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Banker Nichols' pet New Deal aversion is Federal Deposit Insurance Corp. His bank is the only one of 6,000 Federal Reserve members which has never paid an FDIC assessment. Last week Banker Nichols received a letter from Comptroller of the Currency J. F. T. O'Connor reminding him that the deposit insurance law becomes permanent June 30. Offering Comptroller O'Connor his compliments and a "one-way ticket to Dante's Inferno," Banker Nichols replied...
...depositors in a closed bank under the Federal Deposit Insurance Law. Glutted with frozen paper on city real estate and business loans, the Fond du Lac State Bank closed late last May owing 1,789 depositors $241,412. A month ago its insured deposits were turned over to FDIC when the directors failed to agree on plans for a reorganization. Ninety-nine per cent of the depositors will be paid in full. Under the Temporary Insurance Plan (guaranteeing accounts of $2,500 or less), $125.000 of the bank's deposits are covered?less than 4 100th...
Following the law, FDIC organized the Depositors National Bank of East Peoria to assume the insured deposit liabilities of the closed bank, receive new deposits, function temporarily. It will try to raise capital to reorganize the bank, return it to private management. If capital is not subscribed within two years, or if no merger with a solvent institution can be arranged, FDIC is authorized to place the new bank in voluntary liquidation, wind up its affairs. East Peoria, whose Caterpillar Tractor Co. foundry was last week closed down to prevent warfare between workers and strike pickets, has not suffered unduly...
...Washington last week the regular weekly report of the Federal Reserve System revealed that its twelve member banks had written off their holdings of $139,299,000 in FDIC stock. The Federal Reserve had apparently decided that the stock could not be carried as an asset on its face value because: 1) the member banks were merely holding it for the U. S. Treasury; 2) it was subject to continual reduction through FDIC payments to depositors in closed banks. If the Federal Reserve surplus (currently $138,000,000) should be exhausted by loans under the direct loans to industry, then...
Said Chairman Crowley: "It was not until the RFC had given the FDIC a raised the maximum guarantee for deposits from $2,500 to $5,000 beginning July 1. Deposits insured total $15,700,000,000 belonging to fifty-six million accounts in 14,000 banks. This week under the $5,000 maximum, insured deposits will jump considerably. The Federal Government sidestepped because they would have necessitated a large scale reexamination of banks. Another reason given was that FDIC wanted to develop a more equitable system of assessing banks for the permanent guarantee...