Commissioner of Banks Report, 1968-69

Public Document No. 8 <E{)e Commontoealtf) of flla£#acf)uaette DIVISION OF BANKS AND LOAN AGENCIES >v>Vh . M^ ' &ti***> *0- U>Û^ô^ O ANNUAL REPORT OF THE COMMISSIONER OF BANKS FOR THE Fiscal Year Ended October 31, 1968 ,*r^^ ^|/U SECTION C „« RELATING TO •4 J. M*-C ' SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS FEB 4 1970 >£ * bu^ro/M 3? zi r^ q L t p*^>.Cr I Wbt Commontoealtf) of jfWas&acfmêtte DIVISION OF BANKS AND LOAN AGENCIES 100 Cambridge Street, Boston Commissioner of Banks Freyda P. Koplow Deputy Commissioner of Banks William P. Morrissey Deputy Commissioner of Banks and General Counsel Robert J. Maietta Director of Savings Bank Examinations Francis D. Crimmins CONTENTS PAGE Savings Banks and Institutions for Savings: Abstracts of Annual Reports ......... 49 Aggregate Statements Index ; . .103 Alphabetical Index .......... x General Remarks ........... v Legislation ............ viii Lists Showing Locations, Officers, Trustees, etc. ... 3 Mutual Savings Central Fund, Inc.: Statements of Condition . .102 Location, Officers, Directors, etc. ........ 47 Savings Bank Investment Fund: Statement of Condition .... ..... 102 Location, Officers, Directors, etc. ........ 47 Savings Banks Employees Retirement Association: Statement of Condition . .102 Location, Officers, Trustees, etc. ........ 47 Savings Bank Life Insurance: Exhibits 113 • • « .< Commissioner's Letter of Transmittal ®f)e CommcmtoealtJ) of jfllaatfacfmtfette Office of the Commissioner of Banks 100 Cambridge Street, Boston February 1, 1969 To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts: I have the honor of submitting to you herewith the annual report of the Commissioner of Banks relating to Savings Banks and Institutions for Savings, pursuant to the provisions of General Laws, Chapter 167, Sec- tion 9. The financial statements and miscellaneous data incorporated herein pertaining to Savings Banks and Institutions for Savings are for the fiscal year ended October 31, 1968. Respectfully, Freyda P. Koplow Commissioner of Banks P.D. 8, Section C v SAVINGS BANKS AND INSTITUTIONS FOR SAVINGS As of the fiscal year ended October 31, 1968, there were 176 such banks in active operation. However, on September 18, 1968, permission was granted, effective as of the close of business October 31, for the merger of the Warren Institution for Savings and the Union Savings Bank of Boston under the charter of the Warren Institution for Savings and name of Union Warren Savings Bank. (For the purpose of compiling statistical information for this annual report, the activity for the fiscal year has been reported on an individual basis for the latter two banks.) During the fiscal year ended October 31, 1968, the following four schedules indicate the activity which occurred with respect to main office relocations, temporary main office relocation, branch offices opened, and also branch offices which have been authorized but not, as yet, in operation: MAIN OFFICE RELOCATIONS Date Date Relocation Authorized Opened Name of Bank Authorized January 27, 1967 Lynn Institution for Savings 258-270 Union Street, Lynn June 23, 1967 October 21, 1968 Amherst Savings Bank 1 Pleasant Street, Amherst February 12, 1968 Grove Hall Savings Bank 31-33 Washington Street, Brighton TEMPORARY MAIN OFFICE RELOCATION Date Date Relocation Authorized Opened Name of Bank Authorized January 16, 1968 April 19, 1968 Wakefield Savings Bank 16 Albion Street, Wakefield BRANCH OFFICES OPENED Date Date Location Authorized Opened Name of Bank May 25, 1967 November 20, 1967 Ipswich Savings Bank Corner of Martin and Pick- ering Streets, Essex July 26, 1967 November 20, 1967 The Provident Institution *120 Franklin Street, Boston for Savings in the Town of Boston December 18, 1967 November 27, 1967 Ludlow Savings Bank 455-457 Main Street, Wil- braham November 14, 1966 December 2, 1967 Springfield Institution for 1425 Westfield Street, West Savings Springfield May 25, 1967 December 22, 1967 Framingham Savings Bank 575 Worcester Road (Route 9), Framingham July 7, 1966 December 28, 1967 Lynn Five Cents Savings Vinnin Square Shopping Bank Center, Paradise Road, Swampscott May 2, 1967 January 29, 1968 Medford Savings Bank 394A Main Street, Medford June 29, 1967 April 1, 1968 Springfield Institution for Eastfield Mall, 1655 Boston Savings Road, Springfield November 14, 1966 April 29, 1968 Lawrence Savings Bank 20 Jackson Street, Methuen April 20, 1967 June 10, 1968 The Boston Five Cents 1895 Centre Street, West Savings Bank Roxbury November 14, 1966 June 26, 1968 Westfield Savings Bank 643 Main Street, Agawam June 27, 1967 August 15, 1968 Hudson Savings Bank Hudson Shopping Center, Route 85, Washington Street, Hudson September 6, 1967 September 3, 1968 The Andover Savings Bank 547 Broadway, Methuen January 4, 1967 September 5, 1968 Amherst Savings Bank 487 Newton Street, South Hadley April 22, 1966 September 30, 1968 Suffolk Franklin Savings 1 State Street, Boston Bank November 6, 19G7 October 26, 1GGS Northampton Institution Ei" V Chop] !::y Com] lex, for Savings North King Street, North- ampton April 22, 1968 October 30, 1968 Worcester County Institution 651 Chandler Street, for Savings Worcester Relocation VI P.D. 8, Section C BRANCH OFFICES AUTHORIZED — NOT IN OPERATION OCTOBER 31, 1968 Date Authorized Name of Bank Proposed Location June 1, 1967 Medford Savings Bank Wellington Circle Shopping area, lor-ated on the FelLsway, Med- ford September 11, 1967 Beverly Savings Bank North Beverly Plaza, Dodge Street, Beverly October 30, 1967 The Franklin Savings Institution Federal Street, between Abbott Street and Woodleigh Avenue, Greenfield November 6, 1967 New Bedford Five Cents Savings Bank Smith Mills area of Dartmouth, on the northwest corner of State Road — Route 6 and Hixville Road January 8, 1968 Quincy Savings Bank 138 Franklin Street, South Quincy January 26, 1968 The Boston Five Cents Savings Bank 704-708 BoyLston Street, Boston March 7, 1968 The Worcester North Savings Institution Mill and Haws Streets, Leominster April 10, 1968 Worcester Five Cents Savings Bank *567 Main Street, Shrewsbury April 22, 1968 Cape Cod Five Cents Savings Bank Main Street. Brewster July 1, 1968 Suffolk Franklin Savings Bank 217 Adams Street, Dorchester July 3, 1968 Dorchester Savings Bank 700 American Legion Highway, Roslindale July 18, 1968 The Braintree Savings Bank South Shore Plaza. Braintree September 25, 1968 Springfield Institution for Savings fTo a store to be leased at 23 St. James Boulevard, Springfield, or to a trailer or portable build- ing on the present site September 27, 1968 Dedham Institution for Savings East Dedham Square, presently referred to as the Bussey Street L'rban Renewal Project of the Dedham Housing Authority, Dedham September 27, 1968 Suffolk Franklin Savings Bank 1906 Centre Street, West Roxbury October 1, 1968 Falls-Mechanics Savings Bank Northeast corner of Memorial Drive and Keddy Boulevard, Chicopee *Relocation fTemporary Relocation As of the fiscal year ended October 31, 1968, 87 banks had been authorized to operate branch offices, and there were 197 branches in operation (four of which are operating as mobile branches). Assets The total assets of such banks at the end of the fiscal year amounted to $10,917 million. During the fiscal year the assets increased approximately $584 million, an increase of 5.65 per cent which represents a continual increase. Annual Total Assets as of Oct. 31 Increase Percentage Year (in thousands of dollars) (in thousands of dollars) of Increase 1964 $8,779,990 $707,096 8.76 1965 9,432,073 652,083 7.43 1966 9,744,613 312,540 3.31 1967 10,333,580 588,967 6.04 1968 10,917,389 583,809 5.65 Investments in U. S. Government holdings have decreased approximately $272 million and municipal obligations $5.9 million. The total investment in bank and fire insurance company stocks increased approximately $25 million and other types of bonds $376 million during the year. The largest dollar and percentage gain as compared to figures contained in the previous annual report for the year ended October 31, 1967, is reflected in the loans granted on real estate. The dollar increase amounted to approximately $424 million which total appears to indicate that the steady requirement of funds for financing of home and business construction is being provided for by these types of banks. The total real estate loans outstanding at the end of this fiscal year amount to $7,728 million and represent 70.79 per cent of the total assets. P.D. 8, Section C vii Deposits The deposit liability of the 176 savings banks at the close of business October 31, 1968, amounted to $9,704 million and represented 3,643,360 accounts. The club deposit figure amounting to $25 million is not included in the foregoing amount. During the fiscal year ended October 31, 1968, deposits increased in the amount of $526 million which compares with an increase of $536 million in the preceding year* Surplus The total surplus and reserve accounts for all savings banks at the close of this fiscal year amounted to $869 million, or 8.93 per cent of the total deposits. The amount of these surplus accounts has increased approximately $35 million since the fiscal year ended October 31, 1967. The volume of these surplus and reserves, in the opinion of this department, is adequate to properly protect the interest of the depositors. Dividends Dividend rates have continued to increase during the twelve months ended October 31, 1968. Statement number 3 of this report is now headed "Dividend Rates", and includes rate tables on Ordinary Deposits, Special Notice Account Deposits and an Average of All Dividend Rates. It should be borne in mind that the rates as shown do not necessarily indicate the current rates presently being paid. The amount of dividends paid to depositors for the twelve-month period totaled approximately $437 million, which is an increase of $39 million over the preceding year. MUTUAL SAVINGS CENTRAL FUND, INC.

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