Westbank in West Springfield, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of January 02, 2007

  • Westbank in West Springfield, Massachusetts (MA)
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Westbank - Overview

  • General
  • FDIC Certificate #: 18532
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: NewAlliance Bank (#18261)
    Federal Reserve ID: 893800
    Date Established: June 23, 1962
    WWW: http://www.westbankonline.com
    Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC
    Offices: 17 (Interstate: No)
    OTS Docket #: 12920
    FDIC's unique #: 12424
    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: June 23, 1962
    Last Structure Change Effective Date: January 02, 2007
    Last Structure Change Process Date: Febuary 22, 2007
    Last Data Update: Febuary 22, 2007
    Data Source Date: April 05, 2012
  • Location
  • Address: 225 Park Avenue, West Springfield, MA 1089
    County: Hampden
    Quarterly Banking Profile Region: New York
    FDIC Geographic Region: New York
    FDIC Supervisory Region: New York
    FDIC Field Office: Springfield Ma
    Office of the Comptroller the Currency (OCC) District: Northeast
    Office of Thrift Supervision Region: Northeast
    Metropolitan Statistical Area (MSA): Springfield, MA (#8000)
    Core Based Statistical Area (CBSA): Springfield, MA (#44140)
    CBSA Metro Statistical Area: Springfield, MA (#44140)
  • Financial Summary
  • Total assets: $714.3 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, 2006)

  • Dollar figures in thousands
  • 163Total employees (full-time equivalent)
  • $714,325Total assets
  • $15,193Cash and due from depository institutions
  • $37Interest-bearing balances
  • $37,566Securities
  • $168,549Federal funds sold & reverse repurchase agreements
  • $445,918Net loans & leases
  • $4,054Loan loss allowance
  • $0Trading account assets
  • $7,915Bank premises and fixed assets
  • $0Other real estate owned
  • $11,312Goodwill and other intangibles
  • $9,489Life insurance assets
  • $27,872All other assets
  • $714,325Total liabilities and capital
  • $660,826Total liabilities
  • $629,270Total deposits
  • $541,456Interest-bearing deposits
  • $629,270Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $21,248Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $2,520Other borrowed funds
  • $0Subordinated debt
  • $7,788All other liabilities
  • $53,499Total equity capital
  • $53,499Total bank equity capital
  • $53,499Perpetual preferred stock
  • $0Common stock
  • $1,677Surplus
  • $27,198Undivided profits
  • Memoranda
  • $24,624Noncurrent loans and leases
  • $101,396Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $2,003Earning assets
  • $0Long-term assets (5+ years)
  • $2,269Average Assets, year-to-date
  • $652,070Average Assets, quarterly
  • $129,088Volatile liabilities
  • $797,465Insider loans
  • $769,736FHLB advances
  • $132,032Loans and leases held for sale
  • $19,601Unused loan commitments
  • $0Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $101,396Total unused commitments
  • $0Restructured Loans and leases
  • $4,210Derivatives

Income and Expense (December 31, 2006)

  • Dollar figures in thousands
  • $43,561Total interest income
  • $23,277Total interest expense
  • $20,284Net interest income
  • $195Provision for loan and lease losses
  • $3,562Total noninterest income
  • $815Fiduciary activities
  • $1,349Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,398Additional noninterest income
  • $24,970Total noninterest expense
  • $14,621Salaries and employee benefits
  • $2,180Premises and equipment expense
  • $8,169Additional noninterest expense
  • -$1,319Pre-tax net operating income
  • -$5,692Securities gains (losses)
  • -$714Applicable income taxes
  • -$6,297Income before extraordinary items
  • $0Extraordinary gains - net
  • -$6,297Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $340Sale, conversion, retirement of capital stock, net
  • $2,850Net operating income

Performance and Condition Ratios (December 31, 2006)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.90%Yield on earning assets
  • 3.15%Cost of funding earning assets
  • 2.75%Net interest margin
  • 0.48%Noninterest income to earning assets
  • 3.38%Noninterest expense to earning assets
  • -0.15%Net operating income to assets
  • -0.79%Return on assets (ROA)
  • -0.88%Pretax return on assets
  • -10.37%Return on equity (ROE)
  • -15.06%Retained earnings to average equity (YTD only)
  • 0.08%Net charge-offs to loans
  • 57.35%Credit loss provision to net charge-offs
  • -3.31%Efficiency ratio
  • 104,714Assets per employee
  • 4.38%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • -45.26%Loss allowance to loans
  • 0.90%Loss allowance to noncurrent loans
  • 202.40%Noncurrent assets plus other real estate owned to assets
  • 0.28%Noncurrent loans to loans
  • 0.45%Net loans and leases to deposits
  • 70.86%Net loans and leases to core deposits
  • 86.00%Equity capital to assets
  • 7.49%Core capital (leverage) ratio
  • 5.37%Tier 1 risk-based capital ratio
  • 10.04%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $797,465Average earning assets
  • $60,731Average equity
  • $738,806Average loans

Total Fiduciary and Related Assets (December 31, 2006)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $123,885Managed Assets
  • 1Number of Accounts
  • $117,704Personal trust and agency accounts
  • $50,841Employee benefit-defined contribution accounts
  • $15,907Employee benefit-defined benefit accounts
  • $14,440Other retirement accounts
  • $4,043Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $32,473Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices
  • $0Non-managed Assets
  • 213Number of Accounts
  • $0Personal trust and agency accounts
  • $0Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $6,181Other retirement accounts
  • $1,705Corporate trust and agency accounts
  • $1Other fiduciary accounts
  • $4,251Fiduciary accounts held in foreign offices

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