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- Banks in Michigan (MI)
- Independent Bank - South Michigan
Independent Bank - South Michigan in East Lansing, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches
This bank is inactive as of September 15, 2007
- Independent Bank - South Michigan in East Lansing, Michigan (MI)
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Independent Bank - South Michigan - Overview
- General
- FDIC Certificate #: 13930
Status: Inactive
Closing history: Absorption - Without Assistance
Acquiring institution: Independent Bank (#27811)
Federal Reserve ID: 405744
Date Established: December 31, 1886
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 23 (Interstate: No)
OTS Docket #: 11269
FDIC's unique #: 8714
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
State Chartered: Yes
Date of Deposit Insurance: Febuary 24, 1934
Last Structure Change Effective Date: September 15, 2007
Last Structure Change Process Date: October 01, 2007
Last Data Update: October 01, 2007
Data Source Date: April 05, 2012 - Location
- Address: 2900 West Road, Suite 100, East Lansing, MI 48823
County: Ingham
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): Lansing-East Lansing, MI (#4040)
Combined Statistical Area (CSA): Lansing-East Lansing-Owosso, MI (#330)
Core Based Statistical Area (CBSA): Lansing-East Lansing, MI (#29620)
CBSA Metro Statistical Area: Lansing-East Lansing, MI (#29620) - Financial Summary
- Total assets: $539.8 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2006)
- Dollar figures in thousands
- 145Total employees (full-time equivalent)
- $503,880Total assets
- $10,525Cash and due from depository institutions
- $0Interest-bearing balances
- $109,533Securities
- $0Federal funds sold & reverse repurchase agreements
- $354,290Net loans & leases
- $3,878Loan loss allowance
- $0Trading account assets
- $11,890Bank premises and fixed assets
- $450Other real estate owned
- $2,444Goodwill and other intangibles
- $7,047Life insurance assets
- $14,748All other assets
- $503,880Total liabilities and capital
- $467,299Total liabilities
- $431,673Total deposits
- $385,146Interest-bearing deposits
- $431,673Deposits held in domestic offices
- 0.00%% insured (estimated)
- $29,422Federal funds purchased & repurchase agreements
- $0Trading liabilities
- $1,943Other borrowed funds
- $0Subordinated debt
- $4,261All other liabilities
- $36,581Total equity capital
- $36,581Total bank equity capital
- $36,581Perpetual preferred stock
- $0Common stock
- $1,656Surplus
- $18,844Undivided profits
- Memoranda
- $16,081Noncurrent loans and leases
- $42,765Noncurrent loans that are wholly or partially guaranteed by the U.S. government
- $0Income earned, not collected on loans
- $4,385Earning assets
- $0Long-term assets (5+ years)
- $2,917Average Assets, year-to-date
- $463,823Average Assets, quarterly
- $109,704Volatile liabilities
- $497,234Insider loans
- $505,291FHLB advances
- $216,234Loans and leases held for sale
- $2,633Unused loan commitments
- $1,000Tier 1 (core) risk-based capital
- $133,972Tier 2 risk-based capital
- $3,518Total risk weighted assets
- $42,765Total unused commitments
- $0Restructured Loans and leases
- $4,201Derivatives
Income and Expense (December 31, 2006)
- Dollar figures in thousands
- $31,987Total interest income
- $14,029Total interest expense
- $17,958Net interest income
- $1,810Provision for loan and lease losses
- $7,316Total noninterest income
- $0Fiduciary activities
- $4,098Service charges on deposit accounts
- $0Trading account gains & fees
- $3,218Additional noninterest income
- $14,187Total noninterest expense
- $5,992Salaries and employee benefits
- $1,939Premises and equipment expense
- $6,256Additional noninterest expense
- $9,277Pre-tax net operating income
- $0Securities gains (losses)
- $2,073Applicable income taxes
- $7,204Income before extraordinary items
- $0Extraordinary gains - net
- $7,204Net income attributable to bank
- $0Net charge-offs
- $0Cash dividends
- $995Sale, conversion, retirement of capital stock, net
- $6,600Net operating income
Performance and Condition Ratios (December 31, 2006)
- Dollar figures in thousands
- Performance Ratios (%, annualized)
- 6.98%Yield on earning assets
- 3.06%Cost of funding earning assets
- 3.92%Net interest margin
- 1.60%Noninterest income to earning assets
- 3.10%Noninterest expense to earning assets
- 1.45%Net operating income to assets
- 1.45%Return on assets (ROA)
- 1.87%Pretax return on assets
- 20.24%Return on equity (ROE)
- 1.70%Retained earnings to average equity (YTD only)
- 0.29%Net charge-offs to loans
- 181.91%Credit loss provision to net charge-offs
- 11.14%Efficiency ratio
- 55,203Assets per employee
- 3.48%Cash dividends to net income (YTD only)
- Condition Ratios (%)
- 91.62%Loss allowance to loans
- 1.08%Loss allowance to noncurrent loans
- 88.44%Noncurrent assets plus other real estate owned to assets
- 0.96%Noncurrent loans to loans
- 1.22%Net loans and leases to deposits
- 82.07%Net loans and leases to core deposits
- 144.14%Equity capital to assets
- 7.26%Core capital (leverage) ratio
- 7.15%Tier 1 risk-based capital ratio
- 9.70%Total risk-based capital ratio
- Memoranda
- $11Average assets
- $497,234Average earning assets
- $35,599Average equity
- $458,235Average loans
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- Banks in Michigan (MI)
- Independent Bank - South Michigan
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