Citadel Federal Savings and Loan Association in Charleston, South Carolina (SC)



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Citadel Federal Savings and Loan Association
GeneralFDIC Certificate #: 33640
Status: Inactive
Closing history: Conservatorship Institution Resolved
Acquiring institution: Carolina First Bank (#26849)
Federal Reserve ID: 252470
Date Established: August 07, 1992
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 10211
FDIC's unique #: 47721
Numeric code: 38
Regulator: OTS
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
State Chartered: No
Date of Deposit Insurance: August 07, 1992
Last Structure Change Effective Date: April 29, 1994
Last Structure Change Process Date: May 16, 1994
Last Data Update: August 02, 1994
Data Source Date: April 05, 2012
LocationAddress: 852 Orleans Road, Charleston, SC 29417
County: Charleston
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Columbia Sc
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Charleston-North Charleston, SC (#1440)
Core Based Statistical Area (CBSA): Charleston-North Charleston-Summerville, SC (#16700)
CBSA Metro Statistical Area: Charleston-North Charleston-Summerville, SC (#16700)
History of ChangesPass Through Receivership Merger
Conservatorship Institution Resolved
Financial SummaryTotal assets: $13.2 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1993)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$11
Cash and due from depository institutions$14,657
Interest-bearing balances$1,585
Securities$1,520
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$0
Loan loss allowance $11,351
Trading account assets$1,801
Bank premises and fixed assets$0
Other real estate owned$15
Goodwill and other intangibles$366
All other assets$0
Life insurance assets$1,340
Total liabilities and capital$0
Total liabilities$14,657
Total deposits$18,830
Interest-bearing deposits$7,463
Deposits held in domestic offices$7,463
% insured (estimated)7463.00%
Federal funds purchased & repurchase agreements $98
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $11,000
All other liabilities $0
Total equity capital$367
Total bank equity capital$367
Perpetual preferred stock$-4,173
Common stock$0
Surplus$0
Undivided profits $0
Memoranda
Noncurrent loans and leases $-4,173
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $5,537
Earning assets $62
Long-term assets (5+ years) $12,871
Average Assets, year-to-date $0
Average Assets, quarterly $18,867
Volatile liabilities $15,309
Insider loans $11,419
FHLB advances $0
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $135
Tier 2 risk-based capital $0
Total risk weighted assets $-4,173
Total unused commitments $9,682
Restructured Loans and leases $0
Derivatives$0
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Income and Expense (December 31, 1993)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $1,142
Net interest income $858
Provision for loan and lease losses $284
Total noninterest income -$255
Fiduciary activities $215
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $0
Total noninterest expense $215
Salaries and employee benefits $1,785
Premises and equipment expense $487
Additional noninterest expense $474
Pre-tax net operating income $824
Securities gains (losses) -$1,031
Applicable income taxes $32
Income before extraordinary items $0
Extraordinary gains - net -$999
Net income attributable to bank $0
Net charge-offs -$999
Cash dividends $780
Sale, conversion, retirement of capital stock, net $0
Net operating income $0
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Performance and Condition Ratios (December 31, 1993)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 7.13%
Net interest margin 5.35%
Noninterest income to earning assets 1.77%
Noninterest expense to earning assets 1.34%
Net operating income to assets 11.14%
Return on assets (ROA) -5.46%
Pretax return on assets -5.30%
Return on equity (ROE) -5.30%
Retained earnings to average equity (YTD only) 27.48%
Net charge-offs to loans 27.48%
Credit loss provision to net charge-offs 4.82%
Efficiency ratio-32.69%
Assets per employee$357,715
Cash dividends to net income (YTD only)1.33%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 13.69%
Noncurrent assets plus other real estate owned to assets 32.53%
Noncurrent loans to loans 40.27%
Net loans and leases to deposits42.10%
Net loans and leases to core deposits 152.10%
Equity capital to assets 161.14%
Core capital (leverage) ratio -28.47%
Tier 1 risk-based capital ratio -28.47%
Total risk-based capital ratio -43.10%
Memoranda
Average assets-$43
Average earning assets$18,867
Average equity -$3,636
Average loans $16,026
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