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Download (Pdf) Annual Report 1967 The Administrator of National Banks William B. Gamp Comptroller of the Currency THE UNITED STATES TREASURY, WASHINGTON For sale by the Superintendent of Documents, TJ.S. Government Printing Office Washington, D.C. 20402 - Price $1.75 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Letter of Transmittal TREASURY DEPARTMENT, OFFICE OF THE COMPTROLLER OF THE CURRENCY, WASHINGTON, D.C., AUGUST 15, 1968 SIRS: Pursuant to the provisions of Section 333 of the United States Revised Statutes, I am pleased to submit the 1967 Annual Report of the Comptroller of the Currency. Respectfully, WILLIAM B. CAMP, Comptroller of the Currency. THE PRESIDENT OF THE SENATE THE SPEAKER OF THE HOUSE OF REPRESENTATIVES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Contents Title of Section Page I. Condition of the National Banking System 1 II. Income and Expenses of National Banks 3 III. Structural Changes in the National Banking System 6 IV. Bank Examinations and Related Activities 13 V. Litigation 14 VI. Fiduciary Activities of National Banks 17 VII. International Banking and Finance 18 VIII. Administrative and Management Developments 20 IX. Financial Operations of the Office of the Comptroller of the Currency. 23 X. Issue and Redemption of Currency 27 Appendices A. Merger Decisions, 1967 30 B. Statistical Tables 162 C. Addresses and Selected Congressional Testimony of William B. Camp, Comptroller of the Currency 220 D. Selected Correspondence of the Office of the Comptroller of the Currency 240 Index 255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Statistical Tables Table No. Title Page Table No. Title 1 Assets, liabilities, and capital account! of National 8 De novo branches of National banks opened for banks, 1966 and 1967 business, by community size and size of bank, 2 Income and expenses of National banks, calendar calendar 1967 1966 and 1967 9 Mergers, calendar 1967 3 National banks and banking offices, by States, 10 Foreign branches of National banks, by region and December 31, 1967 country, December 31, 1967 4 Applications for National bank charters, and char- 11 Office of the Comptroller of the Currency: balance ters issued, by States, calendar 1967 sheet, 1966 and 1967 5 Applications for conversion to National bank char- 12 Office of the Comptroller of the Currency: statement ters, and charters issued, by States, calendar 1967. of revenue, expenses and Comptroller's equity, 6 Branches of National banks, calendar 1967 1966 and 1967 7 De now hranrh applications of National bank?, by 13 Office of the Comptroller of the Currency: statement States, calendar 1967 of source and application of funds, year ended December 31, 1967 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis I. Condition of the National Banking System National banks experienced excellent growth in 1967. holdings, $4.8 billion, remained small relative to year Total assets reached $263.4 billion, an increase of 11.6 end totals of $34.3 billion for U.S. Governments and percent. This compares with an asset growth of 7.7 $29.0 billion for State and local obligations. National percent during 19G6. The gain in liquidity within the bank holdings of the latter increased by 22-0 percent National banking system during 1967 was dramatized duiing 1967, while the increase in U.S. Governments by a larger absolute increase in securities holdings than was 13.0 percent. in loans: the figures were $12JO billion and $9.9 billion, Total deposits of National hanks increased by $24.9 respectively. These figures, in turn, represented in- billion, or 12.1 percent during 1967. Of this increase, creases of 20.3 percent for securities and 7.B percent $10.7 billion was in demand deposits and $14.3 billion for loans duiing the year. By year end, securities ac- in time and savings deposits. As has been the case in counted for 26.5 percent of National banks' total as- recent years, the rate of growth in time and savings sets, compared with 24.4 percent a year earlier. Mean- deposits. 15.2 percent, exceeded the 9.5 percent figure while, the proportion of loans to total assets declined for demand deposits. At year end, total time and sav- from 53.8 percent to 51.9 percent The differential ings deposits equalled 46.8 percent of total deposits; rates of growlh for securities and for loans were in the comparable figures were 45.6 percent at the end of sharp contrast to the 1966 picture, when loans and 1966, 44.4 percent in 1965, and 41.8 percent in 1964. discounts increased by 8.6 percent, while securities in- The total capital accounts of National banks showed creased by only 0.6 of 1 percent. a 6.9 percent increase during 1967, compared with a Within the securities category, for the second straight 5.9 percent increase in 1966. Total capital of $19.7 year holdings of securities of Federal agencies and cor- billion yielded a capital-to=assets ratio of 7.49 percent porations showed the highest rate of increase, 59.9 at year end, compared to 7.82 percent at the end of percent in 1967. However, the absolute total of these 1966. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE I Assets, liabilities, and capital accounts of National banks, 1966 and 1967 pDollcir amounts in millions] Dec. 31, 1966, Dec. 31, 1967, Change, 1966-67 4,799 banks 4,758 banks Amount Percent Amount Percent Amount Percent distribution distribution ASSETS Cash, balances with other banks, and cash items in process of collection $41, 690 17.67 $46, 634 17.71 $4, 944 11.86 U.S. Government obligations 30, 355 12.86 34,308 13.03 3,953 13.02 Obligations of States and political subdivisions 23, 778 10.08 29, 002 11.01 5,224 21.97 Securities of Federal agencies and corporations 3,026 1.28 4,838 1.84 1,812 59.88 Other securities 509 .22 1,508 .57 999 196.27 Total securities., 57, 668 24. 44 69, 656 26.45 11, 988 Federal funds sold and securities purchased under agree- ments to resell 2,301 .97 2,562 .97 261 11.34 Direct lease financing 331 .14 412 .16 81 24.47 Loans and discounts 126,881 53.76 136, 753 51.92 9,872 7.78 Fixed assets 3,451 1.46 3,876 1.47 425 12.32 Customers' liability on acceptances outstanding 1,077 .46 1, 182 .45 105 9.7* Other assets 2,597 1.10 2, 300 i .87 —297 -11.44 Total assets. 235, 996 100.00 263,375 100.00 27, 379 11.6C LIABILITIES ! Demand deposits of individuals, partnerships, and : corporations 84,434 ! 35.78 92,686 ; 35.19 8,252 9.77 Time and savings deposits of individuals, partnerships, and corporations 83,025 ! 35.18 95, 104 : 36.11 12, 079 14.55 Deposits of U.S. Government 3,212 ! 1.36 3,297 1.25 85 2.6f Deposits of States and political subdivisions ;••;••• 16, 839 7.13 18,511 7.03 1,672 9.92 Deposits of foreign governments and official institutions, central banks, and international institutions 2,944 1.25 3,483 1.32 539 18.31 Deposits of commercial banks 12, 595 5.34 13, 963 5.30 1,368 10.86 Certified and officers' checks, etc. 3,407 1.44 4,330 1.65 923 27.0E Total deposits 206, 456 87.48 231, 374 87. 85 24, 918 • Demand deposits 112, 377 47.62 123, 038 46.72 10, 661 9.41 Time and savings deposits 94, 079 39.86 108, 336 41.13 14, 257 15.11 Federal funds purchased and securities sold under agree- ments to repurchase 2,802 1.19 3,182 1.21 380 13.56 Liabilities for borrowed money 174 .07 297 .11 123 70.6< Acceptances executed by or for account of reporting banks ' and outstanding 1,105 47 1,205 .46 100 9.0^ Other liabilities 7,000 2 97 7,587 2.88 587 8.3i Total liabilities. 217,537 92. 18 243, 645 92.51 26, 108 12.0( CAPITAL ACCOUNTS Capital notes and debentures. 1,161 .49 1,235 .47 74 6.3; Preferred stock 29 .01 55 .02 26 \ 89.6( Common stock 5,109 2.17 5,312 2.02 203 i 3.9; Surplus 8,246 3.49 8,832 3.35 586 i 7.1] Undivided profits 3,350 1.42 3,549 1.35 199 5.9^ Reserves 564 .24 747 .28 183 : 32.41 Total capital accounts 18,459 7.82 19,730 7.49 1,271 6.81 Total liabilities and capital accounts. 235,996 100.00 263,375 100.00 27,379 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis II. Income and Expenses of National Banks The principal influences on 1967 operating results by loan income declined very slightly from the 1966 of National banks were the significant relative shift figure, 66.9 percent compared to 67.0 percent. from loans to securities, the high rates prevailing on On the expense side, $685 million of the $1.2 bil- both securities portfolios and loans, and continued up- lion increase in total operating expenses was accounted ward pressure on operating expenses, notably interest for by interest paid on time and savings deposits. The paid on time and savings deposits. Net income after fraction of total expenses represented by interest paid taxes reached $1.76 billion, an increase of 11.1 percent on deposits has increased steadily in recent years; from from 1966.
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