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- Banks in Michigan (MI)
- Independent Bank
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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- Banks in Michigan (MI)
- Independent Bank
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