Speech

For Release at 11:00 a.m. E.D.T. Wednesday, October 6, 1971 RECENT TRENDS IN BLACK BANKING Statement By Andrew F. Brimmer Member Board of Governors of the Federal Reserve System At a Press Conference Held on the Occasion of the 1971 Convention of the National Bankers Association Sheraton Park Hotel Washington, D.C. October 6, 1971 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis RECENT TRENDS IN BLACK BANKING By Andrew F. Brimmer* In the last year and a half, black banks have made noticeable strides in terms of both deposits and assets. Most of the banks have been able to employ their new resources to expand loans in the black community, but a few continue to hold a sizable proportion of liquid assets, especially in the form of short-term investments. Deposits have flowed into the black banks at a faster rate than that experienced by the bank- ing system as a whole. However, funds accruing to the banks under the special $100 million-deposit program announced a year ago seem to have lagged somewhat. While a few of the black banks have suffered sizable loan losses which impaired their capital, the black banks as a group have made progress in their efforts to strengthen their capital resources. ^Member, Board of Governors of the Federal Reserve System. I am indebted to several members of the Board's staff for assistance in the preparation of these remarks. Miss Jacqueline McDaniel designed the computer program to obtain the statistical report on black banks, and Mr. Albert Teplin and Miss Harriett Harper helped with the analysis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -2- These are the highlights of a review of recent trends in the assets and liabilities of black-owned banks during the 1-1/2 years ending June 30, 1971. The review was based on sta- tistics from the "Consolidated Report of Condition" ("Call Report") collected by Federal bank supervisory agencies each quarter for all insured commercial banks.—^ Part of the infor- mation in the Call Report must be published by each bank in a newspaper in its hometown, and it is this information that is being used here. In the last year, because of work I have done relating to black banks, many requests for information on these institutions have been received at the Federal Reserve Board. In response to these inquiries, a special statistical tabulation has been prepared, and the data are being made available at this time. The results are presented in three sets of tables (attached to this statement). Tables I A-D show data as of December 31, 1969; Table II A-D, as of December 31, 1970; and Table III A-D as of June 30, 1971. In each case, Table A is a summary of assets and liabilities for all black banks combined. Table B shows principal assets of individual black banks, and 1/ The reports by national banks are received by the Comptroller of the Currency; reports by Federal Reserve member banks are received by the Federal Reserve Board; and reports by insured nonmember banks are received by the Federal Deposit Insurance Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -3- Tables C and D show for each bank principal liabilities, reserves and capital accounts. All of the statistics in the tables are from that part of the Call Report which each bank must publish locally.^ The individual bank reports are presented here as a matter of conve- nience. It is anticipated that future summary reports on black banks will be made available following the completion of Call Reports for June 30 and December 31 each year. Overview of Asset Trends at Black Banks As of June 30, 1971, there were 26 banks owned and operated predominantly by blacks. One of the banks was started in the first half of this year, and three opened in 1970. Nine of the banks were members of the Federal Reserve System, and 17 were insured nonmembers. At the end of June, total assets of the black banks amounted to $352 million. Of this amount, $169 million (48 per cent) were held by member banks. During the first half of this year, assets of black banks rose by $31 million, approxi- mately 10 per cent. In 1970 as a whole, the gain amounted to $62 million, or roughly one-quarter. About $2.2 million (7 per cent) of the expansion in the banks1 total assets in the first half of 1971 is attributable to the one newly-opened bank; about $13.7 million (22 per cent) of the rise in 1970 as a whole reflected the growth of three new institutions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -4- Reflecting these trends, black banks expanded slightly their share of assets and deposits in the banking system as a whole. At the end of 1969, the combined assets of black banks amounted to .049 per cent of total assets of all insured commer- cial banks in the country. This rose to .056 per cent as of December 31, 1970, and to about .059 per cent as of last June 30. The black banks1 deposit share climbed from .053 per cent to .060 per cent. There were similar small changes in the average size of black banks compared to all banks in the nation. However, the average black bank remains about one-third the size of the average bank in the country at large. For example, as of December 31, 1970, the average insured U.S. bank had deposits of $35.5 million; the average black bank had deposits of $11.5 million. Growth of Deposits Total deposits at the 26 black banks amounted to $316 million at the end of June. This was an increase of $29 million, or just over 10 per cent during the six-months period. In the full year 1970, their deposits rose by $58 million, or 25 per cent. Three-quarters of this growth ($22 million) arose from the inflow of time and savings deposits, while only one-quarter ($7 million) represented demand (checking) deposits. In 1970, the increase of $58 million in total deposits was much more evenly divided; about Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -5- $30 million (52 per cent) consisted of time and savings deposits, and the remainder ($27 million or 48 per cent) was in the form of demand accounts. Deposits of Federal Government Departments and Agencies have been of particular interest to black banks in the last year. On October 2, 1970, a special $100 million-deposit program was announced. Of this amount, $35 million were projected to come from the Federal Government and the rest from State and local governments and the private sector. The available statistics will not permit one to trace the inflow of corporate deposits to black banks, but it is possible to check on the expansion of deposits of the Federal and State and local governments. At the end of 1969, Federal Government deposits in these institutions amounted to $14.7 million, representing 6.4 per cent of their total deposits. One year later, these funds had risen to $30.3 million and accounted for 10.6 per cent of all deposits. However, as of June 30, 1971, these deposits had declined to $21.4 million while total deposits had risen further to $316 million. Thus, Federal Government deposits had decreased to 6.8 per cent of the total deposits. The reason for this absolute as well as rela- tive decrease is not known. Seasonal variations in the use of Government deposits could explain part of the change. But whatever the explanation, it is clear that, as of the end of June, the inflow Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -6- of Federal Government deposits to black banks was lagging behind schedule. The pace may have quickened in the last few months, and the $35 million target may have been met by October 2 as planned. Data collected in the December Call Report will cast some light on the matter. In contrast, deposits of State and local governments have grown steadily over the last 1-1/2 years. At the end of December, 1969, these deposits amounted to $17.6 million and represented 7.7 per cent of all deposits. The level had climbed to $19.3 million one year later, equal to 6.7 per cent of the total. As of June 30, 1971, these deposits amounted to $25.6 million, or 8.1 per cent of total deposits. So, while I am not aware of an explicit target for State and local deposits under the program, it is clear that such deposits have expanded in a way -- and at a pace -- consistent with the overall aim of increasing funds available to black banks for relending. Uses of Funds by Black Banks As indicated above, most black banks have been able to expand their lending in the black community. However, the experience among them has varied greatly. Moreover, as a group, they continue to maintain a fairly high degree of liquidity (apparently somewhat higher than other banks of comparable size and maturity). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -7- At the end of last June, the black banks had outstanding $147.7 million in loans to individuals and businesses. This repre- sented a loan/deposit ratio of 46.7 per cent -- roughly the same as that recorded at the end of 1970.1/ At the close of 1969, the loan/ deposit ratio was 50.7 per cent. So, in the last 1-1/2 years, the deposits of black banks as a group have expanded somewhat faster than their ability to lend in their local communities. However, these institutions have been able to invest the funds to obtain income. They have relied primarily on the acquisi- tion of UoSo Government securities. Between December 30, 1969 and June 30, 1971, black banks1 holdings of these issues rose by $36.3 million (from $61.5 million to $97.8 million). This represented almost two-fifths of the increase in their total assets. As a result, U.S. Government securities rose from 23.8 per cent to 27.8 per cent of total assets. The expansion in their holdings of State and local government issues was much smaller. This part of their portfolio rose by $5 million during the 1-1/2 years ending last June, accounting for one-quarter of the increase in total assets. The ratio of such issues to total assets declined slightly -- from 7.3 per cent in 1969 to 6.8 per cent on last June 30. 2/ In comparison, the loan/deposit ratio for all insured banks was 58.2 per cent at the end of 1970; for insured banks with deposits between $10-25 million, it was 58.5 per cent; and for those in the $100 million and over category the ratio was 64.4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -8- Some of the banks continued to rely heavily on sales of Federal funds as a means of employing their resources. These funds represent short-term lending of member banks1 excess reserves at Federal Reserve Banks. Usually, smaller institutions supply such funds to the largest banks on an over-night basis -- thus earning a rate of interest that depends on prevailing money market conditions. For example, the Federal'funds rate averaged about 5.5 per cent in September; interest rates on residential mortgages were about 8 per cent; and those on business loans probably were even higher. At the end of June, the black banks as a group had sold about $20.4 million in Federal funds. This represented about 6.5 per cent of their total deposits. At the end of 1969, the volume was $14.2 million, or 6.2 per cent of total deposits. At the end of 1970, the amount had risen to $22.3 million -- equal to 7.7 per cent of total deposits. During the last 1-1/2 years, a much larger proportion of the black banks have engaged in sales of Federal funds. At the end of 1969, 13 of the 22 banks had such funds outstanding. At the close of 1970, the proportion was 21 out of 25, and as of last June the ratio was 20 out of 26. While the ratio of Federal funds sold to total deposits averaged 6.5 per cent at the end of June, the proportion varied con- siderably among banks. In a few cases, about one-fifth of the banks1 total deposits was employed through sales of Federal funds, and in one Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -9- case the ratio was about two-fifths. In several of these cases (but not those with the highest ratios), the heavy reliance on Federal funds sales reflected the fact that the banks were recently started. It takes time to develop loan outlets for deposits, so the banks put their liquid funds to work in the short-term money market. On the other hand, several of the older banks seem to do so because of a scarcity of sound loan prospects. Improvements in Capital Positions During the last 1-1/2 years, the black banks as a group have strengthened their capital position somewhat. This is true despite the fact that a few banks have suffered sizable loan losses which greatly impaired their capital. For all black banks combined, total capital rose from $19.2 million in 1969 to $23.1 million at the end of June. However, in relation to total loans to individuals and businesses, capital declined from 16.4 per cent in 1969 to 15.5 per cent as of last June 30. This weakening mainly reflected the substan- tial adverse experience of one or two banks. If these are set aside, the strengthening of the capital positions of the remaining black banks was noticeable. Most of the net improvement in the black banks1 capital has come about from internal sources -- principally from the accumulation of surplus and retained profits. A few banks, however, have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis -10- able to sell a moderate amount of new stock, and several have issued capital notes or debentures. The latter have been purchased primarily by large banks and other institutions outside the black community. In general, many of the black banks still have a need to strengthen their capital positions further. This is recognized by the banks themselves, and numerous efforts are underway to meet the goal. The capital development program recently launched jointly by the American Bankers Association and the National Bankers Association will undoubtedly make a significant contribution toward accomplishing this objective. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Tabl- I-A. CONSOLIDATED REPORT QF CONDITION FOR BLACK BANKS AS OF 69/12/31 (AMOUNTS IN THOUSANDS OF DOLLARS) ASSETS NATIONAL STATE MEMBER ALL MEMBER NCNMEMBER TOTAL 1. CASH ANC DUE FROM BANKS 12,985 2,348 15.333 17.043 32.376 2* U.S. TREASURY SECURITIES 15,758 977 16,735 19,265 36,OCC 3. OBLIGATIONS OF OTHER U.S. GOVT AGENCIES E CORPS 9 , 1 A 8 394 9, 542 15,9 8C 25,522 4. OBLIGATIONS OF STATES L POLITICAL SUBDIVISIONS 1.764 8,933 10,697 8,258 18,955 5. OTHER SECURITIES (INCLUDING CORPORATE STOCKS) 184 61 245 1,503 1.74 8 6. TRADING ACCOUNT SECURITIES 0 0 0 0 0 7. FEDERAL FUNDS SOLO 9,174 0 9,174 5,050 14,224 8 • OTHER LOANS 43,627 7,891 51,518 64,669 116,187 9. BANK PREMISES. FURNITURE AND FIXTURES 1,868 4,742 6, 61C 3,885 10,495 10. REAL ESTATE OUNED OTHER THAN BANK PREMISES 117 756 424 1,180 11. ALL OTHER ASSETS 963 130 1.09C 1.C21 2,111 12. TOTAL ASSETS 96,107 25,593 121,7CC 137,098 258,798 L IABILITIES 13. DEMAND DEPOSITS* IPC 32.892 Q, 0 9 C 41,982 43,351 85,333 14. TIME AND SAVINGS DEPOSITS. IPC 38,071 7,938 46,009 59,764 105,773 15. DEPOSITS OF U.S. GOVERNMENT 5,965 6C4 6,569 8,089 14,658 16. DEPOSITS OF STATES AND POLITICAL SUBDIVISIONS 8,584 91C 9,494 8,116 17,610 17. DEPOSITS OF FOREIGN GOVTS 9 OFFICIAL INSTITUTIONS 0 0 C C N 18. DEPOSITS OF COMMERCIAL BANKS : 59 C 159 117 276 19. CERTIFIED ANC OFFICERS CHECKS, ETC 1.720 309 2,029 3, 768 5,797 20. TOTAL DEPOSITS 87,391 18,851 106,242 123,205 229,447 (A) TOTAL OEMAND DEPOSITS 44,614 10,484 55,098 57,776 112,374 (BL TOTAL T IMF £ SAVINGS DEPOSITS 42.777 8, 367 51.144 65,429 116,573 21. FEDERAL FUNDS PURCHASED 200 0 200 0 20C 22. MORTGAGE INDEBTEDNESS 119 3.2 CO 3.319 562 3,881 23. ALL OTHER LIABILITIES 1.876 796 2,672 2,618 5,290 24. TOTAL LIABILITIES 89,586 22.847 112,433 126,385 238,818 25. MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES 0 C 0 18 18 26. TOTAL RESERVES ON LOANS AND SECURITIES 156 179 335 464 799 CAPITAL ACCOUNTS 27. CAPITAL NOTES AND DEBENTURES 4C0 0 400 20C 600 28. PREFERRED STOCK 0 0 0 0 0 29. COMMON STOCK 3.306 880 4,186 4,513 8,699 30. SURPLUS 1.505 1.171 2.676 4,156 * • 8 3 2 31. UNOIVIDED PROFITS 1.150 312 1.462 1,317 2,779 32* RESERVES FOR CONTINGENCIES £ OTHER CAP RESERVES 4 204 208 45 253 33. TOTAL CAPITAL ACCOUNTS 6.365 2.567 8.932 10.231 19,163 34. TOTAL LIABILITIES. RESERVES. AND CAPITAL ACCOUNTS 96.107 25,593 121.70C 137.098 258,798 NUMBER OF BANKS 7 1 8 14 22 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table I-B. PRINCIPAL ASSETS OF BLACK BANKS AS OF 69/12/31 (AMOUNTS IN THOUSANDS CF DOLLARS! OBLIG OBLIG CASH T IJ. S. GOVT STATES £ TRADG FED BANK ALL DUE FR TRE AS AGEN £ POL I T OTHER ACCT FUNOS OTHER PR EM F. REAL OTHER TOTAL BANKS SECUR CORPS SUBDIV SECUR SECUR SOLD LOANS FURN ESTATE ASSETS ASSETS UNITY BANK F. TPUST CO BOSTON MA 3, 760 825 385 0 0 0 1,030 6,646 254 0 97 12,^67 FREEOCM NATIONAL BANK NEW YORK NY A, 636 7, 220 5,768 0 58 0 3,000 16,928 592 639 476 39,317 INDUSTRIAL BANK OF WASHINGTON DC It 705 4, 527 2,997 2,862 1,313 0 3OR 7,378 534 63 12 21,688 UNITED COMMUNITY NAT BANK OF WASHINGTON DC 1, 076 712 0 Q 31 0 4, 174 1,535 lie O 92 7,738 MECHANICS AND FARMERS BANK O'JRHAM NIC 2, 000 3, 323 3,650 2 ,1 37 2 0 0 9,412 822 1 208 21,555 VICTORY SAVINGS BANK r\ COLJMQIA SC 192 514 433 205 0 300 1,300 44 5 22 3,'15 C I R ST STATE BANK DANVILLE VA 434 394 0 622 101 0 550 2,550 54 3 4 4,772 CCNSOT I OAT ED BANK AND T^'JST R ICMMOND VA 1,999 1,059 1 ,050 I ,290 0 0 0 6,750 253 0 55 12,456 CITIZENS TR'JST COMPANY ATLANTA GA 2, 340 977 39* 8,933 61 0 0 7,891 4,742 117 130 25,593 CARVFP STATE RANK SAVANNAH GA 388 1. 511 100 241 o 0 0 1,271 46 1 r 3,558 CITIZENS SAVINGS HUNK AND TR NASHVILLE TN 1, C85 850 1,655 15 0 0 2,262 32 c 5,899 INDEPENDENCE BANK OF .CHICAGO CHICAGO IL It <57* 967 3,503 0 25 0 1,300 5,042 127 11 146 1 3 ,0Q5 SEAWAY NATIONAL BANK OF CHICAGO IL 2,968 2,840 2 ,C00 1 ,764 33 0 0 11,355 5 80 0 160 21 ,700 GATEWAY NATICNAL BANK ST LOUIS MO 1, 121 1,634 780 0 12 0 0 4,748 243 c 106 8,644 TRI STATE BANK OF MEMPHIS MEMPHIS TN 655 2, 5 73 199 150 25 0 300 5,886 259 134 134 10,315 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 298 1,238 C 0 11 0 1,000 1,327 36 57 3,967 DOUGLASS STATE BANK KANSAS CITY KS 584 1 ,090 510 736 6 0 525 5,967 478 0 41 9,937 SWOPE PARKWAY NATL BANK KANSAS CITY MO 2T 069 1,320 0 0 23 0 0 4,577 102 c 2 8 ,C93 RIVERSIDE NAT BANK HOUSTON TX 817 794 600 0 16 0 1,000 3,157 197 0 67 6,648 BANK CF FINANCE LOS ANGELES CA 1, 676 792 1 ,230 0 33 r> 0 7,875 575 2C6 221 12,608 FREEOCM BANK OF FINANCE PORTLAND OR 348 840 0 0 1 0 475 64 187 0 51 1,966 LIBERTY BANK OF SEATTLE SEATTLE WA 183 0 268 0 0 0 300 2,266 220 0 30 3 • 267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 7 1 / 0 6 / 30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) TIME 6 DEPS CERT £ TOTAL FED DEMAND SAVNGS DEPS STATES C OEPS DEPS OFFICERS TOTAL TIME L FUNDS DEPS DEPS U.S. POL IT FCREIGN COML CHECKS TOTAL DEMAND SAVNGS PUR- MORT IPC IPC GOVT SUBDIV GOVTS BANKS ETC OEPS DEPS DEPS CHASED INDEBT UNITY BANK £ TRUST CO BOSTON HA 4, 181 3,7^7 798 435 0 60 1,844 11 045 6,978 44,,006677 0 0 FREEDOM NATIONAL BANK NEW YORK NY 13,037 15,960 2,179 4,703 0 787 36 731 17,571 1^,160 r 0 INDUSTRIAL BANK OF WASHINGTON DC 7,472 11,717 1 ,C31 C 0 0 20 410 8,693 11,717 1 c UNITED COMMUNITY NAT BANK 0* WASHINGTON DC 2,719 3,102 5 85 n 0 0 «1 6 487 3,376 3,111 r oo MECHANICS ANC FARMERS BANK DURHAM NC 6, 641 9,239 912 2,155 0 n 537 19 454 6, 99C 10,464 r 226600 VICTORY SAVINGS BANK COLUMBIA SC 312 1,427 212 238 0 n 32 2 721 1, 149 1,572 c 0 FIRST STATE HANK DANVILLE VA 950 2,91C 268 42 0 0 33 4 2C3 1,251 22,,995522 0 G CONSOLIDATED BANK AND TRUST RICHMOND VA 3,074 6,553 1,251 315 0 0 69 11 262 4 , 7C 9 66,,555533 C C CITIZENS TRUST COMPANY ATLANTA GA 9, *90 7,938 604 910 0 0 309 18 851 10,484 B, 367 0 3,200 CARVER STATE BANK SAVANNAH GA 483 1,859 206 622 0 8 33 3 211 777 2,434 r 0 CITIZENS SAVINGS HANK AND TR NASHVILLE TN 2,038 2,667 271 366 P 0 31 5 373 2,441 22,,993322 rr 0 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 4, 778 5,398 854 987 0 0 181 12 198 5,898 6, 3C0 C 0 SEAWAY NATIONAL BANK OF CHICAGO IL 8,4C8 9, FTI I 709 904 0 23 292 20 147 9,434 1100,,771133 0 0 GATEWAY NATIONAL IIANK ST LOUIS MO 2,894 3,545 192 769 0 0 190 7 590 3,720 33,,887700 220000 111199 TR! STATE BANK OF MEMPHIS MEMPHIS TN 2,757 4,702 606 880 0 0 110 9 055 3,638 5,417 0 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MM 1,127 1,005 1,149 41 0 30 61 3 413 2,408 II TTCCCC55 00 O DOUGLASS STATE BANK KANSAS CITY KS 2,858 4,222 392 1,165 0 14 153 8 804 3,801 5, CC 3 n 221144 SWOPE PARKWAY NATL BANK KANSAS CITY MO 2, 711 2,022 422 1,740 0 40 178 7 113 5,066 2,047 N 0 RIVERSIDE NAT BANK HOUSTON TX 1,996 2,626 729 42 7 0 1 131 5 910 3, C39 2,871 A 0 BANK OF FINANCE LCS ANGELES CA 5,940 3,903 670 3 84 0 0 539 11 436 7,278 44,, 115588 0 0 FKEEOOM BANK OF FINANCE PORTLAND OR 442 229 397 302 0 0 4 1 374 845 552299 0 0 LIBERTY BANK 0«= SEATTLE SEATTLE WA 925 1,231 221 225 0 15 42 2 659 1,328 1,331 c 88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 7 1 / 0 6 / 30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) MINOR RESERVES TOTAL ALL INT IN ON LNS CAP RESERVES TOTAL LIABS, OTHER TOTAL CONSOL AND NOTES PREFER COMMON SUR- UNO IV FOR CAPITAL RESER, LIABS LIABS SUBSID SECUR £ DEB STOCK STOCK PLUS PROFIT CCNTING ACCTS CAP ACC UNITY BANK t TRUST CO BOSTON MA 656 lit 701 0 56 0 0 600 3CB 302 0 1,210 12,967 FREEDOM NATIONAL BANK NEW YORK NY 734 37,465 0 0 400 0 876 400 176 0 1,852 39,317 INDUSTRIAL BANK OF WASHINGTON DC 331 20,741 0 2 0 0 248 606 86 5 945 21,688 UNITED COMMUNITY NAT BANK OF WASHINGTON DC 82 6, 569 0 51 0 3 750 125 243 0 It 118 7,738 MECHANICS ANC FARMERS BANK OURHAM NC 235 19,949 IB 148 200 0 503 641 96 0 1 , 44C 21,555 VICTORY SAVINGS HANK COLUMBIA SC 48 2, 769 0 27 0 0 100 ICO 19 219 3 ,C1 5 cIRST STATE BANK DANVILLE VA lis 4,321 0 30 0 o 50 35C 21 0 421 4,772 CONSOLIDATED RANK AND TRUST RICHMOND VA 5 A 11,316 0 107 0 0 300 625 108 0 1, C 33 12,456 CITIZENS TRUST COMPANY ATLANTA GA 796 22,847 0 179 0 0 880 1,171 312 204 2,567 25,593 CARVER STATE OANK SAVANNAH r, A 2C 3,231 11 0 Q 150 56 7C 40 316 3,558 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 82 5,455 0 0 0 0 250 175 19 0 444 5,*99 INCEPENDENCE BANK OF CHICAGO CHICAGO IL 108 12,306 0 % 1 0 0 400 250 138 0 788 13 ,C95 SEAWAY NATIONAL BANK OF CHICAGO IL 20,550 0 49 0 0 500 27C 327 4 ltlOl 21,7Cf GATEWAY NATIONAL BANK ST LOUIS MO 255 8, 164 c 20 0 0 235 185 40 0 460 8,644 TRI STATE BANK OF MEMPHIS MEMPHIS TN 362 9,417 0 55 0 0 300 322 221 0 843 1C,315 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 97 3,510 0 4 0 0 250 ICO 103 0 453 3,967 DOUGLASS STATE BANK KANSAS CITY KS m 9,119 0 4 0 c 303 397 114 0 814 9,937 SWOPE PARKWAY NATL BANK KANSAS CITY MO 247 7,360 0 30 0 0 375 225 103 c 7C3 8, C93 RIVERSIDE NAT BANK HOUSTON TX 50 5,968 0 2 0 0 320 200 158 0 67« 6 ,648 BANK CF FINANCE LOS ANGELES CA 449 11, B 85 0 5 0 0 658 60 r 0 71* U,6C8 FREEDCM BANK OF FINANCE n PORTLAND OR 3 1, 377 0 0 40C ICC 89 C 5e = 1,966 LIBERTY BANK OP SEATTLE r\ SEATTLE WA 51 2, 798 G 1» c 0 251 166 34 451 3,267 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table II-A. CONSOLIDATE*) REPORT OF CONDITION FOR BLACK BANKS AS OF 70/12/31 (AMOUNTS IN THOUSANDS OF DOLLARS) ASSETS NATIONAL STATE MEMBER ALL MEMBUR NONMEMBER TOTAL 1. CASH AND DUE FROM BANKS 17.538 3,955 21,493 18,068 39,561 2. U.S. TREASURY SECURITIES 24.636 704 25,340 21,909 47,249 3. OBLIGATIONS OF OTHER U.S. GOVT AGENCIES £ CORPS 14.902 86 14,988 20,019 35,007 4. OBLIGATIONS OF STATES T POLITICAL SUBDIVISIONS 3.009 10.111 13.120 9,884 23,004 5. OTHER SECURITIES (INCLUDING CORPORATE STOCKS! 699 62 761 3,130 3,891 6. TRADING ACCOUNT SECURITIES 0 0 0 0 0 7. FEDERAL FUNDS SOLD 9.150 1,550 10.700 11.625 22,325 8. OTHER LOANS 51,107 11.520 62.627 71.565 134,192 9. BANK PREMISES. FURNITURE AND FIXTURES 2.380 4.589 6,969 4,404 11,373 10. REAL ESTATE OWNED OTHER THAN BANK PREMISES 486 108 594 480 1,074 11. ALL OTHER ASSETS 1.679 205 1.884 1,445 3,329 12* TOTAL ASSETS 125.586 32.890 158.476 162.529 321,005 L IA3ILIT IES 13. DEMAND DEPOSITS. IPC 41.425 15.035 56,460 48,972 105,432 14. TIME AND SAVINGS DEPOSITS. IPC 48.907 8.838 57,745 68.274 126,019 15. DEPOSITS OF U.S. GOVERNMENT 12.641 1.513 14,154 16,1C8 30,262 16. DEPOSITS OF STATES ANO POLITICAL SUBDIVISIONS 8.506 791 9,297 10,035 19,332 17. DEPOSITS OF FOREIGN GOVTS. OFFICIAL INSTITUTIONS 0 0 0 0 0 18. DEPOSITS OF COMMERCIAL BANKS 226 0 226 42 268 19. CERTIFIED AND OFFICERS CHECKS. ETC 2,125 382 2,507 3,253 5,760 20. TOTAL DEPOSITS 113.830 26.559 140,389 146,684 287.073 (A) TOTAL DEMAND OEPOSITS 57.111 17.282 74,393 72,489 146,882 (ft) TOTAL TIME & SAVINGS DEPOSITS 56.719 9.277 65.996 74,195 140.191 21. FEDERAL FUNDS PURCHASED 0 0 0 150 150 2 2. MORTGAGE INDEBTEDNESS 111 3.200 3.311 879 4.190 23. ALL OTHER LIABILITIES 2.393 522 2.915 2.913 5,828 24. TOTAL LIABILITIES 116.334 30,281 146.615 150,626 297,241 25. MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES 0 0 0 19 19 26. TOTAL RESERVES ON LOANS AND SECURITIES 288 179 467 622 1,089 CAPITAL ACCOUNTS 27. CAPITAL NOTES AND DEBENTURES 825 0 825 350 1,175 28. PREFERRED STOCK 0 0 0 0 0 29. COHHON STOCK 4.181 880 5,061 5,262 10,323 30. SURPLUS 2.140 1,171 3,311 4,966 8,277 31. UNOIVIDEO PROFITS 1.811 175 1,986 369 2,355 32. RESERVES FOR CONTINGENCIES C OTHER CAP RESERVES 7 204 211 315 526 33. TOTAL CAPITAL ACCOUNTS 8,964 2,430 11,394 11,262 22,656 34 • TOTAL LIABILITIES. RESERVES. ANO CAPITAL ACCOUNTS 125,586 32,890 158,476 162,529 321,005 NUMBER OF BANKS 8 1 9 16 25 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table II -B. PRINCIPAL ASSETS OF BLACK BANKS AS OF 70/12/31 (AMOUNTS IN THOUSANOS OF DOLLARS) OBLIG OBLIG CASH £ U. S. GOVT STATES & TRADG FED BANK ALL DUE FR TREAS AGEN £ POLIT OTHER ACCT FUNDS OTHER PREM £ REAL OTHER TOTAL BANKS SECUR CORPS SUBDIV SECUR SECUR SOLD LOANS FURN ESTATE ASSETS ASSETS UNITY BANK £ TRUST CO BOSTON MA 941 288 2,392 0 0 0 1,300 5,521 409 0 85 10,936 FREEDOM NATIONAL BANK NEW YORK NY 6,773 8t 589 10,020 0 113 0 2,200 16,187 605 486 671 45,644 UNITY STATE BANK DAYTON OH 205 629 0 0 0 0 475 923 55 0 32 2,319 INDUSTRIAL BANK 0* WASHINGTON DC 1,953 4,348 2,483 3,532 2,893 0 0 7,955 506 64 53 23,787 UNITED COMMUNITY NAT RANK OF WASHINGTON DC 1, 177 2t 072 0 0 35 0 2,775 3,879 126 0 107 10,171 MECHANICS AND FARMERS BANK DURHAM NC 1,475 3,288 4,177 2,443 3 0 2,200 9,347 847 11 247 24,038 VICTORY SAVINGS BANK COLUMBIA SC 143 483 333 344 0 0 500 1,458 50 3 48 3,362 FIRST STATE BANK DANVILLE VA 345 393 0 803 101 0 1,250 2,719 49 3 4 5,667 CONSOLIDATED BANK AND TRUST RICHMOND VA 2,066 1,058 800 1,191 0 0 1,300 7,262 221 0 138 14,036 CITIZENS TRUST COMPANY ATLANTA GA 3t 955 704 86 10,111 62 0 1,550 11,520 4,589 108 205 32,89C CARVER STATE BANK SAVANNAH GA 701 It 364 100 2 86 0 0 0 1,454 47 0 1 3,953 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 21189 955 1,760 15 0 0 P 2,415 29 0 0 7,363 HIGHLAND COMMUNITY BANK CHICAGO IL 239 3 CO 1,006 0 0 0 650 38 25 0 35 2,293 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 2t 715 11 933 3 ,7C1 0 0 0 1,000 6,577 134 11 170 16,241 SEAWAY NATIONAL BANK OF CHICAGO IL 31 777 31 768 1,600 3,009 42 0 0 12,621 631 0 403 25,851 FIRST INDEPENDENCE NAT BANK DETROIT MI 1,250 2t4l4 901 0 446 0 2,000 1,727 215 0 101 9.054 GATEWAY NATIONAL BANK ST LOUIS MO ltl89 2,528 880 0 13 0 600 5,152 24C 0 92 10,694 TRI STATE BANK OF MEMPHIS MFMPHIS TN 937 2,380 298 379 50 0 800 6,747 2 50 39 110 11,990 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 688 3t 911 200 0 11 0 125 1,987 203 0 45 7,170 OOUGLASS STATE BANK KANSAS CITY KS It 525 It 582 226 891 13 0 250 6,194 484 174 62 11,401 SWOPF PARKWAY NATL BANK KANSAS CITY MO It 770 854 0 0 23 0 900 5,974 102 0 102 9,725 RIVERSIDE NAT BANK HOUSTON TX 914 500 1,301 0 16 0 550 3,580 258 0 158 7,277 BANK OF FINANCE LOS ANGELES CA 1 • 740 1,289 1,934 0 69 0 900 10,056 884 175 364 17,411 FREEDOM BANK OF FINANCE PORTLAND OR 342 1.065 0 0 1 0 300 636 20C 0 47 2,591 LIBERTY BANK OF SEATTLE SEATTLE WA 552 554 809 0 0 0 700 2,263 214 0 49 5,141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 71/06/30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) TIME & DEPS CERT C TOTAL FEO OEMAND SAVNGS DEPS STATES L DEPS DEPS OFFICERS TOTAL TIME € FUNOS DEPS OEPS U.S. POLIT FOREIGN COML CHECKS TOTAL OEMAND SAVNGS PUR- MORT IPC IPC GOVT SUBDIV GOVTS BANKS ETC DEPS DEPS DEPS CHASED INOEBT UNITY BANK € TRUST CO BOSTON MA 3,253 4,583 1,619 50 0 5 493 10,003 5,420 4,583 0 0 FREEDOM NATIONAL BANK NEW YORK NY 15,718 18,423 2,195 5,753 0 70 898 43,057 19,074 23,983 0 0 UNITY STATE BANK Q DAYTON OH 610 5 86 421 0 0 0 56 1,673 1,087 586 0 INDUSTRIAL BANK OF WASHINGTON DC 8,289 12,768 1,113 0 0 0 231 22,401 9,633 12,768 0 0 UNIT EO COMMUNITY NAT BANK OF WASHINGTON DC 3,495 4,002 1,181 0 0 0 IOC 8,778 4,767 4,011 0 0 MECHANICS AND FARMERS BANK DURHAM NC 7,734 10,307 1,463 1 ,789 0 0 339 21,632 10,570 11,062 0 248 VICTORY SAVINGS BANK COLUMBIA SC 931 1,465 418 182 0 0 20 3,016 1,406 1,613 0 0 FIRST STATE BANK DANVILLE VA 1,002 3,324 467 225 0 0 39 5,057 1,533 3,524 0 0 CONSOLIDATED BANK AND TRUST RICHMOND VA 3, 569 7,355 1,483 239 0 0 86 12,732 5,377 7,355 0 0 CITIZENS TRUST COMPANY ATLANTA GA 15,035 8,838 1,513 791 0 0 382 26,559 17,282 9,277 0 3,200 CARVER STATE BANK SAVANNAh GA 474 2,038 428 538 0 15 68 3,561 1,029 2,532 0 0 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 2,637 2,839 485 794 0 0 43 6,798 3,699 3,099 0 0 HIGHLAND COMMUNITY BANK CHICAGO IL 397 496 614 0 0 0 95 1,602 1,106 496 0 0 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 5,314 6,081 2,230 1,414 0 0 197 15,236 7,847 7,389 0 0 SEAWAY NATIONAL BANK OF CHICAGO IL 9, C16 11,444 1,085 1,260 0 20 387 23,212 10,572 12,640 0 0 FIRST INDEPENDENCE NAT BANK DETROIT MI 1,935 3,348 2,218 101 0 0 63 7,665 4,217 3,448 0 0 GATEWAY NATIONAL BANK ST LOUIS MO 3,583 4,429 744 708 0 0 317 9,781 4,850 4,931 0 111 TRI STATE BANK OF MEMPHIS MEMPHIS TN 3,186 5,298 998 1,098 0 0 85 10,665 4,402 6,263 0 0 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 1,213 1,447 3,417 354 0 0 85 6,516 4,769 1,747 0 0 DOUGLASS STATE BANK KANSAS CITY KS 2,859 4,464 900 1,702 0 14 169 10,108 4,840 5,268 0 205 SW0PE PARKWAY NATL BANK KANSAS CITY MO 4,278 2t 962 969 0 0 135 112 8,456 5,494 2,962 0 0 RIVERSIDE NAT BANK HOUSTON TX 2,187 2,852 832 330 0 1 163 6,365 3,368 2,997 0 0 BANK OF FINANCE LOS ANGELES CA 6,490 4,496 2,184 1,372 0 0 1,284 15,826 10,840 4,986 0 339 FREEDOM BANK OF FINANCE PORTLANC OR 620 715 322 302 0 0 14 1,973 958 1,015 0 0 LIBERTY BANK OF SEATTLE SEATTLE WA 1,607 1,459 963 330 0 8 34 4, 4C1 2,742 1,659 150 87 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 71/06/30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) MINOR RESERVFS TOTAL ALL INT IN ON LNS CAP RESERVES TOTAL LIABS, OTHER TOTAL CONSOL AND NOTES PREFER COMMON SUR- UNO IV FOR CAPITAL RESER, LIABS LIABS SU8SID SECUR & DEB STOCK STOCK PLUS PROFIT CONTING ACCTS CAP ACCT UNITY BANK £ TRUST CO BOSTON MA 619 10,622 0 231 0 0 600 315 -832 0 83 1C,936 FREEDOM NATIONAL BANK NEW YORK NY 497 43,554 0 82 400 0 876 400 325 7 2,008 45,644 UNITY STATE BANK DAYTON OH 64 1,737 0 0 0 0 254 211 117 0 582 2,319 INDUSTRIAL BANK OF WASHINGTON DC 329 22,730 0 23 0 0 248 606 175 5 11034 23,787 UNITED COMMUNITY NAT BANK OF WASHINGTON DC «8 8,876 0 54 0 0 750 250 241 0 1.241 10,171, MECHANICS AND FARMERS BANK DURHAM NC 299 22,179 19 157 200 0 565 803 115 0 1,683 24,038 VICTORY SAVINGS BANK COLUMBIA SC 38 3,054 0 31 0 0 112 118 47 0 277 3,362 FIRST STATE BANK DANVILLE VA 40 5,097 0 30 0 0 50 375 10 105 54C 5,667 CONSOLIDATED BANK AND TRUST RICHMOND VA 251 12,983 0 61 0 0 300 625 67 0 992 14,036 CITIZENS TRUST COMPANY ATLANTA GA 522 30,281 0 179 0 0 880 1,171 175 204 2,430 32,890 CARVER STATE BANK SAVANNAH GA 35 3,596 0 15 0 0 149 56 82 55 342 3,953 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 75 6,873 0 0 0 0 250 182 58 0 49G 7,363 HIGHLAND COMMUNITY BANK CHICAGO IL 5 1,607 0 0 0 0 300 300 -64 150 686 2,293 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 151 15,387 0 5 0 0 400 267 182 0 849 16,241 SEAWAY NATIONAL BANK OF CHICAGO IL 659- 23,871 0 61 425 0 625 430 4 30 0 1,919 25,851 FIRST INDEPENDENCE NAT BANK DETROIT MI 87 7,752 0 0 0 0 750 3 50 202 0 1,302 9,054 GATEWAY NATIONAL BANK ST LOUIS MO 267 10,159 0 30 0 0 235 185 85 0 505 10,694 TR! STATE BANK OF MEMPHIS MEMPHIS TN 400 11,065 0 44 0 0 340 385 156 0 881 11,990 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 181 6,697 0 16 0 0 250 100 107 0 457 7,170 DOUGLASS STATE BANK KANSAS CITY KS 187 10,500 0 6 0 0 375 397 123 0 895 LL,M)L SWOPE PARKWAY NATL BANK KANSAS CITY MO 458 8,914 0 40 0 0 3 75 225 171 0 771 9,725 RIVERSIDE NAT BANK HOUSTON TX 146 6,511 0 5 0 0 320 200 241 0 761 7,277 BANK OF FINANCE LOS ANGELES CA 369 16,534 0 0 150 0 667 60 0 0 877 17,411 FREEDOM BANK OF FINANCE PORTLAND OR 5 1,978 0 0 0 0 400 100 113 0 613 2,591, LIBERTY BANK OF SEATTLE SEATTLE WA 46 4,684 0 19 0 0 252 166 20 0 438 5,141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-A. CONSOL IDATEO REPORT OF CONDITION FOR BLACK BANKS AS OF 71/06/30 (AMOUNTS IN THOUSANDS CF DOLLARS) ASSETS NATIONAL STATE MEMBER ALL MEMBER NONMEMBER TOTAL l« CASH ANC DUE FROM BANKS 14,370 4,773 19,143 19,744 38,887 2. U.S. TREASURY SECURITIES 27,557 1,923 29,480 27,405 56,885 3. OBLIGATIONS OF OTHER U.S. GOVT AGENCIES € CORPS 19,025 65 19,090 21,896 40,986 4. OBLIGATIONS OF STATES € POLITICAL SUBDIVISIONS 4,542 7,263 11,805 12,200 24,005 5. OTHER SECURITIES (INCLUDING CORPORATE STOCKS) 1,836 62 1,898 5,091 6,989 6. TRADING ACCOUNT SECURITIES 0 0 0 0 0 7. FEDERAL FUNDS SOLC 9,575 0 9,575 10,874 20,449 8. CTHER LOANS 54,483 13,260 67,743 79,634 147,377 9. BANK PREMISES, FURNITURE AND FIXTURES 2,775 5,013 7,788 4,446 12,234 10. REAL ESTATE OWNED OTHER THAN BANK PREMISES 589 41 630 536 1,166 11. ALL OTHER ASSETS 1,224 188 1,412 1,765 3,177 12. TOTAL ASSETS 135,976 32,588 168,564 183,591 352,155 LIABILITIES 13* CEMAND DEPOSITS, IPC 42,314 9,771 52,085 58,675 110,760 14. TIME AND SAVINGS DEPOSITS, IPC 61,201 9,314 70,515 82,298 152,813 15. DEPOSITS OF U.S. GOVERNMENT 9,806 293 10,099 11,253 21,352 16 • DEPOSITS OF STATES AND POLITICAL SUBDIVISIONS 9,101 5,646 14,747 10,854 25,601 17. DEPOSITS OF FOREIGN GOVTS, OFFICIAL INSTITUTIONS 0 0 0 0 0 18. DEPOSITS OF COMMERCIAL BANKS 76 0 76 39 115 19. CERTIFIED ANO OFFICERS CHECKS, ETC 1,836 241 2,077 2,902 4,979 20. TOTAL DEPOSITS 124,334 25,265 149,599 166,021 315,620 (A) TOTAL CEMAND OEPOSITS 56,468 14,232 70,700 76,117 146,817 (B) TOTAL TIME & SAVINGS DEPOSITS 67,866 11,033 78,899 89,904 168,803 21. FEDERAL FUNDS PURCHASEO 0 1,300 1,300 650 1,950 22. MORTGAGE INDEBTEDNESS 306 3,195 3,501 860 4,361 23. ALL CTHER LIABILITIES 2,316 500 2,816 3,512 6,328 24. TOTAL LIABILITIES 126,956 30,260 157,216 171,043 328,259 25. MINOPITY INTEREST IN CONSOLIDATED SUBSIDIARIES 0 0 0 20 20 26. TOTAL RESERVES ON LOANS AND SECURITIES 206 -13 193 617 810 CAPITAL ACCOUNTS 27. CAPITAL NOTES AND DEBENTURES 825 0 825 450 1,275 28. PREFERREC STOCK 0 0 0 33 33 29. CCMMGN STOCK 4,181 880 5,061 5,547 10,608 30. SURPLUS 2,282 1,171 3,453 5,252 8,705 31. UNOIVIOED PROFITS 1,519 86 1,605 613 2,218 32. RESERVES FOR CONTINGENCIES C OTHER CAP RESERVES 7 204 211 16 227 33. TOTAL CAPITAL ACCOUNTS 8,814 2,341 11,155 11,911 23,066 34. TOTAL LIABILITIES, RESERVES, ANO CAPITAL ACCOUNTS 135,976 32,588 168,564 183,591 352,155 NUMBER OF BANKS 8 1 9 17 26 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-B. PRINCIPAL ASSETS OF BLACK BANKS AS OF 71/06/30 (AMOUNTS IN THOUSANDS CF DOLLARS) OBLIG OBLIG CASH t U.S. GOVT STATES L TRADG FED BANK ALL DUE FR TREAS AGEN & POLIT OTHER ACCT FUNOS OTHER PREM £ REAL OTHER TOTAL BANKS SECUR CORPS SUBDIV SECUR SECUR SOLD LOANS FURN ESTATE ASSETS ASSETS UNITY BANK £ TRUST CO BOSTON MA 637 509 1 ,842 0 429 0 It 050 4,464 405 0 161 9,497 FREEDOM NATIONAL BANK NEW YORK NY 4, 561 9t 289 11 ,064 530 124 0 0 16,904 564 539 416 44,011 UNITY STATE BANK DAYTON OH 286 693 0 0 0 0 500 1,748 59 0 44 3,330 INDUSTRIAL BANK OF WASHINGTON DC 2, 263 4,792 2 ,258 3 ,649 4,360 0 800 8,284 490 86 64 27,046 UNITED COMMUNITY NAT BANK OF WASHINGTON DC It 199 2t 575 750 0 38 0 4f000 2,971 123 0 86 11,742 MECHANICS AND FARMERS BANK DURHAM NC 2t 481 3,751 4 ,577 3 ,714 3 0 400 10,022 835 12 254 26,049 VICTORY SAVINGS BANK COLUMBIA SC 223 483 356 377 0 0 450 1,539 69 3 42 3,542 FIRST STATE BANK CANVILLE VA 319 687 0 793 101 0 1,100 2,713 50 2 4 5,769 CONSOLIDATED BANK AND TRUST RICHMOND VA It 759 1,552 1 ,840 1 ,145 0 0 500 7,403 240 0 186 14,625 CITIZENS TRUST COMPANY ATLANTA GA 4 , 773 1,923 65 7 1263 62 0 0 13,260 5,013 41 188 32,588 CARVER STATE BANK SAVANNAH GA 648 1,510 100 386 0 0 0 1,513 48 0 0 4,205 CITIZENS SAVINGS BANK AND TR NASHVILLE TN It 974 954 1 ,861 416 0 0 0 2,385 29 0 0 7,619 HIGHLAND COMMUNITY BANK CHICAGO IL 511 1,201 953 0 0 0 1,200 1,961 46 0 78 5,950 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 2t 958 2,802 2 ,703 309 0 0 1,050 9,853 134 11 223 20,043 SEAWAY NATIONAL BANK OF CHICAGO IL 3t 332 4,864 1 ,696 4 1012 52 0 0 13,656 785 0 240 28,637 FIRST INCEPENOENCE NAT BANK DETROIT MI It 053 3,453 1 ,973 0 1,559 0 2,300 2,764 212 0 160 13,474 NORTH MILWAUKEE STATE BANK MILWAUKEE WI 224 801 46 0 0 0 150 938 23 0 11 2,193 GATEWAY NATIONAL BANK ST LOUIS MO It 480 2,365 2 ,040 0 13 0 1,100 5,546 241 50 120 12,955 TRI STATE BANK OF MEMPHIS MEMPHIS TN It 253 3,105 714 415 50 0 1,500 6,617 241 7 L34- 14*036 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 211 1,814 200 0 12 0 1,000 2,330 352 0 68 5,987 DOUGLASS STATE BANK KANSAS CITY KS 1, 207 1,591 1 ,2 75 996 13 0 624 6,482 486 197 138 13,009 SWOPE PARKWAY NATL BANK KANSAS CITY MO 1, 455 2,647 0 0 23 0 200 6,516 173 0 8 11,022 RIVERS IDE NAT BANK HOUSTON TX It 079 550 1 ,302 0 15 0 975 3,796 305 0 126 8,148 BANK CF FINANCE LOS ANGELES CA It 871 907 2 ,296 0 135 0 0 10,733 865 218 315 17,340 FREEDOM BANK OF FINANCE PORTLANO OR 500 1,416 0 0 0 0 700 670 206 0 44 3,536 LIBERTY BANK OF SEATTLE SEATTLE WA 630 651 1,075 0 0 0 850 2,309 220 0 67 5,802 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 71/06/30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) TIME £ DEPS CERT £ TOTAL FED DEMAND SAVNGS DEPS STATES £ DEPS DEPS OFFICERS TOTAL TIME £ FUNDS OEPS DEPS U. S. POL IT FOREIGN COML CHECKS TOTAL DEMAND SAVNGS PUR- MORT IPC IPC GOVT SUBUIV GOVTS BANKS ETC DEPS OEPS DEPS CHASED INOEBT UNITY BANK £ TRUST CO BCSTCN MA 3,229 4,933 854 61 0 2 193 9,272 4, 319 4,953 0 0 FREEDOM NATIONAL BANK NEW YORK NY 15,713 19,845 1,884 3,656 0 70 412 41,580 18,480 23,100 0 0 UNITY STATE BANK DAY TCN OH 908 1,052 5 86 0 0 0 26 2,572 1,520 1,052 0 0 INDUSTRIAL BANK OF WASHINGTON DC 9,338 14,821 1 ,095 0 0 0 249 25,503 10,682 14,821 C 0 UNITED COMMUNITY NAT BANK OF WASHINGTON DC 3, 331 5,291 1,525 0 0 0 143 10,290 4,990 5,300 0 0 MECHANICS AND FARMERS BANK DURHAM NC 8,672 11,496 353 2 ,447 0 0 598 23,566 10,599 12,967 0 242 VICTORY SAVINGS BANK COLUMBIA SC 915 1,605 3 78 242 0 0 21 3, 161 1,411 1,750 0 0 FIRST STATE BANK DANVILLE VA 994 3,487 275 356 0 0 33 5,145 1,358 3,787 0 C CCNSCLI DAT ED BANK AND TRUST RICHMOND VA 3, €67 8,161 887 202 0 0 82 13,199 5r038 8,161 0 0 CITIZENS TRUST COMPANY ATLANTA GA 9, 771 9, 314 293 5,646 0 0 241 25,265 14,232 11,033 1,300 3,195 CARVER STATE BANK SAVANNAH GA 671 2,281 3 80 455 0 15 21 3,823 1,072 2,751 0 0 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 2, 883 3,022 451 660 0 0 39 7,055 3,483 3,572 0 0 HIGHLANO COMMUNITY BANK CHICAGO IL 1,562 1,855 1,659 10G 0 0 60 5,236 3,261 1,955 0 0 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 7,577 9,168 1,057 835 0 0 254 18,891 8,920 9,971 0 0 SEAWAY NATIONAL BANK OF CHICAGO IL e,979 13,907 1,073 1 ,830 0 0 379 26,168 1C,434 15,734 0 0 FIRST INDEPENDENCE NAT BANK DETROIT MI 1,792 6,333 1,969 1,873 0 0 79 12,046 5,413 6,633 c 0 NORTH MILWAUKEE STATE BANK MILWAUKEE WI 637 514 163 300 0 0 57 1,671 657 814 0 0 GATEWAY NATIONAL BANK ST LOUIS MO 4, 607 5,489 222 1,290 0 0 371 11,979 5,563 6,416 0 106 TRI STATE BANK OF MEMPHIS MEMPHIS TN 3,713 6,320 860 1,622 0 0 137 12,652 4,764 7,888 0 0 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 1,426 1,948 1,471 231 0 0 113 5,189 3,039 2,150 0 200 DOUGLASS STATE BANK KANSAS CITY KS 3,216 4,955 645 2,166 0 14 162 11,160 5,118 6*042 0 200 SWCPE PARKWAY NATL BANK KANSAS CITY MO 3, 748 5,054 978 0 0 5 139 9,924 4,870 5,054 0 0 RIVERSIDE NAT BANK HOUSTON TX 2,718 3,334 684 221 0 1 200 7# 158 3? 679 3,479 0 0 BANK CF FINANCE LOS ANGELES CA 7,774 5,395 514 577 0 0 804 15,064 9,379 5t 685 650 332 FREEDCM BANK OF FINANCE POPTLAND OR 1, C93 970 368 390 0 0 16 2*837 1,567 1*270 0 0 LIBERTY BANK OF SEATTLE SEATTLE WA 1,624 2* 263 728 441 0 6 150 5,214 2 #749 2*465 0 66 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Table III-D. PRINCIPAL LIABILITIES, RESERVES, AND CAPITAL ACCOUNTS OF BLACK BANKS AS OF 71/06/30 (Cont'd.) (AMOUNTS IN THOUSANDS CF DOLLARS) MI NCR RESERVES TOTAL ALL INT IN ON LNS CAP RESERVES TOTAL LIABS, OTHER TOTAL CONSOL AND NOTES PREFER COMMON SUR- UNDIV FOR CAPITAL RESER, LIABS LIABS SUBSID SECUR £ DEB STOCK STOCK PLUS PROFIT CONTING ACCTS CAP ACCT UNITY BANK & TRUST CO BOSTON MA 150 9 4 22 0 178 0 0 600 314 -1,017 0 -103 9,497 FREEDCM NATIONAL BANK NEW YORK NY 541 42 121 0 44 400 0 876 424 143 3 1,846 44,011 UNITY STATE BANK DAYTON OH 170 2 742 0 0 0 0 258 215 115 0 588 3,330 INCUSTRIAL BANK OF WASHINGTON DC 376 25 879 0 33 0 0 248 606 275 5 1,134 27,046 UNITED COMMUNITY NAT BANK OF WASHINGTON DC 165 10 455 0 57 0 0 750 350 130 0 1,230 11,742 MECHANICS AND FARMERS BANK DUR HAM NC 351 24 159 20 138 200 0 569 857 106 0 1,732 26,049 VICTORY SAVINGS BANK COLUMBIA SC 32 3 193 0 31 0 0 112 140 66 0 318 3,542 FIRST STATE BANK DANVILLE VA 139 5 284 0 30 0 0 50 375 30 0 455 5,769 CONSOLIDATED BANK AND TRUST RICHMOND VA 289 13 488 0 82 0 0 300 625 130 0 1,055 14,625 CITIZENS TRUST COMPANY ATLANTA GA 500 30 260 0 -13 0 0 880 1,171 86 204 2,341 32,588 CARVER STATE BANK SAVANNAH GA 32 3 855 0 15 0 0 150 56 118 11 335 4,205 CITIZENS SAVINGS BANK AND TR NASHVILLE TN 8 7 063 0 0 0 0 250 182 124 0 556 7,619 HIGHLAND COMMUNITY BANK CHICAGO IL 117 5 353 0 1 0 0 300 300 -4 0 596 5,950 INDEPENDENCE BANK OF CHICAGO CHICAGO IL 229 19 120 0 21 0 0 400 267 235 0 902 20,043 SEAWAY NATIONAL BANK OF CHICAGO IL 424 26 592 0 62 425 0 625 440 489 4 1,983 28,637 FIRST INDEPENDENCE NAT BANK DETROIT MI 174 12 220 0 0 0 0 750 350 154 0 1,254 13,474 NORTH MILWAUKEE STATE BANK MILWAUKEE WI 19 1 690 0 0 0 0 275 165 63 0 503 2,193 GATEWAY NATIONAL BANK ST LOUIS MO 289 12 374 0 36 0 0 235 185 125 0 545 12,955 TRI STATE BANK OF MEMPHIS MEMPHIS TN 382 13 034 0 50 0 0 341 387 224 0 952 14,036 FIRST PLYMOUTH NAT BANK MINNEAPOLIS MN 132 5 521 0 17 0 0 250 100 99 0 449 5,987 DOUGLASS STATE BANK KANSAS CITY KS 735 12 095 0 18 0 33 375 397 91 0 896 13,009 SWOPE PARKWAY NATL BANK KANSAS CITY MO 389 10 313 0 -19 0 0 375 225 128 0 728 11,022 RIVERSIDE NAT BANK HOUSTON TX 202 7 360 0 9 0 0 320 208 251 0 779 8,148 BANK CF FINANCE LCS ANGELES CA 275 16 321 0 1 250 0 668 100 0 0 1,018 17,340 FREEOOM BANK OF FINANCE PORTLANO OR 146 2 983 0 0 0 0 400 100 53 0 553 3,536 LIBERTY BANK OF SEATTLE SEATTLE WA 62 5 362 0 19 0 0 251 1H 4 0 421 5,802 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Andrew F. Brimmer (1971, October 5). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19711006_brimmer

@misc{wtfs_speech_19711006_brimmer,
  author = {Andrew F. Brimmer},
  title = {Speech},
  year = {1971},
  month = {Oct},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19711006_brimmer},
  note = {Retrieved via When the Fed Speaks corpus}
}