CENIT Bank in Norfolk, Virginia (VA)



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CENIT Bank
GeneralFDIC Certificate #: 28204
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: SouthTrust Bank (#849)
Federal Reserve ID: 685377
Date Established: January 01, 1889
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 1134
FDIC's unique #: 41038
Numeric code: 33
Regulator: OTS
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
Oakar Institutions: Yes
State Chartered: No
Date of Deposit Insurance: April 30, 1935
Last Structure Change Effective Date: August 03, 2001
Last Structure Change Process Date: November 16, 2001
Last Data Update: November 16, 2001
Data Source Date: April 05, 2012
LocationAddress: 745 Duke Street, Norfolk, VA 23510
County: Norfolk City
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Richmond
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Norfolk-Virginia Beach-Newport News, VA-NC (#5720)
Core Based Statistical Area (CBSA): Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
CBSA Metro Statistical Area: Virginia Beach-Norfolk-Newport News, VA-NC (#47260)
Financial SummaryTotal assets: $651.6 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, 2000)
(Dollar figures in thousands)
Total employees (full-time equivalent)247
Total assets$632,025
Cash and due from depository institutions$23,165
Interest-bearing balances$2,262
Securities$99,033
Federal funds sold & reverse repurchase agreements$6,384
Net loans & leases$475,159
Loan loss allowance $3,805
Trading account assets$0
Bank premises and fixed assets$13,087
Other real estate owned$0
Goodwill and other intangibles$2,946
All other assets$12,251
Life insurance assets$0
Total liabilities and capital$632,025
Total liabilities$582,021
Total deposits$495,186
Interest-bearing deposits$405,863
Deposits held in domestic offices$495,186
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $13,369
Trading liabilities$0
Other borrowed funds $70,000
Subordinated debt $0
All other liabilities $3,466
Total equity capital$50,004
Total bank equity capital$50,004
Perpetual preferred stock$50,004
Common stock$0
Surplus$3,161
Undivided profits $18,945
Memoranda
Noncurrent loans and leases $27,898
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $119,549
Income earned, not collected on loans $0
Earning assets $1,681
Long-term assets (5+ years) $0
Average Assets, year-to-date $2,782
Average Assets, quarterly $582,838
Volatile liabilities $0
Insider loans $653,288
FHLB advances $636,208
Loans and leases held for sale $212,034
Unused loan commitments $15,264
Tier 1 (core) risk-based capital $70,000
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $119,549
Restructured Loans and leases $0
Derivatives$3,805
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Income and Expense (December 31, 2000)
(Dollar figures in thousands)
Total interest income $45,913
Total interest expense $25,026
Net interest income $20,887
Provision for loan and lease losses $48
Total noninterest income $6,704
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $6,704
Total noninterest expense $18,984
Salaries and employee benefits $8,535
Premises and equipment expense $4,109
Additional noninterest expense $6,340
Pre-tax net operating income $8,559
Securities gains (losses) $535
Applicable income taxes $3,273
Income before extraordinary items $5,821
Extraordinary gains - net $0
Net income attributable to bank $5,821
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $90
Net operating income $6,970
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Performance and Condition Ratios (December 31, 2000)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets7.62%
Cost of funding earning assets 4.15%
Net interest margin 3.46%
Noninterest income to earning assets 1.11%
Noninterest expense to earning assets 3.15%
Net operating income to assets 0.84%
Return on assets (ROA) 0.89%
Pretax return on assets 1.39%
Return on equity (ROE) 11.78%
Retained earnings to average equity (YTD only) -2.33%
Net charge-offs to loans 0.02%
Credit loss provision to net charge-offs 53.33%
Efficiency ratio95.63%
Assets per employee$67,551
Cash dividends to net income (YTD only)2.56%
Condition Ratios (%)
Loss allowance to loans 119.74%
Loss allowance to noncurrent loans 0.79%
Noncurrent assets plus other real estate owned to assets 226.35%
Noncurrent loans to loans 0.27%
Net loans and leases to deposits0.35%
Net loans and leases to core deposits 95.96%
Equity capital to assets 129.64%
Core capital (leverage) ratio 7.91%
Tier 1 risk-based capital ratio 7.42%
Total risk-based capital ratio 10.33%
Memoranda
Average assets$11
Average earning assets$653,288
Average equity $49,416
Average loans $602,855
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