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NEW BANKS.

There have been organized during 1909 twenty-six state banks, and I submit the following information in regard to the same:

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INCREASE AND DECREASE OF CAPITAL STOCK.

As provided for in section 10 of the General Banking Law the following banks have amended their articles of incorporation for the pur pose of changing the amount of their capital stock:

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The above table shows an increase of banking capital of $345,000. To this should be added the $680,000 of new bank capital growing out of the organization of new state banks. A further addition should be made of $35,000 caused by the restoration to stockholders by receivers of the Athens State and Savings Bank and the Springport State Savings Bank, the aggregate capital of the two banks amounting to $35,000. The total increase, therefore, for the year amounts to $1,060,000. From this should be deducted the loss of banking capital growing out of the liquidation, consolidation and conversion of banks mentioned in another chapter of this report, which amounts to $550,000. The net increase in capital, therefore, for the year is $510,000.

OTHER AMENDMENTS TO ARTICLES OF INCORPORATION.

The original Articles of Incorporation of the Metamora State Savings Bank were amended by a vote of the stockholders March 1, 1909, changing the title of said bank from "The Metamora State Savings Bank” to "Metamora State Saving Bank."

Being desirous of conducting a savings bank business in connection with a commercial bank business, the stockholders of the E. Hill and Son's State Bank of Colon, on September 14, 1909, voted to amend their original Articles of Incorporation in this regard.

Complying with the provisions of section 10 of the General Banking Law, the stockholders of the Kalamazoo Savings Bank on December 4, 1909, voted to amend its Articles of Incorporation, changing its name from the "Kalamazoo Savings Bank" to "Kalamazoo City Savings Bank."

LIQUIDATIONS AND CONSOLIDATIONS.

On the sixth day of February, 1909, the Citizens' Savings Bank of Detroit, Mich., by a vote of its stockholders voted to go into liquidation under the provisions of sections 53 and 54 of the General Banking Law. In course of its liquidation, the Dime Savings Bank of Detroit, assumed all liability to the depositors of the Citizens' Savings Bank, the latter transferring certain of its assets to the former to offset the liability assumed. As all of the assets of the Citizens' Savings Bank were not transferred to the Dime Savings Bank, further liquidation is now proceeding under section 53 of the Banking Law.

After having obtained the consent in writing of all of the stockholders, and also procuring the unanimous vote of its board of directors on March 11, 1909, the Commercial and Savings Bank of Coleman voted to consolidate its affairs with those of the Midland County Savings Bank of Midland.

The stockholders of the United States Savings Bank of Detroit, on November 26, 1909, voted to place said bank in liquidation for the purpose of consolidation with the People's State Bank of Detroit. Immediately upon the ratification of the consolidation by the directors of the People's State Bank I caused an examination to be made of the United States Savings Bank, and it appearing from such examination that the rights of creditors were not jeopardized consent to the consolidation was given by the department November 30, 1909.

voted to liquidate and close the affairs of said company according to section 27 of Act No. 143 of the Public Acts of 1889. Upon determining that the provisions of said section had been complied with, and on receiving information that all obligations of said company had been fully met and discharged, consent was given to such liquidation, and the affairs of the company closed as of March 31, 1909.

CONVERSION TO NATIONAL BANKS.

By resolution of its directors and stockholders the Commercial State Bank of Ithaca, decided to reorganize as a national bank, and on December 7, 1909, the Comptroller of Currency approved the bank's application for conversion and authorized them to transact business as "The Commercial National Bank of Ithaca," Michigan, with a capital of $30,000.

EXTENSION OF CORPORATE EXISTENCE.

The Hillsdale Savings Bank of Hillsdale made application under the provisions of Act No. 143 of the Public Acts of 1889 to extend its chartered existence for a period of thirty years. Consent of the stockholders of said bank and original Articles of Incorporation were filed July 15, 1909. By virtue of Section 3 of said Act, I caused to be made on July 19, 1909, an examination of its affairs, and being satisfied as to its condition and that said bank had complied with all the provisions required by law, a certificate was issued extending its corporate existence for a period of thirty years from and after July 30, 1909.

RESERVE CITIES.

Complying with the provisions of sections 24 and 27 of the Banking Law, I do hereby designate for the year 1910 the following cities as reserve cities for Michigan State banks and trust companies: Detroit, Grand Rapids, Bay City, Saginaw, Kalamazoo, Jackson, Port Huron, Adrian, Benton Harbor, Muskegon, Ann Arbor, Calumet, Houghton, Marquette, Lansing, Battle Creek, Alpena, New York, Boston, Philadelphia, Pittsburg, Baltimore, Buffalo, Cleveland, Cincinnati, Toledo, St. Louis, Chicago, Milwaukee and Minneapolis.

NUMBER OF DEPOSITORS.

The total number of depositors in the 376 State banks and 99 national banks on December 1, 1909, amounted to 1,024,450 and are separated into the following classes:

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The above classification shows that commercial depositors in State

is 29,887, making a total increase in the number of depositors in State banks for 1909 of 60,134. The reports of Michigan national banks on December 1, 1909, show that depositors have increased 71,189. The total increase, therefore, in state and national banks amounts to 131,323 for 1909.

The following table shows the number of commercial and savings depositors in the 376 State banks and the 99 national banks, the aggregate amount of deposits and the per capita to each depositor:

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

It will be noted from the foregoing table that the average to each depositor in State banks has increased $10.59, notwithstanding the increase in number of depositors.

ATHENS STATE AND SAVINGS BANK.

The department took possession of this bank on the twenty-seventh day of August, 1908, and September 3, 1908, Frank Wolf of Battle Creek was appointed its receiver. The bank remained in the possession of the receiver until the fourth day of February, 1909, and was on the eighth day of February, 1909, opened to the public by its directors and officers for business in due course. The rehabilitation of this institution was made possible by the action of certain stockholders in paying into the bank $15,000 in cash and taking from its assets in lieu thereof such as were considered of uncertain value. In addition to this, certain of the stockholders of said bank caused to be executed and delivered to the Circuit Court for the county of Calhoun, in chancery, a bond providing that said bank would pay all its debts and obligations which might be demanded at any time within one year from the date of such writing. The statement of the condition of this bank since it was turned over to the stockholders by the receiver can be seen by reference to page 21 of this report.

SPRINGPORT STATE SAVINGS BANK.

As set forth in the text of the department's report for the year 1908, I took possession of the above named bank on December 11, 1908, and the bank was in the possession of the department until the appointment of Lester P. Hoag as receiver on January 16, 1909, and his qualification on January 22. As evidenced by receiver's receipt of said date, the

by an order of the Circuit Court for the county of Jackson was discharged, and the affairs of said bank turned over to its stockholders. The rehabilitation of this bank was made possible by the stockholders satisfying their statutory liability, and by the good character of many of the bank's assets. The bank is now in good condition and since its resumption of business has made a healthy growth, as evidenced by its statement of condition on page 350 of this report.

GROWTH OF STATE BANKS.

The year 1909 marks the twenty-first year of state bank supervision in Michigan under the present banking law. Beginning with eighty state banks in January 1889, with aggregate footings of $38,900,770.88, the number has steadily increased until there are now 376 state banks and 5 trust companies with a total business of $273,718,216.23. During this period the increase in deposits has been enormous, showing a gain of $203,188,653.53. During the same time loans have increased $186,999,462.50. There has been added to banking capital, in the way of organization of new banks and increase of capital, $16,106,848.53; and by additions to surplus $14,002,434.23, or an aggregate increase of $30,109,282.76.

In this connection the following statement is submitted:

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The report of November 16th, 1909, as compared with the report of November 27th, 1908, shows an increase in loans of $21,505,817.44, while total deposits increased $28,075,163.17, the greatest gain in deposits for any one year since the organization of the department. In detail this increase in deposits is divided as follows,-Commercial Deposits (individual) $13,598,092.43, Savings Deposits $13.479.120.01 and deposits

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