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The following banks have amended their articles of incorporation in the direction of changing the amount of their capital stock, as provided for in section 10 of the General Banking Law:

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The above table shows a net gain of $251,500, which, together with the gain on account of organization of new banks constitutes a gross increase of capital stock for the year of $1,861,500. There has been a decrease in capital stock on account of liquidation, consolidation and conversions to national banks of $580,000. The net increase therefore in capital stock for the year 1908, is $1,281,500.


Acting in compliance with the provisions of section 10 of the Banking Law the following banks by a vote of their stockholders amended their original articles of incorporation to permit the transaction of a commercial and savings bank business:

The Farmers' State Bank of Concord.

The Williamston State Bank, Williamston.

The Pinconning State Bank, Pinconning.

On February 25th, 1908, the stockholders of the Wyandotte Savings Bank amended the articles of incorporation of said bank so as to provide for a board of directors consisting of seven members, instead of nine, as theretofore constituted.


The Richland State Bank by a vote of its stockholders on June 2, 1908, decided to go into voluntary liquidation, which was consented to by the department.

For the purpose of consolidating with the Alpena County Savings Bank of Alpena, the State Savings Bank of Alpena on August 22d, 1908, by a two-thirds vote of its stockholders voted to go into voluntary liquidation. On August 29th, 1908, the stockholders of the Alpena County Savings Bank authorized such consolidation, and upon being satisfied that the interests of the creditors and depositors of both banks were fully protected, on September 1st, 1908, I consented to such consolidation.

For the purpose of consolidation with the Pinconning State Bank of Pinconning, the Commercial State Bank of Pinconning, by a vote of its stockholders November 23d, 1908, voted to go into voluntary liquidation, and on November 27, 1908, the stockholders of the Pinconning State Bank ratified the consolidation of the two banks, and after determining that the rights of the creditors and depositors of both institutions had not been injured in any manner, on the 7th day of December, 1908, consent to the consolidation was given.

On July 15th, 1908, the stockholders of the Commercial Savings Bank of Grand Rapids, and the Fifth National Bank of Grand Rapids, voted to consolidate the two banks, the organization continuing to be known as the Commercial Savings Bank of Grand Rapids. Inasmuch as the Commercial Savings Bank was a State bank, and was absorbing the business of the national bank, I felt it my duty, before consenting to such consolidation, to make an examination of the affairs of the Fifth

an examination was made and consent given to the consolidation September 1st, 1908.

For the purpose of merging the business of the two banks into a new organization, to be known as the Kent State Bank of Grand Rapids, the stockholders of the Kent County Savings Bank of Grand Rapids, and the State Bank of Michigan, Grand Rapids, on the 14th and 19th days of May, 1908, respectively, voted to consent to such merger. On May 13th, 1908, articles of incorporation of the Kent State Bank of Grand Rapids were filed, and on July 1st, 1908, after determining that the provisions of the law had been fully complied with in regard to the merging of the two old banks, and the succession of the new bank, certificate of authority to commence business was issued.


During the year 1908, the Boyne City State Bank of Boyne City and the Superior Savings Bank of Hancock were reorganized as national banks under the provisions of the National Bank Act, and are known as the First National Bank of Boyne City and the Superior National Bank of Hancock, respectively.


This department was organized in the year 1889, and since that time. the increase and growth of the business transacted by the banks in Michigan has been very great The statistics show that deposits have increased $175,063,490.36, while loans show a gain of $165,493,645.06, as will be seen from the following statement:

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As compared with the report of December 3, 1907, the report of November 27, 1908, exhibits a decrease in loans of $2,432,156.61, and a

$2,500,428.43, savings deposits increasing $2,887,758.27, and bank deposits increasing $639,092.32.

The report of February 14, 1908, showed the total footings of Michigan State banks at the lowest point since the report of November 12, 1906. The report of November 27, 1908, shows a healthy growth in deposits since the low mark was reached, the net increase in deposits being $2,919,577.31, while loans have increased $4,186,373.78. Savings deposits during this time show an increase of $5,677,725.27, while commercial and bank deposits show decreases of $2,515,091.52 and $243,056.44, respectively.


From reports furnished by the 351 State banks and the 96 national banks on December 1st, 1908, the total number of depositors in the State of Michigan were 893,127 and are classified as follows:

State banks, individual deposits subject to check....
State banks, commercial certificates of deposit.

State banks, savings depositors...

State banks, saving certifictates of deposit...

National banks, individual deposits subject to check.
National banks, certificates of deposit...







The number of commercial depositors in State banks have increased 3,947, and the gain in the number of savings depositors is 19.704, making a total increase in depositors in State banks for the year 1908 of 23,651. There were 21,781 more depositors in Michigan national banks on December 1st, 1908, than on said date 1907. The number of depositors in State and national banks have increased 45,432 for the year 1908.

I give below a tabulation which will show the number of commercial and savings depositors in the 351 State banks and 96 national banks. the amount of deposits, and the average amount due each depositor:

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*This includes certificates of deposit; several certificates issued to one person counted as one.


Sections 24 and 27 of the general banking law require that the Commissioner of Banking shall designate certain cities as reserve cities for Michigan State banks, any incorporated bank or trust company located therein becoming a legal depository for reserve funds upon such

Complying with these sections, I hereby designate for the year 1909 the following as reserve cities: Detroit, Grand Rapids, Bay City, Saginaw, Kalamazoo, Jackson, Port Huron, Adrian, Benton Harbor, Muskegon, Ann Arbor, Calumet, Houghton, Marquette, Lansing, Alpena, New York, Boston, Philadelphia, Baltimore, Buffalo, Cleveland, Cincinnati, Toledo, St. Louis, Chicago, and Milwaukee.


Athens State and Savings Bank, Athens.

As the result of an examination by the Department of the Athens State and Savings Bank, made on the twenty-fourth day of August, 1908, by virtue of the power conferred upon me by the banking law, by and with the advice and consent of the Attorney General, I took possession of said bank on the twenty-seventh day of August, 1908. On the third day of September, 1908, Frank Wolf of Battle Creek, was appointed receiver of said bank.

The condition of the bank, as shown by its books at the close of business August 24, 1908, was as follows:

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A careful examination of the affairs of this institution revealed that the cashier had made loans greatly in excess of the legal limit and without security; that he had allowed accounts to be overdrawn to an extraordinary amount; that he had falsified the bank's books and ac

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