Commissioner Banking and Insurance
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You Are Viewing an Archived Copy from the New Jersey State Library STATE OF NEW JERSEY Commissioner of I 1 Banking and Insurance ANNUAL ---AA;·<c···REPORT BUREAU OF BANKING 1951 You Are Viewing an Archived Copy from the New Jersey State Library Table of Contents Pages Report of Commissioner ............................................. v to xxx Aggregate Resources and Liabilities All Banks and Savings Banks .............................. vii Banks ..................................................... viii Savings Banks ............................................. xiii National Banks ............................................ xv Credit Unions ............................................. XlX Small Loan Licensees ...................................... XXl Pawnbrokers .............................................. XXll Provident Loan Associations ............................... xxiii Foreign Banking Institutions authorized to transact business in the State of New Jersey .................................... : .. xiv Condition of Banks in Liquidation .............................. xvi Sales Finance Companies authorized to transact business in the State of New Jersey ............................................ xx iv Cemetery Associations authorized to transact business in the State of N ev.r Jersey ............................................ xxviii Money Remitters authorized and certificates surrendered during the year ...................................................... xxx STATISTICS Banks, 1900-1951 (1) Savings Banks, 1900-1951 . (1) BANKS Second Federal Reserve District (New York) List of banks in the Second Federal Reserve District with dates of in corporation and certificates of authority issued and names of presi- dents and treasurers . 2- 5 Assets and Liabilities, December 31, 1951 . 8-15 BANKS Third Federal Reserve District (Philadelphia) List of banks in the Third Federal Reserve District with dates of incor poration and certificates of authority issued and names of presidents and treasurers ................................................. 6- 7 Assets and Liabilities, December 31, 1951 ............................ 16-19 You Are Viewing an Archived Copy from the New Jersey State Library iv TABLE OF CONTENTS SA VIN GS BANKS Pages List of Savings Banks with dates of incorporation and commencement of business and names of presidents and treasurers . 20-21 Assets and Liabilities, December 31, 1951 . 22-25 Unclaimed deposits exceeding one hundred dollars. December 31, 1951 . 26-33 Condition as found by the latest official examinations made to December 31, 1951 . 34-35 CREDIT UNIONS List of credit unions with dates of incorporation and commencement of business and names of presidents and treasurers . 36-37 Schedule of assets, liabilities, receipts, disbursements, miscellaneous 38-49 PROVIDENT LOAN ASSOCIATIONS List of provident loan associations with dates of incorporation and com mencement of business and names of presidents and treasurers .... 50-51 Schedule of assets, liabilities, receipts and disbursements 50-51 SMALL LOAN LICENSEES Assets, December 31, 1951 .......................................... 52-59 Liabilities and Income, December 31, 1951 ........................... 60-67 Expense and Profit, Dec~mber 31, 1951 ............................. 68-75 PAWNBROKERS Assets, December 31, 1951 . 76-77 Liabilities, December 31, 1951 . 78-79 Income and Initial Surplus or Net 'vVorth, December 31, 1951 . 80-81 Expense and Surplus or Net \Vorth, December 31, 1951 . 82-83 You Are Viewing an Archived Copy from the New Jersey State Library ANNUAL REPORT DEPARTMENT OF BANKING AND INSURANCE BUREAU OF BANKING March 12, 1952. 'l_lo the Honorable the Senate and General Assembly: In compliance with the statute, I have the honor to sub mit the report of this department relating to banks, savings banks, banks in liquidation, credit unions, provident loan associations, small loan brokers, pawnbrokers, sales finance companies, cemetery associations, and check cashers, for the year ending December 31, 1951. The number, total resources, surplus and undivided profits and deposits, as reported by the banks and savings banks, for December 31, 1951 (amounts in thousands of dollars), are given in the following summary: AGGREGATE RESOURCES, CAPITAL, SURPLUS UNDIVIDED PROFITS AND DEPOSITS December 31, 1951 (Amounts in thousands of dollars) Surplus No. Total Resources Capital Stock Undivided Profits Deposits 118 Banks • . • . $2,631,520 $54,300 $107,493 $2,441.707 23 Savings Banks . 741,082 71,509 663,079 141 Totals . • . $3,372,602 $54,300 $179,002 $3,104,786 (v) You Are Viewing an Archived Copy from the New Jersey State Library vi BANK REPORT Deposits of all reporting institutions amounted to $3,104,786,000, of which $1,457,117,000 were demand and $1,647,669,000 time deposits, an increase of $169,493,000. The total deposits in the 118 commercial institutions showed $2,441,707,000, an increase of 4.5%, while the de posits in the 23 savings banks amounted to $663,079,000, an increase of 10.7%. Time deposits in the savings banks at $653,266,000 were 10.6% higher, while time deposits of $994,403,000 in the commercial banks were .4% higher. Time deposits of individuals, partnerships and corpora tions reported by all institutions increased 4.7%, while de mand deposits of the same group increased 6.8%. · Government securities made up 40.3% of the total assets as compared with 44.0% a year ago, while cash represented 15.1% of the total as against 14.0%. Loans, including mortgages, in the commercial banks were 30.1 % and security investments 50.3% of total assets. This was in marked contrast to comparable figures of five years ago when loans were 18.3% and securities 64.6%. Savings bank figures similarly reflected the national change in investment and loaning policies, for whereas investments December 31, 1951, ·were 59.2 % of total assets and loans 35.2%, comparable statistics five years earlier showed 74.9% in investments and but 18.8% in loans. The total of banking plants and real estate in the com mercial banks, other than sold under agreement, showed a ratio of 17.8% of total capital accounts, the same as a year ago. The comparable ratio for the savings banks showed 5.8% of surplus and reserves as against 6.2% a year ago. The total capital accounts of the commercial banks repre sented 7.0% of their total deposits, as compared with 7.1 % a year ago. The comparable ratio for the savings banks showed 11.1 % as compared with 11.7%. The ratio of capital accounts of the commercial banks to deposits less cash and U. S. Government securities was 18.8% as com pared with 20.3% a year ago. The comparable ratio of the savings banks showed 23.0% as compared with 26.8%. You Are Viewing an Archived Copy from the New Jersey State Library BANK REPORT vii CONDITION OF ALL BANKING INSTITUTIONS The comparative condition in the aggregate of banks and savings banks as at the close of 1951 and 1950 was as follows: Assets Dec. 31, 1951 Dec. 31, 1950 (Amounts in thousands of dollars) Cash, balances with other banks . $509,953 $448,313 U. S. Government obligations, direct and guaranteed 1,359,661 1,404,485 Obligations of states and political subdivisions . 210,122 177,113 Other bonds, notes, and debentures . 181,162 173,317 Corporate stocks (including Federal Reserve Bank stock) ...................................... 11,636 12,142 Loans and discounts ........................... 400,547 362,664 Bonds and mortgages .......................... 652,990 570,785 Banking premises owned and furniture and fixtures 34,478 33,325 Real estate owned other than banking premises .. 269 483 Real estate sold under agreement ............... 62 23 Bank premises or real estate carried in other assets 212 248 Customers' liability under acceptances outstanding .. 127 315 Other assets ................................... 11,383 11,125 Total assets ........................... $3,372,602 $3,194,338 Liabilities Demand deposits of individuals, partnerships and corporations ................................. $1,218,269 $1,140,308 Time deposits of individuals, partnerships and cor- porations .................................... 1,627,556 1,554,466 Deposits of United States Government, including postal savings ............................... 37,787 36,497 Deposits of states and oolitical subdiYisions ..... 152,396 140,114 Deposits of banks .... -......................... 30,693 26,687 Otfier deposits, certified and officers' checks, etc. 38,085 37.221 Total deposits ......................... $3,104,786 $2,935,293 Acceptances outstanding ........................ 127 315 Other liabilities ................................ 21,784 22,109 ----- Total liabilities (except capital accounts) .. $3,126,697 $2,957,717 Capital Accounts Capital stock and debentures .................... 54,300 54,043 Surplus ....................................... 142,850 130,020 Undivided profits .............................. 36,152 34,530 Reserves and retirement account for preferred stock 12,603 18,028 Total capital accounts .................. $245,905 $236,621 Total liabilities and capital accounts ..... $3,372,602 $3,194,338 You Are Viewing an Archived Copy from the New Jersey State Library viii BANK REPORT CONDITION OF THE BANKS The banks in active business at the close of 1951 num bered 118, which is three less than the number in operation at the beginning of the year. Their condition in the aggre gate as at the close of 1951 and 1950 was as follows: Assets Dec. 31, 1951 Dec. 31, 1950 (Amounts in thousands of