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- Banks in Illinois (IL)
- Covest Banc, National Association
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
WWW: http://www.covestbanc.com
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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- Banks in Illinois (IL)
- Covest Banc, National Association
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