FDIC Certificate #: 16490 Status: Inactive Closing history: Corrections Acquiring institution:Essex Bank (#8675) Federal Reserve ID: 897433 Date Established: October 05, 1946 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 4 (Interstate: No) OTS Docket #: 14286 FDIC's unique #: 10651 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes State Chartered: Yes Date of Deposit Insurance: October 05, 1946 Last Structure Change Effective Date: November 21, 2008 Last Structure Change Process Date: November 24, 2008 Last Data Update: November 24, 2008 Data Source Date: April 05, 2012
Location
Address: 4581 Atlanta Highway, Loganville, GA 30052 County: Walton Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Atlanta Office of the Comptroller the Currency (OCC) District: Southwest Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Atlanta, GA (#520) Combined Statistical Area (CSA): Atlanta-Sandy Springs-Gainesville, GA-AL (#122) Core Based Statistical Area (CBSA): Atlanta-Sandy Springs-Marietta, GA (#12060) CBSA Metro Statistical Area: Atlanta-Sandy Springs-Marietta, GA (#12060)
History of Changes
Absorption - Assisted
Corrections
Financial Summary
Total assets: $634.9 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
2000 - 2011 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, 2007)
Dollar figures in thousands
93Total employees (full-time equivalent)
$601,715Total assets
$6,160Cash and due from depository institutions
$607Interest-bearing balances
$51,591Securities
$17,878Federal funds sold & reverse repurchase agreements
$480,403Net loans & leases
$10,758Loan loss allowance
$0Trading account assets
$6,870Bank premises and fixed assets
$24,460Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$14,353All other assets
$601,715Total liabilities and capital
$553,161Total liabilities
$539,246Total deposits
$513,896Interest-bearing deposits
$539,246Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$1,500Other borrowed funds
$0Subordinated debt
$12,415All other liabilities
$48,554Total equity capital
$48,554Total bank equity capital
$48,554Perpetual preferred stock
$0Common stock
$100Surplus
$47,900Undivided profits
Memoranda
$554Noncurrent loans and leases
$165,666Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$76,780Earning assets
$0Long-term assets (5+ years)
$9,321Average Assets, year-to-date
$550,479Average Assets, quarterly
$49,975Volatile liabilities
$532,744Insider loans
$584,014FHLB advances
$330,510Loans and leases held for sale
$59Unused loan commitments
$1,500Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$165,666Total unused commitments
$0Restructured Loans and leases
$6,790Derivatives
Income and Expense (December 31, 2007)
Dollar figures in thousands
$41,662Total interest income
$22,472Total interest expense
$19,190Net interest income
$5,136Provision for loan and lease losses
$1,833Total noninterest income
$0Fiduciary activities
$713Service charges on deposit accounts
$0Trading account gains & fees
$1,120Additional noninterest income
$10,008Total noninterest expense
$5,400Salaries and employee benefits
$929Premises and equipment expense
$3,679Additional noninterest expense
$5,879Pre-tax net operating income
$0Securities gains (losses)
$2,917Applicable income taxes
$2,962Income before extraordinary items
$0Extraordinary gains - net
$2,962Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$537Sale, conversion, retirement of capital stock, net
$2,275Net operating income
Performance and Condition Ratios (December 31, 2007)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.37%Yield on earning assets
4.52%Cost of funding earning assets
3.86%Net interest margin
0.37%Noninterest income to earning assets
2.01%Noninterest expense to earning assets
0.56%Net operating income to assets
0.56%Return on assets (ROA)
1.10%Pretax return on assets
5.91%Return on equity (ROE)
1.37%Retained earnings to average equity (YTD only)
0.12%Net charge-offs to loans
956.42%Credit loss provision to net charge-offs
20.51%Efficiency ratio
47,605Assets per employee
6.47%Cash dividends to net income (YTD only)
Condition Ratios (%)
76.81%Loss allowance to loans
2.19%Loss allowance to noncurrent loans
14.01%Noncurrent assets plus other real estate owned to assets
16.83%Noncurrent loans to loans
15.63%Net loans and leases to deposits
89.09%Net loans and leases to core deposits
230.15%Equity capital to assets
8.07%Core capital (leverage) ratio
8.23%Tier 1 risk-based capital ratio
8.95%Total risk-based capital ratio
Memoranda
$10Average assets
$532,744Average earning assets
$50,148Average equity
$497,650Average loans
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