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Note 24 - Related Party Transactions

12 Months Ended

Dec. 31, 2015

24. RELATED PARTY TRANSACTIONS

The Company had loans outstanding to executive officers, directors and their affiliated companies. Management believes that these loans are made and processed on the same basis as loans to non-related parties. An analysis of the activity with respect to such aggregate extensions of credit to related parties is as follows:

Extensions of credit at December 31, 2014	$	3,290,291
New extensions of credit made during the year		-
Repayments during the year		(399,789	)
Extensions of credit at December 31, 2015	$	2,890,502

At December 31, 2015 and 2014, the Bank had deposit relationships with related parties of approximately $4.7 million and $1.9 million, 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.

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