West Central Bank, established in Ashland, IL on June 12, 1933, stands as a pillar of community banking. Supervised by the Federal Deposit Insurance Corporation (FDIC), this state-chartered commercial bank operates with a commitment to serving its customers and fostering local economic growth. With six domestic offices and a dedicated team of 44 employees, West Central Bank manages total assets of $251,164k, demonstrating its robust presence in the financial landscape. Learn why West Central Bank continues to be a reliable financial institution deeply rooted in its community.
West Central Bank Institution Profile: A Deep Dive
West Central Bank’s institutional profile reveals key aspects of its operational framework and regulatory compliance. As a Commercial bank, state charter, Fed non-member, and supervised by the Federal Deposit Insurance Corporation (FDIC), West Central Bank adheres to rigorous standards while maintaining its community-focused approach. The FDIC serves as the primary regulator, ensuring the bank’s stability and the security of its depositors. Established on 06/12/1933, the bank boasts a long history of service, reflecting its enduring commitment to its clientele.
Operating exclusively within the domestic market, West Central Bank maintains 6 domestic offices. This localized presence underscores its dedication to serving the immediate communities around Ashland, IL. The bank’s headquarters are located in Ashland, IL, with the ZIP code 62612, and operates within State and County Number 17017. As a designated Community Bank, West Central Bank prioritizes local relationships and contributes significantly to the economic well-being of the region it serves.
Further insights into West Central Bank’s structure include its Not Mutual ownership type and its status as a Subchapter S Corporation. While Trust Powers are listed as N/A, the bank’s Federal Reserve ID Number is 7, although the description is N/A. It’s important to note that West Central Bank is Not directly owned by another bank (CERT), highlighting its independent operation. The bank’s deposit insurance became effective on 01/01/1934, shortly after its establishment, with the DIF as the Primary Insurance Agency, reinforcing its commitment to depositor security.
West Central Bank Financials: Performance and Stability
Analyzing West Central Bank’s financials provides a clear picture of its financial health and operational efficiency. The bank’s Total Assets stand at an impressive $251,164k, indicating a substantial scale of operations. Against this, Total Liabilities are reported at $233,792k, and Total Equity Capital at $17,372k, demonstrating a balanced financial structure. A significant portion of the bank’s resources is channeled into loans, with Net Loans and Leases totaling $187,907k, reflecting its core business of lending and supporting economic activity.
On the income front, West Central Bank generates Total Interest Income of $3,349k and Total Noninterest Income of $1,184k. Managing expenses effectively is crucial, and the bank reports Total Interest Expense at $1,239k and Total Noninterest Expense at $2,175k. Key performance indicators such as Return on Assets stand at 1.48%, and Return on Equity is notably high at 20.32%, showcasing robust profitability. The Efficiency Ratio of 63.18% indicates the bank’s effectiveness in managing operating costs relative to income. However, the Tier 1 Risk-Based Capital Ratio is listed at 0.00%, which might warrant further investigation in a comprehensive financial analysis. The Net Loans and Leases to Core Deposits ratio is calculated at 106.60%, suggesting an active lending strategy.
Additional Financial Information: Deeper Insights
Further financial metrics offer a more granular view of West Central Bank’s performance and risk profile. Net Interest Income is reported at $2,110k, and the Net Interest Margin is 3.55%, vital indicators of the bank’s earning capacity from lending activities. The bank’s asset quality is reflected in metrics such as Net Charge-Offs to Loans and Leases at 0.11% and Noncurrent Loans to Loans at 1.46%. The Loss Allowance to Loans and Leases is 0.70%, and Loss Allowance to Noncurrent Loans and Leases is significantly higher at 47.67%, indicating a cautious approach to managing potential loan losses.
Profitability is further emphasized by a Pre-tax Return on Assets and Return on Assets both at 1.48%, and Net Operating Income to Assets also at 1.48%. Net Income Attributable to Bank and Noncontrolling Interests is $929k. The bank’s income composition includes Total Noninterest Income of $1,184k and Total Noninterest Expense of $2,175k. Liquidity and funding costs are indicated by Other borrowed funds at $32,989k and Cost of Funding Earning Assets at 2.09%, while the Yield on Earning Assets is 5.64%. Retained Earnings to Average Equity (YTD only) is 9.84%, and Earnings Coverage of Net Loan Charge-Offs(x) is $10. Notably, Securities Gains (Losses) are $0, and Applicable Income Taxes are also $0.
Frequently Asked Questions About West Central Bank
What is West Central Bank?
West Central Bank is a community-focused commercial bank located in Ashland, Illinois, established in 1933. It operates under state charter, is not a member of the Federal Reserve System, and is supervised by the FDIC. It provides a range of banking services with a strong emphasis on local community needs.
How secure are deposits at West Central Bank?
Deposits at West Central Bank are insured by the FDIC. This federal insurance ensures that depositors are protected up to the legal limits, providing a high level of security and peace of mind for customers.
What is the financial size of West Central Bank?
West Central Bank holds total assets of approximately $251,164,000. This figure reflects the bank’s substantial presence and influence within its operating markets, indicating a strong and stable financial institution.
Where are West Central Bank’s offices located?
West Central Bank operates 6 domestic offices, all located within the United States. These offices are strategically positioned to serve communities primarily in and around Ashland, Illinois, ensuring local accessibility and personalized banking services.
What are some key financial ratios for West Central Bank?
Key financial ratios for West Central Bank include a Return on Assets of 1.48% and a Return on Equity of 20.32%, indicating strong profitability. The Net Interest Margin is 3.55%, reflecting efficient income generation from lending. The Efficiency Ratio is 63.18%, showcasing effective cost management.
How can I get more detailed information about West Central Bank?
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Conclusion: West Central Bank – A Strong Community Bank
West Central Bank exemplifies a strong, community-oriented financial institution with a rich history and a solid financial foundation. Its long-standing presence since 1933, combined with FDIC insurance and a healthy balance sheet, positions West Central Bank as a trustworthy partner for its customers and community. For those seeking a reliable bank with deep local roots and a commitment to personal service, West Central Bank stands out as a compelling choice. To delve deeper into the financial performance and institutional details of West Central Bank and thousands of other US banks, explore the resources available at Visbanking.
