FDIC Certificate #: 9747 Status: Active Federal Reserve ID: 804150 Bank Holding Company (Regulatory Top Holder): Vergas Bancorporation, Inc. (RSSDID: 2206842, Location: Vergas, MN) Date Established: September 01, 1909 WWW:http://www.vergasstatebank.com Trust Powers Granted: No Bank Charter Class: Commercial bank, state charter and Fed nonmember, supervised by the FDIC Offices: 1 (Domestic: 1, Interstate: No) FDIC's unique #: 6235 Numeric code: 21 Regulator: FDIC Insurance Fund Membership: Deposit Insurance Fund (DIF) Insured commercial Banks: Yes FDIC Insured: Yes Deposit Insurance Fund member: Yes Ownership Type: Non-Stock FFIEC Call Report 31 Filer: No State Chartered: Yes Subchapter S Corporations: No Asset Concentration Hierarchy: All Other Specialization < 1 Billion Date of Deposit Insurance: January 01, 1934 Last Structure Change Effective Date: March 31, 2006 Last Structure Change Process Date: November 03, 2006 Last Data Update: November 03, 2006 Data Source Date: April 05, 2012
Location
Address: 106 East Main Street, Vergas, MN 56587 County: Otter Tail Quarterly Banking Profile Region: Kansas City FDIC Geographic Region: Kansas City FDIC Supervisory Region: Kansas City FDIC Field Office: Fargo Office of the Comptroller the Currency (OCC) District: Central Office of Thrift Supervision Region: West Core Based Statistical Area (CBSA): Fergus Falls, MN (#22260) CBSA Micro Statistical Area: Yes
History of Changes
Change in Location
Merge BIF and SAIF Funds into DIF
Financial Summary
Total assets: $46.3 mil Equity capital: $6.2 mil Deposits held in domestic offices: $39.9 mil Return on assets (ROA): 0.63% ($0.3 mil) Quarterly return on assets: 0.23% ($0.1 mil) Return on Equity (ROE): 4.64% ($0.3 mil) Quarterly return on equity: 1.74% ($0.1 mil) Net income: $0.3 mil Quarterly Net income: $0.0 mil Pretax return on assets: 0.95% ($439.7 mil) Quarterly Pretax return on assets: 0.43% ($199.0 mil)
1992 - 1999 Historical total assets, liabilities and capital ($ 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, 2011)
Dollar figures in thousands
11Total employees (full-time equivalent)
$46,287Total assets
$2,190Cash and due from depository institutions
$688Interest-bearing balances
$16,845Securities
$7,898Federal funds sold & reverse repurchase agreements
$18,726Net loans & leases
$408Loan loss allowance
$0Trading account assets
$144Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$46,287Life insurance assets
$484All other assets
$40,071Total liabilities and capital
$39,856Total liabilities
$34,291Total deposits
$39,856Interest-bearing deposits
$99Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$215Subordinated debt
$6,216All other liabilities
$6,216Total equity capital
$6,216Total bank equity capital
$0Perpetual preferred stock
$50Common stock
$2,575Surplus
$3,591Undivided profits
Memoranda
$0Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$131Income earned, not collected on loans
$0Earning assets
$297Long-term assets (5+ years)
$44,157Average Assets, year-to-date
$13,797Average Assets, quarterly
$44,940Volatile liabilities
$46,627Insider loans
$22,735FHLB advances
$46,537Loans and leases held for sale
$0Unused loan commitments
$0Tier 1 (core) risk-based capital
$6,119Tier 2 risk-based capital
$0Total risk weighted assets
$0Total unused commitments
$0Restructured Loans and leases
$0Derivatives
Income and Expense (December 31, 2011)
Dollar figures in thousands
$1,692Total interest income
$454Total interest expense
$1,238Net interest income
$40Provision for loan and lease losses
$172Total noninterest income
$0Fiduciary activities
$157Service charges on deposit accounts
$0Trading account gains & fees
$15Additional noninterest income
$944Total noninterest expense
$607Salaries and employee benefits
$77Premises and equipment expense
$260Additional noninterest expense
$426Pre-tax net operating income
$3Securities gains (losses)
$148Applicable income taxes
$281Income before extraordinary items
$0Extraordinary gains - net
$281Net income attributable to bank
$0Net charge-offs
$281Cash dividends
$17Sale, conversion, retirement of capital stock, net
$50Net operating income
Performance and Condition Ratios (December 31, 2011)
Dollar figures in thousands
Performance Ratios (%, annualized)
3.96%Yield on earning assets
1.06%Cost of funding earning assets
2.90%Net interest margin
0.40%Noninterest income to earning assets
2.21%Noninterest expense to earning assets
0.62%Net operating income to assets
0.63%Return on assets (ROA)
0.95%Pretax return on assets
4.64%Return on equity (ROE)
3.81%Retained earnings to average equity (YTD only)
0.09%Net charge-offs to loans
235.29%Credit loss provision to net charge-offs
27.41%Efficiency ratio
66,950Assets per employee
4.21%Cash dividends to net income (YTD only)
Condition Ratios (%)
17.79%Loss allowance to loans
2.13%Loss allowance to noncurrent loans
311.45%Noncurrent assets plus other real estate owned to assets
0.28%Noncurrent loans to loans
0.68%Net loans and leases to deposits
46.98%Net loans and leases to core deposits
48.23%Equity capital to assets
13.43%Core capital (leverage) ratio
13.15%Tier 1 risk-based capital ratio
26.91%Total risk-based capital ratio
Memoranda
$28Average assets
$44,940Average earning assets
$6,061Average equity
$42,745Average loans
List of branches
1 Minnesota Branch as of April 05, 2012
No
ID
Name
Address
Established
Service Type
Map
0
6235
Vergas State Bank
106 East Main Street, Vergas, MN 56587
September 01, 1909
Full Service Brick and Mortar
Comment about this bank, ask questions, or add new information about it:
This web site is not associated with, endorsed by, or sponsored by and has no official or unofficial affiliation with Vergas State Bank.
Based on public records. Inadvertent errors are possible. bankencyclopedia.com does not guarantee the accuracy or timeliness of any information on this site. Use at your own risk.
Comment about this bank, ask questions, or add new information about it: