First Independence Bank in Detroit, Michigan (MI)

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First Independence Bank
GeneralFDIC 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
LocationAddress: 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 SummaryTotal 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)
Total employees (full-time equivalent)84
Total assets$165,219
Cash and due from depository institutions$24,495
Interest-bearing balances$21,216
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$113,419
Loan loss allowance $2,143
Trading account assets$0
Bank premises and fixed assets$4,384
Other real estate owned$2
Goodwill and other intangibles$0
All other assets$4,666
Life insurance assets$165,220
Total liabilities and capital$149,984
Total liabilities$140,888
Total deposits$69,874
Interest-bearing deposits$140,888
Deposits held in domestic offices$100
% insured (estimated)7330.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $1,766
All other liabilities $15,236
Total equity capital$15,236
Total bank equity capital$15,236
Perpetual preferred stock$0
Common stock$2,281
Undivided profits $433
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $17,548
Income earned, not collected on loans $1,361
Earning assets $0
Long-term assets (5+ years) $315
Average Assets, year-to-date $152,888
Average Assets, quarterly $9,643
Volatile liabilities $180,435
Insider loans $167,677
FHLB advances $111,712
Loans and leases held for sale $168,486
Unused loan commitments $0
Tier 1 (core) risk-based capital $0
Tier 2 risk-based capital $15,081
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $5,706
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $5,938
Total interest expense $276
Net interest income $5,662
Provision for loan and lease losses $925
Total noninterest income $3,967
Fiduciary activities $0
Service charges on deposit accounts $456
Trading account gains & fees $0
Additional noninterest income $3,511
Total noninterest expense $9,918
Salaries and employee benefits $5,340
Premises and equipment expense $1,328
Additional noninterest expense $3,250
Pre-tax net operating income -$1,214
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items -$1,214
Extraordinary gains - net $0
Net income attributable to bank -$1,214
Net charge-offs $0
Cash dividends -$1,214
Sale, conversion, retirement of capital stock, net $1,157
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets3.53%
Cost of funding earning assets 0.16%
Net interest margin 3.37%
Noninterest income to earning assets 2.36%
Noninterest expense to earning assets 5.90%
Net operating income to assets -0.67%
Return on assets (ROA) -0.67%
Pretax return on assets -0.67%
Return on equity (ROE) -7.92%
Retained earnings to average equity (YTD only) -7.92%
Net charge-offs to loans 1.11%
Credit loss provision to net charge-offs 79.95%
Efficiency ratio-0.25%
Assets per employee$103,001
Cash dividends to net income (YTD only)1.97%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.85%
Noncurrent assets plus other real estate owned to assets 157.46%
Noncurrent loans to loans 0.82%
Net loans and leases to deposits1.18%
Net loans and leases to core deposits 80.50%
Equity capital to assets 90.64%
Core capital (leverage) ratio 9.22%
Tier 1 risk-based capital ratio 8.95%
Total risk-based capital ratio 13.50%
Average assets$15
Average earning assets$180,435
Average equity $15,323
Average loans $168,013
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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
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