Merrill Lynch Bank USA in Salt Lake City, Utah (UT)

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Merrill Lynch Bank USA
GeneralFDIC Certificate #: 27374
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Bank of America, National Association (#3510)
Federal Reserve ID: 1225800
Date Established: October 31, 1988
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 3 (Interstate: No)
OTS Docket #: 15118
FDIC's unique #: 39694
Numeric code: 23
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: October 31, 1988
Last Structure Change Effective Date: July 01, 2009
Last Structure Change Process Date: September 25, 2009
Last Data Update: September 25, 2009
Data Source Date: April 05, 2012
LocationAddress: 201 South Main Street, Salt Lake City, UT 84111
County: Salt Lake
Quarterly Banking Profile Region: San Francisco
FDIC Geographic Region: San Francisco
FDIC Supervisory Region: Atlanta
FDIC Field Office: Salt Lake City
Office of the Comptroller the Currency (OCC) District: Midwest
Office of Thrift Supervision Region: West
Metropolitan Statistical Area (MSA): Salt Lake City-Ogden, UT (#7160)
Combined Statistical Area (CSA): Salt Lake City-Ogden-Clearfield, UT (#482)
Core Based Statistical Area (CBSA): Salt Lake City, UT (#41620)
CBSA Metro Statistical Area: Salt Lake City, UT (#41620)
Financial SummaryTotal assets: $67,995.1 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, 2008)
(Dollar figures in thousands)
Total employees (full-time equivalent)857
Total assets$61,809,503
Cash and due from depository institutions$22,752,834
Interest-bearing balances$22,750,877
Federal funds sold & reverse repurchase agreements$3,633,000
Net loans & leases$23,754,568
Loan loss allowance $840,082
Trading account assets$228,075
Bank premises and fixed assets$14,348
Other real estate owned$23,630
Goodwill and other intangibles$0
All other assets$7,501,907
Life insurance assets$0
Total liabilities and capital$61,809,503
Total liabilities$58,472,861
Total deposits$53,620,324
Interest-bearing deposits$53,597,084
Deposits held in domestic offices$53,620,324
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$3,612
Other borrowed funds $3,816,359
Subordinated debt $0
All other liabilities $1,032,566
Total equity capital$3,336,642
Total bank equity capital$3,336,642
Perpetual preferred stock$3,336,642
Common stock$1,000,000
Undivided profits $6,077,681
Noncurrent loans and leases $-3,742,039
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $27,454,094
Income earned, not collected on loans $0
Earning assets $294,389
Long-term assets (5+ years) $9,868
Average Assets, year-to-date $111,839
Average Assets, quarterly $54,264,512
Volatile liabilities $3,369,983
Insider loans $64,526,291
FHLB advances $61,726,394
Loans and leases held for sale $3,947,000
Unused loan commitments $0
Tier 1 (core) risk-based capital $3,750,000
Tier 2 risk-based capital $88,520,359
Total risk weighted assets $1,019,324
Total unused commitments $27,454,094
Restructured Loans and leases $915
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Income and Expense (December 31, 2008)
(Dollar figures in thousands)
Total interest income $2,665,559
Total interest expense $931,465
Net interest income $1,734,094
Provision for loan and lease losses $863,088
Total noninterest income $1,436,494
Fiduciary activities $13,811
Service charges on deposit accounts $0
Trading account gains & fees -$217,921
Additional noninterest income $1,640,604
Total noninterest expense $880,030
Salaries and employee benefits $137,187
Premises and equipment expense $15,559
Additional noninterest expense $727,284
Pre-tax net operating income $1,427,470
Securities gains (losses) -$7,757,790
Applicable income taxes -$2,501,661
Income before extraordinary items -$3,828,659
Extraordinary gains - net -$47,589
Net income attributable to bank -$3,876,248
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $192,740
Net operating income $0
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Performance and Condition Ratios (December 31, 2008)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets4.61%
Cost of funding earning assets 1.61%
Net interest margin 3.00%
Noninterest income to earning assets 2.49%
Noninterest expense to earning assets 1.52%
Net operating income to assets 1.76%
Return on assets (ROA) -6.01%
Pretax return on assets -9.88%
Return on equity (ROE) -102.98%
Retained earnings to average equity (YTD only) -102.98%
Net charge-offs to loans 0.72%
Credit loss provision to net charge-offs 447.80%
Efficiency ratio11.88%
Assets per employee$27,756
Cash dividends to net income (YTD only)72.12%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 3.42%
Noncurrent assets plus other real estate owned to assets 285.36%
Noncurrent loans to loans 0.51%
Net loans and leases to deposits1.20%
Net loans and leases to core deposits 44.30%
Equity capital to assets 44.46%
Core capital (leverage) ratio 5.40%
Tier 1 risk-based capital ratio 6.98%
Total risk-based capital ratio 11.15%
Average assets$12
Average earning assets$64,526,291
Average equity $3,764,023
Average loans $57,777,684
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Total Fiduciary and Related Assets (December 31, 2007)
(Dollar figures in thousands)
Total fiduciary and related assets$1
Number of Fiduciary Accounts and Related Asset Accounts1
Fiduciary powers grantedYes
Fiduciary or related activityYes
Managed Assets$15,548,268
Number of Accounts1
Personal trust and agency accounts$15,548,268
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Investment management agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
Non-managed Assets$15,548,268
Number of Accounts2
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$0
Corporate trust and agency accounts$0
Other fiduciary accounts$0
Fiduciary accounts held in foreign offices$0
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Bank Assets Sold and Securitized (December 31, 2007)
(Dollar figures in thousands)
Principal balance with servicing or other recourse retained
1-4 family residential loans $4,188
Home equity lines$0
Credit cards receivables$0
Auto loans$0
Other consumer loans$0
Commercial and industrial loans$0
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