Independent Bank in Ionia, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of September 14, 2001

  • Independent Bank in Ionia, Michigan (MI)
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Independent Bank - Overview

  • General
  • FDIC Certificate #: 8180
    Status: Inactive
    Closing history: Consolidated - Without Assistance
    Acquiring institution: Independent Bank (#27811)
    Federal Reserve ID: 229641
    Date Established: January 01, 1864
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 22 (Interstate: No)
    OTS Docket #: 10378
    FDIC's unique #: 5207
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    Oakar Institutions: Yes
    State Chartered: Yes
    Date of Deposit Insurance: January 01, 1934
    Last Structure Change Effective Date: September 14, 2001
    Last Structure Change Process Date: October 26, 2001
    Last Data Update: October 26, 2001
    Data Source Date: April 05, 2012
  • Location
  • Address: 230 West Main Street, Ionia, MI 48846
    County: Ionia
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: Chicago
    FDIC Field Office: Grand Rapids
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
    Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
    Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
    CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
  • Financial Summary
  • Total assets: $470.7 mil

1992 - 1999 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, 2000)

  • Dollar figures in thousands
  • 163Total employees (full-time equivalent)
  • $448,009Total assets
  • $22,756Cash and due from depository institutions
  • $200Interest-bearing balances
  • $76,198Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $327,899Net loans & leases
  • $3,606Loan loss allowance
  • $0Trading account assets
  • $7,795Bank premises and fixed assets
  • $264Other real estate owned
  • $7,540Goodwill and other intangibles
  • $0Life insurance assets
  • $5,557All other assets
  • $448,009Total liabilities and capital
  • $409,420Total liabilities
  • $355,007Total deposits
  • $309,732Interest-bearing deposits
  • $355,007Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $17,300Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $30,401Other borrowed funds
  • $0Subordinated debt
  • $6,712All other liabilities
  • $38,589Total equity capital
  • $38,589Total bank equity capital
  • $38,589Perpetual preferred stock
  • $0Common stock
  • $3,610Surplus
  • $17,567Undivided profits
  • Memoranda
  • $17,412Noncurrent loans and leases
  • $38,172Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $1,707Earning assets
  • $0Long-term assets (5+ years)
  • $1,946Average Assets, year-to-date
  • $404,297Average Assets, quarterly
  • $125,965Volatile liabilities
  • $427,921Insider loans
  • $438,210FHLB advances
  • $99,459Loans and leases held for sale
  • $6,263Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $64,500Tier 2 risk-based capital
  • $1,591Total risk weighted assets
  • $38,172Total unused commitments
  • $0Restructured Loans and leases
  • $3,606Derivatives

Income and Expense (December 31, 2000)

  • Dollar figures in thousands
  • $34,714Total interest income
  • $14,766Total interest expense
  • $19,948Net interest income
  • $1,395Provision for loan and lease losses
  • $5,673Total noninterest income
  • $0Fiduciary activities
  • $1,577Service charges on deposit accounts
  • $0Trading account gains & fees
  • $4,096Additional noninterest income
  • $15,419Total noninterest expense
  • $6,479Salaries and employee benefits
  • $1,916Premises and equipment expense
  • $7,024Additional noninterest expense
  • $8,807Pre-tax net operating income
  • -$21Securities gains (losses)
  • $2,534Applicable income taxes
  • $6,252Income before extraordinary items
  • $0Extraordinary gains - net
  • $6,252Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $1,297Sale, conversion, retirement of capital stock, net
  • $3,125Net operating income

Performance and Condition Ratios (December 31, 2000)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.90%Yield on earning assets
  • 3.79%Cost of funding earning assets
  • 5.12%Net interest margin
  • 1.45%Noninterest income to earning assets
  • 3.95%Noninterest expense to earning assets
  • 1.46%Net operating income to assets
  • 1.46%Return on assets (ROA)
  • 2.05%Pretax return on assets
  • 17.17%Return on equity (ROE)
  • 8.59%Retained earnings to average equity (YTD only)
  • 0.42%Net charge-offs to loans
  • 107.56%Credit loss provision to net charge-offs
  • 7.87%Efficiency ratio
  • 57,691Assets per employee
  • 2.75%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 49.98%Loss allowance to loans
  • 1.09%Loss allowance to noncurrent loans
  • 211.25%Noncurrent assets plus other real estate owned to assets
  • 0.44%Noncurrent loans to loans
  • 0.51%Net loans and leases to deposits
  • 92.36%Net loans and leases to core deposits
  • 110.72%Equity capital to assets
  • 8.61%Core capital (leverage) ratio
  • 7.32%Tier 1 risk-based capital ratio
  • 9.22%Total risk-based capital ratio
  • Memoranda
  • $10Average assets
  • $427,921Average earning assets
  • $36,410Average equity
  • $389,988Average loans

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