FDIC Certificate #: 58094 Status: Inactive Federal Reserve ID: 3377084 Date Established: November 01, 2005 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 439646 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: November 01, 2005 Last Structure Change Effective Date: December 02, 2011 Last Structure Change Process Date: January 13, 2012 Last Data Update: January 13, 2012 Data Source Date: April 05, 2012
Location
Address: 4700 Falls Of The Neuse Road, Suite 190, Raleigh, NC 27609 County: Wake Quarterly Banking Profile Region: Atlanta FDIC Geographic Region: Atlanta FDIC Supervisory Region: Atlanta FDIC Field Office: Raleigh Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Southeast Metropolitan Statistical Area (MSA): Raleigh-Durham-Chapel Hill, NC (#6640) Combined Statistical Area (CSA): Raleigh-Durham-Cary, NC (#450) Core Based Statistical Area (CBSA): Raleigh-Cary, NC (#39580) CBSA Metro Statistical Area: Raleigh-Cary, NC (#39580)
History of Changes
Other Liquidations and Closings
Financial Summary
Total assets: $89.9 mil
2000 - 2011 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Historical total employees (full-time equivalent)
Assets and Liabilities (December 31, 2010)
Dollar figures in thousands
29Total employees (full-time equivalent)
$317,889Total assets
$40,943Cash and due from depository institutions
$40,943Interest-bearing balances
$15,017Securities
$0Federal funds sold & reverse repurchase agreements
$245,404Net loans & leases
$2,660Loan loss allowance
$0Trading account assets
$348Bank premises and fixed assets
$1,023Other real estate owned
$4,060Goodwill and other intangibles
$0Life insurance assets
$11,094All other assets
$317,889Total liabilities and capital
$280,599Total liabilities
$252,757Total deposits
$250,945Interest-bearing deposits
$252,757Deposits held in domestic offices
98.29%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$20,000Other borrowed funds
$0Subordinated debt
$7,842All other liabilities
$37,290Total equity capital
$37,290Total bank equity capital
$37,290Perpetual preferred stock
$0Common stock
$2,958Surplus
$57,069Undivided profits
Memoranda
$-22,737Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$23,178Earning assets
$0Long-term assets (5+ years)
$1,449Average Assets, year-to-date
$301,364Average Assets, quarterly
$40,482Volatile liabilities
$514,001Insider loans
$365,201FHLB advances
$39,128Loans and leases held for sale
$582Unused loan commitments
$20,000Tier 1 (core) risk-based capital
$50,422Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$0Restructured Loans and leases
$2,660Derivatives
Income and Expense (December 31, 2010)
Dollar figures in thousands
$24,161Total interest income
$12,708Total interest expense
$11,453Net interest income
-$4,292Provision for loan and lease losses
-$18,180Total noninterest income
$0Fiduciary activities
$0Service charges on deposit accounts
$0Trading account gains & fees
-$18,180Additional noninterest income
$17,354Total noninterest expense
$8,047Salaries and employee benefits
$256Premises and equipment expense
$9,051Additional noninterest expense
-$19,789Pre-tax net operating income
$2,691Securities gains (losses)
$0Applicable income taxes
-$17,098Income before extraordinary items
$0Extraordinary gains - net
-$17,098Net income attributable to bank
$0Net charge-offs
-$17,098Cash dividends
$1,172Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2010)
Dollar figures in thousands
Performance Ratios (%, annualized)
4.95%Yield on earning assets
2.60%Cost of funding earning assets
2.35%Net interest margin
-3.72%Noninterest income to earning assets
3.55%Noninterest expense to earning assets
-3.85%Net operating income to assets
-3.33%Return on assets (ROA)
-3.33%Pretax return on assets
-36.46%Return on equity (ROE)
-36.46%Retained earnings to average equity (YTD only)
0.32%Net charge-offs to loans
-366.21%Credit loss provision to net charge-offs
-20.55%Efficiency ratio
-257,975Assets per employee
10.96%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
1.07%Loss allowance to noncurrent loans
11.48%Noncurrent assets plus other real estate owned to assets
7.61%Noncurrent loans to loans
9.34%Net loans and leases to deposits
97.09%Net loans and leases to core deposits
114.87%Equity capital to assets
11.73%Core capital (leverage) ratio
10.05%Tier 1 risk-based capital ratio
14.17%Total risk-based capital ratio
Memoranda
$15Average assets
$514,001Average earning assets
$46,898Average equity
$488,348Average loans
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