SAVINGS BANKS, INSTITUTIONS FOR SAVINGS, TRUST COMPANIES WRIGHT & POTTER PRINTING CO., STATE PRINTERS, The Commonwealth of Massachusetts. To the General Court of Massachusetts. OFFICE OF THE BANK COMMISSIONER, The annual report of this department is herewith submitted under the requirements of section 15, chapter 590, Acts of 1908, and exhibits the condition of savings banks, co-operative banks, credit unions and savings and loan associations as disclosed by their annual returns of October 31, 1916, and also of trust companies at the date of each of the five calls during the past year. The complete report to be rendered later will, as heretofore, consist of two parts: Part I. relating to savings banks and trust companies, and Part II. relating to co-operative banks, credit unions, and savings and loan associations. The customary consolidated statements covering transactions of savings banks and trust companies follow this report. GENERAL STATEMENT. The aggregate assets of the various companies or individuals under the supervision of the department, compiled from their last reports, are as follows: The 196 savings banks doing business report assets amounting to over $1,078,000,000 and deposits amounting to over $997,000,000, represented by 2,457,269 accounts, an average of $406.02 to each account. During the year there has been placed to the credit of depositors more than $36,785,000 in dividends. The guaranty fund amounting to $47,108,302.92, is 4.72 per cent. of the amount of deposits. The increase in the deposits has been nearly $69,000,000; this is almost double the amount of the increase in any previous year. Such a marked increase is significant. There are 91 trust companies with combined assets of $660,358,042.88, of which $514,257,082.30 are the assets of their commercial banking departments, $44,231,327.12 the assets of their savings departments and $101,869,633.46 the assets of their trust departments. There are now 183 co-operative banks doing business in this Commonwealth with total assets of about $113,305,000, belonging to 236,760 shareholders. There are 53 credit unions doing business, with aggregate assets. of $816,443.08, showing an increase during the past year of $384,843.60 in assets and of 6 in number. The combined assets of the savings banks, the trust companies and the co-operative banks, together with the Massachusetts Hospital Life Insurance Company and the branch of the Bank of Nova Scotia, all of which are under the supervision of this department, amount to $1,884,656,197.63. This is an increase of more than $181,465,790 since a year ago. The number of depositors and shareholders who have availed themselves of these banking facilities is more than 50,000 greater than a year ago. In addition to these 472 institutions which do a banking business as ordinarily understood, there are 3 savings and loan associations, 88 steamship agents who receive deposits of money for safekeeping or transmission abroad, and 53 credit unions whose affairs are supervised and whose books and accounts are examined, making a total of 616 institutions and agents under the supervision of this department. In the report for 1915, reference was made to the enlarged scope and increasing duties of this department. It is a satisfaction to state that the 60 savings banks which asked this department to audit their accounts under the provisions of chapter 629 of the Acts of 1912 again availed themselves of this privilege, and 9 savings banks which were formerly audited by certified public accountants have had that work done by the department. Forty-seven trust companies have been audited by the department under the provisions of chapter 409 of the Acts of 1913. There has been paid over to the Treasurer and Receiver-General during the year more than $35,000, which has been received by this department for the fees for the audits, license fees from steamship agents and registration of public accountants. LAFAYETTE SAVINGS BANK. During the past year the affairs of this bank have been finally adjusted, and by the authority of the Supreme Judicial Court the Bank Commissioner paid a dividend of 87 per cent., amounting to $8,025.62, to the depositors, whose claims aggregated $9,224.82. WALES SAVINGS BANK. It had been expected that the affairs of this bank, which is in voluntary liquidation, would have been settled during the past year. Owing to a delay in settling an estate it has not been accomplished. Upon the settlement of the estate in question it is probable that the depositors will receive a further small final dividend. The depositors in this bank have already received the full amount of their deposits. TRUST COMPANIES. Following is a list of trust companies which have commenced business during the year 1916: Permission has been granted by the Board of Bank Incorporation to the following trust companies to establish branch offices: Gardner Trust Company. Hyde Park Trust Company. |