Compass Bank for Savings in New Bedford, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 23, 2004

  • Compass Bank for Savings in New Bedford, Massachusetts (MA)
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Compass Bank for Savings - Overview

  • General
  • FDIC Certificate #: 23291
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Sovereign Bank, National Association (#29950)
    Federal Reserve ID: 244907
    Date Established: April 18, 1855
    WWW: http://www.compassbank.com
    Bank Charter Class: Savings banks, state charter, supervised by the FDIC
    Offices: 70 (Interstate: No)
    OTS Docket #: 7473
    FDIC's unique #: 16324
    Numeric code: 41
    Regulator: FDIC
    Insurance Fund Membership: Bank Insurance Fund (BIF)
    Bank Insurance Fund: Yes
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Oakar Institutions: Yes
    State Chartered: Yes
    Date of Deposit Insurance: January 02, 1981
    Last Structure Change Effective Date: July 23, 2004
    Last Structure Change Process Date: October 05, 2004
    Last Data Update: October 05, 2004
    Data Source Date: April 05, 2012
  • Location
  • Address: One Compass Place, New Bedford, MA 2740
    County: Bristol
    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): New Bedford, MA (#5400)
    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): Providence-New Bedford-Fall River, RI-MA (#39300)
    CBSA Metro Statistical Area: Providence-New Bedford-Fall River, RI-MA (#39300)
  • Financial Summary
  • Total assets: $4,755.1 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, 2003)

  • Dollar figures in thousands
  • 771Total employees (full-time equivalent)
  • $3,887,672Total assets
  • $118,124Cash and due from depository institutions
  • $885Interest-bearing balances
  • $340,138Securities
  • $21,123Federal funds sold & reverse repurchase agreements
  • $3,173,477Net loans & leases
  • $38,068Loan loss allowance
  • $0Trading account assets
  • $53,681Bank premises and fixed assets
  • $102Other real estate owned
  • $89,036Goodwill and other intangibles
  • $0Life insurance assets
  • $91,991All other assets
  • $3,887,672Total liabilities and capital
  • $3,526,960Total liabilities
  • $2,636,873Total deposits
  • $2,379,083Interest-bearing deposits
  • $2,636,873Deposits held in domestic offices
  • 0.00%% insured (estimated)
  • $43,885Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $826,895Other borrowed funds
  • $0Subordinated debt
  • $19,307All other liabilities
  • $360,712Total equity capital
  • $360,712Total bank equity capital
  • $360,712Perpetual preferred stock
  • $0Common stock
  • $500Surplus
  • $268,598Undivided profits
  • Memoranda
  • $91,614Noncurrent loans and leases
  • $274,825Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $14,128Earning assets
  • $0Long-term assets (5+ years)
  • $15,651Average Assets, year-to-date
  • $3,535,623Average Assets, quarterly
  • $1,476,884Volatile liabilities
  • $3,666,278Insider loans
  • $3,930,013FHLB advances
  • $460,676Loans and leases held for sale
  • $3,855Unused loan commitments
  • $823,362Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $274,825Total unused commitments
  • $0Restructured Loans and leases
  • $34,596Derivatives

Income and Expense (December 31, 2003)

  • Dollar figures in thousands
  • $201,351Total interest income
  • $78,672Total interest expense
  • $122,679Net interest income
  • $7,635Provision for loan and lease losses
  • $12,545Total noninterest income
  • $220Fiduciary activities
  • $7,122Service charges on deposit accounts
  • $0Trading account gains & fees
  • $5,203Additional noninterest income
  • $74,824Total noninterest expense
  • $37,117Salaries and employee benefits
  • $10,038Premises and equipment expense
  • $27,669Additional noninterest expense
  • $52,765Pre-tax net operating income
  • $469Securities gains (losses)
  • $25,556Applicable income taxes
  • $27,678Income before extraordinary items
  • $0Extraordinary gains - net
  • $27,678Net income attributable to bank
  • $0Net charge-offs
  • $0Cash dividends
  • $5,035Sale, conversion, retirement of capital stock, net
  • $31,000Net operating income

Performance and Condition Ratios (December 31, 2003)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 5.98%Yield on earning assets
  • 2.34%Cost of funding earning assets
  • 3.64%Net interest margin
  • 0.37%Noninterest income to earning assets
  • 2.22%Noninterest expense to earning assets
  • 0.75%Net operating income to assets
  • 0.75%Return on assets (ROA)
  • 1.45%Pretax return on assets
  • 8.88%Return on equity (ROE)
  • -1.07%Retained earnings to average equity (YTD only)
  • 0.17%Net charge-offs to loans
  • 151.64%Credit loss provision to net charge-offs
  • 12.00%Efficiency ratio
  • 54,267Assets per employee
  • 5.04%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 112.00%Loss allowance to loans
  • 1.19%Loss allowance to noncurrent loans
  • 269.45%Noncurrent assets plus other real estate owned to assets
  • 0.36%Noncurrent loans to loans
  • 0.44%Net loans and leases to deposits
  • 120.35%Net loans and leases to core deposits
  • 133.89%Equity capital to assets
  • 9.28%Core capital (leverage) ratio
  • 6.99%Tier 1 risk-based capital ratio
  • 9.98%Total risk-based capital ratio
  • Memoranda
  • $11Average assets
  • $3,666,278Average earning assets
  • $311,659Average equity
  • $3,365,736Average loans

Total Fiduciary and Related Assets (December 31, 2003)

  • Dollar figures in thousands
  • $1Total fiduciary and related assets
  • 1Number of Fiduciary Accounts and Related Asset Accounts
  • YesFiduciary powers granted
  • YesFiduciary or related activity
  • $34,605Managed Assets
  • 1Number of Accounts
  • $34,605Personal trust and agency accounts
  • $12,285Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $0Other retirement accounts
  • $5,081Corporate trust and agency accounts
  • $0Investment management agency accounts
  • $17,239Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices
  • $0Non-managed Assets
  • 69Number of Accounts
  • $0Personal trust and agency accounts
  • $0Employee benefit-defined contribution accounts
  • $0Employee benefit-defined benefit accounts
  • $0Other retirement accounts
  • $0Corporate trust and agency accounts
  • $0Other fiduciary accounts
  • $0Fiduciary accounts held in foreign offices

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