FDIC Certificate #: 26619 Status: Inactive Closing history: Corrections Acquiring institution:People's United Bank (#27334) Federal Reserve ID: 156877 Date Established: January 01, 1901 Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 4 (Interstate: No) OTS Docket #: 6170 FDIC's unique #: 35343 Numeric code: 42 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: April 02, 1986 Last Structure Change Effective Date: April 16, 2010 Last Structure Change Process Date: April 19, 2010 Last Data Update: April 19, 2010 Data Source Date: April 05, 2012
Location
Address: 10 George Street, Lowell, MA 1852 County: Middlesex Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: North Boston Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Lowell, MA-NH (#4560) Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7) Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148) Core Based Statistical Area (CBSA): Boston-Cambridge-Quincy, MA-NH (#14460) CBSA Metro Statistical Area: Boston-Cambridge-Quincy, MA-NH (#14460) Core Based Statistical Division: Cambridge-Newton-Framingham, MA (#15764)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $245.5 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
2000 - 2011 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, 2009)
Dollar figures in thousands
58Total employees (full-time equivalent)
$268,027Total assets
$20,034Cash and due from depository institutions
$2,997Interest-bearing balances
$11,102Securities
$0Federal funds sold & reverse repurchase agreements
$196,163Net loans & leases
$2,013Loan loss allowance
$0Trading account assets
$7,264Bank premises and fixed assets
$18,632Other real estate owned
$1Goodwill and other intangibles
$4,686Life insurance assets
$14,831All other assets
$268,027Total liabilities and capital
$262,244Total liabilities
$233,222Total deposits
$206,066Interest-bearing deposits
$233,222Deposits held in domestic offices
95.44%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$28,222Other borrowed funds
$0Subordinated debt
$800All other liabilities
$5,783Total equity capital
$5,783Total bank equity capital
$5,783Perpetual preferred stock
$0Common stock
$100Surplus
$5,751Undivided profits
Memoranda
$-68Noncurrent loans and leases
$9,627Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$26,433Earning assets
$0Long-term assets (5+ years)
$872Average Assets, year-to-date
$210,262Average Assets, quarterly
$108,648Volatile liabilities
$294,910Insider loans
$270,637FHLB advances
$93,868Loans and leases held for sale
$1,721Unused loan commitments
$28,222Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$9,627Total unused commitments
$1,442Restructured Loans and leases
$2,013Derivatives
Income and Expense (December 31, 2009)
Dollar figures in thousands
$12,781Total interest income
$7,721Total interest expense
$5,060Net interest income
$3,197Provision for loan and lease losses
-$1,056Total noninterest income
$0Fiduciary activities
$181Service charges on deposit accounts
$0Trading account gains & fees
-$1,237Additional noninterest income
$11,398Total noninterest expense
$3,798Salaries and employee benefits
$1,203Premises and equipment expense
$6,397Additional noninterest expense
-$10,591Pre-tax net operating income
$0Securities gains (losses)
-$1,349Applicable income taxes
-$9,242Income before extraordinary items
$0Extraordinary gains - net
-$9,242Net income attributable to bank
$0Net charge-offs
-$9,242Cash dividends
$5,377Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2009)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.05%Yield on earning assets
3.05%Cost of funding earning assets
2.00%Net interest margin
-0.42%Noninterest income to earning assets
4.50%Noninterest expense to earning assets
-3.13%Net operating income to assets
-3.13%Return on assets (ROA)
-3.59%Pretax return on assets
-100.26%Return on equity (ROE)
-100.26%Retained earnings to average equity (YTD only)
2.36%Net charge-offs to loans
59.46%Credit loss provision to net charge-offs
-1.38%Efficiency ratio
284,665Assets per employee
4.62%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.02%Loss allowance to noncurrent loans
7.62%Noncurrent assets plus other real estate owned to assets
16.81%Noncurrent loans to loans
13.34%Net loans and leases to deposits
84.11%Net loans and leases to core deposits
121.65%Equity capital to assets
2.16%Core capital (leverage) ratio
2.10%Tier 1 risk-based capital ratio
2.80%Total risk-based capital ratio
Memoranda
$4Average assets
$294,910Average earning assets
$9,218Average equity
$253,187Average loans
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