| Business Summary | | Pelican
Financial,
Inc.
serves
as
the
bank
holding
company
for
Pelican
National
Bank
and
Washtenaw
Mortgage
Company.
Pelican
National
is
engaged
primarily
in
retail
banking
and
Washtenaw
is
engaged
primarily
in
mortgage
banking.
Pelican
Financial
operates
in
both
the
retail
banking
and
mortgage
banking
segments
through
its
wholly
owned
subsidiaries.
As
of
December
31,
2000,
total
assets
of
Pelican
Financial
were
$201.2
million,
of
which
approximately
$95.6
million
were
assets
of
Washtenaw
and
approximately
$106.7
million
were
assets
of
Pelican
National.
For
the
year
ended
December
31,
2000,
net
income
was
$220,000,
of
which
$646,000
was
a
net
loss
of
Washtenaw,
$1.2
million
was
net
income
of
Pelican
National
and
$377,000
was
a
net
loss
at
the
holding
company
level. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Pelican
Financial
operates
the
retail
banking
and
mortgage
banking
segments
through
its
two
subsidiaries:
Washtenaw
Mortgage
and
Pelican
National
Bank.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
50%
to
$11.8
million.
Net
interest
income
after
loan
loss
prov.
rose
41%
to
$4.5
million.
Net
income
before
acct.
change
totaled
$2.6
million,
up
from
$124
thousand.
Results
reflect
increased
earning
assets
and
a
higher
gain
on
sale
of
mortgage
servicing
rights
and
loans. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Charles Huffman, 57 Chairman,
CEO | $229K | Michael Surgen, 45 Pres,
Director | 337K | Howard Nathan, 31 CFO,
VP, Director | -- | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|