Annual Report of the Federal Deposit Insurance Corporation 1969
Total Page:16
File Type:pdf, Size:1020Kb
ANNUAL REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION 1969 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LETTER OF TRANSMITTAL FEDERAL DEPOSIT INSURANCE CORPORATION Washington, D. C., March 9, 1970 SIRS: Pursuant to the provisions of Section 17 (a) of the Federal Deposit Insurance Act, the Federal Deposit Insurance Corporation is pleased to submit its report for the calendar year 1969. Respectfully yours, Chairman THE PRESIDENT OF THE SENATE THE SPEAKER OF THE HOUSE OF REPRESENTATIVES iii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL DEPOSIT INSURANCE CORPORATION Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL DEPOSIT INSURANCE CORPORATION BOARD OF DIRECTORS C hairm an--------------------------------------------------------------K. A. Randall D irector------------------------------------------------------------Irvine H. Sprague Comptroller of the Currency----------------------------------William B. Camp OFFICIALS Assistant to the Chairman — ------------------- ------ John L. Flannery Special Assistant to the Chairman----------------------------------- Lynn Mah Special Assistant to the Chairman for Mutual Savings Banks----------------------- — — Raymond T. Cahill Assistant to the Director-------------------- ---------— -— Alan R. Miller Special Assistant to the Director —--------------------------- John F. Burby Assistant to the Director (Comptroller of the Currency)-------------------------------Albert J. Faulstich Director, Division of Bank Supervision------------------- John L. Flannery Associate Director, Division of Bank Supervision------Edward J. Roddy General Counsel----------------------------------------------------Leslie H. Fisher Controller----------------------------------------------------Edward F. Phelps, Jr. Director, Division of Research--------------------------------Paul M. Horvitz Chief, Division of Liquidation------------------ ------------- - John J. Slocum Secretary---------------------------------------------------------------- E. F. Downey Auditor (Acting)-------------------------------------------------John D. Roderick Senior Advisor to the Board--------------------------- Raymond E. Hengren Executive Assistant to the Board--------------- — Timothy J. Reardon, Jr. Assistant to the Board------------------------------------William M. Moroney Special Assistant to the Board......... .................... Edward H. DeHority March 9, 1970 V Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL DEPOSIT INSURANCE CORPORATION REGIONS REGIONAL DIRECTORS Atlanta Memphis Lewis C. Beasley James W. Thompson Two Peachtree St., N.W.Suite 3030 165 Madison Avenue, Suite 1010 Atlanta, Georgia 30303 Memphis, Tennessee 38103 Boston Minneapolis Mark J. Laverick Roger B. West Two Center Plaza, Room 810 109 South 7th Street, Suite 710 Boston, Massachusetts 02108 Minneapolis, Minnesota 55402 Chicago New Y ork John J. Early Claude C. Phillippe 164 West Jackson Blvd., Rm. 1500 345 Park Avenue Chicago, Illinois 60604 New York, New York 10022 Columbus Philadelphia William D. Allen Charles E. Doster 37 West Broad Street, Suite 600 630 Chestnut Street, Suite 972 Columbus, Ohio 43215 Philadelphia, Pennsylvania 19106 Dallas Richmond Quinton Thompson Albert E. Clark 300 North Ervay Street,Suite 3300 908 E. Main Street, Suite 435 Dallas, Texas 75201 Richmond, Virginia 23219 Kansas City St. Louis Stanley Pugh John Stathos 925 Grand Avenue, Room 1708 720 Olive Street, Suite 2909 Kansas City, Missouri 64106 St. Louis, Missouri 63101 Madison San Francisco Wallace A. Ryen Walter W. Smith 110 E. Main Street, Room 715 44 Montgomery Street, Suite 3600 Madison, Wisconsin 53703 San Francisco, California 94104 FEDERAL DEPOSIT INSURANCE CORPORATION Main Office: 550 17th Street, N. W., Washington, D. C. 20429 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis CONTENTS Page PART ONE BANKING DEVELOPMENTS Bank performance in 1969________________________________ 3 Federal legislation________________________________________ 6 PART TWO OPERATIONS OF THE CORPORATION Disbursements to protect depositors________________________ 11 Supervisory activities______________________________________ 13 Administration of the Corporation___________________________ 21 Finances of the Corporation_______________________________ 21 Rules and regulations of the Corporation____________________ 27 PART THREE LEGISLATION AND REGULATIONS Federal banking legislation— 1969_________________________ 139 Rules and regulations of the Corporation— 1969_____________ 170 State banking legislation— 1969___________________________ 218 PART FOUR STATISTICS OF BANKS AND DEPOSIT INSURANCE Number of banks and branches____________________________ 236 Assets and liabilities of banks---------------------------------------------252 Income of insured banks___________________________________ 274 Banks closed because of financial difficulties; deposit insurance disbursements________________________ 288 Digitized for FRASER vii http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis LIST OF TABLES Page DISBURSEMENTS TO PROTECT DEPOSITORS: 1. Insured banks closed during 1969 requiring disbursements by the Federal Deposit Insurance Corporation____________________________ 11 2. Protection of depositors of insured banks requiring disbursements by the Federal Deposit Insurance Corporation, 1934-1969 _____________ 12 3. Analysis of disbursements, recoveries, and losses in deposit insurance transactions, January 1, 1934-December 31, 1969 _______________ 13 SUPERVISORY ACTIVITIES: 4. Bank examination activities of the Federal Deposit Insurance Cor poration in 1968 and 1969 ______________________________________ 14 5. Actions to terminate insured status of banks charged with unsafe or unsound banking practices or violations of law or regulations, 1936-1969 _________________________ _____________________________ 15 6. Mergers, consolidations, acquisitions of assets and assumptions of liabilities approved under section 18(c) of the Federal Deposit Insurance Act during 1969 ______________________________________ 16 7. Approvals under section 18(c) of the Federal Deposit Insurance Act during 1969— banks grouped by size and in States according to status of branch banking _______________________________________ 17 15. Description of each merger, consolidation, acquisition of assets or assumption of liabilities approved by the Corporation during 1969___ 36 ADMINISTRATION OF THE CORPORATION: 8. Number of officers and employees of the Federal Deposit Insurance Corporation, December 31, 1968 and 1969 ______________________ 21 FINANCES OF THE CORPORATION: 9. Statement of financial condition, Federal Deposit Insurance Corpora tion, December 31, 1969 _______________________________________ 22 10. Statement pf income and the deposit insurance fund, Federal Deposit Insurance Corporation, year ended December 31, 1969 __________ 23 11. Determination and distribution of net assessment income, Federal Deposit Insurance Corporation, year ended December 31, 1 9 6 9 ____ 24 12. Sources and application of funds, Federal Deposit Insurance Corpora tion, year ended December 31, 1969 ____________________________ 24 13. Income and expenses, Federal Deposit Insurance Corporation, by year, from beginning of operations, September 11, 1933, to December 31, 1969, adjusted to December 31, 1969 ______________ 25 14. Insured deposits and the deposit insurance fund, 1934-1969 ________ 26 Digitized for FRASERviii http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis NUMBER OF BANKS AND BRANCHES: Page Explanatory n o te _________________________________________________________ 236 101. Changes in number and classification of banks and branches in the United States (States and other areas) during 1969 _______________ 238 102. Changes in number of commercial banks and branches in the United States (States and other areas) during 1969, by S ta te ____________240 103. Number of banking offices in the United States (States and other areas), December 31, 1969 Grouped according to insurance status and class of bank, and by State or area and type of o ffic e ______________________________ 242 104. Number and deposits of all commercial and mutual savings banks (States and other areas), December 31, 1969 Banks grouped by class and deposit size _______________________251 ASSETS AND LIABILITIES OF BANKS: Explanatory n o te _________________________________________________________ 252 105. Assets and liabilities of all commercial banks in the United States (States and other areas), June 30, 1969 Banks grouped by insurance status and class of b a n k __________ 254 106. Assets and liabilities of all commercial banks in the United States (States and other areas), December 31, 1969 Banks grouped by insurance status and class of b a n k__________ 258 107. Assets and liabilities of all mutual savings banks in the United States (States and other areas), December 31, 1969 Banks grouped by insurance s ta tu s ____________________________ 262 108. Assets and liabilities of insured commercial banks in the United States (States and other areas), December call dates, 1961, 1965-1969 264 109. Assets and liabilities of insured mutual savings banks in the United States (States and other areas), December call dates, 1961, 1965- 1969 ____________________________________________________________