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NEW BANKS.

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.

CONSOLIDATION.

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.

CONVERSION INTO NATIONAL BANK.

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.

RESERVE CITIES.

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.

EXTENSION OF CORPORATE EXISTENCE.

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.

GROWTH OF STATE BANKS.

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,

EARNINGS AND DIVIDENDS OF STATE BANKS.

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.

Total average capital for above period
Total average surplus for above period

Total average capital and surplus ...

Upon which the net profits were equivalent to...
And upon which dividends were paid equivalent to.
Total average undivided profits for above period...
Total average deposits for above period
Upon which net profits were equivalent to..

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

$10,641,181.50

617,948.97

$11,259,130.47

$62,396,356.75
43,904,305.46

$106,300,662.21

10.59%

7.01%

12,175,607.03

808,690,880.31

NUMBER OF DEPOSITORS.

1.39%

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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RECEIPTS AND DISBURSEMENTS OF THE DEPARTMENT.

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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Total fees turned over to State Treasurer for the year 1922....

$104,171.00

4,480.00

$108,651.00

Franchise and filing fees turned over to the Secretary of State....

Total Departmental receipts, 1922..

During the year 1922 the expenses of the Department were as follows:

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L. R. Barnes (appointed assistant examiner July 11, 1921, appointed examiner July 15, 1922)

1,937.77

B. F. Bernsteine (resigned November 11, 1922)

2,073.94

W. E. Birmingham (appointed assistant Examiner April 11, 1921, appointed examiner November 15, 1922)

1,837.47

S. S. Clark

2,450.00

F. A. Cuthbertson (appointed assistant examiner November 3, 1920, appointed examiner February 15, 1922)

2,061.70

J. A. Daugherty (appointed assistant examiner February 1, 1921, appointed examiner April 1, 1922, resigned July 1, 1922)..

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L. G. Kirby (appointed assistant examiner August 1, 1921, appointed examiner July 1, 1922)

1,950.00

H. C. Knickerbocker (appointed assistant examiner November 14, 1921, appointed examiner September 1, 1922)

1,899.40

D. E. Lawrence

2,550.00

J. T. Mallett (resigned June 1, 1922)

1,571.43

J. F. Martin (appointed assistant examiner May 15, 1920, appointed examiner August 15, 1922)

1,537.51

H. A. Millard (resigned May 5, 1922, re-appointed July 5, 1922)
L. J. O'Brien

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L. C. Van Auken (appointed assistant examiner Jan. 1, 1920, appointed examiner March 15, 1922)

1,838.30

C. L. Van Frank (appointed assistant examiner August 30, 1920, appointed examiner February 15, 1922)

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A. W. Harty (appointed assistant examiner September 11, 1922)
C. E. Kaye (appointed assistant examiner June 19, 1922)
S. L. Kidder

547.89

959.34

1,800.00

W. R. Lobdell

E. C. Reid (appointed assistant examiner April 3, 1922)
Archie Smith (appointed assistant examiner August 28, 1922).
F. H. Swarthout (appointed assistant examiner January 30, 1922)

1,800.00

1,489.01

577.23

1,655.00

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The net cost to the State in 1922, for its present system of bank supervision is, therefore, $53,045.05.

STEAMSHIP BONDS APPROVED BY THE SECURITIES COMMISSION. The following table shows the steamship bonds which are legal investments for savings deposits of state banks at the date of this report:

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I submit the following table for the purpose of showing that the absolute separation and segregation of savings deposits and investments has not retarded or restricted in any way the commercial business interests of the state.

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An analysis of the above shows conclusively that the commercial needs of the state have not been restricted on account of the operation of the law. The report of September 15, 1922, shows that commercial or business needs were amply supplied. State banks on that date had discounts of this character in the savings department aggregating $87,996,599.80, notwithstanding the fact that they could if necessary, have availed themselves to the amount of $127,869,784.00.

MEMBER BANKS FEDERAL RESERVE SYSTEM.

There are 164 state banks which are members of the Federal Reserve System, with aggregate resources of $718,938,941.56 upon December 29, 1922, which evidences 67.163 per cent of the total resources of state banks in Michigan upon that

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