Securities Sold Under Agreement to Repurchase

12 Months Ended

Dec. 31, 2013

Securities Sold Under Agreement to Repurchase [Abstract]

Securities Sold Under Agreement to Repurchase

11.  Securities Sold Under Agreement to Repurchase

Securities Sold Under Agreement to Repurchase are used as secured borrowing alternatives to FHLB Advances or FRB Borrowings.

In 2008, the Bank entered into medium term repurchase agreements with Citigroup totaling $60 million. In 2012, the repurchase agreements with Citigroup were terminated resulting in an early termination fee totaling $1.7 million. The Bank had determined that it was appropriate to replace these relatively “high-cost” borrowings with short-term FHLB advances at substantially lower rates.

At December 31, 2013 and December 31, 2012, the Company had no securities sold under agreement to repurchase.