Grove Bank in Boston, Massachusetts (MA)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of March 05, 1997

  • Grove Bank in Boston, Massachusetts (MA)
  • Show street view No street view available for this location

Grove Bank - Overview

  • General
  • FDIC Certificate #: 23465
    Status: Inactive
    Closing history: Corrections
    Acquiring institution: Citizens Bank of Massachusetts (#18562)
    Federal Reserve ID: 1014509
    Date Established: April 28, 1914
    Bank Charter Class: Savings banks, state charter, supervised by the FDIC
    Offices: 10 (Interstate: No)
    OTS Docket #: 8082
    FDIC's unique #: 16445
    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: July 02, 1981
    Last Structure Change Effective Date: March 05, 1997
    Last Structure Change Process Date: March 18, 1997
    Last Data Update: March 07, 2000
    Data Source Date: April 05, 2012
  • Location
  • Address: 35 Washington Street, Boston, MA 2108
    County: Suffolk
    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): Boston, MA-NH (#1120)
    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: Boston-Quincy, MA (#14484)
  • History of Changes
  • Merger - Without Assistance
    Corrections
  • Financial Summary
  • Total assets: $598.6 mil

1992 - 1999 Historical total assets, liabilities and capital ($ mil)

Historical Total Incomes ($ mil)

Historical Total Expenses ($ mil)

Assets and Liabilities (December 31, 1996)

  • Dollar figures in thousands
  • 0Total employees (full-time equivalent)
  • $125Total assets
  • $598,593Cash and due from depository institutions
  • $18,239Interest-bearing balances
  • $10Securities
  • $104,773Federal funds sold & reverse repurchase agreements
  • $14,525Net loans & leases
  • $450,689Loan loss allowance
  • $3,607Trading account assets
  • $0Bank premises and fixed assets
  • $1,918Other real estate owned
  • $492Goodwill and other intangibles
  • $7,826Life insurance assets
  • $131All other assets
  • $0Total liabilities and capital
  • $598,593Total liabilities
  • $558,252Total deposits
  • $494,255Interest-bearing deposits
  • $468,653Deposits held in domestic offices
  • 494255.00%% insured (estimated)
  • $88Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $0Other borrowed funds
  • $60,824Subordinated debt
  • $0All other liabilities
  • $3,173Total equity capital
  • $3,173Total bank equity capital
  • $40,341Perpetual preferred stock
  • $0Common stock
  • $154Surplus
  • $13,222Undivided profits
  • Memoranda
  • $26,965Noncurrent loans and leases
  • $0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $2,657Income earned, not collected on loans
  • $2,556Earning assets
  • $569,997Long-term assets (5+ years)
  • $41,948Average Assets, year-to-date
  • $588,110Average Assets, quarterly
  • $598,271Volatile liabilities
  • $59,168Insider loans
  • $263FHLB advances
  • $0Loans and leases held for sale
  • $3,908Unused loan commitments
  • $39,396Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $39,994Total risk weighted assets
  • $355,380Total unused commitments
  • $0Restructured Loans and leases
  • $0Derivatives

Income and Expense (December 31, 1996)

  • Dollar figures in thousands
  • $0Total interest income
  • $44,910Total interest expense
  • $25,941Net interest income
  • $18,969Provision for loan and lease losses
  • $480Total noninterest income
  • $1,569Fiduciary activities
  • $0Service charges on deposit accounts
  • $437Trading account gains & fees
  • $0Additional noninterest income
  • $1,132Total noninterest expense
  • $11,018Salaries and employee benefits
  • $5,512Premises and equipment expense
  • $1,885Additional noninterest expense
  • $3,621Pre-tax net operating income
  • $9,040Securities gains (losses)
  • $0Applicable income taxes
  • $3,651Income before extraordinary items
  • $5,389Extraordinary gains - net
  • $0Net income attributable to bank
  • $5,389Net charge-offs
  • $101Cash dividends
  • $1,111Sale, conversion, retirement of capital stock, net
  • $277Net operating income

Performance and Condition Ratios (December 31, 1996)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 0.00%Yield on earning assets
  • 7.95%Cost of funding earning assets
  • 4.59%Net interest margin
  • 3.36%Noninterest income to earning assets
  • 0.28%Noninterest expense to earning assets
  • 1.95%Net operating income to assets
  • 0.92%Return on assets (ROA)
  • 0.92%Pretax return on assets
  • 1.54%Return on equity (ROE)
  • 14.26%Retained earnings to average equity (YTD only)
  • 11.32%Net charge-offs to loans
  • 0.02%Credit loss provision to net charge-offs
  • 475.25%Efficiency ratio
  • 53,160Assets per employee
  • 4.79%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 20.62%Loss allowance to loans
  • 0.79%Loss allowance to noncurrent loans
  • 135.75%Noncurrent assets plus other real estate owned to assets
  • 0.53%Noncurrent loans to loans
  • 0.58%Net loans and leases to deposits
  • 91.19%Net loans and leases to core deposits
  • 103.59%Equity capital to assets
  • 6.74%Core capital (leverage) ratio
  • 6.67%Tier 1 risk-based capital ratio
  • 11.25%Total risk-based capital ratio
  • Memoranda
  • $12Average assets
  • $588,110Average earning assets
  • $37,784Average equity
  • $565,087Average loans

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