FDIC Certificate #: 22054 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Eastern Bank (#32773) Federal Reserve ID: 89005 Date Established: May 21, 1912 Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 9 (Interstate: No) OTS Docket #: 8002 FDIC's unique #: 15306 Numeric code: 41 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes FDIC Insured: Yes Insured Savings Institution: Yes State Chartered: Yes Date of Deposit Insurance: July 01, 1975 Last Structure Change Effective Date: Febuary 28, 1998 Last Structure Change Process Date: March 18, 1998 Last Data Update: March 18, 1998 Data Source Date: April 05, 2012
Location
Address: 731 Hancock Street, Quincy, MA 2170 County: Norfolk Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: South Boston Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Boston, MA-NH (#1120) Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7) Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148) Core Based Statistical Area (CBSA): Boston-Cambridge-Quincy, MA-NH (#14460) CBSA Metro Statistical Area: Boston-Cambridge-Quincy, MA-NH (#14460) Core Based Statistical Division: Boston-Quincy, MA (#14484)
Financial Summary
Total assets: $442.8 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
107Total employees (full-time equivalent)
$442,767Total assets
$11,733Cash and due from depository institutions
$6,199Interest-bearing balances
$104,480Securities
$0Federal funds sold & reverse repurchase agreements
$310,126Net loans & leases
$2,909Loan loss allowance
$0Trading account assets
$9,934Bank premises and fixed assets
$90Other real estate owned
$239Goodwill and other intangibles
$0Life insurance assets
$6,165All other assets
$442,767Total liabilities and capital
$410,682Total liabilities
$379,219Total deposits
$355,707Interest-bearing deposits
$379,219Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$30,668Other borrowed funds
$0Subordinated debt
$795All other liabilities
$32,085Total equity capital
$32,085Total bank equity capital
$32,085Perpetual preferred stock
$0Common stock
$2,314Surplus
$12,626Undivided profits
Memoranda
$17,145Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$985Earning assets
$0Long-term assets (5+ years)
$1,666Average Assets, year-to-date
$420,805Average Assets, quarterly
$69,706Volatile liabilities
$426,601Insider loans
$443,088FHLB advances
$72,917Loans and leases held for sale
$851Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$42,551Total unused commitments
$0Restructured Loans and leases
$313,401Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$33,235Total interest income
$18,472Total interest expense
$14,763Net interest income
$200Provision for loan and lease losses
$727Total noninterest income
$0Fiduciary activities
$380Service charges on deposit accounts
$0Trading account gains & fees
$347Additional noninterest income
$9,937Total noninterest expense
$5,251Salaries and employee benefits
$1,833Premises and equipment expense
$2,853Additional noninterest expense
$5,353Pre-tax net operating income
-$121Securities gains (losses)
$1,801Applicable income taxes
$3,431Income before extraordinary items
$0Extraordinary gains - net
$3,431Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$86Sale, conversion, retirement of capital stock, net
$622Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.15%Yield on earning assets
4.53%Cost of funding earning assets
3.62%Net interest margin
0.18%Noninterest income to earning assets
2.44%Noninterest expense to earning assets
0.82%Net operating income to assets
0.80%Return on assets (ROA)
1.23%Pretax return on assets
11.46%Return on equity (ROE)
9.38%Retained earnings to average equity (YTD only)
-0.03%Net charge-offs to loans
-232.56%Credit loss provision to net charge-offs
0.00%Efficiency ratio
63,880Assets per employee
4.14%Cash dividends to net income (YTD only)
Condition Ratios (%)
18.13%Loss allowance to loans
0.93%Loss allowance to noncurrent loans
295.33%Noncurrent assets plus other real estate owned to assets
0.24%Noncurrent loans to loans
0.31%Net loans and leases to deposits
81.78%Net loans and leases to core deposits
95.04%Equity capital to assets
7.25%Core capital (leverage) ratio
7.16%Tier 1 risk-based capital ratio
10.23%Total risk-based capital ratio
Memoranda
$11Average assets
$426,601Average earning assets
$29,933Average equity
$407,779Average loans
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