First Federal of Michigan in Detroit, Michigan (MI)



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First Federal of Michigan
GeneralFDIC Certificate #: 28948
Status: Inactive
Closing history: Corrections
Acquiring institution: Charter One Bank, National Association (#28932)
Federal Reserve ID: 901170
Date Established: May 01, 1934
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 2672
FDIC's unique #: 41782
Numeric code: 37
Regulator: OTS
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
State Chartered: No
Date of Deposit Insurance: October 11, 1934
Last Structure Change Effective Date: October 31, 1995
Last Structure Change Process Date: November 13, 1995
Last Data Update: January 31, 1996
Data Source Date: April 05, 2012
LocationAddress: 1001 Woodward Ave, Detroit, MI 48226
County: Wayne
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Detroit
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Metropolitan Statistical Area (MSA): Detroit, MI (#2160)
Consolidated Metropolitan Statistical Area (CMSA): Detroit-Ann Arbor-Flint, MI (#35)
Combined Statistical Area (CSA): Detroit-Warren-Flint, MI (#220)
Core Based Statistical Area (CBSA): Detroit-Warren-Livonia, MI (#19820)
CBSA Metro Statistical Area: Detroit-Warren-Livonia, MI (#19820)
Core Based Statistical Division: Detroit-Livonia-Dearborn, MI (#19804)
History of ChangesMerger - Without Assistance
Corrections
Financial SummaryTotal assets: $8,458.6 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1994)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$998
Cash and due from depository institutions$8,383,847
Interest-bearing balances$52,454
Securities$1,750
Federal funds sold & reverse repurchase agreements$4,942,482
Net loans & leases$52,300
Loan loss allowance $3,051,765
Trading account assets$27,968
Bank premises and fixed assets$0
Other real estate owned$44,038
Goodwill and other intangibles$4,383
All other assets$0
Life insurance assets$236,425
Total liabilities and capital$0
Total liabilities$8,383,847
Total deposits$7,942,626
Interest-bearing deposits$2,765,654
Deposits held in domestic offices$2,706,109
% insured (estimated)2765654.00%
Federal funds purchased & repurchase agreements $94
Trading liabilities$3,254,508
Other borrowed funds $0
Subordinated debt $1,824,723
All other liabilities $0
Total equity capital$97,741
Total bank equity capital$97,741
Perpetual preferred stock$441,221
Common stock$0
Surplus$1
Undivided profits $104,565
Memoranda
Noncurrent loans and leases $336,655
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $10,972
Earning assets $18,865
Long-term assets (5+ years) $8,048,297
Average Assets, year-to-date $0
Average Assets, quarterly $8,507,921
Volatile liabilities $8,405,606
Insider loans $5,383,615
FHLB advances $87
Loans and leases held for sale $1,678,079
Unused loan commitments $0
Tier 1 (core) risk-based capital $62,174
Tier 2 risk-based capital $0
Total risk weighted assets $444,276
Total unused commitments $2,964,237
Restructured Loans and leases $0
Derivatives$0
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Income and Expense (December 31, 1994)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $604,259
Net interest income $355,344
Provision for loan and lease losses $248,915
Total noninterest income $150
Fiduciary activities $4,195
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $610
Total noninterest expense $3,585
Salaries and employee benefits $197,086
Premises and equipment expense $38,714
Additional noninterest expense $12,289
Pre-tax net operating income $146,083
Securities gains (losses) $55,874
Applicable income taxes $10,320
Income before extraordinary items $26,483
Extraordinary gains - net $39,711
Net income attributable to bank -$146,835
Net charge-offs -$107,124
Cash dividends $6,215
Sale, conversion, retirement of capital stock, net $11,250
Net operating income $0
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Performance and Condition Ratios (December 31, 1994)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 7.44%
Net interest margin 4.37%
Noninterest income to earning assets 3.06%
Noninterest expense to earning assets 0.05%
Net operating income to assets 2.43%
Return on assets (ROA) 0.39%
Pretax return on assets -1.26%
Return on equity (ROE) -0.95%
Retained earnings to average equity (YTD only) -22.22%
Net charge-offs to loans -24.55%
Credit loss provision to net charge-offs 0.19%
Efficiency ratio2.41%
Assets per employee$76,522
Cash dividends to net income (YTD only)8.40%
Condition Ratios (%)
Loss allowance to loans -10.50%
Loss allowance to noncurrent loans 0.91%
Noncurrent assets plus other real estate owned to assets 254.90%
Noncurrent loans to loans 0.18%
Net loans and leases to deposits0.36%
Net loans and leases to core deposits 110.35%
Equity capital to assets 123.99%
Core capital (leverage) ratio 5.26%
Tier 1 risk-based capital ratio 5.30%
Total risk-based capital ratio 14.99%
Memoranda
Average assets$16
Average earning assets$8,507,921
Average equity $482,154
Average loans $8,124,541
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