Covest Banc, National Association in Des Plaines, Illinois (IL)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of Febuary 14, 2004

  • Covest Banc, National Association in Des Plaines, Illinois (IL)
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Covest Banc, National Association - Overview

  • General
  • FDIC Certificate #: 29008
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: First Midwest Bank (#3709)
    Federal Reserve ID: 694678
    Date Established: July 01, 1934
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 4 (Interstate: No)
    OTS Docket #: 2757
    FDIC's unique #: 41842
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    SAIF Insured: Yes
    State Chartered: No
    Date of Deposit Insurance: October 26, 1934
    Last Structure Change Effective Date: Febuary 14, 2004
    Last Structure Change Process Date: Febuary 27, 2004
    Last Data Update: Febuary 27, 2004
    Data Source Date: April 05, 2012
  • Location
  • Address: 749 Lee Street, Des Plaines, IL 60016
    County: Cook
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Chicago
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Metropolitan Statistical Area (MSA): Chicago, IL (#1600)
    Consolidated Metropolitan Statistical Area (CMSA): Chicago-Gary-Kenosha, IL-IN-WI (#14)
    Combined Statistical Area (CSA): Chicago-Naperville-Michigan City, IL-IN-WI (#176)
    Core Based Statistical Area (CBSA): Chicago-Joliet-Naperville, IL-IN-WI (#16980)
    CBSA Metro Statistical Area: Chicago-Joliet-Naperville, IL-IN-WI (#16980)
    Core Based Statistical Division: Chicago-Joliet-Naperville, IL (#16974)
  • Financial Summary
  • Total assets: $586.3 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, 2003)

  • Dollar figures in thousands
  • 111Total employees (full-time equivalent)
  • $586,291Total assets
  • $8,506Cash and due from depository institutions
  • $15Interest-bearing balances
  • $22,337Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $528,765Net loans & leases
  • $7,220Loan loss allowance
  • $0Trading account assets
  • $8,049Bank premises and fixed assets
  • $1,700Other real estate owned
  • $983Goodwill and other intangibles
  • $0Life insurance assets
  • $15,951All other assets
  • $586,291Total liabilities and capital
  • $540,257Total liabilities
  • $471,090Total deposits
  • $430,680Interest-bearing deposits
  • $471,090Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $14,079Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $50,390Other borrowed funds
  • $0Subordinated debt
  • $4,698All other liabilities
  • $46,034Total equity capital
  • $46,034Total bank equity capital
  • $46,034Perpetual preferred stock
  • $0Common stock
  • $3,220Surplus
  • $13,265Undivided profits
  • Memoranda
  • $29,549Noncurrent loans and leases
  • $67,358Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $5,179Earning assets
  • $0Long-term assets (5+ years)
  • $2,215Average Assets, year-to-date
  • $551,117Average Assets, quarterly
  • $69,203Volatile liabilities
  • $603,934Insider loans
  • $596,462FHLB advances
  • $135,676Loans and leases held for sale
  • $355Unused loan commitments
  • $49,800Tier 1 (core) risk-based capital
  • $10,000Tier 2 risk-based capital
  • $223Total risk weighted assets
  • $67,358Total unused commitments
  • $0Restructured Loans and leases
  • $5,311Derivatives

Income and Expense (December 31, 2003)

  • Dollar figures in thousands
  • $32,310Total interest income
  • $11,373Total interest expense
  • $20,937Net interest income
  • $4,866Provision for loan and lease losses
  • $4,331Total noninterest income
  • $0Fiduciary activities
  • $1,279Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,052Additional noninterest income
  • $16,773Total noninterest expense
  • $9,115Salaries and employee benefits
  • $1,842Premises and equipment expense
  • $5,816Additional noninterest expense
  • $3,629Pre-tax net operating income
  • -$4Securities gains (losses)
  • $1,290Applicable income taxes
  • $2,335Income before extraordinary items
  • $0Extraordinary gains - net
  • $2,335Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $4,685Sale, conversion, retirement of capital stock, net
  • $2,692Net operating income

Performance and Condition Ratios (December 31, 2003)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.67%Yield on earning assets
  • 2.00%Cost of funding earning assets
  • 3.67%Net interest margin
  • 0.76%Noninterest income to earning assets
  • 2.94%Noninterest expense to earning assets
  • 0.39%Net operating income to assets
  • 0.39%Return on assets (ROA)
  • 0.60%Pretax return on assets
  • 5.00%Return on equity (ROE)
  • -0.77%Retained earnings to average equity (YTD only)
  • 0.86%Net charge-offs to loans
  • 103.86%Credit loss provision to net charge-offs
  • 1.81%Efficiency ratio
  • 65,565Assets per employee
  • 5.28%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 115.29%Loss allowance to loans
  • 1.35%Loss allowance to noncurrent loans
  • 139.41%Noncurrent assets plus other real estate owned to assets
  • 1.17%Noncurrent loans to loans
  • 0.97%Net loans and leases to deposits
  • 112.24%Net loans and leases to core deposits
  • 139.56%Equity capital to assets
  • 7.85%Core capital (leverage) ratio
  • 7.55%Tier 1 risk-based capital ratio
  • 10.74%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $603,934Average earning assets
  • $46,659Average equity
  • $569,981Average loans

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