The Marine Bank in Chincoteague, Virginia (VA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of December 17, 1998

  • The Marine Bank in Chincoteague, Virginia (VA)
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The Marine Bank - Overview

  • General
  • FDIC Certificate #: 21797
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Farmers & Merchants Bank - Eastern Shore (#10362)
    Federal Reserve ID: 824121
    Date Established: October 21, 1974
    Bank Charter Class: Commercial bank, state charter and Fed member, supervised by the Federal Reserve (FRB)
    Offices: 2 (Interstate: No)
    FDIC's unique #: 15098
    Numeric code: 13
    Regulator: FED
    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: October 21, 1974
    Last Structure Change Effective Date: December 17, 1998
    Last Structure Change Process Date: Febuary 18, 1999
    Last Data Update: Febuary 18, 1999
    Data Source Date: April 05, 2012
  • Location
  • Address: 6395 Maddox Boulevard, Chincoteague, VA 23336
    County: Accomack
    Quarterly Banking Profile Region: Atlanta
    FDIC Geographic Region: Atlanta
    FDIC Supervisory Region: Atlanta
    FDIC Field Office: Richmond
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Southeast
  • Financial Summary
  • Total assets: $22.9 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
  • 17Total employees (full-time equivalent)
  • $22,376Total assets
  • $1,039Cash and due from depository institutions
  • $0Interest-bearing balances
  • $3,198Securities
  • $1,200Federal funds sold & reverse repurchase agreements
  • $15,565Net loans & leases
  • $326Loan loss allowance
  • $0Trading account assets
  • $991Bank premises and fixed assets
  • $126Other real estate owned
  • $0Goodwill and other intangibles
  • $0Life insurance assets
  • $257All other assets
  • $22,376Total liabilities and capital
  • $20,078Total liabilities
  • $19,987Total deposits
  • $16,993Interest-bearing deposits
  • $19,987Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $0Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $0Subordinated debt
  • $91All other liabilities
  • $2,298Total equity capital
  • $2,298Total bank equity capital
  • $2,298Perpetual preferred stock
  • $0Common stock
  • $208Surplus
  • $290Undivided profits
  • Memoranda
  • $1,800Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $164Earning assets
  • $0Long-term assets (5+ years)
  • $106Average Assets, year-to-date
  • $19,963Average Assets, quarterly
  • $156Volatile liabilities
  • $22,759Insider loans
  • $22,972FHLB advances
  • $1,224Loans and leases held for sale
  • $812Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $688Total unused commitments
  • $0Restructured Loans and leases
  • $12,728Derivatives

Income and Expense (December 31, 1997)

  • Dollar figures in thousands
  • $1,803Total interest income
  • $733Total interest expense
  • $1,070Net interest income
  • $17Provision for loan and lease losses
  • $123Total noninterest income
  • $0Fiduciary activities
  • $100Service charges on deposit accounts
  • $0Trading account gains & fees
  • $23Additional noninterest income
  • $815Total noninterest expense
  • $423Salaries and employee benefits
  • $135Premises and equipment expense
  • $257Additional noninterest expense
  • $361Pre-tax net operating income
  • $4Securities gains (losses)
  • $129Applicable income taxes
  • $236Income before extraordinary items
  • $0Extraordinary gains - net
  • $236Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $17Sale, conversion, retirement of capital stock, net
  • $82Net operating income

Performance and Condition Ratios (December 31, 1997)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 8.93%Yield on earning assets
  • 3.63%Cost of funding earning assets
  • 5.30%Net interest margin
  • 0.61%Noninterest income to earning assets
  • 4.04%Noninterest expense to earning assets
  • 1.03%Net operating income to assets
  • 1.04%Return on assets (ROA)
  • 1.60%Pretax return on assets
  • 10.57%Return on equity (ROE)
  • 6.90%Retained earnings to average equity (YTD only)
  • 0.11%Net charge-offs to loans
  • 100.00%Credit loss provision to net charge-offs
  • 22.24%Efficiency ratio
  • 68,315Assets per employee
  • 1.32%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 34.75%Loss allowance to loans
  • 2.05%Loss allowance to noncurrent loans
  • 198.78%Noncurrent assets plus other real estate owned to assets
  • 1.30%Noncurrent loans to loans
  • 1.03%Net loans and leases to deposits
  • 77.88%Net loans and leases to core deposits
  • 82.96%Equity capital to assets
  • 10.27%Core capital (leverage) ratio
  • 10.53%Tier 1 risk-based capital ratio
  • 18.09%Total risk-based capital ratio
  • Memoranda
  • $19Average assets
  • $22,759Average earning assets
  • $2,233Average equity
  • $20,192Average loans

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