FDIC Certificate #: 14758 Status: Inactive Closing history: Corrections Acquiring institution:Shorebank, Detroit (#34848) Federal Reserve ID: 786845 Date Established: March 01, 1919 Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 4 (Interstate: No) FDIC's unique #: 9230 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: September 22, 1934 Last Structure Change Effective Date: April 09, 1998 Last Structure Change Process Date: May 06, 1998 Last Data Update: April 07, 1999 Data Source Date: April 05, 2012
Location
Address: 10474 West Jefferson Street, River Rouge, MI 48218 County: Wayne Quarterly Banking Profile Region: Chicago FDIC Geographic Region: Chicago FDIC Supervisory Region: Chicago FDIC Field Office: Detroit Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: Central Metropolitan Statistical Area (MSA): Detroit, MI (#2160) Consolidated Metropolitan Statistical Area (CMSA): Detroit-Ann Arbor-Flint, MI (#35) Combined Statistical Area (CSA): Detroit-Warren-Flint, MI (#220) Core Based Statistical Area (CBSA): Detroit-Warren-Livonia, MI (#19820) CBSA Metro Statistical Area: Detroit-Warren-Livonia, MI (#19820) Core Based Statistical Division: Detroit-Livonia-Dearborn, MI (#19804)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $42.0 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
34Total employees (full-time equivalent)
$42,038Total assets
$3,331Cash and due from depository institutions
$0Interest-bearing balances
$7,234Securities
$600Federal funds sold & reverse repurchase agreements
$27,963Net loans & leases
$737Loan loss allowance
$0Trading account assets
$2,528Bank premises and fixed assets
$25Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$357All other assets
$42,038Total liabilities and capital
$41,454Total liabilities
$40,462Total deposits
$32,398Interest-bearing deposits
$40,462Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$750Subordinated debt
$242All other liabilities
$584Total equity capital
$584Total bank equity capital
$584Perpetual preferred stock
$59Common stock
$2,253Surplus
$2,649Undivided profits
Memoranda
$-4,377Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$3,519Earning assets
$0Long-term assets (5+ years)
$186Average Assets, year-to-date
$35,797Average Assets, quarterly
$4,324Volatile liabilities
$49,232Insider loans
$44,133FHLB advances
$5,311Loans and leases held for sale
$940Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$530Total risk weighted assets
$5,683Total unused commitments
$0Restructured Loans and leases
$31,968Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$3,865Total interest income
$1,620Total interest expense
$2,245Net interest income
$1,874Provision for loan and lease losses
$504Total noninterest income
$0Fiduciary activities
$296Service charges on deposit accounts
$0Trading account gains & fees
$208Additional noninterest income
$4,132Total noninterest expense
$1,431Salaries and employee benefits
$578Premises and equipment expense
$2,123Additional noninterest expense
-$3,257Pre-tax net operating income
$0Securities gains (losses)
$0Applicable income taxes
-$3,257Income before extraordinary items
$0Extraordinary gains - net
-$3,257Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$1,828Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.82%Yield on earning assets
3.70%Cost of funding earning assets
5.12%Net interest margin
1.15%Noninterest income to earning assets
9.43%Noninterest expense to earning assets
-6.62%Net operating income to assets
-6.62%Return on assets (ROA)
-6.62%Pretax return on assets
-149.03%Return on equity (ROE)
-149.03%Retained earnings to average equity (YTD only)
5.74%Net charge-offs to loans
102.52%Credit loss provision to net charge-offs
-0.76%Efficiency ratio
150,309Assets per employee
1.24%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.57%Loss allowance to noncurrent loans
20.94%Noncurrent assets plus other real estate owned to assets
8.43%Noncurrent loans to loans
12.26%Net loans and leases to deposits
69.11%Net loans and leases to core deposits
79.55%Equity capital to assets
1.39%Core capital (leverage) ratio
1.07%Tier 1 risk-based capital ratio
1.60%Total risk-based capital ratio
Memoranda
$3Average assets
$49,232Average earning assets
$2,185Average equity
$43,823Average loans
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