Northeast Indiana Bancorp, Inc., a Delaware corporation, is the holding company for First Federal Savings Bank and its subsidiary Northeast Financial.
At December 31, 2004, we had $228.7 million of assets and stockholders' equity of $26.0 million (or 11.4% of total assets).
First Federal is a federally chartered stock savings association headquartered in Huntington, Indiana. Our deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC), which is backed by the full faith and credit of the United States Government.
Northeast Indiana Financial, Inc. ("Northeast Financial"), an Indiana corporation, was established as a subsidiary of First Federal. In June 2004, First Federal acquired the brokerage firm Innovative Financial Services ("Innovative") through Northeast Financial. The staff of Innovative, including one broker and three support staff, became employees of First Federal through Northeast Financial. Innovative offers non-FDIC insured products such as mutual funds, stocks, bonds, life insurance, estate planning, retirement plans to small businesses, and brokerage accounts to its customer base through an affiliation with OneAmerica Securities (broker/dealer) and had roughly $60 million in assets under management as of December 31, 2004.
Our principal business consists of attracting retail deposits from the general public and investing those funds primarily in first mortgage loans on owner-occupied, single-family residential real estate. We also originate commercial real estate, construction, consumer and commercial business loans. We have in the past purchased a limited number of loans and equipment leases. At December 31, 2004, substantially all of the real estate mortgage loans, including commercial and multi-family, were secured by properties located in our market area. We also invest in obligations of states and political subdivisions, mutual funds and other permissible investments.
Our revenues are derived principally from interest on loans, investment and other securities and service fee income. We do not originate loans to fund leveraged buyouts, and have no loans to foreign corporations or governments. While we generally solicit deposits only in our primary market area, at December 31, 2004, we had $11.9 million in brokered deposits.
At December 31, 2004, we had $228.7 million of assets and stockholders' equity of $26.0 million (or 11.4% of total assets).
First Federal is a federally chartered stock savings association headquartered in Huntington, Indiana. Our deposits are insured up to applicable limits by the Federal Deposit Insurance Corporation (FDIC), which is backed by the full faith and credit of the United States Government.
Northeast Indiana Financial, Inc. ("Northeast Financial"), an Indiana corporation, was established as a subsidiary of First Federal. In June 2004, First Federal acquired the brokerage firm Innovative Financial Services ("Innovative") through Northeast Financial. The staff of Innovative, including one broker and three support staff, became employees of First Federal through Northeast Financial. Innovative offers non-FDIC insured products such as mutual funds, stocks, bonds, life insurance, estate planning, retirement plans to small businesses, and brokerage accounts to its customer base through an affiliation with OneAmerica Securities (broker/dealer) and had roughly $60 million in assets under management as of December 31, 2004.
Our principal business consists of attracting retail deposits from the general public and investing those funds primarily in first mortgage loans on owner-occupied, single-family residential real estate. We also originate commercial real estate, construction, consumer and commercial business loans. We have in the past purchased a limited number of loans and equipment leases. At December 31, 2004, substantially all of the real estate mortgage loans, including commercial and multi-family, were secured by properties located in our market area. We also invest in obligations of states and political subdivisions, mutual funds and other permissible investments.
Our revenues are derived principally from interest on loans, investment and other securities and service fee income. We do not originate loans to fund leveraged buyouts, and have no loans to foreign corporations or governments. While we generally solicit deposits only in our primary market area, at December 31, 2004, we had $11.9 million in brokered deposits.
