Mega Bank in Miami, Florida (FL)



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Mega Bank
GeneralFDIC Certificate #: 25758
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: BankAtlantic (#30559)
Federal Reserve ID: 232436
Date Established: November 19, 1984
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 5 (Interstate: No)
FDIC's unique #: 17631
Numeric code: 13
Regulator: FED
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 19, 1984
Last Structure Change Effective Date: Febuary 17, 1995
Last Structure Change Process Date: March 01, 1995
Last Data Update: September 18, 1999
Data Source Date: April 05, 2012
LocationAddress: 11400 North Kendall Drive, Miami, FL 33176
County: Miami-Dade
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: South Florida
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Miami, FL (#5000)
Consolidated Metropolitan Statistical Area (CMSA): Miami-Fort Lauderdale, FL (#56)
Core Based Statistical Area (CBSA): Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
CBSA Metro Statistical Area: Miami-Fort Lauderdale-Pompano Beach, FL (#33100)
Core Based Statistical Division: Miami-Miami Beach-Kendall, FL (#33124)
Financial SummaryTotal assets: $151.8 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1994)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$92
Cash and due from depository institutions$151,824
Interest-bearing balances$6,921
Securities$0
Federal funds sold & reverse repurchase agreements$20,043
Net loans & leases$0
Loan loss allowance $118,926
Trading account assets$980
Bank premises and fixed assets$0
Other real estate owned$613
Goodwill and other intangibles$437
All other assets$0
Life insurance assets$4,884
Total liabilities and capital$0
Total liabilities$151,824
Total deposits$140,632
Interest-bearing deposits$125,172
Deposits held in domestic offices$77,863
% insured (estimated)125172.00%
Federal funds purchased & repurchase agreements $84
Trading liabilities$14,033
Other borrowed funds $0
Subordinated debt $0
All other liabilities $0
Total equity capital$1,427
Total bank equity capital$1,427
Perpetual preferred stock$11,192
Common stock$0
Surplus$3,407
Undivided profits $5,027
Memoranda
Noncurrent loans and leases $2,758
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $453
Earning assets $3,183
Long-term assets (5+ years) $138,969
Average Assets, year-to-date $10,604
Average Assets, quarterly $158,464
Volatile liabilities $156,294
Insider loans $30,693
FHLB advances $298
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $7,146
Tier 2 risk-based capital $0
Total risk weighted assets $11,192
Total unused commitments $128,352
Restructured Loans and leases $0
Derivatives$0
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Income and Expense (December 31, 1994)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $11,234
Net interest income $3,544
Provision for loan and lease losses $7,690
Total noninterest income $570
Fiduciary activities $1,341
Service charges on deposit accounts $0
Trading account gains & fees $1,011
Additional noninterest income $0
Total noninterest expense $330
Salaries and employee benefits $6,863
Premises and equipment expense $3,207
Additional noninterest expense $1,305
Pre-tax net operating income $2,351
Securities gains (losses) $1,598
Applicable income taxes -$301
Income before extraordinary items $641
Extraordinary gains - net $656
Net income attributable to bank $132
Net charge-offs $788
Cash dividends $521
Sale, conversion, retirement of capital stock, net $0
Net operating income $0
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Performance and Condition Ratios (December 31, 1994)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 7.70%
Net interest margin 2.43%
Noninterest income to earning assets 5.27%
Noninterest expense to earning assets 0.92%
Net operating income to assets 4.70%
Return on assets (ROA) 0.54%
Pretax return on assets 0.50%
Return on equity (ROE) 0.90%
Retained earnings to average equity (YTD only) 7.19%
Net charge-offs to loans 7.19%
Credit loss provision to net charge-offs 0.47%
Efficiency ratio109.40%
Assets per employee$75,994
Cash dividends to net income (YTD only)1.65%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 0.82%
Noncurrent assets plus other real estate owned to assets 216.34%
Noncurrent loans to loans 0.60%
Net loans and leases to deposits0.38%
Net loans and leases to core deposits 95.01%
Equity capital to assets 109.60%
Core capital (leverage) ratio 7.37%
Tier 1 risk-based capital ratio 7.18%
Total risk-based capital ratio 8.72%
Memoranda
Average assets$9
Average earning assets$158,464
Average equity $10,967
Average loans $145,949
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