MFC First National Bank in Iron River, Michigan (MI)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of July 22, 2000

MFC First National Bank in Iron River, Michigan (MI)
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MFC First National Bank - Overview

General
FDIC Certificate #: 14254
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wells Fargo Bank Michigan, National Association (#5067)
Federal Reserve ID: 253253
Date Established: January 01, 1932
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 3 (Interstate: No)
OTS Docket #: 11290
FDIC's unique #: 8902
Numeric code: 3
Regulator: OCC
Insurance Fund Membership: Bank Insurance Fund (BIF)
Bank Insurance Fund: Yes
Insured commercial Banks: Yes
FDIC Insured: Yes
State Chartered: No
Date of Deposit Insurance: April 17, 1934
Last Structure Change Effective Date: July 22, 2000
Last Structure Change Process Date: August 22, 2000
Last Data Update: August 22, 2000
Data Source Date: April 05, 2012
Location
Address: 234 West Genesee Street, Iron River, MI 49935
County: Iron
Quarterly Banking Profile Region: Chicago
FDIC Geographic Region: Chicago
FDIC Supervisory Region: San Francisco
FDIC Field Office: Appleton
Office of the Comptroller the Currency (OCC) District: Central
Office of Thrift Supervision Region: Central
Financial Summary
Total assets: $74.6 mil

1992 - 1999 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, 1999)

Dollar figures in thousands
33Total employees (full-time equivalent)
$67,450Total assets
$3,103Cash and due from depository institutions
$77Interest-bearing balances
$12,906Securities
$0Federal funds sold & reverse repurchase agreements
$48,916Net loans & leases
$769Loan loss allowance
$0Trading account assets
$1,468Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,057All other assets
$67,450Total liabilities and capital
$61,081Total liabilities
$55,680Total deposits
$50,830Interest-bearing deposits
$55,680Deposits held in domestic offices
0.00%% insured (estimated)
$4,850Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$551All other liabilities
$6,369Total equity capital
$6,369Total bank equity capital
$6,369Perpetual preferred stock
$0Common stock
$325Surplus
$870Undivided profits
Memoranda
$5,174Noncurrent loans and leases
$8,707Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$768Earning assets
$0Long-term assets (5+ years)
$368Average Assets, year-to-date
$61,899Average Assets, quarterly
$1,272Volatile liabilities
$65,100Insider loans
$66,646FHLB advances
$8,689Loans and leases held for sale
$1,263Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$8,707Total unused commitments
$0Restructured Loans and leases
$626Derivatives

Income and Expense (December 31, 1999)

Dollar figures in thousands
$5,230Total interest income
$2,275Total interest expense
$2,955Net interest income
$111Provision for loan and lease losses
$393Total noninterest income
$0Fiduciary activities
$241Service charges on deposit accounts
$0Trading account gains & fees
$152Additional noninterest income
$2,104Total noninterest expense
$1,020Salaries and employee benefits
$228Premises and equipment expense
$856Additional noninterest expense
$1,133Pre-tax net operating income
$0Securities gains (losses)
$375Applicable income taxes
$758Income before extraordinary items
$0Extraordinary gains - net
$758Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$72Sale, conversion, retirement of capital stock, net
$159Net operating income

Performance and Condition Ratios (December 31, 1999)

Dollar figures in thousands
Performance Ratios (%, annualized)
8.68%Yield on earning assets
3.78%Cost of funding earning assets
4.90%Net interest margin
0.65%Noninterest income to earning assets
3.49%Noninterest expense to earning assets
1.16%Net operating income to assets
1.16%Return on assets (ROA)
1.74%Pretax return on assets
12.18%Return on equity (ROE)
9.63%Retained earnings to average equity (YTD only)
0.15%Net charge-offs to loans
154.17%Credit loss provision to net charge-offs
17.28%Efficiency ratio
62,843Assets per employee
2.04%Cash dividends to net income (YTD only)
Condition Ratios (%)
20.98%Loss allowance to loans
1.55%Loss allowance to noncurrent loans
100.13%Noncurrent assets plus other real estate owned to assets
1.14%Noncurrent loans to loans
1.55%Net loans and leases to deposits
87.85%Net loans and leases to core deposits
94.36%Equity capital to assets
9.44%Core capital (leverage) ratio
9.81%Tier 1 risk-based capital ratio
13.18%Total risk-based capital ratio
Memoranda
$14Average assets
$65,100Average earning assets
$6,222Average equity
$60,248Average loans

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