SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2014

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

As previously disclosed in May 2014, the Company began implementing a restructuring plan in order to better align the Company’s and the Bank’s processes and procedures with the best industry practices and standards.  As part of that plan, on October 22, 2014, the Company implemented a second reduction in the Bank’s workforce eliminating 14 positions and affecting eight employees, or approximately 10% of the workforce.  This action was approved by the Company’s board of directors on August 13, 2014.  The Company estimates it will incur approximately $60 in restructuring expenses in connection with this workforce reduction, consisting of severance benefits and other employee-related costs.  The $60 in estimated costs is expected to be recognized as a one-time charge in the fourth quarter, which the Company expects will result in cash expenditures in the fourth quarter and in the first quarter of 2015.