Merrill Merchants Bank in Bangor, Maine (ME)



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Merrill Merchants Bank
GeneralFDIC Certificate #: 33704
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: People's United Bank (#27334)
Federal Reserve ID: 421203
Date Established: October 19, 1992
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 18081
FDIC's unique #: 47813
Numeric code: 33
Regulator: OTS
Insurance Fund Membership: Deposit Insurance Fund (DIF)
FDIC Insured: Yes
Insured Savings Institution: Yes
Deposit Insurance Fund member: Yes
State Chartered: No
Date of Deposit Insurance: October 19, 1992
Last Structure Change Effective Date: January 01, 2009
Last Structure Change Process Date: Febuary 19, 2009
Last Data Update: Febuary 19, 2009
Data Source Date: April 05, 2012
LocationAddress: 201 Main Street, Bangor, ME 4402
County: Penobscot
Quarterly Banking Profile Region: New York
FDIC Geographic Region: New York
FDIC Supervisory Region: New York
FDIC Field Office: Concord
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Northeast
Metropolitan Statistical Area (MSA): Bangor, ME (#730)
Core Based Statistical Area (CBSA): Bangor, ME (#12620)
CBSA Metro Statistical Area: Bangor, ME (#12620)
Financial SummaryTotal assets: $599.1 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)124
Total assets$599,096
Cash and due from depository institutions$17,215
Interest-bearing balances$6,116
Securities$55,269
Federal funds sold & reverse repurchase agreements$0
Net loans & leases$370,033
Loan loss allowance $4,122
Trading account assets$0
Bank premises and fixed assets$8,805
Other real estate owned$470
Goodwill and other intangibles$138,343
All other assets$8,961
Life insurance assets$4,462
Total liabilities and capital$599,096
Total liabilities$420,852
Total deposits$293,996
Interest-bearing deposits$260,711
Deposits held in domestic offices$293,996
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $106,687
Trading liabilities$0
Other borrowed funds $10,435
Subordinated debt $0
All other liabilities $9,734
Total equity capital$178,244
Total bank equity capital$178,244
Perpetual preferred stock$178,244
Common stock$0
Surplus$0
Undivided profits $175,272
Memoranda
Noncurrent loans and leases $2,972
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $76,478
Income earned, not collected on loans $0
Earning assets $4,659
Long-term assets (5+ years) $1,993
Average Assets, year-to-date $1,421
Average Assets, quarterly $431,418
Volatile liabilities $0
Insider loans $582,806
FHLB advances $595,809
Loans and leases held for sale $151,277
Unused loan commitments $21,040
Tier 1 (core) risk-based capital $10,435
Tier 2 risk-based capital $0
Total risk weighted assets $0
Total unused commitments $76,478
Restructured Loans and leases $470
Derivatives$4,122
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Income and Expense (December 31, 2008)
(Dollar figures in thousands)
Total interest income $25,785
Total interest expense $9,227
Net interest income $16,558
Provision for loan and lease losses $776
Total noninterest income $4,945
Fiduciary activities $0
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $4,945
Total noninterest expense $16,578
Salaries and employee benefits $7,241
Premises and equipment expense $1,752
Additional noninterest expense $7,585
Pre-tax net operating income $4,149
Securities gains (losses) $366
Applicable income taxes $1,610
Income before extraordinary items $2,905
Extraordinary gains - net $0
Net income attributable to bank $2,905
Net charge-offs $0
Cash dividends $0
Sale, conversion, retirement of capital stock, net $850
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 assets6.01%
Cost of funding earning assets 2.15%
Net interest margin 3.86%
Noninterest income to earning assets 1.15%
Noninterest expense to earning assets 3.86%
Net operating income to assets 0.46%
Return on assets (ROA) 0.50%
Pretax return on assets 0.77%
Return on equity (ROE) 1.78%
Retained earnings to average equity (YTD only) 1.78%
Net charge-offs to loans 0.23%
Credit loss provision to net charge-offs 91.29%
Efficiency ratio5.79%
Assets per employee$74,501
Cash dividends to net income (YTD only)4.83%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 1.10%
Noncurrent assets plus other real estate owned to assets 88.47%
Noncurrent loans to loans 0.86%
Net loans and leases to deposits1.25%
Net loans and leases to core deposits 125.86%
Equity capital to assets 142.41%
Core capital (leverage) ratio 29.75%
Tier 1 risk-based capital ratio 8.64%
Total risk-based capital ratio 11.17%
Memoranda
Average assets$12
Average earning assets$582,806
Average equity $163,634
Average loans $429,133
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Total Fiduciary and Related Assets (December 31, 2008)
(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$304,297
Number of Accounts1
Personal trust and agency accounts$280,253
Employee benefit-defined contribution accounts$82,606
Employee benefit-defined benefit accounts$10,598
Other retirement accounts$22,206
Corporate trust and agency accounts$26,497
Investment management agency accounts$0
Other fiduciary accounts$138,346
Fiduciary accounts held in foreign offices$0
Non-managed Assets$0
Number of Accounts667
Personal trust and agency accounts$0
Employee benefit-defined contribution accounts$0
Employee benefit-defined benefit accounts$0
Other retirement accounts$24,044
Corporate trust and agency accounts$12,423
Other fiduciary accounts$3,633
Fiduciary accounts held in foreign offices$6,116
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