First Federal of Michigan in Detroit, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of October 31, 1995

  • First Federal of Michigan in Detroit, Michigan (MI)
  • Show street view No street view available for this location

First Federal of Michigan - Overview

  • General
  • FDIC 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
  • Location
  • Address: 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 Changes
  • Merger - Without Assistance
    Corrections
  • Financial Summary
  • Total 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
  • 0Total employees (full-time equivalent)
  • $998Total assets
  • $8,383,847Cash and due from depository institutions
  • $52,454Interest-bearing balances
  • $1,750Securities
  • $4,942,482Federal funds sold & reverse repurchase agreements
  • $52,300Net loans & leases
  • $3,051,765Loan loss allowance
  • $27,968Trading account assets
  • $0Bank premises and fixed assets
  • $44,038Other real estate owned
  • $4,383Goodwill and other intangibles
  • $236,425Life insurance assets
  • $0All other assets
  • $0Total liabilities and capital
  • $8,383,847Total liabilities
  • $7,942,626Total deposits
  • $2,765,654Interest-bearing deposits
  • $2,706,109Deposits held in domestic offices
  • 2765654.00%% insured (estimated)
  • $94Federal funds purchased & repurchase agreements
  • $3,254,508Trading liabilities
  • $0Other borrowed funds
  • $1,824,723Subordinated debt
  • $0All other liabilities
  • $97,741Total equity capital
  • $97,741Total bank equity capital
  • $441,221Perpetual preferred stock
  • $0Common stock
  • $1Surplus
  • $104,565Undivided profits
  • Memoranda
  • $336,655Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $10,972Income earned, not collected on loans
  • $18,865Earning assets
  • $8,048,297Long-term assets (5+ years)
  • $0Average Assets, year-to-date
  • $8,507,921Average Assets, quarterly
  • $8,405,606Volatile liabilities
  • $5,383,615Insider loans
  • $87FHLB advances
  • $1,678,079Loans and leases held for sale
  • $0Unused loan commitments
  • $62,174Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $444,276Total risk weighted assets
  • $2,964,237Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1994)

  • Dollar figures in thousands
  • $0Total interest income
  • $604,259Total interest expense
  • $355,344Net interest income
  • $248,915Provision for loan and lease losses
  • $150Total noninterest income
  • $4,195Fiduciary activities
  • $0Service charges on deposit accounts
  • $0Trading account gains & fees
  • $610Additional noninterest income
  • $3,585Total noninterest expense
  • $197,086Salaries and employee benefits
  • $38,714Premises and equipment expense
  • $12,289Additional noninterest expense
  • $146,083Pre-tax net operating income
  • $55,874Securities gains (losses)
  • $10,320Applicable income taxes
  • $26,483Income before extraordinary items
  • $39,711Extraordinary gains - net
  • -$146,835Net income attributable to bank
  • -$107,124Net charge-offs
  • $6,215Cash dividends
  • $11,250Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1994)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 7.44%Cost of funding earning assets
  • 4.37%Net interest margin
  • 3.06%Noninterest income to earning assets
  • 0.05%Noninterest expense to earning assets
  • 2.43%Net operating income to assets
  • 0.39%Return on assets (ROA)
  • -1.26%Pretax return on assets
  • -0.95%Return on equity (ROE)
  • -22.22%Retained earnings to average equity (YTD only)
  • -24.55%Net charge-offs to loans
  • 0.19%Credit loss provision to net charge-offs
  • 2.41%Efficiency ratio
  • 76,522Assets per employee
  • 8.40%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • -10.50%Loss allowance to loans
  • 0.91%Loss allowance to noncurrent loans
  • 254.90%Noncurrent assets plus other real estate owned to assets
  • 0.18%Noncurrent loans to loans
  • 0.36%Net loans and leases to deposits
  • 110.35%Net loans and leases to core deposits
  • 123.99%Equity capital to assets
  • 5.26%Core capital (leverage) ratio
  • 5.30%Tier 1 risk-based capital ratio
  • 14.99%Total risk-based capital ratio
  • Memoranda
  • $16Average assets
  • $8,507,921Average earning assets
  • $482,154Average equity
  • $8,124,541Average loans

Comment about this bank, ask questions, or add new information about it:

CAPTCHA

This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with First Federal of Michigan.
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.
Table of Contents