Union Bank in Lake Odessa, Michigan (MI)

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Union Bank
GeneralFDIC Certificate #: 14722
Status: Active
Federal Reserve ID: 390840
Bank Holding Company (Regulatory Top Holder): Union Financial Corporation (RSSDID: 1250204, Location: Lake Odessa, MI)
Date Established: January 01, 1934
WWW: http://www.ubmich.com
Trust Powers Granted: No
Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
Offices: 8 (Domestic: 8, Interstate: No)
OTS Docket #: 14358
FDIC's unique #: 9210
Numeric code: 21
Regulator: FDIC
Insurance Fund Membership: Deposit Insurance Fund (DIF)
Insured commercial Banks: Yes
FDIC Insured: Yes
Deposit Insurance Fund member: Yes
Agricultural lending institution: Yes
Ownership Type: Non-Stock
FFIEC Call Report 31 Filer: No
State Chartered: Yes
Subchapter S Corporations: No
Asset Concentration Hierarchy: Agricultural Specialization
Date of Deposit Insurance: September 04, 1934
Last Structure Change Effective Date: March 31, 2006
Last Structure Change Process Date: November 03, 2006
Last Data Update: November 03, 2006
Data Source Date: April 05, 2012
LocationAddress: 933 4th Avenue, Lake Odessa, MI 48849
County: Ionia
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: Chicago
FDIC Field Office: Grand Rapids
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266)
Core Based Statistical Area (CBSA): Grand Rapids-Wyoming, MI (#24340)
CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
History of ChangesMerge BIF and SAIF Funds into DIF
Financial SummaryTotal assets: $175.2 mil
Equity capital: $16.0 mil
Deposits held in domestic offices: $152.8 mil
Return on assets (ROA): 0.30% ($0.5 mil)
Quarterly return on assets: 0.32% ($0.6 mil)
Return on Equity (ROE): 3.30% ($0.5 mil)
Quarterly return on equity: 3.53% ($0.6 mil)
Net income: $0.5 mil
Quarterly Net income: $0.1 mil
Pretax return on assets: 0.30% ($525.7 mil)
Quarterly Pretax return on assets: 0.32% ($560.7 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, 2011)
(Dollar figures in thousands)
Total employees (full-time equivalent)59
Total assets$175,219
Cash and due from depository institutions$23,707
Interest-bearing balances$12,402
Federal funds sold & reverse repurchase agreements$959
Net loans & leases$118,967
Loan loss allowance $3,035
Trading account assets$0
Bank premises and fixed assets$5,521
Other real estate owned$3,620
Goodwill and other intangibles$1,190
All other assets$6,508
Life insurance assets$175,219
Total liabilities and capital$159,265
Total liabilities$152,763
Total deposits$127,984
Interest-bearing deposits$152,763
Deposits held in domestic offices$90
% insured (estimated)0.00%
Federal funds purchased & repurchase agreements $0
Trading liabilities$5,065
Other borrowed funds $0
Subordinated debt $1,437
All other liabilities $15,954
Total equity capital$15,954
Total bank equity capital$15,954
Perpetual preferred stock$0
Common stock$697
Undivided profits $4,876
Noncurrent loans and leases $0
Noncurrent loans that are wholly or partially guaranteed by the U.S. government $0
Income earned, not collected on loans $6,584
Earning assets $0
Long-term assets (5+ years) $1,129
Average Assets, year-to-date $147,075
Average Assets, quarterly $23,713
Volatile liabilities $174,071
Insider loans $173,445
FHLB advances $132,720
Loans and leases held for sale $172,791
Unused loan commitments $3,138
Tier 1 (core) risk-based capital $3,138
Tier 2 risk-based capital $14,861
Total risk weighted assets $0
Total unused commitments $0
Restructured Loans and leases $14,774
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Income and Expense (December 31, 2011)
(Dollar figures in thousands)
Total interest income $8,147
Total interest expense $1,311
Net interest income $6,836
Provision for loan and lease losses $1,200
Total noninterest income $1,206
Fiduciary activities $0
Service charges on deposit accounts $548
Trading account gains & fees $0
Additional noninterest income $658
Total noninterest expense $6,327
Salaries and employee benefits $3,160
Premises and equipment expense $853
Additional noninterest expense $2,314
Pre-tax net operating income $515
Securities gains (losses) $0
Applicable income taxes $0
Income before extraordinary items $515
Extraordinary gains - net $0
Net income attributable to bank $515
Net charge-offs $0
Cash dividends $515
Sale, conversion, retirement of capital stock, net $1,542
Net operating income $0
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Performance and Condition Ratios (December 31, 2011)
(Dollar figures in thousands)
Performance Ratios (%, annualized)
Yield on earning assets5.46%
Cost of funding earning assets 0.88%
Net interest margin 4.58%
Noninterest income to earning assets 0.81%
Noninterest expense to earning assets 4.24%
Net operating income to assets 0.30%
Return on assets (ROA) 0.30%
Pretax return on assets 0.30%
Return on equity (ROE) 3.30%
Retained earnings to average equity (YTD only) 3.30%
Net charge-offs to loans 1.26%
Credit loss provision to net charge-offs 77.82%
Efficiency ratio1.11%
Assets per employee$78,674
Cash dividends to net income (YTD only)2.97%
Condition Ratios (%)
Loss allowance to loans 0.00%
Loss allowance to noncurrent loans 2.49%
Noncurrent assets plus other real estate owned to assets 46.10%
Noncurrent loans to loans 5.82%
Net loans and leases to deposits5.40%
Net loans and leases to core deposits 77.88%
Equity capital to assets 81.25%
Core capital (leverage) ratio 9.11%
Tier 1 risk-based capital ratio 8.60%
Total risk-based capital ratio 11.20%
Average assets$12
Average earning assets$174,071
Average equity $15,599
Average loans $149,273
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7 Michigan Branches as of April 05, 2012
NoIDNameAddressEstablishedService TypeMap
09210Union Bank933 4th Avenue, Lake Odessa, MI 48849January 01, 1934Full Service Brick and Mortar
1232051Drive-In Branch1150 Jordan Lake Street, Lake Odessa, MI 48849November 25, 1977Limited Service Facility
2232052Mulliken Branch233 West Grand Ledge Highway, Mulliken, MI 48861September 05, 1989Full Service Brick and Mortar
4230550Dimondale Branch127 East Rd, Dimondale, MI 48821October 15, 1969Full Service Brick and Mortar
5222678Pewamo Branch11755 East Blue Water Highway, Pewamo, MI 48873October 21, 1965Full Service Brick and Mortar
6363134Westphalia Branch202 East Main Street, Westphalia, MI 48894December 17, 2001Full Service Brick and Mortar
7457104Hastings Branch529 West State Street, Hastings, MI 49058December 11, 2006Full Service Brick and Mortar
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