Show Deposit Insurance Improves Utah Banks Washington D D. D C. C.- C. C Total assets assets as as- sets in the sixty licensed commercial commercial commercial commer commer- cial banks in Utah were shown to tobe tobe toie be ie more than million dollars by figures contained in an abstract abstract abstract ab ab- ab- ab recently set up by the Federal Federal Fed Fed- eral Deposit Insurance Corpora Corpora- tion The banks of ot the state members of the Insurance Fund of the F. F D. D I. I C. C sent reports of their condition condition condi condi- tion as ns of June 30 last to Wash Wash- ington Total deposits in these banks on that date were as compared with on December December December Dec Dec- ember 30 1933 an increase of approximately approximately approximately ap ap- ap- ap proximately in the six month period Among other figures appearing in the tile tabulations of the Ins Insurance rance Corporation was a set showing that the insured banks of Utah employ more than people That includes the banks' banks active officers as well as all other bank personnel This first call report of the in insured insured In- In banks of the country was based on answers to requests sent out through the offices of the Federal Federal Federal Fed Fed- eral Deposit Insurance Corpora Corpora- tion Commenting on the findings of or orthis this abstract shO showing ing the improved ed condition of the insured commercial commercial commercial com com- mercial banks of the nation re re- re- re presenting about 90 per cent of all banks Chairman Leo T. T Crowley Crowley Crowley Crow- Crow ley of the F F. F D. D I. I C. C said The part played by the deposit insurance in strengthening the banks must not be forgotten asit as asit asit it is very doubtful whether the necessary return of public conn- conn in the banks would have taken taken tak tak- en place had not protection of the savings of the great mass of depositors depositors depositors de de- de- de been assured The Corporation Corporation Cor Cor- with the cooperation of the state authorities and the bankers bank bank- bankers ers has also assisted in building up capital structures so that today the banks are probably in as good gooda a position as they have ever been Only six insured banks have closed since the Corporation was founded and in each of them the money was ready for depositors wi within ten days of the time when a receiver was put in charge Perhaps Perhaps Per Per- haps the biggest advantage of deposit deposit deposit de de- de- de posit insurance over the old method method method meth meth- od of liquidation of assets as a necessary preliminary to the payment payment pay pay- ment of ment of lof claims is that depositors get their mon money y immediately In UIn addition the present limit of insurance for each depositor depositor depositor depos depos- has paid 99 per cent of the claims in these closed insured banks in full Thirteen thousand depositors in those banks had a total of over insured Sale of the assets of these six banks is expected to make almost complete restitution of the Corporations Corporation's Corporations Corporation's Corporations Corporation's Cor Cor- payments to the depositors depositors depositors de de- de- de possible Although of course we do not look forward to such full recovery in every insured Insured In bank whose depositors' depositors claims we pay we do believe that because we are taking care of claims only to the maximum of the average return will bevery bevery be bo bovery very high |