaling port, since it was chartered in1889. With assets of $3.4 million, it is the smallestcommercial institution in Suffolk County. This bank,under its capable management, has, during the lastfive years, maintained a fine dividend record withoutimpairing its very sound capital structure. It is nowexperiencing difficulty in attracting and holding com-petent young men who can assume management posi-tions and will continue its fine traditions.

Though the offices of Security National are con-centrated in eastern Nassau County and southwesternSuffolk County, its trade area may properly be con-sidered as embracing both counties. Nassau County,covering 300 square miles, has enjoyed a phenomenalpopulation boom of 93.3 percent in the last decade,rising from 672,000 in 1950 to 1,300,000 in 1961.

72

During the same period, the county enjoyed a con-comitant increase in residential, commercial, and lightindustrial development. Suffolk County, with its 922square miles, had a population of 667,000 in 1960—an increase of 142 percent over the 1950 total of276,000. Population concentration of Suffolk Countyis most dense in its southwest corner. While thiscounty has enjoyed the same type of economic growthas Nassau County, there is still some agriculture carriedon in its eastern section. Its beaches and recreationalfacilities also attract sufficient tourist trade to make ita prominent factor in the area economy. The com-bined area of these counties has generated much bank-ing business since 1950 and, judging by present indi-cators, will develop a great deal more.

Sag Harbor, a village of 2,400, is situated in theeastern section of Suffolk County, 25 miles west ofMontauk Point. This village, which serves some 5,000year-round residents, doubles its trade area populationduring the summer influx of vacationers. In addi-tion to the income it receives from tourists, the econ-omy relies on farming, residential developments, andseveral light industries that employ 800 persons. ThePeconic Bank and the Sag Harbor Savings Bank, whichis five times as large as Peconic, are the only banksin the town.

The effect of this proposal on the Nassau-Suffolkbanking scene will be minimal. While Security Na-tional, as the third largest commercial bank in thistwo-county area operates 29 offices, it competes with221 other banking offices for business generated onLong Island. On the basis of scale, it faces the $904million Franklin National Bank and the $687 millionMeadow Brook National Bank. The inclusion ofPeconic, in Security National's multi-location system,will certainly not disrupt the over-all banking balance.


The banking pattern in eastern Suffolk Countyaround Sag Harbor is scattered. Within the 10-mileradius of Peconic Bank, there are three commercialbanks and one savings bank. One of the commercialbanks, located at Easthampton, seven miles from SagHarbor, is a branch of the $67 million Valley NationalBank of Long Island; the other two are small one-office institutions. Approval of this proposal will in-tensify banking competition in this section of LongIsland and will make adequate banking services readilyavailable to meet the present and expanding needs ofits economy. It will also resolve the managementsuccession problems that now trouble Peconic andinsure the operation of an effective banking facility inthe community.

This proposal meets all the statutory criteria andwill promote the public interest. The application,therefore, is granted effective on or after June 12,1962.

JUNE 5,1962.


Security National, with assets of approximately$228,684,000 as of September 15, 1961, is the thirdlargest Long Island based commercial bank. It hasgrown substantially by consolidation and internalgrowth since 1952, but is considerably smaller thanthe two largest Long Island based banks with whichit competes.

The Peconic Bank, with a single office, is approx-imately 5 miles from the closest office of SecurityNational, and is the only bank within its service area.The service areas of Security National and The Peco-nic Bank do not overlap. There are no known depositor loan accounts in both banks, and no deposits orloans of either bank appear to originate in the servicearea of the other bank.

The proposed consolidation does not appear to haveany significant adverse competitive effects.

AMERICAN TRUST COMPANY, LEWISTON, MAINE, CONSOLIDATED WITH CANAL NATIONAL BANK, PORTLAND, MAINE


American Trust Co., Lewiston, Maine, withand Canal National Bank, Portland, Maine (941), which hadconsolidated June 25, 1962, under charter and title of the latter bank (941).


Total assets

$2, 902,10450, 285, 415

52,211,685

Banking offices

In operation

112

To be operated

13


On April 17, 1962, the Canal National Bank, Port-land, Maine, and American Trust Company, Lewis-ton, Maine, applied to the Comptroller of theCurrency for permission to consolidate under thecharter and title of "Canal National Bank."

Canal National Bank, with total assets of $50.5million, is the third largest of the banks operatingin Portland and its surrounding area. The bankpresently operates six branches in the metropolitanarea and has four branches, with approval to estab-lish four more outside of the Portland area. At pres-ent, it has no branch in the Lewiston area.

The American Trust Company, whose only officeis located 34 miles north of Portland, in Lewiston,has acquired total assets of $2.9 million since it wasestablished in 1961. This bank serves the Lewiston-Auburn area, which communities are separated by theAndroscoggin River, and its combined population of65,000. The two communities are primarily industrialin character, with textiles, shoes, and electronic prod-ucts being their principal manufacturing. The area

is presently served by 10 offices of four banks, two ofwhich are based in Portland and Augusta.

The principal effect of the proposed consolidationwill be felt in and around Lewiston and Auburn.This transaction will not adversely affect the bankingstructure of the area and in fact will serve to stimulatecompetition with the branches of the other metropoli-tan banks now operating there.

I find that the proposal is in the public interest andthe application is therefore approved effective June25, 1962.

JUNE 18, 1962.


Canal National is an old and established bank withoffices in Portland and environs. American Trust hasbeen in existence for only a year and operates a singleoffice in Lewiston. Because of the distance betweenthe two cities, the small size of American Trust, andits brief existence, there appears to be no substantialcompetition between it and the acquiring bank.

The Lewiston-Auburn area will continue to beserved by four banks after the consolidation. Twoof the banks are chain institutions substantially larger

73


than the resulting bank. The other bank is a localinstitution, smaller than the resulting bank, but alarger factor in its own locale.

The consolidation will not significantly affect bank-

ing concentration in the area, and, although it willeliminate potential competition between the consoli-dating banks, we do not believe that the competitiveeffects of the acquisition will be substantially adverse.

DROVERS TRUST & SAVINGS BANK, CHICAGO, I I I . , MERGED WITH THE DROVERS NATIONAL BANK OF CHICAGO,CHICAGO, I I I .


Drovers Trust & Savings Bank, Chicago, 111., withand The Drovers National Bank of Chicago, Chicago, 111. (6535), which hadmerged June 29, 1962, under charter and title of the latter bank (6535). The


Total assets

$47,033, 39697, 981,184

142, 964,676

Banking offices

In operation

11

To be operated

1


Drovers National Bank of Chicago, Chicago, Il-linois, has applied to the Comptroller of the Currencyfor permission to merge with Drovers Trust and Sav-ings Bank, Chicago, Illinois, under the charter and titleof the former.

Drovers National Bank, with assets of $92.2 million,was organized in 1882. Though this bank accepts nosavings accounts and has no trust department, it hasbecome the second largest of the 20 banks whichmaintain offices in Chicago's stockyard district.Drovers Trust and Savings Bank, with total resourcesof $46.9 million, has, since its organization in 1902,limited its banking service to savings and trustaccounts.

Because these banks now share a common bankingroom, have identical boards of directors, and aremanaged by the same three top executive officers, theyare little more than divisions of one banking operation.This merger not only will unify the complementaryservices of the participating banks but will removemuch confusion that the present arrangement en-genders in customers' minds. It will enable the result-ing bank to avoid duplications in operation and permitit to enjoy economies not now available.

The fact that the Drovers National Bank will be-come the largest in this area of Chicago by reasonof the merger imports no significant substantivechange. The resulting bank, with its strengthenedcapital structure and broadened services, will betterserve the needs and convenience of the communityand will produce no adverse effects upon the competi-tive banking alignment in the area.

All statutory factors having been weighed, I con-clude that this merger is in the public interest. Theapplication, therefore, is granted effective on or afterJune 21, 1962.

JUNE 14, 1962.

SUMMARY OF REPORT BY ATTORNEY GENERALOn the basis of the information furnished in the

application it would appear that there is no competi-tion between the merging banks at the present time,due to mutual ownership and the different bankingservices which each institution offers. The corpora-tions share the same building, the same directors, thesame three top officers, and the owners of 54 percentof the national bank's stock own 95 percent of the statebank's stock. Thus any competition between thebanks has already been eliminated and it would appearthat the proposed merger will not have any substan-tial adverse effects on competition.

74


MANUFACTURERS NATIONAL BANK OF NORTH ATTLEBORO, NORTH ATTLEBORO, MASS., CONSOLIDATED WITHTHE FIRST NATIONAL BANK OF MANSFIELD, MANSFIELD, MASS.


Manufacturers National Bank of North Attleboro, North Attleboro, Mass. (9086),with

and The First National Bank of Mansfield, Mansfield, Mass. (5944), which had..consolidated June 29, 1962, under charter the First National Bank of Mansfield

(5944) and title "Manufacturers National Bank of Bristol County." Theconsolidated bank at date of consolidation had

Total assets

$9,733,1435, 542, 456

15, 275, 599

Banking offices

In operation

11

To be operated

2


The First National Bank of Mansfield, Mansfield,Massachusetts, with assets of $5 million, and the Man-ufacturers National Bank of North Attleboro, NorthAttleboro, Massachusetts, with resources of $10 million,have applied to the Comptroller of the Currency forpermission to consolidate under the charter of theformer with the title "Manufacturers National Bankof Bristol County."

The combined service area of these consolidatingbanks lies in northwest Bristol County, midway be-tween Boston and Providence, and embraces 120,000residents. North Attleboro, a highly industrialized cityof 8,000, is known for the production of jewelry, in-signia, novelties, and components for electrical andelectronic circuits. Mansfield, with a population of15,000, which formerly depended on truck farming andpoultry production in addition to the manufacture ofchocolate candies, metal shoe plates, boilers, and pre-cision scales to support its economy, is now relying onresidential development as commuters from Boston andProvidence locate there. The availability of skilledlabor in this area makes future industrial developmentalmost certain.

Manufacturers National is the only commercial bankin North Attleboro. This bank, with its competentmanagement, good earning record, adequate capitalstructure, and sound asset condition has been success-fully competing with three larger commercial bankingoffices within a 5-mile radius and a $32.5 million sav-

ings bank. Mansfield likewise is served by only onecommercial bank, The First National, which competeswith two other commercial banks in Taunton and Fox-boro. This consolidation will not adversely affect thepresent pattern of commercial banking in the areaand will strengthen the participating banks by raisingtheir lending limits. The resulting bank will be ableto offer its customers those additional services reason-ably expected from larger banks as well as the econ-omies of operation which derive from its greater size.

At the present time, the boards of directors of thesebanks are elected by the Baystate Corporation whichowns 67 percent of the stock of the Manufacturers Na-tional Bank and 89 percent of the stock of The FirstNational Bank. In view of this common ownership ofstock, the consolidation will not produce any markedchanges in management policies detrimental to thecommunities served.

Since this consolidation, when measured against thestatutory standards, is in the public interest, the appli-cation, therefore, is granted effective on or after May10,1962.

MAY 4,1962.


The proposed consolidation of The First NationalBank of Mansfield, Mansfield, Massachusetts and Man-ufacturers National Bank of North Attleboro, NorthAttleboro, Massachusetts, will not have any significantadverse competitive effects.

THE FIRST NATIONAL BANK OF SAYREVILLE, SAYREVILLE, N.J., CONSOLIDATED WITH THE FIRST NATIONAL BANKOF MIDDLESEX COUNTY, SOUTH RIVER, N.J.


The First National Bank of Sayreville, Sayreville, N.J. (13369), withand The First National Bank of Middlesex County, South River, N.J. (288),

which hadconsolidated June 29, 1962, under charter and title of the latter bank (288).


Total assets

$8, 044, 905

34, 764, 303

42,789,313

Banking offices

In operation

2

4

To be operated

6

75



The First National Bank of Middlesex County, SouthRiver, New Jersey, and The First National Bank ofSayreville, Sayreville, New Jersey, have applied to theComptroller of the Currency for permission to con-solidate under the title and charter of the former.

The First National Bank of Middlesex County, assuccessor to The First National Bank of Jamesburg,is the oldest national bank in the State of New Jerseyand holds the 83d oldest charter of all the banks in theUnited States operating under the National Bank Actof 1863. The bank, with assets of $34 million, has itshome office in South River and operates three branches,one in South River, one in Spotswood, and one inJamesburg. Approval has been given for the reloca-tion of the bank's main office from South River to EastBrunswick Township. Upon completion of this re-location, the branch in South River will be moved tothe present main office building.

The First National Bank of Sayreville, with assetsof $8 million, was chartered in 1929 and its only branchwas established in Sayreville in 1957.

Both banks and all their branches are located inMiddlesex County which covers a land area of over300 square miles and which has experienced a popula-tion increase of over 63 percent in the period between1950 and 1960. The county's present population isin excess of 400,000 and in the next decade this is ex-pected to double. The entire county is becoming highlyurbanized, with substantial commercial and industrialgrowth.

South River, with a population of 14,000, is pri-marily a residential community, having very littleland available for further residential development.Considerable residential development has taken placein neighboring East Brunswick Township in the pastfive years and further development in that area is in-dicated. Employment for the 19,000 residents of thistownship is provided by the industrial plants locatedin Middlesex County and the adjacent Union County.

The Borough of Sayreville, which is located adjacentto South River, has a population of 22,000 residingwithin its 16 square miles. It also is a residential andcommercial community, but further residential devel-opment will be restricted due to the commercial zoningof the available land.

While it appears that the consolidating banks areadequately meeting the present needs of their com-munities, the expanding economy of the area willexert continued pressure on the banking facilities lo-cated in Middlesex County. At present, there are 21commercial banks with 39 offices operating in thecounty. Within the immediate service area of theconsolidating banks, there are 10 commercial bankswith 22 offices. The consolidated bank will operatesix of these offices and will remain the second largest

bank in the area next to the National Bank of NewJersey, New Brunswick, New Jersey, with assets of $51million.

At present, The First National Bank of Sayrevillehas a lending limit of $65,000 and the First NationalBank of Middlesex County has a lending limit of$212,000. The application states that the Sayrevillebank has been severely restricted by its low lendinglimit in meeting the credit demands of the expandinglocal economy and as a result has lost business to otherbanks. The Middlesex bank is also restricted by itslending limit and as a result has been required toarrange for participations of loans with Newark, NewYork City, and Philadelphia banks, and many satis-factory large credits have been rejected. The result-ing bank will have a lending limit of $287,000, whichwill enable it to service broader needs than eitherof the consolidating banks and meet the future require-ments of the rapidly developing area.

The officer calibre of the Middlesex bank is excel-lent, but the rapid expansion of the bank has out-distanced its ability to locate and train suitablepersonnel. The combined staffs of the consolidatinginstitutions will give the resulting bank an adequatemanagement comprised of experienced executive offi-cers and operational personnel who are intimatelyfamiliar with the area, its peculiar needs, and its futurerequirements.

We are not unmindful that approval of this con-solidation will eliminate the substantial competitionwhich exists between the two banks. However, thesatisfactory number and size of the remaining bankinginstitutions available in the service area, together withthe greater ability of the consolidated bank to servicethe needs of the area, will serve to preserve the bal-anced banking structure within the county.

We find the proposal to be in the public interestand the application is approved effective on or afterMay 10,1962.

MAY 4, 1962.


Middlesex Bank, with three branches in MiddlesexCounty and assets of approximately $34,206,000, pro-posed to consolidate with Sayreville Bank, with onebranch and assets of approximately $8,030,000.Based on I PC deposits Middlesex Bank is now thirdin size among the commercial banks in MiddlesexCounty and based on loans it is second in size. Theproposed consolidation would not change these rela-tive positions.

The banks are now in active competition with eachother for commercial banking business in the SouthRiver-Sayreville area of Middlesex County. This isa closely-knit area with rather complete integrationof the two communities. There are 516 common de-

76


posit accounts with a total of $2,534,288 and 67 com-mon borrowers with loans of $110,086. MiddlesexBank has 1,802 deposit accounts with total deposits of$3,698,764 and 824 borrowers with loans of $1,690,816originating in the service area of Sayreville Bank.Conversely, Sayreville Bank has 274 deposit accountswith deposits totalling $298,595 and 183 borrowerswith loans of $316,650 originating within MiddlesexBank's service area.

South River Trust Company is the only other com-mercial bank located within the South River-Sayrevillearea. It is less than one-fourth the size the resultingbank would be if the proposed consolidation shouldbe effected.

It is our view that the consolidation would haveadverse competitive effects by creating a dominantbank in the South River-Sayreville area and by elim-inating the existing and potential commercial bankingcompetition between the two banks.

THE NATIONAL BANK OF AVONDALE, AVONDALE, PA., CONSOLIDATED WITH NATIONAL BANK OF CHESTER COUNTY& TRUST CO., WEST CHESTER, WEST CHESTER, PA.


The National Bank of Avondale, Avondale, Pa. (4560), withand National Bank of Chester County & Trust Co., West Chester, West Chester,

Pa. (552), which hadconsolidated June 29, 1962, under charter and title of the latter bank (552).

Total assets

$7, 923, 882

27,163, 027

35, 086, 909

Banking offices

In operation

1

2

To be operated

3


The National Bank of Chester County and TrustCompany, West Chester, West Chester, Pennsylvania,and the National Bank of Avondale, Avondale, Penn-sylvania, have applied to the Comptroller of the Cur-rency for permission to consolidate under the charterand title of the former.

The National Bank of Chester County and TrustCompany, situated in West Chester, had, as of Decem-ber 30, 1961, total resources of $25,927,000 with de-posits of $22,924,000 and loans of $10,237,000. Thebank was organized in 1814 and it has never partici-pated in a reorganization, merger, or consolidation. Itis the largest bank in the area and operates a mainoffice in West Chester with one branch in PaintersCrossroad, approximately 7 miles south of West Ches-ter, and another branch approved, but not yet opened,in Kennett Square, approximately 4 miles east ofAvondale.

West Chester is located in southeastern Pennsylvaniaapproximately 25 miles west of Philadelphia and 15miles north of Wilmington, Delaware. While thecity's population has not increased significantly, thepopulation of the surrounding territory has more thandoubled in the past 10 years. Because West Chesterlies within commuting distance of Philadelphia andWilmington, it is becoming increasingly residential witha concomitant decrease in the agricultural economy.

The National Bank of Avondale had, as of December31, 1961, total resources of $7,646,000 with deposits of$6,838,000 and loans of $4,346,000. It is a unit bank,

organized in 1891, and has also never participated in amerger, reorganization, or consolidation.

Avondale is located approximately 16 miles south-west of West Chester. The population of the generalarea approximates 10,000 and agriculture, principallymushroom growing and processing, is the dominantmeans of livelihood.

The agricultural economy of Avondale creates sea-sonal loan demands and the National Bank of Avon-dale finds that its loans at times reach 70 percent ofits deposits. It is at these peak periods that the WestChester Bank has its highest deposits. The resultingbank will be able to eliminate these fluctuations andprovide a better balance in its over-all operations andservices.

In addition to bringing trust powers and a muchlarger lending limit to the Avondale area, the con-solidation will also alleviate pending management suc-cession problems of the Avondale Bank and increasethe interest paid to savings depositors of Avondalefrom 2 4 percent to 3 percent.

Direct competition between the two institutions isminimal since there are only two known common de-positors and no common borrowers. The NationalBank and Trust Company of Kennett Square withdeposits of $15,547,000, located between Avondale andWest Chester, offers an effective interception of thatdirect competition between the applicant banks whichwould depend upon the geographical proximity of thetwo institutions.

In recent years Philadelphia banks have merged withbanks in counties contiguous to Philadelphia. In one

77


instance a Philadelphia bank merged with a bank ina contiguous county and changed its head office to thatcounty. Since that county adjoins Chester County, theapplicants will be subject to direct de novo branch com-petition, under Pennsylvania Branch Banking Law,from a "Philadelphia" bank. There is also directsolicitation by Philadelphia and Wilmington banks onthe local level as well as vigorous competition of savingsand loan associations and the competition of the largercity banks for the business of the commuter at hisplace of employment. This places the resulting bankin a competitive milieu which is not limited to the WestChester-Avondale area.

I have weighed the foregoing consideration in lightof the statutory criteria and I conclude that the con-solidation will be in the public interest. The applica-

tion is, therefore, granted and will be effective on orafter March 28,1962.

MARCH 22,1962.


The Department of Justice reports that the proposedconsolidation between National Bank of ChesterCounty and Trust Company, West Chester, Pennsyl-vania, and The National Bank of Avondale, Penn-sylvania, would not have any significant adverse com-petitive effects.

Competition between the two banks does not appearto exist to a substantial degree. The National Bank ofAvondale chiefly serves a farm area as evidenced by itsloans, while the banking activities of National Bankof Chester County and Trust Company are directed toservicing residential and commercial accounts.

BUCKINGHAM COUNTY BANK, DILLWYN, VA., MERGED WITH THE PEOPLES NATIONAL BANK OF CHARLOTTESVILLE,CHARLOTTESVILLE, VA.


Buckingham County Bank, Dillwyn, Va., withand The Peoples National Bank of Charlottesville, Charlottesville, Va. (2594),

which hadmerged June 29, 1962, under the charter of the latter bank (2594), and title

"Peoples National Bank of Central Virginia." The merged bank at date ofmerger had

Total assets

$3, 429, 515

106, 043, 824

109, 437, 889

Banking offices

In operation

1

13

To be operated

14


On April 11, 1962, The Peoples National Bank ofCharlottesville, Charlottesville, Virginia, and theBuckingham County Bank, Dillwyn, Virginia, appliedto the Comptroller of the Currency for permission tomerge under the charter of the former and with thetitle "The Peoples National Bank of Central Virginia."

Peoples National, with resources in excess of $107million, is located in Charlottesville in central Vir-ginia. This city with a sound, diversified economy hasexperienced a good population growth over the last10 years. There has been a great increase in theactivity of light industry in and around Charlottesvilleand the outlook for further growth continues to bepromising. The general area of central Virginiaserved by the Peoples National, while encompassingsome industry, is primarily agricultural. Peoples Na-tional servies this area with 12 offices, all of which arelocated within 20 miles of Charlottesville. There are3 banks headquartered in Charlottesville: the appli-cant; the Citizens Bank and Trust Company, withoffices only in the city; and the National Bank andTrust Company, with 9 offices—which compete di-rectly in serving this and neighboring localities. While

78

Peoples is the largest bank in the area, the acquisitionof the resources of the Buckingham County Bank willnot materially enhance its present pre-eminence.

The Buckingham County Bank, with resources inexcess of $3 million is the only bank in BuckinghamCounty and is located in the city of Dillwyn, Virginia,40 miles south of Charlottesville. Dillwyn has apopulation of 500 while the remainder of the county,with only 3 villages, contains a population approximat-ing 12,000. There is some small business in the areabut the county is primarily based upon an agriculturaleconomy.

The Buckingham County Bank, with a limited capi-tal and with two-thirds of its deposits in time accounts,finds itself in a very unfavorable posture. The presentcapital structure of this bank is not now adequate tomeet local needs and to enable the bank to competeeffectively with banks in neighboring countries.

The primary effect of the approval of this mergerwill be to arouse competition in the immediate areanow served by the Buckingham County Bank. Fur-ther, the addition of new services, a trust departmentand, in general, a broader based bank will bring apresent benefit to the area and will provide for futuregrowth and development.


I find that this merger is in the public interest and Itherefore approve the application, effective on or afterJune 29, 1962.

JUNE 14, 1962.


The Peoples National Bank of Gharlottesville op-erates 12 banking offices in the central Virginia areaand is the largest bank in its service area with approxi-mately 33 percent of the IPG deposits and 36 percentof the loans in the area. Its nearest rival has lessthan half this amount of deposits and loans with thebalance distributed among several smaller banks.

Since 1958 Peoples has consummated four mergersresulting in an increase in deposits from $57 millionto $86 million and an increase in loans from $29 mil-lion to $51 million. Of the deposit increase, $22 mil-lion is directly attributable to the mergers while $13million of the loan increase is similarly due to themergers.

In light of the merger trend and Peoples' obviousdominance in the service area it is believed that anyfurther acquisitions by Peoples will serve to substan-tially reduce the vigor of competition in the area andhave a tendency towards monopoly.

SECURITY TRUST CO., WHEELING, W. VA., MERGED WITH THE NATIONAL BANK OF WEST VIRGINIA AT WHEELING,WHEELING, W. VA.


Security Trust Co., Wheeling, W. Va., withand The National Bank of West Virginia at Wheeling, Wheeling, W. Va., (1424),

withmerged June 29, 1962, under the charter of the latter bank (1424), and title

"Security National Bank & Trust Co." The merged bank at date of mergerhad

Total assets

$16,672,711

15,643,150

32, 270, 995

Banking offices

In operation

1

1

To be operated

1


Application has been made to the Comptroller ofthe Currency by The National Bank of West Virginiaat Wheeling, Wheeling, West Virginia, for permis-sion to merge with the Security Trust Company, Wheel-ing, West Virginia, under the charter of the formerand with the title "Security National Bank and TrustCompany."

Wheeling, the home of these banks, is the CountySeat of Ohio County and encompasses within its limits54,000 of the 69,000 county residents. Its trade area isaugmented by another 15,000 persons who live in theadjacent Marshall County, to the south, and BelmontCounty, Ohio, across the river. Its reputation as thecommercial and industrial hub of the upper OhioValley stems from its excellent transportation facili-ties, both by river and by rail, from its heavy industrialplants, and from coal mining. Though the coal indus-try has been declining in recent years, the steel proc-essing and manufacturing plants, as well as newlyerected chemical and aluminum factories, have givenstability to its economy. Despite a slight populationdecline and a persistent high rate of unemployment,the prospects for future economic development in theWheeling area are improving and the need for localbanks capable of making increased demands is ap-parent.

The $16.5 million National Bank of West Virginia,which was incorporated in 1817 as the NorthwesternBank of Virginia, is the oldest bank in the state and thefourth largest in the city of Wheeling. This well capi-talized and soundly managed bank has tended to spe-cialize in the larger accounts—typical of wholesalebanking. The Security Trust Company, which waschartered in 1902, is, with assets of $17 million, thethird ranking bank in Wheeling. It is, essentially, aretail bank. Both banks are strategically located in thedowntown section of the city, only a block and a halfapart.

The banking structure in Wheeling does not pres-ently possess the degree of balance most conducive tothe welfare of the community. Of the seven banksnow serving the city, the largest, the Wheeling DollarSavings Bank, has assets of $48.6 million, or nearlythree times that of each of the applicant banks. TheHalf Dollar Trust, with assets of $17.4 million, is sec-ond in size, being slightly larger than either the Na-tional Bank or Security Trust. The remaining threebanks in Wheeling each possess less than $8 million inresources.

This merger, by combining the third and fourth larg-est banks in Wheeling, will reduce the disproportionin size the Dollar Savings Bank now possesses and willcreate new and active competition for it. Because the

79


services now rendered by the National Bank and Se-curity Trust are more complementary than competi-tive, their union will not be disruptive to the bankingneeds of the community nor burdensome on the re-maining smaller banks.

Having examined this proposal in the light of all thestatutory factors, I find that it will promote the publicinterest. The application, therefore, is granted effec-tive on or after June 12,1962.

JUNE 5,1962.


The participating banks are located in downtownWheeling and have identical service areas. As the

third and fourth largest banks in Wheeling, each hav-ing total deposits in excess of $15,000,000, the proposedmerger would eliminate substantial competition be-tween them. In addition, the resulting bank wouldbecome the second largest in Wheeling, and togetherwith the largest bank would represent a further con-centration to the detriment of Wheeling's four otherbanks. Moreover, both banks have enjoyed substantialincreases in net current operating income between 1956and 1960. Finally, the proposed merger would not re-sult in any new benefits to customers of either bank(except higher lending limits).

The effect of the proposed merger on competitionappears to be substantially adverse.

GROSVENOR SAVINGS BANK, JONESVILLE, MICH., CONSOLIDATED WITH THE HILLSDALE COUNTY NATIONAL BANKOF HILLSDALE, HILLSDALE, MICH.


Grosvenor Savings Bank, Jonesville, Mich., withand The Hillsdale County National Bank of Hillsdale, Hillsdale, Mich. (14062),

which hadconsolidated June 30, 1962, under charter the Hillsdale County National Bank

of Hillsdale (14062), and title "Hillsdale County National Bank." Theconsolidated bank at date of consolidation had

Total assets

$3, 675, 582

6, 552, 736

10,228,318

Banking offices

In operation

1

1

To be operated

2


The Hillsdale County National Bank is a unit bankwith total assets of $5,647,000 as of August 31, 1961.Prior to the present application, the bank had notbeen a party to any merger, reorganization, or con-solidation. The bank has experienced a steadygrowth, with its deposit volume doubling since 1951.

The bank is located in Hillsdale, Michigan, a com-munity with a population of approximately 8,000 anda service area population of approximately 11,000.While the economy of this community is mixed, agri-culture still plays a prominent role. However, thenumber of farms in the community has been steadilydecreasing as a result of the marginal farmers' beingforced out of business. The remaining farms aregrowing larger, and as a result, require expandedlending facilities.

An important segment of the economy is the oilindustry. At present, this is not expanding so rapidlyas in past years, however, it still exerts a strong upwardinfluence on the economy. New fields are beingopened, exploration continues, and secondary recoverymethods are being applied to existing fields. In addi-tion, the gas processing plant opened in the countytwo years ago has just completed doubling its capacity.

There is some local industry in and around Hills-

dale, and the Hillsdale Development Corporation,which was formed in December 1961, is working withthe local companies to assist their expansion and toinduce new industry into the area.

The other bank located in Hillsdale is the HillsdaleState Savings Bank. This is a unit bank with totalassets of $13,652,000 as of June 30, 1961.

The Grosvenor Savings Bank is also a unit bankand had total assets of $3,464,000 as of August 31,1961. During the 5-year period from 1956 through1960, the deposits of this bank increased over 50 per-cent. This paralleled the recent growth in oil pro-duction in the area. The community of Jonesville, inwhich The Grosvenor Savings Bank is located, has apopulation of 1,900 and a trade area population of3,000. This community is located 5 miles from Hills-dale and has an economy quite similar to that ofHillsdale.

Mr. Richard Varnum, who was the President ofThe Grosvenor Savings Bank, held 20 percent of thestock of the bank. He indicated to the other banksin the area that upon his retirement as President ofThe Grosvenor Savings Bank, he was desirous ofliquidating his holdings in that bank. An offer wassubmitted by several directors of the Hillsdale CountyNational Bank acting in their individual capacity, topurchase his stock. Bids with a higher premium were

80


rejected by Mr. Varnum because of his feelings thatthe policies followed by the management of HillsdaleCounty National Bank would complement those of theGrosvenor bank. As a result of this purchase, share-holders owning 22.68 percent of the Hillsdale CountyNational Bank held 37.5 percent of the stock of theGrosvenor bank. At present, there is no commonmanagement between the banks.

The application contends that while both of theapplicant banks have experienced a substantial growthover the past 10 years, future growth would be ham-pered because of the limited capital position of eachof the consolidating banks. The applicants state thatthrough expanded services and the combined capital,the consolidated unit would be able to experience agrowth rate unattainable by the two consolidatingbanks. Both of the banks presently maintain largerthan average depository accounts with correspondentbanks in Detroit in return for the services which thesecorrespondent banks provide the customers of theconsolidating banks. It is anticipated that the con-solidated bank could perform these services for its owncustomers.

The service areas of the consolidating banks overlapto some extent and the management policies of the twobanks are quite similar as is the nature of the com-munities they serve. The related borrowing and de-posit accounts which the two consolidating banks haveacquired in each others service area are inconsequen-tial. This would seem to demonstrate that the degreeof direct competition between the two banks is notlarge, notwithstanding their proximity to one another.

The most important competitive element in theservice area of the consolidating banks is The Hills-dale State Savings Bank. This bank has a lendinglimit of $80,000, compared with the present limit of$36,250 for The Hillsdale County National Bank and

$20,000 for the Grosvenor bank. The lending limitof the consolidating bank will be $56,250, and the ap-plication states that it will be in a better position tocompete with The Hillsdale State Savings Bank andto offer the services and facilities required by the areawhich the components are not capable of offering.

Because of the present substantial degree of commonownership, it would appear that the consolidatingbanks would not engage in any stronger competitiveaction in the future than they have in the past. Thisdegree of mutual ownership, together with similaroperating policies, will continue to serve to diminishthe lines of differences between the two banks. As aconsolidated unit, the full resources of these bankscould be utilized to their most effective extent to serv-ice the area with the probable effect that the competi-tive quality of the area will be intensified.

In view of the favorable competitive and bankingfactors, we find the proposed consolidation to be inthe public interest and it is therefore approved, ef-fective on or after March 20,1962.

MARCH 13, 1962.


The participating banks are located in two smallMichigan towns, five miles apart. Although the com-petition between them is probably substantial, each ofthem faces its chief competition from the HillsdaleState Savings Bank which has about one-third moreIPC deposits than the participating banks combined.The ability of the participating banks to compete withthe dominant bank in the area has been hindered byinsufficient capital with which to extend credit to,and thus attract, business customers.

On balance, it does not appear that the effect ofthe proposed merger would be significantly adverse.

THE PATH VALLEY NATIONAL BANK OF DRY RUN, DRY RUN, PA., MERGED WITH THE VALLEY NATIONAL BANKOF CHAMBERSBURG, CHAMBERSBURG, PA.


The Path Valley National Bank of Dry Run, Dry Run, Pa. (10811), withand The Valley National Bank of Chambersburg, Chambersburg, Pa. (4272),

which hadmerged June 30, 1962, under charter and title of the latter bank (4272). The


Total assets

$1,818,272

16,176,104

17, 994, 376

Banking offices

In operation

1

3

To be operated

4


The Valley National Bank of Chambersburg,Ghambersburg, Pennsylvania, with resources of $15million, has applied to the Comptroller of the Cur-rency for permission to merge with The Path Valley

National Bank of Dry Run, Dry Run, Pennsylvania,with assets of $1.7 million, under the charter and titleof the former.

These banks serve the central and northern partsof Franklin County, which is located in the middle of

81


the state abutting the Maryland line. Chambersburg,the County Seat, with a population of 18,000, servesa trade area encompassing 47,000. While agriculturein the form of fruit farming, dairying, poultry raising,and egg producing is the economic mainstay of thiscommunity, many plants of nationally known indus-tries located nearby make a substantial contribution.The U.S. Army Ordnance Depot at Letterkenny, 5miles southwest of Chambersburg, is the largest em-ployer in the area with some 5,500 persons on its payroll. The Chambersburg Area Development Corpora-tion has been inordinately successful in attracting newindustry and commercial activity to the community.

Dry Run, a community of 200, is located 26 milesnorthwest of Chambersburg in Path Valley betweenthe Tuscarora Mountains on the west and the BlueRidge Mountains on the east. Dairy farming and gen-eral agriculture, with some limestone and shale quarry-ing, milling, and pulp production provide thelivelihood for the 4,000 people in the trade area.Many of the residents, however, commute to work atthe Letterkenny Ordnance Depot. Prospects for thefuture development of Dry Run and its environs ap-pear limited by reason of its rugged surroundingterrain.

Franklin County is served by eight commercial banksoperating 18 offices. The four largest of these, ofwhich the Valley National Bank is third in size, arelocated in Chambersburg. Valley National, organizedin 1890, now operates three offices and a facility atthe Letterkenny Depot. This bank, with full trustpowers, is well managed and adequately capitalized.By this merger, Valley National will strengthen itsposition in the Chambersburg area without disrupt-ing the present balance that now exists.

The Path Valley National Bank, with a $14,000 ceil-ing on its lending power, has experienced difficulty inmeeting the demands for loans made upon it. Despitethe best efforts of its competent managers, it has been

unable to attract interest free deposits in sufficient vol-ume to offset the cost of the undue proportion of sav-ings accounts it now carries. Its restricted earningshave curtailed its efforts to improve its capital struc-ture. This merger will bring to the people of DryRun and Path Valley a banking office able to meet theirloan requirements. The sound capital position ofValley National will enable it to offset the deficienciesof Path Valley National without any new injection ofcapital.

While this proposal will eliminate an independentbank, it is clear that Dry Run, unable to support ade-quately its own bank, will be better served by a branchof a larger institution. Not only will more funds beavailable for credit needs, but also it is expected thathigher interest can be paid on savings without fear ofimpairing reasonable income. The impact of thismerger on banking competition in the county, if any,is too slight to mention.

All the statutory factors having been weighed, it ap-pears this merger will promote the public interest. Theapplication, therefore, is granted effective on or afterMay 10,1962.

MAY 4,1962.


The participating banks are located 25 miles apartin Franklin County, Pennsylvania. The acquiring bankis the third largest of the four relatively large Cham-bersburg banks which dominate the county. The ac-quired bank is one of the much smaller banks whichare located in small towns throughout the county.Although the position of the acquiring bank will beenhanced by the instant merger, it will remain third insize among the eight banks.

On balance, the effect of the proposed acquisitionon competition does not appear to be substantiallyadverse.

THE RICHFIELD BANK, RICHFIELD, PA., CONSOLIDATED WITH THE FIRST NATIONAL BANK OF MIDDLEBURG,PENNSYLVANIA, MIDDLEBURG, PA.


The Richfield Bank, Richfield, Pa., withand The First National Bank of Middleburg, Pennsylvania, Middleburg, Pa.

(4156), which had . .consolidated June 30, 1962, under charter and title of the latter bank (4156).

Total assets

$2, 766, 794

7, 887, 602

10, 654, 396

Banking offices

In operation

1

3

To be operated

4

82



The First National Bank of Middleburg, Middle-burg, Pennsylvania, and The Richfield Bank, Rich-field, Pennsylvania, have applied to the Comptrollerof the Currency for permission to consolidate under thecharter and title of the former.

The First National Bank of Middleburg, with totalassets of $7.5 million, has its home office in the Boroughof Middleburg and branch offices at McClure andBeaver Springs, all in Snyder County. Middleburg,with a population of 1,366, is supported by a stableagricultural economy. Industry in the service area,employing approximately 1,000 is of secondary im-portance.

The single-office Richfield Bank, with assets of $2.7million, was first organized as a private bank in 1907and was chartered by the Commonwealth of Penn-sylvania in 1921. Richfield, located 12 miles south-west of Middleburg in Juniata County, is a residentialcommunity of 350 in the center of a prosperous agri-cultural trading area which primarily produces poultryand dairy products. The only industrial plant in thearea employs about 125 persons.

The motivation for the proposed consolidation isthe advanced age and ill health of the managing officerof The Richfield Bank who managed the bank sinceits organization. During the last decade, the manage-ment of this bank has pursued an extremely conserva-tive policy which has caused much of the area's bank-ing needs to be serviced by banks located in other townsin the two-county service area.

The First National Bank of Middleburg, on the otherhand, has developed a young and aggressive officer staffwhich has been active in building a modern and pro-gressive bank. The resulting bank, with its increasedlending limit, its sound capitalization, its full range ofservices, and the additional loanable funds of TheRichfield Bank, will be in a position to fully serve thearea and to compete more actively with the nine othercommercial banks in the area.

The proposed consolidation meets the applicablestatutory requirements and it is approved effectiveon or after May 3,1962.

APRIL 26,1962.


The proposed consolidation of The Richfield Bank,Richfield, Pennsylvania and The First National Bankof Middleburg, Pennsylvania, Middleburg, Pennsyl-vania would appear to have adverse effects on competi-tion since one of three banks serving this rural areawould be eliminated.

The effect of this consolidation on competition wouldbe felt in the service areas of the participating banks.In Middleburg's area its dominance would be enhancedby 18.8 percent in IPC Deposits and 14.9 percent intotal loans. In Richfield's area, Middleburg's posi-tion in IPC Deposits and Total Loans would betremendously increased by 76.5 and 75.7 percent re-spectively. In both areas an independent bankingfacility over one-third the size of the acquiring bankin total assets would be eliminated. Therefore, we be-lieve that the elimination of Richfield will have ad-verse effects on competition.

THE BELLPORT NATIONAL BANK, BELLPORT, N.Y., MERGED WITH VALLEY NATIONAL BANK OF LONG ISLAND,VALLEY STREAM, N.Y.


The Bellport National Bank, Bellport, N.Y. (12473), withand Valley National Bank of Long Island, Valley Stream, N.Y. (11881), which

hadmerged July 13, 1962, under charter and title of the latter bank (11881). The


Total assets

$5, 530,886

81, 760, 111

87,290, 997

Banking offices

In operation

1

12

To be operated

13


On April 27, 1962, the Valley National Bank ofLong Island, Valley Stream, Nassau County, NewYork, filed an application with the Comptroller ofthe Currency for permission to merge with The Bell-port National Bank, Bellport, Suffolk County, NewYork, under the former's title and charter.

The Valley National Bank, with resources of over$75 million, maintains seven offices in Nassau County

and five in Suffolk County. Another branch has beenapproved in Nassau County.

Although not in direct competition with the ValleyNational, the $5 million Bellport National Bank, 27miles from the nearest Valley National branch and42 miles from its main office, competes with four otherbanks for the business of the 20,000 persons in itsservice area, in and around the small residential townof Bellport. The bank's deposits and loans have

83


doubled in the past five years, but earnings haveremained low.

Both Nassau and Suffolk Counties, primarily resi-dential in nature, have experienced an extraordinarypopulation growth in the last decade, and the prog-nosis for the future, in terms of residential, commer-cial, and light industrial development, is good. Theresults of the proposed merger will be favorable, sincethe Valley National, with its aggressive management,would provide more effective competition for areabanks, one of which is nearly three times the size ofthe proposed resulting bank.

Having weighed all the factors prescribed by thestatute, I conclude that the merger will promote thepublic interest. The application, therefore, is grantedeffective on or after July 10, 1962.

JULY 3, 1962.


This proposed merger, the fourth in two years in-

volving Valley National, would combine a small bankon the southern boundary of Suffolk County with abank principally doing business in the western end ofNassau County. Valley National, with 12 branches,has total deposits in excess of $65,000,000, and totalnet loans and discounts of over $32,000,000. BellportNational has no branches; its total deposits are$4,624,000 and it holds almost $3,000,000 in total netloans and discounts. Valley National already has ac-quired entry into Suffolk County through mergers orconsolidations with banks in the northwestern cornerof the and on the north and south forks of Long Is-land. While the proposed merger, extending its busi-ness to the south central portion of Suffolk County,apparently will not have substantial adverse effectson competition. Valley National's series of small butstrategic acquisitions may encourage a trend towardsimilar moves by other banks in the area which shouldbe carefully scrutinized.

THE COMMERCIAL NATIONAL BANK, CAMDEN, S.C., MERGED WITH THE CITIZENS & SOUTHERN NATIONAL BANKOF SOUTH CAROLINA, CHARLESTON, S.C.


The Commercial National Bank, Gamden, S.G. (14525), withand The Citizens & Southern National Bank of South Carolina, Charleston,

S.C. (14425), which hadmerged July 14, 1962, under charter and title of the latter bank (14425). The


Total assets

$5, 087, 589

149, 408, 887

154, 496, 476

Banking offices

In operation

1

23

To be operated

24


On April 30, 1962, The Citizens and Southern Na-tional Bank of South Carolina, Charleston, SouthCarolina, and The Commercial National Bank, Cam-den, South Carolina, applied to the Comptroller of theCurrency for permission to merge under the charterand title of the former.

The Citizens and Southern Bank, with assets inexcess of $140 million, operates 20 branches through-out the state of South Carolina, 14 of which wereestablished de novo. It is the second largest commer-cial bank in the state. Commercial National, withassets in excess of $5 million, operates from its mainoffice in Camden, South Carolina, the county seat ofKershaw County, which has a population of 33,000and is located 32 miles northeast of Columbia and125 miles north of Charleston. The area has aneconomy diversified among agriculture, industry andlumbering.

Camden is presently served by Commercial Na-tional and by a branch of The South Carolina Na-tional Bank of Charleston, the largest in the state.There are no other competing banks within a 20-mileradius of Camden. The limited capabilities of Com-mercial National and its lack of aggressive policieshave handicapped the bank in effectively servicing itscustomers and in obtaining new business in competi-tion with the branch of South Carolina National. Itis also having difficulty attracting aggressive youngmanagement by failing to provide realistically for thefuture financial security and opportunity for em-ployees through pension plans and other employeebenefits so necessary to effective and progressive bank-ing. The acquisition by Citizens and Southern willimmediately remedy these problems and will bringpresent benefits to the staff and thus to the customersof Commercial National.

The acquisition will have no significant effect onthe statewide banking structure in South Carolina.

84


Its primary effect will be to stimulate more effectivecompetitive in the Camden area.

In light of the statutory factors, I find that the trans-action is in the public interest and the application isapproved effective on or after June 21, 1962.

JUNE 14, 1962.


The merger of The Commercial National Bank,Gamden, South Carolina, into The Citizens andSouthern National Bank of South Carolina, Charles-

ton, South Carolina, will not substantially affect com-petition since the two banks do not operate in thesame service area.

Citizens is a large state-wide banking organizationwhereas Commercial is a local bank now competingunder handicaps with a branch of a large state-widebank which entered Camden by also acquiring theother local unit bank. While this merger will not sub-stantially affect competition it represents part of atrend whereby local unit banks in South Carolinaare being absorbed by larger state-wide chain banks.

THE CATONSVILLE NATIONAL BANK, CATONSVILLE, MD., AND FARMER'S BANKING & TRUST CO. OF MONTGOMERYCOUNTY, ROCKVILLE, MD., MERGED WITH THE FIRST NATIONAL BANK OF BALTIMORE, BALTIMORE, MD.


The Catonsville National Bank, Catonsville, Md. (13147), withFarmers' Banking & Trust Co. of Montgomery County, Rockville, Md., with. . . .and The First National Bank of Baltimore, Baltimore, Md. (1413), which hadmerged July 20, 1962, under the charter of the latter bank (1413), and under the

title of "The First National Bank of Maryland." The merged bank at thedate of merger had

Total assets

$17, 560, 48427,433,150

374, 348, 052

419, 323, 966

Banking offices

In operation

25

22

To be operated

29


On May 1, 1962, the First National Bank of Balti-more, Baltimore, Maryland, filed an application withthe Comptroller of the Currency for permission tomerge with the Catonsville National Bank, Catonsville,Maryland, and the Farmers Banking and Trust Com-pany of Montgomery County, Rockville, Maryland,under the charter of the First National Bank of Balti-more and with the title of "The First National Bank ofMaryland."

The $366 million First National Bank, organized in1806, entered the national banking system in 1864.This bank, the second largest in Maryland, is head-quartered in Baltimore and operates its 20-branch sys-tem in and near that city. While 10 of these brancheshave been acquired during the last six years by theabsorption of smaller banks, the remainder were estab-lished de novo.

Greater metropolitan Baltimore embraces over1,785,000 people, of whom some 939,000 live withinthe city limits. The city, in addition to being an in-dustrial and commercial center, is one of the great sea-ports on the east coast. It is also one of the leadinginsurance and financial centers on the Atlantic sea-board. Among the banks serving this area are the63-office Maryland National Bank with assets of $579million (the state's largest bank), the 33-ofBce UnionTrust Company of Maryland with assets of $293 mil-

lion, and the 26-office Equitable Trust Company withassets of $239 million.

Catonsville, an unincorporated town of 40,000, lieson the western edge of Baltimore City. This purelyresidential community has gained 15,000 residents inthe last decade—largely from the overflow of the Balti-more populace. Most of the gainfully employed in thisupper-level suburb commute to their jobs in the city.Residential construction during this period of expan-sion has averaged 612 building starts a year for the last10 years and the presently new homes number 1,200.In addition to the building construction and the highincome level of the residents, the economy is aided bya large number of service and commercial facilitiesadequate to the neighborhood.

The Catonsville National Bank, chartered into thenational system in 1927, has acquired assets of $17.6million through the operation of its main office andone local branch. Catonsville National is presently indirect competition with Maryland National, EquitableTrust, and Union Trust, the latter two banks beinglocated within one block of the Catonsville National.In this geographical and competitive context, thelimited capabilities of the excessively conservativeCatonsville National will in time put it to a disad-vantage with its existing larger competitors in servicingthe convenience and needs of the community.

It is regrettable that approval of this merger willdeprive the local residents of the choice of a smaller

85


bank, but it cannot be gainsaid that the First Nationalhas the unquestioned capacity to bring a wider andmore realistic service to the customers of the Catons-ville National.

The $25.5 million Farmers Banking and TrustCompany, the third bank involved in this merger,maintains its principal office in Rockville, the countyseat of Montgomery County, and operates three branchoffices in the county. Rockville is located 33 milessouthwest of Baltimore and 18 miles northwest of theDistrict of Columbia. This bank, organized in 1900,has witnessed the growth of Rockville from a quietcountry town into a growing city of 26,000, thriving onthe viable local economy of a county whose populationexpanded 120 percent in the last 10 years. The 279percent decennial growth rate of Rockville has beenoccasioned by the location of large Federal govern-ment installations in the county, the increase in thenumber of light and highly technical industrial plantsin the city, and the large migration of residents fromWashington, D.C., and other parts of the country.This population increase in the county has produceda substantial expansion in the development and con-struction of residential subdivisions, commercial facili-ties, and civic buildings. The per capita income levelof the area residents is another factor which contributesto the county's well being and makes it a desirablebanking location.

Though Farmers is headquartered in Rockville, thestrategic location of its three branch offices in Pooles-ville, Gaithersburg, and Kensington enable it to serve,and thus compete, on a countywide basis. At thistime there are 14 banks serving Montgomery Countythrough 39 opened offices. Four of these banks possessassets in excess of those held by Farmers: the $65.9million Citizens Bank of Maryland, Riverdale; the$41.2 million American National Bank of Silver Spring(a subsidiary of the Financial General Corporation);the $27.1 million Bank of Bethesda; and the $215 mil-lion Suburban Trust Company of Hyattsville, whichalone accounts for more than one-third of the depositvolume of the Montgomery County area and hasrecently had a branch approved in the city of Rock-ville. Though the District of Columbia banks are un-able to branch beyond the District line into neighbor-ing Maryland counties, they actively solicit businessin these areas and, indeed, have contributed greatlyto financing the growth of the surrounding territory.

In recent years, from various causes, the bankingstructure of Montgomery County has gradually ac-quired an imbalance that is not conducive to the pub-lic interest or to a healthy banking climate. Though14 banks are now operating 39 offices in the county,the fact that the $215 million Suburban Trust main-tains 11 of these facilities in strategic locations gives ita marked advantage over the others. The recent ap-proval of Suburban's branch in Rockville now projects

its unequal advantage within the city limits to the dis-advantage of Farmers Banking and Trust Company.

We can readily understand the desire of the largerBaltimore banks to expand their operations into Mont-gomery County and to share in the attractive bankingbusiness being generated there. We prefer, and inmany instances require, that banks expand their opera-tions along the more gradual route of de novo branch-ing, especially in states such as Maryland where thelaw permits state-wide branching. To insist, in thiscase, that the First National should enter Rockvillethrough a de novo branch would produce an over-banked situation to the added detriment of the smallerbanks. We believe, under the unique circumstancesof this case, that the public interest as measured bythe convenience and needs of the community precludesus from relying on de novo branching.

We must acknowledge that approval of this mergercannot easily be squared with our concept of a bal-anced banking structure as it should exist generallyon a municipal level. The desideratum of large andsmall banks competing side by side is lost when wepermit large out-of-town banks to replace the lastsmall local banks. A balanced banking structure has,as its prime function, the promotion of the public in-terest. When blind insistence upon the maintenanceof a balanced structure would impair the public in-terest, as it would in this case, our concern for thepublic interest must be controlling. In approving thismerger under the exigencies of the economic and bank-ing development of Rockville and Montgomery Coun-ties as they relate to the over-all banking picture in theWashington standard metropolitan area, we are notto be understood as forsaking the concept of a bal-anced banking structure as the goal which will gener-ally best serve the public interest.

The application in this case proposed an integratedthree-way merger. Since it was filed before the pub-lication of our recent letter to all national banks statingthat this Office did not look with favor upon suchapplications, whether or not severable according totheir legal terms, no objection is raised at this time.

Approval of this application, and of the MarylandNational application simultaneously, will patentlyhave a pervasive impact on banks in the District ofColumbia and in the entire relevant trade area whichnow realistically stretches from Washington to Balti-more. By approval of this merger the First of Balti-more acquires a branch within four miles of the Districtof Columbia, and puts that bank in direct competitionfor banking business in the District of Columbia. Un-questionably, therefore, approval of this applicationwill be of strong concern to all of the District of Co-lumbia banks. Of similar concern to them is the factthat Maryland National has pending before this Officethree branch applications which, if approved, wouldbring it within easy and effective striking distance of

86


District of Columbia banking. And it may also bepresumed that the large state-chartered banking in-stitutions in Baltimore will similarly seek authorityunder the Maryland state-wide branching law to moveinto competitive conflict in the District of Columbia.

The District of Columbia banks have long quietlyfelt, and with substantial merit, that they should haveentry into the immediate Virginia and Maryland bank-ing areas in order to give them direct access to thegreat mass of their former customers who have mi-grated over the years from the District into Marylandand Virginia. They contend, also with substantialmerit, that it was, and yet is, the substantial resourcesof the District of Columbia banks which have been solargely responsible for the business and commercialdevelopment over the last twenty years in nearby Mary-land and Virginia. They have also seen District ofColumbia savings and loan associations, finance com-panies, and insurance companies, move, throughbranches and otherwise, into the Maryland and Vir-ginia areas, while these District of Columbia bankswere prevented by branching limitations from seekingequal access by following their customers and theircapital investments into these areas. In earlier years,District of Columbia banks did have the opportunityto cross through the bank holding company vehicleinto these areas but did not do so. Affiliate or satellitebanking was also not employed except by one institu-tion as an alternative vehicle. Only Financial GeneralCorporation, specifically exempted by Congress fromthe application of the Federal Bank Holding Com-pany Act, has enjoyed unregulated freedom of accessinto Maryland and Virginia, a privilege which it hasliberally exercised. Only recently, at its Annual Con-vention, did the District of Columbia banks—one ex-cepted—publicly avow an interest in seeking properlegislation to extend their competition into nearbyMaryland and Virginia areas. That action by theDistrict of Columbia banks comes very late indeed.

Pending and prospective merger and bank holdingcompany applications of larger Virginia banks clearlysuggest the possibility of direct competition by Virginiainstitutions in the District of Columbia banking area.This is apparent to all who would read the picture.Such additional competition to the District of Co-lumbia banks further accents the competitive disad-vantage to which they have been subject, and to whichthey may become more severely subject in the future.

This opinion should be read in conjunction with theopinion issued simultaneously on the application ofthe Maryland National Bank of Baltimore to mergewith the Montgomery County National Bank of Rock-ville.

Balancing all the facts surrounding this case againstthe statutory criteria, we find this merger will serve thepublic interest. The application, therefore, is granted,effective on or after July 20,1962.

JULY 13, 1962.


The merger of The First National Bank of Balti-more, Baltimore, Maryland with The Catonsville Na-tional Bank, Catonsville, Maryland would substan-tially adversely affect competition and tend towardsoligopoly in each geographic area in which this mergercan be considered. Within metropolitan Baltimore,this merger would tend towards oligopoly and adverselyaffect competition in view of the history of mergers ofFirst National and other Baltimore banks and in thelight of the relative size of First National and otherBaltimore banks. First National is the second largestbank in the state. Together with the largest, FirstNational controls 53 percent of all deposits in the Balti-more metropolitan area, control achieved in large partby mergers and acquisitions of competing banks.Within Baltimore County the competitive situationwould also be severely adversely affected by thismerger. Within this somewhat narrower area FirstNational together with the largest bank in the areacontrols 57 percent of all deposits. The merger wouldadversely affect competition and tend towards oligop-oly by eliminating substantial competition between themerging banks and encourage other mergers.

The merger of The First National Bank of Balti-more with Farmers Bank and Trust Company of Mont-gomery County would also substantially adversely af-fect competition and tend towards monopoly. WithinMontgomery County, this merger would completelyunbalance the banking structure and undoubtedly leadto a rapid pace of mergers and other means of externalexpansion by other banks not now operating in thearea. Competition by three large banks for the cor-respondent business of Farmers would be eliminated.And the size of one of the two giants in Baltimorewould also be augmented.

©96-055—63 7

87


T H E MONTGOMERY COUNTY NATIONAL BANK OF ROCKVILLE, ROCKVILLE, M D . , MERGED WITH MARYLANDNATIONAL BANK, BALTIMORE, M D .


The Montgomery County National Bank of Rockville, Rockville, Md. (3187), with..and Maryland National Bank, Baltimore, Md. (13745), which hadmerged July 20, 1962, under charter and title of the latter bank (13745). The

merged bank at the date of merger had

Total assets

$12, 603, 438584, 067, 934

596, 397, 245

Banking offices

In operation

266

To be operated

68


On May 25, 1962, the Maryland National Bank,Baltimore, Maryland, filed an application with theComptroller of the Currency requesting permission tomerge with the Montgomery County National Bankof Rockville, Rockville, Maryland, under the charterand title of the former.

The $587 million Maryland National Bank is thelargest commercial bank headquartered in Maryland.Its multioffice system of 63 branches covers 12 coun-ties in the state, including metropolitan Baltimore andBaltimore County, the Eastern Shore and the SouthernMaryland counties, constituting three distinct tradeareas. The first area, in which this bank has 34 offices,is comprised of Baltimore City and County, and has aneconomic base founded on industry, commerce, ship-ping, finance and extensive real estate developments.The second lies on the Eastern Shore, where it has 14offices serving six counties. This area, largely de-pendent upon truck farming and the tourist trade, israpidly shifting to an industrial and commercial baseto support its expanding economy. The third, orSouthern Maryland area, is served by 15 offices. Oncedevoted solely to agricultural pursuits, Southern Mary-land is now undergoing economic revitalization as itsresort potential is being discovered by tourists and resi-dents of Baltimore and Washington.

The $13 million Montgomery County NationalBank, chartered in 1884, operates its main office andone branch in Rockville, the county seat of Mont-gomery County. While this bank, characterized by itsvery conservative management, has shown moderategrowth in the past, it has yet to realize its full potentialby taking advantage of the many opportunities avail-able to it in this burgeoning area.

The City of Rockville, with a population of 26,000,is located 33 miles southwest of Baltimore and 18miles northwest of Washington, D.C. Though Rock-ville is the site of both offices of the MontgomeryCounty National Bank, it cannot be considered apartfrom its position in Montgomery County. This his-toric town, which maintained its tranquil, rural atmos-phere through World War II, has undergone a marked

transition in the last 15 years. Following the war, thegrowing population of Washington began overflowingthe District of Columbia boundaries and inundatingthe adjacent counties. This process continues un-abated until, now the residential developments inMontgomery County, extending from the District linewell beyond Gaithersburg to the northwest, have vir-tually engulfed Rockville. Despite this rapid growth,Rockville, through careful planning and well-regulateddevelopment, has retained its identity and maintainedits focal position in Montgomery County.

Banking facilities located within Rockville are pres-ently limited to the two offices of the MontgomeryCounty National Bank, two offices of the $25 millionFarmers Banking and Trust Company of MontgomeryCounty and one office of the $41 million AmericanNational Bank of Silver Spring. It should be espe-cially noted that the $215 million Suburban TrustCompany of Hyattsville has now obtained approval toopen a branch in Rockville.

Because the economy of Rockville is integrated intothat of Montgomery County, it is necessary to evalu-ate the position of the Montgomery County NationalBank in relation to other banking facilities availablethroughout the county. There are 14 banks servingMontgomery County through 39 offices. Countywidebanking competition is offered by Suburban Trust,which through 11 of its 29 offices, has over one-thirdof the total county deposits; by four offices of theAmerican National which has nearly one-fifth of thedeposits; and by the six-office Bank of Bethesda andthe four-office Farmers Banking and Trust Company,each of which control one-tenth of the deposits. Incomparison, Montgomery County National accountsfor only one-twentieth of the county's deposits. Sub-stantial competition for the savings dollar and loanaccounts originating in the county also comes from thelarger banks located in Washington. Additional com-petition would be generated by the three branch officeswhich the applicant bank proposes to open in thecounty, il approval is granted by this office.

The pmding entry of Suburban Trust Companyinto the City of Rockville through its recently ap-proved 1 ranch will seriously disadvantage the Mont-


gomery County National Bank. While County Na-tional, with its ultraconservative policies, has preservedits position as an undoubtedly sound financial institu-tion, it has failed to provide the community with thedepth and breadth of service that should be expected.Its failure to keep abreast of the economic and finan-cial requirements of this growing city has placed it un-der a distinct handicap when compared to the otherbanking institutions in the city and county. This in-ability of the County Bank to respond to the needs ofthe community would become increasingly evidentwhen the new branch of Suburban Trust becomesoperative and proffers to the people of Rockville itsfull range of service, skilled counselling and realisticrates.

To present the Suburban Trust with a rival capableof offering comparable services in Rockville, it isproper that the inadequately competitive County Bankbe supplanted through merger by the larger MarylandNational Bank. This substitution of banks will presentto the people of Rockville an alternative banking fa-cility capable of rendering a service fully as broad asthat tendered by the Suburban Trust.

While the passing of a smaller bank from a growingcommunity is a matter of regret, concern for the publicinterest must be our primary guide. The unusual eco-nomic development of Rockville and the surroundingMontgomery County area present a unique situationnot equalled anywhere in the State of Maryland.Where normally we would hesitate to supplant aneffective smaller local bank by substituting a large out-of-town bank, our strong and continuing concern fora balance in the banking structure in every locale ofthe nation must yield to the exigencies of circum-stances as unusual as these.

The entry of Maryland National will clearly affectthe banking structure of the City, the County, and theDistrict of Columbia. However, the same number ofbanking offices which now are in operation in thisarea will continue to be available after this merger.Two of these offices will be capable of offering greatlyexpanded banking services and will undoubtedly in-tensely affect banking competition in the County andin the District of Columbia. It should also be notedthat, because of the total number of banking alterna-tives available to the residents of Rockville and Mont-gomery County, there is no reasonable basis to contendthat approval of this merger will produce an undueconcentration of funds and resources.

Approval of this application, and of the First ofBaltimore application simultaneously, will patentlyhave a pervasive impact on banks in the District ofColumbia, and in the entire relevant trade area whichnow realistically stretches from Washington to Balti-more. By approval of this merger the Maryland Na-tional acquires a branch within a few miles of theDistrict of Columbia, and puts that bank in direct

competition for banking business in the District ofColumbia. Unquestionably, therefore, approval ofthis application will be of strong concern to all of theDistrict of Columbia banks. Of similar concern tothem is the fact that Maryland National has pendingbefore this office three branch applications which, ifapproved, would bring it within easy and effectivestriking distance of District of Columbia banking.And it may also be presumed that the large state-chartered banking institutions in Baltimore will simi-larly seek authority, under the Maryland statewidebranching law, to move into competitive conflict inthe District of Columbia.

The District of Columbia banks have long quietlyfelt, and with substantial merit, that they should haveentry into the immediate Virginia and Maryland bank-ing areas in order to give them direct access to thegreat mass of their former customers who have mi-grated over the years from the District into Marylandand Virginia. They contend, also with substantialmerit, that it was, and yet is, the substantial resourcesof the District of Columbia banks which have been solargely responsible for the business and commercial de-velopment over the last twenty years in nearby Mary-land and Virginia. They have also seen District ofColumbia savings and loan associations, finance com-panies, and insurance companies, move, throughbranches and otherwise, into the Maryland and Vir-ginia areas, while these District of Columbia bankswere prevented by branching limitations, from seekingequal access by following their customers and theircapital investments into these areas. In earlier years,District of Columbia banks did have the opportunityto cross, through the bank holding company vehicle,into these areas but did not do so. Affiliate or satel-lite banking was also not employed except by one in-stitution as an alternative vehicle. Only FinancialGeneral Corporation, specifically exempted by Con-gress from the application of the Federal Bank HoldingCompany Act, has enjoyed unregulated freedom ofaccess into Maryland and Virginia, a privilege whichit has liberally exercised. Only recently, at its AnnualConvention, did the District of Columbia banks—oneexcepted—publicly avow an interest in seeking properlegislation to extend their competition into nearbyMaryland and Virginia areas. That action by theDistrict of Columbia banks comes very late indeed.

Pending and prospective merger and bank holdingcompany applications of larger Virginia banks clearlysuggest the possibility of direct competition by Vir-ginia institutions in the District of Columbia bankingarea. This is apparent to all who would read thepicture. Such additional competition to the Districtof Columbia banks further accents the competitive dis-advantage to which they have been subject, and towhich they may become more severely subject in thefuture.


This opinion should be read in conjunction withthe opinion issued simultaneously on the applicationof the First of Baltimore to merge with the CatonsvilleNational Bank and Farmers Banking and Trust Com-pany of Montgomery County.

Having balanced all the statutory factors in ap-praising this proposal, we find that the merger willserve the public interest. This application, therefore,is granted, effective on or after July 20, 1962.

JULY 13, 1962.


Maryland National Bank (MNB), the state's largestbank, operating 63 offices in all parts of the stateexcept Western Maryland and the suburban Wash-ington area, and having total assets of $587,045,000,proposes to acquire Montgomery County NationalBank, operating two offices in Rockville and havingtotal assets of $12,975,000.

The proposed acquisition would contribute to thespread of branch banking by the large Baltimore banksby acquisition of smaller independent banks. This isone of two current proposals by Baltimore banks toacquire Rockville banks, the other proposal being madeby the second largest bank in the state. MNB statesthat it would be "inappropriate" to open a de novobranch in Rockville although it has three applicationspending for de novo branches in Montgomery County,at least one of which would be close to the Rockvillecity limits and in competition with MontgomeryCounty National.

The accelerating trend toward growth of large banksby acquisition and the elimination of the smaller in-dependent banks may substantially lessen competitionand tend toward monopoly in commercial banking inthe State of Maryland generally and in certain areaswithin the state.

CENTRAL TRUST CO. OF ORLANDO, ORLANDO, FLA., MERGED WITH CITIZENS NATIONAL BANK OF ORLANDO,ORLANDO, FLA.


Central Trust Go. of Orlando, Orlando, Fla., withand Citizens National Bank of Orlando, Orlando, Fla. (14573), which hadmerged July 31, 1962, under charter and title of the latter bank (14573). The


Total assets

$290, 64848,760, 252

49, 050, 899

Banking offices

In operation

11

To be operated

1


An application has been filed with the Comptrollerof the Currency requesting permission to merge theCitizens National Bank of Orlando, Orlando, Florida,and The Central Trust Company of Orlando, Orlando,Florida.

The Citizens National Bank, with assets of $51 mil-lion, operates its main office in downtown Orlando, acity of 88,000, and its one facility at McCoy Air ForceBase. While it is second in size to the $102 millionFirst National Bank, it is slightly larger than theFlorida National Bank whose assets are $45.3 million.These three banks offer a full line of commercial bank-ing services including trust department facilities.

The Central Trust Company opened for business inOrlando on April 5, 1928, under the title of "CentralFlorida Abstract Title and Trust Company." It firstchanged its name in 1934 to "Central Title and TrustCompany." When it sold its title and abstract busi-ness in November 1959 to concentrate solely on trustaffairs, it again changed its name to its present title.Since it does no commercial banking, neither accept-

ing deposits nor making loans, any effect this proposalmay have on the local scene will be limited to thetrust field. The combination of the trust assets ofthese merging institutions will not produce any signif-icant concentration as the First National Bank aloneholds seven times as many assets in its trust department.

Since the sale of its real estate title business, theCentral Trust Company has been faced with manage-ment problems. Its record keeping techniques andtrust management policies fall short of the minimumstandards demanded of an insured institution. Thereis reason to believe that Central Trust Company, ifallowed to continue on its present course, mighteventually founder. By transferring the trust accountsof Central Trust to Citizens National Bank, the bene-ficiaries of each trust will get the benefits of bettermanagement policies and an experienced trust officer.

It follows, therefore, that since approval of this trans-action comports with all the statutory criteria and willbe clearly in the public interest, the application isgranted effective on or after May 11,1962.

MAY 3, 1962.

90



The Citizens National Bank of Orlando and theCentral Trust Company of Orlando compete only inthe field of trust accounts. Citizens National Bankhas total trust assets of $6,135,398.31. Central TrustCompany has total trust assets of $2,999,805.44. Ac-cording to the application, the Trust Departments ofthe two banks are relatively small and the resultantbank would rank third in the Orlando area in the size

of its Trust Department. This compares with the$61,405,000 size Trust Department of Orlando'slargest bank.

Should this merger be approved, competition be-tween the Citizens National Bank and the CentralTrust Company in the trust accounts field will beeliminated and one of four factors in trust businessremoved from competition. However, the eliminationof this competition will not give Citizens National Banka monopoly or a dominant position in this field.

THE FIRST NATIONAL BANK OF ADAMS, ADAMS, MASS., CONSOLIDATED WITH FIRST AGRICULTURAL NATIONAL BANKOF BERKSHIRE COUNTY, PITTSFIELD, MASS.


The First National Bank of Adams, Adams, Mass. (462), withand First Agricultural National Bank of Berkshire County, Pittsfield, Mass.

(1082), which hadconsolidated July 31, 1962, under charter and title of the latter bank (1082).


Total assets

$3, 732, 068

34, 436, 521

38,168, 589

Banking offices

In operation

1

3

To be operated

4


On May 23, 1962, the First Agricultural NationalBank of Berkshire County, Pittsfield, Massachusetts,filed an application requesting consent of the Comp-troller of the Currency to its consolidation with theFirst National Bank of Adams, Adams, Massachusetts,under the charter and title of the former.

Adams is a community of 12,000, situated in amanufacturing area in northern Berkshire County,near the NewYork-Vermont border. Paper manufac-turing and lime production are filling the void createdby the gradual slackening of the area's once dominanttextile business. The town of Pittsfield, 15 miles southof Adams, is the economic and political center of Berk-shire County. Its 58,000 people are served by 10 com-mercial and savings bank offices, including two each ofthe applicant and of the Berkshire Bank and TrustCompany.

The First National Bank has assets of $3.6 million,as compared to the $32 million First Agricultural Na-tional Bank. First National's only commercial bankcompetition in Adams is furnished by one of the fivebranches of the $32 million Berkshire Bank and TrustCompany, whose main office is in Pittsfield. Con-summation of the consolidation will place First Agri-cultural and the Berkshire Bank & Trust in directcompetition for the business of the Adams residents,and will give First Agricultural its fifth branch in theservice area of the consolidated banks.

The First National Bank is experiencing manage-ment problems and is in a period of declining deposits.

It is not able to adequately service the community ineffective competition with the larger Berkshire Bank.

The fact that recent mergers have reduced the num-ber of commercial banks in the combined Pittsfield-Adams area from seven to four and that the presentproposal will lower the number to three, is not mean-ingful to an assessment of the competitive bankingstructure in the area. The four mutual savings banksdoing business in this area are able, by reason of statelaw, to compete effectively with commercial banks.These savings banks hold twice the amount of depositsof the commercial banks. Telling competition is alsoprovided commercial banks by local savings and loanassociations, cooperative banks, loan and finance com-panies, insurance companies, and credit unions.

This consolidation will be of benefit to the banks,their communities, and their stockholders, and will notdisrupt the present balance in the area's bankingstructure. We find that the application meets thestatutory requirements and is in the public interest.The application to consolidate, therefore, is approved,effective on or after July 31,1962.

JULY 24, 1962.


First Agricultural National Bank of BerkshireCounty is the largest bank in the area involved in thisconsolidation with 41 percent of the deposits and 36percent of the loans. In addition to First NationalBank of Adams, there are only two other banks in the

91


It would appear that concentration of commercialbanking in this area, brought about by merger withother banks, has reached a point where any further in-crease in size of either of the two large banks by thismeans will have substantially adverse effects uponcompetition. Should this consolidation be consum-

mated, there will be only one remaining independentbank in the area where less than one year ago therewere five. This will place the remaining independentbank at a substantial competitive disadvantage in re-lation to the two banks operating in this area which areconsiderably larger than it.

THE GAP NATIONAL BANK, GAP, PA., MERGED WITH THE FULTON NATIONAL BANK OF LANCASTER,LANCASTER, PA.


The Gap National Bank, Gap, Pa. (2864), withand The Fulton National Bank of Lancaster, Lancaster, Pa. (2634), which had. .merged July 31, 1962, under charter and title of the latter bank (2634). The


Total assets

$4,119,82354, 959, 248

59, 079, 071

Banking offices

In operation

15

To be operated

6


The Fulton National Bank of Lancaster, Lancaster,Pennsylvania, with assets of $51 million, applied to theComptroller of the Currency on May 2, 1962, forpermission to merge with the $4 million Gap NationalBank, Gap, Pennsylvania, under the charter and titleof the former.

Lancaster's population of 61,000 is served bythree national banks and one state bank, rangingin size from $30 million to $52 million. The tradearea of the five-branch Fulton National, whosecustomer services include a trust department, is theprosperous residential, industrial and agricultural com-plex of central Lancaster County, overlapping only toa minor extent the trade zone of The Gap NationalBank.

The agricultural community of Gap is located just17 miles east of Lancaster, on the heavily traveledLancaster Pike, and the financial needs of its 1,000residents are served primarily by its lone bank, TheGap National.

The present management of both banks is experi-enced and aggressive, but the smaller bank is havingdifficulty in finding and maintaining management indepth. The consummation of the merger will strength-en the resulting bank's executive talent with con-comitant benefits to the main Fulton office and itsGap branch. The merger will bring to residents of

Gap the greater resources and services offered by thelarger bank, with its trust department, and a betterresponse to their convenience and need.

The financial history and present condition of bothbanks presages a successful future for the merged bank.Approval of the merger will not seriously disturb theexisting well-balanced banking structure of Lancasterand will further strengthen the management and com-petitive capabilities of the applicant bank.

I have tested this application against applicablestatutory criteria, and find that it will promote thepublic interest. The application, therefore, is grantedeffective on or after June 21,1962.

JUNE 14, 1962.


The proposed merger of The Gap National Bank,Gap, Pennsylvania, and The Fulton National Bank ofLancaster, Lancaster, Pennsylvania would not appearto have substantial adverse effects upon competition.

Fulton, with assets of over $51 million, is the largestby a small margin of eight banks competing in itsservice area. Gap, with assets of $3,906,000 is theonly bank located in the town of Gap, located 17miles from Lancaster. Nearby are three other smallbanks. There does not appear to be significant com-petition between the merging banks the merger oiwhich would not substantially increase the presenisize of Fulton.

92


THE NATIONAL BANK & TRUST CO. OF SCHWENKSVILLE, SCHWENKSVILLE, PA., MERGED WITH UNION NATIONALBANK & TRUST CO. OF SOUDERTON, SOUDERTON, PA.


The National Bank & Trust Co. of Schwenksville, Schwenksville, Pa. (2142), withand Union National Bank & Trust Co. of Souderton, Souderton, Pa. (2333),

which hadmerged July 31, 1962, under charter and title of the latter bank (2333). The


Total assets

$5, 031,192

17,770,624

22, 801, 816

Banking offices

In operation

1

3

To be operated

4


An application filed on May 24, 1962, by the $18.4million Union National Bank and Trust Company ofSouderton, Souderton, Pennsylvania, requests the ap-proval of the Comptroller of the Currency to the pro-posed merger under its charter and title of the $4.9million National Bank and Trust Company ofSchwenksville, Pennsylvania.

The banks are within 12 miles of each other inMontgomery County, separated by the northern ex-tension of the Pennsylvania Turnpike, and midwaybetween Philadelphia and Allentown. Union Na-tional, with branches in nearby Telford and GreenLane, serves an estimated 20,000. The mergingSchwenksville bank serves an estimated trade of 12,-000, overlapping in slight degree the service area ofthe Union National. The local economy is predom-inantly agricultural-residential, with light industry be-ginning to increase in the area. Although competi-tion between the applicants is slight, each is stronglyengaged with other local and Philadelphia banks ofvarious sizes for the business generated in this growingcommunity.

The merger will erase a management problem inthe National Bank & Trust Company of Schwenks-

ville, and will bring to Schwenksville a more aggres-sive bank, offering a considerably higher savingsinterest rate. Approval will enable the resulting bankto compete more effectively, not only with local in-dependent banks, but also with larger Philadelphiabanks that have penetrated this area through branches.

In balancing the factors of this case in light of thestatutory criteria, I find that this merger is in the pub-lic interest. The application, therefore, is approved,effective on or after July 25, 1962.

JULY 18, 1962.


The proposed merger of the National Bank andTrust Company of Schwenksville, Schwenksville,Pennsylvania and the Union National Bank and TrustCompany of Souderton, Souderton, Pennsylvaniawould appear to have no adverse effects upon compe-tition.

Since there are branch offices of large PhiladephiaBanks in the service areas, a number of banks wouldremain in the areas, the deposits and loans are well-stratified among the banks, and the merging bankwas of limited size in its strongest area, it would appearthat the vigor of competition would not be adverselyaffected by the proposed merger.

THE FIRST NATIONAL BANK & TRUST CO. OF MOUNT JOY, MOUNT JOY, PA., MERGED WITH THE LANCASTERCOUNTY NATIONAL BANK, LANCASTER, PA.


The First National Bank & Trust Co. of Mount Joy, Mount Joy, Pa. (667), withand The Lancaster County National Bank, Lancaster, Pa. (683), which hadmerged July 31, 1962, under charter and title of the latter bank (683). The


Total assets

$5, 695, 02351, 877, 067

57,572, 090

Banking offices

In operation

25

To be operated

1

93



On May 17, 1962, an application was filed request-ing permission to merge the $50.6 million LancasterCounty National Bank, Lancaster, Pennsylvania, withthe $5.3 million First National Bank and Trust Com-pany of Mount Joy, Mount Joy, Pennsylvania, underthe charter and title of the former.

The city of Lancaster is located between Harrisburgand Philadelphia in an extremely productive and well-known agricultural area. New light industry andresidential development with their concomitant serv-ices also provide for the economic well-being of anestimated 112,000 population in the area. MountJoy, 13 miles northwest of Lancaster, serves a popula-tion estimated at 7,000. While it is primarily agricul-tural, there are good prospects, because of its loca-tion, that it will attract light industry and enjoyeconomic expansion.

Approval of this application will have no significanteffect on the banking structure in the city of Lancasterbut it will bring to the city of Mount Joy a larger bankstructurally able to offer increased specialized financ-

ing and expanded consumer credit. The conven-ience and needs of the area will definitely be enhancedby the operation of the First National Bank as abranch of Lancaster County Bank. There will remainavailable to residents of Mount Joy the alternativeservices of the smaller, but well established and wellrun $8.4 million Union National Mount Joy Bank.

In balancing the circumstances of this case in lightof the statutory factors, I find that the merger is in thepublic interest. The application is therefore approvedeffective on or after July 24,1962.

JULY 17, 1962.


Lancaster County National Bank operates five bank-ing offices and ranks second in deposits and first inloans in its service area. The First National Bankand Trust Company of Mount Joy operates two officesin its service area and is the smaller of the two banksin Mount Joy.

In the service areas involved, it is not believed thatthere will be any substantial adverse competitive effectsresulting from the merger.

AUGUSTA-ROCKINGHAM BANK, WEYERS CAVE, V A . , MERGED WITH THE ROCKINGHAM NATIONAL BANK OFHARRISONBURG, HARRISONBURG, V A .


Augusta-Rockingham Bank, Weyers Gave, Va., withand the Roekingham National Bank of Harrisonburg, Harrisonburg, Va. (5261),

which hadmerged July 31, 1962, under charter and title of the latter bank (5261). The


Total assets

$3, 464, 606

13, 081, 967

16, 546, 573

Banking offices

In operation

4

2

To be operated

6


The Rockingham National Bank of Harrisonburg,Harrisonburg, Virginia, on May 11, 1962, made ap-plication to merge under its charter and title theAugusta-Rockingham Bank, Weyers Cave, Virginia.

The main office and the one branch of the $12million Rockingham National Bank are located inHarrisonburg, a college town of 13,000, located in thenorthern section of the Shenandoah Valley. Thecommunity is the hub of Rockingham County andservices an area of 100,000.

The $2 million Augusta-Rockingham Bank has itsmain office in Weyers Cave, a community of 600, lo-cated 16 miles from Harrisonburg. This bank oper-ates a branch in Mt. Sidney, with a population of 900;in Grottoes, with a population of 900; and in Verona,with a population of 2,000.

The Shenandoah Valley of Virginia is an attractiveand prosperous section of the state. Tourists con-

94

tribute heavily to the economy, which is based on agri-culture, educational institutions, and light and heavyindustries. The offices of the Augusta-RockinghamBank are the only bank offices serving their respectivecommunities. As branches of the continuing institu-tion, the bank will be in a position to service better thenorthern portion of the Valley. With the managementstaff of the continuing bank properly supplemented, thebank would be in the position to compete with thelarger bank in Harrisonburg and the banks in Stauntonand Waynesboro, which are approximately 25 milessouth of Harrisonburg, and would be in a position toassist materially in servicing the banking needs of thisexpanding area in northwest Virginia.

Having weighed the facts of this case against thestatutory criteria, I find that the merger will be in thepublic interest. The application, therefore, is grantedeffective on or after July 10,1962.

JULY 3, 1962.



The Rockingham National Bank of Harrisonburgis the third largest bank in the Harrisonburg-Stauntonarea with 14 percent of the deposits and 14.7 percentof the loans in the area. Augusta-Rockingham Na-tional Bank is one of the three banks located in the areabetween the cities of Staimton and Harrisonburg andmaintains 4 of the 7 banking offices in this area.

As a result of this merger, the existing competition

between the banks will be eliminated. In addition,Rockingham National will absorb 4 banking offices inthe rapidly developing area between Harrisonburgand Staunton, leave only 2 smaller independent banksin this area and create the likelihood that these remain-ing banks will be absorbed by the larger banks in Staun-ton or Harrisonburg and thereby eliminate small in-dependent banks from the entire area. This mayserve to reduce the vigor of competition in the area.

FIRST NATIONAL BANK IN CARTERET, GARTERET, N.J., MERGED WITH THE PERTH AMBOY NATIONAL BANK,PERTH AMBOY, N.J.


First National Bank in Garteret, Garteret, N.J. (14153), withand The Perth Amboy National Bank, Perth Amboy, N.J. (12524), which had.merged Aug. 10, 1962, under charter of the latter bank (12524) and title

"Perth Amboy National Bank." The merged bank at the date of merger hof"ad.

Total assets

$721

29,

868, 456164, 569

086, 426

Bankin

In operation

12

g offices

To be operated

3


On June 1, 1962, The Perth Amboy National Bank,Perth Amboy, New Jersey, filed an application withthe Comptroller of the Currency requesting permissionto merge with the First National Bank in Carteret,Carteret, New Jersey, under the charter of the formerand with the title, "Perth Amboy National Bank."

Perth Amboy is a city of 38,000 located in north-ern Middlesex County at the mouth of the RaritanRiver and due west of the southern tip of Staten Island,New York. An increase in the city's industrial con-centration in recent years has brought a decline inits residential areas and in the retail activities whichdepend upon them. Despite this transition, PerthAmboy continues to be the trade center for an esti-mated 200,000 persons living in the northern quarterof the county and on Staten Island.

Carteret, a city of 20,500, is also located in Middle-sex County, six miles northeast of Perth Amboy and17 miles south of New York City. This industrialcity, which serves as a trading center for some 45,000persons, has enjoyed a 56 percent expansion in itsresidential developments during the last decade.Further expansion is not to be anticipated as verylittle land remains available for development. Ofits wage-earning residents, one-half is employed in thecity and the other half commutes to New York City.

The Perth Amboy National Bank, organized in 1924,now has total resources of $21.4 million and operatestwo offices in the same city. Though the ownershipof this bank has changed four times since 1953, it isnow under competent and capable management.

While its capital structure is adequate for the needsof the community it serves, it would benefit by an in-crease in loanable funds to meet the present require-ments of its customers.

The First National Bank of Carteret, whose assetstotal $8 million, operates a single office. This con-servative bank, with a limited capital, has never fullyutilized its loanable funds in service of the community.It has not been particularly effective in competitionwith the $12.2 million Carteret Bank and Trust Com-pany which is headquartered in the same city. De-spite the large number of industrial plants in its area,First National has not been able to attract other thanthe payroll accounts of a few.

The application sets forth the common ownershipof the participating banks as a factor impelling ap-proval. While common ownership of two banks is afactor to be considered in weighing an application tomerge, it is not of sufficient significance to compelapproval in every instance where it is present. Togive common ownership such undue weight as to makeit determinative of applications to merge would sub-ordinate the significance of other statutory criteriain contravention of Congressional intent and wouldimpair the ability of bank regulatory agencies to guidethe development of the local, state, and national bank-ing structures in the public interest.

While the slight overlapping of the service area ofthe participating banks would normally indicate theexistence of some competition between them, theircommon control has resulted in a cooperative relation-ship rather than in effective competition. Their com-petition stems from 11 other banking institutions which

95


operate 18 offices in the combined service area. Ofthese 11 banks, three are larger than the resultingbank. In view of this plenitude of commercial bankcompetition in northern Middlesex County, this mergerwill have no adverse effect.

Approval of the proposal will unite in one bankingorganization the complementary services of two exist-ing banks. It will bring to the residents of Gartereta more aggressive and resourceful bank offering acomplete line of service, and to the people and indus-try of Perth Amboy, a bank of greater resources capa-ble of meeting their financial requirements.

Having weighed this application against the statu-tory criteria, we find that it will promote the publicinterest. The application, therefore, is granted effec-tive on or after August 10, 1962.

AUGUST 3, 1962.


The proposed merger of First National Bank inCarteret into Perth Amboy National Bank is a unionof two banks whose majority stockholder is presidentof one and a director of both banks so that as a practi-cal matter the competition that would normally be ex-pected between these banks, has, in all probablity, beenrestricted.

The merged bank would be the third largest amongthirteen in the service area and would have approxi-mately eleven per cent of total deposits.

The practice of commercial banks acquiring stockinterests in, and having interlocking directorates with,competitors through officers and directors and by othermeans appears to warrant considerable concern byboth the Department of Justice and the bank regulatoryauthorities. The indirect acquisition of the stock of acompetitor is, of course, within Section 7 of the ClaytonAct where the effect may be substantially to lessencompetition or to tend to create a monopoly in any lineof commerce. Moreover, indirect acquisitions appearto be susceptible of use as a means of evading the re-porting and approval requirements of the Bank MergerAct of 1960. Recent applications have indicated thatthis practice is sufficiently widespread that a full reportby all commercial banks to the appropriate federalregulatory authorities on all oustanding interests ofthis type may be warranted. It may also be appropriateto require all such transactions to be reported at thetime they are made. The opportunity for evasion ofCongressionally imposed merger restrictions and forabuses of the type intended to be forbidden by SECregulations applicable to other businesses would seemto be readily apparent and within the powers of thebank regulatory agencies to correct.

THE IMPERIAL BANK, IMPERIAL PA., MERGED WITH THE UNION NATIONAL BANK OF PITTSBURGH, PITTSBURGH, PA,



The Imperial Bank, Imperial, Pa., withand The Union National Bank of Pittsburgh, Pittsburgh, Pa. (705), which had.merged Aug. 17, 1962, under charter and title of the latter bank (705). The


$4,011,564195, 992, 790

199, 708, 888 19


The Union National Bank of Pittsburgh, Pittsburgh,Pennsylvania and The Imperial Bank, Imperial, Penn-sylvania applied to the Comptroller of the Currencyon April 27, 1962, for permission to merge under thecharter and title of the former.

The Union National Bank, with assets in excessof $190 million, is one of 23 commercial banks serv-ing Pittsburgh and surrounding Allegheny county. Itis the area's fourth largest bank, operating 16 branches.

The Imperial Bank, with resources in excess of $4million is the smallest bank in the area, and is located16 miles west of the city of Pittsburgh. Imperial has

a population of 1,500 and serves in its trade area anestimated 5,000 people. The area is primarily rural-residential with some small mining operations stillpresent.

Because of the limited potential, resources and cor-porate structure of The Imperial Bank, it is highlyimprobable that competent management could beattracted to enable the bank to remain an effectivelycompeting independent unit. Thus, this merger willsolve an imminent and serious management successionproblem for The Imperial Bank whose only activeofficer wishes to retire.

In addition, Westinghouse Electric has announcedplans to construct a $35 million plant 3^4 miles from

96


Imperial with probable employment of 4,000. Thusby 1963, there will be a need for an energetic bankor branch offering full services for this immediate area.

The effect of this merger on the banking structure ofAllegheny and surrounding counties will be negligible.While it is true that there is a branch of the applicant6 miles east of Imperial, the terrain and the circuitousroute between them precludes any significant amountof direct competition. This substitution of a branch ofUnion National for The Imperial Bank will be ofpresent and future benefit to the community and willprovide a full service bank when the influx of residentsand business takes place.

In light of the statutory factors, I find that the publicinterest is served and the application is thereforeapproved effective on or after June 21, 1962.

JUNE 14, 1962.


The acquiring bank is the fourth largest in the areaand the acquired bank, located in a Pittsburgh suburb,is the smallest. There is presently a heavy concen-tration in the five largest banks which would be en-hanced by the acquisition in question. Moreover, theacquiring bank has acquired six other banks in the pastfour years. Although the direct competition betweenthe participating banks does not appear great fromthe incomplete information furnished by applicant,there is reason to believe that at least from the acquiredbank's point of view, the acquiring bank is a com-petitor. The merging bank has serious managementproblems.

On balance, in view of the prior undue bankingconcentration in the area due in major part to nu-merous recent bank mergers, the effect of the proposedacquisition on competition appears to be adverse.

THE FIRST STATE BANK, NORTH LIMA, OHIO, PURCHASED BY THE MAHONING NATIONAL BANK OF YOUNGSTOWN,YOUNGSTOWN, OHIO


The First State Bank, North Lima, Ohio, withwas purchased Aug. 18,1962, by The Mahoning National Bank of Youngstown,

Youngstown, Ohio (2350), which hadAfter the purchase was effected the receiving bank had

Total assets

$1, 850, 606

82, 663, 72184, 514,327

Banking offices

In operation

1

10

To be operated

ii


In order to prevent the probable failure of The FirstState Bank, North Lima, Ohio, which has been de-clared to be in an emergency situation by the Superin-tendent of Banks, The Mahoning National Bank ofYoungstown, Youngstown, Ohio has applied to theComptroller of the Currency for permission to purchaseassets and assume the deposit liabilities of The FirstState Bank.

Because of the emergency nature of this situation,and in order to protect the depositors, creditors andshareholders of The First State Bank, the applicationis hereby approved effective at the close of businessSaturday, August 18, 1962.

AUGUST 17, 1962.


(Emergency basis—No report)

THE SECOND NATIONAL BANK OF MEYERSDALE, MEYERSDALE, PA., PURCHASED BY GALLATIN NATIONAL BANK,UNIONTOWN, UNIONTOWN, PA.


The Second National Bank of Meyersdale, Meyersdale, Pa. (5801), withwas purchased Aug. 25, 1962, by Gallatin National Bank, Uniontown, Union-

town, Pa. (5034), which hadAfter the purchase was effected, the receiving bank had

Total assets

$6, 018,000

73, 904, 00079, 312,000

Banking offices

In operation

2

13

To be operated

15

97



On May 31, 1962, the Gallatin National Bank,Uniontown, Pennsylvania, filed, an application with theComptroller of the Currency requesting permission topurchase the assets and assume the liabilities of TheSecond National Bank of Meyersdale, Meyersdale,Pennsylvania.

Uniontown, a city of 18,000 catering to a trade areaof 185,000, is located in Fayette County in southwesternPennsylvania, 41 miles south of Pittsburgh. This city'seconomy depends primarily upon coal mining, and toa lesser degree on manufacturing and agriculture.It has suffered vexatious unemployment problems re-sulting from depletion and automation in the coalfields. The recent establishment of local plants ofthree large manufacturing concerns brings some hopefor Uniontown's economic prospects.

Meyersdale is a community of 1,300, lying in avalley in the Allegheny Mountains, 50 miles east ofUniontown and eight miles north of the Marylandline. Depletion of surface coal and standing timberhas aggravated the economic condition of thistown. Two small clothing factories employing 375people and the local farms help take up the slack inthe area's economy.

The Gallatin National Bank, with total resources of$75 million, operates 11 offices in Fayette County, onein Greene County, and one in Westmoreland County.This well managed bank has followed conservativepolicies which have enabled it to show satisfactory netincome while serving the needs of a depressed area.Its supply of loanable funds is more than adequate tomeet the requirements of its customers.

The Second National Bank, with assets of $6 million,operates one branch office in Salisbury, a town of 862,located six miles south of Meyersdale. This bank,through sound management, has enjoyed consistentlygood earnings and has shown a satisfactory rate ofgrowth since it was organized in 1901. Though it hasa competent and versatile staff, all of whom are stock-

holders, a management succession problem has de-veloped on its executive level.

There are 13 banks presently serving FayetteCounty. Gallatin National, the largest in the area,will add only a small increment to its total resourcesthrough this purchase. Such an addition to Galla-ton National will not disrupt the banking structure inthe area it serves.

Approval of this sale will bring a greater breadthand depth of banking services to the residents of theMeyersdale area. While the entry of Gallatin intothis region will stimulate competition among the fivesmaller banks that operate there, there is no reason tobelieve that they will be put to a competitive disad-vantage. This sale will not only solve the manage-ment problem of Second National but will makeavailable greater financial resources for the progressivefarmers in the area.

Having considered this application in the light ofthe statutory factors, we find that the sale will be inthe public interest. The application, therefore, isgranted effective on or after August 10, 1962.

AUGUST 3, 1962.


The proposed acquisition of assets and assumptionof liabilities of the Second National Bank of Meyers-dale, Meyersdale, Pennsylvania by the Gallatin Na-tional Bank, Uniontown, Uniontown, Pennsylvaniawould appear to have adverse effects upon competi-tion.

The acquisition would bring into the selling bank'sservice area a bank with twice the Time Deposits ofall the banks presently competing in the area, morethan three times the Demand Deposits of all otherbanks in the area and almost twice the Loans andDiscounts of all its competitors in the area. It isdoubtful that these six small remaining banks couldgive vigorous competition to so large a bank withoutengaging in mergers or otherwise combining.

THE WESTERN NATIONAL BANK OF RAPID CITY, RAPID CITY, S. DAK., AND RAPID CITY TRUST CO., RAPIDCITY, S. DAK., CONSOLIDATED WITH AMERICAN NATIONAL BANK OF RAPID CITY, RAPID CITY, S. DAK.


The Western National Bank of Rapid City, Radid City, S. Dak. (14781), withand Rapid City Trust Co., Rapid City, S. Dak., withand American National Bank of Rapid City, Rapid City, S. Dak. (14099), which

had . . . . .consolidated Aug. 31, 1962, under charter of the latter bank (14099) and title

of "American National Bank & Trust Co." The consolidated bank at dateof consolidation had . .

Total assets

$4, 941, 2121,297, 713

48, 044, 475

53, 403,157

Banking offices

In operation

11

4

To be operated

5

98



On June 15, 1962, the $47.5 million American Na-tional Bank of Rapid City, Rapid City, South Dakota,the $4.3 million Western National Bank of Rapid City,and the $1.5 million Rapid City Trust Company, ap-plied to the Comptroller of the Currency for permis-sion to consolidate under the charter of the formerand with the title, "American National Bank andTrust Company."

American National was chartered in 1934. It op-erates its main office and one branch in Rapid City,a branch in Hot Springs 60 miles south, and recentlyestablished a branch in Sturgis 30 miles north, afterconsolidating with The Bear Butte Valley Bank. TheRapid City Trust Company was chartered in 1952,and the Western National in 1956. The shareholdersand directors in each of these banks, as well as in theAmerican National, are substantially the same. Itis proposed that the office of Western National will beoperated as a branch of the American National. TheTrust Company now operates from the same buildingas American National.

Rapid City, with its population of 42,000 doublingin the last ten years, is the second largest city in SouthDakota. It is served by two other banking institu-tions: the $5.3 million Rushmore State Bank and the$71 million First National Bank of the Black Hills, an

affiliate of the Northwest Bancorporation. The econ-omy of the area is based primarily upon livestock,ranching and mining, augmented by resort and mili-tary spending.

The consummation of this proposal will unite threeinstitutions, long known by the public to be undercommon ownership, into one commercial bankingentity. Economies of scale and operation will form amore unified base from which to offer more efficientand expanded services to the community.

Having balanced the facts of this case in light of thestatutory factors, the transaction is found to be in thepublic interest and it is approved effective on or afterAugust 31, 1962.

AUGUST 24, 1962.


These three banks, all located in the same city, arelargely under common ownership and control with theresult that competition between them is purely nomi-nal.

The number of banks in Rapid City, South Dakotawill be reduced from five to three in number, with oneof the other banks being substantially larger thanthe Resultant Bank.

We therefore believe that the proposed merger willnot have any significant adverse competitive effect.

FIRST NATIONAL BANK OF AFTON, AFTON, N.Y., CONSOLIDATED WITH THE NATIONAL BANK & TRUST CO. OFNORWICH, NORWICH, N.Y.


First National Bank of Afton, Afton, N.Y. (11513), withand The National Bank & Trust Co. of Norwich, Norwich, N.Y. (1354), which

hadconsolidated Sept. 1, 1962, under charter and title of the latter bank (1354).


Total assets

$3, 783, 454

38,104, 749

41 888 203

Banking offices

In operation

1

7

To be operated

8


On June 6, 1962, The National Bank and TrustCompany of Norwich, Norwich, New York, havingtotal resources of $36.8 million, requested the permis-sion of the Comptroller of the Currency to consolidatewith the $3.7 million First National Bank of Afton,Afton, New York, under the charter and title of theformer.

The Norwich bank is the largest in ChenangoCounty serving through its six branches a trade areaof 51,000 in five counties. The economy of the serv-ice area is basically agricultural, interspersed withsome industry. This bank is considered strong andaggressive, well capitalized, and well staffed.

The First National Bank of Afton, located just 5miles from the Bainbridge branch of the applicant,30 miles south of Norwich and 25 northwest of Bing-hamton, is a strong country bank whose assets haveincreased since 1952 by over 60 percent in the servic-ing of 5,000 people in its primary area. The FirstNational Bank competes actively with other areabanks, including the Binghamton bank for local busi-ness. Though it has served the needs of its customersand the Afton community well, it is not able to attracta competent successor to continue its tradition of fineservice after the imminent retirement of its able execu-tive officer.

The consolidation will bring to Afton trust facilitiesnot presently available to its residents, and will enable

99


the continuing Afton branch to pursue more activelybusiness which it is not now able to handle. The re-sulting bank will be in a position to furnish increasedcompetition to the larger banks in the surroundingarea. Further, the approval of this application willsolve the problem of management succession whichpresently confronts the smaller bank.

Accordingly, I conclude that this merger as meas-ured by the statutory factors, is in the public interestand the application is, therefore, approved, effective onor after August 10, 1962.

AUGUST 3, 1962.


National Bank and Trust Company of Norwich,with assets of $36,845,000, operates seven bankingoffices in Chenango and Delaware Counties in south

central New York State. It is by far the largest bankwith a head office in its service area with approximately26 percent of the IPC deposits and 32 percent of theloans. However, it competes with branch offices ofmuch larger banks as well as with a number of localbanks.

First National Bank of Afton, with assets of $3,655-000, operates one banking office in a small town thirtymiles from Norwich in the southern portion of theNorwich service area.

A degree of competition will be eliminated by themerger, as well as competition between a third bankowned by the President of the National Bank andTrust Company of Norwich and First National Bankof Afton. It will increase the relative size of the Nor-wich bank. While a number of other banks remainin the area, we believe that the effect of the mergeron competition will be adverse.

FIRST NATIONAL BANK OF THOMPSONVILLE, THOMPSONVILLE, CONN., CONSOLIDATED WITH FIRST NATIONAL BANKOF WINDSOR LOCKS, WINDSOR LOCKS, CONN.


First National Bank of Thompsonville, Thompsonville, Conn. (14627), withand First National Bank of Windsor Locks, Windsor Locks, Conn. (14588), which

hadconsolidated Sept. 7, 1962, under charter and title of the latter bank (14588).


Total assets

$6,511,666

12, 688, 535

19,224,335

Banking offices

In operation

3

4

To be operated

7


On May 18, 1962, the First National Bank of Wind-sor Locks, Windsor Locks, Connecticut, and the FirstNational Bank of Thompsonville, Thompsonville,Connecticut, filed an application with the Comptrollerof the Currency, requesting permission to consolidateunder the charter and title of the former.

The $11.4 million First National Bank of WindsorLocks opened two branches in Windsor Locks and oneat Warehouse Point in East Windsor since it wasorganized in 1947. Established to fill the bankingvoid that has persisted in the town since its banksclosed in the 1930's, this bank, under aggressive man-agement, has grown with the community and twiceincreased its capital to meet local needs. As thetown's only bank, it now requires a further capital in-crease to keep abreast of the economic development inits service area.

The $6.3 million First National Bank of Thompson-ville, entered the national system in 1949 when it wasconverted from a private bank. This bank, operatingtwo in-town branches, has experienced satisfactory

growth while concentrating its lending activities in thereal estate field.

Windsor Locks, a community of 12,000 located onthe west side of the Connecticut River in the northcentral section of the state, has more than doubled insize in the last decade. It is the site of Bradley Field,a commercial and military air installation that servesboth Hartford, 15 miles to the south, and Springfield,Massachusetts, 15 miles to the north. It is also thehome of 19 manufacturing plants which employ some8,000 people in the production of airplane parts andpaper. Raising of cigar tobacco in adjacent ruralareas also contributes substantially to the economy ofthis town.

Thompsonville, a town of 16,000, is located on theeast side of the Connecticut River, six miles north ofWindsor Locks. Though its several small industriesoffer some employment to its residents, the majority ofits working force are employed in such neighboringcommunities as Enfield, Windsor Locks, Hartford andSpringfield, Massachusetts, which are within easy com-muting distance. The banking needs of Thompson-ville are served by the three offices of the applicant

100


bank and a branch of $507 million Connecticut Bankand Trust Company of Hartford.

The First National Bank of Windsor Locks and theFirst National Bank of Thompsonville, were organizedby one man who, in addition to owning 50 percentor more of the stock of each, serves as the Presidentand Chairman of the Board of Directors of each. Be-cause of this unity of management, no competition hasever developed between these banks. In view of thegrowth record of both Windsor Locks and the charterbank, it is clear that this consolidation will strengthenits capital structure and enable it to serve the com-munity needs more effectively.

Having weighed all the facts in this case against thestatutory requirements, I find that this consolidationwill promote the public interest. The application,therefore, is granted effective on or after July 20, 1962.

JULY 12, 1962.


The proposed consolidation of the First NationalBank of Thompsonville, Thompsonville, Connecticutand the First National Bank of Windsor Locks, Wind-sor Locks, Connecticut would appear to have no ad-verse effects upon competition. Competition hasnever existed between the consolidating banks. Oneperson is a Director, Chairman of the Board and Presi-dent of both banks. He owns at least 50 percent of

the stock of each. Another person is a Director ofboth banks, the Executive Vice President of one anda Vice President of the other. Moreover, from thebanks' incipiency, their managements' policy has beenultimately to consolidate them.

The practice of commercial banks acquiring stockinterests in, and having interlocking directorates with,competitors through officers and directors and by othermeans appears to warrant considerable concern byboth the Department of Justice and the bank regula-tory authorities. The indirect acquisition of the stockof a competitor is, of course, within Section 7 of theClayton Act where the effect may be substantially tolessen competition or to tend to create a monopoly inany line of commerce. Moreover, indirect acquisitionsappear to be susceptible of use as a means of evadingthe reporting and approval requirements of the BankMerger Act of 1960. Recent applications have indi-cated that this practice is sufficiently widespread thata full report by all commercial banks to the appropriatefederal regulatory authorities on all outstanding in-terests of this type may be warranted. It may also beappropriate to require all such transactions to be re-ported at the time they are made. The opportunityfor evasion of Congressionally imposed merger restric-tions and for abuses of the type intended to be forbid-den by SEC regulations applicable to other businesseswould seem to be readily apparent and within thepowers of the bank regulatory agencies to correct.

THE FARMERS STATE BANK, EMMITSBURG, MD., MERGED WITH FARMERS & MECHANICS-CITIZENS NATIONALBANK OF FREDERICK, FREDERICK, MD.


The Farmers State Bank, Emmitsburg, Md., withand Farmers & Mechanics-Citizens National Bank of Frederick, Frederick, Md.

(1267), which hadmerged Sept. 14, 1962, under charter and title of the latter bank (1267). The


Total assets

$3, 447, 551

51,067,809

54, 473, 246

Banking offices

In operation

1

6

To be operated

7


On July 13, 1962, the $47.6 million Farmers andMechanics-Citizens National Bank of Frederick, Fred-erick, Maryland, filed an application with the Comp-troller of the Currency to merge with the $3.3 millionFarmers State Bank of Emmitsburg, Emmitsburg,Maryland, under the charter and title of the former.

The Farmers and Mechanics, which was organizedin 1817 and entered the National Banking System in1865, is located in Frederick, a county seat whosepopulation is 22,000. This city has easy access to Bal-timore, 45 miles to the east, and Washington, D.C., 49

miles to the south, along excellent highways. The bankoperates two branches in Frederick, two facilities atnearby Fort Detrick, and one branch each in UnionBridge, Libertytown, and Mt. Airy. The principaleconomic support of the entire trade area served bythis bank derives from agricultural activities.

The Farmers State Bank serves the 1,400 residents ofEmmitsburg, which is located 24 miles north ofFrederick and one mile south of the Pennsylvania line.Though this bank is in good condition, its board ofdirectors has been unable to find a successor for theexecutive officer who is not physically well.

101


The acquisition of The Farmers State Bank ofEmmitsburg by the Farmers and Mechanics will notsubstantially affect the relative position of the latterwith respect to the three other smaller Frederick banks.The entry of Farmers and Mechanics into Emmitsburgwill enable it to compete more effectively in thenorthern section of the county with the seven banks,four of which are located in Pennsylvania, serving thearea.

Though this merger will further strengthen Farmersand Mechanics preeminent position in FrederickCounty in north-central Maryland, it must be remem-bered that this $47 million bank is relatively smallwhen viewed in relation to the large Maryland banksheadquartered in Baltimore. Because of the apparentwestward movement of the Baltimore banks, it isunderstandable that Farmers and Mechanics seeks toentrench itself firmly by the merger route before theimpending competition with the Baltimore banks be-comes too sharp. Farmers and Mechanics must alsoprepare to face increased banking competition fromthe larger banks located in Montgomery County andthe District of Columbia to the south.

While the competitive aspects of the banking struc-ture in Frederick County weigh heavily in favor ofthis proposal, the fact that it will resolve a difficult and

critical management problem while bringing morediversified banking services of greater depth to servethe convenience and needs of Emmitsburg iscontrolling.

Having weighed all the statutory factors in our con-sideration of this application, we have concluded thatthe merger will be in the public interest. The appli-cation is, therefore, granted effective on or afterSeptember 14, 1962.

SEPTEMBER 7, 1962.


Farmers State Bank is the only bank in its servicearea; however, within a 13 mile radius of the city thereare 11 other banks with the closest office of Farmersand Mechanics being approximately 15 miles fromEmmitsburg.

Farmers and Mechanics is by far the largest bankin its immediate area; however, within 45 miles ofFrederick are the two metropolitan areas of Balti-more and Washington. Although the proposed mergerwill increase the size of Farmers and Mechanics Bank,in light of the nature of the relevant service areas in-volved and competition therein, its effect on com-petition appears to be only slightly adverse.

CITIZENS TRUST CO. OF HARRISBURG, HARRISBURG, PA., MERGED WITH NATIONAL BANK & TRUST CO. OF CENTRALPENNSYLVANIA, YORK, PA.


Citizens Trust Go. of Harrisburg, Harrisburg, Pa., withand National Bank & Trust Co. of Central Pennsylvania, York, Pa. (694), which

hadmerged Sept. 14, 1962, under charter and title of the latter bank (694). The


Total assets

V7, 778, 439

132, 589, 616

139, 689, 846

BanHngoffices

In operation

1

13

To be operated

14


On June 14, 1962, the $130.4 million NationalBank and Trust Company of Central Pennsylvania,York, Pennsylvania, applied to the Comptroller of theCurrency to merge under its charter and title the $7.8million Citizens Trust Company of Harrisburg, Harris-burg, Pennsylvania.

The National Bank and Trust Company operatesa total of 13 offices, eight in and near York and five inthe Harrisburg area, 25 miles north. The resultingbank will serve an estimated 500,000 people supportedby an expanding industrial, residential and agricul-tural community. This complex will be served by 33competing banks operating 58 branch offices.

Consummation of the merger will have no signif-icant effect upon the banking structure of York and

Dauphin Counties. While the merger will eliminatea moderate amount of competition existing betweenthe merging institutions, it will improve the over-allbanking structure in the Harrisburg area.

The resulting bank will bring to the present custo-mers of Citizens Trust increased capital protection,fuller and more aggressive banking and trust services.

In balancing the circumstances of this case in lightof the statutory criteria the transaction is found to bein the public interest, and the application is herebyapproved effective on or after August 31, 1962.

AUGUST 24, 1962.


National Bank & Trust Company operates 13 bank-ing offices in the area around Harrisburg and York and

102


is the largest bank in the area with 15.8 percent of theIPC deposits and 16.8 percent of the loans. Duringthe past three years National has increased its depositsby $87 million, from $24 million to $111 million, with$83 million of the increase due directly to mergers andconsolidations with other banks in the area.

The four largest banks presently account for 54 per-cent of the IPG deposits and 56 percent of the loans.

This is due in large measure to a recent wave of merg-ers and consolidations in the area.

If the proposed merger is consummated, the sub-stantial competition existing between the banks inHarrisburg will be eliminated. This may have sub-stantially adverse effects on competition and may tendtowards monopoly.

T H E FIRST NATIONAL BANK OF SHENANDOAH, SHENANDOAH, VA. , MERGED WITH PEOPLES NATIONAL BANK OFCENTRAL VIRGINIA, CHARLOTTESVILLE, V A .


The First National Bank of Shenandoah, Shenandoah, Va. (11133), withand Peoples National Bank of Central Virginia, Charlottesville, Va. (2594),

which hadmerged Sept. 14, 1962, under charter and title of the latter bank (2594). The


Total assets

$3,169, 656

114, 883, 865

118,053, 521

Banking offices

In operation

1

15

To be operated

16


On July 18,1962, the $109 million Peoples NationalBank of Central Virginia, Charlottesville, Virginia,and the $3 million First National Bank of Shenandoah,Shenandoah, Virginia, applied to the Comptroller ofthe Currency for permission to merge under the charterand title of the former.

Shenandoah is an incorporated town with a popu-lation of 1,839 located in the northwest section of theShenandoah Valley in central Virginia, approximately43 miles north of Charlottesville. Once primarilya railroad and farming community, it is now largelya manufacturing area with nearly three times as manypersons employed in manufacturing as were employedin 1940. The First National Bank is the only bankin the town, and its nearest competitor is a branchof the Peoples National Bank at Elkton, 7 miles south.There are four other smaller banks located in threevillages 14 to 19 miles north of Shenandoah, but noneof them has sufficient resources to make a substantialcontribution to the growth of this community.

The main office of The Peoples National Bank ofCentral Virginia is located in Charlottesville, which issituated in central Virginia and has a population of29,427. As the largest bank in central Virginia, with14 branches, it offers to a population of approximately125,000 a breadth of service not within the capacityof the smaller area banks.

Approval of this merger will bring to Shenandoah abank offering a wide range of services and possessingresources sufficient to meet not only the present de-mands of the community but the requirements that

are reasonably certain to develop in the next few years.In addition, it will alleviate a management successionproblem now existing in the First National Bank.

Peoples National, through its branch in Elkton,which was established in 1947 as a result of a con-solidation with the Bank of Elkton, now competeswith the First National. This merger, which willeliminate this competition and substantially augmentthe influence of Peoples National in this section ofVirginia, appears to be the only feasible way to bringto the Shenandoah area banking resources adequateto its needs. While a de novo branch of a larger bankwould supply the financial resources Shenandoah'sgrowth demands without the elimination of a sound,locally headquartered bank, the present state laws haveclosed this route to Peoples National. This proposalis a clear response to the state's merger generatingstatute.

Applying the applicable statutory criteria, I find thatthis merger is in the public interest. The applicationis approved effective on or after September 14, 1962.

SEPTEMBER 6, 1962.


Peoples National, with 13 banking offices through-out central Virginia, is the dominant bank in the areawith more than 32 percent of the IPC deposits and35 percent of the loans in the service area involved.Its closest rival has only 12 percent and 11 percentrespectively.

During the past several years Peoples has acquired5 formerly independent banks in the area. As a re-sult, it has increased its deposits from $57 million to

103


$97 million and doubled its loans from $29 million to$59 million with much of the increase directly at-tributable to the acquisitions.

Considering Peoples' already dominant position inthe service area and its past history of acquisitions,this merger will serve to further enhance its domi-

nance in the area, accelerate tht trend toward con-centration, eliminate a degree of competition betweenShenandoah and a branch of Peoples, and create animbalance in the banking structure in Page Countywhere three other small banks serve the area. Theeffect of the merger on competition would be adverse.

FIRST NATIONAL BANK AT CONNEAUT LAKE, CONNEAUT LAKE, PA., MERGED WITH THE MERCHANTS NATIONALBANK & TRUST CO. OF MEADVILLE, MEADVILLE, PA.



first National Bank at Conneaut Lake, Conneaut Lake, Pa. (13980), withand The Merchants National Bank & Trust Co. of Meadville, Meadville, Pa.

(871), which hadmerged Sept. 15, 1962, under charter and title of the latter bank (871). The


$3,874,814

20,143, 681

24,018,495


The Merchants National Bank and Trust Companyof Meadville, Meadville, Pennsylvania, and the FirstNational Bank at Conneaut Lake, Conneaut Lake,Pennsylvania, applied to the Comptroller of the Cur-rency on June 16, 1962, for permission to merge underthe charter and title of the former.

Meadville is located in northwestern Pennsylvania,some 90 miles north of Pittsburgh and 40 miles southof Erie. It is the county seat and trade center ofCrawford County, a predominantly agricultural area.Although there are two moderately sized textile manu-facturers and approximately 21 light industrial con-cerns, they employ only 6,000 people and the rate ofunemployment is 10 percent of the available laborforce. An attendant ancillary attrition of 12 percentof the population between 1950 and 1960 is a result ofthe lack of employment opportunities. Efforts to at-tract industry to the area by means of an industrialdevelopment program financed at state and locallevels have met with limited success.

In addition to the main office, the $19.5 millionMerchants National maintains two branches and servesan area population of 30,000. Along with this bank,the Meadville area banking structure primarily con-sists of the $23.6 million First National Bank of Mead-ville, and a branch of the $55.4 million NorthwestPennsylvania Bank and Trust Company, Oil City.Also, a new branch of the Venango Federal Sav-ings and Loan Association of Franklin, Pennsylvania,was recently established. This association has re-sources in excess of $ 10 million. The proposed mergerwill not change the local banking structure. Each

bank will continue to occupy its present lineal positionas to size.

Conneaut Lake is located eight miles west-southwestof Meadville. The permanent residents of the areaare dependent upon employment opportunities inMeadville and Greenville except for the seasonal em-ployment provided by the recreational and resortfacilities of the immediate vicinity. The area has be-come increasingly popular as a recreational area there-by producing a favorable economic factor for futureexpansion in this field.

The $3.2 million First National Bank serves theConneaut Lake population of 2,000 and an area popu-lation of 4,000. The bank does not have trust facili-ties and its lending limit of $15,000 is at times insuffi-cient for the needs of the community.

The approval of this merger will provide depth ofmanagement, assure retention of competent personneland provide greater opportunity to attract replacementpersonnel. The increased capitalization of the result-ing bank will be a balancing factor for the local bank-ing structure in that two banks of nearly equal sizewill be competing with a branch of a bank havingtwice the resources of either of them, and it will allowgreater local participation in the industrial develop-ment program. Greater efficiency of operation andbetter banking services should result for present cus-tomers of the participating banks, and the larger re-sulting bank will be able to expand and improvebanking services.

In balancing the factors of this case in light of thestatutory criteria, I find that this merger is in the publicinterest. The application is approved effective on orafter August 14,1962.

AUGUST 7, 1962.

104



The proposed merger of The Merchants NationalBank and Trust Company, Meadville, Pennsylvania,and The First National Bank, Conneaut Lake, Pennsyl-vania, would appear to have no significant adverseeffects upon competition.

The resulting bank would increase Merchants' rankin time deposits, demand deposits and loans and dis-counts by a small percent. Moreover, the mergerwould result in two banks of nearly equal size com-peting against a branch of a bank with twice the re-sources of either of them. The merging banks arelocated eight miles apart and do not appear to besubstantial competitors.

THE HILLSIDE NATIONAL BANK, HILLSIDE, N.J., CONSOLIDATED WITH THE NATIONAL STATE BANK, ELIZABETHNEW JERSEY, ELIZABETH, N J .


The Hillside National Bank, Hillside, NJ. (11727), withand The National State Bank, Elizabeth, N.J., Elizabeth, N.J. (1436), which had.consolidated Sept. 17,1962, under the charter and title "The National State Bank,

Elizabeth, N.J." (1436). The consolidated bank at the date of consolidationhad

Total assets

$46,660,911135, 753, 536

182, 819, 333

Banking offices

In operation

18

To be operated

9


On June 28, 1962, the $107 million National StateBank, Elizabeth, New Jersey, and the $41.4 millionHillside National Bank, Hillside, New Jersey, appliedto the Comptroller of the Currency for permission toconsolidate under the charter and title of the former.

Union County, which encompasses the contiguousmunicipalities of Hillside and Elizabeth, has a landarea of 102 square miles located in northeast NewJersey, less than 10 miles from New York City. Asa peripheral segment of the New York metropolitanarea, Union County has become a highly urbanized,industrial and residential area which has experienceda population increase from 398,138 to 504,255 duringthe past decade. The industries and populace of thecounty are served by 55 banking offices operated by17 commercial banks, and the requirements of localindustry for larger bank credit and services are beingsatisfied by the large commercial banks in Newarkand New York City, thereby constituting these banksprimary competitors of the subject banks. Addi-tional competition within the county is furnished byfive savings banks with deposits aggregating $141.2million, 26 savings and loan associations with with-drawable balances of $388 million and two buildingand loan associations with share accounts totaling $828thousand.

The National State Bank has its main office and twobranches in Elizabeth, a municipality with a popula-tion of 107,698. Elizabeth is in an economicallyfavorable location 13 miles south of New York City onthe main arteries of railroads and highways which pro-vide connections to other seaboard cities. It is adja-

cent to Newark Bay where port facilities are presentlybeing expanded at a cost of $150 million. The bankhas also five out-of-town branches widely dispersedthroughout the county making it the third largest bankin the county and the second largest bank in Elizabeth.

The Hillside National Bank is 2.5 miles from Na-tional State in Hillside Township in the northeasternpart of the county between Elizabeth and Newark.Primarily a growing industrial and residential com-munity, it has a population of 22,300 who are servedby this bank as the sole operating bank in the township.The banking structure in Hillside Bank's service area,however, consists of a branch office of the $56 millionBank of Commerce, Newark, and a branch office ofthe $532 million Fidelity Union Trust Company,Newark. Also, a new state bank has been approvedbut is not yet open.

The area in which the applicant banks are situatedhas potentials for growth which exceed present capitalavailabilities of service area banks. The expandingindustrial capacity of the area will be substantially in-creased by the port facilities being constructed by theNew York Port Authority. The population is in-creasing and the labor supply is adequate to meet thedemands of production capacity. The full realizationof the opportunities cannot be developed by local bankswithout additional capital.

Approval of this consolidation would increase theopportunities for the resulting local bank to participatemore actively in the growth of the communities whichit will serve. This will follow from the resulting bank'sability to service banking needs of local business whichnow goes to Newark or New York, by the extension of

105


trust department banking into Hillside, and throughan over-all reduction of expenses.

Applying the applicable statutory criteria, I findthat this consolidation is in the public interest. Theapplication is approved, effective on or after September11, 1962.

SEPTEMBER 4, 1962.


The acquiring bank is the second largest in Eliza-beth, New Jersey, and in the surrounding UnionCounty. The acquired bank operates two offices in a

suburban town about 2 miles from the nearest officeof the acquiring bank and is the sixth largest of the 17banks in Union County. A substantial amount ofcompetition exists between the participating banks.The resulting bank would be the largest bank in UnionCounty, and if the acquiring bank's application tomerge the Rahway National Bank (filed concurrentlywith the instant application) were approved, theresulting bank would have 24.6 percent of total depositsin all commercial banks in Union County.

The effect of the proposed acquisition on com-petition would appear to be substantially adverse.

THE RAHWAY NATIONAL BANK, RAHWAY, N.J., MERGED WITH THE NATIONAL STATE BANK, ELIZABETH, N.J.,ELIZABETH, NJ.


The Rahway National Bank, Rahway, NJ. (5260), withand The National State Bank, Elizabeth, N.J., Elizabeth, NJ. (1436),?which had.merged Sept. 17, 1962, under charter and title of the latter bank (1436). The


Total assets

$25, 619, 489110,134,046

135, 753, 536

Banking offices

In operation

18

To be operated

9


On June 28, 1962, The National State Bank,Elizabeth, New Jersey, filed an application with theComptroller of the Currency requesting permissionto merge with The Rahway National Bank, Rahway,New Jersey, under the charter and title of the former.

It should be noted at the outset that the $107.5million National State Bank has filed an applicationto merge with the $41.4 million Hillside NationalBank, also in Union County. Our comments on thebanking condition of Union County and the need forlarger banking institutions there as contained in ourdecision of this date on National State Bank-HillsideNational Bank merger are equally applicable to thiscase and adopted by reference.

The $25 million Rahway National Bank, locatedfour and one-half miles southwest of Elizabeth com-petes with the State Bank of Rahway which was orga-nized in 1958. Since 1958 Rahway National has hada deposit growth of only $900 thousand while the newState Bank has acquired deposits of $8.9 million. Theentry of National State into Rahway, while eliminatingtoken competition that now exists with the RahwayNational Bank, will provide effective banking com-

petition in the public interest with the State Bank. Itwill also bring to the Rahway area a greater breadthof specialized banking services to meet the convenienceand needs of its residents.

Having considered all the statutory criteria, we con-clude that this merger will be in the public interest.The application, therefore, is approved, effective on orafter September 7,1962.

AUGUST 31, 19.62.


The acquiring bank is the second largest in Elizabeth,New Jersey, and in the surrounding Union County.The acquired bank operates one office in a suburbabout 4J/2 miles from the nearest office of the acquiringbank. The acquired bank is tenth largest of the 17banks in Union County. It is considerably larger thanthe one other independent bank in Rahway. Theresulting bank will become the largest bank in UnionCounty.

In view of the acquiring bank's heavy merger activityover the last decade and the substantial competition tobe eliminated, the effect of the proposed acquisition oncompetition would be substantially adverse.

106


CITY NATIONAL BANK OF WINSTON-SALEM, WINSTON-SALEM, N.G., MERGED WITH FIRST UNION NATIONAL BANKOF NORTH CAROLINA, CHARLOTTE, N.C.


City National Bank of Winston-Salem, Winston-Salem, N.G. (14428), withand First Union National Bank of North Carolina. Charlotte, N.C. (9164).

which hadmerged Sept. 21, 1962, under the charter and title of the latter bank (9164).


Total assets

$23, 086, 512

273,599,110

295, 931, 492

Banking offices

In operation

4

45

To be operated

49


On July 11, 1962, the First Union National Bankof North Carolina, Charlotte, North Carolina, filedan application with the Comptroller of the Currencyto merge with The City National Bank of Winston-Salem, Winston-Salem, North Carolina, under thecharter and title of the former.

This proposed merger presents problems of unusualimport whose proper resolution turns on a delicatebalance of fundamental and countervailing consid-erations. Because the decision in this case can carrygrave implications for the future development of awell balanced banking structure in North Carolinaand can seriously affect the healthy functioning of ourdual banking system, we approach this applicationfully mindful of our heavy responsibility to protectthe public interest.

This merger proposal, because of the size of the par-ticipating banks and their excellent record of fine serv-ice rendered in meeting the convenience and needs ofthe communities they serve, can be satisfactorily as-sessed only when viewed against the broad backgroundof North Carolina's present and potential economicpattern. North Carolina, with 4.6 million residents,is the twelfth largest State in the Union. In land areait ranks 28th with its 52,712 square miles, well di-vided between arable land and mountainous terrain.Its economy, reflecting the natural benefits of goodclimate and varied topography, is well diversifiedamong industrial, agricultural, commercial, and lum-bering activities. In 1960, the state's 7,500 manu-facturing plants employed 524,000 workers in theproduction of textiles, furniture, electrical machinery,apparel, and other goods valued at $9,075 million. In1960, it ranked fourth among the states in receipts forcash crops raised on its 191,000 farms which embracedsome 16 million acres. North Carolina leads all statesin tobacco production, having raised and sold nearly844 million pounds in 1961, and is fifth in the nation inlumber production. In short, North Carolina is nowenjoying a period of economic resurgence that showsno signs of abating.

The banking requirements of North Carolina aremet by 171 banks which operate 531 offices. Thistotal is comprised of 31 national banking associationswith 130 branch offices and 140 state banks and trustcompanies with 401 branch offices. Under the healthyinfluence of its constructive state-wide branch bank-ing laws, six North Carolina banks have developedsubstantial multi-office systems to serve large areas ofthe state. First in size among these banks is the $909.4million Wachovia Bank and Trust Company, head-quartered in Winston-Salem, with 81 branch offices.The $581.7 million North Carolina National Bankof Charlotte, with 61 branch offices and the $294.7million First Citizens Bank and Trust Company ofSmithfield with 67 branches rank second and third,respectively. Applicant bank, the $248.1 million FirstUnion National Bank of Charlotte, with its 44branches, is fourth. Fifth and sixth in size are the$130.2 million Branch Banking and Trust Company ofWilson with 30 branch offices and the $127.9 millionNorthwestern Bank of North Wilkesboro with 38offices.

It is interesting to note in connection with a reviewof the state's large banks that at the end of 1960 thefour largest held 48.7 percent of state banking re-sources while the remaining 182 banks held 51.3 per-cent. Within the space of one year, at the close of1961, the same four banks held 55.7 percent of allresources while the surviving 167 other banks heldonly 44.3 percent of the total. Not only did 15 inde-pendent banks disappear during this period, but thegap in assets between the two groups increased to 11.4percent. These figures clearly indicate the imbalancethat is developing in the banking structure of NorthCarolina through unrestrained use of the mergerroute.

Winston-Salem, a city of 111,000, situated on thePiedmont Plateau, is in the north central section ofthe state, 42 miles south of the Virginia border. Itis not only the seat of Forsyth County but is the shop*ping and trading area for northwestern North Caro-lina and much of southwestern Virginia. This city,which is the industrial heart of the state, houses over

107


230 manufacturing plants which employ more than38,000 persons on annual payrolls in excess of $100,-000,000. The principal articles of manufacture aretobacco products, textiles, furniture, and electronicequipment. Highly profitable agricultural activitiesin the rural areas surrounding this city account inlarge part for its economic stability.

The $27.6 million City National Bank, which hasits main office in Winston-Salem, was organized in1917. This bank, under competent management car-rying out aggressive policies, reflected a 10-year de-posit growth of $16 million. While its growth ratehas been severely retarded since 1960, when NorthCarolina National entered the area through mergerwith the First National Bank of Winston-Salem, itsearnings have continued to rise. It now operatesthree in-town branches and has obtained approval toopen its fourth.

The banking requirements of Forsyth County arenow served by seven banks. Three of these, the $1.9million Hood System Industrial Bank and two smallbanks located in different communities, each 11 milesfrom Winston-Salem, offer little effective bankingcompetition and feel impervious to injury resultingfrom this merger. A branch of Northwestern Bankoperates in Clemmons, eight miles from Winston-Salem. Within the city of Winston-Salem, are thefour offices of City National Bank whose lending capac-ity is below $200,000. The other two banks withlending limits of at least $4 million are the WachoviaBank & Trust Company, with nine local offices, andthe North Carolina National Bank, with three in-cityoffices. From the application, it appears that CityNational, an aggressive and well managed bank, com-petes effectively with the other two banks for install-ment loan business but is unable, because of its limitedresources, to compete for the business of many large,local concerns. By this merger, the applicant bank,with a newly augmented lending capacity just short of$2 million, will be able to enter into direct competitionwith the two large branch bank systems for the finan-cial business of the Winston-Salem market. It can-not be gainsaid that a more vigorous banking competi-tion of benefit to a community is engendered whenthree, rather than two, rival banks are effectivelycontending.

Charlotte, which is the largest city in the two Caro-linas, is located in the south central sector of NorthCarolina, some 80 miles south of Winston-Salem.This city of 202,000, situated in the center of one ofthe most rapidly developing industrial and commercialareas in the South, serves as the trading mecca for over2,000,000 persons residing within an 85-mile radius.Its well diversified industry numbers over 500 manu-facturing concerns employing some 22,000 workers inthe production of textiles, hosiery, wearing apparel,food products, machinery, chemicals, and military

supplies. Commercial activities in this city, which isthe principal distributing center for both Carolinas,add to its economic well-being. Projections of indus-trial and commercial growth, based on the last decen-nial record, portend a very promising future for thiscity.

The First Union National Bank, which is the suc-cessor to the Union National Bank with headquartersin Charlotte, was chartered in 1908. This bank, be-fore it entered into its present period of growth in1958, had nine offices and total deposits of $61 mil-lion. Through a series of 10 acquisitions beginningin 1958, this bank acquired 30 additional offices. To-day, this bank operates a system of 44 branches lo-cated in 21 different communities distributed through16 counties, most of which are in the western sectionof the state. It has received approval to open twode novo branches. In the course of its growth, it hasacquired deposits totaling $223 million.

In addition to the First Union National, six othercommercial banks and one savings bank serve theconvenience and needs of Charlotte. Four of theseseven banks have combined resources of $39 million;none has over $ 16 million. The other three, along withFirst Union, have aggregate resources of $2,044.6 mil-lion and operate 36 offices within the city. Of theseoffices, First Citizens operates two; Wachovia, nine;North Carolina National, also headquartered inCharlotte, 14; and First Union, 11. It is immediatelyapparent that this proposed merger would have noeffect upon the banking alignment in Charlotte wherecompetition among the four large branch banking sys-tems is already whetted fine.

The approval of this application will benefit boththe city of Winston-Salem and the banking structureof the state as a whole. The availability to the peopleand businesses of Winston-Salem of a third source oflarger funding operations and services will prove to beof benefit to that community. The addition of theresources of City National, while not appreciably in-creasing the concentration of banking assets in thestate, will strengthen the position of First Union ona state-wide basis. It will, moreover, enhance thegeographic effectiveness of the First Union withoutdisruption in the banking structure of Winston-Salem.

"In balancing the circumstances of this case in lightof statutory criteria, I find that the transaction is inthe public interest" and the application is thereby ap-proved on or after September 21,1962.

SEPTEMBER 14, 1962.


First Union National Bank of North Carolina, thefourth largest bank in the state with total assets of$248,125,000, proposes to acquire City National Bank

108


of Winston-Salem, operating four offices in that cityand having total assets of $27,587,000.

City National had grown from $11,000,000 in 1950to its present $27,000,000, indicating a real need forits services in an area dominated by the home office ofthe state's largest bank, which now has total assets ofmore than $900,000,000. The only other banks in

Winston-Salem are the state's second largest bank withassets of $580,000,000, and an industrial bank withassets of $ 1,900,000. The merger would thus eliminatea vigorous independent.

This is another step in a trend, which we view seri-ously, toward an oligopolistic banking structure inNorth Carolina.

THE WHEELER NATIONAL BANK OF INTERLAKEN, INTERLAKEN, N.Y., CONSOLIDATED WITH FIRST NATIONALBANK OF WATERLOO, WATERLOO, N.Y.


The Wheeler National Bank of Interlaken, Interlaken, N.Y. (13037), withand First National Bank of Waterloo, Waterloo, N.Y. (368), which hadconsolidated Sept. 28,1962, under charter and title of the latter bank (368). The

consolidated bank at date of consolidation had

Total assets

$2, 225, 80712, 752, 687

14, 978, 494

Banking offices

In operation

2

To be operated

3


On July 13, 1962, the $12 million First NationalBank of Waterloo, Waterloo, New York, filed an ap-plication with the Comptroller of the Currency to con-solidate with the $2.1 million Wheeler National Bankof Interlaken, Interlaken, New York, under the charterand title of the former.

The participating banks are both located in SenecaCounty, which is located in north central New Yorkbetween Seneca Lake on the west and Cayuga Lakeon the east. Though the 32,000 residents of this countyderive their economic support primarily from agricul-ture, an increasing number are finding employmentin resort and recreational pursuits as well as in thecommercial and industrial activities that center aroundSeneca Falls.

The First National Bank, organized in 1864, is lo-cated in Waterloo in the center of the county, at thenorthern tip of the lakes. Nearly all the gainfullyemployed of the 5,000 residents commute to SenecaFalls, three miles to the east, and to Geneva, six milesto the west. This well managed and aggressive bank,which operates its single branch in Seneca Falls, ef-fectually serves the convenience and needs of theseresidents.

The Wheeler National Bank of Interlaken, organizedin 1927, is located 22 miles south of Waterloo in Inter-laken on the western shore of Cayuga Lake. It servesthe 780 people of this community who derive theirprincipal economic support from agriculture. Thisbank is presently vexed by very serious managementproblems.

The service area of the resulting bank, which in-cludes all of Seneca County, is served by 11 commercialbanks, four of which are headquartered in the county.

Though the First National has received no effectivecompetition from The Wheeler National Bank, it hashad to contend with other banks operating in bothSeneca Falls and Geneva. In Seneca Falls there arethe locally headquartered $9.1 million State Bank ofSeneca Falls, a branch of the $153.1 million LincolnNational Bank & Trust Company of Central New Yorkof Syracuse, and the local $7.9 million Seneca FallsSavings Bank, as well as the branch of the First Na-tional Bank of Waterloo. Additional competition forthe banking business of this area stems from the $14.4million National Bank of Geneva, the Geneva branchof the $457 million Lincoln Rochester Trust Companyand the $12.7 million Geneva Savings Bank.

In view of the number of banks serving SenecaCounty and actively competing for its business, it isimpossible to say that elimination of The WheelerNational Bank of Interlaken will have an adverse ef-fect upon the banking structure of the area. On theother hand, this consolidation will provide a solutionto the management problem now facing The WheelerNational Bank and will provide the residents of Inter-laken with a banking office of sufficient resources andbreadth of service to meet all their financial require-ments.

Having weighed all the statutory factors involvedin this application, we have concluded that the con-solidation will serve the public interest. The applica-tion, therefore, is approved effective on or after Sep-tember 14, 1962.

SEPTEMBER 7, 1962.


Competition between First National Bank ofWaterloo, Waterloo, New York, and Wheeler National

109


Bank, Interlaken, New York, appears to be insubstan-tial.

Wheeler National Bank is presently the smallest ofthe six banks in its service area. Its merger with FirstNational will enable it to better serve the community inwhich it operates.

Of the ten banks included in the service area of the

resultant bank, the two largest are stated to have 27.9and 19.5 percent respectively of the IPC deposits ofthis service area. The resultant bank and two otherbanks rank next in size, each having between 9 and10 percent of the IPC deposits of the area.

The effect of the merger on competition does notappear to be significantly adverse.

LITITZ SPRINGS NATIONAL BANK OF LITITZ, LITITZ, PA. , MERGED WITH T H E GONESTOGA NATIONAL BANK OFLANCASTER, LANCASTER, PA.


Lititz Springs National Bank of Lititz, Lititz, Pa. (9422), withand The Conestoga National Bank of Lancaster, Lancaster, Pa. (3987), which had.merged Sept. 28, 1962, under charter and title of the latter bank (3987). The


Total assets

$8, 820, 95834, 761, 618

43, 582, 576

Banking offices

In operation

13

To be operate d

4


On June 26, 1962, the $37.3 million Gonestoga Na-tional Bank of Lancaster, Lancaster, Pennsylvania,and the $8.5 million Lititz Springs National Bank,Lititz, Pennsylvania, applied to the Comptroller of theCurrency for permission to merge under the charterand title of the former.

The city of Lancaster is located between Harrisburgand Philadelphia in a very productive and well-knownagricultural and livestock area. Conestoga Nationalis the third largest commercial bank of four locatedin the city of Lancaster, and approval of this applica-tion will not have a significant effect on the bankingstructure of the city.

Lititz Springs National is located in Lititz, whichserves an estimated 36,000 people. The economy ofthe surrounding area is essentially the same as that ofLancaster with primary emphasis on agriculture.Though the area farms are becoming fewer, they areincreasing in size. Industry is gradually expanding.These developments are creating concomitant needsfor banking services which the merging bank and the$13 million Farmers National Bank of Lititz are hav-ing difficulty providing.

While approval of this application will eliminate theminimal existing competition between the participat-

ing banks, it will not have an adverse impact uponthe ability of Farmers National Bank to compete inthe area.

This transaction will bring directly to the customersof Lititz National, and to the city itself, the resourcesof a much larger bank structurally able to offer in-creased financing, expanded customer credit and trustservices not presently available. In addition, it willbring depth in specialized management to this localfacility with a corresponding service to the convenienceand needs of the area.

On balancing the circumstances of this case in lightof the statutory factors, I find that the merger is inthe public interest and the application is, therefore,approved effective on or after August 31, 1962.

AUGUST 24, 1962.


The proposed merger of Lititz Springs NationalBank of Lititz, Pennsylvania, and the Congress Na-tional Bank of Lancaster, Lancaster, Pennsylvania,would appear to have no significant adverse effectsupon competition.

There will remain six banks in competition in thearea, with two of them being larger than the resultingbank. The merger would eliminate a small amountof competition existing between the merging banks.

110


T H E FARMERS & MERCHANTS BANK CO. , WARSAW, OHIO, PURCHASED BY COSHOCTON NATIONAL BANK, COSHOCTON,OHIO


The Farmers & Merchants Bank Co., Warsaw, Ohio, withwas purchased Sept. 29, 1962, by Coshocton National Bank, Coshocton, Ohio

(13923), which hadAfter the purchase was effected the receiving bank had

Total assets

$2, 232, 000

19, 296, 00021, 026, 000

Banking offices

In operation

1

2

To be'joperated

3


On June 13, 1962, the $19.2 million CoshoctonNational Bank, Coshocton, Ohio, applied to the Comp-troller of the Currency for permission to purchase theassets and assume the liabilities of The Farmers andMerchants Bank Company, Warsaw, Ohio, a $2.2 mil-lion institution.

Coshocton, located in west-central Ohio, has a popu-lation of 13,000 and serves an estimated 25,000 peoplein its general trade area. It is supported by a welldiversified light industrial economy aided by produc-tive farming. The banking needs of the city are pres-ently being served by the applicant and the $19 millionFirst National Bank of Coshocton, a subsidiary of theBancOhio Corporation of Columbus. In 1958 theapplicant bank opened a de novo branch in WestLafayette, seven miles east of Coshocton.

The Farmers and Merchants Bank is located 10miles west of Coshocton. It is the only bank in thisprimarily agricultural community of 8,000 people.Although Farmers and Merchants has shown a goodgrowth, it is structurally unable to offer a reasonablywide range of services. As an example, its presentlending limit of $11,000 does not allow for a balancedor competitive lending policy. The operation of

Farmers and Merchants as a branch of CoshoctonNational will benefit both the bank and its customersand will bring a greater depth and breadth of bankingservices directly to the community of Warsaw.

In balancing the statutory factors, I find that thetransaction is in the public interest and the applica-tion is therefore approved, effective on or after August14, 1962.

AUGUST 7, 1962.


Competition between these two banks does not ap-pear to be more than nominal due to the ownership of31.8 percent of the capital stock of the Farmers &Merchants Bank Company by a vice president of theCoshocton National Bank and by having a directorof the Farmers & Merchants Bank Company on theAdvisory Board of the Coshocton National Bank.

The resultant bank will be enlarged in size by about10 percent and will consequently acquire an increasedcompetitive advantage over its only remaining com-petitor in Coshocton and the immediate service area.

The effect on competition appears to be slightlyadverse.

T H E AUGUSTA NATIONAL BANK OF STAUNTON, STAUNTON, VA. , MERGED WITH FIRST & MERCHANTS NATIONALBANK OF RICHMOND, RICHMOND, V A .


The Augusta National Bank of Staunton, Staunton, Va. (2269), withand First & Merchants National Bank of Richmond, Richmond, Va. (1111),

which hadmerged Sept. 29, 1962, under charter and title of the latter bank (1111). The

merged bank at date of merger bad

Total assets

$13,137, 748

313,593,731

325, 833,161

Banking offices

In operation

2

19

To be operated

21

111



On June 27, 1962, the $284.7 million First andMerchants National Bank of Richmond, Richmond,Virginia, applied to the Comptroller of the Currencyfor permission to merge, under its charter and title,the $12 million Augusta National Bank of Staunton,Staunton, Virginia.

The Augusta National Bank is located in Staunton,a city of 22,000, in the area known as the "Valley ofVirginia." This city is the trade center for the pros-perous area of Augusta County and its economy ischanging from a primary emphasis on agriculture toa growing industrialization. The economic future ofthis area is good and Augusta County will undoubtedlyshare in and benefit by the expanding economy of theentire state. Nine banks presently serve this area andthe entry of First and Merchants will stimulate bank-ing competition without a disruptive effect on thepresent banking structure.

First and Merchants, located in Richmond, is thelargest bank in the state. This city, the state capital,is a wholesale, retail, and manufacturing center servingin excess of 400,000 people. The addition of theresources of Augusta National to First and Merchantswill be in no way adverse to the 11 banks now servingthe Richmond public.

The resulting bank, making proper use of the newVirginia law permitting statewide branching throughthe technique of merger, will bring its resources andservices directly to the Augusta County area with ademonstrable benefit to the convenience and needs ofthe community.

In light of the statutory criteria, I find that thisproposed transaction is in the public interest and it isapproved effective on or after September 7, 1962.

AUGUST 31, 1962.


The acquiring bank is the largest in the City of Rich-mond and in the State of Virginia. The acquired bankis the second largest of nine in the City of Staunton,which is 120 miles from Richmond. Thus, there is nosignificant competition between the participatingbanks. However, the acquisition of the second largestbank in Staunton by the state's largest bank may placethe remaining banks in Staunton at such a competitivedisadvantage as to force them to merge or sell to otherlarge institutions in order to effectively compete. Weare therefore of the view that the proposed mergerwill have an adverse effect on competition.

GREENLEAF STATE BANK, GREENLEAF, KANS., PURCHASED BY CITIZENS NATIONAL BANK, GREENLEAF, KANS.


$1,100,253

1, 675, 6332, 775, 886

Bankin

In operation

1

1

g offices

To be operated

1

Greenleaf State Bank, Greenleaf, Kans., withwas purchased Oct. 26, 1962, by Citizens National Bank (10789), Greenleaf,

Kans., which hadAfter the purchase was effected, the receiving bank had


On August 14, 1962, the $1.6 million Citizens Na-tional Bank of Greenleaf, Greenleaf, Kansas, appliedto the Comptroller of the Currency for permission topurchase the assets and assume the liabilities of the $1.1million Greenleaf State Bank, Greenleaf, Kansas.

Greenleaf, a community with a population of ap-proximately 562, representing a decline of 8.4 percentsince the 1950 census, is located in northeast Kansasabout 80 miles northwest of Topeka in an area pri-marily agricultural. Although the applicant banks arethe only banks in the town, there are three other bankswithin a 10-mile radius trade area serving a popu-lation of 4,000. The largest of these three is the $4.2million First National Bank of Washington, Washing-ton, Kansas, located 10 miles northwest of Greenleaf.

In addition, Washington County, with a populationof 10,500 which has declined 17 percent in the pastdecade, has three other banks serving its needs.

On July 26, 1962, the principal shareholders ofCitizens National Bank purchased all of the stock of theGreenleaf State Bank. Consequently, the two localbanks are affiliated in that they are now being managedby the same people and the policies of the banks arepractically identical. Moreover the high degree ofcommon ownership of the stock weighs heavily inpassing on this application. Finally, it is apparentthat a small community with a declining populationand economic support primarily needs bankingstrength—not dispersion of available resources.

Approval of this application will provide the areawith a larger bank which will be able to compete moreeffectively with the $4.8 million First National Bank of

112


Washington, thereby providing improved bankingservices to meet the needs and convenience of thecommunity securely.

In balancing the applicable statutory criteria, wefind that the proposed purchase of assets and assump-tion of liabilities is in the public interest, and the appli-cation is approved effective on or after October 19,1962.

OCTOBER 12,1962.


The proposed merger is not merely for the purposeof permitting two small banks with limited resources ina small community to combine operations in order to

effectively compete with larger banks. All the com-mercial banks located within the service area arerelatively small in size and scope and the resultingbank, with 34.2 percent of total IPC deposits and 28percent of loans and discounts, would be in a favor-able competitive position.

The merger if approved would not only eliminate thecompetition existing between the participating banksbut would probably adversely affect competition byupsetting the delicate financial balance of commercialbanks presently operating in the service area. This, inturn, may lead to additional mergers and further con-centration of banking resources in the area. Thus, theeffect of the merger on competition would be sub-stantially adverse.

FIRST NATIONAL BANK OF NEWPORT NEWS, NEWPORT NEWS, VA., MERGED WITH FIRST & MERCHANTS NATIONALBANK OF RICHMOND, RICHMOND, VA.


First National Bank of Newport News, Newport News, Va. (4635), withand First & Merchants National Bank of Richmond, Richmond, Va. (1111),

which had . . .merged Oct. 31, 1962, under charter and title of the latter bank (1111). The


Total assets

$50, 072, 782

315,084,009

364, 365, 939

Banking offices

In operation

5

21

To be operated

26


On August 6, 1962, the First and Merchants Na-tional Bank of Richmond, Richmond, Virginia, ap-plied to the Comptroller of the Currency to mergewith the First National Bank of Newport News, New-port News, Virginia, under the charter and title ofthe former.

First and Merchants National Bank, with resourcesof $284.7 million, is the largest bank in VirginiaThis bank was chartered in 1865, when the nationalbanking system was but two years old, as the FirstNational Bank of Richmond. During the last decadethis bank, through a series of three mergers, has ac-quired ten banking offices in six communities with$35 million in deposits. A fourth merger, with the$12.6 million Augusta National Bank of Staunton, wasapproved in September of this year. It now operatesits main office and 20 branches, which are, with theexception of Staunton 120 miles to the west, withina 23 mile radius of Richmond.

The service area of First and Merchants isthe Richmond-Hopewell-Petersburg metropolitan areawith an estimated 473,000 residents. This populationfigure reflects an increase of 25 percent during thelast decade. The economic vitality of this area restsupon a constantly increasing industrial activity in to-

bacco processing and the production of chemical, paperand metal goods. Over 50,000 persons are employedin industrial plants in this three-city complex. Ex-tensive wholesale and retail distribution activities, em-ploying some 33,000 persons, add to the economichealth of Richmond which has become the financialcenter of the state. Another 24,000 persons find em-ployment in governmental activities, both state andfederal. If the limitations imposed upon economicgrowth by reason of the unavailability of adequatecapital resources in the local banking institutions areremoved, there is no reason to expect a cessation in therapid growth of the Richmond area.

Within the Richmond service area of applicant are12 competing banks with 68 facilities. Seven of thesebanks, with total assets of $28.2 million, operate 13 ofthe offices. The other five banks which account for49 offices are the applicant with 21, the $244.4 millionState-Planters Bank of Commerce with 14, the $141.5million Central National Bank of Richmond withsix, the $166.3 million Bank of Virginia with 11 andthe $47.5 million Southern Bank and Trust Companyof Richmond. Applicant's acquisition of First Na-tional will have no impact upon the banking structureof Richmond other than confirm its position as thelargest bank in the state, increase its lending capabili-ties in a small degree, and strengthen its operating

113


position by broadening its service area. The formi-dable banking competition presented by the other largeRichmond banks will be in nowise diminished.

The $49.4 million First National Bank of NewportNews was chartered in 1891. This bank, which hasserved the needs of the community well throughout itshistory, merged with its satellite, the Warwick Na-tional Bank, located in Newport News, in July, 1958.This bank, with its five offices, is now encounteringdifficulty in serving the needs and convenience of itscommunity. Despite the burgeoning economic activ-ity in the area, this bank has suffered a slight declinein operating income, encountered difficulty in preserv-ing its traditional dividend rate and has met with amarked deceleration in its rate of deposit growth.

Newport News, 75 miles southeast of Richmond,is located on the stretch of land between the YorkRiver and the James River which the people refer toas the "Lower Peninsula." Adjacent to NewportNews to the north is the city of Hampton. AcrossHampton Roads to the southeast, and connected bythe Hampton Roads bridge and tunnel, is the city ofNorfolk. When the 114,000 population of NewportNews is combined with that of Hampton and YorkCounty, the total within the service area of First Na-tional is approximtaely 225,000, an increase of 45 per-cent in the past decade.

The flourishing economy of the Newport News-Hampton area has created many demands for finan-cial resources quite beyond the capabilities of all butthe larger Virginia banks. The gainfully employedresidents of the area derive their economic suste-nance from widely diversified occupations. Becauseof the excellent harbor facilities offered by HamptonRoads, which are second only to New York in the an-nual dollar value of tonnage handled, many personsare associated with export-import activities. Othersare employed in the seafood industry which is thelargest in the area on an income basis. Some 20,000are hired by the Newport News Shipbuilding and DryDock Company, $100 million Corporation; another14,000 are on government civil service registers. TheChesapeake and Ohio Railway Company employs1,200 at its eastern terminus. Other national firmsengaged in oil refining, metal processing and variedmanufacturing have plants in Newport News. Of the20 common accounts in the participating banks, 17 aremanufacturing concerns, two are large public utilitiesand one is a ship builder.

Competing within the Newport News-Hamptonarea are 13 commercial banks with 30 offices. FirstNational with five offices is the largest of the locallyheadquartered banks. Its principal competition de-rives the $20.9 million Citizens Marine Jefferson Bank

with three offices, the $17.9 million Bank of Warwickwith three offices, and the $10.2 million Bank ofHampton Roads with three offices, all of which arechartered for Newport News. Additional competi-tion stems from the $16.3 million Citizens NationalBank with four offices, the $13.1 million MerchantsNational Bank with four offices and the $7.5 millionOld Point National Bank with two offices which areheadquartered in Hampton. The single branch officeof the $166.3 million Bank of Virginia is the mosteffective banking competitor First National has inNewport News. It is immediately evident that sub-stitution of First and Merchants for First Nationalby this merger will produce a substantial realignmentin the local banking structure. While the competitioneliminated is de minimis, the arrival of First and Mer-chants into this community will do much to allay thelocal need for larger banks.

With the total banking resources of Virginia sothoroughly fragmented and decentralized amongsome 302 different banks, it is not surprising that manyof the large and growing industrial and commercialconcerns are not able to find the financing they requirein local banks but must seek assistance in other states.While this merger will add another cubit to the size ofFirst and Merchants, it cannot seriously be contendedthat it will unduly concentrate resources or effectivelysolve all the financing needs of local industry. It willbe a definite benefit to Newport News and will pro-vide a vigorous competitive force with Citizens MarineJefferson and the Bank of Virginia if and when theproposed bank holding companies become operative.

Having weighed the facts surrounding this caseagainst the statutory criteria, I find that this mergerwill promote the public interest. The application,therefore, is granted effective on or after October 26,1962.

OCTOBER 19, 1962.


First and Merchants is the largest bank in Richmondand in the State of Virginia with 30 percent of theIPC deposits and 29 percent of the loans of all banksin its service area.

First National is by far the largest bank in the New-port News service area with 29 percent of the depositsand loans of all banks in the area. Its nearest rivalhas only 12 percent and 13 percent respectively.

In view of First and Merchants' resources, its pastmergers which gave it 10 new offices and deposits inexcess of $34 million since 1959; and in light of FirstNational's position as by far the largest bank in New-port News, this merger will serve to increase the dom-

114


inance of First and Merchants, accelerate the trendtoward concentration, eliminate a degree of competi-tion between the merging banks, and enhance the im-

balance in the Newport News area. Therefore, theeffect of the merger on competition will be substan-tially adverse.

THE RICHMOND COUNTY NATIONAL BANK OF PORT RICHMOND, NEW YORK, N.Y., MERGED WITH FIRST NATIONALCITY BANK, NEW YORK, N.Y.


The Richmond County National Bank of Port Richmond, New York, N.Y. (8194)with

and First National City Bank, New York, N.Y. (1461), which hadmerged Nov. 2, 1962, under the charter and title of the latter (1461). The


Total assets

$23,799,626.398,057,830,425.40

8,081,044,023.09

Banking offices

In operation

498

To be operated

102


The First National City Bank, New York, NewYork, and the Richmond County National Bank ofPort Richmond, Port Richmond, New York, appliedto the Comptroller of the Currency for permissionto merge under the charter and title of the former.

Substantial discrepancies and other serious irregu-larities in the Richmond Bank require approval of thistransaction in the public interest, and the applicationis, therefore, approved effective at the close of busi-ness, November 2, 1962.

NOVEMBER 2, 1962.


FNCB is the second largest bank in the City of NewYork operating 91 branches with total assets exceeding$9 billion. It presently operates 2 branches on StatenIsland and has been granted authority to open a thirdbranch.

RCNB is the sole remaining independent bank onStaten Island. It operates 4 branches with total as-sets of $22 million.

There are presently a total of 14 commercial bank-ing offices on Staten Island, 10 of which are operatedby large New York City banks. Should this mergerbe consummated, FNCB will absorb the 4 establishedbranches of RCNB, and obtain a markedly superiorposition over the other New York City banks in se-curing banking business on Staten Island since it willcontrol 6 of the 14 banking offices on the Island.When the 5 branches of the Chase Manhattan Bankare added to this total, the result will be that 11 ofthe 14 banking offices on the Island will be operatedby the two largest banks in New York City. Such amarked increase in concentration may have seriousanticompetitive effects and may tend toward monopolyof commercial banking on Staten Island.

Furthermore, the existing competition betweenFNCB and RCNB will be eliminated, RCNB will beremoved as a separate entity, and independent localbanking will disappear from the Island. This maysubstantially lessen competition in commercial bank-ing on Staten Island.

THE BANK OF ATHENS NATIONAL BANKING ASSOCIATION, ATHENS, OHIO, MERGED WITH THE ATHENS NATIONALBANK, ATHENS, OHIO


The Bank of Athens National Banking Association, Athens, Ohio (10479), withand The Athens National Bank, Athens, Ohio (7744), which hadmerged Nov. 10, 1962, under charter and title of the latter bank (7744). The


Total assets

$6, 967, 2068, 363, 593

15, 330, 799

Banking offices

In operation

11

To be operated

2

115



On August 24, 1962, the $7.7 million Athens Na-tional Bank, Athens, Ohio, and the $6.4 million Bankof Athens National Banking Association, Athens, Ohio,applied to the Comptroller of the Currency for permis-sion to merge under the charter and title of the former.

It serves no useful purpose to consider either of thesebanks as a separate entity since they have been undercommon ownership for the last 34 years; first by onefamily and now, since June, 1962, by three brothers.During the last four decades the conservative manage-ment has refused to accept time deposits and reluc-tantly granted mortgages, severely delimiting bothbanks' activity and growth. The Bank of Athens Na-tional Banking Association has a trust department buthas solicited no new business and, in fact, has graduallybeen liquidating it.

The two banks are located across the street fromone another in Athens, a city of 16,500 in the south-eastern part of the state. It is the seat of AthensCounty which has a population of 46,000. The citypopulation has shown an increase of 41.3 percent since1950, primarily because of the growth of Ohio Uni-versity to an enrollment of almost 10,000. The Uni-versity employs approximately 900 people, and twomanufacturing plants a total of 1,200. The economyof the area is otherwise based on small scale agricul-ture and cattle raising plus some strip mining of coal.

The $9.8 million Security Bank of Athens, presentlylarger than either of the merging banks, will be sur-passed by the resulting bank. In past years this bankcannot be said to have been in competition with thetwo subject banks since it devoted itself primarily toaccepting time deposits which the two merging banksrefused. There are five other small banks located inAthens County, all outside of Athens. Two are inNelsonville, 14 miles distant, the others in Amesville,Coolville and Glouster, small communities 12 to 20miles away. There is only minimal competition be-tween these and the subject banks.

The new owners of Athens National Bank haverepresented that, if the merger is approved, they intendto embark on aggressive new policies to build up thebusiness, revitalize their trust department and expandtheir loans in both the installment and mortgage fields.The business would be carried on from the office of theBank of Athens National Banking Association.

It is clear that there is at present no competition inAthens to be impaired. The merger, therefore, can-not have a deleterious effect and the economies to begained by combining the staff and offices of the twobanks, along with the new and aggressive ownership,raise hopes that the new bank will become a movingforce in the community, supplying its needs, antici-pating its demands and actively competing with theother bank.

In balancing the factors of this case in light of thestatutory criteria, we find this merger to be in the publicinterest and the application is, therefore, approvedeffective on or after October 26,1962.

OCTOBER 23, 1962.


Bank of Athens with assets of $6,370,000, depositsof $5,504,000 and loans of $2,778,000 proposes to con-solidate with Athens National with assets of $7,558,000,deposits of $6,382,000 and loans of $1,700,000.Both are located in the city of Athens, Ohio, popula-tion 23,870, in which one other bank of comparablesize is located. Five other smaller banks are locatedin towns 14 and 20 miles distant from Athens.

Because of past and present common ownership theconsolidating banks do not compete with each otherin any meaningful sense. In the past they have notmet the needs of the area they serve, a situation the newowners promise to correct with the consolidation.

We believe the principal effect of the consolidationon competition may be to place the remaining bank ata slight competitive disadvantage but on balance sucheffect does not appear to be significant. Thus, theeffect of the consolidation on competition does notappear to be significantly adverse.

FARMERS TRUST CO. OF MIDDLETOWN, MIDDLETOWN, PA., MERGED WITH NATIONAL BANK & TRUST CO. OFCENTRAL PENNSYLVANIA, YORK, PA.

Name of hank and type of transaction

Farmers Trust Go. of Middletown, Middletown, Pa., withand National Bank & Trust Co. of Central Pennsylvania, York, Pa. (694),

which hadmerged Nov. 16, 1962, under charter and title of the latter bank (694). The


Total assets

$6, 352, 822

142, 916, 203

149, 269, 025

Banking offices

In operation

1

14

To be operated

15

116



On August 29, 1962, the $138.2 million NationalBank & Trust Company of Central Pennsylvania, York,Pennsylvania, and the $5.9 million Farmers TrustCompany of Middletown, Middletown, Pennsylvania,applied to the Comptroller of the Currency for per-mission to merge under the charter and title of theformer.

The National Bank and Trust Company of CentralPennsylvania is one of the oldest banks in this area.Originally chartered in 1845, it converted to a nationalbank on January 9, 1865, slightly less than two yearsafter the establishment of the national banking system.The 14 branch offices of the bank serve a trade areawhich consists of York County, Dauphin County, andthe eastern part of Cumberland County. Thesecounties are situated in southeast-central Pennsylvaniaabutting the Susquehanna River in an area whosepopulation totals approximately 270,000. The eco-nomic life of this area, which includes Harrisburg,York, and surrounding communities, derives from agri-cultural and industrial activities. Its financial infra-structure consists of 33 competing commercial banksmaintaining 95 banking offices; nine savings and loanassociations with withdrawal balances in excess of$182 million; 29 credit unions; and, numerous smallloan companies, consumer discount companies, andinsurance companies. Each of these lending agenciesmanifests an aggressive desire to fulfill the borrowingneeds of the particular segment of the economy towhich its services are structured.

On October 13, 1961, National became the firstcommercial bank to operate offices in both York andDauphin Counties by way of a consolidation effectedbetween National Bank of York County, York, andCentral Trust Capital Bank, Harrisburg, under thecharter of the former and with its present title. In thefour and one-half year period prior to the consoli-dation, National had acquired three other banks bymerger, and, since the consolidation, it has mergedwith Citizens Trust Company of Harrisburg. As aresult of these acquisitions, National became the largestbank in this three-county area, thereby fulfilling anexisting need for banking facilities commensurate withthe growth patterns of the area.

National was not alone in its drive to provide bank-ing facilities which would be more compatible with thechanging socio-economic environment in which itfunctioned. The $116 million Harrisburg NationalBank and Trust Company reacted similarly and mergedthe Carlisle Deposit Bank and Trust Company, Car-lisle, on May 10, 1962, and the Citizens Bank and TrustCompany of Middletown on March 30, 1961. Thislatter merger was a natural extension for HarrisburgNational since the geographic proximity and economicunity of Harrisburg with Middletown is indicative of

the community of interest which exists between thesetwo municipalities.

The Borough of Middletown, which has a popu-lation of 11,182, representing a 22 percent increase inthe past decade, is located in Dauphin County on theeastern side of the Susquehanna River, some eightmiles southeast of Harrisburg and 31 road miles northof York. It is part of the Harrisburg metropolitanarea and its economy receives substantial sustenancefrom Olmstead Air Force Base of Middletown AirMateriel Area, which provides employment for morethan 10,000 civilians and has a military complementof about 2,000.

The Farmers Trust Company serves Middletownalong with the branch of the Harrisburg NationalBank and Trust Company, which operates eightbranches within Dauphin and Cumberland Counties.The $126 million, nine-branch Dauphin Deposit TrustCompany, Harrisburg, has been granted permission toestablish a branch here, and the applicant NationalBank & Trust Company of Central Pennsylvania hasbeen authorized to establish a branch at a shoppingcenter within two miles of Farmers Trust Company.In addition, there are seven other commercial banks,all larger than Farmers Trust, operating one or moreoffices in southern Dauphin County.

In view of this situation, it is somewhat questionableas to whether Farmers Trust Company can continue tooperate effectively, earning and retaining sufficientresources for the future growth necessary to meet theneeds of this viable community. The indications arethat the experienced and mature management is havingsome difficulty in combating the ineluctable com-petitive and economic factors. Furthermore, the bankmanagement has an ancillary problem of attractingsuccessors to whom the managerial operations of thebank can be assigned.

This merger will be beneficial to Middletown in thatthree relatively large banks anxious to meet the devel-oping needs of the community will be operating withinthe framework of a more equitably balanced bank-ing structure. Competition will be strengthened, ad-ditional specialized banking services will be available,and there will be no adverse effect on other bankinginstitutions. Furthermore, it will eliminate a manage-ment succession problem at Farmers Trust Company.

Approval of this merger is consonant with ourprevious efforts in this area which were directed to thesupport of a banking structure with resources andstrength sufficient to service the local communities.These efforts have been successful and we are of theopinion that the present banking facilities within thisthree-county area, are, for the most part, adequate toserve the needs and convenience of the communitieswith flexibility and efficiency.

On balancing the circumstances of this case in lightof the statutory factors, we find that the merger is in

117


the public interest and the application is therefore,approved effective on or after November 2, 1962.

OCTOBER 26, 1962.


National Bank & Trust Company is the largest bankoperating in the Harrisburg-York area with 13 bank-ing offices, of which 10 were acquired as a result ofconsolidation or merger with formerly independentbanks. It presently has 16.3 percent of the IPG depos-its, and 16.9 percent of the loans of all banks in thearea.

Farmers Trust is the only independent bank remain-ing in Middletown, the other bank having been ac-quired by a large Harrisburg bank in 1961. In ad-dition, National has been granted authority to opena new bank in Middletown but no indication is madein the application as to when it will open.

As a result of its program of expansion throughacquisition, National has increased its deposits by morethan $89 million and its loans by more than $57 millionsince 1959. Of these increases, $83 million of the $89million deposit increase and $44 million of the $57million loan increase are due directly to the consolida-tions and mergers.

In view of this history of acquisitions and the con-tinuing trend towards concentration of bank resourcesin this area, this merger will serve to further acceleratethe trend towards concentration, eliminate existing aswell as potential competition between the mergingbanks, eliminate independent banking from Middle-town and give National two of the three banks in thatcity, enhance the competitive imbalance existing be-tween the larger and smaller banks in the Harrisburg-York area, and serve to substantially reduce the vigorof competition in the area. Therefore, the effect ofthe merger on competition would be substantiallyadverse.

THE MERCHANTS NATIONAL BANK OF MICHIGAN CITY, MICHIGAN CITY, IND., CONSOLIDATED WITHNATIONAL BANK OF MICHIGAN CITY, MICHIGAN CITY, IND.


The Merchants National Bank of Michigan City, Michigan City, Ind. (9381), with..and The First National Bank of Michigan City, Michigan City, Ind. (2747),

which hadconsolidated Nov. 30,1962, under charter of The First National Bank of Michigan

City (2747), and title "The First-Merchants National Bank of MichiganCity." The consolidated bank at date of consolidation had

Total assets

$20, 444, 351

14, 830, 603

35, 274, 954

THE FIRST

Banking offices

In operation

7

1

To be operated

8


On July 25, 1962, the $15.7 million First NationalBank of Michigan City, Michigan City, Indiana andthe $19.7 million Merchants National Bank of Michi-gan City, Michigan City, Indiana applied to the Comp-troller of the Currency for permission to consolidateunder the charter of the former and with the title of"The First-Merchants National Bank of MichiganCity."

Since both of these institutions are located in thesame city, this case presents certain difficulties of de-cision. Michigan City, located in northern Indianaon Lake Michigan, is 50 miles east of Chicago, 25 mileseast of Gary, and some 30 miles west of South Bend.The Michigan City area, close to the highly indus-trialized Calumet Region, has had rapid expansionboth industrially and residentially. The area offers

the finest farming in northern Indiana and is furtheraided by resort and vacation spending. The popula-tion of the Michigan City service area, encompassingLa Porte and Porter Counties and portions of Berrienand St. Joseph's Counties, has expanded rapidly in thelast ten years and is presently estimated at 160,000.Future growth is expected to continue at a rapid pace.

Merchants National operates its main office and twobranches in Michigan City; a branch at Wanatah, 20miles south; and a branch at Hanna, 26 miles south-east. Merchants National has also received approvalto establish two new branches at Kingsbury and FishLake, 11 and 10 miles southeast respectively, which areexpected to be in operation in October of this year.

First National, chartered in 1873, operates only fromits main office in Michigan City. It is a family-ownedbank and has been since its inception.

118


Michigan City itself, with a population of 38,000,is also served by the $27.5 million Citizens Bank ofMichigan City with its main office, two branches, andone approved by the state authorities but not yet actedupon by the FDIC. There are also two savings andloan associations with withdrawable balances of $19.7million and $2.5 million. In addition, a full comple-ment of insurance company solicitation, industrialcredit unions and ten sales finance companies and per-sonal loan companies do a substantial amount of busi-ness in the area. Solicitation by the Chicago banksof industrial and personal credits is an important factorin banking competition of the area. Michigan City,and the general service area, is east, with assets of$26.6, $9 and $12 million, and banks in Porter, West-ville and Union Mills, with assets of $3, $2.4 and $2.5million respectively. A branch of $6.5 million ThreeOaks, Michigan, bank at New Buffalo, Michigan, isactive in the eastern portion of the service area alongwith banks in Gary to the west. It is clear that theresulting institution would not be in a position of pre-eminence which would be detrimental to the publicinterest or would have a detrimental effect on bankingcompetition in the general service area of the resultingbank. There is some question as to the effect uponone segment of the banking structure, i.e., MichiganCity.

Two questions present themselves: one, the extentof the present competition between the institutions;and two, whether there are counter-balancing factorswhich outweigh any adverse effect on banking competi-tion that may be caused by the elimination of a bankin Michigan City itself.

As to the first, it can be fairly said that First Na-tional does not offer strong competition in MichiganCity. While there is opportunity for banking com-petition, because of the proximity of the two institu-tions, it has not materialized. Over the years FirstNational has not kept pace with modern bankingtrends. It has neither automation nor branches, andits outlook can only be characterized as extremelynostalgic. The Bank has possessed trust powers since1926 and presently maintains only 41 accounts, thedepartment being an ancillary service to some of itscustomers. Merchants National, on the other hand,solicits trust business in its service area, although theactivity of Chicago banks undoubtedly decreases thechance of substantial local trust business remainingin Michigan City under the present circumstances.

Of the total loans outstanding, First National hasapproximately 8 percent in commercial and industrialcredits, while 57 percent are either FHA, GI or con-ventional mortgages on residential real estate. Mer-chants National, on the other hand, has approximately25 percent of its total loans in commercial and indus-trial credits, and approximately 32 percent in FHA,GI and conventional mortgages. First National's de-posit figures have been static over the last five yearsand indications are that they will remain so.

Thus, while there is opportunity for banking com-petition between these two institutions of almost equalsize, existing competition is neither strong nor signifi-cant, and the past history of First National does notindicate probable change.

While some direct competition will be eliminated>we conclude, in balancing the statutory criteria, thatthis factor is outweighed by the increased bankingcapacity of the resulting institution. Its capital andlending limits will be substantially increased, therebyimproving the capacity of the resulting bank to servethe convenience and needs of the community. Im-proved management in the resulting institution willbenefit the bank and the public. Strong competitionwill continue both within the city and without; com-petition for dollar deposits and loans from savings andloan associations, from credit unions and from thelarger Chicago banks. These factors, in our opinion,outweigh the limited adverse competitive effect onbanking which would follow from the elimination ofFirst National.

In balancing the statutory factors in light of thecircumstances of this case, it is our opinion that theproposed transaction is in the public interest and itis approved effective on or after October 5, 1962.

OCTOBER 2, 1962.


First National Bank of Michigan City, MichiganCity, Indiana, and Merchants National Bank of Michi-gan City, Michigan City, Indiana, propose to merge.The two banks are third and second respectively in sizeamong the three banks in the city, although the varia-tion in size among the three banks is not great.

The merger would have a serious adverse effect oncompetition in commercial banking in the service areaand would tend toward monopoly in an area which isgrowing economically and therefore would be expectedto have need for more rather than fewer banks.

119


] E LINDSEY BANKING CO., LINDSEY, OHIO, CONSOLIDATED WITH T H E LIBERTY NATIONAL BANK OF FREMONT,FREMONT, OHIO


The Lindsey Banking Co., Lindsey, Ohio, withand The Liberty National Bank of Fremont, Fremont, Ohio (13997), which had..consolidated Nov. 30, 1962, under the charter of the latter bank (13997) and

under the title "The Liberty National Bank, Fremont." The consolidatedbank at date of consolidation had

Total assets

$1, 667, 60711,821,804

13,489,411

Banking offices

In operation

11

To be operated

2


On August 27, 1962, the $11.4 million Liberty Na-tional Bank of Fremont, Fremont, Ohio, filed an ap-plication with the Comptroller of the Currency toconsolidate with the $1.5 million Lindsey BankingCompany, Lindsey, Ohio, under the charter of theformer and with the title "The Liberty National Bank,Fremont."

The Liberty National Bank of Fremont is locatedin Fremont, a city of 17,500 and the seat of SanduskyCounty. Between 1950 and 1960, the county showeda population increase of 22.5 percent. Although thesurrounding area is agricultural, Fremont itself con-tains 78 small diversified industries. The charterbank is the smallest of the Fremont area's three banksin total assets; The Fremont Savings Bank, with twooffices, has $14.6 million in assets, and The CroghanColonial Bank, with three offices, has $21.7 millionin assets. While the consolidation will not changeLiberty National's rank, it will increase its lendinglimit so that it is second in that regard.

Lindsey, the home of The Lindsey Banking Com-pany, is located nine miles northwest of Fremont.The only industry in this farming community of 600is a grain elevator. This bank, despite its monopolyof the town's banking business, has not been able tomeet the financial requirements of its customers norto secure competent successors for its present manage-ment at the prevailing salary scales. It is doubtful if

this small bank could survive the competition of abranch of a larger Fremont bank which, under Statelaw, could be established there.

This consolidation will not only bring to the peopleof Lindsey a bank with tenfold greater resources andoffering a wider range of service, but will resolve thepressing management succession problem confrontingthe Lindsey Bank. It will not affect the already keencompetition in Fremont except insofar as it willstrengthen the operating base of the Liberty National.

In balancing the circumstances of this case in lightof the statutory criteria, we find this consolidation tobe in the public interest, and the application is, there-fore, approved effective on or after November 2, 1962.

OCTOBER 26, 1962.


Liberty National is the smallest of the three banksin its primary service area which does not include thecity of Lindsey. Lindsey Banking Company is the onlybank in the city of Lindsey.

As a result of this consolidation, Liberty Nationalwill become the second largest of the three banks interms of demand deposits but will remain the smallestin terms of time deposits and loans.

On balance, it appears that although the consolida-tion will eliminate a degree of competition betweenthe consolidating banks, its effect on competition willnot be significantly adverse.

FARMERS & MERCHANTS NATIONAL BANK OF BLACKSBURG, BLACKSBURG, VA., MERGED WITH THE FIRST NATIONALEXCHANGE BANK OF ROANOKE, ROANOKE, VA.


Farmers & Merchants National Bank of Blacksburg, Blacksburg, Va. (14633), with.and The First National Exchange Bank of Roanoke, Roanoke, Va. (2737), which

had . . . .merged Nov. 30, 1962, under charter of the latter bank (2737) with title "The

First National Exchange Bank of Virginia." The merged bank at date ofmerger had

Total assets

$5, 627, 596

145 464 811

150,818,071

In opei

Banking offices

ation

2

8

To be operated

10

120



On September 18, 1962, the $131.2 million FirstNational Exchange Bank of Roanoke, Roanoke, Vir-ginia and the $5.3 million Farmers and Merchants Na-tional Bank, Blacksburg, Virginia, applied to theComptroller of the Currency for permission to mergeunder the charter of the former and with the title"The First National Exchange Bank of Virginia."

Roanoke city, with a population of 97,000, is thefourth largest city in Virginia. The economy ofRoanoke city and the county is diversified and rapidlyexpanding. As stated in our decision of June 29,1962,denying the proposed merger of First National Ex-change with the Colonial-American Bank, the city isthe natural center for the present and expanding eco-nomic activity in 26 western counties of Virginia.The city's financial needs are served by First NationalExchange, with eight offices and a branch approvedin Salem; by the $48 million Colonial-American Na-tional Bank with four offices; by the $38 million Moun-tain Trust Bank with five offices; and, by a branchof the $166 million Bank of Virginia. Banks in Salem,which adjoins Roanoke city, and in Lynchburg, 50miles to the east, also offer service to the general area.On October 25, 1962, the Board of Governors of theFederal Reserve System approved the formation of theVirginia Commonwealth Corporation, a bank holdingcompany, which centers around the Bank of Virginiaand includes among its affiliates the $10.7 million Bankof Salem.

Blacksburg, a city of 7,000, is located in MontgomeryCounty, 38 road miles west of Roanoke. Its economyis essentially local in nature with support being drawnfrom Montgomery, Giles and portions of Pulaskicounties. Virginia Polytechnic Institute, whose en-rollment has doubled in the last ten years and whichhas a $9 million annual payroll, contributes signifi-cantly to the economic activities of the Blacksburg area.The presence of the institution has drawn a number ofelectronic and related industries to this area. The ex-panding economy of the area is expected to accelerateits growth in the future. Blacksburg itself is servedby Farmers and Merchants, with its main office and abranch approved, and by the $7 million National Bank

of Blacksburg which does business only from its mainoffice. There are six other banking institutions withina 15-mile radius, whose resources range from $1.7million to $10.5 million.

The entry of First National Exchange directly tothe Blacksburg area will be beneficial to the publicwithout adverse effects on the banking institutionspresently serving the area. The convenient availabil-ity of a larger bank will not only attend to the needs ofthe area but will stimulate its development. Activetrust services and a broad operational base will allowstrong emphasis in all areas of financing. Moreover,the addition of Farmers and Merchants to the FirstNational Exchange system will have no appreciableeffect on the banking structure of the Roanoke area.

In balancing the factors of this case in light of thestatutory criteria, the transaction is found to be in thepublic interest and it is hereby approved effective onor after November 2,1962.

OCTOBER 26, 1962.

SUMMARY OF REPORT BY ATTORNEY GENERALFirst National is the largest bank located in the City

of Roanoke. It has had a substantial growth since1948 expanding its deposits by 95 percent, its loans by419 percent and its capital accounts by 129 percent.During the past two years it has merged with two for-merly independent banks, acquiring deposits in excessof $15 million and loans in excess of $7 million.

Farmers and Merchants is the smaller of the twobanks located in Blacksburg; however, it has also hada substantial growth since 1948, expanding its depositsby 250 percent, its loans by 400 percent and its capitalaccounts by 500 percent. It has been a profitable in-stitution with average net current operating incomeduring the past 5 years exceeding $50,000 annually.

Consummation of this merger will eliminate a sub-stantial amount of competition between the participat-ing banks, create a competitive imbalance in the pri-mary service area of Farmers and Merchants (whichpresently has 14 banking offices, the largest of whichhas less than one tenth the IPC deposits and loans ofFirst National), and accelerate the trend toward con-centration of banking resources in the area. Accord-ingly, its effect on competition will be adverse.

THE FIRST NATIONAL BANK OF CLAIRTON, CLAIRTON, PA., PURCHASEDBANK, MCKF.ESPORT, PA.


The First National Bank of Clairton, Clairton, Pa. (6794), withwas purchased Dec. 3, 1962, by Western Pennsylvania National Bank, McKees-

port, Pa. (2222), which hadAfter the purchase was effected, the receiving bank had

BY WESTERN PENNSYLVANIA NATIONAL

Total assets

$18,337,000

273, 943, 000289, 480, 000

Banking offices

In operation

2

32

To be operated

34



On September 14, 1962, the Western PennsylvaniaNational Bank, McKeesport, McKeesport, Pennsyl-vania, filed an application with the Comptroller of theCurrency to purchase the assets and assume the lia-bilities of the First National Bank of Clairton, Clairton,Pennsylvania.

McKeesport, the home city of the $273.9 millionWestern Pennsylvania National Bank, is situated inAllegheny County to the southeast of Pittsburgh atthe confluence of the Monongahela and YoughioghenyRivers. Though it is 14 miles from downtown Pitts-burgh to McKeesport, only two and one-half milesseparate the boundaries of these cities at their closestpoint. McKeesport, whose population declined some6,000 in the last ten years to its present level of 46,000,is part of the Pittsburgh standard metropolitan area.Though McKeesport is heavily industrialized, thedepressed condition of the metal and allied industriesof the area in recent years has had an adverse effecton the local economy. The aggressive efforts of com-munity leaders to attract new plants to McKeesporthave not been too successful.

The Western Pennsylvania National Bank has aninteresting history. Chartered as a national bank in1875, four years after it came into existence as a statebank, it operated as a single unit bank until 1953. Inthe nine years following, it has absorbed 17 banks, hasopened 14 de novo branches and has approval for fivemore that are not yet in operation. Of the 32 officesit now operates, 24 are in Allegheny County, six arein Washington County and two are in WestmorelandCounty—all within the trade area of Pittsburgh. Nineof its branches are located in the city of Pittsburghwhile two branches and the main office are in McKees-port. In the course of its expansion program theassets of Western Pennsylvania have grown from $50million to $277 million.

Clairton, also situated in Allegheny County, is lo-cated seven miles southwest of McKeesport on theopposite bank of the Monongahela River. This city,whose declining population is now 18,000 is primarilya steel town and part of the greater Pittsburgh indus-trial complex. Since most of the resident wage earnersare hourly factory employees, the fact that the largestemployer, who has been operating at one-half capacity,has recently announced the permanent closing of someplant operations, has had an adverse effect upon thelocal economy. The prospects for an early recoveryof industrial activity in the area are not optimistic.

The $18.3 million First National Bank of Clairtonoperates one branch which it acquired in 1942 whenit absorbed a competing bank in Clairton. ThoughFirst National is the only commercial bank in the city,its growth has been moderate and its earnings unim-pressive in recent years. Despite ultra conservative

122

policies which have not contributed to the business andcivic development so badly needed in Clairton, thisbank has maintained an excellent rating in everyrespect. The active head of this bank, who has forseveral years been planning to retire, has not been ableto attract a qualified successor.

Within the limits of Allegheny County and servingthe Pittsburgh standard metropolitan area are 24commercial banks which operate 227 offices—67 ofwhich are in adjoining counties. The two largest arethe $2.4 billion Mellon National Bank and Trust Com-pany of Pittsburgh with 67 offices and the $1 billionPittsburgh National Bank with 61 offices which controlapproximately 75 percent of area deposits. TheWestern Pennsylvania National Bank, while rankingthird in size, accounts for only 6.7 percent of areadeposits. Three other banks, each one-half the sizeof Western Pennsylvania, operate 43 offices in com-petition with larger area banks.

The competitive impact of this transaction on bank-ing in the Clairton area will be minimal. With noother banks in the city, itg effect, if any, will be uponthe $11.7 million Duquesne City Bank situated acrossthe river from McKeesport, and upon the $6 millionBank of Glassport, about two miles to the north, whichhas Federal Reserve Board approval to merge with the$123 million Peoples Union Bank and Trust Companyin McKeesport. These banks, however, are already incompetition with branch offices of the state's largerbanks.

The absorption of the First National by WesternPennsylvania will serve the convenience and needs ofthe people of Clairton. Not only will they gain a moreaggressive bank to foster community development butthey will acquire a local source of consumer and in-stallment loan credit long needed by its business inter-ests. In addition to solving the management sucTcession problem which now confronts the selling bank,it promises hope to the residents that the local bankingoffice may be modernized for their greater convenience.

On balancing this proposal against the statutorycriteria we find that it will promote the public interest.The application is, therefore, approved effective onor after November 16,1962.

NOVEMBER 9, 1962.


WPNB, the third largest bank in the Greater Pitts-burgh area, with total assets of $209,000,000 and oper-ating 32 offices with 9 more scheduled to open, pro-poses to acquire by purchase First National Bank ofClairton which has total assets of $18,000,000 andoperate 2 offices located about 7 miles from the headoffice of the acquiring bank. While WPNB is con-siderably smaller than the 2 largest banks in the areait has made 17 acquisitions in the past 9 years and


added total deposits of more than $129,000,000through such acquisitions. The concentration ofbanking resources in metropolitan Pittsburgh has beenbrought about in great part by a series of acquisitionsby major banks. The proposed purchase is another

step in the continuing concentration. The effect ofthis acquisition on competition may be substantiallyadverse and the cumulative effect on competition ofacquisitions in commercial banking in the GreaterPittsburgh area will be adverse.

FARMERS & MERCHANTS BANK, PLATTE, S. DAK.; FARMERS & MERCHANTS BANK, PRESHO, S. DAK.; AND FARMERS& MERCHANTS BANK, WESSINGTON SPRINGS, S. DAK., MERGED WITH THE NATIONAL BANK OF SOUTH DAKOTA,SIOUX FALLS, SIOUX FALLS, S. DAK.


Farmers & Merchants Bank, Platte, South Dakota, withFarmers & Merchants Bank, Presho, S. Dak., withFarmers & Merchants Bank, Wessington Springs, S. Dak., withand The National Bank of South Dakota, Sioux Falls, Sioux Falls, S. Dak.

(12881) which hadmerged Dec. 6, 1962, under charter and title of the latter bank (12881). The


Total assets

$5, 946, 4353,913,5373, 661, 266

40,194, 868

53,816,052

In oji

Bankin

deration

211

5

g offices

To be operated

9


On October 29, 1962, The National Bank of SouthDakota, Sioux Falls, South Dakota, filed an applica-tion with the Comptroller of the Currency to mergeFarmers & Merchants Bank, Platte, South Dakota;Farmers & Merchants Bank, Presho, South Dakota;and Farmers & Merchants Bank, Wessington Springs,South Dakota, under the charter and title of "TheNational Bank of South Dakota, Sioux Falls."

The $39.5 million National Bank of South Dakota,which is owned by the First Bank Stock Corporation,is headquartered in Sioux Falls, the county seat ofMinnehaha County. Sioux Falls, located 17 miles westof the point at which Minnesota, Iowa, and SouthDakota meet, is the largest city in the state, with apopulation of 65,000. This city, surrounded by veryproductive farm land devoted primarily to the pro-duction of wheat, corn, flax, barley, livestock anddairying, has meat packing as its major industry. Itis one of the 10 top livestock markets in the nation. Inaddition to the charter bank, the financial needs ofSioux Falls are served by the $41 million First Na-tional Bank in Sioux Falls and the $77 million North-west Security National Bank of Sioux Falls.

Farmers & Merchants Bank of Platte, with assetsof $5.5 million, is the only banking office in this townof 1,200 population. Platte, 147 miles southwest ofSioux Falls, is located in an area devoted entirely todiversified farming activities. Farmers & Merchants,operating one branch at Corsica, 20 miles to the east,is the largest of four banks operating within a radius of36 miles of Platte.

Farmers & Merchants Bank of Presho, with assetsof $3.4 million, is the only banking office in this town

of 881 residents. It is located 180 miles west of SiouxFalls, in a rural community devoted principally to theraising of winter wheat and range cattle.

Farmers & Merchants Bank of Wessington Springs,with assets of $3.2 million, is the only banking facilityserving this town of 1,500 people whose economy de-pends upon diversified farming activities in the area.The rural population surrounding Wessington Springs,like that surrounding Platte and Presho, is graduallydeclining as the individual farming units increase insize.

The small merging banks are commonly referred tothroughout the state as the "Thomson Banks" becauseof their common family ownership. The senior man-agement apparently wishes to be relieved of the pri-mary responsibility for the operation of these threebanks. In view of the marked tendency of the farm-ing units in the trade areas of these three banks to in-crease in size, there is a concomitant demand for di-rectly available increased financing to meet their largerrequirements. As this demand exceeds the capacityof the small banks involved, it is evident that a some-what larger bank is needed to meet the convenienceand needs of the communities.

Having considered all the facts germane to thisapplication, we find that this application will be in thepublic interest, and it is hereby approved effectiveimmediately.

DECEMBER 6, 1962.


This merger will increase the dominant position ofthe Charter Bank in the Vermillion service area andstrengthen it in the Sioux Falls service area, to the

123


detriment of smaller banks. It would prevent furtherdevelopment of the existing competition between oneof the Merging Banks and the Huron branch of theCharter Bank. It would similarly affect the competi-tive difficulties now faced by those banks which com-pete with the Merging Banks, particularly since theHolding Company controls the Charter Bank. Finally,it would eliminate the small, local and family-owned

Merging Banks and make them parts of the HoldingCompany's large organization thus further extendingthe Holding Company's already substantial bankinginterests in South Dakota. For these reasons, thismerger is likely to have a substantially adverse effecton competition in commercial banking in SouthDakota.

GLENDORA COMMERCIAL & SAVINGS BANK, GLENDORA, CALIF., MERGED WITH CITIZENS NATIONAL BANK, LOSANGELES, CALIF.


Glendora Commercial & Savings Bank, Glendora, Calif., withand Citizens National Bank, Los Angeles, Calif. (5927), which hadmerged Dec. 7, 1962, under charter and title of the latter bank (5927). The


Total assets

$3,869,643.68754,843,312.90

758,415,554.88

Banking offices

In operation

273

To be operated

75

COMPTROLLERS DECISION

On August 8, 1962, the $3.5 million Glendora Com-mercial and Savings Bank, Glendora, California, andthe $731.7 million Citizens National Bank, Los Angeles,California, applied to the Comptroller of the Currencyfor permission to merge under the charter and titleof the latter.

The Glendora Commercial & Savings Bank has itstwo offices in Glendora, a city of 21,000, located some30 miles east of Los Angeles. It was opened inDecember of 1957, in an area where it would be incompetition with a number of the largest bankinginstitutions in California. Not only has it not metwith the degree of success hoped for, but the openingof a branch office this year caused them to show anet loss on their total operations. The difficulties ofthe Glendora Commercial bank stem from the failureof the particular area to keep pace with the rapidgrowth experienced in many other areas around LosAngeles, and their limited loan capacity which impairstheir ability to compete with the larger banks.

The competition within a three-mile radius of Glen-dora is keen. There are three branches of the $13.3billion Bank of America in the Azusa-Glendora area,as well as an office of the $607 million First WesternBank and Trust Company, an office of the $4.1 billionSecurity First National Bank and the $12.3 millionFirst National Bank of Azusa and its affiliate, theAzusa Valley Savings Bank.

The Citizens National Bank, a 67-office systemwhich is the eighth largest in California, does not com-pete directly in Glendora with the merging bankthough it has two offices on the general vicinity, one

5*/2 and the other Sl/2 miles distant. While CitizensNational could, under California branch bankingstatutes, open a branch office in Glendora as a sub-stitute for entry by merger, such action would aggra-vate the difficulties now facing Glendora Commercial.

Opinions have been expressed that the GlendoraCommercial Bank was organized for the purpose ofselling at a profit to a larger organization at the earliestopportunity. We fail to find this so, since the originalorganizers are not parties to this merger and the priceto be paid for the shares of stock is not, in light of thebank's non-dividend policy since its chartering, unrea-sonable.

It is apparent that the Glendora bank is not a signifi-cant competitive factor in the area. Its rate of growthand problems of succession raise serious questions asto its future effectiveness in the community. It hasexperienced difficulty in attracting competent manage-ment personnel and has had to call on Citizens Na-tional for aid a number of times in the past. Further,the withdrawal of its president has precipitated a man-agement succession problem which promises to be-come critical.

Nothing is to be gained by continuing a bank whoseprospects for further growth appear to be stunted;the competition eliminated by the merger is adequatelycompensated by the banking advantages that willresult.

In balancing the factors of this case in light of thestatutory criteria, we find this merger to be in the pub-lic interest and the application is therefore approvedeffective on or after October 19, 1962.

OCTOBER 12,1962.

124



Citizens National Bank, Los Angeles, proposes toacquire by merger Glendora Commercial & SavingsBank, Glendora, California. Citizens is the fifth largestbank in the Los Angeles area and holds approximately6 percent of deposits within the area. Glendora Com-merical was organized in December 1957, and its total

deposits have grown since that time from $124,000to $3,107,000. According to the Application the five,largest banks in the Los Angeles area hold 89 percentof deposits within the area. The proposed merger isanother step in the continuing concentration of com-mercial banking in the Los Angeles area. This con-tinuing concentration would appear to lead to a sub-stantial lessening of competition.

THE BANK OF MANTEO, MANTEO, N.C., MERGED WITH THE PLANTERS NATIONAL BANK & TRUST CO. OF ROCKYMOUNT, ROCKY MOUNT, N.C.

Name of hank and type of transaction

The Bank of Manteo, Manteo, N.C, withand The Planters National Bank & Trust Co. of Rocky Mount, Rocky Mount,

N.C. (10608), which hadmerged Dec. 8, 1962, under charter of the latter bank (10608), and title "The

Planters National Bank and Trust Company of Rocky Mount." The mergedbank at date of merger had

Total assets

$3,466,716

38, 633, 486

42, 094, 336

Banking offices

In operation

3

14

To be operated

17

COMPTROLLER^ DECISION

On August 13, 1962, The Planters National Bankand Trust Company of Rocky Mount, Rocky Mount,North Carolina, applied to the Comptroller of the Cur-rency for permission to merge under its charter andtitle The Bank of Manteo, Manteo, North Carolina.

The $3.7 million Bank of Manteo is the only bankin Dare County. It has its main office in Manteoon Roanoke Island and two tellers windows on theOuter Blanks, one at Nags Head and the other at Bux-ton near Cape Hatteras. While the permanentpopulation of Dare County is only 6,000, of whom 564reside in Manteo, the summer influx of tourists bringsthe total to 20,000. Fishing and some lumbering addto the tourist trade to form the economic foundationof the area.

The $32.6 million Planters National Bank and TrustCompany is headquartered in Rocky Mount, 140 mileswest of Manteo. The 32,000 residents of RockyMount derive their economic support principally fromthe agricultural activities of the surrounding country-side which is the world center for bright leaf tobacco.Other major income crops in the area are corn, pea-nuts and cotton.

In addition to its main office and five branches inRocky Mount, Planters National Bank maintains eightother branches in the cities of Ahoskie, Greenville,Plymouth, Roanoke Rapids, Gaston and Siler City,all widely dispersed through the northeast section ofthe state. Because of the geographic spread of thissystem, Planters National Bank is actively competing

with four of the large North Carolina banks includingthe $909.4 million Wachovia Bank and Trust Com-pany, the $130.2 million Branch Banking and TrustCompany, the $294.7 million First-Citizens Bank andTrust Company, and the $248.1 million First UnionNational Bank. It is clear that the addition of theBank of Manteo to the Planters National Bank oper-ation will not adversely affect the statewide or regionalbanking structure.

The Bank of Manteo has little banking competitionfor the business developed in this seaboard county.The closest commercial bank to Manteo is a branch ofthe $4.2 million East Carolina Bank at Columbia, 40miles west of Manteo. The nearest office of PlantersNational Bank is located in Plymouth, 75 miles west ofManteo. This merger will not, therefore, eliminateany banking competition in Dare County.

The most significant benefits to be derived from thisproposal will be an expansion of the banking servicesavailable to residents of this increasingly popular resortarea, an increase in credit availability, and a definitestrengthening of management in the Manteo bankoffice.

The facts presented in this case, when weighed in thelight of the statutory criteria, indicate that the mergerwill be in the public interest. The application, there-fore, is granted effective on or after October 19, 1962.

OCTOBER 12, 1962.


Planters National Bank and Trust Company withtotal assets of $32,000,000 proposes to acquire by

125


merger Bank of Manteo with total assets of $3,000,000.The acquiring bank operates 14 offices in eastern NorthCarolina and the merging bank operates two tellerbranches in seaside resort areas. Neither bank pres-

ently does business in the other's service area and thereare no accounts in common. The proposed mergerwould not appear to have an adverse effect oncompetition.

LITTLESTOWN STATE BANK & TRUST CO., LITTLESTOWN, PA., MERGED WITH THE FIRST NATIONAL BANK OFGETTYSBURG, GETTYSBURG, PA.


Littlestown State Bank & Trust Co., Littlestown, Pa., withand The First National Bank of Gettysburg, Gettysburg, Pa. (311), which had..merged Dec. 8,1962, under the charter of the latter bank (311) with title "Adams

County National Bank." The merged bank at date of merger had

Total assets

$13,516,79410, 059, 333

23, 576,127

Banking offices

In operation

21

To be operated

3


On August 7, 1962, the $9.2 million First NationalBank of Gettysburg, Gettysburg, Pennsylvania, andthe $12.7 million Littlestown State Bank, Littlestown,Pennsylvania, applied to the Comptroller of the Cur-rency for permission to merge under the charter of theformer, and under the title "Adams County NationalBank," and to relocate its main office at Littlestown,Pennsylvania.

The borough of Gettysburg, with an estimated popu-lation of 8,000, serves an area of approximately28,000, predominantly devoted to agriculture but in-cluding some light industry. Tourism is an importantfactor in the economy because the Gettysburg CivilWar Battlefield brings more than one million visitors tothe area annually. Gettysburg College and LutheranTheological Seminary, with a combined student forceof 2,000, add to the economic activity of the borough.The principal competitor of The First National Bankof Gettysburg is the $22.5 million Gettysburg NationalBank, the largest bank in Adams County. The mergerwill provide more effective banking competition be-tween two banks of near-equal size.

Littlestown, located approximately ten miles south-east of Gettysburg, serves an estimated 8,000 peoplein the immediate trade area. The borough is theCounty's leading industrial center, with two largeshoe manufacturers, an iron foundry, a dress factory,and several canning factories. Adams County, inwhich both Gettysburg and Littlestown are situated,is a region of agricultural and industrial growth andhas shown a population increase of 17 percent be-tween 1950 and 1960.

The $7.6 million Littlestown National Bank, fourthlargest in the County, is the principal competitor ofLittlestown State Bank, nearly twice its size. It isnot anticipated that an increase in size of the merged

bank will adversely affect Littlestown National Bank'scompetitive ability.

Principal beneficiary of this merger will be thepublic. By doubling its size, the merged bank will beable to offer increased specialized services, more trustactivity and more aggressive management. Themerger will substantially increase lending capacity,making wider financing and bank credit available andwill serve to ease the cost pressure caused by a highpercentage of time deposits in both institutions.

On balancing the circumstances of this case in thelight of the statutory factors, I find that the mergeris in the public interest. The application to mergeand the request to relocate the main office at Littles-town, Pennsylvania, are granted, effective on or afterOctober 19,1962.

OCTOBER 12, 1962.


A degree of competition between Littlestown StateBank and Trust Company, Littlestown, Pennsylvania,and First National Bank of Gettysburg, Gettysburg,Pennsylvania, would be eliminated by the merger.

In addition the merger will have a dual competitiveeffect in the area of competition:

(a) The resources and lending limit of theresultant bank will enable it to compete on eventerms with the Gettysburg National Bank therebyovercoming the present competitive disadvantageof First National, and

(b) The resources and lending limit of theresultant bank will be so much greater thanLittlestown National Bank that the latter willoperate under about the same competitive dis-advantage that First National is trying to over-come through the merger.

126


The merger would thus tend to solve one competi-tive situation but tend to create another one just asserious.

In the broader area of competition there are 8 banks,two of which are about twice as large as 5 of the othersand about three times as large as Littlestown National

Bank, the smallest bank in the area. The proposedmerger would create a bank of the approximate sizeof the two largest and would place the four remainingbanks at an increased competitive disadvantage.

It is our view that the effect of this proposed mergeron competition will be adverse.

THE SALISBURY NATIONAL BANK, SALISBURY, MD., MERGED WITH FIRST NATIONAL BANK OF MARYLAND,BALTIMORE, MD.


The Salisbury National Bank, Salisbury, Md. (3520), withand First National Bank of Maryland, Baltimore, Md. (1413), which hadmerged Dec. 14, 1962, under the charter and title of the latter (1413). The


Total assets

$22, 702, 383418, 327,155

439, 453, 396

Banking offices

In operation

229

To be operated

31


On September 28, 1962, the Salisbury NationalBank, Salisbury, Maryland, and the First NationalBank of Maryland, applied to the Comptroller of theCurrency for permission to merge under the charterand title of the latter.

The Salisbury National Bank, which has two estab-lished offices and a third approved but unopened, islocated in Salisbury, the county seat of WicomicoCounty, on the Eastern Shore of Maryland. Thistown of 16,000 whose population has doubled in thelast ten years, is situated 100 miles southeast of Balti-more and is the center of recent commercial and in-dustrial development in that section of the state.Whereas the area economy has been traditionallybased on agricultural pursuits, chiefly poultry raisingand truck farming, it now rests in large measure upondiversified manufacturing, commercial fishing, retailand wholesale distribution, and a growing touristtrade.

The trade area of Salisbury, encompassing the 49,-000 residents of Wicomico County, is presently servedby nine commercial banks. In addition to the merg-ing bank with its two offices, there are two offices ofthe Maryland National Bank, the largest in the state,and two offices of the Union Trust Company, thethird largest. These two large Baltimore banks en-tered Salisbury through mergers with local banks inthe last two years. The other six are single officebanks located in communities three to 14 miles distantfrom Salisbury. These small banks, while serving avital role in the area, do not offer effective competi-tion to the larger banks officed in Salisbury.

The First National Bank, which is the second larg-est in Maryland, maintains its main office in Baltimoreand operates 29 branches throughout the state. In

the last six years, this bank has absorbed six banks bypurchase or merger acquiring 16 offices and gaining$117 million in deposits. This bank effectively com-petes with the 66 office Maryland National Bank, withthe 34 office Union Trust Company, and with the27 office Equitable Trust Company for the bankingbusiness generated in the prosperous Baltimore metro-politan area, and in virtually every section of thestate where the economy is thriving. However, ithas no office in Salisbury to compete with MarylandNational and Union Trust for the trade of that area.

This application presents another in a recent seriesof mergers which are rapidly changing the bankingstructure in Maryland. While mergers in themselvesare a licit means of achieving banking growth, theyshould not be relied on to the virtual exclusion ofother fitting means. As we said in our decision ofJuly 13, 1962, approving the merger of First Nationalwith the Farmers Banking and Trust Company, inRockville, "We prefer, and in many instances require,that banks expand their operations along the moregradual route of de novo branching, especially in statessuch as Maryland where the law permits state-widebranching." The unique circumstances existing inRockville which prompted us to depart from our con-cepts of de novo branching as a means of growth toapprove that merger are also present in Salisbury.To insist that First National resort to a de novo branchto effectuate its entry into this Eastern Shore areacould work to the jeopardy of the existing banks aswell as to the public detriment.

Notwithstanding that Salisbury National is an ag-gressive and excellently managed local bank, whosedemise through merger is not to be taken lightly, theadverse competitive impact of the entry of UnionTrust and Maryland National into Salisbury has not

696HO55—63 10 127


yet been fully felt by Salisbury National. When thelocal reaction against the previous mergers passes,as experience in other cases indicates it will, SalisburyNational will find it increasingly difficult to maintainits previous position.

Having weighed all the facts germane to this ap-plication in the light of the statutory criteria, we findthat the proposed merger will be in the public interest.The application is, therefore, granted effective De-cember 4, 1962.

NOVEMBER 27, 1962.


First National Bank of Maryland, the second larg-est bank in the state, operating 30 offices and havingtotal resources of $406,900,000, proposes to acquireby merger The Salisbury National Bank, Salisbury,

Maryland, which operates two offices with approvalto open a third in that city and which has total re-sources of $23,265,000. First National has acquiredsix banks in the past six years, adding deposits of$108,296,000 and loans of $64,269,000.

First National claims a need to merge because twoof its competitors in Baltimore have acquired previ-ously independent banks in Salisbury. Salisbury Na-tional claims a need to merge because of its "increas-ing difficulty in competing with" the branch offices ofthe Baltimore banks.

Six small banks, the largest of which has total de-posits of $3,100,000, are listed as competing with Salis-bury National. The proposed merger would have aseverely adverse effect on competition in commercialbanking on the Eastern Shore, and would acceleratethe trend toward monopoly.

BANK OF HUNTINGTON, HUNTINGTON, N.Y., MERGED WITH THE MEADOW BROOK NATIONAL BANK, N E W

YORK, N.Y.


Bank of Huntington, Huntington, N. Y., withand The Meadow Brook National Bank, New York, N.Y. (7703), which h a d . . .merged Dec. 14, 1962, under charter and title of the latter bank (7703). The


Total assets

$57,669,330.52658,369,264.85

716,038,595.37

Banking offices

In operation

657

To be operated

63


On September 27, 1962, the Meadow BrookNational Bank, Jamaica, New York, and the Bankof Huntington, Huntington, New York, applied tothe Comptroller of the Currency for permission tomerge under the charter and with the title of theformer.

The Meadow Brook National Bank, organized in1905, has experienced a phenomenal growth rate inthe past decade; a period in which its deposits haveincreased from $44 million to $600 million, makingit the forty-third largest commercial bank in the coun-try, the tenth largest in the New York City area, andthe second largest headquartered on Long Island.Since 1950, it has merged or consolidated with 16other banks, thereby acquiring 30 banking offices andapproximately $300 million of deposits. At the pres-ent time it operates 57 banking offices; 47 in NassauCounty, six in Queens (including the main office inJamaica), three in Manhattan, and one in Brooklyn.It has also received approval for three de novobranches in Suffolk County, and is applying foranother branch in Nassau County. This bank'sgrowth has been sustained by an aggressive manage-

ment which has consistently coordinated expansionplans with the natural development and increasingneeds of the communities it serves.

Meadow Brook National's general service area,which includes Manhattan and the Long Island coun-ties contains 45 commercial banks with aggregate de-posits exceeding $28 billion, 38 mutual savings bankswith combined deposits of $15 billion, 46 savings andloan associations with combined withdrawable balancesof $2.4 billion, and numerous insurance companies,personal loan firms, sales finance agencies and creditunions. Situated, as it is, within the New York Cityarea, the bank is in direct competition with some ofthe largest financial institutions in the country. InNassau County, this bank's competition has been in-creased substantially by 23 branches of New York Citycommercial and savings banks which have been estab-lished within the county following the passage in1960 of the New York Omnibus Banking Bill.

The history of the vigorous growth of Nassau Coun-ty is too well known to require an extensive exposition.It is sufficient to point out that in the last ten yearsthe population has doubled to 1.3 million, and theeconomy has changed from one largely residential to

128


one wherein there are 1,700 manufacturing plantsemploying more than 80,000. In addition to theNew York City commercial and savings banks whichoperate branches here, the county is served by 17commercial banks and one savings bank which havetotal assets of $2.3 billion and of which the largestis Franklin National Bank.

Suffolk County, consisting of 900 square miles,stretches 80 miles from the border of Nassau County,on the west, to the tip of Long Island, on the east,with the Sound forming the northern boundary andthe Atlantic the southern. It is now exeriencinggrowth patterns quite similar to those which took placein Nassau County during the past decade. Since1950, its population has increased from 276,000 to700,000. Extrapolation of current population statis-tics indicates that Suffolk County will have a popu-lation in excess of two million by 1985. Its employ-ment is projected to increase from its 1960 census highof 146,000 to 459,000. The county is served by 19commercial banks and four savings banks along with17 branches of Nassau County banks. The large re-sources of Manhattan banks are not directly avail-able to the county since New York state law preventsthese banks from operating branches therein.

Huntington, the home of the merging bank, islocated in the northwest corner of Suffolk County,adjacent to Nassau. It has had a marked popula-tion growth since 1950, with the total number of resi-dents increasing from 47,000 to 138,000. During thesame years the economic base of the area has changedfrom residential development to an admixture of com-mercial and industrial expansion. There are now 18major firms with large facilities located within a fewmiles of Huntington. Banking facilities for these firmsare provided by the Bank of Huntington, the SecurityNational Bank, the Long Island Trust Company,Franklin National, the Long Island National, andEastern National. In addition to the 15 banking of-fices maintained by these banks in the town of Hunt-ington, some competition is furnished by 14 offices ofeight other banks located at distances ranging from5.5 miles to 7.5 miles from the head office of theHuntington Bank. Among these are two branches ofFirst National City and one office of Chase Manhat-tan. The Bank of Huntington is by far the smallestbank in the area.

For several years the Bank of Huntington had diffi-culty marshalling sufficient financial and managerialresources necessary to attain the growth demandedby the highly virile economy of Huntington. Thebank's expansion during the past ten years, whereindeposits increased from $10 million to $51 million,has been aided by the establishment of four branchesand by the merger of the Huntington Station Bankin 1956, which acquisition accounts for about one-third of the growth registered during the last decade.

This rate of growth is somewhat less than might beexpected in the light of the substantial growth ofthe area. Although the recent acquisition of newand highly capable managerial talent has helped toalleviate this situation, it appears that overwhelmingcompetitive factors and rapidly changing economicconditions hinder the bank management from partici-pating more effectively and more actively in servic-ing the needs and convenience of the community.

Approval of this merger will be of substantialbenefit to Huntington and to Suffolk County. Mead-ow Brook National will be able to offer direct com-petition to Franklin National and to Security National,thereby creating an invigorating banking climatefunctioning within an invigorating economic climate.It will prove beneficial to the entire public since lowerinterest rates and substantially increased services willbe available, and it will provide Huntington with an-other strong banking source of demonstrated ability,experience and knowledge in servicing growing busi-nesses and communities in suburban areas.

On balancing the circumstances of this case inlight of the statutory factors, we find that the mergeris in the public interest and the application is there-fore approved effective on or after December 4, 1962.

NOVEMBER 27, 1962.


Meadow Brook National Bank, operating 10 officesin New York City and 47 in Nassau County andhaving total resources of $663,492,000, proposes toacquire by merger Bank of Huntington, operating fiveoffices and having total resources of $56,322,000.Bank of Huntington operations are concentrated inHuntington Township at the western end of SuffolkCounty close to Nassau County. It is the secondlargest of 20 commercial banks in the County. Thepopulation of the Township has tripled in the twelveyears since 1950 while the assets of the Bank havetripled in the six years since June 1956.

The proposed merger would radically alter thebanking structure of Suffolk County, an area whichfaces excellent growth prospects in the next 25 years.It Would eliminate substantial actual and potentialcompetition between the two banks. As an illustra-tion, MBNB now has loans originating in Huntington'sservice area which are equal to 17 percent of Hunt-ington's total loans. There are also common demanddeposit accounts in which the Huntington balanceamounts to more than 4 percent of Huntington's IPCdemand deposits.

The proposed merger would enhance the disparityin size between MBNB and its small competitors inNassau County to the detriment of competition andwould bring to Suffolk County a competitor of sub-stantial size which already has three applications for

129


de novo offices in Suffolk County approved.MBNB has made 16 acquisitions in the past twelve

years which account for a major part of its growthin this period.

The proposed merger would have a substantiallyadverse effect on competition in commercial bankinggenerally on Long Island and intensify the trendtoward concentration in that area.

THE VANDALIA STATE BANK, VANDALIA, OHIO, MERGED WITH THE THIRD NATIONAL BANK & TRUST CO. OFDAYTON, OHIO, DAYTON, OHIO


The Vandalia State Bank, Vandalia, Ohio, withand The Third National Bank & Trust Co. of Dayton, Ohio, Dayton, Ohio (10),

which hadmerged Dec. 15, 1962, under charter and title of the latter bank (10). The


Total assets

$9, 627, 932

113, 698, 088

122, 859,123

Banking offices

In operation

2

5

To be operated

7


On September 13, 1962, the $8.3 million VandaliaState Bank and the $109.5 million Third NationalBank and Trust Company of Dayton, Dayton, Ohio,applied to the Comptroller of the Currency for per-mission to merge under the charter and title of thelatter.

The Third National Bank and Trust Company ofDayton was the tenth banking association to receivea federal charter. It opened for business on June 29,1863, just five months and four days after passage ofthe National Currency Act, which created the presentnational banking system.

Dayton, location of the charter bank, is a city of246,000 on the Miami River in southwestern Ohio,50 miles north of Cincinnati. It is the county seatof heavily industrialized Montgomery County whichhas a population of 527,000. There are 900 manu-facturing plants in Dayton employing a total of 100,000people. The city is a center for the fabrication ofmachine parts, particularly for automobiles andaircraft.

The Third National Bank and Trust Company, withfour branches, is the second largest bank in Dayton andis slightly larger than the $89.7 million National Bankof Dayton which has nine branches. The largest bankin the city is the $264.1 million Winters NationalBank with 10 branches and two facilities. Five otherbanks in the service area, which encompasses all ofmetropolitan Dayton and the northern half of Mont-gomery County, have a total of six offices and com-bined resources of $31 million.

The Vandalia State Bank serves Vandalia, a rap-idly growing community of 7,500 residents, locatednine miles north of Dayton. Formerly a rural townin an agricultural area, it now has some light industry

and has become a residential and commercial suburbof Dayton. In addition to its main office, the mergingbank has an important branch in the Northridge sec-tion of Dayton. Within two miles of this branch theWinters National Bank and The Dayton NationalBank have a total of four offices. Thus, the compe-tition for local banking business is not between themerging banks but between the Northridge branch ofThe Vandalia Bank and the other two large Daytonbanks. Approval of this merger will heighten com-petition in the northern part of the city without af-fecting the smaller banks which are primarily con-cerned with their own communities and withoutchanging the relative positions of the Dayton banks.

The Vandalia Bank's customers will be better servedby a large increase in its lending capabilities, theintroduction of specialized forms of credit and trustfacilities, and the benefits of automation, a projecton which the charter bank has already embarked butwhich The Vandalia Bank has been putting off becauseof the cost. The resulting bank will benefit fromthe economies of centralized operation.

In balancing the factors of this case in light of thestatutory criteria, we find this merger to be in thepublic interest and the application is, therefore, ap-proved on or after November 16, 1962.

NOVEMBER 9, 1962.


The proposed merger would eliminate the activecompetition presently existing between these banks inthe Third National-Vandalia service area. Further-more, it would contribute to further concentration ofbanking power in the greater Dayton area by elim-inating an effective competitor. In light of the above,it would appear that the effect of the proposed mergeron competition would be substantially adverse.

130


T H E FIRST NATIONAL BANK OF ANTHONY, ANTHONY, N. MEX. , CONSOLIDATED WITH FIRST NATIONAL BANK OFDONA ANA COUNTY, LAS CRUCES, N. M E X .


The First National Bank of Anthony, Anthony, N. Mex. (14863), withand First National Bank of Dona Ana County, Las Cruces, N. Mex. (7720),

which hadconsolidated Dec. 19, 1962, under charter and title of the latter bank (7720).


Total assets

$3, 353, 020

17, 349, 791

20, 560, 250

Banking offices

In operation

1

3

To be operated

4


On October 12, 1962, the $15.9 million FirstNational Bank of Dona Ana County, Las Cruces,New Mexico, and the $2.7 million First NationalBank of Anthony, Anthony, New Mexico, applied tothe Comptroller of the Currency for permission toconsolidate under the charter and title of the former.

Las Cruces, with a population of 40,000, is thecounty seat of Dona Ana County and is located inthe southwest section of the state, 46 miles northwestof El Paso, Texas. The area has a mixed economicbase deriving support from cotton, new industry, NewMexico State University, and the expanding WhiteSands Missile Range. The city is served by the char-ter bank with two operating branches and one ap-proved but unopened, by the $17 million Farmersand Merchants Bank, and by various non-bank finan-cial institutions.

Anthony, 23 miles south, has a population of 3,000including Anthony, Texas, directly across the stateline. Cotton, with some industrial support, providesthe primary economic livelihood for this area. Whilethe merging bank is the only bank located in the city,this area is considered to be in the service area of theEl Paso banks.

This consolidation will make a corporate unity ofthe present common ownership of these affiliated insti-tutions. With common management and ownershipthe two institutions have been since 1959 operatedas one. In addition to corporate economies, the con-solidation will facilitate the utilization of larger re-sources and bring expanded services directly to theAnthony area.

In weighing this application in light of the statutorycriteria, it is found to be in the public interest andit is approved effective on or after December 19, 1962.

DECEMBER 12, 1962.


The proposed merger of The First National Bankof Dona Ana County, Las Cruces, New Mexico, andThe First National Bank of Anthony, New Mexico,would constitute the union of two banks which havecommon ownership. The president of Dona Anaowns 70 percent of the stock of Anthony. Eight ofAnthony's shareholders control 68 percent of the stockof Dona Ana.

Since competition between them is slight and notmeaningful, the effect of the merger would not besubstantially adverse.

THE PEOPLES BANK, CANAL WINCHESTER, OHIO, MERGED WITH THE HUNTINGTON NATIONAL BANK OF COLUM-BUS, COLUMBUS, OHIO


The Peoples Bank, Canal Winchester, Ohio, withand The Huntington National Bank of Columbus, Columbus, Ohio (7745),



Total assets

$8, 632, 279

251, 458, 855

259, 487,135

Banking offices

In operation

2

6

To be operated

8

131



On October 10, 1962, The Peoples Bank, CanalWinchester, Ohio, and The Huntington NationalBank of Columbus, Columbus, Ohio, applied to theComptroller of the Currency for permission to mergeunder the charter and title of the latter.

Columbus, with a population of 471,000, is thecapital of Ohio and the seat of Franklin County.Its service area, encompassing a million people, ishighly industrialized with over 800 manufacturingplants producing a diversity of goods valued in excessof $1.3 billion a year; an increase of 72 percent inthe last ten years. State and federal governmentalagencies and a number of educational institutionscontribute to the economic activity of the area.

The banking needs of Columbus and other com-munities in Franklin County are served through 47offices of eight commercial and savings banks.Though the charter bank is the second largest in thecity, it is less than half the size of The Ohio NationalBank of Columbus, which is an affiliate of BancOhioCorporation. Third in size is The City National Bankand Trust Company of Columbus. Of the remainingfive smaller banks, two are affiliates of BancOhio.

Canal Winchester, with a population of 2,000, islocated 15 miles southeast of Columbus. This com-munity is losing its rural characteristics as it rapidlydevelops into a residential suburb of Columbuswith a high potential for commercial and industrialdevelopment. It is now served by the mergingPeoples Bank and The Canal Winchester Bank.The single branch of the Peoples is the only bank-ing office serving Groveport, which is five miles tothe west. This city is economically dependent uponthe Lockbourne Air Base and it is estimated thatsome 20,000 persons are associated with this militaryinstallation.

While Peoples Bank has grown through the years,the rate of growth has not been sufficient to enableit to keep pace with the increased and specialized de-mands for banking service engendered by the area'srapid development. This is true particularly with

1 respect to mortgage and consumer installment loans.The advent of Huntington National into Canal Win-chester, while destroying the slight competition whichnow exists between the participating banks, will bringto the people a convenient source of adequate bank-ing resources. The Canal Winchester Bank will un-doubtedly feel the impact of increased competitionstemming from this merger. This is unavoidable,however, if needed services are to be brought to thearea consonant with the convenience and needs of theCanal Winchester.

Having weighed the facts presented by this casein light of the statutory criteria we find that the pro-posed merged is in the public interest and the appli-cation is, therefore, approved effective on or afterDecember 20, 1962.

DECEMBER 14, 1962.


The proposed merger will combine the second larg-est bank in the Columbus area with an independentsuburban bank. There appears to be competitionbetween the two banks. The acquiring bank hasacquired one-third of its present operating offices bymerger or consolidation since 1958. Merger wouldupset the apparent competitive balance now prevail-ing in the town of Canal Winchester and eliminatea local independent bank from that community.

For the above reasons, it is believed that the pro-posed merger will have an adverse effect on com-petition.

THE TRUST CO. OF FULTON COUNTY, GLOVERSVILLE, N.Y., MERGED WITH THE NATIONAL COMMERCIAL BANK& TRUST CO. OF ALBANY, ALBANY, N.Y.


The Trust Go. of Fulton County, Gloversville, N. Y., withand The National Commercial Bank & Trust Co. of Albany, Albany, N.Y. (1301),



Total assets

$13,514,806.63

426, 350, 763. 78

439, 865, 570. 41

Banking offices

In operation

1

34

To be operated

35


On October 5, 1962, the $433 million NationalCommercial Bank and Trust Company of Albany,New York, and the $12.6 million Trust Company of

132

Fulton County, Gloversville, New York, applied tothe Comptroller of the Currency for permission tomerge under the charter and title of the former.

The National Commercial Bank, with 33 operatingbranches, serves a large part of northeastern New York.


Its primary service area, immediately surroundingAlbany, has a population exceeding 200,000 with ahighly diversified and stable economy.

The addition of the resources of the Trust Companyto Commercial National will not have a significanteffect in the Albany area, which is also served by the$430 million State Bank of Albany and the $100 mil-lion First Trust Company of Albany. In additionto these three large banks, there are several smallerbanks, as well as the normal complement of other non-bank financial institutions, serving the Albany area.

Gloversville, 50 miles northwest of Albany, is anindustrial city with a population of 21,000. Glovemaking and the processing of high grade leather con-stitute the economic mainstay both of this city andof Johnstown, one-half mile away. These "twincities" are presently served by the merging bank, the$20 million City National Bank and Trust Companyof Gloversville, the $18 million Fulton National Bankand Trust Company and in Johnstown by a branch ofthe State Bank of Albany and a branch of the FirstTrust Company of Albany.

The recent death of the senior executive officer ofthe merging bank has led to an imminent manage-

ment problem. This, coupled with the size of themerging bank, places it in an extremely difficult com-petitive position in its trade area. These two factorsare sufficient in our opinion to warrant approval ofthis proposal.

In balancing this application in light of the statu-tory criteria, it is our opinion that the merger will bein the public interest and it is approved effective onor after December 19, 1962.

DECEMBER 12, 1962.


The proposed merger would eliminate the activecompetition existing between the merging bank andthe two branch offices of the charter bank in theGloversville area. It would remove an active in-dependent competitor from the area while furtheradding to the dominance and concentration in thehands of larger Albany-based banks here. This isparticularly true of the charter bank in view of its veryrecent mergers in Fultonville and Amsterdam. Inlight of the above, it would appear that the effect ofthe proposed merger on competition would be substan-tially adverse.

THE FIRST NATIONAL BANK OF ALLEGANY, ALLEGANY, N.Y., MERGED WITH THE FIRST NATIONAL BANK OFOLEAN, OLEAN, N.Y.


The First National Bank of Allegany, Allegany, N.Y. (7009), withand The First National Bank of Olean. Olean, N.Y. (1887), which hadmerged Dec. 31, 1962, under charter and title of the latter bank (1887). The


Total assets

$3, 514, 662. 6827, 653, 501. 51

31,168,164.19

Banking offices

In operation

12

To be operated

3


On August 13,1962, the $27.4 million First NationalBank of Olean, Olean, New York, filed an applica-tion with the Comptroller of the Currency to mergewith the $3.5 million First National Bank of Allegany,Allegany, New York, under the charter and title ofthe former.

The First National Bank of Olean is located inOlean (population 22,000) in southwestern New York,about 5 miles from the Pennsylvania border. It op-erates one branch at Portville, a village 6 milessoutheast of Olean. Though Olean is largely rural,it has a number of industrial and commercial busi-nesses. The population has declined some 4.4 percentin the last 10 years partially because of the decreasein the area's oil industry.

The First National Bank of Allegany, the com-munity's only banking facility, serves a population of2,000 in the town of Allegany, some three miles westof Olean. Allegany, primarily a residential area withthe addition of 2,000 students of St. BonaventureUniversity to bolster its economy, had a populationincrease of 18.7 percent in the last decade.

The Olean bank is the largest in the combinedservice area; the Allegany bank the smallest. Thereare two other banks in the Olean-AUegany servicearea (estimated population 40,000); the $25.1 millionExchange National Bank of Olean and the $8.6 mil-lion Olean Trust Company, both in keen competitionwith the Olean bank. While the merger would placethree of the five offices in the area under controlof the receiving bank, the remaining two offices wouldstill control more than half of the area's banking busi-

133


ness. The merger, therefore, would have no adverseeffect on banking competition in the locality.

The approval of the application will remove thethreat to the continuity of management of the smallerbank posed by the impending retirement of its chiefexecutive and heightened by the difficulty commonlyexperienced by smaller banks in attracting competentpersonnel. In addition, the added resources of theresulting institution will provide broader services, in-cluding FHA mortgage loans and a trust department,to satisfy directly the expanding public needs in theAllegany area.

In balancing the circumstances of this case in lightof the statutory criteria, we find this merger to be in

the public interest, and the application is, therefore,approved effective on or after October 19, 1962.

OCTOBER 12, 1962.


The proposed merger would eliminate the degreeof competition presently existing between the largestand smallest banks in the Olean-Allegany service area.The merger by further enhancing the dominance ofthe Olean Bank would also inhibit effective compe-tition from the two remaining independent banks.

Its effect on competition would be substantiallyadverse.

OTSEGO COUNTY NATIONAL BANK OF CHERRY VALLEY, CHERRY VALLEY, N.Y., CONSOLIDATED WITH CENTRALNATIONAL BANK, CANAJOHARIE, CANAJOHARIE, N.Y.


Otsego County National Bank of Cherry Valley, Cherry Valley, N.Y. (13748), with,and Central National Bank, Canajoharie, Canajoharie, N.Y. (1122), which had .consolidated Dec. 31, 1962, under charter and title of the latter bank (1122).


Total assets

$2, 625, 05529, 562, 778

31, 987, 834

Banking offices

In operation

15

To be operated

6


On August 27, 1962, the $28.7 million CentralNational Bank, Canajoharie, Canajoharie, New York,and the $2.5 million Otsego County National Bank,Cherry Valley, New York, applied to the Comptrollerof the Currency for permission to consolidate underthe charter and title of the former.

Canajoharie is located in northern New York be-tween Schenectady and Utica. Canajoharie itself hasa population of 4,000 and serves an area of an esti-mated 17,000 population. Its economic base is di-versified and has changed in the past years from aprimarily agricultural and resort area to one relyingmore upon industry. Cash crop farming is substantialand dairy and poultry farming are also carried onextensively in the area.

Central National operates from its main office inCanajoharie and four branches, located in Fonda, 12miles east, in Middleburgh, 31 miles southeast, in St.Johnsville, 9 miles west, and, in Sharon Springs 11miles south. The principal competition for the char-ter bank is afforded by a branch office of the $430million State Bank of Albany, located at Ft. Plains,New York, four miles west. Excluding the SharonSprings office, the other branches of the charter bankserve distinctly separate areas, with competition for

each deriving predominantly from the $413 millionNational Commercial Bank and Trust Company ofAlbany. The addition of the resources of OtsegoCounty National will have no significant effect uponthe banking structure in the present area served byCentral National.

Otsego County National is the only bank in CherryValley, a town of 600, located 17 miles southwestof Canajoharie. The economy of the area is drawnfrom the village of Cherry Valley and the dairy andcash crop farming in the immediate vicinity. Thereare no local industries and the residents of the villageprimarily commute to other cities for employment.In addition, the relocation of a main highway hascontributed to the noticeable decrease of business ac-tivity in the area. The declining population, higherinterest costs on savings, and the decreasing earningsof Otsego County National all evidence the fact thatthe bank does not have a particularly bright future.Added to this is the difficulty of a bank this size lo-cated in a rural area of obtaining competent successormanagement.

While the operation of Otsego County National asa branch of Central National will afford broader serv-ices directly to the area, its primary benefit will be toalleviate the problems of Otsego County Nationaloccasioned by an economically declining environment.

134


Were the area to enjoy a resurgence in the future, thevillage would be open to direct branching by otherbanks in the district.

While we are normally hesitant in eliminating theonly bank in a town, both the present position ofOtsego County National, and the probability that thissituation will not improve in the near future, lead usto conclude that the public interest will be served bythe operation of this institution as a branch of theCentral National Bank.

In balancing the factors of this case in light of thestatutory criteria, the transaction is found to be in thepublic interest and is hereby approved effective on orafter November 2, 1962.

OCTOBER 26, 1962.


Central National Bank's past acquisitions account

for approximately 30.3 percent of its total depositsand 12 percent of its total loans. It appears thatthe merger would merely serve to improve CentralNational's relative competitive position in the generalbanking area with no appreciable benefit to the re-spective communities. The resulting bank would,as reflected by the enclosed map, be the only inde-pendent in the combined trade area and would controlsix of the nine commercial banking offices locatedtherein. Moreover, the consolidation would eliminatethe amount of competition presently existing betweenOtsego County Bank and the Sharon Spring's branchof Central National and, thereby, result in a monopolyof commercial banking in the local Cherry Valley area.

It is the view of the Department of Justice, there-fore, that the proposed merger, if approved, wouldhave substantial adverse effects on existing and poten-tial competition in the general banking area.

THE CITY NATIONAL BANK OF TIFFIN, TIFFIN, OHIO, MERGED WITH THE FIRST NATIONAL BANK OF FOSTORIA,FOSTORIA, OHIO


The City National Bank of Tiffin, Tiffin, Ohio (5427), withand The First National Bank of Fostoria, Fostoria, Ohio (2831), which hadmerged Dec. 31, 1962, under charter of The First National Bank of Fostoria

(2831), with title "Tri-County National Bank." The merged bank at dateof merger had

Total assets

$4, 317, 50517,866,764

22,184, 269

Banking offices

In operation

14

To be operated

5


On August 31, 1962, the $3.8 million City NationalBank of Tiffin, Tiffin, Ohio, and the $14.6 millionFirst National Bank of Fostoria, Fostoria, Ohio, ap-plied to the Comptroller of the Currency for per-mission to merge under the charter of the latter andwith the title "Tri-County National Blank."

Fostoria, serving an estimated 25,000 people, islocated at the juncture of Wood, Hancock and Senecacounties in west-central Ohio. Small, diversified in-dustries are increasing but agriculture continues tooffer a substantial contribution to the economic vi-tality of the area. The city's financial needs are at-tended to by First National, with three establishedbranches and one approved but unopened branch;by the $9.5 million Commercial Bank and SavingsCompany with two branches and one applied forbut unprocessed; and by the Ohio Savings and LoanAssociation having withdrawable balances of $9 mil-lion. First National deposits have increased 20 per-cent in the last ten years to $15 million and its loanshave increased 334 percent to approximately $8million.

Tiffin, 15 miles southeast of Fostoria, is the countyseat of Senecca County and serves an estimated 30,000people. Its economy is essentially the same as thatof Fostoria. The city is served by City National withone branch; by the $16.3 million Commercial NationalBank with two branches; by the $9.3 million FirstNational Bank with one branch; by the $11.5 millionTiffin Savings Bank with one branch; by the SenecaCounty Building and Loan Association and the Citi-zens Savings and Loan Association having withdraw-able balances of $2.4 million and $11.8 million re-spectively. It should be noted that this latterinstitution has outstanding loans in excess of thoseof the resulting bank. The general trade area alsohas ten other commercial banks with resources in ex-cess of $88 million.

Although some competition between the two in-stitutions will be eliminated by this merger, it is notconsidered detrimental. Approval of this transaction,while not essentially altering the banking structureof the area, will be beneficial to the city of Tiffin andto the institutions involved. City National is thesmallest bank in Tiffin and, while it is well based,

135


Its total resources have declined in the last ten years.Increased and more effective banking services will beoffered to the Tiffin customers by the operation ofCity National as a branch of First National. In addi-tion, the merger will strengthen First National in capi-tal and will also ease the heavily loaned position whichit is now approaching.

In balancing the factors of this case in light of thestatutory criteria, it is found to be in the public interestand is hereby approved effective on or after November7, 1962.

NOVEMBER 2, 1962.


The cities of Fostoria and Tiffin are the centersof population and industry in their respective serv-ice areas. In the former, the resulting bank wouldbe second in size with 16.6 percent of total IPG de-posits and 22.2 percent of total loans, while in thelatter area, the merged bank would be the largestwith 29.7 percent of total IPC deposits and 27.6 per-cent of total loans. The merger, if consummated,would increase the degree of concentration to thefollowing level:

tin percent]

2 largest commercial banks.3 largest commercial banks.5 smallest banks combined..4 smallest banks combined..

Fostoria area

Deposits

53.667.713.5

Loans

45.759.514.6

Tiffin area

Deposits

53.771.1

14.6

Loans

52.771.7

" l i . ' i

Although the application asserts that the partici-pating banks are not engaged in substantial directcompetition, it should be noted that, even if this as-sertion is correct, substantial potential competitionbetween the banks may be eliminated if the mergeris approved since forecasts indicate a continuinggrowth and expansion of population and industryin the area. Moreover, the very benefits that wouldaccrue to the resulting bank would place the remainingsmaller rivals at a competitive disadvantage.

It appears, therefore, that the elimination of an in-dependent bank coupled with the consequent increasein concentration of banking resources in the respectiveservice areas would have adverse effects on existingand potential competition in the general banking area.

THE FIRST NATIONAL BANK OF CLOVER, CLOVER, S.C., MERGED WITH THE FIRST NATIONAL BANK OF SOUTHCAROLINA OF COLUMBIA, COLUMBIA, S.C.


The First National Bank of Glover, Glover, S.C. (11439), withand The First National Bank of South Carolina of Columbia, Columbia, S.C.

(13720), which hadmerged Dec. 31, 1962, under charter and title of the latter bank (13720). The


Total assets

$2, 272, 102

97,048, 218

99, 321, 852

Banking offices

In operation

1

18

To be operated

19


On October 15, 1962, the First National Bank ofClover, Clover, South Carolina and The First Na-tional Bank of South Carolina of Columbia, Columbia,South Carolina, applied to the Comptroller of the Cur-rency for permission to merge under the charter andtitle of the latter.

The First National Bank of South Carolina, withassets of $81 million, has its headquarters and four ofits nineteen branches in Columbia, the capital ofSouth Carolina. Other branches are in Charleston,Anderson, Summerville and Clemson. Columbia,with a population of 97,000, is located in the heart ofthe state and enjoys a diversified and expanding econ-omy with employment centered in government and

industry, particularly textiles. The charter bank, thirdlargest in the state, is approximately one-third the sizeof the largest bank, and one-half the size of the secondlargest bank. The fourth largest bank's resources areslightly smaller than its own. Because of the relativelyminor volume of deposits and capital to be acquiredby this merger, there will be little effect on statewidebanking competition. The main effect of the mergerwill be felt in Clover, where the merging bank has itsone office. Clover, a community of 3,500 is locatedin York County, in the north central part of the state,four miles from the North Carolina border and twenty-eight miles southwest of Charlotte, North Carolina.The economy of Clover is based on three textilemills, which employ 1,500, and on agriculture. Part

136


of Clover's working force commutes to Gastonia,North Carolina, 12 miles to the north.

The $1.9 million First National Bank of Clover'smain competition is the nearby $2.4 million Bank ofClover. Nine miles south of Clover are located the$4.0 million Bank of York, and the $1.4 million StateBank of York, each with one office. Nearby Charlotteand Gastonia house offices of all the large North Caro-lina banks and offer banking alternatives to Cloverresidents. The merging bank has enjoyed moderatesuccess over the past years but its small size and lowloan capability, adequate only for the smallest busi-ness customers has restricted its growth. It offers nei-ther trust services nor consumer credit loans and facesproblems of management succession.

Approval of the merger will have no effect uponcompetition between the merging banks since theirclosest offices are located 85 miles apart. Clover'sremaining bank is capable of holding its own com-petitively and may even profit by its position as theonly locally-owned bank. The resulting institutionwill be competitive with the large North Carolinabanks active in the area and provide services to manyof the inhabitants of Clover who have been forcedto seek them elsewhere.

The merger will provide a stimulus to the economyof Clover and make additional resources availablefor future economic growth. The public will benefitby the creation of new and improved facilities and theaddition of services such as a trust department;

younger and more aggressive management will stim-ulate competition; and greater diversification of itsloan portfolio will protect the bank against localfluctuations.

On balancing the facts of this case in light of thestatutory criteria, we find that the merger is in thepublic interest and the application is, therefore, ap-proved effective on or after December 21, 1962.

DECEMBER 14, 1962.


Applicant, the third largest bank in the City ofColumbia and State of South Carolina, has nineteenbranches located throughout the State. It does notappear that the addition of the resources of the merg-ing bank will significantly affect competition in theapplicant's operating areas of Columbia, Anderson,Charleston, Clemson, and Summerville. The partic-ipating banks, about 75 miles apart, do not appear tocompete with each other to any substantial degree.

In the immediate service area of the Merging Bank,the only remaining local independent will be at a con-siderable competitive disadvantage if the merger isconsummated. In addition, the merger may accel-erate the growth in concentration and further increasethe dominance throughout the State on the part ofColumbia banks including the Applicant. Thus themerger may have adverse effects on existing and po-tential competition.

THE FIRST NATIONAL BANK OF FLINT HILL, FLINT HILL, VA., MERGED WITH THE CITIZENS NATIONAL BANK OFFRONT ROYAL, FRONT ROYAL, VA.


The First National Bank of Flint Hill, Flint Hill, Va. (11797), with,and The Citizens National Bank of Front Royal, Front Royal, Va.

hadmerged Dec. 31, 1962, under charter and title of the latter bank


(13275),

(13275)

which

The

Total assets

$650, 941

7,569 098

8, 220, 040

Bankin

In operation

1

2

g offices

To be operated

3


On October 5, 1962, the $7 million Citizens NationalBank of Front Royal, Front Royal, Virginia, and the$572,000 First National Bank of Flint Hill, Flint Hill,Virginia, applied to the Comptroller of the Currencyfor permission to merge under the charter and titleof the former.

Front Royal is the county seat and geographic centerof Warren County which is located at the extremewestern edge of the Piedmont, abutting the Blue RidgeMountains, in northern Virginia. The 8,000 residents

of the town and the remaining 6,700 residents ofthe county work within a somewhat diversified manu-facturing and agricultural economy processing andproducing limestone, rockwool, rayon, fruit jams andjellies, chemicals, wood products, sheep, beef and dairycattle, grains, berries, and fruits. The town, whichalso receives seasonal economic support from touristsvisiting the Skyline Drive and the Skyline Caverns,is served by Citizens National through a main officeand a drive-in branch, and by the slightly larger,single-office Bank of Warren. Nonbank financial in-

137


stitutions include two personal loan companies, a creditunion, and a direct lending agency of the FederalGovernment.

Flint Hill, some 12 miles south of Front Royal, is inthe north central part of Rappahannock County. The5,600 county residents are engaged primarily in agri-cultural activities with nearly half of all farm incomederiving from fruit crops. Seasonal additions to coun-ty income are made available from packing plants,cold storage and locker plants, and the sale of sawlogs and fence posts. This primary dependence uponagriculture is on the threshold of change: a manu-facturer of feminine sports and casual wear has com-pleted construction of a new plant which is expectedto employ 200. This new industry will give FlintHill's economy a decided boost and, at the same time,it will place a burden on the First National for ex-panded services since the establishment of the newplant is expected to promote an increased demand formortgage and other loans. While First National isthe only financial institution in Flint Hill, the $2 mil-lion Rappahannock National Bank, situated withinthe service area approximately five miles to the southin Washington, Virginia, will also feel the impact ofthis economic improvement.

Approval of this merger will provide Flint Hill withincreased banking services and greater financial re-sources to serve the community and will, at the sametime, secure continuation of adequate managementresources for the Flint Hill facility.

Applying the statutory criteria to the facts of thiscase, we find that the proposed merger will be in thepublic interest. The application is, therefore, ap-proved effectively on or after December 19, 1962.

DECEMBER 12, 1962.


The Citizens National Bank of Front Royal, WarrenCounty, Virginia with total deposits of $6,367,000and total loans and discounts of $3,887,000 and theFirst National Bank at Flint Hill, RappahannockCounty, Virginia with total deposits of $519,000 andtotal loans and discounts of $239,000 propose to merge.The two banks are twelve miles apart in a rural andagricultural section of Virginia. It is believed im-portant to note that although the lessening of com-petition as a result of the merger would not besubstantial, the effect is to add to the growing concen-tration of banking in Virginia.

II . DisapprovalsNATIONAL BANK OF WESTCHESTER, WHITE PLAINS, WHITE PLAINS, N.Y., AND THE FIRST NATIONAL CITY

BANK OF NEW YORK, NEW YORK, N.Y.


National Bank of Westchester, White Plains, White Plains, N.Y. (10525), withand The First National City Bank of New York, New York, N.Y. (1461), withdisapproved Dec. 19,1961.

Total assets

$239, 809, 0368,287, 359, 833

Bankingoffices

in operation

2289


Appplication has been filed with the Comptrollerof the Currency to merge National Bank of West-chester, White Plains, New York, and The First Na-tional City Bank of New York, New York.

The First National City Bank, one of the nation'soutstanding institutions, is the second largest bankin New York, and the third largest in the nation. Ithad on September 27, 1961, total resources of$7,952,198,366.49. It operates 85 branches in NewYork City, and three in Nassau County, as well as 79foreign branches. It has received approval to estab-lish two branches in Westchester County, one in East-chester, and one in Harrison. Neither of these isopen or expected to be open for some time. Thusit presently has no branches operating in WestchesterCounty.

National Bank of Westchester, White Plains, is thesecond largest bank in Westchester County. It hadon September 27, 1961, total resources of $271,214,-235.91. Its main office is in White Plains, 29.3 milesfrom New York City. It operates no branches in NewYork City. The largest bank in Westchester Countyis County Trust Company, with total resources onSeptember 27, 1961, of $541,351,126.49. It has 41branches, all of them in Westchester County. In ad-dition to these two, there are 7 other commercial bankswith main offices in Westchester County of which thesmallest is First National Bank of North Tarrytownwith total resources of $14,973,388.39. It operatesonly in North Tarrytown and has no branches. InWestchester County there also is a branch of Bank ofCommerce of New York in Yonkers, and a branch ofChemical Bank New York Trust Company in East-chester. Approval has been granted for the estab-

138


lishment of a branch of Chase Manhattan Bank inHartsdale, but this branch is not yet open.

New York is, of course, the largest metropolitanarea in the nation, with a population in excess of 10.5million. The City itself has a population of 7,781,984.It has a number of very large banks vigorously com-peting for local business as well as for national andinternational business. It is perhaps the most in-tensely competitive banking market in the nation.

Westchester County is immediately north of andcontiguous to New York City. According to officialcensus publications it is a part of the New York metro-politan area. It has an area of 435 square miles, witha population of 808,891. It has a density of popula-tion of 1,859.5 persons per square mile, but a largeproportion of the population is concentrated in a num-ber of cities in the southern portion of the countyadjacent to New York City. These include Yonkers,with a population of 190,634, New Rochelle with apopulation of 76,812, and Mount Vernon with a pop-ulation of 76,010.

If this merger should be approved, and if thereshould be approved the establishment and operationby The First National City Bank of New York ofbranches at the sites of the main office of the NationalBank of Westchester, and of each of its branches,The First National City Bank would thereby acquire26 offices in Westchester County, out of a total of110 commercial bank offices therein.

The commercial banks in Westchester County withtheir total resources and number of branches are:

Title and location

"The Gramatan NationalBank and Trust Companyof Bronxville," Bronxville,N Y

"Northern Westchester Na-tional Bank, Chappaqua,"Chappaqua, N.Y

"The First National Bank ofMount Vernon," MountVernon, N.Y

"First Westchester NationalBank of New Rochelle,"New Rochelle, N.Y

"The First National Bank ofNorth Tarrytown," NorthTarrytown, N.Y

"Scarsdale National Bank andTrust Company," Scarsdale,N.Y

"National Bank of Westchester,White Plains," White Plains,N Y

"First National Bank inYonkers," Yonkers, N.Y

"County Trust Company,"White Plains, N.Y

Total resourcesl

$19,365,205.69

19,194, 324. 46

52, 453, 485. 63

86, 390, 033.13

14, 973, 388. 39

37, 687, 642. 78

271,214,235.91

84, 971, 401. 93

541,351,126.49

Branches

\

4

3

13

0

3

25

9

41

We find ourselves with heavy responsibilities inreaching our decision in this case. We must decidewhether this merger is in the public interest, and thatdecision must be made under the provisions of Sec-tion 18(c) of the Federal Deposit Insurance Act (12U.S.C. 1828(c)), in the light of six significant statu-tory factors.1 These factors are the financial historyand condition of each of the banks involved, the ade-quacy of its capital structure, its future earnings pros-pects, the general character of its management, theconvenience and needs of the community to be served,and the effect of the transaction on competition (in-cluding any tendency toward monopoly). We regardit as our duty to give the broadest possible significanceto each of these factors in order that our decisionmay truly be in the public interest.

Of critical significance in this case are the conven-ience and needs of the communities involved and theeffect of the merger upon competition (including anytendency toward monopoly).

Convenience and Needs of the Community

In connection with this factor we must take intoconsideration the convenience and needs of each com-munity involved. These include: Westchester County,New York City, the New York Banking District asdefined in the application,2 New York State, the na-tional banking market, and the international bankingmarket. First and foremost, however, is the conven-ience and needs of the United States. We are chargedwith responsibility for insuring that our national bank-ing system at all times has the capacity to performand does perform its vital functions of contributing tothe free flow of money, the financing of government,national, state and local, the financing of trade andcommerce, national and international, the financingof business and industry, the financing of home pur-chases, the financing of consumer purchases, and wherenecessary, the financing of war.

The national banking system must play a vital rolein contributing to economic growth. Economicgrowth is a vital goal of our national economic pol-icy. Achievement of the full potentials for our eco-nomic growth requires the most effective functioningof our commercial banking system. It is our judg-ment that the banking system has not performed inthe fashion which is required if this goal is to beattained. We must re-examine, reconsider, and if

1 As of Sept. 27, 1961.

1 The seventh statutory factor, whether corporate powersare consistent with the purposes of the Federal DepositInsurance Act has no significance in the case of nationalbanks whose corporate powers are in every case consistent.

a This includes the counties of New York, Bronx, West-chester, Nassau, Queens, Kings and Richmond.

139


necessary, revamp our national banking system to in-sure its adequacy to perform this vital role.

The vital role of banking in our economy is a primereason for a NATIONAL banking system. Nearly100 years ago, after two earlier experiments with sin-gle banks, the nation concluded that there was needed,and there was provided, a national banking system.Since that day in 1863 when the National Bank Actwas first enacted, the Executive, the Congress, andthe Courts have jealously protected that system againstencroachment from any source. The courts havestated that, "National banks are national favorites," 3

and have recognized that national banks are federalinstrumentalities, created for public and national pur-poses.4 The Congress has often legislated in the in-terests of the national banking system and to preventit from being at any competitive disadvantage withrespect to state banks, e.g., in the matter of branches.We represent the Executive as our predecessors inoffice have over nearly 100 years. It is our responsi-bility, and our responsibility alone, acting within thestatutory policies prescribed by the Congress, to pre-serve and to protect the national banking system, toinsure that it has the capacity to and does performits vital governmental functions, and here specificallyto consider whether proposed mergers of nationalbanks are in the public interest, and to decide whetherthey should or should not be permitted.5 And so, itis in the light of this heavy responsibility that we mustexamine the proposal before us. We must do so withgreat care.

The effect of this proposal would be to substitutein Westchester County for the National Bank of West-chester, The First National City Bank of New York.As has been stated, by this merger the latter bankwould acquire at once 26 branches in WestchesterCounty. This would be in addition to one otherbranch for which it has received approval, but whichis not yet in operation.6

Thus, should this merger be approved, the bank-ing structure in Westchester County would consist ofCounty Trust Company with 41 branches, The FirstNational City Bank with 27 branches, 7 much smallercommercial banks with a total of 33 branches, andthree branches of other New York City banks, of the

8 Tiffany v. Bank of Missouri, 18 Wall. 409, 413 (1874).4 Osborn v. The Bank of the United States, 9 Wheat. 738,

860 (1824); Van Reed v. Peoples National Bank, 198 U.S.554 (1905); Franklin National Bank v. New York, 347 U.S.373 (1954).

"The National Bank Act is "A complete system for theestablishment and government of national banks." CookCounty National Bank v. United States, 107 U.S. 445, 448(1883); Deitrick v. Greaney, 309 U.S. 190, 194 (1940).

8 It has received approval to establish two branches inWestchester, but if the merger should be approved, one ofthese would be consolidated with a close-at-hand branch ofNational Bank of Westchester.

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five largest New York City competitors of The FirstNational City Bank, two would have one branch eachin Westchester, with the other three having none.Such an unbalanced banking structure is our majorcause for concern in connection with this merger.

It is desirable and in the public interest that NewYork City banks be permitted to branch in the subur-ban portions of the metropolitan area. Banks likeother businesses should be permitted to follow theircustomers to the suburbs. As our society changes somust every business desiring to maintain its positionand achieve its growth potential change also. One ofthe serious problems in banking today arises fromlegal restrictions, many of which were designed foran earlier age, which have hampered the proper ac-commodation by banks to the changing nature of oursociety, and have inhibited not only their growth, buttheir ability to serve efficiently our growing economy.Removal of the restrictions on New York City banksbranching in Westchester and Nassau Counties showsrecognition of these problems at the State level.

The most immediate advantage of this legislationto the public in Westchester and Nassau Counties isthe price competition which will result and which tosome extent has already resulted from the entry andprospective entry of the New York City banks. Onpersonal loans The First National City Bank charges4^4 percent discount, including insurance, whereasuntil very recently the Nassau and Westchester bankscharged 6 percent discount, plus insurance, as moststill do. The National Bank of Westchester nowcharges 4^2 percent discount, plus insurance, on newautombile loans, 6 percent on personal loans. TheFranklin National Bank of Long Island now charges4% percent on new automobile loans, and on personalloans is stated to be competitive with New York Citybanks. It is not unreasonable to suppose that theentry and prospective entry of the New York Citybanks were a factor in the decisions of the other banksto reduce their rates. Price competition resulting inlowered rates to the public is a matter of public entitle-ment and is not without substantial national economicsignificance, but is consistent with national aims andpolicy relating to production, employment, andgrowth.

There are other advantages. The larger bankshave experts in very nearly every important line ofindustry. The presence of these experts not onlyenables the larger banks better to evaluate credit inspecialized fields, but their knowledge and services areof inestimable benefit to the borrowers. The largerbanks are thus enabled to give specialized services ofa type not available from smaller banks. This alsois to the public advantage.

It is likely also that the needs of small business inWestchester County would be better served as a re-sult of this merger. There is aggressive competition


among the larger banks of the country to service theneeds of small business, and they do it well. TheFirst National City Bank has pioneered and has beenparticularly outstanding in meeting the credit needsof and in aiding small business. It remains one ofthe nation's leaders in this respect. We are awareof criticisms to the effect that only local banks canserve local needs, and that the small businessman ismore welcome at the smaller banks than at the largerones. As a general proposition we are satisfied thatthis is not true. As was stated at the hearings onthis merger, large banks do actually service the needsof small business.7 Information submitted by theFirst National City Bank after the hearings and in-cluded in the record, concerning its activities in lend-ing to small business, serves to confirm our view thatsmall business in Westchester County would benefitfrom the entry therein of that bank.

Another considerable advantage which will flowfrom the entry of New York City banks is the moreproductive utilization of savings through improvementin the mobility of funds from areas of excess to placeswhere they may be employed to better advantage.This is a point in favor of the merger rather thanagainst it. The First National City Bank quite natur-ally desires to acquire surplus funds available in West-chester County for use throughout the scope of itsoperations. We believe there is general awareness ofthe need to remove impediments which may slow orobstruct the movement of capital to the uses whichwill contribute most effectively to the nation's eco-nomic growth.8 Capital should not be artificiallycondemned to inferior uses.

Since we are satisfied that substantial benefits willbe derived from the entry of the New York City banksinto Westchester County, the crucial question relatesto the method by which, and the rapidity with which,access should be permitted. The response to thisquestion depends in turn upon the comparative bene-fits to be derived from the entry of the New York Citybanks into Westchester County through gradual entry,as contrasted with the more precipitate method pro-posed here. It depends, finally, upon the effect oflarge-scale entry by merger on the banking structureof Westchester County.

It is our view that these substantial benefits willmore desirably be made available in WestchesterCounty through the establishment of de novo branches.We believe that large scale entry by this merger wouldcause an unreasonable distortion and dislocation inthe present and future banking structure of West-chester County not consistent with the public interestaccording to the standards set forth in the Federal

banking laws, particularly the so-called Bank MergerAct.

There is no doubt that the larger New York Citybanks are today actively seeking out acceptablebranch sites in Westchester and Nassau Counties.Gradually, as the population shifts to what are nowthe lesser populated sections of the county, acceptablebranch sites will be located, supervisory approval se-cured, and branches established. Already two of thelarger New York banks have one branch each onWestchester, and The First National City Bank hassecured approval for two. It seems likely that thesebranches, together with other branches which will beapproved and established, will supply the competitivepressures necessary to bring the interest rates chargedin Westchester more closely in line with those nowcharged in the intensely competitive New York Cityarea. There is some evidence that this is alreadytranspiring. As stated above, both National Bank ofWestchester and County Trust Company in West-chester, and Franklin National Bank in Nassau, haveto some extent lowered their interest rates. It may beassumed that these reductions were the result of devel-oping competitive pressures, actual or anticipated.9

Since it appears that the competitive capacity ofNew York City banks is already making its influencefelt on the loan-rate structure of Westchester, it maybe concluded that the convenience and needs of thatarea in these terms will be served effectively throughde novo branches, and without the merger.

There is no substantial evidence before us of fail-ure to meet adequately the convenience and needsof the public of Westchester County in respect to mat-ters other than interest rates on loans. It is generallyagreed that there exists no lack of lending capacitythere; it is indeed a funds-exporting area. There wastestimony at the Hearing that all commercial banksin Westchester were paying the maximum rate ofinterest on savings deposits permissible under Regula-tion Q of the Board of Governors of the Federal Re-serve System. No price competition, of course, is-allowed for demand deposits. The improved and en-larged services which might be expected from themerger will come to Westchester County through thebranches of the New York City banks which maynow be anticipated. It appears, therefore, that ap-proval of this merger is not warranted or required bya consideration of the critical question of the conve-nience and needs of Westchester County.

We attach serious implications to the prospectivedisclocations in the banking structure which we be-lieve would result from this merger. There are twoprincipal considerations: elimination of the National

T Transcript of Hearing, statement of the Comptroller ofthe Currency, pp. 197-199.

8 Transcript of Hearing, Colloquy between Mr. ArthurRoth and the Comptroller of the Currency, pp. 153-155.

9 There are presently pending before the Board of Gov-ernors of the Federal Reserve System two mergers involvingproposed acquisitions by large New York City banks of banksin Nassau each with a number of branches.

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Bank of Westchester as a separate entity; and themarkedly superior position which The First NationalCity Bank would acquire over the other New YorkCity banks in securing banking business in West-chester County.

The National Bank of Westchester is a large, well-managed bank with its branch offices strategicallylocated at various points in the County. If it now iseliminated, it will forever cease to exist. We are con-vinced that from a longer-range viewpoint the elimi-nation of this bank will have harmful effects, in termsof the public interest. It now has total resources inexcess of $250 million. Located, as it is, in a rapidlygrowing portion of the largest metropolitan area inthe nation, and with other factors favorable to itsgrowth, its continued success seems assured. It istherefore our view that the continued existence inWestchester County of this bank outweighs any im-mediate benefits to be gained through this merger.Should this merger be approved, there would remainin Westchester County, aside from the New YorkCity banks, County Trust Company with assets ofmore than $500 million, and a number of smallercommercial banks none as large as $100 million insize. Of the New York City banks, one would have27 branches in Westchester County, while none of theothers would have more than one branch. Thiswould leave County Trust Company as the only reallyeffective competitor of the New York City banks inWestchester.10

In contrast, should this merger be disapproved,there would continue to be two large banks servingWestchester County, both well able to service theconvenience and needs of the County, and there wouldbe preserved a reasonable equality-of-opportunity forentry into Westchester County of all New York Citybanks. Clearly, this offers the more hopeful prospectof developing and maintaining there a viable andbalanced banking structure under the banking laws.

These considerations appear to us to be of para-mount importance, and indicate that the mergershould be disapproved. It is thus our judgment thatentry of New York City banks into Westchester Countyshould be by branches, now permitted under NewYork Banking Law, and not through the proposedmerger. We reach this judgment because of our con-cern that the proposed merger would produce seriousdistortions and dislocations, and so that the evolutionof banking facilities in that area may be observed andcontrolled in the best interests of the communitiesinvolved and of the banking system.

The smaller banks in Westchester County, to theextent that they are able properly to service the needsof their respective communities, should be given the

10 The smaller banks could, or course, and no doubt would,continue to grow; they could also provide effective com-petition, but only to the limits of their resources.

142

opportunity to grow and to prosper. It is our viewthat a balanced banking system consisting both ofsmall banks and of larger banks is more desirablethan one consisting solely or primarily of large banksor of smaller banks artificially protected from vigorouscompetition. While small banks can and do grow incompetition with larger institutions, with unique bene-fit to the commercial banking system as such, approvalof this merger could well beget an unbalanced bankingstructure depending primarily on larger banks, justas denial of substantial—if gradual—entry of theNew York City banks could beget an unbalanced struc-ture where large segments of the population wouldhave to rely on smaller banks enjoying economicallyunjustifiable protection merely because of size.

If, as a matter of sound banking policy, the NewYork City banks are allowed to compete equitably foracceptable branch sites in Westchester County, thispolicy will itself lead to vigorous competition, withno one bank having an excessive advantage over theothers. As the New York City banks enter thatCounty, even though on a gradual basis, the banksnow there, including County Trust Company and Na-tional Bank of Westchester, will find themselves undera constraint to meet the new competition. This com-petition will insure to the public the substantial bene-fits of one of the fruits of our system. There is nodoubt that both of these latter-named banks are wellable to compete domestically on a substantially equalbasis with the largest New York City banks. The out-come will be in the public interest.

If entry is to be limited to the more gradual estab-lishment of branches, as will be required under thisdecision, the banking authorities will be better ableto observe and determine whether the desired effectsin terms of price competition and in other materialrespects are being achieved. We shall maintain ourinterest in seeing that the banking needs of WestchesterCounty are adequately and properly served, and thatthe banking public has the benefits which are expectedof vigorous competition.

At the present time, rates in Westchester Countyand in Nassau County are substantially higher thanthose charged for comparable loans by the larger NewYork City banks. This results in some degree fromthe fact the banks in these counties have in the pastbeen protected by State laws from competition. Someof the banks in these Counties will continue to beprotected by the Home Office Protection Law of theState.11 We shall observe closely the situation in thecities where this rule applies.

If it should develop that the public interest does re-quire entry on a substantial scale of branches of NewYork City banks, such entry will be authorized wherelegally permissible. Similarly, adequate and competi-tive servicing of the banking needs of the County by

u Section 105 of the New York Banking Law.


existing banks will determine our policy in grantingnew bank charters.

Effect of the Transaction on Competition {IncludingAny Tendency Toward Monopoly)

This is an issue charged with emotionalism andcharacterized at the present time by an almost com-plete lack of clarity and objectivity, brought about inpart by an indiscriminate use of conceptual terms.There has to our knowledge been no adequate studyof bank competition or the standards by which theeffects upon competition of bank mergers should bemeasured. The nature of commercial banking andthe regulatory framework under which it operates dis-tinguish banking from the type of industrial enterpriseto which the general antitrust laws were designed toapply, and render highly questionable for judgingbank mergers the concepts developed in the applica-tion of those laws to industrial corporations. Forexample, there are geographical limitations upon theexpansion of banks which place ultimate limits upontheir possible growth. There is also to some extentfederal regulation of the supply of money which isthe raw material of the commercial banking business.This is a factor in limiting the growth of banks sincea bank which prospers cannot, as an industrial cor-poration might do, purchase additional raw materialsand increase productive capacity in order to grow. Abank can acquire more loanable funds only by gen-erating additional deposits, a considerably more diffi-cult undertaking than merely purchasing more sup-plies and producing more goods, and one which issubject to influences other than management decision.We believe it to be incumbent upon the bank super-visory agencies to institute studies aimed at develop-ing proper standards to insure adequate competitionin banking. It is the banking agencies alone thathave the facilities, the background knowledge, the con-stant concern with the adequacy of banking to servethe financial needs of government and of industry,as well as the understanding of the monetary andfiscal policies and problems of the nation necessaryto adequate consideration of this matter.12 We havestated publicly that we shall institute such studies bothinternally and through the appointment of an advisorycommittee.

Moreover, under the so-called Bank Merger Actof 1960 (Section 18(c) of the Federal Deposit Insur-ance Act), the banking agencies have the ultimateresponsibility for the determination of the effect uponcompetition of bank mergers, and for the preservationof effective but sound competition in banking. Their

determinations, however, must, as the Congress wiselyrecognized in enacting the statute, be based on muchbroader considerations than competition alone.

We are unimpressed with the arguments presentedto us that this proposed merger will have such anadverse effect upon competition as to require our dis-approval. There have been no serious arguments pre-sented to us that this merger would substantially lessencompetition, and there is no evidence before us tosupport a conclusion that it would.13 Such competi-tion as the evidence indicates there may be betweenthe applicant banks is not significant when consideredin the light of the total competition existing in theareas in which the banks operate. We find that therewould be no substantial lessening of competition re-sulting from this proposed merger.

It is urged upon us that this merger will result ina tendency toward monopoly. In order to find atendency toward monopoly we must find that by thismerger The First National City Bank would havemoved measurably closer to the monopoly power ofbeing able to control prices or to exclude competi-tion.14 First, however, there must be determined "thearea or areas of existing effective competition in whichmonopoly power might be exercised." 15 The areachosen must constitute "a single area of effective com-petition among commercial banks." 16

No one has suggested or could seriously suggestthat this merger would create a tendency toward mo-nopoly in the New York Metropolitan area. On thecontrary, it is urged that the effects of this merger mustbe measured in Westchester County alone. We agreethat whatever competitive impact this merger wouldhave would be in Westchester County, and that therewould be no impact to any significant degree else-where. It seems to us doubtful that a single portionof a large metropolitan area could realistically be re-garded as constituting a single area of effective com-petition among commercial banks either from theviewpoint of enforcing the antitrust laws or of con-sidering the effect upon competition under the BankMerger Act, particularly when the large metropolitanbanks are permitted to establish branches within the

13 "Both managers and examiners of financial institutionsshould always bear in mind the role of our financial insti-tutions in promoting economic growth." The report ofthe Commission on Money and Credit, p. 175.

"The Federal Reserve report states that there is a "sig-nificant" amount of competition between the two banks,which would be eliminated. Neither the Department ofJustice nor the Federal Deposit Insurance Corporation inits report to us on competition stated that there would bea substantial lessening of competition. In a supplementalletter addressed to us in response to our request for clarifi-cation of some aspects of its original report, the Departmentof Justice in support of its contention that WestchesterCounty is the relevant market area for this merger, urgedthat the Westchester banks are not in competition in animportant way with New York banks.

14 Transamerica Corp v. Board of Governors, (C.A. 3,1953) 206 F. 2d 163, cert. den. 346 U.S. 901.

15 Ibid., p. 169.16 Ibid.

143


area. It is unnecessary for us to decide this question,however, for it is clear that this merger would createno tendency toward monopoly in Westchester County.

In the first place, we have considerable doubt thatthere can exist effective monopoly power in commer-cial banking as it operates in this country today. Hereagain is illustrated the difficulty of attempting to applyto banking antitrust concepts developed in connectionwith industrial enterprises. There are few other in-dustries subject to governmental regulation and con-trol to the same extent as commercial banking, andin the case of those that are it is usual that they areexempt from the antitrust laws in matters subject toregulation.17 In the case of banks there are limita-tions on geographical expansion, there are limitationson the rates of interest which they may pay on timeand savings deposits, they are prohibited from payinginterest on demand deposits, they are limited by theusury laws in the interest which they may charge onloans;18 the supply of loanable funds, which is their

"A good discussion of the interweaving of the antitrustlaws and regulatory laws in connection with regulated in-dustries may be found in California v. Federal Power Com-mission, No. 15687 (G.A.D.C, March 30, 1961), cert.granted, Oct. 9, 1961, 30 L.W. 3102.

18 National banking associations are probably subjected toas many regulations as any type of institution in this country.For example, the Comptroller's approval is required for: theirchartering, the establishment of branches, mergers, consolida-tions, purchases of assets, assumption of liabilities, conver-sion from state into national banks, increases in capital, de-creases in capital, stock dividends, dividends exceeding netprofits for three years, certain types of borrowing, invest-ment in bank premises in excess of the amount of capital,change of location, change of name, etc. They are subjectto regulations of the Comptroller of the Currency regard-ing investment securities, real estate loans, engaging in theinsurance business, acting as real estate broker, makingloans on leaseholds, etc. They are subject to regulationsof the Board of Governors of the Federal Reserve Systemwith respect to: Reserves required to be maintained againstdeposits, amount of interest which may be paid on timeand savings deposits, interlocking directorates, loans to exec-utive officers, exercise of trust powers, collection of non-cash items, check clearing and collection, the establishmentof foreign branches and foreign subsidiaries, affiliate rela-tionships, relationships with dealers in securities, loans securedby registered stocks, etc. They are subject to regulations•of the Federal Deposit Insurance Corporation with respectto advertising. They are prohibited by law from: estab-lishing additional offices outside their own states, and inmany cases within their own states, engaging in the securi-ties business, underwriting and dealing in special revenueor corporate securities, lending more than a specified per-centage of capital and surplus to any one borrower, makingloans on real estate except in accordance with statutoryrequirements, owning real estate other than that necessaryto their accommodation in their business, engaging in thebanking business with less than a specified amount of capital,purchasing their own shares of stock or making loans ontheir own shares of stock, borrowing in excess of the amountof their capital, paying interest on demand deposits, charginginterest in excess of that permitted by the usury laws, dealingwith affiliates except in specified ways, accepting drafts in

144

stock in trade is limited (1) by the amount of depositsthey are able to generate, (2) by the reserves whichthey are required to keep with the Federal ReserveSystem, (3) by the amount of the total money supplyat any given time, and in many other respects. TheBoard of Governors of the Federal Reserve Systemhas several methods including the setting of reserverequirements and discount rates, and open marketoperations, which it can and does use to influence themoney supply. It is not within the power of banks,as is true of industrial corporations, to increase freelytheir productive capacity. A bank which attemptedto use lower interest rates on loans as a means of driv-ing out competition would very soon find itself withoutloanable funds.

Whatever the risks may be that monopoly powercould be attained in banking, we are satisfied that itcould not be achieved in an area such as WestchesterCounty, which is immediately adjacent to the mostintensely competitive banking institutions in the na-tion, and which is open to branching by a significantnumber of those large and aggressive banks.

In Westchester County there is at the present timeCounty Trust Company, a commercial bank with 41offices and total resources of more than $500 million.This bank is and can continue to be an able and effec-tive competitor. There is no doubt that a bank ofthis size and efficiency can compete and compete wellwith banks of the largest size, including The FirstNational City Bank. In addition to County Trustthere are other commercial banks ranging in size fromthe First Westchester National Bank of New Rochelle,with total resources of $86 million, to The First Na-tional Bank of North Tarrytown, with total resourcesof $15 million. Each of these banks is protected fromthe establishment of branches of The First NationalCity Bank in the city in which its main office is located,by the provisions of Section 105 of the New YorkBanking Law.19 We have no fear that these banks

excess of specified amounts, acting as insurance agent or realestate brokers in towns of more than 5,000, acting as agentfor nonmember banks in receiving discounts from FederalReserve banks, acting as agent of any nonbanking personin making loans on the security of stocks to brokers ordealers, engaging in business transactions with their directors,except on specified terms, etc. Every national bank is re-quired by law to be a member of the Federal DepositInsurance Corporation and the Federal Reserve System; itmust furnish periodic reports to the Comptroller of theCurrency and the Federal Deposit Insurance Corporationupon calls submitted by them; it must submit to semiannualexaminations by the Comptroller of the Currency; and itsshareholders are subject to assessment for impairment ofcapital.

19 By this merger The First National City Bank wouldacquire branches in New Rochelle and in White Plains whereare located the main offices respectively of First WestchesterNational Bank of New Rochelle and County Trust Company.It would be able to acquire no additional branches in eitherplace because of the home office protection law.


will be unable to compete effectively even when facedwith increased competitive pressures. There are alsolocated in Westchester County at the present time, twobranches of New York City banks, a branch inYonkers of the Bank of Commerce and a branch inEastchester of The Chemical Bank New York TrustCompany. Under New York and Federal law, NewYork state and national banks, respectively, can beauthorized to establish additional branches in West-chester.

The First National City Bank's present policy ofcharging the same rates at all its offices, if continued,would restrict its capacity to use its admittedly greatfinancial resources to achieve a monopoly position.20

Any change in this policy, if there was any evidencethat it was designed for the purpose either of achiev-ing or exercising monopoly power, would bring themost intensive supervisory scrutiny.

We find that there is no foreseeable possibility ofThe First National City Bank acquiring monopolypower in Westchester County, and hence that therewould be no tendency toward monopoly resulting fromthis merger.

Neither do we find that this merger would resultin any undue concentration of banking resources inWestchester County. The First National City Bankof New York now has no offices, and hence no re-sources in Westchester County. The effect of thismerger would be to substitute that bank in WestchesterCounty for the National Bank of Westchester. Thiswould result in no change in the concentration of re-sources in the County. It does not seem to us realisticto take account of all of the resources of The FirstNational City Bank, acquired through its depositsin all of its other offices, in measuring the concentra-tion of banking resources in Westchester County.Moreover, since Bank of Commerce and ChemicalBank New York Trust Company each have an officein Westchester, and The Chase Manhattan Bank soonwill, that approach would require including also thetotal resources of all of those banks, thus obviouslygiving a greatly distorted view of the banking structurein Westchester County. Any increase in concentra-tion resulting from this merger would have to be ap-praised in terms of the entire areas in which bothbanks operate. Viewed in this light, there would beno undue increase in concentration.

Objection has been made to this merger on theground that the smaller banks in Westchester wouldfind it difficult to compete with the lower rates andbetter services offered by The First National CityBank. As we have stated earlier, we have no fear thatthe smaller banks in Westchester County would beunable to compete effectively if this merger were ap-proved, particularly in view of the home office pro-

20 Transcript of Hearings, Testimony of Mr. George Moore,p. 93.

tection which their main offices enjoy.21 Even if wethought otherwise, however, we do not believe thatthis would be a proper basis upon which we coulddisapprove this merger. The purpose of assuringcompetition is to bring to the public the best andbroadest services at the lowest cost. Only keen com-petition will insure this result. It seems to us toamount to a perversion of this concept to undertakethe protection of small competitors from fair competi-tion by larger competitors, if thereby the public iswholly or partly denied the benefits of competitionto which it is entitled. By fair competition we meancompetition in the absence of monopoly power, andwithout predatory purpose. We have concludedabove that The First National City Bank could notforeseeably achieve monopoly power in WestchesterCounty, and if the rates charged and services renderedin Westchester County were identical with thoseoffered in New York City, that would be ample evi-dence that they were not fixed with a predatory pur-pose.22

We have been unable to find any authority, andnone has been cited to us, to support a conclusionthat there is any national policy to prevent fair com-petition which may adversely affect some rival firms,and we reject this argument. In response to a specificquestion from us, the Department of Justice has ad-vised us that "Nothing in our national policy of freecompetition protects competitors of any size fromthe kind of competitive advantages First National Citywould enjoy in Westchester when such advantagesare achieved through normal growth and efficiency,"but that "Congress has chosen to close the path tothe achievement of such advantages through com-binations, mergers or acquisitions where the effect ofsuch combinations may be to substantially lessen com-petition or tend to create a monopoly or unreasonablyrestrain trade." Since we are satisfied that the effectof this merger would not be to substantially lessen com-petition or tend to create a monopoly or unreasonablyrestrain trade, we are satisfied that considerations ofthe protection of smaller competitors would not bepertinent to our conclusion with regard to the effectupon competition.

As bank supervisors, we would, of course, be con-cerned with competition which might lead to insol-vency, lack of reasonable earnings, or unsound prac-tices on the part of any bank. This is one of theprime reasons for bank supervision and for require-ments of supervisory approval of new charters,branches, mergers, etc. We must not confuse ourconsideration of banking factors, however, with our

n It is perhaps significant that while each was invited to doso, no commercial bank operating in Westchester Countyappeared at the hearing in opposition to this merger, andonly one commercial bank furnished for the record a state-ment in opposition.

22 See footnote 20.

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consideration of competitive factors. Part of the ex-isting confusion concerning bank competition stemsfrom a failure properly to distinguish banking factorsfrom competitive factors.

One other consideration needs mentioning. Thisproposed merger was for legitimate business purposes,and no part of the purpose was to eliminate a com-petitor nor to attempt to monopolize. Having beenprohibited by law for more than a century from ex-panding into Westchester and Nassau Counties, TheFirst National City Bank, as well as other large NewYork City banks, quite naturally are anxious to acquirea share of the banking business in those large, ex-panding areas. Like other business, banks desire tofollow their customers to the suburbs. More impor-tant considerations, however, are the natural and laud-able desires on the part of The First National CityBank to slow the proportionate decline in the volumeof its business,23 to secure additional deposits so thefunds can be used in its national and internationalbusiness, and thus to facilitate the free flow of fundsfrom areas of surplus funds to areas of need. Thefastest and most efficient way to accomplish these pur-poses would, of course, be to merge with anotherbank having a volume of deposits and a number ofoffices.

It has been suggested that the desirable results tobe achieved by this merger could be achieved alsothrough correspondent relationships. This shows alack of understanding of the nature of those relation-ships as well as the basis upon which they exist. Suchrelationships exist primarily to breach artificial barriersand they result in services to the smaller banks inthe nature of tax advice, investment advice, etc., whichthe small banks cannot easily provide for themselves.These services are compensated for, of course, bydeposits maintained with the larger bank. Corre-spondent relationships are in no sense an adequatesubstitute for the establishment of branches.

Some of what we have considered under the con-venience and needs factor might be pertinent also tothe competitive factor. However, our primary con-cern has been with the balance of the banking systemin Westchester County, the structure of the system,how best the banking needs of the community can beserved, what sizes and types of banks there should be,the number of banks, etc. In our view these areclearly relevant to the banking factors and for deter-mination by the Comptroller of the Currency in theexercise of his supervisory authority over the national

28 See comparison of growth in gross national product withgrowth in commercial bank assets in the merger applica-tion, p. 88; and the comparison of growth in gross nationalproduct with growth in total assets of the First NationalCity Bank of New York submitted by the bank after thehearing for inclusion in the Record.

banking system, rather than to the competitive factor,of the Bank Merger law, where the primary concern iswith lessening of competition or tendency towardmonopoly.

We are satisfied that the effect of this merger uponcompetition alone would not be such as to requireits disapproval. If the benefits to be derived in West-chester County from the entry therein of the largerNew York City banks could be secured only throughthis merger, we would have no hesitancy in approvingit. We may say that it is our view that there has beena considerable overemphasis placed upon an allegedlack of competition in banking, and an alleged con-centration in banking. To the contrary, banking ishighly competitive. It is diffuse rather than con-centrated, and the smaller institutions by and largeare growing at a faster rate than are the largest banks.We find no reason for concern over the future of com-petition in banking.

Other Factors

We have considered the financial history and condi-tion of the banks involved, the adequacy of their cap-ital structures, their future earnings prospects, thegeneral character of their management, and whethertheir corporate powers are consistent with the purposesof the Federal Deposit Insurance Act. In our consid-eration of these factors we have found nothing tochange our views as expressed above. Our actionwith respect to this merger should in no wise be re-garded as any unfavorable reflection whatsoever onThe First National City Bank of New York, nor itspurposes in submitting this application. This bankis in the very first rank of American financial institu-tions, and is outstanding in every way.

Conclusion

In view of our conclusions with respect to the con-venience and needs of the community involved, wehave concluded that this merger should be, and ithereby is, disapproved.

DECEMBER 19, 1961.


First National City Bank of New York, the secondlargest bank in New York City and the third largestin the United States, proposes to merge with thesecond largest bank in Westchester County, the Na-tional Bank of Westchester. In recent years thegrowth of the County has been substantial, and greatergrowth in its population and industry is predicted forthe future. The number of Westchester's commercialbanks, however, has been decreasing over the years,primarily through mergers. From a total of 12 bankswith 96 banking offices in 1955, the number of West-

146


Chester banks has declined to 9 with 108 banking of-fices. Nevertheless, as recently as 1957, the presidentof NBW believed that the County's requirements forbanking services and loans were being met adequatelyby Westchester's banks, either directly or through cor-respondent affiliations. Moreover, even with the de-cline in the number of its banks, Westchester is todayundoubtedly a funds-exporting area, and this is animportant factor motivating FNCB to seek affiliationwith NBW, although FNCB officials state that localneeds will be given first consideration. FNCB requirescontinually-expanding sources of deposits for use inits national and international operations, and fullyexpects that its merger with NBW will provide suchdeposits. Through the merger FNCB will be providednot only with NBW's present deposits but additionaldeposits attracted at the expense of other Westchesterbanks by FNCB's much lower bank rates, greater ef-ficiency through size and automation, and wider range

of specialized services which will also eliminate NBW'spresent correspondent relationships.

The competitive effects of the merger in WestchesterCounty would be pronounced. The resulting bankwould control resources of over $8 billion in an areawhere all other commercial banks combined have re-sources totaling considerably less than $1 billion. Themerger would eliminate another independent bankwhich, in turn, may lead the remaining independentsto merge with other Westchester County or with NewYork City banks, and threaten undue concentrationof banking in Westchester.

It is the view of the Department of Justice, there-fore, that the proposed merger of FNCB and NBW,if consummated, would have a substantial adverseeffect on competition in commercial banking in theWestchester-New York area and would tend to createa monopoly in commercial banking in the Westchester

BANK OF LIVONIA, LIVONIA, MICH., AND NATIONAL BANK OF DETROIT, DETROIT, MICH.


Bank of Livonia, Livonia, Mich., withand National Bank of Detroit, Detroit, Mich., (13671), withdisapproved Mar. 13, 1962.

Total assets

$7, 978, 0002, 036, 375, 000

Bankingoffices inoperation

368

C O M P T R O L L E R ' S D E C I S I O N

Application has been filed with the Comptroller ofthe Currency to merge Bank of Livonia, Livonia,Michigan, and National Bank of Detroit, Detroit,Michigan.

National Bank of Detroit is the fifteenth largestcommercial bank in the United States, the third larg-est bank in the Middle West, and the largest bank inMichigan. It had on December 30, 1961, total re-sources of $2,180,782,162.92. It operates 67 branches,all within Wayne County, or a radius of approximately25 miles from its main office. Three of its branchesare in Livonia.

Bank of Livonia is a small bank with total resourcesof $8,519,363.78. Its main office is in Livonia and itoperates two branches, both in Livonia. Its lastbranch was established in 1959. It would likely berequired by supervisory authorities to raise more capi-tal before opening any additional branch.

Detroit, Michigan is the center of a large metro-politan area, having a population of 3,762,360, ofwhich 1,670,144 is within the corporate limits ofDetroit. It is highly industrialized.

Livonia, Michigan is a incorporated area of approx-imately 36 square miles within, and a part of, the

metropolitan area of Detroit. Its corporate boundaryand that of Detroit are less than two miles apart atthe closest point. It is a rapidly growing suburb ofDetroit without any distinguishable separate identityof its own. It has no central business district but anumber of shopping centers. It has a rapidly growingresidential population but also a broad industrial belt.Its population has increased from 17,534 in 1950 to66,702 in 1960. It is estimated that its present popu-lation is 72,000, and it has been projected that in1970, its population will approximate 120,000. Ithas a density of population of 2,000 per square mile.It is presently served by six banking offices, threeoffices each of the applicants here. There are otherbanking offices of the periphery of this incorporatedarea.

It is our responsibility to determine whether thismerger is in the public interest. This determinationmust be made in the light of the six significant statutoryfactors enumerated in Section 18 (c) of the FederalDeposit Insurance Act (12 U.S.C. 1828(c)). Thesefactors are the financial history and condition of eachof the banks involved, the adequacy of its capitalstructure, its future earnings prospects, the generalcharacter of its management, the convenience and

147


needs of the community to be served, and the effectof the transaction on competition (including any ten-dency toward monopoly). It is our duty to give thebroadest possible significance to each of these factorsin order that our decision may truly be in the publicinterest.

This case must be considered in the light of theMichigan branch banking law x which artificially anddiscriminatorily prevents the City of Livonia frombeing furnished banking services by other existingbanks than the applicants here; and which also pre-vents any bank other than the National Bank ofDetroit from acquiring the offices of Bank of Livonia.Briefly, this law permits branching within county limits,or within 25 miles, but provides that no outside branchmay be established in a city, town or village in whicha bank or a branch is then in operation. Under thislaw as it has heretofore been interpreted, no bank ex-cept the Bank of Livonia may now establish branchesin Livonia, and after the merger, if approved, no banksave the National Bank of Detroit may establishbranches in Livonia.

There can be no economic justification for such alaw. As a matter of practice it has resulted in a largenational bank in Detroit being permitted, after estab-lishing one branch in the City of Dearborn, to estab-lish five additional branches there with its Detroit andother competitors prohibited from establishing any;in the National Bank of Detroit, after establishing onebranch in Livonia, being permitted to establish twoadditional branches there with its Detroit and othercompetitors prohibited from establishing any; and inother similar situations. After the establishment of aunit bank in Dearborn, and the Bank of Livonia as aunit bank in Livonia, only those banks could establishbranches in their respective communities. If thismerger should be approved, the National Bank ofDetroit would have six branches in Livonia and wouldbe the only bank which could establish additionalbranches in that large and growing incorporated area.

We are charged with responsibility for insuring thatour national banking system at all times has the capac-ity to perform and does perform its vital functionsof contributing to the free flow of capital; the financ-ing of government, national, state and local; thefinancing of trade and commerce, national and inter-national; the financing of business and industry; thefinancing of home purchases; the financing of con-sumer purchases; and where necessary, the financingof war. Economic growth is a vital goal of our na-tional economic policy. Achievement of the full po-tentials for such growth requires the most effectivefunctioning of our National Banking System. We

have previously stated that it is our judgment that thebanking system has not performed in the fashion whichis required if it is to make its maximum contributionto economic growth.2 We have solicited the aid ofevery national bank in identifying, appraising, anddeveloping methods to eliminate restrictions hamper-ing the performance of our National Banking System.We are undertaking a comprehensive review of alllaws and administrative rulings to determine whichshould be eliminated or modified. We have ap-pointed an Advisory Committee to assist us in this task.We envision that completion of this task will see morerealistic laws enacted with a view to permitting ourNational Banking System to serve properly our pres-ent-day economy. The bank supervisory agencies willthen have available to them more reasonable andrealistic alternatives than those we must choose be-tween here.

Neither of the alternatives available to us here isdesirable. On the one hand, we have the alternativeof enabling the National Bank of Detroit to acquire,in addition to the three offices it already has in Livonia,three additional offices, and to have the way open forit to establish additional offices in Livonia while noother bank may establish a branch there. On theother hand, we have the alternative of imposing uponthe Bank of Livonia the entire burden of establishingwhatever additional banking facilities may be neededin this rapidly growing area, a burden which its pastperformance does not indicate it will be able to prop-erly sustain.

For more than three years the various owners of theBank of Livonia have been negotiating for a sale of thebank to the National Bank of Detroit.

Negotiations looking toward this merger were car-ried on by various large stockholders of the Bank ofLivonia or their representatives apparently on theirown initiative and without authorization from theBoard of Directors of the bank. This is another indi-cation of the fact that there is and has been no intereston the part of the owners of the Bank in building itsbusiness and serving the banking needs of itscommunity.

It is evident that there may have been considerablymore interest in selling the bank than in keeping andproperly managing it either in the public interest, orin the interest of its stockholders. It has been ourobservation that banks which are actively seekingbuyers seldom provide adequate banking services. Insome places banks actually are organized for the pur-

1 Section 34 of the Michigan Financial Institutions Act.

" Decision of Comptroller of the Currency James J. Saxonon the application to merge National Bank of Westchester,White Plains, New York, and the First National City Bank ofNew York, New York, p. 5.

148


pose of subsequent merger with a larger bank.3 Thispractice is found where state law permits the continu-ation as branches of offices acquired through merger,even though new branches could not otherwise beestablished. It is obvious that such banks have littleinterest in serving their communities but are merelymarking time. This is an example of the type ofquestionable practice existing today because of overlyrestrictive branch laws.

In addition to the evident desire of the owners tosell, there are other indications of a past lack of intereston the part of this Bank adequately to serve the bank-ing needs of Livonia. The President of the bank doesnot live in the community which his bank serves.4

The counsel for the bank who is also a director as wellas the representative of a group with large stockhold-ings does not reside nor practice law in Livonia. Ofthe nine directors, seven do not reside in the com-munity. It is fair to say also that there appears tobe no community support for the bank. Residentsof the community have not bought the stock of thebank, nor have they indicated a willingness to serve asdirectors.

The bank provides no significant employee bene-fits. The president of the bank is within two yearsof retirement and there appear to have been hereto-fore no adequate inducements that the bank would bewilling to offer to attract another managing officer.No ambitious young man of the type who could seizethe excellent opportunities available and lead the bankinto the important role it should play in its community

3 This was not the case with the Bank of Livonia. Therewas a race between the Bank of Livonia and National Bankof Detroit to establish offices in Livonia. See Millard v.National Bank of Detroit (Mich., 1953), 61 N.W. 2d 804.The type of race there involved is another illustration of theharmful effects of the really incredible Michigan branchlaw. More litigation results from this law than any branchlaw in the nation. Within the past ten years there havebeen the following cases:Millard v .National Bank of Detroit, 338 Mich. 610, 61 N.W.

2d804 (1953).Wyandotte Savings Bank v. Eveland, 347 Mich. 33, 78 N.W.

2d612 (1956).Michigan National Bank v. Gidney, 237 F. 2d 262; cert. den.

352 U.S. 847 (1956).National Bank of Detroit v. Wayne-Oakland Bank, 249 F 2d

445; reh. den: 252 F 2d 537; cert. den. 358 U.S. 830(1957).

Commercial State Bank of Roseville et al. v. Gidney, 174F. Supp. 770, Aff. 278F.2d871 (1960).

Bank of Livonia v. Gidney, Civ. No. 2397-59 (D.C.D.C.).Community National Bank of Pontiac v. Gidney, 192 F. Supp.

514 (1961) (Appeal Pending).Bank of Dearborn v. National Bank of Detroit, Civ. N 20,

778 (D.C., E.D.Mich.).Bank of Dearborn v. Gidney (U.S.D.C. D.C. 1961) Civ No

64-61.Bank of Dearborn v. Taylor, No. 559-441, Cir. Ct. Mich.,

Aug. 22, 1960.* In fairness it should be said that he does attempt to par-

ticipate in community affairs. Transcript of hearings, p. 47.

would be willing to go into this bank without ade-quate benefits including an opportunity to acquirea substantial interest in its ownership. This is theway businesses grow and contribute to the growth ofour economy. Adequate incentive is an essential in-gredient of our American system of free enterprise.We have under consideration proposed regulationsunder which national banks would be permitted to pro-vide reasonable stock options for their officers and stockpurchase plans for their employees, under adequatecontrols to prevent abuse. Such incentives are nec-essary to enable banks to attract and retain manage-ment of the caliber needed in this vital industry. More-over, it has been our experience that employee benefitsprovided are a rough measure of a company's willing-ness and ability to serve the public.

The premium, i.e. the amount in excess of thenet worth of the Livonia Bank, to be paid by the Na-tional Bank of Detroit is large. This premiumamounted, as of the time agreement was first reachedwith a representative of a group of stockholders, to6.75 percent of deposits.5 It was substantially greaterat the time the merger proposal was approved bythe directors of Bank of Livonia, and it would be sub-stantially greater on the basis of present market valueof the stock of National Bank of Detroit. We arepresently studying the amount of premiums whichshould reasonably be permitted to be paid in thecase of bank acquisitions, and we are satisfied thatin many cases the premiums being offered particularlyby larger banks, are such as to compel disapproval ofproposed mergers. Large premiums being offered inmany cases remove the incentive of smaller banks tocompete vigorously and aggressively in serving theircommunities, but cause their shareholders to agreeto the merger because of large personal profits tothem. Where a small bank is adequately serving itscommunity, it will not be permitted to sell to a largerbank solely because of a large premium which will en-rich its shareholders, perhaps at the expense of thepublic service. Another aspect of this same problemis long term employment contracts offered to manag-ing officers of smaller banks to induce them to favor,and to persuade the stockholders of their bank tofavor, the merger. All such arrangements in the caseof national banks will henceforth receive careful scru-tiny. Also, we have under consideration, and shallshortly issue, rules applicable to national banks,adapted from section 16 (b) of the Securities Act of1934 and appropriate to the national banking system.Insider transactions in stock should be matters of public

5 The premium offered in this case is, of course, in part aresult of the invidious Michigan branch law which pre-cludes the National Bank of Detroit from establishingbranches in Livonia except at the price of acquiring theBank of Livonia.

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record in the case of banks no less than in the case ofother corporations.

The effect of denial of this merger would be to limitthe banking facilities which will be available inLivonia. The population of Livonia has expandedrapidly and is continuing to expand. There is abroad industrial belt running through it. It needs nowand will continue to need expanding banking facilities.Almost the full burden of serving these expandingneeds will fall on the Bank of Livonia. It is unfortu-nate and detrimental to Livonia that branches ofother banks cannot be permitted to establish Livoniabranches. It is contrary to the public interest that thissegment of the metropolitan area of Detroit should bedeprived of the opportunity to have adequate andcompetitive banking facilities because of the happen-stance of incorporation. This case furnishes almost aseffective an illustration as could be imagined of thelack of economic basis and economic justification formany of the restrictive branch laws. What publicpurpose is served by a law which prevents competitiveoffices of other banks in an area of 36 square mileswith a population in excess of 70,000, which is anintegral part of a single metropolitan area?

It is perfectly clear that such laws show little re-gard for the public interest, that they are designed toprotect the selfish interests of the less energetic orcompetent segments of the industry which cannotabide the prospect of competition. It is unfortunatethat such laws do not meet the economic needs of thepeople and of the industries, but serves instead the de-termined opposition of parochial interests.

The complexity of our society, the size of the largecorporations necessary to our standard of living andeconomic growth, the increasing cost of governmentcaused in large measure by needs of national defense,and now of space exploration, require a National Bank-ing System capable of providing adequate financingto support our economy, our industry, and our nation.It is apparent that there is required a more effectiveand efficient banking system.

For far too long the states have been in a position toimpede the progress of the National Banking System.In no other industry of which we are aware are thereimposed such restrictions on growth and expansionas in banking. It is ironic that although as early inour national life as 1790, there was recognized the needfor a national bank to serve the fiscal and monetaryneeds of the nation,6 and as early as 1819, it was de-

a Alexander Hamilton, Report on a National Bank, Annalsof Congress, Vol. 2, p. 2098.

7 McCulloch v. Maryland (1819) 4 Wheat. 316.

cided in a landmark decision 7 that the states couldnot constitutionally interfere with national banks, yetas late as 1962 we find the growth of the NationalBanking System being seriously retarded by the States.

If other banks large or small could be permittedto establish offices adequate to serve the needs ofLivonia, we would not be faced with the dilemma wehave here. Under the circumstances the only meansavailable by which we can place new banking facili-ties in Livonia is by the chartering of a new nationalbank. In view of the potential in that communityand the lack of competitive facilities, we could haveno hesitancy in approving a charter application fora national bank which would be well managed, ade-quately capitalized and backed by strong localinterests.

In the meantime, however, we have little choice butto disapprove the proposed merger in order to preservesome semblance of banking competition and somecompetitive choice in this area.

As stated above, if this merger should be approved,National Bank of Detroit would have six offices inLivonia and would be permitted to establish additionalones there, while until another bank is organized, noother banking offices could be established there. Whileit is true that this is solely a result of the operation ofthe Michigan branch law, nevertheless we cannotconclude that approval of this application would bein the public interest. Accordingly, and after con-sideration of all the statutory factors enumerated insection 18 (c) of the Federal Deposit Insurance Act,the application is denied.

MARCH 13, 1962.


The Bank of Livonia has deposits of $7,160,000,net loans and discounts of $3,011,000, and total assetsof $7,978,00. Chartered in 1953, it now con-ducts a general banking business through its headoffice and two branches in Livonia, Michigan, a cityentirely within the Detroit Metropolitan area.

The National Bank of Detroit is the largest bankin Detroit, with deposits of over $1,800,000,000, netloans and discounts of more than $770,000,000, andassets of over $2,000,000,000. It operates 68 bankingoffices in the Detroit Metropolitan area, includingthree in Livonia. Since 1952, it has acquired eightsurburban banks with 14 offices and deposits of$102,738,000.

We therefore feel that the proposed transactionwould have a significant effect on competition.

150


DALLAS CITY BANK, DALLAS, DALLAS, OREG., AND FIRST NATIONAL BANK OF OREGON, PORTLAND, PORTLAND, OREG.


Dallas City Bank, Dallas, Dallas, Oreg., withand First National Bank of Oregon, Portland, Portland, Oreg. (1553), withdisapproved Mar. 16,1962.

Total assets

$5, 324, 000967, 302, 000


187

C O M P T R O L L E R ' S D E C I S I O N

The First National Bank of Oregon, Portland, Ore-gon, and the Dallas City Bank, Dallas, Oregon, haveapplied to the Comptroller of the Currency for permis-sion to merge under the charter and title of "TheFirst National Bank of Oregon, Portland" and to con-tinue the present office of the Dallas City Bank as abranch.

This proposed merger is a further step in a patternof bank expansion which has been developing forsome years in Oregon. Two principal banks are in-volved in this emerging pattern. The First NationalBank, one of the applicants, and the United StatesNational Bank of Portland, each has developed ex-tensive statewide branches. Stock control of the FirstNational Bank lies in the hands of Western Bancorpo-ration, the successor of Firstamerica Corporation whichacquired it from the Transamerica Corporation. TheWestern Bancorporation in turn controls 23 otherbanks operating in 11 western states.

It is particularly significant that both the First Na-tional Bank and the United States National Bankhave carried out their expansion in large degreethrough merger with other existing institutions. Ofthe 86 branches which the first National Bank nowoperates, 54 were acquired by merger with unit banks,22 having been merged during the past decade. Ofthe 81 branches of the United States National Bank,53 were acquired through merger with unit banks,21 of these mergers having been completed withinthe past decade.

The Dallas City Bank, the other applicant, op-erates no branches. It is a smaller bank with depositsof $4.9 million and loans of $1.1 million. The area inwhich the Dallas City Bank operates is primarilyagricultural, although there is some lumbering andindustrial activity. Within the trade area of the DallasCity Bank there is one other independent bank andtwo branches of the United States National Bank. Themerger would thus bring the First National Bank intocompetition in that area with its large statewide rival.

At present there are only 24 out of 131 communitiesin the State of Oregon supporting banking officeswhich are closed to branch banking by the home-office protection provided in that State. Dallas is oneof those communities, and approval of the merger

would have the effect of opening one additional com-munity to branching. The issue of policy is whetherthe advantage to be gained by opening this area toadditional branching would justify the further exten-sion of dominance by two large institutions of thebanking structure of Oregon.

Even apart from the present strength of the twolarge banks, there appears to be no justification forending the independent existence of the Dallas CityBank. It is a well-managed and effectively-operatinginstitution which is serving its community well. Whilethere is no present evidence that a deficiency of bank-ing services exists in the area, should the present home-office protection prove a bar to the provision of ade-quate banking services, it would be preferable to meetthis situation by encouraging the formation of newly-chartered banks properly capitalized and possessedof competent management. We are not here facedwith the issue whether either of the two existing largebanks should be permitted to establish additional denovo branches, although this may well become a perti-nent issue in other cases.

Approval of the proposed merger would create fur-ther imbalance in the already unbalanced bankingstructure of the State, by eliminating an independentbank and adding thereby a branch to one of the twolarge statewide branching systems. It could thenbe anticipated that other small banks in the Statewould be induced to join either of the two large bank-ing systems which continue to compete with one an-other in the race for new branches through mergers.There is a clearly evident thrust for growth in thesetwo large banking systems, and as is true in manyother States the merger route appears to be the pre-ferred course for achieving such growth. The attain-ment of a balanced banking structure in the Stateof Oregon requires a restraint on the further growthof the two dominant banking systems through theabsorption of independent banks, together with en-couragement under proper auspices of the formationof new independent banks.

It should be made clear that in reaching a deci-sion on this merger application we have appraised thecompetitive factors but have not viewed these factorsapart from the other considerations of public interest.We are concerned with a balanced banking structure,and it is this concept which has guided our decisions

151


in merger cases. The Bank Merger Act sets forth asone of the criteria to be considered in deciding mergercases: "the effects upon competition including anytendency toward monopoly." In the present case thegrowing concentration of control in the hands of twolarge financial institutions is clearly apparent. Never-theless, our conclusion in this case does not rest upona finding concerning the effects on competition per se.While the maintenance of competition is of the utmostimportance, its importance in banking relates to theattainment of a banking structure which preserves theseparate identity of effectively functioning banks ofsmaller and intermediate size alongside the largerbanks, with opportunities sustained for the formationof new and independent banking units. This is ourgoal without regard to the rivalry which now prevails,and its purpose is to maximize the independent sourcesfrom which new initiative and innovation may spring.No judgment is here reached on the wisdom of per-mitting the two large banking systems of Oregon toexpand further. Our only concern in this case is torestrain such growth through the absorption of existingindependent units.

In the interest of attaining a balanced bankingstructure in the State of Oregon, the application forthis merger is therefore denied.

MARCH 16, 1962.


The First National Bank of Oregon, Portland, hasrequested permission to merge with the Dallas CityBank. It intends to operate the Dallas City Bank asa branch office in Dallas, Oregon.

Applicant is the largest banking chain in Oregonhaving a total of 87 banking offices located both in

metropolitan Portland and throughout the state. Alsolocated in Oregon is the United States Bank of Port-land, Portland, Oregon, which is only slightly smallerthan the applicant bank, having a total of 77 bankingoffices located in Oregon. These two banks controlover 80 percent of all bank deposits in Oregon. An-other indication of the size of these banks is that theFirst National Bank of Oregon, Portland, is thetwenty-sixth largest bank in the United States and theUnited States National Bank of Portland is thetwenty-ninth largest bank.

Since 1951 applicant has acquired 18 banks with atotal of 25 banking offices in the State. It now pro-poses to acquire yet another independent bank andthus continue the trend toward concentration of allbanking business in the State in the hands of the twolargest banks. The First National Bank has not beenalone in making a series of acquisitions. The UnitedStates National Bank of Portland has also had a pasthistory of mergers and acquisitions, having acquired21 branch offices since 1953 by this means.

The Dallas City Bank is in actual and direct com-petition with the First National Bank, which is evi-denced by the fact that the First National Bank hascustomers not only within the service area of the DallasCity Bank but also has a considerable number of cus-tomers within the city of Dallas itself. The First Na-tional Bank services these customers for checking andsavings deposits, commercial, real estate and install-ment loans. The merger may also affect the small in-dependent banks in this area in that they will now befaced with the competition of still another branch ofthe State's largest bank.

It is our conclusion that the merger will have anadverse effect on competition and will tend to increasebanking concentration in Oregon.

* * *

BANK OF LILLINGTON, LILLINGTON, N.C., AND SOUTHERN NATIONAL BANK OF LUMBERTON, LUMBERTON, N.C.


Bank of Lillington, Lillington, N.G., withand Southern National Bank of Lumberton, Lumberton, N.C. (10610), withdisapproved May 25,1962.

Total assets

$4, 476, 00020, 838, 000


26


The Southern National Bank of Lumberton, Lum-berton, North Carolina, has applied to the Comp-troller of the Currency for permission to merge withthe Bank of Lillington, Lillington, North Carolina,under the charter and title of the former.

The $20.8 million Southern National Bank operatesthe seven offices of its widely scattered system in five

152

counties in the east-central section of North Carolina.The application estimates that there are some 100,000people living in this rich agricultural area noted forits flue cured tobacco. The large number of smallmanufacturing and processing plants which bolsterthe economy, without dominating it, are increasingeach year to strengthen the forecast of expanding pros-perity in the area.


The Bank of Lillington, with resources of $4.5 mil-lion, opened for business in 1903 in the town of Lilling-ton, whose population is 1,000. This town, which isthe trading center for an estimated 15,000 residentsin the surrounding area, is located in Harnett Countyand is 65 miles north of Lumberton. Economic sus-tenance for this community derives principally fromagricultural pursuits devoted to tobacco, cotton, grain,poultry and cattle and, in small degree, from severalsmall industries including a textile mill. While theBank of Lillington, as the only bank in town, has ade-quately served the convenience and needs of the com-munity in the past, it can anticipate competition forthe locally generated banking business from a branchof the $10 million National Bank of Sanford, whichwas recently approved. The resources of these twobanks promise to fulfill substantially all of the creditrequirements of the Lillington area.

Approval of this proposal would extend the opera-tions of the Southern National Bank of Lumberton intoanother county and would increase the number of itsbanking offices to eight. While this addition would notmaterially affect the banking structure in the Lumber-ton area, it would be detrimental to the banking struc-ture in Lillington. The Comptroller, in granting ap-proval to the National Bank of Sanford to open abranch in Lillington, determined not only that thecommunity could support two banking offices, but

also that the proposed branch had a reasonable like-lihood for satisfactory growth in competition withthe Bank of Lillington for the banking business of thearea. Substituting the Southern National Bank ofLumberton for the Bank of Lillington at this timewould put the new branch of the National Bank ofSanford at a greater competitive disadvantage thanwas contemplated when the branch was approved.Having weighed all the factors prescribed by the

statute in considering this application, I have con-cluded that the proposed merger would not promotethe public interest. The application, therefore, isdenied.

MAY 25, 1962.


The proposed merger will give the resulting bank asizable portion of the commercial banking businessin its service area. Nevertheless, it will continue toface competition from eight other banks includingone substantially larger than itself. Because of thedistance between the merging institutions, little orno direct competition presently exists between them.The merger will bring new banking services to theLillington area without significantly altering the pres-ent competitive situation. We see no substantialanticompetitive effects resulting from this acquisition.

THE NATIONAL BANK & TRUST CO. OF PORT JERVIS, PORT JERVIS, N.Y., AND COUNTY NATIONAL BANK OFMlDDLETOWN, MlDDLETOWN, N . Y .


The National Bank & Trust Co. of Port Jervis, Port Jervis, N.Y. (1363), withand County National Bank of Middletown, Middletown, N.Y. (13956), withdisapproved June 14,1962.

Total assets

$5, 967, 00057, 591, 000


17


The County National Bank, Middletown, of Mid-dletown, New York, has applied to the Comptroller ofthe Currency for permission to merge with The Na-tional Bank and Trust Company of Port Jervis, PortJervis, New York, under the charter and title of theformer.

Middletown and Port Jervis are located in OrangeCounty, approximately 70 miles northwest of NewYork City. The economy of the county is based uponagriculture, industry, and resort trade. Middletown,with 23,500 residents, is one of the industrial centersof the county. Port Jervis, with 9,300 residents, islocated 20 miles southwest of Middletown on the Dela-

ware River directly opposite Matamoras, Pennsylvania.Port Jervis, the smallest of the three towns in thecounty, depends primarily upon several small indus-tries manufacturing soft goods and cosmetics and thetourist trade for its economic life.

The County National Bank, with resources of $57.6million, presently operates seven offices in OrangeCounty and has an application pending for permis-sion to establish a de novo branch. Five of its branches,including the one in Port Jervis, were acquired byabsorbing smaller banks.

The National Bank and Trust Company, operatinga single office in Port Jervis, has acquired total assetsof $6 million. While the conservative management ofthe bank has kept it in sound condition, it is estimated

153


that 25 percent of the area's banking business is goingto the neighboring community of Matamoras, whichis located across the Delaware River one mile fromPort Jervis. It has been stated that if the merger isapproved, a further substantial amount of the PortJervis banking business will go to the Matamoras bank.This would indicate a lack of support for the mergerby the community.

In 1956, through the acquisition of the First Na-tional Bank of Port Jervis, the County National Bankacquired its present branch office in the town. Thisoffice has experienced substantial growth. In spite ofthis increased competition with County National, TheNational Bank and Trust Company has experiencedappreciable growth in both its deposit and loanaccounts.

The proposal, if approved, would combine the twobanking offices operating in Port Jervis, and the near-est competing institutions would be the bank locatedin Matamoras and the bank located in Milford, Penn-sylvania, some six miles from Port Jervis. The growthof the two banking offices in Port Jervis argues againsta reduction in the number of banks in this area. Thestatements made in the application in support of themerger do not counter this fact, nor do they presenta situation which compels approval of the application.Since there are indications that some of the bankingrequirements of the area are being serviced by com-peting out-of-state institutions, the need for the reten-

tion, rather than a reduction, of the present bankingoffices to meet their challenge and to serve effectivelythe needs of the area seems to be indicated.

Having weighed all the statutory factors, I haveconcluded that this proposal will not be in the publicinterest. The application is, therefore, denied.

JUNE 14, 1962.


County National Bank operates 7 banking officesthroughout Orange County, New York and has ap-proval to open a new branch and an application pend-ing for a ninth branch. Since 1955, it has acquired 5formerly independent banks located in all parts ofOrange County and opened a new bank in the county.One of the banks acquired in 1956 was the only otherbank in Port Jervis.

The National Bank and Trust Company is the otherbank in Port Jervis with approximately 24 percent ofthe deposits and 22 percent of the loans in the PortJervis area. As a result of this merger, County Na-tional will control 55 percent of the deposits and 52percent of the loans in the area, with the balancedivided between two banks located across the DelawareRiver in Pennsylvania. To permit this merger wouldeliminate substantial competition between the mergingbanks, create banking monopoly in the town of PortJervis and tend toward monopoly in the entire servicearea of the merging bank.

THE COLONIAL-AMERICAN NATIONAL BANK OF ROANOKE, ROANOKE, VA., AND THE FIRST NATIONAL EXCHANGEBANK OF ROANOKE, ROANOKE, VA.


The Colonial-American National Bank of Roanoke, Roanoke, Va. (11817), withand The First National Exchange Bank of Roanoke, Roanoke, Va. (2737), withdisapproved June 28, 1962.

Total assets

$48, 520, 000140, 878, 000


48


On May 11, 1962 The First National ExchangeBank of Roanoke, Roanoke, Virginia, and The Co-lonial-American National Bank of Roanoke appliedto the Comptroller of the Currency for permission tomerge under the charter and title of the former. Apublic hearing on this application was held in Roa-noke City on June 21,1962.

Both of the above banks have their main offices inRoanoke City. The First National Exchange Bank,established in 1882, has assets of $140,000,000 and op-erates five branches in Roanoke City and two branches

in Bedford, Virginia, twenty-three miles east of thecity. The Bedford branches were established bymerger in 1960 and 1961—the only mergers by FirstNational in thirty-four years. The Colonial-AmericanNational Bank, established in 1910, does business fromfour offices in Roanoke City and has assets of$48,000,000.

Roanoke City is located at the neck of the Shenan-doah Valley in western Virginia, 160 miles west ofRichmond. At the crossroads of major north-south,east-west traffic in this part of the state, the city, onthe historic route to the Cumberland Gap, has been andis the gateway to western Virginia, southern West

154


Virginia and areas of Kentucky, Tennessee and NorthCarolina. It is the natural center for all economicactivity—financial, commercial and trading—for a 26county area in Virginia alone. The city has been andwill continue to be the key to the economic, social andcultural development of the region.

Roanoke is the fourth largest city in Virginia witha population of 97,000. The immediate area (Roa-noke City and County) has a population of 158,000,showing an increase of 19 percent in the last 10 years.The economic base of metropolitan Roanoke andnearby communities is industrial, commercial and ag-ricultural. The city is the headquarters for the Nor-folk and Western Railroad and the AppalachianPower Company. The Norfolk and Western has re-cently merged with the Virginian Railroad and hasextensive plans which, if completed, will extend itssystem through fourteen states and the Dominion ofCanada. Their plans also call for a $1,400,000 annexto their general offices in the city. The AppalachianPower Company serves 31 counties in western Virginiaand 21 counties in southern West Virginia. It hasbroad and solidly based expansion plans as evidencedby the $90,000,000 Clinch River Steam GeneratingPlant in Russell County in western Virginia, and the$50,000,000 hydroelectric dams and plant at SmithMountain on the Roanoke River about 40 miles down-stream from the city. This latter project will providea reservoir lake with five hundred miles of shorelinecapable of development into an extensive resort area.Many major new industries have been established inor near Roanoke in the last ten years including, toname a few, the General Electric Industry ControlPlant, the International Telephone and TelegraphComponents plant, the Diamond Plastics Industryplant, a large Kroger Company Distribution ware-house, and the Roanoke Electric Steel Corporationplant. According to the Norfolk and Western Indus-trial Development Department, the investment in newand expanded industry within this 26 county areaamounted to $37,000,000 in 1960 and $50,000,000 in1961. New employment as a result of this investmentamounts to 4,505 in 1960 and 9,520 in 1961.

All of this clearly shows the changes taking place inthe economy of this area as it intensifies its industriali-zation. It is also evident that the expansion occurringis not a passing phenomenon. As was brought out atthe public hearing, the real potential of this region isyet untapped.

While Colonial-American serves only the immediatearea embracing Roanoke and Bedford Counties, TheFirst National serves not only this immediate area butan area including 26 counties in western Virginia andadjacent counties in southern West Virginia, easternKentucky, northeastern Tennessee and northwesternNorth Carolina wherein is located its correspondentsystem numbering 120 banks.

There are now seven commercial banks in the Roa-noke-Bedford area with 24 offices. Approval of thismerger would reduce the number of banks serving thisarea to six, and would place 12 of the 24 banking of-fices in one bank. Among the five remaining banks inthis area would be the $38 million Mountain TrustBank which operates five offices in the City of Roanoke,and the $38 million Peoples National Bank and TrustCompany of Lynchburg with two offices in BedfordCounty. In the City of Salem, adjoining Roanoke,are two $10 million-asset banks operating four offices.There is also a branch of the $166 million Bank ofVirginia located in Roanoke City, which is authorizedto make loans to the full limit of the bank. In addi-tion to these banks, nine savings and loan associationswith total deposit shares of $67.7 million, 35 creditunions with share accounts totaling $4.2 million, 15insurance companies, two mortgage loan companies,three major sales finance companies, 16 personal loancompanies and several factors, compete for the depositdollars and loan accounts in the area. In addition tothese financial institutions, it is important to recognizethat such banks as the $304 million First and Mer-chants National Bank of Richmond, the $265 millionState-Planters Bank of Commerce and Trusts of Rich-mond, the $909 million Wachovia Bank and TrustCompany of Winston-Salem, North Carolina, and the$581 million North Carolina National Bank of Char-lotte, also compete for business in this area. As is evi-dent from these figures, no bank in this 26 county areaof western Virginia, nor, indeed, in the entire state,compares in size with either of these two statewideNorth Carolina banks, which have contributed sogreatly to that state's economic growth.

Among the facts that must be considered in passingon this application is the new Virginia branch bankinglaw which takes effect June 29, 1962, and the holdingcompany movement which is now taking place in thatstate. This statute, in effect, authorizes statewidebranch banking through mergers. It is not possible atthis time to appraise realistically the banking struc-ture which will evolve under this new law and theholding company movement, although pervasivechanges may be anticipated.

Several bank holding company applications are nowpending before the Federal Reserve Board. The pro-posed Virginia Commonwealth Corporation wouldcenter around the Bank of Virginia which now has 19offices in the tideland area and one in Roanoke. In-cluded as affiliates would be the Bank of Henrico atSandston and the Bank of Warrick at Newport News,both east of Richmond, and the Bank of Salem, ad-jacent to Roanoke. The formation of this holdingcompany, with total resources of $204 million, wouldcause a substantial change in the banking structure ofthe State, particularly in the valley lands of the west.The existing First Virginia Corporation has filed ap-

155


plications to acquire the controlling stock interest inthe Farmers & Merchants National Bank of Win-chester, the Shenandoah County Bank & Trust Com-pany of Woodstock, and the Peoples Bank of Mt. Jack-son, all in the northern part of the State, as well as theSouthern Bank of Norfolk, in the east. Another hold-ing company whose formation has been announcedwould be known as the United Virginia Bank Shares,Inc., and would center around the $265 million State-Planters Bank of Commerce and Trusts located inRichmond. This company would control the stock ofthe Vienna Trust Company and the First and CitizensNational Bank in Alexandria, both in the northeastcorner of the State. Citizens Marine Jefferson Bank inNewport News and Merchants and Farmers Bank ofFranklin, both in the southeast section of the Statewould be included. The sixth bank involved in thisproposal is the First National Trust and Savings Bankof Lynchburg. Through this Lynchburg bank the$417 million resources of this corporation would bemade readily available to western Virginia in directcompetition with the First National Exchange Bank.

There is presented in this case an issue fundamentalto the developing banking structure of Virginia, whichhas broad significance as well for our public policy inthe field of banking. This issue concerns the role oflarger banks in financing economic development. Twoco-ordinate questions are: the relation of the size ofbanks to their efficiency; and the standards by whichthe competitive factors should be judged where largerbanks are required in order to insure the effective per-formance of functions essential to the growth of oureconomy.

The area in which the applicant banks are situatedhas potentials for growth which appear to exceed pres-ent capital availabilities. Greatly enlarged power fa-cilities are now in process of creation, and improvedtransportation facilities are in the making. Naturalresources abound, and a large labor supply awaits theavailability of expanded production capacity. Thefull realization of these opportunities requires addi-tional capital.

The decisive influence of large financial institutionsin fostering economic development is well understoodby all who have examined our economic history.Large aggregations of capital are required to servethe needs of large-scale enterprises, which alone arecapable of employing modern technology efficiently,and of serving the supporting regional, national andeven international markets effectively. Without ex-tensive financial resources, moreover, the risks entailedin undertaking new ventures could not be spread insufficient degree to justify these hazards, and enter-prise and initiative would lag. Wherever economicgrowth has been marked, the financing facilities havebeen imaginative and sophisticated, and accelerateddevelopment has been preceded by significant capital

156

accumulations or availabilities in search of outlets.This need is today discussed chiefly in relation to the"take-off" problems of the less-developed areas of theworld which we seek to aid, and where we have fosteredand financed the creation of "development banks."Some parts of our own country, however, have com-parable, although perhaps less intensive, needs, andrequire larger commercial banking institutions to in-sure the full and prompt realization of their potentials.The area served by the applicant banks clearly hassuch a need for enlarged banking resources and serv-ices to finance economic growth.

The requirements of size needed to insure maximumefficiency may at points clash with the need to main-tain rivalry in order to insure that the benefits of im-proved efficiency are passed on to the consuming pub-lic. Efficiency achieved at the cost of rivalry—orrivalry preserved at the expanse of efficiency—eithermay work to harm the public interest. The task is todiscern the proper balance which will serve the publicinterest to best advantage. For this purpose arbitrarymeasures of concentration will not suffice.

The objectives sought through the merger of theapplicant banks—to provide larger-scale financial fa-cilities to fulfill industrial expansion potentials of thearea—are clearly in accord with the most effective andpublicly beneficial functioning of our national bank-ing system. The evidence amply supports the viewthat there is need in this area for local institutions withlarger lending capacities—to provide local sponsorship,support and participation in economic development.However, the particular means which the applicantbanks have chosen to enlarge their capabilities are notlikely to prove the most fruitful in terms of the publicinterest.

These banks represent two of the principal sources—being the first and second banks in size—from whichinitiative could be expected to flow in meeting the fu-ture requirements of the area for larger-scale financingto facilitate economic growth. It is in the public in-terest to preserve the independence of these institu-tions to serve as experienced and effectively operatingnuclei about which still larger institutions may beformed. The new Virginia statute permitting state-wide branching through mergers, which becomes op-erative on June 29, 1962, affords a vehicle throughwhich this alternative course may be pursued. Whileit cannot be said that the new authority to branchthrough mergers will serve all of the requirements of abalanced banking structure as effectively as these re-quirements could be achieved through de novo branch-ing, it does offer added opportunities to enlarge thesize of banks, and to bring more effective employmentof under-utilized resources, in response to the needswhich are relevant in the present case.

In essence, then, the unique characteristics of thiscase point to the need for larger banking institutions


in Roanoke in order to meet the convenience and pres-ent and future needs of the immediate Roanoke area,and particularly of the larger area to the south andwest. It is our opinion, however, that this end wouldnot best be achieved by the elimination of TheColonial-American National Bank. In fact, the pub-lic interest would seem to require substantially in-creased growth of The Colonial-American which istoday not sufficiently competitive in terms of size withThe First National. The Colonial-American, like TheFirst National, is a strong, well-managed, well-staffed,excellent earning, aggressive banking institution. Inall of these respects it has the capacity for furtherexpansion, both internally and externally. Publiclybeneficial external expansion by The Colonial-Amer-ican can more fruitfully be realized through acquisi-tion or branching, or both, in Salem or other areas.

First National also needs larger resources, and thisfirst-rate institution unquestionably has the capacityto expand externally to the public benefit by acquisi-tions beyond the immediate Roanoke-Bedford area.

In the light of all of the statutory criteria it is ourconclusion that the proposed transaction is not in thepublic interest, and the application is therefore denied.

JUNE 28, 1962.


The proposed merger of Colonial-American Na-tional Bank into First National Exchange Bank wouldunite the two largest banks in the City of Roanoke andneighboring Bedford County. As of December 30,1961, First National had total assets of $140,878,000,total deposits of $126,436,000, and net loans and dis-counts of $75,676,000. Colonial-American as of thesame date had total assets of $48,520,000, total de-posits of $42,081,000 and net loans and discounts of$26,396,455. First National, through two previousmergers since October, 1960, with banks in the City ofBedford, eliminated the only remaining independent,locally-owned banks in the City of Bedford. Mergerof First National and Colonial-American would fur-ther enhance First National's dominant position in theRoanoke area and create a bank holding over 70 per-cent of the IPC deposits and about 75 percent of theloans and discounts in the City of Roanoke. Themerger would substantially increase concentration,eliminate substantial direct competition between thetwo largest banks, tend to produce a monopolisticbanking situation in Roanoke, and have serious anti-competitive effects raising serious questions under theantitrust laws.

* * *

THE FIRST NATIONAL BANK OF OVID, OVID, N.Y., AND FIRST NATIONAL BANK OF WATERLOO, WATERLOO, N.Y.


The First National Bank of Ovid, Ovid, N.Y. (7840), withand First National Bank of Waterloo, Waterloo, N.Y. (368), withdisapproved Dec. 18, 1962.

Total assets

$3, 570, 48114} 5495 445

Bankingoffices

in operation

13


On October 8, 1962, the $14.6 million First Na-tional Bank of Waterloo, Waterloo, New York, andthe $3.6 million First National Bank of Ovid, Ovid,New York, applied to the Comptroller of the Cur-rency for permission to merge under the charter andwith the title of the former.

The participating banks are both located in SenecaCounty, in north-central New York between SenecaLake on the west and Cayuga Lake on the east. Thesenatural boundaries provide the county with some 80miles of lake-front area, a natural recreational re-source for the area economy. Utilization of these re-sources is increasing as can be attested by the 9.3 per-cent increase in population during the past decade.As a result, an ever increasing number of the 32,000residents are finding employment in resort and recrea-

tional pursuits, although most of the residents continueto derive their economic support primarily from agri-culture and from the light commercial and industrialactivities centered in Seneca Falls, Waterloo andGeneva.

Prior to 1957, there were five commercial banks inthe county: The State Bank of Seneca Falls and theSeneca County Trust Company of Seneca Falls, theFirst National Bank of Waterloo, The First NationalBank of Ovid and The Wheeler National Bank ofInterlaken. Since 1957 the $153 million Lincoln Na-tional Bank and Trust Company of Syracuse acquiredthe Seneca County Trust Company of Seneca Falls andthe First National Bank of Waterloo acquired TheWheeler National Bank of Interlaken. The First Na-tional also opened a branch in a shopping center justoutside of the village of Seneca Falls. As the net re-sult of these changes, the county now has four com-

157


mercial banks operating six facilities and ranging insize from the $153 million Lincoln National to the$3.6 million First National Bank of Ovid.

The First National Bank of Waterloo is located inWaterloo, in the center of the county, at the northerntip of the Finger Lakes. Nearly all of the gainfullyemployed of the 5,000 residents of Waterloo commuteto Seneca Falls, three miles to the east, and to Geneva,six miles to the west. The bank competes in this areawith the $9 million State Bank of Seneca Falls and abranch of the Lincoln National. Additional compe-tition is furnished by several large banks from adjacentcounties, such as the Geneva Trust Office of the $457million Lincoln Rochester Trust Company and the$14 million National Bank of Geneva, located aboutsix miles west of Waterloo.

The First National Bank of Ovid, located 19 milessouth of Waterloo, primarily serves the 780 residentsof Ovid who derive their principal economic supportfrom agriculture. The trade area is served by TheFirst National Bank of Ovid; the Interlaken Branchof First National of Waterloo, located three milessoutheast of Ovid; the Trumansburg branch of the$42 million Tompkins County Trust Company, located15 miles southeast of Ovid; and, by the $7 millionGlen National Bank, located 24 miles south of Ovid.The latter two banks, however, participate in areabanking to a relatively minor degree.

In the light of the foregoing facts, this proposedmerger presents an unusual problem. While the ex-pected performance of a bank the size of the FirstNational Bank of Ovid and so situated in an effective

competitive structure would not normally be favorable,the actual performance record of the merging bankis good. The earnings for this bank, which reached anew high for 1961, are expected to be better in 1962despite the fact that the interest rates and servicecharges are among the lowest in the area. There ap-pears to be no management succession problem in thissound bank as the active control is now in the care ofyoung and capable officials. Whether or not this smallbank can continue to prosper and show such satisfac-tory returns in the coming years appears to be a com-munity problem affecting depositors, shareholders anddirectors alike.

In view of the situation which confronts the FirstNational Bank of Ovid and the public reaction gen-erated by this proposal, it appears that the applica-tion is premature and inconsistent with the public in-terest. The application is therefore denied.

DECEMBER 18,1962.


The First National Bank of Waterloo competes withfive banks in the merging bank's service area, and willface competition from eight banks in the resultingbank's service area. Although Waterloo presentlycompetes with the merging bank, such competition isnot substantial. In light of the relatively minor degreeof competition being eliminated and the continued ex-istence of a number of independent banks who willcontinue to compete with the resulting bank, we be-lieve the proposed merger will not have a substan-tial adverse effect upon competition.

158


APPENDIX B

Statistical Tables

696-055—63 12


TABLE B-l.—Comptrollers and Deputy Comptrollers of the Currency, by dates of appointment and resignation, and residentStates at the time of appointment

Name Date of appoint- Date of resigna- State

COMPTROLLERS OF THE CURRENCY

McCulloch, HughClarke, FreemanHulburd, Hiland RKnox, John JayCannon, Henry WTrenholm, William LLacey, Edward SHepburn, A. BartonEckels, James HDawes, Charles GRidgely, William BarretMurray, Lawrence OWilliams, John SkeltonCrissinger, D. RDawes, Henry MMclntosh, Joseph WPole, John WO'Connor, J. F. TDelano, PrestonGidney, Ray MSaxon, James J

DEPUTY COMPTROLLERS OF THE CURRENCY

MayMar.Feb.Apr.MayApr.MayAug.Apr.

Apr.Feb.Mar.MayDec.Nov.MayOct.Apr.

9,186321,18651,186725,187212,188420,18861,18892,189226,18931,18981,190127,19082,191417,19211,1923

20,192421, 192811,193324,193816, 195316,1961

Mar. 8,1865July 24,1866Apr. 3,1872Apr. 30,1884Mar. 1,1886Apr. 30,1889June 30,1892Apr. 25,1893Dec. 31,1897Sept. 30,1901Mar. 28,1908Apr. 27,1913Mar. 2,1921Apr. 30,1923Dec. 17,1924Nov. 20,1928Sept. 20,1932Apr. 16,1938Feb. 15,1953Nov. 15,1961

Howard, Samuel THulburd, Hiland RKnox, John JayLangworthy, John SSnyder, V. PAbrahams, J. DNixon, R. MTucker, Oliver PCoffin, George MMurray, Lawrence OKane, Thomas PFowler, Willis JMclntosh, Joseph WCollins, Charles WStearns, E. WAwait, F. GGough, E. HProctor, John LLyons, GibbsPrentiss, William, JrDiggs, Marshall ROppegard, G. JUpham, C. BMulroney, A. JMcCandless, R. BSedlacek, L. HRobertson, J. LHudspeth, J. WJennings, L. ATaylor, W. MGarwood, G. WFleming, Chapman CHaggard, Hollis SCamp, William BRedman Clarence BWatson, Justin TMiller, Dean EDeShazo, Thomas G

MayAug.Mar.Aug.Jan.Jan.Aug.Apr.Mar.Sept.J

Jan.Feb.Jan.Jan.Oct.MayJulySept.Oct.Jan.Sept.Mar.Feb.Sept.MayApr.

9,18631,186512,18678,18725,1886

27, 188711,18907,189312,18961,189829,18991,190821,19231,19236,19251,19276.19271.1928

24,193324,193616,193816,19381,19381,19397,19411,19411,19441,19491,19501,1951

18,195215,195916,19602,1962

Aug. 1,1865Jan. 31,1867Apr. 24,1872Jan. 3,1886Jan. 3,1887May 25, 1890Mar. 16,1893Mar. 11,1896Aug. 31, 1898June 27,1899Mar. 2,1923 2

Feb. 14,1927Dec. 19,1924June 30,1927Nov. 30,1928Feb. 15,1936Oct. 16,1941Jan. 23, 1933Jan. 15,1938Jan. 15,1938Sept. 30,1938Sept. 30,1938Dec. 31,1948Aug. 31,1941Mar. 1,1951Sept. 30,1944Feb. 17,1952Aug. 31,1950May 16,1960Apr. 1,1962Dec. 31,1962Aug. 31, 1962Aug. 3,1962

Aug.Sept,Dec.Jan.

4,19623, 1962

23, 19621,1963

IndianaNew YorkOhioMinnesotaMinnesota 'South CarolinaMichiganNew YorkIllinoisIllinoisIllinoisNew YorkVirginiaOhioIllinoisIllinoisOhioCaliforniaMassachusettsOhioIllinois

New YorkOhioMinnesotaNew YorkNew YorkVirginiaIndianaKentuckySouth CarolinaNew YorkDistrict of ColumbiaIndianaIllinoisIllinoisVirginiaMarylandIndianaWashingtonGeorgiaCaliforniaTexasCaliforniaIowaIowaIowaNebraskaNebraskaTexasNew YorkVirginiaColoradoOhioMissouriVirginiaConnecticutOhioIowaVirginia

1 Term expired.3 Died Mar. 2, 1923.8 To succeed G. W. Garwoodi

160


TABLE B-2.—Changes in the structure of the national banking system, by States and regions, since 1863: number of banksorganized, consolidated, and merged; number of insolvencies, liquidations, and conversions; and national banks in existence,Dec. 31, 1962

Location

United States and possessions, total


New England States, total

New York

PennsylvaniaDelawareMarylandDistrict of Columbia

Eastern States, total

Virginia .

North CarolinaSouth CarolinaGeorgiaFlorida . . . . .

Mississippi . . . . . .LouisianaTexasArkansasKentuckyTennessee

Southern States, total

OhioIndianaIllinois . . .

MinnesotaIowa . . . .Missouri

Middle Western States, total

North DakotaSouth DakotaNebraskaKansasMiontanaWyomingColoradoNew MexicoOklahoma

Western States, total

Orga-nized,7863

through7962

1 15,046

1278185

37867

127

865

1,002423

1,28431

14733

2,920

25819315512919321618282

1171,251

153250215

3,394

704442948333279498553299

4,056

25922140545119865

23291

753

2,675

Consolidated and mergedunder act Nov. 7, 7978,

as amended

Consolida-tions undersees. 7, 2,

and 3

666

733

363

11

63

1174796

038

271

1911

8882454

441

118

133

32141911984

11

108

313

263051

12

45

Mergersunder sees.

4 and 5

139

501504

15

347

24050

70

10084001000010

24

60130001

11

oo

oo

oo

oo

o

0

Insolvent

2 2,814

135

1728

27

72

13059

2111

177

425

283844434242451616

141393736

567

11298

2277754

116205

58

947

1009383767612552585

605

In liqui-dation

3 6, 685

792229

2075869

464

437150482

186913

1,169

746858498741623453

57255

11094

1,357

332204295156115192243148

1,685

11881

19819876268436

453

1,270

Public Law 706 (72U.S.C. 274)

Convertedto Statebanks

40

001000

1

410000

5

0000300006052

16

10200142

10

011300000

5

Merged orconsolidatedwith State

banks

199

10580

13

27

591047

850

129

1080000001012

13

31130001

9

oo

oo

oo

oo

o

0

In exist-ence,

Dec. 37,7962

4,503

22512994

423

223

221149424

448

5

851

12676292553

131702744

487588573

1,284

218125403

831011819778

1,286

3833

12116843278829

203

750

See footnotes at end of table.

161


TABLE B-2.—Changes in the structure of the national banking system, by States and regions, since 1863: number of banksorganized, consolidated, and merged; number of insolvencies, liquidations, and conversions; and national banks in existence,Dec. 31, 1962— Continued

Location

WashingtonOregonCaliforniaIdahoUtahNevadaArizonaAlaska .Hawaii

Pacific States, total

Puerto RicoVirgin Islands of the United States

Possessions total

Orga-nized,7863

through7962

232149540111

391731

87

1,134

11

2

Consolidated and mergedunder act Nov. 7, 1978,

as amended

Consolida-tions undersees. 7, 2,

and 3

182

19041101

46

00

0

Mergersunder sees.

4 and 5

32

14000000

19

00

0

Insolvent

51316535

64600

198

00

0

In liqui-dation

135102383

6519

812

24

739

10

1

Public Law 706 (72U.S.C. 274)

Convertedto Statebanks

002010000

3

00

0

Merged orconsolidatedwith State

banks

02

13221010

21

00

0

In exist-ence,

Dec. 37,7962

251044

973352

108

01

1

1 Includes 456 organized under act Feb. 25, 1863; 9,401 under act June 3, 1864, as amended; 10 under Gold Currency Actof July 12, 1870; and 5,179 under act Mar. 14, 1900.

2 Exclusive of thiLose restored to solvency.3 Includes 208 liquidations upon expiration of corporate existence.

TABLE B-3.- - Applications for new national bank charters, approved and rejected, with name of bank and date of approvalor rejection, calendar 1962, by States

Approved RejectedAlabama 1962 7962

Citizens National Bank of Shawmut,Shawmut, Ala Apr. 27

Phenix National Bank, Phenix City June 5First National Bank of Fairhope, Fairhope. Aug. 8

Arkansas

First National Bank of Dermott, Dermott. Feb. 2The First National Bank in Harrison,

Harrison Nov. 2

California

Wilshire National Bank of Los Angeles,Los Angeles Feb. 21

First National Bank of Fresno, Fresno Apr. 11Rocklin-Sunset National Bank, Rocklin.. Apr. 11Security National Bank of Monterey

County, Pacific Grove June 5The Feather River National Bank, Oro-

ville July 17Redwood National Bank, San Rafael Sept. 15The Mount Diablo First National Bank,

Pleasant Hill Sept. 15First National Bank of Daly City, Daly

City Sept. 29Daly City Apr. 11Pleasant Hill June 5

Approved Rejected7962 7962

Apr. 7

May 17June 23June 23July 17

Aug. 4

Colorado

Colfax National Bank of Denver, Denver.South Denver National Bank of Glendale,

GlendaleAlameda National Bank, AlamedaFirst Westland National Bank, Lakewood.Republic National Bank of Pueblo, Pueblo.First National Bank of Lafayette,

LafayetteFirst National Bank of Louisville, Louis-

ville Aug. 4Security National Bank, Denver Sept. 1University National Bank of Fort Collins,

Fort Collins Sept. 1First National Bank of Sterling, Sterling.. Oct. 17Park National Bank of Pueblo, Pueblo... Oct. 30The Pikes Peak National Bank of Colorado

Springs, Colorado Springs Dec. 5

Connecticut

Lincoln National Bank of Stamford,Stamford Oct. 1

Delaware

The First National Bank of Wilmington,Wilmington Oct. 4

Colonial National Bank, Wilmington Oct. 26

162


T A B L E B-3.—Applications for new national bank charters, approved and rejected, with name of bank and date of approvalor rejection, calendar 1962, by States—Continued

Approved Rejected Approved RejectedDistrict of Columbia 1962 1962 Illinois— Continued 1962 1962

District of Columbia National Bank, First National Bank of Winnebago, Win-Washington, D.C Mar. 2 nebago Oct. 17

Florida Iowa

First National Bank of St. Andrews, First National Bank of Evansdale, Evans-Panama City Dec. 13 dale Mar 2

First National Bank of Cape Canaveral, P e o p l e s National" Bank* 'of ' ColumbusCape Canaveral . . . . . . . Dec. 13 Junction, Columbus Junction Sept. 1

The Harbor City National Bank of Eau J F

Gallie, Eau Gallie Oct. 5 „Brevard National Bank, Indian River Kansas

City . . . . . . . . . . . . . . . . . . . . . . . Nov. 3 E a s t S i d e National Bank of Wichita,First National Bank of Merntt Island, Wichita Anr 26

Merritt Island Apr. 27 p 'First National Bank of South Brevard r . .

Beaches, Satellite Beach Apr. 27 LouisianaFirst National Bank of Titusville, Titus- F i r s t N a t i o n a l B a n k o f Gonzales, Gon-

ville Oct. 26 z a I e s ' y u | 1 6

Commercial National Bank of Broward Delconibre* Nov 7County, Fort Lauderdale Nov. 10

First National Bank of North BrowardCounty, Lighthouse Point Aug. 24 Maryland

University National Bank of Coral Gables. Mar. 5 Metropolitan National Bank, Wheaton,First National Bank of Hialeah, Hialeah. . Nov. 3 Wheaton Mar 2Northwestern National Bank of Miami, First Nationai Bank of HUlandaie/Hiilan-

Miami Sept. 15 dale Mar 23Inter-National Bank of Miami, Miami . . . Apr. 27 National' City' Bank of Baltimore,' BaltilCounty National Bank of North Miami more Oct 26

Beach, North Miami Beach . . . . May 25 P e o leg- N a t i o n a f Bank of Prince GeorgesThe First National Bank of South Miami, County, Southern Prince Georges

South Miami July 17 Countv Nov 8First National Bank of Bonita Springs Oct. 19Edison National Bank in Fort Myers, Fort , , ,

Myers Aug. 2 MassachusettsTrail National Bank, S a r a s o t a . . . . . . . July 31 Hampshire National Bank of South Had-First National Bank of Maitland, Mait- W S o u t h Hadley Mar. 23rrland™ * ' " Mr"'.'' • V « ' \ X Y • V ' V> Suburban National Bank of Arlington,The Plaza National Bank at Orlando, Arlington Mar 23

Orlando Apr. 23 5

Aloma National Bank of Winter Park Nov. 27 , ,. .National Bank of Riviera Beach Sept. 1 MichiganFirst National Bank of New Port Richey, Central National Bank of Alma, A l m a . . . May 4

New Port R i c h e y . . . . . . . . . . . . . . . . . Nov. 13 Metropolitan National Bank of Farming-American National Bank of South Pasa- t o n Farmington July 24

dena South Pasadena. • • • • " " • AuS- 2 4 Troy National Bank, Troy Sept. 5First National Bank of Lakeland, Lake- Huron Valley National Bank, Ann Arbor. Oct. 18r, , ? i • • ^ • • • • i W •/ c 6 p r ' 7n F i r s t National Bank of Cadillac, Cadillac. Oct. 19Gulf Gate National Bank, Sarasota Nov. 10 'First National Bank of Venice, Venice . . . July 23 , , .First National Bank of New Smyrna Beach, Minnesota

New Smyrna Beach Apr. 27 Summit National Bank of St. Paul, St.Hialea Nov. 3 P a u l May 25Lantana . May 25 F i r s t N a t i o n a i B a n k of Long Prairie, LongThe Bank of Palmetto (Conversion) May 18 Prairie 7 . 7 Aug. 24Panama City May 25 F i r s t National' Bank' ' of ' 'Montgomery,SouthMiami Nov. 3 Montgomery Sept. 29

Venice Mar. 23 & ' r

Georgia Mississippi

First National Bank of Newton County, F i ^ National Bank of Bolivar County,Covington Dec. 20 Cleveland Sept. 7

Covington Dec. 20Missouri

Ilhn0lS Civic Plaza National Bank of Kansas City,First National Bank of Brookfield, Brook- Kansas City July 23

field Feb. 17 Kennett National Bank, Kennett Nov. 21Watseka First National Bank, Watseka.. . Mar. 2 Flat River -.. Aug. 24First National Bank of Deerfield, Deer-

field May 25 NebraskaThe First National Bank of West Chicago,

West Chicago Sept. 1 First National Bank of Bellevue, Bellevue. Oct. 29163


T A B L E B-3.—Applications for new national bank charters, approved and rejected, with name of bank and date of approval orrejection, calendar 1962, by States—Continued

Approved Rejected

New Hampshire

Approved1962

Rejected1962

White Mountain National Bank of NorthConway, Conway July 7

New Jersey

The Short Hills National Bank, MillburnTownship June 15

New Mexico

Deming National Bank, Deming Jan. 23

New York

Flushing National Bank, Flushing July 3Royal National Bank of New York, New

York Nov. 14

North Carolina

First National Bank of Boone, Boone Dec. 1

North Dakota

Community National Bank of GrandForks, Grand Forks Dec. 5

Ohio

First National Bank of Parma, Parma. . . . July 19

Oklahoma

First National Bank of Owasso, Owasso. . Apr. 11The First National Bank of Midwest City,

Midwest City May 4Citizens National Bank of Oklahoma City,

Oklahoma City Oct. 26Southern Hills National Bank, Tulsa Dec. 20Tulsa Dec. 2

Oregon

Emerald National Bank, Bethel-Danebo.. Nov. 24

South Carolina

First National Bank of St. George, St.George June 19

South Dakota

Ranchers National Bank of Winner,Winner Apr. 6

Tennessee

The First National Bank of Rutherford,Rutherford Nov. 24

Madisonville Mar.

Texas

Casa Linda National Bank of Dallas,Dallas Mar. 23

Texas—Continued

pp1962

ejected1962

North Hill National Bank of San Antonio,San Antonio Mar. 23

First National Bank of Irving, I r v i n g . . . . Apr. 2First National Bank of Flour Bluff, Flour

Bluff Apr. 11West Columbia National Bank, West

Columbia Apr. 27Guaranty National Bank & Trust Co. of

Corpus Christi, Corpus Christi May 14The First National Bank of Euless, Euless. May 15West Side National Bank of San Angelo,

San Angelo June 26Riverside National Bank of Houston,

Houston Aug. 2Republic National Bank of Houston,

Houston Aug. 31American National of Killeen, Killeen. . . Sept. 11Southwest National Bank of Fort Worth,

Fort Worth Oct. 5Hillside National Bank of Dallas, Dallas. . Oct. 12First National Bank of Stinnett, Stinnett. Oct. 12Security National Bank of San Antonio,

San Antonio Oct. 12Stonewall National Bank of Corpus Christi,

Corpus Christi Oct. 26Trinity National Bank of Dallas, Dallas. . Nov. 24Bowie National Bank, Bowie Nov. 27Commercial National Bank of Victoria,

Victoria Nov, 27Lake Air National Bank of Waco, Waco. Dec. 4First National Bank of Ingleside, Ingleside. Dec. 5Texas National Bank of Temple, Temple. Dec. 12First National Bank of Lake Jackson,

Lake Jackson Dec. 21AustinPlainviewSealy

Utah

U t a h N a t i o n a l B a n k of P r o v o , P r o v o . . . . A u g . 23

Virginia

Peoples National Bank of Gloucester,Gloucester Jan. 20

Richmond National Bank & Trust Co.,Richmond Oct. 31

Washington

Northshore First National Bank, Bothell. . Mar. 22

West VirginiaRavenswood.

Wisconsin

Dec. 12Oct. 4Feb. 17

Dec. 20

American National Bank of Green Bay,Green Bay Mar. 2

Marine National Bank of Waukesha,Waukesha Mar. 2

Valley National Bank, Appleton Aug. 24First National Bank of Cudahy, Cudahy. . Nov. 24

164


TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value ofcapital stock

Charter No. Title and location of bank by States Capitalstock

1497315039

149801499714998150071502115032

1496915003150091501415016150171502415030

1497215040

15033

15013

14966149741499615000150041501015020150261503615043

14993150191502215038

50 States and D.C.: 83 banks, total

ALABAMAFirst National Bank of Fairhope1

ARKANSASFirst National Bank of DermottThe First National Bank in Harrison i

Total: 2 banks

CALIFORNIA

San Francisco National Bank, San FranciscoWilshire National Bank of Los AngelesSecurity National Bank of Monterey County, Pacific Grove *First National Bank of FresnoThe Feather River National Bank, OrovilleRocklin-Sunset National Bank, Rocklin

Total: 6 banks

COLORADOCache National Bank of GreeleyRepublic National Bank of PuebloColfax National Bank of DenverAlameda National Bank, 5500 West Alameda Ave., P.O. Denver 26, ColoFirst National Bank of Louisville 1

First National Bank of Lafayette *First National Bank of SterlingUniversity National Bank of Fort Collins

Total: 8 banks

CONNECTICUTVernon National Bank, VernonLincoln National Bank of Stamford 1

Total: 2 banks

DELAWARE

Colonial National Bank, Wilmington x

DISTRICT OF COLUMBIA

District of Columbia National Bank, Washington

FLORIDA

The First National Bank of Belleair Bluffs (P.O. Largo)Florida National Bank at Lake Shore (P.O. Jacksonville)First National Bank of SebringThe First National Bank of South Miami:

First National Bank of North Broward County, Lighthouse PointTrail National Bank, 6401 North Tamiami Trail (P.O. Sarasota)Northwestern National Bank of Miami (P.O. Opa Locka)County National Bank of North Miami BeachAmerican National Bank of South PasadenaFirst National Bank of New Port Richey *

Total: 10 banks

ILLINOISFirst National Bank of BrookfieldThe Archer National Bank of ChicagoWatseka First National Bank, WatsekaThe First National Bank of West Chicago1

Total: 4 banks

See footnote at end of table.

$29, 302, 555

300, 000

125, 000200, 000

325, 000

2, 250, 000750, 000100, 000

1, 200, 000300, 000200, 000

4, 800, 000

200, 000400, 000500, 000300, 000100, 000100, 000750, 000400, 000

2, 750, 000

125, 000200, 000

325, 000

207, 860

2, 000, 000

350, 000300, 000200, 000750, 000400, 000300, 000450, 000600, 000300, 000400,000

4, 050, 000

200, 000300, 000100,000150,000

750, 000

165


TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value ofcapital stock—Continued

Charter No. Title and location of bank by States Capitalstock

14970

14999

149771498915041

14985

15005

150011500815042

1499115037

14984

15035

14971

15029

14968

149861500615031

1496715025

First National Bank of Evansdale.,

East Side National Bank of Wichita *Parklane National Bank of Wichita..

Total: 2 banks.

Crescent City National Bank, New Orleans.First National Bank of SlidellFirst National Bank of Gonzales

Total: 3 banks.

Metropolitan National Bank, Wheaton.MARYLAND

MASSACHUSETTS

Hampshire National Bank of South Hadley.

First National Bank of Allen Park.Central National Bank of Alma.. .Troy National Bank, TroyFirst National Bank of Cadillac...

Total: 4 banks.

Summit National Bank of St. PaulFirst National Bank of Long Prairie1.

MINNESOTA

Total: 2 banks.

Columbia National Bank, Columbia..

NEW JERSEY

Delaware Valley National Bank of Cherry HillThe Short Hills National Bank, Milburn Township (P.O. Short Hills).Franklin Lakes National Bank, Franklin Lakes

Total: 3 banks.

Deming National Bank, Deming.NEW MEXICO

Royal National Bank of New York 1

First National Bank of Elyria x.

NEW YORK

The First National Bank of Midwest City *. . .First National Bank of OwassoCitizens National Bank of Oklahoma City1.

OKLAHOMA

Total: 3 banks

The First National Bank of Lancaster.First National Bank of St. George

SOUTH CAROLINA

Total: 2 banks.


166

$100, 000

250, 000250, 000

500,000

280, 000200, 000200, 000

680, 000

700, 000

175, 000

250, 000200, 000200, 000240, 000

890, 000

200, 000225, 000

425, 000

250, 000

225, 000200, 000180, 000

605, 000

100, 000

2,711,270

500, 000

300,000150,000

1, 000, 000

1, 450, 000

125, 000125,000

250, 000


TABLE B-4.—National banks chartered during calendar 1962: by charter number, title and location, States, and value ofcapital stock—Continued

Charter Mo. Title and location of bank by States Capitalstock

149631497614979149821498314988149921499414995150111501515018150281503415044

149651500215027

14990

14987

SOUTH DAKOTARanchers National Bank of Winner

TEXASValley-Hi National Bank of San AntonioCasa Linda National Bank of DallasFirst National Bank of IrvingNortheast National Bank of Fort Worth, North Richmond Mills (P.O. Fort Worth)Clear Creek National Bank, SeabrookGuaranty National Bank & Trust of Corpus Christil

North Hill National Bank of San AntonioThe First National Bank of EulessWest Side National Bank of San AngeloBassett National Bank of El PasoWest Columbia National Bank, West ColumbiaFirst National Bank of Flour Bluff (P.O. Corpus Christi)First National Bank of StinnettStonewall National Bank of Corpus ChristiAmerican National Bank of Killeen

Total: 15 banks

UTAHMoab National Bank, Moab

VIRGINIAFirst National Bank of ViennaPeoples National Bank of GloucesterRichmond National Bank & Trust Co., Richmond 1

Total: 3 banks

WASHINGTONNorthshore First National Bank, Bothell

WYOMINGAmerican National Bank of Riverton

$200, 000

250, 000200, 000200, 000250, 000200, 000300, 000250, 000200, 000250, 000250, 000150,000125, 000100, 000200, 000200, 000

3,125, 000

200, 000

300, 000150, 000233, 425

1 Conversion of State chartered bank.

167


TABLE B-5.—National banks chartered during calendar 1962, by title and location of bank, State, effective date, authorizedcapital, surplus and undivided profits, and assets: conversions of State chartered banks

CharterNo.

Title and location of bankEffectivedate ofcharter,

7962

Authorizedcapital

Surplus andundividedprofits

Assets

14968149781498614988

14998

1500015012150161501715027

1502915031150331503715038150391504015043

Total: 18 banks.

First National Bank of ElyriaEast Side National Bank of Wichita 1The First National Bank of Midwest City..Guaranty National Bank & Trust of Cor-

pus ChristiSecurity National Bank of Monterey

County, Pacific GroveThe First National Bank of South Miami. .First National Bank of FairhopeFirst National Bank of LouisvilleFirst National Bank of LafayetteRichmond National Bank & Trust Co.,

RichmondRoyal National Bank of New YorkCitizens National Bank of Oklahoma City. .Colonial National Bank, WilmingtonFirst National Bank of Long PrairieThe First National Bank of West Chicago..The First National Bank in HarrisonLincoln National Bank of StamfordFirst National Bank of New Port Richey...

OhioKans.Okla..

Tex.

Calif..Fla. . .Ala...Colo..Colo..

Va.. .N.Y..Okla..Del...Minn.111. . .Ark...Conn.Fla. . .

Apr. 14May 25June 25

June 29

Aug. 15Aug. 16Sept. 29Oct. 20Oct. 20

Nov. 30Nov. 29Dec. 8Dec. 14Dec. 31Dec. 31Dec. 31Dec. 31Dec. 31

$8, 027, 555 $13,161, 595 $285,178, 888

500, 000250, 000300, 000

300,000

100, 000750, 000300, 000100, 000100, 000

233, 4252,711,2701, 000, 000207, 860225, 000150, 000200, 000200, 000400, 000

970,141319, 246599,197

239, 030

79, 8541, 320, 995335, 44742, 66733, 502

319,6125, 245, 6351, 683, 489396, 008278, 782188,465372, 246404,619332, 660

17, 348, 6697, 778, 69814,272,062

1,194, 841

5,118,23825, 850, 7256, 547, 7322,135,0951, 736, 306

4, 739, 202116,342,48736,711,6926, 210, 7518, 207, 6305, 418, 7247, 294, 4307,191,04911,080,557

TABLE B-6.—National banks reported in voluntary liquidation during calendar 1962 with the names of succeeding banks, thedates of liquidation, and the value of capital stock

Title and location of bankDate ofliquida-

tion, 1962Capital stock

Total: 14 banks.

The Louisa County National Bank of Columbus Junction, Iowa (2032), absorbed by Columbus JunctionState Bank, Columbus Junction

The First National Bank of Hoisington, Kans. (9232), absorbed by the First National Bank in HoisingtonThe First National Bank of North East, Pa. (4927), absorbed by the First National Bank of Erie, Pa. ..First National Bank in Brownsville, Pa. (14597), absorbed by the First National Bank of Fredericktown,

Pa.The First National Bank of Juneau, Alaska l (5117), absorbed by the First National Bank of Anchorage,

AlaskaThe Farmers National Bank of Williamsport, Ohio (10267), absorbed by the First National Bank of Circle-

ville, OhioThe Depositors National Bank of New Wilmington, Pa. (13845), absorbed by First National Bank of

Lawrence County at New Castle, PaFirst National Bank in Freeland, Pa. (13970), absorbed by the People's Savings & Trust Co., Hazleton,

Pa.The Easton National Bank of Maryland, Easton, Md.2 (1434), absorbed by Maryland National Bank,

Baltimore, MdCentral City National Bank, Central City, Pa. (14591), absorbed by Windber Trust Co., Windber, Pa..The First National Bank in Wampum, Pa. (14112), absorbed by Lawrence Savings & Trust Co., New

Castle, PaThe Second National Bank of Meyersdale, Pa.3 (5801), absorbed by Gallatin National Bank, Uniontown,

Pa.Mount Jewett National Bank, Mount Jewett, Pa. (7473), absorbed by Hamlin Bank & Trust Co., Smeth-

port, PaThe First National Bank of Clairton, Pa.4 (6794), absorbed by Western Pennsylvania National Bank,

McKeesport, Pa

Feb. 10Jan. 9Mar. 1

Mar. 9

Jan. 12

Mar. 17

Apr. 16

May 31

May 5June 30

Sept. 1

Aug. 25

Sept. 28

Dec. 1

$1, 905, 000

50, 000100, 000200, 000

100, 000

300, 000

75, 000

100, 000

100, 000

400, 00050, 000

50, 000

130, 000

50, 000

200, 000

1 With 1 branch each at Sitka and Haines.2 With 1 local branch.3 With 1 branch at Salisbury.4 With 1 local branch.

168


TABLE B-7.—National banks merged or consolidated with and into State banks during calendar 1962 with effective dates andvalue of capital stock

Title and location of bank Effectivedate, 1962

Capital stock

Total: 18 banks..

The Farmers and Merchants National Bank of Santa Cruz, Calif.1 (10571), merged with and into WellsFargo Bank American Trust Co., San Francisco, Calif

The First National Bank of Bonners Ferry, Idaho (10727), merged with and into Bank of Idaho, Boise,Idaho.

The Bridgeport National Bank, Bridgeport, Pa. (8329), merged with and into Liberty Real Estate Bank& Trust Co., Philadelphia, Pa

Oil City National Bank, Oil City, Pa.2 (14274), merged with and into Crawford County Trust Co.,Meadville, Pa., and under the title "Northwest Pennsylvania Bank & Trust Co."

Broadway National Bank of Nashville, Tenn.3 (9774), merged with and into Commerce Union Bank,Nashville

The Peoples National Bank of Brooklyn in New York, N.Y.4 (9219), merged with and into CommercialBank of North America, New York

The National Bank of Vergennes, Vt. (1364), merged with and into Chittenden Trust Co., Burlington, Vt.The National Bank of Royersford, Pa. (3551), merged with and into Industrial Valley Bank & Trust

Co., Jenkintown, PaThe First National Bank of Perry, N.Y. (4519), merged with and into the Citizens Bank of Perry, and

under the title "The Bank of Perry"The First National Bank of Bellwood, Pa. (7356), merged with and into Altoona Central Bank & Trust

Co., Altoona, PaThe Lincoln National Bank of Lincolnton, N.C. (14603), merged with and into First-Citizens Bank &

Trust Co., Smithfield, N.CThe Carroll County National Bank, Westminster, Md.5 (742), merged with and into Manchester Bank,

Manchester, Md., and under the title "Carroll County Bank & Trust Company"The First National Bank of Derry, Pa. (13794), merged with and into Brookline Savings & Trust Co.,

Pittsburgh, PaThe First National Bank of Bolivar, N.Y. (13246), merged with and into First Trust Co. of Allegany

County, Wellsville, N.YThe City National Bank of Anchorage, Alaska 6 (14691), merged with and into Alaska State Bank,

Anchorage, AlaskaThe First National Bank of Price, Utah (6012), merged with and into Walker Bank & Trust Co., Salt

Lake City, UtahThe National Bank of Coatesville, Pa.7 (3990), merged with and into Industrial Valley Bank & Trust

Co., Jenkintown, PaThe Gramatan National Bank & Trust Co. of Bronxville, N.Y.8 (8240), merged with and into the County

Trust Co., White Plains, N.Y

Jan. 2

Feb. 28

Apr. 19

Apr. 30

May 22

May 31June 30

June 29

Aug. 3

June 29

Oct. 20

Dec. 14

Oct. 12

Dec. 28

Aug. 31

Dec. 31

Dec. 28

Dec. 31

$5, 075, 000

250, 000

150, 000

200, 000

665, 000

1, 000, 000

500, 000 :150, 000

150,000

100, 000

75, 000

100, 000

500, 000

100,000

60, 000

350, 000

100, 000

250, 000

375, 0001 With 1 local branch.2 With 1 local branch and 1 each at Knox, Clintonville,

Emlenton, and East Brady.s With 1 local branch.* With 1 local branch.s With 2 local branches.

6 With 2 local branches and 1 at Kenai.* With 1 branch at Cain Township (P.O. Thornton).s With 1 local branch.NOTE: Mergers and consolidations enacted under the

provisions of Public Law 706 (12 U.S.C. 214), Aug. 17, 1950,and State laws.

TABLE B-8.—National banks converted into State banks, calendar 1962, with effective dates and value of capital stock

Title and location of bankEffective

date,7962

Capitalstock

Total: 8 banks.

The Hillsdale National Bank, Hillsdale, N.J. (12902), converted into "Pascack Valley Bank and TrustCompany, Hillsdale, New Jersey"

The First National Bank of Normangee, Texas (10275), converted into "Normangee State Bank,Normangee, Texas"

The Union National Bank of Providence, Ky. (9708), converted into the Providence State Bank,Provide

The First National Bank of Edna, Kans. (7590), converted into the First State Bank, EdnaThe Farmers National Bank of White Deer, Tex. (14272), converted into First Bank & Trust Co., White

De<The First National Bank of Braham, Minn. (7387), converted into "The First State Bank of Braham,"

BrahamThe Southern Ohio National Bank of Cincinnati, Ohio * (14724), converted into the Southern Ohio

Bank, CincinnatiValley First National Bank, Cupertino Calif.2 (14725), converted into First Valley Bank, Cupertino

Jan. 22

Mar. 3

Feb. 28June 30

Aug. 24

Oct. 1

Dec. 31Dec. 31

$2, 231, 488

525, 000

50,000

100, 00050, 000

100, 000

140, 000

600,000666, 488

1 With 1 branch each at Deer Park, Greenhills, White Oak, and Anderson Township (P.O. Cincinnati).2 With 1 branch each at Saratoga, Los Gatos, and Campbell.NOTE: Conversions enacted under Public Law 706 (12 U.S.C. 214), Aug. 17, 1950, and State laws.

169


TABLE B-9.—Purchases of State banks by national banks, calendar 1962, with title and location, effective dates of purchase,and capital stock of State banks

Title and location of bankEffective

date,1962

Capitalstock

Total: 7 banks.

The Merchants National Bank & Trust Co. of Meadville, Pa. (871), purchased Farmers & MerchantsBank, Lineville, Pa

First Security Bank of Utah, National Association, Ogden, Utah (2597), purchased Sampete ValleyBank, Mount Pleasant, Utah ,

The American National Bank & Trust Co. of Kalamazoo, Mich. (13820), purchased Plainwell Bank,Plainwell, Mich

The Citizens & Southern National Bank, Savannah, Ga. (13068), purchased the Citizens & SouthernBank, Atlanta, Ga

The Mahoning National Bank of Youngstown, Ohio (2350), purchased First State Bank, North Lima,Ohio.

Coshocton National Bank, Coshocton, Ohio (13923), purchased Farmers & Merchants Bank Co.,Warsaw, Ohio

The Citizens National Bank, Greenleaf, Kans. (10789), purchased Greenleaf State Bank, Greenleaf

Jan. 3

Mar. 30

May 19

May 31

Aug. 18

Sept. 29Oct. 26

$2,125, 000

50, 000

50, 000

200,000

, 650, 000

100,000

50, 00025,000

TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962

Capital stock

$57, 352, 660

50, 000

475,000

525, 000200,000

6, 868,140

7,068,140

500, 000

3, 629,000

4, 316, 5001, 250, 000

2, 750, 000

3, 687, 50085, 000

227, 500

272, 850390, 000

630, 000

1, 284, 000

Surplus

$104, 872, 255

80, 000

1,000, 000

1,080, 000300,000

9,131, 860

9, 431, 860

1, 000, 000

11,371,000

12,183, 5001, 250, 000

3,000,000

5, 000,00085,000

543, 500

668,150382,000

1, 400, 000

1, 782, 000

Undividedprofits

$41, 679, 456

84, 999

200,158

285,15787, 622

4, 025, 848

4,113,470

497,120

2, 530,146

2, 745, 920855, 703

1, 920, 207

2, 338, 410,82, 966

192, 618

262, 784123, 938

1,048, 929

918,211

Total assets

$2, 478, 464, 257

2, 691, 678

20, 525, 456

23, 217,1347, 458,142

236, 504, 765

243, 962, 908

24, 712, 073

170, 776, 437

193, 383, 68741, 861, 737

109,591,007

151,452,7443,245, 917

12, 508, 479

15,754,40611, 506, 231

48, 479, 504

60, 028, 966

Total: 35 consolidations (after consummation)

The Libingston Manor National Bank, Livingston Manor,N.Y. (10043), with

and The Sullivan County National Bank of Liberty, N.Y.(4925), which had

consolidated Feb. 9, 1962, under charter and title of thelatter bank (4925). The consolidated bank at date ofconsolidation had

West End Bank, Pittsburgh, Pa., withand Western Pennsylvania National Bank, McKeesport,

Pa. (2222), which hadconsolidated Feb. 9, 1962, under charter and title of the

latter bank (2222). The consolidated bank at date ofconsolidation had

The Bridgeville National Bank, Bridgeville, Pa.1 (14251).with

and The Union National Bank of Pittsburgh, Pa. (705),which had

consolidated Feb. 16, 1962, under charter and title of thelatter bank (705). The consolidated bank at date ofconsolidation had

Merchants National Bank in Chicago, 111. (14313), withand Central National Bank in Chicago, 111. (14362),

which hadconsolidated Mar. 9, 1962, under charter and title of the


The First National Bank of Clinton, NJ. (2246), withand The Clinton National Bank, Clinton, NJ. (1114),

which hadconsolidated Mar. 16, 1962, under charter of the latter

bank (1114), and title "First Clinton National Bank."The consolidated bank at date of consolidation had

The First National Bank of Allendale, N.J.2 (12706), withand Citizens First National Bank & Trust Co. of Ridge-

wood, NJ. (11759), which hadconsolidated Mar. 30, 1962, under charter of the latter

bank (11759), and title "Citizens First National Bank ofRidgewood." The consolidated bank at date of con-solidation had


170


TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962—Continued

Capital stock Undividedprofits

Total assets

The Goplay National Bank, Goplay, Pa. (9113), withand the Merchants National Bank of Allentown, Pa.

(6645), which hadconsolidated Mar. 30, 1962, under charter and title of the


The First National Bank of Millerstown, Pa. (7156), withand the Juniata Valley National Bank of Mifflintown,

Pa. (5147), which hadconsolidated Mar. 30, 1962, under charter of the latter

bank (5147), and title "The Juniata Valley NationalBank." The consolidated bank at date of consolidationhad

The Merchants National Bank of Cape May, N.J. (9285),with

and the National Bank of Ocean City, N.J. (14145),which had

consolidated Mar. 30, 1962, under charter of the latterbank (14145), and title "The Cape May County Na-tional Bank." The consolidated bank at date of con-solidation had

Mount Vernon Bank & Trust Co., Fail fax County, Va.3(P.O. Alexandria), with

and Old Dominion National Bank of Fairfax County,Annandale, Va. (14893), which had

consolidated Mar. 30, 1962, under charter of the latterbank (14893), and title "Mount Vernon National Bankand Trust Company of Fairfax County." The con-solidated bank at date of consolidation had

The First National Bank of Freehold, N.J.4 (452), withand The Monmouth County National Bank, Red Bank,

N.J. (2257), which hadconsolidated Mar. 30, 1962, under charter and title of the


North Adams National Bank, North Adams, Mass. (1210),with

and the Agricultural National Bank of Pittsfield, Mass.(1082), which had

consolidated Apr. 4, 1962, under charter of the latterbank (1082), and title "First Agricultural NationalBank of Berkshire County." The consolidated bank atdate of consolidation had

The Riverview State Bank, Kansas City, Kans., withand Security National Bank of Kansas City, Kans.

(13801), which hadconsolidated Apr. 20, 1962, under charter and title of the


Whitney National Bank of New Orleans, La. (3069), withand Crescent City National Bank, New Orleans, La.

(14977), which hadconsolidated May 24, 1962, under charter of the latter

bank (14977), and title "Whitney National Bank of NewOrleans." The consolidated bank at date of consolida-tion had

The Bear Butte Valley Bank, Sturgis, S. Dak., withand American National Bank of Rapid City, S. Dak.

(14099), which hadconsolidated May 31, 1962, under charter and title of the


State Bank of Bolivar, N.Y., withand The Citizens National Bank of Wellsville, N.Y. (4988),

which hadconsolidated June 15, 1962, under charter and title of the



$50, 000

1, 764, 375

1, 858,12525, 000

150,000

200, 000

125,000

350,000

475, 000

774, 900

250, 000

1,024, 900880, 000

1, 600, 000

2, 269, 000

300, 000

900, 000

1, 087, 500100, 000

1, 200, 000

4, 000, 0002, 800, 000

280, 000

2, 800, 000105, 000

800, 000

983, 750120, 000

544, 500

669, 500

$200, 000

4, 000, 000

4, 200, 000100, 000

480, 000

600, 000

225,000

650, 000

875, 000

774, 900

300, 000

1,074, 900920, 000

1, 700,000

2, 900, 000

300, 000

1, 600, 000

2, 012, 5003, 600, 000

1, 800, 000

4, 000, 00027, 200, 000

56, 000

27, 200, 000195,000

800, 000

983, 750125, 000

700,000

825,000

$116,101

799, 990

842, 341117,049

215, 334

287, 383

163, 357

435,149

598, 506

234, 381

186,793

421,174117, 803

1, 586, 205

1, 500,185

284, 777

753, 927

942, 6961, 300, 364

773, 461

803, 82614, 254, 821

14, 000

13,954,821229, 661

671, 606

833, 76775, 755

192, 223

262, 978

$5, 276, 200

78, 725, 988

83, 972,1881, 739, 678

4, 483, 877

6, 223, 555

6,106,096

21,055,137

27,161, 234

25, 912, 376

10, 059, 278

35, 971, 65426, 212, 693

64, 237, 479

90, 470, 826

8, 697, 762

23, 969, 248

32,667,01128, 941, 325

50, 701, 897

79, 643, 222484, 508, 466

350, 000

484, 518, 5668, 729, 243

38, 439, 634

46, 938, 4982, 821, 739

14,789,147

17,610,611

171


TABLE B-10.—Consolidations of national banks, or national and State banks, calendar 1962—Continued

Capital stock Surplus Undividedprofits

Total assets

The National Bank of Cold Spring on Hudson, Cold Spring,N.Y. (4416), with ..

and the Fishkill National Bank of Beacon, N.Y. (35),which had

consolidated June 15, 1962, under charter of the latterbank (35), and title "The Fishkill National Bank." Theconsolidated bank at date of consolidation had

The Liberty Bank of North, S.C., withand The Southern National Bank of Orangeburg, S.C.

(14135), which hadconsolidated June 20, 1962, under charter and title of the


The Peconic Bank, Sag Harbor, N.Y., withand Security National Bank of Long Island, Huntington,

N.Y. (6587), which hadconsolidated June 22, 1962, under charter and title of the


American Trust Co., Lewiston, Maine, withand Canal National Bank, Portland, Maine (941), which

hadconsolidated June 25, 1962, under charter and title of the


The National Bank of Avondale, Pa. (4560), withand National Bank of Chester County & Trust Co., West

Chester, Pa. (552), which hadconsolidated June 29, 1962, under charter and title of the


The First National Bank of Sayreville, NJ.5 (13369), withand the First National Bank of Middlesex County, South

River, NJ. (288), which hadconsolidated June 29, 1962, under charter and title of the


Manufacturers National Bank of North Attleboro, NorthAttleboro, Mass. (9086), with

and the First National Bank of Mansfield, Mass. (5944),which had

consolidated June 29, 1962, under charter of the latterbank (5944), and title "Manufacturers National Bankof Bristol County", North Attleboro. The consolidatedbank at date of consolidation had

Grosvenor Savings Bank, Jonesville, Mich., withand the Hillsdale County National Bank of Hillsdale,

Mich. (14062), which hadconsolidated June 30, 1962, under charter of the latter

bank (14062), and title "Hillsdale County NationalBank." The consolidated bank at date of consolida-tion had

The Richfield Bank, Richfield, Pa., withand the First National Bank of Middleburg, Pa. (4156),

which hadconsolidated June 30, 1962, under charter of the latter

bank (4156), and title "The First National Bank ofMiddleburg, Pa." The consolidated bank at date ofconsolidation had

The First National Bank of Adams, Mass. (462), withand First Agricultural National Bank of Berkshire County,

Pittsfield, Mass. (1082), which hadconsolidated July 31, 1962, under charter and title of the

latter bank (1082). The consolidated bank at date ofconsolidation hadSee footnotes at end of table.

$50, 000

250, 000

350, 00050, 000

200, 000

235, 00075, 000

5, 452, 775

5, 546, 525300, 000

2, 330, 000

3, 000, 000150, 000

500, 000

672, 500300,000

1, 080, 000

1, 480, 000

220, 000

150, 000

370, 000100, 000

150,000

230, 00035, 000

150, 000

220, 000100, 000

1, 087, 500

1,175, 000

$50, 000

300, 000

350,00040, 000

200, 000

265, 00076, 000

8, 344, 725

8,401,975142, 610

1, 670, 000

1, 500, 000550, 000

1, 577, 500

2,127, 500350, 000

1, 060, 000

1, 410, 000

400, 000

150,000

550, 000100, 000

212, 500

332, 500265, 000

450, 000

680, 000300, 000

2, 012, 500

2, 325, 000

$125, 498

211,626

287,12525, 220

180, 464

195, 68478, 816

2, 233,131

2,311,946

687, 525

630,13571,221

355, 029

403, 75079, 461

71, 205

232, 455

184, 316

327, 537

511,853114,405

180, 133

294, 43957, 229

78, 802

136,031112, 867

987, 380

1,100, 247

$1, 726,075

9,963,618

11,689,693792, 995

8, 066, 094

8, 859, 0883, 301, 085

243, 596, 401

246, 897, 4862, 902,104

50,285,415

52,211,6857, 923, 882

27,163, 027

35, 086, 9088, 044, 905

34, 764, 303

42,789,313

9, 733,143

5, 542, 456

15,275,5993, 575, 582

6, 552, 736

10,228,3182, 766, 794

7, 887, 602

10, 654, 3963, 732, 068

34, 436, 521

38,168, 589

172


TABLE B-10.—Consolidation of national banks, or national and State banks, calendar 1962—Continued

Capital stock Surplus Undividedprofits

Total assets

The Western National Bank of Rapid City, S. Dak. (14781),with

Rapid City Trust Co., Rapid City, S. Dak., withand American National Bank of Rapid City, S. Dak.

(14099), which hadl i d d A 31

(),consolidated Aug. 31, 1962, under charter of the last-

named bank (14099), and title "American NationalBank and Trust Company." The consolidated bank atdate of consolidation had

First National Bank of Afton, N.Y. (11513), withand The National Bank and Trust Company of Norwich,

N.Y. (1354), which hadconsolidated Sept. 1, 1962, under charter and title of

the latter bank (1354). The consolidated bank at dateof consolidation had

First National Bank of Thompsonville, Conn.6 (14627), with...and First National Bank of Windsor Locks, Conn. (14588),

which hadconsolidated Sept. 7, 1962, under charter and title of the

latter bank (14588). The consolidated bank at dateof consolidation had

The Hillside National Bank, Hillside, N.J. (11727), withand "The National State Bank, Elizabeth, N.J.," Eliza-

beth, N.J. (1436), which hadconsolidated Sept. 17, 1962, under charter and title of the

the latter bank (1436). The consolidated bank at dateof consolidation had

The Wheeler National Bank of Interlaken, N.Y. (13037), withand First National Bank of Waterloo, N.Y. (368), which

hadconsolidated Sept. 28, 1962, under charter and title of the

latter bank (368). The consolidated bank at date ofof consolidation had

The Merchants National Bank of Michigan City, Ind.7 (9381),with

and the First National Bank of Michigan City, Ind. (2747),which had

consolidated Nov. 30, 1962, under charter of the latterbank (2747), and title "The First-Merchants NationalBank of Michigan City." The consolidated bank atdate of consolidation had

The Lindsey Banking Co., Lindsey, Ohio, withand The Liberty National Bank of Fremont, Ohio (13997),

which hadconsolidated Nov. 30, 1962, under charter of the latter

bank (13997), and title "The Liberty National Bank,Fremont." The consolidated bank at date of consoli-dation had

The First National Bank of Anthony, New Mexico (14863),with

and First National Bank of Dona Ana County, Las Cruces,N. Mex. (7720), which had

consolidated Dec. 19, 1962, under charter and title of thelatter bank (7720). The consolidated bank at date ofconsolidation had

Otsego County National Bank of Cherry Valley, N.Y. (13748),with

and "Central National Bank, Canajoharie," Canajoharie,N.Y. (1122), which had

consolidated Dec. 31, 1962, under charter and title of thelatter bank (1122). The consolidated bank at date ofconsolidation had

$100, 000100, 000

983, 750

1,170, 000100, 000

1, 633, 620

1, 833, 620250, 000

250, 000

800,0001,000,000

2, 250, 000

4, 000, 000100,000

437, 500

525, 000

630, 000

420, 000

1, 260, 00050, 000

360, 000

450, 000

110,000

450, 000

560, 000

50, 000

847, 000

953, 250

$100, 000100,000

\, 016, 250

1, 330, 000100, 000

1, 633, 620

1, 833, 620275, 000

275, 000

1,000,0002, 200, 000

1, 500, 000

4, 000, 000100, 000

600, 000

700, 000

490, 000

310, 000

940, 00052, 000

500, 000

550,000

110,000

450, 000

560, 000

200, 000

1, 000, 000

1, 200, 000

$96, 89866, 692

893, 542

957,131190, 557

683, 359

673,91660, 798

895, 369

230, 43665, 743

339, 992

188,46560, 878

207,120

280, 497

224, 780

519,375

394,15531,097

283, 336

276, 433

115,391

683,118

798, 509

107, 494

638, 376

664, 620

$4, 941, 2121,297,713

48, 044, 475

53,403,1573, 783, 454

38,104, 749

41, 888, 2036,511,666

12, 688, 535

19,224,33546,660,911

135,753,536

182, 819, 3332, 225, 807

12, 752, 687

14, 978, 494

20, 444, 351

14, 830, 603

35, 274, 9551, 667, 607

11,821,804

13,489,411

3, 353, 020

17,349,791

20, 560, 250

2, 625, 055

29, 562,779

31, 987, 834

1 With 1 branch each in McDonald, Bethel Park, Oakdale,Scott Township (P.O. Pittsburgh 16), Cecil, and P.O. Canons-burg, Washington County.

2 With 1 branch in Waldwick.3 With 2 branches in Falls Church, 2 in Alexandria, and 1 in

Franconia.* With 1 local branch.

s With 1 local branch.e With 2 local branches.7 With 3 local branches and 1 each in Hanna, Fish Lake

(P.O. Walkerton), and Kingsbury.

NOTE: Consolidations enacted under sees. 1,2, and 3 of theact of Nov. 7, 1918, as amended.


TABLE B-l 1.—Mergers of national banks, or national and State banks, calendar 1962

Capital stock

$508, 259, 705

75, 000

1, 869, 770

1, 906, 340125,000

14,001,350

14, 095,100112, 500

1, 581, 785

1, 769, 285200, 000

2, 935, 000

3, 275, 000242, 500

10, 469, 500

10,833,250450, 000

11,000,000

11,800,000125, 000

7, 937, 500

8,125, 000150, 000

8, 000, 000

8,132,000363, 000

5, 500, 000

5, 863, 000100, 000

6,132,000

6, 252, 000150,000

2, 550, 000

2,610,000

125, 000

300, 000

400, 000220,000

2, 406, 641

2, 830, 000

Surplus

$823, 638, 645

35, 000

3, 200, 000

3, 200, 000125, 000

28, 998, 650

29,123,650287, 500

3, 250, 000

3, 537, 500200, 000

3, 650, 000

4, 225, 0001,211,300

29, 530, 500

30, 620, 550650, 000

14,000,000

14, 300, 000250, 000

8, 062, 500

8,125, 000150,000

10, 000, 000

10, 868, 000200,000

5, 500, 000

5, 863, 000100, 000

6,168,000

6, 288, 000

7, 450, 000

9, 890, 000

300, 000

1,100, 000

1, 200, 000800, 000

5, 593, 360

6, 420, 000

Undividedprofits

$305, 884, 830

28, 845

950,100

1, 038, 666110,742

17, 454, 599

17, 596, 591143, 898

364,102

433, 000327,129

1, 594, 722

1, 406, 851214, 764

3, 814, 427

4,029,192323, 437

6, 235, 751

6, 559,18968, 084

2, 790, 236

2,983,319118,660

3, 497, 303

2,915,963340, 076

2, 552, 741

2, 729, 817115,278

5, 917, 500

5, 992, 779155, 934

4, 896, 665

2, 702, 599

277, 619

507, 250

308,116338, 824

2, 269,103

2, 379, 226

Total assets

$18,891,009,741

1,865,153

88, 082, 757

89,740,6104, 007, 615

914,129,083

917, 668,1618,052, 801

67, 073, 426

75,126,2277, 825, 695

80,123,505

87, 949, 20012,920,673

527, 405, 025

538, 667, 55220,605,111

373, 722,144

394,161,1617, 667, 423

224, 708, 637

231, 721, 9676, 330, 335

239, 217, 913

244, 693, 7307, 699, 548

240, 512, 134

247, 244, 4554, 239, 761

257, 437, 532

260, 785, 6722, 869, 931

152,606,849

155,476,780

6, 350, 430

28, 770, 756

33, 969, 43312,766,736

99, 072, 875

111,839,611

Total: 56 mergers (after consummation)

The Summerville Bank, Summerville, S.G., withand the First National Bank of South Carolina of Colum-

bia, S.C. (13720), which hadmerged Jan. 20, 1962, under charter and title of the latter

bank (13720). The merged bank at date of merger had.State Savings Bank of Carleton, Mich., with

and Manufacturers National Bank of Detroit, Mich.(13738), which had

merged Feb. 28, 1962, under charter and title of the latterbank (13738). The merged bank at date of merger had.

The National Bank of Kings Park, N.Y. (14019), withand Valley National Bank of Long Island, Valley Stream,

N.Y. (11881), which hadmerged Mar. 23, 1962, under charter and title of the latter

bank (11881). The merged bank at date of merger had.First National Bank of Brunswick, Maine (192), with

and First National Bank of Portland, Maine (4128), whichhad

merged Mar. 23,1962, under charter and title of the latterbank (4128). The merged ba,nk at date of merger had..

Bank of North Wilkesboro, N.C.,i withand North Carolina National Bank, Charlotte, N.C.

(13761), which hadmerged Mar. 30, 1962, under charter and title of the latter

bank (13761). The merged bank at date of merger had.The First National Bank of West Orange, NJ.2 (9542), with. .

and The National Newark and Essex Banking Company ofNewark, NJ. (1316), which had

merged Mar. 30, 1962, under charter of the latter bank(1316), and title "National Newark & Essex Bank."The merged bank at date of merger had

Jackson County Bank, Sylva, N.C.,3 withand First Union National Bank of North Carolina, Char-

lotte, N.C. (9164), which hadmerged Mar. 31, 1962, under charter and title of the latter

bank (9164). The merged bank at date of merger had. .The First National Bank of Grove City, Ohio (6827), with

and the Huntington National Bank of Columbus, Ohio(7745), which had

merged Apr. 2, 1962, under charter and title of the latterbank (7745). The merged bank at date of merger had. .

Bergen Trust Co. of New Jersey, Jersey City, NJ., withand the First National Bank of Jersey City, NJ. (374),

which hadmerged Apr. 6, 1962, under charter and title of the latter

bank (374). The merged bank at date of merger had.. .Mid-Columbia Bank of Pasco, Wash., with

and Peoples National Bank of Washington in Seattle,Wash. (14394), which had

merged Apr. 13, 1962, under charter and title of the latterbank (14394). The merged bank at date of merger had.

Bank of Kearns, Utah, withand Zions First National Bank, Salt Lake City, Utah

(4341), which hadmerged Apr. 30, 1962, under charter and title of the latter

bank (4341). The merged bank at date of merger had. .The First National Bank & Trust Co. of Orwigsburg, Pa.

(4408), withand the Pennsylvania National Bank & Trust Co. of

Pottsville, Pa. (1663), which hadmerged May 4, 1962, under charter and title of the latter

bank (1663). The merged bank at date of merger had..Carlisle Deposit Bank & Trust Co., Carlisle, Pa.,4 with

and the Harrisburg National Bank & Trust Co., Harris-burg, Pa. (580), which had

merged May 12, 1962, under charter and title of the latterbank (580). The merged bank at date of merger had...See footnotes at end of table.

174


T A B L E B - l 1.—Mergers of national banks, or national and State banks, calendar 1962—Continued

Capital stock

$62, 500

1, 071, 000

1, 221, 000440, 000

10, 833, 250

11,075,250600, 000

500, 000

980, 0001,125, 000

2, 250, 000

3, 375, 00050, 000

2, 688, 355

2, 782,10550, 000

380, 000

442, 500180, 000

1, 769, 285

1, 904, 285150,000

2, 721, 500

2, 831, 500

50,000

514, 500

8,175, 000

9, 342, 400

350, 000

9, 740, 960

10,020,960100, 000

1, 500, 000

1, 580, 000125, 000

980, 000

1,155,00060, 000

325, 000

475, 000

Surplus

$187,500

1, 367, 962

1, 500, 000440, 000

30, 620, 550

31,258,5501, 000, 000

1, 000, 000

1, 960, 0001,125, 000

2,250, 000

3, 375, 000150, 000

5,311,645

6,217,89598, 000

850,000

935,500232, 500

3, 537, 500

3, 770, 000200, 000

7, 278, 500

7,518,500

150, 000

585, 500

16,825,000

17, 657, 600

350, 000

30, 259, 040

30, 979, 040103,153

1, 500, 000

1, 700, 000275, 000

2, 020, 000

2, 295, 000280, 000

500, 000

800, 000

Undividedprofits

$16, 970

721,701

706, 633129,503

4,445,713

4, 575, 216610, 655

689,105

1,772,1161, 759, 622

3, 258, 956

5,018,57976, 650

2, 425, 430

1, 702, 0819,154

152, 684

161,83970, 679

720,180

832,149144, 590

1, 906,188

2,023, 768

1,619,696

797, 449

4, 932,174

6, 394, 319

287, 992

5, 922, 096

5,910,08887,124

397, 546

407,82273,141

1,201,801

1, 224, 94251,615

225,062

166,677

Total assets

$1, 525, 943

34, 033,178

35, 480,1779, 703,131

549, 395, 002

557, 798, 67416,672,711

15, 643,150

32, 270, 99547, 033, 396

97, 981,184

142, 964, 6763, 429, 515

106, 043, 824

109, 437, 8891,818,272

16,176,104

17, 994, 3765, 530, 886

81,760,111

87, 290, 9975, 087, 590

149, 408, 887

154,496,477

17, 560, 484

27,433,150

374, 348, 052

419, 323, 966

12,603,438

584, 067, 933

596, 397, 245290, 648

48, 760,252

49, 050, 8994,119,823

54, 959, 248

59, 079, 0713, 464, 606

13,081,967

16,546,574

175

Bank of Bedford, Inc., Big Island, Va.,s withand the Peoples National Bank & Trust Go. of Lynchburg,

Va. (2760), which hadmerged May 18, 1962, under charter and title of the latter

bank (2760). The merged bank at date of merger had.The Bank of Wilmington, N.C.,6 with

and North Carolina National Bank, Charlotte, N.C.(13761), which had

merged June 8, 1962, under charter and title of the latterbank (13761). The merged bank at date of merger had.

Security Trust Co., Wheeling, W. Va., withand the National Bank of West Virginia at Wheeling, W.

Va. (1424), which hadmerged June 29, 1962, under charter of the latter bank

(1424), and title "Security National Bank & Trust Co."The merged bank at date of merger had

Drovers Trust & Savings Bank, Chicago, 111., withand the Drovers National Bank of Chicago, 111. (6535),

which had ,merged June 29, 1962, under charter and title of the latter

bank (6535). The merged bank at date of merger had. .Buckingham County Bank, Dillwyn, Va., with ,

and the Peoples National Bank of Charlottesville, Va.(2594), which had

merged June 29, 1962, under charter of the latter bank(2594), and title "Peoples National Bank of CentralVirginia." The merged bank at date of merger had

The Path Valley National Bank of Dry Run, Pa. (10811), with..and the Valley National Bank of Chambersburg, Pa.

(4272), which hadmerged June 30, 1962, under charter and title of the latter

bank (4272). The merged bank at date of merger had. .The Bellport National Bank, Bellport, N.Y. (12473), w i t h . . . .

and Valley National Bank of Long Island, Valley Stream,N.Y. (11881), which had

merged July 13, 1962, under charter and title of the latterbank (11881). The merged bank at date of merger had.

The Commercial National Bank, Camden, S.C. (14525), with. .and the Citizens and Southern National Bank of South

Carolina, Charleston, S.C. (14425), which hadmerged July 14, 1962, under charter and title of the latter

bank (14425). The merged bank at date of merger had.The Catonsville National Bank, Catonsville, Md.7 (13147),

withFarmers' Banking & Trust Co. of Montgomery County,

Rockville, Md.,3 withand the First National Bank of Baltimore, Md. (1413),

which hadmerged July 20, 1962, under charter of the last-named

bank (1413), and title "The First National Bank ofMaryland." The merged bank at date of merger had. . .

The Montgomery County National Bank of Rockville, Md.«>(3187), with

and Maryland National Bank, Baltimore, Md. (13745),which had

merged July 20, 1962, under charter and title of the latterbank (13745). The merged bank at date of merger had . .

Central Trust Co. of Orlando, Fla., withand Citizens National Bank of Orlando, Fla. (14573),

which hadmerged July 31, 1962, under charter and title of the latter

bank (14573). The merged bank at date of merged had.The Gap National Bank, Gap, Pa. (2864), with

and the Fulton National Bank of Lancaster, Pa. (2634),which had

merged July 31, 1962, under charter and title of the latterbank (2634). The merged bank at date of merger had . .

Augusta-Rockingham Bank, Weyers Cave, Va.,10 withand the Rockingham National Bank of Harrisonburg, Va.

(5261), which hadmerged July 31, 1962, under charter and title of the latter

bank (5261). The merged bank at date of merger had . .See footnotes at end of table.


TABLE B—11.—Mergers of national banks, or national and State banks, calendar 7962—Continued

Capital stock

$125, 000

1,180, 000

1, 336, 250

125, 000

368, 750

518,750100, 000

500, 000

595, 00050, 000

4, 316, 500

4, 316, 500125, 000

5, 392, 020

5, 392, 020100,000

2, 782,105

2, 862,10540, 000

1, 375, 000

1, 435, 00050, 000

550, 000

660, 000400, 000

2, 250, 000

2, 250, 000450, 000

8,125, 000

9,025,00050, 000

1, 000, 000

1, 270, 000200, 000

8, 730, 250

9, 230, 2501, 500, 000

9, 230, 250

10, 880, 250

Surplus

$375, 000

3, 250, 000

3, 663, 750

375,000

1,131,250

1, 506, 250160,000

500,000

905, 000250, 000

12,183, 500

12,183, 500375, 000

6,132, 500

6,132, 500180, 000

6, 217, 895

6, 637, 895160, 000

2,125,000

2, 265, 000100, 000

700, 000

800, 0001, 000, 000

2, 250, 000

1, 500, 0001, 350, 000

8,125, 000

9, 025, 000750, 000

2, 000, 000

2, 530, 000800, 000

11,269,750

11,769,7501, 500, 000

11,769,750

14,119,750

Undividedprofits

$113,813

1,041,781

1, 085, 594

110,943

480, 218

566,16188,794

366, 275

245, 90255, 482

3, 315, 448

3, 302, 201183, 072

2, 342, 542

2, 307, 40557, 723

2, 265, 758

2,103, 48164, 380

1, 867, 585

1, 931, 965192,186

165, 873

298, 0591, 303, 571

486, 421

339, 992645, 529

3, 492, 956

3, 814, 942247, 570

1,188, 876

1, 436, 446369, 716

5, 746, 861

6, 015, 8261, 049, 598

6, 288, 412

6, 338, 010

Total assets

$5, 695, 023

51, 877, 067

57, 572, 090

5,031,192

17, 770, 624

22, 801, 8167, 868, 456

21,164, 569

29, 086, 4264,011,564

195,992,790

199, 708, 8887, 778, 439

132,589,616

139,689,8463,169, 656

114,883,865

118,053,5213, 447, 551

51, 067, 809

54, 473, 2463, 874, 814

20,143, 681

24, 018, 49525, 619, 489

110,134,046

135, 753, 53623, 086, 512

273, 599,110

295, 931, 4928, 820, 958

34,761,618

43, 582, 57613,137,748

313, 593, 731

325, 833,16150, 072, 782

315, 084, 009

364, 365, 939

The First National Bank & Trust Go. of Mount Joy, Pa."(667), with

and the Lancaster County National Bank, Lancaster, Pa.(683), which had

merged July 31, 1962, under charter and title of the latterbank (683). The merged bank at date of merger had. ..

The National Bank & Trust Co. of Schwenksville, Pa. (2142),with

and Union National Bank & Trust Co. of Souderton, Pa.(2333), which had

merged July 31, 1962, under charter and title of the latterbank (2333). The merged bank at date of merger had..

First National Bank in Carteret, NJ. (14153), withand the Perth Amboy National Bank, Perth Amboy, NJ.

(12524), which hadmerged Aug. 10, 1962, under charter of the latter bank

(12524), and title "Perth Amboy National Bank." Themerged bank at date of merger had

The Imperial Bank, Imperial, Pa., withand the Union National Bank of Pittsburgh, Pa. (705),

which hadmerged Aug. 17, 1962, under charter and title of the latter

bank (705). The merged bank at date of merger had...Citizens Trust Co. of Harrisburg, Pa., with

and National Bank & Trust Co. of Central Pennsylvania,York, Pa. (694), which had

merged Sept. 14, 1962, under charter and title of the latterbank (694). The merged bank at date of merger had. ..

The First National Bank of Shenandoah, Va. (11133), with. ..and Peoples National Bank of Central Virginia, Char-

lottesville, Va. (2594), which hadmerged Sept. 14,1962, under charter and title of the latter

bank (2594). The merged bank at date of merger had..The Farmers State Bank, Emmitsburg, Md., with

and Farmers & Mechanics-Citizens National Bank ofFrederick, Md. (1267), which had

merged Sept. 14, 1962, under charter and title of the latterbank (1267). The merged bank at date of merger had..

First National Bank at Conneaut Lake, Pa. (13960), withand the Merchants National Bank & Trust Co. of Mead-

ville, Pa. (871), which hadmerged Sept. 15, 1962, under charter and title of the latter

bank (871). The merged bank at date of merger had. . .The Rahway National Bank, Rahway, NJ. (5620), with

and "The National State Bank, Elizabeth, N.J.," Eliza-beth, NJ. (1436), which had

merged Sept. 17,1962, under charter and title of the latterbank (1436). The merged bank at date of merger had..

City National Bank of Winston-Salem, N.C.12 (14428), with. . .and First Union National Bank of North Carolina, Char-

lotte, N.C. (9164), which hadmerged Sept. 21, 1962, under charter and title of the latter

bank (9164). The merged bank at date of merger had..Lititz Springs National Bank of Lititz, Pa. (9422), with

and the Conestoga National Bank of Lancaster, Pa. (3987),which had

merged Sept. 28, 1962, under charter and title of the latterbank (3987). The merged bank at date of merger had..

The Augusta National Bank of Staunton, Va.13 (2269), with...and First & Merchants National Bank of Richmond, Va.

(1111), which hadmerged Sept. 29, 1962, under charter and title of the latter

bank (1111). The merged bank at date of merger had..First National Bank of Newport News, Va.1* (4635), with

and First & Merchants National Bank of Richmond, Va.(1111), which had

merged Oct. 31, 1962, under charter and title of the latterbank (1111). The merged bank at date of merger had..


176


TABLE B-l 1.—Mergers of national banks, or national and State banks, calendar 1962—Continued

Capital stock

$400, 000

254, 689, 920

255, 689, 920

250, 000

125, 000

250, 000125, 000

5, 392, 020

5, 667, 020

200, 000

3, 689, 400

3, 889, 400100, 00050, 000

50, 000

1, 000, 000

1, 500, 000

200, 000

14, 657, 500

14,777,50070, 840

829, 000

928,180380, 000

300, 000

680, 000480, 000

9, 342, 400

9, 822, 4001, 050, 000

15,000,215

16, 837, 715245, 000

3, 850, 000

4,194, 525200, 000

8,132, 000

8, 332, 000

Surplus

$600, 000

400, 304, 000

400, 304, 000

250, 000

375, 000

750, 000375, 000

6,132, 500

6, 507, 500

300, 000

7,162, 000

7, 462, 000200, 000200, 000

150, 000

1, 000, 000

1, 500, 000

100, 000

22, 342, 500

22, 522, 500156, 008

971, 000

1,171, 820620, 000

350, 000

970, 000880, 000

17, 657, 600

18, 537, 6001, 500, 000

9, 499, 785

9,499,715255, 000

3, 850, 000

4,194, 525300, 000

11,868,000

11,668,000

Undividedprofits

$918,443

144, 818, 303

145, 736, 746

296, 749

346,177

642, 926100, 391

2, 586, 043

2, 536, 434

108,719

1, 038, 400

1,147,119240, 704239, 452

197,102

519, 583

946, 941

9,363

10, 007, 499

10, 016, 862106, 366

713,144

746, 376123, 079

283, 246

406, 325259, 205

6, 532, 488

6, 791, 6931, 259, 360

9, 889, 227

11,861,087149,120

3, 027, 070

2, 987, 140124, 504

3, 458, 956

3, 083, 459

Total assets

$23, 799, 626

8, 057, 830, 425

8, 081, 044, 023

6, 967, 206

8, 363, 593

15, 330, 7996, 352, 822

142, 916, 204

149,269,025

5, 627, 596

145, 464, 811

150,818,0715, 946,4353, 913, 537

3, 661, 266

40,194, 868

53, 816, 052

3, 869, 644

754,843,313

758, 415, 5553, 466, 716

38, 633, 486

42, 094, 33613,516,794

10, 059, 333

23, 576,12822, 702, 384

418, 327,156

439, 453, 39757, 669, 331

658, 369, 265

716, 038, 5959, 627, 932

113,698,088

122,859,1238, 632, 279

251, 458, 855

259, 487,135

177

The Richmond County National Bank of Port Richmond,N.Y.is (8194), with

and First National City Bank, New York, N.Y. (1461),which had

merged Nov. 2, 1962, under charter and title of the latterbank (1461). The merged bank at date of merger had.

The Bank of Athens National Banking Association, Athens,Ohio (10479), with

and the Athens National Bank, Athens, Ohio (7744), whichhad

merged Nov. 10,1962, under charter and title of the latterbank (7744). The merged bank at date of merger had.

Farmers Trust Go. of Middletown, Pa., withand National Bank & Trust Co. of Central Pennsylvania,

York, Pa. (694), which hadmerged Nov. 16,1962, under charter and title of the latter

bank (694). The merged bank at date of merger had . .Farmers & Merchants National Bank of Blacksburg, Va.16

(14633), withand the First National Exchange Bank of Roanoke, Va.

(2737), which hadmerged Nov. 30, 1962, under charter of the latter bank

(2737), and title "The First National Exchange Bankof Virginia." The merged bank at date of merger had. .

Farmers and Merchants Bank, Platte, S. Dak., withFarmers and Merchants Bank, Presho, S. Dak., w i t h . . . .Farmers and Merchants Bank, Wessington Springs,

S. Dak., withand "The National Bank of South Dakota, Sioux Falls,"

Sioux Falls, S. Dak. (12881), which hadmerged Dec. 6, 1962, under charter and title of the last-

named bank (12881). The merged bank at date ofmerger had

Glendora Commercial & Savings Bank, Glendora, Calif.,17

withand Citizens National Bank, Los Anglees, Calif. (5927),

which hadmerged Dec. 7, 1962, under charter and title of the latter

bank (5927). The merged bank at date of merger had . .The Bank of Manteo, N.C.,18 with

and the Planters National Bank & Trust Co. of RockyMount, N.C. (10608), which had

merged Dec. 8, 1962, under charter of the latter bank(10608), and title "The Planters National Bank andTrust Company of Rocky Mount." The merged bankat date of merger had

Littlestown State Bank & Trust Co., Littlestown, Pa.19 with. .and First National Bank of Gettysburg, Pa. (311), which

hadmerged Dec. 8, 1962, under charter of the latter bank

(311), and title "Adams County National Bank,"Littlestown. The merged bank at date of merger had . .

The Salisbury National Bank, Salisbury, Md.20 (3250), with. .and The First National Bank of Maryland, Baltimore, Md.

(1413), which hadmerged Dec. 14, 1962, under charter and title of the latter

bank (1413). The merged bank at date of merger had.Bank of Huntington, N.Y.,21 with

and the Meadow Brook National Bank, New York, N.Y.(7703), which had

merged Dec. 14,1962, under charter and title of the latterbank (7703). The merged bank at date of merger had . .

The Vandalia State Bank, Vandalia, Ohio,22 withand the Third National Bank & Trust Co. of Dayton,

Ohio (10), which hadmerged Dec. 15,1962, under charter and title of the latter

bank (10). The merged bank at date of merger had . .The Peoples Bank, Canal Winchester, Ohio,23 with

and the Huntington National Bank of Columbus, Ohio(7745), which had

merged Dec. 22,1962, under charter and title of the latterbank (7745). The merged bank at date of merger had. .



Table B-l 1.—Mergers of national banks, or national and State banks, calendar 7962—Continued

Capital stock Surplas Undividedprqfts

Total assets

Trust Company of Fulton County, Gloversville, N.Y., with....and the National Commercial Bank & Trust Co. of

Albany, N.Y. (1301), which hadmerged Dec. 28, 1962, under charter and title of the latter

bank (1301). The merged bank at date of merger had.The First National Bank of Allegany, N.Y. (7009), with

and the First National Bank of Olean, N.Y. (1887), whichhad

merged Dec. 31,1962, under charter and title of the latterbank (1887). The merged bank at date of merger had.

The City National Bank of Tiffin, Ohio 24 (5427), withand the First National Bank of Fostoria, Ohio (2831),

which hadmerged Dec. 31, 1962, under charter of the latter bank

(2831), and title "Tri-County National Bank." Themerged bank at date of merger had

The First National Bank of Flint Hill, Va. (11797), withand the Citizens National Bank of Front Royal, Va.

(13275), which hadmerged Dec. 31, 1962, under charter and title of the latter

bank (13275). The merged bank at date of mergerhad

The First National Bank of Clover, S.C. (11439), withand the First National Bank of South Carolina of Co-

lumbia, S.C. (13720), which hadmerged Dec. 31, 1962, under charter and title of the latter

bank (13720). The merged bank at date of mergerhad

$350, 000

6, 729, 825

7, 071, 075100, 000

750, 000

862, 500200,000

390, 000

746, 00025, 000

180,000

195,00050, 000

1, 906, 340

1, 969, 370

$700, 000

16, 270,175

16, 270,175125, 000

800, 000

937, 500200,000

610, 000

754, 00022, 500

360, 000

392, 500100,000

3, 343, 660

3, 530, 630

$258, 892

3, 926, 248

4, 893, 890135,090

473, 270

575,110114,472

215, 598

230, 0705,814

172, 892

178, 706130,672

1, 322, 383

1, 346, 875

$13, 514, 807

426, 350, 764

439, 865, 570

3, 514, 663

27, 653, 502

31,168,1644, 317, 505

17, 866, 764

22,184, 269650, 941

7, 569, 098

8, 220, 0402, 272,102

97, 048, 218

99, 321, 852

1 With 1 local branch.2 With 3 local branches.3 With 1 branch in Highlands and 1 in Cherokee.4 With 1 local branch.5 With 1 branch in Bedford.6 With 3 local branches.7 With 1 local branch.8 With 1 local branch and 1 each in Kensington, Poolesville,

and Gaithersburg.» With 1 local branch.10 With 1 branch each in Grottoes, Verona, and Mt. Sidney.11 With 1 branch in Florin.12 With 3 local branches." With 1 local branch.14 With 4 local branches.

15 With 1 branch each in Mariner Harbor, New York FourCorners (Staten Island), and New Dorp (Staten Island).

» With 1 local branch.17 With 1 local branch.18 With 1 branch in Nags Head and 1 in Buxton.19 With 1 branch in McSherrystown.20 With 1 local branch.21 With 1 branch each in Greenlawn, East Northport, and

Elwood and 2 in Huntington Station.22 With 1 branch in Dayton.23 With 1 branch in Groveport.24 With 1 local branch.

NOTE: Mergers enacted under sees. 4 and 5 of the act ofNov. 7, 1918, as amended.

178


TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type ofbranch

Title and location of bank by States

Branches authorized under act ofFeb. 25, 7927, as amended

Total: 315 banks

ALABAMA

The Commercial National Bank of AnnistonThe First National Bank of BirminghamBirmingham Trust National Bank, BirminghamState National Bank of DecaturThe City National Bank of TuscaloosaFirst National Bank in Tuscumbia

ALASKA

The First National Bank of AnchorageNational Bank of Alaska, AnchorageFirst National Bank of FairbanksAlaska National Bank of Fairbanks

ARIZONA

The First Navajo National Bank, HolbrookFirst National Bank of Arizona, PhoenixThe Valley National Bank of Arizona, Phoenix

ARKANSAS

The Citizens National Bank of CamdenThe First National Bank of FayettevilleThe Commercial National Bank of Little RockNational Bank of Commerce of Pine Bluff

CALIFORNIA

Community National Bank of Kern County, ButtonwillowCitizens National Bank, Los AngelesSecurity First National Bank, Los AngelesCentral Valley National Bank, OaklandThe First National Bank of OrangeSecurity National Bank of Monterey County, Pacific GroveThe American National Bank of San BernardinoThe United States National Bank of San DiegoBank of America National Trust & Savings Association, San FranciscoThe Bank of California, National Association, San FranciscoCrocker-Anglo National Bank, San FranciscoGolden Gate National Bank, San Francisco

CONNECTICUT

The Connecticut National Bank, BridgeportThe Clinton National Bank, ClintonHartford National Bank and Trust Company, Hartford.Litchfield County National Bank, New MilfordThe Second National Bank of New HavenThe State National Bank of Connecticut, StamfordFirst National Bank of Windsor Locks

DELAWARE

Colonial National Bank, Wilmington.

DISTRICT OF COLUMBIA1

172

1001100

1110011

The First National Bank of WashingtonSee footnotes at end of table.

179


TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type ofbranch—Continued



Other thanlocal

GEORGIA

The First National Bank of AtlantaThe Fulton National Bank of AtlantaThe Gainesville National Bank, GainesvilleThe First National Bank & Trust Co. in MaconThe First National Bank of RomeThe National City Bank of RomeThe Citizens & Southern National Bank, Savannah.,

HAWAII

First National Bank of Hawaii, Honolulu.Hawaii National Bank, Honolulu

The Idaho First National Bank, Boise.

The Citizens National Bank of EvansvilleThe Indiana National Bank of IndianapolisMerchants National Bank & Trust Co. of Indianapolis.First National Bank, KokomoFirst National Bank in MarionThe First-Merchants National Bank of Michigan City..The Merchants National Bank of Michigan CityThe Merchants National Bank of MuncieThe American National Bank of NoblesvilleThe First National Bank of Odon

The City National Bank of AtchisonFirst National Bank in Great BendThe First National Bank of OlatheFirst National Bank in PrattThe First National Bank of Smith Center.,

KENTUCKY

The Union National Bank of BarbourvilleFort Knox National Bank, Fort KnoxFirst National Lincoln Bank of LouisvilleLiberty National Bank & Trust Co. of Louisville.The Traders National Bank of Mount Sterling. . .

City National Bank of Baton RougeThe National Bank of Bossier CityThe Citizens National Bank of Morgan CityNational American Bank of New OrleansThe National Bank of Commerce in New Orleans.

First National Granite Bank of Augusta...The Ocean National Bank of Kennebunk..First National Bank of PortlandCanal National Bank, Portland

2111110000

11111

11020

31021

1000

0000002111

00000

00201

00100

0115


180



CharterNo.



Other thanlocal

MARYLAND

1413V

13745C

1368014864126730104364v137761493754711596

393475215225046145284741014607726159441082779

148167550

149331464119241492513738149481367114062138201731145824398371713753191814729

1473968471052311898

41114157

The First National Bank of Baltimore 2

Maryland National Bank, Baltimore '. \The First National Bank of Bel AirState National Bank of BethesdaFarmers & Mechanics-Citizens National Bank of FrederickFirst National Bank & Trust Co., Havre de GraceThe Citizens National Bank of LaurelThe Garrett National Bank in OaklandAmerican National Bank of Silver SpringThe First National Bank of Southern Maryland of Upper Marlboro.The Union National Bank of Westminster

MASSACHUSETTS

The First National Bank of AmherstNew England Merchants National Bank of BostonThe Home National Bank of BrocktonNational Bank of Plymouth County, BrocktonMiddlesex County National Bank, EverettThe Framingham National Bank, FraminghamFirst National Bank & Trust Co. of GreenfieldBay State Merchants National Bank of LawrenceUnion National Bank of LowellThe First Safe Deposit National Bank of New BedfordManufacturers National Bank of Bristol County, North Attleboro.First Agricultural National Bank of Berkshire County, Pittsfield...The Plymouth National Bank, PlymouthSecurity National Bank of SpringfieldWoburn National Bank, Woburn

National Bank & Trust Co. of Ann ArborPeoples National Bank & Trust Co. of Bay CityThe Southern Michigan National Bank of ColdwaterCity National Bank of DetroitManufacturers National Bank of DetroitMichigan Bank, National Association, DetroitNational Bank of DetroitHillsdale County National Bank, HillsdaleThe American National Bank & Trust Co. of Kalamazoo.The First National Bank of LapeerThe Midland National Bank, MidlandHackley Union National Bank & Trust Co. of Muskegon.,The First National Bank of NegauneeFirst National Bank of NilesSecond National Bank of SaginawSt. Clair Shores National Bank, St. Clair Shores

MISSISSIPPI

First National Bank of BiloxiThe First National Bank of CantonFirst National Bank of JacksonThe Commercial National Bank & Trust Co. of Laurel.

MISSOURI

The Citizens National Bank of Chillicothe.The First National Bank of Independence.

10000000000

131001100200011

1011111001110001

1011

11

76111111211

000210011013100

0102815110001110

0100

00

City National Bank of Hastings.See footnotes at end of table.

181





First National Bank of Nevada, Reno.The Security National Bank of Reno..

NEW JERSEY

The First National Bank of Somerset County, Bound BrookThe Farmers & Merchants National Bank of BridgetonMechanics National Bank of BurlingtonFirst Gamden National Bank & Trust Co., CamdenThe National Union Bank of DoverThe National State Bank, Elizabeth, N.J., ElizabethThe First National Bank of Highland ParkThe First National Bank of Jersey CityThe Boonton National Bank of Parsippany-Troy Hills, Lake HiawathaThe First National Bank of MinotolaThe First National Iron Bank, MorristownNational Newark & Essex Bank, NewarkThe National State Bank of NewarkThe Cape May County National Bank, Ocean CityThe Penn's Grove National Bank & Trust Co., Penn's GrovePerth Amboy National Bank, Perth AmboyPlainfield Trust State National Bank, PlainfieldThe First National Bank of PrincetonThe Monmouth County National Bank, Red BankCitizens First National Bank of RidgewoodFirst National Bank South Amboy-Madison Township, Madison Township.The First National Bank of Middlesex County, South RiverThe First National Bank of Toms River N.J., Toms RiverThe First National Bank of West Orange 3

The National Bank of WestfieldWoodbridge National Bank, WoodbridgeThe Farmers & Mechanics National Bank of Woodbury

NEW MEXICO

First National Bank of Dona Ana County, Las Cruces

NEW YORK

The National Commercial Bank & Trust Co. of AlbanyFirst National Bank of Bay ShoreThe Fishkill National Bank, BeaconThe Matteawan National Bank of BeaconCentral National Bank, CanajoharieThe First National Bank of East IslipThe Tinker National Bank of East SetauketThe First National Bank of Glens FallsThe National Bank of Orange and Ulster Counties, GoshenLong Island National Bank, HicksvilleSecurity National Bank of Long Island, HuntingtonThe Keeseville National Bank, KeesevilleThe Sullivan County National Bank of LibertyThe Franklin National Bank of Long Island, MineolaFirst National City Bank, New YorkThe Meadow Brook National Bank, New YorkRoyal National Bank of New YorkSterling National Bank & Trust Co. of New YorkThe National Bank & Trust Co. of NorwichThe First National Bank of OleanThe Peoples National Bank of PatchogueMarine Midland National Bank of Southeastern New York, Poughkeepsie...The First National Bank of Spring ValleyLincoln National Bank & Trust Co. of Central New York, SyracuseThe Manufacturers National Bank of Troy


182





Other than

NEW YORK—continued

The Union National Bank of TroyValley National Bank of Long Island, Valley Stream.,First National Bank of WaterlooGlen National Bank of Watkins GlenThe Citizens National Bank of WellsvilleNational Bank of Westchester, White Plains

NORTH CAROLINA

The First National Bank of AlbemarleThe First National Bank of AsheboroFirst Union National Bank of North Carolina, CharlotteNorth Carolina National Bank, CharlotteFirst National Bank of JacksonvilleSouthern National Bank of LumbertonThe First National Bank of MorgantonThe Planters National Bank & Trust Co. of Rocky Mount.,The National Bank of Sanford

NORTH DAKOTA

The Dakota National Bank of Fargo.

OHIO

The Athens National Bank, AthensThe First National Bank of ChillicotheThe First National Bank of CincinnatiThe Southern Ohio National Bank of CincinnatiThe First National Bank of CirclevilleThe National City Bank of ClevelandThe Huntington National Bank of ColumbusThe Ohio National Bank of ColumbusCoshocton National Bank, CoshoctonThe Third National Bank & Trust Co. of Dayton, Ohio, Dayton.First National Bank of ElyriaCitizens National Bank of FlushingThe First National Bank of FostoriaThe Franklin National Bank, FranklinThe Liberty National Bank, FremontThe Citizens National Bank of IrontonThe Lebanon-Citizens National Bank, LebanonFirst National Bank of MansfieldThe First National Bank of NewarkThe Citizens National Bank of New PhiladelphiaThe First National Bank & Trust Co. of RavennaThe Second National Bank of RavennaThe First National Bank of TiffinThe City National Bank of TiffinThe National Bank of ToledoThe Xenia National Bank, XeniaThe Mahoning National Bank of Youngstown

OKLAHOMA

The First National Bank of Midwest CityThe Security National Bank of NormanThe First National Bank of Britton, Oklahoma City.

The First National Bank of Oregon, Portland.The United States National Bank of Portland.


183


TABLE B-12.—Number of domestic branches of national banks authorized, calendar 1962, by States, banks, and type ofbranch—G ontinued



Other thanlocal

PENNSYLVANIA

The Merchants National Bank of AllentownCitizens National Bank of Beaver FallsThe Berwick National Bank, BerwickThe Valley National Bank of ChambersburgThe Cheltenham National Bank, CheltenhamThe Conyngham National Bank, ConynghamThe First National Bank of ErieThe Citizens National Bank of Evans CityThe Fogelsville National Bank, FogelsvilleThe First National Bank of FredericktownThe Harrisburg National Bank & Trust Co., HarrisburgCommunity National Bank of HooversvilleThe Conestoga National Bank of LancasterThe Fulton National Bank of LancasterThe Lancaster County National Bank, LancasterAdams County National Bank, LittlestownThe Mars National Bank, MarsWestern Pennsylvania National Bank, McKeesportThe Merchants National Bank & Trust Co., MeadvilleThe First National Bank of Middleburg, Pa., MiddleburgThe Juniata Valley National Bank, MifflintownThe First National Bank of MonacaFirst National Bank of Lawrence County at New CastleThe Peoples National Bank & Trust Co. of NorristownThe First National Bank of PalmertonCentral-Penn National Bank of PhiladelphiaMellon National Bank & Trust Co., PittsburghPittsburgh National Bank, PittsburghThe Union National Bank of PittsburghThe Pennsylvania National Bank & Trust Co. of Pottsville. . .The Rices Landing National Bank, Rices LandingUnion National Bank & Trust Co. of SoudertonGallatin National Bank, UniontownNational Bank of Chester County & Trust Co., West Chester.The Wyoming National Bank of Wilkes-BarreThe Drovers & Mechanics National Bank of YorkNational Bank & Trust Co. of Central Pennsylvania, York...

RHODE ISLAND

The Columbus National Bank of ProvidenceIndustrial National Bank of Rhode Island, Providence.

SOUTH CAROLINA

The Citizens and Southern National Bank of South Carolina, Charleston.The South Carolina National Bank of CharlestonThe First National Bank of South Carolina, ColumbiaCarolina National Bank of EasleyThe Southern National Bank of OrangeburgRock Hill National Bank, Rock HillThe Commercial National Bank of SpartanburgPiedmont National Bank of Spartanburg

SOUTH DAKOTA

American National Bank of Rapid City 4

The National Bank of South Dakota, Sioux Falls.TENNESSEE

The First National Bank of Clarksville.Union National Bank of Fayetteville...The Second National Bank of Jackson..


184



CharterNo.

Title and location of bank by StatesFeb. 25, 7927, as amended

Local Other thanlocal

Total

20498934336

1368113349

25974341

6517093148931466012451146332594132751377552611432517381558276068391111273714824901212599

43751323014394112803417

17496663

TENNESSEE—continued

Park National Bank of KnoxvilleThe First National Bank of LewisburgThe First National Bank of MemphisNational Bank of Commerce in MemphisUnion Planters National Bank of Memphis

UTAH

First Security Bank of Utah, National Association, Ogden

Zions First National Bank, Salt Lake City

VIRGINIA

First & Citizens National Bank of AlexandriaAlexandria National Bank, AlexandriaMount Vernon National Bank & Trust Co. of Fairfax County, AnnandaleFirst National Bank of ArlingtonThe Hanover National Bank of AshlandFarmers & Merchants National Bank of BlacksburgPeoples National Bank of Central Virginia, CharlottesvilleThe Citizens National Bank of Front RoyalThe Citizens National Bank of HamptonThe Rockingham National Bank of HarrisonburgCitizens National Bank of HerndonThe Loudoun National Bank of LeesburgFirst National Trust & Savings Bank of LynchburgThe Peoples National Bank & Trust Co. of LynchburgThe Marion National Bank, MarionFirst & Merchants National Bank of RichmondThe First National Exchange Bank of Virginia, RoanokeFairfax County National Bank, Seven CornersThe First National Farmers Bank of WythevilleWythe County National Bank of Wytheville

WASHINGTON

The National Bank of Commerce of SeattleThe Pacific National Bank of SeattlePeoples National Bank of Washington in Seattle.Seattle-First National Bank, SeattleNational Bank of Washington, Tacoma, Washington

WISCONSIN

First National Bank of AppletonThe First National Bank of Rice Lake

1 1 branch also authorized for 1 nonnational bank in the District of Columbia.a Title changed July 20, 1962, to "The First National Bank of Maryland."3 Merged with National Newark & Essex Bank, Newark (charter No. 1316), Mar. 30, 1962.* Title changed Aug. 31, 1962, to "American National Bank and Trust Company."

185


TABLE B-13.—Number of domestic branches of national banks closed, calendar 1962, by States, banks, and type of branch

CharterNo.

1469114651

5117

12198

1472524916919

130441039110571

2

13759

13768

143413776

742

475

13741


Total: 35 banks

ALASKA

City National Bank of AnchorageNational Bank of Alaska, AnchorageThe First National Bank of Juneau

ARIZONA

The First Navajo Natonal Bank Holbrook .

CALIFORNIA

Valley First National Bank of CupertinoSecurity First National Bank Los AngelesCentral Valley National Bank OaklandBank of America National Trust & Savings Association, San FranciscoThe United States National Bank of San DiegoThe Farmers & Merchants National Bank of Santa Cruz

CONNECTICUT

F i r s t N e w H a v e n N a t i o n a l B a n k N e w H a v e n . . . . . .

INDIANA

American Fletcher National Bank & Trust Co., Indianapolis

MAINE

Northern National Bank of Presque Isle .

MARYLAND

The Easton National Bank of Maryland, EastonThe Garrett National Bank in Oakland . . . .The Carroll County National Bank Westminster

MASSACHUSETTS

New England Merchants National Bank of Boston

MICHIGAN

The National Bank of Jackson

Branches closed

Local

24

200

0

—o

oo

oo

1

2

1

102

1

1

Other thanlocal

35

112

1

321120

0

0

1

01o

o

0

Total

59

312

1

321121

1

2

2

112

1

1

186


T A B L E B-13.—Number of domestic branches of national banks closed, calendar 7962, by States, banks, and type ofbranch—Continued

CharterNo.

9236

6183

82409219

13761

14724

120446159

6974399098625801

14274705

9774

2597

5261


MISSOURI

Traders National Bank of Kansas City . .

NEW MEXICO

The First National Bank of Farmington

NEW YORK

The Gramatan National Bank & Trust Co. of Bronxville . . . .The Peoples National Bank of Brooklyn in New York

NORTH CAROLINA

N o r t h C a r o l i n a N a t i o n a l B a n k , C h a r l o t t e . . . .

OHIO

The Southern Ohio National Bank of Cincinnati

OKLAHOMA

Central National Bank & Trust Co of EnidThe First National Bank of Yukon

PENNSYLVANIA

First National Bank ClairtonThe National Bank of CoatesvillePeoples National Bank of Edwardsville '.The Second National Bank of MeyersdaleOil City National Bank, Oil CityThe Union National Bank of Pittsburgh

TENNESSEE

Broadway National Bank of Nashville

UTAH

First Security Bank of Utah, National Association, Ogden

VIRGINIA

The Rockingham National Bank of Harrison burg

Branches closed

Local

1

1

11

0

0

11

101011

1

0

1

Other thanlocal

o

0

0

o

7

4

00

010141

0

1

0

Total

1

I

11

7

4

11

111152

1

1

1

187


TABLE B-14.—Principal assets and liabilities of national banks, by deposit size, December 1961 and 1962


Numberof banks

Loans and securities

Total

Loans anddiscounts,including

rediscounts

U.S.Govern-

ment obli-gations,

direct andguaranteed

Otherbondsand

securities

Cash,balances

with otherbanks,

includingreserve with

FederalReservebanks

Realestateassets

Totalassets

Capitalstock

Surplus,profits and

reserves

Deposits

TotalTimeand

savings

1961Total

Banks with deposits of—Less than $1.0$1.0 to $1.9$2.0 to $4.9$5.0 to $9.9$10.0 to $24.9$25.0 to $49.9$50.0 to $99.9$100.0 to $499.9Over $500.0...,

1962Total

Banks with deposits of—Less than $1.0$1.0 to $1.9$2.0 to $4.9$5.0 to $9.9$10.0 to $24.9$25.0 to $49.9$50.0 to $99.9$100.0 to $499.9Over $500.0

4,513 $116,402 $67, 309 $36, 088 $13, 006 $31, 078 $2,102 $150, 809 $3, 577 $8, 298 $135,511 $89, 965

104435

1,3781,116

86228614415137

68602

4,2277,029

11,8048,8418,896

27, 08547, 849

35303

2,1243,5556,0924,6514,725

16, 27829,544

28242

1,5692,4944,1713,1583,0958,138

13,192

557

533980

1,5411,0321,0752,6695,114

22152955

1,5552,5521,9082,1798,325

13, 430

18

68121233185160509818

91763

5,2568,717

14, 62110, 97111,29436,13262, 964

424

132196329260274838

1,520

963

376550828565588

1,8423,477

78672

4,7147,889

13, 2489,960

10, 21832, 74455, 988

60452

2,9354,7427,9646,1646,687

23, 76837,194

4,505 127, 254 75,548 35, 663 16, 042 29, 684 2,287 160,657 3,758 8,992 142, 825 8, 964

101395

1,3061,135

90831515015837

67559

4,0967,333

12, 78510,1399,800

30, 27852,197

37284

2,0733,7576,6785,4965,484

18, 66333, 075

26226

1,5242,5634,3543,3653,0378,215

12,352

449

4991,0121,7521,2781,2803,3996,769

22131861

1,4402,3591,8661,9317,988

13, 085

29

66131252208178578863

91700

5,0318,919

15, 43112, 25711,97839, 09567,154

25126198348290294909

1,561

1163

378581908660636

2,0923,664

72609

4,4948,052

13, 93611,06910,79434, 88158, 919

54396

2,7454,6487,9246,4736,649

23, 74736, 329

$45, 545

18220

1,7793,1475,2833,7963,5328,976

18, 794

53, 861

18213

1,7493,4056,0114,5964,145

11,13422, 589

NOTE: Data may not add to totals because of rounding.


TABLE B-15.—Number and percent of national banks withsurplus fund equal to or greater than, and less than,common stock, June and December, 1942-62

DatesNumberof banks

Surplus equal toor greater thancommon stock

Number Percent

Surplus less thancommon stock

Number Percent

June 30, 1942..Dec. 31, 1942..June 30, 1943..Dec. 31, 1943..June 30, 1944..Dec. 30, 1944..June 30, 1945.,Dec. 31, 1945..June 29, 1946..Dec. 31, 1946..June 30, 1947..Dec. 31, 1947..June 30, 1948..Dec. 31,1948..June 30, 1949..Dec. 31, 1949..June 30, 1950..Dec. 30, 1950..June 30, 1951..Dec. 31, 1951..June 30, 1952..Dec. 31, 1952..June 30, 1953..Dec. 31, 1953..June 30, 1954..Dec. 31, 1954..June 30, 1955..Dec. 31, 1955..June 30, 1956..Dec. 31, 1956..June 6, 1957..Dec. 31, 1957..June 23, 1958..Dec. 31, 1958..June 10, 1959..Dec. 31, 1959..June 15, I960..Dec. 31, I960.,June 30, 1961.,Dec. 30, 1961..June 30, 1962.,Dec. 28, 1962..

5,1075,0875,0665,0465,0425,0315,0215,0235,0185,0135,0185,0115,0044,9974,9934,9814,9774,9654,9534,9464,9324,9164,8814,8644,8424,7964,7514,7004,6754,6594,6544,6274,6064,5854,5594,5424,5424,5304,5244,5134,5004,505

2,1152,2052,2752,4342,5762,7492,9463,1803,3183,5313,6373,7733,8203,9634,0034,1324,1484,2364,2424,3244,3274, 3984,3684,4064,4004,4174,3784,3634,3304,3374,3164,3164,2994,3084,2764,2634,2364,2434,2464,2514,2414,231

41.4143.3544.9148.2451.0954.6458.6763.3166.1270.4472.4875.2976.3479.3180.1782.9683.3485.3285.6587.4287.7389.4689.4990.5890.8792.1092.1592.8392.6293.0992.7493.2893.3393.9693.7993.8693.2693.6693.8594.1994.2493.92

2,9922,8822,7912,6122,4662,2822,0751,8431,7001,4821,3811,2381,1841,034990849829729711622605518513458442379373337345322338311307277283279306287278262259274

58.5956.6555.0951.7648.9145.3641.3336.6933.8829.5627.5224.7123.6620.6919.8317.0416.6614.6814.3512.5812.2710.5410.519.429.137.907.857.177.386.917.266.726.676.046.216.146.746.346.155.815.766.08

189


TABLE B-16.—Dates of reports of condition of national banks, 1914 to 1962

[For dates of previous calls, see AR report for 1920, vol. 2, table No. 42, p. 150]

Tear

1914191519161917 ... .19181919192019211922192319241925 . .192619271928192919301931193219331934193519361937 ... .1938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962

Jan.

13

Feb.

2821

28

Mar.

447544

10

31

23

272725

544

317

2926

20

31

144

1215

26

Apr.

28

3

612

44

13

1211249

20151110

12

May

11110124

5

June

O

CO

O

CO

CM

C

"

2029303030303030303030302930303030302930303030293030303030293030303030303030303062310153030

July Aug.

31

Sept.

122

1211

1286

1514

28

242930

28

24

30

530

26

24

2728

Oct.

31

10

1034

2517

2

18

6

410

75

11

63

Nov.

10172011715

1

1

Dec.

31312731313129312931313131313131313131303131313131303131313130313131313130313131313131313131313028

190


NOTES

Act of Feb. 25, 1863, provided for reports of condition onthe 1st of each quarter before commencement of business.

Act of June 3, 1864—1st Monday of January, April, July,and October, before commencement of business, on form pre-scribed by Comptroller (in addition to reports on 1st Tuesdayof each month showing condition at commencement of busi-ness in respect to certain items; i.e., loans, specie, deposits,and circulation).

Act of Mar. 3, 1869, not less than 5 reports per year, on formprescribed by Comptroller, at close of business on any pastdate by him specified.

Act of Dec. 28, 1922, minimum number of calls reducedfrom 5 to 3 per year.

Act of Feb. 25, 1927, authorized a vice president or anassistant cashier designated by the board of directors to verifyreports of condition in absence of president and cashier.

Act of June 16, 1933, requires each national bank to furnishand publish not less than 3 reports each year of affiliates otherthan member banks, as of dates identical with those for whichthe Comptroller shall during such year require reports ofcondition of the bank. The report of each affiliate shall con-tain such information as in the judgment of the Comptrollershall be necessary to disclose fully the relations between theaffiliate and the bank and to enable the Comptroller to informhimself as to the effect of such relations upon the affairs of thebank.

Sec. 21 (a) of the Banking Act of 1933 provided, in part,that after June 16, 1934, it would be unlawful for any privatebank not under state supervision to continue the transactionof business unless it submitted to periodic examination by the

Comptroller of the Currency or the Federal Reserve bank of thedistrict, and made and published periodic reports of conditionsthe same as required of national banks under sec. 5211, U.S.R.S.Sec. 21 (a) of the Banking Act of 1933, however, was amendedby sec. 303 of the Banking Act of 1935, approved Aug. 23,1935, under the provisions of which private banks are nolonger required to submit to examination by the Comptrolleror Federal Reserve bank, nor are they required to make to theComptroller and publish periodic reports of condition. (5calls for reports of condition of private banks were made bythe Comptroller, the first one for June 30, 1934, and the lastone for June 29, 1935.)

Sec. 7(a) (3) of the Federal Deposit Insurance Act (Title 12,U.S.C., sec. 1817(a)) of July 14, 1960, provides, in part, that,effective Jan. 1, 1961, each insured national bank shall maketo the Comptroller of the Currency 4 reports of conditionannually upon dates to be selected by the Comptroller, theChairman of the Board of Governors of the Federal ReserveSystem, and the Chairman of the Board of Directors of theFederal Deposit Insurance Corporation, or a majority thereof.2 dates shall be selected within the semiannual period of Janu-ary to June, inclusive, and 2 within the semiannual period ofJuly to December, inclusive. Sec. 161 of Title 12 also providesthat the Comptroller of the Currency may call for additionalreports of condition, in such form and containing such infor-mation as he may prescribe, on dates to be fixed by him, andmay call for special reports from any particular associationwhenever in his judgment the same are necessary for use in theperformance of his supervisory duties.

696-055—63 14 191


TABLE B 17.—Assets and liabilities of national banks on March 26, June 30, September 28, and December 28, 1962, byStates, District of Columbia, and the Virgin Islands

Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962

ALABAMA


Mar. 26, 1962

69 banks

June 30, 1962

69 banks

Sept. 28, 1962

69 banks

Dec. 28, 1962

70 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tion.Bank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank


Total assets.

Demand deposits of individuals, partnerships, and corpora-tions

Time and savings deposits of individuals, partnerships, andcorporations


Total depositsDemand depositsTime and savings deposits


Rediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of reporting banks and

outstanding ,Other liabilities

Total liabilities.

CAPITAL ACCOUNTS

Capital stock: Common stock

SurplusUndivided profitsReserves



MEMORANDUM

Assets pledged or assigned to secure liabilities and for otherpurposes

$741,663417, 594

533159,468

12, 2123,230

118, 98834,491

176,49720, 453

881

3,151351

6,432

1, 695, 944

784, 520

459,0465

40,011134,525

93, 3176,258

7, 517, 6821, 045, 605

472, 077

35130,163

1,548,196

44, 073

62, 37131,15210,152

147, 748

1, 695, 944

237, 579

$774, 556407,129

670170, 850

16, 0683,268

124, 21828, 948

185, 24720, 427

904

3,103437

7,647

$794, 089411, 381

567181, 249

18, 3623,282

120, 94831, 031

185, 34620, 994

936

3,091262

7,655

1, 743, 472 1, 779,193

785, 471

488, 44510

51, 540152,133

79, 4456,897

7, 563, 9417, 064, 672

11125

43828,594

797, 593

502, 90310

52, 097139, 32596,1075,543

7, 593, 5787, 078, 191

515, 387

11125

26230,112

1, 593,109 1, 624, 088

44, 073 44, 073

63, 98731, 75110, 552

64, 02235, 42211, 588

150, 363 155,105

1, 743, 472 1,779,193

248, 975 263, 972

$834, 853423, 824

576188, 395

19, 6333,328

127, 46739, 891

199, 92421, 928

1,044

3,608573

6,573

1, 871, 617

860, 499

512, 45110

37, 803154, 803106, 812

7,3247, 679,7021, 148,586

531, 116

21

57332, 945

1, 713, 241

44, 483

65, 96236, 07111,860

158, 376

1, 871, 617

263, 798

192


Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 7962—Continued

ALASKA


Mar. 26, 1962

6 banks

June 30, 1962

6 banks

Sept. 28, 1962

5 banks

Dec. 28, 1962

5 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other' assets indirectly representing bank

premises or other real estateOther assets

$83, 39556, 8719,3875,262257

5,8138,119

10, 7643,782246

1,814289

$92, 29854, 0109,5973,665257

2,8296,100

16, 5984,037307

2,029355

Total assets. 185, 999 192, 082

LIABILITIES




Total deposits.Demand deposits.Time and savings deposits ,



73, 099

47, 56320

16,17130, 521

8081,198

169, 38090,18579,1953,314

74, 942

49,18320

17, 33134, 394

6682,213

178, 75195,33083, 421

293

1,603 1,481

Total liabilities. 174, 297 180, 525

CAPITAL ACCOUNTS

Capital stock: Common stock.SurplusUndivided profitsReserves

4,8503,7252,714

413

4,8503,7502,547

410



MEMORANDUM


11,702 11, 557

185, 999 192,082

44,538 47,498

$92, 47167, 0878,8746,144

2678,3377,603

16,8784,703

246

1,248438

214,296

82, 556

49,43720

17, 29247, 2051,0572,056

199,623106,54893,0751,592

1,637

202, 852

4,5003,5752,916

453

11, 444

214, 296

60,136

$95, 38661,7958,9467,444

2675,8867,531

19, 4094,737

261

1,229578

213,469

79, 779

50,82120

15,45249, 760

1,0812,137

199, 050103,97795,073

191

1,693

200, 934

4,5003,6253,931

479

12, 535

213, 469

59, 312

193


Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962—ContinuedARIZONA


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962 Dec. 28, 1962


tionBank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank


Total assets.

LIABILITIES






outstandingOther liabilities

Total liabilities

CAPITAL ACCOUNTS


SurplusUndivided profits.Reserves



MEMORANDUM


$681, 337185, 590

1,22261, 6346,3052,474

68, 67819,055

101,31524, 826

433

5,9093,7949,500

1,172, 072

499,197

399, 15427

19, 859108, 16916, 59515, 785

7, 058, 786633, 085425, 701

3,79430, 075

1, 092, 655

23, 439

43, 88210,0152,081

79, 417

1,172, 072

199, 594

$725, 634191,868

1,42867, 5915,5442,562

78, 57917, 623

82, 45423, 6741,528

5,9091,853

10, 676

$740, 437162,413

1,64071, 6864, 5482,583

67, 96817, 101

78, 29323, 7741,800

5,9092,282

10, 366

1, 216, 923 1,190, 800

505, 056

427,31127

30,131114,47917,11912, 269

7, 106, 392652, 479453, 9131,200

1,85325, 550

488, 139

449, 54227

26, 08088, 90212, 30411,436

7, 076, 430601, 440474, 9901,750

2,28226, 357

1,134,995 1,106, 819

23, 439

43, 88212, 5242,083

23, 589

44,10713, 9032,382

81, 928 83, 981

1,216,923 1,190,800

211,615 185,118

$794, 791176, 505

1,77371, 1804,7242,589

80, 72722, 370

82, 09424, 0001,471

5,9094,424

14, 470

1, 287, 027

541,311

456, 79927

20, 704109, 46819, 86017, 844

1, 166, 013683, 863482, 1504,200

4,42428, 409

1, 203, 046

23, 589

44,15813,8502,384

83, 981

1, 287, 027

203, 696

194



ARKANSAS[Dollar amounts in thousands]

Mar. 26, 7962

56 banks

June 30, 7962

57 banks

Sept. 28, 7962

57 banks

Dec. 28, 7962

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS


Surplus ,Undivided profits

Reserves


Total liabilities and capital accounts

MEMORANDUMAssets pledged or assigned to secure liabilities and for other

purposes

$318, 593171, 866

5383, 79013, 0211,487

54, 60913, 855

90, 93110, 396

674

2291

2,825

762, 330

367, 754

186, 50524

13,93958, 05961, 8563,210

697, 347507, 253790, 094

16

16,514

697, 878

21,160

26, 53415,1811,577

64, 452

762, 330

58,048

$328, 117165,005

5488, 35311,4471,556

56, 85711,851

98, 59010, 760

727

350

3,321

776, 988

357,149

196, 77524

19, 76861, 39965,4173,407

703, 939503, 677200, 322

15

6,139

710, 093

21, 835

28, 05415, 4411,565

66, 895

776, 988

59, 258

$345, 688171,952

5490, 74812, 6091,565

57, 39812, 603

99, 87510, 924

713

365

" 3 , 6 8 4808,178

366, 538

204, 22724

22, 40865, 86668, 6033,289

730, 955523, 478207, 537

15500

8,120

739, 590

21, 885

28, 25516,7431,705

68, 588

808,178

60, 540

195



CALIFORNIA


Mar. 26, 1962

39 banks

June 30, 1962

40 banks

Sept. 28, 1962

43 banks

Dec. 28, 1962

45 banks




Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS

Capital stock: Common stockSurplusUndivided profitsReserves



MEMORANDUM


$10, 861, 3744,278, 337

7,8791, 675,120

157,25379,095

1,752,815191,518

1,291,144315, 069

3,554

61, 923130, 204

99, 930

20, 905, 215

7, 406, 925

8, 525, 419184

469, 3131, 570,087

346, 962317, 998

18, 636,8888, 924, 9469,711,942

658322, 209

131,618414, 440

19,505,813

404,177758, 969228, 756

7,500

1, 399, 402

20,905,215

3, 676, 456

$11,138,0444, 298, 278

8,3461, 809, 346

224, 28280,237

1, 558, 591170, 320

1, 550,743323, 386

3,281

62, 635140, 968129, 961

$11,636,3184,122,120

7,8471,766, 981

204, 69482,432

1, 632, 416172, 841

1, 509, 311329, 818

3,362

63,135167,104141, 889

21, 498, 418 21, 840, 268

7, 502, 358

8, 900, 461184

684, 4691,721, 970

362, 477369,153

19,541, 0729,334,532

10,206,540

64017, 200

142, 236362, 624

7, 642, 814

9,183, 819184

554,2331, 556, 278

354,227339, 513

19,631, 0689,292,580

10, 338, 488

474200, 342

168, 697384,160

20, 063, 772

406, 560760, 944258, 923

8,219

20, 384, 741

409, 429764, 713273, 471

7,914

1, 434, 646 1, 455, 527

21,498,418 21, 840, 268

3, 733, 795 3, 673, 416

$11,923,2154,233,705

8,2291, 884, 383

251, 70082, 600

1, 586, 237228, 378

1, 994, 929334, 851

4,159

65,058166,019159,273

22, 922, 736

8, 271, 673

9, 262, 327184

456, 3631, 824,010

391, 876395, 201

20,601, 63410, 115,36910,486, 265

454282, 350

166, 978395,183

21, 446, 599

410,143775, 446282, 495

8,053

1, 476,137

22, 922, 736

3, 851, 555

196



COLORADO


Mar. 26, 1962

80 banks

June 30, 1962

81 banks

Sept. 28, 1962

83 banks

Dec. 28, 1962

88 banks



premises or other real estate ,Customers' liability on acceptances outstandingOther assets

$812, 878452, 975

6178, 6543,2013,062

122,10219, 262

180, 70215, 8331,287

4,695

$843,180411,178

36582,1134,6063,106

121, 50117, 495

187,13016, 3861,174

4,577

$866, 927433, 438

37287, 7764,8943,162

143, 52019, 308

203,41021, 2461,184

4,413

11,467 12, 408 9,579

Total assets. 1, 706,179 1, 705, 219 1, 799, 229

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions.

Time and savings deposits of individuals, partnerships, andcorporations ,

Postal savings deposits ,Deposits of U.S. GovernmentDeposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc





793, 444

486, 73710

47, 375112,78493, 69718, 029

1, 552, 0761, 004,505547, 571

306,250

765, 068

510, 26110

59, 388115, 02282, 03516, 651

1, 548, 435975, 303573, 132

305,375

817, 472

530, 22610

57, 820118, 35899, 65414, 350

7,637,8907, 048,595589, 295

303,840

17, 371 19,514 20, 970

Total liabilities. 1, 575, 727 1, 573, 354 1, 662, 730

CAPITAL ACCOUNTS

Capital stock: Common stock..SurplusUndivided profitsReserves



MEMORANDUM


43, 23658, 20027, 642

1,374

43, 88658, 83627, 704

1,439

45, 01659, 42130, 506

1,556

130,452 131,865 136, 499

1, 706,179 1,705,219 1, 799, 229

240, 466 249, 285 259, 248

$910, 349440, 050

9192, 4447,8083,250

127,17020, 879

207, 67421, 979

1,048

4,35213

10, 734

1, 847, 841

857, 734

544, 87010

43, 885104, 274100,15220, 540

7,671, 4651, 069,724

601,741

3012, 775

1321, 738

1, 706, 021

46, 66660, 69033,1881,276

141, 820

1, 847, 841

244,155

197



CONNECTICUT


Mar. 26, 1962 June 30, 1962

23 banks

Sept. 28, 1962

22 banks

Dec. 28, 1962

22 banks

ASSETS




Total assets

LIABILITIES



Deposits of U.S. Government ,Deposits of States and political subdivisions ,Deposits of banksCertified and officers' checks, etc





Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$683, 345217,168

14140, 92413, 8673,885

65, 89533, 439

118,67826, 643

643

3308

3,913

1, 308, 752

692, 655

303,18256, 80643, 28623, 72210, 762

7,130,413819,529310, 884

2039,100

54, 978

1,194, 702

35,51361, 26616, 410

861

114,050

1, 308,752

111,457

$689, 939229, 611

64147,09217,4853,86069,03328, 257

135, 25226, 971

627

330

4,'925

$710, 339215,185

64151,84815,3973,88781,75127, 550

135,65226, 845

216

330

4,844

1, 353, 446 1, 373, 908

695, 964

312,12881, 48954, 76726, 86612, 307

1, 183, 521863, 129320, 392

253

715, 840

322, 48067, 98752,19623, 91712,121

7, 194,541859,316335,225

2536,100

55,141 56, 459

1,238,915 1, 257, 353

35, 75861,41916, 407

947

36,11061, 88017, 621

944

114, 531 116,555

1, 353, 446 1, 373, 908

125,396 114,201

$764, 769219,016

14156, 69416, 5733,906

69, 38535,235

149,01427, 060

290

330

5,399

1, 447, 685

818,217

323, 77352, 76339,79927, 76015,548

7, 277,860944,002333,858

2531,000

49, 445

1, 328, 558

36, 24562, 81019, 208

864

119,127

1,447, 685

112, 993

198


Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31f, 1962—Continued

DELAWARE


Mar. 26, 1962

3 banks

June 30, 1962

3 banks

Sept. 28, 1962

3 banks

Dec. 28, 1962

4 banks


tion.Bank premises owned, furniture and fixtures.Real estate owned other than bank premises.Other assets

$4,7153,106

150421627630277

626148

Total assets 10, 257

LIABILITIES



Deposits of U.S. Government ,Deposits of States and political subdivisionsDeposits of banks ,Certified and officers' checks, etc


Rediscounts and other liabilities for borrowedOther liabilities

3,669

5,31032155

money

429,2083,8835,325

Total liabilities. 9,217

CAPITAL ACCOUNTS


225675136



MEMORANDUM


1,040

10, 257

186

$4, 9663,303

151820227

410241

349145

1

10,163

3,343

5,63450

101

179, 1453,4955,650

10

9,155

225675104

4

1,008

10,163

$5, 3033,182

155320227691219

415146

1

$8, 2535,837

55522344

1,211505

7582921819

10, 740

3,653

5,8506192

69,6623,7965,866

12

9,674

225675162

4

1,066

10, 740

17,715

7,231

8,175357606748

15, 9387,7478, 191

15, 982

4331,027

2694

1,733

17,715

199



DISTRICT OF COLUMBIA


Mar. 26, 1962

4 banks

June 30, 1962

4 banks

Sept. 28, 1962

4 banks

Dec. 28, 1962

5 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debentures.Corporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

Bank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank


Total assets.

LIABILITIES




Total depositsDemand deposits ,Time and savings deposits ,

Rediscounts and other liabilities for borrowed money ,Other liabilities

Total liabilities.

CAPITAL ACCOUNTS



Total liabilities and capital accounts ,

MEMORANDUM


$435, 946304, 502

11537, 5595,3261,780

70, 34115,787

88, 25316, 660

233

02,712

979,214

580, 480

229, 547479

32, 874128

42, 6247,346

893, 478653,464240, 014

11,586

905, 064

19, 59738, 93311,8643,756

74,150

979, 214

54, 414

8453, 543309, 360

11937, 7435,6261,780

92, 51014, 263

93, 40616, 576

112

1152,795

$470,034298, 240

11935, 8825,8361,810

90, 88314, 064

86, 38517, 009

226

03,015

1, 027, 948 1, 023, 503

606,189

239, 449479

40, 72273

44, 6649,223

940, 799691, 021249, 778

11,699

589, 557

246, 404479

37, 796108

42,9119,016

926, 271669,389256, 8828,00011,798

" 952, 498 946, 069

19, 59738, 93313,1353,785

20,09739, 43314, 0923,812

75, 450 77, 434

1,027, 948 1, 023, 503

78, 259 64, 642

$503,893297,097

3139, 9045,5811,923

72, 75019, 686

107, 98217, 579

258

02,875

1, 069, 559

630,221

255, 376479

32, 400189

48, 2998,362

975,326710,178265,148

12, 420

987, 746

22,09741,18314, 2074,326

81,813

1, 069, 559

53,147

200



FLORIDA


Mar. 26t 1962 June 30, 1962

123 banks

Sept. 28, 1962

127 banks

Dec. 28, 1962

130 banks

ASSETS




Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS

Capital stock:Common stockPreferred stock

Total capital stockSurplus.Undivided profitsReserves and retirement account for preferred stock



MEMORANDUM


$1, 364, 3231,125,299

388240, 331

52,5097,497

218,18170,144

491, 29361, 549

2,481

23, 814160

19,097

3, 677,066

1, 710, 901

899,02161

74, 310325, 302292, 083

22, 9253, 324, 6032,301, 0641, 023, 539

13010, 700

24051,417

3, 387, 090

107, 822200

108, 022133, 376

39,1289,450

289, 976

3, 677,066

772, 373

$1, 374, 5441,093,605

669248,278

62,1267,614

237,22057, 806

482,16374,081

2,591

12,169156

19, 962

$1, 396,7261,086,118

886257, 961

66,0847,783

233,81957, 602

411,63775, 745

3,060

11,552253

21, 343

3, 672, 984 3, 630, 569

1, 665, 065

954, 42861

93, 332306, 287272, 619

26, 7563,318,5482, 248, 8971, 069, 651

1299,100

23348, 695

1, 609, 410

1,005, 51061

92, 616255,160251, 866

29, 8873, 244, 5102, 144, 4711,100,039

10022, 862

29054, 833

3, 376, 705 3, 322, 595

109, 440200

109, 640137,224

39, 4249,991

112,065200

772, 265139,143

46,16010, 406

296, 279 307, 974

3, 672, 984 3, 630, 569

761, 234 743,236

$1,511,7821,076, 831

1,070279,198

69, 8148,018

226,15481,596

528, 74577, 059

3,566

11, 349281

22, 678

3, 898,141

1, 700, 885

1, 022, 40761

72, 748347, 704329, 473

31,9513,505, 2292,380,2197, 725, 010

10020, 800

35957,169

3, 583, 657

113,501200

113,701145,245

45, 6569,882

314, 484

3, 898,141

828,208

201



GEORGIA


Mar. 26, 7962

53 banks

June 30, 1962 Sept. 28, 1962

53 banks

Dec. 28, 1962

53 banks


tionBank premises owned, furniture and fixtures ,Real estate owned other than bank premisesInvestments and other assets indirectly representing bank


Total assets.

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$916,642360, 005

11106, 92514, 3864,141

148,21623,717

212,20932, 986

595

2,8601,9966,377

1,831,066

843, 210

346,211683

61,615153,131190,719

7,4141, 602, 9831, 212, 554

390, 429

1024, 300

1,99639, 701

1, 668, 990

43,18480, 69220,64017. 560

162,076

1,831,066

303, 797

$988,117337, 460

11126,775

15, 2044,141

143, 37920, 234

222, 58334, 670

754

3,1991,6636,365

$992, 908355, 381

11125, 52919, 3064,155

156, 96222, 002

226, 07034, 8851,206

3,192284

6,831

1, 904, 555 1,948,722

875, 709

377,415683

76,611161, 960165,7257,596

7, 665, 6991, 245, 130420, 569

1030, 610

1,66342, 527

887, 330

382, 050683

76, 844149, 973204, 3296,398

1, 707, 6071, 284, 993422, 674

1828, 400

28445, 178

1, 740, 509 1, 781, 487

43, 18481,26122, 70116,900

43, 35481, 29025,61516, 976

164,046 167, 235

1, 904, 555 1, 948, 722

316,430 283, 608

$1, 043, 568333, 066

113,21816,2804,168

162, 93629, 572

269, 93435, 7471,804

3,18332

5,937

2,019,445

974, 922

382, 924678

62, 271154, 897201, 98610, 082

7, 787, 7601, 362, 027425, 733

1817, 425

3246, 547

1,851,782

43, 52481, 24925, 05817, 832

167,663

2,019,445

291, 787

202



HAWAII


Mar. 26, 1962

2 banks

June 30, 7962 Sept. 28, 7962 Dec. 28, 7962

2 banks

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixturesCustomers' liability on acceptances outstandingOther assets

Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$162, 66586, 54119, 5892,365

61218, 7045,669

22, 5886,003

316,045

330, 812

110, 963

98, 37410

20, 89054, 888

4,9042,845

292, 874150, 593142, 281

319,443

302, 348

8,60011,799

5,8892,176

28, 464

330,812

99, 072

$173, 83079, 36520,219

1,300612

24, 0534,724

39, 8616,079

1349,691

359, 868

120, 361

98,05910

25, 64561, 9537,4034,280

317, 711181, 374136, 337

13413, 770

331,615

8,60011,800

5,8771,976

28, 253

359, g

96, 476

$171, 47478, 82220, 686

1,199612

16, 4556,730

25, 4056,507

927,127

335,109

111,249

99, 95910

25, 25852, 9327,2782,532

299, 218156, 727142, 491

926,575

305, 885

8,60011,8006,8481,976

29, 224

335, 109

94, 696

$173, 38275, 23220, 280

910612

17, 0957,472

32, 77811,011

783,161

342,011

116, 643

99, 73410

19, 70346, 846

8,5952,186

293, 717162, 862130, 855

10, 00078

8,203

311, S

8,60011,8007,6371,976

30, 013

342,011

93,194

203



IDAHO


Mar. 26, 1962

9 banks

June 30, 1962

9 banks

Sept. 28, 1962

9 banks

Dec. 28, 1962

9 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bank ,Currency and coinBalances with other banks, and cash items in process of collec-

Bank premises owned, furniture and fixtures.Real estate owned other than bank premises.Other assets

Total assets.

Demand deposits of individuals, partnerships, and corpora-tions,



Total deposits.

Time and savings depositsMortgages or other liens on bank premises and other real

estateRediscounts and other liabilities for borrowed moneyOther liabilities

Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$250,296153, 323

9939, 383

470901

32, 2866,254

28,0648,904

102,238

522, 228

220, 628

186, 84611

10.02853.029

1,9675,219

477,728289,708188,020

6,7'45

484, 473

13, 87515,1456,9681,767

37, 755

522, 228

114, 488

$273, 491144, 027

12640, 841

310916

32, 8826,737

30, 2438,868

1962,033

540, 670

217, 201

194,08811

13, 86561, 966

1,6813,893

492,705297,443195, 262

1363,0006,214

502, 055

13, 87516,2556,7091,776

38,615

540, 670

114,118

$282, 929128, 897

15342, 736

310935

36,1706,445

29, 8729,014

1302,235

539,926

233, 447

194, 07511

12, 88742, 4262,3144,508

489,668294,414195,254

932,0008,162

499, 923

13, 87516, 2847,9611,883

40, 003

539, 926

105, 224

$286, 862142,760

20145, 696

310968

37,0597,482

31,0918,905

1462,268

563,748

234, 241

201, 07711

9,84061,0882,5245,267

514,048311,795202, 253

108

8,536

522, 692

13, 87517, 3857,8471,949

41,056

563, 748

118,123

204



ILLINOIS


Mar. 26, 1962

399 banks

June 30, 1962

399 banks

Sept. 28, 1962

400 banks

Dec. 28, 1962

402 banks




Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$5, 994, 4193, 846, 237

1,2511, 241, 290203, 30334, 585

1,172,611121, 960

952, 85268, 4586,810

6,62176,21171, 345

13, 797, 953

5, 700, 875

4,164, 661910

419,717522, 332

1, 072, 331115,371

77,996, 1977,690, 8074,305,390

462369, 950

76, 276170, 607

12, 613, 492

415,181580, 738135, 46953, 073

1,184, 461

13, 797, 953

1, 220, 762

$6, 254, 9043, 571, 555

1,5431, 520, 306291,55342,106

1, 092, 269104, 458

1, 306, 49071,9266,923

6,68465, 58473, 699

$6, 391, 9973, 644, 784

1,6891, 541, 224288, 70555,094

1,143,821113,657

1, 261, 47277, 3057,229

9,24356, 54978, 954

14, 410, 000 14, 671, 723

5, 744,128

4, 515, 6212,910

618, 952749, 726

1, 075, 074139, 245

12,845, 6568, 182, 3374, 663, 319

51339, 233

65, 640248, 294

5, 779, 535

4, 628, 8222,910

528, 918761, 841

1,187,952129, 388

13, 019, 3668, 234,5104, 784, 856

409103, 284

56, 725254, 847

13,199, 336 13, 434, 631

418, 548590, 380147, 86153, 875

420, 451594, 890166, 50455, 247

1, 210, 664 1, 237, 092

14, 410, 000 14, 671, 723

1, 473, 751 1, 400, 538

$6, 840, 2503, 834, 623

1,6511, 550, 445

285, 42248, 438

1,176,013139, 589

1, 402, 50084, 7197,003

7,69069,15577,086

15, 524, 584

6, 402,071

4, 901, 0802,910

427, 836701, 056

1, 206, 887128, 590

13,770, 4308,703, 7665, 066, 664

398214, 534

69,198210, 840

14, 265, 400

421, 591605,173177,18955, 231

1, 259,184

15, 524, 584

1, 565, 935

205



INDIANA


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962

126 banks

Dec. 28, 1962




$1, 376, 803995,155

67205,21242, 6576,542

216, 49663, 415

289, 49142, 2321,372

222272

14, 822

$1, 455, 4151, 002, 695

91208, 88946, 0646,784

218, 46954, 875

372, 26642, 2571,554

226165

15,434

$1, 479, 514979, 188

84216,83460, 6066,832

215,31757, 541

342,15443, 4801,280

212178

15,587

SI, 557,1051,017,361

324203, 28563,0127,446

223, 38672, 595

375,09942, 7591,540

208223

14, 881

Total assets. 3, 254, 758 3, 425,184 3, 418, 807








1,410,191

960, 518854

90, 381278, 935131, 67721,170

2, 893,7267, 899, 398994, 328

1, 418, 520

972, 794854

126, 290382, 396139, 37632,031

3, 072,2612, 066, 2951, 005,966

1, 485,134

988, 675854

115, 957284,455142, 91922, 315

3, 040, 3092, 012, 4771, 027, 832

1,850502

78, 344

4,030264

65, 968

16, 530269

70, 876

Total liabilities. 2, 974, 422 3,142, 523 3,127, 984

CAPITAL ACCOUNTS


74, 396137,99159, 3098,640

75, 576141,12056, 9159,050

75, 586141,15664, 7929,289



MEMORANDUM


280, 336 282, 661 290, 823

3, 254, 758 3, 425,184 3, 418, 807

238, 361 259, 499 261, 436

3, 579, 224

1, 609, 985

995, 777854

84, 504313,239159,03136, 962

3,200,3522, 165, 4721, 034, 880

14

10, 300366

73, 458

3, 284, 490

75,811146,13764, 0328,754

294, 734

3, 579, 224

268, 260

206



IOWA


Mar. 26, 7962

96 banks

June 30, 1962 Sept. 28, 1962 Dec. 28, 1962

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets. .

LIABILITIES



Postal savings depositsDeposits of U.S. Government ,Deposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc

Total depositsDemand deposits ,Time and savings deposits




Total liabilities

CAPITAL ACCOUNTS



Total liabilities and capital accounts. . .

MEMORANDUM


$473, 257297, 745

95,03913, 9321,944

60, 76717, 508

151,2199,569787

1,127

4,427

1,127, 321

492, 672

283, 61551

29, 22879, 666122, 98110, 097

7, 018, 310731, 507286, 803

68,600

6,237

1, 033,153

24, 58540, 33027, 5301,723

94,168

1, 127, 321

85,138

$489, 897289, 450

12100,16413, 9371,960

65, 42314, 550

155,71310, 056

856

1,1431

4,573

$490, 876314, 672

12101, 72716,4331,965

72, 40815, 951

184, 56711,541

914

1,1431

3,958

1,147, 735 1,216,168

486, 676

301,19151

37,17867, 345131,0817,449

7, 030, 971727, 190303, 781

615, 000

16,388

512, 554

308, 28251

39, 25581, 602159, 7608,156

1, 109, 660

310, 855

6400

17,846

1, 052, 366 1,117,913

24, 73540, 71928,1181,797

24, 73540, 91830, 8061,796

95, 369 98, 255

1,147, 735 1,216,168

83, 416 86, 294

$531,855319, 047

1399, 02015, 1401,990

78, 76017, 541

184, 30512,1501,014

1,3661

3,857

1, 266, 059

551,230

314, 73551

27, 79956,138

159,90810, 437

1, 120, 298803, 021317, 277

34, 030

111,401

1,165,730

24, 73542, 07531,7121,807

100, 329

1, 266, 059

122,992

207



KANSAS


Mar. 26, 7962

167 banks

June 30, 7962

768 banks

Sept. 28, 7962

768 banks

Dec. 28, 7962

768 banks

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve b a n k . . . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets

LIABILITIES




Total depositsDemand depositsTime and savings deposit


Rediscounts and other liabilities for borrowed moneyOther liabilities

Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$586, 402401, 064

30153, 51322, 503

2,911114,663

18, 655

146, 37315,173

531

5093,872

1, 466,199

668, 930

291, 29737

38, 009224, 895

91, 8716,717

7,327, 756999,070322, 746

303,710

10, 672

1, 336,168

37,51659, 50231,0082,005

130, 031

1,466,199

309, 773

$609, 514415, 849

$613, 876441, 640

164,88324, 348

3,114124, 681

17, 605

181, 60115,019

697

1,1433,833

168, 50326, 8413,256

112, 79118, 298

158, 74315, 735

643

1,1444,014

1, 562, 287 1, 565, 484

672, 825

319, 37437

46, 092261, 305102, 040

8,0501, 409, 7231,058, 939

350, 784

304,100

10, 619

700, 399

335,18237

50, 821217,680

94, 9026,827

7, 405, 8481, 039, 340

366, 508

303,866

12, 601

1, 424, 472 1, 422, 345

40, 87163, 53931,4012,004

41, 22663,91935, 858

2,136

137,815 143,139

1, 562, 287 1, 565, 484

312, 873 316, 286

$669, 713442, 033

115170, 68629, 548

3,190113, 367

22, 659

169,49015, 905

705

1,4284,035

1, 642, 874

721, 230

346, 67625

36, 950259, 456103, 739

10, 3027, 478,3787,100, 474

377, 904

306,435

11,890

1, 496, 733

41, 23165, 45137, 044

2,415

146,141

1, 642, 874

337,511

208



KENTUCKY


Mar. 26, 1962

85 banks

June 30, 1962

85 banks

Sept. 28, 1962 Dec. 28, 1962

85 banks

ASSETS

Loans and discounts (including overdrafts) ,U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-


premises or other real estate ,Customers' liability on acceptances outstanding ,Other assets

Total assets ,

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$445, 274351, 30381, 03214, 3352,52885, 98321, 375

98, 51412,111

621

1,216102

3,806

1,118,200

596, 491

249, 48415

29,49465, 36254, 6234,743

7, 000, 212734,557265,655

981,250

10210, 665

1,012, 327

27, 88454, 07922, 0081,902

105, 873

1,118, 200

111,778

$475, 435320,42386, 90016,0182,53081,14017, 869

118,18612,169

756

1,19377

3,193

$492, 571315, 93190, 47016, 4962,56086, 26220, 035

105, 77212, 376

833

1,175113

3,546

1,135, 889 1,148,140

593, 578

262, 62615

43, 62856, 95854, 3236,176

1, 017,304740, 353276, 951

81350

7711,037

592, 422

268, 37515

41,81862, 42953, 3875,409

1, 023, 855742,558281, 297

791,400

11312,405

1, 028, 849 1, 037, 852

28, 04054, 88522, 0272,088

28, 29055,10924, 6412,248

107, 040 110,288

1,135,889 1,148,140

127, 729 119,012

$530, 828341, 28294,46017, 8272,656

91, 23724, 275

180, 88812, 696

747

1,17790

3,443

1, 301, 606

692, 201

275, 32015

32, 31564, 599

105,7166,863

7, 777, 029885,787291, 242

78200

9012,192

1,189, 589

28, 29058, 35323, 344

2,030

112,017

1, 301, 606

115,317

209



LOUISIANA


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962 Dec. 28, 1962

43 banks




Total assets.

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS

Capital stock: Common stock...SurplusUndivided profitsReserves



MEMORANDUM


$937, 229598, 317

359142, 30010,7104,303

160,05130, 916

258, 94725, 274

500

2,2442,7568,997

2,182, 903

1, 019, 273

479, 01751

57, 804206, 437199,43313,527

7, 975, 5421, 465, 950509, 592

612,500

2,96523, 609

2, 004, 677

43, 89097, 39536, 561

380

178, 226

2,182,903

389, 743

$896, 896591, 676

165151,05311,3244,283

171,21226,411

278, 21025, 142

480

2,3521,569

10, 862

$924, 930570, 278

165153, 89211,2454,332

168,47526, 951

264, 54325, 349

704

2,3181,294

10, 843

2,171,635 2, 165, 319

979, 452

505, 43751

71,778202, 578187, 97516,294

7, 963, 5651, 423, 447540, 118

612,300

1,63523, 609

959, 394

507, 29951

66,142207, 747188,28611,299

7, 940, 2181, 388, 808551, 410

835,986

1,30530, 314

1,991,170 1, 977, 906

43, 89097, 50338, 324

748

44, 340102, 85239, 451

770

180, 465 187,413

2,171,635 2,165,319

400, 299 398,158

$986, 509614, 967

285155,151

9,8124,517

169, 64734, 815

305,10225, 923

370

2,2071,934

10,781

2, 322, 020

1,091,357

518,04551

49, 960213, 886214, 88315,839

2, 104, 0217,538, 081565, 940

79700

1,99027, 454

2,134,244

44, 590105, 60737,166

413

187,776

2, 322,020

387,158

210



MAINE


Mar. 26, 1962

22 banks

June 30, 1962

22 banks

Sept. 28, 1962 Dec. 28, 1962

22 banks

ASSETS




Total assets

LIABILITIES






Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$203, 46670, 678

1322, 2764,227798

15,2327,913

24, 2976,857286

1281,588

357, 759

147, 441

129, 8357

9,08011, 3439,1721,697

308, 575176, 960731, 6151,233

11,650

321,458

13,12713,9928,370

812

36, 301

357, 759

27, 312

$214, 09968,149

1026, 2423,585

82912, 9987,650

29, 5306,999

393

1561,474

372,114

155,666

133,5187

10, 92412, 4659,7902,166

.324, 536189, 262135, 274

10810, 637

335, 281

13,79713,8538,359824

36, 833

372, 114

26, 636

$216, 02881,748

1525,2153,525834

20, 4978,384

29,1827,017499

1541,561

394, 659

168,746

134, 8277

11,64219, 2739,1001,913

345, 508209, 251136, 257

11,573

357, 081

13, 88213, 9249,014758

37, 578

394, 659

29, 542

$221, 73774, 431

1622, 6643,476842

17, 7509,915

33, 3367,410

186

3141,551

393, 628

174, 280

135, 4197

8,30213,99210, 7272,536

345, 263

136, 77575

10, 288

355, 626

14,03214, 0269,165

779

38, 002

393, 628

25, 247

211



MARYLAND


Mar. 26, 1962

52 banks

June 30, 1962

52 banks

Sept. 28, 1962

50 banks

Dec. 28, 1962

48 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank.. .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixturesReal estate owned other than bank premises ,Investments and other assets indirectly representing bank

premises or other real estateCustomers' liability on acceptances outstanding ,Other assets

$637, 744406, 53692,73620, 2103,035

108, 66429, 090

126, 68020,518

421

3531,3266,566

$673, 761397, 70796,06918, 3813,031

119, 64023,712

132, 87821, 489

365

353672

5,964

$715, 437403, 527101, 47822,7023,111

120, 53825, 409

131,03422,715

449

3531,0596,750

Total assets. 1, 453, 879 1, 494, 022 1, 554, 562

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions ,


Postal savings deposits ,Deposits of U.S. GovernmentDeposits of States and political subdivisions ,Deposits of banks ,Certified and officers' checks, etc ,

Total deposits ,Demand deposits ,Time and savings deposits ,



643, 844

403, 674

644,125

425,075

675, 225

446, 558

58, 927114,34666, 2677,810

1, 294,868

425,37214,100

1,32621, 646

84, 459117, 02470,0968,207

/, 348, 986904,990443,996

69, 844129, 26765, 34111, 584

1,397,819931,933

67222, 824

4,000

1,05926, 024

Total liabilities. 1, 331, 940 1, 372, 482 1, 428, 902

CAPITAL ACCOUNTS

Capital stock: Common stock.,SurplusUndivided profitsReserves

30, 47268, 24317, 4005,824

30, 79767, 89816, 8635,982

31, 90469, 26918,8155,672



MEMORANDUM


121, 939 121, 540 125, 660

1, 453, 879 1,494, 022 1, 554, 562

258, 434 257, 515 255,026

$716, 289390, 899103,45622,7053,153

112,30333, 634

149, 67223,012

459

3531,3237,093

1, 564, 351

741,294

437,70625

52, 740102,11067,0508,722

7,409,647954, 943454,704

1,350

1,32326, 072

1, 438, 392

31, 40470, 61618, 3465,593

125, 959

1, 564, 351

241, 238

212



MASSACHUSETTS


Mar. 26, 1962

96 banks

June 30, 1962

95 banks

Sept. 28, 1962

94 banks

Dec. 28, 1962

94 banks

ASSETS




Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$2,184, 321886, 673

616216, 703

17, 39213, 540

372,12063, 437

388, 34443, 983

1,283

40346, 55022, 693

4, 258,058

2,219,066

678, 419533

153, 636187, 957347, 953

32, 7923, 620,3562, 906,760

713,59631, 641

46,918133, 328

3, 832, 243

107, 682233, 993

65, 29418,846

425, 815

4, 258, 058

323, 522

$2, 256, 939858, 278

618253, 405

15,51713, 589

361, 82046, 613

417, 28544, 084

1,074

41948,13922, 229

$2, 292, 454818,020

635249, 474

22, 69413, 931

365,11949, 797

415,46745, 027

1,620

41833, 44118, 763

4, 340, 009 4, 326, 860

2, 226, 530

714,097533

217, 997185,240353, 581

40, 5063,738, 4842, 993, 170

745, 3142,072

49, 400120, 245

2,231,111

712, 844533

196, 663197, 876358, 840

31, 9253,729,7922,977,186

752, 6064,736

34, 492122, 067

3, 910, 201 3, 891, 087

107,611234, 290

69, 32618, 581

107, 828245, 058

64, 39718,490

429, 808 435, 773

4, 340,009 4, 326, 860

367, 883 375, 678

$2, 348, 398990,164

789201,922

39, 78814,105

390, 93768,108

544, 81945, 599

2,175

40266,12621,075

4, 734, 407

2, 502, 949

726,186527

134,805244, 083404, 928

44,1944,057,6723, 291, 394

766, 27843, 461

67,092122, 394

4, 290, 619

108, 201251, 868

64, 58119,138

443, 788

4, 734, 407

355, 937

213



MICHIGAN


Mar. 26, 7962

79 banks

June 30, 7962

80 banks

Sept. 28, 7962

82 banks

Dec. 28, 7962




Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTSCapital stock:

Common stockPreferred stock ,

Total capital stockSurplusUndivided profits ,Reserves and retirement account for preferred stock



MEMORANDUM


$2, 454, 2701, 404, 599

937613,24422, 6519,885

349, 81087, 695346, 34754, 5083,430

8,072868

30,814

5,387,130

1, 902, 928

2, 076, 39030

217, 942458,651207, 83732, 917

4, 896, 6952, 587, 0802, 309, 675

239,500

86891,499

4, 998, 585

112,1012,000

774, 707198, 97968, 8096,656

388, 545

5,387,130

$2,579 6651,389,655

1,595646,19928, 9609,913

389, 84774, 082

477, 08956, 8272,388

8,277581

32,194

$2, 582, 6801, 467, 467

1,783644,01127, 5819,996

366, 90576, 457

463, 90758, 0742,404

8, 4252,951

32, 887

5, 697, 272 5, 745, 528

2, 032,171

2,162,15730

362, 473402, 892204, 87237,161

5, 207, 7562, 874, 6692, 387, 087

151,700

58197, 348

2, 029, 360

2, 226, 63130

305, 030400, 790206,12035, 276

5, 203, 2372, 749, 7532, 454, 084

7127, 000

2,951108,430

5, 301, 400 5,341,689

112,8512,000

774, 557200,75773, 2517,013

113,3312,000

775, 337201,73479, 0397,735

395, 872 403, 839

5, 697, 272 5, 745, 528

512, 267 641, 970 559, 465

$2,777,1591, 498, 969

2,205660, 56229,11310,269

323, 214100, 664

583, 36659, 8532,456

8,5594,981

32, 639

6, 094, 009

2, 275, 035

2, 324, 90830

253, 075442,92?215, 66747, 430

5, 559, 0842, 992, 5792,566,505

1526,850

4,981114,022

5, 685, 089

113,8912,000

775, 897210, 27475, 0327,723

408, 920

6,094, 009

573, 698

214



MINNESOTA


Mar. 26, 1962

180 banks

June 30, 1962 Sept. 28, 1962 Dec. 28, 1962

180 banks

ASSETS




Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$1, 510, 400723, 677

22210,646

58, 3676,672

235, 95130, 701

362, 20337,537

1,266

16, 707935

13, 321

3, 208, 405

1, 260, 663

971, 29368

98, 891169,107353, 390

24, 2602, 877,6721, 881, 940

995,732

1029,170

93549, 247

2, 937,126

81, 947128, 674

55,7064,952

271, 279

3, 208,405

523,166

1, 589,176722, 355

44223, 005

51, 4866,718

251,61727,087

372,51839, 344

1,140

16, 7022,720

14, 830

$1, 629, 587750, 095

37229, 557

58, 6916,778

281, 73728, 057

385, 09140, 599

994

16, 6593,358

15,707

3,318,742 3, 446, 947

1, 230, 495

1, 046, 51064

144,180227,654315, 334

26, 8702,991,1077, 903, 4661, 087, 641

2,150

2,72847, 493

1, 254, 351

1,094, 80568

129,114198, 770384, 542

24, 3463, 085, 9961, 944, 7101, 141, 286

13723, 230

3,35852, 534

3,043, 566 3,165, 255

82, 937130, 500

56, 9934,746

83,637131,19562,170

4,690

275,176 281, 692

3, 318, 742 3,446, 947

580,191 558,198

$1, 664, 313799, 887

36236, 581

67, 9906,858

262,20232,158

426,08940,711

969

16,2443,803

15, 488

3, 573, 329

1, 371, 850

1,131,11249

97, 625222, 586360,227

28, 6623, 212, 1112, 034, 7531,177, 358

11515,721

3,80356, 712

3, 288,462

83, 659134,057

62, 4504,701

284, 867

3, 573, 329

563, 481

215



MISSISSIPPI


Mar. 26, 1962

27 banks

June 30, 7962

27 banks

Sept. 28, 1962

27 banks

Dec. 28, 1962

27 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve b a n k . . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-


premises or other real estate ,Other assets

Total assets.

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-


Deposits of U.S. GovernmentDeposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc

Total depositsDemand depositsTime and savings deposits ,



Total liabilities.

CAPITAL ACCOUNTS

Capital stock: Common stock.S u l

purplups

Undivided profitsReserves



MEMORANDUM


$188,022102, 37348, 5662,4761,028

27,01010,108

45,4817,644121

5001,389

434, 718

179, 240

108,07310, 33664,21631, 823

987394, 675280, 269114,406

45

3,929

398, 649

9,52024, 827

1,339383

36, 069

434, 718

82, 734

$198,194102, 67249, 899

2,4041,033

30,5138,432

57, 6567,869

175

5001,473

460, 820

182, 299

119, 35212, 78269, 63534, 407

1,070419, 545292, 829126, 716

36

""47296 '

423, 871

9,59525,120

1,879355

36, 949

460, 820

85, 706

$203, 039106, 945

53, 0372,4971,041

23, 9769,665

50, 6557,936

157

5001,525

460, 973

183, 819

122,47812,29758, 48835,181

1,305413, 568284, 125129,443

364,0005,073

422, 677

9,59525,117

2,998586

38, 296

460, 973

92, 846

$215,09?110,36454,12S2,37<1,048

25, 35111,832

55, 4927,66f

284

50C

485, 785

200, 51C

128, 0629,84S

48, 75$44,811

1,723433, 7U297, 061136,641

368,0005,215

446, 965

9,59525, 395

3,627203

38, 820

485, 785

91,411

216



MISSOURI


Mar. 26, 7962 June 30, 7962

78 banks

Sept. 28, 7962

78 banks

Dec. 28, '7962

78 banks

ASSETS




Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS

Capital stock: Common stockSurplus ,Undivided profitsReserves



MEMORANDUM


$1,141,455587, 396

172151,94815, 4405,086

210,51425, 764

268,69519, 6691,758

2,782215

12, 906

2, 443, 800

1,119,752

537,70928

80, 70381,355

367,71411,086

2, 798, 3471, 630, 903

567, 44411,400

21523, 657

2,233,619

67,16894,19743, 0515,765

210,181

2, 443, 800

281, 262

$1,148,767567, 885

172174, 525

14, 4415,101

215,84123, 382

327, 54220, 747

1,389

2,867152

10, 836

$1,153,844562, 461

157185,31517,0565,111

231,24524, 094

328, 43022, 070

1,467

2,841222

11,092

2,513,647 2, 545, 405

1,133, 782

557,27728

106,19175,158

381,02713,413

2, 266, 8767, 683, 379

583, 49710, 300

15223, 867

1,140, 414

579, 49028

101, 49675, 242

391, 40813,464

2,307, 5427,698, 777

603, 4371,900

22224, 461

2,301,195 2,328,125

67,41894, 42045, 253

5,361

67,41894, 77249,171

5,919

212,452 217,280

2,513,647 2, 545, 405

299,136 290,178

$1, 253,429605, 083

52184, 69530, 6285,124

214,21929, 045

381,70623,4621,104

2,822127

10,810

2, 742, 306

1,250, 257

596, 502

71,325120, 537431,191

16, 3972, 486, 2367,865, 070

627, 2269,400

14026, 877

2, 522, 653

67,41895,47750,2156,543

219, 653

2, 742, 306

287, 252

917


Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31, 1962— Continued

MONTANA


Mar. 26, 1962

43 banks

June 30, 1962

43 banks

Sept. 28, 1962

43 banks

Dec. 28, 1962

43 banks

ASSETS



premises or other real estate ,Customers' liability on acceptances outstanding ,Other assets

Total assets

LIABILITIES




Total depositsDemand deposits77m* and savings deposits




Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$199, 999127, 78932, 64810, 531

76426,1355,806

39, 7718,760

195

167

1,838

454, 259

202, 381

150,1557,979

36, 49212, 5334,017

413,557255, 907157,650

14900

77,361

421, 839

12, 61812, 9936,575

234

32, 420

454, 259

74,033

$215, 233118,74331,7258,454

78426, 3156,061

40,6438,896

194

1627

2,431

459, 522

194,147

156, 84510, 32241,06210,7133,955

417,044252,156

14300

638,168

425, 589

12, 89813, 2347,560

241

33, 933

459, 522

74, 828

$220, 246127,46932,45210, 960

78629, 6416,244

43, 5728,682

227

19424

2,931

483, 653

215, 306

161,04411,01832, 32313,7114,228

437,630268,675168,955

250

53210,161

448, 573

12, 94813, 2338,658

241

35, 080

483, 653

75, 445

$228,608141,85137, 56112,926

84025, 9127,458

44, 8858,632

225

4892,028

511,415

223,030

167,9398,738

45,83312,9884,161

462,689286,822175, 867

2,365

49210,174

475, 720

12, 97313,3939,085

244

35, 695

511,415

72, 712

218



NEBRASKA


Mar. 26, 1962

721 banks

June 30, 1962

121 banks

Sept. 28, 7962 Dec. 28, 1962

121 banks




Total assets

LIABILITIES



Postal savings depositsDeposits of U.S. GovernmentDepostis of States and political subdivisionsDeposits of banksCertified and officers' checks, etc





Total liabilities

CAPITAL ACCOUNTS

Capital stock; Common stockSurplusUndivided profitsReserves



MEMORANDUM


$619,130299, 42489, 52114, 9422,576

114, 68414, 836

142,14411,3461,069

2,5063

5,224

1, 317, 405

676, 852

223, 07624

39, 93493, 549145, 4225,756

1,184,613955,655228,958

1017,050

39,826

1,201, 593

34, 24848, 65929, 3123,593

115,812

1, 317,405

200, 535

$633,293291,46488, 33215,1432,580

103, 27313, 280

164, 35311, 530

960

2,310

""5,045

$634, 039318, 96492,42021, 8732,588

123, 20414, 001

167, 76311,5211,499

2,011

5,345

1, 331, 563 1, 395, 228

657, 803

243, 91224

53, 98683, 801142 8957,163

7,189, 584939,882249,702

2114, 095

677, 714

256,00524

53, 41182, 706165,1347,665

7,242,659981,633261, 026

2820, 476

10, 227 11,203

1, 213, 927 1, 274, 366

34, 27448, 90230, 9243,536

34, 33449,10233, 7903,636

117, 636 120, 862

1, 331, 563 1, 395, 228

205, 678 213, 935

$700, 534297, 34094,17719,9182,670

114, 96615, 896

168,45311, 5021,508

2,210

6,027

1, 435, 201

711, 217

264, 37624

39, 54581, 800169, 72810, 203

7, 276,8937,006, 146270,747

2723,104

12, 701

1, 312,725

36, 33449, 80633,0283,308

122,476

1,435, 201

205,059

219



NEVADA[Dollar amounts in thousands]

Mar. 26, 7962

3 banks

June 30, 1962 Sept. 28, 7962

3 banks

Dec. 28, 7962

3 banks

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets

LIABILITIES





Other liabilities

Total liabilities

CAPITAL ACCOUNTS

Capital stock: Common stock ,Surplus ,Undivided profits ,Reserves

Total capital accounts ,


MEMORANDUM


$182, 54382,18042, 9478,529

65122, 1467,589

12, 6227,682

45

5761,514

369, 024

140, 656

131,28115,91539, 6011,6124,293

333, 358792, 649740, 709

9,143

342, 501

9,87511,8254,772

51

26, 523

369, 024

74, 760

$200, 25971,37445, 054

1,378651

23,1046,498

20, 6068,087

90

6522,257

380, 010

146, 056

132,87719, 38239, 5081,9885,395

345, 206203, 715747, 491

7,345

352, 551

9,87511,8265,707

51

27, 459

380, 010

74, 820

$193,13893,19045, 3104,516

65130, 3496,592

21,1248,833

90

6522,744

407,189

$198, 07286, 29945,981

5,277654

20, 4428,525

25, 50210,283

85

6522,577

404, 304

164,161

138, 30713, 66547, 9662,6634,918

371, 680227, 566744, 714

7,461

379, 141

9,92511,8756, 197

51

28, 048

407,189

78, 418

166, 883

139, 39412,33638,7802,9688,260

368, 621223, 657744,964

6,844

375, 465

9,92511,8756,968

28, 839

404, 304

77, 737

220



NEW HAMPSHIRE[Dollar amounts in thousands]

Mar. 26, 1962

51 banks

June 30, 1962

51 banks

Sept. 28, 1962

51 banks

Dec. 28, 1962

51 banks

ASSETS




Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$176,21974, 949

017, 3521,279

77818,73310, 003

32, 4925,441

233

511,180

338,710

166, 829

69, 29910

13,26523,911

9,8512,515

255, 680213, 40172, 279

422,350

15,135

303, 207

6,60919,3178,3771,200

35, 503

338, 710

24, 865

$187,66870, 695

021,579

1,761781

17, 9358,211

36, 0455,940

248

49895

351, 807

176,188

72, 84510

16,66421,93911,1892,943

307, 778226, 60775, 171

35300

13, 893

316,006

6,63519, 4678,3171,382

35, 801

351,807

27,168

$191,08981,273

423, 504

1,476785

21,0098,526

34, 9576,787

233

125318

370,086

186, 520

76, 95510

17, 59322, 79211,0982,799

317, 767238, 87278, 895

351,050

14, 032

332, 884

6,63519, 5279,6491,391

37, 202

370, 086

29, 254

$201,41885, 567

1417,4591,308

80421,01010,172

38, 0886,769

209

43630

383, 491

194, 781

78, 07910

13, 68228, 78612, 2533,932

331, 523251, 68179, 842

28900

13, 285

345, 736

6,63520, 0289,6971,395

37,755

383, 491

36, 667

221



NEW JERSEY


Mar. 26, 1962

154 banks

June 30, 1962

151 banks

Sept. 28, 1962

147 banks

Dec. 28, 1962

149 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisions ,Other bonds, notes, and debentures ,Corporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets.

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions.,







Total liabilities.

CAPITAL ACCOUNTS


Total capital stockSurplusUndivided profitsReserves and retirement account for preferred stock.



MEMORANDUM

Assets pledged or assigned to secure liabilities and for otherpurposes ,

$2,185, 4911,183, 221

469621, 729

79, 6279,980

255, 39695, 758

274, 26760, 6001,837

1,873781

20,405

$2, 268, 4081,198,478

498652, 890

85, 6819,988

274, 75676, 776

321, 57061, 3801,796

2,028421

21, 796

$2, 312, 0471,237, 471

848657, 712103, 34810,106

288, 48081,918

333,06762, 589

1,956

2,047541

23, 490

4,791,434 4,976, 466 5,115,620

1,829, 277

1, 984, 39115

110,199305, 495

38, 57932, 683

4,300,6392,265,8082,034,831

649,000

781114,499

1,890,811

2,049,12415

153,698303, 969

48, 37243, 450

4, 489, 4392,376, 0242,113,415

6411,350

424102, 901

1, 934, 535

2,104,006

147,415345, 50743,06440, 452

4,614,9792,447,9192,167, 060

6414,154

541106,052

4,424, 983 4, 604,178 4, 735, 781

112,88888

112,976184, 314

60, 0229,139

114, 62188

114,709186,473

61, 9819,125

116, 60588

116, 693187, 088

66, 9899,069

366,451 372, 288 379, 839

4, 791,434 4, 976, 466 5,115,620

318,243 351, 389 348, 684

$2, 442, 3601, 269, 697

2,833661, 606

96, 28310, 229

247, 396111,435

361,16263, 3541,955

2,028631

22, 942

5,293,911

2,129,131

2,131, 497

106, 274320, 39949, 90652, 698

4,789,9052,598,3342,191,571

566,350

631110, 346

4, 907, 288

117, 98188

118, 069190, 82268,2479,485

386, 623

5,293,911

336, 517

222



NEW MEXICO


Mar. 26, 7962

29 banks

June 30, 1962

30 banks

Sept. 28, 7962

30 banks

Dec. 28, 1962




Total assets.

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions. .






Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$247, 592177, 32922, 3052,364

93334,02010, 627

59, 0937,289

375

2751,131

563, 333

257, 895

132,02311

17, 09185, 64515, 2546,660

514,579358,837755,742

7,363

521, 948

15,19915,0166,7874,383

41, 385

563, 333

129, 313

$255, 233171, 77624,5132,222966

42, 92010, 957

61, 9297,256472

2751,279

579, 798

261, 745

136, 85411

26, 73586, 44215,1955,369

532,357373,313159, 038

6

* 5,638

537, 995

15,47415, 7016,0404,588

41, 803

579, 798

132, 518

$270, 092168, 06125, 5862,240977

38, 58611,499

60, 4427,504520

2501,531

587,288

260, 251

144, 78011

27,51682, 91514,1505,323

534, 946369,900765,046

41,0007,223

543,173

15, 68415, 8108,4554,166

44,115

587, 288

131, 483

$280, 953166, 75926, 8743,223979

38, 25413, 550

62, 5647,691998

2501,416

603,511

278, 846

151, 54711

22, 66474, 69215,9686,821

550,549377,361773, 788

19200

7,7'47

558,515

15, 68415, 8109,5733,929

44,996

603,511

134,752

223



NEW YORK


Mar. 26, 1962

231 banks

June 30, 1962

229 banks

Sept. 28, 1962

226 banks

Dec. 28, 1962

225 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve b a n k . . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets.




Total deposits.

Time and savings depositsMortgages or other liens on bank premises and other real

Rediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of rep


ks and

Total liabilities.

CAPITAL ACCOUNTS

Capital stock:Common stock ,Preferred stock

Total capital stockSurplusUndivided profitsReserves and retirement account for preferred stock..



MEMORANDUM


$6,797,4132,915,297

19,9931,391,743

92,19742, 863959, 963156, 840

1,095, 766189,8164,860

7,384163,922153,685

$6, 979, 9653,091,513

20,0831,415,685

154,74043,316

1,027,811120, 298

1,481,545189, 7904,669

7,609141,108174, 728

$7, 344, 6562, 917, 747

17, 3001,493,711

144,19543, 538

1,019,684130, 264

1, 393, 292183, 9405,155

7,377151,524179, 392

13,991,742 14, 852, 860 15,031,775

5, 533, 738

4,110,119384, 896696, 902707, 752358,314

77, 797, 7277, 336,3784, 455,343

114218, 693

167,794562, 672

5, 735, 662

4, 389, 576518,455762, 554851, 564523, 639

72, 781, 4508, 002, 2534, 779, 197

11493, 209

145, 476556, 398

5, 822, 901

4, 576, 234456,150824, 746799, 557456, 075

12,935,6637, 972, 3194,963,344

114113, 379

156,305530, 034

12, 740, 994 13,576,647 13,735,495

404, 74130

404, 771631,175206, 5698,233

405, 03922

405, 061635,915226, 4618,776

406, 57922

406,601641, 658239, 3148,707

1, 250, 748 1, 276, 213 1, 296, 280

13, 991, 742, 14, 852, 860 15, 031, 775

1, 602,160 1, 730, 876 1, 639,069

$7, 827, 3992,984,155

17, 5901, 539, 463

153, 20644, 668

1, 210, 768168, 709

1,518,092194, 0612,904

7,772176, 536197, 789

16,043,112

6, 431, 961

4, 809, 450390, 724767, 400859,128450, 476

13,709,1398, 466,8525, 242, 287

234281, 598

183,336522, 503

14,696,810

412, 36120, 022432,383647,811256, 6539,455

1, 346, 302

16,043,112

1, 791, 590

224


Assets and liabilities of national banks, by States, at date oj each call during year ended Dec. 31, 1962—Continued

NORTH CAROLINA


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962 Dec. 28, 1962




Total assets.

LIABILITIES








Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$556, 964195, 044

768, 59324, 5992,426

67, 12624, 394

125,10416, 087

393

4,035

5,194

1,089,966

522, 208

210, 6162

43, 20194, 57187, 6875,377

963, 662707, 152256, 510

0950

30, 445

995,057

26, 53753,81413, 093,1,465

94, 909

1, 089, 966

186,404

$588,716193,173

071,75522, 4632,549

70, 69821, 985

175, 13416, 545

366

4,16870

5,272

$619, 806199, 988

078,41722, 8522,554

78, 08427, 365

172, 85717, 030

218

4,16382

5,605

1,172,894 1, 229, 021

546, 791

232,2142

59, 03485, 988106,8105,982

7, 036, 821762, 449274, 372

04,850

7031, 620

587, 656

240, 2302

53, 84089, 469

106, 0677, 138

7, 084, 402799, 887284, 515

3015, 800

8227, 570

1, 073, 361 1,127, 884

28, 00556, 28613, 7381,504

28, 45555, 83515, 5971,250

99, 533 101,137

1,172, 894 1, 229, 021

184,135 195, 876

$649,100216, 470

079, 20028, 4742,568

90, 32532, 138

189,01517, 483

638

4,17950

5,467

1,315,107

642, 794

250, 6062

47, 33597,816

107, 0676,321

7, 151, 941854, 854297, 087

17328, 700

5031, 703

1,212,567

28, 45456, 23716, 7551,094

102, 540

1,315,107

203, 698

225



NORTH DAKOTA[Dollar amounts in thousands]

Mar. 26, 1962

38 banks

June 30, 1962

38 banks

Sept. 28, 1962

38 banks

Dec. 28, 1962

38 banks

ASSETS


tionBank premises owned, furniture and fixturesReal estate owned other than bank premises ,Investments and other assets indirectly representing bank


Total assets

LIABILITIES



Postal savings depositsDeposits of U.S. Government ,Deposits of States and political subdivisionsDeposits of banksCertified and ofiicers' checks, etc




Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$166, 790123, 948

032, 82510,190

67026,1734,891

28,0117,047172

5310

1,625

402, 873

169,490

142, 5756

7,74035,16110,1612,331

367,464219, 674147,790

500

04,994

372, 958

9,44012, 8746,923678

29, 915

402, 873

67,189

$178, 513115, 548

033,4279,400675

23, 5034,284

24,1027,382177

53167

2,227

399, 836

168, 913

148, 3586

9,78625, 6898,7562,467

363,975209, 808154,167

25

675,175

369, 242

9,54012, 9827,444628

30, 594

399, 836

66, 282

$188, 617124, 536

1034, 61010,044

67828,0334,125

33, 4897,466118

721691

2,474

435, 612

195,100

155, 568

12,12420, 95810, 9202,430

397,106236,092161, 014

0

6916,261

404, 058

9,54013, 0328,354628

31, 554

435, 612

67,154

$202, 856126,790

1039, 95411,740

69829, 3024,765

26,7307,512212

863412

1,807

453, 651

207, 850

163,1236

8,22220, 91610, 9923,050

414,159245,634168,525

100

4126,984

421,655

10,14013,1518,091614

31, 996

453, 651

66, 894

226


Assets and liabilities of national banks, by States, at date of each call dunngyear ended Dec. 31, 7962—Continued

OHIO


Mar, 26, 1962

221 banks

June 30, 1962

221 banks

Sept. 28, 1962

221 banks

Dec. 28, 1962

220 banks



premises or other real estateCustomers' liability on acceptances outstandingOther assets ,

Total assets ,

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions ,







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$3, 084, 8271, 892, 905

325526, 53378, 58115,622

475, 615115,816

533, 64182, 3811,928

3,731487

26, 978

6, 839, 370

2, 664, 803

2, 385,021160

212, 204506, 248264, 55250, 479

6, 083, 4673,581,5042,501, 963

4228, 408

487148, 580

6, 260,984

175, 439306,13792, 8373,973

578, 386

6, 839, 370

1,069, 839

$3,231,1131,833,816

337567, 34182, 64517,284

481,58295, 811

591,71583, 5491,801

3,513269

24, 438

$3, 346, 5651, 839, 590

292595, 74085, 87615,771

508, 494102, 392

593, 90785,0901,889

3,495116

25, 604

7,015,214 7, 204, 821

2,710,178

2,456,486160

298, 862511,976244,19259, 969

6, 281, 8233,703,3762,578,447

3910, 333

269136, 748

2,793, 417

2,511,851155

267, 279543, 817280,23462, 596

6, 459,3493,823,8802,635,469

391,432

116146, 977

6, 429, 212 6, 607, 913

177,762309,72994,7723,739

177, 632311,075104,7223,479

586,002 596, 908

7,015,214 7,204,821

1,186,452 1,121,142

$3, 518, 9271, 932, 228

317611,021101, 95515, 931497,114134, 568

670,07588, 2951,866

3,1473,094

26, 986

7, 605, 524

3,145, 833

2, 595, 966135

200,788494,120311,77559, 302

6,807,9194,090,7032,717, 216

6736, 971

3,094148,344

6, 996,395

178,141318,092108,903

3,993

609,129

7, 605, 524

1,156,081

227



OKLAHOMA


Mar. 26, 1962

200 banks

June 30, 1962

201 banks

Sept. 28, 1962 Dec. 28, 1962

203 banks

ASSETS

Loans and discounts (including overdrafts) ,U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debentures ,Corporate stocks, including stock of Federal Reserve bank.. . ,Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-


premises or other real estateCustomers' liability on acceptances outstandingOther assets ,

Total assets

LIABILITIES




Total depositsDemand deposits.Time and savings deposits




Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$1,031,791630, 292

6175,15829, 637

4,735190, 92130,125

349, 26332, 3701,147

5,501573

6,684

2, 488, 203

1,217, 873

496, 66691

63,110230,192212,642

16,0042, 236, 5781, 708, 409

528, 169

16

57316,488

2, 253, 655

63, 60393, 02873,911

4,006

234, 548

2, 488, 203

469, 976

$1,081,842627, 627

8189,40731,860

5,081190, 89726, 757

359, 48733, 0821,049

5,448608

6,856

$1,076, 455657, 089

18193,17835, 7285,153

203, 07929, 200

339, 34533, 5061,066

5,45320

7,362

$1,148,417663,818

113206, 98138, 0845,243

224, 96335, 490

382,13533, 6571,375

5,79538

8,111

2, 560, 009 2, 586, 652

1,186, 604

541,90091

92,055239, 037218, 956

16,4822, 295, 1257, 727, 494

573, 631

168,850

60818,305

1,198, 640

555, 57291

91,135204, 489215, 139

17,5162, 282, 5827, 699, 653

582, 929

1638,150

2620, 539

2, 322, 904 2,341,313

64,15394, 59274, 6063,754

64, 60396,21280,5513,973

237,105 245, 339

2, 560, 009 2, 586, 652

479, 462 476,097

2, 754, 220

1, 312,797

586,61381

58, 077238,816221,829

27,0472, 445, 2607, 832, 209

613, 051

1634, 465

3821,233

2,501,012

65, 90397, 60685, 4774,222

253, 208

2, 754, 220

494, 609

228



OREGON


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962 Dec. 28, 1962

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank.. .,Res rve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-


premises or other real estateCustomers' liability on acceptances outstanding ,Other assets

Total assets ,

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$930, 654480,2732,438

185, 18236, 6883,246

157,22217, 829

131,35736, 5671,295

32,75910,511

1,996,024

745, 694

770,76914

33,171186,30825, 49733, 467

7, 794, 920918, 017876, 903

1635,000

2,81334, 802

1,837,698

48, 69159, 53150, 059

45

158,326

1,996,024

491,159

$986, 525442, 9862,432

194,26426,3623,367

154, 58817,454

154,35636, 7671,561

3031,993

12, 666

$1,051,510449, 469

1,826194, 86216,7563,369

166,13116,157

173,41637, 3821,415

3032,16813,927

2, 035, 624 2,128,691

773,132

786, 96614

53,069162,82029, 44537, 988

7, 843, 434968, 532874, 902

1330

1,99329,416

834, 850

818,34314

50,302154,16330, 75743, 494

7, 931, 9231, 033, 439

1290

2,16832, 480

1,874,976 1,966,700

50, 69161,58248, 325

50

50, 69161,61149, 634

55

160, 648 161,991

2, 035, 624 2,128, 691

476, 424 493, 806

$1,085,630488, 475

1,870192,28717,7143,370

176,10520, 506

168,24438,918

282

3871,703

14,925

2,210,416

832, 558

823,11114

34, 547233, 48530,67945, 340

7, 999, 7341, 054, 002945, 732

23111,500

1,73532, 396

2, 045, 596

50, 69161,64752, 424

58

164,820

2,210,416

525, 952

229



PENNSYLVANIA


Mar. 26, 1962

446 banks

June 30, 1962

437 banks

Sept. 28, 1962

421 banks

Dec. 28, 1962

424 banks




Total assets.

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-




Mortgages or other liens on bank premises and other real



Total liabilities.

CAPITAL ACCOUNTSCapital stock:

Common stockPreferred stock

Total capital stockSurplusUndivided profitsReserve and retirement account for preferred stock.,



MEMORANDUM


$4,619,4292, 513,266

8591,092,614143,18330,691638, 647170,286

672,021129,7424,204

5,16415,65845, 222

10,080, 986

3, 965, 588

3,721,713594

280, 542396, 694402, 26940, 559

8,807, 9594, 912,1793,895,780

25439,115

16,049171,825

9,035,202

260, 96050

267,070621,041153, 9879,746

1,045,784

10,080, 986

1, 271, 473

$4, 683, 5862, 510, 620

1,2651,215,701149, 62830, 569

732, 477137,236

693, 596131,3433,896

5,37817, 97446, 276

$4, 777, 8082, 481, 807

1,7451, 278, 978151,29530,772701,129148, 682

716,702134,1214,012

5,28212,43247, 217

10, 359, 545 10, 491, 982

3, 968, 605

3, 832, 890597

438,123417,384399,11949, 080

9,105,7985,092, 1754,013, 623

24419, 085

19,124168, 587

3, 952,064

3, 963, 422594

353,815504, 259405, 88739, 730

9, 219,7715, 080,8014,138,970

28412, 830

13,120179,104

9, 312, 838 9,425,109

260, 86250

260,912620, 465155, 7359,595

261, 32650

261,376621,702173,65810,137

1,046,707 1,066, 873

10, 359, 545 10,491, 982

1, 439, 900 1, 378, 296

$4, 996,0362, 425, 751

1,9541, 452, 656

155, 96431, 321716,196198, 495

803,774135,8674,110

5,3645,06947,064

10, 979, 621

4, 240,036

4,083, 768585

274,295481, 391421,32248, 241

9,549,6385, 260,6804,288,958

280164, 945

5,473188,540

9, 908, 876

262,49450

262,544645, 611152, 9029,688

1,070,745

10, 979,621

1,416,413

230



RHODE ISLAND


Mar. 26, 1962

4 banks

June 30, 1962

4 banks

Sept. 28, 1962 Dec. 28, 1962

4 banks


tionBank premises owned, furniture and fixturesReal estate owned other than bank premisesCustomers' liability on acceptances outstandingOther assets

Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$330, 648112,614

5870,0032,4311,181

32, 37110, 624

27, 8007,89511347

2,320

598,105

191,311

282, 56224

14, 01836, 9444,2226,585

535, 666244,721290,945

0

6015,114

550, 840

13, 60525, 7537,879

28

47, 265

598,105

34, 248

$335, 840114, 637

6970, 8921,0001,181

30, 2428,701

23, 8618,0071789

2,900

597, 517

189, 841

278, 69924

20, 57833,9924,3606,049

533,543251,945281,598

0

3115, 651

549, 225

13, 60525, 7588,9,4

48, 292

597, 517

41,841

$337, 087111,397

9771, 3351,7111,181

32, 91410, 451

25,0828,17920171

2,997

601, 983

193, 867

282,78924

15, 96137, 6994,6523,260

538,252

7514,977

553, 304

13, 60525, 7589,282

34

48, 679

601, 983

37, 304

$391, 40596,181

7174, 5502,1051,1817,80012,164

29,4788,30023739

1,833

625, 344

214,113

283,95624

13, 58337,1565,4586,570

266,770294,0901,000

4914, 950

576, 859

13, 60525, 7589,107

15

48, 485

625, 344

37, 338

231



SOUTH CAROLINA


Mar. 26, 1962 June 30, 7962

26 banks

Sept. 28, 1962

25 banks

Dec. 28, 1962

26 banks

ASSETS




Total assets

LIABILITIES



Deposits of U.S. GovernmentDeposits of States and political subdivisions ,Deposits of banksCertified and officers' checks, etc





Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$333, 962188, 57149, 2859,5961,474

43, 99619, 431

83,18013,181

220

2454

3,035

746,180

410, 005

100, 06729, 35688, 83618, 3694,028

650, 661535, 822114, 839

292,000

434, 254

686, 948

15,16232, 29310, 3951,382

59, 232

746,180

123, 904

$344,183184, 54451,1757,4981,488

39, 56716,823

90, 76113,195

220

2443

2,435

752,136

418,605

103,61334, 02886, 00115, 2845,620

663, 151544, 656118, 495

291,300

326, 801

691,284

15, 37233, 07311, 1401,267

60, 852

752,136

130, 656

$347, 047216,81051,92110, 8251,596

40, 48117,155

90, 55413, 345

363

2430

2,608

792, 948

449, 103

107,31035, 29983, 05420,9853,443

699, 194577, 105122, 089

291,000

030, 565

730, 788

15,33234, 26211,1541,412

62,160

792, 948

130, 299

$359, 596216,45852, 60511,3261,600

50,17522, 375

89,14913, 704

511

24210

2,746

820, 497

481, 529

104,19630, 45987, 76618,2705,165

727, 385608, 651118,734

190

1029, 846

757, 260

15,45734, 75111,5821,447

63, 237

820, 497

130,120

232



SOUTH DAKOTA


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962 Dec. 28, 1962

32 banks


$206, 455131,349

$222, 649132, 781


premises or other real estateCustomer' liability on acceptances outstandingOther assets

25, 05810, 382

91829, 8755, 199

27, 3047,042

227

8550

2,228

25, 6288,931

93832, 2395,222

31,8227,132

211

9320

3,053

Total assets. 446, 892 471,538

LIABILITIES



Postal savings depositsDeposits of U .S. GovernmentDeposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc





196,016

143,764

193,475

154,069

8, 73548, 00110,6142,345

409, 475251, 497157, 978

50

12,18959, 8739,3863,421

432, 413263, 807168, 606

50

05,966

06,510

Total liabilitie 415,491 438,973

CAPITAL ACCOUNTS


10,87013,2656,937

329

11,05413, 5867,591

334



MEMORANDUM


31,401 32, 565

446, 892 471, 538

80, 409 81,780

$226,174141,736

26,3139,726

95234, 9854,885

31,1297,447

176

3,103

487, 677

209, 816

159,418

11,72751,48710, 9972,696

446, 141271,646174, 495

50

7,187

453, 466

11,14013, 8508,855

366

34,211

487, 677

83, 974

$243, 775149,382

29, 33211,8521,024

33, 2995,509

34,1717,555

192

92253

2,547

519,613

229, 692

166,658

8,88554, 00812, 7072,989

474, 939293, 176181, 763

50

538,221

483, 263

12,37015, 3708,291

319

36, 350

519,613

86, 333

233



TENNESSEE


Mar. 26, 1962

74 banks

June 30, 1962

73 banks

Sept. 28, 1962

73 banks

Dec. 28, 1962

73 banks

ASSETS


tionBank premises owned, furniture and fixturesReal estate owned other than bank premisesCustomers' liability on acceptances outstandingOther assets

Total assets

LIABILITIES








Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$1,242, 864615,809

152156,00620, 3975,468

192,85447, 916

309, 32327, 4822,7523,9938,361

2, 633, 377

966,913

741, 602160

61, 981240,274352, 9078,225

2,372,0621,581, 601790,461

873,500

3,99342,856

2,422,498

62,705108, 56935,4474,158

210,879

2,633,377

325,995

SI, 267, 302572,020

352163, 85129, 9775,565

198,42140, 460

350, 68029,1151,2722,6378,357

$1,318,947593, 945

352171,45836, 6195,726

205,29842, 380

345,15429,811

7902,2058,945

2, 670,009 2, 761, 630

977, 978

773, 518161

83,471240, 826329,71411,316

2,416,9841,580,804836,180

862,000

2,63737, 641

997,101

786, 646160

80,246233, 821367,6509,441

2,475,0651,632,473842,592

6021,875

2,20542,726

2,459,348 2, 541, 931

61, 805108, 59034, 9655,301

65,005113,79036, 3734,531

210, 661 219, 699

2, 670,009 2,761,630

351,471 370,105

$1,429,566599,461

250192, 62337, 6306,300

209,73255,423

357, 51530, 403

9332,22612, 807

2, 934,869

1,090, 705

817, 582160

60,153218, 922415, 81110, 796

2,614,1291,733,635

5943,025

2,22650,710

2,710,149

65,005115,93939,0564,720

224, 720

2,934,869

368,392

234


Assets and liabilities of national banks, by States, at date of each call during year ended Dec. 31,1962—Continued

TEXAS


Mar. 26, 1962 June 30, 1962 Sept. 28, 1962

482 banks

Dec. 28, 1962

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. Government..Obligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets

LIABILITIES

Demand deposits of individuals, partnerships, and corpora-tions. ,


Postal savings depositsDeposits of U.S. GovernmentDeposits of States and political subdivisionsDeposits of banks ,Certified and officers' checks, etc





Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$4,814,0552, 355,023

88,057739,013118,09523, 521

848, 203120,264

1, 569,771202, 046

9,728

5,27717,31742, 389

10, 952,759

5,132,004

2,230,0811,075

215,055969,029

1,244,49168,292

9,860, 0277, 136,1882,723, 839

20874, 945

17, 68979, 591

10,032,460

339,269415,420138, 64126, 969

920,299

10, 952, 759

1,743, 308

$4,877,1182,290, 309

83, 507740, 598121, 46424,250

859, 333104, 549

1, 667, 958204, 618

9,729

5,29017, 64248, 855

$4, 953,0292,386,700

78, 442771, 340136,12724, 412

812,610115,317

1, 655, 907208, 329

9,985

5,30212,19552,315

11,055,220 11,222,010

5,044,128

2, 391, 5241,075

286,099906, 642

1,278,61075, 721

9,983,7997,157,5322, 826,267

19632,212

17, 64288,679

5,138,120

2,456, 8921,080

267,406828,819

1,288,42475,227

10,055,9687,170,8352,885,133

24792,462

12,195102,478

10,122, 528 10,263, 350

341,294418, 200145,13028, 068

343.187420.188167,28228,003

932, 692 958, 660

11,055,220 11,222,010

1,748, 370 1,770,342

$5, 302,0982,415,748

69,085817,487155, 38624,762975,063135,517

1, 865,775212,7119,945

5,30727,63454,285

12,070, 803

5,494,071

2, 574,3041,080

201,478949, 829

1, 391, 355100,136

10,712, 2537,686,4513, 025,802

326249, 677

27, 634104,791

11,094,681

346,714427, 758173, 28728, 363

976,122

12,070, 803

1,943,130

235



UTAH


Mar. 26, 1962

8 banks

June 30, 1962

8 banks

Sept. 28, 1962

8 banks

Dec. 28, 1962

8 banks




Total assets.

LIABILITIES






Total liabilities.

CAPITAL ACCOUNTS

Capital stock: Common stockSurplus..Undivided profits.Reserves



MEMORANDUM


$290,95595, 850

1341,5853,9541,064

44, 4495,625

40, 9281,551

63

6,200456

532, 693

191,971

207, 223489

11,54443,10418,7553,765

476, 851252, 426224, 425

3,0009,061

488, 912

13,27519,0359,2572,214

43, 781

532, 693

25,193

$306, 49996, 637

3744,1753,2681,170

43,1675,907

48, 4991,612

66

6,2001,751

558, 988

194,922

224,125489

16,79542, 96620, 935

3,331503, 563261, 549242, 014

3,0008,730

515,293

13,33522,485

5,6612,214

43, 695

558, 988

29, 260

$320,21880, 294

4751,1513,3231,171

44, 2035,771

50, 9521,644

107

6,200720

565, 801

208, 081

219, 329489

14, 83246, 49817, 0294,223

570, 481271, 712238, 769

10, 354

520, 835

13, 33522, 485

6,8612,285

44, 966

565, 801

29, 875

$334,16983, 308

5852, 0103,5931,201

49, 2466,384

58, 7471,613

91

6,200494

597,114

209, 304

230,186489

10,45856, 09018,1937,715

532, 435282, 482249, 95310, 3968,452

551,283

13,33523, 5366,6002,360

45, 831

597,114

34, 910

236



VERMONT


Mar. 26, 1962

30 banks

June 30, 1962

30 banks

Sept. 28, 1962

29 banks

Dec. 28, 1962

29 banks




Total assets.

LIABILITIES






Total liabilities.

CAPITAL ACCOUNTS


Total capital stockSurplusUndivided profitsReserves and retirement account for preferred stock.



MEMORANDUM


$125, 27757,190

713,0222,925

47110, 9053,922

12,1703,224

134

878565

230, 690

64, 201

127, 5833

4,1825,7731,247

978203, 96775, 263

128, 704225

4,933

209,125

6,793800

7,5938,2234,4571,292

21,565

230, 690

10, 321

$130,99553, 361

2214,4382,705

47411,2533,884

13,1693,103

144

960493

235, 001

66,094

129, 6263

4,6915,4581,1841,239

208, 29577, 489

130, 806100

5,151

213,546

6,843800

7,6438,3074,2111,294

21, 455

235, 001

10, 096

$127, 78660, 721

4214, 3473,133

46612, 3913,867

12,4123,155

162

941561

239, 984

68, 206

130, 2003

4,9747,4601,4321,215

213, 49081, 958

131, 5320

4,786

218,276

6,693768

7,4618,1884,6661,393

21,708

239, 984

10, 425

$130, 92962,127

6612,4173,122

46712,1333,933

14, 9873,113

121

960786

245,161

70,793

130, 7023

4,0939,4541,5471,592

218, 18485,567

132,6170

5,164

223, 348

6,693768

7,4618,2044,7521, 396

21,813-

245,161

11,370

237



VIRGINIA


Mar. 26, 1962

129 banks

June 30, 7962

129 banks

Sept. 28, 1962

129 banks

Dec. 28, 1962

127 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debentures ,Corporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bank ,Currency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixtures ,Real estate owned other than bank premises ,Investments and other assets indirectly representing bank


Total assets






Rediscounts and other liabilities for borrowed money.,Acceptances executed by or for account of reporting banks and


Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$1, 068, 809530, 087

57160,83439, 6004,998

137, 45345,216

163, 98632,603

951

2,179354

6,592

2,193,719

875, 336

769,04913

61, 391131, 30189,6677,855

1,934,6121, 112, 460822, 152

2539,405

35449, 942

1, 994, 566

53, 555104, 92738,1602,511

199,153

2,193,719

353, 763

$1,151,337522, 233

165164, 90540, 9375,106

129, 23939, 538

205, 00333, 3851,041

2,171259

6,286

$1,185,104533, 829

91175, 43947,7125,242

134,25944, 402

202, 07234, 3561,079

2,166392

6,775

2, 301, 605 2, 372, 918

895, 699

805,70813

83, 549148, 69787, 89415, 094

2,036,6541,178,167858, 487

24721,315

25940, 876

948, 340

838, 59013

78, 471139, 22197, 4938,534

2,110,6621,221,840888, 822

2446,450

39246,246

2,099, 351 2,163, 994

55,710107, 58036, 6802,284

58, 391107, 38440, 6512,498

202, 254 208, 924

2, 301, 605 2, 372, 918

379, 945 377, 974

$1,215,016569, 300

245196,26552,2035,284

133, 08554, 715

204, 59235, 2971,000

2,084453

6,948

2, 476,487

995,690

867, 34913

64, 369153,056104, 72615,711

2,200,9141,280,499

920, 415

20212, 500

45349, 989

2,264, 058

60,149108, 59841, 4582,224

212, 429

2,476, 487

376,288

238



VIRGIN ISLANDS OF THE UNITED STATES


Mar. 26, 1962

1 bank

June 30, 1962

Ibank

Sept. 28, 1962

1 bank

Dec. 28, 1962

1 bank

ASSETS

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsCorporate stocks, including stock of Federal Reserve bank. . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixturesOther assets

Total assets

LIABILITIES



Deposits of U.S. GovernmentDeposits of States and political subdivisions ,Deposits of banksCertified and officers' checks, etc


Other liabilities

Total liabilities

CAPITAL ACCOUNTS

Capital stock: Common stockSurplus ^Undivided profitsReserves



MEMORANDUM


$10, 2984,5262,601

36788635

3,28748380

22,734

5,702

8,295205

6,11395

11920,5297,360

13,169587

21,116

360840418

0

1,618

22, 734

6,576

$10, 3934,5192,508

60678599

1,952476222

21, 407

5,032

8,444226

5,26010

14119,1136,082

13,031626

19,739

360840468

0

1,668

21, 407

5,976

811,3536,9272,258

60886553

1,267139116

23, 559

4,978

8,514220

7,30650

10921,1775,847

15,330796

21, 973

360840386

0

1,586

23, 559

8,356

$12,6197,0131,957

45449803

1,128129276

24, 419

5,209

8,453207

7,71516994

21,8475,969

15,878851

22, 698

4001,100

2210

1,721

24, 419

8,385

239


Assets and liabilities of national banks, by States, at date of each call during year ended Dec, 31, 1962—Continued

WASHINGTON


Mar. 26, 7962

24 banks

June 30, 1962 Sept. 28, 7962

25 banks

Dec. 28, 7962

25 banks




Total assets.

LIABILITIES




Total deposits.

Time and savings depositsRediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of reporting banks and


Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$1,378,354648, 876

137209, 621

11,8844,845

212, 95640, 043

250,01246, 6891,469

6135,510

14, 757

2, 825, 766

1,238, 883

914,6199

79, 893215,28069,71820,478

2, 538, 8807, 672, 276

926, 6644,125

5,71559, 810

2, 608, 530

68.05793,21354, 6601,306

217,236

2, 825, 766

507,432

$1, 439,896636, 845

225219,673

17, 9774,938

220, 27935, 910

272, 76446, 9871,627

6015,524

15,128

$1,491,069611,118

218219,64622, 2084,950

242, 59436, 081

276, 87547,5141,597

6185,899

14, 520

2,918,374 2, 974, 907

1, 248,770

947, 7059

124, 839225,391

75, 64620, 294

2, 642, 6547, 682, 078

960, 576125

6,03848, 657

1,315,405

981,3939

103,611188, 64876, 84020, 722

2, 686, 6287, 692, 605

994, 0233,125

5,93855, 448

2, 697, 474 2,751,139

68, 35295, 87155, 5911,086

68, 50296,06157, 9051,300

220, 900 223, 768

2,918,374 2, 974, 907

552, 576 521,713

$1,505,414668, 378

227225, 958

36, 3984,975

231,58645, 744

274, 39947, 2391,659

6454,370

15,453

3, 062, 445

1,375,013

1,003,1829

79, 787195,07779, 76120, 097

2, 752, 9267, 737, 4907, 015, 436

22, 000

4,47153, 699

2, 833, 096

68, 50297,06562,316

1,466

229, 349

3, 062, 445

477, 842

240



WEST VIRGINIA


Mar. 26, 7962 June 30, 7962 Sept. 28, 7962

76 banks

Dec. 28, 7962

76 banks

ASSETS



premises or other real estate ,Other assets

Total assets

LIABILITIES



Postal savings depositsDeposits of U.S. GovernmentDepostis of States and political subdivisionsDeposits of banksCertified and officers' checks, etc





Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$295,860278, 963

2148, 6886,2401,738

43, 64919,444

69,1679,557

657542

2,455

776, 981

333,019

255, 068148

17,39451,00027, 930

3,672688, 237437, 497256, 734

271,225

310, 049

699, 535

19,08938, 88616, 4932,978

77, 446

776,981

133, 917

$320,097283, 926

2851,1777,0191,835

42, 48916,481

77, 7359,722

610742

2,655

814,516

334, 875

268, 299148

24, 94058,15129, 966

3,683720, 062450, 066269, 996

272,335

311,503

733, 930

19, 56939, 99617,0553,966

80, 586

814,516

139, 601

$326, 800292, 901

1051,5427,2341,843

46,19018,759

81, 4279,992

701747

2,930

841, 076

333, 463

274, 594148

24, 73680, 46927, 306

5,407746, 723469, 887276, 242

27375

311,149

757, 677

19, 57940, 31719, 5743,929

83, 399

841,076

143,251

$335, 212296, 275

17051,6907,9921,865

38, 98222, 220

73, 42611,363

636764

1,912

842, 507

353,818

281,003148

18,39762, 87527, 237

3,633747, 777464, 523282, 588

27400

11,749

759, 287

19, 62941,07819, 2843,229

83, 220

842, 507

144, 530

241



WISCONSIN


Mar. 26, 1962

101 banks

June 30, 1962

101 banks

Sept. 28, 1962

101 banks

Dec. 28, 1962

101 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank.. .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-


premises or other real estate.Customers' liability on acceptances outstandingOther assets

Total assets.

LIABILITIES




Total deposits. ,Demand depositsTime and savings deposits




Total liabilities.

CAPITAL ACCOUNTS




MEMORANDUM


$969, 580631, 559

29137,75729, 444

3,921202, 86530,235

206,07924, 659

1,331

1,268318

9,360

2,248, 405

867,010

792, 737857

71,265126, 377154, 528

10, 5812,023,3551,198,830

824,525

1872,039

32648, 827

2,074, 734

45,14485, 73336,0506,744

173, 671

2,248, 405

141,314

$1, 014, 623640, 932

88137, 93630, 5863,994

161, 94927,109

246,24525, 840

1,406

1,438244

10, 551

$1,050,123637, 619

75140,63436,2744,011

168, 59127,456

258, 38026, 849

1,518

1,700101

10, 435

2, 302, 941 2, 363, 766

918, 853

811,959857

102,04395, 628

139, 86014, 335

2,083, 5357,238,089

845,446

1853,965

24438, 622

947, 075

847, 458857

88, 80086, 772

153, 78210, 818

2,135,5627,261,489

874,073

1844,817

10142,435

2,126, 551 2,183,099

45,47486,25738,0546,605

45, 62486, 50841, 5217,014

176, 390 180, 667

2, 302, 941 2, 363, 766

170, 729 167, 488

$1,119, 991682,047

125142,699

34, 8584,034

140, 86533, 616

302, 81327,759

1,680

2,05994

10, 466

2,503,106

1,068, 901

866, 834857

69, 87075,313

166, 63412, 655

2,261,0647,374,161

886,903

1812,550

9455, 858

2, 319, 747

45, 97487,18643,104

7,095

183, 359

2, 503,106

157, 250

242



WYOMING


Mar. 26, 1962

26 banks

June 30, 1962

27 banks

Sept. 28, 1962

27 banks

Dec. 28, 1962

27 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank. . .Reserve with Federal Reserve bankCurrency and coinBalances with other banks, and cash items in process of collec-

tionBank premises owned, furniture and fixturesReal estate owned other than bank premisesOther assets

Total assets

LIABILITIES







Total liabilities ,

CAPITAL ACCOUNTS




MEMORANDUM


$148, 80097, 35318, 4773,215

56420, 7445,114

26, 4446,230

111812

328, 530

129, 310

103, 46118

7,04144,18110, 4442,941

297,396175,363122,033

21100

4,327

301, 844

4,61613, 6697,604

797

26, 686

328, 530

70, 589

$156, 35589,72819, 3073,283

58319, 0615,080

30, 3936,4031,0021,197

332, 392

125,714

108, 02818

8,83241, 85910,4853,702

298,638173,385125, 253

142,4504,242

305, 344

4,72514,1857,348

790

27, 048

332, 392

71, 807

$155, 48894, 04019, 2973,242

58522, 8095,415

35, 6026,4701,0831,377

345, 408

136, 265

110,99518

9,49037, 85813, 3344,501

312,461186,299126,162

14500

4,467

317,442

4,75514, 4618,019

731

27, 966

345,408

71, 369

$159,483103,49020, 3322,978

61023,1845,657

35, 0226,3271,0761,085

359,244

141, 391

113, 64718

6,61047, 51812, 9193,202

325,305195, 743129,562

14200

4,773

330,292

4,75514, 8308,534

833

28, 952

359,244

70, 801

243


TABLE B-18.—Fiduciary activities of national banks, by size of capital stock, Dec. 28, 1962


Number of national banks with trust powers, total

Not administering trusts

Assets of national banks with trust powers, total

Not administering trusts

Trust department assets, total

Other assets

Trust department liabilities, total

Trusts .Other liabilities;

Agency, escrow, custodian, and corporate accountsMiscellaneous

Volume of bond issues outstanding for which national banks areacting as trustees total

$25.0

9

36

$20,120

7,69112,429

$378

26223930

$378

94

25925

$1, 733

$25.1 to$50.

43

2221

$154, 517

83, 72070, 797

$2, 229

1,86678

26917

$2, 229

2,020

19316

$1, 057

$50.7 to$100.0

193

13756

$1,225,813

915,265310, 548

$62, 628

49, 7573,2575,1714,444

$62, 628

48, 769

13, 399460

$6, 214

Banks with capital stock of—

$100.1 to$200.0

383

31172

$3, 542, 850

2, 866, 508676, 342

$267, 678

211,38912,63620, 48623,167

$267, 678

204, 232

60, 9822,464

$182,939

£200.7 to$500.0

487

42661

$8, 255, 326

7, 257, 522997, 804

$1,100, 236

886, 65336, 88170, 207

106, 495

$1,100,236

798, 917

290, 52210,796

$401, 531

$500.1 andover

671

65120

$128,449,673

126, 392, 8572, 056, 816

$86, 317, 000

44,801,3921,465,5181,533,514

38, 516, 576

$86, 317, 000

30, 322, 039

53, 297, 5452,697,416

$40,116,269

Total

1,786

1,550236

$141, 648, 299

137,523,5624,124,737

$87,750,149

45,951,3191,518,3921, 629, 739

38, 650, 698

$87,750,149

31, 376, 072

53, 662, 9002,711,176

$40, 709, 742Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Number of national banks:Administering personal accounts:

TrustsAgency, escrow, and custodian accounts

Administering corporate accounts:Bond or debenture issuesPaying agenciesDepositories and other miscellaneous corporate ac-

countsActing as a transfer agentActing as registrar

Number of accounts being administered by national banks,total

Personal accounts

TrustsAgency, escrow, and custodian accounts

Corporate accounts

Bond or debenture issuesPaying agenciesDepositories and other miscellaneous corporate ac-

counts

Acting as a transfer agentActing as registrar


13 153

1396

13049

2412

834

2,662

2,582

2,057525

12

296150

9127

169

14

11,813

11,402

10, 0471,355

29563

26

414290

169115

582234

37, 979

35, 936

30, 4895,447

1,958

1,060717

181

644601

479414

258343292

512,701

452, 994

330, 917122,077

49, 843

10,42831,669

7,746

5,2104,654

1,5081,094

769570

341377344

565, 321

503, 070

373, 660129,410

52, 268

11,82032, 482

7,966

5,2574,726


TABLE B-19.—Fiduciary activities of national banks, by national bank regions, Dec. 28, 1962[Dollar amounts in millions]

National bank regions

Number of national banks with trust powers

Administeringtrusts

Not admin-istering trusts

Total

Assets of banksauthorized to

exercise fiduciarypowers, total

Trust department liabilities

TrustsAgency, escrow,custodian, and

corporateaccounts

Other Totalliabilities

Total...

BostonNew York....Philadelphia..ClevelandRichmond....AtlantaChicagoMemphisMinneapolis..Kansas City..DallasDenverPortlandSan Francisco

1,550 236 il,786 $141, 648 $31, 376 $53, 663 $2,711 $87, 750

12917916419612886

14811665

103143472917

15319916820914697

16713585

143167643320

7,48019, 6709,533

10, 8516,4505,725

18,1707,5755,0665, 517

12,0444,1456,179

23, 243

2,6694,0274,8892,9451,4161,4113,9541,083

969894

2,004697971

3,446

3,39516, 434

3,5132,0821,9681,951

11, 6851,5552,9871,8931,238

779698

3,486

156328383012

2,35712116

91107

31

6,07920, 524

8,4305,0653,4143,375

17, 9962,6493,9662,7933,3321,4861,6766,964

National bank regions

Number of accounts being administered

TrustsAgency,

escrow, andcustodianaccounts

Corporatetrust bond

issueaccounts

All otheraccounts

Total numberof accounts

Bond and deben-ture issues out-standing wherebank acts as

trustee

Common trust funds

Number offunds

Ledger valueof assets

Trust depart-ment gross

earnings forcalendar 1962

Total.,

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoMemphisMinneapolis...Kansas City.. .DallasDenverPortlandSan Francisco.

373, 660 129,410 11, 820 50, 431 565, 321 $40,710 2 359 $1,123 $242

23, 24925,11452, 87630, 72324,28316, 69281,07414, 94316,90013,13717, 93513, 32013,21529, 929

9,09416, 3927,1048,6356,2674,547

22, 2315,3968,7168,0154,7716,2803,558

18,404

319701

1,3811,255

433436

1,1722,910

984576676415220342

1,7818,4561,6342,5031,1642,654

11,2225,9101,2231,8137,6801,336

7062,349

34, 44350, 66362, 99543,11632,14724, 599115,69929,15927, 82323, 54131,06221, 35117,69951, 024

1,19113, 7204,2311,6701,4901,4337,2391,441664

1,2792,034432366

3,520

1275821854895936345123689881128

193423171110407109137735

1 Includes 30 banks which have been granted only certain specific fiduciary powers.Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

T A B L E B-20.—Investments under administration of national bank trust departments, Dec. 28, 7962, by type of investments and size of capital stock of bank


Trust department investments, bysize of capital stock of banksadministering trusts

Total

$25 0$25.1 to $50.0$50.1 to $100.0$100.1 to $200.0$200.1 to $500.0Over $500.1

Bonds

Value

$25, 353, 996

225658

15,49567, 953

277, 52224,992,143

Percent

55.18

86.0135.2531.1432.1531.3055.78

Stocks

Value

$14, 880, 958

37809

24,41688, 033

400, 03314, 367, 629

Percent

32.38

13.9943.3749.0741.6545.1232.07

Real estate mortgages

Value

$2, 272, 277

0118

3,18132, 66978, 072

2,158,236

Percent

4.95

0.006.346.39

15.458.814.82

Real estate

Value

$1, 779, 239

0260

4,53814, 92377, 094

1, 682, 424

Percent

3.87

0.0013.969.127.068.693.76

Miscellaneous

Value

$1, 664, 849

020

2,1267,811

53, 9321, 600, 960

Percent

3.62

0.001.084.283.696.083.57

Totalinvestments

$45,951,319

2621,866

49, 757211,389886, 653

44, 801, 392


T A B L E B-21.—Fiduciary activities of national banks, summary data, 1928 and 1951-62


Dec. 31—

1928195119521953195419551956195719581959196019611962

Number ofbanks ex-ercising

trustpowers

1,5851,5121,5131,5131,5031,4801,4861,4761,4771,4931,5071,5241,550

Aggregate trustdepartmentliabilities

$3, 29736,13739, 66643,15047, 93937,18839, 00042, 57946, 78256, 55873,21779, 224

87,750,148,612

Outstandingbonds anddebentures

$7, 97814, 55116, 05217, 62619,48617, 35819,20122, 04424, 75333, 09435, 96337, 934

40, 709, 741, 944

Gross trustdepartmentearnings

$16758186

101103117129141182201219

242, 204, 000

Common trust funds

Number

8607188

105130165218234282332359

Amount

(2)(2)

$187214277321382433519685802951

1,122,710,707

Number of accounts

Trusts

1 53, 853171,589184,125194,231207,157214, 383231, 991248, 048270, 789303, 933324, 928351, 307373, 660

Agency,etc.

(2)78, 17172, 72577, 47382, 03274, 83279, 32782,91687, 593

105, 977115,255121,119129,410

Corporatetrust, bond

and de-bentureissues

9,293(2)

7,2177,6118,0118,0568,3818,8399,619

10,13910,72511,24811,820

Otheraccounts

(2)(2)33, 89337, 37038, 39634, 54335,10336, 86037, 91045, 08745, 05348, 71250, 431

1 Includes agency accounts in 1928. 2 These figures were not developed at the time.


TABLE B-22.—Fiduciary activities of national banks, by States, Dec. 28, 1962


State or other areaNumber of

banks exercis-ing fiduciary

powers

Number withauthority butnot exercising

powers

Total num-ber authorized

to exercisefiduciarypowers

Total bankingassets of banksauthorized to

exercisefiduciarypowers

Trust department liabilities

TrustsAgency, escrow,custodian, and

corporateaccounts

All otherliabilities

50 States and D.G.—Total.

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of Columbia.FloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew Hampshire.. . .New JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregon.. . .PennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming

1,550 236 71,786 $141, 648 $31, 376 $53, 663

2942

25152314

13

522303

1219535315118181460271918258

122

21888

91176

50282

1642

118

26115

2146712263212

3542

2716341423

5626

14

13698493856201818723126203310233

319811

101208

55333

1682

151133

1343

1672--12314014

1,638203

1,269693

22, 5161,5571,421

101,0383,0761,880

322541

12, 5963,4491,0681,1121,1462,117

3781,3354,5775,5742,511

4422,353

284984404318

4,774463

14,8961,250

1686,2561,8312,1639,533

594769415

2,68610, 213

574192

2,1802,988

6381,971

282

3784

0)89

3,375383823

805445

024

2,574758154139168126118279

1,4211,379

58436

39216

209* 626

5861962

3,40831326

2,019294

0)4,889(5)

16136

4531,710

)

1,0)

60)6 249

51760014332325

3714

0)45

3,357564555

( )

1,239614

03

9,43578211616460

628155448

2,3862,2502,516

31,143

14469

*58642

1,57154

14, 8639219

1,239555

0)3,513

(5)9913

507683

C)6 258

1,09335022

43931

$2,711

8.65

(2)•1

840

(*)2,348

11111112995(*)

(*)

(*)

(*)

J

0)

(*)

1 Included with figures for the State of Nevada.2 Included with figures for the District of Columbia,3 Includes figures for 1 bank in Delaware.4 Includes figures for 2 banks in Arizona, 2 banks in Oregon

and 2 banks in Utah.6 Included with^figures^for the State of Vermont.

6 Includes figures for 2 banks in Rhode Island.7 Includes 30 banks which have been granted only certain

specific fiduciary powers.•Less than $500,000.NOTE.—Data may not add to totals because of rounding.

248


TABLE B-22—Fiduciary activities of national banks, by States, Dec. 28, 1962— Continued


Trust depart-

ment la i ihes

Total lia-bilities

$87, 750

7548

0)134

6,763954

1,382

3 4782,0521,063

027

14, 3571,552

272304230756274730,

3,8163,6393,105

401,538

31680

41,219100

2,197116

18, 327407'

463,284

854C)

8,430

260 *49

9652,478

0)6 5081, 634 -

952166-767

56

Trusts

373, 660

3,998104

0)2,023

29, 2787,1827,426

3 1 , 5949,0175,152

01,376

71, 43712, 5822,5002,4413,4922,4582,0083,113

10,5179,6379,093

8395,095

3533,101

* 9,142779

8,4931,109

16, 6216,050

96014, 6492,166

0)52, 876

2, 7931,2615,625

15, 7690)6 2, 51910, 0507,2423,4765,586

678

Number of accounts being administered

Agency, escrow,and custodian

accounts

129, 410

1,5868

0)362

17, 5552,4662,976

37632,6381,367

047

16, 9553,982

9952,389

9621,736

5921,4734,4165,2766,445

642,094

7292,537

4 2, 654248

3,0471,132

13, 345587129

3,6911,240

0)7,104

542229

1,6483,531

(x)6 862

3, 0341,756

4101,9131,895

Corporate trustbond issueaccounts

11,820

49515

0)1,648

334308

48

3 50225165

032

1,065389

83118107202

9872

141107376

8212

27163

41369

1247

57718751

759164

0)1,381

4613

557512

(0 6 2398

10826

54410

All otheraccounts

50, 431

1,63612

0)624

2,327580497

8113782

1,4570

169,885

5167099

2401,667

201474835

1,337608

911,543

14101

4 81026

754144

7,702182

151,7472,990

0)1,634

41534

1,8924,690

0)6 222

370482

25566

6

Total numberof

accounts

565, 321

7,715139

0)4,657

49, 49410, 53610, 947(2)3 2, 52012, 6628,141

01,471

99, 34217, 4693,6485,0474,8016,0632,8995,132

15, 90916,35716, 5221,0028,9441,1235,902

412, 7421,062

12,4182,392

38, 2457,0061,155

20, 8466,560

0)62, 995

3,7961,5379,722

24, 5020)6 3, 62613, 5529,5883,9378,6092,589

Bond and de-benture issues

outstanding wherebank acts as trustee

$40, 710

4405

0)336

3,490276122

8 354641732

018

6,870650

26286

59356135434916370367

264123

3254 289

2282

413, 437

220103962675

0)4,231

604

3071,359

C)«16464210

18189

3

Trust departmentgross earningsfor year endedDec. 37, 7962

$242

2(*)C1)

134

56

S 263

o(*)

325-

21198

(*)

(*)2

4 6

71

272

(*)11

20)

23

1(*)

311

(*)62

4412

(*)


TABLE B-23.—National banks administering employee benefit trusts and agencies during 7962, by national bank regions


National bank region Numberof banks

With investmentresponsibility

Numberof plans

Market value

Investments directedby others

Numberof plans

Market value

Held as agent only

Numberof plans

Number offully insuredplans withno bank in-vestment re-sponsibility

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoMemphisMinneapolisKansas CityDallasDenverPortlandSan Francisco

Total for national banks.Nonnational banks in the

District of Columbia

Total

487910011365549358476180282516

647525786

1,507455592

1,948636

1,098580647234271658

$636, 4641,212,9941,838,173506,137137, 296135, 685

3, 404, 894147, 604328,636109, 269258,18441,71966, 559383, 248

14225043852833218348588260152268136205

1,210

$37, 704418,482184,147285, 268107, 43259,776356, 95324, 23995, 60643,138230,05044,16642, 565512, 380

1121457575383533853554390236637

$121, 396207,044

1, 384, 63334, 25021, 90244,718638,033299, 27762, 017158,19149, 28335,16621, 25788, 372

867

3

10, 584

60

9, 206, 861

17, 532

4,677

24

2,441,911

5,646

1,185

32

3,165, 540

179, 079

870 10, 644 9, 224, 392 4,701 2, 447, 557 1,217 3, 344, 619

1026615342011394191117155140262874165

1,844

122

1,966

250


T A B L E E—24.—National banks administering employee benefit trusts and agencies, calendar 7962, by States


Numberof banks

With investmentresponsibility

Numberof plans

Market value

Investments directedby others

Numberof plans

Market value

Held as agent only

Numberof plans

Number offully insuredplans withno bank in-vestment re-sponsibility

AlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyomingDistrict of Columbia

Total for national banks.Nonnational banks in the Dis-

trict of Columbia

Total

1532

111413110

351302

69531623171447

242416

614

7825

364

4310

343172

100168

1263

23

33111220

73

867

870

2333

0)49

653136245

0145310

0(2)

1,252496

887831542538

292696761

22278

10136

3 75139925

42616148

98098

4 95786

(6)137

56278549

0)6 7214016326

2333

90

$76,198587

0)3,474

382,11227, 916

126, 0980

56, 56560, 591

0

2,152,275110,435

18,7987,2613,764

17, 7342,894

11,098469, 721

1,252,619275, 826

1,90169, 447

36413, 762

8 12, 4481,429

17, 9122,145

1,195,08228, 009

1,110391, 938

35, 838* 13, 864

1, 838,173(6)18,5292,916

48, 296222, 3460)6 36, 32127, 46551, 744

1,73948, 784

34668, 985

2918

0)122035934082520

24113729232035259072244732431557

3 52986251641093337130

4 55438

$3, 778482

0)1,608

511,59813,2839,551

035, 46710, 456

0

285, 81226, 3643,7465,541

12, 32017, 2925,01218,52019,61371,14143, 623

10114, 4162,06219,435

3 29, 6602,247

22, 7331,336

395, 74927, 5671,181

246, 58338, 704

414, 492184,147

494610

238C1)

6 291

11719

1087

23

13,8531,2451,461

191, 346

6 1 , 28540, 55625, 5294,274

49, 557669

16,514

174

(0361532

010160

(2)296

31761

1807

6042310

2505

3 82

621

8360

435

4 2575

(6)93

1685

0)•18

1137

021

014

$6,593362

0)3,006

88, 34129,11716, 852

016, 28225,147

0(2)

419,63514,109

81661356

260, 7340

57048, 710

218, 3999,556

0156, 225

0537

3 6, 042142

23, 77437

183, 2701,176

020, 0855,3768,015

1,384, 633(6)3,288

8228, 94443, 9060)

6 55, 6923,603

12, 8800

52, 3780

16, 553

10, 584

60

9, 206, 861

17, 532

4,677

24

2,441,911

5,646

1,185

32

3,165, 540

179, 079

10, 644 9, 224, 392 4,701 2, 447, 557 1,217 3, 344, 619

1 Included with figures for the State of Nevada.2 Included with figures for the State of Oregon.3 Includes figures for 2 banks in Arizona and 2 banks in

Utah.

4 Includes figures for 2 banks in Idaho.c Included with figures for the State of Vermont.8 Includes figures for 1 bank in Rhode Island.

251


TABLE B-25.—Current operating revenue, and expenses, and dividends of national banks, by major categories and States, year ended Dec. 31, 1962


Location

United States and possessions,total

Ad aine.New HampshireVermontMassachusettsRhode IslandConnecticut


New YorkNew Jersey . .PennsylvaniaDelawareMarylandDistrict of Columbia


VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia . .FloridaAlabamaMississippi . .LouisianaTexasArkansasKentuckyTennessee


OhioIndiana

Number ofbanks l

4,503

225129944

22

222

224149423

4485

853

12776292653

130702743

486578573

1,282

220125

Current operating revenue

Interest and dividends onsecurities

U.S. Gov-eminent

obligations

$1,136,543

2,2462,4891,871

29, 6423,7407,216

47,204

100, 83538, 94082,226

10913, 3819,029

244, 520

16, 9908, 8746,9596,502

11,21335, 06212,8213,328

18,07680, 9355,708

10,91419,817

237,199

63, 58632, 397

Othersecurities

$414, 878

734659453

6,7482,0503,954

14, 598

48, 21721, 06639, 630

233,2511,048

113,235

6,4301,5812,7291,7353,9529,4325,4641,6764,826

24, 2993,0883,2096,539

74,960

19, 9517,179

Interest anddiscount on

loans

$4,134, 522

13, 36411,8517,979

130,89718,76943, 380

226,240

405, 951133, 951272, 831

29938, 85923, 947

875, 838

70, 52320, 33135, 84621,20161,46186, 25949, 83312, 50052,411

286, 68820,13629,14376, 639

822, 971

183, 35287, 338

Servicecharges andother feeson bank

loans

$74, 305

180117117

2,210203928

3,755

6,1001,7392,974

01,347

695

12, 855

1,045175

1,810115

1,0812,603

56516

4063,181

69454677

12,197

2,4211,028

Servicecharges on

depositaccounts

$380, 402

1,1991,801

78612,2411,4574,952

22, 436

28,51314, 32716,238

133,6842,632

65, 407

6,5811,2703,9183,2797,332

11, 9005,7321,7725,124

18,7382,0732,4754,947

75,141

15,8317,903

Other servicecharges,

comm tssiotiSy

fees andcollection

and exchangecharges

$108, 978

23830291

9,017636997

11,281

9,6302,4344,229

1895495

17, 684

1,464398

1,1691,1052,5312,7411,349

6941,8315,657

758348

1,952

21, 997

3,2721,751

Trust de-partment

$242, 204

1,008436156

10, 5251,3565,805

19,286

26, 8736,677

22, 5720

1,9871,816

59, 925

4,009809

2,003929

3,2966,0592,414

165987

11,383507

1,4382,684

36, 683

10,5114,924

Othercurrent

operatingrevenue

$104,571

16616892

4,582224627

5,859

35, 5051,9755,541

3524293

43, 841

945327257181695

1,689793216967

4,463290390796

12,009

2,6651,155

Totalcurrent

operatingrevenue

$6, 596, 403

19,13517, 82311, 545

205, 86228, 43567, 859

350, 659

661, 624221, 109446, 241

44863, 92839, 955

1, 433, 305

107, 98733, 76554, 69135, 04791,561

155,74578, 97120, 36784, 628

435, 34432, 62948, 371

114,051

1,293,157

301, 579143, 675


IllinoisMichiganWisconsinMinnesotaIowaMissouri


North DakotaSouth DakotaNebraskaKansasMontanaW<Co]New MexicoOklahoma


WashingtonOregonCaliforniaIdahoUtahNevadaArizonaAlaskaHawaii


United States (exclusive of pos-sessions), total

Virgin Islands of the United States

Reserve city banksCountry banks

402831011809778

1,286

383212116843278829203

749

110

4,5021

1494,354

118,06647, 77819,95125,01610,11118,615

335, 510

4,1954,5909,95214,2654,3613,04913, 6075,644

20, 559

80, 222

20, 79513, 838136,2434,9152,8602,6265,9621,7272,736

191, 702

1,136,357186

552,686583, 857

46, 52819, 7705,1298,4853,2095,497

115,748

1,4361,1032,9185,4161,384678

2,757789

6,266

22, 747

6,8155,82353,2901,3001,4421,3672,360414724

73, 535

414, 82355

212, 875202,003

337, 443149,23357, 97192,03628, 47462,107

997,954

11,09314, 48037, 44235, 94313,83310,12351,23017,46066, 397

258, 001

89,16960, 924691,10117,11418,77512,41945,2987,08910, 966

952,855

4,133,859663

2,271, 6521,862,870

4,3591,883633

1,068246415

12,053

195193113181391225849311753

3,211

2,0671,268

21,639598

1,170527

1,796690423

30,178

74, 24956

45, 82628, 479

19, 76411,3844,2278,2902,7993,288

73, 486

1,4481,6513,2214,2301,8321,1376,1702,0036,792

28, 484

13, 7229,112

79, 0352,5592,042903

5,8531,0901,111

115,427

380, 38121

171,331209,071

8,1694,0741,1294,972910797

25,074

7221,0121,017846600531

1,454111

1,196

8,155

3,0801,50615,771

676707589

1,654468257

24, 708

108, 89979

57, 70651, 272

31,6708,5562,3997,5721,2314,512

71, 375

223279

1,790974102198

4,583515

1,987

10, 651

4,2482,865

34, 067203554743

1,56242

44, 284

242, 204

165, 46576, 739

4,7351,829904

1,120400830

13,638

165192401629189118741297798

3,530

1,7561,248

21, 65218810716035212377

25, 663

104, 54031

78, 00026, 571

570, 734244, 50792, 343148, 55947, 38096, 061

1,644,838

19, 47723, 50056, 85462, 48422, 69216, 05981,39127, 796104, 748

415,001

141,65296, 584

1, 052, 79827, 55327, 65719,33464, 83711,64316,294

1, 458, 352

6, 595, 3121,091

3, 555, 5413,040, 862

1 Number of banks as of end of year, but figures of income, expenses, etc., include those banks which were in operation a part of the year but were inactive at theclose of the year.


TABLE B-25.—Current operating revenue, and expenses, and dividends of national banks, by major categories and States, year ended Dec. 31, 1962—Continued


Location

Netincomebeforerelatedtaxes

Taxes on net income

Federal State

Netincomebefore

dividends

Cash dividends declared

Oncommon

stock

Onpreferred

stock

Totalcash

dividendsdeclared

Netincomeafter

dividendsCapital

accounts i

Ratios

Netincomebefore

dividendsto

capitalaccounts

Totalcurrent

operatingexpensesto totalcurrent

operatingrevenue

United States and posses-sions, total


New England States, t o t a l . . .

New YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia


VirginiaWest VirginiaNorth CarolinaSouth CarolinaGF]AlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


OhioIndianaIllinoisMichigan

$1,756,869 $637, 670 $50, 356 $1,068,843 $517, 546 $202 $517, 748 $551, 095 $12, 289, 305Percent

8.70

4,2995,1611,983

78, 5366,34015,938

1,6251,745701

32, 5732,1905,176

0079

5,796414

1,208

2,6743,4161,203

40,1673,7369,554

1,3371,098613

20, 8272,5465,297

1,3371,098654

20, 8272,5465,297

1,3372,318

54919,3401,1904,257

36, 82736,15321, 470

432, 34548,136112,540

112,257 44, 010 7,497 60, 750 31,718 31, 759 28, 991 687, 471

164,79843, 657118,424

5416, 24714, 025

53, 62610,61738, 390

176,5766,218

7,82000100

103, 35233,04080, 034

369,6717,807

58, 32914, 89542, 022

285,6543,548

58, 37014, 90342, 024

285,6543,548

44, 98218,13738, 010

84,0174,259

1, 292, 671371, 452

1, 049, 5381,213

120, 30576, 637

357, 205 115,444 7,821 233, 940 124, 476 124, 527 109,413 2,911,816

31,22810, 79615, 39912, 04523, 83938, 51324,8235,374

26, 853128, 5128,450

14, 42232, 302

12, 8774,5246,4745,02510, 26914, 3048,1171,7909,986

50,7132,6395,264

13,671

00

438248

00

942000000

18, 3516,2728,4876,772

13, 57024, 20915,7643,584

16,86777, 7995,8119,158

18, 631

8,1792,5364,5542,8646,6008,8576,0871,3665,605

39, 0392,2673,0097,783

8,1792,5364,5542,8646,6008,8676,0871,3665,605

39, 0392,2673,0097,783

10,1723,7363,9333,9086,970

15, 3429,6772,21811,26238, 7603,5446,149

10, 848

202, 08679, 82798, 50560, 701

163, 840298, 708151,19536, 878180, 987931,25266, 728107, 652212, 432

372, 556 145, 653 1,628 225,275 8, 746 98, 756 126,519 2, 590, 791

87, 93441, 632164,71847,357

33, 96117, 37056, 92713, 637

53, 97324,262107, 79133, 720

22,1809,369

40, 67716,119

000

100

22,1809,369

40,67716,219

31,79314, 89367,11417, 501

588,113284,141

1,214,853396, 348

7.269.455.609.297.768.49

8.84

8.008.897.632.978.04

10.19

8.03

9.087.868.62

11.168.288. 10

10.439.729.328.358.718.518.77

8.70

9.188.548.878.51

Percent69.9

72. 1869.0480.6659.7070.5671.66

67.74

68.9076.4069.8884.8270.0066.43

70.35

69.7266.5868.5263.9669.5072.8466.7069.4070.0265.5769.8967.3868.21

68.01

68.9668.9367.6676.60


WisconsinMinnesotaIowaMissouri

Middle Western States, total.

North DakotaSouth DakotaNebraskaKansasMontanaWyomingColoradoNew MexicoOklahoma




United States (exclusive ofpossessions), total

Virgin Islands of the United States,total


26, 51043, 23613,36931, 797

456, 553

5,6666,63618,68121, 3095,8664,159

20, 9357,178

34, 979

125, 409

38, 64518, 324

230, 6969,0508,7506,941

14, 6791,7223,912

332,719

1, 756, 699

170

1,017,038739, 831

8,65215,7044,65512,615

163, 521

1,9852,8127,5767,4202,2251,9138,1043,15813,155

48, 348

16,9425,67479,1403,8893,6692,9625,7651,0391,527

120, 607

637, 583

87

386, 566251,104

7193,174

0895

4,788

1242090000

1,2440

1,033

2,610

01,729

22, 8317731750

3115

188

26, 012

50, 356

0

37, 31713,039

17,13924, 3588,71418,287

288, 244

3,5573,61511,10513,8893,6412,24611,5874,020

20, 791

74, 451

21,70310, 921

128, 7254,3884,9063,9798,603678

2,197

186,100

1, 068, 760

83

593,155475, 688

7,69611,0992,9357,110

117,185

1,5321,5064,5524,6141,6911,0225,4521,6627,262

29, 293

9,6767,490

86, 5922,3722,3752,2813,962400980

116,128

517,546

0

321,466196,080

0000

100

000000000

0

000000000

0

202

0

100102

7,69611,0992,9357,110

117,285

1,5321,5064,5524,6141,6911,0225,4521,6627,262

29, 293

9,6767,490

86, 5922,3722,3752,2813,962400980

116,128

517,748

0

321,566196,182

9,44313,2595,77911,177

170, 959

2,0252,1096,5539,2751,9501,2246,1352,35813, 529

45, 158

12, 0273,431

42,1332,0162,5311,6984,641278

1,217

69, 972

551,012

83

271, 589279, 506

177, 042276,10296,174

212, 773

3, 245, 546

30, 79133, 284118,255137,41034, 29627, 458134,14042, 368

239,791

797, 793

221, 738161, 623

1,438,41838, 94143, 83227, 62381,16212,20628, 694

2, 054, 237

12,287, 654

1,651

6, 899, 7615, 389, 544

9.688.829.068.59

8.88

11.5510.869.3910.1110.628.188.649.498.67

9.33

9.796.768.9511.2711.1914.4010.605.557.66

9.06

8.70

5.03

8.608.83

70.6069.1469.8266.46

69.63

70.0667.4664.2064.8971.5070.1771.2969.7663.99

67.10

71.1476.2174.3966.0168.0961.6776.1878.4072.75

73.84

69.98

83.23

67.3473.07

1 Represents aggregate book value of capital stock, surplus, undivided profits, reserves, and retirement fund for preferred stock. Figures are averages of amountsreported for the June and December call dates in the current year and the December call date in the previous year.


TABLE B-25.—Current operating revenue, and expenses, and dividends of national

[Dollar amounts

Location

Current operating expenses

Salaries and wages

Amount Number 1

Employees other than officers

Amount Number *

Officer andemployeebenefits

{pensions,hospitalization,social security,insurance, etc.)

Fees paid todirectors andmembers ofexecutive,discount,and othercommittees


Maine. . . .New HampshireVermontMassachusettsRhode IslandConnecticut




VirginiaWest VirginiaNorth CaroliniaSouth Carolina ,GeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


OhioIndianaIllinoisMichiganWisconsinMinnesotaIowaMissouri

Middle Western States, total. .


$559, 485

1,8792,0791,189

17, 2891,8376,696

30, 969

42,13217, 93235, 493

525,0853,690

104, 384

10, 5203,5066,3354,1088,66714, 9707,7232,1677,621

44, 0663,9435,2239,702

128,551

23, 67014, 05941, 23514, 7888,85914, 3506,1018,862

131, 924

55, 421 $1, 057, 500 275,139 $221, 232

222262147

1,523180605

3,1422,7871,59239,1693,97214, 331

980873494

10, 5561,1913,653

2,939 64, 993 17, 747

3,5701,6953,764

17552289

105, 05238, 69665, 046

4411,1547,027

24, 55010, 43616, 836

473,2461,798

9,887 227,019 56,913

1,199401641437833

1,513752235662

4,700450631995

15, 9674,5549,5356,92917,24427,97212, 6243,091

14, 05256, 6724,6507,39816, 701

4,8781,3393,0702,1515,1228,0653,677972

3,84315,3881,4402,3144,922

13,449 197, 389 57,181

2,1241,3253,4941,291799

1,408627823

46, 06323, 90583, 82241, 98114, 20223,9136,95815,825

11,9986,454

20, 33310, 6804,2596,3472,0684,375

11,891 256, 669 66, 514

543689314

8,2891,4743,594

14, 903

29, 6087,15713, 949

71,878848

53, 447

3,196897

2,0001,3553,8534,8532,039518

2,52811,6231,1231,6153,497

39, 097

8,6015,022

20, 3249,1743,0825,7981,5083,047

56, 556

$29, 064

162205142846104362

1,821

1,7621,6763,344

10395230

7,417

856393249214434945365191469

2,389336405444

7,690

1,503817

2,442733528758330546

7,657

256


banks, by major categories and States, year ended Dec. 31, 1962—Continued

in thousands]

Current operating expenses—Continued

Interest ontime andsavingsdeposits

$1, 588, 710

3,9812,4884,184

19,0868,3919,751

47, 881

162,20761,754

115,593189

13, 8487,718

361, 309

25, 7027,3807,7762,480

11,74433,16816,1153,651

16, 56385, 4235,8537,999

27,716

251, 570

73, 83826, 397

150, 58477, 64322,81931, 5058,264

17,711

408, 761

Interest anddiscount onborrowedmoney

$32, 680

3840

5966

75259

1,383

7,165398

1,949

25956

9,827

24053

38428

632437

4969

1613,197

15108332

5,705

1,031364

3,9021,082

212321310480

7,702

Net occupancyexpense of

bankpremises 3

$285, 962

1,137929543

10,1711,0373,491

17, 308

33,18711,26318,574

173,3421,863

68, 246

3,9151,2102,7991,4895,1556,9512,334

7583,907

16, 6071,5222,7294,025

53, 401

10, 5566,766

21, 43911,5433,8056,7662,1734,529

67, 577

Furnitureand equipment

{depreciation, rents,servicing,

uncapitalizedcosts, etc.)

$148, 521

436531260

4,760533

2,144

8,664

12,0945,7909,550

191,308

958

29,719

2,619714

1,3491,0442,6945,2091,784

6541,6229,653

7661,1502,700

31,958

5,5473,3028,8985,1481,7053,3381,2281,427

30, 593

Othercurrent

operatingexpenses

$693, 071

2,4942,5571,083

22, 3182,6427,999

39, 093

62, 64624, 26748, 313

427,4834,154

146,905

12, 2723,7757, 0464, 768

13,21418, 9409,6383,036

12, 33255, 8314,5985,965

12, 681

164, 096

37,15218, 39853, 50425,1939,981

15, 9686,208

11,418

177, 822

Totalcurrent

operatingexpenses

$4, 616, 225

13,81212, 3059,312

122, 89420, 06548, 627

227, 015

455, 853168, 933311,811

38044, 75226, 544

1, 008, 273

75, 28722, 48237, 47322, 41563, 637

113,44552, 67114,13559, 255

285, 46122, 80632, 59277, 798

879, 457

207, 96199, 030

386,150187; 28565,193

102, 71733, 08063, 845

1,145, 261

Netcurrent

operatingearnings

$1, 980,178

5,2335,5182,233

82, 9688,370

19,232

123, 644

205, 77152,176

134,43068

19,17613,411

425, 032

32, 70011,28317,21812, 63227, 92442, 30026, 3006,232

25, 373149, 883

9,82315,77936, 253

413, 700

93, 61844, 645

184, 58457, 22227,15045, 84214, 30032,216

499, 577

957



[Dollar amounts

Location

North Dakota . . .South DakotaNebraska . . . . .KansasMontana . . . . . . . . .WyomingColoradoNew MexicoOklahoma


OregonCaliforniaIdahoUtahNevada . . .ArizonaAlaskaHawaii



Virgin Islands of the United States. . .


Current operating expenses

Salaries and wages

Officers

Amount

$2,2172,8237,8478,5842,4651,8747,9133,009

13, 031

49, 763

12, 86810, 05975,8492,7181,8981,6755,9551,4371,353

113,812

559, 40382

240,116319, 369

Number 1

248341788953276193806300

1,429

5,334

1,2901,1198,034

25820420558397

124

11,914

55, 4147

20, 95034, 471

Employees other than officers

Amount

$2,4282,9408,3138,2543,2962,366

13,3554,657

14, 027

59, 636

26, 94715,810

181,3233,9343,5303,055

11,8372,5812,514

251,531

1, 057, 237263

594, 496463,004

Number 2

821955

2,4892,422

961618

3,5771,3334,149

17, 325

6,4784,016

41,7111,1701,006

8203,054

513630

59, 398

275, 07861

141,461133, 678

Officer andemployeebenefits

{pensions,hospitalization,social security,insurance, etc.)

$657903

2,1751,577

813367

2,202626

3,319

12, 639

4,7162,860

31, 630921689344

2,178272939

44, 549

221,19141

125, 84695, 386

Fees paid todirectors andmembers ofexecutive,discount,and othercommittees

$129112497604132124572159710

3,039

290141654769831792542

1,436

29, 0604

4,59424, 470

1 Number at end of period.2 Number of full-time employees at end of period.a For detailed figures see supplemental table 26 on p. 264.

258



in thousands]

Current operating expenses—Continued

Interest ontime andsavingsdeposits

$4, 7705,2776,624

10, 0044,5853,961

19, 0295,062

18, 067

77, 379

32, 49229, 627

338, 2016,4358,0434,013

16, 3322,1764,124

441,443

1, 588, 343367

852, 578736,132

Interest anddiscount onborrowed

money

$109

3601214337

2634

386

1,233

270155

6,009699824842992

6,830

32, 680

28, 5804,100

Met occupancyexpense of

bankpremises 3

$714837

2,2042,692

903501

3,9251,2333,355

16, 364

6,5844,141

44, 626807895894

3,667704726

63, 044

285, 94022

146, 343139,619

Furnitureand equipment(depreciation,

servicing,uncapitalized

costs, etc.)

$441586

1,3091,511

565461

2,015832

2,363

10,083

3,2682,508

26, 583605744364

2,518410478

37, 478

148, 49526

70, 68377, 838

Othercurrent

operatingexpenses

$2, 2802,3677,1697,1963,4231,5788,7493,808

11,768

48, 338

13, 3318,310

78, 2682,6232,8371,5246,7411,4941,586

116,714

692, 968103

331, 137361, 934

Totalcurrent

operatingexpenses

$13, 64615, 85436, 49840, 54316, 22511,26958, 02319, 39067, 026

278, 474

100, 76673,611

783,14318,18818, 83211,92449, 3919,128

11,854

1,076,837

4,615,317908

2, 394, 3732, 221, 852

Netcurrent

operatingearnings

$5, 8317,646

20, 35621, 9416,4674,790

23, 3688,406

37, 722

136, 527

40, 88622, 973

269, 6559,3658,8257,410

15, 4462,5154,440

381,515

1, 979, 995183

1,161,168819,010

259



[Dollar amounts

Location






VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFloridaAlabama . . . . . .MississippiLouisianaTexas . .ArkansasKentuckyTennessee


Ohio

IllinoisMichigan .WisconsinMinnesotaIowa ..Missouri


Recoveries, transfers from valuation reserves, and profits 1

On securities

Profits onsecurities soldor redeemed

$128, 077

363388129

4,592155451

6,078

10, 0124,4237,559

1908602

23, 505

2,677864707778

1,5763,6952,581

1693,8397,712

7701,3053,285

29, 958

7,3124,614

17,3223,2303,6352,2431, 1413,070

42, 567

Recoveries

$3, 408

8169

15600

234

989

1640

3815

324

1015002

62214

939

2835

261

11123

1,4064

45155

825

1,777

Transfersfrom valua-tion reserves

$41, 696

9180

4,1580

291

4,548

10,1811,0211,080

000

12, 282

953185

004

4723137

243824275293

1,188

4,505

4,482720

10,19636331841772

258

16, 826

On loans

Recoveries

$8,106

993520

1726

152

484

255255389

46911

983

14289383

222352167560

1,460272

7071

2,753

3431977314527

2664248

1,699


$27, 343

0247

6050

330

966

11,923194

3,21000

1,247

16, 574

337128310

244639

213108176

013734

1,273

2,152112

2,6711,826

66661213

6,918

All other

$40, 373

8510564

2,31426

926

3,520

10, 4661,5171,712

15556

13,807

15599

205124

1,2101,234

200153

3,1031,496

9272

361

8,504

6961,4521,2674,574

247429164615

9,444

Total recoveries,transfers fromvaluation re-serves, and

profits

$249, 003

646729221

11,897187

2,150

15,830

42, 9357,419

14, 1146

1,0701,931

67, 475

4,2741,380

981905

2,8385,7443,069

6487,357

11,7611,4181,9054,974

47, 254

15, 0967,118

33, 59310, 0424,3383,5761,4394,029

79, 231


260



in thousands]

Losses, chargeqffs, and transfers to valuation reserves 2

On securities

Losses onsecurities sold

$32, 961

33655

118788

0917

2,214

8,4653,8022,470

1114

0

14, 852

2661384514

221745198

312960244

144609

3,158

2,546193

2,99327448466783

264

7,504

Chargeqffs onsecurities not sold

$7, 409

6207

173000

260

145152453

1700

821

892127493

110141964

812141112194

1,655

616115

1,58449759383

160

2,775

Transfers tovaluation reserves

$59,125

199950

2,49684451

3,685

8,221390

4,4020

550

13,068

1,087160760

622141121173

1,6711,152

263887

1,738

8,091

4,7282,4116,3455,449

326679

1,160

20, 441

On loans

Losses andchargeqffs

$13,465

854734

1585616

396

51046267216

1280

1,788

242140381290

62142968

1462,442

267158120

4,773

415301

1,2195531

3606890

2,539


$292, 201

793501249

7,8661,2142,218

12, 841

58, 4209,955

17, 6460

2,599978

89, 598

3,5731,1782,0551,2393,7016,5553,1881,0312,909

20, 6991,4031,5405,171

54, 242

10, 5694,321

36,81511,1363,9844,1671,2712,292

74, 555

AH other

$67,151

25118153

4,991103

2,242

7,821

8,1471,1774,477

21,033

339

15,175

489230559178

2,2861,359

596212958

7,425673421

1,093

16, 479

1,9062,7904,5032,944

401629786482

14, 441

Total losses,chargeqffs, and

transfers tovaluation reserves

$472, 312

1,6701,086

47116,3292,2175,444

27, 217

83, 90815,93830, 120

203,9991,317

135, 302

5,7461,8672,8001,4926,9239,5314,5461,5065,877

33,1322,7913,2628,925

88, 398

20, 78010,13153,45919, 9074,9786,1822,3704,448

122, 255

261


TABLE B-25.—Current operating revenue^ and expenses, and dividends of national

[Dollar amounts

Location

North DakotaSouth DakotaNebraskaKansasMontanaWfyoming . . .ColoradoNew Mexico . . . . . .Oklahoma


Oregon . . .CaliforniaIdaho . . . .UtahNevada

AlaskaHawaii


United States (exclusive of posses-sions) total


Country banks .

Recoveries, transfers from valuation reserves, and profits 1

On securities

Profits onsecurities soldor redeemed

$584155

1,6241,887

315302

1,785536

1,587

8,775

3,355494

9,535719703163

1,937284

4

17,194

128,0770

60,15067, 927

Recoveries

$67

2293

523

4505

350

44801

1300000

462

3,4080

1,8301,578


$120

8216

7560

2528

153

1,072

1770

1,508000

77800

2,463

41,6960

29, 73211,964

On loans

Recoveries

$126249

315331118147

80686

1,800

4411

2212

1210

960

387

8,1060

1,1096,997


00

$70628

04

456422

869

72814

1000000

743

27, 3430

23, 0604,283

All other

$13389

205311

6810

49778

338

1,729

256352

2,4005

2729

1848910

3,352

40, 35617

19, 47320, 900

Total recoveries,transfers fromvaluation re-serves, and

profits

$747313

2,8952,5601 522

4372,544

7862,791

14, 595

5,008871

13, 666739742193

2,899'469

14

24, 601

248, 98617

135, 354113, 649

1 Not including recoveries credited to valuation reserves.* Not including losses charged to valuation reserves.

262



in thousands]

Losses onsecurities sold

$236

262209

74342

116417

1,134

1562,4351,165

89

1144

3268

4,099

32, 961

0

17,04915,912

On securities

Chargeoffs onsecurities not sold

$2715

32418925

7158

364

812

410

1,0321000

120

1,086

7,409

0

3,2284,181

Losses, chargeoffs,


0$5

815210636

10147

12194

2,029

1,989303

8,690306

079

44400

11,811

59,125

0

42, 48116,644

and transfers to valuation reserves 2

On loans

Losses andchargeoffs

$38119130594402344212101

1,262

3,202

625

464150

100

2110

767

13,465

0

1,36912, 096


$6471,0892,2211,377

746466

3,3151,5172,984

14, 362

4,2442,474

34, 052690766390

2,764981227

46, 588

292,186

15

177, 284114,917

All other

$19859

818613307198

1,103265613

4,174

757303

7,2223442

172414

5547

9,046

67,136

15

38, 07329, 078

Total losses,chargeoffs, and

transfers tovaluation reserves

$9121,3234,5703,1922,1231,0684,9772,0145,534

25, 713

7,2495,520

52, 6251,054

817662

3,6661,262

542

73, 397

472,282

30

279, 484192, 828

263


TABLE B-26.—Occupancy expense of bank premises of

[Dollar amounts

Location


M aineNew HampshireVermontMassachusettsRhode IslandConnecticut

New England States, total...

New YorkNew JerseyPennsylvania

MarylandDistrict of Columbia


VirginiaW est VirginiaNorth CarolinaSouth CarolinaGeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


Ohio .IndianaIllinoisMichiganWisconsin. .MinnesotaIowaMissouri . .


Salaries and wages of building employees

Officers

Amount

$1,018

000

78290

107

10415480

2115

203

8800

1134200

368876

30248

35216157

01608

198

Number l

116

000730

10

969022

28

110013303

12215

32

52440101

17

Employees other thanofficers

Amount

$48, 562

22812995

1,542339562

2,895

3,2871,3564,870

1490584

10, 588

822342438141603

1,18157495

1,2624,585

256491874

11,664

2,5691,7735,7441,561

8461,020

395934

14, 842

Number 1

16, 867

1036950

474110172

978

975492

1,7941

124184

3,570

57316421267

204379231

53450

1,717135226364

4,775

924638

1,368475290329170307

4,501

Buildingofficerand

employeebenefits

$5, 611

25108

2667679

464

659197590

06949

1,564

8036542558

12950

7100411

255078

1,103

243156486231

9910243

135

1,495

Recurring de-preciation onbank promisesand leaseholdimprovements

$69, 513

240159125

2,101336818

3,779

8,3532,4694,687

9814478

16,810

1,075385576413

1,3851,719

628205

1,0737,034

458511

1,027

16, 489

3,1291,9734,2702,1781,1661,206

365930

15, 217

Maintenance, re-pairs, and un-

capitalizedalteration

costs of bankpremises andleasehold im-provements

$46, 568

1459356

1,241145455

2,135

4,1901,9302,503

1339247

9,210

511208318305793

1,17935086

5883,514

248321580

9,001

2,2351,3873,6461,400

5741,018

313495

11,068


264


national banks, year ended Dec. 31, 1962

in thousands]

Insurance, utili-ties {heat,light, and

water), etc.

$62, 504

225167124

2,533267867

4,183

7,4262,1183,852

5828297

14, 526

1,095365694447

1,0432,094

598182851

5,505354695923

14, 846

2,6981,5674,1422,791

7882,071

436775

15, 268

Rents paid onbank premises

$85,134

206272138

1,347275701

2,939

8,2612,2973,529

01,246

164

15, 497

891204

1,100251

1,6582,263

922795988

5,762323559538

16, 254

3,3291,4306,1133,010

9433,693

7481,517

20, 783

Taxes on bankpremises and

leaseholdimprovements

$59, 066

180208

832,993

358745

4,567

5,6602,2512,941

1387292

11,532

473252208115

1,4262,266

165331

1,2739,878

306744

1,175

18,612

1,4671,3504,2382,038

7681,298

403364

11,926

Gross occu-pancy expense

$377, 976

1,2491,038

62912,1011,8254,227

21,069

37, 94012, 63323, 020

174,1942,126

79, 930

4,9551,8003,3881,6976,977

10, 8653,3071,7016,171

36, 7771,9773,3775,225

88, 217

15, 7059,657

28, 70013,2665,184

10, 4242,7035,158

90, 797

Rental incomefrom bank

premises

$89, 097

11210981

1,898723633

3,556

4,6601,3674,299

0850263

11,439

1,039588589208

1,7993,825

957943

2,20619, 562

455647

1,190

34, 008

4,9302,8807,0061,6221,3583,317

525510

22,148

Less

Othercredits

$2, 917

005

3265

103

205

933

147020

245

1200

2389160

58608

01

10

808

21911

25510121

3415

119

1,072

Totalcredits

$92, 014

11210986

1,930788736

3,761

4,7531,3704,446

0852263

11,684

1,040590589208

1,8223,914

973943

2,26420, 170

455648

1,200

34, 816

5,1492,8917,2611,7231,3793,658

530629

23, 220

Net occupancyexpense

$285, 962

1,137929543

10,1711,0373,491

17, 308

33, 18711,26318, 574

173,3421,863

68, 246

3,9151,2102,7991,4895,1556,9512,334

7583,907

16, 6071,5222,7294,025

53, 401

10, 5566,766

21, 43911,5433,8056,7662,1734,529

67, 577

265


TABLE B-26.—Occupancy expense of bank premises of

[Dollar amounts

Location

North DakotaSouth DakotaNebraskaKansasMontana

ColoradoNew MexicoOklahoma


Washington

CaliforniaIdahoUtah

ArizonaAlaskaHawaii



Virgin Islands of the United States.


Salaries and wages of building employees

Officers

Amount

00

$151209

121

16

65

654663000

120

11

197

1,0180

736282

Number»

001302212

11

645000102

18

1160

6353

Employees other thanofficers

Amount

$144147507610250

98933289

1,264

4,242

748638

2,01417484

147413

2984

4,331

48, 5620

24, 75323, 809

Number *

7075

229265

9640

28982

561

1,707

211184597685143

1111061

1,336

16, 8670

6,73510,132

Buildingofficerand

employeebenefits

$1421573929

77216

157

412

9366

29387

1763

125

573

5,6110

3,1512,460

Recurring de-preciation onbank premisesand leaseholdimprovements

$259199746896285164764336

1,447

5,096

2,2471,1356,802

37157

171978113244

12,118

69, 5094

33, 59235, 921

Maintenance, re-pairs, and un-

capitalizedalteration

costs oj bankpremises andleasehold im-provements

$5375

310460128148470133792

2,569

1, 159936

9,865591877

24913578

12,576

46, 5599

24, 96421, 604

1 Number on payroll at end of period.

266


national banks, year ended Dec. 31, 1962—Continued

in thousands]

Insurance, utili-ties (heat,light, and

water), etc.

$194233422628204149765247

1,180

4,022

1,308554

5,67419577

2021,143

230272

9,655

62, 5004

29,61932, 885

Rents paid onbank premises

$175152747519139

352,845

3811,601

6,594

1,044451

18, 82395

66056

1,408221294

23, 052

85,11915

53, 90631, 228

Taxes on bankpremises and

leaseholdimprovements

$183197466697401215723228589

3,699

694695

6,27517731

294389

55119

8,729

59, 0651

28, 82630, 240

Gross occu-pancy expense

$1, 0221,0243,2703,8611,436

8256,5841,6317,046

26, 699

7,3584,521

49, 8091,079

934964

4,655784

1,127

71, 231

377, 94333

199,547178, 429

Rental incomefrom bankpremises

$299182

1,0151,167

530318

2,601289

3,647

10, 048

728380

4,929272

3970

98880

401

7,887

89, 08611

51, 36837,729

Less

Othercredits

$95

51236

5810944

287

460

254000000

300

2,9170

1,8361,081

Totalcredits

$308187

1,0661,169

533324

2,659398

3,691

10, 335

774380

5,183272

3970

98880

401

8,187

92, 00311

53, 20438, 810

Net occupancyexpense

$714837

2,2042,692

903501

3,9251,2333,355

16, 364

6,5844,141

44, 626807895894

3,667704726

63, 044

285, 94022

146, 343139,619



[Dollar amounts

Item

Current operating revenue:Interest and dividends on—


Interest and discount on loansService charges and other fees on bank loansService charges on deposit accountsOther service charges, commissions, fees, and collec-

tion and exchange chargesTrust departmentOther current operating revenue

Total current operating revenue

Current operating expenses:Salaries and wages:

OfficersEmployees other than officersNumber of officers 2Number of employees other than officers 2

Officer and employee benefits—pensions, hospitaliza-tion, social security, insurance, etc,

Fees paid to directors and members of executive,discount, and other committees

Interest on time and savings depositsInterest and discount on borrowed moneyNet occupancy expense of bank premisesFurniture and equipment—depreciation, rents, serv-

icing, uncapitalized costs, etcOther current operating expenses

Total current operating expenses



Profits on securities sold or redeemedRecoveriesTransfers from valuation reserves

On loans:

Transfers from valuation reservesAll other

Total recoveries, transfers from valuation reserves,and profits


Chargeoffs on securities not soldTransfers to valuation reserves

On loans:

Transfers to valuation reservesAll other

Total losses, chargeoffs, and transfers to valuationreserves . . . . . . .

Net income before related taxes.. . .

Federal Reserve district

Boston

$45, 02113,743

212, 5463,061

20, 996

10, 98518, 3385,688

330, 378

28, 89160, 5832,744

16, 583

13, 905

1,71943, 2821,328

16,187

7,94836, 770

210, 613

119,765

6,070234

4,548

477966

3,493

15, 788

2,104260

3,681

39612, 2407,616

26, 297

109, 256

New York 1

$131,47764, 983

518,6008,165

40, 564

11,75133, 27237,197

846, 009

57, 608138, 673

4,94233, 390

35,987

2,868213,463

7,52942, 456

17,01582, 861

598, 460

247, 549

12,442106

11,202

43112, 07210, 747

47, 000

12, 243254

8,615

86165, 7729,061

96, 806

197,743

Philadelphia

$52,61521,415

191,7931,652

12, 302

2,9267,1653,131

292, 999

24, 51243, 7972,909

12, 395

8,802

3,37378, 517

71813,098

6,78231, 929

211,528

81,471

5,478157588

383410

2,208

9,224

2,317457440

59710,5113,275

17,597

73, 098

Cleveland

$109,23944, 702

314, 9994,360

24, 452

5,41328,1005,762

537, 027

42, 04680, 4553,870

20, 341

16,210

2,429131,517

2,39020, 066

10, 36562, 932

368, 410

168,617

11,893130

5,074

5005,1121,534

24, 243

2,967715

8,970

73621, 6453,890

38, 923

153, 937

Richmond

$61,10516,693

209, 3505,172

21, 246

5,50511,4142,466

332, 951

32, 91154, 8023,478

16, 349

10,106

2,29464, 3901,020

14, 520

7,93539,154

227,132

105,819

6,53677

1,088

3371,628

674

10, 340

577254

1,378

52211,5962,811

17,138

99, 021


268


banks, by major categories and Federal Reserve districts, year ended Dec. 37, 1962

in thousands]

Federal Reserve district—Continued

Atlanta

$90, 37328, 318

294,1415,038

33,618

9,64714, 2914,602

480, 028

45, 27381,7584,451

23, 730

14, 988

2,60595, 2501,462

20, 563

13,18962,418

337, 506

142, 522

13,33971

1,898

623429

5,931

22, 291

1,489266

3,627

1,37920, 0635,680

32, 504

132, 309

Chicago

$208, 50576, 303

617, 0397,593

42, 837

15,03848, 0478,423

1, 023, 785

76, 007161,627

6,44940, 936

36, 870

3,800269, 346

5,80042,411

18,597103, 962

718, 420

305, 365

28, 2521,445

11,526

8394,5547,207

53, 823

3,8101,599

13, 966

1,24755, 68610,506

86, 814

272, 374

St. Louis

$44, 28814, 448

138,1761,3359,828

3,4144,1731,831

217,493

21, 85631,9332,3969,550

7,530

1,82641,811

54510, 439

5,04026,124

147,104

70, 389

5,650105710

512312

1,401

8,690

815678

2,801

8096,7512,469

14, 323

64, 756

Minneapolis

$42, 95314, 006

142, 5952,030

14, 384

7,6058,2471,835

233, 655

24, 31634, 7832,5559,792

8,799

1,40051,217

3939,959

5,32526, 326

162,518

71,137

3,669220

1,291

71367

772

6,732

737208983

9707,1591,331

11,388

66, 481

Kansas City

$73, 30020, 709

236, 4012,514

24, 421

5,77413,1883,253

379, 560

44, 70656, 6724,657

16, 030

11,065

2,71167, 9441,440

15,220

8,59144, 282

252, 631

126, 929

9,271308449

1,348869

1,505

13,750

1,086779

1,564

2,55312, 0343,681

21,697

118,982

Dallas

$85, 96526, 023

306, 0273,207

20, 327

6,21211,6854,720

464,166

47, 54760, 8865,056

16, 645

12,421

2,60390, 5303,225

17, 999

10, 25659, 599

305, 066

159,100

8,28393

859

1,556181

1,549

12, 521

717853

1,289

2,62822,1567,785

35, 428

136,193

San Francisco

$191,70273, 535

952, 85530,178

115,427

24, 70844, 28425, 663

1, 458, 352

113,812251, 531

11,91459, 398

44, 549

1,436441,443

6,83063, 044

37, 478116,714

1, 076, 837

381,515

17,194462

2,463

387743

3,352

24, 601

4,0991,086

11,811

76746, 5889,046

73, 397

332,719

Total

$1,136, 543414, 878

4,134, 52274, 305

380, 402

108, 978242, 204104, 571

6, 596, 403

559, 4851, 057, 500

55, 421275,139

221, 232

29, 0641, 588, 710

32, 680285, 962

148, 521693, 071

4, 616, 225

1,980,178

128, 0773,408

41, 696

8,10627, 34340, 373

249, 003

32, 9617,409

59,125

13, 465292,20167,151

472, 312

1, 756, 869

269


TABLE B-27.—Current operating revenue, and expenses, and dividends of national banks,

[Dollar amounts


Boston New York1 Philadelphia Cleveland Richmond

Taxes on net income:FederalState

Total taxes on net income

Net income before dividends ,

Gash dividends declared:On common stock ,

On preferred stock

Total cash dividends declared

Net income after dividendsOccupancy expense of bank premises:

Salaries and wages of building employees:OfficersEmployees other than officersNumber of officers 2

Number of employees other than officers 2

Building officer and employee benefitsRecurring depreciation on bank premises and lease-

hold improvementsMaintenance, repairs, and uncapitalized alteration

costs of bank premises and leasehold improvements.Insurance, utilities (heat, light, and water), etcRents paid on bank premisesTaxes paid on bank premises and leasehold improve-

ments

Gross occupancy expense

Less:Rental income from bank premisesOther credits

Total credits

Net occupancy expense

Memoranda items:Recoveries credited to valuation reserves (not in-

cluded in recoveries, above):On securitiesOn loans

Losses charged to valuation reserves (not included inlosses, above):


Number of banks 2

Loans, grossSecuritiesCapital stock (par value)Capital accounts


$43,1287,158

50, 286

58, 970

30,71641

30, 757

28,213

1072,727

10932436

3,457

1,9953,8962,695

4,366

19, 679

3,388104

3,492

16,187

362,835

1,2048,665

220

$61, 6368,159

$23, 5011

$55,067

69, 795 23, 502

127, 948 49, 596

70,18349

24, 0282

70, 232 24, 030

57, 716 25, 566

1134,455

101,356841

10, 532

5,7519,1129,940

7,492

322,432

111,103270

3,106

1,6083,1402,982

2,086

48, 236 15, 656

5,584196

2,410148

5,780 2,558

42, 456 13,098

4976,024

11123, 207

1051,912

185,901

312 402

55, 067

98, 870

46, 077

46, 077

52, 793

655,653

91,897630

5,581

3,8494,4414,839

3,225

28, 283

7,998219

8,217

20, 066

674,044

3,5687,930

364

3, 705, 0231, 971, 235174, 556661, 868

9, 485, 7736, 257, 332504,100

1, 589, 476

3, 342, 0542, 376, 991160,180611,199

5, 729, 0614, 826, 469

321, 9931,182, 034

$41, 320686

42, 006

57, 015

27, 086

27, 086

29, 929

502,800

61,320312

3,725

1,9123,6963,821

1,711

18, 027

3,5025

3,507

14, 520

971,697

4504,918

304

3, 561, 3052, 523, 069

167, 337630,711

270


by major categories and Federal Reserve districts, year ended Dec. 31, 7962—Continued

in thousands]


Atlanta

$49, 452942

50, 394

81,915

31,03210

31, 042

50, 873

1224,055

131,467

375

5,534

3,2565,0486,710

5,629

30, 729

9,970196

10,166

20, 563

243,467

4811, 388

360

4, 899, 9973, 745, 099

274,135906, 573

Chicago

$94,167693

94, 860

177,514

72,109100

72, 209

105, 305

1369,616

92,627

944

9,149

6,6988,871

11,799

7,959

55,172

12, 376385

12, 761

42,411

78,700

44218,611

598

11,552,8189, 277, 223

637, 4072, 005, 899

St. Louis

$24,186598

24, 784

39, 972

16,168

16,168

23, 804

271,810

6799226

2,129

1,2362,3452,500

2,121

12, 394

1,9505

1,955

10, 439

7951,185

5984,766

321

2, 490, 2511, 880, 205

127, 380471, 733

Minneapolis

$24, 2833,533

27, 816

38, 665

17,120

17,120

21, 545

161,760

1645185

2,182

1,4142,9144,196

2,273

14, 940

4,618363

4,981

9,959

511,386

64,005

347

2, 422, 5681, 758, 228

124, 959411,936

Kansas City

$46, 5372,553

49, 090

69, 892

25, 988

25, 988

43, 904

644,086

101,562

389

4,674

2,5543,5506,545

2,990

24, 852

9,250382

9,632

15,220

2344,136

289,102

635

4, 078, 7763, 003, 936

227, 848772, 278

Dallas

$53, 78621

53, 807

82, 386

40,911

40,911

41, 475

894,837

131,823

430

7,326

3,7195,8366,055

10, 485

38, 777

20,164614

20, 778

17, 999

8386,805

1916, 403

530

5, 400, 4523, 575, 671

354, 903991, 361

San Francisco

$120,60726,012

146,619

186,100

116,128

116,128

69, 972

1974,331

181,336

573

12,118

12, 5769,655

23, 052

8,729

71, 231

7,887300

8,187

63, 044

1919,126

42128, 679

110

15, 676,1878, 894, 292

597, 6572, 054, 237

Total

$637, 67050, 356

688, 026

1, 068, 843

517, 546202

517, 748

551,095

1,01848, 562

11616, 8675,611

69, 513

46, 56862, 50485,134

59, 066

377, 976

89, 0972,917

92, 014

285, 962

2,94251,317

7,579143, 575

4,503

72, 344, 26550, 089, 750

3, 672, 45512, 289, 305

271


TABLE B-27.—Current operating revenue, and expenses^ and dividends of national banks,

[Dollar amounts

Item

Ratios:To total current operating revenue:

Interest and dividends on securitiesInterest and discount on loansService charges on deposit accountsAll other current revenue

Current operating revenue, total

Salaries, wages, and fees3

Interest on time and savings depositsAll other current expenses

Total current expenses

Net current earnings

To gross loans: Interest and discount on loansTo securities: Interest and dividends on securities. . .To capital stock (par value):

Net current earningsNet income before dividendsCash dividends

To capital accounts:Net current earnings.Net income before dividendsCash dividends


Boston

Percent17.7964.336.36

11.52

100. 00

27.6013.1023.05

63.75

36.25

5.742.98

68.6133.7817.62

18.098.914.65

New York i

Percent23.2261.304.80

10.68

100. 00

23.5425.2321.97

70.74

29.26

5.473.14

49.1125.3813.93

15.578.054.42

Philadelphia

Percent25.2665.464.205.08

100. 00

24.4626.8020.93

72.19

27.81

5.743.11

50.8630.9615.00

13.338.113.93

Cleveland

Percent28.6758.664.558.12

100. 00

23.2624.4920.85

68.60

31.40

5.503.19

52.3730.7114.31

14.268.363.90

Richmond

Percent23.3762.886.387.37

100. 00

27.0319.3421.85

68.22

31.78

5.883.08

63.2434.0716.19

16.789.044.29

1 Includes 1 member bank in the Virgin Islands of the United States.2 Number at end of year. Remaining figures include earnings, expenses, etc., of those banks which were in operation a part of

the year but were inactive at the close of the year.8 Exclusive of building employees.NOTE.—The figures of loans, securities, capital stock, and capital accounts are averages of amounts reported for the June and

December call dates in the current year and the December call date in the previous year.

272


by major categories and States, year ended Dec. 31, 1962—Continued

in thousands]


Atlanta

Percent24.7361.287.006.99

100.00

27.0119.8423.46

70.31

29.69

6.003.17

51.9929.8811.32

15.729.043.42

Chicago

Percent27.8260.274.187.73

100. 00

23.5826.3120.28

70.17

29.83

5.343.07

47.9127.8511.33

15.228.853.60

St. Louis

Percent27.0163.534.524.94

100. 00

25.5719.2322.84

67.64

32.36

5.553.12

55.2631.3812.69

14.928.473.43

Minneapolis

Percent24.3861.036.158.44

100. 00

25.8921.9221.74

69.55

30.45

5.893.24

56.9330.9413.70

17.279.394.16

Kansas City

Percent24.7762.286.436.52

100. 00

27.4217.9021.24

66.56

33.44

5.803.13

55.7130.6711.41

16.449.053.37

Dallas

Percent24.1365.934.385.56

100.00

23.9219.5022.30

65.72

34.28

5.673.13

44.8323.2111.53

16.058.314.13

San Francisco

Percent18.1965.347.918.56

100. 00

25.1530.2718.42

73.84

26.16

6.082.98

63.8431.1419.43

18.579.065.65

Total

Percent23.5262.685.778.03

100. 00

24.9524.0920.94

69.98

30.02

5.723.10

53.9229.1014.10

16.118.704.21

273


T A B L E B-28.—Current operating revenue and expenses, and dividends of national banks in the

[Dollar amounts

Banks operating throughout entire year with depositsin December 1962, of—

Less than$500.0

$500.1 to$750.0

$750.1 to$1,000.0

$1,000.1 to$2,000.0

Number of banks

Total depositsCapital stock (par value)Capital accounts

Current operating revenue—Interest and dividends on:


Interest and discount on loansService charges and other fees on banks' loansService charges on deposit accountsOther service charges, commissions, fees, and collection and exchange charges.Trust departmentOther current operating revenue



OfficersEmployees other than officersNumber of officers x

Number of employees other than officers *Officer and employee benefits—pensions, hospitalization, social security,

insurance, etcFees paid to directors and members of executive, discount, and other com-

mittees.Interest on time and savings depositsInterest and discount on borrowed moneyNet occupancy expense of bank premisesFurniture and equipment—depreciation, rents, servicing, uncapitalized

costs, etc.Other current operating expenses





On loans:RecoveriesTransfers from valuation reserves

All other

Total recoveries, transfers from valuation reserves, and profits


Losses on securities soldChargeoffs on securities not soldTransfers to valuation reserves


All other

Total losses, chargeoffs, and transfers to valuation reserves


See footnote at end of table.274

$2,180215585

395

11702602

50

28 49 362

$17,0801,0252,723

$43,4521,8056,858

16427

51319481709

797

264596935

1616

680

4812

124

190

$559,81718,16172, 738

43986

1,3819

116540

21

2,106

53618312497

3548

2752

10550

290

1,524

582

87

140

1201110

523

6,4821,471

16, 03798

1,37263343

209

26, 345

5,6252,4681,037

988

498559

4,92714

1,180542

3,216

19, 029

7,316

1784010

43816498

928

7170

5

759359201

1,465

6,779


United States and possessions operating throughout calendar 7962 by size of deposits, December 1962

in thousands]

Banks operating throughout entire year with deposits in December 7962, of—

$2,000.1 to$5,000.0

1,293

$4,458,118119,290491, 478

46, 85514, 075

126, 289885

12, 3454,056

3941,782

206, 681

34, 38224, 2584,8907,979

4,6253,944

44,111126

8,7305,061

24, 424

149, 661

57, 020

2,198100225

1,992277727

5,519

658504251

3,4505,0691,781

11,713

50, 826

$5,000.1 to$10,000.0

1,130

$8,018,767196,052775,198

79,14827, 084

228, 4822,287

25, 3436,7161,3673,204

373, 631

49, 07649, 0465,990

15,533

9,5395,175

90, 300200

16, 5319,303

44, 437

273, 607

100, 024

6,248397512

1,632365

1,314

10, 468

1,3371,249

592

2,95411,1984,113

21,443

89, 049

$10,000.1 to$25,000.0

903

$13, 851, 376343, 464

1, 245,183

133,59946, 438

396, 3265,031

50, 07311,5388,0916,037

657,133

71, 93997, 6937,714

29, 347

19,5616,426

162,439528

30, 69016,910

80, 291

486, 477

170, 656

16,306562

1,794

1,403959

2,400

23, 424

2,4331,1503,281

2,34723, 338

6,395

38, 944

155,136

$25,000.1 to$50,000.0

314

$11,036,865288, 837946, 708

104, 07532, 749

310, 0465,015

36, 2777,793

13,4224,955

514, 332

51,19181,8015,000

23, 892

16, 0863,313

129, 716563

23, 86812, 641

61, 905

381, 084

133,248

12, 929135

1,733

8261,0693,077

19,769

2,530509

2,363

1,56919, 5774,804

31, 352

121, 665

$50,000.1 to$100,000.0

150

$10, 793, 573293, 632929, 502

98,12932, 293

300, 7304,530

31, 0407,638

26, 2684,038

504, 666

46, 05079, 2994,057

22,199

17, 0992,431

118,1481,049

22, 52011,740

67, 246

365, 582

139, 084

15,218311

1,931

259742

3,396

21,857

1,808665

3,436

51824, 439

4,025

34, 891

126, 050

$100,000.1 to$500,000.0

156

$34,285,146903, 707

2, 948,198

259, 28988, 035

973, 44718,49285, 63723, 50970, 78714, 635

1, 533, 831

122, 536266,116

10, 79370,112

52, 9484,564

320, 2716,924

66, 93536, 218

177,118

1, 053, 630

480, 201

34, 823135

15, 533

4504,075

10, 735

65, 751

9,792664

15,615

43658,02215, 447

99, 976

445, 976

Over$500,000.1

37

$58, 918, 5251, 560, 8945, 225,156

398, 420170, 733

1, 753, 78337, 661

135,27146, 445

121,60368, 833

2, 732, 749

172, 972450, 053

15,331103, 452

99, 5722,318

707,18523, 226

113,03755,104

227, 405

1, 850, 872

881, 877

37, 6351,714

19, 867

73919,68518,283

97, 923

14,1472,549

32, 522

703148, 35030, 046

228, 317

751, 483

Total

4,428

$141, 984, 8993, 727, 082

12, 644, 327

1,126, 639412, 996

4,107,15174, 027

377, 524108, 405241, 975103, 725

6, 552, 442

554, 6191, 050, 991

55,023273, 639

219,98228, 797

1, 577, 46132, 632

283, 653147, 582

686, 476

4, 582,193

1, 970,249

125, 5503,394

41, 605

7,83327, 34040, 034

245, 756

32, 7777,364

58, 065

12, 896290, 367

66, 826

468, 295

1,747,710

275


TABLE B-28.—Current operating revenue, and expenses, and dividends of national banks in the United

[Dollar amounts




Gash dividends declared:On common stock

On preferred stock


Net income after dividendsOccupancy expense of bank premises:

Salaries and wages:OfficersEmployees other than officersNumber of officers x

Number of employees other than officers *Building officer and employee benefits ,Recurring depreciation on bank premises and leasehold improvementsMaintenance, repairs, and uncapitalized alteration costs of bank premises

and leasehold improvementsInsurance, utilities (heat, light, and water), etcRents paid on bank premisesTaxes on bank premises and leasehold improvements



Total credits


Memoranda items:Recoveries credited to valuation reserves (not included in recoveries above):



Average per bank:Gross current operating revenueCurrent operating expensesNet current operating earningsNet income before dividends

Per $100 of deposits:Net current operating earningsNet income before dividends

Per $100 of capital accounts:Net current operating earningsNet income before dividendsGash dividends

Banks operating throughout entire year with depositsin December 1962, of—

Less than$500.0

$120

2.341.74

8.726.501.03

#500.7 to$750.0

$412

56

50

1.11.76

6.984.772.06

$750.1 to$1,000.0

$13811

149

374

1770

177

197

1.34.86

8.495.452.58

$1,000.1 to

1 Number at end of year.NOTE.—The deposits, capital stock, and capital accounts shown in this table are as of end of period. Capital accounts repre-

sents the aggregate book value of capital stock, surplus, undivided profits, reserves and retirement fund for preferred stock.

276


States and possessions operating throughout calendar 1962 by size of deposits, December 1962—Continued

in thousands]

Banks operating throughout entire year with deposits in December 7962, of—

$2,000.1 to$5,000.0

$13, 289819

14,108

36,718

13, 3064

13,310

23, 408

51,097

798852

2,142

1,2892,771

7161,979

10, 051

1,28932

1,321

8,730

402,160

54,186

1601164428

1.28.82

11.607.472.71

$5,000.1 to$10,000.0

$26, 4221,367

27, 789

61, 260

22, 9942

22, 996

38, 264

12,233

51,218

1614,297

2,3434,2631,9393,560

18,797

2,21947

2,266

16, 531

694,281

799,047

3312428954

1.25.76

12.907.902.97

$10,000.1 to$25,000.0

$51,4392,310

53, 749

101,387

38, 2728

38, 280

63,107

54,660

51,966

3887,635

4,5747,2395,4556,735

36, 691

5,897104

6,001

30, 690

696,438

26214, 548

728539189112

1.23.73

13.718.143.07

$25,000.1 to$50,000.0

$44, 3671,653

46, 020

75, 645

32, 06941

32,110

43, 535

694,948

111,917

4506,756

3,8005,4075,8455,577

32, 852

8,767217

8,984

23, 868

2654,196

21410,104

1,6381,214

424241

1.21.69

14.077.993.39

$50,000.1 to$100,000.0

$45, 7011,722

47, 423

78, 627

32, 74410

32, 754

45, 873

674,129

101,738

4715,302

3,8434,7627,2165,181

30, 971

8,121330

8,451

22, 520

3064,135

37112, 479

3,3642,437

927524

1.29.73

14.968.463.52

$100,000.1 to$500,000.0

$175,1847,961

183,145

262, 831

116, 632100

116,732

146, 099

35515,312

364,8641,780

17, 716

10, 78616, 37925, 50717, 509

105, 344

37,1391,270

38,409

66, 935

1,79211,461

2,57633,415

9,8326,7543,0781,685

1.40.77

16.298.913.96

Over$500,000.1

$273, 82934, 369

308,198

443, 285

256, 89537

256, 932

186, 353

49915, 346

403,7642,239

24, 722

19,24020, 75137, 98617, 787

138, 570

24, 620913

25, 533

113,037

40118,401

4,06759, 253

73, 85850, 02423, 83411,981

1.50.75

16.888.484.92

Total

$632, 06150, 298

682, 359

1,065,351

515,027202

515,229

550,122

1,003-47, 833

11516, 6595,543

68, 80S

46,11662, 06884, 76a58, 641

374, 777

88, 2072,917

91,124

283, 653

2,94251,278.

7,574-143, 362

1, 480'1,035

445241

1.39.75

15. 588. 43.4.07

277


T A B L E B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 31, 1961 and 1962


7967 7962

Number of banks l

Capital stock, par value 2.Capital accounts2

Current operating revenue:Interest and dividends on:


Interest and discount on loansService charges and other fees on banks' loa.iSService charges on deposit accountsOther service charges, commissions, fees, and collection and exchange

chargesTrust departmentOther current operating revenue



OfficersEmployees other than officers

4,513 4,503

$3, 466,166$11,470,899

$3, 672, 455$12, 289, 305

Amount

SI, 030, 719338, 217

3, 759, 34762,196

351,460

98, 979218, 765

95, 039

5, 954, 722

520, 393999, 493

Number of officers l

Number of employees other than officers x52, 304

266, 662

Officer and employee benefits—pensions, hospitalization, social security,insurance, etc

Fees paid to directors and members of executive, discount, and othercommittees

Interest on time and savings depositsInterest and discount on borrowed moneyNet occupancy expense of bank premisesFurniture and equipment—depreciation, rents, servicing, uncapitalized

costs, etcOther current operating expenses

203, 345

27, 5461,158, 544

19,259264, 906

122, 276659, 873



3, 975, 635

1, 979, 087

Percent dis-tribution

Amount

17.315.68

63.131.055.90

1.663.671.60

$1,136, 543414, 878

4,134, 52274, 305

380, 402

108, 978242, 204104, 571

100. 00 6, 596, 403

13.0925.14

559, 4851, 057, 500

55, 421275,139

5.12

,6929.14

.486.66

3.0816.60

221, 232

29,0641,588,710

32, 680285, 962

148, 521693, 071

4, 616, 225

1, 980,178


17.236.29

62.681.135.77

1.653.671.58

100. 00

12.1222.91

4.79

.6334.42

.716.19

3.2215.01

100. 00


278


T A B L E B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 31, 1961 and 1962—

Continued[Dollar amounts in thousands]



On loans:RecoveriesTransfers from valuation reserves

All other



Losses on securities soldChargeofFs on securities not soldTransfers to valuation reserves

On loans:Losses and chargeoffs . .Transfers to valuation reserves

All other






Cash dividends declared:On common stockOn preferred stock


Net income after dividends

1961

Amount

$243,2365,052

56, 398

7,88029, 32129, 690

371,577

22,72016, 677

154,269

16, 666260,424

62, 050

532, 806

1, 817,858

734, 56541,092

775, 657

1, 042, 201

485, 960119

486,079

556,122


65.461.36

15.18

2.127.897.99

100. 00

4.263.13

28.95

3.1348.8811.65

100.00

1962

Amount

$128, 0773,408

41, 696

8,10627, 34340, 373

249, 003

32, 9617,409

59,125

13, 465292, 201

67,151

472, 312

1, 756, 869

637, 67050,356

688, 026

1, 068, 843

517, 546202

517, 748

551,095


51.441.37

16.74

3.2610.9816.21

100. 00

6.981.57

12.52

2.8561.8614.22

100.00


696-055—63 19 279


TABLE B-29.—Current operating revenue, and expenses, and dividends of national banks, years ended Dec. 37, 1961 and 1962—Continued


Amount Percentto total

7962

Percentto total

Occupancy expense of bank premises:Salaries and wages:


Number of officers 1

Number of employees other than officers l

Building officer and employee benefitsRecurring depreciation on bank premises and leasehold improvements..Maintenance, repairs, and uncapitalized alteration costs of bank premises

and leasehold improvementsInsurance, utilities (heat, light, and water), etcRents paid on bank premisesTaxes on bank premises and leasehold improvements



Total credits


Memoranda items:Recoveries credited to valuation reserves (not included in recoveries

above):On securitiesOn loans


Stock dividends (increases in capital stock)

Ratios to current operating revenue:Salaries, wages, and fees 3

Interest on time and savings depositsAll other current expenses



Ratio of cash dividends to capital stock (par value)Ratio of cash dividends to capital accounts ,

$93647, 290

.2613.35

$1,01848, 562

11016, 641

11616, 867

5,37864, 962

47, 04558,19875, 83454, 695

1.5218.33

13.2816.4221.4015. 44

5,61169,513

46, 56862, 50485,13459, 066

354, 338 100. 00 377, 976

85, 8693,563

24.231.01

89, 0972,917

89, 432 25.24 92, 014

264, 906 74.76 285, 962

5,55244, 473

11,839148, 099165, 590

2,94251, 317

7,579143, 57594,144

Percent25.9919.4521.32

66.76 69.98

14.024.24

14.104.21

.2712.85

1.4818.39

12.3216.5422.5215.63

100.00

23.57.77

24.34

75.66

Percent24.9524.0920.94

1 Number at end of period. Remaining figures includeearnings, expenses, etc., of those banks which were in operationa part of the year but were inactive at the close of the year.

2 Figures are averages of amounts reported for the June andDecember call dates in the year indicated and the Decembercall date in the previous year.

3 Exclusive of building employees.

NOTE.—Earnings and dividends figures for 1869 to 1937 werepublished for the years ended August 31 or June 30 and appearin the table beginning on page 96 of the Comptroller's AnnualReport for 1937. Similiar figures for 1938 through 1941appear in table 26 on page 136 of the 1941 report. Calendaryear figures are available, beginning with the year 1917, andare published in the Comptroller's reports as follows: 1938, p.100; 1940, p. 17; 1942, p. 34; 1943, p. 30; 1946, p. 98; 1949,p. 100; 1951, p. 118; 1954, p. 142; 1957, p. 152; and 1960, p.

280


TABLE B-30.—Number of national banks, capital stock and accounts, net profits, dividends, and ratios to capital accounts, years ended Dec. 31, 1930-62

[Dollar amounts in thousands. For earlier data, see Annual Report of the Comptroller of the Currency, 1938, p. 115]

193019311932193319341935193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962

Numberof banks

7,0386,3736,016

3 5,159» 5, 467

5,3925,3315,2665,2305,1935,1505,1235,0875,0465,0315,0235,0135,0114,9974,9814,9654,9464,9164,8644,7964,7004,6594,6274,5854,5424,5304,5134,503

Capital stock (par value) *

Preferred

n.a.n.a.n.a.

192, 469349, 470510,511447, 501305, 842267, 495241, 075204, 244182, 056156, 739135,713110,59780, 67253, 20232, 52925, 12820, 97916, 07912, 0326,8625,5124,7974,1673,9443,7863,3323,2252,0502,0409,852

Common

$1, 724, 028, 680, 780, 597, 037, 507, 834

I, 359, 573,280,813, 259, 027, 285, 946

1, 310, 2431, 320, 4461, 328, 0711, 341, 3981, 354, 3841, 372, 4571,440,5191, 536, 2121, 646, 6311, 736, 6761, 779, 3621, 863, 3731, 949, 8982, 046, 0182,171, 0262, 258, 2342, 381, 4292, 456, 4542,558,1112, 713, 1452, 871, 7853, 063, 4073, 257, 2083,464,1263, 662, 603

Total

$1, 724, 0281, 680, 7801, 597, 0371, 600, 3031, 709, 0431, 791, 3241, 706, 528,591,788, 577, 738,561,521, 532, 315, 523, 454

1,511,123., 508,170,551,116, 616, 884., 699, 833

1, 769, 2051, 804, 4901, 884, 3521, 965, 9772, 058, 0502,177, 8882, 263, 7462, 386, 2262, 460, 6212, 562, 0552, 716, 9312,875,1173, 066, 6323, 259, 2583,466,1663, 672, 455

Capitalaccountsx

$3, 919, 9503,753,4123, 323, 5362, 981, 6782, 982, 0083, 084, 0923,143, 0293, 206,1943,281,8193, 380, 7493, 463, 8623, 596, 8653, 684, 8823, 860, 4434,114,9724, 467, 7184, 893, 0385, 293, 2675, 545, 9935, 811, 0446, 152, 7996, 506, 3786,875,1347, 235, 8207, 739, 5537, 924, 7198, 220, 6208, 769, 8399, 412, 557

10, 003, 85210, 695, 53911,470,89912, 289, 305

Net prof-its beforedividends

$158,4112 54, 550

2164, 7372 286,1162 153, 451

158, 491313, 826228, 021198, 649251, 576241, 465269, 295243, 343350, 457411,844490, 133494, 898452, 983423, 757474, 881537, 610506, 695561, 481573, 287741, 065643,149647,141729, 857889,120800,311

1, 046, 4191, 042, 2011, 068, 843

Cash dividends

Onpreferred

stock

n.a.n.a.n.a.

$55810,10318, 86218, 16611,5329,3788,9118,1757,8166,6836,1585,2964, 1312,4271,3721,3041,100

712615400332264203177171169165

99119202

Oncommon

stock

$211,272193,196135, 38171,10680, 91594, 377

101, 850110, 231113,347122, 267125,174124, 805121,177125, 357139,012151,525167,702182,147192, 603203, 644228, 792247, 230258, 663274, 884299, 841309, 532329, 777363, 699392, 822422, 703450, 830485, 960517, 546

Ratios

Cash divi-dends onpreferredstock to

preferredcapital

Percentn.a.n.a.n.a.

0.602.893.694.063.773.513.704.004.294.264.544.795.124.564.225.195.244.435.115.836.025.504.874.494.525.075.124.835.832.05

Cash divi-dends oncommonstock tocommoncapital

Percent12.2511.498.484.725.957.378.098.578.659.269.439.308.959.139.659.86

10.1810.4910.8210.9311.7312.0811.9112.1712.5912.6012.8913.4113.6813.8013.8414.0314.13

Total cashdividendsto capitalaccounts

Percent5.395.154.072.403.053.673.823.803.743.883.853.693.473.413.513.483.483.473.503.523.733.813.773.803.883.914.014.154.184.234.224.244.21

Net profits before divi-dends

To capitalstock

Percent9.19

2 3. 252 10. 322 17. 88

2 8. 988.85

18.3914.3212.5916.1115.7617.6816.1023.2426.5530.3129.1125.6023.4825.2027.3524.6225.7825.3231.0626.1425.2626.8630.9226.1032.1130.0729.10

To capitalaccounts

Percent4.04

2 1.452 4. 962 9. 602 5.15

5.149.987.116.057.446.977.496.609.08

10.0110.9710.118.567.648.178.747.798.177.929.588.127.878.329.458.009.789.098.70

1 Averages of amounts from reports of condition made in each year.a Deficit.8 Licensed banks, i.e., those operating on an unrestricted basis.

NOTE.—n.a.=not available.


TABLE B—31.—Total loans of national banks, losses and recoveries on loans, and ratio of net losses or recoveries to loans,by calendar years, 1943-62


Tear

1943 . . .1944 .19451946 .19471948194919501951 . . . .195219531954 .19551956 .195719581959 .I96019611962

Average for 1943-62

Total loans endof year

$10,133, 53211, 497, 80213,948,04217, 309, 76721, 480, 45723,818,51323, 928, 29329, 277, 48032,423, 77736,119,67337, 944,14639, 827, 67843, 559, 72648, 248, 33250, 502, 27752, 796,22459, 961, 98963, 693, 66867, 308, 73475, 548, 316

37, 966, 421


$43,10141, 03929, 65244, 52073, 542

1 50, 4821 59, 4821 45, 970i 53, 940i 52, 3221 68, 533i 67,198i 68, 9511 78, 355i 74, 437i 88, 378i 80, 507

1181,6831164, 7651157, 040

76,195

Recoveries

$52, 90050, 34837, 39241,31343, 629

2 31,133a 26, 2832 31, 5252 31, 8322 32, 9962 36, 3322 41, 5242 39, 4732 37, 3492 39, 0092 50, 2052 54, 7402 51, 5062 52, 3532 59, 423

42, 063

Met losses orrecoveries ( + )

$+9,799+9, 309+7, 740

3,20729, 91319, 34933,19914, 44522,10819, 32632, 20125,67429, 47841, 00635, 42838,17325, 767

130,177112,412

97, 617

34,132

Ratio of tosses(or recoveries+ ) to loans

Percent+.10+.08+.06

.02

.14

.08

.14

.05

.07

.05

.08

.06

.07

.08

.07

.07

.04

.20

.17

.13

.09

1 Excludes transfers to valuation reserves.2 Excludes transfers from valuation reserves.

NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency 1947, p . 100.

TABLE B-32.—Total securities of national banks, losses and recoveries on securities and ratio of net losses or recoveries tosecurities, by calendar years, 1943-62


Tear

1943194419451946 . . .19471948194919501951195219531954 . . .19551956195719581959I9601961 . .1962

Average for 1943-62

Total securitiesend of year

$37, 504,25347,022, 32955, 611, 60946, 642, 81644, 009, 96640, 228, 35344, 207,75043, 022, 62343, 043, 61744,292, 28544,210,23348, 932,25842, 857, 33040, 503, 39240, 981,70946, 788, 22442, 652, 85543,852,19449, 093, 53951,705,503

44, 858,142


$66, 00867, 57474, 62774, 62069,785

1 55, 3691 23, 5951 26, 8251 57, 5461 76, 524

1119,1241 49,469

1152, 8581 238, 9971151,152

1 67, 4551 483, 5261154, 372

1 51, 2361 47, 949

105,431

Recoveries

$59, 65250, 30254,15333, 81625, 571

2 25,2642 7,516

2 11,5092 6,7122 9 , 2592 8, 3252 9, 286

2 15, 7582 13, 027

2 5, 8062 12, 4022 18, 3442 21,1982 10, 604

2 6, 350

20,243

Net losses orrecoveries ( + )

$6, 35617, 27220, 47440, 80444, 21430,10516, 07915,31650, 83467, 265

110,79940,183

137,100225, 970145, 346

55, 053465,182133,174

40, 63241,599

85,188

Ratio of losses(or recoveries

+ ) to securities

Percent0.02

.04

.04

.09

.10

.07

.04

.04

.12

.15

.25

.08

.32

.56

.35

.121.09

.30

.08

.08

.19


NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p . 100.

282


TABLE B-33.—Foreign branches of national banks, Dec. 28, 1962 l

BANK OF AMERICA NATIONAL TRUST & SAVINGS ASSOCIATION,SAN FRANCISCO, CALIF.:

Argentina: Buenos Aires.England:

London.London (West End).

Guam: Agana.Japan:

Kobe.Osaka.Tokyo.Yokohama.

Netherlands: Amsterdam.Nigeria: Lagos.Okinawa: Naha.Pakistan: Karachi.Philippines: Manila.Thailand: Bangkok.Truk Islands: Moen.

CONTINENTAL ILLINOIS NATIONAL BANK & TRUST CO. OF CHI-CAGO, I I I . : England: London.1

FIRST NATIONAL BANK OF BOSTON, MASS.:Argentina:

Avellaneda.Buenos Aires.Buenos Aires (Alsina).Buenos Aires (Constitution).Buenos Aires (Once).Rosario.

Brazil:Campinas.Rio de Janeiro.Santos.Sao Paulo.

FIRST NATIONAL CITY BANK OF NEW YORK, N.Y.:Argentina:

Buenos Aires.Buenos Aires (Belgrano).Buenos Aires (Flores).Buenos Aires (Plaza Once).Cordoba.Lomas de Zamora.Mendoza.Rosario.

Bahamas: Nassau.Belgium: Brussels.Brazil:

Belo Horizonte.Brasilia.Campinas.Curitiba.Porto Alegre.Recife.Rio de Janeiro.Salvador.Santos.Sao Paulo (Avenida Ipiranga).Sao Paulo (Praca Antonio Prado).

Canal Zone: Balboa.Chile:

Valparaiso.Colombia:

Barranquilla.Bogota.CaliMedellin.

Dominican Republic: Santo Domingo.Ecuador: Guayaquil.

1 Excludes banking facilities at military establishments.NOTE.—For consolidated statement of the assets and liabilities

of the above-named branches for Dec. 28,1962, see table B-34.

FIRST NATIONAL CITY BANK OF NEW YORK, N.Y.—ContinuedEngland:

London.London (Berkeley Square Branch).

France: Paris.Germany: Frankfurt am Main.Hong Kong:

Hong Kong.Hong Kong (Kowloon Section).

India:Bombay.Calcutta.Madras.

Italy: Milan.Jamaica: Kingston.Japan:

Nagoya.Osaka.Tokyo.Yokohama.

Lebanon: Beirut.Malaya: Kuala Lumpur.Mexico:

Mexico City:Isabel la Catolica.Parque San Martin.Paseo de la Reforma.Republica.

Pakistan: Karachi.Panama:

Colon.Panama City.Panama City (Hotel El Panama Hilton).Panama City (La Exposicion).

Paraguay:Asuncion.Asuncion (Guarani Hotel).Asuncion (Peru Esquina Pettirossi).

Peru: Lima.Philippines:

Cebu City.Clark Field.Manila.Manila (Port Area Branch).

Puerto Rico:Arecibo.Bayamon.Caguas.Mayaguez.Mayaguez (Plaza de Colon).Ponce.San Juan.San Juan (Hato Rey).San Juan (New Port Area).San Juan (Rio Piedras).San Juan (Santurce).

Saudi Arabia: Jeddah.Singapore:

Singapore (Raffles Quay).Singapore (Orchard Road).

Uruguay:Montevideo.Montevideo (Pocitos).

Venezuela:Caracas.Caracas (Miranda).Maracaibo.Valencia.

VIRGIN ISLANDS NATIONAL BANK, CHARLOTTE AMALIE," ST.THOMAS, VIRGIN ISLANDS:

British Virgin Islands: Road Town (Tortola Island).

283


TABLE B-34.—Assets and liabilities of foreign branches of national banks, Dec. 28, 1962: consolidated statement*


Number of branches. I l l

Loans and discounts, including overdrafts $1,125, 732Securities 58, 628Currency and coin 28, 502Balances with other banks and cash items in process

of collection 395, 395Due from head office and branches 172, 725Real estate, turniture, and fixtures 20, 750Customers' liability on account of acceptances... 183,179Other assets 23, 567

Total assets 2,008, 478

* Excludes figures for banking facilities at military establish-ments.

NOTE.—For location of foreign branches, see table B-33.

LIABILITIES

Demand deposits of individuals, partnerships, andcorporations $560, 682

Time and savings deposits of individuals, partner-ships, and corporations 669,741

Deposits of U.S. Government 159, 696State and municipal deposits 20, 378Deposits of banks 355, 546Other deposits (certified and officers' checks, etc.). 16, 669

Total deposits 1,782,712Due to head office and b r a n c h e s 3 6063, 606

7,439Rediscounts and other liabilities for borrowed

moneyAcceptances executed by or for account of report-

ing branches and outstanding 183, 543Other liabilities 31,178

Total liabilities 2,008,478

284


TABLE B-35.—Assets and liabilities of commercial banks in the District of Columbia, by type of bank, Dec. 28, 1962


Total allbanks

Nationalbanks

Nonnationalbanks

Number of banks.

Loans and discounts:Real estate loans:

Secured by farm landSecured by residential properties:

Insured by Federal Housing AdministrationInsured or guaranteed by Veterans' AdministrationNot insured or guaranteed by FHA or VA

Secured by other propertiesLoans to financial institutions:

Domestic commercial and foreign banksOther

Loans to brokers and dealers in securitiesOther loans for purchasing or carrying securitiesLoans to farmers directly guaranteed by the Commodity Credit CorporationOther loans to farmers (excluding loans on real estate)Commercial and industrial loans (including open market paper)Other loans to individuals for personal expenditures:

Passenger automobile installment loansOther retail consumer installment loansResidential repair and modernization installment loansOther installment loans for personal expendituresSingle-payment loans for personal expenditures

All other loansOverdrafts

Total gross loansLess valuation reserves

Net loans

Securities:U.S. Government obligations, direct and guaranteed:

Direct obligations:Treasury billsTreasury certificates of indebtednessTreasury notes:

Maturing within 1 yearMaturing after 1 year

U.S. nonmarketable bonds (savings, investment series A—1965, B—1975—80,and depositary bonds)

Other bonds maturing within 1 yearOther bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 yearsOther bonds maturing after 10 years

TotalSecurities guaranteed by U.S. Government.

Total.,Obligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bank.,

Total securities..

Cash, balances with other banks, including reserve balances and cash items in process©f collection:

Cash items in process of collection, including exchanges for clearinghouse ,Demand balances with banks in the United StatesOther balances with banks in United StatesBalances with banks in foreign countriesCurrency and coinReserve with Federal Reserve bank and approved reserve agencies

Total cash, balances with other banks, etc.,

12

$210

13, 57129, 378

125, 75796, 685

37, 448131, 827

14, 9666,8591,982

93232,221

67, 53022, 26826,13448,25592, 58420, 748

360

968> 8768,353

960, 523

64,85939, 250

28, 887123,036

6,78417, 239

143, 296102, 079

917

526, 347282

526, 62966,05611,4842,993

607,162

112,85654, 571

1,548945

35, 013143,473

348,406

$60

9,74918, 87571, 03959, 111

22, 44879, 8853,2282,2091,982

36133, 913

28,2354,761

10,41112, 78940, 96510, 654

190

510, 5406,647

503, 893

22,09919,194

10, 65661, 508

5,18815,174

102, 99259, 686

600

297,09731

297,12839, 9045,5811,923

344, 536

70, 34235, 789

1,081770

19, 68672, 750

200, 418

$150

3,82210, 50354, 71837, 574

15,00051, 94211,7384,650

5798, 308

39,29517, 50715, 72335,46651,61910,094

170

458, 3361,706

456, 630

42, 76020,056

18,23161, 528

1,5962,065

40, 30442, 393

317

229, 250251

229, 50126,1525,9031,070

262, 626

42, 51418, 782

467175

15, 32770, 723

147, 988

285


TABLE B-35.—Assets and liabilities of commercial banks in the District of Columbia, by type of bank, Dec. 28, 1962—Con.


Total allbanks

Nationalbanks

Nonnationalbanks

Bank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank premises or other real estate..Customers' liability on acceptances outstandingOther assets

$24, 854492

3,92312

6,363

$17, 579258

2,875

Total assets. 1,951,735 1,069,559

LIABILITIESDemand deposits:

Individuals, partnerships, and corporationsForeign governments and official institutions, central banks and international in-

stitutionsU.S. GovernmentStates and political subdivisionsCommercial banks in United StatesMutual savings banks in United StatesBanks in foreign countriesCertified and officers' checks (including dividend checks), letters of credit, and

travelers' checks sold for cash

1,100,211

27,81934, 551

28964, 776

605, 322

24, 89923,107

18945, 245

4,747

16, 861

3,054

8,362

Total demand deposits. 1, 249, 254 710, 178

Time and savings deposits:SavingsAccumulated for payment of personal loansOther time deposits of individuals, partnerships, and corporationsForeign governments and official institutions, central banks, and international in-

stitutionsU.S. GovernmentPostal savingsStates and political subdivisionsCommercial banks in United StatesMutual savings banks in United StatesBanks in foreign countries

369, 94719,188

101,713

20, 06215, 547

479186

185, 9083,091

53, 045

13,3329,293

479

Total time and savings deposits. 527,122 265,148

Total depositsMortgages or other liens on bank premises and other real estateRediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of reporting banks and outstanding..Other liabilities

1, 776, 376 975,326

1235, 432 12, 420

Total liabilities. 1,811,820 987, 746


CAPITAL ACCOUNTS m36, 68274, 77321,5656,895

22,09741,18314, 2074,326



MEMORANDUM

139,915 81,813

1,951,735 1, 069, 559

andpledged or assigned to secure liabilities and for other purposes (including notesbills rediscounted and securities sold with agreement to repurchase) 148, 206 53,147

286


T A B L E B-36.—Assets and liabilities of all commercial banks in the District of Columbia at date of each call during the yearended Dec. 37, 1962


Mar. 26, 7962

11 banks

June 30, 1962

11 banks

Sept. 28, 1962

11 banks

Dec. 28, i

12 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve b a n k . . . .Reserve with Federal Reserve bank and approved reserve

agenciesCurrency and coinBalances with other banks, and cash items in process of collec-



Total assets

LIABILITIES







Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$838, 239543,199

36656, 28712, 2432,787

142, 49131,144

135,18123, 882

412

3,92328

6,356

1, 796, 538

1, 048, 743

457, 529479

55, 321151

61, 33012, 099

7, 635, 6521, 160, 494

475, 1580

2830, 899

1, 666, 579

34,18268, 92320, 577

6,277

129, 959

1, 796, 538

121, 724

$869, 383542, 363

37158, 45011,5652,787

158,76227, 295

150, 96323, 868

334

4,03847

6,902

$891, 369529, 923

38058, 33112, 4342,877

160, 62325, 678

154,17424, 281

450

3,9236

7,678

1, 857,128 1, 872,127

1, 063, 337

484, 266479

66, 51499

62, 76616, 520

1, 693, 9811, 192, 423

507, 5580

4730, 441

1,055,664

495, 872479

64, 990133

62, 94716, 679

7, 696, 7641, 784, 767

572, 6038,200

731,180

1, 724, 469 1, 736,151

34, 18268, 92323, 224

6,330

34, 68271,47323, 451

6,370

132,659 135,976

1, 857,128 1, 872,127

150,187 144, 909

$960, 523526, 347

28266, 05611,4842,993

143, 47335,013

169, 92024, 854

492

3,92312

6,363

1, 951, 735

1,128, 030

510, 910479

50, 098475

69, 52316,861

7, 776, 3761, 249, 254

527, 7220

1235, 432

1,811,820

36, 68274, 77321, 565

6,895

139,915

1, 951, 735

148, 206

696-055—63 20 287


TABLE B-37.—Assets and liabilities of nonnational banks in the District of Columbia at date of each call during the yearended Dec. 31, 1962


Mar. 26, 1962

7 banks

June 30, 1962 Sept. 28, 1962

7 banks

Dec. 28, 1962

7 banks

Loans and discounts (including overdrafts)U.S. Government securities, direct obligationsObligations guaranteed by U.S. GovernmentObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stock of Federal Reserve bankReserve with Federal Reserve bank and approved reserve

agencies.Currency and coinBalances with other banks, and cash items in process of col-

lectionBank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank


Total assets

LIABILITIES

Demand deposits of individuals, partnerships, and corporations.Time and savings deposits of individuals, partnerships, and

corporationsDeposits of U.S. GovernmentDeposits of States and political subdivisionsDeposits of banksCertified and officers' checks, etc




Total liabilities

CAPITAL ACCOUNTS




MEMORANDUM


$402, 293238, 697

25118, 7286,9171,007

72,15015, 357

46, 9287,222

179

3,92328

3,644

817, 324

468, 263

227, 98222, 447

2318, 7064,753

742, 174507,030235, 144

0

2819,313

761,515

14, 58529, 9908,7132,521

55, 809

817, 324

67, 310

$415, 840233, 003

25220, 707

5,9391,007

66, 25213, 032

57, 5577,292

222

3,92347

4,107

829,180

457,148

244, 81725, 792

2618,1027,297

753, 182501, 402251, 780

0

4718, 742

771, 971

14, 58529, 99010, 0892,545

57, 209

829,180

71, 928

$421, 335231, 683

26122,4496,5981,067

69, 74011,614

67, 7897,272

224

3,9236

4,663

848, 624

466,107

249, 46827,194

2520, 0367,663

770, 493514, 772255, 721

200

719, 382

790, 082

14, 58532, 0409,3592,558

58, 542

848, 624

80, 267

$456, 630229, 250

25126,1525,9031,070

70, 72315, 327

61, 9387,275

234

3,92312

3,488

882,176

497, 809

255, 53417, 698

28621, 2248,499

801, 050539,076261, 974

0

1223, 012

824, 074

14, 58533, 5907,3582,569

58,102

882,176

95, 059

288


TABLE B-38.—Current operating revenue, and expenses, and dividends of all commercial banks in the District of Columbia, years ended Dec. 31, 1961 and 1962


Total

1962 1961

National banks

1962 1961

Nonnational banks

1962 1961

Number of banks*

Capital stock, par value 2.Capital accounts 2

Current operating revenue:Interest and dividends on:


Interest and discount on loansService charges and other fees on banks' loansService charges on deposit accountsOther service charges, commissions, fees, and collection and exchange charges.Trust departmentOther current operating revenue




Number of officers *Number of employees other than officers *

Officer and employee benefits—pensions, hospitalization, social security, insurance, etc...Fees paid to directors and members of executive, discount, and other committeesInterest on time and savings depositsInterest and discount on borrowed moneyNet occupancy expense of bank premisesFurniture and equipment—depreciation, rents, servicing, uncapitalized costs, etcOther current operating expenses

Total current operating expenses.



$34, 482133,493

16, 4702,227

47, 7091,1555,4541,0504,722

526

79,313

6,76113,615

5283,499

1,807437

15, 082134

3,9181,6149,114

52, 482

26, 831

$32, 352124, 621

$20, 43076, 637

$19, 57071,114

$14, 05256, 856

14,1361,703

43, 522685

5,182993

4,436409

9,0291,048

23, 947695

2,632495

1,816293

7,899877

22,415335

2,533422

1,723229

7,4411,179

23, 762460

2,822555

2,906233

71, 066 39, 955 36, 433 39, 358

6,46912, 992

3,6907,027

3,5716,587

3,0716,588

5003,148

2891,798

2741,667

2391,701

1,722419

10, 18858

3,7991,4378,577

848230

7,71856

1,863958

4,154

791226

5,32422

1,802863

3,909

959207

7,36478

2,055656

4,960

45, 661 26, 544 23, 095 25, 938

25, 405 13,411 13,338 13,420

$12, 78253, 507

6,237826

21,107350

2,649571

2,713180

34, 633

2,8986,405

2261,481

931193

4,86436

1,997574

4,668

22, 566

12,067


CO

oTABLE B-38.—Current operating revenue, and expenses, and dividends of all commercial banks in the District of Columbia, years ended Dec. 31, 1961 and

1962—Continued[Dollar amounts in thousands]



On loans:RecoveriesTransfers from valuation reserves . . . .

All other



Losses on securities soldChargeoffs on securities not soldTransfers to valuation reserves . . .


AU other . .


Net income before related taxes . . . .Taxes on net income: FederalNet income before dividendsGash dividends declaredNet income after dividends

Occupancy expense of bank premises:Salaries and wages:

OfficersEmployees other than officers1

Number of officers * . . . . . ;Number of employees other than officers *

Building officer and employee benefits . . . .Recurring depreciation on bank premises and leasehold improvementsMaintenance, repairs, and uncapitalized alteration costs of bank premises

improvementsInsurance, utilities (heat, light, and water), etcRents paid on bank premisesTaxes on bank premises and leasehold improvements


and leasehold

Total

1962

$1, 0381871

511,264

92

2,534

127

128

1771,613

491

2,428

26, 93712, 52014, 4176,5817,836

15998

2315

88732

439603

1,298547

4,720

1961

$9361

5934

510

1,540

3161126

2221,612

461

2,585

24, 36011,72012, 6406,1816,459

15932

2304

64742

525701

1,155522

4,656

National banks

1962

$60215

111,247

56

1,931

978339

1,317

14, 0256,2187,8073,5484,259

15584

2184

49478

247297164292

2,126

1961

$5101

15

467

993

1159

1,106298

1,564

12, 7675,9456,8223,4373,385

15526

2185

38461

31237075

273

2,070

Nonnational banks

1962

$4363

71

401736

603

127

128

177635152

1,111

12, 9126,3026,6103,0333,577

0414

0131

39254

192306

1,134255

2,594

1961

$426

443443

547

22

126

222506163

1,021

11,5935,7755,8182,7443,074

0406

0119

26281

213331

1,080249

2,586Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Total credits


Memoranda items:Recoveries credited to valuation reserves (not included in recoveries above): On loans.. . .Losses charged to valuation reserves (not included in losses above): On loans

Ratios to current operating revenue:Salaries wages and fees '

All other current expenses



Ratio of cash dividends to capital stock (par value)Ratio of cash dividends to capital accounts

77230

802

3,918

2091,075

Percent26.2419.0220.91

66.17

33.83

19.094.93

77285

857

3,799

1521,495

Percent27.9714.3421.94

64.25

35.75

19.114.96

2630

263

1,863

133544

Percent21.4019.3119.72

66.43

33.57

17.374.63

25513

268

1,802

891,123

Percent28.5014.6120.28

63.39

36.61

17.564.83

50930

539

2,055

76531

Percent25.0718.7122.12

65.90

34.10

21.585.33

51772

589

1,997

63372

Percent27.4214.0423.70

65.16

34.84

21.475.13

1 Number at end of period.8 Figures are averages of amounts reported for the June and December call dates in the year indicated and the December call date in the previous year.* Exclusive of building employees.


TABLE B-39.—All commercial banks in the District of Columbia: number of banks, capital stock, capital funds, interest and dividends, and ratios to capitalaccounts, years ended December 7930-62


1930.. .1931. . .1932.. .1933. . .1934.. .1935.. .1936.. .1937.. .1938.. .1939.. .1940...1941. . .1942...1943. . .1944...1945.. .1946.. .1947.. .1948. . .1949.. .1950.. .1951. . .1952.. .1953. . .1954.. .1955.. .1956...1957.. .1958. . . .1959I960 . . . .1 9 6 1 . . . .1962

Numberof banks

393934212222222222222222222221212019191919191919171717161312121112

Capital*

Capitalnotes and

deben-tures

$000

3001,3401,7901,5361,4191,3031,295

999604454400123

000000000000000000

Preferredstock (par

value)

$0000

1,5751,6501,6501,5541,3551,2081,2881,130

969794317

3400000000000000000

Commonstock (par

value)

$24, 00823, 32823,07219,21618,34518, 23518, 24318,25018, 06017, 30017, 33817, 49017, 66917, 76817, 61617, 83319, 78320, 75020, 93321,01721,46722, 33322,83323, 00024, 61027,44030, 21331, 30730, 63729, 91930, 82632, 35234, 482

Total

$24, 00823,32823,07219,51621,26021, 67521, 42921,22320, 71819, 80319, 62519,22419,09218, 96218,05617,86719, 78320,75020, 93321,01721,46722, 33322,83323, 00024, 61027, 44030,21331, 30730, 63729, 91930,82632, 35234, 482

Capitalaccounts*

$52, 63852, 06650, 06241,11939, 84940,84342, 26344,36545, 48146, 96648,19149, 49950,42551,44752, 30155,25561,60165, 46867, 65369, 63573, 45178, 29581,88185, 70790,20996,050

107, 318112,236110,950110,021115,614124,621133, 493

Net prof •{its beforedividends

$2, 9831,514

81,2182 2,186

2 4162,5013,7442,9662,4803,4552,9863,2832,4362,4683,5735,4855,4384,9913,5895,0836,3615,8006,4467,1436,7737,3887,7087,0136,4629,158

11,16512, 64014, 417

Interest

Oncapital

notes anddeben-tures

$0000

317758474140282411176000000000000000000

CLTUI cosh dividends

mm.On pre-

ferredstock

$0000

3468685950475642383116

100000000000000000

On com-mon stock

$2, 7552,6482,2781,006

901996

,0831,194,248,379

1,4161,442,439

1,432,557

i;6101,9022,1982,4122,6532,9123,0143,0683,1663,5533,9414,4494,6354,8395,0905,5796,1816,581

Ratios

Intereston capitalnotes and

debenturesto capitalnotes and

debentures

Percent00002.314.303.783.313.153.092.803.972.424.254.88000000000000000000

Cashdividendson pre-ferredstock to

preferredcapital

Petcent00002.164.124.123.803.693.894.353.723.923.905.052.9400000000000000000

Cashdividendson com-

monstock toCQVfittXQft

capital

Percent11.4811.359.875.244.915.465.946.546.917.978.178.248.148.068.849.039.61

10.5911.5212.6213.5713.5013.4413.7714.4414.3614.7314.8015.7917.0118.1019.1119.09

Totalinterest

and cashdividendsto capitalaccounts

Percent5.234.094.552.452.422.792.862.932.943.123.113.052.952.883.022.923.093.363.573.813.963.853.753.693.944.104.154.134.364.634.834.964.93

Net profits beforedividends

Tocapitalstock

Percent12.436.49

»5.28Ml. 20

2 1.9611.5417.4713.9811.9717.4515.2217.0812.7613.0219.7930.7027.4924.0517.1524.1929.6325.9728.2331.0627.5226.9225.5122.4021.0930.6136.2239.0741.81

Tocapital

accounts

Percent5.672.91

2 2. 432 5. 322 1.04

6.128.866.695.457.366.206.634.834.806.839.938.837.625.317.308.667.417.878.337.517.697.186.255.828.329.66

10.1410.80

1 Averages of amounts from reports of condition made in each year. » Deficit.


T A B L E B-40 .—Tota l loans of banks in the District of Columbia, losses and recoveries on loans, and ratio of net losses or

recoveries to loans, by calendar years 1943-62

ALL BANKS


Tear

194319441945 . . .194619471948 . . . . . . . . . .19491950 .*.1951 . . . . . . . . . . .19521953195419551956195719581959196019611962

Average for 1943-62

Total loansend of year

$106, 789110,479125, 302175, 340242, 755270, 963285, 399347, 853372, 607420, 060446, 861501,630579, 680631,394650,210670,206712, 426772, 944825, 906960, 523

460, 466


$237600195184303

139515741382M751393157913351360'4231477H21

14431599

11,71711,252

518

Recoveries

$297434300483529

221123042 5392 3152 2532 406216222432 17322122140213221792 2112 260

289


+$60166

+105+299+226

184270

+ 157160140173173117250265287311420

1,506992

229

Ratio of losses(or recoveries+ ) to loans

Percent+0.06

15+.08+ .17+ 09

.07

.09+ .05

.04

.03

.04

.0302

.04

.04

.04

.04

.05

.18

.10

.05

1943 . .194419451946 . . . . .194719481949 . .195019511952195319541955 . .1956195719581959I96019611962

Average for 1943-62

NATIONAL BANKS

$51, 53455,18167, 80796, 720

131, 989145, 299145, 982183, 547199,131226, 337245 151300, 865347, 098378, 746396,165376, 878388, 955414, 033440, 917503, 893

254,811

$1331106662

133126412611166129812791288M391206

1252M7012381241

11,123*544

261

$113141112211230

21002 9 3

2 1802 1912 1022 289

2 752 1232 1032 134

2 672 6 32 94

2 1042 144

133

$20+31+46

+149+97164168

+ 14107177+ 16483

138118103175147

1,019400

128

0.04+.06+ 07+.15+ .07

.11

.11+ .01

0508

.02

.02

.04

.03

.03

.04

.04

.23

.08

.05


293


T A B L E B-40.— Total loans of banks in the District of Columbia, losses and recoveries on loans, and ratio of net losses orrecoveries to loans, by calendar years 1943-62—Continued

NONNATIONAL BANKS


Tear

1943 . .19441945194619471948194919501951195219531954195519561957 .19581959I9601961 .1962

Average for 1943-62

Total loansend of year

$55, 25555, 29857,49578, 620

110, 766125, 664139, 417164, 306173, 476193,723201, 710200, 765232, 582252, 648254, 045293, 328323, 471358,911384, 989456, 630

205, 655


$104490129122170

U31131312161177H141291119611541182122512571205135815941708

257

Recoveries

$184293188272299

M i l2 2112 35921242151any

2 872 120

2 702 782 7 32 692 85

21072116

156


+$80197

+59+150+129

20102

+ 14353

+3717410934

112147184136273487592

101

Ratio of losses{or recoveries+ ) to loans

Percent+0.14

.36+.10+.19+ .12

.02

.07+.09

.03+.02

.09

.05

.01

.04

.06

.06

.04

.08

.13

.13

.05

1 Excludes transfers to valuation reserves.8 Excludes transfers from valuation reserves.NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p. 109.

294


T A B L E B-41 .—Tota l securities of banks in the District of Columbia, losses and recoveries on securities, and ratio of net lossesor recoveries to securities, by calendar years, 1943-62

ALL BANKS


Year

194319441945 . . . . .1946194719481949 . . .19501951 . .19521953195419551956195719581959196019611962 .

Average for 1943-62

Total securi-ties end of

year

$433, 694549, 977719,103621,710547,104509, 545534, 759575, 500601,232570, 881548, 393575, 323543, 452521, 085514, 639594, 931546, 385521, 657571,532607,162

560, 403


$770639299205347

120111261169175717111634M641509

11, 22415181889

11, 3751671M64

119

520

Recoveries

$59045927812583

2 882 22 2

2 82 712 34

2 1

21

2 102 1

2 18

89

Net losses orrecoveries

(+)

$1801802180

264113124167757703563130508

1,224517889

1,375661163

1

431

Ratio of losses(or recoveries+ ) to securi-

ties

Percent0.04

.03

.002

.01

.05

.02

.02

.03

.13

.12

.10

.02

.09

.23

.10

.15

.25

.13

.03

.08

NATIONAL BANKS

19431944194519461947194819491950195119521953195419551956195719581959196019611962

Average for 1943-62

$276, 495341, 778440, 209372, 566327, 705308, 248345, 537379, 010388, 279361, 695351, 994378, 648354, 373348, 086331, 406350, 090325, 286300, 792321, 343344, 536

347, 404

$641231182

97166M4124

11001540M32126511511167133212041341156412281160

244

$469250173

7616

2 802 1

272 67

2 102 1

2 15

59

$172+ 19

921

150+36

23100540425198151167332203341564218159

+ 15

0.06+.01

.002

.01

.05+.01

.01

.03

.14

.12

.06

.04

.05

.10

.06

.10

.17

.07

.05+ .004


295


TABLE B-41.—Total securities of banks in the District of Columbia, losses and recoveries on securities, and ratio of net lossesor recoveries to securities, by calendar years, 1943-62—Continued

NONNATIONAL BANKS


Year

1943 . . . .19441945 .19461947194819491950195119521953 . .19541955195619571958 .1959I960 .19611962

Average for 1943-62

Total securi-ties end of

year

$157,199208,199278, 894249,144219, 399201, 297189, 222196,490212, 953209,186196, 399196, 675189,079172, 999183,233244, 841221,099220, 865250,189262, 626

212, 999


$129408117108181157

1102169

121712791369113

1342189213141548i 8111443

14U 9

276

Recoveries

$12120910549672 82 12 2

M24

2 342 1

23

30

Net losses orrecoveries

(+)

$8199

1259

11414910167

217278365

+21341892314548811443

416

246

Ratio of losses(or recoveries+ to securi-

ties

Percent0.01.10.004.02.05.07.05.03.10.13.19

+.01.18.52.17.22.37.20.002.006

.12


NOTE.—For earlier data, see Annual Report of the Comptroller of the Currency, 1947, p. 110.

296


TABLE B-42.—Fiduciary activities of all commercial banks in the District of Columbia, Dec. 28, 1962


Number of banks exercising fiduciary powers

Total number authorized to exercise fiduciary powers

Trust department liabilities:TrustsAgency, escrow, custodian, and corporate accountsAll other liabilities

Total liabilities

Number of accounts being administered:TrustsAgency escrow, and custodian . . .Corporate trust bond issue accounts

Total number of accounts

Bond and debenture issues outstanding where bank acts as trustee

Trust department gross earnings for year ended Dec. 31, 1962

Total

60

6

$1, 783

402769

7

1,178

4,6212,120

69292

7,102

399

5

Nationalbanks

30

3

$1,038

164313

1

478

1,59376350

113

2,519

354

2

Nonnationalbanks

CO

O

3

$745

238456

6

700

3,0281,357

19179

4,583

44

3

1 Corporate paying agency, depository, registrar, transfer agency, etc.NOTE.—Data may not add to totals because of rounding.

297


8CO

TABLE B-43.—Assets and liabilities of all banks in the United States and possessions, by type of bank, Dec. 28, 1962


Item Total all banks National banksAll banksother thannational

Banks other than national

Statecommercial1

Mutualsavings

Private

Number of banks.

Loans and discounts:Real estate loans:

Secured by farm land (including improvements)Secured by residential properties (other than farm)Secured by other properties

Loans to financial institutions:Domestic commercial and foreign banksOther

Loans to brokers and dealers in securitiesOther loans for the purpose of purchasing or carrying stocks, bonds,

and other securitiesLoans to farmers directly guaranteed by the Commodity Credit

CorporationOther loans to farmers (excluding loans on real estate)Commercial and industrial loans (including open market paper)Other loans to individuals for personal expendituresAll other loans (including overdrafts)

Total gross loans

Less valuation reserves

Net loans

Securities:U.S. Government obligations, direct and guaranteedObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stocks of Federal Reserve banks

Total securitiesCurrency and coinBalances with other banks, including reserve balances and cash items in

process of collectionBank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank premises or

other real estateCustomers' liability on acceptances outstandingOther assets

Total assets

13, 924

$2, 071, 93752, 626, 23012, 048, 650

2, 586, 9318, 498, 3655, 203, 004

2,143,197

1,119,8695, 992, 500

49,148, 46731, 032, 6403, 935, 469

176,407,2592, 931, 417

173, 475, 842

72, 682, 06225, 323,1447, 947, 6871, 792, 281

107, 745,174

4, 429,740

50, 640, 4503, 732, 614

135, 569

379,4341, 641, 5322,101, 879

4,505 9,419 8,853 512

$795, 99713, 359, 8774, 649, 481

1, 509, 6814, 699,1051, 599, 707

935, 244

540, 8772, 957, 222

26, 910, 47116, 997, 3852,090, 531

$1, 275, 94039, 266, 3537,399,169

1, 077,2503, 799, 2603, 603, 297

1, 207, 953

578, 9923, 035, 278

22, 237, 99614, 035, 2551, 844, 938

$1, 223,17710,101, 4234,311,510

1,064,1263, 788, 2373, 542, 275

1,183, 562

578,1963, 026, 828

21, 953, 54513,673,2701, 824,148

$51,13829,161, 4583, 085, 943

8,0495,379

57, 296

11,955

02,250

196, 018350, 44816,206

77, 045, 5781, 497, 262

99, 361, 6811,434,155

66, 270, 2971,203, 360

32, 946,140230, 256

75, 548, 316 97, 927, 526 65, 066, 937 32,715,884

35, 663, 24813,607,0142, 039, 040

396, 201

37, 018, 81411,716,1305, 908, 6471, 396, 080

30,819,53511,157,4671, 743, 390346, 822

6,128, 806528, 367

4,141, 9001, 043, 323

51, 705, 503 56, 039, 671 44, 067, 214 11,842,396

2, 277, 621

27, 405, 9592, 027, 983

68, 238

190, 606542, 089890, 691

2,152,119

23, 234, 4911, 704, 631

67, 331

188, 8281, 099, 4431,211,188

2, 003, 533

22, 367, 3671, 393, 745

42, 681

188, 6681, 079, 394901, 736

146, 756

743, 484308, 61424, 528

00

304,164

344, 282,234 160,657,006 183, 625, 228 137,111,275 46, 085, 826

$1, 6253,4721,716

5,0755,6443,726

12, 436

7966,20088, 43311,5374,584

145, 244539

144, 705

70, 47330, 29623, 3575,935

130,061

1,830

123, 6402,272122

16020, 0495,288


Demand deposits:Individuals, partnerships, and corporationsForeign governments, central banks, etcU.S. GovernmentStates and political subdivisionsCommercial banks in the United StatesMutual savings banks in the United StatesBanks in foreign countriesCertified and officers' checks, etc

Total demand deposits

Time and savings deposits:SavingsAccumulated for payment of personal loansOther deposits of individuals, partnerships, and corporationsForeign governments, central banks, etcU.S. GovernmentPostal savingsStates and political subdivisionsCommercial banks in the United StatesMutual savings banks in the United StatesBanks in foreign countries

Total time and savings deposits

Total depositsRediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of reporting banks and out-

standingOther liabilities

Total liabilities

CAPITAL ACCOUNTS

Common stockCapital notes and debenturesPreferred stockSurplusUndivided profitsReserves and retirement account for preferred stock and capital notes

and debentures



124, 302, 972729, 642

6, 855, 81412,152,77313,944,670

781, 8851, 295, 4624, 535, 472

164, 598, 690

112,460,692785, 771

16, 947, 4102, 449, 707

269, 67618,179

6,519,081246, 441147,122148, 650

139,992,729

304,591,4193,635,187

1, 679, 8046, 256, 245

316,162,655

7, 004, 94050, 64634, 794

14, 312, 9755, 808, 340

907, 884

28,119,579

344, 282, 234

67, 055, 872282,133

3, 734, 7686, 941, 5548, 496, 306

242,100416, 331

1, 795, 253

18, 964, 317

40, 423, 898441, 525

8, 014, 037979, 242177,266

9,7543, 687, 644

77, 9648,134

41,110

53, 860, 574

142, 824, 8911, 635, 593

551, 6972, 895, 075

147, 907, 256

3,734,5180

23,1286, 307,1602, 405, 942

279, 002

12, 749, 750

160, 657, 006

57, 247,100447, 509

3,121, 0465,211,2195, 448, 364

539, 785879,131

2,740,219

75, 634, 373

72, 036, 794344, 246

8, 933, 3731, 470, 465

92, 4108,425

2, 831, 437168,477138, 988107, 540

86,132,155

161,766,5281, 999, 594

1,128,1073, 361,170

168,255,399

3, 270, 42250, 64611,666

8, 005, 8153, 402, 398

628, 882

15,369,829

183,625,228

56, 795, 457444, 601

3,110,9295, 208, 0105, 427, 891

538, 563856,139

2, 669, 392

75, 050, 982

30, 805, 548343, 541

8,911,1171, 452, 465

92, 3528,425

2,811,807167,150138, 98899, 030

44, 830, 423

119,881,4051, 985, 301

1,106, 4972, 756, 617

125, 729, 820

3, 259, 68850, 49611,666

5, 285, 5652, 460, 442

313, 598

11,381,455

137,111,275

263, 7460

9,9801,711

2600

7,205

282, 668

41, 216, 896705

11,1310560

19, 057919

00

41, 248, 764

41, 531, 4327,963

0595, 262

42,134,657

0150

02, 697, 808

940, 794

312, 417

3, 951,169

46, 085, 826

187, 8972,908

1371,498

20, 4471,222

22, 99263, 622

300, 723

14, 3500

11,12518, 000

20

573408

08,510

52, 968

353, 6916,330

21,6109,291

390, 922

10, 73400

22, 4421,162

2,867

37, 205

428,127

1 Includes stock savings banks.


TABLE B-44.—Assets and liabilities of all banks in the

[Dollar amounts

ASSETS

LocationEstimatedpopulation(thousands)

Number of Loans anddiscounts, includ-

ing overdrafts

U.S. Governmentobligations, directand guaranteed

f Obligations of(/States and polit-ical subdivisions

Other bonds,notes anddebentures






VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee





190,720

1,010641393

5,196871

2,628

10, 739

17, 5946,318

11,438476

3,228790

39, 844

4,2351,7654,7902,4584,1535,5913,3902,2743,371

10, 2581,8413,1073,666

50, 899

10, 2264,74810, 2208,0564,1373,5042,7934,376

48, 060

13,924 $173, 475, 842 $72, 682, 062 $25, 323,144 $7, 947, 687

791075734418137

776,496818,181426, 908

8, 431, 6331,163, 8273, 897, 702

276, 368251, 933125,156

3, 336, 972264, 324950, 706

59,13229, 22534,126

409, 391104,036352, 440

742 15, 514, 747 5,205, 459 988, 350

4952636462112712

49, 422, 0925,482, 42510,186, 645

533, 4821, 820, 760

960, 523

12, 882, 7332,410, 9074,213,530

305, 965951,963526, 629

5, 527, 6861,150,3082, 038, 724

36, 558232, 32566, 056

1,564 68, 405, 927 21, 291, 727 9, 051, 657

292182162142399343239192196

1,045241351294

2, 073, 700640,915

1, 852, 412561,014

1,810,2132, 424, 9051,156,419715,463

1,484,9437, 008, 756734,152

1, 252, 8062, 052, 546

1, 005, 098548, 258763, 910345, 291773,144

1,842,187650, 469373, 500968, 479

3, 263, 888369, 032860, 927898, 712

326, 714104, 780287, 633110,966223,169472, 456269, 869235,146307,299

1,105, 757186,648173, 917316,861

4,078 23, 768, 244 12, 662, 895 4,121,215

566443999371574695670627

6, 710,1762, 475, 5239, 759, 0095,254,3112,548,7192, 727,1051,851,3573, 417,706

3, 660, 9141, 886, 2586, 004, 0363, 057, 6951, 664, 3001,413,0091,012,1131, 885, 792

1,130,173318, 801

2,179,8051, 282,177

371, 232364, 801319,760574, 662

4,945 34, 743, 906 20,584,117 6,541,411

76,16735, 7169,005

322,71883, 863351,100

878, 569

2, 735, 892376, 281924, 74787, 835154,96211,484

4, 291, 201

86, 63713, 537115,34839,14665, 292100, 42344, 99119, 58619, 056

251,28032, 92540, 33668, 000

896, 557

155,45091, 286

459, 47654, 43784, 971

191,21148, 794

109, 619

1,195,244

300


United States and possessions, by States, Dec. 28, 1962

in thousands]

ASSETS—Continued

Corporatestocks, includ-ing stocks ofFederal Re-serve banks

$1, 792,281

30,47240, 948

2,481283, 48736, 687

177,005

571, 080

623, 92848, 501

107, 35613,7646,7492,993

803, 291

7,3393 2395,6971,7226,6349,5403,6881,7825,179

29, 5102,0254,1267,490

87, 971

28, 2319,005

82, 29517, 4615,749

23, 2643,436

24, 738

194,179

Currency andcoin

$4, 429, 740

23, 96014, 3278,379

142, 65926, 23787,157

302,719

552,191194,743336, 585

15, 30175, 85035, 013

1, 209, 683

96, 59742, 845

101, 90738, 65270, 030

137, 92559,11641, 32371, 384

211,84132, 24558, 02986, 745

1,048,639

259, 313123,291220, 960196, 78691,21162,31561, 07698, 828

1,113,780

Balances withother banks,including re-serve balancesand cash itemsin process of

collection

$50, 640, 450

106, 67480, 86049, 023

1, 396, 920103,121483,179

2,219,777

12, 782, 57115 094, 4472, 661, 241

104, 795449, 201313, 393

17, 405, 648

579, 385209, 430663, 451214,136709, 261

1, 004, 889429, 639285, 483704, 945

3, 478,130324, 955629, 372767,195

10, 000, 271

2, 051, 662887, 036

3, 551,1681, 458, 770

805, 064866, 476582, 655

1, 422, 821

11,625,652

Bank premisesowned, furni-ture and fix-

tures

$3, 732, 614

18,66116, 6347,351

124,31317,19177,198

261, 348

713, 628123,176224, 919

11,87543, 67824, 854

1,142,130

58, 62920, 76152, 80719,08458,125

120,12930, 20026,15642, 759

284, 43621, 29528,18347, 484

810, 048

151,32864, 403

138, 382124, 08259, 67466, 49233, 32763, 860

701, 548

Real estateowned otherthan bankpremises

$135, 569

1,0511,269

3189,168

4171,399

13,622

18, 9412,6018, 650

829799492

32, 312

1,4071,2761,323

9533,0335,6971,475

9771,439

13, 5541,3771,6292,861

37, 001

3,0132,357

10,6134,6223,0531,8561,7482,887

30,149

Investmentsand other assetsindirectly rep-resenting bank

premises orother real

estate

$379,434

1,17346

1,8412,645

256330

6,291

80,0112,383

15, 3044,449

3793,923

106, 449

7,4762, 4305,714

4114,978

14, 7914,317

6464,2597,187

5191,345

196

54, 269

6,3743,173

25, 6479,6629,417

16, 3153,6465,577

79, 811

Customers'liability onacceptancesoutstanding

$1, 641, 532

502

70, 8402,188

0

73, 035

1,160, 971783

14, 7453

1,57612

1,178, 090

453

1,69012

6851,024

5730

2,13729, 938

5147

2,379

39, 043

8,850313

79, 9705,006

3264,329

350902

100, 046

Other assets

$2,101, 879

4,3042,3791,459

64, 4075,265

15, 439

93, 253

811,45255,01880, 8794,864

62, 4586,363

1, 021, 034

12, 5374 305

29, 6753,572

12, 52131, 7387,9144,897

13, 30862,1833,5936,910

15, 536

208, 689

53, 79120, 461

109, 52250, 52423, 35022, 8746,976

26, 246

313,744

Total assets

$344,282, 234

1, 374,4631,291,518

666,04914, 595,1531, 807, 4126, 393, 655

26,128, 250

87, 312, 09610, 941, 57320, 813, 3251,119, 7203, 800, 7001, 951, 735

125, 939,149

4, 255, 9721, 591, 7763, 881, 5671, 334, 9593, 737, 0856,165, 7042, 658, 6701, 704, 9593,625,187

15, 746, 4601, 708,7713, 057, 7274, 266,005

53, 734, 842

14,219,2755, 881, 907

22, 620, 88311,515,5335, 667, 0665, 760, 0473, 925, 2387, 633, 638

77, 223, 587

301


TABLE B-44.—Assets and liabilities of all banks in the United

[Dollar amounts

ASSETS

Location

North DakotaSouth DakotaNebraskaKansasMontanaWyoming .ColoradoNew MexicoOklahoma .


WashingtonOregonCalifornia . . .IdahoUtahNevadaArizonaAlaskaHawaii . .



Canal Zone (Panama)GuamPuerto Rico 3

American SamoaVirgin Islands of the United States 4 . .

Estimatedpopulation{thousands)

647731

1,5022,241

717372

1,9491,0402,484

11,683

3,0491,888

17, 340708985346

1,557252712

26, 837

188,062

4462

2,4942236

2,658

Number ofbanks

15717142659312356

20560

392

2,183

9650

1293149

7111312

398

13,910

8n

l2

14

Loans anddiscounts, includ-

ing overdrafts

$408, 362431, 662

1,031,8841,287, 812

451, 769224, 254

1,316,338401, 540

1, 397, 965

6, 951, 586

2,053,1551, 284,442

17, 009, 877404,058673, 442326, 207

1,053,789126, 609493, 452

23, 425, 031

172, 809, 441

1,84213, 536

623, 750112

27,161

666, 401

U.S. Governmentobligations, direct

and guaranteed

$286, 677302, 094500, 442850, 542285, 643155, 504624, 714240, 771841, 739

4, 088,126

894, 223613, 592

6,088, 638195,287243, 865142, 283272, 995

80,161192,689

8, 723, 733

72, 556, 057

00

117,6981,2947,013

126, 005

Obligations ofStates and polit-ical subdivisions

$105, 73756, 465

128, 996338, 482

75,17429, 207

135, 75247,147

258, 615

1,175,575

270, 071224, 886

2, 539, 28062, 78689, 97653,21298, 9949,763

53, 929

3, 402, 897

25,281,105

00

40, 0820

1,957

42, 039

Other bonds,notes anddebentures

$36, 97622, 92034, 65138,15924, 036

3,63812, 5996,451

42, 408

221, 838

88, 94521,974

295,1341,3725,3376,227

18, 3309,2656,420

453, 004

7, 936, 413

00

11,26905

11,274

1 1 branch of a national bank and 1 branch of a State member bank in New York.2 Branches of banks in California and Hawaii.3 Asset and liability items include data for branches of a national bank and a State member bank in New York.* Asset and liability items include data for branches of a State member bank in New York.

302


States and possessions, by States, Dec. 28, 1962—Continued

in thousands]

ASSETS—Continued

Corporatestocks, includ-ing stocks ofFederal Re-serve banks

$7241,1922,8423,6301,431

7155,4751,0725,369

22, 450

5,3683,496

93, 9641,2112,054

8373,484

2822,568

113,264

1, 792, 235

0000

46

46

Currency andcoin

$9, 97010, 91725, 78443, 34614, 7568,053

33, 66921, 22148, 447

216,163

56,63027, 441

316, 76311,75315,51014, 31632, 5819,011

23, 206

507,211

4,398,195

1,4761,352

26, 69389

1,935

31, 545

Balances withother banks,including re-serve balancesand cash itemsin process of

collection

$97, 061121,877380, 886474, 245146, 065

87, 070452, 593143, 892703,149

2, 606, 838

567,155387, 825

4, 995, 79195,317

210,14065, 938

217,06633, 391

108, 039

6, 680, 662

50, 538, 848

4856,114

83, 0129,6382,353

101, 602

Bank premisesowned, furni-ture and fix-

tures

$11,21310, 33416,46025, 76814, 2017,522

26, 91213,03437, 442

162, 886

56,17445, 126

447, 34212,5468,039

13,59836, 3345,680

20, 800

645, 639

3, 723, 599

46210

8,31214

433

9,015


$250300

1,6901,369

5051,1402,0381,4961,575

10, 363

1,744693

6,236199237108

1,611386386

11,600

135,047

066

45600

522

Investmentsand other assetsindirectly rep-resenting bank

premises orother real

estate

$1,023978

2,2791,931

13513

6,625274

6,066

19,324

1,407389

85, 995589

9,222672

7,3741,5172,740

109, 905

376, 049

00

3,38500

3,385

Customers*liability onacceptancesoutstanding

$46292

00

5880

130

38

1,193

4,4021,703

234, 732000

5,7210

1,225

247, 783

1,639,190

00

2,3220

20

2,342

Other assets

$2, 4192,9407,3805,3453,4191,204

14, 6562,2679,101

48, 731

17, 54516, 532

235, 3083,1522,0693,518

19,169813

7,106

305, 212

1, 990, 663

16,29415,73469, 433

1309,625

111,216

Total assets

$960, 874961, 771

2,133,2943, 070, 6291, 017, 722

518, 3202, 631, 384

879,1653, 351, 914

15,525,073

4,016,8192, 628, 099

32, 349, 060788, 270

1, 259, 891626, 916

1, 767, 448276, 878912, 560

44, 625, 941

343,176, 842

20,14337, 012

986, 41211,27750, 548

1,105, 392

303


TABLE B-44.—Assets, and liabilities of all banks in the United States and possessions, by States, Dec. 28, 1962—Continued

LIABILITIES

LocationDemanddeposits

Time andsavingsdeposits

Totaldeposits

Rediscountsand otherliabilities

for borrowedmoney

or for accountof reportingbanks and

Acceptances

Otherliabilities

Capitalstock1 Surplus

Undivided

Reserves andretirement ac-count for pre-ferred stockand capitalnotes anddebentures

United States and possessions,total.

MaineNew Hampshire.VermontMassachusetts...Rhode Island...Connecticut

New YorkNew JerseyPennsylvaniaDelawareMarylandDistrict of Columbia.

Eastern States, total.,

Virginia.West Virginia...North Carolina.,South Carolina..GeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee

$164, 598, 690 $139, 992,729 $304, 591,419 $3, 635,187 $1,679, 804 $6, 256, 245 $7,090, 380$14, 312, 975$5, 808, 340 $907, 884

403,815291, 546167, 897

4, 913,476538,242

1, 995, 517

812,431838,435428, 560

7, 827, 0321,077, 6483, 720,102

1,216,2461,129, 981596, 457

12, 740, 5081,615,8905, 715, 619

4755,200

072,1691,0001,128

02

72,0602,198

0

22, 68226, 58410, 842

318, 06939,162120,017

26,1309,365

14, 922174, 00325, 05576, 663

60, 96766, 42222, 031757, 25996, 454288,110

43, 76046, 94018, 258

391, 30426, 290152, 340

New England States, total. .. 8, 310,493 14, 704, 208 23,014, 701 79, 972 74, 265 537, 356 326,138 1, 291, 243 678, 892

34, 976, 5654,477, 8619,234, 556625, 074

1,854, 7311,249,254

39, 859, 4395, 425, 3949,067,217361,369

1, 572, 449527,122

74, 836, 0049, 903, 255

18, 301, 773986,443

3,427,1801,776, 376

1, 864, 34310, 950

223, 078100

1,8550

1,194, 679783

15,4193

1,57612

2,160, 400218, 880352, 02022, 34253, 04735, 432

1, 505, 534201, 485417, 74220, 84565,23136, 682

4,179, 457421, 577

1,164, 95974,011178, 94174, 773

1, 370, 474127, 246268, 86315,53361, 20321,565

52,418, 041 56, 812, 990 109, 231, 031 2,100, 326 1, 212, 472 2, 842,121 2,247,519 6, 093, 718 1, 864, 884

2,157,454869, 243

2, 342,455944, 632

2, 315,1693, 610,4831, 579, 0071,065,8242, 362, 9999, 931,1601, 093, 5202, 064, 5892, 386, 718

1,633,815533,148

1,036, 362239, 554987, 694

1, 942, 520806, 803473, 948923, 008

4,116,941456, 838699, 339

1,427, 255

3, 791,2691, 402, 3913, 378, 8171,184,1863, 302, 8635, 553, 0032, 385, 8101, 539, 7723,286, 00714,048,1011, 550, 3582, 763, 9283,813,973

22, 950600

64, 395298

27, 88421, 600

012, 5032,104

256, 7303,060829

43, 325

4530

1,72112

6851,1025730

2,19329, 939

5147

2,379

82, 42421, 591125, 54333, 03574, 87590, 46639, 25914, 01439, 313130,17711,21625, 82170,145

101, 40138, 82980, 51035, 661•91,171194,71665, 27033, 26679, 906449, 87841, 09366, 39796, 240

182, 05481, 234172,31556,713146, 995216, 53793, 32786, 752147, 748538,14054, 461130, 989154,554

71,26940, 46650, 06122, 55861,56374, 59261,23816, 95364, 258

250,10944, 28664, 25277, 406

Southern States, total 32,723,253 15,277,225 48,000,478 456,278 39,209 757,879 1,374,338 2,061,819 899,011

4,1987,0263,537

69, 7811,363

39, 778

125, 683

201, 20557, 39769, 471

44311,6676,895

347, 078

4,1526,6658,2052,496

31, 04913, 68813,1931,6993,658

43, 3864,2925,3647,983




North DakotaSouth Dakota

KansasMontanaWyomingColoradoNew MexicoOklahoma





Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United States.,

Possessions, total

7,254, 7703, 394, 997

12, 338, 7945, 007, 0662, 725, 8712, 801, 7802, 285, 4254,816,408

40,625,111

508, 317547, 229

1, 488, 9241,965,739579, 823283, 048

1,481,161540, 977

2,198, 794

9, 594, 012

1, 958, 9051, 224, 874

14, 425, 860438, 647621,816342, 287936, 616131,584403,158

20, 483, 747

164,154, 657

14, 98516, 322

390,1304,613

17, 983

444, 033

5, 479, 7861, 892, 8187,811,3675, 446, 8082,415,5832, 398, 2501, 223, 3822,061,919

28, 729, 913

358,134328,182409, 264801,797346,116186,413884, 529258, 906782, 271

4, 355, 612

1, 653, 5661,157,592

14, 592, 661278, 808511,255229, 883655, 828125, 483391, 703

19, 596, 779

139, 476, 72

5,14519, 902

455,1716,29129,493

516,002

12,734,5565,287,815

20, 150,16110, 453, 8745,141, 4545, 200, 0303, 508, 8076, 878, 327

69, 355, 024

866, 451875,411

1, 898,1882, 767, 536

925, 939469, 461

2, 365, 690799, 883

2, 981, 065

13, 949, 624

3, 612, 4712, 382, 46629,018,521

717, 4551,133,071572,170

1, 592, 444257, 067794, 861

40,080, 526

303, 631, 384

20,13036, 224

845, 30110, 90447, 476

960, 035

49, 50212, 900

263, 75930, 0756,33016,17135, 05521,393

435, 185

1001,058

25, 0498,5522,365

90018, 692

20035, 910

92, 826

22, 75012,175

403, 5560

14, 5812,7004,200

19110, 39

470, 550

3, 635,13

50

8,888456

80,1385,422326

4,329355

1,160

101, 074

4629200

591013038

1,196

4,5031,735

236, 062000

5,7210

1,225

249, 246

1, 677, 462

00

2,322020

2,34

256, 625103, 224300,459204, 09884, 44475, 49622, 87981, 263

1,128, 488

9,0849,800

17, 58817, 98815, 9035,579

40, 73110, 28725, 996

152, 956

62, 41237, 467566, 72811,98019,91910, 27639, 8802,13119,434

770, 22

6,189,02

13788

65,1149

1,256

67, 218

331, 406121, 825583, 584246, 906115,245126, 04883, 476197,017

1, 805, 507

21,73922,13556, 58376, 43826, 3186,768

69, 90924, 96982, 698

387, 557

80, 58162, 397

620, 99420, 02330, 82814, 65238, 2376,650

27, 951

902, 313

7, 043, 372

00

46, 508100400

47, 008

622, 446219,839845, 061383, 799191,170205,116131, 632250, 331

2, 849, 394

27, 76728,14274, 091

117, 29926, 95020,78385, 24323, 834115,091

519,200

140, 99273,191

1,073, 60124, 69343,40317,46164, 2215,135

34, 822

1, 477, 519

14, 292, 893

00

18, 782200

1,100

20, 082

209, 495123, 083286, 679165, 894115,157111,107132, 700185, 232

1, 329, 347

30, 09223,15256, 50578, 41619,14613, 44149, 43614,143105, 875

390, 206

83, 88258, 274

415,62711,75115, 6679,586

19,3615,084

20, 487

639, 719

5, 802, 059

00

5,96124296

6,281

6,35712, 765

111,04225, 46512, 94021, 75010, 33418,915

219, 568

5,1791,9815,2904,400

5101,3881,6705,8495,241

31, 508

9,228394

13, 9712,3682,422

713,384620

3,383

35, 841

905, 508

00

2,37600

2,376

1 Includes capital notes and debentures.



Location

Loans and discounts

Real estate loans

Secured byfarmland{includingimprove-ments)

Secured byresidentialproperties{other than

farm)

Secured byother properties

Loans to financial institutions

To domesticcommercialand foreign

banksOther

Loans for purchasing orcarrying securities

To brokersand dealersin securities

Other


MaineNew HampshireVermontMassachusetts.Rhode IslandConnecticut



Eastern States, total ,

VirginiaWest VirginiaNorth Carolina ,South CarolinaGeorgiaFloridaAlabama ,MississippiLouisianaTexasArkansasKentuckyTennessee



Middle Western States,total

$2, 071, 937 $52, 626, 230 $12, 048, 650 $2, 586, 931 $8, 498, 365 $5, 203, 004 $2,143,197

8,4566,63319,3868,6501,3518,737

373, 577491, 779209, 565

4, 621, 820625, 884

2,446,190

83, 494117, 80046,165

770, 43888, 874

243, 444

14,4677,2544,075

99, 87553, 30049, 644

10,1179,928

342260, 96342, 93161, 360

2,1191,955950

89, 44018, 97546,117

53,213 8, 768, 815 1,350,215 228, 615 385, 641 159, 556

66, 91216, 066103,21612, 56836, 245

210

20, 451, 0462, 454, 9923,172, 078

147, 941621, 699168, 706

3,100, 283466, 690731, 57848,519190,80696, 685

737, 46956, 38499, 87150, 02533, 95437, 448

2, 440, 595166,355401, 52512, 64789, 832131,827

3,131,396186,241141,03113, 53514, 06114, 966

235, 217 27,016,462 4, 634, 561 1,015,151 3, 242, 781 3, 501, 230

57, 39616,15746, 26816,03363, 17934, 93938, 85149,12734,19778, 70945, 59990, 76674, 577

645, 798

118,94585, 55798, 31369, 586

104, 65069, 94677, 97386, 447

111, All

411,517174, 507145, 66658, 540

225,199272, 907130,57566, 083

164, 386286, 33771,967

181, 824191,614

147,19358,134

107, 56239, 929

104, 165230, 56068, 32551,624

134, 479320, 56253,91690, 371111,320

11,9567,1508,7123,298

15, 99726, 59920, 055

23033, 679159, 6661,4188,587

23, 747

76, 87914, 83089, 32823, 756

120, 944146, 95248, 48026, 35892,915

343, 34123, 74872, 883146,210

17, 8722,117

90, 8498,26216,19623,1467,928

10, 89626, 66083, 6869,00110,13041, 773

2, 381,122 1,518,140 321, 094 1, 226, 624 348, 516

1, 560, 792603, 241

1, 234, 6331, 587,144676, 978748, 697280, 895571,731

569, 553177, 497449, 509404, 523227, 675146, 33895, 783

236, 281

104, 23931, 550

148, 93589,01823,12912, 43019, 86786, 740

309, 517130, 878875, 768279, 307138,491113,34948, 686

241, 725

305, 53426, 669459, 34551,35922, 49940, 6425,191

61,359

7,264,111 2,307,159 515, 908 2,137,721 972, 598

2,7741,5041,645

20, 9221,070

19, 334

47, 249

563,16829, 445136, 3273,405

26, 2996,859

765, 503

15,7757,65842,19811,59113, 88050, 86812, 76215,18616,994

266,3905,574

10, 85737, 901

507, 634

146, 25816, 766

261, 76958, 95220, 24429, 47713,51754,119

601,102

306



Loans and discounts—Continued

Loans to farmers

Directly guaranteedby the Commodity

Credit Corporation

$1,119,869

000000

0

7,2585707853

01,982

9,941

660

6,3005,996

43, 739265

17, 72632, 62210, 698

141,15867, 7881,956

55, 947

384, 261

4,7959,159

50, 0041,934

8830, 88577, 37691,715

265, 956

Other loans tofarmers (excluding

loams on realestate)

$5, 992, 500

12, 9534,597

18, 7748,330

5476,786

51, 987

130, 06518,728

111,2396,520

27, 61293

294, 257

61, 7009,892

50, 49716, 35952,19053, 46648, 59653, 45732, 905

430, 35668,17386,20377, 204

1, 040, 998

124, 910151,521404, 045121,031143, 999294, 547601, 527201, 833

2, 043, 413

Commercial andindustrial loans(including openmarket paper)

$49,148, 467

135, 62878, 90051,127

1, 569, 716204, 434455, 979

2, 495, 784

14,114,322935,182

3, 084, 28294, 655

352,810232, 221

18,813,472

528, 574117,983654, 622179, 353577, 785789, 623350, 916241,499584, 619

3,152, 850200,257329, 361652, 802

8, 360, 244

1,617,665555, 345

3, 865, 0501, 162, 544

635, 055733, 431312, 194943, 957

9, 825, 241

Other loans toindividuals for

personal expendi-tures

$31, 032, 640

132,52598, 25975, 621

986,112116,331538, 581

1, 947, 429

4,196,2861,182,2602,168,007

140, 583420, 359256, 771

8, 364, 266

717, 097235, 942611,298184, 543569, 367798, 863386, 724168, 529336, 800

1, 690, 366188,161363, 982640, 428

6, 892,100

1, 735, 998683, 524

1, 769, 7291, 409, 598

516,208491,896322, 104808, 210

7, 737, 267

All other loans(including over-

drafts)

$3, 935, 469

8,2954,3003,755

88, 54626, 22356, 644

187,763

1, 357, 20374, 588

253,1987,575

30,61121,108

1, 744, 283

52, 8518,488

36, 45222, 77832,41142, 74353, 96717,15037, 983

170,4117,369

25, 03935,413

543, 055

228,13047, 022

398,017101,11595, 05946,81623, 02575, 799

1, 014, 983

Total grossloans

$176, 407, 259

784, 405822, 909

431,4058, 524, 8121,179, 9203, 932, 816

15, 676, 267

50, 296, 0035, 587, 501

10, 402, 430538, 026

1, 844, 288968, 876

69, 637,124

2, 098, 876652, 858

1, 889, 752570, 438

1, 835, 0522, 470, 9311,184, 905

732, 7611, 506, 3157,123, 832

742, 9711, 271, 9592, 088, 936

24, 169, 586

6, 826, 3362, 518, 729

10,015,1175,336, 1112, 604, 0752, 758, 4541,878,1383, 459, 916

35, 396, 876

Less valuationreserves

$2, 931, 417

7,9094,7284,497

93,17916,09335,114

161,520

873,911105, 076215,785

4,54423, 5288,353

1,231,197

25,17611,94337, 3409,424

24, 83946, 02628, 48617,29821, 372

115,0768,819

19,15336, 390

401, 342

116,16043, 206

256,10881, 80055, 35631, 34926, 78142, 210

652, 970

Net loans

$173, 475, 842

776, 496818,181426, 908

8, 431, 6331,163, 8273, 897, 702

15, 514, 747

49, 422, 0925,482, 425

10,186,645533, 482

1, 820, 760960, 523

68, 405, 927

2, 073, 700640, 915

1, 852, 412561,014

1,810,2132, 424, 9051,156,419

715, 4631, 484, 9437, 008, 756

734,1521, 252, 8062, 052, 546

23, 768, 244

6, 710, 1762, 475, 5239, 759, 0095,254,3112,548,7192, 727,1051, 851, 3573, 417, 706

34,743, 906

307



Locotiott

North DakotaSouth DakotaNebraskaKansas . . .

WyomingColoradoNew MexicoOklahoma


WashingtonOregonCaliforniaIdahoUtahNevada

AlaskaHawaii



Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United

States

Possessions, total

Loans and discounts

Real estate loans

Secured byfarmland{including

improvements)

$30, 3148,937

21, 73641,2127,0105,859

12, 5365,563

36, 991

170,158

21, 92421, 837

173, 8566,7067,7902,3153,138

3463,229

241,141

2, 056, 944

00

14, 9350

58

14, 993

Secured byresidential

properties {otherthan farm)

$70, 23266, 94054, 262

112,81490, 40640,056

143,18837, 91896, 574

712, 390

590,187276, 963

4, 701,185113, 958181,19555, 531

229,16436, 050

155,687

6, 339, 920

52, 482, 820

01,838

127, 5520

14, 020

143, 410

Secured byother

properties

$14, 85122, 95837, 86943, 77721,19120,318

104, 75033, 86983, 945

383, 528

173, 477105, 232

1,277, 59018, 27361, 09263, 84533, 70417,15863, 808

1, 814,179

12,007,782

044

35, 8970

4,927

40, 868

Loans to financialinstitutions


banks

$11973

2,6753,6957,0001,500

20,24024, 0006,032

65, 334

30, 500603

366, 867100

16, 7451,530

11,7891,500

10,110

439,744

2, 585, 846

00

1,0850

0

1,085

Other

$2,12011,93633, 40940, 3029,1714,741

76, 67412,21584, 621

275,189

115,48585, 788

886, 6387,343

40, 99512,10841,194

1,0806,118

1,196,749

8, 464, 705

00

33, 6600

0

33, 660



$1, 0451,1433,6751,7142,398

25616, 5781,943

25, 571

54, 323

15, 65312,10982, 7092,8608,4762,000

41, 2920

182

165,281

5, 201, 504

00

1,5000

0

1,500

Other

$2,070820

9,3418,9071,3821,576

27, 6156,766

11,893

70, 370

5,67016, 048

100, 774766

8,21170454079

18, 027

150, 819

2,142, 677

084

4360

0

520

308




Loans to farmers

Directly guar-anteed by the

Commodity CreditCorporation

$85, 83720, 05861, 806

104, 02619,640

9294,6903,957

25, 912

326, 855

30, 53510, 79476, 444

1,73944

013,300

00

132, 856

1,119,869

0000

0

0

Other loans tofarmers {exclud-

ing loans onreal estate)

$94, 339168, 200399, 032355, 612

94, 97951, 899

184,92042, 593

164, 891

1, 556, 465

95, 03171, 879

559, 95473, 31042,11012,178

129, 773701

7,428

992, 364

5, 979, 484

02

13,0140

0

13,016

Commercial andindustrial loans{including openmarket paper)

$52, 74268, 074

225, 789323, 464

94, 59657, 273

375, 931137, 443507, 862

1, 843,174

611,696432, 574

5, 668, 27190, 269

170, 997102, 645287, 659

40, 088124, 707

7, 528, 906

48, 866, 821

3585,055

270, 79534

5,404

281, 646


personalexpenditures

$59, 44369, 683

180, 946258, 038109, 346

42, 299353, 994

99, 884334, 559

1, 508,192

364, 563246, 329

3,150, 59692,117

133, 87874, 279

261,75532, 98996, 797

4, 453, 303

30, 902, 557

5926,110

120, 478216

2,687

130,083

All other loans{includingoverdrafts)

$4, 3744,326

17, 7437,8214,147

75115, 9434,441

36, 700

96, 246

29, 59614,210

259, 7712,719

10, 7001,4889,809

32310, 081

338, 697

3, 925, 027

892403

9,0302

115

10, 442

Total gross loans

$417, 486443,148

1, 048, 2831, 301, 382

461,266227, 457

1, 337, 059410, 592

1,415,551

7,062, 224

2, 084, 3171,294, 366

17, 304, 655410,160682, 233328, 623

1,063,117130,314496,174

23, 793, 959

175, 736, 036

1,84213, 536

628, 382252

27,211

671,223


$9,12411,48616, 39913, 5709,4973,203

20,7219,052

17, 586

110, 638

31,1629,924

294, 7786,1028,7912,4169,3283,7052,722

368, 928

2, 926, 595

00

4,632140

50

4,822

Net loans

$408, 362431,662

1,031, 8841,287, 812

451, 769224,254

1, 316, 338401, 540

1, 397, 965

6, 951, 586

2,053,1551,284,442

17, 009, 877404, 058673, 442326, 207

1,053,789126, 609493, 452

23, 425,031

172, 809, 441

1,84213, 536

623, 750112

27,161

666,401

309


TABLE B-44.—Assets and liabilities of all banks in the United States and possessions, by States, Dec. 28, 1962—Continued

Location

Capital

Commonstock

Capitalnotesand

deben-tures

Preferredstock

Demand deposits

Individuals,partnerships,

and cor-porations

Foreigngovern-ments,centralbanks,

etc.

U.S.Government

States andpolitical

subdivisions

Banks in United States

CommercialMutualsavings

Banks inforeigncountries

Certifiedand

officers'checks,

etc}

United States and pos-sessions, total


New England States,total


Eastern States, total..


Southern States, total.

OhioIndianaIllinois

$7, 004, 940 $50, 646 $34, 794 $124, 302, 972 $729, 642 $6,855,814 $12,152,773 $13, 944, 670 $781, 885 $1, 295, 462 $4, 535, 472

26,0309,140

13, 976173,803

25, 05576, 663

0150

0000

10075

946200

00

331, 051222, 834135,413

3, 836,223440, 666

1, 708, 773

000

3,70600

16, 84115,3197,693

191, 75527, 27897, 798

35, 36336, 27318, 590340,07741,822100,110

6,5673,5571,052

319,0494,464

21, 307

8,1948,9661,788

125, 9237,400

38, 522

8900

26,6112,698

31

5,7104,5973,36170,13213, 91428, 976

324, 667 150 1,321 6, 674, 960 3,706 356, 684 572, 235 355, 996 190, 793 29, 429 126, 690

1, 442, 492193,718417,68220, 84565, 20636, 682

43, 0205,125

0000

20, 0222,642

600250

24, 061, 5343, 675, 4477, 523,146

537, 6131, 503, 6771,100,211

603, 841114

4,692026

27, 819

1, 700, 590183, 844426, 89940, 57381, 42534, 551

1,105,355429, 785432, 56733,152147, 888

289

3, 599, 37272, 927

670, 5337,37291, 45864,776

491,19828, 09542, 2512,7528,144

0

978, 067921

32,25631

1,7164,747

2, 436, 60886, 728102, 2123,581

20, 39716, 861

2,176, 625 48, 145 22, 749 38, 401, 628 636, 492 2, 467, 882 2,149, 036 4, 506, 438 572, 440 1, 017, 738 2, 666, 387

99, 86638, 82980, 48835,61190, 994

194, 06665,27033,15679, 889

449, 87841, 09366, 34796, 240

500000

17700000000

1,035022500

6500

1101700500

1, 673, 461676, 283

1, 760, 358761, 822

1, 722, 5682, 699, 9941,183, 812752, 245

1, 643, 5777, 337, 709855,124

1, 552, 7811, 625, 826

00000

1,17700

2,6975,577

000

89,14032, 486106, 27340, 32898, 287105, 33251,49824, 91965, 534233, 39925, 55660, 42676, 516

197, 748113,468180,307102, 621216, 621400,454228, 706183, 908341, 621718, 295110,486173, 449241, 700

169,61938, 621

275, 27132, 793

257,211349, 563104, 69498, 262

278, 5441, 486, 402

95,321261,185423, 658

1,0520

5970

8524,432435293

3,48117, 489

074

2, 656

26, 4348,38519, 6497,06819,63049, 5319,8626,197

27, 545132, 2897,03316, 67416, 362

1, 371, 727 1,934 24, 245, 560 9,451 1, 009, 694 3, 209, 384 3, 871,144 31,361 346, 659

331,131121, 646582, 959

1001790

1750

625

5, 783, 6472, 574,1509, 350, 763

1090

15, 625

349, 942124, 829581,114

579, 640473, 672764, 679

428, 937168, 650

1, 390, 414

2,218728

1,580

10, 893646

41, 409

99, 38452, 322193,210


MichiganWisconsinMinnesotaIowaMissouri


North DakotaSouth DakotaNebraskaKansasMontana. .WyomingColoradoNew MiexicoOklahoma

Western States, total . . .

WashingtonOregon. . . .CaliforniaIdahoUtahNevadaArizonaAlaskaHawaii


United States (exclusiveof possessions), t o t a l . . .

Canal Zone (Panama)GuamPuerto Rico . .American SamoaVirgin Islands of the United

States

Possessions total .

243,071112,680124, 923

83, 051196,817

1, 796, 278

21, 73922,10056, 58376, 43826, 318

6,66869, 90924, 96982, 698

387, 422

80, 58162, 397

619,89420, 02330, 82814, 65238, 2376,650

27, 951

901,213

6, 957, 932

00

46, 508100

400

47, 008

0340870

0150

1,639

0350000000

35

000000000

0

50, 646

0000

0

0

3,8352,225

255425

50

7,590

00000

100000

100

00

1,100000000

1,100

34, 794

0000

0

0

3,881,4152,196,2761, 984, 0141, 775, 5333, 432, 636

30, 978, 434

407, 993436, 094

1,124, 0571,340,195

445, 765211,598

1,180,716405, 382

1, 605, 992

7,157, 792

1, 549, 820968, 653

11,843,984332, 907441, 714268, 849732, 676100,460290,168

16, 529, 231

123, 987, 605

7,84810, 899

283, 533640

12, 447

315, 367

421

5100

15,828

000000000

0

1,2373

60, 043000

2,7420

20

64, 045

729, 522

0205215

33

120

332, 807118, 594123, 30372, 595

161, 950

1, 865,134

12, 64614, 31855, 00759, 80716, 8027,667

55, 37425, 79762, 581

309, 999

84,18136, 789

598, 24012,25420,15415, 14826,127

5,59030, 747

829, 230

6, 838, 623

7,0452,7996,508

127

712

17,191

433,109168, 564288,330219,790357, 959

3, 285, 743

68, 05174, 943

120, 930432, 587

79, 90245, 97185,10082, 456

267, 765

1, 257, 705

216, 232136,607815,313

81,860102, 99540, 360

125, 03421, 43558, 761

1, 598, 597

12, 072, 700

02,276

69, 7163,703

4,378

80, 073

252, 398202, 735355, 872186, 085810, 325

3, 795, 416

14, 33016, 728

174, 032114,50228, 94913,678

131,79817, 778

228, 209

740, 004

65, 21628, 987

484,1594,306

43, 9324,364

20, 5911,2439,568

662, 366

13, 931, 364

1137

13,1200

138

13, 306

0550

3,62100

8,697

000000000

0

6,9491,4401,424

0000

1420

9,955

781,885

0000

0

0

14,1502,5415,640

7224,472

80, 473

250

5263

00

4230

396

959

11,5653,472

111,6100

8778

4,25217

3,537

134, 618

1, 294, 578

200

744103

17

884

93,14536,61040, 94930, 70049, 066

595, 386

5,2725,146

14,84618, 5858,4054,134

27, 7509,564

33, 851

127, 553

23, 70548, 923

511,0877,320

12, 93413, 48825,194

2,69710, 357

655, 705

4, 518, 380

61291

16, 45725

258

17, 092

1 Includes dividend checks, letters of credit, and travelers' checks sold for cash.


GO

TABLE B-44.—Assets and liabilities of all banks in the United States and possessions, by States, Dec. 28, 1962—Continued

Location

Time and savings deposits

Accumu-latedfor

payment ofpersonal

loans

Other depositsof individuals,partnerships,

toreign gov-ernments,

central banksU.S. Gov- Postal

savingsStates and

political sub-divisions


Commercial Mutual

Banks inforeign



New England States, total. .,



VirginiaWest Vriginia ,North Carolina ,South Carolina ,GeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


$112,460,692 $785, 771 $16, 947, 410 $2, 449, 707 $269, 676 $18,179 $6,519,081 $246, 441 $147,122

786, 896826, 455411,729

7, 531, 1991, 022, 7223, 653,176

302130646

3,81007

20, 2208,81110, 564183,01540, 94226, 318

0120

54,18700

678179118

4,523655

1,965

7103

54014615

4,3282,6205,403

39, 75413,18337, 527

021897

5,456094

000

1450

1,000

14, 232,177 4,895 289, 870 54,199 8,118 721 102, 815 5,865 1,145

32, 974, 6475, 043, 0617, 703, 451319,144

1, 464, 586369, 947

5,8411,5118,378

247,38819,188

3, 706, 612260,164996, 75325, 63352, 051101,713

1, 755, 7371,000

63,10700

20, 062

57, 2745,3914,262265

5,68715,547

1000

932042479

1, 001, 978112,700277, 59316, 30342, 602

186

121, 3971,5106,211

0930

143, 62432

1,530000

47, 874, 836 42, 330 5,142, 926 1, 839, 906 88, 426 1,553 1, 451, 362 129,211 145,186

1, 392, 227486, 381722,813184, 023617,786

1,428,318653, 172253, 885738, 386

2,287,611301, 339457, 463

1,051,197

2,2021,91219,701

10184

1,4273,0331,4593,190

211,3671,96019,4643,534

124,16341, 879136,14123, 456

261, 491294, 769124, 373201, 556117,641

1, 039, 021145, 588182, 494279, 182

2,000000

4,2702100

1,5002,529

00

2,000

9,116603

12,1005,7593,2814, 158966

1,4212,08713, 070

3351,4151,428

869284

2,2100

1,106785500

3601,10444720218

100, 2761,601

137,81222,91195, 596

209, 52418, 5592,906

57, 009549, 4805,994

37, 87687, 449

2,956488

5,5853,3953,9803,3686,650

12, 7212,835

10, 6091,175607

1,922

10, 574, 601 269, 443 2, 971, 754 12, 320 55, 739 7,453 1, 326, 993 56, 291

$148, 650

000

4,40300

4,403

92, 22925

5,000000

97, 254

00000

150000

2,15000

315


3hioIndiana . .

Michigan

IowaMissouri


North DakotaSouth Dakota

KansasMontanaWyoming . . . .ColoradoNew MexicoOklahoma


WashingtonOregon . . .CaliforniaIdahoUtahNevada . . . .ArizonaAlaskaHawaii



Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United States.

4, 235, 8641, 571, 6905, 987, 0764, 247, 8831, 680, 8921, 332, 047

703, 0101, 304, 704

21,063,166

112,897132,559227, 967546, 724215,637142,076675,158192, 937594, 830

2, 840, 785

1,551, 138967, 932

11,394,288239, 710422, 068192,216551,609

61, 856208, 787

15,589,604

112,175,169

1,35110, 850

255, 735667

16,920

285, 523

384, 379752

51,0651,131

734194

4,5273,256

446, 038

1,92125

1375 7363,846

1011330

9,074

20, 892

49

102500

12200

242

783, 840

00

1,910210

1,931

606, 471261,156

1, 362, 873790, 981671,774980, 677511,493641, 602

5, 827, 027

184,670167, 538171,895176 497109,156

21, 393114,38131,121

145, 748

1, 122, 399

76,41836, 782

1, 098, 64136 59835, 57211,89956, 2364,035

91, 724

1, 447, 905

16,801,881

6591,063

143, 722

82

145, 529

6,0000

140, 82100

4,0720

4,000

154,893

000000000

0

7,6002,000

375, 770000

3,00000

388, 370

2, 449, 688

019000

19

2,2122,4347,5072,5981,4891,9941,7343,588

23, 556

517661227

2, 166933754693

1,7553,594

11,300

3,4663,610

31, 7542, 2331,517

3602,290

11,2177,392

63, 839

250, 978

3,1352,644

11,5920

1,327

18, 698

710987

2,94956

1,010228190518

6,648

67

34602

2310

28491

517

914

20311

4990

2727

447

1,237

18,129

00

5000

50

243,11853, 481

239, 300398,51956, 76779, 0072,383

103, 737

1,176,312

58, 08827, 3728,949

70, 57516, 54222,15793, 67432, 30427, 539

357, 200

5,586146, 537

1, 652, 68851

50, 34925, 40842, 54448, 28275, 477

2, 046, 922

6, 461, 604

05,326

35, 4015,600

11,150

57, 477

1322,3087,3012,8402,767

3145

514

15, 938

3520553900

500475

1,395

2,519

80558

21, 847200

1,25000

416,766

30, 742

240, 566

00

5,8610

14

5,875

010000000

10

000

o00000

0

31550

3750000

250

765

147,122

00000

0

9000

12,4752,800

150000

16, 325

000000000

0

8,950100

16, 99300000

1,110

27, 153

147, 750

00

90000

900


TABLE B-45.—Assets and liabilities of all banks in the United States and possessions, date of last call 1961 and 1962, andchange 1961-62


Dec. 28,1962

13, 924

$66,747

2,5878,498

7,3461,1205,993

49,14831,0333,935

176,4072,931

173,476

72, 68225, 3237,9481,792

107, 745

4,43050, 6403,733

136379

1,6412,102

344, 282

Dec. 30,1961

13, 933

$59, 587

1,0467,329

6,213934

5,32945, 53828,2773,436

157,6892,846

154, 843

72,82221, 0647,0811,574

102, 541

3,86553,6223,405

122354

1,6761,908

322, 336

Changesince 1961

- 9

$+7,160

+ 1,541+ 1,169

+ 1,133+ 186+664

+3, 610+2, 756

+499

+ 18, 718+ 85

+ 18, 633

-140+4,259

+ 867+218

+5, 204

+ 565- 2 , 982

+ 328+ 14+25—35

+ 194

+21, 946

Number of banks

Real estate loansLoans to financial institutions:

Domestic commercial and foreign banksOther

Loans to brokers and dealers in securities and other loans for the purpose of purchasing orcarrying securities

Loans to farmers directly guaranteed by the Commodity Credit CorporationOther loans to farmersCommercial and industrial loans (including open-market paper)Other loans to individualsAll other loans (including overdrafts)

Total gross loans

Less valuation reserves

Net loans

U.S. Government obligations direct and guaranteedObligations of States and political subdivisionsOther bonds, notes, and debenturesCorporate stocks, including stocks of Federal Reserve banks

Total securities

Currency and coinBalances with other banks, including reserve balances, and cash items in process of collection.Bank premises owned, furniture and fixturesReal estate owned other than bank premisesInvestments and other assets indirectly representing bank premises or other real estateCustomers' liability on acceptances outstandingOther assets

Total assets

314


TABL E B-45.—Assets and liabilities of all banks in the United States and possessions, date of last call 7967 and 7962, andchange 7967-62— Continued


Dec. 281962

Dec. 30,1961

Changesince 1961

LIABILITIES

Demand deposits of individuals, partnerships, and corporationsTime and savings deposits of individuals, partnerships, and corporationsU.S. Government and postal savings depositsDeposits of States and political subdivisionsDeposits of banksOther deposits (certified and officers' checks, etc.)

Total deposits

Demand depositsTime and savings deposits

Rediscounts and other liabilities for borrowed moneyAcceptances executed by or for account of reporting banks and outstandingOther liabilities

Total liabilities

CAPITAL ACCOUNTS

Common stockCapital notes and debenturesPreferred stockSurplusUndivided profitsReserves and retirement account for preferred stock and capital notes and debentures



$125, 033132,6437,14418, 67216, 5644,535

304, 591

164,598139, 993

3,6351,6806,257

316,163

7,0055035

14,3135,808908

28,119

344,282

$125,170115,2186,27117,84318,4105,079

287, 991

166,462121,529

4941,7155,840

296, 040

6,7005215

13,5405,086

903

26,296

322, 336

$-137+ 17,425

+ 873+ 829

-1,846544

+ 16,600

-1 ,864+ 18,464

+ 3,141- 3 5

+ 417

+20,123

+ 305- 2

+20+ 773+ 722

+5

+ 1,823

+21, 946

315


TABLE B-46.—Assets and liabilities of[Dollar amounts

ASSETS

Location

MaineNew HampshireVermont

Rhode IslandConnecticut


New YorkNew Jersey . .Pennsylvania • .

Iviaryland . .District of Columbia


Virginia . . .West VirginiaNorth CarolinaSouth Carolina . .GeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


OhioIndianaIllinois .Michigan

MinnesotaIowa .Missouri

Middle Western States, totalNorth DakotaSouth DakotaNebraskaKansas . . .Montana

Colorado.New MexicoOklahoma

Western States, totalWashingtonOregonCaliforniaIdahoUtahNevadaArizonaAlaskaHawaii


United States (exclusive of posses-sions), total


United States and possessions, total...

Numberof

banks

225129944

22

222

225149424

448

585512776292653

130702743

486578573

1,282

220125402

831011809778

1,2863832

12116843278829

203

749

251045983352

110

4,5041

4,505

Loans anddiscounts,includingoverdrafts

$221, 737201,418130,929

2, 348, 398391,405764, 769

4, 058, 656

7, 827, 3992, 442, 3604, 996, 036

8,253716,289503, 893

16,494,230

1,215,016335,212649,100359, 596

1, 043, 5681,511,782

834, 853215,098986, 509

5, 302, 098364, 947530, 828

1, 429, 56614, 778, 173

3,518,9271, 557,1056, 840, 2502,777,1591,119,9911,664,313

531,8551, 253, 429

19,263,029202, 856243, 775700, 534669,713228, 608159, 483910, 349280, 953

1,148, 417

4, 544, 688

1, 505, 4141, 085, 630

11,923,215286, 862334,169198, 072794, 791

95, 386173, 382

16, 396, 921

75, 535, 69712,619

75, 548, 316

US.Governmentobligations,direct andguaranteed

$74, 44785, 58162,193

990, 95396, 252

219,030

1, 528, 456

3,001,7451, 272, 5302, 427, 705

5,837390, 899297,128

7, 395, 844569, 545296, 445216,470216,458333, 066

1, 077, 901424, 400110, 364615,252

2, 484, 833191,583341, 282599,711

7,477,310

1, 932, 5451,017,6853, 836, 2741,501,174

682,172799, 923319,060605, 135

10, 693, 968126,800149, 382297, 340442,148141,851103, 490440, 141166,759663, 931

2, 531, 842

668, 605490, 345

4, 241, 934142, 96183, 36686, 299

178, 27861,79575, 232

6, 028, 815

35, 656, 2357,013

35, 663, 248

Obligationsof States

and politicalsubdivisions

$22, 66417, 45912,417

201,92274, 550

156,694

485, 7061, 539, 463

661, 6061, 452, 656

555103, 456

39, 9043, 797, 640

196, 26551,69079, 20052, 605

113,218279,198188, 39554,129

155,151817, 487

93, 92094, 460

192, 623

2, 368, 341

611,021203, 285

1, 550, 445660, 562142,699236, 581

99, 020184,695

3, 688, 30839, 95429, 33294,177

170, 68637, 56120, 33292, 44426, 874

206,981

718, 341

225, 958192, 287

1, 884, 38345, 69652,01045, 98171,1808,946

20, 2802, 546, 721

13,605,0571,957

13, 607, 014

Other bonds,notes, anddebentures

$3, 4761,3083,122

39, 7882,105

16,573

66, 372153, 20696, 283

155, 964223

22, 7055,581

433, 962

52, 2037,992

28, 47411,32616,28069, 81419, 6332,3769,812

155, 38615, 68817, 82737, 630

444, 441

101,95563,012

285, 42229,11334, 85867, 99015, 14030, 628

628,11811,74011,85219,91829, 54812, 9262,9787,8083,223

38, 084

138,077

36, 39817,714

251, 700310

3,5935,2774,7247,444

910328,070

2,039, 0400

2,039, 040

Corporatestocks,

includingstocks ofFederalReservebanks

$842804467

14,1051,1813,906

21, 305

44, 66810, 22931, 321

443,1531,923

91,338

5,2841,8652,5681,6004,1688,0183,3281,0484,517

24, 7621,5692,6566,300

67, 68315,9317,446

48, 43810, 2694,0346,8581,9905,124

100,090698

1,0242,6703,190

840610

3,250979

5,243

18, 504

4,9753,370

82, 600968

1,201654

2,589267612

97, 236

396,15645

396, 201

316


national banks, by States, Dec. 28, 1962in thousands]

ASSETS—Continued

Currencyand coin

$9, 91510, 1723,933

68,10812, 16435, 235

139,527168, 709111,435198, 495

50533, 63419,686

532,46454,71522, 22032,13822, 37529, 57281,59639, 89111,83234, 815

135,51714,42724, 27555, 423

558, 796134,56872, 595

139,589100, 66433,61632,15817, 54129, 045

559, 7764,7655,509

15, 89622, 6597,4585,657

20, 87913, 55035, 490

131,86345, 74420, 506

228, 3787,4826,3848,525

22, 3707,5317,472

354, 392

2,276,818803

2, 277, 621

Balances withother banks,

includingreserve balancesand cash items

in process ofcollection

$51,08659, 09827,120

935, 75637, 278

218, 3991, 328, 7372, 728, 860

608, 5581, 519, 970

1,969261, 975180, 732

5, 302, 064337, 677112,408279, 340139, 324432, 870754, 899327, 391

80, 843474, 749

2, 840, 838159, 027272, 125567, 247

6, 778, 7381, 167, 189

598, 4852,578,513

906, 580443, 678688, 291263, 065595, 925

7,241,72656, 03267, 470

283,419282, 857

70, 79758, 206

334, 844100,818607, 098

1,861,541505, 985344, 349

3,581,16668,150

107, 99345, 944

162, 82125, 29549, 873

4, 891, 576

27, 404, 3821,577

27, 405, 959

Bank premisesowned,

furniture andfixtures

$7, 4106,7693,113

45, 5998,300

27, 06098, 251

194, 06163, 354

135,867292

23,01217, 579

434, 16535, 29711,36317, 48313,70435, 74777, 05921, 9287,665

25, 923212,711

11,47912,69630, 403

513,45888, 29542,75984, 71959, 85327, 75940,71112,15023, 462

379, 7087,5127,555

11,50215,9058,6326,327

21, 9797,691

33, 657120, 76047, 23938, 918

334, 8518,9051,613

10, 23824, 0004,737

11,011481,512

2, 027, 854129

2, 027, 983


$186209121

2,175237290

3,2182,9041,9554,110

18459258

9,7041,000

636638511

1,8043,5661,044

284370

9,945713747933

22, 1911,8661,5407,0032,4561,680

9691,0141,104

17, 632212192

1,508705225

1,0761,048

9981,3757,339

~ 1,659282

4,159146

9185

1,471261

08,154

68, 2380

68, 238

Investmentsand other

assets indirectlyrepresenting

bank premisesor other real

estate

$31443

960402

0330

2,0497,7722,0285,364

0353

015,5172,084

7644,179

2423,183

11, 3493,608

5002,2075,307

4451,177

035, 0453,147

2087,6908,5592,059

16, 2441,3662,822

42, 095863922

2,2101,428

00

4,352250

5,79515,820

645387

65, 0580

6,200652

5,9091,229

080, 080

190, 6060

190, 606

Customers'liability

on acceptancesoutstanding

$000

66,12639

066,165

176, 536631

5,0690

1,3230

183, 559453

0501032

281573

01,934

27, 6345

902,226

33, 2883,094

22369,1554,981

943,803

1127

81,478412

5300

4890

130

381,0054,3701,703

166,019000

4,4240

78176, 594

542, 0890

542, 089

Other assets

$1, 551630786

21, 0751,8335,399

31, 274197, 78922, 94247, 064

197,0932,875

277, 7826,9481,9125,4672,7465,937

22, 6786,5731,646

10,78154, 285

2,9343,443

12, 807138,15726, 98614, 88177, 08632, 63910, 46615, 4883,857

10,810192,213

1,8072,5476,0274,0352,0281,085

10, 7341,4168,111

37, 79015,45314, 925

159, 2732,268

4942,577

14, 470578

3,161213,199

890,415276

890, 691

Total assets

$393, 628383, 491245,161

4, 734, 407625, 344

1, 447, 6857,829,716

16,043,1125,293,911

10, 979, 62117,715

1, 564, 3511, 069, 559

34, 968, 2692, 476, 487

842, 5071,315,107

820, 4972,019,4453, 898, 1411,871,617

485,7852, 322, 020

12, 070, 803856, 737

1, 301, 6062, 934, 869

33,215,6217, 605, 5243, 579, 224

15, 524, 5846, 094, 0092, 503,1063, 573, 3291, 266, 0592, 742, 306

42, 888, 141453, 651519,613

1, 435, 2011, 642, 874

511,415359, 244

1, 847, 841603,511

2, 754, 22010,127, 570

3, 062, 4452,210,416

22, 922, 736563, 748597,114404, 304

1, 287, 027123, 469342,011

31, 603, 270

160, 632, 58724, 419

160, 657, 006

317


CO

TABLE B-46.—Assets and liabilities of national banks by States, Dec. 28, 1962—Continued

LIABILITIES

LocationDemand de-

positsTime andsavingsdeposits

Total deposits

Rediscountsand other

liabilities forborrowed

moneyoutstanding

Acceptancesexecutedby or for

account ofbanks and

Other lia-bilities Capital stock Surplus profits

Reservesand retire

mentaccount for

preferredstock



New England States, total.



VirginiaWest VirginiaNorth CarolinaSouth Carolina ,

FloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


$88, 964, 317 $53,860, 574 $142, 824, 891 $1, 635, 593 $551, 697 $2, 895, 075 $3, 757, 646 $6,307,160 $2,405, 942

208, 488251, 68185, 567

3, 291, 394266, 770944, 002

136,77579, 842132,617766, 278294, 090333, 858

345, 263331,523218,184

4, 057, 672560, 860

1, 277, 860

759000

43, 4611,0001,000

000

67, 092490

10, 28813,3135,164

122, 39414, 95049, 698

14, 0326,6357,461

108, 20113, 60536, 245

14, 02620, 0288,204

251, 86825, 75862, 810

9,1659,6974,752

64, 5819,107

19, 208

5, 047, 902 1, 743, 460 6, 791, 362 46, 436 67,141 215, 807 186,179 382, 694 116,510

8, 466, 8522, 598, 3345,260, 680

1,141954, 943710,178

5, 242, 2872,191,5714, 288, 958

8,191454, 704265,148

13,709,1394, 789, 9059, 549, 638

15,9381, 409, 647

975, 326

281, 5986,350

164, 9450

1,350

183, 336631

5,4730

1,323

522, 737110,402188, 820

4426, 07212, 420

432, 383118,069262, 544

43331, 40422,097

647,811190,822645,6111,027

70, 61641,183

256, 65368, 247152, 902

26918, 34614, 207

17, 998,734 12,450, 859 30, 449, 593 454, 243 190, 763 860, 495 866, 930 1, 597, 070 510, 624

1,280,499464, 523854, 854608, 651

1, 362,0272, 380, 2191,148, 586297, 069

1, 538, 0817, 786,451

559, 079885,787

1, 733, 635

920, 415282, 588297, 087118,734425, 733

1,125,010531,116136, 645565, 940

3, 025, 802216, 513291, 242880, 494

2, 200, 914747, 111

1,151,941727, 385

1, 787, 7603, 505, 2291, 679, 702433, 714

2,104, 02110, 712,253

775, 5921,177, 0292, 614,129

12, 500400

28, 7000

17, 42520, 800

08,000700

249, 6772,850200

43, 025

45305010323595730

1,99027, 634

590

2,226

50,19111,77631, 87629, 86546, 56557, 26932,9665,251

27, 533105,1178,18012, 27050, 769

60,14919, 62928,45415,45743, 524113,70144,4839,595

44, 590346, 71422,11028, 29065,005

108, 59841, 07856, 23734, 75181, 249145, 24565, 96225, 395105, 607427,75829, 00958, 353115,939

41, 45819, 28416, 75511,58225, 05845, 65636, 0713,62737,166

173, 28717, 22723, 34439, 056

20, 799, 461 8,817,319 29,616,780 384, 277 33, 422 469, 628 841,701 1,295,181 489, 571

$279, 002

7791,3951,396

19, 13815

864

23, 587

9,4559,4859,688

45,5934,326

38, 551

2,2243,2291,0941,447

17, 8329,88211,860

203413

28, 3631,7642,0304,720

85, 061Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



North Dakota.South Dakota.NebraskaKansasMontanaWyomingColorado ,New Mexico..Oklahoma....

Western States, total.


Pacific States, total.

United States (exclusive ofpossession), total

Virgin Islands of the UnitedStates

4, 090, 7032,165, 4728, 703, 7662, 992, 5791, 374,1612, 034, 753

803, 0211,865,010

24, 029, 465

245, 634293,176

1, 006,1461,100,474

286, 822195,743

1, 069, 724377, 361

1, 832, 209

6, 407, 289

1, 737, 4901, 054, 002

10,115,369311,795282, 482223, 657683, 863103, 977162, 862

14, 675, 497

88, 958, 348

5,969

2,717,2161, 034, 8805, 066, 6642, 566, 505

886, 9031,177,358

317,277621, 226

14, 388, 029

168, 525181,763270, 747377, 904175,867129, 562601, 741173,188613, 051

2, 692, 348

1, 015, 436945, 732

10, 486, 265202, 253249, 953144, 964482,150

95, 073130, 855

13, 752, 681

53, 844, 696

15,878

6,807,9193, 200, 352

13,770,4305, 559, 0842, 261, 0643,212,1111, 120, 2982, 486, 236

38, 417, 494

414,159474, 939

1, 276, 8931, 478, 378

462, 689325, 305

1,671,465550, 549

2, 445, 260

9, 099, 637

2, 752, 9261, 999, 734

20, 601, 634514, 048532, 435368, 621

1,166,013199,050293,717

28,428,178

142, 803, 044

21, 847

36, 97110, 300

214, 5346,8502,550

15,72134, 0309,400

330, 356

1000

23,1046,4352,365

20012, 775

20034, 465

79, 644

22, 00011,500

282, 3500

10, 3960

4,200191

10, 000

340, 637

1, 635, 593

0

3,094366

69,1984,981

943,803

1140

81, 677

4125300

4920

130

38

1,008

4, 4711,735

166,978000

4,4240

78

177, 686

551,697

0

148,41173, 472

211,238114,174

56, 03956, 82711,40126, 877

698, 439

6,9848,271

12, 72811,92010,1744,787

21,7687,766

21, 249

105, 647

53, 69932, 627

395, 6378,6448,4526,844

28, 4091,6938,203

544, 208

2, 894, 224

851

178, 14175,811

421, 591115,89145, 97483, 65924, 73567, 418

1,013,220

10,14012, 37036, 33441,23112, 9734,75546, 66615,68465, 903

246, 056

68, 50250, 691

410,14313,87513, 3359,925

23, 5894,5008,600

603,160

3, 757, 246

400

318, 092146,137605,173210, 27487, 186134, 05742, 07595, 477

1, 638, 471

13,15115,37049, 80665, 45113, 39314, 83060, 69015,81097, 606

346,107

97, 06561, 647

775, 44617, 38523, 53611,87544,1583,62511,800

1, 046, 537

6, 306, 060

1,100

108, 90364, 032177,18975, 03243, 10462, 45031,71250,215

612, 637

8,09182, 29133, 02837, 0449,0858,53433,1889,573

85, 477

232,311

62,31652, 424

282, 4957,8476,6006,96813, 8503,9317,637

444, 068

2, 405, 721

221

3,9938,75455, 2317,7237,0954,7011,8076,543

95, 847

614319

3,3082,415244833

1,2763,9294,222

17, 160

1,46658

8,0531,9492,360

712,384479

1,976

18, 796

279, 002

0


TABLE 46.—Assets and liabilities of national

(In thousands

Location

Loans and discounts

Real estate loans

Secured byfarmland(includingimprove*ments)

$795, 997

2,6691,1027,5462,756

986938

15,997

31,90012,86176, 513

79718,078

60

140, 209

27,1885,3086,8072,822

11,5859,965

11, 5005,0296,369

52,10414, 39519,15717,533

189, 762

53,13427, 24652, 55615,64515,29012,25511,30110, 340

197,767

6,3782,550

12, 74915,8402,2494,1128,1482,569

26, 492

81,087

Secured byresidentialproperties(other than

farm)

$13,359,877

39, 53731,75141,875

150,454121,494145,855

530, 966

1,075, 923769, 596

1,139,1353,086

113,41699, 663

3,200,819

233, 32386, 40828, 46321, 44077, 005

152,92576,18414, 50670, 344

181,04726, 95656, 73479,125

1,104,460

812,765336, 314787, 640822, 834268, 050318, 77788,157

165, 837

3, 600, 374

45, 62045, 02334, 29146, 22546, 73228, 502

105, 05225, 22777,697

454, 369

Secured byother

properties

$4, 649, 481

18, 59611,19810, 988

143, 22733, 80644,156

261, 971

350, 294224, 897408,149

33373, 57759,111

1,116,361

85, 49030, 83429,37123, 69258, 582

129, 83144, 01020, 60070,176

227, 72625, 85242, 57173, 268

862, 003

235, 962105,218286, 825194, 446

67, 93872,01531,15077,126

1, 070, 680

10,18815,56728, 50722,16611,62714, 35176, 48722, 60075, 212

276, 705



banks

$1,509,681

7,0007,254

92595,15239, 90010, 001

160, 232

207,20724, 57575, 951

021, 93922, 448

352,120

7,9504,0502,4983,298

15, 02220, 89118, 243

029, 679

155, 828750

3,02523, 649

284, 883

52, 07831,550

127, 30773, 96620, 21412,4309,867

57, 466

384, 878

073

2,6753,6954,0001,500

15,41224, 0006,010

57, 365

Other

$4, 699,105

7,7489,220

101182, 55123, 44135, 298

258,359

618,61294, 856

169, 2410

48, 26179, 885

1,010,855

52, 5709,434

35, 56719,72895, 407

112, 83245, 3019,114

77, 735310,389

15, 39835, 561

136,267

955, 303

194, 746119,846674, 499152, 69985,018

105, 92817, 570

112,354

1, 462, 660

2,0889,416

28, 40934, 4355,1434,447

65, 4769,348

82, 078

240, 840


To brokersand dealers in

securities

$1, 599, 707

1,306880

041,88511,09131,775

86, 937

390, 296110,778

62, 6940

4,5863,228

571, 582

11,5881,430

28,1155,423

10, 97915,3437,8695,577

18,11081,1716,4844,231

41, 397

237, 717

108,40025, 629

289, 03631, 24420, 24740, 223

1,23315,727

531,739

1,0051,0273,4251,6511,398

25614,1311,300

25, 571

49, 764

Other

$935, 244

1,7791,0071,311

12, 060271

4,267

20, 695

73, 39518,79436, 861

020, 9582,209

152,217

8,0122,340

14, 6024,2015,647

34, 2419,2774,565

13, 648212, 036

1,3483,460

30, 687

344, 064

42,18211,676

163,15818,6377,285

24, 7094,498

19, 957

292,102

1,318433

8,8192,769

2861,2319,9715,653

10, 860

41, 340


MaineNew Hampshire.VermontMassachusetts. . .Rhode Island... .Connecticut


New York ,New JerseyPennsylvania ,Delaware ,Maryland ,District of Columbia..

Eastern States, total.

VirginiaWest Virginia. .North Carolina.South Carolina.GeorgiaFloridaAlabamaMississippiLouisianaTexasArkansasKentuckyTennessee


OhioIndiana....IllinoisMichigan. .Wisconsin..Minnesota.IowaMissouri...


North Dakota.South Dakota..NebraskaKansasMontanaWyomingColoradoNew Mexico...Oklahoma.. . .

Western States, total..

320


banks, by States, Dec. 28, 1962—Continued

of dollars)


Loans to farmers

Directly guaran-teed by theCommodity

CreditCorporation

$540, 877

000000

0

2636468

00

1,982

2,377

200

2,7911,378

25, 9190

11,4243,2693,241

91,77326, 883

50739,715

206, 920

2,6422,307

20, 807871

2010, 72818, 54522, 998

78, 918

25, 5437,065

28,61339, 5606,518

4392,7672,247

15,201

127,953

Other loans tofarmers {exclud-


$2, 957, 222

8,0713,6567,6995,077

4442,782

27, 729

68, 98014, 87788, 376

41213, 736

36

186, 417

33, 9354,776

12,7454,970

16,10327, 56324,1747,017

14,574268, 42229, 53533, 76433, 873

511,451

55, 22742, 421

207, 52026, 93226, 89794, 502

126, 78662,005

642, 290

33, 88470, 360

233,182154,76038, 67830, 599

133,79027, 376

100, 395

823, 024


$26, 910, 471

73, 13066, 64822, 555

1,126, 79596, 879

221, 597

1, 607, 604

3,487,198535, 422

1,798, 6771,077

200, 437133,913

6,156,724

331,11569, 667

274, 532139,238380, 722519,151288, 28174, 935

457,1582, 523, 618

116,706167,797537,181

5, 880, 101

873, 871411,227

2, 966,125705, 000319, 340628, 398118,054395,008

6, 417, 023

39,91749, 946

181,806217,10353,43844, 608

269, 34396, 576

450, 990

1,403, 727



$16,997,385

60, 72168, 92838,119

574,31251,216

242, 852

1, 036,148

1, 502, 595649, 526

1, 092, 5552,518

193, 79597,161

3, 538,150

408, 728123,465207,820119,126338, 568490,131272, 30567, 044

208, 6091,138,033

101, 952161,259417, 849

4, 054, 889

1, 010, 907430,550

1,104, 383709, 593247, 244323, 469102, 065307, 609

4,235, 820

39, 84846, 922

133,432135, 43662,11831,288

216,62966, 949

257, 024

989,646


$2, 090, 531

4,3192,8241,421

72, 82216,00740, 907

138,300

279, 62140, 396

147, 85062

14, 32310, 844

493, 096

30, 4974,204

16,11620,47820, 85225, 35248, 6708,223

27, 893153,479

3,44311,16925, 586

395, 962

141, 97538, 549

346, 59071,07469,19240, 27112, 45321, 455

741, 559

2,3483,190

15,7673,9961,132

5337,2273,337

35,745

73, 275

Total grossloans

$77,045, 578

224, 876204, 468132,540

2, 407, 091395, 535780, 428

4,144, 938

8, 086, 2842, 496, 6425,096, 070

8,285723,106510, 540

16,920,927

1,230,416341,916659, 427365, 794

1, 056, 3911, 538, 225

857, 238219,879997,536

5, 395, 626369, 702539, 235

1,456,130

15,027,515

3, 583, 8891, 582, 5337, 026, 4462, 822, 9411,146,7351, 683, 705

541,6791, 267, 882

19,655,810

208,137251,572711,675677, 636233,319161,866924, 433287,182

1,163, 275

4,619,095


$1,497,262

3,1393,0501,611

58, 6934,130

15, 659

86, 282

258, 88554, 282

100,03432

6,8176,647

426, 697

15,4006,704

10,3276,198

12, 82326, 44322, 3854,781

11,02793, 5284,7558,407

26, 564

249, 342

64, 96225, 428

186,19645, 78226, 74419, 3929,824

14, 453

392, 781

5,2817,797

11,1417,9234,7112,383

14,0846,229

14, 858

74, 407

Net loans

$75, 548, 316

221,737201, 418130, 929

2, 348, 398391, 405764, 769

4,058, 656

7, 827, 3992,442, 3604,996,036

8,253716,289503, 893

16, 494, 230

1,215,016335,212649,100359, 596

1,043, 5681,511,782

834, 853215,098986, 509

5, 302,098364, 947530,828

1, 429, 566

14, 778,173

3, 518, 9271, 557,1056, 840, 2502,777,1591,119,9911,664,313

531, 8551, 253,429

19,263,029

202, 856243, 775700, 534669,713228, 608159, 483910, 349280, 953

1,148,417

4, 544, 688

321


TABLE 46.—Assets and liabilities of national

[Dollar amounts

Location

Washington . .OregonCaliforniaIdahoUtahNevadaArizonaAlaskaHawaii



Virgin Islands of the United States...

Loans and discounts

Real estate loans

Secured byfarmland(includingimprove-ments)

$16,96017, 400

124, 2035,0193,084

5822,691

331,145

171,117

795, 93958


farm)

$258, 598208, 488

3, 486, 80998, 62198, 33139,123

190, 57525, 27954, 993

4, 460, 817

13, 351, 8058,072

Secured byother

properties

$95, 50682, 896

731, 61511,95529, 92540,02925, 46714, 42628, 494

1,060,313

4, 648, 0331,448



banks

$29, 500553

226, 2820

5851,530

10, 2531,500

0

270, 203

1, 509, 6810

Other

$109, 63081,182

514, 7186,914

21, 4507,225

29, 6250

344

771, 088

4, 699,1050


To brokersand dealers in

securities

$14,91912,10643, 7302,8607,2272,000

39,12105

121,968

1, 599, 7070

Other

$4, 53115, 83145, 791

1436,488

704540

110, 797

84, 826

935, 2440

322


banks, by States, Dec. 28, 7962—Continued

in thousands]

Loans to farmers

Directly guaran-teed by theCommodity

CreditCorporation

$24, 6659,920

76, 444412

00

13,26800

124, 709

540, 8770

Other loans tofarmers (exclud-


$82, 29159, 316

437,14839, 61720, 6866,904

117,211130

3,008

766,311

2, 957, 2220



$551, 751386, 448

4, 031, 83859,61886, 95749, 543

198, 62729, 95048, 341

5, 443, 073

26, 908, 2522,219



$317, 406208,105

2, 223, 77863, 63354, 98451, 359

170, 25327, 34025, 045

3,141, 903

16,996,556829

All other loans(includingoverdrafts)

$27, 84611,094

192, 3012,2647,667

2134,249

1602,502

248, 296

2, 090, 48843

Total grossloans

$1, 533, 6031, 093, 339

12,134,657291,056337, 384199,212801, 88098, 819

174, 674

16, 664, 624

77, 032, 90912, 669


$28,1897,709

211,4424,1943,2151,1407,0893,4331,292

267, 703

1, 497, 21250

Net loans

$1, 505, 4141, 085, 630

11,923,215286, 862334,169198,072794, 79195, 386

173, 382

16, 396, 921

75, 535, 69712,619

323


TABLE 46.—Assets and liabilities of national banks, by States, Dec. 28, 1962—Continued

Location



New England States, total..

New YorkNew JerseyPennsylvaniaDelawareMaryland . . . .District of Columbia


VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgia . . .FloridaAlabamaMississippi

Texas

Tennessee

Capital

Common stock

$3,734,518

14, 0326,6356,693

108, 20113,60536, 245

185,411

412, 361117,981262, 494

43331,40422, 097

846, 770

60,14919,62928, 45415,45743, 524

113,50144, 4839,595

44, 590346, 71422,11028, 29065, 005

841,501

Preferredstock

$23,128

00

768000

768

20, 0228850000

20,160

00000

2000000000

200

Demand deposits

Individuals',partnerships,and corpora-

tions

$67, 055, 872

174, 280194, 781

70, 7932, 499, 246

214,113818,217

3,971,430

6, 263, 8492,129,0364, 236, 520

7,231741,281605, 322

13,983,239

995, 690353,818642, 794481, 529974, 922

1,700,151860, 499200, 510

1, 088, 6605, 488, 494

412,454692, 201

1, 090, 705

14,982,427

Foreigngovernments,

centralbanks, etc.

$282, 133

000

3,70300

3,703

168,11295

3,5160

1324, 899

196,635

00000

73400

2,6975,577

000

9,008

U.S. Govern-ment

$3, 734, 768

7,67013,5104,013

130, 65613,37350,818

220, 040

365,814101,139270, 841

35749, 76423,107

811,022

59,15017,91144, 00925, 72260, 32468, 84536,9158,483

49,105188,60714,80331,52558, 902

664, 300

States andpolitical

subdivisions

$6, 941, 554

13,27527, 2057 622

217, 46527, 25632, 659

325, 482

382, 509265, 707285, 888

4488,163

189

1,022,500

107, 00562, 03756, 30878,170

117,281251,006143, 027

47, 563168, 784523, 30051,18349, 532

159,281

1,814,477


C# ommerci al

$8, 496, 306

4,2413,529

457278, 756

2,4709,659

299,112

595, 70728, 432

382,89667

60, 24745, 245

1,112,594

101,92427,124

105, 42218,065

198,928324,154100,387

38, 760209, 515

1, 363, 37376, 740

105, 666411,295

3,081,353

Mutualsavings

$242,100

6,3978,7241 090

92,8261,240

17, 070

127, 347

58, 80121,09112, 598

06,018

0

98, 508

000000o000000

0


$416,331

8900

24, 5481,748

31

26,416

181,584136

20,1800

7353,054

205, 689

1,019000

4903,378

43530

3,48116, 964

0o

2,656

28, 453

Certifiedand officers1

checks etc.1

$1,795,253

2,5363,9321, 592

44,1946,570

15, 548

74, 372

450, 47652, 69848, 241

488,7228,362

568, 547

15,7113,6336,3215 165

10, 08231,9517 3241,723

15 839100,136

3 8996 863

10, 796


OhioIndiana.. .IllinoisMichigan..Wisconsin. ,Minnesota.Iowa... . . .Missouri...


North Dakota..South Dakota. .NebraskaKansasMontanaWyomingColoradoNew Mexico.. .Oklahoma


Washington.OregonCalifornia. . .IdahoUtahNevadaArizonaAlaskaHawaii



Virgin Islands of the United States.

178,14175,811421,591113,89145, 97483, 65924, 73567,418

1,011,220

10, 14012, 37036, 33441,23112, 9734,755

46, 66615,68465, 903

246, 056

68, 50250, 691

410, 14313,87513, 3359,925

23, 5894,5008,600

603,160

3,734,118400

000

2,0000000

2,000

23,1280

3,145, 8081,609,9856,386 4462, 274, 9931,068,9001,371,799

551,2301,250,257

17,659,418

207, 850229, 692711,217721, 230223, 030141,391857, 734278, 846

1,312,797

4, 683, 787

1, 373, 776832,555

8,218,645234, 241209, 304166,883538, 56979, 779116,643

11,770,395

67, 050, 6965,176

250

15, 625421

5100

15, 744

1,2373

53, 028000

2,74200

57,010

282,10033

199, 62082, 128

420, 440251, 52968, 44695, 66726, 09568, 653

1,212,578

7,7578,248

39, 34634, 8188,3115,922

43, 20221,55955,210

224, 373

76, 34131,007

427,1418,7079,003

11,98619,2094,91513,939

602, 248

3, 734, 561207

374, 925278, 091564, 233207,61160, 334

178, 36855, 35198, 747

1,817,660

16,01039, 54075, 657

230, 38538, 33232, 30948, 59654, 642

216,271

751, 742

189,518114,768647, 83261,05638, 31733, 56085, 63916,09022, 609

1, 209, 389

6, 941, 250304

302, 757157,226

1,151,203200, 395161, 155350, 960159,186428, 546

2,911,428

10, 94212, 707

169,671103, 73912, 98812,91999, 22915,493

220, 488

658, 176

60, 34125, 999

299, 9842,52418,0572,940

16, 5881,0396,033

433, 505

8, 496,168138

1,765434

1,0600

4023,606

00

7,267

6,697124157000000

8,978

242,1000

6,501646

36,16910, 5792,2685,640

7222,410

64, 935

25052000

4230

396

896

9,4833,206

72, 3810

8628

3,27217

1,452

19, 925

416,31417

59, 30236, 962

128, 59047, 43012, 65528, 66210, 43716, 397

340, 435

3,0502,989

10, 20310, 3024,1613,202

20, 5406,821

27, 047

(8,315

20, 09745, 340

395, 2015,2677,7158,260

17, 8442,1372,186

504, 047

1,795,15994



TABLE 46.—Assets and liabilities of national banks, by States, Dec. 28, 1962—Continued

Location


Accumulatedfor paymentof personal

loans

Other depositsof individuals,partnerships,and corpora-

tions

Foreigngovernments,

centralbanks, etc.

U.S. Gov-ernment

Postalsavings

States andpolitical

subdivisions


Commercial Mutual


United States and possession!total







OhioIndianaIllinoisMichiganWisconsin

$40,423, 898 $441, 525 $8, 014, 037 $979, 242 $177, 266 $9, 754 $3, 687, 644 $77, 964 $8,134

122, 79070, 719126, 777528, 425265, 810307, 897

095153

3,77600

12, 6297,2533,772

139,79818,14615, 876

0120

54,18700

63217280

4,149210

1,945

7103

527240

7171,5811,832

26,6189,9007,140

000

4,25000

1,422,418 4,024 197,474 54,199 7,188 47, 788 4,250

3, 599,1041, 992, 2593, 383, 365

8,030410, 854185, 908

5,8411,5114,789

0238

3,091

841,216136, 727660, 907

14526, 61453, 045

363, 2891,000

34, 70700

13, 332

24, 9105,1353,454

02,9769,293

00

585025479

384, 89154, 692195,503

1613,947

0

10,100225

2,1680500

9, 579, 520 15,470 1,718,654 412, 328 45, 768 1,089 649, 049 12, 543

784, 315261, 496197,80494, 561281, 697836,411434,76876, 661437,164

1, 586, 789150,612218,399673,178

1,34141

2,3750713

2,83921

2,904128,8391,1891,022

0

79, 69319,46650, 4279,635

98, 886185, 97274, 84451,38076, 477856,16761,11855, 899

142, 404

2,000000

2,2702100

1,5002,509

00

2,000

5,219486

3,3264,7371,9473,903889

1,366855

12, 871281790

1,251

314820

6786110051

1,0802415160

46, 051838

41, 5089,59637,61696, 69811,7761,196

45,102426, 5292,72415,06759, 641

1,777113

1,645205

2,5681,8915,9906,0211,8878,86856550

1,535

6,033, 855 140, 645 1, 762, 368 10, 300 37, 921 2,242 794, 342 33,115

2, 028, 885880,190

3, 764, 2821, 975,075663, 652

220,979650

43, 2251,051302

340,102114, 937967,717348, 782202, 880

6,0000

125,85600

1,1682,3767,3961,5461,424

135854

2,91030857

119,19535,148136,823235, 32814,979

102715

6,0801,8932,659

000

1450

1,000

1,145

5,47122

1,030000

6,523

$41,110

000

4,40300

4,403

7,4650

2,450000

9,915

0000050000

2,15000

315

2,515

6500

12,3752,800150


Minnesota • . . . . .IowaMissouri

Middle Western States total...

North DakotaSouth Dakota . . .NebraskaKansasMontanaWyoming . . . . . .ColoradoNew MexicoOklahoma


WashingtonOregon. . . .CaliforniaIdahoUtahNevada .ArizonaAlaskaHawaii



Virgin Islands of the United States..

593,650216,242415,102

10, 537, 078

68, 66579, 440

159, 834271,494109, 23999,061

465, 497132, 358462,074

1,847,662

932, 666790,857

8,219,235169,795203,048133,912417,20147,72280,496

10, 994, 932

40,415,465

8,433

6020

1,731

268,018

1,75021

1331,7513,240

001

6,363

13,259

00

33000

7600

109

441, 525

0

533, 33098, 473

177,669

2, 783, 890

92, 70887,197

104, 40973, 43155, 46014, 58679, 37319,188

118,176

644, 528

62, 91630, 254

691,17231,28227, 1385,482

36, 5223,099

19,238

907,103

8, 014, 017

20

4,0720

2,000

137,928

000000000

0

7,6002,000

351,887000

3,00000

364, 487

979, 242

0

1,9581,7042,672

20, 244

465637199

2,132427688683

1,1052,867

9,203

3,4463,540

29, 2221,1331,455

3501,495

10, 5375,764

56, 942

177, 266

0

495127

4,913

60

24250

18101181

175

914

18411

4890

272010

764

9,754

0

44,218787

21,790

608, 268

4,90614,4686,143

29, 0717,501

15,20955, 67820, 05022, 545

175, 571

5,559118,717

1,176,17832

17 7735,220

23, 82933, 67024, 237

1,405,215

3, 680, 233

7,411

210

235

11,705

2505000

500475945

1,950

0200

14,1370

500000

14, 387

77, 950

14

000

10

0000

o0000

0

29050750000

250

440

8,134

0

000

15,975

000000000

0

2,950100

4,1420

o000

1,110

8,302

41,110

0


TABLE B-47.—Assets and liabilities of all State commercial, mutual savings

[Dollar amounts

ASSETS

Location Number ofbanks


U.S. Governmentobligations,direct andguaranteed

Obligations ofStates andpolitical

subdivisions


Corporatestocks, includ-ing stocks of

FederalReserve banks

United States and possessions.









9,419

575628

25014

115

520

27011422217797

165106133116346213169165153559184266221

2,796

346318597288473515573549

3,659

$97, 927, 526 $37,018,814 $11,716,130 $5, 908, 647 SI, 396, 080

554, 759616,763295, 979

6, 083, 235772,422

3,132,933

201, 921166, 35262, 963

2,346,019168,072731,676

36, 46811,76621, 709

207, 46929, 486195,746

72,69134, 4085,883

282, 93081,758

334, 527

11,456,091 3, 677, 003 502, 644 812,197

41, 594, 6933, 040, 0655,190,609

525,2291,104, 471

456, 630

9, 880, 9881, 138, 3771, 785, 825

300,128561,064229, 501

3, 988, 223488, 702586, 06836, 003

128, 86926,152

2, 582, 686279, 998768, 78387, 612

132, 2575,903

51,911,697 13,895,883 5,254,017 3, 857, 239

858, 684305, 703

1,203,312201,418766, 645913,123321,566500, 365498, 434

1, 706, 658369, 205721,978622, 980

435, 553251,813547, 440128, 833440, 078764, 286226, 069263, 136353, 227779, 055177, 449519,645299, 001

130,44953, 090

208, 43358, 361

109, 951193,25881,474181,017152,148288, 27092, 72879, 457124,238

34, 4345,545

86, 87427, 82049,01230, 60925, 35817,2109,244

95, 89417, 23722, 50930, 370

8, 990, 071 5,185,585 1,752,874 452,116

3,191,249918,418

2,918,7592,477,1521, 428, 7281, 062, 7921,319,5022,164,277

1, 728, 369868,573

2,167,7621, 556, 521

982,128613,086693, 053

1, 280, 657

519,152115,516629, 360621,615228, 533128, 220220, 740389, 967

53, 49528, 274174, 05425, 32450,113

123, 22133, 65478, 991

15,480,877 9,890,149 2,853,103 567,126

29, 63040,1442,014

269, 38235, 506

173, 099

549, 775

579, 26038, 27276, 03513, 7203,5961,070

711,953

2,0551,3743,129

1222,4661,522

360734662

4,748456

1,4701,190

20, 288

12, 3001,559

33, 8577,1921,715

16,4061,446

19,614

94, 089

328


and private banks, by States, Dec. 28, 7962

in thousands]

ASSETS—Continued

Currency andcoin

$2,152,119

14, 0454,1554,446

74, 55114,07351,922

163, 192

383, 48283, 308

138,09014, 79642,21615, 327

677,219

41,88220, 62569, 76916,27740, 45856, 32919,22529, 49136, 56976, 32417,81833, 75431,322

489, 843

124,74550, 69681,37196,12257, 59530,15743, 53569, 783

554, 004

Balances withother banks, in-cluding reserve

balances and cashitems in process

of collection

$23, 234, 491

55, 58821,76221,903

461,16465, 843

264, 780

891,040

10,053,711485, 889

1,141,271102, 826187,226132,661

12,103,584

241,70897, 022

384,11174,812

276,391249, 990102,248204, 640230,196637, 292165,928357, 247199,948

3,221,533

884,473288, 551972, 655552,190361,386178,185319,590826, 896

4, 383, 926

Bank premisesowned, furniture

and fixtures

$1,704,631

11,2519,8654,238

78,7148,891

50,138

163,097

519,56759, 82289, 05211,58320, 6667,275

707, 965

23, 3329,398

35, 3245,380

22, 37843, 0708,272

18,49116,83671,7259,816

15,48717,081

296, 590

63, 03321,64453, 66364, 22931,91525,78121,17740,398

321,840


$67, 331

8651,060

1976,993

1801,109

10, 404

16, 037646

4,540811340234

22, 608

407640685442

1,2292,131

431693

1,0693,609

664882

1,928

14,810

1,147817

3,6102,1661,373

887734

1,783

12,517

Investments andother assets in-

directly represent-ing bank prem-

ises or otherreal estate

$188,828

8593

8812,243

2560

4,242

72,239355

9,9404,449

263,923

90, 932

5,3921,6661,535

1691,7953,442

709146

2,0521,880

74168196

19,224

3,2272,965

17,9571,1037,358

712,2802,755

37,716

Customers' lia-bility on accept-

ances outstanding

$1, 099, 443

502

4,7142,149

0

6,870

984, 435152

9,6763

25312

994, 531

00

1,6402

653743

00

2032,304

057

153

5,755

5,75690

10,81525

232526349775

18,568

Other assets

$1,211,188

2,7531,749

67343, 3323,432

10, 040

61,979

613,66332, 07633,8154,845

55, 3653,488

743, 252

5,5892,393

24, 208826

6,5849,0601,3413,2512,5277,898

6593,4672,729

70, 532

26, 8055,580

32, 43617,88512, 8847,3863,119

15,436

121,531

Total assets

$183,625,228

980, 835908, 027420, 888

9, 860, 7461,182,0684, 945, 970

18,298,534

71,268,9845, 647, 6629, 833, 7031,102, 0052, 236, 349

882,176

90, 970, 880

1, 779, 485749, 269

2, 566, 460514, 462

1,717,6402, 267, 563

787,0531,219,1741,303,1673, 675, 657

852, 0341,756,1211,331,136

20,519,221

6,613,7512, 302, 6837, 096, 2995,421,5243,163,9602,186,7182,659,1794,891,332

34, 335, 446

329


TABLE B-47.—Assets and liabilities of all State commercial, mutual savings

[Dollar amounts

ASSETS

Location

North DakotaSouth DakotaNebraskaKansasMontanaWyomingColorado

Oklahoma


WashingtonOregon . .CaliforniaIdahoUtahNevadaArizona . . . . .AlaskaHawaii



Guam .Puerto Rico 3

Virgin Islands of the United States 4 . .

Possessions total

Number ofbanks

119139305425

8029

11731

189

1,434

7140842241488

10

288

9,406

"l13


$205, 506187,887331,350618, 099223,161

64, 771405, 989120, 587249, 548

2, 406, 898

547, 741198, 812

5, 086, 662117,196339, 273128,135258, 998

31, 223320, 070

7,028,110

97,273, 744

1,84213, 536

623, 750112

14, 542

653, 782

U.S. Governmentobligations,direct andguaranteed

$159, 877152,712203,102408, 394143, 79252,014

184, 57374, 012

177, 808

1, 556, 284

225,618123, 247

1, 846, 70452, 326

160,49955, 98494, 71718,366

117,457

2, 694, 918

36, 899, 822

00

117,6981,294

0

118, 992

Obligations ofStates andpolitical

subdivisions

$65, 78327,13334, 819

167, 79637,6138,875

43, 30820, 27351, 634

457, 234

44,11332, 599

654, 89717, 09037, 9667,231

27, 814817

33, 649

856,176

11,676,048

00

40, 08200

40, 082


$25, 23611,06814, 7338,611

11,110660

4,7913,2284,324

83, 761

52, 5474,260

43, 4341,0621,744

95013,606

1,8215,510

124, 934

5, 897, 373

00

11,26905

11,274

Corporatestocks includ-ing stocks of

FederalReserve banks

$26168172440591105

2,22593

126

3,946

393126

11,364243853183895

151,956

16, 028

1, 396,079

00001

1

1 1 branch of a national bank and 1 branch of a State member bank in New York.2 Branches of banks in California and Hawaii.8 Asset and liability items include data for branches of a national bank and a State member bank in New York.

330


and private banks, by States, Dec. 28, 1962—Continued

in thousands]

ASSETS—Continued

Currency andcoin

$5, 2055,4089,888

20,6877,2982,396

12, 7907,671

12, 957

84, 300

10, 8866,935

88, 3854,2719,1265,791

10,2111,480

15, 734

152,819

2,121,377

1,4761,352

26, 69389

1,132

30, 742

Balances withother banks, in-cluding reservebalances andcash items in

process ofcollection

$41,02954, 40797, 467

191,38875, 26828, 864

117,74943,07496,051

745, 297

61,17043, 476

1,414,62527,167

102,14719,99454, 2458,096

58,166

1, 789,086

23,134, 466

4856,114

83,0129,638

776

100,025


and fixtures

$3, 7012,7794,9589,8635,5691,1954,9335,3433,785

42,126

8,9356,208

112,4913,6416,4263,360

12, 334943

9,789

164,127

1, 695, 745

46210

8,31214

304

8,886


$38108182664280

64990498200

3,024

85411

2,07753

14623

140125386

3,446

66, 809

066

45600

522


directly represent-ing bankpremises

or other realestate

$1605669

503135

132,273

24271

3,504

7622

20, 937589

3,02220

1,465288

2,740

29, 825

185, 443

00

3,38500

3,385

Customers"liability onacceptancesoutstanding

$5039

00

990000

188

320

68,713000

1,2970

1,147

71,189

1,097,101

00

2,3220

20

2,342

Other assets

$612393

1,3531,3101,391

1193,922

851990

10, 941

2,0921,607

76, 035884

1,575941

4,699235

3,945

92, 013

1,100, 248

16,29415,73469, 433

1309,349

110, 940

Total assets

$507, 223442,158698,093

1,427,755506, 307159,076783, 543275, 654597, 694

5, 397, 503

954, 374417, 683

9, 426, 324224, 522662, 777222, 612480, 421

63, 409570, 549

13,022,671

182, 544, 255

20,14337,012

986, 41211,27726,129

1, 080, 973

4 Asset and liability items include data for branches of a State member bank in New York.

NOTE.—Figures obtained from the Federal Deposit Insurance Corporation.

331


TABLE B-47.—Assets and liabilities of all State commercial, mutual savings and private banks, by States, Dec. 28, 1962—Continued

LIABILITIES

LocationDemanddeposits


Totaldeposits

Rediscounts

liabilitiesfor borrowed

money

Acceptancesexecuted by

or for accountof reportibanks an

Otherliabilities

Capitalstock l

Surplus Undividedprofits

Reserveand re-tirement

account forpreferredstock andcapital

notes anddebentures






VirginiaWest VirginiaNorth CarolinaSouth CarolinaGeorgiaFloridaAlabamaMississippiLouisianaTexasArkansas ,KentuckyTennessee

Southern States, total. . .

OhioI n d i a n a . . . . . . . . . f . . . . t

$75, 634, 373 $86,132,155 $161,766,528 $1, 999, 594 $1,128,107 $3, 361,170 $3, 332, 734 $8,005,815 $3, 402, 398 $628, 882

195,32739, 86582, 330

1, 622, 082271, 472

1,051,515

675, 656758, 593295, 943

7, 060, 754783, 558

3, 386, 244

870, 983798, 458378, 273

8, 682, 8361, 055, 0304, 437, 759

4004,300

028,708

0128

502

4,9682,149

0

12, 39413,2715,678

195,67524,21270,319

12,0982,7307,461

65, 80211,45040,418

46, 94146, 39413,827

505, 39170, 696

225, 300

34, 59537, 24313, 506

326, 72317,183

133,132

3, 262, 591 12, 960, 748 16, 223, 339 33, 536 7,124 321, 549 139, 959 908, 549 562, 382

26,509,7131, 879, 5273, 973, 876

617,327899, 788539, 076

34,617,1523, 233, 8234,778, 259

353,1781,117,745

261, 974

61,126,8655,113,3508,752,135

970, 5052,017,533

801, 050

1, 582, 7454,600

58,133100505

0

1,011,343152

9,9463

25312

1, 637, 663108, 478163, 200

22, 29826, 97523, 012

1,073,15183,416

155,19820, 41233, 82714, 585

3,531,646230, 755519,348

72, 984108, 325

33, 590

1,113,82158, 999

115,96115,26442, 8577,358

34,419,307 44,362,131 78, 781, 438 1, 646, 083 1, 021, 709 1, 981, 626 1, 380, 589 4, 496, 648 1,354,260

876, 955404, 720

1, 487, 601335,981953,142

1, 230, 264430, 421768, 755824,918

2, 244, 709534, 441

1,178, 802653, 083

713, 400250, 560739, 275120, 820561, 961817, 510275, 687337, 303357, 068

1,091,139240, 325408, 097546, 761

1, 590, 355655, 280

2, 226, 876456, 801

1,515,1032, 047, 774706,108

1,106,0581,181,9863, 335, 848774, 766

1, 586, 8991,199,844

10,450200

35,695298

10, 4598000

4,5031,4047,053210629300

00

1,6712

65374300

2032,305

057153

32,2339,815

93, 6673,170

28, 31033,1976,2938,76311,78025, 0603,03613,55119,376

41,25219, 20052, 05620, 20447, 64781,01520, 78723, 67135, 316103,16418, 98338,10731,235

73, 45640,156116,07821, 96265, 74671, 29227, 36561, 35742,141110,38225, 45272, 63638,615

29,81121,18233, 30610, 97636, 50528, 93625,16713, 32627, 09276, 82227, 05940, 90838, 350

11,923,792 6, 459, 906 18, 383, 698 72, 001 5,787 288, 251 532, 637 766, 638 409, 440

3,164, 0671, 229, 525

2, 762, 570857, 938

5, 926, 6372, 087, 463

12, 5312,600

5,79490

108,21429, 752

153,26546, 014

304, 35473, 702

100, 59259, 051

3,4195,6312,141

50, 6431,348

38, 914

102, 096

191,75047, 91259, 783

4396,0742,569

308, 527

1,9283, 4367,1111,049

13,2173,8061,3331,4963,24515,0232,5283,3343,263

60, 769

2,3644,011


IllinoisMichigan. .WisconsinMinnesotaIowa . . .Missouri


North DakotaSouth DakotaNebraskaKansas . . . .MontanaWyomingColoradoNew Mexico . .Oklahoma

Western States, total. . .

WashingtonOregonCaliforniaIdahoUtahNevadaArizona . . .Alaska . . . .Hawaii


United States (exclusiveof possessions), total. . .


States

Possessions total

3, 635, 0282, 014, 4871,351,710

767 0271, 482, 4042, 951, 398

16,595,646

262, 683254, 053482, 778865, 265293, 001

87, 305411,437163 616366, 585

3,186, 723

221,415170, 872

4 310 491126, 852339, 334118,630252 75327, 607

240, 296

75, 808, 250

15,196,309

14 98516 322

390, 1304,613

12,014

438, 064

2, 744, 7032, 880, 3031, 528, 6801,220 892

906,1051,440,693

14,341,884

189, 609146,419138 517423, 893170, 24956, 851

282, 78885 718

169,220

1, 663, 264

638, 130211,860

4 106 39676, 555

261, 30284,919

173 67830, 410

260, 848

5, 844, 098

85, 632, 031

5 14519 902

455,1716,291

13,615

500,124

6, 379, 7314, 894, 7902, 880, 3901 987 9192, 388, 5094, 392, 091

30, 937, 530

452, 292400, 472621,295

1,289,158463, 250144,156694, 225249, 334535, 805

4, 849, 987

859, 545382, 732

8,416,887203, 407600,636203, 549426, 43158,017

501,144

11,652,348

160, 828, 340

20, 13036, 224

845, 30110, 904

25, 629

938,188

49, 22523, 225

3,780450

1,02511,993

104, 829

01,0581,9452,117

0700

5,9170

1,445

13,182

750675

121,2060

4,1852,700

00

397

129,913

1, 999, 544

00

500

0

50

10, 940441232526354

1,020

19, 397

503900

990000

188

320

69, 084000

1,2970

1,147

71, 560

1,125,765

00

2,3220

20

2,342

89, 22189, 92428, 40518, 66911,47854, 386

430, 049

2,1001,5294, 8606,0685,729

79218, 9632,5214,747

47, 309

8,7134,840

171,0913,336

11,4673,432

11,471438

11,231

226,019

3, 294, 803

13788

65,11249

405

66, 367

161, 993131,01569, 27142, 38958, 741

129, 599

792, 287

11,5999,765

20, 24935, 20713, 3452,013

23, 2439,285

16,795

141, 501

12,07911,706

210,8516,148

17, 4934,727

14, 6482,150

19,351

299,153

3,286,126

00

46, 508100

0

46, 608

239, 888173, 525103, 98471,05989, 557

154,854

1,210,923

14,61612,77224, 28551, 84813, 5575,953

24, 5538,024

17,485

173,093

43, 92711,544

298,1557,308

19, 8675,586

20, 0631,510

23, 022

430, 982

7, 986, 833

00

18,782200

0

18, 982

109, 49090, 86272, 05348, 657

100, 988135,017

716,710

22, 00114,86123, 47741,37210,0614,907

16,2484,570

20, 398

157,895

21, 5665,850

133,1323,9049,0672,6185,5111,153

12,850

195,651

3, 396, 338

00

5,96124

75

6,060

55,81117,7425,845

17,0498,527

12, 372

123,721

4,5651,6621 9821,985

266555394

1,9201,019

14,348

7,762336

5, 918419620

1,000141

1,407

17, 045

626, 506

00

2,3760

0

2,376

1 Includes capital notes and debentures. (See classification on pp. 338 and 339.)


TABLE B-47.—Assets and liabilities of all State commerical, mutual savings[Dollar amounts

LocationSecured byfarmland(including

improvements)

Loans and discounts

Real estate loans


properties (otherthan farm)

Secured byother

properties



batiks

Other



Other








OhioIndianaIllinoisMichiganWisconsinMinnesota ,IowaMissouri ,


$1, 275, 940 $39, 266, 353 $7, 399,169 SI, 077, 250 $3, 799, 260 $3, 603, 297 $1, 207, 953

5,7875,53111,8405,894365

7,799

334, 040460, 028167, 690

4, 471, 366504, 390

2, 300, 335

64, 898106, 60235,177627,21155, 068199,288

7,4670

3,1504,72313, 40039, 643

2,369708241

78, 41219, 49026, 062

8131,075950

47, 5557,88414,342

37, 216 8, 237, 849 1, 088, 244 68, 383 127, 282 72, 619

35, 0123,205

26, 70311,77118,167

150

19, 375,1231,685, 3962, 032, 943

144, 855508, 28369, 043

2,749, 989241, 793323, 42948, 186117,22937, 574

530, 26231,80923, 92050, 02512,01515, 000

1,821,98371, 499

232, 28412, 64741, 57151, 942

2, 741,10075,46378, 33713, 5359,47511,738

95, 008 23,815,643 3, 518,200 663, 031 2,231, 926 2, 929, 648

30,20810, 84939, 46113,21151,59424, 97427,35144, 09827, 82826, 60531, 20471, 60957, 044

456, 036

65,81158,31145, 75753, 94189, 36057, 69166,67276,107

513, 650

178,19488, 099117, 20337,100148,194119,98254, 39151, 57794, 042105, 29045,011125, 090112,489

61, 70327, 30078,19116,23745, 583100,72924,31531, 02464, 30392,83628, 06447, 80038, 052

4,0063,1006,214

0975

5,7081,812230

4,0003,838668

5,56298

24, 3095,39653,7614,028

25, 53734,1203,179

17, 24415,18032, 9528,350

37, 3229,943

6,284687

62, 7342,8395,2177,803

595,3198,5502,5152,5175,899376

1, 276, 662 656,137 36,211 271, 321 110,799

748, 027266, 927446, 993764, 310408, 928429, 920192, 738405, 894

333, 59172, 279162, 684210, 077159,73774,32364, 633159,155

52,1610

21, 62815,0522,915

010, 00029, 274

114,77111,032

201, 269126, 60853, 4737,42131,116129, 371

197,1341,040

170, 30920,1152,252419

3,95845, 632

3,663, 737 1, 236, 479 131,030 675, 061 440, 859

995497334

8,862799

15, 067

26, 554

489, 77310, 65199,4663,4055,3414,650

613, 286

7,7635,318

27, 5967,3908,23316,6273,48510, 6213,346

54, 3544,2267,3977,214

163, 570

104, 0765,090

98,61140, 31512, 9594,7689,019

34,162

309, 000

334


and private banks, by States, Dec. 28, 1962—Continuedin thousands]


Loans to farmers



$578, 992

000000

0

6,995506

1053

00

7,564

460

3,5094,618

17, 820265

6,30229, 3537,457

49, 38540, 905

1,44916, 232

177, 341

2,1536,852

29,1971,063

6820,15758,83168, 717

187, 038



$3, 035, 278

4,882941

11,0753,253

1034,004

24, 258

61,0853,851

22, 8636,108

13, 87657

107, 840

27, 7655,116

37, 75211,38936, 08725, 90324, 42246,44018,331

161,93438, 63852, 43943, 331

529, 547

69, 683109,100196,52594, 099

117,102200, 045474, 741139, 828

1,401,123


$22, 237, 996

62, 49812, 25228, 572

442, 921107, 555234, 382

888, 180

10, 627,124399, 760

1, 285, 60593, 578

152, 37398, 308

12, 656, 748

197,45948, 316

380, 09040,115

197,063270,47262, 635

166, 564127,461629,23283, 551

161, 564115,621

2, 480,143

743, 794144,118898, 925457, 544315,715105, 033194,140548, 949

3, 408, 218



$14, 035, 255

71,80429, 33137, 502

411, 80065,115

295, 729

911,281

2, 693, 691532,734

1, 075, 452138,065226, 564159,610

4, 826,116

308,369112,477403, 47865,417

230, 799308, 732114,419101, 485128,191552, 33386, 209

202, 723222, 579

2, 837, 211

725, 091252, 974665, 346700, 005268,964168,427220, 039500, 601

3, 501, 447

All other loans(includingoverdrafts)

$1, 844, 938

3,9761,4762,334

15,72410,21615,737

49, 463

1, 077, 58234,192

105, 3487,513

16, 28810, 264

1,251,187

22,3544,284

20, 3362,300

11,55917,3915,2978,927

10,09016, 9323,926

13, 8709,827

147, 093

86,1558,473

51, 42730, 04125, 8676,545

10, 57254, 344

273, 424

Total gross loans

$99, 361, 681

559, 529618,441298, 865

6,117,721784, 385

3,152, 388

11,531,329

42, 209, 7193, 090, 8595, 306, 360

529, 7411,121,182

458, 336

52,716,197

868, 460310,942

1, 230, 325204, 644778, 661932, 706327, 667512, 882508,779

1, 728, 206373, 269732, 724632, 806

9,142, 071

3, 242,447936,196

2,988,6712, 513,1701, 457, 3401, 074, 7491, 336, 4592,192,034

15, 741, 066


$1,434,155

4,7701,6782,886

34, 48611,96319,455

75,238

615, 02650,794

115,7514,512

16,7111,706

804, 500

9,7765,239

27, 0133,226

12,01619,5836,101

12,51710, 34521, 5484,064

10,7469,826

152, 000

51,19817,77869, 91236, 01828, 61211,95716, 95727, 757

260,189

Net loans

$97, 927, 526

554,759616, 763295, 979

6, 083, 235772,422

3,132, 933

11,456,091

41, 594, 6933, 040, 0655,190, 609

525, 2291,104, 471

456, 630

51,911,697

858, 684305, 703

1, 203, 312201,418766, 645913,123321, 566500, 365498, 434

1, 706, 658369,205721, 978622, 980

8, 990, 071

3,191,249918,418

2, 918, 7592, 477,1521, 428, 7281, 062, 7921, 319, 5022,164, 277

15, 480, 877

335


TABLE B-47.—Assets and liabilities of all State commerical, mutual savings[Dollar amounts

Location

North Dakota

Montana

New MexicoOklahoma


CaliforniaIdahoUtah

AlaskaHawaii



Canal Zone (Panama) . . . .

Puerto RicoAmerican SamoaVirgin Islands of the United States.

Loans and discounts

Secured byfarm land{includingimprove-ments)

$23, 9366,3878,987

25, 3724,7611,7474,3882,994

10, 499

89,071

4,9644,437

49,6531,6874,7061,733

447313

2,084

70, 024

1, 261, 005

00

14, 93500

14, 935

Real estate loans

Secured" byresidentialproperties(other than

farm)

$24, 61221,91719, 97166, 58943, 67411,55438,13612, 69118, 877

258, 021

331,58968, 475

1, 214, 37615,33782, 86416,40838,58910, 771

100, 694

1, 879,103

39,131,015

01,838

127, 5520

5,948

135, 338

Secured byother

properties

$4, 6637,3919,362

21,6119,5645,967

28, 26311,2698,733

106, 823

77,97122, 336

545, 9756,318

31,16723,8168,2372,732

35, 314

753, 866

7, 359, 749

044

35, 8970

3,479

39, 420



banks

$119000

3,000

o4,8280

22

7,969

1,00050

140, 585100

16,1600

1,5360

10,110

169, 541

1, 076,165

00

1,08500

1,085

Other

$322,5205,0005,8674,028

29411,1982,8672,543

34, 349

5,8554,606

371, 920429

19, 5454,883

11,5691,0805,774

425, 661

3,765, 600

00

33,66000

33, 660



$40116250

631,000

02,447

6430

4,559

7343

38, 9790

1,2490

2,m177

43, 313

3, 601, 797

00

1,50000

1,500

Other

$752387522

6,1381,096

34517, 6441,1131,033

29, 030

1,139217

54, 983623

1,72300

787,230

65, 993

1, 207,433

084

43600

520

336


and private banks, by States, Dec. 28, 7962—Continuedin thousands]

Loans to farmers

Directly guar-anteed by theCommodity

Credit Corpora-tion

$60, 29412, 99333, 19364, 46613,122

4901,9231,710

10,711

198, 902

5,870874

01,327

440

3200

8,147

578, 992

00000

0

Other loansto farmers(excludingloans on

real estate)

$60, 45597, 840

165,850200, 85256, 30121,30051,13015,21764, 496

733, 441

12,74012, 563

122, 80633, 69321,4245,274

12, 562571

4,420

226, 053

3, 022,262

02

13, 01400

13,016


$12, 82518,12843, 983

106,36141,15812,665

106,58840, 86756,872

439,447

59, 94546,126

1, 636, 43330, 65184, 04053,10289, 03210,13876, 366

2, 085, 833

21, 958, 569

3585,055

270, 79534

3,185

279, 427

r-,oans and discounts—Continued

Other loansto individualsfor personalexpenditures

$19,59522, 76147,514

122, 60247, 22811,011

137, 36532, 93577, 535

518, 546

47,15738, 224

926, 81828,48478, 89422, 92091, 5025,649

71, 752

1,311,400

13,906,001

5926,110

120,478216

1,858

129, 254

All otherloans (in-cluding

overdrafts)

$2, 0261,1361,9763,8253,015

2188,7161,104

955

22, 971

1,7503,116

67, 470455

3,0331,2755,560

1637,579

90, 401

1,834, 539

892403

9,0302

72

10, 399

Total grossloans

$209, 349191,576336, 608623, 746227, 94765, 591

412,626123, 410252, 276

2, 443,129

550,714201, 027

5,169, 998119,104344, 849129,411261,23731,495

321, 500

7,129,335

98, 703,127

1,84213, 536

628, 382252

14, 542

658, 554

Less valua-tion reserves

$3, 8433,6895,2585,6474,786

8206,6372,8232,728

36,231

2,9732,215

83, 3361,9085,5761,2762,239

2721,430

101,225

1, 429, 383

00

4,632140

0

4,772

Net loans

$205, 506187,887331,350618,099223,16164, 771

405, 989120, 587249, 548

2,406,898

547, 741198, 812

5, 086, 662117,196339, 273128,135258, 998

31, 223320, 070

7,028,110

97, 273, 744

1,84213, 536

623, 750112

14, 542

653, 782

337


TABLE B-47.—Assets and liabilities of all State commercial, mu tual savings and private banks, by States, Dec. 28,1962—Con.

Location

Capital

Commonstock

Capitalnotes anddebentures

Preferredstock

Demand deposits


andcorporations

Foreigngovern-ments,central

banks, etc.

U.S.Government

States andpolitical

subdivisions


Commercial Mutualsavings


Certifiedand officers'checks, etc.1







$3, 270, 422

11,9982,5057,283

65, 60211,45040, 418

139,256

1, 030,13175, 737155,18820, 41233,80214, 585

1, 329, 855

39, 71719, 20052, 03420,15447, 47080, 56520, 78723, 56135, 299103,16418, 98338, 05731, 235

Southern States, total 530, 226

$50, 646 $11, 666 $57, 247,100 $447, 509 $3,121, 046 $5, 211, 219 $5, 448, 364$539, 785 $879,131 $2, 740, 219

01500000

100751782000

156,77128, 05364, 620

1, 336, 977226, 553890, 556

9,1711,8093,680

61, 09913,90546, 980

22, 0889,06810, 968

122, 61214, 56667, 451

2,32628595

40, 2931,99411,648

1,797242698

33, 0976,160

21, 452

000

2,0639500

3,174665

1,76925, 9387,34413, 428

150 553 2, 703, 530 136,644 246, 753 56, 884 63, 446 3,013 52, 318

43, 0205,125

0000

02,554

100250

17, 797, 6851, 546, 4113, 286, 626

530, 382762, 396494, 889

435, 72919

1,176013

2,920

1, 334, 77682, 705156,05840, 21631, 66111,444

722, 846164, 078146, 67933,10859, 725

100

3, 003, 66544,495

287, 6377,30531,21119, 531

432, 3977,004

29, 6532,7522,126

0

796, 483785

12, 07631981

1,693

1,986,13234, 03053, 9713,53311,6758,499

48,145 2,589 24, 418, 389 439, 857 1, 656, 860 1,126, 536 3, 393, 844 473, 932 812, 049 2, 097, 840

500000

17700000000

1,0350

22500

4500

1101700500

677, 771322,465

1,117,564280, 293747, 646999, 843323, 313551, 735554, 917

1,849,215442, 670860, 580535,121

00000

4430000000

29, 99014, 57562,26414, 60637, 96336, 48714, 58416, 43616, 42944, 79210, 75328, 90117, 614

90, 74351, 431123, 99924, 45199, 340149, 44885, 679136, 345172, 837194,99559, 303123,91782, 419

67, 69511,497

169, 84914, 72858, 28325, 4094,30759, 50269, 029123, 02918, 581155,51912, 363

330

5970

3621,054

02630

5250740

10, 7234,75213,3281,9039,548

17, 5802,5384,47411,70632,1533,1349,8115,566

677 1, 734 9, 263,133 443 345,394 1,394,907 789, 791 2, 908 127, 216Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



North DakotaSouth DakotaNebraskaKansasMontanaWyomingColorado ,New MexicoOklahoma




United States (exclusiveof possessions), total

Canal Zone (Panama)GuamPuerto RicoAmerica SamoaVirgin Islands of the United

States

Possessions, total

152, 99045, 835161, 368129,18066, 70641, 26458, 316129, 399

785, 058

11,5999,730

20, 24935, 20713, 3451,913

23, 2439,28516,795

141, 366

12,07911,706

209, 7516,14817, 4934,72714, 6482,15019,351

298, 053

3, 223, 814

00

46, 508100

0

46, 608

10017900

3408700

150

1,639

0350000000

35

000000000

0

50, 646

0000

0

0

1750

6251,8352,22525542550

5,590

00000

100000

100

00

1,100000000

1,100

11,666

0000

0

0

2, 637, 839964,165

2, 964, 3171, 606, 4221,127, 376

612, 2151, 224, 3032,182, 379

13,319,016

200,143206,402412, 840618, 965222, 73570, 207

322, 982126, 536293,195

2, 474, 005

176, 044136,098

3, 625, 33998, 666

232, 410101, 966194,10720, 681173, 525

4, 758, 836

56, 936, 909

7,84810, 899

283, 533640

7,271

310,191

84

000000

84

000000000

0

00

7,0150000020

7,035

447, 422

0205215

0

87

150, 32242, 701160,67481, 27850, 14827, 63646, 50093, 297

652, 556

4,8896,070

15, 66124, 9898,4911,74512,1724,2387,371

85, 626

7,8405,782

171,0993,54711,1513,1626,918675

16, 808

226, 982

3, 104, 062

7,0452,7996,508127

505

16, 984

204, 715195, 581200, 446225, 498108, 230109, 962164, 439259,212

1, 468, 083

52, 04135, 40345, 273

202, 20241, 57013, 66236, 50427, 81451, 494

505, 963

26, 71421,839167,48120, 80464, 6786,800

39, 3955,345

36, 152

389, 208

5,131,450

02,276

69, 7163,703

4,074

79, 769

126,18011,424

239,21152, 00341, 5804,912

26, 899381, 779

883, 988

3,3884,0214,36110, 76315, 961

75932, 5692,2857,721

81, 828

4,8752,988

184,1751,782

25, 8751,4244,003204

3,535

228, 861

5,435,196

1137

13,1200

0

13,168

4532945200

1481500

1,430

000000000

0

2523162670000

1420

977

539, 785

0000

0

0

4,3920

5,2403,57127300

2,062

15, 538

0006300000

63

2,082266

39, 22901509800

2,085

44, 693

878, 264

200

744103

0

867

40, 08215, 36064, 62045, 71523, 95512,28720, 26332, 669

254, 951

2,2222,1574,6438,2834,244932

7,2102,7436,804

39, 238

3,6083,583

115,8862,0535,2195,2287,350560

8,171

151,658

2, 723, 221

61291

16, 45725

164

16,998



TABLE B-47.—Assets and liabilities of all State commercial, mu tual savings and private banks, by States, Dec. 28,1962—Con.

Location


Savings

Accumu-lated/or

payment ofpersonal

loans


tions

Foreign Gov-ernments,

central banks,etc.

U.S.Government

States andpolitical

subdivisions

Banks in U.S.

Commercial Mutualsavings




New England States, to ta l . . . .

New YorkNew JerseyPennsylvania.DelawareMarylandDistrict of Columbia




$72,036, 794 $344, 246 $8, 933, 373 $1, 470, 465 $92, 410 $8, 425 $2, 831, 437 $168,477 $138, 988

664,106755, 736284, 952

7, 002, 774756,912

3, 345, 279

12, 809, 759

29, 375, 5433, 050, 8024, 320, 086

311,1141, 053, 732

184, 039

38, 295, 316

607, 912224, 885525,009

89, 462336, 089591, 907218,404177, 224301, 222700, 822150, 727239, 064378,019

4, 540, 746

30235

4933407

7,5911,5586,792

43, 21722, 79610, 442

467

3837444520

000

1312215

3,6111,0393,57113,1363, 283

30, 387

021897

1,206094

871 92, 396 930 55, 027 1,615

00

3,58924

7,15016,097

2, 865, 396123,437335, 84625, 48825, 43748, 668

1, 392,4480

28, 40000

6,730

32, 364256808265

2,7116,254

1000

3470170

617, 08758, 00882, 09016, 28728, 655

186

111,2971,2854,043

0430

138,15310

500000

26, 860 3, 424, 272 1, 427, 578 42, 658 464 802, 313 116, 668 138,663

8611,87117, 326

10113

1,424194

1,438286

82, 528771

18, 4423,534

44, 47022,41385,71413,821162,605108, 79749, 529150,17641,164182, 85484, 470126, 595136, 778

0000

2,0000000

20000

3,897117

8,7741,0221,3342557755

1,23219954625177

856136

2,2080

428724400

30924423558

54, 225763

96, 30413,31557, 980112,8266,7831,71011,907122, 9513,270

22, 80927, 808

1,179375

3,9403,1901,4121,477660

6,700948

1,741610557387

128, 798 1, 209, 386 2,020 17,818 5,211 532, 651 23,176

$107, 540

84, 76425

2,550000

87, 339

00000

1000000000

100Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis



North DakotaSouth DakotaNebraskaKansas ,MontanaWyoming ,ColoradoNew Mexico ,Oklahoma •


WashingtonOregon ,CaliforniaIdahoUtahNevadaArizonaAlaskaHawaii



Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United States.,

Possessions, total

2, 206, 979691,500

2, 222, 7942, 272, 8081,017,240738, 397486, 768889, 602

10, 526, 088

44, 23253,11968, 133

275, 230106, 39843,015

209, 66160, 579132,756

993,123

618,472177,075

3,175,05369,915

219,02058, 304134,40814, 134

128, 291

4, 594, 672

71, 759, 704

1,35110, 850

255, 735667

8,487

277, 090

163, 400102

7,84080432134

4,5071,525

178, 020

17144

3,9856061011329

2,711

7,633

49695004600

133

342, 315

00

1,910210

1,931

266, 369146,219395, 156442, 199468, 894447, 347413,020463, 933

3,043,137

91, 96280, 34167, 486103, 06653, 6966,807

35, 00811,93327, 572

477, 871

13, 5026,528

407, 4695,3168,4346,41719,714

93672, 486

540, 802

8, 787, 864

6591,063

143, 722362

145, 509

00

14, 9650000

2,000

16, 965

000000000

0

00

23, 883000000

23, 883

ls 470, 446

019000

19

1,04458111

1,052653630916

3,312

522428345066610650727

2,097

2070

2,5321,100

6210795680

1,628

6,897

73, 712

3,1352,64411,592

01,327

18, 698

5751333926153179139491

1,735

071035250

27310

342

0019010007

437

473

8,375

005000

50

123, 92318, 333

102, 477163,19141, 78834, 7891,596

81, 947

568, 044

53, 18212, 9042,806

41, 5049,0416,948

37, 99612, 2544,994

181, 629

2727, 820

476, 51019

32, 57620, 18818,71514,61251, 240

641, 707

2, 781, 371

05,326

35, 4015,6003,739

50, 066

301,5931,2219471081045279

4,233

102050390000

450

569

80358

7,710200

1,2000041

6,766

16, 355

162,616

00

5,86100

5,861

00000000

0

000000000

0

250

300000000

325

138, 988

00000

0

2500

10000000

350

000000000

0

6,0000

12,851000000

18, 851

106, 640

00

90000

900


TABLE B-48.—Assets and liabilities of State chartered

[Dollar amounts

ASSETS

LocationNumber of

banksLoans and dis-

counts, includingoverdrafts

U.S. Govern-ment obligations,


Obligations ofStates and



Corporatestocks, in-

cludingstocks ofFederalReservebanks











18, 853

188

1419321015737

539

165106133116315213169165153552184266221

2,758

344312597288469514567549

3,640

$65, 066, 937 $30, 819, 535 $11,157,467 $1, 743, 390 $346, 822

232, 22197, 774164,728

1,119,972292, 042851, 355

106,13636, 50045, 937

527, 63194, 065330,260

22, 3395,872

21, 228166, 36526, 726172, 957

6,5903,5363,21210, 72610, 51510, 920

2, 758, 092 1,140, 529 415, 487 45, 499

21, 299, 5521, 902, 9023, 705,064435, 880724, 717456, 630

7,120, 896892, 506

1, 465, 830276, 336427, 791229, 501

3, 659, 822457 919512, 91634, 230117, 72326,152

359, 22358, 59083, 07417, 44339, 0445,903

28, 524, 745 10,412,860 4, 808, 762 563, 277

858, 684305, 703

1, 203, 312201,418757, 891913,123321, 566500, 365498, 434

1,695,818369, 205721,978622, 980

435, 553251,813547, 440128, 833439, 666764, 286226,069263,136353, 227771,082177, 449519,645299, 001

130, 44953, 090

208, 43358, 361109, 898193,25881, 474181,017152,148285, 62692, 72879, 457124, 238

34, 4345, 545

86, 87427, 82048, 92130, 60925, 35817,2109,244

95, 40017,23722, 50930, 370

8, 970, 477 5,177, 200 1,750,177 451, 531

3,174, 579879, 953

2,918,7592,477,1521,412,199778, 884

1,314,6132,164, 277

1, 722, 320847, 129

2,167, 7621, 556, 521974,150580, 014691, 565

1, 280, 657

518,563113,576629, 360621, 615226, 988111,114220, 575389, 967

50, 23826, 265174, 05425,32449, 14979, 31333, 64278, 991

15,120,416 9,820,118 2, 831, 758 516, 976

2,2223,6331,1855,6173,131

12, 587

28, 375

140,78411,42039, 2785,0493,5881,070

201,189

2,0551,3743,129

1222,4501, 522

360734662

4,510456

1,4701,190

20, 034

11, 6451,559

33, 8577,1921,608

3291,446

19,614

77, 250

342


commercial banks, by States, Dec. 28, 1962

in thousands]

ASSETS—Continued

Currency andcoin

$2, 003, 533

11,0012,1773,859

48,13411,32537, 025

113,521

309, 40675, 320

128, 28614, 47939, 41015,327

582, 228

41,88220, 62569, 76916,27740,12256, 32919,22529, 49136, 56975, 62517,81833, 75431, 322

488, 808

124, 47050, 26281,37196,12257, 28929, 56943, 49869, 783

552, 364

Balances withother banks, in-cluding reservebalances andcash items in

process ofcollection

$22, 367, 367

42, 5919,263

18,518371, 67056, 058

207, 251

705, 351

9,499, 257446, 735

1,103, 83297, 256

177,330132, 661

11,457,071

241, 70897, 022

384,11174, 812

271, 523249, 990102, 248204, 640230,196631, 330165, 928357, 247199,948

3, 210, 730

883, 424285, 886972, 655552,190359, 833173, 728317, 901826, 896

4,372,513


and fixtures

$1, 393, 745

7,3661,8233,163

33,4664,478

26, 947

77, 243

337, 50145, 72376,1819,596

17,2127,275

493, 488

23, 3329,398

35, 3245,380

22,15143, 0708,272

18, 49116, 83671, 3209,816

15, 48717, 081

295, 958

61, 92820, 86253, 66364, 22931, 64620, 50121,14640, 398

314, 373


$42, 681

35992

169646134215

1,615

2,946346

3,015733

67234

7,341

407640685442

1,1752,131

431693

1,0693,574

664882

1,928

14, 721

984780

3,6102,1661,329

840734

1,783

12, 226


directly represent-ing bank premises

or other realestate

$188,668

8593

8812,243

2560

4,242

72,239355

9,8784,449

263,923

90, 870

5,3921,6661,535

1691,7953,442

709146

2,0521,782

74168196

19,126

3,2272,965

17, 9571,1037,358

712,2802,755

37,716

Customers'liability onacceptancesoutstanding

11, 079, 394

502

4,7142,149

0

6,870

964, 386152

9,6763

25312

974, 482

00

1,6402

653743

00

2032,304

057

153

5,755

5,75690

10,81525

232526349775

18, 568

Other assets

$901, 736

2,31291

43914,0651,8084,321

23,036

410, 67021,11824,2764,823

13, 8893,488

478,264

5,5892,393

24, 208826

6,3209,0601,3413,2512,5277,882

6593,4672,729

70,252

26, 7985,261

32, 43617, 88512, 8214,2083,119

15, 436

117,964

Total assets

$137,111,275

434, 001160,764263, 321

2, 305,249502, 687

1, 653, 838

5,319,860

44,176,6823,913,0867,161,306

900, 2771,561,050

882,176

58, 594, 577

1, 779,485749, 269

2, 566, 460514,462

1, 702, 5652, 267, 563

787, 0531,219,1741,303,1673, 646, 253

852, 0341, 756,1211,331,136

20, 474,742

6, 583, 9322, 234, 5887, 096, 2995, 421, 5243,134, 6021, 779, 0972, 650, 8684, 891, 332

33, 792, 242

343


TABLE B-48.—Assets and liabilities of State chartered[Dollar amounts

ASSETS

Location

North Dakota.South DakotaNebraskaKansasMontana

Oklahoma


Washington . . .

CaliforniaIdahoUtahNevadaArizonaAlaska


United States (exclusive of posses-

Canal Zone (Panama)

Puerto Rico *American Samoa . . . . . .Virgin Islands of the United States

Number ofbanks

1191393054258029

11731

189

1,434

6739842241487

10

282

8,841

8 ,00

12

Loans and dis-counts, including

overdrafts

$205, 506187,887331,350618,099223,161

64, 771405, 989120, 587249, 548

2,406, 898

196, 552157,742

5,086, 662117,196339,273128,135258, 998

28,074320, 070

6, 632, 702

64,413,330

1,84213, 536

623, 750112

14, 367

653, 607



$159, 877152, 712203,102408, 394143,792

52, 014184, 573

74, 012177, 808

1, 556, 284

131, 345116, 821

1, 846, 70452, 326

160,49955, 98494,71717, 699

117,457

2,593, 552

30, 700, 543

00

117, 6981,294

0

118,992

Obligations ofStates and


$65,78327,13334,819

167, 79637, 6138,875

43, 30820,27351, 634

457, 234

42, 30632,197

654, 89717,09037, 9667,231

27, 814817

33, 649

853, 967

11,117,385

00

40,08200

40, 082


$25, 23611,06814, 7338,611

11,110660

4,7913,2284,324

83, 761

2,601600

43,4341,0621,744

95013, 606

1,5705,510

71, 077

1, 732,121

00

11,26900

11,269



$26168172440591105

2,22593

126

3,946

393126

11, 364243853183895

151,956

16, 028

346, 822

00000

0

1 Includes stock savings banks.2 1 branch of a national bank and 1 branch of a State member bank in New York.3 Branches of banks in California and Hawaii

344


commercial banks, by States, Dec. 28, 1962—Continuedin thousands]

ASSETS—Continued

Currency andcoin

$5, 2055,4089,888

20, 6877,2982,396

12, 7907,671

12, 957

84, 300

9,9866,633

88, 3854,2719,1265,791

10,2111,449

15, 734

151,586

1, 972, 807

1,4761,352

26, 69389

1,116

30, 726

Balances withother banks, in-cluding reserve

balances and cashitems in process

of collection

$41, 02954, 40797, 467

191,38875, 26828, 864

117,74943, 07496, 051

745, 297

50,71141, 696

1, 414, 62527,167

102,14719, 99454, 2457,714

58,166

1, 767, 465

22,267, 400

4856,114

83, 0129,638

718

99, 967


and fixtures

$3, 7012,7794,9589,8635,5691,1954,9335,3433,785

42,126

6,8815,845

112,4913,6416,4263,360

12, 334905

9,789

161, 672

1, 384, 860

46210

8,31214

303

8,885


$38108182664280

64990498200

3,024

59223

2,07753

14623

140125386

3,232

42,159

066

45600

522


directly represent-ing bank prem-

ises or otherreal estate

$1605669

503135

132,273

24271

3,504

7622

20, 937589

3,02220

1,465288

2,740

29, 825

185, 283

00

3,83500

3,385

Customers" lia-bility on accept-

ances outstanding

$5039

00

990000

188

320

68, 713000

1,2970

1,147

71,189

1,077, 052

00

2,3220

20

2,342

Other assets

$612393

1,3531,3101,391

1193,922

851990

10, 941

9561,115

76,035884

1,575941

4,699211

3,945

90, 361

790, 818

16, 29415, 73469, 433

1309,327

110,918

Total assets

$507, 223442,158698, 093

1, 427, 755506, 307159, 076783, 543275, 654597, 694

5, 397, 503

442, 584363, 000

9, 426, 324224, 522662, 777222, 612480, 421

58, 867570, 549

12, 451, 656

136, 030, 580

20,14337, 012

986,41211,27725, 851

1,080,695

4 Asset and liability items include data for branches of a national bank and a State member bank in New York.5 Asset and liability items include data for branches of a State member bank in New York.

345


O3

TABLE B-48.—Assets and liabilities of State chartered commercial banks, by States, Dec. 28, 1962—Continued

LIABILITIES

Location Demanddeposits


Totaldeposits

Rediscountsand otherliabilities

for borrowedmoney

Acceptances

by or foraccount ofreportingbanks and

Otherliabilities

Capitalstock1

Surplus Undividedprofits

Reservesand re-tirement

account forpreferredstock and

capitalnotes anddebentures







Southern States, total..,

$75,050, 982 $44, 830, 423 $119,881,405 $1, 985, 301 $1,106, 497 $2,756,617 $3, 321, 850 $5, 285, 565 $2, 460, 442

193, 34838, 05981,851

1, 607, 344269, 827

1, 025, 731

191, 972104,158155, 810371, 700172,075439, 494

385, 320142, 217237, 661

1, 979, 044441, 902

1, 465, 225

3202000

28, 05800

502

4,9682,149

0

9,4551,7173,540

75, 02814,19748, 737

12,0982,5807,461

65, 80211,45040,418

15, 0037,5227,541

98, 51023, 64368,702

11,1355,6876,48446,2368,300

27, 623

3, 216,160 1,435, 209 4, 651, 369 28, 578 7,124 152,674 139,809 220, 921 105,465

26, 077, 8411, 847,4793,963,311

617, 262889, 047539, 076

10, 603, 8201, 686, 2782, 345, 652

178, 062515,695261, 974

36, 681, 6613, 533, 7576, 308, 963

795, 3241, 404, 742801, 050

1, 575, 2104,600

57, 7771005050

989, 733152

9,9463

25312

1,271,15591, 594126,13221, 76620, 00023, 012

1, 065,15183, 416155,19820,41233, 82714, 585

1,834,130144, 048383, 23652, 47374, 99533, 590

684, 70349, 732111,31110,12120, 7547,358

33, 934, 016 15, 591, 481 49, 525, 497 1, 638,192 1, 000, 099 1, 553, 659 1, 372, 589 2, 522 472 883, 979

876, 955404, 720

1, 487, 601335, 981943, 687

1, 230,264430,421768, 755824, 918

2,223, 790534, 441

1,178, 802653,083

713,400250, 560739, 275120, 820559, 575817, 510275, 687337, 303357,068

1, 085, 567240, 325408,097546,761

1, 590, 355655, 280

2, 226, 876456, 801

1, 503, 2622, 047, 774706,108

1,106, 0581,181, 9863, 309, 357

774, 7661, 586,8991,199, 844

10, 450200

35, 695298

9,2958000

4,5031,4047,053210629300

00

1,6712

65374300

2032,305

057153

32,2339,815

93, 6673,170

28, 00933,1976,2938,763

11, 78025, 0303,03613, 55119, 376

41, 25219, 20052, 05620, 20446, 56881,01520, 78723, 67135, 316101, 75418, 98338,10731, 235

73,45640,156116,07821, 96265, 45071, 29227, 36561, 35742,141109, 47525, 45272, 63638, 615

29,81121,18233, 30610, 97636,21128, 93625,16713, 32627, 09276, 63727,05940, 90838, 350

11,893,418 6, 451, 948 18, 345, 366 70, 837 5,787 287, 920 530,148 765, 435 408, 961

$313, 598

665841632

7,6031,0463,133

13, 920

74, 9395,7878,743

785,9742,569

98, 090

1,9283,4367,1111,04913,1173,8061,3331,4963,245

14, 6422,5283,3343,263

60, 288Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OhioIndiana. ,IllinoisMichiganWisconsinMinnesotaIowaMissouri


North DakotaSouth DakotaNebraskaKansasMontanaWyoming . . . . . .ColoradoNew M!exicoOklahoma


WashingtonOregon. .CaliforniaIdahoUtahNevadaArizona. . . .AlaskaHawaii


United States (exclusiveof possessions), total . . .

Canal Zone (Panama)Guam . . . .Puerto RicoAmerican SamoaVirgin Islands of the United

States

Possessions, total

3,163,7961, 223, 8983, 635, 0282, 014, 4871, 351, 565

765, 2711, 475, 7752, 951, 398

16,581,218

262, 683254, 053482, 778865, 265293, 00187, 305

411,437163, 616366, 585

3, 186, 723

215,288170,175

4, 310, 491126, 852339, 334118,630252, 75327, 564

240, 296

5, 801, 383

74, 612, 918

14, 98516, 322

390,1304,613

12, 014

438, 064

2, 736, 259802, 898

2, 744, 7032, 880, 3031, 502, 393

846, 276905,120

1, 440, 693

13,858,645

189,609146,419138, 517423, 893170, 24956, 851

282, 78885, 718

169, 220

1, 663, 264

178, 750161,163

4,106, 39676, 555

261, 30284,919

173, 67826, 343

260, 848

5, 329, 954

44, 330, 501

5,14519,902

455,1716,291

13, 413

499, 922

5, 900, 0552,026, 7966, 379, 7314, 894, 7902, 853, 9581,611,5472, 380, 8954, 392, 091

30, 439, 863

452, 292400, 472621, 295

1, 289,158463, 250144,156694, 225249, 334535, 805

4, 849, 987

394, 038331, 338

8, 416, 887203, 407600, 636203, 549426, 431

53, 907501, 144

11,131,337

118,943,419

20,13036, 224

845, 30110, 904

25,427

937, 986

12,5312,500

49,22523, 225

3,600450

1,02511,993

104, 549

01,0581,9452,117

0700

5,9170

1,445

13,182

750675

121,2060

4,1852,700

00

397

129,913

1,985,251

00

500

0

50

5,79490

10, 940441232526354

1,020

19,397

503900

990000

188

320

69, 084000

1,2970

1,147

71, 560

1,104,155

00

2,3220

20

2,342

107, 80929, 69989, 22189, 92428, 29615,48311,47854, 386

426, 296

2,1001,5294,8606,0685,729

79218, 9632,5214,747

47, 309

6,1893,913

171,0913,336

11,4673,432

11,471263

11,231

222, 393

2, 690, 251

13788

65,11249

404

66, 366

153, 26545, 989

161,993131,01569, 27142, 38958, 521

129, 599

792, 042

11,5999,765

20, 24935, 20713, 3452,013

23, 2439,285

16, 795

141, 501

12,07911,706

210, 8516,148

17,4934,727

14, 6482,150

19, 351

299,153

3, 275, 242

00

46, 508100

0

46, 608

302,07968, 632

239, 888173, 525101,85852, 05989, 387

154,854

1,182, 282

14, 61612, 77224, 28551, 84813, 5575,953

24, 5538,024

17, 485

173,093

16, 88110,163

298,1557,308

19,8675,586

20, 0631,335

23, 022

402, 380

5, 266, 583

00

18, 782200

0

18, 982

100,13557, 610

109, 49090,86271, 54747, 932

100, 686135,017

713, 279

22, 00114, 86123, 47741, 37210, 0614,907

16, 2484,570

20, 398

157,895

11,7884,937

133,1323,9049,0672,6185,5111,071

12, 850

184, 878

2, 454, 457

00

5,96124

0

5,985

2,2643,272

55,81117,7425,8408,7118,522

12, 372

114,534

4,5651,6621,9821,985

266555394

1,9201,019

14, 348

827268

5,918419

620

1,000141

1,407

10, 042

311,222

00

2,3760

0

2,376

1 Includes capital notes and debentures. (See classification on pp. 352 and 353.)


TABLE B-48.—Assets and liabilities of State chartered

Location

Loans and discounts

Real estate loans

Secured byJQTTH Idtld

{includingimprove-ments)


farm)

Secured byother

properties



banksOther



Other

United States and posses-sions, total.

$1, 223,177 $10,101,423 $4, 311, 510 $1,064,126 $3,788,237 $3, 542, 275 $1,183, 562

MaineNew Hampshire.VermontMassachusetts...Rhode Island....Connecticut


New YorkNew Jersey ,Pennsylvania ,DelawareMarylandDistrict of Columbia.

Eastern States, total.

VirginiaWest Virginia..North Carolina.South Carolina.

Alabama...Mississippi.Louisiana..TexasArkansas...Kentucky..Tennessee..


OhioIndianaIllinoisMichigan..Wisconsin..Minnesota.IowaMissouri...


4,4872,0008,2251,631239

1,909

61,03558, 87264, 456131, 50451,143213,521

29, 45614, 65420, 791103, 06135,17959, 020

7,4670

3,1504,72313, 40037, 700

2,33967

24177, 67419,44426, 062

613300950

47, 5557,884

14, 342

18,491 580, 531 262,161 66, 440 125, 827 71, 644

28,1223,110

25, 53210, 97617,440

150

1, 383, 668629, 878593, 39273,161

184, 34169, 043

776, 600163,244262, 75931, 46987,31537, 574

519, 08131, 80923, 92050, 02512,01515,000

1, 814, 40271, 499

231, 64812, 64740, 41251, 942

2, 681, 09375, 46378, 33713,5359,47511,738

85, 330 2, 933, 483 1, 358, 961 651, 850 2, 222, 550 2, 869, 641

30, 20810, 84939, 46113,21150,70124, 97427, 35144,09827, 82826, 33431, 20471, 60957, 044

454, 872

62,10755, 60345, 75753, 94189, 20041, 33266, 52776,107

490, 574

178,19488, 099117,20337,100147, 009119,98254, 39151, 57794, 042

104, 75445,011125, 090112,489

61, 70327, 30078,19116,23745,116100, 72924, 31531, 02464, 30392, 33528, 06447, 80038, 052

4,0063,1006,214

0975

5,7081,812230

4,0003,838

6685,562

98

24, 3095,396

53,7614,028

25, 52934,1203,179

17, 24415,18032, 8628,350

37, 3229,943

6,284687

62, 7342,8395,2177,803

595,3198,5502,4752,5175,899

376

1, 274, 941 655,169 36,211 271, 223 110,759

737, 955238, 474446, 993764, 310394, 362187,464192, 518405, 894

332, 37766, 367

162, 684210, 077158,06646, 38864, 558159,155

52,1610

21, 62815, 0522,915

010, 00029, 274

114,77111,032

201, 269126, 60853, 4737,421

31,116129, 371

197,1341,040

170, 30920,1152,252

4193,958

45, 632

3, 367, 970 1,199, 672 131, 030 675, 061 440, 859

692313245

8,247104

12,454

22,055

470, 59010, 58199, 4173,4054,9214,650

593, 564

7,7635,31827,5967,3908,11916, 6273,48510, 6213,346

54, 3504,2267,3977,214

163, 452

104,0765,056

98,61140, 31512, 9594,7689,019

34,162

308, 966

348


commercial banks, by Stat

Loans to farmers

Directly guar-anteed by theCommodity

Credit Corpora-tion

$578,196

000000

0

6,995506

105300

7,564

460

3,5094,618

17, 820265

6,30229, 353

7,45748, 78540, 905

1,44916, 232

176, 741

2,1536,852

29,1971,063

6820,15758, 63568, 717

186, 842

Other loansto farmers{excludingloans on

real estate)

$3,026, 828

4,874582

9,3653,253

1033,975

22,152

61, 0843,851

22, 2726,108

13, 87657

107, 248

27, 7655,116

37, 75211, 38935, 56525, 90324, 42246, 44018, 331

160, 64538, 63852, 43943, 331

527, 736

69, 683108, 663196, 525

94, 099117,102200, 045471, 237139,828

1, 397,182

as, Dec. 28, 1962—Continued

•


$21, 953, 545

61, 9288,131

26, 472439, 508103, 712231, 870

871, 621

10, 371, 637399,760

1, 279, 28493, 578

152,18598, 308

12, 394, 752

197,45948, 316

380, 09040,115

196,176270, 472

62, 635166, 564127, 461625, 325

83, 551161,564115, 621

2,475, 349

743, 475143, 953898, 925457, 544315,715105, 033193, 773548, 949

3, 407, 367


All other loansto individualsfor personalexpenditures

$13,673,270

60, 74712, 44132, 790

313, 70158, 271

249, 429

727, 379

2, 564, 021526, 998

1, 072, 852137,693200, 948159,610

4, 662,122

308, 369112,477403, 478

65,417226, 212308,732114,419101,485128,191548, 823

86, 209202, 723222, 579

2,829,114

723, 210252, 035665, 346700, 005268, 831167, 769219,710500, 601

3, 497, 507

All otherloans {in-cluding

overdrafts)

$1, 824,148

3,110780929

8,7408,867

15,169

37, 595

1, 073, 08734,103

104,1137,513

14, 29110, 264

1, 243, 371

22, 3544,284

20, 3362,300

11, 39517, 3915,2978,927

10, 09016, 8403,926

13, 8709,827

146, 837

86,1258,376

51, 42730, 04125, 8646,545

10,51954, 344

273, 241

Total grossloans

$66, 270, 297

236, 74898,140

167, 6141,139,597

298, 346865, 451

2, 805, 896

21, 750, 3801, 950, 8023, 793, 536

440,163737, 219458,336

29,130, 436

868, 460310, 942

1, 230, 325204, 644769, 834932, 706327, 667512, 882508, 779

1, 717, 366373, 269732, 724632, 806

9,122, 404

3, 225, 227897,451

2,988, 6712, 513,1701, 440, 807

787, 3411, 331, 5702,192,034

15, 376, 271

Less valua-tion reserves

$1, 203,360

4,527366

2,88619, 6256,304

14, 096

47, 804

450, 82847, 90088,4724,283

12, 5021,706

605, 691

9,7765,239

27,0133,226

11,94319, 5836,101

12,51710, 34521, 5484,064

10, 7469,826

151, 927

50, 64817, 49869, 91236,01828, 6088,457

16, 95727, 757

255, 855

Net loans

$65,066, 937

232, 22197,774

164,7281,119, 972

292,042851,355

2, 758, 092

21,299, 5521, 902, 9023, 705, 064

435, 880724, 717456, 630

28, 524,745

858, 684305,703

1, 203, 312201, 418757, 891913,123321, 566500, 365498, 434

1, 695, 818369, 205721, 978622, 980

8, 970, 477

3,174, 579879, 953

2, 918, 7592, 477,1521,412,199

778, 8841, 314, 6132,164, 277

15,120, 416

349


Location

North DakotaSouth DakotaNebraskaKansasMontanaWyomingColoradoNew M!exicoOklahoma


WashingtonOregon .CaliforniaIdahoUtahNevadaArizonaAlaskaHawaii


United States (exclusive ofpossessions), total.

Canal Zone (Panama)

Puerto RicoAmerican SamoaVirgin Islands of the United States.

Possessions, total

TABLE B-A8.—Assetsand liabilities of State chartered

Loans and discounts

Real estate loans

Secured byfarmland(including

mprovements)

$23, 9366,3878,987

25, 3724,7611,7474,3882,994

\ 10,499

89,071

4,8444,437

49, 6531,6874,7061,733

447313

2,084

69, 904

1,208, 242

00

14, 93500

14, 935


Properties (otherthan farm)

$24, 61221,91719,97166, 58943, 67411,55438,13612,69118, 877

258,021

43, 37931, 647

1,214,37615,33782, 86416,40838, 5897,996

100, 694

1, 551, 290

9, 966, 236

01,838

127, 5520

5,797

135,187

Secured byother

properties

$4, 6637,3919,362

21,6119,5645,967

28, 26311,2698,733

106, 823

17,34218, 695

545,9756,318

31,16723, 8168,2372,440

35, 314

689, 304

4, 272, 090

044

35, 8970

3,479

39, 420



banks

$119000

3,0000

4,8280

22

7,969

1,00050

140, 585100

16,1600

1,5360

10,110

169, 541

1,063, 041

00

1,08500

1,085

Other

$322,5205,0005,8674,028

29411,1982,8672,543

34, 349

5,7614,606

371, 920429

19, 5454,883

11,5691,0805,774

425, 567

3,754, 577

00

33, 66000

33, 660



$40116250

631,000

02,447

6430

4,559

7343

38, 9790

1,2490

2,1710

177

43, 313

3, 540, 775

00

1,50000

1,500

Other

$752387522

6,1381,096

34517, 6441,1131,033

29, 030

1,121217

54, 983623

1,72300

787,230

65, 975

1,183, 042

084

43600

520

350


commercial Ilanks, by Stat es, Dec. 28, 1962—Continued


Loans to farmers



$60, 29412, 99333,19364, 46613,122

4901,9231,710

10,711

198, 902

5,870874

01,327

440

3200

8,147

578,196

00000

0



$60, 45597, 840

165, 850200, 85256, 30121, 30051,13015,21764, 496

733, 441

12, 74012, 563

122, 80633, 69321, 4245,274

12, 562571

4,420

226, 053

3, 013, 812

02

13,01400

13,016


$12, 82518,12843, 983

106, 36141,15812, 665

106, 58840, 86756, 872

439, 447

59, 94545, 875

1, 636, 43330, 65184, 04053,10289,03210,13876, 366

2, 085, 582

21,674,118

3585,055

270, 79534

3,185

279, 427

All other loans toindividuals for


$19, 59522, 76147, 514

122, 60247, 22811,011

137,36532, 93577, 535

518, 546

45, 58237, 829

926, 81828, 48478, 89422, 92091, 5025,567

71, 752

1, 309, 348

13, 544, 016

5926,110

120, 478216

1,858

129, 254

All other loans(including

overdrafts)

$ 2,0261,1361,9763,8253,015

2188,7161,104

955

22, 971

1,1073,116

67,470455

3,0331,2755,560

1637,579

89, 758

1,813,773

892403

9,0302

48

10, 375

Total gross loans

$209, 349191,576336, 608623, 746227, 94765, 591

412, 626123, 410252, 276

2, 443,129

199, 425159,912

5,169, 998119,104344, 849129,411261, 23728, 346

321, 500

6, 733, 782

65,611,918

1,84213, 536

628, 382252

14, 367

658, 379


$3, 8433,6895,2585,6474,786

8206,6372,8232,728

36, 231

2,8732,170

83, 3361,9085,5761,2762,239

2721,430

101,080

1,198, 588

00

4,632140

0

4,772

Net loans

$205, 506187, 887331, 350618,099223,16164, 771

405, 989120, 587249, 548

2,406, 898

196, 552157, 742

5, 086, 662117,196339, 273128,135258, 99828,074

320,070

6, 632,702

64, 413, 330

1,84213, 536

623, 750112

14, 367

653, 607

351


TABLE B-48.—Assets and liabilities of State chartered commercial banks, by Statess Dec. 283 1962—Continued

Location

Capital

Commonstock

Capitalnotes and

deben-tures

Preferredstock


andcorporations

Foreign

ments,central

banks, etc.

U.S.Government

States andpolitical' " nsions


Commercial Mutual





New England States, total.. .

New YorkNew JerseyPennsylvaniaDelawareMaryland ,District of Columbia

Eastern States, total. . .


Southern States, total..

$3, 259, 688 $50, 496 $11,666 $56, 795, 457 $444, 601 $3,110, 929 $5, 208, 010 $5, 427, 891 $538, 563 $856,139 $2, 669, 392

11,9982,5057,283

65, 60211,45040, 418

10075

178200

00

155,23326, 32464,193

1, 323, 338225,185866, 044

9,1051,7483,669

60,10013, 66346, 346

22, 0889,068

10, 967122, 606

14, 56567, 405

2,32628

59540, 2921,994

11,635

1,797242698

33, 0976,160

21, 452

000

2,063950

0

2,799649

1,72925, 8457,310

12, 849

139, 256 553 2, 660, 317 134,631 246, 699 56, 870 63, 446 3,013 51,181

1, 022,13175, 737

155,18820, 41233, 80214,585

43, 0205,125

0000

02,554

100

250

17, 484, 4671, 517, 8373, 276, 747

530, 350753,711494, 889

432, 82119

1,1760

132,920

1, 327, 97982, 429

155, 59840,18631, 54411, 444

722, 335163,725146, 59233,10559, 709

100

2, 983,62744, 470

287, 6377,305

31,21119,531

431,1757,004

29, 6532,7522,126

0

773, 491785

12,076

9811,693

1,921,94631,21053, 8323,5339,7528,499

1, 321, 855 48,145 2,589 24, 058, 001 436, 949 1, 649,180 1,125, 566 3, 373, 781 472, 710 789, 057 2, 028, 772

39,71719, 20052, 03420,15446, 39180, 56520, 78723, 56135, 299

101, 75418,98338, 05731, 235

500000

17700000000

1,035022500

4500

1101700500

677,771322, 465

1,117,564280, 293738, 265999, 843323, 313551,735554, 917

1, 830,179442, 670860, 580535,121

00000

4430000000

29, 99014, 57562, 26414, 60637, 96336, 48714, 58416,43616, 42944, 65910, 75328, 90117,614

90, 74351, 431123, 99924, 45199, 340149, 44885, 679136,345172, 837193, 82159,303123,91782,419

67, 69511,497169,84914, 72858, 28325, 4094,30759, 50269, 029122,63318,581155,51912, 363

330

5970

3621,054

02630

5250740

10, 7234,75213, 3281,9039,47417, 5802,5384,47411,70631, 9733,1349,8115,566

527, 737 677 1,734 9,234,716 443 345, 261 1, 393, 733 789, 395 2,908 126, 962Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis









States

Possessions, total

152, 99045, 810161,368129,18066, 70641, 26458, 096129, 399

784, 813

11,5999,730

20, 24935, 20713, 3451,913

23, 2439,285

16, 795

141, 366

12,07911,706

209, 7516,148

17, 4934,727

14, 6482,15019,351

298, 053

3,213,080

00

46, 508100

46, 608

10017900

3408700

150

1,639

50, 496

1750

6251,8352,22525542550

5,590

00000

100000

100

00

,100000000

1,100

11,666

2,637,717959, 666

2,964,3171, 606, 4221,127, 362

610, 4591,217,8942,182, 379

13,306,216

200,143206, 402412, 840618,965222, 73570, 207

322, 982126, 536293,195

2, 474, 005

169, 959135,401

3, 625, 33998, 666

232, 410101, 966194,10720, 638

173, 525

4,752,011

56, 485, 266

7,84810, 899

283, 533640

7,271

310,191

0

00

7,01500000

20

7,035

444, 514

150, 31642, 462160, 67481, 27850,14427, 63646, 50093, 297

652, 307

4,8896,070

15, 66124, 9898,4911,74512,1724,2387,371

85, 626

7,7985,782

171,0993,54711,1513,1626,918675

16, 808

226, 940

3, 093, 945

7,0452,7996,508

127

505

16, 984

204, 714194,791200, 446225, 498108, 230109, 962164,219259,212

1,467,072

52, 04135, 40345, 273

202, 20241, 57013, 66236, 50427, 81451, 494

505, 963

26,71421,839167,48120, 80464, 6786,800

39, 3955,34536,152

389, 208

5,128, 241

02,27669,7163,703

4,074

79, 769

126,18011,424

239, 21152, 00341, 5804,912

26, 899381,779

883, 988

3,3884,0214,361

10, 76315,961

75932, 5692,2857,721

81, 828

4,8752,988

184,1751,782

25, 8751,4244,003

2043,535

228, 861

5,414,723

1137

13,1200

13,168

4532945200

1481500

1,430

2523162670000

1420

538, 563

4,3920

5,2403,57127300

2,062

15, 538

63

2,082266

39, 22901

509800

2,085

44, 693

855, 272=— —

200

744103

39, 94015, 26164, 62045,71523, 82812, 28720, 26332, 669

254, 583

2,2222,1574,6438,2834,244

9327,2102,7436,804

39, 238

3,6083,583

115,8862,0535,2195,2287,350

5608,171

151,658

2, 652, 394•

61291

16,45725

164

16, 998



TABLE B-48.—Assets and liabilities of State chartered commercial banks, by States, Dec. 28,

Location


Maine .New HampshireVermontMassachusetts . . . . . . .Rhode IslandConnecticut

New England States, t o t a l . . . .

New YorkNew Jersey . . . .Pennsylvania . .DelawareMarylandDistrict of Columbia


VirginiaWest VirginiaNorth Carolina . . . . . . .South CarolinaGeorgiaFlorida . . . . . . .AlabamaMississippiLouisiana . . .TexasArkansas . . . .KentuckyTennessee

Southern States, total . . . .

Savings

$30, 805, 548

184, 608102,163147, 843314, 890148, 022401, 408

1, 298, 934

5, 402, 2261,513,5471, 887, 906

136, 291451, 690184,039

9, 575, 699

607, 912224, 885525, 00989, 462

333, 742591, 907218, 404177, 224301, 222695, 882150,727239, 064378,019

4, 533,459

Accumulatedfor paymentof personal

loans

$343, 541

21435

4933400

776

00

3,58924

7,15016, 097

26, 860

8611,871

17, 32610

1131,424

1941,438

28682, 528

77118, 4423,534

128, 798

Other depositsof individuals,partnerships,

and corporations

$8,911,117

6,0661,4235,190

42, 21620, 7459,241

84, 881

2, 852, 299122, 752335, 553

25, 48825, 43748, 668

3,410,197

44, 47022, 41385, 71413, 821

162,571108, 79749, 529

150, 17641,164

182, 77884, 470

126, 595136, 778

1,209, 276

Time and savin

Foreigngovernments,central banks,

etc.

$1, 452, 465

000000

0

1, 374s 4490

28, 40000

6,730

1, 409, 578

0000

2,0000000

20000

2,020

US.Government

$92, 352

256

38374445

15

903

32, 357241808265

2,7116,254

42, 636

3,897117

8,7741,0221,334

2557755

1,23219754

625177

17, 816

gs deposits

Postalsavings

$8, 425

000

1312215

150

1000

3470

170

464

856136

2,2080

428724400

30924

4235

58

5,211

States andpolitical

subdivisions

$2,811,807

1,059531

2,18612, 9672,741

28, 815

48, 299

617, 08648, 60381, 96615,99428, 655

186

792, 490

54, 225763

96, 30413,31557, 975

112,8266,7831,710

11,907122,405

3,27022, 80927, 808

532,100

1962—Continued


Commercial

$167,150

00

601,206

00

1,266

110,8971,1004,033

035

0

116,065

1,179375

3,9403,1901,4121,477

6606,700

9481,733

610557387

23,168

Mutualsavings

$138, 988

000000

0

138,15310

500000

138,663

0000000000000

0

Banks inforeignCOWfittXBS

$99, 030

000000

0

76, 25425

2,550000

78, 829

00000

1000000000

100Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis


Middle Western States, total..






Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United States..

Possessions, total

2,182, 320636, 853

2, 222, 7942, 272, 808

491, 263363, 781486,143889, 602

10, 045, 564

44, 23253,11968,133

275, 230106, 39843,015

209, 66160, 579

132, 756

993,123

159,188126, 877

3,175, 05369,915

219,02058, 304134,40810, 825

128, 291

4, 081, 881

30, 528, 660

1,35110, 850

255, 735667

8,285

276, 888

162, 790102

7,84080432134

4,5071,525

177, 410

17144

3,9856061011329

2,711

7,633

49695004600

133

341,610

00

1,910210

1,931

266, 369146,219395,156442,199468, 727447, 347412, 672463, 933

3, 042, 622

91, 96280, 34167, 486103, 06653, 6966,807

35, 00811,93327, 572

477, 871

13,4616,528

407, 4695,3168,4346,41719,714

93672, 486

540, 761

8, 765, 608

6591,063

143, 722362

145, 509

00

14, 9650000

2,000

16, 965

000000000

0

00

23, 883000000

23, 883

1, 452, 446

019000

19

1,04458111

1,052583630916

3,305

522428345066610650727

2,097

2070

2,5321,100

6210795680

1,628

6,897

73, 654

3,1352,64411,592

01,327

18, 698

5751333926153179139491

1,735

071035250

27310

342

0019010007

437

473

8,375

005000

50

122, 88117, 953

102, 477163,19141, 65234, 7891,584

81, 947

566, 474

53,18212, 9042,806

41, 5049,0416,948

37, 99612, 2544,994

181,629

2727, 579

476, 51019

32, 57620,18818,71513, 89551, 240

640, 749

2, 761, 741

05,326

35, 4015,6003,729

50, 066

301,5801,2219471081045279

4,220

102050390000

450

569

25100

7,710200

1,200000

6,766

16,001

161,289

00

5,86100

5,861

00000000

0

000000000

0

250

300000000

325

138,988

00000

0

2500

10000000

350

000000000

0

6,0000

12, 851000000

18, 851

98,130

00

90000

900


TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28> 1962


ASSETS

Location

\faiinc..New HampshireVermontMassachusettsRhode IslandConnecticut


New YorkNew JerseyPennsylvaniaDelawareMaryland

Eastern States, total...

OhioIndianaWisconsinMinnesota


WashingtonOregon. . .Alaska


United States (exclu-sive of possessions),total



Numberof banks

3233

6181

871

331

12721

726

163

2441

11

411

6

511

1

512


$322, 538518, 989131,251

4, 963,263480, 380

2,280,196

8, 696, 617

20,181,8351,137,1631,480,511

89, 349379, 754

23, 268, 612

16,67037, 96516, 529

283, 908

355, 072

351,18941,0703,149

395, 408

32,715,709

175

32, 715, 884

U.S. Gov-ernment

obligations,direct andguaranteed

$95,785129, 852

17, 0261, 818, 388

74, 007400, 656

2, 535, 714

2, 706, 242245, 871314, 537

23, 792133, 273

3, 423, 715

6,04920, 9127,978

33, 072

68,011

94, 2736,426

667

101, 366

6,128, 806

0

6,128, 806

Obliga-tions of

States andpoliticalsubdivi-

sions

$14,1295,894

48141,1042,760

22, 683

87,051

301,41830, 78372,807

1,77311,146

417, 927

5891,9401,545

17,106

21,180

1,807402

0

2,209

528, 367

0

528, 367

Otherbonds,

notes, anddebentures

$66,10130, 8722,671

272, 20471, 243

323, 578

766, 669

2, 200, 886221, 408685, 55570,16993, 213

3, 271, 231

3,2572,009

96443, 908

50,138

49, 9463,660

251

53, 857

4,141, 895

5

4,141, 900



$27, 40836, 511

829263, 765

32, 375160, 506

521,394

432, 91926, 85236, 6398,671

8

505, 089

6550

10716, 077

16, 839

000

0

1, 043, 322

1

1, 043, 323

Currencyandcoin

$3, 0441,978

58726, 4172,748

14, 846

49, 620

73, 7477,9889,447

3172,806

94, 305

275413306588

1,582

90030231

1,233

146, 740

16

146, 756

Balanceswith otherbanks, in-cluding re-serve bal-ances andcash itemsin process

of collection

$12, 99712, 499

3, 38589, 4949,785

57, 202

185, 362

445, 25039,15436, 000

5,5709,896

535, 870

1,0492,5141,5534,457

9,573

10, 4591,780

382

12, 621

743, 426

58

743, 484

Bankpremisesowned,

furnitureand

fixtures

$3, 8858,0421,075

45, 2484,413

23,128

85, 791

180, 63314, 09912, 764

1,9873,454

212, 937

1,105lie269

5,280

7,430

2,05436338

2,455

308,613

1

308, 614

Realestateownedotherthanbank

premises

$50696828

6,34746

894

8,789

13, 091300

1,49278

273

15, 234

163374447

291

26188

0

214

24, 528

0

24, 528

Otherassets

$4411,658

23429, 267

1,6245,713

38, 937

197, 99810, 9589,532

2241, 476

259, 986

731963

3,178

3,567

1,13649224

1,652

304,142

22

304,164

Totalassets

$546, 834747, 263157,567

7, 555, 497679, 381

3, 289, 402

12, 975, 944

26,734,0191, 734, 5762, 659, 284

201, 728675, 299

32, 004, 906

29,81966, 88529, 358

407, 621

533, 683

511,79054, 6834,542

571,015

46, 085, 548

278

46, 085, 826Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE B-49.—Assets and liabilities of mutual savings banks, by States, Dec. 28, 1962—Continued[Dollar amounts in thousands]

LIABILITIES

Location

Maine .New HampshireVermont^MassachusettsRhode IslandConnecticut


New YorkNew TersevPennsylvaniaDelawareMaryland



VMiddle Western States,

total

OregonAlaska


United States (exclusiveof possessions), total...


United States and pos-sessions total

Demanddeposits

$1, 9791,806

47914, 7381,645

23, 622

44, 269

176,10632, 0485,753

6510, 741

224,713

2714,647

1451,756

6,819

6,12769743

6,867

282, 668

0

282, 668


$483, 684654, 435140,133

6, 689, 054611,483

2, 946, 387

11, 525,176

23, 975, 8681, 547, 5452, 426, 428

175,116602, 050

28, 727, 007

26, 31155, 02126, 287

374,616

482, 235

459, 38050, 6974,067

514,144

41, 248, 562

202

41, 248, 764

Totaldeposits

$485, 663656, 241140,612

6, 703, 792613,128

2, 970, 009

11,569,445

24,151,9741, 579, 5932,432,181

175,181612, 791

28, 951, 720

26, 58259, 66826, 432

376, 372

489, 054

465, 50751, 3944,110

521,011

41, 531, 230

202

41, 531, 432



money

$804,100

0650

0128

4,958

2,7250000

2,725

0100180

0

280

000

0

7,963

0

7,963

Otherliabilities

$2, 93911,5542,138

120, 64710,01521, 577

168,870

357, 57516, 88437, 046

5326,975

419, 012

40553

1093,186

3,753

2,524927175

3,626

595, 261

1

595,262

Surplus1

$31, 93838, 8726,286

406, 88147, 053

156, 598

687, 628

1, 678, 30486, 707

134, 38020,51133, 330

1, 953,232

2,2754,9452,126

19,000

28, 346

27, 0461,381

175

28, 602

2, 697, 808

0

2, 697, 808

Undividedprofits

$23,46031, 5567,022

280, 4878,883

105, 309

456, 717

428, 9909,2674,6505,143

22,103

470,153

4571,388

506725

3,076

9,77891382

10, 773

940,719

75

940,794

Reserves

$2,7544,7901,509

43, 040302

35,781

88,176

114, 45142,12551, 027

361100

208, 064

100731

58,338

9,174

6,935680

7,003

312,417

0

312, 417

1 Includes guaranty fund and capital notes and debentures of $150,000 for banks in the State of New Hampshire.

357


TABLE B-49.—Assets and liabilities of mutual savings[Dollar amounts

Loans and

Location

MaineNew Hampshire

MassachusettsRhode IslandConnecticut .


New YorkNew Jersey . .

DelawareMaryland . .


OhioIndiana

Minnesota . .


Washington .

Alaska


United States (exclusive of pos-sessions) total



Real estate loans

Secured byfarm land(includingimprove-ments)

$1, 3003,5313,6154,263

1265,890

18,725

6,89095

897795727

9,404

3,7042,666

16016, 359

22, 889

12000

120

51,1380

51,138


farm)

$273, 005401,156103, 234

4, 339, 862453,247

2, 086, 443

7, 656, 947

17, 991, 4551, 055, 5181,438, 420

71, 694323, 942

20, 881, 029

10, 07228, 42414, 566

242, 456

295, 518

288, 21036, 8282,775

327,813

29,161, 307151

29,161,458

Secured byother

properties

$35,44291, 94814, 386

524,15019, 889

140,268

826, 083

1, 973, 38978, 54960,01816,71729, 914

2,158, 587

1,2145,8911,671

27, 935

36, 711

60, 6293,641

292

64, 562

3, 085, 9430

3, 085, 943



banks

$00000

1,943

1,943

6,1060000

6,106

0000

0

000

0

8,0490

8,049

Other

$30641

0738460

1,455

2,0710

6000

1,159

3,830

0000

0

9400

94

5,3790

5,379



$200775

0000

975

56, 3210000

56, 321

0000

0

000

0

57, 2960

57, 296

Other

$30318489

615695

2,613

4,499

6,9147000

420

7,404

03400

34

1800

18

11,9550

11, 955

358


banks, by States, Dec. 28, 1962—Continuedin thousands]

discounts

Loans to farmers(excluding loanson real estate)

$8359

1,71000

29

2,106

10000

1

0143

00

143

oo

o

0

2,2500

2,250


$5704,1212,1003,4133,8431,751

15,798

173, 4760

5,8690

188

179, 533

319117

00

436

0251

0

251

196, 0180

196, 018



$11,05716,8904,712

98, 0996,844

46, 048

183, 650

127, 4975,7361,980

37225, 616

161, 201

1,881873133658

3,545

1,57539582

2,052

350, 4480

350, 448


$866696

1,4056,9841,349

568

11,868

1,4578900

1,997

3,543

309530

128

64300

643

16,18224

16, 206

Total gross loans

$322, 781520, 301131,251

4, 978,124486,039

2, 285, 553

8, 724, 049

20, 345, 5771,140, 0571, 507, 784

89, 578383, 963

23, 466, 959

17, 22038, 24316,533

287, 408

359, 404

351, 28941,115

3,149

395, 553

32, 945, 965175

32, 946,140


$2431,312

014,8615,6595,357

27, 432

163, 7422,894

27, 273229

4,209

198, 347

550278

43,500

4,332

10045

0

145

230, 2560

230, 256

Net loans

$322, 538518, 989131,251

4, 963, 263480, 380

2, 280,196

8, 696, 617

20,181, 8351,137,1631, 480, 511

89, 349379, 754

23,268,612

16, 67037, 96516, 529

283, 908

355, 072

351,18941, 070

3,149

395, 408

32, 715, 709175

32,715 884

359



Location

MaineNew HampshireVermontMassachusetts . . . .Rhode IslandConnecticut


New YorkNew JerseyPennsylvania. . .DelawareMaryland




WashingtonOregonAlaska


United States (exclusive of possessions), totalVirgin Islands of the United States

United States and possessions, total . . .

Demand deposits


and cor-porations

$1, 5381,729

42713,6391,368

22, 479

41,180

167, 82928, 574

5,17832

8,685

210, 298

1223,551

141,756

5,443

6,085697

43

6,825

263, 7460

263, 746

U.S.Government

$666111

999242634

2,013

6,796276457

30117

7,676

6239

40

249

4200

42

9,9800

9,980

States andpolitical

subdivisions

$00161

41

49

511353

203

16

903

1758

00

759

000

0

1,7110

1,711

KjOfTHTlCTClCtl

banks

$000100

1

025000

25

0000

0

0o0

0

260

26


$37516409334

468

1,026

9702,820

980

1,923

5,811

14299

1270

368

000

0

7,2050

7,205


360



Location

MaineNew HampshireVermont . . .

Rhode IslandConnecticut


New YorkNew Jersey . . . . . .PennsylvaniaDelawareMaryland


OhioIndiana . . . .WisconsinMinnesota


WashingtonOregonAlaska


United States (exclusive of possessions),total


United States and possessions, total

Savings

$479, 498653, 573137,109

6, 687, 884608, 890

2, 943, 508

11,510,462

23, 973, 3171, 537, 2552,426,114

174, 823602, 042

28,713,551

24, 65954, 63825, 977

374, 616

479, 890

459, 28450,198

3,309

512, 791

41, 216, 694202

41, 216, 896

Accumulatedfor payment ofpersonal loans

$8800007

95

00000

0

610000

610

000

0

7050

705

Time and savin


tions

$1, 525135

1,6021,0012,0511,201

7,515

2,543685180

00

3,408

00

1670

167

4100

41

11,1310

11,131

gs deposits

U.S.Government

$2110005

27

715000

22

0070

7

000

0

560

56

States andpolitical

subdivisions

$2, 552508

1,385169542

1,572

6,728

19,405

124293

0

9,823

1,042370136

0

1,548

0241717

958

19, 0570

19, 057

U.S.commercial

banks

$0218

3700

94

349

0185

1008

203

01300

13

55258

41

354

9190

919

361


TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962


ASSETS

Location

Connecticut

New YorkPennsylvania

Eastern States, total.. . .

GeorgiaTexas

Southern States, total...

IndianaIowa


United States, total. . . .

Numberof banks

1

25

7

317

38

26

8

54

Loansand dis-counts,

includingover-drafts

$1, 382

113,3065,034

118,340

8,75410, 840

19, 594

5004,889

5,389

144, 705

US.Govern-

mentobliga-tions,directand

guar-

$760

53, 8505,458

59, 308

4127,973

8,385

5321,488

2,020

70, 473

Obliga-tions ofStatesand

politicalsubdivi-

sions

$106

26, 983345

27, 328

532,644

2,697

0165

165

30, 296

Otherbonds,notes,and

deben-tures

$29

22, 577154

22, 731

91494

585

012

12

23, 357

Corpo-rate

stocks

$6

5,557118

5,675

16238

254

00

0

5,935

Currencyandcoin

$51

329357

686

336699

1,035

2137

58

1,830

Balanceswithother

banks,includingreserve

balancesand cashitems inprocess

ofcollection

$327

109, 2041,439

110,643

4,8685,962

10, 830

1511,689

1,840

123, 640

Bankpremisesowned,

furnitureand

fixtures

$63

1,433107

1,540

227405

632

631

37

2,272

Realestateownedotherthanbank

premises

$0

033

33

5435

89

00

0

122

Invest-mentsand

otherAssets in-directlyrepre-

sentingbank

premises

realestate

$0

o62

62

098

98

00

0

160

Cus-tomers'liabilityon ac-

ceptancesoutstand-

ing

$0

20, 0490

20, 049

00

0

00

0

20, 049

Otherassets

$6

4,9957

5,002

26416

280

00

0

5,288

Totalassets

$2, 730

358, 28313,114

371, 397

15, 07529, 404

44, 479

1,2108,311

9,521


TABLE B-50.—Assets and liabilities of private banks, by States, Dec. 28, 1962—Continued

LIABILITIES

Location

Connecticut



GeorgiaTexas


IndianaIowa


United States, total

Demanddeposits

$2,162

255, 7664,812

260, 578

9,45520, 919

30, 374

9806,629

7,609

300, 723


$363

37, 4646,179

43, 643

2,3865,572

7,958

19985

1,004

52, 968

Totaldeposits

$2, 525

293, 23010, 991

304, 221

11,84126, 491

38, 332

9997,614

8,613

353, 691



money

$0

4,810356

5,166

1,1640

1,164

00

0

6,330

Acceptancesexecuted by orfor account of

reportingbanks andoutstanding

$0

21,6100

21,610

00

0

00

0

21,610

Otherliabilities

$5

8,93322

8,955

30130

331

00

0

9,291

Capitalstock

SO

8,0000

8,000

1,0791,410

2,489

25220

245

10, 734

Surplus

$0

19,2121,732

20, 944

296907

1,203

125170

295

22, 442

Undividedprofits

$200

1280

128

294185

479

53302

355

1,162

Reserves

$0

2,36013

2,373

100381

481

85

13

2,867




Location

Loans and discounts

Real estate loans

3

a


Loans for pur-chasing or carry-

ing securities

i l l

Loans to farmers

•IIH

IConnecticut

New York..

Pennsylvania

Eastern States, total. .

Georgia

Texas


IndianaIowa



$371 $0 $0 $761 $252 $0 $1, 384 $2

0274

01,131

0652

5,0750

5,51036

3,6860

12, 26949

0591

82,011452

2,173620

3,0381,235

113,7625,040

4566

1,131 5,075 5,546 3,686 12, 318 82, 463 2,793 4,273 118,802 462

893271

1,185536

467501

1144

0600

5221,289

8873,907

4,5873,510

16492

8,82710, 840

730

1,164 1,721 968 98 118 600 1,811 4,794 8,097 19, 667

42145

29220

0196

2943,504

48367

66329

5024,889

187 249 96 0 196 3,798 415 395 55 5,391

1,625 3,472 1,716 5,075 5,644 3,726 12, 436 6,200 11,537 4,584 145, 244

$1, 382

113,3065,034

118,340

8,75410, 840

19, 594

5004,889

5,389

539 144,705




Location

Connecticut



GeorgiaTexas


IndianaIowa



Demand deposits

Individuals;partner-

ships, andcorpora-

tions

$2, 033

145, 3894,701

150,090

9,38119,036

28, 417

9486,409

7,357

187, 897

Foreigngovern-ments,central

banks, etc.

$0

2,9080

2,908

00

0

00

0

2,908

U.S.Govern-

ment

$0

13

4

0133

133

00

0

137

States andpolitical

subdivisions

$5

067

67

01,174

1,174

32220

252

1,498


Commercial

$13

20, 0380

20, 038

0396

396

00

0

20, 447

Mutualsavings

$0

1,2220

1,222

00

0

00

0

1,222


$0

22, 9920

22,992

00

0

00

0

22, 992

Certifiedand officers3

checks,etc. i

$111

63,21641

63, 257

74180

254

00

0

63, 622

i Includes dividend checks, letters of credit, and travelers' checks sold for cash.

Location

Connecticut



GeorgiaTexas


IndianaIowa

Middle Western States, total . .



Savings

$363

06,066

6,066

2,3474,940

7,287

9625

634

14, 350

Other depositsof individuals,partnerships

andcorporations

$0

10, 554113

10, 667

3476

110

0348

348

11,125

Foreign gov-ernments,

centralbanks, etc.

$0

18,0000

18,000

00

0

o0

0

18, 000

U.S. Gov-ernment

$0

00

0

02

2

o0

0

2

States andpolitical

subdivisions

$0

00

0

5546

551

1012

22

573

US. com-mercialbanks

$0

4000

400

08

8

00

0

408


$0

8,5100

8,510

00

0

00

0

8,510

365


T A B L E B—51.—Summary data and percent changes, by type of bank, end of selected years[Dollar amounts in millions]

Number of banks:All commercial banks

Members of Federal Reserve System. . .

National banksState member banks

Insured nonmember banksNoninsured banks

Total assets:All commercial banks

Members of Federal Reserve System.. .



Total securities:All commercial banks




Total loans and discounts, net:All commercial banks


State member banks

Noninsured banks

1962

13, 412

6,047

4,5051,542

7,079286

$298,196

249, 474

160,65788, 817

46, 5092,214

95, 903

77, 049

51, 70625, 343

17, 864990

140, 760

118,637

75, 54843, 089

21,386737

1961

13,418

6,111

4,5131,598

7,004303

$279, 503

235, 096

150, 80984,287

42,2782,129

90, 675

733, 59

49, 09424,266

16, 3021,013

125, 449

106, 225

67, 30938,916

18, 583642

1960

13,456

6,171

4,5301,641

6,955330

$258, 359

216, 555

139,26177, 294

39, 7682,036

82, 025

65, 676

43, 85221, 824

15, 3441,005

118,132

99, 923

63, 69436,229

17, 598610

1959

13,466

6,229

4,5421,687

6,885352

$245,415

205, 696

132, 63673, 059

37, 7271,192

79, 577

63, 087

42, 65320, 434

15,496995

111,284

94, 764

59, 96234, 802

15,931589

1958

13,514

6,308

4,5781,730

6,816390

$240,101

201, 987

128, 39773, 590

35, 4862,628

87, 362

70, 790

46, 65024,139

15,2671,305

98, 930

84, 048

52, 62731,421

14, 083799

1952

14,067

6,795

4,9091,886

6,644628

$189,597

160,804

107, 83052, 974

25, 8782,915

77, 806

64, 501

44,17620, 324

11,7801,525

64, 580

55, 027

36, 00419,023

8,797755

1951

14,107

6,837

4,9391,898

6,618652

$180,424

153,419

102, 46250, 957

24, 0302,975

75,189

62, 675

42, 93819, 736

10, 9981,516

58,140

49, 555

32, 31717, 238

7,816769

1947

14, 222

6,920

5,0051,915

6,483819

$156,293

132,043

88,18243, 861

20, 7313,519

78, 687

65,205

43, 85221,352

11,5071,975

38, 285

32, 625

21, 42811,197

4,967693

1939

14, 545

6,362

5,1871,175

7,1731,010

$65, 723

55, 361

35, 25720,104

7,7862,576

23, 502

19,979

12, 7897,190

2,4491,074

17, 450

13, 962

9,0224,940

2,904584

Percent chan

1961-62

- . 0 4

— 1.05

- . 1 8- 3 . 5 0

1.07- 5 . 6 1

6.69

6.12

6.535.37

10.013.99

5.77

5.03

5.324.44

9.58—2.27

12.20

11.68

12.2410.72

15.0814.80

1960-61

- . 2 8

—.97

- . 3 8—2.62

.70- 8 . 1 8

8.18

8.56

8.299.05

6.314.57

10.55

11.70

11.9511.19

6.24.80

6.19

6.31

5.687.42

5.605.25

g*

1959-60

- . 0 7

— .93

— .26—2.73

1.02— 6.25

5.27

5.28

4.995.80

5.412.21

3.08

4.10

2.866.80

- . 9 81.01

6.15

5.44

6.224.10

10.463.57Digitized for FRASER

http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Deposits:Demand:

All commercial banks

Members of Federal Reserve System.

National banks.State member banks


Time:All commercial banks

Members of Federal Reserve System.



Capital accounts, total:All commercial banks

Members of Federal Reserve System

State member banks

Insured nonmember banks

164, 316

139,393

88, 96450, 429

23, 8231,099

98, 744

80, 074

53, 86126, 214

18,153517

24,168

19, 842

12, 7507,093

3,910416

166,196

142,170

89, 96552, 205

22, 9231,103

83, 308

67, 446

45, 54521, 900

15, 366496

22, 528

18, 636

11,8756,761

3,487405

156, 790

134,117

84, 75449, 363

21, 5921,080

73, 742

58, 893

40,15718,736

14, 391458

21, 050

17, 396

11,0986,297

3,263392

152, 619

130, 541

82, 70347, 838

20, 9971,081

67, 895

54,137

36, 93517,203

13,336422

19,614

16,261

10, 3025,959

2,970383

150,869

129,497

81,13548, 362

19, 9911,381

66, All

53, 292

35, 57917,714

12, 388742

18, 603

15,457

9,6435,814

2,734412

131,689

114,045

75, 97638, 069

15, 9471,697

42,121

33, 462

22, 99910, 464

7,903756

12,975

10, 759

7,0423,717

1,826389

126, 654

109, 970

73, 00836, 962

14, 9101,774

39, 035

31, 027

21,1649,862

7,265743

12, 300

10,217

6,6533,563

1,706377

108, 974

94,138

62,71131, 427

12, 7972,039

35, 976

28, 373

19,3129,061

6,5811,022

10,107

8,463

5,4093,054

1,273371

42, 259

37, 488

23, 36814, 120

3,3521,419

15,784

11,852

8,1913,661

3,385547

6,985

5,522

3,3972,124

1,002461

— 1.13

— 1.95

— 1.11- 3 . 4 0

3.93— .36

18.53

18.72

18.2619.70

18.144.23

7.28

6.47

7.374.91

12.132.72

6.00

6.00

6.155.76

6.162.13

12.97

14.52

13.4216.89

6.788.30

7.02

7.13

7.007.37

6.863.32

2.73

2.74

2.483.19

2.83- . 0 9

8.61

8.79

8.728.91

7.918.53

7.32

6.98

7.735.67

9.872.35


TABLE B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62, inclusive


ALL COMMERCIAL BANKS

Obligations of the U.S. Government—Total

Direct:Treasury bills

Treasury notes maturing in 1 year or less. . .Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e s s . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 y e a r s . . . .Other bonds maturing after 10 years

Guaranteed obligations

Other securities—Total

Obligations of States and subdivisionsSecurities of Federal agencies and corporations

(not guaranteed by United States)Other bonds, notes, and debenturesFederal Reserve bank stockOther corporate stocks

MEMBERS OF FEDERAL RESERVE SYSTEM

Total securities


Direct:Treasury billsTreasury certificates of indebtednessTreasury notes maturing in 1 year or less. .Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e s s . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 y e a r s . . . .Other bonds maturing after 10 years





1962

Dollaramount

$95, 903

66, 553

11,7413,9385,222

18, 626307

2,26311,44912, 055

795156

29, 350

24, 795

2,959847466283

77, 049

52, 959

8,8623,2494,268

15,172217

1,7958,8389,820

608131

24, 090

20, 771

2,103572466178

Percentdistribu-

tion

100. 00

69.40

12.244.115.45

19.42.32

2.3611.9412.57

.83

.16

30.60

25.85

3.09.88.49.30

100. 00

68.73

11.504.225.54

19.69.28

2.3311.4712.74

.79

.17

31.27

26.96

2.73.74.60.23

1961

Dollaramount

$90, 675

66, 685

11,5112,1158,228

18,126440

2,42115, 821

5,8981,977

148

23, 989

20, 386

2,145778444236

73, 359

54,053

9,2291,8426,457

14, 932306

1,97512, 8704,6861,613

144

19, 306

16, 690

1,510523444139

Percentdistribu-

tion

100. 00

73.54

12.692.339.07

19.99.48

2.6717.456.522.18

.16

26.46

22.48

2.37.86.49.26

100. 00

73.68

12.582.518.80

20.35.42

2.6917.54

6.392.20.20

26.32

22.75

2.06.71.61.19

1960

Dollaramount

$82, 025

61,104

8,0802,925

j-19, 032593

\l\, 8256,1622,387

100

20, 921

17, 609

} 2, 686

} 627

65, 676

49, 099

6,4022,296

}l5,071411

}l7, 8964,9711,953

99

16, 577

14,139

} 1,902

} 536

Percentdistribu-

tion

100. 00

744.9

9.853.57

23.20

.72

26.61

7.512.91

.12

25.51

21.47

3.27

.76

100. 00

74.76

9.753.50

22.95

.63

27.25

7.572.97

.15

25.24

21.53

2.90

.82

1959

Dollaramount

$79, 577

59,017

6,3112,426

14, 865792

22, 2419,6582,684

42

20, 560

16, 993

2,980

587

63, 087

46, 802

4,6121,812

11,603532

17, 8758,1422,186

41

16,284

13, 675

2,107

502

Percentdistribu-

tion

100. 00

74.16

7.933.05

18.681.00

27.9512.143.37.05

25.84

21.35

3.75

.74

100. 00

74.19

7.312.87

18.39.8

28.3312.913.46.07

25.81

21.68

3.34

.80

368


T A B L E B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62, inclusive—

Continued


NATIONAL BANKS

Total securities


Direct:Treasury billsTreasury certificates of indebtednessTreasury notes maturing in 1 year or less. .Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e s s . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 years. . . .Other bonds maturing after 10 years


Other securities—Total . .



STATE MEMBER BANKS

Total securities


Direct:Treasury billsTreasury certificates of indebtednessTreasury notes maturing in 1 year or less. .Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e s s . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 y e a r s . . . .Other bonds maturing after 10 years




(not guaranteed by United States)Other bonds, notes, and debenturesFederal Reserve bank stock. . . . . . .Other corporate stocks

1962

Dollaramount

$51,706

35, 663

5,2972,1472,756

10, 216169

1,2126,3766,849

529112

16, 042

13, 607

1,624415301

96

25, 343

17, 296

3,5651,1021,5124,956

48583

2,4622,971

7918

8,047

7,164

479157165

83

Percentdistribu-

tion

100. 00

68.97

10.244.155.33

19.76.33

2.3412.3313.25

1.02.22

31.03

26.32

3.14.80.58.18

100. 00

68.25

14.074.355.97

19.55.19

2.309.72

11.72.31.07

31.75

28.27

1.89.62.65.33

1961

Dollaramount

$49, 094

36, 088

5,8891,1444,344

10, 010238

1,2298,5953,3801,130

128

13, 006

11,077

1,193376284

75

24, 266

17, 966

3,340698

2,1134,922

67745

4,2751,306

48316

6,300

5,612

31614716064

Percentdistribu-

tion

100. 00

73.51

12.002.338.85

20.39.49

2.5017.516.882.30

.26

26.49

22.56

2.43.77.58. 15

100. 00

74.04

13.762.888.71

20.28.28

3.0717.625.381.99.07

25.96

23.13

1.30.61.66.26

1960

Dollaramount

$43, 852

32, 712

3,9321,396

llO, 392

320

} l 1,745

3,5201,310

96

11,140

9,409

} 1,408

} 324

21, 824

16, 388

2,470900

| 4,679

90

} 6,1511,452

6433

5,436

4,731

\ 494

)- 211

Percentdistribu-

tion

100. 00

74.60

8.973.18

23.70

.73

26.78

8.032.99

.22

25.40

21.46

3.21

.74

100. 00

75.09

11.324.12

21.44

.41

28.18

6.652.95

.01

24.91

21.68

2.26

.97

1959

Dollar

$42, 653

31, 761

3,0061,202

7,749

402

12, 309

5,5791,476

37

10, 892

9,036

1,554

302

20, 434

15,041

1,605610

3,854

130

5,566

2,563710

4

5,392

4,639

554

200

Percentdistribu-

tion

100. 00

74.46

7.052.82

18.17.94

28.8613.083.46.09

25.54

21.19

3.64

.71

100. 00

73.61

7.862.98

18.86.63

27.2412.543.47.02

26.39

22.70

2.71

.98

369


TABLE B-52.—Dollar amount and percent distribution of holdings of securities, by type of bank, end of 1959-62, inclusive—Continued


INSURED NONMEMBER BANKS

Total securities


Direct:Treasury billsTreasury certificates of indebtednessTreasury notes maturing in 1 year or less..Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e ss . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 yearsOther bonds maturing after 10 years



Obligations of States and subdivisionsSecurities of Federal agencies and corpora-

tions (not guaranteed by United States)Other bonds, notes, and debenturesFederal Reserve bank stockOther corporate stocks

NONINSURED BANKS


Direct:Treasury bills .Treasury certificates of indebtednessTreasury notes maturing in 1 year or less..Treasury notes maturing after 1 yearU.S. nonmarketable bondsOther bonds maturing in 1 year or l e s s . . . .Other bonds maturing in 1 to 5 yearsOther bonds maturing in 5 to 10 years.. . .Other bonds maturing after 10 years


Securities of Federal agencies and corpora-tions (not guaranteed by United States)

Other bonds, notes, and debenturesFederal Reserve bank stock

1962

Dollaramount

$17, 864

13, 007

2,708668931

3,34786

4582,4942,148

1605

4,857

3,812

767232

45

990

587

1712123

1074

10117

882620

403

212

8943

(2)60

Percentdistribu-

tion

100.00

72.81

15.163.745.21

18.74.48

2.5713.9612.02

.90

.03

27.19

21.34

4.301.30

.25

100. 00

59.27

17.292.102.30

10.81.37.99

11.858.842.652.06

40.73

21.39

8.974.32

.036.02

1961

Dollaramount

$16, 302

12,037

2,149257

1,7283,038

130428

2,8381,140

3273

4,265

3,414

603212

37

1,013

595

1331744

1564

191137236

1

418

283

3343

60

Percentdistribu-

tion

100. 00

73.84

13.181.58

10.6018.64

.802.62

17.416.992.01

.02

26.16

20.94

3.701.30

.23

100. 00

58.69

13.161.654.30

15.36.36

1.8311.187.133.57.13

41.31

27.91

3.314.27

5.92

1960

Dollaramount

$15, 344

11,423

1,596591

} 3,806176

} 3,7521,115

3861

3,921

3,197

} 689

35

1,005

582

81

37

} 1566

} 1787648

(2)

423

272

} «} 56

Percentdistribu-

tion

100. 00

74.44

10.403.85

24.80

1.15

24.45

7.272.510)

25.56

20.84

4.49

.23

100. 00

57.92

8.093.72

15.50

.56

17.68

7.574.78

.02

42.08

27.05

9.46

5.56

1959

Dollaramount

$15, 496

11,588

1,580594

3,132

253

4,172

1,406451

(2)

3,907

3,079

791

37

995

627

11920

130

8

194

11047

(2)

368

239

81

48

Percentdistribu-

tion

100. 00

74.78

10.203.83

20.21

1.63

26.92

9.072.91

0)

25.22

19.87

5.11

.24

100. 00

62.98

11.971.99

13.02.79

19.46

11.034.71

.01

37.02

24.01

8.18

4.83

1 Less than 0.005 percent.2 Amount less than fyi million.

370


TABLE B-53.—Demand and time deposits of individuals, partnerships and corporations in all banks, by States, Dec. 28, 1962:total and per capita

LocatiorEstimatedpopulation

(in thousands)

Deposits of individuals, partnerships and corporations

( Thousands of dollars) Per capita

Total Demand Time


New England States, total . . .







1,010641393

5,196871

2,628

10, 739

17, 5946,318

11,438476

3,228790

39, 844

4,2351,7654,7902,4584,1535,5913,3902,2743,371

10,2581,8413,1073,666

50, 899

10, 2264,74810,2208,0564,1373,5042,7934,376

48, 060

$1,138,4691, 058, 242558, 352

11,612,1401, 504, 3305, 388, 274

$331, 051222, 834135,413

3,839, 929440, 666

1, 708, 773

$807,418835, 408422, 939

7,772,2111, 063, 6643,679, 501

$1,1271,6511,4212,2351,7272,050

$328348345739506650

21,259, 807 6, 678, 666 14,581,141 1,980 622

63,108, 2128, 981, 29716, 299, 527

882, 4143, 027,7281, 638, 940

24, 665, 3753,675, 5617, 527, 838

537, 6131, 503,7031,128, 030

38, 442, 8375, 305, 7368, 771, 689

344, 8011, 524, 025510, 910

3,5871,4221,4251,854938

2,075

1,402582658

1,129466

1,428

93, 938,118 39, 038,120 54,899, 998 2,358

3,194, 0531, 206,4552, 639, 013969,311

2, 606, 2994, 425, 7061, 964, 3901,209,1452, 506, 99110,883,8141, 304, 0112, 212, 2022, 961,739

1, 673,461676, 283

1, 760,358761,822

1,722, 5682,701,1711,183, 812752,245

1, 646, 2747, 343,286855,124

1, 552, 7811, 625, 826

1, 520, 592530,172878,655207, 489883, 731

1, 724, 535780, 578456, 900860, 717

3, 540, 528448, 887659, 421

1,335,913

754684551394628792579532744

1,061708712808

38, 083,129 24,255,011 13,828,118 748

11,016,4704,407, 74816,908,2238, 921, 4524, 549, 6774, 301, 0552, 994, 5635, 386, 198

5, 783,7562, 574,1509, 366, 3883, 881, 4572,196, 2771, 984, 0651, 775, 5333, 432, 636

5,232, 7141, 833, 5987, 541, 8355,039, 9952, 353, 4002, 316, 9901, 219, 0301, 953, 562

1,077928

1,6541,1071,1001,2271,0721,231

58, 485, 386 30, 994, 262 27, 491,124 1,217

980

395383368310415483349331488716464500443

566542916482531566636784

645

$7991,3031,0761,4961,2211,400

1,358

2,185840767724472647

1,378

35930018384

213308230201255345244212364

272

512386738626569661436446

572

371


TABLE B-53.—Demand and time deposits of individuals, partnerships and corporations in all banks , by States, Dec. 181962: total and per capita—Continued

Location

North DakotaSouth DakotaNebraskaKansasMontana

ColoradoNew MexicoOklahoma


WashingtonOregonCaliforniaIdahoUtah . . . . . .NevadaArizonaAlaskaHawaii


United States (exclusive of

Canal Zone (Panama)GuamPuerto RicoAmerican SamoaVirgin Islands of the United States.

Possessions, total

United and possessions, total.

EstimatedPopulation

(in thousands)

647731

1,5022,241

717372

1,9491,0402,484

11,683

3,0491,888

17, 340708985346

1,557252712

26, 837

188, 062

4462

2,4942236

2,658

190,720

Deposits of individuals, partnerships and corporations

( Thousands of dollars)

Total

707, 481736,216

1, 524, 0562,069,152

774, 404375, 077

1, 970, 368629, 470

2, 355, 644

11,141,868

3,186, 2171, 975, 379

24, 772, 828609, 220899, 354472, 964

1, 346, 385166, 351590, 699

34,019,397

256, 927,705

9,85822, 851

684, 9521,346

29, 482

748, 489

257,676,194

Demand

407, 993436, 094

1,124,0571, 340,195

445, 765211,598

1,180, 716405, 382

1, 605, 992

7,157, 792

1, 551, 057968, 656

11, 904, 027332, 907441,714268, 849735, 418100,460290,188

16,593,276

124,717,127

7,84810, 919

283, 585655

12, 480

315,487

125, 032, 614

Time

299, 488300,122399, 999728, 957328, 639163, 479789, 652224, 088749, 652

3, 984, 076

1,635,1601, 006, 723

12, 868, 801276, 313457, 640204,115610, 967

65,891300,511

17, 426,121

132,210, 578

2,01011,932

401, 367691

17,002

433, 002

132, 643, 580

Per capita

Total

1,0931,0071,015

9231,0801,0081,011

605948

954

1,0451,0461,429

860913

1,367865660830

1,268

1,366

22436927561

819

282

1,351

Demand

631597748598622569606390647

613

509513687470448111412399408

618

663

17817611430

347

119

656

Time

463411266325458439405215302

341

536533742390465590392261422

649

703

4619216131

472

163

695


372


TABLE B-54.—State banking departments, by officials, titles, and number of banks, December 1962

Location Nai TitlesTotal

numberof banks




David GarceauHarrison S. KingAlbert D. PingreeEdward A. Counihan IIIWilliam M. FavicchioPhilip Hewes

Oren L. RootCharles R. Howell. ..Robert L. Myers, Jr..Randolph Hughes. . .W. Robert Milford...

Eastern States, total..


Logan R. Ritchie.,Carl B. EarlyBen R. Roberts....C. V. Pierce.W. D. TrippeRay E. Green... .John C. Curry. . .Llewellyn Brown.J. W. Jeansonne. .J .M. Falkner....Dick SimpsonHugh A. Rogers. .M. A. Bryan


Ohio.. .Indiana.

IllinoisMichigan..Wisconsin.,Minnesota..Iowa ,Missouri...



Raymond H.Willett.Joseph McCord

Joseph E. Knight..Charles D. Slay. . .William E. Nuesse.Gerald L.Bryan...Clay W. Stafford..J. Lay ton Pickard..

State Bank CommissionerBank CommissionerCommissioner of Banking and Insurance.Commissioner of BanksBank Commissioner

do

Superintendent of BanksCommissioner of Banking and Insurance.Secretary of BankingState Bank CommissionerBank Commissioner

Commissioner of Banking..do.

Commissioner of Banks.Chief Bank Examiner. .Superintendent of Banks.State Commissioner of BankingSuperintendent of BanksState ComptrollerState Bank CommissionerCommissioner, Department of Banking..State Bank CommissionerCommissioner, Department of Banking..Superintendent of Banks

Superintendent of Banks ,Director, Department of Financial Institu-

tions,.do.

Commissioner, State Banking Department...Commissioner of Banks. . . .doSuperintendent of Banking.Commissioner of Finance

575628

2 25014115

520

27011422217797

165106133116346213169165153559184266221

2,796

346318

597288473515573

2 549

3,659

373


TABLE B-54—State banking departments, by officials, titles, and number of banks, December 1962—Continued

Location Names of officials TitlesTotal

numberof banks

North Dakota.South Dakota.NebraskaKansasMontanaWyomingColoradoNew Mexico..Oklahoma

Eugene RichOscar BroszRalph E. MiskoJ. A. O'LearyAlbert E. LeutholdNorris E. HartwellFrank E. GoldyKeith E.MooreCarl B. Sebring

Western States, total.



United States (exclusive ofpossessions), total.

Puerto RicoAmerican SamoaVirgin Islands of the United States...

Possessions, total

United States and possessions,total.

State ExaminerSuperintendent of Banks..Director of BankingState Bank Commissioner.Superintendent of Banks..State Examiner.,State Bank Commissioner.State Bank ExaminerBank Commissioner

Joseph C. McMurrayJ. F. M. SladeJohn A. O'KaneJ. L. McCarthySpencer C. TaylorGrant L. RobisonA. J. GrasmoenA.H. RomickJames C. Davis, Jr

Supervisor of BankingSuperintendent of Banks... .

doCommissioner of Finance. . .Bank CommissionerSuperintendent of Banks

.do.Commissioner of Commerce.Supervising Bank Examiner.

Secretary of the Treasury.

1191393054258029

11731

189

1,434

7140842241488

10

288

9,406

1111

13

i 9,419

1 Includes stock savings banks.2 Includes 1 trust company which is a member of the Federal Reserve System.

374


T A B L E B-55.—Assets and liabilities of all banks, date of last report of condition, December 1936-62


Numberof banks

Loans anddiscountsincludingoverdrafts

U.S. Gov-ernment


Otherbonds,stocks,

andsecurities

Balanceswith other

banks *

Otherassets Total assets Capital2

Surplusand

undividedprofits 3

Totaldeposits

Bills pay-able and

redis-counts,

etc.

Otherliabilities

1936...1937...1938...1939...1940...1941...1942...1943...1944...1945...1946...1947...1948...1949...1950...1951...1952...1953...1954...1955...1956...1957...1958...1959...1960...1961...1962...

15, 704 $21, 613, 328 $17.15,46315,26515,09614,95614, 88514, 72214, 62114, 57914, 59814,63314,75514,73514, 70514, 66614, 63614, 59614, 53814,388

867 101

14,265 100,14,188 110,14,103 115,14,034122,13,984136,13,971 145,13,933 154,13,924173,

613,342, 879535, 406374, 700967, 476838, 365001,146674, 539101,639466, '822,868231,136452, 743828,162711,146000, 966928, 803920,155058, 272575,185632,011759, 782287, 478409, 682254,712842, 810475, 842

059 $10,', 497,16,660,06818,002,04219,447,46421, 028, 79825, 553, 80946,059,11166, 259, 38486,414,755" ,904,07387,093,51781, 636, 93874, 462, 55378, 753, 67373,188,21771,595,08773,010,83572, 872, 46678, 004, 06470, 309, 69166, 795, 28166,066,12473, 935, 09265, 881, 70067, 343, 34172, 821, 68472, 682, 06:

), 700, 905 $19, 828, 9849, 664, 2559,348,1619, 499, 7769, 035, 5378, 312, 2497, 466, 8627, 596, 2058, 611, 6609, 543, 221

10, 760, 39811,470,84812, 682, 55114,816,54515,991,17617,449,09118,452,64420, 519, 75620, 754, 03720, 556, 58823,051,81326, 389, 89126,130,67326, 673, 67329, 719, 05235,063,112

., 025,907,

w1,196,1,407,1,545,1,463,1, 612,1,801,2, 025,2,221,2, 392,2,145,2,185,2, 343,2, 890,2, 938,2, 690,2, 657,2, 873,3, 454,3, 532,3, 451,3,169,3, 512,3, 864,4, 429,

586$15:>, 871,15,065,96218,373,64422,197,93526,846,41825, 942, 37727, 371, 58126, 999, 93329,175, 79133, 589, 69332, 995, 74836,167,17337, 490, 36934, 490, 53838, 892, 73942,826,19742,825,19743, 301, 13342,097,11645,105, 89246, 382, 25746, 006,10346, 695, 13247,192, 45149, 592, 21653, 622, 20350, 640, 450

668 $3, 402,165 $70,3,271,9943, 258, 2523, 010, 4582, 822, 0702, 538, 5882, 334, ""2,109,1, 857,1, 753,1, 729,1, 835,2, 053, 7612,102, " "2, 288,

654 109,008 128.424152!694178,215 169,487 176.

933180!962 192.

2, 558, 776 203!2,677,998 214;2, 895, 929 2213, 348, 420 232,3, 486, 967 243.4,144,714 251'4, 770, 796 259;5,120,7015, 573, 6606, 555, 976 298;7, 465, 500 322.7, 991, 028 344,

>, 110,71168, 077, 75870, 833, 59977, 575, 25785, 571, 90291, 453, 694" \ 542, 577

;, 121, 9781,947,184!, 351,075\ 406, 362., 024,102

176, 075, 430"1,043,113

:, 240, 673i, 862, 623[, 830, 603, 132, 803\, 684, 756.,105,011,965,3271,187,519

277, 880,159"1,357,731

I, 932, 893!, 336, 207[, 282, 234

$3,293, 014 $4.3,223,1103,192,4933, 125, 5243,070,5193, 034, 3612, 985, 3913,011,6003, 052, 9503,187, 3683, 299, 4693, 342, 6003,423,1953, 548, 7313, 670, 249 10.3, 840, 006 10;4,016,796114,173,4, 428,4,706,970 13.5,007,583 14.5,308,14015!5,568,057 16,6,005,57016.6,351,616 18.6,766,977 19!7,090,380 21'

310 $61,155,, 849,4, 949,5,016,5,169,5, 339,5, 460,5,619,6, 034,6, 640,7, 424,8, 138,8, 654,9,130,9, 616,", 245,I, 866,,437,

707 12,035,657 201194 12,936.

., 503!•, 342!i, 228!

057 16,253.

59,109,61, 907,68, 566,76, 407,82, 233,

i, 967.1,251.), 528!,029!

637 100,265,091 118,336,166 142, 310,243 166, 530,479 156,801,798 162, 728,608 162,041,859 165, 244,616 176,120.262 186, 603;192196,431.657 201, 978!050 212,030.336 221,391.869 228, 578!280 234, 178!667 251,331.581 255, 496.083771199 304, 591

266, 884,287, 990,

014903761043885260638126824093396682389044158665356297341573958092512780548710419 3,

$57, 24750, 81636, 61225, 55125, 06022, 59318, 63851,650

125, 624227,15048, 403 174,64,27,19594, '"-44, 008196,234 2.66, 80332,915174,19588, 20f97,96, 544

648, 85f184, 371 7.493,635,187

', 990 4,

$756,126744, 095680, 298688, 492729, 399702, 704653, 273688, 511817, 620982,221

,118,615, 223, 408,415,918

1,606,284"1,110,0432, 508, 682"!, 749, 0252, 878, 3393, 257, 2563, 328, 9373,947,7151,375,017

4, 630, 3795, 238, 948~, 261,275', 555, 827

7, 936, 049

1 Includes reserve balances and cash items in process of collection.2 Includes capital notes and deventures in banks other than national.3 Includes reserve accounts.4 Not called for separately. Includes with "Balances with other banks."NOTE.—Reciprocal interbank demand balances with banks in the United States

are reported net beginning with the year 1942.

NOTE.—For earlier data, revised for certain years and made comparable tothose in this table, references should be made as follows: Years 1834 to 1913, in-clusive, Comptroller's Annual Report for 1931; figures 1914 to 1919, inclusive,report for 1936, and figures 1920 to 1939, inclusive, report for 1939.


TABLE B-56.—Assets and liabilities of all national banks, date of last report of condition, December 1936-62


1936...1937...1938...1939...1940...1941...1942...1943...1944...1945...1946...1947...1948...1949...1950...1951...1952...1953...1954...1955...1956...1957...1958...1959...1960...L961...1962...

Numberof banks

5,3315,2665,2305,1935,1505,1235,0875,0465,0315,0235,0135,0114,9974,9814,9654,9464,9164,8644,7964,7004,6594,6274,5854,5424,5304,5134,505

Loans anddiscountsincludingoverdrafts

U.S. Gov-erntnent


Otherbonds,stocks,

andsecurities

CashBalances

with otherbanks l

Otherassets Total assets Capital

Surplusand

undividedprofits*

Totaldeposits

Bills pay-able and

redis-counts,

etc.

Otherliabilities

$8, 271, 1208, 813, 5478,489,1209, 043, 632

10, 027, 77311,751,79210, 200, 79810,133, 53211,497,80213,948,04217,309,76721, 480, 45723, 818, 51323, 928, 29329, 277, 48032, 423, 77736,119,67337, 944,14639, 827, 67843, 559, 72648, 248, 33250, 502, 27752, 796, 22459, 961, 98963, 693, 66867, 308, 73475,548,316

$8, 685, 5548, 072, 8828, 705, 9599, 073, 9359, 752, 60512,073,05223, 825, 35134,178,55543, 478, 78951, 467, 70641, 843, 53238, 825, 43534, 980, 26338, 270, 52335,691,56035,156, 34335, 936, 44235, 588, 76339, 506, 99933, 690, 80631, 680, 08531,338,07635, 824, 76031, 760, 97032,711,72336, 087, 67835, 663, 248

$4,094, 4903,690,1223, 753, 2343, 737, 6413, 915, 4353, 814, 4563, 657, 4373, 325, 6983, 543, 5404,143, 9034, 799, 2845,184, 5315, 248, 0905, 937, 2277,331,0637, 887, 2748, 355, 8438,621,4709, 425, 2599,166,5248, 823, 3079, 643, 633

10, 963, 46410, 891, 88511,140, 47113, 005, 86116, 042, 255

$518, 503422, 490555, 304615, 698718, 799786, 501733, 499807, 969904, 500

1, 008, 6441,094,7211,168, 0421,040,7631, 059, 6631,147,0691,418,5641,446,1341,292,2541,279,1711, 388, 2501, 706, 5071,734,5331, 675, 8271, 521, 3341, 721, 4921, 923, 6552, 277, 621

$8,462,578$!8,128, 0039,151,10511,887,91514,401,26814,215,42915,516,77115,272,69516,732,74919,170,14518,972,44620, 907, 54821, 983, 50619,985,29522, 666, 36624, 593, 59424, 953, 26925, 253, 26424, 442, 72624,375,19025, 375, 99025, 130, 60125,188, 99325,942,91126, 953, 014

327 $31

29,154,79027, 405, 959

032,977,186011,455960, 436918,082897, 004847,122813,468792, 479797, 316830, 513880, 987063, 917058,178126, 555259, """321,416,668,569, 791867, 761173, 520347, 698557, 024040, 499328, 334719, 607

, 064, 662 $130,104,23031, 666,17735,319,25739, 733, 96243, 538, 23454, 780, 97864, 531, 91776, 949, 85990, 535, 75684, 850, 26388, 447, 00088,135,05290, 239,17997, 240, 093"",738,5601,132,7431,116,699i, 150, 569

113,750,287117,701,982120,522,640128, 796, 966132,636, 113139, 260, 867150, 809, 052160,657,006

382 108,802110.736 116.

,598,815$!1, 577, 8311, 570, 6221, 532, 9031, 527, 2371,515,7941, 503, 6821,531,5151, 566, 9051, 658, 8391, 756, 6211, 779, 7661, 828, 7591,916,3402, 001, 6502,105, 3452, 224, 8522, 301, 7572, 485, 8442, 472, 6242, 638,1082, 806, 2132,951,2793,169, 7423, 342, 8503, 577, 2443, 757, 646

,572,1951, 666, 36^1, 757, 5221,872,2152,009,1612,133,3052, 234, 6732, 427, 9272, 707, 9602, 996, 8983, 393, 1783, 641, 5583, 842, 1294,018,0014, 327, 3394, 564, 7734, 834, 3695,107,—5, 618,5, 463,5, 834,6, 287,6, 717,7,132,7, 755,8, 298,8, 992,104

488 124:062 135,

$27, 608, 39726, 540, 69428, 050, 67631, 612, 99235, 852, 42439,554,77250, 648, 61660,156,18172,128, 93785, 242, 94779, 049, 83982, 275, 35681,648,01683,344,31889, 529, 63294, 431, 56199, 257, 776-1,947,233;, 145, 813r, 217, 989', 494, 823',436,311', 086, 128>, 637, 677I, 910, 851i, 510, 617

142, 824, 891

759 100,398 106,145,305 104,""024 107.004 109!

$3, 49510, 8395,6082,8823,1273,7783,5168,155

54,18077, 96920, 04745, 13541, 3307,562

76, 644 115,484175, 921 '14,851111,098 1

107, 796 118,654138, 324 143, 035 1

340, 362 7110,590 3!224,615 3,

, 635, 593 3.

$281, 760308, 49928, 749

298, 265342,013330, 585390, 291408, 139491, 877559, 103630, 578705, 185774, 818952, 958

, 304, 828, 621, 397, 739, 825, 745, 099, 889, 416488, 573716, 373954, 788999, 002355, 957141,088198,514446, 772

1 Includes reserve balances and cash items in process of collection.2 Includes reserve accounts.NOTE.—Reciprocal interbank demand balances with banks in the United States

are reported net beginning with the year 1942.

NOTE.—For earlier data, revised for certain years and made comparable to thosein this table, references should be made as follows: Years 1863 to 1913, inclusive,Comptroller's Annual Report for 1931; figures 1914 to 1919, inclusive, report for1936, and figures 1920 to 1939, inclusive, report for 1939.


TABLE B-57.—Assets and liabilities of all State commercial, mutual savings, and private banks, date of last

report of condition, December 1936-62


Number ofbanks




Other bonds,stocks, andsecurities

Cash Balances withother banks 1

Other assets

1936..1937..1938..1939..1940..1941..1942..1943..1944..1945..1946..1947..1948..1949..1950..1951..1952..1953..1954..1955..1956..1957..1958..1959..I960..1961..1962..

10, 37310,19710,0359,9039,8069,7629,6359,5759,5489,5759,6209,7449,7389,7249,7019,6909,6809,6749,5929,5659,5299,4769,4499,4429,4419,4209,419

$13,342,11813, 529, 33213,046,28613,331,06813,939,70315,086,57313,800,34813,541,00714, 603, 83716,518,82518,513,10121, 750, 67924, 634, 23025, 899, 86931, 433, 66635, 577,18939, 809,13042, 976, 00946, 230, 59457,015,45962, 383, 67965, 257, 50569,491,25476, 447, 69381,561,04487, 534, 07697, 927, 526

$8,811,5058, 587, 1869, 296, 083

10, 373, 52911,276,19313,480,75722, 233, 76032, 080, 82942, 935, 96650, 436, 36745, 249, 98542,811,50339, 482, 29040, 483, 15037, 496, 65736, 438, 74437, 074, 39337, 283, 70338, 497, 06536,618,88535,115,19634, 728, 04838,110, 33234,120, 73034,631,61836, 734, 00637,018,814

$6,606,4156,138, 8625,911,0215, 610, 5205, 584, 3415,221,0814, 654, 8124,141,1644, 052, 6654, 467, 7574, 743, 9375, 575, 8676, 222, 7586, 745, 3247, 485, 4828,103, 9029, 093, 2489, 831,17411,094,49711,587,51311,733,28113,408,18015,426,42715,238,78815,533,20216,713,19119,020,857

$507, 083485, 381(3)

580, 841688, 565758, 517730, 337804, 283896, 870

1,016,4441,127,0721, 224, 9281, 104, 3931,125, 5931,195,9951,471,8571, 492, 5451, 398, 2221, 377, 9571,484,9891, 747, 9691, 798, 3681, 776, 0381, 648, 2311,791,4831, 941, 3032,152,119

$7, 409, 0906, 937, 9598, 667, 235

10, 310, 02012,445,15011,726,94811,854,81011,727,23812, 443, 04214,419,54814, 023, 30215,259,62515,506,86315,505,24316,226,37318,232,60317, 871, 92818,047,86917, 654, 39020, 730, 70221,006,267

20, 875, 50221, 506,13921, 249, 54022, 639, 20224, 467, 41323, 234, 491

$2, 369, 8382, 294, 8082, 246, 7972, 050, 0221, 903, 9881, 641, 5841, 487, 5321, 295, 5401, 064, 945

956, 378898, 702954, 500989, 844

1, 044, 7551,162,4071,299,7681,356,6161, 479,1271, 679, 6841,917,1762, 276, 9532, 597, 2762, 773, 0033,016,6363,515,4774,137,1664, 271, 421

Total assets Capital stockCapital notes

and debenturesSurplus and

undivided profits' Total depositsBills payable

and redis-counts, etc.

Otherliabilities

193619371938193919401941194219431944194519461947194819491950195119521953195419551956195719581959196019611962

$39,37,39,42,45,47,54,63,75,87,84,87,87,89,95,

101,106,111,116,129,134,138,149,151,159,171,183,

046, 049973, 528167,422256, 000837, 940915,460761, 599590, 061997, 325815,319556, 099577,102940, 378803, 934000, 580124, 063697, 860016,104534, 187354, 724263, 345664, 879083,193721, 618672, 026527,155625, 228

$1, 489, 3541,471,5331,459,0151,450,8731,420,1481, 410, 3731, 382, 5071, 389, 9431, 403, 7251, 456, 4491,475,0541,500,8071,546,0051,583,9541,621,4921, 695, 2051, 745, 4701, 828, 6151, 896, 5922,183,1822,319,1772, 452, 8972, 559, 0892, 779, 6142, 955, 3973,137,4763, 282, 088

$204, 845173,746162,856141,748123,134108, 19499, 20290, 14282, 32072, 08067, 79462, 02748, 43148, 43747, 10739, 45646, 47443, 33545, 75851,16450, 29849, 03057,68956,21453, 36952, 25750, 646

$3,277,1153, 283, 4673,258,9133, 297, 4323, 329, 8783, 327, 4713, 384, 9643,606,1643, 932, 2064, 427, 3454, 745, 3015,013,2405, 288, 4795, 598, 8585,918,2776, 301, 4896, 602, 8236, 927, 8987, 317, 6528, 040, 0318, 508, 8458, 941, 2769, 536,1459, 835, 206

10, 495, 59511,230,70912, 037, 095

$33,546,61732, 569, 20933, 857, 08536, 953, 05140, 555, 46142, 678, 48849, 616, 82258, 179, 94570, 181,88781,287,14677,751,55780, 453, 32680, 393, 37381, 899, 72686, 590, 52692,172,10497, 173, 580

101,031,064105, 884, 528117,173,584121, 084,135124, 741, 781134,245,384135,859,103141, 973, 697152,480,093161, 766, 528

$53, 75239, 97731, 00422, 66921,93318,81515,12243, 49571,444149,18128, 35629, 47922, 99019,63317,96328, 524

120, 31351,95221,81766, 39969, 54859, 66653, 509

308, 49073, 781

269, 3071, 999, 594

$474, 366435, 596398, 549390, 227387, 386372,119262, 982280, 372325, 743423,118488, 037518, 223641,100653, 326805, 215887, 285

1, 009, 2001,133,2401, 367, 8401, 840, 3642, 231, 3422, 420, 2292, 631, 3772, 882, 9914,120,1874,357,3134, 489, 277

1 Includes reserve balances and cash items in process ofcollection.

2 Includes reserve accounts.3 Not called for separately. Included with "Balances with

other banks."

NOTE.—For earlier data, revised for certain years and madecomparable to those in this table, references should be made as

follows: Years 1834 to 1913, inclusive, Comptroller's AnnualReport for 1931; figures 1914 to 1919, inclusive, report for1936, and figures 1920 to 1939, inclusive, report for 1939.

NOTE.—Reciprocal interbank demand balances with banksin the United States are reported net beginning with theyear 1942.

377


TABLE B-58.—Bank suspensions, 1934-62: by type of bank, number of banks, capital stock and deposits


Tear endedDec. 31—

193419351936193719381939. . . .1940 . .194119421943194419451946194719481949195019511 9 5 2 . . . .1953195419551956195719581959I96019611962

Total . . .

Number

Allbanks

57344458564222

8941001041334343383292

388

Member banks

National

14131414020000000oooo2111o020

28

State

00021300000000000oo1

o0o10o010

9

Nonmember banks

Insured

8224047472518

3621000000o22121023120

235

Noninsured

488367

10313000010

241311

8 2011

*501

5 46 2

116

Capital stock»

Allbanks

$3, 8221,5181,9613,4352,4675,3091 587

496327708

320000

1250

12052

75045

140550303210100347337104

24, 845

Member banks

National

$25405

88685

25220

82360

0650

ooooooo©

000

75280250

2500

750

3,245

State

$000

67125

3,6000000

oooooooo

0200

000

35000

500

4,581

Nonmember banks

Insured

$416633

1,6782,0042,0521,2041,452

118272

58320000000

375502565

2500

75100200

500

11,271

Noninsured

$3, 38148019575

365285

531855000000

1250

120150

200

2018

1100

147162104

5,748

Deposits

Allbanks

$36, 93910,10111, 32316,16913,83734, 980

5,9443,7231,7026,300

40500

1670

2,44342

3,1131,414

44, 8022,8806,498

11, 82312, 8696,2872,0487,9877,4751,201

252, 472

Member banks

National

$425,399

5243,825

361,323

2573,141

05,059

00000000000

4,6066,520

10, 4511,368

00

2,8660

45, 417

State

$000

1,708211

24, 6290000000000000

19,478000

1,163000

1,6500

48, 839

Nonmember banks

Insured

$1,9123,763

10, 20710,15611,721

6,5895,341

5031,3751,241

4050000000

1,27924, 934

9301,8924,703

02,7872,0486,9531,351

0

100, 090

Noninsured

$34, 985939592480

1,8692,439

34679

327o000

1670

2,44342

3,113135390

1,9500

6001,2552,132

01,0341,6081,201

58,126

1 Includes capital notes and debentures, if any, outstanding at date of suspension.2 Included 2 private banks without capital.3 Includes 1 private bank for which capital and deposit figures are not available.4 Includes 3 private banks for which capital figures are not available.5 Includes 1 private bank for which capital figure is not available.

NOTE.—Figures for banks other than national furnished by Board of Governorsof the Federal Reserve System, and represent associations closed to the public,

either temporarily or permanently, by supervisory authorities or directors of thebanks on account of financial difficulties. In the case of national bank suspensionsthese represent actual failures for which receivers were appointed.

NOTE.—Nationwide insurance of bank deposits was first embodied in the BankingAct of 1933. The insurance became effective on Jan. 1, 1934.


INDEX

PageAdvisory committee to the Comptroller of the Currency. 6All banks (see also Banks; Mutual savings banks; National

banks; Private banks; State commercial banks):Assets and liabilities of:

Comparison of, December 31, 1961 and December28, 1962 314

December 28, 1962, by type of bank 298December 28, 1962, summary by States 300December 31, 1936-62 375

Per capita demand and time deposits of individuals,partnerships, and corporations in, December 30,1962, by States 371

Suspensions. (See Suspensions of banks.)Assets and liabilities of banks:

All banks:Comparison of, December 31, 1961 and December

28, 1962 314December 28, 1962, by States 300December 28, 1962, summary by type of bank.... 298December 31, 1936-62 375

National banks:Call dates in 1962, summary and by States. 2,188,192, 316December 28, 1962, by States 192, 316December 31, 1936-62 376Principal items of, according to size of banks

(deposits), December 31, 1961 and 1962 188State banks (see also District of Columbia):

All banks combined:December 28, 1962, summary and by States 328December 31, 1936-62 377

Mutual savings: December 28, 1962, summary andby States 356

Private: December 28, 1962, summary and byStates 362

State commercial: December 28,1961, summary andby States 342

Assets structure of national banks 2Bank currency. (See Federal Reserve notes; National

bank circulation.)Bank Examinations. (See Examinations conducted.)Banks (see also All banks; Assets and liabilities of banks;

Mutual savings banks; National banks; Privatebanks; State commercial banks):

Number of:December 28, 1962, by States 300December 31, 1936-62 375

Suspensions. (See Suspensions of banks.)Insured commercial banks: Number of, December 28,

1962, by classes 1

PageBanks—Continued

National banks:Branches. (See Branches.)"Calls" for reports of condition"of, dates, 1914-62.. 190Examination of. (See Examinations conducted.)Failures. (See Suspensions of banks.) ^ |Number of:

Call dates in 1962 2Call dates in 1962, by States 192December 28, 1962, by States 316December 31, 1936-62 376Nonmember banks of Federal Reserve System,

December 28, 1962 1With surplus fund equal to or exceeding common

capital stock 1942-62 189With surplus fund less than common capital stock

1942-62 189Number of banks which have been absorbed since

1950 11Number of national and State commercial banking

units in operation in United States and possessionsat end of 1962 298

State and private banks:Number of:

December 28,1962, by States 328, 342, 356, 362December 31, 1936-62 377

Supervisors of, name and title of in each State,December 28, 1962 373

Suspensions. (See Suspensions of banks.)Uninsured, December 28, 1962 1

Bank suspensions. (See Suspensions of banks.)Borrowings. (See Assets and liabilities of banks.)Branches:

National banks:Domestic:

Number and class of, closed in year 1962 10, 186Number authorized and closed in year 1962, by

States 9,10,179Number of branches operated in United States and

possessions as of December 10, 1962 31Foreign:

Location and summary of assets and liabilities asof December 28, 1962 283, 284

Number in operation, December 28, 1962 284Limited banking facilities authorized by several States.Statements relative to 9

379


Page"Calls" for reports of condition of national banks, dates,

1914-62 190Capital accounts of national banks 4Capital stock of banks:

All banks:December 28, 1962, by States 300December 31, 1936-62 375

National banks:By size of banks (deposits), December 31, 1960

and 1962 188Call dates in 1962, by States 192Chartered in each State, in year 1962 168December 28, 1962, by States 192, 316December 31, 1936-62 376Increase during 1962 and since 1952 165-173Liquidated banks, in year 1962 168Preferred stock:

Retirable value of, on call dates in 1962 3Total outstanding, December 28, 1962 3

State and private banks:December 28, 1962, by classes of banks and by

States 328,342, 356, 362December 31, 1936-62 377

Cash in banks. (See Assets and liabilities of banks.)Charters of national banks. (See Organization of

national banks.)Circulation. (See Federal Reserve notes; National bank

circulation.)Closed banks. (See Consolidations and mergers of

banks; Liquidation of national banks; Suspensions ofbanks.)

Commercial banks. (See National banks; Privatebanks; State commercial banks.)

Comptroller of the Currency, Office of:Comptrollers, names of, since organization of the

Bureau and periods of service 160Deputy Comptrollers, names of, since organization of

the Bureau and periods of service 160Examinations conducted 19Expenses of, in year 1962 22Income of, in year 1962 22Issue and redemption of notes 20Organization and staff 20Training of field examining staff 21

Condition of banks. (See Assets and liabilities of banks.)Consolidations and mergers of banks:

Number and total resources, National, 1950-62 11Description of each consolidation, merger, and pur-

chase and sale transaction, approved by the Comp-troller of the Currency during the year 1962 23, 158

Under act November 7, 1918, as amended:Consolidations under sections 1, 2, and 3:

List of, in year 1962 170Mergers under sections 4 and 5:

List of, in year 1962 1Statements relative to 11Under Public Law 706, August 17, 1950:

List of, in year 1962 169

PageConversions of banks:

Number and total resources, National, 1950-62 12Under Public Law 706, August 17, 1950:

List of, in year 1962 169Demand deposits. (See Deposits.)Deposits (see also Assets and liabilities of banks):

All active banks, December 31, 1936-62 375Demand and time in all active banks, by State, Decem-

ber 28, 1962 304, 310National banks 5Per capita demand and time of individuals, partner-

ships, and corporations in all active banks, December28, 1962, by States 371

Postal savings:In all banks, December 28, 1962, by States 312In each class of banks, December 28, 1962, by

States 299In national banks, call dates in 1962, by States 192

Savings:In all banks, December 28, 1962, by States 304, 312In national banks, call dates in 1962, by States 192

Size of national banks, according to, December 31,1961 and 1962 188

Suspended banks. (See Suspensions of banks.)United States Government securities:

In all banks, December 28, 1962, by States 300In each class of banks, December 28, 1962 298In national banks, call dates in 1962, by States 192

District of Columbia:Assets and liabilities of all commercial banks:

Call dates in 1962 287December 28, 1962, by classes 285

Income, expenses, and dividends of banks in:Losses charged off on loans and securities:

Years 1943-62 293, 295Year 1962, by classes of banks 285

Occupancy expense of bank premises, by classes ofbanks, year 1962 285

Ratios to loans and securities:Years 1943-62 293, 295Year 1962, by classes of banks 285

Fiduciary activities of banks in, December 28, 1962.. 297Dividends. (See Income, expenses, and dividends of

national banks.)Earnings, expenses, and dividends of national banks.

(See Income, expenses, and dividends of nationalbanks.)

Employees. (See Comptroller of the Currency, Officeof; Officers and employees of national banks.)

Examinations conducted: Number in year 1962 19Expenses. (See Comptroller of the Currency, Office of;

Income, expenses, and dividends of national banks.)Failures of banks. (See Suspensions of banks.)Federal Reserve notes: Issue and redemption of, in

year 1962 20Fiduciary activities of national banks:

By national bank regions, December 28, 1962 246Classification of investments under administration seg-

regated according to capital of banks, December 28,1962 247

Comparative figures of activities, 1951-62 247

3R0


PageFiduciary activities of national banks—Continued

December 28, 1962, by States 248December 28, 1962, segregated according to capital

groups 244National banks administering employee benefit trusts

and agencies during 1962, by national bank regionsand by States 250, 251

Statement relative to 14Foreign branches of national banks, location, and sum-

mary of assets and liabilities of, December 28,1962. 283, 284Government bonds. (See Investments; United States

Government securities.)Income, expenses, and dividends of national banks:

According to size of banks (deposits), year 1962 274By Federal Reserve districts, year 1962 268By States, year 1962 252Comparison of years ended December 31, 1961 and

1962 12Losses charged off on loans and securities:

Years 1943-62 282Year 1962, according to size of banks (deposits) 274

Occupancy expense of bank premises, by States, year1962 264

Ratios:Dividends to capital stock and capital funds, years

1930-62 281Net profits before dividends to capital stock and

capital funds, years 1930-62 281Salaries and wages of officers and employees:

By size of banks (deposits), year 1962 276Year 1962 256, 266

Insolvent banks. (See Suspensions of banks.)Insured banks. (See Suspensions of banks; Federal De-

posit Insurance Corporation.)Interbank deposits. (See Assets and liabilities of banks.)Interest. (See Income, expenses, and dividends of na-

tional banks.)Investments of banks:

All banks:December 28, 1962, by States 300December 28, 1962, by classes of banks 298, 368December 31, 1936-62 375

National banks:By size of banks (deposits), December 31, 1961 and

December 28, 1962 188Call dates in 1962, summary and by States 2,192December 28, 1962, by States 316December 31, 1936-62Losses charged off on:

According to size of banks (deposits), year 1962. .Year 1962 by States and Federal Reserve districts.

376

274252,268282Years 1943-62

State and private banks; December 28, 1962, byStates 328, 342, 356, 362

Liabilities. (See Assets and liabilities of banks.)Liquidation of national banks (see also Suspensions of

banks):Capital, date, and title of banks, in year 1962, with

names of succeeding banks in cases of succession.... 168Litigation involving Comptroller of Currency, pertaining

to national banks 15Loans and discounts of banks:

PageAll banks:

December 28, 1962, classification of, by States 306December 28, 1962, classification of, by classes of

banks 298December 31, 1936-62 375

National banks:By size of banks (deposits), December 31, 1961 and

1962 188Call dates in 1962, summary and by States 2,192December 28,1962, classification of, by States 320December 31, 1936-62 376Interest and discount earned on:

According to size of banks (deposits), year 1962.. 274Year 1962, by States and Federal Reserve districts. 252,

268Years 1943-62 282

Losses charged off on:According to size of banks (deposits), year 1962.. 274Year 1962, by States and Federal Reserve districts. 261,

268Years 1943-62 282

Real estate loans of:December 28, 1962, by States 320

Reserve for bad debt losses on 261, 268, 274State and private banks, December 28, 1962, classi-

fication of, by States 334, 348, 358, 364Losses. (See Income, expenses, and dividends of national

banks.)Mergers. (See Consolidations and mergers of banks.)Municipal bonds. (See Investments of banks.)Mutual savings banks:

Assets and liabilities of: December 28,1962, by States. 356National bank circulation: Outstanding, December 28,

1962 20National bank examiners. (See Examiners and assistant

examiners.)National banks:

Assets and liabilities of—Call dates in 1962, by States 192December 28, 1962, by States 316Principal items of, according to size of banks (de-

posits), December 31, 1961 and 1962 188Principal items of, December 31, 1936-62 376

Branches. (See Branches.)By size of banks, on basis of deposits, December 31,

1961 and 1962 188"Calls" for reports of condition of, dates, 1914-62 . . . 190Capital stock. (See Capital stock of banks.)Charters granted in year 1962 5,8, 9,162, 165,168Consolidations. (See Consolidations and mergers of

banks.)Conversions to State banks, in year 1961, list of 169Deposits. (See Deposits.)Dividends. (See Income, expenses, and dividends of

national banks.)Earnings and expenses. (See Income, expenses, and

dividends of national banks.)Failures of. (See Suspensions of banks.)Fiduciary activities. (See Fiduciary activities of

national banks; District of Columbia.)Insolvent. (See Suspensions of banks.)Investments. (See Investment of banks.)Liquidation of, in year 1962 168

381


PageNational banks—Continued

Loans and discounts. (See Loans and discounts ofbanks.)

Number of:Call dates in year 1962, by States 192Chartered and closed: Since February 25, 1863 161December 31, 1936-62 376In existence December 28, 1962, by States 316With surplus fund equal to or exceeding common

capital stock 1942-62 189With surplus fund less than common capital stock

1942-62 189Occupancy expense of bank premises:

By size of banks (deposits), year 1962 276Year 1962, by States and Federal Reserve districts.. 257,

270Officers and employees, number and salaries of:

By size of banks (deposits), year 1962 276Year 1962, by States and Federal Reserve districts. 256,266

Reports required from in year 1962 14State banks purchased by, in year 1962, list of 170State of 1Trust functions. (See Fiduciary activities of national

banks.United States Government securities owned by. (See

United States Government securities.)Occupancy expense of bank premises of national banks.

(See National banks; Income, expenses, and dividendsof national banks.)

Officers and employees of national banks:Number and salaries of:

By size of banks (deposits), year 1962 276Year 1962, by States and Federal Reserve districts. 256,

266Organization of national banks:

Charters granted, in year 1962, list of, by States.. .„ 8,165,168

Charters granted which were conversions of Statebanks, in year 1962 168

Number of, by States, from February 25, 1863, toDecember 28, 1962 161

Summary, in year 1962 8Per capita demand and time deposits of individuals,

partnerships, and corporations, in all active banks:December 28, 1962, by States 371

Population, United States, December 28, 1962, byStates 371

Possessions:Assets and liabilities of banks in:

All banks, December 28, 1962 298,300Banks other than national, December 28, 1962.. 328,

342,356,362National banks, call dates in 1962 192National banks, December 28, 1962 316

Income, expenses, and dividends of national banksin, year 1962 252,268,274

Per capita demand and time deposits of individuals,partnerships, and corporations, of all banks in,December 28, 1962 371

Postal savings. (See Deposits.)

Pag.Private banks:

Assets and liabilities of: December 28, 1962, byStates 362

Suspensions. (See Suspensions of banks.)Profits. (See Assets and liabilities of banks; Income,

expenses, and dividends of national banks.)Public funds. (See Assets and liabilities of banks.)Real estate held by banks. (See Assets and liabilities

of banks.)Real estate loans. (See Loans and discounts of banks.)Reports from national banks in year 1962 14Reserves for bad debt losses on loans: Maintained by

national banks December 28, 1962 261,268,274Reserve with Federal Reserve banks. (See Assets and

liabilities of banks.)Salaries and wages of officers and employees of national

banks. (See Income, expenses, and dividends ofnational banks.)

Savings banks. (See Mutual savings banks.)Savings deposits. (See Deposits.)Securities. (See Investments of banks; United States

Government securities.)State bank suspensions. (See Suspensions of banks.)State banking officials: Name and title of: in each

State, December 28, 1962 373State banks purchased by national banks, list of, during

year 1962 170State commercial banks:

Assets and liabilities of, December 28,1962, by States. 342Insured, December 28, 1962 1Member banks of Federal Reserve System, Decem-

ber 28, 1962 1Nonmember banks of the Federal Reserve System,

December 28, 1962 1Suspensions. (See Suspensions of banks.)Uninsured, December 28, 1962 1

Stock savings banks. (See State commercial banks.)Supervisors of State banks, name and title of, in each

State, December 28, 1962 373Suspensions of banks:

All banks:Number, capital, and deposits of suspended banks:

Since inauguration of Federal deposit insurance,years 1934-62 378

National banks:Number, capital, and deposits of: Since inauguration

of Federal deposit insurance, years 1934-62 378State banks:

Number, capital, and deposits of: Since inaugura-tion of Federal deposit insurance, years 1934-62.. 378

Taxes. (See Income, expenses, and dividends of nationalbanks.)

Time deposits. (See Deposits.)Titles of national banks. (See Consolidations and

mergers of banks; Organization of national banks.)Training of field examining staff. (See Comp. of the

Curr., Office of.)Trust companies. (See State commercial banks.)Trust powers of national banks. (See Fiduciary activi-

ties of national banks.)

382


Papre PageUnited States Government deposits. {See Deposits.) United States Government securities:—ContinuedUnited States Government securities: Call dates in 1962, by States 192

All banks: December 28, 1962, by States 316December 28, 1962, by States 300 December 31, 1936-62 376December 28, 1962, by classes of banks 298 State and private banks:December 31, 1936-62 375 December 28, 1962, by States 328, 342,356, 362

National banks: December 31,1936-62 377By size of banks (deposits), December 31,1961 and Voluntary liquidation of national banks. (See Liquida-

December 28,1962 188 tion of national banks.)

383
