Central Fidelity National Bank in Richmond, Virginia (VA)



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Central Fidelity National Bank
GeneralFDIC Certificate #: 19887
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wachovia Bank, National Association (#817)
Federal Reserve ID: 967626
Date Established: January 02, 1969
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 229 (Interstate: No)
OTS Docket #: 11758
FDIC's unique #: 13672
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
Oakar Institutions: Yes
State Chartered: No
Date of Deposit Insurance: January 02, 1969
Last Structure Change Effective Date: March 20, 1998
Last Structure Change Process Date: April 09, 1998
Last Data Update: April 09, 1998
Data Source Date: April 05, 2012
LocationAddress: 1021 East Cary Street, Richmond, VA 23219
County: Richmond 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): Richmond-Petersburg, VA (#6760)
Core Based Statistical Area (CBSA): Richmond, VA (#40060)
CBSA Metro Statistical Area: Richmond, VA (#40060)
Financial SummaryTotal assets: $10,663.5 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1997)
(Dollar figures in thousands)
Total employees (full-time equivalent)3,633
Total assets$10,663,480
Cash and due from depository institutions$652,835
Interest-bearing balances$0
Securities$2,594,633
Federal funds sold & reverse repurchase agreements$830,000
Net loans & leases$6,234,534
Loan loss allowance $63,418
Trading account assets$6,043
Bank premises and fixed assets$116,635
Other real estate owned$12,059
Goodwill and other intangibles$52,920
All other assets$163,821
Life insurance assets$0
Total liabilities and capital$10,663,480
Total liabilities$9,890,834
Total deposits$7,772,953
Interest-bearing deposits$6,528,329
Deposits held in domestic offices$7,772,953
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $937,364
Trading liabilities$0
Other borrowed funds $755,323
Subordinated debt $150,000
All other liabilities $275,194
Total equity capital$772,646
Total bank equity capital$772,646
Perpetual preferred stock$772,646
Common stock$0
Surplus$167,275
Undivided profits $174,376
Memoranda
Noncurrent loans and leases $430,995
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $0
Earning assets $65,137
Long-term assets (5+ years) $0
Average Assets, year-to-date $37,714
Average Assets, quarterly $9,665,210
Volatile liabilities $3,186,736
Insider loans $10,578,159
FHLB advances $10,612,905
Loans and leases held for sale $2,323,361
Unused loan commitments $35,317
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $0
Total risk weighted assets $22,515
Total unused commitments $3,299,119
Restructured Loans and leases $0
Derivatives$8,087,378
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Income and Expense (December 31, 1997)
(Dollar figures in thousands)
Total interest income $801,949
Total interest expense $398,321
Net interest income $403,628
Provision for loan and lease losses $9,762
Total noninterest income $122,294
Fiduciary activities $18,772
Service charges on deposit accounts $42,152
Trading account gains & fees $802
Additional noninterest income $60,568
Total noninterest expense $456,118
Salaries and employee benefits $266,749
Premises and equipment expense $58,963
Additional noninterest expense $130,406
Pre-tax net operating income $60,042
Securities gains (losses) -$1,496
Applicable income taxes $26,636
Income before extraordinary items $31,910
Extraordinary gains - net $0
Net income attributable to bank $31,910
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $56,344
Net operating income $68,400
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Performance and Condition Ratios (December 31, 1997)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets8.19%
Cost of funding earning assets 4.07%
Net interest margin 4.12%
Noninterest income to earning assets 1.25%
Noninterest expense to earning assets 4.66%
Net operating income to assets 0.31%
Return on assets (ROA) 0.30%
Pretax return on assets 0.55%
Return on equity (ROE) 3.98%
Retained earnings to average equity (YTD only) -4.55%
Net charge-offs to loans 0.83%
Credit loss provision to net charge-offs 17.33%
Efficiency ratio1.24%
Assets per employee$85,087
Cash dividends to net income (YTD only)2.94%
Condition Ratios (%)
Loss allowance to loans 214.35%
Loss allowance to noncurrent loans 1.01%
Noncurrent assets plus other real estate owned to assets 97.36%
Noncurrent loans to loans 0.72%
Net loans and leases to deposits1.03%
Net loans and leases to core deposits 80.21%
Equity capital to assets 89.81%
Core capital (leverage) ratio 7.25%
Tier 1 risk-based capital ratio 7.08%
Total risk-based capital ratio 8.89%
Memoranda
Average assets$11
Average earning assets$10,578,159
Average equity $802,080
Average loans $9,797,315
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