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The Commonwealth of Massachusetts.

To the General Court of Massachusetts.

STATE HOUSE, January 21, 1920.

The annual report of this department herewith submitted under the requirements of section 15, chapter 590, Acts of 1908 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, 1919, and also of trust companies at the date of each of the five calls during the past year.

The complete report 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 appear in this report.


The aggregate assets of the various companies or individuals under the supervision of the department, compiled from their last reports, are as follows:

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The 196 savings banks doing business report assets amounting to over $1,215,200,000 and deposits amounting to over $1,114,300,000, represented by 2,532,036 accounts, an average of about $440.09 to each account.

During the year there has been placed to the credit of depositors more than $45,200,000 in dividends. The guaranty fund, amounting to $53,033,228, is 4.76 per cent of the amount of deposits. The increase in the deposits has been over $80,407,000.

There are 105 trust companies with combined assets of $1,076,214,436, of which $738,075,128.61 are the assets of their commercial banking departments, $119,199,506.08 the assets of their savings departments and $218,939,801.32 the assets of their trust departments.

There are now 190 co-operative banks doing business in this Commonwealth with total assets of over $154,800,000, belonging to about 262,000 shareholders.

There are 60 credit unions doing business, with aggregate assets of $2,791,165.75, showing an increase during the past year of $813,386.81 in assets and of 1 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 $2,479,092,426.19. This is an increase of more than $273,000,000 since a year ago. The number of depositors and shareholders who have availed themselves of these banking facilities is about 150,000 greater than a year ago.

In addition to these 493 institutions which do a banking business as ordinarily understood, there are 1 State bank, 3 savings and loan associations, 77 steamship agents who receive deposits of money for safekeeping or transmission abroad, and 60 credit unions whose. affairs are supervised and whose books and accounts are examined, making a total of 634 institutions and agents under the supervision of this department. There has been paid over to the Treasurer and Receiver-General during the year nearly $44,000, which was received by this department as fees for audits, license fees from steamship agents and fees for registration of public accountants.


The final liquidation of the affairs of this bank awaits the disposition of one estate upon which the bank holds a mortgage. The original borrower being deceased, the process of settling this estate is in progress, and it is now expected the affairs of this bank will be entirely closed within a short time.

This bank has already paid its depositors in full.


The following trust companies have commenced business during the year 1919:

Fall River Trust Company.

Hub Trust Company.
Roxbury Trust Company.

Textile Trust Company.

Permission has been granted by the Board of Bank Incorporation to the following trust companies to establish a branch office:

Roxbury Trust Company.
Textile Trust Company.

Certificates were issued by the same Board to the following trust companies that public convenience and advantage would be promoted by the establishment of said trust companies, but said companies have not commenced business:

Atlas Trust Company.

Chatham Trust Company.
Clinton Trust Company.
Continental Trust Company.
Inman Trust Company.

This department, in connection with and in addition to the usual examination of trust companies, has audited the books and accounts of 64 trust companies, which by their stockholders' examining committees availed themselves of the provisions of chapter 409 of the Acts of 1913.

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