First Independence Bank in Detroit, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

First Independence Bank - Overview

  • General
  • FDIC Certificate #: 20179
    Status: Active
    Federal Reserve ID: 254849
    Bank Holding Company (Regulatory Top Holder): First Independence Corporation (RSSDID: 1134564, Location: Detroit, MI)
    Date Established: May 14, 1970
    Trust Powers Granted: No
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Domestic: 3, Interstate: No)
    OTS Docket #: 16107
    FDIC's unique #: 13869
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Deposit Insurance Fund member: Yes
    Ownership Type: Non-Stock
    FFIEC Call Report 31 Filer: No
    State Chartered: Yes
    Subchapter S Corporations: No
    Asset Concentration Hierarchy: Commercial Lending Specialization
    Date of Deposit Insurance: May 14, 1970
    Last Structure Change Effective Date: April 01, 2007
    Last Structure Change Process Date: April 13, 2007
    Last Data Update: April 13, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 44 Michigan Avenue, 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)
  • Financial Summary
  • Total assets: $165.2 mil
    Equity capital: $15.2 mil
    Deposits held in domestic offices: $140.9 mil
    Return on assets (ROA): -0.67% (-$1.1 mil)
    Quarterly return on assets: 0.79% ($1.3 mil)
    Return on Equity (ROE): -7.92% (-$1.2 mil)
    Quarterly return on equity: 8.80% ($1.3 mil)
    Net income: -$1.2 mil
    Quarterly Net income: $0.3 mil
    Pretax return on assets: -0.67% (-$1,107.0 mil)
    Quarterly Pretax return on assets: 0.79% ($1,305.2 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, 2011)

  • Dollar figures in thousands
  • 84Total employees (full-time equivalent)
  • $165,219Total assets
  • $24,495Cash and due from depository institutions
  • $21,216Interest-bearing balances
  • $18,253Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $113,419Net loans & leases
  • $2,143Loan loss allowance
  • $0Trading account assets
  • $4,384Bank premises and fixed assets
  • $2Other real estate owned
  • $0Goodwill and other intangibles
  • $165,220Life insurance assets
  • $4,666All other assets
  • $149,984Total liabilities and capital
  • $140,888Total liabilities
  • $69,874Total deposits
  • $140,888Interest-bearing deposits
  • $100Deposits held in domestic offices
  • 7330.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $1,766Subordinated debt
  • $15,236All other liabilities
  • $15,236Total equity capital
  • $15,236Total bank equity capital
  • $0Perpetual preferred stock
  • $2,281Common stock
  • $12,522Surplus
  • $433Undivided profits
  • Memoranda
  • $0Noncurrent loans and leases
  • $17,548Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $1,361Income earned, not collected on loans
  • $0Earning assets
  • $315Long-term assets (5+ years)
  • $152,888Average Assets, year-to-date
  • $9,643Average Assets, quarterly
  • $180,435Volatile liabilities
  • $167,677Insider loans
  • $111,712FHLB advances
  • $168,486Loans and leases held for sale
  • $0Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $15,081Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $5,706Restructured Loans and leases
  • $3,007Derivatives

Income and Expense (December 31, 2011)

  • Dollar figures in thousands
  • $5,938Total interest income
  • $276Total interest expense
  • $5,662Net interest income
  • $925Provision for loan and lease losses
  • $3,967Total noninterest income
  • $0Fiduciary activities
  • $456Service charges on deposit accounts
  • $0Trading account gains & fees
  • $3,511Additional noninterest income
  • $9,918Total noninterest expense
  • $5,340Salaries and employee benefits
  • $1,328Premises and equipment expense
  • $3,250Additional noninterest expense
  • -$1,214Pre-tax net operating income
  • $0Securities gains (losses)
  • $0Applicable income taxes
  • -$1,214Income before extraordinary items
  • $0Extraordinary gains - net
  • -$1,214Net income attributable to bank
  • $0Net charge-offs
  • -$1,214Cash dividends
  • $1,157Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 2011)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 3.53%Yield on earning assets
  • 0.16%Cost of funding earning assets
  • 3.37%Net interest margin
  • 2.36%Noninterest income to earning assets
  • 5.90%Noninterest expense to earning assets
  • -0.67%Net operating income to assets
  • -0.67%Return on assets (ROA)
  • -0.67%Pretax return on assets
  • -7.92%Return on equity (ROE)
  • -7.92%Retained earnings to average equity (YTD only)
  • 1.11%Net charge-offs to loans
  • 79.95%Credit loss provision to net charge-offs
  • -0.25%Efficiency ratio
  • 103,001Assets per employee
  • 1.97%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 1.85%Loss allowance to noncurrent loans
  • 157.46%Noncurrent assets plus other real estate owned to assets
  • 0.82%Noncurrent loans to loans
  • 1.18%Net loans and leases to deposits
  • 80.50%Net loans and leases to core deposits
  • 90.64%Equity capital to assets
  • 9.22%Core capital (leverage) ratio
  • 8.95%Tier 1 risk-based capital ratio
  • 13.50%Total risk-based capital ratio
  • Memoranda
  • $15Average assets
  • $180,435Average earning assets
  • $15,323Average equity
  • $168,013Average loans

List of branches

  • 3 Michigan Branches as of April 05, 2012
  • NoIDNameAddressEstablishedService TypeMap
    013869First Independence Bank44 Michigan Avenue, Detroit, MI 48226May 14, 1970Full Service Brick and Mortar
    1250454Livernois-Hebert Branch12200 Livernois Avenue, Detroit, MI 48204August 15, 1974Full Service Brick and Mortar
    22504557 Mile Branch7020 West Seven Mile Road, Detroit, MI 48221March 06, 1985Full Service Brick and Mortar

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

This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with First Independence Bank.
Based on public records. Inadvertent errors are possible. does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk.
Table of Contents