American Banker
  • Click to enlarge historic front pages


    This year marks American Banker's 175th anniversary. To commemorate the milestone, we've dug into our archives to bring readers highlights from our coverage of pivotal moments in U.S. banking history. In addition to this series, look for our special 175th anniversary edition this fall.

    Family Trees of the Megabanks


    Number of 'Billion Dollar Banks' Grows … to 27

    NEW YORK, Jan. 25 — Two commercial banks and one mutual savings bank entered the rank of institutions with more than $1 billion in deposits at the end of 1960, publication by the "American Banker" of the Billion Dollar Banks roster discloses.

    The new members of this exclusive group, now numbering 23 commercial and four savings banks, are Philadelphia National Bank, with deposits of $1,049,004,620, Republic National Bank, Dallas, with deposits of $1,012,466,641, and Emigrant Industrial Savings Bank, New York, with deposits of $1,004,461,747.

    Still the largest of the nation's 27 "billionaire" banks is Bank of America NT&SA, San Francisco, with deposits in excess of $10.8 billion. Bank of America is the world's largest privately-owned commercial bank.

    In second place is Chase Manhattan Bank, New York, at $8.1 billion. Chase is only the second bank to reach the $8 billion level, and this is the first year-end it has posted such a deposit total.

    Rounding out the top five are First National City Bank, New York, with deposits of $7.6 billion, Chemical Bank New York Trust Co., New York, deposits of $3.8 billion, and Morgan Guaranty Trust Co., New York, deposits of $3.6 billion.

    The top mutual is still Bowery Savings Bank, New York, which reports deposits of $1,604,807,062. Bowery, ranked within the commercial banks, would be the nation's 18th largest.

    Second among the mutuals is the Philadelphia Saving Fund Society, with deposits of $1.105 billion. This bank would rank 22nd among the commercials.

    With a rank as the third largest mutual and 25th largest "billionaire" bank, Dime Savings Bank, Brooklyn, reports deposits of $1.043 billion.

    The junior member of this exclusive group is Emigrant Industrial, fourth among the mutuals and 27th among the nation's commercial and mutual banks, with deposits just over the $1 billion mark, at $1.004 billion.

    Within the table one bank, Chase Manhattan, entered the $8 billion level, as noted. Bankers Trust Co., New York, topped $3 billion for the first time; and Wells Fargo Bank American Trust Co., as a result of the merger of Wells Fargo Bank and American Trust Co., both San Francisco, cleared the $2 billion level for the first time, with $2.4 billion.

    Gains in position within the "billionaires" were shown by Manufacturers Trust Co., up one to sixth place; Bankers Trust Co., up one to eighth; Wells Fargo Bank, up two to 11th; Irving trust Co., New York, up two to 12th; Hanover Bank, New York, up three to 14th; and Republic National, up one to 23rd.

    The four leading mutuals retain their respective ranks from Dec. 31, 1959.

    More Flashbacks

    Sponsored By: