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January 17, 1964 - Image 8

Resource type:
Text
Publication:
The Detroit Jewish News, 1964-01-17

Disclaimer: Computer generated plain text may have errors. Read more about this.

Friday, January 17, 1964—THE DETROIT JEWISH NEWS—S

Strength,
Stability
and
Safety for Savings
since 1893

WE INVITE YOU to share in the strength, safety and substantial
earnings for your savings offered by Detroit's oldest and one of
America's largest savings and loan associations. We are pleased
to report that during 1963 Standard Federal Savings continued
its strong, healthy growth in assets, savings, mortgages and
reserves. Our total assets as of December 3I., 1963, were
$273,708,000, an increase of $41,276,000 over assets held as
of the same date the previous year. Our savings increased
$35,204,000 for the year, and we added more than $40,000,000
to our mortgage portfolio. Our already sizeable reserve funds
were increased by $1,502,000, and our present reserves total
7.88% of total savings—well above the requirements set by
federal supervisory agencies. Our present liquid assets total
over 17% of savings, a figure well in excess of supervisory re
quirements. We look forward to serving more people during
the coming year and have expanded our facilities to help our
savers enjoy the safety, convenience and profit of saving at
Standard Federal Savings.
Robert J. Hutton, President

STANDARD FEDERAL SAVINGS AND LOAN ASSOCIATION

141st semi-annual statement of condition

DECEMBER 31, 1963

LIABILITIES

ASSETS

Savings Accounts .•• • • ,• • • ....**0**0414.4

First Mortgage Loans
F. H. A.-Insured
G. I. Veterans' Loans
Standard Mortgage Loans

$

870,841.10
43,587.06

.

914,428.16

..

Stock in Federal Home Loan Bank
Standard Federal Buildings and
Equipment, Less Depreciation

TOTAL

Ili

• • ••IVO

Advances From Federal Home Loan Bank ...•••. r..

$221,949,222.08
346,169.19
121,930.01

Loans on Savings Accounts
Properties Sold on Land Contract
Real Estate Held for Redemption
Real Estate Owned

Cash on Hand and in Banks
U. S. Government and Federal
Agency Obligations

96,277,957.17
24,244,599.55
101,426,665.36

9,060,151.49

$246,091,123.41

3,000,000.00

0-**

483,640.86

Advance Payment by Borrowers
for Insurance and Taxes...sr-4.4,w Sai•••••tt-terti

L740,639.33

Liabilities • .....•-••• ■ •• 4•044 ■ 414-41.04414044,114-•••

81,677.84

Loans in Process •••••••••.

Other

04 • • 11-1•IF 0 4114 -•-•+4,1114. O.

N6,92224

Specific Reserves . *401144 *a ii•o oaots*••••

34,784,077.34

43,844,228.83
3,200,000.00

General Reserves

MOO

et•••••••

Surplus • • • f•.•• it*•/4-• * • • • •• ••

.4..4

17,366,242.55

2,018,540.98

19,384,783.53

2,165,564.10
1,167,244.84
. ,,," ..... $273,708,787.21

TOTAL

•••11411•••••••• ► •0••111••1•6••411•00•9

$273,708,787.21

IF..rl• ■ •••••.

MAIN OFFICE

GRISWOLD AND JEFFERSON

BOARD OF DIRECTORS
Walter J. L Ray

Chairman of the Board

CONVENIENT BRANCHES TO SERVE YOU

William H. Baldwin

Wilson R. Paxton

Oscar L. Bard

Edward A. Warnica

Robert J. Hutton

Robert F. Weber

James B. Ogden

Ormond S. Wessels

current
rate

Compounded and Paid
Four Times a Year

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