FDIC Certificate #: 34008 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Michigan Commerce Bank (#33134) Federal Reserve ID: 2297073 Date Established: May 01, 1995 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) OTS Docket #: 15911 FDIC's unique #: 55586 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: May 01, 1995 Last Structure Change Effective Date: March 31, 2009 Last Structure Change Process Date: April 02, 2009 Last Data Update: April 02, 2009 Data Source Date: April 05, 2012
Location
Address: 333 Washington Avenue, Grand Haven, MI 49417 County: Ottawa 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 Metropolitan Statistical Area (MSA): Grand Rapids-Muskegon-Holland, MI (#3000) Combined Statistical Area (CSA): Grand Rapids-Muskegon-Holland, MI (#266) Core Based Statistical Area (CBSA): Holland-Grand Haven, MI (#26100) CBSA Metro Statistical Area: Holland-Grand Haven, MI (#26100)
Financial Summary
Total assets: $120.7 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2008)
Dollar figures in thousands
21Total employees (full-time equivalent)
$120,686Total assets
$12,735Cash and due from depository institutions
$10,117Interest-bearing balances
$0Securities
$0Federal funds sold & reverse repurchase agreements
$98,895Net loans & leases
$4,587Loan loss allowance
$0Trading account assets
$2,616Bank premises and fixed assets
$1,890Other real estate owned
$65Goodwill and other intangibles
$70Life insurance assets
$4,485All other assets
$120,686Total liabilities and capital
$111,700Total liabilities
$109,189Total deposits
$98,201Interest-bearing deposits
$109,189Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$2,000Other borrowed funds
$0Subordinated debt
$511All other liabilities
$8,986Total equity capital
$8,986Total bank equity capital
$8,986Perpetual preferred stock
$0Common stock
$1,250Surplus
$10,069Undivided profits
Memoranda
$-2,333Noncurrent loans and leases
$13,434Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$13,036Earning assets
$0Long-term assets (5+ years)
$405Average Assets, year-to-date
$109,012Average Assets, quarterly
$2,312Volatile liabilities
$126,232Insider loans
$118,593FHLB advances
$26,544Loans and leases held for sale
$0Unused loan commitments
$2,000Tier 1 (core) risk-based capital
$3,562Tier 2 risk-based capital
$378Total risk weighted assets
$13,434Total unused commitments
$0Restructured Loans and leases
$1,331Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$6,760Total interest income
$3,492Total interest expense
$3,268Net interest income
$5,617Provision for loan and lease losses
$128Total noninterest income
$0Fiduciary activities
$195Service charges on deposit accounts
$0Trading account gains & fees
-$67Additional noninterest income
$2,845Total noninterest expense
$929Salaries and employee benefits
$264Premises and equipment expense
$1,652Additional noninterest expense
-$5,066Pre-tax net operating income
$0Securities gains (losses)
-$1,720Applicable income taxes
-$3,346Income before extraordinary items
$0Extraordinary gains - net
-$3,346Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$3,674Sale, conversion, retirement of capital stock, net
$127Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
5.90%Yield on earning assets
3.05%Cost of funding earning assets
2.85%Net interest margin
0.11%Noninterest income to earning assets
2.48%Noninterest expense to earning assets
-2.65%Net operating income to assets
-2.65%Return on assets (ROA)
-4.01%Pretax return on assets
-35.71%Return on equity (ROE)
-37.07%Retained earnings to average equity (YTD only)
3.24%Net charge-offs to loans
152.89%Credit loss provision to net charge-offs
0.15%Efficiency ratio
83,775Assets per employee
5.75%Cash dividends to net income (YTD only)
Condition Ratios (%)
-3.80%Loss allowance to loans
4.43%Loss allowance to noncurrent loans
35.19%Noncurrent assets plus other real estate owned to assets
12.37%Noncurrent loans to loans
12.60%Net loans and leases to deposits
90.57%Net loans and leases to core deposits
118.23%Equity capital to assets
7.45%Core capital (leverage) ratio
7.26%Tier 1 risk-based capital ratio
8.26%Total risk-based capital ratio
Memoranda
$10Average assets
$126,232Average earning assets
$9,369Average equity
$114,569Average loans
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