Society First Federal Savings Bank in Fort Myers, Florida (FL)



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Society First Federal Savings Bank
GeneralFDIC Certificate #: 29125
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: First Union National Bank of Florida (#24398)
Federal Reserve ID: 632474
Date Established: September 01, 1934
Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
OTS Docket #: 2951
FDIC's unique #: 41959
Numeric code: 33
Regulator: OTS
Insurance Fund Membership: Savings Association Insurance Fund (SAIF)
FDIC Insured: Yes
SAIF Insured: Yes
Insured Savings Institution: Yes
State Chartered: No
Date of Deposit Insurance: November 12, 1934
Last Structure Change Effective Date: June 01, 1996
Last Structure Change Process Date: June 06, 1996
Last Data Update: June 06, 1996
Data Source Date: April 05, 2012
LocationAddress: 2201 Second Street, Fort Myers, FL 33901
County: Lee
Quarterly Banking Profile Region: Atlanta
FDIC Geographic Region: Atlanta
FDIC Supervisory Region: Atlanta
FDIC Field Office: South Florida
Office of the Comptroller the Currency (OCC) District: Southwest
Office of Thrift Supervision Region: Southeast
Metropolitan Statistical Area (MSA): Fort Myers-Cape Coral, FL (#2700)
Core Based Statistical Area (CBSA): Cape Coral-Fort Myers, FL (#15980)
CBSA Metro Statistical Area: Cape Coral-Fort Myers, FL (#15980)
Financial SummaryTotal assets: $1,295.8 mil

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

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1995)
(Dollar figures in thousands)
Total employees (full-time equivalent)0
Total assets$338
Cash and due from depository institutions$1,333,480
Interest-bearing balances$64,218
Securities$24,736
Federal funds sold & reverse repurchase agreements$5,021
Net loans & leases$155,759
Loan loss allowance $1,024,972
Trading account assets$2,476
Bank premises and fixed assets$0
Other real estate owned$23,225
Goodwill and other intangibles$524
All other assets$38,869
Life insurance assets$20,892
Total liabilities and capital$0
Total liabilities$1,333,480
Total deposits$1,186,135
Interest-bearing deposits$1,087,423
Deposits held in domestic offices$1,051,752
% insured (estimated)1087423.00%
Federal funds purchased & repurchase agreements $97
Trading liabilities$0
Other borrowed funds $0
Subordinated debt $77,001
All other liabilities $0
Total equity capital$21,711
Total bank equity capital$21,711
Perpetual preferred stock$147,345
Common stock$0
Surplus$1
Undivided profits $143,973
Memoranda
Noncurrent loans and leases $3,371
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $2,907
Earning assets $5,934
Long-term assets (5+ years) $1,210,488
Average Assets, year-to-date $0
Average Assets, quarterly $1,419,298
Volatile liabilities $1,401,237
Insider loans $168,500
FHLB advances $358
Loans and leases held for sale $77,001
Unused loan commitments $0
Tier 1 (core) risk-based capital $21,866
Tier 2 risk-based capital $0
Total risk weighted assets $108,471
Total unused commitments $718,771
Restructured Loans and leases $0
Derivatives$0
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Income and Expense (December 31, 1995)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $98,415
Net interest income $55,978
Provision for loan and lease losses $42,437
Total noninterest income $1,975
Fiduciary activities $7,115
Service charges on deposit accounts $0
Trading account gains & fees $0
Additional noninterest income $0
Total noninterest expense $7,115
Salaries and employee benefits $31,265
Premises and equipment expense $10,469
Additional noninterest expense $4,703
Pre-tax net operating income $16,093
Securities gains (losses) $16,312
Applicable income taxes -$270
Income before extraordinary items $6,785
Extraordinary gains - net $9,257
Net income attributable to bank $0
Net charge-offs $9,257
Cash dividends $1,514
Sale, conversion, retirement of capital stock, net $26,014
Net operating income $0
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Performance and Condition Ratios (December 31, 1995)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets0.00%
Cost of funding earning assets 7.56%
Net interest margin 4.30%
Noninterest income to earning assets 3.26%
Noninterest expense to earning assets 0.55%
Net operating income to assets 2.40%
Return on assets (ROA) 0.66%
Pretax return on assets 0.65%
Return on equity (ROE) 1.13%
Retained earnings to average equity (YTD only) 5.66%
Net charge-offs to loans -10.25%
Credit loss provision to net charge-offs 0.15%
Efficiency ratio130.45%
Assets per employee$59,527
Cash dividends to net income (YTD only)3.95%
Condition Ratios (%)
Loss allowance to loans 281.02%
Loss allowance to noncurrent loans 0.24%
Noncurrent assets plus other real estate owned to assets 85.17%
Noncurrent loans to loans 0.26%
Net loans and leases to deposits0.28%
Net loans and leases to core deposits 94.26%
Equity capital to assets 102.92%
Core capital (leverage) ratio 11.05%
Tier 1 risk-based capital ratio 8.38%
Total risk-based capital ratio 15.09%
Memoranda
Average assets$15
Average earning assets$1,419,298
Average equity $163,458
Average loans $1,301,612
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