FDIC Certificate #: 2674 Status: Inactive Closing history: Merger - Without Assistance Acquiring institution:Citizens Bank of Massachusetts (#18562) Federal Reserve ID: 823508 Date Established: April 18, 1853 Bank Charter Class: Commercial bank, national (federal) charter and Fed member, supervised by the Office of the Comptroller of the Currency (OCC) Offices: 5 (Interstate: No) OTS Docket #: 13611 FDIC's unique #: 1724 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: January 01, 1934 Last Structure Change Effective Date: August 13, 1998 Last Structure Change Process Date: September 03, 1998 Last Data Update: September 03, 1998 Data Source Date: April 05, 2012
Location
Address: 355 Main Street, Woburn, MA 1801 County: Middlesex Quarterly Banking Profile Region: New York FDIC Geographic Region: New York FDIC Supervisory Region: New York FDIC Field Office: North Boston Office of the Comptroller the Currency (OCC) District: Northeast Office of Thrift Supervision Region: Northeast Metropolitan Statistical Area (MSA): Boston, MA-NH (#1120) Consolidated Metropolitan Statistical Area (CMSA): Boston-Worcester-Lawrence, MA-NH-ME-CT (#7) Combined Statistical Area (CSA): Boston-Worcester-Manchester, MA-RI-NH (#148) Core Based Statistical Area (CBSA): Boston-Cambridge-Quincy, MA-NH (#14460) CBSA Metro Statistical Area: Boston-Cambridge-Quincy, MA-NH (#14460) Core Based Statistical Division: Cambridge-Newton-Framingham, MA (#15764)
Financial Summary
Total assets: $169.3 mil
1992 - 1999 Historical total assets, liabilities and capital ($ mil)
Historical Total Incomes ($ mil)
Historical Total Expenses ($ mil)
Assets and Liabilities (December 31, 1997)
Dollar figures in thousands
58Total employees (full-time equivalent)
$163,636Total assets
$7,079Cash and due from depository institutions
$30Interest-bearing balances
$27,517Securities
$22,541Federal funds sold & reverse repurchase agreements
$102,224Net loans & leases
$1,331Loan loss allowance
$0Trading account assets
$3,258Bank premises and fixed assets
$0Other real estate owned
$0Goodwill and other intangibles
$0Life insurance assets
$1,017All other assets
$163,636Total liabilities and capital
$146,804Total liabilities
$145,811Total deposits
$107,677Interest-bearing deposits
$145,811Deposits held in domestic offices
0.00%% insured (estimated)
$0Federal funds purchased & repurchase agreements
$0Trading liabilities
$0Other borrowed funds
$0Subordinated debt
$993All other liabilities
$16,832Total equity capital
$16,832Total bank equity capital
$16,832Perpetual preferred stock
$0Common stock
$600Surplus
$1,719Undivided profits
Memoranda
$14,513Noncurrent loans and leases
$0Noncurrent loans that are wholly or partially guaranteed by the U.S. government
$0Income earned, not collected on loans
$653Earning assets
$0Long-term assets (5+ years)
$534Average Assets, year-to-date
$152,312Average Assets, quarterly
$28,891Volatile liabilities
$159,457Insider loans
$161,991FHLB advances
$6,552Loans and leases held for sale
$521Unused loan commitments
$0Tier 1 (core) risk-based capital
$0Tier 2 risk-based capital
$0Total risk weighted assets
$21,072Total unused commitments
$0Restructured Loans and leases
$103,869Derivatives
Income and Expense (December 31, 1997)
Dollar figures in thousands
$12,572Total interest income
$3,783Total interest expense
$8,789Net interest income
$0Provision for loan and lease losses
$825Total noninterest income
$0Fiduciary activities
$680Service charges on deposit accounts
$0Trading account gains & fees
$145Additional noninterest income
$4,798Total noninterest expense
$3,168Salaries and employee benefits
$763Premises and equipment expense
$867Additional noninterest expense
$4,816Pre-tax net operating income
$47Securities gains (losses)
$1,920Applicable income taxes
$2,943Income before extraordinary items
$0Extraordinary gains - net
$2,943Net income attributable to bank
$0Net charge-offs
$0Cash dividends
-$128Sale, conversion, retirement of capital stock, net
$999Net operating income
Performance and Condition Ratios (December 31, 1997)
Dollar figures in thousands
Performance Ratios (%, annualized)
8.49%Yield on earning assets
2.56%Cost of funding earning assets
5.94%Net interest margin
0.56%Noninterest income to earning assets
3.24%Noninterest expense to earning assets
1.83%Net operating income to assets
1.85%Return on assets (ROA)
3.05%Pretax return on assets
18.74%Return on equity (ROE)
12.38%Retained earnings to average equity (YTD only)
-0.12%Net charge-offs to loans
0.00%Credit loss provision to net charge-offs
0.00%Efficiency ratio
49,896Assets per employee
2.82%Cash dividends to net income (YTD only)
Condition Ratios (%)
33.94%Loss allowance to loans
1.29%Loss allowance to noncurrent loans
203.83%Noncurrent assets plus other real estate owned to assets
0.40%Noncurrent loans to loans
0.63%Net loans and leases to deposits
70.11%Net loans and leases to core deposits
73.41%Equity capital to assets
10.29%Core capital (leverage) ratio
10.52%Tier 1 risk-based capital ratio
16.12%Total risk-based capital ratio
Memoranda
$17Average assets
$159,457Average earning assets
$15,706Average equity
$148,062Average loans
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