STATE BANKING DEPARTMENT REPORT OF THE COMMISSIONER STATE OF MICHIGAN, To the Honorable Fred M. Warner, Governor of Michigan : Complying with the provisions of Section 43 of the General Banking Law of Michigan, I have the honor to submit for your consideration the twenty-first annual report of this department for the year ending December 31, 1909. NUMBER OF STATE BANKS AND TRUST COMPANIES. There are under the supervision of this Department at the date of this report 377 state banks and five trust companies transacting busi ness in this state. In the statistics and tables the number is given as 376 state banks, one bank having commenced business since date of last report, November 16th, 1909. FINANCIAL CONDITION. The financial condition of all State banks and trust companies is exhibited on pages three to three hundred eighty-six, inclusive. Reports of condition were called for by the department and made by the banks at the close of business November 27, 1908, February 5, April 28, June 23 and September 1, 1909. On November 16, 1909, a call for report of condition was made and received from each of the banks, and the report so received will be published in the department's annual report for the year 1910. As explained in the department's report for 1908, this plan is followed in order that the report may be in the hands of the bankers, so that it may be of value as a book of reference, and it also enables me to publish in each annual report all statements of condition called for each year. On pages 387 to 490 will be found statement of condition of each of the national banks in Michigan. B I beg to refer you to the tables contained in this text which show the increasing wealth of the people of our State since the department's organization in 1889. These tables contain abstracts of the annual reports of State and national banks for the past twenty-one years. Attention is called to the tables in this text, giving abstract of reports of all state banking institutions and national banks in the United States as at the close of business April 28th, 1909. These figures were furnished me by the National Monetary Commission. I again include in the annual report the statistics of the State and national banks in Michigan located in reserve cities. EXAMINATIONS. The examining force of the department in the year 1909 has made 738 examinations. Each state bank has been examined twice, except such as were organized toward the close of the year. Each trust company has been examined once during the year in accordance with requirements of the trust, deposit and security law. It gives me pleasure to report that special examinations for the purpose of determining whether or not a betterment of conditions had been effected have been required in but few instances. Taken as a whole, the affairs of the banks as revealed by the examiners' report are in very good condition. Each report has been carefully examined, and letters of criticism written the banks. Each bank has made to the department, with the exception of those recently organized, five reports of condition, two reports of earnings and dividends, two reports showing condition as a result of directors' examination, and also special reports wherever the same have been deemed necessary. 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 by each bank. It also gives me pleasure to report that the reserve maintained by the several state banks has exceeded that maintained during any other year since the organization of the department. While the percentage of the reserve may not be as great, yet it has been distributed in such a manner that but very few banks were below the requirements of Sections 24 and 27 of the banking law. As noted above, it has been necessary to ask for but few special reports. Irregularities called to the attention of the banks have generally been promptly corrected, and it has not been necessary during 1909 to enforce the provisions of the law on account of any disregard of the same. |