The Algonac Savings Bank in Algonac, Michigan (MI)

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The Algonac Savings Bank
GeneralFDIC Certificate #: 14440
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Fifth Third Bank (#993)
Federal Reserve ID: 449346
Date Established: April 17, 1912
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 5 (Interstate: No)
FDIC's unique #: 9024
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: June 04, 1934
Last Structure Change Effective Date: May 10, 1997
Last Structure Change Process Date: June 05, 1997
Last Data Update: June 05, 1997
Data Source Date: April 05, 2012
LocationAddress: 1117 St. Clair River Drive, Algonac, MI 48001
County: St. Clair
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: Warren-Troy-Farmington Hills, MI (#47644)
Financial SummaryTotal assets: $124.3 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$64
Cash and due from depository institutions$123,498
Interest-bearing balances$3,971
Federal funds sold & reverse repurchase agreements$40,275
Net loans & leases$0
Loan loss allowance $76,969
Trading account assets$936
Bank premises and fixed assets$0
Other real estate owned$1,294
Goodwill and other intangibles$0
All other assets$0
Life insurance assets$989
Total liabilities and capital$0
Total liabilities$123,498
Total deposits$108,249
Interest-bearing deposits$107,543
Deposits held in domestic offices$95,932
% insured (estimated)107543.00%
Federal funds purchased & repurchase agreements $88
Trading liabilities$31
Other borrowed funds $0
Subordinated debt $0
All other liabilities $0
Total equity capital$675
Total bank equity capital$675
Perpetual preferred stock$15,249
Common stock$0
Undivided profits $6,000
Noncurrent loans and leases $7,249
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $525
Earning assets $415
Long-term assets (5+ years) $117,244
Average Assets, year-to-date $21,632
Average Assets, quarterly $122,177
Volatile liabilities $124,702
Insider loans $8,207
FHLB advances $7,248
Loans and leases held for sale $0
Unused loan commitments $0
Tier 1 (core) risk-based capital $10,573
Tier 2 risk-based capital $0
Total risk weighted assets $15,196
Total unused commitments $70,074
Restructured Loans and leases $0
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Income and Expense (December 31, 1996)
(Dollar figures in thousands)
Total interest income $0
Total interest expense $9,388
Net interest income $3,630
Provision for loan and lease losses $5,758
Total noninterest income $199
Fiduciary activities $867
Service charges on deposit accounts $0
Trading account gains & fees $451
Additional noninterest income $0
Total noninterest expense $416
Salaries and employee benefits $3,471
Premises and equipment expense $1,883
Additional noninterest expense $400
Pre-tax net operating income $1,188
Securities gains (losses) $2,955
Applicable income taxes $4
Income before extraordinary items $770
Extraordinary gains - net $2,189
Net income attributable to bank $0
Net charge-offs $2,189
Cash dividends $61
Sale, conversion, retirement of capital stock, net $1,240
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 8.13%
Net interest margin 3.14%
Noninterest income to earning assets 4.98%
Noninterest expense to earning assets 0.75%
Net operating income to assets 3.00%
Return on assets (ROA) 1.79%
Pretax return on assets 1.79%
Return on equity (ROE) 2.42%
Retained earnings to average equity (YTD only) 14.82%
Net charge-offs to loans 6.43%
Credit loss provision to net charge-offs 0.08%
Efficiency ratio326.23%
Assets per employee$52,392
Cash dividends to net income (YTD only)1.93%
Condition Ratios (%)
Loss allowance to loans 56.65%
Loss allowance to noncurrent loans 1.20%
Noncurrent assets plus other real estate owned to assets 178.29%
Noncurrent loans to loans 0.43%
Net loans and leases to deposits0.67%
Net loans and leases to core deposits 71.57%
Equity capital to assets 77.46%
Core capital (leverage) ratio 12.35%
Tier 1 risk-based capital ratio 12.24%
Total risk-based capital ratio 21.69%
Average assets$23
Average earning assets$122,177
Average equity $14,770
Average loans $115,516
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