MFC First National Bank in Ironwood, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of August 21, 2000

  • MFC First National Bank in Ironwood, Michigan (MI)
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MFC First National Bank - Overview

  • General
  • FDIC Certificate #: 15858
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Wells Fargo Bank Michigan, National Association (#5067)
    Federal Reserve ID: 257457
    Date Established: November 10, 1941
    Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
    Offices: 2 (Interstate: No)
    OTS Docket #: 11692
    FDIC's unique #: 10096
    Numeric code: 3
    Regulator: OCC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    Insured commercial Banks: Yes
    FDIC Insured: Yes
    State Chartered: No
    Date of Deposit Insurance: November 10, 1941
    Last Structure Change Effective Date: August 21, 2000
    Last Structure Change Process Date: August 21, 2000
    Last Data Update: August 21, 2000
    Data Source Date: April 05, 2012
  • Location
  • Address: 205 West Aurora Street, Ironwood, MI 49938
    County: Gogebic
    Quarterly Banking Profile Region: Chicago
    FDIC Geographic Region: Chicago
    FDIC Supervisory Region: San Francisco
    FDIC Field Office: Appleton
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: Central
  • Financial Summary
  • Total assets: $104.0 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, 1999)

  • Dollar figures in thousands
  • 39Total employees (full-time equivalent)
  • $90,702Total assets
  • $4,029Cash and due from depository institutions
  • $79Interest-bearing balances
  • $14,632Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $69,746Net loans & leases
  • $1,099Loan loss allowance
  • $0Trading account assets
  • $814Bank premises and fixed assets
  • $110Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $1,371All other assets
  • $90,702Total liabilities and capital
  • $81,839Total liabilities
  • $75,283Total deposits
  • $69,787Interest-bearing deposits
  • $75,283Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $5,650Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $906All other liabilities
  • $8,863Total equity capital
  • $8,863Total bank equity capital
  • $8,863Perpetual preferred stock
  • $0Common stock
  • $200Surplus
  • $2,020Undivided profits
  • Memoranda
  • $6,643Noncurrent loans and leases
  • $8,169Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $165Earning assets
  • $0Long-term assets (5+ years)
  • $368Average Assets, year-to-date
  • $84,457Average Assets, quarterly
  • $2,319Volatile liabilities
  • $88,474Insider loans
  • $88,887FHLB advances
  • $11,889Loans and leases held for sale
  • $4,148Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $8,169Total unused commitments
  • $0Restructured Loans and leases
  • $864Derivatives

Income and Expense (December 31, 1999)

  • Dollar figures in thousands
  • $7,063Total interest income
  • $2,955Total interest expense
  • $4,108Net interest income
  • $84Provision for loan and lease losses
  • $685Total noninterest income
  • $0Fiduciary activities
  • $245Service charges on deposit accounts
  • $0Trading account gains & fees
  • $440Additional noninterest income
  • $2,963Total noninterest expense
  • $1,386Salaries and employee benefits
  • $273Premises and equipment expense
  • $1,304Additional noninterest expense
  • $1,746Pre-tax net operating income
  • $0Securities gains (losses)
  • $570Applicable income taxes
  • $1,176Income before extraordinary items
  • $0Extraordinary gains - net
  • $1,176Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $31Sale, conversion, retirement of capital stock, net
  • $873Net operating income

Performance and Condition Ratios (December 31, 1999)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.53%Yield on earning assets
  • 3.57%Cost of funding earning assets
  • 4.96%Net interest margin
  • 0.83%Noninterest income to earning assets
  • 3.58%Noninterest expense to earning assets
  • 1.33%Net operating income to assets
  • 1.33%Return on assets (ROA)
  • 1.97%Pretax return on assets
  • 13.36%Return on equity (ROE)
  • 3.44%Retained earnings to average equity (YTD only)
  • 0.05%Net charge-offs to loans
  • 270.97%Credit loss provision to net charge-offs
  • 59.03%Efficiency ratio
  • 61,819Assets per employee
  • 2.33%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 74.23%Loss allowance to loans
  • 1.55%Loss allowance to noncurrent loans
  • 666.06%Noncurrent assets plus other real estate owned to assets
  • 0.30%Noncurrent loans to loans
  • 0.23%Net loans and leases to deposits
  • 92.65%Net loans and leases to core deposits
  • 101.02%Equity capital to assets
  • 9.77%Core capital (leverage) ratio
  • 10.09%Tier 1 risk-based capital ratio
  • 13.14%Total risk-based capital ratio
  • Memoranda
  • $14Average assets
  • $88,474Average earning assets
  • $8,805Average equity
  • $82,838Average loans

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