FDIC Certificate #: 22893 Status: Inactive Closing history: Participated in Reorganization Acquiring institution:BankFive (#23286) Federal Reserve ID: 230508 Date Established: March 14, 1979 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 2 (Interstate: No) FDIC's unique #: 16002 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: July 02, 1979 Last Structure Change Effective Date: July 13, 2007 Last Structure Change Process Date: October 01, 2007 Last Data Update: October 01, 2007 Data Source Date: April 05, 2012
Location
Address: 160 County Street, New Bedford, MA 2740 County: Bristol Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: South Boston Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): New Bedford, MA (#5400) Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7) Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148) Core Based Statistical Area (CBSA): Providence-New Bedford-Fall River, RI-MA (#39300) CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
History of Changes
Merger - Without Assistance
Participated in Reorganization
Financial Summary
Total assets: $67.4 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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
29Total employees (full-time equivalent)
$65,993Total assets
$15,871Cash and due from depository institutions
$9,500Interest-bearing balances
$3,115Securities
$2,792Federal funds sold & reverse repurchase agreements
$42,407Net loans & leases
$730Loan loss allowance
$0Trading account assets
$1,062Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$746All other assets
$65,993Total liabilities and capital
$58,638Total liabilities
$58,464Total deposits
$44,070Interest-bearing deposits
$58,464Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$56Other borrowed funds
$0Subordinated debt
$118All other liabilities
$7,355Total equity capital
$7,355Total bank equity capital
$7,355Perpetual preferred stock
$0Common stock
$854Surplus
$602Undivided profits
Memoranda
$5,899Noncurrent loans and leases
$2,788Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$0Earning assets
$0Long-term assets (5+ years)
$237Average Assets, year-to-date
$57,814Average Assets, quarterly
$9,317Volatile liabilities
$68,633Insider loans
$67,576FHLB advances
$7,174Loans and leases held for sale
$844Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$2,788Total unused commitments
$0Restructured Loans and leases
$490Derivatives
Income and Expense (December 31, 2006)
Dollar figures in thousands
$3,878Total interest income
$892Total interest expense
$2,986Net interest income
$0Provision for loan and lease losses
$183Total noninterest income
$0Fiduciary activities
$150Service charges on deposit accounts
$0Trading account gains & fees
$33Additional noninterest income
$2,026Total noninterest expense
$1,106Salaries and employee benefits
$411Premises and equipment expense
$509Additional noninterest expense
$1,143Pre-tax net operating income
$38Securities gains (losses)
$473Applicable income taxes
$708Income before extraordinary items
$0Extraordinary gains - net
$708Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$23Sale, conversion, retirement of capital stock, net
$444Net operating income
Performance and Condition Ratios (December 31, 2006)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.44%Yield on earning assets
1.48%Cost of funding earning assets
4.96%Net interest margin
0.30%Noninterest income to earning assets
3.37%Noninterest expense to earning assets
1.00%Net operating income to assets
1.03%Return on assets (ROA)
1.72%Pretax return on assets
9.80%Return on equity (ROE)
3.66%Retained earnings to average equity (YTD only)
0.06%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
49.70%Efficiency ratio
63,932Assets per employee
2.28%Cash dividends to net income (YTD only)
Condition Ratios (%)
62.71%Loss allowance to loans
1.69%Loss allowance to noncurrent loans
0.00%Noncurrent assets plus other real estate owned to assets
0.00%Noncurrent loans to loans
0.00%Net loans and leases to deposits
72.54%Net loans and leases to core deposits
82.68%Equity capital to assets
11.15%Core capital (leverage) ratio
10.89%Tier 1 risk-based capital ratio
18.91%Total risk-based capital ratio
Memoranda
$20Average assets
$68,633Average earning assets
$7,222Average equity
$60,182Average loans
Comment about this bank, ask questions, or add new information about it:
This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with Luzo Community Bank.
Based on public records. Inadvertent errors are possible. bankencyclopedia.com does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
Comment about this bank, ask questions, or add new information about it: