FDIC Certificate #: 34848 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:ShoreBank (#15640) Federal Reserve ID: 2686453 Date Established: April 10, 1998 Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB) Offices: 3 (Interstate: No) FDIC's unique #: 61805 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: April 10, 1998 Last Structure Change Effective Date: March 10, 2001 Last Structure Change Process Date: April 03, 2001 Last Data Update: April 03, 2001 Data Source Date: April 05, 2012
Location
Address: 10474 West Jefferson, 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)
Financial Summary
Total assets: $41.6 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2000)
Dollar figures in thousands
34Total employees (full-time equivalent)
$41,648Total assets
$1,186Cash and due from depository institutions
$0Interest-bearing balances
$10,646Securities
$650Federal funds sold & reverse repurchase agreements
$25,153Net loans & leases
$579Loan loss allowance
$0Trading account assets
$1,098Bank premises and fixed assets
$70Other real estate owned
$1,904Goodwill and other intangibles
$0Life insurance assets
$941All other assets
$41,648Total liabilities and capital
$34,317Total liabilities
$33,813Total deposits
$28,599Interest-bearing deposits
$33,813Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$504All other liabilities
$7,331Total equity capital
$7,331Total bank equity capital
$7,331Perpetual preferred stock
$0Common stock
$3,000Surplus
$5,000Undivided profits
Memoranda
$-669Noncurrent loans and leases
$1,912Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$515Earning assets
$0Long-term assets (5+ years)
$199Average Assets, year-to-date
$36,449Average Assets, quarterly
$16,251Volatile liabilities
$41,884Insider loans
$41,121FHLB advances
$13,817Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$1,912Total unused commitments
$188Restructured Loans and leases
$330Derivatives
Income and Expense (December 31, 2000)
Dollar figures in thousands
$3,533Total interest income
$1,326Total interest expense
$2,207Net interest income
$85Provision for loan and lease losses
$185Total noninterest income
$0Fiduciary activities
$132Service charges on deposit accounts
$0Trading account gains & fees
$53Additional noninterest income
$2,670Total noninterest expense
$1,445Salaries and employee benefits
$417Premises and equipment expense
$808Additional noninterest expense
-$363Pre-tax net operating income
-$38Securities gains (losses)
-$139Applicable income taxes
-$262Income before extraordinary items
$0Extraordinary gains - net
-$262Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$93Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2000)
Dollar figures in thousands
Performance Ratios (%, annualized)
9.71%Yield on earning assets
3.64%Cost of funding earning assets
6.06%Net interest margin
0.51%Noninterest income to earning assets
7.34%Noninterest expense to earning assets
-0.57%Net operating income to assets
-0.63%Return on assets (ROA)
-0.96%Pretax return on assets
-3.63%Return on equity (ROE)
-3.63%Retained earnings to average equity (YTD only)
-0.39%Net charge-offs to loans
-91.40%Credit loss provision to net charge-offs
0.00%Efficiency ratio
107,023Assets per employee
1.22%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
2.25%Loss allowance to noncurrent loans
112.43%Noncurrent assets plus other real estate owned to assets
1.40%Noncurrent loans to loans
2.00%Net loans and leases to deposits
74.39%Net loans and leases to core deposits
125.79%Equity capital to assets
17.60%Core capital (leverage) ratio
13.96%Tier 1 risk-based capital ratio
20.96%Total risk-based capital ratio
Memoranda
$22Average assets
$41,884Average earning assets
$7,211Average equity
$36,397Average loans
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