The Algonac Savings Bank in Algonac, Michigan (MI)



Show street view No street view available for this location
Table of contents:
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
Securities$0
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
Surplus$2,000
Undivided profits $6,000
Memoranda
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
Derivatives$0
Back to page top, Back to table top

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
Back to page top, Back to table top

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%
Memoranda
Average assets$23
Average earning assets$122,177
Average equity $14,770
Average loans $115,516
Back to page top, Back to table top

User Contributions:

Comment about this bank, ask questions, or add new information about it:

CAPTCHA


This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with The Algonac Savings Bank.
Based on public records. Inadvertent errors are possible.
BankEncyclopedia.com does not guarantee the accuracy or timeliness of any information on this site.  Use at your own risk.