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

This bank is inactive as of August 21, 2000

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

General
FDIC Certificate #: 15858
Status: Inactive
Closing history: Merger - Without Assistance
Acquiring institution: Wells Fargo Bank Michigan, National Association (#5067)
Federal Reserve ID: 257457
Date Established: November 10, 1941
Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC)
Offices: 2 (Interstate: No)
OTS Docket #: 11692
FDIC's unique #: 10096
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: November 10, 1941
Last Structure Change Effective Date: August 21, 2000
Last Structure Change Process Date: August 21, 2000
Last Data Update: August 21, 2000
Data Source Date: April 05, 2012
Location
Address: 205 West Aurora Street, Ironwood, MI 49938
County: Gogebic
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: $104.0 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
39Total employees (full-time equivalent)
$90,702Total assets
$4,029Cash and due from depository institutions
$79Interest-bearing balances
$14,632Securities
$0Federal funds sold & reverse repurchase agreements
$69,746Net loans & leases
$1,099Loan loss allowance
$0Trading account assets
$814Bank premises and fixed assets
$110Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,371All other assets
$90,702Total liabilities and capital
$81,839Total liabilities
$75,283Total deposits
$69,787Interest-bearing deposits
$75,283Deposits held in domestic offices
0.00%% insured (estimated)
$5,650Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$906All other liabilities
$8,863Total equity capital
$8,863Total bank equity capital
$8,863Perpetual preferred stock
$0Common stock
$200Surplus
$2,020Undivided profits
Memoranda
$6,643Noncurrent loans and leases
$8,169Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$165Earning assets
$0Long-term assets (5+ years)
$368Average Assets, year-to-date
$84,457Average Assets, quarterly
$2,319Volatile liabilities
$88,474Insider loans
$88,887FHLB advances
$11,889Loans and leases held for sale
$4,148Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$8,169Total unused commitments
$0Restructured Loans and leases
$864Derivatives

Income and Expense (December 31, 1999)

Dollar figures in thousands
$7,063Total interest income
$2,955Total interest expense
$4,108Net interest income
$84Provision for loan and lease losses
$685Total noninterest income
$0Fiduciary activities
$245Service charges on deposit accounts
$0Trading account gains & fees
$440Additional noninterest income
$2,963Total noninterest expense
$1,386Salaries and employee benefits
$273Premises and equipment expense
$1,304Additional noninterest expense
$1,746Pre-tax net operating income
$0Securities gains (losses)
$570Applicable income taxes
$1,176Income before extraordinary items
$0Extraordinary gains - net
$1,176Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$31Sale, conversion, retirement of capital stock, net
$873Net operating income

Performance and Condition Ratios (December 31, 1999)

Dollar figures in thousands
Performance Ratios (%, annualized)
8.53%Yield on earning assets
3.57%Cost of funding earning assets
4.96%Net interest margin
0.83%Noninterest income to earning assets
3.58%Noninterest expense to earning assets
1.33%Net operating income to assets
1.33%Return on assets (ROA)
1.97%Pretax return on assets
13.36%Return on equity (ROE)
3.44%Retained earnings to average equity (YTD only)
0.05%Net charge-offs to loans
270.97%Credit loss provision to net charge-offs
59.03%Efficiency ratio
61,819Assets per employee
2.33%Cash dividends to net income (YTD only)
Condition Ratios (%)
74.23%Loss allowance to loans
1.55%Loss allowance to noncurrent loans
666.06%Noncurrent assets plus other real estate owned to assets
0.30%Noncurrent loans to loans
0.23%Net loans and leases to deposits
92.65%Net loans and leases to core deposits
101.02%Equity capital to assets
9.77%Core capital (leverage) ratio
10.09%Tier 1 risk-based capital ratio
13.14%Total risk-based capital ratio
Memoranda
$14Average assets
$88,474Average earning assets
$8,805Average equity
$82,838Average loans

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