FDIC Certificate #: 26583 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Haverhill Bank (#26411) Federal Reserve ID: 59679 Date Established: January 01, 1889 WWW:http://www.economycoopbank.com Trust Powers Granted: No Bank Charter Class: Savings banks, state charter, supervised by the FDIC Offices: 1 (Domestic: 1, Interstate: No) OTS Docket #: 6566 FDIC's unique #: 35287 Numeric code: 42 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) FDIC Insured: Yes Insured Savings Institution: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: No Asset Concentration Hierarchy: Mortgage Lending Specialization Date of Deposit Insurance: March 05, 1986 Last Structure Change Effective Date: January 01, 2012 Last Structure Change Process Date: January 20, 2012 Last Data Update: January 20, 2012 Data Source Date: April 05, 2012
Location
Address: 6 Main Street, Merrimac, MA 1860 County: Essex Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: North Boston Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Lawrence, MA-NH (#4160) 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: Peabody, MA (#37764)
Financial Summary
Total assets: $25.1 mil Equity capital: $2.5 mil Deposits held in domestic offices: $22.6 mil Return on assets (ROA): -0.20% (-$0.1 mil) Quarterly return on assets: -1.07% (-$0.3 mil) Return on Equity (ROE): -1.97% (-$0.0 mil) Quarterly return on equity: -10.97% (-$0.2 mil) Net income: -$0.0 mil Quarterly Net income: -$0.1 mil Pretax return on assets: -0.20% (-$50.1 mil) Quarterly Pretax return on assets: -1.22% (-$305.9 mil)
1992 - 1999 Historical total assets, liabilities and capital ($ 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
5Total employees (full-time equivalent)
$25,071Total assets
$6,925Cash and due from depository institutions
$6,136Interest-bearing balances
$1Securities
$0Federal funds sold & reverse repurchase agreements
$17,568Net loans & leases
$97Loan loss allowance
$0Trading account assets
$246Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$25,071Life insurance assets
$331All other assets
$22,610Total liabilities and capital
$22,586Total liabilities
$21,198Total deposits
$22,586Interest-bearing deposits
$88Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$24Subordinated debt
$2,461All other liabilities
$2,461Total equity capital
$2,461Total bank equity capital
$0Perpetual preferred stock
$0Common stock
$2,509Surplus
$-48Undivided profits
Memoranda
$0Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$271Income earned, not collected on loans
$0Earning assets
$67Long-term assets (5+ years)
$23,705Average Assets, year-to-date
$11,198Average Assets, quarterly
$24,634Volatile liabilities
$25,344Insider loans
$11,090FHLB advances
$25,235Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$2,461Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$0Restructured Loans and leases
$521Derivatives
Income and Expense (December 31, 2011)
Dollar figures in thousands
$991Total interest income
$163Total interest expense
$828Net interest income
$10Provision for loan and lease losses
$39Total noninterest income
$0Fiduciary activities
$33Service charges on deposit accounts
$0Trading account gains & fees
$6Additional noninterest income
$858Total noninterest expense
$415Salaries and employee benefits
$94Premises and equipment expense
$349Additional noninterest expense
-$1Pre-tax net operating income
-$48Securities gains (losses)
$0Applicable income taxes
-$49Income before extraordinary items
$0Extraordinary gains - net
-$49Net income attributable to bank
$0Net charge-offs
-$49Cash dividends
$0Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2011)
Dollar figures in thousands
Performance Ratios (%, annualized)
4.27%Yield on earning assets
0.70%Cost of funding earning assets
3.57%Net interest margin
0.17%Noninterest income to earning assets
3.70%Noninterest expense to earning assets
-0.00%Net operating income to assets
-0.20%Return on assets (ROA)
-0.20%Pretax return on assets
-1.97%Return on equity (ROE)
-1.97%Retained earnings to average equity (YTD only)
0.00%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
98,962Assets per employee
5.01%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
0.55%Loss allowance to noncurrent loans
35.79%Noncurrent assets plus other real estate owned to assets
1.08%Noncurrent loans to loans
1.53%Net loans and leases to deposits
77.78%Net loans and leases to core deposits
87.16%Equity capital to assets
9.82%Core capital (leverage) ratio
9.75%Tier 1 risk-based capital ratio
22.19%Total risk-based capital ratio
Memoranda
$23Average assets
$24,634Average earning assets
$2,483Average equity
$23,205Average loans
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