FMB-Sault Bank in Sault Ste. Marie, Michigan (MI)

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FMB-Sault Bank
GeneralFDIC Certificate #: 1096
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: The Huntington National Bank (#6560)
Federal Reserve ID: 266057
Date Established: November 20, 1886
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 4 (Interstate: No)
OTS Docket #: 9721
FDIC's unique #: 741
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: September 30, 1997
Last Structure Change Process Date: October 06, 1997
Last Data Update: October 06, 1997
Data Source Date: April 05, 2012
LocationAddress: 511-515 Ashmun Street, Sault Ste. Marie, MI 49783
County: Chippewa
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Grand Rapids
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Core Based Statistical Area (CBSA): Sault Ste. Marie, MI (#42300)
CBSA Micro Statistical Area: Yes
Financial SummaryTotal assets: $135.4 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$57
Cash and due from depository institutions$127,283
Interest-bearing balances$3,630
Federal funds sold & reverse repurchase agreements$31,270
Net loans & leases$0
Loan loss allowance $88,135
Trading account assets$1,116
Bank premises and fixed assets$0
Other real estate owned$2,014
Goodwill and other intangibles$0
All other assets$0
Life insurance assets$2,234
Total liabilities and capital$0
Total liabilities$127,283
Total deposits$118,023
Interest-bearing deposits$109,888
Deposits held in domestic offices$97,937
% insured (estimated)109888.00%
Federal funds purchased & repurchase agreements $87
Trading liabilities$6,050
Other borrowed funds $0
Subordinated debt $485
All other liabilities $0
Total equity capital$1,600
Total bank equity capital$1,600
Perpetual preferred stock$9,260
Common stock$0
Undivided profits $7,500
Noncurrent loans and leases $260
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $53
Earning assets $543
Long-term assets (5+ years) $119,448
Average Assets, year-to-date $6,338
Average Assets, quarterly $122,242
Volatile liabilities $125,525
Insider loans $23,016
FHLB advances $815
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $15,520
Tier 2 risk-based capital $0
Total risk weighted assets $9,263
Total unused commitments $85,432
Restructured Loans and leases $0
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Income and Expense (December 31, 1996)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $9,873
Net interest income $4,737
Provision for loan and lease losses $5,136
Total noninterest income $90
Fiduciary activities $756
Service charges on deposit accounts $0
Trading account gains & fees $153
Additional noninterest income $0
Total noninterest expense $603
Salaries and employee benefits $3,548
Premises and equipment expense $2,152
Additional noninterest expense $526
Pre-tax net operating income $870
Securities gains (losses) $2,254
Applicable income taxes $0
Income before extraordinary items $612
Extraordinary gains - net $1,642
Net income attributable to bank $0
Net charge-offs $1,642
Cash dividends $15
Sale, conversion, retirement of capital stock, net $1,800
Net operating income $0
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Performance and Condition Ratios (December 31, 1996)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 8.60%
Net interest margin 4.13%
Noninterest income to earning assets 4.48%
Noninterest expense to earning assets 0.66%
Net operating income to assets 3.09%
Return on assets (ROA) 1.34%
Pretax return on assets 1.34%
Return on equity (ROE) 1.84%
Retained earnings to average equity (YTD only) 17.60%
Net charge-offs to loans -1.69%
Credit loss provision to net charge-offs 0.02%
Efficiency ratio600.00%
Assets per employee$60,217
Cash dividends to net income (YTD only)2.23%
Condition Ratios (%)
Loss allowance to loans 109.62%
Loss allowance to noncurrent loans 1.25%
Noncurrent assets plus other real estate owned to assets 2105.66%
Noncurrent loans to loans 0.04%
Net loans and leases to deposits0.06%
Net loans and leases to core deposits 80.20%
Equity capital to assets 94.36%
Core capital (leverage) ratio 7.28%
Tier 1 risk-based capital ratio 7.33%
Total risk-based capital ratio 10.84%
Average assets$12
Average earning assets$122,242
Average equity $9,328
Average loans $114,761
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