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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2015

12.

Related Party Transactions

In the opinion of management, loans to our officers and directors are made on substantially the same terms, including interest rates and collateral, as those terms prevailing at the time for comparable loans with persons not related to the lender that do not involve more than the normal risk of collectability. There were no outstanding loans to our executive officers as of December 31, 2015 and 2014. Related party loans are summarized as follows:

	DECEMBER 31,
	2015			2014

Balance at beginning of year	$	6,976,229		$	9,196,360
New loans or advances		6,365,330			19,323,171
Repayments		(6,742,204	)		(21,543,302	)
Balance at end of year	$	6,599,355		$	6,976,229

At December 31, 2015 and 2014, total deposits held by related parties were $9,612,664 and $6,087,307, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details