Citizens Bank in Elizabethton, Tennessee (TN), VA

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Citizens Bank
GeneralFDIC Certificate #: 14851
Status: Active
Federal Reserve ID: 778738
Bank Holding Company (Regulatory Top Holder): Citco Community Bancshares, Inc. (RSSDID: 2244545, Location: Elizabethton, TN)
Date Established: November 03, 1934
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 12 (Domestic: 12, Interstate: Yes)
OTS Docket #: 12187
FDIC's unique #: 9296
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: Yes
Asset Concentration Hierarchy: Commercial Lending Specialization
Date of Deposit Insurance: November 03, 1934
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 300 Broad Street, Elizabethton, TN 37643
County: Carter
Quarterly Banking Profile Region: Dallas
FDIC Geographic Region: Dallas
FDIC Supervisory Region: Dallas
FDIC Field Office: Knoxville
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Johnson City-Kingsport-Bristol, TN-VA (#3660)
Combined Statistical Area (CSA): Johnson City-Kingsport-Bristol (Tri-Cities), TN-VA (#304)
Core Based Statistical Area (CBSA): Johnson City, TN (#27740)
CBSA Metro Statistical Area: Johnson City, TN (#27740)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $608.7 mil
Equity capital: $82.2 mil
Deposits held in domestic offices: $499.0 mil
Return on assets (ROA): 1.47% ($9.0 mil)
Quarterly return on assets: 1.02% ($6.2 mil)
Return on Equity (ROE): 11.20% ($9.2 mil)
Quarterly return on equity: 7.35% ($6.0 mil)
Net income: $8.9 mil
Quarterly Net income: $1.5 mil
Pretax return on assets: 1.57% ($9,556.1 mil)
Quarterly Pretax return on assets: 1.03% ($6,269.3 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, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)155
Total assets$608,670
Cash and due from depository institutions$22,479
Interest-bearing balances$100
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$415,292
Loan loss allowance $7,491
Trading account assets$0
Bank premises and fixed assets$9,498
Other real estate owned$4,054
Goodwill and other intangibles$3,303
All other assets$9,255
Life insurance assets$608,670
Total liabilities and capital$526,463
Total liabilities$498,980
Total deposits$437,788
Interest-bearing deposits$498,980
Deposits held in domestic offices$86
% insured (estimated)9077.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$15,094
Other borrowed funds $0
Subordinated debt $3,312
All other liabilities $82,207
Total equity capital$82,207
Total bank equity capital$82,207
Perpetual preferred stock$0
Common stock$28,604
Undivided profits $53,603
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $6,506
Income earned, not collected on loans $12,147
Earning assets $0
Long-term assets (5+ years) $2,990
Average Assets, year-to-date $560,181
Average Assets, quarterly $154,026
Volatile liabilities $603,530
Insider loans $602,233
FHLB advances $319,703
Loans and leases held for sale $594,763
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $75,292
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $50,123
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $27,200
Total interest expense $4,482
Net interest income $22,718
Provision for loan and lease losses $3,596
Total noninterest income $4,721
Fiduciary activities $41
Service charges on deposit accounts $1,411
Trading account gains & fees $0
Additional noninterest income $3,269
Total noninterest expense $15,287
Salaries and employee benefits $8,028
Premises and equipment expense $2,716
Additional noninterest expense $4,543
Pre-tax net operating income $8,556
Securities gains (losses) $924
Applicable income taxes $624
Income before extraordinary items $8,856
Extraordinary gains - net $0
Net income attributable to bank $8,856
Net charge-offs $0
Cash dividends $8,856
Sale, conversion, retirement of capital stock, net $3,928
Net operating income $4,860
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.93%
Cost of funding earning assets 0.81%
Net interest margin 4.12%
Noninterest income to earning assets 0.86%
Noninterest expense to earning assets 2.77%
Net operating income to assets 1.32%
Return on assets (ROA) 1.47%
Pretax return on assets 1.57%
Return on equity (ROE) 11.20%
Retained earnings to average equity (YTD only) 5.05%
Net charge-offs to loans 0.92%
Credit loss provision to net charge-offs 91.55%
Efficiency ratio3.09%
Assets per employee$55,684
Cash dividends to net income (YTD only)3.93%
Condition Ratios (%)
Loss allowance to loans 54.88%
Loss allowance to noncurrent loans 1.77%
Noncurrent assets plus other real estate owned to assets 61.67%
Noncurrent loans to loans 2.66%
Net loans and leases to deposits2.87%
Net loans and leases to core deposits 83.23%
Equity capital to assets 86.07%
Core capital (leverage) ratio 13.51%
Tier 1 risk-based capital ratio 12.66%
Total risk-based capital ratio 23.55%
Average assets$25
Average earning assets$603,530
Average equity $79,071
Average loans $551,540
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Total Fiduciary and Related Assets (December 31, 2011)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$9,542
Number of Accounts1
Personal trust and agency accounts$7,380
Employee benefit-defined contribution accounts$7,211
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$169
Non-managed Assets$0
Number of Accounts12
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$2,162
Corporate trust and agency accounts$98
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
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11 Tennessee Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
09296Citizens Bank300 Broad Street, Elizabethton, TN 37643November 03, 1934Full Service Brick and Mortar
2232284Hampton BranchU.S. Highway 321 & Dennis Cove Road, Hampton, TN 37658October 05, 1970Full Service Brick and Mortar
3232285Bemberg Road BranchWest D And West E Streets, Elizabethton, TN 37643May 07, 1973Full Service Brick and Mortar
632619Kingsport Branch2240 East Stone Drive, Kingsport, TN 37662May 28, 1985Full Service Brick and Mortar
9232289Colonial Heights Branch4215 Fort Henry Drive, Kingsport, TN 37663Febuary 07, 1994Full Service Brick and Mortar
10230176Allandale BranchU.S. Highway 11w And University Blvd, Church Hill, TN 37642January 05, 1976Full Service Brick and Mortar
11230178Kingsport Branch101 East Main Street, Kingsport, TN 37662October 09, 1990Full Service Brick and Mortar
12232290Peoples Street Branch3028 Peoples Street, Johnson City, TN 37605November 25, 1996Full Service Brick and Mortar
14359042University Branch1811 West State Of Franklin, Johnson City, TN 37605January 08, 2001Full Service Brick and Mortar
1543876State Street BranchState And Edgemont Avenue, Bristol, TN 37621August 08, 1958Full Service Brick and Mortar
16283210Volunteer Parkway And Vance Drive BrVolunteer Pkwy. & Vance Dr., Bristol, TN 37620August 08, 1958Full Service Brick and Mortar
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1 Virginia Branch as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
18362183Bonham Road Branch110 Bonham Road, Bristol, VA 24202November 20, 2000Full Service Brick and Mortar
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