Collier's New Encyclopedia (1921)/Savings Banks

SAVINGS BANKS. Savings banks in the United States are classified as commercial and government or postal. There are two kinds of commercial savings banks, mutual and stock. The former are found chiefly in the eastern part of the country, while the latter are most numerous in the West and South. There were on June 30, 1919, 622 mutual and 1,097 stock savings banks. This does not include the savings departments of national banks and trust companies. The 622 mutual savings banks have total resources amounting to $5,171,551,000. This total includes loans and discounts amounting to $2,335,996,000 and investments in bonds and securities amounting to $2,491,607,000. The surplus funds amount to $333,420,000 and the undivided profits to $65,013,000. The individual deposits amount to $4,751,113,000. The aggregate resources of the 1,097 stock savings banks was $1,281,254,000. The loans and discounts amount to $777,941,000, the capital stock to $62,740,000, the surplus and undivided profits to $47,741,000, and the individual deposits to $1,151,464,000.

School savings banks were established in the United States in 1885.