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Commissioner of Banking You Are Viewing an Archived Copy from the New Jersey State Library STATE OF NEW JERSEY Commissioner of Banking. and Insurance ANNUAL REPORT BUREAU OF BANKING 1953 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 Ra1:ks ......................................................... vii Saving·~ Eanks ................................................ Xll :-Jational Banks ................................................ XlV Credit Cnions ................................................. XVl Small Lo~m Licensees .......................................... xviii Pav;nbrokers .................................................. XIX Provident Loan Associations ................................... XX! Foreign Banking Institut;ons authcrizecl to tran~act business in the State of ~ ew Jersey .......................................... xiii Licensees under the Check Cashing law ............................. xv Sales Finance Companies authorized to transact business in the State of K e\v Jersey ................................................... xxiii Cemetery Associations authorized to transact business in the State of :~ e1v Jersey ................................................... xx vii Money Remitters authorized and certicates surrendered during the year XXlX STATISTICS Banks, 1900-1953 (1) Savings Banks, 1900-1953 ............................................... (1) BANKS Second Federal Reserve District (New York) List of banks in the Second Federal· Reserve District with dates of incorpo­ ration and certificates of authority issued and names of presidents and treasurers . 2'- 5 Assets and Liabilities, December 31, 1953 . 8-15 BANKS Third Federal R!eserve District (Philadelphia) List of banks in the Third Federal Reserve District with dates of incorpo­ ration and certificates of authority issued and names of presidents and treasurers . 6- 7 Assets and Liabilities, December 31, 1953 . 16-19 (iii) 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, 1953 .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 22-25 Unclaimed deposits exceeding one hundred dollars, December 31, 1953 . 26-33 Condition as found by the latest official examinations made to December 31, 1953 . 34-35 CREDIT UNIONS List of credit unions with dates of incorporation and commencement of business and names of presidents and trearnrers . 36-39 Schedule of assets, liabilities, receipts, disbursements, miscellaneous . 40~51 PROVIDENT LOAN ASSOCIATIONS List of provident loan associations with dates of incorporation and com- mencement of business and names of presidents and treasurers ....... 52-53 Schedule of assets, liabilities, receipts and disbursements ................. 52-53 SMALL LOAN LICENSEES Assets, December 31, 1953 ............................................. 54-61 Liabilities and Income, December 31, 1953 .............................. 62-69 Expense and Profit, December 31, 1953 ................................. 70-77 PAWNBROKERS Assets, December 31, 1953 78--79 Liabilities, December 31, 1953 80-81 Income and Initial Surplus or Net Worth, December 31, 1953 ........... 82-83 Expense and Surplus or Net Worth, December 31, 1953 ................. 84-85 You Are Viewing an Archived Copy from the New Jersey State Library ANNUAL REPORT DEPARTMENT OF BANKING AND INSURANCE BUREAU OF BANKING Trenton, March 3, 1954. To the Honorable the Senate and General Assembly: In compliance with the statute, I have the honor to submit the report of this department relating to banks, savings banks, credit unions, provident loan associations, small loan brokers, pawnbrokers, sales finance companies, cemetery associations, and check cashers, for the year ending De­ cember 31, 1953. The number, total resources, surplus and undivided profits and deposits, as reported by the banks and savings banks, for December 31, 1953 (amounts in thousands of dollars), are given in the following summary: AGGREGATE RESOURCES, CAPITAL, SURPLUS UNDIVIDED PROFITS AND DEPOSITS December 31, 1953 (Amounts in thousands of dollars) . Surplus No. Total Resources Capital Stock Undivided Profits Deposits 115 Banks . $2,680,755 $58,925 $116,944 $2,472,808 23 Savings Banks . 922,813 76,765 837,743 --- 138 Totals . $3,603,568 $58,925 $193,709 $3,310,551 (v) You Are Viewing an Archived Copy from the New Jersey State Library Vl BANK REPOI(l Deposits of both classes of reporting institutions amounted to $3,310,551,000, of which $1,469,025,000 were demand and $1,841,526,000 time; an increase of $136,230,000. Deposits in the 115 commercial institutions of $2,472,808,000 represented an increase of 2.1 %, while those in the 23 sav­ ings banks, largely time, amounted to $837 ,7 43,000; an in­ crease of 10.7%. Time deposits of $1,013,467,000 in the com­ mercial banks were 2.4% higher. Government securities made up 35.2% of the assets, com­ pared with 37.2% a year ago, while cash represented 13.4% as against 14.3%. Loans, including mortgages, in the commercial banks were 34.9% and securities 46.9% of total assets. T.he respective percentages were 33.2% and 48% a year ago. Mortgages in savings banks, December 31, 1953, were 39 .1 % of total assets and investments 55.7% compared with respective percentages of 36.3% and 57.9%. Investment in banking plants in the commercial banks was 17% of capital accounts, compared with 17.5% in De­ cember, 1952. Comparable figures for savings banks showed 8.1 % of surplus accounts against 6.7% a year ago. Capital accounts of the commercial banks represented 7.4% of deposits, compared with 7.1 % a year ago. The comparable ratio for savings banks showed 9.4% against 10% in 1952. The ratio of capital accounts of the commer­ cial banks to deposits, less deposits invested in cash and United States Government securities, was 17.1%, as com­ pared with 17% last year. The comparable ratio of the savings banks showed 16.2%, compared with 17%. You Are Viewing an Archived Copy from the New Jersey State Library BANK REPORT vii CONDITION OF THE BANKS The banks in active business at the close of 1953 numbered 115, which is one more than the number in operation at the beginning of the year. Their condition in the aggregate as at the close of 1953 and 1952 was as follows: Assets Dec. 31, 1953 Dec. 31, 1952 (Amounts in thousands of dollars) Cash, balances with other banks ................ $447,123 $453,595 U. S. Government obligations, direct and guaranteed 956,780 965,275 Obligations of states and political subdivisions ... 233,040 218,012 Other bonds, notes, and debentures ............. 56,805 61,653 Loans cind discounts ........................... 489,277 444,416 Corporate stocks (including Federal Reserve Bank stock) ....................................... 10,916 11,079 Bonds ancl mortgages ........................... 445,940 425,720 Banking premises owned and furniture and fixtures 30,974 29,556 Real estate owned other than banking premises ... 140 46 Real estate sold under agreement ................ 52 74 Bank premises or real estate carried in other assets 209 259 Customers' liability under acceptances outstanding .. 183 109 Other assets ................................... 9,316 8,723 Total assets ........................... $2,680,755 $2,618.517 Liabilities Demand deposits of individuals, .partnerships and corporations ................................. $1,203,949 $1,186,954 Time deposits of individuals, partnerships and cor- porations .................................... 995,130 972,010 Deposits of United States Government, including postal savings ............................... 51,832 55,558 Deposits of states and political subdivisions ..... 150,786 140,171 Deposits of banks .............................. 29.195 26.064 Other deposits, certified and officers' checks, etc. 41,916 40,798 ---- Total deposits ......................... $2,472,808 $2,421,555 Bills payable, rediscounts, etc .................... 200 3,690 Acceptances outstanding ........................ 182 108 Other liabilities ................................ 24,513 22,306 Total liabilities (except capital aaounts) $2,497,703 $2,447,659 Capital Accounts Capital stock .................................. $56,727 $55,044 Capital notes ( 3 banks) ........................ 2,198 Surplus ....................................... 82,063 75,648 Undivided profits .............................. 34,881 33,292 Reserves and retirement account for pref erred stock 7,183 6,874 Total capital accounts .................. $183,052 $170,858 Total liabilities and capital accounts ..... $2.680.755 $2.618.517 You Are Viewing an Archived Copy from the New Jersey State Library viii BANK REPORT NEW BANK The First State Bank of Union, of the Township of Union, was incorporated by certificate of incorporation filed on February 26, 1953, and was authorized to commence busi­ ness on July 28, 1953. RETIREMENT OF PREFERRED STOCK The right to retire preferred stock was availed of by the following institutions: Amount of Certificate Name Location Stock Retired Filed Camdea Trust Company ............•• Camden .......... $50,000 Jan. 30, 1953 Camden Trust Company .............. Camden .......... 50,000 July 31, 1953 ColYl:nonwealth Trust Company ...•.... Union City ........ 50,000 July 17, 1953 Pitman Title and Trust
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