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HOUSE COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS

HENRY S. REUSS, Wisconsin, Chairman

THOMAS L. ASHLEY, Ohio
WILLIAM S. MOORHEAD, Pennsylvania
FERNAND J. ST GERMAIN, Rhode Island
HENRY B. GONZALEZ, Texas
JOSEPH G. MINISH, New Jersey
FRANK ANNUNZIO, Illinois
JAMES M. HANLEY, New York
PARREN J. MITCHELL, Maryland
WALTER E. FAUNTROY,

District of Columbia

STEPHEN L. NEAL, North Carolina
JERRY M. PATTERSON, California
JAMES J. BLANCHARD, Michigan
CARROLL HUBBARD, JR., Kentucky
JOHN J. LAFALCE, New York
GLADYS NOON SPELLMAN, Maryland
LES AUCOIN, Oregon

PAUL E. TSONGAS, Massachusetts
BUTLER DERRICK, South Carolina
MARK W. HANNAFORD, California
DAVID W. EVANS, Indiana
CLIFFORD ALLEN, Tennessee

NORMAN E. D'AMOURS, New Hampshire
STANLEY N. LUNDINE, New York

HERMAN BADILLO, New York

EDWARD W. PATTISON, New York

JOHN J. CAVANAUGH, Nebraska
MARY ROSE OAKAR, Ohio
JIM MATTOX, Texas

BRUCE F. VENTO, Minnesota
DOUG BARNARD, Georgia

WES WATKINS, Oklahoma

J. WILLIAM STANTON, Ohio
GARRY BROWN, Michigan
CHALMERS P. WYLIE, Ohio
JOHN H. ROUSSELOT, California
STEWART B. MCKINNEY, Connecticut
GEORGE HANSEN, Idaho
HENRY J. HYDE, Illinois

RICHARD KELLY, Florida

CHARLES E. GRASSLEY, Iowa
MILLICENT FENWICK, New Jersey
JIM LEACH, Iowa

NEWTON I. STEERS, JR., Maryland
THOMAS B. EVANS, JR., Delaware
BRUCE F. CAPUTO, New York

HAROLD C. HOLLENBECK, New Jersey

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Pickett, Charles M., Regional Counsel, Dallas Region, Federal Deposit Insur-
ance Corporation

945

Thompson, Quinton, Regional Director, Dallas Region, Federal Deposit Insur-
ance Corporation

945

ADDITIONAL INFORMATION SUBMITTED FOR THE RECORD

LaFalce, Hon. John J., Response from the Office of the Comptroller of the
Currency regarding "Elements necessary for successful prosecution of over-
draft cases as misapplication"

Leach, Hon. Jim, Georgia, State of, statute on overdrafts

Rousselot, Hon. John H.:

436

975

Correspondence With Witnesses

Letter to Robert Bloom, dated September 12 and response dated September

22

632

Letter dated September 12 to National Bank of Georgia and response dated
October 6.....

640

Letter dated September 12 to Donald Tarleton and response dated Septem-
ber 26.

636

Newspaper Articles Submitted

St Germain, Chairman Fernand J.:

Correspondence With Witnesses

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Letter to James Davis, FDIC, Chicago, dated September 26 and response
dated October 4..........

1000

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St Germain, Chairman Fernand J.:-Continued
Correspondence With Witnesses-Continued

Letter from Robert Guyton, president, National Bank of Georgia, dated
September 8 in response to questioning on Citizens and Southern Nation-
al Bank

Letter to Y. A. Henderson, Calhoun First National Bank, dated September
20 and response dated September 29
Letter to Quinton Thompson, FDIC, Dallas, dated September 23 and
response of September 29, with additional response of Charles Pickett,
dated September 30

Inquiries to Correspondent Banks

Page

389

439

983

Letter to the Bank of Commerce, New York City, dated September 20 and response of October 25

939

Letter to Chemical Bank, dated September 20 and response of September 28

745

Letter to the Citizens and Southern National Bank, Atlanta, dated September 20 and response dated October 28..

874

Letter to the Continental Illinois National Bank, Chicago, dated September 20 and response dated October 21......

809

Letter to the First National Bank of Chicago, dated September 20 and response dated October 25......

780

Including summary of collateral

786

Letter to the Fulton National Bank, dated September 20 and response dated October 3..

647

Letter to the United American Bank, Knoxville, dated September 20 and response dated October 5.

Letter to the Manufacturers Hanover Trust Co., dated September 20 and response dated September 29..

777

703

Letter to the United American Bank, Nashville, dated September 20 and response dated November 7

793

Affidavits of

Balamut, George B., Esq., Simpson, Thatcher and Bartlett, dated August 8, 1977...

1079

Brougham, Robert, district head, Manufacturers Hanover Trust Co., dated
August 8, 1977

1216

Dickson, James Hill, Jr., former senior vice president, National Bank of
Georgia, dated August 10, 1977

1291

Gerwin, Thomas, vice president, Manufacturers Hanover Trust Co., dated
August 8, 1977

1272

Jenkins, Llewellyn, executive vice president, Manufacturers Hanover Trust
Co., dated August 8, 1977

1179

Lance, T. Bertram, Director, Office of Management and Budget, dated August 5, 1977...

1008

McKean, Robert J., Jr., partner, Simpson, Thatcher and Bartlett, dated August
8, 1977.
Viener, Betsy Jo, vice president, Manufacturers Hanover Trust Co., dated
August 8, 1977

1086

1093,

TABLES

Calhoun First National Bank (Calhoun, Georgia) correspondent bank balances with the Citizens and Southern National Bank..

Calhoun First National Bank (Calhoun, Georgia) correspondent bank balances with various banks

388

397

Loans by the Citizens and Southern National Bank, Atlanta, to T. Bertram
Lance and Lance related interests and correspondent bank balances of the
National Bank of Georgia

379

National Bank of Georgia correspondent bank balances with the Citizens and
Southern National Bank

381

National Bank of Georgia correspondent bank balances with the Continental
Illinois National Bank, Chicago (Conill)

383

National Bank of Georgia correspondent bank balances with the First National
Bank of Chicago

385

National Bank of Georgia correspondent bank balances with the First National
City Bank, New York (Citicorp)..

382

National Bank of Georgia correspondent bank balances with the Manufacturers Hanover Trust Co., (New York)

384

Dates of examination by the Comptroller of the Currency of the National Bank of Georgia and the Calhoun First National Bank....

395

THE SAFE BANKING ACT OF 1977

TUESDAY, SEPTEMBER 6, 1977

HOUSE OF REPRESENTATIVES,

SUBCOMMITTEE ON FINANCIAL INSTITUTIONS
SUPERVISION, REGULATION AND INSURANCE OF THE
COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS,

AFTERNOON SESSION (3:05 P.M.)

Washington, D.C.

Chairman ST GERMAIN. The subcommittee will be in order.
I will ask the witnesses to take the witness stand.

The following is an excerpt coming from a banking study done by the Federal Reserve Board staff back in 1941 since we are talking about examinations. I think it applies today.

Examinations are conducted in the interest of (1) the public, because a sound banking system is essential to the national economy and sound banks make a sound banking system; (2) the individual depositor, the safety of whose money depends on the character of the assets in which the bank's funds are invested and the way in which they are administered; (3) the stockholder, who invests in the banking business in the hope that his money will bring a return as a result of successful banking operations and will not have to be used to absorb losses.

I might parenthetically state that applies to minority stockhold

ers.

(4) The directors, who accept grave responsibility for the direction and supervision of the affairs of the bank and to whom the examiner's report gives an independent view of its condition; and (5) the officers and operating personnel, who may find the examiner's observations helpful in the performance of their duties. Examinations also serve to protect good banks from the competition of banks that without the restraint of examination might be improperly operated and from the effects of failure of such institutions.

I read that because of some of the observations made earlier today. That is why we are conducting these hearings and that is why we are interested, because of the importance of the examination and supervision of our banks.

TESTIMONY OF KING CLEVELAND, DIRECTOR, NATIONAL BANK OF GEORGIA, ATLANTA, GA.; JOHN E. DAVIS, PRESIDENT, CALHOUN FIRST NATIONAL BANK, CALHOUN, GA.; AND ROBERT GUYTON, PRESIDENT, NATIONAL BANK OF GEORGIA, ATLANTA, GA.

Chairman ST GERMAIN. Mr. Guyton, I see you have an opening statement which, without objection, will be inserted into the record at this point.

[The opening statement of Mr. Guyton follows:]

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