AMERICAN SAVINGS
FINANCIAL STATEMENT AS OF DECEMBER 31, 1959
Assets
Liabilities
Cash oh Hand and in Banks
$ 3,951,743.02
United States Government Bonds
4,799,656.26
Other Investment Securities
431.30
Stock in Federal Home Loan Bank
2,000,000.00
First Mortgage Loans (F.H.A. and V.A.
Government Insured Mortgages included)
86,355,897.11
Loans on Savings Accounts
.••••
Land Contracts Purchased
199,180.75
1,613,063.47
Real Estate Held for Redemption
449,605.85
Real Estate Owned
33,677.07
Furniture, Fixtures and Equipment less
Depreciation
352,542.67
Accounts Receivable
14,300.94
Deferred Charges and other Assets
..
491,552.95
Savings Accounts
•
(All accounts insured up to $10,000.00)
$ 84,368,191.22
Advances from Federal Home Loan Bank
Loans in Process
Accounts Payable
Advance payments by borrowers for insurance
and Taxes
Unearned Profit on Land Contracts Purchased
Unearned Discount on Loans Purchased
Uncollected Interest on Loans and Contracts....
Other Liabilities
1 232,626.66
83,474.61
407,049.57
98,947.56
1,533.10
Reserves
5,223,059.04
DIRECTORS
CHARLES CANVASSER ALFRED L. DEUTSCH
JOSEPH B. COLTEN
CHARLES L. DODGE
ADOLPH DEUTSCH
STANLEY M. EARP
SAMUEL N. GERSHENSON
NATHAN I. GOLDIN
SAMUEL S. GREENBERG
SAMUEL HECHTMAN
MAXWELL JOSPEY
GRAHAM A. ORLEY
r.
Thank You Detroit For Our
Extraordinary Growth!
CURRENT RATE
1959 was one of the most significant in our 12 years
of operation. American Savings reached new peaks in
total resources, savings accounts and reserves. This
_ exceptional progress was due to the loyalty and enthu-
siasm of our customers and employees. We hope the
year 1960 will be our greatest in growth, in friendliness,
and in our contribution to the progress and prosperity
of Detroit and Michigan.
Per
Annum
ON ALL SAVINGS
Main Office
-
DEXTER . at CORTLAND
FORT STREET at MILITARY
WOODWARD at CONGRESS
LIVERNOIS at W. 7 MILE
W. 9 MILE near COOLIDGE
TELEGRAPH near. SCHOOLCRAFT
VAN DYKE at E. 7 MILE -
TELEGRAPH ROAD at MAPLE in BLOOMFIELD