Ironbound Bank in Newark, New Jersey (NJ)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of March 06, 1999

  • Ironbound Bank in Newark, New Jersey (NJ)
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Ironbound Bank - Overview

  • General
  • FDIC Certificate #: 27387
    Status: Inactive
    Closing history: Corrections
    Acquiring institution: Richmond County Savings Bank (#16027)
    Federal Reserve ID: 1229433
    Date Established: November 28, 1988
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 3 (Interstate: No)
    OTS Docket #: 15652
    FDIC's unique #: 39829
    Numeric code: 21
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    State Chartered: Yes
    Date of Deposit Insurance: November 28, 1988
    Last Structure Change Effective Date: March 06, 1999
    Last Structure Change Process Date: March 23, 1999
    Last Data Update: July 15, 1999
    Data Source Date: April 05, 2012
  • Location
  • Address: 36 Pacific Street, Newark, NJ 7102
    County: Essex
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Jamesburg
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Newark, NJ (#5640)
    Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70)
    Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408)
    Core Based Statistical Area (CBSA): New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    CBSA Metro Statistical Area: New York-Northern New Jersey-Long Island, NY-NJ-PA (#35620)
    Core Based Statistical Division: Newark-Union, NJ-PA (#35084)
  • History of Changes
  • Merger - Without Assistance
  • Financial Summary
  • Total assets: $115.7 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, 1998)

  • Dollar figures in thousands
  • 43Total employees (full-time equivalent)
  • $115,650Total assets
  • $3,948Cash and due from depository institutions
  • $1Interest-bearing balances
  • $55,744Securities
  • $9,295Federal funds sold & reverse repurchase agreements
  • $40,789Net loans & leases
  • $901Loan loss allowance
  • $0Trading account assets
  • $4,569Bank premises and fixed assets
  • $134Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $1,171All other assets
  • $115,650Total liabilities and capital
  • $103,844Total liabilities
  • $103,374Total deposits
  • $84,381Interest-bearing deposits
  • $103,374Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $11Other borrowed funds
  • $0Subordinated debt
  • $459All other liabilities
  • $11,806Total equity capital
  • $11,806Total bank equity capital
  • $11,806Perpetual preferred stock
  • $0Common stock
  • $5,213Surplus
  • $4,301Undivided profits
  • Memoranda
  • $2,292Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $186Earning assets
  • $0Long-term assets (5+ years)
  • $201Average Assets, year-to-date
  • $105,829Average Assets, quarterly
  • $25,403Volatile liabilities
  • $113,821Insider loans
  • $115,464FHLB advances
  • $6,334Loans and leases held for sale
  • $2,590Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $0Total unused commitments
  • $0Restructured Loans and leases
  • $61,159Derivatives

Income and Expense (December 31, 1998)

  • Dollar figures in thousands
  • $7,694Total interest income
  • $2,762Total interest expense
  • $4,932Net interest income
  • -$190Provision for loan and lease losses
  • $697Total noninterest income
  • $0Fiduciary activities
  • $571Service charges on deposit accounts
  • $0Trading account gains & fees
  • $126Additional noninterest income
  • $3,718Total noninterest expense
  • $1,825Salaries and employee benefits
  • $703Premises and equipment expense
  • $1,190Additional noninterest expense
  • $2,101Pre-tax net operating income
  • $0Securities gains (losses)
  • $780Applicable income taxes
  • $1,321Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,321Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • -$188Sale, conversion, retirement of capital stock, net
  • $199Net operating income

Performance and Condition Ratios (December 31, 1998)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 7.24%Yield on earning assets
  • 2.60%Cost of funding earning assets
  • 4.64%Net interest margin
  • 0.66%Noninterest income to earning assets
  • 3.50%Noninterest expense to earning assets
  • 1.16%Net operating income to assets
  • 1.16%Return on assets (ROA)
  • 1.85%Pretax return on assets
  • 11.73%Return on equity (ROE)
  • 9.96%Retained earnings to average equity (YTD only)
  • -0.46%Net charge-offs to loans
  • 101.06%Credit loss provision to net charge-offs
  • 0.00%Efficiency ratio
  • 64,647Assets per employee
  • 2.69%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 15.06%Loss allowance to loans
  • 2.16%Loss allowance to noncurrent loans
  • 484.41%Noncurrent assets plus other real estate owned to assets
  • 0.28%Noncurrent loans to loans
  • 0.45%Net loans and leases to deposits
  • 39.46%Net loans and leases to core deposits
  • 42.03%Equity capital to assets
  • 10.21%Core capital (leverage) ratio
  • 10.11%Tier 1 risk-based capital ratio
  • 19.23%Total risk-based capital ratio
  • Memoranda
  • $20Average assets
  • $113,821Average earning assets
  • $11,264Average equity
  • $106,295Average loans

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