Signet Bank in Richmond, Virginia (VA)



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Table of contents:
Signet Bank
GeneralFDIC Certificate #: 11589
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: First Union National Bank (#4885)
Federal Reserve ID: 460024
Date Established: July 17, 1922
Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
Offices: 246 (Interstate: No)
FDIC's unique #: 7404
Numeric code: 13
Regulator: FED
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
Oakar Institutions: Yes
State Chartered: Yes
Date of Deposit Insurance: January 01, 1934
Last Structure Change Effective Date: November 29, 1997
Last Structure Change Process Date: December 18, 1997
Last Data Update: December 18, 1997
Data Source Date: April 05, 2012
LocationAddress: 800 East Main Street, Richmond, VA 23219
County: Richmond City
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: Richmond
Office of the Comptroller the Currency (OCC) District: Northeast
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Richmond-Petersburg, VA (#6760)
Core Based Statistical Area (CBSA): Richmond, VA (#40060)
CBSA Metro Statistical Area: Richmond, VA (#40060)
Financial SummaryTotal assets: $11,312.2 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$4,054
Cash and due from depository institutions$11,670,381
Interest-bearing balances$606,445
Securities$16,184
Federal funds sold & reverse repurchase agreements$2,622,497
Net loans & leases$777,999
Loan loss allowance $6,320,732
Trading account assets$136,707
Bank premises and fixed assets$557,238
Other real estate owned$180,763
Goodwill and other intangibles$10,497
All other assets$119,270
Life insurance assets$474,940
Total liabilities and capital$0
Total liabilities$11,670,381
Total deposits$10,826,183
Interest-bearing deposits$8,081,167
Deposits held in domestic offices$6,291,257
% insured (estimated)8037900.00%
Federal funds purchased & repurchase agreements $69
Trading liabilities$1,861,084
Other borrowed funds $5,800
Subordinated debt $198,624
All other liabilities $150,000
Total equity capital$529,508
Total bank equity capital$529,508
Perpetual preferred stock$844,198
Common stock$0
Surplus$68,242
Undivided profits $429,354
Memoranda
Noncurrent loans and leases $346,602
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $99,787
Earning assets $60,295
Long-term assets (5+ years) $10,283,593
Average Assets, year-to-date $3,709,057
Average Assets, quarterly $11,654,456
Volatile liabilities $11,559,974
Insider loans $3,476,922
FHLB advances $123,957
Loans and leases held for sale $0
Unused loan commitments $102,528
Tier 1 (core) risk-based capital $4,655,903
Tier 2 risk-based capital $0
Total risk weighted assets $800,398
Total unused commitments $7,868,508
Restructured Loans and leases $0
Derivatives$4,892,919
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Income and Expense (December 31, 1996)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $833,437
Net interest income $360,362
Provision for loan and lease losses $473,075
Total noninterest income $73,851
Fiduciary activities $235,948
Service charges on deposit accounts $0
Trading account gains & fees $71,804
Additional noninterest income $28,078
Total noninterest expense $136,066
Salaries and employee benefits $461,139
Premises and equipment expense $232,964
Additional noninterest expense $60,240
Pre-tax net operating income $167,935
Securities gains (losses) $174,033
Applicable income taxes $5,013
Income before extraordinary items $60,350
Extraordinary gains - net $118,696
Net income attributable to bank $0
Net charge-offs $118,696
Cash dividends $66,846
Sale, conversion, retirement of capital stock, net $56,088
Net operating income $0
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Performance and Condition Ratios (December 31, 1996)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 8.21%
Net interest margin 3.55%
Noninterest income to earning assets 4.66%
Noninterest expense to earning assets 2.32%
Net operating income to assets 4.54%
Return on assets (ROA) 0.99%
Pretax return on assets 1.02%
Return on equity (ROE) 1.54%
Retained earnings to average equity (YTD only) 14.76%
Net charge-offs to loans 7.79%
Credit loss provision to net charge-offs 1.04%
Efficiency ratio110.48%
Assets per employee$62,723
Cash dividends to net income (YTD only)2.88%
Condition Ratios (%)
Loss allowance to loans 47.25%
Loss allowance to noncurrent loans 2.12%
Noncurrent assets plus other real estate owned to assets 137.00%
Noncurrent loans to loans 0.94%
Net loans and leases to deposits1.55%
Net loans and leases to core deposits 78.22%
Equity capital to assets 94.85%
Core capital (leverage) ratio 7.23%
Tier 1 risk-based capital ratio 6.93%
Total risk-based capital ratio 10.17%
Memoranda
Average assets$13
Average earning assets$11,654,456
Average equity $803,972
Average loans $10,150,862
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