FDIC Certificate #: 34609 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Michigan Commerce Bank (#33134) Federal Reserve ID: 2621342 Date Established: January 12, 1998 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 60774 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: January 12, 1998 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: 4050 Lake Drive, S.E., Kentwood, MI 49546 County: Kent 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): Grand Rapids-Wyoming, MI (#24340) CBSA Metro Statistical Area: Grand Rapids-Wyoming, MI (#24340)
Financial Summary
Total assets: $79.9 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2008)
Dollar figures in thousands
15Total employees (full-time equivalent)
$79,904Total assets
$7,148Cash and due from depository institutions
$5,107Interest-bearing balances
$0Securities
$0Federal funds sold & reverse repurchase agreements
$68,676Net loans & leases
$2,459Loan loss allowance
$0Trading account assets
$156Bank premises and fixed assets
$898Other real estate owned
$791Goodwill and other intangibles
$0Life insurance assets
$2,235All other assets
$79,904Total liabilities and capital
$72,672Total liabilities
$68,983Total deposits
$61,184Interest-bearing deposits
$68,983Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$3,250Other borrowed funds
$0Subordinated debt
$439All other liabilities
$7,232Total equity capital
$7,232Total bank equity capital
$7,232Perpetual preferred stock
$0Common stock
$2,405Surplus
$6,216Undivided profits
Memoranda
$-1,389Noncurrent loans and leases
$9,915Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$1,789Earning assets
$235Long-term assets (5+ years)
$280Average Assets, year-to-date
$73,783Average Assets, quarterly
$4,984Volatile liabilities
$84,441Insider loans
$81,876FHLB advances
$15,409Loans and leases held for sale
$0Unused loan commitments
$3,250Tier 1 (core) risk-based capital
$816Tier 2 risk-based capital
$0Total risk weighted assets
$9,915Total unused commitments
$0Restructured Loans and leases
$899Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$5,118Total interest income
$2,475Total interest expense
$2,643Net interest income
$2,540Provision for loan and lease losses
-$189Total noninterest income
$0Fiduciary activities
$77Service charges on deposit accounts
$0Trading account gains & fees
-$266Additional noninterest income
$2,906Total noninterest expense
$1,252Salaries and employee benefits
$291Premises and equipment expense
$1,363Additional noninterest expense
-$2,992Pre-tax net operating income
$0Securities gains (losses)
-$1,013Applicable income taxes
-$1,979Income before extraordinary items
$0Extraordinary gains - net
-$1,979Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$1,608Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.63%Yield on earning assets
3.20%Cost of funding earning assets
3.42%Net interest margin
-0.24%Noninterest income to earning assets
3.76%Noninterest expense to earning assets
-2.34%Net operating income to assets
-2.34%Return on assets (ROA)
-3.54%Pretax return on assets
-26.36%Return on equity (ROE)
-26.36%Retained earnings to average equity (YTD only)
2.08%Net charge-offs to loans
157.96%Credit loss provision to net charge-offs
-0.28%Efficiency ratio
118,419Assets per employee
5.33%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
3.46%Loss allowance to noncurrent loans
137.45%Noncurrent assets plus other real estate owned to assets
3.36%Noncurrent loans to loans
2.51%Net loans and leases to deposits
99.55%Net loans and leases to core deposits
122.47%Equity capital to assets
9.05%Core capital (leverage) ratio
7.35%Tier 1 risk-based capital ratio
8.36%Total risk-based capital ratio
Memoranda
$10Average assets
$84,441Average earning assets
$7,507Average equity
$77,224Average loans
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