Mechanics Bank in Worcester, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of June 10, 1994

  • Mechanics Bank in Worcester, Massachusetts (MA)
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Mechanics Bank - Overview

  • General
  • FDIC Certificate #: 2675
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Fleet National Bank (#2558)
    Federal Reserve ID: 835800
    Date Established: January 01, 1848
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 10 (Interstate: No)
    FDIC's unique #: 1725
    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: January 01, 1934
    Last Structure Change Effective Date: June 10, 1994
    Last Structure Change Process Date: July 21, 1994
    Last Data Update: July 21, 1994
    Data Source Date: April 05, 2012
  • Location
  • Address: Mechanics Bank Tower, Worcester, MA 1613
    County: Worcester
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Springfield Ma
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Worcester, MA-CT (#9240)
    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): Worcester, MA (#49340)
    CBSA Metro Statistical Area: Worcester, MA (#49340)
  • Financial Summary
  • Total assets: $454.0 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1993)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $152Total assets
  • $469,220Cash and due from depository institutions
  • $23,406Interest-bearing balances
  • $0Securities
  • $38,947Federal funds sold & reverse repurchase agreements
  • $55,225Net loans & leases
  • $328,467Loan loss allowance
  • $7,751Trading account assets
  • $0Bank premises and fixed assets
  • $2,798Other real estate owned
  • $2,014Goodwill and other intangibles
  • $18,363Life insurance assets
  • $0All other assets
  • $0Total liabilities and capital
  • $469,220Total liabilities
  • $432,454Total deposits
  • $397,947Interest-bearing deposits
  • $316,747Deposits held in domestic offices
  • 397947.00%% insured (estimated)
  • $88Federal funds purchased & repurchase agreements
  • $27,558Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $2,000All other liabilities
  • $4,949Total equity capital
  • $4,949Total bank equity capital
  • $36,766Perpetual preferred stock
  • $0Common stock
  • $1,735Surplus
  • $11,732Undivided profits
  • Memoranda
  • $23,299Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $17,012Income earned, not collected on loans
  • $1,589Earning assets
  • $422,639Long-term assets (5+ years)
  • $80,719Average Assets, year-to-date
  • $475,579Average Assets, quarterly
  • $474,790Volatile liabilities
  • $36,253Insider loans
  • $9,585FHLB advances
  • $0Loans and leases held for sale
  • $0Unused loan commitments
  • $103,186Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $35,753Total risk weighted assets
  • $348,572Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1993)

  • Dollar figures in thousands
  • $0Total interest income
  • $31,514Total interest expense
  • $10,718Net interest income
  • $20,796Provision for loan and lease losses
  • $1,675Total noninterest income
  • $6,979Fiduciary activities
  • $2,488Service charges on deposit accounts
  • $2,164Trading account gains & fees
  • $0Additional noninterest income
  • $2,327Total noninterest expense
  • $22,945Salaries and employee benefits
  • $6,716Premises and equipment expense
  • $1,892Additional noninterest expense
  • $14,337Pre-tax net operating income
  • $3,155Securities gains (losses)
  • $2,899Applicable income taxes
  • $2,684Income before extraordinary items
  • $3,370Extraordinary gains - net
  • $100Net income attributable to bank
  • $3,470Net charge-offs
  • $2,167Cash dividends
  • $0Sale, conversion, retirement of capital stock, net
  • $0Net operating income

Performance and Condition Ratios (December 31, 1993)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 7.38%Cost of funding earning assets
  • 2.51%Net interest margin
  • 4.87%Noninterest income to earning assets
  • 1.63%Noninterest expense to earning assets
  • 5.37%Net operating income to assets
  • 0.32%Return on assets (ROA)
  • 0.73%Pretax return on assets
  • 1.29%Return on equity (ROE)
  • 10.12%Retained earnings to average equity (YTD only)
  • 10.12%Net charge-offs to loans
  • 0.68%Credit loss provision to net charge-offs
  • 77.30%Efficiency ratio
  • 82,085Assets per employee
  • 3.09%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 0.00%Loss allowance to loans
  • 2.31%Loss allowance to noncurrent loans
  • 45.56%Noncurrent assets plus other real estate owned to assets
  • 4.05%Noncurrent loans to loans
  • 5.06%Net loans and leases to deposits
  • 82.54%Net loans and leases to core deposits
  • 84.38%Equity capital to assets
  • 7.84%Core capital (leverage) ratio
  • 7.62%Tier 1 risk-based capital ratio
  • 10.26%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $475,579Average earning assets
  • $34,277Average equity
  • $427,194Average loans

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