Independent Bank-West Michigan in Grand Rapids, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of September 15, 2007

  • Independent Bank-West Michigan in Grand Rapids, Michigan (MI)
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Independent Bank-West Michigan - Overview

  • General
  • FDIC Certificate #: 22094
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Independent Bank (#27811)
    Federal Reserve ID: 938644
    Date Established: August 21, 1975
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 25 (Interstate: No)
    OTS Docket #: 10593
    FDIC's unique #: 15344
    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: August 21, 1975
    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: 4200 East Beltline Avenue, Grand Rapids, MI 49525
    County: Kent
    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
    Metropolitan Statistical Area (MSA): Grand Rapids-Muskegon-Holland, MI (#3000)
    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: $769.3 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
  • 261Total employees (full-time equivalent)
  • $780,424Total assets
  • $21,257Cash and due from depository institutions
  • $0Interest-bearing balances
  • $56,713Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $654,899Net loans & leases
  • $7,704Loan loss allowance
  • $0Trading account assets
  • $15,327Bank premises and fixed assets
  • $941Other real estate owned
  • $9,841Goodwill and other intangibles
  • $8,809Life insurance assets
  • $21,446All other assets
  • $780,424Total liabilities and capital
  • $716,130Total liabilities
  • $670,913Total deposits
  • $573,703Interest-bearing deposits
  • $670,913Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $23,230Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $16,996Other borrowed funds
  • $0Subordinated debt
  • $4,991All other liabilities
  • $64,294Total equity capital
  • $64,294Total bank equity capital
  • $64,294Perpetual preferred stock
  • $0Common stock
  • $2,575Surplus
  • $34,995Undivided profits
  • Memoranda
  • $26,724Noncurrent loans and leases
  • $67,258Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $11,732Earning assets
  • $0Long-term assets (5+ years)
  • $4,281Average Assets, year-to-date
  • $711,612Average Assets, quarterly
  • $161,017Volatile liabilities
  • $746,277Insider loans
  • $768,664FHLB advances
  • $269,314Loans and leases held for sale
  • $5,086Unused loan commitments
  • $15,250Tier 1 (core) risk-based capital
  • $220,174Tier 2 risk-based capital
  • $16,106Total risk weighted assets
  • $67,258Total unused commitments
  • $0Restructured Loans and leases
  • $8,103Derivatives

Income and Expense (December 31, 2006)

  • Dollar figures in thousands
  • $52,406Total interest income
  • $18,828Total interest expense
  • $33,578Net interest income
  • $4,667Provision for loan and lease losses
  • $14,297Total noninterest income
  • $0Fiduciary activities
  • $7,291Service charges on deposit accounts
  • $0Trading account gains & fees
  • $7,006Additional noninterest income
  • $26,486Total noninterest expense
  • $10,820Salaries and employee benefits
  • $3,703Premises and equipment expense
  • $11,963Additional noninterest expense
  • $16,722Pre-tax net operating income
  • $0Securities gains (losses)
  • $4,925Applicable income taxes
  • $11,797Income before extraordinary items
  • $0Extraordinary gains - net
  • $11,797Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $3,757Sale, conversion, retirement of capital stock, net
  • $11,250Net operating income

Performance and Condition Ratios (December 31, 2006)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 7.69%Yield on earning assets
  • 2.76%Cost of funding earning assets
  • 4.92%Net interest margin
  • 2.10%Noninterest income to earning assets
  • 3.88%Noninterest expense to earning assets
  • 1.58%Net operating income to assets
  • 1.58%Return on assets (ROA)
  • 2.24%Pretax return on assets
  • 18.78%Return on equity (ROE)
  • 0.87%Retained earnings to average equity (YTD only)
  • 0.60%Net charge-offs to loans
  • 124.22%Credit loss provision to net charge-offs
  • 5.69%Efficiency ratio
  • 54,030Assets per employee
  • 2.99%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 95.36%Loss allowance to loans
  • 1.16%Loss allowance to noncurrent loans
  • 65.67%Noncurrent assets plus other real estate owned to assets
  • 1.62%Noncurrent loans to loans
  • 1.77%Net loans and leases to deposits
  • 97.61%Net loans and leases to core deposits
  • 148.98%Equity capital to assets
  • 8.24%Core capital (leverage) ratio
  • 7.92%Tier 1 risk-based capital ratio
  • 9.33%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $746,277Average earning assets
  • $62,807Average equity
  • $681,788Average loans

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