FDIC Certificate #: 27339 Status: Inactive Closing history: Corrections Acquiring institution:Wachovia Bank, National Association (#33869) Federal Reserve ID: 1217506 Date Established: September 15, 1988 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 17 (Interstate: No) OTS Docket #: 10198 FDIC's unique #: 39613 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes Insured commercial Banks: Yes FDIC Insured: Yes Oakar Institutions: Yes State Chartered: Yes Date of Deposit Insurance: September 15, 1988 Last Structure Change Effective Date: January 16, 1998 Last Structure Change Process Date: May 05, 1998 Last Data Update: May 11, 1998 Data Source Date: April 05, 2012
Location
Address: 18 Kings Highway West, Haddonfield, NJ 8033 County: Camden Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: Jamesburg Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Philadelphia, PA-NJ (#6160) Consolidated Metropolitan Statistical Area (CMSA): Philadelphia-Wilmington-Atlantic City, PA-NJ-DE-MD (#77) Combined Statistical Area (CSA): Philadelphia-Camden-Vineland, PA-NJ-DE-MD (#428) Core Based Statistical Area (CBSA): Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (#37980) CBSA Metro Statistical Area: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (#37980) Core Based Statistical Division: Camden, NJ (#15804)
History of Changes
Merger - Without Assistance
Corrections
Financial Summary
Total assets: $334.2 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
139Total employees (full-time equivalent)
$334,185Total assets
$15,791Cash and due from depository institutions
$0Interest-bearing balances
$46,573Securities
$5,000Federal funds sold & reverse repurchase agreements
$249,337Net loans & leases
$2,649Loan loss allowance
$0Trading account assets
$9,245Bank premises and fixed assets
$1,002Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$7,237All other assets
$334,185Total liabilities and capital
$300,862Total liabilities
$288,434Total deposits
$247,212Interest-bearing deposits
$288,434Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$8,000Other borrowed funds
$0Subordinated debt
$4,428All other liabilities
$33,323Total equity capital
$33,323Total bank equity capital
$33,323Perpetual preferred stock
$4,043Common stock
$18,037Surplus
$12,822Undivided profits
Memoranda
$-1,579Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$3,797Earning assets
$0Long-term assets (5+ years)
$1,670Average Assets, year-to-date
$300,910Average Assets, quarterly
$125,303Volatile liabilities
$410,212Insider loans
$377,019FHLB advances
$52,846Loans and leases held for sale
$701Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$33,545Total unused commitments
$0Restructured Loans and leases
$253,367Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$30,604Total interest income
$15,469Total interest expense
$15,135Net interest income
$36Provision for loan and lease losses
$1,089Total noninterest income
$0Fiduciary activities
$703Service charges on deposit accounts
$0Trading account gains & fees
$386Additional noninterest income
$10,973Total noninterest expense
$6,584Salaries and employee benefits
$1,797Premises and equipment expense
$2,592Additional noninterest expense
$5,215Pre-tax net operating income
$461Securities gains (losses)
$1,746Applicable income taxes
$3,930Income before extraordinary items
$0Extraordinary gains - net
$3,930Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$403Sale, conversion, retirement of capital stock, net
$337Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.14%Yield on earning assets
4.12%Cost of funding earning assets
4.03%Net interest margin
0.29%Noninterest income to earning assets
2.92%Noninterest expense to earning assets
0.88%Net operating income to assets
0.96%Return on assets (ROA)
1.38%Pretax return on assets
12.69%Return on equity (ROE)
11.60%Retained earnings to average equity (YTD only)
0.16%Net charge-offs to loans
8.93%Credit loss provision to net charge-offs
13.03%Efficiency ratio
67,634Assets per employee
2.40%Cash dividends to net income (YTD only)
Condition Ratios (%)
8.58%Loss allowance to loans
1.05%Loss allowance to noncurrent loans
69.77%Noncurrent assets plus other real estate owned to assets
1.44%Noncurrent loans to loans
1.51%Net loans and leases to deposits
86.45%Net loans and leases to core deposits
104.51%Equity capital to assets
9.97%Core capital (leverage) ratio
8.79%Tier 1 risk-based capital ratio
13.18%Total risk-based capital ratio
Memoranda
$14Average assets
$410,212Average earning assets
$30,968Average equity
$375,901Average loans
Comment about this bank, ask questions, or add new information about it:
This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with Covenant Bank.
Based on public records. Inadvertent errors are possible. bankencyclopedia.com does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
Comment about this bank, ask questions, or add new information about it: