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STATE BANKING

DEPARTMENT

REPORT OF THE COMMISSIONER

STATE OF MICHIGAN,

Banking Department,

Lansing, December 31, 1906. To the Honorable Fred M. Warner, Governor of Michigan:

I have the honor to submit the eighteenth annual report of this department in compliance with the provisions of section 43 of the General Banking Law of Michigan, as follows:

At the date of this report, there are three hundred and two State banks, six trust companies and one society for savings under the supervision of this department. In the statistics following the number of banks is given at 301 State banks. This is caused by one bank commencing business subsequent to November 12, the date of the last call for report of condition.

Statements showing the financial condition of all State banks and trust companies, as called for by this department four times during the year, and in addition thereto reports of the financial condition of the eighty-eight national banks of the State, are appended; as are also abstracts of the yearly reports for the past eighteen years, which show the progress and increasing wealth of the State.

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NEW BANKS AND TRUST COMPANIES.

Twenty-three State banks and one trust company have been organized during the year, as follows:

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In compliance with section 10 of the banking law, the following banks have amended their articles of incorporation with reference to capital stock:

The People's Bank, of Leslie, $50,000 to $25,000.
Peninsular Savings Bank, Detroit, $300,000 to $400,000.
Union Bank, Jackson, $100,000 to $200,000.
Chelsea Savings Bank, Chelsea, $60,000 to $100,000.
Home Savings Bank, Kalamazoo, $50,000 to $100,000.
Jackson City Bank, Jackson, $150,000 to $200,000.
Niles City Bank, Niles, $35,000 to $50,000.
Calumet State Bank, Red Jacket, $50,000 to $100,000.
First State Savings Bank, Breckenridge, $15,000 to $16,000.
Commercial Bank, Iron Mountain, $50,000 to $100,000.

In this direction capital stock has been increased $131,000. The increase in capital caused by the organization of new banks and trust companies during the year amounts to $1,100,000, constituting a total in(rease in capital stock for the year 1906 of $1,531,000.

CONSOLIDATIONS.

Conforming to the provisions of section 54 of the banking law, the Delray Savings Bank, Delray, by vote of its stockholders, has been con.

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