Bank of Canton in Canton, Georgia (GA)



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Bank of Canton
GeneralFDIC Certificate #: 871
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wachovia Bank, National Association (#817)
Federal Reserve ID: 131333
Date Established: January 01, 1892
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 9 (Interstate: No)
OTS Docket #: 12017
FDIC's unique #: 554
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: May 11, 2000
Last Structure Change Process Date: May 30, 2000
Last Data Update: May 30, 2000
Data Source Date: April 05, 2012
LocationAddress: 131 East Main Street, Canton, GA 30114
County: Cherokee
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Atlanta
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Atlanta, GA (#520)
Combined Statistical Area (CSA): Atlanta-Sandy Springs-Gainesville, GA-AL (#122)
Core Based Statistical Area (CBSA): Atlanta-Sandy Springs-Marietta, GA (#12060)
CBSA Metro Statistical Area: Atlanta-Sandy Springs-Marietta, GA (#12060)
Financial SummaryTotal assets: $500.4 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Historical total employees (full-time equivalent)

Assets and Liabilities (December 31, 1999)
(Dollar figures in thousands)
Total employees (full-time equivalent)170
Total assets$412,094
Cash and due from depository institutions$19,077
Interest-bearing balances$89
Securities$95,852
Federal funds sold & reverse repurchase agreements$1,636
Net loans & leases$276,531
Loan loss allowance $3,500
Trading account assets$0
Bank premises and fixed assets$7,196
Other real estate owned$127
Goodwill and other intangibles$0
All other assets$11,675
Life insurance assets$0
Total liabilities and capital$412,094
Total liabilities$373,629
Total deposits$360,099
Interest-bearing deposits$335,956
Deposits held in domestic offices$360,099
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $10,000
Subordinated debt $0
All other liabilities $3,530
Total equity capital$38,465
Total bank equity capital$38,465
Perpetual preferred stock$38,465
Common stock$0
Surplus$3,000
Undivided profits $17,000
Memoranda
Noncurrent loans and leases $18,465
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $49,814
Income earned, not collected on loans $0
Earning assets $4,230
Long-term assets (5+ years) $0
Average Assets, year-to-date $3,314
Average Assets, quarterly $374,108
Volatile liabilities $54,936
Insider loans $385,655
FHLB advances $406,027
Loans and leases held for sale $48,947
Unused loan commitments $924
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $49,814
Restructured Loans and leases $0
Derivatives$3,500
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Income and Expense (December 31, 1999)
(Dollar figures in thousands)
Total interest income $31,572
Total interest expense $12,674
Net interest income $18,898
Provision for loan and lease losses $827
Total noninterest income $3,177
Fiduciary activities $0
Service charges on deposit accounts $1,964
Trading account gains & fees $0
Additional noninterest income $1,213
Total noninterest expense $10,859
Salaries and employee benefits $7,102
Premises and equipment expense $1,452
Additional noninterest expense $2,305
Pre-tax net operating income $10,389
Securities gains (losses) -$38
Applicable income taxes $3,436
Income before extraordinary items $6,915
Extraordinary gains - net $0
Net income attributable to bank $6,915
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $327
Net operating income $3,000
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Performance and Condition Ratios (December 31, 1999)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets9.01%
Cost of funding earning assets 3.62%
Net interest margin 5.39%
Noninterest income to earning assets 0.91%
Noninterest expense to earning assets 3.10%
Net operating income to assets 1.80%
Return on assets (ROA) 1.79%
Pretax return on assets 2.68%
Return on equity (ROE) 18.46%
Retained earnings to average equity (YTD only) 10.45%
Net charge-offs to loans 0.13%
Credit loss provision to net charge-offs 252.91%
Efficiency ratio34.30%
Assets per employee$49,191
Cash dividends to net income (YTD only)2.42%
Condition Ratios (%)
Loss allowance to loans 43.38%
Loss allowance to noncurrent loans 1.25%
Noncurrent assets plus other real estate owned to assets 82.74%
Noncurrent loans to loans 1.06%
Net loans and leases to deposits1.51%
Net loans and leases to core deposits 76.79%
Equity capital to assets 86.11%
Core capital (leverage) ratio 9.33%
Tier 1 risk-based capital ratio 9.72%
Total risk-based capital ratio 13.48%
Memoranda
Average assets$15
Average earning assets$385,655
Average equity $37,466
Average loans $350,589
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