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STATE OF MICHIGAN, Banking Department, Lansing, December 31, 1922.

To the Honorable Alex. J. Groesbeck, Governor, State of Michigan:

Agreeable to the provisions of section 43 of the General Banking Law of Michigan, I have the honor to submit for your consideration the thirty-fourth annual report of this department for the year ending December 31, 1922.

During the past year a continued growth will be observed, as shown by abstracts of statements as of September 6, 1921, and call of September 15, 1922. Between these dates total banking resources increased $48,632,413.62 or 4.91 per cent.

The general tendencies of the year up to September 15, 1922, as reflected in the condition of Michigan state banks are indicated by the following comparative statement:

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Since September 6, 1921, the general tendency has been toward a reduction in loans and discounts and bills payable and rediscounts.

I take pleasure in presenting the detailed statistics outlining the activities of this Department and the condition of the institutions under its supervision in the following pages.

Respectfully submitted,

H&m tha


Commissioner of the Banking Department.



There are at the date of this report, under the supervision of the Department, 568 state banks, 2 industrial banks and 11 trust companies transacting business in Michigan.


Reports showing the condition of all state banks and trust companies will be found on pages 3 to 301 inclusive. Reports of condition were called for by the Department and made by the banks at the close of business, December 31, 1921, March 10, May 5, June 30, September 15, and December 29, 1922. The report of September 15, as to each state bank will appear in the Department's annual report for the year 1922. In order that the annual report may be in the hands of the public in time to be of use as a book of reference, this plan of publishing eports has been adopted.

Statements of condition of each national bank in Michigan will be found on pages 305 to 364 inclusive.

Again included are the statistics of the state and national banks located in Detroit and statistics of the state and national banks by counties.


The examining staff of the Department, during the year 1922, made examinations, as follows:

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All state banks have been examined during the year as well as 9 trust companies.

Preliminary examinations consist of examinations of new banks under Section 7 of the Banking Law, which is incumbent upon the Department to make precedent to the issuance of certificate of authority to commence business.

Reports of examiners as to condition of the several state banks have been carefully scrutinized and letters of criticism written the banks. Such letters, as well as replies thereto, are made a part of the directors' records in each bank.

All state banks, with the exception of those organized during the year, have made five reports of condition, two reports of earnings and dividends, two reports showing results of directors' examinations, and also special reports whenever the Department has deemed it necessary to require the same.

Oaths of directors, signatures of officers, and list of stockholders, together with a report as to the number of depositors, are furnished the Department each year


During the year 1922 the following Michigan state banks have been authorized to commence business:

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For the purpose of increasing their capital stock the following banks have amended their original articles of incorporation, in accordance with Sections 10 and 10-a of the General Banking Law.

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The foregoing table shows an increase in capital stock of $1,930.000.00; adding to this amount $830,000.00 capital stock of new banks makes a total increase for the year of $2,760,000.00. After subtracting $400,000.00, the capital of the banks consolidated and liquidated, there remains a net gain of $2,360,000.00.


On April 5, 1922, the Presque Isle County Savings Bank of Rogers. purchased the assets and assumed the liabilities of the State Savings Bank of Rogers.

The stockholders of the First State Savings Bank of Evart and the Evart Savings Bank of Evart on the 20th day of May, 1922, voted to consolidate the affairs of both institutions under the provision of Section 54 of the General Banking Law which consolidation became effective May 20, 1922, under the title of "The Evart State Bank”.

On June 17, 1922, the Peoples State Bank of Detroit, purchased the assets and assumed the liabilities of the Oakwood State Bank of Oakwood.

On March 13, 1922, the First State Savings Bank of Marcellus was closed by order of Commissioner of Banking. On March 17, 1922, J. N. Bilderback was appointed receiver.


On February 1, 1922, The City Trust and Savings Bank, Grand Rapids, was

The following banks have amended their Articles of Incorporation for the purpose of changing their corporate title:

First State Savings Bank of Evart to The Evart State Bank

Huron County Savings Bank, Harbor Beach, to Huron County State Bank. Smith-Richmond State Bank of Clinton to State Savings Bank of Clinton.


As required by Sections 24 and 27 of the General Banking Law, I hereby designate for the year 1922 the following cities as reserve cities for Michigan state banks and trust companies: Adrian, Alpena, Ann Arbor, Battle Creek, Bay City, Benton Harbor, Cadillac, Detroit, Flint, Grand Rapids, Jackson, Kalamazoo, Lansing, Marquette, Muskegon, Pontiac, Port Huron, Saginaw, St. Joseph, Sault Ste. Marie, Traverse City, Baltimore, Boston, Buffalo, Chicago, Cincinnati, Cleveland, Milwaukee, Minneapolis, New York, Philadelphia, Pittsburg, St. Louis, St. Paul and Toledo.


In accordance with the provisions of Act 143 of the Public Acts of 1899 the stockholders voted to extend the corporate existence of the following banks for the period specified:

138 Traverse City State Bank, Traverse City, for thirty years from June 3, 1922. 141 State Savings Bank, Fowler, for thirty years from August 7, 1922. 142 Monroe County Bank, Dundee, for thirty years from September 6, 1922. 143 Thompson Savings Bank, Hudson, for thirty years from October 13, 1922. 144 State Savings Bank, Ann Arbor, for thirty years from September 14, 1922. 145 Northville State Savings Bank, Northville, for thirty years from October 26, 1922. 147 Home Savings Bank, Kalamazoo, for thirty years from November 20, 1922. 148 Citizens State Bank, South Haven, for thirty years from November 2, 1922. 150 Ithaca Savings Bank, Ithaca, for thirty years from December 22, 1922. 151 Lilley Savings Bank, Tecumseh, for thirty years from January 25, 1923. 153 Gaylord State Savings Bank, Gaylord, for thirty years from March 1, 1923. 156 Tecumseh State Savings Bank, Tecumseh, for thirty years from March 4, 1923. 157 Dexter Savings Bank, Dexter, for thirty years from February 10, 1923. 162 Adrian State Savings Bank, Adrian, for thirty years from May 23. 1923. 163 Blissfield State Bank, Blissfield, for thirty years from April 24, 1923. 165 Union Trust & Savings Bank, Flint, for thirty years from February 28, 1923. 167 Commercial Savings Bank, Albion, for thirty years from May 2, 1923.


December 31, 1922, marks the thirty-fourth anniversary of the founding of the present system of state bank supervision in Michigan. The following table shows the enormous increase in the aggregate footings of the state banks from the close of the first year's existence of this Department to the present time:

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In the period 1889-1922 the following approximate increases are shown: Deposits, $843,000,000; loans, $796,000,000; capital, $58,000,000; surplus and undivided profits,


The General Banking Law of the State of Michigan does not fix a uniform dividend period for state banks. It provides, however, that each bank shall report to the Commissioner of the Banking Department within ten days after declaring any dividend, such reports showing amount of dividend, amount carried to surplus and any earnings in excess thereof. The custom of the Department in this regard is to call for a report of earnings and dividends as of June 30 and December 31 of each year.

For Year Ending June 30, 1922.

Gross Earnings

Losses, bad debts, premiums charged off.
Expenses, interest and taxes paid...

Net earnings

Recoveries on items previously charged off

Net profits:

Out of which total dividends of $7,451,708.63 were declared.

$56,391,512.44 2,903,028.14 42,847,302.80




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Reports as to the number of depositors were received from the 566 state banks, 11 trust companies and 119 national banks as of September 15, 1922. An abstract of these reports shows total depositors of 2,650,532 divided into the following classification:

State banks, commercial deposits
State banks, savings deposits

National banks, commercial deposits
National banks, savings deposits

587,485 1,575,935

145,789 341,323

An increase of 23,691 is shown in the number of commercial depositors of state banks for the year, while the increase in number of savings depositors is 61,153, constituting a total increase in number of depositors of state banks 84,844. During the year the number of commercial depositors in Michigan national banks has increased 5,018 and the number of savings depositors has increased 17,563, making a total increase for national banks 22,581. The total increase in number of depositors of both state and national banks for the year 1922 is, therefore, 107,425. The following table shows the number of commercial and savings depositors in the 566 state banks. 11 trust companies and 119 national banks, the aggregate deposits and per capita of deposits:

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In accordance with Section 40 of the General Banking Law, the Department has collected and turned over to the State Treasury the following fees and col

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