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

This bank is inactive as of July 22, 2000

MFC First National Bank in Iron Mountain, Michigan (MI)
Show street view No street view available for this location

MFC First National Bank - Overview

General
FDIC Certificate #: 5059
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wells Fargo Bank Michigan, National Association (#5067)
Federal Reserve ID: 247654
Date Established: July 10, 1921
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 4 (Interstate: No)
OTS Docket #: 11135
FDIC's unique #: 3378
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: January 01, 1934
Last Structure Change Effective Date: July 22, 2000
Last Structure Change Process Date: August 23, 2000
Last Data Update: August 23, 2000
Data Source Date: April 05, 2012
Location
Address: 500 South Stephenson Avenue, Iron Mountain, MI 49801
County: Dickinson
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
Core Based Statistical Area (CBSA): Iron Mountain, MI-WI (#27020)
CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $64.7 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, 1999)

Dollar figures in thousands
30Total employees (full-time equivalent)
$58,751Total assets
$3,262Cash and due from depository institutions
$82Interest-bearing balances
$363Securities
$0Federal funds sold & reverse repurchase agreements
$53,355Net loans & leases
$840Loan loss allowance
$0Trading account assets
$1,033Bank premises and fixed assets
$66Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$672All other assets
$58,751Total liabilities and capital
$52,727Total liabilities
$49,018Total deposits
$44,571Interest-bearing deposits
$49,018Deposits held in domestic offices
0.00%% insured (estimated)
$3,100Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$609All other liabilities
$6,024Total equity capital
$6,024Total bank equity capital
$6,024Perpetual preferred stock
$0Common stock
$600Surplus
$3,400Undivided profits
Memoranda
$2,024Noncurrent loans and leases
$10,732Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$75Earning assets
$0Long-term assets (5+ years)
$314Average Assets, year-to-date
$53,800Average Assets, quarterly
$896Volatile liabilities
$58,578Insider loans
$58,037FHLB advances
$6,050Loans and leases held for sale
$1,045Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$10,732Total unused commitments
$758Restructured Loans and leases
$623Derivatives

Income and Expense (December 31, 1999)

Dollar figures in thousands
$4,904Total interest income
$2,028Total interest expense
$2,876Net interest income
$50Provision for loan and lease losses
$552Total noninterest income
$0Fiduciary activities
$240Service charges on deposit accounts
$0Trading account gains & fees
$312Additional noninterest income
$2,298Total noninterest expense
$1,049Salaries and employee benefits
$339Premises and equipment expense
$910Additional noninterest expense
$1,080Pre-tax net operating income
$0Securities gains (losses)
$369Applicable income taxes
$711Income before extraordinary items
$0Extraordinary gains - net
$711Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$29Sale, conversion, retirement of capital stock, net
$588Net operating income

Performance and Condition Ratios (December 31, 1999)

Dollar figures in thousands
Performance Ratios (%, annualized)
9.07%Yield on earning assets
3.75%Cost of funding earning assets
5.32%Net interest margin
1.02%Noninterest income to earning assets
4.25%Noninterest expense to earning assets
1.21%Net operating income to assets
1.21%Return on assets (ROA)
1.84%Pretax return on assets
11.96%Return on equity (ROE)
2.07%Retained earnings to average equity (YTD only)
0.05%Net charge-offs to loans
172.41%Credit loss provision to net charge-offs
38.97%Efficiency ratio
67,036Assets per employee
1.96%Cash dividends to net income (YTD only)
Condition Ratios (%)
82.70%Loss allowance to loans
1.55%Loss allowance to noncurrent loans
1120.00%Noncurrent assets plus other real estate owned to assets
0.24%Noncurrent loans to loans
0.14%Net loans and leases to deposits
108.85%Net loans and leases to core deposits
115.82%Equity capital to assets
10.25%Core capital (leverage) ratio
10.34%Tier 1 risk-based capital ratio
12.13%Total risk-based capital ratio
Memoranda
$13Average assets
$58,578Average earning assets
$5,945Average equity
$54,048Average 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 MFC First National 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.