SICILY, BANK OF, a public utility, non-profit earning bank with its seat in Palermo. Its foundation dates back to 1850 when two banks, established in 1843, amalgamated as the Banco Regio dei Reali Domini al di la del Faro for the collection of revenue in Sicily (then part of the Kingdom of the Two Sicilies), for receiv ing deposits, and with the right to issue notes. In 1867, when Italy had become a United Kingdom, the Bank assumed its pres ent name of Banco di Sicilia and was recognised as a Bank of Issue, a privilege it enjoyed until the unification of the note issue in the Banca d'Italia in 1926. The Banco. di Sicilia performs all banking operations; it has an important Savings Bank and an agricultural credit department organized under the provisions of the Act of 1906. Since 1922 it has played a part of increasing importance in the economic life of the Island, organizing a special "Foundation for the cultural and economic progress of Sicily" endowed with a capital grant of 3o million lire, the "V. Emanuel
III. Institute for land reclamation in Sicily" (capital 20 million lire), the "General Warehouse Association of Sicily" (cap. 12 million lire), and the "Association for promoting the Tourist In dustry in Sicily." It has 61 branch banks in Italy; on Jan. 31, 1929 it had a capital of 425 million lire and held 682 million lire in deposits on current and savings account. In 1925 it established in New York City the Banco di Sicilia Trust Co. (cap. in 1927 $1,100,000) which acts as a deposit bank for Italian emigrants. In 1927 this Trust Co. organized, under the laws of the State of New York, a holding and investment company, the "Bansicilia Corporation." (IG. M.)