FDIC Certificate #: 21977 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Summit Bank (#17944) Federal Reserve ID: 213903 Date Established: April 14, 1975 Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 10 (Interstate: No) OTS Docket #: 9346 FDIC's unique #: 15236 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Bank Insurance Fund (BIF) Bank Insurance Fund: Yes Insured commercial Banks: Yes FDIC Insured: Yes State Chartered: Yes Date of Deposit Insurance: April 14, 1975 Last Structure Change Effective Date: April 15, 2000 Last Structure Change Process Date: May 12, 2000 Last Data Update: May 12, 2000 Data Source Date: April 05, 2012
Location
Address: 55 Main Street, New Milford, CT 6776 County: Litchfield Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: Hartford Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Danbury, CT (#1930) Consolidated Metropolitan Statistical Area (CMSA): New York-Northern New Jersey-Long Island, NY-NJ-CT-PA (#70) Combined Statistical Area (CSA): New York-Newark-Bridgeport, NY-NJ-CT-PA (#408) Core Based Statistical Area (CBSA): Torrington, CT (#45860) CBSA Micro Statistical Area: Yes
Financial Summary
Total assets: $434.2 mil
1992 - 1999 Historical total assets, liabilities and capital ($ 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
165Total employees (full-time equivalent)
$402,762Total assets
$30,106Cash and due from depository institutions
$1Interest-bearing balances
$104,245Securities
$0Federal funds sold & reverse repurchase agreements
$257,060Net loans & leases
$4,079Loan loss allowance
$0Trading account assets
$3,354Bank premises and fixed assets
$115Other real estate owned
$1,314Goodwill and other intangibles
$0Life insurance assets
$6,568All other assets
$402,762Total liabilities and capital
$374,550Total liabilities
$305,773Total deposits
$264,487Interest-bearing deposits
$305,773Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$66,396Other borrowed funds
$0Subordinated debt
$2,381All other liabilities
$28,212Total equity capital
$28,212Total bank equity capital
$28,212Perpetual preferred stock
$0Common stock
$2,603Surplus
$14,730Undivided profits
Memoranda
$10,879Noncurrent loans and leases
$71,154Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$1,799Earning assets
$63Long-term assets (5+ years)
$1,225Average Assets, year-to-date
$361,306Average Assets, quarterly
$108,803Volatile liabilities
$389,155Insider loans
$397,002FHLB advances
$55,191Loans and leases held for sale
$4,373Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$439Total risk weighted assets
$71,154Total unused commitments
$0Restructured Loans and leases
$2,939Derivatives
Income and Expense (December 31, 1999)
Dollar figures in thousands
$24,745Total interest income
$9,876Total interest expense
$14,869Net interest income
$207Provision for loan and lease losses
$2,991Total noninterest income
$0Fiduciary activities
$1,016Service charges on deposit accounts
$0Trading account gains & fees
$1,975Additional noninterest income
$11,656Total noninterest expense
$6,365Salaries and employee benefits
$1,876Premises and equipment expense
$3,415Additional noninterest expense
$5,997Pre-tax net operating income
-$7Securities gains (losses)
$1,836Applicable income taxes
$4,154Income before extraordinary items
$0Extraordinary gains - net
$4,154Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$33Sale, conversion, retirement of capital stock, net
$1,379Net operating income
Performance and Condition Ratios (December 31, 1999)
Dollar figures in thousands
Performance Ratios (%, annualized)
6.88%Yield on earning assets
2.74%Cost of funding earning assets
4.13%Net interest margin
0.83%Noninterest income to earning assets
3.24%Noninterest expense to earning assets
1.07%Net operating income to assets
1.07%Return on assets (ROA)
1.54%Pretax return on assets
14.85%Return on equity (ROE)
9.92%Retained earnings to average equity (YTD only)
-0.01%Net charge-offs to loans
-627.27%Credit loss provision to net charge-offs
0.00%Efficiency ratio
62,665Assets per employee
2.44%Cash dividends to net income (YTD only)
Condition Ratios (%)
33.20%Loss allowance to loans
1.56%Loss allowance to noncurrent loans
226.74%Noncurrent assets plus other real estate owned to assets
0.48%Noncurrent loans to loans
0.69%Net loans and leases to deposits
84.07%Net loans and leases to core deposits
90.07%Equity capital to assets
7.00%Core capital (leverage) ratio
7.58%Tier 1 risk-based capital ratio
12.78%Total risk-based capital ratio
Memoranda
$14Average assets
$389,155Average earning assets
$27,971Average equity
$359,873Average loans
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