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)
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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
  • 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

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