FDIC Certificate #: 22261 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Summit Bank (#17944) Federal Reserve ID: 225308 Date Established: April 23, 1976 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 4 (Interstate: No) OTS Docket #: 9613 FDIC's unique #: 15474 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: April 23, 1976 Last Structure Change Effective Date: March 31, 1999 Last Structure Change Process Date: May 06, 1999 Last Data Update: May 06, 1999 Data Source Date: April 05, 2012
Location
Address: 208 Elm Street, New Canaan, CT 6840 County: Fairfield Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: Hartford Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Stamford-Norwalk, CT (#8040) Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70) Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408) Core Based Statistical Area (CBSA): Bridgeport-Stamford-Norwalk, CT (#14860) CBSA Metro Statistical Area: Bridgeport-Stamford-Norwalk, CT (#14860)
Financial Summary
Total assets: $181.6 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 1998)
Dollar figures in thousands
64Total employees (full-time equivalent)
$181,626Total assets
$7,022Cash and due from depository institutions
$2Interest-bearing balances
$57,658Securities
$5,170Federal funds sold & reverse repurchase agreements
$107,762Net loans & leases
$2,138Loan loss allowance
$0Trading account assets
$2,290Bank premises and fixed assets
$26Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,698All other assets
$181,626Total liabilities and capital
$164,901Total liabilities
$161,677Total deposits
$128,765Interest-bearing deposits
$161,677Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$3,224All other liabilities
$16,725Total equity capital
$16,725Total bank equity capital
$16,725Perpetual preferred stock
$0Common stock
$1,672Surplus
$3,459Undivided profits
Memoranda
$11,594Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$732Earning assets
$0Long-term assets (5+ years)
$443Average Assets, year-to-date
$170,592Average Assets, quarterly
$41,769Volatile liabilities
$166,880Insider loans
$172,967FHLB advances
$16,648Loans and leases held for sale
$1,190Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$3,005Total risk weighted assets
$26,441Total unused commitments
$0Restructured Loans and leases
$132,506Derivatives
Income and Expense (December 31, 1998)
Dollar figures in thousands
$11,679Total interest income
$3,850Total interest expense
$7,829Net interest income
$0Provision for loan and lease losses
$1,635Total noninterest income
$0Fiduciary activities
$577Service charges on deposit accounts
$0Trading account gains & fees
$1,058Additional noninterest income
$6,240Total noninterest expense
$3,253Salaries and employee benefits
$1,237Premises and equipment expense
$1,750Additional noninterest expense
$3,224Pre-tax net operating income
$39Securities gains (losses)
$1,171Applicable income taxes
$2,092Income before extraordinary items
$0Extraordinary gains - net
$2,092Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$28Sale, conversion, retirement of capital stock, net
$251Net operating income
Performance and Condition Ratios (December 31, 1998)
Dollar figures in thousands
Performance Ratios (%, annualized)
7.50%Yield on earning assets
2.47%Cost of funding earning assets
5.03%Net interest margin
1.05%Noninterest income to earning assets
4.01%Noninterest expense to earning assets
1.24%Net operating income to assets
1.25%Return on assets (ROA)
1.96%Pretax return on assets
13.23%Return on equity (ROE)
11.65%Retained earnings to average equity (YTD only)
-0.03%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
65,934Assets per employee
2.84%Cash dividends to net income (YTD only)
Condition Ratios (%)
12.00%Loss allowance to loans
1.95%Loss allowance to noncurrent loans
292.08%Noncurrent assets plus other real estate owned to assets
0.42%Noncurrent loans to loans
0.67%Net loans and leases to deposits
66.65%Net loans and leases to core deposits
74.30%Equity capital to assets
9.21%Core capital (leverage) ratio
9.74%Tier 1 risk-based capital ratio
12.62%Total risk-based capital ratio
Memoranda
$14Average assets
$166,880Average earning assets
$15,809Average equity
$155,617Average loans
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