Queen City Federal Savings Bank in Virginia, Minnesota (MN)
Overview, Financial Summary, Detailed Financial Reports, Branches

This bank is inactive as of August 22, 2011

  • Queen City Federal Savings Bank in Virginia, Minnesota (MN)
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Queen City Federal Savings Bank - Overview

  • General
  • FDIC Certificate #: 31204
    Status: Inactive
    Closing history: Merger - Without Assistance
    Acquiring institution: Frandsen Bank & Trust (#1399)
    Federal Reserve ID: 711678
    Date Established: August 17, 1960
    Bank Charter Class: Savings associations, state or federal charter, supervised by the Office of Thrift Supervision (OTS)
    Offices: 4 (Interstate: No)
    OTS Docket #: 6527
    FDIC's unique #: 44038
    Numeric code: 33
    Regulator: OCC
    Insurance Fund Membership: Deposit Insurance Fund (DIF)
    FDIC Insured: Yes
    Insured Savings Institution: Yes
    Deposit Insurance Fund member: Yes
    State Chartered: No
    Date of Deposit Insurance: August 17, 1960
    Last Structure Change Effective Date: August 22, 2011
    Last Structure Change Process Date: August 29, 2011
    Last Data Update: August 29, 2011
    Data Source Date: April 05, 2012
  • Location
  • Address: 501 Chestnut St, Virginia, MN 55792
    County: St. Louis
    Quarterly Banking Profile Region: Kansas City
    FDIC Geographic Region: Kansas City
    FDIC Supervisory Region: Kansas City
    FDIC Field Office: Minneapolis
    Office of the Comptroller the Currency (OCC) District: Central
    Office of Thrift Supervision Region: West
    Metropolitan Statistical Area (MSA): Duluth-Superior, MN-WI (#2240)
    Core Based Statistical Area (CBSA): Duluth, MN-WI (#20260)
    CBSA Metro Statistical Area: Duluth, MN-WI (#20260)
  • Financial Summary
  • Total assets: $242.5 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, 2010)

  • Dollar figures in thousands
  • 46Total employees (full-time equivalent)
  • $243,590Total assets
  • $7,163Cash and due from depository institutions
  • $4,548Interest-bearing balances
  • $65,134Securities
  • $0Federal funds sold & reverse repurchase agreements
  • $139,373Net loans & leases
  • $1,911Loan loss allowance
  • $0Trading account assets
  • $4,438Bank premises and fixed assets
  • $3,379Other real estate owned
  • $13,536Goodwill and other intangibles
  • $2,053Life insurance assets
  • $10,567All other assets
  • $243,590Total liabilities and capital
  • $209,266Total liabilities
  • $173,567Total deposits
  • $146,639Interest-bearing deposits
  • $173,567Deposits held in domestic offices
  • 98.19%% insured (estimated)
  • $25,661Federal funds purchased & repurchase agreements
  • $0Trading liabilities
  • $4,000Other borrowed funds
  • $0Subordinated debt
  • $6,038All other liabilities
  • $34,324Total equity capital
  • $34,324Total bank equity capital
  • $34,324Perpetual preferred stock
  • $0Common stock
  • $100Surplus
  • $33,552Undivided profits
  • Memoranda
  • $672Noncurrent loans and leases
  • $10,841Noncurrent loans that are wholly or partially guaranteed by the U.S. government
  • $0Income earned, not collected on loans
  • $2,405Earning assets
  • $0Long-term assets (5+ years)
  • $898Average Assets, year-to-date
  • $209,055Average Assets, quarterly
  • $0Volatile liabilities
  • $244,683Insider loans
  • $243,931FHLB advances
  • $47,856Loans and leases held for sale
  • $444Unused loan commitments
  • $4,000Tier 1 (core) risk-based capital
  • $0Tier 2 risk-based capital
  • $0Total risk weighted assets
  • $10,841Total unused commitments
  • $139Restructured Loans and leases
  • $1,780Derivatives

Income and Expense (December 31, 2010)

  • Dollar figures in thousands
  • $10,422Total interest income
  • $2,474Total interest expense
  • $7,948Net interest income
  • $1,542Provision for loan and lease losses
  • $1,138Total noninterest income
  • $0Fiduciary activities
  • $0Service charges on deposit accounts
  • $0Trading account gains & fees
  • $1,138Additional noninterest income
  • $6,573Total noninterest expense
  • $2,486Salaries and employee benefits
  • $832Premises and equipment expense
  • $3,255Additional noninterest expense
  • $971Pre-tax net operating income
  • $27Securities gains (losses)
  • $253Applicable income taxes
  • $745Income before extraordinary items
  • $0Extraordinary gains - net
  • $745Net income attributable to bank
  • $0Net charge-offs
  • $745Cash dividends
  • $1,495Sale, conversion, retirement of capital stock, net
  • $615Net operating income

Performance and Condition Ratios (December 31, 2010)

  • Dollar figures in thousands
  • Performance Ratios (%, annualized)
  • 4.98%Yield on earning assets
  • 1.18%Cost of funding earning assets
  • 3.80%Net interest margin
  • 0.54%Noninterest income to earning assets
  • 3.14%Noninterest expense to earning assets
  • 0.30%Net operating income to assets
  • 0.30%Return on assets (ROA)
  • 0.41%Pretax return on assets
  • 2.18%Return on equity (ROE)
  • 0.38%Retained earnings to average equity (YTD only)
  • 0.99%Net charge-offs to loans
  • 103.14%Credit loss provision to net charge-offs
  • 1.68%Efficiency ratio
  • 66,839Assets per employee
  • 5.30%Cash dividends to net income (YTD only)
  • Condition Ratios (%)
  • 82.55%Loss allowance to loans
  • 1.35%Loss allowance to noncurrent loans
  • 79.46%Noncurrent assets plus other real estate owned to assets
  • 2.37%Noncurrent loans to loans
  • 1.70%Net loans and leases to deposits
  • 80.30%Net loans and leases to core deposits
  • 89.70%Equity capital to assets
  • 14.09%Core capital (leverage) ratio
  • 9.06%Tier 1 risk-based capital ratio
  • 14.65%Total risk-based capital ratio
  • Memoranda
  • $16Average assets
  • $244,683Average earning assets
  • $34,108Average equity
  • $209,311Average loans

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