FDIC Certificate #: 34608 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Michigan Commerce Bank (#33134) Federal Reserve ID: 2618276 Date Established: December 03, 1997 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Interstate: No) FDIC's unique #: 60773 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: December 03, 1997 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: 281 Seminole Road, Muskegon, MI 49444 County: Muskegon 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): Muskegon-Norton Shores, MI (#34740) CBSA Metro Statistical Area: Muskegon-Norton Shores, MI (#34740)
Financial Summary
Total assets: $90.5 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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
20Total employees (full-time equivalent)
$90,455Total assets
$8,967Cash and due from depository institutions
$6,705Interest-bearing balances
$77Securities
$0Federal funds sold & reverse repurchase agreements
$71,923Net loans & leases
$5,397Loan loss allowance
$0Trading account assets
$3,258Bank premises and fixed assets
$1,530Other real estate owned
$700Goodwill and other intangibles
$0Life insurance assets
$4,000All other assets
$90,455Total liabilities and capital
$83,232Total liabilities
$73,795Total deposits
$67,634Interest-bearing deposits
$73,795Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$9,094Other borrowed funds
$0Subordinated debt
$343All other liabilities
$7,223Total equity capital
$7,223Total bank equity capital
$7,223Perpetual preferred stock
$0Common stock
$1,654Surplus
$9,481Undivided profits
Memoranda
$-3,912Noncurrent loans and leases
$7,546Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$8,740Earning assets
$319Long-term assets (5+ years)
$343Average Assets, year-to-date
$78,705Average Assets, quarterly
$6,982Volatile liabilities
$93,152Insider loans
$88,588FHLB advances
$12,593Loans and leases held for sale
$58Unused loan commitments
$9,094Tier 1 (core) risk-based capital
$618Tier 2 risk-based capital
$369Total risk weighted assets
$7,546Total unused commitments
$15Restructured Loans and leases
$983Derivatives
Income and Expense (December 31, 2008)
Dollar figures in thousands
$5,146Total interest income
$2,772Total interest expense
$2,374Net interest income
$5,639Provision for loan and lease losses
$367Total noninterest income
$0Fiduciary activities
$175Service charges on deposit accounts
$0Trading account gains & fees
$192Additional noninterest income
$3,012Total noninterest expense
$787Salaries and employee benefits
$363Premises and equipment expense
$1,862Additional noninterest expense
-$5,910Pre-tax net operating income
$0Securities gains (losses)
-$2,005Applicable income taxes
-$3,905Income before extraordinary items
$0Extraordinary gains - net
-$3,905Net income attributable to bank
$0Net charge-offs
$0Cash dividends
$2,004Sale, conversion, retirement of capital stock, net
$0Net operating income
Performance and Condition Ratios (December 31, 2008)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.35%Yield on earning assets
3.42%Cost of funding earning assets
2.93%Net interest margin
0.45%Noninterest income to earning assets
3.71%Noninterest expense to earning assets
-4.19%Net operating income to assets
-4.19%Return on assets (ROA)
-6.34%Pretax return on assets
-52.07%Return on equity (ROE)
-52.07%Retained earnings to average equity (YTD only)
2.46%Net charge-offs to loans
281.39%Credit loss provision to net charge-offs
-0.14%Efficiency ratio
109,887Assets per employee
4.52%Cash dividends to net income (YTD only)
Condition Ratios (%)
0.00%Loss allowance to loans
6.98%Loss allowance to noncurrent loans
61.75%Noncurrent assets plus other real estate owned to assets
11.35%Noncurrent loans to loans
11.30%Net loans and leases to deposits
97.46%Net loans and leases to core deposits
111.16%Equity capital to assets
7.99%Core capital (leverage) ratio
5.89%Tier 1 risk-based capital ratio
7.18%Total risk-based capital ratio
Memoranda
$9Average assets
$93,152Average earning assets
$7,500Average equity
$81,102Average loans
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