PARENT COMPANY FINANCIAL DATA

12 Months Ended

Dec. 31, 2011

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

NOTE T - PARENT COMPANY FINANCIAL DATA

Condensed balance sheets as of December 31, 2011 and 2010 and related condensed statements of operations and cash flows for the successor period of November 19 to December 31, 2011, the predecessor period of January 1 to November 18, 2011 and the predecessor years ended December 31, 2010 and 2009 are as follows:

Condensed Balance Sheets

	Successor			Predecessor
	Company			Company
	December 31,			November 18,			December 31,			December 31,
	2011			2011			2010			2009
Assets
Cash and due from banks	$	5,759,866		$	77,088,063			2,597,914			2,052,005
Investment in subsidiaries		144,196,454			70,411,896			85,098,885			96,054,355
Other assets		(811,419	)		391,127			133,307			79,208
Total assets	$	149,144,901		$	147,891,086		$	87,830,106		$	98,185,568
Liabilities and Stockholders' Equity
Liabilities:
Accrued interest payable	$	320,519		$	262,518		$	111,515		$	110,238
Accrued expenses and other liabilities		327,929			337,367			455,234			307,124
Subordinated debentures		5,437,000			8,248,000			8,248,000			8,248,000
TOTAL LIABILITIES		6,085,448			8,847,885			8,814,749			8,665,362
Stockholders' equity:
Preferred stock		24,442,303			23,812,048			23,379,651			22,935,514
Common stock		28,412			28,412			9,664,059			9,626,559
Common stock warrant		1,325,372			2,367,368			2,367,368			2,367,368
Additional paid-in capital		117,434,029			159,383,206			74,634,361			74,529,894
Accumulated deficit		(181,555	)		(46,872,891	)		(32,917,437	)		(21,354,080	)
Accumulated other comprehensive income		10,892			325,060			1,887,355			1,414,951
TOTAL STOCKHOLDERS’ EQUITY		143,059,453			139,043,202			79,015,357			98,185,568
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	149,144,901		$	147,891,086		$	87,830,106		$	98,185,568

Condensed Statements of Operations

	Successor Company			Predecessor Company
	November 19			January 1
	to			to
	December 31,			November 18,			Years Ended December 31,
	2011			2011			2010			2009
Equity in earnings (loss) of subsidiaries	$	(327,030	)	$	(13,056,692	)	$	(9,546,703	)	$	(30,205,191	)
Interest income		164,855			82,091			85,504			498,375
Dividend income		1,062			7,504			8,657			9,873
Other miscellaneous income		9,437			(9,329	)		-			13
Interest expense		(64,917	)		(418,922	)		(474,703	)		(416,833	)
Other operating expenses		(13,258	)		(127,710	)		(111,475	)		(114,288	)
Income tax benefit		81,600			-			164,500			2,100
Net income (loss)	$	(148,251	)	$	(13,523,058	)	$	(9,874,220	)	$	(30,225,951	)

Condensed Statements of Cash Flows

	Successor Company			Predecessor Company
	November 19			January 1
	to			to
	December 31,			November 18,			Years Ended December 31,
	2011			2011			2010			2009
Cash flows from operating activities:
Net income (loss)	$	(148,251	)	$	(13,523,058	)	$	(9,874,220	)	$	(30,225,951	)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Stock based compensation		46,001			115,198			141,968			180,595
Equity in earnings of Crescent State Bank		327,030			13,056,692			9,546,703			30,205,191
Changes in assets and liabilities:
(Increase) decrease in other assets		1,202,546			(257,820	)		(54,099	)		45,350
Increase (decrease) in accrued interest payable		58,001			151,004			1,276			(60,734	)
Increase (decrease) in accrued expenses  and other liabilities		(9,438	)		(117,868	)		148,110			(1,853,594	)
Net cash provided (used) by operating activities		1,475,889			(575,852	)		(90,262	)		(1,709,143	)
Cash flows from investing activities:
Investment in Subsidiaries		(72,804,086	)		66,001			(118,829	)		(20,630,728	)
Cash flows from financing activities:
Proceeds from issuance of preferred stock and common stock warrant		-			-			-			24,900,000
Dividends paid on preferred stock		-			-			(1,245,000	)		(1,058,250	)
Dividends received from Crescent State Bank		-			-			2,000,000			-
Proceeds from Piedmont Investment		-			75,000,000			-			-
Net cash provided by financing activities		-			75,000,000			755,000			23,841,750
Net increase (decrease) in cash and cash equivalents		(71,328,197	)		74,490,149			545,909			1,501,879
Cash and cash equivalents, beginning		77,088,063			2,597,914			2,052,005			550,126
Cash and cash equivalents, ending	$	5,759,866		$	77,088,063		$	2,597,914		$	2,052,005